Standard Chartered Bank Kenya and Prudential Life Assurance Kenya have unveiled a suite of bespoke bancassurance solutions targeting affluent and ultra‑high‑net‑worth clients in Kenya. The products, LivLife and Future Ready address long‑term wealth preservation, intergenerational legacy planning and financial security.
The flagship offering, LivLife, provides life-cover of up to Ksh 500 million, a level of protection previously unattainable in the local market. The product achieved remarkable success during a six-month pilot, surpassing Ksh 2.6 billion in sum-assured sales, underscoring strong demand for premium, needs-based life insurance among the country’s 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 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,”
Complementing LivLife is Future Ready, designed for the upper-middle-income segment. Targeted at funding children’s education and retirement goals, Future Ready blends savings with stable financial planning allowing clients to prioritise long-term objectives without compromising current liquidity.
“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. said Gwen Kinisu, CEO of Prudential Life Assurance 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,”
As part of their existing 26-year global partnership across Africa and Asia, Standard Chartered will serve as the primary distribution channel. Leveraging its advisory-led wealth model, the bank will offer clients integrated insurance within broader wealth and legacy planning frameworks.
Prudential brings global insurance expertise and a strong footprint to the partnership. The offering aligns with Kenya’s fast-growing number of affluent clients—the number of dollar millionaires rose from 2,700 in 2012 to 7,200 in 2023, a 167% increase—fueling demand for advanced financial protection products.
The bancassurance sector in Kenya has surged in recent years, with premiums growing by 79.5% over the past five years to reach Ksh 35 billion, prompting both Prudential and Standard Chartered to capture approximately 20% of this expanding market.
The shift away from endowment towards whole-life insurance illustrates a growing sophistication among Kenya’s wealthy. Clients now prioritize bespoke solutions offering continuity of cover, flexibility, and the ability to transfer wealth across generations seamlessly.
LivLife addresses these critical needs, while Future Ready opens access to structured saving mechanisms designed for educational funding and retirement planning—all packaged under one advisory-led umbrella.
The Insurance Regulatory Authority (IRA) has played a supportive role, as indicated by their CEO Godfrey Kiptum’s presence at the launch. The regulator’s engagement signals confidence in enhanced bancassurance offerings and encourages growth in high-value insurance solutions.
This partnership strengthens Standard Chartered’s position as a leading Pan-African bank delivering elite wealth solutions. For Prudential, it consolidates its position in Kenya’s growing life-insurance ecosystem. Together, they signal a shift in financial planning across income brackets, from affluent to middle-income, setting new standards for personalised wealth management.
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