Consolidated Financial Summary
for the First Quarter ended June 30, 2008
August 13, 2008
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, 2008
(1) Operating results
Ordinary Revenues
Ordinary Profit
million of yen

For the three months ended
June 30, 2008
For the three months ended
June 30, 2007%changemillion of yen

Net Income%changemillion of yen%change

215,046

(

+0.9

)

13,953

(

+4.1

)

7,829

(

+7.1

)

213,209(-)

13,406

(

-

)

7,312

(

-

)

Net Income per ShareNet Income per Share(Fully Diluted)

yen

yen

For the three months ended
June 30, 2008
For the three months ended
June 30, 2007

3,599.85-

3,482.06-(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, 2008

5,130,814

237,486

4.6

109,189.40

As of March 31, 2008

4,977,450

261,627

5.3

120,288.66

Notes: 1. Stockholders’ equity:

As of June 30, 2008:¥ 237,486 million
As of March 31, 2008:¥ 261,627 million
Stockholders’ equity is computed by excluding minority interests from total net assets at the end of fiscal period.
2. Net assets ratio is computed by dividing the amount of total net assets excluding minority interests by total assets at the end of
the fiscal period.

2. Dividends
Fiscal year

Interim dividend

Dividend per Share
Annual dividendyen

For the year ended
March 31, 2008
For the year ending
March 31, 2009
For the year ending
March 31, 2009(projection)

Total

yen

-

3,000.00

yen

3,000.00

3,000.00
3,000.00

3. Projected consolidated financial results for the year ending March 31, 2009
(percentage figures represent changes from the results of the previous fiscal period)

Ordinary Revenues

Ordinary Profit

Net Income

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

For the six months ending
September 30, 2008
For the year ending
March 31, 2009

Net Income per
Share
yen

430,000

6.3

18,000(34.7)

10,000(40.2)

4,597.70

884,000

7.5

37,000(16.9)

21,000(13.4)

9,655.17

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“ on page 9, for details.
(3) Changes in accounting policies, procedures and presentation rules applied in the preparation of the quarterly
consolidated financial statements: Yes(Note) Please refer to “5. Other“ on page 9, for details.
(4) Number of shares outstanding (common stock)(a) Number of shares outstanding (including treasury shares)
As of June 30, 2008:
2,175,000 shares
As of March 31, 2008:
2,175,000 shares(b) Number of treasury shares
As of June 30, 2008:- shares
As of March 31, 2008:- shares(c) Weighted-average number of shares
For the three months ended June 30, 2008:
2,175,000 shares
For the three months ended June 30, 2007:
2,100,000 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, 2008 (April 1, 2008 through June 30, 2008),
ordinary revenues grew 0.9% year on year, to ¥215.0 billion owing to increases in ordinary
revenues from the banking and the non-life insurance businesses, although ordinary revenues
from the life insurance business decreased.
In the life insurance business, ordinary revenues fell 1.6% from the same period of theprevious fiscal year, to ¥190.9 billion, owing to a decrease in gains on separate accounts,
although income from insurance premiums increased, associated with a steady increasein
policy amount in force. In the non-life insurance business, ordinary revenues rose 11.0%,year
on year, to ¥15.7 billion, due to higher net premiums written, resulted from an expansion of
the number of automobile insurance policies in force. In the banking business, ordinary
revenues grew 60.7% year on year, to ¥8.6 billion, owing mainly to an increased interest
income, led by higher investment assets in line with the bank’s business expansion.
Ordinary expenses increased 0.6% compared with the same period of the previous fiscal
year, to ¥201.0 billion, owing to increases in ordinary expenses from the banking and non-life
insurance businesses, although ordinary expenses from the life insurance business decreased.
In the life insurance business, ordinary expenses decreased 1.7% compared with the same
period of the previous fiscal year, to ¥178.5 billion, as a decline of investment expenses
outweighed an increase in operating expenses and other expenses. In the non-life insurance
business, an increase in net losses paid resulting from the higher number of policies in force
and increased operating expenses caused ordinary expenses to grow 12.5% year on year, to¥15.2 billion. In the banking business, higher interest expenses in line with an increase indeposits balance pushed up ordinary expenses 55.9% compared with the same period of theprevious fiscal year, to ¥7.5 billion.
As a result, ordinary profit increased 4.1% compared with the same period of theprevious fiscal year, to ¥13.9 billion, owing to increases in ordinary profit from the banking
and life insurance businesses, although ordinary profit from the non-life insurance businessdeclined. Broken down by business, in the life insurance business ordinary profit was up
1.0% compared with the same period of the previous fiscal year, to ¥12.3 billion; in the
non-life insurance business ordinary profit fell 23.5% year on year, to ¥0.4 billion; and in thebanking business ordinary profit rose 106.1% year on year, to ¥1.0 billion.
Extraordinary losses (net) of ¥0.5 billion were recorded, owing mainly to the provision
for reserve for price fluctuations in the life insurance business.
Net income rose 7.1% compared with the same period of the previous fiscal year, to ¥7.8
billion, reflecting the increase in ordinary profit.

