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ANNUAL REPORT 2009
Year Ended March 20, 2009

CONTENTS
Financial Highlights ..... 1
Message from the President ..... 2
Co-op, JCIF and CO-OP Insurance ..... 4
Types of CO-OP Insurance ..... 8
Payment of Claims ..... 9
Risk Management and Compliance System, etc. ..... 10
Activities ..... 13
Fiscal 2008 CO-OP Insurance Business Overview ..... 16
Balance Sheet ..... 18
Income Statement ..... 19
Solvency Margin Ratio and others ..... 20

The official name of our organization is the Japan CO-OP Insurance Consumers’ Co-operative Federation,commonly abbreviated as JCIF

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Financial Highlights
For the years ended March 20,

Millions of
U.S. dollars*2

Millions of yen*1
Ratio to2009

¥ 104,034

13.4%$ 1,079

45,87455,42620.8%

574

22,00821,46019,379-9.7%

201

15,265

12,10912,885

6.4%

133

  Total assets

87,405

104,488

124,393

19.1%

1,290

  Total liabities

37,08750,717

68,95836.0%

715

  Total capital

50,31753,77055,435

3.1%

574

  Number of policies (total)

6,263,379

6,677,739

6,869,745

2.9%—

  Number of policies (direct insurance total)

5,861,815

6,265,849

6,447,924

2.9%—

  (¥ billions / $ millions)¥ 8,472¥ 9,172¥ 9,598

4.6%

$ 99

  Solvency margin (%)

951.7

1,330.5

1,244.7-85.8pt.

—

2007

2008

  Ordinary income¥ 77,890¥ 91,727

  Ordinary expenses

34,830  Ordinary surplus
  Net surplus

2009		
Previous YearAs of March 20,

  Amount insured (direct insurance total)

1. Yen amounts are rounded down to the nearest ¥ 1 million.
2. U.S. dollar amounts are translated, for convenience only, at ¥ 96.41 = US$1.00, the rate prevailing on March 19, 2009, and rounded down to thenearest $1 million.

Total Assets

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 &9Japan CO-OP Insurance Consumers’ Co-operative Federation

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Message from the President
FY2008 marked a remarkable year in the historyof CO-OP Insurance. Since its start of business in
1984, CO-OP Insurance had been operated jointly
by its Member co-ops and Japanese Consumers’
Co-operative Union (JCCU) until the Consumers’
Cooperative Livelihood Law (commonly known as
Co-op Law) was amended, in 2007, to prohibit mutual
insurers of a certain scale or larger from engaging
in purchasing business, etc. Responding to thischange, a federation dedicated to mutual insurance
business was established, and the inaugural general
meeting of Japan CO-OP Insurance Consumers’
Co-operative Federation(JCIF), in which 161 member
co-ops participated, was held on October 23, 2008.
JCIF thereafter took over all mutual insurance
policies from the member co-ops and JCCU, starting
full-fledged insurance business on March 21, 2009.
We would like to express our respect and sincere
appreciation to those who helped us and cooperated
in establishing JCIF.
We focused on establishing our corporate
governance system to realize democratic and highly
transparent management reflecting the intentions ofJapan CO-OP Insurance Consumers’ Co-operative Federation

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the member co-ops and member customers.
Additionally, due consideration was given
to decide the composition of officers (out of 25
directors, six are non-members, and five seats areallotted to women, while out of five auditors, three
are non-members, out of whom one is a standing
auditor.) and local mutual insurance operating
committees were set up in five regions nationwide.
We appointed an audit firm and a mutual aid
actuary.
Looking at the CO-OP Insurance business for
FY2008, new policyholders numbered 691,000,
a net increase of 192,000. As a result, CO-OP
Insurance Tasukeai and i-Plus holders as ofthe end of FY2008 numbered 5,597,000 and
850,000, respectively, bringing the total number ofpolicyholders for five insurance products, including
CO-OP Insurance insurances New i.i., i.i., and Fire,
to 6,869,000.
Total premium income and claims paid for CO-OP
Tasukeai and i-Plus insurance are on an upward
trend, and were ¥136.7 billion and ¥51.8 billion,
respectively, with the number of benefit payment

cases totaling 1.06 million (an increase of 104.6%
compared to FY2007) and 51.8 billion yen (anincrease of 106.4% compared to FY2007 amount).
In addition, our activities included strengtheningof our compliance and risk management, andimprovement of our internal control system. LifePlanning activity was our additional focus for
FY2008.
JCIF will continue its efforts to be the “mutual
insurance initially selected by our member
customers” by concentrating on developing andimproving insurance products to meet the needs ofour member customers with the cooperation of ourmember co-ops, refining the existing services forquick and accurate benefit payment, and reinforcing
our business base. We ask for your continuing
support and encouragement.

Tomomi Yano
President

Visions of CO-OP Insurance
Through CO-OP Insurance and the mutual assistance of CO-OP members, we are aiming toenrich society, promote cooperative activities, develop CO-OP and improve the lifestyles ofmembers based on covering economic loss caused by the various risks in members’ lives.

1

We will offer insurance products that suit members’ needs with more reasonable premiums
and better coverage.

2

We will promote communication between members and CO-OP employees, and encouragea spirit of mutual aid among members.

3

We will offer members the opportunity to learn about insurance and acquire the ability toselect the insurance that suits them most.

4

We will increase the social credibility of cooperative business by the stable management of
the insurance and the expansion of the insured.

5

We will positively face the problems of aging, health and welfare, and conduct activities tocontribute to society, such as social welfare activities.

