Oct 27 (Reuters) - Property and casualty insurer Cincinnati Financial CINF.O reported a rise in third-quarter profit on Monday, helped by higher premiums and stronger income from investments.

Resilient consumer spending has continued to fuel demand for insurance as businesses and households prioritize protection against financial risks, accidents, property damage and natural disasters.

Cincinnati's earned premiums rose 12% to $2.57 billion during the quarter. Investment income jumped 14% to $295 million.

Net investment income refers to the difference between realized profits made on investment assets, including stocks, bonds and funds, and any administrative fees paid.

Earlier this month, insurance bellwether Travelers Companies TRV.N also beat Wall Street estimates for quarterly profit.

Cincinnati reported a property and casualty combined ratio of 88.2%, compared with 97.4% a year earlier. A ratio below 100% indicates the insurer earned more in premiums than it paid out in claims.

The Fairfield, Ohio-based company reported a profit of $1.12 billion, or $7.11 per share, for the three months ended September 30, compared with $820 million, or $5.20 per share, a year earlier.

(Reporting by Anuj T in Bengaluru; Editing by Shilpi Majumdar)

((anuj.t@thomsonreuters.com))