Consolidated Financial Summary
for the three months ended June 30, 2009
August 11, 2009
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 three months ended June 30, 2009
(1) Operating results
Ordinary Revenues
Ordinary Profit
million of yen

For the three months ended
June 30, 2009
For the three months ended
June 30, 2008%changemillion of yen

Net Income%changemillion of yen%change

248,117( +15.4 )21,935( +57.2 )12,504( +59.7 )215,046( +0.9 )13,953( +4.1 )7,829( +7.1 )Net Income per ShareNet Income per Share(Fully Diluted)

yen

yen

For the three months ended
June 30, 2009
For the three months ended
June 30, 2008

5,749.09-

3,599.85-(2) Financial conditions
Total Assets

Total Net Assets

Net Assets Ratio

Net Assets per Share%yenmillion of yen

million of yen

As of June 30, 2009

5,452,730

231,189

4.2

106,293.93

As of March 31, 2009

5,313,677

204,897

3.9

94,205.75

Notes: 1. Stockholders’ equity:

As of June 30, 2009:¥ 231,189 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 ended
March 31, 2009
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
For the six months ending
September 30, 2009
For the year ending
March 31, 2010

Ordinary Profit

Net Income

Net Income per
Share
yen

millions of yen%changemillions of yen%changemillions of yen%change

456,000( +8.6 )27,000( +20.2 )14,000( +14.9 )6,436.78

900,000( +4.6 )46,000( +34.3 )24,000( -21.9 )11,034.48

1

4. Other Information(1) Changes in significant subsidiaries during the fiscal period (changes in specified subsidiaries accompanying changes inscope 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 rules applied in the preparation of the quarterly
consolidated financial statements: None
(4) Number of shares outstanding (common stock)(a) Number of shares outstanding (including treasury shares)
As of June 30, 2009:
2,175,000 shares
As of March 31, 2009:
2,175,000 shares(b) Number of treasury shares
As of June 30, 2009:- shares
As of March 31, 2009:- shares(c) Weighted-average number of shares
For the three months ended June 30, 2009:
2,175,000 shares
For the three months ended June 30, 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 three months ended June 30, 2009 (April 1, 2009 through June 30, 2009), consolidated ordinary
revenues grew 15.4% compared with the same period of the previous fiscal year, to ¥248.1 billion, owing toincreases in ordinary revenues from the life insurance business and the non-life insurance business, despite thedecrease from the banking business.
In the life insurance business, ordinary revenues grew 16.9% year on year, to ¥223.2 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. In the non-life insurance
business, ordinary revenues rose 11.3% year on year, to ¥17.4 billion, owing to increases in net premiums written,
reflecting a growing number of its mainstay automobile insurance policies. In the banking business, ordinary
revenues declined 11.0% year on year, to ¥7.6 billion, owing to decreases in net other income, which partly offset
increases in net interest income, bolstered by the growing loan business.
Consolidated ordinary expenses increased 12.5% compared with the same period of the previous fiscal year,to ¥226.1 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 13.4% year on year, to ¥202.5 billion, due
primarily to increased provision for policy reserve and others associated with favorable investment performance inseparate accounts. In the non-life insurance business, ordinary expenses grew 8.9% year on year, to ¥16.5 billion,
owing mainly to increases in the amount of net losses paid and higher operating, general and administrative
expenses, led by a growing number of policies in force. In the banking business, however, ordinary expenses
declined 2.1% year on year, to ¥7.4 billion, due to decreases in interest expenses on deposits, resulting mainly froma decline in interest rates.
As a result, consolidated ordinary profit increased 57.2% compared with the same period of the previous
fiscal year, to ¥21.9 billion. Broken down by business, ordinary profit from the life insurance business increased
67.5% year on year, to ¥20.7 billion. Ordinary profit from the non-life insurance business rose 91.5% year on year,
to ¥0.9 billion. In the banking business, ordinary profit decreased 75.7% year on year, to ¥0.2 billion.
Extraordinary losses of ¥1.4 billion were recorded, due mainly to a provision for reserve for pricefluctuations in the life insurance business.
After accounting for extraordinary gains and losses, provision for reserve for policyholders’ dividends, andincome taxes, net income increased 59.7% compared with the same period of the previous fiscal year, to ¥12.5
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
business
Banking business
Subtotal
Corporate andeliminations
Consolidated

