BENEFITS PAYABLE

9 Months Ended

Sep. 30, 2025

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 nine months ended September 30, 2025 and 2024:

	For the nine months ended September 30,
	2025		2024
	(in millions)
Balances, beginning of period	$	10,440	$	10,241
Dispositions	(1)		—
Incurred related to:
Current year	83,004		75,976
Prior years	(913)		(693)
Total incurred	82,091		75,283
Paid related to:
Current year	(73,460)		(65,282)
Prior years	(8,982)		(9,117)
Total paid	(82,442)		(74,399)
Balances, end of period	$	10,088	$	11,125

The total estimate of benefits payable for claims incurred but not reported, or IBNR, is included within the incurred claims amounts. At September 30, 2025 and September 30, 2024, benefits payable included IBNR of approximately $6.9 billion and $7.2 billion, primarily associated with claims incurred in each respective period.

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 2024 Form 10-K.