By Joseph Muyingo
GoldStar Insurance Company Limited has marked a major milestone in its journey after securing the reaffirmation of its AA(UG) national-scale financial strength rating from GCR Ratings, reinforcing its position among Uganda’s financially strong insurance providers.
The reaffirmation comes as the company celebrates 30 years of operations, a period during which it has grown from a young general insurer into one of Uganda’s established insurance brands serving businesses and households across the country. The rating was issued with a stable outlook, reflecting confidence in GoldStar’s financial resilience and long-term sustainability.
According to the company, the rating highlights GoldStar’s strong capital position, healthy liquidity levels and ability to generate consistent earnings. By the end of 2025, GoldStar recorded a statutory capital adequacy ratio of 311 percent, significantly above the 200 percent regulatory requirement set by Uganda’s insurance regulator. The company’s capital base stood at UGX 43.6 billion, largely built through retained earnings.
GoldStar also posted notable business growth, with insurance revenue increasing by 21 percent in 2025 to UGX 51.2 billion, helping raise its market share to 5.3 percent. Growth was driven mainly by demand across engineering, transport and commercial insurance lines.
The insurer said governance improvements also contributed to the rating outcome, with GCR recognising strengthened oversight structures including independent board representation and dedicated board committees.
Speaking on the achievement, GoldStar Chief Actuary Jay Sakaria described the reaffirmed rating as a reflection of the confidence clients and stakeholders continue to place in the company.
“To reach 30 years and hold an AA(UG) rating in the same year is a powerful endorsement of the trust our clients, brokers, partners and regulator place in GoldStar,” he said.
Operating under its anniversary campaign theme, “30 Years. One Promise.”, GoldStar says the recognition strengthens its commitment to maintaining financial stability and delivering reliable claims settlement for policyholders in the years ahead.
