Cincinnati Financial Corporation reported significant financial growth for the third quarter and the first nine months of 2024, reflecting a robust performance across its insurance and investment segments. As of September 30, 2024, total investments reached $28,104 million, up 11% from $25,357 million at the end of 2023. Total assets also increased by 13% to $37,009 million, while total shareholders' equity rose 14% to $13,804 million.
For the three months ending September 30, 2024, earned premiums amounted to $2,297 million, a 13% increase from $2,033 million in the same period of 2023. Total revenues surged to $3,320 million, an 83% increase compared to $1,811 million in Q3 2023. The company reported a net income of $820 million, a stark contrast to the net loss of $99 million recorded in the same quarter of the previous year. For the nine-month period, net income reached $1,887 million, up 186% from $660 million in 2023, with total revenues increasing by 32% to $8,799 million.
The underwriting results showed a mixed performance, with a combined ratio of 97.4% for Q3 2024, compared to 94.4% in Q3 2023, primarily due to increased catastrophe losses. The company reported direct written premiums of $2,285 million for Q3 2024, up from $1,939 million in the same quarter of 2023. The increase in premiums was driven by price adjustments and higher insured exposures.
Investment performance was notably strong, with net investment gains of $758 million for Q3 2024, compared to a loss of $456 million in Q3 2023. The nine-month investment gains totaled $1,507 million, significantly higher than the $84 million reported in the same period of 2023. The company’s investment strategy focused on fixed-maturity and equity securities, with a fair value of the investment portfolio at $27.441 billion as of September 30, 2024.
Cincinnati Financial also declared dividends of $0.81 per share for Q3 2024, an increase from $0.75 in the same period of 2023, marking the 64th consecutive year of dividend increases. The company maintained a strong financial position, with a debt-to-total-capital ratio of 5.6%, down from 6.3% at year-end 2023.
Overall, Cincinnati Financial Corporation's performance in 2024 reflects a strong recovery and growth trajectory, driven by increased premiums, robust investment gains, and effective management of underwriting expenses.
About CINCINNATI FINANCIAL CORP
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