| Financial instruments | 5. Financial instruments
(1) Financial instruments by measurement method The carrying amount of Sony’s assets and liabilities by measurement method as of March 31, 2023 and 2024 are as follows:
Yen in millions
March 31
2023 Restated 2024
Assets:
Financial assets required to be measured at amortized cost (“AC”)
Investments and advances in the Financial Services segment
Debt securities 337,374 396,481
Housing loans in the banking business 3,129,393 3,574,468
Other loans 17,854 16,892
Trade and other receivables *
Trade receivables 1,754,034 2,140,220
Other receivables 2,712 5,971
Other financial assets
Time deposit 36,671 48,416
Security deposit 95,813 107,316
Non-current 152,619 155,525
Other 19,582 47,849
Financial assets required to be measured at fair value through profit or loss (“FVPL”)
Investments and advances in the Financial Services segment
Debt securities 1,059,718 1,295,877
Equity securities 2,123,062 3,210,296
Other financial assets
Debt securities 20,905 22,388
Equity securities 125,590 258,939
Derivative assets 70,144 72,423
Financial assets designated to be measured at FVPL
Investments and advances in the Financial Services segment
Debt securities 1,486,566 1,243,109
Financial assets required to be measured at fair value through other comprehensive income (“FVOCI”)
Investments and advances in the Financial Services segment
Debt securities 10,406,699 9,593,519
Other financial assets
Debt securities 125 140
Financial assets designated to be measured at FVOCI
Investments and advances in the Financial Services segment
Equity securities 5,453 7,305
Other financial assets
Equity securities 421,845 309,710
Total assets 21,266,159 22,506,844
Current assets 2,196,054 2,669,709
Non-current 19,070,105 19,837,135
* The amounts of trade and other receivables exclude contract assets within trade and other receivables, and contract assets in the consolidated statements of financial position. Cash and cash equivalents are excluded from the table above. Refer to Note 27.
Yen in millions
March 31
2023 Restated 2024
Liabilities:
Financial liabilities required to be measured at AC
Short-term borrowings 1,914,934 1,812,605
Current portion of long-term debt 187,942 217,711
Trade and other payables
Trade payables 1,701,706 1,803,920
Other payables 162,475 221,542
Deposits from customers in the banking business *1 3,306,981 3,845,607
Long-term debt 1,767,696 2,058,117
Deferred consideration *2 87,937 107,368
Investment contract liabilities 55,779 60,392
Other financial liabilities 61,128 65,790
Financial liabilities required to be measured at FVPL
Other financial liabilities
Derivative liabilities 34,123 29,287
Contingent consideration 51,512 50,343
Financial liabilities designated to be measured at FVPL
Other financial liabilities
Redeemable noncontrolling interests 47,326 54,028
Total liabilities 9,379,539 10,326,710
Current liabilities 7,240,263 7,881,832
Non-current 2,139,276 2,444,878
*1 Deposits from customers in the banking business include the non-current
*2 Deferred consideration is recorded within other financial liabilities or trade and other payables in the consolidated statements of financial position.
