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Policy Claim Liabilities and Short Duration Contracts | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
Policy Liabilities and Short Duration Contracts | LIABILITY FOR FUTURE POLICY BENEFITS The following tables summarize balances of and changes in the liability for future policy benefits for our reporting cohorts: Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies.
December 31, 2023 (In thousands) | Life Insurance |  | Home Service Insurance
Permanent | Permanent Limited Pay |  | Total |  | Permanent | Permanent Limited Pay |  | Total
Present Value of Expected Net Premiums: |  |  |  |  |  |  |  |
Balance, beginning of year | $ | 235,228 |  | 10,209 |  |  | 245,437 |  |  | 93,508 |  | 13,255 |  |  | 106,763 |
Beginning balance at original discount rate | 247,601 |  | 10,682 |  |  | 258,283 |  |  | 100,225 |  | 14,394 |  |  | 114,619 |
Effect of changes in cash flow assumptions | (210) |  | 38 |  |  | (172) |  |  | (343) |  | 85 |  |  | (258) |
Effects of actual variances from expected experience | 4,184 |  | 1,536 |  |  | 5,720 |  |  | (8,287) |  | (6,402) |  |  | (14,689) |
Adjusted beginning of year balance | 251,575 |  | 12,256 |  |  | 263,831 |  |  | 91,595 |  | 8,077 |  |  | 99,672 |
Issuances | 34,285 |  | 3,607 |  |  | 37,892 |  |  | 17,668 |  | 3,951 |  |  | 21,619 |
Interest accrual | 9,291 |  | 355 |  |  | 9,646 |  |  | 4,045 |  | 468 |  |  | 4,513 |
Net premiums collected | (43,307) |  | (2,955) |  |  | (46,262) |  |  | (11,901) |  | 2,832 |  |  | (9,069) |
Derecognition and other | 582 |  | 270 |  |  | 852 |  |  | 638 |  | 184 |  |  | 822 |
Ending balance at original discount rate | 252,426 |  | 13,533 |  |  | 265,959 |  |  | 102,045 |  | 15,512 |  |  | 117,557 |
Effect of changes in discount rates | (7,509) |  | (273) |  |  | (7,782) |  |  | (3,214) |  | (586) |  |  | (3,800) |
Balance, end of year | $ | 244,917 |  | 13,260 |  |  | 258,177 |  |  | 98,831 |  | 14,926 |  |  | 113,757 |
Present Value of Expected Future Policy Benefits: |  |  |  |  |  |  |
Balance, beginning of year | $ | 947,415 |  | 195,612 |  |  | 1,143,027 |  |  | 200,351 |  | 116,356 |  |  | 316,707 |
Beginning balance at original discount rate | 996,169 |  | 208,051 |  |  | 1,204,220 |  |  | 214,188 |  | 121,908 |  |  | 336,096 |
Effect of changes in cash flow assumptions | (389) |  | (702) |  |  | (1,091) |  |  | (257) |  | 331 |  |  | 74 |
Effects of actual variances from expected experience | 7,370 |  | 5,330 |  |  | 12,700 |  |  | (8,126) |  | (2,103) |  |  | (10,229) |
Adjusted beginning of year balance | 1,003,150 |  | 212,679 |  |  | 1,215,829 |  |  | 205,805 |  | 120,136 |  |  | 325,941 |
Issuances | 34,922 |  | 3,792 |  |  | 38,714 |  |  | 17,664 |  | 3,973 |  |  | 21,637 |
Interest accrual | 43,275 |  | 8,355 |  |  | 51,630 |  |  | 9,339 |  | 5,667 |  |  | 15,006 |
Benefit payments | (85,257) |  | (22,129) |  |  | (107,386) |  |  | (15,891) |  | (6,002) |  |  | (21,893) |
Derecognition and other | (128) |  | 58 |  |  | (70) |  |  | 607 |  | 167 |  |  | 774 |
Ending balance at original discount rate | 995,962 |  | 202,755 |  |  | 1,198,717 |  |  | 217,524 |  | 123,941 |  |  | 341,465 |
