August 10, 2016
Sony Financial Holdings Inc.

Summary Information on Sony Life’s Financial Results
for the Three Months Ended June 30, 2016
<Contents>
1. Key Performance Results(1) Policy Amount in Force and New Policy AmountP.

2(2) Annualized PremiumsP.

3(1) Portfolio of General Account AssetsP.

4(2) Fair Value Information on Securities

P.

5(3) Fair Value Information on Monetary TrustsP.

8

3. Non-consolidated Balance SheetsP.

9

4. Non-consolidated Statements of Income

P. 11

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

P. 12

6. Solvency Margin Ratio

P. 13(Reference) Consolidated Solvency Margin Ratio

P. 14

2. Status of Investment Assets (General Account)

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

P. 15(2) Policy Amount in Force (Separate Account)

P. 15

8. Consolidated Summary

P. 15

1

1. Key Performance Results(1) Policy Amount in Force and New Policy Amount
Policy amount in force(Number: Thousand, Amount: 100 millions of yen, %)As of June 30,
2015

As of March 31,
2016

As of June 30, 2016

Category

Individual life insurance
Individual annuities
Subtotal% changeAmountfrom March
31, 2016

NumberAmountNumber% YoYchange6,652 409,516

6,880

422,937

6,952

104.5

101.0

427,119

104.3

101.0

6,579

166

8,560

179

137.4

107.9

9,223

140.2

107.7

6,782 416,096

7,046

431,498

7,132

105.1

101.2

436,342

104.9

101.1

130

% YoY
change% changefrom March
31, 2016

Number AmountGroup life insurance-

15,072-

15,993---

16,591

110.1

103.7

Group annuities

-

144

-

130

-

-

-

126

88.2

97.0

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 tocommence 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.

New policy amount(Number: Thousand, Amount: 100 millions of yen, %)For the three months
ended June 30, 2015

Category
Number AmountFor the three months
ended June 30, 2016

New policies

Increasefromconversion

Number% YoYchangeAmount% YoY
New policies
changeIncreasefromconversion

Individual life insurance

164

12,591

12,591

-

135

82.5

11,883

94.4

11,883-

Individual annuities

11

651

651

-

14

118.0

716

110.0

716

-

176

13,242

13,242

-

149

84.9

12,60095.1

12,600-88SubtotalGroup life insurance-Group annuities

-

-

-

-

-

4

55.4

4

-

-

-

-

-

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

2(2) Annualized Premiums
Policy amount in force
Category(Millions of yen, %)As ofJune 30, 2015

As ofMarch 31, 2016

As ofJune 30, 2016

% YoY change% change fromMarch 31, 2016

Individual life insurance

724,699

751,820759,267

104.8

101.0

Individual annuities

22,97029,49531,541

137.3

106.9

Total

747,669

781,315

790,809

105.8

101.2

Of which, medical protection, living benefit
protection and other products

174,898

179,707

182,200

104.2

101.4

New policies(Millions of yen, %)For the three months
ended June 30, 2015

For the three months
ended June 30, 2016

% YoY change

Individual life insurance

20,323

18,25089.8

Individual annuities

2,041

2,276

111.5

Total

22,365

20,52791.8

Of which, medical protection, living benefit
protection and other products

3,962

4,194

105.9

Category

Notes:

1. Annualized premiums refer to an amount that is calculated by multiplying individual premium amounts by a coefficient thatdiffers 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 and other products” indicates the portion of annualized premiums for medical
protection benefits (hospitalization benefits, surgical procedure benefits, etc.) and products with living benefit protection(benefits for specific illness, nursing care benefits, etc.).

