November 17, 2008
Sony Financial Holdings Inc.

Summary Information on Sony Life’s Financial Resultsfor Six Months Ended September 30, 2008
<Contents>
1. Key Performance Results
2. Investment in General Account Assets for Six Months Ended September 30, 2008
3. Status of Investment Assets (General Account)
4. Balance Sheets (Non-consolidated)
5. Statements of Income (Non-consolidated)
6. Reconciliation to Core Profit and Non-consolidated Ordinary Profit
7. Loans of Borrower Category
8. Risk-Monitored Loans
9. Solvency Margin Ratio
10. Status of Separate Account Assets
11. Consolidated Summary
12. (Reference) Results for Three Months Ended September 30, 2008

1

P.2
P.4
P.5
P.11
P.12
P.13
P.14
P.14
P.15
P.16
P.17
P.20

1. Key Performance Results（1）Policy Amount in Force and New Policy Amount（Number: Thousand, Amount: 100 million yen, %)Policy Amount in Force
As of September 30, 2007

NumberCategory

As of September 30, 2008

AmountNumberAs of March 31, 2008

Amount% Changefrom Sept.
30, 2007% Change
fromMarch 31,
2008

NumberAmount% Change% Changefrom Sept. 30, from March
2007
31, 2008

4,247

306,437

4,535

106.8

103.3

317,871

103.7

101.8

4,392

312,370

Individual annuities

40

2,350

48

119.8

107.1

2,783

118.4

106.9

45

2,602

Group life insurance

-

9,179

-

-

-

9,645

105.1

102.9

-

9,372

Group annuities

-

727

-

-

-

734

100.9

100.2

-

733

Individual life insurance

Notes:

1. Policy amounts for individual annuities are equal to the sum of annuity assets at the time annuity payments commence and policy reserves after
annuity payments commence.
2. The policy amount in force for group annuities is equal to the amount of outstanding policy reserve.
（Number: Thousand, Amount: 100 million yen)

New Policy AmountSix Months Ended September 30, 2007

Category

NumberAmountNew
Policies

Increase from
Conversion

Six Months Ended September 30, 2008

NumberAmountYear Ended March 31, 2008

Increase from
Conversion

New Policies

NumberAmountNew Policies

Increase from
Conversion

Individual life
18,72918,72918,493 18,493
514
260
37,446 37,446
250－
insurance
Individual
299
299
10
4
218
218
579
579
5
－
annuities
Group life
44
44
59
43
43
59
insuranceGroupannuities
Notes:
1. The new policy amount including increase from conversion for individual annuities is 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（Million Yen, %）Policy amount in force
Category

Individual life insurance
Individual annuities
Total
Of which, medical protection,living benefit protection, etc

As of September 30, 2007

As of September 30, 2008

509,465

Change from
Change from March 31,
September 30,
2008
2007

531,514

104.3

102.0

521,197

8,024

9,433

117.6

107.0

8,814

517,490

540,948

104.5

102.1

530,011

120,530

124,595

103.4

101.4

122,854（Million Yen, %）New policies
Category

As of March 31, 2008

Six Months Ended September
30, 2007

Six Months Ended September 30, 2008

Change from six months
ended September 30,
2007

Year Ended March 31, 2008

61,250Individual life insurance

30,06730,070100.0

Individual annuities

1,158

869

75.1

2,225

31,22530,94099.1

63,475

6,593

6,513

98.8

13,358Total
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 single-payment policies, premiums are divided by the
number of coverage years.)
2. "Medical protection and living benefit protection products, etc." indicates the portion of annualized premiums for medical protection benefits(hospitalization benefit, surgical procedure benefit, etc.) and products with living benefit protection (benefits for specific illness, nursing care benefits,
etc.)

