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10-Q





☑


September 30, 2024


☐





0-4604


CINCINNATI FINANCIAL CORPORATION





Ohio31-0746871(State or other jurisdiction ofincorporation or organization)(I.R.S. Employer Identification No.)6200 S. Gilmore Road,Fairfield,Ohio45014-5141(Address of principal executive offices)(Zip code)


513 870-2000











Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon stockCINFNasdaq Global Select Market





Yes





Yes





Large accelerated filer
     ☐


☐








☐


156,315,102







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Part I – Financial Information3Item 1. Financial Statements (unaudited)3Condensed Consolidated Balance Sheets3Condensed Consolidated Statements of Income4Condensed Consolidated Statements of Comprehensive Income5Condensed Consolidated Statements of Shareholders’ Equity6Condensed Consolidated Statements of Cash Flows7Notes to Condensed Consolidated Financial Statements (unaudited)8Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations33Safe Harbor Statement33Corporate Financial Highlights36Financial Results44Liquidity and Capital Resources60Other Matters64Item 3. Quantitative and Qualitative Disclosures about Market Risk64Item 4. Controls and Procedures71Part II – Other Information72Item 1. Legal Proceedings72Item 1A. Risk Factors72Item 2. Unregistered Sales of Equity Securities and Use of Proceeds73Item 5. Other Information74Item 6. Exhibits75










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(Dollars in millions, except per share data)September 30,December 31,20242023AssetsInvestmentsFixed maturities, at fair value (amortized cost: 2024—$16,074; 2023—$14,361)$15,871$13,791Equity securities, at fair value (cost: 2024—$4,034; 2023—$4,282)11,57010,989Other invested assets663577Total investments28,10425,357Cash and cash equivalents1,752907Investment income receivable199192Finance receivable116108Premiums receivable3,0122,592Reinsurance recoverable548651Prepaid reinsurance premiums9455Deferred policy acquisition costs1,2411,093Land, building and equipment, net, for company use (accumulated depreciation:2024—$342; 2023—$337)215208Other assets785681Separate accounts943925Total assets$37,009$32,769LiabilitiesInsurance reservesLoss and loss expense reserves$9,928$9,050Life policy and investment contract reserves3,0693,068Unearned premiums4,8744,119Other liabilities1,9171,311Deferred income tax1,6001,324Note payable2525Long-term debt and lease obligations849849Separate accounts943925Total liabilities23,20520,671Commitments and contingent liabilities (Note 12)Shareholders' EquityCommon stock, par value—$2 per share; (authorized: 2024 and 2023—500 millionshares; issued: 2024 and 2023—198.3 million shares)397397Paid-in capital1,4821,437Retained earnings14,59113,084Accumulated other comprehensive loss(150)(435)Treasury stock at cost (2024—42.0 million shares and 2023—41.3 million shares)(2,516)(2,385)Total shareholders' equity13,80412,098Total liabilities and shareholders' equity$37,009$32,769










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(Dollars in millions, except per share data)Three months ended September 30,Nine months ended September 30,2024202320242023RevenuesEarned premiums$2,297$2,033$6,524$5,894Investment income, net of expenses258225745655Investment gains and losses, net758(456)1,50784Fee revenues461316Other revenues33108Total revenues3,3201,8118,7996,657Benefits and ExpensesInsurance losses and contract holders' benefits1,5781,3324,4074,070Underwriting, acquisition and insurance expenses6836091,9541,744Interest expense13134040Other operating expenses651917Total benefits and expenses2,2801,9596,4205,871Income (Loss) Before Income Taxes1,040(148)2,379786Provision (Benefit) for Income TaxesCurrent17157293124Deferred49(106)1992Total provision (benefit) for income taxes220(49)492126Net Income (Loss)$820$(99)$1,887$660Per Common ShareNet income (loss) — basic$5.25$(0.63)$12.06$4.20Net income (loss) — diluted5.20(0.63)11.974.17










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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Net Income (Loss)$820$(99)$1,887$660Other Comprehensive Income (Loss)Change in unrealized gains and losses on investments, net of tax (benefit) of  $106, $(79), $78 and $(76), respectively391(290)289(284)Amortization of pension actuarial loss (gain) and prior service cost, net of tax (benefit) of $0, $0, $0 and $(2), respectively——1(5)Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $(20), $22, $(2) and $19, respectively(71)89(5)76Other comprehensive income (loss)320(201)285(213)Comprehensive Income (Loss)$1,140$(300)$2,172$447













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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Common StockBeginning of period$397$397$397$397Share-based awards————End of period397397397397Paid-In CapitalBeginning of period1,4661,4101,4371,392Share-based awards414(5)Share-based compensation1093631Other2254End of period1,4821,4221,4821,422Retained EarningsBeginning of period13,89712,23513,08411,711Net income (loss)820(99)1,887660Dividends declared(126)(118)(380)(353)End of period14,59112,01814,59112,018Accumulated Other Comprehensive LossBeginning of period(470)(626)(435)(614)Other comprehensive income (loss)320(201)285(213)End of period(150)(827)(150)(827)Treasury StockBeginning of period(2,513)(2,386)(2,385)(2,324)Share-based awards31158Shares acquired - share repurchase      authorization——(121)(67)Shares acquired - share-based      compensation plans(7)(2)(26)(5)Other1112End of period(2,516)(2,386)(2,516)(2,386)Total Shareholders' Equity$13,804$10,624$13,804$10,624(In millions, except per common share)Common Stock - Shares OutstandingBeginning of period156.2156.8157.0157.1Share-based awards0.1—0.50.3Shares acquired - share repurchase     authorization——(1.1)(0.6)Shares acquired - share-based      compensation plans(0.1)—(0.2)—Other0.10.10.10.1End of period156.3156.9156.3156.9Dividends declared per common share$0.81$0.75$2.43$2.25










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(Dollars in millions)Nine months ended September 30,20242023Cash Flows From Operating ActivitiesNet income$1,887$660Adjustments to reconcile net income to net cash provided by operating activities:Depreciation, amortization and other11588Investment gains and losses, net(1,499)(69)Interest credited to contract holders3433Deferred income tax expense1992Changes in:Premiums and reinsurance receivable(356)(392)Deferred policy acquisition costs(148)(88)Other assets(8)(30)Loss and loss expense reserves878677Life policy and investment contract reserves5473Unearned premiums755506Other liabilities558Current income tax receivable/payable417Net cash provided by operating activities2,0071,475Cash Flows From Investing ActivitiesSale, call or maturity of fixed maturities2,354826Sale of equity securities1,33268Purchase of fixed maturities(3,797)(1,853)Purchase of equity securities(282)(157)Changes in finance receivables(10)(10)Investment in building and equipment(18)(10)Change in other invested assets, net(68)(102)Net cash used in investing activities(489)(1,238)Cash Flows From Financing ActivitiesPayment of cash dividends to shareholders(365)(338)Shares acquired - share repurchase authorization(121)(67)Changes in note payable—(25)Proceeds from stock options exercised77Contract holders' funds deposited5867Contract holders' funds withdrawn(152)(165)Other(100)(81)Net cash used in financing activities(673)(602)Net change in cash and cash equivalents845(365)Cash and cash equivalents at beginning of year9071,264Cash and cash equivalents at end of period$1,752$899Supplemental Disclosures of Cash Flow Information:Interest paid$27$28Income taxes paid22194Noncash ActivitiesEquipment acquired under finance lease obligations$13$10Share-based compensation4115Other assets and other liabilities562120










