Company: FRHC
Filing Date: 2025-04-09
Form Type: CORRESP
Source: 0000924805-25-000004
Chunk: 1

Company: Freedom Holding Corp.
Filing Date: 2025-04-09
Form: CORRESP
Chunk 1
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 | XXX   |      |         | XXX |
| Dispositions                                                                                         |     |      |         | XXX   |      |         | XXX |
| Reclassified to held for sale, net of reinsurance recoverables                                       |     |      |         | XXX   |      |         | XXX |
| Total other changes                                                                                  |     |      |         | XXX   |      |         | XXX |
| Reserves for claims and claims’ adjustment expenses, end of the year                                 |     |      |         | XXX   |      | 223,693 |     |
| Reinsurers’ share, end of the year                                                                   |     |      |         | XXX   |      |  -4,032 |     |
| Reserves for claims and claims’ adjustment expenses, net of reinsurers’ share, end of the year       |     |      |         | $ XXX | $    | 219,661 |     |

United States Securities and Exchange Commission

April 9, 2025

Page 3

2. You report insurance underwriting income of $264.2 million, insurance claims incurred, net of reinsurance of $139.6 million, and a change in insurance reserves of $98.8 million in your financial statements for the year ended March 31, 2024. In your Form 10-Q for the nine month period ended December 31, 2024, you report insurance underwriting income of $467.2 million, insurance claims incurred, net of reinsurance of $218.5 million, and a change in insurance reserves of $164.4 million. Please tell us the amounts related to your long duration insurance contracts compared to your short duration insurance contracts. Tell us your consideration of expanding disclosure related to the lines of insurance you offer and providing disclosure related to the claims development of your short duration insurance products. Refer to ASC 944-40- 50-4A through 4I:

Response: We acknowledge the Staff’s comment and advise the Staff as follows : .

Long-Duration vs. Short-Duration Insurance Contracts

The table below provides the composition of the Company’s short and long-duration contracts within the our insurance portfolio contracts (all indicated in USD millions):

| Year ended March 31, 2024                     |     | Long-Duration |      |     | Short-Duration |       |     | Total |       |
|:----------------------------------------------|:----|:--------------|-----:|:----|:---------------|------:|