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.”
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
AI Savings Misses ‘Should Be Making Executives Uncomfortable,’ Bain Says 
Renewals for Most Commercial Lines Decrease in May, Says Ivans 
Howard Hughes Holdings Completes $2.1B Acquisition of Re/insurer Vantage Group 
United Co-Pilot Warned Plane Was Slow, Low Before Newark Mishap 