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Accounting Policies






































In December 2023, the FASB issued ASU 2023-09,Income Taxes (Topic 740): Improvements to Income Tax Disclosures.ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures by requiring entities to disclose specific categories within their rate reconciliation as well as additional items within those categories above a prescribed threshold. This ASU also requires disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes as well as additional items within those categories above a prescribed threshold. The effective date of ASU 2023-09 is for annual reporting periods beginning after December 15, 2024, and should be applied prospectively with retrospective application permitted. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual financial statements .



















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Investments





(Dollars in millions)AmortizedcostGross unrealizedFair valueAt September 30, 2024gainslossesFixed-maturity securities:Corporate$8,407$150$218$8,339States, municipalities and political subdivisions4,944411764,809Government-sponsored enterprises2,147512,151Asset-backed31747314United States government22812227Foreign government31——31Total$16,074$201$404$15,871At December 31, 2023Fixed-maturity securities:Corporate$7,836$70$454$7,452States, municipalities and political subdivisions4,867442084,703Government-sponsored enterprises1,227361,224Asset-backed203—16187United States government203—3200Foreign government25——25Total$14,361$117$687$13,791














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(Dollars in millions)Less than 12 months12 months or moreTotalAt September 30, 2024FairvalueUnrealizedlossesFairvalueUnrealizedlossesFairvalueUnrealizedlossesFixed-maturity securities:Corporate$402$5$3,937$213$4,339$218States, municipalities and political subdivisions28742,0001722,287176Government-sponsored enterprises7151128—8431Asset-backed48—9971477United States government——10321032Foreign government——5—5—Total$1,452$10$6,272$394$7,724$404At December 31, 2023Fixed-maturity securities:Corporate$379$13$5,560$441$5,939$454States, municipalities and political subdivisions31321,9322062,245208Government-sponsored enterprises652311337656Asset-backed5—1721617716United States government32—12931613Foreign government3—6—9—Total$1,384$18$7,912$669$9,296$687








(Dollars in millions)AmortizedcostFairvalue% of fairvalueAt September 30, 2024Maturity dates:Due in one year or less$1,198$1,1947.5%Due after one year through five years4,0113,99325.2Due after five years through ten years3,5543,54222.3Due after ten years7,3117,14245.0Total$16,074$15,871100.0%














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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Investment income:Interest$187$154$529$441Dividends6869209205Other751818Total262228756664Less investment expenses43119Total$258$225$745$655Investment gains and losses, net:Equity securities:Investment gains and losses on securities sold, net$24$(5)$146$2Unrealized gains and losses on securities still held, net817(458)1,44699Subtotal841(463)1,592101Fixed-maturity securities:Gross realized gains1152Gross realized losses(87)(1)(94)(2)Change in allowance for credit losses, net—1(25)(2)Write-down of impaired securities with intent to sell———(4)Subtotal(86)1(114)(6)Other3629(11)Total$758$(456)$1,507$84





11.570 10.989 885 842 7.9 7.9 3.2 3.4





39 18





2,495 2,840 404 687 5 20 70







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Fair Value Measurements














(Dollars in millions)Level 1Level 2Level 3TotalAt September 30, 2024Fixed maturities, available for sale:Corporate$—$8,339$—$8,339States, municipalities and political subdivisions—4,809—4,809Government-sponsored enterprises—2,151—2,151Asset-backed—314—314United States government227——227Foreign government—31—31Subtotal22715,644—15,871Common equities11,200——11,200Nonredeemable preferred equities—370—370Separate accounts taxable fixed maturities—894—894Top Hat savings plan mutual funds and common    equity (included in Other assets)84——84Total$11,511$16,908$—$28,419At December 31, 2023Fixed maturities, available for sale:Corporate$—$7,452$—$7,452States, municipalities and political subdivisions—4,703—4,703Government-sponsored enterprises—1,224—1,224Asset-backed—187—187United States government200——200Foreign government—25—25Subtotal20013,591—13,791Common equities10,641——10,641Nonredeemable preferred equities—348—348Separate accounts taxable fixed maturities—854—854Top Hat savings plan mutual funds and common  equity (included in Other assets)67——67Total$10,908$14,793$—$25,701





1.752 907





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(Dollars in millions)Book valuePrincipal amountInterestrateYear of issueSeptember 30,December 31,September 30,December 31,20242023202420236.900%1998Senior debentures, due 2028$27$27$28$286.920%2005Senior debentures, due 20283913913913916.125%2004Senior notes, due 2034372372374374Total$790$790$793$793








(Dollars in millions)Level 1Level 2Level 3TotalAt September 30, 2024Note payable$—$25$—$256.900% senior debentures, due 2028—30—306.920% senior debentures, due 2028—427—4276.125% senior notes, due 2034—407—407Total$—$889$—$889At December 31, 2023Note payable$—$25$—$256.900% senior debentures, due 2028—29—296.920% senior debentures, due 2028—420—4206.125% senior notes, due 2034—394—394Total$—$868$—$868








(Dollars in millions)Level 1Level 2Level 3TotalAt September 30, 2024Life policy loans$—$—$41$41Deferred annuities$—$—$576$576Structured settlements—136—136Total$—$136$576$712At December 31, 2023Life policy loans$—$—$39$39Deferred annuities$—$—$603$603Structured settlements—141—141Total$—$141$603$744








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35 33





605 656 118 123










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Property Casualty Loss and Loss Expenses





(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Gross loss and loss expense reserves, beginning of period$9,494$8,807$8,975$8,336Less reinsurance recoverable303424362405Net loss and loss expense reserves, beginning of period9,1918,3838,6137,931Net incurred loss and loss expenses related to:Current accident year1,5701,3144,3924,053Prior accident years(71)(53)(211)(213)Total incurred1,4991,2614,1813,840Net paid loss and loss expenses related to:Current accident year5745971,2621,286Prior accident years5404611,9561,899Total paid1,1141,0583,2183,185Net loss and loss expense reserves, end of period9,5768,5869,5768,586Plus reinsurance recoverable290419290419Gross loss and loss expense reserves, end of period$9,866$9,005$9,866$9,005





62 72





71 50 1 5 33 16





211 117 27 5 76 56 10 27 37








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213 125 54 14 46 36 44 12







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Life Policy and Investment Contract Reserves

















