Company: FRHC
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000924805-25-000041
Chunk: 284

Company: Freedom Holding Corp.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 284
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daq, NYSE and FINRA, as well as SIPC (Securities Investor Protection Corporation) 

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insured. FCM provides a full range of broker-dealer services, including research, sales and trading services for institutional accounts, investment banking services and independent investment research through research reports, recommendations and investment ideas to assist customers in making informed decisions.

As of September 30, 2025, we had 1,870 employees in our Brokerage segment, including 1,491 full-time employees and 387 part-time employees.

Banking Segment

Our Banking segment consists of the operations of Freedom Bank KZ and Freedom Bank TJ.

Freedom Bank KZ is a pioneer in digital retail and commercial banking services in Kazakhstan, offering deposits, multi‑currency payment cards, consumer and SME loans, payment and acquiring solutions. The bank extends our capital market heritage into everyday finance, providing the funding, payments and credit backbone of the wider Freedom ecosystem. Our Freedom Bank TJ obtained its banking license on October 15, 2024 and is currently rolling out its operations. We are also taking initial steps to establish a bank in Georgia which is subject to obtaining the required regulatory approvals.

As of September 30, 2025, Freedom Bank KZ's assets decreased by 10%, trading portfolio decreased by 33%, held-to-maturity portfolio increased by 403%, loan portfolio increased by 10%, deposit portfolio increased by 6%, in each case in comparison with March 31, 2025. The increase in the loan and deposit portfolios reflects continued customer demand and growth in our banking services, while the decline in trading portfolio aligns with our strategic focus on core banking operations. 

We have 31 office locations in Kazakhstan and Tajikistan that provide banking services to our customers. As of September 30, 2025, we had 3,616 employees in our Banking segment, all of which were full-time employees. 

Insurance Segment 

We have two insurance companies in Kazakhstan, a life insurance company, Freedom Life, and a direct insurance carrier, excluding life, health and medical, Freedom Insurance.

Freedom Life provides a range of health and life insurance products to individuals and businesses, including life insurance, health insurance, annuity insurance, accident insurance, obligatory worker emergency insurance, travel insurance and reinsurance. As of September 30, 2025, Freedom Life had 488,876 active contracts, as compared to 1,038,516 active contracts as of March 31, 2025. The decrease in