Company: FRHC
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000924805-25-000041
Chunk: 309

Company: Freedom Holding Corp.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 309
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 due to volume.

87

Six months ended September 30,2025 vs 2024(Decrease)/Increase due to change in(amounts in thousands)RateVolumeNetInterest incomeInterest income on trading securities(28,462)(93,413)(121,875)Interest income on loans to customers314 26,298 26,612 Interest income on margin loans to customers3,964 63,052 67,016 Interest income on available-for-sale securities(1,424)11,278 9,854 Interest income on held-to-maturity securities— 20,529 20,529 Other interest income— — (2,334)Total interest income(25,608)27,744 (198)

Insurance premiums earned, net of reinsurance

For the six months ended September 30, 2025, we had insurance premiums earned, net of reinsurance of $278.5 million, a decrease of $11.3 million, or 4%, as compared to the six months ended September 30, 2024. The decrease was primarily attributable to a $15.4 million, or 5%, decrease in written insurance premiums due to the regulatory cap on commissions to insurance agents for policies associated with bank and microfinance loan products, which reduced new business volumes during the period. This decrease in income from written insurance premiums was partially offset by a $1.6 million increase in change in unearned premium reserve, net and $2.5 million increase in reinsurance premiums ceded for the six months ended September 30, 2025, as compared to the six months ended September 30, 2024. The following table sets out information on our insurance premiums earned, net of reinsurance for the periods presented.

Six months ended September 30,(amounts in thousands)20252024Amount Change%ChangeWritten insurance premiums$301,976 $317,337 (15,361)(5)%Reinsurance premiums ceded(3,385)(5,870)2,485 (42)%Change in unearned premium reserve, net(20,106)(21,715)1,609 (7)%Insurance premiums earned, net of reinsurance$278,485 $289,752 $(11,267)(4)%

Net gain on foreign exchange operations

For the six months ended September 30, 2025, we realized a net loss on foreign exchange operations of $12.9 million compared to