(Dollars in millions)September 30, 2024December 31, 2023Life policy reserves:Term$1,108$1,066Whole life441434Other10097Subtotal1,6491,597Investment contract reserves:Deferred annuities605656Universal life590585Structured settlements118123Other107107Subtotal1,4201,471Total life policy and investment contract reserves$3,069$3,068








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(Dollars in millions)Three months ended September 30,20242023TermWhole lifeTermWhole lifePresent value of expected net premiums:Balance, beginning of period$1,620$215$1,664$212Beginning balance at original discount rate1,7012251,712219Effect of changes in cash flow assumptions(1)(1)—(1)Effect of actual variances from expected experience(4)—(3)2Adjusted beginning of period balance1,6962241,709220Issuances349337Interest accrual202183Net premiums collected(45)(8)(45)(7)Ending balance at original discount rate1,7052271,715223Effect of changes in discount rate assumptions3—(133)(17)Balance, end of period1,7082271,582206Present value of expected future policy benefits:Balance, beginning of period2,6346192,662633Beginning balance at original discount rate2,7726362,737615Effect of changes in cash flow assumptions(1)(2)——Effect of actual variances from expected experience(7)(1)(6)2Adjusted beginning of period balance2,7646332,731617Issuances348337Interest accrual328308Benefits paid(48)(8)(39)(9)Ending balance at original discount rate2,7826412,755623Effect of changes in discount rate assumptions1227(234)(37)Balance, end of period2,7946682,521586Net liability for future policy benefits:Present value of expected future policy benefits less expected net premiums1,086441939380Impact of flooring at cohort level22—171Net life policy reserves1,108441956381Less reinsurance recoverable at original discount rate(92)(25)(99)(25)Less effect of discount rate assumption changes on reinsurance recoverable(10)(5)(7)(3)Net life policy reserves, after reinsurance recoverable$1,006$411$850$353Weighted-average duration of the net life policy reserves in years11161116





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(Dollars in millions)Nine months ended September 30,20242023TermWhole lifeTermWhole lifePresent value of expected net premiums:Balance, beginning of period$1,700$223$1,643$208Beginning balance at original discount rate1,7122251,708217Effect of changes in cash flow assumptions(13)—(5)(7)Effect of actual variances from expected experience(23)(3)(15)3Adjusted beginning of period balance1,6762221,688213Issuances1102011124Interest accrual567537Net premiums collected(137)(22)(137)(21)Ending balance at original discount rate1,7052271,715223Effect of changes in discount rate assumptions3—(133)(17)Balance, end of period1,7082271,582206Present value of expected future policy benefits:Balance, beginning of period2,7516572,584614Beginning balance at original discount rate2,7656282,692607Effect of changes in cash flow assumptions(30)—5(10)Effect of actual variances from expected experience(35)(5)(19)3Adjusted beginning of period balance2,7006232,678600Issuances1102011124Interest accrual94249023Benefits paid(122)(26)(124)(24)Ending balance at original discount rate2,7826412,755623Effect of changes in discount rate assumptions1227(234)(37)Balance, end of period2,7946682,521586Net liability for future policy benefits:Present value of expected future policy benefits less expected net premiums1,086441939380Impact of flooring at cohort level22—171Net life policy reserves1,108441956381Less reinsurance recoverable at original discount rate(92)(25)(99)(25)Less effect of discount rate assumption changes on reinsurance recoverable(10)(5)(7)(3)Net life policy reserves, after reinsurance recoverable$1,006$411$850$353Weighted-average duration of the net life policy reserves in years11161116





3
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(Dollars in millions)At September 30,20242023UndiscountedDiscountedUndiscountedDiscountedTermExpected future benefit payments$4,840$2,794$4,768$2,521Expected future gross premiums4,5242,7364,3642,464Whole lifeExpected future benefit payments$1,702$668$1,631$586Expected future gross premiums687428653379











(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Gross premiumsTerm$72$71$221$217Whole life15144139Total$87$85$262$256Interest accretionTerm$12$13$38$37Whole life651716Total$18$18$55$53





immaterial








At September 30,20242023TermInterest accretion rate5.21%5.29%Current discount rate4.535.73Whole lifeInterest accretion rate5.89%5.92%Current discount rate5.145.95














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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Deferred annuityUniversal lifeDeferred annuityUniversal lifeDeferred annuityUniversal lifeDeferred annuityUniversal lifeBalance, beginning of period$618$456$696$456$656$457$734$457Premiums received10913829283828Policy charges—(10)—(9)—(30)—(29)Surrenders and withdrawals(25)(2)(32)(2)(88)(9)(100)(9)Benefit payments(4)(1)(3)(1)(9)(4)(9)(5)Interest credited646417141714Balance, end of period$605$456$680$456$605$456$680$456Weighted average crediting rate3.64%4.36%3.45%4.29%3.64%4.36%3.45%4.29%Net amount at risk$—$3,865$—$3,989$—$3,865$—$3,989Cash surrender value599426675424599426675424














(Dollars in millions)At guaranteed minimum1 to 50 basis points above51-150 basis points aboveGreater than 150 basis pointsTotalAt September 30, 2024Deferred annuity1.00-3.00%$4$309$14$231$5583.01-4.00%47———47Total$51$309$14$231$605Universal life1.00-3.00%$—$55$64$5$1243.01-4.00%50—4—54Greater than 4.00%278———278Total$328$55$68$5$456At September 30, 2023Deferred annuity1.00-3.00%$5$380$16$229$6303.01-4.00%50———50Total$55$380$16$229$680Universal life1.00-3.00%$60$—$57$3$1203.01-4.00%54———54Greater than 4.00%282———282Total$396$—$57$3$456








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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Balance, beginning of period$128$122$128$121Balance, beginning of period before shadow reserve adjustments130124129123Effect of changes in cash flow assumptions——(2)(5)Effect of actual variances from expected experience—2—1Adjusted beginning of period balance130126127119Interest accrual1133Excess death benefits(2)(4)(5)(6)Attributed assessments3399Effect of changes in interest rate assumptions3(5)1(4)Balance, end of period before shadow reserve adjustments135121135121Shadow reserve adjustments(1)(2)(1)(2)Balance, end of period134119134119Less reinsurance recoverable, end of period6767Net other additional liability, after reinsurance recoverable$140$126$140$126Weighted-average duration of the other additional liability in years29322932








(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Balance, beginning of period$948$911$925$892Interest credited before policy charges10113131Benefit payments—(3)(3)(6)Other(15)(1)(10)1Balance, end of period$943$918$943$918Cash surrender value$941$912$941$912







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Deferred Policy Acquisition Costs











