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StanChart, Prudential eye the wealthy with Sh500m life cover
The launch comes at a time the number of dollar millionaires in Kenya has dropped in the past year as the super-rich moved their treasures abroad on uncertainties buoyed by a softening economy and growing political unrest.
Standard Chartered Bank Kenya has partnered with the local unit of Prudential Life Assurance to unveil a life cover targeting the country’s wealthy class with a payout of up to Sh500 million, as the lender seeks to diversify its bancassurance offerings.
The lender said on Monday that the product, dubbed LivLife, has been running on a pilot phase for six months during which period it has surpassed Sh2.6 billion in sum-assured sales, with the banks terming it a signal for a strong demand.
The launch comes at a time the number of dollar millionaires in Kenya has dropped in the past year as the super-rich moved their treasures abroad on uncertainties buoyed by a softening economy and growing political unrest.
Recently-published data from the 2025 Knight Frank Wealth Report shows that the pool of high-net-worth individuals – described as people with a wealth of at least $1 million (Sh129.2 million at current conversion rates) – dropped by 10 percent to less than 6,500 last year.
“The LivLife solution offers clients high-value life insurance tailored for intergenerational wealth transfer, legacy planning, and long-term financial security,” said Stanchart CEO Kariuki Ngari.
“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.”
Following their pact, Stanchart and Prudential have also unveiled another savings-oriented cover plan named Future Ready that is designed to aid policyholders in achieving specific goals including education funding and other retirement goals.
The partners said that the bank will serve as the primary distribution channel for both products and others that are currently under development, while Prudential will bring on board insurance expertise and product innovation.
Prudential Life Assurance Kenya CEO Gwen Kinisu said the launched covers will in coming days be rewired for suitability to other market segments away from the affluent.
“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 Ms Kinisu.
The launch coincides with a period when the country’s insurance sector has witnessed rising momentum in the bancassurance business which has surged 79.5 percent over the past five years to hit Sh35 billion in annual premiums, according to data from the Association of Kenya Insurers.
