Thu, Jul 25, 8:20 PM (44 days ago)
Cincinnati Financial Corporation's Q2 2024 Form 10-Q highlights a mixed performance with a notable decrease in net income to $312 million from $534 million in Q2 2023, primarily due to lower net investment gains. Total revenue slightly decreased by 2% year-over-year to $2.544 billion. Earned premiums rose by 11% to $2.156 billion, while investment income increased by 10% to $242 million. However, net investment gains plummeted by 68% to $137 million. The combined ratio for property casualty insurance increased to 98.5% from 97.6%, driven by higher current accident year losses and lower favorable reserve development. Catastrophe losses contributed 11.2 percentage points to the combined ratio. The life insurance segment saw a 69% increase in profit to $22 million. Shareholders' equity rose by 6% to $12.777 billion, with a book value per share increase of 6% to $81.79. The debt-to-total-capital ratio improved to 6.0%. The company continues to focus on premium growth, underwriting discipline, and investment income to drive long-term value creation.