Prudential Financial appoints CEO of Japan insurance operations

Prudential Financial appoints CEO of Japan insurance operations | Insurance Business Asia

Prudential Financial appoints CEO of Japan insurance operations

Prudential Financial has appointed Motofusa Hamada (pictured right) as CEO of its Japanese insurance operations, effective Jan. 1, 2023. He will succeed Mitsuo Kurashige (pictured left), who will retire at the end of this year.

Hamada has been with Prudential Financial for 30 years. After joining the company in 1992, he held various roles overseeing home office functions before being promoted to corporate vice president in 2004. In 2007, he was promoted to senior vice president and then to executive vice president in 2011. He was appointed to his previous role as president and CEO of Prudential Life Insurance Company of Japan in 2018.

As CEO of Japan insurance operations, Hamada will oversee the US-headquartered company’s three life insurance businesses in Japan – Prudential Life Insurance, Gibraltar Life Insurance, and Prudential Gibraltar Financial Life Insurance. He will also assume the role of representative director, chairman and CEO of Prudential Holdings of Japan.

“Hamada-san is a seasoned industry professional, and I am confident that with his experience and ability, he will not only lead the company's continued growth, but set the stage for its continued success for the next 30 years and beyond,” said Scott Sleyster, executive vice president and head of Prudential's international businesses.

Kurashige, who will retire after 11 years as head of the Japan business, will remain with the company in a directorial capacity. He joined Prudential Life Insurance Company in 1991 and became head of its actuarial department in 1994, before being appointed senior vice president, chief financial officer and chief actuary of Prudential of Japan that same year. He later served in several senior roles before becoming CEO of Gibraltar Life Insurance in 2007. In 2011, he became representative director, president and CEO of Prudential Holdings of Japan and was named chairman and CEO in 2016.

“We are very thankful to Kurashige-san for his many contributions to the insurance operations in Japan over his 31 years with the company,” Sleyster said. “Under his leadership, the Japanese business grew significantly in terms of number of customers served, gained market share in a challenging demographic environment and is today among the top life insurers in the Japanese market. He leaves behind a strong leadership team positioned for growth and stability.”