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Investments (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Investments Debt Equity Securities [Abstract]  
Available for sale investments

Available-for-sale investments as of June 30, 2025 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

 

$

108,199

 

 

$

252

 

 

$

(6,629

)

 

$

—

 

 

$

101,822

 

U.S. government agency mortgage-backed securities

 

 

92,874

 

 

 

379

 

 

 

(8,348

)

 

 

—

 

 

 

84,905

 

Obligations of states and political subdivisions

 

 

135,370

 

 

 

392

 

 

 

(8,259

)

 

 

—

 

 

 

127,503

 

Corporate securities

 

 

1,759,338

 

 

 

2,657

 

 

 

(133,309

)

 

 

(2,443

)

 

 

1,626,243

 

Mortgage-backed securities

 

 

617,232

 

 

 

1,729

 

 

 

(38,268

)

 

 

—

 

 

 

580,693

 

 

 

$

2,713,013

 

 

$

5,409

 

 

$

(194,813

)

 

$

(2,443

)

 

$

2,521,166

 

 

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

 

 

 

(Unaudited)

 

 

 

(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, unrealized losses, fair value

 

 

 

June 30, 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

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

1,459

 

 

 

$

(2

)

 

 

$

95,657

 

 

 

$

(6,627

)

 

 

$

97,116

 

 

 

$

(6,629

)

U.S. government agency mortgage-backed securities

 

 

 

22,220

 

 

 

 

(143

)

 

 

 

20,748

 

 

 

 

(8,205

)

 

 

 

42,968

 

 

 

 

(8,348

)

Obligations of states and political subdivisions

 

 

 

41,243

 

 

 

 

(1,530

)

 

 

 

54,196

 

 

 

 

(6,729

)

 

 

 

95,439

 

 

 

 

(8,259

)

Corporate securities

 

 

 

229,829

 

 

 

 

(2,724

)

 

 

 

1,209,858

 

 

 

 

(130,475

)

 

 

 

1,439,687

 

 

 

 

(133,199

)

Mortgage-backed securities

 

 

 

137,864

 

 

 

 

(1,135

)

 

 

 

210,919

 

 

 

 

(37,133

)

 

 

 

348,783

 

 

 

 

(38,268

)

 

 

 

$

432,615

 

 

 

$

(5,534

)

 

 

$

1,591,378

 

 

 

$

(189,169

)

 

 

$

2,023,993

 

 

 

$

(194,703

)

 

 

 

 

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

 

 

 

 

(Unaudited)

 

 

 

 

(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

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

 

 

June 30, 2025

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

213,405

 

 

$

212,060

 

 

$

196,238

 

 

$

194,896

 

Due after one year through five years

 

 

535,496

 

 

 

525,630

 

 

 

591,589

 

 

 

576,204

 

Due after five years through ten years

 

 

618,977

 

 

 

573,337

 

 

 

611,788

 

 

 

558,430

 

Due after ten years

 

 

727,903

 

 

 

629,446

 

 

 

746,468

 

 

 

634,160

 

 

 

 

2,095,781

 

 

 

1,940,473

 

 

 

2,146,083

 

 

 

1,963,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

617,232

 

 

 

580,693

 

 

 

562,479

 

 

 

515,808

 

 

 

$

2,713,013

 

 

$

2,521,166

 

 

$

2,708,562

 

 

$

2,479,498

 
Available for sale equity investments

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

 

 

 

June 30, 2025

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

30,051

 

 

$

43,843

 

 

$

30,108

 

 

$

43,413

 

Non-redeemable preferred stocks

 

 

25,144

 

 

 

21,766

 

 

 

25,144

 

 

 

22,136

 

 

 

$

55,195

 

 

$

65,609

 

 

$

55,252

 

 

$

65,549

 

 

 

Changes in the market value of common stock and non-redeemable preferred stock are recognized in earnings.
Carrying value of Investments, other

The carrying value of the other investments was as follows:

 

 

 

June 30,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

664,551

 

 

$

657,567

 

Policy loans

 

 

12,065

 

 

 

11,868

 

Other investments

 

 

5,076

 

 

 

8,819

 

 

 

$

681,692

 

 

$

678,254