Sony Financial Group Inc.

The Financial Services Agency has decided by the 31st to conduct an on-site inspection of Sony Life Insurance based on the Insurance Business Act. The company has seen a series of scandals involving former employees defrauding customers of money, and the agency judged that it is necessary to clarify the situation early. The FSA will investigate whether the employee management system was adequate, and if deficiencies are found, administrative action is also being considered. In January, Sony Life announced a case in which a former employee received money under the guise of investment and misappropriated it for personal use. Additionally, a case was revealed in which the company encouraged policy cancellations by touting investment in unlisted shares of its parent company, Sony Financial Group, and defrauded customers of part of their surrender value. Sony Life plans to announce the progress of its damage investigation around mid-September.

SoftBank is nearing a deal to acquire Japanese payments services provider SP.LINKS after emerging as the preferred bidder in an auction valuing the company at about ¥100 billion, or $625 million. Under the proposed transaction, Blackstone will sell its 80% stake in SP.LINKS, while Sony Financial Group's banking unit will divest its remaining 20% holding, making SP.LINKS a wholly owned subsidiary of SoftBank. The sale process attracted multiple bidders, with SoftBank's telecom unit advancing to the final round alongside a private equity fund. Blackstone had bought its 80% stake in January 2024, when the company was known as Sony Payment Services, and a sale at about ¥100 billion would roughly double the company's value in just over two years. The financial terms have not been finalized and remain subject to change.