November 16, 2009
Sony Financial Holdings Inc.

Summary Information on Sony Assurance’s Financial Results
For the Six Months Ended September 30, 2009<Contents>
1. Balance Sheets
2. Statements of Income
3. Financial Summary (Year-on-Year Comparison)
4. Premiums and Losses Paid by Type of Category
5. Securities
6. Risk-Monitored Loans
7. Solvency Margin Ratio- 1 -P.2
P.4
P.5
P.6
P.7
P.7
P.9

1. Balance Sheets(Millions of yen)
As of
September 30, 2009

As ofMarch 31, 2009

Cash and deposits

4,129

2,819

Securities

70,31964,309Accounts receivable

6,690

－

Tangible fixed assets

283

270

Intangible fixed assets

2,148

1,898

Other assets

3,853

12,139Deferred tax assets

5,880

5,260

Total assets

93,30586,69872,30566,520Reserves for outstanding losses

16,816

15,729Underwriting reserves

55,48950,791

4,933

5,411

1,290

556

01

3,643

4,853

Reserve for employees’ retirement benefits

508

462

Reserve for directors’ retirement benefits

2437

Reserve for employees’ bonuses

613

575

Reserve for price fluctuations and others

19

1219

12

78,40573,020Assets:Liabilities:
Policy reserves

Other liabilities
Income taxes payable
Lease obligations
OthersReserve for price fluctuations
Total Liabilities- 2 -(Millions of yen)
As of
September 30, 2009

As ofMarch 31, 2009

20,00020,000Capital reserve

20,00020,000Total capital surplus

20,00020,000(25,113)(26,147)(25,113)(26,147)

Total retained deficits(25,113)(26,147)

Total stockholder’s equity

14,886

13,852Net unrealized gains(losses) on othersecurities, net of taxes

13(173)

Total valuation and translation adjustments

13(173)

14,89913,67893,30586,698Net Assets:
Stockholder’s equity
Common stock
Capital surplus

Retained deficits
Other retained deficits
Unappropriated retained deficits

Valuation and translation adjustments

Total Net Assets
Total Liabilities and Net Assets- 3 -2. Statements of Income(Millions of yen)
For the six months ended
September 30, 2008
Ordinary revenues

For the six months
ended September 30, 2009

30,71333,99330,371

33,63630,351

33,620

19

15

321

341

335

342

57(19)

(15)

20

15

29,53332,455

Underwriting expenses

22,086

24,566Net losses paid

14,124

16,181

Loss adjustment expenses

1,771

1,972

Net commissions and brokerage fees

539

627

Provision for reserve for outstanding
losses

1,084

1,086

Provision for underwriting reserves

4,565

4,698

14

13

Losses on sale of securities－

12

Devaluation losses on securities

14

－

7,429

7,869

4

6

1,179

1,537

2

－

Reversal of reserve for price fluctuations andothers

2－

Reversal of reserve for price fluctuations

2－

63

28

Losses on sale or disposal of fixed assets

63

21

Provision for reserve for price fluctuations andothers－

7

Provision for reserve for price fluctuations

－7

1,118

1,508

Income before income taxes

811

1,102

Income taxes –Current

(391)

(627)

Income taxes –Deferred－474

Net income

698

1,034

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

Investment expenses

Operating, general and administrative expenses
Other ordinary expenses
Ordinary profit
Extraordinary gains

Extraordinary losses

Others- 4 -3. Financial Summary (Year-on-Year Comparison)(Millions of yen)
For the six months
ended September 30,2008

For the six months ended
September 30, 2009

Change (Amount)

Change (%)

Gross direct premiums written

30,18133,448

3,267

10.8

( Direct premiums written )30,18133,448

3,267

10.8

Underwriting income

30,371

33,636

3,265

10.8

30,351

33,620

3,269

10.8

(Net premiums written)

Underwriting expenses

22,086

24,5662,48011.2(Net losses paid)

14,124

16,181

2,057

14.6

(Loss adjustment expenses)

1,771

1,972

200

11.3(Net commissions and)

539

627

87

16.2

321

341

19

6.0

brokerage fees

Investment income(Interest and dividends)

