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Sony Financial Group

Sony Financial Group Inc.

Company highlights

The largest segment by revenue is Life insurance, at 88.7% of the total.

Key figures

Period Apr 2025 to Mar 2026Parent onlyJapanese GAAP

RevenueDisclosed ¥19.2B
Operating marginCalculated 59.9%
Net assets to total assetsCalculated 2.6%

Company profile

Securities code 8729 / EDINET code E05714 / Insurance / Fiscal year end end of March

千代田区大手町１－９－２／Capital stock ¥20,029 million
Address, capital stock, fiscal year end and industry: the FSA’s EDINET code list.

Company details
遠藤 俊英 Representative
11 Consolidated subsidiaries

Tables scroll sideways

Disclosed data

Source: Annual Securities Report (Apr 2025 to Mar 2026) · filed 2026-06-17

Profitability ★★★★★position among all companies 59.9%
Growth (revenue, 4-year average) ★☆☆☆☆position among all companies -20.7%
Capital efficiency ★★★☆☆position among all companies 8.6%

Business activities and revenue composition

Sony Financial Group

Revenue and profit by business segment

Period Apr 2025 to Mar 2026Source Annual securities reportsConsolidated・Disclosed

SalesProfit Life insura…Life insurance Sales 88.7% 89% Profit 67.0% 67% AssuranceAssurance Sales 6.7% 7% Profit 14.1% 14% BankBank Sales 4.6% 5% Profit 18.9% 19%
BusinessNet sales to external customers Ordinary income
This yearShareLast year This yearShareMarginLast year
Life insurance ¥2,531.6 billion 88.7% ¥2,313.5 billion ¥59.4 billion 67.0% 2.3% ¥20.6 billion
Assurance ¥191.3 billion 6.7% ¥168.9 billion ¥12.5 billion 14.1% 6.5% ¥7.2 billion
Bank ¥129.8 billion 4.6% ¥117.0 billion ¥16.7 billion 18.9% 12.9% ¥18.9 billion
Total of the businesses ¥2,852.8 billion100.0% ¥88.6 billion 100.0%

Revenue and profit

Amounts by account
GroupAccountAmountConsolidated / Non-consolidated
Selling, general and administrative expenses Directors compensations salaries and allowances ¥3.3 billion Parent only
Business consignment expenses ¥1.8 billion Parent only
Other ¥0.9 billion Parent only
Advertising expenses ¥0.5 billion Parent only
Depreciation ¥0.4 billion Parent only
Rent expenses ¥0.3 billion Parent only
Amortization of goodwill ¥0.2 billion Consolidated
Taxes and dues ¥95.00 million Parent only
Traveling and transportation expenses ¥75.00 million Parent only
Commission fees ¥61.00 million Parent only
Profit by stage Ordinary income ¥84.6 billion Consolidated
Net income ¥55.5 billion Consolidated
Operating income ¥11.5 billion Parent only

Sony Financial Group

Selling, general and administrative expenses

Period Apr 2025 to Mar 2026Source Annual securities reports

Directors compensations salaries and allowances ¥3.3 billion (45.9%)46%Business consignment expenses ¥1.8 billion (25.4%)25%Other ¥0.9 billion (12.2%)12%Advertising expenses ¥0.5 billion (7.1%)7%Depreciation ¥0.4 billion (5.6%)Rent expenses ¥0.3 billion (3.9%)¥7.1B
  • Directors compensations salaries and allowances　¥3.3 billion
  • Business consignment expenses　¥1.8 billion
  • Other　¥0.9 billion
  • Advertising expenses　¥0.5 billion
  • Depreciation　¥0.4 billion
  • Rent expenses　¥0.3 billion

Performance, financial position and capital allocation

Finance
2.6% Net assets to total assets Industry median 28.4% FY ending 3/2026 · consolidated / calculated
0.2% Return on assets (ROA)
¥93.74 Net assets per share
¥-746.0 billion Free cash flow
¥23,807.2 billion Total assets
¥2.5 billion Goodwill (the part of the acquisition price above the net assets acquired)
Capital allocation
3868.7% Cash conversion Industry median 192.2% FY ending 3/2026 · consolidated / calculated
23.7% Property, plant and equipment purchases relative to depreciation ★☆☆☆☆ position among all companies FY ending 3/2026 · consolidated / calculated
15.7% Return to shareholders ★★☆☆☆ position among all companies FY ending 3/2026 · consolidated / calculated
-4.5% Extraordinary gains and losses relative to ordinary profit ★★☆☆☆ position among all companies FY ending 3/2026 · consolidated / calculated

Sony Financial Group

Recent performance trends

Source Annual securities reports

122 82 41 0 4 years ago 3 years ago 2 years ago Last year This year Ordinary income ¥ billion

Year-on-year comparison

Period 2022 to 2026Disclosed

Item20222023202420252026
Ordinary revenue ¥2,190.1B ¥2,137.7B ¥3,450.3B ¥2,618.7B ¥2,871.0B
Year on year (%) Could not be retrieved -2.4% +61.4%◆ -24.1%◆ +9.6%
Ordinary income (loss) ¥79.9B ¥122.4B ¥54.4B ¥44.9B ¥84.6B
Change from prior year Could not be retrieved +53.2% -55.6% -17.4% +88.4%
Ordinary income (loss) as a share of Ordinary revenue 3.6% 5.7% 1.6% 1.7% 2.9%
Change (percentage points) Could not be retrieved +2.1 points◆ -4.1 points◆ +0.1 points +1.2 points

Fiscal periods marked for changes

  • 2023Ordinary income (loss) as a share of revenue +2.1 points
  • 2024Ordinary revenue year on year +61.4%, Ordinary income (loss) as a share of revenue -4.1 points
  • 2025Ordinary revenue year on year -24.1%

Sony Financial Group

Earnings and net assets per share over time

Unit yenSource Annual securities reports

17 11 6 0 4 years ago 3 years ago 2 years ago Last year This year Earnings per share yen 94 62 31 0 4 years ago 3 years ago 2 years ago Last year This year Net assets per share yen

