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Future Policy Benefits | 3 Months Ended
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Mar. 31, 2024
Insurance [Abstract] |
Liability for Future Policy Benefits and Unpaid Claims Disclosure | 4. Future Policy Benefits The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liability (“DPL”), additional insurance liabilities, participating life and short-duration contracts. The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:
|  | March 31, 2024 |  | December 31, 2023
|  | (In millions)
Traditional and Limited-Payment Contracts: |  |  |  |
RIS - Annuities |  | $ | 62,362 |  |  | $ | 64,324 |
Asia: |  |  |  |
Whole and term life & endowments |  | 11,861 |  |  | 12,874 |
Accident & health |  | 9,859 |  |  | 10,712 |
Latin America - Fixed annuities |  | 8,771 |  |  | 9,637 |
MetLife Holdings - Long-term care |  | 14,845 |  |  | 15,240 |
Deferred Profit Liabilities: |  |  |  |
RIS - Annuities |  | 3,694 |  |  | 3,697 |
Asia: |  |  |  |
Whole and term life & endowments |  | 667 |  |  | 654 |
Accident & health |  | 808 |  |  | 830 |
Latin America - Fixed annuities |  | 504 |  |  | 562 |
Additional Insurance Liabilities: |  |  |  |
Asia: |  |  |  |
Variable life |  | 1,153 |  |  | 1,258 |
Universal and variable universal life |  | 385 |  |  | 424 |
MetLife Holdings - Universal and variable universal life |  | 2,396 |  |  | 2,362 |
MetLife Holdings - Participating life |  | 49,227 |  |  | 49,543 |
Other long-duration (1) |  | 10,824 |  |  | 11,099 |
Short-duration and other |  | 13,657 |  |  | 13,190 |
Total |  | $ | 191,013 |  |  | $ | 196,406 |
__________________ (1) This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other. Rollforwards - Traditional and Limited-Payment Contracts The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable. RIS - Annuities The RIS segment’s annuity products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. Information regarding these products was as follows:
|  | Three Months Ended March 31, |
|  | 2024 |  | 2023 |
|  | (Dollars in millions) |
Present Value of Expected Net Premiums |  |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | — |  |  | $ | — |  |
Balance, beginning of period, at original discount rate |  | $ | — |  |  | $ | — |  |
Effect of actual variances from expected experience (1) |  | (26) |  |  | (16) |  |
Adjusted balance |  | (26) |  |  | (16) |  |
Issuances |  | 342 |  |  | 236 |  |
Net premiums collected |  | (316) |  |  | (220) |  |
Ending balance at original discount rate |  | — |  |  | — |  |
Balance, end of period, at current discount rate at balance sheet date |  | $ | — |  |  | $ | — |  |
Present Value of Expected FPBs |  |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 64,515 |  |  | $ | 58,695 |  |
Balance, beginning of period, at original discount rate |  | $ | 64,737 |  |  | $ | 61,426 |  |
Effect of actual variances from expected experience (1) |  | (36) |  |  | (116) |  |
Adjusted balance |  | 64,701 |  |  | 61,310 |  |
Issuances |  | 341 |  |  | 234 |  |
Interest accrual |  | 759 |  |  | 703 |  |
Benefit payments |  | (1,492) |  |  | (1,372) |  |
Ending balance at original discount rate |  | 64,309 |  |  | 60,875 |  |
Effect of changes in discount rate assumptions |  | (1,649) |  |  | (1,202) |  |
Balance, end of period, at current discount rate at balance sheet date |  | 62,660 |  |  | 59,673 |  |
Cumulative amount of fair value hedging adjustments |  | (298) |  |  | (78) |  |
Net liability for FPBs |  | 62,362 |  |  | 59,595 |  |
Less: Reinsurance recoverables |  | 256 |  |  | — |  |
Net liability for FPBs, net of reinsurance |  | $ | 62,106 |  |  | $ | 59,595 |  |
Undiscounted - Expected future benefit payments |  | $ | 118,190 |  |  | $ | 113,912 |  |
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) |  | $ | 62,660 |  |  | $ | 59,673 |  |
Weighted-average duration of the liability |  | 9 years |  | 9 years |