Effect of changes in discount rates | (22,612) |  | (7,633) |  |  | (30,245) |  |  | (5,578) |  | (1,157) |  |  | (6,735) |
Balance, end of year | $ | 973,350 |  | 195,122 |  |  | 1,168,472 |  |  | 211,946 |  | 122,784 |  |  | 334,730 |
Net liability for future policy benefits | $ | 728,433 |  | 181,862 |  |  | 910,295 |  |  | 113,115 |  | 107,858 |  |  | 220,973 |
December 31, 2022 (In thousands) | Life Insurance |  | Home Service Insurance
Permanent | Permanent Limited Pay |  | Total |  | Permanent | Permanent Limited Pay |  | Total
Present Value of Expected Net Premiums: |  |  |  |  |  |  |  |
Balance, beginning of year | $ | 269,528 |  | 4,939 |  |  | 274,467 |  |  | 104,556 |  | 10,196 |  |  | 114,752 |
Beginning balance at original discount rate | 246,386 |  | 5,093 |  |  | 251,479 |  |  | 90,012 |  | 9,532 |  |  | 99,544 |
Effect of changes in cash flow assumptions | (3,662) |  | 237 |  |  | (3,425) |  |  | 4,253 |  | 1,214 |  |  | 5,467 |
Effects of actual variances from expected experience | 3,466 |  | 1,534 |  |  | 5,000 |  |  | (3,744) |  | (8,407) |  |  | (12,151) |
Adjusted beginning of year balance | 246,190 |  | 6,864 |  |  | 253,054 |  |  | 90,521 |  | 2,339 |  |  | 92,860 |
Issuances | 35,826 |  | 4,086 |  |  | 39,912 |  |  | 19,030 |  | 5,288 |  |  | 24,318 |
Interest accrual | 8,382 |  | 82 |  |  | 8,464 |  |  | 3,454 |  | 244 |  |  | 3,698 |
Net premiums collected | (41,560) |  | (258) |  |  | (41,818) |  |  | (11,202) |  | 6,752 |  |  | (4,450) |
Derecognition and other | (1,237) |  | (92) |  |  | (1,329) |  |  | (1,578) |  | (229) |  |  | (1,807) |
Ending balance at original discount rate | 247,601 |  | 10,682 |  |  | 258,283 |  |  | 100,225 |  | 14,394 |  |  | 114,619 |
Effect of changes in discount rates | (12,373) |  | (473) |  |  | (12,846) |  |  | (6,717) |  | (1,139) |  |  | (7,856) |
Balance, end of year | $ | 235,228 |  | 10,209 |  |  | 245,437 |  |  | 93,508 |  | 13,255 |  |  | 106,763 |
Present Value of Expected Future Policy Benefits: |  |  |  |  |  |  |
Balance, beginning of year | $ | 1,168,282 |  | 240,679 |  |  | 1,408,961 |  |  | 266,206 |  | 161,715 |  |  | 427,921 |
Beginning balance at original discount rate | 990,921 |  | 207,105 |  |  | 1,198,026 |  |  | 205,340 |  | 117,425 |  |  | 322,765 |
Effect of changes in cash flow assumptions | (3,916) |  | 374 |  |  | (3,542) |  |  | 4,822 |  | 1,765 |  |  | 6,587 |
Effects of actual variances from expected experience | 4,528 |  | 4,910 |  |  | 9,438 |  |  | (3,278) |  | (992) |  |  | (4,270) |
Adjusted beginning of year balance | 991,533 |  | 212,389 |  |  | 1,203,922 |  |  | 206,884 |  | 118,198 |  |  | 325,082 |
Issuances | 36,604 |  | 4,187 |  |  | 40,791 |  |  | 19,054 |  | 5,286 |  |  | 24,340 |
Interest accrual | 42,547 |  | 8,474 |  |  | 51,021 |  |  | 8,754 |  | 5,452 |  |  | 14,206 |
Benefit payments | (72,383) |  | (16,765) |  |  | (89,148) |  |  | (18,870) |  | (6,770) |  |  | (25,640) |
Derecognition and other | (2,132) |  | (234) |  |  | (2,366) |  |  | (1,634) |  | (258) |  |  | (1,892) |
Ending balance at original discount rate | 996,169 |  | 208,051 |  |  | 1,204,220 |  |  | 214,188 |  | 121,908 |  |  | 336,096 |