Sony Financial Group

Return on equity over time

Unit %Source Annual securities reports

18 12 6 0 4 years ago 3 years ago 2 years ago Last year This year Return on equity (ROE, %)
Consolidated indicators (15 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Ordinary revenue ¥2,190.1 billion ¥2,137.7 billion ¥3,450.3 billion ¥2,618.7 billion ¥2,871.0 billion
Ordinary income (loss) ¥79.9 billion ¥122.4 billion ¥54.4 billion ¥44.9 billion ¥84.6 billion
Net income (loss) attributable to owners of parent ¥41.6 billion ¥118.5 billion ¥41.2 billion ¥78.8 billion ¥55.5 billion
Comprehensive income ¥-2.7 billion ¥37.2 billion ¥3.4 billion ¥75.7 billion ¥29.0 billion
Net assets ¥649.1 billion ¥645.0 billion ¥594.0 billion ¥669.8 billion ¥629.3 billion
Total assets ¥19,032.9 billion ¥20,019.8 billion ¥22,083.8 billion ¥23,370.9 billion ¥23,807.2 billion
Net assets per share 90.3 yen 89.67 yen 83.09 yen 93.68 yen 93.74 yen
Basic earnings (loss) per share 5.82 yen 16.58 yen 5.76 yen 11.02 yen 7.96 yen
Diluted earnings per share Could not be retrieved Could not be retrieved Could not be retrieved Could not be retrieved 7.75 yen
Equity-to-asset ratio 3.4% 3.2% 2.7% 2.9% 2.6%
Return on equity 6.2% 18.4% 6.7% 12.5% 8.6%
Net cash provided by (used in) operating activities ¥1,053.0 billion ¥418.6 billion ¥782.9 billion ¥1,502.2 billion ¥445.5 billion
Net cash provided by (used in) investing activities ¥-623.8 billion ¥-508.8 billion ¥-574.0 billion ¥-1,202.0 billion ¥-1,191.5 billion
Net cash provided by (used in) financing activities ¥-39.7 billion ¥-42.2 billion ¥-53.1 billion ¥-10.7 billion ¥25.7 billion
Cash and cash equivalents ¥889.1 billion ¥756.5 billion ¥913.4 billion ¥1,202.2 billion ¥483.2 billion
Parent only indicators (14 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Operating revenue ¥48.5 billion ¥49.1 billion ¥89.1 billion ¥112.4 billion ¥19.2 billion
Ordinary income (loss) ¥45.8 billion ¥45.7 billion ¥85.2 billion ¥107.2 billion ¥11.8 billion
Net income (loss) ¥45.8 billion ¥45.6 billion ¥83.5 billion ¥107.8 billion ¥12.7 billion
Capital stock ¥20.0 billion ¥20.0 billion ¥20.0 billion ¥20.0 billion ¥20.0 billion
Total number of issued shares (common stock) 7,149,358,000 shares 7,149,358,000 shares 7,149,358,000 shares 7,149,358,000 shares 6,770,358,000 shares
Net assets ¥261.8 billion ¥266.1 billion ¥299.6 billion ¥407.4 billion ¥350.6 billion
Total assets ¥282.8 billion ¥287.3 billion ¥323.3 billion ¥421.3 billion ¥469.5 billion
Net assets per share 36.62 yen 37.22 yen 41.9 yen 56.98 yen 52.21 yen
Dividend per share 95 yen 115 yen Could not be retrieved Could not be retrieved 3.8 yen
Basic earnings (loss) per share 6.4 yen 6.38 yen 11.68 yen 15.08 yen 1.82 yen
Diluted earnings per share Could not be retrieved Could not be retrieved Could not be retrieved Could not be retrieved 1.77 yen
Equity-to-asset ratio 92.6% 92.6% 92.7% 96.7% 74.6%
Return on equity 17.7% 17.3% 29.5% 30.5% 3.4%
Payout ratio 90.3% 109.7% Could not be retrieved Could not be retrieved 208.5%

Dividend history

Source: reporting company’s key figures, annual securities reports · 3 years (2022 to 2026)Parent-onlyDisclosed

1 periods Consecutive increases (own definition) through FY ending 3/2023
2 periods Consecutive periods with dividends (site definition) through FY ending 3/2023
+21.1% Dividend growth (year on year)
Fewer than six years Dividend growth (5-year annual rate)
Fiscal yearAnnual dividend per share Of which interimPayout ratio (as reported, parent only) Flag
FY ending 3/2026 ¥3.8 Could not be retrieved 208.5% Stock split or share consolidation noted
FY 2025 Could not be retrieved Could not be retrieved Could not be retrieved
FY 2024 Could not be retrieved Could not be retrieved Could not be retrieved
FY ending 3/2023 ¥115 Could not be retrieved 109.7%
FY ending 3/2022 ¥95 Could not be retrieved 90.3%

Sony Financial Group

Dividends per share over time

Unit yenSource Annual securities reports

115 77 38 0 4 years ago 3 years ago 2 years ago Last year This year Dividend per share yen

Shareholder composition

As of 2026-03-31Disclosed

Share ownership by holder category

777,520 Shareholders
29.31% Foreign holders (total) Industry median 29.96%
30.04% Individuals and others Industry median 20.53%

Sony Financial Group

Unit %Source Annual securities reports

  • Financial institutions18.37%
  • Securities firms2.22%
  • Other corporations20.06%
  • Foreign holders (institutions)29.25%
  • Foreign holders (individuals)0.06%
  • Individuals and others30.04%
  • Government and municipalities0.00%

Major shareholders

RankShareholderShareholding ratioShares held
1 ソニーグループ株式会社 17.39% 1,172,219,784
2 日本マスタートラスト信託銀行株式会社(信託口) 12.93% 871,705,500
3 株式会社日本カストディ銀行(信託口) 3.45% 232,667,210
4 MOXLEY AND CO LLC(常任代理人 株式会社三菱UFJ銀行) 2.8% 188,644,921
5 BNYM AS AGT/CLTS NON TREATY JASDEC(常任代理人 株式会社三菱UFJ銀行) 1.42% 95,497,870
6 STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行) 1.27% 85,256,090
7 JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行) 1.25% 84,378,155
8 STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行) 1.05% 70,553,767
9 BANK JULIUS BAER AND CO. LTD. SINGAPORE CLIENTS(常任代理人 株式会社三菱UFJ銀行) 0.91% 61,527,601
10 THE BANK OF NEW YORK MELLON 140044(常任代理人 株式会社みずほ銀行) 0.85% 57,494,120

Research and development expenses and capital expenditure

Source: R&D and capital expenditure sections, annual securities reports · 1 years (FY 2026)Disclosed

