--- title: "Cincinnati Financial | 8-K: FY2026 Q2 Revenue: USD 4.274 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/293969638.md" datetime: "2026-07-27T20:10:42.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293969638.md) - [en](https://longbridge.com/en/news/293969638.md) - [zh-HK](https://longbridge.com/zh-HK/news/293969638.md) --- # Cincinnati Financial | 8-K: FY2026 Q2 Revenue: USD 4.274 B Revenue: As of FY2026 Q2, the actual value is USD 4.274 B. EPS: As of FY2026 Q2, the actual value is USD 8.05, beating the estimate of USD 1.792. EBIT: As of FY2026 Q2, the actual value is USD 1.59 B. ### Consolidated Financial Performance #### Net Income - Second-quarter 2026 net income was $1.255 billion, an 83% increase from $685 million in the second quarter of 2025, primarily due to an $882 million after-tax increase in the fair value of equity securities still held. - Net income for the first six months of 2026 was $1.529 billion, a 157% increase from $595 million in the same period of 2025. #### Non-GAAP Operating Income - Second-quarter 2026 non-GAAP operating income decreased by 28% to $224 million, down from $311 million in the prior year, influenced by an unfavorable $61 million effect from increased after-tax catastrophe losses. - Non-GAAP operating income for the first six months of 2026 increased 102% to $554 million, up from $274 million in the first six months of 2025. #### Total Revenues - Total revenues for the second quarter of 2026 grew 32% to $4,274 million, from $3,248 million in 2025. - Total revenues for the first six months of 2026 increased 23% to $7,137 million, from $5,814 million in 2025. #### Benefits & Expenses - For the three months ended June 30, 2026, total expenses were $2,698 million, including $1,939 million in losses & contract holders’ benefits, - $52 million in reinsurance recoveries, $786 million in underwriting, acquisition and insurance expenses, $14 million in interest expense, and $11 million in other operating expenses. - For the six months ended June 30, 2026, total expenses were $5,235 million, including $3,714 million in losses & contract holders’ benefits, - $76 million in reinsurance recoveries, $1,550 million in underwriting, acquisition and insurance expenses, $27 million in interest expense, and $20 million in other operating expenses. #### Income Before Income Taxes - Income before income taxes was $1,576 million for the three months ended June 30, 2026, and $1,902 million for the six months ended June 30, 2026. #### Total Provision for Income Taxes - Total provision for income taxes was $321 million for the three months ended June 30, 2026, and $373 million for the six months ended June 30, 2026. ### Insurance Operations Highlights (Consolidated Property Casualty) #### Combined Ratio - The property casualty combined ratio increased to 100.8% in the second quarter of 2026 from 94.9% in the second quarter of 2025. - For the first six months of 2026, the consolidated property casualty combined ratio improved to 98.2% from 103.8% in the first six months of 2025, largely due to a 5.8 percentage-point decrease from lower catastrophe losses. - GAAP combined ratio excluding catastrophe losses was 86.3% for Q2 2026 and 85.6% for H1 2026. #### Net Written Premiums - Consolidated property casualty net written premiums grew 3% to $2,825 million in the second quarter of 2026. - Net written premiums for the first six months of 2026 increased 5% to $5,493 million. #### Underwriting Profit - Underwriting profit for consolidated property casualty insurance was - $18 million in the second quarter of 2026, compared to $128 million in the second quarter of 2025. - Underwriting profit for consolidated property casualty insurance was $97 million for the first six months of 2026, compared to - $170 million in the same period of 2025. #### Loss and Loss Expenses - Loss and loss expenses for consolidated property casualty insurance were $1,808 million in the second quarter of 2026, up from $1,587 million in the prior year period. - Loss and loss expenses were $3,475 million for the first six months of 2026, stable compared to $3,474 million in the first six months of 2025. #### Underwriting Expenses - Underwriting expenses were $761 million in Q2 2026, an 11% increase from $685 million in Q2 2025. - Underwriting expenses were $1,502 million for H1 2026, a 10% increase from $1,364 million in H1 2025. ### Segment-Specific Data #### Commercial Lines Insurance - Earned premiums increased 3% to $1,251 million in the second quarter of 2026, and 4% to $2,492 million for the first six months of 2026. - Underwriting profit was - $49 million in the second quarter of 2026 (down from $87 million in the prior year) and - $31 million for the first six months of 2026 (down from $184 million in the prior year). - The combined ratio increased to 104.1% in the second quarter of 2026 from 92.9% in 2025, primarily due to a 4.9-point increase in catastrophe losses. - Net written premiums grew 3% to $1,327 million in the second quarter and 3% to $2,686 million for the first six months of 2026. - Loss and loss expense incurred for H1 2026 was $1,757 million. #### Personal Lines Insurance - Earned premiums increased 9% to $880 million in the second quarter of 2026, and 17% to $1,753 million for