BENEFITS PAYABLE

3 Months Ended

Mar. 31, 2023

On a consolidated basis, which represents our Insurance segment net of eliminations, activity in benefits payable was as follows for the three months ended March 31, 2023 and 2022:


	For the three months ended March 31,
	2023		2022
	(in millions)
Balances, beginning of period	$	9,264	$	8,289

Incurred related to:
Current year	22,380		19,985
Prior years	(522)		(360)
Total incurred	21,858		19,625
Paid related to:
Current year	(14,203)		(12,284)
Prior years	(6,901)		(6,252)
Total paid	(21,104)		(18,536)
Balances, end of period	$	10,018	$	9,378

The total estimate of benefits payable for claims incurred but not reported, or IBNR, is included within the net incurred claims amounts. At March 31, 2023, benefits payable included IBNR of approximately $6.3 billion, primarily associated with claims incurred in 2023.

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 2022 Form 10-K.