Thursday, February 07, 2002

Cincinnati Financial posts profit

By Jeff McKinney
The Cincinnati Enquirer

        Double-digit revenue growth helped Cincinnati Financial Corp. post a fourth-quarter profit, rebounding from a loss in the same period the previous year.

        The company also said Wednesday that it would raise its quarterly dividend by 6 percent.

        The Fairfield-based property and casualty insurer earned $36 million, or 22 cents a share. That compares with a loss of $41 million, or 26 cents a share, during fourth quarter 2000.

        For 2001, the company earned $193 million, or $1.19 a share, up from $144 million, or 89 cents a share, in 2000, excluding a one-time charge to cover the write-off of software projects.

        On an operating basis, Cincinnati Financial had income of $210 million, or $1.29 a share, up from $146 million, or 90 cents a share, minus the software-project charge.

        The insurer's revenue last year rose almost 10 percent to $2.56 billion, fueled by strong premium growth and higher investment income.

        In addition, Cincinnati Financial will boost its quarterly dividend to 22.25 cents a share, up from 21 cents. The new rate is payable April 15 to shareholders of record March 22.


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- Cincinnati Financial posts profit
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