Annual Report
FY2014

About NEXI
Since its establishment in April 2001, Nippon Export and Investment Insurance (NEXI)
has been providing export and investment insurance to protect Japanese businesses
from risks involved in overseas transactions that cannot be covered by private-sector
insurance. We provide reassurance and support to Japanese companies by anticipatingchanges in the market at all times, appropriately responding to customer needs, andeﬃciently and eﬀectively conducting insurance business so that they may engage ininternational transactions with peace of mind and without fear of uncertain risks.

By implementing our customer-ﬁrst policy,
NEXI will continue to:❶Improve the qualityof our service;❸Promote eﬃcient
operations; and❷Broaden the rangeof risk coverage;❹Increase managementtransparency.

CONTENTS
03
Message from the Chairman・・・・●

22
2014 Financial Results・・・・・・・・・・・・●

04
2014 Performance Highlights・・・●

28
Fourth-Term Objectives ・・・・・・・・・・●

10
2014 Business Overview・・・・・・・・・・●

30
Customer Service Charter ・・・・・・・●

14
Underwritten Projects・・・・・・・・・・・・・●

32
Proﬁle of NEXI ・・・・・・・・・・・・・・・・・・・・・・●

18
Review of Performance・・・・・・・・・・・●

Regarding ﬁgures in this Annual Report
In principle, ﬁgures in this report are rounded to the nearest unit. Therefore, thesum of individual ﬁgures may deviate from the sum presented. Figures that fall
below a unit as a result of rounding are indicated as “0”; if there is nocorresponding ﬁgure, “-” is indicated. Figures in the trade and investment
insurance business are on a ﬁscal period basis unless otherwise noted.

02 N i p p o n E xp o rt and In vestment Insur anceMessage from the Chairman
I have pleasure in presenting the annual report of Nippon Export and Investment Insurance(NEXI) for the year ended 31 March 2015. I am truly grateful for your support and cooperation
for NEXI throughout the year.
During this ﬁscal year, the overall world economy recovered moderately though the recovery
was mixed and varied by country with geopolitical turmoil in Ukraine and Middle East, anddeclining crude oil prices. Under such circumstances, Japanese companies continued to
expand their business in the global market, helped by yen depreciation and the governmentʼs
economic policies known as “Abenomics.” Also, the “Strategy for Exporting Infrastructure
Systems” by the government continued to support infrastructure export, which accelerated theparticipation of Japanese companies in large-scale infrastructure projects in developing andemerging countries to meet their continued high demand for infrastructure.
NEXI supported the Japanese participation in the overseas large-scale projects throughinsurance, which include power plant construction projects in Asia and LNG facility
development for the US LNG export to Japan. NEXIʼs eﬀort in this ﬁscal year resulted in thelargest-ever outstanding commitment.
Also during the FY2014, the Trade and Investment Insurance Act, one of NEXIʼs governingacts, was revised for the ﬁrst time since establishment of NEXI in 2001. Thanks to the revision,
NEXI now can provide new insurance services including coverage for additional cost incurred
when a plant construction is stopped due to war or terrorism, reinsurance for a domestic
insurer as part of SME support, and support for a loan by a Japanese bank through its overseasoﬃce.
As stated in the last Annual Report, NEXI will become a special company wholly owned by
the government, and the trade reinsurance special account will be abolished in accordancewith the cabinetʼs December 2013 basic policy decision on the reform of incorporated
administrative agencies. To materialize the transition to the special company, the revised billof the Trade and Investment Insurance Act has been submitted to the 189th ordinary sessionof the Diet. In preparing towards the transition, we would like to create and operate ourorganization by keeping in mind the improvement in customer satisfaction with our products
and services, increased staﬀ expertise to support customer satisfaction, and strengthening ofcorporate governance.
To survive and win the international competition in the ongoing economic globalization,
public and private sectors must continue to work together. As a public agency, NEXI willcontinue to provide quality insurance services that meet diverse business needs. We would
appreciate your continued understanding and support.

Kazuhiko Bando
Chairman and CEO
July 2015

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

03

2014 Performance Highlights
Economic Trends
In FY2014, Japanese exports grew for the second consecutive year to about JPY 74.7 trillion, up 5.4% over theprevious ﬁscal year, partly due to increased exports of cars and metal working machinery. By region and country,
exports to Asia increased by 5.0% yoy to about JPY 40.3 trillion, with China accounting for about JPY 13.4 trillion (up3.2% yoy). Exports to the U.S. and the EU also increased to about JPY 14.2 trillion (up 7.6% yoy) and about JPY 7.7
trillion (up 6.4% yoy) respectively.
（Japan's exports）
Total Exports（Millions of yen）

FY2009FY2010FY2011FY2012FY2013

FY201459,007,879

67,788,838

65,288,487

63,939,981

70,856,464

74,670,320(17.1)

14.9

(3.7)

(2.1)

10.8

5.4

Year-on-year change(%)（Source: Trade Statistics, Ministry of Finance）

Trends of the Trade and Investment Insurance Program
300

200

100

0
-100

Outstanding Borrowings
JPY 0 billion
Peak of Insurance
Claims Payments
JPY 341.9 billion

-200
-300

Premium income

Recoveries and other income
Claims paid

-400

Outstanding borrowings at year-end

-500
-600

Peak of Outstanding
Borrowings
JPY 688.6 billion-700（Billions of yen）

Fiscal Year 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Premium
32.8 37.3 34.1 41.3 46.8 33.4 30.4 21.3 34.2 44.8 35.7 44.7 46.2 44.1 43.5 41.0 46.0 45.4 33.2 32.9 37.3 31.3 43.2 38.0 43.8 34.9 36.8 39.3 38.2 34.4 37.7 36.2 40.6 74.6
incomeRecoveries andother income 5.5 12.3 15.2 25.6 38.9 53.6 34.9 40.0 69.3 38.7 40.7 111.2 77.3 85.2 98.3 121.2 123.0 91.3 84.6 85.3 74.5 70.2 97.7 101.4 228.7 247.3 57.5 41.9 20.5 15.6 17.7 24.0 31.4 35.7

Claims paid 37.6 62.7 80.5 141.5 164.3 169.0 109.5 164.8 142.7 198.6 341.9 148.2 128.0 80.6 57.1 44.4 30.2 16.7 21.6 32.4 49.9 65.1 23.0 12.9 3.7 2.4 3.8 17.2 10.4 8.6 8.4 4.4 12.2 3.1
Outstanding borrowings
at year-end

-

-

-

- 74.0 164.1 219.5 284.8 294.1 369.8 637.8 688.6 674.4 622.4 536.0 404.1 251.8 127.8

Note: The amount is based on cash.

04 N i p p o n Expo rt and In vestment Insur ance

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

（Billions of yen）

Underwritten AmountThe total underwritten amount in FY2014 rose by 19.3% to about JPY 10.2 trillion compared to the previous ﬁscal year.
（Fiscal Year）

8.6

2010

8.5

2011

8.3

2012

8.5

2013

10.2

2014
0

3

6

9

12

（Trillions of yen）

Comprehensive Export
Insurance with Simpliﬁed
Procedure 0.4％

Underwritten Amount by Insurance Type

Export Bill Insurance
0.1％

Reinsurance 2.0％

Trade Insurance forStanding Orders fromSpeciﬁc Buyer 0.1％

Buyer's Credit Insurance 2.8％

Breaking down the amount by type of insurance, Export
Credit Insurance was JPY 7.0 trillion, an increase by 1.7%
compared to the previous ﬁscal year. Overseas Untied
Loan Insurance increased by 207.8% yoy to JPY 2.2 trillion,
mainly due to several large-scale projects underwritten
during the ﬁscal year.

Overseas Investment
Insurance 4.6％
Overseas Untied Loan
Insurance 21.4％

Export Credit Insurance
68.5％

Underwritten Amount by Region

International Organizations 2.5％

Oceania 1.0％

Africa 5.4%

By region, Asia continued to account for the largest
portion of the total amount with 41.8% (about JPY 4.6
trillion), while North America accounted for 14.4% of thetotal amount with an increase by 369.8% over the previous
ﬁscal year, against a backdrop of increased large-scale
projects.

Central America 6.6％
South America 7.0％

Asia
41.8％

Europe 9.6％

Middle East 11.9％

North
America
14.4％

Top Ten Countries and Regions of Underwritten Amount in FY2014（Millions of yen）

Country/Region

Underwritten amountComposition (%)

1

U.S.A.

1,455,458

13.4

6

2

Saudi Arabia

648,458

6.0

7

Underwritten amountComposition (%)

Thailand492,682

4.5

Korea

462,420

4.2

PanamaCountry/Region

3

Indonesia

635,3885.8

8(ﬂag of convenience vessel)

366,377

3.4

4

China

576,876

5.3

9Vietnam

361,394

3.3

5

Brazil518,710

4.8

10Malaysia

345,279

3.2

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

05

Outstanding Commitment
The total outstanding commitment at the end of FY2014 increased by 14.9% from the previous ﬁscal year to
approximately JPY 16.5 trillion.
（Fiscal Year）

11.9

2010

12.2

2011

12.9

2012

14.3

2013

16.5

2014
0

3

6

9

12

15

（Trillions of yen）

Outstanding Commitment by Insurance Type
While the outstanding commitment for Export Credit
Insurance increased by 3.4% from the previous ﬁscal
year to approximately JPY 8.8 trillion, the outstanding
commitment for Overseas Untied Loan Insurance
increased by 42.5% from the previous ﬁscal year to
approximately JPY 3.7 trillion, pushing up its share of thetotal amount.

Reinsurance 4.6％
Overseas Investment
Insurance 9.3％
Buyerʼs Credit Insurance
10.0％

Comprehensive Export
Insurance with Simpliﬁed
Procedure 0.1％
Trade Insurance forStanding Orders fromSpeciﬁc Buyer 0.1％

Export Credit
Insurance
53.4％
Overseas Untied
Loan Insurance
22.5％

Outstanding Commitment by Region
The outstanding commitment for Asia was the largest
at approximately JPY 7.5 trillion or 44.5% of the total
amount, followed by the Middle East at approximately
JPY 2.3 trillion or 13.7%.

Central America 4.2％

International
Organizations 1.5％

Oceania 4.9％
Africa 5.7％
North America 6.5％

Asia
44.5％

South America 7.2％

Europe 11.7％

06 N i p p o n E xp o rt and In vestment Insur ance

MiddleEast
13.7％

Premium Income
Premium income in FY2014 increased by 130.3% from the previous ﬁscal year to approximately JPY 73.7 billion.
（Fiscal Year）

39.8

2010
33.4

2011

38.8

2012
32.0

2013

73.7

2014
0

20

40

60

80

（Billions of yen）

(Note) For details please see page 20.

Premium Income by Insurance TypeAs with the case of the underwritten amount, on the

Export Bill Insurance 0.2％

income for Overseas Untied Loan Insurance for FY2014

Trade Insurance for Standing
Orders from Speciﬁc Buyer 0.4％

approximately JPY 38.5 billion, accounting for the largest

Overseas Investment
Insurance 6.8％

back of new contracts for large-scale projects, premiumincreased by 533.7% from the previous ﬁscal year toshare at 52.3%, followed by Export Credit Insurance

Buyerʼs Credit
Insurance 8.9％

previous ﬁscal year) and Reinsurance (approximately JPY

Reinsurance 10.6％(approximately JPY 15.2 billion, up by 14.1% from the
7.8 billion, up by 107.9% from the previous ﬁscal year).

Comprehensive Export
Insurance with Simpliﬁed
Procedure 0.1％
Export Credit
Insurance for SMEs
0.1％

Overseas Untied
Loan Insurance
52.3％

Export Credit
Insurance 20.6％

Recoveries
The amount of recoveries in FY2014 was approximately JPY 35.7 billion (up by 13.8% from the previous ﬁscal year).
Recoveries of claims associated with commercial risk events accounted for 10% of the total recoveries, with theremaining 90% associated with political risk events such as rescheduling.
（Fiscal Year）

14.3

2010

1.3

17.3

2011

23.5

2012

Political Risk Events
Commercial Risk Events

0.3
0.5
30.9

2013

0.5

32.1

2014
0

10

20

3.6
30

40

50

（Billions of yen）

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

07

Claims paid
Claims paid in FY2014 amounted to approximately JPY 3.1 billion (down by 74.6% from the previous ﬁscal year).
There were no claims paid out with respect to large-scale projects.
（Fiscal Year）

4.0

2010

4.6

2011

0.4

2012

4.0

0.4

2013

0.9

2014

Political Risk Events
Commercial Risk Events

7.0

1.3

11.8
2.2

0

5

10

15

20

（Billions of yen）

Insurance Claims Paid (by Region)
The amount of claims paid for Asia was the largest at approximately JPY 1.3 billion (43.0% of the total amount ).

