Cincinnati Financial Q3 adjusted EPS beats estimates
CINF•Cincinnati Financial reported third-quarter adjusted EPS of $2.86, above the $1.99 analyst consensus, while revenue fell 18% to $3.05 billion. Its combined ratio rose to 90.9%, and net written premiums increased 2%.
1. Quarterly results
Cincinnati Financial reported third-quarter adjusted EPS of $2.86, compared with analyst expectations of $1.99. Revenue fell 18% to $3.05 billion, slightly above the $3.03 billion consensus estimate. The company reported EPS of $2.96 and underwriting profit of $240 million.
2. Underwriting and premiums
The combined ratio rose 2.7 percentage points to 90.9%, mainly due to a 7.0-point increase in catastrophe losses. Net written premiums rose 2%, driven by price increases, premium growth initiatives and higher insured exposures. Favorable prior accident year reserve development contributed 3.6 percentage points to the combined ratio.
