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v3.24.3

Investments | 6 Months Ended
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Sep. 30, 2024
Investments Debt Equity Securities [Abstract] |
Investments | 3. Investments We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $20.0 million and $23.1 million as of September 30, 2024 and March 31, 2024, respectively. Available-for-Sale Investments Available-for-sale investments as of September 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 |  | $ | 150,029 |  |  | $ | 208 |  |  | $ | (9,348 | ) |  | $ | — |  |  | $ | 140,889 |
U.S. government agency mortgage-backed securities |  |  | 45,374 |  |  |  | 107 |  |  |  | (8,255 | ) |  |  | — |  |  |  | 37,226 |
Obligations of states and political subdivisions |  |  | 142,067 |  |  |  | 197 |  |  |  | (9,098 | ) |  |  | — |  |  |  | 133,166 |
Corporate securities |  |  | 1,943,081 |  |  |  | 1,271 |  |  |  | (171,608 | ) |  |  | (2,814 | ) |  |  | 1,769,930 |
Mortgage-backed securities |  |  | 402,279 |  |  |  | 150 |  |  |  | (45,717 | ) |  |  | — |  |  |  | 356,712 |
|  | $ | 2,682,830 |  |  | $ | 1,933 |  |  | $ | (244,026 | ) |  | $ | (2,814 | ) |  | $ | 2,437,923 |
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 |
|  | (Unaudited) |
|  | (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 |
A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of September 30, 2024 and March 31, 2024 were as follows:
|  |  | September 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 |  |  | $ | 39,648 |  |  |  | $ | (35 | ) |  |  | $ | 97,088 |  |  |  | $ | (9,313 | ) |  |  | $ | 136,736 |  |  |  | $ | (9,348 | )
U.S. government agency mortgage-backed securities |  |  |  | — |  |  |  |  | — |  |  |  |  | 22,087 |  |  |  |  | (8,255 | ) |  |  |  | 22,087 |  |  |  |  | (8,255 | )
Obligations of states and political subdivisions |  |  |  | 37,607 |  |  |  |  | (676 | ) |  |  |  | 79,068 |  |  |  |  | (8,422 | ) |  |  |  | 116,675 |  |  |  |  | (9,098 | )
Corporate securities |  |  |  | 208,344 |  |  |  |  | (1,953 | ) |  |  |  | 1,475,083 |  |  |  |  | (169,655 | ) |  |  |  | 1,683,427 |  |  |  |  | (171,608 | )
Mortgage-backed securities |  |  |  | 58,938 |  |  |  |  | (177 | ) |  |  |  | 234,037 |  |  |  |  | (45,540 | ) |  |  |  | 292,975 |  |  |  |  | (45,717 | )
|  |  | $ | 344,537 |  |  |  | $ | (2,841 | ) |  |  | $ | 1,907,363 |  |  |  | $ | (241,185 | ) |  |  | $ | 2,251,900 |  |  |  | $ | (244,026 | )
|  |  | 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 | )
The adjusted cost and fair value of available-for-sale investments by contractual maturity were as follows:
|  | September 30, 2024 |  |  | March 31, 2024 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (Unaudited) |
|  | (In thousands) |
Due in one year or less |  | $ | 274,397 |  |  | $ | 272,854 |  |  | $ | 266,357 |  |  | $ | 266,578 |
Due after one year through five years |  |  | 645,371 |  |  |  | 623,920 |  |  |  | 748,338 |  |  |  | 723,903 |
Due after five years through ten years |  |  | 614,127 |  |  |  | 554,516 |  |  |  | 614,890 |  |  |  | 564,422 |
Due after ten years |  |  | 746,656 |  |  |  | 629,921 |  |  |  | 723,998 |  |  |  | 626,764 |
|  |  | 2,280,551 |  |  |  | 2,081,211 |  |  |  | 2,353,583 |  |  |  | 2,181,667 |
Mortgage-backed securities |  |  | 402,279 |  |  |  | 356,712 |  |  |  | 306,510 |  |  |  | 260,837 |
|  | $ | 2,682,830 |  |  | $ | 2,437,923 |  |  | $ | 2,660,093 |  |  | $ | 2,442,504 |
Equity investments of common stock and non-redeemable preferred stock were as follows:
|  | September 30, 2024 |  |  | March 31, 2024 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (Unaudited) |
|  | (In thousands) |
Common stocks |  | $ | 29,422 |  |  | $ | 41,529 |  |  | $ | 29,604 |  |  | $ | 45,014 |
Non-redeemable preferred stocks |  |  | 25,144 |  |  |  | 21,766 |  |  |  | 25,144 |  |  |  | 21,260 |
|  | $ | 54,566 |  |  | $ | 63,295 |  |  | $ | 54,748 |  |  | $ | 66,274 |
Investments, other The carrying value of the other investments was as follows:
|  | September 30, |  |  | March 31, |
|  | 2024 |  |  | 2024 |
|  | (Unaudited) |
|  | (In thousands) |
Mortgage loans, net |  | $ | 623,042 |  |  | $ | 604,481 |
Short-term investments |  |  | — |  |  |  | 997 |
Policy loans |  |  | 11,642 |  |  |  | 11,229 |
Other investments |  |  | 9,209 |  |  |  | 17,229 |
|  | $ | 643,893 |  |  | $ | 633,936 |

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