Cincinnati Financial
Q2 2022 Earnings Call
Jul 28, 2022, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Hello, and welcome to the Cincinnati Financial second quarter 2022 earnings conference call. [Operator instructions]. I would now like to turn the conference over to Dennis McDaniel, investor relations officer. Please go ahead.
Dennis McDaniel -- Investor Relations
Hello. This is Dennis McDaniel, investor relations officer at Cincinnati Financial. Thank you for joining us for our second quarter 2022 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; executive vice president and chief investment officer, Marty Hollenbeck; and Cincinnati Insurance's 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, President, and Chief Executive Officer
Thank you, Dennis. Good morning, and thank you for joining us today to hear more about our second quarter results. Increased catastrophe losses and increasing inflation affecting the industry, pressured our property casualty insurance results for this quarter. We are well positioned to improve results through continued focus on pricing and risk selection.
As we have in the past, we'll follow our proven formula to successfully analyze and address challenged areas of our insurance operations. Our financial strength remains excellent, and we are confident we can achieve profitable growth over the long term and through all economic cycles. We reported a net loss of $800 million -- $808 million for the quarter due to the recognition of a reduction in the fair value of securities held in our equity portfolio. Non-GAAP operating income of $104 million for the second quarter of 2022 was down from last year's impressive $292 million, largely due to catastrophe losses that were $119 million higher on an after-tax basis.