Reinsurance (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30,				Six months ended June 30,
	2021		2020		2021		2020
Direct written premiums	$	1,649	$	1,539	$	3,194	$	2,997
Assumed written premiums	161		101		366		212
Ceded written premiums	(96)		(81)		(153)		(132)
Net written premiums	$	1,714	$	1,559	$	3,407	$	3,077

Direct earned premiums	$	1,465	$	1,388	$	2,894	$	2,759
Assumed earned premiums	109		63		210		129
Ceded earned premiums	(60)		(48)		(115)		(96)
Earned premiums	$	1,514	$	1,403	$	2,989	$	2,792

Direct incurred loss and loss expenses	$	781	$	976	$	1,649	$	1,876
Assumed incurred loss and loss expenses	54		45		132		79
Ceded incurred loss and loss expenses	(5)		(14)		(28)		(18)
Incurred loss and loss expenses	$	830	$	1,007	$	1,753	$	1,937

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


(Dollars in millions)	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Direct earned premiums	$	98	$	98	$	185	$	183

Ceded earned premiums	(19)		(19)		(37)		(37)
Earned premiums	$	79	$	79	$	148	$	146

Direct contract holders' benefits incurred	100		100		207		185

Ceded contract holders' benefits incurred	(15)		(21)		(42)		(33)
Contract holders' benefits incurred	$	85	$	79	$	165	$	152