Policy Claims and Other Benefits Payable

6 Months Ended

Jun. 30, 2020

Liability For Future Policy Benefits And Unpaid Claims And Claims Adjustment Expense [Abstract]

Policy Claims and Other Benefits Payable

(6) Policy Claims and Other Benefits Payable

Changes in policy claims incurred and other benefits payable were as follows:

	Six months ended June 30,
	2020			2019
	(In thousands)
Policy claims and other benefits payable, beginning of period	$	339,954		$	313,862
Less reinsured policy claims and other benefits payable		388,797			318,653
Net balance, beginning of period		(48,843	)		(4,791	)
Incurred related to current year		113,647			92,355
Incurred related to prior years (1)		(4,464	)		(1,456	)
Total incurred		109,183			90,899
Claims paid related to current year, net of reinsured policy claims received		(181,280	)		(150,765	)
Reinsured policy claims received related to prior years, net of claims paid		60,043			16,105
Total paid		(121,237	)		(134,660	)
Foreign currency translation		(297	)		323
Net balance, end of period		(61,194	)		(48,229	)
Add reinsured policy claims and other benefits payable		473,640			370,646
Balance, end of period	$	412,446		$	322,417

^{(1) Includes the difference between our estimate of claims incurred but not yet reported as of period-end and the actual incurred claims reported after period-end.}

The liability for policy claims and other benefits payable on traditional life insurance products includes estimated unpaid claims that have been reported to us and claims incurred but not yet reported. We estimate claims incurred but not yet reported based on our historical claims activity and reported lag time experience.