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![CINCINNATI FINANCIAL CORP [CINF] reports annual net loss of $1.8 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FCINF.png&w=1200&q=75)
CINCINNATI FINANCIAL CORP [CINF] has reported a net loss of $1.8 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $10.0 billion
Based in FAIRFIELD, Ohio, CINCINNATI FINANCIAL CORP operates in the FINANCE sector.
In the annual report for the 12 months ended December 31, 2023, the following comparisons can be made with the previous periods in the financial statements of the company:
Revenues:
- Earned premiums increased to $7.958 billion in 2023 from $7.225 billion in 2022 and $6.478 billion in 2021.
- Investment income, net of expenses, rose to $894 million in 2023 from $781 million in 2022 and $714 million in 2021.
- Investment gains and losses, net, improved to $1.127 billion in 2023 from a loss of $1.467 billion in 2022 and $2.409 billion in 2021.
- Fee revenues increased to $21 million in 2023 from $14 million in 2022 and $15 million in 2021.
- Other revenues also saw growth to $13 million in 2023 from $10 million in 2022 and 2021.
Total revenues surged to $10.013 billion in 2023, significantly higher than $6.563 billion in 2022 and $9.626 billion in 2021.
Benefits and Expenses:
- Insurance losses and contract holders' benefits increased to $5.274 billion in 2023 from $5.019 billion in 2022 and $3.909 billion in 2021.
- Underwriting, acquisition, and insurance expenses rose to $2.384 billion in 2023 from $2.162 billion in 2022 and $1.946 billion in 2021.
- Interest expense remained relatively stable at $54 million in 2023 compared to $53 million in both 2022 and 2021.
- Other operating expenses increased to $25 million in 2023 from $23 million in 2022 and $20 million in 2021.
Total benefits and expenses amounted to $7.737 billion in 2023, higher than $7.257 billion in 2022 and $5.928 billion in 2021.
Net Income (Loss):
- The company reported a net income of $1.843 billion in 2023, a significant improvement from a net loss of $487 million in 2022 and $2.968 billion in 2021.
Earnings per Share:
- Net income per common share—basic was $11.74 in 2023, compared to a loss of $3.06 in 2022 and $18.43 in 2021.
- Net income per common share—diluted was $11.66 in 2023, compared to a loss of $3.06 in 2022 and $18.24 in 2021.
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