A.M. Best Affirms Ratings of Sony Life Insurance Co. Ltd.; Assigns Issuer Credit Rating
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[December 13, 2005]

A.M. Best Affirms Ratings of Sony Life Insurance Co. Ltd.; Assigns Issuer Credit Rating

(Bestwire Service)OLDWICK, N.J. (BestWire) - A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) and assigned an issuer credit rating of aa- to Sony Life Insurance Co. Ltd. (Japan). The outlook for both ratings is stable.



The ratings reflect Sony Lifes strong risk-adjusted capitalization, consistent premium growth, high product persistency ratio and superior distribution capabilities.

On a risk-adjusted basis, Sony Life is one of the most strongly capitalized life insurers in Japan. The companys Japanese local solvency ratio stood at 1,317% in fiscal year 2004. The Bests Capital Adequacy Ratio, which measures capitalization on a risk-adjusted basis, also demonstrated Sony Lifes strong capital position.



While the Japanese life insurance industry shows years of negative premium growth, Sony Lifes premium grew by a five-year average compounded growth rate of 8.2% between fiscal years 2000 and 2004. The companys products are distributed primarily through its Lifeplanner channel. The annual premium productivity of the Lifeplanner channel has improved through the years as Sony Life maintains its high and stable persistency rates relative to the industry, reflecting its ability to effectively meet customer needs.

These positive factors are partially offset by the stagnant life insurance market, intensified competition and the negative interest spread.

Declining birth rates and an aging population have reduced the death protection market, which accounts for the majority of the individual insurance market. In addition, the deregulation and liberalization of the financial services industry in Japan has intensified competition and slowed the growth in the life insurance market.

The low interest rate environment in Japan remains a contributing factor in Sony Lifes negative interest margin. The negative margin will continue to hinder the companys profitability and remains an issue for the life insurance industry.

For Bests Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings.

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