Reinsurance (Tables)

9 Months Ended

Sep. 30, 2026

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 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

The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred:


(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