Sony Life Insurance Corporation was a dream of Sony Group founder Akio Morita. As Sony Corporation grew, Mr. Morita saw the potential of moving into the financial industry. He believed that it would prove valuable in supporting the sustainability of the company and thought that establishing a financial company would not only facilitate fund-raising, but also balance the Group's operations and enhance shareholders' trust in Sony.
March 1975 Sony Group and the Prudential Insurance Company of America began their talks on the prospect of a joint venture. Prudential would supply their knowledge of the life insurance business and Sony would apply this to their expertise towards the Japanese market.
|
August 1979 A joint venture between Sony Group and Prudential Insurance Company of America was established. With an initial capital of ¥3 Billion, the company started with four branches in the Tokyo area staffed by 51 employees and 27 Lifeplanners. The new venture was called Sony Prudential Life Insurance.
|
February 1981 Sony Prudential Life Insurance was granted a business license by the Ministry of Finance (MOF).
|
September 1987 Company name was changed to Sony Pruco Life Insurance Co., Ltd. Sony Group assumed 70% of the company’s stock, while Prudential of America retained a 30% stake.
|
April 1991 On its 10th year anniversary, the company’s name was officially changed to Sony Life Co. Ltd.
|
March 1993 Sony Life recorded its first non-consolidated fiscal year profit.
|
September 1996 Sony Corporation attained 100% equity in Sony Life.
|
August 1998 Sony Life Insurance (Philippines) Corporation was established with capital participation from the Sony Group and commenced operations in November 1999. The 1st overseas operations of Sony Life Japan, it is projected to be the regional headquarters of Sony Life’s Southeast Asian operations.
|
March 2004 Sony Life Philippines became a wholly-owned subsidiary of Sony Life Japan.
|
April 2004 Sony Corporation established Sony Financial Holdings Inc. It became the holding company for Sony's financial services business which includes: Sony Life, Sony Assurance and Sony Bank.
|
October 2007 Sony Financial Holdings Inc. listed its shares in the Tokyo Stock Exchange. The listing, which raised more than $3 Billion for the Sony Group was Japan’s largest Initial Public Offering for the year 2007.
|
August 2008 Sony Life Philippines marked its 10th year of operations. |
