Consolidated Financial Summary
for the Nine Months Ended December 31, 2009
February 12, 2010

Company name:Sony Financial Holdings Inc.
(URL: http://www.sonyfh.co.jp/index_en.html/)
Stock exchange listings: Tokyo Stock Exchange (code number: 8729)
Representative:
Teruhisa Tokunaka, President and Representative Director
For inquiry:
Masaaki Konoo, General Manager – Corporate Communications & Investor Relations Dept.
(discarding fractional amounts of less than 1 million yen)

1. Consolidated financial results for the nine months ended December 31, 2009
(1) Operating results
Ordinary Revenues
Ordinary Profit
millions of yen

For the nine months ended
December 31, 2009
For the nine months ended
December 31, 2008%changemillions of yen

Net Income%changemillions of yen%change

720,708

13.2

58,34377.3

33,843

64.5

636,626

5.0

32,910(12.9)

20,574( 9.5 )Net Income per ShareNet Income per Share(Fully Diluted)

yen

yen

For the nine months ended
December 31, 2009
For the nine months ended
December 31, 2008

15,560.25-

9,459.57-(2) Financial conditions
Total Assets

Total Net Assets

Net Assets Ratio

Net Assets per Share%yenmillions of yen

millions of yen

As of December 31, 2009

5,804,306

261,036

4.5

120,016.64

As of March 31, 2009

5,313,677

204,897

3.9

94,205.75

Notes: 1. Stockholders’ equity:

As of December 31, 2009:¥ 261,036 million
As of March 31, 2009:¥ 204,897 million
2. Net assets ratio is computed by dividing the amount of total net assets by total assets at the end of the fiscal period.

2. Dividends
Dividend per Share
Record date

1st quarter

For the year ended
March 31, 2009
For the year ending
March 31, 2010
For the year ending
March 31, 2010 (forecast)

2nd quarter3rd quarter

Year-end

yen

yen

yen

-

0.00

-

-

0.00

-

Annual Total
yen

yen

3,000.00

3,000.00

3,000.00

3,000.00

3. Forecast of consolidated financial results for the year ending March 31, 2010
(percentage figures represent changes from the results of the previous fiscal period)

Ordinary Revenues
millions of yen

For the year ending
March 31, 2010

962,000%change

11.8

Ordinary Profit
millions of yen%changemillions of yen

81,000136.5

45,0001

Net Income per
Share

Net Income%change46.5

yen

20,689.66

4. Other Information(1) Changes in scope of consolidation during the period under review (changes in specified subsidiaries accompanying
changes in scope of consolidation): None
(2) Simplified accounting methods and accounting methods used specifically for quarterly consolidated financial
statements: Yes(Note) Please refer to “5. Other information” on page 9, for details.
(3) Changes in accounting policies, procedures and presentation(a) Changes due to revision of accounting standards: None(b) Changes due to other reasons: None
(4) Number of shares outstanding (common stock)(a) Number of shares outstanding (including treasury shares)
As of December 31, 2009:
2,175,000 shares
As of March 31, 2009:
2,175,000 shares(b) Number of treasury shares
As of December 31, 2009:- shares
As of March 31, 2009:- shares(c) Weighted-average number of shares
For the nine months ended December 31, 2009:
2,175,000 shares
For the nine months ended December 31, 2008:
2,175,000 shares

2

Qualitative Information and Financial Statements
1.

