...Second-Tier Life Insurer: Our assessment of Standard Life's company profile reflects its small scale, as well as adequate diversification and business risk. The Kazakh life insurance market is highly competitive, limiting opportunities to gain market share without taking on additional risk. We view the company as a second-tier insurer, ranking sixth out of 10 market participants by assets at end-2025 and premiums written in 2025. The company retained its second-tier position in 1H26 and continues to offer a diversified range of accumulative and non-accumulative life products, pension and other annuities, and health and accident coverage. Standard Life's adjusted IFS Rating of 'BB-' is two notches below the implied IFS Rating due to our assessment of the company profile, which has a stronger influence on the rating than the weighting would otherwise suggest. Strong Capital Position: Standard Life's capital position is strong, with local non-risk-based Solvency I coverage ratio of 214% at...
