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Fair Value Measurements (Tables) | 6 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and September 30, 2025: March 31, 2025
|  | Millions of yen |
|  | Total Carrying Value in Consolidated Balance Sheets |  |  | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale*1 |  | ¥ | 97,694 |  |  | ¥ | 0 |  |  | ¥ | 29,900 |  |  | ¥ | 67,794 |
Available-for-sale debt securities: |  |  | 2,607,637 |  |  |  | 12,243 |  |  |  | 2,377,740 |  |  |  | 217,654 |
Japanese and foreign government bond securities*2 |  |  | 1,092,526 |  |  |  | 7,510 |  |  |  | 1,085,016 |  |  |  | 0 |
Japanese prefectural and foreign municipal bond securities |  |  | 406,830 |  |  |  | 0 |  |  |  | 395,952 |  |  |  | 10,878 |
Corporate debt securities*3 |  |  | 802,545 |  |  |  | 4,733 |  |  |  | 793,560 |  |  |  | 4,252 |
CMBS and RMBS in the Americas |  |  | 106,751 |  |  |  | 0 |  |  |  | 99,669 |  |  |  | 7,082 |
Other asset-backed securities and debt securities |  |  | 198,985 |  |  |  | 0 |  |  |  | 3,543 |  |  |  | 195,442 |
Equity securities*4*5 |  |  | 418,690 |  |  |  | 137,014 |  |  |  | 119,466 |  |  |  | 162,210 |
Derivative assets: |  |  | 64,170 |  |  |  | 361 |  |  |  | 54,992 |  |  |  | 8,817 |
Interest rate swap agreements |  |  | 17,869 |  |  |  | 0 |  |  |  | 17,869 |  |  |  | 0 |
Options held/written and other |  |  | 15,767 |  |  |  | 0 |  |  |  | 6,950 |  |  |  | 8,817 |
Futures, foreign exchange contracts |  |  | 20,964 |  |  |  | 361 |  |  |  | 20,603 |  |  |  | 0 |
Foreign currency swap agreements |  |  | 9,570 |  |  |  | 0 |  |  |  | 9,570 |  |  |  | 0 |
Netting*6 |  |  | (20,495 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net derivative assets |  |  | 43,675 |  |  |  | — |  |  |  | — |  |  |  | — |
Other assets: |  |  | 2,586 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,586 |
Reinsurance recoverables*7 |  |  | 2,586 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,586 |
Total |  | ¥ | 3,190,777 |  |  | ¥ | 149,618 |  |  | ¥ | 2,582,098 |  |  | ¥ | 459,061 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  | ¥ | 56,038 |  |  | ¥ | 129 |  |  | ¥ | 55,257 |  |  | ¥ | 652 |
Interest rate swap agreements |  |  | 2,774 |  |  |  | 0 |  |  |  | 2,774 |  |  |  | 0 |
Options held/written and other |  |  | 13,715 |  |  |  | 0 |  |  |  | 13,063 |  |  |  | 652 |
Futures, foreign exchange contracts |  |  | 39,387 |  |  |  | 129 |  |  |  | 39,258 |  |  |  | 0 |
Foreign currency swap agreements |  |  | 159 |  |  |  | 0 |  |  |  | 159 |  |  |  | 0 |
Credit derivatives written |  |  | 3 |  |  |  | 0 |  |  |  | 3 |  |  |  | 0 |
Netting*6 |  |  | (20,495 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net derivative Liabilities |  |  | 35,543 |  |  |  | — |  |  |  | — |  |  |  | — |
Policy Liabilities and Policy Account Balances: |  |  | 136,257 |  |  |  | 0 |  |  |  | 0 |  |  |  | 136,257 |
Variable annuity and variable life insurance contracts*8 |  |  | 136,257 |  |  |  | 0 |  |  |  | 0 |  |  |  | 136,257 |
Accounts Payable |  |  | 15,259 |  |  |  | 0 |  |  |  | 0 |  |  |  | 15,259 |
Contingent Consideration |  |  | 15,259 |  |  |  | 0 |  |  |  | 0 |  |  |  | 15,259 |
Total |  | ¥ | 207,554 |  |  | ¥ | 129 |  |  | ¥ | 55,257 |  |  | ¥ | 152,168 |
September 30, 2025
|  | Millions of yen |
|  | Total Carrying Value in Consolidated Balance Sheets |  |  | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale*1 |  | ¥ | 85,724 |  |  | ¥ | 0 |  |  | ¥ | 33,128 |  |  | ¥ | 52,596 |
Trading debt securities |  |  | 834 |  |  |  | 0 |  |  |  | 834 |  |  |  | 0 |
Available-for-sale debt securities: |  |  | 2,703,054 |  |  |  | 8,917 |  |  |  | 2,401,367 |  |  |  | 292,770 |
Japanese and foreign government bond securities*2 |  |  | 1,058,282 |  |  |  | 3,705 |  |  |  | 1,054,577 |  |  |  | 0 |
