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Long-Duration Insurance Contracts Relating to Life Insurance Operations (Tables)

6 Months Ended

Sep. 30, 2025

Liability for Future Policy Benefit, Activity [Line Items]

Schedule of Reconciliation of Liability For Future Policy Benefits

The following tables present balances of and changes in the liability for future policy benefits as of and for the fiscal year ended March 31, 2025 and for the six months ended September 30, 2025.

		Millions of yen
		March 31, 2025												September 30, 2025
Present value of expected net premiums		Yen-denominated insurance (First Sector)				Yen-denominated insurance (Third Sector)				Foreign currency denominated insurance				Yen-denominated insurance (First Sector)				Yen-denominated insurance (Third Sector)				Foreign currency denominated insurance
Beginning balance		¥	873,038			¥	1,306,719			¥	389,664			¥	855,431			¥	1,162,214			¥	345,932
Beginning balance at original discount rate			858,959				1,289,145				424,186				877,300				1,216,705				368,846
Effect of changes in cash flow assumptions			(9,660	)			(7,648	)			66				0				0				0
Effect of actual variances from expected experience			984				812				(3,193	)			300				699				(579	)
Adjusted beginning balance			850,283				1,282,309				421,059				877,600				1,217,404				368,267
Issuances			130,605				34,189				31,717				47,401				12,013				15,370
Interests			10,568				17,489				12,323				5,278				8,423				5,480
Net premium earned			(116,850	)			(116,049	)			(62,788	)			(55,184	)			(56,025	)			(33,271	)
Actual variances from cash flow assumptions			(437	)			(770	)			(1,231	)			(28	)			(332	)			(273	)
Derecognition			3,131				(463	)			(27,567	)			4,541				2,746				(5,544	)
Effect of changes in foreign exchange rate			0				0				(4,667	)			0				0				(1,903	)
Ending balance at original discount rate			877,300				1,216,705				368,846				879,608				1,184,229				348,126
Effect of changes in discount rates			(21,869	)			(54,491	)			(22,914	)			(50,761	)			(130,409	)			(15,559	)
Ending balance		¥	855,431			¥	1,162,214			¥	345,932			¥	828,847			¥	1,053,820			¥	332,567

		Millions of yen
		March 31, 2025												September 30, 2025
Present value of expected future policy benefits		Yen-denominated insurance (First Sector)				Yen-denominated insurance (Third Sector)				Foreign currency denominated insurance				Yen-denominated insurance (First Sector)				Yen-denominated insurance (Third Sector)				Foreign currency denominated insurance
Beginning balance		¥	1,565,877			¥	1,844,599			¥	447,081			¥	1,511,436			¥	1,659,960			¥	442,939
Beginning balance at original discount rate			1,658,143				1,895,730				659,217				1,750,912				1,878,075				650,005
Effect of changes in cash flow assumptions			(10,284	)			(8,470	)			81				0				0				0
Adjusted beginning balance			1,647,859				1,887,260				659,298				1,750,912				1,878,075				650,005
Issuances			130,605				34,189				31,717				47,401				12,013				15,370
Interests			24,463				27,997				19,385				12,567				13,967				9,471
Insurance claims paid			(57,099	)			(72,044	)			(18,634	)			(28,419	)			(38,033	)			(6,179	)
Actual variances from cash flow assumptions			(9,571	)			(8,287	)			13,086				(6,523	)			(2,953	)			3,180
Derecognition			14,655				8,960				(46,693	)			11,387				8,007				(10,108	)
Effect of changes in foreign exchange rate			0				0				(8,154	)			0				0				(2,571	)
Ending balance at original discount rate			1,750,912				1,878,075				650,005				1,787,325				1,871,076				659,168
Effect of changes in discount rates			(239,476	)			(218,115	)			(207,066	)			(503,309	)			(490,118	)			(188,604	)
Ending balance		¥	1,511,436			¥	1,659,960			¥	442,939			¥	1,284,016			¥	1,380,958			¥	470,564
Net liability for future policy benefits		¥	656,005			¥	497,746			¥	97,007			¥	455,169			¥	327,138			¥	137,997
Deferred profit liabilities			61,448				74,962				37,340				69,235				77,943				43,995
Subtotal			717,453				572,708				134,347				524,404				405,081				181,992
Less: Reinsurance recoverable			196				0				0				128				0				0
The liability for future policy benefits, after reinsurance recoverable		¥	717,257			¥	572,708			¥	134,347			¥	524,276			¥	405,081			¥	181,992

Schedule of Policy Liabilities And Policy Account Balances In Statement of Financial Position

The following tables provide the breakdown of the policy liabilities and policy account balances recorded in the consolidated balance sheets as of March 31, 2025 and September 30, 2025:

