Insurance (Tables)

6 Months Ended

Jun. 30, 2018

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 during the first six months of 2018 and 2017 (in millions):

	Six months ended June 30,
	2018			2017
Balance at beginning of year	$	9,678		$	8,563
Less reinsurance recoverables, net of allowance	2,957			2,302
Net liability at beginning of year	6,721			6,261
Provision for losses and LAE occurring in the current period	1,434			1,294
Net increase (decrease) in the provision for claims of prior years	(100		)	(50		)
Total losses and LAE incurred	1,334			1,244
Payments for losses and LAE of:
Current year	(294		)	(253		)
Prior years	(975		)	(953		)
Total payments	(1,269		)	(1,206		)
Reserves of business disposed (*)	(319		)	—
Foreign currency translation and other	(4		)	24
Net liability at end of period	6,463			6,323
Add back reinsurance recoverables, net of allowance	2,630			2,407
Gross unpaid losses and LAE included in the balance sheet at end of period	$	9,093		$	8,730

(*) Reflects the reinsurance to close transaction at Neon discussed below.