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Fair Value Measurements (Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) - JPY (¥)
¥ in Millions
Mar. 31, 2018
Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments ¥ 37,631 ¥ 24,894
Derivative assets, gross amounts recognized 27,615 26,581
Derivative assets, gross amounts offset in the consolidated balance sheets, assets (7,695) (7,522)
Derivative assets, net amounts presented in the consolidated balance sheets, assets 19,920 19,059
Other assets 15,008 22,116
Derivative liabilities, gross amounts recognized 17,990 19,798
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities (7,695) (7,522)
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities 10,295 12,276
Policy Liabilities and Policy Account Balances 444,010 605,520
Reinsurance Recoverable    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Other assets 15,008 22,116
Variable Annuity and Variable Life Insurance Contracts    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Policy Liabilities and Policy Account Balances 444,010 605,520
Available-for-sale securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 22,365 15,400
Available-for-sale securities | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 22,365 15,400
Other securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 5,665 7,453
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, net amounts presented in the consolidated balance sheets, assets [1] 0 0
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities [1] 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, net amounts presented in the consolidated balance sheets, assets [1] 0 0
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities [1] 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, net amounts presented in the consolidated balance sheets, assets [1] 0 0
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities [1] 0 0
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 21,831 22,999
Derivative assets, gross amounts offset in the consolidated balance sheets, assets [2] (2,105) (4,019)
Derivative assets, net amounts presented in the consolidated balance sheets, assets 19,726 18,980
Other assets 15,008 22,116
Total financial assets 1,529,508 1,826,639
Derivative liabilities, gross amounts recognized 12,400 16,295
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities [2] (2,105) (4,019)
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities 10,295 12,276
Policy Liabilities and Policy Account Balances 444,010 605,520
Total financial liabilities 456,410 621,815
Fair Value, Measurements, Recurring | Interest rate swap agreements    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 327 304
Derivative liabilities, gross amounts recognized 4,924 4,567
Fair Value, Measurements, Recurring | Futures, foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 14,057 12,346
Derivative liabilities, gross amounts recognized 3,447 8,821
Fair Value, Measurements, Recurring | Options held/written and other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 7,025 5,804
Derivative liabilities, gross amounts recognized 701 1,071
Fair Value, Measurements, Recurring | Reinsurance Recoverable    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Other assets [3] 15,008 22,116
Fair Value, Measurements, Recurring | Credit derivatives held/written    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative liabilities, gross amounts recognized 108 159
Fair Value, Measurements, Recurring | Variable Annuity and Variable Life Insurance Contracts    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Policy Liabilities and Policy Account Balances [4] 444,010 605,520
Fair Value, Measurements, Recurring | Loans Held-for-Sale    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [5] 17,260 19,232
Fair Value, Measurements, Recurring | Trading securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 422,053 569,074
Fair Value, Measurements, Recurring | Available-for-sale securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 1,015,477 1,165,417
Fair Value, Measurements, Recurring | Available-for-sale securities | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [6] 366,475 393,644
Fair Value, Measurements, Recurring | Available-for-sale securities | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [7] 53,598 93,034
Fair Value, Measurements, Recurring | Available-for-sale securities | Japanese and foreign government bond securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [8] 275,810 345,612
Fair Value, Measurements, Recurring | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 163,236 168,822
Fair Value, Measurements, Recurring | Available-for-sale securities | Specified bonds issued by SPEs in Japan    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 861 1,087
Fair Value, Measurements, Recurring | Available-for-sale securities | CMBS and RMBS in the Americas    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 74,176 98,501
Fair Value, Measurements, Recurring | Available-for-sale securities | Other asset-backed securities and debt securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 81,321 64,717
Fair Value, Measurements, Recurring | Other securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 37,879 27,801
Fair Value, Measurements, Recurring | Other securities | Investment funds    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [9] 37,879 27,801
Fair Value, Measurements, Recurring | Foreign currency swap agreements    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 422 4,545
Derivative liabilities, gross amounts recognized 3,220 1,677
Fair Value, Measurements, Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 507 734
Derivative assets, gross amounts offset in the consolidated balance sheets, assets [2] 0 0
Derivative assets, net amounts presented in the consolidated balance sheets, assets 0 0
Other assets 0 0
Total financial assets 101,989 132,229
Derivative liabilities, gross amounts recognized 318 165
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities [2] 0 0
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities 0 0
Policy Liabilities and Policy Account Balances 0 0
Total financial liabilities 318 165
Fair Value, Measurements, Recurring | Level 1 | Interest rate swap agreements    
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
Fair Value, Measurements, Recurring | Level 1 | Futures, foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 507 734
