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INSURANCE LIABILITIES AND ANNUITY BENEFITS
 3 Months Ended
Mar. 31, 2021
Insurance [Abstract]  
INSURANCE LIABILITIES AND ANNUITY BENEFITS
NOTE 13. INSURANCE LIABILITIES AND ANNUITY BENEFITS. Insurance liabilities and annuity benefits comprise substantially all obligations to annuitants and insureds in our run-off insurance operations. Our insurance operations generated revenues of $775 million and $616 million and profit (loss) of $116 million and $(93) million for the three months ended March 31, 2021 and 2020, respectively. These operations were supported by assets of $50,353 million and $50,824 million at March 31, 2021 and December 31, 2020, respectively. A summary of our insurance contracts is presented below:
March 31, 2021
Long-term careStructured settlement annuities & lifeOther contractsOther adjustments(a)Total
Future policy benefit reserves
$16,997 $9,105 $183 $5,580 $31,864 
Claim reserves
4,397 306 1,062 — 5,765 
Investment contracts
— 1,018 1,003 — 2,021 
Unearned premiums and other
16 191 147 — 353 
21,409 10,620 2,395 5,580 40,004 
Eliminations
— — (442)— (442)
Total
$21,409 $10,620 $1,953 $5,580 $39,562 
December 31, 2020
Long-term careStructured settlement annuities & lifeOther contractsOther adjustments(a)Total
Future policy benefit reserves
$16,934 $9,207 $181 $8,160 $34,482 
Claim reserves
4,393 275 1,068 — 5,736 
Investment contracts
— 1,034 1,016 — 2,049 
Unearned premiums and other
19 189 89 — 298 
21,346 10,705 2,354 8,160 42,565 
Eliminations
— — (374)— (374)
Total
$21,346 $10,705 $1,980 $8,160 $42,191 
(a) To the extent that unrealized gains on specific investment securities supporting our insurance contracts would result in a premium deficiency should those gains be realized, an increase in future policy benefit reserves is recorded, with an after-tax reduction of net unrealized gains recognized through Accumulated other comprehensive income (loss) (AOCI) in our consolidated Statement of Earnings (Loss). The decrease in Other adjustments of $2,580 million is a result of the decline in unrealized gains on investment securities.

Claim reserves included incurred claims of $454 million and $507 million, of which insignificant amounts related to the recognition of adjustments to prior year claim reserves arising from our periodic reserve evaluation for the three months ended March 31, 2021 and 2020, respectively. Paid claims were $424 million and $405 million in the three months ended March 31, 2021 and 2020, respectively.
Reinsurance recoverables, net of allowances of $1,540 million and $1,510 million, are included in non-current Other GE Capital receivables in our consolidated Statement of Financial Position, and amounted to $2,592 million and $2,552 million at March 31, 2021 and December 31, 2020, respectively. The vast majority of our remaining net reinsurance recoverables are secured by assets held in a trust for which we are the beneficiary.