3

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

For the three months ended
June 30, 2007
193,986
14,157
5,382
213,526(317)
213,209

For the three months ended
June 30, 2008
190,943
15,7108,648
215,302(256)
215,046

Change (%)
- 1.6
+11.0
+60.7
+0.8
－
+0.9

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

For the three months ended
June 30, 2007
12,263617
509
13,38916
13,406

For the three months ended
June 30, 2008
12,390472
1,049
13,912
41
13,953

Change (%)+1.0- 23.5+106.1+3.9+145.8+4.1

2. Qualitative Information on Consolidated Financial Position
Assets, Liabilities and Net Assets
As of June 30, 2008, total assets amounted to ¥5,130.8 billion, up 3.1% from March 31, 2008.
As for major components of assets, securities, mostly Japanese government bonds, amounted to¥3,098.1 billion (up 5.7% from March 31, 2008), monetary trusts amounted to ¥932.8 billion (up4.1% from March 31, 2008), and loans amounted to ¥483.1 billion (up 6.0% from March 31,2008).
Total liabilities amounted to ¥4,893.3 billion as of June 30, 2008, up 3.8% from March 31,
2008. As for major components of liabilities, policy reserve and others amounted to ¥3,547.7
billion, up 2.7% from March 31, 2008, and deposits amounted to ¥1,239.9 billion, up 8.4% fromMarch 31, 2008.
Total net assets amounted to ¥237.4 billion as of June 30, 2008, down 9.2% from March 31,
2008. As a rise in interest rates caused a drop in the value of bonds held, net unrealized gains onother securities (net of taxes) declined ¥26.1 billion from March 31, 2008, to ¥48.7 billion,
resulting in a decrease in total net assets.

4

3. Qualitative Information on Consolidated Performance Forecasts
SFH’s consolidated financial results forecast for the year ending March 31, 2009 (April 1, 2008 throughMarch 31, 2009) are as below. The figures are unchanged from those announced on May 14, 2008.

<Consolidated financial results forecast>Ordinary revenues

Ordinary profit(Billions of yen)
Net income

For the six months
Forecast for the period ending September 30, 2008
(Reference)
Actual results for the period ended September 30, 2007
For the full year
Forecast for the year ending March 31, 2009

430.0

18.0

10.0

404.6

27.5

16.7

884.0

37.0

21.0

(Reference)
822.1
44.5
24.2
Actual results for the year ended March 31, 2008
Note: As described below, forecasts of ordinary revenues and ordinary profit from the banking business for the year ending
March 31, 2009 were changed. However, the forecast of consolidated financial results remain unchanged since the impactof these changes in the banking business was not considered significant on a consolidated basis.

(Reference)
Forecasts of ordinary revenues and ordinary profit from each business for the fiscal year ending March 31,
2009, are as follows.
<Life insurance business>
Ordinary revenues(Billions of yen)
Ordinary profit

386.0

17.0

365.7

24.0

Forecast for the year ending March 31, 2009

793.0

34.0

(Reference)
Actual results for the year ended March 31, 2008

741.3

39.0

For the six months
Forecast for the period ending September 30, 2008
(Reference)
Actual results for the period ended September 30, 2007
For the full year

5<Non-life insurance business>
Ordinary revenues(Billions of yen)
Ordinary profit

