Cincinnati Financial Corporation reported a net loss of $90 million for the first quarter of 2025, or a diluted loss of $0.57 per share, a significant decline from net income of $755 million, or $4.78 per share, in Q1 2024. Non-GAAP operating income also turned to a loss of $37 million, or $0.24 per share, compared to income of $272 million, or $1.72 per share, in the prior-year quarter.
The company's consolidated property casualty combined ratio surged to 113.3% in Q1 2025, an increase of 19.7 percentage points from 93.6% in Q1 2024. Catastrophe losses accounted for 25 points of this combined ratio, which is three times the company's 10-year first-quarter average. After-tax catastrophe losses rose by $356 million in the reported quarter, primarily due to California wildfires and powerful spring storms across 21 states.
Despite the catastrophe impact, earned premiums increased 13% to $2.344 billion, and investment income, net of expenses, grew 14% to $280 million. The property casualty current accident year combined ratio before catastrophe loss effects improved, and property casualty net written premiums increased 11% to $2.495 billion. Commercial lines underwriting profit rose 149% to $97 million, while personal lines recorded an underwriting loss of $357 million.
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