Prudential Life’s Past, Present Staff Scam Customers Out of 3.1 B. Yen

Tokyo, Jan. 16 (Jiji Press)–Prudential Life Insurance Co. said Friday that more than 100 of its present and former employees have scammed customers out of some 3.1 billion yen. The number of victims of fraudulent deals conducted by those current and former employees stood at over 500, the major foreign-affiliated insurer said. To take responsibility for the scandal, Prudential Life President and CEO Kan Mabara, 60, will step down as of Feb. 1. Mabara will be succeeded by Hiromitsu Tokumaru, the 55-year-old president and CEO of Prudential Gibraltar Financial Life Insurance Co. According to Prudential Life, unearthed irregularities include cash swindling, fictitious investment deals, overcharging and embezzlement of borrowed funds. “We deeply apologize for causing a great deal of trouble and worries for customers and other parties concerned,” the company said. The insurer also said it will take stringent punitive steps against those involved in the misconduct and file necessary police reports while proceeding with compensation for the victims. Earlier, police arrested two former Prudential Life workers on fraud charges in 2024 and a separate former employee last year on suspicion of leaking confidential customer information. In the wake of these incidents, the Financial Services Agency issued a report submission order to the scandal-tainted company under the insurance business law. Also on Friday, Gibraltar Life Insurance Co., another Prudential group company, said a former employee has illicitly received about 89 million yen from 15 customers in investment and money borrowing deals. END [Copyright The Jiji Press, Ltd.]