Consolidated Financial Summary
for the six months ended September 30, 2009
November 16, 2009

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 six months ended September 30, 2009
(1) Operating results
Ordinary Revenues
Ordinary Profit
millions of yen

For the six months ended
September 30, 2009
For the six months ended
September 30, 2008%changemillions of yen

Net Income%changemillions of yen%change481,247

14.6

39,45775.6

23,38692.0

420,048

3.8

22,469( 18.4 )12,180( 27.1 )Net Income per ShareNet Income per Share(Fully Diluted)

yen

yen

For the six months ended
September 30, 2009
For the six months ended
September 30, 2008

10,752.29-

5,600.26-(2) Financial conditions
Total Assets

Total Net Assets

Net Assets Ratio

Net Assets per Share%yenmillions of yen

millions of yen

As of September 30, 2009

5,584,758

249,997

4.5

114,941.40

As of March 31, 2009

5,313,677

204,897

3.9

94,205.75

Notes: 1. Stockholders’ equity:

As of September 30, 2009:¥ 249,997 million
As of March 31, 2009:¥ 204,897 million
2. Net assets ratio is computed by dividing the amount of total net assets by total assets at the end of the fiscal period.

2. Dividends
Dividend per Share
Record date

1st quarter

For the year ended
March 31, 2009
For the year ending
March 31, 2010
For the year ending
March 31, 2010 (forecast)

2nd quarter3rd quarter

Year-end

yen

yen

yen

-

0.00

-

0.00

Annual Total
yen

yen

-

3,000.00

3,000.00-

3,000.00

3,000.00

3. Forecast of consolidated financial results for the year ending March 31, 2010
(percentage figures represent changes from the results of the previous fiscal period)

Ordinary Revenues
millions of yen

For the year ending
March 31, 2010

944,000%change

9.7

Ordinary Profit
millions of yen

64,0001%change

86.8

Net Income per
Share

Net Income
millions of yen

36,000%change17.2

yen

16,551.72

4. Other Information(1) Changes in scope of consolidated subsidiaries during the fiscal period(changes in specified subsidiaries accompanying changes in scope of consolidation): None
(2) Changes in accounting policies, procedures and presentation(a) Changes due to revision of accounting standards: None(b) Changes due to other reasons: None
(3) Number of shares outstanding (common stock)(a) Number of shares outstanding (including treasury shares)
As of September 30, 2009:
2,175,000 shares
As of March 31, 2009:
2,175,000 shares(b) Number of treasury shares
As of September 30, 2009:- shares
As of March 31, 2009:- shares(c) Weighted-average number of shares
For the six months ended September 30, 2009:
2,175,000 shares
For the six months ended September 30, 2008:
2,175,000 shares

2

Qualitative Information and Financial Statements
1.

Qualitative Information on Consolidated Operating Performance(1) Analysis of Operating Performance
During the six months ended September 30, 2009 (April 1, 2009 through September 30, 2009), consolidated
ordinary revenues grew 14.6% compared with the same period of the previous fiscal year, to ¥481.2 billion, owing toincreases in ordinary revenues from the life insurance business and the non-life insurance business, despite the decrease
from the banking business.
In the life insurance business, ordinary revenues grew 16.3% year on year, to ¥432.6 billion, owing to higher
income from insurance premiums associated with a steady increase in policy amount in force, as well as increases ininvestment income boosted by a relatively favorable financial market environment. In the non-life insurance business,ordinary revenues rose 10.7% year on year, to ¥33.9 billion, due to increases in net premiums written, reflecting a
growing number of its mainstay automobile insurance policies. In the banking business, ordinary revenues decreased
13.7% year on year, to ¥15.3 billion, due to the global reductions in interest rates.
Consolidated ordinary expenses increased 11.1% compared with the same period of the previous fiscal year, to¥441.7 billion, owing to increases in ordinary expenses from the life insurance business and the non-life insurance
business, though those from the banking business decreased.
In the life insurance business, ordinary expenses increased 12.6% year on year, to ¥396.2 billion, due to increased
provision for policy reserve and others associated with favorable investment performance in separate accounts. In the
non-life insurance business, ordinary expenses grew 9.9% year on year, to ¥32.4 billion, owing to increases in theamount of net losses paid, led by a growing number of policies in force. In the banking business, however, ordinary
expenses declined 16.6% year on year, to ¥13.8 billion, due to decreases in interest expenses on deposits, resulting froma decline in interest rates.
As a result, consolidated ordinary profit increased 75.6% compared with the same period of the previous fiscal
year, to ¥39.4 billion, owing to increases in ordinary profit from all the businesses. Broken down by business, ordinary
profit from the life insurance business increased 81.3% year on year, to ¥36.3 billion. Ordinary profit from the non-life
insurance business increased 30.3% year on year, to ¥1.5 billion. In the banking business, ordinary profit increased
28.2% year on year, to ¥1.4 billion.
Extraordinary losses of ¥2.9 billion were recorded, due mainly to a provision for reserve for price fluctuations in
the life insurance business.
After accounting for extraordinary gains and losses, provision for reserve for policyholders’ dividends, and income
taxes, net income for the six months ended September 30, 2009, increased 92.0% compared with the same period of theprevious fiscal year, to ¥23.3 billion, boosted by 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 six months ended
September 30, 2009
432,643
33,993
15,322481,958(711)
481,247

