Policy Benefits and Losses, Claims and Loss Expenses Payable

12 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Policy Benefits and Losses, Claims and Loss Expenses Payable

. Life Insurance Liabilities

The following tables summarize balances and changes in the liability for future policy benefits for life insurance contracts and a reconciliation to policy benefits and losses, claims and loss expenses payable..

		Year Ended March 31,
		2024				2023
		(In thousands)
Present value of expected net premiums
Balance, beginning of year	$		223,118		$		280,371
Beginning balance at original discount rate	$		225,071		$		242,741
Effect of changes in cash flow assumptions			—				—
Effect of actual variances from expected experience			(932	)			(1,565	)
Adjusted beginning of year balance	$		224,139		$		241,176
Issuances			8,491				14,118
Interest accrual			11,185				12,131
Net premium collected			(39,509	)			(42,354	)
Other			—				—
Ending balance at original discount rate	$		204,306		$		225,071
Effect of changes in discount rate assumptions (AOCI)			1,083				(1,953	)
Balance, end of period	$		205,389		$		223,118
Present value of expected future policy benefits
Balance, beginning of year	$		530,984		$		672,254
Beginning balance at original discount rate	$		533,689		$		552,109
Effect of changes in cash flow assumptions			—				—
Effect of actual variances from expected experiences			(2,483	)			(3,964	)
Adjusted beginning of year balance	$		531,206		$		548,145
Issuances			8,513				14,118
Interest accrual			26,507				27,572
Benefit payments			(52,113	)			(56,146	)
Other			—				—
Ending balance at original discount rate	$		514,113		$		533,689
Effect of changes in discount rate assumptions (AOCI)			8,009				(2,705	)
Balance, end of period	$		522,122		$		530,984
End of period, LFPB net			316,733				307,866
Payout annuities and market risk benefits			31,337				31,060
Health insurance			12,201				13,484
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable			27,432				29,534
Life DPL / Other life and health			9,208				9,973
LFPB flooring effect			7				51
Life Insurance end of period balance			396,918				391,968
Moving and Storage balance			319,716				335,227
Property and Casualty Insurance balance			132,479				153,007
Policy benefit and losses, claims and loss expense balance, end of period			849,113				880,202

The following tables provide the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for life insurance contracts, it summarizes the actual experience and expected experience for mortality and lapses of the liability for future policy benefits for life insurance contracts and provides the weighted-average durations and interest rates of the liability for future policy benefits for life insurance contracts:

		Year Ended March 31,
		2024				2023
		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance	$		367,640		$		405,017
Discounted balance at original discount rate	$		285,087		$		311,988
Discounted balance at current discount rate	$		286,295		$		308,822
Expected policy benefits
Undiscounted balance	$		742,927		$		779,778
Discounted balance at original discount rate	$		514,112		$		533,688
Discounted balance at current discount rate	$		522,121		$		530,983
Mortality, lapses and morbidity
Mortality actual experience			4.49	%			4.67	%
Mortality expected experience			5.06	%			4.80	%
Lapses actual experience			2.10	%			2.04	%
Lapses expected experience			2.63	%			2.52	%
Premiums and interest expense
Gross premiums (1)	$		52,909		$		56,563
Interest expense (2)	$		15,322		$		15,441
Expected duration (persistency) of policies in-force (years)			6.8				7.0
Weighted average original interest rate of the liability for future policy benefits			4.99	%			5.03	%
Weighted average current interest rate of the liability for future policy benefits			5.03	%			0.56	%
(1) Gross premiums are related to life insurance and are included in Life insurance premiums.
(2) Interest expense is included in Policy benefits and losses, claims and loss expenses payable.

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

		Year Ended March 31, 2024
Policyholder contract deposits account balance		(In thousands, except for the average credited rate)
Beginning of year	$		2,398,884
Deposits received			360,124
Surrenders and withdrawals			(379,099	)
Benefit payments			(39,990	)
Interest credited			71,433
Other			—
End of period	$		2,411,352
Weighted average credited rate			3.03
Cash surrender value	$		2,104,617

		Year Ended March 31, 2023
Policyholder contract deposits account balance		(In thousands, except for the average credited rate)
Beginning of year	$		2,336,238
Deposits received			326,465
Surrenders and withdrawals			(287,796	)
Benefit payments			(33,548	)
Interest credited			57,525
Other			—
End of period	$		2,398,884
Weighted average credited rate			2.43
Cash surrender value	$		2,067,735