Published on 12/06/2025
Goldstar Insurance Company Limited has reaffirmed its AA (UG) national scale financial strength rating, with a Stable Outlook, following a fresh assessment by Global Credit Ratings (GCR). The rating, maintained by the leading credit rating agency now fully owned by Moody’s, underscores Goldstar’s robust financial foundation, sound risk management, and consistent market performance.
A national AA (UG) rating signifies a very strong capacity to meet policyholder obligations, placing Goldstar among the highest-rated insurers in Uganda. According to GCR’s latest report, the company’s rating is anchored on several key strengths:
- Robust Capitalisation: Goldstar’s capital base rose to UGX 41.3 billion in 2024, with a GCR Capital Adequacy Ratio of 4.0x—twice the regulatory minimum.
- Strong Liquidity: A liquidity coverage ratio of 3.0x confirms Goldstar’s ability to meet short-term obligations with ease.
- Disciplined Risk Management: The company maintained a competitive combined ratio of 88.1% and a return on revenue of 23.2%, despite elevated claims in select portfolios.
- Sustainable Growth: Insurance revenue grew by 32.3%, supported by steady performance in key segments such as motor and aviation.
“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,” said John Kawuma, CEO of Goldstar Insurance.
“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.
Chief Actuary Jay Sakaria echoed this sentiment, stating, “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.”
Now celebrating over 30 years of service, Goldstar’s reaffirmed rating strengthens its reputation as a dependable, trustworthy, and forward-looking insurer in Uganda’s dynamic insurance landscape.
GCR Ratings, Africa’s largest rating agency recently became a wholly owned subsidiary of Moody’s Corporation, bolstering its credibility and reach across African markets.
With an expansive local presence and global expertise, GCR continues to play a vital role in deepening Africa’s capital markets through independent and data-driven credit analysis.
