Presentation Material

Consolidated Financial Results
for the Nine Months Ended December 31, 2010

Sony Financial Holdings Inc.
February 14, 20110

Management Review

Consolidated ordinary revenues and ordinary profit for the nine months
ended December 31, 2010, increased year on year.

The Group’s life insurance business continued its stable growth, due tofavorable sales of mainstay death-protection type and third-sector
insurance products such as living benefit and nursing-care insurance.

The non-life insurance business enjoyed brisk sales. An ongoing upward
trend in the loss ratio for automobile insurance showed signs of slowing
during the quarter.

The banking business maintained some degree of interest spread owing
to a growing balance of loans, especially mortgage loans, which offset thenegative impact of lower interest rates.

1

During the nine months ended December 31, 2010, consolidated
operating results are as follows.
The Group’s life insurance business continues expanding stably due tofavorable sales of its mainstay death-protection type and third-sector
insurance products such as living benefit and nursing-care insurance.
The non-life insurance business enjoyed brisk sales. An ongoing upward
trend in the loss ratio for automobile insurance showed signs of slowing
during the quarter.
The banking business maintained some degree of interest spread owing
to a growing balance of loans, especially mortgage loans, which offset thenegative impact of lower interest rates.

1Highlights of Consolidated Operating Performancefor the Nine Months Ended December 31, 2010 (1)Ordinary revenues(Billions of yen)

Ordinary profit

746.0

720.7

+3.5 %

69.3（9 months）

669.4

+21.4

+3.3%
+19.2%

Ordinary profit

54.8

65.3

+10.5

Ordinary revenues

50.9

55.6

+4.6

+9.1%
+28.0%(2.4%)

Ordinary profit
Ordinary revenues

Bankingbusiness

Ordinary profit
Ordinary revenues

1.8

2.3

+0.5

22.9

22.4

(0.5)

1.5

1.5

(0.0)

(1.9%)

(1.1)

(1.4)

(0.2)

+23.6%+47.6%

0.0

0.1

+0.0

720.7

746.0

+25.3

+3.5%

Ordinary profit

58.3

69.3

+11.0

+18.9%Net income

33.8

38.3

+4.5

+13.4%

Ordinary profit

Consolidated（9 months）

647.9

ChangeNon-life
insurancebusiness

Ordinary revenues

FY10.3Q（9 months）

Ordinary revenues

Corporateandelimination

FY09.3Q

FY10.3Q（9 months）

Life
insurancebusiness

58.3+18.9%

FY09.3Q(Billions of yen)

09.12.31

10.3.3110.12.31

Change from 10.3.31

Total
assets5,804.3

6,001.0

6,435.9+434.8+7.2%

Net
assets

261.0

269.4

301.1

+31.6

+11.8%(Billions of yen)

Consolidated

Line item amounts are truncated below ¥100 million; percentage change figures are rounded.

2

During the nine months ended December 31, 2010, consolidated ordinary
revenues increased 3.5% year on year, to ¥746.0 billion. As for the
breakdown by business segment, ordinary revenues increased for the life
insurance and the non-life insurance businesses, but decreased for thebanking business.
Consolidated ordinary profit increased 18.9%, to ¥69.3 billion, reflecting
increases in ordinary profit from the life insurance and the non-life
insurance businesses, while ordinary profit from the banking businessremained almost flat from a year earlier.
Consequently, net income increased 13.4% year on year, to ¥38.3 billion.

2

Highlights of Consolidated Operating Performancefor the Nine Months Ended December 31, 2010 (2) Life Insurance: Ordinary revenues and ordinary profit increased year on year, due tohigher income from insurance premiums associated with steady increases in the newpolicy amount and the policy amount in force, as well as higher interest income anddividends and gains on sale of securities on general account assets.
 Non-life Insurance: Ordinary revenues increased year on year, owing to an increase in

net premiums written, primarily for automobile insurance. The effect of a rising loss ratio,
driven by higher insurance claim payments for automobile insurance, was mitigated by adecrease in provision of catastrophe reserve. Consequently, ordinary profit increased due
to a rise in ordinary revenues and a decline in the net expense ratio.
 Banking: Ordinary revenues decreased year on year, owing mainly to a decrease in gains

on foreign exchange transactions. Ordinary profit decreased due primarily to an increasein general and administrative expenses, particularly system-related expenses, which
offset the positive impact of an increase in gross operating profit driven by improved
investment performance.
 Consolidated ordinary revenues, consolidated ordinary profit and consolidated net

income increased 3.5% year on year, to ¥746.0 billion, 18.9%, to ¥69.3 billion and 13.4%,
to ¥38.3 billion, respectively.

33Highlights of Operating Performance:
Sony Life (Non-consolidated)
Ordinary revenues

647.7

+3.3%

Ordinary profit

669.1

FY10.3Q(9 months)

647.7

669.1

+21.4

+3.3%

Income from insurance premiums

512.1

565.5

+53.3

+10.4%

Investment income(27.3%)

Ordinary revenues

66.1+20.3%

FY09.3Q(9 months)(Billions of yen)

130.2

94.7

(35.5)

Interest income and dividends

50.9

64.4

+13.5

+26.6%

Income from monetary trusts, net

13.2

5.6

(7.5)

(57.2%)

Gains on sale of securities

14.5

24.5

+10.0

+68.8%

Gains on separate accounts, net

50.3

－

(50.3)(100.0%)

+1.7%

592.7

603.0

+10.3

Insurance claims and other payments

204.7

209.7

+4.9

+2.4%

Provision for policy reserve and others

290.0

285.4

(4.5)

(1.6%)

Investment expenses

Ordinary expenses

54.9

FY09.3Q

FY10.3Q（9 months）（9 months）(Billions of yen)Ordinary revenues and ordinary profit increased year onyear.
Income from insurance premiums increased due toincreases in the new policy amount and the policy amountin force.
Investment income decreased year on year due todeteriorated performance on separate account assets
which offset increases in interest income anddividends and gains on sale of securities.
Ordinary profit increased, due primarily to higher gains
from investment, net on general account assets.
Line item amounts are truncated below ¥100 million;
percentage change figures are rounded.

