Cincinnati Financial
Q1 2022 Earnings Call
Apr 29, 2022, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Thank you all for standing by, and welcome to the CINF first quarter 2022 earnings conference call. [Operator instructions]. Please also note that today's call is being recorded. I'll now turn the call over to your host, Dennis McDaniel, investor relations officer.
Sir, you may now begin.
Dennis McDaniel -- Investor Relations Officer
Hello. This is Dennis McDaniel at Cincinnati Financial. Thank you for joining us for our first 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, president and chief executive officer, Steve Johnston; and then from 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 chief investment officer, Marty Hollenbeck; and Cincinnati insurance's president, Steve Spray; 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 it over the call to Steve.
Steve Johnston -- Chairman, President, and Chief Executive Officer
Thank you, Dennis, and good morning, everyone. Thank you for joining us today to hear more about our first quarter results. It was another quarter of good operating performance. Our agency-focused strategy led to profitable growth and reflects well on the skill and dedication of our associates and excellent relationships with terrific independent agents.
We reported a net loss of $273 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 for the first quarter of 2022 was up $31 million or 14% versus a year ago. Our 89.9% first quarter property casualty combined ratio was 1.3 percentage points better than last year's first quarter. The current accident year loss and loss expense ratio before catastrophe loss effects rose slightly compared with accident year 2021 measured at three months, reflecting an increase in large losses for our property lines of business.