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Derivative Financial Instruments and Hedging (Tables)
 6 Months Ended
Sep. 30, 2025
Derivative Instruments, Gain (Loss) [Line Items]  
Schedule of Effect of Components Excluded From the Assessment of Hedge Effectiveness on the Consolidated Statements of Income
The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income,
pre-tax,
for the six months ended September 30, 2024 is as follows.
Fair value hedges
 
    
Millions of yen
  
    
Gains (losses) recognized in income
  
    
Life insurance premiums and related
investment income
     
Interest expense
     
Other (income) and

expense
  
Foreign exchange contracts
    ¥ 14,454      ¥ 12      ¥ 0  
Options held/written and other
      0        0        28  
The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount (excluding the effect of changes in foreign exchange rates) at March 31, 2025 is as follows.
 
Assets as hedged items in fair value hedges
    
Liabilities as hedged items in fair value hedges
  
    
Millions of yen
         
Millions of yen
  
Consolidated balance
sheets location
   
Carrying
amount
     
The cumulative
amount of fair value
hedging adjustments
included in the
carrying amount
    
Consolidated balance
sheets location
   
Carrying
amount
     
The cumulative
amount of fair value
hedging adjustments
included in the
carrying amount
  
Investment in Securities
    ¥ 491,447      ¥ 0     Long-term Debt    ¥ 28,220      ¥ 0  
Installment Loans
      22,451        (92 )    —       —         —   
 
The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income,
pre-tax,
for the six months ended September 30, 2025 is as follows.
Fair value hedges
 
    
Millions of yen
  
    
Gains (losses) recognized in income
  
    
Life insurance premiums and related
investment income
     
Interest expense
    
Other (income) and

expense
  
Foreign exchange contracts
    ¥ 8,761      ¥ (4 )    ¥ 0  
The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount (excluding the effect of changes in foreign exchange rates) at September 30, 2025 is as follows.
 
Assets as hedged items in fair value hedges
    
Liabilities as hedged items in fair value hedges
  
    
Millions of yen
         
Millions of yen
  
Consolidated balance
sheets location
   
Carrying

amount
     
The cumulative
amount of fair value
hedging adjustments
included in the
carrying amount
    
Consolidated balance
sheets location
   
Carrying
amount
     
The cumulative
amount of fair value
hedging adjustments
included in the
carrying amount
  
Investment in Securities
    ¥ 593,523      ¥ 1,634    
Long-term Debt
    ¥ 25,900      ¥ 0  
Installment Loans
      6,646        (51 )    —       —         —   
Notional Amounts of Derivative Instruments and Other, Fair Values of Derivative Instruments and Other before Offsetting
Notional amounts of derivative instruments and other, fair values of derivative instruments and other before offsetting at March 31, 2025 and September 30, 2025 are as follows.
March 31, 2025
 
         
Derivative assets
  
Derivative liabilities
   
Notional

amount
    
 Fair value 
    
Consolidated balance
sheets location
  
 Fair value 
    
Consolidated balance
sheets location
   
Millions

of yen
    
Millions

of yen
        
Millions

of yen
      
Derivatives designated as hedging instruments and other:
          
Interest rate swap agreements
   ¥ 676,691     ¥ 17,788     Other Assets   ¥ 2,768     Other Liabilities
Options held/written and other
     94,608       98     Other Assets     7,323     Other Liabilities
Futures, foreign exchange contracts
       932,649       9,515     Other Assets     25,445     Other Liabilities
Foreign currency swap agreements
     303,060       9,570     Other Assets     159     Other Liabilities
Foreign currency long-term debt
     250,702       0         —     0         —
Derivatives not designated as hedging instruments:
          
Interest rate swap agreements
   ¥ 1,477     ¥ 81     Other Assets   ¥ 6     Other Liabilities
Options held/written and other
     582,939       15,669     Other Assets     6,392     Other Liabilities
Futures, foreign exchange contracts*
     1,592,590       11,449     Other Assets     13,942     Other Liabilities
Credit derivatives written
     1,000       0         —     3     Other Liabilities
 
