Cincinnati Financial Reports Fourth-Quarter and Full-Year 2025 Results

Financial Highlights - Cincinnati Financial Corporation reported a fourth-quarter 2025 net income of $676 million, or $4.29 per share, a 67% increase from $405 million, or $2.56 per share, in the fourth quarter of 2024 [5] - Full-year 2025 net income reached $2.393 billion, or $15.17 per share, compared to $2.292 billion, or $14.53 per share, in 2024 [5] - The company experienced a 10% increase in earned premiums for the fourth quarter of 2025, totaling $2.592 billion, and a 12% increase for the full year, reaching $9.983 billion [2][5] - Investment income, net of expenses, rose by 9% in the fourth quarter to $305 million and by 14% for the full year to $1.165 billion [2][5] Insurance Operations Highlights - The insurance operations achieved a combined ratio of 85.2% for the fourth quarter of 2025, marking one of the best performances in the last decade, and a full-year combined ratio of 94.9%, within the long-term goal of 92% to 98% [9][10] - Total property casualty net written premiums increased by 9% for the year, surpassing $10 billion for the first time in the company's history [10][11] - The life insurance subsidiary reported a 16% increase in net income to $106 million for the fourth quarter of 2025 [10][11] Investment and Balance Sheet Highlights - The book value per share increased by 15% to $102.35 at December 31, 2025, bolstered by a 14% increase in net pretax investment income [14][33] - Total investments reached $31.783 billion, up from $28.378 billion a year earlier, and total assets increased to $41.002 billion from $36.501 billion [33][34] - The company reported a 9% rise in fourth-quarter 2025 pretax investment income, primarily due to a 10% increase in interest income from fixed-maturity securities [34]