Derivative liabilities, gross amounts recognized 318 165
Fair Value, Measurements, Recurring | Level 1 | Options held/written and other    
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
Fair Value, Measurements, Recurring | Level 1 | Reinsurance Recoverable    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Other assets [3] 0 0
Fair Value, Measurements, Recurring | Level 1 | Credit derivatives held/written    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative liabilities, gross amounts recognized 0 0
Fair Value, Measurements, Recurring | Level 1 | Variable Annuity and Variable Life Insurance Contracts    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Policy Liabilities and Policy Account Balances [4] 0 0
Fair Value, Measurements, Recurring | Level 1 | Loans Held-for-Sale    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [5] 0 0
Fair Value, Measurements, Recurring | Level 1 | Trading securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 35,766 37,500
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 65,716 93,995
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [6] 8,882 11,464
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [7] 52,885 79,783
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | Japanese and foreign government bond securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [8] 3,949 2,748
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 0 0
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | Specified bonds issued by SPEs in Japan    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 0 0
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | CMBS and RMBS in the Americas    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 0 0
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | Other asset-backed securities and debt securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 0 0
Fair Value, Measurements, Recurring | Level 1 | Other securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 0 0
Fair Value, Measurements, Recurring | Level 1 | Other securities | Investment funds    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [9] 0 0
Fair Value, Measurements, Recurring | Level 1 | Foreign currency swap agreements    
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
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 19,033 17,032
Derivative assets, gross amounts offset in the consolidated balance sheets, assets [2] 0 0
Derivative assets, net amounts presented in the consolidated balance sheets, assets 0 0
Other assets 0 0
Total financial assets 1,251,424 1,514,744
Derivative liabilities, gross amounts recognized 12,082 16,130
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities [2] 0 0
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities 0 0
Policy Liabilities and Policy Account Balances 0 0
Total financial liabilities 12,082 16,130
Fair Value, Measurements, Recurring | Level 2 | Interest rate swap agreements    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 327 304
Derivative liabilities, gross amounts recognized 4,924 4,567
Fair Value, Measurements, Recurring | Level 2 | Futures, foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 13,550 11,612
Derivative liabilities, gross amounts recognized 3,129 8,656
Fair Value, Measurements, Recurring | Level 2 | Options held/written and other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 4,734 571
Derivative liabilities, gross amounts recognized 701 1,071
Fair Value, Measurements, Recurring | Level 2 | Reinsurance Recoverable    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Other assets [3] 0 0
Fair Value, Measurements, Recurring | Level 2 | Credit derivatives held/written    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative liabilities, gross amounts recognized 108 159
Fair Value, Measurements, Recurring | Level 2 | Variable Annuity and Variable Life Insurance Contracts    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Policy Liabilities and Policy Account Balances [4] 0 0
Fair Value, Measurements, Recurring | Level 2 | Loans Held-for-Sale    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [5] 17,260 19,232
Fair Value, Measurements, Recurring | Level 2 | Trading securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 386,287 531,574
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 828,844 946,906
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [6] 354,556 380,562
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [7] 713 13,251
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | Japanese and foreign government bond securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [8] 271,861 342,864
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 163,236 168,822
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | Specified bonds issued by SPEs in Japan    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 0 0
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | CMBS and RMBS in the Americas    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 38,166 40,643
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | Other asset-backed securities and debt securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 312 764
Fair Value, Measurements, Recurring | Level 2 | Other securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 0 0
Fair Value, Measurements, Recurring | Level 2 | Other securities | Investment funds    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [9] 0 0
Fair Value, Measurements, Recurring | Level 2 | Foreign currency swap agreements    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 422 4,545
Derivative liabilities, gross amounts recognized 3,220 1,677
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 2,291 5,233
Derivative assets, gross amounts offset in the consolidated balance sheets, assets [2] 0 0
Derivative assets, net amounts presented in the consolidated balance sheets, assets 0 0
Other assets 15,008 22,116
Total financial assets 176,095 179,666
Derivative liabilities, gross amounts recognized 0 0
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities [2] 0 0
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities 0 0
Policy Liabilities and Policy Account Balances 444,010 605,520
Total financial liabilities 444,010 605,520
Fair Value, Measurements, Recurring | Level 3 | Interest rate swap agreements    
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
Fair Value, Measurements, Recurring | Level 3 | Futures, foreign exchange contracts    
