UPDATE 2-Insurer Cincinnati Financial posts Q2 loss

jueves 30 de julio de 2009 19:24 CEST
 

* Q2 loss $0.12/shr vs EPS $0.38 yr-ago

* Q2 oper loss $0.03/shr

* Q2 realized investment loss $0.09/shr

* Q2 catastrophe losses $118 million

July 30 (Reuters) - Cincinnati Financial Corp (CINF.O: Cotización), a U.S. Midwestern property and casualty insurer, posted a second-quarter loss, hurt by heavy catastrophe losses and lower investment income.

However, the company said it remained confident in its long-term outlook, despite its "dreary" results so far this year.

"Although our expectations for the remainder of 2009 are modest, we expect to deliver strong financial performance for the longer term," Chief Executive Kenneth Stecher said on a conference call.

The property and casualty insurer expects investment income, a primary driver of net income for insurers, to resume the trend of seeing an increase by the end of the second half of the year.

Cincinnati Financial is also looking to expand to new states to avoid catastrophe risk.   Continuación...