November 13, 2017
Sony Financial Holdings Inc.

Sony Life's Supplementary Data for the Six Months Ended September 30, 2017 at Press Conference(1) Status of Insurance Policies
For the six months ended Sep. 30, 2017
Change fromMar. 31, 2017

YoY change(Millions of yen)
For theFor the year
six months
endedended
Mar. 31, 2017
Sep. 30, 2016

Annualized premiums from new policies

32,391―(16.4%)

78,12738,759Of which third-sector products

5,991

―

(26.0%)

15,718

8,101

833,509

1.5%

4.2%

820,856

799,681

Of which third-sector products

189,603

1.1%3.0%

187,449

184,055

Income from insurance premiums

480,491―0.6%

956,733

477,426

476,351―0.5%

947,987473,747

Annualized premiums of insurance in force

Individual life insurance and annuities
Group insurance and annuities

3,107

―

9.4%

6,041

2,838

New policy amount

2,230,727―(8.9%)

4,957,505

2,449,029

Policy amount in force

46,219,136

2.0%

4.8%

45,334,192

44,114,486

873,448―(5.3%)

1,839,385

922,587

1.93―

0.21ppt down

4.27

2.14

Lapse and surrender amount
Lapse and surrender rate (Policy amount basis) (%)

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 and individual annuities.
Income from insurance premiums for the group life insurance and annuities represents a total amount of those of group 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 payment policies, premiums are divided by the number of coverage years.)(2) Status of Assets
As of Sep. 30, 2017
Change fromMar. 31, 2017
Total assets

YoY change

As ofMar. 31, 2017

As ofSep. 30, 2016

(Millions of yen)

9,208,334

3.8%

10.1%

8,873,613

8,365,201(100 millions of yen)26,122(1.7%)(23.0%)

26,56933,904%32.2(1.5pt)(13.0pt)

33.7

45.2

(100 millions of yen)

12,036

1.5%

2.4%

11,853

11,757

Real net assets (B) / General account assets%

14.8(0.2pt)(0.9pt)

15.0

15.7

Solvency margin ratio%

2,631.8

63.0pt(142.6pt)

2,568.8

2,774.4

Real net assets (A)Real net assets (A) / General account assets
Real net assets (B)Notes:
1. 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 the standpoint 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-reservematching bonds. Accordingly, Sony Life calculates net real assets (shown as “Real net assets (B)”) on this basis.
2. Figures indicate percentage changes from March 31, 2017, and September 30, 2016. (Percentage point changes are given for real net assets /general account assets, and solvency margin ratio)(3) Core Profit / Positive Spread
For the six months ended Sep. 30, 2017
Change from
Mar. 31, 2017
Core profit

43,898

Forecast for theyear ending Mar. 31, 2018
Flat

Positive spread (Negative amount indicates negative spread)1―YoY change
43.1%(Millions of yen)
For theFor the year
six months
endedended
Mar. 31, 2017
Sep. 30, 2016
83,831(100 millions of yen)
For the year ended
Mar. 31, 201715430,687

(4) Policy and Other Reserves(Millions of yen)
As of Sep. 30, 2017
Amount change
YoY amountfromchangeMar. 31, 2017

Policy reserves (excluding contingency reserve)

As ofMar. 31, 2017

As of
Sep. 30, 2016

8,160,498

313,017

658,485

7,847,480

7,502,012

General accounts (excluding contingency reserve)

7,097,531

221,403

437,037

6,876,127

6,660,493

Separate accounts (excluding contingency reserve)

1,062,967

91,613

221,447

971,353

841,519

Reserve for price fluctuations

46,909904

1,868

46,00545,040Contingency reserve

86,076

3,613

7,439

82,46378,637

Contingency reserve I

24,342359

904

23,98323,437

Contingency reserve II

20,605518

1,157

20,087

19,448Contingency reserve III

34,400

2,703

5,299

31,697

29,101

Contingency reserve IV

6,727

3276

6,695

6,650

Contingency reserve fund

―――

―

―

Price fluctuations reserve fund

―

―

―

―

―

(5) Unrealized Gains (Losses)(Millions of yen)
As of Sep.30, 2017
As ofAmount change
YoY amountMar. 31, 2017
fromchangeMar. 31, 2017
1,583,729(61,231)(828,516)
1,644,961

