JSC National Investment Fund of the Republic of Uzbekistan (UzNIF) has announced a forecast of a substantial increase in its Net Asset Value (NAV) as of June 30, 2026, compared to the data published on May 31.
According to the company's information, the independent semi-annual valuation of UzNIF's portfolio assets is largely complete. Subject to final approval of the report, the June NAV indicator is expected to significantly exceed the previous figure.
The main factor contributing to this growth is the update of the fair value of certain unlisted and illiquid listed assets included in the fund's investment portfolio. The new valuations were prepared with the assistance of an independent appraiser.
The company emphasized that the asset valuation methodologies used remain unchanged; only the underlying data and assumptions within the standard revaluation procedure have been adjusted. The full Net Asset Value report for June 30, 2026, is scheduled for publication on July 21, 2026. Additional details regarding the key reasons for the NAV change will be presented in the June report and during the upcoming semi-annual investor call.
Furthermore, the company stated that this notification contains insider information in accordance with Article 7 of the UK EU Market Abuse Regulation. After the publication of this announcement, the information will be considered publicly disclosed.
The National Investment Fund of the Republic of Uzbekistan Joint Stock Company (UzNIF) announced a forecast of a significant increase in its net asset value (NAV) as of June 30, 2026, compared to the data published on May 31.
The company reported that the independent semi-annual valuation of the UzNIF portfolio is nearing completion. Subject to final approval of the valuation report, the June NAV is expected to be significantly higher than the previous figure.
The main reason for this growth is the updated fair values for certain unlisted assets and low-liquidity exchange-traded assets included in the fund's investment portfolio. The revised valuations were prepared with the participation of an independent appraiser.
UzNIF specified that the methodologies used for asset valuation remained unchanged. Changes occurred only in the updating of basic data and assumptions within the standard revaluation process.
The full report on the fund's net asset value as of June 30, 2026, is scheduled for publication on July 21. Additional information regarding the key factors influencing the change in NAV will be presented in the June report and during the company's upcoming semi-annual investor call.
Furthermore, the company noted that this announcement contains insider information in accordance with Article 7 of the UK EU Market Abuse Regulation. After disclosure, the information will be considered public.
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.