3

2. Status of Investment Assets (General Account)(1) Portfolio of General Account Assets(Millions of yen)
As of March 31, 2016

As of June 30, 2016

Category
AmountCash and deposits, call loans%

52,551

Amount0.7%

44,667

0.6

Securities repurchased under resale agreements

-

-

-

-

Pledged money for bond borrowing transaction

-

-

-

-

Monetary claims purchased

-

-

-

-

Securities under proprietary accounts

-

-

-

-

Monetary trusts

280,973

3.9

283,1843.9

6,479,336

90.2

6,569,258

90.0

JGBs, other bonds

6,351,176

88.4

6,453,856

88.4

Japanese stocks

33,3640.5

33,3460.5

Foreign securities

93,1401.3

80,448

1.1

Bonds

70,1341.0

59,6850.8

Stocks, etc.

23,0050.3

20,763

0.3

Other securities

1,654

0.0

1,606

0.0

Loans

171,649

2.4

172,969

2.4

Real estate

115,816

1.6

115,447

1.6

Securities

Deferred tax assets-

Other assets
Reserve for possible loan losses
Total
Of which, foreign-currency-denominated assets--

85,031

1.2

113,409

1.6

(272)

(0.0)

(271)

(0.0)

7,185,084

100.0

7,298,665

100.0

91,817

1.3

81,985

1.1

Note:
The amount for real estate is equivalent to the total amount of land, buildings and construction in progress.

4-(2) Fair Value Information on Securities
a. Fair value information on securities with market value (except trading-purpose securities)(Millions of yen)
As of March 31, 2016

As of June 30, 2016

Net unrealized gains (losses)
Category

Carrying
amountFair value

Unrealized
gains

Held-to-maturity
securities
Policy reserve matchingbonds

Net unrealized gains (losses)
Carrying
amountFair value

Unrealized
gains

losses5,383,938 7,410,168 2,026,230 2,026,230-

5,453,728

8,257,691 2,803,962

losses2,803,962

0

251,260

292,566

41,30541,3060265,158

332,068

66,91066,911

1

-

-

-

-

-

-

-

-

-

-

887,973 1,091,602

203,629

203,739

109

879,616

1,103,872

224,255

224,508

252

JGBs, other bonds

854,339 1,040,351

186,011

186,011-853,855

1,066,144

212,288

212,288-

Japanese stocks

13,62525,664

12,03912,04910

13,62523,963

10,337

10,39255

Foreign securities

19,842

25,279

5,436

5,536

99

11,96913,451

1,481

1,678

197

19,842

25,279

5,436

5,536

99

11,96913,451

1,481

1,678

197

Stocks, etc.

-

-

-

-

-

-

-

-

-

-

Other securities

165

307

142

142

-

165

313

148

148

-

Monetary claims
purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

Total

6,523,172 8,794,337 2,271,165 2,271,276

110

6,598,504

9,693,633 3,095,128

3,095,382

253

JGBs, other bonds

6,444,682 8,689,521 2,244,838 2,244,838

0

6,526,508

9,597,161 3,070,652

3,070,654

1

Stocks of subsidiaries andaffiliated companies
Available-for-salesecurities

Bonds

Japanese stocks

13,62525,664

12,03912,04910

13,62523,963

10,337

10,39255

Foreign securities

64,69878,84414,146

14,24599

58,20372,194

13,99014,187

197

64,69878,84414,146

14,24599

58,20372,194

13,99014,187

197

Stocks, etc.

-

-

-

-

-

-

-

-

-

-

Other securities

165

307

142

142

-

165

313

148

148

-

Monetary claims
purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

Bonds

Notes:
1. The above table includes assets which are permitted to be treated as equivalent to securities defined in the Financial Instruments and Exchange Act
of Japan.
2. Carrying amount and net unrealized gains (losses) on monetary trusts, including items other than trading-purpose securities amounted to ¥232,340
million and ¥52,600 million.

