February 14, 2013
Sony Financial Holdings Inc.

Summary Information on Sony Life’s Financial Results
for the Nine Months Ended December 31, 2012
<Contents>
1. Key Performance Results(1) Policy Amount in Force and New Policy Amount(2) Annualized Premiums

P.2
P.2

2. Status of Investment Assets (General Account)(1) Portfolio of General Account Assets(2) Fair Value Information on Securities(3) Fair Value Information on Monetary Trusts

P.3
P.4
P.6

3. Non-consolidated Balance Sheets

P.7

4. Non-consolidated Statements of Income

P.8

5. Reconciliation to Core Profit and Non-consolidated Ordinary Profit

P.9

6. Solvency Margin Ratio

P.10

7. Status of Separate Account Assets(1) Balance of Separate Account Assets(2) Policy Amount in Force (Separate Account)

P.11
P.11

8. Consolidated Summary(1) Key Performance Indicators(2) Scope of Consolidation and Companies Accounted for under Equity Method(3) Consolidated Balance Sheets(4) Consolidated Statements of Income and Consolidated Statements ofComprehensive Income(5) Consolidated Solvency Margin Ratio(Reference) Holdings of Securitized Papers and Other Sub-prime Related Investments

1

P.12
P.12
P.13
P.14
P.16
P.17

1. Key Performance Results(1) Policy Amount in Force and New Policy Amount(Number: Thousand, Amount: 100 millions of yen, %)Policy amount in force
As of December 31, 2011

As of March 31, 2012

As of December 31, 2012

Category
NumberIndividual life insurance

5,532

Individual annuities

Amount354,434

NumberAmount5,602

Number357,073% YoYchange5,845% change fromMarch 31, 2012

105.6

104.3

Amount% YoYchange% change fromMarch 31, 2012

368,038

103.8

103.1

70

3,644

71

3,697

78

112.5

110.3

3,998

109.7

108.1

5,602

358,079

5,673

360,770

5,924

105.7

104.4

372,036

103.9

103.1

Group life insurance－

12,542－

12,687－－－

13,354

106.5

105.3

Group annuities

－

578

－

578

－

－

－

568

98.2

98.3

Subtotal

Notes:

1. The policy amount in force for individual annuities are equal to the sum of (a) the funds to be held at the time annuity payments are to commence for policies for which annuity payments have not yet
commenced and (b) the amount of policy reserves for policies for which payments have commenced.
2. The policy amount in force for group annuities is equal to the amount of outstanding policy reserves.

(Number: Thousand, Amount: 100 millions of yen, %)New policy amountFor the nine months ended December 31, 2011

Category

NumberAmount

For the nine months ended December 31, 2012

New policies

Increase fromconversion

NumberAmount% YoYchange% YoYchangeNew policies

Increase fromconversion

Individual life insurance

442

31,79531,795

－

430

97.2

31,75999.931,759－Individual annuities

11

476

476

－

9

81.4

399

83.9

399

－

－

－

454

32,271

32,271

439

96.8

32,15999.7

32,159Group life insurance

－

26

26

－

－

38

146.2

38

Group annuities

－

－

－

－

－

－

－

－

Subtotal

Notes: 1. The new policy amount including increase from conversion for individual annuities is equal to the funds held at the time annuity payments commence.
2. The new policy amount for group annuities is equal to the initial premium payment.

(2) Annualized Premiums(Millions of yen, %)Policy amount in force
Category

As ofDecember 31, 2011

As ofMarch 31, 2012

As of
December 31, 2012

% YoY change% change fromMarch 31, 2012

Individual life insurance

614,049

621,647

643,049

104.7

103.4

Individual annuities

13,622

13,753

14,770

108.4

107.4

627,671

635,401

657,819

104.8

103.5

147,307148,954

155,747

105.7

104.6

Total
Of which, medical protection,living benefit protection, etc.