Change

16.3

21.3

+5.0

+30.7%

Losses on sale of securities

8.0

0.8

(7.2)

(89.7%)

Losses on separate accounts, net

－

13.1

+13.1

－

70.9

73.2

+2.2

+3.1%

Ordinary profit

54.9

66.1

+11.1

+20.3%Net income

32.1

37.1

+4.9

+15.5%

Operating expenses

09.12.31

10.3.3110.12.31

Securities

3,294.1

3,539.1

3,921.2+382.1

Policy reserves

3,880.7

3,985.6

4,256.7+271.1+6.8%

Total net assets

184.2

191.3

222.6

+31.3

+16.4%(Billions of yen)

Net unrealized gains onother securities
Total assets
Separate account assets

Change from 10.3.31+10.8%

22.3

15.4

16.6

+1.2

+7.8%

4,143.4

4,286.5

4,593.0+306.4

+7.1%

351.8

373.6

381.7

+8.1

+2.2%

4

Highlights of Sony Life’s operating performance (non-consolidated basis)are shown here.
Sony Life’s ordinary revenues increased 3.3% year on year, to ¥669.1
billion. Income from insurance premiums increased owing to steadyincreases in the new policy amount and the policy amount in force.
Income from insurance premiums grew 10.4% from the same period of theprevious fiscal year, to ¥565.5 billion.
Investment income decreased 27.3% year on year, to ¥94.7 billion, due
mainly to a deterioration in investment performance on separate accountassets, which offset higher interest income and dividends and gains onsale of securities.
Investment expenses increased 30.7% year on year to ¥21.3 billion due toa loss on separate accounts, net.
Ordinary profit increased 20.3% year on year to ¥66.1 billion, due primarily
to higher gains from investment, net, on general account assets.
Consequently, net income increased 15.5% year on year, to ¥37.1 billion.

4

Overview of Performance:
Sony Life (Non-consolidated)(Billions of yen)

FY09.3Q

FY10.3Q(9 months)

Change(9 months)

New policy amount

3,020.4

3,229.3+6.9%

Lapse and surrender amount

1,725.4

1,601.6(7.2%)

Lapse and surrender rate

5.31%

4.79%

(0.52pt)

Policy amount in force

33,249.4

34,519.9+3.8%Annualized premiums from newpolicies

50.6

53.9

+6.5%

Of which, third-sector
products

12.2

12.6

+3.6%

Annualized premiums frominsurance in force

566.2

598.0

+5.6%

Of which, third-sector
products

131.5

139.0

+5.7%

(Billions of yen)

FY09.3Q

FY10.3Q(9 months)

Change(9 months)

Gains from investment, net(General account)

63.4

86.4

Core profit

45.1

43.9

(2.5%)

Negative spread

12.2

5.5

(54.9%)

Solvency Margin Ratio(Reasons for changes)
 Increased, due mainly to favorable sales of family
income insurance, which is life insurance with disability
benefit.

 Decreased due to the lowering lapse and surrender
rates in most products, mainly in term life insurance Increased, owing mainly to favorable sales of living
benefit insurance, endowment insurance and nursingcare insurance.
 Increased due to an increase in interest income anddividends, as well as gains on sale of securities in linewith the shift from investing in bonds with short terms
to maturity to those with ultralong-terms.

+36.2%

09.12.31

10.3.3110.12.31

Change from
10.3.312,570.9%

2,637.3%

2,971.9%＋334.6pt

Notes:*1 Figures for new policy amount, lapse and surrender amount, lapse and surrender rate, policy amount in force,
annualized premiums from new policies and annualized premiums from insurance in force are calculated as thetotal of individual life insurance and individual annuities.
*2 The lapse and surrender rate shows the ratio derived by dividing the amount of lapses and surrenders, not adjusted forpolicy amount decreases, increases, and reinstatements, by the policy amount in force at the beginning of the fiscal year.

 Declined owing primarily to a change from the previous
year’s reversal of policy reserve for minimum
guarantee for variable life insurance to a provision in
the current period, despite increases in income frominsurance premiums and interest income anddividends.

Line item amounts are truncated below ¥100 million;
percentage change figures are rounded.

5

Here is an overview Sony Life’s performance.

5

Sony Life Operating Performance (1)Number of New Policy and Amount

Annualized Premiums from New Policies(Individual Life Insurance + Individual Annuities)<9 months>(Individual Life Insurance + Individual Annuities)<9 months>

New policy amount

Number of new policies

Annualized premiums from new policies

Of which, third-sector(Thousands of policies) (Billions of yen)(Trillions of yen)

4.0

440

3.5
3.0

+5.0%

462

500

413

2.99

3.02

+6.9%

3.22

50

47.7

50.6

+6.5%

53.9

400
40

300

2.5

30

2.0

200
1.5
1.0

100

20

0

0.0
FY08.3Q

FY09.3Q

FY10.3Q

Line item amounts are truncated below ¥10 billion; numbers of policies aretruncated below 1,000 policies; percentage change figures are rounded.

+3.6%

10

0.5

10.3

12.2

FY08.3Q

FY09.3Q

12.6

0
FY10.3Q

Line item amounts are truncated below ¥100 million; percentage figures are rounded.

6(Left-hand graph)
New policy amount for the total of individual life insurance and individual
annuities increased 6.9% year on year, to ¥3.22 trillion, owing tofavorable sales of a discount rider for family income insurance, which islife insurance with disability benefit for nonsmokers and other people inexcellent health, which commenced sales in November, 2009. The
number of new policies increased 5.0% year on year, to 462 thousand
policies.
(Right-hand graph)
Annualized premiums from new policies increased 6.5%, to ¥53.9 billion,
owing mainly to favorable sales of living benefit insurance, endowment
insurance and nursing-care insurance.
Of this amount, the figure for third-sector products was ¥12.6 billion, up
3.6% year on year.

6Sony Life Operating Performance (2)Number of Policy and Policy Amount in Force

Annualized Premiums from Insurance in Force(Individual Life Insurance + Individual Annuities)(Individual Life Insurance + Individual Annuities)
Policy amount in force

Of which, third sector(Millions of policies)(Trillions of yen)

50

Annualized premiums from insurance in force

Number of policies in force(Billions of yen)
+6.7%

4.94

5.27

5.01

600

566.2

5

+5.2%

+5.6%

598.0

573.3
+4.3%

500

40

33.2

+3.8%

34.5

33.4

4
400

+3.1%

30

3
20

2

300

200
+5.7%

10

1

0

0
09.12.31

10.3.3110.12.31

Line item amounts are truncated below ¥100 billion; numbers of policies aretruncated below 10,000 policies; percentage change figures are rounded.

