Uzbek Insurers Boost Real Estate Investments 266 Percent

Tashkent, Uzbekistan (UzDaily.uz) — The assets of the non-bank financial sector of Uzbekistan grew by 36% during 2025 to reach 34.9 trillion soums, while their ratio to GDP increased from 1.7% to 1.9%, according to the financial stability review published by the Central Bank. Despite this rapid growth, the share of the sector in the economy remains small, with 43% of its assets held by insurance organizations.

The most notable shift occurred in the investments of insurers. Their total investment portfolio grew by 46% over the year to 9.6 trillion soums, while investments in real estate increased by 266%, accounting for 17% of the portfolio. Deposits remain the main part of their investments, representing 63% of the portfolio following a 32% growth.

Insurance premiums in 2025 amounted to 13.5 trillion soums, an increase of 38%, while payouts reached 3 trillion soums, up 35%. Voluntary insurance accounted for 93% of the collected premiums. Credit insurance premiums reached 3.6 trillion soums, gaining 63% over the year.

In the life insurance segment, premiums grew by 105%. Insurance penetration increased from 6.4 to 7.3 per mille of GDP, but it remains near the lower bound of the range for countries in Europe and Central Asia. Premiums per capita rose by 45% to US$29.3.

At the same time, profitability declined as the assets of insurers grew faster than profits. The return on assets of the sector dropped from 8.4% at the end of the first nine months of 2024 to 6.9% for the same period in 2025.

Non-bank credit organizations—including microfinance organizations, pawnshops, and the mortgage refinancing company—expanded their credit portfolio by 39% to 16.8 trillion soums. The portfolio of microfinance organizations and pawnshops grew by 45%, while loans from the mortgage refinancing company, which accounts for a third of the sector's portfolio, increased by 29%. The company itself recorded a 74% increase in net interest income to 257.4 billion soums, with a return on assets of 3.5%.

The rapid growth of non-bank lending also has a flip side. According to data from the same review, the share of citizens with debts to non-bank organizations grew over the year from 11% to 20% of the total number of borrowers. The regulator is monitoring the transfer of the debt burden outside the banking supervisory perimeter.