Feb 10 (Reuters) - Insurance firm Cincinnati Financial ( CINF )

reported nearly a 38% increase in its fourth-quarter

profit on Monday, helped by gains in its underwriting business

and higher investment income.

The Fairfield, Ohio-based company offers a range of

insurance products, including property and casualty insurance

for individuals, businesses and organizations, and collects

premiums from policyholders.

It also invests the premiums it collects in a diversified

portfolio of assets, including stocks, bonds, real estate, and

earns investment income from dividends, interest and capital

gains.

Businesses and individuals prioritizing spending on

insurance coverage to mitigate risks ranging from natural

disasters to cyberattacks and health emergencies also benefited

companies such as Cincinnati.

The company's earned premiums grew 15% to $2.37 billion for

the quarter ended December 31. Its biggest segment, commercial

lines insurance, saw premiums rise 7% to $1.16 billion.

Cincinnati's investment income climbed 17% to $280 million.

The company posted quarterly adjusted operating profit of

$3.14 per share, compared with $2.28 per share a year ago.