(Millions of yen, %)New policies
Category

For the nine months ended
December 31, 2011

For the nine months ended
December 31, 2012

% YoY change

Individual life insurance

51,34849,668

96.7

Individual annuities

1,824

1,529

83.8

53,173

51,19896.3

13,04913,169

100.9

Total
Of which, medical protection,living benefit protection, etc.

Notes: 1. Annualized premiums refer to an amount that is calculated by multiplying individual premium amounts by a coefficient that differs depending on the premium payment methods, thereby

converting the figure to a per-year premium. (For lump-sum payment policies, premiums are divided by the number of coverage years.)
2. “Medical protection, living benefit protection, etc” indicates the portion of annualized premiums for medical protection benefits (hospitalization benefits, surgical procedure benefits, etc.) andproducts with living benefit protection (benefits for specific illness, nursing care benefits, etc.).

2

2. Status of Investment Assets (General Account)(1) Portfolio of General Account Assets(Millions of yen)

Category
Cash and deposits, call loans
Securities repurchased under resale agreements
Pledged money for bond borrowing transaction
Monetary claims purchased
Securities under proprietary accounts
Monetary trusts
Securities
JGBs, other bonds
Japanese stocks
Foreign securities
Bonds
Stocks, etc.
Other securities
Loans
Real estate
Deferred tax assets
Other assets
Reserve for possible loan losses
Total
Of which, foreign-currency-denominated assets

As of March 31, 2012
Amount%64,869－－－－288,297
4,114,529
3,975,755
45,052
90,162
59,63230,5293,558
138,90972,96026,986
72,219(214)
4,778,556
42,996

Note: Real estate is the total of land, buildings and construction in progress.

3

1.4
－
－
－
－
6.0
86.1
83.2
0.9
1.9
1.2
0.6
0.1
2.9
1.5
0.6
1.5
(0.0)
100.0
0.9

As of December 31, 2012
Amount%58,169－－－－293,295
4,487,787
4,370,597
28,566
84,94660,534
24,412
3,677
142,151
71,577
24,26895,950(213)
5,172,987
39,572

1.1
－
－
－
－
5.7
86.8
84.5
0.6
1.6
1.2
0.5
0.1
2.7
1.4
0.5
1.9
(0.0)
100.0
0.8

(2) Fair Value Information on Securities
a. Fair value information on securities with market value (except trading-purpose securities)(Millions of yen)

As of December 31, 2012

As of March 31, 2012
Net unrealized gains (losses)
Category

Carrying
amountFair value

Net unrealized gains (losses)

