# Sony Financial Group Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/04/01－2026/03/31) (S100YCL0)
> Page: https://vizora.meequs.com/en/company/sony-financial-group
> Retrieved: 2026-09-30T17:56:59.339Z

## Company

Sony Financial Group, founded in 2004, is a company in Online & Retail-Affiliated Banks listed on TSE Prime. It has 14,042 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sony Financial Group Inc. |
| Ticker | 8729 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8729.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目9番2号 |
| Representative (per filing) | 代表執行役 遠藤 俊英 |
| Founded | Mar 2004 |
| Employees (consolidated) | 14,042 |
| Average salary (parent only) | ¥12.8M |
| Fiscal year end | March |
| Website | www.sonyfg.co.jp (https://www.sonyfg.co.jp/) |
| Corporate number | 4010401053410 |
| EDINET | E05714 |
| Industries (Vizora) | Online & Retail-Affiliated Banks, Non-life Insurance, Life Insurance, Nursing Care |

> Profile source: annual securities report (S100YCL0, filed 2026-06-17). As of filing

## Key points (generated from figures)

- About 88% of Sony Financial Group's ordinary revenue comes from Life insurance, with Assurance and Bank making up much of the rest.
- Out of every ¥100 of ordinary revenue, about ¥3 is left as ordinary profit.
- Ordinary revenue changed +9.6% from the prior year, ordinary profit +88.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥2.87T |  |
| Ordinary income | ¥84.6B | Margin 2.9% |
| Net income | ¥55.5B | Margin 1.9% |
| Employees (consolidated) | 14,042 |  |
| EPS | ¥1.82 |  |
| Diluted EPS | ¥1.77 |  |
| Book value per share | ¥52.21 |  |
| Equity ratio | 2.6% |  |
| Shares outstanding | 6,770,358,000 |  |
| Treasury shares | 30,932,100 |  |
| Shareholders | 777,520 |  |
| Average salary (parent only) | ¥12.8M | Filing company only |

## Notable figures

- FY2026, operating cash flow is 8.0× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2207285000000 | ¥2871029000000 | +30.1% |
| Employees | 11,907 people | 14,042 people | +17.9% |
| Cash and equivalents | ¥497195000000 | ¥483159000000 | -2.8% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 生命保険事業 → 生命保険事業 | 88.2% |
| 生命保険事業 → 事業再編・廃止 | 3.0% |
| 損害保険事業 → 損害保険事業 | 6.0% |
| 銀行事業 → 銀行事業 | 2.4% |
| その他 → その他 | 0.4% |
| 新設・再編 → 損害保険事業 | 0.7% |
| 新設・再編 → 銀行事業 | 2.1% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Life insurance | 5 years | +4.7% | ¥2531621000000 | 2.3% | 2 |
| Assurance | 5 years | +7.6% | ¥191320000000 | 6.5% | 2 |
| Bank | 5 years | +19.9% | ¥129839000000 | 12.9% | 2 |
| Other | 5 years | +15.6% | ¥18247000000 | -4.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 2,871,029 | 100.0% | S100YCL0 |
| Ordinary expenses | 2,786,444 | 97.1% | S100YCL0 |
| Ordinary income | 84,584 | 2.9% | S100YCL0 |
| Extraordinary income | 635 | 0.0% | S100YCL0 |
| Extraordinary loss | 4,447 | 0.2% | S100YCL0 |
| Pretax income | 78,744 | 2.7% | S100YCL0 |
| Income tax | 23,246 | 0.8% | S100YCL0 |
| Net income | 55,497 | 1.9% | S100YCL0 |
| Net income attributable to owners | 55,498 | 1.9% | S100YCL0 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 97 |
| Ordinary income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Ordinary margin 2.9% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.6%; Core profit growth: +88.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.18×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,618,712 | 2,871,029 | 252,317 | +9.6% |
| Net income attributable to owners | 78,791 | 55,498 | -23,293 | -29.6% |
| Operating cash flow | 1,502,191 | 445,493 | -1,056,698 | -70.3% |
| Free cash flow | 1,475,749 | 416,798 | -1,058,951 | -71.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,381,667 | — | — | 41,621 | 692,445 | — | S100LSJK |
| FY ending Mar 2018 | 1,503,630 | — | — | 51,895 | 819,721 | — | S100OFCF |
| FY ending Mar 2019 | 1,629,182 | — | — | 62,074 | 802,921 | — | S100R3XD |
| FY ending Mar 2020 | 1,781,420 | — | — | 73,259 | 878,726 | 855,570 | S100LSJK |
| FY ending Mar 2021 | 2,207,285 | — | — | 47,186 | 734,384 | 715,830 | S100OFCF |
| FY ending Mar 2022 | 2,190,092 | — | — | 41,638 | 1,053,038 | 1,032,899 | S100R3XD |
| FY ending Mar 2023 | 2,137,696 | — | — | 118,525 | 418,604 | 395,025 | S100TQQD |
| FY ending Mar 2024 | 3,450,300 | — | — | 41,176 | 782,948 | 764,528 | S100VXLC |
| FY ending Mar 2025 | 2,618,712 | — | — | 78,791 | 1,502,191 | 1,475,749 | S100YCL0 |
| FY ending Mar 2026 | 2,871,029 | — | — | 55,498 | 445,493 | 416,798 | S100YCL0 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥204.5M |
| Net income per employee (consolidated) | ¥4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 12,251 | 12,596 | 12,695 | 13,356 | 14,042 |
| Average salary (parent company) | — | — | — | — | ¥12.8M |
| Average age (parent company) | — | — | — | — | 45.8 years |
| Average tenure (parent company) | — | — | — | — | 3.8 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) +9.6%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Life insurance | 2,531,621 | 88.2% | 59,407 | 2.3% |
| Assurance | 191,320 | 6.7% | 12,523 | 6.5% |
| Bank | 129,839 | 4.5% | 16,718 | 12.9% |
| Other | 18,247 | 0.6% | -743 | -4.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Life insurance | 88.2% |
| Assurance | 6.7% |
| Bank | 4.5% |
| Other | 0.6% |

