|
Getting your Trinity Audio player ready...
|
Goldstar Insurance Limited, a member company of the Ruparelia Group, recently released its 2022 results, reporting a 14.5% increase in gross written premiums, from UGX28.2 billion to UGX32.3 billion.
The company also announced that net income increased by 13.4%, from UGX15.7 billion to UGX17.8 billion.
As a result, profit after tax, grew by 47.8%billion, from UGX2.3 billion to UGX3.4 billion.
Goldstar is one of the leading insurance companies in Uganda and provides all types of general insurance services to industrial, commercial, and professional firms, as well as government institutions, individuals and other enterprises.
The insurer, however, reported a 28.7% reduction in claims paid- from UGX18.1 billion to UGX12.9 billion.
Over the last 5 years, the company has paid cumulative claims worth UGX64.4 billion. Over the period, claims payments have grown by a compounded annual growth rate (CAGR) of 14.3%.
Goldstar also reported that it was financially solid with total assets of UGX69.2 billion and a capital adequacy ratio improvement, from 251% to 278%- above the 200% regulatory threshold.
| 2021 | 2022 | %ge Change | |
| Total Assets (UGX billions) | 68.5 | 69.2 | 1 |
| Gross Written Premiums (UGX billions) | 28.2 | 32.3 | 14.5 |
| Net Income (UGX billions) | 15.7 | 17.8 | 13.4 |
| Claims Paid (UGX billions) | 18.1 | 12.9 | -28.7 |
| Profit Before Tax (UGX billions) | 3 | 4.6 | 53.3 |
| Net Profit (UGX billions) | 2.3 | 3.4 | 47.8 |
Higher assets and capital adequacy ratios mean increased strength and ability to withstand shocks and risks as well as enhanced ability to settle claims timely.
The insurer is also AA- credit rated by GCR Ratings, one of the leading rating agencies in Africa.
Goldstar’s growth rates are well within industry growth rates⏤ the Insurance Regulatory Authority (IRA), recently reported that combined life and non-life insurance Gross Written Premium (GWP) in 2022, grew from UGX1.183 trillion in 2021 to UGX1.425 trillion in 2022⏤ a 20.4% growth.
In 2021 the industry grew by 10.61% and 9.34% in 2020.
GWPs for the general insurance category, where Goldstar falls, grew by 15.8%, from UGX 706.7 billion in 2021 to UGX 818.7 billion.
Life insurance business, on the other hand, generated UGX 485.8 billion in GWP in 2022 , up from UGX 397 billion in 2021, representing a 22.3% growth in premiums.
Goldstar is also ISO 9001:2015 certified with several awards such as the International Award for Excellence & Leadership – Global Trade Leaders Club (2017), Best Insurance Company Uganda 2015 by the International Finance Magazine and the World Finance Global Insurance Award for 2013 & 2014.