v3.26.1
INSURANCE CONTRACTS ASSETS AND LIABILITIES FROM INSURANCE ACTIVITIES
 3 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
INSURANCE CONTRACTS ASSETS AND LIABILITIES FROM INSURANCE ACTIVITIES INSURANCE CONTRACTS ASSETS AND LIABILITIES FROM INSURANCE ACTIVITIES
As of June 30, 2026, and March 31, 2026, the Group recognized insurance-related assets and liabilities arising from its underwriting and reinsurance activities.

The disclosures below relate solely to the Group's insurance operations and not to its other operating segments (Banking, Brokerage, and Other).

Nature of Insurance Products

The Group offers the following insurance products:
- Long-Duration Contracts: Life insurance and annuity contracts
- Short-Duration Contracts: Life insurance, general insurance products, including property (including automobile),
accident, casualty, and civil liability lines, compulsory employer liability insurance
As of June 30, 2026, and March 31, 2026, insurance and reinsurance receivables of the Group were comprised of the following:

Insurance contract assets
June 30, 2026
March 31, 2026
Assets:
Claims receivable from reinsurance$26,834 $25,235 
Amounts due from policyholders23,214 9,802 
Amounts due from reinsured8,235 7,782 
Advances paid for reinsurance
2,199 2,890 
Less provision for impairment losses(20,989)(17,595)
Insurance and reinsurance receivables$39,493 $28,114 
Unearned premium reserve, reinsurers’ share11,081 3,790 
Reserves for claims and claims' adjustment expenses, reinsurers' share - short-duration6,437 4,945 
Total$57,011 $36,849 
Deferred acquisition costs - long-duration contracts$1,262 $1,266 
As of June 30, 2026, and March 31, 2026, insurance and reinsurance payables of the Company was comprised of the following:
June 30, 2026
March 31, 2026
Liabilities:
Amounts payable to insured
$5,772 $5,058 
Amounts payable to reinsurers
8,144 2,248 
Amounts payable to agents and brokers429 334 
Insurance and reinsurance payables:$14,345 $7,640 
Unearned premium reserve109,450 95,573 
Reserves for claims and claims' adjustment expenses - short-duration56,049 58,463 
Liability for future policy benefits398,552 328,288 
Deferred profit liability189,699 163,943 
Total$768,095 $653,907 
Long-Duration Contracts

