February 12, 2009
(Revised on May 15, 2009)
Sony Financial Holdings Inc.

Summary Information on Sony Life’s Financial Resultsfor Nine Months Ended December 31, 2008
<Contents>
1. Key Performance Results
2. Status of Investment Assets (General Account)
3. Balance Sheets (Non-consolidated)
4. Statements of Income (Non-consolidated)
5. Reconciliation to Core Profit and Non-consolidated Ordinary Profit
6. Solvency Margin Ratio
7. Status of Separate Account Assets
8. Consolidated Summary
9. Reference - Results for Three Months Ended December 31, 2008
10. Reference (2) Holdings of Securitized Papers and Other Sub-prime
Related Investments** The materials here reflect the corrections made on May 15, 2009.

1

P.2
P.3
P.7
P.8
P.9
P.10
P.11
P.12
P.15
P.19

February 12, 2009
Sony Financial Holdings Inc.

Summary Information on Sony Life’s Financial Resultsfor Nine Months Ended December 31, 2008
<Contents>
1. Key Performance Results
2. Status of Investment Assets (General Account)
3. Balance Sheets (Non-consolidated)
4. Statements of Income (Non-consolidated)
5. Reconciliation to Core Profit and Non-consolidated Ordinary Profit
6. Solvency Margin Ratio
7. Status of Separate Account Assets
8. Consolidated Summary
9. Reference - Results for Three Months Ended December 31, 2008
10. Reference (2) Holdings of Securitized Papers and Other Sub-prime
Related Investments

1

P.2
P.3
P.7
P.8
P.9
P.10
P.11
P.12
P.15
P.19

1. Key Performance Results（1）Policy Amount in Force and New Policy Am（Number: Thousand, Amount: 100 million yen)

Policy Amount in Force
As of December 31, 2008

As of March 31, 2008

Category
NumberIndividual life
insurance
Individual
annuities
Group life
insurance
Group annuities

AmountNumberAmount4,611

321,212

4,392

312,370

50

2,853

45

2,602

－

9,867

－

9,372

－

732

－

733

Notes: 1. Policy amounts for individual annuities are equal to the sum of annuity assets at the time annuity payments commence andpolicy reserves after annuity payments commence.
2. The policy amount in force for group annuities is equal to the amount of outstanding policy reserve.

New Policy Amount（Number: Thousand, Amount: 100 million yen)
Nine Months Ended December 31, 2008

Category
NumberAmount407

Individual life
insurance
Individual
annuities
Group life
insurance
Group annuities

New Policies

Increase from
Conversion

29,61329,613

－

5

322

322

－

－

46

46

－

－

－

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

(2) Annualized Premiums（Million Yen）

Policy amount in force
Category

As of December 31, 2008

As of March 31, 2008

536,623

521,197

9,529

8,814

Total

546,152

530,011

Of which, medical protection,living benefit protection, etc

126,028

122,854

Individual life insurance
Individual annuities

New policies
Category（Million Yen）
Nine Months
Ended December 31, 2008

Individual life insurance

46,470Individual annuities

1,290

Total

47,760Of which, medical protection,living benefit protection, etc

10,343

Notes: 1. Annualized premiums refer to an amount that is calculated by multiplying individual premium amounts by a coefficient thatdiffers depending on the premium payment methods, thereby converting the figure to a per-year premium. (For single-payment
policies, premiums are divided by the coverage period.)
2. Figures in "Medical protection and living benefit protection, etc" indicateds the annualized premiums for the portion of productswith medical protection benefits (hospitalization benefit, surgical procedure benefit, etc.) and products with living benefit
protection (benefits for specific illness, nursing care benefits, etc.)22. Status of Investment of Assets (General Account)(1) Composition of General Account Assets（Million Yen, %）Category