Qualitative Information on Consolidated Operating Performance(1) Analysis of Operating Performance
During the nine months ended December 31, 2009 (April 1, 2009 through December 31, 2009), consolidated
ordinary revenues grew 13.2% compared with the same period of the previous fiscal year, to ¥720.7 billion, owing toincreases in ordinary revenues from the life insurance business and the non-life insurance business, despite a decrease
from the banking business.
In the life insurance business, ordinary revenues grew 14.5% year on year, to ¥647.9 billion, owing to higher
income from insurance premiums associated with a steady increase in policy amount in force, as well as increases ininvestment income boosted by a relatively favorable financial market environment. In the non-life insurance business,ordinary revenues rose 10.4% year on year, to ¥50.9 billion, due to increases in net premiums written, reflecting a
growing number of its mainstay automobile insurance policies. In the banking business, ordinary revenues decreased
10.1% year on year, to ¥22.9 billion, due to global reductions in interest rates, despite an increase in interest income
reflecting a growing balance of mortgage loans.
Consolidated ordinary expenses increased 9.7% compared with the same period of the previous fiscal year, to¥662.3 billion, owing to increases in ordinary expenses from the life insurance business and the non-life insurance
business, though those from the banking business decreased.
In the life insurance business, ordinary expenses increased 10.8% year on year, to ¥593.0 billion, due mainly to anincreased provision for policy reserve and others, reflecting a recovery in investment performance in separate accounts,
as well as the provision for contingency reserve from a reversal amount. This reversal was made to account for lower
investment yields in the face of financial market deterioration. In the non-life insurance business, ordinary expenses
grew 10.0% year on year, to ¥49.1 billion, owing primarily to increases in the amount of net losses paid, led by a
growing number of policies in force. In the banking business, however, ordinary expenses declined 12.9% year on year,to ¥21.3 billion, due to decreases in interest expenses, particularly a decrease in interest expenses on deposits, owing to
a decline in interest rates.
As a result, consolidated ordinary profit increased 77.3% compared with the same period of the previous fiscal
year, to ¥58.3 billion, owing to increases in ordinary profit from all the businesses. Broken down by business, ordinary
profit from the life insurance business, the non-life insurance and the banking business increased year on year, 80.7% to¥54.8 billion; 24.2% to ¥1.8 billion; and 59.7% to ¥1.5 billion, respectively.
Extraordinary losses of ¥4.5 billion were recorded during the nine months ended December 31, 2009, due
mainly to the provision of a reserve for price fluctuations in the life insurance business. During the same period of thelast fiscal year, extraordinary gains of ¥8.0 billion were recorded, due to a partial reversal of the reserve for pricefluctuations in the life insurance business. Extraordinary losses amounted to ¥3.8 billion, owing to losses on disposal of
fixed assets in the non-life insurance business in the same period of the last year.
After accounting for extraordinary losses, provision for reserve for policyholders’ dividends and income taxes, net
income for the nine months ended December 31, 2009, was up 64.5% compared with the same period of the previous
fiscal year, to ¥33.8 billion, boosted by the increase in ordinary profit.

3

(2) Segment Information by Business
Ordinary Revenues(Millions of yen, %)Life insurance business
Non-life insurance businessBanking business
Subtotal
Corporate and eliminations
Consolidated

For the nine months ended
December 31, 2009
647,957
50,947
22,949721,854(1,146)
720,708

For the nine months ended
December 31, 2008
565,82146,13925,524
637,485(859)
636,626

Change (%)
14.5
10.4
(10.1)
13.2
13.2

Ordinary Profit(Millions of yen, %)Life insurance business
Non-life insurance businessBanking business
Subtotal
Corporate and eliminations
Consolidated

2.

For the nine months ended
December 31, 2009
54,877
1,809
1,584
58,27072
58,343For the nine months ended
December 31, 2008
30,376
1,456
991
32,82485
32,910Change (%)
80.7
24.2
59.7
77.5
(15.4)
77.3

Qualitative Information on Consolidated Financial Position

Assets, Liabilities and Net Assets
As of December 31, 2009, total assets amounted to ¥5,804.3 billion, up 9.2% from March 31, 2009. As for major
components of assets, securities, mostly Japanese government bonds, amounted to ¥4,148.1 billion, up 12.0% fromMarch 31, 2009. Loans amounted to ¥687.5 billion, up 15.1% from March 31, 2009 and monetary trusts amounted to¥439.1 billion, down 27.9% from March 31, 2009.
Total liabilities amounted to ¥5,543.2 billion, up 8.5% from March 31, 2009. As for major components of liabilities,
policy reserve and others amounted to ¥3,980.3 billion, up 8.1% from March 31, 2009, and deposits amounted to¥1,441.7 billion, up 8.8% from March 31, 2009.
Total net assets amounted to ¥261.0 billion, up ¥56.1 billion or 27.4% from March 31, 2009, due to an increase inretained earnings of ¥27.3 billion, as well as an increase in net unrealized gains on other securities, net of taxes, of¥28.5 billion from March 31, 2009, amounting to ¥23.7 billion as of December 31, 2009, owing primarily to increases in
the fair market value of securities held.

