Equity Bank Uganda life insurance premiums jump to Shs11.72 billion

What the report says

The Independent Uganda reports that Equity Bank Uganda’s life assurance premiums more than doubled to Shs11.72 billion in the second quarter of 2026, up from Shs5.73 billion in the same period of 2025. The gains were linked mainly to stronger demand for education savings products and investment-linked insurance plans, according to the bank’s Head of Bancassurance, James Sserumaga. The article is based in Kampala and says the trend reflects customers choosing policies tied to long-term financial planning rather than simple cover alone.

The bank said individual life insurance contributed Shs8.97 billion of the total premiums. Although premium income rose sharply, the number of life insurance policies fell from 75,000 to 65,000, which suggests customers were taking up fewer but higher-value products. The bank also said policy persistency improved, with Sserumaga attributing that to follow-up efforts and customer engagement meant to reduce lapses.

The report says commission income from life insurance climbed from Shs630 million to Shs1.67 billion during the review period. Claims payments also increased, rising from Shs877 million to Shs1.31 billion. The article adds that Equity Bank expects future expansion to lean on digital distribution and microinsurance, in line with broader industry efforts to widen access to life assurance and encourage disciplined saving for household goals such as school fees.