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Investment in Securities (Tables)

6 Months Ended

Sep. 30, 2025

Investments Schedule [Abstract]

Summary of Investment in Securities

Investment in securities as of March 31, 2025 and September 30, 2025 consists 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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