Not disclosed Research and development
¥29.5 billion Capital expenditure

Research and development expenses and capital expenditure by segment (FY ending 3/2026)

Segment Capital expenditure
Life insurance ¥15.9 billion
Assurance ¥6.6 billion
Bank ¥4.8 billion

Revenue scale in the same industry

Revenue of this company: not retrieved (no comparison)

Workforce information

Source: Annual Securities Report (Apr 2025 to Mar 2026)Parent-onlyDisclosed

267 Employees (parent only) Industry median 464
45.8 Average age Industry median 42.4
3.8 years Average length of service Industry median 6.3 years
¥12.79 million Average annual salary Industry median ¥8.40 million
People and organisation
72.0¥ million Sales per employee Industry median 99.0¥ million FY ending 3/2026 · parent company only / calculated
¥43.12 million Operating income per employee
82.1% Wage gap between men and women
22.0% Women in managerial positions
100.0% Men taking childcare leave
1,474 Average temporary staff

Administrative filings and published information

Workplace information filings

Filed 2026-04-23Disclosed

ItemValue
Employees 114

Audit and disclosure information

Annual securities report, year ended 2026-03-31Disclosed

ItemValue
Audit firm PwCJapan有限責任監査法人
Audit fees (this year, total) ¥1.3 billion
Non-audit fees (this year, total) ¥26.00 million
Non-audit fees (this year, network firms) ¥8.00 million
Going concern note Cannot be determined
Accounting standard Japanese GAAP

See the book series →

Sources and methodology

Retrieved disclosed figures

Accounts and values from the annual securities report, by section

Major management indicators (5 years) (29 items)

ItemValueConsolidated / Non-consolidated
Comprehensive income ¥29.0 billion Consolidated
Net cash provided by (used in) operating activities ¥445.5 billion Consolidated
Net cash provided by (used in) investing activities ¥-1,191.5 billion Consolidated
Diluted earnings per share 7.75 yen Consolidated
Cash and cash equivalents ¥483.2 billion Consolidated
Net assets ¥629.3 billion Consolidated
Ordinary income (loss) ¥84.6 billion Consolidated
Ordinary revenue ¥2,871.0 billion Consolidated
Total assets ¥23,807.2 billion Consolidated
Return on equity 8.6% Consolidated
Equity-to-asset ratio 2.6% Consolidated
Net income (loss) attributable to owners of parent ¥55.5 billion Consolidated
Net cash provided by (used in) financing activities ¥25.7 billion Consolidated
Basic earnings (loss) per share 7.96 yen Consolidated
Net assets per share 93.74 yen Consolidated
Dividend per share 3.8 yen Parent only
Operating revenue ¥19.2 billion Parent only
Net income (loss) ¥12.7 billion Parent only
Diluted earnings per share 1.77 yen Parent only
Total number of issued shares (common stock) 6,770,358,000 shares Parent only
Net assets ¥350.6 billion Parent only
Ordinary income (loss) ¥11.8 billion Parent only
Total assets ¥469.5 billion Parent only
Return on equity 3.4% Parent only
Equity-to-asset ratio 74.6% Parent only
Capital stock ¥20.0 billion Parent only
Payout ratio 208.5% Parent only
Basic earnings (loss) per share 1.82 yen Parent only
Net assets per share 52.21 yen Parent only

Employees (11 items)

ItemValueConsolidated / Non-consolidated
Number of employees 14,042 people Consolidated
Number of employees 14,042 people Consolidated
Wage gap between men and women (all employees) 82.1% Parent only
Average length of service (years) 3.8 years Parent only
Average annual salary ¥12.79 million Parent only
Average age (years) 45.8 years old Parent only
Number of employees 267 people Parent only
Number of employees 267 people Parent only
Number of employees 267 people Parent only
Wage gap between men and women (regular employees) 84.9% Parent only
Wage gap between men and women (non-regular employees) 35.8% Parent only

Other disclosed items (10 items)

ItemValueConsolidated / Non-consolidated
Goodwill before offsetting ¥2.5 billion Consolidated
Average number of temporary employees 1,474 people Consolidated
Average number of temporary employees 1,474 people Consolidated
Number of associates accounted for using equity method 3 companies Consolidated
Number of consolidated subsidiaries 11 companies Consolidated
Rate of male employees taking childcare leave (all employees) 100.0% Parent only
Average number of temporary employees 16 people Parent only
Average number of temporary employees 16 people Parent only
Average number of temporary employees 16 people Parent only
Ratio of female employees in managerial positions 22.0% Parent only

Property and facilities (1 items)

ItemValueConsolidated / Non-consolidated
Capital expenditures ¥29.5 billion Consolidated

Shares (17 items)

ItemValueConsolidated / Non-consolidated
Number of shares held 2,919,945,018 shares Consolidated
Total number of shares held treasury shares etc 30,932,100 shares Consolidated
Number of issues whose number of shares increased shares not listed investment shares held for purposes other than pure investment largest holding company 1 issues Consolidated
Total acquisition cost for increased shares shares not listed investment shares held for purposes other than pure investment largest holding company ¥0.2 billion Consolidated
Number of shares 6,770,358,214 shares Consolidated
Shareholding ratio treasury shares etc 0.5% Consolidated
Shareholding ratio 43.3% Consolidated
Number of shares held in own name treasury shares etc 30,932,100 shares Consolidated
Number of voting rights 67,363,559 units Consolidated
Carrying amount on the balance sheet ¥0.2 billion Consolidated
Carrying amount on the balance sheet ¥0.5 billion Consolidated
Carrying amount on the balance sheet ¥0.1 billion Consolidated
Book value equity securities other than those not listed investment equity securities held for pure investment largest holding company ¥7.0 billion Consolidated
Number of issues 2 issues Consolidated
Number of issues 4 issues Consolidated
Number of issues 1 issues Consolidated
Number of issues 1 issues Consolidated

Audit (8 items)

ItemValueConsolidated / Non-consolidated
Fees for audit and attestation services - reporting company ¥0.2 billion Consolidated
Fees for audit and attestation services - total ¥1.3 billion Consolidated
Fees for audit and attestation services - consolidated subsidiaries ¥1.1 billion Consolidated
Fees for non-audit services - reporting company ¥8.00 million Consolidated
Fees for non-audit services - reporting company ¥3.00 million Consolidated
Fees for non-audit services - total ¥8.00 million Consolidated
Fees for non-audit services - total ¥26.00 million Consolidated
Non audit fees consolidated subsidiaries ¥22.00 million Consolidated

