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Policy Benefits and Losses, Claims and Loss Expenses Payable | 12 Months Ended
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Mar. 31, 2024
Insurance [Abstract] |
Policy Benefits and Losses, Claims and Loss Expenses Payable | . Life Insurance Liabilities The following tables summarize balances and changes in the liability for future policy benefits for life insurance contracts and a reconciliation to policy benefits and losses, claims and loss expenses payable..
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |
|  | (In thousands) |
Present value of expected net premiums |  |  |  |  |  |
Balance, beginning of year | $ |  | 223,118 |  | $ |  | 280,371 |
Beginning balance at original discount rate | $ |  | 225,071 |  | $ |  | 242,741 |
Effect of changes in cash flow assumptions |  |  | — |  |  |  | — |
Effect of actual variances from expected experience |  |  | (932 | ) |  |  | (1,565 | )
Adjusted beginning of year balance | $ |  | 224,139 |  | $ |  | 241,176 |
Issuances |  |  | 8,491 |  |  |  | 14,118 |
Interest accrual |  |  | 11,185 |  |  |  | 12,131 |
Net premium collected |  |  | (39,509 | ) |  |  | (42,354 | )
Other |  |  | — |  |  |  | — |
Ending balance at original discount rate | $ |  | 204,306 |  | $ |  | 225,071 |
Effect of changes in discount rate assumptions (AOCI) |  |  | 1,083 |  |  |  | (1,953 | )
Balance, end of period | $ |  | 205,389 |  | $ |  | 223,118 |
Present value of expected future policy benefits |  |  |  |  |  |
Balance, beginning of year | $ |  | 530,984 |  | $ |  | 672,254 |
Beginning balance at original discount rate | $ |  | 533,689 |  | $ |  | 552,109 |
Effect of changes in cash flow assumptions |  |  | — |  |  |  | — |
Effect of actual variances from expected experiences |  |  | (2,483 | ) |  |  | (3,964 | )
Adjusted beginning of year balance | $ |  | 531,206 |  | $ |  | 548,145 |
Issuances |  |  | 8,513 |  |  |  | 14,118 |
Interest accrual |  |  | 26,507 |  |  |  | 27,572 |
Benefit payments |  |  | (52,113 | ) |  |  | (56,146 | )
Other |  |  | — |  |  |  | — |
Ending balance at original discount rate | $ |  | 514,113 |  | $ |  | 533,689 |
Effect of changes in discount rate assumptions (AOCI) |  |  | 8,009 |  |  |  | (2,705 | )
Balance, end of period | $ |  | 522,122 |  | $ |  | 530,984 |
End of period, LFPB net |  |  | 316,733 |  |  |  | 307,866 |
Payout annuities and market risk benefits |  |  | 31,337 |  |  |  | 31,060 |
Health insurance |  |  | 12,201 |  |  |  | 13,484 |
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable |  |  | 27,432 |  |  |  | 29,534 |
Life DPL / Other life and health |  |  | 9,208 |  |  |  | 9,973 |
LFPB flooring effect |  |  | 7 |  |  |  | 51 |
Life Insurance end of period balance |  |  | 396,918 |  |  |  | 391,968 |
Moving and Storage balance |  |  | 319,716 |  |  |  | 335,227 |
Property and Casualty Insurance balance |  |  | 132,479 |  |  |  | 153,007 |
Policy benefit and losses, claims and loss expense balance, end of period |  |  | 849,113 |  |  |  | 880,202 |
The following tables provide the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for life insurance contracts, it summarizes the actual experience and expected experience for mortality and lapses of the liability for future policy benefits for life insurance contracts and provides the weighted-average durations and interest rates of the liability for future policy benefits for life insurance contracts:
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |
|  | (In thousands, except for percentages and weighted average information) |
Expected gross premiums |  |  |  |  |  |
Undiscounted balance | $ |  | 367,640 |  | $ |  | 405,017 |
Discounted balance at original discount rate | $ |  | 285,087 |  | $ |  | 311,988 |
Discounted balance at current discount rate | $ |  | 286,295 |  | $ |  | 308,822 |
Expected policy benefits |  |  |  |  |  |
Undiscounted balance | $ |  | 742,927 |  | $ |  | 779,778 |
Discounted balance at original discount rate | $ |  | 514,112 |  | $ |  | 533,688 |
Discounted balance at current discount rate | $ |  | 522,121 |  | $ |  | 530,983 |
Mortality, lapses and morbidity |  |  |  |  |  |
Mortality actual experience |  |  | 4.49 | % |  |  | 4.67 | %
Mortality expected experience |  |  | 5.06 | % |  |  | 4.80 | %
Lapses actual experience |  |  | 2.10 | % |  |  | 2.04 | %
Lapses expected experience |  |  | 2.63 | % |  |  | 2.52 | %
Premiums and interest expense |  |  |  |  |  |
Gross premiums (1) | $ |  | 52,909 |  | $ |  | 56,563 |
Interest expense (2) | $ |  | 15,322 |  | $ |  | 15,441 |
Expected duration (persistency) of policies in-force (years) |  |  | 6.8 |  |  |  | 7.0 |
Weighted average original interest rate of the liability for future policy benefits |  |  | 4.99 | % |  |  | 5.03 | %
Weighted average current interest rate of the liability for future policy benefits |  |  | 5.03 | % |  |  | 0.56 | %
(1) Gross premiums are related to life insurance and are included in Life insurance premiums. |
(2) Interest expense is included in Policy benefits and losses, claims and loss expenses payable. |
The following tables present the balances and changes in Liabilities from investment contracts account balances:
|  | Year Ended March 31, 2024 |
Policyholder contract deposits account balance |  | (In thousands, except for the average credited rate) |
Beginning of year | $ |  | 2,398,884 |
Deposits received |  |  | 360,124 |
Surrenders and withdrawals |  |  | (379,099 | )
Benefit payments |  |  | (39,990 | )
Interest credited |  |  | 71,433 |
Other |  |  | — |
End of period | $ |  | 2,411,352 |
Weighted average credited rate |  |  | 3.03 |
Cash surrender value | $ |  | 2,104,617 |
|  | Year Ended March 31, 2023 |
Policyholder contract deposits account balance |  | (In thousands, except for the average credited rate) |
Beginning of year | $ |  | 2,336,238 |
Deposits received |  |  | 326,465 |
Surrenders and withdrawals |  |  | (287,796 | )
Benefit payments |  |  | (33,548 | )
Interest credited |  |  | 57,525 |
Other |  |  | — |
End of period | $ |  | 2,398,884 |
Weighted average credited rate |  |  | 2.43 |
Cash surrender value | $ |  | 2,067,735 |

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