On September 4, 2026, Moody's Ratings assigned Freedom Life, a life insurance company, a Baa3 insurance financial strength rating in national and foreign currency. This was reported by Qazaqyia.kz citing Kursiv Media. The outlook on the ratings is stable.
The Baa3 rating falls into the investment grade category and corresponds to a BBB- level on the S&P and Fitch scales. It is higher than the company's current rating from S&P Global Ratings of BB+.
Thus, Freedom Life has received an investment-grade rating for the first time. Moody's noted the insurer's financial stability and low default risk.
One of the key factors in the assessment was the company's position in Kazakhstan's life insurance market. In 2025, Freedom Life ranked third by insurance premiums with a share of about 20%. During 2023–2025, the company was among the top three life insurers in the country.
According to Moody's, the development of the business is also influenced by Freedom Life's integration into the financial ecosystem of Freedom Holding Corp. This helps the company expand brand awareness, develop cross-selling, and attract clients through the Freedom SuperApp. By March 2026, the number of registered users of the app exceeded 5 million.
Moody's separately noted the company's conservative investment strategy. At the end of 2025, about 90% of Freedom Life's invested assets were in fixed-income securities. The portfolio is mainly composed of government, quasi-government, and state-related issuers of Kazakhstan.
The company's capital position has also strengthened. The ratio of equity to total assets increased from 24% in 2024 to 30% in 2025. The solvency ratio at the end of last year was about 430% and continued to increase in the first half of 2026.
Freedom Life's net profit in 2025 grew by 36% — from 12.5 billion to 17 billion tenge. Return on average capital reached 23%.
Moody's expects the company to maintain sustainable profitability thanks to investment income and the difference between the yield on the investment portfolio and guaranteed rates under insurance contracts.
The stable outlook means that over the next 12–18 months, the agency expects Freedom Life to maintain its strong market position and financial profile. Among long-term risk factors, Moody's highlights the growing share of pension annuities and related asset-liability management issues.
Azamat Yerdesov, Chairman of the Management Board of Freedom Life, called the receipt of the rating a result of the company's business growth, capital strengthening, and sustainable profitability.
"We are developing the company not only by increasing business volumes, but also by expanding the product line, digitalizing insurance services, and integrating into the Freedom ecosystem. The next stage for us is further strengthening financial stability, developing long-term insurance and savings products, and increasing the accessibility of life insurance for Kazakhstanis," he said.
Earlier, Kursiv reported that S&P Global Ratings revised the outlook on the long-term credit ratings of Freedom Holding Corp. (FRHC) and four of its key subsidiaries. The outlook was changed from "stable" to "positive." At the same time, the ratings of the broker JSC Freedom Finance and JSC Freedom Bank Kazakhstan were upgraded on the national scale from "kzA-" to "kzA."