		Millions of yen
		March 31, 2025				September 30, 2025
Yen-denominated insurance (First Sector)		¥	717,257			¥	524,276
Yen-denominated insurance (Third Sector)			572,708				405,081
Foreign currency denominated insurance			134,347				181,992
Subtotal			1,424,312				1,111,349
Policy account balances for single-payment whole life insurance			134,572				238,337
Fixed annuities and annuitization benefits			119,093				110,259
Policy account balances for variable annuity and variable life insurance contracts and market risk benefits			136,257				142,700
Others*			133,813				122,183
Total		¥	1,948,047			¥	1,724,828

* Others include unearned premiums and liabilities for unpaid claims.

Schedule of Liability For Future Policy Benefit Expected Future Policy Benefit Undiscounted Before Reinsurance

The amount of undiscounted and discounted expected future gross premiums and expected future policy benefits and expenses as of March 31, 2025 and September 30, 2025 are as follows:

		Millions of yen
		March 31, 2025								September 30, 2025
		Undiscounted				Discounted				Undiscounted				Discounted
Yen-denominated insurance (First Sector)
Expected future gross premiums		¥	1,551,749			¥	1,362,111			¥	1,574,161			¥	1,330,807
Expected future policy benefits and expenses			2,532,638				1,511,436				2,614,139				1,284,016
Yen-denominated insurance (Third Sector)
Expected future gross premiums			2,456,942				2,003,392				2,398,826				1,819,478
Expected future policy benefits and expenses			2,552,133				1,659,960				2,544,303				1,380,958
Foreign currency denominated insurance
Expected future gross premiums			617,771				493,328				594,234				483,039
Expected future policy benefits and expenses			1,288,727				442,939				1,309,972				470,564

Schedule of Liability For Future Policy Benefit Gross Premiums And Interest Expense

The amounts of gross premiums and interest expense recognized in the consolidated statement of income for the six months ended September 30, 2024 and 2025 are as follows:

		Millions of yen
		Six months ended September 30, 2024								Six months ended September 30, 2025
		Gross premiums				Interest expense				Gross premiums				Interest expense
Yen-denominated insurance (First Sector)		¥	81,607			¥	6,856			¥	89,337			¥	7,289
Yen-denominated insurance (Third Sector)			99,898				5,163				96,721				5,543
Foreign currency denominated insurance			47,059				3,329				47,078				3,992
Total		¥	228,564			¥	15,348			¥	233,136			¥	16,824

Schedule of Liability For Future Policy Benefit, Weighted Average Discount Rates

The weighted average discount rates for the liability for future policy benefits as of March 31, 2025 and September 30, 2025 are as follows:

		Weighted average rate
		March 31, 2025				September 30, 2025
Yen-denominated insurance (First Sector)
Weighted average of the original discount rates			1.8	%			1.8	%
Weighted average of the current discount rates			2.7				4.5
Yen-denominated insurance (Third Sector)
Weighted average of the original discount rates			1.7				1.7
Weighted average of the current discount rates			2.7				4.5
Foreign currency denominated insurance
Weighted average of the original discount rates			3.3				3.4
Weighted average of the current discount rates			5.9				5.7

Schedule of Liability For Future Policy Benefit, Weighted Average Duration

The weighted average duration of the liability for future policy benefit as of March 31, 2025 and September 30, 2025 are as follows:

		Years
		March 31, 2025				September 30, 2025
Yen-denominated insurance (First Sector)			35.1				34.5
Yen-denominated insurance (Third Sector)			32.5				31.6
Foreign currency denominated insurance			33.5				31.9

Schedule of Deferred Policy Acquisition Costs

The following tables present balances of and changes in the deferred policy acquisition costs as of and for the fiscal year ended March 31, 2025 and for the six months ended September 30, 2025:

		Millions of yen
		March 31, 2025
		Yen-denominated insurance (First Sector)				Yen-denominated insurance (Third Sector)				Foreign currency denominated insurance				Single- payment whole life insurance				Total
Beginning balance		¥	82,341			¥	169,581			¥	53,812			¥	0			¥	305,734
Capitalization			13,431				9,180				6,633				6,627				35,871
Amortization			(6,411	)			(10,072	)			(2,689	)			(43	)			(19,215	)
Effect of changes in foreign exchange rate			0				0				(605	)			(137	)			(742	)
Others*			0				0				0				(5,808	)			(5,808	)
Ending balance		¥	89,361			¥	168,689			¥	57,151			¥	639			¥	315,840

		Millions of yen
		September 30, 2025
		Yen-denominated insurance (First Sector)				Yen-denominated insurance (Third Sector)				Foreign currency denominated insurance				Single- payment whole life insurance				Total
Beginning balance		¥	89,361			¥	168,689			¥	57,151			¥	639			¥	315,840
Capitalization			7,085				3,923				3,206				4,793				19,007
Amortization			(3,421	)			(5,040	)			(1,371	)			(217	)			(10,049	)
Effect of changes in foreign exchange rate			0				0				(203	)			5,853				5,650
Others*			0				0				0				(9,943	)			(9,943	)
Ending balance		¥	93,025			¥	167,572			¥	58,783			¥	1,125			¥	320,505

* Others include adjustments of reinsurance.

