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Cincinnati Financial Corporation reports recurring developments for a property and casualty insurance group that offers business, home and auto coverage through The Cincinnati Insurance Company, related standard market carriers and local independent insurance agencies. Company updates also cover surplus lines property and casualty insurance, life insurance, fixed annuities and investment activity.
News about CINF commonly centers on quarterly and annual operating results, underwriting performance, catastrophe losses, investment income, fair-value changes in equity securities, book value and capital management. Other recurring announcements include regular cash dividends, shareholder meeting results, board and officer appointments, proxy voting matters and investor presentation materials.
Cincinnati Financial Corporation (CINF) reported a significant net income increase for Q2 2020, reaching $909 million or $5.63 per share, compared to $428 million or $2.59 per share in Q2 2019. This surge was driven by an $825 million rise in fair value of equity securities. However, non-GAAP operating income decreased by 49% to $71 million or 44 cents per share. Despite a 7% increase in earned premiums, total revenues fell by 36% year-over-year. The book value per share declined by 5% to $57.56.
Cincinnati Financial Corporation (CINF) announced preliminary second-quarter results indicating pretax catastrophe losses of approximately $231 million, raising the combined ratio by 16.5 percentage points. Losses from multi-state storms reached about $50 million each, with additional losses from civil unrest totaling $29 million. The company also reported pandemic-related losses of $65 million. Estimated combined ratio for the quarter is projected to be between 102% and 104%, with net written premium growth between 5% and 6%.
Cincinnati Financial Corporation (Nasdaq: CINF) has scheduled a live conference call to discuss its second-quarter 2020 results on July 28, 2020, at 11 a.m. ET. Investors can access the live call via the company’s website after the Q2 earnings release on July 27. A replay will be available approximately two hours post-call. The discussion will include insights on financial metrics, and relevant GAAP reconciliations will also be provided online.