Investments (Table Text Block)
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9 Months Ended |
Dec. 31, 2025 |
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| Investments Debt Equity Securities [Abstract] |
|
| Available for sale investments |
Available-for-sale investments as of December 31, 2025 were as follows:
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Allowance for Expected Credit Losses |
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Fair
Value |
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(Unaudited) |
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(In thousands) |
|
U.S. treasury securities and government obligations |
|
$ |
104,262 |
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|
$ |
265 |
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|
$ |
(5,320 |
) |
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$ |
— |
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|
$ |
99,207 |
|
U.S. government agency mortgage-backed securities |
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|
156,754 |
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|
1,024 |
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(7,672 |
) |
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— |
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|
150,106 |
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Obligations of states and political subdivisions |
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133,861 |
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520 |
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(5,904 |
) |
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— |
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128,477 |
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Corporate securities |
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1,660,382 |
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5,420 |
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(102,335 |
) |
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(3,789 |
) |
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1,559,678 |
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Mortgage-backed securities |
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593,955 |
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|
3,847 |
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(33,834 |
) |
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— |
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563,968 |
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$ |
2,649,214 |
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$ |
11,076 |
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$ |
(155,065 |
) |
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$ |
(3,789 |
) |
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$ |
2,501,436 |
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| Available for sale investments, unrealized losses, fair value |
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 December 31, 2025 and March 31, 2025 were as follows:
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December 31, 2025 |
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Less than or equal to 1 year |
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Greater than 1 year |
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Total |
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Fair Value |
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Unrealized Losses |
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Fair Value |
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Unrealized Losses |
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Fair Value |
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Unrealized Losses |
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(Unaudited) |
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(In thousands) |
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U.S. treasury securities and government obligations |
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$ |
— |
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$ |
— |
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$ |
92,760 |
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$ |
(5,320 |
) |
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$ |
92,760 |
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$ |
(5,320 |
) |
U.S. government agency mortgage-backed securities |
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37,360 |
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(190 |
) |
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19,478 |
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(7,482 |
) |
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56,838 |
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(7,672 |
) |
Obligations of states and political subdivisions |
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18,120 |
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(434 |
) |
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62,533 |
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(5,470 |
) |
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80,653 |
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(5,904 |
) |
Corporate securities |
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72,656 |
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(370 |
) |
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1,113,633 |
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(101,965 |
) |
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1,186,289 |
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(102,335 |
) |
Mortgage-backed securities |
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35,644 |
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(2,192 |
) |
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194,896 |
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(31,642 |
) |
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230,540 |
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(33,834 |
) |
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$ |
163,780 |
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$ |
(3,186 |
) |
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$ |
1,483,300 |
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$ |
(151,879 |
) |
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$ |
1,647,080 |
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$ |
(155,065 |
) |
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| Adjusted Cost and Estimated Market Value of Available-for-sale Investments |
The amortized cost and fair value of available-for-sale investments by contractual maturity were as follows:
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December 31, 2025 |
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March 31, 2025 |
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Amortized
Cost |
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Fair
Value |
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Amortized
Cost |
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Fair
Value |
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(Unaudited) |
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(In thousands) |
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Due in one year or less |
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$ |
176,399 |
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$ |
175,753 |
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$ |
196,238 |
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$ |
194,896 |
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Due after one year through five years |
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577,465 |
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568,566 |
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591,589 |
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576,204 |
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Due after five years through ten years |
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547,894 |
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518,739 |
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611,788 |
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558,430 |
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Due after ten years |
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753,501 |
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674,410 |
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746,468 |
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634,160 |
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2,055,259 |
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1,937,468 |
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2,146,083 |
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1,963,690 |
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Mortgage-backed securities |
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593,955 |
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563,968 |
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562,479 |
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515,808 |
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$ |
2,649,214 |
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$ |
2,501,436 |
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$ |
2,708,562 |
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$ |
2,479,498 |
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| Available for sale equity investments |
Equity investments of common stock and non-redeemable preferred stock were as follows:
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December 31, 2025 |
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March 31, 2025 |
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Amortized
Cost |
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Fair
Value |
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Amortized
Cost |
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Fair
Value |
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|
(Unaudited) |
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(In thousands) |
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Common stocks |
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$ |
32,990 |
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$ |
49,343 |
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$ |
30,108 |
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$ |
43,413 |
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Non-redeemable preferred stocks |
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11,045 |
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8,075 |
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25,144 |
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22,136 |
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$ |
44,035 |
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$ |
57,418 |
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$ |
55,252 |
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$ |
65,549 |
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| Carrying value of Investments, other |
The carrying value of the other investments was as follows:
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December 31, |
|
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March 31, |
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2025 |
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|
2025 |
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(Unaudited) |
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(In thousands) |
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Mortgage loans, net |
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$ |
699,878 |
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$ |
657,567 |
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Policy loans |
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|
12,521 |
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|
11,868 |
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Other investments |
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8,314 |
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|
8,819 |
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$ |
720,713 |
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$ |
678,254 |
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