Political/Commercial Risk

Political Risk

Commercial Risk

South America
14.2％

South America
1.4％

Middle East
14.8％

Asia
43.0％

South America
47.1％

Middle East
52.9％

Europe
38.9％

Asia
59.7％

Europe28.0％

Top Five Countries/Regions with the Largest Insurance Claims Paid
（Millions of yen）

Country/Region

Total

Indonesia

1,138

0

1,138

2

Ukraine

835

0

835

3

Venezuela

408

408

0

4

Iran

284

284

0

5

Taiwan

178

0

178

1

08 N i p p o n Expo rt and In vestment Insur ance

Political Risk

Commercial Risk

Insured Events in FY2014（Based on the data as of May 15, 2015）◉Occurrence of Events by Risk

−Year-on-Year Change−

The reported losses related to political and commercial risk events in FY2014 collectively totaled JPY
30.3 billion. Fewer political risk events occurred than in the previous year, reﬂecting the decline in thenumber of occurrences of insured events in South America, while reported commercial risk eventsrose in value year-on-year as a result of factors including public buyersʼ procedural delays and private
buyersʼ deteriorating cash ﬂows.
Claim payments in FY2014 amounted to JPY 3.1 billion. While claims paid with respect to political risk
events increased year-on-year, total claims paid decreased year-on-year as there were no insurance
claims made related to commercial risk events of large-scale projects.
(Millions of yen)Type of Risks
Occurrenceof Events

ClaimsPaid

FY2012FY2013

FY2014Year-on-Year Change (%)

Political Risk Events

23,30322,522

10,195

45.3%

Commercial Risk Events

16,262

7,448

20,127270.2%

Amount Total

39,56529,97030,322101.2%

Political Risk Events

424

436

867

198.9%

Commercial Risk Events

3,993

11,798

2,235

18.9%

Amount Total

4,416

12,234

3,102

25.4%

Occurrence of Events and Claims Paid (FY2012 - FY2014)
Political Risk Events（Millions of yen）

23,303

2012

22,522
Occurrence of Events
Claims Paid

10,195

2014

867

0

3,993

11,79820,1272014

10,000 20,000 30,000 40,000 50,000

Occurrence of Events
Claims Paid

7,448

2013

436

（Millions of yen）

16,262

2012

424

2013

Commercial Risk Events

2,235

0

10,00020,00030,000◉Occurrence of Events by Region

Of all insured political risk events, 50% occurred in South America and the remaining 50% occurred in
Africa and Asia (including the Middle East). These events were mainly associated with “delays inforeign currency remittances caused in the paying country” in South America as well as in Africa and“economic sanctions” in Asia (including the Middle East).

Occurrence of Events by Region (FY2014)
Political Risk Events

12,000

5,088

5,000

2,000

（Millions of yen）

10,296

10,000

4,000
3,000

Commercial Risk Events（Millions of yen）

8,000
6,000

2,180

2,085

4,000
843

1,000

0

0

0
Asia

5,497

Europe North and South
Central America
America

AfricaOceania

2,542

2,000

1,687
0

106

0
Asia

Europe North and South
Central America
America

AfricaOceania

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

09

2014 Business Overview
Revising the NEXI insurance scheme
First revision of Trade and Investment
Insurance Act since NEXIʼs establishment
In June 2014, the Trade and Investment Insurance
Act was revised for the ﬁrst time since the establishmentof NEXI, which came into force in October 2014. The
last revision was 14 years ago.
With Japanese businesses facing increased risks inoverseas markets such as terrorism, the revision has
enabled NEXIʼs insurance to cover the additional costs
incurred in the overseas projects, such as cost
incurred additionally by a Japanese contractor in theirstopped plant project due to terrorism or war. The new
Act also allows NEXI to support business operations ofoverseas subsidiaries of Japanese companies bycovering risks associated with their transactions intheir operating country or other countries. In addition,
NEXI under the new Act can support foreign banksʼ
loans and short-term funds to ensure smooth fundingfor overseas projects involving Japanese companies.
These strengthened functions have developed anenvironment where NEXI can support various
international activities of Japanese companies.

Supporting the strategic priority sectors

PNG upstream gas and condensate development project

Support for agricultural sector
NEXI is strengthening the support for the ﬁnancing
and investment in overseas agriculture and promoting
agricultural exports to assure food security and makeag r i cu l tu r e a g r o wth i nd us tr y . In F Y20 14 , NEX I
provided insurance for a loan used for agriculturaldevelopment by Amaggi, Brazilʼs largest grain producer
and distributor of soybeans and corn which areimportant grains in terms of food security. For NEXI, it
was the ﬁrst insurance coverage of agricultureﬁnancing to support a stable food supply.

Support to overseas infrastructuredevelopment
Under the “Strategy for Exporting Infrastructure
Systems” developed in May 2013 and revised in June2014 by the Ministerial Meeting on Strategy relating toInfrastructure Export and Economic Cooperation, theJapanese government jointly works with the private
sector for diversiﬁed business developments bycapturing the worldʼs infrastructure demand, aiming forstrong Japanese economic growth. NEXIʼs support for
the infrastructure exports under this strategy includes
the Intercity Express Programme in the UK and thedigital terrestrial TV network project in Uzbekistan.

Helping secure a stable supply ofnatural resources and energy
For Japan, a stable supply of mineral and energy
resources continues to be an important policy. In
FY2014, NEXI provided loan insurance for Cameronʼs
LNG project, the ﬁrst successful ﬁnancing for a US
shale gas LNG project invested in by Japanesecompanies. NEXI also provided Overseas Investment
Insurance for the acquisition of stakes in PNG gas andcondensate ﬁelds and investment for the development.
NEXI is active in supporting the projects contributing toa stable resources supply to Japan and overseas
business development of Japanese companies.

10 N i p p o n Exp o rt and In vestment Insur ance

Support for aircraft sector
NEXI is continuing its active support for international
joint development projects of Boeing aircraft in which
Japanese manufacturers are participating. In FY2014,
NEXI provided reinsurance for ﬁnancing of sales
projects for 57 Boeing aircraft, supporting exports ofaircraft components manufactured by Japanese heavy
industrial manufacturers.

Support for ship sector
Since the ﬁnancial crisis in 2008, the situation had
been diﬃcult for Japanese shipbuilders to obtainﬁnancing. During the FY2014, however, the number ofships covered by NEXI insurance was on an increase,with 31 ships including two ships ﬁnanced through thelocal buyerʼs credit, thanks to an improved competitiveenvironment due to yen depreciation and increased
replacement demand for fuel-eﬃcient ships. NEXI willcontinue to actively provide support.

Strengthening support forJapanese businesses in emerging markets
NEXI is continuing to support Japanese businessactivities in high-risk emerging markets. At the end of
2014, NEXI created a new insurance program called
African Sustainable Export and Investment Support
Insurance (ASIST) to promote investment and loansthat support infrastructure development in Africa,
which is one of the pillars of TICAD V. ASIST is expected
to help increase Japanese investment and loans for
African projects. During this ﬁscal year, NEXI also
provided Overseas Untied Loan Insurance to support a
project of the Saﬁ high-eﬃciency coal-ﬁred power plant
which uses the ultra-supercritical pressuretechnologies for the ﬁrst time in Africa. NEXIʼs
coverage for this project is signiﬁcant in providing
support to meet the increased demand forinfrastructure development in Africa.

Enhancing ties with overseas organizations
Reinsurance agreement with Coface
NEXI signed a reinsurance agreement with Coface,
the French private credit insurance company, in April
2014. The cooperative scheme established under theagreement handles transactions in 96 countries, whichenables NEXI to oﬀer the capacity to provide coveragein most of the countries where Japanese companies
operate with aﬃliates.

Berne Union meetings
The Berne Union (the International Union of Credit
and Investment Insurers) is a forum where ECAs,
international organizations, and private insurers aroundthe world discuss common issues related to export
credit insurance and investment insurance from atechnical viewpoint. Since the ﬁrst meeting in 1934 inBerne, Switzerland, the membership has grown to 49
institutions in total as of April 2015.
In 2014, the spring meeting was held in May and theautumn meeting in October, both in London. The
autumn meeting was held jointly with the Berne Union
Prague Club, a network for new and maturing insurersof export credit and investment (37 members).

Bilateral meetings
NEXI holds regular bilateral meetings with ECAs andgovernment oﬃcials of Austria, France, Germany and
Korea to exchange valuable information and honest
views on a wide variety of topics such as international
ﬁnancial situations and each countryʼs activities. The
meetings have helped NEXI further strengthen these
relations and keep on top of the trends of the ECA
activities. NEXI also has regular meetings with each
Asian ECA to share information.

MOU with the MOF of Vietnam
In December 2014, NEXI signed a Memorandum ofUnderstanding on Cooperation with the Ministry of
Finance of Vietnam to establish a long-term, mutually
beneﬁcial relationship. The MOU is expected toenhance business opportunities including
infrastructure development that is in high demand in
Vietnam, and further friendship and partnership
between the two countries.

Scene from a Korean-Japanese bilateral meeting

G12 meeting
The annual 2014 meeting held in Berlin was a G12
meeting as Korea participated in the meeting of G11(Brazil, Canada, China, France, Germany, Italy, India,
Japan, Russia, UK and USA). Government oﬃcials and
ECA representatives of these countries gathered to
discuss the global economic situation and tradeinsurance trends including the OECD Export Credits
Arrangement.

Signing ceremony with MOF of Vietnam

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

11Supporting SMEsʼ Overseas Business Developments
Dissemination of Trade Insurance
In FY2014, NEXI proactively promoted the use of
trade insurance. As part of initiatives to enhance nameand product recognition, we redesigned our SME user
web pages in August 2014, advertized NEXI in national
newspapers for the ﬁrst time in March 2015 andappeared in TV news broadcasting.

Enhancement of support systems
for SMEsIn FY2014, NEXIʼs “support network for SMEsʼ
overseas business development,” which was launched
in FY2011, welcomed new members of 6 regionalbanks and 22 Shinkins (credit associations). Currently,
NEXI is in business alliances and cooperative
partnerships with 77 ﬁnancial institutions in total.
In February 2015, NEXI held a support network
meeting to hear thoughts and opinions from users as wellas to provide an opportunity for the member institutions
to share information and experiences among themselves.

SME User Web Home Page

Insurance Products and Services for
Export Support
On the back of improvements in the export
environment, NEXI placed a strong emphasis on
promoting wider use of “Export Credit Insurance for
SMEs,” NEXIʼs ﬂagship product for SME users, resulting
in a huge increase in the number of transactions byapproximately 30% year-on-year to 910 transactions. In
addition, NEXI continued to provide a free buyer credit
check service for SME users. Many SMEs are enjoying
the beneﬁts from the service.
To further facilitate the SMEsʼ use of tradeinsurance, NEXI expanded the service to 8 free buyer
credit checks (eﬀective April 2015). Also, systemdevelopment work is underway towards the launch of
online insurance procedures in FY2015.

Products and Services for SMEsʼ
Overseas Businesses
In order to further strengthen SME support, in
October 2014, NEXI reviewed its product, “Overseas
Investment Insurance,” which covers the risks associatedwith construction of plants and equity investments.
Furthermore, NEXI continues to actively make use of“New Trade Credit Insurance (NTCI)” (NEXIʼs inwards
reinsurance) available in the three regions of Hong Kong,
Singapore and Thailand. This is a sort of fronting scheme
under which NEXI provides coverage through theoverseas subsidiaries of Japanese insurers in theseregions to support Japanese SMEsʼ overseas subsidiaries
who export goods to a third country and sell them locally.

12 N i p p o n Expo rt and In vestment Insur ance

Scene from a Support Network Meeting for SMEs

NEXI continues to oﬀer consultation services, incooperation with the network, government-aﬃliatedﬁnancial institutions such as Japan Finance Corporation(JFC), the Japan External Trade Organization (JETRO),
Organization for Small & Medium Enterprises and Regional
Innovation, Japan (SMJR) as well as export support
organizations such as local Chambers of Commerce. Issues
like risk management practices, including how to hedge
against the risks associated with exports and overseas
investments, can be discussed in the consultations.
NEXI will continue to be committed to better serving
SMEs by enhancing its products, services and support
system and raising awareness of and understanding oftrade insurance among them, so that NEXI can assist
their overseas business developments with prompt andexcellent services.

