Reinsurance (Tables)

9 Months Ended

Sep. 30, 2022

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,
	2022		2021		2022		2021
Direct written premiums	$	1,730	$	1,527	$	5,304	$	4,721
Assumed written premiums	92		66		548		432
Ceded written premiums	(72)		(55)		(239)		(208)
Net written premiums	$	1,750	$	1,538	$	5,613	$	4,945

Direct earned premiums	$	1,743	$	1,553	$	4,935	$	4,447
Assumed earned premiums	161		117		416		327
Ceded earned premiums	(95)		(74)		(227)		(189)
Earned premiums	$	1,809	$	1,596	$	5,124	$	4,585

Direct incurred loss and loss expenses	$	1,247	$	876	$	3,316	$	2,525
Assumed incurred loss and loss expenses	164		165		304		297
Ceded incurred loss and loss expenses	(63)		(53)		(76)		(81)
Incurred loss and loss expenses	$	1,348	$	988	$	3,544	$	2,741

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,
	2022		2021		2022		2021
Direct earned premiums	$	92	$	93	$	278	$	278

Ceded earned premiums	(19)		(20)		(57)		(57)
Earned premiums	$	73	$	73	$	221	$	221

Direct contract holders' benefits incurred	93		103		298		310

Ceded contract holders' benefits incurred	(23)		(19)		(76)		(61)
Contract holders' benefits incurred	$	70	$	84	$	222	$	249