We assess Insurance Company Tsesna-Garant JSC's competitive position as less than adequate, reflecting the company's position in the top-10 insurance companies in Kazakhstan and its small premium base in absolute terms compared to international peers. We continue to view industry and country risk as moderate because of the company's sole business focus on Kazakhstan. The financial risk profile is supported by extremely strong capital adequacy. The company is exposed to credit risks stemming from investments in fixed-income Kazakh instruments, with an average credit quality in the 'BB' category. These risks, combined with concentrations in the investment portfolio on the Kazakh banking sector, lead us to assess the company's risk position as high. Tsesna-Garant has adequate financial flexibility thanks to continuing
