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10-Q





☑


September 30, 2023


☐





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
     ☐


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☐


156,907,720







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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 Operations36Safe Harbor Statement36Corporate Financial Highlights39Financial Results47Liquidity and Capital Resources63Other Matters67Item 3. Quantitative and Qualitative Disclosures about Market Risk67Item 4. Controls and Procedures74Part II – Other Information75Item 1. Legal Proceedings75Item 1A. Risk Factors75Item 2. Unregistered Sales of Equity Securities and Use of Proceeds76Item 5. Other Information77Item 6. Exhibits78










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(Dollars in millions, except per share data)September 30,December 31,20232022AssetsInvestmentsFixed maturities, at fair value (amortized cost: 2023—$14,050; 2022—$12,979)$12,843$12,132Equity securities, at fair value (cost: 2023—$4,399; 2022—$4,294)10,0319,841Other invested assets534452Total investments23,40822,425Cash and cash equivalents8991,264Investment income receivable182160Finance receivable10392Premiums receivable2,6542,322Reinsurance recoverable699665Prepaid reinsurance premiums6951Deferred policy acquisition costs1,1011,013Land, building and equipment, net, for company use (accumulated depreciation:2023—$333; 2022—$322)199202Other assets683646Separate accounts918892Total assets$30,915$29,732LiabilitiesInsurance reservesLoss and loss expense reserves$9,077$8,400Life policy and investment contract reserves2,9203,015Unearned premiums4,1953,689Other liabilities1,3151,229Deferred income tax9971,054Note payable2550Long-term debt and lease obligations844841Separate accounts918892Total liabilities20,29119,170Commitments and contingent liabilities (Note 12)Shareholders' EquityCommon stock, par value—$2 per share; (authorized: 2023 and 2022—500 millionshares; issued: 2023 and 2022—198.3 million shares)397397Paid-in capital1,4221,392Retained earnings12,01811,711Accumulated other comprehensive income(827)(614)Treasury stock at cost (2023—41.4 million shares and 2022—41.2 million shares)(2,386)(2,324)Total shareholders' equity10,62410,562Total liabilities and shareholders' equity$30,915$29,732










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(Dollars in millions, except per share data)Three months ended September 30,Nine months ended September 30,2023202220232022RevenuesEarned premiums$2,033$1,884$5,894$5,350Investment income, net of expenses225193655573Investment gains and losses, net(456)(674)84(2,494)Fee revenues651612Other revenues3287Total revenues1,8111,4106,6573,448Benefits and ExpensesInsurance losses and contract holders' benefits1,3321,4184,0703,772Underwriting, acquisition and insurance expenses6095511,7441,604Interest expense13144040Other operating expenses541713Total benefits and expenses1,9591,9875,8715,429Income (Loss) Before Income Taxes(148)(577)786(1,981)Provision (Benefit) for Income TaxesCurrent571912490Deferred(106)(180)2(571)Total provision (benefit) for income taxes(49)(161)126(481)Net Income (Loss)$(99)$(416)$660$(1,500)Per Common ShareNet income (loss)—basic$(0.63)$(2.63)$4.20$(9.42)Net income (loss)—diluted(0.63)(2.63)4.17(9.42)










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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Net Income (Loss)$(99)$(416)$660$(1,500)Other Comprehensive Income (Loss)Change in unrealized gains and losses on investments, net of benefit of $(79), $(109), $(76) and $(393), respectively(290)(405)(284)(1,477)Amortization of pension actuarial loss and prior service cost, net of tax (benefit) of $0, $0, $(2) and $0, respectively——(5)—Change in life policy reserves, reinsurance recoverable and other, net of tax of $22, $25, $19 and $104, respectively899576393Other comprehensive loss(201)(310)(213)(1,084)Comprehensive Income (Loss)$(300)$(726)$447$(2,584)













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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Common StockBeginning of period$397$397$397$397Share-based awards————End of period397397397397Paid-In CapitalBeginning of period1,4101,3671,3921,356Share-based awards11(5)(11)Share-based compensation993129Other2245End of period1,4221,3791,4221,379Retained EarningsBeginning of period12,23511,33111,71112,625Cumulative effect of change in accounting for long-duration insurance contracts (Note 1)———10Adjusted beginning of period12,23511,33111,71112,635Net income (loss)(99)(416)660(1,500)Dividends declared(118)(109)(353)(329)End of period12,01810,80612,01810,806Accumulated Other Comprehensive Income (Loss)Beginning of period(626)(478)(614)648Cumulative effect of change in accounting for long-duration insurance contracts (Note 1)———(352)Adjusted beginning of period(626)(478)(614)296Other comprehensive loss(201)(310)(213)(1,084)End of period(827)(788)(827)(788)Treasury StockBeginning of period(2,386)(2,112)(2,324)(1,921)Share-based awards11813Shares acquired - share repurchase authorization—(203)(67)(399)Shares acquired - share-based compensation plans(2)—(5)(8)Other1—21End of period(2,386)(2,314)(2,386)(2,314)Total Shareholders' Equity$10,624$9,480$10,624$9,480(In millions, except per common share)Common Stock - Shares OutstandingBeginning of period156.8159.2157.1160.3Share-based awards——0.30.5Shares acquired - share repurchase authorization—(2.1)(0.6)(3.7)Other0.1—0.1—End of period156.9157.1156.9157.1Dividends declared per common share$0.75$0.69$2.25$2.07










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(Dollars in millions)Nine months ended September 30,20232022Cash Flows From Operating ActivitiesNet income (loss)$660$(1,500)Adjustments to reconcile net income to net cash provided by operating activities:Depreciation, amortization and other88102Investment gains and losses, net(69)2,513Interest credited to contract holders3334Deferred income tax expense2(571)Changes in:Premiums and reinsurance receivable(392)(354)Deferred policy acquisition costs(88)(118)Other assets(30)(6)Loss and loss expense reserves677808Life policy and investment contract reserves7353Unearned premiums506527Other liabilities83Current income tax receivable/payable7(70)Net cash provided by operating activities1,4751,421Cash Flows From Investing ActivitiesSale, call or maturity of fixed maturities826911Sale of equity securities68333Purchase of fixed maturities(1,853)(1,445)Purchase of equity securities(157)(380)Changes in finance receivables(10)12Investment in building and equipment(10)(12)Change in other invested assets, net(102)(65)Net cash used in investing activities(1,238)(646)Cash Flows From Financing ActivitiesPayment of cash dividends to shareholders(338)(316)Shares acquired - share repurchase authorization(67)(399)Changes in note payable(25)(10)Proceeds from stock options exercised78Contract holders' funds deposited6754Contract holders' funds withdrawn(165)(98)Other(81)(70)Net cash used in financing activities(602)(831)Net change in cash and cash equivalents(365)(56)Cash and cash equivalents at beginning of year1,2641,139Cash and cash equivalents at end of period$899$1,083Supplemental Disclosures of Cash Flow Information:Interest paid$28$27Income taxes paid94144Noncash ActivitiesEquipment acquired under finance lease obligations$10$13Share-based compensation1524Other assets and other liabilities120203










