Equity Bank Uganda collected Shs16.13 billion in bancassurance premiums in the second quarter of 2026, securing an 8.77% market share and ranking fourth among banks in Uganda’s bancassurance sector.
The bank’s performance was driven by a sharp increase in life assurance premiums, which more than doubled over the year, offsetting a slight decline in non-life insurance income.
James Sserumaga, Equity Bank Uganda’s Head of Bancassurance, attributed the growth to staff training, improved productivity and wider access to insurance products through the bank’s branches, merchant networks and digital platforms.
Life assurance premiums rose from Shs5.73 billion in the second quarter of 2025 to Shs11.72 billion in the same period of 2026, an increase of about 105%. However, the number of life assurance policies fell from 75,000 to 65,000.
The figures suggest that the bank collected more in premiums despite having fewer policies, pointing to a shift towards higher-value insurance products or customers paying larger premiums.
Sserumaga said the bank has also focused on retaining existing policyholders and ensuring they continue paying their premiums after taking up insurance cover.
Dedicated customer engagement teams follow up with policyholders to encourage timely payments and renewals, a strategy intended to improve policy persistency and sustain insurance income.
Non-life insurance premiums, meanwhile, declined slightly from Shs4.45 billion to Shs4.41 billion during the same period. However, the number of policies increased from 659 to 839, indicating that more customers took up cover even as total premiums edged down.
The bank linked the slower performance partly to changes in its lending portfolio. Non-life products such as insurance for property used as collateral have traditionally generated premiums from customers taking secured loans.
As the bank expands unsecured lending, demand for some of these insurance products has reduced.
Equity Bank is seeking to improve non-life insurance income through better policy renewals, increased participation by corporate clients and the sale of higher-value products.
Looking ahead, Sserumaga said the bank expects digital platforms and microinsurance products to drive further growth. It is also exploring options such as micro-medical insurance to make cover more accessible to lower-income customers and expand insurance uptake across its customer base.
