Equity Bank Uganda’s life insurance premiums double to UGX11.7bn
Life insurance premiums collected through Equity Bank Uganda’s bancassurance business rose by 104.5% to UGX11.72 billion (about US$3.3 million) in the second quarter of 2026, from UGX5.73 billion a year earlier.
The growth was driven by demand for savings-oriented insurance products, even though the number of active life insurance policies fell from 75,000 to 65,000 over the same period. That suggests the remaining policyholders are paying more in premiums, reflecting growing demand for higher-value products.
Individual life insurance accounted for the largest share of collections, at UGX8.97 billion. Education savings and investment-linked policies have emerged as key growth drivers, particularly among households looking to combine financial protection with long-term savings.
James Sserumaga, head of bancassurance at Equity Bank Uganda, said the growth reflects rising customer interest in insurance products that support long-term financial planning.
Education insurance is proving especially popular with parents preparing for future school costs. Customers make regular contributions over at least five years, building a fund for education while keeping insurance cover.
The bank also reported improved policy persistency, the share of customers who keep their policies and continue paying premiums. Sserumaga credited this to more consistent engagement and follow-up with policyholders, which has helped reduce cancellations.
Commission income from the life assurance business rose to UGX1.67 billion in the quarter, from UGX630 million a year earlier. Claims paid also increased as the portfolio grew, reaching UGX1.31 billion, up from UGX877 million.
Digital push
Equity Bank Uganda plans to build on this growth through digital insurance services and microinsurance products aimed at lower-income households and communities with limited access to insurance.
The move comes as Uganda’s insurance industry looks for ways to boost life insurance uptake, with penetration still low. Savings-linked products offer an alternative entry point for households more focused on preparing for future financial commitments than on buying standalone protection.
Digital distribution is also expected to play a bigger role in reaching customers who have traditionally been underserved by conventional insurance channels.
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