NASDAQ$CINF
Cincinnati Financial Corp · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Cincinnati Financial reported net income of $820 million, or $5.20 per share, and non-GAAP operating income of $224 million, or $1.42 per share, for the third quarter of 2024.
Cincinnati Financial Corporation reported a strong third quarter with a significant increase in net income driven by gains in the fair value of equity securities. The company's book value per share reached a record high, and the value creation ratio for the first nine months of the year exceeded the company's target range.
- Third-quarter net income was $820 million, or $5.20 per share, compared to a net loss of $99 million, or $0.63 per share, in the third quarter of 2023.
- Third-quarter non-GAAP operating income was $224 million, or $1.42 per share, compared to $261 million, or $1.66 per share, in the third quarter of last year.
- Book value per share at September 30, 2024, was $88.32, up $11.26 since year-end.
- Value creation ratio for the first nine months of 2024 was 17.8%, compared with 4.4% for the same period of 2023.
Headline financials
Revenue & EPS history
Cincinnati Financial · Revenue · Quarterly
$3.32B
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
The company's safe harbor statement discusses risks and uncertainties that may cause actual results to differ materially from forward-looking statements, including potential impacts from pandemics, catastrophe losses, market conditions, and regulatory changes.
Tailwinds
- Ongoing focus on increasing product and geographic diversification.
- Fine-tuning pricing precision.
- Applying underwriting expertise.
- Rising investment income.
- Responsiveness and stability as options for new business opportunities.
Headwinds
- Effects of any future pandemic, or the resurgence of the COVID-19 pandemic
- Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns
- Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance, due to inflationary trends or other causes
- Declines in overall stock market values negatively affecting our equity portfolio and book value
- Domestic and global events resulting in insurance losses, capital market or credit market uncertainty
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 2024
+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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