November 17, 2008
Sony Financial Holdings Inc.

Summary Information on Sony Assurance’s Financial Resultsfor Six Months Ended September 30, 2008

<Contents>
1. Condensed Balance Sheets
2. Condensed Statements of Income
3. Financial Summary (Year-on-Year Comparison)
4. Premiums and Losses Paid by Type of Category
5. Securities
6. Risk-Monitored Loans
7. Solvency Margin Ratio- 1 -P.2
P.4
P.5
P.6
P.7
P.8
P.9

1. Condensed Balance Sheets(Million Yen)
As ofMarch 31, 2008

As ofSeptember 30, 2008
Assets:Cash and deposits

1,555

2,929

Securities

62,97556,237

Accounts receivable

5,947

－

Tangible fixed assets

287

231

Intangible fixed assets

5,122

4,075

Other assets

3,604

10,736

Deferred tax assets

4,826

4,434

Total assets

84,31978,64562,60856,958Reserves for outstanding
claims

15,331

14,246

Policy reserve47,27642,711Other liabilities

4,714

5,284

966

516

2－

3,745

4,767

432

412

34

39

561

529

34

36

34

36

68,38563,260Liabilities:
Policy reserve

Income taxes payable
Lease obligations
OthersReserve for employees’
retirement benefits
Reserve for directors’
retirement benefits
Reserve for employees’
bonuses
Reserve for pricefluctuations and others
Reserve for pricefluctuations
Total Liabilities- 2 -(Million Yen)
As of
March 31, 2008

As of
September 30, 2008
Net Assets:
Shareholder’s equity
Common stock

20,00020,000Capital reserve

20,00020,000Total capital surplus

20,00020,000

Other retained deficits-23,892-24,591

Unappropriatedretained deficits-23,892-24,591

Total retained deficits-23,892-24,591

16,107

15,408

-172

-23

-172

-23

Total Net Assets

15,934

15,385

Total Liabilities and NetAssets

84,31978,645

Capital surplus

Retained deficits

Total shareholder’sequityValuation and translation
adjustment
Net unrealized gains onother securities, net oftaxes
Total valuation andtranslation adjustments- 3 -2. Condensed Statements of Income(Million Yen)
For six months ended
September 30, 2007

For six months ended
September 30, 2008

27,79230,71327,47930,371

27,46430,351

15

19286

321

Interest income anddividends

280

335

Gains on sale of securities

215

Transfer to interest anddividends on deposits ofpremiums-15-19262025,775

29,533

Underwriting expenses

19,241

22,086Net losses paid

12,47814,124

Loss adjustment expenses

1,544

1,771

460

539

1,173

1,084

3,584

4,565

3

14

3－－

14

6,518

7,429

12

4

2,017

1,179－

2－

2－

2

563－

63

5－

5－

－－

2,011

1,118

Income taxes –Current

948

811

Income taxes –Deferred-894-391

Net income

1,956

698

Ordinary revenues
Underwriting income
Net premiums written
Interest and dividends ondeposits of premiums
Investment income

Other ordinary income
Ordinary expenses

Net commissions andbrokerage fees
Provision for reserve foroutstanding claims
Provision for policy reserve
Investment expenses
Losses on sale of securities
Devaluation losses onsecurities
Operating, general andadministrative expenses
Other ordinary expenses
Ordinary profit
Extraordinary gains
Reversal of reserve for pricefluctuations and others
Reversal of reserve for pricefluctuations
Extraordinary losses
Losses on sale or disposal of
fixed assets
Provision for reserve for pricefluctuations and others
Provision for reserve forprice fluctuations
OthersIncome before income taxes- 4 -3. Financial Summary (Year-on-Year Comparison)(Million Yen)
For Six Months Ended

For Six Months Ended

September 30, 2007

September 30, 2008

Gross direct premiums written

27,319( Direct premiums written )(Underwriting income(Net premiums written

27,31930,181)(27,479)(

Underwriting expenses

27,464

Change (Amount)

30,181

2,861)(30,371)(19,241

30,351

Change (%)

2,861

10.5)

(10.5

2,891)(22,086

2,887)

10.5)(10.52,844)

14.8(Net losses paid)(12,478)(14,124)(1,645)(13.2)(Loss adjustment expenses)(1,544)(1,771)(227)(14.7)

)

(460)

(539)

