November 12, 2015
Sony Financial Holdings Inc.

Summary Information on Sony Life’s Financial Results
for the Six Months Ended September 30, 2015
<Contents>
1. Key Performance Results(1) Policy Amount in Force and New Policy Amount

P.2(2) Annualized Premiums

P.2(3) Major P/L Items(4) Total Assets

P.3
P.3

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

P.4(2) Investment Policy

P.4(3) Results of Investment

P.4

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

P.5(2) Changes in General Account Assets by Category

P.5(3) Investment Income(4) Investment Expenses(5) Valuation Gains (Losses) on Trading-purpose Securities(6) Fair Value Information on Securities(7) Fair Value Information on Monetary Trusts (General Account)

P.6
P.6
P.7
P.7
P.9

4. Non-consolidated Balance Sheets

P.10

5. Non-consolidated Statements of Income

P.11

6. Reconciliation to Core Profit and Non-consolidated Ordinary Profit

P.12

7. Loans by Borrower Category

P.13

8. Risk-monitored Loans

P.13

9. Solvency Margin Ratio(Reference) Consolidated Solvency Margin Ratio

P.14
P.15

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

P.16(2) Policy Amount in Force (Separate Account)

P.16

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 September 30, 2014

As of March 31, 2015

As of September 30, 2015

Category

Individual life insurance

NumberAmount6,393

394,388

6,552

403,910

6,732

103

5,138

119

5,976

141

Individual annuities

NumberAmountNumber% change fromMarch 31, 2015

Amount

105.3

102.7

414,215

105.0

102.6

136.5

118.6

7,214

140.4

120.7

% YoY
change% YoYchange% change fromMarch 31, 2015

6,497

399,527

6,672

409,887

6,874

105.8

103.0

421,430

105.5

102.8

Group life insurance－

14,528－14,421－－－

15,397

106.0

106.8

Group annuities

－

287

－

172

－

－

－

139

48.7

81.2

Subtotal

Notes: 1. The policy amount in force for individual annuities are equal to the sum of (a) the funds to be held at the time annuity payments are to commence for policies for which annuity payments have not yet
commenced and (b) the amount of policy reserves for policies for which payments have commenced.
2. The policy amount in force for group annuities is equal to the amount of outstanding policy reserves.

New policy amount(Number: Thousand, Amount: 100 millions of yen, %)For the six months ended September 30, 2014

For the six months ended September 30, 2015

Category
NumberAmount275

20,738

Individual life insurance

New policies

Increase fromconversion

20,738－

NumberAmount% YoYchange

303

110.2

% YoY
change24,802

New policies

119.6

Increase fromconversion

24,802

－

10

535

535

－

23

225.0

1,347

251.8

1,347

－

286

21,273

21,273

－

327

114.5

26,150122.9

26,150－Group life insurance

－

51

51

－

－

8

16.7

8

Group annuities

－

－

－

－

－

－

－

－

Individual 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(Millions of yen, %)As of
September 30, 2014

As ofMarch 31, 2015

As of
September 30, 2015

% YoY change% change fromMarch 31, 2015

Individual life insurance

696,978

714,620734,236

105.3

102.7

Individual annuities

18,448

21,107

24,900

135.0

118.0

Total

715,427

735,728

759,136

106.1

103.2

169,757

172,800

176,122

103.7

101.9

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

New policies(Millions of yen, %)Category

For the six months ended
September 30, 2014

For the six months ended
September 30, 2015

% YoY change

Individual life insurance

34,41538,894113.0

Individual annuities

1,800

4,159

230.9

36,21643,053

118.9

6,590

7,383

112.0

Total
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, surgicalprocedure benefits, etc.) and products with living benefit protection (benefits for specific illness, nursing care benefits, etc.).

