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Investments (Table Text Block)
 12 Months Ended
Mar. 31, 2025
Investments Debt Equity Securities [Abstract]  
Available for sale investments

Available-for-sale investments as of March 31, 2025 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

$

 

119,289

 

$

 

206

 

$

 

(8,353

)

$

 

—

 

$

 

111,142

 

U.S. government agency mortgage-backed securities

 

 

81,909

 

 

 

232

 

 

 

(8,712

)

 

 

—

 

 

 

73,429

 

Obligations of states and political subdivisions

 

 

137,280

 

 

 

272

 

 

 

(8,808

)

 

 

—

 

 

 

128,744

 

Corporate securities

 

 

1,807,605

 

 

 

1,623

 

 

 

(155,749

)

 

 

(3,104

)

 

 

1,650,375

 

Mortgage-backed securities

 

 

562,479

 

 

 

582

 

 

 

(47,253

)

 

 

—

 

 

 

515,808

 

 

$

 

2,708,562

 

$

 

2,915

 

$

 

(228,875

)

$

 

(3,104

)

$

 

2,479,498

 

 

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

 

 

 

March 31, 2025

 

 

 

 

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

 

 

$

1,760

 

 

 

$

(24

)

 

 

$

95,058

 

 

 

$

(8,329

)

 

 

$

96,818

 

 

 

$

(8,353

)

U.S. government agency mortgage-backed securities

 

 

 

36,871

 

 

 

 

(197

)

 

 

 

20,928

 

 

 

 

(8,515

)

 

 

 

57,799

 

 

 

 

(8,712

)

Obligations of states and political subdivisions

 

 

 

46,036

 

 

 

 

(1,628

)

 

 

 

52,903

 

 

 

 

(7,179

)

 

 

 

98,939

 

 

 

 

(8,807

)

Corporate securities

 

 

 

294,133

 

 

 

 

(5,822

)

 

 

 

1,239,884

 

 

 

 

(149,927

)

 

 

 

1,534,017

 

 

 

 

(155,749

)

Mortgage-backed securities

 

 

 

188,328

 

 

 

 

(3,911

)

 

 

 

217,020

 

 

 

 

(43,343

)

 

 

 

405,348

 

 

 

 

(47,254

)

 

 

 

$

567,128

 

 

 

$

(11,582

)

 

 

$

1,625,793

 

 

 

$

(217,293

)

 

 

$

2,192,921

 

 

 

$

(228,875

)

 

 

 

 

 

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

)
Adjusted Cost and Estimated Market Value of Available-for-sale Investments

 

 

March 31, 2025

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(In thousands)

 

Due in one year or less

$

 

196,238

 

$

 

194,896

 

$

 

266,357

 

$

 

266,578

 

Due after one year through five years

 

 

591,589

 

 

 

576,204

 

 

 

748,338

 

 

 

723,903

 

Due after five years through ten years

 

 

611,788

 

 

 

558,430

 

 

 

614,890

 

 

 

564,422

 

Due after ten years

 

 

746,468

 

 

 

634,160

 

 

 

723,998

 

 

 

626,764

 

 

 

 

2,146,083

 

 

 

1,963,690

 

 

 

2,353,583

 

 

 

2,181,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

562,479

 

 

 

515,808

 

 

 

306,510

 

 

 

260,837

 

 

$

 

2,708,562

 

$

 

2,479,498

 

$

 

2,660,093

 

$

 

2,442,504

 
Available for sale equity investments

Equity investments of common stock and non-redeemable preferred stock were as follows:

 

 

 

March 31, 2025

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(In thousands)

 

Common stocks

$

 

30,108

 

$

 

43,413

 

$

 

29,604

 

$

 

45,014

 

Non-redeemable preferred stocks

 

 

25,144

 

 

 

22,136

 

 

 

25,144

 

 

 

21,260

 

 

$

 

55,252

 

$

 

65,549

 

$

 

54,748

 

$

 

66,274

 
Carrying value of Investments, other

The carrying value of other investments were as follows:

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Mortgage loans, net

$

 

657,567

 

$

 

604,481

 

Policy loans

 

 

11,868

 

 

 

11,229

 

Other investments

 

 

8,819

 

 

 

18,226

 

 

$

 

678,254

 

$

 

633,936