August 8, 2014
Sony Financial Holdings Inc.

Summary Information on Sony Life’s Financial Results
for the Three Months Ended June 30, 2014
<Contents>
1. Key Performance Results(1) Policy Amount in Force and New Policy Amount(2) Annualized Premiums

P.2
P.2

2. Status of Investment Assets (General Account)(1) Portfolio of General Account Assets(2) Fair Value Information on Securities(3) Fair Value Information on Monetary Trusts

P.3
P.4
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(Reference) Consolidated Solvency Margin Ratio

P.10
P.11

7. Status of Separate Account Assets(1) Balance of Separate Account Assets(2) Policy Amount in Force (Separate Account)

P.12
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 June 30, 2013

As of March 31, 2014

NumberNumberAs of June 30, 2014

Category
Amount6,034

Individual life insurance

377,371

Amount

6,236

% YoY
changeNumber386,280

6,323% change fromMarch 31, 2014

104.8

101.4

% YoY
changeAmount390,684% change fromMarch 31, 2014

103.5

101.1

84

4,230

94

4,669

99

117.1

105.3

4,913

116.1

105.2

6,119

381,6026,330

390,950

6,422

105.0

101.5

395,597

103.7

101.2

Group life insurance－

13,716－

14,052－－－

14,427

105.2

102.7

Group annuities

－

557

－

551

－

－

－

547

98.3

99.2

Individual annuities
Subtotal

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 three months ended June 30, 2013

Category

NumberIndividual life insurance
Individual annuities

Amount

For the three months ended June 30, 2014

New policies

Increase fromconversion% YoYchangeNumber% YoYchangeAmountNew policies

139

10,164

10,164

－

148

107.0

11,073108.9

11,073

－

3

168

168

－

5

153.3

284

168.6

284

－

－

－

142

10,333

10,333

154

108.2

11,358109.9

11,358Group life insurance

－

29

29

－

－

45

154.9

45

Group annuities

－

－

－

－

－

－

－

－

Subtotal

Increase fromconversion

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 ofJune 30, 2013

As ofJune 30, 2014

As ofMarch 31, 2014

% YoY change% change fromMarch 31, 2014

Individual life insurance

661,667

680,005

688,810

104.1

101.3

Individual annuities

15,552

16,98017,745

114.1

104.5

677,220

696,986

706,555

104.3

101.4

164,179

167,075

168,977

102.9

101.1

Total
Of which, medical protection,living benefit protection, etc.

New policies(Millions of yen, %)Category
Individual life insurance
Individual annuities
Total
Of which, medical protection,living benefit protection, etc.

Notes:For the three months ended
June 30, 2013

For the three months
ended June 30, 2014

% YoY change

16,273

17,973

110.5

624

951

152.4

16,89718,925

112.0

3,921

3,721

94.9

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, etc” indicates the portion of annualized premiums for medical protection benefits (hospitalization benefits, surgical procedure benefits, etc.) andproducts 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 purchased
Securities under proprietary accounts
Monetary trusts
Securities
JGBs, other 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, 2014
Amount%32,617－－－－305,346
5,334,049
5,190,065
33,205
106,752
79,835
26,916
4,026
154,219
66,532
13,64378,173(242)
5,984,341
58,195

Note: Real estate is the total of land, buildings and construction in progress.

3

As of June 30, 2014
Amount
%

0.5
－
－
－
－
5.1
89.1
86.7
0.6
1.8
1.3
0.4
0.1
2.6
1.1
0.2
1.3
(0.0)
100.0
1.0

36,723－－－－306,679
5,437,267
5,289,046
34,208109,899
84,10025,7994,112
155,296
66,080
7,097
98,104(240)
6,107,009
61,354

0.6
－
－
－
－
5.0
89.0
86.6
0.6
1.8
1.4
0.4
0.1
2.5
1.1
0.1
1.6
(0.0)
100.0
1.0

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

As of June 30, 2014

As of March 31, 2014
Net unrealized gains (losses)
Category

Held-to-maturity securities
Policy reserve matching bonds

Carrying
amountJGBs, other bonds
Japanese stocks
Foreign securities
Bonds
Stocks, etc.
Other securities
Monetary claims purchased
Certificates of deposit
Others
Total
JGBs, other bonds
Japanese stocks
Foreign securities
Bonds
Stocks, etc
Other securities
Monetary claims purchased
Certificates of deposit
Others

Unrealized Unrealized
gains
lossesFair value

Unrealized
gains

Unrealized
losses4,409,662－

4,839,983－

430,320－

430,394－73－

4,484,204－

4,946,511－

462,307－462,310
－

3
－

－

－

－

－

－

－

－

－

－

－

1,065,514
1,035,912
12,236
15,891
15,891
－
1,474
－
－
－
5,475,177
5,385,143
12,23676,32376,323
－
1,474
－
－
－