(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Property casualty:Deferred policy acquisition costs asset, beginning of period$878$771$749$682Capitalized deferred policy acquisition costs4363551,3181,134Amortized deferred policy acquisition costs(427)(366)(1,180)(1,056)Deferred policy acquisition costs asset, end of period$887$760$887$760Life:Deferred policy acquisition costs asset, beginning of period$351$338$344$331Capitalized deferred policy acquisition costs11103332Amortized deferred policy acquisition costs(8)(7)(23)(22)Deferred policy acquisition costs asset, end of period$354$341$354$341Consolidated:Deferred policy acquisition costs asset, beginning of period$1,229$1,109$1,093$1,013Capitalized deferred policy acquisition costs4473651,3511,166Amortized deferred policy acquisition costs(435)(373)(1,203)(1,078)Deferred policy acquisition costs asset, end of period$1,241$1,101$1,241$1,101








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(Dollars in millions)Three months ended September 30, 2024TermWhole lifeDeferred annuityUniversal lifeTotalBalance, beginning of period$241$50$8$52$351Capitalized deferred policy acquisition costs91—111Amortized deferred policy acquisition costs(7)——(1)(8)Balance, end of period$243$51$8$52$354Three months ended September 30, 2023Balance, beginning of period$233$45$8$52$338Capitalized deferred policy acquisition costs82——10Amortized deferred policy acquisition costs(7)———(7)Balance, end of period$234$47$8$52$341


(Dollars in millions)Nine months ended September 30, 2024TermWhole lifeDeferred annuityUniversal lifeTotalBalance, beginning of period$236$48$8$52$344Capitalized deferred policy acquisition costs2551233Amortized deferred policy acquisition costs(18)(2)(1)(2)(23)Balance, end of period$243$51$8$52$354Nine months ended September 30, 2023Balance, beginning of period$228$43$7$53$331Capitalized deferred policy acquisition costs2461132Amortized deferred policy acquisition costs(18)(2)—(2)(22)Balance, end of period$234$47$8$52$341










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Accumulated Other Comprehensive Income





(Dollars in millions)Three months ended September 30,20242023Before taxIncome taxNetBefore taxIncome taxNetInvestments:AOCI, beginning of period$(700)$(151)$(549)$(838)$(179)$(659)OCI before investment gains and losses, net, recognized in net income41188323(369)(79)(290)Investment gains and losses, net, recognized in net income861868———OCI497106391(369)(79)(290)AOCI, end of period$(203)$(45)$(158)$(1,207)$(258)$(949)Pension obligations:AOCI, beginning of period$31$8$23$29$7$22OCI excluding amortization recognized in net income——————Amortization recognized in net income——————OCI——————AOCI, end of period$31$8$23$29$7$22Life policy reserves, reinsurance recoverable and other:AOCI, beginning of period$71$15$56$13$2$11OCI before investment gains and losses, net, recognized in net income(91)(20)(71)1112289Investment gains and losses, net, recognized in net income——————OCI(91)(20)(71)1112289AOCI, end of period$(20)$(5)$(15)$124$24$100Summary of AOCI:AOCI, beginning of period$(598)$(128)$(470)$(796)$(170)$(626)Investments OCI497106391(369)(79)(290)Pension obligations OCI——————Life policy reserves, reinsurance recoverable and other OCI(91)(20)(71)1112289Total OCI40686320(258)(57)(201)AOCI, end of period$(192)$(42)$(150)$(1,054)$(227)$(827)





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(Dollars in millions)Nine months ended September 30,20242023Before taxIncome taxNetBefore taxIncome taxNetInvestments:AOCI, beginning of period$(570)$(123)$(447)$(847)$(182)$(665)OCI before investment gains and losses, net, recognized in net income25354199(364)(77)(287)Investment gains and losses, net, recognized in net income1142490413OCI36778289(360)(76)(284)AOCI, end of period$(203)$(45)$(158)$(1,207)$(258)$(949)Pension obligations:AOCI, beginning of period$30$8$22$36$9$27OCI excluding amortization recognized in net income———(5)(2)(3)Amortization recognized in net income1—1(2)—(2)OCI1—1(7)(2)(5)AOCI, end of period$31$8$23$29$7$22Life policy reserves, reinsurance recoverable and other:AOCI, beginning of period$(13)$(3)$(10)$29$5$24OCI before investment gains and losses, net, recognized in net income(7)(2)(5)951976Investment gains and losses, net, recognized in net income——————OCI(7)(2)(5)951976AOCI, end of period$(20)$(5)$(15)$124$24$100Summary of AOCI:AOCI, beginning of period$(553)$(118)$(435)$(782)$(168)$(614)Investments OCI36778289(360)(76)(284)Pension obligations OCI1—1(7)(2)(5)Life policy reserves, reinsurance recoverable and other OCI(7)(2)(5)951976Total OCI36176285(272)(59)(213)AOCI, end of period$(192)$(42)$(150)$(1,054)$(227)$(827)





Investment gains and losses, net,and other investment gains and losses, net, are recorded in the investment gains and losses, net, line item in the condensed consolidated statements of income. Amortization of pension obligations is recorded in the insurance losses and contract holders' benefits and underwriting, acquisition and insurance expenses line items in the condensed consolidated statements of income.







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Reinsurance











(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Direct written premiums$2,285$1,939$6,772$5,869Assumed written premiums10289577527Ceded written premiums(94)(71)(349)(270)Net written premiums$2,293$1,957$7,000$6,126Direct earned premiums$2,179$1,912$6,128$5,478Assumed earned premiums159142466435Ceded earned premiums(121)(97)(310)(252)Earned premiums$2,217$1,957$6,284$5,661Direct incurred loss and loss expenses$1,415$1,220$3,960$3,784Assumed incurred loss and loss expenses10382242216Ceded incurred loss and loss expenses(19)(41)(21)(160)Incurred loss and loss expenses$1,499$1,261$4,181$3,840














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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Direct earned premiums$101$97$301$293Ceded earned premiums(21)(21)(61)(60)Earned premiums$80$76$240$233Direct contract holders' benefits incurred$92$92$262$289Ceded contract holders' benefits incurred(13)(21)(36)(59)Contract holders' benefits incurred$79$71$226$230











The allowance for uncollectible property casualty premiums was $17 million and $16 million at September 30, 2024, and December 31, 2023, respectively. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at September 30, 2024, and December 31, 2023.







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Income Taxes


21


(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Tax at statutory rate:$21921.0%$(31)21.0%$50021.0%$16521.0%Increase (decrease) resulting from:Tax-exempt income from municipal bonds(5)(0.5)(5)3.4(16)(0.7)(15)(1.9)Dividend received exclusion(6)(0.6)(5)3.4(16)(0.7)(16)(2.0)Other121.3(8)5.3241.1(8)(1.1)Provision (benefit) for income taxes$22021.2%$(49)33.1%$49220.7%$12616.0%











no














Cincinnati Global had no operating loss carryforwards in the United States and $85 million and $100 million in the United Kingdom at September 30, 2024, and December 31, 2023, respectively. These Cincinnati Global losses can only be utilized within the Cincinnati Global group.