For the six months ended
September 30, 2008
372,125
30,713
17,762420,601(553)
420,048

Change (%)
16.3
10.7
(13.7)
14.6－
14.6

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

2.

For the six months ended
September 30, 2009
36,396
1,537
1,475
39,40948
39,457For the six months ended
September 30, 2008
20,072
1,179
1,150
22,402
66
22,469Change (%)
81.3
30.3
28.2
75.9
(26.9)
75.6

Qualitative Information on Consolidated Financial Position

Assets, Liabilities and Net Assets
As of September 30, 2009, total assets amounted to ¥5,584.7 billion, up 5.1% from March 31, 2009. As for major
components of assets, securities, mostly Japanese government bonds, amounted to ¥3,958.3 billion, up 6.9% fromMarch 31, 2009. Monetary trusts amounted to ¥534.8 billion, down 12.2% from March 31, 2009, and loans amounted to¥658.1 billion, up 10.1% from March 31, 2009.
Total liabilities amounted to ¥5,334.7 billion, up 4.4% from March 31, 2009. As for major components of liabilities,
policy reserve and others amounted to ¥3,883.9 billion, up 5.5% from March 31, 2009, and deposits amounted to¥1,333.6 billion, up 0.6% from March 31, 2009.
Total net assets amounted to ¥249.9 billion, up 22.0% from March 31, 2009. Net unrealized gains on other securities,
net of taxes, of ¥22.8 billion were recorded, up ¥27.6 billion from March 31, 2009, owing primarily to increases in thefair market value of securities held.

4

3.

Qualitative Information on Consolidated Performance Forecasts

SFH announced its revised consolidated financial forecast for the year ending March 31, 2010 (April 1, 2009, throughMarch 31, 2010) on October 30, 2009. The previous forecast was announced on July 30, 2009. SFH revised its
consolidated financial forecast for the year ending March 31, 2010, as follows.
<Consolidated financial results forecast>
For the full year

Ordinary revenues

Ordinary profit(Billions of yen)
Net income

Forecast for the year ending March 31, 2010

944.0

64.0

36.0

(Reference)
Actual results for the year ended March 31, 2009

860.3

34.2

30.7

(Reference)
Forecasts of ordinary revenues and ordinary profit from each business for the year ending March 31, 2010, are as follows.
Previous forecasts for the year ending March 31, 2010 were disclosed in the Consolidated Financial Summary for thethree months ended June 30, 2009, on August 11, 2009.
<Life insurance business>
SFH revised the financial results forecast of the life insurance business for the year ending March 31, 2010, owing tofavorable operating performance for the six months ended September 30, 2009, as well as expected increases in interest
income and dividends resulting from the continued purchase of ultralong-term bonds.

Ordinary revenues(Billions of yen)
Ordinary profit

For the full year
Updated forecast for the year ending March 31, 2010

852.0

61.1

Previous forecast for the year ending March 31, 2010

808.7

43.5

(Reference)
Actual results for the year ended March 31, 2009

766.2

32.5

<Non-life insurance business>
SFH revised its financial results forecast for the non-life insurance business for the year ending March 31, 2010, as
ordinary revenues and ordinary profit for the six months ended September 30, 2009, exceeded our forecast, due toexpanding business operations primarily in automobile insurance.

