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![]() | The Cincinnati Insurance Company n The Cincinnati Indemnity Company The Cincinnati Casualty Company n The Cincinnati Specialty Underwriters Insurance Company The Cincinnati Life Insurance Company n CFC Investment Company n CSU Producer Resources Inc. |
• | Third-quarter 2018 net income of $553 million, or $3.38 per share, compared with $102 million, or 61 cents per share, in the third quarter of 2017, after recognizing a $356 million increase in the fair value of equity securities still held that prior to 2018 would have been reported in other comprehensive income instead of net income. |
• | $40 million or 41 percent increase in non-GAAP operating income* to $137 million, or 84 cents per share, compared with $97 million, or 58 cents per share, in the third quarter of last year. |
• | $451 million increase in third-quarter 2018 net income, primarily reflecting the after-tax net effect of a $355 million increase in net investment gains, a $56 million increase in other non-recurring items, a $26 million increase in after-tax property casualty underwriting income and a $12 million increase in after-tax investment income. Included in the $355 million increase in net investment gains was an increase of $4 million in net gains of securities sold, in addition to the $356 million noted above. |
• | $51.22 book value per share at September 30, 2018, a record high, up $0.93 or 1.8 percent since year-end. |
• | 5.0 percent value creation ratio for the first nine months of 2018, compared with 10.3 percent for the 2017 period. |
(Dollars in millions, except per share data) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||||
Revenue Data | ||||||||||||||||||||
Earned premiums | $ | 1,298 | $ | 1,247 | 4 | $ | 3,852 | $ | 3,696 | 4 | ||||||||||
Investment income, net of expenses | 154 | 153 | 1 | 458 | 453 | 1 | ||||||||||||||
Total revenues | 1,915 | 1,412 | 36 | 4,697 | 4,321 | 9 | ||||||||||||||
Income Statement Data | ||||||||||||||||||||
Net income | $ | 553 | $ | 102 | 442 | $ | 739 | $ | 403 | 83 | ||||||||||
Investment gains and losses, after-tax | 360 | 5 | nm | 293 | 101 | 190 | ||||||||||||||
Other non-recurring items | 56 | — | nm | 56 | — | nm | ||||||||||||||
Non-GAAP operating income* | $ | 137 | $ | 97 | 41 | $ | 390 | $ | 302 | 29 | ||||||||||
Per Share Data (diluted) | ||||||||||||||||||||
Net income | $ | 3.38 | $ | 0.61 | 454 | $ | 4.49 | $ | 2.42 | 86 | ||||||||||
Investment gains and losses, after-tax | 2.20 | 0.03 | nm | 1.78 | 0.61 | 192 | ||||||||||||||
Other non-recurring items | $ | 0.34 | $ | — | nm | $ | 0.34 | $ | — | nm | ||||||||||
Non-GAAP operating income* | $ | 0.84 | $ | 0.58 | 45 | $ | 2.37 | $ | 1.81 | 31 | ||||||||||
Book value | $ | 51.22 | $ | 45.86 | 12 | |||||||||||||||
Cash dividend declared | $ | 0.53 | $ | 0.50 | 6 | $ | 1.59 | $ | 1.50 | 6 | ||||||||||
Diluted weighted average shares outstanding | 164.0 | 165.9 | (1) | 164.7 | 166.1 | (1) | ||||||||||||||
* | The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles. |
** | Forward-looking statements and related assumptions are subject to the risks outlined in the company’s safe harbor statement. |
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Cincinnati Financial Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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We continue to monitor new losses and case reserve increases greater than $1 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses.
We continue to monitor new losses and case reserve increases greater than $1 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses.
We continue to monitor new losses and case reserve increases greater than $1 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses.
Weather-related losses not identified as part of designated catastrophe events for the property casualty industry, typically referred to as noncatastrophe weather losses, increased by $37 million in the first nine months of 2018, and partially offset the decrease in catastrophe losses.
Case loss reserves for losses increased $134 million, IBNR loss reserves increased by $129 million and loss expense reserves increased by $47 million.
