Annual report [Section 13 and 15(d), not S-K Item 405]

INSURANCE CONTRACTS ASSETS AND LIABILITIES FROM INSURANCE ACTIVITIES (Tables)

v3.25.1
INSURANCE CONTRACTS ASSETS AND LIABILITIES FROM INSURANCE ACTIVITIES (Tables)
 12 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Insurance Receivables
As of March 31, 2025, and March 31, 2024, insurance and reinsurance receivables of the Group were comprised of the following:

Insurance contract assets
March 31, 2025
March 31, 2024
Assets:
Amounts due from policyholders $ 15,197  $ 10,260 
Amounts due from reinsured 5,583  2,274 
Advances paid for reinsurance
 5,364  3,231 
Claims receivable from reinsurance 3,023  1,400 
Less provision for impairment losses (2,432) (1,045)
Insurance and reinsurance receivables: 26,735  16,120 
Unearned premium reserve, reinsurers' share
 7,028  4,770 
Reserves for claims and claims' adjustment expenses, reinsurers' share
 3,420  4,032 
Total $ 37,183  $ 24,922 
Insurance Payables
As of March 31, 2025, and March 31, 2024, insurance and reinsurance payables of the Company was comprised of the following:

Insurance contract liabilities
March 31, 2025
 March 31, 2024
Liabilities:
Amounts payable to insured
 $ 9,417  $ 2,771 
Amounts payable to agents and brokers 6,287  6,334 
Amounts payable to reinsurers
 1,669  4,294 
Insurance and reinsurance payables: 17,373  13,399 
Unearned premium reserve 87,194  60,088 
Reserves for claims and claims' adjustment expenses
 376,972  223,693 
Total $ 481,539  $ 297,180 
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense
Reserve Rollforward Table
March 31, 2025 March 31, 2024
Reserves for claims and claims' adjustment expenses, beginning of the year
 $ 223,693  $ 133,147 
Reinsurance share, beginning of the year (4,032) (1,390)
Reserves for claims and claims' adjustment expenses, net of reinsurance
 219,661  131,757 
Claims and claims' adjustment expenses incurred:
Current year 234,782  108,431 
Prior years, excluding discount and amortization of deferred gain
 (6,429) (163)
Total claims and claims' adjustment expenses incurred
 228,353  108,268 
Claims and claims' adjustment expenses paid:
Current year (27,551) (13,464)
Prior years (14,290) (9,926)
Total claims and claims' adjustment expenses paid
 (41,841) (23,390)
Other changes:
Foreign exchange effect (32,621) 3,026 
Total other changes (32,621) 3,026 
Reserves for claims and claims' adjustment expenses, end of the year
 376,972  223,693 
Reinsurance share, end of the year (3,420) (4,032)
Total $ 373,552  $ 219,661 
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
March 31, 2025
 $ 289,275  $ 84,277  $ 373,552 
March 31, 2024
 $ 165,487  $ 54,174  $ 219,661 
Short-Duration Insurance Contracts, Claims Development
Allocation by Insurance Products
As of March 31, 2025
Reserves for claims and claims’ adjustment expenses Reserves for claims and claims’ adjustment expenses, reinsurers’ share Reserves for claims and claims’ adjustment expenses, net of reinsurance
Life Insurance $ 31,136  $ —  $ 31,136 
Accident Insurance 12,336  —  12,336 
Civil Liability
10,137  425  9,712 
Vehicle Owners
7,457  —  7,457 
Compulsory employer liability insurance
5,572  522  5,050 
Property Damage
4,838  296  4,542 
Motor Vehicle
 3,700  44  3,656 
Other 10,388 
Total
 $ 84,277 
Claims Development - Short-Duration Contracts
Life Insurance
Incurred losses and LAE, net of reinsurance for the years ended March 31
Accident
The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year
 2018 2019 2020 2021 2022 2023 2024 2025
2018 5  11  —  —  —  —  —  — 
2019 116  36  —  —  —  —  — 
2020 49  21  1  1  1  1 
2021 7  2  —  —  — 
2022 101  200  193  24 
2023 524  3,352  1,061 
2024 13,605  6,508 
2025 23,696 
Total
 31,290 
Cumulative paid losses and LAE, net of reinsurance
2018 —  —  —  —  —  —  —  — 
2019 —  —  —  —  —  —  — 
2020 1  1  1  1  1  1 
2021 —  —  —  —  — 
2022 —  —  —  — 
2023 1  3  3 
2024 69  93 
2025 57 
Total
 154 
Liabilities for loss and LAE, net of reinsurance
 31,136 
Accident Insurance

