Unpaid Claims and Claims Expense Short Duration Contracts (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

The liability for unpaid claims for short-duration contracts is reported in other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions):

	Three months ended March 31,
	2024		2023
Balance, beginning of year	$	2,730	$	2,480
Less: reinsurance recoverable	(80)		(57)
Net balance, beginning of year	2,650		2,423
Incurred:
Current year	399		363
Prior years	(28)		(25)
Total incurred	371		338
Payments:
Current year	(19)		(23)
Prior years	(290)		(249)
Total payments	(309)		(272)
Other changes:
Interest accretion	10		8
Foreign exchange adjustments	(44)		(6)
Total other changes	(34)		2
Net balance, end of period	2,678		2,491
Plus: reinsurance recoverable	75		67
Balance, end of period	$	2,753	$	2,558