100

131.5

133.0

09.12.31

10.3.31

139.0
+4.5%

0
10.12.31

Line item amounts are truncated below ¥100 million;
percentage change figures are rounded

7(Left-hand graph)
Policy amount in force for the total of individual life insurance andindividual annuities grew steadily, to ¥34.5 trillion as of December 31,
2010, up 3.8% from December 31, 2009 and up 3.1% from March 31,
2010. The number of policies in force increased 6.7% from December 31,
2009 and up 5.2% from March 31, 2010, to 5.27 million policies.
(Right-hand graph)
Annualized premiums from total policies as of December 31, 2010, wereup 5.6% from December 31, 2009 and up 4.3% from March 31, 2010,
totaling ¥598.0 billion. Of this amount, the figure for third-sector products
was up 5.7% from December 31, 2009 and up 4.5% from March 31,
2010, to ¥139.0 billion.

7

Sony Life Operating Performance (3(3)
Lapse and Surrender Rate*

Solvency Margin Ratio(Individual Life Insurance + Individual Annuities)＜Annual,1H, 9 months＞
Lapse and surrender rate
(Annual)(%)
10Lapse and surrender rate (1H)

(%)

3,000

+334.6 pt

Lapse and surrender rate
(9 months)

2,971.9
2,500

8

7.21

6.79

2,570.9

2,637.3

09.12.31

10.3.312,000(Annual)
6

5.31

4.95

(0.52pt)

4.79

1,500

(9months)
4

1,000
(1H)

2

3.11

3.27

3.11
500

0
FY08

FY09

FY10

0
10.12.31*The lapse and surrender rate shows the ratio derived by dividing the amount oflapses and surrenders, not adjusted for policy amount decreases, increases, andreinstatements, by the policy amount in force at the beginning of the fiscal year.

8(Left-hand graph)
The lapse and surrender rate for the nine months ended December 31,
2010 decreased 0.52 percentage point year on year, to 4.79%, due to thelowering lapse and surrender rates in most products, mainly in term life
insurance.
(Right-hand graph)
As of December 31, 2010, Sony Life’s solvency margin ratio was
2,971.9%, up 334.6 percentage points from March 31, 2010.

8

Sony Life Operating Performance (4)Ordinary Profit<9 months>

Income from Insurance Premiums<9 months>(Billions of yen)(Billions of yen)

565.5

600

500

489.6

66.1

70
+20.3%

512.1

60+10.4%

54.9

50

400

40
300

30
200

30.2

20

100

10
0

0
FY08.3Q

FY09.3Q

FY10.3Q

FY08.3Q

FY09.3Q

FY10.3Q

Line item amounts are truncated below ¥100 million; percentage figures are rounded.

9

Both income from insurance premiums and ordinary profit increased year
on year, as described in the previous pages.

9Sony Life Operating Performance (5)Negative Spread(9 months)

Core Profit(9 months)(Billions of yen)(Billions of yen)

20

45.1

50

43.9
16.3

(2.5%)

40

15

12.2
30

22.6

(54.9%)

10

20

5.5
5
10

0

0
FY08.3Q

FY09.3Q

FY10.3Q

FY08.3Q

FY09.3Q

FY10.3Q

Line item amounts are truncated below ¥100 million; percentage figures are rounded.

10(Left-hand graph)Core profit was down 2.5% year on year, to ¥43.9 billion, due primarily toa change from the previous year’s reversal of policy reserve for minimum
guarantee for variable life insurance to a provision in the current period,
despite increases in income from insurance premiums and interest
income and dividends.
(Right-hand graph)
In line with the increase in interest income and dividends, the negative
spread declined 54.9% year on year, to ¥5.5 billion.

10

Sony Life Operating Performance (6)Number of Lifeplanner Sales Employees(Number)

4,000

Number of Independent Agents(Number)

3,982

2,500

4,036

3,976

3,891

2,112

2,089

2,089

2,072

(60)

2,000

(17)

3,500
1,500

3,000
0

1,000
0

09.3.3109.12.31

10.3.3110.12.31

09.3.3109.12.31

10.3.3110.12.31* “Lifeplanner” is a registered trademark of Sony Life Insurance Co., Ltd.

11

(Left-hand graph)
The number of Lifeplanner sales employees as of December 31, 2010,
was 3,976, down 60 from March 31, 2010. This decrease was the resultof a lower number of new recruits due to the revised recruitment
standards, and a higher number of resignations.
(Right-hand graph)
The number of independent agents decreased 17 from March 31, 2010,
to 2,072.

11

Sony Life Operating Performance (7)Breakdown of General Account Assets

3,032.9

77.5%

3,404.3

80.8%

Japanese stocks

72.5

1.9%

67.7

1.6%

From FY09-2Q to FY10-2Q, amounts for individual items
included in monetary trusts (Japanese government andcorporate bonds, CBs, Japanese stocks and other) had
been broken down into their original investment categories.
However, the balance of CBs and Japanese stocks includedin the monetary trusts was zero as of December 31, 2010.
Accordingly, we have reverted to the previous format,
which is in accordance with disclosure guidelines
stipulated by the Life Insurance Association of Japan.

Foreign securities

49.9

1.3%

44.1

1.0%

Note: Fair Value Information on Securities for Sony Life is on P29.

Foreign stocks

25.3

0.6%

27.1

0.6%

<Asset management review>

Monetary trusts

288.7

7.4%

280.0

6.6%

Japanese government and corporate bonds:
Continued to accumulate ultralong-term bonds during
FY10.3Q.

Policyholder loans

127.5

3.3%

132.5

3.1%

Real estate

79.9

2.0%

77.2

1.8%

Cash and call loans

116.4

3.0%

56.8

1.4%

Other

119.4

3.0%

121.1

2.9%

3,912.9

100.0％

4,211.2

100.0％(Billions of yen)Japanese governmentand corporate bonds

Total

10.3.31
Amount10.12.31%

Amount%<Lengthened
asset duration><L
09. 3.31

13.6 years

10. 3.31

17.6 years

10.12.31

19.0 years

Japanese stocks: Maintained the ratio of stock holding
at the end of March 2009.