the first six months of 2026. - Underwriting profit was $1 million in the second quarter of 2026 (an improvement from - $14 million in the prior year) and $31 million for the first six months of 2026 (an improvement from - $371 million in the prior year). - The combined ratio improved to 99.9% in the second quarter of 2026 from 102.0% in 2025, and to 98.4% for the first six months of 2026 from 124.9% in 2025, driven by lower catastrophe losses. - Net written premiums grew 1% to $990 million in the second quarter and 7% to $1,765 million for the first six months of 2026. - Loss and loss expense incurred for H1 2026 was $1,245 million. #### Excess and Surplus Lines Insurance - Earned premiums increased 9% to $189 million in the second quarter of 2026, and 10% to $369 million for the first six months of 2026. - Underwriting profit increased 19% to $19 million in the second quarter of 2026 (up from $16 million in the prior year) and 11% to $40 million for the first six months of 2026 (up from $36 million in the prior year). - The combined ratio improved to 90.5% in the second quarter of 2026 from 91.1% in 2025. - Net written premiums grew 8% to $219 million in the second quarter and 8% to $401 million for the first six months of 2026. - Loss and loss expense incurred for H1 2026 was $228 million. #### Life Insurance Subsidiary - Net income increased 15% to $30 million in the second quarter of 2026 (up from $26 million in the prior year) and 19% to $56 million for the first six months of 2026 (up from $47 million in the prior year). - Earned premiums for term life insurance grew 5% in the second quarter of 2026. - GAAP shareholders’ equity increased 2% or $23 million to $1.490 billion for the first six months of 2026. - Net premiums written for H1 2026 were $183 million, with total revenues of $297 million and net income (statutory) of $65 million. - Policyholders’ surplus (statutory) was $658 million and fixed maturities at amortized cost (statutory) were $3,922 million for H1 2026. #### Other Operations - **Cincinnati Re**: Net written premiums were $445 million and earned premiums were $305 million for the first six months of 2026, with a total loss and loss expense ratio of 55.2%. - **Cincinnati Global**: Net written premiums were $196 million and earned premiums were $148 million for the first six months of 2026, with a total loss and loss expense ratio of 51.9%. - **Noninsurance operations**: Reported a total loss of - $34 million for the first six months of 2026. ### Investment and Balance Sheet Highlights #### Pretax Investment Income - Pretax investment income increased 12% to $319 million in the second quarter of 2026, including a 14% increase in bond interest income and a 3% increase in stock portfolio dividends. #### Total Investments - Total investments were $33,153 million at June 30, 2026, up from $31,783 million at year-end 2025. - Consolidated cash and total investments reached $34.903 billion at June 30, 2026, a 5% increase from year-end 2025. #### Bond Portfolio - The bond portfolio was $18.954 billion at June 30, 2026, with its fair value increasing $409 million during the second quarter. #### Equity Portfolio - The equity portfolio, valued at $13.194 billion, saw its fair value increase by $625 million in the second quarter of 2026. #### Shareholders’ Equity - Shareholders’ equity was $16,671 million at June 30, 2026, an increase from $15,911 million at December 31, 2025. #### Debt-to-Total-Capital Ratio - The debt-to-total-capital ratio improved to 4.6% at June 30, 2026, from 4.9% at December 31, 2025. ### Unique Metrics #### Value Creation Ratio - The value creation ratio for the first six months of 2026 was 8.0%, compared with 4.6% for the same period of 2025. - This ratio includes a 3.5% contribution from net income before investment gains and 6.2% from investment gains for equity securities, partially offset by -0.7% from changes in unrealized gains for fixed-maturity securities and -1.0% for other items. ### Outlook Cincinnati Financial Corporation anticipates that increasing product and geographic diversification will help mitigate the impact of catastrophe losses in future quarters. The company continues to expand its agency network, having appointed over 200 new agencies this year, to support profitable growth in various geographies. Despite market competition, Cincinnati Financial Corporation remains focused on providing personal service and leveraging data-driven analytics to assist agents in client retention and offer advanced renewal quotes for adequately priced accounts. ### Related Stocks - [CINF.US](https://longbridge.com/en/quote/CINF.US.md) ## Related News & Research - [Major Insider Move Rocks Cincinnati Financial Shares](https://longbridge.com/en/news/294905899.md) - [Cincinnati Financial (CINF) Beat On Earnings, Is The Stock Fully Priced?](https://longbridge.com/en/news/294987025.md) - [Cincinnati Financial director Charles Odell Schiff reports sale of 7,600 common shares worth $1.33 million](https://longbridge.com/en/news/294860169.md) - [Guggenheim Active Allocation Fund declares $0.1187 dividend](https://longbridge.com/en/news/294762610.md) - [Goldman sees Brent at $80-$90 until Iran deal clarity or significant escalation](https://longbridge.com/en/news/294784140.md)