Annual Report 2009

International InvestmentsIn its overseas investments, Zenkyoren pays extremely closeattention to exchange risks, country risks and other risks, as we invest primarily in foreign currency-denominated bonds and foreign equities 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.Zenkyoren Asset Managementof America, lnc. (ZAMA), New YorkZenkyoren Europe Limited (ZEL),LondonThe Staff of ZAMA (from left)Mary Taylor Keisuke Higuchi Shota Kobayashi Masaru TanabeShinichi NaruiThe Staff of ZEL (from left)Yasuhiro Hidaka Elizabeth Ottewell Keiji Sato Yoshihide HosonoKoji MatsumuraREINSURANCE BUSINESSANNUAL REPORT 20099