Cincinnati Financial Corporation (CINF) reported third-quarter 2026 non-GAAP operating income of $443 million, or $2.86 a share, after $224 million, or $1.43 a share, in the second quarter, as the property casualty combined ratio improved to 90.9% from 100.8%.

GAAP net income was $459 million, or $2.96 a share, after a less than $1 million after-tax increase in the fair value of equity securities still held. A year earlier, net income was $1.122 billion, or $7.11 a share. The $663 million year-over-year decline included 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 from investment income.

President and Chief Executive Officer Stephen M. Spray said catastrophe losses grew 7.0 points versus the third quarter of 2025, moving closer to historical averages, and that the 90.9% combined ratio reflected pricing segmentation and diversification of growth.

Property casualty net written premiums grew 2% to $2.550 billion, including $57 million of growth from premium growth initiatives, price increases and a higher level of insured exposures. Agency new business written premiums fell 12% to $315 million, a $41 million decrease primarily due to personal lines, including a $15 million increase from agencies appointed since the beginning of 2025.

Commercial lines net written premiums were essentially unchanged at $1.199 billion. The commercial combined ratio rose 1.7 points to 92.8%, including a 4.3-point increase in catastrophe losses.

Personal lines net written premiums grew 1% to $957 million. The personal combined ratio rose 2.1 points to 90.3%, including a 12.1-point increase in catastrophe losses. Agency new business written premiums in personal lines fell 34% to $76 million.

Excess and surplus lines net written premiums grew 5% to $184 million, and the combined ratio improved 0.4 points to 89.4%.

Life insurance subsidiary net income rose 11% to $31 million, with 2% growth in term life earned premiums.

Pretax investment income rose 10% to $325 million, including an 11% increase in bond interest income and a 4% decrease in stock portfolio dividends. After-tax investment gains and losses were $16 million versus $673 million a year earlier; pretax total investment losses were $1.142 billion.

Book value per share was $105.42 at September 30, 2026, up $3.07 since year-end. Parent company cash and marketable securities were $6.044 billion, up 9% from year-end 2025. Consolidated cash and total investments were $34.378 billion.

For the first nine months of 2026, non-GAAP operating income was $997 million, or $6.39 a share, compared with $723 million, or $4.58 a share, a year earlier. The nine-month property casualty combined ratio was 95.8%, which Spray said was within the company’s long-term target of 92% to 98%. The value creation ratio was 5.8% for the first nine months of 2026, compared with 13.8% for the same period of 2025.