Policy Benefits and Losses, Claims and Loss Expenses Payable

9 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Policy Benefits and Losses, Claims and Loss Expenses Payable

. Life Insurance Liabilities

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,
	2025			2024
	(Unaudited)
	(In thousands)
Present value of expected net premiums
Balance, beginning of year	$	182,658		$	205,389
Beginning balance at original discount rate	$	185,508		$	204,306
Effect of changes in cash flow assumptions		(2,788	)		—
Effect of actual variances from expected experience		(1,396	)		(2,233	)
Adjusted beginning of year balance	$	181,324		$	202,073
Issuances		3,058			7,353
Interest accrual		6,624			7,486
Net premium collected		(24,750	)		(27,224	)
Other		—			—
Ending balance at original discount rate	$	166,256		$	189,688
Effect of changes in discount rate assumptions (AOCI)		1,445			3,322
Balance, end of period	$	167,701		$	193,010
Present value of expected future policy benefits
Balance, beginning of year	$	482,805		$	522,122
Beginning balance at original discount rate	$	490,975		$	514,113
Effect of changes in cash flow assumptions		(3,773	)		—
Effect of actual variances from expected experiences		(1,591	)		(4,279	)
Adjusted beginning of year balance	$	485,611		$	509,834
Issuances		3,057			7,353
Interest accrual		17,739			18,888
Benefit payments		(42,413	)		(39,689	)
Other		—			—
Ending balance at original discount rate	$	463,994		$	496,386
Effect of changes in discount rate assumptions (AOCI)		5,426			13,778
Balance, end of period	$	469,420		$	510,164
End of period, LFPB net		301,719			317,153
Payout annuities and market risk benefits		22,637			24,752
Health insurance		10,042			11,598
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable		23,222			24,527
Life DPL / Other life and health		8,085			8,941
LFPB flooring effect		(1	)		52
Life Insurance end of period balance	$	365,704		$	387,023
Moving and Storage balance		440,597			313,439
Property and Casualty Insurance balance		124,463			129,530
Policy benefits and losses, claims and loss expenses balance, end of period	$	930,764		$	829,992

		Nine months ended December 31,
		2025			2024
	(Unaudited)
		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance		$	309,987		$	348,354
Discounted balance at original discount rate		$	240,279		$	270,029
Discounted balance at current discount rate		$	242,432		$	274,428
Expected policy benefits
Undiscounted balance		$	665,628		$	714,265
Discounted balance at original discount rate		$	463,993		$	496,385
Discounted balance at current discount rate		$	469,419		$	510,163
Mortality, lapses and morbidity
Mortality actual experience			6.53	%		4.89	%
Mortality expected experience			6.58	%		5.43	%
Lapses actual experience			2.14	%		2.18	%
Lapses expected experience			3.10	%		2.72	%
Premiums and interest expense
Gross premiums (1)		$	34,519		$	37,561
Interest expense (2)		$	11,115		$	11,402
Expected duration (persistency) of policies in-force (years)			6.7			6.8
Weighted average original interest rate of the liability for future policy benefits			4.90	%		4.97	%
Weighted average current interest rate of the liability for future policy benefits			4.28	%		5.20	%

(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:

	Nine months ended December 31, 2025
	(Unaudited)
	(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,511,422
Deposits received		247,328
Surrenders and withdrawals		(353,662	)
Benefit payments		(24,715	)
Interest credited		72,952
Other		—
End of period	$	2,453,325
Weighted average credited rate		3.92
Cash surrender value	$	2,157,343

	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