Fitch Ratings has upgraded the International Financial Strength Rating of Kazakhmys Insurance from ‘BB’ to ‘BB+’, while also raising its National Rating to ‘A+(kaz)’. The Outlook for both ratings is assessed as Positive.

This upgrade reflects the company’s robust financial performance, well-balanced strategic development, and strong corporate governance practices. Fitch analysts highlighted Kazakhmys Insurance’s diversified business model and its continued ability to strengthen its position in Kazakhstan’s competitive insurance market.

Key drivers behind the upgrade:

1. Solid financial resilience.
The company maintains a substantial solvency buffer, ensuring an additional layer of protection for clients, partners, and stakeholders.

2. Strong management quality and performance.
In 2024, Kazakhmys Insurance reported an IFRS 17 net profit of KZT 7.2 billion, while Fitch calculated a combined ratio of 94%, demonstrating disciplined expense management, effective risk controls, and operational maturity.

3. Reinforced market position.
Kazakhmys Insurance is among the leading insurers in Kazakhstan, consistently expanding its product portfolio and strengthening client trust across key segments.


The Positive Outlook signals Fitch’s confidence in the company’s sustainable growth trajectory and its ability to maintain high operational and financial standards over the long term.
The rating upgrade reinforces the reputation of Kazakhmys Insurance as a reliable, resilient, and forward-thinking partner in the insurance industry.