Investments

6 Months Ended

Sep. 30, 2024

Investments Debt Equity Securities [Abstract]

Investments

3. Investments

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $20.0 million and $23.1 million as of September 30, 2024 and March 31, 2024, respectively.

Available-for-Sale Investments

Available-for-sale investments as of September 30, 2024 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	$	150,029	$	208	$	(9,348	)	$	—		$	140,889
U.S. government agency mortgage-backed securities		45,374		107		(8,255	)		—			37,226
Obligations of states and political subdivisions		142,067		197		(9,098	)		—			133,166
Corporate securities		1,943,081		1,271		(171,608	)		(2,814	)		1,769,930
Mortgage-backed securities		402,279		150		(45,717	)		—			356,712
	$	2,682,830	$	1,933	$	(244,026	)	$	(2,814	)	$	2,437,923

Available-for-sale investments as of March 31, 2024 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	$	191,070	$	2,123	$	(8,921	)	$	—		$	184,272
U.S. government agency mortgage-backed securities		48,067		250		(7,664	)		—			40,653
Obligations of states and political subdivisions		151,197		918		(7,533	)		—			144,582
Corporate securities		1,963,249		2,762		(152,799	)		(1,052	)		1,812,160
Mortgage-backed securities		306,510		34		(45,707	)		—			260,837
	$	2,660,093	$	6,087	$	(222,624	)	$	(1,052	)	$	2,442,504

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of September 30, 2024 and March 31, 2024 were as follows:

	September 30, 2024
	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	$	39,648	$	(35	)	$	97,088	$	(9,313	)	$	136,736	$	(9,348	)
U.S. government agency mortgage-backed securities		—		—			22,087		(8,255	)		22,087		(8,255	)
Obligations of states and political subdivisions		37,607		(676	)		79,068		(8,422	)		116,675		(9,098	)
Corporate securities		208,344		(1,953	)		1,475,083		(169,655	)		1,683,427		(171,608	)
Mortgage-backed securities		58,938		(177	)		234,037		(45,540	)		292,975		(45,717	)
	$	344,537	$	(2,841	)	$	1,907,363	$	(241,185	)	$	2,251,900	$	(244,026	)

	March 31, 2024
	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	$	1,888	$	(13	)	$	103,336	$	(8,908	)	$	105,224	$	(8,921	)
U.S. government agency mortgage-backed securities		—		—			23,711		(7,664	)		23,711		(7,664	)
Obligations of states and political subdivisions		10,492		(222	)		80,082		(7,311	)		90,574		(7,533	)
Corporate securities		132,513		(1,258	)		1,495,167		(151,541	)		1,627,680		(152,799	)
Mortgage-backed securities		3,008		(23	)		248,423		(45,684	)		251,431		(45,707	)
	$	147,901	$	(1,516	)	$	1,950,719	$	(221,108	)	$	2,098,620	$	(222,624	)

The adjusted cost and fair value of available-for-sale investments by contractual maturity were as follows:

	September 30, 2024				March 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Unaudited)
	(In thousands)
Due in one year or less	$	274,397	$	272,854	$	266,357	$	266,578
Due after one year through five years		645,371		623,920		748,338		723,903
Due after five years through ten years		614,127		554,516		614,890		564,422
Due after ten years		746,656		629,921		723,998		626,764
		2,280,551		2,081,211		2,353,583		2,181,667
Mortgage-backed securities		402,279		356,712		306,510		260,837
	$	2,682,830	$	2,437,923	$	2,660,093	$	2,442,504

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

	September 30, 2024				March 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Unaudited)
	(In thousands)
Common stocks	$	29,422	$	41,529	$	29,604	$	45,014
Non-redeemable preferred stocks		25,144		21,766		25,144		21,260
	$	54,566	$	63,295	$	54,748	$	66,274

Investments, other

The carrying value of the other investments was as follows:

	September 30,		March 31,
	2024		2024
	(Unaudited)
	(In thousands)
Mortgage loans, net	$	623,042	$	604,481
Short-term investments		—		997
Policy loans		11,642		11,229
Other investments		9,209		17,229
	$	643,893	$	633,936