Cincinnati Financial Corporation reported strong second-quarter 2025 results, with net income more than doubling to $685 million, a 120% increase from $312 million in Q2 2024. Diluted net income per share was $4.34, up 119% from $1.98 per share in the prior-year quarter. Non-GAAP operating income also saw a significant rise of 52% to $311 million, or $1.97 per share.
The company's earned premiums increased 15% to $2.480 billion, and investment income, net of expenses, grew 18% to $285 million, driven by a 24% increase in bond interest income. The consolidated property casualty combined ratio improved by 3.6 percentage points to 94.9% in Q2 2025, even with a 1 percentage point increase in catastrophe losses. The current accident year combined ratio before catastrophe losses improved 3.1 points to 85.1% for the quarter.
Property casualty consolidated net written premiums grew 11% for both the second quarter and the first half of 2025, surpassing $5 billion in the first six months. Commercial lines underwriting profit surged 770% to $87 million, and Excess and Surplus Lines underwriting profit doubled to $16 million. The company also launched its fifth product brokered through CSU Producer Resources Inc. in May.
As of June 30, 2025, book value per share reached a new record high of $91.46, a 2.6% increase since year-end 2024. Consolidated cash and total investments also hit a new high, exceeding $30 billion. The company purchased an additional $300 million layer on its property catastrophe reinsurance treaty, increasing the total limit to $1.8 billion, effective July 1, 2025, with estimated annual ceded premiums of less than $5 million for the new layer.
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