4

3.

Qualitative Information on Consolidated Performance Forecasts

SFH announced its revised consolidated financial forecast for the year ending March 31, 2010 (April 1, 2009, throughMarch 31, 2010) on February 4, 2010. The previous forecast was announced on October 30, 2009. SFH revised its
consolidated financial forecast for the year ending March 31, 2010, as follows.
<Consolidated financial results forecast>
For the full year

Ordinary revenues

Ordinary profit(Billions of yen)
Net income

Forecast for the year ending March 31, 2010

962.0

81.0

45.0

(Reference)
Actual results for the year ended March 31, 2009

860.3

34.2

30.7

(Reference)
Forecasts of ordinary revenues and ordinary profit from each business for the year ending March 31, 2010, are as follows.
Previous forecasts for the year ending March 31, 2010 were disclosed in the Consolidated Financial Summary for the six
months ended September 30, 2009, on November 16, 2009.
<Life insurance business>
During the nine months ended December 31, 2009, insurance claims and other payments were lower than our forecast
amounts, while investment income was higher. SFH hereby revises upward its financial results forecast for the life
insurance business for the year ending March 31, 2010, reflecting operating performance for the nine months ended
December 31, 2009, as well as expected increases in investment income from the fourth quarter, resulting from continued
purchases of ultralong-term bonds.
(Billions of yen)
Ordinary revenues

For the full year

Ordinary profit

Updated forecast for the year ending March 31, 2010

864.7

77.3

Previous forecast for the year ending March 31, 2010

852.0

61.1

(Reference)
Actual results for the year ended March 31, 2009

766.2

32.5

<Non-life insurance business>
SFH has revised its financial results forecast of the non-life insurance business for the year ending March 31, 2010, forordinary revenues, due to the expected expansion of business operations, primarily in automobile insurance in the fourth
quarter. However, our ordinary profit forecast remains unchanged, as we expect the net loss ratio for automobile
insurance to increase.
(Billions of yen)
Ordinary revenues

For the full year

Ordinary profit

Updated forecast for the year ending March 31, 2010

67.8

2.0

Previous forecast for the year ending March 31, 2010

66.3

2.0

(Reference)
Actual results for the year ended March 31, 2009

61.8

2.1

5

<Banking business>
SFH has revised its financial results forecast for the banking business for the year ending March 31, 2010, due to an
expected increase in investment income in the forth quarter.
(Billions of yen)
Ordinary revenues

For the full year

Ordinary profit

Updated forecast for the year ending March 31, 2010

29.7

2.1

Forecast for the year ending March 31, 2010

26.1

1.3

(Reference)
Actual results for the year ended March 31, 2009

33.3

(0.5)

The above-mentioned forecasts were made based on information currently available to us and may differ from actual
results for a variety of reasons.

4.

Information Concerning Significant Subsidiaries
Below, we describe the operating performance for the nine months ended December 31, 2009 of SFH’s significant
subsidiaries: Sony Life Insurance Co., Ltd. (Sony Life), Sony Assurance Inc. (Sony Assurance) and Sony Bank Inc.
(Sony Bank). Sony Life, Sony Assurance and Sony Bank each separately announce their own results, which summary
information in English is available on SFH’s website.

