Moody's Ratings has made positive changes to the ratings of eleven Uzbek insurance companies. This decision was made after the credit rating of the Government of Uzbekistan issuer was raised from Ba3 to Ba2 on June 25, 2026, and the outlook was changed from positive to stable.
Company Rating Upgrades
The agency upgraded the Financial Strength Ratings (IFSR) for a number of organizations. For example, Uzbekinvest received an upgrade in local currency IFSR to Ba1 (from Ba2) and foreign currency to Ba2 (from Ba3), and its Basic Credit Rating (BCA) was also upgraded to ba1 (from ba2) with a change in outlook to stable. Uzagrosugurta received an IFSR upgrade to Ba2 (from Ba3) and a BCA upgrade to b1 (from b2), with the outlook also becoming stable.
Other companies also received improvements: Mosaic Insurance Group (MIG) upgraded its IFSR to Ba3 (from B1) with a positive outlook; Quantum Insurance received an IFSR upgrade to Ba3 (from B1) while maintaining a stable outlook; Euroasia Insurance improved its IFSR to B1 (from B2) while maintaining a positive outlook. Kafil and Alskom received an IFSR upgrade to B1 (from B2) while maintaining stable outlooks.
Additionally, Impex Insurance and Neo Insurance upgraded their IFSR to B2 (from B3) with positive outlooks. My Insurance maintained its B2 rating with a stable outlook, and Alfa Invest maintained its B2 rating, changing its outlook from negative to stable.
Reasons for Rating Changes
The rating agency's actions are based on three main factors. Firstly, it is the reassessment of the operating environment in the Uzbek insurance market, which has improved due to the refinement of institutional structures and economic prospects. Secondly, there has been an increase in the credit quality of the government and local commercial banks, which has positively affected the quality of insurers' assets. Thirdly, specific corporate indicators of individual companies were taken into account.
Improvements in the operating environment are supported by economic diversification, sustainable GDP growth, slowing inflation, and ongoing financial sector reforms. Higher interest rates continue to increase investment returns for insurers whose portfolios consist mainly of bank deposits. Nevertheless, the relatively low level of insurance penetration in Uzbekistan compared to global standards remains a limiting factor when assessing the entire market.
Key Company Performance Indicators
Regarding Uzbekinvest, its credit profile exceeds the sovereign rating ceiling due to a significant portfolio of high-quality foreign assets—mainly investment-grade debt securities denominated in US dollars and held through a British subsidiary. Furthermore, the company has a large share of international reinsurance business, which accounted for about 50% of total premiums in 2025. In 2025, the company's net profit reached 55 billion soums, compared to 45 billion soums the previous year.
For Uzagrosugurta, the rating upgrade includes a two-step increase above its standalone credit assessment, reflecting its 99.6% state ownership and systemic importance to the national agricultural sector. The company's net profit for 2025 grew to 14.1 billion soums compared to 4.6 billion soums in 2024.
The positive outlook for Mosaic Insurance Group (MIG) is based on expectations that international reinsurance segments will continue to grow over the next 12–18 months. Net profit grew to 37 billion soums in 2025 from 9 billion soums in 2024, and the solvency ratio reached 244% as of the first quarter of 2026.
Quantum Insurance's rating upgrade is secured by a conservative underwriting policy and a record net profit of 24 billion soums in 2025, while the combined ratio remained consistently below 100%. Euroasia Insurance demonstrated a return on equity of 20% in 2025 thanks to the inflow of international reinsurance business, recovering from a negative 1% in 2024.
Kafil, holding a 3% market share in Uzbekistan, recorded a net profit of 18.7 billion soums in 2025, supported by improved asset quality and strong capital adequacy in retail and commercial divisions. Alskom maintains strong distribution channels through corporate ties with state entities Uzbektelecom and Aloqabank. Net profit grew to 16.2 billion soums, largely driven by investment income, despite modest underwriting profitability.
Thanks to capital injections, Impex Insurance's investment portfolio doubled during 2025, providing a return on equity of 15%. Neo Insurance completed its main investment phase, achieving a profit of 9 billion soums in 2025 after a loss of 1 billion soums in 2024. Gross premiums increased to 130 billion soums from 75 billion soums, confirming the success of the digital retail insurer.
My Insurance's rating was confirmed at B2 because macroeconomic benefits were offset by rapid premium growth (90% in 2025), high exposure to credit insurance (over 80% of the portfolio), and low underwriting profitability. Alfa Invest maintained seventh place in gross premiums with consolidated net profit of 56 billion soums in 2025. The company's ratings are limited by a high group leverage ratio of 47%, resulting from commercial bank loans used to acquire hotel business lines.
