Prudential Zenith Life Insurance and Standard Chartered Bank Nigeria Limited have entered into a strategic bancassurance partnership aimed at expanding access to life insurance and financial protection for Nigerians.

The partnership brings together Prudential Zenith Life’s insurance and underwriting expertise and Standard Chartered’s banking distribution network to make life insurance products more accessible through everyday banking channels.

The initiative is expected to give Standard Chartered customers access to a range of life insurance solutions tailored to different financial and life-stage needs, including personal protection, family security and education planning.

The companies said the collaboration was driven by a shared commitment to narrowing Nigeria’s insurance gap and advancing financial inclusion by integrating insurance into customers’ broader financial planning.

Speaking on the partnership, Executive Director and Chief Financial Officer, Prudential Zenith Life Insurance, Afolabi Lawal, said financial inclusion should go beyond access to financial services to empowering individuals to secure their futures.

Lawal said: “At Prudential Zenith, we believe that financial inclusion is not only about access, but also about empowerment.”

According to him, the partnership would enable the insurer to reach more Nigerians with insurance products designed not only to provide protection but also support long-term aspirations such as funding children’s education and securing family wealth.

“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,” he said.

Similarly, Acting Chief Executive Officer, Standard Chartered Bank Nigeria Limited, Ayodeji Adelagun, said the partnership reinforces the bank’s commitment to providing financial solutions that protect customers and their families.

He said integrating insurance products into the bank’s existing wealth offerings would deepen financial inclusion while helping customers protect their wealth and plan for the future.

“This partnership with Prudential Zenith Life Insurance underscores our commitment to deliver financial solutions that enable and protect clients and their families,” Adelagun said.

“By deploying these essential insurance products into our banking services, we are improving our umbrella of wealth 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 partnership will offer customers a selection of insurance products designed to provide financial security and peace of mind, with the two institutions leveraging their respective strengths in distribution and insurance underwriting.

The companies said the relationship also builds on the broader 27-year partnership between Prudential and Standard Chartered across 11 markets in Africa and Asia.

The development comes as insurers in Nigeria increasingly seek alternative distribution channels to expand their customer base, improve insurance awareness and address the country’s historically low insurance penetration.

For the insurance industry, bancassurance provides an opportunity to reach consumers at points where they already make financial decisions, potentially reducing some of the distribution and awareness barriers that have constrained the growth of life insurance.

The partnership also comes at a time when the industry is undergoing significant regulatory and capital reforms, with insurers under pressure to strengthen their balance sheets, improve customer confidence and develop more effective distribution strategies.

Standard Chartered Bank Nigeria, which re-entered the Nigerian market in 1999 as a wholly owned subsidiary of Standard Chartered PLC, provides corporate and institutional banking, wealth management and transaction banking services. The bank operates from its head office in Victoria Island, Lagos, with hubs in Abuja and Port Harcourt.

Prudential Zenith Life Insurance, a wholly owned subsidiary of Prudential plc following the acquisition of 100 per cent of its shareholding on September 26, 2024, is one of the well-capitalised life insurers operating in Nigeria.

The insurer recorded a profit after tax of N7.4 billion in the 2024 financial year and provides individual insurance products covering savings and investment-linked plans, endowment and protection products.

It also offers corporate solutions, including Group Life, Key-Man Assurance, Credit Life, School Fees Protection and Mortgage Protection.

The companies said the new bancassurance relationship would strengthen their ability to provide customers with integrated banking, wealth and protection solutions while contributing to broader efforts to deepen financial inclusion in Nigeria.