Japan CO-OP Insurance Consumers’ Co-operative Federation

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Co-op, JCIF and CO-OP Insurance
Co-op is the Largest Consumer Organization in Japan
Co-op was established based on the Consumers’ Livelihood Co-operative Society Law (Co-op Law), whichcame into effect in 1948. Co-op is an organization wherein Co-op members are free to join or cancel theirmembership. The organization aims to enhance the everyday lifestyles of members through co-operation.
Members paying into the organization make up the organization's principle operations.
Co-ops are comprised of retail Co-ops (regional Co-ops, institutional Co-ops, school teachers’ Co-ops
and university Co-ops), health Co-ops, insurance Co-ops and housing Co-ops.
These organizations base their operations on close ties to the lifestyle of members and make up Japan's
largest consumer organization.

JCIF is the Federation for Exclusively Providing
Mutual Insurance Products
JCIF (Japan CO-OP Insurance Co-operative Consumers’ Federation) was established in November 5, 2008.
Under the revised Co-op Law adopted last year, mutual insurance organizations exceeding a certain sizeare prohibited from engaging in subsidiary business such as those in the retail field.
Up until recently, the JCCU and Co-ops offering direct mutual insurance* (Co-ops that were writing direct“Tasukeai” insurance policies) were also simultaneously engaged in retail activities such as operating stores,
cooperative purchasing and operating home delivery services. To avoid conflict with the newly revised Co-op
Law, it was decided to jointly establish a new organization, the JCIF, to exclusively provide mutual insurance
products.
*Direct mutual insurance: a type of mutual insurance in which the insurer is directly responsible for paying claims to policyholders.

JCCU is the Association for Co-ops in Japan
JCCU (Japanese Consumers’ Co-operative Union) was established when Co-ops united in March
20, 1951 in order to realize a better lifestyle for its members.
JCCU positions its product supply business and CO-OP Insurance business as its cornerstone
operations until FY2008. Under the revised Co-op Law adopted last year, Co-op Insurance business
was transferred to JCIF. For the product supply business JCCU works to improve and develop
CO-OP brand products in order to supply the nationwide network of Member Co-ops with better
products. While aligning itself with Member Co-ops, JCCU works to ensure the safety of foodproducts from the perspective of consumers.
Furthermore JCCU ensures the rights of consumers and is undertaking environmental andsocial welfare activities.

Japan CO-OP Insurance Consumers’ Co-operative Federation

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Start of Business of JCIF
Following the resolution made at the extraordinary general assembly of each direct insurer Member Co-op*,
the mutual insurance business and the comprehensive mutual insurance policies were transferred to us fromthe direct insurer co-ops on March 1, 2009. On the other hand, upon resolution at the extraordinary general
meeting of JCCU held on December 19, 2008, the mutual insurance business and comprehensive mutual
insurance policies held by JCCU were transferred to us on March 21, 2009.
Sending of the prior notice to policyholders on the change of the contract insurer and other practicalbusiness were conducted in close cooperation with the Member Co-ops and JCCU. While the insurance
premiums and particulars remained unchanged even after the transfer of the mutual insurance business andcomprehensive transfer of mutual insurance policies, the change in the direct insurer represents a criticalissue for policyholders. We therefore focused on making the contents of the notice easy to understand so thatthe policyholders could continue their policies with no concerns. Additionally, we took measures to respondrespectfully to inquiries from the policyholders by offering a toll-free telephone number (3,577 inquiries werereceived) and working with Japan Consumers’ Association.
* “Direct insurer Member Co-op” refers to the Member Co-op that was directly liable for mutual insurance obligations (payment of benefits) to the policyholders,
jointly with JCCU, in the CO-OP Insurance Tasukeai.

The JCIF’s Vision
Adopting the long-held vision of our predecessors, the JCIF aims to:

Become our members’ first-choice mutual insurance provider
and contribute to improving the day-to-day lives of our members.

Key Pledges
We will conduct business in ways that benefit members and achieve sound management.
Pledge1

To provide our members and policyholders with security and peace of mind, we will make efforts
aimed at achieving further compliance and sound and proper management, including by establishingreserves sufficient to meet future claims payment obligations, reducing total costs and improving
member services.

We will ensure cooperation between Member Co-ops and the JCIF for the benefit of all.
Pledge2

Pledge3

CO-OP insurance is a mutual aid business undertaking for the benefit of members of each Co-op. The
JCIF will work to enhance our relationship with member Co-ops by fulfilling the requirements of our
specified role and acting cooperatively to achieve our common goals.

We will develop and improve CO-OP Insurance products by taking advantage of our
combined nationwide capacities.
Utilizing the combined capacities of 161 CO-OPs across the nation, we will develop and improvemutual insurance products to offer our members those products best suited to their needs.

Pledge4

We will expand our network of mutual assistance, aiming for a total of 10 million
policyholders.
The actual sales promotion of mutual insurance products will be undertaken by member Co-ops,
which have the advantage of maintaining close contact with their CO-OP members. We will continue
to work to improve the products offered and enhance our relationship with the purchasing arm withthe aim of attracting a total number of 10 million policyholders.

Japan CO-OP Insurance Consumers’ Co-operative Federation

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JCIF, Co-op and JCCU
Our organization is a union of 161 consumer cooperative societies from across the nation. Although eachmember Co-op is an independent legal entity, each provides CO-OP insurance to its members in cooperation
with the union.
The JCIF has been established to take over and exclusively conduct all mutual insurance businesspreviously conducted by our Member Co-ops.
This new organization will have close relationships with purchasing, services and other CO-OP
businesses, making it the most useful and comprehensive in terms of providing for the day-to-day needs ofindividual members.
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Roles of Member Co-ops and JCIFThe JCIF will work to enhance our relationship with Member Co-ops by fulfilling the requirements of our
specified role and acting cooperatively to achieve our common goals.
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Window for CO-OP Insurance

Each member Co-op acts as a service window for the subscription procedure and also provides information about
CO-OP insurance. In addition, each member Co-op works to support its members by offering insurance products
tailored to a range of needs.

