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Dec 31, 2022
Cincinnati Financial Q4 2022 Earnings Report
Reported a decrease in net income and non-GAAP operating income, but showed growth in net written premiums.
Key Takeaways
Cincinnati Financial Corporation reported a decrease in fourth-quarter net income to $1.013 billion, or $6.40 per share, compared to $1.470 billion, or $9.04 per share, in the fourth quarter of 2021. Non-GAAP operating income decreased by 37% to $202 million, or $1.27 per share. However, net written premiums grew by 10% during the quarter.
Fourth-quarter net income was $1.013 billion, or $6.40 per share.
Full-year net loss was $486 million, or $3.06 per share.
Fourth-quarter non-GAAP operating income decreased 37% to $202 million, or $1.27 per share.
Net written premiums grew 10% in the fourth quarter of 2022.
Revenue by Segment
Forward Guidance
The company enters 2023 from a position of strength, with positive momentum in its various insurance segments and a focus on diversified, profitable growth.
Positive Outlook
- Personal insurance business has recorded four consecutive years of underwriting profit.
- Commercial insurance business has enjoyed 11 years of underwriting profit.
- Excess and surplus lines company has achieved a combined ratio in the low-90s or better every year since 2012.
- Life insurance company contributed record-high earnings of $66 million in 2022.
- Cash flow produced by our insurance business continues to fuel investment income.
Challenges Ahead
- Commercial umbrella business was challenged during 2022.
- Winter Storm Elliott impacted policyholders in 44 states and Washington, D.C.
- Elevated inflation effects.
- Higher commercial umbrella incurred loss and loss expenses.
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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