Ordinary revenues(Billions of yen)
Ordinary profit

For the full year
Updated forecast for the year ending March 31, 2010

66.3

2.0

Previous forecast for the year ending March 31, 2010

65.3

1.2

(Reference)
Actual results for the year ended March 31, 2009

61.8

2.1

5

<Banking business>
The financial results forecast for the year ending March 31, 2010, remains unchanged from the latest announcement, on
August 11, 2009
Ordinary revenues(Billions of yen)
Ordinary profit

For the full year
Forecast for the year ending March 31, 2010

26.1

1.3

(Reference)
Actual results for the year ended March 31, 2009

33.3

（0.5）

The above-mentioned forecasts were made based on information currently available to us and may differ from actual
results for a variety of reasons.

4.

Information Concerning Significant Subsidiaries
Below, we describe the operating performance for the six months ended September 30, 2009 of SFH’s significant
subsidiaries: Sony Life Insurance Co., Ltd. (Sony Life), Sony Assurance Inc. (Sony Assurance) and Sony Bank Inc.
(Sony Bank). Sony Life, Sony Assurance and Sony Bank each separately announce their own results, which summary
information in English is available on SFH’s website.

■ Sony Life (Non-Consolidated)
Sony Life’s ordinary revenues increased 16.3% from the same period of the previous fiscal year, to ¥432.5 billion, due
to higher income from insurance premiums associated with an increased policy amount in force, as well as increases ininvestment income boosted by a relatively favorable financial market environment. Ordinary profit increased 82.5%
year on year, to ¥36.4 billion, due to primarily increased insurance premiums, higher gains from investment, net, on
general account assets, and reversal of policy reserve for minimum guarantee for variable life insurance. Net income
increased 100.2% year on year, to ¥21.7 billion.
Core profit rose 72.9% year on year, to ¥28.5 billion, as a result of an increase in interest income and dividends, aswell as a change from provision into reversal of policy reserve for minimum guarantee for variable life insurance.
Income from insurance premiums grew 3.8% from the same period of the previous fiscal year, to ¥339.3 billion,
associated with a higher policy amount in force. Investment income increased 111.6% year on year, to ¥91.5 billion, due
to increases in gains on separate accounts, net, and in interest income and dividends in line with growing balance ofultralong-term bonds. Investment expenses decreased 67.5% year on year, to ¥10.7 billion, as losses on separate
accounts, net, for the same period of the previous fiscal year, turned into gains. As a result, gains from investment, net,
for the total of general and separate accounts increased 683.5% from the same period of the previous fiscal year, to¥80.8 billion, a part of which, gains from investment, net, on general account assets increased 23.9%, to ¥42.6 billion.
Insurance claims and other payments increased 6.8% year on year, to ¥134.4 billion. Operating expenses increased
1.4% year on year, to ¥47.5 billion.
Policy amount in force for the total of individual life insurance and individual annuities grew steadily, to ¥32,897.5
billion as of September 30, 2009, up 1.2% from March 31, 2009, and up 2.6% from September 30, 2008. The lapse andsurrender rate* for the total of individual life insurance and individual annuities rose 0.16 percentage point from thesame period of the previous fiscal year, to 3.27%. Annualized premiums from total policies as of September 30, 2009,were up 1.9% from March 31, 2009, and up 3.2% from September 30, 2008, totaling ¥558.4 billion. Of this amount, thefigure for third-sector products was up 2.4% from March 31, 2009, and up 4.1% from September 30, 2008, to ¥129.6
billion.
New policy amount for the total of individual life insurance and individual annuities decreased 4.0% from the same6

period of the previous fiscal year, to ¥1,818.4 billion, owing mainly to a decline in sales of variable life insurance.
Annualized premiums from new policies amounted to ¥32.0 billion, up 3.5%, of which the figure for third-sector
products was ¥7.7 billion, up 18.5% year on year due to favorable sales of cancer hospitalization insurance, which
commenced sales in April 2009.
Net unrealized gains on securities** decreased ¥5.9 billion from March 31, 2009, to ¥56.8 billion. Net unrealized gains
on other securities, net of taxes, amounted to ¥21.7 billion, up ¥17.7 billion from March 31, 2009.
As of September 30, 2009, Sony Life’s solvency margin ratio was 2,433.8%, compared with 2,060.5% as of March
31, 2009.
***

