Prudential plc and Standard Chartered Bank are marking the 25th anniversary of their strategic bancassurance partnership, which spans 11 markets across Asia and Africa. The alliance, initiated in 1998 and operational since 1999, has become a significant pan-regional bancassurance franchise.
The partnership covers Hong Kong, Taiwan, Mainland China, Singapore, India, Malaysia, Indonesia, Vietnam, Ghana, Uganda, and Kenya. Over the past quarter-century, it has offered life and health insurance products to numerous consumers across these regions. This collaboration has seen sustainable growth with a consistent double-digit sales increase over the last 15 years.
Initially launched in Hong Kong, Singapore, and Malaysia, the partnership expanded to additional Asian markets by 2011. In 2014 it extended to Mainland China and India before reaching Ghana, Uganda, and Kenya in 2018.
Lilian Ng of Prudential stated: “Prudential’s DNA in bancassurance was pioneered in our strategic partnership with Standard Chartered Bank in 1998. The partnership has delivered substantial benefits to our customers and shareholders over the years; and is the longest and largest bancassurance franchise in Asia."
Dennis Tan from Prudential added: “The business we have built together has achieved significant growth and provides a strong foundation for the future success of both partners.”
Samir Subberwal from Standard Chartered noted: “This partnership with Prudential complements our strategy to support our clients through different stages of their wealth journey.”
To commemorate this milestone anniversary throughout 2024 into 2025, Prudential and Standard Chartered have organized several activities. These include an anniversary celebration dinner held in March in Hong Kong as well as hosting four sessions of an International Golf Series between May and October.