Notes to Consolidated Financial Statements
Note 2. Insurance Premiums and Service Revenue Earned
The following table is a summary of insurance premiums and service revenue written and earned:
Year ended December 31, ($ in millions) |
2006 |
2005 |
2004 |
|||||||||||||||
Written |
Earned |
Written |
Earned |
Written |
Earned |
|||||||||||||
Insurance premiums |
||||||||||||||||||
Direct |
$ |
2,575 |
$ |
2,733 |
$ |
2,493 |
$ |
2,644 |
$ |
2,400 |
$ |
2,604 |
||||||
Assumed |
696 |
693 |
634 |
595 |
611 |
630 |
||||||||||||
Gross insurance premiums |
3,271 |
3,426 |
3,127 |
3,239 |
3,011 |
3,234 |
||||||||||||
Ceded |
(445 |
) |
(450 |
) |
(401 |
) |
(387 |
) |
(348 |
) |
(347 |
) |
||||||
Net insurance premiums |
2,826 |
2,976 |
2,726 |
2,852 |
2,663 |
2,887 |
||||||||||||
Service revenue |
1,209 |
1,207 |
1,345 |
910 |
1,319 |
641 |
||||||||||||
Insurance premiums and service revenue written and earned |
$ |
4,035 |
$ |
4,183 |
$ |
4,071 |
$ |
3,762 |
$ |
3,982 |
$ |
3,528 |
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