■ Sony Life (Non-Consolidated)
Sony Life’s ordinary revenues increased 14.5% from the same period of the previous fiscal year, to ¥647.7 billion, due
to higher income from insurance premiums associated with an increased policy amount in force, as well as increases ininvestment income boosted by a relatively favorable financial market environment. Ordinary profit increased 82.1%
year on year, to ¥54.9 billion, due primarily to increased insurance premiums, higher gains from investment, net, on
general account assets, and a reversal of the policy reserve for minimum guarantee for variable life insurance, despite a
provision for contingency reserve from a reversal amount. This reversal was made to account for lower investment
yields in the face of financial market deterioration. Net income increased 45.5% year on year, to ¥32.1 billion, after
including the negative impact of a change from the reversal of a reserve for price fluctuations of ¥8.0 billion
year-on-year, to a provision of ¥4.3 billion.
Core profit rose 99.4% year on year, to ¥45.1 billion, due mainly to an increase in income from insurance premiums
and higher interest income and dividends, as well as a change from provision into reversal of policy reserve forminimum guarantee for variable life insurance.
Income from insurance premiums grew 4.6% from the same period of the previous fiscal year, to ¥512.1 billion,
associated with a higher policy amount in force. Investment income increased 80.3% year on year, to ¥130.2 billion, due
mainly to an increase in gains on separate accounts, net, driven by rising stock prices, and higher interest income anddividends in line with the growing balance of ultralong-term bonds. Investment expenses decreased 84.3% year on year,to ¥16.3 billion, as losses on separate accounts, net, for the same period of the previous fiscal year turned into gains andimpairment losses on securities decreased sharply year on year. As a result, gains from investment, net, for the total ofgeneral and separate accounts amounted to ¥113.8 billion from losses of ¥31.9 billion in the same period of last fiscal
year, a part of which, gains from investment, net, on general account assets increased 82.6%, to ¥63.4 billion.
Insurance claims and other payments increased 3.3% year on year, to ¥204.7 billion. Operating expenses increased
1.9% year on year, to ¥70.9 billion.

6

Policy amount in force for the total of individual life insurance and individual annuities grew steadily, to¥33,249.4 billion as of December 31, 2009, up 2.3% from March 31, 2009, and up 2.6% from December 31, 2008. The
lapse and surrender rate* for the total of individual life insurance and individual annuities rose 0.36 percentage pointfrom the same period of the previous fiscal year, to 5.31%, reflecting the impact of individual customers conversion tomore reasonably priced insurance products. This included a discount rider for family income insurance launched in
November 2009 for nonsmokers and other people in excellent health. Annualized premiums from total policies as ofDecember 31, 2009, were up 3.3% from March 31, 2009, and up 3.7% from December 31, 2008, totaling ¥566.2 billion.
Of this amount, the figure for third-sector products was up 3.9% from March 31, 2009, and up 4.4% from December 31,
2008, to ¥131.5 billion.
The new policy amount for the total of individual life insurance and individual annuities increased 0.9% from thesame period of the previous fiscal year, to ¥3,020.4 billion, owing to an increase in sales resulting from theabove-mentioned product launch in November 2009, offsetting a decline in sales of variable life insurance. Annualized
premiums from new policies amounted to ¥50.6 billion, up 6.1%, of which the figure for third-sector products was¥12.2 billion, up 18.4% year on year, due primarily to favorable sales of cancer hospitalization insurance launched in
April 2009.
Net unrealized gains on securities** decreased ¥6.5 billion from March 31, 2009, to ¥44.3 billion. Net unrealized gains
on other securities, net of taxes, amounted to ¥22.3 billion, up ¥18.3 billion from March 31, 2009.
As of December 31, 2009, Sony Life’s solvency margin ratio was 2,570.9%, compared with 2,060.5% as of March
31, 2009.
*

The lapse and surrender rate is calculated without offsetting policies that are reinstated.

**

Net unrealized gains on securities are calculated as the difference between the carrying value before marking to market and the fair market value forsecurities with market value, other than trading-purpose securities. (The amount includes monetary trusts, but excludes trading-purpose securities.)■ Sony AssuranceSony Assurance posted a 10.4% increase in ordinary revenues compared with the same period of the previous fiscal
year, to ¥50.9 billion, due to increased net premiums written, as the number of insurance policies in force grew forstrong sales of new policies in its mainstay automobile insurance. Ordinary profit increased 24.2% year on year, to¥1.8 billion, owing mainly to an increase in premium income and a decline in the net expense ratio, despite a higher net
loss ratio. Net income amounted to ¥1.1 billion, compared with a net loss of ¥1.9 billion in the previous term, due
mainly to losses on disposal of fixed assets of ¥3.8 billion in the same period of the previous fiscal year.
In terms of insurance underwriting performance, owing to an increased number of automobile insurance policies inforce, both direct premiums written and net premiums written grew 10.5% year on year, amounting to ¥50.1 billion and10.6% to ¥50.3 billion, respectively. Net losses paid increased 15.0% year on year, to ¥25.3 billion, owing to anincreased number of policies in force and a rising number of car accidents. The net loss ratio rose 1.9 percentage points,
compared with the same period of the previous fiscal year, to 56.3%. The net expense ratio decreased 0.4 percentage
point year on year, to 25.5%, due to the increase in net premiums written, despite a 8.8% increase in underwriting
expenses of ¥12.8 billion. Underwriting profits rose 26.1% year on year, to ¥1.3 billion, primarily reflecting theadjustment of the provision for reserves for outstanding claims and underwriting reserves.
As of December 31, 2009, Sony Assurance’s solvency margin ratio* was 1,031.7%, compared with 993.0% as ofMarch 31, 2009.
*