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Accounting Policies












































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(Dollars in millions)September 30, 2023December 31, 2022As originally reportedAs adjustedDifferenceReinsurance recoverable$699$640$665$25Prepaid reinsurance premiums697951(28)Deferred policy acquisition costs1,1011,0141,013(1)Total assets30,91529,73629,732(4)Life policy and investment contract reserves2,9203,0593,015(44)Deferred income tax9971,0451,0549Total liabilities20,29119,20519,170(35)Retained earnings12,01811,70211,7119Accumulated other comprehensive income(827)(636)(614)22Total shareholders' equity10,62410,53110,56231Total liabilities and shareholders' equity30,91529,73629,732(4)





(Dollars in millions, except per share data)Three months ended September 30,20232022As originally reportedAs adjustedDifferenceEarned premiums$2,033$1,882$1,884$2Insurance losses and contract holders' benefits1,3321,4181,418—Underwriting, acquisition and insurance expenses609551551—Deferred income tax expense(106)(180)(180)—Net Income (Loss)(99)(418)(416)2Change in life policy reserves, reinsurance recoverable and other, net of tax89—9595Other comprehensive income (loss)(201)(405)(310)95Comprehensive Income (Loss)(300)(823)(726)97Net income (loss) per share:Basic$(0.63)$(2.64)$(2.63)$0.01Diluted(0.63)(2.64)(2.63)0.01(Dollars in millions, except per share data)Nine months ended September 30,20232022As originally reportedAs adjustedDifferenceEarned premiums$5,894$5,345$5,350$5Insurance losses and contract holders' benefits4,0703,7663,7726Underwriting, acquisition and insurance expenses1,7441,6041,604—Deferred income tax expense2(571)(571)—Net Income (Loss)660(1,499)(1,500)(1)Change in life policy reserves, reinsurance recoverable and other, net of tax761393392Other comprehensive income (loss)(213)(1,476)(1,084)392Comprehensive Income (Loss)447(2,975)(2,584)391Net income (loss) per share:Basic$4.20$(9.41)$(9.42)$(0.01)Diluted4.17(9.41)(9.42)(0.01)





The adoption of ASU 2018-12 did not have a material impact on the company's condensed consolidated cash flows.







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Investments





(Dollars in millions)AmortizedcostGross unrealizedFair valueAt September 30, 2023gainslossesFixed-maturity securities:Corporate$7,786$27$700$7,113States, municipalities and political subdivisions4,91124894,424Government-sponsored enterprises897—23874United States government223—6217Commercial mortgage-backed214—18196Foreign government19——19Total$14,050$29$1,236$12,843At December 31, 2022Fixed-maturity securities:Corporate$7,412$37$580$6,869States, municipalities and political subdivisions4,901243034,622Government-sponsored enterprises186—3183United States government196—5191Commercial mortgage-backed250—16234Foreign government34—133Total$12,979$61$908$12,132














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(Dollars in millions)Less than 12 months12 months or moreTotalAt September 30, 2023FairvalueUnrealizedlossesFairvalueUnrealizedlossesFairvalueUnrealizedlossesFixed-maturity securities:Corporate$1,283$58$5,431$642$6,714$700States, municipalities and political subdivisions2,331891,9024004,233489Government-sponsored enterprises7421795683723United States government80113052106Commercial mortgage-backed1—1941819518Foreign government9—5—14—Total$4,446$165$7,757$1,071$12,203$1,236At December 31, 2022Fixed-maturity securities:Corporate$5,651$412$661$168$6,312$580States, municipalities and political subdivisions2,60027477292,677303Government-sponsored enterprises12333—1263United States government14634121875Commercial mortgage-backed2151314322916Foreign government2514—291Total$8,760$706$800$202$9,560$908








(Dollars in millions)AmortizedcostFairvalue% of fairvalueAt September 30, 2023Maturity dates:Due in one year or less$825$8146.3%Due after one year through five years4,5074,31433.6Due after five years through ten years3,5223,24625.3Due after ten years5,1964,46934.8Total$14,050$12,843100.0%














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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Investment income:Interest$154$129$441$376Dividends6966205203Other53186Total228198664585Less investment expenses35912Total$225$193$655$573Investment gains and losses, net:Equity securities:Investment gains and losses on securities sold, net$(5)$16$2$34Unrealized gains and losses on securities still held, net(458)(705)99(2,568)Subtotal(463)(689)101(2,534)Fixed-maturity securities:Gross realized gains1—26Gross realized losses(1)—(2)(3)Write-down of impaired securities with intent to sell——(4)—Subtotal——(4)3Other715(13)37Total$(456)$(674)$84$(2,494)





10.031 9.841 764 597 7.9 6.3 3.3 2.7





3 1 1 2 1





There were 4,490 fixed-maturity securities with a total unrealized loss of $1.236 billion, which were in an unrealized loss position at September 30, 2023. Of that total, 202 fixed-maturity securities had fair values below 70% of amortized cost. There were 3,272 fixed-maturity securities with a total unrealized loss of $908 million, which were in an unrealized loss position at December 31, 2022. Of that total, 49 fixed-maturity securities had fair values below 70% of amortized cost.







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Fair Value Measurements














(Dollars in millions)Level 1Level 2Level 3TotalAt September 30, 2023Fixed maturities, available for sale:Corporate$—$7,113$—$7,113States, municipalities and political subdivisions—4,424—4,424Government-sponsored enterprises—874—874United States government217——217Commercial mortgage-backed—196—196Foreign government—19—19Subtotal21712,626—12,843Common equities9,678——9,678Nonredeemable preferred equities—353—353Separate accounts taxable fixed maturities—823—823Top Hat savings plan mutual funds and common    equity (included in Other assets)63——63Total$9,958$13,802$—$23,760At December 31, 2022Fixed maturities, available for sale:Corporate$—$6,869$—$6,869States, municipalities and political subdivisions—4,622—4,622Government-sponsored enterprises—183—183United States government191——191Commercial mortgage-backed—234—234Foreign government—33—33Subtotal19111,941—12,132Common equities9,454——9,454Nonredeemable preferred equities—387—387Separate accounts taxable fixed maturities—815—815Top Hat savings plan mutual funds and common  equity (included in Other assets)57——57Total$9,702$13,143$—$22,845





899 1.264





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(Dollars in millions)Book valuePrincipal amountInterestrateYear of issueSeptember 30,December 31,September 30,December 31,20232022202320226.900%1998Senior debentures, due 2028$27$27$28$286.920%2005Senior debentures, due 20283913913913916.125%2004Senior notes, due 2034372371374374Total$790$789$793$793








(Dollars in millions)Level 1Level 2Level 3TotalAt September 30, 2023Note payable$—$25$—$256.900% senior debentures, due 2028—28—286.920% senior debentures, due 2028—411—4116.125% senior notes, due 2034—371—371Total$—$835$—$835At December 31, 2022Note payable$—$50$—$506.900% senior debentures, due 2028—29—296.920% senior debentures, due 2028—418—4186.125% senior notes, due 2034—388—388Total$—$885$—$885