Promoting Social and Environmental Sustainability
Trade and Investment Insurance forPreventing Global Warming
The Trade and Investment Insurance for Preventing
Global Warming scheme was established in 2008 withthe purpose of assisting transfers of Japanʼsenergy-saving and new energy technologies as well as
exports of equipment to help reduce greenhouse gas
emissions. If special clauses of Trade and Investment
Insurance for Preventing Global Warming are added,
political risks are 100% covered. In FY2014, NEXI
provided coverage for Shams Ma'an Solar Photovoltaic
Project in Jordan under the Trade and Investment
Insurance for Preventing Global Warming scheme.
The signing ceremony took place in the presence ofPrime Minister Shinzo Abe as his visit to the Middle
East coincided with the ﬁnancing arrangements.

visits) were undertaken for 85 projects subject toscreening. In the reviews, projects are classiﬁed into
three categories based on their potential impact on theenvironment (i.e., Category A, B, or C in descendingorder of the intensity of environmental impact) using
Screening Forms submitted by exporters and otherentities. For example, if a project is classiﬁed as
Category A, an on-site visit is usually conducted.
Since December 2013, public consultation meetings
had been held for the revision of the guidelines,
attended by industrial associations, private companies,
NGOs and other concerned parties. Taking into
account their public comments on the draft revision(November and December 2014), NEXI revised theguidelines in January 2015. The meetings wereco-hosted with the Japan Bank for International
Cooperation (JBIC) whose environmental guidelines are
similar to NEXIʼs. NEXI will continue to implement
appropriate monitoring of projects in accordance with
Guidelines on the Environmental and Social
Considerations in Trade Insurance.

Screening results in FY2014 by category
Scene from the Signing Ceremony

Guidelines for Environmental andSocial Considerations

Category B 5.9％

Category A 21.2％

Category C
72.9％

Screening results in FY2014 by region
North America 3.5％
Africa 4.7％
Scene from On-site Visit to a Construction Site

NEXI established “Guidelines on the Environmental
and Social Considerations in Trade Insurance” to fulﬁll
its social responsibilities to address environmental
issues. In accordance with the guidelines, NEXI makes
sure that project companies give appropriate
environmental and social considerations to projects tobe covered by NEXI.
In FY2014, environmental reviews (including on-site

Others 1.2％

Middle East 7.1％
Europe and NIS
11.8％

Asia
58.8％

Central and SouthAmerica 12.9％※The Middle East includes Turkey. Central and South America includes
Mexico. Europe and NIS includes Russia and Central Asia.

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

13Underwritten Projects
Oil & Gas

NEXIʼs support to the US Shale Gas LNG Projects
During the ﬁscal year 2014, NEXI supported a couple of projects leading to US LNG export to Japan.
Cameron LNG, LLC (Cameron), owned by a joint venture among Japanese investors, including Mitsui & Co., Ltd., Mitsubishi
Corporation and Nippon Yusen Kabushiki Kaisha, a U.S. major energy company, Sempra Energy, and a French global energy
company, GDF SUEZ S.A., started a project to construct and operate new natural gas liquefaction facilities in Hackberry,Louisiana, U.S.A., with a production capacity of 12 million tons per annum.
For this project, Cameron raised funds of about USD 7.4 billion in total throughproject ﬁnancing, and NEXI provided Overseas Untied Loan Insurance for 15
Japanese commercial lenders that agreed to oﬀer USD 2 billion, including Sumitomo
Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank,
Ltd. and two regional banks (The Chiba Bank, Ltd and The Shizuoka Bank, Ltd).
It was the ﬁrst successful ﬁnancing for a US shale gas LNG project invested andsupported by Japanese companies. Also NEXI supported ﬁnancing for a US LNG
project for the ﬁrst time.
Photograph courtesy of Cameron LNG LLC
FLNG Liquefaction, LLC (FLIQ1), a company jointly invested by Chubu Electric Power Co., Inc. (Chubu Electric), Osaka Gas
Co., Ltd. (Osaka Gas), and Freeport LNG Expansion, L.P. (Freeport LNG), launched a construction and operation project of
one natural gas liquefaction train in Texas, U.S.A., with an original contracted liquefaction capacity of 4.4 million tons of LNG
per annum. The project is part of a total three train LNG project being developed by Freeport LNG and now underconstruction.
For the investments made by Chubu Electric and Osaka Gas, NEXI provided
Overseas Investment Insurance which includes a special condition for risk oflegitimate policy changes to cover risk against bankruptcy caused by the revocationof the LNG export authorization by the US Department of Energy (revocation risk). It
was a ﬁrst coverage by NEXI against a legitimate policy change risk.

For this project, FLIQ1 planned to raise funds totaling USD 3.85 billion throughproject ﬁnancing, and NEXI provided Overseas Untied Loan Insurance for loans (USD
1.15 billion) oﬀered by Japanese commercial banks including The Bank of TokyoMitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, and Mizuho Bank, Ltd.

Photograph courtesy of Freeport LNG

As these projects enable the supply of U.S. LNG to which Japan previously had no access, they contribute to securing astable and diversiﬁed energy supply to Japan.

India／Export of Petrochemical Plant Equipment
Reliance Industries Limited (Reliance), a major Indian oil reﬁnery and petrochemical company, is upgrading its oil reﬁnery
and expanding its petrochemical facilities at Jamnagar, Dahej, Hazira and Silvassa in the State of Gujarat in western India.
More than 20 Japanese companies including SMEs are supplying equipment for the said expansion.
To facilitate Relianceʼs purchase of the Japanese equipment, Japan Bank forInternational Cooperation (JBIC) and Japanese commercial banks including The Bankof Tokyo-Mitsubishi UFJ, Ltd (agent) and Japanese regional banks provided a facilityof USD 550 million to Reliance of which NEXI provided Buyerʼs Credit Insurance tocover the USD 220 million loans oﬀered by the commercial banks.
With this support, NEXIʼs insurance helped the Japanese companies maintain andstrengthen their international competitiveness. NEXI will continue to support Japanese
exports through its insurance for loans.
The insurance contract was entered into in May 2014.
Photograph courtesy of Reliance Industries Limited

14 N i p p o n E xp o rt and In vestment Insur ance

PowerKingdom of Morocco／Saﬁ High Eﬃciency Coal-Fired Power Plant Project
Mitsui & Co., Ltd. (Mitsui) launched an ultra-supercritical coal-ﬁred power plant project with total capacity of 1,386MW(693MW 2 units) in cooperation with Electrabel S.A. (a Belgian subsidiary of GDF Suez S.A. of France) and a Moroccan
company Nareva Holding S.A. The plant will be built about 15 km south of Saﬁ in the Kingdom of Morocco and theelectricity generated by the project will be sold to Oﬃce National de l'Electricité et de l'Eau Potable, the national utility of
Morocco, based on a long-term purchase agreement of thirty years.
The funds for the project are raised by the project company Saﬁ Energy Company S.A. through project ﬁnancing. NEXI
provides Overseas Untied Loan Insurance regarding the funds of about EUR 373 million oﬀered by BNP Paribas Tokyo
Branch (arranger), The Bank of Tokyo-Mitsubishi UFJ, Ltd., Crédit Agricole Corporate and Investment Bank Tokyo Branch,
Mizuho Bank, Ltd., Societe Generale Tokyo Branch, Standard Chartered Bank,
Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank, Limited.
By using the ﬁrst high-eﬃciency ultra-supercritical pressure technologies in Africa,
the project builds a more eﬃcient and environmentally friendly plant compared toother coal-ﬁred power plants. Also it is the ﬁrst time that NEXI has supported anultra-supercritical-pressure thermal power project. After completion, the stableelectricity supply from the plant is expected to contribute to the economic
development in Morocco.
The insurance contract was entered into in October 2014.
Photograph courtesy of MITSUI & CO., LTD.

Turkey／Geothermal Power Generation Equipment Export Project
Zorlu Jeothermal Enerji Elektrik Uretimeti A.S. (Zorlu Energy), a major power producer and supplier in Turkey, launched a
project to construct a new 40MW geothermal power plant in Alasehir, western Turkey, under which Toshiba Corporation
won a major order to supply key power generation equipment including geothermal turbines, generators and condensers.
To ﬁnance Zorlu Energyʼs equipment purchase from Toshiba, The Bank of Tokyo-Mitsubishi UFJ Co. Ltd. (BTMU) and theJapan Bank for International Cooperation (JBIC) provided a loan of USD 27.8 million
through the Turkish bank, Yapi Kredi Bankasi A.S. (Yapı Kredi). NEXI provided Buyerʼs
Credit Insurance for the loan of USD 11.1 million provided by BTMU.
It was a ﬁrst insurance contract for NEXI under the export credit line oﬀered to
Yapi Kredi in November 2012 for deals in the sector of renewable energy andclimate change mitigation.
NEXIʼs support for the Japanese export of geothermal power plant equipment
leads to more business opportunities for Japanese companies in the global
renewable energy sector and helps Japanese industry to continue to strengthen its
Photograph courtesy of Toshiba Corporationinternational competitiveness.
The insurance contract was entered into in April 2014.

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

15

Infrastructure & Telecommunication

Agriculture

Myanmar／Thilawa Industrial Park Development Project
A consortium made up of Mitsubishi Corporation, Marubeni Corporation and Sumitomo Corporation agreed to undertake
Thilawa Industrial Park Development Project (Class A Area) in Myanmar through MMS Thilawa Development Co. Ltd.
(“MMSTD”) established in Japan.
NEXI provided Overseas Investment Insurance for the investment (USD 14 million) made for the project by MMSTD.
MMSTD, the Thilawa SEZ Management Committee (the Government of Myanmar)and local enterprises jointly established Myanmar Japan Thilawa Development Ltd.
(“MJTD”) for the development, sales and operation of Class A Area (396 ha), thesection of the Thilawa Special Economic Zone designated for initial development. The
development of the industrial park equipped with high-quality infrastructure isunderway, leveraging the expertise of Japanese companies.
The Japan International Cooperation Agency (JICA) signed a joint ventureagreement for MJTD in April 2014, making it the ﬁrst public-private partnershipbusiness between Japan and Myanmar.
Photograph courtesy of MMS Thilawa Development Co. Ltd.
The insurance contract was entered into in December 2014.

Uzbekistan／Digital Terrestrial TV Network Development Project
Ｔhe Government of Uzbekistan has decided to launch a project to shift domestic broadcasting to terrestrial digital
broadcasting by 2017. Under this project, OGAWA SEIKI CO., LTD will export products such as terrestrial digital televisiontransmitters manufactured by NEC Corporation to Uzimpexaloka LLC.
The Japan Bank for International Cooperation (JBIC) signed an export credit line agreement with the National Bank for
Foreign Economic Activity of the Republic of Uzbekistan (NBU), which totals JPY 7.438 billion, to ﬁnance the purchasethrough NBU. JBIC co-ﬁnances the project with Sumitomo Mitsui Banking Corporation(SMBC) and NEXI has decided to provide Buyerʼs Credit Insurance to cover the loan
(JPY 2.975 billion) provided by SMBC.
This project will contribute not only to developing a terrestrial digital broadcast
network in Uzbekistan through ﬁnancial support for exporting high-quality terrestrial
digital television transmitters manufactured in Japan, but also to strengthening
international competitiveness of Japanese companies. This is the ﬁrst time in 14 years
that NEXI provides insurance for a medium to long term project in Uzbekistan.
The commitment to enter into the insurance contract was issued in January 2015.

