Cincinnati Financial
Q1 2023 Earnings Call
Apr 28, 2023, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, and welcome to the Cincinnati Financial first quarter 2023 earnings conference call. [Operator instructions] After today's presentation, there will be an opportunity to ask questions. [Operator instructions] Please note, this event is being recorded. I would now like to turn the conference over to Dennis McDaniel, investor relations officer.
Please go ahead.
Dennis McDaniel -- Investor Relations Officer
Hello. This is Dennis McDaniel at Cincinnati Financial. Thank you for joining us for our first quarter 2023 earnings conference call. Late yesterday, we issued a news release on our results, along with our supplemental financial package, including our quarter-end investment portfolio.
To find copies of any of these documents, please visit our investor website, cinfin.com/investors. The shortest route to the information is the quarterly results link in the navigation menu on the far left. On this call, you'll first hear from chairman and chief executive officer, Steve Johnston; and then from executive vice president and chief financial officer, Mike Sewell. After their prepared remarks, investors participating on the call may ask questions.
At that time, some responses may be made by others in the room with us, including President Steve Spray and Cincinnati Insurance's chief investment officer, Steve Soloria; chief claims officer, Marc Schambow; and senior vice president of corporate finance, Theresa Hoffer. First, please note that some of the matters to be discussed today are forward-looking. These forward-looking statements involve certain risks and uncertainties. With respect to these risks and uncertainties, we direct your attention to our news release and to our various filings with the SEC.
Also, a reconciliation of non-GAAP measures was provided with the news release. Statutory accounting data is prepared in accordance with statutory accounting rules and, therefore, is not reconciled to GAAP. Now, I'll turn over the call to Steve.
Steve Johnston -- Chairman and Chief Executive Officer
Thank you, Dennis, and good morning and thank you for joining us today to hear more about our results. Net income of $225 million for the first quarter of 2023 rebounded from a net loss position for the same quarter a year ago. As gains and losses from securities still held in our equity portfolio run through net income, we'll continue to experience these swings. Last year, we saw a reduction in portfolio fair value.