Consolidated Financial Summary(Japanese GAAP)
for the Six Months Ended September 30, 2012
November 14, 2012
Sony Financial Holdings Inc.
(URL: http://www.sonyfh.co.jp/web/index_en.html)
Stock exchange listing: Tokyo Stock Exchange (code number: 8729)
Katsumi Ihara, President and Representative Director
Representative:
Masaaki Konoo, General Manager—Corporate Communications & Investor Relations Dept.
Inquiries:(Fractional amounts of less than ¥1 million are discarded.)Company name:

1. Consolidated financial results for the six months ended September 30, 2012
(1) Operating results
Ordinary Revenues
Ordinary Profit

Net Income

Millions of yen% change

Millions of yen% change

Millions of yen% change

547,052

7.3

33,178

7.5

19,72920.6

509,9192.8

30,854(40.2)

16,364(44.4)For the six months
ended September 30, 2012
For the six months
ended September 30, 2011
Note: Comprehensive Income:For the six months ended September 30, 2012: ¥32,067 million:
For the six months ended September 30, 2011: ¥35,102 million:

Net Income per
Share(Fully Diluted)

Net Income per
Share
Yen

For the six months
ended September 30, 2012
For the six months
ended September 30, 2011(8.6)％(4.9)％

Yen

45.35

—

37.62

—

(2) Financial conditions
Total Assets
As of September 30, 2012
As of March 31, 2012
Note: Shareholders'equity:

Total Net Assets

Net Asset Ratio

Millions of yen

Millions of yen%

7,566,929

371,1684.9

7,241,414

347,800

4.8

As of September 30, 2012: ¥369,831 million
As of March 31, 2012: ¥346,540 million

2. Dividends
Dividend per Share

Record date
For the year ended
March 31, 2012
For the year ending
March 31, 2013
For the year ending
March 31, 2013
(forecast)

1st quarter2nd quarter3rd quarter

Year-end

Annual Total

Yen

Yen

Yen

Yen

Yen

—

0.00

—

0.00

—

20.00

20.00

—

25.00

25.00

Note: Changes in dividend forecast since the most recent public announcement: Yes

3. Forecast of consolidated financial results for the year ending March 31, 2013
(Percentage figures represent changes from the results of the previous fiscal year.)Ordinary Revenues
For the year ending
March 31, 2013

Ordinary Profit

Net Income per
Share

Net Income

Millions of yen% change

Millions of yen% change

Millions of yen% change

1,115,000

3.4

67,000(10.2)

37,000

12.8

Yen

85.06

4. Notes(1) Changes in scope of consolidation during the period under review (changes in specified subsidiaries accompanying changes inscope of consolidation): Yes
Excluded: One company; Corporate name: Sony Bank Securities Inc.
Note: For details, please refer to the section entitled “(1) Changes in scope of consolidation during the period under review” under “Ⅱ. Notes
Regarding Summary Information” on page 6 of the attachment.

(2) Changes in accounting policies, accounting estimates and restatements of the consolidated financial statements(a) Changes in accounting policies resulting from the revision of the accounting standards and other regulations: None(b) Changes in accounting policies due to other reasons: Yes(c) Changes in accounting estimates: Yes(d) Restatements of the consolidated financial statements: None

Note: Article 11-6 of the Ordinance on Terminology, Forms and Preparation Methods of Interim Financial Statements, etc., has been applied. For
details, please refer to the section entitled “Changes in accounting policies, accounting estimates and restatements of the consolidated financial
statements” under “Ⅱ. Notes Regarding Summary Information” on page 6 of the attachment.

(3) Number of shares outstanding (common stock)(a) Number of shares outstanding (including treasury shares)
As of September 30, 2012:
As of March 31, 2012:(b) Number of treasury shares
As of September 30, 2012:
As of March 31, 2012:(c) Weighted-average number of shares
For the six months ended September 30, 2012:
For the six months ended September 30, 2011:

435,000,000 shares
435,000,000 shares— shares— shares435,000,000 shares
435,000,000 shares

Status of quarterly review proceduresInterim financial statements in this document are exempt from audit procedure based upon the Financial Instruments and ExchangeAct. Audit procedures are underway as of the date of this report.

Content of Supplemental Materials
I.

Qualitative Information and Financial Statements

II.

1.

Qualitative Information on Consolidated Operating Performance・・・・・・・・・・・・・・ 2

2.

Qualitative Information on Consolidated Financial Position・・・・・・・・・・・・・・・・ 3

3.

Consolidated Financial Forecast for the Year Ending March 31, 2013・・・・・・・・・・・・・・ 3

4.

Dividend forecast for the Year Ending March 31, 2013・・・・・・・・・・・・・・・・・・・・・・・・・・・ 5

Notes Regarding Summary Information
1.

Changes in scope of consolidation during the period・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 6

2.

Changes in accounting policies, accounting estimates and restatements of the consolidated
financial statements・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 6

III.

Consolidated Financial Statements
1.

Consolidated Balance Sheets・・・・・・・・・・・・・・・・・・・・・・・・・・・ 7

2.

Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income) ・・・・・・・・・・・・・・・・・・・・・・・・・・・9(Consolidated Statements of Comprehensive Income) ・・・・・・・・・・・・・・・・・・・12

IV.

3.

Consolidated Statements of Changes in Net Assets・・・・・・・・・・・・・・・・・・・13

4.

Segment Information・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・15

5.

Subsequent Events・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・18

Attachment
Consolidated Financial Results for the Six Months Ended September 30, 2012 and Sony Life’s

20

Market Consistent Embedded Value as of September 30, 2012

* The Conference Call for explaining the SFH Group financial results will be held at 17:00 (Tokyo),
November 14, 2012.
We are sorry for any inconvenience that our Conference Call will be held only in Japanese.
We will upload the Presentation Materials with speech text on November 14, 2012 after 15:00, and its Q&A
summary at a later date on Presentation Materials page on our website:
http://www.sonyfh.co.jp/web/en/financial_info_e/results.html* On November 14, 2012, SFH’s significant subsidiaries: Sony Life Insurance Co., Ltd. (Sony Life), Sony
Assurance Inc. (Sony Assurance) and Sony Bank Inc. (Sony Bank) will announce its financial results for thesix months ended September 30, 2012. SFH prepared an English-language summary of those Japanese
announcements made by above subsidiaries, solely for convenience of non-Japanese readers.

1I. Qualitative Information and Financial Statements
1. Qualitative Information on Consolidated Operating Performance
During the six months ended September 30, 2012 (April 1, 2012 to September 30, 2012), consolidated ordinary revenues
grew 7.3% compared with the same period of the previous fiscal year, to ¥547.0 billion, owing to increases in ordinary
revenues from the all businesses: life insurance, non-life insurance and banking. Consolidated ordinary profit increased
7.5% year on year, to ¥33.1 billion. By business segment, ordinary profit from the life insurance business increased, whereas
ordinary profit from the non-life insurance and banking businesses decreased year on year.
After accounting for extraordinary profit and losses, reversal of reserve for policyholders’ dividends, income taxes andother items, consolidated net income for the six months ended September, 2012, was up 20.6% year on year, to ¥19.7
billion.
Segment Information by Business
Figures from each business do not reflect intersegment adjustments.

< Life insurance business >In the life insurance business, income from insurance premiums increased 8.4% compared with the same period of theprevious fiscal year, to ¥428.8 billion, owing to a steady increase in the policy amount in force. Investment income increased
7.6% to ¥56.0 billion due to higher interest income and dividends on general account assets. As a result, ordinary revenues
increased 7.5% year on year, to ¥489.0 billion. Ordinary profit increased 9.2% year on year, to ¥30.7 billion, due mainly to
improvements of investment income on general account assets, although the income on reversal of reserve for outstanding
claims related to the Great East Japan Earthquake, which was recorded in the same period of the previous year, was a negative
factor during the period under review.

< Non-life insurance business >In the non-life insurance business, net premiums written increased 6.1% compared with the same period of the previous fiscal
year, to ¥41.8 billion, due to growth in the number of insurance policies in force centered on its mainstay automobile
insurance. Consequently, ordinary revenues rose 6.1% year on year, to ¥42.3 billion. On the other hand, ordinary profit
decreased 37.3% year on year, to ¥0.4 billion, owing to a rise in the loss ratio due mainly to higher insurance payments per
claim for automobile insurance which offset the positive impact of increased ordinary revenues.

< Banking business >In the banking business, ordinary revenues increased 5.1% compared with the same period of the previous fiscal year, to¥16.8 billion, due to an increase in net fees and commissions resulting from Sony Bank’s July 2011 acquisition of SmartLink
Network, Inc., which has become its consolidated subsidiary. The operating results of SmartLink Network, Inc. are includedin SFH’s scope of consolidation from the beginning of fiscal year ending March 31, 2013, whereas they were included in only
part of the previous period. Gross operating profit increased 3.0% year on year, to ¥10.4 billion, due to higher net interest
income due to a growing balance of mortgage loans, as well as the aforementioned improvement in net fees and commissions
resulting from Sony Bank’s acquisition of SmartLink Network, Inc., which offset a decrease in profit related to foreign
currency transactions. General and administrative expenses increased 7.9% year on year, to ¥8.4 billion. As a result, ordinary
profit decreased 0.9% year on year, to ¥1.8 billion.
Goodwill amortization of ¥0.2 billion* is included in SFH’s financial results in the banking business, although it is notincluded in Sony Bank’s financial results (consolidated).
* Goodwill arose through SFH’s purchase in March 2008 of shares in Sony Bank held by minority interests, converting Sony Bank toa wholly owned subsidiary. This goodwill is being amortized on a straight-line basis over five years.

