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.


(Dollars in millions)	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Direct written premiums	$	2,509	$	2,482	$	7,755	$	7,542
Assumed written premiums	127		98		624		597
Ceded written premiums	(86)		(87)		(336)		(418)
Net written premiums	$	2,550	$	2,493	$	8,043	$	7,721

Direct earned premiums	$	2,546	$	2,440	$	7,473	$	7,020
Assumed earned premiums	171		162		508		514
Ceded earned premiums	(112)		(118)		(309)		(389)
Earned premiums	$	2,605	$	2,484	$	7,672	$	7,145

Direct incurred loss and loss expenses	$	1,513	$	1,408	$	4,867	$	5,065
Assumed incurred loss and loss expenses	108		78		273		405
Ceded incurred loss and loss expenses	(26)		(22)		(70)		(532)
Incurred loss and loss expenses	$	1,595	$	1,464	$	5,070	$	4,938

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 September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Direct earned premiums	$	106	$	104	$	318	$	307

Ceded earned premiums	(21)		(21)		(61)		(61)
Earned premiums	$	85	$	83	$	257	$	246

Direct contract holders' benefits incurred	$	97	$	91	$	292	$	289

Ceded contract holders' benefits incurred	(17)		(15)		(49)		(59)
Contract holders' benefits incurred	$	80	$	76	$	243	$	230

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