Cincinnati Financial Corporation reports 'stellar' results
Insurer Cincinnati Financial Corporation has reported a large hike in underwriting profit for 2019 and its second-best combined ratio in 10 years.
The company’s full-year 2019 net income was $1.997 billion, or $12.10 per share, compared with $287 million, or $1.75 per share, in 2018.
Its full-year 2019 property casualty combined ratio was 93.8 percent, compared to 96.4 percent in 2018.
Net written premiums were up 10 percent from $5 billion in 2018 to $5.5 billion in 2019.
Steven Johnston, president and chief executive officer, commented: "Property casualty underwriting continued to produce stellar results. Underwriting profit increased 83 percent for the year.
"Benefiting from sound underwriting judgment, lower catastrophe losses and favourable prior accident year reserve development, our 2019 full-year combined ratio of 93.8 percent is our second-best result in the last 10 years. We're achieving our planned results through the execution of our strategies to balance growth and profitability.
"We believe our full-year property casualty net written premium growth is again ahead of the industry average. We continue to refine pricing precision on accounts we underwrite. Our ability to price on a policy-by-policy basis will support our efforts to maintain appropriate pricing as we navigate a challenging market environment in 2020. Appropriate pricing, bolstered by our hallmarks of strong agency relationships and overwhelming claims service, will help our agents attract and retain high-quality business.”
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