As of December 31, 2008
AmountCash and deposits, call loans
Securities repurchased underresale agreements
Pledged money for bondborrowing transaction
Monetary claims purchased
Securities under proprietaryaccounts
Monetary trusts
Securities
Domestic bonds
Domestic stocks
Foreign securities
Foreign bonds
Foreign stocks
and othersecurities
Other securities
Loans
Real estate
Deffered tax assets
Other assets
Reserve for possible loan
Total
Foreign currency
denominated assets

As of March 31, 2008%

Amount%229,218

6.6

82,106

2.5

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

784,629
2,177,238
1,969,568
70,219128,415
105,859

22.5
62.5
56.5
2.0
3.7
3.0

893,952
2,086,557
1,722,804
172,911
178,795
154,195

26.8
62.5
51.6
5.2
5.4
4.6

22,555
9,034
117,832
81,841
23,127
71,349-125
3,485,111

0.6
0.3
3.4
2.3
0.7
2.0
-0.0
100.0

24,5990.7

12,046108,688
82,867－
83,898-74
3,337,997

0.4
3.3
2.5
－
2.5
-0.0
100.0

60,395

1.7

106,361

3.2

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

3(2) Fair Value Information on Securities
ａ. Fair value information on secutirites with market value (except trading-purpose securities)（Million Yen）
As of December 31, 2008

Category
Held-to-maturity securities
Policy reserve matching bonds
Stocks of subsidiaries andaffiliated companies
Available-for-sale securities
Domestic bonds
Domestic stocks
Foreign securities
Bonds
Stocks, etc.
Other securities
Money claims purchased
Certificates of deposit
Others
Total
Domestic bonds
Domestic stocks
Foreign securities
Bonds
Stocks, etc
Other securities
Monetary claims purchased
Certificates of deposit
OthersCarrying value
before mark-tomarket

As of March 31, 2008
Unrealized losses

Carrying value
before mark-tomarket

Net unrealized gains/losses

Fair value

Unrealized gains

Net unrealized gains/losses

Fair value

Unrealized gains

Unrealized losses

762,074-

831,647-

69,573-69,573
-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,042,784
1,867,102
76,68591,546
91,5467,450
2,804,858
2,587,870
76,685
132,853
132,8537,450-

2,098,797
1,925,922
80,05485,39485,394
7,425
2,930,445
2,715,765
80,054
127,199
127,199
7,425-

56,01358,8193,369-6,151-6,151-24
125,586
127,895
3,369-5,653-5,653-24-

94,96786,002
8,336
384
384
243
164,541
155,077
8,336
883
883
243
-

38,954
27,182
4,966
6,536
6,536
267
38,954
27,182
4,966
6,536
6,536
267
-

2,724,973 2,852,831
2,379,927 2,463,423
152,955
203,830
184,945
175,407
184,872
175,107
72
299
7,145
10,1702,724,973 2,852,831
2,379,927 2,463,423
152,955
203,830
184,945
175,407
184,872
175,107
72
299
7,145
10,170-127,858
83,49550,874-9,538-9,764
226
3,025
127,858
83,49550,874-9,538-9,764226
3,025-

153,987
92,88755,765
2,309
2,082
226
3,025
153,987
92,88755,765
2,309
2,082
226
3,025
-

26,1299,391
4,890
11,847
11,847
26,1299,391
4,890
11,847
11,847-

Notes 1. The above table includes assets such as certificates of deposits which are permited to be treated as equivalent to securities defined in the Financial Instruments andExchange Law of Japan.
2. "Carrying value before mark-to-market" and "Net unrealized gains/losses on monetary trusts," including items other than trading securities, amounted to ¥691,733
million and ¥19,068 million.
3. Carrying value before mark-to-market represents the amount after deductions for depreciable costs and impairment losses, before mark-to-market.

b. Carrying value of the securities without market value(Million Yen)

Caregory
Held-to-maturity securities
Unlisted foreign bonds
Others
Policy reserve matching bonds
Stocks of subsidiaries andaffiliated companies
Available-for-sale securities
Unlisted domestic stocks
Unlisted foreign stocks
Unlisted foreign bonds
OthersTotal