2

（Million Yen, %）(3) Major P/L Items
Six months ended September 30, 2008

CategorySix months ended
September 30, 2007

Change from six months
ended September 30,
2007

Year ended March 31,
2008

Income from insurance
premiums

318,541

327,085102.7

648,406

Investment income

44,742

43,291

96.8

87,493

Insurance claims andother payments

117,476

125,837107.1

241,106

Investment expenses

9,036

32,970364.9

69,895（Million Yen, %）(4) Total assets
As of September 30, 2008

Category

Total assets

ChangeChangefromfrom March
September
31, 2008
30, 2007

As of September 30,
2007

3,607,135

3,785,372

3

104.9

103.4

As of March 31, 2008

3,659,786

2. Investment in General Account Assets for Six Months Ended September 30, 2008
(1) Investment Environment
The slowdown of the Japanese economy grew more pronounced in the six months ended September 30, 2008. During the three months ended June30, 2008, real GDP growth was minus 0.7% year on year, and this deceleration appears to have continued during the July–September quarter.
During the April–June quarter, growth in personal consumption and capital investment was negative, and capital investment appears to havecontracted substantially in the July–September quarter, as well.
The bond market was particularly volatile. Plunging suddenly between late April and early June, bond prices rebounded through late August.
Investor apprehension concerning the state of the U.S. economy prompted a flight toward quality investment at the beginning of the fiscal year
ending March 31, 2009, with bond market prices falling (yields rising) accordingly. Bond prices plunged on news of the major increase in the
consumer price index announced on April 25, 2008, with bond futures tripping the circuit breaker that results from a decline of ¥2 or more. The
bond market’s nosedive accelerated the tendency toward risk aversion, primarily of Japanese banks. This situation caused the drop in bond prices todeepen (yields to rise). Against the backdrop of inflationary concerns and rising yields, prices continued falling in May and June, and yields on
10-year JGBs, which were at 1.275% on March 31, 2008, had risen as high as 1.895% at one point in mid-June, with bond prices dropping
commensurately. After that point, however, yields began falling again (prices rising), on the back of mounting fears of a Japanese economic
slowdown and financial uncertainty in the United States. Although interest rates trended upward in July, from August onward the economic outlook
grew more opaque resulting in downward revisions in domestic economic forecasts by the Japanese government and the Bank of Japan. Moving
into September, the U.S. government announced its decision to put Fanny Mae and Freddy Mac, government-sponsored residential financial
institutions, under public conservatorship. Following this announcement, Lehman Brothers, a major U.S. securities company, filed under the U.S.
Federal Bankruptcy Act, and leading insurer AIG filed for emergency government support. Such ongoing turmoil prompted a swift escalation inconcerns about the financial system, accompanied by the flight to higher-quality investments. Japanese investments were also affected, with yields
on 10-year JGBs dropping at one point to 1.375% (and bond prices rising accordingly). As of September 30, 2008, the yield on 10-year JGBs hadrisen to 1.480%.
The stock markets remained firm until mid-June, but prices fell at an increasing rate after that point. Pessimism regarding the U.S. financial
system receded from April to June, and improvements in the U.S. economic outlook and the depreciating yen helped temper uncertainties about
Japanese corporate earnings. The Japanese stock market turned upward as a result. At ¥12,525.54 as of March 31, 2008, by early June the Nikkei
Stock Average had risen to ¥14,601.27. However, the average took a turn for the worse, beginning in late June. Worsening terms of trade, caused bya falloff in exports prompted by the overseas economic slowdown and rising raw material prices, prompted mounting concerns about corporate
earnings. In addition, in August the Japanese government and the Bank of Japan revised downward their projections for the Japanese economy,
causing domestic stock market prices to fall further. Another factor contributing to this decline was a sudden tightening of hedge fund risk positions,owing to worsening investment performance prompted by falling crude oil prices. Moving into September, rising concerns about the financial
caused an increasing rate of decline in stock market prices throughout the world. As a result, at the end of September, the Nikkei Stock Average fell
to ¥11,160.83 at one point, before closing at ¥11,259.86.
The currency exchange markets were marked by yen depreciation and U.S. dollar appreciation. At the point of abating concerns about the U.S.
financial system and economy, in mid-August the exchange rate had risen above ¥110 to the dollar by mid-August, compared with ¥100.19 on
March 31, 2008. After that point, stock market prices began dropping on growing fears of a global economic slump. The consequent expansion indissolution of yen-carry transactions to avoid risk prompted appreciation of the yen against the dollar. As of September 30, 2008, the yen/dollar rate
had fallen to ¥103.57, down ¥3.38 yen from its level on March 31, 2008.

(2) Investment Strategy
In the general account, Sony Life continued to invest in bonds, principally JGBs. However, the company lengthened its duration of its investment
portfolio by selling off bonds of shorter durations and acquiring bonds with longer maturities. Sony Life also reduced its equity holdings slightly. In
the future, the company will continue to focus on bonds, while hedging to decrease the risk of price fluctuations on its equity holdings.

(3) Results of Investment
As of September 30, 2008, general account assets totaled ¥3,475.3 billion, up 4.1% or 137.3 billion from March 31, 2008. Within the generalaccount, Japanese government and corporate bond investment totaled ¥1,819.4 billion (accounting for 52.4% of total general account assets),
Japanese stocks ¥145.4 billion (4.2%), Foreign government and corporate bonds ¥149.2 billion (4.3%), Monetary trusts ¥868.3 billion (25.0%),
Cash and call loans ¥128.6 billion (3.7%), policyholder loans ¥114.8 billion (3.3%) and real estate ¥81.7 billion (2.4%).

4

3. Status of Investment of Assets (General Account)(1) Composition of General Account Assets（Million Yen, %）Category
Cash and deposits, call loans
Securities repurchased underresale agreements
Pledged money for bondborrowing transaction
Monetary claims purchased
Securities under proprietaryaccounts
Monetary trusts
Securities
Domestic bonds
Domestic stocks
Foreign securities
Foreign bonds
Foreign stocks
and othersecurities
Other securities
Loans
Real estate
Deffered tax assets
Other assets
Reserve for possible loan
Total
Foreign currency
denominated assets

As of September 30, 2007
Amount%As of September 30, 2008
Amount%As of March 31, 2008
Amount%129,388

4.0

128,677

3.7

82,106

2.5

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

795,1092,083,039
1,657,225
246,771
163,795
139,394

24.4
63.9
50.8
7.6
5.0
4.3

868,394
2,151,710
1,819,443
145,490
175,610
149,247

25.0
61.9
52.4
4.2
5.1
4.3

893,952
2,086,557
1,722,804
172,911
178,795
154,195

26.8
62.5
51.6
5.2
5.4
4.6

24,4000.7

26,3630.8

24,5990.7

15,247101,092
84,193－67,355-78
3,260,101

0.5
3.1
2.6
－
2.1
- 0.0
100.0

11,165
114,828
81,771
31,707
98,356-86
3,475,358

0.3
3.3
2.4
0.9
2.8
- 0.0
100.0

12,046108,688
82,867－
83,898-74
3,337,997

0.4
3.3
2.5
－
2.5
- 0.0
100.0

54,7691.7

105,645

3.0

106,361

3.2

Note: Real estate is the total of land, buildings and construction in progress.

(2) Changes of General Account Assets by Categories(Million Yen)
Category
Cash and deposits, call loans
Securities repurchased underresale agreements
Pledged money for bondborrowing transaction
Monetary claims purchased
Securities under proprietaryaccounts
Monetary trusts
Securities
Domestic bonds
Domestic stocks
Foreign securities
Foreign bonds
Foreign stocks
and othersecurities
Other securities
Loans
Real estate
Deffered tax assets
Other assets
Reserve for possible loan
Total
Foreign currency
denominated assets

Six months ended September
30, 2007

Six months ended September
30, 2008

Fiscal year ended March 31,
2008-108,107

46,570-155,389

－

－

－

－

－

－

－

－

－

－

－

－

76,616
165,884
121,590
2,391
42,177
38,664-25,557
65,153
96,639-27,420-3,184-4,948

175,459
169,402
187,169-71,468
57,17753,465

3,512

1,763

3,711

-274
4,288
-2,832－963-9136,803-880
6,139-1,09631,707
14,457-12
137,361-3,475
11,884-4,158－17,506-5
214,699

3,283

-715

54,874

Note: Real estate is the total of land, buildings and construction in progress.