2

(3) Major P/L Items
Category(Millions of yen, %)For the six months ended
September 30, 2014

For the six months ended
September 30, 2015

% YoY
ChangeIncome from insurance premiums

454,032

508,798

112.1

Investment income

120,864

84,461

69.9

Insurance claims and other payments

173,004

173,103

100.1

4,566

35,674781.2

Investment expenses(4) Total Assets(Millions of yen, %)Category
Total assets

As of March 31, 2015

As of September 30, 2015
7,758,892

7,301,350

3% Change fromMarch 31, 2015
106.3

2. Status of Investment Assets (General Account)(1) Investment Environment
During the six months ended September 30, 2015, the Japanese economy remained at a standstill. Corporate earnings improved, but exports andcapital investment weakened due to deceleration in emerging-market economies. Personal consumption showed signs of rebounding following
the backlash after the consumption tax hike, but the upturn was modest. Real GDP growth (2nd preliminary figures1) was down 0.3% (seasonallyadjusted annualized rate of minus 1.2%) during the April–June quarter, exhibiting negative growth compared with the previous quarter due to theslowdown in exports and downturn in capital investment. Looking at individual demand factors, lower resource prices and irregularities inemerging-market economies were notable, and exports dropped 4.4% compared with the previous quarter (seasonally adjusted real figure).
Nominal GDP growth for the quarter was up 0.1% compared with the previous quarter (annualized rate of 0.2%). Real GDP growth for theJuly–September quarter2 is expected to show a gradual improvement, centered on personal consumption and other domestic demand factors.
The Japanese bond market performed robustly, fluctuating somewhat. Against the backdrop of loose monetary policies worldwide,long-term interest rates trended downward, but with a major rebound in June. Yields on 10-year Japanese government bonds (JGBs), an indicatorof long-term interest rates, rose from 0.405% (closing price) on March 31 to 0.536% (closing price) in June, with interest rates in other key
countries also exhibiting a similar upward trend. Thereafter, interest rates again faced increased downward pressure due to a plunge in stock prices
associated with growing uncertainty about emerging-market economies and to JGB purchases by the Bank of Japan (BOJ), and long-term interest
rates moved back downward. As of September 30, 2015, yields on 10-year JGBs were 0.356% (closing price), down slightly from their level on
March 31.
Stock market performance fell sharply. Although share prices were firm on expectations of economic recovery, moving into August,growing uncertainty about the outlook for emerging-market economies caused prices on Chinese shares to drop. Following suit, Japanese shares
dropped significantly. This situation reflected market uncertainty about a U.S. interest rate rise, creating substantial share price volatility. Afterreaching a temporary high at one point in June (¥20,952), the Nikkei Stock Average fell by nearly ¥4,000, but share prices gradually rebounded
after excessive concerns of economic worsening abated. As of September 30, 2015, the Nikkei was trading at ¥17,388.15, down from ¥19,206.99
on March 31.
On foreign exchange markets, the yen fluctuated in a small range in the neighborhood of ¥120 against the U.S. dollar. Moving to June, theyen weakened against the dollar on expectations of a U.S. interest rate rise. Little fluctuation was evident until August, with trading centered on¥123. After that point, growing concerns about emerging-market economies prompted yen buying, with exchange rates subsequently centering on
the neighborhood of ¥120 to the U.S. dollar. In yen/euro trading, improvements in the level of uncertainty about the Eurozone economy caused
the euro to firm up against the yen. As of September 30, the yen was trading at ¥133.99 against the euro, compared with ¥128.91 on March 31.

(2) Investment Policy
Our investment policy is based on asset liability management (ALM), a strategy stemming from an understanding of the characteristics of
insurance liabilities and prioritizing investments in assets that have corresponding characteristics. Specifically, as life insurance policies represent
long-term liabilities, we invest primarily in ultralong-term JGBs that have a long term remaining until maturity. This approach allows us toappropriately control the risks associated with interest rate fluctuations on insurance liabilities. Meanwhile, we limit our investments in risky assets
such as equities.

(3) Results of Investment
As of September 30, 2015, general account assets totaled ¥6,962.2 billion, up 7.0%, or ¥454.2 billion, from a year earlier. Within general accountassets, Japanese government and corporate bond investment totaled ¥6,027.4 billion (accounting for 86.6% of total general account assets),
foreign government and corporate bonds ¥66.0 billion (0.9%), Japanese stocks ¥34.0 billion (0.5%), monetary trusts ¥289.1 billion (4.2%), policy
loans ¥167.8 billion (2.4%), real estate ¥116.8 billion (1.7%), and cash and cash deposits and call loans ¥153.9 billion (2.2%).

