Standard Chartered Bank Kenya, in collaboration with Prudential Life Assurance Kenya, has unveiled a suite of high-value insurance solutions tailored to support Kenya’s affluent and ultra-wealthy individuals in financial protection, wealth management, and legacy planning.
The flagship product, LivLife, is designed to provide life insurance coverage of up to Ksh.500 million, targeting upper-income and high-net-worth clients. It aims to support intergenerational wealth transfer, long-term financial security, and legacy preservation. During a six-month pilot phase, LivLife recorded Ksh.2.6 billion in sum-assured sales, underscoring the strong demand for bespoke financial protection among Kenya’s growing affluent class.
“The pilot highlighted a shift from traditional endowment products to needs-based, whole-life solutions among Kenya’s wealthier clients,” said Kariuki Ngari, CEO and Managing Director of Standard Chartered Kenya and Africa.
Standard Chartered is positioning itself as a Pan-African wealth bank, leveraging its advisory-led model to offer clients personalized financial planning and integrated insurance solutions. Prudential will provide underwriting support, while the bank serves as the main distribution channel.
In addition to LivLife, the partnership has launched Future Ready, a savings-oriented plan aimed at middle-to-upper-income earners. This product helps clients plan for children’s education and retirement while maintaining current financial stability.
“While our immediate focus is on the affluent segment, we aim for inclusivity by designing products that are accessible, understandable, and valuable,” said Gwen Kinisu, CEO of Prudential Life Assurance Kenya.
Kenya’s affluent market is on an upward trajectory. A recent Henley & Partners report reveals that the number of dollar millionaires in Kenya rose by 167%, from 2,700 in 2012 to 7,200 in 2023 — signaling robust opportunities for wealth and legacy planning services.
With this partnership, StanChart and Prudential are not only addressing immediate financial protection needs but also shaping the future of wealth management for Kenya’s rising elite.
