Cincinnati Financial Reports Fourth-Quarter and Full-Year 2022 Results

About this update from Cincinnati Financial Corporation

[{"type":"text","content":"CINCINNATI, Feb. 6, 2023 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:\nFourth-quarter 2022 net income of $1.013 billion, or $6.40 per share, compared with net income of $1.470 billion, or $9.04 per share, in the fourth quarter of 2021, after recognizing an $806 million fourth-quarter 2022 after-tax increase in the fair value of equity securities still held.Full-year 2022 net loss of $486 million, or $3.06 per share, compared with net income of $2.946 billion, or $18.10 per share, in 2021.$118 million or 37% decrease in fourth-quarter 2022 non-GAAP operating income* to $202 million, or $1.27 per share, compared with $320 million, or $1.97 per share, in the fourth quarter of last year.$370 million or 35% decrease in full-year 2022 non-GAAP operating income to $673 million, or $4.24 per share, down from $1.043 billion, or $6.41 per share, with after-tax property casualty underwriting profit down $467 million.$457 million decrease in fourth-quarter 2022 net income reflected the after-tax net effect of a $339 million decrease in net investment gains and a $129 million decrease in after-tax property casualty underwriting profit.$67.01 book value per share at December 31, 2022, down $14.71 or 18.0% since year-end 2021.Negative 14.6% value creation ratio for full-year 2022, compared with positive 25.7% for 2021.Financial Highlights\n(Dollars in millions except per share data)\nThree months ended December 31,\nTwelve months ended December 31,\n2022\n2021\n% Change\n2022\n2021\n% Change\nRevenue Data\n Earned premiums\n$ 1,874\n$ 1,676\n12\n$ 7,219\n$ 6,482\n11\n Investment income, net of expenses\n208\n186\n12\n781\n714\n9\n Total revenues\n3,114\n3,323\n(6)\n6,557\n9,630\n(32)\nIncome Statement Data\n Net income (loss)\n$ 1,013\n$ 1,470\n(31)\n$ (486)\n$ 2,946\nnm\n Investment gains and losses, after-tax\n811\n1,150\n(29)\n(1,159)\n1,903\nnm\n Non-GAAP operating income*\n$ 202\n$ 320\n(37)\n$ 673\n$ 1,043\n(35)\nPer Share Data (diluted)\n Net income (loss)\n$ 6.40\n$ 9.04\n(29)\n$ (3.06)\n$ 18.10\nnm\n Investment gains and losses, after-tax\n5.13\n7.07\n(27)\n(7.30)\n11.69\nnm\n Non-GAAP operating income*\n$ 1.27\n$ 1.97\n(36)\n$ 4.24\n$ 6.41\n(34)\n Book value\n$ 67.01\n$ 81.72\n(18)\n Cash dividend declared\n$ 0.69\n$ 0.63\n10\n$ 2.76\n$ 2.52\n10\n Diluted weighted average shares outstanding\n158.2\n...

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