May 14, 2009
Sony Financial Holdings Inc.

Summary Information on Sony Assurance’s Financial Resultsfor Year Ended March 31, 2009<Contents>
1. Financial Summary (Year-on-Year Comparison)
2. Premiums and Losses Paid by Type of Category
3. Balance Sheets
4. Statements of Income
5. Securities
6. Risk-Monitored Loans
7. Solvency Margin Ratio- 1 -P.2
P.4
P.5
P.7
P.8
P.8
P.9

1. Financial Summary for the year ended March 31, 2009
（Million Yen）
For the year ended
March 31, 2008
Gross direct premiums written（Direct premiums written）(Underwriting income(Net premiums written

For the year ended
March 31, 2009

Underwriting expenses

Change(%)

54,64260,8686,226

54,642 ) (60,868 ) (6,226 )

55,036) (Change(Amount)

61,13755,001 )(38,970

61,106 )11.4 %(11.4 )

(11.1 )

6,100
(44,211

6,104 )

11.1

5,240

13.4

(Net losses paid) (26,225 )(29,952 )(3,727 )(14.2 )(

Loss adjustment expenses) (3,204 )(3,632 )(428 )(13.4 )(Net commissions and brokerage fees) (922 )(1,063 )(140 )(15.3 )

Investment income

567717150

26.5(Interest and dividends) (578 )(684 )(105 )(18.2 )

(Gains on sale of securities) (24 )

(61 )

(37 )

(154.7 )Investment expenses
Losses on sale of securities(Devaluation losses on securities

5171

2,958.1(3)(143 )(139 )(3,686.1 )

) (－)

(29 )

(29 )

(－)

Operating, general and administrative expenses

13,838（Operating, general and administrative expenses(for underwriting）

13,787 )Other ordinary income (expenses), netOrdinary profits（Underwriting profits）

177(15,308(15,259 )

1,469（1,472 )10.6(10.7 )

28

20-7-25.8

2,817

2,178-638-22.7

2,277 )

(1,665 )（-612 )(-26.9 )Extraordinary gains

－23

23

－

Extraordinary losses

413

3,819

3,405

822.9

Extraordinary gains (losses), net-413-3,795-3,381－

Income before income taxes

2,403-1,617-4,020-167.3

Income taxes -Current

1,674

765

-909

-54.3

Income taxes –Deferred-1,457-826

631

－－-60

－－

Net income (loss)

2,185-1,556-3,742-171.2Net loss ratio

53.5%

55.0%

Net expense ratio

26.7%

26.7%

Return on investments (income basis)

0.99%

1.06%

Return on investments (realized basis)

1.02%

0.89%

Total income taxes

Ratios（Reference）Return on investments (market value basis) : 0.72% for the year ended March 31, 2008 and 0.65% for the year ended March31, 2009.

Notes 1. Underwriting profits = Underwriting income – (Underwriting expenses + Operating, general and administrative expenses forunderwriting) ± Other income and expenses. Other income and expenses are such as corporate taxes associated with compulsory
automobile liability insurance.
2.Yield calculation methods are described in separate attachments.

2Attachment

Yield Calculation Methods
１．Return on investments (income basis)
The results of investment in assets are indicated as income revenues (i nterest income and dividends). Interest

income and dividends on investment assets is the numerator, and yield based on acquisition cost is thedenominator.
・Numerator＝interest income and dividends
・Denominator = average balance based on the acquisition cost or amortized cost
２．Return on investments (realized basis)
The results of investment in assets are indicated as the contribution to net loss for the period (statements ofincome). Realized profit and loss is the numerator, and yield based on the acquisition cost is the denominator.

・Numerator = investment income + interest and dividends on deposits of premiums - investment expenses
・Denominator = average balance based on acquisition cost or amortized cost
３．Return on investments (market value basis)
An indicator of investment efficiency based on market value. Realized profit and loss plus net unrealized gains
is the numerator, and yield based on market value is the denominator.
・Numerator = investment income + interest and dividends on deposits of premiums - investment expenses+ (net unrealized gains at end of period * - net unrealized gains at beginning of period *)・Denominator = average balance according to the acquisition cost or amortized cost
+ net unrealized gains on other securities at beginning of period **Amounts before tax deductions

3

Direct Premiums Written（Million Yen）
For the year ended March 31, 2008
AmountComposition

