Tashkent, Uzbekistan (UzDaily.uz) — The total investments of Uzbekistan’s insurance organizations rose by 28.8% to 10.740 trillion soums in the first half of 2026, compared with 8.340 trillion soums a year earlier, the National Agency for Perspective Projects (NAPP) said. The pace of investment growth was broadly in line with the increase in insurance premiums, which rose by 28.6% over the same period.
The structure of insurers’ investment portfolios changed noticeably over the year. Bank deposits continued to account for the largest share, increasing from 60.9% to 65.1% of the portfolio. In absolute terms, deposits grew by 37.6% to 6.991 trillion soums and remained the main driver of overall investment growth.
The share of investments in securities, by contrast, declined from 16.7% to 14.2% of the portfolio. In absolute terms, however, such investments increased by 9.7% to 1.525 trillion soums.
A similar trend was recorded in real estate investments. Their share fell from 18.7% to 16.5%, while their absolute value increased by 13.9% to 1.773 trillion soums. In both cases, investment growth was slower than the expansion of the overall portfolio, resulting in a decline in their respective shares.
Investments in stakes in companies’ authorized capital declined both in relative and absolute terms, falling by 25.7% to 78.7 billion soums. Their share of the portfolio decreased from 1.3% to 0.7%.
Loans also recorded a decline, falling by 23.5% to 38.1 billion soums, while their share dropped from 0.6% to 0.4%.
The “other investments” category posted the fastest growth among all investment types, more than doubling by 111.4% to 333.8 billion soums. Its share of the portfolio rose from 1.9% to 3.1%. Despite this substantial increase, the category remained the smallest by volume among the insurers’ investment portfolio components, apart from loans.
Overall, the investment structure of Uzbekistan’s insurance organizations in the first half of 2026 showed a stronger role for bank deposits, alongside a relative decline in the shares of securities and real estate. The total portfolio continued to grow at a rate close to that of insurance premiums.
