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Reinsurance | 9 Months Ended
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Sep. 30, 2025
Reinsurance Disclosures [Abstract] |
Reinsurance | Reinsurance 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 September 30, |  | Nine months ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Direct written premiums |  | $ | 2,482 |  |  | $ | 2,285 |  |  | $ | 7,542 |  |  | $ | 6,772 |
Assumed written premiums |  | 98 |  |  | 102 |  |  | 597 |  |  | 577 |
Ceded written premiums |  | (87) |  |  | (94) |  |  | (418) |  |  | (349) |
Net written premiums |  | $ | 2,493 |  |  | $ | 2,293 |  |  | $ | 7,721 |  |  | $ | 7,000 |
Direct earned premiums |  | $ | 2,440 |  |  | $ | 2,179 |  |  | $ | 7,020 |  |  | $ | 6,128 |
Assumed earned premiums |  | 162 |  |  | 159 |  |  | 514 |  |  | 466 |
Ceded earned premiums |  | (118) |  |  | (121) |  |  | (389) |  |  | (310) |
Earned premiums |  | $ | 2,484 |  |  | $ | 2,217 |  |  | $ | 7,145 |  |  | $ | 6,284 |
Direct incurred loss and loss expenses |  | $ | 1,408 |  |  | $ | 1,415 |  |  | $ | 5,065 |  |  | $ | 3,960 |
Assumed incurred loss and loss expenses |  | 78 |  |  | 103 |  |  | 405 |  |  | 242 |
Ceded incurred loss and loss expenses |  | (22) |  |  | (19) |  |  | (532) |  |  | (21) |
Incurred loss and loss expenses |  | $ | 1,464 |  |  | $ | 1,499 |  |  | $ | 4,938 |  |  | $ | 4,181 |
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. 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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Direct earned premiums |  | $ | 104 |  |  | $ | 101 |  |  | $ | 307 |  |  | $ | 301 |
Ceded earned premiums |  | (21) |  |  | (21) |  |  | (61) |  |  | (61) |
Earned premiums |  | $ | 83 |  |  | $ | 80 |  |  | $ | 246 |  |  | $ | 240 |
Direct contract holders' benefits incurred |  | $ | 91 |  |  | $ | 92 |  |  | $ | 289 |  |  | $ | 262 |
Ceded contract holders' benefits incurred |  | (15) |  |  | (13) |  |  | (59) |  |  | (36) |
Contract holders' benefits incurred |  | $ | 76 |  |  | $ | 79 |  |  | $ | 230 |  |  | $ | 226 |
The ceded benefits incurred can vary depending on the type of life insurance policy held and the year the policy was issued. The allowance for uncollectible property casualty premiums receivable was $18 million at both September 30, 2025, and December 31, 2024. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at September 30, 2025, and December 31, 2024.

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- Definition The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-15 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-12 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-4 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479032/944-605-50-3 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-3 + Details
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