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Liability for Policy and Contract Claims (Tables) | 6 Months Ended
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Jun. 30, 2024
Schedule of 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.
Changes in Liability for Policy and Contract Claims | 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 |

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- Definition Schedule of recorded liabilities for policy and contract claims by major product type. + References No definition available. + Details
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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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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