Unrealized Unrealized
gains
lossesCarrying
amountFair value

Unrealized
gains

Unrealized
losses3,404,821

3,560,687

155,865

160,1724,307

3,741,863

3,901,836

7,689

-

-

-

-

-

-

-

159,972-

167,662

Policy reserve matching bonds--

Stocks of subsidiaries andaffiliated companies

-

-

-

-

-

-

-

-

-

-

75,36868,418
3,693
2,833
2,833
422
235,341
225,777
3,693
5,448
5,448
422
-

76,169800

Held-to-maturity securities

Available-for-sale securities

895,142956,125

60,983

61,345361

929,083

1,004,452

JGBs, other bonds

849,186

902,676

53,49053,490-898,368

966,786

Japanese stocks

29,106

34,970

5,863

6,225

361

14,76018,454Foreign securities

15,373

16,770

1,397

1,397

-

14,47817,312

15,373

16,770

1,397

1,397

-

14,47817,312

-

-

-

-

-

-

-

Bonds
Stocks, etc.
Other securities

1,476

1,708

232

232

-

1,476

1,898

Monetary claims purchased

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

4,299,963

4,516,813

216,849

221,518

4,668

4,670,946

4,906,288

Total
JGBs, other bonds

4,211,145

4,417,819

206,674

210,9814,307

4,597,009

4,822,787

Japanese stocks

29,106

34,970

5,863

6,225

361

14,76018,454Foreign securities

58,23562,314

4,078

4,078

-

57,70063,14858,23562,314

4,078

4,078

-

57,70063,148

-

-

-

-

-

-

-

Bonds
Stocks, etc
Other securities

1,476

1,708

232

232

-

1,476

1,898

Monetary claims purchased

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

69,048

629

3,864

171

2,833

-

2,833

-

-

-

422

-

-

-

-

-

-

-

243,8328,490

234,097

8,319

3,864

171

5,448

-

5,448

-

-

-

422

-

-

-

-

-

-

-

N t
Notes:
1. The above table includes assets and others which are permitted to be treated as equivalent to securities defined in the Financial Instruments and Exchange Law of Japan.
2. The above table included monetary trusts other than trading-purpose securities, and their carrying amount and net unrealized gains (losses) as of December 31, 2012 amounted to¥268,576 million and ¥26,254 million respectively.
3. Carrying amount represents the amount after deductions for depreciable costs and impairment losses, before mark-to-market.

b. Carrying amounts of securities without market value(Millions of yen)
Category

As of March 31, 2012

As of December 31, 2012

Held-to-maturity securities-

Unlisted foreign bonds--

Others--

Policy reserve matching bonds

-

-

-

Stocks of subsidiaries and affiliated companies

15,625

12,607Available-for-sale securities

27,09021,411

Unlisted domestic stocks (except OTC stocks)

4

4

Unlisted foreign stocks (except OTC stocks)

1,084

985

Unlisted foreign bonds
OthersTotal--

26,001

20,421

42,71534,0194

c. Fair Value information consisting of that stated in the previous table-a and foreign exchange and other gains (losses) for table-b(Millions of yen)
As of March 31, 2012
Category

Held-to-maturity securities

As of December 31, 2012

Net unrealized gains (losses)

Carrying
amountFair value

Unrealized
gains

Net unrealized gains (losses)

Carrying
amountUnrealized
lossesFair value

Unrealized
gains

Unrealized
losses3,404,821

3,560,687

155,865

160,1724,307

3,741,863

3,901,836

159,972

167,662

-

-

-

-

-

-

-

-

-

-

Stocks of subsidiaries and affiliated companies

15,625

15,625---

12,607

12,607---Available-for-sale securities

2,479

Policy reserve matching bonds

7,689

922,232

982,962

60,72964,3303,601

950,495

1,028,148

77,65280,132

JGBs, other bonds

849,186

902,676

53,49053,490-898,368

966,786

68,41869,048629

Japanese stocks

29,111

34,974

5,863

6,225

361

14,76518,458

3,693

3,864

171

Foreign securities

16,45718,024

1,567

1,567

-

15,464

18,583

3,118

3,118

-

Bonds

15,373

16,770

1,397

1,397

-

14,47817,312

2,833

2,833

-

Stocks, etc.

1,084

1,254

169

169

-

985

1,270

284

284

-

Other securities

27,47827,286

(191)

3,047

3,239

21,89724,319

2,421

4,100

1,678

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

4,342,679

4,559,274

216,594

224,503

7,908

4,704,965

4,942,591

237,625

247,795

10,169JGBs, other bonds

4,211,145

4,417,819

206,674

210,9814,307

4,597,009

4,822,787

225,777

234,097

8,319

Japanese stocks

39,18845,052

5,863

6,225

361

24,872

28,566

3,693

3,864

171

Foreign securities

64,867

69,116

4,248

4,248

-

61,18566,918

5,733

5,733

-

Bonds

58,23562,314

4,078

4,078

-

57,70063,148

5,448

5,448

-

Stocks, etc

6,632

6,801

169

169

-

3,485

3,770

284

284

-

Other securities

Total

27,47827,286

(191)

3,047

3,239

21,89724,319

2,421

4,100

1,678

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

5

(3) Fair Value Information on Monetary Trusts(Millions of yen)

As of March 31, 2012
Category

Monetary trusts

Net unrealized gains (losses)

