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Policy Claims and Benefits | 6 Months Ended
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Jun. 30, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | Policy Claims and Benefits Rollforward of Claims and Claim Adjustment Expenses 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):
|  | Six Months Ended June 30,
|  | 2021 |  | 2020
Balance, beginning of period |  | $ | 7,556 |  |  | $ | 6,786 |
Less: reinsurance recoverable |  | (641) |  |  | (564) |
Net balance, beginning of period |  | 6,915 |  |  | 6,222 |
Incurred: |  |  |  |
Current year |  | 7,631 |  |  | 5,740 |
Prior years |  | (122) |  |  | 59 |
Total incurred |  | 7,509 |  |  | 5,799 |
Payments: |  |  |  |
Current year |  | (2,747) |  |  | (1,332) |
Prior years |  | (4,358) |  |  | (3,903) |
Total payments |  | (7,105) |  |  | (5,235) |
Other changes: |  |  |  |
Interest accretion |  | 20 |  |  | 18 |
Foreign exchange adjustments |  | (38) |  |  | (142) |
Total other changes |  | (18) |  |  | (124) |
Net balance, end of period |  | 7,302 |  |  | 6,662 |
Plus: reinsurance recoverable |  | 674 |  |  | 633 |
Balance, end of period |  | $ | 7,976 |  |  | $ | 7,295 |
Incurred claims associated with prior periods are primarily due to events, related to long-duration business, which were incurred in prior periods but were reported in the current period, and to a lesser extent, the development of short-duration business claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=2560295 + Details
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- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. + References No definition available. + Details
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