Cincinnati Financial Corporation reported a sharp year-over-year decline in third-quarter profit, with net income down 59% to $459 million as lower investment gains accounted for most of the drop and underwriting profit also weakened.
The company reported net income of $459 million for the three months ended Sept. 30, compared with $1.122 billion in the same quarter of 2025. The $663 million decline came alongside diluted earnings per share of $2.96, down from $7.11 a year earlier, according to the company’s earnings release.
A $657 million after-tax reduction in net investment gains accounted for most of the net income decrease. Property-casualty underwriting profit fell by $41 million. A $24 million increase in investment income partly offset those declines.
Non-GAAP operating income was $443 million, compared with $449 million a year earlier. Total revenue fell 18% to $3.047 billion from $3.726 billion.
Chief Executive Officer Stephen M. Spray said catastrophe losses rose 7 percentage points from the year-earlier quarter, bringing them closer to historical averages.
A Form 8-K filed with the U.S. Securities and Exchange Commission on Oct. 26 lists disclosures on results and financial condition, as well as financial statements and exhibits. The company scheduled a call to discuss the results for Tuesday, Oct. 27, at 11 a.m. EDT.
