Liability for Policy and Contract Claims (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Liability for Policy and Contract Claims

The following table presents the balances of our liability for policy and contract claims as of the dates indicated:

(Amounts in millions)	June 30, 2023		December 31, 2022
Enact segment	$	490	$	519
Life and Annuities segment(1)		131		158
Other mortgage insurance business		7		6
Total liability for policy and contract claims	$	628	$	683

(1) Primarily includes balances related to our universal and term universal life insurance products.

Changes in Liability for Policy and Contract Claims

The following table sets forth changes in our liability for policy and contract claims as of and for the periods indicated:

	Six months ended June 30,
(Amounts in millions)	2023			2022
Beginning balance as of January 1	$	683		$	819
Less reinsurance recoverables		(23	)		(26	)
Net beginning balance		660			793
Incurred related to insured events of:
Current year		417			415
Prior years		(120	)		(136	)
Total incurred		297			279
Paid related to insured events of:
Current year		(257	)		(277	)
Prior years		(90	)		(97	)
Total paid		(347	)		(374	)
Foreign currency translation		1			—
Net ending balance		611			698
Add reinsurance recoverables		17			35
Ending balance as of June 30	$	628		$	733