Cincinnati Financial Q1 2023 Earnings Report
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.
Cincinnati Financial
Cincinnati Financial
Cincinnati Financial Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the press release.
Revenue & Expenses
Visualization of income flow from segment revenue to net income