12

Here is a breakdown of Sony Life’s general account assets as of December 31, 2010,
compared with March 31, 2010.
From FY09 2Q to FY10 2Q, amounts for individual items included in monetary trusts(Japanese government and corporate bonds, CBs, Japanese stocks and other) had
been broken down into their original investment categories. However, the balance of
CBs and Japanese stocks included in the monetary trusts was zero as of December 31,
2010. Accordingly, we have reverted to the previous format, which is in accordance withdisclosure guidelines stipulated by the Life Insurance Association of Japan.
As Sony Life increased its investment in ultralong-term bonds, mainly Japanese
government and corporate bonds, their ratio rose to 80.8% as of December 31, 2010.
As a result of these efforts, Sony Life extended its asset duration to 19.0 years as ofDecember 31, 2010.
By the end of the first half of FY10, Sony Life had shifted its investments in bonds withshort terms to maturity to those with ultralong terms with the aim of reducing interest raterisk. As a result, Sony Life has succeeded in limiting its exposure to interest rate
fluctuations, and the process of shifting its bond holdings is largely complete.
Going forward, Sony Life plans to mitigate interest rate risk by investing most newmoney acquired in ultralong-term bonds.

12

Highlights of Operating Performance:
Sony Assurance
Ordinary revenues

50.9

+9.1%

Ordinary profit(Billions of yen)

FY09.3Q

FY10.3Q(9 months)(9 months)

Ordinary revenues

55.6

Underwriting income

2.3

FY09.3Q

FY10.3Q（9 months）（9 months）

+4.6

+9.1%

50.4

55.0

+4.5

+9.1%

0.5

+0.0

+11.7%

53.2

+4.1

+8.4%

Underwriting expenses

37.1

40.4

+3.2

+8.8%

Investment expenses

0.0

－

(0.0)

(100.0%)

11.9

12.7

+0.8

+7.2%

Ordinary profit

1.8

2.3

+0.5

+28.0%Net income

1.1

1.4

+0.2

+19.5%(Billions of yen)Ordinary revenues and ordinary profit increased
year on year.
Ordinary revenues increased, due to an increase in
net premiums written led by a growing number of
in-force policies primarily for automobile insurance.
The effect of a rising loss ratio, driven by higher
insurance claim payments for automobile insurance, wasmitigated by a decrease in provision of catastrophe
reserve. Ordinary profit increased due to a rise in ordinary
revenues and a decline in the net expense ratio.

55.6

0.5

Operating, general andadministrative expenses

1.8

50.9

49.1

Investment income
Ordinary expenses+28.0%

Change(Billions of yen)

Change from 10.3.31

09.12.31

10.3.3110.12.31

Underwriting reserves

57.0

58.1

63.2

+5.1

+8.9%

Total net assets

15.0

15.4

16.9

+1.4

+9.3%

Total assets

94.7

98.3

104.3

+5.9

+6.1%

Line item amounts are truncated below ¥100 million; percentage change figures are rounded.

13

Sony Assurance posted a 9.1% increase in ordinary revenues year on
year, to ¥55.6 billion, due to increased net premiums written, as thenumber of insurance policies in force grew for strong sales of newpolicies in its mainstay automobile insurance.
Ordinary profit increased 28.0% year on year, to ¥2.3 billion, due to a risein ordinary revenues and a decline in the net expense ratio. The effect ofa rising loss ratio, driven by higher insurance claim payments forautomobile insurance, was mitigated by a decrease in provision ofcatastrophe reserve.
Net income increased 19.5% year on year, to ¥1.4 billion.

13

Overview of Performance:
Sony Assurance(Reasons for changes)(Billions of yen)

FY09.3Q（9 months）

FY10.3Q（9 months）

ChangeDirect premiums written

50.1

54.5

+8.9%

Net premiums written

50.3

54.9

+9.1%

Net losses paid

25.3

29.3

+15.5%

Underwriting profit

1.3

1.8

+33.4%Net loss ratio

56.3%

59.8%

+3.5ptNet expense ratio

25.5%

25.0%

(0.5pt)Combined ratio

81.8%

84.7%

+2.9pt Increased, owing to an increase in thenumber of policies in force for automobile
insurance.
 Increased, owing to a rising number of car
accidents.

 Decreased, due to increased net
premiums written which offset an increasein underwriting costs.

Net expense ratio is equal to the ratio of total underwriting costs to net premiums written.
Net loss ratio is equal to the ratio of net losses paid and loss adjustment expenses to net premiums written.

09.12.31
Number of policies in force
Solvency margin ratio Increased, due to an increase in thenumber of policies in force for automobile
insurance.

Change from
10.3.3110.3.3110.12.31

1.25 million

1.27 million

1.36 million+0.08 million

1,031.7%

1,018.5%

1,010.8%(7.7pt)+6.8%

The number of policies in force is the total of automobile insurance and medical and cancer insurance, which accounts for 99% of net premiums written.

Line item amounts are truncated below ¥ 100 million; numbers of policies aretruncated below 10,000 policies; percentage change figures are rounded.

14

Here is an overview of Sony Assurance’s performance.

14

Sony Assurance’s Underwriting Performanceby Type of Policy
Direct Premiums Written

Net Premiums Written

FY09.3Q(9 months)

FY10.3Q(9 months)

Fire

215

120

(44.3%)

Marine－－－Personal accident*

5,187

5,339

+2.9%

Voluntary automobile

44,73149,136+9.8%(Millions of yen)Compulsory
automobile liability
Total

Change(Millions of yen)

－

－

－

50,13354,596+8.9%

Net losses paid
(Millions of yen)

FY10.3Q(9 months)

Change(43.0%)

Fire

9

5

Marine(2)2－Personal accident*

5,360

5,507

+2.7%

Voluntary automobile

44,55748,934

+9.8%

468

543

+16.0%

50,39354,993+9.1%

Compulsory
automobile liability
Total*SURE, medical and cancer insurance is included in personal accident.
FY09.3Q(9 months)

FY10.3Q(9 months)

ChangeFire00+172.4%

Marine2

10+371.6%

Personal accident*

1,106

1,179

+6.5%

Voluntary automobile

23,891

27,633+15.7%

Compulsory
automobile liability

399

502

+25.9%

25,39929,326+15.5%

Total

FY09.3Q(9 months)

Line item amounts are truncated below ¥ 1 million;
Percentage change figures are rounded.

15

This slide shows direct premiums written, net premiums written and net
losses paid by type.