Japanese prefectural and foreign municipal bond securities |  |  | 409,965 |  |  |  | 0 |  |  |  | 399,548 |  |  |  | 10,417 |
Corporate debt securities*3 |  |  | 941,119 |  |  |  | 5,212 |  |  |  | 815,639 |  |  |  | 120,268 |
CMBS and RMBS in the Americas |  |  | 132,296 |  |  |  | 0 |  |  |  | 125,258 |  |  |  | 7,038 |
Other asset-backed securities and debt securities |  |  | 161,392 |  |  |  | 0 |  |  |  | 6,345 |  |  |  | 155,047 |
Equity securities*4*5 |  |  | 446,978 |  |  |  | 127,195 |  |  |  | 136,746 |  |  |  | 183,037 |
Derivative assets: |  |  | 84,038 |  |  |  | 61 |  |  |  | 75,132 |  |  |  | 8,845 |
Interest rate swap agreements |  |  | 17,841 |  |  |  | 0 |  |  |  | 17,841 |  |  |  | 0 |
Options held/written and other |  |  | 15,878 |  |  |  | 0 |  |  |  | 7,033 |  |  |  | 8,845 |
Futures, foreign exchange contracts |  |  | 34,213 |  |  |  | 61 |  |  |  | 34,152 |  |  |  | 0 |
Foreign currency swap agreements |  |  | 16,098 |  |  |  | 0 |  |  |  | 16,098 |  |  |  | 0 |
Credit derivatives held |  |  | 8 |  |  |  | 0 |  |  |  | 8 |  |  |  | 0 |
Netting*6 |  |  | (37,649 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net derivative assets |  |  | 46,389 |  |  |  | — |  |  |  | — |  |  |  | — |
Other assets: |  |  | 1,515 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,515 |
Reinsurance recoverables*7 |  |  | 1,515 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,515 |
Total |  | ¥ | 3,322,143 |  |  | ¥ | 136,173 |  |  | ¥ | 2,647,207 |  |  | ¥ | 538,763 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  | ¥ | 74,391 |  |  | ¥ | 200 |  |  | ¥ | 73,410 |  |  | ¥ | 781 |
Interest rate swap agreements |  |  | 2,845 |  |  |  | 0 |  |  |  | 2,845 |  |  |  | 0 |
Options held/written and other |  |  | 19,618 |  |  |  | 0 |  |  |  | 18,837 |  |  |  | 781 |
Futures, foreign exchange contracts |  |  | 51,354 |  |  |  | 200 |  |  |  | 51,154 |  |  |  | 0 |
Foreign currency swap agreements |  |  | 573 |  |  |  | 0 |  |  |  | 573 |  |  |  | 0 |
Credit derivatives written |  |  | 1 |  |  |  | 0 |  |  |  | 1 |  |  |  | 0 |
Netting*6 |  |  | (37,649 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net derivative Liabilities |  |  | 36,742 |  |  |  | — |  |  |  | — |  |  |  | — |
Policy Liabilities and Policy Account Balances: |  |  | 142,700 |  |  |  | 0 |  |  |  | 0 |  |  |  | 142,700 |
Variable annuity and variable life insurance contracts*8 |  |  | 142,700 |  |  |  | 0 |  |  |  | 0 |  |  |  | 142,700 |
Accounts Payable |  |  | 18,168 |  |  |  | 0 |  |  |  | 0 |  |  |  | 18,168 |
Contingent Consideration |  |  | 18,168 |  |  |  | 0 |  |  |  | 0 |  |  |  | 18,168 |
Total |  | ¥ | 235,259 |  |  | ¥ | 200 |  |  | ¥ | 73,410 |  |  | ¥ | 161,649 |
*1 | A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were a gain of ¥451 million and a loss o f ¥1,077 million from the change in the fair value of the loans for the six months ended September 30, 2024 and 2025, respectively. No gains or losses were recognized in earnings during the six months ended September 30, 2024 and 2025 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2025, were ¥98,135 million and ¥97,694 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥441 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of September 30, 2025, were ¥85,865 million and ¥85,724 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥141 million. The amounts of aggregate unpaid principal balance and aggregate fair value of loans that are 90 days or more past due or, in non-accrual status as of March 31, 2025, were ¥17,098 million and ¥16,346 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥752 million. The amounts of aggregate unpaid principal balance and aggregate fair value of loans that are 90 days or more past due or, in non-accrual status as of September 30, 2025, were ¥11,635 million and ¥11,192 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥443 million.