Photograph courtesy of NEC Corporation

Brazil／Agricultural Development Project
AMAGGI EXPORTAÇÃO E IMPORTAÇÃO LTDA (Amaggi), Brazilʼs largest grain trader, signed a loan agreement of up to
USD 200 million with Sumitomo Mitsui Banking Corporation (SMBC) to raise funds for improving commodity distribution
systems and for working capital to purchase raw materials for farmers.
NEXI provided Overseas Untied Loan Insurance for SMBCʼs loan, for the ﬁrst time for an agricultural project. The
agreement on NEXIʼs support was signed between Amaggi, SMBC, andNEXI on August 1, 2014, on the sidelines of a meeting between JapanesePrime Minister Shinzo Abe and Brazilian President Dilma Rousseﬀ.
Amaggi is Brazilʼs major producer and distributor of soybeans and cornthat are important grains for Japan in terms of food security. Under theloan agreement between Amaggi and SMBC, Amaggi must export acertain amount of grains to Japan during the loan period, and make its
best eﬀort to export to Japan even in emergency situations. It willcontribute to Japanʼs food supply stability and also stronger ties between
Amaggi and Japanese companies.
Source: PM of Japan and his Cabinet Website
The insurance contract was entered into in August 201416 N i p p o n Expo rt and In vestment Insur ance

Aircraft, Ships & Railways

Australia／Export of Boeing 787 Aircraft to Qantas Airways Limited
NEXI agreed to provide US Eximbank with reinsurance in relation to the project under which the Boeing Company
exported three Boeing 787-8 aircraft to Qantas Airways Limited, the largest airline in Australia. The Qantas Group's main
business is the transportation of customers using two complementary airline brands - Qantas and Jetstar. NEXIʼs support isbased on the Reinsurance Agreement with US Eximbank.
NEXI has supported 279 Boeing aircraft in total for 43 airlines since theReinsurance Agreement was signed in 2004.
Japanese companies participated in the project from its development phase andJapanese technology is used in many parts of Boeing 787 aircraft, including its wings,
fuselage, tires and cabin. NEXI will continue to support the exporting activities of theJapanese aircraft parts manufacturing industry through reinsurance in relation to theexport of Boeing aircraft.
The reinsurance contract was entered into in July 2014.

Photograph courtesy of Boeing

Germany／Export of Bulk Carriers to Oldendorﬀ Carriers GmbH & Co. KG
Oldendorﬀ Carriers GmbH & Co. KG, one of the major ship operators in Germany, purchased two 60,000 DWT bulk
carriers built by Japan Marine United Corporation.
The Tokyo Branch of Deutsche Bank AG co-ﬁnanced the purchase of these bulk
carriers with the Japan Bank for International Cooperation (JBIC). NEXI agreed toprovide Buyer's Credit Insurance for the portion ﬁnanced by the Tokyo Branch of
Deutsche Bank AG.
These bulk carriers are equipped with modern fuel saving devices, which makethem very eco-friendly. As an oﬃcial ﬁnancial institution, NEXI will continue to actively
support Japanese exporters through the use of diverse ﬁnancial instruments.
The insurance contract was entered into in January 2015.
Photograph courtesy ofJapan Marine United Corporation

The United Kingdom／East Coast Main Line Project
Hitachi, Ltd. (Hitachi) signed, through its subsidiary in the UK, Agility Trains East Limited (Agility), an agreement in regard
to the Intercity Express Programme. The Programme is an initiative of the Department for Transport (DfT) in the UK.
Under this project, full-scale replacement of the aging high speed diesel-powered ﬂeets which started operating morethan 30 years ago will be carried out. Hitachi will, through Agility, possess the rail cars, develop railway depots formaintenance and lease the trains maintained by Hitachi for approximately 30 years. NEXI provided Overseas Untied Loan
Insurance to cover the loans extended to Agility by Japanese banks (The Bank ofTokyo-Mitsubishi UFJ, Ltd., Mizuho Bank Ltd., Sumitomo Mitsui Banking Corporation,
Mitsubishi UFJ Trust and Banking Corporation, Sumitomo Mitsui Trust Bank, Limited).
With the new Super Express Trains, the travel time between London and the easternparts of the UK will be reduced. At the same time, by introducing bimodal trains withdual electric and diesel propulsion capabilities, they aim to reduce the environmental
impacts.
Insurance for this project is provided as part of support for overseas deployment
of integrated infrastructure systems which the Japanese government is pushing
Photograph courtesy of Hitachi, Ltd.
forward.
The insurance contract was entered into in May 2014.

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

17Review of Performance
Underwritten AmountUnderwritten Amount by Insurance Type（Millions of yen）

Type of Insurance

FY2010FY2011FY2012FY2013

FY2014

Export Credit Insurance

7,308,903

7,110,487

6,151,894

6,849,345

One year or less

3,498,241

3,321,146

3,451,195

More than one year

3,810,662

3,789,341

Buyer's Credit Insurance

239,764

Export Bill Insurance

Composition(%)

Year-on-yearchange (%)

6,965,265

68.5

1.7

3,855,361

3,855,510

37.9

0.0

2,700,699

2,993,984

3,109,755

30.6

3.9

343,996

123,290

193,845286,3902.8

47.7

20,19916,54912,295

14,153

12,0080.1(15.2)

Export Bond Insurance

0

0

0

0

0

0.0

ー

Prepayment Import Insurance

0

254

1

5

84

0.0

1631.7

Overseas Investment Insurance

219,229440,367

530,106

611,679

471,487

4.6(22.9)

Overseas Untied Loan Insurance

741,082549,068

1,369,370

706,030

2,173,094

21.4

207.8

Trade Insurance for Standing
Orders from Speciﬁc Buyer

11,761

10,311

9,331

7,420

8,134

0.1

9.6

Export Credit Insurance for SMEs

624

567

1,304

2,740

4,332

0.0

58.1

Comprehensive Export Insurancewith Simpliﬁed Procedure

1,392

14,34019,162

23,58937,173

0.4

57.6

Reinsurance

39,99851,834

83,311

108,365

207,007

2.0

91.0

Total

8,582,951

8,537,772

8,300,064

8,517,171

10,164,974

100,0

19.3

(Note 1) The underwritten amount is based on the amount as at the signing date of an insurance contract. The total is based on the actual underwritten
amount calculated by applying the exchange rate of the insurance contract date, not insured amount based on the insurance option fortransactions in foreign currency. (The same applies to the table below.)(Note 2) In accordance with the BU rules, export credit insurance with credit terms of more than one year includes ﬁgures on insurance for capital
goods, even if the credit period is one year or shorter. (The same applies hereafter.)(Note 3) The ﬂoating interest coverage option in Buyer's Credit Insurance and Overseas Untied Loan Insurance is evaluated with an amount calculatedusing the maximum rate (20% per annum). (The same applies to the table below.)

Underwritten Amount by Region（Millions of yen）

RegionFY2010FY2011FY2012FY2013

FY2014Asia

4,506,009

4,381,676

4,003,749

4,694,526

4,550,431

41.8

(3.1)

Middle East

711,115

947,276

591,102926,125

1,294,219

11.9

39.7

Europe965,790895,278795,756

1,029,919

1,040,255

9.6

1.0

North America

302,121261,013

293,729

332,822

1,563,728

14.4

369.8

Central America

1,065,227

1,086,265

903,421733,386

714,656

6.6

(2.6)

South America

601,494

825,627

883,707569,857

762,5997.0

33.8

Africa469,999479,742447,219494,062

588,410

5.4

19.1

Oceania

580,589

148,645833,730

259,023

107,4811.0(58.5)

International Organizations

160,254

116,006

167,972

155,064

266,8712.5

72.1

Composition (%) Year-on-year change (%)(Note 1) Classiﬁcation used to compute the above amount: Pre-shipment: Country of the shipment consignee; Post-shipment: Country of the payer(or country of the guarantor when guaranteed).
(Note 2) The amount includes transactions that are doubly computed, i.e. for both pre-shipment (country of the consignee) and post-shipment(country of the payer).
(Note 3) The amount is classiﬁed in International Organizations instead of regions when guaranteed by an international organization.
(Note 4) Central Asia is included in Asia. (The same applies hereafter.)(Note 5) Central and Eastern Europe and Russia are included in Europe. (The same applies hereafter.)

18 N i p p o n Expo rt and In vestment Insur anceOutstanding Commitment (As of ﬁscal year end)
Outstanding Commitment by Insurance Type（Millions of yen）

Type of Insurance

FY2010FY2011FY2012FY2013

FY2014

Export Credit Insurance

8,184,301

8,099,696

8,167,551

8,495,228

8,787,636

53.4

3.4

One year or less

2,601,992

2,337,812

3,097,421

3,569,810

3,750,003

22.8

5.0

More than one year

5,582,309

5,761,884

5,070,130

4,925,418

5,037,633

30.6

2.3

Buyer's Credit Insurance

577,707832,267

1,032,720

1,320,215

1,652,424

10.0

25.2

Export Bill Insurance

5,137

3,323

3,336

3,810

3,628

0.0

(4.8)

Export Bond Insurance

0

0

0

0

0

0.0

ー

Prepayment Import Insurance

0

0

0

0

82

0.0

ー

Overseas Investment Insurance

776,508

944,798

1,117,154

1,399,630

1,532,427

9.3

9.5

Composition(%)

Year-on-yearchange (%)

Overseas Untied Loan Insurance

2,155,666

2,129,124

2,241,104

2,600,398

3,706,172

22.5

42.5

Trade Insurance for Standing
Orders from Speciﬁc Buyer

16,22615,147

15,34012,172

10,7180.1(11.9)

Export Credit Insurance for SMEs

168

145

499

978

1,638

0.0

67.5

Comprehensive Export Insurancewith Simpliﬁed Procedure

1,332

5,830

5,959

8,671

15,283

0.1

76.3

Reinsurance

174,558

219,207

330,785

481,361

753,112

4.6

56.5

Total

11,891,603

12,249,536

12,914,446

14,322,464

16,463,122

100.0

14.9

(Note 1) The total amount is calculated based on the actual insured amount by using the exchange rate as at each ﬁscal year-end (including theoutstanding amount underwritten in previous years), not insured amount based on the insurance option for transactions in foreign currency.
(The same applies to the table below.)(Note 2) The ﬂoating interest coverage option of Buyer's Credit Insurance is evaluated with an amount calculated using the maximum rate (20% perannum). (The same applies to the table below.)

Outstanding Commitment by Region（Millions of yen）

RegionFY2010FY2011FY2012FY2013

FY2014Asia

4,826,289

5,223,394

5,591,707

6,603,603

7,522,859

44.5

13.9

Middle East

2,096,943

1,919,569

1,852,988

1,889,077

2,322,733

13.7

23.0

Europe1,361,156

1,563,996

1,778,936

1,869,743

1,978,460

11.7

5.8

North America

840,569

651,853375,726

474,068

1,102,231

6.5

132.5

Central America

754,325

698,215

620,925642,637

710,345

4.2

10.5

South America

675,266

824,239

1,050,016

1,059,399

1,215,882

7.2

14.8

Africa864,959

890,361

788,076815,499

969,552

5.7

18.9

Oceania

744,995

774,131

1,092,066

1,198,756

834,7694.9(30.4)

International Organizations

227,419

218,854

202,893

246,227

247,975

1.5

0.7

Composition (%) Year-on-year change (%)(Note 1) Classiﬁcation used to compute the above amount: Pre-shipment: Country of the shipment consignee; Post-shipment: Country of the payer(or country of the guarantor when guaranteed).
(Note 2) The amount includes transactions that are doubly computed, i.e. for both pre-shipment (country of the consignee) and post-shipment(country of the payer).
(Note 3) The amount is classiﬁed in International Organizations instead of regions when guaranteed by an international organization.

Nippon E x por t a nd Inv es t me n t I n s u ra n c e

19Premium Income

2,361,202,4

Premium Income by Insurance Type（Millions of yen）

Type of Insurance

FY2010FY2011FY2012FY2013

FY2014

Export Credit Insurance

15,157

14,074

11,943

13,315

15,188

20.6

14.1

One year or less

5,754

5,462

5,025

5,612

6,247

8.5

11.3

More than one year

9,403

8,611

6,918

7,703

8,941

12.1

16.1

Buyer's Credit Insurance

6,869

3,953

1,524

3,899

6,586

8.9

68.9

Export Bill Insurance

185

146

111

132

111

0.2

(16.2)

Export Bond Insurance

0

0

0

0

0

0.0

ー

Prepayment Import Insurance

0

0

0

0

0

0.0

6,565.2

Composition (%) Year-on-year change (%)

Overseas Investment Insurance

2,595

3,177

3,718

4,471

5,035

6.8

12.6

Overseas Untied Loan Insurance

13,477

10,065

17,924

6,078

38,514

52.3

533.7

Trade Insurance for Standing
Orders from Speciﬁc Buyer

399

391

321

263

281

0.4

6.8

Export Credit Insurance for SMEs

6

6

12

24

39

0.1

62.2

Comprehensive Export Insurancewith Simpliﬁed Procedure

6

38

38

43

85

0.1

99.6

1,064

1,528

3,207

3,771

7,840

10.6

107.9

39,75733,37838,79731,99473,679

100.0

130.3

Reinsurance
Total(Note) Unlike the underwritten amount that is based on the insurance contract date, the premium income is recorded at the start of the insurerʼsobligation period. The premium income and underwritten amount could be recorded in diﬀerent ﬁscal years.