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Net Income (Loss) Per Common Share


The table shows calculations for basic and diluted earnings per share:


(In millions, except per share data)Three months ended September 30,Nine months ended September 30,2024202320242023Numerator:Net income (loss)—basic and diluted$820$(99)$1,887$660Denominator:Basic weighted-average common shares   outstanding156.2156.9156.5157.0Effect of share-based awards:Stock options0.9—0.70.7Nonvested shares0.6—0.50.5Diluted weighted-average shares157.7156.9157.7158.2Earnings (loss) per share:Basic$5.25$(0.63)$12.06$4.20Diluted$5.20$(0.63)$11.97$4.17Number of anti-dilutive share-based awards0.62.41.31.3













Employee Retirement Benefits





(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Service cost$1$1$4$4Non-service (benefit) costs:Interest cost43109Expected return on plan assets(5)(5)(16)(15)Amortization of actuarial loss (gain) and prior  service cost——1(2)Other———(5)Total non-service benefit(1)(2)(5)(13)Net periodic benefit$—$(1)$(1)$(9)














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7 6 23 20





We made no contributions to our qualified pension plan during the first nine months of 2024.







Commitments and Contingent Liabilities






















Segment Information


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five








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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Revenues:Commercial lines insuranceCommercial casualty$381$365$1,118$1,115Commercial property3613211,045933Commercial auto231216679644Workers' compensation6166182212Other commercial10394302280Commercial lines insurance premiums1,1371,0623,3263,184Fee revenues1133Total commercial lines insurance1,1381,0633,3293,187Personal lines insurancePersonal auto242185674524Homeowner352271981755Other personal8471242205Personal lines insurance premiums6785271,8971,484Fee revenues2143Total personal lines insurance6805281,9011,487Excess and surplus lines insurance157135447394Fee revenues—122Total excess and surplus lines insurance157136449396Life insurance premiums8076240233Fee revenues1348Total life insurance8179244241InvestmentsInvestment income, net of expenses258225745655Investment gains and losses, net758(456)1,50784Total investment revenue1,016(231)2,252739OtherPremiums245233614599Other33108Total other revenues248236624607Total revenues$3,320$1,811$8,799$6,657Income (loss) before income taxes:Insurance underwriting resultsCommercial lines insurance$81$52$130$83Personal lines insurance(69)1(74)(92)Excess and surplus lines insurance8142838Life insurance10174238Investments984(262)2,158648Other26309571Total income (loss) before income taxes$1,040$(148)$2,379$786


Identifiable assets:September 30,2024December 31,2023Property casualty insurance$6,223$5,294Life insurance1,6541,562Investments27,64024,999Other1,492914Total$37,009$32,769







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(Dollars in millions, except per share data)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeEarned premiums$2,297$2,03313$6,524$5,89411Investment income, net of expenses (pretax)2582251574565514Investment gains and losses, net (pretax)758(456)nm1,50784nmTotal revenues3,3201,811838,7996,65732Net income (loss)820(99)nm1,887660186Comprehensive income1,140(300)nm2,172447386Net income (loss) per share—diluted5.20(0.63)nm11.974.17187Cash dividends declared per share0.810.7582.432.258Diluted weighted average shares outstanding157.7156.91157.7158.20















































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(Dollars in millions, except share data)At September 30,At December 31,20242023Total investments$28,104$25,357Total assets37,00932,769Short-term debt2525Long-term debt790790Shareholders' equity13,80412,098Book value per share88.3277.06Debt-to-total-capital ratio5.6%6.3%











Three months ended September 30,Nine months ended September 30,2024202320242023Value creation ratio major contributors:Net income before investment gains1.7%2.4%5.8%5.6%Change in fixed-maturity securities, realized and unrealized gains2.5(2.6)1.6(2.7)Change in equity securities, investment gains5.2(3.3)10.40.8Other(0.4)0.90.00.7Value creation ratio9.0%(2.6)%17.8%4.4%











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(Dollars are per share)Three months ended September 30,Nine months ended September 30,2024202320242023Value creation ratio:End of period book value*$88.32$67.72$88.32$67.72Less beginning of period book value81.7970.3377.0667.01Change in book value6.53(2.61)11.260.71Dividend declared to shareholders0.810.752.432.25Total value creation$7.34$(1.86)$13.69$2.96Value creation ratio from change in book value**8.0%(3.7)%14.6%1.1%Value creation ratio from dividends declared to shareholders***1.01.13.23.3Value creation ratio9.0%(2.6)%17.8%4.4%* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding** Change in book value divided by the beginning of period book value*** Dividend declared to shareholders divided by beginning of period book value





































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Insurer Financial Strength RatingsRatingagencyStandard market property casualty insurance subsidiariesLife insurance subsidiaryExcess and surplus lines insurance subsidiaryOutlookRatingtierRatingtierRatingtierA.M. Best Co.ambest.comA+Superior2 of 16A+Superior2 of 16A+Superior2 of 16StableFitch Ratingsfitchratings.comA+Strong5 of 21A+Strong5 of 21---PositiveMoody's Investors  Servicemoodys.comA1Good5 of 21------StableS&P Global  Ratingsspratings.comA+Strong5 of 21A+Strong5 of 21---Stable










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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeEarned premiums$2,217$1,95713$6,284$5,66111Fee revenues3309813Total revenues2,2201,960136,2935,66911Loss and loss expenses from:Current accident year before catastrophe losses1,2641,130123,6833,3809Current accident year catastrophe losses306184667096735Prior accident years before catastrophe losses(53)(48)(10)(140)(178)21Prior accident years catastrophe losses(18)(5)(260)(71)(35)(103)Loss and loss expenses1,4991,261194,1813,8409Underwriting expenses659587121,8841,68012Underwriting profit$62$112(45)$228$14953Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses57.0%57.7%(0.7)58.6%59.7%(1.1)Current accident year catastrophe losses13.89.44.411.211.9(0.7)Prior accident years before catastrophe losses(2.4)(2.4)0.0(2.2)(3.2)1.0Prior accident years catastrophe losses(0.8)(0.3)(0.5)(1.1)(0.6)(0.5)Loss and loss expenses67.664.43.266.567.8(1.3)Underwriting expenses29.830.0(0.2)30.029.70.3Combined ratio97.4%94.4%3.096.5%97.5%(1.0)Combined ratio97.4%94.4%3.096.5%97.5%(1.0)Contribution from catastrophe losses and prior years reserve development10.66.73.97.98.1(0.2)Combined ratio before catastrophe losses and prior years reserve development86.8%87.7%(0.9)88.6%89.4%(0.8)

















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeAgency renewal written premiums$1,795$1,54916$5,321$4,72713Agency new business written premiums406313301,15986734Other written premiums9295(3)520532(2)Net written premiums2,2931,957177,0006,12614Unearned premium change(76)—nm(716)(465)(54)Earned premiums$2,217$1,95713$6,284$5,66111





















































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(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,Comm.Pers.E&SComm.Pers.E&SDatesRegionlineslineslinesOtherTotallineslineslinesOtherTotal2024Mar. 12-17Midwest, South$(4)$4$—$—$—$30$32$—$—$62Mar. 31 - Apr. 4Midwest, Northeast, South(4)2——(2)1024——34May 6-10Midwest, South—21—319301—50May 25-26Midwest, South211—438292—69Jul. 13-18Midwest, Northeast1811——291811——29Sep. 25 - 28Midwest, South (Helene)35117—2617835117—26178All other 2024 catastrophes1849—2794101153330287Development on 2023 and prior catastrophes(5)(5)—(8)(18)(20)(32)—(19)(71)Calendar year incurred total$60$181$2$45$288$231$364$6$37$6382023Mar. 1-4Midwest, Northeast, South$(1)$(3)$—$—$(4)$27$27$—$2$56Mar. 23-28Midwest, Northeast, South(2)(3)——(5)2024——44Mar. 30 - Apr. 1Midwest, Northeast, South(1)———(1)6233——95Apr. 3-7Midwest, Northeast, South22——41232——44May 2-9Midwest, South(1)(1)——(2)237——30Jun. 21-27Midwest, Northeast, South, West144——182317——40Jun. 28 - Jul. 4Midwest, Northeast, South, West811——191016——26All other 2023 catastrophes5369(1)34155125171339338Development on 2022 and prior catastrophes(1)(6)(1)3(5)(2)(42)(1)10(35)Calendar year incurred total$71$73$(2)$37$179$300$285$2$51$638








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(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeCurrent accident year losses greater than $5 million$18$24(25)$49$103(52)Current accident year losses $2 million - $5 million5152(2)101102(1)Large loss prior accident year reserve development1932(41)5660(7)Total large losses incurred88108(19)206265(22)Losses incurred but not reported1851502360147427Other losses excluding catastrophe losses711639112,1291,90612Catastrophe losses282170666216141Total losses incurred$1,266$1,06719$3,557$3,2599Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million0.9%1.2%(0.3)0.8%1.8%(1.0)Current accident year losses $2 million - $5 million2.32.7(0.4)1.61.8(0.2)Large loss prior accident year reserve development0.81.6(0.8)0.91.1(0.2)Total large loss ratio4.05.5(1.5)3.34.7(1.4)Losses incurred but not reported8.47.60.89.68.41.2Other losses excluding catastrophe losses32.032.7(0.7)33.833.70.1Catastrophe losses12.78.74.09.910.8(0.9)Total loss ratio57.1%54.5%2.656.6%57.6%(1.0)










































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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeEarned premiums$1,137$1,0627$3,326$3,1844Fee revenues110330Total revenues1,1381,06373,3293,1874Loss and loss expenses from:Current accident year before catastrophe losses69164282,0371,9594Current accident year catastrophe losses6572(10)251302(17)Prior accident years before catastrophe losses(45)(33)(36)(97)(123)21Prior accident years catastrophe losses(5)(1)(400)(20)(2)(900)Loss and loss expenses70668042,1712,1362Underwriting expenses35133161,0289686Underwriting profit$81$5256$130$8357Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses60.7%60.5%0.261.3%61.6%(0.3)Current accident year catastrophe losses5.86.8(1.0)7.59.5(2.0)Prior accident years before catastrophe losses(4.0)(3.2)(0.8)(2.9)(3.9)1.0Prior accident years catastrophe losses(0.4)(0.1)(0.3)(0.6)(0.1)(0.5)Loss and loss expenses62.164.0(1.9)65.367.1(1.8)Underwriting expenses30.931.2(0.3)30.930.40.5Combined ratio93.0%95.2%(2.2)96.2%97.5%(1.3)Combined ratio93.0%95.2%(2.2)96.2%97.5%(1.3)Contribution from catastrophe losses and prior years reserve development1.43.5(2.1)4.05.5(1.5)Combined ratio before catastrophe losses and prior years reserve development91.6%91.7%(0.1)92.2%92.0%0.2




















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeAgency renewal written premiums$987$9148$3,086$2,9405Agency new business written premiums1871482656243130Other written premiums(36)(33)(9)(101)(95)(6)Net written premiums1,1381,029113,5473,2768Unearned premium change(1)33nm(221)(92)(140)Earned premiums$1,137$1,0627$3,326$3,1844














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(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeCurrent accident year losses greater than $5 million$11$18(39)$42$76(45)Current accident year losses $2 million - $5 million3628295868(15)Large loss prior accident year reserve development2030(33)54524Total large losses incurred6776(12)154196(21)Losses incurred but not reported117883336524251Other losses excluding catastrophe losses33733601,0891,0553Catastrophe losses5867(13)223288(23)Total losses incurred$579$5672$1,831$1,7813Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million1.0%1.7%(0.7)1.3%2.4%(1.1)Current accident year losses $2 million - $5 million3.22.60.61.72.1(0.4)Large loss prior accident year reserve development1.72.8(1.1)1.61.60.0Total large loss ratio5.97.1(1.2)4.66.1(1.5)Losses incurred but not reported10.38.32.011.07.63.4Other losses excluding catastrophe losses29.731.7(2.0)32.833.2(0.4)Catastrophe losses5.16.3(1.2)6.79.0(2.3)Total loss ratio51.0%53.4%(2.4)55.1%55.9%(0.8)








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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeEarned premiums$678$52729$1,897$1,48428Fee revenues211004333Total revenues680528291,9011,48728Loss and loss expenses from:Current accident year before catastrophe losses367297241,05286522Current accident year catastrophe losses1867913539632721Prior accident years before catastrophe losses5(2)nm5(12)nmPrior accident years catastrophe losses(5)(6)17(32)(42)24Loss and loss expenses553368501,4211,13825Underwriting expenses1961592355444126Underwriting profit (loss)$(69)$1nm$(74)$(92)20Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses54.0%56.3%(2.3)55.4%58.3%(2.9)Current accident year catastrophe losses27.415.112.320.922.0(1.1)Prior accident years before catastrophe losses0.9(0.4)1.30.3(0.8)1.1Prior accident years catastrophe losses(0.8)(1.2)0.4(1.7)(2.8)1.1Loss and loss expenses81.569.811.774.976.7(1.8)Underwriting expenses28.830.1(1.3)29.229.7(0.5)Combined ratio110.3%99.9%10.4104.1%106.4%(2.3)Combined ratio110.3%99.9%10.4104.1%106.4%(2.3)Contribution from catastrophe losses and prior years reserve development27.513.514.019.518.41.1Combined ratio before catastrophe losses and prior years reserve development82.8%86.4%(3.6)84.6%88.0%(3.4)

















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeAgency renewal written premiums$695$54228$1,870$1,47127Agency new business written premiums1651223545030747Other written premiums(28)(18)(56)(74)(55)(35)Net written premiums832646292,2461,72330Unearned premium change(154)(119)(29)(349)(239)(46)Earned premiums$678$52729$1,897$1,48428














