Cincinnati Financial Corp (CINF) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Cincinnati Financial Corp
Ticker: CINF CIK: 20286



		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.

Investor Contact: Dennis E. McDaniel, 513-870-2768

CINF-IR@cinfin.com

Media Contact: Betsy E. Ertel, 513-603-5323

Media_Inquiries@cinfin.com

Cincinnati Financial Reports Third-Quarter 2018 Results

Cincinnati, October 25, 2018 – Cincinnati Financial Corporation (Nasdaq: CINF)

today reported:


•	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.

Financial Highlights



(Dollars in millions, except per share data)	Three months ended September 30,						Nine months ended September 30,
(Dollars in millions, except per share data)		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.

CINF 3Q18 Release 1

The following information was filed by Cincinnati Financial Corp (CINF) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Cincinnati Financial Corp's financial trajectory

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