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Liability for Unpaid Claims and Claim Adjustment Expenses (Tables)
 3 Months Ended
Mar. 31, 2021
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:

20212020
(in millions of dollars)
Balance at January 1$24,180.2 $23,076.7 
   Less Reinsurance Recoverable8,378.9 2,246.8 
Net Balance at January 115,801.3 20,829.9 
Incurred Related to
   Current Year1,782.0 1,605.9 
   Prior Years
      Interest183.4 271.9 
      All Other Incurred(55.9)(126.7)
      Foreign Currency17.3 (127.6)
Total Incurred1,926.8 1,623.5 
Paid Related to
   Current Year(409.2)(368.0)
   Prior Years(1,327.2)(1,453.7)
Total Paid(1,736.4)(1,821.7)
Reserves Ceded Pursuant to Reinsurance Transaction(990.0)— 
Net Balance at March 31
15,001.7 20,631.7 
   Plus Reinsurance Recoverable9,225.8 2,260.7 
Balance at March 31
$24,227.5 $22,892.4 
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:

March 31
20212020
(in millions of dollars)
Policy and Contract Benefits$1,899.3 $1,760.3 
Reserves for Future Policy and Contract Benefits48,112.3 45,706.5 
Total50,011.6 47,466.8 
Less:
   Life Reserves for Future Policy and Contract Benefits8,389.3 8,428.5 
   Accident and Health Active Life Reserves12,805.9 12,246.4 
Adjustment Related to Unrealized Investment Gains and Losses4,588.9 3,899.5 
Liability for Unpaid Claims and Claim Adjustment Expenses$24,227.5 $22,892.4 
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.