For the year ended March 31, 2009

YoY Change%

AmountComposition%

YoY Change%%

Fire273

0.5

56.9

379

0.6

38.6

Marine－－－－－－

Personal
accident

6,315

11.6

8.7

6,653

10.9

5.4

Voluntary
automobile

48,05387.9

8.9

53,83588.4

12.0

Compulsory
automobile
liability

－

－－－

－

－

54,642100.0

9.0

60,868

100.0

11.4

Total

Net Premiums Written（Million Yen）
For the year ended March 31, 2008
Amount

For the year ended March 31, 2009

Composition

YoY Change%%AmountComposition

YoY Change%%Fire

160.0

35.1

180.0

15.7

Marine

520.1

20.3

410.1

-21.6

Personal
accident

6,501

11.8

9.3

6,932

11.3

6.6

Voluntary
automobile

47,84587.0

8.9

53,61987.7

12.1

Compulsory
automobile
liability

585

1.1

9.9

493

0.8

-15.7

Total

55,001100.0

9.0

61,106

100.0

11.1

Net Losses Paid（Million Yen）
For the year ended March 31, 2008
Amount

For the year ended March 31, 2009

Composition

YoY Change%%AmountComposition

YoY Change%%

Fire0-29.2

63.1

0-34.6

69.4

Marine25

16.2

47.9

12-49.730.8

Personal
accident

1,205

29.7

21.0

1,368

13.5

22.4

Voluntary
automobile

24,546

7.7

57.6

28,08814.4

58.8

Compulsory
automobile
liability

447

12.3

76.5

484

8.1

98.0

Total

26,225

8.6

53.5

29,952

14.2

55.0

4

3. Balance Sheets(Million Yen)
As of March 31, 2008

As of March 31, 2009

Assets:Cash and deposits

2,929

2,819

00

2,929

2,819

56,23764,309Japanese government
bonds

2,316

14,502

Japanese municipal bonds

35,79431,870Japanese corporate bonds

13,491

13,797

Foreign securities

807

1,097

Other securities3,828

3,040

Tangible fixed assets

231

270

Buildings

201

220

Other tangible fixed assets

29

50

4,075

1,898

Software

1,013

744

Software in progress

3,024

1,134

Other intantible fixedassets

36

20

10,736

12,139Accrued premiums

963

1,018

Due from reinsurers

112

38

-

1

7,278

8,384

Accrued income

138

149

Deposits

354

356

Deposits for earthquake
insurance

19

22

1,869

2,169

Deferred tax assets

4,434

5,260

Total assets

78,64586,698Cash
Deposits
Securities

Intangible fixed assets

Other assets

Due from foreign reinsures
Accounts receivable

Suspense payments5

(Million Yen)
As of March 31, 2008

As of March 31, 2009

Policy reserve
Reserves for outstanding
claims
Policy reserve

56,95866,52014,246

15,72942,71150,791Other liabilities

5,284

5,411

Due to reinsurers

177

158

Due to foreign
reinsurers

7

3

516

556

Deposits received

4

5

Accounts payable

2,115

1,847

Suspense receipt

2,462

2,839

Lease obligations

－1

412

462

39

37

529

575

36

1236

12

63,26073,02020,00020,000Capital reserve

20,00020,000Total capital surplus

20,00020,000

Other retained deficits
Unappropriatedretained deficits
Total retained deficits-24,591-26,147-24,591-26,147-24,591-26,147

Total shareholder’s equity

15,40813,852

Valuation and translation
adjustments
Net unrealized losses onother securities, net of taxes
Total valuation andtranslation adjustments

-23

-173

-23

-173

Total Net Assets

15,385

13,678

Total Liabilities and Net
Assets78,64586,698

Liabilities:

Income taxes payable

Reserve for employees’
retirement benefits
Reserve for directors’
retirement benefits
Reserve for employees’
bonuses
Reserve for pricefluctuations
Reserve for pricefluctuations
Total Liabilities
Net Assets:
Shareholder's equity
Common stock
Capital surplus

Retained deficits

64. Statements of Income(Million Yen)

For the year ended
March 31, 2008

For the year ended
March 31, 2009

55,64955,03655,001

61,882
61,137
61,106

35

31

567
578
24

717
684
61

Gains on redemption of securities-3

Transfer to interest and dividends
on deposits of premiums

-35

-31

44
52,831
38,97026,2253,204

28
59,704
44,211
29,952
3,632

922

1,063

2,010

1,482

6,607
5
3-8,079
017714329

2

4

13,83815,30816
2,817-

7
2,178
23-

23-

23

413

3,819

0

3,819

11-

11-

402
2,403
1,674-1,457
2,185-1,617765-826-60-1,556

Ordinary revenues
Underwriting income
Net premiums written
Interest and dividends on deposits
of premiums
Investment income
Interest income and dividends
Gains on sale of securities

Other ordinary income
Ordinary expenses
Underwriting expenses
Net losses paid
Loss adjustment expenses
Net commissions and brokerage
fees
Provision for reserve foroutstanding claims
Provision for policy reserve
Other underwriting expenses
Investment expenses
Losses on sale of securities
Devaluation losses on securities
Losses on redemption ofsecurities
Operating, general and administrative
expenses
Other ordinary expenses
Ordinary profit
Extraordinary gains
Reversal of reserve for pricefluctuations and others
Reversal of reserve for pricefluctuations
Extraordinary losses
Losses on sale or disposal of fixedassets
Provision for reserve for pricefluctuations and others
Provision for reserve for pricefluctuations
OthersIncome (loss) before income taxes
Income taxes –Current
Income taxes –Deferred
Total income taxes
Net income (loss)

