Jusan Garant continued to demonstrate a sustainable improvement in asset quality alongside sound operating results in 2020 and 2021 to date. The company's capital adequacy slightly weakened due to the rapid premium growth over that period, but we consider it will remain redundant at the 'A' level according to our model. We are therefore raising our global scale ratings on Jusan Garant to 'BB-' from 'B+' and our national scale rating to 'kzA-' from 'kzBBB+'. The stable outlook reflects our expectation that Jusan Garant will maintain its competitive standing together with good underwriting performance, at least strong capital adequacy, and an average investment portfolio at 'BBB-'. On July 14, 2021, S&P Global Ratings raised its long-term insurer financial strength and