Accounts unique to this company (26 items)

ItemValueConsolidated / Non-consolidated
Revenue ¥2,531.6 billion Consolidated
Revenue ¥191.3 billion Consolidated
Revenue ¥2.2 billion Consolidated
Revenue ¥0.1 billion Consolidated
Revenue ¥129.8 billion Consolidated
Revenue ¥18.2 billion Consolidated
Revenue ¥18.2 billion Consolidated
Revenue ¥2,478.4 billion Consolidated
Revenue ¥177.8 billion Consolidated
Revenue ¥4.3 billion Consolidated
Revenue ¥13.0 billion Consolidated
Revenue ¥12.00 million Consolidated
Revenue ¥0 Consolidated
Revenue ¥11.00 million Consolidated
Revenue ¥18.00 million Consolidated
Revenue ¥111.3 billion Consolidated
Revenue ¥5.00 million Consolidated
Revenue ¥18.9 billion Consolidated
Revenue ¥18.9 billion Consolidated
Revenue ¥2.0 billion Consolidated
Revenue ¥-426.2 billion Consolidated
Revenue ¥-14.2 billion Consolidated
Revenue ¥-1.1 billion Consolidated
Revenue ¥-0.2 billion Consolidated
Change in average annual salary from the previous year 2.8% Parent only
Revenue ¥0.3 billion Parent only

Balance sheet (114 items)

ItemValueConsolidated / Non-consolidated
Other ¥29.00 million Consolidated
Valuation difference on available-for-sale securities ¥-101.3 billion Consolidated
Other liabilities liabilities ins ¥244.1 billion Consolidated
Other assets ¥367.6 billion Consolidated
Other, net ¥1.7 billion Consolidated
Goodwill ¥2.5 billion Consolidated
Call money and bills sold liabilities bnk ¥175.1 billion Consolidated
Call loans and bills bought assets bnk ¥116.8 billion Consolidated
Software ¥79.6 billion Consolidated
Lease assets ¥0 Consolidated
Lease assets, net ¥21.3 billion Consolidated
Agency accounts payable liabilities ins ¥4.3 billion Consolidated
Reserve for price fluctuation ¥7.3 billion Consolidated
Reserve for insurance policy liabilities liabilities ins ¥16,314.3 billion Consolidated
Borrowed money liabilities bnk ¥520.3 billion Consolidated
Payables under securities lending transactions liabilities bnk ¥654.8 billion Consolidated
Reinsurance accounts payable liabilities ins ¥32.9 billion Consolidated
Reinsurance accounts receivable assets ins ¥74.9 billion Consolidated
Retained earnings ¥587.2 billion Consolidated
Land ¥56.4 billion Consolidated
Revaluation reserve for land ¥-2.7 billion Consolidated
Payables under repurchase agreements liabilities ins ¥395.3 billion Consolidated
Foreign exchanges liabilities bnk ¥1.7 billion Consolidated
Foreign exchanges assets bnk ¥2.8 billion Consolidated
Reserve for dividends to policyholders liabilities ins ¥3.1 billion Consolidated
Buildings, net ¥27.0 billion Consolidated
Construction in progress ¥73.00 million Consolidated
Liabilities from application of equity method ¥3.4 billion Consolidated
Outstanding claims ¥122.5 billion Consolidated
Subscription rights to shares ¥0.2 billion Consolidated
Securities ¥18,558.6 billion Consolidated
Property, plant and equipment ¥106.5 billion Consolidated
Shareholders' equity ¥728.7 billion Consolidated
Share award rights ¥0.2 billion Consolidated
Accumulated depreciation ¥-52.3 billion Consolidated
Intangible assets ¥82.1 billion Consolidated
Reserves under the special laws1 ¥7.3 billion Consolidated
Cash and cash equivalents ¥483.2 billion Consolidated
Cash and deposits assets ins ¥366.6 billion Consolidated
Bonds payable ¥180.5 billion Consolidated
Net assets ¥629.3 billion Consolidated
Net assets ¥629.3 billion Consolidated
Total assets ¥23,807.2 billion Consolidated
Deferred gains or losses on hedges ¥0.3 billion Consolidated
Deferred tax assets ¥166.0 billion Consolidated
Treasury stock ¥-9.9 billion Consolidated
Valuation and translation adjustments ¥-99.8 billion Consolidated
Liabilities ¥23,177.9 billion Consolidated
Liabilities and net assets ¥23,807.2 billion Consolidated
Provision for responaibility ¥16,188.7 billion Consolidated
Monetary receivables purchased assets ins ¥88.9 billion Consolidated
Allowance for doubtful accounts ¥-1.9 billion Consolidated
Loans and bills discounted assets bnk ¥3,828.7 billion Consolidated
Capital surplus ¥131.3 billion Consolidated
Capital stock ¥20.0 billion Consolidated
Provision for bonuses ¥6.9 billion Consolidated
Remeasurements of defined benefit plans ¥4.0 billion Consolidated
Net defined benefit liability ¥37.0 billion Consolidated
Net defined benefit asset ¥12.8 billion Consolidated
Money held in trust ¥36.7 billion Consolidated
Non-controlling interests ¥24.00 million Consolidated
Deposit ¥4,600.1 billion Consolidated
Other ¥43.00 million Parent only
Other ¥0.2 billion Parent only
Other ¥0.1 billion Parent only
Other ¥36.00 million Parent only
Other ¥0 Parent only
Other capital surplus ¥130.1 billion Parent only
Software ¥1.2 billion Parent only
Software in progress ¥0.2 billion Parent only
Provision for loss on guarantees ¥0.7 billion Parent only
Retained earnings ¥204.7 billion Parent only
Non-current liabilities ¥111.1 billion Parent only
Non-current assets ¥346.3 billion Parent only
Tools, furniture and fixtures ¥0.2 billion Parent only
Buildings, net ¥0.2 billion Parent only
Construction in progress ¥12.00 million Parent only
Provision for directors' bonuses ¥59.00 million Parent only
Investments and other assets ¥344.5 billion Parent only
Investment securities ¥0.2 billion Parent only
Subscription rights to shares ¥0.2 billion Parent only
Property, plant and equipment ¥0.4 billion Parent only
Accounts receivable - other ¥6.8 billion Parent only
Accrued income ¥0.7 billion Parent only
Income taxes refund receivable ¥21.00 million Parent only
Accrued expenses ¥6.9 billion Parent only
Accounts payable - other ¥0.1 billion Parent only
Shareholders' equity ¥350.3 billion Parent only
Stock-based compensation allowance-NCL ¥7.00 million Parent only
Share award rights ¥0.2 billion Parent only
Current liabilities ¥7.8 billion Parent only
Current assets ¥123.2 billion Parent only
Intangible assets ¥1.4 billion Parent only
Patent right ¥0 Parent only
Cash and deposits ¥111.2 billion Parent only
Bonds payable ¥110.0 billion Parent only
Net assets ¥350.6 billion Parent only
Net assets ¥350.6 billion Parent only
Total assets ¥469.5 billion Parent only
Deferred tax assets ¥0.5 billion Parent only
Retained earnings brought forward ¥204.7 billion Parent only
Treasury stock ¥-9.9 billion Parent only
Liabilities ¥118.8 billion Parent only
Liabilities and net assets ¥469.5 billion Parent only
Capital surplus ¥135.5 billion Parent only
Legal capital surplus ¥5.4 billion Parent only
Capital stock ¥20.0 billion Parent only
Asset retirement obligations ¥38.00 million Parent only
Provision for bonuses ¥0.5 billion Parent only
Provision for retirement benefits ¥0.3 billion Parent only
Shares of subsidiaries and associates ¥243.5 billion Parent only
Long-term receivables affiliates ¥83.00 million Parent only
Long-term loans receivable from subsidiaries and affiliates ¥100.0 billion Parent only
Deposit from customer ¥4.5 billion Parent only

