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v3.23.2

Investment in Securities (Tables) | 12 Months Ended
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Mar. 31, 2023
Investments Schedule [Abstract] |
Summary of Investment in Securities | Investment in securities as of March 31, 2022 and 2023 consists of the following:
|  | Millions of yen |
|  | 2022 |  |  | 2023 |
Equity securities * |  | ¥ | 560,643 |  |  | ¥ | 589,312 |
Trading debt securities |  |  | 2,503 |  |  |  | 2,179 |
Available-for-sale debt securities |  |  | 2,174,891 |  |  |  | 2,234,608 |
Held-to-maturity debt securities |  |  | 114,312 |  |  |  | 114,759 |
Total |  | ¥ | 2,852,349 |  |  | ¥ | 2,940,858 |
* | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥185,115 million and ¥151,445 million as of March 31, 2022 and 2023, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥90,650 million and ¥90,993 million as of March 31, 2022 and 2023, respectively. The amount of investment funds and others elected the fair value option included in equity securities were ¥11,709 million and ¥16,032 million as of March 31, 2022 and 2023, respectively.
Summary of Impairment and Downward or Upward Adjustment Due to Changes of Observable Price | The following tables provide information about impairment and upward or downward adjustments resulting from observable price changes as of March 31, 2022 and 2023, and for fiscal 2022 and 2023.
|  | Millions of yen |
|  | March 31, 2022 |  |  | Fiscal Year ended March 31, 2022 |
|  | Carrying value |  |  | Accumulated impairments and downward adjustments |  |  | Accumulated upward adjustments |  |  | Impairments and downward adjustments |  |  | Upward adjustments |
Equity securities measured using the measurement alternative |  | ¥ | 58,723 |  |  | ¥ | (13,880 | ) |  | ¥ | 401 |  |  | ¥ | (208 | ) |  | ¥ | 163 |
|  | Millions of yen |
|  | March 31, 2023 |  |  | Fiscal Year ended March 31, 2023 |
|  | Carrying value |  |  | Accumulated impairments and downward adjustments |  |  | Accumulated upward adjustments |  |  | Impairments and downward adjustments |  |  | Upward adjustments |
Equity securities measured using the measurement alternative |  | ¥ | 67,820 |  |  | ¥ | (14,062 | ) |  | ¥ | 1,742 |  |  | ¥ | (787 | ) |  | ¥ | 1,360 |
Amortized Cost Basis Amounts, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Values of Available-for-Sale Securities and Held-to-Maturity Securities in Each Major Security Type | The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale debt securities and held-to-maturity debt securities in each major security type as of March 31, 2022 and 2023 are as follows: March 31, 2022
|  | Millions of yen |
|  | Amortized cost |  |  | Allowance for credit losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese and foreign government bond securities |  | ¥ | 905,004 |  |  | ¥ | 0 |  |  | ¥ | 5,178 |  |  | ¥ | (77,569 | ) |  | ¥ | 832,613 |
Japanese prefectural and foreign municipal bond securities |  |  | 333,449 |  |  |  | (132 | ) |  |  | 2,482 |  |  |  | (10,195 | ) |  |  | 325,604 |
Corporate debt securities |  |  | 873,178 |  |  |  | 0 |  |  |  | 10,014 |  |  |  | (33,632 | ) |  |  | 849,560 |
CMBS and RMBS in the Americas |  |  | 29,349 |  |  |  | 0 |  |  |  | 112 |  |  |  | (729 | ) |  |  | 28,732 |
