November 12, 2018
Sony Financial Holdings Inc.

Sony Life's Supplementary Data for the Six Months Ended September 30, 2018 at Press Conference(1) Status of Insurance Policies(Millions of yen)
For the six months ended Sep. 30, 2018
Change fromMar. 31, 2018

YoY change

For the year
ended
Mar. 31, 2018

For thesix months ended
Sep. 30, 2017

Annualized premiums from new policies

37,989－+17.3%73,07332,391

Of which, third-sector products

7,311－+22.0%12,984

5,991

Annualized premiums of policies in force

864,668

+1.9%

+3.7%

848,823

833,509Of which, third-sector products

194,918

+1.6%

+2.8%

191,895

189,603542,005－+12.8%

1,059,269

480,491

537,793

Income from insurance premiums－+12.9%

1,050,339

476,351

3,083－(0.7%)

6,386

3,107

New policy amount

3,159,775－+41.6%

5,287,977

2,230,727

Policy amount in force

48,506,688

+2.7%

+4.9%

47,253,441

46,219,136

Lapse and surrender amount

1,587,351－+81.7%

2,250,823

873,448

3.36－+1.43pt

4.97

1.93

Individual life insurance and annuities
Group insurance and annuities

Lapse and surrender rate (Policy amount basis) (%)

Notes: 1. The above figures excluding income from insurance premiums represent total amounts of individual life insurance and individual annuities.
2. The amounts of lapse and surrender as well as lapse and surrender rate do not include reinstatement.
3. Income from insurance premiums for the individual life insurance and annuities represents a total amount of those of individual life insurance and individual annuities.
Income from insurance premiums for the group life insurance and annuities represents a total amount of those of group life insurance and group annuities.
4. Annualized premiums, which are total of individual life insurance and individual annuities, are converted to a per-year premium amount by multiplying individual premiums by a coefficient corresponding to
the premium payment method. (For single premium policies, premiums are divided by the number of coverage years.)(2) Status of Assets
As of Sep. 30, 2018
Change fromMar. 31, 2018
Total assets(Millions of yen)

Real net assets (A)YoY change

As ofMar. 31, 2018

As ofSep. 30, 2017

10,070,585+5.3%+9.4%

9,567,689

9,208,334(100 millions of yen)

25,587(10.5%)(2.1%)

28,597

26,122

Real net assets (B)(100 millions of yen)

12,429

+0.1%

+3.3%

12,422

12,036

Solvency margin ratio(%)

2,618.9(5.4pt)(12.9pt)

2,624.3

2,631.8

Notes: Sony Life conducts overall asset-liability management (ALM) by determining the liability characteristics of its long-term insurance policies and marking to market both assets and liabilities. Consequently,
the Company invests in long-term debt, chiefly long-term government bonds, to ensure adequate liquidity of assets. The majority of holdings are categorized as held-to-maturity bonds.
“Real net assets” are a standard used by regulatory authorities, who may use this as a basis for issuing an order to suspend operations from the standpoint of management soundness. Real net assets(indicated as “Real net assets (A)”) do not adequately reflect the results of ALM because although this measure includes the market value of assets, including held-to-maturity bonds, it does not reflect
the market value of liabilities. If regulatory authorities were to appropriately reflect ALM activities, valuation would clearly exclude net unrealized gains (losses) on held-to-maturity bonds and policy-reservematching bonds. Accordingly, Sony Life calculates net real assets (shown as “Real net assets (B)”) on this basis.

(Millions of yen)

(3) Core Profit / Positive Spread
For the six months ended Sep. 30, 2018
Change fromMar. 31, 2018
Core profit

57,868

Forecast for theyear ending Mar. 31, 2019
decrease

Positive spread (Negative amount indicates negative spread)

1－YoY change+31.8%For the yearended
Mar. 31, 2018

For thesix months ended
Sep. 30, 2017

81,38443,898(100 millions of yen)
For the year ended
Mar. 31, 2018177

(4) Policy and Other Reserves(Millions of yen)
As of Sep. 30, 2018
Change from
Mar. 31, 2018

Policy reserves (excluding contingency reserve)

YoY change

As ofMar. 31, 2018

As ofSep. 30, 2017

8,894,900+418,740+734,402

8,476,160

8,160,498

General accounts (excluding contingency reserve)

7,627,934+258,702+530,403

7,369,232

7,097,531

Separate accounts (excluding contingency reserve)