The Long-Duration Contracts represents the net present value of expected future benefit outflows less expected future net premium inflows for the Company's long-duration contracts, measured under ASC 944-40 as amended by LDTI. Measurement methodology is described in Note 2.
Rollforward Table
The table below presents the Long-Duration Contracts disaggregated into the present value of expected net premiums ("PVENP") and the present value of expected future policy benefits ("PVEFPB"). The net LFPB equals PVEFPB minus PVENP. All amounts are net of reinsurance.
Liability for Future Policy Benefits — Rollforward
June 30, 2026
March 31, 2026
Present Value of Expected Net Premiums (PVENP)
Balance, beginning of period$4,985 $4,787 
Effect of discount rate change (to OCI)10 187 
Effect of cash flow assumption changes(410)(377)
Effect of actual vs. expected experience(205)297 
Interest accrual 659 558 
Issuance expense74,239 129,511 
Net premiums collected(73,761)(130,230)
Effect of foreign currency translation(26)252 
Balance, end of period$5,491 $4,985 
Liability for Future Policy Benefits — Rollforward
June 30, 2026
March 31, 2026
Present Value of Expected Future Policy Benefits (PVEFPB)
Balance, beginning of period$333,273 $216,171 
Effect of discount rate change (to OCI)3,361 1,068 
Effect of cash flow assumption changes(2,187)(1,872)
Effect of actual vs. expected experience(9,683)28,571 
Interest accrual47,856 24,166 
Issuance expense76,321 131,127 
Benefit payments(18,685)(34,997)
Surrender / termination payments(24,059)(50,563)
Effect of foreign currency translation(2,154)19,602 
Balance, end of period$404,043 $333,273 
Liability for Future Policy Benefits, net$398,552 $328,288 
Life Insurance
June 30, 2026
March 31, 2026
Undiscounted PVEFPB43,430 40,626
Undiscounted PVENP11,060 8,083
Discounted PVEFPB19,939 18,776
Discounted PVENP5,491 4,985
Weighted-average duration of the liability (years)3.85.5
Weighted-average interest accretion (original locked-in) rate in KZT13 %12 %
Weighted-average current discount rate at balance sheet date in KZT16 %14 %
Annuity contracts
June 30, 2026
March 31, 2026
Undiscounted PVEFPB1,001,611 726,403 
Undiscounted PVENP— — 
Discounted PVEFPB384,104 314,350 
Discounted PVENP— — 
Weighted-average duration of the liability (years)3.53.1
Weighted-average interest accretion (original locked-in) rate in KZT15 %14 %
Weighted-average current discount rate at balance sheet date in KZT16 %15 %
Key Actuarial Assumptions
The reserve for long‑duration insurance contracts is measured using best‑estimate cash flow assumptions without any provision for adverse deviation, in accordance with ASC 944‑40‑30‑7. The significant assumptions include mortality rates, lapse rates, policy maintenance expenses, and the discount rate.
•Mortality assumptions for retirement annuity products and employer liability annuities are based on local mortality tables established by the regulatory framework of the Republic of Kazakhstan, while for other portfolios they are based on the reinsurer’s mortality tables.
•Lapse rates are determined based on the Company’s historical experience, analyzed by portfolio and policy duration.
•Policy maintenance expenses reflect the current level of per‑policy costs, adjusted for the expected rate of inflation.
•Discount curves for KZT‑denominated liabilities are derived using the parametric Nelson–Siegel curve with parameters published by KASE, while discount curves for USD‑denominated liabilities are based on the HQMYC discount curve from the FED.
•Cash‑flow assumptions are reviewed at least annually, and the results of such reviews are recognized in net income in the period in which the review is performed.

Deferred Acquisition Costs — Long-Duration Contracts

The following table presents the rollforward of DAC attributable to long-duration contracts. Effective April 1, 2025, DAC is amortized on a straight-line basis over the expected contract term. DAC attributable to short-duration contracts continues to be amortized over the one-year policy period and is not presented separately.

Deferred Acquisition Costs — Long-Duration Contracts
June 30, 2026
March 31, 2026
Balance, beginning of period$1,266 $1,100 
Capitalizations — new business written124 499 
Amortization (straight-line, contract term)(64)(170)
Impairment / write-off(60)(229)
Foreign currency translation(4)66 
Balance, end of period$1,262 $1,266 

Prior to LDTI adoption, DAC on traditional life contracts was amortized over the premium-paying period using the net level premium method; DAC on participating and interest-sensitive contracts was amortized on the basis of estimated gross profits (EGP). The transition to straight-line amortization has been reflected in the opening balance adjustment described in Note 2.
Short-Duration Contracts

Rollforward Table
June 30, 2026
March 31, 2026
Gross reserves, beginning of the period$58,463 $84,023 
Less: reinsurers' share, beginning of the period(4,943)(3,420)
Net reserves, beginning of the period53,520 80,603 
Claims and CAE Incurred:
Current period21,770 80,105 
Prior periods — (favorable) / adverse653 (23,661)
Total incurred22,423 56,444 
Claims and CAE Paid:
Current period(12,054)(74,206)
Prior periods(14,099)(11,257)
Total paid(26,153)(85,463)
Foreign exchange effect(178)1,936 
Net reserves, end of the period49,612 53,520 
Plus: reinsurers' share, end of the period6,437 4,943 
Gross reserves, end of the period$56,049 $58,463 
Prior year development for the three months ended June 30, 2026 was not significant, and reflected ordinary course re-estimation of reserves across lines of business. No material assumption changes or premium adjustments were recorded as a result.