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  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
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      "kind": "callout",
      "text": "Sony Financial is distinguished from peers by its “growth culture” driven by unique “Life Planner” model",
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      "text": "Historical life policy amount in force (¥tn)",
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      "text": "Sony Financial Holdings (SFH) is an ~$10bn market cap financial services company, offering life insurance, non-life products, and banking services in the Japan market. Sony is the largest shareholder with a 65% stake worth ~$6.6bn. The life insurance segment is the primary source of operating profits and total assets, accounting for 81% of revenues and 77% of total assets, respectively. As of 3/31/19 SFH has approximately ¥49.5tn of policies in force, primarily consisting of term life, whole life and annuity products. Sony has grown policy amount in force at ~4-5% CAGR for the last 20 years vs. a flat market, and now represents about 5% of Japanese policy amount in force",
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      "text": "Source: Company reports",
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      "text": "Listed stake: Sony Financial Holdings",
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