335

342

7

2.1

(

Gains on sale of securities)

57

2

36.6

1413(0)(6.8)

Investment expenses(Losses on sale of securities)

－

1212－

(

Devaluation losses on)

14－

(14)

(100.0)

7,429

7,869

440

5.9

7,408

7,831

423

5.7

169(6)(42.6)

1,179

1,537

357

30.3

(Underwriting profit)

876

1,238

361

41.3

Extraordinary gains

2－

(2)

(100.0)Extraordinary losses

6328(35)(55.5)

Extraordinary gains (losses), net(61)

(28)

33－

Income before income taxes

1,118

1,508

390

34.9

Income taxes -Current

811

1,102

290

35.8

Income taxes –Deferred(391)

(627)

(235)

－

Total income taxes

－

474－

－

Net income

698

1,034

335

48.0

Net loss ratio

52.4%

54.0%

Net expense ratio

26.2%

25.2%

securities

Operating, general and administrative
expenses（Operating, general and administrative
expenses for underwriting）
Other ordinary income (expenses), net
Ordinary profit

Ratios
Notes:

1. Underwriting profit = Underwriting income – (Underwriting expenses + Operating, general and administrative expenses for underwriting) ±Other income and expenses. Other income and expenses are such as corporate taxes associated with compulsory automobile liability insurance.
2. Ratios are calculated as follows.
Net loss ratio = (Net losses paid + Loss adjustment expenses) / Net premiums written x 100
Net expense ratio =(Net commissions and brokerage fees+ Operating, general and administrative expenses for underwriting) / Net premiums
written x 100- 5 -%

4. Premiums and Losses Paid by Type of Policy
Direct Premiums Written(Millions of yen)
For the six months ended September 30, 2008
AmountComposition

For the six months ended September 30, 2009

YoY Change%

AmountComposition%

YoY Change%%

Fire

165

0.5

24.7

137

0.4

(16.9)

Marine－－－－－－

3,284

10.9

5.4

3,442

10.3

4.8

26,731

88.6

11.1

29,868

89.3

11.7

－

－－－－－

30,181

100.0

10.5

33,448

100.0

10.8

Personal
accident
Voluntary
automobile
Compulsory
automobile
liability
Total

Net Premiums Written(Millions of yen)
For the six months ended September 30, 2008
AmountComposition

For the six months ended September 30, 2009

YoY Change%

AmountComposition%

YoY Change%%

Fire80.0

4.4

60.0(23.0)

Marine190.1(11.1)

70.0(62.3)

3,430

11.3

7.8

3,563

10.6

3.9

26,62887.7

11.1

29,752

88.5

11.7

265

0.9(6.6)

291

0.9

9.5

30,351

100.0

10.5

33,620

100.0

10.8

Personal
accident
Voluntary
automobile
Compulsory
automobile
liability
Total

Net Losses Paid(Millions of yen)
For the six months ended September 30, 2008
AmountYoY Change

For the six months ended September 30, 2009

Net loss ratio%

AmountYoY Change%

Net loss ratio%%

Fire0(50.3)

77.4

0

1.5

76.0

Marine8(18.0)

44.4

1(82.3)

20.8

619

9.0

20.7

705

13.9

22.0

13,256

13.5

56.1

15,216

14.8

57.5

239

10.2

90.2

258

7.6

88.7

14,12413.2

52.4

16,181

14.6

54.0

Personal
accident
Voluntary
automobile
Compulsory
automobile
liability
Total- 6 -5. Securities
1. Held-to-maturity securities with fair value(Millions of yen)
As of September 30, 2009
Balance sheet
amountJapanesegovernment
andcorporate
bonds
Foreignsecurities
Total

As of March 31, 2009

Fair value

Balance sheet
amountDifference

Fair value

Difference

48,69649,380683

43,67844,188

510

997

1,004

6

1,097

1,109

11

49,69450,384690

44,77645,298522

2. Stock of subsidiaries and affiliated companies
As of September 30, 2009, and As of March 31, 2009

-None

3. Available-for-sale securities with fair value(Millions of yen)
As of September 30, 2009
Acquisition cost

Balance sheet
amountJapanesegovernment
andcorporate
bonds

17,061

17,082

Total

17,061

17,082As of March 31, 2009
Acquisition cost

Balance sheet
amount20

16,666

16,492(173)

