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v3.24.1.1.u2

Investments (Table Text Block) | 12 Months Ended
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Mar. 31, 2024
Investments Debt Equity Securities [Abstract] |
Available for sale investments | Available-for-sale investments as of March 31, 2024 were as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Expected Credit Losses |  |  | Fair Value |
|  | (In thousands) |
U.S. treasury securities and government obligations | $ |  | 191,070 |  | $ |  | 2,123 |  | $ |  | (8,921 | ) | $ |  | — |  | $ |  | 184,272 |
U.S. government agency mortgage-backed securities |  |  | 48,067 |  |  |  | 250 |  |  |  | (7,664 | ) |  |  | — |  |  |  | 40,653 |
Obligations of states and political subdivisions |  |  | 151,197 |  |  |  | 918 |  |  |  | (7,533 | ) |  |  | — |  |  |  | 144,582 |
Corporate securities |  |  | 1,963,249 |  |  |  | 2,762 |  |  |  | (152,799 | ) |  |  | (1,052 | ) |  |  | 1,812,160 |
Mortgage-backed securities |  |  | 306,510 |  |  |  | 34 |  |  |  | (45,707 | ) |  |  | — |  |  |  | 260,837 |
| $ |  | 2,660,093 |  | $ |  | 6,087 |  | $ |  | (222,624 | ) | $ |  | (1,052 | ) | $ |  | 2,442,504 |
Available-for-sale investments as of March 31, 2023 were as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Expected Credit Losses |  |  | Fair Value |
|  | (in thousands) |
U.S. treasury securities and government obligations | $ |  | 353,189 |  | $ |  | 3,061 |  | $ |  | (11,574 | ) | $ |  | — |  | $ |  | 344,676 |
U.S. government agency mortgage-backed securities |  |  | 34,126 |  |  |  | 40 |  |  |  | (6,935 | ) |  |  | — |  |  |  | 27,231 |
Obligations of states and political subdivisions |  |  | 161,960 |  |  |  | 649 |  |  |  | (12,104 | ) |  |  | — |  |  |  | 150,505 |
Corporate securities |  |  | 2,086,432 |  |  |  | 1,491 |  |  |  | (216,589 | ) |  |  | (2,101 | ) |  |  | 1,869,233 |
Mortgage-backed securities |  |  | 370,880 |  |  |  | 78 |  |  |  | (53,566 | ) |  |  | — |  |  |  | 317,392 |
| $ |  | 3,006,587 |  | $ |  | 5,319 |  | $ |  | (300,768 | ) | $ |  | (2,101 | ) | $ |  | 2,709,037 |
Available for sale investments, unrealized losses, fair value |
|  |  | March 31, 2024 |
|  |  | Less than or equal to 1 year |  |  |  | Greater than 1 year |  |  |  | Total |
|  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Fair Value |  |  |  | Unrealized Losses |
|  |  | (In thousands) |
U.S. treasury securities and government obligations |  |  | $ | 1,888 |  |  |  | $ | (13 | ) |  |  | $ | 103,336 |  |  |  | $ | (8,908 | ) |  |  | $ | 105,224 |  |  |  | $ | (8,921 | )
U.S. government agency mortgage-backed securities |  |  |  | — |  |  |  |  | — |  |  |  |  | 23,711 |  |  |  |  | (7,664 | ) |  |  |  | 23,711 |  |  |  |  | (7,664 | )
Obligations of states and political subdivisions |  |  |  | 10,492 |  |  |  |  | (222 | ) |  |  |  | 80,082 |  |  |  |  | (7,311 | ) |  |  |  | 90,574 |  |  |  |  | (7,533 | )
Corporate securities |  |  |  | 132,513 |  |  |  |  | (1,258 | ) |  |  |  | 1,495,167 |  |  |  |  | (151,541 | ) |  |  |  | 1,627,680 |  |  |  |  | (152,799 | )
Mortgage-backed securities |  |  |  | 3,008 |  |  |  |  | (23 | ) |  |  |  | 248,423 |  |  |  |  | (45,684 | ) |  |  |  | 251,431 |  |  |  |  | (45,707 | )