(Dollars in millions)Level 1Level 2Level 3TotalAt September 30, 2023Life policy loans$—$—$36$36Deferred annuities——595595Structured settlements—129—129Total$—$129$595$724At December 31, 2022Life policy loans$—$—$37$37Deferred annuities——621621Structured settlements—143—143Total$—$143$621$764








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680
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Property Casualty Loss and Loss Expenses





(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Gross loss and loss expense reserves, beginning of period$8,807$7,603$8,336$7,229Less reinsurance recoverable424287405327Net loss and loss expense reserves, beginning of period8,3837,3167,9316,902Net incurred loss and loss expenses related to:Current accident year1,3141,3914,0533,687Prior accident years(53)(43)(213)(143)Total incurred1,2611,3483,8403,544Net paid loss and loss expenses related to:Current accident year5974841,2861,021Prior accident years4614641,8991,709Total paid1,0589483,1852,730Net loss and loss expense reserves, end of period8,5867,7168,5867,716Plus reinsurance recoverable419329419329Gross loss and loss expense reserves, end of period$9,005$8,045$9,005$8,045





72 68





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We experienced $43 million of favorable development on prior accident years, including $4 million of favorable development in commercial lines, $8 million of favorable development in personal lines and $7 million of favorable development in excess and surplus lines for the three months ended September 30, 2022. Within commercial lines, we recognized favorable reserve development of $24 million for the commercial property line and $16 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $23 million for the commercial casualty line and $16 million for the commercial auto line.





We experienced $143 million of favorable development on prior accident years, including $51 million of favorable development in commercial lines, $56 million of favorable development in personal lines and $13 million of favorable development in excess and surplus lines for the nine months ended September 30, 2022. Within commercial lines, we recognized favorable reserve development of $43 million for the workers' compensation line and $36 million for the commercial property line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $25 million for the commercial casualty line and $15 million for the commercial auto line. Within personal lines, we recognized favorable reserve development of $51 million for the homeowner line.







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Life Policy and Investment Contract Reserves























(Dollars in millions)September 30,2023December 31,2022Life policy reserves:Term$956$961Whole life381408Other9794Subtotal1,4341,463Investment contract reserves:Deferred annuities680734Universal life575578Structured settlements124129Other107111Subtotal1,4861,552Total life policy and investment contract reserves$2,920$3,015








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(Dollars in millions)TermWhole lifeDeferred annuityUniversal lifeOtherTotalAt January 1, 2021Balance, pre-adoption at December 31, 2020$901$363$761$567$323$2,915Removal of shadow adjustments————1313Net premiums in excess of gross premiums141———15Remeasurement at market value discount rates372245———617Balance, post-adoption at January 1, 2021$1,287$609$761$567$336$3,560








(Dollars in millions)TermWhole lifeDeferred annuityUniversal lifeOtherTotalAt January 1, 2021Balance, pre-adoption at December 31, 2020$113$26$—$—$78$217Remeasurement at market value discount rates2918———47Other adjustments201—2—23Balance, post-adoption at January 1, 2021$162$45$—$2$78$287




















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(Dollars in millions)Three months ended September 30,20232022TermWhole lifeTermWhole lifePresent value of expected net premiums:Balance, beginning of period$1,664$212$1,723$210Beginning balance at original discount rate1,7122191,704209Effect of changes in cash flow assumptions—(1)(13)(2)Effect of actual variances from expected experience(3)2(3)—Adjusted beginning of period balance1,7092201,688207Issuances3375011Interest accrual183172Net premiums collected(45)(7)(44)(6)Ending balance at original discount rate1,7152231,711214Effect of changes in discount rate assumptions(133)(17)(94)(13)Balance, end of period1,5822061,617201Present value of expected future policy benefits:Balance, beginning of period2,6626332,702646Beginning balance at original discount rate2,7376152,663590Effect of changes in cash flow assumptions——(12)(2)Effect of actual variances from expected experience(6)2(2)—Adjusted beginning of period balance2,7316172,649588Issuances3374911Interest accrual308297Benefits paid(39)(9)(48)(7)Ending balance at original discount rate2,7556232,679599Effect of changes in discount rate assumptions(234)(37)(159)(5)Balance, end of period2,5215862,520594Net liability for future policy benefits:Present value of expected future policy benefits less expected net premiums939380903393Impact of flooring at cohort level171222Net life policy reserves956381925395Less reinsurance recoverable at original discount rate(99)(25)(98)(25)Less effect of discount rate assumption changes on reinsurance recoverable(7)(3)(9)(4)Net life policy reserves, after reinsurance recoverable$850$353$818$366Weighted-average duration of the net life policy reserves in years11161116





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(Dollars in millions)Nine months ended September 30,20232022TermWhole lifeTermWhole lifePresent value of expected net premiums:Balance, beginning of period$1,643$208$1,801$241Beginning balance at original discount rate1,7082171,503201Effect of changes in cash flow assumptions(5)(7)132(3)Effect of actual variances from expected experience(15)35—Adjusted beginning of period balance1,6882131,640198Issuances1112415430Interest accrual537496Net premiums collected(137)(21)(132)(20)Ending balance at original discount rate1,7152231,711214Effect of changes in discount rate assumptions(133)(17)(94)(13)Balance, end of period1,5822061,617201Present value of expected future policy benefits:Balance, beginning of period2,5846142,993826Beginning balance at original discount rate2,6926072,425577Effect of changes in cash flow assumptions5(10)150(5)Effect of actual variances from expected experience(19)315—Adjusted beginning of period balance2,6786002,590572Issuances1112415329Interest accrual90238422Benefits paid(124)(24)(148)(24)Ending balance at original discount rate2,7556232,679599Effect of changes in discount rate assumptions(234)(37)(159)(5)Balance, end of period2,5215862,520594Net liability for future policy benefits:Present value of expected future policy benefits less expected net premiums939380903393Impact of flooring at cohort level171222Net life policy reserves956381925395Less reinsurance recoverable at original discount rate(99)(25)(98)(25)Less effect of discount rate assumption changes on reinsurance recoverable(7)(3)(9)(4)Net life policy reserves, after reinsurance recoverable$850$353$818$366Weighted-average duration of the net life policy reserves in years11161116





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(Dollars in millions)At September 30,20232022UndiscountedDiscountedUndiscountedDiscountedTermExpected future benefit payments$4,768$2,521$4,618$2,520Expected future gross premiums4,3642,4644,4022,528Whole lifeExpected future benefit payments$1,631$586$1,540$594Expected future gross premiums653379596356











(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Gross premiumsTerm$71$70$217$210Whole life14113935Total$85$81$256$245Interest accretionTerm$13$12$37$35Whole life551616Total$18$17$53$51





immaterial








At September 30,20232022TermInterest accretion rate5.29%5.15%Current discount rate5.735.18Whole lifeInterest accretion rate5.92%5.97%Current discount rate5.955.51