30.0

0.6

27.7

2.0

Forecast for the year ending March 31, 2009

59.8

1.3

(Reference)
Actual results for the year ended March 31, 2008

55.6

2.8

For the six months
Forecast for the period ending September 30, 2008
(Reference)
Actual results for the period ended September 30, 2007
For the full year

<Banking business>
Since the actual results during the three months ended June 30, 2008, were higher than originally expected
mainly due to investment activities, SFH changed its forecasts of ordinary revenues and ordinary profit fromthe banking business for the year ending in March 31, 2009, from those announced on May 16, 2008, as
stated below.
Ordinary revenues
For the six months
Current forecast
for the period ending September 30, 2008
Formerly announced forecast
for the period six months ending September 30, 2008
(Reference)
Actual results for the period ended September 30, 2007
For the full year
Current forecast
for the year ending March 31, 2009
Formerly announced forecast
for the year ending March 31, 2009
(Reference)
Actual results for the year ended March 31, 2008

6

(Billions of yen)
Ordinary profit

15.8

1.3

14.4

0.5

11.5

1.4

33.0

2.0

30.7

1.3

25.9

2.4

4. Information Concerning Significant Subsidiaries
Below, we describe the operating performance for the three months ended June 30, 2008 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 eachseparately announce their own results, which are available only in Japanese on their websites.

■ Sony Life (Non-Consolidated)
On a non-consolidated basis, Sony Life’s ordinary revenues decreased 1.6% from the same
period of the previous fiscal year, to ¥190.8 billion, as gains on separate accounts (net) decreased
due to the financial market downturn, despite increased income from insurance premiums
associated with a higher policy amount in force. Ordinary profit rose 0.7% year on year, to ¥12.3
billion, as increases in income from insurance premiums and in interest and dividend income
more than offset the decrease in gains on sale of securities. Net income grew 9.4% year on year,to ¥7.0 billion. Core profit rose 32.8% to ¥9.3 billion, mainly as a result of increased interest anddividend income.
Income from insurance premiums grew 2.8% from the same period of the previous fiscal year,to ¥162.5 billion, associated with a higher policy amount in force. Investment income decreased
19.8% year on year, to ¥27.5 billion, due to a decrease in gains on separate accounts (net),despite a rise in interest and dividends income associated primarily with a higher balance of
securities held, mainly Japanese government bonds. Investment expenses fell 42.1% year on year,to ¥2.6 billion, associated with decreased losses on general accounts. As a result, net investment
profit on the total of general and separate accounts declined 16.4% from the same period of theprevious fiscal year, to ¥24.8 billion. Insurance claims and other payments decreased 2.4% year
on year, to ¥60.9 billion. Operating expenses increased 1.8% year on year, to ¥22.7 billion.
Policy amount in force for the total of individual life insurance and individual annuities grewsteadily, to ¥31,832.2 billion as of June 30, 2008, up 1.1% from March 31, 2008, and up 4.1%
from June 30, 2007. The lapse and surrender rate for the total of individual life insurance andindividual annuities increased 0.03 percentage point from the same period of the previous fiscal
year, to 1.59%. Annualized premiums from insurance in force as of June 30, 2008, were up 1.1%
from March 31, 2008, and up 4.9% from June 30, 2007, totaling ¥536.0 billion. Of this amount,the figure for the third-sector products was up 0.6% from March 31, 2008, and 3.5% from June30, 2007, to ¥123.6 billion as of June 30, 2008.
New policy amount for the total of individual life insurance and individual annuities increased
3.3% from the same period of the previous fiscal year, to ¥1,004.2 billion. Annualized premiums
from new policies increased 2.0% year on year, to ¥16.2 billion. Of this amount, the figures forthe third-sector products grew 0.9% year on year, to ¥3.5 billion.
Net unrealized gains on securities (including debt securities held to maturity, before taxes)
dropped 29.5% from March 31, 2008, to ¥90.1 billion.
During the first quarter ended June 30, 2008, Sony Life’s capital was raised ¥10.0 billion. As aresult, common stock and capital surplus as of June 30, 2008, represented ¥70.0 billion and ¥5.8
billion, respectively. The increased capital is intended for use in the start of operations by a joint
venture to be established provided AEGON Sony Life Planning Co., Ltd. receives a license to
conduct life insurance business, as stipulated under the Insurance Business Law of Japan.
As of June 30, 2008, Sony Life’s solvency margin ratio was 1,685.6%.