1,189,899
1,146,757
21,205
19,403
19,403
－
2,533
－
－
－
6,029,882
5,913,448
21,20592,69592,695
－
2,533
－
－
－

124,384
110,844
8,968
3,511
3,511
－
1,059
－
－
－
554,705
528,305
8,968
16,371
16,371
－
1,059
－
－
－

124,420
110,866
8,972
3,521
3,521
－
1,059
－
－
－
554,814528,327
8,972
16,455
16,455
－
1,059
－
－
－

35
22
3
10
10
－
－
－
－
－
109
22
3
84
84
－
－
－
－
－

1,085,366
1,055,154
12,257
16,480
16,480
－
1,474
－
－
－
5,569,571
5,475,266
12,25780,57280,572
－
1,474
－
－
－

1,222,099
1,177,145
22,20820,00720,007
－
2,738
－
－
－
6,168,611
6,044,281
22,20899,382
99,382
－
2,738
－
－
－

136,733
121,990
9,951
3,527
3,527
－
1,264
－
－
－
599,040
569,015
9,951
18,80918,809
－
1,264
－
－
－

136,738
121,990
9,951
3,531
3,531
－
1,264
－
－
－
599,048
569,018
9,951
18,814
18,814
－
1,264
－
－
－

4
0
－
4
4
－
－
－
－
－
8
3
－
4
4
－
－
－
－
－

Stocks of subsidiaries andaffiliated companies
Available-for-sale securities

Fair value

Net unrealized gains (losses)
Carrying
amountN tNotes:
1. The above table includes assets and others which are permitted to be treated as equivalent to securities defined in the Financial Instruments and Exchange Law of Japan.
2. The above table included monetary trusts other than trading-purpose securities, and their carrying amount and net unrealized gains (losses) as of June 30, 2014 amounted to¥268,687 million and ¥39,523 million respectively.
3. Carrying amount represents the amount after deductions for depreciable costs and impairment losses, before mark-to-market.

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

As of March 31, 2014

As of June 30, 2014

Held-to-maturity securities－

Unlisted foreign bonds－－－

Others－－－－Stocks of subsidiaries and affiliated companies

16,00016,000Available-for-sale securities

Policy reserve matching bonds

17,28916,825

Unlisted domestic stocks (except OTC stocks)－－

Unlisted foreign stocks (except OTC stocks)

823

779

Unlisted foreign bonds－－

16,466

16,04633,28932,825

OthersTotal

4

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, 2014
Category

Held-to-maturity securities
Policy reserve matching bonds
Stocks of subsidiaries and affiliated companies
Available-for-sale securities

As of June 30, 2014

Net unrealized gains (losses)

Carrying
amountFair value

Unrealized
gains

Net unrealized gains (losses)

Carrying
amountUnrealized
lossesFair value

Unrealized
gains

Unrealized
losses4,409,662

4,839,983

430,320

430,39473

4,484,204

4,946,511

462,307462,310

3

－

－

－

－

－

－

－

－

－

－

16,00016,000－－－16,00016,000－－－1,082,804

1,214,309

131,504

131,986481

1,102,191

1,245,273

143,081

143,733

652

JGBs, other bonds

1,035,912

1,146,757

110,844

110,866

22

1,055,154

1,177,145

121,990

121,9900Japanese stocks

12,236

21,205

8,968

8,972

3

12,257

22,208

9,951

9,951

－

Foreign securities

16,714

21,129

4,414

4,424

10

17,25921,769

4,510

4,515

4

15,891

19,403

3,511

3,521

10

16,48020,007

3,527

3,531

4

Stocks, etc.

823

1,725

902

902

－

779

1,762

983

983

－

Other securities

Bonds

17,94025,217

7,277

7,723

446

17,52024,149

6,628

7,275

647

Monetary claims purchased

－

－

－

－

－

－

－

－

－

－

Certificates of deposit

－

－

－

－

－

－

－

－

－

－

Others

－

－

－

－

－

－

－

－

－

－

5,508,467

6,070,292

561,825562,381555

5,602,396

6,207,785

605,388

606,043

655

JGBs, other bonds

5,385,143

5,913,448

528,305

528,32722

5,475,266

6,044,281

569,015569,018

3

Japanese stocks

24,23633,205

8,968

8,972

3

24,257

34,208

9,951

9,951

－

Foreign securities

81,14698,42017,273

17,35784

85,351

105,145

19,793

19,797

4

76,323

92,695

16,371

16,45584

80,572

99,38218,80918,814

4

Total

Bonds
Stocks, etc

4,823

5,725

902

902

－

4,779

5,762

983

983

－

Other securities

17,94025,217

7,277

7,723

446

17,52024,149

6,628

7,275

647

Monetary claims purchased

－

－

－

－

－

－

－

－

－

－

Certificates of deposit

－

－

－

－

－

－

－

－

－

－

Others

－

－

－

－

－

－

－

－

－

－

5

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

As of March 31, 2014
Category

Monetary trusts

Balance
Fair value
sheet amount
305,346

305,346

As of June 30, 2014

Net unrealized gains (losses)
Unrealized Unrealized
gains
losses－－－Balance sheet
Fair value
amount306,679

306,679

Net unrealized gains (losses)
Unrealized Unrealized
gains
losses－－－Note: The table above includes ¥50 million of jointly invested monetary trusts.

