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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.
Cincinnati Financial
Cincinnati Financial
Cincinnati Financial Revenue by Segment
Revenue by Segment
Commercial Lines Revenue
CapyFin.comPersonal Lines Revenue
CapyFin.comE&S Lines Revenue
CapyFin.comLife Insurance Revenue
CapyFin.com 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