Cincinnati Financial Reports First-Quarter 2024 Results

About this update from Cincinnati Financial Corporation

[{"type":"text","content":"CINCINNATI, April 25, 2024 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:\nFirst-quarter 2024 net income of $755 million, or $4.78 per share, compared with $225 million, or $1.42 per share, in the first quarter of 2023, after recognizing a $484 million first-quarter 2024 after-tax increase in the fair value of equity securities still held.$131 million or 93% increase in non-GAAP operating income* to $272 million, or $1.72 per share, compared with $141 million, or $0.89 per share, in the first quarter of last year.$530 million increase in first-quarter 2024 net income, compared with first-quarter 2023, primarily due to the after-tax net effect of a $399 million increase in net investment gains and a $111 million increase in after-tax property casualty underwriting income.$80.83 book value per share at March 31, 2024, up $3.77 since year-end.5.9% value creation ratio for the first three months of 2024, compared with 3.1% for the same period of 2023.Financial Highlights\n(Dollars in millions, except per share data)\nThree months ended March 31,\n2024\n2023\n% Change\nRevenue Data\n Earned premiums\n$ 2,071\n$ 1,918\n8\n Investment income, net of expenses\n245\n210\n17\n Total revenues\n2,935\n2,241\n31\nIncome Statement Data\n Net income\n$ 755\n$ 225\n236\n Investment gains and losses, after-tax\n483\n84\n475\n Non-GAAP operating income*\n$ 272\n$ 141\n93\nPer Share Data (diluted)\n Net income\n$ 4.78\n$ 1.42\n237\n Investment gains and losses, after-tax\n3.06\n0.53\n477\n Non-GAAP operating income*\n$ 1.72\n$ 0.89\n93\n Book value\n$ 80.83\n$ 68.33\n18\n Cash dividend declared\n$ 0.81\n$ 0.75\n8\n Diluted weighted average share outstanding\n157.9\n158.5\n0\n*\nThe Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures section defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles.\nForward-looking statements and related assumptions are subject to the risks outlined in the company's safe harbor statement.\n \nInsurance Operations Highlights\n93.6% first-quarter 2024 property casualty combined ratio, improved from 100.7% for the first quarter of 2023.11% growth in first-quarter net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.$346 milli...

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