Cincinnati Financial has reported total revenues of $887m for the first quarter of 2010, an increase of 0.4% compared to $890m for the same quarter in 2009.
Cincinnati Financial’s operating income was $63m for the first quarter of 2010, or $0.39 per share, compared to $37m, or $0.23 per share, for the same period last year.
Net premiums earned for the first quarter of 2010 were $746m, a decrease of 2% compared to $765m for the same quarter in 2009.
The company posted an invesment income of $130m for the quarter which is an increase of 5% compared to $124m for the same period last year.
For the quarter ended March 31, 2010, the company posted net income of $68m, or $0.42 per share, compared to $35m, or $0.22 per share, for the same quarter in 2009.
Kenneth Stecher, president and CEO of Cincinnati, said: “First-quarter trends were largely positive, including better weather in the Midwest. The result was operating earnings and net income well above amounts achieved in the comparable 2009 quarter.
The first-quarter property casualty insurance underwriting loss narrowed as our policyholders experienced fewer weather-related catastrophe losses and fewer large losses individually amounting to $250,000 or higher.