Unpaid losses and loss adjustment expenses (Tables)

12 Months Ended

Dec. 31, 2011

Schedule of liability for unpaid claims and claims adjustment expense

A reconciliation of the changes in liabilities for unpaid losses and loss adjustment expenses of our property/casualty insurance subsidiaries for each of the three years ending December 31, 2011 is as follows (in millions).

	2011			2010			2009
Unpaid losses and loss adjustment expenses:
Gross liabilities at beginning of year	$	60,075		$	59,416		$	56,620
Ceded losses and deferred charges at beginning of year		(6,545	)		(6,879	)		(7,133	)
Net balance at beginning of year		53,530			52,537			49,487
Incurred losses recorded during the year:
Current accident year		23,031			20,357			19,156
Prior accident years		(2,202	)		(2,270	)		(905	)
Total incurred losses		20,829			18,087			18,251
Payments during the year with respect to:
Current accident year		(9,269	)		(7,666	)		(7,207	)
Prior accident years		(8,854	)		(9,191	)		(8,315	)
Total payments		(18,123	)		(16,857	)		(15,522	)
Unpaid losses and loss adjustment expenses:
Net balance at end of year		56,236			53,767			52,216
Ceded losses and deferred charges at end of year		7,092			6,545			6,879
Foreign currency translation adjustment		(100	)		(312	)		232
Acquisitions		591			75			89
Gross liabilities at end of year	$	63,819		$	60,075		$	59,416