1,266,965+160,038+203,998

1,106,927

1,062,967

Reserve for price fluctuations

48,967+1,038+2,05747,92946,909Contingency reserve

94,325+4,410+8,24889,91586,076

Contingency reserve fund－－－－－Price fluctuations reserve fund－－－－－(Millions of yen)

(5) Unrealized Gains (Losses)
As of Sep. 30, 2018
Change fromMar. 31, 2018
Securities

YoY change

As ofMar. 31, 2018

As ofSep. 30, 2017

1,468,313(318,409)(115,415)

1,786,723

Japanese stocks

14,731(2,250)(1,411)

16,982

16,143Japanese bonds

1,491,321(296,826)(85,362)

1,788,148

1,576,684

Foreign securities(37,866)(19,338)(28,659)(18,528)(9,206)

69,127+726(1,434)

68,40070,562

Real estate

1,583,729

Notes: 1. Net unrealized gains (losses) on securities are calculated as the difference between the carrying value before mark-to-market and the fair market value for held-to-maturity securities and policy-reserve-matching
bonds and net unrealized gains (losses) on available-for-sale securities, net of taxes, other than trading-purpose securities (The amount includes “money held in trust”, but excludes trading-purpose securities) .
2. Real estate for rent is directed to domestic real estate, including land lease right, and the amount is the level after revaluation.

(6) Investment Results(Millions of yen)
For the six months ended
Sep. 30, 2018

Japanese stocks

27,895

Japanese bonds

9,135,417

Foreign stocks, etc.

19,051

Foreign bonds

440,320

Real estate

153,499

Note: 1. Japanese stocks exclude stocks of subsidiaries and affiliated companies, Japanese bonds include securities in money held in trust and Real estate is real estate for rent.
2. The amounts of the above table are fair value on Sep. 30, 2018

(7) Level of Indices where Unrealized Gains (Losses) on Assets are Break-even
As ofSep. 30, 2018
Japanese stocks (NIKKEI Average) (yen)7,951Japanese stocks (TOPIX)

(ppt)

599

Japanese bonds

(%)

1.7

Foreign securities

(yen)

110

Notes: 1. Japanese stocks are fully linked to the Nikkei Average and TOPIX, and valuations are calculated accordingly.
2. Japanese bonds calculations employ yields on newly issued 10-year JGBs, to one decimal place.
3. Calculations of foreign securities employ US dollar/yen conversions.

(8) Forecast for the Year Ending Mar. 31, 2019
Forecast
Income from insurance premiums

increase

Core profit

increase

Policy amount in force

increase

Annualized premiums for policies in force

increase2

(9) Number of Employees
As of Sep. 30, 2018
Change fromMar. 31, 2018

YoY change

As ofMar. 31, 2018

As ofSep. 30, 2017

Sales employees

5,830

+0.1%

+3.3%

5,826

5,645

Office employees

2,508

+3.6%

+6.3%

2,420

2,359

(10) Over-the-counter Sales through Banks(Millions of yen)
For the six months ended
Sep. 30, 2018
YoY change

Variable annuities

Fixed annuities

For the year
ended
Mar. 31, 2018

For thesix months
ended
Sep. 30, 2017

Number of new policies

1－1－

Insurance premiums

3－0－

Number of new policies－－－－

Insurance premiums－－－－

Note: Insurance premiums refer to single premium amount for single premium policies, and a figure converted to a per-year premium for other policies.

(Millions of yen)
For the six months ended
Sep. 30, 2018
YoY change
Single premium wholelife insurance
Single premium
endowment insurance

For the year
ended
Mar. 31, 2018

For thesix months
ended
Sep. 30, 2017

Number of new policies－－－－

Insurance premiums－－－－

Number of new policies－－－－

Insurance premiums－－－－

Note: Insurance premiums refer to single premium amount for single premium policies, and a figure converted to a per-year premium for other policies.

(Millions of yen)
For the six months ended
Sep. 30, 2018
YoY change

For the year
ended
Mar. 31, 2018

For thesix months
ended
Sep. 30, 2017

Single premiumlife insurance

Number of new policies－－－－

Insurance premiums－－－－

Level premium plan
life insurance

Number of new policies

62(53.7%)

264

134

Insurance premiums

14(69.6%)

9349

Notes: 1. Insurance premiums refer to single premium amount for single premium policies, and a figure converted to a per-year premium for other policies.
2. Number of new policies for the six months ended September 30, 2018 includes products such as family income insurance with living standard rider, U.S. dollar-denominated whole life insurance,
living benefit whole life insurance (living standard type).

3