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
Fair Value, Measurements, Recurring | Level 3 | Options held/written and other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative assets, gross amounts recognized 2,291 5,233
Derivative liabilities, gross amounts recognized 0 0
Fair Value, Measurements, Recurring | Level 3 | Reinsurance Recoverable    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Other assets [3] 15,008 22,116
Fair Value, Measurements, Recurring | Level 3 | Credit derivatives held/written    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Derivative liabilities, gross amounts recognized 0 0
Fair Value, Measurements, Recurring | Level 3 | Variable Annuity and Variable Life Insurance Contracts    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Policy Liabilities and Policy Account Balances [4] 444,010 605,520
Fair Value, Measurements, Recurring | Level 3 | Loans Held-for-Sale    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [5] 0 0
Fair Value, Measurements, Recurring | Level 3 | Trading securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 0 0
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 120,917 124,516
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [6] 3,037 1,618
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [7] 0 0
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Japanese and foreign government bond securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [8] 0 0
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 0 0
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Specified bonds issued by SPEs in Japan    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 861 1,087
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | CMBS and RMBS in the Americas    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 36,010 57,858
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Other asset-backed securities and debt securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 81,009 63,953
Fair Value, Measurements, Recurring | Level 3 | Other securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments 37,879 27,801
Fair Value, Measurements, Recurring | Level 3 | Other securities | Investment funds    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fair value measured on recurring basis investments [9] 37,879 27,801
Fair Value, Measurements, Recurring | Level 3 | Foreign currency swap agreements    
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
[1] 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."
[2] It represents the amount offset under counterparty netting of derivative assets and liabilities.
[3] 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 ¥22,116 million and ¥15,008 million as of March 31, 2017 and 2018, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings for fiscal 2017 and 2018, see Note 23 "Life Insurance Operations."
[4] Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match the earnings recognized for the changes in the fair value of policy liabilities and policy account balances with earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and the changes in the fair value of reinsurance contracts. 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 ¥605,520 million and ¥444,010 million as of March 31, 2017 and 2018, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings for fiscal 2017 and 2018, see Note 23 "Life Insurance Operations."
[5] A certain subsidiary elected the fair value option on the loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association ("Fannie Mae") or institutional investors. Included in "Other (income) and expense, net" in the consolidated statements of income were a loss from the change in the fair value of the loans of ¥71 million for fiscal 2016, a gain from the change in the fair value of the loans of ¥31 million for fiscal 2017 and a loss from the change in the fair value of the loans of ¥663 million for fiscal 2018. No gains or losses were recognized in earnings for fiscal 2016, 2017 and 2018 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loan held for sale as of March 31, 2017, were ¥18,362 million and ¥19,232 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥870 million. The amounts of aggregate unpaid principal balance and aggregate fair value as of March 31, 2018, were ¥16,873 million and ¥17,260 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥387 million. As of March 31, 2017 and 2018, there were no loans that were 90 days or more past due, or in non-accrual status.
[6] A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale securities. Included in "Gains on investment securities and dividends" in the consolidated statements of income were losses of ¥31 million and ¥181 million from the change in the fair value of those investments for fiscal 2017 and 2018. The amounts of aggregate fair value elected the fair value option were ¥1,026 million and ¥8,882 million as of March 31, 2017 and 2018, respectively.
[7] A certain subsidiary elected the fair value option for investments in equity securities included in available-for-sale securities. Included in "Gains on investment securities and dividends" in the consolidated statements of income were a loss of ¥202 million, gains of ¥1,277 million and ¥961 million from the change in the fair value of those investments for fiscal 2016, 2017 and 2018. The amount of aggregate fair value elected the fair value option were ¥15,400 million and ¥22,365 million as of March 31, 2017 and 2018, respectively.
[8] A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale securities. Included in "Gains on investment securities and dividends" in the consolidated statements of income were losses of ¥12 million and ¥12 million from the change in the fair value of those investments for fiscal 2017 and 2018. The amounts of aggregate fair value elected the fair value option were ¥1,015 million and ¥719 million as of March 31, 2017 and 2018, respectively.
[9] Certain subsidiaries elected the fair value option for certain investments in investment funds included in other securities. Included in "Gains on investment securities and dividends" in the consolidated statements of income were a loss of ¥4 million, gains of ¥699 million and ¥1,456 million from the change in the fair value of those investments for fiscal 2016, 2017 and 2018. The amounts of aggregate fair value elected the fair value option were ¥7,453 million and ¥5,665 million as of March 31, 2017 and 2018, respectively.