As of December 31, 2008

As of March 31, 2008
-

6,047

4,047

24,822
4714
24,10230,87022,4064573
1,125
20,703
26,4534

ｃ. Fair ValueInformation consisting of those stated in the previous table-a and foreign exchange and other gains (losses) for table-b.
（Million Yen）
As of December 31, 2008

Category

Held-to-maturity securities
Policy reserve matching bonds
Stocks of subsidiaries andaffiliated companies
Available-for-sale securities
Domestic bonds
Domestic stocks
Foreign securities
Bonds
Stocks, etc.
Other securities
Money claims purchased
Certificates of deposit
Others
Total
Domestic bonds
Domestic stocks
Foreign securities
Bonds
Stocks, etc
Other securities
Monetary claims purchased
Certificates of deposit
OthersCarrying value
before mark-tomarket

As of March 31, 2008

Net unrealized gains/losses
Unrealized gains

Unrealized losses

Carrying value
before mark-tomarket

Fair value

Net unrealized gains/losses
Fair value
Unrealized gains

Unrealized losses

762,074-

831,647-

69,573-69,573
-

-

-

-

-

-

-

6,047

6,047

-

-

-

4,047

4,047

-

-

-

2,067,607
1,867,102
76,68992,261
91,546714
31,552
2,835,729
2,587,870
79,689136,615
132,853
3,762
31,552-

2,119,918
1,925,922
80,05986,02685,394631
27,9102,957,614
2,715,765
83,059130,878
127,199
3,679
27,910-52,311
58,8193,369-6,235-6,151-83-3,641
121,885
127,895
3,369-5,736-5,653-83-3,641-

95,69386,002
8,336
384
384
970
165,267
155,077
8,336
883
883
970
-

43,382
27,182
4,966
6,620
6,536
83
4,612
43,382
27,182
4,966
6,620
6,536
83
4,612
-

2,747,379 2,877,089
2,379,927 2,463,423
152,959
203,834
186,643
177,061
185,997
176,232
645
828
27,84832,7692,751,427 2,881,137
2,379,927 2,463,423
153,959
204,834
189,691
180,109
185,997
176,232
3,693
3,876
27,84832,769-129,70983,49550,874-9,581-9,764183
4,920
129,70983,49550,874-9,581-9,764183
4,920-

156,874
92,88755,765
2,309
2,082
226
5,911
156,874
92,88755,765
2,309
2,082
226
5,911
-

27,1649,391
4,890
11,891
11,84743991
27,1649,391
4,890
11,891
11,84743991-

5

（Million Yen）

(3) Fair Value Information on Monetary Trusts
As of March 31, 2008

As of December 31, 2008
Category
Monetary trusts

Net unrealized gains/losses

Balance sheet
amountFair value

784,629784,629

Unrealized gains Unrealized losses--

Net unrealized gains/losses

Balance sheet
amountFair value

893,952

893,952-

Unrealized gains Unrealized losses

-

-

-

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

（Million Yen）

Monetary Trusts for Investment

As of December 31, 2008
Category

Balance sheet
amountMonetary Trusts for
Investment

As of March 31, 2008

Net valuation
gains (losses)

46,530

Balance sheet
amount-3,292

Net valuation
gains (losses)

63,203-2,831

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

（Million Yen）

Monetary Trusts for Held-to-maturity, Policy Reserve Matching Secutirites and Others

Category

As of December 31, 2008

As of March 31, 2008

Carrying
Net unrealized gains (losses)
value
before Fair value
mark-toUnrealized gains Unrealized losses
marketCarrying
Net unrealized gains (losses)
value
before Fair value
mark-toUnrealized gains Unrealized losses
marketMonetary trusts for held-tomaturity

