Insurance companies operating in Kyrgyzstan collectively earned a net profit of KGS 457.5mn ($5.4mn) in 2023, according to data released by the State Financial Supervision Authority. This figure represents the profit earned after taxes.
Compared to the previous year, 2022, the profits of insurance organizations saw an increase of 40.4%. This growth highlights a positive trend in the sector's financial performance over the past year.
As of the end of 2023, Kyrgyzstan was home to 15 active insurance organizations. Among these, 9 were entirely owned by Kyrgyz capital, while the remaining 6 involved non-resident participation. This diversity in ownership structure stresses the international dimension of Kyrgyzstan's insurance market.
The increase in profits shows continuous industry efforts to improve efficiency and broaden service options in response to increasing consumer and business needs.
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