Uganda’s bancassurance sector closed the second quarter of 2025 with Stanbic Bank, Centenary Bank, and Absa Bank securing commanding positions at the top of the market in both life and non-life insurance segments, according to industry data released this week.
Stanbic Bank: Dual-Segment Leader in Volumes
Stanbic Bank retained its position as the market’s most dominant player in non-life business, posting a gross written premium (GWP) of UGX 7.05 billion in Q2 2025.
It was followed by Equity Bank with UGX 4.45 billion and Absa Bank with UGX 3.39 billion. Stanbic also led the non-life commission earnings table at UGX 505.27 billion and issued the highest number of non-life policies — 29,797 — far ahead of its competitors.
The bank’s life business also delivered a strong showing, with GWP of UGX 15.34 billion, ranking third behind Centenary Bank and Absa. Stanbic topped the life segment in policies issued, with 291,264 — more than any other bank in the market.
| Rank | Bank | GWP (UGX) | Market Share (%) |
|---|---|---|---|
| 1 | Stanbic Bank | 7,048,797,603 | 28.17% |
| 2 | Equity Bank | 4,454,811,938 | 17.80% |
| 3 | Absa Bank | 3,389,705,623 | 13.54% |
| 4 | KCB Bank | 2,697,663,147 | 10.78% |
| 5 | DFCU Bank | 2,548,242,063 | 10.18% |
Combined Top 5 Total GWP: UGX 20.14 billion
Top 5 Share of Segment Total: 80.47% (Segment total: UGX 25.03 billion)
Centenary Bank: Life Insurance Powerhouse
Centenary Bank took the crown in the life segment, recording UGX 20.25 billion in GWP during Q2 2025. Its commission earnings stood at UGX 1.98 billion, and while it issued just nine policies in the quarter — a number reflecting its focus on high-value corporate or institutional products — its claim payouts reached UGX 4.45 billion, the highest in the life segment.
| Rank | Bank | GWP (UGX) | Market Share (%) |
|---|---|---|---|
| 1 | Centenary Bank | 20,246,906,528 | 24.44% |
| 2 | Absa Bank | 17,205,289,093 | 20.77% |
| 3 | Stanbic Bank | 15,335,954,874 | 18.51% |
| 4 | DFCU Bank | 8,435,866,148 | 10.18% |
| 5 | Standard Chartered Bank Uganda | 6,164,495,785 | 7.44% |
Combined Top 5 Total GWP: UGX 67.39 billion.
Top 5 Share of Segment Total: 81.34% (Segment total: UGX 82.85 billion).
Absa Bank: Top-Tier Performer Across Segments
Absa Bank maintained its place among the top three in both segments. In non-life, Absa generated UGX 3.39 billion in GWP — up 23.8% year-on-year — alongside UGX 418.43 billion in commissions and 1,550 policies issued. In life insurance, Absa ranked second with UGX 17.21 billion in GWP, leading the segment in commission income at UGX 2.91 billion and issuing 186,429 policies.
Fastest-Growing Players
Bank of Africa was the fastest-growing non-life player in percentage terms, expanding its GWP by 71.0% to UGX 1.31 billion. Finance Trust Bank followed with a 47.8% rise to UGX 1.04 billion, while DFCU Bank also posted a 47.8% gain to UGX 2.55 billion
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Policy Leaders and Claims Profile
While Stanbic Bank dominated non-life policy volumes, the life insurance policy count leaderboard saw Stanbic again in first place, followed by Absa with 186,429 policies and Equity Bank with 75,381.
In non-life insurance, Equity Bank and PostBank recorded the highest claims amount at UGX 1.26 billion and 1.27 billion respectively, followed by DFCU Bank (UGX 958.23 million) and Stanbic Bank (UGX 316.82 million).
In life insurance, Centenary Bank led in claim amounts with UGX 4.45 billion, followed by Stanbic Bank at UGX 3.94 billion and Post Bank Uganda at UGX 1.52 billion.
Market Outlook
The Q2 2025 results confirm a concentration of market power in a small group of banks — notably Stanbic, Centenary, and Absa — whose dominance spans premium volumes, commission earnings, and policy issuance.
Strong double- and triple-digit growth rates by mid-tier players such as Bank of Africa and Finance Trust suggest an increasingly competitive second tier, particularly in the life segment.
The contrasting growth rates between life and non-life, coupled with varied claims patterns, point to shifting competitive dynamics and evolving customer demand.
As the second half of 2025 unfolds, sustained high growth in life products and targeted non-life expansion are expected to shape the sector’s trajectory.
