March 5, 2010
Sony Financial Holdings Inc.

Additional Information on FY09 3Q Consolidated Financial ResultsSony Financial Holdings (“SFH”) filed its Shihanki Hokokusho, or Quarterly Report, on February 15, 2010, as
required under the Financial Instruments and Exchange Law of Japan, for the quarter ended December 31,
2009, and uploaded this report onto its Japanese website. As part of our efforts to disclose information as fairly
as possible to non-Japanese shareholders and investors, Sony Financial Holdings discloses English-language
summaries of information that might be informative for investors but is typically only disclosed in the Shihanki
Hokokusho.

Contents
1. Risk Factors
2. Management’s Discussion and Analysis for the Three Months Ended December 31, 2009
3. Property, Plant and Equipment(1) The Status of Property, Plant and Equipment(2) Plans to Acquire or Dispose of Property, Plant and Equipment
4. Securities and Monetary Trusts as of December 31, 2009 (SFH Consolidated)(1) Held-to-maturity bonds with fair market value(2) Available-for-sale securities with fair market value(3) Monetary trusts for held-to-maturity(4) Other monetary trusts (other than held-to-maturity or investment purpose)
5. Supplementary Information on Sony Life (Non-Consolidated)(1) Securities as of December 31, 2009(2) Monetary Trusts as of December 31, 2009
6. Supplementary Information on Sony Assurance (Non-Consolidated)(1) Condensed Statements of Income (3 months)(2) Securities as of December 31, 2009
7. Supplementary Information on Sony Bank (Non-Consolidated)(1) Securities as of December 31, 2009

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P. 6

P. 7

P. 8P.10

1. Risk Factors
For the three months ended December 31, 2009, there are no additional risks related to our business, and nosignificant changes in “Risks Related to Our Business” described in the Annual Report (“Yuka shokenHoukokkusho”) for the year ended March 31, 2009. However, as for risks described in “Expanding therange of our products and services exposes us to various risks” and “Changes in relationships
with or performance of strategic partners could harm our operations” in the above “Risks Related toOur Business”, additional information of which investors should take note when making investment decisions
are described below. This section contains forward-looking statements, which reflect our views as of February
15, 2010, with respect to future events. These views are subject to risks, uncertainties and assumptions.
• AEGON Sony Life Insurance Co., Ltd. (ASLIC) commenced operations from December 1, 2009.

