S&P upgrades Freedom Holding subsidiary Freedom Finance Insurance to 'BB'
FRHC•S&P raised Freedom Finance Insurance’s long-term issuer credit and financial strength ratings to 'BB' from 'BB-' and its Kazakhstan national-scale rating to 'kzA+' from 'kzA-'; the outlook is stable. The insurer ranked third in Kazakhstan’s non-life market with a 9.7% share, and capital reached KZT 52 billion in 2026.
1. Ratings and market position
S&P upgraded Freedom Finance Insurance’s long-term issuer credit and financial strength ratings to 'BB' from 'BB-', with a stable outlook. Its Kazakhstan national-scale rating rose to 'kzA+' from 'kzA-'; the upgrades reflected stronger market positioning, operating performance and capital. The insurer ranked third in Kazakhstan’s non-life insurance market, up from 11th in 2022, with a 9.7% market share. Capital reached KZT 52 billion in 2026, compared with KZT 35 billion in 2025.
