February 14, 2017
Sony Financial Holdings Inc.

Summary Information on Sony Life’s Financial Results
for the Nine Months Ended December 31, 2016
<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 (General Account)

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) Consolidated Solvency Margin Ratio

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

P.12

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, 2015

As of March 31, 2016

As of December 31, 2016

Category

Individual life insurance

NumberAmount6,826

420,455

6,880

422,937

7,062

155

7,962

166

8,560

188

428,417

7,046

431,498

7,251

Individual annuities
Subtotal

6,981

NumberNumberAmount% change fromMarch 31, 2016

Amount

103.5

102.6

436,592

103.8

103.2

121.7

113.6

9,746

122.4

113.9

% YoY
change

103.9

102.9

% YoY
change% change fromMarch 31, 2016

446,339

104.2

103.4

Group life insurance-

15,697-

15,993---

17,878

113.9

111.8

Group annuities

-

135

-

130

-

-

-

119

88.1

91.1

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 nine months ended December 31, 2015

Category

NumberAmount463

38,373

Individual life insurance

NumberIncrease fromconversion

New policies-

38,373

Amount% YoYchange

363

78.4

% YoY
change33,619New policies

87.6

Increase fromconversion

33,619

-

38

2,150

2,150

-

25

66.3

1,377

64.1

1,377

-

501

40,524

40,524

-

388

77.5

34,99786.4

34,997-

Individual annuities
Subtotal

For the nine months ended December 31, 2016

Group life insurance-Group annuities

-

10

10
-

-

-

-

-

-

131

1,243.1
-

131
-

-

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 ofDecember 31, 2015

As ofMarch 31, 2016

As ofDecember 31, 2016

% YoY change% change fromMarch 31, 2016

Individual life insurance

744,687

751,820774,576

104.0

103.0

Individual annuities

27,20029,49532,756

120.4

111.1

Total

771,888781,315807,333

104.6

103.3

Of which, medical protection, living benefit
protection and other products

178,317

179,707

185,133

103.8

103.0

New policies(Millions of yen, %)Category

For the nine months ended
December 31, 2015

For the nine months ended
December 31, 2016

Individual life insurance

59,20850,184

84.8

Individual annuities% YoY change

6,628

3,967

59.9

Total

65,83654,15282.3

Of which, medical protection, living benefit
protection and other products

12,078

11,23893.0

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 single premium policies, premiums are divided by the number of coverage years.)
2. “Medical protection, living benefit protection and other products” 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
Japanese government and corporate 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, 2016
Amount52,551
280,973
6,479,336
6,351,176
33,364
93,14070,13423,005
1,654
171,649
115,816
85,031(272)
7,185,084
91,817

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

3

As of December 31, 2016%
0.7

Amount55,444

3.9
90.2
88.4
0.5
1.3
1.0
0.3
0.0
2.4
1.6
1.2
(0.0)
100.0
1.3

273,991
7,024,194
6,722,153
34,939265,576
234,169
31,406
1,525
176,876
117,704
1,620
113,696(274)
7,763,253
267,140

%
0.7
3.5
90.5
86.6
0.5
3.4
3.0
0.4
0.0
2.3
1.5
0.0
1.5
(0.0)
100.0
3.4

(2) 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, 2016

As of December 31, 2016
Net unrealized gains (losses)

Net unrealized gains (losses)
Category

Held-to-maturity securities
Policy-reserve-matching bonds

Carrying
amountFair value

Unrealized Unrealized
gains
losses5,383,938

7,410,168

2,026,230

2,026,230

251,260

292,566

41,30541,306

Stocks of subsidiaries andaffiliated companies

-

-

-

0
-

887,973

1,091,602

203,629

203,739

Japanese government andcorporate bonds

854,339

1,040,351

186,011

186,011

Japanese stocks

13,62525,664

12,03912,04910Foreign securities

19,842

25,279

5,436

5,536

99

19,842

25,279Stocks, etc.

-

Other securities

165

5,436
-

307

109
-

5,536
-

142

Fair value

5,921,349

7,607,710

279,337

312,242-

Available-for-sale securities

Bonds

Carrying
amount

99
-

142

-

Unrealized
gains

Unrealized
losses

1,686,360

1,745,082

58,721

32,90434,518

1,613

-

-

-

-

889,1931,070,295

181,101

182,152

852,988

1,020,656

167,667

167,667

13,62527,461

13,836

13,90569

22,413

21,854

(558)

422

980

422

10,887

10,727(160)-

11,525

11,127

(398)

-

165

322

156

1,050
-

582
-

398

156

-

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

Total

-

6,523,172

8,794,337

2,271,165

2,271,276

110

7,089,880

8,990,247

1,900,367

1,961,753

61,385

6,444,682

8,689,521

2,244,838

2,244,838

0

6,830,233

8,739,107

1,908,873

1,944,208

35,334

Japanese stocks

13,62525,664

12,03912,04910

13,62527,461

13,836

13,90569

Foreign securities

64,69878,84414,146

14,24599245,855

223,356(22,498)

3,481

25,980

3,481

Japanese government andcorporate bonds

Bonds

64,698Stocks, etc.

