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Liability for Unpaid Claims (Tables)
 12 Months Ended
Dec. 31, 2018
Insurance [Abstract]  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense
Changes in the liability for unpaid claims and claim adjustment expenses are as follows:
 
2018
 
2017
 
2016
 
(in millions of dollars)
Balance at January 1
$
23,222.0

 
$
23,249.5

 
$
23,796.1

   Less Reinsurance Recoverable
2,182.0

 
2,163.6

 
2,064.6

Net Balance at January 1
21,040.0

 
21,085.9

 
21,731.5

 
 
 
 
 
 
Incurred Related to
 
 
 
 
 
   Current Year
5,832.3

 
5,422.9

 
5,243.0

   Prior Years
 
 
 
 
 
      Interest
1,049.8

 
1,089.7

 
1,136.7

      All Other Incurred
(106.2
)
 
(158.2
)
 
(198.3
)
      Foreign Currency
(110.7
)
 
167.5

 
(340.2
)
Total Incurred
6,665.2

 
6,521.9

 
5,841.2

 
 
 
 
 
 
Paid Related to
 
 
 
 
 
   Current Year
(2,354.7
)
 
(2,156.9
)
 
(2,035.4
)
   Prior Years
(4,428.8
)
 
(4,410.9
)
 
(4,451.4
)
Total Paid
(6,783.5
)
 
(6,567.8
)
 
(6,486.8
)
 
 
 
 
 
 
Net Balance at December 31
20,921.7

 
21,040.0

 
21,085.9

   Plus Reinsurance Recoverable
2,227.3

 
2,182.0

 
2,163.6

Balance at December 31
$
23,149.0

 
$
23,222.0

 
$
23,249.5
Reconciliation of Policy and Contract Benefits and Reserves for Future Policy and Contract Benefits to Balance Sheet Amounts
A reconciliation of policy and contract benefits and reserves for future policy and contract benefits as reported in our consolidated balance sheets to the liability for unpaid claims and claim adjustment expenses is as follows:
 
December 31
 
2018
 
2017
 
2016
 
(in millions of dollars)
Policy and Contract Benefits
$
1,695.7

 
$
1,605.2

 
$
1,507.9

Reserves for Future Policy and Contract Benefits
44,841.9

 
45,601.6

 
44,245.9

Total
46,537.6

 
47,206.8

 
45,753.8

Less:
 
 
 
 
 
   Life Reserves for Future Policy and Contract Benefits
8,330.9

 
8,231.3

 
8,078.2

   Accident and Health Active Life Reserves
11,837.4

 
10,658.8

 
10,172.9

Adjustment Related to Unrealized Investment Gains and Losses
3,220.3

 
5,094.7

 
4,253.2

Liability for Unpaid Claims and Claim Adjustment Expenses
$
23,149.0

 
$
23,222.0

 
$
23,249.5


The adjustment related to unrealized investment gains and losses reflects the changes that would be necessary to policyholder liabilities if the unrealized investment gains and losses related to the corresponding available-for-sale securities had been realized. Changes in this adjustment are reported as a component of other comprehensive income or loss.