Sony Financial, the insurance arm of the Japanese media group, has set the indicative price for shares in its flotation in a range below bankers' expectations, as investor confidence is knocked by high volatility in stock markets worldwide.

The top of an indicative price range of Â¥380,000 to Â¥400,000 per share for the flotation was below expectations for the size of the listing. Analysts put the size of offering at Â¥415,000 per share, which could have raised more than Â¥332bn (€2bn).