1

Announced on September 8, 2015

2

Initial preliminary report expected on November 16, 20154

3. 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, 2015
Amount% of total
56,818
0.9
－
－
－
－
－
－
－
－
313,276
4.8
5,783,292
88.9
5,606,885
86.2
42,496
0.7
131,6272.0
105,556
1.6
26,070
0.4
2,283
0.0
162,399
2.5
117,764
1.8－－
74,722
1.1
(268)
(0.0)
6,508,006
100.0
82,158
1.3

As of September 30, 2015
Amount% of total
153,999
2.2
－
－
－
－
－
－
－
－
289,182
4.2
6,154,584
88.4
6,027,432
86.6
34,0280.5
91,562
1.3
66,0530.9
25,509
0.4
1,560
0.0
167,862
2.4
116,874
1.7
2,420
0.0
77,620
1.1
(281)
(0.0)
6,962,262
100.0
85,3661.2

Note: The amount for real estate is equivalent to the total amount of land, buildings and construction in progress.

(2) Changes in General Account Assets by Category(Millions of yen)

Category

For the six months ended
September 30, 2014
3,344
－
－
－
－
3,456
215,801
200,729
2,933
13,43913,665(225)(1,300)4,310
51,993(8,065)1,910(21)272,730
13,263

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

Note: The amount for real estate is equivalent to the total amount of land, buildings and construction in progress.

5

For the six months ended
September 30, 2015
97,180－－－－(24,093)371,291
420,547(8,467)(40,065)(39,503)
(561)
(722)
5,462
(890)
2,420
2,898
(13)
454,255
3,207

(3) Investment Income(Millions of yen)

Category

For the six months ended
September 30, 2014

Interest income and dividends

For the six months ended
September 30, 2015
65,87969,8460

0Interest income and dividends from securities

57,73961,621

Interest income from loans

2,937

3,056

Income from real estate for rent

5,170

5,135

32

33

Interest income from deposits

Other
Gains on securities under proprietary accounts
Income from monetary trusts, net

－

－

2,646

6,188

91

－

3,889

6,591

Gains on sale of Japanese bonds

3,080

5,936

Gains on sale of Japanese stocks

808

579

Gains on sale of foreign securities

－

75

Other

－

－

Income from trading securities, net
Gains on sale of securities

Gains on redemption of securities

1－

Gains on derivatives, net

33

1,676

Foreign exchange gains, net

1,832

146

Reversal of reserve for possible loan losses－－

Other investment income

7

11

74,381

84,461

Total(4) Investment Expenses(Millions of yen)

Category

For the six months ended
September 30, 2014

For the six months ended
September 30, 2015

Interest expenses

15

24

Losses on securities under proprietary accounts－－

Losses on monetary trusts, net－－

Losses on trading securities, net－

384

Losses on sale of securities－－

Losses on sale of Japanese bonds－－

Losses on sale of Japanese stocks－－

Losses on sale of foreign securities

－

－

Other

－

－

－

－

Devaluation losses on Japanese bonds－－

Devaluation losses on Japanese stocks－－

Devaluation losses on foreign securities

－

－

Other

－

－

Losses on redemption of securities

0－

Losses on derivatives, net－－

Foreign exchange losses－－

Provision for reserve for possible loan losses

22

13

Devaluation losses on securities

Write-off of loans
Depreciation of real estate for rent and others
Other investment expenses
Total

6

－

－

969

967

3,559

2,327

4,566

3,717

(5) Valuation Gains (Losses) on Trading-purpose Securities(Millions of yen)

As of March 31, 2015
Category
Balance sheet amount

Trading-purpose securities

As of September 30, 2015

Net valuation
gains (losses)
recorded inincomeBalance sheet amount

Net valuation
gains (losses)
recorded inincome

40

3,331

(396)

1,062

Note: The chart above includes trading-purpose securities in "monetary trusts" etc.

