Cincinnati Financial Corporation reported third-quarter 2026 net income of $459 million, or $2.96 per share. This represents a decrease of $663 million compared to the third quarter of 2025, where net income was $1.122 billion, or $7.11 per share. The company attributes the decline to after-tax net decreases of $657 million from net investment gains and $41 million from property casualty underwriting profit, partially offset by a $24 million increase in investment income.
On a non-GAAP operating income basis, the company reported $443 million, or $2.86 per share, for the third quarter of 2026, compared to $449 million, or $2.85 per share, in the prior year period. For the first nine months of 2026, non-GAAP operating income increased 38% to $997 million.
Property casualty underwriting results showed a combined ratio of 90.9% for the third quarter of 2026, an increase of 2.7 percentage points from the 88.2% reported in the same period of 2025. The company notes that catastrophe losses grew by 7.0 points compared to the prior year's third quarter. However, on a nine-month basis, the combined ratio improved to 95.8%.
Consolidated cash and marketable securities totaled $6.044 billion at September 30, 2026, up 9% from year-end 2025. Book value per share stood at $105.42 as of September 30, 2026, an increase of $3.07 since the end of 2025. The company declared a cash dividend of $0.94 per share for the third quarter of 2026.