JCIF (Japan CO-OP Insurance Consumers' Co-operative Federation)

The JCIF develops products tailored to the needs of its members and others.
As well as developing insurance products, the union receives premiums, undertakes procedures related to thepayment of insurance claims and provides administrative support services to Member Co-ops. It also provides
consulting services and responds to complaints.
Each of the three unions of consumer cooperative societies which jointly constitute an insurance group has the dual
roles of Member Co-op and JCIF.

Japan CO-OP Insurance Consumers’ Co-operative Federation

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Structure of JCIFAs of March 21, 2009

)NFORMATION
4ECHNOLOGY $IV

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2EGIONAL 0ROMOTION $EPT

Japan CO-OP Insurance Consumers’ Co-operative Federation

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Types of CO-OP Insurance
CO-OP Insurance Tasukeai—Medical Insurance

CO-OP Insurance i.-Plus—Term Life Insurance up

This insurance provides comprehensive coveragefor outpatient care due to accident, hospitalization,
surgery, death, disability, family members' death of
the insured, and damage to residences caused byfire or other perils. It is designed to meet the Co-op
members' demands for coverage that is essential totheir daily lives at a reasonable premium.
There are four plans for women, for children,
mainly to cover medical, and uniform medical anddeath cover.

This insurance simply provides cover for death, which
can be added cancer, hospitalization, and surgery of
the insured. The maximum sum insured is ¥20 million
in death benefits for a reasonable premium. Added
coverage is available by combining i.-Plus with Tasukeai.
The contract term is 10 years and the premium varies
according to the age and sex of the insured.
Coverage may be extended until the member
reaches the age of 85.

CO-OP Fire Insurance

CO-OP Insurance New i.i.
— Life InsuranceThis insurance provides coverage against damage toresidences caused by a wide range of perils including
fire, lightning, explosion, aircraft or vehicle crashes
into residences, windstorm and flood, flooding from athird party residence, unexpected damage from a third
party and earthquakes etc.

Basic plan that provides cover for death with therebate plan can be matched up with medical cover andwomen’s health cover. The contract term is renewable
after five years with the option of a rebate after the five
years. Coverage may be extended until the member
reaches the age of 80.
CO-OP Insurance i.i. was stopped offer.

Insurance Products Uniform throughout Japan
CO-OP Insurance is mainly sold by retail Co-ops. JCIF and Member Co-ops form the CO-OP InsuranceGroup for joint operations. CO-OP Insurance offers the same cover across Japan. As of March 20, 2009, 160
Member Co-ops offered CO-OP Insurance Tasukeai.

Direct and Indirect Insurance Products Offered
CO-OP Insurance offers direct and indirect insurance products. Direct insurance products are offered by JCIF
and Member Co-ops approved by the Ministry of Health, Labour and Welfare or local government bodies.
CO-OP Insurance direct insurance products are Tasukeai and i.-Plus.
For insurance not covered by direct insurance products, CO-OP Insurance forms alliances withZENROSAI * and property and casualty insurance firms to offer indirect insurance products.
CO-OP Fire Insurance and CO-OP Life Insurance New i.i. are offered as indirect insurance products.
* ZENROSAI is Japan's largest workers and consumers insurance cooperative organization recognized by the Co-op Law.

ZENROSAI is a member organization of JCCU. ZENROSAI and JCCU work together to provide a full line-up of CO-OP Insurance.

Japan CO-OP Insurance Consumers’ Co-operative Federation

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Payment of Claims
Payment of Claims
Payment of claims, excluding that for CO-OP Fire Insurance, is made by JCIF via Member Co-ops or the
CO-OP Insurance Center. (Payment of claims for CO-OP Fire Insurance is made by ZENROSAI.) Upon
receiving a claim request, we check the contract details and ask the policyholder for details about the request
and then send the necessary materials. CO-OP Insurance values swift and efficient payment proceduresfrom the viewpoint of policyholders. For example, basic information is printed on payment claims documents
in advance, and some procedures are simplified depending on the claim details and amount.
CO-OP Insurance shortens the time from the reception of a claims request to payment in order toenhance policyholder satisfaction.

&LOW OF #LAIMS 2EPORTING /CCURRENCES
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Relief Money to Victims of Devastating Disasters
In the CO-OP Insurance plans, Tasukeai, i.-Plus and i.i. policyholders receive Relief Money in accordancewith the CO-OP Insurance Regulations on Devastating Disaster Relief Money. These regulations were madewith the aim of providing a token of our sympathy to victims of devastating disasters. CO-OP Insurance
offers special assistance in accordance with the magnitude of a natural disaster. In the event of a devastating
disaster occurring wherein policyholder are eligible for claim payment and Relief Money, Member Co-ops
across the country cooperate in order to ensure swift and certain payment so that the burden on policyholder
may be alleviated even slightly.