-

-

-

-

-

-

-

-

-

-

Monetary trusts for policy
reserve matching

-

-

-

-

-

-

-

-

-

-

718,980738,048

19,06831,07412,006

802,634

830,698

28,06331,990

3,926

Other monetary trusts

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

6

3. Balance Sheets (Non-consolidated)（Million Yen）
As of December 31, 2008

As of March 31, 2008

AmountAmountAssets:Cash and deposits
Call loans
Monetary trusts
Securities
Japanese national government bonds
Japanese local government bonds
Domestic corporate bonds
Domestic stocks
Foreign securities
Loans
Policy loans
Tangible fixed assets
Intangible fixed assets
Due from reinsurers
Other assets
Deferred tax assets
Reserve for possible loan losses
Total Assets
Liabilities:
Policy reserve and others
Reserve for outstanding claims
Policy reserve
Reserve for policyholders' dividends
Due to agencies
Due to reinsurers
Other liabilities
Reserve for employees' retirement benefits
Reserve for directors' retirement benefits
Reserve for price fluctuations
Reserve for price fluctuations
Deferred tax liabilities
Deferred tax liabilities on land revaluation
Total Liabilities
Net Assets:
Common stock
Capital surplus
Capital reserve
Retained earnings
Earned reserve
Other retained earnings
Unappropriated retained earnings
Total stockholder's 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

7

39,279201,900
784,6292,437,492
1,740,129
28,382
314,026
88,998
202,563
117,832
117,832
82,911
10,29652
61,327
23,127-125
3,758,723

22,99972,300893,952
2,388,932
1,425,010
35,869371,852
198,233
271,423
108,688
108,688
83,6518,095
144
81,0960-74
3,659,786

3,552,786
18,732
3,527,711
6,341
1,031
570
25,405
12,37589
16,086
16,086706
3,609,052

3,397,003
17,405
3,375,090
4,506
1,308
740
37,704
11,32471
24,09924,0994,155
706
3,477,115

70,0005,865
5,865
50,638
8,478
42,15942,159126,503
24,643-1,47523,167
149,6703,758,723

65,000865
865
35,542
7,078
28,46428,464
101,40782,739-1,475
81,263
182,6713,659,786

4. Statements of Income (Non-consolidated)(Million Yen)
For the nine months
ended December 31, 2008
AmountOrdinary revenues

565,564
489,610( 489,287)
72,259( 40,808)( 3,954)( 1,084)( 20,876)( 5,120)
3,694
535,356
198,330( 45,353)( 4,570)( 24,642)( 120,678)( 1,458)
153,979

Income from insurance premiums（Insurance premiums）
Investment income（Interest income and dividends）（Income from monetary trusts, net）
（Income from trading securities, net）
（Gains on sale of securities）（Gains on derivatives, net）

Other ordinary income
Ordinary expenses
Insurance claims and other paymenbts（Insurance claims）（Annuity payments）（Insurance benefits）（Surrender payments）（Other payments）
Provision for policy reserve and others
Provision for reserve for outstanding
claims

1,327

Provision for policy reserve

152,620

Interest portion of reserve forpolicyholders' dividends

31

Investment expenses

104,181(32)( 12,232)( 17,340)( 66,692)
69,705
9,158
30,207
8,012（Interest expenses）（Losses on sale of securities）（Devaluation losses on securities）（Losses on separate accounts, net）
Operating expenses
Other ordinary expenses
Ordinary profit
Extraordinary gains
Reversal of reserve for pricefluctuations

8,012

Reversal of reserve for pricefluctuations

8,012

Extraordinary losses

63

Losses on sale or disposal of fixed
assets46
016

Impairment losses
Other extraordinary losses
Provision for reserve for policyholers'
dividends

2,469

Income before income taxes

35,688
7,883
5,709
22,096

Income taxes -Current
Income taxes -Deferred
Net income

85. Reconciliation to Core Profit and Non-Consolidated Ordinary Profit(Million Yen)
Nine months ended
December 31, 2008
Core profitＡ

