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Prudential Life Insurance sales staff worked under an intense performance-based system that was a major factor behind the rampant misconduct uncovered at the company, newly appointed CEO Hiromitsu Tokumaru said Tuesday.
The company is under fire for various fraudulent activities by 107 former and current employees who took advantage of their position as a “life planner” to defraud around 500 customers of a total ¥3.1 billion ($19.9 million) between 1991 and 2025.
“I am truly sorry that issues related to our compensation system, management structure, and organizational culture led some employees to become involved in this kind of financial misconduct,” Tokumaru said in a news conference in Tokyo.
