NOTE 12. INSURANCE LIABILITIES AND ANNUITY BENEFITS

Insurance liabilities and annuity benefits comprise mainly obligations to annuitants and insureds in our run-off insurance activities.



March 31, 2019 (In millions)	Long-term care insurance contracts		Structured settlement annuities & life insurance contracts		Other contracts			Other adjustments(a)		Total

Future policy benefit reserves	$	16,085	$	9,468	$	163		$	3,458	$	29,174
Claim reserves	3,977		231		1,174			—		5,382
Investment contracts	—		1,216		1,119			—		2,335
Unearned premiums and other	31		199		192			—		422
	20,093		11,114		2,648			3,458		37,313
Eliminations	—		—		(544		)	—		(544		)
Total	$	20,093	$	11,114	$	2,104		$	3,458	$	36,769



December 31, 2018 (In millions)	Long-term care insurance contracts		Structured settlement annuities & life insurance contracts		Other contracts			Other adjustments(a)		Total

Future policy benefit reserves	$	16,029	$	9,495	$	169		$	2,247	$	27,940
Claim reserves	3,917		230		1,178			—		5,324
Investment contracts	—		1,239		1,149			—		2,388
Unearned premiums and other	34		205		103			—		342
	19,980		11,169		2,599			2,247		35,994
Eliminations	—		—		(432		)	—		(432		)
Total	$	19,980	$	11,169	$	2,167		$	2,247	$	35,562


(a)	To the extent that unrealized gains on specific investment securities supporting our insurance contracts would result in a premium deficiency should those gains be realized, an increase in future policy benefit reserves is recorded, with an after-tax reduction of net unrealized gains recognized through "Other comprehensive income" in our consolidated Statement of Earnings (Loss).

Claim reserves included incurred claims of $473 million and $492 million for the three months ended March 31, 2019 and 2018, respectively, of which $2 million and $1 million related to the recognition of adjustments to prior year claim reserves arising from our periodic reserve evaluation, in the three months ended March 31, 2019 and 2018, respectively. Paid claims were $421 million and $484 million in the three months ended March 31, 2019 and 2018, respectively.

Reinsurance recoverables, net are included in the caption "Other GE Capital receivables" in our consolidated Statement of Financial Position, and amounted to $2,336 million and $2,271 million at March 31, 2019 and December 31, 2018, respectively. Reinsurance recoveries were $110 million and $61 million for the three months ended March 31, 2019 and 2018, respectively.