GoldStar Insurance Company Limited has received another major vote of confidence from GCR Ratings after the agency reaffirmed the company’s AA(UG) national-scale financial strength rating with a stable outlook.
The announcement comes as the insurer marks 30 years of operations in Uganda, a milestone that underscores its growth from a relatively small market player into one of the country’s leading general insurance companies.
According to the latest assessment, GoldStar continues to demonstrate strong financial fundamentals, backed by healthy capital reserves, solid liquidity, and a proven ability to meet its obligations to policyholders.
At the close of 2025, the company reported a statutory capital adequacy ratio of 311 percent, comfortably above the 200 percent minimum requirement set by Uganda’s Insurance Regulatory Authority. Its capital base reached UGX 43.6 billion, with much of that strength built through accumulated profits retained within the business.
The insurer also posted notable growth during the year, recording insurance revenue of UGX 51.2 billion, a 21 percent increase compared to the previous year. The performance helped expand GoldStar’s market share to 5.3 percent, supported by strong business in engineering, transport, and other commercial insurance products.
GCR Ratings further pointed to improvements in corporate governance, highlighting the appointment of independent directors and the establishment of specialized board committees aimed at strengthening oversight and strategic decision-making.
The rating affirmation arrives during GoldStar’s anniversary celebrations, which are being held under the theme “30 Years. One Promise.” The campaign reflects the company’s long-standing commitment to protecting clients and maintaining the financial capacity required to settle claims promptly.
Over the years, GoldStar has steadily strengthened its standing within the insurance industry. The company first secured an A(UG) rating in 2007 before advancing to AA(UG), a level it has now maintained through continued growth, prudent risk management, and sound governance practices.
Speaking on the achievement, GoldStar Chief Actuary Jay Sakaria described the rating as an important recognition of the confidence that customers and stakeholders continue to place in the company.
He noted that reaching the 30-year mark while retaining the AA(UG) rating demonstrates the insurer’s financial resilience and long-term commitment to serving policyholders. He added that the company remains focused on maintaining the same principles that have guided it since its founding, providing dependable insurance solutions and standing by customers when claims arise.
A member of the Ruparelia Group, GoldStar Insurance operates under the supervision of the Insurance Regulatory Authority of Uganda and holds ISO 9001:2015 certification. The company provides a broad range of insurance services covering motor, property, engineering, transport, commercial, and personal risks.
As it enters its fourth decade, GoldStar says it remains focused on strengthening its market position while continuing to deliver financial security and reliable claims settlement to customers across Uganda.
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