DexCom earnings beat by $0.03, revenue topped estimates
CINCINNATI - Cincinnati Financial Corporation (NASDAQ:CINF) shares jumped 3.2% in after-hours trading Monday after the property and casualty insurer reported fourth quarter earnings that handily beat analyst expectations.
The company posted adjusted earnings per share of $3.14, significantly above the $1.88 consensus estimate. Revenue also topped forecasts at $2.54 billion versus expectations of $2.32 billion.
Cincinnati Financial’s strong quarter was driven by solid underwriting results across its insurance segments. The company reported a combined ratio of 84.7% in Q4, improving from 87.5% in the year-ago period. A lower combined ratio indicates better profitability in insurance underwriting.
"Our 2024 year-end results show the importance and success of the initiatives we’ve undergone over the past decade to appropriately balance growth and profitability," said Stephen M. Spray, president and CEO. "Non-GAAP operating income finished the year strong, increasing 26% to $1.197 billion, compared with full-year 2023."
The company saw 17% growth in fourth quarter net written premiums to $2.24 billion, reflecting price increases and higher insured exposures. New business written premiums rose 23% to $382 million.
For the full year 2024, Cincinnati Financial reported net income of $2.29 billion, or $14.53 per share, up 24% from $1.84 billion, or $11.66 per share, in 2023.
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