Prudential Japan Voluntarily Suspends Insurance Sales in Japan for Additional 180 Days after Previous 90 Days Suspension (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
23rd April 2026 | Hong Kong
Prudential Japan has announced to voluntarily suspend insurance sales in Japan for additional 180 days after previous 90 days suspension (9/2/26). In 2026 February, Prudential Japan announced to suspend 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 (21/4/26): “The Prudential Life Insurance Company, Ltd. (“Prudential of Japan” or “POJ”) and its parent company, Prudential Financial, Inc. (NYSE: PRU) (“Prudential Financial”), announced today a decision to voluntarily extend the suspension of new sales activity at Prudential of Japan by an additional 180 days. The extension follows the 90-day voluntary sales suspension that began on February 9, 2026, and reflects Prudential’s conclusion that the scope and complexity of the required changes within POJ are greater than previously anticipated and will take additional time to design and implement. These include the operational, governance, organizational, and related changes necessary to resume sales. Prudential also initiated an independent, third-party review of POJ’s management system earlier this year as part of its governance process. That review is ongoing and is expected to take several months to complete. During the extended suspension period, POJ will continue advancing reforms across key areas, including compensation and evaluation systems, sales activity conduct management, head office and sales branch governance, and other actions designed to prevent reoccurrence of any misconduct and strengthen accountability. The extended suspension will also help enable POJ to transform the captive Life Planner model to better align incentives and decision-making with customer interests. The suspension applies only to new sales and does not affect existing policyholders or in-force policy servicing. Prudential of Japan remains financially sound and able to meet its obligations. Japan continues to be a core component of Prudential Financial’s global footprint, and the parent company is providing full support and resources as these reforms advance. The voluntary suspension does not apply to Prudential Financial’s or PGIM’s other business units in Japan, including Gibraltar Life and Prudential Gibraltar Financial Life.”
“ Prudential Japan Voluntarily Suspends Insurance Sales in Japan for Additional 180 Days after Previous 90 Days Suspension (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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Hiromitsu Tokumaru, President and CEO of Prudential of Japan: “I apologize to our customers for the disruption this situation has caused and for falling short of the expectations we expect of ourselves. Acting in the best interests of our customers is a core value of Prudential and a cornerstone of what we stand for. We are determined to rebuild the trust of our customers through the demonstration of our commitment to customer care, experience, and integrity that best defines us.”
Brad Hearn, President and CEO of Prudential Holdings of Japan: “Our highest priority is restoring the trust we have built over decades with customers and society in Japan. This extension is a deliberate decision to prioritize the changes needed to critical elements of POJ’s business model to support long-term consumer outcomes. POJ has strong capabilities, a well-established brand, and a long-standing presence in Japan. We believe the business will emerge better positioned to serve customers in this market.”
Andy Sullivan, Chairman and CEO of Prudential Financial: “As we said earlier this year, we would not resume new sales until we were comfortable that POJ’s compliance and oversight environment supports doing so. We have moved decisively to strengthen enterprise-level engagement in Japan, and my leadership team and I are ensuring that the changes underway are comprehensive, durable, and fully aligned with our group-wide standards. I am confident that we will return POJ to the market as a stronger, more resilient business with a modernized operating model that supports our customers over the long term.”
Prudential Financial – Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of December 31, 2025, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com.
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 – 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 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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