000002028612/312022Q1false00000202862022-01-012022-03-3100000202862022-04-22xbrli:shares00000202862022-03-31iso4217:USD00000202862021-12-31iso4217:USDxbrli:shares00000202862021-01-012021-03-310000020286us-gaap:CommonStockMember2021-12-310000020286us-gaap:CommonStockMember2020-12-310000020286us-gaap:CommonStockMember2022-01-012022-03-310000020286us-gaap:CommonStockMember2021-01-012021-03-310000020286us-gaap:CommonStockMember2022-03-310000020286us-gaap:CommonStockMember2021-03-310000020286us-gaap:AdditionalPaidInCapitalMember2021-12-310000020286us-gaap:AdditionalPaidInCapitalMember2020-12-310000020286us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000020286us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000020286us-gaap:AdditionalPaidInCapitalMember2022-03-310000020286us-gaap:AdditionalPaidInCapitalMember2021-03-310000020286us-gaap:RetainedEarningsMember2021-12-310000020286us-gaap:RetainedEarningsMember2020-12-310000020286us-gaap:RetainedEarningsMember2022-01-012022-03-310000020286us-gaap:RetainedEarningsMember2021-01-012021-03-310000020286us-gaap:RetainedEarningsMember2022-03-310000020286us-gaap:RetainedEarningsMember2021-03-310000020286us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000020286us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000020286us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000020286us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000020286us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000020286us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000020286us-gaap:TreasuryStockMember2021-12-310000020286us-gaap:TreasuryStockMember2020-12-310000020286us-gaap:TreasuryStockMember2022-01-012022-03-310000020286us-gaap:TreasuryStockMember2021-01-012021-03-310000020286us-gaap:TreasuryStockMember2022-03-310000020286us-gaap:TreasuryStockMember2021-03-3100000202862021-03-3100000202862020-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:CorporateBondSecuritiesMember2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-03-310000020286us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMember2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-03-310000020286us-gaap:DebtSecuritiesMember2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:CorporateBondSecuritiesMember2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000020286us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMember2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-310000020286us-gaap:DebtSecuritiesMember2021-12-31xbrli:pure0000020286us-gaap:EquitySecuritiesMember2022-01-012022-03-310000020286us-gaap:EquitySecuritiesMember2021-01-012021-03-310000020286us-gaap:DebtSecuritiesMember2022-01-012022-03-310000020286us-gaap:DebtSecuritiesMember2021-01-012021-03-310000020286srt:MaximumMember2022-03-310000020286srt:MaximumMember2021-01-012021-12-310000020286srt:MaximumMember2022-01-012022-03-310000020286srt:MaximumMember2021-12-31cinf:security0000020286us-gaap:DebtSecuritiesMember2021-01-012021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Member2022-03-310000020286us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310000020286us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310000020286us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310000020286us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMemberus-gaap:EquitySecuritiesMember2022-03-310000020286us-gaap:CommonStockMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310000020286us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:EquitySecuritiesMember2022-03-310000020286us-gaap:CommonStockMemberus-gaap:EquitySecuritiesMember2022-03-310000020286us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2022-03-310000020286us-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310000020286us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2022-03-310000020286us-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2022-03-310000020286cinf:TaxableFixedMaturitiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310000020286cinf:TaxableFixedMaturitiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310000020286cinf:TaxableFixedMaturitiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310000020286cinf:TaxableFixedMaturitiesMember2022-03-310000020286us-gaap:FairValueInputsLevel1Member2022-03-310000020286us-gaap:FairValueInputsLevel2Member2022-03-310000020286us-gaap:FairValueInputsLevel3Member2022-03-310000020286us-gaap:DebtSecuritiesMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Member2021-12-310000020286us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000020286us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000020286us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000020286us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000020286us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMemberus-gaap:EquitySecuritiesMember2021-12-310000020286us-gaap:CommonStockMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000020286us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:EquitySecuritiesMember2021-12-310000020286us-gaap:CommonStockMemberus-gaap:EquitySecuritiesMember2021-12-310000020286us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2021-12-310000020286us-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000020286us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2021-12-310000020286us-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2021-12-310000020286cinf:TaxableFixedMaturitiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000020286cinf:TaxableFixedMaturitiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000020286cinf:TaxableFixedMaturitiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000020286cinf:TaxableFixedMaturitiesMember2021-12-310000020286us-gaap:FairValueInputsLevel1Member2021-12-310000020286us-gaap:FairValueInputsLevel2Member2021-12-310000020286us-gaap:FairValueInputsLevel3Member2021-12-310000020286cinf:SeniorDebenturesSixPointNinePercentDueTwentyTwentyEightMember2022-03-310000020286cinf:SeniorDebenturesSixPointNinePercentDueTwentyTwentyEightMember2021-12-310000020286cinf:SeniorDebenturesSixPointNinePercentDueTwentyTwentyEightMember2022-01-012022-03-310000020286cinf:SeniorDebenturesSixPointNinePercentDueTwentyTwentyEightMember2021-01-012021-12-310000020286cinf:SeniorDebenturesSixPointNineTwoPercentDueTwentyTwentyEightMember2022-03-310000020286cinf:SeniorDebenturesSixPointNineTwoPercentDueTwentyTwentyEightMember2021-12-310000020286cinf:SeniorDebenturesSixPointNineTwoPercentDueTwentyTwentyEightMember2021-01-012021-12-310000020286cinf:SeniorDebenturesSixPointNineTwoPercentDueTwentyTwentyEightMember2022-01-012022-03-310000020286cinf:SeniorNotesSixPointOneTwoFivePercentDueTwentyThirtyFourMember2022-03-310000020286cinf:SeniorNotesSixPointOneTwoFivePercentDueTwentyThirtyFourMember2021-12-310000020286cinf:SeniorNotesSixPointOneTwoFivePercentDueTwentyThirtyFourMember2021-01-012021-12-310000020286cinf:SeniorNotesSixPointOneTwoFivePercentDueTwentyThirtyFourMember2022-01-012022-03-310000020286cinf:SeniorDebentures69PercentDue2028Member2021-12-310000020286cinf:SeniorDebentures69PercentDue2028Member2022-03-310000020286cinf:SeniorDebentures69PercentDue2028Memberus-gaap:FairValueInputsLevel1Member2022-03-310000020286cinf:SeniorDebentures69PercentDue2028Memberus-gaap:FairValueInputsLevel2Member2022-03-310000020286cinf:SeniorDebentures69PercentDue2028Memberus-gaap:FairValueInputsLevel3Member2022-03-310000020286cinf:SeniorDebentures692PercentDue2028Member2022-03-310000020286cinf:SeniorDebentures692PercentDue2028Member2021-12-310000020286cinf:SeniorDebentures692PercentDue2028Memberus-gaap:FairValueInputsLevel1Member2022-03-310000020286cinf:SeniorDebentures692PercentDue2028Memberus-gaap:FairValueInputsLevel2Member2022-03-310000020286cinf:SeniorDebentures692PercentDue2028Memberus-gaap:FairValueInputsLevel3Member2022-03-310000020286cinf:SeniorNotes6125PercentDue2034Member2022-03-310000020286cinf:SeniorNotes6125PercentDue2034Member2021-12-310000020286cinf:SeniorNotes6125PercentDue2034Memberus-gaap:FairValueInputsLevel1Member2022-03-310000020286cinf:SeniorNotes6125PercentDue2034Memberus-gaap:FairValueInputsLevel2Member2022-03-310000020286cinf:SeniorNotes6125PercentDue2034Memberus-gaap:FairValueInputsLevel3Member2022-03-310000020286cinf:SeniorDebentures69PercentDue2028Memberus-gaap:FairValueInputsLevel1Member2021-12-310000020286cinf:SeniorDebentures69PercentDue2028Memberus-gaap:FairValueInputsLevel2Member2021-12-310000020286cinf:SeniorDebentures69PercentDue2028Memberus-gaap:FairValueInputsLevel3Member2021-12-310000020286cinf:SeniorDebentures692PercentDue2028Memberus-gaap:FairValueInputsLevel1Member2021-12-310000020286cinf:SeniorDebentures692PercentDue2028Memberus-gaap:FairValueInputsLevel2Member2021-12-310000020286cinf:SeniorDebentures692PercentDue2028Memberus-gaap:FairValueInputsLevel3Member2021-12-310000020286cinf:SeniorNotes6125PercentDue2034Memberus-gaap:FairValueInputsLevel1Member2021-12-310000020286cinf:SeniorNotes6125PercentDue2034Memberus-gaap:FairValueInputsLevel2Member2021-12-310000020286cinf:SeniorNotes6125PercentDue2034Memberus-gaap:FairValueInputsLevel3Member2021-12-310000020286us-gaap:FairValueInputsLevel1Membercinf:DeferredAnnuitiesMember2022-03-310000020286cinf:DeferredAnnuitiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310000020286us-gaap:FairValueInputsLevel3Membercinf:DeferredAnnuitiesMember2022-03-310000020286cinf:DeferredAnnuitiesMember2022-03-310000020286us-gaap:StructuredFinanceMemberus-gaap:FairValueInputsLevel1Member2022-03-310000020286us-gaap:StructuredFinanceMemberus-gaap:FairValueInputsLevel2Member2022-03-310000020286us-gaap:StructuredFinanceMemberus-gaap:FairValueInputsLevel3Member2022-03-310000020286us-gaap:StructuredFinanceMember2022-03-310000020286us-gaap:FairValueInputsLevel1Membercinf:DeferredAnnuitiesMember2021-12-310000020286cinf:DeferredAnnuitiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000020286us-gaap:FairValueInputsLevel3Membercinf:DeferredAnnuitiesMember2021-12-310000020286cinf:DeferredAnnuitiesMember2021-12-310000020286us-gaap:StructuredFinanceMemberus-gaap:FairValueInputsLevel1Member2021-12-310000020286us-gaap:StructuredFinanceMemberus-gaap:FairValueInputsLevel2Member2021-12-310000020286us-gaap:StructuredFinanceMemberus-gaap:FairValueInputsLevel3Member2021-12-310000020286us-gaap:StructuredFinanceMember2021-12-310000020286us-gaap:PolicyLoansMember2022-03-310000020286us-gaap:PolicyLoansMember2021-12-310000020286cinf:InvestmentcontractreservesMembercinf:DeferredAnnuitiesMember2022-03-310000020286cinf:InvestmentcontractreservesMembercinf:DeferredAnnuitiesMember2021-12-310000020286us-gaap:StructuredSettlementAnnuityMembercinf:InvestmentcontractreservesMember2022-03-310000020286us-gaap:StructuredSettlementAnnuityMembercinf:InvestmentcontractreservesMember2021-12-310000020286cinf:LifeandHealthLossReservesMember2022-03-310000020286cinf:LifeandHealthLossReservesMember2021-03-310000020286cinf:CommercialLinesInsuranceMember2022-01-012022-03-310000020286cinf:PersonalLinesInsuranceMember2022-01-012022-03-310000020286cinf:ExcessandSurplusLinesInsuranceMember2022-01-012022-03-310000020286cinf:WorkersCompensationMembercinf:CommercialLinesInsuranceMember2022-01-012022-03-310000020286cinf:CommercialAutoSegmentMembercinf:CommercialLinesInsuranceMember2022-01-012022-03-310000020286cinf:HomeownerMembercinf:PersonalLinesInsuranceMember2022-01-012022-03-310000020286cinf:CommercialLinesInsuranceMember2021-01-012021-03-310000020286cinf:PersonalLinesInsuranceMember2021-01-012021-03-310000020286cinf:ExcessandSurplusLinesInsuranceMember2021-01-012021-03-310000020286cinf:WorkersCompensationMembercinf:CommercialLinesInsuranceMember2021-01-012021-03-310000020286cinf:CommercialAutoSegmentMembercinf:CommercialLinesInsuranceMember2021-01-012021-03-310000020286cinf:CommercialPropertySegmentMembercinf:CommercialLinesInsuranceMember2021-01-012021-03-310000020286cinf:PersonalAutoMembercinf:PersonalLinesInsuranceMember2021-01-012021-03-310000020286cinf:IndividualOrdinaryLifeInsuranceMembercinf:LifePolicyReservesMember2022-03-310000020286cinf:IndividualOrdinaryLifeInsuranceMembercinf:LifePolicyReservesMember2021-12-310000020286cinf:OtherLifePolicyReservesMembercinf:LifePolicyReservesMember2022-03-310000020286cinf:OtherLifePolicyReservesMembercinf:LifePolicyReservesMember2021-12-310000020286cinf:LifePolicyReservesMember2022-03-310000020286cinf:LifePolicyReservesMember2021-12-310000020286cinf:InvestmentcontractreservesMemberus-gaap:UniversalLifeMember2022-03-310000020286cinf:InvestmentcontractreservesMemberus-gaap:UniversalLifeMember2021-12-310000020286cinf:InvestmentcontractreservesMembercinf:OtherInvestmentContractReservesMember2022-03-310000020286cinf:InvestmentcontractreservesMembercinf:OtherInvestmentContractReservesMember2021-12-310000020286cinf:InvestmentcontractreservesMember2022-03-310000020286cinf:InvestmentcontractreservesMember2021-12-310000020286cinf:ConsolidatedPropertyAndCasualtyInsuranceMember2021-12-310000020286cinf:ConsolidatedPropertyAndCasualtyInsuranceMember2020-12-310000020286cinf:ConsolidatedPropertyAndCasualtyInsuranceMember2022-01-012022-03-310000020286cinf:ConsolidatedPropertyAndCasualtyInsuranceMember2021-01-012021-03-310000020286cinf:ConsolidatedPropertyAndCasualtyInsuranceMember2022-03-310000020286cinf:ConsolidatedPropertyAndCasualtyInsuranceMember2021-03-310000020286cinf:LifeInsuranceMember2021-12-310000020286cinf:LifeInsuranceMember2020-12-310000020286cinf:LifeInsuranceMember2022-01-012022-03-310000020286cinf:LifeInsuranceMember2021-01-012021-03-310000020286cinf:LifeInsuranceMember2022-03-310000020286cinf:LifeInsuranceMember2021-03-310000020286us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMembersrt:ScenarioPreviouslyReportedMember2021-12-310000020286us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMembersrt:ScenarioPreviouslyReportedMember2020-12-310000020286us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-03-310000020286us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310000020286us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310000020286us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310000020286us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000020286us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000020286us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-03-310000020286us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310000020286us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310000020286us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000020286cinf:AccumulatedNetUnrealizedGainLossOnDeferredCostsReservesAndOtherMember2021-12-310000020286cinf:AccumulatedNetUnrealizedGainLossOnDeferredCostsReservesAndOtherMember2020-12-310000020286cinf:AccumulatedNetUnrealizedGainLossOnDeferredCostsReservesAndOtherMember2022-01-012022-03-310000020286cinf:AccumulatedNetUnrealizedGainLossOnDeferredCostsReservesAndOtherMember2021-01-012021-03-310000020286cinf:AccumulatedNetUnrealizedGainLossOnDeferredCostsReservesAndOtherMember2022-03-310000020286cinf:AccumulatedNetUnrealizedGainLossOnDeferredCostsReservesAndOtherMember2021-03-310000020286us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:ScenarioPreviouslyReportedMember2021-12-310000020286us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:ScenarioPreviouslyReportedMember2020-12-310000020286cinf:MSPUnderwritingLimitedMember2022-01-012022-03-310000020286cinf:MSPUnderwritingLimitedMember2022-03-310000020286us-gaap:GeographicDistributionDomesticMembercinf:MSPUnderwritingLimitedMember2022-03-310000020286us-gaap:GeographicDistributionDomesticMembercinf:MSPUnderwritingLimitedMember2021-12-310000020286us-gaap:GeographicDistributionForeignMembercinf:MSPUnderwritingLimitedMember2021-12-310000020286us-gaap:GeographicDistributionForeignMembercinf:MSPUnderwritingLimitedMember2022-03-310000020286us-gaap:EmployeeStockOptionMember2022-01-012022-03-310000020286us-gaap:EmployeeStockOptionMember2021-01-012021-03-310000020286us