*2 | A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥41 million and ¥90 million from the change in the fair value of those investments for the six months ended September 30, 2024 and 2025, respectively. The amounts of aggregate fair value elected the fair value option were ¥5,379 million and ¥5,335 million as of March 31, 2025 and September 30, 2025, respectively.
*3 | A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥415 million and ¥365 million from the change in the fair value of those investments for the six months ended September 30, 2024 and 2025, respectively. The amounts of aggregate fair value elected the fair value option were ¥10,679 million and ¥11,676 million as of March 31, 2025 and September 30, 2025, respectively.
*4 | Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” in the consolidated statements of income were gains of ¥1,799 million and ¥1,206 million from the change in the fair value of those investments for the six months ended September 30, 2024 and 2025, respectively. The amounts of aggregate fair value elected the fair value option were ¥24,960 million and ¥24,488 million as of March 31, 2025 and September 30, 2025, respectively.
*5 | The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥118,666 million and ¥140,587 million as of March 31, 2025 and September 30, 2025, respectively.
*6 | It represents the amount offset under counterparty netting of derivative assets and liabilities.
*7 | Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were ¥2,586 million and ¥1,515 million as of March 31, 2025 and September 30, 2025, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings during the six months ended September 30, 2024 and 2025, see Note 17 “Income and Expenses Relating to Life Insurance Operations.”
*8 | Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances were ¥136,257 million and ¥142,700 million as of March 31, 2025 and September 30, 2025, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the six months ended September 30, 2024 and 2025, see Note 17 “Income and Expenses Relating to Life Insurance Operations.”
Reconciliation of Financial Assets and Liabilities (Net) Measured at Fair Value on Recurring Basis Using Significant Unobservable Input | The following tables present the reconciliation of financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended September 30, 2024 and 2025: Six months ended September 30, 2024
|  | Millions of yen |
|  | Balance at April 1, 2024 |  |  | Gains or losses (realized/unrealized) |  |  | Purchases*3 |  |  | Sales |  |  | Settlements*4 |  |  | Transfers in and/ or out of Level 3 (net) |  |  | Balance at September 30, 2024 |  |  | Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2024*1 |  |  | Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at September 30, 2024*2 |
|  | Included in earnings*1 |  |  | Included in other comprehensive income*2 |  |  | Total |
Loans held for sale |  | ¥ | 96,566 |  |  | ¥ | (222 | ) |  | ¥ | (4,910 | ) |  | ¥ | (5,132 | ) |  | ¥ | 453 |  |  | ¥ | 0 |  |  | ¥ | (8,837 | ) |  | ¥ | 0 |  |  | ¥ | 83,050 |  |  | ¥ | 56 |  |  | ¥ | (4,910 | )
Available-for-sale debt securities |  |  | 319,297 |  |  |  | (3,251 | ) |  |  | (6,019 | ) |  |  | (9,270 | ) |  |  | 65,240 |  |  |  | (50,630 | ) |  |  | (88,336 | ) |  |  | 0 |  |  |  | 236,301 |  |  |  | (3,649 | ) |  |  | 25,351 |
Japanese prefectural and foreign municipal bond securities |  |  | 10,922 |  |  |  | (61 | ) |  |  | (476 | ) |  |  | (537 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (9 | ) |  |  | 0 |  |  |  | 10,376 |  |  |  | (61 | ) |  |  | (476 | )