For the three months
ended June 30, 2008
190,943

For the three months
ended June 30, 2009
223,273

15,71017,491

11.3

8,648
215,302

7,693
248,459

-11.0
15.4

(256)

(341)

－

215,046

248,117

15.4

For the three months
ended June 30, 2008
12,390For the three months
ended June 30, 2009
20,755

472

904

91.5

1,049
13,912

255
21,914

-75.7
57.5

41

20

-50.7

13,953

21,935

57.2

Change (%)
16.9

Ordinary Profit(Millions of yen)Life insurance business
Non-life insurance
business
Banking business
Subtotal
Corporate andeliminations
Consolidated

Change (%)
67.5

2. Qualitative Information on Consolidated Financial Position
Assets, Liabilities and Net Assets
As of June 30, 2009, total assets amounted to ¥5,452.7 billion, up 2.6% from March 31, 2009. As for major
components of assets, securities, mostly Japanese government bonds, amounted to ¥3,830.9 billion, up 3.5% fromMarch 31, 2009. Monetary trusts amounted to ¥557.4 billion, down 8.4% from March 31, 2009, and loans
amounted to ¥631.9 billion, up 5.8% from March 31, 2009.
Total liabilities amounted to ¥5,221.5 billion as of June 30, 2009, up 2.2% from March 31, 2009. As for major
components of liabilities, policy reserve and others amounted to ¥3,787.4 billion, up 2.9% from March 31, 2009,and deposits amounted to ¥1,329.7 billion, up 0.3% from March 31, 2009.
Total net assets amounted to ¥231.1 billion as of June 30, 2009, up 12.8% from March 31, 2009. Net unrealized
gains on other securities, net of taxes, of ¥15.0 billion were recorded, up ¥19.9 billion from March 31, 2009, owing
primarily to increases in the fair market value of securities held.

3. Qualitative Information on Consolidated Financial Forecasts
In its press release dated July 30, 2009, Sony Financial Holdings Inc. (“SFH”) revised its consolidated financial
results forecast for the year ending March 31, 2010 (April 1, 2009, through March 31, 2010), from those announced
on May 14, 2009.

4During the three months ended June 30, 2009, ordinary revenues and ordinary profit exceeded our forecast in
the life insurance business, due to higher interest income and dividends, resulting from the consistent purchase ofultralong-term bonds. This is also because of higher gains on sale of securities in line with the shift from investingin bonds with short terms to maturity to ultralong-term, boosted by a relatively favorable financial market
environment, as well as lower insurance claims and other payments. We announced our consolidated financial
forecast for the year ending March 31, 2010, owing to uncertainty in the financial market environment, despite thegrowing perception that Japanese business sentiment has nearly bottomed out, as stated below.

Ordinary revenues

Ordinary profit(Billions of yen)
Net income

456.0

27.0

14.0

420.0

22.4

12.1

Forecast for the year ending
March 31, 2010

900.0

46.0

24.0

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

860.3

34.2

30.7

For the first six months
Forecast for the six months ending
September 30, 2009
(Reference)
Actual results for the six months ended
September 30, 2008
For the full year

(Reference)
Forecasts of ordinary revenues and ordinary profit from each business for the year ending March 31, 2010, are as
follows.
<Life insurance business>
SFH revised the financial results forecast of the life insurance business for the six months ending Septembaer 30,
2009 from those announced on May 14, 2009. However, Sony Life’s financial results forecast for the year ending
March 31, 2010, remains unchanged from the latest announcement, on May 14, 2009.

