February 15, 2008 Company name: Sony Financial Holdings Inc. (URL: http://www.sonyfh.co.jp/index_en.html/) Stock exchange listings: Tokyo Stock Exchange (code number: 8729) Teruhisa Tokunaka, President and Representative Director Representative: Masaaki Konoo, General Manager – Corporate Communications & Investor Relations Dept. For inquiry: (discarding fractional amounts of less than 1 million yen) Note: As third quarter financial information was first disclosed from this fiscal year, no corresponding information on percentage changes is provided for the third quarter of the fiscal year ended March 31, 2007. 1. Consolidated financial results for the nine months ended December 31, 2007
For the nine months ended December 31, 2006: For the year ended March 31, 2007: ¥ - million ¥ - million ¥ - million
As of December 31, 2006: ¥ 260,815 million As of March 31, 2007: ¥ 265,753 million Stockholders' equity is computed by excluding minority interests from total net assets at the end of fiscal period. 2. Net assets ratio is computed by dividing the amount of total net assets excluding minority interests by total assets at the end of the fiscal period.
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3. Projected consolidated financial results for the year ending March 31, 2008

4. Other Information
Changes in significant subsidiaries during the fiscal period (changes in specified subsidiaries accompanying changes (1) in scope of consolidation):    None Adoption of simplified accounting methods: Yes (2) None Changes in accounting methods since the most recent fiscal year: (3) (Note) Please refer to "5. Other" on page 9, for details.

1. Qualitative Information on Consolidated Operating Performance
Analysis of Operating Performance
Ordinary revenues grew 10.0% during the nine months ended December 31, 2007 (April 1, 2007 to December 31, 2007) compared with the corresponding period of the preceding fiscal year, to ¥606.1 billion, owing to performance increases in all of our businesses: life insurance, non-life insurance and banking. In the life insurance business, the amount of insurance in force remained robust, boosting income from insurance premiums, while general account investment income also increased, resulting in a 9.6% increase in ordinary revenues compared with the first nine months of the prior fiscal year, to ¥547.1 billion. In the non-life insurance business, net premiums written increased in line with a steady rise in the number of policies, mainly automobile insurance policies, pushing up ordinary revenues 8.9%, to ¥41.6 billion. In the banking business, higher business volume pushed up interest income, such as interest on loans. Ordinary revenues consequently increased 25.7%, to ¥18.1 billion. Ordinary expenses increased 8.3% compared with the first nine months of the prior fiscal year, to ¥568.3 billion, in line with increased expenses in all of our businesses. In the life insurance business, insurance claims and other payments, including surrender payments, rose. Investment expenses, such as losses on separate accounts, net, also increased, pushing up ordinary expenses 8.2%, to ¥514.3 billion. In the non-life insurance business, net losses paid increased in line with an increase in the number of policies in force, causing ordinary expenses to grow 6.0%, to ¥38.6 billion. In the banking business, higher interest expenses pushed up ordinary expenses 19.9%, to ¥16.2 billion. Ordinary profit increased 43.9% compared with the first nine months of the prior fiscal year, to ¥37.8 billion, reflecting stronger performance in all of our businesses, as described above. Broken down by business, in the life insurance business ordinary profit was up 39.2%, to ¥32.7 billion; in the non-life insurance business ordinary profit was up 66.7%, to ¥3.0 billion; and in the banking business ordinary profit was up 118.0%, to ¥1.8 billion. Sony Financial Holdings Inc. ("SFH") posted extraordinary losses of ¥2.0 billion, owing mainly to an increase in the provision for reserves for price fluctuation in the life insurance business. Net income rose 41.0% compared with the first nine months of the prior fiscal year, to ¥22.7 billion , reflecting the increase in ordinary profit, which was partially offset by the extraordinary losses.

Segment Information by Business

2. Qualitative Information on Consolidated Financial Position
(1) Assets, Liabilities and Net Assets As of December 31, 2007, total assets of ¥4,874.2 billion represented an increase of 16.8% from December 31, 2006 and an increase of 12.7% from March 31, 2007. The principal reasons for this increase were ¥2,912.5 billion in securities (up 10.5% from December 31, 2006), mostly Japanese government and corporate bonds, ¥824.1 billion in monetary trusts (up 18.1%), ¥436.5 billion in loans (up 23.1%) and ¥381.5 billion in call loans and bills bought (up 52.2%). Total liabilities amounted to ¥4,573.8 billion, up 17.0% from December 31, 2006 and up 12.8% from March 31, 2007. One of the largest components of liabilities, policy reserve and others, increased 11.6% from December 31, 2006, to ¥3,400.6 billion. Also, deposits were up 36.5% from December 31, 2006, to ¥979.6 billion. Total net assets amounted to ¥300.4 billion, up 13.3% from December 31, 2006 and up 11.2% from March 31, 2007. Of this amount, net unrealized gains on other securities, net of taxes, decreased ¥3.6 billion from December 31, 2006, to ¥110.3 billion, owing to increasingly unfavorable market conditions.
(2) Cash Flows
Net cash provided by operating activities was ¥292.0 billion, despite an increase in call loans and bills bought, owing mainly to increases in policy reserves and others and in deposits. Net cash used in investing activities was ¥380.0 billion, owing mainly to payments for purchases of securities, which partially offset proceeds from sale and redemption of securities. Net cash provided by financing activities was ¥22.3.billion, due to issuance of common stock of ¥28.8 billion for listing on the First Section of the Tokyo Stock Exchange in October 2007, net of cash dividends paid of ¥6.5 billion. As a result of the above factors, cash and cash equivalents at December 31, 2007, were ¥208.0 billion, down ¥65.7 billion from March 31, 2007.
(3) Net Assets Ratio

