Cincinnati Financial Corporation (NASDAQ:CINF) stock rose 4.67% (As on Feb 16, 12:54:09 AM UTC-4, Source: Google Finance) after the company in the fourth quarter of FY 21 has reported the net income of $1.470 billion, or $9.04 per share, compared with net income of $1.049 billion, or $6.47 per share, in the fourth quarter of 2020, after recognizing a $1.113 billion fourth-quarter 2021 after-tax increase in the fair value of equity securities still held. The company posted $58 million or 22% increase in fourth-quarter 2021 non-GAAP operating income to $320 million, or $1.97 per share, compared with $262 million, or $1.61 per share, in the fourth quarter of last year. 84.2% fourth-quarter 2021 property casualty combined ratio, improved from 87.3% for the fourth quarter of 2020. Full-year 2021 property casualty combined ratio at 88.3%, with net written premiums up 10%. There is 10% growth in fourth-quarter 2021 net written premiums, largely due to price increases and premium growth initiatives. There was $212 million fourth-quarter 2021 property casualty new business written premiums. Agencies appointed since the beginning of 2020 contributed $19 million or 9% of total fourth-quarter new business written premiums. There was $9 million of fourth-quarter 2021 life insurance subsidiary net income, down $6 million from the same period in 2020, and 8% growth in fourth-quarter 2021 term life insurance earned premiums.

Moreover, there was 8% or $14 million increase in fourth-quarter 2021 pretax investment income, including 14% growth for stock portfolio dividends and 4% growth in interest income.  At December 31, the book value again reached a record high, increasing 22% since December 31, 2020, to $81.72. Consolidated cash and total investments reached nearly $26 billion. There has been 15% and 12% increase in fourth-quarter and full-year 2021 new business premiums written by agencies, compared with a year ago. There has been 3.1 percentage-point fourth-quarter 2021 combined ratio improvement, including a decrease of 1.1 points for losses from catastrophes. Further, there has been 6.0 and 7.0 percentage-point fourth-quarter and full-year 2021 benefit from favorable prior accident year reserve development of $97 million and $428 million, compared with 2.8 points or $40 million for fourth-quarter 2020 and 2.3 points or $131 million of favorable development for full-year 2020.

Additionally, the company declared a 69-cents-per-share regular quarterly cash dividend, increasing by 10% from the previous 63-cents-per-share dividend paid on January 14, 2022. The dividend is payable April 15, 2022, to shareholders of record as of March 18, 2022.