7

■ Sony AssuranceSony Assurance posted an 11.0% increase in ordinary revenues compared with the same period of
the previous fiscal year, to ¥15.7 billion, primarily due to favorable performance in its mainstay
automobile insurance, which raised net premiums written. Ordinary profit decreased 23.5% year
on year, to ¥0.4 billion, owing primarily to an increase in operating expenses. Net income
declined 34.1% compared with the same period of the previous fiscal year, to ¥0.2 billion.
In terms of performance of insurance underwriting, direct premiums written grew 10.6%
compared with the same period of the previous fiscal year, to ¥15.4 billion, owing mainly to anincreased number of automobile insurance policies in force. Net premiums written increased
11.0% year on year, to ¥15.5 billion. In tandem with the increased number of policies in force, net
losses paid expanded 13.1%, to ¥6.8 billion. Owing primarily to higher loss adjustment expenses,
the net loss ratio rose 1.2 percentage point compared with the same period of the previous fiscal
year, to 49.8%. The net expense ratio rose 1.2 percentage point year on year, to 26.1%, owing toan increase in system-related expenses, which exceeded impacts resulting from operational
efficiency improvement. As a result, underwriting profits declined 35.3% year on year, to ¥0.3
billion, and the combined ratio (the sum of the net loss ratio and the net expense ratio) rose 2.4
percentage points year on year, to 75.9%.

■ Sony Bank (Non-Consolidated)
On a non-consolidated basis, Sony Bank’s ordinary revenues increased 60.6% compared with thesame period of the previous fiscal year, to ¥8.6 billion, as a higher balance of investment assets
and other factors, in line with the bank’s business expansion, led to higher net interest income andnet other operating income. Owing to an increase in gross operating profit, ordinary profit
increased 150.8% compared with the same period of the previous fiscal year, to ¥1.2 billion. Net
income increased 48.0% year on year, to ¥0.7 billion.
Gross operating profits increased 45.3% from the same period of the previous fiscal year, to¥3.6 billion, led by an increase in net other operating income. With respect to the breakdown ofgross operating profit, net interest income dropped 16.9% year on year, to ¥1.0 billion due toincreased interest on deposits, and net fees and commissions declined 90.1% year on year, to ¥0.0
billion, primarily as the result of a decrease in securities-related commissions. Net other operating
income rose 129.1% from the same period of the previous fiscal year, to ¥2.5 billion, owing toincreased income from foreign exchange transactions derived from investment in foreign
currency deposits.
As of June 30, 2008, customer assets (the sum of deposits and investment
trusts) grew ¥99.3 billion, or 8.0%, from March 31, 2008, to ¥1,346.7 billion, primarily due to anincrease in yen deposits. As for the breakdown of customer assets, deposits increased ¥96.8
billion, or 8.5%, from March 31, 2008, to ¥1,241.2 billion, and investment trusts increased ¥2.5
billion, or 2.4% from March 31, 2008, to ¥105.4 billion. Loans also expanded steadily to ¥372.6
billion, up ¥25.5 billion, or 7.4%, from March 31, 2008. As of June 30, 2008, the number ofaccounts was up 30 thousand from March 31, 2008, to 640 thousand.

8

During the first quarter ended June 30, 2008, Sony Bank’s capital was increased ¥6.0 billion.
As a result, common stock and capital surplus as of June 30, 2008, were ¥28.0 billion and ¥18.0
billion, respectively. In addition, Sony Bank assumed ¥2.0 billion of subordinated debts. The
increased capital and the subordinated borrowings are intended to ensure Sony Bank’s financial
soundness, considering the increased investment assets along with its business expansion.
As of June 30, 2008, Sony Bank’s non-consolidated capital adequacy ratio (domestic criteria,
calculated based on the standard stipulated by Article 14-2 of the Banking Law of Japan) was
10.2%.

