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Freedom Holding FRHC Insurance — Insurance premiums earned, net of reinsurance

Other segment segments

Banking
$0
Brokerage
$0
Other
$0

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EGReinsurance — Underwriting gain (loss)
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SPNTReinsurance — Underwriting Income (Loss)
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$315M+358%
NOD
NODKAll Other — Underwriting Income Loss
$2.69M+585%

Other financials

Income statement

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Revenue$503.1M+68.6%
Gross profit$477.9M+67.1%
Net income$8.0M
EPS (diluted)$0.13

Balance sheet

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Cash & equivalents$966.1M-41.3%
Total debt$48.8M+20.5%
Total equity$1.5B+21.6%
Total assets$13.2B+32.7%

Cash flow

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Operating cash flow$717.8M
CapEx$23.0M-15.8%
Free cash flow-$1.6B-220%

Valuation

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Market cap$9.52B-18.2%
Enterprise value$8.6B-14.1%
P/E62.1×
P/S4.3×-1.2×

Profitability

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Gross margin96.4%-2.1pp
Operating margin-28%
Net margin7%
FCF margin-0.6%

Returns & leverage

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Return on equity11.3%
Debt / equity0.0×
Current ratio

Where this comes from

Reported directly by Freedom Holding in its filing.

Tagged under the XBRL concept us-gaap:UnderwritingIncomeLoss.

The source filing: Freedom Holding’s 10-Q, filed February 9, 2026.

Filed
Feb 9, 2026, 4:25 PM EST
Fiscal quarter
Q3 FY2026
Calendar quarter
Q4 2025
Accession
0000924805-26-000006
STATEMENT OF OPERATIONSBrokerageBankingInsuranceOtherTotal
Fee and commission income$132,194$(18,330)$12,225$126,089
Net (loss)/gain on trading securities(2,564)51,771(569)(5,160)43,478
Interest income79,620126,76419,8592,551228,794
Insurance premiums earned, net of reinsurance106,924106,924
Net (loss)/gain on foreign exchange operations(9,161)53,739(283)1,47945,774
Net gain on derivative8,5919,6318,31826,540
Sales of goods and services29,14829,148
Other income92311,9633,9435,04521,874

Item 1. Unaudited Condensed Consolidated Financial Statements

FAQ

What is Freedom Holding's insurance — insurance premiums earned, net of reinsurance?
Freedom Holding (FRHC) reported insurance — insurance premiums earned, net of reinsurance of $106.92M in Q4 2025.
How has Freedom Holding's insurance — insurance premiums earned, net of reinsurance changed year-over-year?
Freedom Holding's insurance — insurance premiums earned, net of reinsurance decreased by 39.8% year-over-year, from $177.47M to $106.92M.
What is the long-term trend for Freedom Holding's insurance — insurance premiums earned, net of reinsurance?
Over 3 years (2022 to 2025), Freedom Holding's insurance — insurance premiums earned, net of reinsurance has grown at a 103.8% compound annual growth rate (CAGR), from $72.98M to $617.6M.
What does insurance — insurance premiums earned, net of reinsurance mean?
The portion of insurance premiums that corresponds to the expired period of the policy, after accounting for premiums ceded to reinsurers. This is the primary revenue stream for the insurance segment.

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