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Reinsurance | 3 Months Ended
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Mar. 31, 2024
Insurance [Abstract] |
Reinsurance | Reinsurance The Company recognizes the cost of reinsurance premiums over the contract periods for such premiums in proportion to the insurance protection provided. Amounts recoverable from reinsurers for unpaid claims and claim settlement expenses, including estimated amounts for unsettled claims, claims incurred but not yet reported and policy benefits, are estimated in a manner consistent with the insurance liability associated with the policy. The effects of reinsurance on net premiums written and contract deposits; net premiums and contract charges earned; and benefits, claims and settlement expenses were as follows:
($ in millions) |  | Direct Amount |  | Ceded to Other Companies(1) |  | Assumed from Other Companies |  | Net Amount
Three months ended March 31, 2024 |  |  |  |  |  |  |  |
Net premiums written and contract deposits(2) |  | $ | 386.4 |  |  | $ | 18.1 |  |  | $ | 7.3 |  |  | $ | 375.6 |
Net premiums and contract charges earned |  | 288.0 |  |  | 19.8 |  |  | 7.0 |  |  | 275.2 |
Benefits, claims and settlement expenses |  | 186.9 |  |  | 14.6 |  |  | 4.0 |  |  | 176.3 |
Three months ended March 31, 2023 |  |  |  |  |  |  |  |
Net premiums written and contract deposits(2) |  | $ | 367.8 |  |  | $ | 16.6 |  |  | $ | 10.4 |  |  | $ | 361.6 |
Net premiums and contract charges earned |  | 264.0 |  |  | 18.5 |  |  | 10.4 |  |  | 255.9 |
Benefits, claims and settlement expenses |  | 192.9 |  |  | 12.7 |  |  | 3.0 |  |  | 183.2 |
(1) Excludes the annuity reinsurance transaction accounted for using the deposit method. (2) This measure is not based on accounting principles generally accepted in the United States of America (non-GAAP). An explanation of this non-GAAP measure is contained in the Glossary of Selected Terms included as Exhibit 99.1 in the Company's reports filed with the SEC.

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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/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 Reference 2: 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 3: 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//1943274/2147479629/944-605-55-12 Reference 4: 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//1943274/2147479629/944-605-55-15 + Details
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