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Investment in Securities (Tables)
 6 Months Ended
Sep. 30, 2024
Investments Schedule [Abstract]  
Summary of Investment in Securities
Investment in securities as of March 31, 2024 and September 30, 2024 consists of the following:
 
    
Millions of yen
  
  
 
 
  
    
March 31, 2024
     
September 30, 2024
  
Equity securities *
    ¥ 597,601      ¥ 584,008  
Available-for-sale
debt securities
      2,665,478        2,601,080  
  
 
 
     
 
 
  
Total
    ¥ 3,263,079      ¥ 3,185,088  
  
 
 
     
 
 
  
 
*
The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥161,244 million and ¥146,047 
million as of March 31, 2024 and September 30, 2024, respectively. The amount of investment funds and others that elected the fair value option and were included in equity securities were ¥
26,945 million and ¥25,618 million as of March 31, 2024 and September 30, 2024, 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, 2024 and September 30, 2024, and for the six months ended September 30, 2023 and 2024.
 
    
Millions of yen
  
  
 
 
  
    
March 31, 2024
     
Six months ended
September 30, 2023
  
  
 
 
     
 
 
  
    
Carrying
value
     
Accumulated
impairments
and
downward
adjustments
    
Accumulated
upward
adjustments
     
Impairments
and
downward
adjustments
    
Upward
adjustments
  
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
  
Equity securities measured using the measurement alternative
    ¥ 96,714      ¥ (16,171 )    ¥ 2,201      ¥ (90 )    ¥ 956  
    
Millions of yen
  
  
 
 
  
    
September 30, 2024
     
Six months ended
September 30, 2024
  
  
 
 
     
 
 
  
    
Carrying
value
     
Accumulated
impairments
and
downward
adjustments
    
Accumulated
upward
adjustments
     
Impairments
and
downward
adjustments
    
Upward
adjustments
  
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
  
Equity securities measured using the measurement alternative
    ¥ 88,692      ¥ (16,429 )    ¥ 2,680      ¥ (780 )    ¥ 634  
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 in each major security type as of March 31, 2024 and September 30, 2024 are as follows:
March 31, 2024
 
    
Millions of yen
  
  
 
 
  
    
Amortized
cost
     
Allowance
for credit
losses
    
Gross
unrealized
gains
     
Gross
unrealized
losses
    
Fair value
  
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
  
Available-for-sale
debt securities:
             
Japanese and foreign government bond securities
    ¥ 1,299,025      ¥ 0     ¥ 11,526      ¥ (275,637 )    ¥ 1,034,914  
Japanese prefectural and foreign municipal bond securities
      425,426        (248 )      2,623        (26,336 )      401,465  
Corporate debt securities
      905,706        0       21,415        (82,542 )      844,579  
CMBS and RMBS in the Americas
      88,586        0       929        (1,775 )      87,740  
Other asset-backed securities and debt securities
      297,197        (386 )      5,496        (5,527 )      296,780  
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
  
     3,015,940        (634 )      41,989        (391,817 )      2,665,478  
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
  
 
September 30, 2024
 
             
    
Millions of yen
  
  
 
 
  
    
Amortized
cost
     
Allowance
for credit
losses
    
Gross
unrealized
gains
     
Gross
unrealized
losses
    
Fair value
  
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
  
Available-for-sale
debt securities:
             
Japanese and foreign government bond securities
    ¥ 1,419,155      ¥ 0     ¥ 8,589      ¥ (340,948 )    ¥ 1,086,796  
Japanese prefectural and foreign municipal bond securities
      432,387        (234 )      3,895        (24,203 )      411,845  
Corporate debt securities
      874,013        0       17,066        (91,931 )      799,148  
CMBS and RMBS in the Americas
      86,582        0       1,159        (1,275 )      86,466  
Other asset-backed securities and debt securities
      217,775        (306 )     4,960        (5,604 )      216,825  
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
  
   ¥ 3,029,912      ¥ (540 )   ¥ 35,669      ¥ (463,961 )    ¥ 2,601,080  
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
  
Summary of rollforwards of allowance for credit losses
The following table presents rollforwards of the allowance for credit losses for the six months ended September 30, 2023 and 2024, respectively:
 
    
Millions of yen
  
    
Six months ended

September 30, 2023
  
    
Foreign municipal bond
securities
    
Foreign other asset-
 backed securities and 

debt securities
    
Total
  
Beginning
    ¥ 144     ¥ 0     ¥ 144  
Additions to the allowance for credit losses on
available-for-sale
debt securities for which credit losses were not previously recorded
      80       212       292  
Increase (Decrease) from the effects of changes in foreign exchange rates
        22         10       32  
  