Japan CO-OP Insurance Consumers’ Co-operative Federation

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Risk Management
and Compliance System, etc.
Risk Management System
In pursuing sound management of the mutual insurance business, JCIF makes efforts to identify risks
and implement proper risk management. Risks associated with the mutual insurance business include thefollowing: Product development risks; Insurance underwriting risks (risks stemming from fluctuations in therate of occurrence of insured accidents against the forecasts made at the time of setting the premium); Assetmanagement risks (risk of suffering a loss in the value of assets held, due to fluctuations in interest rates,
stock prices, foreign exchange rates and deterioration of the financial position of banks of deposit or bondissuers); Office work risks; and System risks, etc.

lProduct Development Risks and Insurance
Underwriting Risks
We manage product development risks
and insurance underwriting risks with due
consideration of business stability; for example,
we take care to achieve the proper benefit
payment rate when developing and reviewing
products.

lAsset Management Risks
Asset management risks are managed in
an appropriate manner based on the Rules
for Asset Management and the Policies
for Managing Asset Management Risks
that we established in accordance with the
Enforcement Regulations of the Co-op Law.
Under such system, we confirm the state of
execution for asset management and risks,etc. on a regular basis at board meetings,
etc. In addition, we carry out sound asset
management that considers safety, profitability
and liquidity, depending on the nature of fundand features of the debts.

lOffice Work Risks and System Risks
As to office work risks and system risks, we
conducted analysis and assessment of risks,
identified important risks, and formulated an
action plan. We also implement measures
to prevent accidents in office works, systemdevelopment and operations by establishing“Rules of Conduct for Prevention of Serious
Accidents,” “Information Security Policy” and“Rules for Reporting Operational Accidents.”lStrengthening of Risk Management
SystemThe Risk Management Department has been
set up to reinforce the risk management
system by responding to the environmental
changes in the mutual insurance business andexpansion of businesses. We have revised
the rules associated with risk management
toward establishment of an integrated risk
management system.

lConfirmation Procedures by a Mutual Aid
Actuary
In accordance with the Law and Ordinances,
we appointed a mutual aid actuary, andprepared to implement mutual aid actuary
confirmation procedures based on the practicalguidance for the mutual aid actuary establishedby Japan Cooperative Insurance Association
Incorporated, in order to secure financial
soundness in the mutual insurance business.

10 Japan CO-OP Insurance Consumers’ Co-operative Federation

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Business Operations Based on Policyholder Feedback(1) Opening of the consultation center for handling complaints
CO-OP Insurance, when developing products and paying claims, is making improvements based onpolicyholder feedback. In order to receive more feedback and reflect the opinions in our business, weestablished the consultation center, which is dedicated to handling complaints, opinions, and requests in 2006.

lComplaints we received at the consultation center in FY2008
We had 3,364 complaints and requests in fiscal 2008. Viewing the opinions we received as representing
the voice of our policyholders, we are striving to improve the problems.

(2) Improvement efforts resulting from complaints and opinions we receive
We have introduced the management system to unify the management of complaints and opinions we
receive so that related departments can share and swiftly resolve any issues. In addition, we report allcomplaints and opinions to all departments once a week.

Policy on Solicitation
Based on the Law on Sales of Financial Products, JCIF has established the following CO-OP Insurance
Solicitation Policy. These guidelines are posted visibly at the JCIF and at Member Co-ops handling CO-OP
Insurance. CO-OP Insurance sales personnel carry the guidelines in an all out effort to bolster compliance.

CO-OP Insurance Solicitation Policy
Notification to all members
Based on the Law on Sales of Financial Products, we have established thefollowing CO-OP Insurance Solicitation Policy.
1. When offering CO-OP Insurance, every effort will be made to comply with the Co-op
Law, the Law on Sales of Financial Products and the Consumer Contract Act to provide
services in an appropriate method.
2. When offering CO-OP Insurance, every effort will be made to ensure members fully
understand product content and other important information.
3. When offering CO-OP Insurance, every effort will be made to respect the wishes ofmembers, not take up excessive amounts of members’ time or space.
4. When a claim is made, every effort will be made to ensure swift settlement.
5. Recognizing the importance of protection of privacy, contract information will be
managed stringently and appropriately.
6. Every effort will be made to gather member opinions and reflect these on future CO-OP
Insurance development and in offering CO-OP Insurance.

Japan CO-OP Insurance Consumers’ Co-operative Federation

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Reinforcement of Education and Training Programs
Since FY2007, we have conducted new education and training programs for personnel in charge of
CO-OP insurance. The purpose of this effort is to enhance policyholder protection under the “Implementation
Standards for Securing Proper Development of the Mutual Insurance Business” established at the
Cooperative Insurance Meeting comprising the member co-ops of Japan Cooperative Insurance Association
Incorporated (JCIA).
We set an educational curriculum as well for FY 2008, consisting of three levels of “MUST,” “NEED” and“WANT.” The training courses on the “MUST” level that started in FY2007 has been offered under the titles
of “Basic Essential Course for Promoting CO-OP Insurance,” “Basic Essential Trainer Course for Promoting
CO-OP Insurance” and “Basic Essential Course for Lead Trainers for Promoting CO-OP Insurance.” Thepersonnel in charge of the CO-OP insurance business are required to attend the essential training courses,
take an exam, and receive JCIF proprietary certification.

Training programs implemented in FY2008
Cumulative total of participants whocompleted (received certification from)the training programs up to FY2008

Name of training program

Contents

1) Basic Essential Course
for Promoting CO-OP
Insurance

This training course is applicable
to all personnel in charge ofpromoting CO-OP insurances.
It is an essential program
to learn the significance ofhandling mutual insurances by
JCIF, solicitation policies forpromoting CO-OP insurances,
Law on the Protection of Personal
Information, Consumer Contract
Law, the things that they must
not do and those that they should
respect, and basic knowledge of
insurance products, etc.

60,137 from 149 member co-ops
nationwide(including six cooperative unions)

2) Basic Essential Trainer
Course for Promoting
CO-OP InsuranceThis is a program to foster“Trainers” who implement the
Basic Essential Course for
Promoting CO-OP Insurance.
Upon completing this course,
the participants will be accredited
as “Trainers.”