3. Information Concerning Significant Subsidiaries
Below, we describe the operating performance of SFH's significant subsidiaries—Sony Life Insurance Co., Ltd. (Sony Life), Sony Assurance Inc. (Sony Assurance) and Sony Bank Inc. (Sony Bank)—for the nine months ended December 31, 2007 (April 1, 2007 to December 31, 2007). Today Sony Life announced its operating results for the nine months ended December 31, 2007; Sony Assurance announced an overview of its own results; and Sony Bank announced its consolidated and non-consolidated results; please refer to the individual companies' websites for more detailed information (Japanese only).
■ Sony Life (Non-Consolidated)
On a non-consolidated basis, Sony Life posted a 9.6% increase in ordinary revenues compared with the first nine months of the prior fiscal year, to ¥546.9 billion, as the amount of insurance in force remained robust, boosting income from insurance premiums, while general account investment income also increased. Operating profit and net income increased 39.6% to ¥32.8 billion and up 26.3% to ¥18.1 billion respectively. Core profit also increased 6.8%, to ¥19.8 billion. Income from insurance premiums grew 8.3% compared with the first nine months of the prior fiscal year, to ¥479.7 billion, as the amount of insurance in force increased. Investment income rose 19.7%, to ¥63.7 billion, while investment expenses rose 405.6%, to ¥21.9 billion, owing to an increase in investment losses related to separate accounts. Consequently, net investment income from both general accounts and separate accounts decreased 14.6%, to ¥41.7 billion. Insurance claims and other payments increased 13.0% to ¥179.4 billion. Operating expenses rose 9.6%, to ¥69.3 billion. Policy amount in force, which is the total policy amount in force for individual life insurance and individual annuities, grew steadily during the term. Policy amount in force was up 4.1% from December 31, 2006, to ¥31,255.0 billion. The lapse and surrender rate was up 0.27 percentage point compared with the first nine months of the prior fiscal year, to 4.61%. Annualized premiums from insurance in force rose 5.4% from December 31, 2006, to ¥524.6 billion. Of this amount, the amount attributable to third-sector products rose 5.3%, to ¥122.0 billion. New insurance sales, which is the total policy amount for new sales of individual life insurance and individual annuities, rose 10.4% compared with the first nine months of the prior fiscal year, to ¥2,910.9 billion, primarily due to strong sales of death protection products. Annualized premiums from new insurance sales fell 1.8% to ¥48.3 billion. For third-sector products, annualized premiums from new insurance sales fell 5.7%, to ¥10.3 billion. Net unrealized gains on securities fell 3.7% from December 31, 2006, to ¥175.3 billion.

(2) Insurance in Force

policies for which annuity payments have not yet commenced and (b) the amount of policy reserve for policies for which payments have commenced.

(3) New Insurance Sales
Policy Amount Basis

Notes: Amounts for individual annuity products indicate the funds to be held at the time annuity payments are to commence.

(4) Annualized Premiums

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 coverage period.) 2. Medical protection and living benefit protection, etc. corresponds to the annualized premiums relating to medical protection benefits (hospitalization benefits, surgical procedure benefits, etc.) and products with living benefit protection (benefits for specific illnesses, nursing care benefits, etc.).
■ Sony Assurance
Sony Assurance posted an 8.9% increase in ordinary revenues compared with the first nine months of the prior fiscal year, to ¥41.6 billion, primarily due to favorable performance in its mainstay automobile insurance, which raised net premiums written. As a result of the increase in ordinary revenues, together with improvements in both the net expense ratio and the net loss ratio, ordinary profit rose 66.7%, to ¥3.0 billion. Net income rose 89.7%, to ¥2.5 billion. In terms of insurance underwriting, direct premiums written grew 9.1% compared with the first nine months of the prior fiscal year, to ¥40.9 billion, in line with a rise in the number of automobile insurance policies. Net premiums written grew 8.8%, to ¥41.1 billion. In tandem with the increase in number of policies, net losses paid increased 8.4%, to ¥19.1 billion. The net loss ratio improved 0.1 percentage point, to 52.3%. The net expense ratio improved 0.4 percentage point, to 25.1%, owing to ongoing increases in operating efficiency. Consequently, underwriting profits amounted to ¥2.6 billion, and the combined ratio (the sum of the net loss ratio and the net expense ratio) improved 0.5 percentage point, to 77.4%.

