GoldStar Insurance Company Limited has retained its AA(UG) national-scale financial strength rating from GCR Ratings, reinforcing its position among Uganda’s most stable general insurers.
The affirmation, issued with a stable outlook, comes as the insurer marks 30 years of operations in the Ugandan insurance market.
According to GCR Ratings, the rating reflects GoldStar’s strong capitalisation, sound liquidity position and consistent earnings capacity.
At the end of 2025, the insurer’s statutory capital adequacy ratio stood at 311 percent, well above the Insurance Regulatory Authority’s minimum requirement of 200 percent. The capital base was reported at shs43.6 billion, largely built through retained earnings.
GoldStar also recorded a 21 percent rise in insurance revenue in 2025, reaching shs51.2 billion. The growth was driven by stronger performance in engineering, transport and commercial insurance lines, which also lifted the company’s market share to 5.3 percent.
GCR further highlighted improvements in governance, including the appointment of independent board members and the establishment of dedicated board committees.
The rating agency noted that GoldStar’s trajectory reflects sustained strengthening since it was first rated A(UG) in 2007, before being upgraded to AA(UG), which has now been reaffirmed.
“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," said Jay Sakaria, Chief Actuary, GoldStar Insurance Company Limited
The insurer is part of the Ruparelia Group and operates within Uganda’s general insurance sector.