22,622
27,081
1,084
20,876
5,120
36,215
5,511
12,232
17,3401,130-9,133
13,488
16,77016,77051
51

Capital gains
Income from monetary trusts, net
Income from trading securities, net
Gains on sale of securities
Gains on derivatives, net
Foreign exchange gains, net
Other capital gains
Capital losses
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
Other capital losses
Net capital gains
Core profit plus net capital gains

Ｂ
Ａ＋Ｂ

Other one-time gains
Gains from reinsurance
Reversal of contingency reserves
Other
Other one-time losses
Losses from reinsurance
Provision for contingency reserves
Provision for reserve for specific problem loans
Provision for reserve for specific overseas
receivable assets

16,71830,207Loans amortization
Other
Total other one-time losses
Ordinary profit

Ｃ
Ａ＋Ｂ＋Ｃ

Notes:
Core profit for the nine months ended December 31, 2008 (A) includes income gains of 9,466 million yen
in income from monetary trusts.

96. Solvency Margin Ratio（Million Yen）

Category

As of December 31, 2008
（A）

As of March 31, 2008

568,957

604,078

Net assets (less certain items)

126,503

94,407

Reserve for price fluctuaions

16,08624,099Contingency reserve

45,03761,80700

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

47,080116,735

Net unrealized gains on real estate multiplied by 85% ifgains or 100% if losses

5,232

5,172

Excess of the amount equivalent to policy reserve underZillmer method

299,461

287,332

Subordinated debt-‐

Deductible items-‐

27,925

14,52356,874

69,11918,524

17,989

7,116

6,926

Total solvency margin

Reserve for possible loan losses

OthersTotal risk

2
2
(R
(R
4（Ｂ）
1+R
8) +
2 +R
3+R
7) +R

Insurance risk

R1

Third-sector insurance risk

R8

Assumed interest rate risk

R2

11,228

11,095

Asset management risk

R330,84945,376

Business management risk

R4

1,494

1,750

Minimum guarantee risk

R7

7,009

6,120

1,995.0%

1,747.9%

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

1. Calculations employed in the table above apply the methods povided for under Articles 86 and 87 of the Insurance Business
Law of Japan enforcement regulations, as stipulated in 1996 by the Ministry of Finance Official Notification No. 50. Any excess of
the amount equivalent to policy reserve under Zillmer method is calculated as stipulated by Article 1-3-1 of Ministry of Finance
Official Notification No. 50.
2. A standard method is used to calculate minimum guarantee risk.

10

7. Status of Separate Accounts Assets(1) Balance of Separate Account Assets（Million Yen）
As of December 31, 2008

Category
Individual variable life
insurance and individual
variable annuities

As of March 31, 2008

273,612

321,789-

Group annuities-

273,612

Total separate account321,789

Note: Assets relating to individual variable life insurance and individual variable annuities are jointly invested at Sony Life.

(2) Policy Amount in Force (Separate Account)（Number: Thousand, Amount: Million Yen）

Individual varialbe life insurance
Category

As of December 31, 2008
NumberAs of March 31, 2008

AmountNumberAmountVariable life insurance（limited term type）

40

135,78334

119,427

Variable life insurance（whole life type）

477

6,348,953

439

5,921,840

Variable life insurance（term type）

1

63,527

1

61,259519

6,548,265

475

6,102,527

Total

Note: Amounts include the rider portion of term life insurance.

Individual variable annuities（Number: Thousand, Amount: Million Yen）
As of December 31, 2008

As of March 31, 2008

Category
NumberIndividual variableannuities
Total

AmountNumberAmount27

152,61725

137,53127

152,61725

137,531

Note: The figure indicated in the amount column is for annuity resources.