Balance
Fair value
sheet amount
288,297

As of December 31, 2012

288,297

Unrealized Unrealized
gains
losses-Balance sheet
Fair value
amount293,295

293,295

Net unrealized gains (losses)
Unrealized Unrealized
gains
losses-Note: The table above includes ¥50 million of jointly invested monetary trusts.
(Millions of yen)

Monetary trusts for investment
As of March 31, 2012
Category

As of December 31, 2012

Net valuation gains (losses)
recorded in income

Balance sheet amount-

Monetary trusts for investment

Net valuation gains (losses)
recorded in income

Balance sheet amount

-

-

-

Note: Monetary trusts includes cash and call loans, etc. held in monetary trusts.
(Millions of yen)

Monetary trusts for held-to-maturity and policy reserve matching and other monetary trusts
As of March 31, 2012
Category

As of December 31, 2012

Net unrealized gains (losses)

Carrying
amountFair value

Unrealized Unrealized
gains
lossesNet unrealized gains (losses)

Carrying
amountFair value

Unrealized Unrealized
gains
lossesMonetary trusts for held-to-maturity

-

-

-

-

-

-

-

-

-

-

Monetary trusts for policy reserve matching

-

-

-

-

-

-

-

-

-

-

267,887

288,247

20,35920,359-266,990

293,245

26,25426,254-

Other monetary trusts

Note: Monetary trusts includes cash and call loans, etc. held in monetary trusts.

6

3. Non-consolidated Balance Sheets(Millions of yen)

As of March 31, 2012

As of December 31, 2012

AmountAmountAssets:Cash and deposits
Call loans
Monetary trusts
Securities(Japanese government bonds)(Japanese municipal bonds)(Japanese corporate bonds)(Japanese stocks)(Foreign securities)
Loans
Policy loans
Commercial loans
Tangible fixed assets
Intangible fixed assets
Due from reinsurers
Other assets
Deferred tax assets
Reserve for possible loan losses
Total Assets

19,80856,300288,297
4,545,019
4,071,699
10,48544,035
69,149230,172
138,909
138,782
127
73,67824,25765
49,73626,986(214)
5,222,846

4,473,865
10,223
41,11855,191
246,578
142,151
142,05496
72,24225,038
265
71,107
24,268(213)
5,660,852

Liabilities:
Policy reserves and others
Reserve for outstanding claims
Policy reserves
Reserve for policyholders' dividends
Due to agencies
Due to reinsurers
OtherOte liabilities
ab t es

4,871,182
24,0394,843,020
4,122
1,664
581
38,193,

5,280,072
23,495
5,252,523
4,053
1,450
477
27,084,

10,255263
642
27,031
20,310168
25,31925,319
589

5,215
248
653
20,96622,157165
30,24530,245589

4,958,009

5,362,243

70,0005,865
5,865
156,335
13,238143,096
143,096
232,200
34,032(1,395)32,636
264,836
5,222,846

70,0005,865
5,865
178,357
15,058163,299
163,299
254,223
45,781(1,395)44,386298,6095,660,852

Accrued income tax
Lease obligations
Asset retirement obligations
OthersReserve for employees' retirement benefits
Reserve for directors' retirement benefits
Reserve for price fluctuations
Reserve for price fluctuations
Deferred tax liabilities on land revaluation
Total Liabilities
Net Assets:
Common stock
Capital surplus
Capital reserve
Retained earnings
Earned reserve
Other retained earnings
Unappropriated retained earnings for the period
Total shareholders' equity
Net unrealized gains on other securities, net of taxes
Land revaluation, net of taxes
Total valuation and translation adjustments
Total Net Assets
Total Liabilities and Net Assets

