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 reinsured5,583 2,274 
Advances paid for reinsurance
5,364 3,231 
Claims receivable from reinsurance3,023 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 brokers6,287 6,334 
Amounts payable to reinsurers
1,669 4,294 
Insurance and reinsurance payables:17,373 13,399 
Unearned premium reserve87,194 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, 2025March 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 year234,782 108,431 
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-DurationShort-DurationTotal
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 expensesReserves for claims and claims’ adjustment expenses, reinsurers’ shareReserves for claims and claims’ adjustment expenses, net of reinsurance
Life Insurance$31,136 $— $31,136 
Accident Insurance12,336 — 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 
Other10,388 
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
20182019202020212022202320242025
20185 11 — — — — — — 
2019116 36 — — — — — 
202049 21 1 1 1 1 
20217 2 — — — 
2022101 200 193 24 
2023524 3,352 1,061 
202413,605 6,508 
202523,696 
Total
31,290 
Cumulative paid losses and LAE, net of reinsurance
2018— — — — — — — — 
2019— — — — — — — 
20201 1 1 1 1 1 
2021— — — — — 
2022— — — — 
20231 3 3 
202469 93 
202557 
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
20182019202020212022202320242025
20182 4 — — — — — — 
2019100 36 1 1 1 1 1 
202081 90 1 1 1 1 
2021248 185 1 1 1 
2022405 231 4 4 
2023791 643 10 
20242,016 3,427 
20259,119 
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 
20211 1 1 1 1 
20222 4 4 4 
20235 10 10 
202430 35 
2025175 
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
20182019202020212022202320242025
20181 1 1 1 1 1 1 1 
2019— — — — — — — 
2020— — — — — — 
20211 2 2 2 2 
2022642 642 642 727 
20231 58 579 
202425 2,949 
20257,632 
Total
11,890 
Cumulative paid losses and LAE, net of reinsurance
20181 1 1 1 1 1 1 1 
2019— — — — — — — 
2020— — — — — — 
20211 2 2 2 2 
2022642 642 642 668 
2023— 58 76 
2024— 1,430 
20251 
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
20182019202020212022202320242025
2018794 1,140 1,153 1,159 1,162 1,162 1,162 1,208 
2019946 1,364 1,387 1,396 1,415 1,420 1,477 
20201,454 2,276 2,368 2,441 2,441 2,570 
20212,683 4,294 4,406 4,436 4,653 
20225,478 8,224 8,375 8,873 
20238,246 10,901 11,540 
20244,264 6,236 
202518,830 
Total
55,387 
Cumulative paid losses and LAE, net of reinsurance
2018794 1,140 1,153 1,159 1,162 1,162 1,162 1,208 
2019946 1,364 1,387 1,396 1,415 1,420 1,477 
20201,454 2,276 2,368 2,441 2,441 2,570 
20212,679 4,289 4,400 4,431 4,629 
20225,471 8,194 8,344 8,783 
20237,912 10,475 11,057 
20244,002 5,911 
202512,295 
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
20182019202020212022202320242025
2018428 503 636 718 764 881 1,044 1,162 
2019533 453 428 415 512 555 555 
2020855 783 685 767 861 885 
20211,038 1,068 1,399 1,079 897 
20221,013 1,107 1,177 1,022 
20231,356 1,270 1,261 
20242,621 2,900 
20257,694 
Total
16,376 
Cumulative paid losses and LAE, net of reinsurance
2018189 358 546 635 673 723 888 1,105 
2019196 290 306 332 346 354 448 
2020196 380 450 493 551 600 
2021241 408 510 522 538 
2022411 596 633 665 
2023334 556 628 
20241,063 1,725 
20255,617 
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
20182019202020212022202320242025
2018420 455 497 497 497 497 497 517 
2019— — — 9 9 9 10 
20207 7 7 7 11 12 
20212 7 107 107 111 
20226 25 111 115 
202364 86 113 
2024110 593 
20253,934 
Total
5,405 
Cumulative paid losses and LAE, net of reinsurance
2018420 455 497 497 497 497 497 517 
2019— — — 9 9 9 10 
20207 7 7 7 11 12 
20212 7 107 107 111 
20226 25 111 115 
2023— 22 23 
202438 42 
202533 
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
20182019202020212022202320242025
2018133 153 156 156 156 156 156 163 
2019164 181 184 184 184 184 192 
2020169 233 233 234 234 243 
2021229 310 322 327 341 
2022230 386 386 411 
2023568 903 939 
20242,270 3,824 
20254,424 
Total
10,537 
Cumulative paid losses and LAE, net of reinsurance
2018133 153 156 156 156 156 156 163 
2019164 181 184 184 184 184 192 
2020169 233 233 234 234 243 
2021229 310 322 327 341 
2022230 382 382 407 
2023397 715 743 
20241,752 2,599 
20252,193 
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
12345678
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
12345678
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)
Years12345678
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)
Years12345678
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)
Years12345678
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)
Years12345678
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)
Years12345678
Average annual percentage payout
62.2%25.3%5.0%4.2%0.4%0.3%0.6%1.9%