Cincinnati Financial Reports Third-Quarter 2024 Results

About this update from Cincinnati Financial Corporation

[{"type":"text","content":"CINCINNATI, Oct. 24, 2024 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:\nThird-quarter 2024 net income of $820 million, or $5.20 per share, compared with a net loss of $99 million, or $0.63 per share, in the third quarter of 2023, after recognizing a $645 million third-quarter 2024 after-tax increase in the fair value of equity securities still held.Third-quarter 2024 non-GAAP operating income* of $224 million, or $1.42 per share, compared with $261 million, or $1.66 per share, in the third quarter of last year. The decrease of $37 million, or 14%, was primarily due to an $86 million increase in after-tax catastrophe losses.$919 million increase in third-quarter 2024 net income, compared with third-quarter 2023, primarily due to the after-tax net effect of a $956 million increase in net investment gains.$88.32 book value per share at September 30, 2024, up $11.26 since year-end.17.8% value creation ratio for the first nine months of 2024, compared with 4.4% for the same period of 2023.Financial Highlights\n(Dollars in millions, except per share data)\nThree months ended September 30,\nNine months ended September 30,\n2024\n2023\n% Change\n2024\n2023\n% Change\nRevenue Data\n Earned premiums\n$ 2,297\n$ 2,033\n13\n$ 6,524\n$ 5,894\n11\n Investment income, net of expenses\n258\n225\n15\n745\n655\n14\n Total revenues\n3,320\n1,811\n83\n8,799\n6,657\n32\nIncome Statement Data\n Net income (loss)\n$ 820\n$ (99)\nnm\n$ 1,887\n$ 660\n186\n Investment gains and losses, after-tax\n596\n(360)\nnm\n1,187\n67\nnm\n Non-GAAP operating income*\n$ 224\n$ 261\n(14)\n$ 700\n$ 593\n18\nPer Share Data (diluted)\n Net income (loss)\n$ 5.20\n$ (0.63)\nnm\n$ 11.97\n$ 4.17\n187\n Investment gains and losses, after-tax\n3.78\n(2.29)\nnm\n7.53\n0.42\nnm\n Non-GAAP operating income*\n$ 1.42\n$ 1.66\n(14)\n$ 4.44\n$ 3.75\n18\n Book value\n$ 88.32\n$ 67.72\n30\n Cash dividend declared\n$ 0.81\n$ 0.75\n8\n$ 2.43\n$ 2.25\n8\n Diluted weighted average share outstanding\n157.7\n156.9\n1\n157.7\n158.2\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 ...

More updates from Cincinnati Financial Corporation