78,844-

Other securities

165

14,146-307

14,245
-

142

99
-

142

234,329

212,229(22,100)-

11,525

11,127

(398)

-

165

322

156

25,582
-

156

398
-

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

Notes:
1. The above table includes assets that 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 ¥232,381 million and¥43,366 million, respectively.

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

As of March 31, 2016

As of December 31, 2016

Held-to-maturity securities--

Unlisted foreign bonds--

Others--

Policy-reserve-matching bonds--

Stocks of subsidiaries and affiliated companies

13,267

14,017Available-for-sale securities

12,301

10,620Unlisted domestic stocks (except OTC stocks)

149

159

Unlisted foreign stocks (except OTC stocks)

439

635

Unlisted foreign bonds
OthersTotal-

11,712

9,825

25,56924,6384

c. 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 December 31, 2016

As of March 31, 2016
Category

Held-to-maturity securities

Net unrealized gains (losses)

Carrying
amountFair value

Unrealized
gains

Unrealized
lossesFair value

5,921,349

7,607,710

279,337

312,242

14,017

14,017

899,814

1,085,237

185,423

186,958

Unrealized
gains

Unrealized
losses

1,686,360

1,745,082

58,721

32,90434,5185,383,938

7,410,168

2,026,230

2,026,230

Policy-reserve-matching bonds

251,260

292,566

41,30541,306

Stocks of subsidiaries and affiliated companies

13,267

13,267Available-for-sale securities

900,274

1,109,405

209,130

209,792

Japanese government and corporate bonds

854,339

1,040,351

186,011

186,011

852,988

1,020,656

167,667

167,667

Japanese stocks

13,77525,814

12,03912,04910

13,78527,621

13,836

13,90569

Foreign securities

20,281

27,271

6,989

7,089

99

23,04823,710

662

1,642

980

19,842

25,279

5,436

5,536

99

10,887

10,727

(160)

422

582

Stocks, etc.

439

1,992

1,552

1,552

12,161

12,983

822

1,220

398

Other securities

11,877

Bonds-

15,967-Net unrealized gains (losses)

Carrying
amount

0
-

4,090

661
-

-

4,641

551

9,991

-

13,249

3,257

1,613
-

1,534
-

3,742

484

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

Total
Japanese government and corporate bonds

6,548,741

8,825,407

2,276,666

2,277,328-

662

7,114,518

9,019,208

1,904,689

1,966,559

61,86935,334

6,444,682

8,689,521

2,244,838

2,244,838

0

6,830,233

8,739,107

1,908,873

1,944,208

Japanese stocks

20,34332,382

12,03912,04910

21,10334,93913,836

13,90569

Foreign securities

71,83787,536

15,69915,79899

253,190

231,912(21,278)

4,702

25,980

Bonds

64,69878,84414,146

14,245

99

234,329

212,229(22,100)

3,481

25,582

Stocks, etc.

7,139

8,692

1,552

1,552

18,861

19,683

822

1,220

398

Other securities

11,877

15,967

4,090

4,641

9,991

13,249

3,257

3,742

551

484

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

5

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

As of March 31, 2016
Category

Monetary trusts

Net unrealized gains (losses)

Balance
Fair value
sheet amount
280,973

As of December 31, 2016

Unrealized Unrealized
gains
losses

280,973---

Balance sheet
Fair value
amount273,991

Net unrealized gains (losses)
Unrealized Unrealized
gains
losses273,991---

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

Monetary trusts for investment(Millions of yen)

As of March 31, 2016
Category

Net valuation gains (losses)
recorded in income

Balance sheet amount

Monetary trusts for investment

As of December 31, 2016-

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, 2016
Category

As of December 31, 2016

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

232,491

280,922

48,431

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

6

48,431-

230,574

273,941

43,36643,366-

3. Non-consolidated Balance Sheets(Millions of yen)

As of March 31, 2016

As of December 31, 2016

AmountAmountAssets:Cash and deposits

18,394

Call loans

88,200

Monetary trusts

119,790-

280,973

273,991

7,273,361

7,916,004

6,382,481

6,586,437

1,836

1,318

Japanese corporate bonds

125,101

283,744

Japanese stocks

83,41185,067

Foreign securities

471,973

713,745

171,649

176,876

Securities
Japanese government bonds
Japanese local government bonds

Loans
Policy loans

171,649

Commercial loans

176,841-

34

Tangible fixed assets

116,256

118,620

Intangible fixed assets

19,171

18,022

Due from reinsurers

298

1,088

Other assets

64,99892,944

Prepaid pension costs

2,377

Deferred tax assets

2,476
-

Reserve for possible loan losses
Total Assets

1,620

(272)