(79)

(17.2)Net commissions and(brokerage fees

Investment income

28632135

12.3(

Interest and dividends)

(280)

(335)

(54)

(19.6)(

Gains on sale of securities)

(21)

(5)

(-15)

(-73.6)

Investment expenses(Losses on sale of securities
Devaluation losses on(securities

31410330.7)

(3)

(－)

(-3)

(-100.0)

)

(－)

(14)

(14)

(－)

Operating, general and administrative

6,518

expenses（Operating, general and administrative
expenses for underwriting）(Other ordinary income (expenses), net
Ordinary profits(Underwriting profits)(6,492

7,429)(7,408910)

（915

14.0)

(14.1

13

16

2

16.4

2,017

1,179-837-41.5

1,745)(876)（-869)(-49.8Extraordinary gains－22－

Extraordinary losses

563

57

1,017.5

Extraordinary gains (losses), net-5-61-55－

2,011

1,118-892-44.4

Income taxes -Current

948

811-137-14.5

Income taxes –Deferred-894-391

502－Net income

1,956

698

-1,257-64.3

Net loss ratio

51.1%

52.4%

Net expense ratio

25.3%

26.2%

Income before income taxes

Ratios
Notes:%

1. Underwriting profits = Underwriting income – (Underwriting expenses + Operating, general and administrative expenses forunderwriting) ± Other income and expenses. Other income and expenses are such as corporate taxes associated with compulsory
automobile liability insurance.
2. Ratios are calculated as follows.
Net loss ratio = (Net losses paid + Loss adjustment expenses) / Net premiums written x 100
Net expense ratio =(Net commissions and brokerage fees+ Operating, general and administrative expenses for underwriting) / Net
premiums written x 100- 5 -))4. Premiums and Losses Paid by Type of Policy
Direct Premiums Written（Million Yen）
For six months ended September 30, 2007
AmountComposition

For six months ended September 30, 2008

YoY Change%

AmountComposition%

YoY Change%%

Fire132

0.5

169.1

165

0.5

24.7

Marine－－－－－－

3,116

11.4

10.9

3,284

10.9

5.4

24,07088.1

7.9

26,731

88.6

11.1－－－－－－

27,319100.0

8.6

30,181

100.0

10.5

Personal
accident
Voluntary
automobile
Compulsory
automobile
liability
Total

Net Premiums Written（Million Yen）
For six months ended September 30, 2007
AmountComposition

For six months ended September 30, 2008

YoY Change%

AmountComposition%

YoY Change%%

Fire

70.0

86.7

8

0.0

4.4

Marine

220.1

4.5

190.1

-11.1

3,183

11.6

10.7

3,430

11.3

7.8

23,96687.3

7.9

26,628

87.7

11.1

284

1.0

4.4

265

0.9

-6.6

27,464100.0

8.1

30,351

100.0

10.5

Personal
accident
Voluntary
automobile
Compulsory
automobile
liability
Total

Net Losses Paid（Million Yen）
For six months ended September 30, 2007
AmountYoY Change

For six months ended September 30, 2008

Net loss ratio%

AmountYoY Change%

Net loss ratio%%

Fire0763.2

62.1

0-50.3

77.4

Marine10-34.0

48.2

8-18.0

44.4

568

28.3

20.3

619

9.0

20.7

11,681

6.7

54.8

13,256

13.5

56.1

217

12.5

76.5

239

10.2

90.2

12,478

7.6

51.1

14,12413.2

52.4

Personal
accident
Voluntary
automobile
Compulsory
automobile
liability
Total- 6 -5. Securities
1. Held-to-maturity securities with fair value(Million Yen)
As of September 30, 2008
Balance sheet
amountJapanesegovernment
andcorporate
bonds
Foreignsecurities
Total

Fair value

As of March 31, 2008
Balance sheet
amountDifference

Fair value

Difference

42,01442,197

183

37,921

38,230

309

1,098

1,121

23807

841

33

43,11243,319206

38,72939,072342

2. Stock of subsidiaries and affiliated companies
As of September 30, 2008, and as of March 31, 2008

-None

3. Available-for-sale securities with fair value（Million Yen）
As of September 30, 2008
Acquisition cost

Balance sheet
amountJapanese
government
andcorporate
bonds

16,00015,827

Total

16,00015,827

As of March 31, 2008
Acquisition cost

Balance sheet
amount-172

13,703

13,680-23-172

13,703

13,680-23

Difference

Difference

Note: As of September 30, 2008, Sony Assurance recorded ¥14 million in impairment losses on its holdings of available-for-sale securities withmarket values. Sony Assurance posts impairment losses on investment securities when their market value has declined by 50% or more fromthe acquisition price. Sony Assurance also posts impairment losses on investment securities that have declined in value by 30% or more but
less than 50%, unless a rebound in their market value is expected.