The forgoing figures were calculated based on provisions in Article 86 and 87 of the Insurance Business Law Enforcement Regulations and the Ministryof Finance Announcement No. 50 (1996). Further, part of calculations for major catastrophe risk was simplified.

7

■ Sony Bank (Non-Consolidated)
Sony Bank’s ordinary revenues decreased 10.2% compared with the same period of the previous fiscal year, to¥22.9 billion, due to the global lowering of interest rates. Ordinary profit increased 34.7% year on year, to ¥2.3 billion,
owing to an increase in net interest income due mainly to a decrease in interest expenses on deposit in the lowering ofinterest rates and an increase of interest income on loans reflecting the growing balance of mortgage loan. Net income
increased 29.8% compared with the same period of the previous fiscal year, to ¥1.3 billion.
Gross operating profit increased 17.2% from the same period of the previous fiscal year, to ¥11.0 billion, led by anincrease in net interest income which offset decreases in net other operating income and in net fees and commissions.
With respect to the breakdown of gross operating profit, net interest income rose 156.5% year on year, to ¥9.9 billion,
due mainly to a decline in interest on deposits in the lowering of interest rates, and an increase in interest income onloans led by the growing balance of mortgage loans. Net fees and commissions were ¥9 million, down 96.6% year on
year, due mainly to lower brokerage fees and commissions received. Net other operating income decreased 78.8% to¥1.1 billion, mainly because gains from derivatives, net, which were held for hedging purposes, turned into losses.
General and administrative expenses expanded 12.1% during the same period of the previous fiscal year, to¥8.5 billion, due mainly to an increase in system-related expenses.
As of December 31, 2009, customer assets (the sum of deposits and investment trusts) were up ¥140.1 billion, or
10.0%, from March 31, 2009, to ¥1,543.8 billion. Looking at customer assets as of December 31, 2009, deposits
amounted to ¥1,442.7 billion, up ¥116.4 billion, or 8.8%, from March 31, 2009, reflecting a higher balance of yen time
deposits, boosted by a special campaign in December 2009, offering higher rates for deposits made during the bonus
season. Investment trusts were ¥101.0 billion, up ¥23.7 billion, or 30.7% from March 31, 2009. Loans expanded to¥562.6 billion, up ¥85.5 billion, or 17.9%, from March 31, 2009, owing to a growing balance of mortgage loans. As of
December 31, 2009, the number of accounts was up 45 thousand from March 31, 2009, to 769 thousand accounts.
Net unrealized gains on other securities, net of taxes, a component of net assets, totaled ¥0.1 billion, up¥9.8 billion from March 31, 2009.
As of December 31, 2009, Sony Bank’s non-consolidated capital adequacy ratio* (domestic criteria) was 13.04%,
compared with 13.37% as of March 31, 2009.

*

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 the Financial Services Agency of Japan (“FSA”) public ministerial announcement No. 19 of 2006. The capital adequacy ratio as of andafter December 31, 2008, employed the special exception of the standard mentioned above, in accordance with FSA public ministerial announcement No.
79 of 2008.

8

5.

