“Doing right by our customers is core to who we are at Prudential and we take this matter extremely seriously,” chief executive officer Andy Sullivan said in the statement. “We are taking decisive actions to address the compliance, operational, and governance issues identified by the investigation.”
Sullivan said rebuilding customers’ trust is a top priority, and that the firm’s Japanese unit is “committed to restoring the standing that has long set us apart.”
Last month, Prudential said an internal investigation found that more than 100 former employees in its Japanese unit engaged in improper investment solicitation. The misconduct resulted in more than ¥3.1 billion (US$19.9 million or $25 million) in damages to the insurer’s local clients.
Prudential also said Kan Mabara, the president and CEO of its local life insurance unit, would step down. He was replaced by Hiromitsu Tokumaru on Feb 1.
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