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Policy Claims and Benefits (Tables)

6 Months Ended

Jun. 30, 2022

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):

						Six Months Ended June 30,
						2022						2021
Balance, beginning of period						$	8,053					$	7,556
Less: reinsurance recoverable						(556)						(641)
Net balance, beginning of period						7,497						6,915
Incurred:
Current year						6,813						7,631
Prior years						(114)						(122)
Total incurred						6,699						7,509
Payments:
Current year						(2,009)						(2,747)
Prior years						(4,975)						(4,358)
Total payments						(6,984)						(7,105)
Other changes:
Interest accretion						15						20
Foreign exchange adjustments						(233)						(38)
Total other changes						(218)						(18)
Net balance, end of period						6,994						7,302
Plus: reinsurance recoverable						573						674
Balance, end of period						$	7,567					$	7,976

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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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