(2) Financial instruments measured at fair value on a recurring basis The following section describes the valuation techniques used by Sony to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Debt instruments and equity instruments Where quoted prices of financial instruments are available in an active market, these instruments are classified in Level 1 of the fair value hierarchy. Level 1 financial instruments include exchange-traded equity instruments. If quoted market prices are not available for the specific financial instruments or the market is inactive, then fair values are estimated by using pricing models, quoted prices of financial instruments with similar characteristics or discounted cash flow method and mainly classified in Level 2 of the fair value hierarchy. Level 2 financial instruments include debt instruments with quoted prices that are not traded as actively as exchange-traded instruments, such as the majority of government bonds and corporate bonds. In certain cases where there is limited activity or less transparency around inputs to the valuation, these instruments are classified within Level 3 of the fair value hierarchy. Level 3 financial instruments primarily include certain private equity investments, investment funds, securitized products which are not classified within Level 1 or Level 2 and domestic and foreign corporate bonds for which quoted prices are not available in a market and where there is less transparency around inputs. Sony estimates the fair value for private equity investments primarily by using comparable company analysis and discounted cash flow method. The price book-value ratio and price earnings ratio of comparable companies, as well as cost of capital and EBITDA multiples for the terminal value used in discounted cash flow method, are primarily used as significant unobservable inputs in the fair value measurement of equity securities classified as Level 3. The fair value increases (decreases) as the price book-value ratio and price earnings ratio of comparable companies rise (decline). In addition, the fair value increases (decreases), as the cost of capital declines (rises) and EBITDA multiples rise (decline), both of which are used in discounted cash flow method. Sony estimates the fair value for certain investment funds by using the net asset value. Sony estimates the fair value for securitized products and domestic and foreign corporate bonds for which quoted prices are not available in a market and where there is less transparency around inputs by using third-party information such as indicative quotes from dealers without adjustment or discounted cash flow method. For validating the fair values of Level 3 financial instruments, Sony primarily uses internal models which include management judgment or estimation of assumptions that market participants would use in pricing the asset. Derivatives Exchange-traded derivatives valued using quoted prices are classified within Level 1 of the fair value hierarchy. However, few classes of derivative contracts are listed on an exchange; thus, the majority of Sony’s derivative positions are valued using internally developed models that use as their basis readily observable market parameters, meaning parameters that are actively quoted and can be validated to external sources, including pricing services. Depending on the types and contractual terms of derivatives, fair value can be modeled using a series of techniques, such as the Black-Scholes option pricing model, which are consistently applied. For derivative products that have been established for some time, Sony uses models that are widely accepted in the financial services industry. These models reflect the contractual terms of the derivatives, including the period to maturity, and market-based parameters such as interest rates, volatility, and the credit rating of the counterparty. Further, many of these models do not contain a high level of subjectivity as the techniques used in the models do not require significant judgment, and inputs to the model are readily observable from actively quoted markets. Such instruments are generally classified within Level 2 of the fair value hierarchy. In determining the fair value of Sony’s interest rate swap derivatives, Sony uses the present value of expected cash flows based on market observable interest rate yield curves commensurate with the term of each instrument. For foreign currency derivatives, Sony’s approach is to use forward contract valuation models employing market observable inputs, such as spot currency rates and time value. These derivatives are classified within Level 2 since Sony primarily uses observable inputs in its valuation of its derivative assets and liabilities. The fair value of Sony’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2023 and 2024 is as follows:
Yen in millions
March 31, 2023 Restated
Presentation in the consolidated statements of financial position
