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Policy Claims and Benefits (Tables)

3 Months Ended

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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- References

No definition available.

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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

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