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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Deferred annuityUniversal lifeDeferred annuityUniversal lifeDeferred annuityUniversal lifeDeferred annuityUniversal lifeBalance, beginning of period$696$456$755$457$734$457$763$454Premiums received13812838282329Policy charges—(9)—(10)—(29)—(29)Surrenders and withdrawals(32)(2)(17)(4)(100)(9)(37)(9)Benefit payments(3)(1)(3)(1)(9)(5)(13)(4)Interest credited645517141614Balance, end of period$680$456$752$455$680$456$752$455Weighted average crediting rate3.45%4.29%3.10%4.24%3.45%4.29%3.10%4.24%Net amount at risk$—$3,989$—$4,108$—$3,989$—$4,108Cash surrender value675424748421675424748421














(Dollars in millions)At guaranteed minimum1 to 50 basis points above51-150 basis points aboveGreater than 150 basis pointsTotalAt September 30, 2023Deferred annuity1.00-3.00%$5$380$16$2296303.01-4.00%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$456At September 30, 2022Deferred annuity1.00-3.00%$467$—$170$64$7013.01-4.00%51———51Total$518$—$170$64$752Universal life1.00-3.00%$59$46$8$2$1153.01-4.00%52———52Greater than 4.00%288———288Total$399$46$8$2$455








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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Balance, beginning of period$122$122$121$133Balance, beginning of period before shadow reserve adjustments124123123131Effect of changes in cash flow assumptions——(5)(2)Effect of actual variances from expected experience2116Adjusted beginning of period balance126124119135Interest accrual1133Excess death benefits(4)(2)(6)(14)Attributed assessments3399Effect of changes in interest rate assumptions(5)(4)(4)(11)Balance, end of period before shadow reserve adjustments121122121122Shadow reserve adjustments(2)(3)(2)(3)Balance, end of period119119119119Less reinsurance recoverable, end of period7575Net other additional liability, after reinsurance recoverable$126$124$126$124Weighted-average duration of the other additional liability in years32343234








(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Balance, beginning of period$911$860$892$959Interest credited before policy charges1193129Change in unrealized gains and losses impacting separate accounts liabilities—20—(85)Benefit payments(3)—(6)(10)Other(1)(1)1(5)Balance, end of period$918$888$918$888Cash surrender value$912$886$912$886







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Deferred Policy Acquisition Costs


The table below shows the deferred policy acquisition costs and asset reconciliation.


(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Property casualty:Deferred policy acquisition costs asset, beginning of period$771$723$682$602Capitalized deferred policy acquisition costs3553251,1341,064Amortized deferred policy acquisition costs(366)(342)(1,056)(960)Deferred policy acquisition costs asset, end of period$760$706$760$706Life:Deferred policy acquisition costs asset, beginning of period$338$323$331$314Capitalized deferred policy acquisition costs10113233Amortized deferred policy acquisition costs(7)(7)(22)(20)Deferred policy acquisition costs asset, end of period$341$327$341$327Consolidated:Deferred policy acquisition costs asset, beginning of period$1,109$1,046$1,013$916Capitalized deferred policy acquisition costs3653361,1661,097Amortized deferred policy acquisition costs(373)(349)(1,078)(980)Deferred policy acquisition costs asset, end of period$1,101$1,033$1,101$1,033





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(Dollars in millions)Three months ended September 30, 2023TermWhole lifeDeferred annuityUniversal lifeTotalBalance, 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$341Three months ended September 30, 2022Balance, beginning of period$222$40$7$54$323Capitalized deferred policy acquisition costs92——$11Amortized deferred policy acquisition costs(5)(1)—(1)$(7)Balance, end of period$226$41$7$53$327


(Dollars in millions)Nine months ended September 30, 2023TermWhole lifeDeferred annuityUniversal lifeTotalBalance, 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$341Nine months ended September 30, 2022Balance, beginning of period$215$38$7$54$314Capitalized deferred policy acquisition costs275—1$33Amortized deferred policy acquisition costs(16)(2)—(2)$(20)Balance, end of period$226$41$7$53$327
















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Accumulated Other Comprehensive Income


Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life policy reserves, reinsurance recoverable and other as follows:


(Dollars in millions)Three months ended September 30,20232022Before taxIncome taxNetBefore taxIncome taxNetInvestments:AOCI, beginning of period$(838)$(179)$(659)$(564)$(119)$(445)OCI before investment gains and losses, net, recognized in net income(369)(79)(290)(514)(109)(405)Investment gains and losses, net, recognized in net income——————OCI(369)(79)(290)(514)(109)(405)AOCI, end of period$(1,207)$(258)$(949)$(1,078)$(228)$(850)Pension obligations:AOCI, beginning of period$29$7$22$27$7$20OCI excluding amortization recognized in net income——————Amortization recognized in net income——————OCI——————AOCI, end of period$29$7$22$27$7$20Life policy reserves, reinsurance recoverable and other:AOCI, beginning of period$13$2$11$(67)$(14)$(53)OCI before investment gains and losses, net, recognized in net income11122891202595Investment gains and losses, net, recognized in net income——————OCI11122891202595AOCI, end of period$124$24$100$53$11$42Summary of AOCI:AOCI, beginning of period$(796)$(170)$(626)$(604)$(126)$(478)Investments OCI(369)(79)(290)(514)(109)(405)Pension obligations OCI——————Life policy reserves, reinsurance recoverable and other OCI11122891202595Total OCI(258)(57)(201)(394)(84)(310)AOCI, end of period$(1,054)$(227)$(827)$(998)$(210)$(788)





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(Dollars in millions)Nine months ended September 30,20232022Before taxIncome taxNetBefore taxIncome taxNetInvestments:AOCI, beginning of period$(847)$(182)$(665)$792$165$627OCI before investment gains and losses, net, recognized in net income(364)(77)(287)(1,867)(392)(1,475)Investment gains and losses, net, recognized in net income413(3)(1)(2)OCI(360)(76)(284)(1,870)(393)(1,477)AOCI, end of period$(1,207)$(258)$(949)$(1,078)$(228)$(850)Pension obligations:AOCI, beginning of period$36$9$27$27$7$20OCI excluding amortization recognized in net income(5)(2)(3)———Amortization recognized in net income(2)—(2)———OCI(7)(2)(5)———AOCI, end of period$29$7$22$27$7$20Life policy reserves, reinsurance recoverable and other:AOCI, beginning of period$29$5$24$1$—$1Cumulative effect of change in accounting for long duration insurance contracts———(445)(93)(352)Adjusted AOCI, beginning of period29524(444)(93)(351)OCI before investment gains and losses, net, recognized in net income951976497104393Investment gains and losses, net, recognized in net income——————OCI951976497104393AOCI, end of period$124$24$100$53$11$42Summary of AOCI:AOCI, beginning of period$(782)$(168)$(614)$820$172$648Cumulative effect of change in accounting for long duration insurance contracts———(445)(93)(352)Adjusted AOCI, beginning of period(782)(168)(614)37579296Investments OCI(360)(76)(284)(1,870)(393)(1,477)Pension obligations OCI(7)(2)(5)———Life policy reserves, reinsurance recoverable and other OCI951976497104393Total OCI(272)(59)(213)(1,373)(289)(1,084)AOCI, end of period$(1,054)$(227)$(827)$(998)$(210)$(788)





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 30,2023202220232022Direct written premiums$1,939$1,730$5,869$5,304Assumed written premiums8992527548Ceded written premiums(71)(72)(270)(239)Net written premiums$1,957$1,750$6,126$5,613Direct earned premiums$1,912$1,743$5,478$4,935Assumed earned premiums142161435416Ceded earned premiums(97)(95)(252)(227)Earned premiums$1,957$1,809$5,661$5,124Direct incurred loss and loss expenses$1,220$1,247$3,784$3,316Assumed incurred loss and loss expenses82164216304Ceded incurred loss and loss expenses(41)(63)(160)(76)Incurred loss and loss expenses$1,261$1,348$3,840$3,544














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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Direct earned premiums$97$94$293$283Ceded earned premiums(21)(19)(60)(57)Earned premiums$76$75$233$226Direct contract holders' benefits incurred9290289302Ceded contract holders' benefits incurred(21)(20)(59)(74)Contract holders' benefits incurred$71$70$230$228











The allowance for uncollectible property casualty premiums was $16 million and $13 million at September 30, 2023, and December 31, 2022, respectively. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at September 30, 2023, and December 31, 2022.







