The CEO of Prudential Financial’s Japan life insurance unit is set to resign following a major staff misconduct scandal involving approximately 100 employees, the company confirmed on Friday. The misconduct, which includes embezzlement and improper handling of customer funds, is estimated to total around ¥3.1 billion (US$19.6 million or RM79.6 million).
The misconduct affected 498 customers and reportedly involved employees receiving funds improperly through investment solicitations or personally borrowing money from clients. The company had initially flagged the issue in 2024 and has been conducting a detailed review since August of that year to investigate multiple cases of financial misconduct by current and former staff.
Kan Mabara, the current CEO and president of Prudential Japan Life, will step down from his role effective February 1. He will be succeeded by Hiromitsu Tokumaru, who currently serves as president and CEO of Prudential Gibraltar Financial Life Insurance.
The revelations, first reported by the Asahi newspaper, have intensified scrutiny of the company’s internal controls and compliance measures. Prudential Financial, the US-based diversified financial services group, stated that it is taking steps to strengthen governance and restore confidence among its customers in Japan, while continuing to assess the full impact of the misconduct on its operations and reputation.
This development marks a significant leadership change at Prudential Japan Life, as the company works to address the fallout from one of the largest internal misconduct cases in its recent history.
