Life Insurance Liabilities

3 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Insurance Disclosure [Text Block]

The following tables present the balances and changes in the policy benefits  and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits for Oxford.

	Six Months Ended September 30, 2023
		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands)
Present value of expected net premiums
Balance, beginning of year	$	223,118	$	196,569	$	419,687
Beginning balance at original discount rate	$	225,071	$	212,454	$	437,525
Effect of changes in cash flow assumptions		–		–		–
Effect of actual variances from expected experience		(187)		(5,644)		(5,831)
Adjusted beginning of year balance	$	224,884	$	206,810	$	431,694
Issuances		5,072		77		5,149
Interest accrual		5,554		4,096		9,650
Net premium collected		(19,833)		(13,357)		(33,190)
Other		–		–		–
Ending balance at original discount rate	$	215,677	$	197,626	$	413,303
Effect of changes in discount rate assumptions (AOCI)		(1,650)		(14,337)		(15,987)
Balance, end of period	$	214,027	$	183,289	$	397,316
Present value of expected future policy benefits
Balance, beginning of year	$	530,938	$	210,054	$	740,992
Beginning balance at original discount rate	$	533,688	$	226,510	$	760,198
Effect of changes in cash flow assumptions		–		–		–
Effect of actual variances from expected experiences		(565)		(4,215)		(4,780)
Adjusted beginning of year balance	$	533,123	$	222,295	$	755,418
Issuances		5,211		77		5,288
Interest accrual		13,166		4,402		17,568
Benefit payments		(27,720)		(16,162)		(43,882)
Other		–		–		–
Ending balance at original discount rate	$	523,780	$	210,612	$	734,392
Effect of changes in discount rate assumptions (AOCI)		949		(14,760)		(13,811)
Balance, end of period	$	524,729	$	195,852	$	720,581
End of period, LFPB net						323,265
Payout annuities and market risk benefits						30,685
Life and annuity ICOS and IBNR / Reinsurance losses payable						10,101
Life DPL / Other life and health						26,556
Oxford end of period balance						390,607
Moving and Storage balance						324,642
Property and Casualty balance						150,148
Policy benefit and losses, claims and loss expense balance, end of period					$	865,397

	Six Months Ended September 30, 2022
		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands)
Present value of expected net premiums
Balance, beginning of year	$	280,371	$	280,732	$	561,103
Beginning balance at original discount rate	$	242,741	$	253,307	$	496,048
Effect of changes in cash flow assumptions		–		–		–
Effect of actual variances from expected experience		748		1,026		1,774
Adjusted beginning of year balance	$	243,489	$	254,333	$	497,822
Issuances		14,083		2,453		16,536
Interest accrual		6,037		5,062		11,099
Net premium collected		(21,946)		(15,041)		(36,987)
Other		–		–		–
Ending balance at original discount rate	$	241,663	$	246,807	$	488,470
Effect of changes in discount rate assumptions (AOCI)		7,814		(7,959)		(145)
Balance, end of period	$	249,477	$	238,848	$	488,325
Present value of expected future policy benefits
Balance, beginning of year	$	672,254	$	299,628	$	971,882
Beginning balance at original discount rate	$	552,109	$	269,177	$	821,286
Effect of changes in cash flow assumptions		–		–		–
Effect of actual variances from expected experiences		1,031		1,713		2,744
Adjusted beginning of year balance	$	553,140	$	270,890	$	824,030
Issuances		14,083		2,453		16,536
Interest accrual		13,714		5,391		19,105
Benefit payments		(29,783)		(17,653)		(47,436)
Other		–		–		–
Ending balance at original discount rate	$	551,154	$	261,081	$	812,235
Effect of changes in discount rate assumptions (AOCI)		25,907		(7,779)		18,128
Balance, end of period	$	577,061	$	253,302	$	830,363
End of period, LFPB net						342,038
Payout annuities and market risk benefits						33,157
Life and annuity ICOS and IBNR / Reinsurance losses payable						11,226
Life DPL / Other life and health						37,130
Oxford end of period balance						423,551
Moving and Storage balance						348,854
Property and Casualty balance						156,998
Policy benefit and losses, claims and loss expense balance, end of period					$	929,403

	Six Months Ended September 30, 2023
		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance	$	387,141	$	331,852	$	718,993
Discounted balance at original discount rate	$	299,161	$	256,658	$	555,819
Discounted balance at current discount rate	$	296,505	$	239,939	$	536,444
Expected policy benefits
Undiscounted balance	$	761,261	$	273,079	$	1,034,340
Discounted balance at original discount rate	$	523,777	$	210,612	$	734,389
Discounted balance at current discount rate	$	524,726	$	195,852	$	720,578
Mortality, lapses and morbidity
Mortality actual experience		5.02	%	–	%
Mortality expected experience		5.06	%	–	%
Lapses actual experience		1.87	%	–	%
Lapses expected experience		2.65	%	–	%
Morbidity actual experience		–	%	85.53	%
Morbidity expected experience		–	%	73.50	%
Premiums and interest expense
Gross premiums	$	26,667	$	18,432	$	45,099
Other premiums						–
Total premiums					$	45,099
Interest expense	$	7,612	$	306	$	7,918
Expected duration (persistency) of policies in-force (years)		6.9		6.5
Weighted average original interest rate of the liability for future policy benefits		5.00	%	4.00	%
Weighted average current interest rate of the liability for future policy benefits		5.00	%	5.00	%

	Six Months Ended September 30, 2022
		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance	$	427,457	$	434,063	$	861,520
Discounted balance at original discount rate	$	329,233	$	333,001	$	662,234
Discounted balance at current discount rate	$	339,434	$	325,323	$	664,757
Expected policy benefits
Undiscounted balance	$	807,725	$	342,371	$	1,150,096
Discounted balance at original discount rate	$	551,153	$	261,081	$	812,234
Discounted balance at current discount rate	$	577,060	$	253,302	$	830,362
Mortality, lapses and morbidity
Mortality actual experience		5.07	%	–	%
Mortality expected experience		4.78	%	–	%
Lapses actual experience		2.04	%	–	%
Lapses expected experience		2.53	%	–	%
Morbidity actual experience		–	%	79.25	%
Morbidity expected experience		–	%	71.30	%
Premiums and interest expense
Gross premiums	$	29,158	$	21,703	$	50,861
Other premiums						–
Total premiums					$	50,861
Interest expense	$	7,677	$	329	$	8,006
Expected duration (persistency) of policies in-force (years)		7.1		6.8
Weighted average original interest rate of the liability for future policy benefits		5.00	%	4.00	%
Weighted average current interest rate of the liability for future policy benefits		1.00	%	1.00	%

The following tables present the balances and changes in Liabilities from investment contracts account balances:

		Six Months Ended September 30, 2023
		Deferred Annuities
		(Unaudited)
		(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,398,884
Deposits received		125,122
Surrenders and withdrawals		(146,647)
Benefit payments		(20,761)
Interest credited		36,992
Other		–
End of period	$	2,393,590
Weighted average credited rate		3.09
Cash surrender value	$	2,062,233

		Six Months Ended September 30, 2022
		Deferred Annuities
		(Unaudited)
		(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,336,238
Deposits received		169,008
Surrenders and withdrawals		(122,450)
Benefit payments		(18,334)
Interest credited		25,566
Other		–
End of period	$	2,390,028
Weighted average credited rate		2.16
Cash surrender value	$	2,082,936