Ruparelia Group’s GoldStar Insurance Retains AA(UG) Rating as Revenue Grows 21%  marking  30 years

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

GoldStar Insurance marked its 30th anniversary with the AA(UG) reaffirmation of its AA(UG) that it positions among the country’s strongest and most financially secure insurers, reflecting the company’s robust capital position, sound liquidity profile and sustained earnings performance.

Jay Sakaria, Chief Actuary at GoldStar Insurance Company Limited, said the dual achievement of reaching 30 years in business while maintaining a strong financial strength rating highlights the confidence stakeholders continue to place in the company.

“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” he said.

Under its anniversary theme, “30 Years. One Promise.” The recognition provides independent validation of GoldStar’s longstanding commitment to financial stability and dependable claims settlement.

The Insurance revenue increment in 2025 to UGX 51.2 billion was attributed to the strong demand across key business segments, particularly engineering, transport and commercial insurance lines, the company’s governance framework, including the appointment of independent board members and the establishment of specialized board committees, raising the company’s market share to 5.3 percent, strengthening its position within Uganda’s competitive insurance sector.