By Patience Namuddu
Kampala — GoldStar Insurance Company Limited has marked its 30th anniversary with a major vote of confidence from ratings agency GCR, which has reaffirmed the insurer’s AA(UG) national-scale financial strength rating with a stable outlook.
The rating affirmation places GoldStar among Uganda’s strongest and most financially secure general insurance companies, highlighting its robust capital position, liquidity levels and sustained earnings performance.
According to the latest assessment by GCR Ratings, the insurer maintained a statutory capital adequacy ratio of 311 percent at the end of 2025, significantly above the 200 percent minimum requirement set by the Insurance Regulatory Authority of Uganda (IRA). The company reported a capital base of Shs43.6 billion, largely built through retained earnings rather than external capital injections.
The rating comes at a milestone moment for the company, which is celebrating three decades of operations under the theme, “30 Years. One Promise.”
GoldStar, a member of the Ruparelia Group, has grown from a relatively small general insurer into one of Uganda’s established players in the non-life insurance sector, offering products across motor, engineering, transport, property and other commercial lines.
The company’s financial performance also showed notable growth during 2025. Insurance revenue increased by 21 percent to Shs51.2 billion, enabling GoldStar to expand its market share to 5.3 percent. The growth was driven largely by strong performance in engineering, transport and commercial insurance portfolios.
GCR further cited improvements in corporate governance, including the appointment of independent directors and the establishment of dedicated board committees aimed at strengthening oversight and accountability.
Industry analysts view strong ratings as increasingly important in Uganda’s insurance sector, where corporate clients and investors often rely on independent assessments to gauge an insurer’s ability to meet claims obligations and withstand economic shocks.
GoldStar’s rating history reflects a steady trajectory of growth. The company first received an A(UG) rating in 2007 before being upgraded to AA(UG), a level it has now successfully maintained.
Speaking on the milestone, GoldStar Chief Actuary Mr Jay Sakaria said the dual achievement of reaching 30 years in business while retaining the AA(UG) rating demonstrates the confidence stakeholders have 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,” Mr Sakaria said.
“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,” he added.
Established in 1996, GoldStar Insurance operates from Crane Chambers on Kampala Road and is licensed and regulated by the Insurance Regulatory Authority of Uganda. The company is also certified under the ISO 9001:2015 quality management standard.
The latest rating affirmation is expected to strengthen the insurer’s standing in Uganda’s increasingly competitive insurance market, where financial resilience and claims-paying ability remain key factors influencing customer confidence.