Company: FRHC
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000924805-25-000031
Chunk: 18

Company: Freedom Holding Corp.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 18
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 30, 2024. The following table sets out information on our insurance premiums earned, net of reinsurance for the periods presented.

Three months ended June 30,(amounts in thousands)20252024Amount Change%ChangeWritten insurance premiums$171,983 $147,444 $24,539 17 %Reinsurance premiums ceded(1,078)(4,180)3,102 (74)%Change in unearned premium reserve, net(17,648)(13,856)(3,792)27 %Insurance premiums earned, net of reinsurance$153,257 $129,408 $23,849 18 %

Net gain on foreign exchange operations

For the three months ended June 30, 2025, we realized a net loss on foreign exchange operations of $12.9 million compared to a net gain of $8.1 million for the three months ended June 30, 2024. The change was primarily due to the translation loss in the amount of $36.7 million which is mainly attributable to the 3% weakening of Kazakhstan tenge against US dollar. This loss was offset by a $23.8 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 $23.7 million for the three months ended June 30, 2025, compared to a $12.7 million for the three months ended June 30, 2024.

Net gain on derivatives    

For the three months ended June 30, 2025, we had net gain on derivatives of $15.5 million compared to a net gain of $12.5 million for the three months ended June 30, 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 $17.2 million for the three months ended June 30, 2025, as compared to a realized net gain of $3.6 million for the three months ended June 30, 2024. Such change between the two periods was mainly due to gains on currency swaps for the three months ended June 30, 2025. The $17.2 million gain received by Freedom Bank KZ was partially offset by a $1.8 million unrealized loss on derivatives from Freedom Structured Products PLC's financial liabilities which occurred due to unfavorable market conditions during the three