Weighted-average interest accretion (original locked-in) rate |  | 4.8 | % |  | 4.7 | % |
Weighted-average current discount rate at balance sheet date |  | 5.4 | % |  | 5.1 | % |
_________________ (1) For the three months ended March 31, 2024, the net effect of actual variances from expected experience was substantially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $10 million. For three months ended March 31, 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $71 million. Excluding the corresponding impact in DPL, for the three months ended March 31, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and model refinements. Asia Whole and Term Life & Endowments The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:
| Three Months Ended March 31,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 4,561 |  |  | $ | 4,682 |
Balance, beginning of period, at original discount rate |  | $ | 4,793 |  |  | $ | 4,943 |
Effect of actual variances from expected experience (1) |  | (15) |  |  | (22) |
Adjusted balance |  | 4,778 |  |  | 4,921 |
Issuances |  | 153 |  |  | 141 |
Interest accrual |  | 17 |  |  | 13 |
Net premiums collected |  | (157) |  |  | (153) |
Effect of foreign currency translation |  | (290) |  |  | (44) |
Ending balance at original discount rate |  | 4,501 |  |  | 4,878 |
Effect of changes in discount rate assumptions |  | (260) |  |  | (201) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 16 |  |  | 3 |
Balance, end of period, at current discount rate at balance sheet date |  | $ | 4,257 |  |  | $ | 4,680 |
Present Value of Expected FPBs |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 17,435 |  |  | $ | 17,463 |
Balance, beginning of period, at original discount rate |  | $ | 17,198 |  |  | $ | 18,209 |
Effect of actual variances from expected experience (1) |  | (7) |  |  | (4) |
Adjusted balance |  | 17,191 |  |  | 18,205 |
Issuances |  | 153 |  |  | 141 |
Interest accrual |  | 93 |  |  | 93 |
Benefit payments |  | (263) |  |  | (340) |
Effect of foreign currency translation |  | (1,042) |  |  | (220) |
Ending balance at original discount rate |  | 16,132 |  |  | 17,879 |
Effect of changes in discount rate assumptions |  | (36) |  |  | 329 |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 22 |  |  | (32) |
Balance, end of period, at current discount rate at balance sheet date |  | 16,118 |  |  | 18,176 |
Cumulative impact of flooring the future policyholder benefits reserve |  | — |  |  | 2 |
Net liability for FPBs |  | 11,861 |  |  | 13,498 |
Less: Amount due to reinsurer |  | (1) |  |  | (1) |
Net liability for FPBs, net of reinsurance |  | $ | 11,862 |  |  | $ | 13,499 |
Undiscounted: |  |  |  |
Expected future gross premiums |  | $ | 8,799 |  |  | $ | 9,309 |
Expected future benefit payments |  | $ | 26,638 |  |  | $ | 28,009 |
Discounted (at current discount rate at balance sheet date): |  |  |  |
Expected future gross premiums |  | $ | 7,549 |  |  | $ | 8,146 |
Expected future benefit payments |  | $ | 16,118 |  |  | $ | 18,176 |
Weighted-average duration of the liability |  | 17 years |  | 17 years
Weighted -average interest accretion (original locked-in) rate |  | 2.6 | % |  | 2.5 | %
Weighted-average current discount rate at balance sheet date |  | 2.7 | % |  | 2.4 | %
_________________ (1) For the three months ended March 31, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products due to the diversification of the products and the underlying characteristics. Accident & Health The Asia segment’s accident & health products in Japan and Korea offer various hospitalization, cancer, critical illness, disability, income protection and personal accident coverage. Information regarding these products was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 19,835 |  |  | $ | 21,181 |
Balance, beginning of period, at original discount rate |  | $ | 21,232 |  |  | $ | 22,594 |
Effect of actual variances from expected experience |  | (123) |  |  | (55) |
