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v3.25.2

Investment in Securities (Tables) | 12 Months Ended
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Mar. 31, 2025
Investments Schedule [Abstract] |
Summary of Investment in Securities | Investment in securities as of March 31, 2024 and 2025 consists of the following:
|  | Millions of yen |
|  | 2024 |  |  | 2025 |
Equity securities* |  | ¥ | 597,601 |  |  | ¥ | 626,910 |
Available-for-sale debt securities |  |  | 2,665,478 |  |  |  | 2,607,637 |
Total |  | ¥ | 3,263,079 |  |  | ¥ | 3,234,547 |
* | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥161,244 million and ¥132,313 million as of March 31, 2024 and 2025, respectively. The amount of investment funds and others elected the fair value option included in equity securities were ¥26,945 million and ¥24,960 million as of March 31, 2024 and 2025, 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, 2024 and 2025, and for fiscal 2024 and 2025.
|  | 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 |
|  | Millions of yen |
|  | March 31, 2025 |  |  | Fiscal Year ended March 31, 2025 |
|  | Carrying value |  |  | Accumulated impairments and downward adjustments |  |  | Accumulated upward adjustments |  |  | Impairments and downward adjustments |  |  | Upward adjustments |
Equity securities measured using the measurement alternative |  | ¥ | 89,554 |  |  | ¥ | (16,955 | ) |  | ¥ | 3,643 |  |  | ¥ | (1,438) |  |  | ¥ | 1,485 |
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 in each major security type as of March 31, 2024 and 2025 are as follows: 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 |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  | ¥ | 1,520,672 |  |  | ¥ | 0 |  |  | ¥ | 1,325 |  |  | ¥ | (429,471 | ) |  | ¥ | 1,092,526 |
Japanese prefectural and foreign municipal bond securities |  |  | 439,565 |  |  |  | (245 | ) |  |  | 2,408 |  |  |  | (34,898 | ) |  |  | 406,830 |
Corporate debt securities |  |  | 906,297 |  |  |  | (34 | ) |  |  | 15,246 |  |  |  | (118,964 | ) |  |  | 802,545 |
CMBS and RMBS in the Americas |  |  | 106,578 |  |  |  | 0 |  |  |  | 1,053 |  |  |  | (880 | ) |  |  | 106,751 |
Other asset-backed securities and debt securities |  |  | 200,924 |  |  |  | (391 | ) |  |  | 5,438 |  |  |  | (6,986 | ) |  |  | 198,985 |
|  | ¥ | 3,174,036 |  |  | ¥ | (670 | ) |  | ¥ | 25,470 |  |  | ¥ | (591,199 | ) |  | ¥ | 2,607,637 |
Summary of roll-forwards of allowance for credit losses | The following table presents roll-forwards of the allowance for credit losses for fiscal 2023, 2024 and 2025, respectively.
|  | 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 |
|  | Millions of yen |
|  | Fiscal Year ended March 31, 2025 |
|  | Foreign municipal bond securities |  |  | Foreign corporate debt securities |  |  | Foreign other asset- backed securities and debt securities |  |  | Total |
Beginning |  | ¥ | 248 |  |  | ¥ | 0 |  |  | ¥ | 386 |  |  | ¥ | 634 |
Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded |  |  | 0 |  |  |  | 34 |  |  |  | 107 |  |  |  | 141 |
Additional increases to the allowance for credit losses on available-for-sale debt securities that had an allowance recorded in a previous period |  |  | 0 |  |  |  | 0 |  |  |  | 32 |  |  |  | 32 |
Increase (Decrease) from the effects of changes in foreign exchange rates |  |  | (3 | ) |  |  | 0 |  |  |  | (134 | ) |  |  | (137 | )
Ending |  | ¥ | 245 |  |  | ¥ | 34 |  |  | ¥ | 391 |  |  | ¥ | 670 |
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, 2024 and 2025, respectively: 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 | )
March 31, 2025
|  | 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 |  | ¥ | 132,283 |  |  | ¥ | (9,785 | ) |  | ¥ | 913,742 |  |  | ¥ | (419,686 | ) |  | ¥ | 1,046,025 |  |  | ¥ | (429,471 | )
Japanese prefectural and foreign municipal bond securities |  |  | 95,936 |  |  |  | (3,409 | ) |  |  | 224,679 |  |  |  | (31,734 | ) |  |  | 320,615 |  |  |  | (35,143 | )
Corporate debt securities |  |  | 152,094 |  |  |  | (5,196 | ) |  |  | 427,837 |  |  |  | (113,802 | ) |  |  | 579,931 |  |  |  | (118,998 | )
CMBS and RMBS in the Americas |  |  | 16,940 |  |  |  | (103 | ) |  |  | 15,817 |  |  |  | (777 | ) |  |  | 32,757 |  |  |  | (880 | )
Other asset-backed securities and debt securities |  |  | 56,671 |  |  |  | (411 | ) |  |  | 35,183 |  |  |  | (6,966 | ) |  |  | 91,854 |  |  |  | (7,377 | )
|  | ¥ | 453,924 |  |  | ¥ | (18,904 | ) |  | ¥ | 1,617,258 |  |  | ¥ | (572,965 | ) |  | ¥ | 2,071,182 |  |  | ¥ | (591,869 | )
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, 2024 and 2025, respectively: 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 | )
March 31, 2025
|  | 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 |  | ¥ | 132,283 |  |  | ¥ | (9,785 | ) |  | ¥ | 913,742 |  |  | ¥ | (419,686 | ) |  | ¥ | 1,046,025 |  |  | ¥ | (429,471 | )
Japanese prefectural and foreign municipal bond securities |  |  | 94,691 |  |  |  | (3,325 | ) |  |  | 220,950 |  |  |  | (31,573 | ) |  |  | 315,641 |  |  |  | (34,898 | )
Corporate debt securities |  |  | 149,367 |  |  |  | (5,128 | ) |  |  | 427,837 |  |  |  | (113,802 | ) |  |  | 577,204 |  |  |  | (118,930 | )
CMBS and RMBS in the Americas |  |  | 16,940 |  |  |  | (103 | ) |  |  | 15,817 |  |  |  | (777 | ) |  |  | 32,757 |  |  |  | (880 | )
Other asset-backed securities and debt securities |  |  | 56,671 |  |  |  | (340 | ) |  |  | 34,868 |  |  |  | (6,553 | ) |  |  | 91,539 |  |  |  | (6,893 | )
|  | ¥ | 449,952 |  |  | ¥ | (18,681 | ) |  | ¥ | 1,613,214 |  |  | ¥ | (572,391 | ) |  | ¥ | 2,063,166 |  |  | ¥ | (591,072 | )
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, 2025: Available-for-sale debt securities held as of March 31, 2025
|  | Millions of yen |
|  | Amortized cost |  |  | Fair value |
Due within one year |  | ¥ | 50,655 |  |  | ¥ | 50,294 |
Due after one to five years |  |  | 348,552 |  |  |  | 347,285 |
Due after five to ten years |  |  | 410,186 |  |  |  | 407,825 |
Due after ten years |  |  | 2,364,643 |  |  |  | 1,802,233 |
|  | ¥ | 3,174,036 |  |  | ¥ | 2,607,637 |

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