AM Best has affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” (Fair) of Life Insurance Company Kommesk-Omir JSC (Kommesk) (
The ratings reflect Kommesk’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, very limited business profile and marginal enterprise risk management.
Kommesk’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which is at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The assessment factors in the company’s good organic capital generation, with earnings expected to remain fully retained in the next few years, and its limited reliance on reinsurance. A partially offsetting rating factor is the relatively low credit quality of Kommesk’s investment portfolio, reflecting its concentration in its domestic market, which exposes the company to the high levels of economic, political and financial system risks associated with
The adequate operating performance assessment considers Kommesk’s business plan to continue developing its profile as a life insurer. AM Best expects the company to grow its earnings and maintain positive technical profitability over the cycle, notwithstanding the execution risk associated with its planned scale up. In 2024, under IFRS 17, Kommesk reported a profit before tax of
Kommesk restructured its operations in recent years to become a specialist life insurer. The company operates solely in the competitive
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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Source: AM Best

Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.