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

As of March 31, 2015

As of September 30, 2015

Net unrealized gains (losses)
Category

Held-to-maturity securities

Carrying
amountFair value

4,878,792

Net unrealized gains (losses)

Unrealized Unrealized
gains
losses5,718,258

839,466

839,567

101

Policy reserve matching bonds

-

-

-

-

-

Stocks of subsidiaries andaffiliated companies

-

-

-

-

-

Available-for-sale securities

Fair value

5,155,269

5,935,548

157,875

159,879-

Unrealized
gains

Unrealized
losses780,278780,295

17

2,004

2,005

0

-

-

-

1,007,822

1,176,698

168,875

168,984

939,549

1,096,519

156,970

157,138

JGBs, other bonds

974,613

1,120,126

145,512145,512-907,246

1,045,459

138,212138,212

Japanese stocks

13,421

29,496

16,075

16,075-

13,67025,987

12,316

12,418Foreign securities
Bonds

167
101

19,451

26,412

6,961

7,069

108

18,466

24,791

6,325

6,391

66

26,412

6,961

7,069

108

18,466

24,791

6,325

6,391

66

336

Monetary claims purchased

663

-

326

-

-

-

326
-

-

165

-

281

115

-

-

115

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

Total

5,886,614

6,894,956

1,008,341

1,008,551

210

JGBs, other bonds

5,775,323

6,736,583

961,259

961,361101

Japanese stocks

13,421

29,496

16,075

16,075

Foreign securities
Bonds

Monetary claims purchased--

6,252,694

7,191,947

939,253

939,439

186

6,180,738

7,096,023

915,285

915,29712

13,67025,987

12,316

12,418101

97,533

128,21430,68030,788108

58,11969,655

11,535

11,60772

97,533

128,21430,68030,788108

58,11969,655

11,535

11,60772

Stocks, etc.
Other securities-

19,451

Stocks, etc.
Other securities

108

Carrying
amount

336

663

-

326

-

326

-

-

-

-

165

281

-

115

-

-

-

-

-

115
-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

Notes:
1. The above table includes assets which are permitted to be treated as equivalent to securities defined in the Financial Instruments and Exchange Act of Japan.
2. Carrying amount and net unrealized gains (losses) on monetary trusts, including items other than trading-purpose securities, amounted to ¥249,727 million and¥41,790 million, respectively.

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

As of March 31, 2015

As of September 30, 2015

Held-to-maturity securities--

Unlisted foreign bonds--

Others--

Policy reserve matching bonds-

Stocks of subsidiaries and affiliated companies

18,500Available-for-sale securities

14,492Unlisted domestic stocks (except OTC stocks)

11,817
12,866-

Unlisted foreign stocks (except OTC stocks)-

663

Unlisted foreign bonds

524-

OthersTotal-

13,82812,341

32,992

24,683c. Fair Value information consisting of that stated in the previous table-a and foreign exchange and other gains (losses) for table-b(Millions of yen)
As of March 31, 2015
Category

Held-to-maturity securities

As of September 30, 2015

Net unrealized gains (losses)

Carrying
amountFair value

4,878,792

Unrealized
gains

Unrealized
losses17

5,155,269

5,935,548

780,278780,295--

157,875

159,879

2,004

2,005

18,50018,500---11,817

11,817---

1,022,315

1,198,889

176,574

177,188614

952,415

1,117,808

165,392

165,879

486

JGBs, other bonds

974,613

1,120,126

145,512145,512-907,246

1,045,459

138,212138,212-

Japanese stocks

13,421

29,496

16,075

16,075-

13,67025,987

12,316

12,418101

Foreign securities

20,11528,488

8,373

8,482

108

18,99027,101

8,110

8,176

66

19,451

26,412

6,961

7,069

108

18,466

24,791

6,325

6,391

66

Stocks, etc.