2,742 from 94 member co-ops
nationwide(including five cooperative unions)

3) Basic Essential Course
for Lead Trainers for
Promoting CO-OP
Insurance

In this program, “Lead trainers”
who foster “trainers” will be
trained. Upon completion, theparticipants will be accredited as“Lead trainers.”

922 from 142 member co-ops
nationwide(including six cooperative unions)* Cumulative total of participants who completed the programs (received certification) represents that as of March 20, 2009.

12 Japan CO-OP Insurance Consumers’ Co-operative Federation

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Activities
International Activities
Throughout the world there are many types of Cooperative Societies (Co-ops) and mutual insurance
institutions.
In 2009, JCIF became a member of the International Cooperative and Mutual Insurance Federation(ICMIF) that is the biggest organization representing the interests of cooperative and mutual insures aroundthe world. Before JCIF started the business, JCCU had been a member of the ICMIF since 1993.The ICMIF
undertakes a range of activities what include surveys, research and development for the development ofcooperative insurance organizations.
JCIF has had a staff member working there to provide support since JCCU had been a member in
2004. Furthermore, JCIF President has been actively participating in ICMIF management as a member of its
Intelligence Committee since JCCU had been a member in 2006.
Once in two years, there is the Federation’s biennial conference that there are the members many
opportunities for delegates to network with other ICMIF member organization representatives and to shareknowledge strategies and ideas.  
As being ICMIF member, JCIF has been a member of Asia andOceania Association (AOA) that was established to promote mutual
friendship and exchange of information among ICMIF members in Asiaand Oceania. JCIF have attended the AOA general meeting and aseminar and separate forum covering vital issues every two years.

Life-Planning Activities
Life-Planning activities enable Co-op members to learn about money matters in their lives. In the principle
topic of Revising Coverage, members gain the capability to independently select insurance that is reallynecessary.
As an integral part of Life-Planning activities, JCIF is training members and Co-op staff to be LifePlan-Advisor (LPA). Participants of LPA courses learn about life planning, insurance, taxation and finance incomprehensive lectures
Co-op carries out the following
held by JCIF in order toLife-Planning activities:
become LPA. As of Marchl Lectures on Revising Coverage20, 2009 there are 2,211
l Training sessions on revising lifestyles
advisors active at Memberl Life-planning lecturesl Individual consulting
Coops across Japan.
l Life-Planning Humorous poem “Senryu”

Developments in Life-Planning Activities
Life-Planning activities have now
become firmly established as Co-op
activities. In fiscal 2008, more than
50,000 people in total participated in
the activities, principally in revision ofcoverage.

0ARTICIPANTS IN ,IFE 0LANNING !CTIVITIES/VNCFSPGQBSUJDJQBOUT  'JTDBM  'JTDBM    

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Japan CO-OP Insurance Consumers’ Co-operative Federation

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Health Improvement Activities
A fundamental issue for Co-op Insurance activities is the improvement of the health and welfare of people.
From the position of assisting members and policy holders to improve their health, JCIF has installed
automatic blood pressure measuring devices at Co-op stores and offers free health consultations by phone.

(1) Automatic Blood Pressure Measuring Devices Installed
JCIF has installed automatic blood pressure measuring devices at about 249 Co-op stores throughout
Japan. Since managing blood pressure is paramount for preventing all lifestyle-related illness, it isessential to consistently measure blood pressure from day to day. Members are welcome to test theirblood pressure level while shopping, making the devices very useful for managing their day to day health.

(2) CO-OP Insurance Health Call Center
JCIF offers a free phone consultation service
made available to Tasukeai, i.-Plus, i.i., and New i.i.
policyholders. JCIF contracts specialist counselors
including doctors and nurses from governmental
corporation to give advice on health, treatment andcare-giving as well as instruction on which medical
facility to use. During fiscal 2008 the call center fielded
57,876 calls for advice.

Welfare Activities
Since 1996, CO-OP Insurance has been assisting Co-ops all overJapan to carry out their welfare activities through the Co-op Welfare
Activity Organization. A variety of activities are carried out includingChild-rearing support, Communication center activities, activities
to foster communication through dinners and meal deliveries andactivities for helping lifestyles. These activities have led to alliances
being formed with other organizations and local government bodies tocreate regional networks.
In fiscal 2008, JCIF contributed a total of ¥23 million in assistancefor 55 welfare activities of 33 Member Co-ops.

Breakdown of fiscal 2008
Activities

Amount application

Child-reading support

21¥8,178,000

Communication center activities

11

4,208,000

Activities to foster communication through dinners
and meal deliveries

125,243,125

Other welfare and volunteer activities

11

5,419,995

Total

55

¥23,049,120

		Application by activities

14 Japan CO-OP Insurance Consumers’ Co-operative Federation

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Our Efforts on Environmental Challenges
We have promoted environment-conscious business since FY2002 as the “CO-OP Insurance BusinessCenter,” one of the Divisions of JCCU, by obtaining ISO14001 certification as our management tool.
In FY2008, we tackled three challenges of eco-offices of the entire co-op, and took measures to reduce
media and materials in two departments.

Measures taken in FY2008

lReduction in use of paper for printing

Double-sided copying and intensive printing were promoted
and the use of the backs of printed sheets of paper was
encouraged by separating used paper. In addition, we focusedon not using paper as much as possible by reducing thematerials for meetings, etc. and communicating by internal
e-mail. The resulting actual sheets of paper used totaled
8,580,000, achieving the goal of 8,680,000 sheets of paper or
less.

lCut in CO2 by reducing the use of electricity, etc.

