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Cincinnati Financial Reports Fourth-Quarter and Full-Year 2023 Results
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PR Newswire
CINCINNATI, Feb. 6, 2024
CINCINNATI, Feb. 6, 2024 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:
- Fourth-quarter 2023 net income of $1.183 billion, or $7.50 per share, compared with net income of $1.013 billion, or $6.41 per share, in the fourth quarter of 2022, after recognizing an $824 million fourth-quarter 2023 after-tax increase in the fair value of equity securities still held.
- Full-year 2023 net income of $1.843 billion, or $11.66 per share, compared with a net loss of $487 million, or $3.06 per share, in 2022.
- $157 million or 78% increase in fourth-quarter 2023 non-GAAP operating income* to $359 million, or $2.28 per share, compared with $202 million, or $1.28 per share, in the fourth quarter of last year.
- $280 million or 42% increase in full-year 2023 non-GAAP operating income to $952 million, or $6.03 per share, up from $672 million, or $4.24 per share, with after-tax property casualty underwriting profit up $206 million.
- $170 million increase in fourth-quarter 2023 net income reflected the after-tax net effect of a $126 million increase in after-tax property casualty underwriting profit, a $25 million increase in net investment income and a $13 million increase in net investment gains.
- $77.06 book value per share at December 31, 2023, up $9.85 since year-end 2022.
- 19.5% value creation ratio for full-year 2023, compared with negative 14.6% for 2022.
Financial Highlights
| (Dollars in millions except per share data) | Three months ended December 31, | Twelve months ended December 31, | | ||||||||||
| | 2023 | | 2022 | | % Change | | 2023 | | 2022 | | % Change | ||
| Revenue Data | | | | | | | | | | | | | |
| Earned premiums | | $ 2,064 | | $ 1,875 | | 10 | | $ 7,958 | | $ 7,225 | | 10 | |
| Investment income, net of expenses | | 239 | | 208 | | 15 | | 894 | | 781 | | 14 | |
| Total revenues | | 3,356 | | 3,115 | | 8 | | 10,013 | | 6,563 | | 53 | |
| Income Statement Data | | | | | | | | | | | | | |
| Net income (loss) | | $ 1,183 | | $ 1,013 | | 17 | | $ 1,843 | | $ (487) | | nm | |
| Investment gains and losses, after-tax | | 824 | | 811 | | 2 | | 891 | | (1,159) | | nm | |
| Non-GAAP operating income* | | $ 359 | | $ 202 | | 78 | | $ 952 | | $ 672 | | 42 | |
| Per Share Data (diluted) | | | | | | | | | | | | | |
| Net income (loss) | | $ 7.50 | | $ 6.41 | | 17 | | $ 11.66 | | $ (3.06) | | nm | |
| Investment gains and losses, after-tax | | 5.22 | | 5.13 | | 2 | | 5.63 | | (7.30) | | nm | |
| Non-GAAP operating income* | | $ 2.28 | | $ 1.28 | | 78 | | $ 6.03 | | $ 4.24 | | 42 | |
| | | | | | | | | | | | | | |
| Book value | | | | | | | | $ 77.06 | | $ 67.21 | | 15 | |
| Cash dividend declared | | $ 0.75 | | $ 0.69 | | 9 | | $ 3.00 | | $ 2.76 | | 9 | |
| Diluted weighted average shares outstanding | | 157.8 | | 158.2 | | 0 | | 158.1 | | 158.8 | | 0 | |
| * | The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles. | |
| | Forward-looking statements and related assumptions are subject to the risks outlined in the company's safe harbor statement. Werbung Mehr Nachrichten zur Cincinnati Financial Aktie kostenlos abonnieren
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