Cincinnati Financial Corp. (CINF: Quote) reported that its first-quarter 2012 net income was $86 million, or $0.53 per share, up from $61 million, or $0.38 per share, in the first quarter of 2011.
The company said that a $25 million increase in first-quarter 2012 net income reflected a $25 million improvement, after taxes, in the contribution from property casualty underwriting - despite the unfavorable effect of $31 million from higher natural catastrophe losses.
Operating income was $77 million, or $0.48 per share, up 43 percent compared with $54 million or $0.33 per share last year.
Total revenues for the quarter rose to $986 million from $929 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share on revenues of $957.27 million for the quarter. Analysts' estimates typically exclude special items.
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by RTT Staff Writer
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