Annual Report2008

International InvestmentsIn its overseas investments, Zenkyoren pays extremely closeattention to exchange risks, country risks and other risks, as we invest primarily in foreign currency bonds and stocks and in yen-denominated loans and bonds for foreign governments. Our subsidiaries in New York (ZAMA) and London (ZEL) undertake support activities related to securities investments, overseas investments, and so on.Reinsurance ActivitiesCurrent Situation of Reinsurance Activities As part of risk management in respect of major natural perils, risks deriving from Building Endowment Policies, Cooperative-owned Building Fire Policies, and retrocession risks from the National Agricultural Insurance Association are ceded to multiple reinsurers.Selecting ReinsurersReinsurance Panel in Zenkyoren is stringently selected considering the following elements. Past performance of each reinsurance company Credit ratings by third-party rating agencies Financial strengthDiversification of the risk portfolio by utilization of reinsurance contributes to a firm and stable business operation.Working Assets(Trillion ¥)(FY)2003200420052006200750403041.542.12010042.443.140.9Zenkyoren Asset Managementof America, lnc. (ZAMA), New YorkZenkyoren Europe Limited (ZEL),LondonThe Staff of ZAMA (from left)Shota Kobayashi Shinichi Narui Naruto Takahashi Mary TaylorKeisuke HiguchiThe Staff of ZEL (from left)Yoshihide Hosono Keiji Sato Kazuhiko Ozeki Elizabeth OttewellKoji MatsumuraREINSURANCE BUSINESSANNUAL REPORT 20089Miscellaneous items 0.7%Real estate investments 0.5%Cash, bank deposits, and call loans 1.5%Loans receivable 6.7%Other securities 1.0%Equities 3.5%Foreign securities 5.8%Public and corporate bonds 80.2%Breakdown of Working AssetsSecurities 90.5%