According to the financial stability review published by the Central Bank, the assets of Uzbekistan's non-bank financial sector grew by 36% during 2025, reaching a volume of 34.9 trillion soums. The share of this sector relative to GDP increased from 1.7% to 1.9%, although the sector's share in the economy remains small, accounting for 43% of insurance organizations' assets.
The most noticeable change was in the investments of insurance companies. Their total investment portfolio increased by 46% over the year, amounting to 9.6 trillion soums. Real estate investments showed an impressive growth of 266%, making up 17% of the entire portfolio. Deposits form the basis of these investments, which grew by 32% and now constitute 63% of the portfolio.
In 2025, insurance premiums reached 13.5 trillion soums, an increase of 38%, while payouts amounted to 3 trillion soums, up by 35%. Voluntary insurance covered 93% of collected premiums. Premiums for credit insurance grew by 63%, reaching 3.6 trillion soums.
In the life insurance segment, premiums grew by 105%. Insurance penetration increased from 6.4 to 7.3 per mille of GDP; however, this figure is still close to the lower limit of the range for European and Central Asian countries. Average premiums per capita rose by 45%, reaching 29.3 US dollars. Nevertheless, profitability decreased because the assets of insurance companies grew faster than profits. The sector's return on assets fell from 8.4% at the end of the first nine months of 2024 to 6.9% for the same period in 2025.
Non-bank lending institutions, including microfinance organizations, pawnshops, and mortgage refinancing companies, expanded their loan portfolios by 39%, bringing them to 16.8 trillion soums. The portfolios of microfinance organizations and pawnshops increased by 45%, while loans from the mortgage refinancing company, which accounts for one-third of the sector's portfolio, grew by 29%. The company itself recorded an increase in net interest income by 74%, reaching 257.4 billion soums, with a return on assets of 3.5%.
The rapid growth of non-bank lending also has a downside. According to the same review, the share of citizens with debts to non-bank organizations increased from 11% to 20% of the total borrowers over the year. Regulators are closely monitoring how the debt burden is moving outside the banking supervisory perimeter.
According to the Central Bank of the Republic of Uzbekistan, the volume of foreign direct investments made by Uzbek residents in foreign assets reached 153.1 million US dollars by the end of the first quarter of 2026. This figure is 33 times higher than the volume recorded for the same period last year.
For comparison, in the first quarter of 2025, the volume of outgoing foreign direct investments was 4.7 million US dollars, and in 2024—3.5 million US dollars.
Concurrently, the volume of foreign direct investments received by the economy of Uzbekistan from non-residents amounted to 702 million US dollars. This amount is less than the 761.7 million US dollars attracted in the first quarter of 2025, but significantly higher than the 380.1 million US dollars registered in the first quarter of 2024.
One of the key factors contributing to the growth of outgoing investments was the liberalization of currency regulation. Since January 1, 2026, citizens of Uzbekistan are allowed to invest in American companies without limits on the amount and without needing government permission, provided that the funds are held in bank accounts in Uzbekistan. Previously, such operations exceeding 10,000 US dollars required corresponding state permission.
The next stage of currency regulation liberalization will begin on September 17, 2026, and will extend to investment operations in other foreign countries. From this date, private individuals will be able to make foreign investments up to 10,000 US dollars annually without obtaining separate permission. For legal entities without a state stake, the limit is set at up to 200,000 US dollars for forming charter capital and participating in foreign enterprises, and up to 100,000 US dollars for replenishing the working capital of branches. For legal entities with state participation, the corresponding limits are up to 100,000 US dollars and up to 50,000 US dollars, respectively.
