SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2023

The following tables present the underwriting results for the operating segments for the periods indicated:


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
(Dollars in millions)	Reinsurance		Insurance		Total		Reinsurance		Insurance		Total
Gross written premiums	$	1,791	$	1,125	$	2,915	$	3,434	$	1,977	$	5,411
Net written premiums	1,580		816		2,396		2,953		1,506		4,459

Premiums earned	$	1,417	$	714	$	2,131	$	2,784	$	1,416	$	4,200
Incurred losses and LAE	864		460		1,325		1,794		925		2,719
Commission and brokerage	363		70		433		724		145		869
Other underwriting expenses	36		100		136		75		200		275
Underwriting gain (loss)	$	153	$	84	$	237	$	191	$	145	$	336

Net investment income					242						432
Net gains (losses) on investments					(22)						—
Corporate expense					(4)						(10)
Interest, fee and bond issue cost amortization expense					(33)						(65)
Other income (expense)					(10)						(15)
Income (loss) before taxes					$	411					$	679

(Some amounts may not reconcile due to rounding)


	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
(Dollars in millions)	Reinsurance		Insurance		Total		Reinsurance		Insurance		Total
Gross written premiums	$	1,394	$	1,043	$	2,437	$	2,774	$	1,868	$	4,642
Net written premiums	1,245		750		1,995		2,430		1,360		3,791

Premiums earned	$	1,295	$	659	$	1,954	$	2,504	$	1,279	$	3,783
Incurred losses and LAE	875		429		1,304		1,696		834		2,530
Commission and brokerage	332		77		409		647		146		793
Other underwriting expenses	32		88		120		63		175		238
Underwriting gain (loss)	$	55	$	66	$	121	$	98	$	124	$	222

Net investment income					176						333
Net gains (losses) on investments					(378)						(605)
Corporate expense					(6)						(12)
Interest, fee and bond issue cost amortization expense					(24)						(48)
Other income (expense)					—						(9)
Income (loss) before taxes					$	(110)					$	(119)

(Some amounts may not reconcile due to rounding)