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

 

 

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, unrealized losses, fair value

 

 

 

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

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

 

 

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

 
Available for sale equity investments

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.
Carrying value of 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