v3.26.1
Fair Value Measurements (Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) - JPY (¥)
¥ in Millions
Mar. 31, 2026
Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Loans held for sale ¥ 78,020 ¥ 97,694
Available-for-sale debt securities 2,526,416 2,607,637
Derivative assets, gross amounts recognized 154,513 64,170
Netting (80,880) [1] (20,495)
Net derivative assets ¥ 73,633 ¥ 43,675
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Assets Assets
Other assets ¥ 1,163 ¥ 2,586
Derivative liabilities, gross amounts recognized 118,061 56,038
Netting (51,256) [1] (20,495)
Net derivative Liabilities 66,805 35,543
Policy liabilities and Policy Account Balances 138,027 136,257
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Loans held for sale [2] 78,020 97,694
Available-for-sale debt securities 2,526,416 2,607,637
Equity securities [3],[4] 501,246 418,690
Derivative assets, gross amounts recognized 154,513 64,170
Netting [5] (80,880) (20,495)
Net derivative assets 73,633 43,675
Other assets 1,163 2,586
Total financial assets 3,261,358 3,190,777
Derivative liabilities, gross amounts recognized 118,061 56,038
Netting [5] (51,256) (20,495)
Net derivative Liabilities 66,805 35,543
Policy liabilities and Policy Account Balances 138,027 136,257
Accounts Payable 15,683 15,259
Contingent Consideration 15,683 15,259
Total financial liabilities 271,771 207,554
Interest rate swap agreements | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 26,358 17,869
Derivative liabilities, gross amounts recognized 2,289 2,774
Options held/written and other | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 17,402 15,767
Derivative liabilities, gross amounts recognized 21,543 13,715
Futures, foreign exchange contracts | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 69,663 20,964
Derivative liabilities, gross amounts recognized 94,194 39,387
Foreign currency swap agreements | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 41,090 9,570
Derivative liabilities, gross amounts recognized 12 159
Credit derivatives written | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative liabilities, gross amounts recognized 23 3
Reinsurance recoverables    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Other assets 1,163 2,586
Reinsurance recoverables | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Other assets [6] 1,163 2,586
Variable annuity and variable life insurance contracts    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Policy liabilities and Policy Account Balances 138,027 136,257
Variable annuity and variable life insurance contracts | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Policy liabilities and Policy Account Balances [7] 138,027 136,257
Japanese and foreign government bond securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 973,885 1,092,526
Japanese and foreign government bond securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities [8] 973,885 1,092,526
Japanese prefectural and foreign municipal bond securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 315,766 406,830
Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 315,766 406,830
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 957,449 802,545
Corporate debt securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities [9] 957,449 802,545
CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 105,432 106,751
Other asset-backed securities and debt securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 173,884 198,985
Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 173,884 198,985
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 7,278 12,243
Net derivative assets [10]
Net derivative Liabilities [10]
Contingent Consideration 0 0
Level 1 | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Loans held for sale [2] 0 0
Available-for-sale debt securities 7,278 12,243
Equity securities [3],[4] 150,194 137,014
Derivative assets, gross amounts recognized 676 361
Other assets 0 0
Total financial assets 158,148 149,618
Derivative liabilities, gross amounts recognized 148 129
Policy liabilities and Policy Account Balances 0 0
Accounts Payable 0 0
Contingent Consideration 0 0
Total financial liabilities 148 129
Level 1 | Interest rate swap agreements | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 0 0
Derivative liabilities, gross amounts recognized 0 0
Level 1 | Options held/written and other | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 16 0
Derivative liabilities, gross amounts recognized 16 0
Level 1 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 660 361
Derivative liabilities, gross amounts recognized 132 129
Level 1 | Foreign currency swap agreements | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 0 0
Derivative liabilities, gross amounts recognized 0 0
Level 1 | Credit derivatives written | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative liabilities, gross amounts recognized 0 0
Level 1 | Reinsurance recoverables | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Other assets [6] 0 0
Level 1 | Variable annuity and variable life insurance contracts | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Policy liabilities and Policy Account Balances [7] 0 0
Level 1 | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities [8] 2,150 7,510
Level 1 | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Corporate debt securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities [9] 5,128 4,733
Level 1 | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 2,243,137 2,377,740
Net derivative assets [10]
Net derivative Liabilities [10]
Contingent Consideration 0 0
Level 2 | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Loans held for sale [2] 42,336 29,900
Available-for-sale debt securities 2,243,137 2,377,740
Equity securities [3],[4] 120,456 119,466
Derivative assets, gross amounts recognized 145,850 54,992
Other assets 0 0
Total financial assets 2,551,779 2,582,098
Derivative liabilities, gross amounts recognized 117,356 55,257
Policy liabilities and Policy Account Balances 0 0
Accounts Payable 0 0
Contingent Consideration 0 0
Total financial liabilities 117,356 55,257
Level 2 | Interest rate swap agreements | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 26,358 17,869
Derivative liabilities, gross amounts recognized 2,289 2,774
Level 2 | Options held/written and other | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 9,399 6,950
Derivative liabilities, gross amounts recognized 20,970 13,063
Level 2 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 69,003 20,603
Derivative liabilities, gross amounts recognized 94,062 39,258