15

Sony Assurance Operating Performance (1)Ordinary Profit(9 months)

Net Premiums Written andNumber of Policies in Force
Voluntary automobile insurance

Personal accident insurance

Number of policies in force

Other(Billions of yen)

70

1.36
1.25

+9.0%

50.3

+9.1%

60
50

54.9
0.4

5.5

5.3

(Millions of policies) (Billions of yen)
3
1.4

0.5

1.2
1

2.3

2.5
+28.0%

2

1.8

0.8

40

1.5

30

48.9

0.6

44.5

1

20

0.4

10

0.2
0

0
FY09.3Q

FY10.3Q

The number of policies in force is the total of automobile insurance and medical
and cancer insurance policies, which account for 99% of net premiums written.
More than 90% of personal accident insurance is medical and cancer insurance.

0.5

0FY09.3Q

FY10.3Q

Line item amounts are truncated below ¥100 million; numbers of policies aretruncated below 10,000 policies; percentage change figures are rounded.

16(Left-hand graph)
Number of policies in force for the total of automobile insurance andmedical and cancer insurance increased steadily, rising 9.0% year on
year, to 1.36 million policies.
Net premiums written posted a 9.1% year-on-year increase, to ¥54.9
billion.
(Right-hand graph)
Ordinary profit increased year on year, as described in the previous
pages.

16

Sony Assurance Operating Performance (2)Reference
Net Expense Ratio +Earned/Incurred Loss Ratio
Net expense ratio

Combined Ratio(Net Expense Ratio + Net Loss Ratio)

Earned/Incurred loss ratio

Net expense ratio

(%)

100

93.4

+2.4pt

90.2

91.9

91.0

80
+2.9pt

63.5

81.7

83.3

81.8

84.7

68.4

60

65.5

65.8

55.0

40

20

100
+2.9pt80

60

Net loss ratio

(%)

57.2

+3.5pt

59.8

56.3

40

26.7

26.1

FY08

FY09

20

(0.5pt)

25.5

25.0

FY09.3Q

FY10.3Q

0

26.7

26.1

FY08

FY09

(0.5pt)

25.5

25.0

FY09.3Q

FY10.3Q

0

Earned/Incurred loss ratio is equal to the ratio of the sum of net losses paid, loss
adjustment expenses and accumulation in provision for reserve for outstanding
losses to earned premiums.
*Note that earthquake insurance and compulsory automobile liability
insurance are excluded from the above calculation.

Net expense ratio is equal to the ratio of total underwriting costs to net premiums written.
Net loss ratio is equal to the ratio of net losses paid and loss adjustment expenses to
net premiums written.

17(Left-hand graph)
To help you understand the actual condition of Sony Assurance, which isin a growth phase, we show the earned/incurred loss ratio, which is theaccrual-basis loss ratio.
For the nine months ended December 31, 2010, the E.I. loss ratio
increased 2.9 percentage points year on year, to 68.4%, due to anincrease in net losses paid resulting mainly from a rising number of car
accidents.
The net expense ratio dropped 0.5 percentage point, to 25.0%, due to anincrease in net premiums, although the underwriting costs increased.
(Right-hand graph)
The net loss ratio rose 3.5 percentage points compared with the same
period of the previous fiscal year, to 59.8%, due to the aforementioned
increase in net losses paid.
This is different from the E.I. loss ratio, which reflects an increase or adecrease in provision for reserve for outstanding losses.
As a result, the combined ratio (the sum of the net loss ratio and the net
expense ratio) rose 2.9 percentage points year on year, to 84.7%.

17

Sony Assurance Operating Performance (3)Solvency Margin Ratio
(%)

1,200
(7.7pt)1,031.7

1,018.5

09.12.31

10.3.311,010.8

800

400

0
10.12.31

18

As of December 31, 2010, Sony Assurance’s solvency margin ratio was
1,010.8%, down 7.7 percentage points from March 31, 2010. Sony
Assurance has maintained financial soundness.

18

Highlights of Operating Performance:
Sony Bank (Non-consolidated)
Ordinary revenues

22.9

Ordinary profit(2.3%)

22.3

2.2(1.2%)

2.3

FY09.3Q（9 months）

FY10.3Q(Billions of yen)

FY09.3Q

FY10. 3Q

(9 months)(9 months)

ChangeOrdinary revenues

22.9

22.3

(0.5)

(2.3%)

Gross operating profit

11.0

12.1

+1.1

+10.2%(3.6%)Net interest income

99

95

(0.3)

Net fees and commissions

0.0

(0.1)

(0.1)

－

Net other operating income

1.1

2.7

+1.6

+147.4%General andadministrative expenses

8.5

9.4

+0.9

+10.8%

Ordinary profit

2.3

2.2

(0.0)

(1.2%)Net income

1.3

1.2

(0.1)

(8.2%)Net operating profit

2.4

2.4

(0.0)

(0.5%)（9 months）(Billions of yen)Ordinary revenues and ordinary profit slightly decreased
year on year.
Gross operating profit increased ¥1.1 billion year on year
due to an increase in net other operating income.
- Net interest income decreased ¥0.3 billion due to adecreased interest spread due to lower interest rates,
which offset an increase in interest income on loans led
by the growing balance of mortgages and other loans.
- Net other operating income increased ¥1.6 billion
reflecting improved investment performance.
Net operating profit remained at the same level, due toan increase in general and administrative expenses of¥0.9 billion which offset the positive impact of
an increase in gross operating profit.
Customer assets increased ¥101.5 billion from March 31,
2010, of which deposit balance increased ¥99.9 billion.

Change from
10.3.3109.12.31

10.3.3110.12.31

Securities

783.2

880.1

952.3

+72.2

+8.2%

Loans

562.6

586.6

681.0

+94.3

+16.1%

Deposits

1,442.7

1,510.0

1,609.9

+99.9

+6.6%

Customer assets

1,543.8

1,610.0

1,711.6+101.5+6.3%

Total net assets

57.7

58.9

58.9

(0.0)

(0.1%)

0.1

0.9

0.7

(0.1)

(11.9%)

1,562.2

1,612.1

1,736.3+124.1+7.7%(Billions of yen)

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

Line item amounts are truncated below ¥100 million; percentage change figures are rounded.