663

2,076

1,412

1,412

-

524

2,309

1,784

1,784

-

Other securities

14,165

20,778

6,613

7,118

505

12,507

19,260

6,753

7,071

318

Bonds

101

Unrealized
gains

-

Available-for-sale securities

839,567

Fair value-

Stocks of subsidiaries and affiliated companies

839,466

Net unrealized gains (losses)

Carrying
amount-Policy reserve matching bonds

5,718,258

Unrealized
losses0

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

Total

5,919,607

6,935,647

1,016,040

1,016,756

715

JGBs, other bonds

5,775,323

6,736,583

961,259

961,361101

Japanese stocks

26,42142,496

16,075

16,075-

Foreign securities-

6,277,377

7,225,053

947,675

948,180504

6,180,738

7,096,023

915,285

915,297

12

19,98832,305

12,316

12,418

101

103,697

135,790

32,09232,201

108

64,144

77,464

13,32013,39272

Bonds

97,533

128,21430,68030,788108

58,11969,655

11,535

11,60772

Stocks, etc.

6,163

7,576

1,412

1,412

-

6,024

7,809

1,784

1,784

-

Other securities

14,165

20,778

6,613

7,118

505

12,507

19,260

6,753

7,071

318

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

8

(7) Fair Value Information on Monetary Trusts (General Account)(Millions of yen)

As of March 31, 2015
Category

Monetary trusts

Net unrealized gains (losses)

Balance
Fair value
sheet amount
313,276

As of September 30, 2015

Unrealized Unrealized
gains
losses-313,276

Balance sheet
Fair value
amount289,182

Net unrealized gains (losses)
Unrealized Unrealized
gains
losses-289,182

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

Monetary trusts for investment(Millions of yen)

As of March 31, 2015
Category

As of September 30, 2015

Net valuation gains (losses)
recorded in income

Balance sheet amount-

Monetary trusts for investment

Net valuation gains (losses)
recorded in income

Balance sheet amount

-

-

-

Monetary trusts for held-to-maturity and policy reserve matching and other monetary trusts(Millions of yen)

As of March 31, 2015
Category

As of September 30, 2015

Net unrealized gains (losses)
Carrying
amountFair value

Net unrealized gains (losses)

Unrealized Unrealized
gains
lossesCarrying
amountFair value

Unrealized Unrealized
gains
lossesMonetary trusts for held-to-maturity

-

-

-

-

-

-

-

-

-

-

Monetary trusts for policy reserve matching

-

-

-

-

-

-

-

-

-

-

Other monetary trusts

268,017313,225

45,20845,208

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

9-247,341

289,131

41,79041,790-4. Non-consolidated Balance Sheets(Millions of yen)

Assets:Cash and deposits
Cash
Deposits
Call loans
Monetary trusts
Securities
Japanese government bonds

As ofMar. 31, 2015

As of
Sep. 30, 2015

AmountAmount16,535
1
16,534
71,234313,276
6,543,703
5,742,140

15,5704
15,566
182,190
289,182
6,899,680
6,119,877

Japanese municipal bonds

2,060

2,047

Japanese corporate bonds
Japanese stocks
Foreign securities
Other securities
Loans
Policy loans
Commercial loans
Tangible fixed assets
Land
Buildings
Leased assets
Other tangible fixed assets
Intangible fixed assets
Software
Other intangible fixed assets
Due from reinsurers
Other assets
Other receivable
Prepaid expenses
Accrued income
Money on deposits
Initial margins of futures markets
Derivative
Advance payments
Others
Prepaid pension costs
Deferred tax assets
Reserve for possible loan losses

28,66492,564
451,613226,659
162,399
162,3972
118,232
83,00734,75715452
21,59021,5809
18158,52133,791
1,220
17,059
4,061
813
867
248
373
85
2,295
－
(268)

57,33983,726
433,053
203,635
167,862
167,862－
117,307
83,00733,86714418
20,241
20,231
9239
62,07535,476
1,594
18,024
4,140
1,401
－
877
464
97
2,403
2,420
(281)

