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Investment in Securities (Tables)

12 Months Ended

Mar. 31, 2024

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

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.

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