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Sep 30, 2020
Cincinnati Financial Q3 2020 Earnings Report
Cincinnati Financial reported a net income of $484 million, or $2.99 per share, for the third quarter of 2020, and a book value per share of $60.57 as of September 30, 2020.
Key Takeaways
Cincinnati Financial Corporation reported a significant increase in net income for the third quarter of 2020, primarily due to a substantial increase in the fair value of equity securities held. However, non-GAAP operating income decreased due to elevated catastrophe losses, despite improvements in other areas of performance. The company remains confident in its balance sheet and risk management decisions, with a focus on providing outstanding claims service.
Third-quarter net income increased to $484 million, or $2.99 per share, compared to $248 million, or $1.49 per share, in Q3 2019.
Non-GAAP operating income decreased by 65% to $63 million, or $0.39 per share, from $179 million, or $1.08 per share, in the same period last year.
Book value per share at September 30, 2020, rose to $60.57, up $0.02 since year-end.
The combined ratio for the third quarter of 2020 was 103.6%, up from 94.2% in the third quarter of 2019, primarily due to catastrophe losses.
Revenue by Segment
Forward Guidance
Company did not provide specific forward guidance, but expressed confidence in future value growth through operational initiatives.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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