l
1. Key Performance Results
(1) Policy Amount in Force and New Policy Amount

2. The new policy amount for group annuities is equal to the initial premium payment.
converting the figure to a per-year premium. (For single-payment policies, premiums are divided by the coverage period.) 2. Figures in "Medical protection and living benefit protection, etc" indicateds the annualized premiums for the portion of products with medical protection benefits (hospitalization benefit, surgical procedure benefit, etc.) and products with living benefit protection (benefits for specific illness, nursing care benefits, etc.)

(1) Investment Environment
During the six months ended September 30, 2009, the Japanese economy entered a recovery phase. Real GDP (2nd preliminary figures') grew at a rate of 0.6% during the April–June quarter, with contribution from growth in public-sector fixed capital formation and export goods and services. 2 Real GDP during the July–September quarter is estimated to have grown further, primarily driven by export goods and services. Interest rates rose in the bond market in early June 2009, reflecting diminishing concern over the financial crisis and increased expectations of an economic recovery, as well as an increase in Japanese government bond (JGB) issues and a rebound in stock prices. A supplementary budget was formulated for the additional issue of Japanese government bonds amounting to ¥16.9 trillion in July 2009. As a result, there was a sharp increase in long- and ultralong-term JGB yields (prices fell). However, interest rates subsequently fell, as the bond market was affected by appreciation of the yen against foreign currencies, as well as a delayed recovery in the macroeconomic environment, particularly in the weakened employment market. Japanese banks and other financial institutions expanded their investment in JGBs, which helped balance supply and demand and resulted in lower interest rates (prices fell). On March 31, 2009, 10-year JGB yields were 1.340%, which then shot up to 1.560% (prices fell) on June 30. Yields decreased (prices increased) thereafter, to 1.295% on September 30. Japanese stock markets remained steady in the first half of this fiscal year, reflecting increased expectations of economic recovery and the sharp recovery of global stock markets, as well as monetary easing in developed countries including Europe and the United States. Monetary easing created liquidity in the money markets, which accelerated the flow of capital into stock markets. Foreign investors bought Japanese stocks totaling ¥2,237.1 billion in spot trading, which drove the Japanese stock market in the first half of this fiscal year? . In terms of corporate operating performance, it is widely believed that the worst of the crisis has past. Corporate operating performance remained low in the first half of the fiscal year due to a rapid decline in production that negatively impacted sales. The consensus is that corporate operating performance in the second half this fiscal year is recovering, bolstered by cost reductions resulting from restructuring and the global economic recovery. On March 31, 2009, the Nikkei was at ¥8,109.53, rising to ¥10,767.44 on August 31 and finishing at ¥10,133.23 on September 30. In foreign exchange markets, the yen continued to appreciate against the U.S. dollar. Aggressive monetary easing by the Federal Reserve Bank reduced the difference between Japanese and U.S. interest rates. The U.S. dollar weakened over concerns about the growing U.S. budget deficit and currency appreciation with high interest rates in resource-rich countries, strengthening the yen against the U.S. dollar. Moreover, the Democratic Party of Japan, which became the new ruling party in September 2009, allows a stronger yen without foreign exchange intervention, which further strengthened the yen. The yen appreciated against the U.S. dollar, rising from ¥98.84 at March 31, 2009 to ¥89.75 on September 30.
(2) Investment Policy
Our basic investment policy on general account assets is to ensure the creation of an investment portofolio that generates stable profits over the medium to long term and considers the soundness of investment assets and controls debt characteristics. The Company secures stable interest income by investing in Japanese government and corporate bonds. From the perspective of ALM, we strive to lengthen the duration of our investment portfolio by gradually increasing the allocation of ultralong-term bonds. Furthermore, we will continue investing in equity assets, including Japanese stocks, controlling allocation to ensure a balance between profitability and market risks.
(3) Results of Investment
As of September 30, 2009, general account assets totaled ¥3,710.1 billion, up 4.9%, or ¥174.4 billion, from March 31, 2009. Of general account assets, Japanese government and corporate bond investments totaled ¥2,606.4 billion (accounting for 70.3% of general account assets), Japanese stocks ¥56.5 billion (1.5%), foreign government and corporate bonds ¥84.5 billion (2.3%), monetary trusts ¥533.6 billion (14.4%), cash and call loans ¥100.3 billion (2.7%), policyholder loans ¥123.7 billion (3.3%) and real estate ¥81.1 billion (2.2%).

3. Status of Investment of Assets (General Account Assets)

6
Note: The chart above includes trading-purpose securities in "monetary trusts" etc.
(6) Fair Value Information on Securities

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 ¥490,631 million and ¥14,149 million. 3. Carrying value before mark-to-market represents the amount after deductions for depreciable costs and impairment losses, before mark-to-market. 7 b. Carrying value of the securities without market value
8
Note: The table above includes 50 million yen of jointly invested monetary trusts.

6. Reconciliation to Core Profit and Non-Consolidated Ordinary Profit
2. Core profit for the six months ended September 30, 2009 (A) includes income gains of ¥4,179 million in income from monetary trusts; other capital losses include impairment losses of ¥381 million from investment funds.
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 and results 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 a concessionary 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 Ioans described in notes 1. and 2. above. 4. Normal loans are all other loans.
8. Risk-Monitored Loans
None.

9. Solvency Margin Ratio
regulations, as stipulated in 1996 by the Ministry of Finance Official Notification No. 50. 2. A standard method is used to calculate minimum guarantee risk.
10. Status of Separate Account Assets

(2) Policy Amount in Force (Separate Account)

(1) Key Performance Results

(2) Scope of Consolidation and Companies Accounted for under Equity Method Number of consolidated subsidiaries Number of non-consolidated subsidiaries accounted for under equity method Number of affiliated companies accounted for under equity method l 0 l
(3) Consolidated Balance Sheets

(4) Consolidated Statements of Income

12. Reference - Results for the Three Months Ended September 30, 2009

Reconciliation to Core Profit and Non-Consolidated Ordinary Profit
2. Core profit for the three months ended September 30, 2009 (A)  includes income gains of ¥2,054 million in income from monetary trusts; other capital losses includes impairment losses of ¥381 million from investmnet funds.
Consolidated Summary
(1) Key Performance Results

Sony Life's holdings of securitized papers and other sub-prime related investments as of September 30, 2009, are as follows. Sony Life holds no sub-prime related investments. (1) Special-purpose entities (SPEs)

(4) Commercial mortgage-backed securities (CMBS)

(5) Leveraged finance

(6) Other notes
Sony Life holds convertible bond repackage notes (fair market value of ¥17.4 billion and unrealized losses of ¥0.3 billion as of September 30, 2009) and principal protected 30 year notes with Nikkei 225 index linked coupon (fair market value of ¥43.8 billion and unrealized gains of 2.2 billion as of September 30, 2009). These amounts are included in "Net unrealized gains/ losses on other securities, (before taxes)" of Sony Life as of September 30, 2009.