Why Shares of Cincinnati Financial Are Rising This Week
For the week, shares of the property and casualty insurer Cincinnati Financial (NASDAQ: CINF) traded 10% higher as of market close Thursday, according to data provided by S&P Global Market Intelligence, after the company reported earnings results for the fourth quarter of 2022 on Monday.
Cincinnati Financial reported adjusted earnings per share of $1.27 on total revenue of about $3.1 billion in the fourth quarter of 2022. Adjusted earnings slightly missed analyst estimates, while revenue came in line with estimates.
It was an action-packed quarter for Cincinnati Financial, which dealt with a winter storm that impacted policyholders in 44 states across the U.S. and Washington, D.C., resulting in $158 million in losses. But on the bright side, independent agents under the Cincinnati Financial brand generated $1 billion of new business for the first time ever.
Source Fool.com