Insurance Claims Paid
Insurance Claims Paid (by Insurance Type and by Risk)
Type of
Insurance

FY2011FY2010
Political

Commercial

FY2012

Political

Commercial

FY2013

Political

Commercial（Millions of yen）
FY2014

Political

Commercial

Political

Commercial

Composition(%)

Year-on-yearchange (%)

Export Credit Insurance 7,346

3,972

3,375 7,157

1,342

5,815 3,079

424

2,655 9,675

0

9,675 2,709

582

2,127

87.3

(72.0)

Buyer s Credit Insurance 1,209

0

1,209 1,165

0

1,165 1,165

0

1,165 1,723

0

1,723

0

0

0

0.0

ー

Export Bill Insurance

16

0

16

34

0

34

3

0

3

14

0

14

0

0

0

0.0

ー

Export Bond Insurance

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0.0

ー

Prepayment Import Insurance

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0.0

ー

Overseas Investment Insurance

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0.0

ー

Overseas Untied Loan Insurance

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0.0

ー

Trade Insurance for Standing
Orders from Speciﬁc Buyer

1

0

1

0

0

0

168

0

168

368

0

368

99

0

99

3.2

(73.1)

Export Credit Insurance for SMEs

2

0

2

3

0

3

2

0

2

0

0

0

1

0

1

0.0

ー

Comprehensive Export lnsurancewith Simpliﬁed Procedure

0

0

0

0

0

0

0

0

0

17

0

17

8

0

8

0.3

(53.0)

0

0

0

0

0

0

0

436

436

0

285

285

0

9.2

(34.8)

4,603 8,359

1,342

7,017 4,416

424

3,993 12,234

436

11,798 3,102

867

2,235

100.0

(74.6)

Reinsurance

0

0

Total

8,574

3,972

Insurance Claims Paid (by Region)
RegionFY2010FY2011

Political

Commercial（Millions of yen）

FY2012

Political

Commercial

FY2013

Political

Commercial

FY2014

Political

Commercial

Political

Commercial

Composition(%)

Year-on-yearchange (%)

Asia

48

0

0

5,624

121

0

121

841

0

0

1,334

43.0

58.6

Middle East

1,075

11

1,064

5

5

0

6

6

0

9,532

436

9,096

459

459

0

14.8

(95.2)

Europe48 5,624

841 1,334

1,249

0

1,249 1,262

0

1,262 1,560

0

1,560

1,777

0

1,777

869

0

869

28.0

(51.1)

North America 2,119

0

2,119

0

0

0

2

7

0

7

0

0

0

0.0

(100.0)Central America 2,974

2,851

123

88

77

10

0

0

0

72

0

72

0

0

0

0.0

(100.0)South America 1,084

1,084

0

974

951

23

430

418

12

5

0

5

440

408

31

14.2

8,700.0

99 2,297

0

2,297

0

0

0

0

0

0

0.0

ー

0

0

0

0

0

0

0

0

0

0

0.0

ー

7,017 4,416

424

3,993 12,234

436

11,798 3,102

867

2,235

100.0

(74.6)

0

Africa

26

26

0

407

309

Oceania

0

0

0

0

0

8,574

3,972

4,603 8,359

1,342

Total

20 N i p p o n E xp o rt and In vestment Insur ance
保険種2

Recoveries
Recoveries by Risk
（Millions of yen）

Type of Risks

FY2008FY2009FY2010FY2011FY2012FY2013

FY2014Composition(%)

Political Risk

40,393

17,451

14,327

17,33023,53130,86532,13790.0

4.1

Commercial Risk

1,462

3,064

1,313

338

486

509

3,572

10.0

601.1

Total

41,855

20,515

15,64017,66824,017

31,37535,708 100.0

13.8

Year-on-yearchange (%)

Recoveries by Region（Millions of yen）

Region

FY2008FY2009FY2010FY2011FY2012FY2013

FY2014Composition(%)

Year-on-yearchange (%)

Asia

6,354

8,397

5,523

5,673

6,298

7,278

8,979

25.1

23.4

Middle East

1,404

1,342

1,357

3,510

8,172

11,173

11,22731.4

0.5

Europe25,349

2,515

1,028

814

1,154

1,512

2,860

8.0

89.1

North America

1

0

778

1

30

0

1

0.0

ー

Central America

480

571

193

510

241

3,246

3,015

8.4

(7.1)

South America

2,230

1,705

1,155

1,176

1,536

1,558

2,361

6.6

51.6

Africa

6,037

5,985

5,608

5,970

6,587

6,608

7,266

20.3

10.0

Oceania

1

0

0

14

0

0

0

0.0

ー

41,855

20,515

15,64017,66824,017

31,37535,708 100.0

13.8

Total

Recoveries in FY2014◉ Recoveries by Risk
Recovery amount in FY2014 was JPY 35.7 billion, up by 13.8% (JPY 4.4 billion) from the previous ﬁscal yearʼs JPY 31.3 billion.

The value of debt recovery relating to commercial risk events amounted to JPY 3.6 billion (10% of the total value of debt
recovery) with the help of a record-high amount in recent years recovered from large-scale projects. The value of debt

recovery relating to political risk events accounted for 90% of the total (JPY 32.1 billion) due mainly to the debts
recovered through Paris Club debt rescheduling arrangements.

◉ Recoveries by Region and Country
Breakdown by region shows that the value of debt recovery in the Middle East accounted for the largest share at 31.4%of the total, or JPY 11.2 billion, up by 0.5% from the previous ﬁscal year. NEXI recovered JPY 9.8 billion of Iraqʼs debts
and JPY 1.3 billion of Jordanʼs debs.

The value of debt recovery in Asia accounted for the second largest share (25.1%), or JPY 8.9 billion, up by 23.4% fromthe previous ﬁscal year. Recovery amount includes JPY 6.7 billion of Indonesiaʼs debts, JPY 900 million of Myanmarʼs
and JPY 600 million of Koreaʼs (credit risk).

In other regions, JPY 7.2 billion of debts (JPY 6.9 billion of Egyptʼs debts and JPY 20 million of Kenyaʼs) were recovered in

Africa, JPY 3 billion in Central America (JPY 2.6 billion of Cubaʼs and JPY 300 million of the Dominican Republicʼs), JPY 2.8
billion in Europe (JPY 2.3 billion of CIS countriesʼ (credit risk) and JPY 400 million of Serbiaʼs) and JPY 2.3 billion in SouthAmerica (JPY 1.8 billion of Argentinaʼs (credit risk), JPY 400 million of Ecuadorʼs and JPY 60 million of Venezuelaʼs).

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

21

2014 Financial Results
Fiscal Year 2014 in Review
On June 16, 2015, the Incorporated Administrative Agency Nippon Export and Investment Insurance (NEXI)
submitted ﬁnancial statements and other ﬁnancial information for the ﬁscal year 2014 ended March 31, 2015 (the14th year of operation) to the Minister of Economy, Trade, and Industry.

Overview of Financial Statements
Financial highlights of NEXIʼs business (Year end: March 31)(Millions of yen)

10th
(FY2010)

11th(FY2011)

12th(FY2012)13th(FY2013)

14th(FY2014)

Ordinary proﬁt (loss)

5,777

9,006

8,404

6,905

8,118

Ordinary income

17,111

16,24016,866

14,241

23,364(Underwriting income)

11,084

10,538

9,910

8,582

17,281(Reference) Premium of original insurance written

38,69331,84935,59028,224

65,83911,075

8,972

9,908

8,153

17,240

−

1,562

−

351

−

5,869

5,503

6,524

5,245

5,344

−

31

182

143

430

Net premium written
Reversal of outstanding claims provision(Investment income)(Foreign exchange gain)
Ordinary expenses

11,334

7,234

8,462

7,336

15,246(Underwriting expenses)

4,184

1,394

3,185

1,491

9,740

(Reference) Insurance claims paid

8,574

8,359

4,416

12,234

3,102

749

741

388

1,201

287

Provision for outstanding claims reserves

1,768

−

342

-

1,035

Provision for outstanding commitments reserves

2,409

690

2,466

499

8,635

76

−

−

−

−

7,075

5,840

5,261

5,597

5,399

Extraordinary proﬁt (loss)

15,83017,59912,022

8,526

17,138Net proﬁt (loss)

21,607

26,605

20,426

15,432

25,256

Total assets

339,262

371,754368,664

373,557

414,617

Net worth

303,699

330,304

321,002336,433

361,690

Net claims paid

(Foreign exchange loss)(Operating and administrative expenses)(Note) Extraordinary proﬁt (loss) includes valuation of proﬁts or losses related to government-invested assets.

Proﬁts and Losses
In the ﬁscal year 2014, the business environment surrounding NEXI continued to improve as Japanʼs total exports
increased due to the further depreciation of Japanese yen. Overseas Untied Loan Insurance and Overseas Investment
Insurance achieved the best performance since NEXIʼs establishment in 2001 owing to a number of large-scale projects
underwritten during the year. Performance of the other insurance products was also stable. As a result, net premium
written in FY2014 increased by 111.5% to JPY 17,240 million compared to the previous ﬁscal year. Ordinary income
increased by 64.1% to JPY 23,364 million, with an increase of investment income by 1.9% to JPY 5,344 million.
Amount of net claims paid was JPY 287 million, down by 76.1% over the previous ﬁscal year. However, ordinary
expenses increased to JPY 15,246 million, up by 107.8% compared to the previous ﬁscal year, with provisions foroutstanding claims reserves recorded as well as for outstanding commitments reserves recorded for JPY 8,635
million, up by 1,629.7% due to large-scale projects underwritten during this ﬁscal year.
Ordinary proﬁt in FY2014 was therefore JPY 8,118 million, up by 17.6% from the previous ﬁscal year.
Extraordinary proﬁt was JPY 17,138 million, generated mainly from valuation gains and interest income fromreceivables acquired by subrogation that were recovered according to rescheduling agreement.
As a result, net proﬁt for the ﬁscal year amounted to JPY 25,256 million.

22 N i p p o n Exp o rt and In vestment Insur ance

Financial Statements
Balance Sheet (As of March 31, 2015）(Millions of yen)Account title

AmountAmountAccount title(Assets)(Liabilities)

Cash and cash equivalents

47,494

Outstanding claims reserves

2,357

Securities

291,948

Reserves for outstanding commitments

31,807

Receivables subrogated by paying claims

211,295

Amount due to the reinsurer

3,609

Accrued income

1,644

Deposits received

3,662

Premiums receivable

7,952

Advance insurance premium

6,713

Reinsurance credit

1,927

Accrued amount payable

4,054

Buildings

96

Accrued bonuses

98

Equipment and ﬁxtures (Note 3)285

Reserves for retirement allowance

488

Accounts receivable

131

Other liabilities

139

Deposits

394

Total liabilities

52,927

Software681

Other assets

914(Note 2)

Allowance for uncollectible receivables(150,143)(Net worth)
Capital104,352

Government investment
Capital surplus

143,402(Note 4)Retained earnings
Third term period reserve fund carried forward

52,822

Surplus reserves

35,858Unappropriated retained earnings

25,256(of which proﬁt for the current year)

25,256

Total retained earnings
Total assets

414,617

113,936

Total net worth

361,690

Total liabilities and net worth

414,617(Notes)
1. Amounts between 1 million yen and 0.5 million yen were rounded up to 1 million yen. Amounts less than 0.5 million yen were omitted.
2. Accumulated depreciation on buildings is JPY 231 million.
3. Accumulated depreciation on equipment and ﬁxtures is JPY 1,491 million.
4. The breakdown of capital surplus is as follows:(Millions of yen)

Valuation diﬀerence of receivables subrogated by paying claims

45,386

Valuation diﬀerence of capitalized amount

98,015(Total)143,402

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

23

Statement of Income (April 1, 2014-March 31, 2015)(Millions of yen)Account title

Ordinary income

Amount23,364
17,281

Underwriting income

17,240Net premium written (Note 2)

41

Interest income on receivables subrogated by paying claims

Investment income

5,344
13

Income from interest

5,332Interest on securities

Foreign exchange gain

430

Other

308
308

Other ordinary income

15,246

Ordinary expenses

Underwriting expenses
Net claims paid

9,740
287

(Note 3)

Provision for outstanding claims reserves

1,035

Provision for outstanding commitments reserves

8,635

(217)

Estimated amount of insurance claims recovery (Note 4)
Operating and administrative expenses

