Cincinnati Financial Tallies $57 Million in First Quarter

Cincinnati Financial Corp. reported first-quarter 2003 net income of $57 million, or 35 cents per diluted share, compared with $75 million, or 46 cents per share, in the first quarter of 2002. Net income per share included net realized investment losses of 25 cents in 2003 versus 3 cents in the comparable 2002 period.

First-quarter operating income rose 20.6 percent to $97 million, or 60 cents per diluted share. Operating income, used by investors to measure insurer performance, excludes net realized investment gains and losses from net income.

Revenues from pre-tax investment income, the primary source of profits, rose 6.3 percent to $116 million, the highest quarterly result on record. Total 2003 first-quarter revenues advanced $20 million to $707 million.

Topics Profit Loss