Corporate debt securities |  |  | 5,586 |  |  |  | (124 | ) |  |  | (15 | ) |  |  | (139 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (70 | ) |  |  | 0 |  |  |  | 5,377 |  |  |  | (325 | ) |  |  | (15 | )
CMBS and RMBS in the Americas |  |  | 7,165 |  |  |  | 0 |  |  |  | (403 | ) |  |  | (403 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,762 |  |  |  | 0 |  |  |  | (403 | )
Other asset-backed securities and debt securities |  |  | 295,624 |  |  |  | (3,066 | ) |  |  | (5,125 | ) |  |  | (8,191 | ) |  |  | 65,240 |  |  |  | (50,630 | ) |  |  | (88,257 | ) |  |  | 0 |  |  |  | 213,786 |  |  |  | (3,263 | ) |  |  | 26,245 |
Equity securities |  |  | 162,857 |  |  |  | (4,902 | ) |  |  | (9,831 | ) |  |  | (14,733 | ) |  |  | 19,451 |  |  |  | 0 |  |  |  | (1,923 | ) |  |  | 0 |  |  |  | 165,652 |  |  |  | (4,956 | ) |  |  | (9,834 | )
Investment funds |  |  | 162,857 |  |  |  | (4,902 | ) |  |  | (9,831 | ) |  |  | (14,733 | ) |  |  | 19,451 |  |  |  | 0 |  |  |  | (1,923 | ) |  |  | 0 |  |  |  | 165,652 |  |  |  | (4,956 | ) |  |  | (9,834 | )
Derivative assets and liabilities (net) |  |  | 2,284 |  |  |  | 6,921 |  |  |  | (538 | ) |  |  | 6,383 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,667 |  |  |  | 6,921 |  |  |  | (538 | )
Options held/written and other |  |  | 2,284 |  |  |  | 6,921 |  |  |  | (538 | ) |  |  | 6,383 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,667 |  |  |  | 6,921 |  |  |  | (538 | )
Other asset |  |  | 2,786 |  |  |  | (365 | ) |  |  | 0 |  |  |  | (365 | ) |  |  | 476 |  |  |  | 0 |  |  |  | (38 | ) |  |  | 0 |  |  |  | 2,859 |  |  |  | (365 | ) |  |  | 0 |
Reinsurance recoverables*5 |  |  | 2,786 |  |  |  | (365 | ) |  |  | 0 |  |  |  | (365 | ) |  |  | 476 |  |  |  | 0 |  |  |  | (38 | ) |  |  | 0 |  |  |  | 2,859 |  |  |  | (365 | ) |  |  | 0 |
Policy Liabilities and Policy Account Balances |  |  | 167,207 |  |  |  | 4,141 |  |  |  | (104 | ) |  |  | 4,037 |  |  |  | 0 |  |  |  | 0 |  |  |  | (11,839 | ) |  |  | 0 |  |  |  | 151,331 |  |  |  | 4,141 |  |  |  | (104 | )
Variable annuity and variable life insurance contracts*6 |  |  | 167,207 |  |  |  | 4,141 |  |  |  | (104 | ) |  |  | 4,037 |  |  |  | 0 |  |  |  | 0 |  |  |  | (11,839 | ) |  |  | 0 |  |  |  | 151,331 |  |  |  | 4,141 |  |  |  | (104 | )
Accounts Payable: |  |  | 14,136 |  |  |  | (382 | ) |  |  | 344 |  |  |  | (38 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 14,174 |  |  |  | (382 | ) |  |  | 344 |
Contingent Consideration |  |  | 14,136 |  |  |  | (382 | ) |  |  | 344 |  |  |  | (38 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 14,174 |  |  |  | (382 | ) |  |  | 344 |
Six months ended September 30, 2025
|  | Millions of yen |
|  | Balance at April 1, 2025 |  |  | Gains or losses (realized/unrealized) |  |  | Purchases*3 |  |  | Sales |  |  | Settlements*4 |  |  | Transfers in and/ or out of Level 3 (net) |  |  | Balance at September 30, 2025 |  |  | Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2025*1 |  |  | Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at September 30, 2025*2 |
|  | Included in earnings *1 |  |  | Included in other comprehensive income*2 |  |  | Total |
Loans held for sale |  | ¥ | 67,794 |  |  | ¥ | (682 | ) |  | ¥ | (561 | ) |  | ¥ | (1,243 | ) |  | ¥ | 63 |  |  | ¥ | 0 |  |  | ¥ | (14,018 | ) |  | ¥ | 0 |  |  | ¥ | 52,596 |  |  | ¥ | (147 | ) |  | ¥ | (561 | )
Available-for-sale debt securities |  |  | 217,654 |  |  |  | 3,852 |  |  |  | 2,802 |  |  |  | 6,654 |  |  |  | 117,856 |  |  |  | (560 | ) |  |  | (48,834 | ) |  |  | 0 |  |  |  | 292,770 |  |  |  | 4,537 |  |  |  | 303 |