7

34,61040,400293,295
4,957,686

4. Non-consolidated Statements of Income(Millions of yen)
For the nine months ended
December 31, 2011

For the nine months ended
December 31, 2012

AmountOrdinary Revenues
Income from insurance premiums

Amount703,825
602,055
601,680(Interest expenses)(Losses on sale of securities)(Devaluation losses on securities)(Losses on derivatives, net)
(Losses on separate accounts, net)
Operating expenses
Other ordinary expenses
Ordinary Profit
E tdiL
Extraordinary
Losses18,197653,318
216,454
52,621
5,735
33,552
121,248
1,803
314,975
314,964
11
29,863
44
1,847
1,470
18,792
77,697
14,32650,507
6 125
6,125784,173
657,343
656,472
111,40380,3573,934
2,356
24,73915,426731,282
215,545
51,6786,704
37,398
116,509
1,833
409,511
409,502
9
9,469
30
1,587
327
82
80,071
16,68452,891
6 055
6,055

Losses on disposal of fixed assets
Impairment losses
Provision for reserve for price fluctuations
Provision for reserve for price fluctuations
Losses on sale of subsidiary's stocks
Provision (reversal) for reserve for policyholders' dividends
Income Before Income Taxes
Income Taxes -current
Income Taxes -deferred
Total Income Taxes
Net Income

18
1
6,105
6,105
(113)
44,494
17,732
4,539
22,27122,223

14
82
4,926
4,926
1,031
136
46,69918,392(2,815)
15,576
31,122(Insurance premiums)
Investment income

83,572
72,5483,958
7,053(Interest income and dividends)(Income from monetary trusts, net)
(Gains on sale of securities)(Gains on separate accounts, net)
Other ordinary income
Ordinary Expenses
Insurance claims and other payments(Insurance claims)(Annuity payments)(Insurance benefits)(Surrender payments)(Refund to policyholders)
Provision for policy reserves and others
Provision for policy reserves
Interest on policyholders' dividend reserve
Investment expenses

85. Reconciliation to Core Profit and Non-consolidated Ordinary Profit(Millions of yen)

For the nine months ended
December 31, 2011
Core profit

A

Capital gains
Income from monetary trusts, net
Income from trading securities, net

For the nine months ended
December 31, 2012

50,94457,037

7,053

2,356

-

-

-

-

Gains on sale of securities

7,053

2,356

Gains on derivatives, net--

Foreign exchange gains, net--

Other capital gains

-

-

4,569

3,251

-

-

Capital losses
Losses on monetary trusts, net
Losses on trading securities, net--

Losses on sale of securities

1,847

1,587

Devaluation losses on securities

1,470

327

-

82

1,251

1,220

Losses on derivatives, net
Foreign exchange losses, net-

34

Net capital gains (losses)

Other capital losses
B

2,484

(894)

Core profit plus net capital gains (losses)

A+B

53,42956,142-0

Gains from reinsurance--

Reversal of contingency reserve--

Reversal of specific reserve for possible loan losses-

0

Other one-time gains

OthersOther one-time losses
Losses from reinsurance
Provision for contingency reserve

-

-

2,921

3,252

-

-

2,709

3,085

Provision for specific reserve for possible loan losses

3-

Provision for reserve for loan losses from borrowers in specific foreign countries--

Write-off of loans--

OthersNet other one-time gains (losses)
Ordinary profit

209

166

C

(2,921)(3,251)

A+B+C

50,50752,891

Notes:
1. Core profit for the nine months ended December 31, 2011 (A) includes income gains of ¥3,958 million in income from monetary trusts; "Others" of other one-time losses included
provision of additional policy reserve of ¥209 million.
2.Core profit for the nine months ended December 31, 2012 (A) includes income gains of ¥3,934 million in income from monetary trusts; other capital losses include
impairment losses of ¥34 million from investment partnership; "Others" of other one-time losses included provision of additional policy reserve of ¥166 million.

96. Solvency Margin Ratio(Millions of yen)

Category
Total solvency margin

As of March 31, 2012

(A)

As of December 31, 2012

722,175

828,963

Common stock, etc.