2. Management’s Discussion and Analysis for the Three Months Ended December 31,
2009
Analysis of Operating Performance
During the three months ended December 31, 2009, Japanese economy was still in the severe conditions, due toa reduction in capital expenditure and the deteriorating employment situation, despite the signs of recovery inexports and production. Meanwhile, the financial market environment, though staying in the severe conditions,showed a trend toward improvement, reflecting a steady increase in the stock market.
Under the circumstances, SFH and the group developed business operations, aiming at gaining customers’
trust most as a financial services group. Consolidated ordinary revenues for the three months ended December
31, 2009 grew 9.1% compared with the same period of the previous fiscal year, to ¥240.2 billion, owing toincreases in ordinary revenues from the life insurance business and the non-life insurance despite a decrease
from the banking business.
In the life insurance business, ordinary revenues grew 9.9% year on year, to ¥216.1 billion, owing to higher
income from insurance premiums associated with a steady increase in policy amount in force, as well asincreases in investment income.
In the non-life insurance business, ordinary revenues rose 9.9% year on year, to ¥16.9 billion, due toincreases in net premiums written, reflecting a growing number of its mainstay automobile insurance policies.
In the banking business, ordinary revenues decreased 8.4% year on year, to ¥7.6 billion, due to global
reductions in interest rates, despite an increase in interest income reflecting a growing balance of mortgage
loans.
Consolidated ordinary expenses increased 5.6% compared with the same period of the previous fiscal year,to ¥221.3 billion, owing to increases in ordinary expenses from the life insurance business and the non-life
insurance business, though those from the banking business decreased.
In the life insurance business, ordinary expenses increased 6.0% year on year, to ¥197.6 billion, due mainly
to an increased provision for policy reserve and others, reflecting a recovery in investment performance inseparate accounts, as well as the provision for contingency reserve from a reversal amount. This reversal was
made to account for lower investment yields in the face of financial market deterioration. In the non-life
insurance business, ordinary expenses grew 10.1% year on year, to ¥16.6 billion, owing primarily to increases
in the amount of net losses paid, led by a growing number of policies in force. In the banking business, however,ordinary expenses declined 11.4% year on year, to ¥7.5 billion, due to decreases in interest expenses,
particularly a decrease in interest expenses on deposits, owing to a decline in interest rates.
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As a result, consolidated ordinary profit increased 80.9% compared with the same period of the previous
fiscal year, to ¥18.8 billion, owing to an increase in ordinary profit from the life insurance business, despite
decreases from the non-life insurance and the banking business. Broken down by business, ordinary profit fromthe life insurance business increased 79.4% year on year, to ¥18.4 billion, the non-life insurance and the banking
business decreased year on year, 1.7% to ¥0.2 billion and 168.6% to ¥0.1 billion, respectively.
Extraordinary losses of ¥1.6 billion were recorded during the three months ended December 31, 2009, due
mainly to the provision of a reserve for price fluctuations in the life insurance business. During the same periodof the last fiscal year, extraordinary gains were recorded, due to a partial reversal of the reserve for pricefluctuations in the life insurance business.
After accounting for extraordinary losses, provision for reserve for policyholders’ dividends and incometaxes, net income for the three months ended December 31, 2009, was up 24.6% compared with the same
period of the previous fiscal year, to ¥10.4 billion, boosted by the increase in ordinary profit.
Below, we describe the operating performance, on a non-consolidated basis, for the three months ended
December 31, 2009 of SFH’s significant subsidiaries: Sony Life Insurance Co., Ltd. (“Sony Life”), Sony
Assurance Inc. (“Sony Assurance”) and Sony Bank Inc. (“Sony Bank”).
Life Insurance Business (Sony Life, Non-Consolidated)
Sony Life’s ordinary revenues increased 9.9% from the same period of the previous fiscal year, to ¥216.0 billion,
due to higher income from insurance premiums associated with an increased policy amount in force, as well asincreases in investment income boosted by a relatively favorable financial market environment. Ordinary profit
increased 81.1% year on year, to ¥18.5 billion, due primarily to increased insurance premiums, higher gains
from investment, net, on general account assets, and a reversal of the policy reserve for minimum guarantee forvariable life insurance, despite a provision for contingency reserve from a reversal amount. This reversal was
made to account for lower investment yields in the face of financial market deterioration. Net income decreased
7.4% year on year, to ¥10.4 billion, after including the negative impact of a change from the reversal of areserve for price fluctuations of ¥8.5 billion in the previous period, to a provision of ¥1.6 billion.
Core profit rose 171.3% year on year, to ¥16.5 billion, due mainly to an increase in income from insurance
premiums and higher interest income and dividends, as well as a change from provision into reversal of policy
reserve for minimum guarantee for variable life insurance.
Income from insurance premiums grew 6.3% from the same period of the previous fiscal year, to ¥172.8billion, associated with a higher policy amount in force. Investment income increased 21.3% year on year, to¥38.6 billion, due mainly to an increase in gains on separate accounts, net, driven by rising stock prices, andhigher interest income and dividends in line with the growing balance of ultralong-term bonds. Investment
expenses decreased 94.2% year on year, to ¥5.6 billion, as losses on separate accounts, net, for the same periodof the previous fiscal year turned into gains and impairment losses on securities decreased sharply year on year.
As a result, gains from investment, net, for the total of general and separate accounts increased to ¥33.0 billion
from losses of ¥42.2 billion in the same period of the last fiscal year, a part of which, gains from investment, net,on general account assets increased 6,074.7%, to ¥20.8 billion.
Insurance claims and other payments decreased 2.9% year on year, to ¥70.3 billion. Operating expenses
increased 2.7% year on year, to ¥23.4 billion.

