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


	Three months ended March 31,
	2026			2025
	(In thousands)
Policy claims and other benefits payable, beginning of period	$	495,356		$	488,350
Less reinsured policy claims and other benefits payable		529,936			518,210
Net balance, beginning of period		(34,580	)		(29,860	)
Incurred related to current year		70,176			66,846
Incurred related to prior years (1)		(6,310	)		(225	)
Total incurred		63,866			66,621
Claims paid related to current year, net of reinsured policy claims received		(110,344	)		(118,463	)
Reinsured policy claims received related to prior years, net of claims paid		54,554			42,712
Total paid		(55,790	)		(75,751	)
Foreign currency translation		(157	)		6
Net balance, end of period		(26,661	)		(38,984	)
Add reinsured policy claims and other benefits payable		515,547			533,718
Balance, end of period	$	488,886		$	494,734

(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.