Effect of changes in discount rates | (48,754) |  | (12,439) |  |  | (61,193) |  |  | (13,837) |  | (5,552) |  |  | (19,389) |
Balance, end of year | $ | 947,415 |  | 195,612 |  |  | 1,143,027 |  |  | 200,351 |  | 116,356 |  |  | 316,707 |
Net liability for future policy benefits | $ | 712,187 |  | 185,403 |  |  | 897,590 |  |  | 106,843 |  | 103,101 |  |  | 209,944 |
Plus: Flooring impact | 1 |  | — |  |  | 1 |  |  | — |  | — |  |  | — |
Net liability for future policy benefits, after flooring impact | $ | 712,188 |  | 185,403 |  |  | 897,591 |  |  | 106,843 |  | 103,101 |  |  | 209,944 |
Net premiums collected is defined as the transactional gross premiums collected in the current period times the net premium ratio. Issuances are calculated as the present value, using the locked-in discount rate, of the expected net premiums or the expected future policy benefits related to new policies issued during the years ended December 31, 2023 and 2022. Interest accrual is the interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the locked-in discount rate. Benefit payments are the transactional benefits (death, lapse, surrenders and maturities) paid in the current period. Derecognition refers to a subset of the issuances or the present value of future premiums released on new issues that lapsed during the years ended December 31, 2023 and 2022 as well as other reconciling items. The effects of actual variances from expected experience lines are primarily impacted by the actual policy cash flows during the period compared to that which was expected in the reserve assumptions. If the net of the two lines is a positive number, the implication is an unfavorable result with policy cash flows less favorable than assumed while a negative number implies a favorable result compared to assumptions. Our policy experience will vary from actual experience in any one period, either favorably or unfavorably. The following table reconciles the net liability for future policy benefits shown above to the liability for future policy benefits reported in the consolidated balance sheets.
| December 31, 2023 |  | December 31, 2022
(In thousands) | Life Insurance | Home Service Insurance | Consolidated |  | Life Insurance | Home Service Insurance | Consolidated
Life Insurance: |  |  |  |  |  |  |
Permanent | $ | 728,433 |  | 113,115 |  | 841,548 |  |  | 712,188 |  | 106,843 |  | 819,031 |
Permanent limited pay | 181,862 |  | 107,858 |  | 289,720 |  |  | 185,403 |  | 103,101 |  | 288,504 |
Deferred profit liability | 28,933 |  | 26,804 |  | 55,737 |  |  | 25,655 |  | 24,459 |  | 50,114 |
Other | 28,319 |  | 13,929 |  | 42,248 |  |  | 27,370 |  | 13,628 |  | 40,998 |
Total life insurance | 967,547 |  | 261,706 |  | 1,229,253 |  |  | 950,616 |  | 248,031 |  | 1,198,647 |
Accident & Health: |  |  |  |  |  |  |
Other | 588 |  | 301 |  | 889 |  |  | 533 |  | 234 |  | 767 |
Total future policy benefit reserves | $ | 968,135 |  | 262,007 |  | 1,230,142 |  |  | 951,149 |  | 248,265 |  | 1,199,414 |
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefit payments for long-term duration contracts.
