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 treaties and catastrophe bonds 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,
	2026		2025		2026		2025
Direct written premiums	$	2,739	$	2,672	$	5,246	$	5,060
Assumed written premiums	216		196		497		499
Ceded written premiums	(130)		(135)		(250)		(331)
Net written premiums	$	2,825	$	2,733	$	5,493	$	5,228

Direct earned premiums	$	2,479	$	2,333	$	4,927	$	4,580
Assumed earned premiums	170		162		337		352
Ceded earned premiums	(101)		(98)		(197)		(271)
Earned premiums	$	2,548	$	2,397	$	5,067	$	4,661

Direct incurred loss and loss expenses	$	1,759	$	1,508	$	3,354	$	3,657
Assumed incurred loss and loss expenses	84		91		165		327
Ceded incurred loss and loss expenses	(35)		(12)		(44)		(510)
Incurred loss and loss expenses	$	1,808	$	1,587	$	3,475	$	3,474

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 and accidental death coverage in excess of certain deductibles.


(Dollars in millions)	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Direct earned premiums	$	107	$	104	$	212	$	203

Ceded earned premiums	(20)		(21)		(40)		(40)
Earned premiums	$	87	$	83	$	172	$	163

Direct contract holders' benefits incurred	$	96	$	104	$	195	$	198

Ceded contract holders' benefits incurred	(17)		(31)		(32)		(44)
Contract holders' benefits incurred	$	79	$	73	$	163	$	154

The allowance for uncollectible property casualty premiums receivable was $18 million at both June 30, 2026, and December 31, 2025. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at June 30, 2026, and December 31, 2025.