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v3.21.1

Policy Claims and Benefits (Tables) | 3 Months Ended
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Mar. 31, 2021
Insurance [Abstract] |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | The liability for unpaid claims is reported in future policy benefits and other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions):
|  | Three months ended March 31,
|  | 2021 |  | 2020
Balance at beginning of year |  | $ | 7,556 |  |  | $ | 6,786 |
Less: reinsurance recoverable |  | (641) |  |  | (564) |
Net balance at beginning of year |  | 6,915 |  |  | 6,222 |
Incurred: |  |  |  |
Current year |  | 4,097 |  |  | 2,838 |
Prior years |  | (59) |  |  | 11 |
Total incurred |  | 4,038 |  |  | 2,849 |
Payments: |  |  |  |
Current year |  | (164) |  |  | (131) |
Prior years |  | (3,196) |  |  | (2,342) |
Total payments |  | (3,360) |  |  | (2,473) |
Other changes: |  |  |  |
Interest accretion |  | 10 |  |  | 9 |
Foreign exchange adjustments |  | (51) |  |  | (283) |
Total other changes |  | (41) |  |  | (274) |
Net balance at end of period |  | 7,552 |  |  | 6,324 |
Plus: reinsurance recoverable |  | 732 |  |  | 580 |
Balance at end of period |  | $ | 8,284 |  |  | $ | 6,904 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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