Statement of income (139 items)

ItemValueConsolidated / Non-consolidated
Other ¥0.9 billion Consolidated
Other comprehensive income ¥-26.5 billion Consolidated
Other interest income oibnk ¥0.6 billion Consolidated
Other interest expenses oebnk ¥0.8 billion Consolidated
Other other ordinary income oibnk ¥73.00 million Consolidated
Other underwriting expenses oeins ¥1.00 million Consolidated
Valuation difference on available for sale securities net of tax ¥-28.2 billion Consolidated
Other ordinary income oibnk ¥73.00 million Consolidated
Other ordinary expenses oebnk ¥4.5 billion Consolidated
Other income ¥47.8 billion Consolidated
Other income ¥1.9 billion Consolidated
Other expenses ¥85.2 billion Consolidated
Other expenses ¥0.6 billion Consolidated
Other refunds oeins ¥5.9 billion Consolidated
Other investment income oiins ¥16.00 million Consolidated
Other investment expenses ¥4.1 billion Consolidated
Amortization of goodwill ¥0.2 billion Consolidated
Interest on call money and bills sold oebnk ¥2.2 billion Consolidated
Interest on call loans and bills bought oibnk ¥83.00 million Consolidated
Cost of sales ¥217.3 billion Consolidated
Provision of reserve for price fluctuation ¥2.9 billion Consolidated
Underwriting income oiins ¥189.0 billion Consolidated
Underwriting expenses oeins ¥133.2 billion Consolidated
Insurance expenses ¥1,886.1 billion Consolidated
Insurance premiums and other ¥1,983.3 billion Consolidated
Insurance claims oeins ¥151.1 billion Consolidated
Insurance claims and other ¥1,434.7 billion Consolidated
Interest on borrowings and rediscounts oebnk ¥0.3 billion Consolidated
Reinsurance premiums oiins ¥97.3 billion Consolidated
Reinsurance premiums oeins ¥301.6 billion Consolidated
Interest and dividend income ¥2.3 billion Consolidated
Interest dividends and other income oiins ¥226.1 billion Consolidated
Comprehensive income ¥29.0 billion Consolidated
Net cash provided by (used in) operating activities ¥445.5 billion Consolidated
General and administrative expenses oebnk ¥32.0 billion Consolidated
Operating,general and administrative expenses ¥44.5 billion Consolidated
Loss on disposal of noncurrent assets elins life ¥0.7 billion Consolidated
Gain on disposal of noncurrent assets eiins life ¥0.4 billion Consolidated
State subsidy ¥0.2 billion Consolidated
Interest on payables under repurchase agreements oebnk ¥7.8 billion Consolidated
Provision of interest portion of reserve for dividends to policyholders oeins ¥0 Consolidated
Annuity payments oeins ¥24.3 billion Consolidated
Net income ¥55.5 billion Consolidated
Net income ¥55.5 billion Consolidated
Net income (loss) ¥55.5 billion Consolidated
Net income (loss) ¥55.5 billion Consolidated
Fees and commissions oibnk ¥10.2 billion Consolidated
Fees and commissions payments oebnk ¥20.5 billion Consolidated
Net cash provided by (used in) investing activities ¥-1,191.5 billion Consolidated
Loss adjustment expenses oeins ¥12.6 billion Consolidated
Provision of outstanding claims ¥1.9 billion Consolidated
Interest expenses ¥23.1 billion Consolidated
Gain on reversal of share acquisition rights ¥2.00 million Consolidated
Loss on redemption of seciritues ¥21.00 million Consolidated
Gain on redemption of securities ¥24.00 million Consolidated
Interest and dividends on securities oibnk ¥60.2 billion Consolidated
Loss on sales of securities ¥218.8 billion Consolidated
Gain on sale of securities ¥0.4 billion Consolidated
Net premiums written ¥188.9 billion Consolidated
Net loss paid oeins ¥102.2 billion Consolidated
Income taxes current consolidated ins ¥27.8 billion Consolidated
Income taxes ¥23.2 billion Consolidated
Income taxes - deferred ¥-4.5 billion Consolidated
Impairment loss ¥27.00 million Consolidated
Impairment loss ¥27.00 million Consolidated
Foreign exchange gains ¥132.6 billion Consolidated
Extraordinary income ¥0.6 billion Consolidated
Gain on separate accounts oiins ¥141.3 billion Consolidated
Extraordinary loss ¥4.4 billion Consolidated
Provision of reserves under the special laws ¥2.9 billion Consolidated
Effect of exchange rate change on cash and cash equivalents ¥1.3 billion Consolidated
Net increase (decrease) in cash and cash equivalents ¥-719.0 billion Consolidated
Income (loss) before income taxes ¥78.7 billion Consolidated
Income (loss) before income taxes ¥78.7 billion Consolidated
Investment income from saving type insurance oiins ¥0.1 billion Consolidated
Income credited to saving type insurance oiins ¥-0.1 billion Consolidated
Ordinary income ¥84.6 billion Consolidated
Ordinary revenue ¥2,871.0 billion Consolidated
Operating expenses ins ¥2,786.4 billion Consolidated
Benefits oeins ¥236.7 billion Consolidated
Deferred gains or losses on hedges net of tax ¥-18.00 million Consolidated
Purchase of treasury stock ¥-69.8 billion Consolidated
Comprehensive income attributable to owners of parent ¥29.0 billion Consolidated
Income from cancellation of contract ¥715.1 billion Consolidated
Commissions and collection fees oeins ¥1.0 billion Consolidated
Net cash provided by (used in) financing activities ¥25.7 billion Consolidated
Provision of policy reserve and other oeins ¥462.8 billion Consolidated
Provision of policy reserve ¥460.9 billion Consolidated
Interest on loans and discounts oibnk ¥49.9 billion Consolidated
Depreciation of real estate for rent and other oeins ¥1.1 billion Consolidated
Investment income ¥500.5 billion Consolidated
Investment expenses ¥278.5 billion Consolidated
Financing expenses ¥53.8 billion Consolidated
Interest income ¥117.6 billion Consolidated
Remeasurements of defined benefit plans net of tax ¥1.7 billion Consolidated
Interest on interest swaps oibnk ¥2.3 billion Consolidated
Net derivative financial instruments loss oeins ¥31.3 billion Consolidated
Gain from money held in trust oiins ¥0 Consolidated
Comprehensive income attributable to non-controlling interests ¥-0 Consolidated
Net income (loss) attributable to non-controlling interests ¥-0 Consolidated
Interest on deposits with banks oibnk ¥4.5 billion Consolidated
Interest on deposits oebnk ¥42.6 billion Consolidated
Other ¥0 Parent only
Other ¥8.00 million Parent only
Other ¥0.9 billion Parent only
Reversal of provision for loss on guarantees ¥1.4 billion Parent only
Interest income ¥1.1 billion Parent only
Commission fee ¥0.6 billion Parent only
Operating income ¥11.5 billion Parent only
Operating revenue ¥19.2 billion Parent only
Non-operating income ¥1.7 billion Parent only
Non-operating expenses ¥1.5 billion Parent only
Operating expenses ¥7.7 billion Parent only
Advertising expenses ¥0.5 billion Parent only
Net income (loss) ¥12.7 billion Parent only
Net income (loss) ¥12.7 billion Parent only
Directors compensations salaries and allowances ¥3.3 billion Parent only
Loss on valuation of investment securities ¥0.1 billion Parent only
Commission fees ¥61.00 million Parent only
Gain on reversal of share acquisition rights ¥2.00 million Parent only
Traveling and transportation expenses ¥75.00 million Parent only
Business consignment expenses ¥1.8 billion Parent only
Income taxes - current ¥2.00 million Parent only
Income taxes ¥0.3 billion Parent only
Income taxes - deferred ¥0.3 billion Parent only
Depreciation ¥0.4 billion Parent only
Extraordinary income ¥1.4 billion Parent only
Extraordinary loss ¥0.2 billion Parent only
Interest on bonds ¥0.7 billion Parent only
Bond issuance cost ¥0.6 billion Parent only
Taxes and dues ¥95.00 million Parent only
Income (loss) before income taxes ¥13.0 billion Parent only
Ordinary income ¥11.8 billion Parent only
Purchase of treasury stock ¥-69.8 billion Parent only
Commission for purchase of treasury shares ¥0.1 billion Parent only
Rent expenses ¥0.3 billion Parent only
Commissions from subsidiaries and affiliates ¥4.1 billion Parent only
Dividends from subsidiaries and associates ¥15.1 billion Parent only
Miscellaneous income ¥39.00 million Parent only

