Prudential Financial's Japanese life insurance division has reported that several employees working through contracted agencies accessed and circulated internal operational information to colleagues within the company.
According to the disclosure, 11 employees collected data on 379 separate occasions across seven agencies. This information, which included metrics such as sales performance, was shared internally and used to guide sales promotion strategies.
Prudential Gibraltar Financial Life Insurance said, “Both the seconded employees who removed the information and those who received it lacked a fundamental understanding of the rules and failed to carry out basic compliance procedures.”
The development follows the resignation of the CEO of Prudential’s Japanese life insurance unit, after the firm uncovered rule breaches involving dozens of employees.