Policy Benefits and Losses, Claims and Loss Expenses Payable (Table Text Block)

9 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Insurance [Abstract]

Present Value Expected Net Premiums and Expected Future Policy Benefits

The following tables summarize the 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 expense payable:

	Nine months ended December 31,
	2024			2023
	(Unaudited)
	(In thousands)
Present value of expected net premiums
Balance, beginning of year	$	205,389		$	223,118
Beginning balance at original discount rate	$	204,306		$	225,071
Effect of changes in cash flow assumptions		—			—
Effect of actual variances from expected experience		(2,233	)		(584	)
Adjusted beginning of year balance	$	202,073		$	224,487
Issuances		7,353			6,692
Interest accrual		7,486			8,367
Net premium collected		(27,224	)		(29,812	)
Other		—			—
Ending balance at original discount rate	$	189,688		$	209,734
Effect of changes in discount rate assumptions (AOCI)		3,322			(6,878	)
Balance, end of period	$	193,010		$	202,856
Present value of expected future policy benefits
Balance, beginning of year	$	522,122		$	530,983
Beginning balance at original discount rate	$	514,113		$	533,688
Effect of changes in cash flow assumptions		—			—
Effect of actual variances from expected experiences		(4,279	)		(1,621	)
Adjusted beginning of year balance	$	509,834		$	532,067
Issuances		7,353			6,746
Interest accrual		18,888			19,830
Benefit payments		(39,689	)		(39,544	)
Other		—			—
Ending balance at original discount rate	$	496,386		$	519,099
Effect of changes in discount rate assumptions (AOCI)		13,778			(19,397	)
Balance, end of period	$	510,164		$	499,702
End of period, LFPB net		317,153			296,846
Payout annuities and market risk benefits		24,752			31,048
Health insurance		11,598			11,621
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable		24,527			23,724
Life DPL / Other life and health		8,941			9,556
LFPB flooring effect		52			274
Life insurance end of period balance	$	387,023		$	373,069
Moving and Storage balance		313,439			317,409
Property and Casualty balance		129,530			148,467
Policy benefits and losses, claims and loss expenses balance, end of period	$	829,992		$	838,945

		Nine months ended December 31,
		2024			2023
	(Unaudited)
		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance		$	348,354		$	377,068
Discounted balance at original discount rate		$	270,029		$	291,900
Discounted balance at current discount rate		$	274,428		$	281,927
Expected policy benefits
Undiscounted balance		$	714,265		$	752,194
Discounted balance at original discount rate		$	496,385		$	519,099
Discounted balance at current discount rate		$	510,163		$	499,702
Mortality, lapses and morbidity
Mortality actual experience			4.89	%		4.57	%
Mortality expected experience			5.43	%		5.07	%
Lapses actual experience			2.18	%		2.18	%
Lapses expected experience			2.72	%		2.64	%
Premiums and interest expense
Gross premiums (1)		$	37,561		$	39,979
Interest expense (2)		$	11,402		$	11,463
Expected duration (persistency) of policies in-force (years)			6.8			6.9
Weighted average original interest rate of the liability for future policy benefits			4.97	%		5.00	%
Weighted average current interest rate of the liability for future policy benefits			5.20	%		4.80	%

The following tables summarize the 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 expense payable:

	Nine months ended December 31,
	2024			2023
	(Unaudited)
	(In thousands)
Present value of expected net premiums
Balance, beginning of year	$	205,389		$	223,118
Beginning balance at original discount rate	$	204,306		$	225,071
Effect of changes in cash flow assumptions		—			—
Effect of actual variances from expected experience		(2,233	)		(584	)
Adjusted beginning of year balance	$	202,073		$	224,487
Issuances		7,353			6,692
Interest accrual		7,486			8,367
Net premium collected		(27,224	)		(29,812	)
Other		—			—
Ending balance at original discount rate	$	189,688		$	209,734
Effect of changes in discount rate assumptions (AOCI)		3,322			(6,878	)
Balance, end of period	$	193,010		$	202,856
Present value of expected future policy benefits
Balance, beginning of year	$	522,122		$	530,983
Beginning balance at original discount rate	$	514,113		$	533,688
Effect of changes in cash flow assumptions		—			—
Effect of actual variances from expected experiences		(4,279	)		(1,621	)
Adjusted beginning of year balance	$	509,834		$	532,067
Issuances		7,353			6,746
Interest accrual		18,888			19,830
Benefit payments		(39,689	)		(39,544	)
Other		—			—
Ending balance at original discount rate	$	496,386		$	519,099
Effect of changes in discount rate assumptions (AOCI)		13,778			(19,397	)
Balance, end of period	$	510,164		$	499,702
End of period, LFPB net		317,153			296,846
Payout annuities and market risk benefits		24,752			31,048
Health insurance		11,598			11,621
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable		24,527			23,724
Life DPL / Other life and health		8,941			9,556
LFPB flooring effect		52			274
Life insurance end of period balance	$	387,023		$	373,069
Moving and Storage balance		313,439			317,409
Property and Casualty balance		129,530			148,467
Policy benefits and losses, claims and loss expenses balance, end of period	$	829,992		$	838,945

		Nine months ended December 31,
		2024			2023
	(Unaudited)
		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance		$	348,354		$	377,068
Discounted balance at original discount rate		$	270,029		$	291,900
Discounted balance at current discount rate		$	274,428		$	281,927
Expected policy benefits
Undiscounted balance		$	714,265		$	752,194
Discounted balance at original discount rate		$	496,385		$	519,099
Discounted balance at current discount rate		$	510,163		$	499,702
Mortality, lapses and morbidity
Mortality actual experience			4.89	%		4.57	%
Mortality expected experience			5.43	%		5.07	%
Lapses actual experience			2.18	%		2.18	%
Lapses expected experience			2.72	%		2.64	%
Premiums and interest expense
Gross premiums (1)		$	37,561		$	39,979
Interest expense (2)		$	11,402		$	11,463
Expected duration (persistency) of policies in-force (years)			6.8			6.9
Weighted average original interest rate of the liability for future policy benefits			4.97	%		5.00	%
Weighted average current interest rate of the liability for future policy benefits			5.20	%		4.80	%

Balance Changes Liabilities Investment Contracts

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

	Nine months ended December 31, 2024
	(Unaudited)
	(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,411,352
Deposits received		389,848
Surrenders and withdrawals		(290,875	)
Benefit payments		(27,130	)
Interest credited		58,290
Other		5,455
End of period	$	2,546,940
Weighted average credited rate		3.35
Cash surrender value	$	2,257,207

	Nine months ended December 31, 2023
	(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

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

	Nine months ended December 31, 2024
	(Unaudited)
	(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,411,352
Deposits received		389,848
Surrenders and withdrawals		(290,875	)
Benefit payments		(27,130	)
Interest credited		58,290
Other		5,455
End of period	$	2,546,940
Weighted average credited rate		3.35
Cash surrender value	$	2,257,207

	Nine months ended December 31, 2023
	(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