Segment → industry: Bank → Online & Retail-Affiliated Banks / Assurance → Non-life Insurance / Life insurance → Life Insurance / Other → Nursing Care

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 445,493 | 15.5% | S100YCL0 |
| Capital expenditure | 28,695 | 1.0% | S100YCL0 |
| Free cash flow | 416,798 | 14.5% | 算出 |
| Investing cash flow | -1,191,512 | -41.5% | S100YCL0 |
| Financing cash flow | 25,742 | 0.9% | S100YCL0 |
| Dividends paid | 0 | 0.0% | S100YCL0 |
| Share buyback | 69,850 | 2.4% | S100YCL0 |
| Change in cash | -719,008 | -25.0% | S100YCL0 |
| Cash and equivalents | 483,159 | 16.8% | S100YCL0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ソニーグループ株式会社 | Major shareholder | 17.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 12.9% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.5% | 2026-03-31 |
| MOXLEY AND CO LLC(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 2.8% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.1% | 2026-03-31 |
| BANK JULIUS BAER AND CO. LTD. SINGAPORE CLIENTS(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.9% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044(常任代理人 株式会社みずほ銀行) | Major shareholder | 0.9% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥2.87T, up +9.6% from ¥2.62T.
- Net income attributable to owners went the other way, dropping -29.6% from ¥78.8B to ¥55.5B.
- Operating cash flow shrank from ¥1.5T to ¥445.5B, a -70.3% change.

### Drivers

- Life insurance revenue grew on foreign exchange gains and higher reinsurance income
- Non-life premiums rose, led by car insurance, and fewer natural disasters lowered the loss ratio
- Sony Life's net income fell because a one-off reserve release in the prior year did not repeat

### Risks

- Sudden moves in interest rates or credit conditions could cut the value of its investments
- Major disasters or pandemics could push claims above what premiums were priced for
- Heavy reliance on individual life insurance leaves results exposed to weaker new sales or more cancellations

Cited: Annual securities report (22nd term) (Management's analysis of financial position, operating results and cash flows); Annual securities report (22nd term) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YCL0 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCL0,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100VXLC | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXLC,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TQQD | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQQD,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100R3XD | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3XD,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OFCF | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFCF,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LSJK | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSJK,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).