Goldstar Insurance Reaffirms Financial Strength with AA(UG) GCR Rating 

Goldstar Insurance Company Limited has once again reinforced its position as one of Uganda’s most trusted and financially robust insurers. On May 12, 2025, GCR Ratings reaffirmed the company’s national scale financial strength rating of AA(UG) with a Stable Outlook, marking a strong vote of confidence in Goldstar’s capital adequacy, liquidity, risk management, and operational performance.

This reaffirmation by GCR—a Moody’s-owned and Africa-focused credit rating agency—underscores Goldstar’s enduring ability to meet its policyholder obligations with consistency, integrity, and strength. An AA(UG) rating, according to GCR, signifies a “very strong capacity to honour policyholder commitments”, positioning Goldstar among the top-rated non-life insurers in Uganda.

What Underpins the AA(UG) Rating?

GCR’s rating committee cited several key performance pillars:

• Strong Capitalisation: Goldstar’s capital base rose to UGX 41.3 billion in 2024. The GCR Capital Adequacy Ratio stood at 4.0x—twice the minimum regulatory requirement.
• Solid Liquidity Position: Liquidity coverage improved to 3.0x, ensuring the company’s strong short-term claims paying ability.
• Disciplined Risk and Claims Management: Despite increased claims in select lines of business, the insurer posted a competitive combined ratio of 88.1% and a return on revenue of 23.2%.
• Growth Momentum: A 32.3% increase in insurance revenue was driven by continued strength in core sectors such as motor and aviation insurance.

These metrics reflect an insurer with a prudent financial base, agile strategic execution, and strong internal controls.

CEO Speaks: “The Customer at the Centre”

In a statement following the rating confirmation, Goldstar CEO Mr. John Kawuma emphasized the significance of the rating to the company’s mission and reputation:

“I am pleased to announce that GCR has maintained our credit rating AA with a stable 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,” he added.

Testament to Financial Strength and Stakeholder Trust

Adding his voice, Chief Actuary Mr. Jay Sakaria expressed similar sentiments of validation and forward-looking commitment. 

“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,” he said.

Mr. Sakaria further said: “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,” he concluded.   

GCR Ratings, now 100% owned by Moody’s Corporation since July 2024, remains the largest credit rating agency in Africa. It is licensed in multiple jurisdictions, including Kenya, South Africa, Nigeria, and Mauritius, and recognized by central banks and capital market authorities across the continent. 

As such, Goldstar’s continued AA(UG) rating reflects not just strong domestic operations, but adherence to international standards of creditworthiness and operational excellence.

Thirty Years of Building Trust

As it celebrates over three decades of service, Goldstar continues to set the benchmark for indigenous insurers in Uganda. It remains the largest locally owned non-life insurance company to achieve and maintain such a high credit rating—a testament to its track record in claims settlement, customer service, and sustainable underwriting.

In a dynamic insurance market increasingly defined by competition, digital disruption, and regulatory tightening, this rating marks a forward-looking assurance of Goldstar’s capacity to withstand shocks and deliver consistent value to stakeholders.

Goldstar, is a Ruparelia Group company and according to the Insurance Regulatory Authority of Uganda’s 2024 performance report, Goldstar Insurance emerged as the 6th largest non-life insurance company in Uganda with Gross Written Premiums (GWP) of UGX 44.4 billion, upholding its strong presence in a market dominated by multinational players.

Significantly, Goldstar is also recognized as the No. 1 largest indigenously owned non-life insurer in the country, reaffirming the strength of local enterprise in an increasingly competitive industry.