Non-consolidated Balance Sheets
Sony Life Insurance Co., Ltd.
As of March 31, 2009, 2010 and 2011
(Millions of yen)
2009 2010 2011
Composition Composition Composition
Amount (%) Amount (%) Amount (%)
Assets:
Cash and deposits 25,174 0.7 45,707 1.1 35,103 0.7
Cash 15 13 13
Deposits 25,158 45,693 35,089
Call loans 45,800 1.2 91,800 2.1 68,500 1.5
Monetary trusts 607,625 15.9 288,772 6.7 276,475 5.9
Securities 2,819,638 74.0 3,539,114 82.6 4,017,583 85.1
Japanese government bonds 2,196,830 3,023,972 3,548,082
Japanese municipal bonds 29,190 28,433 11,328
Japanese corporate bonds 270,253 99,351 70,610
Japanese stocks 70,620 103,098 92,691
Foreign securities 189,426 186,043 192,328
Other securities 63,317 98,214 102,540
Loans 120,462 3.2 127,599 3.0 134,419 2.8
Policy loans 120,462 127,599 134,419
Tangible fixed assets 82,793 2.2 80,923 1.9 76,014 1.6
Land 33,076 33,076 31,469
Buildings 47,498 46,839 43,693
Leased assets 337 272 230
Construction in progress 1,179 - -
Other tangible fixed assets 701 735 621
Intangible fixed assets 12,187 0.3 13,862 0.3 18,390 0.4
Software 12,136 13,814 18,346
Leased assets 0 0 -
Other intangible
fixed assets 49 47 44
Due from agencies 1 0.0 - - - -
Due from reinsurers 104 0.0 120 0.0 84 0.0
Other assets 61,911 1.6 71,165 1.7 56,250 1.2
Other receivables 29,096 41,580 34,335
Prepaid expenses 992 1,288 1,248
Accrued income 11,252 22,399 14,327
Money on deposits 3,969 3,875 4,073
Collateral pledged on
forward transactions 13,583 - -
Advance payments 1,336 322 491
Others 1,679 1,699 1,773
Deferred tax assets 35,439 0.9 27,686 0.6 40,738 0.9
Reserve for possible loan losses (208) (0.0) (212) (0.0) (228) (0.0)
Total Assets 3,810,929 100.0 4,286,540 100.0 4,723,332 100.0
Liabilities:
Policy reserves and others 3,614,027 94.8 4,012,112 93.6 4,404,576 93.3
Reserve for outstanding claims 19,111 21,424 28,252
Policy reserves 3,592,376 3,985,610 4,371,484
Reserve for policyholders’
dividends 2,539 5,076 4,839
Due to agencies 1,216 0.0 1,445 0.0 1,502 0.0
Due to reinsurers 880 0.0 716 0.0 684 0.0
Other liabilities 36,891 1.0 55,501 1.3 65,980 1.4
Accrued income tax 9,530 16,943 19,482
Other payables 6,032 16,772 23,492
Accrued expenses 11,883 12,088 12,625
Unearned income 883 949 956
Deposits received 360 372 542
Deposits received for
guarantee 6,252 5,627 5,518
Lease obligations 388 325 284
Asset retirement obligations - - 633
Policy suspense and
other suspense 1,560 2,420 2,445
Reserve for employees’
retirement benefits 12,727 0.3 14,989 0.3 17,596 0.4
Reserve for directors’
retirement benefits 95 0.0 118 0.0 143 0.0
Reserve for price fluctuations 3,653 0.1 9,637 0.2 16,768 0.4
Reserve for price fluctuations 3,653 9,637 16,768
Deferred tax liabilities on
land revaluation 706 0.0 706 0.0 693 0.0
Total Liabilities 3,670,198 96.3 4,095,228 95.5 4,507,945 95.4
Net Assets:
Common stock 70,000 1.8 70,000 1.6 70,000 1.5
Capital surplus 5,865 0.2 5,865 0.1 5,865 0.1
Capital reserve 5,865 5,865 5,865
Retained earnings 62,325 1.6 101,464 2.4 134,008 2.8
Earned reserve 8,478 9,878 11,418
Other retained earnings 53,847 91,585 122,590
Unappropriated retained
earnings for the period 53,847 91,585 122,590
Total shareholders’ equity 138,190 3.6 177,329 4.1 209,873 4.4
Net unrealized gains on other
securities, net of taxes 4,015 0.1 15,458 0.4 7,013 0.1
Land revaluation, net of taxes (1,475) (0.0) (1,475) (0.0) (1,499) (0.0)
Total valuation and translation
adjustments 2,539 0.1 13,982 0.3 5,513 0.1
Total Net Assets 140,730 3.7 191,312 4.5 215,387 4.6
Total Liabilities and Net Assets 3,810,929 100.0 4,286,540 100.0 4,723,332 100.0
Non-consolidated Statements of Income
Sony Life Insurance Co., Ltd.
