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RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE (Tables) | 6 Months Ended
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Jun. 30, 2023
Insurance [Abstract] |
Summary of Activity in the Reserve for Losses and LAE | Activity in the reserve for losses and loss adjustment expenses (“LAE”) is summarized for the periods indicated:
| Six Months Ended June 30,
| 2023 |  | 2022
(Dollars in millions) |  |  |
Gross reserves beginning of period | $ | 22,065 |  |  | $ | 19,009 |
Less reinsurance recoverables on unpaid losses | (2,105) |  |  | (1,946) |
Net reserves beginning of period | 19,960 |  |  | 17,063 |
Incurred related to: |  |  |
Current year | 3,927 |  |  | 3,668 |
Prior years | — |  |  | (2) |
Total incurred losses and LAE | 3,927 |  |  | 3,666 |
Paid related to: |  |  |
Current year | 1,307 |  |  | 979 |
Prior years | 1,515 |  |  | 1,484 |
Total paid losses and LAE | 2,822 |  |  | 2,462 |
Foreign exchange/translation adjustment | 165 |  |  | (259) |
Net reserves end of period | 21,229 |  |  | 18,007 |
Plus reinsurance recoverables on unpaid losses | 2,175 |  |  | 1,986 |
Gross reserves end of period | $ | 23,405 |  |  | $ | 19,993 |
(Some amounts may not reconcile due to rounding.)

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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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