5. Insurance Liabilities

Liability for Unpaid Claims

The liability for unpaid claims is reported in future policy benefits and claims within our consolidated statements of financial position. Activity associated with unpaid claims was as follows:

	For the three months ended March 31,
	2018		2017
	(in millions)
Balance at beginning of period	$	2,130.5	$	2,001.3
Less reinsurance recoverable	375.8		340.3

Net balance at beginning of period	1,754.7		1,661.0
Incurred:
Current year	312.8		301.0
Prior years	(0.1)		11.3

Total incurred	312.7		312.3
Payments:
Current year	146.9		140.4
Prior years	145.8		143.9

Total payments	292.7		284.3

Net balance at end of period	1,774.7		1,689.0
Plus reinsurance recoverable	378.5		345.9

Balance at end of period	$	2,153.2	$	2,034.9


Amounts not included in the rollforward above:
Claim adjustment expense liabilities	$	51.5	$	50.0

Incurred liability adjustments relating to prior years, which affected current operations during 2018 and 2017, resulted in part from developed claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims.