February 12, 2016
Sony Financial Holdings Inc.

Summary Information on Sony Assurance’s Financial Results
for the Nine Months Ended December 31, 2015
<Contents>
1. Balance Sheets

P.2

2. Statements of Income

P.3

3. Financial Summary (Year-on-Year Comparison)

P.4

4. Premiums and Losses Paid by Type of Policy

P.5

5. Non-consolidated Solvency Margin Ratio

P.61

1. Balance Sheets(Millions of yen)
As of March 31, 2015

As of December 31, 2015

Assets:Cash and deposits

10,738

5,123

Securities

111,809

126,444

Tangible fixed assets

3,539

4,147

Intangible fixed assets

7,084

5,913

Other assets

19,294

18,424

Deferred tax assets

5,452

5,718

157,919

165,773

122,173

131,193

Reserve for outstanding losses

35,66537,316

Underwriting reserves

86,50893,876

8,787

4,816

Income taxes payable

2,005

389

Others

6,781

4,427

Reserve for employees’ retirement benefits

1,130

1,238

Reserve for directors’ retirement benefits

33

41

Reserve for employees’ bonuses

927

463

Reserve for price fluctuations and others

124

143

124

143

133,178

137,896

Common stock

20,00020,000Capital surplus

20,0003,389

Retained earnings (deficits)(16,610)

2,126

Total shareholders’ equity

23,38925,516

Net unrealized gains (losses) on other securities, netof taxes

1,351

2,360

Total valuation and translation adjustments

1,351

2,360

24,741

27,876

157,919

165,773

Total Assets
Liabilities:
Underwriting reserves

Other liabilities

Reserve for price fluctuations
Total Liabilities
Net Assets:
Shareholders’ equity

Valuation and translation adjustments

Total Net Assets
Total Liabilities and Net Assets

22. Statements of Income(Millions of yen)
For the nine months ended
December 31, 2014Ordinary Revenues

For the nine months ended
December 31, 2015

69,91072,776

68,96571,80368,931

71,762

33

41

927

952

(Interest income and dividends)

945

981

(Gains on sale of securities)

1512(Transfer to interest and dividends on deposits of premiums)

(33)

(41)

17

21

65,433

68,952

Underwriting expenses

48,97150,924(Net losses paid)

33,65335,513(Loss adjustment expenses)

5,083

5,267

(Net commissions and brokerage fees)

1,048

1,123

(Provision for reserve for outstanding losses)

2,448

1,651

(Provision for underwriting reserves)

6,736

7,368

14

1

4

16,45618,021

3

2

4,477

3,823

Underwriting income(Net premiums written)(Interest and dividends on deposits of premiums)
Investment income

Other ordinary income
Ordinary Expenses

Investment expenses(Losses on sale of securities)
Operating, general and administrative expenses
Other ordinary expenses
Ordinary Profit
Extraordinary Gains-

Extraordinary Losses

-

34883

Losses on sale or disposal of fixed assets

17864

Provision for reserve for price fluctuations and others

1719

1719

Income Before Income Taxes

4,4432,940

Income Taxes –current

2,201

1,489

Income Taxes –deferred(895)(675)

Total Income Taxes

1,305

814

Net Income

3,137

2,126

Provision for reserve for price fluctuations

33. Financial Summary (Year-on-Year Comparison)(Millions of yen)
For the nine months
ended
December 31, 2014

For the nine months
ended
December 31, 2015

Change(Amount)

Change(%)

Gross direct premiums written

67,95070,810

2,860

4.2 %

(Direct premiums written)

67,95070,8102,860

4.2

Underwriting income

68,96571,803

2,837

4.1

68,931

71,7622,8304.1

Underwriting expenses

48,97150,924

1,9524.0(Net losses paid)

33,65335,513

1,859

5.5(Loss adjustment expenses)

5,083

5,267

183

3.6

(Net commissions and brokerage fees)

1,048

1,123

74

7.2

927

952

24

2.7

(Interest income and dividends)

945

981

35

3.7

(Gains on sale of securities)

15

12(3)

(19.9)

14

3

372.7

(Net premiums written)

Ordinary Income (expenses)

Investment income

Investment expenses

14

3

372.7

Operating, general and administrativeexpenses(Losses on sale of securities)

16,45618,021

1,564

9.5

(Operating, general and administrative
expenses related to underwriting)

16,397

17,966

1,569

9.6

13

18

4

35.6

4,477

3,823

(653)

(14.6)

3,596

2,911

(684)

(19.0)--

Other ordinary income, net
Ordinary profit(Underwriting profit)
Extraordinarygains (losses)

Extraordinary Gains

--

34

883

849

Extraordinary gains (losses), net

(34)

(883)

(849)

-

Income before income taxes

4,443

2,940

(1,502)(33.8)

Income taxes —current

2,201

1,489

(711)

(32.3)

Income taxes —deferred(895)(675)220-

Total income taxes

1,305814(491)(37.6)Net Income

3,137

2,126(1,011)(32.2)Net loss ratio

56.2%

56.8%

Net expense ratio

25.3%

26.6%

RatiosExtraordinary Losses

2,492.6

Notes: 1. Underwriting profit = Underwriting income – (Underwriting expenses + Operating, general and administrative expenses related to underwriting) ± Other income (expenses)
Other income (expenses) is the amount equivalent to the corporate income taxes for compulsory automobile liability insurance, etc.
2. Ratios are calculated as follows:
Net loss ratio=(Net losses paid + Loss adjustment expenses) / Net premiums written x 100
Net expense ratio=(Net commissions and brokerage fees + Operating, general and administrative expenses related to underwriting) / Net premium written x 1004

4. Premiums and Losses Paid by Type of Policy
Direct Premiums Written(Millions of yen)
For the nine months ended
December 31, 2014

For the nine months ended
December 31, 2015

Composition YoY Change

Amount%Fire206

Marine0.3-

Amount11.8-

YoY Change

Composition%%
259-%0.4-

26.1--

Personal accident

6,425

9.5

3.1

6,496

9.2

1.1

Voluntary automobile

61,31990.2

3.7

64,053

90.5

4.5

-

Compulsory automobile liability

Total

67,950--100.0-

3.6

70,810-

-

100.0

4.2

Net Premiums Written(Millions of yen)

For the nine months ended
December 31, 2015

For the nine months ended
December 31, 2014
AmountComposition YoY Change%

AmountComposition%

YoY Change%%

Fire

28

0.0(69.3)

35

0.0

25.0

Marine101

0.1(14.2)

36

0.1(64.3)

Personal accident

6,642

9.6

3.1

6,721

9.4

1.2Voluntary automobile

61,16388.7

3.7

63,913

89.1

4.5

995

1.4

6.8

1,055

1.5

6.1

68,931100.0

3.6

71,762100.0

4.1

Compulsory automobile liability

Total
Net Losses Paid(Millions of yen)

For the nine months ended
December 31, 2014
Amount

For the nine months ended
December 31, 2015

YoY Change Net loss ratio%

AmountYoY Change%

Net loss ratio
%%

Fire2

43.7

54.6

1(46.5)60.0

Marine82(18.3)

81.1

122

48.3

337.3

Personal accident

1,714

11.5

28.8

1,838

7.2

30.5

Voluntary automobile

30,935(5.0)

58.532,587

5.3

58.9

918

9.3

92.3

963

4.9

91.3

33,653

(4.0)

56.2

35,513

5.5

56.8

Compulsory automobile liability

Total

5

5. Non-consolidated Solvency Margin Ratio(Millions of yen)
As of March 31, 2015
(A) Total non-consolidated solvency margin
Capital or treasury
Reserve for price fluctuations

As of December 31, 2015

36,65042,34523,38925,516

124

143

Contingency reserve

8289

Catastrophe reserve

11,344

13,610General reserve for possible loan losses--

Net unrealized gains on other securities(before subtracting tax effects)

1,709

2,985

Net unrealized gains on real estate--

Excess refund reserve--

Subordinated debt
The portion of the excess refund reserve and subordinateddebt that is not included in the margin
Deductible items------

Others--11,641

12,174

10,465

10,775(B) Total non-consolidated risk

(R1+R2)2+(R3+R4)2+R5+R6

Ordinary insurance risk (R1)
Third-sector insurance risk (R2)--

Assumed interest rate risk (R3)8693

Asset management risk (R4)

1,101

1,392

Business management risk (R5)371265Major catastrophe risk (R6)

737

1,031

(C) Non-consolidated solvency margin ratio[(A)／{(B)×1/2}]×100

629.6%

695.6%

Note: The figures were calculated based on the provisions in Articles 86 and 87 of the Ordinance for Enforcement of the Insurance BusinessAct of Japan and Ministry of Finance Public Notice No. 50 of 1996.
The figures as of December 31, 2014 were partly calculated on the simplified method, for example, some bases for the major catastropherisk calculation are deemed same as the figures as of September 30, 2014
<Non-consolidated Solvency Margin Ratio>
Non-life insurance companies maintain reserves to ensure their ability to pay claims when accidents occur and return contracted amounts atmaturity on savings-type insurance. Non-life insurance companies must also maintain sufficient ability to pay in the event of a major catastrophe
or a dramatic drop in the value of the assets they hold—risk events outside the normal scope of expectations.
Total risk (item (B) in the table above) indicates dangers outside the general scope of expectations. The non-consolidated solvency margin ratio(item (C) in the table above) is an indicator of an insurer’s ability to pay, calculated as prescribed by the Insurance Business Act of Japan, basedon its percentage holdings of capital and other reserves (in other words, the total non-consolidated solvency margin, as indicated by (A) above).
“Risk events outside the normal scope of expectations” refers to the total of the amounts represented by the following risks:(1) Insurance underwriting risk: Risk outside the scope of risk incorporated into the rate of accident occurrence (excluding major(Ordinary insurance risk)
catastrophe risk)(Third-sector insurance risk)(2) Assumed interest rate risk
(3) Asset management risk
(4) Business management risk(5) Major catastrophe risk

: Risk that actual investment yields will fall below the investment yield assumed when calculating
premiums: Risk arising from such factors as unexpectedly large fluctuations in prices on held securities andother assets: Unexpected risk to business management other than (1) through (3) above and (5): Risk arising from major catastrophes (such as the Great Kanto Earthquake and the Ise Bay Typhoon)

A non-life insurer’s ability to pay (total non-consolidated solvency margin), as indicated by such factors as its capital and reserves, is the total of
the insurer’s net assets (excluding the amount of expected outflow from the company), reserves (such as the reserve for price fluctuations andand catastrophe reserve) and a portion of its net unrealized gains on real estate.
The non-consolidated solvency margin ratio is one of the objective indicators used by the insurance regulatory authorities to supervise insurers.
If this ratio is 200% or higher, an insurer is judged to have sufficient ability to satisfy claims and other payments.

6