Cincinnati Financial(CINF) - 2025 Q1 - Quarterly Results

Financial Performance - Total earned premium for the first quarter of 2025 was $2,344 million, with property casualty premiums contributing $2,264 million and life premiums contributing $80 million[12]. - Total revenues for the first quarter of 2025 amounted to $2,566 million, compared to $755 million in the prior year[12]. - The total expenses for the quarter were $2,694 million, leading to a loss before income taxes of $128 million[12]. - The net income for the current year was a loss of $90 million, compared to a net income of $755 million in the prior year[12]. - The company reported a current operating loss of $28 million for the quarter[12]. - The company reported a net loss of $87 million for the quarter, compared to a net income of $257 million in Q1 2024[60]. - The statutory combined ratio for the quarter was 112.3%, compared to 85.2% in the prior year, showing a significant deterioration in underwriting performance[42]. - The statutory combined ratio for Q1 2025 was reported at 89.2%, indicating improved operational efficiency[48]. - The statutory combined ratio for the period was reported at 86.4%, compared to 93.3% in the previous year, indicating improved underwriting performance[57]. Investment Income - The net investment income for the quarter was $280 million, while net investment gains and losses resulted in a loss of $67 million[12]. - The net investment income earned was $181 million, a 16% increase from $156 million in Q1 2024[60]. Loss Ratios and Claims - The loss ratio for property casualty insurance operations was significant, with losses and contract holders' benefits totaling $2,479 million[12]. - The loss ratio for the quarter was 72.4%, up from 43.2% in the same quarter last year, indicating increased claims relative to earned premiums[42]. - The total loss and loss expense ratio was reported at 68.1%, reflecting a slight decrease from the previous year[30]. - The loss and loss expense ratio was reported at 58.6% for the quarter, compared to 55.7% in the same quarter last year[57]. - The total loss and loss expense ratio stood at 60.9% in Q3 2025, down from 66.9% in Q3 2024[36]. - The total loss ratio for the three months ended December 31, 2025, was 71.8%, compared to 43.5% in the previous quarter[22]. Premiums and Underwriting - Net written premiums for the three months ended March 31, 2025, were $2,495 million, reflecting an 11% year-over-year increase[42]. - Net written premiums for Commercial casualty reached $443 million, reflecting a year-over-year increase of 6%[29]. - Net written premiums for Commercial property amounted to $411 million, showing a year-over-year growth of 14%[29]. - Net written premiums for personal auto reached $266 million, a year-over-year increase of 23%[32]. - The company reported a year-over-year increase of 12% in agency new business written premiums for Q1 2025[48]. - The company anticipates continued growth in net written premiums across all personal lines in the upcoming quarters[32]. Catastrophe Losses - Catastrophe losses for the twelve months ended December 31, 2025, totaled $704 million, up from $621 million in the prior year[16]. - Catastrophe losses for the three months ended December 31, 2025, amounted to $24.6 million, significantly higher than $3.6 million in the previous quarter[21]. - Current accident year catastrophe losses were reported at 0.8 in Q3 2025, a decrease from 1.7 in Q3 2024[36]. - The contribution from catastrophe losses for the three months ended December 31, 2025, was 58.7%, reflecting a notable impact on overall performance[53]. Operational Efficiency - The net underwriting expense ratio for the quarter was 28.2%, slightly improved from 30.2% in the prior year[42]. - The net underwriting expense ratio for Q1 2025 was 26.9%, reflecting a slight increase from previous quarters[48]. - The net underwriting expense ratio for the three months ended December 31, 2025, was 31.2%, up from 28.5% in the previous quarter[52]. Other Financial Metrics - The total number of reported losses greater than $5 million for the current accident year was 3, compared to 1 in the previous quarter[26]. - The company experienced a year-over-year decline of 9% in net written premiums globally, totaling $75 million[68]. - The company continues to focus on market expansion and new product development to drive future growth[48].