Cincinnati Financial Q1 net income of $225M vs loss; operating income falls 46%

CINCINNATI FINANCIAL CORP

2023-Q1 EPS reported $1.42 revenue$2,241,000,000

Net income $225M ($1.42 diluted) vs net loss of $266M (-$1.66) in Q1 2022, aided by $84M after-tax equity securities gain.
Non-GAAP operating income $141M ($0.89) down 46% from $260M ($1.62) a year ago.
Earned premiums up 13% to $1.918B; net investment income up 14% to $210M.
Book value per share $68.33, up $1.12 from year-end 2022; value creation ratio 3.1% vs -6.9%.
Quarterly cash dividend raised 9% to $0.75 per share from $0.69.

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