Level 2 | Foreign currency swap agreements | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 41,090 9,570
Derivative liabilities, gross amounts recognized 12 159
Level 2 | Credit derivatives written | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative liabilities, gross amounts recognized 23 3
Level 2 | Reinsurance recoverables | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Other assets [6] 0 0
Level 2 | Variable annuity and variable life insurance contracts | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Policy liabilities and Policy Account Balances [7] 0 0
Level 2 | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities [8] 971,735 1,085,016
Level 2 | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 305,184 395,952
Level 2 | Corporate debt securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities [9] 834,130 793,560
Level 2 | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 105,432 99,669
Level 2 | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 26,656 3,543
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 276,001 217,654
Net derivative assets [10]
Net derivative Liabilities [10]
Contingent Consideration 15,683 15,259
Level 3 | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Loans held for sale [2] 35,684 67,794
Available-for-sale debt securities 276,001 217,654
Equity securities [3],[4] 230,596 162,210
Derivative assets, gross amounts recognized 7,987 8,817
Other assets 1,163 2,586
Total financial assets 551,431 459,061
Derivative liabilities, gross amounts recognized 557 652
Policy liabilities and Policy Account Balances 138,027 136,257
Accounts Payable 15,683 15,259
Contingent Consideration 15,683 15,259
Total financial liabilities 154,267 152,168
Level 3 | Interest rate swap agreements | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 0 0
Derivative liabilities, gross amounts recognized 0 0
Level 3 | Options held/written and other | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 7,987 8,817
Derivative liabilities, gross amounts recognized 557 652
Level 3 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 0 0
Derivative liabilities, gross amounts recognized 0 0
Level 3 | Foreign currency swap agreements | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 0 0
Derivative liabilities, gross amounts recognized 0 0
Level 3 | Credit derivatives written | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative liabilities, gross amounts recognized 0 0
Level 3 | Reinsurance recoverables | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Other assets [6] 1,163 2,586
Level 3 | Variable annuity and variable life insurance contracts | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Policy liabilities and Policy Account Balances [7] 138,027 136,257
Level 3 | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities [8] 0 0
Level 3 | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 10,582 10,878
Level 3 | Corporate debt securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities [9] 118,191 4,252
Level 3 | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities 0 7,082
Level 3 | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Available-for-sale debt securities ¥ 147,228 ¥ 195,442
[1] Represents amounts offset between derivative assets and liabilities with the same counterparty, as well as cash collateral offset against net derivatives under enforceable master netting agreements or similar agreements.
[2] A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were a gain of ¥428 million, a loss of ¥1,052 million and a loss of ¥4,142 million from the change in the fair value of the loans for fiscal 2024, 2025 and 2026, respectively. No gains or losses were recognized in earnings during fiscal 2024, 2025 and 2026 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2025, were ¥98,135 million and ¥97,694 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥441 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2026, were ¥79,364 million and ¥78,020 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥1,344 million. The amounts of aggregate unpaid principal balance and aggregate fair value of loans that are 90 days or more past due or, in non-accrual status as of March 31, 2025, were ¥17,098 million and ¥16,346 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥752 million. The amounts of aggregate unpaid principal balance and aggregate fair value of loans that are 90 days or more past due or, in non-accrual status as of March 31, 2026, were ¥9,858 million and ¥8,657 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥1,201 million.
[3] Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” in the consolidated statements of income were gains of ¥3,269 million, ¥1,954 million and ¥1,038 million from the change in the fair value of those investments for fiscal 2024, 2025 and 2026, respectively. The amounts of aggregate fair value elected the fair value option were ¥24,960 million and ¥24,845 million as of March 31, 2025 and 2026, respectively.
[4] The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥118,666 million and ¥168,854 million as of March 31, 2025 and 2026, respectively.
[5] It represents the amount offset under counterparty netting of derivative assets and liabilities.
[6] Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were ¥2,586 million and ¥1,163 million as of March 31, 2025 and 2026, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings for fiscal 2024, 2025 and 2026, see Note 23 “Income and Expenses Relating to Life Insurance Operations.”
[7] Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances were ¥136,257 million and ¥138,027 million as of March 31, 2025 and 2026, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings for fiscal 2024, 2025 and 2026, see Note 23 “Income and Expenses Relating to Life Insurance Operations.”
[8] A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were losses of ¥6 million and ¥59 million, a gain of ¥137 million from the change in the fair value of those investments for fiscal 2024, 2025 and 2026, respectively. The amount of aggregate fair value elected the fair value option were ¥5,379 million and ¥3,024 million as of March 31, 2025 and 2026, respectively.
[9] A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were a loss of ¥399 million, gains of ¥441 million and ¥362 million from the change in the fair value of those investments for fiscal 2024, 2025 and 2026, respectively. The amounts of aggregate fair value elected the fair value option were ¥10,679 million and ¥11,927 million as of March 31, 2025 and 2026, respectively.
[10] It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 2 “Fair Value Measurements.”