Reinsurance

3 Months Ended

Mar. 31, 2024

The Company recognizes the cost of reinsurance premiums over the contract periods for such premiums in proportion to the insurance protection provided. Amounts recoverable from reinsurers for unpaid claims and claim settlement expenses, including estimated amounts for unsettled claims, claims incurred but not yet reported and policy benefits, are estimated in a manner consistent with the insurance liability associated with the policy. The effects of reinsurance on net premiums written and contract deposits; net premiums and contract charges earned; and benefits, claims and settlement expenses were as follows:


($ in millions)	Direct Amount		Ceded to Other Companies(1)		Assumed from Other Companies		Net Amount










Three months ended March 31, 2024
Net premiums written and contract deposits(2)	$	386.4	$	18.1	$	7.3	$	375.6
Net premiums and contract charges earned	288.0		19.8		7.0		275.2
Benefits, claims and settlement expenses	186.9		14.6		4.0		176.3

Three months ended March 31, 2023
Net premiums written and contract deposits(2)	$	367.8	$	16.6	$	10.4	$	361.6
Net premiums and contract charges earned	264.0		18.5		10.4		255.9
Benefits, claims and settlement expenses	192.9		12.7		3.0		183.2

(1) Excludes the annuity reinsurance transaction accounted for using the deposit method.

(2) This measure is not based on accounting principles generally accepted in the United States of America (non-GAAP). An explanation of this non-GAAP measure is contained in the Glossary of Selected Terms included as Exhibit 99.1 in the Company's reports filed with the SEC.