(274)

8,035,408

8,721,159

7,371,174

7,818,744

29,63530,097

7,336,533

7,783,138

5,006

5,507

Liabilities:
Policy reserves and others
Reserve for outstanding claims
Policy reserves
Reserve for policyholders' dividends
Due to agencies

2,455

1,496

Due to reinsurers

621

2,442

Other liabilities

104,996345,240

Accrued income tax

8,998

3,078

Lease obligations

13

11

Asset retirement obligations

679

2,144

95,305340,006

Reserve for employees' retirement benefits

Others21,94424,021

Reserve for directors' retirement benefits
Reserve under the special laws

121

113

44,26045,517

Reserve for price fluctuations

44,26045,517

Deferred tax liabilities
Deferred tax liabilities on land revaluation

7,151

-

488
7,553,212

8,238,063

Common stock

70,00070,000Capital surplus

5,865

5,865

5,865

5,865

257,175

275,158

Total Liabilities

488

Net Assets:

Capital reserve
Retained earnings
Earned reserve

26,11828,778Other retained earnings

231,056

246,380

231,056

246,380

Total shareholders' equity

Unappropriated retained earnings

333,040

351,023

Net unrealized gains (losses) on other securities, net of taxes

150,621

133,537

Land revaluation, net of taxes
Total valuation and translation adjustments(1,465)(1,465)

149,155

132,072

482,195
8,035,408

483,096
8,721,159

Total Net Assets
Total Liabilities and Net Assets
7

4. Non-consolidated Statements of Income(Millions of yen)
For the nine months ended
December 31, 2015

For the nine months ended
December 31, 2016

AmountAmountOrdinary Revenues

937,275

938,987

Income from insurance premiums

754,892

705,487

Insurance premiums
Investment income

753,985

703,903

153,415

195,004

Interest income and dividends

105,524

110,064

Income from monetary trusts, net

10,837

3,366

-

111

Gains on sale of securities

12,193

1,306

Gains on separate accounts, net
Other ordinary income

24,40455,93228,96738,495

Ordinary Expenses

888,233

893,789

Insurance claims and other payments

279,355

276,00962,524

Gains on trading securities, net

Insurance claims

61,305

Annuity payments

7,725

8,266

Insurance benefits

60,97975,877

Surrender payments

142,940

122,713

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

4,920

2,428

480,245447,069

4,648

462

475,595

446,605

1

0

5,078

38,997

Interest expenses

40

26

Losses on trading securities, net

94-

Losses on derivatives, net
Operating expenses

515

34,27597,423

101,678

Other ordinary expenses

26,13030,035

Ordinary Profit

49,09245,197Extraordinary Gains

6,352

Reversal of reserve for investment loss
Extraordinary Losses

6,352

-

7,731

1,310

Losses on disposal of fixed assets

649

Impairment losses

6

4

Provision for reserve under the special laws

1,035

1,257
1,257

Provision for reserve for price fluctuations

1,035

Valuation loss on stock of affiliated companies
Provision for Reserve for Policyholders' Dividends

6,682
855

814

Income Before Income Taxes

46,80743,072

Income Taxes —Current

16,84813,936

Income Taxes —Deferred(2,925)(2,091)

Total Income Taxes

13,922

11,844Net Income

32,88531,2278-

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

For the nine months ended
December 31, 2015
Core profit

A

Capital gains
Income from monetary trusts, net

For the nine months ended
December 31, 201635,13565,872

19,762

25,628

7,119-

Income from trading securities, net-

Gains on sale of securities

103

12,193

Gains on derivatives, net

1,306
-

Foreign exchange gains, net

435

Other capital gains
Capital losses

24,21813-758

39,882Losses on monetary trusts, net-

Losses on trading securities, net

-

143

-

Losses on sale of securities--

Devaluation losses on securities--

Losses on derivatives, net

515

Foreign exchange losses, net

34,275-

Other capital losses

-

99

5,606

Net capital gains (losses)

B

19,003(14,253)Core profit plus net capital gains (losses)

A+B

54,13951,618Other one-time gains--

Gains from reinsurance--

Reversal of contingency reserve--

Reversal of specific reserve for possible loan losses--

Others--Other one-time losses

5,096

Losses from reinsurance
Provision for contingency reserve
Provision for specific reserve for possible loan losses

6,421
-

-

4,930

6,266

12

0

Provision for reserve for possible loan losses for specific foreign countries--

Write-off of loans--

OthersNet other one-time gains (losses)
Ordinary profit

154

154

C

(5,096)(6,421)