Incurred losses and LAE, net of reinsurance for the years ended March 31
Accident
The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year
 2018 2019 2020 2021 2022 2023 2024 2025
2018 2  4  —  —  —  —  —  — 
2019 100  36  1  1  1  1  1 
2020 81  90  1  1  1  1 
2021 248  185  1  1  1 
2022 405  231  4  4 
2023 791  643  10 
2024 2,016  3,427 
2025 9,119 
Total
 12,563 
Cumulative paid losses and LAE, net of reinsurance
2018 —  —  —  —  —  —  —  — 
2019 —  1  1  1  1  1  1 
2020 —  1  1  1  1  1 
2021 1  1  1  1  1 
2022 2  4  4  4 
2023 5  10  10 
2024 30  35 
2025 175 
Total
 227 
Liabilities for loss and LAE, net of reinsurance
 12,336 
Civil Liability

Incurred losses and LAE, net of reinsurance for the years ended March 31
Accident
The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year
 2018 2019 2020 2021 2022 2023 2024 2025
2018 1  1  1  1  1  1  1  1 
2019 —  —  —  —  —  —  — 
2020 —  —  —  —  —  — 
2021 1  2  2  2  2 
2022 642  642  642  727 
2023 1  58  579 
2024 25  2,949 
2025 7,632 
Total
 11,890 
Cumulative paid losses and LAE, net of reinsurance
2018 1  1  1  1  1  1  1  1 
2019 —  —  —  —  —  —  — 
2020 —  —  —  —  —  — 
2021 1  2  2  2  2 
2022 642  642  642  668 
2023 —  58  76 
2024 —  1,430 
2025 1 
Total
 2,178 
Liabilities for loss and LAE, net of reinsurance
 9,712 
Vehicle Owners

Incurred losses and LAE, net of reinsurance for the years ended March 31
Accident
The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year
 2018 2019 2020 2021 2022 2023 2024 2025
2018 794  1,140  1,153  1,159  1,162  1,162  1,162  1,208 
2019 946  1,364  1,387  1,396  1,415  1,420  1,477 
2020 1,454  2,276  2,368  2,441  2,441  2,570 
2021 2,683  4,294  4,406  4,436  4,653 
2022 5,478  8,224  8,375  8,873 
2023 8,246  10,901  11,540 
2024 4,264  6,236 
2025 18,830 
Total
 55,387 
Cumulative paid losses and LAE, net of reinsurance
2018 794  1,140  1,153  1,159  1,162  1,162  1,162  1,208 
2019 946  1,364  1,387  1,396  1,415  1,420  1,477 
2020 1,454  2,276  2,368  2,441  2,441  2,570 
2021 2,679  4,289  4,400  4,431  4,629 
2022 5,471  8,194  8,344  8,783 
2023 7,912  10,475  11,057 
2024 4,002  5,911 
2025 12,295 
Total
 47,930 
Liabilities for loss and LAE, net of reinsurance
 7,457 
Compulsory employer liability insurance