5(3) Investment Income（Million Yen）
Six months ended
September 30, 2007
22,874243

Six months ended
September 30, 2008
26,9420

14,652

18,55331,346

2,102
5,769

2,312
5,855

4,319
11,609Other income from interests anddividends

106

221

161

Gains on securities under proprietaryaccounts

－

－

－

9,202
54
11,360
1,221
10,118

6,826
788
8,279
2,780
5,499

14,776324
24,023
7,959
16,043

20

－

20

－
104
－
124
0
43,721

－
403
29
21
0
43,291

－
145
－
310
0
87,493Category
Interests and dividends
Interest income from deposit
Interest income and dividends
from securities
Interest income from loans
Income from real estate for rent

Income from monetary trusts, net
Income from trading securities, net
Gains on sale of securities
Gains on sale of domestic bonds
Gains on sale of domestic stocks
Gains on sale of foreign
securities
Other
Gains on redemption of securities
Gains from derivatives, net
Foreign exchange gains, net
Other investment income
Total

Year ended March 31, 2008
47,913476(4) Investment Expenses（Million Yen）
CategorySix months ended
September 30, 2007

Six months ended
September 30, 2008

Year ended March 31, 2008

Interest expense

9

9

15

Losses on securities under proprietaryaccounts

－

－

－

－
－
455
135
319

－
－
1,351
273
1,078

－
－
1,563
674
888

－

－

－

－
1,751

－
2,997

－
6,697

Devaluation losses on domestic
bonds

－

－

－

Devaluation losses on domestic
stocks

1,751

2,629

6,697

－

368

－

－
10
2,582
－

－
21
－
－

－
21
4,858
－

9

12

10

－
1,552
2,664
9,036

－
1,441
3,024
8,858

－
3,149
5,262
21,579Losses from monetary trusts, net
Losses on trading securities, net
Losses on sale of securities
Losses on sale of domestic bonds
Losses on sale of domestic stocks
Losses on sale of foreign
securities
Other
Devaluation losses on securities

Devaluation losses on foreign
securities
Other
Losses on redemption of securities
Losses from derivatives, net
Foreign exchange losses
Provision for reserve for possible loan
lossesWrite-off loans
Depreciation of real estate for rent
Other investment income
Total

6

(5) Valuation Gains/Losses on Trading-Purpose Securities（Million Yen）
As of September 30, 2007
Category
Balance sheet amount

Trading-purpose securities

52,455

As of September 30, 2008

Net
valuation
gains/loses
recorded inincome-325

As of March 31, 2008

Balance sheet amount

Net valuation
gains/loses
recorded inincomeBalance sheet amountNet
valuation
gains/loses
recorded inincome44,856-2,44743,864-3,062

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

(6) Fair Value Information on Securities
ａ. Fair value information on secutirites with market value (except trading-purpose securities)（Million Yen）
As of September 30, 2008

As of September 30, 2007
Category

Carrying
value before
mark-tomarket

Net unrealized gains/losses

Net unrealized gains/losses

Carrying
value before
Fair value
Unrealized Unrealized
mark-togains
lossesmarketFair value

Unrealized Unrealized
gains
losses

Held-to-maturity securities

-

-

-

-

-

265,161

268,087

2,925

2,998

72

Policy reserve matching bonds

-

-

-

-

-

-

-

-

-

-

Stocks of subsidiaries andaffiliated companies

-

-

-

-

-

-

-

-

-

-

Available-for-sale securities

2,511,828

2,718,303

206,474

215,445

8,970

2,605,154

2,638,164

33,01081,79848,788Domestic bonds

2,196,198

2,264,404

68,206

71,905

3,699

2,268,564

2,287,575

19,011

46,04527,033

Domestic stocks

166,542

294,300

127,757

130,221

145,478

169,676

24,19831,532

7,333

Foreign securities

141,942

146,073

4,131

6,938

2,806

183,705

171,529-12,175

2,241

14,416
14,416

Bonds

141,869

145,705

3,835

6,642

2,806

183,632

171,190-12,441

1,974

Stocks, etc.

72

368

295

295

-

72

339

266

266

-

Other securities

7,145

13,525

6,379

6,379

-

7,406

9,381

1,975

1,979

4

Money claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

2,511,828

2,718,303

206,474

215,4458,970

2,870,315

2,906,251

35,93584,796

48,861
27,106

Total
Domestic bonds

2,196,198

2,264,404

68,206

71,905

3,699

2,533,725

2,555,662

21,93749,043

Domestic stocks

166,542

294,300

127,757

130,2212,464

145,478

169,676

24,19831,532

7,333

Foreign securities

141,942

146,073

4,131

6,938

2,806

183,705

171,529-12,175

2,241

14,416
14,416

Bonds

141,869

145,705

3,835

6,642

2,806

183,632

171,190-12,441

1,974

Stocks, etc

72

368

295

295

-

72

339

266

266

-

Other securities

7,145

13,525

6,379

6,379

-

7,406

9,381

1,975

1,979

4

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

7

As of March 31, 2008
Net unrealized gains/losses

Carrying
value before
Fair value
mark-tomarket

Category

Unrealized Unrealized
gains
losses

Held-to-maturity securities

-

-

-

-

-

Policy reserve matching bonds

-

-

-

-

-

Stocks of subsidiaries andaffiliated companies

-

-

-

-

-

Available-for-sale securities

2,724,973

2,852,831

127,858

153,987

26,129Domestic bonds

2,379,927

2,463,423

83,49592,887

9,391

Domestic stocks

152,955

203,830

50,87455,7654,890

Foreign securities

184,945

175,407-9,5382,309

11,847
11,847

Bonds

184,872

175,107-9,7642,082

Stocks, etc.

72

299

226

226

-

Other securities

7,145

10,170

3,025

3,025

-

Money claims purchased

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

Others

-

-

-

-

-

2,724,973

2,852,831

127,858

153,987

26,129Domestic bonds

2,379,927

2,463,423

83,49592,887

9,391

Domestic stocks

152,955

203,830

50,87455,7654,890

Foreign securities

184,945

175,407-9,5382,309

11,847

184,872

175,107-9,764

2,082

11,847

Stocks, etc

72

299

226

226

Other securities

Total

Bonds

7,145

10,170

3,025

3,025

-

Monetary claims purchased

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

Others

-

-

-

-

-

Notes 1. The above table includes assets such as certificates of deposits which are permited to be treated as equivalent to securities defined in the Financial Instruments
and Exchange Law of Japan.
2. Carrying value before mark-to-market and net unrealized gains/losses on monetary trusts, including items other than trading securities, amounted to ¥776,110
million and ¥5,317 million.
3. Carrying value before mark-to-market represents the amount after deductions for depreciable costs and impairment losses, before mark-to-market.