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

As of March 31, 2016

As of June 30, 2016

Held-to-maturity securities--

Unlisted foreign bonds--

Others----

Policy reserve matching bonds
Stocks of subsidiaries and affiliated companies

13,267

14,017Available-for-sale securities

12,301

11,831

Unlisted domestic stocks (except OTC stocks)

149

159

Unlisted foreign stocks (except OTC stocks)

439

411

Unlisted foreign bonds-

OthersTotal

6-11,712

11,25925,56925,848

c. Fair value information consisting of that stated in the previous table-a and foreign exchange and other gains(losses) for table-b as follows:(Millions of yen)
As of March 31, 2016

As of June 30, 2016

Net unrealized gains (losses)
Category

Carrying
amountUnrealized

Fair value

gains

Held-to-maturity securities

gains

5,383,938 7,410,168 2,026,230 2,026,230
292,566

Stocks of subsidiaries andaffiliated companies

13,267

13,267Available-for-sale securities

900,274 1,109,405

209,130

209,792

JGBs, other bonds

854,339 1,040,351

186,011

186,011

Japanese stocks

13,77525,814

12,03912,049Foreign securities

20,281

27,271

6,989

19,842

25,279Stocks, etc.

439

Other securities

11,87741,306-

losses- 5,453,728 8,257,691 2,803,962 2,803,962

251,260

41,305

Unrealized

Fair value

losses

Policy reserve matching
bonds

Bonds

Net unrealized gains (losses)
Carrying
amount0-661

265,158

332,068

14,017

14,017

66,910066,911

1---

891,448 1,119,389

227,941

228,979

853,855 1,066,144

212,288

212,28810

13,78524,123

10,337

10,392

55

7,089

99

12,38015,216

2,835

3,032

197

5,436

5,536

99

11,96913,451

1,481

1,678

197

1,992

1,552

1,552

411

1,765

1,354

1,354

15,967

4,090

4,641

11,425

13,904

2,479

3,264

-

551

1,038
-

785

Monetary claims
purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

Total
JGBs, other bonds

6,548,741 8,825,407 2,276,666 2,277,328

662 6,624,352 9,723,166 3,098,814 3,099,853

1,039

6,444,682 8,689,521 2,244,838 2,244,838

0 6,526,508 9,597,161 3,070,652 3,070,654

1Japanese stocks

20,34332,382

12,03912,04910

21,10331,44010,337

10,39255

Foreign securities

71,83787,536

15,69915,79899

65,31580,65915,344

15,541

197

Bonds

64,69878,84414,146

14,24599

58,20372,194

13,99014,187

197

Stocks, etc.

7,139

8,692

1,552

1,552

7,111

8,465

1,354

1,354

Other securities

11,877

15,967

4,090

4,641

11,425

13,904

2,479

3,264

551

785

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

7

(Millions of yen)

(3) Fair Value Information on Monetary Trusts
As of March 31, 2016
Category

Net unrealized gains (losses)

Balance sheet
amountFair value

280,973

Monetary trusts

Unrealized losses

Unrealized gains
280,973---

As of June 30, 2016
Net unrealized gains (losses)
Category

Balance sheet
amountFair value

283,184

Monetary trusts

Unrealized losses

Unrealized gains
283,184

-

-

-

Note:
The table above includes ¥50 million of jointly invested monetary trusts.

Monetary trusts for investment(Millions of yen)
As of June 30, 2016

As of March 31, 2016
Category

Net valuation gains (losses)
recorded in income

Balance sheet
amount-Monetary trusts for investment

Net valuation
gains (losses)
recorded in income

Balance sheet
amount---(Millions of yen)

Monetary trusts for held-to-maturity and policy reserve matching and other monetary trusts
As of March 31, 2016
Net unrealized gains (losses)
Category
Carrying amount

Fair value
Unrealized gains

Unrealized losses

Monetary trusts for held-to-maturity

-

-

-

-

-

Monetary trusts for policy reserve
matching

-

-

-

-

-

Other monetary trusts

232,491

280,922-

48,431

48,431
As of June 30, 2016

Net unrealized gains (losses)
Category
Carrying amount

Fair value
Unrealized gains

Unrealized losses

Monetary trusts for held-to-maturity

-

-

-

-

-

Monetary trusts for policy reserve
matching

-

-

-

-

-

Other monetary trusts

230,533

283,133

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

852,60052,600-3. Non-consolidated Balance Sheets(Millions of yen)
As of March 31, 2016