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(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeCurrent accident year losses greater than $5 million$7$617$7$27(74)Current accident year losses $2 million - $5 million1324(46)393415Large loss prior accident year reserve development(1)2nm29(78)Total large losses incurred1932(41)4870(31)Losses incurred but not reported337371866043Other losses excluding catastrophe losses2562102274359126Catastrophe losses1787115135727729Total losses incurred$486$32052$1,234$99824Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million1.1%1.1%0.00.4%1.8%(1.4)Current accident year losses $2 million - $5 million2.04.7(2.7)2.12.3(0.2)Large loss prior accident year reserve development(0.2)0.4(0.6)0.10.6(0.5)Total large loss ratio2.96.2(3.3)2.64.7(2.1)Losses incurred but not reported5.01.23.84.64.00.6Other losses excluding catastrophe losses37.639.9(2.3)39.039.9(0.9)Catastrophe losses26.213.412.818.818.70.1Total loss ratio71.7%60.7%11.065.0%67.3%(2.3)











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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeEarned premiums$157$13516$447$39413Fee revenues—1(100)220Total revenues1571361544939613Loss and loss expenses from:Current accident year before catastrophe losses10088142882687Current accident year catastrophe losses2(1)nm63100Prior accident years before catastrophe losses514005(13)nmPrior accident years catastrophe losses—(1)100—(1)100Loss and loss expenses107872329925716Underwriting expenses42352012210121Underwriting profit$8$14(43)$28$38(26)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses64.2%64.8%(0.6)64.6%67.9%(3.3)Current accident year catastrophe losses1.7(0.6)2.31.40.80.6Prior accident years before catastrophe losses2.90.92.01.0(3.3)4.3Prior accident years catastrophe losses(0.2)(0.2)0.00.0(0.2)0.2Loss and loss expenses68.664.93.767.065.21.8Underwriting expenses26.725.61.127.325.71.6Combined ratio95.3%90.5%4.894.3%90.9%3.4Combined ratio95.3%90.5%4.894.3%90.9%3.4Contribution from catastrophe losses and prior years reserve development4.40.14.32.4(2.7)5.1Combined ratio before catastrophe losses and prior years reserve development90.9%90.4%0.591.9%93.6%(1.7)























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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeAgency renewal written premiums$113$9322$365$31616Agency new business written premiums54432614712914Other written premiums(10)(8)(25)(29)(25)(16)Net written premiums1571282348342015Unearned premium change—7(100)(36)(26)(38)Earned premiums$157$13516$447$39413























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(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeCurrent accident year losses greater than $5 million$—$—nm$—$—nmCurrent accident year losses $2 million - $5 million2—nm4—nmLarge loss prior accident year reserve development——nm—(1)100Total large losses incurred2—nm4(1)nmLosses incurred but not reported1216(25)5963(6)Other losses excluding catastrophe losses55452214311821Catastrophe losses2(1)nm62200Total losses incurred$71$6018$212$18216Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million—%—%0.0—%—%0.0Current accident year losses $2 million - $5 million1.3—1.30.9—0.9Large loss prior accident year reserve development——0.0—(0.2)0.2Total large loss ratio1.3—1.30.9(0.2)1.1Losses incurred but not reported7.111.9(4.8)13.215.9(2.7)Other losses excluding catastrophe losses35.433.22.232.129.92.2Catastrophe losses1.5(0.9)2.41.30.50.8Total loss ratio45.3%44.2%1.147.5%46.1%1.4
















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeEarned premiums$80$765$240$2333Fee revenues13(67)48(50)Total revenues817932442411Contract holders' benefits incurred797111226230(2)Investment interest credited to contract holders(32)(31)(3)(94)(91)(3)Underwriting expenses incurred2422970649Total benefits and expenses7162152022030Life insurance segment profit$10$17(41)$42$3811


























(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeTerm life insurance$58$564$174$1702Whole life insurance1312839375Universal life and other981327264Net earned premiums$80$765$240$2333





























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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeTotal investment income, net of expenses$258$22515$745$65514Investment interest credited to contract holders(32)(31)(3)(94)(91)(3)Investment gains and losses, net758(456)nm1,50784nmInvestments profit (loss), pretax$984$(262)nm$2,158$648233





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(Dollars in millions)% YieldPrincipal redemptionsAt September 30, 2024Fixed-maturity pretax yield profile:Expected to mature during the remainder of 20245.02%$494Expected to mature during 20254.711,388Expected to mature during 20265.061,188Average yield and total expected maturities from the remainder of 2024 through 20264.90$3,070








Three months ended September 30,Nine months ended September 30,2024202320242023Average pretax yield-to-amortized cost on new fixed-maturities:Acquired taxable fixed-maturities5.63%6.60%5.81%6.41%Acquired tax-exempt fixed-maturities4.094.344.124.24Average total fixed-maturities acquired5.536.405.686.15














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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeInvestment income:Interest$187$15421$529$44120Dividends6869(1)2092052Other754018180Less investment expenses433311922Investment income, pretax2582251574565514Less income taxes44371912510618Total investment income, after-tax$214$18814$620$54913Investment returns:Average invested assets plus cash and cash  equivalents$29,107$25,490$28,447$25,025Average yield pretax3.55%3.53%3.49%3.49%Average yield after-tax2.942.952.912.93Effective tax rate16.916.316.816.2Fixed-maturity returns:Average amortized cost$15,592$13,879$15,218$13,515Average yield pretax4.80%4.44%4.63%4.35%Average yield after-tax3.933.663.803.59Effective tax rate18.117.618.017.4

















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2024202320242023Investment gains and losses:Equity securities:Investment gains and losses on securities sold, net$24$(5)$146$2Unrealized gains and losses on securities still held, net817(458)1,44699Subtotal841(463)1,592101Fixed maturities:Gross realized gains1152Gross realized losses(87)(1)(94)(2)Change in allowance for credit losses, net—1(25)(2)Write-down of impaired securities with intent to sell———(4)Subtotal(86)1(114)(6)Other3629(11)Total investment gains and losses reported in net income758(456)1,50784Change in unrealized investment gains and losses:Fixed maturities497(369)367(360)Total$1,255$(825)$1,874$(276)

























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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangeInterest and fees on loans and leases$3$250$7$540Earned premiums24523356145993Other revenues—1(100)330Total revenues24823656246073Interest expense1313040400Loss and loss expenses1331266290309(6)Underwriting expenses7062131801706Operating expenses6520191712Total expenses2222068529536(1)Total other income$26$30(13)$95$7134



























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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20242023% Change20242023% ChangePremiums collected$2,343$2,02516$6,593$5,80614Loss and loss expenses paid(1,114)(1,058)(5)(3,218)(3,185)(1)Commissions and other underwriting expenses paid(585)(516)(13)(2,008)(1,772)(13)Cash flow from underwriting644451431,36784961Investment income received1921512753344719Cash flow from operations$836$60239$1,900$1,29647