223,100

253,640

Reserve for price fluctuations

25,31930,245

Contingency reserve

55,33858,4230054,65669,887Net unrealized gains on real estate multiplied by 85% (100% if losses)

(173)

(156)

Unallocated portion of reserve for policyholders' dividends

700

1,128

－

－

Deferred tax assets

58,77472,355

Excess amount of policy reserves based on Zillmer method

350,404

366,394－－(45,945)(22,955)－－

72,93073,995General reserve for possible loan losses
Net unrealized gains on other securities multiplied by 90% (100% if losses)

Amount excluded from deferred tax assets

Subordinated debt
The portion of the excess amount if policy reserves based on Zillmer method andsubordinated debt that is not included in the margin
Deductible items
Total risk

(R1  R8 ) 2  (R2  R3  R7 ) 2  R4

(Ｂ)

Insurance risk

R1

20,85021,546

Third-sector insurance risk

R8

7,509

7,748

Assumed interest rate risk

R2

28,50928,936

Minimum guarantee risk

R7

9,904

10,853

Asset management risk

R326,741

26,081Business management risk

R4

1,870

1,903

1,980.4%

2,240.5%

Solvency margin ratio
(A)
x 100
(1/2) x (B)Notes: 1. The figures were calculated based on provisions in Articles 86 and 87 of the Ordinance for Enforcement of the Insurance Business Act of Japanand the Ministry of Finance Public Notice No. 50 of 1996.
2. Minimum guarantee risk was calculated based on the standardized approach.

10

7. Status of Separate Account Assets(1) Balance of Separate Account Assets(Millions of yen)

Category

As of March 31, 2012

Individual variable life insurance and individual variable annuities

As of December 31, 2012
444,289

487,865――444,289

487,865

Group annuities
Total separate accountNote: Assets relating to individual variable life insurance and individual variable annuities are jointly invested at Sony Life.

(2) Policy Amount in Force (Separate Account)(Number: Thousand, Amount: Millions of yen)

Individual variable life insurance
As of March 31, 2012

Category

NumberAs of December 31, 2012

AmountNumberAmountVariable life insurance (whole life type)552

6,955,907

567

7,022,408

Variable life insurance (limited term type)42

142,82842

142,874

Variable life insurance (term type)1

48,924

1

46,171596

7,147,660

611

7,211,454

Total
Note: Amounts include the rider portion of variable life insurance.

Individual variable annuities(Number: Thousand, Amount: Millions of yen)

As of March 31, 2012

Category

NumberIndividual variable annuities

As of December 31, 2012

Amount28

149,528

NumberAmount27

146,220

Note: The amount of individual variable annuities is equal to the sum of (a) the funds to be held at the time annuity payments are to commence for policies for which annuity
payments have not yet commenced and (b) the amount of policy reserves for policies for which payments have commenced.

11

8. Consolidated Summary(1) Key Performance Indicators(Millions of yen)

Category

For the nine months ended
December 31, 2011

For the nine months ended
December 31, 2012

Ordinary Revenues

703,971784,376

Ordinary Profit

49,591

51,787Net Income

21,32930,179Comprehensive Income

41,74042,273Category

As of March 31, 2012

As of December 31, 2012

Total assets

5,219,990

5,657,054

Solvency Margin Ratio

2,051.5%

2,302.1%(2) Scope of Consolidation and Companies Accounted for under Equity Method
Number of consolidated subsidiaries

0

Number of non-consolidated subsidiaries accounted for under equity method0

Number of affiliated companies accounted for under equity method212(3) Consolidated Balance Sheets(Millions of yen)

As of March 31, 2012
AmountAs of December 31, 2012
AmountAssets:Cash and deposits

20,593

34,610Call loans

56,30040,400

Monetary trusts

288,297

293,295

4,541,228

4,953,806

Loans

138,931

142,151

Tangible fixed assets

73,69072,242Intangible fixed assets

24,25725,038

Securities

Due from reinsurers

65

265

Other assets

49,79971,107

Deferred tax assets

27,039(214)

24,349(213)

