S&P Global Ratings revised its rating outlook for Basel Insurance Company JSC (hereinafter, Basel Insurance Company) from Stable to Positive and affirmed its long-term issuer credit rating and financial strength rating at B+. It also upgraded Basel Insurance Company's national scale rating from kzBBB to kzBBB+.

According to the Agency, Basel Insurance Company demonstrated high capital adequacy indicators compared to the growth of insurance premium volumes and a balanced investment policy, continuing to expand and diversify its business.