Headline: Cincinnati Financial's Mixed Q3 Results Reveal 17% Growth in Net Written Premiums

CINCINNATI - Cincinnati Financial Corporation (NASDAQ: CINF) reported third-quarter 2024 results, surpassing revenue expectations but falling short of earnings per share estimates. The property and casualty insurer announced non-GAAP operating income of $1.42 per share, below analysts' expectation of $1.46. However, revenue reached $2.3 billion, exceeding the consensus estimate of $2.24 billion.

The company experienced strong premium growth during the quarter, with net written premiums increasing by 17% to $2.29 billion. This growth was driven by new business premiums written by agents, which jumped 30% to $406 million.

The combined ratio, a key indicator of insurance profitability, rose to 97.4% from 94.4% in the same quarter last year. This increase was largely due to higher catastrophe losses, which added 13.8 points to the combined ratio compared to 9.4 points the previous year.

Chairman and CEO Stephen M. Spray stated, "In the third quarter, we responded to 20 weather-related catastrophes across the U.S., including Hurricane Helene that impacted 11 states by the end of September."

Despite higher catastrophe losses, Cincinnati Financial's book value per share increased by 15% year-to-date to $88.32 as of September 30.

The company's investment income rose by 15% to $258 million, driven in part by a 21% increase in interest income from bonds.