2

Ordinary Revenues
For the six months ended
September 30, 2011
Life insurance business
Non-life insurance businessBanking business
SubtotalIntersegment adjustments
Consolidated

For the six months ended
September 30, 2012

Change (%)

454,987
39,93015,994

489,065
42,373
16,815

7.5
6.1
5.1

510,912548,254

7.3

(992)

(1,202)－509,919547,052

7.3

Ordinary Profit
For the six months ended
September 30, 2011
Life insurance business
Non-life insurance businessBanking business
SubtotalIntersegment adjustments*
Consolidated(Millions of yen)

For the six months ended
September 30, 2012

(Millions of yen)
Change (%)

28,141739
1,904

30,733
463
1,888

9.2
(37.3)(0.9)

30,78568

33,084
93

7.5
36.2

30,85433,178*Amounts in the ordinary profit in the “Intersegment adjustments” are mainly from SFH.

7.5

2. Qualitative Information on Consolidated Financial Position
As of September 30, 2012, total assets amounted to ¥7,566.9 billion, up 4.5% from March 31, 2012. Among major
components of assets, securities, mostly Japanese government bonds, amounted to ¥5,799.1 billion, up 4.8% from March 31,
2012. Loans came to ¥1,039.6 billion, up 6.6%, and monetary trusts amounted to ¥309.1 billion, up 2.0% from March 31,
2012.
Total liabilities were ¥7,195.7 billion, up 4.4% from March 31, 2012. Major components of liabilities included policy
reserves and others of ¥5,208.5 billion, up 4.9%, and deposits totaled ¥1,819.0 billion, up 3.3%.
Total net assets were ¥371.1 billion, up 6.7% from March 31, 2012. This included net unrealized gains on other securities,
net of taxes, which increased ¥12.6 billion, to ¥49.5 billion.

3. Consolidated Financial Forecast for the Year Ending March 31, 2013
SFH’s forecast of consolidated financial results for the fiscal year ending March 31, 2013 (April 1, 2012, through March 31,2013), is unchanged from the forecast announced on May 10, 2012.
(Billions of yen)
(Actual)(Forecast)Year ended March 31, 2012
Year ending March 31, 2013
(Apr. 1, 2012, to Mar. 31, 2013)(Apr.1, 2011, to Mar. 31, 2012)
Ordinary revenues

1,078.0

1,115.0

Ordinary profit

74.6

67.0

Net income

32.8

37.0

Net income per share (Yen)

75.43

85

Note: Fractional amounts of less than ¥ 0.1 billion are discarded for ordinary revenues, ordinary profit and net income.
Fractional amounts of less than ¥ 1 are discarded for the net income per share for the year ending March 31, 2013.

3

(Reference)
Business segment forecasts for the fiscal year ending March 31, 2013 (April 1, 2012 through March 31, 2013) are as follows.
As described below, forecasts from the life insurance business and the banking business for the year ending March 31,
2013, remain unchanged, while forecast for ordinary revenues from the non-life insurance business for the year ending March
31, 2013, is changed. The impact of the change in the financial forecast on the non-life insurance business is not consideredsignificant to the forecast of consolidated financial results.
Actual results figures for the year ended March 31, 2012 from each business do not reflect intersegment adjustments
whereas forecast figures for the year ending March 31, 2013 reflect them.
<Life insurance business>
The forecast of ordinary revenues and ordinary profit from the life insurance business for the year ending March 31, 2013
remains unchanged because the actual results for the first half of the fiscal year were close to the amounts we had expected.
(Billions of yen)

(Reference)
Actual results for the year ended March 31,
2012

Forecast for the year ending March 31,
2013

Ordinary revenues

967.5

994.5

Ordinary profit

68.1

61.5

<Non-life insurance business>
SFH revised downward its forecast of ordinary revenues for the non-life insurance business for the year ending March 31,
2013. This is because the net premiums written during the first half of the fiscal year were less than we had expected at the
beginning of the fiscal year ending March 31, 2013, and we assume this condition will continue in the second half of the fiscal
year, due to intensified competition in Japan’s automobile insurance industry. On the other hand, the forecast of ordinary
profit remains unchanged because we expect the cut back on expenses and a reversal of catastrophe reserve will offset an
impact from the aforementioned decrease in ordinary revenues and the loss ratio which is expected to stay at a high level.
(Billions of yen)

(Reference)
Actual results for the year
ended March 31, 2012

Formerly announced forecast for
the year ending March 31, 2013

Updated forecast for the year
ending March 31, 2013

Ordinary revenues

80.0

86.8

85.0

Ordinary profit

2.8

2.6

2.6

4

<Banking business>
The forecast of ordinary revenues for the year ending March 31, 2013, is unchanged. This is because actual performance forthe first half of the fiscal year was in line with forecasts made at the beginning of the fiscal year ending March, 2013, and thebalance of loans, especially mortgages, is expected to increase steadily in the second half of the fiscal year. The forecast ofordinary profit for the year ending March 31, 2013, is unchanged, as we anticipate a steady increase in interest income onloans due to a rise in the balance of mortgage loans, which should offset an assumed decrease in profit related to foreign
currency transactions.
(Billions of yen)

(Reference)
Actual results for the year ended March 31,
2012

Forecast for the year ending March 31,
2013

Ordinary revenues

32.5

34.5

Ordinary profit

3.4

3.6

4. Dividend Forecast for the Year Ending March 31, 2013
We propose to pay a year-end dividend of ¥25 yen per share for the year ending March 31, 2013, up ¥5 from the previous
period of ¥20.
(Reason for Dividend Increase)
Our dividend policy is to basically maintain stable dividends. The policy also aims for steady increases in dividends in linewith earnings growth over the medium to long term. We have decided to increase the year-end dividend for the year ending
March 31, 2013, after looking closely at our consolidated performance forecast for the full year on the basis of performance
during the first half under review and taking into account such overall factors as the management environment in which theGroup operates.

5

Ⅱ. Notes Regarding Summary Information
1. Changes in scope of consolidation during the period under review
Sony Bank Securities Inc. has been excluded from the scope of consolidation, owing to the transfer of all shares in the company by
SFH’s banking subsidiary (Sony Bank Inc.).
２．Changes in accounting policies, accounting estimates and restatements of the consolidated financial statements(Changes in method of depreciation for Tangible fixed assets)
In the past, SFH and its domestic consolidated subsidiaries used the declining-balance method to depreciate certain of their
tangible fixed assets. However, to ensure consistency with SFH’s parent company, this has been changed to the straight-line
method, beginning in the first six months of the fiscal year ending March 31, 2013.
Consequently, during the six months ended September 30, 2012 depreciation and amortization and depreciation of real estate forrent and others were each ¥188 million lower, and ordinary profit and income before income taxes were ¥188 million higher thanthey would have been under the previous method.

6

Ⅲ. Consolidated Financial Statements
1. Consolidated Balance Sheets(Millions of yen)
As of March 31, 2012

As of September 30, 2012

AssetsCash and due from banks¥118,877¥123,654

Call loans and bills bought

66,30053,200

Monetary trusts

303,058

309,125

5,531,585

5,799,172

Loans

975,032

1,039,675

Tangible fixed assets

75,16974,423

Intangible fixed assets

36,63637,237

Goodwill

839

549

OthersSecurities

35,796

36,688Due from reinsurers

79

506

Foreign exchanges

8,936

7,695

Other assets

92,416

92,605

Deferred tax assets

34,171

30,488Customers'liabilities for acceptances and guarantees

1,000

1,000

Reserve for possible loan losses(1,848)(1,854)¥7,241,414¥7,566,929

Total Assets

7

(Millions of yen)
As of March 31, 2012

As of September 30, 2012

Liabilities
Policy reserves and others¥4,963,025

Reserve for outstanding claims
Policy reserves
Reserve for policyholders'dividends
Due to agencies
Due to reinsurers¥5,208,588

48,23349,186

4,910,669

5,155,465

4,122

3,936

1,664

1,559

647

559

1,760,853

1,819,041

Call money and bills sold

10,00010,000Borrowed money

2,000

2,000

Deposits

Foreign exchanges

35

20

Bonds payable

10,00010,000

Other liabilities

93,56387,819Reserve for employees'bonuses

2,944

2,662

Reserve for employees'retirement benefits

21,54722,882

Reserve for directors'retirement benefits

354

361

25,386

28,67525,38028,675Special reserves
Reserve for price fluctuations
Reserve for financial products transaction liabilities

6

－

589

589

1,000

1,000

6,893,613

7,195,761

Common stock

19,90019,900Capital surplus

195,277

195,277

Retained earnings

98,677

109,706

Deferred tax liabilities on land revaluation
Acceptances and guarantees
Total Liabilities
Net Assets

313,854324,883

Net unrealized gains on other securities, net of taxes

Total shareholders'equity

36,94949,584

Net deferred losses on hedging instruments, net of taxes(2,414)(3,028)Land revaluation, net of taxes(1,395)(1,395)

Foreign currency translation adjustments
Total accumulated other comprehensive income
Minority interests
Total Net Assets
Total Liabilities and Net Assets

8

(453)

(212)

32,68544,947

1,260

1,336

347,800

371,168¥7,241,414¥7,566,929

2. Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
For the six months ended
September 30, 2011

For the six months ended
September 30, 2012

Ordinary Revenues¥509,919¥547,052

Ordinary Revenues from the Life Insurance Business

454,021487,953

395,399

428,447

395,138

427,838

Income from insurance premiums
Insurance premiums
Ceded reinsurance commissions

261

609

51,91155,874

Interest income and dividends

47,32252,029

Income from monetary trusts, net

2,646

2,622

Gains on sale of securities

1,930

1,209

Other investment income

11

13

6,711

3,630

39,92942,373

Investment income

Other ordinary income
Ordinary Revenues from the Non-life Insurance Business
Underwriting income