| December 31, 2023 |  | December 31, 2022
(In thousands) | Life Insurance |  | Home Service Insurance |  | Life Insurance |  | Home Service Insurance
Undiscounted: |  |  |  |  |  |  |
Permanent: |  |  |  |  |  |  |
Expected future gross premiums | $ | 621,935 |  |  | 455,552 |  |  | 612,531 |  |  | 461,298 |
Expected future benefit payments | 1,495,206 |  |  | 484,740 |  |  | 1,479,562 |  |  | 473,039 |
Permanent Limited Pay: |  |  |  |  |  |  |
Expected future gross premiums | 47,161 |  |  | 77,266 |  |  | 47,447 |  |  | 74,278 |
Expected future benefit payments | 326,821 |  |  | 320,810 |  |  | 323,559 |  |  | 316,225 |
Discounted: |  |  |  |  |  |  |
Permanent: |  |  |  |  |  |  |
Expected future gross premiums | $ | 481,963 |  |  | 275,629 |  |  | 472,754 |  |  | 271,440 |
Expected future benefit payments | 973,350 |  |  | 211,946 |  |  | 947,415 |  |  | 200,351 |
Permanent Limited Pay: |  |  |  |  |  |  |
Expected future gross premiums | 42,138 |  |  | 53,075 |  |  | 41,853 |  |  | 52,030 |
Expected future benefit payments | 195,122 |  |  | 122,784 |  |  | 195,612 |  |  | 116,356 |
The following tables summarize the amount of revenue and interest related to long-term duration contracts recognized in the consolidated statements of operations and comprehensive income (loss):
|  |  | Years Ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
(In thousands) |  |  |  |  |  |  | Gross Premiums | Interest Expense |  | Gross Premiums | Interest Expense |  | Gross Premiums | Interest Expense
Life Insurance Segment: |  |  |  |  |  |  |  |  |  |  |  |  |
Life Insurance: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Permanent |  |  |  |  |  |  | $ | 93,917 |  | 33,984 |  |  | 94,905 |  | 34,165 |  |  | 96,766 |  | 34,067 |
Permanent Limited Pay |  |  |  |  |  |  | 16,396 |  | 8,923 |  |  | 15,023 |  | 9,214 |  |  | 13,678 |  | 9,331 |
Other |  |  |  |  |  |  | 12,813 |  | — |  |  | 16,047 |  | — |  |  | 16,856 |  | — |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinsurance |  |  |  |  |  |  | 1,702 |  | — |  |  | 1,819 |  | — |  |  | 1,742 |  | — |
Total, net of reinsurance |  |  |  |  |  |  | 121,424 |  | 42,907 |  |  | 124,156 |  | 43,379 |  |  | 125,558 |  | 43,398 |
Accident & Health: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  | 725 |  | — |  |  | 502 |  | — |  |  | 505 |  | — |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinsurance |  |  |  |  |  |  | 4 |  | — |  |  | 5 |  | — |  |  | 5 |  | — |
Total, net of reinsurance |  |  |  |  |  |  | 721 |  | — |  |  | 497 |  | — |  |  | 500 |  | — |
Total |  |  |  |  |  |  | $ | 122,145 |  | 42,907 |  |  | 124,653 |  | 43,379 |  |  | 126,058 |  | 43,398 |
Home Service Insurance Segment: |  |  |  |  |  |  |  |  |  |  |  |
Life Insurance: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Permanent |  |  |  |  |  |  | $ | 33,263 |  | 5,294 |  |  | 33,312 |  | 5,300 |  |  | 33,706 |  | 5,447 |
Permanent Limited Pay |  |  |  |  |  |  | 8,576 |  | 6,388 |  |  | 8,396 |  | 6,255 |  |  | 8,324 |  | 6,187 |
Other |  |  |  |  |  |  | 1,371 |  | — |  |  | 1,749 |  | — |  |  | 2,236 |  | — |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinsurance |  |  |  |  |  |  | 25 |  | — |  |  | 27 |  | — |  |  | 23 |  | — |
Total, net of reinsurance |  |  |  |  |  |  | 43,185 |  | 11,682 |  |  | 43,430 |  | 11,555 |  |  | 44,243 |  | 11,634 |
Accident & Health: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  | 916 |  | — |  |  | 781 |  | — |  |  | 750 |  | — |
Total |  |  |  |  |  |  | $ | 44,101 |  | 11,682 |  |  | 44,211 |  | 11,555 |  |  | 44,993 |  | 11,634 |
The following table provides the weighted-average durations of the liability for future policy benefits.
