The State Asset Management Agency of Uzbekistan has started the international privatization of a controlling stake in one of the country's largest insurance companies, Uzagrosugurta JSC. The state plans to sell 99.35% of the stake, providing an opportunity for strategic and institutional investors, including foreign companies, to acquire assets.
Uzagrosugurta JSC provides more than 100 types of insurance services through a wide regional network covering the entire territory of Uzbekistan. There are almost a thousand agents in the state, and by the end of 2024, the company collected 418.2 billion soums of insurance premiums. Moody's international rating agency has assigned the company a Ba3 rating, which confirms its stable financial position and investment attractiveness.
The privatization process will take place in two stages. At the first stage, potential investors submit an Expression of Interest — an expression of interest in acquiring a share. At the second stage, pre-selected participants will submit binding proposals, get access to documentation, and analyze corporate and financial statements.
The transaction process is organized by the international consulting company Deloitte as a financial adviser. The asset is independently evaluated by PwC.
To participate in the selection, potential investors must meet a number of requirements: lack of communication with government agencies, non-involvement in sanctions lists, transparent ownership structure and proven financial capabilities. The second stage involves signing a non-disclosure agreement, providing access to the virtual data room, and making a security deposit of at least one percent of the offer amount.
Applications are accepted until August 22, 2025, 23: 59 Tashkent time, in Russian, Uzbek or English. Documents are sent to the email address specified by the official consultant.
The privatization of Uzagrosugurt will be one of the largest transactions under the ongoing public sector reform in Uzbekistan and aims to expand the share of private capital in the country's insurance industry, increase competition and attract best corporate governance practices.