118. Consolidated Summary(1) Key Performance Results（Million Yen）

For nine months ended
December 31, 2008

Category

565,82130,37622,264

Ordinary Revenues
Ordinary Profit
Net Income

Category

As of December 31, 2008

As of March 31, 2008

3,758,754

Total assets

3,660,554(2) Scope of Consolidation and Companies Accounted for under Equity Method
Number of consolidated subsidiaries

1

Number of non-consolidated companies accounted for under equity method0

Number of affiliated companies accounted for under equity method

112

(3) Consolidated Balance Sheets(Million Yen）
As of December 31, 2008

As of March 31, 2008

AmountAmountAssets:Cash and deposits

39,965201,900
784,6292,436,761
117,839
82,91910,29652
61,38823,127-125
3,758,754

24,16572,300893,952
2,388,425
108,697
83,6648,097
144
81,181-74
3,660,554

3,552,983
18,733
3,527,908
6,341
1,031
570
25,442

3,397,208
17,406
3,375,295
4,506
1,308
740
37,755Reserve for employees' retirement
benefits

12,38011,329Reserve for deirectors' retirement
benefits

89

71

16,086
16,086
0

24,09924,099
4,156

706

706

3,609,291

3,477,377

70,0005,865
50,336126,201

65,000865
35,102
100,967

Net unrealized gains on other securities,
net of taxes

24,63082,898Land revaluation, net of taxes-1,475-1,475

Foreign currency translation
adjustments

106

786

Total valuation and translation
adjustments

23,261

82,209149,4633,758,754

183,177
3,660,554

Call loans
Monetary trusts
Securities
Loans
Tangible fixed assets
Intangible fixed assets
Due from reinsurers
Other assets
Deferred tax assets
Reserve for possible loan losses
Total Assets
Liabilities:
Policy reserve and others:
Reserve for outstanding claims
Policy reserve
Reserve for policyholder dividends
Due to agancies
Due to reinsurers
Other liabilities

Reserve for price fluctuations
Reserve for price fluctuations
Deferred tax liabilities
Deferred tax liabilities on land
revaluation
Total Liabilities
Net Assets:
Common stock
Capital surplus
Retained earnings
Total shareholder's equity

Total Net Assets
Total Libailities and Net Assets

13(4) Consolidated Statements of Income(Million Yen)

For nine months
ended December 31, 2008
AmountOrdinary revenues
Income from insurance premiums
Investment income（Interest income and dividends）（Income from monetary trusts, net）
（Income from trading securities, net）
（Gains on sale of securities）
Other ordinary income
Ordinary expenses
Insurance claims and other paymenbts（Insurance claims）（Annuity payments）（Insurance benefits）（Surrender payments）（Other payments）
Provision for policy reserve and others
Provision for reserve for outstanding
claimsProvision for policy reserve
Interest portion of reserve forpolicyholders' dividends
Investment expenses（Interest expenses）（Losses on sale of securities）（Devaluation losses on securities）（Losses on separate accounts, net）
Operating expenses
Other ordinary expenses
Ordinary profit
Extraordinary gains
Gains on sale of fixed assets
Reversal of reserve for price fluctuations
Reversal of reserve for price fluctuations
Extraordinary losses
Losses on sale or disposal of fixed assets
Impairment losses
Other extraordinary losses
Provision for reserve for policyholers' dividends
Income before income taxes
Income taxes -Current
Income taxes -Deferred
Net income

14565,821489,664
72,462( 40,992)( 3,954)(
1,084)( 20,895)
3,694
535,445
198,335( 45,356)( 4,570)( 24,642)( 120,680)( 1,458)
154,019
1,332
152,655
31
103,96132)( 12,232)( 17,340)( 66,692)
69,834
9,295
30,376
8,013
0
8,012
8,012
63
46
0
16
2,469
35,857
7,883
5,709
22,264(

9. Reference - Results for Three Months Ended December 31, 2008
New Policy Amount（Number: Thousand, Amount: 100 million yen)
For three months ended December 31,
2008
Category

NumberAmountNew
policies

Increasefromconversion

147

10,884

10,884-

Individual
annuities

1

104

104

-

Group life
insurance

-

2

2

Group
annuities---

Individual life
insurance

Notes:

1. The new policy amount including increase from conversion for individual annuities is funds to be held
at annuity payments are to commence for an annuity.
2. The new policy amount for group annuities is equal to the initial premium payment.

