For three decades, GoldStar Insurance Company Limited has been building a reputation around a simple promise — being there when policyholders need protection most.
That journey has now received fresh recognition after the insurer retained its AA(UG) national-scale financial strength rating from GCR Ratings, placing it among Uganda’s most stable general insurance companies.
The rating affirmation, which comes with a stable outlook, coincides with GoldStar’s 30th anniversary in Uganda’s insurance industry, marking a milestone that the company says reflects years of disciplined growth, sound financial management and commitment to customers.
Unlike a recognition based purely on market presence, the AA(UG) rating is an independent assessment of the insurer’s ability to meet its obligations, particularly its capacity to pay claims and remain financially resilient during challenging times.
According to GCR Ratings, GoldStar’s continued strong performance has been supported by its solid capital position, healthy liquidity levels and consistent earnings.
By the end of 2025, the insurer’s statutory capital adequacy ratio had reached 311 percent, significantly above the Insurance Regulatory Authority’s minimum requirement of 200 percent. Its capital base stood at Shs43.6 billion, largely accumulated through retained earnings over the years.
The company’s financial growth has also been reflected in its business performance. In 2025, GoldStar recorded a 21 percent increase in insurance revenue to Shs51.2 billion, driven largely by growth in engineering, transport and commercial insurance segments.
The improved performance helped the insurer increase its market share to 5.3 percent, strengthening its position within Uganda’s competitive general insurance sector.
Building trust through stability
For an insurance company, financial strength is a key measure of customer confidence. Policyholders depend on insurers not only when they purchase cover but especially when they experience losses and need compensation.
GoldStar’s latest rating means the insurer has continued to demonstrate the financial capacity needed to honour these commitments.
The company’s journey to an AA(UG) rating has been gradual. GCR Ratings first assessed GoldStar at A(UG) in 2007 before the insurer progressed to AA(UG), a level it has now maintained.
The rating agency also pointed to improvements in corporate governance, including the appointment of independent board members and the creation of specialised board committees aimed at strengthening oversight and decision-making.
Looking ahead after 30 years
As GoldStar celebrates three decades of operations, the insurer says the milestone is not only about its past achievements but also about preparing for the future of Uganda’s insurance sector.
Jay Sakaria, Chief Actuary at GoldStar Insurance Company Limited, said retaining the AA(UG) rating during the company’s anniversary year represents confidence from customers, brokers, partners and regulators.
“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 focus remains unchanged as it enters its next phase of growth.
“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,” he said.
Part of the Ruparelia Group, GoldStar Insurance operates within Uganda’s general insurance market, providing solutions across various sectors including commercial, engineering and transport insurance.
The company’s latest recognition comes at a time when Uganda’s insurance industry continues to place greater emphasis on financial stability, stronger governance and the ability of insurers to provide reliable protection to individuals and businesses.
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