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v3.23.3

Life Insurance Liabilities | 3 Months Ended
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Sep. 30, 2023
Insurance [Abstract] |
Insurance Disclosure [Text Block] | The following tables present the balances and changes in the policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits for Oxford.
| Six Months Ended September 30, 2023
|  | Life Insurance |  | Health Insurance |  | Total
| (Unaudited)
| (In thousands)
Present value of expected net premiums |  |  |  |  |  |
Balance, beginning of year | $ | 223,118 | $ | 196,569 | $ | 419,687
Beginning balance at original discount rate | $ | 225,071 | $ | 212,454 | $ | 437,525
Effect of changes in cash flow assumptions |  | – |  | – |  | –
Effect of actual variances from expected experience |  | (187) |  | (5,644) |  | (5,831)
Adjusted beginning of year balance | $ | 224,884 | $ | 206,810 | $ | 431,694
Issuances |  | 5,072 |  | 77 |  | 5,149
Interest accrual |  | 5,554 |  | 4,096 |  | 9,650
Net premium collected |  | (19,833) |  | (13,357) |  | (33,190)
Other |  | – |  | – |  | –
Ending balance at original discount rate | $ | 215,677 | $ | 197,626 | $ | 413,303
Effect of changes in discount rate assumptions (AOCI) |  | (1,650) |  | (14,337) |  | (15,987)
Balance, end of period | $ | 214,027 | $ | 183,289 | $ | 397,316
Present value of expected future policy benefits |  |  |  |  |  |
Balance, beginning of year | $ | 530,938 | $ | 210,054 | $ | 740,992
Beginning balance at original discount rate | $ | 533,688 | $ | 226,510 | $ | 760,198
Effect of changes in cash flow assumptions |  | – |  | – |  | –
Effect of actual variances from expected experiences |  | (565) |  | (4,215) |  | (4,780)
Adjusted beginning of year balance | $ | 533,123 | $ | 222,295 | $ | 755,418
Issuances |  | 5,211 |  | 77 |  | 5,288
Interest accrual |  | 13,166 |  | 4,402 |  | 17,568
Benefit payments |  | (27,720) |  | (16,162) |  | (43,882)
Other |  | – |  | – |  | –
Ending balance at original discount rate | $ | 523,780 | $ | 210,612 | $ | 734,392
Effect of changes in discount rate assumptions (AOCI) |  | 949 |  | (14,760) |  | (13,811)
Balance, end of period | $ | 524,729 | $ | 195,852 | $ | 720,581
End of period, LFPB net |  |  |  |  |  | 323,265
Payout annuities and market risk benefits |  |  |  |  |  | 30,685
Life and annuity ICOS and IBNR / Reinsurance losses payable |  |  |  |  |  | 10,101
Life DPL / Other life and health |  |  |  |  |  | 26,556
Oxford end of period balance |  |  |  |  |  | 390,607
Moving and Storage balance |  |  |  |  |  | 324,642
Property and Casualty balance |  |  |  |  |  | 150,148
Policy benefit and losses, claims and loss expense balance, end of period |  |  |  |  | $ | 865,397
| Six Months Ended September 30, 2022
|  | Life Insurance |  | Health Insurance |  | Total
| (Unaudited)
| (In thousands)
Present value of expected net premiums |  |  |  |  |  |
Balance, beginning of year | $ | 280,371 | $ | 280,732 | $ | 561,103
Beginning balance at original discount rate | $ | 242,741 | $ | 253,307 | $ | 496,048
Effect of changes in cash flow assumptions |  | – |  | – |  | –
Effect of actual variances from expected experience |  | 748 |  | 1,026 |  | 1,774
Adjusted beginning of year balance | $ | 243,489 | $ | 254,333 | $ | 497,822
Issuances |  | 14,083 |  | 2,453 |  | 16,536
Interest accrual |  | 6,037 |  | 5,062 |  | 11,099
Net premium collected |  | (21,946) |  | (15,041) |  | (36,987)
Other |  | – |  | – |  | –
Ending balance at original discount rate | $ | 241,663 | $ | 246,807 | $ | 488,470
Effect of changes in discount rate assumptions (AOCI) |  | 7,814 |  | (7,959) |  | (145)
Balance, end of period | $ | 249,477 | $ | 238,848 | $ | 488,325
Present value of expected future policy benefits |  |  |  |  |  |
Balance, beginning of year | $ | 672,254 | $ | 299,628 | $ | 971,882
Beginning balance at original discount rate | $ | 552,109 | $ | 269,177 | $ | 821,286
Effect of changes in cash flow assumptions |  | – |  | – |  | –
Effect of actual variances from expected experiences |  | 1,031 |  | 1,713 |  | 2,744
Adjusted beginning of year balance | $ | 553,140 | $ | 270,890 | $ | 824,030
Issuances |  | 14,083 |  | 2,453 |  | 16,536
Interest accrual |  | 13,714 |  | 5,391 |  | 19,105
Benefit payments |  | (29,783) |  | (17,653) |  | (47,436)
Other |  | – |  | – |  | –
Ending balance at original discount rate | $ | 551,154 | $ | 261,081 | $ | 812,235
Effect of changes in discount rate assumptions (AOCI) |  | 25,907 |  | (7,779) |  | 18,128
Balance, end of period | $ | 577,061 | $ | 253,302 | $ | 830,363
End of period, LFPB net |  |  |  |  |  | 342,038
Payout annuities and market risk benefits |  |  |  |  |  | 33,157
