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BENEFITS PAYABLE | 6 Months Ended
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Jun. 30, 2022
Insurance [Abstract] |
BENEFITS PAYABLE | BENEFITS PAYABLE On a consolidated basis, activity in benefits payable was as follows for the six months ended June 30, 2022 and 2021:
|  | For the six months ended June 30,
|  | 2022 |  | 2021
|  | (in millions)
Balances, beginning of period |  | $ | 8,289 |  |  | $ | 8,143 |
Acquisitions |  | — |  |  | 42 |
Incurred related to: |  |  |  |
Current year |  | 39,121 |  |  | 35,164 |
Prior years |  | (397) |  |  | (719) |
Total incurred |  | 38,724 |  |  | 34,445 |
Paid related to: |  |  |  |
Current year |  | (30,356) |  |  | (27,556) |
Prior years |  | (7,007) |  |  | (6,589) |
Total paid |  | (37,363) |  |  | (34,145) |
Balances, end of period |  | $ | 9,650 |  |  | $ | 8,485 |
Amounts incurred related to prior periods vary from previously estimated liabilities as the claims ultimately are settled. Negative amounts reported for incurred related to prior years result from claims being ultimately settled for amounts less than originally estimated (favorable development). Our reserving practice is to consistently recognize the actuarial best estimate of our ultimate liability for claims. Actuarial standards require the use of assumptions based on moderately adverse experience, which generally results in favorable reserve development, or reserves that are considered redundant. Incurred and Paid Claims Development The following discussion provides information about incurred and paid claims development for our Retail and Group and Specialty segments as of June 30, 2022 and 2021, net of reinsurance, and the total estimate of benefits payable for claims incurred but not reported, or IBNR, included within the net incurred claims amounts. Retail Segment Activity in benefits payable for our Retail segment was as follows for the six months ended June 30, 2022 and 2021:
|  | For the six months ended June 30,
|  | 2022 |  | 2021
|  | (in millions)
Balances, beginning of period |  | $ | 7,675 |  |  | $ | 7,428 |
Acquisitions |  | — |  |  | 42 |
Incurred related to: |  |  |  |
Current year |  | 37,299 |  |  | 32,986 |
Prior years |  | (367) |  |  | (619) |
Total incurred |  | 36,932 |  |  | 32,367 |
Paid related to: |  |  |  |
Current year |  | (29,061) |  |  | (25,953) |
Prior years |  | (6,459) |  |  | (5,990) |
Total paid |  | (35,520) |  |  | (31,943) |
Balances, end of period |  | $ | 9,087 |  |  | $ | 7,894 |
At June 30, 2022, benefits payable for our Retail segment included IBNR of approximately $5.5 billion, primarily associated with claims incurred in 2022. Group and Specialty Segment Activity in benefits payable for our Group and Specialty segment was as follows for the six months ended June 30, 2022 and 2021:
|  | For the six months ended June 30,
|  | 2022 |  | 2021
|  | (in millions)
Balances, beginning of period |  | $ | 614 |  |  | $ | 715 |
Incurred related to: |  |  |  |
Current year |  | 2,121 |  |  | 2,492 |
Prior years |  | (30) |  |  | (100) |
Total incurred |  | 2,091 |  |  | 2,392 |
Paid related to: |  |  |  |
Current year |  | (1,594) |  |  | (1,917) |
Prior years |  | (548) |  |  | (599) |
Total paid |  | (2,142) |  |  | (2,516) |
Balances, end of period |  | $ | 563 |  |  | $ | 591 |
At June 30, 2022, benefits payable for our Group and Specialty segment included IBNR of approximately $488 million, primarily associated with claims incurred in 2022.

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- Definition The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -URI https://asc.fasb.org/topic&trid=2303980 + Details
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