Cincinnati Financial estimates $235M Q1 catastrophe losses; combined ratio guided 99%-103%

CINCINNATI FINANCIAL CORP

Pretax catastrophe losses ~$235M, including $171M from three March tornado outbreaks in several states.
Combined ratio impact of 12.8pp, well above 5-year historical Q1 average of 6.3pp.
Property casualty combined ratio estimated at 99% to 103% for Q1 2023.
Net written premium growth estimated at ~6% for the quarter.
Commercial lines segment $110M; personal lines $115M; others aggregate ~$10M in catastrophe losses.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CINCINNATI FINANCIAL CORP reported preliminary financial results for first-quarter 2023.

Period: first-quarter 2023
Result: preliminary results

Exact text from the filing

The Cincinnati Insurance Company n The Cincinnati Indemnity Company The Cincinnati Casualty Company n The Cincinnati Specialty Underwriters Insurance Company The Cincinnati Life Insurance Company n CFC Investment Company n CSU Producer Resources Inc. Cincinnati Global Underwriting Ltd. n Cincinnati Global Underwriting Agency Ltd. Investor Contact : Dennis E. McDaniel, 513-870-2768 CINF-IR@cinfin.com Media Contact : Betsy E. Ertel, 513-603-5323 Media_Inquiries@cinfin.com Cincinnati Financial Corporation Announces Preliminary Estimate for First-Quarter Storm Losses Cincinnati, April 17, 2023 – Cincinnati Financial Corporation (Nasdaq: CINF) today announced that its consolidated first-quarter results are expected to include pretax catastrophe losses of approximately $235 million – representing an impact on the first-quarter 2023 combined ratio of approximately 12.8 percentage points, based on estimated property casualty earned premiums.

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Source: SEC EDGAR

accession 0000020286-23-000032

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