Japanese prefectural and foreign municipal bond securities |  |  | 10,878 |  |  |  | (177 | ) |  |  | (97 | ) |  |  | (274 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (187 | ) |  |  | 0 |  |  |  | 10,417 |  |  |  | (177 | ) |  |  | (97 | )
Corporate debt securities |  |  | 4,252 |  |  |  | 4,792 |  |  |  | 4,016 |  |  |  | 8,808 |  |  |  | 107,208 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 120,268 |  |  |  | 4,792 |  |  |  | (2 | )
CMBS and RMBS in the Americas |  |  | 7,082 |  |  |  | 0 |  |  |  | (44 | ) |  |  | (44 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 7,038 |  |  |  | 0 |  |  |  | (45 | )
Other asset-backed securities and debt securities |  |  | 195,442 |  |  |  | (763 | ) |  |  | (1,073 | ) |  |  | (1,836 | ) |  |  | 10,648 |  |  |  | (560 | ) |  |  | (48,647 | ) |  |  | 0 |  |  |  | 155,047 |  |  |  | (78 | ) |  |  | 447 |
Equity securities |  |  | 162,210 |  |  |  | 5,797 |  |  |  | (387 | ) |  |  | 5,410 |  |  |  | 17,453 |  |  |  | 0 |  |  |  | (2,036 | ) |  |  | 0 |  |  |  | 183,037 |  |  |  | 5,815 |  |  |  | (384 | )
Investment funds |  |  | 162,210 |  |  |  | 5,797 |  |  |  | (387 | ) |  |  | 5,410 |  |  |  | 17,453 |  |  |  | 0 |  |  |  | (2,036 | ) |  |  | 0 |  |  |  | 183,037 |  |  |  | 5,815 |  |  |  | (384 | )
Derivative assets and liabilities (net) |  |  | 8,165 |  |  |  | 150 |  |  |  | (251 | ) |  |  | (101 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,064 |  |  |  | 150 |  |  |  | (251 | )
Options held/written and other |  |  | 8,165 |  |  |  | 150 |  |  |  | (251 | ) |  |  | (101 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,064 |  |  |  | 150 |  |  |  | (251 | )
Other asset |  |  | 2,586 |  |  |  | (1,421 | ) |  |  | 0 |  |  |  | (1,421 | ) |  |  | 412 |  |  |  | 0 |  |  |  | (62 | ) |  |  | 0 |  |  |  | 1,515 |  |  |  | (1,421 | ) |  |  | 0 |
Reinsurance recoverables*5 |  |  | 2,586 |  |  |  | (1,421 | ) |  |  | 0 |  |  |  | (1,421 | ) |  |  | 412 |  |  |  | 0 |  |  |  | (62 | ) |  |  | 0 |  |  |  | 1,515 |  |  |  | (1,421 | ) |  |  | 0 |
Policy Liabilities and Policy Account Balances |  |  | 136,257 |  |  |  | (17,278 | ) |  |  | 264 |  |  |  | (17,014 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (10,571 | ) |  |  | 0 |  |  |  | 142,700 |  |  |  | (17,278 | ) |  |  | 264 |
Variable annuity and variable life insurance contracts*6 |  |  | 136,257 |  |  |  | (17,278 | ) |  |  | 264 |  |  |  | (17,014 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (10,571 | ) |  |  | 0 |  |  |  | 142,700 |  |  |  | (17,278 | ) |  |  | 264 |
Accounts Payable: |  |  | 15,259 |  |  |  | (244 | ) |  |  | (1,190 | ) |  |  | (1,434 | ) |  |  | 1,475 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 18,168 |  |  |  | (244 | ) |  |  | (1,190 | )
Contingent Consideration |  |  | 15,259 |  |  |  | (244 | ) |  |  | (1,190 | ) |  |  | (1,434 | ) |  |  | 1,475 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 18,168 |  |  |  | (244 | ) |  |  | (1,190 | )
*1 | Principally, gains and losses from available-for-sale debt securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; equity securities are included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” and loans held for sale, derivative assets and liabilities (net), and accounts payable are included in “Other (income) and expense” respectively. Additionally, for available-for-sale debt securities, amortization of interest recognized in finance revenues is included in these columns.
