Policy Claims and Other Benefits Payable

9 Months Ended

Sep. 30, 2025

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Policy Claims and Other Benefits Payable

(10) Policy Claims and Other Benefits Payable

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


	Nine months ended September 30,
	2025			2024
	(In thousands)
Policy claims and other benefits payable, beginning of period	$	488,350		$	513,803
Less reinsured policy claims and other benefits payable		518,210			534,674
Net balance, beginning of period		(29,860	)		(20,871	)
Incurred related to current year		193,665			189,772
Incurred related to prior years (1)		(139	)		(3,418	)
Total incurred		193,526			186,354
Claims paid related to current year, net of reinsured policy claims received		(246,890	)		(224,952	)
Reinsured policy claims received related to prior years, net of claims paid		45,617			37,111
Total paid		(201,273	)		(187,841	)
Foreign currency translation		150			(241	)
Net balance, end of period		(37,457	)		(22,599	)
Add reinsured policy claims and other benefits payable		515,242			519,434
Balance, end of period	$	477,785		$	496,835

(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 trends and conditions, and reported lag time experience.