The lapse and surrender rate is calculated without offsetting policies that are reinstated.
Net unrealized gains on securities are calculated as the difference between the carrying value before marking to market and the fair market value forsecurities with market value, other than trading-purpose securities. (The amount includes monetary trusts, but excludes trading-purpose securities.)■ Sony AssuranceSony Assurance posted a 10.7% increase in ordinary revenues compared with the same period of the previous fiscal
year, to ¥33.9 billion, due to increased net premiums written, as the number of insurance policies in force grew forstrong sales of new policies in its mainstay automobile insurance. Ordinary profit increased 30.3% year on year, to ¥1.5
billion, owing mainly to the increase in ordinary revenues and a decline in the net expense ratio. Net income increased
48.0% year on year, to ¥1.0 billion.
In terms of insurance underwriting performance, owing to an increased number of automobile insurance policies inforce, both direct premiums written and net premiums written grew 10.8% year on year, amounting to ¥33.4 billion and¥33.6 billion, respectively. An increased number of policies in force influenced net losses paid, causing a 14.6%
year-on-year increase, to ¥16.1 billion. The net loss ratio rose 1.6 percentage points, compared with the same period of
the previous fiscal year, to 54.0%. The net expense ratio decreased 1.0 percentage point year on year, to 25.2%, due tothe increase in net premiums written, despite a 6.4% increase in underwriting expenses of ¥8.4 billion. Underwriting
profits rose 41.3% year on year, to ¥1.2 billion, reflecting the adjustment of the provision for reserves for outstanding
claims and underwriting reserves.
As of September 30, 2009, Sony Assurance’s solvency margin ratio was 1,033.6%, compared with 993.0% as ofMarch 31, 2009.

■ Sony Bank (Non-Consolidated)
Sony Bank’s ordinary revenues decreased 13.8% compared with the same period of the previous fiscal year, to ¥15.2
billion, due to the global lowering of interest rates. Ordinary profit increased 20.2% year on year, to ¥1.9 billion, due toincreases in net interest income, bolstered primarily by decreases in interest expenses and the growing balance ofmortgage loans. Net income increased 16.9% compared with the same period of the previous fiscal year, to ¥1.1 billion,
led by the increase in ordinary profit.
Gross operating profit increased 16.8% from the same period of the previous fiscal year, to ¥7.7 billion, led by anincrease in net interest income. With respect to the breakdown of gross operating profit, net interest income rose
209.2% year on year, to ¥6.5 billion, due mainly to a decline in interest on deposits in the lowering of interest rates andhigher interest on loans. Net fees and commissions were ¥10 million, down 88.8% year on year, due mainly to lower
brokerage fees and commissions received. Net other operating income decreased 74.2% to ¥1.1 billion, compared withthe same period of the previous fiscal year, mainly because gains from derivatives, net, which were held for hedging
purposes, turned into losses.
General and administrative expenses expanded 14.3% during the same period of the previous fiscal year, to ¥5.6
billion, due mainly to an increase in system-related expenses.
As of September 30, 2009, customer assets (the sum of deposits and investment trusts) were up ¥27.6 billion, or
2.0%, from March 31, 2009, to ¥1,431.3 billion. As for the breakdown of customer assets as of September 30, 2009,7

deposits amounted to ¥1,334.8 billion, up ¥8.4 billion, or 0.6%, from March 31, 2009. Investment trusts were ¥96.5
billion, up ¥19.2 billion, or 24.9% from March 31, 2009. Loans expanded to ¥534.3 billion, up ¥57.2 billion, or 12.0%,
from March 31, 2009, owing to a growing balance of mortgage loans. As of September 30, 2009, the number ofaccounts was up 26 thousand from March 31, 2009, to 750 thousand accounts.
Net unrealized losses on other securities, net of taxes, a component of net assets, totaled ¥80 million, up ¥9.6
billion from March 31, 2009.
As of September 30, 2009, Sony Bank’s non-consolidated capital adequacy ratio* (domestic criteria) was 13.41%,
compared with 13.37% as of March 31, 2009.
*

Sony Bank’s non-consolidated capital adequacy ratio was calculated based on the standard stipulated by Article 14-2 of the Banking Law of Japan, in
accordance with the Financial Services Agency of Japan (“FSA”) public ministerial announcement No. 19 of 2006. The capital adequacy ratio as of andafter December 31, 2008, employed the special exception of the standard mentioned above, in accordance with FSA public ministerial announcement No.
79 of 2008.

5.