- 7 -4. Balance sheet amount of major securities that are not marked to market
As of September 30, 2008

As of March 31, 2008

(1)Held-to-maturity securities
None(2)Stock of subsidiaries and affiliatedcompanies
None(3)Available-for-sale securities
Other4,035million yen(1)Held-to-maturity securities
None(2)Stock of subsidiaries and affiliatedcompanies
None(3)Available-for-sale securities
Other3,828million yen

6. Risk-Monitored Loans
None- 8 -7. Solvency Margin Ratio（Million Yen）
As of September 30, 2008
(A)Total solvency margin
Net assets, excluding the amount of expected outflow fromthe company and the amount of valuation and exchange
differences and deferred assets
Reserve for price fluctuations
Contingency reserve
Special catastrophe reserves
Reserve for possible loan losses
Net unrealized gains on other securities
Net unrealized gains on real estate
Refund reserve premiumSubordinated debt
Deductible items
Other(B)Total risk√｛(Ｒ1+Ｒ2)2+(Ｒ3+Ｒ4)2｝+Ｒ5+Ｒ6

As of March 31, 2008

25,493

23,977

16,107

15,408

34
2
9,521
－
-172
－
－－－－

36
2
8,553
－
-23
－
－－－
－

4,649

4,465

3,880

3,701

Third-sector insurance risks（Ｒ2）00Assumed interest rate risks（Ｒ3）76Asset management risks（Ｒ4）

297

306

Business management risks（Ｒ5）

143

138

Ordinary insurance risks（Ｒ1）

Major catastrophe risk（Ｒ6）613611(C)Solvency margin ratio
1,096.5％
1,073.9％［(A) /｛(B)×1/2｝］×100
Note: Calculations and figures included in the chart above apply the methods provided for under Articles 86 and 87 of the Insurance
Business Law of Japan enforcement regulations, as stipulated in 1996 Ministry of Finance Official Notification No. 50.
<Solvency Margin Ratio>
Non-life insurance companies maintain reserves to ensure their ability to pay claims when accidents occur and return contracted
amounts at maturity on savings-type insurance. Non-life insurance companies must also maintain sufficient ability to pay in theevent of a major catastrophe or a dramatic drop in the value of the assets they hold—risk events outside the normal scope ofexpectations.
Total risk (item (B) in the table above) indicates dangers outside the general scope of expectations. The solvency margin ratio(item (C) in the table above) is an indicator of an insurer’s ability to pay, calculated as prescribed by the Insurance Business Lawof Japan, based on its percentage holdings of capital and other reserves (in other words, the total solvency margin: as indicated by(A) above).
“Risk events outside the normal scope of expectations” refers to the total of the amounts represented by the following risks.
Insurance underwriting risks
Risks outside the scope of risk incorporated into the rate of accident(Ordinary insurance risks)
occurrence (excluding major catastrophe risks)(Third-sector insurance risks)
Assumed interest rate risks
Risks that actual investment yields will fall below the investment yield assumed
when calculating premiums
Asset management risks
Risks arising from such factors as unexpectedly large fluctuations in prices on
owned securities and other assets
Business management risks
Unexpected risks to business management other than 1) through 3) and 5) above
Major catastrophe risks

Risks arising from major catastrophes (such as the Great Kanto Earthquake andthe Ise Bay Typhoon)
A non-life insurer’s ability to pay (total solvency margin), as indicated by such factors as its capital and reserves is the total of theinsurer’s net assets (excluding the amount of expected outflow from the company), reserves (such as the reserve for pricefluctuations and special catastrophe reserves) and a portion of its net unrealized gain on real estate.
The solvency margin ratio is one of the objective indicators used by the insurance regulatory authorities to supervise insurers. If thisratio is 200% or higher, an insurer is judged to have sufficient ability to satisfy claims and other payments.

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