Reinsurance (Tables)

9 Months Ended

Sep. 30, 2020

The table below summarizes our consolidated property casualty insurance net written premiums, earned premiums and incurred loss and loss expenses:


(Dollars in millions)	Three months ended September 30,						Nine months ended September 30,
	2020		2019		2020		2019
Direct written premiums	$	1,386	$	1,361	$	4,383	$	4,168
Assumed written premiums	55		41		267		203
Ceded written premiums	(48)		(50)		(180)		(162)
Net written premiums	$	1,393	$	1,352	$	4,470	$	4,209

Direct earned premiums	$	1,439	$	1,386	$	4,198	$	3,971
Assumed earned premiums	78		52		207		145
Ceded earned premiums	(67)		(62)		(163)		(156)
Earned premiums	$	1,450	$	1,376	$	4,242	$	3,960

Direct incurred loss and loss expenses	$	1,039	$	855	$	2,915	$	2,508
Assumed incurred loss and loss expenses	54		37		133		87
Ceded incurred loss and loss expenses	(22)		(28)		(40)		(78)
Incurred loss and loss expenses	$	1,071	$	864	$	3,008	$	2,517

The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred:


(Dollars in millions)	Three months ended September 30,						Nine months ended September 30,
	2020		2019		2020		2019
Direct earned premiums	$	90	$	87	$	273	$	256

Ceded earned premiums	(18)		(17)		(55)		(53)
Earned premiums	$	72	$	70	$	218	$	203

Direct contract holders' benefits incurred	85		87		270		259

Ceded contract holders' benefits incurred	(13)		(19)		(46)		(48)
Contract holders' benefits incurred	$	72	$	68	$	224	$	211