Feb 10 (Reuters) - Insurance firm Cincinnati Financial CINF.O reported nearly a 38% increase in its fourth-quarter profit on Monday, helped by gains in its underwriting business and higher investment income.
The Fairfield, Ohio-based company offers a range of insurance products, including property and casualty insurance for individuals, businesses and organizations, and collects premiums from policyholders.
It also invests the premiums it collects in a diversified portfolio of assets, including stocks, bonds, real estate, and earns investment income from dividends, interest and capital gains.
Businesses and individuals prioritizing spending on insurance coverage to mitigate risks ranging from natural disasters to cyberattacks and health emergencies also benefited companies such as Cincinnati.
The company's earned premiums grew 15% to $2.37 billion for the quarter ended December 31. Its biggest segment, commercial lines insurance, saw premiums rise 7% to $1.16 billion.
Cincinnati's investment income climbed 17% to $280 million.
The company posted quarterly adjusted operating profit of $3.14 per share, compared with $2.28 per share a year ago.
(Reporting by Atharva Singh; Editing by Shilpi Majumdar)
((Atharva.Singh@thomsonreuters.com))
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。