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Prudential’s Japan Scandal Forces Nine-Month Sales Freeze, $1 Billion Earnings Blow
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Prudential’s Japan Scandal Forces Nine-Month Sales Freeze, $1 Billion Earnings Blow

WebProNews·Ava Callegari·about 1 month ago
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Prudential Financial’s Japanese arm just stretched its self-imposed sales halt to nine months. New life insurance policies won’t sell until November. The extension, announced April 21, piles fresh pain on a unit already reeling from employee fraud. Back in January, Prudential of Japan uncovered misconduct by about 100 current and former staffers. They improperly siphoned roughly ¥3.1 billion—around $21 million—from nearly 500 customers through unauthorized borrowing and investments dating back decades. Complaints have snowballed. The Japan Times reports roughly 400 more claims since, pushing the total near 700. An independent reimbursement committee has fielded about 70 so far, though none verified yet, per a company spokesperson speaking to Life Insurance International in a Yahoo Finance article. The initial 90-day freeze kicked off February 9. Now, another 180 days tacks on, ending November 5. Existing policies? Untouched. Customer service rolls on.…

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