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310000020286us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-03-310000020286us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-03-310000020286us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-03-31cinf:industrycinf:segment0000020286cinf:CommercialCasualtySegmentMemberus-gaap:OperatingSegmentsMembercinf:CommercialLinesInsuranceMember2022-01-012022-03-310000020286cinf:CommercialCasualtySegmentMemberus-gaap:OperatingSegmentsMembercinf:CommercialLinesInsuranceMember2021-01-012021-03-310000020286us-gaap:OperatingSegmentsMembercinf:CommercialPropertySegmentMembercinf:CommercialLinesInsuranceMember2022-01-012022-03-310000020286us-gaap:OperatingSegmentsMembercinf:CommercialPropertySegmentMembercinf:CommercialLinesInsuranceMember2021-01-012021-03-310000020286cinf:CommercialAutoSegmentMemberus-gaap:OperatingSegmentsMembercinf:CommercialLinesInsuranceMember2022-01-012022-03-310000020286cinf:CommercialAutoSegmentMemberus-gaap:OperatingSegmentsMembercinf:CommercialLinesInsuranceMember2021-01-012021-03-310000020286us-gaap:OperatingSegmentsMembercinf:WorkersCompensationMembercinf:CommercialLinesInsuranceMember2022-01-012022-03-310000020286us-gaap:OperatingSegmentsMembercinf:WorkersCompensationMembercinf:CommercialLinesInsuranceMember2021-01-012021-03-310000020286us-gaap:OperatingSegmentsMembercinf:CommercialLinesInsuranceMembercinf:OtherCommercialLinesMember2022-01-012022-03-310000020286us-gaap:OperatingSegmentsMembercinf:CommercialLinesInsuranceMembercinf:OtherCommercialLinesMember2021-01-012021-03-310000020286us-gaap:OperatingSegmentsMembercinf:CommercialLinesInsuranceMember2022-01-012022-03-310000020286us-gaap:OperatingSegmentsMembercinf:CommercialLinesInsuranceMember2021-01-012021-03-310000020286cinf:PersonalAutoMemberus-gaap:OperatingSegmentsMembercinf:PersonalLinesInsuranceMember2022-01-012022-03-310000020286cinf:PersonalAutoMemberus-gaap:OperatingSegmentsMembercinf:PersonalLinesInsuranceMember2021-01-012021-03-310000020286us-gaap:OperatingSegmentsMembercinf:HomeOwnerSegmentMembercinf:PersonalLinesInsuranceMember2022-01-012022-03-310000020286us-gaap:OperatingSegmentsMembercinf:HomeOwnerSegmentMembercinf:PersonalLinesInsuranceMember2021-01-012021-03-310000020286us-gaap:OperatingSegmentsMembercinf:OtherPersonalLinesMembercinf:PersonalLinesInsuranceMember2022-01-012022-03-310000020286us-gaap:OperatingSegmentsMembercinf:OtherPersonalLinesMembercinf:PersonalLinesInsuranceMember2021-01-012021-03-310000020286us-gaap:OperatingSegmentsMembercinf:PersonalLinesInsuranceMember2022-01-012022-03-310000020286us-gaap:OperatingSegmentsMembercinf:PersonalLinesInsuranceMember2021-01-012021-03-310000020286cinf:ExcessandSurplusLinesInsuranceMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000020286cinf:ExcessandSurplusLinesInsuranceMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000020286us-gaap:OperatingSegmentsMembercinf:LifeInsuranceMember2022-01-012022-03-310000020286us-gaap:OperatingSegmentsMembercinf:LifeInsuranceMember2021-01-012021-03-310000020286cinf:InvestmentSegmentOfCINFMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000020286cinf:InvestmentSegmentOfCINFMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000020286us-gaap:CorporateNonSegmentMembercinf:ReinsuranceassumedandothernonsegmentMember2022-01-012022-03-310000020286us-gaap:CorporateNonSegmentMembercinf:ReinsuranceassumedandothernonsegmentMember2021-01-012021-03-310000020286us-gaap:CorporateNonSegmentMemberus-gaap:CorporateAndOtherMember2022-01-012022-03-310000020286us-gaap:CorporateNonSegmentMemberus-gaap:CorporateAndOtherMember2021-01-012021-03-310000020286us-gaap:CorporateNonSegmentMember2022-01-012022-03-310000020286us-gaap:CorporateNonSegmentMember2021-01-012021-03-310000020286cinf:InvestmentSegmentOfCINFMember2022-03-310000020286cinf:InvestmentSegmentOfCINFMember2021-12-310000020286us-gaap:CorporateAndOtherMember2022-03-310000020286us-gaap:CorporateAndOtherMember2021-12-31
















