Freedom Holding Corp. (NASDAQ: FRHC), a U.S.-based financial services company, has reported strong financial results for the fourth quarter and nine months ended December 31, 2024. The company achieved significant revenue growth, driven by its diversified business model, including expansion in insurance and banking.
Freedom Holding Corp recorded a 57% year-on-year increase in total revenues to $655.2 million, up from $418.6 million in the same quarter of 2023. The company’s total assets increased to $9.1 billion, up from $8.3 billion as of March 31, 2024.
“In the era of globalization, we are building the Freedom ecosystem as a unified platform where diverse business segments—ranging from banking and insurance to lifestyle services—seamlessly interact to serve over 7 million clients,” said Timur Turlov, the founder of Freedom Holding.
All key segments of Freedom Holding’s ecosystem performed well — brokerage revenue grew 29% to $213.3 million, driven by higher trading volumes and commission income, while banking revenue grew 47% to $206.4 million, supported by trading gains and derivatives. Meanwhile, insurance revenues doubled to $197.8 million, reflecting the strategic growth of the underwriting business.
One of the standout performers was the insurance segment; underwriting income rose 125% to $177.5 million. This growth reflects Freedom Holding’s expansion into pension and accident insurance.
“Recently, the holding company’s revenues have become much more diversified, while brokerage was once the primary revenue driver, revenues are now evenly distributed between the insurance and banking segments, creating a more stable and balanced ecosystem,” Timur Turlov said.
At the end of 2024, Freedom Bank Kazakhstan had 1.407 million customers, brokerage had 618,000 customers, and insurance had 972,000.
Financial highlights of the fourth quarter also included growth in fee and commission income, which increased to $143.4 million from $120 million, while net gains on trading securities reached $83.3 million, a significant improvement from a loss of $5 million in the same quarter last year.
For the nine months ended 31 December 2024, Freedom Holding Corp. reported total revenues of $1.85 billion, an increase of 49% year over year, compared to $1.24 billion for the corresponding period in 2023. At the same time, insurance segment revenues increased by 98% to $510.3 million, while banking segment revenues increased by 42% to $590.9 million, brokerage revenue rose 26% to $603.7 million, and revenues from the other segments increased 110% to $145.8 million.
During the year, Freedom Holding invested in infrastructure, including the expansion of digital banking capabilities, new insurance product offerings, and the development of proprietary trading platforms to support brokerage clients.
The holding company remains committed to broadening its product portfolio and capitalizing on new market opportunities, including selective acquisitions. In October 2024, the Freedom Holding acquired EliteCom, a telecommunications services company, for $3 million. This acquisition is aimed at developing Freedom Holding’s own telecommunications business and integrating it into its existing ecosystem to provide more comprehensive services to customers.
Freedom Holding Corp. plans to further diversify its revenue streams, enhance its technology infrastructure and continue to invest in strategic growth initiatives to achieve steady growth in all of its key operating segments.
