Nairobi, Kenya – July 15, 2025 – Standard Chartered Bank Kenya has teamed up with Prudential Life Assurance Kenya to introduce LivLife, a premium life insurance product offering coverage of up to Sh500 million, tailored for Kenya’s affluent and high-net-worth individuals. Alongside LivLife, the partnership has launched Future Ready, a savings-focused plan targeting middle- to upper-income earners to support education and retirement goals. The initiative, announced today, leverages a 26-year global alliance between Standard Chartered and Prudential to meet the growing demand for sophisticated financial solutions in Kenya’s burgeoning economy.
LivLife: A Game-Changer for Wealthy Kenyans
LivLife is designed to address the unique needs of Kenya’s wealthy, offering high-value life insurance for intergenerational wealth transfer, legacy planning, and long-term financial security. The product, which achieved over Sh2.6 billion in sum-assured sales during a six-month pilot phase ending June 2025, has demonstrated strong market appetite. “LivLife responds to a clear demand for needs-based, whole-life solutions that go beyond traditional endowment products,” said Kariuki Ngari, CEO and Managing Director of Standard Chartered Kenya. The coverage, capped at Sh500 million, positions
LivLife as one of the highest-value life insurance offerings in the region, catering to clients seeking to protect substantial assets.The companion product, Future Ready, targets a broader demographic of middle- to upper-income earners, emphasizing savings for critical life goals such as children’s education and retirement planning. While specific coverage details for Future Ready remain undisclosed, the plan aims to provide flexible, long-term financial stability for Kenya’s growing professional class.
A Strategic Partnership in Bancassurance
The collaboration builds on a global partnership between Standard Chartered and Prudential, spanning 11 markets in Africa and Asia since 1999. In Kenya, Standard Chartered’s extensive banking network and advisory-led wealth management model serve as the primary distribution channel, ensuring personalized service for clients. Prudential, a leader in insurance innovation, brings expertise in crafting tailored products. “Our goal is to deliver accessible, understandable, and valuable solutions,” said Gwen Kinisu, CEO of Prudential Life Assurance Kenya. “This partnership combines our strengths to meet the evolving needs of Kenyan clients.
”The launch taps into Kenya’s rapidly growing bancassurance sector, which has surged by 79.5% over the past five years to Sh35 billion in premiums, according to the Association of Kenya Insurers. By integrating insurance with banking services, Standard Chartered aims to streamline access to financial products, enhancing convenience for its high-net-worth and retail clients.
Market Context and Economic Impact
Kenya’s economy, with a rising number of dollar millionaires and a burgeoning upper-middle class, is driving demand for bespoke financial planning tools. The success of LivLife’s pilot phase, surpassing Sh2.6 billion in sales, underscores the appetite for high-value insurance among the affluent. The product’s focus on legacy planning aligns with the needs of Kenya’s wealthy, who are increasingly prioritizing wealth preservation and transfer across generations.
Future Ready, meanwhile, addresses the financial aspirations of Kenya’s growing professional workforce, particularly in urban centers like Nairobi and Mombasa. By offering savings plans for education and retirement, it supports the government’s broader push for financial inclusion and economic stability under initiatives like Vision 2030.
Challenges and Opportunities
While the partnership positions Standard Chartered and Prudential as leaders in Kenya’s bancassurance market, challenges include ensuring affordability for middle-income clients through Future Ready and navigating regulatory complexities. The Insurance Regulatory Authority (IRA) has emphasized consumer protection, requiring clear disclosure of terms to prevent mis-selling. Both companies are leveraging digital platforms, including Standard Chartered’s SC Mobile app, to enhance transparency and accessibility.
The collaboration is expected to create jobs in sales and advisory roles and strengthen Kenya’s position as a financial hub in East Africa. As bancassurance grows, the partnership could set a benchmark for tailored financial products, potentially influencing competitors like Equity Bank and KCB Group, which also offer insurance through banking channels.
Standard Chartered and Prudential plan to roll out LivLife and Future Ready across Kenya through Standard Chartered’s 36 branches and digital channels, with a focus on personalized client engagement. The partnership will also explore additional products to address emerging needs, such as health and investment-linked insurance. As Kenya’s wealth landscape evolves, LivLife and Future Ready mark a significant step in meeting the financial planning needs of its affluent and aspirational classes, reinforcing Standard Chartered and Prudential’s commitment to innovation in one of Africa’s most dynamic markets.
