Sony’s moneymaker: Selling insurance

Hiroko Tabuchi for The New York Times:

Although Sony sells hundreds of products as varied as batteries and head-mounted 3-D displays, it so happens that Sony’s most successful business is selling insurance. While it doesn’t run this business in the United States or Europe, Sony makes a lot of money writing life, auto and medical policies in Japan.

Its financial arm accounts for 63 percent of Sony’s total operating profit last year. Life insurance has been its biggest moneymaker over the last decade, earning the company 933 billion yen ($9.07 billion) in operating profit in the 10 years that ended in March.

I’m happy that Sony is making money in one portion of its business, but I find it really sad that the maker of the iconic Walkman is selling insurance.