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Liability For Unpaid Claims | 6 Months Ended
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Jun. 30, 2018
Liability For Unpaid Claims [Abstract] |
Liability For Unpaid Claims | ﻿ 9. Liability for Unpaid Claims ﻿ In connection with our acquisition of the Liberty Group Business, we expanded our financial statement disclosures related to changes in the liability for unpaid claims (in millions), which were as follows:
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ | For the Six |
﻿ | Months Ended |
﻿ | June 30, |
﻿ | 2018 |  | 2017 |
﻿Balance as of beginning-of-year | $ | 2,222 |  | $ | 2,242 |
﻿Reinsurance recoverable |  | 57 |  |  | 69 |
﻿Net balance as of beginning-of-year |  | 2,165 |  |  | 2,173 |
﻿ |  |  |  |  |  |
﻿Business acquired (1) |  | 2,836 |  |  | - |
﻿ |  |  |  |  |  |
﻿Incurred related to: |  |  |  |  |  |
﻿Current year |  | 986 |  |  | 686 |
﻿Prior years |  |  |  |  |  |
﻿Interest |  | 50 |  |  | 37 |
﻿All other incurred |  | (87 | ) |  | (45 | )
﻿Total incurred |  | 949 |  |  | 678 |
﻿ |  |  |  |  |  |
﻿Paid related to: |  |  |  |  |  |
﻿Current year |  | (393 | ) |  | (343 | )
﻿Prior years |  | (517 | ) |  | (356 | )
﻿Total paid |  | (910 | ) |  | (699 | )
﻿ |  |  |  |  |  |
﻿Net balance as of end-of-period |  | 5,040 |  |  | 2,152 |
﻿Reinsurance recoverable |  | 136 |  |  | 70 |
﻿Balance as of end-of-period | $ | 5,176 |  | $ | 2,222 |
﻿
| (1) |  | Represents Liberty group life and disability reserves, net, as of May 1, 2018, subject to finalization of acquisition date fair values. See Note 3 for additional information.
﻿ The majority of the reserves included in the roll forward are for long-term disability claims. The interest rate assumption is an important part of the reserving process due to the long benefit period for these claims. Interest accrued on prior year reserves has been calculated on the opening reserve balance less one-half of the prior year incurred period’s claim payments at our average reserve discount rate for the respective periods. ﻿ “Incurred related to prior years - All other incurred” reflected in the preceding table is primarily impacted by the level of claim resolutions in the period compared to that which is expected by the reserve assumption. A negative number implies a favorable result where claim resolutions were more favorable than assumed. Our claim resolution rate assumption used in determining reserves is our expectation of the resolution rate we will experience over the long-term life of the block of claims. It will vary from actual experience in any one period, both favorably and unfavorably. A reconciliation of future contract benefits as reported in our Consolidated Balance Sheets to the liability for unpaid claims (in millions), was as follows:
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ | As of June 30, |
﻿ | 2018 |  | 2017 |
﻿Future contract benefits | $ | 33,718 |  | $ | 22,293 |
﻿ |  |  |  |  |  |
﻿Less: |  |  |  |  |  |
﻿Life and annuity reserves and claims due |  | 26,975 |  |  | 18,411 |
﻿Accident and health active life reserves |  | 1,567 |  |  | 1,660 |
﻿Liability for unpaid claims | $ | 5,176 |  | $ | 2,222 |
﻿

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=2560295 + Details
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