Adjusted balance |  | 21,109 |  |  | 22,539 |
Issuances |  | 252 |  |  | 257 |
Interest accrual |  | 56 |  |  | 61 |
Net premiums collected |  | (483) |  |  | (546) |
Effect of foreign currency translation |  | (1,399) |  |  | (225) |
Ending balance at original discount rate |  | 19,535 |  |  | 22,086 |
Effect of changes in discount rate assumptions |  | (1,549) |  |  | (1,051) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 99 |  |  | 16 |
Balance, end of period, at current discount rate at balance sheet date |  | $ | 18,085 |  |  | $ | 21,051 |
Present Value of Expected FPBs |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 30,480 |  |  | $ | 30,879 |
Balance, beginning of period, at original discount rate |  | $ | 36,010 |  |  | $ | 37,189 |
Effect of actual variances from expected experience |  | (130) |  |  | (60) |
Adjusted balance |  | 35,880 |  |  | 37,129 |
Issuances |  | 252 |  |  | 256 |
Interest accrual |  | 118 |  |  | 125 |
Benefit payments |  | (303) |  |  | (323) |
Effect of foreign currency translation |  | (2,334) |  |  | (400) |
Ending balance at original discount rate |  | 33,613 |  |  | 36,787 |
Effect of changes in discount rate assumptions |  | (6,132) |  |  | (4,726) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 395 |  |  | 54 |
Balance, end of period, at current discount rate at balance sheet date |  | 27,876 |  |  | 32,115 |
Cumulative impact of flooring the future policyholder benefits reserve |  | 68 |  |  | 113 |
Net liability for FPBs |  | 9,859 |  |  | 11,177 |
Less: Reinsurance recoverables |  | 166 |  |  | 155 |
Net liability for FPBs, net of reinsurance |  | $ | 9,693 |  |  | $ | 11,022 |
Undiscounted: |  |  |  |
Expected future gross premiums |  | $ | 38,523 |  |  | $ | 42,544 |
Expected future benefit payments |  | $ | 43,983 |  |  | $ | 47,574 |
Discounted (at current discount rate at balance sheet date): |  |  |  |
Expected future gross premiums |  | $ | 31,377 |  |  | $ | 36,047 |
Expected future benefit payments |  | $ | 27,876 |  |  | $ | 32,115 |
Weighted-average duration of the liability |  | 24 years |  | 26 years
Weighted-average interest accretion (original locked-in) rate |  | 1.7% |  | 1.8%
Weighted-average current discount rate at balance sheet date |  | 2.7% |  | 2.3%
Latin America - Fixed Annuities The Latin America segment’s fixed annuity products in Chile and Mexico offer fixed income annuities that provide for asset distribution needs. Information regarding these products was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | — |  | $ | —
Balance, at beginning of period, at original discount rate |  | $ | — |  | $ | —
Effect of actual variances from expected experience (1) |  | — |  | —
Adjusted balance |  | — |  | —
Issuances |  | 260 |  | 294
Interest accrual |  | 1 |  | 2
Net premiums collected |  | (261) |  | (296)
Ending balance at original discount rate |  | — |  | —
Balance, end of period, at current discount rate at balance sheet date |  | $ | — |  | $ | —
Present Value of Expected FPBs |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 9,637 |  | $ | 9,265
Balance, beginning of period, at original discount rate |  | $ | 9,249 |  | $ | 8,240
Effect of actual variances from expected experience (1) |  | (5) |  | (8)
Adjusted balance |  | 9,244 |  | 8,232
Issuances |  | 265 |  | 325
Interest accrual |  | 82 |  | 85
Benefit payments |  | (165) |  | (162)
Inflation adjustment |  | 73 |  | 116
Effect of foreign currency translation |  | (976) |  | 649
Ending balance at original discount rate |  | 8,523 |  | 9,245
Effect of changes in discount rate assumptions |  | 285 |  | 976
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | (37) |  | 77
Balance, end of period, at current discount rate at balance sheet date |  | 8,771 |  | 10,298
Net liability for FPBs |  | $ | 8,771 |  | $ | 10,298
Undiscounted - Expected future benefit payments |  | $ | 12,863 |  | $ | 14,095
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) |  | $ | 8,771 |  | $ | 10,298
