Equity Bank Uganda recorded Shs16.13 billion in bancassurance premiums in the second quarter of 2026, securing an 8.77 per cent market share and ranking fourth among banks in Uganda’s bancassurance sector.
The performance was largely driven by a sharp increase in life assurance premiums, which more than doubled over the one-year period, reflecting a shift towards higher-value insurance products and stronger premium contributions from customers.
According to James Sserumaga, Equity Bank Uganda’s Head of Bancassurance, life assurance premiums increased from Shs5.73 billion in the second quarter of 2025 to Shs11.72 billion in the same period of 2026, representing growth of approximately 105 per cent.
However, the increase in premium income came alongside a decline in the number of life assurance policies, which dropped from 75,000 to 65,000 over the same period.
The contrasting figures suggest that the bank generated more insurance income from a smaller number of life policies, pointing to a growing contribution from higher-value products and customers making larger premium payments.
Sserumaga attributed the growth to staff training, improved productivity and increased access to insurance services through the bank’s branch network, merchant channels and digital platforms.
The bank’s strategy has focused on expanding insurance distribution while increasing the value generated from existing customers.
Equity Bank has also placed emphasis on policy persistency, which measures the extent to which customers maintain their insurance policies by consistently paying premiums after signing up.
Sserumaga said dedicated customer engagement teams have been following up with policyholders to encourage timely premium payments and renewals, helping to strengthen insurance income.
The approach reflects a broader focus on retaining customers and ensuring that insurance policies remain active, rather than concentrating solely on increasing the number of policies sold.
Insurance providers in Uganda continue to operate in a market where penetration remains relatively low, creating opportunities for banks and insurers to expand access to insurance products while improving the sustainability of their businesses.
For Equity Bank, life assurance has emerged as a major contributor to bancassurance growth, offsetting relatively slower performance in the non-life segment.
The bank’s second-quarter performance highlights the increasing importance of premium value, customer retention and distribution efficiency in its efforts to strengthen its position in Uganda’s insurance market.