19

Highlights of Sony Bank’s operating performance (non-consolidated
basis) are shown here.
Sony Bank’s ordinary revenues decreased 2.3% year on year, to ¥22.3
billion, owing primarily to a decrease in gains on foreign exchangetransactions.
Gross operating profit increased 10.2% from a year earlier, to ¥12.1
billion, due mainly to an increase in net other operating income reflecting
improved investment performance.
General and administrative expenses expanded 10.8% year on year, to¥9.4 billion, due mainly to an increase in system-related expenses.
As a result, ordinary profit decreased ¥1.2%, to ¥2.2 billion.
Net income amounted to ¥1.2 billion, down 8.2% from the same period of
the previous fiscal year.

19Overview of Performance:
Sony Bank (Non-consolidated) (1)(Reasons for changes)
Change from
10.3.3109.12.31

10.3.3110.12.31

Customer assets

1,543.8

1,610.0

1,711.6+101.5+6.3%

Deposits

1,442.7

1,510.0

1,609.9

+99.9

+6.6%

Yen

1,122.1

1,184.9

1,265.1

+80.1

+6.8%

Foreigncurrency

320.6

325.0

344.8

+19.8

+6.1%

Investment trusts

101.0

100.0

101.6

+1.6

+1.6%

562.6

586.6

681.0

+94.3

+16.1%

Mortgage loans

544.4

555.1

621.4

+66.3

+11.9%

Others

18.2

31.5

59.6

+28.0

+89.1%

769

796

840

+44

+5.5%

13.04%

12.09%

11.25%(Billions of yen)

Loans

Number of accounts(thousands)
Capital adequacy
ratio(*2)(domestic criteria)*1Customer assets increased ¥101.5 billion
from March 31, 2010, Foreign currency
deposit increased ¥19.8 billion under thecircumstance where sharp hike in the yen
might have the negative impact on theforeign exchange conversion.

 Loan balance steadily increased due toincreases in mortgage loans andcorporate lending centering on syndicatedloans.

(0.84Pt).

*1 Loans in others include corporate loans of ¥51.7 billion.
*2 Please refer to the graph of the non-consolidated capital adequacy ratio (domestic criteria) on P24.
Line item amounts are truncated below ¥100 million; numbers of accounts are truncated below 1,000 accounts; percentage change figures are rounded.

20

Here is an overview of Sony Bank’s performance.

20

Overview of Performance:
Sony Bank (Non(Non-consolidated) (2)<Reference><Reference> On Managerial Accounting Basis(Billions of yen)
Gross operating profit
Net interest income *1 ①

FY09.3Q(9 months)

FY10.3Q(9 months)

11.0

12.1

+1.1

+10.2%

10.0

11.0

+0.9

+9.5%

Net Operating Profit (Core Profit),
Operating Expenses and Other Expenses& Gross Operating Profit (Core Profit)(9 months)

ChangeNet fees andcommissions *2 ②

0.9

0.5

(0.3)

(36.8%)Net other operating
income *3

0.0

0.5

+0.4

+905.9%Gross operating profit(core profit) (A)
= ①＋②

11.0

11.6

+0.6

+5.6%

Operating expenses andother expenses ③

8.6

9.7

+1.1

+13.2%Net operating profit(core profit)= (A)－③

2.4

1.8

(0.5)

(21.6%)

Gross operating profit (core profit)

Net operating profit (core profit)

Operating expenses and other expenses(Billions of yen)

11.0
10

+5.6%

11.6

+13.2%

9.7

8.6●Managerial accounting basis
The following adjustments are made to the figures on a financial accounting basis toaccount for profits and losses more appropriately.
*1: Net interest income: Includes profits and losses associated with fund investment
recorded in net other operating income, including gains or losses from currency
swap transactions.
*2: Net fees and commissions: Includes profits and losses for customer dealings in foreign
currency transactions recorded in net other operating income.
*3: Net other operating income: After the above adjustments (*1 and *2), consists of profits
and losses for bond and derivative dealing transactions.

5●Core profit
Profits and losses exclude net other operating income, which includes those on bond andderivative dealing transactions, and stands for Sony Bank’s basic profits.

0

2.4(21.6%)

1.8

FY09.3Q

FY10.3Q(9 months)(9 months)

Line item amounts are truncated below ¥100 million; percentage change figures are rounded.

21

We break down gross operating profit on a managerial accounting basis
to facilitate an understanding of operational sources of revenue andprofits.
(Left-hand table)
Net interest income on a managerial accounting basis increased ¥0.9
billion year on year, to ¥11.0 billion, due to an expansion in mortgage
loans and other assets and a recovery in investment performance on
foreign currency deposits.
Net fees and commissions amounted to ¥0.5 billion, down ¥0.3 billion,
owing primarily to a decrease in profits on customer dealings in foreign
currency transactions stemming from adverse foreign exchange market
conditions.
Net other operating income rose ¥0.4 billion, to ¥ 0.5 billion. This was
mainly because investment performance on bond dealing transactions
improved year on year.
Consequently, gross operating profit on a core profit basis increased ¥0.6
billion year on year, to ¥11.6 billion.
(Right-hand graph)
Net operating profit on a core profit basis decreased ¥0.5 billion year on
year, to ¥1.8 billion, due to an increase in operating expenses and otherexpenses.

21

Sony Bank Operating Performance (1)<Reference>＜参考＞ Interest Spread (Managerial Accounting Basis)
Interest spread

Yield on investment

Yield on financing

(%)

2.00

1.50

1.00

1.50

1.49

1.44

1.44

1.42

0.92

0.90

0.86

0.87

0.88

0.57

0.59

0.58

0.57

0.53

FY09.3Q

FY09.4Q

FY10.1Q

FY10.2Q

0.50

0.00
FY10.3Q

Notes: Interest spread = Yield on investment – Yield on financing
Yield on investment includes primarily gains or losses from currency swap transactions in net other operating income.

22

This chart shows the interest spread on an internal control basis.
The yield on investment slightly decreased for FY10. 3Q, at 1.42%, due
to the lowering of interest rates around the world. The yield on financing
dropped to 0.53% .
As a result, interest spread has been slightly increasing since thebeginning of this fiscal year. Sony bank maintains some degree ofinterest spread for this 3rd quarter, at 0.88%.

22

Sony Bank Operating Performance (2)Customer Assets (Deposits + Investment Trusts)
and Number of Accounts
Yen deposits
Foreign currency deposits
Number of accounts (thousands)

Investment trusts(Billions of yen)
2,000

769

840
796

Loans
Mortgage loans

Others*Including corporate loans of ¥51.7 billion.

