AM Best assesses the balance sheet strength of Eurasia Insurance Company as Very Strong, while its operating performance is assessed as Strong. The company’s risk-adjusted capitalization, as measured by the BCAR model, is at the Strongest level – the highest rating under this model. The rating upgrade reflects the strength of the company’s fundamental balance sheet metrics, strong internal capital generation, and its dividend recapitalization policy. The agency also notes the company’s relatively conservative investment portfolio and good liquidity. According to AM Best’s calculations, financial strength is supported by profitability in 2025, with a Combined Ratio of 71.2% and ROE of 22%.
Eurasia has a strong position in its domestic (re)insurance market and benefits from geographic diversification through international inward reinsurance. The company is the largest (re)insurance company in Kazakhstan, with a strong presence in its domestic market. The company’s international reinsurance portfolio provides diversification and accounted for approximately half of premiums written in 2025. This business primarily emanated from the United States, Europe and India, where the company maintains long-standing relationships with its cedants. However, Eurasia faces strong competition in international markets from companies with more established profiles, AM Best noted.
“For us, A− is more than just another step up in the rating. Eurasia has moved from the Good category to Excellent, while AM Best assesses our risk-adjusted capitalization at the highest level — Strongest. This expands not only our opportunities in the international market, but also Kazakhstan’s capacity to insure and reinsure large risks. Today, approximately half of the company’s business is related to international reinsurance. Our next objective is to establish Eurasia among the prominent players in the global reinsurance market”, said Kairat Chegebayev, Chairman of the Management Board of Eurasia Insurance Company.
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