5,219,990

5,657,054

4,871,461

5,280,072

24,041

23,495

4,843,297

5,252,523

4,122

4,053

Due to agencies

1,664

1,450

Due to reinsurers

582

477

Other liabilities

38,251

27,084

Reserve for employees' retirement benefits

20,315

22,157

Reserve for possible loan losses
Total Assets
Liabilities:
Policy reserves and others
Reserve for outstanding claims
Policy reserves
Reserve for policyholders' dividends

Reserve for directors' retirement benefits

168

165

25,31930,245Reserve for price fluctuations

25,31930,245

Deferred tax liabilities on land revaluation

589

589

4,958,352

5,362,243

70,00070,000Reserve for price fluctuations

Total Liabilities
Net Assets:
Common stock
Capital surplus

5,865

5,865

Retained earnings

153,479

174,558

Total shareholder's equity

229,344

250,423

Net unrealized gains on other securities, net of taxes

34,142(1,395)45,782(1,395)(453)-

Land revaluation, net of taxes
Foreign currency translation adjustments
Total accumulated other comprehensive income

32,29344,387

Total Net Assets

261,637

294,811

5,219,990

5,657,054

Total Liabilities and Net Assets

13(4) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
For the nine months ended
December 31, 2011

For the nine months ended
December 31, 2012

AmountAmountOrdinary Revenues

703,971784,376

Income from insurance premiums

602,114

657,430

Investment income

83,69072,632

111,582
80,434(Interest income and dividends)(Income from monetary trusts, net)

3,958

3,934

(Gains on sale of securities)

7,088

2,458

(Gains on separate accounts, net)

18,166

24,739Other ordinary income
Ordinary Expenses

654,380732,588

Insurance claims and other payments

216,472

215,554

52,627
5,735

51,683
6,704(Insurance claims)(Annuity payments)

15,363(Insurance benefits)

33,55237,398(Surrender payments)

121,257

116,510

Provision for policy reserves and others

315,000

409,557

Provision for policy reserves

314,989

409,547

Interest on policyholders' dividend reserve

11

9
9,554

(Interest expenses)

29,87944(Losses on sale of securities)

1,847

30
1,587

(Devaluation losses on securities)

1,470

327

(Losses on separate accounts, net)

18,792

Investment expenses

Operating expenses

77,81780,215

Other ordinary expenses

15,21017,706

Ordinary Profit

49,591

51,787

0

-

0

5,922

Extraordinary Gains
Gains on sale of fixed assets
Extraordinary Losses

6,125

Losses on disposal of fixed assets

18

14

Impairment losses

1

82

6,105

4,926

6,105

4,926

(113)

899
136

Income Before Income Taxes

43,57845,728

Income Taxes -current

17,732

18,392

Income Taxes -deferred
Total Income Taxes

4,516
22,24915,549

Income Before Minority Interests

21,32930,179Net Income

21,32930,179Provision for reserve for price fluctuations
Provision for reserve for price fluctuations
Losses on sale of subsidiary's stocks
Provision (reversal) for reserve for policyholders' dividends

14(2,843)

(Consolidated Statements of Comprehensive Income)(Millions of yen)
For the nine months ended
December 31, 2011

For the nine months ended
December 31, 2012

AmountAmountIncome Before Minority Interests

21,32930,179Other Comprehensive Income

20,41020,45812,093
11,640Net unrealized gains on other securities, net of taxes
Land revaluation, net of taxes

103-

Foreign currency translation adjustments

(149)

453

(2)

(0)

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

41,74042,273Comprehensive income attributable to parent company

41,74042,273Comprehensive income attributable to minority interests

-

-

15

(5) Consolidated Solvency Margin Ratio(Millions of yen)

Category

As of March 31, 2012

Total solvency margin

As of December 31, 2012

706,777

812,638

Common stock, etc.

