Company: FRHC
Filing Date: 2025-07-29
Form Type: ARS
Source: 0000924805-25-000027
Chunk: 118

Company: Freedom Holding Corp.
Filing Date: 2025-07-29
Form: ARS
Chunk 118
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 1,000 Other interest income — — 7,779 Total interest income $ (18,338) $ 119,591 $ 109,032 Insurance underwriting income For the fiscal year ended March 31, 2025, we had insurance underwriting income of $617.6 million, an increase of $353.4 million, or 134%, as compared to the fiscal year ended March 31, 2024. The increase was primarily attributable to a $287.8 million, or 131%, increase in insurance underwriting income from written insurance premiums for the fiscal year ended March 31, 2025, as compared to the fiscal year ended March 31, 2024, due to the expansion of our insurance operations such as pension annuity and accident insurance classes between the two periods. Written insurance premiums increased by a $376.7 million, partially offset by a $17.0 million decrease in unearned premium reserves and a $6.3 million reduction in premiums transferred to reinsurers for the fiscal year ended March 31, 2025, as compared to the fiscal year ended March 31, 2024. The following table sets out information on our insurance underwriting income for the periods presented. Year ended March, 31 2025 2024 Amount Change % Change Written 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