Sony Life’s Initiatives for Preventing and Early Detection of Fraud Incidents

Overview and Response to the Fraud Incident

A fraud incident involving insurance solicitors belonging to exclusive agents of Sony Life Insurance Co., Ltd. has been uncovered, with approximately 30 customers reporting inappropriate monetary misconduct. The exclusive agent system has been abolished, and a transition to general agents is underway. Meanwhile, all customer contracts and suspicious monetary transactions are being reviewed. The status of the verification will be disclosed by the end of May, with ongoing information updates as appropriate.

Ongoing Efforts to Prevent Fraud

Since fiscal year 2017, multifaceted measures have been implemented, including thorough paperless procedures, strengthened identity verification, revision of compensation systems, enhancement of internal controls, reinforcement of governance structures, and prevention of private meetings between sales employees and customers. Going forward, the company will continue to dedicate full effort toward eradicating fraud and establishing a customer-centric framework, demonstrating its commitment to social responsibility.