Operating income of $77M or $0.46 per share vs. $128M and $0.78 a year ago. Catastrophe losses this year of $57M or $0.34 per share vs. $7M and $0.04 in Q1 2013.
Combined ratio of 100.3% includes 8.9 points of natural catastrophe losses, 3.5 points higher than normal for Q1, mostly from $76M in losses due to weather in January's first week.
Net written premiums up 7% Y/Y, driven primarily by higher pricing.
Investment income of $135M up 5% Y/Y.
Book value per share of $37.73 rises from $35.41 one year ago.
CINF no trades AH