b. Carrying value of the securities without market value(Million Yen)
Caregory

As of September 30, 2008

As of September 30, 2007

As of March 31, 2008

Held-to-maturity securities

-

-

-

Unlisted foreign bonds

-

-

-

Others---

Policy reserve matching bonds
Stocks of subsidiaries and affiliated companies

-

-

-

4,047

5,047

4,047

Available-for-sale securities

19,55023,964

22,406

Unlisted domestic stocks

5

4

4

Unlisted foreign stocks

430

635

573

Unlisted foreign bonds

1,125

-

1,125

Others17,98923,59823,32420,703
26,453Total

829,012

ｃ. Fair ValueInformation consisting of those stated in the previous table-a and foreign exchange and other gains (losses) for table-b.
（Million Yen）
As of September 30, 2007
Category

Carrying
value before
mark-tomarket

As of September 30, 2008

Carrying
value before
Fair value
Unrealized Unrealized
mark-togains
lossesmarketNet unrealized gains/losses

Net unrealized gains/losses
Fair value

Unrealized Unrealized
gains
losses

Held-to-maturity securities

-

-

-

-

-

265,161

268,087

2,925

2,998

72

Policy reserve matching bonds
Stocks of subsidiaries andaffiliated companies
Available-for-sale securities

-

-

-

-

-

-

-

-

-

-

4,047

4,047

-

-

-

5,047

5,047

-

-

-

2,531,379

2,742,140

210,761

219,789

9,028

2,629,118

2,662,928

33,81083,95150,141

Domestic bonds

2,196,198

2,264,404

68,206

71,905

3,699

2,268,564

2,287,575

19,011

46,04527,033

Domestic stocks

166,547

294,305

127,757

130,2212,464

145,483

169,681

24,19831,532

7,333

Foreign securities

143,498

147,650

4,151

6,958

2,806

184,340

172,178-12,162

2,261

14,424
14,416

Bonds

142,995

146,830

3,835

6,642

2,806

183,632

171,190-12,441

1,974

Stocks, etc.

503

819

315

315

-

708

987

278

287

8

Other securities

25,13435,78010,646

10,70357

30,73033,493

2,763

4,112

1,349

Money claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

2,535,427

2,746,188

210,761

219,789

9,028

2,899,328

2,936,063

36,73586,95050,214
27,106

Total
Domestic bonds

2,196,198

2,264,404

68,206

71,905

3,699

2,533,725

2,555,662

21,93749,043

Domestic stocks

166,547

294,305

127,757

130,2212,464

147,483

171,681

24,19831,532

7,333

Foreign securities

147,546

151,698

4,151

6,958

2,806

187,388

175,225-12,162

2,261

14,424

2,806

183,632

171,190-12,441

1,974

14,416

3,756

4,035

278

287

8

Bonds

142,995

146,830

3,835

6,642

Stocks, etc

4,551

4,867

315

315

Other securities

25,13435,78010,646

10,70357

30,73033,493

2,763

4,112

1,349

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

As of March 31, 2008
Category

Carrying
value before
mark-tomarket

Net unrealized gains/losses
Fair value

Unrealized Unrealized
gains
losses

Held-to-maturity securities

-

-

-

-

-

Policy reserve matching bonds

-

-

-

-

-

4,047

4,047

-

-

27,164

Stocks of subsidiaries andaffiliated companies
Available-for-sale securities

2,747,379

2,877,089

129,709

156,874

Domestic bonds

2,379,927

2,463,423

83,49592,887

9,391

Domestic stocks

152,959

203,834

50,87455,7654,890

Foreign securities
Bonds

186,643

177,061-9,581

2,309

11,891

185,997

176,232-9,764

2,082

11,847

Stocks, etc.

645

828

183

226

43

Other securities

27,84832,769

4,920

5,911

991

Money claims purchased

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

Others

-

-

-

-

-

2,751,427

2,881,137

129,709

156,874

27,164

Domestic bonds

2,379,927

2,463,423

83,49592,887

9,391

Domestic stocks

153,959

204,834

50,87455,7654,890

Foreign securities

189,691

180,109-9,581

2,309

11,891

185,997

176,232-9,764

2,082

11,847

Stocks, etc

3,693

3,876

183

226

43

Other securities

27,84832,769

4,920

5,911

991

Monetary claims purchased

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

Others

-

-

-

-

-

Total

Bonds

9

（Million Yen）

(7) Fair Value Information on Monetary Trusts
As of September 30, 2008

As of September 30, 2007
Category

Net unrealized gains/losses

Balance sheet
Fair value
amountMonetary trusts

795,109

Unrealized Unrealized
gains
losses-795,109

Balance sheet
Fair value
amount868,394

868,394

Net unrealized gains/losses
Unrealized Unrealized
gains
losses-

As of March 31, 2008
Category

Net unrealized gains/losses

Balance sheet
Fair value
amountMonetary trusts

893,952

Unrealized Unrealized
gains
losses-893,952

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

（Million Yen）

Monetary Trusts for Investment
As of September 30, 2007
Category

Net valuation
gains (losses)

Balance sheet amount

Monetary Trusts for
Investment

As of September 30, 2008

66,486

Net valuation
gains (losses)

Balance sheet amount-175

61,002-2,074As of March 31, 2008
Category

Net valuation
gains (losses)

Balance sheet amount

Monetary Trusts for
Investment

63,203-2,831

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

（Million Yen）
Monetary Trusts for Held-to-maturity, Policy Reserve Matching Secutirites and Others
As of September 30, 2008
As of September 30, 2007
Carrying
Net unrealized gains (losses) Carrying value
Net unrealized gains (losses)
Category
value before
Fair value
beforemarkFairvalue
Unrealized Unrealized
Unrealized Unrealized
mark-toto-market
gains
lossesgains
lossesmarketMonetary trusts for held-tomaturity
Monetary trusts for policy
reserve matching
Other monetary trusts

-

-

-

-

-

-

-

-

-

-

693,668

728,573

34,90436,351

1,446

802,023807,341

5,317

16,519

11,201

As of March 31, 2008
Carrying
value before
mark-tomarket

Fair value

Monetary trusts for held-tomaturity

－

－

－

－

－

Monetary trusts for policy
reserve matching

－

－

－

－

－

802,634

830,698

28,06331,9903,926

Category

Other monetary trusts

Net unrealized gains (losses)
Unrealized Unrealized
gains
lossesNote: Monetary trusts includes cash and call loans held in monetary trusts.