Level 1 Level 2 Level 3 Total Investments and advances in the Financial Services segment (Current) Other financial assets (Current) Investments and advances in the Financial Services segment (Non-current) Other financial assets (Non-current)
Assets:
Financial assets required to be measured at FVPL
Debt securities
Japanese national government bonds — 422,739 — 422,739 — — 422,739 —
Japanese local government bonds — 600 — 600 — — 600 —
Japanese corporate bonds — 16,872 38 16,910 — — 16,872 38
Foreign government bonds 30,100 173,393 — 203,493 — — 203,493 —
Foreign corporate bonds — 5,515 3,377 8,892 — — 5,515 3,377
Investment funds — 367,193 60,796 427,989 — — 410,499 17,490
Equity securities 2,236,646 5,217 6,789 2,248,652 — — 2,123,062 125,590
Derivative assets
Interest rate contracts — 43,844 — 43,844 — 438 — 43,406
Foreign exchange contracts — 21,318 — 21,318 — 19,978 — 1,340
Equity contracts 290 — 4,692 4,982 — 4,982 — —
Financial assets designated to be measured at FVPL
Debt securities
Japanese national government bonds — 1,285,920 — 1,285,920 1,001 — 1,284,919 —
Japanese local government bonds — 16,038 — 16,038 2,010 — 14,028 —
Japanese corporate bonds — 3,315 — 3,315 — — 3,315 —
Foreign government bonds — 35,895 — 35,895 — — 35,895 —
Foreign corporate bonds — 141,857 3,541 145,398 21,227 — 124,171 —
Financial assets required to be measured at FVOCI
Debt securities
Japanese national government bonds — 7,901,817 — 7,901,817 — — 7,901,817 —
Japanese local government bonds — 45,458 — 45,458 1,369 — 44,089 —
Japanese corporate bonds — 739,541 171,622 911,163 7,016 — 904,147 —
Foreign government bonds — 1,145,709 — 1,145,709 — — 1,145,584 125
Foreign corporate bonds — 307,717 24,672 332,389 46,367 — 286,022 —
Securitized products — 29,697 40,591 70,288 — — 70,288 —
Financial assets designated to be measured at FVOCI
Equity securities 103,270 — 324,028 427,298 — — 5,453 421,845
Total assets 2,370,306 12,709,655 640,146 15,720,107 78,990 25,398 15,002,508 613,211
Presentation in the consolidated statements of financial position
Level 1 Level 2 Level 3 Total Other financial liabilities (Current) Other financial liabilities (Non-current)
Liabilities:
Financial liabilities required to be measured at FVPL
Derivative liabilities
Interest rate contracts — 5,656 — 5,656 427 5,229
Foreign exchange contracts — 19,876 — 19,876 18,679 1,197
Equity contracts 3,321 5,270 — 8,591 8,591 —
Contingent consideration — — 51,512 51,512 14,790 36,722
Financial liabilities designated to be measured at FVPL
Redeemable noncontrolling interests — — 47,326 47,326 — 47,326
Total liabilities 3,321 30,802 98,838 132,961 42,487 90,474
Yen in millions
March 31, 2024
Presentation in the consolidated statements of financial position
Level 1 Level 2 Level 3 Total Investments and advances in the Financial Services segment (Current) Other financial assets (Current) Investments and advances in the Financial Services segment (Non-current) Other financial assets (Non-current)
Assets:
Financial assets required to be measured at FVPL
Debt securities
Japanese national government bonds — 423,129 — 423,129 — — 423,129 —
Japanese local government bonds — 1,846 — 1,846 — — 1,846 —
Japanese corporate bonds — 27,296 20 27,316 — — 27,296 20
Foreign government bonds 39,363 192,325 — 231,688 — — 231,688 —
Foreign corporate bonds — 11,981 2,933 14,914 — — 11,981 2,933
Investment funds — 552,017 67,355 619,372 — — 599,937 19,435
Equity securities 3,451,655 8,146 9,434 3,469,235 — — 3,210,296 258,939
Derivative assets
Interest rate contracts — 49,619 — 49,619 — 1,009 — 48,610
Foreign exchange contracts — 20,425 — 20,425 — 18,774 — 1,651
Equity contracts — — 2,379 2,379 — 2,379 — —
Financial assets designated to be measured at FVPL
Debt securities
Japanese national government bonds — 1,021,309 — 1,021,309 4,302 — 1,017,007 —
Japanese local government bonds — 13,945 — 13,945 5,310 — 8,635 —
Japanese corporate bonds — 3,302 — 3,302 3,302 — — —
Foreign government bonds — 39,472 — 39,472 7,390 — 32,082 —
Foreign corporate bonds — 159,158 5,923 165,081 49,578 — 115,503 —
Financial assets required to be measured at FVOCI
Debt securities
Japanese national government bonds — 7,057,395 — 7,057,395 300 — 7,057,095 —
Japanese local government bonds — 48,712 — 48,712 550 — 48,162 —
Japanese corporate bonds — 743,804 138,848 882,652 11,414 — 871,238 —
Foreign government bonds — 1,221,208 — 1,221,208 — — 1,221,068 140
Foreign corporate bonds — 266,362 34,757 301,119 28,363 — 272,756 —
Securitized products — 60,565 22,008 82,573 — — 82,573 —
Financial assets designated to be measured at FVOCI
Equity securities 67,834 — 249,181 317,015 — — 7,305 309,710
Total assets 3,558,852 11,922,016 532,838 16,013,706 110,509 22,162 15,239,597 641,438
Presentation in the consolidated statements of financial position
Level 1 Level 2 Level 3 Total Other financial liabilities (Current) Other financial liabilities (Non-current)
Liabilities:
Financial liabilities required to be measured at FVPL
Derivative liabilities
Interest rate contracts — 6,450 — 6,450 406 6,044
Foreign exchange contracts — 17,493 — 17,493 16,297 1,196
Equity contracts 3,428 1,916 — 5,344 5,344 —
