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Liability for Policy and Contract Claims (Tables)

6 Months Ended

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

X

- Definition

Schedule of recorded liabilities for policy and contract claims by major product type.

+ References

No definition available.

+ Details

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X

- 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

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