39,45941,861

39,443

41,845

15

15

430

478

Interest income and dividends

423

470

Gains on sale of securities

20

24

Gains on redemption of securities

2

－

(15)

(15)

Net premiums written
Interest and dividends on deposits of premiums
Investment income

Transfer to interest and dividends on deposits of premiums
Other ordinary income

39

34

15,96816,725

12,257

12,607

Interest income on loans

6,537

6,832

Interest income and dividends on securities

Ordinary Revenues from the Banking Business
Interest income

5,696

5,735

Interest income on call loans and bills bought

66Interest income on deposits with banks

16

31

Others interest income

00Fees and commissions

1,947

2,699

Other operating income

1,725

1,359

Gains on foreign exchange transactions, net

908

841

Others816

518

Other ordinary income

3759(Continued)

9

(Millions of yen)
For the six months ended
September 30, 2011

For the six months ended
September 30, 2012

Ordinary Expenses¥479,065¥513,874

Ordinary Expenses from the Life Insurance Business

426,613458,013137,299

135,349

Insurance claims

36,36534,761

Annuity payments

3,913

4,430

Insurance benefits

16,264

16,897

Surrender payments

78,644

77,171Other payments

1,106

1,145

Reinsurance premiums

1,004

942

200,882

242,065

200,874

242,0597

629,301

18,653

Insurance claims and other payments

Provision for policy reserves and others
Provision for policy reserves
Interest portion of reserve for policyholders'dividends
Investment expenses
Interest expenses

30

22

1,528

201

Devaluation losses on securities

866

327

Foreign exchange losses, net

706

505

Losses on sale of securities

Provision for reserve for possible loan losses

61

Depreciation of real estate for rent and others

1,125

1,003

Other investment expenses

3,198

3,052

Losses on separate accounts, net

21,83813,538Operating expenses

51,47253,560

Other ordinary expenses

7,656

8,384

38,952

41,597

Underwriting expenses

29,56531,585Net losses paid

21,19623,137

Loss adjustment expenses

2,511

2,801

529

497

Provision for reserve for outstanding losses

1,715

2,428

Provision for underwriting reserves

3,611

2,720

0

0

1

5

－

3

Ordinary Expenses from the Non-life Insurance BusinessNet commission and brokerage fees

Others underwriting expenses
Investment expenses
Losses on sale of securities
Losses on redemption of securities
Operating, general and administrative expenses
Other ordinary expenses

1

1

9,363

9,995

22

11
(Continued)

10

(Millions of yen)

Ordinary Expenses from the Banking Business
Interest expenses

For the six months ended
September 30, 2011

For the six months ended
September 30, 2012

¥13,499¥14,263

4,424

4,231

3,463

3,370

Interest expenses on call money and bills sold5

5Interest expenses on borrowed money

39

52

Interest expenses on deposits

Interest expenses on bonds－

27

Interest expenses on interest rate swaps

914

774

1

0

685

754

Others interest expenses
Fees and commissions
Other operating expenses
General and administrative expenses
Other ordinary expenses
Ordinary Profit
Extraordinary Gains
Gains on disposal of fixed assets
Extraordinary Losses
Losses on disposal of fixed assets
Impairment losses

302

783

7,705

8,375

381

117

30,85433,178

0

－

0

－

4,150

3,792

17

14

248

81

3,884

3,294

Provision for reserve for price fluctuations

3,884

3,294

Loss on sales of shares of subsidiaries and affiliates－

400

Provision for special reserves

Others

－

0

(37)

(28)

Income Before Income Taxes

26,741

29,413

Income Taxes

10,338

9,608- Current

11,156

11,568- Deferred(818)(1,960)16,40319,805

Provision (Reversal) for Reserve for Policyholders'Dividends

Income Before Minority Interests
Minority interests in income
Net Income

11

38

76

¥16,364¥19,729

2. Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Comprehensive Income)(Millions of yen)
For the six months ended
September 30, 2011

For the six months ended
September 30, 2012

¥16,403¥19,805

19,588

12,634

Net deferred losses on hedging instruments, net of taxes

(872)

(614)

Foreign currency translation adjustments

(13)

241

Share of other comprehensive income of affiliates accounted
for using equity method

(2)

(0)

Income Before Minority Interests
Other comprehensive income
Net unrealized gains on other securities, net of taxes

Total other comprehensive income

18,69912,261¥35,102¥32,067

Comprehensive income attributable to parent company

35,064

31,990Comprehensive income attributable to minority interests

38

76

Comprehensive income(Details)

12

3. Consolidated Statements of Changes in Net Assets(Millions of yen)
For the six months ended
September 30, 2011

For the six months ended
September 30, 2012¥19,900¥19,900－－

19,90019,900195,277

195,277－－

195,277

195,277

74,56598,677

Shareholders' Equity
Common stock
Balance at the beginning of the fiscal year
Changes during the period
Total changes during the period
Balance at the end of the current period
Capital surplus
Balance at the beginning of the fiscal year
Changes during the period
Total changes during the period
Balance at the end of the current period
Retained earnings
Balance at the beginning of the fiscal year
Changes during the period
Dividends from surplus(8,700)(8,700)Net income

16,364

19,729Total changes during the period

7,664

11,029Balance at the end of the current period

82,229109,706

289,742

313,854

Dividends from surplus(8,700)(8,700)Net income

16,364

19,729Total changes during the period

7,664

11,029Balance at the end of the current period

297,406

324,883

8,525

36,94919,585

12,634

Total shareholders'equity
Balance at the beginning of the fiscal year
Changes during the period

Total accumulated other comprehensive income
Net unrealized gains on other securities, net of taxes
Balance at the beginning of the fiscal year
Changes during the period
Net changes of items other than shareholders'equity
Total changes during the period

19,585

12,634

Balance at the end of the current period

28,111

49,584(Continued)

13

(Millions of yen)
For the six months ended
September 30, 2011

For the six months ended
September 30, 2012¥(1,558)¥(2,414)

Net changes of items other than shareholders'equity

(872)

(614)

Total changes during the period

(872)

(614)

Balance at the end of the current period(2,431)(3,028)(1,499)(1,395)Net deferred losses on hedging instruments, net of taxes
Balance at the beginning of the fiscal year
Changes during the period

Land revaluation, net of taxes
Balance at the beginning of the fiscal year
Changes during the period
Total changes during the period－－

Balance at the end of the current period(1,499)(1,395)

(331)

(453)

Net changes of items other than shareholders'equity

(13)

241

Total changes during the period

(13)

241

Balance at the end of the current period

(345)

(212)

5,135

32,685

Net changes of items other than shareholders'equity

18,69912,261

Total changes during the period

18,69912,261

Balance at the end of the current period

23,83444,947－

1,260

Net changes of items other than shareholders'equity

1,285

76

Total changes during the period

1,285

76

Balance at the end of the current period

1,285

1,336

294,877

347,800(8,700)(8,700)Foreign currency translation adjustments
Balance at the beginning of the fiscal year
Changes during the period

Total accumulated other comprehensive income
Balance at the beginning of the fiscal year
Changes during the period

Minority interests
Balance at the beginning of the fiscal year
Changes during the period

Total Net Assets
Balance at the beginning of the fiscal year
Changes during the period
Dividends from surplus
Net income

16,364

19,729Net changes of items other than shareholders'equity

19,985

12,337

Total changes during the period

27,64923,367

Balance at the end of the current period¥322,527¥371,16814

4．Segment Information
For the six months ended September 30, 2011
(1) Outline of reporting segments
The SFH Group consists of three reporting segments: the life insurance business, the non-life insurance businessand the banking business.
● The life insurance business consists of Sony Life Insurance Co., Ltd., Sony Life Insurance (Philippines)
Corporation, AEGON Sony Life Insurance Co., Ltd. and SA Reinsurance Ltd.
● The non-life insurance business consists of Sony Assurance Inc.
● The banking business consists of Sony Bank Inc., Sony Bank Securities Inc. and SmartLink Network, Inc.
(2) Segment Information by reporting segment

Life insurance
business
Ordinary revenues
External customers
Intersegment
Total
Segment profit
Segment assets
OthersDepreciation
Interest income anddividends
Interest expenses
Equity in earnings(losses) of affiliates
Investments in affiliates
Increase in tangible
fixed assets andintangible fixed assets

Millions of yen
Non-life
Banking
insurancebusinessbusiness

Total¥454,021
965
454,987
28,1414,920,360¥39,9290
39,930739
114,684¥15,96826
15,994
1,904
1,776,657¥509,919
992
510,91230,785
6,811,701

2,692

493

824

4,010

47,53530

423－

12,257
4,424

60,216
4,455(431)
10,523

－
－

－
－

(431)
10,523¥3,336¥1,578¥1,401¥6,31515

(3) Reconciliations of the totals of each segment item to corresponding enterprise amounts

Totals of reporting segments
Adjustments for intersegment transactions
Ordinary revenues in statement of income

Millions of yen¥510,912(992)¥509,919

Totals of reporting segments
Adjustments for intersegment transactions
Amount not allocated to reporting segments
Ordinary profit in statement of income

Millions of yen¥30,7855
63¥30,854

Totals of reporting segments
Adjustments for intersegment transactions
Amount not allocated to reporting segments
Assets in balance sheets

Millions of yen¥6,811,701
(999)
6,182
¥6,816,885
Millions of yen¥4,01060,216
4,455(431)
10,523

