XML 22 R14.htm IDEA: XBRL DOCUMENT
v3.25.3

Investments | 6 Months Ended
--- | ---
Sep. 30, 2025
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 $21.0 million and $21.5 million as of September 30, 2025 and March 31, 2025, respectively. Available-for-Sale Investments Available-for-sale investments as of September 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 |  | $ | 106,730 |  |  | $ | 262 |  |  | $ | (6,012 | ) |  | $ | — |  |  | $ | 100,980 |
U.S. government agency mortgage-backed securities |  |  | 79,463 |  |  |  | 513 |  |  |  | (7,532 | ) |  |  | — |  |  |  | 72,444 |
Obligations of states and political subdivisions |  |  | 130,669 |  |  |  | 413 |  |  |  | (8,297 | ) |  |  | — |  |  |  | 122,785 |
Corporate securities |  |  | 1,737,046 |  |  |  | 3,268 |  |  |  | (120,702 | ) |  |  | (4,573 | ) |  |  | 1,615,039 |
Mortgage-backed securities |  |  | 617,679 |  |  |  | 2,672 |  |  |  | (37,170 | ) |  |  | — |  |  |  | 583,181 |
|  | $ | 2,671,587 |  |  | $ | 7,128 |  |  | $ | (179,713 | ) |  | $ | (4,573 | ) |  | $ | 2,494,429 |
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 |
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, 2025 and March 31, 2025 were as follows:
|  |  | September 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 |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 94,669 |  |  |  | $ | (6,012 | ) |  |  | $ | 94,669 |  |  |  | $ | (6,012 | )
U.S. government agency mortgage-backed securities |  |  |  | 10,695 |  |  |  |  | (46 | ) |  |  |  | 19,921 |  |  |  |  | (7,486 | ) |  |  |  | 30,616 |  |  |  |  | (7,532 | )
Obligations of states and political subdivisions |  |  |  | 41,058 |  |  |  |  | (1,439 | ) |  |  |  | 53,467 |  |  |  |  | (6,858 | ) |  |  |  | 94,525 |  |  |  |  | (8,297 | )
Corporate securities |  |  |  | 186,091 |  |  |  |  | (1,651 | ) |  |  |  | 1,181,934 |  |  |  |  | (119,051 | ) |  |  |  | 1,368,025 |  |  |  |  | (120,702 | )
Mortgage-backed securities |  |  |  | 89,344 |  |  |  |  | (2,352 | ) |  |  |  | 197,422 |  |  |  |  | (34,818 | ) |  |  |  | 286,766 |  |  |  |  | (37,170 | )
|  |  | $ | 327,188 |  |  |  | $ | (5,488 | ) |  |  | $ | 1,547,413 |  |  |  | $ | (174,225 | ) |  |  | $ | 1,874,601 |  |  |  | $ | (179,713 | )
|  |  | 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 | )
Gross proceeds from sales of securities were $2.4 million and $14.0 million for the first six months ended September 30, 2025 and September 30, 2024, respectively. No material gross realized gains or losses were recognized. For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year. The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $1.5 million and $1.8 million net impairment charge recorded in the first six months ended September 30, 2025 and 2024, respectively. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of available-for-sale investments by contractual maturity were as follows:
|  | September 30, 2025 |  |  | March 31, 2025 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (Unaudited) |
|  | (In thousands) |
Due in one year or less |  | $ | 201,627 |  |  | $ | 200,792 |  |  | $ | 196,238 |  |  | $ | 194,896 |
Due after one year through five years |  |  | 571,477 |  |  |  | 560,967 |  |  |  | 591,589 |  |  |  | 576,204 |
Due after five years through ten years |  |  | 580,086 |  |  |  | 540,400 |  |  |  | 611,788 |  |  |  | 558,430 |
Due after ten years |  |  | 700,718 |  |  |  | 609,089 |  |  |  | 746,468 |  |  |  | 634,160 |
|  |  | 2,053,908 |  |  |  | 1,911,248 |  |  |  | 2,146,083 |  |  |  | 1,963,690 |
Mortgage-backed securities |  |  | 617,679 |  |  |  | 583,181 |  |  |  | 562,479 |  |  |  | 515,808 |
|  | $ | 2,671,587 |  |  | $ | 2,494,429 |  |  | $ | 2,708,562 |  |  | $ | 2,479,498 |
Equity investments of common stock and non-redeemable preferred stock were as follows:
|  | September 30, 2025 |  |  | March 31, 2025 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (Unaudited) |
|  | (In thousands) |
Common stocks |  | $ | 32,938 |  |  | $ | 47,289 |  |  | $ | 30,108 |  |  | $ | 43,413 |
Non-redeemable preferred stocks |  |  | 19,103 |  |  |  | 15,683 |  |  |  | 25,144 |  |  |  | 22,136 |
|  | $ | 52,041 |  |  | $ | 62,972 |  |  | $ | 55,252 |  |  | $ | 65,549 |
Changes in the market value of common stock and non-redeemable preferred stock are recognized in earnings. Investments, other The carrying value of the other investments was as follows:
|  | September 30, |  |  | March 31, |
|  | 2025 |  |  | 2025 |
|  | (Unaudited) |
|  | (In thousands) |
Mortgage loans, net |  | $ | 659,736 |  |  | $ | 657,567 |
Policy loans |  |  | 12,079 |  |  |  | 11,868 |
Other investments |  |  | 7,657 |  |  |  | 8,819 |
|  | $ | 679,472 |  |  | $ | 678,254 |

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

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration