Policy Claims and Other Benefits Payable

3 Months Ended

Mar. 31, 2021

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:

	Three months ended March 31,
	2021			2020
	(In thousands)
Policy claims and other benefits payable, beginning of period	$	519,711		$	339,954
Less reinsured policy claims and other benefits payable		545,857			388,797
Net balance, beginning of period		(26,146	)		(48,843	)
Incurred related to current year		73,626			53,828
Incurred related to prior years (1)		(1,534	)		(5,045	)
Total incurred		72,092			48,783
Claims paid related to current year, net of reinsured policy claims received		(194,270	)		(123,305	)
Reinsured policy claims received related to prior years, net of claims paid		36,508			59,269
Total paid		(157,762	)		(64,036	)
Foreign currency translation		87			(518	)
Net balance, end of period		(111,729	)		(64,614	)
Add reinsured policy claims and other benefits payable		638,383			395,103
Balance, end of period	$	526,654		$	330,489

^{(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, adjusted for any current new trends and conditions, and reported lag time experience.