5. Other Information(1) Changes in significant subsidiaries during the fiscal 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 Companies
provide a specific reserve, the reserve for possible loan losses are calculated based on thehistorical loan loss ratio used for the previous fiscal year.
ii) Collectability of deferred tax assets
At a certain consolidated subsidiary, the collectability of deferred tax assets is determined basedon the earnings forecasts used in the previous fiscal year.
(Accounting methods used specifically for quarterly consolidated financial statements)
Not applicable(3) Changes in accounting policies, procedures and presentation rules applied in the
preparation of the quarterly consolidated financial statements
Statement No. 12 “Accounting Standard for Quarterly Financial Statements” of The AccountingStandard Board of Japan (“ASBJ”) and ASBJ Guidance No. 14 “Implementation Guidance for
Accounting Standard for Quarterly Financial Statements” are applicable from this fiscal year.
SFH adopted the guidance and prepared its quarterly financial statements in accordance with the“Regulations concerning the Terminology, Forms and Preparation Methods of the Quarterly
Consolidated Financial Statements.”

9

Consolidated Financial Statements
1. Consolidated Balance Sheets(Yen in millions)
As of June 30, 2008

As of March 31, 2008

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
Due from reinsurers
Foreign exchanges
Other assets
Deferred tax assets
Reserve for possible loan losses

53,699353,401
3,501
932,815
3,098,100
483,167
83,97817,423278
4,438
84,261
16,128(380)

60,058424,868
895,672
2,930,441
455,763
84,451
16,412
256
1,683
101,229
6,937
(327)

Total Assets

5,130,814

4,977,450

Liabilities:
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
Deferred tax liabilities
Deferred tax liabilities on land revaluation

34,1203,508,422
5,169
1,074
605
1,239,993
10,0002,000
953,008
1,025
12,287269
24,6330706

31,653
3,418,006
4,506
1,308
926
1,143,476
10,000062,5302,240
11,920252
24,136
4,156
706

Total Liabilities

4,893,327

4,715,822

Net Assets:
Common stock
Capital surplus
Retained earnings
Total shareholders’ equity
Net unrealized gains 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(25,112)
190,064
48,796(303)(1,475)404
47,422

19,900195,277(26,417)
188,759
74,902(1,345)(1,475)786
72,868

Total Net Assets

237,486

261,627

5,130,814

4,977,450

Assets:Total Liabilities and Net Assets

F-1

2. Consolidated Statements of Income(Yen in millions)
For the three months ended
June 30, 2007

For the three months ended
June 30, 2008

Ordinary Revenues

213,209

215,046

Ordinary Revenues from the Life Insurance Business:

193,688

190,702

Income from insurance premiums

157,957

162,520

Investment income

34,38327,626

Interest income and dividends

10,811

12,822

Income from monetary trusts, net

4,291

4,337

Income from trading securities, net-

151

Gains on sale of securities

6,013

3,008

Gains on separate accounts, net

13,213

7,281

1,346

556

14,14815,707

14,001

15,53913,994

15,529Other ordinary income
Ordinary Revenues from the Non-life Insurance Business:
Underwriting income
Net premiums written

7

9

136

156

Interest income and dividends

134

164

Gains on sale of securities

10

2

Transfer to interest and dividends on deposits of premiums

(7)

(9)

9

11

5,372

8,636

3,495

5,165

Interest income on loans

1,479

2,102

Interest income and dividends on securities

1,689

2,294

Interest and dividends on deposits of premiums
Investment income

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

Fees and commissions

482

420

Other operating income

1,389

2,992

Other ordinary income

358

Ordinary Expenses

199,802

201,092

Ordinary Expenses from the Life Insurance Business:

181,679

178,510

Interest expenses
Losses on trading securities, net
Losses on sale of securities
Devaluation losses on securities
Operating expenses

62,421
16,3381,183
6,952
36,936603
89,931
89,928
3
4,615
7
481
153
22,37860,941
14,416
1,388
7,578
36,589466
89,472
1,877
87,584
10
2,653
6
42
489
22,768Other ordinary expenses

2,331

2,673

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

F-2

For the three months ended
June 30, 2007
Ordinary Expenses from the Non-life Insurance Business:
Underwriting expenses
Net losses paid
Loss adjustment expenses
Net commission and brokerage fees
Provision for reserve for outstanding claims
Provision for underwriting reserve
Operating, general and administrative expenses
Other ordinary expenses
Ordinary Expenses from the Banking Business:
Interest expenses
Interest expenses on deposits
Fees and commissions
Other operating expenses
General and administrative expenses
Other ordinary expenses
Ordinary Profit

For the three months ended
June 30, 2008

13,43815,127

10,191
6,067
738
154
743
2,487
3,238

11,382
6,859
877
201
589
2,854
3,744

8

0

4,684

7,455

2,173
2,030
237

4,063
3,906
291

296

489

1,961

2,549

15

62

13,406

13,953Extraordinary Gains

24-

Extraordinary Losses

1,670

517

511

874

Income Before Income Taxes

11,24912,562

Income Taxes - Current

4,902

4,603

- Deferred(1,026)

129

61

-

7,312

7,829

Provision for Reserve for Policyholders’ Dividends

Minority Interests
Net Income

F-3

3. Segment Information
For the three months ended June 30, 2007
Life insurance
business
Ordinary revenues:
External customers
Intersegment
Total
Ordinary profit

193,688297
193,986
12,263(Yen in millions)Non-life
insurancebusiness

Bankingbusiness

14,148914,157
617

5,372
10
5,382
509

Total

213,209317
213,526
13,389For the three months ended June 30, 2008
Life insurance
business
Ordinary revenues:
External customers
Intersegment
Total
Ordinary profit

190,702240
190,943
12,390Elimination

Consolidated

(317)
(317)
16

213,209
213,20913,406(Yen in millions)Non-life
insurancebusiness

Bankingbusiness

15,707
3
15,710
472

8,636
11
8,648
1,049

Total

215,046
256
215,302
13,912Elimination

Consolidated

(256)
(256)
41

215,046
215,046
13,953

4. Per Share Information
Net income per share is calculated based on the weighted-average number of shares of common stock outstanding during
the fiscal period. For the three months ended June 30, 2007 and 2008, the net income per share was 3,482.06 yen and
3,599.85 yen, respectively. There were no potential dilutive securities. Net assets per share, calculated based on thenumber of shares of common stock outstanding as of June 30, 2007 and 2008, were 120,288.66 yen and 109,189.40 yen,respectively.
The basis for this calculation for the three months ended June 30, 2007 and 2008 is net income of 7,312 million yen and
7,829 million yen, of which the entire portion is applicable to common shares. The weighted-average number of shares
outstanding for the three months ended June 30, 2007 and 2008 were 2,100,000 and 2,175,000, respectively.

F-4

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 scope of consolidation for SFH’s consolidated results for the three months ended June 30, 2008 and for the fiscal year ended March 31,
2008 includes Sony Financial Holdings Inc., Sony Life Insurance Co. Ltd., Sony Life Insurance (Philippines) Corporation, Sony AssuranceInc., Sony Bank Inc. and Sony Bank Securities Inc. However, Sony Bank Securities Inc. was not included in the scope of consolidation for thethree months ended June 30, 2007 as it started its operation in October, 2007.

On July 29, 2008, Sony Corporation announced its consolidated financial results for the three months ended June 30, 2008.
SFH Group companies constitute the majority of Sony Group’s Financial Services segment. However, the scope of Sony
Group’s Financial Services segment differs from the scope of SFH’s consolidated results. For the scope of Sony Group’s
Financial Services segment, please refer to the earnings release issued by Sony Corporation on July 29, 2008.
Forward-looking statements may include—but are not limited to—statements using words such as “believe,”“anticipate,” “plan,” “strategy,” “expect,” “forecast,” “predict,” “possibility” and similar words that describe future
operating activities, financial performance, events or conditions. Forward-looking statements, whether spoken or written,
are based on judgments made by the management of the SFH Group based on information that is currently available to it.
As such, forward-looking statements are subject to various risks and uncertainties, and actual results may vary
substantially from those expressed or implied in forward-looking statements. Consequently, investors are cautioned not toplace 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 Hirokazu Takahashi
Corporate Communications & Investor Relations Dept.
Sony Financial Holdings Inc.
Telephone: +81-3-5785-1074

E-mail: press@sonyfh.co.jp
Website of Sony Financial Holdings Inc.

http://www.sonyfh.co.jp/index_en.html