Cincinnati Financial Corporation reported its fourth-quarter and full-year 2024 results, with full-year non-GAAP operating income increasing 26% to $1.197 billion compared to 2023. Full-year net income rose 24% to $2.292 billion, surpassing the $2 billion mark. Diluted net income per share for the full year was $14.53, up 25% from $11.66 in 2023.
For the fourth quarter of 2024, non-GAAP operating income increased 38% to $497 million, or $3.14 per share. Net income for Q4 2024 was $405 million, or $2.56 per share, a decrease from $1.183 billion in Q4 2023, primarily due to investment gains and losses. Property casualty underwriting achieved strong Q4 results, with underwriting profit increasing 40% over Q4 2023, contributing to a full-year underwriting profit of $580 million, up 45%.
The full-year 2024 combined ratio improved by 1.5 points to 93.4%, reflecting sound underwriting judgment. Property casualty net written premiums grew 15% for the year to over $9 billion, with Q4 net written premiums also up 17% to $2.243 billion. Life insurance earned premiums increased 3% for the full year.
The company's book value per share climbed 16% from a year ago to $89.11 as of December 31, 2024, bolstered by record net pretax investment income exceeding $1 billion for the year. Consolidated cash and total investments reached more than $29 billion, providing ample capital for long-term strategies and dividend payments. The value creation ratio for 2024 was 19.8%, exceeding the company's average annual target.
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