¥3
(212)
(0)
－
－

Consolidated
financialstatements¥4,01360,0044,455(431)
10,523¥6,315¥21¥6,337

Total
Depreciation
Interest income and dividends
Interest expenses
Equity in earnings (losses) of affiliates
Investments in affiliates
Increase in tangible fixed assets andintangible fixed assets

Adjustments

16For the six months ended September 30, 2012
(1) Outline of reporting segments
The SFH Group consists of three reporting segments: the life insurance business, the non-life insurance businessand the banking business.
● The life insurance business consists of Sony Life Insurance Co., Ltd., Sony Life Insurance (Philippines)
Corporation, AEGON Sony Life Insurance Co., Ltd. and SA Reinsurance Ltd.
● The non-life insurance business consists of Sony Assurance Inc.
● The banking business consists of Sony Bank Inc. and SmartLink Network, Inc.
(2) Segment Information by reporting segment

Life insurance
business
Ordinary revenues
External customers
Intersegment
Total
Segment profit
Segment assets
OthersDepreciation
Interest income anddividends
Interest expenses
Equity in earnings(losses) of affiliates
Investments in affiliates
Increase in tangible
fixed assets andintangible fixed assets

Millions of yen
Non-life
Banking
insurancebusinessbusiness

Total¥487,953
1,112
489,065
30,733
5,481,147¥42,373
042,373
463
122,286¥16,72590
16,815
1,888
1,958,083¥547,052
1,202
548,254
33,084
7,561,517

2,959

725

979

4,664

52,25422

470－

12,607
4,263

65,331
4,285

(555)
9,104

－
－

－
－

(555)
9,104

¥2,733¥1,433¥1,247¥5,41417

(3) Reconciliations of the totals of each segment item to corresponding enterprise amounts

Totals of reporting segments
Adjustments for intersegment transactions
Ordinary revenues in statement of income

Millions of yen¥548,254(1,202)¥547,052

Totals of reporting segments
Adjustments for intersegment transactions
Amount not allocated to reporting segments
Ordinary profit in statement of income

Millions of yen¥33,0843
89¥33,178

Totals of reporting segments
Adjustments for intersegment transactions
Amount not allocated to reporting segments
Assets in balance sheets

Millions of yen¥7,561,517(11,301)
16,714¥7,566,929
Millions of yen¥4,66465,331
4,285
(555)
9,104

¥4
(224)
(31)
－
－

Consolidated
financialstatements¥4,66965,106
4,254
(555)
9,104

¥5,414¥3¥5,418

Total
Depreciation
Interest income and dividends
Interest expenses
Equity in earnings (losses) of affiliates
Investments in affiliates
Increase in tangible fixed assets andintangible fixed assets

Adjustments

5．Subsequent Events
There were no applicable subsequent events.

18

SFH’s consolidated results* are prepared in accordance with Japanese GAAP. As such, these figures differ insignificant respects from the financial information reported by Sony, the SFH’s parent company, which
prepares its financial statements in accordance with U.S. GAAP.
*SFH’s scope of consolidation includes Sony Financial Holdings Inc., Sony Life Insurance Co. Ltd., Sony
Assurance Inc., Sony Bank Inc., Sony Life Insurance (Philippines) Corporation, Sony Bank Securities Inc., andSmartLink Network, Inc. It also includes AEGON Sony Life Insurance Co., Ltd. and SA Reinsurance Ltd., asaffiliated companies accounted for under the equity method. Sony Bank securities Inc. was excluded from thescope of consolidation on August 1, 2012.
On November 1, 2012, Sony Corporation announced its consolidated financial results for the second quarter
ended September 30, 2012 (July 1, 2012, to September 30, 2012). SFH Group companies constitute themajority of Sony Group’s Financial Services segment. However, the scope of Sony Group’s Financial Services
segment differs from the scope of SFH’s consolidated results.
This Consolidated Financial Summary contains statements concerning the current plans, expectations,strategies and beliefs of the SFH Group. Any statements contained herein that pertain to future operating
performance and that are not historic facts are forward-looking statements. Forward-looking statements may
include—but are not limited to—statements using words such as “believe,” “anticipate,” “plan,” “strategy,”“expect,” “forecast,” “predict,” and “possibility” that describe future operating activities, businessperformance, events or conditions. Forward-looking statements, whether spoken or written, are based on
judgments made by the management of the SFH Group, based on information that is currently available to it.
As such, these forward-looking statements are subject to various risks and uncertainties, and actual businessresults may vary substantially from the forecasts expressed or implied in forward-looking statements.
Consequently, investors are cautioned not to place undue reliance on forward-looking statements. The SFH
Group disclaims any obligation to revise forward-looking statements in light of new information, future eventsor other findings. The information contained in this Consolidated Financial Summary does not constitute orform part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe forany securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract orcommitment whatsoever.
For inquiries:
Masaaki Konoo or Hiroko Hanakura
Corporate Communications & Investor Relations Dept.
Sony Financial Holdings Inc.
Telephone: +81-3-5785-1074
E-mail: press@sonyfh.co.jp
Website of Sony Financial Holdings Inc.
http://www.sonyfh.co.jp/web/index_en.html

19

IV. Attachment
Content of Presentation Material
1.
2.
3.
4.
5.

Consolidated Operating Results for the Six Months Ended September 30, 2012・
・・・・・
・・・
Consolidated Financial Forecast for the Year Ending March 31, 2013・・・・・・・・・
Dividend Forecast for the Year Ending March 31, 2013 ・・・・・・・・・・・・・・・・・
Sony Life’s MCEV and Risk Amount Based on Economic Value as of September 30,
2012 ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Appendix・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

20

3
26
28
30
32

Attachment

Presentation Material

Consolidated Financial Results
for the Six Months Ended September 30, 2012
andSony Life’s
Market Consistent Embedded Valueas of September 30, 2012

Sonyy Financial Holdings
g Inc.
November 14, 20121

Content
 Consolidated Operating Results for the Six Months Ended September 30, 2012

P.3

 Consolidated Financial Forecast for the Year Ending March 31,
31 2013

P 26
P.26

 Dividend Forecast for the Year Ending March 31, 2013P.28

 Sony Life
Life’ss MCEV and Risk Amount Based on Economic Value as of September 30, 2012

P. 30

 Appendix

P.32

Disclaimers:
This presentation material contains statements concerning the current plans
plans, expectations
expectations, strategies and beliefs of the Sony Financial
Holdings Group (the “SFH Group”). Any statements contained herein that pertain to future operating performance and that are nothistoric facts are forward-looking statements. Forward-looking statements may include—but are not limited to—words such as “believe,”“anticipate,” “plan,” “strategy,” “expect,” “forecast,” “predict,” and “possibility” that describe future operating activities, businessperformance, events or conditions. Forward-looking statements, whether spoken or written, are based on judgments made by the
management of the SFH Group, based on information that is currently available to it. As such, these forward
forward-looking
looking statements are
subject to various risks and uncertainties, and actual business results may vary substantially from the forecasts expressed or implied inforward-looking statements. Consequently, investors are cautioned not to place undue reliance on forward-looking statements. The SFH
Group disclaims any obligation to revise forward-looking statements in light of new information, future events or other findings. The
information contained in this presentation does not constitute or form part of any offer for sale or subscription of or solicitation or
invitation of anyy offer to buyy or subscribe for anyy securities,, nor shall it or anyy partp of it form the basis of or be relied on in connection
with any contract or commitment whatsoever.

2

Attachment

Consolidated Operating Results for
the Six Months Ended September 30, 20123

Highlights of Consolidated Operating Performancefor the Six Months Ended September 30, 2012 (1)(Billions of yen)
Ordinary revenues

Ordinary profit

547.0
509 9
509.9

454 9
454.9

489 0
489.0

+34 0
+34.0

+7 5%
+7.5%

Ordinary profit

28.1

30.7

+2.5

+9.2%

Non-life
Insuranceb ibusiness

Ordinary revenues

39.9

42.3

+2.4

+6.1%

07
0.7

04
0.4

(0 2)
(0.2)

(37 3%)(37.3%)

15.9

16.8

+0.8

+5.1%

1.9

1.8

(0.0)

(0.9%)

(0.9)

(1.2)

(0.2)

-

0.0

0.0

+0.0

+36.2%

509.9

547.0

+37.1

+7.3%

Ordinary profit

30.8

33.1

+2.3

+7.5%

Net income

16.3

19.7

+3.3

+20.6%

12 3 3112.3.31

12 9 30
12.9.30

Change from 1212.3.31
3 31

Total assets

7,241.4

7,566.9+325.5+4.5%

Net assets

347.8

371.1

+23.3

+6.7%

Intersegment
Adjustments*

33.1

FY11 1H
FY11.1H

ChangeOrdinary revenues

Bankingbusiness

O diOrdinary
profitfi
Ordinary revenues
Ordinary profit
Ordinary revenues
Ordinary profit
Ordinary revenues

Consolidated+7.5%

FY12.1H

Life
Insurancebusiness

+7.3%

30.8

FY11.1H

FY12 1H
FY12.1H(Billi(Billions
off yen))(Billions of yen)

Consolidated*Amounts in the odinary profit in the “Intersegment adjustments” are mainly from SFH.
*Comprehensive income: FY11.1H: ¥35.1 billion, FY12.1H: ¥32.0 billion.
Line item amounts are truncated below ¥100 million; percentage change figures are rounded.

