XML 40 R32.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Policy Benefits and Losses, Claims and Loss Expenses Payable | 9 Months Ended
--- | ---
Dec. 31, 2024
Insurance [Abstract] |
Policy Benefits and Losses, Claims and Loss Expenses Payable | . Life Insurance Liabilities The following tables summarize the 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 expense payable:
|  | Nine months ended December 31, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |
|  | (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 |  |  | — |  |  |  | — |
Effect of actual variances from expected experience |  |  | (2,233 | ) |  |  | (584 | )
Adjusted beginning of year balance |  | $ | 202,073 |  |  | $ | 224,487 |
Issuances |  |  | 7,353 |  |  |  | 6,692 |
Interest accrual |  |  | 7,486 |  |  |  | 8,367 |
Net premium collected |  |  | (27,224 | ) |  |  | (29,812 | )
Other |  |  | — |  |  |  | — |
Ending balance at original discount rate |  | $ | 189,688 |  |  | $ | 209,734 |
Effect of changes in discount rate assumptions (AOCI) |  |  | 3,322 |  |  |  | (6,878 | )
Balance, end of period |  | $ | 193,010 |  |  | $ | 202,856 |
Present value of expected future policy benefits |  |  |  |  |  |
Balance, beginning of year |  | $ | 522,122 |  |  | $ | 530,983 |
Beginning balance at original discount rate |  | $ | 514,113 |  |  | $ | 533,688 |
Effect of changes in cash flow assumptions |  |  | — |  |  |  | — |
Effect of actual variances from expected experiences |  |  | (4,279 | ) |  |  | (1,621 | )
Adjusted beginning of year balance |  | $ | 509,834 |  |  | $ | 532,067 |
Issuances |  |  | 7,353 |  |  |  | 6,746 |
Interest accrual |  |  | 18,888 |  |  |  | 19,830 |
Benefit payments |  |  | (39,689 | ) |  |  | (39,544 | )
Other |  |  | — |  |  |  | — |
Ending balance at original discount rate |  | $ | 496,386 |  |  | $ | 519,099 |
Effect of changes in discount rate assumptions (AOCI) |  |  | 13,778 |  |  |  | (19,397 | )
Balance, end of period |  | $ | 510,164 |  |  | $ | 499,702 |
End of period, LFPB net |  |  | 317,153 |  |  |  | 296,846 |
Payout annuities and market risk benefits |  |  | 24,752 |  |  |  | 31,048 |
Health insurance |  |  | 11,598 |  |  |  | 11,621 |
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable |  |  | 24,527 |  |  |  | 23,724 |
Life DPL / Other life and health |  |  | 8,941 |  |  |  | 9,556 |
LFPB flooring effect |  |  | 52 |  |  |  | 274 |
Life insurance end of period balance |  | $ | 387,023 |  |  | $ | 373,069 |
Moving and Storage balance |  |  | 313,439 |  |  |  | 317,409 |
Property and Casualty balance |  |  | 129,530 |  |  |  | 148,467 |
Policy benefits and losses, claims and loss expenses balance, end of period |  | $ | 829,992 |  |  | $ | 838,945 |
|  | Nine months ended December 31, |  |
|  | 2024 |  |  | 2023 |  |
| (Unaudited) |  |
|  | (In thousands, except for percentages and weighted average information) |  |
Expected gross premiums |  |  |  |  |  |  |
Undiscounted balance |  | $ | 348,354 |  |  | $ | 377,068 |  |
Discounted balance at original discount rate |  | $ | 270,029 |  |  | $ | 291,900 |  |
Discounted balance at current discount rate |  | $ | 274,428 |  |  | $ | 281,927 |  |
Expected policy benefits |  |  |  |  |  |  |
Undiscounted balance |  | $ | 714,265 |  |  | $ | 752,194 |  |
Discounted balance at original discount rate |  | $ | 496,385 |  |  | $ | 519,099 |  |
Discounted balance at current discount rate |  | $ | 510,163 |  |  | $ | 499,702 |  |
Mortality, lapses and morbidity |  |  |  |  |  |  |
Mortality actual experience |  |  | 4.89 |  | % |  | 4.57 |  | %
Mortality expected experience |  |  | 5.43 |  | % |  | 5.07 |  | %
Lapses actual experience |  |  | 2.18 |  | % |  | 2.18 |  | %
Lapses expected experience |  |  | 2.72 |  | % |  | 2.64 |  | %
Premiums and interest expense |  |  |  |  |  |  |
Gross premiums (1) |  | $ | 37,561 |  |  | $ | 39,979 |  |
Interest expense (2) |  | $ | 11,402 |  |  | $ | 11,463 |  |
Expected duration (persistency) of policies in-force (years) |  |  | 6.8 |  |  |  | 6.9 |  |
Weighted average original interest rate of the liability for future policy benefits |  |  | 4.97 |  | % |  | 5.00 |  | %
Weighted average current interest rate of the liability for future policy benefits |  |  | 5.20 |  | % |  | 4.80 |  | %
(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:
|  | Nine months ended December 31, 2024 |
|  | (Unaudited) |
|  | (In thousands, except for the average credited rate) |
Policyholder contract deposits account balance |  |  |
Beginning of year |  | $ | 2,411,352 |
Deposits received |  |  | 389,848 |
Surrenders and withdrawals |  |  | (290,875 | )
Benefit payments |  |  | (27,130 | )
Interest credited |  |  | 58,290 |
Other |  |  | 5,455 |
End of period |  | $ | 2,546,940 |
Weighted average credited rate |  |  | 3.35 |
Cash surrender value |  | $ | 2,257,207 |
|  | Nine months ended December 31, 2023 |
|  | (Unaudited) |
|  | (In thousands, except for the average credited rate) |
Policyholder contract deposits account balance |  |  |
Beginning of year |  | $ | 2,398,884 |
Deposits received |  |  | 206,800 |
Surrenders and withdrawals |  |  | (265,999 | )
Benefit payments |  |  | (29,136 | )
Interest credited |  |  | 52,594 |
Other |  |  | — |
End of period |  | $ | 2,363,143 |
Weighted average credited rate |  |  | 2.96 |
Cash surrender value |  | $ | 2,025,409 |

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

X
- Definition The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(ii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477363/944-310-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(iv) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477363/944-310-50-3 + Details
Name: | us-gaap_InsuranceDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration