What happened Shares of the property and casualty insurer Cincinnati Financial (NASDAQ: CINF) had fallen more than 13% as of 10:50 a.m. So what Cincinnati Financial reported adjusted earnings per share of $0.65 on total revenue of $820 million for the second quarter of the year; both numbers fell short of analyst estimates. He added, "We also took prudent reserving action in the quarter, reflecting elevated inflation in assorted forms and our belief that various pandemic effects have distorted paid loss cost trends."