Business
GoldStar insurance revenue hits sh51.2b
The insurance elites argued that strong capital buffers provide insurers with the capacity to settle claims promptly, absorb unexpected losses and sustain operations during periods of economic uncertainty.
(Courtesy)
By: Nelson Kiva, Journalist @New Vision
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GoldStar Insurance Company Limited has capped off its 30th anniversary celebrations with a 21% increase in insurance revenue to sh51.2b in 2025.
The administrators in a press release on Monday, June 15, 2026, indicated that the company’s statutory capital adequacy ratio stood at 311% at the end of 2025, comfortably above the 200% minimum required by the Insurance Regulatory Authority of Uganda underpinned by a capital base of sh43.6b built largely through retained earnings rather than external injection.
This, they argued, is particularly significant in an industry where financial strength remains a critical consideration for policyholders, brokers and corporate clients.
The insurance elites argued that strong capital buffers provide insurers with the capacity to settle claims promptly, absorb unexpected losses and sustain operations during periods of economic uncertainty.
The company leaders added that the company has also secured a reaffirmation of its AA (UG) national-scale financial strength rating from GCR Ratings, one of Africa’s leading credit rating agencies.
“The rating positions GoldStar among Uganda’s most financially secure insurers and highlights the company’s ability to sustain growth while maintaining strong capital reserves and governance standards,” Jay Sakaria, chief actuary at the company, said.
He added that the latest figures reflect that the company was steadily strengthening its market position in Uganda’s competitive insurance sector.
Their market share, according to Sakaria rose to 5.3% in 2025, driven largely by increased demand across its engineering, transport and broader commercial insurance portfolios.
The company leaders added that the company has also secured a reaffirmation of its AA (UG) national-scale financial strength rating from GCR Ratings, one of Africa’s leading credit rating agencies.
(Courtesy)
“The rating positions GoldStar among Uganda’s most financially secure insurers and highlights the company’s ability to sustain growth while maintaining strong capital reserves and governance standards,” Jay Sakaria, chief actuary at the company, said.
He added that the latest figures reflect that the company was steadily strengthening its market position in Uganda’s competitive insurance sector.
Their market share, according to Sakaria rose to 5.3% in 2025, driven largely by increased demand across its engineering, transport and broader commercial insurance portfolios.
The insurer’s performance comes at a time when Uganda’s insurance industry is experiencing gradual expansion, supported by growing awareness of risk management, infrastructure investments and increased uptake of commercial insurance products.
Experts in insurance reasoned that GoldStar’s double-digit growth signals its ability to capture opportunities in key segments while maintaining underwriting discipline.
The company hierarchy disclosed that a key factor behind the rating affirmation is the strong capitalisation.
GCR Ratings also pointed to GoldStar’s sound liquidity position and consistent earnings capacity as key strengths underpinning the affirmation.
The agency further recognised improvements in corporate governance, including the appointment of independent board members and the establishment of dedicated board committees aimed at enhancing oversight and accountability.
Industry analysts increasingly view governance as a major determinant of long-term sustainability in financial services, particularly in insurance where confidence and credibility are central to customer retention and business growth.
GoldStar’s governance enhancements therefore reinforce its standing among institutional and corporate clients seeking financially stable insurance partners.
The rating milestone coincides with the company’s 30th-anniversary campaign, themed “30 Years. One Promise.” The celebration marks GoldStar’s evolution from a relatively young general insurer into one of Uganda’s best-capitalised and most trusted underwriters.
Sakaria added that the company’s future strategy remains anchored on the same principles that guided its founding three decades ago.
“As we celebrate this milestone, our commitment for the next 30 years is exactly what it was on day one: to be there when our policyholders need us,” he said.
Experts in insurance reasoned that GoldStar’s double-digit growth signals its ability to capture opportunities in key segments while maintaining underwriting discipline.
The company hierarchy disclosed that a key factor behind the rating affirmation is the strong capitalisation.
GCR Ratings also pointed to GoldStar’s sound liquidity position and consistent earnings capacity as key strengths underpinning the affirmation.
The agency further recognised improvements in corporate governance, including the appointment of independent board members and the establishment of dedicated board committees aimed at enhancing oversight and accountability.
Industry analysts increasingly view governance as a major determinant of long-term sustainability in financial services, particularly in insurance where confidence and credibility are central to customer retention and business growth.
GoldStar’s governance enhancements therefore reinforce its standing among institutional and corporate clients seeking financially stable insurance partners.
The rating milestone coincides with the company’s 30th-anniversary campaign, themed “30 Years. One Promise.” The celebration marks GoldStar’s evolution from a relatively young general insurer into one of Uganda’s best-capitalised and most trusted underwriters.
Sakaria added that the company’s future strategy remains anchored on the same principles that guided its founding three decades ago.
“As we celebrate this milestone, our commitment for the next 30 years is exactly what it was on day one: to be there when our policyholders need us,” he said.