What details are provided in the financial statement under Net written premium?

Net written premium represents the total amount of premiums that an insurance company has retained after accounting for reinsurance transactions. This figure is derived by taking the total direct premiums written and subtracting any reinsurance ceded—meaning the amount of premiums that are transferred to another insurer (the reinsurer) for coverage against losses.

In this context, direct premiums written refers to the total premiums collected by the insurer for the policies it has issued before considering any reinsurance arrangements. By subtracting the reinsurance amounts, the net written premium reflects what the company keeps in-house after allowing for the risk transfer to reinsurance companies. This measure is crucial for evaluating the company's operating performance and financial health, as it shows the income that the insurer can expect to retain from its policyholders.

The other options do not capture the complete definition of net written premium. For instance, only listing direct premiums does not account for the necessary adjustment provided by reinsurance arrangements. Similarly, only considering reinsurance assumed would not give a full picture of the premiums involved. Lastly, losses incurred relate to claims and payouts rather than the premiums written, which does not directly pertain to the calculation of net written premium.