Strong investment income and relatively modest catastrophe losses helped fuel a 30 percent increase in net income for Cincinnati Financial Corp.'s third-quarter financial results.
The Cincinnati-based carrier reported $117 million in net income for the latest quarter on revenue of $944 million, up from net income of $90 million on revenue of $879 million for the third quarter of 2004.
For the first nine months, the company reported $419 million on $2.8 billion in revenue, up from $392 million on $2.7 billion in revenue for the same period in 2004.
The company said its 91 percent combined ratio for the first nine months reflected continued strong commercial and personal lines underwriting results.
Chief executive John Schiff said that catastrophe losses through the first nine months of the year were below the figure for the similar period last year.
Catastrophe losses, including ceded and reassumed reinsurance, were $83 million pre-tax for nine months.
The company said that pre-tax investment income grew 7.7 percent for the third quarter when compared to the same period last year.
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