Sony 2015 Annual Report Download - page 174
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SONY CORPORATION AND CONSOLIDATED SUBSIDIARIES
(4) Policyholders’ account in the life insurance business
Policyholders’ account in the life insurance business represents an accumulation of account deposits plus
credited interest less withdrawals, expenses and mortality charges. Policyholders’ account includes universal life
insurance and investment contracts. Universal life insurance includes interest sensitive whole life contracts and
variable contracts. The credited rates associated with interest sensitive whole life contracts range from 1.9% to
2.0%. For variable contracts, policy values are expressed in terms of investment units. Each unit is linked to an
asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio.
Investment contracts mainly include single payment endowment contracts, single payment juvenile contracts and
policies after the start of annuity payments. The credited rates associated with investment contracts range from
0.1% to 6.3%.
Policyholders’ account in the life insurance business is comprised of the following:
Yen in millions
March 31
2015 2016
Universal life insurance 1,555,700 1,634,642
Investment contracts 591,951 638,737
Other 111,863 127,941
Total 2,259,514 2,401,320
11. Short-term borrowings and long-term debt
Short-term borrowings are comprised of the following:
Yen in millions
March 31
2015 2016
Unsecured loans:
with a weighted-average interest rate of 4.64% 56,008
with a weighted-average interest rate of 7.70% 86,467
Repurchase agreement:
with a weighted-average interest rate of 0.01% 62,805
Secured call money:
with a weighted-average interest rate of 0.10% 6,000
62,008 149,272
At March 31, 2016, certain subsidiaries in the Financial Services segment pledged securities investments
with a book value of 48,691 million yen as collateral for 62,805 million yen of short-term repurchase
agreements. The repurchase agreement provides for net settlement upon a termination event.
In addition, certain subsidiaries in the Financial Services segment pledged marketable securities and
securities investments with an aggregate book value of 34,749 million yen as collateral for cash settlements,
variation margins of futures markets and certain other purposes.
F-40