Reinsurance (Tables)

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Direct written premiums	$	1,527	$	1,386	$	4,721	$	4,383
Assumed written premiums	66		55		432		267
Ceded written premiums	(55)		(48)		(208)		(180)
Net written premiums	$	1,538	$	1,393	$	4,945	$	4,470

Direct earned premiums	$	1,553	$	1,439	$	4,447	$	4,198
Assumed earned premiums	117		78		327		207
Ceded earned premiums	(74)		(67)		(189)		(163)
Earned premiums	$	1,596	$	1,450	$	4,585	$	4,242

Direct incurred loss and loss expenses	$	876	$	1,039	$	2,525	$	2,915
Assumed incurred loss and loss expenses	165		54		297		133
Ceded incurred loss and loss expenses	(53)		(22)		(81)		(40)
Incurred loss and loss expenses	$	988	$	1,071	$	2,741	$	3,008

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,
	2021		2020		2021		2020
Direct earned premiums	$	93	$	90	$	278	$	273

Ceded earned premiums	(20)		(18)		(57)		(55)
Earned premiums	$	73	$	72	$	221	$	218

Direct contract holders' benefits incurred	103		85		310		270

Ceded contract holders' benefits incurred	(19)		(13)		(61)		(46)
Contract holders' benefits incurred	$	84	$	72	$	249	$	224