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Policy amount in force for the total of individual life insurance and individual annuities grew steadily, to¥33,249.4 billion as of December 31, 2009, up 2.3% from March 31, 2009, and up 2.6% from December 31,
2008. The lapse and surrender rate* for the total of individual life insurance and individual annuities rose 0.36
percentage point from the same period of the previous fiscal year, to 5.31%, reflecting the impact of individual
customers conversion to more reasonably priced insurance products. This included a discount rider for family
income insurance launched in November 2009 for nonsmokers and other people in excellent health. Annualized
premiums from total policies as of December 31, 2009, were up 3.3% from March 31, 2009, and up 3.7% fromDecember 31, 2008, totaling ¥566.2 billion. Of this amount, the figure for third-sector products was up 3.9%
from March 31, 2009, and up 4.4% from December 31, 2008, to ¥131.5 billion.
The new policy amount for the total of individual life insurance and individual annuities increased 9.4%
from the same period of the previous fiscal year, to ¥1,201.9 billion, owing to an increase in sales resulting fromthe above-mentioned product launch in November 2009, offsetting a decline in sales of variable life insurance.
Annualized premiums from new policies amounted to ¥18.6 billion, up 10.8%, of which the figure forthird-sector products was ¥4.5 billion, up 18.4% year on year, due primarily to favorable sales of cancer
hospitalization insurance launched in April 2009.
Net unrealized gains on securities** decreased ¥6.5 billion from March 31, 2009, to ¥44.3 billion. Net
unrealized gains on other securities, net of taxes, amounted to ¥22.3 billion, up ¥18.3 billion from March 31,2009.
As of December 31, 2009, Sony Life’s solvency margin ratio was 2,570.9%, compared with 2,060.5% as ofMarch 31, 2009.
* The lapse and surrender rate is calculated without offsetting policies that are reinstated.
** Net unrealized gains on securities are calculated as the difference between the carrying value before marking to market and the fair market value forsecurities with market value, other than trading-purpose securities. (The amount includes monetary trusts, but excludes trading-purpose securities.)

Non-Life Insurance Business (Sony Assurance)
Sony Assurance posted a 9.9% increase in ordinary revenues compared with the same period of the previous
fiscal year, to ¥16.9 billion, due to increased net premiums written, as the number of insurance policies in force
grew for strong sales of new policies in its mainstay automobile insurance. Ordinary profit decreased 1.7% year
on year, to ¥0.2 billion, owing mainly to a higher net loss ratio despite an increase in premium income. Net
income amounted to ¥0.1 billion, compared with a net loss of ¥2.6 billion in the previous term.
In terms of insurance underwriting performance, owing to an increased number of automobile insurance
policies in force, both direct premiums written and net premiums written grew 9.8% year on year, amounting to¥16.6 billion and 10.1% to ¥16.7 billion, respectively. Net losses paid increased 15.7% year on year, to ¥9.2billion, owing to an increased number of policies in force and a rising number of car accidents. The net loss ratiorose 2.5 percentage points, compared with the same period of the previous fiscal year, to 61.0%. The net
expense ratio increased 0.8 percentage point year on year, to 26.1%, due to a 13.6% increase in underwriting
expenses of ¥4.3 billion. Underwriting profits decreased 38.3% year on year, to ¥0.1 billion, primarily reflecting
the adjustment of the provision for reserves for outstanding claims and underwriting reserves.
As of December 31, 2009, Sony Assurance’s solvency margin ratio* was 1,031.7%, compared with 993.0%
as of March 31, 2009.
Banking Business (Sony Bank, Non-Consolidated)
Sony Bank’s ordinary revenues decreased 8.4% compared with the same period of the previous fiscal year, to¥7.6 billion, due to the global lowering of interest rates. Ordinary profit increased 279.7% year on year, to ¥0.3
billion, owing to an increase in net interest income due mainly to a decrease in interest expenses on deposit in4the lowering of interest rates and an increase in interest income on loans reflecting the growing balance ofmortgage loans. Net income increased 231.7% compared with the same period of the previous fiscal year, to¥0.2 billion.
Gross operating profit increased 17.9% from the same period of the previous fiscal year, to ¥3.3 billion, led
by an increase in net interest income which offset decreases in net other operating income and in net fees andcommissions. With respect to the breakdown of gross operating profit, net interest income rose 92.4% year onyear, to ¥3.3 billion, due mainly to a decline in interest on deposits in the lowering of interest rates, and anincrease in interest income on loans led by the growing balance of mortgage loans. Net fees and commissions
were losses of ¥1 million, compared with gains of ¥0.1 billion in the previous period, due mainly to lower
brokerage fees and commissions received. Net other operating income were losses of ¥8 million, comparedwith gains of ¥0.9 billion in the previous period, mainly because gains from derivatives, net, which were heldfor hedging purposes, turned into losses.
General and administrative expenses expanded 8.2% during the same period of the previous fiscal year, to¥2.9 billion, due mainly to an increase in system-related expenses.
As of December 31, 2009, customer assets (the sum of deposits and investment trusts) were up ¥140.1 billion,
or 9.9%, from March 31, 2009, to ¥1,543.8 billion. Looking at customer assets as of December 31, 2009,
deposits amounted to ¥1,442.7 billion, up ¥116.4 billion, or 8.7%, from March 31, 2009, reflecting a higher
balance of yen time deposits, boosted by a special campaign in December 2009, offering higher rates fordeposits made during the bonus season. Investment trusts were ¥101.0 billion, up ¥23.7 billion, or 30.7% fromMarch 31, 2009. Loans expanded to ¥562.6 billion, up ¥85.5 billion, or 17.9%, from March 31, 2009, owing toa growing balance of mortgage loans. As of December 31, 2009, the number of accounts was up 45 thousand
from March 31, 2009, to 769 thousand accounts.
Net unrealized gains on other securities, net of taxes, a component of net assets, totaled ¥0.1 billion, up¥9.8 billion from March 31, 2009.
As of December 31, 2009, Sony Bank’s non-consolidated capital adequacy ratio* (domestic criteria) was13.04%, compared with 13.37% as of March 31, 2009.
*Sony Bank’s non-consolidated capital adequacy ratio was calculated based on the standard stipulated by Article 14-2 of the Banking Law of Japan, inaccordance with the Financial Services Agency of Japan (“FSA”) public ministerial announcement No. 19 of 2006. The capital adequacy ratio as of andafter December 31, 2008, employed the special exception of the standard mentioned above, in accordance with FSA public ministerial announcement
No. 79 of 2008.