Contingent consideration — — 50,343 50,343 26,193 24,150
Financial liabilities designated to be measured at FVPL
Redeemable noncontrolling interests — — 54,028 54,028 — 54,028
Total liabilities 3,428 25,859 104,371 133,658 48,240 85,418
Cash and cash equivalents are excluded from the tables above. Refer to Note 27. Transfers of debt securities from Level 2 to Level 1 were 2,704 million yen and 2,384 million yen for the fiscal years ended March 31, 2023 and 2024, respectively, as quoted prices in active markets for certain debt securities became available. Transfers of debt securities from Level 1 to Level 2 were 1,982 million yen and 847 million yen for the fiscal years ended March 31, 2023 and 2024, respectively, as quoted prices in active markets for certain debt securities became unavailable. Transfers of equity securities from Level 2 to Level 1 were 24,958 million yen for the fiscal year ended March 31, 2023, as quoted prices in active markets for certain equity securities became available. There were no transfers of equity securities from Level 2 to Level 1 for the fiscal year ended March 31, 2024. The valuation techniques used to measure the fair value of assets and liabilities classified as Level 3, significant unobservable inputs, and their range are as follows:
Valuation technique(s) Significant unobservable inputs Range
March 31, 2023 March 31, 2024
Financial assets required to be measured at FVOCI
Debt securities
Japanese corporate bonds Discounted cash Credit spread 34bp-63bp 27bp-72bp
Foreign corporate bonds 10bp —
Securitized products 150bp-190bp 90bp-170bp
* bp = basis point The decrease (increase) in fair value is the result of rise (decline) of credit spreads. For the above assets classified as Level 3, the fair value would not change significantly, if one or more of the significant unobservable inputs were changed to reflect reasonably possible alternative assumptions. The changes in fair value of Level 3 assets and liabilities for the fiscal years ended March 31, 2023 and 2024 are as follows:
Yen in millions
Fiscal year ended March 31, 2023
Total gains (losses) *1
Beginning balance Net income *2 Other comprehensive income *3 Purchases Sales and settlements Transfers Level 3 *4 Transfers out of Level 3 *5 Other Ending balance
Assets:
Financial assets required to be measured at FVPL
Debt securities
Japanese corporate bonds 18 — — 20 — — — — 38
Foreign corporate bonds 117 (14 ) — 3,434 (70 ) — — (90 ) 3,377
Securitized products 3,713 — — — (3,713 ) — — — —
Investment funds 48,520 (2,541 ) 395 17,254 (2,832 ) — — — 60,796
Equity securities 3,217 (413 ) — 4,021 (36) — — — 6,789
Derivative assets
Equity contracts 4,024 (393 ) 356 705 — — — — 4,692
Financial assets designated to be measured at FVPL
Debt securities
Foreign corporate bonds 3,625 (84 ) — — — — — — 3,541
Financial assets required to be measured at FVOCI
Debt securities
Japanese corporate bonds 154,245 6 (30,203 ) 47,574 — — — — 171,622
Foreign corporate bonds 20,837 598 — 24,362 (21,125 ) — — — 24,672
Securitized products 39,859 (389 ) 6 13,575 (15,048 ) 6,712 (4,124 ) — 40,591
Financial assets designated to be measured at FVOCI
Equity securities 205,509 — (24,913 ) 143,611 (126 ) 146 (600 ) 401 324,028
Liabilities:
Financial liabilities required to be measured at FVPL
Contingent consideration 21,552 (475 ) 1,240 43,455 (13,951 ) — — (309 ) 51,512
Financial liabilities designated to be measured at FVPL
Redeemable noncontrolling interests 34,995 (1,410 ) 2,877 13,670 (2,802 ) — — (4 ) 47,326
Yen in millions
Fiscal year ended March 31, 2024
Total gains (losses) *1
Beginning balance Net income *2 Other comprehensive income *3 Purchases Sales and settlements Transfers Level 3 Transfers out of Level 3 *5 Other Ending balance
Assets:
Financial assets required to be measured at FVPL
Debt securities
Japanese corporate bonds 38 — — 20 (18 ) — — (20 ) 20
Foreign corporate bonds 3,377 171 — 317 — — — (932 ) 2,933
Investment funds 60,796 3,781 736 8,677 (6,635 ) — — — 67,355
Equity securities 6,789 595 1 1,951 (152 ) — — 250 9,434
Derivative assets
Equity contracts 4,692 (2,816 ) 503 — — — — — 2,379
Financial assets designated to be measured at FVPL
Debt securities
Foreign corporate bonds 3,541 642 — 1,740 — — — — 5,923
Financial assets required to be measured at FVOCI
Debt securities
Japanese corporate bonds 171,622 8 (32,782 ) — — — — — 138,848
Foreign corporate bonds 24,672 1,315 255 29,150 (19,148 ) — (1,487 ) — 34,757
Securitized products 40,591 1,434 35 12,793 (24,437 ) — (8,408 ) — 22,008
Financial assets designated to be measured at FVOCI
Equity securities 324,028 — (6,987 ) 6,342 (73,874 ) — (1,175 ) 847 249,181
Liabilities:
Financial liabilities required to be measured at FVPL
Contingent consideration 51,512 182 6,614 4,363 (12,328 ) — — — 50,343
Financial liabilities designated to be measured at FVPL
Redeemable noncontrolling interests 47,326 (3,396 ) 5,345 5,294 (541 ) — — — 54,028
*1 For liability items, gains are presented as negative and losses are presented as positive.