| December 31, 2023 |  | December 31, 2022
(In years) | Life Insurance | Home Service Insurance |  | Life Insurance | Home Service Insurance
Permanent: |  |  |  |  |
Duration at original discount rate | 8.5 | 16.4 |  | 8.0 | 15.4
Duration at current discount rate | 8.5 | 16.4 |  | 8.5 | 16.2
Permanent Limited Pay: |  |  |  |  |
Duration at original discount rate | 8.2 | 14.8 |  | 7.6 | 14.3
Duration at current discount rate | 8.1 | 15.3 |  | 7.5 | 15.7
The following table provides the weighted-average interest rates for the liability for future policy benefits.
| December 31, 2023 |  | December 31, 2022
| Life Insurance | Home Service Insurance |  | Life Insurance | Home Service Insurance
Permanent: |  |  |  |  |
Interest rate at original discount rate | 4.89 | % | 4.97 | % |  | 4.93 | % | 5.00 | %
Interest rate at current discount rate | 4.79 | % | 4.96 | % |  | 5.10 | % | 5.22 | %
Permanent Limited Pay: |  |  |  |  |
Interest rate at original discount rate | 4.29 | % | 5.04 | % |  | 4.30 | % | 5.05 | %
Interest rate at current discount rate | 4.77 | % | 4.95 | % |  | 5.07 | % | 5.21 | %
LIABILITY FOR POLICYHOLDERS’ ACCOUNT BALANCES The following table presents the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of the difference, in basis points, between rates being credited and the respective guaranteed minimums.
| At Guaranteed Minimum | 1 Basis Point-50 Basis Points Above | 51 Basis Points-150 Basis Points Above | Greater Than 150 Basis Points Above | Total
December 31, 2023 (In thousands)
Range of Guaranteed Minimum Crediting Rates: |  |  |  |
0.00% - 1.49% | $ | 784 |  | — |  | 1,146 |  | 34,886 |  | 36,816 |
1.50% - 2.99% | 33,073 |  | 671 |  | 49 |  | — |  | 33,793 |
3.00% - 4.49% | 105,684 |  | 9 |  | — |  | — |  | 105,693 |
Greater or equal to 4.50% | 31,400 |  | — |  | — |  | — |  | 31,400 |
Total | $ | 170,941 |  | 680 |  | 1,195 |  | 34,886 |  | 207,702 |
| At Guaranteed Minimum | 1 Basis Point-50 Basis Points Above | 51 Basis Points-150 Basis Points Above | Greater Than 150 Basis Points Above | Total
December 31, 2022 (In thousands)
Range of Guaranteed Minimum Crediting Rates: |  |  |  |
0.00% - 1.49% | $ | 736 |  | — |  | 1,089 |  | 38,671 |  | 40,496 |
1.50% - 2.99% | 24,155 |  | 631 |  | 51 |  | — |  | 24,837 |
3.00% - 4.49% | 98,902 |  | 9 |  | — |  | — |  | 98,911 |
Greater or equal to 4.50% | 31,825 |  | — |  | — |  | — |  | 31,825 |
Total | $ | 155,618 |  | 640 |  | 1,140 |  | 38,671 |  | 196,069 |
The following tables summarize balances of and changes in policyholders' account balances.
