Policy Claims and Other Benefits Payable

6 Months Ended

Jun. 30, 2018

Liability For Future Policy Benefits And Unpaid Claims And Claims Adjustment Expense [Abstract]

Policy Claims and Other Benefits Payable

(6) Policy Claims and Other Benefits Payable

Changes in policy claims incurred and other benefits payable were as follows:

	Six months ended June 30,
	2018			2017
	(In thousands)
Policy claims and other benefits payable, beginning of period	$	307,401		$	268,136
Less reinsured policy claims and other benefits payable		322,137			323,195
Net balance, beginning of period		(14,736	)		(55,059	)
Incurred related to current year		90,659			82,358
Incurred related to prior years (1)		(2,233	)		2,033
Total incurred		88,426			84,391
Claims paid related to current year, net of reinsured policy claims received		(152,561	)		(122,097	)
Reinsured policy claims received related to prior years, net of claims paid		24,575			57,146
Total paid		(127,986	)		(64,951	)
Foreign currency translation		(267	)		154
Net balance, end of period		(54,563	)		(35,465	)
Add reinsured policy claims and other benefits payable		341,453			303,095
Balance, end of period	$	286,890		$	267,630

⁽¹⁾ Includes the difference between our estimate of claims incurred but not yet reported as of period end and the actual incurred claims reported after period end.

The liability for policy claims and other benefits payable on traditional life insurance products includes estimated unpaid claims that have been reported to us and claims incurred but not yet reported. We estimate claims incurred but not yet reported based on our historical claims activity and reported lag time experience.