GoldStar Insurance Retains Top AA(UG) Rating Amidst Revenue Growth

GoldStar Insurance Company Limited has successfully retained its AA(UG) national-scale financial strength rating from GCR Ratings, solidifying its standing as one of Uganda's most stable general insurers. The rating, affirmed with a stable outlook, coincides with the company's 30th anniversary in the Ugandan market.

GCR Ratings attributed the affirmation to GoldStar's strong capital adequacy, which stood at 311 percent at the end of 2025, significantly exceeding the Insurance Regulatory Authority's minimum requirement of 200 percent. The company's capital base reached shs43.6 billion, primarily accumulated through retained earnings.

In 2025, GoldStar experienced a notable 21 percent surge in insurance revenue, totaling shs51.2 billion. This growth was propelled by enhanced performance in engineering, transport, and commercial insurance sectors, which also contributed to an increase in the company's market share to 5.3 percent.

The rating agency also recognized improvements in GoldStar's governance structure, including the addition of independent board members and the formation of specialized board committees. GCR highlighted that GoldStar's financial trajectory shows sustained strengthening since its initial A(UG) rating in 2007, followed by upgrades to AA(UG).

Jay Sakaria, Chief Actuary at GoldStar Insurance Company Limited, expressed pride in the AA(UG) rating, calling it an "independent assessment of our balance sheet, our governance and our ability to pay claims when it matters most." He reaffirmed the company's commitment to policyholders for the next 30 years.

GoldStar Insurance Company Limited is part of the Ruparelia Group and operates within Uganda's general insurance sector.

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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.