February 12, 2016
Sony Financial Holdings Inc.

Summary Information on Sony Life’s Financial Results
for the Nine Months Ended December 31, 2015
<Contents>
1. Key Performance Results(1) Policy Amount in Force and New Policy Amount

P.2(2) Annualized Premiums

P.2

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

P.3(2) Fair Value Information on Securities

P.4(3) Fair Value Information on Monetary Trusts

P.6

3. Non-consolidated Balance Sheets

P.7

4. Non-consolidated Statements of Income

P.8

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

P.9

6. Solvency Margin Ratio

P.10(Reference) Consolidated Solvency Margin Ratio

P.11

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

P.12(2) Policy Amount in Force (Separate Account)

P.12

8. Consolidated Summary

P.12

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 December 31, 2014

As of March 31, 2015

As of December 31, 2015

Category
NumberAmount

6,485

400,377

Individual life insurance
Individual annuitiesSubtotal

NumberAmount6,552

Number403,910% change fromMarch 31, 2015

Amount

105.3

104.2

420,455% YoYchange

6,826

% YoY
change% change fromMarch 31, 2015

105.0

104.1

111

5,559

119

5,976

155

139.1

130.0

7,962

143.2

133.2

6,596

405,936

6,672

409,887

6,981

105.8

104.6

428,417

105.5

104.5

Group life insurance-

14,712-

14,421---

15,697

106.7

108.8

Group annuities

-182-

172

-

-

-

135

74.3

78.7

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

New policy amount(Number: Thousand, Amount: 100 millions of yen, %)For the nine months ended December 31, 2014

Category

NumberAmount444

35,191

Individual life insurance
Individual annuities
Subtotal

For the nine months ended December 31, 2015

NumberIncrease fromconversionNew policies

35,191-

Amount% YoYchange

463

104.3

% YoY
change38,373

New policies

109.0

Increase fromconversion

38,373

-

19999

999-

38

199.8

2,150

215.1

2,150-

463

36,19036,190

-

501

108.3

40,524112.0

40,524-

Group life insurance-Group annuities

-51

51
-

-

-

-

--

1020.5-

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

(2) Annualized Premiums
Policy amount in force
Category(Millions of yen, %)As ofDecember 31, 2014

As ofDecember 31, 2015

As ofMarch 31, 2015

% YoY change% change fromMarch 31, 2015

Individual life insurance

707,275

714,620744,687

105.3

104.2

Individual annuities

19,813

21,107

27,200

137.3

128.9

Total

727,089735,728

771,888

106.2

104.9

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

171,784

172,800

178,317

103.8

103.2

New policies(Millions of yen, %)Category

For the nine months ended
December 31, 2014

For the nine months ended
December 31, 2015

Individual life insurance

54,69859,208108.2

Individual annuities

3,340

6,628

198.4

Total

58,03865,836113.4

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

11,706

12,078103.2% YoY change

Notes: 1. Annualized premiums refer to an amount that is calculated by multiplying individual premium amounts by a coefficient that differs depending on the premium payment methods, thereby
converting the figure to a per-year premium. (For lump-sum payment policies, premiums are divided by the number of coverage years.)
2. “Medical protection, living benefit protection 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.).

2

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

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

As of March 31, 2015
Amount%56,8180.9
313,276
4.8
5,783,292
88.9
5,606,885
86.2
42,496
0.7
131,6272.0
105,556
1.6
26,070
0.4
2,283
0.0
162,399
2.5
117,764
1.8
74,722
1.1
(268)
(0.0)
6,508,006
100.082,158
1.3

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

3As of December 31, 2015
Amount%102,478
1.5
267,6193.8
6,282,481
89.2
6,151,377
87.4
36,611
0.5
93,105
1.3
68,9451.0
24,160
0.3
1,386
0.0
167,866
2.4
116,418
1.7
1,541
0.0
103,575
1.5
(279)
(0.0)
7,041,702
100.0
92,244
1.3

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

As of December 31, 2015

As of March 31, 2015

Net unrealized gains (losses)

