Schedule HC-I: Insurance-Related Underwriting Activities (Including Reinsurance) Guide¶
Form: FR Y-9C (Consolidated Financial Statements for Holding Companies) Schedule: HC-I - Insurance-Related Underwriting Activities (Including Reinsurance) Frequency: Quarterly Purpose: Report the assets, liabilities, equity, and net income of the holding company's insurance and reinsurance underwriting subsidiaries, split between property/casualty and life/health lines
Overview¶
Schedule HC-I collects condensed financial-statement data for the holding company's insurance-underwriting subsidiaries. It is organized into two parts that mirror the two main insurance business models:
- Part I - Property and Casualty Underwriting
- Part II - Life and Health Underwriting
Each part reports a short balance sheet (selected assets and liabilities), total equity, and net income for the relevant underwriting subsidiaries. The schedule isolates insurance-underwriting risk - reserves, unearned premiums, separate accounts, policyholder benefits - that is otherwise blended into the consolidated balance sheet.
Who Files¶
Schedule HC-I must be completed by all top-tier holding companies that have insurance or reinsurance underwriting activities. Within the schedule, item 1 of each part (Reinsurance recoverables) is completed only by holding companies with $10,000,000 or more in reinsurance recoverables as of the effective date each quarter.
Schedule Structure¶
INSURANCE-RELATED UNDERWRITING ACTIVITIES
├── Part I: Property and Casualty Underwriting
│ ├── Assets
│ │ ├── 1. Reinsurance recoverables (>= $10M filers)
│ │ └── 2. Total assets
│ └── Liabilities / Equity / Income
│ ├── 3. Claims and claims adjustment expense reserves
│ ├── 4. Unearned premiums
│ ├── 5. Total equity
│ └── 6. Net income
└── Part II: Life and Health Underwriting
├── Assets
│ ├── 1. Reinsurance recoverables (>= $10M filers)
│ ├── 2. Separate account assets
│ └── 3. Total assets
└── Liabilities / Equity / Income
├── 4. Policyholder benefits and contractholder funds
├── 5. Separate account liabilities
├── 6. Total equity
└── 7. Net income
Because both parts restart their item numbering at "1", this dictionary disambiguates with line keys PCI.n (Part I, Property & Casualty) and LH.n (Part II, Life & Health) so that each MDRM code maps to a unique row.
Detailed Line Items¶
Part I - Property and Casualty Underwriting¶
| Line | MDRM | Description |
|---|---|---|
| PCI.1 | BHCKB988 | Reinsurance recoverables |
| PCI.2 | BHCKC244 | Total assets |
| PCI.3 | BHCKB990 | Claims and claims adjustment expense reserves |
| PCI.4 | BHCKB991 | Unearned premiums |
| PCI.5 | BHCKC245 | Total equity |
| PCI.6 | BHCKC246 | Net income |
Claims and claims adjustment expense reserves (PCI.3) are the P&C loss reserve - the estimated cost of incurred but unpaid claims plus the cost of adjusting them. Unearned premiums (PCI.4) are the portion of premiums collected for coverage that has not yet elapsed.
Part II - Life and Health Underwriting¶
| Line | MDRM | Description |
|---|---|---|
| LH.1 | BHCKC247 | Reinsurance recoverables |
| LH.2 | BHCKB992 | Separate account assets |
| LH.3 | BHCKC248 | Total assets |
| LH.4 | BHCKB994 | Policyholder benefits and contractholder funds |
| LH.5 | BHCKB996 | Separate account liabilities |
| LH.6 | BHCKC249 | Total equity |
| LH.7 | BHCKC250 | Net income |
Separate account assets/liabilities (LH.2, LH.5) isolate variable-product assets where investment risk passes to the policyholder. Policyholder benefits and contractholder funds (LH.4) are the life/health analogue of the P&C loss reserve - the liability for future policy benefits and deposit-type contract balances.
Reconciliation / Ties¶
HC-I is a standalone disclosure of underwriting-subsidiary financials; its asset/liability lines are not separately added back into a specific HC balance-sheet item (those balances are already consolidated into the relevant HC lines). The clearest tie is at the income level:
HC-I net income (PCI.6 + LH.7) ⊂ Schedule HI item 14 (net income attributable
to the holding company), as a component
There is no schedule-total row in HC-I; each line stands on its own. Net income of the underwriting subsidiaries is a subset of consolidated net income, not an additive reconciliation.
Pitfalls¶
- Two parts, restarted numbering. Item "1" appears in both Part I and Part II (and "Total assets" is item 2 in Part I but item 3 in Part II). Always key on the part to avoid code collisions; this dictionary uses
PCI.*/LH.*prefixes. - No clean Call analogue. Insurance-underwriting financials are a holding-company-level disclosure; insured-depository Call Reports do not have a corresponding schedule, so every HC-I line has
call_mdrm= "-". - Conditional Reinsurance-recoverables line. Item 1 of each part is reported only by filers with $10M+ in reinsurance recoverables; a blank here is a valid filing, not a data gap.
- Total assets is not the sum of the listed asset lines. The schedule lists only selected assets; "Total assets" (PCI.2 / LH.3) is the complete underwriting-subsidiary asset total and will exceed the itemized lines.
Verification & Provenance¶
- MDRM: all 13 line codes joined to the Federal Reserve MDRM codeset; 13 of 13 verified present, with start/end dates recorded.
- Warehouse evidence: every HC-I code is observed in the Federal Reserve bulk BHCF data (1986-2025); the
C2xxcodes appear from the mid-2000s consistent with their MDRM start dates. - Provenance file:
_rebuild/schedules/PROVENANCE_HC_I.csv. - Sources: Federal Reserve MDRM; FR Y-9C form and instructions (March 2026); Federal Reserve bulk BHCF data (1986-2025).
MDRM Quick Reference¶
| Line | MDRM | Description |
|---|---|---|
| PCI.1 | BHCKB988 | P&C - Reinsurance recoverables |
| PCI.2 | BHCKC244 | P&C - Total assets |
| PCI.3 | BHCKB990 | P&C - Claims and claims adjustment reserves |
| PCI.4 | BHCKB991 | P&C - Unearned premiums |
| PCI.5 | BHCKC245 | P&C - Total equity |
| PCI.6 | BHCKC246 | P&C - Net income |
| LH.1 | BHCKC247 | L&H - Reinsurance recoverables |
| LH.2 | BHCKB992 | L&H - Separate account assets |
| LH.3 | BHCKC248 | L&H - Total assets |
| LH.4 | BHCKB994 | L&H - Policyholder benefits and contractholder funds |
| LH.5 | BHCKB996 | L&H - Separate account liabilities |
| LH.6 | BHCKC249 | L&H - Total equity |
| LH.7 | BHCKC250 | L&H - Net income |
Last Updated: 2026-06-11 Reference: FR Y-9C form and instructions (March 2026); Federal Reserve MDRM; Federal Reserve bulk BHCF data (1986-2025)