*2 Gains (losses) recognized in net income are included in financial services revenue, other operating (income) expense, net, financial income and financial expenses in the consolidated statements of income.
*3 Gains (losses) recognized in other comprehensive income are included in changes in equity instruments measured at fair value through other comprehensive income, changes in debt instruments measured at fair value through other comprehensive income and exchange differences on translating foreign operations in the consolidated statements of comprehensive income.
*4 Certain financial assets were transferred to Level 3 because the observability of the inputs used decreased.
*5 Certain financial assets were transferred from Level 3 because observable market data became available. The changes in unrealized gains (losses) recognized in net income for Level 3 assets and liabilities held as of March 31, 2023 and 2024 are as follows:
Yen in millions
Fiscal year ended March 31
2023 2024
Assets:
Financial assets required to be measured at FVPL
Debt securities
Foreign corporate bonds (14 ) 171
Investment funds (2,420 ) 3,887
Equity securities (413 ) 495
Derivative assets
Equity contracts (393 ) (2,816 )
Financial assets designated to be measured at FVPL
Debt securities
Foreign corporate bonds (84 ) 646
Financial assets required to be measured at FVOCI
Debt securities
Japanese corporate bonds 6 8
Foreign corporate bonds 598 1,315
Securitized products (389 ) 1,461
Liabilities:
Financial liabilities required to be measured at FVPL
Contingent consideration (2,683 ) (1,488 )
Financial liabilities designated to be measured at FVPL
Redeemable noncontrolling interests 1,410 3,270 Gains (losses) recognized in net income are included in financial services revenue, other operating (income) expense, net, financial income and financial expenses in the consolidated statements of income. Sony generally elects to designate investments in equity instruments held to promote its businesses and to maintain and enhance the business relationship as financial assets measured at fair value through other comprehensive income based on the purposes of holding the investments. Equity instruments measured at fair value through other comprehensive income as of March 31, 2023 and 2024 comprise the following:
Yen in millions
March 31
2023 2024
Marketable equity instruments 103,270 67,834
Non-marketable 324,028 249,181
Total 427,298 317,015
Significant marketable equity instruments measured at fair value through other comprehensive income as of March 31, 2023 and 2024 are as follows:
Yen in millions
March 31
2023 2024
Bilibili Inc. 54,214 29,410
ANYCOLOR Inc. 10,061 8,568
KADOKAWA Corporation 8,017 7,545
Toei Animation Co., Ltd. 10,407 — The balances of the non-marketable
Yen in millions
March 31
2023 2024
Entertainment *1 259,214 187,294
Manufacturing *2 35,182 34,610
Information technology, Communication and Service *3 27,136 24,348
*1 Major investments included Epic Games, Inc. and Scopely, Inc. as of March 31, 2023.
Major investments included Epic Games, Inc. as of March 31, 2024.
*2 Major investments included Nichia Corporation.
*3 Major investments included Semiconductor Energy Laboratory Co., Ltd. In order to enhance the efficiency of using assets held effectively, Sony derecognizes equity instruments measured at fair value through other comprehensive income upon the sale of the investment. Information relating to investments derecognized during the fiscal years ended March 31, 2023 and 2024 is as follows:
Yen in millions
Fiscal year ended March 31
2023 2024
Fair value at derecognition 625 86,265
Cumulative amount recognized in other comprehensive income, net of tax * (298 ) 12,326
Dividend received 8 122
* The cumulative amount recognized in other comprehensive income, net of tax, was transferred to retained earnings upon derecognition of the equity instruments.
