Small size in terms of gross premium written (GPW) in an international context. Weak operating performance compared to some local and international peers. Extremely strong risk-based capital adequacy, supported in the past by a number of capital injections. High concentration of the investment portfolio on the banking sector of Kazakhstan and on single names. S&P Global Ratings' financial strength and issuer credit ratings on Kazakhstan-based Insurance Company Tsesna-Garant JSC (Tsesna-Garant) balance its extremely strong capital adequacy with its relatively modest absolute size in an international context and weak operating performance, with an average combined ratio of above 100% over the past five years. We are delinking our ratings on the insurance company from those on Tsesnabank, our ratings on Tsesna-Garant