As of June 30, 2016

AmountAmountAssets:Cash and deposits

18,394

16,402

Call loans

88,20087,600

Monetary trusts

280,973

283,184

7,273,361

7,337,005

6,382,481

6,423,732

Japanese municipal bonds

1,836

1,830

Japanese corporate bonds

125,101

190,141

Japanese stocks

83,411

79,955

Foreign securities

471,973443,873

171,649

172,969

171,649

172,967

Securities
Japanese government bonds

Loans
Policy loans
Commercial loans-

2

Tangible fixed assets

116,256

115,874

Intangible fixed assets

19,171

18,193Due from agencies-

Due from reinsurers

0

298

506

Other assets

64,99896,726

Prepaid pension expenses

2,377

2,400

Reserve for possible loan losses

(272)

(271)

8,035,408

8,130,591

7,371,174

7,464,515

29,63528,7807,336,533

7,430,531

5,006

5,203

Due to agencies

2,455

1,791

Due to reinsurers

621

1,350

Other liabilities

104,996

83,566

Accrued income tax

8,998

6,243

Lease obligations

13

12

Asset retirement obligations

679

683

95,30576,627

Reserve for employees' retirement benefits

21,94422,732

Reserve for directors' retirement benefits

121

107

44,26044,61744,26044,617

7,151

12,289488

488

7,553,212

7,631,460

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

OthersReserve for price fluctuations
Reserve for price fluctuations
Deferred tax liabilities
Deferred tax liabilities on land revaluation
Total Liabilities

9

Net Assets:
Common stock

70,00070,000Capital surplus

5,865

5,865

Capital reserve

5,865

5,865

Retained earnings

257,175

260,578

Earned reserve

26,11828,778Other retained earnings

231,056

231,799

231,056

231,799

Total shareholders' equity

333,040

336,443

Net unrealized gains (losses) on other securities, net of taxes

150,621

164,153

Land revaluation, net of taxes(1,465)(1,465)

Total valuation and translation adjustments

149,155

162,687

Total Net Assets

482,195

499,1318,035,408

8,130,591

Unappropriated retained earnings

Total Liabilities and Net Assets10

4. Non-consolidated Statements of Income(Millions of yen)
For the three months ended
June 30, 2015

For the three months ended
June 30, 2016

AmountAmountOrdinary Revenues

323,925

292,052

Income from insurance premiums

254,571

241,130

254,367

240,762

67,706

46,818Interest income and dividends

35,36335,948

Income from monetary trusts, net

3,148

1,117

Insurance premiums
Investment income

Gains on trading securities-

Gains on sale of securities

3,631

Gains on derivatives, net

917-

Gains on separate accounts, net

9

8,821

24,781Other ordinary income

-

1,647

Reversal of reserves for outstanding claims

4,103
-

854

Ordinary Expenses

308,788268,681

Insurance claims and other payments

91,39785,621

Insurance claims

22,063

22,772

Annuity payments

2,600

2,806

Insurance benefits

11,054

13,568

Surrender payments

51,97044,459Refund to policyholders

3,227

825

176,772

93,998Provision for policy reserves and others
Provision for reserve for outstanding claims

2,590

Provision for policy reserves-

174,181

93,99800Investment expenses

4,009

48,762

Interest expenses

89Losses on trading securities, net

59

-

2,097

-

Interest on policyholders' dividend reserve

Losses on derivatives, net
Losses on separate accounts, net-

43,937

Operating expenses

30,62033,713

Other ordinary expenses

5,989

6,585

Ordinary Profit

15,137

23,371404

357

Losses on disposal of fixed assets

00

Impairment losses

0

0

329

356

329

356

Extraordinary Losses

Provision for reserve for price fluctuations
Provision for reserve for price fluctuations
Provision for reserve for investment losses