3. Property, Plant and Equipment(1) The Status of Property, Plant and Equipment
During the three months ended December 31, 2009, there were no changes in the status of property, plantand equipment from those disclosed in the Yuka Shoken Hokokusho, or Annual Report, for the fiscal year
ended March 31, 2009, which was filed in June 2009.
(2) Plans to Acquire or Dispose of Property, Plant and Equipment
During the three months ended December 31, 2009, there were no changes in our plans to acquire or
dispose of major property, plant and equipment from those disclosed in the Yuka Shoken Hokokusho, orAnnual Report, for the fiscal year ended March 31, 2009, which was filed in June 2009. We have no plansto acquire, expand, renovate, dispose and sell any major property, plant and equipment.

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4. Securities and Monetary Trusts as of December 31, 2009 (SFH Consolidated)(1) Held-to-maturity bonds with fair market value(Millions of yen)

Bonds
Japanese government
and municipal bonds
Corporate bonds
OtherTotal

Balance sheet amount
2,034,949

Fair market value
2,022,195

Difference(12,753)

2,004,301

1,991,584(12,716)

30,64842,782
2,077,732

30,611
48,9692,071,165

(37)
6,186
(6,567)(2) Available-for-sale securities with fair market value(Millions of yen)

Bonds
Japanese government
and municipal bonds
Corporate bonds
Japanese stocks
Other
Total

Acquisition cost
1,328,604

Balance sheet amount
1,361,082

Unrealized gains
32,478946,076

973,905

27,828382,527
51,644284,459
1,664,709

387,177
58,172284,900
1,704,155

4,649
6,527
440
39,446

Note: Impairment losses were not recorded for the available-for-sale securities. SFH principally records impairment losses on
securities when their fair market value as of the end of the accounting period declined by 30% or more from the acquisition
cost.

(3) Monetary trusts for held-to-maturity
Not applicable.
(4) Other monetary trusts (other than held-to-maturity or investment purpose)(Millions of yen)

Other monetary trusts

Acquisition cost
423,929

Balance sheet amount
437,017

Unrealized gains
13,087

Notes: 1) The table above includes ¥271 million of jointly invested monetary trusts.
2) Impairment losses were not recorded for the monetary trusts other than investment, held-to-maturity or policy reserve
matching. SFH principally records impairment losses on securities, held in monetary trusts, when their fair market value
as of the end of the accounting period has declined by 30% or more from the acquisition cost.