5,399

Other

106
101

Claim recovery expenses
Other ordinary expenses

Extraordinary income

5

8,118

Ordinary proﬁt

Proﬁt relating to in-kind contribution of receivables acquired by government subrogation

17,180(Note 5)

Reversal of provision for uncollectible receivables relating to in-kind contribution of receivables acquired by government subrogation
Other extraordinary income

Extraordinary loss

Losses relating to in-kind contribution of receivables acquired by government subrogation (Note 5)
Other extraordinary loss

Premium of original insurance written
Refund of premium paid for reinsurance
Premium received for reinsurance
Premium paid for reinsurance(Net)

3. Breakdown of net claims paid

Insurance claims paid
Reinsurance claims recovered
Refund of insurance claims paid
Refund of reinsurance claims received(Net)

65,8391,043
7,840(57,481)
17,240(Millions of yen)

3,102
(2,806)
(27)
18
287

39
3

5. The proﬁts and losses related to assets invested by thegovernment were recognized as extraordinary income and loss.
(1) Breakdown of proﬁt relating to in-kind contribution ofreceivables acquired by government subrogation

Interest income
Foreign exchange gain
(Total)(Millions of yen)

3,011
1,619
4,631

(2) Breakdown of losses relating to in-kind contribution ofreceivables acquired by government subrogation

Recovery expenses
Bad debt loss
(Total)4. Breakdown of the estimated amount of insurance claims recovery(1) Capitalized and evaluated amount of subrogated receivables in connection with rescheduling agreements
Reversal of provision for uncollectible receivables(2) Capitalized and evaluated amount of subrogated receivables in relation to commercial risk claims paid
1) Commercial-risk subrogated receivables
2) Diﬀerence of estimated value between the current year and the previous year concerning subrogated receivables capitalized in line with the outstanding claims provision
3) Bad debt loss
4) Provision for uncollectible receivables(3) Subrogated receivables recovered (not capitalized)(Total)24 N i p p o n Exp o rt and In vestment Insur ance

69

42

25,256

Net proﬁt(Notes)
1. Amounts between 1 and 0.5 million yen were rounded up to 1
million yen. Amounts less than 0.5 million yen were omitted.
2. Breakdown of net premium written(Millions of yen)

4,631

12,480(Millions of yen)

4
36
39

(Millions of yen)

(120)
(231)
(59)
136
64
(6)
(217)

Statement of Cash Flows（April 1, 2014-March 31, 2015）(Millions of yen)

Ⅰ．Cash ﬂows from operating activities
Premiums received

74,619

Reinsurance premiums paid

(57,493)

Insurance claims paid

(3,092)

Reinsurance claims received

1,410

Income from recovery of receivables subrogated by paying claims

32,761

Payment of recovered receivables subrogated by paying claims(17,291)

Income from recovery of receivables subrogated to the government

10,119Payment of recovered receivables subrogated to the government(10,119)

Personnel expenses(1,398)Other operating expenses(3,446)

Other

281
Subtotal

26,350Interests received

8,563

Net cash provided by (used in) operating activities

34,914

Ⅱ．Cash ﬂows from investing activities
Placement of term deposits(70,000)

Withdrawal of term deposits

35,000Purchase of securities(27,500)

Redemption and sales of securities

31,499Purchase of ﬁxed assets(736)

Reversal of security deposits

0

Payment of security deposits(0)

Net cash provided by (used in) investing activities(31,737)

Ⅲ．Cash ﬂows from ﬁnancing activities
Net cash provided by (used in) ﬁnancing activities
Ⅳ．Foreign exchange diﬀerence related to cash and cash equivalents−
216

Ⅴ．Net increase (decrease) in cash and cash equivalents

3,392

Ⅵ．Cash and cash equivalents at the beginning of the current year

9,101

Ⅶ．Cash and cash equivalents at the end of the current year

12,494(Notes)１．The amounts are rounded to the nearest million.
２．Breakdown of cash at the end of the current year by line item of balance sheet(Millions of yen)

Cash and cash equivalents
Term deposit
Balance of cash at the end of the current year

47,494(35,000)
Total 12,494

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

25NotesⅠ．Important Accounting Principles

１．Accounting procedures for depreciation(1)Depreciation of tangible ﬁxed assets
Depreciation of tangible ﬁxed assets is calculated by adopting astraight-line depreciation method. Useful life and residual values arecalculated based on the same methods and standards stipulated in
the Corporation Tax Act.
(2)Amortization of intangible ﬁxed assets
Amortization of trademark rights is calculated using a straight-line
depreciation method where the residual value is set at ¥0, in
accordance with the estimated useful life stipulated in the Corporation
Tax Act. Amortization of computer software for in-house use iscalculated by a straight-line depreciation method where the usability
period (5 years) is used as the estimated useful life and where theresidual value is set at ¥0.

２．Calculation basis of reserves for retirement allowances and estimates
To prepare for retirement allowance payments to board members
and employees, a reserve is provided based on 100% of the amountof retirement allowances required by the rules for payment of
retirement allowances to board members and by those that apply toemployees, respectively. For the statement of administrative services
costs, estimated increases in retirement allowances with no reserves
set aside are computed by deducting “retirement allowance
estimates at the end of the previous ﬁscal year for those who
resigned” from the amount arrived at by deducting “the retirement
allowance estimate at the end of the previous ﬁscal year” from the“retirement allowance estimate at the end of the current ﬁscal year”
for all employees at the end of the current ﬁscal year.

３．Calculation of reserves for outstanding commitments, outstanding claims
reserves, receivables subrogated by paying claims, and allowance
for uncollectible receivables
Reserves for outstanding commitments, outstanding claims
reserves, receivables subrogated by paying claims, and the allowance
for uncollectible receivables related to receivables subrogated bypaying claims are dealt by calculating the respective amounts inaccordance with the following ordinance: “Concerning the calculation
methods ordained by the Ministry of Economy, Trade, and Industry,
pursuant to the articles of the ministerial ordinance with regard to theﬁnance and accounting of the Incorporated Administrative Agency
Nippon Export and Investment Insurance”（ 2001.03.27 Trade No.2）.
Uncollectible receivables other than receivables subrogated by paying
claims are individually assessed for recoverability and the estimatedamount of unrecoverable claims is included in the reserves.
４．Calculation of accrued bonuses
Accrued bonuses for board members and employees are provided
based on the amount remaining in the ﬁscal year according to therules for remuneration of board members and employees, respectively.

５．Valuation standards and methods for securities(1)Held-to-maturity securities are valued at amortized cost （using astraight-line method）.
(2)Other securities without market value are stated at cost using themoving average cost method.
６．Valuation of foreign-currency receivables and payables
Foreign-currency receivables and payables are converted into
Japanese yen at ﬁscal year-end exchange rates.

Calculation of opportunity costs in the statement of administrative
７．
services costs
Interest rate used for the calculation of opportunity costs relating toinvestments by the government: the yield of 10-year government
bonds (0.400%).

８．Accounting procedure for consumption tax
Consumption tax accounting is based on the “tax included” method.

９．Decommissioning liabilities
Restoration liabilities under the oﬃce lease have not been recorded
as decommissioning liabilities because it is impossible to make a fairand reasonable estimate of them due to the unspeciﬁed lease period
and the absence of any plans to vacate the currently leased oﬃce.
１０．Changes to accounting principles
No changes to the accounting principles from the previous ﬁscal year.

Ⅱ．Financial Instruments

１．Financial instruments
ａ．Management of ﬁnancial instruments held by NEXI
NEXI is engaged in the trade and investment insurance business.
Recoveries of receivables subrogated by paying claims are invested
in securities or term deposits to strengthen NEXIʼs ﬁnancial base. The
securities held by NEXI include government, municipal, and government-backed bonds.
ｂ．Financial instruments and risk
Receivables subrogated by paying insurance claims are exposed to

26 N i p p o n Exp o rt and In vestment Insur ance

debtor countriesʼ or debtorsʼ credit risk. Securities are exposed tointerest rate and market ﬂuctuation risks.
ｃ．Financial instruments and risk management(1)Country risk management
In concluding insurance contracts (that could cause the acquisitionof receivables subrogated by paying insurance claims), NEXIʼs
Country Risk Analysis Group conducts risk assessments by gathering
information through the Berne Union and OECD as well as researching and evaluating country risk.
(2)Credit risk management
For the management of credit risk of an export contract counterparty（overseas buyer), NEXIʼs Credit Administration Group conducts a
credit check and assessment of overseas buyers.
(3)Market risk management
Market risk, such as interest rate and price ﬂuctuation associatedwith investment in securities, is managed by the Fund Operation
Meeting that discusses NEXIʼs investment policies and checks
investment statuses. In addition, NEXIʼs Accounting Group, thesecretariat of the Fund Operation Meeting, monitors the bond market
and liquidity risks.
ｄ．Supplementary explanation regarding fair value of ﬁnancial instruments
Fair value of ﬁnancial instruments is based on quoted market price. If
the market price is not available, fair value is based on reasonably
assessed value. Fair value of ﬁnancial instruments is measured basedon certain assumptions, and might diﬀer if measured based on
diﬀerent assumptions.

２．Fair value of ﬁnancial instruments
The carrying amounts on the balance sheet, fair value and diﬀerences as of the end of the ﬁscal year 2014
(Millions of yen)
(1) Cash and cash equivalents(2) Securities
Held-to-maturity securities(3) Receivables subrogated by paying claims
Receivables subrogated by paying claims
Allowance for uncollectible receivables(※)(Net）(4) Premiums receivable(5) Reinsurance credit
Assets(6) Amount due to the reinsurer
Liabilities

Carrying amount
47,494

Fair value Diﬀerences
47,494−

291,948

331,063

39,115211,295(150,140)
61,155
7,952
1,927
410,472
3,609
3,609

61,155
7,952
1,927
449,587
3,609
3,609

−
−
−
39,115−−（※）Allowance for uncollectible receivables associated with receivables
subrogated by paying claims is deducted.
(Note1) Fair value measurement of ﬁnancial instruments and securities(1)Cash and cash equivalents
For cash and cash equivalents, carrying amount is shown as fair valueof deposits, as these are settled within short periods of time and thefair value is almost equal to the carrying amount.
(2)Securities
・Fair value of securities is based on the quoted market value or value
quoted by ﬁnancial institutions. The diﬀerences between carrying
amount and fair value by type of held-to-maturity securities (inaccordance with the accounting standards for incorporated administrative agencies and notes) are as follows.

(Millions of yen)Type ofsecurities

Carrying
amountFair value

Diﬀerences

Fair value >Carrying amountGovernment andmunicipal bonds

283,948

323,063

39,116

Fair value
Carrying amountGovernment andmunicipal bonds

Total

8,001

8,000

(1)

291,948

331,063

39,115・There were no held-to-maturity securities sold during the ﬁscal year 2014.
(3)Receivables subrogated by paying claims
Regarding receivables subrogated by paying claims, allowance foruncollectible receivables is recorded pursuant to the ordinance“Concerning the calculation methods speciﬁed by the Ministry of
Economy, Trade, and Industry, pursuant to the articles of the ministerial ordinance with regard to the ﬁnance and accounting of theIncorporated Administrative Agency Nippon Export and Investment
Insurance” (2001/03/27 Trade No.2).
① Allowance for uncollectible receivables associated with receivables
subrogated by paying political risk claims is calculated using a ratio thatis based on the valuation by the global ﬁnancial market regarding
repayment prospects of each debtor country or by using a given ratio.
② Allowance for uncollectible receivables associated with receivables
subrogated by paying commercial risk claims is calculated in two
diﬀerent ways. For receivables from debtors that are actually ornearly bankrupt, allowance is calculated by deducting foreclosureestimates and estimated amounts recoverable under a payment
guarantee. For receivables from other debtors, allowance is obtainedby calculating loss estimates based on the present value of estimatedfuture cash ﬂow or estimated amounts recoverable by foreclosure orunder a payment guarantee. Fair value of receivables subrogated bypaying claims is equal to the carrying value at the ﬁscal year end lessallowance for uncollectible receivables, since it approximates this net
carrying value.
(4)Premiums receivable (5)Reinsurance credit, and(6)Amount due to the reinsurer
Carrying amount is shown as fair value for the above items, as theseare settled within short periods of time and the fair value is almost
equal to the carrying amount.