4

Attachment

Highlights of Consolidated Operating Performancefor the Six Months Ended September 30, 2012 (2) Life insurance business: Ordinary revenues increased year on year, due mainly to higher income frominsurance premiums associated with a steady increase in the policy amount in force, and an increase ininvestment income on general account assets resulting from higher interest income and dividends.
Ordinary profit increased year on year
year, due mainly to improvements of investment income on generalaccount assets, although the income on reversal of reserve for outstanding claims related to the Great
East Japan Earthquake, which was recorded in the same period of the previous year, was a negative
factor during the period under review.

 Non-life insurance business: Ordinary revenues increased year on year, due to growth in the number of

insurance policies in force centered on its mainstay automobile insurance. On the other hand, ordinary
profit decreased year on year, owing to a rise in the loss ratio due mainly to higher insurance payments
per claim for automobile insurance.

 Banking business: Ordinary revenues increased year on year due to an increase in net fees andcommissions resulting from Sony Bank’s July 2011 acquisition of SmartLink Network, Inc., which has
become its consolidated subsidiary. The operating results of SmartLink Network, Inc., are included in
SFH’s scopep of consolidation from the beginninggg of the fiscal yyear ending
g March 31,, 2013,, whereas theyy
were included in only part of the previous period. On the other hand, ordinary profit remained at the samelevels as during the same period of the previous fiscal year, due to a decrease in profit related to foreign
currency transactions which offset higher interest income on loans due to a growing balance of mortgage
loans.

 Consolidated ordinary revenues increased 7.3% year on year, to ¥547.0 billion, and consolidated

ordinary profit increased 7.5% year on year, to ¥33.1 billion. Net income increased 20.6%, to ¥19.7
billion.

Line item amounts are truncated below ¥100 million; percentage change figures are rounded.

5

Highlights of Performance:
Sony Life (Non-consolidated)
Ordinary profit

Ordinary revenues

454.8

FY11.1H

FY12.1H

454.8

488.9

+34.0

Income from insurance premiums

395 7
395.7

428 8
428.8

+33 1
+33.1

+8 4%
+8.4%

Investment income

52.0

56.0

+3.9

+7.6%

Interest income and dividends

47.4

52.1

+4.7

+9.9%

Income from monetary trusts, net

2.6

2.6

(0.0)

(0.9%)(38 8%)(38.8%)(Billions of yen)

+7.5%

488.9

Ordinary revenues

Gains on sale of securities

31.3

28 5
28.5
FY11.1H

FY12.1H(Billions of yen)

◆ Ordinary revenues and ordinary profit increased
year on year.
◆ Income from insurance premiums increased due to asteady increase in the policy amount in force.
◆ Investment income increased due to higher investment
income on general account assets, driven mainly by anincrease in interest income and dividends.
◆ Ordinary profit increased year on year, due mainly to
improvements of investment income on general accountassets, although the income on reversal of reserve foroutstanding claims related to the Great East Japan
Earthquake, which was recorded in the same period of
the previous year, was a negative factor during theperiod under review.

+7.5%

19
1.9

11
1.1

(0 7)
(0.7)

426.2

457.5

+31.2

+7.3%

Insurance claims and other payments

137.2

135.3

(1.9)

(1.4%)

Provision for policy reserves and others

200.8

242.0

+41.1

+20.5%I
Investmenttt expenses

29 3
29.3

18 7
18.7

(10 6)(10.6)(36 2%)(36.2%)

Ordinary expenses+9.8%

ChangeLosses on sale of securities

1.5

0.2

(1.3)

(86.8%)

Losses on separate accounts, net

21.8

13.5

(8.3)

(38.0%)

51.5

53.6

+2.0

+4.0%

O di
Ordinary
profit
fit

28 5
28.5

31 3
31.3

+2.7
27

+9.8%
9 8%

Net income

15.6

18.4

+2.7

+17.5%

12.3.3112.9.30

Operating profit(Billions of yen)

Change from 12.3.31

Securities

4,545.0

4,799.1+254.0+5.6%

Policy reserves

4,843.0

5,085.0+242.0+5.0%

Total net assets

264.8

285.8

+21.0

+7.9%

34.0

45.7

+11.7

+34.5%

5,222.8

5,484.3+261.4

+5.0%

444.2

443.8

(0.4)

(0.1%)Net unrealized gains on other securities
Total assets
Separate account assets

Line item amounts are truncated below ¥100 million; percentage change figures are rounded.

6

Attachment

Overview of Performance:
Sony Life (Non-consolidated)
FY11.1H

FY12.1H

New policy amount2,051.7

2,013.9(1.8%)

Lapse and surrender amount

1 022 4
1,022.4

956 1
956.1

(6 5%)(6.5%)(Billions of yen)

Change<Reasons for changes>

Lapse and surrender rate

2.95%

2.65%

(0.3pt)Policy amount in force

35,371.1

36,706.8

+3.8%

33.2

32.1

(3.4%)

Annualized premiums from new policies
Of which, third-sector products
Annualized premiums from insurance in force
Of which, third-sector products

8.1

8.1

(0.1%)

618.0

648.5

+4.9%

144.7

153.1

+5.7%

FY11.1H

FY12.1H

Gains from investment, net (General account)

44.5

50.7

+14.1%

Core profit

31.6

33.3

+5.1%

Negative spread

1.9

0.4

(78.9%)

12.3.3112.9.30

Changefrom 12.3.31

1 980 4%
1,980.4%

2 149 6%
2,149.6%+169 2pt+169.2pt(Billions of yen)

Solvency margin ratio

ChangeNotes:*1 Figures for new policy amount, lapse and surrender amount, lapse and surrender rate, policy amount in force,
annualized premiums from new policies and annualized premiums from insurance in force are calculated as thetotal of individual life insurance and individual annuities.
*2 The lapse
p and surrender rate shows the ratio derived byy dividing
g the amount of lapsespand surrenders,, notadjusted for policy amount decreases, increases, and reinstatements, by the policy amount in force at the beginning of the
fiscal year.
*3 The solvency margin ratios are calculated according to the new standards which became
effective as of the end of fiscal 2011 (March 31, 2012).

◆ Slightly decreased due to lower sales offamily income insurance which offset
hi h sales
higherl off liliving
i b
benefit
fit iinsurance,etc.
◆ Decreased due to the lowering lapse
and surrender rates mainly in term-life
insurance.
◆ Decreased due mainly to lower sales ofcancer hospitalized insurance, etc.
gsales of livinggwhich offset higher
benefit insurance, etc.
◆ Increased due to an increase in interest
income and dividends.
◆ A change in core profit includes a
decline in negative spread (positive
factor) and the income on reversal ofreserve for outstanding claims related
p Earthquake,q,
to the Great East Japan
which was recorded in the same periodof the previous year (negative factor).

Line item amounts are truncated below ¥100 million;
percentage change figures are rounded.

7

Sony Life Operating Performance (1)Number and Amount of New Policies

Annualized Premiums from New policies(Individual Life Insurance + Individual Annuities)(Individual Life Insurance + Individual Annuities）

New policy amount

Number of new policies(3.2%)

295

283

Annualized premiums from new policies(Thousands of policies)274(T illi(Trillions
off yen))(Billions of yen)300

30,0003.0
25,000
2.5

40

34.9
2 06
2.06

2 05
2.05

((1.8%))Of which, third-sector

2 01
2.01

33.2

30

32.1
(3 4%)(3.4%)

200

20,0002.0

20

15,0001.5

100

10,000
1.0

10
5,000
5
000
05
0.5
0

0
FY10.1H

FY11.1H

FY12.1H

Line item amounts are truncated below ¥10 billion; numbers of policies aretruncated below 1,000 policies; percentage change figures are rounded.

7.9

8.1

FY10.1H

FY11.1H(0 1%)(0.1%)

8.1

0
FY12.1H

Line item amounts are truncated below ¥100 million; percentage figures are rounded.

8

Attachment

Sony Life Operating Performance (2)Number and Amount of Policies in Force

Annualized Premiums from Insurance in Force(Individual Life Insurance + Individual Annuities)(Individual Life Insurance + Individual Annuities)

Policy amount in force(Trillions of yen)

+5.9%

5 49
5.49

50

5.67

+2 6%
+2.6%

5.82

(Billions of yen)
(Millions of policies) 700

+4.9%

6

35 3
35.3

+3.8%

36.7

36 0
36.0

+2.1%

5

500
4

+1.7%

30

648.5

635.4

618.0
600

40

Of which, third-sector

Annualized premiums from insurance in force

Number of policies in force

400
3

300

20
2
10

200
+5.7%

1

0

100

12.3.31148.9

11.9.30

12.3.31

+2.8%

153.1

0

0
11.9.30144.7

12.9.30

Line item amounts are truncated below ¥100 billion; numbers of policies aretruncated below 10,000 policies; percentage change figures are rounded.

12.9.30

Line item amounts are truncated below ¥100 million;
percentage figures are rounded.

9Sony Life Operating Performance (3)Lapse and Surrender Rate*

Solvency Margin Ratio(Individual Life Insurance + Individual Annuities)＜Annual and 1H＞
Lapse and surrender rate
(Annual)

Lapse and surrender rate
(1H)

(%)

(%)

3,000

10

2,500

2,149.68

6.41
6

1,980.4

2,000

5 93
5.93

1,720.0+169.2pt(Annual)
1,500

4

2

1,000

(0.30pt)

(1H)

3.11

2.95

2.65

500

0
FY10

FY11

FY12

*The lapse and surrender rate shows the ratio derived by dividing the amount oflapses and surrenders, not adjusted for policy amount decreases, increases, andreinstatements, by the policy amount in force at the beginning of the fiscal year.

