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Investment in Securities (Tables)

12 Months Ended

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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Carrying value, impairment and downward or upward adjustment due to changes of observable price on equity securities measured using the measurement alternative.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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-Name Accounting Standards Codification
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