BENEFITS PAYABLE (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Activity in Benefits Payable

On a consolidated basis, activity in benefits payable, was as follows for the three months ended March 31, 2021 and 2020:


	For the three months ended March 31,
		2021		2020
	(in millions)
Balances, beginning of period		$	8,143	$	6,004

Less: Reinsurance recoverables		—		(68)
Balances, beginning of period, net		8,143		5,936
Acquisitions		42		—
Incurred related to:
Current year		17,851		15,913
Prior years		(555)		(284)
Total incurred		17,296		15,629
Paid related to:
Current year		(10,842)		(10,205)
Prior years		(5,988)		(4,280)
Total paid		(16,830)		(14,485)

Reinsurance recoverable		—		10
Balances, end of period		$	8,651	$	7,090

Activity in benefits payable for our Retail segment was as follows for the three months ended March 31, 2021 and 2020:


	For the three months ended March 31,
		2021		2020
	(in millions)
Balances, beginning of period		$	7,428	$	5,363

Less: Reinsurance recoverables		—		(68)
Balances, beginning of period, net		7,428		5,295
Acquisitions		42		—
Incurred related to:
Current year		16,762		14,698
Prior years		(463)		(238)
Total incurred		16,299		14,460
Paid related to:
Current year		(10,330)		(9,490)
Prior years		(5,401)		(3,778)
Total paid		(15,731)		(13,268)

Reinsurance recoverable		—		10
Balances, end of period		$	8,038	$	6,497

Activity in benefits payable for our Group and Specialty segment was as follows for the three months ended March 31, 2021 and 2020:


	For the three months ended March 31,
		2021		2020
	(in millions)
Balances, beginning of period		$	715	$	641




Incurred related to:
Current year		1,237		1,357
Prior years		(92)		(46)
Total incurred		1,145		1,311
Paid related to:
Current year		(660)		(857)
Prior years		(587)		(502)
Total paid		(1,247)		(1,359)


Balances, end of period		$	613	$	593

Schedule of Reconciliation of Net Incurred and Paid Claims to Benefits Payable

The reconciliation of the net incurred and paid claims development tables to benefits payable in the consolidated statement of financial position is as follows:


Reconciliation of the Disclosure of Incurred and Paid Claims Development to Benefits Payable

	March 31,
	2021
Net outstanding liabilities	(in millions)
Retail	$	8,038
Group and Specialty	613















Total benefits payable	$	8,651