Weighted-average duration of the liability |  | 10 years |  | 11 years
Weighted-average interest accretion (original locked-in) rate |  | 3.7% |  | 3.9%
Weighted-average current discount rate at balance sheet date |  | 3.4% |  | 2.7%
__________________ (1) For the three months ended March 31, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance related to cohorts with no DPL. For the three months ended March 31, 2023, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $3 million. MetLife Holdings - Long-term Care The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 5,687 |  | $ | 5,775
Balance, beginning of period, at original discount rate |  | $ | 5,566 |  | $ | 5,807
Effect of actual variances from expected experience |  | (4) |  | 26
Adjusted balance |  | 5,562 |  | 5,833
Interest accrual |  | 71 |  | 75
Net premiums collected |  | (143) |  | (146)
Ending balance at original discount rate |  | 5,490 |  | 5,762
Effect of changes in discount rate assumptions |  | — |  | 104
Balance, end of period, at current discount rate at balance sheet date |  | $ | 5,490 |  | $ | 5,866
Present Value of Expected FPBs |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 20,927 |  | $ | 19,619
Balance, beginning of period, at original discount rate |  | $ | 20,494 |  | $ | 20,165
Effect of actual variances from expected experience |  | (1) |  | 28
Adjusted balance |  | 20,493 |  | 20,193
Interest accrual |  | 269 |  | 266
Benefit payments |  | (212) |  | (191)
Ending balance at original discount rate |  | 20,550 |  | 20,268
Effect of changes in discount rate assumptions |  | (215) |  | 215
Balance, end of period, at current discount rate at balance sheet date |  | 20,335 |  | 20,483
Net liability for FPBs |  | $ | 14,845 |  | $ | 14,617
Undiscounted: |  |  |  |
Expected future gross premiums |  | $ | 10,430 |  | $ | 11,053
Expected future benefit payments |  | $ | 44,808 |  | $ | 45,741
Discounted (at current discount rate at balance sheet date): |  |  |  |
Expected future gross premiums |  | $ | 6,895 |  | $ | 7,295
Expected future benefit payments |  | $ | 20,335 |  | $ | 20,483
Weighted-average duration of the liability |  | 14 years |  | 15 years
Weighted-average interest accretion (original locked-in) rate |  | 5.4% |  | 5.4%
Weighted-average current discount rate at balance sheet date |  | 5.5% |  | 5.3%
Rollforwards - Additional Insurance Liabilities The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for variable life, universal life, and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met. The following information about the direct liability for additional insurance liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in these rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers. Asia The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature where the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | Variable Life |  | Universal and Variable Universal Life
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 1,258 |  |  | $ | 1,381 |  |  | $ | 424 |  |  | $ | 455 |
Less: Accumulated other comprehensive income (“AOCI”) adjustment |  | — |  |  | — |  |  | (14) |  |  | (33) |
Balance, beginning of period, before AOCI adjustment |  | 1,258 |  |  | 1,381 |  |  | 438 |  |  | 488 |
Effect of actual variances from expected experience |  | (13) |  |  | (2) |  |  | (17) |  |  | (3) |
Adjusted balance |  | 1,245 |  |  | 1,379 |  |  | 421 |  |  | 485 |
Assessments accrual |  | (1) |  |  | (1) |  |  | — |  |  | (1) |
Interest accrual |  | 4 |  |  | 5 |  |  | 1 |  |  | 2 |
Excess benefits paid |  | (9) |  |  | (10) |  |  | — |  |  | — |
Effect of foreign currency translation and other, net |  | (86) |  |  | (11) |  |  | (30) |  |  | (5) |
Balance, end of period, before AOCI adjustment |  | 1,153 |  |  | 1,362 |  |  | 392 |  |  | 481 |
Add: AOCI adjustment |  | — |  |  | — |  |  | (7) |  |  | (23) |
Balance, end of period |  | $ | 1,153 |  |  | $ | 1,362 |  |  | $ | 385 |  |  | $ | 458 |
