Changes in policy claims and other benefits payable were as follows:


	Six months ended June 30,
	2025			2024
	(In thousands)
Policy claims and other benefits payable, beginning of period	$	488,350		$	513,803
Less reinsured policy claims and other benefits payable		518,210			534,674
Net balance, beginning of period		(29,860	)		(20,871	)
Incurred related to current year		131,009			129,041
Incurred related to prior years (1)		(448	)		(3,565	)
Total incurred		130,561			125,476
Claims paid related to current year, net of reinsured policy claims received		(168,712	)		(194,113	)
Reinsured policy claims received related to prior years, net of claims paid		47,541			40,413
Total paid		(121,171	)		(153,700	)
Foreign currency translation		305			(334	)
Net balance, end of period		(20,165	)		(49,429	)
Add reinsured policy claims and other benefits payable		527,718			528,202
Balance, end of period	$	507,553		$	478,773

(1)

Includes the difference between our estimate of claims incurred but not yet reported as of period-end and the actual incurred claims reported after period-end.

The liability for policy claims and other benefits payable on traditional life insurance products includes estimated unpaid claims that have been reported to us and claims incurred but not yet reported. We estimate claims incurred but not yet reported based on our historical claims activity, adjusted for any current trends and conditions, and reported lag time experience.