0000000000-25-003251.txt : 20250703 0000000000-25-003251.hdr.sgml : 20250703 20250326143614 ACCESSION NUMBER: 0000000000-25-003251 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20250326 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Freedom Holding Corp. CENTRAL INDEX KEY: 0000924805 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] ORGANIZATION NAME: 09 Crypto Assets EIN: 300233726 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: UPLOAD SEC FILE NUMBER: 001-33034 BUSINESS ADDRESS: STREET 1: 40 WALL STREET, 58TH FLOOR CITY: NEW YORK, NY STATE: NY ZIP: 10005 BUSINESS PHONE: 1-212-980-4400 MAIL ADDRESS: STREET 1: 40 WALL STREET, 58TH FLOOR CITY: NEW YORK, NY STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: BMB MUNAI INC DATE OF NAME CHANGE: 20031218 FORMER COMPANY: FORMER CONFORMED NAME: INTERUNION FINANCIAL CORP DATE OF NAME CHANGE: 19960719 PUBLIC REFERENCE ACCESSION NUMBER: 0000924805-24-000041 LETTER 1 filename1.pdf begin 644 filename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Esentai Tower BC, Floor 7 77/7 Al Farabi Ave Almaty, Kazakhstan 050040 Re: Freedom Holding Corp. Form 10-K for Fiscal Year Ended March 31, 2024 File No. 001-33034 Dear Evgeniy Ler: We have limited our review of your filing to the financial statements and related disclosures and have the following comments. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Form 10-K for the Fiscal Year Ended March 31, 2024 Item 8. Financial Statements and Supplementary Data Notes to Audited Consolidated Financial Statements March 31, 2024 Note 17 - Insurance Contract Assets and Liabilities from Insurance Activities, page 148 1. Please revise future filings to provide the detailed rollforward discloses as required by ASC 944-40-50-3. 2. You report insurance underwriting income of $264.2 million, insurance claims incurred, net of reinsurance of $139.6 million, and a change in insurance reserves of $98.8 million in your financial statements for the year ended March 31, 2024. In your Form 10-Q for the nine month period ended December 31, 2024, you report insurance underwriting income of $467.2 million, insurance claims incurred, net of reinsurance of $218.5 million, and a change in insurance reserves of $164.4 million. Please tell us the amounts related to your long duration insurance contracts compared to your short duration insurance contracts. Tell us your consideration of expanding disclosure related to the lines of insurance you offer and providing disclosure related to the March 26, 2025 Page 2 claims development of your short duration insurance products. Refer to ASC 944-40- 50-4A through 4I. Note 30 - Segment Reporting, page 166 3. Please revise future filings to disclose your entity-wide information concerning revenues and long-lived assets by geographic area. Refer to ASC 280-10-50-41. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Please contact Rolf Sundwall at 202-551-3105 or David Irving at 202-551-3321 with any questions. Sincerely, Division of Corporation Finance Office of Crypto Assets