BENEFITS PAYABLE

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

BENEFITS PAYABLE

BENEFITS PAYABLE

On a consolidated basis, which represents our Insurance segment net of eliminations, activity in benefits payable was as follows for the six months ended June 30, 2024 and 2023:

	For the six months ended June 30,
	2024		2023
	(in millions)
Balances, beginning of period	$	10,241	$	9,264
Acquisitions	—		62
Incurred related to:
Current year	50,832		44,621
Prior years	(669)		(754)
Total incurred	50,163		43,867
Paid related to:
Current year	(40,284)		(35,279)
Prior years	(8,674)		(7,610)
Total paid	(48,958)		(42,889)
Balances, end of period	$	11,446	$	10,304

The total estimate of benefits payable for claims incurred but not reported, or IBNR, is included within the net incurred claims amounts. At June 30, 2024, benefits payable included IBNR of approximately $7.1 billion, primarily associated with claims incurred in 2024.

Amounts incurred related to prior periods vary from previously estimated liabilities as the claims ultimately are settled. Negative amounts reported for incurred related to prior years result from claims being ultimately settled for amounts less than originally estimated (favorable development).

Our reserving practice is to consistently recognize the actuarial best estimate of our ultimate liability for claims. Actuarial standards require the use of assumptions based on moderately adverse experience, which generally results in favorable reserve development, or reserves that are considered redundant. For additional information regarding our benefits payable and benefits expense recognition, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2023 Form 10-K.