Japanese Insurers Acknowledge 2.4 Billion Yen in Compensation Claims

Prudential Life Insurance Co. and Gibraltar Life Insurance Co. have acknowledged claims for compensation totaling 2.42 billion yen sought by 447 clients over a fraud scandal involving employees.

The companies' compensation committee, comprising external experts, is reviewing the claims to ensure fair treatment of affected clients. They aim to complete this process by around autumn.

Prudential will compensate a total of 1.46 billion yen to 285 clients. The company had already returned 790 million yen to clients by January 16, when it disclosed that employees had committed fraudulent acts.

Gibraltar acknowledged 170 million yen in claims sought by 24 clients.