20

16,666

16,492(173)

Difference

4. Balance sheet amount of major securities that are not marked to market
As of September 30, 2009

As of March 31, 2009

(1)Held-to-maturity securities(1)Held-to-maturity securities
None
None
(2)Stock of subsidiaries and affiliated companies(2)Stock of subsidiaries and affiliated companies
None
None
(3)Available-for-sale securities(3)Available-for-sale securities
Other
3,542 million yen
Other3,040 million yen

6. Risk-Monitored Loans
None- 7 -Difference7. Solvency Margin Ratio(Millions of yen)
As of September 30, 2009(A)Total solvency margin
Net assets, excluding the amount of expected outflow fromthe company and the amount of valuation and exchange
differences and deferred assets
Reserve for price fluctuations
Contingency reserve
Special catastrophe reserves
Reserve for possible loan losses
Net unrealized gains on other securities
Net unrealized gains on real estate
Refund reserve premium
Subordinated debt
Deductible items
Other(B)Total risk√｛(Ｒ1+Ｒ2)2+(Ｒ3+Ｒ4)2｝+Ｒ5+Ｒ6
Ordinary insurance risks（Ｒ1）
Third-sector insurance risks（Ｒ2）

As of March 31, 2009

26,502

24,195

14,886

13,85219
4
11,572
－
18
－
－
－－－

12
3
10,500－
(173)
－－－－
－

5,127

4,872

4,342

4,097

00

Assumed interest rate risks（Ｒ3）98

Asset management risks（Ｒ4）

308

294

Business management risks（Ｒ5）

158

150

Major catastrophe risk（Ｒ6）

615

614

(C)Solvency margin ratio
1,033.6％
993.0％［(A) /｛(B)×1/2｝］×100
Note: Calculations and figures included in the chart above apply the methods provided for under Articles 86 and 87 of the Insurance
Business Law of Japan enforcement regulations, as stipulated in 1996 Ministry of Finance Official Notification No. 50.
<Solvency Margin Ratio>
Non-life insurance companies maintain reserves to ensure their ability to pay claims when accidents occur and return contracted
amounts at maturity on savings-type insurance. Non-life insurance companies must also maintain sufficient ability to pay in theevent of a major catastrophe or a dramatic drop in the value of the assets they hold—risk events outside the normal scope ofexpectations.
Total risk (item (B) in the table above) indicates dangers outside the general scope of expectations. The solvency margin ratio(item (C) in the table above) is an indicator of an insurer’s ability to pay, calculated as prescribed by the Insurance Business Lawof Japan, based on its percentage holdings of capital and other reserves (in other words, the total solvency margin: as indicated by(A) above).
“Risk events outside the normal scope of expectations” refers to the total of the amounts represented by the following risks.
Risks outside the scope of risk incorporated into the rate of accident
Insurance underwriting risks(Ordinary insurance risks)
occurrence (excluding major catastrophe risks)(Third-sector insurance risks)
Assumed interest rate risks
Risks that actual investment yields will fall below the investment yield assumed
when calculating premiums
Asset management risks
Risks arising from such factors as unexpectedly large fluctuations in prices on
owned securities and other assets
Business management risks
Unexpected risks to business management other than 1) through 3) and 5) above
Major catastrophe risks

Risks arising from major catastrophes (such as the Great Kanto Earthquake andthe Ise Bay Typhoon)
A non-life insurer’s ability to pay (total solvency margin), as indicated by such factors as its capital and reserves is the total of theinsurer’s net assets (excluding the amount of expected outflow from the company), reserves (such as the reserve for pricefluctuations and special catastrophe reserves) and a portion of its net unrealized gain on real estate.
The solvency margin ratio is one of the objective indicators used by the insurance regulatory authorities to supervise insurers. If thisratio is 200% or higher, an insurer is judged to have sufficient ability to satisfy claims and other payments.

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