Monetary trusts for investment(Millions of yen)

As of March 31, 2014
Category

As of June 30, 2014

Net valuation gains (losses)
recorded in income

Balance sheet amount－

Monetary trusts for investment

Balance sheet amount－－

Monetary trusts for held-to-maturity and policy reserve matching and other monetary trusts
As of March 31, 2014
Carrying
amountFair value－(Millions of yen)

As of June 30, 2014

Net unrealized gains (losses)
Category

Net valuation gains (losses)
recorded in income

Net unrealized gains (losses)

Unrealized Unrealized
gains
lossesCarrying
amountFair value

Unrealized Unrealized
gains
lossesMonetary trusts for held-to-maturity

－

－

－

－

－

－

－

－

－

－

Monetary trusts for policy reserve matching

－

－

－

－

－

－

－

－

－

－

268,042

305,296

37,25337,253－

267,105

306,629

39,52339,523－

Other monetary trusts

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

6

3. Non-consolidated Balance Sheets(Millions of yen)

As of March 31, 2014

As of June 30, 2014

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 expenses
Deferred tax assets
Reserve for possible loan losses
Total Assets

15,827
34,628305,346
5,954,716
5,316,110
3,869
38,74670,442
342,187
154,219
154,18038
67,10023,869138
53,787
1,867
13,643(242)
6,624,903

17,942
40,619306,679
6,081,049
5,432,922
2,080
30,09972,295355,243
155,296
155,26827
66,62422,93993
73,672
2,185
7,097
(240)
6,773,960

Reserve for price fluctuations
Deferred tax liabilities on land revaluation
Total Liabilities

6,152,574
24,702
6,123,633
4,237
2,169
567
32,8128,702
21
654
23,43425,38966
41,556
41,556536
6,255,673

6,296,054
26,1396,265,658
4,256
1,720
478
33,7545,028
19
658
28,047
17,66771
41,85941,859536
6,392,144

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 on other securities, net of taxes
Land revaluation, net of taxes
Total valuation and translation adjustments
Total Net Assets
Total Liabilities and Net Assets

70,0005,865
5,865
211,461
18,138
193,323
193,323
287,327
83,416(1,513)
81,903369,230
6,624,903

70,0005,865
5,865
215,936
20,798
195,137
195,137
291,801
91,528(1,513)90,015
381,816
6,773,960

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

7

4. Non-consolidated Statements of Income(Millions of yen)
For the three months ended
June 30, 2013

For the three months ended
June 30, 2014

AmountOrdinary Revenues
Income from insurance premiums

Amount281,153
221,387
221,141
55,88028,9261,322
1
1125,6083,884
266,971
81,77818,767
2,371
10,07649,184929
150,394－
150,391
3
1,955
928,045
4,797
14,181
1,902
14
－
1,887
1,887
138
12,141
1,463
2,617
4,080
8,060

(Insurance premiums)
Investment income(Interest income and dividends)(Income from monetary trusts, net)
(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)
Operating expenses
Other ordinary expenses
Ordinary Profit
Extraordinary Losses
Losses on disposal of fixed assets
Iil
Impairment
lossesProvision for reserve for price fluctuations
Provision for reserve for price fluctuations
Provision for reserve for policyholders' dividends
Income Before Income Taxes
Income Taxes -current
Income Taxes -deferred
Total Income Taxes
Net Income

8

270,521220,718
220,614
48,15232,5571,322
195
914,065
1,651
252,846
74,46018,123
2,524
10,40042,288655
143,462
1,437
142,024
0
1,967
6
27,572
5,383
17,674
309
6
0
302
302
146
17,219
5,138
298
5,436
11,782

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

For the three months ended
June 30, 2013
Core profit

A

For the three months ended
June 30, 201415,331

18,71619

395

Income from monetary trusts, net－－

Income from trading securities, net－－

Gains on sale of securities

1

195

Gains on derivatives, net

119Foreign exchange gains, net

3－

Other capital gains

2

191

Capital gains－

146

Losses on monetary trusts, net－－

Losses on trading securities, net－－

Losses on sale of securities－－

Devaluation losses on securities－－

Losses on derivatives, net－－

Foreign exchange losses, net－

146

Capital losses－－

Net capital gains (losses)