Statement of changes in equity (4 items)

ItemValueConsolidated / Non-consolidated
Total changes during the period ¥-40.5 billion Consolidated
Net changes in items other than shareholders' equity ¥-26.1 billion Consolidated
Total changes during the period ¥-56.8 billion Parent only
Net changes in items other than shareholders' equity ¥0.4 billion Parent only

Statement of cash flows (53 items)

ItemValueConsolidated / Non-consolidated
Other ¥-29.5 billion Consolidated
Other ¥-1.2 billion Consolidated
Other ¥-0.3 billion Consolidated
Other ¥-0.6 billion Consolidated
Amortization of goodwill ¥0.2 billion Consolidated
Net increase decrease in call money ope cfbnk ¥-438.6 billion Consolidated
Net decrease increase in call loans ope cfbnk ¥-47.7 billion Consolidated
Increase decrease in reserve for price fluctuation ope cfins ¥2.9 billion Consolidated
Proceeds from borrowings ¥1.3 billion Consolidated
Cash repayments of loans payable ¥-5.0 billion Consolidated
Net increase decrease in borrowed money excluding subordinated borrowings ope cfbnk ¥25.0 billion Consolidated
Net increase decrease in payables under securities lending transactions inv cfins ¥363.8 billion Consolidated
Interest expenses paid ¥-78.2 billion Consolidated
Interest and dividends income received ope cfins ¥415.1 billion Consolidated
Interest dividends and other income ope cfins life ¥-346.1 billion Consolidated
Total of net cash provided by used in operating activities and investment transactions inv cfins ¥-715.9 billion Consolidated
Net increase decrease in foreign exchanges liabilities ope cfbnk ¥0.2 billion Consolidated
Net decrease increase in foreign exchanges assets ope cfbnk ¥-0.7 billion Consolidated
Interest on reserve for dividends to policyholders ope cfins ¥0 Consolidated
Provision reversal of reserve for dividends to policyholders ope cfins ¥2.0 billion Consolidated
Dividends to policyholders paid ope cfins ¥-2.0 billion Consolidated
Subtotal ¥124.9 billion Consolidated
Equity in earnings losses of affiliates ¥-31.00 million Consolidated
Increase (decrease) in outstanding claims ¥6.2 billion Consolidated
Interest expenses ¥78.8 billion Consolidated
Decrease (increase) in straight bonds by redemption (issue) ¥-30.0 billion Consolidated
Purchase of short term investment securities ¥-2,441.8 billion Consolidated
Proceeds from sales and redemption of securities inv cfins ¥1,396.8 billion Consolidated
Loss gain related to securities ope cfins ¥237.4 billion Consolidated
Purchase of property plant and equipment ¥-4.5 billion Consolidated
Proceeds from sales of property plant and equipment ¥0.2 billion Consolidated
Loss gain related to property plant and equipment ope cfins ¥-0.3 billion Consolidated
Income taxes refund (paid) ¥-14.2 billion Consolidated
Depreciation ¥19.2 billion Consolidated
Impairment loss ¥27.00 million Consolidated
Foreign exchange loss (gain) ¥-234.2 billion Consolidated
Purchase of intangible assets ¥-24.2 billion Consolidated
Loss gain on separate accounts ope cfins ¥-141.3 billion Consolidated
Proceeds from issuance of bonds ¥100.0 billion Consolidated
Regarding purchase of treasury stock ¥-69.8 billion Consolidated
Increase (decrease) in policy reserve ¥473.9 billion Consolidated
Payments of loans receivable ¥-105.9 billion Consolidated
Collection of loans receivable ¥63.6 billion Consolidated
Increase (decrease) in allowance for doubtful accounts ¥87.00 million Consolidated
Net decrease increase in loans and bills discounted ope cfbnk ¥78.4 billion Consolidated
Depreciation of real estate for rent ope cfins ¥1.1 billion Consolidated
Total of net cash provided by used in investment transactions inv cfins ¥-1,161.3 billion Consolidated
Increase (decrease) in net defined benefit liability ¥-0.3 billion Consolidated
Dividends ¥-0 Consolidated
Loss gain on derivatives ope cfins ¥31.3 billion Consolidated
Increase in money held in trust ¥-1.6 billion Consolidated
Decrease in money held in trust ¥5.4 billion Consolidated
Net increase decrease in deposit ope cfbnk ¥358.1 billion Consolidated
Basic indicators
ItemValueConsolidated / Non-consolidatedSource
Net cash provided by (used in) operating activities ¥445.5 billion ConsolidatedDisclosed
Dividend per share 4 Parent onlyDisclosed
Number of employees 14,042 ConsolidatedDisclosed
Net assets ¥629.3 billion ConsolidatedDisclosed
Operating income ¥11.5 billion Parent onlyDisclosed
Operating revenue ¥19.2 billion Parent onlyDisclosed
Ordinary income ¥84.6 billion ConsolidatedDisclosed
Net income ¥55.5 billion ConsolidatedDisclosed
Total assets ¥23,807.2 billion ConsolidatedDisclosed
