Cincinnati Financial reported fourth-quarter operating income of $3.37 per share, a 7% year-over-year increase, and total operating revenues of $2.9 billion, up 9.8%. Earned premiums rose 10% to $2.6 billion and net investment income increased 9% to $305 million.

Underwriting income for the quarter reached $378 million, a 7% rise driven by strong pricing and risk selection. The combined ratio increased 50 basis points to 85.2 but remained well below consensus estimates of 89.6, reflecting disciplined claims and expense management.

Commercial Lines revenues increased 7% to $1.2 billion, though underwriting profit fell 20% to $144 million with a combined ratio of 88.4. Personal Lines saw revenues climb 18% to $860 million and underwriting profit rise 11% to $161 million with a combined ratio of 81.5. Excess and Surplus Lines posted 12% revenue growth to $189 million and underwriting profit jumped 150% to $30 million. Life Insurance revenues rose 4% to $137 million while benefits and expenses held steady at $98 million.

At year-end, total assets stood at $41 billion with long-term debt of $790 million and a debt-to-capital ratio of 4.9%. Book value per share increased 15% to $102.35 and full-year operating income reached $7.95 per share, a 5% gain on revenues of $11.19 billion, up 13%.