Press Conference By KATAYAMA Satsuki, Japan Minister Of Finance And Minister Of State For Financial Services - Prudential Life Insurance Company

Press reports indicate that the FSA initiated an on-site inspection of The Prudential Life Insurance Company, Ltd. on January 29 over suspected improper handling of funds and other misconduct. The reports also state that the inspection, previously scheduled for February 5, was moved forward. Could you confirm whether this is accurate? In addition, please share your views on the case and the FSA’s policy response.

We are aware of the reports in question. In light of multiple instances at the company involving inappropriate handling of funds by employees and former employees with respect to policyholders and others, the FSA is also examining the company’s handling of customer information and the actual state of its sales practices. At this stage, it would be premature to comment on factual matters, including the company’s handling of customer information, and we will therefore refrain from doing so. In any event, based on our findings, we will take strict and appropriate supervisory action.