December 31, 2023 (In thousands, except for %) | Supplemental Contracts Without Life Contingencies | Fixed Annuity | Dividend Accumulations | Premiums Paid in Advance
Balance, beginning of year | $ | 32,995 |  | 86,807 |  | 41,663 |  | 34,603 |
Issuances | 22,387 |  | 2,741 |  | 660 |  | 3,693 |
Premiums received | 123 |  | 4,387 |  | 5,860 |  | 793 |
Interest credited | 1,483 |  | 2,653 |  | 1,364 |  | 1,627 |
Other | 1 |  | — |  | — |  | — |
Less: |  |  |  |
Surrenders and withdrawals | — |  | 9,454 |  | 4,587 |  | 9,677 |
Benefit payments | 12,420 |  | — |  | — |  | — |
Balance, end of year | $ | 44,569 |  | 87,134 |  | 44,960 |  | 31,039 |
Weighted-average crediting rates | 4.00 | % | 3.56 | % | 3.04 | % | 2.95 | %
Cash surrender value | $ | 44,569 |  | 87,134 |  | 44,960 |  | 31,039 |
December 31, 2022 (In thousands, except for %) | Supplemental Contracts Without Life Contingencies | Fixed Annuity | Dividend Accumulations | Premiums Paid in Advance
Balance, beginning of year | $ | 23,950 |  | 83,917 |  | 37,760 |  | 38,875 |
Issuances | 12,071 |  | 3,044 |  | 683 |  | 2,820 |
Premiums received | 176 |  | 4,940 |  | 5,538 |  | 779 |
Interest credited | 1,067 |  | 2,631 |  | 1,216 |  | 964 |
Other | 2 |  | — |  | — |  | — |
Less: |  |  |  |
Surrenders and withdrawals | — |  | 7,725 |  | 3,534 |  | 8,835 |
Benefit payments | 4,271 |  | — |  | — |  | — |
Balance, end of year | $ | 32,995 |  | 86,807 |  | 41,663 |  | 34,603 |
Weighted-average crediting rates | 4.08 | % | 3.59 | % | 3.07 | % | 3.04 | %
Cash surrender value | $ | 32,995 |  | 86,807 |  | 41,663 |  | 34,603 |
The following table reconciles policyholders' account balances shown above to the policyholders' account balances liability in the consolidated balance sheets.
As of December 31, (In thousands) |  |  | 2023 |  |  |  | 2022
Annuities: |  |  |  |  |  |  |
Supplemental contracts without life contingencies |  |  | $ | 44,569 |  |  |  |  | 32,995 |
Fixed annuity |  |  | 87,134 |  |  |  |  | 86,807 |
Unearned revenue reserve |  |  | 1,513 |  |  |  |  | 1,619 |
Other |  |  | — |  |  |  |  | 1 |
Total annuities |  |  | $ | 133,216 |  |  |  |  | 121,422 |
Premiums Paid in Advance: |  |  |  |  |  |  |
Premiums paid in advance |  |  | $ | 31,039 |  |  |  |  | 34,603 |
Other |  |  | 1,407 |  |  |  |  | 1,781 |
Total premiums paid in advance |  |  | $ | 32,446 |  |  |  |  | 36,384 |
The following table presents information on changes in the liability for life, accident and health and property policy and contract claims.
Years ended December 31, (In thousands) | 2023 |  | 2022 |  | 2021
Policy claims payable: |  |  |  |  |
Balance at January 1 | $ | 9,884 |  |  | 14,590 |  |  | 13,206 |
Less: reinsurance recoverable | 2,070 |  |  | 2,469 |  |  | 3,012 |
Net balance at January 1 | 7,814 |  |  | 12,121 |  |  | 10,194 |
Add claims incurred, related to: |  |  |  |  |
Current year | 25,630 |  |  | 28,720 |  |  | 32,595 |
Prior years(1) | (522) |  |  | (46) |  |  | 1,052 |
| 25,108 |  |  | 28,674 |  |  | 33,647 |
Deduct claims paid, related to: |  |  |  |  |
Current year | 20,786 |  |  | 22,771 |  |  | 23,369 |
Prior years | 6,797 |  |  | 10,210 |  |  | 8,351 |
| 27,583 |  |  | 32,981 |  |  | 31,720 |
Net balance December 31 | 5,339 |  |  | 7,814 |  |  | 12,121 |
Plus: reinsurance recoverable | 1,298 |  |  | 2,070 |  |  | 2,469 |
Balance at December 31 | $ | 6,637 |  |  | 9,884 |  |  | 14,590 |
(1) This line is primarily impacted by the level of claim resolutions in the period compared to that which is expected by the reserve assumption. A positive number implies an unfavorable result where claim resolutions were less favorable than assumed while a negative number implies a favorable result compared to assumptions. Our claim assumptions will vary from actual experience in any one period, either favorably or unfavorably.
