# Cincinnati Financial Corporation (CINF) Q2 2025 Financial Results Summary
Cincinnati Financial Corporation (Nasdaq: CINF) released its second-quarter 2025 financial results on July 28, 2025.
## Key Financial Highlights
– **Net Income**:
– Second-quarter 2025: **$685 million** ($4.34 per share)
– Second-quarter 2024: **$312 million** ($1.98 per share)
– Change: **120% increase** YoY
– **Non-GAAP Operating Income**:
– Q2 2025: **$311 million** ($1.97 per share)
– Q2 2024: **$204 million** ($1.29 per share)
– Change: **52% increase** YoY
– **Book Value**:
– As of June 30, 2025: **$91.46 per share**
– Change since year-end 2024: **$2.35 increase** (up **12%** YoY)
– **Total Revenues**:
– Q2 2025: **$3.248 billion**
– Q2 2024: **$2.544 billion**
– Change: **28% increase** YoY
– **Investment Income**:
– Q2 2025: **$285 million** (up **18%** YoY)
– Q2 2024: **$242 million**
– **Combined Ratio**:
– Q2 2025: **94.9%**
– Q2 2024: **98.5%**
– Improvement: **3.6 percentage points** YoY
– **Value Creation Ratio**:
– First six months of 2025: **4.6%**
– First six months of 2024: **8.2%**
– **Dividend**:
– Q2 2025 declared dividend: **$0.87**
– Q2 2024: **$0.81** (up **7%** YoY)
## Insurance Operations Highlights
– **Net Written Premiums**:
– Q2 2025: Increased by **11%**, reflecting price increases and premium growth initiatives.
– **Property Casualty Combined Ratio**:
– Q2 2025 was **94.9%**, an improvement from **98.5%** in Q2 2024.
– **Life Insurance Subsidiary**:
– Net income for Q2 2025: **$26 million**, up **8%** from Q2 2024.
## Investment and Balance Sheet Highlights
– **Total Investments**:
– As of June 30, 2025: **$29.569 billion**
– Change from year-end 2024: **4% increase**
– **Investment Gains**:
– Q2 2025: **$473 million**, significantly up from **$137 million** in Q2 2024.
– **Fair Value Increases**:
– **4% increase** in fair value of total investments at June 30, 2025.
– **Equity Portfolio**:
– Total value of **$11.649 billion**, constituting **39.4%** of total investments.
## Summary of Financial Growth Metrics
– **Revenue Growth**:
– Total revenues for Q2 2025: **$3.248 billion**, reflecting a **28% increase** from Q2 2024.
– **Underwriting and Investment Discipline**:
– Catastrophe-related claims amounted to **$380 million** in Q2 2025.
– **Annualized Investment Income**:
– **$285 million** in Q2 2025, a **18% increase** year over year.
## Share Repurchase and Dividends
– Cincinnati Financial Corporation declared a quarterly dividend of **$0.87**, an **increase of 7%** from the prior year.
This summary provides an overview of the prominent financial results and operational metrics reported by Cincinnati Financial Corporation for the second quarter of 2025, showcasing significant improvement compared to the same quarter in 2024.
| Three months ended June 30, | % | Six months ended June 30, | % | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change | |
| Earned premiums | $2,480 | $2,156 | 15 | $4,824 | $4,227 | 14 |
| Investment income, net of expenses | $285 | $242 | 18 | $565 | $487 | 16 |
| Investment gains and losses, net | $473 | $137 | 245 | $406 | $749 | -46 |
| Other revenues | $10 | $9 | 11 | $19 | $16 | 19 |
| Total revenues | $3,248 | $2,544 | 28 | $5,814 | $5,479 | 6 |
| Benefits and Expenses | ||||||
| Insurance losses and contract holders’ benefits | $1,660 | $1,480 | 12 | $3,628 | $2,829 | 28 |
| Underwriting, acquisition and insurance expenses | $709 | $655 | 8 | $1,411 | $1,271 | 11 |
| Interest expense | $14 | $14 | 0 | $27 | $27 | 0 |
| Other operating expenses | $10 | $9 | 11 | $21 | $13 | 62 |
| Total benefits and expenses | $2,393 | $2,158 | 11 | $5,087 | $4,140 | 23 |
| Income Before Income Taxes | $855 | $386 | 122 | $727 | $1,339 | -46 |
| Provision for Income Taxes | $170 | $74 | 130 | $132 | $272 | -51 |
| Net Income | $685 | $312 | 120 | $595 | $1,067 | -44 |
| Per Common Share: | ||||||
| Net income—basic | $4.38 | $1.99 | 120 | $3.81 | $6.82 | -44 |
| Net income—diluted | $4.34 | $1.98 | 119 | $3.77 | $6.77 | -44 |
—
| Assets | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Investments | $29,569 | $28,378 |
| Cash and cash equivalents | $995 | $983 |
| Premiums receivable | $3,420 | $2,969 |
| Reinsurance recoverable | $749 | $523 |
| Deferred policy acquisition costs | $1,367 | $1,242 |
| Other assets | $2,742 | $2,406 |
| Total assets | $38,842 | $36,501 |
| Liabilities | ||
| Insurance reserves | $14,031 | $12,963 |
| Unearned premiums | $5,444 | $4,813 |
| Deferred income tax | $1,584 | $1,476 |
| Long-term debt and lease obligations | $859 | $850 |
| Other liabilities | $2,623 | $2,464 |
| Total liabilities | $24,541 | $22,566 |
| Shareholders’ Equity | ||
| Common stock and paid-in capital | $1,925 | $1,899 |
| Retained earnings | $15,193 | $14,869 |
| Accumulated other comprehensive loss | -$249 | -$309 |
| Treasury stock | -$2,568 | -$2,524 |
| Total shareholders’ equity | $14,301 | $13,935 |
| Total liabilities and shareholders’ equity | $38,842 | $36,501 |
