Prudential Japan Pledges Reforms After Widespread Misconduct

Prudential Financial Inc.’s Japan insurance head vowed to bolster governance after revelations that improper actions by more than 100 current and former staff cost customers about $20 million.

The chief executive officer of the unit, Kan Mabara, “deeply” apologized for “multiple inappropriate cases,” at a news conference in Tokyo. Prudential Life Insurance Co. had said in a statement last week that employees had received ¥3.14 billion ($20 million) from customers through improper acts. It said last week that Mabara will step down on Feb. 1.

Company executives at the news conference said the pay structure relied heavily on ...