Operating margin 59.9%Parent onlyCalculated
Net margin Cannot be calculatedNot applicableNot calculated (consolidated numerator, parent-only denominator)
Sales per employee 72000000 yenParent onlyCalculated
Total asset turnover Cannot be calculatedNot applicableNot calculated (parent-only numerator, consolidated denominator)
Net assets to total assets 2.6%ConsolidatedCalculated
How to read the figures, and caveats

Terms

  • Consolidated: the parent company together with the subsidiaries it consolidates
  • Parent-only: the single company that filed the annual securities report
  • Calculated: a disclosed figure put through the formula shown
  • Not disclosed: no such value in the filing (not treated as zero)
  • Not retrieved: a value this page could not extract, including values in the filing that could not be matched. The same item may appear in another table
  • Segment: a business division the company uses in its disclosures
  • Industry median: the middle value among companies in the same industry that disclose the item
  • ★: position when every company is lined up by value (not a judgement of the company)See the formulas
  • Source: document name, period covered, filing date and where it was obtained
  • Tables scroll sideways

Key figures

  • Operating margin 59.9%　Operating income ÷ net sales 　＝ ¥11.5 billion ÷ ¥19.2 billion
    Operating income ÷ net sales. The denominator is Operating revenue (Parent only, Japanese GAAP).
  • Sales per employee 72,000,000 yen　Sales or operating revenue ÷ employees 　＝ ¥19.2 billion ÷ 267 people
    Sales or operating revenue ÷ employees. The denominator is Number of employees (Parent only, Japanese GAAP).
  • Net assets to total assets 2.6%　Net assets ÷ total assets 　＝ ¥629.3 billion ÷ ¥23,807.2 billion
    Net assets ÷ total assets. The denominator is Total assets (Consolidated, Japanese GAAP).

Company details

  • Representative　Representative Executive Officer, gBizINFO
  • Consolidated subsidiaries　Annual Securities Report

Revenue and profit by business segment

  • Source: segment information, Annual Securities Report (Apr 2025 to Mar 2026) · Consolidated · Net sales to external customers · filed 2026-06-17
  • Share: against the total of Net sales to external customers disclosed by business (100%). Adjustments, corporate, eliminations and “other” left out as they are not businesses (so no match with company-wide Net sales to external customers). Margin: calculated against the Net sales to external customers on the same row“報告セグメント計” in the segment information of the annual securities report: ¥2,852.8 billion. Gap against this table’s total (the part not listed as a business, such as “other”) within 1%The account may differ from “Revenue” at the top of this page

Amounts by account

  • Totals and their component lines together; consolidated and parent-only figures mixed (right-hand column)

Selling, general and administrative expenses

  • Breakdown of selling, general and administrative expenses (costs of selling and running the company). Cost of sales not included
  • Each item: already inside the SG&A total (not added to it)

Finance

  • Net assets to total assets　Net assets ÷ total assets
  • Return on assets (ROA)　Net income ÷ total assets (consolidated)
  • Net assets per share　Consolidated
  • Free cash flow　Free cash flow: operating cash flow (cash generated by the business) plus investing cash flow (asset purchases, disposals and other investments), consolidated
  • Total assets　Consolidated
  • Goodwill (the part of the acquisition price above the net assets acquired)　0% of net assets (consolidated)

Capital allocation

  • ★: position when all companies are sorted by value and cut into fifths (a position, not a rating). The five items with ★: only where both numerator and denominator are available on a consolidated basisSee the formulas
  • Cash conversion　Net cash provided by (used in) operating activities ÷ operating income
  • Property, plant and equipment purchases relative to depreciation　Purchase of property, plant and equipment ÷ depreciation。Purchase of property, plant and equipment ¥4.5 billion, over depreciation ¥19.2 billion
  • Return to shareholders　(dividends paid + purchase of treasury stock) ÷ net cash provided by operating activities。Dividends paid ¥0.00 million + purchase of treasury stock ¥69.8 billion, over operating cash flow ¥445.5 billion
  • Extraordinary gains and losses relative to ordinary profit　(extraordinary income − extraordinary loss) ÷ ordinary income。Extraordinary income ¥0.6 billion − extraordinary loss ¥4.4 billion, over ordinary income ¥84.6 billion

