Feburuary 14, 2012
Sony Financial Holdings Inc.

Summary Information on Sony Life’s Financial Results
for the Nine Months Ended December 31, 2011
<Contents>
1. Key Performance Results(1) Policy Amount in Force and New Policy Amount

P.2(2) Annualized Premiums

P.2

2. Status of Investment Assets (General Account)(1) Portfolio of General Account Assets

P.3(2) Fair Value Information on Securities

P.4(3) Fair Value Information on Monetary Trusts

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

P.10(Reference) Solvency Margin Ratio Calculated Based on New Standard

P.11

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

P.12(2) Policy Amount in Force (Separate Account)

P.12

8. Consolidated Summary(1) Key Performance Indicators

P.13(2) Scope of Consolidation and Companies Accounted for under Equity Method P.13
(3) Consolidated Balance Sheets(4) Consolidated Statements of Income and Consolidated Statements ofComprehensive Income

P.14
P.15

(Reference) Holdings of Securitized Papers and Other Sub-prime Related Investment P.17

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 December 31, 2010

As of March 31, 2011

NumberNumberAs of December 31, 2011

Category

Individual life
insurance

Amount5,214

341,980

Amount

5,283

% YoY
changeNumber344,218

5,532% change fromMarch 31, 2011

106.1

104.7

% YoY
changeAmount354,434% change fromMarch 31, 2011

103.6

103.0

Individual annuities

59

3,219

60

3,266

70

118.6

116.1

3,644

113.2

111.6

Subtotal

5,273

345,199

5,344

347,485

5,602

106.3

104.8

358,079

103.7

103.0

Group life insurance-

11,608-

11,987---

12,542

108.0

104.6

Group annuities

-

591

-

589

-

-

-

578

97.9

98.2

Notes:

1. 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. 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 nine months ended December 31, 2010

For the nine months ended December 31, 2011

Category
NumberIndividual life
insurance
Individual annuities

Amount457

32,051

New policies

Increase fromconversion

32,051-

NumberAmount% YoYchange

442

96.8

% YoY
change31,79599.2

New policies

Increase fromconversion

31,795

-

5

241

241

-

11

224.8

476

197.1

476

-

462

32,29332,293

-

454

98.2

32,271

99.9

32,271-

Group life insurance

-

129

129

-

-

26

20.4

26

Group annuities

-

-

-

-

-

-

-

-

Subtotal

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
Individual life insurance(Millions of yen, %)As of December 31, 2010

As of March 31, 2011

586,076

As ofDecember 31, 2011

592,438

614,049% YoY change
104.8% change fromMarch 31, 2011103.6

Individual annuities

11,97812,354

13,622

113.7

110.3

Total

598,054604,793627,671

105.0

103.8

139,022

140,776

147,307

106.0

104.6

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

New policies(Millions of yen, %)Category

Individual life insurance

For the nine months ended
December 31, 2010

52,694

For the nine months
ended December 31, 2011 % YoY change

51,34897.4

Individual annuities

1,284

1,824

142.0

Total

53,97853,173

98.5

12,68813,049102.8

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

Notes:

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.)
and products 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, 2011
Amount%80,059276,475
3,644,781
3,499,914
64,011
74,24044,21230,027
6,615
134,419
75,162
40,73873,799(228)
4,325,208
27,537

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

3

1.9
6.4
84.3
80.9
1.5
1.7
1.0
0.7
0.2
3.1
1.7
0.9
1.7
(0.0)
100.0
0.6

As of December 31, 2011
Amount%64,434
286,825
3,971,289
3,833,838
45,61388,36860,29628,071
3,469
137,751
73,53527,786
79,142(215)
4,640,549
41,444

1.4
6.2
85.6
82.6
1.0
1.9
1.3
0.6
0.1
3.0
1.6
0.6
1.7
(0.0)
100.0
0.9

(2) Fair Value Information on Securities
a. Fair value information on securities with market value (except trading-purpose securities)
Category
Held-to-maturity securities
Policy reserve matching bonds
Stocks of subsidiaries andaffiliated companies
Available-for-sale securities
JGBs, 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

As of March 31, 2011
Net unrealized gains (losses)
Carrying
Unrealized Unrealized
Fair value
amountgains
losses2,914,365 2,892,180(22,184)
25,51847,703
-

-

-

-

-

940,112884,466
49,856
1,919
1,919
3,869
3,854,478
3,756,448
49,85644,30344,303
3,869-