*2 | Unrealized gains and losses from loans held for sale are included in “Net change of foreign currency translation adjustments”, unrealized gains and losses from available-for-sale debt securities are included in “Net change of unrealized gains (losses) on investment in securities” and “Net change of foreign currency translation adjustments”, unrealized gains and losses from equity securities, and derivative assets and liabilities (net) are included mainly in “Net change of foreign currency translation adjustments”, unrealized gains and losses from policy liabilities and policy account balances are included in “Net change of debt valuation adjustments”, unrealized gains and losses from accounts payable are included in “Net change of foreign currency translation adjustments.”
*3 | Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included.
*4 | Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included.
*5 | “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.”
*6 | “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. For a reconciliation of the total amount of policy account balances and the balances of market risk benefits related to variable annuity and variable life insurance contracts during year ended March 31, 2025 and for the six months ended September 30, 2025, see Note 18 “Long-Durations Insurance Contracts Relating to Life Insurance Operations.”
Recorded Amounts of Major Assets Measured at Fair Value on Nonrecurring Basis | The following tables present recorded amounts of assets measured at fair value on a nonrecurring basis during year ended March 31, 2025 and the six months ended September 30, 2025. These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment: Year ended March 31, 2025
|  | Millions of yen |
|  | Total Carrying Value in Consolidated Balance Sheets |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate collateral-dependent loans (net of allowance for credit losses) |  | ¥ | 5,881 |  |  | ¥ | 0 |  |  | ¥ | 0 |  |  | ¥ | 5,881 |
Investment in operating leases, property under facility operations and office facilities |  |  | 8,105 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,105 |
Certain equity securities |  |  | 15,193 |  |  |  | 0 |  |  |  | 15,193 |  |  |  | 0 |
Certain equity method investments |  |  | 20,619 |  |  |  | 0 |  |  |  | 0 |  |  |  | 20,619 |
|  | ¥ | 49,798 |  |  | ¥ | 0 |  |  | ¥ | 15,193 |  |  | ¥ | 34,605 |
Six months ended September 30, 2025 |
|  | Millions of yen |
|  | Total Carrying Value in Consolidated Balance Sheets |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale |  | ¥ | 168 |  |  | ¥ | 0 |  |  | ¥ | 47 |  |  | ¥ | 121 |
Real estate collateral-dependent loans (net of allowance for credit losses) |  |  | 3,490 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,490 |
Investment in operating leases |  |  | 234 |  |  |  | 0 |  |  |  | 0 |  |  |  | 234 |
Certain equity securities |  |  | 37,465 |  |  |  | 0 |  |  |  | 37,465 |  |  |  | 0 |
Certain equity method investments |  |  | 1,109 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,109 |
|  | ¥ | 42,466 |  |  | ¥ | 0 |  |  | ¥ | 37,512 |  |  | ¥ | 4,954 |
Information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets and liabilities measured at fair value on a recurring basis | The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and September 30, 2025.
|  | March 31, 2025
|  | Millions of yen |  |  |  |  |  |  |
|  | Fair value |  |  | Valuation technique(s) |  | Significant unobservable inputs |  | Range (Weighted average)
Assets: |  |  |  |  |  |  |  |  |  |
Loans held for sale |  | ¥ | 67,794 |  |  | Discounted cash flows |  | Discount rate |  | 7.0% – 12.1% (9.4%)
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |
Japanese prefectural and foreign municipal bond securities |  |  | 6,319 |  |  | Discounted cash flows |  | Discount rate |  | 5.8% – 9.8% (8.0%)