Ordinary revenues(Billions of yen)
Ordinary profit

410.8

26.6

392.1

19.8

372.1

20.0

Forecast for the year ending March 31, 2010

808.7

43.5

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

766.2

32.5

For the first six months
Forecast for the six months ending September 30, 2009
Previous forecast for the six months ending September 30,
2009(Reference)
Actual results for the six months ended September 30, 2008
For the full year

5<Non-life insurance business>

Ordinary revenues(Billions of yen)
Ordinary profit

32.9

0.4

30.7

1.1

Forecast for the year ending March 31, 2010

65.3

1.2

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

61.8

2.1

Ordinary revenues(Billions of yen)
Ordinary profit

12.7

0.3

17.7

1.1

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

For the first six months
Forecast for the six months ending September 30, 2009
(Reference)
Actual results for the six months ended September 30, 2008
For the full year

<Banking business>

For the first six months
Forecast for the six months ending September 30, 2009
(Reference)
Actual results for the six months ended September 30, 2008
For the full year

The above-mentioned consolidated forecast was made based on information currently available to us. Actual
results may be subject to revision due to various risks and uncertainties.

4. Information Concerning Significant Subsidiaries
Below, we describe the operating performance, on a non-consolidated basis, for the three months ended June 30,
2009 of SFH’s significant subsidiaries: Sony Life Insurance Co., Ltd. (Sony Life), Sony Assurance Inc. (SonyAssurance) and Sony Bank Inc. (Sony Bank). Sony Life, Sony Assurance and Sony Bank each separately announce
their own results, for which summary information in English is available on SFH’s website.

■ Sony Life (Non-Consolidated)
Sony Life’s ordinary revenues increased 17.0% from the same period of the previous fiscal year, to ¥223.2 billion,
due to higher income from insurance premiums associated with an increased policy amount in force, as well as
increases in investment income boosted by a relatively favorable financial market environment. Ordinary profit
increased 68.0% year on year, to ¥20.7 billion, due to increased insurance premiums, reversal of policy reserve forminimum guarantee for variable life insurance, and higher gains from investment, net on general account assets.
Net income increased 68.3% year on year, to ¥11.8 billion.
Core profit rose 76.8% year on year, to ¥16.5 billion, as a result of higher income from insurance premiums
associated with an increased policy amount in force and an increase mainly in interest income and dividends.
Income from insurance premiums grew 2.1% from the same period of the previous fiscal year, to ¥165.9 billion,
associated with a higher policy amount in force. Investment income increased 105.3% year on year, to ¥56.5

6

billion, due mainly to increased gains on separate accounts, boosted by a relatively favorable financial market
environment, and higher gains on sale of securities in line with a shift to investing in ultralong-term bonds frombonds with a short term to maturity, as well as increased interest income and dividends, resulting from theconsistent purchase of ultralong-term bonds. Investment expenses expanded 133.7% year on year, to ¥6.2 billion,
resulting from sales of securities held, a part of which accounted for losses on sale of securities. As a result, gains
from investment, net, for the total of general and separate accounts increased 102.2% from the same period of theprevious fiscal year, to ¥50.2 billion, a part of which, gains from investment, net, on general account assets
increased 21.8%, to ¥21.4 billion. Insurance claims and other payments increased 9.7% year on year, to ¥66.8
billion. Operating expenses increased 1.5% year on year, to ¥23.1 billion.
Policy amount in force for the total of individual life insurance and individual annuities grew steadily, to¥32,720.8 billion as of June 30, 2009, up 0.6% from March 31, 2009, and up 2.8% from June 30, 2008. The lapse
and surrender rate* for the total of individual life insurance and individual annuities rose 0.08 percentage pointfrom the same period of the previous fiscal year, to 1.67%. Annualized premiums from total policies as of June 30,
2009, were up 0.9% from March 31, 2009, and up 3.1% from June 30, 2008, totaling ¥552.8 billion. Of thisamount, the figure for third-sector products was up 1.3% from March 31, 2009, and up 3.8% from June 30, 2008,
to ¥128.3 billion.
New policy amount for the total of individual life insurance and individual annuities decreased 7.2% from thesame period of the previous fiscal year, to ¥932.2 billion, owing mainly to a decline in sales of variable life
insurance. Annualized premiums from new policies amounted to ¥16.0 billion, of which the figure for third-sector
products was ¥3.9 billion, up 13.3% year on year due to favorable sales of cancer hospitalization insurance, which
commenced in April 2009.
Net unrealized gains on securities** decreased ¥3.8 billion from March 31, 2009, to ¥47.0 billion. Net
unrealized gains on other securities, net of taxes, amounted to ¥17.2 billion, up ¥13.2 billion from March 31, 2009.
As of June 30, 2009, Sony Life’s solvency margin ratio was 2,264.3%, 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 mark-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 an 11.3% increase in ordinary revenues compared with the same period of the previous
fiscal year, to ¥17.4 billion, primarily due to strong sales of its mainstay automobile insurance, which raised net
premiums written. Ordinary profit increased 91.5% year on year, to ¥0.9 billion, owing mainly to the increase inordinary revenues and a decline in the net expense ratio, resulting in net income of ¥0.6 billion, up 111.9% year on
year.
In terms of insurance underwriting performance, owing mainly to an increased number of automobile insurance
policies in force, direct premiums written and net premiums written grew 11.7% and 11.4%, year on year, to ¥17.2
billion and ¥17.3 billion, respectively. The increased number of policies in force influenced net losses paid,causing a 16.8% year-on-year increase, to ¥8.0 billion. The net loss ratio rose 2.2 percentage points, compared withthe same period of the previous fiscal year, to 52.0%. The net expense ratio decreased 1.5 percentage point year on
year, to 24.6%, due to the increase in net premiums written, despite a 5.1% increase in underwriting expenses of¥4.2 billion. Underwriting profits rose 142.2% year on year, to ¥0.7 billion, reflecting the adjustment of theprovision for reserves for outstanding claims and underwriting reserves.
As of June 30, 2009, Sony Assurance’s solvency margin ratio* was 1,020.1%.
*

