Sony 1999 Annual Report Download - page 26

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24
page
Sony Corporation Annual Report 1999
MESSAGE FROM TOP MANAGEMENT
Sony Life Insurance Co., Ltd. will celebrate its 20th anniversary in August
1999. Our mission is to ensure the financial security and stability of our
customers by offering effective life insurance and quality services. This
thinking is consistent with the “helping dreams come true” philosophy of
the entire Sony Group. Over the years, Sony Life has made every effort to
bolster its operating base and the soundness of management. Standard &
Poor’s has assigned Sony Life an AA- IFS (Insurer Financial Strength)
rating. This is a reflection of our growth potential, profitability, the qual-
ity of our assets, the balance between our assets and liabilities, and our
KEN IWAKI
President and
Chief Operating Officer
Sony Life Insurance Co., Ltd.
strong capital base. In addition, aiming to use our experience in Japan to enter life insur-
ance markets abroad, Sony Life established Sony Life Insurance (Philippines) Corporation
in the Republic of the Philippines with Sony and its local subsidiary in August 1998, and
plans to start operations in the fall of 1999.
BUSINESS EXPANSION CONTINUES
In recent years, insurance-in-force and total assets at Japan’s life insurance companies
have in general been declining. Despite this challenging climate, Sony Life has consis-
tently achieved a high growth rate in insurance-in-force and total assets based on U.S.
accounting standards. Sony Life also maintained a 13th-month persistency ratio of more
than 90%, a level that has been preserved for the past five years. This ratio, which is the
percentage of policies that are still in force in their 13th month, is an indicator of the
surrender and lapse of contracts. Sony Life’s performance is testimony to the widespread
recognition by customers of the quality consulting provided by Lifeplanners, collectively
the greatest attribute of Sony Life. At the end of March 1999, Sony Life had 4,156 Lifeplanners
supporting growth. At the same time, Sony Life had an extensive service network of 92
REVIEW OF OPERATIONS
Insurance