Net unrealized gains (losses)
Category

Held-to-maturity securities

Carrying
amountFair value

Unrealized Unrealized
gains
lossesCarrying
amountFair value

Unrealized
gains

Unrealized
losses4,878,792

5,718,258

839,466

839,567101

5,237,993

6,185,983

947,989

948,193203

Policy reserve matching bonds-----

231,871

239,390

7,518

7,519

0

Stocks of subsidiaries andaffiliated companies----------

Available-for-sale securities

1,007,822

1,176,698

168,875

168,984108

887,6811,050,770

163,089

163,229

140

Japanese government andcorporate bonds

974,613

1,120,126

145,512145,512-854,822996,781

141,958

141,958-

Japanese stocks

13,421

29,496

16,075

16,075-

13,39628,314

14,91814,918-Foreign securities

19,451

26,412

6,961

7,069

108

19,29725,368

6,071

6,211

140

19,451

26,412

6,961

7,069

108

19,29725,368

6,071

6,211

140

Stocks, etc.

Bonds----------

Other securities

336

663

326

326-

165

306

141

141

-

-

---------

Monetary claims purchased
Certificates of deposit---------

Others

-

--

-

-

-

-

-

-

-

5,886,614

6,894,956

1,008,341

1,008,551

210

6,357,547

7,476,145

1,118,597

1,118,941

344

5,775,323

6,736,583

961,259

961,361101

6,282,116

7,375,601

1,093,485

1,093,485

0

Total
Japanese government andcorporate bonds
Japanese stocks

13,421

29,496

16,075

16,075-

13,39628,314

14,91814,918-Foreign securities

97,533

128,21430,68030,788108

61,86871,922

10,053

10,397343

Bonds

97,533

128,21430,68030,788108

61,86871,922

10,053

10,397343

Stocks, etc.

----------

Other securities

336

663

326

326

-

165

306

141

141

-

----------

Monetary claims purchased
Certificates of deposit----------

Others----------

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 ¥232,299 million and¥40,398 million, respectively.

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

As of March 31, 2015

As of December 31, 2015

Held-to-maturity securities--

Unlisted foreign bonds--

Others--

Policy reserve matching bonds--

Stocks of subsidiaries and affiliated companies

18,50011,817Available-for-sale securities

14,492

12,680Unlisted domestic stocks (except OTC stocks)--

Unlisted foreign stocks (except OTC stocks)

663

461

Unlisted foreign bonds
OthersTotal--

13,828

12,21832,992

24,4974

c. Fair Value information consisting of that stated in the previous table-a and foreign exchange and other gains (losses) for table-b(Millions of yen)
As of March 31, 2015
Category

Held-to-maturity securities
Stocks of subsidiaries and affiliated companies

Net unrealized gains (losses)

Carrying
amountFair value

4,878,792

Policy reserve matching bonds

As of December 31, 2015

Unrealized
gains

5,718,258-

839,466-

Unrealized
losses839,567

101

Net unrealized gains (losses)

Carrying
amountFair value

Unrealized
gains

Unrealized
losses203

5,237,993

6,185,983

947,989

948,193---

231,871

239,390

7,518

7,519

-

-

-

11,817

11,817900,361

1,070,510

170,149

170,745

18,5001,022,315

1,198,889

176,574

177,188

Japanese government and corporate bonds

974,613

1,120,126

145,512145,512-854,822996,781

141,958

141,958

Japanese stocks

13,421

29,496

16,075

16,075-

13,39628,31414,918

14,918Foreign securities

20,11528,488

8,373

8,482

108

19,75927,571

7,811

7,952

140

108

19,29725,368

6,071

6,211

140

461

2,202

1,740

1,740

12,383

17,844

5,460

5,916

Available-for-sale securities

Bonds

19,451

26,412

6,961

7,069

Stocks, etc.

663

2,076

1,412

1,412

Other securities

14,165

20,778

6,613

7,118

614

505

-

0

18,500

-

596
-

456

Monetary claims purchased----------

Certificates of deposit----------

Others---------

Total
Japanese government and corporate bonds

5,919,607

6,935,647

1,016,040

1,016,756

715
101

5,775,323

6,736,583

961,259

961,361

Japanese stocks

26,42142,496

16,075

16,075

Foreign securities

103,697

135,790

32,09232,201108

Bonds

97,533

128,21430,68030,788108

Stocks, etc.