964,374
904,194
53,706
1,828
1,828
4,644
3,856,555
3,749,943
53,70648,26048,2604,644-

24,261
19,727
3,849
(90)
(90)
774
2,077
(6,505)
3,849
3,957
3,957
774
-

30,90322,921
7,207
774
56,42244,392
7,207
4,048
4,048
774
-

6,642
3,194
3,357
90
90
54,34550,897
3,357
90
90
-

(Millions of yen)
As of December 31, 2011
Net unrealized gains (losses)
Carrying
Unrealized Unrealized
Fair value
amountgains
losses3,263,701 3,416,174
152,473
161,155
8,681
901,770
848,90934,561
16,93816,938955,600
901,243
35,30817,553
17,553

1,360

-

-

-

-

1,493

-

56,48552,334
3,351
666
666
-

-

Category(Millions of yen)

As of March 31, 2011

As of December 31, 2011

Held to maturity securities
Held-to-maturity--

Unlisted foreign bonds--

Others----Stocks of subsidiaries and affiliated companies

15,847

15,847Available-for-sale securities

27,582

26,701

4

4

1,049

997

-

-

26,52825,69943,43042,549

Policy reserve matching bonds

Unlisted domestic stocks (except OTC stocks)
Unlisted foreign stocks (except OTC stocks)
Unlisted foreign bonds
Others
Total

4

2,655
0
2,603
51
51
-

133
-

206,303
208,420747(2,997)(2,997)
133-

217,641
213,490
3,351
666
666

Notes: 1. The above table includes assets which are permitted to be treated as equivalent to securities defined in the Financial Instruments and Exchange Law of Japan.
2. Carrying amount and net unrealized gains (losses) on monetary trusts, including items other than trading-purpose securities, amounted to ¥268,502 million and ¥19,861 million.
3. Carrying amount represents the amount after deductions for depreciable costs and impairment losses, before mark-to-market.

b. Carrying amount of securities without market value

-

-

133

4,371,775
4,278,289
35,30856,68356,683

1,360-

53,83052,334
747
615
615

1,493

4,165,471
4,069,868
34,561
59,681
59,681-

11,337
5,069
2,603
3,664
3,664
-

133
-

-

c. Fair Value Information consisting of that stated in the previous table-a and foreign exchange and other gains (losses) for table-b
As of March 31, 2011
Category

Held-to-maturity securities

Carrying
amountNet unrealized gains (losses)
Unrealized Unrealized
gains
lossesFair value

2,914,365 2,892,180

Policy reserve matching bonds-(22,184)-

25,51847,703

-

-

-

-

-

-

Stocks of subsidiaries and affiliated companies

15,847

15,847Available-for-sale securities

967,695

990,829

23,13332,820JGBs, other bonds

884,466

904,194

19,727

Japanese stocks

49,86153,711

3,849

Foreign securities(Millions of yen)

As of December 31, 2011
Carrying
amountFair value

3,263,701

3,416,174-

Net unrealized gains (losses)
Unrealized Unrealized
gains
losses152,473-

161,155

8,681

-

-

-

-

-

-

15,847

15,847

9,686

928,472

980,104

51,632

58,62022,921

3,194

848,909901,243

52,33352,334

0

7,207

3,357

34,56535,313

747

3,351

2,603

6,988

2,969

2,807

(162)

-

162

17,936

18,672

735

787

51

Bonds

1,919

1,828

(90)

-

90

16,93817,553

615

666

51

Stocks, etc.

1,049

978

(71)

-

71

997

1,118

120

120

Other securities

30,39730,116

(281)

2,691

2,972

27,06024,874(2,185)

-

2,147

4,332

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

Total
JGBs, other bonds-

3,897,908 3,898,857

949

58,33957,3894,208,020

4,412,126

204,105

219,775

15,6703,756,448 3,749,943(6,505)44,39250,897

4,069,868

4,278,289

208,420

213,490

5,069

3,849

7,207

3,357

44,86545,613

747

3,351

2,603

Japanese stocks

60,161

Foreign securities

50,90054,786

3,886

4,048

162

66,226

63,349(2,877)

787

3,664

44,30348,260

3,957

4,048

90

59,681

56,683(2,997)

666

3,664

Bonds

64,011

Stocks, etc

6,597

6,526

(71)

Other securities

30,39730,116(281)

