July 28 (Reuters) -
Property and casualty insurer Cincinnati Financial ( CINF )
reported on Monday that its second-quarter profit more than
doubled, reflecting higher premiums and investment income.
The results reflect the stability of insurance firms, even
as trade tensions disrupt other businesses. As consumers and
companies grow accustomed to economic uncertainty, spending on
policies has remained steady.
Earned premiums rose 15% to $2.48 billion, the Fairfield,
Ohio-based company said.
Investment income jumped 18% to $285 million, driven by
higher interest payments from its bond portfolio.
The company reported a profit of $685 million, or $4.34 per
share, for the three months ended June 30, compared with $312
million, or $1.98 per share, a year earlier.
Its shares have risen nearly 4% so far this year as of
Friday's close, compared with a nearly 2.3% gain in the S&P 500
insurance index.
Earlier this month, industry bellwether Travelers Companies ( TRV )
reported higher profits due to stronger underwriting and
investment returns.