GoldStar Insurance Company Ltd has marked its 30th anniversary with the reaffirmation of its AA(UG) national-scale financial strength rating by Pan-African rating agency, GCR Ratings.
The development places the company, which provides a range of products covering motor, engineering, transport, property and other commercial and personal risks, among the most financially secure insurance firms operating in Uganda.
The rating agency affirmed the insurer’s rating with a stable outlook, citing strong capitalisation, sound liquidity and consistent earnings capacity.
GoldStar, a member of the Ruparelia Group, said the rating reflects its financial strength and ability to meet policyholder obligations amid a growing and increasingly competitive insurance market.
According to figures released by the company, GoldStar’s statutory capital adequacy ratio stood at 311 per cent at the end of 2025, well above the 200 per cent minimum requirement set by the Insurance Regulatory Authority of Uganda (IRA).
The insurer’s capital base grew to Shs 43.6 billion, largely through retained earnings rather than external capital injections. The company also recorded significant growth in its business during the period under review.
Insurance revenue rose by 21 per cent in 2025 to Shs 51.2 billion, helping increase its market share to 5.3 per cent. The growth was largely driven by strong performance in engineering, transport and other commercial insurance lines.
GCR also highlighted improvements in the company’s governance structures, including the appointment of independent board members and the establishment of dedicated board committees.
The rating affirmation comes as GoldStar celebrates three decades in Uganda’s insurance industry. The company said the milestone reflects its evolution from a relatively young general insurer into one of the country’s established underwriters.
Speaking about the achievement, GoldStar chief actuary Jay Sakaria said the rating offers independent validation of the company’s financial position and commitment to policyholders.
“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 Sakaria.
GoldStar’s rating history dates back to 2007 when it first received an A(UG) rating. The company was subsequently upgraded to AA(UG), a level that has now been reaffirmed by GCR.
Industry analysts view financial strength ratings as an important indicator of an insurer’s ability to honour claims and meet contractual obligations, particularly in a market where confidence remains critical to growth.
According to GCR, an AA(UG) rating sits within the upper tier of Uganda’s national rating scale and signals a very strong capacity to meet policyholder and contractual obligations.