Annualized Premiums for New Policies(Million Yen)
Category
Individual life insurance
Individual annuities
Total
Of which, medical protection,living benefit protection, etc

For three months ended
December 31, 2008
16,399420
16,8193,830

Notes: 1. Annualized premiums refer to an amount that is calculated by multiplying individual premium amounts bya coefficient that differs depending on the premium payment methods, thereby converting the figure to a peryear premium. (For single-payment policies, premiums are divided by the coverage period.)
2. Figures in "Medical protection and living benefit protection, etc" indicateds the annualized premiums for the portion of
products with medical protection benefits (hospitalization benefit, surgical procedure benefit, etc.) and products with living
benefit protection (benefits for specific illness, nursing care benefits, etc.)

15

Statements of Income(Million Yen)
For three months
ended December 31, 2008

AmountOrdinary revenues
Income from insurance premiums（Insurance premiums）
Investment income（Interest and dividends）（Income from monetary trusts, net）
（Income from trading securities, net）
（Gains on sale of securities）
Other ordinary income
Ordinary expenses
Insurance claims and other paymenbts（Insurance claims）（Annuity payments）（Insurance benefits）（Surrender payments）（Other payments）

196,644
162,524( 162,462)
31,861( 13,866)(
296)( 12,596)( 5,090)
2,258
186,401
72,493( 14,584)( 1,717)( 9,433)( 45,583)(
608)

Provision for policy reserve and others

13,150

Provision for reserve for outstanding
claimsProvision for policy reserve
Interest portion of reserve forpolicyholders' dividends
Investment expenses（Interest expenses）(Loss on monetary trusts)（Loss on sale of securities）（Devaluation losses on securities）

292
12,847
10
74,104(23)( 2,872)( 10,881)( 14,342)（Losses on separate accounts, net）(

Operating expenses
Other ordinary expenses
Ordinary profit
Extraordinary gains

42,580)22,833
3,819
10,243
8,581

Reversal of reserve for price fluctuations

8,581

Reversal of reserve for pricefluctuations
Extraordinary losses

8,581
16

Losses on sale or disposal of fixed assets

4

Other extraordinary losses
Provision for reserve for policyholers'
dividends
Income before income taxes
Income taxes -Current
Income taxes -Deferred
Net income

12780
18,027-298
7,083
11,24216

Reconciliation to Core Profit and Non-Consolidated Ordinary Profit（Million Yen）
For three months ended
December 31, 2008
Ａ

Core profit

6,083
17,983

Capital gains
Income from monetary trusts, net-

Income from trading securities, net

296

Gains on sale of securities

12,596

Gains on derivatives, net

5,090
-

Foreign exchange gains, net-

Other capital gains

32,039

Capital losses
Losses on monetary trusts, net

5,664

Losses on trading securities, net-

Losses on sale of securities

10,881

Devaluation losses on securities

14,342-Losses on derivatives, net

1,151

Foreign exchange losses, net-

Other capital losses
Ｂ-14,055

Ａ＋Ｂ-7,971

Net capital gains
Core profit plus net capital gains

18,253

Other one-time gains-

Gain from reinsurance

18,253

Reversal of contingency reserves

-

Other

38

Other one-time losses
Losses from reinsurance-

Provision for contingency reserves

38

Provision for reserve for specific problem loans
Provision for reserve for specific overseas
receivable assets-

Loans amortization

-

Other

-

Total other one-time losses
Ordinary profitＣ18,215

Ａ＋Ｂ＋Ｃ

10,243

Note: Core profit for the three months ended December 31, 2008 (A) includes income gainsof 2,791 million yen in income from monetary trusts.