The solvency margin ratio as of June 30, 2009, is calculated in accordance with Article 86 and Article 87 of the Insurance Business Law
Enforcement Guidelines and Ministry of Finance Announcement No. 50 of 1996. The calculation for major catastrophe risks is based partly on
methods judged to be rational by Sony Assurance.

7

■ Sony Bank (Non-Consolidated)
Sony Bank’s ordinary revenues decreased 11.1% compared with the same period of the previous fiscal year, to¥7.6 billion, owing mainly to decreases in net other operating income, a part of which offset increases in net
interest income, bolstered primarily by the growing loan business. Ordinary profit decreased 61.6% year on year,
to ¥0.4 billion, due to a decline in gross operating profit for decreased net other operating income, as well as anincrease in general and administrative expenses, leading to net income of ¥0.2 billion, down 62.7% year on year.
Gross operating profit dropped 8.8% from the same period of the previous fiscal year, to ¥3.2 billion, led by adecrease in net other operating income, though net interest income and net fees and commissions increased year on
year. With respect to the breakdown of gross operating profit, net interest income rose 197.6% year on year, to¥3.2 billion, due to higher interest on loans and a decline in interest on deposits in the lowering of interest rates.
Net fees and commissions increased 468.4% year on year, to ¥38 million, owing to increased fees andcommissions from foreign exchange margin transactions. Net other operating losses were ¥16 million , comparedwith net other operating income of ¥2.5 billion during the same period of the previous fiscal year, due to reduced
gains from derivatives, net.
General and administrative expenses expanded 17.2% during the same period of the previous fiscal year, to¥2.7 billion, due mainly to an increase in system-related expenses.
As of June 30, 2009, customer assets (the sum of deposits and investment trusts) grew ¥20.0 billion, or 1.4%,
from March 31, 2009, to ¥1,423.7 billion. As for the breakdown of customer assets as of June 30, 2009, deposits
amounted to ¥1,330.9 billion, up ¥4.5 billion, or 0.3%, from March 31, 2009. Investment trusts were ¥92.7 billion,up ¥15.5 billion, or 20.1% from March 31, 2009. Loans expanded to ¥510.8 billion, up ¥33.8 billion, or 7.1%, fromMarch 31, 2009, owing primarily to a growing balance of mortgage loans, though the rate of growth in customer
assets slowed. As of June 30, 2009, the number of accounts was up 12 thousand from March 31, 2009, to 736
thousand accounts.
Net unrealized losses on other securities, net of taxes, an item in net assets, totaled ¥3.1 billion, up ¥6.4 billion
from March 31, 2009.
As of June 30, 2009, Sony Bank’s non-consolidated capital adequacy ratio* (domestic criteria) was 13.41%,
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 ofJapan, in accordance with the Financial Services Agency of Japan (“FSA”) public ministerial announcement No. 19 of 2006. The capital
adequacy ratio as of and after December 31, 2008, newly adopted the special exception of the standard mentioned above, in accordance with the
FSA public ministerial announcement No. 79 of 2008.