65. Supplementary Information on Sony Life (Non-Consolidated)(1) Securities as of December 31, 2009
1. Held-to-maturity bonds with fair market value(Millions of yen)

Bonds
Japanese government
and municipal bonds
Corporate bondsForeign securities
Total

Balance sheet amount
1,965,694

Fair market value
1,951,584

Difference(14,109)

1,945,450

1,931,545(13,904)

20,243
41,785
2,007,479

20,03947,9601,999,545

(204)
6,175
(7,933)

2. Available-for-sale securities with fair market value(Millions of yen)

Bonds
Japanese government
and municipal bonds
Corporate bonds
Japanese stocks
Foreign securities
Other
Total

Acquisition cost
793,040

Balance sheet amount
825,226

Unrealized gains (losses)
32,186697,669

727,640

29,97095,37051,64432,0655,140
881,890

97,58658,172
31,353
6,367
921,120

2,216
6,527(711)
1,226
39,229Note: Impairment losses were not recorded for the available-for-sale securities. Sony Life principally records impairment losses onsecurities when their fair market value as of the end of the accounting period declined by 30% or more from the acquisition
cost.

(2) Monetary trusts as of December 31, 2009
1. Monetary trusts for held-to-maturity and policy reserve matching purposes
Not applicable.
2. Other monetary trusts (other than investment, held-to-maturity, or policy reserve matching purpose)(Millions of yen)

Other monetary trusts

Acquisition cost
422,656

Balance sheet amount
435,744

Unrealized gains
13,087

Notes: 1) The table above includes ¥50 million of jointly invested monetary trusts.
2) Impairment losses were not recorded for the monetary trusts other than investment, held-to-maturity or policy reservematching. Sony Life principally records impairment losses on securities, held in monetary trusts, when their fair market
value as of the end of the accounting period has declined by 30% or more from the acquisition cost.

76. Supplementary Information on Sony Assurance (Non-Consolidated)(1) Condensed Statements of Income (3 months)(Millions of yen)

For the three months
ended December 31, 2008
Ordinary revenues

For the three months
ended December 31, 2009

15,425

16,954

15,238

16,78015,228

16,772

9

7

181

170

177

175

13－

(9)

(7)

5

3

15,148

16,681

Underwriting expenses

11,428

12,618Net losses paid

7,967

9,217

Loss adjustment expenses

930

1,009

Net commissions and brokerage fees

249

342

Provision for reserve for outstanding claims

492

464

Provision for policy reserve

1,787

1,584102－

Losses on sale of securities

28－

Devaluation losses on securities

72－

3,616

4,056

17

Ordinary profit

277

272

Extraordinary gains

25－

25－

25－

3,756

93,756－

53－

3

Income (losses) before income taxes(3,453)

263

Income taxes –Current(562)239

Income taxes –Deferred(246)(137)

Net income (losses)(2,643)160

Underwriting income
Net premiums written
Interest and dividends on deposits of premiums
Investment income
Interest income and dividends
Gains on sale of securities
Transfer to interest and dividends on deposits ofpremiums
Other ordinary income
Ordinary expenses

Investment expenses

Operating, general and administrative expenses
Other ordinary expenses

Reversal of reserve for price fluctuations and others
Reversal of reserve for price fluctuations
Extraordinary losses
Losses on sale or disposal of fixed assets
Provision for reserve for price fluctuations and others
Provision for reserve for price fluctuations8

(2) Securities as of December 31, 2009
1. Held-to-maturity securities with fair market value(Millions of yen)

As of December 31, 2009
Balance sheet amountJapanese government andcorporate bonds
Foreign securities
Total

Fair market value

Difference

52,031

52,730

698

997

1,008

1153,029

53,739710

2. Available-for-sale securities with fair market value(Millions of yen)

As of December 31, 2009
Acquisition cost

Balance sheet amount

Unrealized gains

Japanese government andcorporate bonds

15,534

15,562

28

Total

15534

15,56228

97. Supplementary Information on Sony Bank (Non-Consolidated)(1) Securities as of December 31, 2009
1. Held-to-maturity bonds with fair market value(Millions of yen)Japanese bonds
Corporate bonds
TotalBalance sheet amount
15,4231,800
17,223

Fair market value
16,044
1,835
17,880Difference
621
35
656

Note: Fair market value is primarily based on market prices as of December 31, 2009.

2. Available-for-sale securities with fair market value(Millions of yen)Japanese bonds
Japanesegovernment
bonds
Municipal bonds
Corporate bonds
Other
Foreign bonds
Other
TotalAcquisition cost
520,030

Balance sheet amount
520,292

Unrealized gains (losses)
262

231,498229,234(2,263)

5,306
283,225
244,847
233,503
11,344
764,877

5,373
285,685244,699234,121
10,578764,992

67
2,459
(147)
618(765)
115

Notes: Balance sheets amounts are primarily fair market values based on market prices as of December 31, 2009.

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