Other Information(1) Changes in scope of consolidated subsidiaries during the fiscal period (changes in specified subsidiaries
accompanying changes in scope of consolidation)
Not applicable.
(2) Changes in accounting policies, procedures and presentation
Not applicable8Consolidated Financial Statements
1. Consolidated Balance Sheets(Millions of yen)
As of September 30, 2009

As of March 31, 2009

Assets: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
Goodwill
OthersDue from agencies
Due from reinsurers
Foreign exchanges
Other assets
Deferred tax assets
Reserve for possible loan losses

74,327
125,4399,444
534,868
3,958,312
658,172
83,295
19,7291,754
17,974539
5,759
87,351
28,321(800)

42,794
95,70916,163608,846
3,703,062
597,542
83,61918,7882,004
16,783
1
144
6,355
91,42449,889(665)

Total Assets

5,584,758

5,313,677

Liabilities:
Policy reserve and others
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
Reserve for financial products transaction liabilities
Deferred tax liabilities
Deferred tax liabilities on land revaluation

3,883,945
38,3603,842,991
2,592
1,206
657
1,333,690
24,1002,000
164,905
2,172
14,649
324
6,399
1
706

3,680,731
34,843
3,643,348
2,539
1,216
1,042
1,325,320
10,0002,000
868,0862,251
13,435
310
3,666
1
0
706

Total Liabilities

5,334,761

5,108,779

9

(Millions of yen)
As of September 30, 2009

As of March 31, 2009

Common stock
Capital surplus
Retained earnings(deficits)
Total shareholders’ equity
Net unrealized gains(losses) 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
14,609229,786
22,814(964)(1,475)(163)
20,21019,900195,277(2,251)
212,925(4,853)(1,449)(1,475)(248)(8,028)

Total Net Assets

249,997

204,897

5,584,758

5,313,677

Net Assets:

Total Liabilities and Net Assets

102. Consolidated Statements of Income(Millions of yen)
For the six months ended
September 30, 2008

For the six months ended
September 30, 2009

Ordinary Revenues

420,048

481,247

Ordinary Revenues from the Life Insurance Business:

371,609431,960

326,936

339,141

326,675

338,261260

879

43,58391,646

Interest income and dividends

27,08032,958

Income from monetary trusts, net

6,826

9,599

Income from trading securities, net

788

-

8,295

9,771

403

1,096

Gains on derivatives, net

29-

Foreign exchange gains, net

158-

Other investment income

037

Gains on separate accounts, net-

38,183

1,090

1,172

30,70733,99230,371

33,63630,351

33,620

19

15

323

341

336

342

Gains on sale of securities

5

7

Gains on redemption of securities

06

Transfer to interest and dividends on deposits of premiums

(19)

(15)

Other ordinary income

13

14

17,731

15,294

10,673

11,739Interest income on loans

4,303

5,822

Interest income and dividends on securities

4,852

5,599

Interest income on call loans and bills bought

1,420

45

Interest income on deposits with banks

5

12Interest income on interest rate swaps

60

Other interest income

85

259

Fees and commissions

968

983

Other operating income

6,022

2,561

Gains on foreign exchange transactions, net

4,508

2,348

Others

1,513

212

67

9

Income from insurance premiums
Insurance premiums
Ceded reinsurance commissions
Investment income

Gains on sale of securities
Gains on redemption of securities

Other ordinary income
Ordinary Revenues from the Non-life Insurance Business:
Underwriting income
Net premiums written
Interest and dividends on deposits of premiums
Investment income
Interest income and dividends

Ordinary Revenues from the Banking Business:
Interest income

Other ordinary income11

(Millions of yen)
For the six months ended
September 30, 2008

For the six months ended
September 30, 2009

Ordinary Expenses

397,579

441,789

Ordinary Expenses from the Life Insurance Business:

351,969

396,052

125,841

134,424

30,771
2,852
15,20875,09532,731
3,205
15,83380,725849

852

Insurance claims and other payments
Insurance claims
Annuity payments
Insurance benefits
Surrender payments
Other payments
Reinsurance premiums

1,063

1,076

140,852

197,370

1,034
139,796
21

2,430
194,9382

32,97010,592

9
1,351
2,997
21
12
1,441
3,024
24,111

15
5,334
315
141
0
1,349
3,435
-

Operating expenses

46,85547,502Other ordinary expenses

5,450

6,162

29,31432,231

Underwriting expenses

21,901

24,374

Net losses paid
Loss adjustment expenses
Net commission and brokerage fees
Provision for reserve for outstanding claims
Provision for underwriting reserve
Other underwriting expenses
Investment expenses

