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Cincinnati Financial Profit Falls Amid Revenue Growth, Misses Estimate

Property and casualty insurer Cincinnati Financial Corp (CINF) Thursday reported first-quarter net earnings of $91 million or $0.55 per share compared with $151 million or $0.94 per share last year.

Excluding items, operating earnings for the quarter were $77 million or $0.46 per share compared with $128 million or $0.78 per share a year ago.

Analysts polled by Thomson Reuters estimated earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were up 8% at $1.19 billion compared with $1.1 billion in the prior year. Analysts estimated revenues of $1.16 billion for the quarter.

Total benefits and expenses for the quarter escalated to $1.07 billion from $886 million in the prior year.

Property casualty combined ratio for the quarter worsened to 100.3 percent from 91.2 percent last year.

At the end of the quarter, the company had a book value of $37.73 per share, compared with $35.41 per share a year ago.

by RTT Staff Writer

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