74

Provision for reserve for policyholders' dividends

357

403

Income Before Income Taxes

14,37522,611

Income Taxes -current

5,032

6,047

Income Taxes -deferred

(895)

(83)

Total Income Taxes

4,136

5,964

Net Income

10,238

16,64711-

5. Reconciliation to Core Profit and Non-consolidated Ordinary Profit(Millions of yen)
For the three months ended
June 30, 2015
Core Profit(A)

Capital gains
Income from monetary trusts, net

For the three months ended
June 30, 2016

13,306

14,031

6,258

14,501

1,846

Income from trading securities, net-

Gains on sale of securities

3,631

Gains on derivatives, net

917-

Foreign exchange gains, net

7

8,821

780

Other capital gains-

Capital losses

2,839

Losses on monetary trusts, net

4,754
3,407

-

Losses on trading securities, net

-

75

-

Losses on sale of securities--

Devaluation losses on securities--

Losses on derivatives, net

2,097

Foreign exchange losses, net-

Other capital losses

665

267

(B)

3,419

11,094(A)+(B)

16,72625,1250

1

Net capital gains (losses)
Core profit plus net capital gains (losses)

3,139

Other one-time gains
Gains from reinsurance--

Reversal of contingency reserve--

Reversal of specific reserve for possible loan losses

0

Others1-

Other one-time losses

1,588

Losses from reinsurance

1,755

-

Provision for contingency reserve

1,530

1,708

Provision for specific reserve for possible loan losses--

Provision for reserve for loan losses from borrowers in specificforeign countries--

Write-off of loans--

OthersNet other one-time gains (losses)
Ordinary Profit

57

46

(C)

(1,588)(1,754)(A)+(B)+(C)15,137

23,371

Notes:
1. Core profit for the three months ended June 30, 2016 (A) includes income gains of ¥1,117 million in income from monetary trusts and interest
income and dividends of ¥2 million in income from trading securities, net; other capital gains include reversal of policy reserves and others of¥4,754 million for currency market fluctuations of products dominated in foreign currencies; other capital losses include impairment losses of¥267 million from investment partnership; "Others" of other one-time losses included provision of additional policy reserve of ¥46 million.
2. Core profit for the three months ended June 30, 2015 (A) includes income gains of ¥1,301 million in income from monetary trusts and interest
income and dividends of ¥16 million in income from trading securities, net; other capital losses include reversal for policy reserves and othersof ¥656 million for currency market fluctuations of products dominated in foreign currencies and impairment losses of ¥8 million frominvestment partnership; "Others" of other one-time losses included provision of additional policy reserve of ¥57 million.

126. Solvency Margin Ratio(Millions of yen)
Category

As of March 31, 2016

As of June 30, 2016

1,169,875

1,229,978Common stock, etc.

319,740

335,955

Reserve for price fluctuations

44,26044,617

Contingency reserve

75,16676,87500

Net unrealized gains on other securities (before taxes), Deferred gains or losses
on hedges (before taxes) multiplied by 90% (100% if losses)

188,217205,146

Net unrealized gains (losses) on real estate multiplied by 85% (100% if losses)

20,778

20,778

Total solvency margin(A)

General reserve for possible loan losses

Amount excluded from deferred tax assets-

Unallotted portion of reserve for policyholders' dividends

-

302

830

Deferred tax assets

83,64889,954

Excess amount of policy reserves based on Zillmer method

470,777

476,611

Subordinated debt--

The portion of the excess amount of policy reserves based on Zillmer method
and subordinated debt that is not included in the margin(31,308)(18,333)

Deductible items(1,707)(2,457)85,93086,882

Total risk

(R1+R8)2+(R2+R3+R7)2 +R4(Ｂ)

Insurance risk

R1

23,576

23,697

Third-sector insurance risk

R8

8,519

8,548

Assumed interest rate risk

R230,61330,771Minimum guarantee risk

R715,902

15,883

Asset management risk

R330,831

31,636

Business management risk

R4

2,188

2,210

2,722.8%

2,831.3%

Solvency margin ratio

Notes:(A)/ (B) ×

1
2

×100

1. The figures are calculated based on provisions in Articles 86 and 87 of the Ordinance for Enforcement of the Insurance BusinessAct of Japan and the Ministry of Finance Public Notice No. 50 of 1996.
2. Minimum guarantee risk is calculated based on the standardized approach.

