BENEFITS PAYABLE

9 Months Ended

Sep. 30, 2022

On a consolidated and segment basis, activity in benefits payable was as follows for the nine months ended September 30, 2022 and 2021:


	For the nine months ended September 30, 2022
	Consolidated		Retail		Group & Specialty
	(in millions)
Balances, beginning of period	$	8,289	$	7,675	$	614
Acquisitions	—		—		—
Incurred related to:
Current year	57,512		54,731		3,168
Prior years	(404)		(379)		(25)
Total incurred	57,108		54,352		3,143
Paid related to:
Current year	(48,835)		(46,608)		(2,614)
Prior years	(7,325)		(6,757)		(568)
Total paid	(56,160)		(53,365)		(3,182)
Balances, end of period	$	9,237	$	8,662	$	575


	For the nine months ended September 30, 2021
	Consolidated		Retail		Group & Specialty
	(in millions)
Balances, beginning of period	$	8,143	$	7,428	$	715
Acquisitions	42		42		—
Incurred related to:
Current year	52,529		49,247		3,769
Prior years	(768)		(673)		(95)
Total incurred	51,761		48,574		3,674
Paid related to:
Current year	(44,370)		(41,721)		(3,136)
Prior years	(6,818)		(6,216)		(602)
Total paid	(51,188)		(47,937)		(3,738)
Balances, end of period	$	8,758	$	8,107	$	651

The total estimate of benefits payable for claims incurred but not reported, or IBNR, is included within the net incurred claims amounts. At September 30, 2022, benefits payable for our Retail segment included IBNR of approximately $5.2 billion, primarily associated with claims incurred in 2022. At September 30, 2022, benefits payable for our Group & Specialty segment included IBNR of approximately $484 million, primarily associated with claims incurred in 2022.

Amounts incurred related to prior periods vary from previously estimated liabilities as the claims ultimately are settled. Negative amounts reported for incurred related to prior years result from claims being ultimately settled for amounts less than originally estimated (favorable development).

Our reserving practice is to consistently recognize the actuarial best estimate of our ultimate liability for claims. Actuarial standards require the use of assumptions based on moderately adverse experience, which generally results in favorable reserve development, or reserves that are considered redundant. For additional information regarding our benefits payable and benefits expense recognition, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2021 Form 10-K.