(Billions of yen)
800

+44

681.0
+94.3

1,711.6
1,543.8

1,610.0

1,500+101.5

101.6

600

562.6

586.6

59.6*

344.8

400
1,000

621.4

Deposits total:¥1,609.9 billion

1,265.1
200

500

0

0

09.12.31

10.3.3110.12.31

09.12.31

10.3.3110.12.31

Line item amounts are truncated below ¥100 million; number of accounts are truncated below 1,000 accounts.

23(Left-hand graph)
As of December 31, 2010, customer assets (the sum of deposits andinvestment trusts) were up ¥101.5 billion from March 31, 2010, to¥1,711.6 billion.
As for the breakdown of customer assets as of December 31, 2010,
deposits (the sum of Japanese yen and foreign currency deposits)
amounted to ¥1,609.9 billion, up ¥99.9 billion from March 31, 2010.
Of which foreign currency deposit increased ¥19.8 billion under thecircumstance where sharp hike in the yen might have the negative impact
on the foreign exchange conversion.
Investment trusts were ¥101.6 billion, up ¥1.6 billion from March 31, 2010.
As of December 31, 2010, the number of accounts was 840 thousand, up
44 thousand accounts from March 31, 2010.
(Right-hand graph)
Loans expanded to ¥681.0 billion, up ¥94.3 billion, from March 31, 2010,
owing to a growing balance of mortgage loans, as well as an increase incorporate loans.

23Sony Bank Operating Performance (3)Non-Consolidated Capital Adequacy Ratio(Domestic Criteria)

Balance of Securities by Credit Ratings
AAA
AA
BBB
BB
(Billions of yen)
1,200

A
Other

(%)

20

952.3

1,000

880.1
800

+72.2
15

783.2

(0.84pt)

13.04

600

10

12.09

11.25

10.3.3110.12.31

400
5

200

0

0
09.12.31

10.3.3110.12.31

09.12.31* 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, in accordance with Financial Services
Agency of Japan (“FSA”) public ministerial announcement No. 19 of 2006.

Amounts are truncated below ¥100 million.

24(Left-hand graph)
As of December 31, 2010, the balance of securities increased ¥72.2
billion, to ¥952.3 billion from March 31, 2010.
Sony Bank continuously invests in highly rated bonds.
(Right-hand graph)
As of December 31, 2010, Sony Bank’s non-consolidated capital
adequacy ratio (domestic criteria) was 11.25%, down 0.84 percentage
point from March 31, 2010. These figures indicate that Sony Bank has
maintained a sound financial basis.

24Consolidated Financial Forecast
for the Year Ending March 31, 2011
(Billions of yen; amounts are truncated below ¥100 million; percentage changes are rounded.)
FY09
ActualConsolidated ordinary revenues

FY10

FY10

Previous
Forecast

Revised
Forecast

ChangeFY10 revised forecast
vs. FY09 actual

Consolidated Ordinary Revenues

978.9

974.0

994.0

+ 1.5%

Life insurance business

882.0

871.3

890.9

+ 1.0%

Non-life insurance business

68.1

72.7

73.8

+ 8.3%

Banking business

30.5

30.6

29.5

(3.3%)

1,000

84.3

74.0

78.0

(7.6%)

800
600

Consolidated ordinary profit
Life insurance business

79.7

69.6

74.1

(7.1%)

Non-life insurance business

2.5

2.2

2.5

(2.5%)

Banking business

1.9

2.8

2.2

+ 14.1%

48.1

40.0

42.0

(12.7％)

Consolidated net income(Billions of yen)
1,200

We revise upward our forecast for ordinary revenues and ordinary profit for the year ending March 31, 2011. During
the nine months ended December 31, 2010, ordinary revenues exceed our previous forecast, due to an increase in
net premiums written for our mainstay automobile insurance. The effect of a rising loss ratio was mitigated by adecrease in provision of catastrophe reserve. Ordinary profit moved upward due to an increase in ordinary revenues
and a decline in the net expense ratio.

994.0

200
0

※SFH’s consolidated financial forecast for the fiscal year ending March 31, 2011, has changed from those announced on May 13, 2010.

■Non-life insurance business

978.9(Revised
Forecast)

400

FY09 (Actual)■Life insurance business
During the nine months ended December 31, 2010, operating results exceed our previous forecast. Accordingly, werevise upward our forecasts for ordinary revenues and ordinary profit for the year ending March 31, 2011, although
we expect increases in provision for policy reserves and operating expenses in FY10.4Q.

Banking business
Non-life insurance businessLife insurance business

FY10 (Revised

Forecast)

Consolidated Ordinary Profit(Billions of yen)
100
90

Banking business
Non-life insurance businessLife insurance business

84.3

80

(Revised
Forecast)

78.0

70
60
50

■Banking Business

40

Ordinary revenues and ordinary profit for the year ending March 31, 2011 are expected to decrease from theprevious announcement, of May 13, 2010, due mainly to a decrease in fees and commissions, reflecting the adverse
financial market environment. This decrease offsets the positive impact of a growing balance of mortgage loans anddeposits from customers.

30
20
10
0
FY09 (Actual)(Revised

FY10 Forecast)

25

Here is our consolidated financial forecast for the fiscal year ending
March 31, 2011.
During the nine months ended December 31, 2010, consolidated
operating results exceeded our previous forecast, SFH hereby revises
upward its consolidated financial forecast for the year ending March 31,
2011.

25

Appendix

26(Appendix)

26

Recent Topics 1
AEGON SONY LIFE INSURANCE Sales Update
Launch of sales：December 1, 2009
Common stock：¥20 billion (including capital surplus of ¥10 billion)
Equity ownership：Sony Life insurance Co., Ltd. 50%, AEGON・international B.V. 50%
Marketing products: Variable Individual Annuity (3 types, 5 products)
Sales Channels: Lifeplanner sales employees and affiliated Banks (6*) As of February 14, 2011
Financial Highlights:
Number of new policies: 547, New policy amount: ¥5.4 billion (For the nine months ended December 31, 2010)
Number of policies in force: 991 policies, Policy amount in force: ¥11.6 billion (As of December 31, 2010)

Sony Bank’s Mortgage Loans through Sony Life
Sony Life accounts for 29% of the amount of
new mortgage loans for FY10.3Q.
* Sony Life started handling banking agency business in January 2008.