Monetary claims purchased

-

-

-

2,691
-

71

6,545

6,666

120

120

2,972

27,06024,874(2,185)

2,147

-

-

-

-

4,332
-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

5

(3) Fair Value Information on Monetary Trusts(Millions of yen)
As of March 31, 2011

Category

Monetary trusts

Balance sheet
Fair value
amount276,475

276,475

As of December 31, 2011

Net unrealized gains (losses)

Balance sheet
Fair value
Unrealized Unrealized
amountgains
losses---286,825

Net unrealized gains (losses)
Unrealized Unrealized
gains
losses286,825---

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

Monetary Trusts for Investment(Millions of yen)
As of March 31, 2011

Category

Net valuation gains (losses)
recorded in income

Balance sheet amount
Monetary Trusts for Investment

As of December 31, 2011

-

-

-

-

Net valuation gains (losses)
recorded in income

Balance sheet amountNote: Monetary trusts includes cash and call loans, etc. held in monetary trusts.

Monetary Trusts for Held-to-maturity, Policy Reserve Matching and Other Monetary Trusts(Millions of yen)
As of December 31, 2011

As of March 31, 2011
Category

Net unrealized gains (losses)

Carrying
amountFair value

Unrealized Unrealized
gains
lossesNet unrealized gains (losses)

Carrying
amountFair value

Unrealized Unrealized
gains
lossesMonetary trusts for held-to-maturity

-

-

-

-

-

-

-

-

-

-

Monetary trusts for policy reserve matching

-

-

-

-

-

-

-

-

-

-

268,610

276,425

7,814

7,814

-

Other monetary trusts

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

6

266,912286,774

19,861

19,861-

3. Non-consolidated Balance Sheets(Millions of yen)
As of March 31, 2011

As of December 31, 2011

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
Deferred tax assets
Reserve for possible loan losses
Total Assets

76,014
18,39084
56,25040,738(228)
4,723,332

3,920,195
11,32750,426
66,085
205,811
137,751
137,620
131
74,277
21,584
147
57,657
27,786(215)
5,038,032

Liabilities:
Policy reserves and others
Reserve for outstanding claims
Policy reserves
Reserve for policyholders' dividends
Due to agencies
Due to reinsurers
OtherOte liabilities
ab t es

4,404,576
28,252
4,371,484
4,839
1,502
684
65,980,4,712,690
21,715
4,686,448
4,526
1,340
616
31,043,

19,482284
633
45,58017,596143
16,768
16,768
693

2,269
268
639
27,866
19,655
162
22,87422,874589

4,507,945

4,788,973

70,0005,865
5,865
134,008
11,418
122,590
122,590
209,873
7,013(1,499)5,513
215,387
4,723,332

70,0005,865
5,865
147,132
13,238133,893
133,893
222,997
27,457(1,395)
26,061
249,058
5,038,032

35,10368,500276,475
4,017,583
3,548,082
11,32870,61092,691
192,328
134,419
134,419

Accrued income tax
Lease obligations
Asset retirement obligations
OthersReserve for employees' retirement benefits
Reserve for directors' retirement benefits
Reserve for price fluctuations
Reserve for price fluctuations
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 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

7

22,26760,500286,825
4,349,450

4. Non-consolidated Statements of Income(Millions of yen)
For the nine months ended
December 31, 2010

For the nine months ended
December 31, 2011

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

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)(Losses on sale of securities)(Devaluation losses on securities)(Losses on separate accounts, net)
Operating expenses
Other ordinary expenses
Ordinary Profit
Extraordinary LossesLdil off tangible
ibl fi
Losseson disposal
fixedd assets
Impairment losses
Provision for reserve for price fluctuations
Provision for reserve for price fluctuations
Loss on adjustment for changes of accounting standard
for asset retirement obligations
Provision (Reversal) for reserve for policyholders' dividends
Income Before Income Taxes
Income Taxes -current
Income Taxes -deferred
Total Income Taxes
Net Income

8

Amount669,199565,531563,654
94,71164,487
5,658
24,564
8,956
603,066
209,760
56,154
5,286
30,112
115,273
1,310
285,491
14,293271,184
12
21,38543828
348
13,14773,221
13,20966,1326,926
18703,825
602,055
601,680
83,572
72,548
3,958
7,053
18,197653,318
216,454
52,621
5,735
33,552
121,248
1,803
314,975
314,964
11
29,863
44
1,847
1,470
18,792
77,697
14,32650,507
6,125
18