5.

Other Information(1) Changes in significant subsidiaries during the period (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 a certain consolidated subsidiary, except for loans to borrowers subject to bankruptcy, court-guided
rehabilitation or similar legal or formal proceedings for which the subsidiary provide a specific reserve, thereserve for possible loan losses are calculated based on the historical loan loss ratio used for the year ended
March 31, 2009.
ii) Collectability of deferred tax assets
At a certain consolidated subsidiary, the collectability of deferred tax assets is determined based on the earnings
forecasts and tax planning as of March 31, 2009.
(Accounting methods used specifically for quarterly consolidated financial statements)
Not applicable8(3) Changes in accounting policies, procedures and presentation rules applied in the preparation of thequarterly consolidated financial statements
Not applicable9Consolidated Financial Statements
1. Consolidated Balance Sheets(Yen in millions)
As of June 30, 2009

As of March 31, 2009

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

72,50696,18628,602557,430
3,830,917
631,959
83,783
18,732
1,879
16,852
0523
7,978
92,46832,400(758)

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

5,452,730

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

3,787,449
35,861
3,748,885
2,702
1,103
767
1,329,784
22,6002,000
656,615
1,081
14,066
308
5,048
1
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

5,221,541

5,108,779

Assets:10

(Yen in millions)
As of June 30, 2009

As of March 31, 2009

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

19,900195,277
3,727
218,904
15,081(1,214)(1,475)(107)
12,284

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

Total Net Assets

231,189

204,897

5,452,730

5,313,677

Total Liabilities and Net Assets

112. Consolidated Statements of Income(Yen in millions)
For the three months ended
June 30, 2008

For the three months ended
June 30, 2009

Ordinary Revenues

215,046

248,117

Ordinary Revenues from the Life Insurance Business:

190,702

222,946

Income from insurance premiums

162,520

165,840Investment income

27,62656,575(Interest income and dividends)

12,822

15,763(Income from monetary trusts, net)

4,337

4,188

(Income from trading securities, net)

151-

(Gains on sale of securities)

3,008

6,622

(Gains on separate accounts, net)

7,281

28,867556

530

Other ordinary income
Ordinary Revenues from the Non-life Insurance Business:

15,707

17,491

15,53917,30815,52917,301

9

7

156

170

164

170

(Gains on sale of securities)

2

7(Transfer to interest and dividends on deposits of premiums)

(9)

(7)

11

11

8,636

7,679

Underwriting income(Net premiums written)(Interest and dividends on deposits of premiums)
Investment income(Interest income and dividends)

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

5,165

5,894

(Interest income on loans)

2,102

2,869

(Interest income and dividends on securities)

2,294

2,842

Fees and commissions

420

524

Other operating income

2,992

1,245

2,279

1,190

58

14

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

12(Yen in millions)
For the three months ended
June 30, 2008

For the three months ended
June 30, 2009

Ordinary Expenses

201,092

226,181

Ordinary Expenses from the Life Insurance Business:

178,510

202,41760,941

66,86914,416
1,388
7,578
36,58915,194
1,554
7,950
41,218466

440

89,472103,231

1,877
87,58410

754
102,476
1

2,653

6,160

6
42
489

8
3,626
-

Operating expenses

22,76823,097

Other ordinary expenses

2,673

3,057

15,127

16,472

Underwriting expenses

11,382

12,548(Net losses paid)(Loss adjustment expenses)(Net commission and brokerage fees)(Provision for reserve for outstanding claims)(Provision for underwriting reserve)
Investment expenses

