Cincinnati Financial Corporation (NASDAQ:CINF) Q4 2023 Earnings Conference Call February 7, 2024 11:00 AM ET

Company Participants

Dennis McDaniel - Investor Relations Officer

Steve Johnston - Chairman and Chief Executive Officer

Mike Sewell - Executive Vice President and Chief Financial Officer

Steve Spray - President

Conference Call Participants

Michael Phillips - Oppenheimer

Mike Zaremski - BMO

Greg Peters - Raymond James

Grace Carter - Bank of America

Operator

Good day and welcome to the Cincinnati Financial Corporation Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] Please note today’s event is being recorded. I’d now like to turn the conference over to Dennis McDaniel, Investor Relations Officer. Please go ahead, sir.

Dennis McDaniel

Hello. This is Dennis McDaniel at Cincinnati Financial. Thank you for joining us for our Fourth quarter and full year 2023 earnings conference call.

Late yesterday, we issued a news release on our results, along with our supplemental financial package, including our year 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 maybe made by others in the room with us, including President, Steve Spray; Chief Investment Officer, Steve Soloria; 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 will turn over the call to Steve.

Steve Johnston

Thank you, Dennis and good morning. Thank you for joining us today to hear more about our results.

We had strong operating performance in the fourth quarter, and I am happy to see that our hard work is reflected in the progress we are making. Net income rose $170 million to nearly $1.2 billion for the fourth quarter compared with the fourth quarter of last year, including $18 million more benefit on an after-tax basis in the fair value of securities still held in our equity portfolio.