Prudential Zenith Life Insurance and Standard Chartered Bank Nigeria Limited have entered into a strategic bancassurance partnership designed to widen access to life insurance and financial protection for customers across Nigeria.
The partnership brings together Prudential Zenith’s expertise in life insurance underwriting and Standard Chartered’s banking platform to provide customers with easier access to insurance products through established banking channels.
The companies said the initiative reflects their shared commitment to addressing Nigeria’s insurance gap and promoting financial inclusion by making insurance more accessible as part of customers’ everyday financial activities.
Under the partnership, Standard Chartered customers will have access to a range of life insurance products designed to meet different financial and life-stage needs. The offerings will cover areas including personal protection, family security, education planning and broader financial protection.
Speaking on the initiative in Lagos on Wednesday, the Executive Director and Chief Financial Officer of Prudential Zenith Life Insurance, Afolabi Lawal, said the partnership would help make insurance more accessible while supporting customers in achieving their long-term financial goals.
“At Prudential Zenith, we believe that financial inclusion is not only about access, but also about empowerment.
“This partnership with Standard Chartered Bank Nigeria Limited allows us to reach more Nigerians with products that are not exclusively 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 integral to every customer’s financial journey. Together, we are dismantling barriers while building a stronger, more resilient society.”
Lawal’s comments highlight the broader role the companies expect insurance to play beyond traditional risk protection, particularly in helping households plan for major financial commitments such as education, family welfare and long-term security.
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| L-R: The Head, Bancassurance & Client Proposition, Standard Chartered Bank Nigeria, Funmi Dosumu; Head, Wealth Solutions, Standard Chartered Bank Nigeria, Ernest Adejumo; Head, Wealth & Retail Banking, Standard Chartered Bank Nigeria, Lanre Olajide; Acting CEO, Standard Chartered Bank Nigeria, Ayodeji Adelagun; Executive Director, Prudential Zenith Life Insurance, Afolabi Lawal; among others, during the formal launch of the bancassurance partnership between Standard Chartered Bank Nigeria Limited and Prudential Zenith Life Insurance in Lagos. |
“This partnership with Prudential Zenith Life Insurance underscores our commitment to deliver financial solutions that enable and protect clients and their families.
“By integrating these essential insurance products into our banking services, we are enhancing our wealth management offerings and deepening financial inclusion in Nigeria. Our customers can now secure their futures with confidence, knowing that their wealth and legacy are protected.”
The bancassurance agreement builds on a 27-year global relationship between Prudential and Standard Chartered, with the two financial institutions collaborating across 11 markets in Africa and Asia.
Standard Chartered Bank re-entered the Nigerian market in 1999 as a wholly owned subsidiary of Standard Chartered Plc. The bank provides a broad range of financial services, with operations covering Corporate and Institutional Banking as well as Wealth Management.
For Prudential Zenith Life, the partnership comes as the insurer continues to expand its position in Nigeria’s insurance market. Prudential Zenith Life became a fully owned subsidiary of Prudential plc after the acquisition of 100 per cent of its shareholding was completed on September 26, 2024.
The insurer has since grown into one of the most capitalised companies in Nigeria’s insurance industry. It recorded a Profit After Tax of N7.4bn in the 2024 financial year.
Its product portfolio includes individual solutions covering savings, investment-linked products, endowment and protection policies. For corporate customers, the insurer provides products such as Group Life, Key-Man Assurance, Credit Life, School Fees Protection and Mortgage Protection.
The latest partnership is expected to leverage Standard Chartered’s existing customer relationships and banking touchpoints to make these insurance solutions more readily available, while allowing Prudential Zenith to reach a wider pool of customers seeking financial protection and long-term planning options.
The companies believe the collaboration will contribute to closing Nigeria’s insurance protection gap by integrating life insurance more closely with customers’ broader financial needs.