Insurance Liabilities

6 Months Ended

Jun. 30, 2022

Insurance Liabilities

Insurance Liabilities

6. 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 six months ended June 30,
	2022		2021
	(in millions)
Balance at beginning of period	$	2,659.4	$	2,534.9
Less: reinsurance recoverable		442.1		436.9
Net balance at beginning of period		2,217.3		2,098.0
Incurred:
Current year		806.7		748.7
Prior years		40.0		33.3
Total incurred		846.7		782.0
Payments:
Current year		480.5		454.4
Prior years		298.1		272.1
Total payments		778.6		726.5
Net balance at end of period		2,285.4		2,153.5
Plus: reinsurance recoverable		464.6		437.8
Balance at end of period	$	2,750.0	$	2,591.3
Amounts not included in the rollforward above:
Claim adjustment expense liabilities	$	60.0	$	59.1

Incurred liability adjustments relating to prior years, which affected current operations during 2022 and 2021, 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.