Equity Bank’s Insurance Premiums Hit Shs16.13 Billion Despite Losing 10,000 Life Policyholders

By Mulengera Reporters

Equity Bank Uganda recorded Shs16.13 billion in bancassurance premiums in the second quarter of 2026, even as its life assurance policy numbers fell by 10,000, highlighting a shift towards higher-value insurance products.

The bank’s life assurance premiums more than doubled from Shs5.73 billion in the second quarter of 2025 to Shs11.72 billion in the same period this year, representing growth of about 105 percent. However, the number of life policies declined from 75,000 to 65,000.

The performance gave Equity Bank an 8.77 percent share of Uganda’s bancassurance market, placing it fourth among banks in the segment.

James Sserumaga, the bank’s Head of Bancassurance, attributed the growth to staff training, improved productivity and wider access to insurance through branches, merchant channels and digital platforms.

The bank has also strengthened customer engagement to encourage policy renewals and consistent premium payments, with dedicated teams following up on policyholders to improve policy persistency.

Meanwhile, non-life insurance premiums edged down from Shs4.45 billion to Shs4.41 billion, although the number of policies increased from 659 to 839.

The bank attributed the slower growth partly to a shift towards unsecured lending, which has reduced demand for insurance products linked to assets pledged as loan collateral.

Equity Bank plans to boost non-life insurance income through stronger renewals, increased corporate participation and higher-value policies.

Looking ahead, the lender is targeting digital channels and microinsurance products, including micro-medical cover, to expand insurance access among lower-income customers and grow uptake. (For comments on this story, get back to us on 0705579994 [WhatsApp line], 0779411734 & 041 4674611 or email us at mulengeranews@gmail.com).