Prudential of Japan

A former Prudential of Japan life insurance employee has described working conditions at the company, telling the Mainichi Shimbun that many agents carry debts of around 3 million yen while only a small group earn the high incomes often associated with the job. The account paints a stark picture of the gap between the company's image and the financial reality faced by many of its sales force.

Japan's Financial Services Agency is finalizing a business suspension order against Prudential Life Insurance over a scheme in which sales employees defrauded customers of money, along with violations of information-reporting obligations. The company has disciplined 157 employees, and executives including the president are voluntarily returning part of their pay in response to the scandal.

Japan's Financial Services Agency has issued a business suspension order against Prudential Life Insurance, a move reported widely across Japanese news outlets including Yahoo! News and Jiji Press. The regulator's order comes amid scrutiny of the life insurer's operations in Japan, and the story is drawing broad public attention as one of the top trending news topics in the country.