By Lwanga Musisi
GoldStar Insurance Company Limited, one of Uganda’s leading general insurers and a member of the Ruparelia Group, is marking its 30th anniversary with a major vote of confidence from the market after GCR Ratings reaffirmed the company’s AA(UG) national-scale financial strength rating with a stable outlook.
The affirmation by the pan-African credit rating agency places GoldStar among the strongest and most financially secure insurers operating in Uganda, underscoring three decades of prudent management, robust capitalisation and a consistent commitment to meeting policyholder obligations.
According to GCR Ratings, the insurer’s rating reflects strong capital adequacy, sound liquidity and a sustained ability to generate earnings. GoldStar reported a statutory capital adequacy ratio of 311% at the end of 2025, significantly exceeding the Insurance Regulatory Authority of Uganda’s minimum requirement of 200%. The company’s capital base reached UGX 43.6 billion, built primarily through retained earnings rather than external capital injections.
The insurer also recorded strong business growth during the year. Insurance revenue increased by 21% to UGX 51.2 billion in 2025, helping expand its market share to 5.3%. Growth was driven largely by strong performance across engineering, transport and other commercial insurance lines.
GCR further highlighted GoldStar’s continued improvements in corporate governance, including the appointment of independent board members and the establishment of dedicated board committees to strengthen oversight and accountability.
The rating reaffirmation comes during a landmark year for the insurer. Through its 30th anniversary campaign, “30 Years. One Promise.”, GoldStar is celebrating its transformation from a young general insurer into one of Uganda’s most trusted and best-capitalised underwriting businesses.
The latest rating serves as independent validation of the company’s long-standing commitment to financial strength and reliable claims settlement, reinforcing the promise it has made to customers since its establishment three decades ago.
GoldStar’s rating history reflects that steady progress. The company first received an A(UG) rating in 2007 before being upgraded to AA(UG), a level it has consistently maintained and which GCR has now reaffirmed once again.
“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,” said Jay Sakaria, Chief Actuary at GoldStar Insurance Company Limited.
“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.”
As GoldStar enters its fourth decade of operations, the insurer says it remains focused on strengthening its market position, enhancing customer service and maintaining the financial resilience that has earned it recognition among Uganda’s leading insurance providers.
About GoldStar Insurance Company Limited
GoldStar Insurance Company Limited is a Ugandan general insurer and a member of the Ruparelia Group. Holding a GCR national-scale financial strength rating of AA(UG) and certified to ISO 9001:2015 standards, the company is licensed and supervised by the Insurance Regulatory Authority of Uganda. Operating from Crane Chambers on Kampala Road, GoldStar has built a reputation over the past 30 years for financial strength, prudent underwriting and dependable claims settlement across motor, engineering, transport, property and other commercial and personal insurance lines.