Weighted-average duration of the liability |  | 16 years |  | 17 years |  | 43 years |  | 42 years
Weighted-average interest accretion rate |  | 1.5 | % |  | 1.5 | % |  | 1.4 | % |  | 1.5 | %
MetLife Holdings The MetLife Holdings segment’s universal life and variable universal life products offer a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | Universal and Variable Universal Life
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 2,362 |  | $ | 2,156
Less: AOCI adjustment |  | (14) |  | (63)
Balance, beginning of period, before AOCI adjustment |  | 2,376 |  | 2,219
Effect of actual variances from expected experience |  | 14 |  | 11
Adjusted balance |  | 2,390 |  | 2,230
Assessments accrual |  | 26 |  | 28
Interest accrual |  | 32 |  | 30
Excess benefits paid |  | (37) |  | (40)
Balance, end of period, before AOCI adjustment |  | 2,411 |  | 2,248
Add: AOCI adjustment |  | (15) |  | (50)
Balance, end of period |  | 2,396 |  | 2,198
Less: Reinsurance recoverables |  | 2,086 |  |  | 748
Balance, end of period, net of reinsurance |  | $ | 310 |  | $ | 1,450
Weighted-average duration of the liability |  | 15 years |  | 16 years
Weighted-average interest accretion rate |  | 5.5 | % |  | 5.6 | %
The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | Gross Premiums or Assessments (1) |  | Interest Expense (2) |  | Gross Premiums or Assessments (1) |  | Interest Expense (2)
| (In millions)
Traditional and Limited-Payment Contracts: |  |  |  |  |  |  |  |
RIS - Annuities |  | $ | 344 |  |  | $ | 759 |  |  | $ | 245 |  |  | $ | 703 |
Asia: |  |  |  |  |  |  |  |
Whole and term life & endowments |  | 290 |  |  | 76 |  |  | 282 |  |  | 80 |
Accident & health |  | 811 |  |  | 62 |  |  | 908 |  |  | 64 |
Latin America - Fixed annuities |  | 261 |  |  | 81 |  |  | 296 |  |  | 83 |
MetLife Holdings - Long-term care |  | 181 |  |  | 198 |  |  | 183 |  |  | 191 |
Deferred Profit Liabilities: |  |  |  |  |  |  |  |
RIS - Annuities |  | N/A |  | 44 |  |  | N/A |  | 40 |
Asia: |  |  |  |  |  |  |  |
Whole and term life & endowments |  | N/A |  | 9 |  |  | N/A |  | 7 |
Accident & health |  | N/A |  | 5 |  |  | N/A |  | 4 |
Latin America - Fixed annuities |  | N/A |  | 5 |  |  | N/A |  | 6 |
Additional Insurance Liabilities: |  |  |  |  |  |  |  |
Asia: |  |  |  |  |  |  |  |
Variable life |  | 29 |  |  | 4 |  |  | 5 |  |  | 5 |
Universal and variable universal life |  | (33) |  |  | 1 |  |  | (12) |  |  | 2 |
MetLife Holdings - Universal and variable universal life |  | 167 |  |  | 32 |  |  | 192 |  |  | 30 |
Other long-duration |  | 1,158 |  |  | 121 |  |  | 947 |  |  | 112 |
Total |  | $ | 3,208 |  |  | $ | 1,397 |  |  | $ | 3,046 |  |  | $ | 1,327 |
__________________ (1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income. (2)Interest expense is included in policyholder benefits and claims. Liabilities for Unpaid Claims and Claim Expenses Rollforward of Claims and Claim Adjustment Expenses Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | (In millions)
Balance, beginning of period |  | $ | 16,468 |  |  | $ | 16,098 |
Less: Reinsurance recoverables |  | 2,592 |  |  | 2,452 |
Net balance, beginning of period |  | 13,876 |  |  | 13,646 |
Incurred related to: |  |  |  |
Current period |  | 6,487 |  |  | 6,798 |
Prior periods (1) |  | 157 |  |  | 206 |
Total incurred |  | 6,644 |  |  | 7,004 |
Paid related to: |  |  |  |
Current period |  | (3,115) |  |  | (3,230) |
Prior periods |  | (3,564) |  |  | (3,565) |
Total paid |  | (6,679) |  |  | (6,795) |
Net balance, end of period |  | 13,841 |  |  | 13,855 |
Add: Reinsurance recoverables |  | 2,913 |  |  | 2,631 |
Balance, end of period (included in FPBs and other policy-related balances) |  | $ | 16,754 |  |  | $ | 16,486 |
__________________ (1)For the three months ended March 31, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-40/tableOfContent + Details
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