CINF - Cincinnati Financial rises after Q2 results beat on higher insurance underwriting profits

2023-07-28 14:11:45 ET

Property and casualty insurer Cincinnati Financial ( NASDAQ: CINF ) rose ~7% Friday afternoon after Q2 results beat Wallstreet expectations on higher insurance underwriting profits.

Q2 non-GAAP EPS of $1.21 beats by $0.51. Revenue of $2.61B (+218.3% Y/Y) beats by $420M.

"Higher insurance underwriting profits drove most of the improvement, supported by a 13% rise in income from our investment portfolio," CEO Steven Johnston said .

The company reported an insurance underwriting profit of $47M, compared to a loss of $52M in prior-year quarter and loss of $10M in the previous quarter.

Earned premiums increased by 10% on a yearly basis to $1.94B.

Net investment income came in at $220M, compared to $195M a year ago.

Q2 property casualty combined ratio came in at 97.6%, down from the year-ago 103.2%.

Cash and marketable securities at June 30 stood at $4.52B.

Book value per share at June 30 was $70.33, while the stock is currently trading at $109.81.

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