Saturday, July 27, 2002
Earnings
Cincinnati Financial hit
By The Cincinnati Enquirer
Higher weather-related losses caused Cincinnati Financial Corp. to post a 9 percent drop in second-quarter operating income.
The Fairfield-based property and casualty insurer had second-quarter operating income of $41 million, or 25 cents a share, down from $45 million, or 28 cents a share, during last year's second quarter.
Those figures excluded realized capital losses and gains.
The decline came as catastrophe losses included in second-quarter operating income totaled $47 million, or 19 cents a share, up from $35 million, or 14 cents a share, during the same period last year.
The company's second-quarter net income was $35 million, or 21 cents a share, versus $49 million, or 30 cents a share, a year ago. Total quarterly revenues rose 9.1 percent to $703 million.
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