| INSURANCE CONTRACTS ASSETS AND LIABILITIES FROM INSURANCE ACTIVITIES |
INSURANCE CONTRACTS ASSETS AND LIABILITIES FROM INSURANCE ACTIVITIES As of September 30, 2025, and March 31, 2025, the Group recognized insurance-related assets and liabilities arising from its underwriting and reinsurance activities.
The disclosures below relate solely to the Group's insurance operations and not to its other operating segments (Banking, Brokerage, and Other).
Nature of Insurance Products
The Group offers the following insurance products:
- Long-Duration Contracts: Life insurance and annuity contracts
- Short-Duration Contracts: General insurance products, including property (including automobile), accident,
casualty, and civil liability lines.
As of September 30, 2025, and March 31, 2025, insurance and reinsurance receivables of the Group were comprised of the following:
Insurance contract assets
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September 30, 2025 |
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March 31, 2025 |
| Assets: |
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| Claims receivable from reinsurance |
$ |
8,840 |
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$ |
3,023 |
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| Amounts due from reinsured |
5,937 |
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5,583 |
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| Amounts due from policyholders |
4,366 |
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15,197 |
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Advances paid for reinsurance |
1,569 |
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|
5,364 |
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| Less provision for impairment losses |
(6,576) |
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(2,432) |
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| Insurance and reinsurance receivables |
$ |
14,136
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$ |
26,735
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| Unearned premium reserve, reinsurers’ share |
3,163 |
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7,028 |
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| Reserves for claims and claims’ adjustment expenses, reinsurers’ share |
2,176 |
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3,420 |
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| Total |
$ |
19,475
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$ |
37,183
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As of September 30, 2025, and March 31, 2025, insurance and reinsurance payables of the Company was comprised of the following:
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September 30, 2025 |
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March 31, 2025 |
| Liabilities: |
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Amounts payable to insured |
$ |
4,321 |
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$ |
9,417 |
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Amounts payable to reinsurers |
1,688 |
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1,669 |
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| Amounts payable to agents and brokers |
1,426 |
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6,287 |
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| Insurance and reinsurance payables: |
$ |
7,435
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$ |
17,373
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| Unearned premium reserve |
100,859 |
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|
87,194 |
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| Reserves for claims and claims’ adjustment expenses |
411,926 |
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376,972 |
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| Total |
$ |
520,220
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$ |
481,539
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Reserve Rollforward Table
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September 30, 2025 |
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March 31, 2025 |
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Reserves for claims and claims' adjustment expenses, beginning of the period |
$ |
405,361 |
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$ |
223,693 |
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Reinsurance share, beginning of the period |
(2,343) |
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(4,032) |
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Reserves for claims and claims' adjustment expenses, net of reinsurance |
403,018
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219,661
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Claims and claims' adjustment expenses incurred: |
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Current period |
57,779 |
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234,782 |
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Prior periods, excluding discount and amortization of deferred gain |
(860) |
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(6,429) |
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Total claims and claims' adjustment expenses incurred |
56,919
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228,353
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Claims and claims' adjustment expenses paid: |
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Current period |
(14,735) |
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(27,551) |
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Prior periods |
(13,080) |
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(14,290) |
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Total claims and claims' adjustment expenses paid |
(27,815) |
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(41,841) |
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| Other changes: |
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| Foreign exchange effect |
(22,371) |
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(32,621) |
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| Total other changes |
(22,371) |
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(32,621) |
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Reserves for claims and claims' adjustment expenses, end of the period |
411,926 |
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376,972 |
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Reinsurance share, end of the period |
(2,176) |
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(3,420) |
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| Total |
$ |
409,750
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$ |
373,552
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Allocation by Contract Type
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Reserves for claims and claims' adjustment expenses, net of reinsurance |
Long-Duration |
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Short-Duration |
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Total |
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September 30, 2025 |
$ |
343,758 |
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$ |
65,992 |
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$ |
409,750 |
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March 31, 2025 |
$ |
289,275 |
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$ |
84,277 |
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$ |
373,552 |
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