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Income Taxes


21


(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Tax at statutory rate:$(31)21.0%$(122)21.0%$16521.0%$(416)21.0%Increase (decrease) resulting from:Tax-exempt income from municipal bonds(5)3.4(5)0.9(15)(1.9)(15)0.8Dividend received exclusion(5)3.4(5)0.9(16)(2.0)(15)0.8Release of unrecognized tax benefit——(34)5.9——(34)1.7Other(8)5.35(0.8)(8)(1.1)(1)—Provision (benefit) for income taxes$(49)33.1%$(161)27.9%$12616.0%$(481)24.3%











no








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Cincinnati Global had operating loss carryforwards in the United States of $6 million and $5 million and in the United Kingdom of $99 million and $109 million at September 30, 2023, and December 31, 2022, 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 30,2023202220232022Numerator:Net income (loss)—basic and diluted$(99)$(416)$660$(1,500)Denominator:Basic weighted-average common shares outstanding156.9158.0157.0159.3Effect of share-based awards:Stock options——0.7—Nonvested shares——0.5—Diluted weighted-average shares156.9158.0158.2159.3Earnings (loss) per share:Basic$(0.63)$(2.63)$4.20$(9.42)Diluted$(0.63)$(2.63)$4.17$(9.42)Number of anti-dilutive share-based awards2.42.31.31.9





The above table shows the number of anti-dilutive share-based awards for the three and nine months ended September 30, 2023 and 2022. In accordance with Accounting Standards Codification 260,Earnings per Share , the assumed exercise of share-based awards was excluded from the computation of diluted loss per share for the three months ended September 30, 2023 and for the three and nine months ended September 30, 2022, because their exercise would have anti-dilutive effects. See our 2022 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 170, for information about share-based awards.







Employee Retirement Benefits





(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Service cost$1$2$4$7Non-service (benefit) costs:Interest cost3398Expected return on plan assets(5)(6)(15)(17)Amortization of actuarial loss and prior service cost——(2)—Other——(5)—Total non-service benefit(2)(3)(13)(9)Net periodic benefit$(1)$(1)$(9)$(2)











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We made no con tributions to our qualified pension plan during the first nine months of 2023.







Commitments and Contingent Liabilities
































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On a quarterly basis, we review these outstanding matters. Under current accounting guidance, we establish accruals when it is probable that a loss has been incurred and we can reasonably estimate its potential exposure.  The company accounts for such probable and estimable losses, if any, through the establishment of legal expense reserves. Based on our quarterly review, we believe that our accruals for probable and estimable losses are reasonable and that the amounts accrued do not have a material effect on our consolidated financial position, results of operations and cash flows. However, if any one or more of these matters results in a judgment against us or settlement for an amount that is significantly greater than the amount accrued, the resulting liability could have a material effect on the company’s consolidated financial position, results of operations and cash flows. Based on our most recent review, our estimate for any other matters for which the risk of loss is not probable, but more than remote, is immaterial.







Segment Information


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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Revenues:Commercial lines insuranceCommercial casualty$365$360$1,115$1,046Commercial property321292933846Commercial auto216213644627Workers' compensation6673212209Other commercial9490280256Commercial lines insurance premiums1,0621,0283,1842,984Fee revenues1133Total commercial lines insurance1,0631,0293,1872,987Personal lines insurancePersonal auto185158524465Homeowner271213755609Other personal7160205172Personal lines insurance premiums5274311,4841,246Fee revenues1133Total personal lines insurance5284321,4871,249Excess and surplus lines insurance135125394361Fee revenues1122Total excess and surplus lines insurance136126396363Life insurance premiums7675233226Fee revenues3284Total life insurance7977241230InvestmentsInvestment income, net of expenses225193655573Investment gains and losses, net(456)(674)84(2,494)Total investment revenue(231)(481)739(1,921)OtherPremiums233225599533Other3287Total other revenues236227607540Total revenues$1,811$1,410$6,657$3,448Income (loss) before income taxes:Insurance underwriting resultsCommercial lines insurance$52$11$83$25Personal lines insurance1(18)(92)(2)Excess and surplus lines insurance1493844Life insurance17133821Investments(262)(508)648(2,003)Other30(84)71(66)Total income (loss) before income taxes$(148)$(577)$786$(1,981)


Identifiable assets:September 30,2023December 31,2022Property casualty insurance$5,302$5,178Life insurance1,5561,518Investments23,06322,133Other994903Total$30,915$29,732







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(Dollars in millions, except per share data)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeEarned premiums$2,033$1,8848$5,894$5,35010Investment income, net of expenses (pretax)2251931765557314Investment gains and losses, net (pretax)(456)(674)3284(2,494)nmTotal revenues1,8111,410286,6573,44893Net income (loss)(99)(416)76660(1,500)nmComprehensive income (loss)(300)(726)59447(2,584)nmNet income (loss) per share—diluted(0.63)(2.63)764.17(9.42)nmCash dividends declared per share0.750.6992.252.079Diluted weighted average shares outstanding156.9158.0(1)158.2159.3(1)


















































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(Dollars in millions, except share data)At September 30,At December 31,20232022Total investments$23,408$22,425Total assets30,91529,732Short-term debt2550Long-term debt790789Shareholders' equity10,62410,562Book value per share67.7267.21Debt-to-total-capital ratio7.1%7.4%











Three months ended September 30,Nine months ended September 30,2023202220232022Value creation ratio major components:Net income before investment gains2.4%1.1%5.6%3.7%Change in fixed-maturity securities, realized and unrealized gains(2.6)(3.9)(2.7)(11.5)Change in equity securities, investment gains(3.3)(5.2)0.8(15.6)Other0.9(0.4)0.7(0.6)Value creation ratio(2.6)%(8.4)%4.4%(24.0)%











