Cincinnati Financial Reports Second-Quarter 2023 Results

About this update from Cincinnati Financial Corporation

[{"type":"text","content":"CINCINNATI, July 27, 2023 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:\nSecond-quarter 2023 net income of $534 million, or $3.38 per share, compared with a net loss of $818 million, or $5.12 per share, in the second quarter of 2022, after recognizing a $363 million second-quarter 2023 after-tax increase in the fair value of equity securities still held.$97 million or 103% increase in non-GAAP operating income* to $191 million, or $1.21 per share, compared with $94 million, or 59 cents per share, in the second quarter of last year.$1.352 billion increase in second-quarter 2023 net income, compared with second-quarter 2022, reflecting the after-tax net effect of a $1.255 billion increase in net investment gains and a $78 million increase in after-tax property casualty underwriting income.$70.33 book value per share at June 30, 2023, up $3.12 since year-end.7.2% value creation ratio for the first six months of 2023, compared with negative 17.2% for the same period of 2022.$10 million difference in adjusted second-quarter 2022 net loss of $818 million, compared with originally reported $808 million, due to adoption of an accounting standards update for long-duration contracts. Financial Highlights\n(Dollars in millions, except per share data)\nThree months ended June 30,\nSix months ended June 30,\n2023\n2022\n% Change\n2023\n2022\n% Change\nRevenue Data\n Earned premiums\n$\n1,943\n$\n1,773\n10\n$\n3,861\n$\n3,466\n11\n Investment income, net of expenses\n220\n195\n13\n430\n380\n13\n Total revenues\n2,605\n820\n218\n4,846\n2,038\n138\nIncome Statement Data\n Net income (loss)\n$\n534\n$\n(818)\nnm\n$\n759\n$\n(1,084)\nnm\n Investment gains and losses, after-tax\n343\n(912)\nnm\n427\n(1,438)\nnm\n Non-GAAP operating income*\n$\n191\n$\n94\n103\n$\n332\n$\n354\n(6)\nPer Share Data (diluted)\n Net income (loss)\n$\n3.38\n$\n(5.12)\nnm\n$\n4.80\n$\n(6.77)\nnm\n Investment gains and losses, after-tax\n2.17\n(5.71)\nnm\n2.70\n(8.99)\nnm\n Non-GAAP operating income*\n$\n1.21\n$\n0.59\n105\n$\n2.10\n$\n2.22\n(5)\n Book value\n$\n70.33\n$\n66.00\n7\n Cash dividend declared\n$\n0.75\n$\n0.69\n9\n$\n1.50\n$\n1.38\n9\n Diluted weighted average share outstanding\n158.0\n159.6\n(1)\n158.3\n160.0\n(1)\n*\nThe Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures section defines and r...

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