Cincinnati Financial reported second-quarter 2026 non-GAAP operating income of $1.43 per share, missing Wall Street estimates of $1.82. The miss was primarily driven by higher catastrophe losses, which pushed the property and casualty combined ratio above 100%, indicating an underwriting loss for the quarter.
Key Highlights
- The property and casualty combined ratio deteriorated to 100.8%, up from 94.9% in the prior-year quarter, as catastrophe losses added 14.4 points to the ratio.
- Net written premiums grew 3% year-over-year to $2.83 billion, exceeding the $2.7 billion analyst forecast, supported by price increases and premium growth initiatives.
- Net investment income increased 12% to $319 million, driven by a 14% rise in bond interest income.