Cincinnati beats despite lower cat-hit profits

Cincinnati Financial reported $125mn of operating income for the
third quarter that was 31 percent down on the prior-year period but
ahead of Wall Street expectations.
The US insurer generated $0.75 a share of operating profit that
was ahead of consensus forecasts of $0.66 a share.
The company had preannounced catastrophe losses in the range of
$75mn to $80mn and a combined ratio of between 96.0 percent and
98.0 percent.
Actual catastrophe losses recorded in its P&L for the
quarter...