Life and annuity ICOS and IBNR / Reinsurance losses payable |  |  |  |  |  | 11,226
Life DPL / Other life and health |  |  |  |  |  | 37,130
Oxford end of period balance |  |  |  |  |  | 423,551
Moving and Storage balance |  |  |  |  |  | 348,854
Property and Casualty balance |  |  |  |  |  | 156,998
Policy benefit and losses, claims and loss expense balance, end of period |  |  |  |  | $ | 929,403
| Six Months Ended September 30, 2023
|  | Life Insurance |  | Health Insurance |  | Total
| (Unaudited)
| (In thousands, except for percentages and weighted average information)
Expected gross premiums |  |  |  |  |  |
Undiscounted balance | $ | 387,141 | $ | 331,852 | $ | 718,993
Discounted balance at original discount rate | $ | 299,161 | $ | 256,658 | $ | 555,819
Discounted balance at current discount rate | $ | 296,505 | $ | 239,939 | $ | 536,444
Expected policy benefits |  |  |  |  |  |
Undiscounted balance | $ | 761,261 | $ | 273,079 | $ | 1,034,340
Discounted balance at original discount rate | $ | 523,777 | $ | 210,612 | $ | 734,389
Discounted balance at current discount rate | $ | 524,726 | $ | 195,852 | $ | 720,578
Mortality, lapses and morbidity |  |  |  |  |  |
Mortality actual experience |  | 5.02 | % | – | % |
Mortality expected experience |  | 5.06 | % | – | % |
Lapses actual experience |  | 1.87 | % | – | % |
Lapses expected experience |  | 2.65 | % | – | % |
Morbidity actual experience |  | – | % | 85.53 | % |
Morbidity expected experience |  | – | % | 73.50 | % |
Premiums and interest expense |  |  |  |  |  |
Gross premiums | $ | 26,667 | $ | 18,432 | $ | 45,099
Other premiums |  |  |  |  |  | –
Total premiums |  |  |  |  | $ | 45,099
Interest expense | $ | 7,612 | $ | 306 | $ | 7,918
Expected duration (persistency) of policies in-force (years) |  | 6.9 |  | 6.5 |  |
Weighted average original interest rate of the liability for future policy benefits |  | 5.00 | % | 4.00 | % |
Weighted average current interest rate of the liability for future policy benefits |  | 5.00 | % | 5.00 | % |
| Six Months Ended September 30, 2022
|  | Life Insurance |  | Health Insurance |  | Total
| (Unaudited)
| (In thousands, except for percentages and weighted average information)
Expected gross premiums |  |  |  |  |  |
Undiscounted balance | $ | 427,457 | $ | 434,063 | $ | 861,520
Discounted balance at original discount rate | $ | 329,233 | $ | 333,001 | $ | 662,234
Discounted balance at current discount rate | $ | 339,434 | $ | 325,323 | $ | 664,757
Expected policy benefits |  |  |  |  |  |
Undiscounted balance | $ | 807,725 | $ | 342,371 | $ | 1,150,096
Discounted balance at original discount rate | $ | 551,153 | $ | 261,081 | $ | 812,234
Discounted balance at current discount rate | $ | 577,060 | $ | 253,302 | $ | 830,362
Mortality, lapses and morbidity |  |  |  |  |  |
Mortality actual experience |  | 5.07 | % | – | % |
Mortality expected experience |  | 4.78 | % | – | % |
Lapses actual experience |  | 2.04 | % | – | % |
Lapses expected experience |  | 2.53 | % | – | % |
Morbidity actual experience |  | – | % | 79.25 | % |
Morbidity expected experience |  | – | % | 71.30 | % |
Premiums and interest expense |  |  |  |  |  |
Gross premiums | $ | 29,158 | $ | 21,703 | $ | 50,861
Other premiums |  |  |  |  |  | –
Total premiums |  |  |  |  | $ | 50,861
Interest expense | $ | 7,677 | $ | 329 | $ | 8,006
Expected duration (persistency) of policies in-force (years) |  | 7.1 |  | 6.8 |  |
Weighted average original interest rate of the liability for future policy benefits |  | 5.00 | % | 4.00 | % |
Weighted average current interest rate of the liability for future policy benefits |  | 1.00 | % | 1.00 | % |
The following tables present the balances and changes in Liabilities from investment contracts account balances:
|  | Six Months Ended September 30, 2023
|  | Deferred Annuities
|  | (Unaudited)
|  | (In thousands, except for the average credited rate)
Policyholder contract deposits account balance |
Beginning of year | $ | 2,398,884
Deposits received |  | 125,122
Surrenders and withdrawals |  | (146,647)
Benefit payments |  | (20,761)
Interest credited |  | 36,992
Other |  | –
End of period | $ | 2,393,590
Weighted average credited rate |  | 3.09
Cash surrender value | $ | 2,062,233
|  | Six Months Ended September 30, 2022
|  | Deferred Annuities
|  | (Unaudited)
|  | (In thousands, except for the average credited rate)
Policyholder contract deposits account balance |
Beginning of year | $ | 2,336,238
Deposits received |  | 169,008
Surrenders and withdrawals |  | (122,450)
Benefit payments |  | (18,334)
Interest credited |  | 25,566
Other |  | –
End of period | $ | 2,390,028
Weighted average credited rate |  | 2.16
Cash surrender value | $ | 2,082,936

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