Other Information(1) Changes in scope of consolidation during the period under review (changes in specified subsidiaries
accompanying changes in scope of consolidation)
Not applicable.
(2) Simplified accounting methods and accounting methods used specifically for quarterly consolidated financial
statements(Simplified accounting methods)i) Reserve for possible loan losses
At certain consolidated subsidiaries, except for loans to borrowers subject to bankruptcy, court-guided
rehabilitation or similar legal or formal proceedings for which the subsidiaries provide a specific reserve,
reserves for possible loan losses are calculated based on the historical loan loss ratio used for the six months
ended September 30, 2009.
ii) Collectability of deferred tax assets
At certain consolidated subsidiaries, the collectability of deferred tax assets is determined based on earnings
forecasts and tax planning as of March 31, 2009, also taking into account temporary differences during the fiscal
period.
(Accounting methods used specifically for quarterly consolidated financial statements)
Not applicable.
(3) Changes in accounting policies, procedures and presentation
Not applicable.
(4) Additional information(Evaluation of securities)
At our domestic banking subsidiary, in accordance with Practical Issue Task Force No. 25 “Practical Solution on Measurement of Fair
Value of Financial Assets” (October 28, 2008), floating-rate Japanese government bonds that are included in “securities” were evaluatedbased on reasonably estimated amounts from the third quarter ended December 31, 2008. However, after considering the current market
environment, from the third quarter under review SFH has evaluated these bonds based on market value, as their market value can be
regarded as their fair value.

9Consolidated Financial Statements
1. Consolidated Balance Sheets(Millions of yen)
As of December 31, 2009

As of March 31, 2009

Assets:Cash and due from banks
Call loans and bills bought
Commercial paper and other debt purchased
Monetary trusts
Securities
Loans
Tangible fixed assets
Intangible fixed assets
Goodwill
OthersDue from agencies
Due from reinsurers
Foreign exchanges
Other assets
Deferred tax assets
Reserve for possible loan losses

162,077
145,541
4,010
439,198
4,148,152
687,560
82,63019,954
1,628
18,32586
4,792
82,09929,061(860)

42,794
95,70916,163608,846
3,703,062
597,542
83,61918,7882,004
16,783
1
144
6,355
91,42449,889(665)

Total Assets

5,804,306

5,313,677

Liabilities:
Policy reserve and others
Reserve for outstanding claims
Policy reserve
Reserve for policyholders’ dividends
Due to agencies
Due to reinsurers
Deposits
Call money and bills soldBorrowed money
Foreign exchanges
Other liabilities
Reserve for employees’ bonuses
Reserve for employees’ retirement benefits
Reserve for directors’ retirement benefits
Reserve for price fluctuations
Reserve for financial products transaction liabilities
Deferred tax liabilities
Deferred tax liabilities on land revaluation

3,980,399
38,014
3,938,072
4,312
1,090
704
1,441,724
31,4002,000
1960,254
1,320
15,287
342
8,015
2
0
706

3,680,731
34,843
3,643,348
2,539
1,216
1,042
1,325,320
10,0002,000
868,0862,251
13,435
310
3,666
1
0
706

Total Liabilities

5,543,269

5,108,779

10

(Millions of yen)

Net Assets:
Common stock
Capital surplus
Retained earnings(deficits)
Total shareholders’ equity
Net unrealized gains(losses) on other securities, net of taxes
Net deferred losses on hedging instruments, net of taxes
Land revaluation, net of taxes
Foreign currency translation adjustments
Total valuation and translation adjustments
Total Net Assets
Total Liabilities and Net Assets

11

As of December 31, 2009

As of March 31, 2009

19,900195,277
25,067240,244
23,722(1,166)(1,475)(288)
20,791

19,900195,277(2,251)
212,925(4,853)(1,449)(1,475)(248)(8,028)261,036

204,897

5,804,306

5,313,677

2. Consolidated Statements of Income(Millions of yen)
For the nine months ended
December 31, 2008

For the nine months ended
December 31, 2009

Ordinary Revenues

636,626

720,708

Ordinary Revenues from the Life Insurance Business:

565,023

646,856

Income from insurance premiums

489,374

511,859

Investment income

72,477130,263(Interest income and dividends)

41,00750,922(Income from monetary trusts, net)

3,954

13,219(Income from trading securities, net)

1,084

-

(Gains on sale of securities)

