Cincinnati Financial Reports Third-Quarter 2021 Results

About this update from Cincinnati Financial Corporation

[{"type":"text","content":"CINCINNATI, Oct. 27, 2021 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:\nThird-quarter 2021 net income of $153 million, or 94 cents per share, compared with $484 million, or $2.99 per share, in the third quarter of 2020, after recognizing an $82 million third-quarter 2021 after-tax reduction in the fair value of equity securities still held. $146 million or 232% increase in non-GAAP operating income* to $209 million, or $1.28 per share, compared with $63 million, or 39 cents per share, in the third quarter of last year. $331 million decrease in third-quarter 2021 net income, primarily due to the after-tax net effect of a $477 million decrease in net investment gains partially offset by a $136 million increase in after-tax property casualty underwriting income. $73.49 book value per share at September 30, 2021, up $6.45 since year-end. 12.4% value creation ratio for the first nine months of 2021, compared with 3.0% for the same period of 2020.Financial Highlights\n(Dollars in millions, except per share data)\nThree months ended September 30,\nNine months ended September 30,\n2021\n2020\n% Change\n2021\n2020\n% Change\nRevenue Data\n Earned premiums\n$\n1,669\n$\n1,522\n10\n$\n4,806\n$\n4,460\n8\n Investment income, net of expenses\n179\n167\n7\n528\n498\n6\n Total revenues\n1,785\n2,227\n(20)\n6,307\n4,842\n30\nIncome Statement Data\n Net income\n$\n153\n$\n484\n(68)\n$\n1,476\n$\n167\nnm\n Investment gains and losses, after-tax\n(56)\n421\nnm\n753\n(104)\nnm\n Non-GAAP operating income*\n$\n209\n$\n63\n232\n$\n723\n$\n271\n167\nPer Share Data (diluted)\n Net income\n$\n0.94\n$\n2.99\n(69)\n$\n9.07\n$\n1.03\nnm\n Investment gains and losses, after-tax\n(0.34)\n2.60\nnm\n4.63\n(0.64)\nnm\n Non-GAAP operating income*\n$\n1.28\n$\n0.39\n228\n$\n4.44\n$\n1.67\n166\n Book value\n$\n73.49\n$\n60.57\n21\n Cash dividend declared\n$\n0.63\n$\n0.60\n5\n$\n1.89\n$\n1.80\n5\n Diluted weighted average shares outstanding\n162.9\n162.0\n1\n162.8\n162.5\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.\nInsurance...

More updates from Cincinnati Financial Corporation