■ Sony Bank (Non-Consolidated)
Sony Bank's ordinary revenues increased 25.7% compared with the first nine months of the prior fiscal year, to ¥18.1 billion, as a higher balance of mortgage loans resulted in increased interest on loans, leading to higher interest income. Owing to the rise in gross operating profit, ordinary profit increased 143.6%, to ¥2.0 billion. As a result of the above factors and an increase in deferred income taxes, Sony Bank's net income increased substantially, to ¥2.5 billion. Boosted by such factors as higher net interest income, gross operating profit grew 18.8% compared with the first nine months of the prior fiscal year, to ¥7.9 billion. Breaking down gross operating profit, net interest income increased 20.6%, to ¥3.8 billion, as a result of a larger balance of invested assets through the expansion of operations. Net fees and commissions grew 78.4%, to ¥0.3 billion, as a larger investment trust balance pushed up fees and commissions received. Net other operating income increased 14.0%, to ¥3.8 billion, as market investment profit improved. As of December 31, 2007, the balance of customer assets (the sum of total deposits and total investment trusts) was ¥1,097.4 billion, up ¥248.5 billion, or 29.3%, from March 31, 2007, largely due to an increase in the balance of yen time deposits. The balance of deposits was up ¥228.2 billion, or 30.3%, to ¥980.6 billion. As of December 31, 2007, investment trusts were up ¥20.3 billion, or 21.1%, to ¥116.8 billion, and loans were up ¥46.9 billion, or 16.5%, to ¥331.6 billion. On December 31, 2007, total deposit accounts numbered 556 thousand, up 85 thousand from December 31, 2006 and up 65 thousand from March 31, 2007. As of December 31, 2007, the bank's capital adequacy ratio, based on domestic criteria, was 10.79%.
Services Agency Public Announcement No. 19 of 2006. The capital adequacy ratio as of December 31, 2006 was calculated based on the standard stipulated in the former public announcement. (2) Customer Assets (Total of Deposits and Investment Trusts) and Number of Accounts

4. Qualitative Information on Consolidated Performance Forecasts
SFH's financial results forecast for FY2007 remains unchanged from the forecast figures revised and announced on January 31, 2008.
5. Other
(1) Significant changes in subsidiaries during the fiscal period Not applicable.
(2) Application of simplified accounting methods
The consolidated balance sheets, consolidated statements of income, consolidated statements of changes in net assets and consolidated statements of cash flows for the third quarter under review have been prepared in line with the standards employed for preparing the interim consolidated financial statements. Simplified methods have been employed in certain areas, described below, where it was determined that such simplification would not have a material impact on the decisions of investors and other interested parties. (1) Standard employed for calculating reserve for possible loan losses To some extent, the historical loan loss ratio for the preceding fiscal year was used when calculating the reserve for possible loan losses. (2) Standard employed for calculating income taxes When calculating income tax expenses for certain domestic subsidiaries, the inclusion of additions, subtractions and tax exemptions was limited to significant items. (3) Standard employed for calculating deferred tax assets Judgments on the ability to recover deferred tax assets were based on the operating results performance forecasts formed during the preceding fiscal year. (3) Changes in accounting method from the most recent consolidated fiscal year Not applicable.

5. Segment Information

(Yen in millions)
SFH's consolidated results* are prepared in accordance with accounting principles and practices generally accepted in Japan. As such, these figures differ in significant respects from financial information reported by SFH's parent company, Sony Corporation, which prepares its financial statements in accordance with accounting principles and practices generally accepted in the United States. * The scope of consolidation for SFH's consolidated results for the nine months ended December 31, 2006 includes Sony Financial Holdings, Sony Life Insurance Co., Ltd., Sony Assurance Inc., Sony Bank Inc., and Sony Life Insurance (Philippines) Corporation. The scope of consolidation for SFH's consolidated results for the nine months ended December 31, 2007 also includes Sony Bank Securities Inc. On January 31, 2008, Sony Corporation announced its consolidated financial results for the third quarter ended December 31, 2007. SFH Group companies constitute the majority of Sony Group's Financial Services segment. However, the scope of Sony Group's Financial Services segment differs from the scope of SFH's consolidated results. For the scope of Sony Group's Financial Services segment, please refer to the January 31, 2008, news release by Sony Corporation. 1. Forward-looking statements may include—but are not limited to—statements using words such as "believe," "anticipate," "plan," "strategy," "expect," "forecast," "predict," "possibility" and similar words that describe future operating activities, financial performance, events or conditions. Forward-looking statements, whether spoken or written, are based on judgments made by the management of the SFH Group based on information that is currently available to it. As such, forward-looking statements are subject to various risks and uncertainties, and actual results may vary substantially from those expressed or implied in forward-looking statements. Consequently, investors are cautioned not to place undue reliance on forward-looking statements. The SFH Group disclaims any obligation to revise forward-looking statements in light of new information, future events or other findings. 2. The information contained in this press release does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied upon in connection with any contract or commitment whatsoever. For inquiries: Masaaki Konoo or Hiroko Hanakura Corporate Communications & Investor Relations Dept. Sony Financial Holdings Inc. Telephone: +81-3-5785-1074 E-mail: press@sonyfh.co.jp Website of Sony Financial Holdings Inc. http://www.sonyfh.co.jp/english