Cincinnati Financial Reports Second-Quarter 2024 Results

About this update from Cincinnati Financial Corporation

[{"type":"text","content":"CINCINNATI, July 25, 2024 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:\nSecond-quarter 2024 net income of $312 million, or $1.98 per share, compared with $534 million, or $3.38 per share, in the second quarter of 2023, after recognizing a $112 million second-quarter 2024 after-tax increase in the fair value of equity securities still held.$13 million or 7% increase in non-GAAP operating income* to $204 million, or $1.29 per share, compared with $191 million, or $1.21 per share, in the second quarter of last year.$222 million decrease in second-quarter 2024 net income, compared with second-quarter 2023, primarily due to the after-tax net effect of a $235 million decrease in net investment gains that was partially offset by a $17 million increase in after-tax investment income.$81.79 book value per share at June 30, 2024, up $4.73 since year-end.8.2% value creation ratio for the first six months of 2024, compared with 7.2% for the same period of 2023.Financial Highlights\n(Dollars in millions, except per share data)\nThree months ended June 30,\nSix months ended June 30,\n2024\n2023\n% Change\n2024\n2023\n% Change\nRevenue Data\n Earned premiums\n$ 2,156\n$ 1,943\n11\n$ 4,227\n$ 3,861\n9\n Investment income, net of expenses\n242\n220\n10\n487\n430\n13\n Total revenues\n2,544\n2,605\n(2)\n5,479\n4,846\n13\nIncome Statement Data\n Net income\n$ 312\n$ 534\n(42)\n$ 1,067\n$ 759\n41\n Investment gains and losses, after-tax\n108\n343\n(69)\n591\n427\n38\n Non-GAAP operating income*\n$ 204\n$ 191\n7\n$ 476\n$ 332\n43\nPer Share Data (diluted)\n Net income\n$ 1.98\n$ 3.38\n(41)\n$ 6.77\n$ 4.80\n41\n Investment gains and losses, after-tax\n0.69\n2.17\n(68)\n3.75\n2.70\n39\n Non-GAAP operating income*\n$ 1.29\n$ 1.21\n7\n$ 3.02\n$ 2.10\n44\n Book value\n$ 81.79\n$ 70.33\n16\n Cash dividend declared\n$ 0.81\n$ 0.75\n8\n$ 1.62\n$ 1.50\n8\n Diluted weighted average share outstanding\n157.5\n158.0\n0\n157.7\n158.3\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\n98.5% seco...

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