Moody's Ratings has upgraded Uzbekinvest's local currency IFSR rating from Ba3 to Ba2.

The upgrade of IFSR for Uzbekinvest to Ba2 in local currency, which is one notch above the sovereign rating of the government of Uzbekistan (Ba3, stable), reflects a significant volume of high-quality investment portfolio outside Uzbekistan.

The primary factor behind the rating upgrade was the improvement in the company's credit profile, including increased profitability, business diversification, and geographical distribution due to Uzbekinvest's active entry into the international reinsurance market in recent years.

By the end of 2023, the share of premiums obtained from international reinsurance accounted for about 50% of the total premiums of the company, and this level of diversification is likely to be maintained over the next 12–18 months.

Uzbekinvest's credit profile is stronger than that of the government of Uzbekistan, thanks to a substantial investment portfolio held by its subsidiary in the UK – Uzbekinvest International Insurance Company Ltd (UIIC).

The portfolio includes high-quality debt securities in US dollars with ratings ranging from Baa to Aaa, which as of the end of 2023 made up over 40% of the group's financial assets and more than 50% of its equity.

In 2023, Uzbekinvest's diversification into reinsurance had a positive impact on the company's results. However, this effect is partially offset by increased exposure to large risks, which could lead to losses if international expansion is not managed prudently, as the reinsurance business is inherently very volatile.