Prudential Zenith Life Insurance Forge Bancassurance Partnership With Standard Chartered Bank

By Sola Alabadan

Prudential Zenith Life Insurance and Standard Chartered Bank Nigeria Limited have forged a bancassurance partnership as part of efforts to expand access to life insurance products and strengthen financial inclusion across Nigeria.

The collaboration combines Prudential Zenith Life’s underwriting expertise with Standard Chartered Bank’s extensive banking network to provide customers with easier access to life insurance solutions designed to meet their financial protection and long-term wealth planning needs.

The partnership will enable Standard Chartered customers to access a range of life insurance products covering individual protection, family security, education planning and other financial protection solutions through the bank’s distribution channels.

Speaking at the launch in Lagos, Executive Director and Chief Financial Officer of Prudential Zenith Life Insurance, Afolabi Lawal, said the initiative reflects the company’s commitment to making insurance more accessible while empowering Nigerians to secure their financial future.

According to him, financial inclusion goes beyond access to financial services and should also empower individuals and families to build long-term financial resilience.

“This partnership with Standard Chartered Bank Nigeria Limited allows us to reach more Nigerians with products that are not only protective but also aspirational. Whether it is safeguarding a child’s education or securing a family’s future, we are making life insurance more intuitive, affordable and an integral part of every customer’s financial journey. Together, we are removing barriers while building a stronger and more resilient society,” Lawal said.

Also speaking, Acting Chief Executive Officer of Standard Chartered Bank Nigeria Limited, Ayodeji Adelagun, described the partnership as a significant step towards broadening the bank’s wealth management offerings while promoting financial inclusion.

He noted that integrating insurance products into the bank’s services would enable customers to protect their wealth, families and future with greater confidence.

“This partnership with Prudential Zenith Life Insurance underscores our commitment to delivering financial solutions that enable and protect our clients and their families. By embedding these essential insurance products into our banking services, we are strengthening our wealth offerings and deepening financial inclusion in Nigeria,” Adelagun said.

Under the arrangement, customers will have access to carefully selected life insurance products that provide financial security and peace of mind, while benefiting from the convenience of accessing insurance services through Standard Chartered Bank’s banking platform.

The companies said the collaboration leverages Standard Chartered Bank’s distribution capabilities and Prudential Zenith Life’s underwriting expertise to make insurance products more accessible, affordable and easier to manage for Nigerians.

They added that the Nigerian partnership builds on the longstanding 27-year global relationship between Prudential and Standard Chartered, which spans 11 markets across Africa and Asia.

Standard Chartered Bank Nigeria, a wholly owned subsidiary of Standard Chartered PLC, re-entered the Nigerian market in 1999 and provides corporate, institutional, wealth management and transaction banking services. The bank recently met the Central Bank of Nigeria’s ₦200 billion minimum capital requirement ahead of the regulatory deadline.

Prudential Zenith Life Insurance, a wholly owned subsidiary of Prudential plc following its acquisition of the company in September 2024, is among Nigeria’s most capitalised life insurance companies. The insurer reported a Profit After Tax of ₦7.4 billion for the 2024 financial year and offers a broad portfolio of individual and corporate life insurance products.