00
11.3.3112.3.3112.9.30

Note: The solvency margin ratios are calculated according to the new standards
which became effective as of the end of fiscal year 2011 (March 31, 2012).

10

Attachment

Sony Life Operating Performance (4)Ordinary Profit

Income from Insurance Premiums(Billions of yen)

428.8
400

371 0
371.0

395.7

(Billions of yen)

100
+8.4%

80

300
60

50.0

200
40

31.3

28.5
100

+9.8%

20

0

0
FY10.1H

FY11.1H

FY10.1H

FY12.1H

FY11.1H

FY12.1H

Line item amounts are truncated below ¥100 million; percentage figures are rounded.

11

Sony Life Operating Performance (5)Core Profit

Negative Spread(Billions of yen)(Billions of yen)

FY10.1H

FY11.1H

FY12.1H0
1(78.9%)

2

1.9

3

40

33.3

31.6

0.4
30

26.8

+5.1%

4
5

4.1

20

6
7

10

8
9
0

10

FY10.1H

FY11.1H

FY12.1H

Line item amounts are truncated below ¥100 million; percentage figures are rounded.

12

Attachment

Sony Life Operating Performance (6)Number of Lifeplanner Sales Employees(Number)
+48

4,500
4,066
[49]

4,026
[51]

4,023
[62]

3,996
[66]

4 000
4,000

4,116
[71]

4,071
4
071
[82]

4,098
[79]
(27)

3,500

0
3,000

11.3.3111.6.30

11.9.30

11.12.31

Note: Figures in [ ] show the numbers of Lifeplanner sales employees (rehired ona fixed-term contract basis after retirement) included in the overall numbers.

12.3.3112.6.30

12.9.30* “Lifeplanner” is a registered trademark of Sony Life Insurance Co., Ltd.

13

Sony Life Operating Performance (7)Breakdown of General Account Assets
12.3.31(Billions of yen)

<Asset management review>

12.9.30

Amount%

3 975 7
3,975.7

83 2%
83.2%

4 244 6
4,244.6

84 2%
84.2%

Japanese stocks

45.0

0.9%

32.9

0.7%

Foreign securities

59.6

1.2%

60.6

1.2%

Japanese government
andd corporate bonds
b dAmount%Japanese government and corporate bonds:
Continue to accumulate ultralong-termbonds in FY12

[Lengthened asset duration]
11. 3.31

18.5 year

12 3
12.
3.31
31

19 2 year
19.2

12. 9.30

19.3 year

Foreign stocks

30.5

0.6%

29.9

0.6%

Monetary trusts

288.2

6.0%

295.5

5.9%

Policy loans

138.7

2.9%

140.8

2.8%

■ Investment in the monetary trusts is mainly into
Japanese government and corporate bonds.

Real estate

72.9

1.5%

72.1

1.4%

Cash and call loans

64.8

1.4%

58.5

1.2%

■ The holding ratio on the real status, of Japanese
government and corporate bonds including
those invested in monetary trusts in the generalaccount assets: As of Sep. 30, 2012: 90.1%

Others

102.6

2.1%

105.2

2.1%

4,778.5

100.0%

5,040.4

100.0％Total(As of March 31, 2012: 89.2%)

Line item amounts are truncated below ¥100 million; percentage figures are rounded.

14

Attachment

Highlights of Operating Performance:
Sony Assurance
Ordinary profit

Ordinary revenues

FY11.1H

FY12.1H

39.9

42.3

+2.4

+6.1%

Underwriting income

39.4

41.8

+2.4

+6.1%

Investment income

0.4

0.4

+0.0

+11.2%

39.1

41.9

+2.7

+6.9%

Underwriting expenses

29.7

31.7

+2.0

+6.9%

Investment expenses
p

0.0

0.0

+0.0

+175.8%Operating, general andadministrative expenses

9.4

10.0

+0.6

+7.3%

Ordinary profit

0.7

0.4

(0.2)

(37.3%)Net income

0.4

0.2

(0.2)

(47.1%)

12.3.3112.9.30

Underwriting reserves

67 3
67.3

70 0
70.0

+2 7
+2.7

+4 0%
+4.0%

Total net assets

18.0

18.3

+0.3

+2.0%

Total assets

118.6

122.2

+3.6

+3.1%

(Billions of yen)

+6.1%

39.9

42 3
42.3

Ordinary revenues

Ordinary expenses

0.7

0.4
((37.3%))

FY11.1H

FY12.1H(Billions of yen)

◆ Ordinary revenues increased but ordinary profit
decreased year on year.
◆ Ordinary revenues increased year on year,
owing to an increase in net premiums written, as
th numbertheb off insuranceipolicies
li i iin fforce grewsteadily, primarily for automobile insurance.
◆ Ordinary profit decreased year on year, owing toa rise in the loss ratio due mainly to higher
insurance payments per claim for automobileiinsurance.

(Billions of yen)

ChangeChange from 12.3.31

Line item amounts are truncated below ¥100 million; percentage figures are rounded.

15

Overview of Performance:
Sony Assurance<Reasons for changes>(Billions of yen)

FY11.1H

FY12.1H

ChangeDirect premiums written

39.0

41.3

+5.8%

Net premiums written

39.4

41.8

+6.1%

Net losses paid

21 1
21.1

23 1
23.1

+9 2%
+9.2%

Underwriting profit

0.3

0.0

(94.5%)Net loss ratio

60.1%

62.0%

+1.9ptNet expense ratio

25 5%
25.5%

25 7%
25.7%

+0 2pt+0.2ptCombines ratio

85.7%

87.7%

+2.0pt◆ Increased owing to an increase in thenumber of policies in force for automobile
insurance.
◆ Increased owing mainly to an increase in
the number of insurance payments due tothe higher number of policies in force for
automobile insurance.
◆ Increased owing mainly to increases ininsurance acquisition cost for new policies
and in the system-related expenses.

Net loss ratio = (Net losses paid + Loss adjustment expenses) / Net premiums written
Net expense ratio = Expense related to underwriting c/ Net premiums written.

Number of policies in force
Solvency margin ratio

12.3.3112.9.30

Change from 12.3.31

1.49 million

1.53 million+0.03 million

557.8%

534.4%

Notes:*1 The number of policies in force is the total of automobile insurance andmedical and cancer insurance, which accounts for 99% of net premiums written.
*2 The solvency margin ratios are calculated according to the new standards whichbecame effective as of the end of fiscal year 2011 (March 31, 2012).

+2.6%(23.4pt)◆ Increased due to an increase in thenumber of policies in force for automobile
insurance.

Line item amounts are truncated below ¥ 100 million; numbers of policies aretruncated below 10,000 policies; percentage change figures are rounded.

16

Attachment

Sony Assurance’s Underwriting Performanceby Type of Policy
Direct Premiums Written

Net Premiums Written

FY11.1H

ChangeFY12.1H((Millions of yyen))

FY11.1H

FY12.1H

Change6473+13.6%(Millioms of yen)

Fire

66

111

+68.7%

Marine

－

－

－

Fire
Marine1874+294.7%

,
3,745

4,009
,

+7.0%

Personal accident
accident*

3,645

3,895

+6.9%
6.9%

Personal accident*

Voluntary automobile

35,33837,293+5.5%

Voluntary automobile

35,20637,155

+5.5%

－

－

－

Compulsory
automobile liability

408

532

+30.6%

39,04941,300+5.8%

39,443

41,845+6.1%

Compulsory
automobile liability
Total

Total

*SURE, medical and cancer insurance is included in personal accident.

Net Losses Paid
FY11 1H
FY11.1H

FY12 1H
FY12.1H

Change

Fire

40

0

(98.8%)

Marine11142－

Personal accident*

867

941

+8.6%

Voluntary automobile

19,866

21,562+8.5%

Compulsory
automobilet
bil liliability
bilit

410

489

+19.4%

21,19623,137+9.2%(Millions of yen)

Total

Line item amounts are truncated below ¥ 1 million;
Percentage change figures are rounded.

17

Sony Assurance Operating Performance (1)Net Premiums Written andNumber of Policies in Force

Ordinary Profit

Personal accident insurance
Voluntary automobile insurance
Other
Number of policies in force(Billions of yen)

(Millions of policies)

+6.1%

40

0.3

36.7
3.6

30

2

1 53
1.53
1.6

1.44

1.33

50

(Billions of yen)

1.4
04
0.4

39 4
39.4
3.7
35.2

+6.1%

41.8
4.0

0.6

1.5
1.2
1

37.1

1
0.8

32.6

0.6

0.6

20

0.4

0.7
0.4

0.5

10

(37.3%)

0.2
00
FY10.1H

FY11.1H

FY12.1H

The number of policies in force is the total of automobile insurance and medical
and cancer insurance policies, which account for 99% of net premiums written.
More than 99% of personal accident insurance is medical and cancer insurance.

0
FY10.1H

FY11.1H

FY12.1H

Line item amounts are truncated below ¥100 million; numbers of policies aretruncated below 10,000 policies; percentage change figures are rounded.

18

Attachment

Sony Assurance Operating Performance (2)Combined Ratio(Net Loss Ratio + Net Expense Ratio)

Earned/Incurred Loss Ratio +Net Expense Ratio
Earned/Incurred loss ratio
(%)

100

95.2

<Reference>

Net expense ratio+2.9pt98.1

94.2

Net expense ratio

Net loss ratio
(%)

99.0

96.1

100

80

+2.0pt

89 0
89.0

85.6

83.0

87.7

85.7

80

70.6
72.4

60

+2.7pt+1.9pt

73.3

69.5

60

69.7

60.1

63.3
60.0

40

62.0

58.2

40

20
25.5

25.7

20

+0.2pt

24.7

25.5

25.7

FY10.1H

FY11.1H

FY12.1H0+0.2pt

25.7

25.5

24.7

25.5

25.7

FY10.1H

FY11.1H

FY12.1H

0
FY10

FY11

FY10

Notes:
Earned/Incurred loss ratio = (Net losses paid + Provision for reserve for outstanding losses +Loss adjustment expenses ) / Earned premiums.
[Earthquake insurance and compulsory automobile liability insurance are excluded from theabove calculation. ]FY11

Notes:Net expense ratio = (Net losses paid + Loss adjustment expenses) / Net premiums written
Net expense ratio = Expenses related to underwriting / Net premiums written.

