Prudential Financial said Japan’s Financial Services Agency ordered new business restrictions on two of its Japanese insurance units, pushing the suspension period for Prudential of Japan’s new-business solicitation to Jan. 31, 2027.
The order means Prudential of Japan cannot solicit new business for an additional period, while Gibraltar Life’s partial suspension order also runs through Jan. 31, 2027 and applies to its life consultant channel, not its independent agency channel.
The regulator also issued business improvement orders to Prudential Holdings of Japan, Prudential of Japan and Gibraltar Life, requiring each to submit improvement plans by the end of November 2026 and provide regular progress reports.
Prudential said the findings from the FSA and a special investigation committee validated priorities already underway at Prudential of Japan, including stronger governance, tighter accountability, a revised sales model with more emphasis on customer outcomes, a simpler organization and a stronger accountability culture.
Gibraltar said it had already reached out to more than 2 million customers in recent months as it continues to review and adjust its operating model.
Prudential said Prudential of Japan and Gibraltar remain financially sound and able to meet their obligations. The company also said the suspension does not affect other Prudential or PGIM businesses in Japan, including Prudential Gibraltar Financial Life.
Prudential Financial’s chairman and chief executive and its chief financial officer were scheduled to discuss the orders and their financial impact on a conference call the same day. As a result of these announcements, the company's shares have moved 1.04% on the market, and are now trading at a price of $113.53. For more information, read the company's full 8-K submission here.