10

4. Balance Sheets (Non-consolidated)
As of September 30, 2007
AmountAssets:Cash and deposits
Call loans
Monetary trusts
Securities(Japanese national government bonds)(Japanese local government bonds)(Domestic corporate bonds)(Domestic stocks)(Foreign securities)
Loans
Policy loans
Tangible fixed assets
Intangible fixed assets
Due from agencies
Due from reinsurers
Other assets
Deferred tax assets
Reserve for possible loan losses
Total Assets
Liabilities:
Policy reserve and others
Reserve for outstanding claims
Policy reserve
Reserve for policyholders' dividends
Due to agencies
Due to reinsurers
Other liabilities
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 stockholder's equity
Net unrealized gains on other securities, net of taxes
Land revaluation, net of taxes
Total valuation and translation adjustments
Total Net Assets
Total Liabilities and Net Assets%

25,283
119,900
795,1092,410,904( 1,338,811)(
37,533)( 385,088)( 279,262)( 261,317)
101,092
101,092
84,972
6,202
0
193
63,554-78
3,607,135

Amount

0.7
3.3
22.0
66.8

2.8
2.4
0.2
0.0
0.0
1.8
-0.0
100.0

3,273,487
16,752
3,253,547
3,186
1,234
535
46,471
10,61059
22,41822,41822,676706
3,378,199

90.8

65,000865
865
30,101
7,078
23,022
23,022
95,966
134,444-1,475
132,968
228,935
3,607,135

1.8
0.0

0.0
0.0
1.3
0.3
0.0
0.6
0.6
0.0
93.7

0.8

2.7
3.7
-0.0
3.7
6.3
100.0

11

(Million Yen, %)As of March 31, 2008

As of September 30, 2008

32,094
107,400
868,394
2,449,011( 1,561,124)(
33,522)( 337,096)( 169,243)( 267,180)
114,828
114,828
82,6099,453
2689,93331,707-86
3,785,372%

Amount22,99972,300893,952
2,388,932

0.8
2.8
22.9
64.7
(
(
(
(
(
3.0
2.2
0.2
－
0.0
2.4
0.8
-0.0
100.0

3,539,045
18,4403,514,864
5,740
1,138
561
72,031
12,02083
24,66824,668706
3,650,255

93.5

70,0005,865
5,865
39,395
8,478
30,91730,917
115,260
21,331-1,47519,855
135,116
3,785,372

1.8
0.2

0.0
0.0
1.9
0.3
0.0
0.7
0.0
96.4

1.0

3.0
0.6
-0.0
0.5
3.6
100.0

1,425,010)
35,869)371,852)
198,233)
271,423)
108,688
108,688
83,6518,095
144
81,096-74
3,659,786

%
0.6
2.0
24.4
65.3

3.0
2.3
0.2
0.0
2.2
-0.0
100.0

3,397,003
17,405
3,375,090
4,506
1,308
740
37,704
11,32471
24,09924,0994,155
706
3,477,115

92.8

65,000865
865
35,542
7,078
28,46428,464
101,40782,739-1,475
81,263
182,6713,659,786

1.8
0.0

0.0
0.0
1.0
0.3
0.0
0.7
0.1
0.0
95.0

1.0

2.8
2.3
-0.0
2.2
5.0
100.0

5. Statements of Income (Non-consolidated)(Million Yen, %)For the six months
ended September 30, 2007

Ordinary revenues

Amount365,658

For the year
ended March 31, 2008

For the six months
ended September 30, 2008

Composition

100.0

Amount371,813

Composition

100.0

Amount741,250

Income from insurance premiums

318,541

327,085

648,406（Insurance premiums）( 318,113)( 326,825)( 646,976)

44,742

43,29187,493

Investment income（Interest income and dividends）( 22,874)(

26,942)(

47,913)（Income from monetary trusts, net）

( 9,202)(6,826)(

14,776)（Income from trading securities,
net）

(

54)

(

788)

(

324)

( 11,360)(

8,279)(（Gains on sale of securities）（Gains on derivatives, net）
（Gains on separate accounts, net）

(

-)

(

( 1,020)

Other ordinary income

(

2,374

Ordinary expenses

341,588

Insurance claims and other paymenbts

(

-)

(

351,848

117,476

-)
-)
5,350

94.6

701,959

125,837( 28,742)(

30,769)(（Annuity payments）( 2,447)(

2,852)(

6,350)（Insurance benefits）( 13,562)(

15,208)(28,457)（Surrender payments）( 70,571)(

75,094)( 141,842)（Other payments）( 1,062)

Provision for policy reserve and others
Provision for reserve foroutstanding claims
Provision for policy reserve
Interest portion of reserve forpolicyholders' dividends
Investment expenses

849)

60,052)(

2,054)

164,666

140,829

286,215

－

1,034

-

164,659

139,773286,202

7

21

13

9,036

（Interest expenses）(

32,9709)(9)

69,895(15)（Losses on sale of securities）

(

455)

(

1,351)(

1,563)（Devaluation losses on
securities）( 1,751)(

2,997)(

6,697)-)(

4,858)

24,111)(

48,315)（Losses on derivatives, net）
（Losses on separate accounts,
net）
Operating expenses( 2,582)
(

(

-)

(

94.7

241,106（Insurance claims）

(

100.0

24,023)

29)
1,435

93.4

Composition

45,67946,871

94,367

Other ordinary expenses

4,730

5,339

10,375

Ordinary profit

24,0696.6

19,964

5.4

39,290

5.3

0

0.0

-

-

0

0.0

1,684

0.5

615

0.2

3,406

0.5

0.5

3,159

0.4

Extraordinary gains
Extraordinary losses
Provision for reserve for policyholers'
dividends
Income before income taxes