We made efforts to reduce the use of electricity by turning off
the personal computers and lights in the office when leaving adesk or taking a break, and by shortening the working hours
through operational improvements. We could reduce the useof electricity to 503,000 kW/h, achieving the goal of 509,000
kW/h or less.

Measures to be taken in FY2009

lReduction and reuse of stationery in the office

We promote green procurement of stationery. Despite ourefforts to reduce and reuse stationery, the amount for stationery
purchases reached 3,520,000 yen, failing to achieve the goal of
2,390,000 yen or less, due to unexpected use.

lReduction of media and materials associated with thesolicitation of mutual insurances (by two departments,
Promotion Planning Department and Mutual Insurance
Development Department)u At the Promotion Planning Department, the rate of rejection foradvertising materials except for fliers ended up at 12.5%, failing toachieve the goal of 4% or less. Pursuit of causes for missing the goal
and formulation of preventive measures for recurrence will work to its
advantage in the efforts for FY2009.
u At the Mutual Insurance Development Department, the goal for policy
guides to be scrapped after revision had been set at 58,000 copies orless as of the 29th day of the month of revision. The result was 35,030
copies, achieving the goal.

In FY2009, JCIF will endeavor to obtain its own ISO14001 certification, and build the JCIF Environment
Management System by establishing the “JCIF Environmental Policy.” Along with the continued challengesof eco-offices at the entire co-op level, the efforts made in each department will be strengthened. All the
departments of JCIF completed the process of extracting environment-related operations from the Business
Plan for FY2009. The number of departments that formulated environmental management plans increased
5.5-fold, from 2 in FY2008 to 11 in FY2009.

JCIF Environment Policy
Philosophy
JCIF positions environmental issues as fundamental challenges for co-op movement based on “Creationa more human lifestyle and sustainable society through the concerted efforts of individual citizens(members) within the co-op society,” and takes the lead in promoting such movement.

PolicyJCIF, with its aim to “become the mutual insurance association initially selected by member customers, andto contribute to the ‘daily lives’ of the member customers,” carries out development of insurance products,
solicitation, receipt of premiums, payment of benefits, and serves as a contact point for policyholder
consultations.
As for the major items of the environmental impacts arising from these operations, we set objectives andgoals to reduce environmental loads and prevent pollution in continuing improvement of the environmental
management system.
1.We will abide by environment-related laws and ordinances, municipal by-laws and other requirements that
we decide to accept.
2. We will reduce wastes by raising the level of management for the media and materials associated withsolicitation for mutual insurance products.
3. We will make efforts to reduce the use of electricity and paper in the office, and promote recycling of wastes.
4. We will participate in various societal activities toward building an environmental conservation-oriented
society, in addition to taking measures to prevent global warming.
We will publicize the above-mentioned environmental policy in and outside the JCIF and regularly announce
the progress of our environmental activities.
Established on March 21, 2009

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Fiscal 2008 CO-OP Insurance
Business Overview
Overview of the financial results of the CO-OP Insurance business is as follows:

End of year policyholders totaled 6,869,745
When broken down by product, Tasukeai policyholders increased 0.8 % from the previous year to
5,597,422, i.-Plus policyholders increased 18.4% to 850,502, CO-OP Fire Insurance policyholders
increased 4.1% to 372,371, i.i. policyholders decreased 28.9% to 34,209 and New-i.i. policyholders
increased 147.2% to  15,241.

Insurance in force totaled ¥9,598 billion
CO-OP Insurance Group has total policies of ¥9,598 billion of direct insurance in force, an increase of 4.6%*
on the previous year. Of this amount, JCCU directly insured policies increased 10.9%* to ¥7,216 billion,
and JCIF directly insured policies is ¥1,981 billion.

Premiums totaled ¥136,727 million
CO-OP Insurance Group has total premiums of ¥136,727 million, an increase of 6.6% on the previous
year. Of this amount, JCCU direct insurance premiums increased 13.4% to ¥97,478 million, and JCIF
direct insurance premiums is ¥1,553 million.

1,062,113 payments made
CO-OP Insurance Group made a total of 1,062,113 payments, an increase of 4.6% on the previous year.

¥51,894.5 million in payments made
CO-OP Insurance Group has made a total of ¥51,894 million in payments for insurance claims, anincrease of 6.4% on the previous year. Of this amount, JCCU claim payments increased 12.8% to ¥36,113
million, and JCIF claim payments is ¥654 million.
* CO-OP Insurance Group denotes JCCU and 32 Member Co-ops that directly insure CO-OP Insurance. Refer to Page 8, about directand indirect insurance.

Asset Management
Fundamental Policy for Asset Managementl JCIF and JCCU maintain its fundamental policy of safe and efficient management of funds, in accordancewith the special characteristics of the funds policy holders left in keeping.
l Based on the Regulations on Co-op Financial Administration and enforced internal rules corresponding to
the Regulations, JCIF and JCCU place great importance on security when managing assets.
l JCIF and JCCU regularly ascertain and manage price fluctuation risk and credit risk concerning asset
management. Every effort is made to prevent the unpredicted losses from asset management.
l JCIF and JCCU acknowledge the special characteristics of insurance funds and mainly invests in Japanese
Government Bonds and deposits for short-term funds, and mostly bonds with a mixture of stocks andforeign securities in order to improve profitability for long-term funds.
l In fiscal 2008, based on this fundamental policy, JCIF and JCCU make much of safety, and JCIF and JCCU
have created an asset management structure aiming to secure stable profitability over the medium and long term.