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(Dollars are per share)Three months ended September 30,Nine months ended September 30,2023202220232022Book value change per shareBook value as originally reported December 31,    2022$67.01Cumulative effect of change in accounting for    long-duration insurance contracts, net of tax0.20Book value as adjusted December 31, 2022$67.21Value creation ratio:End of period book value*- as originally reported$67.72$60.01$67.72$60.01Less beginning of period book value - as  originally reported70.3366.3067.0181.72Change in book value - as originally reported(2.61)(6.29)0.71(21.71)Dividend declared to shareholders0.750.692.252.07Total value creation$(1.86)$(5.60)$2.96$(19.64)Value creation ratio from change in book value**(3.7)%(9.4)%1.1%(26.5)%Value creation ratio from dividends declared to shareholders***1.11.03.32.5Value creation ratio(2.6)%(8.4)%4.4%(24.0)%* 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---StableMoody'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 30,20232022% Change20232022% ChangeEarned premiums$1,957$1,8098$5,661$5,12410Fee revenues330880Total revenues1,9601,81285,6695,13210Loss and loss expenses from:Current accident year before catastrophe losses1,1301,11613,3803,1278Current accident year catastrophe losses184275(33)67356020Prior accident years before catastrophe losses(48)(20)(140)(178)(74)(141)Prior accident years catastrophe losses(5)(23)78(35)(69)49Loss and loss expenses1,2611,348(6)3,8403,5448Underwriting expenses587530111,6801,5419Underwriting profit (loss)$112$(66)nm$149$47217Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses57.7%61.7%(4.0)59.7%61.0%(1.3)Current accident year catastrophe losses9.415.2(5.8)11.910.91.0Prior accident years before catastrophe losses(2.4)(1.1)(1.3)(3.2)(1.4)(1.8)Prior accident years catastrophe losses(0.3)(1.3)1.0(0.6)(1.4)0.8Loss and loss expenses64.474.5(10.1)67.869.1(1.3)Underwriting expenses30.029.40.629.730.1(0.4)Combined ratio94.4%103.9%(9.5)97.5%99.2%(1.7)Combined ratio94.4%103.9%(9.5)97.5%99.2%(1.7)Contribution from catastrophe losses and prior years reserve development6.712.8(6.1)8.18.10.0Combined ratio before catastrophe losses and prior years reserve development87.7%91.1%(3.4)89.4%91.1%(1.7)

















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeAgency renewal written premiums$1,549$1,39011$4,727$4,26911Agency new business written premiums313264198677949Other written premiums9596(1)532550(3)Net written premiums1,9571,750126,1265,6139Unearned premium change—59(100)(465)(489)5Earned premiums$1,957$1,8098$5,661$5,12410
























































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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&SDatesRegionlineslineslinesOtherTotallineslineslinesOtherTotal2023Mar. 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$6382022Jun. 11-17Midwest, Northeast, South$1$(2)$—$—$(1)$18$17$—$—$35Sep. 27 - Oct.1South (Ian)2651—1432202651—143220All other 2022 catastrophes2327—656157126319305Development on 2021 and prior catastrophes(4)(7)—(12)(23)(17)(40)—(12)(69)Calendar year incurred total$46$69$—$137$252$184$154$3$150$491








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(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeCurrent accident year losses greater than $5 million$24$38(37)$103$994Current accident year losses $2 million - $5 million524127102116(12)Large loss prior accident year reserve development3216100604728Total large losses incurred10895142652621Losses incurred but not reported1501311547424197Other losses excluding catastrophe losses639700(9)1,9062,056(7)Catastrophe losses170246(31)61447828Total losses incurred$1,067$1,172(9)$3,259$3,0377Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million1.2%2.1%(0.9)1.8%1.9%(0.1)Current accident year losses $2 million - $5 million2.72.30.41.82.3(0.5)Large loss prior accident year reserve development1.60.90.71.10.90.2Total large loss ratio5.55.30.24.75.1(0.4)Losses incurred but not reported7.67.20.48.44.73.7Other losses excluding catastrophe losses32.738.7(6.0)33.740.2(6.5)Catastrophe losses8.713.6(4.9)10.89.31.5Total loss ratio54.5%64.8%(10.3)57.6%59.3%(1.7)










































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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeEarned premiums$1,062$1,0283$3,184$2,9847Fee revenues110330Total revenues1,0631,02933,1872,9877Loss and loss expenses from:Current accident year before catastrophe losses642664(3)1,9591,8963Current accident year catastrophe losses72504430220150Prior accident years before catastrophe losses(33)—nm(123)(34)(262)Prior accident years catastrophe losses(1)(4)75(2)(17)88Loss and loss expenses680710(4)2,1362,0464Underwriting expenses33130879689166Underwriting profit$52$11373$83$25232Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses60.5%64.5%(4.0)61.6%63.5%(1.9)Current accident year catastrophe losses6.84.91.99.56.82.7Prior accident years before catastrophe losses(3.2)—(3.2)(3.9)(1.1)(2.8)Prior accident years catastrophe losses(0.1)(0.4)0.3(0.1)(0.6)0.5Loss and loss expenses64.069.0(5.0)67.168.6(1.5)Underwriting expenses31.230.01.230.430.7(0.3)Combined ratio95.2%99.0%(3.8)97.5%99.3%(1.8)Combined ratio95.2%99.0%(3.8)97.5%99.3%(1.8)Contribution from catastrophe losses and prior years reserve development3.54.5(1.0)5.55.10.4Combined ratio before catastrophe losses and prior years reserve development91.7%94.5%(2.8)92.0%94.2%(2.2)




















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeAgency renewal written premiums$914$8606$2,940$2,7646Agency new business written premiums148149(1)431470(8)Other written premiums(33)(25)(32)(95)(82)(16)Net written premiums1,02998453,2763,1524Unearned premium change3344(25)(92)(168)45Earned premiums$1,062$1,0283$3,184$2,9847














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(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeCurrent accident year losses greater than $5 million$18$30(40)$76$6125Current accident year losses $2 million - $5 million2829(3)6895(28)Large loss prior accident year reserve development3014114524321Total large losses incurred76734196199(2)Losses incurred but not reported8897(9)24219623Other losses excluding catastrophe losses336386(13)1,0551,149(8)Catastrophe losses67445228817961Total losses incurred$567$600(6)$1,781$1,7233Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million1.7%3.0%(1.3)2.4%2.0%0.4Current accident year losses $2 million - $5 million2.62.8(0.2)2.13.3(1.2)Large loss prior accident year reserve development2.81.31.51.61.40.2Total large loss ratio7.17.10.06.16.7(0.6)Losses incurred but not reported8.39.4(1.1)7.66.61.0Other losses excluding catastrophe losses31.737.7(6.0)33.238.4(5.2)Catastrophe losses6.34.22.19.06.03.0Total loss ratio53.4%58.4%(5.0)55.9%57.7%(1.8)
















