GoldStar Insurance Company Limited has marked its 30th anniversary with the reaffirmation of its AA(UG) national-scale financial strength rating by GCR Ratings, reflecting continued financial stability and resilience in Uganda’s insurance sector.
The rating, issued with a stable outlook, places the insurer among the country’s strongest general insurance companies.
GCR Ratings attributed the affirmation to GoldStar’s strong capital base, liquidity strength and consistent earnings performance.
The insurer reported a statutory capital adequacy ratio of 311 percent at the end of 2025, significantly above the Insurance Regulatory Authority’s minimum requirement of 200 percent. Its capital base stood at shs43.6 billion, largely accumulated through retained earnings.
GoldStar recorded a 21 percent increase in insurance revenue to shs51.2 billion in 2025, supported by growth in engineering, transport and commercial insurance segments. The performance lifted its market share to 5.3 percent.
The rating agency also cited improved governance structures, including the inclusion of independent board members and the establishment of board committees.
The company’s rating journey began in 2007 when it was assigned an A(UG) rating before being upgraded to AA(UG), which has now been reaffirmed.
“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. This rating is not a marketing line — it is an independent assessment of our balance sheet, our governance and our ability to pay claims when it matters most. 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,” said Jay Sakaria, Chief Actuary, GoldStar Insurance Company Limited
As Uganda’s insurance market continues to expand, financial strength ratings remain a key indicator of insurer stability and long-term sustainability.