*
The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥5,575 million and foreign exchange contracts of ¥2,205 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2025, respectively. Derivative assets in the above table include fair value of the futures and foreign exchange contracts before offsetting of ¥38 million and ¥38 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥57 million and ¥11 million at March 31, 2025, respectively.
September 30, 2025
 
         
Derivative assets
  
Derivative liabilities
   
Notional

amount
    
 Fair value 
    
Consolidated balance
sheets location
  
 Fair value 
    
Consolidated balance
sheets location
   
Millions

of yen
    
Millions

of yen
        
Millions

of yen
      
Derivatives designated as hedging instruments and other:
          
Interest rate swap agreements
   ¥ 660,629     ¥ 17,766     Other Assets   ¥ 2,843     Other Liabilities
Options held/written and other
     85,362       7     Other Assets     12,589     Other Liabilities
Futures, foreign exchange contracts
     947,525       2,661     Other Assets     36,648     Other Liabilities
Foreign currency swap agreements
     461,350       16,098     Other Assets     573     Other Liabilities
Foreign currency long-term debt
     92,444       0         —     0         —
Derivatives not designated as hedging instruments:
          
Interest rate swap agreements
   ¥ 1,303     ¥ 75     Other Assets   ¥ 2     Other Liabilities
Options held/written and other
     779,487       15,871     Other Assets     7,029     Other Liabilities
Futures, foreign exchange contracts*
     1,496,880       31,552     Other Assets     14,706     Other Liabilities
Credit derivatives held/written
     1,357       8     Other Assets     1     Other Liabilities
 
*
The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥2,629 million and foreign exchange contracts of ¥1,662 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at September 30, 2025, respectively. Derivative assets in the above table include fair value of the futures and foreign exchange contracts before offsetting of ¥1 million and ¥6 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥33 million and ¥42 million at September 30, 2025, respectively.
Credit Derivatives
The Company and its subsidiaries have contracted credit derivatives for the purpose of trading. Details of credit derivatives written as of March 31, 2025 and September 30, 2025 are as follows.
March 31, 2025
 
Types of derivatives
   
The events or circumstances
that would require the seller
to perform under the credit
derivative
   
Maximum potential
amount of future
payment under the
credit derivative
     
Approximate
remaining term
of the credit
derivative
     
Fair value of
the credit
derivative
  
  
Millions of yen
     
Millions of yen
  
Credit default swap
    In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company *    ¥ 1,000     
 
Less than
three years
 
 
    ¥ (3 ) 
 
*
Underlying reference company’s credit ratings are A1 or better rated by rating agencies as of March 31, 2025.
September 30, 2025
 
Types of derivatives
   
The events or circumstances
that would require the seller
to perform under the credit
derivative
   
Maximum potential
amount of future
payment under the
credit derivative
     
Approximate
remaining term
of the credit
derivative
     
Fair value of
the credit
derivative
  
  
Millions of yen
     
Millions of yen
  
Credit default swap
    In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company *    ¥ 1,000       
Less than
two years
  
 
    ¥ (1 ) 
 
*
Underlying reference company’s credit ratings are A1 or better rated by rating agencies as of September 30, 2025.
Cash flow hedges  
Derivative Instruments, Gain (Loss) [Line Items]  
Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax
(1) Cash flow hedges
 
    
Millions of yen
  
  
Gains (losses) recognized
in other comprehensive
income on derivative
           
Gains (losses) reclassified from
other comprehensive income (loss) into income
  
 
Life insurance premiums
and related investment
income
     
Interest expense
    
Other (income) and
expense
  
Interest rate swap agreements
    ¥ (7,712 )    ¥ 0      ¥ (68 )    ¥ 0  
Foreign exchange contracts
      (803 )      0        0       0  
Foreign currency swap agreements
      (4,906 )      0        1,584       4,710  
Options held/written and other
      (2,193 )      4        0       0  
(1) Cash flow hedges
 
    
Millions of yen
  
  
Gains (losses) recognized
in other comprehensive
income on derivative
    
 
     
