Cincinnati Financial Reports Second-Quarter 2020 Results

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[{"type":"text","content":"CINCINNATI, July 27, 2020 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:\nSecond-quarter 2020 net income of $909 million, or $5.63 per share, compared with $428 million, or $2.59 per share, in the second quarter of 2019, after recognizing an $825 million second-quarter 2020 increase in the fair value of equity securities still held. $69 million or 49% decrease in non-GAAP operating income* to $71 million, or 44 cents per share, compared with $140 million, or 85 cents per share, in the second quarter of last year. $481 million increase in second-quarter 2020 net income, primarily due to the after-tax net effect of a $550 million increase in net investment gains partially offset by a $70 million decrease in after-tax property casualty underwriting income, including $79 million from catastrophe losses related to weather or civil unrest. $57.56 book value per share at June 30, 2020, down $2.99 or 5.0% since year-end. Negative 3.0% value creation ratio for the first six months of 2020, compared with positive 18.6% for the same period of 2019.Financial Highlights \n(Dollars in millions, except per share data)\nThree months ended June 30,\nSix months ended June 30,\n2020\n2019\n% Change\n2020\n2019\n% Change\nRevenue Data\n Earned premiums\n$\n1,482\n$\n1,384\n7\n$\n2,938\n$\n2,717\n8\n Investment income, net of expenses\n166\n160\n4\n331\n317\n4\n Total revenues\n2,714\n1,913\n42\n2,615\n4,072\n(36)\nIncome Statement Data\n Net income (loss) \n$\n909\n$\n428\n112\n$\n(317)\n$\n1,123\nnm\n Investment gains and losses, after-tax\n838\n288\n191\n(525)\n811\nnm\n Non-GAAP operating income*\n$\n71\n$\n140\n(49)\n$\n208\n$\n312\n(33)\nPer Share Data (diluted)\n Net income (loss) \n$\n5.63\n$\n2.59\n117\n$\n(1.96)\n$\n6.81\nnm\n Investment gains and losses, after-tax\n5.19\n1.74\n198\n(3.25)\n4.92\nnm\n Non-GAAP operating income*\n$\n0.44\n$\n0.85\n(48)\n$\n1.29\n$\n1.89\n(32)\n Book value\n$\n57.56\n$\n55.92\n3\n Cash dividend declared\n$\n0.60\n$\n0.56\n7\n$\n1.20\n$\n1.12\n7\n Diluted weighted average shares outstanding\n161.5\n165.2\n(2)\n161.5\n164.9\n(2)\n* \nThe Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles.\nForward-looking statements and re...

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