Reinsurance (Tables)

9 Months Ended

Sep. 30, 2023

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,
	2023		2022		2023		2022
Direct written premiums	$	1,939	$	1,730	$	5,869	$	5,304
Assumed written premiums	89		92		527		548
Ceded written premiums	(71)		(72)		(270)		(239)
Net written premiums	$	1,957	$	1,750	$	6,126	$	5,613

Direct earned premiums	$	1,912	$	1,743	$	5,478	$	4,935
Assumed earned premiums	142		161		435		416
Ceded earned premiums	(97)		(95)		(252)		(227)
Earned premiums	$	1,957	$	1,809	$	5,661	$	5,124

Direct incurred loss and loss expenses	$	1,220	$	1,247	$	3,784	$	3,316
Assumed incurred loss and loss expenses	82		164		216		304
Ceded incurred loss and loss expenses	(41)		(63)		(160)		(76)
Incurred loss and loss expenses	$	1,261	$	1,348	$	3,840	$	3,544

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,
	2023		2022		2023		2022
Direct earned premiums	$	97	$	94	$	293	$	283

Ceded earned premiums	(21)		(19)		(60)		(57)
Earned premiums	$	76	$	75	$	233	$	226

Direct contract holders' benefits incurred	92		90		289		302

Ceded contract holders' benefits incurred	(21)		(20)		(59)		(74)
Contract holders' benefits incurred	$	71	$	70	$	230	$	228