Policy Claims and Other Benefits Payable

6 Months Ended

Jun. 30, 2022

Liability For Future Policy Benefits And Unpaid Claims And Claims Adjustment Expense [Abstract]

Policy Claims and Other Benefits Payable

(6) Policy Claims and Other Benefits Payable

Changes in policy claims incurred and other benefits payable were as follows:

	Six months ended June 30,
	2022			2021
	(In thousands)
Policy claims and other benefits payable, beginning of period	$	585,382		$	519,711
Less reinsured policy claims and other benefits payable		638,007			545,857
Net balance, beginning of period		(52,625	)		(26,146	)
Incurred related to current year		127,911			137,285
Incurred related to prior years ⁽¹⁾		(2,522	)		(813	)
Total incurred		125,389			136,472
Claims paid related to current year, net of reinsured policy claims received		(170,149	)		(213,880	)
Reinsured policy claims received related to prior years, net of claims paid		65,135			32,882
Total paid		(105,014	)		(180,998	)
Foreign currency translation		(150	)		210
Net balance, end of period		(32,400	)		(70,462	)
Add reinsured policy claims and other benefits payable		513,629			541,752
Balance, end of period	$	481,229		$	471,290

⁽¹⁾	^{Includes the difference between our estimate of claims incurred but not yet reported as of period-end and the actual incurred claims reported after period-end.}

The liability for policy claims and other benefits payable on traditional life insurance products includes estimated unpaid claims that have been reported to us and claims incurred but not yet reported. We estimate claims incurred but not yet reported based on our historical claims activity, adjusted for any current new trends and conditions, and reported lag time experience.