Policy Benefits and Losses, Claims and Loss Expenses Payable

6 Months Ended

Sep. 30, 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 expense payable.


	Six months ended September 30,
	2025			2024
	(Unaudited)
	(In thousands)
Present value of expected net premiums

Balance, beginning of year	$	182,658		$	205,389
Beginning balance at original discount rate	$	185,508		$	204,306
Effect of changes in cash flow assumptions		(2,922	)		—
Effect of actual variances from expected experience		(1,044	)		(715	)
Adjusted beginning of year balance	$	181,542		$	203,591
Issuances		2,410			4,780
Interest accrual		4,403			4,998
Net premium collected		(16,776	)		(18,397	)
Other		—			—
Ending balance at original discount rate	$	171,579		$	194,972
Effect of changes in discount rate assumptions (AOCI)		298			(4,091	)
Balance, end of period	$	171,877		$	190,881

Present value of expected future policy benefits

Balance, beginning of year	$	482,805		$	522,122
Beginning balance at original discount rate	$	490,975		$	514,113
Effect of changes in cash flow assumptions		(3,887	)		—
Effect of actual variances from expected experiences		(731	)		(1,393	)
Adjusted beginning of year balance	$	486,357		$	512,720
Issuances		2,410			4,780
Interest accrual		11,797			12,587
Benefit payments		(30,450	)		(26,560	)
Other		—			—
Ending balance at original discount rate	$	470,114		$	503,527
Effect of changes in discount rate assumptions (AOCI)		1,269			(10,313	)
Balance, end of period	$	471,383		$	493,214
End of period, LFPB net		299,511			302,332
Payout annuities and market risk benefits		22,818			24,448
Health insurance		10,179			17,238
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable		28,229			28,952
Life DPL / Other life and health		8,214			9,553
LFPB flooring effect		—			176
Life Insurance end of period balance	$	368,951		$	382,699
Moving and Storage balance		404,844			318,669
Property and Casualty Insurance balance		126,507			132,264
Policy benefits and losses, claims and loss expenses balance, end of period	$	900,302		$	833,632


		Six months ended September 30,
		2025			2024
	(Unaudited)
		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance		$	319,669		$	350,890
Discounted balance at original discount rate		$	247,543		$	272,992
Discounted balance at current discount rate		$	248,018		$	266,964

Expected policy benefits
Undiscounted balance		$	675,928		$	723,862
Discounted balance at original discount rate		$	470,113		$	503,526
Discounted balance at current discount rate		$	471,382		$	493,213

Mortality, lapses and morbidity
Mortality actual experience			7.15	%		5.06	%
Mortality expected experience			6.67	%		5.44	%
Lapses actual experience			2.31	%		1.90	%
Lapses expected experience			3.12	%		2.73	%

Premiums and interest expense
Gross premiums (1)		$	23,444		$	25,043
Interest expense (2)		$	7,394		$	7,589

Expected duration (persistency) of policies in-force (years)			6.7			6.8

Weighted average original interest rate of the liability for future policy benefits			4.91	%		4.97	%

Weighted average current interest rate of the liability for future policy benefits			4.37	%		5.13	%

(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:


	Six Months Ended September 30, 2025
	(Unaudited)
	(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,511,422
Deposits received		181,834
Surrenders and withdrawals		(205,014	)
Benefit payments		(17,448	)
Interest credited		47,809
Other		—
End of period	$	2,518,603
Weighted average credited rate		3.80
Cash surrender value	$	2,210,645


	Six Months Ended September 30, 2024
	(Unaudited)
	(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,411,352
Deposits received		226,771
Surrenders and withdrawals		(164,919	)
Benefit payments		(19,625	)
Interest credited		37,584
Other		5,868
End of period	$	2,497,031
Weighted average credited rate		3.29
Cash surrender value	$	2,172,013

- 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 + Details