May 15, 2017
Sony Financial Holdings Inc.

Sony Life's Supplementary Data for the Year Ended March 31, 2017at Press Conference(1) Status of Insurance Policies

Annualized premiums from newpolicies
Third-sector products
Annualized premiums of insurance inforce
Third-sector products
Income from insurance premiums
Individual life insurance andannuities
Group insurance and annuities
New policy amount
Policy amount in force
The amounts of cancellations andlapses
Lapse and surrender rate%(Millions of yen)
Year ended
March 31,2016

YoY changeYear ended
March 31,2017

YoY change

38,759(10.0%)

78,127(8.1%)

2.8%

8,101

9.7%

15,7180.0%

781,315

6.2%

799,6815.3%

820,856

5.1%

179,7074.0%

184,055

4.5%

187,449

4.3%

1,028,048

12.5%

477,426(6.2%)

956,733(6.9%)

1,021,057

12.7%

473,747(6.3%)

947,987(7.2%)

5,350(12.8%)

2,838

13.5%

6,041

12.9%

YoY change

Six months ended
September 30,2016

85,01811.0%

15,717

5,151,395
43,149,831

8.0% 2,449,029
5.3% 44,114,486(6.3%) 4,957,505
4.7% 45,334,192(3.8%)
5.1%

1,931,440(7.5%)

922,587(3.0%)

1,839,385(4.8%)

4.72(0.63pt)

2.14(0.19pt)

4.27(0.45pt)

Notes:
1. The above figures excluding income from insurance premiums represent total amounts of individual life insurance and individual annuities.
2. The amounts of cancellations and lapses as well as lapse and surrender rate do not include reinstatement.
3. Income from insurance premiums for the individual life insurance and annuities represents a total amount of those of individual life insurance andindividual annuities. Income from insurance premiums for the group life insurance and annuities represents a total amount of those ofgroup life insurance and group annuities.
4. Annualized premiums, which include individual life insurance and individual annuities, are converted to a per-year premium amount by multiplying
individual premiums by a coefficient corresponding to the premium payment method. (For single premium policies, premiums are divided
by the number of coverage years.)(2) Status of Assets
As ofMarch 31,
2016

Total assets (Millions of yen)
Real net asset A (100 millions of yen)
Real net asset A / General%
account asset
Real net asset B (100 millions of yen)
Real net asset B / General%account asset
Solvency margin ratio%

As of
September 30,
YoY change
YoY change
2016

As ofMarch 31,
2017

YoY change

8,035,408
32,241

10.1%
71.2%

8,365,201
33,904

7.8%
83.2%

8,873,613
26,56910.4%(17.6%)

44.9

16.0pt45.2

18.6pt33.7(11.2pt)

11,566

10.8%

11,75710.0%

11,853

2.5%

16.1

0.1pt

15.7

0.4pt

15.0

1.1pt

2,722.8

167.8pt

2,774.4

116.7pt

2,568.8(154.0pt)

Note:Sony Life conducts overall asset-liability management (ALM) by determining the liability characteristics of its long-term insurance policies
and marking to market both assets and liabilities. Consequently, the Company invests in long-term debt, chiefly long-term government
bonds, to ensure adequate liquidity of assets. The majority of holdings are categorized as held-to-maturity bonds. “Real net assets”
are a standard used by regulatory authorities, who may use this as a basis for issuing an order to suspend operations from thestandpoint of management soundness. Real net assets (indicated as “Real net assets (A)”) do not adequately reflect the results of
ALM because although this measure includes the market value of assets, including held-to-maturity bonds, it does not reflect the market
value of liabilities. If regulatory authorities were to appropriately reflect ALM activities, valuation would clearly exclude net unrealized
gains (losses) on held-to-maturity bonds and policy reserve matching bonds. Accordingly, Sony Life calculates net real assets(shown as “Real net assets (B)”) on this basis.

1(3) Core Profit / Positive Spread / Yields(Millions of yen)Core profit

Year ended
Year ended
March 31, YoY change March 31, YoY change
2016
2017
43,019(43.8%)
83,831
94.9%

Positive spreadYear ended
Year ended
YoYamount
March 31, YoY amountMarch 31,changechange
2017
2016
153
23
154
1

Forecast for
the year ending
March 31, 2018
Decrease(100 millions of yen)

(%)

2.31

2.24

Forecast for
the year ending
March 31, 2018
Decrease

(%)

2.42

1.81

Increase

(%)

2.06

2.00

Decrease

Year ended
March 31, 2016
Investment yield for core profitInvestment yield(General account)
Average assumed interest rate

Forecast for
the year ending
March 31, 2018
Decrease

Year ended
March 31, 2017(4) Policy and Other Reserves(Millions of yen)
As ofMarch 31, YoY amountchange2016

As ofSeptember
30, 2016

YoY amountchange7,261,366

602,833

7,502,012

560,370

7,847,480

586,114

General accounts(excluding contingency reserve)

6,422,748

545,472

6,660,493

505,269

6,876,127

453,378

Separate accounts(excluding contingency reserve)

838,61757,361

841,519

55,100971,353

132,735

Reserve for price fluctuations

44,2601,415

45,0401,516

46,005

1,744

Contingency reserve
Contingency reserve I

75,166

6,458

78,637

6,751

82,463

7,296

22,966811

23,437845

23,983

1,016

Contingency reserve II

19,0801,049

19,448838

20,087

1,006

Contingency reserve III

26,544

4,400

29,101

4,903

31,697

5,153

Contingency reserve IV

6,574

198

6,650

164

6,695

120

Policy reserves(excluding contingency reserve)

