Sony 2001 Annual Report Download - page 44

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Sony Corporation Annual Report 2001
42
BUSINESS REVIEW: INSURANCE
MESSAGE FROM TOP MANAGEMENT
Ensuring the financial security and stability of our customers by offering effective life insurance and
quality services is the basic mission of Sony Life Insurance Co., Ltd., reflecting the Sony Group’s philoso-
phy of making peoples’ dreams come true. Customers have greatly appreciated the consulting-driven sales
activities that we have conducted since our establishment. This is evident in the steady growth in our life
insurance-in-force. In the year under review, our operating income declined 4% from the previous year’s
level, mainly because reserves for the Life Insurance Policyholders Protection Corporation of Japan were
recorded. However, new policies sold and life insurance-in-force continued their steady growth, rising by
17% and 14%, respectively.
Sony Life has consistently placed a priority on improving its operating base and the soundness of
management. Due to these efforts, we have attained a solvency margin ratio of 1,906%, one of the highest
among Japanese life insurers. In addition, our solid growth, profitability, asset quality, policyholder reserves,
and other strengths have earned us high ratings from rating agencies in Japan and overseas. During the year,
A.M. Best Co. and Japan Credit Rating Agency, Ltd. awarded us upgrades, and in May 2001, Rating and
Investment Information, Inc. as well awarded us an upgrade. Deregulation in Japan is expected to open up
many new opportunities for insurers. We are taking an aggressive stance regarding such opportunities,
mainly targeting fields offering synergies with our core life insurance business. One result was Sony Life’s
May 2001 start of sales of certain Sony Assurance products.
Lifeplanners are the backbone of Sony Life
Insurance. All are well versed in fields as diverse
as taxation, law, and economics, and possess high-
level consulting skills. Lifeplanners take full
advantage of sophisticated computer software to
create customized, best-fit solutions for individual
customers’ present and future requirements.
The customer center of Sony
Assurance is equipped with the most
up-to-date call center system. Well-
trained operators on site quickly and
accurately respond to queries and
estimate requests from clients.