6,163

7,576

1,412

1,412

Other securities

14,165

20,778

6,613

7,118

-

505

-

6,382,045

7,507,702

1,125,657

1,126,457

800

6,282,116

7,375,601

1,093,485

1,093,485

019,713

34,631

14,91814,91867,83079,624

11,794

12,137343

61,86871,922

10,053

10,397

343

5,961

7,702

1,740

1,740

12,383

17,844

5,460

5,916

-

456

Monetary claims purchased----------

Certificates of deposit----------

Others----------

5

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

As of March 31, 2015
Category

Monetary trusts

Net unrealized gains (losses)

Balance
Fair value
sheet amount
313,276

As of December 31, 2015

Unrealized Unrealizedgains
losses-313,276

Balance sheet
Fair value
amount267,619

Net unrealized gains (losses)
Unrealized Unrealizedgainslosses-

267,619

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

Monetary trusts for investment(Millions of yen)

As of March 31, 2015
Category

As of December 31, 2015

Net valuation gains (losses)
recorded in income

Balance sheet amount-

Monetary trusts for investment

Net valuation gains (losses)
recorded in income

Balance sheet amount--

Monetary trusts for held-to-maturity and policy reserve matching and other monetary trusts
As of March 31, 2015

(Millions of yen)

As of December 31, 2015

Net unrealized gains (losses)
Category

Carrying
amountFair value-

Net unrealized gains (losses)

Unrealized Unrealized
gains
lossesCarrying
amountFair value

Unrealized Unrealized
lossesgains

Monetary trusts for held-to-maturity----------

Monetary trusts for policy reserve matching----------

Other monetary trusts

268,017313,225

45,20845,208

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

6-

227,170267,568

40,39840,398-3. Non-consolidated Balance Sheets(Millions of yen)

As of March 31, 2015

As of December 31, 2015

AmountAmountAssets:Cash and deposits
Call loans
Monetary trusts
Securities(Japanese government bonds)(Japanese municipal bonds)(Japanese corporate bonds)(Japanese stocks)(Foreign securities)
Loans
Policy loans
Commercial loans
Tangible fixed assets
Intangible fixed assets
Due from reinsurers
Other assets
Prepaid pension costs
Deferred tax assets
Reserve for possible loan losses
Reserve for investment losses
Total Assets
Liabilities:
Policy reserves and others
Reserve for outstanding claims
Policy reserves
Reserve for policyholders' dividends
Due to agencies
Due to reinsurers
Other liabilities
Accrued income tax
Lease obligations
Asset retirement obligations
OthersReserve for employees' retirement benefits
Reserve for directors' retirement benefits
Reserve for price fluctuations

16,535
71,234313,276
6,543,703
5,742,140
2,060
28,66492,564
451,613
162,399
162,3972
118,232
21,590181
58,521
2,295(268)(6,352)7,301,350
6,756,882
25,4496,727,241
4,191
2,450
585
45,61916,742
16665
28,195
19,72591
42,84542,845120503
6,868,824

Reserve for price fluctuations
Deferred tax liabilities
Deferred tax liabilities on land revaluation
Total Liabilities
Net Assets:
Common stock
Capital surplus
Capital reserve
Retained earnings
Earned reserve
Other retained earnings
Unappropriated retained earnings for the period
Total shareholders' equity
Net unrealized gains (losses) on other securities, net of taxes
Land revaluation, net of taxes
Total valuation and translation adjustments

70,0005,865
5,865
240,028
22,128217,900
217,900315,893
118,113(1,480)116,632
432,526
7,301,350

Total Net Assets
Total Liabilities and Net Assets

7

13,411
135,613
267,619
7,100,431
6,185,855
1,841
118,822
93,520474,912167,866
167,866
116,848
19,360429
82,642
2,453
1,541
(279)
7,907,937
7,237,725
30,097
7,202,836
4,791
1,803
504
148,176
4,166
14
676
143,320
21,505113
43,88043,880503
7,454,213
70,0005,865
5,865
258,21425,068233,145
233,145
334,079
121,124(1,480)
119,644453,724
7,907,937