B

19

249

Core profit plus net capital gains (losses)

A+B

15,35018,9662

1

Gains from reinsurance－－

Reversal of contingency reserve－－

Reversal of specific reserve for possible loan losses

2

1

Other capital losses

Other one-time gains

OthersOther one-time losses

－

－

1,171

1,293

－

－

1,099

1,241

Provision for specific reserve for possible loan losses－－

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

Write-off of loans－－

Losses from reinsurance
Provision for contingency reserve

71

51

C

(1,169)(1,291)

A+B+C

14,181

17,674

OthersNet other one-time gains (losses)
Ordinary profit

Notes:
1. Core profit for the three months ended June 30, 2013 (A) includes income gains of ¥1,322 million in income from monetary trusts; other capital gains include reversal ofpolicy reserve and others of ¥2 million for currency market fluctuations of products dominated in foreign currencies; "Others"of other one-time losses included provision for
additional policy reserve of ¥71million.
2. Core profit for the three months ended June 30, 2014 (A) includes income gains of ¥1,322 million in income from monetary trusts; other capital gains include reversal ofpolicy reserves and others of ¥191 million for currency market fluctuations of products dominated in foreign currencies; "Others" of other one-time losses include provision for
additional policy reserve of ¥51 million.

96. Solvency Margin Ratio(Millions of yen)

Category

As of March 31, 2014

As of June 30, 2014

954,157

1,010,949

Common stock, etc.

274,027

291,389

Reserve for price fluctuations

41,55641,859Contingency reserve

63,67164,91300118,354

128,773

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

75

75

Amount excluded from deferred tax assets－－

Unallocated portion of reserve for policyholders' dividends

174

593

Deferred tax assets

78,86886,588

Excess amount of policy reserves based on Zillmer method

400,056

405,936

Total solvency margin(A)

General reserve for possible loan losses
Net unrealized gains on other securities multiplied by 90% (100% if losses)－－

The portion of the excess amount if policy reserves based on Zillmer method andsubordinated debt that is not included in the margin(20,626)(7,180)

Deductible items(2,000)(2,000)80,904

82,079Subordinated debt

Total risk

(R1  R8 ) 2  (R2  R3  R7 ) 2  R4

(Ｂ)

Insurance risk

R1

22,512

22,776

Third-sector insurance risk

R8

8,368

8,407

Assumed interest rate risk

R229,61629,751

Asset management risk

R312,896

13,237

Minimum guarantee risk

R730,02330,663Business management risk

R4

2,068

2,096

2,358.7%

2,463.3%

Solvency margin ratio
(A)
x 100
(1/2) x (B)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 was 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, 2014

Total solvency margin

As of June 30, 2014

931,256

988,044

Common stock, etc.

267,645284,791

Reserve for price fluctuations

41,55641,859Contingency reserve

63,67164,913

Catastrophe reserve－－

General reserve for possible loan losses

00118,354

128,77375

75(2,768)(2,544)

Amount excluded from deferred tax assets－－

Unallocated portion of reserve for policyholders' dividends

174

593

Deferred tax assets

78,86886,588

Excess amount of policy reserves based on Zillmer method

400,056

405,936－－

The portion of the excess amount if policy reserves based on Zillmer
method and subordinated debt that is not included in the margin(27,008)(13,778)

Deductible items(9,369)(9,165)

77,16078,331

22,512

22,776(A)

Net 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 actuarial differences, andunrecognized past service cost

Subordinated debt

(B)

Total risk
Insurance risk

R1

Ordinary insurance risk

R5

－

－

Major Catastrophe risk

R6

－

－

Third-sector insurance risk

R8

8,368

8,407

－

－

Insurance risk of small-amount short-term insurance providers

R9

Assumed interest rate risk

R229,61629,751Minimum guarantee risk

R712,896

13,237

Asset management risk

R326,023

26,663Business management risk

R4

1,988

2,016

x 100

2,413.8%

2,522.7%

Solvency margin ratio(A)(1/2) x (B)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 was calculated based on the standardized approach.
3. "Total amount of unrecognized actuarial differences, and unrecognized past service cost" is included in the calculation fromthe fiscal year ended March 31, 2014.

11

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

Category

As of March 31, 2014

Individual variable life insurance and individual variable annuities

As of June 30, 2014

640,562

666,951－－

640,562

666,951

Group annuities
Total separate accountNote: 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, 2014

Category

NumberAs of June 30, 2014

AmountNumberAmountVariable life insurance (whole life type)610

7,302,062

625

7,402,009

Variable life insurance (limited term type)47

164,50850

174,021

Variable life insurance (term type)1

45,807

1

45,298659

7,512,377

677

7,621,329

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

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

As of March 31, 2014

Category

NumberIndividual variable annuities

As of June 30, 2014

Amount30

161,758

NumberAmount33

175,695

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