Kampala, Uganda: GoldStar Insurance Company Limited has marked its 30th anniversary with the reaffirmation of its AA(UG) national-scale financial strength rating by GCR Ratings, cementing its position among Uganda’s most financially secure and trusted general insurance companies.
The rating affirmation, issued with a stable outlook, comes at a landmark moment for the insurer as it celebrates three decades of operations under the campaign theme “30 Years. One Promise.” The recognition reflects GoldStar’s strong capitalisation, prudent risk management, sound governance structures and consistent ability to meet its obligations to policyholders.
According to GCR Ratings, GoldStar maintained a statutory capital adequacy ratio of 311 percent at the end of 2025, comfortably exceeding the Insurance Regulatory Authority (IRA) minimum requirement of 200 percent. The company’s capital base stood at UGX43.6 billion, built primarily through retained earnings rather than external capital injections, demonstrating long-term financial resilience.
The insurer also recorded robust growth in 2025, with insurance revenue increasing by 21 percent to UGX51.2 billion. This growth boosted GoldStar’s market share to 5.3 percent, driven largely by strong performance in engineering, transport and commercial insurance portfolios.
GCR further highlighted improvements in corporate governance, noting the appointment of independent board members and the establishment of dedicated board committees that have strengthened oversight and strategic decision-making.
The latest rating affirmation continues a steady upward trajectory that has characterised GoldStar’s growth over the years. The company was first assigned an A(UG) financial strength rating in 2007 before subsequently earning an upgrade to AA(UG), a rating level it has successfully maintained through successive reviews. The progression mirrors the insurer’s deliberate investment in capital strength, governance systems, operational efficiency and customer confidence.
Speaking on the milestone, GoldStar Chief Actuary Jay Sakaria described the rating affirmation as an independent validation of the company’s financial health and commitment to policyholders.
“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,” Sakaria said.
He added that the company’s commitment for the future remains unchanged from the day it was founded.
“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.”
Over the past three decades, GoldStar has evolved from a young general insurance company into one of Uganda’s most recognised underwriters, serving businesses, institutions and individual customers across motor, engineering, transport, property and other commercial and personal insurance lines.
The insurer’s recent growth has also been supported by investments in technology and customer service innovations aimed at improving convenience, efficiency and claims management. Industry observers note that digitalisation of insurance services, faster claims processing systems, enhanced customer engagement platforms and stronger risk assessment mechanisms have become increasingly important in strengthening competitiveness within Uganda’s insurance sector.
GoldStar’s adherence to international standards is further demonstrated through its ISO 9001:2015 certification, which reinforces its commitment to quality management and continuous improvement. The company is licensed and supervised by the Insurance Regulatory Authority of Uganda and operates as a member of the Ruparelia Group.
The reaffirmed AA(UG) rating provides independent assurance to policyholders, brokers and business partners that GoldStar possesses a very strong capacity to meet its insurance obligations and maintain financial stability even during periods of economic uncertainty.
As the company enters its fourth decade, the rating affirmation serves as both a recognition of past achievements and a signal of confidence in its future growth ambitions within Uganda’s evolving insurance landscape.
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