Policy Benefits and Losses, Claims and Loss Expenses Payable

9 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Policy Benefits and Losses, Claims and Loss Expenses Payable

19. Policy Benefits and Losses, Claims and Loss Expenses Payable

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.

	Nine Months Ended December 31, 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		(584	)		(9,565	)		(10,149	)
Adjusted beginning of year balance	$	224,487		$	202,889		$	427,376
Issuances		6,692			78			6,770
Interest accrual		8,367			6,072			14,439
Net premium collected		(29,812	)		(19,787	)		(49,599	)
Other		—			—			—
Ending balance at original discount rate	$	209,734		$	189,252		$	398,986
Effect of changes in discount rate assumptions (AOCI)		(6,878	)		(19,722	)		(26,600	)
Balance, end of period	$	202,856		$	169,530		$	372,386
Present value of expected future policy benefits
Balance, beginning of year	$	530,983		$	210,054		$	741,037
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		(1,621	)		(8,650	)		(10,271	)
Adjusted beginning of year balance	$	532,067		$	217,860		$	749,927
Issuances		6,746			78			6,824
Interest accrual		19,830			6,520			26,350
Benefit payments		(39,544	)		(22,857	)		(62,401	)
Other		—			—			—
Ending balance at original discount rate	$	519,099		$	201,601		$	720,700
Effect of changes in discount rate assumptions (AOCI)		(19,397	)		(20,450	)		(39,847	)
Balance, end of period	$	499,702		$	181,151		$	680,853
End of period, LFPB net								308,467
Payout annuities and market risk benefits								31,048
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable								9,556
Life DPL / Other life and health								23,724
LFPB flooring effect								274
Oxford end of period balance								373,069
Moving and Storage balance								317,409
Property and Casualty balance								148,467
Policy benefit and losses, claims and loss expense balance, end of period							$	838,945

	Nine Months Ended December 31, 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		(1,259	)		1,257			(2	)
Adjusted beginning of year balance	$	241,482		$	254,564		$	496,046
Issuances		14,101			2,455			16,556
Interest accrual		9,036			7,637			16,673
Net premium collected		(32,270	)		(22,466	)		(54,736	)
Other		0			0			0
Ending balance at original discount rate	$	232,349		$	242,190		$	474,539
Effect of changes in discount rate assumptions (AOCI)		(3,811	)		(21,059	)		(24,870	)
Balance, end of period	$	228,538		$	221,131		$	449,669
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		(150	)		2,051			1,901
Adjusted beginning of year balance	$	551,959		$	271,228		$	823,187
Issuances		14,101			2,454			16,555
Interest accrual		20,654			8,137			28,791
Benefit payments		(43,602	)		(25,873	)		(69,475	)
Other		—			—			—
Ending balance at original discount rate	$	543,112		$	255,946		$	799,058
Effect of changes in discount rate assumptions (AOCI)		(9,514	)		(21,872	)		(31,386	)
Balance, end of period	$	533,598		$	234,074		$	767,672
End of period, LFPB net								318,003
Payout annuities and market risk benefits								33,049
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable								10,387
Life DPL / Other life and health								35,276
LFPB flooring effect								451
Oxford end of period balance								397,166
Moving and Storage balance								342,645
Property and Casualty balance								156,259
Policy benefit and losses, claims and loss expense balance, end of period							$	896,070

		Nine Months Ended December 31, 2023
		Life Insurance			Health Insurance			Total
	(Unaudited)
		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance		$	377,068		$	319,922		$	696,990
Discounted balance at original discount rate		$	291,900		$	248,221		$	540,121
Discounted balance at current discount rate		$	281,927		$	224,406		$	506,333
Expected policy benefits
Undiscounted balance		$	752,194		$	260,683		$	1,012,877
Discounted balance at original discount rate		$	519,099		$	201,601		$	720,700
Discounted balance at current discount rate		$	499,702		$	181,151		$	680,853
Mortality, lapses and morbidity
Mortality actual experience			4.57	%		0.00	%
Mortality expected experience			5.07	%		0.00	%
Lapses actual experience			2.18	%		0.00	%
Lapses expected experience			2.64	%		0.00	%
Morbidity actual experience			0.00	%		81.17	%
Morbidity expected experience			0.00	%		73.65	%
Premiums and interest expense
Gross premiums		$	39,979		$	27,397		$	67,376
Other premiums									—
Total premiums								$	67,376
Interest expense		$	11,463		$	448		$	11,911
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	%		4.01	%
Weighted average current interest rate of the liability for future policy benefits			4.80	%		4.80	%

		Nine Months Ended December 31, 2022
		Life Insurance			Health Insurance			Total
	(Unaudited)
		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance		$	413,315		$	423,366		$	836,681
Discounted balance at original discount rate		$	318,749		$	325,605		$	644,354
Discounted balance at current discount rate		$	313,083		$	300,463		$	613,546
Expected policy benefits
Undiscounted balance		$	793,511		$	334,704		$	1,128,215
Discounted balance at original discount rate		$	543,111		$	255,947		$	799,058
Discounted balance at current discount rate		$	533,597		$	234,075		$	767,672
Mortality, lapses and morbidity
Mortality actual experience			4.85	%		0.00	%
Mortality expected experience			4.80	%		0.00	%
Lapses actual experience			2.08	%		0.00	%
Lapses expected experience			2.52	%		0.00	%
Morbidity actual experience			0.00	%		77.94	%
Morbidity expected experience			0.00	%		71.41	%
Premiums and interest expense
Gross premiums		$	42,977		$	32,108		$	75,085
Other premiums									—
Total premiums								$	75,085
Interest expense		$	11,618		$	500		$	12,118
Expected duration (persistency) of policies in-force (years)			7.0			6.7
Weighted average original interest rate of the liability for future policy benefits			5.02	%		4.02	%
Weighted average current interest rate of the liability for future policy benefits			1.52	%		1.51	%

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

	Nine Months Ended December 31, 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		206,800
Surrenders and withdrawals		(265,999	)
Benefit payments		(29,136	)
Interest credited		52,594
Other		—
End of period	$	2,363,143
Weighted average credited rate		2.96
Cash surrender value	$	2,025,409

	Nine Months Ended December 31, 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		243,144
Surrenders and withdrawals		(195,801	)
Benefit payments		(27,207	)
Interest credited		40,328
Other		—
End of period	$	2,396,702
Weighted average credited rate		2.27
Cash surrender value	$	2,062,711