Policy Benefits and Losses, Claims and Loss Expenses Payable

12 Months Ended

Mar. 31, 2025

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,
		2025				2024

		(In thousands)
Present value of expected net premiums

Balance, beginning of year	$		205,389		$		223,118
Beginning balance at original discount rate	$		204,306		$		225,071
Effect of changes in cash flow assumptions			(1,761	)			—
Effect of actual variances from expected experience			(483	)			(932	)
Adjusted beginning of year balance	$		202,062		$		224,139
Issuances			9,278				8,491
Interest accrual			10,022				11,185
Net premium collected			(35,854	)			(39,509	)
Other			—				—
Ending balance at original discount rate	$		185,508		$		204,306
Effect of changes in discount rate assumptions (AOCI)			(2,850	)			1,083
Balance, end of period	$		182,658		$		205,389

Present value of expected future policy benefits

Balance, beginning of year	$		522,122		$		530,984
Beginning balance at original discount rate	$		514,113		$		533,689
Effect of changes in cash flow assumptions			(2,697	)			—
Effect of actual variances from expected experiences			(1,847	)			(2,483	)
Adjusted beginning of year balance	$		509,569		$		531,206
Issuances			9,278				8,513
Interest accrual			25,275				26,507
Benefit payments			(53,147	)			(52,113	)
Other			—				—
Ending balance at original discount rate	$		490,975		$		514,113
Effect of changes in discount rate assumptions (AOCI)			(8,170	)			8,009
Balance, end of period	$		482,805		$		522,122
End of period, LFPB net			300,147				316,733
Payout annuities and market risk benefits			24,523				31,337
Health insurance			10,071				12,201
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable			25,426				27,432
Life DPL / Other life and health			8,686				9,208
LFPB flooring effect			61				7
Life Insurance end of period balance			368,914				396,918
Moving and Storage balance			361,755				319,716
Property and Casualty Insurance balance			126,852				132,479
Policy benefit and losses, claims and loss expense balance, end of period			857,521				849,113

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,
		2025				2024

		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance	$		341,117		$		367,640
Discounted balance at original discount rate	$		264,878		$		285,087
Discounted balance at current discount rate	$		260,455		$		286,295

Expected policy benefits
Undiscounted balance	$		704,682		$		742,927
Discounted balance at original discount rate	$		490,975		$		514,112
Discounted balance at current discount rate	$		482,805		$		522,121

Mortality, lapses and morbidity
Mortality actual experience			4.83	%			4.49	%
Mortality expected experience			5.40	%			5.06	%
Lapses actual experience			2.28	%			2.10	%
Lapses expected experience			2.70	%			2.63	%

Premiums and interest expense
Gross premiums (1)	$		49,429		$		52,909
Interest expense (2)	$		15,253		$		15,322

Expected duration (persistency) of policies in-force (years)			6.7				6.8
Weighted average original interest rate of the liability for future policy benefits			4.96	%			4.99	%
Weighted average current interest rate of the liability for future policy benefits			4.99	%			5.03	%

(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, 2025

		(In thousands, except for the average credited rate)
Beginning of year	$		2,411,352
Deposits received			496,603
Surrenders and withdrawals			(446,951	)
Benefit payments			(40,915	)
Interest credited			84,920
Other			6,413
End of period	$		2,511,422
Weighted average credited rate			3.45
Cash surrender value	$		2,164,100


		Year Ended March 31, 2024

		(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