1,288
5,329
5,329

1
6,105
6,105

-

290

-

437
58,76825,408(3,762)
21,64637,121(113)
44,494
17,732
4,539
22,27122,223

5. Reconciliation to Core Profit and Non-consolidated Ordinary Profit(Millions of yen)
For the nine months ended
December 31, 2010
Core profit

A

Capital gains
Income from monetary trusts, net

For the nine months ended
December 31, 2011

43,96250,944

26,186

7,053

1,622

-

Income from trading securities, net--

Gains on sale of securities

24,564

7,053

Gains on derivatives, net--

Foreign exchange gains, net--

Other capital gains

-

-

1,449

4,569

-

-

Capital losses
Losses on monetary trusts, net
Losses on trading securities, net--

Losses on sale of securities

828

1,847

Devaluation losses on securities

348

1,470

Losses on derivatives, net
Foreign exchange losses, net
Other capital losses

-

-

272

1,251

-

-

Net capital gains (losses)

B

24,7362,484Core profit plus net capital gains (losses)

A+B

68,69953,429--Gains from reinsurance--

Reversal of contingency reserve--

Reversal of specific reserve for possible loan losses--

Other one-time gains

OthersOther one-time losses
Losses from reinsurance
Provision for contingency reserve
Provision for specific reserve for possible loan losses

-

-

2,566

2,921

-

-

2,544

2,709

22

3

Provision for reserve for loan losses from borrowers in specific foreigncountries--

Write-off of loans-

Others-Net other one-time losses
Ordinary profit

209

C(2,566)(2,921)

A+B+C

66,13250,507

Notes:
1.Core profit for the nine months ended December 31, 2010 (A) includes income gains of ¥4,036 million in income from monetary trusts.
2.Core profit for the nine months ended December 31, 2011 (A) includes income gains of ¥3,958million in income from monetary trusts; "Others" of other one-time losses
includeds additional provision of policy reserves of ¥209 million.

96. Solvency Margin Ratio(Millions of yen)
Category
Total solvency margin

As of March 31, 2011

(A)

As of December 31, 2011

690,331754,760

Common stock, etc.

200,773

222,997

Reserve for price fluctuations

16,76822,874

Contingency reserve

51,55954,26800

Net unrealized gains on other securities multiplied by 90% if gains or 100% if losses

20,82046,468Net unrealized gains on real estate multiplied by 85% if gains or 100% if losses

1,002

1,002

Excess amount of policy reserves based on Zillmer method

334,201

346,134

Unallocated portion of reserve for policyholders' dividends

1,186

845

628

628

Deferred tax assets

63,38859,538Subordinated debt

－

－

－

－

47,60647,953General reserve for possible loan losses

Future profits

Deductible items
Total risk

(R1 + R8 ) + (R2 + R3 + R7 ) + R4
2

2

(Ｂ)

Insurance risk

R1

20,01420,703

Third-sector insurance risk

R8

7,269

7,515

Assumed interest rate risk

R2

11,573

11,789Asset management risk

R316,822

15,655Business management risk

R4

1,294

1,307

Minimum guarantee risk

R7

9,025

9,696

2,900.1%

3,147.8%

Solvency margin ratio
(A)
x 100
(1/2) x (B)Notes: 1. The foregoing figures were calculated based on provisions in Articles 86 and 87 of the Ordinace for Enforcement of the Insurance Business Law
and the Ministry of Finance Public Notice No. 50 of 1996.
2. Minimum guarantee risk was calculated based on the standardized approach.

10(Reference) Solvency Margin Ratio Calculated Based on New Standard(Millions of yen)
Category
Total solvency margin

As of March 31, 2011

(A)

As of December 31, 2011

625,790

708,982

Common stock, etc.

