Cincinnati Financial Corp. recorded a first quarter 2025 net income loss of $90 million compared to a gain of $755 million during the same period the prior year.

The company’s consolidated insurance operations turned in a first quarter combined ratio of 113.3, up from 93.6 for Q1 2024. The first quarter combined ratio included 25 points related to catastrophe losses, which was three times more than the insurer’s 10-year average for Q1, said Stephen M. Spray, president and CEO.

A $356 million increase in after-tax catastrophe losses led to an underwriting loss of $298 million despite 11% growth in net premiums written to about $2.5 billion. Cincinnati Financial booked an underwriting profit of $131 million a year ago during the same time.

New business from agencies was also up 11% to $383 million in Q1. Cincinnati Financial said it had 137 new agency appointments in the first three months of 2025.

“We believe we can continue growing premiums at a healthy pace throughout 2025,” Spray said in a statement.

Though the segment grew net premiums 13%, personal lines recorded a Q1 underwriting loss of $357 million and a combined ratio of 151.3. Nearly 50 points were attributable to losses from catastrophes. These results compared to underwriting profit of $37 million and a combined ratio of 93.9 in Q1 2024.

The commercial segment logged an underwriting profit of $97 million from $39 million the year prior and improved the Q1 combined ratio 4.6 points to 91.9.

Spray said the insurer added excess & surplus solutions and “eased access to the Lloyd’s of London market for our agencies.” Net premiums in this segment were up 15% to $168 million in Q1, with a 26% rise in agency new business premiums.

Related: How Cincinnati Insurance Does E&S

Topics
Catastrophe