|  |  | 4,559 |  |  | Appraisals/Broker quotes |  | — |  | —
Corporate debt securities |  |  | 302 |  |  | Discounted cash flows |  | Discount rate |  | 1.5% (1.5%)
|  |  | 3,950 |  |  | Appraisals/Broker quotes |  | — |  | —
CMBS and RMBS in the Americas |  |  | 7,082 |  |  | Appraisals/Broker quotes |  | — |  | —
Other asset-backed securities and debt securities |  |  | 34,670 |  |  | Discounted cash flows |  | Discount rate |  | 0.4% – 51.2% (5.5%)
|  |  |  |  |  |  |  | Probability of default |  | 0.2% (0.2%)
|  |  | 160,772 |  |  | Appraisals/Broker quotes |  | — |  | —
Equity securities: |  |  |  |  |  |  |  |  |  |
Investment funds and other |  |  | 133,585 |  |  | Discounted cash flows |  | WACC |  | 13.3% – 23.7% (16.8%)
|  |  |  |  |  |  |  | EV/Terminal EBITDA multiple |  | 4.2x-12x (8.8x)
|  |  |  |  |  | Market multiples |  | EV/Last twelve months EBITDA multiple |  | 4.3x-9.5x (7.8x)
|  |  |  |  |  |  |  | EV/Forward EBITDA multiple |  | 4.2x-9x (7.7x)
|  |  |  |  |  |  |  | EV/Precedent transaction last twelve months EBITDA multiple |  | 4.3x-11.9x (8.7x)
|  |  | 22,859 |  |  | Appraisals/Broker quotes |  | — |  | —
|  |  | 5,766 |  |  | Discounted cash flows |  | Discount rate |  | 11.5% – 12.0% (11.7%)
Derivative assets: |  |  |  |  |  |  |  |  |  |
Options held/written and other |  |  | 8,297 |  |  | Discounted cash flows |  | Discount rate |  | 12.0% – 33.0% (14.7%)
|  |  | 520 |  |  | Appraisals/Broker quotes |  | — |  | —
Other assets: |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables |  |  | 2,586 |  |  | Discounted cash flows |  | Discount rate |  | 0.5% – 2.4% (1.3%)
|  |  |  |  |  |  |  | Mortality rate |  | 0.0% – 100.0% (2.9%)
|  |  |  |  |  |  |  | Lapse rate |  | 1.5% – 14.0% (4.7%)
|  |  |  |  |  |  |  | Annuitization rate (guaranteed minimum annuity benefit) |  | 100.0% (100.0%)
Total |  | ¥ | 459,061 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |
Options held/written and other |  | ¥ | 652 |  |  | Discounted cash flows |  | Discount rate |  | 12.0% – 33.0% (14.7%)
Policy liabilities and Policy Account Balances: |  |  |  |  |  |  |  |  |  |
Variable annuity and variable life insurance contracts |  |  | 136,257 |  |  | Discounted cash flows |  | Discount rate |  | 0.5% – 2.4% (1.3%)
|  |  |  |  |  |  |  | Mortality rate |  | 0.0% – 100.0% (2.3%)
|  |  |  |  |  |  |  | Lapse rate |  | 1.5% – 30.0% (5.7%)
|  |  |  |  |  |  |  | Annuitization rate (guaranteed minimum annuity benefit) |  | 0.0% – 100.0% (67.1%)
Accounts Payable: |  |  |  |  |  |  |  |  |  |
Contingent Consideration |  |  | 15,259 |  |  | Discounted cash flows |  | EV/Terminal EBITDA multiple |  | 15.0x (15.0x)
Total |  | ¥ | 152,168 |  |  |  |  |  |  |
|  | September 30, 2025
|  | Millions of yen |  |  |  |  |  |  |
|  | Fair value |  |  | Valuation technique(s) |  | Significant unobservable inputs |  | Range (Weighted average)
Assets: |  |  |  |  |  |  |  |  |  |
Loans held for sale |  | ¥ | 52,596 |  |  | Discounted cash flows |  | Discount rate |  | 6.8% – 11.3% (8.8%)
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |
Japanese prefectural and foreign municipal bond securities |  |  | 5,996 |  |  | Discounted cash flows |  | Discount rate |  | 4.2% – 9.8% (7.8%)
|  |  | 4,421 |  |  | Appraisals/Broker quotes |  | — |  | —
Corporate debt securities |  |  | 116,025 |  |  | Discounted cash flows |  | Discount rate |  | 5.5% (5.5%)
|  |  |  |  |  |  |  | Equity Volatility |  | 60.0% (60.0%)
|  |  | 3,933 |  |  | Appraisals/Broker quotes |  | — |  | —
|  |  | 310 |  |  | Discounted cash flows |  | Discount rate |  | 1.6% (1.6%)
CMBS and RMBS in the Americas |  |  | 7,038 |  |  | Appraisals/Broker quotes |  | — |  | —
Other asset-backed securities and debt securities |  |  | 41,268 |  |  | Discounted cash flows |  | Discount rate |  | 0.4% – 51.2% (5.3%)
|  |  |  |  |  |  |  | Probability of default |  | 0.2% (0.2%)
|  |  | 113,779 |  |  | Appraisals/Broker quotes |  | — |  | —
