Prudential Advances Reimbursements, Tightens Sales Oversight
The insurer had addressed ¥2.85 billion of the original ¥3.08 billion in claims by July 8.
The insurer Prudential Financial (PRU) completed reviews or reimbursements for most people identified in its January disclosure about misconduct at Prudential Life, narrowing the unresolved caseload six months after the initial report.
By July 8, Prudential had addressed 437 of the 498 affected individuals. Claims involving 61 people and ¥230 million remained under review or awaiting resolution, marking a substantial reduction in the cases left open since January.
Among the original group, 184 people with ¥844 million in claims were eligible for reimbursement, while claims from 115 people totaling ¥1.22 billion were found to be unsubstantiated. Another 138 people had already received ¥790 million directly from employees as of Jan. 16.
Prudential also made progress on a separate group of 240 people connected to unauthorized investment referrals. The company found 158 people with ¥515 million in claims eligible for reimbursement, while 40 cases involving ¥256 million remained under review. Claims from 22 people totaling ¥289 million were unsubstantiated.
That process had broadened since the January disclosure. The committee completed 365 reviews of subsequent inquiries by July 8 and approved ¥792 million of reimbursements for 125 people, while finding 240 inquiries unsubstantiated.
Prudential Life accounted for 290 of those reviews and 101 approved cases totaling ¥618 million. Gibraltar Life handled the remaining 75 reviews and approved 24 cases totaling ¥174 million.
Alongside its extended sales suspension, Prudential Life established a Customer Office, assigned accountable leaders across functions, and developed sales supervision independent of the sales organization. The measures gave the company a defined oversight structure as it worked through the remaining claims.