16 Japan CO-OP Insurance Consumers’ Co-operative Federation

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Investment Assets

uAs of March 20,$MBJNT1BJE dNJMMJPOT 

Thousands of
U.S. dollars*2

Millions of yen*1
Ratio to2009		
Previous Year

2007

2008

2009

Cash and deposits¥25,512¥22,166¥21,992(0.0%)$ 228,109

Long-term deposits

1,500

1,500

1,500

(0.0%)

15,558

Money held in trust *3

9,500

13,50014,300(5.9%)

148,324

Bonds

27,14043,40958,818(35.5%)

610,081

3,077

2,346

1,437

(-38.7%)

14,905

*4

2,179

1,517

1,322

(-12.9%)13,712Foreign equities

1,158

1,483

810

(-45.4%)

8,401

Other securities *5

9,079

6,678

5,565

(-16.7%)57,722¥79,147¥92,603¥105,748(14.2%)$ 1,096,857

Equities
Foreign bonds

Total*1. Yen amounts are rounded down to the nearest ¥ 1 million.
*2. U.S. dollar amounts are translated, for convenience only, at ¥ 96.41 = US$1.00, the rate prevailing on March 19, 2009, and rounded down to the nearest$1 thousand.
*3. Money held in trust are transferable warranty deposits.
*4. A portion of foreign securities in foreign currencies are hedged.
*5. Other securities are consist of investment trusts in which volatilities are suppressed.

Japan CO-OP Insurance Consumers’ Co-operative Federation

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Balance Sheet
As of March 20,
  uAssets

Thousands of
U.S. dollars*2

Millions of yen*1

2008

2009

2009

¥ 21,967
48,308
5,172
1,206
340

¥ 21,696
45,704
6,417
1,399
1,770

$ 225,038
474,058
66,55914,51018,35976,99676,988798,547

Current assets:
Cash and time deposits
Securities
Account receivables
Advanced payables
Other current assets
Total current assets

Fixed assets:
Acquisition of assets
118
185
Intangible assets
2,482
4,728
Other fixed assets:			   Long-term deposits
1,500
1,500
   Long-term securities
21,32637,346
   Other
2,062
3,642

1,918
49,04015,558387,366
37,776

24,902

42,528441,116

27,50247,442492,085¥ 104,488¥ 124,393$ 1,290,249

Current liabilities:
Reserves for policy contract:
   Reserves for claims paid
   Premium receivables
   Reserve for premium income
   Reserve for risks
Reserve for rebate payment¥ 4,579
4,760
10,827
7,880
14,688¥ 9,733
6,077
13,86010,95918,422$ 100,954
63,032
143,761
113,670
191,079

Accounts payable
Accrued income taxes
Other current liabilities

42,736
2,734
3,214
1,348

59,053
4,621
2,511
2,008

612,51947,93026,04520,827

Total current liabilities

50,034

68,193707,322

682

764

7,924

¥ 50,717¥ 68,958$ 715,257

Voluntary reserves
Unappropriated surplus for the period

38,01015,46440,345
14,684418,473
152,307

Total capitals

53,77055,435574,992¥ 104,488¥ 124,393$ 1,290,249

Total fixed assets
Total assets

uLiabilities and Capitals
Liabilities:

Fixed liabilities:
Reserve for employee retirement benefits
Total liabilities

Capitals:

Total liabilities and capitals*1. Yen amounts are rounded down to the nearest ¥1 million.
*2. U.S. dollar amounts are translated, for convenience only, at ¥96.41 = US$1.00, the rate prevailing on March 19, 2009, and rounded down to the nearest$1 thousand.

18 Japan CO-OP Insurance Consumers’ Co-operative Federation

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Income Statement
For the years ended March 20,

Thousands of
U.S. dollars*2

Millions of yen*1

2008

2009

2009

¥ 85,950¥ 97,478$ 1,011,077

541

525

5,445

Fees and commissions receivables

2,610

2,695

27,953

Reversal to reserve for claim paid

299

—

—

1,841

2,581

26,771

483

752

7,800

91,727104,034

1,079,078

218

186

1,929

Claims paid

32,005

36,113

374,577

Premium paid

804

822

8,526

2,650

3,631

37,6620

4,853

50,337

Transfer to policy reserve

9,226

7,359

76,330Investment expenses

1,187

2,646

27,44545,87455,426574,898

  Other ordinary expenses

24,611

29,415305,103

  Ordinary surplus

21,46019,379201,006

  Other income

177

520

5,393

  Other expenses

82

69

715

  Extraordinary income (expenses)-1,45616165

  Transfer to reserve for claim rebate

5,477

6,315

65,501

  Surplus before taxes

14,622

13,531

140,348

  Corporate and other taxes

3,240

2,539

26,335

12,10912,885

133,647

  Net surplus for the year

778

1,048

10,870  Extraordinary withdraw

2,575

748

7,758

¥ 15,464¥ 14,684$ 152,307

Ordinary income:Premium income
Insurance receivables

Reversal of reserves for claim rebate
Investment income
Other ordinary income
Ordinary expenses:

Insurance paid backTransfer to reserve for claim paid

Net surplus

Unappropriated surplus for the year

*1. Yen amounts are rounded down to the nearest ¥1 million.
*2. U.S. dollar amounts are translated, for convenience only, at ¥96.41 = US$1.00, the rate prevailing on March 19, 2009, and rounded down to the nearest$1 thousand.