4. Non-consolidated Statements of Income(Millions of yen)
For the nine months ended
December 31, 2014

For the nine months ended
December 31, 2015

AmountOrdinary Revenues
Income from insurance premiums

Amount925,605
675,414674,262
223,390
99,563
3,958
482
8,891
176
105,393
26,801
858,497
292,548
58,535
7,552
52,168170,485
2,363
451,076
1,647
449,427
2
6,081
23(Insurance premiums)
Investment income(Interest income and dividends)(Income from monetary trusts, net)
(Gains on trading securities)(Gains on sale of securities)(Gains on derivatives, net)(Gains on separate accounts, net)
Other ordinary income
Ordinary Expenses
Insurance claims and other payments(Insurance claims)(Annuity payments)(Insurance benefits)(Surrender payments)(Refund to policyholders)
Provision for policy reserves and others
Provision for reserve for outstanding claims
Provision for policy reserves
Interest on policyholders' dividend reserve
Investment expenses(Interest expenses)(Losses on sale of trading securities)(Losses on sale of securities)(Losses on derivatives, net)
Operating expenses
Other ordinary expenses
Ordinary ProfitExtraordinary Gains

937,275
754,892
753,985
153,415
105,524
10,837
12,193--

24,40428,967888,233
279,355
61,305
7,725
60,979142,940
4,920
480,2454,648
475,595
1
5,078
40
94

0-

85,422
23,368
67,107-

Reversal of reserve for investment loss
Extraordinary Losses

968
167944944

Losses on disposal of fixed assets
Impairment losses
Provision for reserve for price fluctuations
Provision for reserve for price fluctuations
Valuation loss on stock of equity method affiliatedcompanies
Provision for Reserve for Policyholders' DividendsIncome Before Income Taxes
Income Taxes —Current
Income Taxes —Deferred
Total Income Taxes
Net Income

8515
97,423
26,13049,042
6,352
6,352
7,731
6
6
1,035
1,035-

6,682

240
65,89821,635(950)
20,68445,214855
46,807
16,848(2,925)
13,92232,885

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

For the nine months ended
December 31, 2014
Core profit

A

For the nine months ended
December 31, 2015

60,640Capital gains

35,135

14,455

Income from monetary trusts, net

19,762-

Income from trading securities, net

7,119

471

Gains on sale of securities-8,891

Gains on derivatives, net

176

Foreign exchange gains, net

4,916

Other capital gains

12,193435-

Capital losses

3,969

Losses on monetary trusts, net

13758

-

Losses on trading securities, net-

Losses on sale of securities

1430-

Devaluation losses on securities-

Losses on derivatives, net-

Foreign exchange losses, net-

Other capital losses

515
-

3,968

99

Net capital gains (losses)

B

10,48519,003

Core profit plus net capital gains (losses)

A+B

71,126

Other one-time gains

54,139--Gains from reinsurance--

Reversal of contingency reserve--

Reversal of specific reserve for possible loan losses--

Others-Other one-time losses

4,018

Losses from reinsurance

5,096

-

Provision for contingency reserve

3,811

Provision for specific reserve for possible loan losses

4,930

38

12

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

Write-off of loans

-

-

168

154

C

(4,018)(5,096)

A+B+C

67,10749,042OthersNet other one-time gains (losses)
Ordinary profit

Notes:
1. Core profit for the nine months ended December 31, 2015 (A) includes income gains of ¥3,717 million in income from monetary trusts along with interest income and dividendsof ¥49 million in income from trading securities, net. Other capital gains include reversal for policy reserves and others of ¥13 million for currency market fluctuations ofproducts dominated in foreign currencies. Other capital losses include impairment losses of ¥99 million from investment partnership. "Others" of other one-time losses included
provision of additional policy reserve of ¥154 million.
2. Core profit for the nine months ended December 31, 2014 (A) includes income gains of ¥3,958 million in income from monetary trusts along with interest income and dividendsof ¥11 million in income from trading securities, net. Other capital losses include the provision of policy reserves of ¥3,751 million for currency market fluctuations of products
denominated in foreign currencies and impairment losses of ¥217 million from investment partnerships. “Others” of other one-time losses include the provision of additional
policy reserve of ¥168 million.