Other asset-backed securities and debt securities |  |  | 135,445 |  |  |  | (21 | ) |  |  | 5,456 |  |  |  | (2,498 | ) |  |  | 138,382 |
|  |  | 2,276,425 |  |  |  | (153 | ) |  |  | 23,242 |  |  |  | (124,623 | ) |  |  | 2,174,891 |
Held-to-maturity debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese government bond securities and other |  |  | 114,312 |  |  |  | 0 |  |  |  | 21,129 |  |  |  | 0 |  |  |  | 135,441 |
|  | ¥ | 2,390,737 |  |  | ¥ | (153 | ) |  | ¥ | 44,371 |  |  | ¥ | (124,623 | ) |  | ¥ | 2,310,332 |
March 31, 2023
|  | Millions of yen |
|  | Amortized cost |  |  | Allowance for credit losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese and foreign government bond securities |  | ¥ | 962,969 |  |  | ¥ | 0 |  |  | ¥ | 2,863 |  |  | ¥ | (164,537 | ) |  | ¥ | 801,295 |
Japanese prefectural and foreign municipal bond securities |  |  | 389,150 |  |  |  | (144 | ) |  |  | 1,146 |  |  |  | (20,906 | ) |  |  | 369,246 |
Corporate debt securities |  |  | 851,525 |  |  |  | 0 |  |  |  | 6,270 |  |  |  | (73,407 | ) |  |  | 784,388 |
CMBS and RMBS in the Americas |  |  | 45,292 |  |  |  | 0 |  |  |  | 62 |  |  |  | (2,181 | ) |  |  | 43,173 |
Other asset-backed securities and debt securities |  |  | 239,922 |  |  |  | 0 |  |  |  | 5,735 |  |  |  | (9,151 | ) |  |  | 236,506 |
|  |  | 2,488,858 |  |  |  | (144 | ) |  |  | 16,076 |  |  |  | (270,182 | ) |  |  | 2,234,608 |
Held-to-maturity debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese government bond securities and other |  |  | 114,759 |  |  |  | 0 |  |  |  | 14,919 |  |  |  | 0 |  |  |  | 129,678 |
|  | ¥ | 2,603,617 |  |  | ¥ | (144 | ) |  | ¥ | 30,995 |  |  | ¥ | (270,182 | ) |  | ¥ | 2,364,286 |
Summary of rollforward of allowance for credit losses | The following table presents rollforwards of the allowance for credit losses for fiscal 2021, 2022 and 2023, respectively.
|  | Millions of yen |
|  | Fiscal Year ended March 31, 2021 |
|  | Foreign municipal bond securities |  |  | Total |
Beginning |  | ¥ | 0 |  |  | ¥ | 0 |
Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded* |  |  | 120 |  |  |  | 120 |
Ending |  | ¥ | 120 |  |  | ¥ | 120 |
* | An increase from the effects of changes in foreign exchange rates of ¥3 million was included in additions to the allowance for credit losses on available-for-sale debt securities for fiscal 2021.
|  | Millions of yen |
|  | Fiscal Year ended March 31, 2022 |
|  | Foreign municipal bond securities |  |  | Japanese other asset- backed securities and debt securities |  |  | Total |
Beginning |  | ¥ | 120 |  |  | ¥ | 0 |  |  | ¥ | 120 |
Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded |  |  | 0 |  |  |  | 21 |  |  |  | 21 |
Increase (Decrease) from the effects of changes in foreign exchange rates |  |  | 12 |  |  |  | 0 |  |  |  | 12 |
Ending |  | ¥ | 132 |  |  | ¥ | 21 |  |  | ¥ | 153 |
|  | Millions of yen |
|  | Fiscal Year ended March 31, 2023 |
|  | Foreign municipal bond securities |  |  | Japanese other asset- backed securities and debt securities |  |  | Total |
Beginning |  | ¥ | 132 |  |  | ¥ | 21 |  |  | ¥ | 153 |
Additional increases (decreases) to the allowance for credit losses on AFS debt securities that had an allowance recorded in a previous period, net |  |  | 0 |  |  |  | (21 | ) |  |  | (21 | )