For the years ended March 31, 2009, 2010 and 2011
(Millions of yen)
2009 2010 2011
Ordinary Revenues 765,910 881,798 900,091
Income from insurance premiums 662,011 700,101 770,330
Insurance premiums 660,642 698,168 768,259
Ceded reinsurance commissions 1,368 1,932 2,070
Investment income 98,781 175,397 119,500
Interest income and dividends 55,803 70,668 87,533
Interest income from deposits 0 0 0
Interest income and dividends from securities 39,033 54,662 70,883
Interest income from loans 4,732 4,991 5,216
Rent revenue from real estate 11,632 10,942 11,379
Other interest income and dividends 404 71 53
Income from monetary trusts, net - 22,887 6,983
Income from trading securities, net 1,084 - -
Gains on sale of securities 32,115 15,107 24,982
Gains on redemption of securities 807 3,939 0
Gains on derivatives, net 8,937 - -
Other investment income 32 37 1
Gains on separate accounts, net - 62,757 -
Other ordinary income 5,117 6,299 10,260
Income for annuity riders 1,779 1,449 1,625
Income for deferred payment of claims 2,351 3,591 7,202
Other ordinary income 987 1,258 1,432
Ordinary Expenses 733,500 801,698 826,914
Insurance claims and other payments 274,778 274,278 297,966
Insurance claims 62,090 64,855 76,513
Annuity payments 7,111 7,742 8,224
Insurance benefits 32,898 34,670 38,346
Surrender payments 168,135 162,694 170,716
Refund to policyholders 2,172 1,950 1,853
Reinsurance premiums 2,370 2,364 2,312
Provision for policy reserves and others 219,031 395,551 392,722
Provision for reserve for outstanding claims 1,706 2,312 6,827
Provision for policy reserves 217,285 393,234 385,873
Interest on policyholders’ dividend reserve 39 4 21
Investment expenses 133,777 20,584 19,303
Interest expenses 42 29 56
Losses on monetary trusts, net 856 - -
Losses on sale of securities 16,157 10,073 1,866
Devaluation losses on securities 31,899 - 348
Losses on redemption of securities 262 361 23
Foreign exchange losses, net 2,614 833 533
Provision for reserve for possible loan losses 134 3 20
Depreciation of real estate for rent and others 2,932 2,763 2,551
Other investment expenses 6,664 6,518 6,432
Losses on separate accounts, net 72,212 - 7,470
Operating expenses 93,928 96,860 99,374
Other ordinary expenses 11,983 14,424 17,548
Payments of deferred claims 1,898 2,611 4,678
Taxes 6,226 6,470 6,784
Depreciation and amortization 1,836 2,334 2,754
Provision for reserve for employees’ retirement benefits 1,995 2,982 3,299
Provision for reserve for directors’ retirement benefits 24 22 25
Others 2 2 5
Ordinary Profit 32,409 80,099 73,176
Extraordinary Gains 20,446 - -
Reversal of reserve for price fluctuations 20,446 - -
Reversal of reserve for price fluctuations 20,446 - -
Extraordinary Losses 97 6,107 8,735
Losses on disposal of fixed assets 60 116 22
Impairment losses 20 5 1,291
Provision for reserve for price fluctuations - 5,984 7,131
Provision for reserve for price fluctuations - 5,984 7,131
Loss on adjustment for changes of accounting standard
for asset retirement obligations - - 290
Other extraordinary losses 16 - -
Provision (Reversal) for Reserve for Policyholders’ Dividends (429) 3,516 1,257
Income Before Income Taxes 53,188 70,475 63,183
Income Taxes—current 14,087 22,688 31,374
Income Taxes—deferred 5,317 1,649 (8,411)
Total Income Taxes 19,404 24,337 22,962
Net Income 33,783 46,138 40,220