13

(Reference) Consolidated Solvency Margin Ratio
Although Sony Life is not required to prepare consolidated financial statements since it does not have consolidated subsidiaries,
Sony Life discloses solvency margin ratio consolidated with it's affiliated companies quarterly.
(Millions of yen)
Category

As of March 31, 2016

As of June 30, 2016

1,151,900

1,210,888

Common stock, etc.

318,011332,871

Reserve for price fluctuations

44,26044,617

Contingency reserve

75,16676,875

Total solvency margin(A)

Catastrophe reserve-

General reserve for possible loan losses

-

0

0

Net unrealized gains on other securities (before taxes), Deferred gains or losses
on hedges (before taxes) multiplied by 90% (100% if losses)

188,217205,146

Net unrealized gains (losses) on real estate multiplied by 85% (100% if losses)

20,778

20,778

Total amount of unrecognized net actuarial differences, and unrecognized priorservice cost

(4,836)(4,583)--

Amount excluded from deferred tax assets
Unallotted portion of reserve for policyholders' dividends

302

830

Deferred tax assets

83,64889,954

Excess amount of policy reserves based on Zillmer method

470,777

476,611

Subordinated debt--

The portion of the excess amount if policy reserves based on Zillmer method
and subordinated debt that is not included in the margin(33,036)(21,417)

Deductible items(11,389)(10,796)

82,98383,931

23,576

23,697

Total risk

( R12+R52+R8+R9)2+(R2+R3+R7)2+R4+R6

Insurance risk

R1

Ordinary insurance risk

R5

-

-

Major Catastrophe risk

R6

-

-

Third-sector insurance risk

R8

8,519

Insurance risk of small-amount short-term insurance providers

R9

8,548
-

-

Assumed interest rate risk

R230,61330,771Minimum guarantee risk

R715,902

15,883

Asset management risk

R327,69828,503Business management risk

R4

2,126

2,148

2,776.2%

2,885.4%

Solvency margin ratio

Notes:(A)/ (B) ×

1
2

×100

1. The figures are calculated based on provisions in Articles 86-2 and 88 of the Ordinance for Enforcement of the Insurance BusinessAct of Japan and Public Notice of Financial Services Agency No. 23 of 2011.
2. Minimum guarantee risk is calculated based on the standardized approach.

14

7. Status of Separate Account Assets(1) Balance of Separate Account Assets(Millions of yen)
As of March 31, 2016

Category
Individual variable life insurance and individual variable annuities

As of June 30, 2016

850,323

Group annuities

831,926-

Total separate account-

850,323

831,926

Note:
Assets relating to individual variable life insurance and individual variable annuities are jointly invested at Sony Life.

(2) Policy Amount in Force (Separate Account)

Individual variable life insurance(Number: Thousand, Amount: Millions of yen)
As of March 31, 2016

As of June 30, 2016

Category
NumberAmountNumberAmountVariable life insurance (whole life type)823

8,690,797

835

8,733,220

Variable life insurance (limited term type)84

323,34988

344,205

Variable life insurance (term type)1

40,538

1

39,881909

9,054,686

925

9,117,306

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

Individual variable annuities(Number: Thousand, Amount: Millions of yen)
As of March 31, 2016

As of June 30, 2016

Category
NumberIndividual variable annuities

Amount81

456,096

NumberAmount88

494,447

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 forpolicies for which annuity payments have not yet commenced and (b) the amount of policy reserves for policies for which payments havecommenced.

8. Consolidated Summary

Not applicable15