Freedom Holding Corp. Subsidiary Receives Approval To Acquire Insurance Companies

Freedom Holding Corp. (NASDAQ:FRHC) (the "Company") announced today that JSC Freedom Finance, a Company subsidiary, has received regulatory approval from the Board of the Agency of the Republic of Kazakhstan for the Regulation and Development of the Financial Market, to become an insurance holding company. The receipt of regulatory approval paves the way to complete the acquisitions of Insurance Company Freedom Finance Insurance JSC and Life Insurance Company Freedom Finance Life JSC announced in December 2021. The acquisitions are scheduled to be completed prior to the Company's fiscal year end at March 31, 2022.

Sergey Lukyanov, Freedom Finance JSC Management Board Chairman, stated, "Receiving insurance holding company approval from the Kazakhstan government will allow us to further expand our consumer financial services with a line of popular insurance products. We expect the insurance companies will bring new opportunities to create synergies with our commercial banking and retail brokerage businesses in Kazakhstan, as we continue to expand our portfolio of assets dedicated to providing our clients high quality services delivered via convenient state of the art technologies."