200,773

222,997

Reserve for price fluctuations

16,76822,874

Contingency reserve

51,55954,26800

Net unrealized gains on other securities multiplied by 90% if gains or 100% if losses

20,82046,468Net unrealized gains on real estate multiplied by 85% if gains or 100% if losses

1,002

1,002

Excess amount of policy reserves based on Zillmer method

334,201

346,134

Unallocated portion of reserve for policyholders' dividends

1,186

845

Deferred tax assets

63,38859,538Subordinated debt－－

(63,912)(45,148)－－

72,76371,923General reserve for possible loan losses

The portion of the excess amount of policy reserves based on Zillmer method andsubordinated debt that is not included in the margin
Deductible items
Total risk

(R1 + R8 ) + (R2 + R3 + R7 ) + R4
2

2

(Ｂ)

Insurance risk

R1

20,01420,703

Third-sector insurance risk

R8

7,269

7,515

Assumed interest rate risk

R227,90228,351

Asset management risk

R3

28,726

26,704

Business management risk

R4

1,854

1,847

Minimum guarantee risk

R7

8,820

9,087

1,720.0%

1,971.4%

Solvency margin ratio
(A)
x 100
(1/2) x (B)Note: Cabinet Office Ordinance No. 23 (2010) and FSA Public Notice No.48 (2010) prescribe a revision in the methods of calculating total solvency margin
and total risk (increasing the strictness of margin inclusion, and making risk measurement stricter and more sensitive). These changes are to be applied
from the end of fiscal 2011. The above-stated figures are calculated on the assumption that these changes are applied at March 31 and December 31,
2011.

11

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

As of March 31, 2011

Individual variable life insurance and individual variable annuities

As of December 31, 2011

398,124

397,482--

398,124

397,482Group 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, 2011

Category

NumberAs of December 31, 2011

AmountNumberAmountVariable life insurance (whole life type)534

6,826,136

548

6,938,013

Variable life insurance (limited term type)43

143,89343

143,609

Variable life insurance (term type)1

52,867

1

49,863579

7,022,897

593

7,131,487

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

Individual variable annuities(Number: Thousand, Amount: Millions of yen)
As of March 31, 2011

Category

NumberIndividual variable annuities

As of December 31, 2011

Amount28

154,322

NumberAmount28

151,237

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.

12

8. Consolidated Summary(1) Key Performance Indicators(Millions of yen)
Category

For the nine months ended
December 31, 2010

For the nine months ended
December 31, 2011

Ordinary Revenues

669,423

703,971

Ordinary Profit

65,38849,591Net Income

36,37821,329Comprehensive Income

37,472

41,740Category

As of March 31, 2011

Total assets

As of December 31, 2011

4,721,641

5,035,313(2) Scope of Consolidation and Companies Accounted for under Equity Method
Number of consolidated subsidiaries

1

Number of non-consolidated subsidiaries accounted for under equity method0

Number of affiliated companies accounted for under equity method213

(3) Consolidated Balance Sheets(Millions of yen)
As of December 31, 2011
AmountAs of March 31, 2011
AmountAssets:Cash and deposits

35,57822,892

Call loans

68,50060,500

Monetary trusts

276,475

286,825

Securities

4,015,294

4,345,990

Loans

134,439

137,772

Tangible fixed assets

76,02974,289Intangible fixed assets

18,391

21,58584

147

Other assets

56,31457,694

Deferred tax assets

40,761(228)

27,831(215)

4,721,641

5,035,313

4,404,830

4,712,950

Due from reinsurers

Reserve for possible loan losses
Total Assets
Liabilities:
Policy reserves and others
Reserve for outstanding claims
Policy reserves
Reserve for policyholders' dividends

28,26021,7184,371,731

4,686,706

4,839

4,526

Due to agencies

1,502

1,340

Due to reinsurers

684

617

Other liabilities

66 01866,01831 076
31,076

Reserve for employees' retirement benefits

17,59919,660Reserve for directors' retirement benefits

143

162

Reserve for price fluctuations

16,76822,874

Reserve for price fluctuations

16,76822,874

Deferred tax liabilities on land revaluation

693

589

4,508,240

4,789,272

70,00070,000Total Liabilities
Net Assets:
Common stock
Capital surplus

5,865

5,865

Retained earnings

132,370

144,600

Total shareholder's equity

208,235

220,465

Net unrealized gains on other securities, net of taxes

6,996(1,499)27,452(1,395)

(331)

(481)

Land revaluation, net of taxes
Foreign currency translation adjustments
Total accumulated other comprehensive income
Total Net Assets
Total Liabilities and Net Assets

14

5,165

25,575

213,401

246,041

4,721,641

5,035,313

(4) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
For the nine months ended
December 31, 2010

For the nine months ended
December 31, 2011

AmountAmountOrdinary Revenues

669,423

703,971

Income from insurance premiums

565,582

602,114

Investment income

94,88964,61883,69072,632(Interest income and dividends)(Income from monetary trusts, net)

5,658

3,958

(Gains on sale of securities)

