INSURANCE CONTRACTS ASSETS AND LIABILITIES FROM INSURANCE ACTIVITIES (Tables)
|
3 Months Ended |
Jun. 30, 2025 |
|---|
| Insurance [Abstract] |
|
| Insurance and reinsurance receivables |
As of June 30, 2025, and March 31, 2025, insurance and reinsurance receivables of the Group were comprised of the following:
Insurance contract assets
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
March 31, 2025 |
| Assets: |
|
|
|
|
|
|
|
| Amounts due from policyholders |
$ |
10,540 |
|
|
$ |
15,197 |
|
| Claims receivable from reinsurance |
5,028 |
|
|
3,023 |
|
| Amounts due from reinsured |
4,665 |
|
|
5,583 |
|
Advances paid for reinsurance |
1,467 |
|
|
5,364 |
|
| Less provision for impairment losses |
(3,669) |
|
|
(2,432) |
|
| Insurance and reinsurance receivables |
18,031
|
|
|
26,735
|
|
|
|
|
|
| Unearned premium reserve, reinsurers’ share |
5,558 |
|
|
7,028 |
|
| Reserves for claims and claims’ adjustment expenses, reinsurers’ share |
2,343 |
|
|
3,420 |
|
|
|
|
|
| Total |
$ |
25,932
|
|
|
$ |
37,183
|
|
|
| Insurance and reinsurance payables |
As of June 30, 2025, and March 31, 2025, insurance and reinsurance payables of the Company was comprised of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
March 31, 2025 |
| Liabilities: |
|
|
|
|
|
|
|
Amounts payable to insured |
6,373 |
|
|
9,417 |
|
| Amounts payable to agents and brokers |
3,747 |
|
|
6,287 |
|
Amounts payable to reinsurers |
841 |
|
|
1,669 |
|
| Insurance and reinsurance payables: |
10,961
|
|
|
17,373
|
|
|
|
|
|
| Unearned premium reserve |
102,735 |
|
|
87,194 |
|
| Reserves for claims and claims’ adjustment expenses |
405,361 |
|
|
376,972 |
|
|
|
|
|
| Total |
$ |
519,057
|
|
|
$ |
481,539
|
|
|
| Schedule of liability for unpaid claims and claims adjustment expense |
Reserve Rollforward Table
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
March 31, 2025 |
|
|
|
|
Reserves for claims and claims' adjustment expenses, beginning of the period |
$ |
376,972 |
|
|
$ |
223,693 |
|
Reinsurance share, beginning of the period |
(3,420) |
|
|
(4,032) |
|
Reserves for claims and claims' adjustment expenses, net of reinsurance |
373,552
|
|
|
219,661
|
|
Claims and claims' adjustment expenses incurred: |
|
|
|
Current period |
49,209 |
|
|
234,782 |
|
Prior periods, excluding discount and amortization of deferred gain |
6,215 |
|
|
(6,429) |
|
Total claims and claims' adjustment expenses incurred |
55,424
|
|
|
228,353
|
|
Claims and claims' adjustment expenses paid: |
|
|
|
Current period |
(6,475) |
|
|
(27,551) |
|
Prior periods |
(8,115) |
|
|
(14,290) |
|
Total claims and claims' adjustment expenses paid |
(14,590) |
|
|
(41,841) |
|
| Other changes: |
|
|
|
| Foreign exchange effect |
(11,368) |
|
|
(32,621) |
|
| Total other changes |
(11,368) |
|
|
(32,621) |
|
Reserves for claims and claims' adjustment expenses, end of the period |
405,361 |
|
|
376,972 |
|
Reinsurance share, end of the period |
(2,343) |
|
|
(3,420) |
|
| Total |
$ |
403,018
|
|
|
$ |
373,552
|
|
|
| Schedule of short and long duration contracts within the insurance portfolio |
Allocation by Contract Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserves for claims and claims' adjustment expenses, net of reinsurance |
Long-Duration |
|
Short-Duration |
|
Total |
|
|
|
|
|
|
June 30, 2025 |
$ |
319,393 |
|
|
$ |
83,625 |
|
|
$ |
403,018 |
|
March 31, 2025 |
$ |
289,275 |
|
|
$ |
84,277 |
|
|
$ |
373,552 |
|
|