7

5. Securities
１．Trading-purpose securities
None
2. Held-to-maturity securities with fair value（Million Yen）
As of March 31, 2008
Balance sheet
amountFair value is higher
than balance sheet
amountFair value is lower
than balance sheet
amountDomesticbonds
Foreignsecurities
subtotal
Domesticbonds
Foreignsecurities
subtotal

Total

Fair value

As of March 31, 2009
Balance sheet
amountDifference

Fair value

Difference
512

31,81632,162346

42,106

42,618

807

841

33488

504

15

32,62433,00438042,594

43,122

527

6,104

6,067

-37

1,571

1,570

-1－－－609

605

-3

6,104
38,7296,067
39,072

-37
342

2,181
44,776

2,175
45,298-5522

3. Stock of subsidiaries and affiliated companies
None
4. Available-for-sale securities with fair value（Million Yen）
As of March 31, 2009

As of March 31, 2008
Acquisition cost
Fair value is higher
than balance sheet
amountFair value is lower
than balance sheet
amountTotal

Balance sheet
amountDifference

Balance sheet
amountAcquisition cost

Difference

Domesticbonds

7,841

7,9197812,151

12,21362

Domestic
bonds

5,862

5,760-101

4,514

4,278-235

13,703

13,680-23

16,666

16,492-173

As of March 31, 2008

As of March 31, 2009
As of March 31, 2009, Sony Assurance recorded ¥29 million in impairment losses on
its holdings of available-for-sale securities with market values. Sony Assurance posts
impairment losses on investment securities when their market value has declined by
30% or more from the acquisition price.

5. Available-for-sale securities sold during the year（Million Yen）
As of March 31, 2008
AmountofAvailable-for-sale securities

As of March 31, 2009

sales

Total gains on sales

Total losses on sales

Amount of sales

Total gains on sales

Total losses on sales

1,19124

35,67461

143

6. Balance sheet amount of major securities that are not marked to market
As of March 31, 2008
(1)Held-to-maturity securities
None(2)Stock of subsidiaries and affiliated companies
None(3) Available-for-sale securities
3,828 Million Yen
Other

As of March 31, 2009
(1)Held-to-maturity securities
None(2)Stock of subsidiaries and affiliated companies
None(3) Available-for-sale securities
3,040 Million Yen
Other

7. Expected redemption value of available-for-sale securities with maturity and held-to-maturity securities（Million Yen）
As of March 31, 2008
1 year or lessMore than 1
year and 5years or less

As of March 31, 2009

More than 5years and 10years or lessMore than 10years

1 year or lessMore than 1
year and 5
years or lessMore than 5years and 10years or lessMore than 10years

Japanesegovernment
bonds－

900－

1,415

2,502

9,887－

2,111

Japanesemunisipal
bonds

11,132

22,783

698

1,179

9,948

19,266953

1,702

Japanese
corporate
bonds

8,034

4,351

581

523

4,586

7,452

585

1,172

Foreignsecurities

－602

100

105

99

801－

196

Total

19,16628,637

1,380

3,224

17,13737,408

1,538

5,184

6. Risk-Monitored Loans
None

8

7. Solvency margin ratio（Million Yen）
As of March 31, 2008

As of March 31, 2009

23,977

24,195

15,40813,852

Reserve for price fluctuations

36

12

Contingency reserve

23

8,553

10,500--Net unrealized gains on other securities-23-173

Net unrealized gains on real estate--

Refund reserve premium--

Subordinated debt--

Deductible items--(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

Special catastrophe reserves
Reserve for possible loan losses

Other(B) Total risk

(R1+R2)2+(R3+R4)2+R5+R6

Ordinary insurance risks（Ｒ1）
Third-sector insurance risks（Ｒ2）

(C)

--

4,465

4,872

3,701

4,097

00

Assumed interest rate risks（Ｒ3）68

Asset management risks（Ｒ4）306294

Business management risks
（Ｒ5）

138

150

Major catastrophe risk（Ｒ6）

611

614

1,073.9 ％993.0 ％

Solvency margin ratio[(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 savingstype insurance. Non-life insurance companies must also maintain sufficient ability to pay in the event of a major catastrophe or a dramatic drop in the value of theassets they hold—risk events outside the normal scope of expectations.
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 anindicator of an insurer’s ability to pay, calculated as prescribed by the Insurance Business Law of Japan, based on its percentage holdings of capital and otherreserves (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 occurrence (excluding major catastrophe(1) Insurance underwriting risksrisks)(Ordinary insurance risks)(Third-sector insurance risks)(2) Assumed interest rate risks：Risks that actual investment yields will fall below the investment yield assumed when calculating premiums(3) Asset management risks：Risks arising from such factors as unexpectedly large fluctuations in prices on owned securities and other assets(4) Business management risks：Unexpected risks to business management other than (1) through (3) above and (5)(5) Major catastrophe risks：Risks arising from major catastrophes (such as the Great Kanto Earthquake and the 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 the insurer’s net assets (excluding
the amount of expected outflow from the company), reserves (such as the reserve for price fluctuations 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 this ratio is 200% or higher, aninsurer is judged to have sufficient ability to satisfy claims and other payments.

9