Insurance (Tables)

12 Months Ended

Dec. 31, 2013

Insurance [Abstract]

Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses

The following table provides an analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance (and grossed up), over the past three years (in millions):

	2013			2012			2011
Balance at beginning of period	$	4,129		$	4,282		$	4,164
Provision for losses and LAE occurring in the current year	2,055			1,903			1,813
Net decrease in provision for claims of prior years	(15		)	(30		)	(69		)
Total losses and LAE incurred	2,040			1,873			1,744
Payments for losses and LAE of:
Current year	(739		)	(841		)	(652		)
Prior years	(1,131		)	(1,185		)	(969		)
Total payments	(1,870		)	(2,026		)	(1,621		)
Foreign currency translation and other	(11		)	—			(5		)
Balance at end of period	4,288			4,129			4,282
Add back reinsurance recoverables, net of allowance	2,122			2,716			2,238
Gross unpaid losses and LAE included in the Balance Sheet	$	6,410		$	6,845		$	6,520

Statutory information

Net earnings (loss) and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions):

	Net Earnings						Capital and Surplus
	2013		2012		2011		2013		2012
Property and casualty companies	$	332	$	221	$	375	$	1,896	$	2,015
Life insurance companies	294		171		190		1,619		1,343

Reinsurance information

The following table shows (in millions) (i) amounts deducted from property and casualty written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses.

	2013			2012			2011
Direct premiums written	$	4,744		$	4,283		$	4,061
Reinsurance assumed	61			38			45
Reinsurance ceded	(1,464		)	(1,372		)	(1,336		)
Net written premiums	$	3,341		$	2,949		$	2,770
Direct premiums earned	$	4,684		$	4,120		$	4,062
Reinsurance assumed	45			36			41
Reinsurance ceded	(1,525		)	(1,309		)	(1,344		)
Net earned premiums	$	3,204		$	2,847		$	2,759
Reinsurance recoveries	$	1,255		$	1,743		$	770