SHORT DURATION CONTRACTS The Company's short duration contracts consist of credit life and credit disability in the Life Insurance segment and property insurance in the Home Service Insurance segment. The credit insurance lines are an immaterial part of short duration contracts so the following disclosures cover only the property insurance line of business in the Home Service Insurance segment. Special Property Insurance (Allied and Fire) The following table presents incurred claims development as of December 31, 2023, net of reinsurance, as well as cumulative claim frequency and the total of incurred-but-not-reported liabilities plus expected development on reported claims included within the net incurred claims amounts. This information is presented for the last five years as these claims rarely pay out over a longer period of time.
|  | As of December 31, 2023
| Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | Cumulative Number of Reported Claims
| For the Years Ended December 31,
($ In thousands) | 2019 | 2020 | 2021 | 2022 | 2023
Accident Year: | (Unaudited) |  |  |
2019 | $ | 1,549 |  | 1,150 |  | 1,161 |  | 1,106 |  | 1,105 |  | — |  | 610 |
2020 |  | 2,598 |  | 2,670 |  | 2,577 |  | 2,694 |  | — |  | 2,415 |
2021 |  |  | 2,087 |  | 1,644 |  | 1,312 |  | 2 |  | 2,397 |
2022 |  |  |  | 1,213 |  | 1,262 |  | 4 |  | 362 |
2023 |  |  |  |  | 776 |  | 27 |  | 191 |
Total |  |  |  |  | $ | 7,149 |  |  |
The following table presents paid claims development as of December 31, 2023, net of reinsurance.
| Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
| Years Ended December 31,
(In thousands) | 2019 | 2020 | 2021 | 2022 | 2023
Accident Year: | (Unaudited) |
2019 | $ | 1,166 |  | 1,071 |  | 1,091 |  | 1,105 |  | 1,105 |
2020 |  | 1,997 |  | 2,639 |  | 2,576 |  | 2,694 |
2021 |  |  | 1,435 |  | 1,638 |  | 1,311 |
2022 |  |  |  | 1,011 |  | 1,259 |
2023 |  |  |  |  | 755 |
Total |  |  |  |  | $ | 7,124 |
All outstanding liabilities before 2019, net of reinsurance |  | $ | — |
Liabilities for claims and claim adjustment expenses, net of reinsurance |  | $ | 33 |
The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated balance sheets are as follows:
As of December 31, (In thousands) | 2023 |  | 2022
Net outstanding liabilities: |  |  |
Special property | $ | 33 |  |  | 263 |
Other short duration insurance lines | 151 |  |  | 158 |
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 184 |  |  | 421 |
Reinsurance recoverable on unpaid claims: |  |  |
Special property | 1,220 |  |  | 1,275 |
Other short duration insurance lines | 78 |  |  | 798 |
Total reinsurance recoverable on unpaid claims | 1,298 |  |  | 2,073 |
Insurance lines other than short duration | 5,155 |  |  | 7,390 |
Total gross liability for unpaid claims and claim adjustment expense | $ | 6,637 |  |  | 9,884 |
The following is supplementary information to the consolidated financial statements about average historical claims duration as of December 31, 2023.
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited)
Years | 1 | 2 | 3 | 4 | 5
Special property | 93 | % | 13 | % | (8) | % | 3 | % | — | %

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