December 31 (In millions)	2006			2005
Investment contracts		$ 5,089			$ 6,034
Guaranteed investment contracts of SPEs		11,870			11,685
Total investment contracts		16,959			17,719
Life insurance benefits(a)		14,054			13,220
Unpaid claims and claims adjustment expenses		2,714			1,707
Unearned premiums		740			401
Universal life benefits		340			340
Total		$ 34,807			$ 33,387

(a)	Life insurance benefits are accounted for mainly by a net-level-premium method using estimated yields generally ranging from 3.0% to 8.5% in both 2006 and 2005.

When insurance affiliates cede insurance to third parties, they are not relieved of their primary obligation to policyholders. Losses on ceded risks give rise to claims for recovery; we establish allowances for probable losses on such receivables from reinsurers as required.

We recognize reinsurance recoveries as a reduction of the Statement of Earnings caption “Investment contracts, insurance losses and insurance annuity benefits.” Reinsurance recoveries were $162 million, $183 million and $223 million for the years ended December 31, 2006, 2005 and 2004, respectively.

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