(3) Financial instruments measured at amortized cost The fair values by fair value hierarchy level of certain financial instruments that are measured at amortized cost as of March 31, 2023 and 2024 are summarized as follows:
Yen in millions
March 31, 2023 Restated
Fair value Carrying
Level 1 Level 2 Level 3 Total Total
Assets:
Debt securities
Foreign corporate bonds — 4,814 — 4,814 4,796
Securitized products — — 324,153 324,153 331,354
Other — 41 1,173 1,214 1,224
Housing loans in the banking business — — 3,184,060 3,184,060 3,129,393
Total assets — 4,855 3,509,386 3,514,241 3,466,767
Liabilities:
Long-term debt including the current portion — 1,343,077 67,844 1,410,921 1,423,392
Investment contract liabilities — 55,523 — 55,523 55,779
Total liabilities — 1,398,600 67,844 1,466,444 1,479,171
Yen in millions
March 31, 2024
Fair value Carrying
Level 1 Level 2 Level 3 Total Total
Assets:
Debt securities
Japanese corporate bonds — 9,957 — 9,957 9,950
Foreign corporate bonds — 3,413 — 3,413 3,386
Securitized products — — 378,389 378,389 378,736
Other — 41 4,368 4,409 4,409
Housing loans in the banking business — — 3,634,011 3,634,011 3,574,468
Total assets — 13,411 4,016,768 4,030,179 3,970,949
Liabilities:
Long-term debt including the current portion — 1,606,340 78,935 1,685,275 1,704,102
Investment contract liabilities — 59,578 — 59,578 60,392
Total liabilities — 1,665,918 78,935 1,744,853 1,764,494
The table above does not include financial instruments measured at amortized cost whose carrying amounts approximate their fair values mainly due to their short-term nature. The fair values of long-term debt, including the current portion classified as Level 2, were estimated mainly based on discounted future cash flows using Sony’s current rates for similar liabilities. The fair values of investment contract liabilities classified as Level 2 were determined by using the present value of expected cash flows based on risk-free interest rate yield curves adjusted for items such as credit risk. Financial instruments classified as Level 3 mainly include housing loans in the banking business, securitized products and certain bonds issued by Sony. In determining the fair value of such financial instruments, Sony uses the present value of expected cash flows based on risk-free interest rate yield curves adjusted for items such as credit risk.
(4) Income and expenses related to financial instruments in the Financial Services segment Income and expenses related to financial instruments in the Financial Services segment are recorded in other financial services revenue and other financial services expenses in the consolidated statements of income. Income and expenses related to financial instruments in all segments other than Financial Services segment are recorded in financial income and financial expenses in the consolidated statements of income. Refer to Note 24 for the details of financial income and financial expenses. The breakdown of income and expenses related to financial instruments in the Financial Services segment for the fiscal years ended March 31, 2022, 2023 and 2024 is as follows:
Yen in millions
March 31, 2022
Financial Financial at FVPL Financial Financial Debt Equity Total
Income*
Net gains (losses) recognized in profit or loss 225,922 (6,673 ) 14,765 (49,110 ) 148,813 — 333,717
Total interest income — — 32,839 — 180,006 — 212,845
Dividend income — — — — — 85 85
Expenses
Total interest expenses — — — 3,838 — — 3,838
Impairment losses (gains) on financial assets — — 19 — 24 — 43
Yen in millions
March 31, 2023 Restated
Financial Financial at FVPL Financial Financial Debt Equity Total
Income*
Net gains (losses) recognized in profit or loss 56,150 (109,480 ) 14,242 (58,484 ) 141,189 — 43,617
Total interest income — — 38,787 — 184,519 — 223,306
Dividend income — — — — — 195 195
Expenses
Total interest expenses — — — 29,867 — — 29,867
Impairment losses (gains) on financial assets — — 144 — 8 — 152
Yen in millions
March 31, 2024
Financial Financial at FVPL Financial Financial Debt Equity Total
Income*
Net gains (losses) recognized in profit or loss 857,653 (120,317 ) 5,279 (105,974 ) 257,902 — 894,543
Total interest income — — 52,060 — 191,209 — 243,269
Dividend income — — — — — 459 459
Expenses
Total interest expenses — — — 72,488 — — 72,488
Impairment losses (gains) on financial assets — — (42 ) — (3 ) — (45 )
* Income includes investment returns which occurred in the insurance business. Refer to Note 13. |