966

0.3

1,688

21,4195.917,6604.7

32,725

4.4

Income taxes -Current

9,860

2.7

8,181

2.2

4,897

0.7

Income taxes -Deferred-1,515-0.4-1,374

-0.4

9,313

1.3

Net income

13,073

3.6

10,853

2.9

18,5142.5

12

6. Reconciliation to Core Profit and Non-Consolidated Ordinary Profit(Million Yen)
Six months ended
September 30, 2007

Six months ended
September 30, 2008

Year ended March 31,
2008

13,962

16,53823,571

16,2899,271

29,963

Income from monetary trusts, net

4,750

152

5,304

Income from trading securities, net

54

788

324

11,3608,279

24,023

Gains on derivatives, net

-

29

-

Foreign exchange gains, net

124

21

310

-

-

-

4,789

4,349

13,119Losses on monetary trusts, net

-

-

-

Losses on trading securities, net

-

-

-

455

1,351

1,563

Devaluation losses on securities

1,751

2,997

6,697

Losses on derivatives, net

Ａ

Core profit
Capital gains

Gains on sale of securities

Other capital gains
Capital losses

Losses on sale of securities

2,582

-

4,858

Foreign exchange losses, net

-

-

-

Other capital losses

-

-

-

Ｂ

11,500

4,922

16,844Ａ＋Ｂ

25,462

21,46040,416

-

-

1,662

Gains from reinsurance

-

-

-

Reversal of contingency reserves

-

-

-

Net capital gains
Core profit plus net capital gains
Other one-time gains

Other

-

-

1,662

1,392

1,496

2,787

-

-

-

1,382

1,483

2,776

Provision for reserve for specific problem loans

9

12

10

Provision for reserve for specific overseas
receivable assets

-

-

-

Loans amortization

-

-

-

Other

-

-

-

Ｃ

-1,392-1,496-1,125

Ａ＋Ｂ＋Ｃ

24,06919,96439,290

Other one-time losses
Losses from reinsurance
Provision for contingency reserves

Total other one-time losses
Ordinary profit

Notes:
1. Core profit for the six months ended September 30, 2007 includes income gains of 4,452 million yen in income from monetary trusts.
2. Core profit for the six months ended September 30, 2008 includes income gains of 6,674 million yen in income from monetary trusts.
3. Core profit for the year ended March 31, 2008 includes income gains of 9,471 million yen in income from monetary trusts. Other in other onetime gains of 1,662 million yen for the year ended March 31, 2008 are the amount of reversal of policy reserves that were previously added on forthe purpose of maintaining future financial soundness with respect to certain insurance policies

13

7. Loans by Borrower Category（Million Yen, %）Category
Bankrupt and quasi-bankrupt loans
Doubtful loans
Sub-standard loans
Sub-total（% to total）
Normal loans
Total

As of September 30, As of September 30,
2007
2008
－
－
－
－
－
－
－
－
(－)
(－)
102,977
116,894
102,977
116,894

As of March 31,
2008
－
－
－
－
(－)
110,662
110,662

Notes:
1. Bankrupt and quasi-bankrupt loans are loans to borrowers who are subject to bankruptcy, corporate reorganization or
rehabilitation or other similar proceedings and other borrowers in serious financial difficulties.
2. Doubtful loans are loans to obligors (other than bankrupt and quasi-bankrupt obligors) with deteriorated financial condition andresults of operations 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 interests are past due for three months or more and loans with aconcessionary interest rate, as well as loans with renegotiated conditions in favor of the borrower, including renegotiated schedule
and/or waivers, in each case, other than the loans described in notes 1. and 2. above.
4. Normal loans are all other loans.

8. Risk-Monitored Loans
None.

14

9. Solvency Margin Ratio（Million Yen）
As of September 30,
2007

As of September 30,
2008

As of March 31, 2008

666,857

556,440

604,078

Net assets (less certain items)

95,219115,260

94,407

Reserve for price fluctuaions

22,41824,66824,099Contingency reserve

60,41463,29161,8070

00

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

189,685

30,429116,735

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

3,790

5,172

5,172

Excess of the amount equivalent to policy reserve
under Zillmer method-

296,361

287,332

Subordinated debt

-

-

-

Deductible items

-

-

-

295,330

21,257

14,52371,31966,822

69,11917,637

18,29917,989

6,705

7,047

6,926

Category（A）

Total solvency margin

Reserve for possible loan losses

Others
2
2
R
(R
R
R
R
Total risk (R
4
1+
8) +
2+
3+
7) +

Insurance risk

（Ｂ）

R1

Third-sector insurance risk

R8

Assumed interest rate risk

R2

10,984

11,22011,095

Asset management risk

R349,90242,01245,376

Business management risk

R4

1,789

1,706

1,750

Minimum guarantee risk

R7

4,242

6,747

6,120

1,870.0%

1,665.4%

1,747.9%

Solvency margin ratio
(A)
x 100

(1/2) x (B)Notes: 1. Calculations employed in the table above apply the methods povided for under Articles 86 and 87 of the Insurance Business
Law of Japan enforcement regulations, as stipulated in 1996 by the Ministry of Finance Official Notification No. 50. Any excessof the amount equivalent to policy reserve under Zillmer method is calculated as stipulated by Article 1-3-1 of Ministry of
Finance Official Notification No. 50. As of September 30, 2007, excess of the amount equivalent to policy reserve under Zillmer
method was included in "Others".
2. A standard method is used to calculate minimum guarantee risk

15

10. Status of Separate Accounts Assets(1) Balance of Separate Account Assets（Million Yen）
Category

As of September 30, 2007

As of September 30, 2008

347,034

310,013

Individual variable life
insurance and individual
variable annuities
Group annuities-

Total separate account

As of March 31, 2008

321,789-

347,034-

310,013

321,789

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: Million Yen）

Individual varialbe life insurance
Category

As of September 30, 2007

As of September 30, 2008

As of March 31, 2008

NumberNumberNumberVariable life insurance（limited term type）
Variable life insurance（whole life type）

AmountAmount26

96,73839

133,021

34

119,427407

5,587,649

465

6,220,573

439

5,921,840

1

51,2191

64,194

1

61,259435

5,735,607

506

6,417,789

475

6,102,527

Variable life insurance（term type）
Total

AmountNote: Amounts include the rider portion of term life insurance.

Individual variable annuities

Category
Individual variableannuities
Total（Number: Thousand, Amount: Million Yen）

As of September 30, 2007

As of September 30, 2008

As of March 31, 2008

NumberNumberNumberAmountAmountAmount21

118,40227

149,623

25

137,53121

118,40227

149,623

25

137,531

Note: The figure indicated in the amount column is for annuity resources.