Incurred losses and LAE, net of reinsurance for the years ended March 31
Accident
The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year
 2018 2019 2020 2021 2022 2023 2024 2025
2018 428  503  636  718  764  881  1,044  1,162 
2019 533  453  428  415  512  555  555 
2020 855  783  685  767  861  885 
2021 1,038  1,068  1,399  1,079  897 
2022 1,013  1,107  1,177  1,022 
2023 1,356  1,270  1,261 
2024 2,621  2,900 
2025 7,694 
Total
 16,376 
Cumulative paid losses and LAE, net of reinsurance
2018 189  358  546  635  673  723  888  1,105 
2019 196  290  306  332  346  354  448 
2020 196  380  450  493  551  600 
2021 241  408  510  522  538 
2022 411  596  633  665 
2023 334  556  628 
2024 1,063  1,725 
2025 5,617 
Total
 11,326 
Liabilities for loss and LAE, net of reinsurance
 5,050 
Incurred losses and LAE, net of reinsurance for the years ended March 31
Accident
The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year
 2018 2019 2020 2021 2022 2023 2024 2025
2018 420  455  497  497  497  497  497  517 
2019 —  —  —  9  9  9  10 
2020 7  7  7  7  11  12 
2021 2  7  107  107  111 
2022 6  25  111  115 
2023 64  86  113 
2024 110  593 
2025 3,934 
Total
 5,405 
Cumulative paid losses and LAE, net of reinsurance
2018 420  455  497  497  497  497  497  517 
2019 —  —  —  9  9  9  10 
2020 7  7  7  7  11  12 
2021 2  7  107  107  111 
2022 6  25  111  115 
2023 —  22  23 
2024 38  42 
2025 33 
Total
 863 
Liabilities for loss and LAE, net of reinsurance
 4,542 
Motor Vehicle

Incurred losses and LAE, net of reinsurance for the years ended March 31
Accident
The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year
 2018 2019 2020 2021 2022 2023 2024 2025
2018 133  153  156  156  156  156  156  163 
2019 164  181  184  184  184  184  192 
2020 169  233  233  234  234  243 
2021 229  310  322  327  341 
2022 230  386  386  411 
2023 568  903  939 
2024 2,270  3,824 
2025 4,424 
Total
 10,537 
Cumulative paid losses and LAE, net of reinsurance
2018 133  153  156  156  156  156  156  163 
2019 164  181  184  184  184  184  192 
2020 169  233  233  234  234  243 
2021 229  310  322  327  341 
2022 230  382  382  407 
2023 397  715  743 
2024 1,752  2,599 
2025 2,193 
Total
 6,881 
Liabilities for loss and LAE, net of reinsurance
 3,656 
Short-Duration Insurance Contracts, Schedule of Historical Claims Duration
The following table shows the average annual percentage payout of incurred losses for the Life Insurance line of business:

Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years
 1 2 3 4 5 6 7 8
Average annual percentage payout
 16.9% 8.5% 8.0% 66.6% —% —% —% —%
The following table shows the average annual percentage payout of incurred losses for the Accident Insurance line of business:

Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years
 1 2 3 4 5 6 7 8
Average annual percentage payout
 31.0% 52.5% 16.5% —% —% —% —% —%
The following table shows the average annual percentage payout of incurred losses for the Civil Liability line of business:

Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years 1 2 3 4 5 6 7 8
Average annual percentage payout
 38.2% 29.6% 5.6% 21.3% 3.4% 1.9% —% —%
The following table shows the average annual percentage payout of incurred losses for the Vehicle Owners line of business:

Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years 1 2 3 4 5 6 7 8
Average annual percentage payout
 63.0% 29.2% 2.1% 1.6% 0.7% 0.8% 0.6% 1.9%
The following table shows the average annual percentage payout of incurred losses for the Compulsory employer liability insurance line of business:

Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years 1 2 3 4 5 6 7 8
Average annual percentage payout
 34.6% 13.0% 6.0% 5.1% 2.0% 3.9% 14.0% 16.6%
The following table shows the average annual percentage payout of incurred losses for the Property Damage line of business:

Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years 1 2 3 4 5 6 7 8
Average annual percentage payout
 19.6% 9.7% 32.6% 28.3% 7.0% 0.3% 0.6% 1.9%
The following table shows the average annual percentage payout of incurred losses for the Motor Vehicle line of business:

Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years 1 2 3 4 5 6 7 8
Average annual percentage payout
 62.2% 25.3% 5.0% 4.2% 0.4% 0.3% 0.6% 1.9%