Equity securities: |  |  |  |  |  |  |  |  |  |
Investment funds |  |  | 154,908 |  |  | Market multiples |  | EV/Last twelve months EBITDA multiple |  | 3.5x-9.3x (8.0x)
|  |  |  |  |  |  |  | EV/Forward EBITDA multiple |  | 7.4 (7.4x)
|  |  | 22,388 |  |  | Appraisals/Broker quotes |  | — |  | —
|  |  | 5,741 |  |  | Discounted cash flows |  | Discount rate |  | 11.5% – 12.0% (11.7%)
Derivative assets: |  |  |  |  |  |  |  |  |  |
Options held/written and other |  |  | 8,495 |  |  | Discounted cash flows |  | Discount rate |  | 12.0% – 33.0% (14.8%)
|  |  | 350 |  |  | Appraisals/Broker quotes |  | — |  | —
Other assets: |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables |  |  | 1,515 |  |  | Discounted cash flows |  | Discount rate |  | 0.7% – 2.6% (1.4%)
|  |  |  |  |  |  |  | Mortality rate |  | 0.0% – 100.0% (3.2%)
|  |  |  |  |  |  |  | Lapse rate |  | 1.5% – 14.0% (4.7%)
|  |  |  |  |  |  |  | Annuitization rate (guaranteed minimum annuity benefit) |  | 100.0% (100.0%)
Total |  | ¥ | 538,763 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |
Options held/written and other |  | ¥ | 781 |  |  | Discounted cash flows |  | Discount rate |  | 12.0% – 33.0% (14.8%)
Policy liabilities and Policy Account Balances: |  |  |  |  |  |  |  |  |  |
Variable annuity and variable life insurance contracts |  |  | 142,700 |  |  | Discounted cash flows |  | Discount rate |  | 0.7% – 2.6% (1.4%)
|  |  |  |  |  |  |  | Mortality rate |  | 0.0% – 100.0% (2.3%)
|  |  |  |  |  |  |  | Lapse rate |  | 1.5% – 30.0% (5.7%)
|  |  |  |  |  |  |  | Annuitization rate (guaranteed minimum annuity benefit) |  | 0.0% – 100.0% (65.7%)
Accounts Payable: |  |  |  |  |  |  |  |  |  |
Contingent Consideration |  |  | 16,679 |  |  | Discounted cash flows |  | EV/Terminal EBITDA multiple |  | 15.0x (15.0x)
|  |  | 1,489 |  |  | Discounted cash flows |  | Discount rate |  | 4.8% – 5.0% (4.9%)
|  |  |  |  |  |  |  | EBTDA Volatility |  | 35.0% (35.0%)
Total |  | ¥ | 161,649 |  |  |  |  |  |  |
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis | The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets measured at fair value on a nonrecurring basis during year ended March 31, 2025 and the six months ended September 30, 2025.
|  | March 31, 2025
|  | Millions of yen |  |  |  |  |  |  |
|  | Fair value |  |  | Valuation technique(s) |  | Significant unobservable inputs |  | Range (Weighted average)
Assets: |  |  |  |  |  |  |  |  |  |
Real estate collateral-dependent loans (net of allowance for credit losses) |  | ¥ | 1,064 |  |  | Direct capitalization |  | Capitalization rate |  | 4.4% – 5.2% (4.7%)
|  |  | 4,817 |  |  | Appraisals/Broker quotes |  | — |  | —
Investment in operating leases, property under facility operations and office facilities |  |  | 3,314 |  |  | Discounted cash flows |  | Discount rate |  | 6.1% (6.1%)
|  |  | 4,791 |  |  | Appraisals/Broker quotes |  | — |  | —
Certain equity method investments |  |  | 20,619 |  |  | Appraisals/Broker quotes |  | — |  | —
|  | ¥ | 34,605 |  |  |  |  |  |  |
|  | September 30, 2025
|  | Millions of yen |  |  |  |  |  |  |
|  | Fair value |  |  | Valuation technique(s) |  | Significant unobservable inputs |  | Range (Weighted average)
Assets: |  |  |  |  |  |  |  |  |  |
Loans held for sale |  | ¥ | 121 |  |  | Discounted cash flows |  | Discount rate |  | 5.0% – 8.0% (6.5%)
Real estate collateral-dependent loans (net of allowance for credit losses) |  |  | 1,142 |  |  | Direct capitalization |  | Capitalization rate |  | 4.7% – 5.5% (4.9%)
|  |  | 2,348 |  |  | Appraisals/Broker quotes |  | — |  | —
Investment in operating leases |  |  | 234 |  |  | Appraisals/Broker quotes |  | — |  | —
Certain equity method investments |  |  | 1,109 |  |  | Appraisals/Broker quotes |  | — |  | —
|  | ¥ | 4,954 |  |  |  |  |  |  |

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