|  |  | $ | 147,901 |  |  |  | $ | (1,516 | ) |  |  | $ | 1,950,719 |  |  |  | $ | (221,108 | ) |  |  | $ | 2,098,620 |  |  |  | $ | (222,624 | )
|  |  | March 31, 2023 |
|  |  | Less than or equal to 1 year |  |  |  | Greater than 1 year |  |  |  | Total |
|  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Fair Value |  |  |  | Unrealized Losses |
|  |  | (In thousands) |
U.S. treasury securities and government obligations |  |  | $ | 75,952 |  |  |  | $ | (3,935 | ) |  |  | $ | 36,736 |  |  |  | $ | (7,639 | ) |  |  | $ | 112,688 |  |  |  | $ | (11,574 | )
U.S. government agency mortgage-backed securities |  |  |  | 2,019 |  |  |  |  | (228 | ) |  |  |  | 23,966 |  |  |  |  | (6,707 | ) |  |  |  | 25,985 |  |  |  |  | (6,935 | )
Obligations of states and political subdivisions |  |  |  | 101,974 |  |  |  |  | (8,090 | ) |  |  |  | 13,463 |  |  |  |  | (4,014 | ) |  |  |  | 115,437 |  |  |  |  | (12,104 | )
Corporate securities |  |  |  | 1,553,647 |  |  |  |  | (158,038 | ) |  |  |  | 213,947 |  |  |  |  | (58,551 | ) |  |  |  | 1,767,594 |  |  |  |  | (216,589 | )
Mortgage-backed securities |  |  |  | 189,370 |  |  |  |  | (13,207 | ) |  |  |  | 118,539 |  |  |  |  | (40,359 | ) |  |  |  | 307,909 |  |  |  |  | (53,566 | )
|  |  | $ | 1,922,962 |  |  |  | $ | (183,498 | ) |  |  | $ | 406,651 |  |  |  | $ | (117,270 | ) |  |  | $ | 2,329,613 |  |  |  | $ | (300,768 | )
Adjusted Cost and Estimated Market Value of Available-for-sale Investments |
|  | March 31, 2024 |  |  | March 31, 2023 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (In thousands) |
Due in one year or less | $ |  | 266,357 |  | $ |  | 266,578 |  | $ |  | 354,875 |  | $ |  | 354,184 |
Due after one year through five years |  |  | 748,338 |  |  |  | 723,903 |  |  |  | 754,175 |  |  |  | 717,552 |
Due after five years through ten years |  |  | 614,890 |  |  |  | 564,422 |  |  |  | 736,089 |  |  |  | 665,708 |
Due after ten years |  |  | 723,998 |  |  |  | 626,764 |  |  |  | 790,568 |  |  |  | 654,201 |
|  |  | 2,353,583 |  |  |  | 2,181,667 |  |  |  | 2,635,707 |  |  |  | 2,391,645 |
Mortgage-backed securities |  |  | 306,510 |  |  |  | 260,837 |  |  |  | 370,880 |  |  |  | 317,392 |
| $ |  | 2,660,093 |  | $ |  | 2,442,504 |  | $ |  | 3,006,587 |  | $ |  | 2,709,037 |
Available for sale equity investments | Equity investments of common stock and non-redeemable preferred stock were as follows:
|  | March 31, 2024 |  |  | March 31, 2023 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (In thousands) |
Common stocks | $ |  | 29,604 |  | $ |  | 45,014 |  | $ |  | 29,577 |  | $ |  | 39,375 |
Non-redeemable preferred stocks |  |  | 25,144 |  |  |  | 21,260 |  |  |  | 26,054 |  |  |  | 21,982 |
| $ |  | 54,748 |  | $ |  | 66,274 |  | $ |  | 55,631 |  | $ |  | 61,357 |
Carrying value of Investments, other | The carrying value of other investments were as follows:
|  | March 31, |
|  | 2024 |  |  | 2023 |
|  | (In thousands) |
Mortgage loans, net | $ |  | 604,481 |  | $ |  | 466,531 |
Short-term investments |  |  | 997 |  |  |  | 15,921 |
Policy loans |  |  | 11,229 |  |  |  | 10,921 |
Other investments |  |  | 17,229 |  |  |  | 82,167 |
| $ |  | 633,936 |  | $ |  | 575,540 |

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