Cincinnati Financial third-quarter results report net income of $459 million, or $2.96 per share, compared with $1.122 billion, or $7.11 per share, in the third quarter of 2025. The company also reported non-GAAP operating income* of $443 million, or $2.86 per share, compared with $449 million, or $2.85 per share, in the third quarter of last year.
Net Income, Operating Income and Book Value
In its third-quarter earnings release, Cincinnati Financial described the change in net income as including the effects of after-tax net decreases of $657 million from net investment gains and $41 million from property casualty underwriting profit, partially offset by an increase of $24 million from investment income.
On the balance sheet, the company reported $105.42 book value per share at September 30, 2026, up $3.07 since year-end.
For the first nine months, the release shows a 5.8% value creation ratio for the first nine months of 2026, compared with 13.8% for the same period of 2025. InsuraBeat has separate coverage of Travelers’ SEC filing and its investment income.
Combined Ratio and Premium Growth
On underwriting, Cincinnati Financial reported a 90.9% third-quarter 2026 property casualty combined ratio, increased from 88.2% for the third quarter of 2025.
The earnings release cites 2% growth in third-quarter net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures. On new business, it states $315 million third-quarter 2026 property casualty new business written premiums, down 12%.
The release also includes commentary, which reads:
“On a nine-month basis we achieved healthy non-GAAP operating income, increasing that measure 38% to $997 million. … With three-quarters of the year behind us, our 95.8% combined ratio is comfortably within our long-term target of 92% to 98%.”
“In this competitive market, we are balancing new business opportunities with underwriting discipline.”
InsuraBeat has separate coverage of W. R. Berkley’s earnings, underwriting and repurchases.
Segment Premium Growth and Life Insurance
By segment, the release reports the following net written premium figures:
- Personal lines: $6 million or 1% growth in third-quarter 2026 personal lines net written premiums. Five percent growth in nine-month net written premiums.
- Excess and surplus lines: $9 million or 5% growth in third-quarter 2026 excess and surplus lines net written premiums. Seven percent growth in nine-month net written premiums.
- Commercial lines: $1 million or less than 1% growth in third-quarter 2026 commercial lines net written premiums. Two percent growth in nine-month net written premiums.
On the life insurance side, the release reports $31 million third-quarter 2026 life insurance subsidiary net income, up $3 million compared with the third quarter of 2025, and 2% growth in third-quarter 2026 term life insurance earned premiums.
InsuraBeat has separate coverage of Chubb’s North America Commercial and Overseas General results.
Investment Income, Portfolio Positions and Parent-Company Capital
On investment income, the release states a 10% or $30 million increase in third-quarter 2026 pretax investment income, including an 11% increase in bond interest income and a 4% decrease in stock portfolio dividends.
The release gives these portfolio figures:
- Consolidated cash and total investments: $34.378 billion in consolidated cash and total investments at September 30, 2026, an increase of 4% from $33.214 billion at year-end 2025.
- Bond portfolio: $18.925 billion bond portfolio at September 30, 2026, with an average rating of A2/A.
- Equity portfolio: $13.145 billion equity portfolio was 39.7% of total investments, including $8.872 billion in appreciated value before taxes at September 30, 2026.
Capital figures in the company’s SEC filing include $6.044 billion parent company cash and marketable securities at September 30, 2026, up 9% from year-end 2025.
On shareholder returns, the commentary states: “This ample capital allows us to execute on our long-term strategies and, at the same time, continue to not just pay dividends to shareholders, but increase them, through the normal variability of investment and insurance markets as we’ve done for 66 years.” InsuraBeat has separate coverage of the Marsh global insurance market index.