220,244249,841

Reserve for price fluctuations

25,31930,245

Contingency reserve

55,33858,423

Catastrophe reserve－－

General reserve for possible loan losses

0054,76469,887

(173)

(156)

700

1,128

－

－

Deferred tax assets

58,77472,355

Excess amount of policy reserves based on Zillmer method

350,404

366,394－－

The portion of the excess amount if policy reserves based on Zillmer
method and subordinated debt that is not included in the margin(48,801)(26,755)

Deductible items(9,793)(8,726)

68,90070,596

20,852

21,546(A)

Net unrealized gains on other securities multiplied by 90% (100% if
losses)Net unrealized gains on real estate multiplied by 85% (100% if
losses)Unallocated portion of reserve for policyholders' dividends
Amount excluded from deferred tax assets

Subordinated debt

(B)

Total risk
Insurance risk

R1

Ordinary insurance risk

R5

－

－

Major Catastrophe risk

R6

－

－

Third-sector insurance risk

R8

7,510

7,748

－

－

Insurance risk of small-amount short-term insurance providers

R9

Assumed interest rate risk

R2

28,50928,936

Minimum guarantee risk

R7

9,904

10,853

Asset management risk

R322,41522,424

Business management risk

R4

1,783

1,830

x 100

2,051.5%

2,302.1%

Solvency margin ratio(A)(1/2) x (B)Notes: 1. The figures were calculated based on provisions in Articles 86-2 and 88 of the Ordinance for
Enforcement of the Insurance Business Act of Japan and Public Notice of Financial Services Agency No. 23 of 2011.
2. Minimum guarantee risk was calculated based on the standardized approach.

16

(Reference) Holdings of Securitized Papers and Other Sub-prime Related Investments
Sony Life’s holdings of securitized papers and other sub-prime related investments as of December 31, 2012, are as follows.
Sony Life holds no sub-prime related investments.
(1) Special-purpose entities (SPEs)
Fair value
－
－
－
－
－
－
－

Special purpose entities (SPEs)
ABCP
facilitated by Sony Life
SIV
facilitated by Sony Life
Othersfacilitated by Sony Life(100 millions of yen)
Unrealized
Realized gains
gains (losses)(losses)
－
－
－
－
－
－
－
－
－
－
－
－
－
－

(2) Collateralized debt obligations (CDO)
Fair value
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

Collateralized debt obligations (CDO)
ABS
CDO
Seniorsub-prime (Alt-A exposure)
Mezzanine
sub-prime (Alt-A exposure)
Equitysub-prime (Alt-A exposure)
CLO

SeniorMezzanine
EquityCBO

SeniorMezzanine
EquityOthersSeniorMezzanine
Equity(100 millions of yen)
Unrealized
Realized gains
gains (losses)(losses)
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

(3) Other sub-prime (Alt-A exposure)
Fair value
－
－
－
－
－
－

Other sub-prime (Alt-A exposure)Non-securitized loans
RMBS
Derivatives
Commitment line
Others17

Unrealized
gains (losses)
－
－
－
－
－
－

(100 millions of yen)
Realized gains(losses)
－
－
－
－
－
－

(4) Commercial mortgage-backed securities (CMBS)
Fair value
As of March 31, 2012

Commercial mortgage-backed securities (CMBS)
Japan
USA
EU
UK
Others

－
－
－
－
－
－

－
－
－
－
－
－

Unrealized
gains (losses)
－
－
－
－
－
－

(100 millions of yen)
Realized gains(losses)
－
－
－
－
－
－

Unrealized
gains (losses)
－
－
－
－
－
－

(100 millions of yen)
Realized gains(losses)
－
－
－
－
－
－

(5) Leveraged financeFair value
As of March 31, 2012

Leveraged financeTelecommunications
Electronics
Entertainment
Services
Others

－
－
－
－
－
－

－
－
－
－
－
－

(6) Other notes
Sony Life holds principal protected 30 year notes with Nikkei 225 index-linked coupons (fair market value of ¥45.8 billion andunrealized gains of ¥2.6 billion as of December 31, 2012). These amounts are included in net unrealized gains on other securities,(before taxes) of Sony Life as of December 31, 2012.

18