Prudential Japan Suspends Insurance Sales in Japan for 90 Days (9/2/26), Reported Multiple Misconducts Resulting in $20.1 Million (JPY 3.14 Billion) Improper Payments by 106 Current & ex-Employees Affecting 498 Customers, Misconducts Include Investing in Fictitious Financial Product, Money Received Using Documents with Prudential Name, Improper Handling of Funds & Received Money from Customers Using Prudential Employee Stock Ownership Plan, Prudential Life Insurance President & CEO Kan Mabara to Step Down (1/2/26) with Prudential Gibraltar Financial Life Insurance President & CEO Hiromitsu Tokumaru to Succeed
5th February 2026 | Hong Kong
Prudential Japan is suspending insurance sales in Japan for 90 days (9/2/26). In 2026 January, Prudential Japan reported multiple misconducts resulting in $20.1 million (JPY 3.14 billion) improper payments by 106 current & ex-employees affecting 498 customers. The misconducts include investing in fictitious financial product, money received using documents with Prudential name, improper handling of funds & received money from customers using Prudential employee stock ownership plan. Prudential Life Insurance Kan Mabara President & CEO will step down (1/2/26) with Prudential Gibraltar Financial Life Insurance President & CEO Hiromitsu Tokumaru to succeed. Announcement (16/1/26): “At Prudential Life Insurance Company, Limited (hereinafter referred to as “Prudential Life”), multiple inappropriate cases involving improper investment solicitation and the like by current and former employees (hereinafter referred to as “(former) employees”) towards policyholders and non-policyholders (hereinafter referred to as “customers”) during their tenure or after retirement were uncovered. In response, starting from August 2024, we have been conducting customer confirmations to check for any suspicious handling of money or other concerns (hereinafter referred to as “customer confirmation”). As a result, as described later in “1. Status of Customer confirmation,” multiple inappropriate cases have been identified. We deeply apologize for the great inconvenience and concern caused to the affected individuals, our customers, and all related parties. Prudential Holdings of Japan, Inc. (hereinafter referred to as the “Holding Company”) and Prudential Life take this situation very seriously and will work to improve and strengthen the system to eradicate monetary misconduct and other issues, reform the organizational culture, and strive to regain the trust of customers and stakeholders. As part of this initiative, we will change the President and CEO of Prudential Life Insurance effective February 1, 2026. Kan Mabara, President and CEO of Prudential Life Insurance, will step down to clarify management responsibility, and Hiromitsu Tokumaru, currently President and CEO of Prudential Gibraltar Financial Life Insurance Co., Ltd. (hereinafter “PGF Life”), will succeed him. Hiromitsu Tokumaru has over 20 years of broad experience ranging from insurance administration to sales management and has been serving as the President and CEO of PGF Life since July 2022. Utilizing his extensive experience and track record, he has newly joined the management of Prudential Life and is undertaking fundamental restructuring and strengthening of Prudential Life’s framework and reforms of the organizational culture from a perspective never seen before. This change follows the resignation of the Chairman and CEO of the holding company, effective October 6, 2025, and the appointment of Bradford O. Hearn as President and CEO, marking a continuation of reform. As a holding company, we will fully fulfill our duties in supervising and managing our subsidiaries. Below, we report on the status of “customer confirmation,” the causes that led to monetary misconduct, and the measures to prevent recurrence. Under the new system, we will fully commit to steadily implementing recurrence prevention measures to eradicate monetary misconduct and regain the trust of our customers and stakeholders.” See details here
“ Prudential Japan Suspends Insurance Sales in Japan for 90 Days (9/2/26), Reported Multiple Misconducts Resulting in $20.1 Million (JPY 3.14 Billion) Improper Payments by 106 Current & ex-Employees Affecting 498 Customers, Misconducts Include Investing in Fictitious Financial Product, Money Received Using Documents with Prudential Name, Improper Handling of Funds & Received Money from Customers Using Prudential Employee Stock Ownership Plan, Prudential Life Insurance President & CEO Kan Mabara to Step Down (1/2/26) with Prudential Gibraltar Financial Life Insurance President & CEO Hiromitsu Tokumaru to Succeed “
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Prudential Japan Reports Multiple Misconducts Resulting in $20.1 Million (JPY 3.14 Billion) Improper Payments by 106 Current & ex-Employees Affecting 498 Customers, Misconducts Include Investing in Fictitious Financial Product, Money Received Using Documents with Prudential Name, Improper Handling of Funds & Received Money from Customers Using Prudential Employee Stock Ownership Plan, Prudential Life Insurance President & CEO Kan Mabara to Step Down (1/2/26) with Prudential Gibraltar Financial Life Insurance President & CEO Hiromitsu Tokumaru to Succeed
24th January – Prudential Japan has reported multiple misconducts resulting in $20.1 million (JPY 3.14 billion) improper payments by 106 current & ex-employees affecting 498 customers. The misconducts include investing in fictitious financial product, money received using documents with Prudential name, improper handling of funds & received money from customers using Prudential employee stock ownership plan. Prudential Life Insurance Kan Mabara President & CEO will step down (1/2/26) with Prudential Gibraltar Financial Life Insurance President & CEO Hiromitsu Tokumaru to succeed. Announcement (16/1/26): “At Prudential Life Insurance Company, Limited (hereinafter referred to as “Prudential Life”), multiple inappropriate cases involving improper investment solicitation and the like by current and former employees (hereinafter referred to as “(former) employees”) towards policyholders and non-policyholders (hereinafter referred to as “customers”) during their tenure or after retirement were uncovered. In response, starting from August 2024, we have been conducting customer confirmations to check for any suspicious handling of money or other concerns (hereinafter referred to as “customer confirmation”). As a result, as described later in “1. Status of Customer confirmation,” multiple inappropriate cases have been identified. We deeply apologize for the great inconvenience and concern caused to the affected individuals, our customers, and all related parties. Prudential Holdings of Japan, Inc. (hereinafter referred to as the “Holding Company”) and Prudential Life take this situation very seriously and will work to improve and strengthen the system to eradicate monetary misconduct and other issues, reform the organizational culture, and strive to regain the trust of customers and stakeholders. As part of this initiative, we will change the President and CEO of Prudential Life Insurance effective February 1, 2026. Kan Mabara, President and CEO of Prudential Life Insurance, will step down to clarify management responsibility, and Hiromitsu Tokumaru, currently President and CEO of Prudential Gibraltar Financial Life Insurance Co., Ltd. (hereinafter “PGF Life”), will succeed him. Hiromitsu Tokumaru has over 20 years of broad experience ranging from insurance administration to sales management and has been serving as the President and CEO of PGF Life since July 2022. Utilizing his extensive experience and track record, he has newly joined the management of Prudential Life and is undertaking fundamental restructuring and strengthening of Prudential Life’s framework and reforms of the organizational culture from a perspective never seen before. This change follows the resignation of the Chairman and CEO of the holding company, effective October 6, 2025, and the appointment of Bradford O. Hearn as President and CEO, marking a continuation of reform. As a holding company, we will fully fulfill our duties in supervising and managing our subsidiaries. Below, we report on the status of “customer confirmation,” the causes that led to monetary misconduct, and the measures to prevent recurrence. Under the new system, we will fully commit to steadily implementing recurrence prevention measures to eradicate monetary misconduct and regain the trust of our customers and stakeholders.” See details here
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