Sony 2003 Annual Report Download - page 188
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Consolidated Financial Information 2003
- 102 -
assumptions for all policies are based on either the life insurance subsidiary’s own experience or various
actuarial tables. At March 31, 2002 and 2003, future insurance policy benefits amounted to ¥1,513,917
million and ¥1,734,673 million ($14,456 million), respectively.
(4) Separate account assets:
Separate account assets are funds on which investment income and gains or losses accrue directly to
certain policyholders. Separate account assets are legally segregated. They are not subject to the claims
that may arise out of any other business of a life insurance subsidiary. Separate account assets, which
consist primarily of debt and equity securities, are carried at fair value and included in securities investments
and other (Note 8). The related liabilities are recognized as separate account liabilities and included in
future insurance policy benefits and other. Fees earned for administrative and contract-holder services
performed for the separate accounts are recognized as financial service revenue.
12. Short-term borrowings and long-term debt
Short-term borrowings comprise the following:
Yen in millions
Dollars in
millions
March 31 March 31,
2002 2003 2003
Unsecured commercial paper:
with weighted-average interest rate of 0.39%
with weighted-average interest rate of 0.13%
¥ 51,584
¥ 52,820
$ 440
Unsecured loans, principally from banks:
with weighted-average interest rate of 4.78%
with weighted-average interest rate of 3.55%
51,516
36,840
307
Secured call money:
with weighted-average interest rate of 0.01% − 34,700 289
Secured bills sold and other:
with weighted-average interest rate of 0.002% 10,177 − −
¥
113,277 ¥124,360 $1,036
At March 31, 2003, securities investments with a book value of ¥34,700 million ($289 million) were pledged
as collateral for call money issued by a Japanese bank subsidiary.