14,124
1,771
354
1,084
4,565
0
14

16,181
1,972
435
1,086
4,698
0
13

Losses on sale of securities-

12

Devaluation losses on securities

14-

Losses on redemption of securities

-

1

7,395

7,836

4

6

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 sale of securities
Devaluation losses on securities
Losses on redemption of securities
Foreign exchange losses, net
Provision for reserve for possible loan losses
Depreciation of real estate for rent and others
Other investment expenses
Losses on separate accounts, net

Ordinary Expenses from the Non-life Insurance Business:

Operating, general and administrative expenses
Other ordinary expenses

12

(Millions of yen)

Ordinary Expenses from the Banking Business:

For the six months ended
September 30, 2008

For the six months ended
September 30, 200916,294

13,505Interest expenses

8,542

5,162

Interest expenses on deposits
Interest expenses on call money and bills soldInterest on borrowed money
Interest expenses on interest rate swaps
Other interest expenses
Fees and commissions

8,151
29
12
348
0
603

4,368
15
25
753
0
588

Other operating expenses

1,642

1,429

General and administrative expenses

5,375

6,162

131

161

22,46939,457

3-

Other ordinary expenses
Ordinary Profit
Extraordinary Gains
Gains on disposal of fixed assets

0-

Reversal of reserve for price fluctuations

2

-

678

2,921

105

183

0

4

568

2,732

4

-

Provision for Reserve for Policyholders’ Dividends

1,688

224

Income Before Income Taxes

20,10536,312

Income Taxes

7,924

12,925- Current

9,026

7,064

- Deferred(1,101)

5,860

12,18023,386Extraordinary Losses
Losses on disposal of fixed assets
Impairment losses
Provision for reserve for price fluctuations
OthersNet Income

133. Consolidated Statements of Changes in Net Assets(Millions of yen)
For the six months ended
September 30, 2008

For the six months ended
September 30, 2009

19,90019,900--19,90019,900195,277

195,277--

195,277

195,277(26,417)(2,251)Dividends from surplus(6,525)(6,525)

Net income
Decrease resulting from change in scope of applicationof equity method
Total changes during the period

12,18023,386

(31)

-

5,624

16,861(20,793)

14,609188,759

212,925

Dividends from surplus(6,525)(6,525)

Net income
Decrease resulting from change in scope of applicationof equity method
Total changes during the period

12,18023,386

(31)

-

5,624

16,861

194,384

229,786

Shareholders’ Equity
Common stock
Balance at the end of the previous period
Changes during the period
Total changes during the period
Balance at the end of the current period
Capital surplus
Balance at the end of the previous period
Changes during the period
Total changes during the period
Balance at the end of the current period
Retained earnings(deficits)
Balance at the end of the previous period
Changes during the period

Balance at the end of the current period
Total shareholders’ equity
Balance at the end of the previous period
Changes during the period

Balance at the end of the current period

14

For the six months ended
September 30, 2008

For the six months ended
September 30, 2009

74,902(4,853)

Net changes of items other than shareholders’ equity(68,336)

27,667

Total changes during the period(68,336)

27,667

Balance at the end of the current period

6,566

22,814(1,345)(1,449)Net changes of items other than shareholders’ equity

514

485

Total changes during the period

514

485

Balance at the end of the current period

(830)

(964)

(1,475)(1,475)--

Balance at the end of the current period
Foreign currency transaction adjustments(1,475)(1,475)

Balance at the end of the previous period

786

(248)

Net changes of items other than shareholders’ equity

(456)

85

Total changes during the period

(456)

85

Balance at the end of the current period

330

(163)

72,868(8,028)Net changes of items other than shareholders’ equity(68,277)

28,238

Total changes during the period(68,277)

28,238

Balance at the end of the current period

4,590

20,210261,627

204,897

Dividends from surplus(6,525)(6,525)

Net income
Decrease resulting from change in scope of applicationof equity method
Net changes of items other than shareholders’ equity

12,18023,386(31)-(68,277)

28,238

Total changes during the period(62,653)

45,100

Balance at the end of the current period

198,974

249,997

Valuation and Translation Adjustments
Net unrealized gains(losses) on other securities, net of taxes
Balance at the end of the previous period
Changes during the period