For the nine months ended...Read more
A gain of $13 million...Read more
Net income for the third...Read more
Total revenues rose 36 percent...Read more
For the first nine months...Read more
The ratio for current accident...Read more
The personal lines ratio for...Read more
The excess and surplus lines...Read more
Total revenues for the first...Read more
Better profit margins can arise...Read more
The $311 million reserve increase...Read more
The commercial lines ratio for...Read more
For the first nine months...Read more
Premiums Earned premiums and net...Read more
Combined ratio The commercial lines...Read more
Premiums Personal lines earned premiums...Read more
Difficulties with technology or data...Read more
For all property casualty lines...Read more
The trends in net written...Read more
After satisfying our cash requirements,...Read more
Revenues Revenues increased for the...Read more
In the third quarter of...Read more
Investment contribution We believe our...Read more
financial strength increase our flexibility...Read more
Through 2017, the company had...Read more
Manage insurance profitability Implementation of...Read more
The favorable reserve development was...Read more
Unusually high levels of catastrophe...Read more
The $0.93 increase in book...Read more
Shareholders equity increased 1 percent,...Read more
The net favorable reserve development...Read more
Life insurance segment benefits and...Read more
In addition, greater geographic diversification...Read more
Impose new obligations on us...Read more
Total expenses for Other decreased...Read more
We continue to implement strategies...Read more
In January 2018, the board...Read more
Higher dividend income reflected rising...Read more
The average yield for total...Read more
The life insurance company portfolio...Read more
We expect the transaction to...Read more
Strategies aimed at specific market...Read more
Declines in overall stock market...Read more
We believe successful implementation of...Read more
Based on our capital requirements...Read more
Included in those changes in...Read more
During the first nine months...Read more
Total assets at September 30,...Read more
Premiums Excess and surplus lines...Read more
That 62.0 percent ratio increased...Read more
The following table shows consolidated...Read more
Included in the $355 million...Read more
Included in the $192 million...Read more
Further segmentation of policies as...Read more
We also report as Other...Read more
The net effect of reserve...Read more
Premium growth initiatives also include...Read more
income was $458 million, up...Read more
The combined ratio can be...Read more
The third-quarter 2018 amount of...Read more
Our analysis continues to indicate...Read more
Our analysis continues to indicate...Read more
Our analysis continues to indicate...Read more
Our analysis continues to indicate...Read more
Drive premium growth Implementation of...Read more
We also continue to grow...Read more
Key coverages include $50 million...Read more
Personal lines new business written...Read more
The net effect of reserve...Read more
Events, such as an epidemic,...Read more
Excess and surplus lines net...Read more
Our premium growth initiatives from...Read more
The third-quarter 2018 amount of...Read more
Events or conditions that could...Read more
Approximately half of the net...Read more
For our commercial lines insurance...Read more
We continue to segment commercial...Read more
For the first nine months...Read more
Unforeseen departure of certain executive...Read more
Net written premiums for Cincinnati...Read more
Underwriting expenses for the first...Read more
We believe that if liquidity...Read more
The nine-month 2018 ratio for...Read more
We believe the inherent variability...Read more
The ratio for noncatastrophe weather-related...Read more
For our personal lines insurance...Read more
The estimated average percentage price...Read more
Increased competition that could result...Read more
Third-quarter 2018 catastrophe losses, mostly...Read more
During the third quarter of...Read more
Net written premiums decreased slightly...Read more
That 61.9 percent ratio increased...Read more
That 54.9 percent ratio increased...Read more
Catastrophe losses and loss expenses...Read more
We market our insurance products...Read more
The change in our effective...Read more
The nine-month improvement of $67...Read more
We believe our investment portfolio...Read more
Consolidated property casualty net written...Read more
Delays, inadequate data developed internally...Read more
Third-quarter 2018 net income also...Read more
Agency renewal written premiums increased...Read more
For our homeowner line of...Read more
The third-quarter 2018 ratio for...Read more
Events or actions, including unauthorized...Read more
We believe the third-quarter 2018...Read more
These strategies include initiatives to...Read more
We believe it is useful...Read more
The underwriting expense ratio increased...Read more
For the first nine months...Read more
The decreases for both periods...Read more
That variability is often driven...Read more
We believe pricing and risk...Read more
The GAAP-basis combined ratio is...Read more
Interest income decreased by $1...Read more
We include only investment income...Read more
Public and regulatory initiatives have...Read more
We continue to use predictive...Read more
The change in fair value...Read more
For the first nine months...Read more
In conjunction with those discussions,...Read more
An increase in ceded premiums...Read more
Combined ratio We believe our...Read more
Financial Statements, Disclosures and Schedules
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Material Contracts, Statements, Certifications & more
Cincinnati Financial Corp provided additional information to their SEC Filing as exhibits
Ticker: CINF
CIK: 20286
Form Type: 10-Q Quarterly Report
Accession Number: 0000020286-18-000074
Submitted to the SEC: Thu Oct 25 2018 12:16:31 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Fire Marine And Casualty Insurance