19Sony Assurance Operating Performance (3)Solvency Margin Ratio
(%)
1,200

800

631.0%%

557.8%(23.4pt)

534.4%

400

011.3.3112.3.3112.9.30

Note: The solvency margin ratios are calculated according to the new standards which became effective as of the end of
fiscal year 2011 (March 31, 2012).

20

Attachment

Highlights of Operating Performance:
Sony Bank (Consolidated/Non-consolidated)
Consolidated ordinary revenues
Consolidated ordinary profit<Consolidated>

16.8

15.9

FY11.1H

FY12.1H

Consolidated ordinary revenues

15.9

16.8

+0.8

Consolidated ordinary profit

2.1

2.1

(0.0)

(0.8%)

Consolidated net income

0.9

1.8

+0.9

+105.9%

FY11 1H
FY11.1H

FY12 1H
FY12.1H

Ordinary revenues

15.1

15.2

+0.0

+0.2%

Gross operating profit

9.3

8.9

(0.3)

(4.2%)Net interest income

7.8

8.3

+0.5

+6.6%

Net fees and commissions

0.08

0.01

(0.07)(87.2%)Net other operating income

1.4

0.5

(0.8)

(59.5%)

General and administrative
expenses

6.8

6.9

+0.1

+2.1%

Net operating profit

2.3

2.0

(0.2)

(12.4%)

Ordinary profit

2.2

1.9

(0.2)

(11.6%)Net income (loss)

1.2

(0.5)

(1.8)

―

12.3.3112.9.30

62.7

62.4

(0.3)

(0.6%)

17
1.7

25
2.5

+0 8
+0.8

+45 3%+45.3%

1,890.5

1,951.5

+61.0

+3.2%

(Billions of yen)

+5 1%
+5.1%

Change+5.1%<Non-consolidated>(Billions of yen)en)

2.1 (0.8%)
FY11.1H

2.1

FY12.1H(Billions of yen)<Consolidated>◆ Consolidated ordinary revenues increased year on year due toan increase in net fees and commissions resulting from Sony
B k’ acquisition
Bank’si iti off S
SmartLinktLi k N
Network,tk IInc. whichhi h hhas
become its consolidated subsidiary. Consolidated ordinary
profit remained at the same levels. Consolidated net income
increased due to recording deferred tax assets on the sale ofSony Bank Securities Inc. on August 1, 2012.
<Non-consolidated>◆Gross operating profit decreased year on year due to adecrease in profit related to foreign currency transactions which
offset higher interest income on loans due to a growing balanceof mortgage loans.
◆ Net operating profit decreased owing to higher general andp
led p
primarily
y byyp
personal
administrative expenses
reinforcement for business expansion.
◆ Net income (loss) decreased owing to recording extraordinary
losses (¥2.8 billion) on the sale of Sony Bank Securities Inc.

(Billions of yen)

Total net assets
Net unrealized gains on othersecurities (net of taxes)

Total assets

ChangeChange from
12.3.31

Line item amounts are truncated below ¥100 million except for net fees and commissions;percentage change figures are rounded.

21

Overview of Performance:
Sony Bank (Non-consolidated) (1)11.9.30

12.3.3112.9.30

Change from
12.3.31(Billions of yen)

Customer assets

1,743.7

1,864.3

1,921.5

+57.1

+3.1%

Deposits

1,645.2

1,762.2

1,819.3

+57.1

+3.2%

Yen

1 284 3
1,284.3

1 390 5
1,390.5

1 456 01,456.0

+65 5
+65.5

+4 7%
+4.7%

360.8

371.7

363.3

(8.3)

(2.3%)

Investment trusts

98.5

102.0

102.1

+0.0

+0.1%

Loans outstanding

776 1
776.1

835 5
835.5

898 6
898.6

+63 0
+63.0

+7 5%
+7.5%

Mortgage loans

697.8

749.6

802.9

+53.3

+7.1%

Others

78.2

85.9

95.6*1+9.7+11.3%

Number of accounts(10 thousands)

88

89

91

+1

+1.3%

Capital adequacy ratio(domestic criteria) *2

10.52%

11.58%

11.18%(0.40pt)

Tier 1 ratio

10 07%
10.07%

9 63%
9.63%

9 30%
9.30%

(0 33pt)(0.33pt)

Foreign currency<Reasons for changes>◆ Yen deposit increased due to the positiveeffect of special campaigns associatedwith the 2012 summer bonus season.

◆ Foreign currency deposit slightly
decreased reflecting the yen’s
appreciation that had the negative impact
on the foreign exchange conversion(negative impact of ¥20.9 billions).

◆ Loan balance increased due to a growing
balance of mortgage loans, in addition toa higher corporate loan balance centeredon syndicated loans.

*1 Loans in others include corporate loans of ¥88.7 billion.
*2 Please refer to the graph of the non-consolidated capital adequacy ratio (domestic criteria) on P25.

Line item amounts are truncated below ¥100 million; numbers of accounts are truncatedbelow 10 thousands accounts; percentage change figures are rounded.

22

Attachment

Overview of Performance:
Sony Bank (Non-consolidated) (2)<Reference> On Managerial Accounting Basis<Reference> Interest Spread(Managerial Accounting Basis)

FY11.1
H

FY12.1H

9.3

8.9

(0.3)

(4.2%)Net interest income*1 ①

8.3

8.5

+0.2

+2.5%

Net fees and commissions*2 ②

06
0.6

02
0.2

(0 3)
(0.3)

(55 0%)(55.0%)Net other operating income*3

0.3

0.1

(0.2)

(69.2%)

Gross operating profit (core profit)(A) ＝①＋②

8.9

8.8

(0.1)

(1.4%)

Operating expenses and otherexpenses
③

6.9

6.8

(0.1)

(1.4%)Net operating profit (core profit)＝(A)－③

1.9

1.9

(0.0)

(1.2%)(Billions of yen)

Gross operating profit

ChangeYield on investment
Interest spread

Yield on financing

(%)

2.00

1.50

1.36
1.28

1.00

0.94

*1: Net interest income: Includes profits and losses associated with fund investment recorded
i nett otherinth operatingti iincome, iincluding
l di gains
i or llosses ffrom currency swap ttransactions.
ti*2: Net fees and commissions: Includes profits and losses for customer dealings in foreign
currency transactions recorded in net other operating income.
*3: Net other operating income: After the above adjustments (*1 and *2), consists of profits andlosses for bond and derivative dealing transactions.

0.50

0.42

0 38
0.38

●Core basis
Profits and losses exclude net other operating income, which includes those on bond andderivative dealing transactions, and stands for Sony Bank’s basic profits.

0 00
0.00
FY11.1H

FY12.1H(0.04pt)

0 90
0.90

●Managerial accounting basis
The following adjustments are made to the figures on a financial accounting basis to accountfor profits and losses more appropriately.

Note: Interest spread=(Yield on investment)-(Yield on financing)Line item amounts are truncated below ¥100 million; percentage change figures are rounded.
The calculation method on a managerial accounting basis was partly changed from this fiscal year. Accordingly, the figures for FY11.1H were retroactively calculated.

23

Operating Performance:
Sony Bank (Non-consolidated) (1)Loans

Deposits
Y d
Yendeposits
it

Foreign currency deposits

Mortgage loans

Others898.6(Billions of yen)(Billions of yen)

835.5
95.6*
800

2,000

1,649.1

1,762.2

+57.1

363 3
363.3

+63.0

722.4

1,819.3*Corporateloans of¥88 7billi¥88.7billion.

600

1,500

400

1,000

802.9
1,456.0
200

500

0

0

11.3.3112.3.3112.9.30

11.3.3112.3.3112.9.30

Line item amounts are truncated below ¥100 million.

24

Attachment

Operating Performance:
Sony Bank (Non-consolidated) (2)Non-Consolidated Capital Adequacy Ratio(Domestic Criteria)

Balance of Securities by Credit RatingsAAA
BBB

Capital adequacy ratio

AA
A
OthersTier1 ratio

(%)

15

(Billions of yen)

1,200

11 58
11.58
1,000

940.1

912.9

+5.0

(0 40 )
(0.40pt)

10.84

918.0

11.18

10

10 41
10.41

800

9 30
9.30
9.63
(0.33pt)

600

5
400

200

0
11.3.310
11.3.3112.3.3112.9.30

12.3.3112.9.30*C
Calculated
l l t d b
based
d on ththe standard
t d d FSA N
Notification
tifi ti N
No. 19 (2006),(2006) whichhi h establishest bli hstandards based on Article 14-2 of the banking Act of Japan for determining the capital
adequacy of a bank in light of the assets held by the bank.
Line item amounts are truncated below ¥100 million.