Reserve for investment losses(6,352)－

Variation margins of futures markets

Total Assets

7,301,350

7,758,892

Liabilities:
Policy reserves and others
Reserve for outstanding claims
Policy reserves
Reserve for policyholders' dividends
Due to agencies
Due to reinsurers
Other liabilities
Payable under securities lendingtransactions
Accrued income tax
Other payables
Accrued expenses
Unearned income
Deposits received
Deposits received for guarantee
Variation margins of futures markets
Derivative liabilities
Lease obligations
Asset retirement obligations
Policy suspense and other suspense
Reserve for employees' retirement benefits
Reserve for directors' retirement benefits
Reserve for price fluctuations
Reserve for price fluctuations
Deferred tax liabilities
Deferred tax liabilities on land revaluation
Total Liabilities
Net Assets:
Common stock
Capital surplus
Capital reserve
Retained earnings
Earned reserve
Other retained earnings
Unappropriated retained earnings
Total shareholders' equity
Net unrealized gains (losses) on other securities,
net of taxes
Land revaluation, net of taxes
Total valuation and translation adjustments
Total Net Assets
Total Liabilities and Net Assets

10

As of
Mar. 31, 2015

As of
Sep. 30, 2015

AmountAmount

6,756,882
25,4496,727,241
4,191
2,450
585
45,6197,044,535
26,3807,013,528
4,627
2,571
506
213,944－

177,801

16,742
1,412
15,399
953
1,783
5,076
－
728
16
665
2,842
19,72591
42,84542,845
120
503

8,614
1,342
16,130
912
530
5,293
1,188
64
15
672
1,377
20,874106
43,523
43,523－503

6,868,824

7,326,565

70,0005,865
5,865
240,028
22,128217,900
217,900
315,893

70,0005,865
5,865
240,192
25,068215,124
215,124
316,057

118,113

117,749(1,480)116,632
432,526
7,301,350(1,480)116,268
432,326
7,758,892

5. Non-consolidated Statements of Income(Millions of yen)

For the six months ended
September 30, 2014

For the six months ended
September 30, 2015

AmountAmountOrdinary Revenues
Income from insurance premiums
Insurance premiums
Ceded reinsurance commissions
Investment income
Interest income and dividends
Interest income from deposits
Interest income and dividends from securities
Interest income from loans
Rent revenue from real estate
Other interest income and dividends
Income from monetary trusts, net
Gains on trading securities
Gains on sale of securities
Gains on redemption of securities
Gains on derivatives, net
Foreign exchange gains, net
Other investment income
Gains on separate accounts, net
Other ordinary income
Income for annuity riders
Income from deferred payment of claims
Other ordinary income
Ordinary Expenses
Insurance claims and other payments
Insurance claims
Annuity payments
Insurance benefits
Surrender payments
Refund to policyholders
Reinsurance premiums
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 trading securities
Losses on redemption of securities
Provision for reserve for possible loan losses
Depreciation of real estate for rent and others
Other investment expenses
Losses on separate accounts, net
Operating expenses
Other ordinary expenses
Payments of deferred claims
Taxes
Depreciation and amortization
Provision for reserve for employees' retirement
Provision for reserve for directors' retirement
OthersOrdinary Profit
Extraordinary Gains
Reversal of reserve for investment loss
Extraordinary Losses
Losses on disposal of fixed assets
Impairment losses
Provision for reserve for price fluctuations
Provision for reserve for price fluctuations
Valuation loss on stock of equity method affiliatedcompanies
Provision for Reserve for Policyholders' Dividends
Income Before Income Taxes
Income Taxes -current
Income Taxes -deferred
Total Income Taxes
Net Income

11579,390454,032
453,263768
120,864
65,879057,739
2,937
5,170
32
2,646
91
3,889
1
33
1,832
7
46,483
4,493
2,077
802
1,612
538,963
173,004
40,082
5,215
20,664
104,652
1,430
958
293,672
3,882
289,788
1
4,566
15
－
0
22
969
3,559
－
56,834
10,885
1,240
5,226
2,632
1,774
11
0
40,427
－
－
633
15
0
618
618

596,372
508,798
508,344453
84,461
69,846
061,621
3,056
5,135
33
6,188
－
6,591
－
1,676
146
11
－
3,112
725
1,202
1,184
573,485
173,103
41,583
5,283
23,73697,433
4,083
982
287,219930
286,287
1
35,674
24
384
－
13
967
2,327
31,956
65,612
11,876
1,648
6,079
2,626
1,506
15
0
22,886
6,352
6,352
7,363
2
0
678
678

