NASDAQ$CINF
Cincinnati Financial Corp · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Cincinnati Financial reported a net loss, but non-GAAP operating income increased significantly due to underwriting profits and investment income.
Cincinnati Financial Corporation reported a net loss of $99 million, or $0.63 per share, for the third quarter of 2023, compared to a net loss of $416 million, or $2.63 per share, in the third quarter of 2022. However, non-GAAP operating income increased by 125% to $261 million, or $1.66 per share, compared to $116 million, or $0.74 per share, in the third quarter of last year. The company's book value per share was $67.72 at September 30, 2023, up $0.51 since year-end.
- Third-quarter net loss of $99 million, or $0.63 per share.
- Non-GAAP operating income increased by 125% to $261 million, or $1.66 per share.
- Book value per share at September 30, 2023, was $67.72, up $0.51 since year-end.
- Property casualty combined ratio improved to 94.4% from 103.9% in the third quarter of 2022.
Headline financials
Revenue & EPS history
Cincinnati Financial · Revenue · Quarterly
$1.81B
Revenue by segment
Cincinnati Financial · $1.73B total across 3 segments · Q3 2023
- Commercial Lines Insurance$1.06B+3.3%61.6%
- Personal Lines Insurance$528M+22.2%30.6%
- Excess and Surplus Lines Insurance$136M+7.9%7.9%
Forward guidance
Cincinnati Financial expects to enhance growth opportunities by appointing new agencies and entering new states, with plans to open Nevada for commercial lines business in the fourth quarter. They are confident in their ability to produce value for shareholders through their multi-pronged strategy to profitably grow their insurance business.
Tailwinds
- Investments in pricing and risk management expertise
- Geographic and product diversification
- New agency appointments
- Entry into new states
- Ongoing ability to produce value for shareholders
Headwinds
- Challenging market conditions
- Declines in stock and bond portfolio values
- Competitive market for commercial lines
- Potential for catastrophe losses
- Uncertainty in the insurance market
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+0.0%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+2.7%
Avg return
30 days after
51%
35 / 69 earnings
Positive
+10.9%
Q4 2022
Best reaction
-14.0%
Q2 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.2% | -2.2% | -4.0% | |
| Q4 2025 | -3.3% | -3.5% | -2.6% | |
| Q3 2025 | -3.8% | -1.9% | +6.9% | |
| Q2 2025 | -2.0% | -0.3% | +1.8% | |
| Q1 2025 | +2.9% | +5.7% | +10.4% | |
| Q4 2024 | +2.8% | +1.0% | +4.7% | |
| Q3 2024 | +1.7% | +2.2% | +12.7% | |
| Q2 2024 | +3.3% | +8.5% | +10.6% | |
| Q1 2024 | -7.5% | -3.5% | -1.9% | |
| Q4 2023 | -4.2% | -2.6% | +4.9% | |
| Q3 2023 | -0.8% | +1.3% | +4.4% | |
| Q2 2023 | +5.8% | +4.6% | +0.6% | |
| Q1 2023 | +4.6% | +1.8% | -3.4% | |
| Q4 2022 | +10.9% | +9.2% | +13.7% | |
| Q3 2022 | -3.2% | -2.6% | +8.3% | |
| Q2 2022 | -14.0% | -16.5% | -11.3% | |
| Q1 2022 | -9.1% | -9.5% | -4.9% | |
| Q4 2021 | +7.2% | +5.1% | +10.7% | |
| Q3 2021 | +2.5% | -2.1% | -4.7% | |
| Q2 2021 | +1.4% | +2.6% | +7.2% | |
| Q1 2021 | +2.8% | +6.0% | +12.2% | |
| Q4 2020 | +4.8% | +6.0% | +23.4% | |
| Q3 2020 | -4.6% | -8.6% | +1.5% | |
| Q2 2020 | +0.2% | -6.4% | -5.7% | |
| Q1 2020 | -8.6% | -22.4% | -21.8% | |
| Q4 2019 | +6.4% | +7.6% | -7.4% | |
| Q3 2019 | -2.0% | -2.3% | -7.2% | |
| Q2 2019 | +1.0% | -0.0% | +6.0% | |
| Q1 2019 | +7.6% | +9.2% | +14.6% | |
| Q4 2018 | +2.1% | +1.8% | +2.3% | |
| Q3 2018 | +7.2% | +9.8% | +10.4% | |
| Q2 2018 | +4.4% | +6.1% | +7.3% | |
| Q1 2018 | -4.7% | -6.2% | -6.0% | |
| Q4 2017 | -3.1% | +2.4% | +6.1% | |
| Q3 2017 | -6.2% | -7.4% | -4.3% | |
| Q2 2017 | +5.3% | +4.5% | +0.6% | |
| Q1 2017 | +1.7% | -1.0% | -2.7% | |
| Q4 2016 | -0.3% | +1.9% | +5.0% | |
| Q3 2016 | -1.4% | -2.4% | +5.5% | |
| Q2 2016 | -0.1% | -0.3% | +2.6% | |
| Q1 2016 | +2.7% | — | — | |
| Q4 2015 | +3.9% | — | — | |
| Q3 2015 | +2.7% | — | — | |
| Q2 2015 | +2.3% | — | — | |
| Q1 2015 | -2.4% | — | — | |
| Q4 2014 | -0.4% | — | — | |
| Q3 2014 | +0.9% | — | — | |
| Q2 2014 | -2.7% | — | — | |
| Q1 2014 | -2.8% | — | — | |
| Q4 2013 | -4.3% | — | — | |
| Q3 2013 | +0.1% | — | — | |
| Q2 2013 | +0.9% | — | — | |
| Q1 2013 | -1.7% | — | — | |
| Q4 2012 | +2.0% | — | — | |
| Q3 2012 | +2.9% | — | — | |
| Q2 2012 | +2.6% | — | — | |
| Q1 2012 | +1.2% | — | — | |
| Q4 2011 | -1.2% | — | — | |
| Q4 2008 | -1.2% | — | — | |
| Q3 2011 | +1.4% | — | — | |
| Q2 2011 | -2.1% | — | — | |
| Q1 2010 | -2.5% | — | — | |
| Q1 2011 | +0.1% | — | — | |
| Q4 2010 | +2.0% | — | — | |
| Q3 2009 | -2.3% | — | — | |
| Q3 2010 | -2.3% | — | — | |
| Q4 2009 | -0.6% | — | — | |
| Q2 2010 | -0.6% | — | — | |
| Q2 2009 | -0.6% | — | — |
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