20,895

14,578-50,387

3,170

4,732

46,12850,94545,60950,41745,58050,393(Gains on separate accounts, net)
Other ordinary income
Ordinary Revenues from the Non-life Insurance Business:
Underwriting income(Net premiums written)(Interest and dividends on deposits of premiums)

28

23

505

511

(Interest income and dividends)

514

517

(Gains on sale of securities)

18

7

(28)

(23)

13

17

25,47422,906

16,31917,592(Interest income on loans)

6,674

8,918

(Interest income and dividends on securities)

7,563

8,291

Investment income(Transfer to interest and dividends on deposits of premiums)

Other ordinary income
Ordinary Revenues from the Banking Business:
Interest income

Fees and commissions

1,598

1,463

Other operating income

7,440

3,832

6,260

3,556

115

17

(Gains on foreign exchange transactions, net)
Other ordinary income12

(Millions of yen)
For the nine months ended
December 31, 2008

For the nine months ended
December 31, 2009

Ordinary Expenses

603,716

662,365

Ordinary Expenses from the Life Insurance Business:

535,319592,784

198,335

204,804

45,356
4,570
24,642
120,680

48,783
5,027
26,680121,303

1,458

1,360

154,019

290,065

1,332
152,655
31

1,619
288,4433

103,961

16,20632
12,232
17,34066,69222
8,054-

Operating expenses

69,67270,929Other ordinary expenses

9,330

10,77844,351

48,801

Underwriting expenses

33,23336,898(Net losses paid)(Loss adjustment expenses)(Net commission and brokerage fees)(Provision for reserve for outstanding claims)(Provision for underwriting reserve)
Investment expenses

22,092
2,702
508
1,577
6,352
116

25,399
2,981
683
1,551
6,283
13

28

12

Insurance claims and other payments(Insurance claims)(Annuity payments)(Insurance benefits)(Surrender payments)(Other payments)
Provision for policy reserve and others
Provision for reserve for outstanding claims
Provision for policy reserve
Interest portion of reserve for policyholders’ dividends
Investment expenses(Interest expenses)(Losses on sale of securities)(Devaluation losses on securities)(Losses on separate accounts, net)

Ordinary Expenses from the Non-life Insurance Business:(Losses on sale of securities)(Devaluation losses on securities)
Operating, general and administrative expenses
Other ordinary expenses

13

86

-

10,996

11,876

5

13

(Millions of yen)
For the nine months ended
December 31, 2008
Ordinary Expenses from the Banking Business:

For the nine months ended
December 31, 2009

24,045

20,779Interest expenses

12,4397,651(Interest expenses on deposits)
Fees and commissions

11,805
910

6,347
893

Other operating expenses

2,149

2,709

General and administrative expenses

8,342

9,306

201

219

Ordinary Profit

32,91058,343Extraordinary Gains

8,041

-

Other ordinary expenses

Gains on disposal of fixed assets

0

-

8,040

-

3,882

4,546

3,865

192

Impairment losses

04Provision for reserve for price fluctuations

-

4,349

Others16-

Provision for Reserve for Policyholders’ Dividends

2,469

2,009

Income Before Income Taxes

34,59951,787

Income Taxes

14,024

17,943- Current

8,256

13,956- Deferred

5,768

3,986

20,57433,843

Reversal of reserve for price fluctuations
Extraordinary Losses
Losses on disposal of fixed assets

Net Income

143. Segment Information
Millions of yen
For the nine months ended December 31, 2008
Life insurance
business
Ordinary revenues:
External customers
Intersegment
Total
Ordinary profit

565,023798
565,82130,376

Non-life
insurancebusiness

46,128
10
46,1391,456Bankingbusiness

25,47450
25,524991

Total

Elimination

Consolidated

(859)
(859)
85

636,626
636,626
32,910Elimination

Consolidated(1,146)(1,146)72

720,708
720,708
58,343636,626
859
637,485
32,824

Millions of yen
For the nine months ended December 31, 2009
Life insurance
business
Ordinary revenues:
External customers
Intersegment
Total
Ordinary profit

646,856
1,101
647,957
54,877

Non-life
insurancebusiness

50,945
1
50,947
1,809

Bankingbusiness

22,90642
22,949
1,584

Total

720,708
1,146
721,854
58,270Notes)
Life insurance business consists of Sony Life Insurance Co., Ltd., Sony Life Insurance (Philippines) Corporation, AEGON Sony Life
Insurance Co., Ltd. (its name was changed from AEGON Sony Life Planning Co., Ltd. on August, 2009), non-life insurance businessconsists of Sony Assurance Inc. and banking business consists of Sony Bank Inc. and Sony Bank Securities Inc.