Increase (Decrease) from the effects of changes in foreign exchange rates |  |  | 12 |  |  |  | 0 |  |  |  | 12 |
Ending |  | ¥ | 144 |  |  | ¥ | 0 |  |  | ¥ | 144 |
Information about Available-for-Sale Securities with Gross Unrealized Losses and Length of Time Individual Securities Have Been in Continuous Unrealized Loss Position | The following tables provide information about available-for-sale debt securities with gross unrealized losses (including allowance for credit losses) and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2022 and 2023, respectively: March 31, 2022
|  | Millions of yen |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair value |  |  | Gross unrealized losses |  |  | Fair value |  |  | Gross unrealized losses |  |  | Fair value |  |  | Gross unrealized losses |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese and foreign government bond securities |  | ¥ | 217,457 |  |  | ¥ | (16,117 | ) |  | ¥ | 521,633 |  |  | ¥ | (61,452 | ) |  | ¥ | 739,090 |  |  | ¥ | (77,569 | )
Japanese prefectural and foreign municipal bond securities |  |  | 190,081 |  |  |  | (6,509 | ) |  |  | 46,391 |  |  |  | (3,818 | ) |  |  | 236,472 |  |  |  | (10,327 | )
Corporate debt securities |  |  | 373,506 |  |  |  | (19,340 | ) |  |  | 156,687 |  |  |  | (14,292 | ) |  |  | 530,193 |  |  |  | (33,632 | )
CMBS and RMBS in the Americas |  |  | 6,458 |  |  |  | (98 | ) |  |  | 17,542 |  |  |  | (631 | ) |  |  | 24,000 |  |  |  | (729 | )
Other asset-backed securities and debt securities |  |  | 66,543 |  |  |  | (995 | ) |  |  | 37,432 |  |  |  | (1,524 | ) |  |  | 103,975 |  |  |  | (2,519 | )
|  | ¥ | 854,045 |  |  | ¥ | (43,059 | ) |  | ¥ | 779,685 |  |  | ¥ | (81,717 | ) |  | ¥ | 1,633,730 |  |  | ¥ | (124,776 | )
March 31, 2023
|  | Millions of yen |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair value |  |  | Gross unrealized losses |  |  | Fair value |  |  | Gross unrealized losses |  |  | Fair value |  |  | Gross unrealized losses |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese and foreign government bond securities |  | ¥ | 2,588 |  |  | ¥ | (207 | ) |  | ¥ | 662,897 |  |  | ¥ | (164,330 | ) |  | ¥ | 665,485 |  |  | ¥ | (164,537 | )
Japanese prefectural and foreign municipal bond securities |  |  | 97,721 |  |  |  | (1,508 | ) |  |  | 194,280 |  |  |  | (19,542 | ) |  |  | 292,001 |  |  |  | (21,050 | )
Corporate debt securities |  |  | 191,669 |  |  |  | (6,570 | ) |  |  | 401,994 |  |  |  | (66,837 | ) |  |  | 593,663 |  |  |  | (73,407 | )
CMBS and RMBS in the Americas |  |  | 16,691 |  |  |  | (672 | ) |  |  | 23,653 |  |  |  | (1,509 | ) |  |  | 40,344 |  |  |  | (2,181 | )
Other asset-backed securities and debt securities |  |  | 63,958 |  |  |  | (2,300 | ) |  |  | 88,503 |  |  |  | (6,851 | ) |  |  | 152,461 |  |  |  | (9,151 | )
|  | ¥ | 372,627 |  |  | ¥ | (11,257 | ) |  | ¥ | 1,371,327 |  |  | ¥ | (259,069 | ) |  | ¥ | 1,743,954 |  |  | ¥ | (270,326 | )
The following table provides information about available-for-sale debt securities with gross unrealized losses for which allowance for credit losses were not recorded and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2022 and 2023, respectively: March 31, 2022
