May 19, 2020
Sony Financial Holdings Inc.

Sony Life's Supplementary Data for the Fiscal Year Ended March 31, 2020 at Press Conference(1) Status of Insurance Policies

Annualized premiums from new policies
Third-sector products
Annualized premiums of insurance in force
Third-sector products(Millions of yen)
For the year ended March 31, 2019

For the six months ended September 30, 2019

For the year ended March 31, 2020

YoY change

YoY change

YoY change

87,918+20.3%

38,674+1.8%

82,146(6.6%)

15,251+17.5%

6,246(14.6%)

12,901(15.4%)

889,347+4.8%

903,239+4.5%

922,781+3.8%

197,520+2.9%

199,464+2.3%

201,358+1.9%

1,136,104+7.3%

665,428+22.8%

1,330,860+17.1%

1,126,485+7.2%

661,674+23.0%

1,322,481+17.4%

6,247(2.2%)

2,624(14.9%)

5,375(14.0%)

New policy amount

6,150,493+16.3%

2,536,442(19.7%)

5,398,955(12.2%)

Policy amount in force

49,570,879+4.9%

50,330,729+3.8%

51,447,618+3.8%

Lapse and surrender amount

2,858,321+27.0%

1,114,943(29.8%)

2,206,194(22.8%)

Lapse and surrender rate (%)

6.06+1.09pt

2.25(1.11pt)

4.46(1.60pt)

Income from insurance premiums
Individual life insurance and annuities
Group insurance and annuities

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 premiumsby 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 ofMar. 31, 2019

Total assets (Millions of yen)
Real net asset (A) (100 millions of yen)

As of
Sep. 30, 2019

YoY change

YoY change

As ofMar. 31, 2020

YoY change

10,380,148+8.5%

10,897,415+8.2%

11,237,124+8.3%

34,323+20.0%

38,603+50.9%

39,430+14.9%

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

13,180+6.1%

13,452+8.2%

13,818+4.8%

Solvency margin ratio (%)

2,590.5(33.8pt)

2,654.9+36.0pt

2,476.3(114.2pt)

Note: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 fair value of assets, including held-to-maturity bonds, it does not reflect
the fair 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 policyreserve-matching bonds. Accordingly, Sony Life calculates net real assets (shown as “Real net assets (B)”) on this basis.

1(3) Core Profit / Positive Spread / Yields

Core profit(Millions of yen)
For the year ended March 31, 2019

For the year ended March 31, 2020

YoY change

YoY change

97,242+19.5%

96,168

Forecast for
the year ending
March 31, 2021－(1.1%)(100 millions of yen)

Positive spread

For the year ended March 31, 2019

For the year ended March 31, 2020

YoY change

YoY change

182+5

For the year ended
March 31, 2019193

Forecast for
the year ending
March 31, 2021－+11

Forecast for
the year ending
March 31, 2021

For the year ended
March 31, 2020

Investment yield for core profit (%)

2.19

2.17

－

Investment yield (%)(General account)

1.94

1.85

－

Average assumed interest rate (%)

1.94

1.93－(4) Policy and Other Reserves(Millions of yen)
As of March 31, 2019

As of September 30, 2019

YoY change
Policy reserves(excluding contingency reserve)

As of March 31, 2020

YoY change

YoY change

9,169,808+693,648

9,578,410+683,510

9,852,172+682,364

General accounts(excluding contingency reserve)

7,890,665+521,432

8,213,449+585,514

8,528,224+637,558

Separate accounts(excluding contingency reserve)

1,279,143+172,215

1,364,961+97,995

1,323,948+44,805

Reserve for price fluctuations

50,105+2,175

51,318+2,351

52,768+2,663

Contingency reserve

98,613+8,698103,296+8,970107,659+9,045

Contingency reserve fund－－－－－－

Price fluctuations reserve fund－－－－－－(5) Unrealized Gains (Losses)
As of September 30, 2019

As of March 31, 2019
YoY change
Securities(Millions of yen)
As of March 31, 2020

YoY change

YoY change

2,282,034+495,311

2,698,027+1,229,713

2,731,491+449,457

Japanese stocks

9,458(7,524)

7,287(7,443)

4,762(4,695)

Japanese bonds2,271,562+483,413

2,561,782+1,070,460

2,360,679+89,117872+19,400

128,772+166,639

366,049+365,176

99,416+31,015
99,763+30,636
117,896
Notes:
1. Net unrealized gains (losses) on securities are calculated as the difference between the carrying value before mark-to-market and the fairvalue 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 securities (The amount includes “money held in trust”, but excludes trading securities).
2. Real estate is directed to domestic real estate for rent, including land lease right, and the amount is the level after revaluation.

+18,479

Foreign securities
Real estate2(6) Investment Results(Millions of yen)

For the year ended March 31, 2020
YoY change

Japanese stocks

4,765(6,507)

Japanese bonds

8,230,025+371,928

Foreign stocks, etc.

4,460(825)Foreign bonds

936,013+396,130

Real estate

83,338(288)(7) Level of Indices where Unrealized Gains (Losses) on Assets are Break-even
As ofMarch 31, 2020
Japanese stocks (NIKKEI Average)

(yen)

8,439

Japanese stocks (TOPIX)

(ppt)

625

Japanese bonds

(%)

1.7

Foreign securities

(yen)

80

Notes:
1. Japanese stocks are fully linked to the Nikkei stock 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 Fiscal Year Ending March 31, 2021
Forecast
Income from insurance premiums－Policy amount in force－Annualized premiums for policies in force－(Persons)(9) Number of Employees
As ofMar. 31, 2019

YoY change

As ofAs ofSep. 30, 2019 YoY change Mar. 31, 2020 YoY change

Sales employees

5,834+0.1%

5,781(0.8%)

5,792(0.7%)

Office employees

2,627+8.6%

2,768+10.4%

2,850

+8.5%

3

(10) Dividends to Policyholders (Provision of Reserve for Dividends to Policyholders)(Millions of yen)
For the year ended March 31, 2019

For the year ended March 31, 2020

YoY change

YoY change

Individual life insurance and individual annuities
Group life insuranceGroup annuities
Total102(42.3%)101(0.8%)

2,041(33.9%)

2,317+13.5%

1(57.8%)3+89.1%2,146(34.4%)

2,422+12.9%(11) Over-the-counter Sales through Banks

Variable annuities
Fixed annuities(Millions of yen)
For the year ended March 31, 2019

For the year ended March 31, 2020

YoY change

YoY change

Number of new policies

4+300.0%3(25.0%)－0－(92.1%)

Number of new policies

3－+3,399.0%

Insurance premiums－－－－

Insurance premiums－Note:
1. Number of new policies of variable annuities does not include the figures of AEGON Sony Life Insurance Co., Ltd.
2. 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 year ended March 31, 2019

For the year ended March 31, 2020

YoY change

YoY change

Single premium whole
life insurance

Number of new policies－－－－

Insurance premiums－－－－

Single premium
endowment insurance

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)

Single premium life insurance
Level premium plan life
insurance

Number of new policies
Insurance premiums
Number of new policies
Insurance premiums

For the year ended March 31, 2019

For the year ended March 31, 2020

YoY change

YoY change－－－－－－－－

10823(59.1%)

50
15(53.7%)(75.1%)

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 year ended March 31, 2020 includes products such as U.S. dollar-denominated whole life insurance,
variable life insurance (whole life type), and educational endowment insurance.

4(33.4%)