－

6,682

219
39,573
13,240(619)
12,621
26,952647
21,228
8,789(2,424)
6,364
14,863

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

For the six months ended
September 30, 2014
Core profit

A

Capital gains
Income from monetary trusts, net

For the six months ended
September 30, 2015

38,598

14,4605,845

12,246

－

3,631

90

－

3,889

6,591

Gains on derivatives, net

33

1,676

Foreign exchange gains, net

1,832

146

－

199

Income from trading securities, net
Gains on sale of securities

Other capital gains
Capital losses

1,428

518

Losses on monetary trusts, net－－

Losses on trading securities, net－

419

Losses on sale of securities－－

Devaluation losses on securities－－

Losses on derivatives, net－－

Foreign exchange losses, net

－

－

1,428

99

Net capital gains (losses)

Other capital losses
B

4,417

11,728Core profit plus net capital gains (losses)

A+B

43,01526,188－－

Gains from reinsurance－－

Reversal of contingency reserve－－

Reversal of specific reserve for possible loan losses－－

Other one-time gains

OthersOther one-time losses

－

－

2,588

3,301

－

－

2,455

3,178

Provision for specific reserve for possible loan losses

21

13

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

Write-off of loans－－

Losses from reinsurance
Provision for contingency reserve

OthersNet other one-time gains (losses)
Ordinary profit

111

109

C

(2,588)(3,301)

A+B+C

40,42722,886

Notes:
1. Core profit for the six months ended September 30, 2015 (A) includes income gains of ¥2,556 million in income from monetary trusts and interest income
and dividends of ¥35 million in income from trading securities, net; other capital gains include reversal of policy reserves and others of ¥199 million for
currency market fluctuations of products dominated in foreign currencies; other capital losses include impairment losses of ¥99 million from investment
partnership; "Others" of other one-time losses included provision of additional policy reserve of ¥109 million.
2.Core profit for the six months ended September 30, 2014 (A) includes income gains of ¥2,646 million in income from monetary trusts and interest income anddividends of ¥0 million in income from trading securities, net; other capital losses include provision for policy reserves and others of ¥1,288 million for currency
market fluctuations of products dominated in foreign currencies and impairment losses of ¥139 million from investment partnership; "Others" of other one-timelosses included provision of additional policy reserve of ¥111 million.

127. Loans by Borrower Category(Millions of yen, %)Category

As of September 30, 2015

As of March 31, 2015

Bankrupt and quasi-bankrupt loans
Doubtful loans
Sub-standard loans
Subtotal[% to total]
Normal loans
Total

[-]
165,075
165,075[-]
329,974
329,974

Notes:

1.Bankrupt and quasi-bankrupt loans are loans to borrowers who are subject to bankruptcy, corporate reorganization, rehabilitation or other similar
proceedings and other borrowers in serious financial difficulties.
2. Doubtful loans are loans to borrowers (other than bankrupt and quasi-bankrupt borrowers) with deteriorated financial condition and results ofoperations from which it is unlikely that the principal and interest on the loans will be recovered.
3. Sub-standard loans are loans on which principal and/or interest are past due for three months or more (excluding loans described in notes 1. and 2.
above) and loans on which terms and conditions have been amended in favor of the borrowers (e.g. reduction of the original interest rate, deferral ofinterest payments, extension of principal repayments or debt waiver) in order to support the borrowers’ recovery from financial difficulties(excluding loans described in notes 1. and 2. above and loans on which principal and/or interest are past due for three months or more).
4. Normal loans are all other loans.

8. Risk-monitored Loans
Not applicable13

9. Solvency Margin Ratio(Millions of yen)

Category

As of March 31, 2015

As of September 30, 2015

1,078,363

1,113,230

Common stock, etc.

