[Company analysis] Sony Financial Holdings Inc. (ソニーフィナンシャルホールディングス)

「Sony Financial Holdings Inc. (ソニーフィナンシャルホールディングス)」

is a financial holding company that owns「Sony Life Insurance Co., Ltd.(ソニー生命保険)」and「Sony Bank Inc.(ソニー銀行)」. Through both subsidiary, this company carry out insurance and banking business, as a subsidiary of「Sony Corporation(ソニー)」. The number of consolidated employees is approximately 11,055.

 

1. Company Profile

2. Summary and Features

3. Major Business

4. Financial Information

 

 

 

1. Company Profile

 

※Unit is JPY million, as of 2019

Company name	Sony Financial Holdings Inc.
Company name (Japanese)	ソニーフィナンシャルホールディングス
Date of establishment	Thursday, April 1, 2004
Headquarters location	〒100-0004 東京都千代田区大手町一丁目9番2号
Capital	19,963
Consolidated sales	1,629,182
Consolidated operating profit	93,856
Consolidated total assets	13,468,215
Consolidated capital	656,846
Capital adequacy ratio	4.9%
Consolidated number of employees	11,055

 

 

 

2. Summary and Features

 
「Sony Life Insurance(ソニー生命保険)」, a core subsidiary of「Sony Financial Holdings」, started in 1978 as a joint venture with「Prudential(プルデンシャル生命)」, Life insurance company in United States. At that time,「Prudential」was aiming to enter the Japanese market, and「Sony Corporation」also had a desire to expand into the financial sector. As a result,「Sony Prudential Life Insurance Co., Ltd.(ソニー・プルーデンシャル生命保険)」was established under the name of both companies.

 

「Sony Life Insurance」conducts consulting sales by "life planners", professional sales staff with high-level knowledge and sales technology. Since 1981, they have been steadily increasing the number of new contracts, led by viaticals. In 1987, the partnership with「Prudential」was dissolved, and the company name was changed to「Sony Life Insurance」, at the same time, this company became a wholly owned subsidiary of「Sony Corporation」. 

Another core subsidiary,「Sony Bank」, was established on April 2, 2001, through a joint investment with「Sumitomo Mitsui Financial Group」. It is basically operated as an internet bank. However, while other internet banks are aiming for low-cost operations, by collecting payment fees,「Sony Bank」aimed to be a tool for personal asset management.

now,「Sony Bank」is recognized for its strengths in terms of convenience and various product lineups and high level of customer satisfaction. As a specialized Internet bank, they have 3rd largest total deposit volume in the industry. As for foreign currency deposits, it accounts for 7% of personal foreign currency deposits in Japan, which is an extremely high level that even can be comparable to megabanks. For「Sony Bank」, the transaction fees for such foreign currency deposits and fund management products is the main source of their profit.

 

 

 

3. Major Business

 

■ Life insurance business

■ Non-life insurance business

■ Bank business

 

 

 

4. Financial information

 

※Unit is JPY million

		2016	2017	2018
Consolidate revenue		1,381,667	1,503,630	1,629,182
Consolidate gross income		66,326	66,843	93,856
Consolidated total assets		11,471,845	12,401,446	13,468,215
Consolidated net assets		601,139	625,406	656,846
Breakdown of sales	Life insurance business	1,240,764	1,347,762	1,461,632
	Indemnity insurance business	102,337	110,091	115,101
	Bank business	38,318	39,712	45,766
	Others	247	6,064	6,681