Goldstar Insurance Co Ltd reveals 2020 Financial Performance – Profits up 236% on 2019

Goldstar Insurance Co Ltd reveals 2020 Financial Performance – Profits up 236% on 2019

Goldstar Insurance Co Ltd has today published their YE 2020 Financial Results, showing increased profitability up 236% on 2019 results.

In addition, there have been improvements in the Net Asset Position, Solvency Ratio, Liquidity Ratio – all this despite having paid claims in excess of UGX 16 billion during 2020.

Goldstar Insurance Co Ltd, one of the largest Insurance players in the Ugandan Market, has today published their YE2020 Financial Results.

Goldstar has shown strong results for 2020 despite the COVID-19 pandemic. Profitability has increased by over 236% to UGX 2.9 billion, despite revenue decreasing by 4%.

Goldstar paid a number or large claims during the year, ,amounting to over UGX 16.6 billion (UGX 10.2 billion in YE 2019).

The Net Asset Position increased by 11.2% – with total assets now in excess of UGX 61.9 billion.

Solvency Ratio – refers to an enterprise’s capacity to meet its long-term financial commitments – stands at 1897.8% in 2020 up from 1630.0% in 2019.

Liquidity Ratio – refers to an enterprise’s ability to pay short-term obligations – stands at 3.7 in 2020 up from 2.6 in 2019.

Goldstar has paid over UGX 45.5 billion in claims since 2016.

For more information please contact marketing@goldstarinsurance.com

Goldstar Insurance Co Ltd – YE 2020 – Financial Summary v1 0