Standard Chartered Bank Kenya (“SCB”) and Prudential Life Assurance Kenya (“Prudential”) have announced a strategic partnership to roll out bancassurance products, supporting affluent and ultra-wealthy clients in their financial, risk, wealth protection, and legacy planning.
As part of the partnership, SCB and Prudential have also launched a high-value protection product of up to Ksh 500 million, specifically designed for upper-income and high-net-worth individuals seeking bespoke financial solutions that address their long-term financial planning and wealth management needs.
The product known as LivLife surpassed Ksh 2.6 billion in sum-assured sales during a six-month pilot phase before launch, signifying a strong demand for innovative, personalised products focused on Kenya’s growing affluent and emerging high-income class.
“The LivLife solution offers clients high-value life insurance tailored for intergenerational wealth transfer, legacy planning, and long-term financial security. The pilot highlighted a growing appetite for financial protection and future-proof savings among Kenya’s affluent class, marked by a shift from traditional endowment products to whole life solutions and a needs-based approach to insurance,” said Kariuki Ngari, CEO and Managing Director of Standard Chartered Kenya and Africa.
The new product, he added, is aligned with Standard Chartered’s quest to position itself as a Pan-African bank serving the affluent market.
Buoyed by the initial success of LivLife, SCB and Prudential have also launched another product under the partnership, a savings-oriented plan that helps clients fund children’s education and retirement goals while preserving present financial stability. Known as Future Ready, the product targets mostly the middle-to-upper-income segment.
As one of the country’s oldest and most respected banks, Standard Chartered will serve as the primary distribution channel for both products and other products currently under development. The bank will leverage its advisory-led wealth model and personalized solutions offering to help clients integrate insurance into their broader investment and legacy planning strategies.
Prudential Life Assurance Kenya, a subsidiary of Prudential plc, brings deep insurance expertise and product innovation to the partnership. With a strong track record of delivering high-value protection across Africa and Asia, Prudential is responsible for designing solutions that meet real, evolving client needs backed by decades of global leadership and a growing African footprint.
“At Prudential, we are committed to helping Kenyans live well and retire better. Today’s milestone is a reminder that with the right partnerships and insights, we can redefine what financial protection looks like in Kenya. While our initial focus is on the affluent segment, our broader ambition is inclusive. We are intentional in designing products that are accessible, understandable, and valuable,” said Gwen Kinisu, CEO of Prudential Life Assurance Kenya.
Kenya’s affluent market is growing, with the number of dollar millionaires surging in recent years. The number of dollar millionaires in Kenya increased from 2,700 in 2012 to 7,200 in 2023, a 167 per cent increase[1]. This phenomenal wealth expansion is driving demand for advanced wealth protection, intergenerational planning, and bespoke financial products.
The partnership also comes at a pivotal moment for Kenya’s insurance sector as bancassurance is experiencing unprecedented momentum. The country’s bancassurance business has surged by 79.5 percent over the past five years, reaching KSh 35 billion in premiums, according to the Association of Kenya Insurers.
The newly launched partnership in Kenya is part of a 26-year global relationship between Standard Chartered and Prudential across 11 markets in Africa and Asia. It will see the two financial services giants tap into their deep expertise in wealth advisory, insurance, and product innovation to deliver ground-breaking products that tap into the next wave of growth in one of Africa’s most dynamic markets.
Related Content: StanChart Commits To Empower Over 90,000 Young Women In Kenya