25

Attachment

Consolidated Financial Forecast
for the Year Ending March 31, 201326

Consolidated Financial Forecast
for the Year Ending March 31, 2013
■SFH’s forecast of consolidated financial results for FY2012 is unchanged from the forecast announced on May 10, 2012.
(Billions of yen)C
Consolidated
lid t d ordinarydirevenues

FY11

FY12

ActualForecast

1 078 01,078.0

Life insurance business

967.5

Non-life insurance business

80.0
32.5

Banking businessChange1 115 01,115.0
86.8 →

+3.4%
3 4%

994.5

+2.8%

85.0
34.5

+8.4% → +6.1%+6.0%

Consolidated ordinary profit

74.6

67.0

(10.2%)

Life insurance business

68.1
2.8
34
3.4

61.5
2.6
36
3.6

(9.8%)(9.1%)

32.8

37.0+12.8%

Non-life insurance businessB ki bBankingbusinessiConsolidated net income

+3.9%
3 9%

■Life insurance businessy revenues and ordinaryy p
profit remains unchanged
g because the actual results for the first half of the fiscal yyear were close to
The forecast of ordinary
the amounts we had expected.
■Non-life insurance business
SFH revised downward its forecast of ordinary revenues. This is because the net premiums written during the first half of the fiscal year were less than
we had expected at the beginning of the fiscal year, and we assume this condition will continue in the second half of the fiscal year, due to intensifiedcompetition in Japan’sJapan s automobile insurance industry
industry. On the other hand
hand, the forecast of ordinary profit remains unchanged because we expect the
cut back on expenses and a reversal of catastrophe reserve will offset an impact from the aforementioned decrease in ordinary revenues and theloss ratio which is expected to stay at a high level.
■Banking business
The forecast of ordinary revenues is unchanged. This is because actual performance for the first half of the fiscal year was in line with forecasts madeat the beginning of the fiscal year, and the balance of loans, especially mortgages, is expected to increase steadily in the second half of the fiscal year.
The forecast of ordinary profit is unchanged, as we anticipate a steady increase in interest income on loans due to a rise in the balance of mortgage
loans, which should offset an assumed decrease in profit related to foreign currency transactions.
Line item amounts are truncated below ¥100 million; percentage figures are rounded.

27

Attachment

Dividend Forecast for theYear Ending March 31,
31 2013

28

Dividend Forecast for the YearEnding March 31, 2013
We have decided on a year-end per-share dividend of ¥25 for the year ending
March 31, 2013, up ¥5 from the previous year’s ¥20.
■ Reasons for Dividend Increase
Our dividend policy is to basically maintain stable dividends. The policy also aims for steady increases in
dividends in line with earnings growth over the medium to long terms.
We have decided to increase the year-end dividend for the year ending March 31, 2013, after looking
during the first half under review and taking into account such overall factors as the management
environment in which the Group operates
operates.
Annual dividend amount

Dividend payout ratio(%)(Billions of yen)

12

10
8

8.7
6.525

4

50

8.7

40
29.4

6.525
20.9

6

Increased 10.875
dividend

26.5

30
20

21.2
10

13.6

2
0

0

FY08

FY09

FY10

FY11

FY12 (F)29

Attachment

Sony Life’s MCEV
andRisk Amount Based on Economic Valueas of September 30, 201230

Sony Life’s MCEV and Risk Amount Based on
Economic Value as of September 30, 2012
(Billions of yen)

MCEV

12.3.31(JGB yield)

Change from
12.3.3112.9.30(JGB yield)

1 041 5
1,041.5

1 068 3
1,068.3

+26.8
26 8

Adjusted net worth

409.2

467.2

+58.0

Value of existing business

632.4

601.2

(31.2)(1) Calculated MCEV for policies in force as of September 30, 2012 by using updated lapse and surrender rate and economic assumptions.
(2) Adopted simplified method for a part of MCEV calculations as of September 30, 2012.

(Reasons for change)
 MCEV increased due to the addition of new policies while an increase in prices of ultralong-term JGBs held from an ALM
perspective offset the negative effect of a decrease in the value of existing business led by a decline in ultralong-term
interest rates.
 New business value (new business margin) for the first half of this fiscal year was ¥30.5¥30 5 billion (6.1%)(6 1%) while that for theprevious fiscal year amounted to ¥65.2 billion (6.4%).
Note: New business margin = (Value of new business) / (present value of premium income)* Please keep in mind that the validity of these calculations has not been verified by outside specialists.
(Billions of yen)

The risk amount based on economic
value

12.3.31551.5

12.9.30
593.2

Change from 12.3.31+41.7

Note: Measurement of risk based on economic value takes one-year VaR to be 99.5% and is measured using an internal model that refers to the
EU Solvency II (QIS5) standard model.

31

Attachment

Appendix

32

Recent Topics 1
AEGON SONY LIFE INSURANCE Sales Update
Launch of sales：December 1, 2009
Common stock：¥20
stock ¥20 billion (including capital surplus of ¥10 billion)
Equity ownership：Sony Life insurance Co., Ltd. 50%, AEGON・international B.V. 50%
Marketing products: Individual Variable Annuities (2 types, 4 products*)
Sales Channels: Lifeplanner sales employees and partner Banks (7*) As of November14, 2012
Financial Highlights for FY12.1H:Number of new policies: 2,578, New policy amount: ¥18.3 billion
Number of policies in force: 6,209, Policy amount in force: ¥47.5 billion (As of September 30, 2012)

Sony Bank’s Mortgage Loans through Sony Life
■Sony Life accounts for 23% of the balance of mortgage loans
as of September 30, 2012
Sony Life accounts for 25% of the amount of
new mortgage loans for FY12.1H*Sony Life started handling banking agency business in January 2008.

Sony Assurance’s Auto Insurance Sold by Sony Life
Sony Life accounts for approx. 5% of new automobile policies
for FY12FY12.1H
1H* Sony Life started handling automobile insurance in May 2001.
““Lifeplanner” is a registered trademark of Sony Life Insurance Co., Ltd.

33

Attachment

Recent Topics 2<Highlights for FY12.2Q>
2012-7-23

Sony Assurance launched renewed official website and smartphone site

2012-7-27

Sony Assurance began providing smartphone designed to assist drivers to be conscious of the importance ofsafe driving, to solve problems when troubled and to get estimates and apply for automobile insurance via smartphone.
Sony Assurance is the first Japanese automobile insurance provider to offer these smartphone applications and services.

2012-8-01

AEGON Sony Life Insurance began offering a new individual variable annuity product, “With Family” through Sony Life‘sLifeplanner sales employees

2012-8-01

Sony Bank transferred all Sony Bank securities’ shares to Monex Group with the aim of enhancing financial products
intermediary services through strengthening business alliance with Monex Group

2012-9-24

Sony Assurance launched renewed customer communication website

2012-10-01

Sony Assurance made a commitment of an initial response by an appointed staff member within an hour after receiving
an accident report for automobile insurance policyholders

2012-10-19

Sony Life launched the second phase of its “Co-Creation Project”

2012-10-22

Sony Bank began offering Chinese Yuan, South African Rand and Swedish Krona for foreign currency deposits

2012-11-01

Sony Assurance revised automobile insurance including a discount on paperless insurance policies and establishing a
new rider, commencing on or after November 1, 201234

Sony Life: Fair Value Information on Securities(General Account Assets)
Fair Value Information on Securities
Fair value information on securities with market value ((except
p trading-purpose
gp p
securities))(Billions of yen)Valuation gains (losses) on trading-purpose securities(Billions of yen)

Notes: 1) Line item amounts are truncated below ¥100 million. 2) Amounts above include those categorized as “monetary trusts.”

35

Attachment

Sony Life’s Breakdown of Net Assets
Net Assets on BS, Real Net Assets and Solvency Margin(Billions of yen)
②Real
Net Assets

Assets (B/S)①①Net
12.3.3112.9.30③Solvency
MarginNotes

12.3.3112.9.30

12.3.3112.9.30③After estimated distributed
income deducted

Total shareholders’ equity

232.2

241.5

232.2

241.5

223.1

240.9

Net unrealized gains on other securities, net of taxes

34.0

45.7

34.0

45.7

－

－

－

－

－

－

54.6

69.8

Land revaluation, net of taxes

(1.3)

(1.3)

(1.3)

(1.3)

－

－

Reserve for price fluctuations

－

－

25 3
25.3

28 6
28.6

25 3
25.3

28 6
28.6

Contingency reserve

－

－

55.3

57.3

55.3

57.3

General reserve for possible loan losses

－

－

－

－

0.0

0.0

Net unrealized gains on real estate

－

－

0.6

0.6

(0.1)

(0.1)

③Before tax (Before revaluation) x
85% (if losses x 100%)

Excess amount of policy reserves based on Zillmer method

－

－

350.4

361.3

304.4

328.0

③After deducting exclusion amountU ll tt d portion
Unallottedti off reserve forf policyholders'li h ld ' didividends
id d

－

－

07
0.7

11
1.1

07
0.7

11
1.1

Deferred tax assets

－

－

－

－

58.7

66.7

Unrealized gains (losses) on held-to-maturity bonds

－

－

155.8

205.4

－

－

Net unrealized gains (losses) on available-for-sale securities③Before tax x 90%②Before tax (after revaluation)

Deferred tax
ta liabilities for available-for-salea ailable for sale sec
securities
rities
Total

－

－

18 3
18.3

23 6
23.6

－

－

264.8

285.8

871.4

963.9

722.1

792.4

（Note: Real net assets excluding net unrealized gains (losses) on held-to-maturity securities and on policy reserve matching bonds,
are ¥715.5 billion as of March 31, 2012, and ¥758.5billion as of September 30, 2012.

②Before tax

Amounts are truncated below ¥100 million.

36

Contact:
Corporate Communications & Investor Relations Department
Sony Financial Holdings Inc.
TEL： +81-3-5785-107437