Cincinnati Financial Corporation (NASDAQ:CINF) stock rose 4.31% (As on February 7, 11:17:38 AM UTC-4, Source: Google Finance) after the company posted mixed result for the fourth quarter of FY 22. Net written premiums (NWP) climbed 10% year over year to $1.7 billion, attributable largely to premium growth initiatives, price increases and a higher level of insured exposures. The figure is higher than the estimate of $1.6 billion. Investment income, net of expenses increased 12% year over year to $208 million driven by growth in equity portfolio dividends and interest income. The figure is higher than the estimate of $196.1 million. Total benefits and expenses of Cincinnati Financial increased 23.7% year over year to $1.8 billion, primarily because of higher insurance losses and contract holders’ benefits and underwriting, acquisition and insurance expenses. The figure matched the estimate. In its property & casualty (P&C) insurance business, Cincinnati Financial witnessed an underwriting profit of $93 million, which plunged 64% year over year. The figure is higher than the estimate of $68.2 million. Combined ratio deteriorated 1070 basis points (bps) year over year to 94.9%.

CINF in the fourth quarter of FY 22 has reported the adjusted earnings per share of $1.27, missing the analysts’ estimates for the adjusted earnings per share by 0.7%, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 11.7 percent to $2.1 billion in the fourth quarter of FY 22, beating the analysts’ estimates for revenue by 0.7%. As of Dec 31, 2022, Cincinnati Financial had total assets worth $29.7 billion, down 5.3% from the level at 2021 end. Total debt amounted to $839 million as of Dec 31, 2022, down 0.5% from the 2021-end level. Cincinnati Financial’s debt-to-capital ratio was 7.4% as of Dec 31, 2022, which deteriorated 140 bps from the end of 2021. As of Dec 31, 2022, Cincinnati Financial’s book value per share was at $ 67.01, down 18% from 2021 end.

Moreover, Commercial Lines Insurance’s total revenues of $1 billion increased 10% year over year.  Personal Lines Insurance’s total revenues of $444 million advanced 12% year over year on account of a 12% increase in premiums earned. Life Insurance’s total revenues were $117 million, down 5% year over year due to 4% decline in earned premiums.

Additionally, the company has approved a dividend of 75 cents per share for the first quarter of 2023, reflecting a 9% increase. The dividend will be paid out on Apr 14 to shareholders of record as of Mar 17.