Year-on-year comparison

  • Year on year: calculated only where the item, reporting range and accounting standard match and the periods are consecutive
  • Comparison basis not confirmed: periods with a change of accounting standard or reporting range, a moved fiscal year end, or an unconfirmed period
  • ◆: a period where revenue moved 20% or more from the prior year, profit as a share of revenue moved 2.0 percentage points or more, or profit or loss changed sign. Item used named in the table and list. Not a ranking of companies

Earnings and net assets per share over time

  • Earnings per share = net profit ÷ shares; net assets per share = net assets ÷ shares. Disclosed values from the key financial indicators of the annual securities report. No share prices used

Return on equity over time

  • Return on equity (ROE): net profit as a proportion of equity. For Japanese companies, the disclosed value in the key financial indicators of the annual securities report (decimals converted to percentages)

Dividend history

  • Payout ratio: dividends as a proportion of net profit. Dividend amounts and payout ratios: the reporting company’s parent-only disclosed values (as written in the annual securities report, not recalculated from consolidated profit). Consecutive increases: years in a row, from the latest backwards, in which the annual dividend per share rose. Consecutive years with a dividend: years in a row with an annual dividend per share above zero. Both this site’s own count (not the criteria of any published index). A year with no disclosure not read as zero; counting stops there. Range limited to the years listed above. Flagged 1 years: a note about a stock split or share consolidation, or a period other than 12 months. No calculation across those years, as the dividend per share may rest on a different share base.

Share ownership by holder category

  • Source: ownership table, annual securities report. Percentages as disclosed, calculated on trading units (some companies do not total exactly 100%). Foreign holders (total): institutions and individuals combined. “Individuals and others”: a register category (not necessarily the share actually held by individuals). Industry median: the middle value among companies in Insurance that disclose the item (industries with at least 5 companies only).

Major shareholders

  • Source: major shareholders table, annual securities report. Trust bank holdings as written (whose trust is not disclosed)

Research and development expenses and capital expenditure

  • Research and development: total in the R&D section of the annual securities report. Capital expenditure: this year’s actual spending in the capital expenditure overview (not a plan). Years: only those available in the annual securities reports on hand (one to four per company); no row for other years. Segment names and order: the same as the segment table above. Group-wide research and adjustments mean segment figures may not add up to the company-wide amount.

Workforce information

  • All four: the reporting company (parent-only), as disclosed in the employee section of the annual securities report. Employees across the consolidated group: 14,042 (a different scope, kept apart from the four above). Industry median: the middle value among companies in Insurance that disclose the item (industries with at least 5 companies only).

People and organisation

  • Sales per employee　Net sales (or operating revenue) ÷ employees
  • Operating income per employee　Operating income ÷ employees
  • Wage gap between men and women　Women's pay with men's pay set to 100, reporting company
  • Women in managerial positions　Reporting company (parent only)
  • Men taking childcare leave　Reporting company (parent only)
  • Average temporary staff　Consolidated, average headcount other than regular employees

Workplace information filings

  • Source: processed from Shokuba-labo, the workplace information site of the Ministry of Health, Labour and Welfare. Items the company filed only Shokuba-labo

Audit and disclosure information

  • Whether there is a going concern note (the accounting assumption that a company will continue operating), and audit information
  • Audit firm, audit fees, going concern note and accounting standard: facts written in the latest annual securities report and the audit report filed with it (not a judgement of the company). Going concern note: “note” when the note text is present, “not applicable” when the report states nothing to report, “cannot be determined” when neither appears. Note text not reproduced. Amended filings not shown (annual securities reports only)

Data sources and calculation methods

Primary source: the annual securities report of Sony Financial Group Inc. on EDINET, the FSA’s disclosure system (free to read)
Corporate number: 4010401053410 / Accounting standard: Japanese GAAP

  • Amounts: machine transcription of EDINET XBRL (no manual re-keying). Long narrative notes are text and not in the account list. Identifiers: machine transcription of the EDINET code list (retrieved 2026-08-22)
  • ★: position of the value calculated from disclosed figures among the 4,240 companies on this site, on a five-step scale. Not a judgement of the company. No forecasts usedThe formulas and how they are counted
  • No rank: net assets as a share of total assets, cash conversion and revenue per employee (size alone does not show quality). Industry median shown for comparison. Cash conversion of 100%: operating cash flow equal to operating profit
  • Profit-and-loss chart: only where “sales − cost of sales − SG&A = operating income” holds between disclosed values. Cost breakdown: the six largest SG&A items
  • Trend charts: key financial indicators of the annual securities report. Amounts in billions of yen (dividend per share in yen). Long-run chart joins reports filed in different years (newer report for overlapping years). Some items stop part-way after a change of accounting standard. A stock split changes the weight of one share. Consolidated and parent-only in separate tables
  • Revenue scale in the same industry: bars of revenue (disclosed values) of companies in the same industry grouping as the industry pages, largest first. Only the top three and the two companies either side of this one. Each company’s latest fiscal year. An order of size, not a ranking of quality or an investment view
  • Share prices: not published (no data source allows redistribution). No share-price-based indicators (such as the price earnings ratio) and no extension of past growth into the future
  • Average age, average length of service and average annual salary: the reporting company alone (the parent). At a holding company, a small head-office staff. Payout ratio (basic facts): dividend per share ÷ consolidated earnings per share, calculated here (the payout ratio in the annual securities report is the reporting company’s figure, on a different basis). Representative and founding date: gBizINFO (Ministry of Economy, Trade and Industry), some companies only
  • “Retrieved disclosed figures”: every value readable as a number from the annual securities report. Company-wide values only (no segment or other breakdowns)
  • Segment table: machine transcription of the segment information in the annual securities report. Business names as labelled by the company in its XBRL. No table where segment sales differ from the disclosed total by more than 1%. Adjustments, corporate, eliminations and “other” left out of the table and the share denominator, as they are not businesses
  • Breakdowns of amounts, not diagrams of how the business works. Who pays whom, and for what, is not in the disclosed figures; no lines drawn from guesswork