Equity Bank Uganda has reported a significant increase in life insurance premiums, reaching Shs11.72 billion in the second quarter of 2026. This represents a more than doubling of premiums from Shs5.73 billion in the same quarter of 2025. The growth is attributed to increasing demand for education savings and investment-linked insurance products.
Despite a decline in the number of life insurance policies from 75,000 to 65,000, the bank's life assurance premiums saw a substantial increase. Individual life insurance contributed Shs8.97 billion to the total life assurance premiums, highlighting the growing importance of personal savings and investment-oriented products in the bank's insurance portfolio.
According to James Sserumaga, Equity Bank Uganda's Head of Bancassurance, customers are increasingly opting for higher-value insurance policies linked to long-term financial planning and investment needs. Education-focused insurance policies have become particularly popular among households seeking to prepare for future school fees while building financial reserves over time.
The bank offers insurance-based savings products that allow customers to make regular contributions over a minimum period of five years. These products combine insurance protection with long-term savings, making them attractive to families planning for future financial obligations, particularly education expenses.
Insurance analysts note that education and investment-linked products are becoming an increasingly important segment of Uganda's life insurance industry. Households are seeking reliable alternatives for disciplined long-term saving, and these products are meeting that need. The bank's proactive customer engagement and follow-up initiatives have also contributed to improved policy persistency.
The increase in premium income translated into stronger earnings from life assurance business, with commission income rising from Shs630 million to Shs1.67 billion during the review period. Life insurance claims also increased, reflecting the bank's expanding insurance portfolio, and highlighting the role of life assurance in providing financial support to policyholders and beneficiaries.
As competition in the insurance industry intensifies, digital distribution is increasingly being viewed as an important channel for expanding access to life assurance products. Equity Bank Uganda's next phase of expansion is expected to focus on digital delivery channels and microinsurance solutions aimed at widening access to insurance services, particularly among underserved and lower-income communities.
Key points
- Education savings and investment-linked insurance products drive growth in Equity Bank Uganda's life insurance premiums.
- Equity Bank Uganda's life insurance premiums reach Shs11.72 billion in Q2 2026, despite a decline in policy numbers.
- The bank's growth in premium income reflects increasing demand for long-term financial planning and investment-oriented products.
