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v3.24.1.1.u2

Investment in Securities (Tables) | 12 Months Ended
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Mar. 31, 2024
Investments Schedule [Abstract] |
Summary of Investment in Securities | Investment in securities as of March 31, 2023 and 2024 consists of the following:
|  | Millions of yen |
|  | 2023 |  |  | 2024 |
Equity securities *1 |  | ¥ | 500,832 |  |  | ¥ | 597,601 |
Trading debt securities |  |  | 2,179 |  |  |  | 0 |
Available-for-sale debt securities |  |  | 2,234,608 |  |  |  | 2,665,478 |
Held-to-maturity debt securities *2 |  |  | 114,759 |  |  |  | 0 |
Total |  | ¥ | 2,852,378 |  |  | ¥ | 3,263,079 |
*1 | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥151,445 million and ¥161,244 million as of March 31, 2023 and 2024, respectively. The amount of investment funds and others elected the fair value option included in equity securities were ¥18,544 million and ¥26,945 million as of March 31, 2023 and 2024, respectively.
*2 | During fiscal 2024, bonds held as held-to-maturity debt securities were reclassified to available-for-sale debt securities. This is because a certain subsidiary changed its holding purposes in accordance with ASC 320 (“Investments—Debt Securities”) in order to improve profitability by building a flexible investment portfolio and improve capital stability. At the time of reclassification, the book value of held-to-maturity debt securities was ¥115,507 million and the related unrealized gain was ¥7,913 million.
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, 2023 and 2024, and for fiscal 2023 and 2024.
|  | 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 |
|  | Millions of yen |
|  | March 31, 2024 |  |  | Fiscal Year ended March 31, 2024 |
|  | Carrying value |  |  | Accumulated impairments and downward adjustments |  |  | Accumulated upward adjustments |  |  | Impairments and downward adjustments |  |  | Upward adjustments |
Equity securities measured using the measurement alternative |  | ¥ | 96,714 |  |  |  | ¥(16,171 | ) |  | ¥ | 2,201 |  |  |  | ¥(774 | ) |  | ¥ | 1,185 |
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, 2023 and 2024 are as follows: 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 |
March 31, 2024
|  | 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 |  | ¥ | 1,299,025 |  |  | ¥ | 0 |  |  | ¥ | 11,526 |  |  | ¥ | (275,637 | ) |  | ¥ | 1,034,914 |
Japanese prefectural and foreign municipal bond securities |  |  | 425,426 |  |  |  | (248 | ) |  |  | 2,623 |  |  |  | (26,336 | ) |  |  | 401,465 |
Corporate debt securities |  |  | 905,706 |  |  |  | 0 |  |  |  | 21,415 |  |  |  | (82,542 | ) |  |  | 844,579 |
CMBS and RMBS in the Americas |  |  | 88,586 |  |  |  | 0 |  |  |  | 929 |  |  |  | (1,775 | ) |  |  | 87,740 |
Other asset-backed securities and debt securities |  |  | 297,197 |  |  |  | (386 | ) |  |  | 5,496 |  |  |  | (5,527 | ) |  |  | 296,780 |
|  | ¥ | 3,015,940 |  |  | ¥ | (634 | ) |  | ¥ | 41,989 |  |  | ¥ | (391,817 | ) |  | ¥ | 2,665,478 |
Summary of rollforwards of allowance for credit losses | The following table presents rollforwards of the allowance for credit losses for fiscal 2022, 2023 and 2024, respectively.
|  | 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 |
|  | Millions of yen |
|  | Fiscal Year ended March 31, 2024 |
|  | Foreign municipal bond securities |  |  | Foreign other asset- backed securities and debt securities |  |  | Total |
Beginning |  | ¥ | 144 |  |  | ¥ | 0 |  |  | ¥ | 144 |
Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded |  |  | 80 |  |  |  | 365 |  |  |  | 445 |
Increase (Decrease) from the effects of changes in foreign exchange rates |  |  | 24 |  |  |  | 21 |  |  |  | 45 |
Ending |  | ¥ | 248 |  |  | ¥ | 386 |  |  | ¥ | 634 |
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, 2023 and 2024, respectively: 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 | )
March 31, 2024
|  | 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 |  | ¥ | 288,662 |  |  | ¥ | (20,561 | ) |  | ¥ | 605,941 |  |  | ¥ | (255,076 | ) |  | ¥ | 894,603 |  |  | ¥ | (275,637 | )
Japanese prefectural and foreign municipal bond securities |  |  | 81,368 |  |  |  | (573 | ) |  |  | 234,289 |  |  |  | (26,011 | ) |  |  | 315,657 |  |  |  | (26,584 | )
Corporate debt securities |  |  | 113,066 |  |  |  | (1,317 | ) |  |  | 418,666 |  |  |  | (81,225 | ) |  |  | 531,732 |  |  |  | (82,542 | )
CMBS and RMBS in the Americas |  |  | 3,482 |  |  |  | (79 | ) |  |  | 35,880 |  |  |  | (1,696 | ) |  |  | 39,362 |  |  |  | (1,775 | )
Other asset-backed securities and debt securities |  |  | 46,950 |  |  |  | (2,557 | ) |  |  | 52,382 |  |  |  | (3,356 | ) |  |  | 99,332 |  |  |  | (5,913 | )
|  | ¥ | 533,528 |  |  | ¥ | (25,087 | ) |  | ¥ | 1,347,158 |  |  | ¥ | (367,364 | ) |  | ¥ | 1,880,686 |  |  | ¥ | (392,451 | )
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, 2023 and 2024, respectively: 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 | )
March 31, 2024
|  | 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 |  | ¥ | 288,662 |  |  | ¥ | (20,561 | ) |  | ¥ | 605,941 |  |  | ¥ | (255,076 | ) |  | ¥ | 894,603 |  |  | ¥ | (275,637 | )
Japanese prefectural and foreign municipal bond securities |  |  | 80,058 |  |  |  | (488 | ) |  |  | 230,512 |  |  |  | (25,848 | ) |  |  | 310,570 |  |  |  | (26,336 | )
Corporate debt securities |  |  | 113,066 |  |  |  | (1,317 | ) |  |  | 418,666 |  |  |  | (81,225 | ) |  |  | 531,732 |  |  |  | (82,542 | )
CMBS and RMBS in the Americas |  |  | 3,482 |  |  |  | (79 | ) |  |  | 35,880 |  |  |  | (1,696 | ) |  |  | 39,362 |  |  |  | (1,775 | )
Other asset-backed securities and debt securities |  |  | 45,517 |  |  |  | (2,474 | ) |  |  | 51,812 |  |  |  | (2,932 | ) |  |  | 97,329 |  |  |  | (5,406 | )
|  | ¥ | 530,785 |  |  | ¥ | (24,919 | ) |  | ¥ | 1,342,811 |  |  | ¥ | (366,777 | ) |  | ¥ | 1,873,596 |  |  | ¥ | (391,696 | )
Summary of Contractual Maturities of Available-for-Sale Debt Securities | The following is a summary of the contractual maturities of available-for-sale debt securities as of March 31, 2024: Available-for-sale debt securities held as of March 31, 2024
|  | Millions of yen |
|  | Amortized cost |  |  | Fair value |
Due within one year |  | ¥ | 114,190 |  |  | ¥ | 114,074 |
Due after one to five years |  |  | 347,324 |  |  |  | 351,997 |
Due after five to ten years |  |  | 394,644 |  |  |  | 403,268 |
Due after ten years |  |  | 2,159,782 |  |  |  | 1,796,139 |
|  | ¥ | 3,015,940 |  |  | ¥ | 2,665,478 |

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