Sony Assurance’s Auto Insurance Sold by Sony Life
Sony Life accounts for approx. 5% of new automobile policies
for FY10.3Q.
* Sony Life started handling automobile insurance in May 2001.

27(Recent Topics 1)

27

Recent Topics 2<Highlights Since FY10.3Q>
2010-10-04

Sony Bank entered tie-up with Ohkuraya Juutaku in mortgage loans

2010-11-02

Sony Life began offering new products: whole life nursing-care insurance (reduced surrender value), lumpsum payment nursing-care rider, and discount rider for nonsmokers and others in excellent health for
decreasing term life insuranceSony Bank began providing a service to accept dividends on investment trusts

2010-11-08
2010-11-29

Sony Bank added six funds (monthly dividend type) to investment trusts lineup

2011-01-17

AEGON Sony Life Insurance began offering new variable individual annuity product, Catch Point, at SMBC

2010-01-24

Sony Bank added two funds (monthly dividend type) to its lineup of investment trusts. The bank began offering
the COMMONS 30 FUND, which previously was only sold directly by Commons Asset Management.

2010-02-01

AEGON Sony Life Insurance began offering new variable individual annuity product, Double Account, throughSony Life's Lifeplanner sales employees

2010-02-01

Sony Assurance introduced several revisions to its automobile insurance products, including to insurance
premiums and subdivisions of driving distance criteria.

2011-02-07

AEGON Sony Life Insurance began offering new variable individual annuity product, Double Account, at
Juroku Bank

28

(Recent Topics 2)28

Sony Life: Fair Value Information on Securities(General Account Assets)
Fair Value Information on Securities
Fair value information on securities with market value (except trading-purpose securities)(Billions of yen)Valuation gains (losses) on trading-purpose securities(Billions of yen)
09.12.31

10.3.31

Net valuation
Balance sheet gains (losses)
amountrecorded inincome0.3

5.6

10.6.30

10.9.30

10.12.31

Net valuation
Net valuation
Net valuation
Net valuation
gains (losses) Balance sheet gains (losses) Balance sheet gains (losses) Balance sheet gains (losses)
recorded inamountrecorded inamountrecorded inamountrecorded inincomeincomeincomeincome
－
－
－
－
－
－
－
5.7

Balance sheet
amountNotes:
1) Line item amounts are truncated below ¥100 million.
2) Amounts above include those categorized as “monetary trusts.

29(Sony Life: Fair Value Information on Securities)

29

Sony Life’s Breakdown of Net Assets
Net Assets on BS, Real Net Assets and Solvency Margin(Billions of yen)
①Net Assets
(B/S)

②Real
Net Assets③Solvency
Margin10.3.3110.12.31

10.3.3110.12.31

10.3.3110.12.31

Total shareholders’ equity

177.3

207.4

177.3

207.4

170.3

205.2

Net unrealized gains on other securities, net of taxes

Reserve for possible loan losses

15.4
－
(1.4)
－
－
－

16.6
－
(1.4)
－
－
－

15.4
－
(1.4)
9.6
48.4
－

16.6
－
(1.4)
14.9
51.0
－

－
33.0
－
9.6
48.4
0.0

－
34.5
－
14.9
51.0
0.0

Net unrealized gains on real estate

－

－

2.6

3.0

1.6

1.9

－
－
－
－
－
－
191.3

－
－
－
－
－
－
222.6

316.5
2.3
－
－
(20.4)
12.8
563.4

326.2
3.6
－
－
116.5
13.6
751.7

316.5
2.3
1.0
47.2
－
－
630.2

326.2
3.6
1.0
68.3
－
－
706.9

Net unrealized gains (losses) on available-for-sale securities
Land revaluation, net of taxes
Reserve for price fluctuations
Contingency reserve

Excess amount of policy reserves based on Zillmer method
Unallotted portion of reserve for policyholders' dividends
Future profits
Deferred tax assets
Unrealized gains (losses) on held-to-maturity bonds
Deferred tax liabilities for available-for-sale securities
Total※Real net assets excluding net unrealized gains (losses) on held-to-maturity securities and on policy reserve matching bonds, are¥583.8 billion as of March 31, 2010, and ¥635.2 billion as of December 31, 2010.

Notes③After estimateddistributed income
deducted③Before tax x 90%②Before tax（after revaluation）③Before tax(Before revaluation) X85%

②Before tax

Amounts are truncated below ¥100 million.

30(Sony Life’s Breakdown of Net Assets)

30

Sony Life’s Changes in Solvency Margin Ratio(Billions of yen)
Category

09.12.31

10.3.3110.6.30

10.9.3110.12.31

625.6

630.2

666.6

699.5

706.9

163.3

170.3

179.9

197.9

205.2

Reserve for price fluctuations

7.9

9.6

11.2

13.0

14.9

Contingency reserve

47.8

48.4

49.2

50.1

51.0

Total solvency margin(A)

Common stocks, etc

Reserve for possible loan losses
Net unrealized gains on other securities
multiplied by 90% if gains or 100% if losses
Net unrealized gains on real estate
multiplied by 85% if gains or 100% if losses

0.0

0.0

0.0

0.0

0.0

43.0

33.0

48.4

46.0

34.5

4.8

1.6

1.6

1.6

1.9

Excess amount of policy reserves based on Zillmer method

312.8

316.5

319.3

322.8

326.2

Unallotted portion of reserve for policyholders' dividends

1.7

2.3

2.7

3.1

3.6

-

1.0

1.0

1.0

1.0

Deferred tax assets

44.0

47.2

52.9

63.6

68.3

Subordinated debt

-

-

-

-

-

Deductible items

-

-

-

-

-

48.6

47.7

47.4

46.7

47.5
19.8

Future profits

Total risk

(B)

19.0

19.1

19.4

19.6

Third-sector insurance risk

R8

7.1

7.0

7.1

7.2

7.3

Assumed interest rate risk

R2

11.3

11.3

11.4

11.4

11.5

Asset management risk

R3

20.2

18.9

17.9

16.6

17.1

Business management risk

R4

1.3

1.2

1.2

1.2

1.2

Minimum guarantee risk

R7

7.8

8.0

8.3

8.6

8.8

2,570.9%

2,637.3%

2,810.0%

2,992.8%

2,971.9%

Insurance risk

R1

Solvency margin ratio [(A)/{(B)×1/2}]×100

Amounts are truncated below ¥100 million.

31(Sony Life’s Changes in Solvency Margin Ratio)

31

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