StanChart, Prudential unveil Ksh.500M insurance plan for Kenya’s wealthy

Standard Chartered Bank Kenya and Prudential Life Assurance Kenya on Monday announced a partnership to roll out bancassurance products, supporting affluent and ultra-wealthy clients in their financial, risk, wealth protection, and legacy planning.

StanChart and Prudential launched a high-value protection product of up to Ksh.500 million designed for upper-income and high-net-worth individuals. 

The product known as LivLife surpassed Ksh.2.6 billion in sum-assured sales during a six-month pilot phase prior to launch, the companies said, pointing to a strong demand for 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,” said Kariuki Ngari, CEO and Managing Director of Standard Chartered Kenya and Africa.

“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.”

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 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.

Standard Chartered will serve as the primary distribution channel for both products and other products currently under development.

The lender will leverage its advisory-led wealth model and personalized solutions offering to help clients integrate insurance into their broader investment and legacy planning strategies.

“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 167 percent from 2,700 in 2012 to 7,200 in 2023, according to a report by Henley & Partners.