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Oct 26 (Reuters) – Cincinnati Financial (CINF.O) said on Thursday its third-quarter profit more than doubled as the insurer earned more from net written premiums.
Net written premiums were up at $1.96 billion for the quarter from $1.75 billion last year.
The company reported a property casualty combined ratio of 94.4%, compared with 103.9% a year earlier. A ratio below 100% means the insurer earned more in premiums than it paid out in claims.
Travelers Cos (TRV.N) reported a 14% drop in quarterly profit on higher catastrophe losses earlier in the month.
On an adjusted basis, Cincinnati Financial posted a profit of $261 million, or $1.66 per share, up from $116 million, or 74 cents per share, a year earlier.
Reporting by Pritam Biswas in Bengaluru; Editing by Pooja Desai
Our Standards: The Thomson Reuters Trust Principles.
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