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Investment in Securities (Tables)

12 Months Ended

Mar. 31, 2020

Investment in securities as of March 31, 2019 and 2020 consists of the following:


	Millions of yen
	2019		2020
Equity securities*	¥	549,047	¥	492,902
Trading debt securities		1,564		7,431
Available-for-sale debt securities		1,264,244		1,631,185
Held-to-maturity debt securities		114,061		113,805

Total	¥	1,928,916	¥	2,245,323

The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥324,220 million and ¥254,853 million as of March 31, 2019 and 2020, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥75,923 million and ¥70,129 million as of March 31, 2019 and 2020, respectively. The amount of investment funds elected for the fair value option included in equity securities were ¥5,811 million and ¥6,326 million as of March 31, 2019 and 2020, respectively.

Summary of Impairment and Downward or Upward Adjustment Due to Changes of Observable Price

The following tables provide information about impairment and upward or downward adjustments resulting from observable price changes as of March 31, 2019 and 2020

and

for

fiscal 2019 and 2020


	Millions of yen
	March 31, 2019							2019
	Carrying value		Accumulated impairments and downward adjustments			Accumulated upward adjustments		Impairments and downward adjustments			Upward adjustments
Equity securities measured using the measurement alternative	¥	35,431	¥	(1,688	)	¥	18	¥	(159	)	¥	18


	Millions of yen
	March 31, 2020							2020
	Carrying value		Accumulated impairments and downward adjustments			Accumulated upward adjustments		Impairments and downward adjustments			Upward adjustments
Equity securities measured using the measurement alternative	¥	35,968	¥	(13,428	)	¥	112	¥	(11,971	)	¥	94

Amortized Cost Basis Amounts, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Values of Available-for-Sale Securities and Held-to-Maturity Securities in Each Major Security Type

The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of

available-for-sale

debt securities and

held-to-maturity

debt securities in each major security type as of March 31, 2019 and 2020 are as follows:

March 31, 2019


	Millions of yen
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale debt securities:
Japanese and foreign government bond securities	¥	416,218	¥	20,133	¥	(5,500	)	¥	430,851
Japanese prefectural and foreign municipal bond securities		189,792		3,749		(236	)		193,305
Corporate debt securities		485,156		5,205		(2,364	)		487,997
CMBS and RMBS in the Americas		59,954		2,566		(1,041	)		61,479
Other asset-backed securities and debt securities		88,620		3,381		(1,389	)		90,612

		1,239,740		35,034		(10,530	)		1,264,244

Held-to-maturity debt securities:
Japanese government bond securities and other		114,061		30,265		0			144,326

	¥	1,353,801	¥	65,299	¥	(10,530	)	¥	1,408,570

March 31, 2

020


	Millions of yen
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale debt securities:
Japanese and foreign government bond securities	¥	640,197	¥	21,063	¥	(7,315	)	¥	653,945
Japanese prefectural and foreign municipal bond securities		251,738		2,031		(3,414	)		250,355
Corporate debt securities		595,625		8,727		(7,875	)		596,477
CMBS and RMBS in the Americas		56,957		929		(9,214	)		48,672
Other asset-backed securities and debt securities		92,363		3,267		(13,894	)		81,736

		1,636,880		36,017		(41,712	)		1,631,185

Held-to-maturity debt securities:
Japanese government bond securities and other		113,805		29,384		0			143,189

	¥	1,750,685	¥	65,401	¥	(41,712	)	¥	1,774,374

Information about Available-for-Sale Securities with Gross Unrealized Losses and Length of Time Individual Securities Have Been in Continuous Unrealized Loss Position

The following tables provide information about

available-for-sale

debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2019 and 2020:

March 31, 20


	Millions of yen
	Less than 12 months					12 months or more					Total
	Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses
Available-for-sale debt securities:
Japanese and foreign government bond securities	¥	51,551	¥	(1,119	)	¥	98,830	¥	(4,381	)	¥	150,381	¥	(5,500	)
Japanese prefectural and foreign municipal bond securities		1,329		(35	)		4,510		(201	)		5,839		(236	)
Corporate debt securities		9,156		(18	)		68,924		(2,346	)		78,080		(2,364	)
CMBS and RMBS in the Americas		10,194		(362	)		7,147		(679	)		17,341		(1,041	)
Other asset-backed securities and debt securities		10,253		(411	)		28,748		(978	)		39,001		(1,389	)

	¥	82,483	¥	(1,945	)	¥	208,159	¥	(8,585	)	¥	290,642	¥	(10,530	)

March 31, 2020


	Millions of yen
	Less than 12 months					12 months or more					Total
	Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses
Available-for-sale debt securities:
Japanese and foreign government bond securities	¥	116,967	¥	(2,881	)	¥	165,642	¥	(4,434	)	¥	282,609	¥	(7,315	)
Japanese prefectural and foreign municipal bond securities		143,563		(3,413	)		219		(1	)		143,782		(3,414	)
Corporate debt securities		260,738		(4,643	)		22,631		(3,232	)		283,369		(7,875	)
CMBS and RMBS in the Americas		30,830		(7,486	)		5,768		(1,728	)		36,598		(9,214	)
Other asset-backed securities and debt securities		26,612		(3,759	)		22,727		(10,135	)		49,339		(13,894	)

	¥	578,710	¥	(22,182	)	¥	216,987	¥	(19,530	)	¥	795,697	¥	(41,712	)

Total Other-Than-Temporary Impairment with Offset for Amount of Total Other-Than-Temporary Impairment Recognized in Other Comprehensive Income

The other-than-temporary impairment losses recognized in other comprehensive income (loss) and earnings for

fiscal

2018, 2019 and 2020 are as follows:


	Millions of yen
	2018		2019			2020
Total other-than-temporary impairment losses	¥	1,246	¥	1,359		¥	0
Portion of loss recognized in other comprehensive income (before taxes)		0		(136	)		0

Net impairment losses recognized in earnings	¥	1,246	¥	1,223		¥	0

Roll-Forwards of Amount of Accumulated Other-Than-Temporary Impairments Related to Credit Losses

For debt securities held as of March 31, 2018, 2019, and 2020

roll-forwards of the amount of accumulated other-than-temporary impairments related to credit losses

for

fiscal

2018, 2019 and 2020 are as follows. The amount mainly consists of CMBS and RMBS in the Americas and foreign municipal bond securities:


	Millions of yen
	2018			2019			2020
Beginning	¥	1,220		¥	1,021		¥	2,102
Addition during the period:
Credit loss for which an other-than-temporary impairment was not previously recognized		0			1,103			0
Reduction during the period:
For securities sold or redeemed		0			(22	)		0
Due to change in intent to sell or requirement to sell		(199	)		0			0

Ending	¥	1,021		¥	2,102		¥	2,102

Summary of Contractual Maturities of Available-for-Sale Debt Securities and Held-to-Maturity Debt Securities

The following is a summary of the contractual maturities of available-for-sale debt securities and held-to-maturity debt securities held as of March 31, 2020:

Available-for-sale

debt securities held as of March 31, 2020


	Millions of yen
	Amortized cost		Fair value
Due within one year	¥	40,477	¥	39,425
Due after one to five years		290,323		284,489
Due after five to ten years		540,516		529,643
Due after ten years		765,564		777,628

	¥	1,636,880	¥	1,631,185

Held-to-maturity

debt securities held as of March 31, 2020


	Millions of yen
	Amortized cost		Fair value
Due after five to ten years	¥	7,021	¥	8,343
Due after ten years		106,784		134,846

	¥	113,805	¥	143,189