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Investments (Table Text Block)
 9 Months Ended 12 Months Ended
Dec. 31, 2023
Mar. 31, 2023
Investments Debt Equity Securities [Abstract]    
Available for sale investments

Available-for-sale investments as of December 31, 2023 were as follows:

 

 

 

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

 

$

319,497

 

 

$

2,471

 

 

$

(13,023

)

 

$

—

 

 

$

308,945

 

U.S. government agency mortgage-backed securities

 

 

68,501

 

 

 

149

 

 

 

(8,353

)

 

 

—

 

 

$

60,297

 

Obligations of states and political subdivisions

 

 

154,660

 

 

 

102

 

 

 

(16,060

)

 

 

—

 

 

$

138,702

 

Corporate securities

 

 

1,943,321

 

 

 

524

 

 

 

(247,483

)

 

 

(1,704

)

 

$

1,694,658

 

Mortgage-backed securities

 

 

330,502

 

 

 

12

 

 

 

(58,492

)

 

 

—

 

 

$

272,022

 

 

 

$

2,816,481

 

 

$

3,258

 

 

$

(343,411

)

 

$

(1,704

)

 

$

2,474,624

 

 

Available-for-sale investments as of March 31, 2023 were as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

$

353,189

 

 

$

3,061

 

 

$

(11,574

)

 

$

—

 

 

$

344,676

 

U.S. government agency mortgage-backed securities

 

 

34,126

 

 

 

40

 

 

 

(6,935

)

 

 

—

 

 

$

27,231

 

Obligations of states and political subdivisions

 

 

161,960

 

 

 

649

 

 

 

(12,104

)

 

 

—

 

 

$

150,505

 

Corporate securities

 

 

2,086,432

 

 

 

1,491

 

 

 

(216,589

)

 

 

(2,101

)

 

$

1,869,233

 

Mortgage-backed securities

 

 

370,880

 

 

 

78

 

 

 

(53,566

)

 

 

—

 

 

$

317,392

 

 

 

$

3,006,587

 

 

$

5,319

 

 

$

(300,768

)

 

$

(2,101

)

 

$

2,709,037

 
 
Available for sale investments, unrealized losses, fair value

 

 

 

December 31, 2023

 

 

 

 

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

 

 

$

6,825

 

 

 

$

(66

)

 

 

$

122,372

 

 

 

$

(12,957

)

 

 

$

129,197

 

 

 

$

(13,023

)

U.S. government agency mortgage-backed securities

 

 

 

6,009

 

 

 

 

(52

)

 

 

 

31,756

 

 

 

 

(8,301

)

 

 

 

37,765

 

 

 

 

(8,353

)

Obligations of states and political subdivisions

 

 

 

59,216

 

 

 

 

(3,367

)

 

 

 

82,845

 

 

 

 

(12,693

)

 

 

 

142,061

 

 

 

 

(16,060

)

Corporate securities

 

 

 

213,617

 

 

 

 

(9,277

)

 

 

 

1,682,378

 

 

 

 

(238,206

)

 

 

 

1,895,995

 

 

 

 

(247,483

)

Mortgage-backed securities

 

 

 

16,987

 

 

 

 

(486

)

 

 

 

310,288

 

 

 

 

(58,006

)

 

 

 

327,275

 

 

 

 

(58,492

)

 

 

 

$

302,654

 

 

 

$

(13,248

)

 

 

$

2,229,639

 

 

 

$

(330,163

)

 

 

$

2,532,293

 

 

 

$

(343,411

)

 

 

 

March 31, 2023

 

 

 

 

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

 

 

$

79,846

 

 

 

$

(3,935

)

 

 

$

44,374

 

 

 

$

(7,639

)

 

 

$

124,220

 

 

 

$

(11,574

)

U.S. government agency mortgage-backed securities

 

 

 

2,246

 

 

 

 

(228

)

 

 

 

30,670

 

 

 

 

(6,707

)

 

 

 

32,916

 

 

 

 

(6,935

)

Obligations of states and political subdivisions

 

 

 

108,192

 

 

 

 

(8,090

)

 

 

 

17,079

 

 

 

 

(4,014

)

 

 

 

125,271

 

 

 

 

(12,104

)

Corporate securities

 

 

 

1,697,611

 

 

 

 

(158,038

)

 

 

 

272,256

 

 

 

 

(58,551

)

 

 

 

1,969,867

 

 

 

 

(216,589

)

Mortgage-backed securities

 

 

 

201,962

 

 

 

 

(13,207

)

 

 

 

158,899

 

 

 

 

(40,359

)

 

 

 

360,861

 

 

 

 

(53,566

)

 

 

 

$

2,089,857

 

 

 

$

(183,498

)

 

 

$

523,278

 

 

 

$

(117,270

)

 

 

$

2,613,135

 

 

 

$

(300,768

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

 

 

December 31, 2023

 

 

March 31, 2023

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

323,343

 

 

$

323,638

 

 

$

354,875

 

 

$

354,184

 

Due after one year through five years

 

 

744,486

 

 

 

705,900

 

 

 

754,175

 

 

 

717,552

 

Due after five years through ten years

 

 

650,412

 

 

 

566,624

 

 

 

736,089

 

 

 

665,708

 

Due after ten years

 

 

767,738

 

 

 

606,440

 

 

 

790,568

 

 

 

654,201

 

 

 

 

2,485,979

 

 

 

2,202,602

 

 

 

2,635,707

 

 

 

2,391,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

330,502

 

 

 

272,022

 

 

 

370,880

 

 

 

317,392

 

 

 

$

2,816,481

 

 

$

2,474,624

 

 

$

3,006,587

 

 

$

2,709,037

 
 
Available for sale equity investments

Equity investments of common stock and non-redeemable preferred stock were as follows:

 

 

 

December 31, 2023

 

 

March 31, 2023

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

29,594

 

 

$

39,534

 

 

$

29,577

 

 

$

39,375

 

Non-redeemable preferred stocks

 

 

25,144

 

 

 

20,141

 

 

 

26,054

 

 

 

21,982

 

 

 

$

54,738

 

 

$

59,675

 

 

$

55,631

 

 

$

61,357

 
 
Carrying value of Investments, other

The carrying value of the other investments was as follows:

 

 

 

December 31,

 

 

March 31,

 

 

 

2023

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

567,784

 

 

$

466,531

 

Short-term investments

 

 

993

 

 

 

15,921

 

Real estate

 

 

65,836

 

 

 

72,178

 

Policy loans

 

 

11,155

 

 

 

10,921

 

Other equity investments

 

 

14,485

 

 

 

9,989

 

 

 

$

660,253

 

 

$

575,540