By Annet Kobusingye
Kampala: Goldstar Insurance Company Limited [ www.goldstarinsurance.com] has once again cemented its position as one of Uganda’s most stable and reliable insurance providers, following the reaffirmation of its AA(UG) national scale financial strength rating by GCR Ratings. The rating, which comes with a Stable Outlook, affirms Goldstar’s strong financial foundation, disciplined management, and continued focus on operational excellence.
According to the GCR Ratings report released on May 27, 2025, the AA(UG) rating reflects Goldstar’s healthy capitalisation, sound liquidity, and solid earnings performance. The company’s capital base grew to UGX 41.3 billion in 2024, supported by a robust Capital Adequacy Ratio (CAR) of 4.0x—double the regulatory minimum. Liquidity also improved significantly, with a coverage ratio rising to 3.0x, positioning Goldstar to comfortably meet its short-term obligations.
Despite a slight increase in claims across select lines, which saw the loss ratio rise to 54.6%, Goldstar maintained a competitive combined ratio of 88.1% and a commendable return on revenue of 23.2%. These metrics speak to the company’s resilience and ability to navigate a dynamic market environment while continuing to deliver value to policyholders.
Speaking on the rating, Goldstar CEO Mr. John Kawuma said, “This reaffirmation by GCR reflects our prudent management and customer-first philosophy. Our financial stability, claims handling, and risk management practices are all geared towards delivering peace of mind to our clients.”
The company’s Chief Actuary, Mr. Jay Sakaria, added, “An AA rating is a forward-looking indicator of trust. It demonstrates our capacity not only to honor obligations but also to withstand shocks, making Goldstar a dependable partner in today’s uncertain times.”
Founded over 30 years ago, Goldstar Insurance has built a reputation for reliability, innovation, and customer satisfaction. The company’s consistent growth—evidenced by a 32.3% increase in insurance revenue in 2024—is driven by strong performance in sectors such as motor and aviation, as well as a conservative investment and asset management strategy.
This GCR rating further reassures policyholders, brokers, and regulatory bodies that Goldstar remains well-capitalised and committed to long-term value creation. It also positions the insurer among the highest-rated and most respected players in Uganda’s insurance landscape.
GCR Ratings, a pan-African credit rating agency now wholly owned by Moody’s Corporation, plays a key role in strengthening investor confidence across the continent. Its continued recognition of Goldstar Insurance underscores the firm’s consistent performance, compliance with regulatory standards, and commitment to best practices.
As the Ugandan insurance industry continues to evolve, Goldstar’s reaffirmed rating is a signal of strength, stability, and readiness to meet the future—protecting what matters most to Ugandans.