Ⅲ．Account Titles Used by NEXI”(1) Balance sheet
Account title(Note2) Expected payment and redemption amount of money claims andsecurities with maturity after the ﬁscal year end(Millions of yen)
1 yearor less

More
More
More
More
than
than
than
than
1 year 3 years 5 years 10 years
to
to
to
to
3 years 5 years 10 years 20 years

More
than
20
years

Undetermined(※)

Securities
Held-to-maturity
Securities

8,000

25,00016,50037,000204,200

ーー

Receivables
subrogated bypaying claims

14,335

19,953

16,88742,426

24,403

ー

93,291

Total

22,33544,95333,38779,426228,603ー

93,291(※)The receivables subrogated by paying claims that are in arrears
are classiﬁed as "Undetermined."
Description

Receivables
subrogatedby paying claims

Total assets of receivables subrogated by NEXIʼs paying claims and the estimated amounts of potential subrogated receivables(recorded as assets with outstanding claims reserves being reported).

Accrued income

Total accrued interest on securities and receivables subrogated by paying claims (receivables subrogated by paying politicalrisk claims) as of the end of the ﬁscal year.
For receivables subrogated by paying political risk claims, accrued interest is included if the receivables are deemed collectible.

Premiums
receivable

Premiums receivable associated with insurance applications.

Reinsurance
creditAmounts receivable from the government, such as reinsurance claims.

Outstanding claims
reserves

Amounts considered necessary in the future under insurance contracts to cover incurred losses or losses recognized as having
been incurred as of the end of the ﬁscal year, and recorded based on the ordinance “Concerning the calculation methods ordainedby the Ministry of Economy, Trade, and Industry, pursuant to the articles of the ministerial ordinance with regard to the ﬁnance andaccounting of the Incorporated Administrative Agency Nippon Export and Investment Insurance” (2001/03/27 Trade No.2).

Reserves foroutstanding
commitments

Amounts reserved to prepare for possible future claim payments under insurance and reinsurance contracts are recorded
based on the ordinance “Concerning the calculation methods ordained by the Ministry of Economy, Trade, and Industry,
pursuant to the articles of the ministerial ordinance with regard to the ﬁnance and accounting of the Incorporated Administrative
Agency Nippon Export and Investment Insurance” (2001/03/27 Trade No.2).

Amount due tothe reinsurer

Amounts payable to the government, such as reinsurance premiums.

Allowance foruncollectible receivables

Amount of receivables subrogated by paying claims after deduction of recoveries that should be paid to the insured.

Advance insurance
premium

Insurance premium received with NEXIʼs obligation beginning from the next ﬁscal year or later.

Capital surplus

The valuation diﬀerence of an in-kind contribution of receivables acquired by government subrogation.
○Valuation diﬀerence of receivables subrogated by paying claims
Valuation diﬀerence of receivables acquired by subrogation and contributed in-kind by the government (excluding accrued income) was
included in capital surplus (for the ﬁscal years ending March 2003, 2004, and 2005), in accordance with an ordinance concerning a partial
revision of the Ordinance of Finance and Accounting (Ministry of Economy, Trade, and Industry Ordinance No. 49 of March 31, 2003).
○Valuation diﬀerence associated with capitalization
Since the ﬁscal year ending March 2006 (FY 2005), receivables acquired by subrogation and contributed in-kind by the government thatwere capitalized and evaluated for the ﬁrst time are included in the capital surplus, in accordance with an ordinance concerning a partial
revision of the Ordinance of Finance and Accounting (Ministry of Economy, Trade, and Industry Ordinance No. 100 of October 28, 2005).

(2) Statement of income
Account title

Description

Net premium
writtenAmounts calculated by deducting paid reinsurance premiums from premiums written. Premiums written include premiums
received from foreign ECAs.

Provision for outstanding
claims reserves
Net claims paid
Estimated amount of
insurance claims recovery

Provision for outstanding
commitments reserves
Extraordinary
incomeExtraordinaryloss

Provision for outstanding claims reserves for the current ﬁscal year.
Amounts calculated by deducting reinsurance claims recovered from paid insurance claims.
Valuation gains or losses of receivables subrogated by paying insurance claims.
Provision for outstanding commitments reserves for the current ﬁscal year.
Interest income and reversal of provisions for uncollectible receivables relating to assets invested by the government(receivables subrogated by paying claims).
Recovery and other expenses relating to government-invested assets (receivables subrogated by paying claims).

Ⅳ．Other Accounting Information Necessary to Understand NEXIs Current Situation

At its meeting on December 24, 2013, the Cabinet endorsed a plan to reform incorporated administrative agencies, including NEXI. Under the plan, “NEXI
shall be converted into a special company wholly owned by the government” and “Special Account for Trade Reinsurance shall be abolished by the end of
FY2016 and the special company shall succeed the assets and liabilities.”

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e27Fourth-Term Objectives
NEXI has set its medium-term objectives for the fourth term of FY2012 to FY2016 and will implement measures andpolicies based on these objectives.

According to the decisions made at the cabinet meeting of December 2013, NEXI will continue to work to achieve

greater eﬀectiveness and ﬂexibility of management, integrating our service more closely with the government's policy
direction. NEXI will be required to improve and expand the trade insurance business, as well as reinforce theoperating framework of the insurance approval process and risk management, in order to strengthen thecompetitiveness of Japanese companies and enhance customer convenience.

Considering that trade insurance is ﬁnanced by premiums from customers without recourse to government subsidy,
we will work to achieve a truly eﬃcient and eﬀective management style based on the cost-beneﬁt relationshipbetween the insurance businessʼs income and its operating and personnel costs.

Outline of the fourth-term objectives

1

Measures to improve the quality of NEXIʼs services
and other operations（１）Product improvement

Our actions will be in response to the Japanese trade and industry policy while proactively addressing customer needs in thechanging business environment. Our products will aim at providing high quality services equivalent with other countries tosecure the international competitiveness of Japanese companies.

（２）Improvement of services

By adopting a “customer perspective” at all times, every eﬀort will be put into improving services and building relationshipsof trust with our customers.

（３）System streamlining to reinforce risk management and ensure fair operation

We will streamline the system by developing human resources to reinforce management of risks and claims assessment, as
well as internal controls and compliance.

（４）Emphasizing strategic priority policy issues

In light of our role as the public institution responsible for developing Japanʼs overseas trade, the requirements of the state policyon trade, industry, and natural resources and energy must be considered. As such, we will take initiatives to address the policy
issues set forth in the medium-term objectives and expand the scope of underwriting in the relevant areas both qualitatively andquantitatively. We will accordingly promote products and structures aimed at increasing the underwriting in these areas.

（５）Smooth entry of private insurers into the market

It is our continuous endeavor to improve the diversity of our products in order to provide variety to our customers, as wellas establish an environment resulting in an increase in the business opportunities for private insurers.

28 N i p p o n Expo rt and In vestme nt Insur ance

2

Improvement in business eﬃciency（１）Promotion of eﬃcient business operations

NEXIʼs trade insurance system is being operated independently, without subsidy from the government, with its sole source ofrevenue being the insurance premiums received from insurance users. Therefore, when making disbursements, we will bethoroughly cost-conscious and fully consider cost-eﬀectiveness in order to improve the eﬃciency of our business operations.
①In accordance with the medium-term objectives, we will make necessary improvements toward more advanced risk
analysis and assessment, along with improving publicity activities. At the same time, necessary actions to improve
operational eﬃciency such as rationalization of the operating process, enhancement of staﬀ abilities, and promotion ofoutsourcing will be undertaken. Also, as needed, the structure of the organization and personnel assignments will berevised according to the workload. Necessary steps will be undertaken to increase cost-eﬀectiveness in all areas, including
personnel expenses, by carefully evaluating the appropriateness of each expenditure, by using cheaper sourcing, and by
eﬃcient usage of the operating expenses.
②Based on the incorporated administrative agency reform, we will take into account the government employeesʼ pay scales
and curb our overall personnel expenditures. By revising ability-based beneﬁts and other beneﬁts while maintaining
necessary staﬀ expertise in areas such as international ﬁnancing, we will appropriately decrease the Laspeyres Index.
③In principle, NEXIʼs entrance into new procurement contracts will be based on competitive procurement processes such ascompetitive tendering. Non-competitive bidding or application will be avoided as much as possible, and will try to steadily
implement reforms based on a “program for reviewing no-bid contracts.”④We will seek to promote the eﬃciency of operations by outsourcing part of our oﬃce work and business operations to
private ﬁnancial institutions, etc.

（２）Eﬃcient development and smooth operation of the information system

In response to organizational reform toward a new company setup, we aim at adapting our information system to new
accounting/tax systems, a new contingency plan, and new product development and marketing. Monitoring of credit management
to ensure that it will not be adversely aﬀected by the abolishment of the special account related to the governmentʼs reinsurance
will be undertaken. We aim at the realization of eﬃcient operations and improved services through prompt maintenance andupgradation of the fourth-term information system. In order to measure our progress, we will report the tangible results of the
fourth-term information system and attempt to bring the fourth-term maintenance cost lower than the third term.

3

Improvement in composition of ﬁnances（１）Financial base reinforcement

In order to continuously and stably oﬀer our customers “assured peace of mind,” we ensure the maintenance of a soundﬁnancial foundation. In concrete terms, we will improve the eﬃciency of business operations and hold down expenditures bythorough risk management. In addition, we will set up an appropriate insurance premium charge system and reinforce
appropriate management and recovery of debts incurred by insured risks in order to secure a steady revenue stream.

（２）Reinforcement of credit management and debt recovery

We will strengthen our recovery capacity through meticulous management of credit data, close coordination with relevant
governmental organizations, cultivating staﬀ expertise, and utilizing servicers. Further, we will strive to prevent theoccurrence of insured risk and to alleviate any loss by swiftly implementing necessary measures in cooperation withcustomers and relevant governmental organizations.

（３）Clear and transparent standards for setting and reserving premiums

In accordance with the decision to abolish the trade reinsurance special account and to reform incorporated administrative
agencies, we will work toward reviewing our accounting rules and operations. By developing clearer and more transparent
standards for setting and reserving premiums, we will ensure added transparency in accounting.

4

Responding to the new system based on the administrative reform

We will ensure a smooth transition to a new special company wholly owned by the government without the trade reinsurance special
account. This will include a quick implementation of necessary measures such as strengthened risk management and internal controls.

5

Fostering personnel with high degree of expertise

As an expert organization providing quality services that meet customersʼ needs, we will implement an improved personnel
system and raise the expertise level of our staﬀ through a more comprehensive in-service training system and place a highpriority on the development of expertise. We will also continue to recruit staﬀ members with expertise in ﬁelds such as
international ﬁnancing, the legal system, country risks, business ﬁnance, and trade.
Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

29

Customer Service Charter
Ⅰ NEXI Spirit（1）Our mission is to assist customers to conduct international businessbusiness day at the latest. (For medium or long-term non-L/Gwith a sense of reassurance by reducing incidental business risks. To

transactions, however, we will respond within ﬁve business days.) If

this end, we take time to ascertain our customersʼ situations so that we

the group in charge ﬁnds it diﬃcult to respond to your inquiry within

can meet their needs precisely and provide eﬃcient and high-quality

the speciﬁed time limits, it will promptly notify you to that eﬀect

services, thereby enhancing customer satisfaction and establishingalong with the reason for the delay and the expected date of response.

mutual trust.
（2）By implementing our customer-ﬁrst
policy, we will continue to:① Improve the quality of service,③Should the group in charge ﬁnd any inadequacy in a pre-application
form, insurance application form, or other form that you havesubmitted (other than environment-related forms), we will notify
you within ﬁve business days of our receipt at the latest.

② Broaden the range of risk coverage,④If you have any questions about NEXIʼs insurance system with

③ Promote eﬃcient operations, andregard to a speciﬁc project, please inform the group in charge or the④ Increase management transparency.

Customer Relations Desk. We will respond within ﬁve business daysat the latest. Should we ﬁnd it diﬃcult to respond within the statedperiod, we will promptly notify you to that eﬀect with the reason forthe delay and the expected date of response.