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeEarned premiums$527$43122$1,484$1,24619Fee revenues110330Total revenues528432221,4871,24919Loss and loss expenses from:Current accident year before catastrophe losses2972561686574017Current accident year catastrophe losses7976432719469Prior accident years before catastrophe losses(2)(1)(100)(12)(16)25Prior accident years catastrophe losses(6)(7)14(42)(40)(5)Loss and loss expenses368324141,13887830Underwriting expenses1591262644137318Underwriting profit (loss)$1$(18)nm$(92)$(2)nmRatios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses56.3%59.5%(3.2)58.3%59.4%(1.1)Current accident year catastrophe losses15.117.7(2.6)22.015.66.4Prior accident years before catastrophe losses(0.4)(0.2)(0.2)(0.8)(1.3)0.5Prior accident years catastrophe losses(1.2)(1.8)0.6(2.8)(3.2)0.4Loss and loss expenses69.875.2(5.4)76.770.56.2Underwriting expenses30.129.30.829.729.9(0.2)Combined ratio99.9%104.5%(4.6)106.4%100.4%6.0Combined ratio99.9%104.5%(4.6)106.4%100.4%6.0Contribution from catastrophe losses and prior years reserve development13.515.7(2.2)18.411.17.3Combined ratio before catastrophe losses and prior years reserve development86.4%88.8%(2.4)88.0%89.3%(1.3)























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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeAgency renewal written premiums$542$43724$1,471$1,20822Agency new business written premiums122815130722139Other written premiums(18)(16)(13)(55)(43)(28)Net written premiums646502291,7231,38624Unearned premium change(119)(71)(68)(239)(140)(71)Earned premiums$527$43122$1,484$1,24619




















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(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeCurrent accident year losses greater than $5 million$6$8(25)$27$38(29)Current accident year losses $2 million - $5 million2412100341979Large loss prior accident year reserve development22094125Total large losses incurred322245706115Losses incurred but not reported79(22)607nmOther losses excluding catastrophe losses210185145915488Catastrophe losses7166827715085Total losses incurred$320$28213$998$76630Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million1.1%1.9%(0.8)1.8%3.1%(1.3)Current accident year losses $2 million - $5 million4.72.62.12.31.50.8Large loss prior accident year reserve development0.40.6(0.2)0.60.30.3Total large loss ratio6.25.11.14.74.9(0.2)Losses incurred but not reported1.22.0(0.8)4.00.63.4Other losses excluding catastrophe losses39.943.0(3.1)39.944.0(4.1)Catastrophe losses13.415.5(2.1)18.712.06.7Total loss ratio60.7%65.6%(4.9)67.3%61.5%5.8
















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeEarned premiums$135$1258$394$3619Fee revenues110220Total revenues13612683963639Loss and loss expenses from:Current accident year before catastrophe losses8893(5)26823614Current accident year catastrophe losses(1)—nm330Prior accident years before catastrophe losses1(7)nm(13)(13)0Prior accident years catastrophe losses(1)—nm(1)—nmLoss and loss expenses8786125722614Underwriting expenses353113101939Underwriting profit$14$956$38$44(14)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses64.8%74.8%(10.0)67.9%65.4%2.5Current accident year catastrophe losses(0.6)(0.4)(0.2)0.80.80.0Prior accident years before catastrophe losses0.9(5.9)6.8(3.3)(3.6)0.3Prior accident years catastrophe losses(0.2)(0.1)(0.1)(0.2)(0.2)0.0Loss and loss expenses64.968.4(3.5)65.262.42.8Underwriting expenses25.625.50.125.726.0(0.3)Combined ratio90.5%93.9%(3.4)90.9%88.4%2.5Combined ratio90.5%93.9%(3.4)90.9%88.4%2.5Contribution from catastrophe losses and prior years reserve development0.1(6.4)6.5(2.7)(3.0)0.3Combined ratio before catastrophe losses and prior years reserve development90.4%100.3%(9.9)93.6%91.4%2.2























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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeAgency renewal written premiums$93$930$316$2976Agency new business written premiums43342612910325Other written premiums(8)(6)(33)(25)(20)(25)Net written premiums128121642038011Unearned premium change7475(26)(19)(37)Earned premiums$135$1258$394$3619





























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(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeCurrent accident year losses greater than $5 million$—$—nm$—$—nmCurrent accident year losses $2 million - $5 million——nm—2(100)Large loss prior accident year reserve development——nm(1)—nmTotal large losses incurred——nm(1)2nmLosses incurred but not reported1625(36)633866Other losses excluding catastrophe losses454013118122(3)Catastrophe losses(1)(1)0220Total losses incurred$60$64(6)$182$16411Ratios 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 million——0.0—0.6(0.6)Large loss prior accident year reserve development——0.0(0.2)—(0.2)Total large loss ratio——0.0(0.2)0.6(0.8)Losses incurred but not reported11.920.0(8.1)15.910.55.4Other losses excluding catastrophe losses33.232.40.829.933.9(4.0)Catastrophe losses(0.9)(0.5)(0.4)0.50.6(0.1)Total loss ratio44.2%51.9%(7.7)46.1%45.6%0.5
















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeEarned premiums$76$751$233$2263Fee revenues325084100Total revenues797732412305Contract holders' benefits incurred717012302281Investment interest credited to contract holders(31)(27)(15)(91)(82)(11)Underwriting expenses incurred2221564632Total benefits and expenses6264(3)203209(3)Life insurance segment profit$17$1331$38$2181


























(Dollars in millions)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeTerm life insurance$56$552$170$1653Whole life insurance1211937349Universal life and other89(11)2627(4)Net earned premiums$76$751$233$2263


























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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeTotal investment income, net of expenses$225$19317$655$57314Investment interest credited to contract holders(31)(27)(15)(91)(82)(11)Investment gains and losses, net(456)(674)3284(2,494)nmInvestments profit (loss), pretax$(262)$(508)48$648$(2,003)nm





(Dollars in millions)% YieldPrincipal redemptionsAt September 30, 2023Fixed-maturity pretax yield profile:Expected to mature during the remainder of 20234.25%$226Expected to mature during 20244.361,112Expected to mature during 20254.741,378Average yield and total expected maturities from the remainder of 2023 through 20254.54$2,716








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Three months ended September 30,Nine months ended September 30,2023202220232022Average pretax yield-to-amortized cost on new fixed-maturities:Acquired taxable fixed-maturities6.60%5.70%6.41%4.82%Acquired tax-exempt fixed-maturities4.344.324.243.85Average total fixed-maturities acquired6.405.396.154.62














(Dollars in millions)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeInvestment income:Interest$154$12919$441$37617Dividends696652052031Other5367186200Less investment expenses35(40)912(25)Investment income, pretax2251931765557314Less income taxes3730231069018Total investment income, after-tax$188$16315$549$48314Investment returns:Average invested assets plus cash and cash  equivalents$25,490$23,323$25,025$24,081Average yield pretax3.53%3.31%3.49%3.17%Average yield after-tax2.952.802.932.67Effective tax rate16.315.816.215.8Fixed-maturity returns:Average amortized cost$13,879$12,655$13,515$12,521Average yield pretax4.44%4.08%4.35%4.00%Average yield after-tax3.663.383.593.32Effective tax rate17.617.117.417.1








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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Investment gains and losses:Equity securities:Investment gains and losses on securities sold, net$(5)$16$2$34Unrealized gains and losses on securities still held, net(458)(705)99(2,568)Subtotal(463)(689)101(2,534)Fixed maturities:Gross realized gains1—26Gross realized losses(1)—(2)(3)Write-down of impaired securities with intent to sell——(4)—Subtotal——(4)3Other715(13)37Total investment gains and losses reported in net income(456)(674)84(2,494)Change in unrealized investment gains and losses:Fixed maturities(369)(514)(360)(1,870)Total$(825)$(1,188)$(276)$(4,364)














