S&P Global Ratings raised its long-term issuer credit and insurer financial strength ratings on Eurasia Insurance Co. to ‘BBB+’ from ‘BBB’. Eurasia insurance company is the leading insurer in the market of Kazakhstan.

The rating agency also raised its long-term issuer credit and insurer financial strength ratings on Eurasia Life JSC to ‘BBB’ from 'BBB-'. The outlook on both companies is stable.

At the same time, S&P Global Ratings affirmed its 'kzAAA' Kazakhstan national scale ratings on both entities.

According to the agency’s report, the operating performance of the Eurasia Insurance group (Eurasia; including the property and casualty [P/C] and life businesses) remained profitable over the past five years and improved further in first-half 2026, with its annualized return on equity (ROE) reaching 32%.

Eurasia has maintained a relatively prudent investment allocation over the past five years, with its weighted-average credit quality remaining in the 'BBB' category; it has also managed its exposure to foreign currency risks and catastrophe risks.

The stable outlook reflects the rating agency’s expectation that the group will sustain its strong competitive position, solid capital adequacy well above the 99.99% level, and profitable underwriting and investment results over the next two years, the report says.

Full report can be found here.