Ⅱ NEXIʼs Pledge to Customers（4）Meeting our customersʼ demands and business needs① We would be very appreciative if you could give us suﬃcient time

We are committed to:（1）Providing insurance products that make our customers feelsecure and protected when conducting overseas transactions（2）Providing advice to our customers from the preliminary stageof planning（3）Promptly responding to inquiries and acting in the interestsof our customers（4）Meeting our customersʼ demands and business needs（5）Promptly completing assessment and payment of insurance
claims, and（6）Promptly allocating recoveries

when consulting with us, as our assessment may take longer than
expected. If it becomes necessary to accelerate procedures (forexample, because an export contract is proceeding more rapidly
than anticipated), please inform us.
②Your business needs are always important to us and we will do ourutmost to meet your accelerated deadline. If we ﬁnd it diﬃcult tomeet the new deadline, we will immediately inform you of how
long it will take to complete the necessary procedures.
（5）Promptly completing the assessment and payment of insurance claims①As soon as we receive an insurance claim form, we will assess the details
in light of the insurance policy provisions to determine the amount of
the claim to be paid. We will then make a payment within the stipulated（1）Providing insurance products that make our customers feel secure

time. This is generally within two months of receipt of the claim;

and protected when conducting overseas transactions

however, in a situation where more time is required for assessment, this

①If you suspect that your international transactions, including

rule does not apply. For an application for insurance claims, we may

exports, foreign investments, or overseas loans, may incur risk,

request that you execute the obligations of notiﬁcation and of loss

please visit our website (http://www.nexi.go.jp) and go to theprevention and reduction that are stipulated in such documents as

insurance product section, or contact NEXIʼs Customer Relations Desk.

insurance policy provisions. In addition, we may also request that you②We can send our staﬀ to your oﬃce at your request to provide

submit all necessary documents stipulated in the insurance policy

further information on our insurance products that support andprotect your international business. Please feel free to contact us.

provisions and other regulations within a speciﬁed time.
②In the event that an inadequacy is found in a submitted claim formor other document in light of insurance policy provisions or other（2）Providing advice to our customers from the preliminary stage of planningIf you plan to initiate international transactions, such as exports or

regulations, we will notify you no later than three business days after
receiving the document.

overseas investments, NEXI is ready to serve you. We will be pleased to③We would appreciate your understanding and cooperation,

talk with you at an early stage of your projectʼs formation and propose

including early submission of documents necessary for assessment,

the most appropriate insurance products to minimize any riskso that we may pay claims within the period stipulated in the

involved.

insurance policy provisions or other regulations.

（3）Promptly responding to inquiries and acting in the interests of ourcustomers①If you have any questions about insurance products, please call or
email our Customer Relations Desk or the relevant group in charge.

（6）Promptly allocating recoveries①When all or part of a subrogated claim is recovered, we will promptly
allocate the recovery in accordance with insurance policy provisions
and other contracts.

②Our premium calculator is available on the NEXI website to estimate②In allocating a recovery in accordance with a Paris Club debt reschedul-

your insurance premium. If you give us information on your planned

ing program or other program, we will in principle complete procedurestransaction, the group in charge can generally estimate theof remittance to your accounts by the business day following thepremium on the same day of your inquiry, or on the following

conﬁrmation of receipt of the full amount in NEXIʼs account.

30 N i p p o n Exp o rt and In vestment Insur ance

Ⅲ Information

Ⅳ Your Comments and Complaints

A range of information is available on our website (http://www.nexi.go.jp)

Enhancing customer satisfaction is our constant aim. If you

and in our annual report. The website was renovated in May 2015 toexperience diﬃculty with any procedure or have a complaint

realize better usability.

about our services, please do not hesitate to contact us. Yourproblem will be addressed promptly.

（1）Please visit our website for comprehensive information on our（1）We will do whatever is necessary to resolve any problem you may

insurance products and services.
The NEXI website includes the following informationencounter. Please provide us with the details of the problem and what

① Recent developments (including changes in systems, coverage

you wish to be done. We will immediately ﬁnd the source of the
problem and resolve it.

conditions, and recent underwritten projects)② Description of our insurance products(pamphlets are available)（2）If you have any complaints about our services or our handling of your

③ Terms of coverage by country/region

project, please inform the Customer Relations Desk.

④ Insurance application procedures① For any complaints about our services, please provide the details to⑤ Insured events and subsequent procedures

the Customer Relations Desk in writing or via email. The Customer⑥ Premium calculator

Relations Desk will examine your problem and inform you of how it⑦ Downloadable application forms

will be dealt with. If it is diﬃcult for us to take immediate action, we⑧ Rules concerning trade insurance

will provide the reason for the diﬃculty and how we intend to(including insurance policy provisions

proceed.

for all of NEXIʼs insurance products)② If you have any complaint about our handling of a speciﬁc project,⑨ Environmental considerations

please provide the details to the Customer Relations Desk in writing⑩ Procurement informationor via email. The Customer Relations Desk will review the details⑪ Web magazine “e-NEXI”

and provide the results of its review without delay. If immediate⑫ WEB service

action cannot be taken, the Customer Relations Desk will inform⑬ Careers

you of the reason and when the problem will be resolved.

⑭ Compliance contact（2）Our annual report (in Japanese and English) oﬀers the results of ourtrade insurance business and our ﬁnancial statements.
Other publications are also available, including the NEXI corporate
brochure and leaﬂets on our insurance products (in limited numbers).
Please feel free to call the General Management and Public Relations
Group (Phone: 81-(0)3-3512-7653) or the Customer Relations Desk.
（3）For inquiries regarding our website, annual report, and any otherpublic relations matters, please contact the General Management andPublic Relations Group.
(Phone: 81-(0)3-3512-7653)

Customer Relations Desk
（1）
NEXI has established a ＂Customer Relations Desk＂ to provide more eﬃcient services to our customers in accordance with our customer-ﬁrst policy.
（2）
The Customer Relations Desk oﬀers customer support by seeing the situation from the customerʼs viewpoint. Any inquiry or request concerning tradeinsurance and speciﬁc project would be appreciated. We will take prompt action regarding these matters. Information about NEXIʼs sections and groups
in charge is also available on our website.

URL : https://www.nexi.go.jp/inquiry/en/
From 9:00 a.m. till noon and from 1:00 p.m. till 5:30 p.m., Monday through Friday(except holidays, year-end and New Year holidays)

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

31

Proﬁle of NEXI

From the left: Tetsuya Koizumi（Vice Chairman）, Kazuhiko Bando（Chairman and CEO）,
And Satoru Koyama（Vice Chairman）

Members of the Board andthe Audit Board
・・・・・・・・・・・・ Kazuhiko Bando
Chairman andCEO・・・・・・・・・・・・Tetsuya Koizumi
Vice Chairman

Vice Chairman・・・・・・・・・・・・Satoru Koyama
・・・・・・・・・・・Takeshi Oiwa
Corporate Auditor（・FullTime）・・・・・・・・・・Yuri Okina
Corporate Auditor（Part・・Time）(As of July, 2015)

Takeshi Oiwa
（Corporate Auditor）

32 N i p p o n Expo rt and In vestment Insur ance

Yuri Okina（Corporate Auditor）

Name

Incorporated Administrative Agency, Nippon Export and Investment Insurance ("NEXI")

Date of
Establishment

April 1, 2001

Acts

Act on General Rules for Incorporated Administrative Agency
Trade and Investment Insurance Act

PurposeTo eﬃciently and eﬀectively conduct insurance business of covering risks whicharise in foreign transactions and which are not covered by commercial insurance.

Competent
Minister

The Minister of Economy, Trade and Industry

CapitalJPY 104.4 billion (Fully contributed by the Japanese Government)(Unchanged from the previous year)

Number of Full-time
Employees

145 (As of April 1, 2015)

Scope ofBusiness

1. To conduct trade and investment insurance business operations complying with theregulations of Chapter 3 of the Trade and Investment Insurance Act.
2. To conduct business which is incidental to the business stated in 1.
3. To underwrite reinsurance under the insurance obligations of international institutions,foreign governments, or international companies that conduct insurance business（including
reinsurance）which indemniﬁes losses similar to the losses covered by trade and investment
insurance.
4. To entrust reinsurance for the insurance obligation of NEXI under the Trade and Investment
Insurance Act to international institutions, foreign governments, or international companies
that conduct insurance business（including reinsurance）which indemniﬁes losses similar tothe losses covered by trade insurance as well as the reinsurance with the Government
complying with the regulations of Chapter 4 of the Trade and Investment Insurance Act.

Brief History

Jul.1999 Enactment of Act on General Rules for Incorporated Administrative Agency
Dec.1999 Enactment of the Act which partly amended the Trade and Investment Insurance Act
Apr. 2001 Establishment of Nippon Export and Investment Insurance(For reference)The Trade and Investment Insurance Act was enacted in March 1950 andthereafter trade and investment insurance was managed by the Ministry of Economy, Tradeand Industry（former Ministry of International Trade and Industry）until the end of March
2001.

Oﬃce

Oﬃce Head oﬃce
Chiyoda First Building, East Wing 3rd Floor, 3-8-1 Nishikanda, Chiyoda-ku,
Tokyo, 101-8359 Japan
Phone: 81-(0) 3-3512-7650
Fax: 81-(0) 3-3512-7660
Osaka Branch
Aioi Nissay Dowa Insurance Yodoyabashi Building 8th Floor,
3-1-22 Kitahama,Chuo-ku,Osaka City,
Osaka, 541-0041 Japan
Phone: 81-(0) 6-6233-4019
Fax: 81-(0) 6-6233-4001
Overseas Oﬃces
NEXI Paris, NEXI New York, and NEXI Singapore（See page 35.）

Main Insurance
Products

Export Credit Insurance / Buyer's Credit Insurance / Trade Insurance for Standing Orders fromSpeciﬁc Buyer / Export Credit Insurance for SMEs / Intellectual Property License Insurance /Overseas Untied Loan Insurance / Overseas Investment Insurance / Export Bill Insurance /Prepayment Import Insurance / Investment and Loan Insurance for Natural Resources andEnergy / Trade and Investment Insurance for Preventing Global Warming / Comprehensive
Export Insurance with Simpliﬁed Procedure

URL

http://www.nexi.go.jp

Nippon E x por t a nd Inv e s t me n t I n s u ra n c e

33

Organization Chart（as of Jan,2016)
Planning and
Administration
Department

Chairman and CEO

General Management Group
Personnel Group
Procurement and Administration Group

Vice Chairman

Accounting Group
Treasury Group

Planning OfficeCounselor

Examiner
Auditor

Policy Strategy andBusiness Operation
OfficePolicy Strategy and Legal Group
Business Process Management Group

Information System
OfficeSystem Planning Group

Underwriting
Department

Contract Affairs Group

Secretariat

System Development Group

Customer Support Group

Customer Relations Desk
SMEs Support Desk
Comprehensive Insurance Group

Corporate GovernanceCommittee

Overseas Investment Insurance Underwriting Group

Structured and Trade
Finance Insurance
Department

Reinsurance Underwriting GroupManagement GroupPower & Mining Group

Natural Resources Group
Infrastructure Group

Asset Management
Department

Claims Service Group
Recovery Group

CreditDepartment

Credit Analysis Group
Environment GroupCountry Risk Analysis Group
Credit Administration Group

NEXI, Osaka

Underwriting Group
Customer Relations Desk

Overseas Offices

NEXI, Paris
NEXI, New YorkNEXI, Singapore

Contact Information
Head Office

Overseas Offices

Chiyoda First Building,
East Wing 3rd Floor,
3-8-1 Nishikanda,
Chiyoda-ku, Tokyo 101-8359, Japan
Phone: 81-(0)3-3512-7650
Fax:
81-(0)3-3512-7660

NEXI, Parisc/o JETRO 27 rue de Berri 75008 Paris France
Phone: 33-(0)1-4261-5879 Fax: 33-(0)1-4261-5049

NEXI, New Yorkc/o JETR0 565 Fifth Avenue, 4th Floor, New York,NY 10017 USA
Phone: 1-212-819-7769 Fax: 1-212-997-0464

Osaka Branch
Aioi Nissay Dowa Insurance
Yodoyabashi Building 8th Floor,
3-1-22 Kitahama, Chuou-ku,
Osaka City, Osaka 541-0041
Japan
Phone: 81-(0)6-6233-4019
Fax: 81-(0)6-6233-4001
NEXI, Singapore
c/o JETR0 16 Raffles Quay#38-05, Hong Leong Bldg.
Singapore 048581
Phone: 65-6429-9582 Fax: 65-6220-7242

Nippon Export and Investment Insurance
Chiyoda First Building, East Wing 3rd Floor, 3-8-1 Nishikanda,
Chiyoda-ku, Tokyo, 101-8359 Japan
Phone : 81-（0）3-3512-7650 Fax : 81-（0）3-3512-7660
http://www.nexi.go.jp
Inquiries
General Management and Public Relations Group,
Planning and Administration Department
Phone : 81-（0）3-3512-7653 Fax : 81-（0）3-3512-7660
E-mail : info@nexi.go.jp