6,859
877
201
589
2,854
-

8,014
973
246
263
3,050
12

-

12

3,744

3,908

0

2

7,455

7,291

Interest expenses

4,063

2,624

(Interest expenses on deposits)
Fees and commissions

3,906
291

2,286
292

489

1,262

2,549

3,019

62

92

13,953

21,935

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)

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

Other operating expenses
General and administrative expenses
Other ordinary expenses
Ordinary Profit

13

(Yen in millions)
For the three months ended
June 30, 2008
Extraordinary Gains

For the three months ended
June 30, 2009

-

1

-

1

517

1,462

Losses on disposal of fixed assets

20

78

Impairment losses

0

0

496

1,383

874

279

Income Before Income Taxes

12,562

20,194

Income Taxes

4,732

7,690

- Current

4,603

356

- Deferred

129

7,333

7,829

12,504

Reversal of reserve for price fluctuations
Extraordinary Losses

Provision for reserve for price fluctuations
Provision for Reserve for Policyholders’ Dividends

Net Income

143. Segment Information
Yen in millions
For the three months ended June 30, 2008
Life insurance
business
Ordinary revenues:
External customers
Intersegment
Total
Ordinary profit¥ 190,702
240
190,943¥ 12,390

Non-life
insurancebusiness

Bankingbusiness¥ 15,707
3
15,710¥ 472¥ 8,636
11
8,648¥ 1,049

Total

Elimination

Consolidated¥ (256)(256)¥ 41¥ 215,046
215,046¥ 13,953

Elimination

Consolidated¥ (341)(341)¥ 20¥ 248,117
248,117¥ 21,935¥ 215,046
256
215,302¥ 13,912

Yen in millions
For the three months ended June 30, 2009
Life insurance
business
Ordinary revenues:
External customers
Intersegment
Total
Ordinary profit¥ 222,946
327
223,273¥ 20,755

Non-life
insurancebusiness

Bankingbusiness¥ 17,491
017,491¥ 904¥ 7,679
14
7,693
¥ 255

Total

¥ 248,117
341
248,459¥ 21,914

Notes)
Life insurance business consists of Sony Life Insurance Co., Ltd. and Sony Life Insurance (Philippines) Corporation,
non-life insurance business consists of Sony Assurance Inc. and banking business consists of Sony Bank Inc, and Sony
Bank Security Inc, for the three months ended June 30, 2008. In addition to those companies, AEGON Sony Life
Planning Co., Ltd. has been included in life insurance business for the three months end June 30, 2009.

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 three months ended June 30, 2008 and 2009, net income per share was ¥3,599.85 and¥5,749.09, respectively. There were no potential dilutive securities. Net assets per share, calculated based on thenumber of shares of common stock outstanding as of March 31 and June 30, 2009, were ¥94,205.75 and ¥106,293.93,
respectively.
The basis for this calculation for the three months ended June 30, 2008 and 2009 is net income of ¥7,829 million and¥12,504 million, the entire amount of which is applicable to common stocks. The weighted-average number of shares
outstanding for the three months ended June 30, 2008 and 2009 were both 2,175,000 shares.

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 acceptedin 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 Planning Co., Ltd., as an affiliated company accounted for under theequity method. However, the scope of consolidation for SFH’s consolidated results for the three months ended June 30, 2008, does not include AEGON Sony
Life Planning Co., Ltd., as an affiliated company accounted for under the equity method.

On July 30, 2009, Sony Corporation will announce its consolidated financial results for the first quarter ended June 30,
2009. SFH Group companies constitute the majority of Sony Group’s Financial Services segment. However, the scope ofSony 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 July 30, 2009, 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
not historic 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 are15

subject to various risks and uncertainties, 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.
E-mail: press@sonyfh.co.jp
Telephone: +81-3-5785-1074
Website of Sony Financial Holdings Inc. http://www.sonyfh.co.jp/index_en.html

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