|  | Millions of yen |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair value |  |  | Gross unrealized losses |  |  | Fair value |  |  | Gross unrealized losses |  |  | Fair value |  |  | Gross unrealized losses |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese and foreign government bond securities |  | ¥ | 217,457 |  |  | ¥ | (16,117 | ) |  | ¥ | 521,633 |  |  | ¥ | (61,452 | ) |  | ¥ | 739,090 |  |  | ¥ | (77,569 | )
Japanese prefectural and foreign municipal bond securities |  |  | 190,081 |  |  |  | (6,509 | ) |  |  | 43,338 |  |  |  | (3,686 | ) |  |  | 233,419 |  |  |  | (10,195 | )
Corporate debt securities |  |  | 373,506 |  |  |  | (19,340 | ) |  |  | 156,687 |  |  |  | (14,292 | ) |  |  | 530,193 |  |  |  | (33,632 | )
CMBS and RMBS in the Americas |  |  | 6,458 |  |  |  | (98 | ) |  |  | 17,542 |  |  |  | (631 | ) |  |  | 24,000 |  |  |  | (729 | )
Other asset-backed securities and debt securities |  |  | 66,489 |  |  |  | (974 | ) |  |  | 37,432 |  |  |  | (1,524 | ) |  |  | 103,921 |  |  |  | (2,498 | )
|  | ¥ | 853,991 |  |  | ¥ | (43,038 | ) |  | ¥ | 776,632 |  |  | ¥ | (81,585 | ) |  | ¥ | 1,630,623 |  |  | ¥ | (124,623 | )
March 31, 2023
|  | Millions of yen |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair value |  |  | Gross unrealized losses |  |  | Fair value |  |  | Gross unrealized losses |  |  | Fair value |  |  | Gross unrealized losses |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese and foreign government bond securities |  | ¥ | 2,588 |  |  | ¥ | (207 | ) |  | ¥ | 662,897 |  |  | ¥ | (164,330 | ) |  | ¥ | 665,485 |  |  | ¥ | (164,537 | )
Japanese prefectural and foreign municipal bond securities |  |  | 97,721 |  |  |  | (1,508 | ) |  |  | 190,805 |  |  |  | (19,398 | ) |  |  | 288,526 |  |  |  | (20,906 | )
Corporate debt securities |  |  | 191,669 |  |  |  | (6,570 | ) |  |  | 401,994 |  |  |  | (66,837 | ) |  |  | 593,663 |  |  |  | (73,407 | )
CMBS and RMBS in the Americas |  |  | 16,691 |  |  |  | (672 | ) |  |  | 23,653 |  |  |  | (1,509 | ) |  |  | 40,344 |  |  |  | (2,181 | )
Other asset-backed securities and debt securities |  |  | 63,958 |  |  |  | (2,300 | ) |  |  | 88,503 |  |  |  | (6,851 | ) |  |  | 152,461 |  |  |  | (9,151 | )
|  | ¥ | 372,627 |  |  | ¥ | (11,257 | ) |  | ¥ | 1,367,852 |  |  | ¥ | (258,925 | ) |  | ¥ | 1,740,479 |  |  | ¥ | (270,182 | )
Summary of Contractual Maturities of Available-for-Sale Debt Securities and Held-to-Maturity Debt Securities | The following is a summary of the contractual maturities of available-for-sale debt securities and held-to-maturity debt securities held as of March 31, 2023: Available-for-sale debt securities held as of March 31, 2023
|  | Millions of yen |
|  | Amortized cost |  |  | Fair value |
Due within one year |  | ¥ | 75,103 |  |  | ¥ | 75,662 |
Due after one to five years |  |  | 305,405 |  |  |  | 305,832 |
Due after five to ten years |  |  | 378,144 |  |  |  | 364,070 |
Due after ten years |  |  | 1,730,206 |  |  |  | 1,489,044 |
|  | ¥ | 2,488,858 |  |  | ¥ | 2,234,608 |
Held-to-maturity debt securities held as of March 31, 2023
|  | Millions of yen |
|  | Amortized cost |  |  | Fair value |
Due after five to ten years |  | ¥ | 28,658 |  |  | ¥ | 32,204 |
Due after ten years |  |  | 86,101 |  |  |  | 97,474 |
|  | ¥ | 114,759 |  |  | ¥ | 129,678 |

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