Securities
Japanese stocks
Japanese government and corporate bonds
Foreign securities
Real estate

As ofSep. 30, 2016
2,412,246

16,143

2,746

5,186

13,396

10,956

1,576,684(76,500)(812,035)

1,653,185

2,388,719(9,206)

12,561(21,643)(21,768)

12,43670,562897

14,446

69,664

56,115

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

(6) Investment Results and Plans(Millions of yen)
Result for the first half of thefiscal year ending Mar. 31, 2018

Plan for the second halfof the fiscal year
ending Mar. 31, 2018

30,263

Flat

8,722,816

Increase

Foreign stocks

26,300Flat

Foreign bonds

298,022

Increase

Real estate

180,930

Flat

Japanese stocks
Japanese government and corporate bonds(7) Level of Indices where Unrealized Gains (Losses) on Assets are Break-even
As ofSep. 30, 2017
Japanese stocks (NIKKEI Average)

(yen)

8,137

Japanese stocks (TOPIX)

(ppt)

669

Japanese government and corporate bonds

(%)

1.7

Foreign securities

(yen)

100

Notes:
1. Japanese stocks are fully linked to the Nikkei 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 Mar. 31, 2018
Forecast
Income from insurance premiums

Increase

Core profit

DecreasePolicy amount in force

Increase

Annualized premiums for policies in force

Increase2(9) Number of Employees
As of Sep. 30, 2017
Change fromMar. 31, 2017

YoY change

As ofMar. 31, 2017

As ofSep. 30, 2016

Sales employees

5,645

1.1%

5.4%

5,585

5,358

Office employees

2,359

3.5%

5.6%

2,280

2,233

(10) Over-the-counter Sales through Banks(Millions of yen)
For the six months ended
Sep. 30, 2017
YoY change

Variable annuities

Fixed annuities

For the yearended
Mar. 31, 2017

For thesix monthsended
Sep. 30, 2016

Number of new policies――

11

Insurance premiums

―

―

00

Number of new policies

―

―

77

Insurance premiums

―

―

44

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

(Millions of yen)
For the six months ended
Sep. 30, 2017
YoY change

For the yearended
Mar. 31, 2017

For thesix months
ended
Sep. 30, 2016

Single premium whole
life insurance

Number of new policies

―

―

66

Insurance premiums

―

―

34

34

Single premium
endowment insurance

Number of new policies――――

Insurance premiums

―

―

―

―

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

(Millions of yen)
For the six months ended
Sep. 30, 2017
YoY change

For the year
ended
Mar. 31, 2017

For thesix months
ended
Sep. 30, 2016

Single premium
life insurance

Number of new policies――――

Insurance premiums――――

Level premium plan
life insurance

Number of new policies

134(49.8%)

424

267

Insurance premiums

49(35.5%)

10676

Notes:1. Insurance premiums refer to single premium amount for single payment policies, and a figure converted to a per-year premium for other policies.
2. Number of new policies for the six months ended September 30, 2017 includes product such as family income insurance with living standard rider, U.S. dollar-denominated whole life insurance,living benefit whole life insurance (living standard type).

3

Attachment
Other Supplementary Data (for the Six Months Ended September 30, 2017
Provision of policy reserve of the general account assets for minimum guarantee for variable annuities and others

For the six months
ended Sep. 30,
2017
Provision for policy reserve of the general account assets forminimum guarantee for variable annuities and others40

4(100 millions of yen)
For the six months
For the year ended
ended Sep. 30,
Mar. 31, 2017201678116