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Cincinnati Financial Reports Fourth-Quarter and Full-Year 2017 Results
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PR Newswire
CINCINNATI, Feb. 7, 2018
CINCINNATI, Feb. 7, 2018 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:
- Fourth-quarter 2017 net income of $642 million, or $3.88 per share, compared with $100 million, or 60 cents per share, in the fourth quarter of 2016.
- Full-year 2017 net income of $1.045 billion, or $6.29 per share, up 77 percent from $591 million, or $3.55 per share, in 2016. Non-GAAP operating income of $455 million, or $2.74 per share, down 11 percent from $511 million, or $3.07 per share.
- $542 million increase in fourth-quarter 2017 net income, reflecting a $495 million benefit from net deferred income tax liability revaluation due to U.S. tax reform, a $27 million increase in after-tax property casualty underwriting income and a $19 million after-tax increase in net realized investment gains.
- $50.29 book value per share at December 31, 2017, up $7.34 or 17.1 percent since December 31, 2016, and including $3.02 or 7.0 percent from the tax benefit noted above.
- 22.9 percent value creation ratio for full-year 2017, including 7.0 percent from the tax benefit noted above, compared with 14.5 percent for 2016.
| Financial Highlights | ||||||||||||||||||||
| | ||||||||||||||||||||
| (Dollars in millions except per share data) | Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||
| | 2017 | | 2016 | | % Change | | 2017 | | 2016 | | % Change | |||||||||
| Revenue Data | | | | | | | | | | | | | ||||||||
| Earned premiums | | $ | 1,258 | | | $ | 1,192 | | | 6 | | $ | 4,954 | | | $ | 4,710 | | | 5 |
| Investment income, net of expenses | | 156 | | | 153 | | | 2 | | 609 | | | 595 | | | 2 | ||||
| Total revenues | | 1,411 | | | 1,312 | | | 8 | | 5,732 | | | 5,449 | | | 5 | ||||
| Income Statement Data | | | | | | | | | | | | | ||||||||
| Net income | | $ | 642 | | | $ | 100 | | | 542 | | $ | 1,045 | | | $ | 591 | | | 77 |
| Realized investment gains and losses, net | | (6) | | | (25) | | | 76 | | 95 | | | 80 | | | 19 | ||||
| Effects of U.S. tax reform legislation | | 495 | | | — | | | nm | | 495 | | | — | | | nm | ||||
| Non-GAAP operating income* | | $ | 153 | | | $ | 125 | | | 22 | | $ | 455 | | | $ | 511 | | | (11) |
| Per Share Data (diluted) | | | | | | | | | | | | | ||||||||
| Net income | | $ | 3.88 | | | $ | 0.60 | | | 547 | | $ | 6.29 | | | $ | 3.55 | | | 77 |
| Realized investment gains and losses, net | | (0.04) | | | (0.15) | | | 73 | | 0.57 | | | 0.48 | | | 19 | ||||
| Effects of U.S. tax reform legislation | | 2.99 | | | — | | | nm | | 2.98 Werbung Mehr Nachrichten zur Cincinnati Financial Aktie kostenlos abonnieren
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