Primary insurer Cincinnati Financial improved its property casualty combined ratio to 87.3% in the fourth quarter of 2020, despite incurring higher than average catastrophe losses.
The combined ratio improved by 4.3 points from 91.6% in Q4 2019, while underwriting profit grew by 57% to $187 million over the same period.
This was despite a Q4 catastrophe loss impact that was 2.1 percentage points higher than the 10-year average.
The underwriting growth helped Cincinnati to achieve net income of $1.05 billion in the quarter, representing a 68% increase on the $626 million reported in Q4 2019.
