Assurant 2012 Annual Report Download - page 111

ASSURANT, INC.2012 Form10-K F-35
12 Reserves
 e following table provides a roll forward of the Company’s product lines with the most signi cant claims and bene ts payable balances: group
term life, group disability, medical and property and warranty lines of business. Claims and bene ts payable is comprised of case and IBNR reserves.
Group Term Life Group Disability
ShortDuration
Medical(2)
LongDuration
Medical(2)
Property and
Warranty
Balance asofDecember31, 2009,
grossofreinsurance(3) $ 228,902 $ 1,417,430 $ 359,626 $ 31,874 $ 541,251
Less: Reinsurance ceded and other(1) (1,600) (37,128) (30,428) (1,959) (147,325)
Balance asofJanuary1, 2010, netofreinsurance 227,302 1,380,302 329,198 29,915 393,926
Incurred losses related to:
Current year 133,182 352,118 1,292,045 98,546 880,347
Prior year’s interest 8,471 60,738 0 0 0
Prior year (s) (27,613) (85,753) (66,451) (3,051) (46,269)
Total incurred losses 114,040 327,103 1,225,594 95,495 834,078
Paid losses related to:
Current year 80,006 66,570 1,028,147 81,392 608,085
Prior year (s) 45,073 273,743 251,817 26,162 250,520
Total paid losses 125,079 340,313 1,279,964 107,554 858,605
Balance asofDecember31, 2010,
netofreinsurance(3) 216,263 1,367,092 274,828 17,856 369,399
Plus: Reinsurance ceded and other(1) 3,021 37,182 15,562 703 149,032
Balance asofDecember31, 2010,
grossofreinsurance(3) $ 219,284 $ 1,404,274 $ 290,390 $ 18,559 $ 518,431
Less: Reinsurance ceded and other(1) (3,021) (37,182) (15,562) (703) (149,032)
Balance asofJanuary1, 2011, netofreinsurance 216,263 1,367,092 274,828 17,856 369,399
Incurred losses related to:
Current year 143,240 326,036 1,238,393 92,009 997,514
Prior year’s interest 8,164 60,908 0 0 0
Prior year (s) (26,575) (63,834) (60,247) (3,579) (26,849)
Total incurred losses 124,829 323,110 1,178,146 88,430 970,665
Paid losses related to: ,
Current year 85,374 65,287 993,687 76,792 740,451
Prior year (s) 39,490 284,869 208,257 13,903 218,947
Total paid losses 124,864 350,156 1,201,944 90,695 959,398
Balance asofDecember31, 2011,
netofreinsurance(3) 216,228 1,340,046 251,030 15,591 380,666
Plus: Reinsurance ceded and other(1) 3,542 37,370 17,904 2,964 189,977
Balance asofDecember31, 2011
grossofreinsurance(3) $ 219,770 $ 1,377,416 $ 268,934 $ 18,555 $ 570,643
Less: Reinsurance ceded and other(1) (3,542) (37,370) (17,904) (2,964) (189,977)
Balance asofJanuary1, 2012, netofreinsurance 216,228 1,340,046 251,030 15,591 380,666
Incurred losses related to:
Current year 126,712 287,459 1,130,525 99,887 1,140,632
Prior year’s interest 7,993 58,502 0 0 0
Prior year (s) (27,918) (58,562) (52,515) (3,831) (45,957)
Total incurred losses 106,787 287,399 1,078,010 96,056 1,094,675
Paid losses related to:
Current year 79,071 68,269 903,984 84,071 796,833
Prior year (s) 43,004 288,255 193,745 11,465 227,502
Total paid losses 122,075 356,524 1,097,729 95,536 1,024,335
Balance asofDecember31, 2012, netofreinsurance(3) 200,940 1,270,921 231,311 16,111 451,006
Plus: Reinsurance ceded and other(1) 2,817 38,166 16,447 736 715,058
BALANCE AS OF DECEMBER31, 2012 GROSS
OF REINSURANCE3 $ 203,757 $ 1,309,087 $ 247,758 $ 16,847 $ 1,166,064
(1) Reinsurance ceded and other includes claims and benefits payable balances that have either been (a)reinsured to third parties, (b)established for claims related expenses whose
subsequent payment is not recorded as a paid claim, or (c)reserves established for obligations that would persist even if contracts were cancelled (such as extension of benefits), which
cannot be analyzed appropriately under a roll-forward approach.
(2) Short duration and long duration medical methodologies used for settling claims and benefits payable are similar.
(3) The Company’s net retained credit life and disability claims and benefits payable were $56,190, $60,797 and $69,127 at December31, 2012, 2011 and 2010.