索尼 (SONY) 2026 Q1 法說會逐字稿

Now I will explain the financial results of the Sony Financial Group.

現在我來解釋一下索尼金融集團的財務表現。

On an IFRS basis, adjusted net income for the quarter increased JPY0.3 billion compared to the same quarter of the previous fiscal year to JPY23 billion, primarily due to the improvement in the loss ratio at Sony Assurance. Adjusted net income of Sony Life decreased JPY1.0 billion year on year to JPY15.6 billion, primarily due to the impact of rising interest rates, partially offset by an improvement in the funding cost as a result of the decrease in repo transaction.

依照國際財務報告準則，本季調整後淨收入較上一財年同期增加3億日圓，達到230億日圓，主要由於索尼保險的損失率有所改善。索尼人壽調整後淨收入年減10億日圓至156億日圓，主要因利率上升的影響，但因回購交易減少導致融資成本改善而部分抵銷。

Insurance and accounting under IFRS requires an amount prepared for the future uncertainty be recorded as a risk adjustment liability. As interest rates rose during the quarter, the risk of mass cancellations increased from an accounting valuation perspective, which reduced adjusted net income through the recognition of a loss and a decrease in the contractual service margin amortization.

根據國際財務報告準則，保險和會計要求將為未來不確定性準備的金額記錄為風險調整負債。由於本季利率上升，從會計估值角度來看，大規模取消的風險增加，從而透過確認損失和減少合約服務利潤攤銷來減少調整後的淨收入。

The new business acquisition at Sony Life continued to trend at the high level of the previous fiscal year, with the annualized premiums from the policies enforced during the quarter increasing JPY16.1 billion to JPY1,313.6 billion, demonstrating strong growth, especially in the corporate insurance sales channels. The recruitment of life planners and an agency supporter is progressing well, and our sales channels are continuing to expand.

索尼生命新業務收購延續了上一財年的高位趨勢，本季執行保單的年化保費增加了161億日元，達到13136億日元，顯示出強勁的增長勢頭，尤其是在企業保險銷售渠道。人生規劃師和代理支持者的招募進展順利，我們的銷售管道也不斷擴大。

Next, I will explain the progress of our measures to strengthen our financial foundations. As I explained at the Investor Day in May, the interest rate sensitivity of our assets exceeds that of our liability, resulting in an overhedged position at Sony Life. To address this, we are selling bonds and an undertaking reinsurance over the course of two years, including this fiscal year.

接下來，我將介紹強化財政基礎措施的進展。正如我在五月的投資者日上所解釋的那樣，我們資產的利率敏感性超過了負債的利率敏感性，導致索尼生命的對沖頭寸過度。為了解決這個問題，我們將在包括本財年在內的兩年內出售債券並承擔再保險。

In the quarter, we accelerated the sales of bonds that we had planned to sell over the course of the full fiscal year. As a result, the ESR level at the end of the quarter improved 3 percentage points, mitigating a significant negative impact of rising interest rates. Our consolidated ESR was 184%, and Sony Life's stand-alone ESR was 163%. Loss on sales of securities is deducted as an adjustment item from the adjusted net income.

本季度，我們加快了原計劃在整個財年內出售的債券的銷售。因此，本季末的ESR水準提高了3個百分點，減輕了利率上升帶來的重大負面影響。我們的合併 ESR 為 184%，索尼人壽的獨立 ESR 為 163%。證券出售損失作為調整項目從調整後的淨利潤中扣除。

Going forward, we aim to further strengthen our financial foundation by accumulating economic value-based capital through the acquisition of a high-level new insurance contract and our efforts to reduce risks.

展望未來，我們的目標是透過獲得高水準的新保險合約和努力降低風險來累積基於經濟價值的資本，從而進一步加強我們的財務基礎。

There is no change to our full-year forecast of JPY60 billion in income before income taxes. Our forecast for adjusted net income has been reduced by 9% to JPY98 billion. We downwardly revised the forecast because we have revised our long-term interest rate assumption this time from the previous 2.7% to 3.3%, the average interest rate level in July, and because we have incorporated additional risk adjustments.

我們對全年稅前收入 600 億日圓的預測沒有改變。我們對調整後淨收入的預測已下調 9% 至 980 億日圓。我們下調預測是因為我們這次將長期利率假設從之前的2.7%修正為3.3%，即7月份的平均利率水平，並且我們納入了額外的風險調整。

However, going forward, we will continue to make every effort to bring adjusted net income as close as possible to our initial plan by accelerating the acquisition of new policies and reviewing expenses.

然而，展望未來，我們將繼續盡一切努力，透過加快新政策的獲取和審查費用，使調整後的淨收入盡可能接近我們的初步計劃。

Lastly, preparations for the listing on September 29 are progressing smoothly, and we plan to submit the final application for the listing to the Tokyo Stock Exchange tomorrow, August 8. Additionally, at the Board meeting of Sony Financial Group, Incorporated, which will be held on the same day, we plan to officially approve the establishment of a share repurchase facility with a limit of JPY100 billion effective from September 29 of this year through August 8 of the following year.

最後，9月29日上市的準備工作進展順利，我們計劃於明天，即8月8日，向東京證券交易所提交最終上市申請。此外，在同日召開的索尼金融集團董事會上，我們計畫正式批准設立總額為1,000億日圓的股票回購機制，有效期限為今年9月29日至隔年8月8日。

There is no change to the JPY25 billion we plan to pay at the fiscal year-end dividend.

我們計劃在財年末支付的250億日圓股利沒有變動。

Heretofore, we have announced our financial results at the Sony Group's earnings announcement, including when we were a listed company in the past. From the second quarter onward, we will hold our financial results briefings as an independently listed company. We are fully committed to becoming a financial services group that is truly valued by a wide range of stakeholders, including shareholders and investors. We sincerely appreciate your continued support after the listing.

到目前為止，包括過去作為上市公司時，我們都會在索尼集團的收益發表會上公佈我們的財務表現。從第二季開始，我們將作為獨立上市公司舉行財務業績發表會。我們致力於成為真正受到股東、投資者等廣大利害關係人重視的金融服務集團。衷心感謝您在上市後繼續給予的支持。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。