17

Consolidated Summary(1) Key Performance Results(Million Yen)
For three months
ended December 31, 2008
196,726
10,303
11,303Category
Ordinary revenues
Ordinary profit
Net income(2) Consolidated Statements of Income（Million Yen）
For three months
ended December 31, 2008

AmountOrdinary revenues
Income from insurance premiums
Investment income（Interest income and dividends）（Income from trading securities, net）
（Gains on sale of securities）
Other ordinary income
Ordinary expenses
Insurance claims and other paymenbts（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 monetary trusts）（Losses on sale of securities）（Devaluation losses on securities）（Losses on separate accounts, net）
Operating expenses
Other ordinary expenses
Ordinary profit
Extraordinary gains
Gains on sale of fixed assets
Reversal of reserve for possible loan losses
Reversal of reserve for possible loan losses
Extraordinary losses
Losses on sale or disposal of fixed assets
OthersProvision for reserve for policyholers' dividends
Income before income taxes
Income taxes -Current
Income taxes -Deferred
Net income

196,726
162,542
31,925( 13,927)(
296)( 12,600)
2,258
186,423
72,494( 14,584)( 1,717)( 9,433)( 45,584)( 608)
13,167298
12,85810
74,020(23)( 2,872)( 10,881)( 14,342)( 42,580)
22,8703,869
10,303
8,581
0
8,581
8,581
16
4
12
780
18,088-298
7,083
11,30318

10. Reference (2) Holdings of Securitized Papers and Other Sub-prime Related Investments
Sony Life’s holdings of securitized papers and other sub-prime related investments as of December 31, 2008, are as follows.
Sony Life holds no sub-prime related investments.

(1) Special-purpose entities (SPEs)
Fair value
Special purpose entities （ＳＰＥｓ）
ＡＢＣＰ
ＳＩＶ
Other

－
－
－
－

(2) Collateralized debt obligations (CDO)
Fair value
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

Collateralized debt obligations (CDO)
ABS-CDO
SeniorMezzanine
EquityCLO

SeniorMezzanine
EquityCBO

SeniorMezzanine
EquityOther

SeniorMezzanine
Equity(3) Other sub-prime (Alt-A exposure)
Fair value
－
－
－
－
－
－

Other sub-prime (Alt-A exposure)Non-securitized loans
RMBS
Derivatives
Commitment line
Other

19

Unrealized
gains/losses－－－－(Unit: 100 million yen)
Gains/losses recorded
in income－－－－（Unit: 100 million yen）
Unrealized
Gains/losses recorded
gains/losses
in income
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
（Unit: 100 million yen）
Unrealized
Gains/losses
gains/losses
recorded in income
－
－
－
－
－
－
－
－
－
－
－
－

(4) Commercial mortgage-backed securities (CMBS)
Fair value
As of March 31, 2008

Commercial mortgage-backed securities (CMBS)
Japan
USA
EU
UK
Other

－
－
－
－
－
－

－
－
－
－
－
－

(5) Leveraged financeFair value
As of March 31, 2008

Leveraged financeCommunications
Electronics
Entertainment
Services
Other

－
－
－
－
－
－

－
－
－
－
－
－

（Unit: 100 million yen）
Unrealized
Gains/losses
gains/losses
recorded in income
－
－
－
－
－
－
－
－
－
－
－
－
（Unit: 100 million yen）
Unrealized
Gains/losses
gains/losses
recorded in income
－
－
－
－
－
－
－
－
－
－
－
－

(6) Other notes
Sony Life holds convertible bond repackage notes (fair market value of ¥19.6 billion and unrealized losses of ¥1.2 billion as ofDecember 31, 2008) and principal protected 30 year notes with Nikkei 225 index linked coupon (fair market value of ¥41.8 billion
and unrealized gains of 0.4 billion as of December 31, 2008). These amounts are included in “Net unrealized gains on othersecurities, (before taxes)” of Sony Life as of December 31, 2008.

20