v3.26.1
INSURANCE CONTRACTS ASSETS AND LIABILITIES FROM INSURANCE ACTIVITIES (Tables)
 3 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Schedule of Insurance and Reinsurance Receivables
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 
Schedule of Insurance and Reinsurance Payables
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 
Liability for Future Policy Benefit, Activity
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 
Additional Liability, Long-Duration 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 %
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 %
Deferred Policy Acquisition Costs
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 
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense
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