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BENEFITS PAYABLE | 12 Months Ended
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Dec. 31, 2024
Insurance [Abstract] |
BENEFITS PAYABLE | BENEFITS PAYABLE On a consolidated basis, which represents our Insurance segment net of eliminations, activity in benefits payable was as follows for the years ended December 31, 2024, 2023 and 2022:
|  | 2024 |  | 2023 |  | 2022
|  | (in millions)
Balances at January 1 |  | $ | 10,241 |  |  | $ | 9,264 |  |  | $ | 8,289 |
Acquisitions |  | — |  |  | 62 |  |  | — |
Incurred related to: |  |  |  |  |  |
Current year |  | 101,365 |  |  | 89,266 |  |  | 76,105 |
Prior years |  | (701) |  |  | (872) |  |  | (415) |
Total incurred |  | 100,664 |  |  | 88,394 |  |  | 75,690 |
Paid related to: |  |  |  |  |  |
Current year |  | (91,281) |  |  | (79,545) |  |  | (67,287) |
Prior years |  | (9,184) |  |  | (7,934) |  |  | (7,428) |
Total paid |  | (100,465) |  |  | (87,479) |  |  | (74,715) |
Balances at December 31 |  | $ | 10,440 |  |  | $ | 10,241 |  |  | $ | 9,264 |
The total estimate of benefits payable for claims incurred but not reported, or IBNR, is included within the net incurred claims amounts. At December 31, 2024 and 2023, benefits payable included IBNR of approximately $7.3 billion and $6.6 billion, primarily associated with claims incurred in each respective year. The cumulative number of reported claims as of December 31, 2024 was approximately 224.4 million for claims incurred in 2024, 211.4 million for claims incurred in 2023, and 182.8 million for claims incurred in 2022. Amounts incurred related to prior years 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). As previously discussed, 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. We experienced favorable medical claims reserve development related to prior fiscal years of $701 million in 2024, $872 million in 2023, and $415 million in 2022. The medical claims reserve development for 2024, 2023, and 2022 primarily reflects the consistent application of trend and completion factors estimated using an assumption of moderately adverse conditions. The favorable development recognized in 2024 and 2023 primarily resulted from trend factors developing more favorably than originally expected. The favorable development recognized in 2022 resulted primarily from trend factors developing more favorably than originally expected with completion factors remaining largely unchanged, resulting in lower overall development as compared to 2024 and 2023. Incurred and Paid Claims Development The following discussion provides information about incurred and paid claims development as of December 31, 2024, net of reinsurance, as well as cumulative claim frequency and the total of IBNR included within the net incurred claims amounts. The information about incurred and paid claims development for the years ended December 31, 2023 and 2022 is presented as supplementary information. Claims frequency is measured as medical fee-for-service claims for each service encounter with a unique provider identification number. Our claims frequency measure includes claims covered by deductibles as well as claims under capitated arrangements. Claim counts may vary based on product mix and the percentage of delegated capitation arrangements. The following tables provide information about incurred and paid claims development as of December 31, 2024, net of reinsurance.
|  | Incurred Claims, Net of Reinsurance |  |
|  | For the Years Ended December 31, |  |  |  |
Claims Incurred Year |  | 2022 Unaudited |  | 2023 Unaudited |  | 2024 |  |
|  | (in millions) |  |  |  |
2022 & Prior |  | $ | 76,105 |  |  | $ | 75,447 |  |  | $ | 75,399 |  |  |  |  |
2023 |  |  |  | 89,328 |  |  | 88,675 |  |  |  |  |
2024 |  |  |  |  |  | 101,365 |  |  |  |  |
Total |  |  |  |  |  | $ | 265,439 |  |  |  |  |
|  | Cumulative Paid Claims, Net of Reinsurance
|  | For the Years Ended December 31,
Claims Incurred Year |  | 2022 Unaudited |  | 2023 Unaudited |  | 2024
|  | (in millions)
2022 & Prior |  | $ | 67,287 |  |  | $ | 74,989 |  |  | $ | 75,399 |
2023 |  |  |  | 79,545 |  |  | 88,319 |
2024 |  |  |  |  |  | 91,281 |
Total |  |  |  |  |  | 254,999 |
Benefits payable, net of reinsurance |  | $ | 10,440 |
For additional information regarding our benefits payable and benefits expense recognition, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in this Form 10-K.

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