24,611

7,088

Other ordinary income

8,950

18,166

Ordinary Expenses

604,034

654,380

Insurance claims and other payments

209,765

216,472

56,155
5,286

52,627
5,735(Insurance claims)(Annuity payments)(Insurance benefits)

30,11233,552(Surrender payments)

115,276

121,257

285,521315,000

Provision for policy reserves and others
Provision for reserve for outstanding claims

14,295

Provision for policy reserves

271,212Interest on policyholders' dividend reserve
Investment expenses(Interest expenses)(Losses on sale of securities)

314,98912

11

21,471

29,879

43
828

44
1,847

(Devaluation losses on securities)

348

1,470

(Losses on separate accounts, net)

13,147

18,792

Operating expenses

73,341

77,817

Other ordinary expenses

13,933

15,210Ordinary Profit

65,38849,591

0

0

0
6,926

0
6,125

18

18

Extraordinary Gains
Gains on disposal of tangible fixed assets
Extraordinary Losses
Losses on disposal of tangible fixed assets
Impairment losses

1,288

1

Provision for reserve for price fluctuations

5,329

6,105

5,329

6,105

Provision for reserve for price fluctuations
Loss on adjustment for changes of accounting standard
for asset retirement obligations

290

Provision (reversal) for reserve for policyholders' dividends

-

437

(113)

Income Before Income Taxes

58,024

43,578

Income Taxes -current

25,40817,732

Income Taxes -deferred
Total Income Taxes(3,762)
21,64622,249

Income Before Minority Interest

36,37821,329Net Income

36,37821,32915

4,516

(Consolidated Statements of Comprehensive Income)(Millions of yen)
For the nine months ended
December 31, 2010

For the nine months ended
December 31, 2011

AmountAmountIncome Before Minority Interest

36,37821,329Other Comprehensive Income

1,094
1,199

20,41020,458Net unrealized gains on other securities, net of taxes
Land revaluation, net of taxes-

103

Foreign currency translation adjustments

(99)

(149)

Share of other comprehensive income of affiliates
accounted for using equity method

(4)

(2)

Comprehensive Income
Comprehensive income attributable to parent company
Comprehensive income attributable to minority interest

37,472

41,74037,472

41,740-16-

(Reference) 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, 2011, are as follows.
Sony Life holds no sub-prime related investments.
(1) Special-purpose entities (SPEs)
Fair value
－
－
－
－
－
－
－

Special purpose entities (SPEs)
ABCP
facilitated by Sony Life
SIV
facilitated by Sony Life
Othersfacilitated by Sony Life(100 millions of yen)
Unrealized
Realized gains
gains (losses)(losses)
－
－
－
－
－
－
－
－
－
－
－
－
－
－

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

Collateralized debt obligations (CDO)
ABS
CDO
Seniorsub-prime (Alt-A exposure)
Mezzanine
sub-prime (Alt-A exposure)
Equitysub-prime (Alt-A exposure)
CLO

SeniorMezzanine
EquityCBO

SeniorMezzanine
EquityOthersSeniorMezzanine
Equity(100 millions of yen)
Unrealized
Realized gains
gains (losses)(losses)
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

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

Other sub-prime (Alt-A exposure)Non-securitized loans
RMBS
Derivatives
Commitment line
Others17

Unrealized
gains (losses)
－
－
－
－
－
－

(100 millions of yen)
Realized gains(losses)
－
－
－
－
－
－

(4) Commercial mortgage-backed securities (CMBS)
Fair value
As of March 31, 2011

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

－
－
－
－
－
－

－
－
－
－
－
－

Unrealized
gains (losses)
－
－
－
－
－
－

(100 millions of yen)
Realized gains(losses)
－
－
－
－
－
－

Unrealized
gains (losses)
－
－
－
－
－
－

(100 millions of yen)
Realized gains(losses)
－
－
－
－
－
－

(5) Leveraged financeFair value
As of March 31, 2011

Leveraged financeTelecommunications
Electronics
Entertainment
Services
Others

－
－
－
－
－
－

－
－
－
－
－
－

(6) Other notes
Sony Life holds principal protected 30 year notes with Nikkei 225 index-linked coupons (fair market value of ¥39.1 billion andunrealized losses of ¥3.6 billion as of December 31, 2011). These amounts are included in net unrealized gains on other securities,(before taxes) of Sony Life as of December 31, 2011.

18