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Liability For Unpaid Claims And Claim Adjustment Expenses (Tables) | 9 Months Ended
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Sep. 30, 2024
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
Schedule of Information on Liability for Unpaid Claims | Information regarding the liability for unpaid claims is shown below:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (Dollars in millions)
Policy and contract claims, beginning | $ | 1,880 |  |  | $ | 1,867 |  |  | $ | 1,870 |  |  | $ | 1,786 |
Less: Unpaid claims balance, beginning – long-duration | 213 |  |  | 210 |  |  | 213 |  |  | 231 |
Gross unpaid claims balance, beginning – short-duration | 1,667 |  |  | 1,657 |  |  | 1,657 |  |  | 1,555 |
Less: Reinsurance recoverables, beginning | 271 |  |  | 303 |  |  | 302 |  |  | 305 |
Less: Foreign currency translation and other | — |  |  | — |  |  | — |  |  | — |
Net unpaid claims balance, beginning – short-duration | 1,396 |  |  | 1,354 |  |  | 1,355 |  |  | 1,250 |
Acquisition from business combination, net of reinsurance | — |  |  | — |  |  | 1 |  |  | — |
Add: incurred related to: |  |  |  |  |  |  |
Current accident year | 354 |  |  | 411 |  |  | 1,104 |  |  | 1,227 |
Prior accident years | (7) |  |  | (3) |  |  | (39) |  |  | (25) |
Total incurred claims | 347 |  |  | 408 |  |  | 1,065 |  |  | 1,202 |
Less: paid claims related to: |  |  |  |  |  |  |
Current accident year | 232 |  |  | 313 |  |  | 541 |  |  | 655 |
Prior accident years | 109 |  |  | 84 |  |  | 478 |  |  | 432 |
Total paid claims | 341 |  |  | 397 |  |  | 1,019 |  |  | 1,087 |
Net unpaid claims balance, ending – short-duration | 1,402 |  |  | 1,365 |  |  | 1,402 |  |  | 1,365 |
Add: Foreign currency translation and other | — |  |  | — |  |  | — |  |  | — |
Add: Reinsurance recoverables, ending | 300 |  |  | 317 |  |  | 300 |  |  | 317 |
Gross unpaid claims balance, ending – short-duration | 1,702 |  |  | 1,682 |  |  | 1,702 |  |  | 1,682 |
Add: Unpaid claims balance, ending – long duration | 201 |  |  | 212 |  |  | 201 |  |  | 212 |
Policy and contract claims, ending | $ | 1,903 |  |  | $ | 1,894 |  |  | $ | 1,903 |  |  | $ | 1,894 |

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- 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://www.xbrl.org/2003/role/disclosureRef -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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