GoldStar Insurance Company Limited, a leading general insurance provider in Uganda and part of the Ruparelia Group, has celebrated its 30th anniversary with the reaffirmation of its AA(UG) national-scale financial strength rating by GCR Ratings, one of Africa’s most respected credit rating agencies.
The rating, which carries a stable outlook, reinforces GoldStar’s position as one of the country’s strongest and most financially stable insurers. GCR cited the company’s robust capitalization, healthy liquidity levels, and consistent profitability as key factors behind the affirmation.
At the close of 2025, GoldStar recorded a statutory capital adequacy ratio of 311%, significantly exceeding the Insurance Regulatory Authority of Uganda’s minimum requirement of 200%. The company’s capital base reached UGX 43.6 billion, supported primarily through accumulated earnings rather than external capital injections.
The insurer also posted notable 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%. This growth was largely driven by strong performance in engineering, transport, and other commercial insurance segments.
GCR Ratings further highlighted improvements in GoldStar’s corporate governance framework, including the appointment of independent directors and the establishment of specialized board committees to strengthen oversight and accountability.
The rating affirmation comes at a significant moment for the company as it marks three decades of operations under its anniversary theme, “30 Years. One Promise.” Over the years, GoldStar has evolved from a young insurance company into one of Uganda’s most trusted and well-capitalized providers of general insurance services.
The latest rating serves as independent validation of the company’s longstanding commitment to financial stability and reliable claims settlement. It reflects GoldStar’s ability to honor the promise it made to policyholders three decades ago to remain financially secure and deliver on its obligations when clients need support.
GoldStar’s ratings history demonstrates a steady upward trajectory. The company first attained an A(UG) rating in 2007 before being upgraded to AA(UG), a status that has now been reaffirmed. This progression mirrors the insurer’s continued strengthening of its capital position, governance structures, and market presence.
Commenting on the achievement, GoldStar Chief Actuary Jay Sakaria said reaching the company’s 30-year milestone while maintaining an AA(UG) rating is a strong reflection of the confidence placed in the insurer by customers, brokers, business partners, and regulators.
He noted that the rating represents an independent assessment of the company’s financial strength, governance standards, and claims-paying ability. According to Sakaria, GoldStar remains committed to maintaining the same principles that guided its founding three decades ago providing dependable protection and support to policyholders whenever they need it.
About GoldStar Insurance
GoldStar Insurance Company Limited is a Ugandan general insurance company operating under the Ruparelia Group. The insurer holds a GCR national-scale financial strength rating of AA(UG) and is certified under ISO 9001:2015 standards. Regulated by the Insurance Regulatory Authority of Uganda, the company operates from Crane Chambers on Kampala Road and offers a wide range of insurance products, including motor, engineering, transport, property, commercial, and personal insurance solutions. Over the past 30 years, GoldStar has established a reputation for prudent underwriting, financial stability, and dependable claims service.