Primary components of our property casualty reinsurance assumed operations include involuntary and voluntary assumed as well as contracts from our reinsurance assumed operations, known as Cincinnati Re. Primary components of our ceded reinsurance include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe treaty and retrocessions on our reinsurance assumed operations. Management’s decisions about the appropriate level of risk retention are affected by various factors, including changes in our underwriting practices, capacity to retain risks and reinsurance market conditions.

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 June 30,				Six months ended June 30,
	2025		2024		2025		2024
Direct written premiums	$	2,672	$	2,362	$	5,060	$	4,487
Assumed written premiums	196		236		499		475
Ceded written premiums	(135)		(139)		(331)		(255)
Net written premiums	$	2,733	$	2,459	$	5,228	$	4,707

Direct earned premiums	$	2,333	$	2,015	$	4,580	$	3,949
Assumed earned premiums	162		155		352		307
Ceded earned premiums	(98)		(95)		(271)		(189)
Earned premiums	$	2,397	$	2,075	$	4,661	$	4,067

Direct incurred loss and loss expenses	$	1,508	$	1,352	$	3,657	$	2,545
Assumed incurred loss and loss expenses	91		63		327		139
Ceded incurred loss and loss expenses	(12)		(3)		(510)		(2)
Incurred loss and loss expenses	$	1,587	$	1,412	$	3,474	$	2,682

Our life insurance company purchases reinsurance for protection of a portion of the risks that are written. Primary components of our life reinsurance program include individual mortality coverage, aggregate catastrophe and accidental death coverage in excess of certain deductibles.


(Dollars in millions)	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Direct earned premiums	$	104	$	101	$	203	$	200

Ceded earned premiums	(21)		(20)		(40)		(40)
Earned premiums	$	83	$	81	$	163	$	160

Direct contract holders' benefits incurred	$	104	$	76	$	198	$	170

Ceded contract holders' benefits incurred	(31)		(8)		(44)		(23)
Contract holders' benefits incurred	$	73	$	68	$	154	$	147

The allowance for uncollectible property casualty premiums was $17 million and $18 million at June 30, 2025, and December 31, 2024, respectively. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at June 30, 2025, and December 31, 2024.