Net deferred losses on hedging instruments, net of taxes
Balance at the end of the previous period
Changes during the period

Land revaluation, net of taxes
Balance at the end of the previous period
Changes during the period
Total changes during the period

Changes during the period

Total valuation and translation adjustments
Balance at the end of the previous period
Changes during the period

Total Net Assets
Balance at the end of the previous period
Changes during the period15

4. Segment Information
Millions of yen
For the six months ended September 30, 2008
Life insurance
business
Ordinary revenues:
External customers
Intersegment
Total
Ordinary expenses
Ordinary profit¥ 371,609
516
372,125
352,053¥ 20,072

Non-life
insurancebusiness¥ 30,707
5
30,71329,533¥ 1,179

Bankingbusiness

Total¥ 17,731
30
17,762
16,611¥ 1,150¥ 420,048
553
420,601
398,198¥ 22,402

Elimination

Consolidated¥ (553)
(553)
(619)
¥ 66

¥ 420,048
420,048397,579¥ 22,469

Millions of yen
For the six months ended September 30, 2009
Life insurance
business
Ordinary revenues:
External customers
Intersegment
Total
Ordinary expenses
Ordinary profit¥ 431,960
683
432,643396,246¥ 36,396

Non-life
insurancebusiness¥ 33,992
033,99332,455¥ 1,537

Bankingbusiness¥ 15,294
27
15,322
13,846¥ 1,475

Total¥ 481,247
711
481,958
442,549¥ 39,409

Elimination

Consolidated¥ (711)
(711)
(760)
¥ 48

¥ 481,247
481,247
441,789¥ 39,457

Notes)
1. Life insurance business consists of Sony Life Insurance Co., Ltd., Sony Life Insurance (Philippines) Corporation, AEGON Sony
Life Insurance Co., Ltd.(its name was changed from AEGON Sony Life Planning Co., Ltd. on August, 2009), non-life insurance
business consists of Sony Assurance Inc. and banking business consists of Sony Bank Inc, and Sony Bank Security Inc,.
2. Amounts of unallocated ordinary expenses that are included in ‘Elimination’ for the six months ended September 30, 2008 and 2009are ¥468 million and ¥486 million, respectively, most of which are ordinary expenses of SFH.

5. Per Share Information
Net income per share is calculated based on the weighted-average number of shares of common stock outstanding during
the period. For the six months ended September 30, 2008 and 2009, net income per share was ¥5,600.26 and ¥10,752.29,
respectively. There were no potential dilutive securities. Net assets per share, calculated based on the number of shares ofcommon stock outstanding as of March 31 and September 30, 2009, were ¥94,205.75 and ¥114,941.40, respectively.
The basis for this calculation for the six months ended September 30, 2008 and 2009 is net income of ¥12,180 million and¥23,386 million, respectively, the entire amount of which is applicable to common stocks. The weighted-average number ofshares outstanding for the six months ended September 30, 2008 and 2009 were both 2,175,000 shares.

16

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 SFH’s scope of consolidation includes Sony Financial Holdings Inc., Sony Life Insurance Co. Ltd., Sony Life Insurance (Philippines) Corporation, Sony
Assurance Inc., Sony Bank Inc., Sony Bank Securities Inc. and AEGON Sony Life Insurance Co., Ltd.(previously: AEGON Sony Life Planning Co., Ltd), as
an affiliated company accounted for under the equity method.

On October 30, 2009, Sony Corporation announced its consolidated financial results for the second quarter ended September 30, 2009. 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, pleaserefer to the October 30, 2009, news release by Sony Corporation.
This Consolidated Financial Summary contains statements concerning the current plans, expectations, strategies and beliefs of the SonyFinancial Holdings Group (the “SFH Group”). Any statements contained herein that pertain to future operating performance and that are nothistoric facts are forward-looking statements. Forward-looking statements may include—but are not limited to—statements using words such as“believe,” “anticipate,” “plan,” “strategy,” “expect,” “forecast,” “predict,” “possibility” 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 anduncertainties, and actual results may vary substantially from those expressed or implied in forward-looking statements. Consequently, investors
are cautioned not to place 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 Hiroko Hanakura
Corporate Communications & Investor Relations Dept. Sony Financial Holdings Inc.
E-mail: press@sonyfh.co.jp
Telephone: +81-3-5785-1074
Website of Sony Financial Holdings Inc. http://www.sonyfh.co.jp/index_en.html

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