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 solely reflect the insurance company's stand-alone characteristics. We consider the insurance company to be insulated from the bank because the regulatory framework provides protection for the insurer in the event of adverse intervention from Tsesnabank. The regulatory framework also includes constant oversight from the National Bank of the Republic of Kazakhstan. The negative outlook
