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v3.25.3

Investment in Securities (Tables) | 6 Months Ended
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Sep. 30, 2025
Investments Schedule [Abstract] |
Summary of Investment in Securities | Investment in securities as of March 31, 2025 and September 30, 2025 consis ts of the following:
|  | Millions of yen |
|  | March 31, 2025 |  |  | September 30, 2025 |
Equity securities * |  | ¥ | 626,910 |  |  | ¥ | 689,443 |
Trading debt securities |  |  | 0 |  |  |  | 834 |
Available-for-sale debt securities |  |  | 2,607,637 |  |  |  | 2,703,054 |
Total |  | ¥ | 3,234,547 |  |  | ¥ | 3,393,331 |
* | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥132,313 million and ¥141,122 million as of March 31, 2025 and September 30, 2025, respectively. The amount of investment funds and others that elected the fair value option and were included in equity securities were ¥24,960 million and ¥24,488 million as of March 31, 2025 and September 30, 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, 2025 and September 30, 2025, and for the six months ended September 30, 2024 and 2025.
|  | Millions of yen |
|  | March 31, 2025 |  |  | Six months ended September 30, 2024 |
|  | 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 |  |  | ¥ | (780 | ) |  | ¥ | 634 |
|  | Millions of yen |
|  | September 30, 2025 |  |  | Six months ended September 30, 2025 |
|  | Carrying value |  |  | Accumulated impairments and downward adjustments |  |  | Accumulated upward adjustments |  |  | Impairments and downward adjustments |  |  | Upward adjustments |
Equity securities measured using the measurement alternative |  | ¥ | 101,878 |  |  | ¥ | (17,611 | ) |  | ¥ | 15,095 |  |  | ¥ | (858 | ) |  | ¥ | 12,363 |
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, 2025 and September 30, 2025 are as follows: 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 |
September 30, 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 |  | ¥ | 1,607,338 |  |  | ¥ | 0 |  |  | ¥ | 153 |  |  | ¥ | (549,209 | ) |  | ¥ | 1,058,282 |
Japanese prefectural and foreign municipal bond securities |  |  | 440,413 |  |  |  | (244 | ) |  |  | 4,320 |  |  |  | (34,524 | ) |  |  | 409,965 |
Corporate debt securities |  |  | 1,051,245 |  |  |  | (8 | ) |  |  | 25,781 |  |  |  | (135,899 | ) |  |  | 941,119 |
CMBS and RMBS in the Americas |  |  | 131,783 |  |  |  | 0 |  |  |  | 1,505 |  |  |  | (992 | ) |  |  | 132,296 |
Other asset-backed securities and debt securities |  |  | 163,904 |  |  |  | (519 | ) |  |  | 5,623 |  |  |  | (7,616 | ) |  |  | 161,392 |
|  | ¥ | 3,394,683 |  |  | ¥ | (771 | ) |  | ¥ | 37,382 |  |  | ¥ | (728,240 | ) |  | ¥ | 2,703,054 |
Summary of roll-forwards of allowance for credit losses | The following table presents roll-forwards of the allowance for credit losses for the six months ended September 30, 2024 and 2025, respectively:
|  | Millions of yen |
|  | Six months ended September 30, 2024 |
|  | Foreign municipal bond securities |  |  | Foreign other asset- backed securities and debt securities |  |  | Total |
Beginning |  | ¥ | 248 |  |  | ¥ | 386 |  |  | ¥ | 634 |
Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded |  |  | 0 |  |  |  | 35 |  |  |  | 35 |
Additional increases to the allowance for credit losses on available-for-sale debt securities that had an allowance recorded in a previous period |  |  | 0 |  |  |  | 31 |  |  |  | 31 |
Increase (Decrease) from the effects of changes in foreign exchange rates |  |  | (14 | ) |  |  | (146 | ) |  |  | (160 | )
Ending |  | ¥ | 234 |  |  | ¥ | 306 |  |  | ¥ | 540 |
|  | Millions of yen |
|  | Six months ended September 30, 2025 |
|  | Foreign municipal bond securities |  |  | Foreign corporate debt securities |  |  | Foreign other asset-backed securities and debt securities |  |  | Total |
Beginning |  | ¥ | 245 |  |  | ¥ | 34 |  |  | ¥ | 391 |  |  | ¥ | 670 |
Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded |  |  | 0 |  |  |  | 0 |  |  |  | 128 |  |  |  | 128 |
Additional increases (decreases) to the allowance for credit losses on AFS debt securities that had an allowance recorded in a previous period, net |  |  | 0 |  |  |  | (26 | ) |  |  | 0 |  |  |  | (26 | )
Increase (Decrease) from the effects of changes in foreign exchange rates |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (1 | )
Ending |  | ¥ | 244 |  |  | ¥ | 8 |  |  | ¥ | 519 |  |  | ¥ | 771 |
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, 2025 and September 30, 2025, respectively: 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 | )
September 30, 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 |  | ¥ | 152,319 |  |  | ¥ | (19,752 | ) |  | ¥ | 894,100 |  |  | ¥ | (529,457 | ) |  | ¥ | 1,046,419 |  |  | ¥ | (549,209 | )
Japanese prefectural and foreign municipal bond securities |  |  | 90,381 |  |  |  | (1,971 | ) |  |  | 191,160 |  |  |  | (32,797 | ) |  |  | 281,541 |  |  |  | (34,768 | )
Corporate debt securities |  |  | 113,776 |  |  |  | (4,303 | ) |  |  | 407,541 |  |  |  | (131,604 | ) |  |  | 521,317 |  |  |  | (135,907 | )
CMBS and RMBS in the Americas |  |  | 17,558 |  |  |  | (36 | ) |  |  | 13,035 |  |  |  | (956 | ) |  |  | 30,593 |  |  |  | (992 | )
Other asset-backed securities and debt securities |  |  | 12,734 |  |  |  | (66 | ) |  |  | 36,697 |  |  |  | (8,069 | ) |  |  | 49,431 |  |  |  | (8,135 | )
|  | ¥ | 386,768 |  |  | ¥ | (26,128 | ) |  | ¥ | 1,542,533 |  |  | ¥ | (702,883 | ) |  | ¥ | 1,929,301 |  |  | ¥ | (729,011 | )
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, 2025 and September 30, 2025, respectively: 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 | )
September 30, 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 |  | ¥ | 152,319 |  |  | ¥ | (19,752 | ) |  | ¥ | 894,100 |  |  | ¥ | (529,457 | ) |  | ¥ | 1,046,419 |  |  | ¥ | (549,209 | )
Japanese prefectural and foreign municipal bond securities |  |  | 90,381 |  |  |  | (1,971 | ) |  |  | 186,271 |  |  |  | (32,553 | ) |  |  | 276,652 |  |  |  | (34,524 | )
Corporate debt securities |  |  | 113,111 |  |  |  | (4,291 | ) |  |  | 407,541 |  |  |  | (131,604 | ) |  |  | 520,652 |  |  |  | (135,895 | )
CMBS and RMBS in the Americas |  |  | 17,558 |  |  |  | (36 | ) |  |  | 13,035 |  |  |  | (956 | ) |  |  | 30,593 |  |  |  | (992 | )
Other asset-backed securities and debt securities |  |  | 12,734 |  |  |  | 5 |  |  |  | 35,168 |  |  |  | (7,411 | ) |  |  | 47,902 |  |  |  | (7,406 | )
|  | ¥ | 386,103 |  |  | ¥ | (26,045 | ) |  | ¥ | 1,536,115 |  |  | ¥ | (701,981 | ) |  | ¥ | 1,922,218 |  |  | ¥ | (728,026 | )

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