Prudential Life Chief Apologizes over Fraud

Tokyo, Jan. 23 (Jiji Press)–Prudential Life Insurance Co. President and CEO Kan Mabara apologized Friday for more than 100 current and former employees scamming clients out of some 3.1 billion yen. “I apologize from the bottom of my heart for the great anxiety and inconvenience,” Mabara told a news conference in Tokyo, pledging to “give top priority to protecting victims” in terms of compensation. He said that the company will launch a panel of outside experts on compensation to the affected clients. It was the first press conference held by Prudential Life since it released a statement Jan. 16 announcing the irregularities. Mabara is set to step down Feb. 1, according to the statement. An investigation launched by the company in August 2024 found that fraudulent receipts of money from clients took place between 1991 and 2025. A total of 107 sales personnel and former employees received money fraudulently from customers over investments in fictitious products, products not approved in Japan and cryptoassets or did not return borrowed money. Some former employees have been arrested on suspicion of fraud. Prudential Life has paid about 60 million yen in damages to eight affected customers in cases involving three former employees. The company is continuing work related to refunds in other cases. Nearly 2.3 billion yen has not yet been returned to clients, however. END [Copyright The Jiji Press, Ltd.]