01 Nov 2024
Prudential and Standard Chartered Celebrate 25 years of strategic bancassurance partnership
Hong Kong, 1 November, 2024 – Prudential plc (Prudential) and Standard Chartered Bank are delighted to celebrate the 25th anniversary of their landmark strategic alliance. This strategic bancassurance partnership, spanning 11 markets in Asia and Africa, has solidified their leading bancassurance position.
Established in 1998 and operationalised in 1999, the strategic partnership between Prudential and Standard Chartered is highly successful and is the largest and the most enduring pan-regional bancassurance franchise. The partnership covers Hong Kong, Taiwan, Mainland China, Singapore, India, Malaysia, Indonesia, Vietnam, Ghana, Uganda, and Kenya.
Over the past 25 years, the collaboration provided a range of life and health protection insurance products to many hundreds of thousands of consumers across Asia and Africa to address their different life stage needs. The partnership has delivered sustainable growth, averaging double digit sales growth rate over the past 15 years.
The strategic partnership was launched in Hong Kong, Singapore and Malaysia, then expanded to cover an additional six Asian markets by 2011, as well as Mainland China and India in 2014, and extending to Ghana, Uganda and Kenya in 2018.
Lilian Ng, Managing Director, Strategic Business Group, Prudential plc said:
"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. We are proud to have Standard Chartered as our partner, and together we continue to collaborate to provide valuable life and health protection insurance offerings to address customers’ savings and protection needs. I am excited that our long-term partnership, as protector for customers, is poised to grow from strength to strength.”
Dennis Tan, Managing Director, Strategic Business Group, Prudential plc said: “The business we have built together has achieved significant growth and provides a strong foundation for the future success of both partners. We will continue to drive the successful bank partnership model by broadening our proposition to multiple customer segments, utilising technology and data analytics to deliver exceptional value for our bank partners and customers.”
Samir Subberwal, Global Head, Wealth Solutions, Deposits and Mortgages, and Chief Client Officer, Standard Chartered said: “This partnership with Prudential complements our strategy to support our clients through different stages of their wealth journey. As clients grow their wealth, knowing that their health and wealth are secure give them a great peace of mind. Our continued partnership with Prudential will enable us to support our clients as some of them start planning for a meaningful legacy.”
To commemorate Prudential and Standard Chartered’s 25-year partnership, the two companies jointly hosted activities during 2024 and will continue into 2025 to celebrate the milestone. In March this year, an anniversary celebration dinner was hosted in Hong Kong to celebrate the long-term local partnership. Throughout May to October, Standard Chartered hosted four sessions of its signature International Golf Series in collaboration with Prudential for esteemed clients. More activities are expected to take place across the region in the coming months.
Media enquiries:
| Prudential |
|
Standard Chartered |
|
| Simon Kutner |
+44 (0)7581023260 |
Valerie Tay |
+65 96852434 |
| Sonia Tsang |
+852 5580 7525 |
|
|
About Prudential plc
Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme.
Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
https://www.prudentialplc.com/
About Standard Chartered
We are a leading international banking group, with a presence in 53 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.