Fitch Ratings affirmed financial strength rating of the Kazakh insurer Standard Life at 'B' and the national rating at 'BBB-(kaz)' with stable outlook, according to the agency's report, published on April 30.

According to the agency, "rating actions are based on Fitch's current assessment of the impact of the coronavirus pandemic, including its economic impact". Fitch believes that Standard Life has resilience to the economic implications of the pandemic as the insurer's financial performance metrics, investment and liquidity ratios remain commensurate with ratings.

Among factors that could lead to positive rating action/upgrade Fitch noted an "improvement in business diversification and a reduced mismatch between the company's assets and liabilities provided that the insurer follows sound underwriting practices and maintains the credit quality of its investment portfolio", the agency said.

Based on 2019 results, Standard Life was one of the TOP-20 local insurers with annual GWP growth rate more than 45% y-o-y.