Property and casualty insurer Cincinnati Financial's CINF.O shares drop 4.5% to $176 in extended trading.
CINF reports adjusted operating income of $1.43 per share for the three months ended June 30, down from $1.97 per share a year ago.
The insurer's property casualty combined ratio was 100.8% for the reported quarter versus 94.9% in the year-ago period. A ratio above 100% indicates an insurer is paying out more money in claims than it is collecting in premiums.
"Ohio was particularly impacted by bad weather this Spring with catastrophe losses reaching nearly four times higher than our 5-year second-quarter average for the state," said CEO Stephen Spray.
Four of 10 brokerages rate the stock "buy" or higher, 6 "hold"; their median PT is $193.50.
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