Cincinnati Financial’s Q2 Profit Up 84% From a Year Ago

Property/casualty insurer Cincinnati Financial Corp. reported second-quarter net income of $155 million, or 91 cents per diluted share, up 83.9 percent from $84 million, or 50 cents per share, from a year ago. Net income per share included net realized investment gains of 21 cents in 2004 versus a gain of 1 cent in the second quarter of 2003.

“The excellent results for the first half of 2004 show the steady progress that is the centerpiece of our long-term strategy,” said CEO John J. Schiff Jr. in a statement.

“These results put us in good shape to achieve even better full-year results than we previously expected,” Schiff added. “We are entering a period of heightened competition in the commercial insurance marketplace from a position of strength. As planned, we are steadily advancing toward profitability with year-over-year improvements for our personal lines operations. And, our balance sheet’s strength continues to generate both short-term income and the potential for long-term appreciation, supporting the financial flexibility that is so valuable to our policyholders and shareholders.”