FOR IMMEDIATE RELEASE – Kampala, Uganda | 12th May 2025
Goldstar Insurance Company Limited is pleased to announce the affirmation of its AA (UG) national scale financial strength rating by GCR Ratings, with a Stable Outlook. This rating signifies a strong endorsement of Goldstar’s solid financial foundation and prudent management practices.
A credit rating is a critical indicator of an insurance company’s ability to meet its financial obligations—particularly the timely settlement of claims. An AA (UG) rating reflects very strong capacity to honour policyholder commitments, and places Goldstar among the top-rated insurers in Uganda’s market.
According to GCR’s latest assessment, the rating is underpinned by:
✓ Robust Capitalisation: Goldstar’s capital base rose to UGX 41.3 billion in 2024, with a GCR Capital Adequacy Ratio of 4.0x—double the regulatory minimum.
✓ Strong Liquidity: Liquidity coverage improved to 3.0x, indicating strong capacity to meet short-term obligations.
✓ Disciplined Risk Management: Despite higher claims in select lines, the company maintained a competitive combined ratio of 88.1% and return on revenue of 23.2%.
✓ Sustainable Growth: A 32.3% increase in insurance revenue reflects consistent performance across key sectors, including motor and aviation.
This rating reinforces Goldstar Insurance’s reputation as a financially sound, trustworthy, and resilient insurer—offering confidence to policyholders, brokers, reinsurers, and regulators alike. The stable outlook reflects expectations of continued earnings strength, disciplined asset management, and resilience in a competitive market.
As Goldstar celebrates over 30 years of service, this reaffirmed rating validates our long-standing commitment to service excellence, reliable claims settlement, and sustainable growth in Uganda’s insurance landscape.
GCR Ratings Co is an independent credit rating agency associated with Moody’s. Moody’s is a leading global provider of credit ratings, research, and risk analysis. It helps businesses, governments, and other entities make informed decisions by providing insights into the financial stability and creditworthiness of various entities and debt instruments. Moody’s ratings and research are widely used by investors to assess the risk of default and make investment decisions.
Message from our CEO – Mr John Kawuma
“I am pleased to announce that GCR has maintained our credit rating AA with a positive outlook.
This rating whose contributing factors comprise among others; financial stability, underwriting performance, claims handling, risk management and customer satisfaction, is once again a confirmation of our prudent management of the business with the customer at the centre.
We are proud of this milestone and our resolve is to go to great depth to ensure stability of the business so that we can protect what is valuable to you, always.”
Message from our Chief Actuary – Mr Jay Sakaria
“A strong credit rating is a vital measure of an insurer’s financial health and stability. The reaffirmation of Goldstar Insurance’s AA(UG) rating by GCR reflects our disciplined capital management, robust liquidity position, and consistent earnings performance.
This rating is not just a mark of our past achievements—it is a forward-looking assurance to our policyholders, brokers, and business partners that Goldstar is well-positioned to meet its obligations, even in times of uncertainty. It speaks to our resilience, our commitment to long-term value, and the confidence stakeholders can place in us.
As we continue to grow in a dynamic market, maintaining a high credit rating remains central to our strategy of building trust and delivering on our promise of dependable protection.”
About GCR Ratings Co
GCR traces its origins back to 1996 when it was established as the African arm of the New York Stock Exchange-listed Duff & Phelps. Very rapid growth followed and GCR has since established itself as the leading rating agency in Africa, accounting for the majority of all ratings accorded on the African continent. Through its local presence in Mauritius, South Africa, Nigeria, Kenya and Senegal, GCR has the largest rating team in Africa which gives it unmatched on-the-ground presence, as well as easy access to market participants. GCR’s ratings play a significant role in the growth of Africa’s financial markets by providing critical insights into credit across a range of sectors.
In support of GCR’s objective to further solidify its position as a leading provider of quality, objective and independent credit opinions on African markets, Moody’s Corporation acquired a majority 51% stake in GCR in May 2022, and increased its stake in GCR to 100% in July 2024. GCR’s 25 year proven track record and successful domestic operations across the African continent, together with Moody’s international expertise represents a unique opportunity to contribute to the development of capital markets and the wider economies across Africa. GCR and Moody’s are committed to economic transformation in South Africa and see empowerment as an important part of GCR’s future success.
In this regard, African Women Chartered Accountants Investment Holdings (AIH) acquired a 20% stake in GCR South Africa in May 2022. AIH is a 100% black women-owned investment company, who will provide local strategic support through its equity participation and representation on the GCR South Africa board. GCR’s institutional shareholders also include the Carlyle Group, the pre-eminent Global Private Equity player, and the DEG/KFW Group, one of the largest international Development Finance Institutions.
GCR is licensed as a rating agency in a number of markets, including Mauritius with the Financial Services Commission, South Africa with the Financial Sector Conduct Authority, Kenya with the Capital Markets Authority, Nigeria with the Securities and Exchange Commission, and AMF-UMOA in the West African Monetary Union. GCR is also recognised as an eligible External Credit Assessment Institution (ECAI) by the Bank of Mauritius and the South African Reserve Bank.
For media inquiries or to request interviews and reports, please contact:
Corporate Communications
Goldstar Insurance Co. Ltd
Email: goldstar@goldstarinsurance.com
Phone: +256 414 250 110
Website: www.goldstarinsurance.com
