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


	Six months ended June 30,
	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		139,118			131,009
Incurred related to prior years (1)		(5,889	)		(448	)
Total incurred		133,229			130,561
Claims paid related to current year, net of reinsured policy claims received		(187,555	)		(168,712	)
Reinsured policy claims received related to prior years, net of claims paid		56,926			47,541
Total paid		(130,629	)		(121,171	)
Foreign currency translation		(247	)		305
Net balance, end of period		(32,227	)		(20,165	)
Add reinsured policy claims and other benefits payable		521,335			527,718
Balance, end of period	$	489,108		$	507,553

(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.