Financial indicators help assess an insurer's scale, stability and ability to meet its obligations. They should be analysed together: large premiums do not make up for a shortage of reserves, and a high level of assets does not in itself guarantee quality of service.
Which indicators to look at first
Assets
The company's resources placed in securities, deposits, cash and other permitted instruments.
Liabilities
Future payments, accounts payable and other claims against the insurer.
Reserves
The calculated amount of funds needed to meet obligations under policies in force and reported claims.
Solvency
The ratio of the actual solvency margin to the regulatory requirement.
Assets: size is not the only thing that matters
As of 1 June 2026, the assets of the insurance sector amounted to 4.2 trillion tenge. About 73.9% were held in securities, 7.0% in cash and bank deposits, and 4.5% in insurance receivables.
When analysing an individual company, look at the structure of its assets, the credit quality of issuers, currency, maturities and concentration. Liquid government securities are usually easier to use for paying claims than complex or low-liquidity assets. Large receivables require an assessment of how realistically they can be collected.
Insurance premiums
An insurance premium is the payment due under an insurance contract. The volume of premiums collected shows sales and the scale of the portfolio, but not profit or reliability. Rapid growth can be a positive sign if it is accompanied by adequate rates, reserves and loss control.
From January to May 2026, insurers wrote 657.2 billion tenge in premiums. Compulsory classes accounted for 121.8 billion tenge, voluntary personal insurance for 315.1 billion, and voluntary property insurance for 220.3 billion tenge. Companies should be compared within the same classes: a motor insurance portfolio cannot be directly compared with pension annuities.
Insurance claim payments
In the first five months of 2026, sector claim payments amounted to 197.5 billion tenge, which is 18.5% more than in the comparable period of 2025. Growth in payments may reflect a larger portfolio, large losses, inflation in repair costs or a change in the product mix.
A simple ratio of payments to premiums is not a proper loss ratio: premiums and payments relate to different periods, and part of the obligations is still held in reserves. Professional analysis uses earned premium, incurred losses and expenses.
Reserves and equity capital
Insurance reserves are set aside for future obligations. Their size depends on the policy term, the nature of the risk, reported claims and actuarial assumptions. An insufficient reserve overstates current profit and creates a risk of a later shortfall.
Equity capital serves as a buffer above liabilities. It is important to assess the trend in capital, the quality of its sources, retained earnings and the ability of shareholders to support the company in a stress scenario.
Prudential standards
- the actual solvency margin adequacy ratio shows the capital cushion;
- the highly liquid assets adequacy ratio assesses the ability to pay on time;
- concentration limits restrict excessive dependence on a single bank, issuer or related party;
- diversification and asset quality requirements reduce investment risk.
Compliance with the minimum ratio does not in itself make companies equal. It is useful to look at the size of the margin above the requirement and how it has moved over several reporting dates.
Reinsurance
Reinsurance allows an insurer to cede part of its large or accumulated risks to another insurer. When assessing it, the reinsurer's rating, the share of own retention, the terms of recovery and concentration with a single partner all matter.
A very high share of premium ceded can reduce the company's own risk, but at the same time increases dependence on the counterparty. A low share of reinsurance is not always an advantage either: the company may be retaining an excessive loss.
Profit and profitability
Profit is formed from the underwriting result, investment income and expenses. A one-off sale of an asset or a revaluation is not the same as sustainable operating profit. Analyse several periods, look separately at the insurance and investment components, and consider the effect of commissions.
How to compare insurers
| Indicator | What it shows | Risk of a wrong conclusion |
|---|---|---|
| Premiums | Scale of sales | Not equal to profit |
| Assets | Size of resources | Quality must be considered |
| Claim payments | Actual claims settlement | Depends on the portfolio and the period |
| Capital | Financial buffer | Adequacy matters, not the amount |
Official sources
- the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM) — reviews of the insurance sector, regulatory ratios and supervisory response measures;
- National Bank — financial indicators of individual organisations and statistics;
- KASE — issuer disclosure, if the company's securities are traded on the exchange;
- the insurer's website — financial statements, audit opinion and licence.
Client checklist
Check the licence, solvency, reserves, claim payments, reinsurance, financial statements and the terms of the contract. Do not choose a company on price alone or on a single place in a ranking.
Conclusion
The financial reliability of an insurance company is assessed by looking together at assets, liabilities, reserves, capital, regulatory ratios, claim payments and the quality of risk management. Market statistics help provide context, but a decision on a specific insurer requires analysis of its own financial statements.
Market data are given as of 1 June 2026. This material is not investment advice or a guarantee that a specific organisation will meet its obligations.