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Mar 31, 2023
Cincinnati Financial Q1 2023 Earnings Report
Cincinnati Financial reported a mixed first quarter, with investment income offsetting underwriting losses due to widespread spring storms.
Key Takeaways
Cincinnati Financial Corporation reported a first-quarter 2023 net income of $225 million, or $1.42 per share, a significant improvement compared to the net loss in the first quarter of 2022. However, non-GAAP operating income decreased by 46% to $141 million, or $0.89 per share. The increase in net income was primarily due to higher net investment gains, which offset a decrease in property casualty underwriting income. The combined ratio for the property casualty segment was 100.7%, impacted by elevated catastrophe losses.
Net income was $225 million, or $1.42 per share, compared to a net loss of $266 million, or $1.66 per share, in the first quarter of 2022.
Non-GAAP operating income decreased by 46% to $141 million, or $0.89 per share, compared with $260 million, or $1.62 per share, in the first quarter of last year.
Book value per share increased to $68.33 at March 31, 2023, up $1.12 since year-end.
The property casualty combined ratio was 100.7%, up from 89.9% for the first quarter of 2022, impacted by higher catastrophe losses.
Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the press release.
Revenue & Expenses
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