A+B+C

49,04245,197

Notes:
1. Core profit for the nine months ended December 31, 2016 (A) includes income gains of ¥3,366 million in income from monetary trusts along with interest income anddividends of ¥7 million in income from trading securities, net. Other capital losses include the provision for policy reserves and others of ¥4,941 million for currency market
fluctuations of products dominated in foreign currencies; impairment losses of ¥665 million from investment partnership; "Others" of other one-time losses included
the provision of additional policy reserve of ¥154 million.
2. Core profit for the nine months ended December 31, 2015 (A) includes income gains of ¥3,717 million in income from monetary trusts along with interest income anddividends of ¥49 million in income from trading securities, net. Other capital gains include the reversal of policy reserves and others of ¥13 million for currency market
fluctuations of products denominated in foreign currencies; other capital losses include impairment losses of ¥99 million from investment partnerships;“Others” of other one-time losses included the provision of additional policy reserve of ¥154 million.

96. Solvency Margin Ratio(Millions of yen)

Category

As of March 31, 2016

Total solvency margin(A)

As of December 31, 2016

1,169,875

1,237,076

Common stock, etc.

319,740

349,164

Reserve for price fluctuations

44,26045,517

Contingency reserve

75,16681,433General reserve for possible loan losses

01

Net unrealized gains on other securities (before tax deductions) and net deferred gains or losses
on hedging instruments (before tax deductions) x 90% (100% if losses)

188,217

166,881

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

20,778

20,778Amount excluded from deferred tax assets-

Unallocated portion of reserve for policyholders' dividends

-

302

2,275

Deferred tax assets

83,64895,091

Excess amount of policy reserves based on Zillmer method

470,777

489,416

Subordinated debt--

The portion of the excess amount of policy reserves based on Zillmer method andsubordinated debt that is not included in the margin(31,308)(11,025)

Deductible items(1,707)(2,457)(B)

85,93090,589Insurance risk

R1

23,57623,934

Third-sector insurance risk

R8

8,519

8,567

Assumed interest rate risk

R230,61331,205

Minimum guarantee risk

R715,902

17,686

Asset management risk

R330,831

33,205Business management risk

R4

2,188

2,292

2,722.8%

2,731.1%

Total risk

(R1  R8 )  (R2  R3  R7 )  R4
2

2

Solvency margin ratio
(A)/

B

100

Notes: 1. The figures are 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.

10(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

As of March 31, 2016

Total solvency margin(A)

As of December 31, 2016

1,151,900

1,216,943

Common stock, etc.

318,011344,554

Reserve for price fluctuations

44,26045,517

Contingency reserve

75,16681,433

Catastrophe reserve--

General reserve for possible loan losses

01

Net unrealized gains on other securities (before tax deductions) and net deferred gains
or losses on hedging instruments (before tax deductions) x 90% (100% if losses)

188,217

166,881

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

20,778

20,778

Total amount of unrecognized net actuarial differences and unrecognized priorservice cost

(4,836)(4,076)--

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

302

2,275

Deferred tax assets

83,64895,091

Excess amount of policy reserves based on Zillmer method

470,777

489,416

Subordinated debt--

The portion of the excess amount of policy reserves based on Zillmer method
and subordinated debt that is not included in the margin(33,036)(15,635)

Deductible items(11,389)(9,295)(B)

82,98387,621R1

23,57623,934

Ordinary insurance risk

R5

-

-

Major catastrophe risk

R6

-

-

Third-sector insurance risk

R8

8,519

8,567

Insurance risk of small-amount short-term insurance providers

R9

-

-

Assumed interest rate risk

R230,61331,205

Minimum guarantee risk

R715,902

17,686

Asset management risk

R327,69830,072Business management risk

R4

2,126

2,229

2,776.2%

2,777.7%

Total risk

R12+R52+R8+R9)2+(R2+R3+R7)2+R4+R6

Insurance risk

Solvency margin ratio
(A)/

B

100

Notes: 1. The figures are calculated based on provisions in Articles 86-2 and 88 of the Ordinance for Enforcement of the Insurance Business Act of Japanand Public Notice of Financial Services Agency No. 23 of 2011.
2. Minimum guarantee risk is calculated based on the standardized approach.

11

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

Category

As of March 31, 2016

Individual variable life insurance and individual variable annuities

As of December 31, 2016
850,323

Group annuities

957,906-

Total separate account-

850,323

957,906

Note: 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, 2016

Category

NumberAs of December 31, 2016

AmountNumberAmountVariable life insurance (whole life type)823

8,690,797

846

8,739,601

Variable life insurance (limited term type)84

323,34993

387,249

Variable life insurance (term type)1

40,538

1

39,291909

9,054,686

941

9,166,142

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

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

As of March 31, 2016

Category

NumberIndividual variable annuities

As of December 31, 2016

Amount81

456,096

NumberAmount98

551,860

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.

8. Consolidated Summary
Not applicable12