1611. Consolidated Summary(1) Key Performance Results（Million Yen）
Category

For six months ended September
30, 2008

Year ended March 31, 2008

Ordinary Revenues

372,125

741,340

Ordinary Profit

20,072

39,077Net Income

10,961

18,300Category

As of September 30, 2008

As of March 31 2008

3,785,512

Total assets

3,660,554(2) Scope of Consolidation and Companies Accounted for under Equity Method
Number of consolidated subsidiaries

1

Number of non-consolidated subsidiaries accounted for under equity method0

Number of affiliated companies accounted for under equity method

117

(3) Consolidated Balance Sheets(Million Yen, %）As of March 31, 2008

As of September 30, 2008
AmountAssets:Cash and deposits
Call loans
Monetary trusts
Securities
Loans
Tangible fixed assets
Intangible fixed assets
Due from reinsurers
Other assets
Deferred tax assets
Reserve for possible loan losses
Total Assets
Liabilities:
Policy reserve and others:
Reserve for outstanding claims
Policy reserve
Reserve for policyholder
dividends
Due to agancies
Due to reinsurers
Other liabilities
Reserve for employees' retirement
benefits
Reserve for deirectors' 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
Retained earnings
Total shareholder's equity
Net unrealized gains on othersecurities, net of taxes
Land revaluation, net of taxes
Foreign currency translation
adjustments
Total valuation and translation
adjustments
Total Net Assets
Total Libailities and Net Assets

Composition

AmountComposition

32,642
107,400
868,3942,448,495
114,835
82,6209,454
2690,02331,707-86
3,785,512

0.9
2.8
22.9
64.7
3.0
2.2
0.2
0.0
2.4
0.8
-0.0
100.0

24,16572,300893,952
2,388,425
108,697
83,6648,097
144
81,181-74
3,660,554

0.7
2.0
24.4
65.2
3.0
2.3
0.2
0.0
2.2
-0.0
100.0

3,539,245
18,441
3,515,063

93.5

3,397,208
17,406
3,375,295

92.8

5,740

4,506

1,138
561
72,071

0.0
0.0
1.9

1,308
740
37,755

0.0
0.0
1.0

12,0240.3

11,329

0.3

83

0.0

71

0.0

24,66824,668
0

0.7

0.7

0.0

24,09924,099
4,156

0.1

706

0.0

706

0.0

3,650,500

96.4

3,477,377

95.0

70,0005,865
39,033
114,898

1.8
0.2
1.0
3.0

65,000865
35,102
100,967

1.8
0.0
1.0
2.8

21,2580.6

82,8982.3-1,475-0.0-1,475

-0.0

330

0.0

786

0.0

20,114

0.5

82,2092.2

135,0123,785,512

3.6
100.0

183,177
3,660,554

5.0
100.0

18

(4) Consolidated Statements of Income

For six months
ended September 30, 2008

Ordinary revenues
Income from insurance premiums
Investment income（Interest income and dividends）（Income from monetary trusts, net）
（Income from trading securities,
net）（Gains on sale of securities）
Other ordinary income
Ordinary expenses
Insurance claims and other paymenbts（Insurance claims）（Annuity payments）（Insurance benefits）（Surrender payments）（Other payments）
Provision for policy reserve and others
Provision for reserve for outstanding
claimsProvision for policy reserve
Interest portion of reserve forpolicyholders' dividends
Investment expenses（Interest expenses）（Losses on sale of securities）（Devaluation losses on securities）（Losses on separate accounts, net）
Operating expenses
Other ordinary expenses
Ordinary profit
Extraordinary gains
Gains on sale of fixed assets
Extraordinary losses
Losses on sale or disposal of fixed
assetsImpairment losses
Provision for reserve for pricefluctuations
Provision for reserve for pricefluctuations
OthersProvision for reserve for policyholers'
dividends
Income before income taxes
Income taxes -Current
Income taxes -Deferred
Net income

AmountComposition
372,125100.0
327,12143,567( 27,065)( 6,826)(788)( 8,295)
1,435
352,053
125,841( 30,771)( 2,852)( 15,208)( 75,095)( 849)
140,852(Million Yen, %)For year
ended March 31, 2008
AmountComposition
741,340
100.0
648,505
87,484( 48,170)( 14,776)
(

94.6

324)

( 24,068)
5,350
702,263
241,114( 60,056)( 6,350)( 28,457)( 141,845)( 2,054)286,271

1,034-

139,796286,257

21

13

32,970(9)( 1,351)( 2,997)( 24,111)
46,963
5,425
20,07200615

69,90315)( 1,563)( 6,697)( 48,315)
94,551
10,42339,077
0
0
3,406

19

94.7

(

5.4
0.0
0.2

41

63

0

125

568

3,216

568

3,216

4

-

5.3
0.0
0.5

1,688

0.5

3,159

0.4

17,7698,182-1,374
10,961

4.8
2.2
-0.4
2.9

32,511
4,898
9,313
18,300

4.4
0.7
1.3
2.5

12. Reference - Results for Three Months Ended September 30, 2008
New Policy Amount（Number: Thousand, Amount: 100 million yen)
For three months ended September 30,
2008
CategoryNew
policies

Increasefromconversion

8,818

8,818

-

1

87

87

-

-

32

32

-

-

-

NumberAmount119

Individual life
insurance
Individual
annuities
Group life
insuranceGroupannuities

Annualized Premiums for New Policies

Major P/L Items(Million Yen)

Category
Individual life insurance(Million Yen)

For three months ended
September 30, 2008

Category
Income from insurance
premiums
Investment income
Insurance claims and otherpayments

14,393

Individual annuities

345

Total

14,738

Of which, medical protection,living benefit protection, etc

3,011

Investment expenses

Changes of General Account Assets by Categories(Million Yen)
Category
Cash and deposits, callloan
Securities repurchased
under resale agreements
Pledged money for bondborrowing transaction
Monetary claims
purchased
Securities under
proprietary accounts
Monetary trusts
Securities
Domestic bonds
Domestic stocks
Foreign securities
Foreign bonds
Foreign stocks andother securities

Other securities
Loans
Real estate
Deferred tax assets
Other assets
Reserve for possible loan
losses
Total
Foreign currency
denominated assets

For three months ended
September 30, 2008
41,479-62,699
46,877
94,325-35,732-9,904-9,599-304-1,8104,315-572
22,12736,161087,689-5,022

Note: Real estate is the total of land, buildings and construction in progress.

