The new 15-year agreement, which starts in July, means a wide range of Prudential's life insurance products will be exclusively distributed through Standard Chartered branches in nine markets. Prudential's shares were up 3.5 percent at £14.39, an all-time high, following the announcement.
Prudential and Standard Chartered have also agreed to explore additional opportunities to collaborate in Asia and in Africa.,
Prudential chief executive Tidjane Thiam said the existing partnership had already delivered substantial benefits to both companies and shareholders over the last 15 years.
"Agreements like this don't happen overnight. I have spent a big proportion of my time with Peter Sands (CEO of Standard Chartered). We have a very good existing relationship. The game in Asia is distribution," said Thiam.
"The opportunity is as obvious as the sun in the sky, you can only capture if you have the distribution. It is a game and battle for distribution," he said.