Third-quarter 2018 net income of $553 million, or $3.38 per share, compared with $102 million, or 61 cents per share, in the third quarter of 2017, after recognizing a $356 million increase in the fair value of equity securities still held that prior to 2018 would have been reported in other comprehensive income instead of net income.
$40 million or 41 percent increase in non-GAAP operating income* to $137 million, or 84 cents per share, compared with $97 million, or 58 cents per share, in the third quarter of last year.
$451 million increase in third-quarter 2018 net income, primarily reflecting the after-tax net effect of a $355 million increase in net investment gains, a $56 million increase in other non-recurring items, a $26 million increase in after-tax property casualty underwriting income and a $12 million increase in after-tax investment income. Included in the $355 million increase in net investment gains was an increase of $4 million in net gains of securities sold, in addition to the $356 million noted above.
$51.22 book value per share at September 30, 2018, a record high, up $0.93 or 1.8 percent since year-end.
5.0 percent value creation ratio for the first nine months of 2018, compared with 10.3 percent for the 2017 period.
https://cincinnatifinancialcorporation.gcs-web.com/news-releases/news-release-details/cincinnati-financial-reports-third-quarter-2018-results
