ZANACO Signs a Bancassurance Agreement with Prudential Life Assurance Zambia

November 7, 2018

LUSAKA, 6th November, 2018  – Zanaco and Prudential Life Assurance Zambia have signed a long-term bancassurance partnership that will enable the two companies to  collaborate in developing and distributing insurance solutions to customers through Zanaco’s extensive distribution network.

This strategic partnership aims at maximising benefits for Zanaco’s more than 1.2 million customers in its 69 branches across the country by leveraging Prudential Life Assurance’s market-leading insurance products and services.

In the initial stages, this partnership will provide Zanaco customers with Prudential’s diversified life protection and health insurance products that suit a wide range of customers, with scope for more insurance solutions at later stages.

In line with Zanaco’s strategy of developing tailor-made value propositions that create more value for customers, this partnership will ensure customers are served with the right products and services that best suit their needs.

The partnership will also be vital in contributing to the development of a sustainable financial market and help drive the uptake of insurance products in Zambia.

Commenting on the partnership, Zanaco Managing Director & Chief Executive Officer Mr Henk Mulder said: “As a bank that caters for the interests of all customer segments, we are committed to ensuring that our customers get the full value of our financial services in a convenient manner by simultaneously providing them with banking, insurance and life assurance services. This partnership, with one of the world’s most trusted insurers, will enable Zanaco to offer a wide range of options for our customers.”

Prudential Life Assurance Zambia CEO, Mr Krishnaswamy Rajagopal, said: “Both Zanaco and Prudential are trusted brands known for putting their customers first. We believe that our two teams will work together to deliver our shared vision of providing an exceptional experience for our customers.”

With a burgeoning middle class, Zambia has seen a growing demand for insurance products, which has opened up many opportunities for banks and insurers to bring more benefits to consumers.

Left to right: Prudential Africa CEO- Matt Lilley, Zanaco Board Chairperson- Charity Lumpa, Prudential Zambia CEO & Managing Director– Krishnaswamy Rajagopal, Zanaco CEO & Managing Director -Henk Mulder.



About Zanaco

Zanaco is a registered commercial bank providing a full range of banking and financial services to the Zambian public. Established in 1969, the bank has over 3,500 shareholders, including Arise BV (45.59%), Government of the Republic of Zambia through IDC (25%), and the rest of the shares are held by the public through pension funds, companies, and individuals. Zanaco is listed on the Lusaka Stock Exchange and has more than 1.2 million customers in 69 branches across all 10 provinces of the country.


About Prudential plc

Prudential plc, which is incorporated in England and Wales and its affiliated companies, constitute one of the world’s leading financial services groups, serving around 26 million insurance customers. It has US$877 billion of assets under management. Prudential plc is listed on stock exchanges in London, Hong Kong, Singapore and New York. Prudential plc is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United States of America.

About Prudential in Zambia

Prudential writes business as a licensed long-term insurer and as a pension fund manager and pension scheme administrator. Prudential Life writes and transacts long-term insurance including individual life assurance, group life assurance, credit life assurance, funeral insurance, health insurance and managed health care schemes and annuities. Prudential Pensions Management Zambia is a provider of group pension scheme administration and fund management. Prudential has 10 branches and sales offices in Livingstone, Choma, Lusaka, Kabwe, Chipata, Kasama, Ndola, Kitwe, Chingola,and Solwezi and two satellite offices in Mansa and Mazubuka.


For more information, contact:

Mutinta Musokotwane-Chikopela

Head – Marketing & Communications, Zanaco


Mary Sikaneta

Head- Marketing & Communications, Prudential Life Assurance Zambia




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