XML 42 R34.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Investments (Table Text Block) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Mar. 31, 2024
Investments Debt Equity Securities [Abstract] |  |
Available for sale investments | Available-for-sale investments as of June 30, 2024 were as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Expected Credit Losses |  |  | Fair Value |
|  | (Unaudited) |
|  | (In thousands) |
U.S. treasury securities and government obligations |  | $ | 147,881 |  |  | $ | 235 |  |  | $ | (9,361 | ) |  | $ | — |  |  | $ | 138,755 |
U.S. government agency mortgage-backed securities |  |  | 47,208 |  |  |  | 153 |  |  |  | (8,044 | ) |  |  | — |  |  |  | 39,317 |
Obligations of states and political subdivisions |  |  | 150,396 |  |  |  | 313 |  |  |  | (8,108 | ) |  |  | — |  |  |  | 142,601 |
Corporate securities |  |  | 1,987,105 |  |  |  | 1,318 |  |  |  | (165,015 | ) |  |  | (2,995 | ) |  |  | 1,820,413 |
Mortgage-backed securities |  |  | 299,291 |  |  |  | 33 |  |  |  | (44,520 | ) |  |  | — |  |  |  | 254,804 |
|  | $ | 2,631,881 |  |  | $ | 2,052 |  |  | $ | (235,048 | ) |  | $ | (2,995 | ) |  | $ | 2,395,890 |
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, unrealized losses, fair value |
|  |  | June 30, 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 |
|  |  | (Unaudited) |
|  |  | (In thousands) |
U.S. treasury securities and government obligations |  |  | $ | 35,130 |  |  |  | $ | (40 | ) |  |  | $ | 99,447 |  |  |  | $ | (9,321 | ) |  |  | $ | 134,577 |  |  |  | $ | (9,361 | )
U.S. government agency mortgage-backed securities |  |  |  | — |  |  |  |  | — |  |  |  |  | 22,893 |  |  |  |  | (8,044 | ) |  |  |  | 22,893 |  |  |  |  | (8,044 | )
Obligations of states and political subdivisions |  |  |  | 31,299 |  |  |  |  | (489 | ) |  |  |  | 81,171 |  |  |  |  | (7,619 | ) |  |  |  | 112,470 |  |  |  |  | (8,108 | )
Corporate securities |  |  |  | 204,656 |  |  |  |  | (1,729 | ) |  |  |  | 1,500,739 |  |  |  |  | (163,286 | ) |  |  |  | 1,705,395 |  |  |  |  | (165,015 | )
Mortgage-backed securities |  |  |  | 10,340 |  |  |  |  | (43 | ) |  |  |  | 242,491 |  |  |  |  | (44,477 | ) |  |  |  | 252,831 |  |  |  |  | (44,520 | )
|  |  | $ | 281,425 |  |  |  | $ | (2,301 | ) |  |  | $ | 1,946,741 |  |  |  | $ | (232,747 | ) |  |  | $ | 2,228,166 |  |  |  | $ | (235,048 | )
|  |  | 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 |
|  |  | (Unaudited) |
|  |  | (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 | )
Adjusted Cost and Estimated Market Value of Available-for-sale Investments |
|  | June 30, 2024 |  |  | March 31, 2024 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (Unaudited) |
|  | (In thousands) |
Due in one year or less |  | $ | 301,514 |  |  | $ | 299,952 |  |  | $ | 266,357 |  |  | $ | 266,578 |
Due after one year through five years |  |  | 608,709 |  |  |  | 587,286 |  |  |  | 748,338 |  |  |  | 723,903 |
Due after five years through ten years |  |  | 664,240 |  |  |  | 605,525 |  |  |  | 614,890 |  |  |  | 564,422 |
Due after ten years |  |  | 758,127 |  |  |  | 648,323 |  |  |  | 723,998 |  |  |  | 626,764 |
|  |  | 2,332,590 |  |  |  | 2,141,086 |  |  |  | 2,353,583 |  |  |  | 2,181,667 |
Mortgage-backed securities |  |  | 299,291 |  |  |  | 254,804 |  |  |  | 306,510 |  |  |  | 260,837 |
|  | $ | 2,631,881 |  |  | $ | 2,395,890 |  |  | $ | 2,660,093 |  |  | $ | 2,442,504 |
Available for sale equity investments | Equity investments of common stock and non-redeemable preferred stock were as follows:
|  | June 30, 2024 |  |  | March 31, 2024 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (Unaudited) |
|  | (In thousands) |
Common stocks |  | $ | 35,284 |  |  | $ | 51,999 |  |  | $ | 29,604 |  |  | $ | 45,014 |
Non-redeemable preferred stocks |  |  | 25,144 |  |  |  | 22,067 |  |  |  | 25,144 |  |  |  | 21,260 |
|  | $ | 60,428 |  |  | $ | 74,066 |  |  | $ | 54,748 |  |  | $ | 66,274 |
Carrying value of Investments, other | The carrying value of the other investments was as follows:
|  | June 30, |  |  | March 31, |
|  | 2024 |  |  | 2024 |
|  | (Unaudited) |
|  | (In thousands) |
Mortgage loans, net |  | $ | 617,230 |  |  | $ | 604,481 |
Short-term investments |  |  | — |  |  |  | 997 |
Policy loans |  |  | 11,390 |  |  |  | 11,229 |
Other investments |  |  | 9,803 |  |  |  | 17,229 |
|  | $ | 638,423 |  |  | $ | 633,936 |

X
- Definition Tabular disclosure of transactions that are recognized separately from the acquisition of assets and assumptions of liabilities in the business combination. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessCombinationSeparatelyRecognizedTransactionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B + Details
Name: | us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration