Prudential Life Insurance Co said Tuesday it estimates its compensation to defrauded clients to total 4.7 billion yen, after its employees were found to have illegally received a total of around 3.1 billion yen from them.
Together with compensation for cases confirmed at the affiliated company, The Gibraltar Life Insurance Co, the total comes to 5.5 billion yen.
The figures were booked as extraordinary losses in the financial results of Prudential Life Insurance for the fiscal year ended in March 2026 and of Prudential Holdings of Japan Inc.
More than 100 Prudential Life Insurance employees have been found to have defrauded clients or received money illegally, with the Financial Services Agency investigating the extent and the cause of the misconduct.
The insurer’s net profit stood at 28.2 billion yen, down 52.0 percent from the previous year. Its premium and other income fell 6.6 percent to 1.45 trillion yen.
© KYODO