301,193

315,628

Reserve for price fluctuations

42,845

43,523

Contingency reserve

68,70771,88500

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

158,917

148,853

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

15,325

15,325

－

－

212

689

Deferred tax assets

81,20187,054

Excess amount of policy reserves based on Zillmer method

429,392

453,499－－

The portion of the excess amount of policy reserves based on Zillmer method andsubordinated debt that is not included in the margin(16,433)(21,772)

Deductible items(3,000)(1,457)

84,411

83,771

Total solvency margin(A)

General reserve for possible loan losses

Amount excluded from deferred tax assets
Unallocated portion of reserve for policyholders' dividends

Subordinated debt

Total risk

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

(Ｂ)

Insurance risk

R1

23,04523,385

Third-sector insurance risk

R8

8,422

8,496

Assumed interest rate risk

R2

30,13830,423

Minimum guarantee risk

R714,373

15,105

Asset management risk

R331,49329,618Business management risk

R4

2,149

2,140

2,555.0%

2,657.7%

Solvency margin ratio
(A)
x 100
(1/2) x (B)Not1. The figures were calculated based on provisions in Articles 86 and 87 of the Ordinance for Enforcement of the Insurance Business Act of Japanand the Ministry of Finance Public Notice No. 50 of 1996.
2. Minimum guarantee risk is calculated based on the standardized approach.

14

(Reference) Consolidated Solvency Margin Ratio
Although Sony Life is not required to prepare consolidated financial statements since it does not have consolidated subsidiaries,
Sony Life discloses consolidated solvency margin ratio consolidated with it's affiliated companies quarterly.
(Millions of yen)

Category
Total solvency margin

As of March 31, 2015

As of September 30, 2015

1,066,059

1,100,124

Common stock, etc.

299,756

314,173

Reserve for price fluctuations

42,845

43,523

Contingency reserve

68,70771,885

Catastrophe reserve－－

General reserve for possible loan losses

00158,917

148,853

15,325

15,325(1,918)(1,466)

－

－

212

689

Deferred tax assets

81,20187,054

Excess amount of policy reserves based on Zillmer method

429,392

453,499－－

The portion of the excess amount of policy reserves based on
Zillmer method and subordinated debt that is not included in themargin(17,870)(23,227)

Deductible items(10,510)(10,188)

80,30081,114(A)

Net unrealized gains on other securities multiplied by 90% (100% if
losses)Net unrealized gains on real estate multiplied by 85% (100% if
losses)Total amount of unrecognized actuarial differences, andunrecognized past service cost
Amount excluded from deferred tax assets
Unallocated portion of reserve for policyholders' dividends

Subordinated debt

(B)

Total risk
Insurance risk

R1

23,04523,385

Ordinary insurance risk

R5

－

－

Major Catastrophe risk

R6

－

－

Third-sector insurance risk

R8

8,422

8,496

－

－

Insurance risk of small-amount short-term insurance providers

R9

Assumed interest rate risk

R2

30,13830,423

Minimum guarantee risk

R714,373

15,105

Asset management risk

R327,11826,785Business management risk

R4

2,061

2,083

100

2,655.1%

2,712.5%

Solvency margin ratio(A)x(1/2) x (B)Notes: 1. The figures were calculated based on provisions in Articles 86-2 and 88 of the Ordinance for
Enforcement of the Insurance Business Act of Japan and Public Notice of Financial Services Agency No. 23 of 2011.
2. Minimum guarantee risk was calculated based on the standardized approach.

15

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

Category

As of September 30, 2015

As of March 31, 2015

Individual variable life insurance and individual variable annuities

793,344796,630--

793,344796,630

Group annuities
Total separate accountNote: Assets relating to individual variable life insurance and individual variable annuities are jointly invested at Sony Life.

(2) Policy Amount in Force (Separate Account)(Number: Thousand, Amount: Millions of yen)

Individual variable life insurance
As of March 31, 2015

Category

NumberAs of September 30, 2015

AmountNumberAmountVariable life insurance (whole life type)685

7,826,857

769

8,368,577

Variable life insurance (limited term type)61

222,44374

274,103

Variable life insurance (term type)1

44,356

1

42,258748

8,093,657

845

8,684,938

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

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

As of March 31, 2015

Category

NumberIndividual variable annuities

As of September 30, 2015

Amount46

252,266

NumberAmount64

357,766

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 whichannuity payments have not yet commenced and (b) the amount of policy reserves for policies for which payments have commenced.

16