Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

The following table presents the amounts receivable from reinsurers.


December 31
(In millions)	2023		2022
Reinsurance receivables related to insurance reserves:
Ceded claim and claim adjustment expenses	$	5,141	$	5,191

Reinsurance receivables related to paid losses	293		247
Reinsurance receivables	5,434		5,438
Allowance for uncollectible reinsurance	(22)		(22)
Reinsurance receivables, net of allowance for uncollectible reinsurance	$	5,412	$	5,416

Reinsurance Recoverable, Credit Quality Indicator

The following table summarizes the outstanding amount of voluntary reinsurance receivables, gross of any collateral arrangements, by financial strength rating.


(In millions)	December 31, 2023
A- to A++	$	4,047
B- to B++	769
Insolvent	7
Total voluntary reinsurance outstanding balance (1)	$	4,823

(1) Expected credit losses for legacy A&EP receivables are ceded to NICO and the reinsurance limit on the LPT has not been exhausted, therefore no allowance is recorded for these receivables and they are excluded from the table above. Refer to Note E to the Consolidated Financial Statements for information regarding the LPT. The Company has also excluded receivables from involuntary pools.

Components of Earned and Written Premiums

The effects of reinsurance on earned premiums and written premiums are presented in the following tables.


(In millions)	Direct		Assumed		Ceded		Net		Assumed/ Net %
2023 Earned Premiums
Property and casualty	$	13,908	$	223	$	5,102	$	9,029	2.5	%
Long-term care	407		44		—		451		9.8	%
Total earned premiums	$	14,315	$	267	$	5,102	$	9,480	2.8	%

2022 Earned Premiums
Property and casualty	$	13,097	$	231	$	5,134	$	8,194	2.8	%
Long-term care	427		46		—		473		9.7	%
Total earned premiums	$	13,524	$	277	$	5,134	$	8,667	3.2	%

2021 Earned Premiums
Property and casualty	$	12,554	$	240	$	5,110	$	7,684	3.1	%
Long-term care	443		48		—		491		9.8	%
Total earned premiums	$	12,997	$	288	$	5,110	$	8,175	3.5	%


(In millions)	Direct		Assumed		Ceded		Net		Assumed/ Net %
2023 Written Premiums
Property and casualty	$	14,498	$	219	$	5,272	$	9,445	2.3	%
Long-term care	404		43		—		447		9.6	%
Total written premiums	$	14,902	$	262	$	5,272	$	9,892	2.6	%

2022 Written Premiums
Property and casualty	$	13,843	$	235	$	5,417	$	8,661	2.7	%
Long-term care	421		46		—		467		9.9	%
Total written premiums	$	14,264	$	281	$	5,417	$	9,128	3.1	%

2021 Written Premiums
Property and casualty	$	13,150	$	255	$	5,485	$	7,920	3.2	%
Long-term care	437		48		—		485		9.9	%
Total written premiums	$	13,587	$	303	$	5,485	$	8,405	3.6	%