CINCINNATI, OH (STL.News) Cincinnati Financial Corporation (Nasdaq: CINF) Thursday reported the following highlights:
- First-quarter 2022 net loss of $273 million, or $1.70 per share, compared with net income of $620 million, or $3.82 per share, in the first quarter of 2021, after recognizing a $540 million first-quarter 2022 after-tax reduction in the fair value of equity securities still held.
- $31 million or 14% increase in non-GAAP operating income* to $253 million, or $1.58 per share, compared with $222 million, or $1.37 per share, in the first quarter of last year.
- $893 million decrease in first-quarter 2022 net income, compared with first-quarter 2021, primarily due to the after-tax net effect of a $924 million decrease in net investment gains partially offset by a $25 million increase in after-tax property-casualty underwriting income.
- $75.43 book value per share on March 31, 2022, down $6.29 since year-end.
- Negative 6.9% value creation ratio for the first three months of 2022, compared with a positive 4.1% for the same period of 2021.
NOTE: This is a list of highlights provided as a summary and does not include all of the facts. Visit the company website for complete details.