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Solvency Margin Ratio and others
Thousands of
U.S. dollars*2

Millions of yen*1

uSolvency Margin Ratio*

2008

3

Total solvency margin*4 ①

2009¥ 76,541¥ 81,379¥ 4,838$ 844,092

11,506

13,076

1,570

135,629

1,330.5%

1,244.7%-85.8%

129

Total risks ②
Solvency margin ratio = ①÷(1/2×② )×100

Ratio to2009		
Previous Year

*1. Yen amounts are rounded down to the nearest ¥ 1 million.
*2. U.S. dollar amounts are translated, for convenience only, at ¥ 96.41 = US$1.00, the rate prevailing on March 19, 2009, and rounded down to the nearest$1 thousand.
*3. The above ratio is calculated on the basis of the solvency margin ratio described in the Countermeasures for Individual Issues related to the Protectionof cooperative insurance contractors, which was put together at consumer’s cooperative insurance round-table conference composed of members
from Japan Cooperative Insurance Association Incorporated.
*4. The total solvency margin is limited to what can be divided in the CO-OP Insurance enterprise.

Thousands of
U.S. dollars*2

Millions of yen*1

uBreakdown of Basic Profit
Basic profit *4

2008

Ratio to2009

2009		
Previous Year¥ 28,755¥ 25,599¥ -3,156$ 265,522

-43

-126

-83

-1,306		Investment profit *3

		Mortality profit *3

28,13228,937805

300,145

		

Expense profit *3

666-3,211-3,877-33,305*1. Yen amounts are rounded down to the nearest ¥ 1 million.
*2. U.S. dollar amounts are translated, for convenience only, at ¥ 96.41 = US$1.00, the rate prevailing on March 19, 2009, and rounded down to the nearest$1 thousand.
*3. Definitions are as follows:
Investment profit : Differential between the projected investment return (expected yield) and the actual investment return.
Mortality profit : Differential between the projected insurance payment (expected mortality rate) and actual claims for payment.
Expense profit : Differential between the projected operational expenses (projected operational expense ratio) and actual operational expenses.
*4. Basic profit is calculated by excluding capital gain/loss, such as sales gain or loss on marketable securities, and extraordinary gain/loss, such asprovision for contingency reserves, from recurring surplus. It is the index that shows the basic period income generated from the mutual aid enterprise.

Millions of yen*1

uEquity Capital Ratio

Thousands of
U.S. dollars*2

2008

2009

2009

¥ 53,770¥ 55,435$ 574,992② Contingency reserves

7,880

10,959113,670

    Revised equity capital 【= ①＋②】

61,651

66,395  

688,673¥ 104,488¥ 124,393$ 1,290,249

    Equity capital ratio*3 【= ① / ③】

51.4%

44.5%

		 Revised equity capital ratio*4【=( ①＋② )/ ③】

59.0%

53.3%

① Equity capital③ Total assets*1. Yen amounts are rounded down to the nearest ¥ 1 million.
*2. U.S. dollar amounts are translated, for convenience only, at ¥ 96.41 = US$1.00, the rate prevailing on March 19, 2009, and rounded down to the nearest$1 thousand.
*3. Equity capital ratio = Equity capital ÷ Total assets*4. Revised equity capital ratio = Revise equity capital ÷ Total assets

20 Japan CO-OP Insurance Consumers’ Co-operative Federation

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Cooperation with Other Associations
lNational Federation of Workers and Consumers Insurance Cooperatives (ZENROSAI)ZENROSAI, a JCIF member, is the largest federation among the mutual insurance cooperatives approved by
the Co-op Law. JCIF works with ZENROSAI to reinforce the CO-OP insurance business.

lJapan Reinsurance Federation of Consumers’ Cooperatives (SAIKYOSAIREN)
JCIF focuses on risk reduction by ceding a portion of its directly underwritten mutual insurance to NIHONSAIKYOSAIREN reinsurance.
* Reinsurance means a transfer of a portion or all of the mutual insurance liability underwritten by a direct insurer to a re-insurer. In accordance with areinsurance policy, the direct insurer pays a reinsurance premium, and the re-insurer shall pay the benefits in the case of accident occurrence.

lJapan Cooperative Insurance Association Incorporated (JCIA)

Founded in 1992, JCIA has conducted the following activities with the purpose of “contributing to stable lives
and improved welfare for local farmers, foresters, fishermen and other workers in addition to focusing on
sound development of mutual insurance business by the co-operative associations.”
1. Provide members with necessary information and hold JCIA seminar etc.
2. Promote public relations and consulting to enhance the social recognition of cooperative insurance
business.
3. Publish the “Kyosai to Hoken”(Cooperative and Commercial Insurance) in Japanese,the “JCIA Newsletter”
in English and the “Fact Book” in English and Japanese.
4. Provide training for officers and staff of cooperative insures.
5. Foster cooperation and relationships with overseas cooperative insures and organizations.
6. Promote reserch through the “Reserch Committee on Cooperative Insurance Theory.”
JCIF focuses on the alliance with JCIA, making efforts to help reinforce the societal roles of mutual
insurance associations.

lInternational Cooperative and Mutual Insurance Federation (ICMIF)

Inaugurated in 1922 as the Insurance Committee of the International Co-operative Alliance (ICA), it has
served as a base for today’s ICMIF. 212 organizations from 73 Countries with approximately one-third of
the membership in Europe, a further third in the Americas andthe remainder representing Asia and Oceania, Africa and the
Middle East were members of the ICMIF by 2009. To benefit
the development of mutual insurance associations, ICMIF has
conducted various researches, studies and development, working
as an intermediary for reinsurance transactions between themembers or non-members. JCIF joined ICMIF on March 21, 2009.
ICMIF Website: http://www.icmif.org

Profile of JCIFName

JCIF (Japan CO-OP Insurance Consumers’ Co-operative Federation)

Head office

1-5-2 Irifune, Urayasu, Chiba 279-8588  Japan

Established

November 5th, 2008

Number of Member Co-ops

162 (as of March 21st, 2009)

Detail of operations

CO-OP Insurance Business / Promotion of Life-Planning Activites

Japan CO-OP Insurance Consumers’ Co-operative Federation

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