Company: FRHC
Filing Date: 2025-06-13
Form Type: 10-K
Source: 0000924805-25-000012
Chunk: 174

Company: Freedom Holding Corp.
Filing Date: 2025-06-13
Form: 10-K
Item: Item 7
Chunk 174
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, 2024. 

The following table sets out information on our insurance underwriting income for the periods presented.

Year ended March, 3120252024Amount Change%ChangeWritten insurance premiums$664,437 $287,773 $376,664 131 %Reinsurance premiums ceded(15,974)(9,647)(6,327)66 %Change in unearned premium reserve, net(30,867)(13,908)(16,959)122 %Insurance underwriting income$617,596 $264,218 $353,378 134 %

Net gain on foreign exchange operations

For the fiscal year ended March 31, 2025, we realized a net gain on foreign exchange operations of $51.7 million compared to a net gain of $72.2 million for the fiscal year ended March 31, 2024. The change was primarily due to the translation difference loss of $23.4 million which is mainly attributable to the 13% depreciation of Kazakhstan tenge. This loss was offset by a $75.1 million gain on dealing transactions. This change is mostly attributable to Freedom Bank KZ which had a net gain on sales and purchases of foreign currency of $75.4 million in the fiscal year ended March 31, 2025, compared to a $67.9 million gain in the fiscal year ended March 31, 2024.

Net gain/(loss) on derivatives

For the fiscal year ended March 31, 2025, we had a net gain on derivatives of $12.4 million compared to a net loss of $103.8 million for the fiscal year ended March 31, 2024. The increase in the amount of net gain was primarily attributable to our subsidiary, Freedom Bank KZ, which had a realized net gain of $1.8 million for the fiscal year ended March 31, 2025, as compared to a realized net loss of  $98.8 million for the fiscal year ended March 31, 2024. Such change between the two periods was mainly due to a positive revaluation of currency swaps for the fiscal year ended March 31, 2025. 

72

Expense

The following table sets forth information regarding our total expense for the periods presented.

Year ended March 31,20252024Amount Change%ChangeFee and commission expense$346,074 $154,351 $191,723 124 %Interest expense535,