Cincinnati Financial profit falls as Ohio catastrophe losses surge

Cincinnati Financial reported a decline in second‑quarter profit, with earnings per share dropping to $1.43 from $1.97 a year earlier. The company attributed the drop to higher catastrophe losses, taking a $61 million after‑tax hit. CEO Stephen M. Spray said, “Turning to our insurance business, elevated catastrophe losses played a large part in an uptick in our combined ratio,” and added that “Ohio was particularly impacted by bad weather this spring with catastrophe losses reaching nearly four times higher than our 5‑year second‑quarter average for the state.” The insurer’s property‑casualty combined ratio rose to 100.8% from 94.9% a year ago, indicating claims exceeded premiums. Earned premiums grew 6% to $2.64 billion, but shares fell 5.1% in extended trading.