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(Dollars in millions)Loss reservesLoss expense reservesTotal gross reservesCase reservesIBNR reservesPercent of totalAt September 30, 2024Commercial lines insurance:Commercial casualty$1,124$1,424$808$3,35634.0%Commercial property297228856106.2Commercial auto4273501539309.4Workers' compensation403563861,05210.7Other commercial153381293203.2Subtotal2,4042,6031,2616,26863.5Personal lines insurance:Personal auto249116884534.6Homeowner234270805845.9Other personal9014882462.5Subtotal5735341761,28313.0Excess and surplus lines3863972731,05610.7Cincinnati Re17183961,01610.3Cincinnati Global11912042432.5Total$3,653$4,493$1,720$9,866100.0%At December 31, 2023Commercial lines insurance:Commercial casualty$1,111$1,205$792$3,10834.6%Commercial property362116815596.3Commercial auto4183031428639.6Workers' compensation431540891,06011.8Other commercial143261282973.3Subtotal2,4652,1901,2325,88765.6Personal lines insurance:Personal auto22274733694.1Homeowner215122583954.4Other personal10111962262.5Subtotal53831513799011.0Excess and surplus lines36033623693210.4Cincinnati Re158747691110.2Cincinnati Global14111132552.8Total$3,662$3,699$1,614$8,975100.0%


















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(Dollars in millions)At September 30, 2024At December 31, 2023Cost or amortized costPercent of totalFair valuePercent of totalCost or amortized costPercent of totalFair valuePercentof totalTaxable fixed maturities$12,03859.9%$11,88243.4%$10,41455.8%$9,88940.0%Tax-exempt fixed maturities4,03620.13,98914.53,94721.23,90215.7Common equities3,62618.011,20040.83,86920.810,64142.9Nonredeemable preferred  equities4082.03701.34132.23481.4Total$20,108100.0%$27,441100.0%$18,643100.0%$24,780100.0%






















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At September 30, 2024At December 31, 2023Weighted average yield-to-amortized cost4.98%4.60%Weighted average maturity9.5yrs7.9yrsEffective duration4.6yrs4.3yrs
















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(Dollars in millions)At September 30, 2024At December 31, 2023Investment-grade corporate$8,010$7,040States, municipalities and political subdivisions820801Noninvestment-grade corporate329412Government-sponsored enterprises2,1511,224Asset-backed314187United States government227200Foreign government3125Total$11,882$9,889


























































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(Dollars in millions)Effect from interest rate change in basis points-200-100—100200At September 30, 2024$17,326$16,590$15,871$15,107$14,301At December 31, 2023$14,962$14,375$13,791$13,179$12,543































(Dollars in millions)Effect from market price change in percent-30%-20%-10%—10%20%30%At September 30, 2024$8,099$9,256$10,413$11,570$12,727$13,884$15,041At December 31, 2023$7,692$8,791$9,890$10,989$12,088$13,187$14,286














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Percent of common stock portfolioAt September 30, 2024At December 31, 2023Cincinnati FinancialS&P 500 IndustryWeightingsCincinnatiFinancialS&P 500 IndustryWeightingsSector:Information technology32.3%31.7%33.1%28.9%Industrials13.58.511.98.8Healthcare11.811.611.612.6Financial11.412.913.913.0Consumer discretionary7.710.17.010.8Consumer staples7.35.97.06.2Materials4.82.24.72.4Energy4.23.34.13.9Utilities3.22.52.72.3Real estate2.42.42.62.5Telecomm services1.48.91.48.6Total100.0%100.0%100.0%100.0%











































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(Dollars in millions)Less than 12 months12 months or moreTotalAt September 30, 2024Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized lossesFixed-maturity securities:Corporate$402$5$3,937$213$4,339$218States, municipalities and political subdivisions28742,0001722,287176Government-sponsored enterprises7151128—8431Asset-backed48—9971477United States government——10321032Foreign government——5—5—Total$1,452$10$6,272$394$7,724$404At December 31, 2023Fixed-maturity securities:Corporate$379$13$5,560$441$5,939$454States, municipalities and political subdivisions31321,9322062,245208Government-sponsored enterprises652311337656Asset-backed5—1721617716United States government32—12931613Foreign government3—6—9—Total$1,384$18$7,912$669$9,296$687


























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(Dollars in millions)Numberof issuesAmortizedcostFair valueGross unrealized gain (loss)Gross investment incomeAt September 30, 2024Taxable fixed maturities:Fair valued below 70% of amortized cost3$9$6$(3)$—Fair valued at 70% to less than 100% of amortized cost1,4766,4216,103(318)198Fair valued at 100% and above of amortized cost1,0555,6085,773165186Investment income on securities sold in current year————45Total2,53412,03811,882(156)429Tax-exempt fixed maturities:Fair valued below 70% of amortized cost285(3)—Fair valued at 70% to less than 100% of amortized cost1,0141,6901,610(80)37Fair valued at 100% and above of amortized cost1,4382,3382,3743660Investment income on securities sold in current year————3Total2,4544,0363,989(47)100Fixed-maturities summary:Fair valued below 70% of amortized cost51711(6)—Fair valued at 70% to less than 100% of amortized cost2,4908,1117,713(398)235Fair valued at 100% and above of amortized cost2,4937,9468,147201246Investment income on securities sold in current year————48Total4,988$16,074$15,871$(203)$529At December 31, 2023Fixed-maturities summary:Fair valued below 70% of amortized cost20$67$44$(23)$3Fair valued at 70% to less than 100% of amortized cost2,8209,9169,252(664)409Fair valued at 100% and above of amortized cost1,8984,3784,495117162Investment income on securities sold in current year————26Total4,738$14,361$13,791$(570)$600
















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PeriodTotal number of shares purchasedAverage price paid per shareTotal number of shares purchased as part ofpublicly announcedplans or programsMaximum number ofshares that may yet bepurchased under theplans or programsJuly 1-31, 2024—$——5,651,785August 1-31, 2024———5,651,785September 1-30, 2024———5,651,785Totals———










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Exhibit No.Exhibit Description3.1Amended and Restated Articles of Incorporation of Cincinnati Financial Corporation (incorporated by reference to the company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, Exhibit 3.1)3.2Amended and Restated Code of Regulations of Cincinnati Financial Corporation, as of May 6, 2023 (incorporated by reference to Exhibit 3.1 filed with the company's Current Report on Form 8-K dated May 9, 2023)31ACertification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Executive Officer31BCertification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Financial Officer32Certification pursuant to Section 906 of the Sarbanes Oxley Act of 2002101.INSThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.101.SCHXBRL Taxonomy Extension Schema Document101.CALXBRL Taxonomy Extension Calculation Linkbase Document101.DEFXBRL Taxonomy Extension Definition Linkbase Document101.LABXBRL Taxonomy Extension Label Linkbase Document101.PREXBRL Taxonomy Extension Presentation Linkbase Document104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)










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CINCINNATI FINANCIAL CORPORATIONDate: October 24, 2024/S/ Michael J. SewellMichael J. Sewell, CPAChief Financial Officer, Executive Vice President and Treasurer(Principal Accounting Officer)