Cincinnati Financial Corporation reported a slight decline in the third quarter profits, bucking the trend of sizable increases stemming from last year's big losses.
The property-casualty carrier reported third quarter net income of $115 million compared to $117 million in the same period last year. Total revenues for the quarter were $967 million compared to $944 million for a 2.4 percent rise.
Company chief executive officer John Schiff said the results “reflected the normal ebb and flow of the insurance business.”
Personal lines new business rose 14.4 percent with commercial lines three month growth was up at 6.5 percent. Overall, net written premiums rose 2.4 percent in the quarter compared to last year.
The company reported an over 96.1 combined ratio with catastrophe losses contributing 3.5 points compared to the 8.6 points they contributed in the third quarter of last year.
The company reported some sizable catastrophes in third quarter as severe weather struck the Midwest.
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