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Liability for Policy and Contract Claims | 6 Months Ended
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Jun. 30, 2024
Liability for Policy and Contract Claims | (13) Liability for Policy and Contract Claims The following table presents the balances of our liability for policy and contract claims as of the dates indicated:
(Amounts in millions) |  | June 30, 2024 |  |  | December 31, 2023 |
Enact segment |  | $ | 508 |  |  | $ | 518 |
Life and Annuities segment (1) |  |  | 135 |  |  |  | 126 |
Other mortgage insurance business |  |  | 6 |  |  |  | 8 |
Total liability for policy and contract claims |  | $ | 649 |  |  | $ | 652 |
(1) | Primarily includes balances related to our universal and term universal life insurance products.
The following table sets forth changes in our liability for policy and contract claims as of and for the periods indicated:
|  | Six months ended June 30, |
(Amounts in millions) |  | 2024 |  |  | 2023 |
Beginning balance as of January 1 |  | $ | 652 |  |  | $ | 683 |
Less reinsurance recoverable |  |  | (16 | ) |  |  | (23 | )
Net beginning balance |  |  | 636 |  |  |  | 660 |
Incurred related to insured events of: |  |  |  |  |  |  |  |
Current year |  |  | 452 |  |  |  | 417 |
Prior years |  |  | (118 | ) |  |  | (120 | )
Total incurred |  |  | 334 |  |  |  | 297 |
Paid related to insured events of: |  |  |  |  |  |  |  |
Current year |  |  | (252 | ) |  |  | (257 | )
Prior years |  |  | (85 | ) |  |  | (90 | )
Total paid |  |  | (337 | ) |  |  | (347 | )
Foreign currency translation |  |  | — |  |  |  | 1 |
Net ending balance |  |  | 633 |  |  |  | 611 |
Add reinsurance recoverable |  |  | 16 |  |  |  | 17 |
Ending balance as of June 30 |  | $ | 649 |  |  | $ | 628 |
The liability for policy and contract claims represents our current best estimate; however, there may be future adjustments to this estimate and related assumptions. Such adjustments, reflecting any variety of new and adverse trends, could be significant and result in increases in reserves by an amount that could be material to our results of operations, financial condition and liquidity. In addition, loss reserves recorded on new delinquencies in our Enact segment have a high degree of estimation due to the uncertain macroeconomic environment and the level of uncertainty regarding whether delinquencies will ultimately cure or result in a claim payment, as well as the timing and severity of those payments. Given the extended period of time that may exist between the reporting of a delinquency and the claim payment, and changes in economic conditions and the real estate market, significant uncertainty and variability exist on amounts actually paid. During the six months ended June 30, 2024, our Enact segment recorded reserve releases of $131 million primarily related to insured events of prior years, largely driven by favorable cure performance on early 2023 and prior delinquencies. As part of these reserve releases, Enact also decreased its assumptions for the rate at which delinquencies go to claim , primarily resulting from sustained favorable cure performance and lessening uncertainty in the economic environment, impacting both current and prior year delinquencies. The favorable development related to insured events of prior years for the six months ended June 30, 2023 was largely attributable to $ 133 million of reserve releases in our Enact segment primarily related to favorable cure performance on delinquencies from 2021 and earlier, including those related to COVID-19. A portion of the reserve releases during the six months ended June 30, 2023 was also related to delinquencies from the first half of 2022 as uncertainty in the economic environment had not negatively impacted cure performance as expected.

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- Definition Liability as of the balance sheet date for amounts representing estimated cost of settling unpaid claims under the terms of the underlying insurance policies, less estimated reinsurance recoveries on such claims. This includes an estimate for claims which have been incurred but not reported. Claim adjustment expenses represent the costs estimated to be incurred in the settlement of unpaid claims. Includes a rollforward of activity for the year. + References No definition available. + Details
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