Gains (losses) reclassified from
other comprehensive income (loss) into income
  
 
Life insurance premiums
and related investment
income
     
Interest expense
    
Other (income) and
expense
  
Interest rate swap agreements
    ¥ (2,575 )    ¥ 0      ¥ (121 )    ¥ 0  
Foreign exchange contracts
      298       0        945       (4,017 ) 
Foreign currency swap agreements
      5,174       0        1,124       (2,906 ) 
Options held/written and other
      (6,469 )      50        0       0  
Fair value hedges  
Derivative Instruments, Gain (Loss) [Line Items]  
Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax
(2) Fair value hedges
 
    
Millions of yen
  
    
Gains (losses) recognized in income

on derivative and other
     
Gains (losses) recognized in income

on hedged item
  
    
Life insurance premiums
and related investment
income
    
Other (income) and
expense
     
Life insurance premiums
and related investment
income
    
Other (income) and
expense
  
Interest rate swap agreements
    ¥ 138     ¥ 40      ¥ (92 )    ¥ (13 ) 
Foreign exchange contracts
      (22,854 )      142        22,944       (237 ) 
(2) Fair value hedges
 
    
Millions of yen
  
  
Gains (losses) recognized in income
on derivative and other
    
Gains (losses) recognized in income
on hedged item
  
  
Life insurance premiums
and related investment
income
     
Interest expense
     
Other (income) and
expense
    
Life insurance premiums
and related investment
income
    
Other (income) and
expense
  
Interest rate swap agreements
    ¥ 0      ¥ 0      ¥ (36 )    ¥ 0     ¥ (62 ) 
Foreign exchange contracts
      5,252        630        (2,995 )      (5,217 )      1,380  
Hedges of net investment in foreign operations  
Derivative Instruments, Gain (Loss) [Line Items]  
Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax
(3) Hedges of net investment in foreign operations
 
    
Millions of yen
  
  
Gains (losses) recognized
in other comprehensive
income on derivative
and others
    
Gains (losses) reclassified from
other comprehensive income (loss) into income
  
 
Gains on sales of

subsidiaries and

equity method investments
and liquidation losses, net
    
Interest expense
  
Foreign exchange contracts
    ¥ 920     ¥ (790 )    ¥ 7,635  
Borrowings and bonds in foreign currencies
      (12,854 )      0       0  
(3) Hedges of net investment in foreign operations
 
    
Millions of yen
  
  
Gains (losses) recognized
in other comprehensive
income on derivative
and others
     
Gains (losses) reclassified from
other comprehensive income (loss) into income
  
  
Gains on sales of

subsidiaries and

equity method investments
and liquidation losses, net
     
Interest expense
  
Foreign exchange contracts
    ¥ 356      ¥ 9,890      ¥ 7,109  
Borrowings and bonds in foreign currencies
      4,554        0        0  
Derivatives not designated as hedging instruments  
Derivative Instruments, Gain (Loss) [Line Items]  
Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax
(4) Derivatives not designated as hedging instruments
 
    
Millions of yen
  
  
Gains (losses) recognized in income on derivative
  
  
Life insurance premiums and
related investment income*
    
Interest expense
    
Other (income) and

expense
  
Interest rate swap agreements
    ¥ 0     ¥ 0     ¥ 8  
Futures
      (141 )      0       1,259  
Foreign exchange contracts
      6,698       (10,630 )      44,741  
Credit derivatives held/written
      0       0       0  
Options held/written and other
      0       0       (522 ) 
 
*
Futures and foreign exchange contracts in the above table include gains (losses) arising from futures and foreign exchange contracts held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2024 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”).
(4) Derivatives not designated as hedging instruments
 
    
Millions of yen
  
  
Gains (losses) recognized in income on derivative
  
  
Life insurance premiums and
related investment income*1
    
Interest expense*2
    
Other (income) and
expense
  
Interest rate swap agreements
    ¥ 0     ¥ 0     ¥ 33  
Futures
      (1,106 )      0       2,513  
Foreign exchange contracts
      (3,070 )      (2,436 )      (11,733 ) 
Credit derivatives held/written
      0       0       (2 ) 
Options held/written and other
      0       0       95  
 
*1
Futures and foreign exchange contracts in the above table include gains (losses) arising from futures and foreign exchange contracts held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2025 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”).
*2
The portion of gains (losses) recognized in income on derivative arising from foreign exchange contracts that represents interest rate adjustments is recognized as interest expense.