Cincinnati Financial profit more than doubles on higher premiums

Oct 26 (Reuters) - Cincinnati Financial said on Thursday its third-quarter profit more than doubled as the insurer earned more from net written premiums.Net written premiums were up at $1.96 billion for the quarter from $1.75 billion last year.The company reported a property casualty combined ratio of 94.4%, compared with 103.9% a year earlier. A ratio below 100% means the insurer earned more in premiums than it paid out in claims.Travelers Cos reported a 14% drop in quarterly profit on higher catastrophe losses earlier in the month.On an adjusted basis, Cincinnati Financial posted a profit of $261 million, or $1.66 per share, up from $116 million, or 74 cents per share, a year earlier. (Reporting by Pritam Biswas in Bengaluru; Editing by Pooja Desai)