(Dollars in millions)Three months ended September 30,Nine months ended September 30,2023202220232022Fixed maturities:Real estate$—$—$4$—Total fixed maturities$—$—$4$—







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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangeInterest and fees on loans and leases$2$20$5$50Earned premiums233225459953312Other revenues1—nm3250Total revenues236227460754012Interest expense1314(7)40400Loss and loss expenses126228(45)309394(22)Underwriting expenses6265(5)1701597Operating expenses5425171331Total expenses206311(34)536606(12)Total other income (loss)$30$(84)nm$71$(66)nm



























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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20232022% Change20232022% ChangePremiums collected$2,025$1,81811$5,806$5,29510Loss and loss expenses paid(1,058)(948)(12)(3,185)(2,730)(17)Commissions and other underwriting expenses paid(516)(474)(9)(1,772)(1,674)(6)Cash flow from underwriting45139614849891(5)Investment income received1511281844739413Cash flow from operations$602$52415$1,296$1,2851














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(Dollars in millions)Loss reservesLoss expense reservesTotal gross reservesCase reservesIBNR reservesPercent of totalAt September 30, 2023Commercial lines insurance:Commercial casualty$1,131$1,136$763$3,03033.7%Commercial property431133796437.1Commercial auto4273131438839.8Workers' compensation460523891,07211.9Other commercial155231283063.4Subtotal2,6042,1281,2025,93465.9Personal lines insurance:Personal auto21194733784.2Homeowner229125554094.6Other personal11011072272.5Subtotal5503291351,01411.3Excess and surplus lines3363192298849.8Cincinnati Re15073968959.9Cincinnati Global14812732783.1Total$3,788$3,642$1,575$9,005100.0%At December 31, 2022Commercial lines insurance:Commercial casualty$1,163$938$722$2,82333.9%Commercial property301256716287.5Commercial auto44925813183810.1Workers' compensation434521851,04012.4Other commercial98161252392.9Subtotal2,4451,9891,1345,56866.8Personal lines insurance:Personal auto22264643504.2Homeowner189138493764.5Other personal998651902.3Subtotal51028811891611.0Excess and surplus lines3022561957539.0Cincinnati Re15663968019.6Cincinnati Global16313232983.6Total$3,576$3,304$1,456$8,336100.0%


















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(Dollars in millions)At September 30, 2023At December 31, 2022Cost or amortized costPercent of totalFair valuePercent of totalCost or amortized costPercent of totalFair valuePercentof totalTaxable fixed maturities$10,07054.5%$9,17540.2%$9,02052.2%$8,29937.8%Tax-exempt fixed maturities3,98021.63,66816.03,95922.93,83317.4Common equities3,97821.69,67842.33,85122.39,45443.0Nonredeemable preferred  equities4212.33531.54432.63871.8Total$18,449100.0%$22,874100.0%$17,273100.0%$21,973100.0%






















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At September 30, 2023At December 31, 2022Weighted average yield-to-amortized cost4.48%4.22%Weighted average maturity7.6yrs7.4yrsEffective duration4.7yrs4.7yrs
















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(Dollars in millions)At September 30, 2023At December 31, 2022Investment-grade corporate$6,634$6,369States, municipalities and political subdivisions756789Noninvestment-grade corporate479500Government-sponsored enterprises874183United States government217191Commercial mortgage-backed196234Foreign government1933Total$9,175$8,299





























































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(Dollars in millions)Effect from interest rate change in basis points-200-100—100200At September 30, 2023$14,050$13,452$12,843$12,229$11,629At December 31, 2022$13,300$12,714$12,132$11,548$10,974































(Dollars in millions)Effect from market price change in percent-30%-20%-10%—10%20%30%At September 30, 2023$7,022$8,025$9,028$10,031$11,034$12,037$13,040At December 31, 2022$6,889$7,873$8,857$9,841$10,825$11,809$12,793














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Percent of common stock portfolioAt September 30, 2023At December 31, 2022Cincinnati FinancialS&P 500 IndustryWeightingsCincinnatiFinancialS&P 500 IndustryWeightingsSector:Information technology31.1%27.5%26.5%25.7%Financial12.912.813.611.7Healthcare12.713.315.015.8Industrials11.78.311.98.7Consumer staples7.86.68.87.2Consumer discretionary7.510.77.79.8Materials4.92.45.02.7Energy4.94.75.05.2Utilities2.82.42.93.2Real estate2.32.42.32.7Telecomm services1.48.91.37.3Total100.0%100.0%100.0%100.0%











































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(Dollars in millions)Less than 12 months12 months or moreTotalAt September 30, 2023Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized lossesFixed-maturity securities:Corporate$1,283$58$5,431$642$6,714$700States, municipalities and political subdivisions2,331891,9024004,233489Government-sponsored enterprises7421795683723United States government80113052106Commercial mortgage-backed1—1941819518Foreign government9—5—14—Total$4,446$165$7,757$1,071$12,203$1,236At December 31, 2022Fixed-maturity securities:Corporate$5,651$412$661$168$6,312$580States, municipalities and political subdivisions2,60027477292,677303Government-sponsored enterprises12333—1263United States government14634121875Commercial mortgage-backed2151314322916Foreign government2514—291Total$8,760$706$800$202$9,560$908


























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(Dollars in millions)Numberof issuesAmortizedcostFair valueGross unrealized gain (loss)Gross investment incomeAt September 30, 2023Taxable fixed maturities:Fair valued below 70% of amortized cost118$354$238$(116)$8Fair valued at 70% to less than 100% of amortized cost2,1029,2538,445(808)300Fair valued at 100% and above of amortized cost1204634922924Investment income on securities sold in current year————12Total2,34010,0709,175(895)344Tax-exempt fixed maturities:Fair valued below 70% of amortized cost8414999(50)3Fair valued at 70% to less than 100% of amortized cost2,1863,6833,421(262)88Fair valued at 100% and above of amortized cost97148148—4Investment income on securities sold in current year————2Total2,3673,9803,668(312)97Fixed-maturities summary:Fair valued below 70% of amortized cost202503337(166)11Fair valued at 70% to less than 100% of amortized cost4,28812,93611,866(1,070)388Fair valued at 100% and above of amortized cost2176116402928Investment income on securities sold in current year————14Total4,707$14,050$12,843$(1,207)$441At December 31, 2022Fixed-maturities summary:Fair valued below 70% of amortized cost49$91$61$(30)$3Fair valued at 70% to less than 100% of amortized cost3,22310,3779,499(878)392Fair valued at 100% and above of amortized cost1,2492,5112,5726192Investment income on securities sold in current year————23Total4,521$12,979$12,132$(847)$510
















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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, 2023—$——6,726,785August 1-31, 2023———6,726,785September 1-30, 2023———6,726,785Totals———










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adopted terminated










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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 26, 2023/S/ Michael J. SewellMichael J. Sewell, CPAChief Financial Officer, Executive Vice President and Treasurer(Principal Accounting Officer)