20

For three months ended
September 30, 2008
164,494
23,07164,89837,611Investment Income (General Account)
Category
Interests and dividends
Interest income from deposit
Interest income and dividends fromsecurities
Interest income from loans
Income from real estate for rent
Other income from interests and dividends
Gains on securities under proprietary accounts
Income from monetary trusts, net
Income from trading securities, net
Gains on sale of securities
Gains on sale of domestic bonds
Gains on sale of domestic stocks
Gains on sale of foreign securities
Other
Gains on redemption of securities
Gains on derivatives, net
Foreign exchange gains, net
Other investment income
Total（Million Yen）
For three months ended
September 30, 2008
14,198
0
9,961
1,172
2,937
127
2,489
636
5,285
2,775
2,509
403
4
52
23,071

Investment Expenses
Category
Interest expense
Losses on securities under proprietary accounts
Losses from monetary trusts, net
Losses on trading securities, net
Losses on sale of securities
Losses on sale of domestic bonds
Losses on sale of domestic stocks
Losses on sale of foreign securities
Other
Devaluation losses on securities
Devaluation losses on domestic bonds
Devaluation losses on domestic stocks
Devaluation losses on foreign securities
Other
Losses on redemption of securities
Losses on derivatives, net
Foreign exchange losses
Provision for reserve for possible loan losses
Write-off loans
Depreciation of real estate for rent
Other investment income
Total

21

（Million Yen）
For three months ended
September 30, 2008
2
1,309
272
1,037
2,508
2,139
368
17
721
1,658
6,217

Statements of Income(Million Yen, %)For three months
ended September 30, 2008
Composition
Amount189,122100.0

Ordinary revenues
Income from insurance premiums

164,494（Insurance premiums）( 164,450)

Investment income

23,071（Interest and dividends）（Income from monetary trusts,
net）（Income from trading securities,
net）（Gains on sale of securities）(

14,198)(2,489)(

636)(

5,285)（Gains on derivatives, net）(

4)

（Gains on separate accounts,
net）

(

-)

Other ordinary income

1,555

Ordinary expenses

181,502

Insurance claims and other paymenbts

64,898（Insurance claims）(

16,355)（Annuity payments）(

1,464)（Insurance benefits）(

7,629)（Surrender payments）(

38,505)（Other payments）

(

96.0

382)

Provision for policy reserve and others

52,209Provision for reserve foroutstanding claims
Provision for policy reserve

52,198Interest portion of reserve forpolicyholders' dividends

10

Investment expenses

37,611（Interest expenses）(

2)（Loss on sale of securities）(

1,309)（Devaluation losses on
securities）(

2,508)（Losses on derivatives, net）
（Losses on separate accounts,
net）
Operating expenses

(
(

-)

31,393)24,087

Other ordinary expenses

2,695

Ordinary profit

7,619

4.0

Extraordinary gains
Extraordinary losses
Provision for reserve for policyholers'
dividends
Income before income taxes

0

0.0

103

0.1

814

0.4

6,701

3.5

Income taxes -Current

4,019

2.1

Income taxes -Deferred-1,149-0.6

Net income

3,830

2.0

22

Reconciliation to Core Profit and Non-Consolidated Ordinary Profit（Million Yen）
For three months ended
September 30, 2008
Ａ

Core profit
Capital gains

7,169
5,980

Income from monetary trusts, net-

Income from trading securities, net

636

Gains on sale of securities

5,285

Gains on derivatives, net

4

Foreign exchange gains, net

52

Other capital gains-

Capital losses

4,829

Losses on monetary trusts, net

1,012

Losses on trading securities, net-

Losses on sale of securities

1,309

Devaluation losses on securities

2,508

Losses on derivatives, net-

Foreign exchange losses, net-

Other capital losses-

Net capital gains
Core profit plus net capital gains

Ｂ

1,150

Ａ＋Ｂ

8,319

Other one-time gains-

Gain from reinsurance-

Reversal of contingency reserves

-

Other

-

Other one-time losses

700

Losses from reinsurance-

Provision for contingency reserves

700

Provision for reserve for specific problem loans
Provision for reserve for specific overseas
receivable assets-

Loans amortization

-

Other

Ｃ

-700

Ａ＋Ｂ＋Ｃ

7,619

Total other one-time losses
Ordinary profit

23

Consolidated Summary(1) Key Performance Results
Category
Ordinary revenues
Ordinary profit
Net income(Million Yen)
For three months ended September 30,
2008
189,317
7,682
3,894

(2) Consolidated Statements of Income(Million Yen, %）For three months
ended September 30, 2008

Ordinary revenues
Income from insurance premiums
Investment income（Interest income and dividends）（Income from monetary trusts, net）
（Income from trading securities, net）
（Gains on sale of securities）（Gains on separate accounts, net）
Other ordinary income
Ordinary expenses
Insurance claims and other paymenbts（Insurance claims）（Annuity payments）（Insurance benefits）（Surrender payments）（Other payments）
Provision for policy reserve and others
Provision for reserve for outstanding
claimsProvision for policy reserve
Interest portion of reserve forpolicyholders' dividends
Investment expenses（Interest expenses）（Losses on sale of securities）（Devaluation losses on securities）（Losses on separate accounts, net）
Operating expenses
Other ordinary expenses
Ordinary profit
Extraordinary gains
Gains on sale of fixed assets
Extraordinary losses
Losses on sale or disposal of fixed assets
Impairment losses
Provision for reserve for pricefluctuations
Provision for reserve for pricefluctuations
OthersProvision for reserve for policyholers
dividends
Income before income taxes
Income taxes -Current
Income taxes -Deferred
Net income

AmountComposition
189,317100.0
164,51223,250( 14,258)( 2,489)(636)( 5,287)(-)
1,554
181,635
95.9
64,899( 16,355)( 1,464)( 7,629)( 38,506)( 382)
52,221
52,211
10
37,611(2)( 1,309)( 2,508)( 31,393)
24,133
2,769
7,682
0
0
103
24
0

4.1
0.0
0.1

75
75
4

24

814

0.4

6,764
4,019
-1,149
3,894

3.6
2.1
-0.6
2.1