96. Solvency Margin Ratio(Millions of yen)

Category

As of March 31, 2015

As of December 31, 2015

1,078,363

1,164,986

Common stock, etc.

301,193

333,319

Reserve for price fluctuations

42,84543,880Contingency reserve

68,70773,63700

Net unrealized gains on other securities multiplied by 90% (100% if losses)

158,917

153,134

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

15,325

15,325

Total solvency margin(A)General reserve for possible loan losses

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

-

212

1,039

Deferred tax assets

81,201

94,228

Excess amount of policy reserves based on Zillmer method

429,392

462,983

Subordinated debt--

The portion of the excess amount if policy reserves based on Zillmer method andsubordinated debt that is not included in the margin(16,433)(11,105)

Deductible items(3,000)(1,457)

84,411

84,508

Total risk ( R1 + R8 ) 2 + ( R2 + R3 + R7 ) 2 + R4

(B)

Insurance risk

R123,045

23,575

Third-sector insurance risk

R88,422

8,541

Assumed interest rate risk

R230,138

30,486

Minimum guarantee risk

R714,373

15,816

Asset management risk

R331,49329,525Business management risk

R4

2,149

2,158

2,555.0%

2,757.0%

Solven(A)(1/2) x (B)x 100

Notes: 1. The figures were calculated based on provisions in Articles 86 and 87 of the Ordinance for Enforcement of the Insurance Business Act of Japanand the Ministry of Finance Public Notice No. 50 of 1996.
2. Minimum guarantee risk is calculated based on the standardized approach.

10(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 consolidated solvency margin ratio consolidated with it's affiliated companies quarterly.
(Millions of yen)

Category

As of March 31, 2015

Total solvency margin

As of December 31, 2015

1,066,059

1,152,163

299,756

331,934

Reserve for price fluctuations

42,84543,880Contingency reserve

68,707(A)

Common stock, etc.

Catastrophe reserve

73,637-General reserve for possible loan lossesNet unrealized gains on other securities multiplied by 90%(100% if losses)
Net unrealized gains on real estate multiplied by 85%(100% if losses)
Total amount of unrecognized net actuarial gain and unrecognizedprior service cost-00

158,917

153,134

15,325

15,325(1,918)(1,239)--Amount excluded from deferred tax assets
212

1,039

Deferred tax assets

81,201

94,228

Excess amount of policy reserves based on Zillmer method

429,392

Unallocated portion of reserve for policyholders' dividends

Subordinated debt

462,983--

The portion of the excess amount if policy reserves based on
Zillmer method and subordinated debt that is not included in themargin(17,870)(12,491)

Deductible items(10,510)(10,269)

80,30081,851

23,04523,575(B)

Total risk
Insurance risk

R1

Ordinary insurance risk

R5--

Major Catastrophe risk

R6--

Third-sector insurance risk

R8

Insurance risk of small-amount short-term insurance providers

8,422
R9

8,541
-

-

Assumed interest rate risk

R2

30,13830,486

Minimum guarantee risk

R714,373

15,816Asset management risk

R327,118

26,692Business management risk

R42,0612,102

2,655.1%

2,815.2%

Solvency margin ratio(A)(1/2) x (B)x 100

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

11

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

CategoryAs of March 31, 2015

As of December 31, 2015
793,344

Individual variable life insurance and individual variable annuities

866,235-Group annuities-793,344

Total separate account866,235

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)(Number: Thousand, Amount: Millions of yen)

Individual variable life insurance
As of March 31, 2015

Category

NumberAs of December 31, 2015

AmountNumberAmountVariable life insurance (whole life type)685

7,826,857808

8,665,710

Variable life insurance (limited term type)61

222,44380303,635

Variable life insurance (term type)1

44,356

141,676748

8,093,657

890

9,011,021

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

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

As of March 31, 2015

Category

NumberIndividual variable annuities

As of December 31, 2015

Amount46

252,266

NumberAmount74

415,022

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

8. Consolidated Summary
Not applicable12