Cincinnati Financial Reports Second-Quarter 2022 Results

About this update from Cincinnati Financial Corporation

[{"type":"text","content":"CINCINNATI, July 27, 2022 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:\nSecond-quarter 2022 net loss of $808 million, or $5.06 per share, compared with net income of $703 million, or $4.31 per share, in the second quarter of 2021, after recognizing a $928 million second-quarter 2022 after-tax reduction in the fair value of equity securities still held.$188 million or 64% decrease in non-GAAP operating income* to $104 million, or 65 cents per share, compared with $292 million, or $1.79 per share, in the second quarter of last year.$1.511 billion decrease in second-quarter 2022 net income, compared with second-quarter 2021, primarily due to the after-tax net effect of a $1.323 billion decrease in net investment gains and a $216 million decrease in after-tax property casualty underwriting income.$66.30 book value per share at June 30, 2022, down $15.42 since year-end.Negative 17.2% value creation ratio for the first six months of 2022, compared with positive 11.6% for the same period of 2021.Financial Highlights\n(Dollars in millions, except per share data)\nThree months ended June 30,\nSix months ended June 30,\n2022\n2021\n% Change\n2022\n2021\n% Change\nRevenue Data\n Earned premiums\n$ 1,773\n$ 1,593\n11\n$ 3,463\n$ 3,137\n10\n Investment income, net of expenses\n195\n175\n11\n380\n349\n9\n Total revenues\n820\n2,295\n(64)\n2,035\n4,522\n(55)\nIncome Statement Data\n Net income (loss)\n$ (808)\n$ 703\nnm\n$ (1,081)\n$ 1,323\nnm\n Investment gains and losses, after-tax\n(912)\n411\nnm\n(1,438)\n809\nnm\n Non-GAAP operating income*\n$ 104\n$ 292\n(64)\n$ 357\n$ 514\n(31)\nPer Share Data (diluted)\n Net income (loss)\n$ (5.06)\n$ 4.31\nnm\n$ (6.76)\n$ 8.13\nnm\n Investment gains and losses, after-tax\n(5.71)\n2.52\nnm\n(8.99)\n4.97\nnm\n Non-GAAP operating income*\n$ 0.65\n$ 1.79\n(64)\n$ 2.23\n$ 3.16\n(29)\n Book value\n$ 66.30\n$ 73.57\n(10)\n Cash dividend declared\n$ 0.69\n$ 0.63\n10\n$ 1.38\n$ 1.26\n10\n Diluted weighted average shares outstanding\n159.6\n162.9\n(2)\n160.0\n162.7\n(2)\n * The 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.\n Forward-looking statements and related assumptions are subject to the risks outlined...

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