Prudential Life Extends Sales Suspension by 180 Days

Tokyo, April 22 (Jiji Press)--Prudential Life Insurance Co. said Wednesday that it will extend its voluntary suspension of sales activities for new contracts by 180 days until Nov. 5, following a fraud scandal involving its employees.

The suspension was originally scheduled for 90 days from February in response to the scandal, in which employees swindled a total of about 500 customers out of some 3.1 billion yen.

However, Prudential Life concluded that more time is needed for fundamental reforms, including a review of sales and management systems, according to a statement issued by the company and its parent, Prudential Holdings of Japan Inc.

The two companies, both based in Tokyo, belong to U.S. financial giant Prudential Financial Inc.

Additionally, a survey is being conducted into about 70 suspected fraud cases involving Gibraltar Life Insurance Co., another Prudential Financial group company.

[Copyright The Jiji Press, Ltd.]