Reinsurance

9 Months Ended

Sep. 30, 2024

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		Assumed from Other Companies		Net Amount
Three months ended September 30, 2024(1)
Net premiums written and contract deposits(2)	$	427.6	$	17.6	$	6.3	$	416.3
Net premiums and contract charges earned	296.0		13.1		6.2		289.1
Benefits, claims and settlement expenses	196.6		11.2		5.9		191.3

Three months ended September 30, 2023
Net premiums written and contract deposits(2)	$	424.0	$	16.5	$	8.4	$	415.9
Net premiums and contract charges earned	276.7		18.7		8.0		266.0
Benefits, claims and settlement expenses	205.2		9.1		3.1		199.2

Nine months ended September 30, 2024(1)
Net premiums written and contract deposits(2)	$	1,227.8	$	53.8	$	21.4	$	1,195.4
Net premiums and contract charges earned	877.1		52.7		20.8		845.2
Benefits, claims and settlement expenses	596.5		36.0		14.4		574.9

Nine months ended September 30, 2023
Net premiums written and contract deposits(2)	$	1,186.5	$	51.0	$	28.2	$	1,163.7
Net premiums and contract charges earned	812.3		57.2		27.5		782.6
Benefits, claims and settlement expenses	615.6		36.1		8.1		587.6

(1) Direct amount is net of 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.