4. Per Share Information
Net income per share is calculated based on the weighted-average number of shares of common stock outstanding during
the period. For the nine months ended December 31, 2008 and 2009, net income per share was ¥9,459.57 and ¥15,560.25,
respectively. There were no potential dilutive securities. Net assets per share, calculated based on the number of shares ofcommon stock outstanding as of March 31 and December 31, 2009, were ¥94,205.75 and ¥120,016.64, respectively.
The basis for this calculation for the nine months ended December 31, 2008 and 2009 is net income of ¥20,574 million and¥33,843 million, respectively, the entire amount of which is applicable to common stocks. The weighted-average number ofshares outstanding for the nine months ended December 31, 2008 and 2009 were both 2,175,000 shares.

5. Subsequent Events
Sony Life Insurance Co., Ltd., and AEGON International B.V., an AEGON group company (Netherlands), established ajoint venture life reinsurance company, and acquired it’s shares on January 21, 2010 (local time).
(1) Company name
SA Reinsurance Ltd.
(2) Location
Bermuda(3) Business operations
Offering reinsurance coverage in connection with variable annuity insurance(4) Capitalization¥5,000 million(5) Shares acquired
2.5 million(6) Equity ownershipSony Life Insurance Co., Ltd. 50.0%
AEGON International B.V.,
50.0%

15

SFH’s consolidated results* are prepared in accordance with accounting principles and practices generally
accepted in Japan. As such, these figures differ in significant respects from financial information reported by
SFH’s parent company, Sony Corporation, which prepares its financial statements in accordance with accounting
principles and practices generally accepted in the United States.
*The SFH’s scope of consolidation includes Sony Financial Holdings Inc., Sony Life Insurance Co. Ltd., Sony Life Insurance (Philippines)
Corporation, Sony Assurance Inc., Sony Bank Inc., Sony Bank Securities Inc. and AEGON Sony Life Insurance Co., Ltd.(previously: AEGONSony Life Planning Co., Ltd), as an affiliated company accounted for under the equity method.

On February 4, 2010, Sony Corporation announced its consolidated financial results for the third quarter ended December 31,
2009. SFH Group companies constitute the majority of Sony Group’s Financial Services segment. However, the scope of Sony
Group’s Financial Services segment differs from the scope of SFH’s consolidated results. For the scope of Sony Group’s
Financial Services segment, please refer to the February 4, 2010, news release by Sony Corporation.
This Consolidated Financial Summary contains statements concerning the current plans, expectations, strategies and beliefs of the SonyFinancial Holdings Group (the “SFH Group”). Any statements contained herein that pertain to future operating performance and that are nothistoric facts are forward-looking statements. Forward-looking statements may include—but are not limited to—statements using words such as“believe,” “anticipate,” “plan,” “strategy,” “expect,” “forecast,” “predict,” “possibility” that describe future operating activities, financial
performance, events or conditions. Forward-looking statements, whether spoken or written, are based on judgments made by the management of
the SFH Group based on information that is currently available to it. As such, forward-looking statements are subject to various risks anduncertainties, and actual results may vary substantially from those expressed or implied in forward-looking statements. Consequently, investors
are cautioned not to place undue reliance on forward-looking statements. The SFH Group disclaims any obligation to revise forward-looking
statements in light of new information, future events or other findings.

For inquiries: Masaaki Konoo or Hiroko Hanakura
Corporate Communications & Investor Relations Dept. Sony Financial Holdings Inc.
Telephone: +81-3-5785-1074
E-mail: press@sonyfh.co.jp
Website of Sony Financial Holdings Inc. http://www.sonyfh.co.jp/index_en.html

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