Schedule of Minimum Guaranteed Interest Rates

The following table presents policy account balances for single-payment whole life insurance and fixed annuity and annuitization benefits by range of minimum guaranteed interest rates as of March 31, 2025 and September 30, 2025.

		Millions of yen
		March 31, 2025
						Above minimum guarantees
Range of minimum guaranteed interest rates		Minimum guarantees				50-150bp				150bp or more
0.00% - less than 1.50%		¥	111,626			¥	7,421			¥	127,151
1.50% or more			7,467				0				0
Total		¥	119,093			¥	7,421			¥	127,151

		Millions of yen
		September 30, 2025
						Above minimum guarantees
Range of minimum guaranteed interest rates		Minimum guarantees				50-150bp				150bp or more
0.00% - less than 1.50%		¥	102,794			¥	15,861			¥	222,476
1.50% or more			7,465				0				0
Total		¥	110,259			¥	15,861			¥	222,476

Schedule of Balances of Policy Account

The following table provides information about fixed annuity and annuitization benefits for the fiscal year ended March 31, 2025 and for the six months ended September 30, 2025.

		Millions of yen
		March 31, 2025				September 30, 2025
Beginning balance		¥	138,419			¥	119,093
Transfer in			9,381				4,657
Surrenders and partial surrenders			(85	)			(24	)
Benefit payments and lump sum payments, etc.			(28,912	)			(13,521	)
Policy charges			(214	)			(103	)
Transfer out			(373	)			(239	)
Interests			895				406
Others			(18	)			(10	)
Ending balance		¥	119,093			¥	110,259
		March 31, 2025				September 30, 2025
Weighted average guaranteed interest rate (%)			0.7				0.7
Benefits in excess of policy account balances (Millions of yen)		¥	0			¥	0
Cash surrender value (Millions of yen)			113,492				104,798

Schedule of Policy Account Balance And Market Risk Benefits

The following table provides information about policy account balances for variable annuity and variable life insurance contracts and market risk benefits as of and for the fiscal year ended March 31, 2025, and for the six months ended September 30, 2025:

		Millions of yen
		March 31, 2025				September 30, 2025
Beginning balance		¥	167,207			¥	136,257
Effect of changes other than through net income and other comprehensive income			(23,706	)			(10,571	)
Surrenders and withdrawals			(4,924	)			(2,366	)
Transfer in			(6,902	)			(3,163	)
Benefit payments			(11,851	)			(4,957	)
Others			(29	)			(85	)
Changes through net income			(7,292	)			17,278
Effect of changes in fair value of corresponding investment assets			(3,538	)			21,719
Fee income			(3,590	)			(1,636	)
Effect of changes in fair value of market risk benefits			(164	)			(2,805	)
Changes through other comprehensive income			48				(264	)
Effect of changes in the instrument-specific credit risk			48				(264	)
Ending balance		¥	136,257			¥	142,700
		Millions of yen
		March 31, 2025				September 30, 2025
Policy account balances		¥	136,662			¥	146,174
Market risk benefits			(405	)			(3,474	)
Total		¥	136,257			¥	142,700

Whole Life Insurance [Member]

Liability for Future Policy Benefit, Activity [Line Items]

Schedule of Balances of Policy Account

The following table provides information about single-payment whole life insurance for the fiscal year ended March 31, 2025 and for the six months ended September 30, 2025.

		Millions of yen
		March 31, 2025				September 30, 2025
Beginning balance		¥	0			¥	134,572
New contract			136,863				99,129
Surrenders and partial surrenders			(66	)			(284	)
Benefit payments and lump sum payments, etc.			(49	)			(332	)
Policy charges			(188	)			(832	)
Interests			1,072				4,705
Effect of changes in foreign exchange rate			(3,060	)			1,379
Ending balance		¥	134,572			¥	238,337
		March 31, 2025				September 30, 2025
Weighted average guaranteed interest rate (%)			3.9				5.1
Benefits in excess of policy account balances (Millions of yen)		¥	0			¥	0
Cash surrender value (Millions of yen)			127,659				230,259

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