Earnings results often indicate what direction a company will take in the months ahead. With Q4 behind us, let’s have a look at Cincinnati Financial (NASDAQ: CINF) and its peers.

Property & Casualty (P&C) insurers protect individuals and businesses against financial loss from damage to property or from legal liability. This is a cyclical industry, and the sector benefits when there is 'hard market', characterized by strong premium rate increases that outpace loss and cost inflation, resulting in robust underwriting margins. The opposite is true in a 'soft market'. Interest rates also matter, as they determine the yields earned on fixed-income portfolios. On the other hand, P&C insurers face a major secular headwind from the increasing frequency and severity of catastrophe losses due to climate change. Furthermore, the liability side of the business is pressured by 'social inflation'—the trend of rising litigation costs and larger jury awards.

The 37 property & casualty insurance stocks we track reported a strong Q4. As a group, revenues beat analysts’ consensus estimates by 5%.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.

Cincinnati Financial (NASDAQ: CINF)

Founded in 1950 by independent insurance agents seeking stable market options for their clients, Cincinnati Financial (NASDAQ: CINF) provides property casualty insurance, life insurance, and related financial services through independent agencies across 46 states.

Cincinnati Financial reported revenues of $2.91 billion, up 9.6% year on year. This print fell short of analysts’ expectations by 0.5%, but it was still a very strong quarter for the company with a beat of analysts’ EPS estimates and a solid beat of analysts’ net premiums earned estimates.

The market was likely pricing in the results, and the stock is flat since reporting. It currently trades at $167.81.

Is now the time to buy Cincinnati Financial? Access our full analysis of the earnings results here, it’s free.

Best Q4: HCI Group (NYSE: HCI)

Starting as a Florida "take-out" insurer that assumed policies from the state-backed Citizens Property Insurance Corporation, HCI Group (NYSE: HCI) provides property and casualty insurance, primarily homeowners coverage, while leveraging proprietary technology to improve underwriting and claims processing.

HCI Group reported revenues of $246.2 million, up 52.1% year on year, outperforming analysts’ expectations by 3.8%. The business had an incredible quarter with an impressive beat of analysts’ book value per share estimates and a beat of analysts’ EPS estimates.

The market seems happy with the results as the stock is up 6.7% since reporting. It currently trades at $174.51.

Is now the time to buy HCI Group? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Old Republic International (NYSE: ORI)

Founded during the Roaring Twenties in 1923 and weathering nearly a century of economic cycles, Old Republic International (NYSE: ORI) is a diversified insurance holding company that provides property, liability, title, and mortgage guaranty insurance through its various subsidiaries.

Old Republic International reported revenues of $2.36 billion, up 9.5% year on year, exceeding analysts’ expectations by 1.6%. Still, it was a softer quarter as it posted a significant miss of analysts’ EPS estimates and a significant miss of analysts’ book value per share estimates.

As expected, the stock is down 1.3% since the results and currently trades at $42.55.

Read our full analysis of Old Republic International’s results here.

W. R. Berkley (NYSE: WRB)

Founded in 1967 and operating through more than 50 specialized insurance units across the globe, W. R. Berkley (NYSE: WRB) underwrites commercial insurance and reinsurance through specialized subsidiaries serving industries from healthcare to construction to transportation.

W. R. Berkley reported revenues of $3.72 billion, up 1.5% year on year. This print came in 0.8% below analysts' expectations. Overall, it was a softer quarter as it also produced a significant miss of analysts’ book value per share estimates and EPS in line with analysts’ estimates.

The stock is up 5.3% since reporting and currently trades at $70.46.

Read our full, actionable report on W. R. Berkley here, it’s free.

Employers Holdings (NYSE: EIG)

With roots in Nevada and a strong concentration in California where 45% of its premiums are generated, Employers Holdings (NYSE: EIG) is a specialty provider of workers' compensation insurance focused on small and select businesses engaged in low-to-medium hazard industries across the United States.

Employers Holdings reported revenues of $170.5 million, down 21.3% year on year. This result lagged analysts' expectations by 21.9%. Taking a step back, it was a satisfactory quarter as it also recorded a beat of analysts’ EPS estimates but a significant miss of analysts’ revenue estimates.

Employers Holdings had the weakest performance against analyst estimates and slowest revenue growth among its peers. The stock is flat since reporting and currently trades at $42.23.

Read our full, actionable report on Employers Holdings here, it’s free.

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