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Liability For Unpaid Claims And Claim Adjustment Expenses (Tables)

9 Months Ended

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.

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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

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