Asia's longest bancassurance deal turns 25

They have the longest-running bancassurance partnership in Singapore and Asia.

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Prudential Plc. and Standard Chartered Plc.'s longstanding bancassurance partnership has averaged "double-digit" sales growth in the past 15 years, thanks to product innovation by their health and wealth segments.

The companies entered their 25th year of bancassurance partnership in 2024, the longest in Asia.

“Through geographical expansion, continuous enhancement of our wealth and health offerings, and the optimisation of technology-powered omni-customer journeys, we have deepened our market penetration across all customer segments, from affluent to personal mass,” John Chow, chief partnership distribution officer at Prudential Singapore, told Insurance Asia magazine.

“Today, this strategic bancassurance partnership spans 11 markets in Asia and Africa, and has averaged double-digit sales growth rate over the past 15 years,” he said in an exclusive interview.

Affluent people in Singapore and Hong Kong prioritise financial freedom but their perspectives differ, according to a 2024 study by Affluential released in September.