Prudential Life CEO Targets Work Culture Overhaul After Fraud Scandal

10 February 2026

Prudential Life Insurance’s new CEO, Hiromitsu Tokumaru, announced reforms following a scandal in which 107 employees defrauded around 500 customers of ¥3.1 billion ($19.9 million) over decades. The misconduct was linked to a high-pressure, performance-based pay system and the company’s “my client” model, which gave employees close, unsupervised access to clients. Tokumaru plans to shift to an “our-client” model with team-based support and revise the compensation structure to reduce stress. Prudential has suspended new sales for 90 days, paused hiring, and set up a committee to compensate affected customers. The scandal is expected to cost the company $350 million in lost profits and compensation.

Sun Life Pushes for Updated Insurance Regulations in the Philippines

10 February 2026

Sun Life Philippines’ leadership met with Insurance Commissioner Reynaldo Regalado to discuss expanding access to life insurance and improving financial literacy nationwide, especially for underserved communities and Overseas Filipino Workers. The meeting emphasized the use of digital platforms for scalable financial education and highlighted the need for affordable insurance products. They also discussed the adoption of IFRS 17 to enhance transparency and build trust in the sector. Both parties agreed that the Insurance Code should be updated to keep pace with digital innovation and emerging industry risks.

Meiji Yasuda Acquires Banner Life for $2.3 Billion

5 February 2026

Meiji Yasuda Group has completed its $2.3 billion acquisition of Banner Life and William Penn Life, gaining a major U.S. term life insurance and pension risk transfer (PRT) presence. The deal includes a long-term strategic PRT partnership with Legal & General Group and positions Banner Life as Meiji Yasuda’s primary U.S. individual life and PRT business. Banner Life, the third-largest U.S. term life insurer, serves over 1.6 million customers and administers benefits for 200,000 annuitants. The acquisition strengthens Meiji Yasuda’s U.S. footprint and aims to enhance life insurance accessibility while leveraging combined expertise for future growth.