Liability for Unpaid Claims and Claim Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2022

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

Changes in the liability for unpaid claims and claim adjustment expenses are as follows:

	2022		2021
	(in millions of dollars)
Balance at January 1	$	23,664.7	$	24,180.2
Less Reinsurance Recoverable	8,697.8		8,378.9
Net Balance at January 1	14,966.9		15,801.3
Incurred Related to
Current Year	5,130.1		5,471.1
Prior Years
Interest	460.5		525.3
All Other Incurred	(601.4)		(613.3)
Foreign Currency	(388.3)		(32.6)
Total Incurred	4,600.9		5,350.5
Paid Related to
Current Year	(2,118.6)		(2,225.3)
Prior Years	(3,051.2)		(3,021.8)
Total Paid	(5,169.8)		(5,247.1)
Reserves Ceded Pursuant to Reinsurance Transaction	—		(990.0)
Net Balance at September 30	14,398.0		14,914.7
Plus Reinsurance Recoverable	8,401.4		8,854.8
Balance at September 30	$	22,799.4	$	23,769.5

Reconciliation of Policy and Contract Benefits and Reserves for Future Policy and Contract Benefits to Balance Sheet Amounts

A reconciliation of policy and contract benefits and reserves for future policy and contract benefits as reported in our consolidated balance sheets to the liability for unpaid claims and claim adjustment expenses is as follows:

	September 30
	2022		2021
	(in millions of dollars)
Policy and Contract Benefits	$	1,771.4	$	1,920.4
Reserves for Future Policy and Contract Benefits	42,108.7		48,475.7
Total	43,880.1		50,396.1
Less:
Life Reserves for Future Policy and Contract Benefits	8,489.8		8,465.8
Accident and Health Active Life Reserves	13,355.2		13,016.9
Adjustment Related to Unrealized Investment Gains and Losses	(764.3)		5,143.9
Liability for Unpaid Claims and Claim Adjustment Expenses	$	22,799.4	$	23,769.5

The adjustment related to unrealized investment gains and losses reflects the changes that would be necessary to policyholder liabilities if the unrealized investment gains and losses related to the corresponding available-for-sale securities had been realized. Changes in this adjustment are reported as a component of other comprehensive income (loss).