Equity Bank Uganda more than doubled its life insurance premium income in the second quarter of 2026, driven by growing demand for education savings plans and investment-linked insurance products.
The bank collected Shs11.72 billion in life assurance premiums during the three months, up from Shs5.73 billion in the same period last year. This growth came despite a decline in the number of active life insurance policies, which fell from 75,000 to 65,000.
James Sserumaga, Equity Bank Uganda’s Head of Bancassurance, said the increase in premiums shows that customers are increasingly opting for higher-value insurance policies to meet long-term financial needs.
Individual life insurance accounted for Shs8.97 billion of the total premiums collected, highlighting the contribution of personal insurance and savings plans to the bank’s growing business.
Sserumaga said education savings policies are among the products attracting growing interest, particularly from parents looking to secure money for their children’s future school fees.
The products allow customers to make regular contributions over a minimum period of five years, combining life insurance protection with long-term savings. This enables policyholders to build financial reserves while preparing for future expenses such as education.
The bank also reported an improvement in policy persistency, which measures the number of customers who continue paying their insurance premiums instead of allowing their policies to lapse. Sserumaga attributed the improvement to regular customer engagement and follow-ups to encourage timely premium payments.
The growth in life assurance business also boosted the bank’s commission earnings, which increased from Shs630 million in the second quarter of 2025 to Shs1.67 billion in the same period this year.
However, the bank also recorded an increase in claims paid to policyholders and beneficiaries. Life insurance claims rose from Shs877 million to Shs1.31 billion over the same period.
The figures reflect an expansion in the value of the bank’s insurance business, alongside an increase in its financial obligations to customers covered by its policies.
Looking ahead, Equity Bank Uganda plans to expand access to insurance through digital distribution channels and microinsurance products. The strategy is aimed at reaching more customers, particularly those in underserved and lower-income communities, as the bank seeks to grow its life assurance business.
