Thursday, property casualty insurance company Cincinnati Financial Corp. (CINF), reported a rise in profit for the fourth-quarter from a year ago on higher investment income and realized investment gains.
The company's fourth quarter profit increased to $245 million or $1.50 per share from $161 million or $0.99 per share in the prior-year period.
On an average, 5 analysts polled by Thomson Reuters expected earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude one-time items.
Fourth-quarter total revenue increased to $1.133 billion from $1.018 billion in the year-ago period. Wall Street expected revenue of $911.63 million for the quarter.
Segment-wise, revenue from property casualty business decreased to $713 million from $747 million, revenue from its life insurance business increased to $39 million from $33 million in the year ago quarter. Investment income rose to $131 million from $125 million last year, and realized investment gains improved to $247 million from $110 million in the year-ago period.
The company said that close attention to underwriting and price adequacy, in addition to the weak economy, led to a 5.1% decline in net property casualty written premiums for the quarter and 3.3% for the year. New business rose 9.9% to $405 million, driven by growth from personal lines and excess and surplus lines.
Cincinnati Financial owns The Cincinnati Insurance Company, CSU Producer Resources, Inc., CFC Investment Company and CinFin Capital Management Company.
For the full-year, Cincinnati profit increased to $432 million or $2.65 per share from $429 million or $2.62 per share last year. Revenue increased to $3.903 billion from $3.824 billion a year ago. Analysts expected the company to post earnings of $1.32 per share, on revenue of $3.69 billion.
Kenneth Stecher, president and CEO, Cincinnati Financial, said, "The final quarter of 2009 marked Cincinnati Financial's third consecutive quarter of increasing financial strength, with growth of total assets, invested assets and book value, as well as statutory surplus for both our property casualty insurance group and for our life insurance company. At year-end 2009, all of these measures reached substantially higher levels than those reported at year-end 2008, reflecting the success of our strategy to manage capital effectively and of our initiative to diversify our investment portfolio and rebalance it on an ongoing basis."
CINF closed Thursday's regular trading session at $26.26, down $0.37 or 1.39%,on the Nasdaq.
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