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Allowance for Credit Losses | 12 Months Ended
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Mar. 31, 2024
Allowance For Credit Loss [Abstract] |
Allowance for Credit Losses | Note 24. Allowance for Credit Losses Mortgage Loans, Net Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost. Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history. Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. When management determines that credit losses are expected to occur, an allowance for expected credit losses based on the fair value of the collateral is recorded. There were no delinquent commercial mortgage loans as of March 31, 2024 and March 31, 2023. As of March 31, 2024 and March 31, 2023, the Company had no commercial mortgage loans in non-accrual status. The Company had no unfunded commitment balance to commercial loan borrowers as of March 31, 2024. Reinsurance Recoverables Reinsurance recoverable on paid and unpaid benefits was less than 1% of the total assets as of March 31, 2024 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium Receivables Premiums receivables were $1.1 million and $4.1 million as of March 31, 2024 and 2023, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn‘t pay premiums. The following details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:
|  | Allowance for Credit Losses |
|  | Trade Receivables |  |  | Fixed Maturity Securities |  |  | Investments, other |  |  | Total |
|  |  |  |  | (In thousands) |  |  |  |
Balance as of March 31, 2022 | $ |  | 8,649 |  | $ |  | 60 |  | $ |  | 501 |  | $ |  | 9,210 |
Provision for (reversal of) credit losses |  |  | (4,860 | ) |  |  | 2,041 |  |  |  | 16 |  |  |  | (2,803 | )
Write-offs against allowance |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance as of March 31, 2023 | $ |  | 3,789 |  | $ |  | 2,101 |  | $ |  | 517 |  | $ |  | 6,407 |
Provision for (reversal of) credit losses |  |  | 2,447 |  |  |  | (1,049 | ) |  |  | 300 |  |  |  | 1,698 |
Write-offs against allowance |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance as of March 31, 2024 | $ |  | 6,236 |  | $ |  | 1,052 |  | $ |  | 817 |  | $ |  | 8,105 |

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- Definition The entire disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -Publisher FASB -URI https://asc.fasb.org//310/tableOfContent + Details
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