As ofMarch 31, YoY amountchange2017

Contingency reserve fund------

Price fluctuations reserve fund------

2(5) Unrealized Gains (Losses)
As ofMarch 31, YoY amountchange2016
Securities
Japanese stocks
Japanese bonds (including JGBs)
Foreign securities
Real estate

As ofSeptember
30, 2016(Millions of yen)
As of
YoY amount March 31, YoY amountchangechange2017

2,271,165

1,262,823

2,412,246

1,472,993

1,644,961(626,204)

12,039(4,036)

10,956(1,360)13,3961,357

2,244,838

1,283,578

2,388,719

1,473,434

1,653,185(591,652)

14,146(16,534)

12,436

900(21,768)(35,914)55,1906,703

56,115

6,729

69,664

14,474

Notes:
1. Net unrealized gains (losses) on securities are calculated as the difference between the carrying value before mark-to-market and the fairmarket value for held-to-maturity securities and policy reserve matching bonds and net unrealized gains (losses) on other securities, net of taxes,
other than trading-purpose securities (The amount includes “monetary trusts”, but excludes trading-purpose securities) .
2. Real estate is directed to domestic real estate, including land lease right, and the amount is the level after revaluation.

3(6) Results and Plans of Investment(Millions of yen)
Year ended
March 31, YoY amountchange
2017Japanese stocks
Japanese bonds (including JGBs)

Plan forthe year ending
March 31, 2018

29,610

2,505

Flat

8,595,523(95,229)

Increase

Foreign stocks, etc.

24,954

7,301

Flat

Foreign bonds

253,416

174,572

Increase

Real estate

180,930

12,970Flat(7) Level of Indices where Unrealized Gains (Losses) on Assets are Break-even
As ofMarch 31, 2017
Japanese stocks(The Nikkei Stock Average）

(yen)

8,449

Japanese stocks (TOPIX)

(pt)

675

Japanese bonds (including JGBs)

(%)

1.7

Foreign securities

(yen)

104

Notes:
1. Japanese stocks are fully linked to the Nikkei stock Average and TOPIX, and valuations are calculated accordingly.
2. Japanese bonds calculations employ yields on newly issued 10-year JGBs, to one decimal place.
3. Calculations of foreign securities employ US dollar/yen conversions.

(8) Forecast for the Year Ending March 31, 2018
Income from insurance premiums

Forecast
Increase

Annualized premiums from insurance in force

Increase

Policy amount in force

Increase(Persons)(9) Number of Employees
As ofMarch 31,2016

As ofSeptember
YoY change
YoY change
30, 2016

As ofMarch 31,2017

YoY change

Sales employees

5,193

6.9%

5,358

8.3%

5,585

7.5%

Office employees

2,096

8.9%

2,233

10.1%

2,280

8.8%

4

(10) Dividends to Policyholders (Provision of Reserve for Dividends to Policyholders)(Millions of yen)
Year ended
Year ended
March 31,
March 31,
YoY change
2016
2017

Individual life insurance and individualannuities
Group life insurance

168

14.1%

174

3.6%

3,326

65.0%

3,904

17.4%

70-73

3,564

65.5%

4,153

5.1%
16.5%

Group annuities
Total

YoY change(11) Over-the-counter Sales through Banks(Millions of yen)
Year ended
Year ended
March 31,March 31,
YoY change
2016
2017

Variable annuities
Fixed annuities

YoY change

Number of new policies--

1-

Insurance premiums--0

Number of new policies

34

466.7%

7(79.4%)

Insurance premiums

4211.4%4(4.1%)

Notes:
1. Figures on the above table excludes operating performance of AEGON Sony Life Insurance Co., Ltd.
2. Insurance premiums refer to single premium amount for single premium policies, and a figure converted to a per-year premiumfor other policies.

(Millions of yen)
Year ended
March 31,
YoY change
2016Year ended
March 31,2017

YoY change

Single premium
whole life insurance

Number of new policies

84-

6(92.9%)Insurance premiums

405-

34(91.6%)

Single premium
endowment insurance

Number of new policies----

Insurance premiums----

Note: Insurance premiums refer to single premium amount for single premium policies, and a figure converted to a per-year premiumfor other policies.

(Millions of yen)
Year ended
March 31,YoY change
2016Single premium life insurance
Level premium plan life
insuranceYear endedMarch 31,
2017

YoY change

Number of new policies

18(64.7%)--

Insurance premiums

74(73.2%)--

Number of new policies

510
145

(32.3%)

Insurance premiums(52.6%)

424
106(16.9%)(27.1%)

Notes:
1. Insurance premiums refer to single premium amount for single premium policies, and a figure converted to a per-year premiumfor other policies.
2. Number of new policies for the year ended March 31, 2017 includes product such as family income insurance with living standard
rider, living benefit whole life insurance (living standard type), variable life insurance (whole life type).

5Attachment

Sony Life's Supplementary Datafor the Year Ended March 31, 2017 at Press Conference
Other Supplementary Data (for the Year Ended March 31, 2017)
Provision (Reversal) of Policy Reserves for Minimum Guarantee for Variable Annuities and Others in theGeneral Account(100 millions of yen)
Year ended
March 31, 2016

Six months ended
September 30, 2016

Year ended
March 31, 2017

347

11678

Provision (reversal) for policy reserve of the generalaccount assets for minimum guarantee for variableannuities and others

6