Cincinnati Financial Corporation announced its third-quarter 2024 financial results, reporting a substantial increase in total revenues to $3.320 billion, an 83% rise from $1.811 billion in the prior-year quarter. Net income for the quarter reached $820 million, a significant improvement from a net loss of $99 million in the third quarter of 2023. Diluted net income per share was $5.20, compared to a loss of $0.63 per share in the same period last year.
The company's earned premiums grew by 13% to $2.297 billion, while investment income, net of expenses, increased 15% to $258 million, driven by a 21% increase in bond interest income. Despite these gains, non-GAAP operating income decreased by 14% to $224 million, with diluted non-GAAP operating income per share at $1.42. Catastrophe losses added 13 points to the consolidated property casualty combined ratio, bringing it to 97.4% for the quarter, up from 94.4% in Q3 2023.
Underwriting profit for the first nine months of 2024 improved by 53% to $228 million, with the nine-month combined ratio at 96.5%. Property casualty net written premiums increased 17% to $2.293 billion for the quarter, with personal lines growing 29% and commercial lines up 11%. The company's book value per share reached a record high of $88.32 as of September 30, 2024, a 15% increase since year-end 2023.
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