ACQUISITIONS OF SUBSIDIARIES

9 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS OF SUBSIDIARIES

ACQUISITIONS OF SUBSIDIARIES

Acquisition of London-Almaty

On September 1, 2022, the Company completed the acquisition of Insurance Company IC "London-Almaty", following receipt of the approval from the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, by purchasing 100% of its outstanding shares. The Company acquired IC "London-Almaty" to expand its presence in the insurance sector.

As of September 1, 2022, the date of the acquisition of IC "London-Almaty", the fair value of IC "London-Almaty" was $15,858. The total purchase price was allocated as follows:

	As of September 1, 2022
ASSETS
Cash and cash equivalents	$	8,077
Due from banks	2,176
Trading securities	6,178
Value of business acquired	1,677
Assets from insurance activities	3,401
Fixed assets	806
Intangible assets	127
Other assets	1,505
TOTAL ASSETS	23,947
Insurance reserves	6,380
Liabilities from insurance activity	1,429
Other liabilities	280
TOTAL LIABILITIES	8,089
Net assets acquired	15,858
Goodwill	485
Total purchase price	$	16,343

On December 15, 2022, IC "London-Almaty" was merged into Freedom Insurance and its separate legal existence was terminated. The assets and liabilities of IC "London-Almaty" were transferred to Freedom Insurance at their respective carrying amounts on the date of the merger was completed.

Acquisition of Ticketon

As of September 30, 2022, the date of the acquisition of Ticketon by purchasing 100% of its authorized capital. The Company acquired Ticketon to accelerate its growth in fintech sector. The negative fair value of Ticketon on the date of the acquisition was $172. The total purchase price was allocated as follows:

	As of September 30, 2022
ASSETS
Cash and cash equivalents	$	3,029
Brokerage and other receivables	169
Fixed assets	20
Intangible assets	33
Right-of-use asset	63
Other assets	606
TOTAL ASSETS	3,920
Deferred income tax liabilities	34
Lease liability	63
Other liabilities	3,995
TOTAL LIABILITIES	4,092
Net assets acquired	(172)
Goodwill	3,172
Total purchase price	$	3,000