Kampala — GoldStar Insurance Company Limited has marked its 30th anniversary with the reaffirmation of its AA(UG) national-scale financial strength rating by GCR Ratings, a development the insurer says reflects its strong capital position, financial stability and ability to meet policyholder obligations.
The rating, which carries a stable outlook, places GoldStar among Uganda’s strongest non-life insurers and comes as the company celebrates three decades of operations under the theme, “30 Years. One Promise.”
According to GCR Ratings, GoldStar’s financial strength remains supported by a solid capital base, prudent risk management practices and consistent earnings performance.
At the close of 2025, GoldStar reported a statutory capital adequacy ratio of 311 percent, well above the 200 percent minimum requirement prescribed by the Insurance Regulatory Authority of Uganda (IRA).
The insurer maintained a capital base of Shs43.6 billion, largely built through retained earnings, highlighting its ability to generate capital internally while supporting business growth.
Industry analysts note that strong capitalisation is a critical indicator of an insurer’s ability to absorb unexpected losses, honour claims and maintain operational stability during periods of market uncertainty.
The rating agency said GoldStar’s balance sheet continues to provide a solid foundation for future growth while ensuring the company remains resilient against potential risks.
The insurer also recorded strong business growth during the year.
Insurance revenue increased by 21 percent to Shs51.2 billion in 2025, driven largely by growth in engineering, transport and commercial insurance portfolios.
The increase helped raise GoldStar’s market share to 5.3 percent, further strengthening its position within Uganda’s increasingly competitive insurance sector.
GCR Ratings also cited improvements in corporate governance, including the appointment of independent board members and the strengthening of board oversight structures through specialised committees.
The agency noted that these measures have enhanced accountability, strategic decision-making and risk management within the organisation.
Founded in 1995, GoldStar Insurance has grown into one of Uganda’s established general insurance providers, offering a range of products to individuals, businesses and institutions.
The company’s rating journey reflects its growth trajectory over the years. GoldStar first received an A(UG) rating in 2007 before being upgraded to AA(UG), a rating it has maintained through successive reviews.
The insurer attributes its growth to continued investment in capital strength, customer service, operational efficiency and governance systems.
Commenting on the milestone, GoldStar Chief Actuary Mr Jay Sakaria said the simultaneous achievement of reaching 30 years in business and maintaining a strong financial strength rating demonstrates the confidence 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,” Mr Sakaria said.
“This rating is not a marketing statement. It is an independent assessment of our balance sheet, our governance and our ability to pay claims when it matters most.”
He said the company remains committed to maintaining the standards that have enabled it to build long-term relationships with customers and business partners.
“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.
Uganda’s insurance industry continues to experience gradual growth as awareness increases and businesses seek greater protection against financial risks.
With a strengthened balance sheet, growing market presence and a stable ratings outlook, GoldStar enters its fourth decade positioning itself to compete in a changing insurance landscape.
The reaffirmed AA(UG) rating is expected to provide additional confidence to policyholders, brokers and corporate clients seeking financially strong insurance partners.
As the company celebrates three decades of operations, management says its focus remains on delivering reliable insurance solutions while supporting Uganda’s growing economy and evolving risk environment.