 
 
    
 
 
    
 
 
  
Ending
    ¥ 246     ¥ 222     ¥          468  
  
 
 
    
 
 
    
 
 
  
    
Millions of yen
  
    
Six months ended

September 30, 2024
  
    
Foreign municipal bond
securities
    
Foreign other asset-
 backed securities and 
debt securities
    
Total
  
Beginning
    ¥ 248     ¥ 386     ¥ 634  
Additions to the allowance for credit losses on
available-for-sale
debt securities for which credit losses were not previously recorded
      0       35       35  
Additional increases to the allowance for credit losses on available-for-sale debt securities that had an allowance recorded in a previous period
      0       31       31  
Increase (Decrease) from the effects of changes in foreign exchange rates
      (14 )      (146 )
 
     (160 )
 
  
 
 
    
 
 
    
 
 
  
Ending
    ¥ 234     ¥ 306     ¥ 540  
  
 
 
    
 
 
    
 
 
  
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 (including allowance for credit losses) and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2024 and September 30, 2024, respectively:
March 31, 2024
 
    
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
    ¥ 288,662      ¥ (20,561 )    ¥ 605,941      ¥ (255,076 )    ¥ 894,603      ¥ (275,637 ) 
Japanese prefectural and foreign municipal bond securities
      81,368        (573 )      234,289        (26,011 )      315,657        (26,584 ) 
Corporate debt securities
      113,066        (1,317 )      418,666        (81,225 )      531,732        (82,542 ) 
CMBS and RMBS in the Americas
      3,482        (79 )      35,880        (1,696 )      39,362        (1,775 ) 
Other asset-backed securities and debt securities
      46,950        (2,557 )      52,382        (3,356 )      99,332        (5,913 ) 
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
   ¥ 533,528      ¥ (25,087 )    ¥ 1,347,158      ¥ (367,364 )    ¥ 1,880,686      ¥ (392,451 ) 
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
September 30, 2024
                
    
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
    ¥ 114,175      ¥ (8,315 )    ¥ 801,192      ¥ (332,633 )    ¥ 915,367      ¥ (340,948 ) 
Japanese prefectural and foreign municipal bond securities
      54,985        (753 )     228,194        (23,684 )     283,179        (24,437 )
Corporate debt securities
      89,296        (1,963 )      429,753        (89,968 )      519,049        (91,931 ) 
CMBS and RMBS in the Americas
      7,847        (83 )      22,246        (1,192 )      30,093        (1,275 ) 
Other asset-backed securities and debt securities
      10,999        (1,512 )      41,206        (4,398 )      52,205        (5,910 ) 
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
   ¥ 277,302      ¥ (12,626 )   ¥ 1,522,591      ¥ (451,875 )   ¥ 1,799,893      ¥ (464,501 )
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
 
The following table provides information about
available-for-sale
debt securities with gross unrealized losses for which allowance for credit losses were not recorded and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2024 and September 30, 2024, respectively:
March 31, 2024
 
    
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
    ¥ 288,662      ¥ (20,561 )    ¥ 605,941      ¥ (255,076 )    ¥ 894,603      ¥ (275,637 ) 
Japanese prefectural and foreign municipal bond securities
      80,058        (488 )      230,512        (25,848 )      310,570        (26,336 ) 
Corporate debt securities
      113,066        (1,317 )      418,666        (81,225 )      531,732        (82,542 ) 
CMBS and RMBS in the Americas
      3,482        (79 )      35,880        (1,696 )      39,362        (1,775 ) 
Other asset-backed securities and debt securities
      45,517        (2,474 )      51,812        (2,932 )      97,329        (5,406 ) 
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
   ¥ 530,785      ¥ (24,919 )    ¥ 1,342,811      ¥ (366,777 )    ¥ 1,873,596      ¥ (391,696 ) 
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
September 30, 2024
                
    
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
    ¥ 114,175      ¥ (8,315 )    ¥ 801,192      ¥ (332,633 )    ¥ 915,367      ¥ (340,948 ) 
Japanese prefectural and foreign municipal bond securities
      53,750        (673 )     224,634        (23,530 )     278,384        (24,203 )
Corporate debt securities
      89,296        (1,963 )      429,753        (89,968 )      519,049        (91,931 ) 
CMBS and RMBS in the Americas
      7,847        (83 )      22,246        (1,192 )      30,093        (1,275 ) 
Other asset-backed securities and debt securities
      10,922        (1,451 )      40,850        (4,097 )      51,772        (5,548 ) 
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
   ¥ 275,990      ¥ (12,485 )   ¥ 1,518,675      ¥ (451,420 )   ¥ 1,794,665      ¥ (463,905 )