10-Q





☑


March 31, 2022


☐





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
     ☐


☐








☐


160,355,247







---



















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 Operations26Safe Harbor Statement26Corporate Financial Highlights29Financial Results36Liquidity and Capital Resources51Other Matters55Item 3. Quantitative and Qualitative Disclosures about Market Risk55Item 4. Controls and Procedures61Part II – Other Information63Item 1. Legal Proceedings63Item 1A. Risk Factors63Item 2. Unregistered Sales of Equity Securities and Use of Proceeds64Item 6. Exhibits65










---























(Dollars in millions, except per share data)March 31,December 31,20222021AssetsInvestmentsFixed maturities, at fair value (amortized cost: 2022—$12,330; 2021—$12,230)$12,376$13,022Equity securities, at fair value (cost: 2022—$4,167; 2021—$4,121)10,67511,315Other invested assets348329Total investments23,39924,666Cash and cash equivalents9871,139Investment income receivable147144Finance receivable9298Premiums receivable2,2482,053Reinsurance recoverable556570Prepaid reinsurance premiums7978Deferred policy acquisition costs979905Land, building and equipment, net, for company use (accumulated depreciation:2022—$309; 2021—$303)203205Other assets657570Separate accounts903959Total assets$30,250$31,387LiabilitiesInsurance reservesLoss and loss expense reserves$7,366$7,305Life policy and investment contract reserves3,0273,014Unearned premiums3,5603,271Other liabilities9521,092Deferred income tax1,4601,744Note payable4954Long-term debt and lease obligations841843Separate accounts903959Total liabilities18,15818,282Commitments and contingent liabilities (Note 12)Shareholders' EquityCommon stock, par value—$2 per share; (authorized: 2022 and 2021—500 millionshares; issued: 2022 and 2021—198.3 million shares)397397Paid-in capital1,3541,356Retained earnings12,24112,625Accumulated other comprehensive income59648Treasury stock at cost (2022—38.0 million shares and 2021—38.0 million shares)(1,959)(1,921)Total shareholders' equity12,09213,105Total liabilities and shareholders' equity$30,250$31,387










---










(Dollars in millions, except per share data)Three months ended March 31,20222021RevenuesEarned premiums$1,690$1,544Investment income, net of expenses185174Investment gains and losses, net(666)504Fee revenues43Other revenues22Total revenues1,2152,227Benefits and ExpensesInsurance losses and contract holders' benefits1,0391,003Underwriting, acquisition and insurance expenses519439Interest expense1313Other operating expenses44Total benefits and expenses1,5751,459Income (Loss) Before Income Taxes(360)768Provision (Benefit) for Income TaxesCurrent4136Deferred(128)112Total provision (benefit) for income taxes(87)148Net Income (Loss)$(273)$620Per Common ShareNet income (loss)—basic$(1.70)$3.85Net income (loss)—diluted(1.70)3.82










---










(Dollars in millions)Three months ended March 31,20222021Net Income (Loss)$(273)$620Other Comprehensive Income (Loss)Change in unrealized gains and losses on investments, net of tax (benefit) of $(157) and $(41), respectively(589)(155)Amortization of pension actuarial loss and prior service cost, net of tax of $0 and $1, respectively—3Change in life deferred acquisition costs, life policy reserves and other, net of tax of $0 and $2, respectively—8Other comprehensive income (loss)(589)(144)Comprehensive Income (Loss)$(862)$476













---










(Dollars in millions)Three months ended March 31,20222021Common StockBeginning of period$397$397Share-based awards——End of period397397Paid-In CapitalBeginning of period1,3561,328Share-based awards(14)(16)Share-based compensation119Other11End of period1,3541,322Retained EarningsBeginning of period12,62510,085Net income (loss)(273)620Dividends declared(111)(102)End of period12,24110,603Accumulated Other Comprehensive IncomeBeginning of period648769Other comprehensive loss(589)(144)End of period59625Treasury StockBeginning of period(1,921)(1,790)Share-based awards912Shares acquired - share repurchase authorization(45)(28)Shares acquired - share-based compensation plans(2)(3)End of period(1,959)(1,809)Total Shareholders' Equity$12,092$11,138(In millions, except per common share)Common Stock - Shares OutstandingBeginning of period160.3160.9Share-based awards0.40.4Shares acquired - share repurchase authorization(0.4)(0.3)End of period160.3161.0Dividends declared per common share$0.69$0.63










---










(Dollars in millions)Three months ended March 31,20222021Cash Flows From Operating ActivitiesNet income (loss)$(273)$620Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization2923Investment gains and losses, net674(501)Share-based compensation119Interest credited to contract holders1211Deferred income tax expense(128)112Changes in:Investment income receivable(3)2Premiums and reinsurance receivable(182)(166)Deferred policy acquisition costs(68)(49)Other assets(20)(33)Loss and loss expense reserves61204Life policy and investment contract reserves1715Unearned premiums289221Other liabilities(136)(80)Current income tax receivable/payable(85)(34)Net cash provided by operating activities198354Cash Flows From Investing ActivitiesSale of fixed maturities5530Call or maturity of fixed maturities296300Sale of equity securities5665Purchase of fixed maturities(460)(467)Purchase of equity securities(90)(78)Investment in finance receivables(3)(12)Collection of finance receivables98Investment in building and equipment(4)(5)Change in other invested assets, net(21)6Net cash used in investing activities(162)(153)Cash Flows From Financing ActivitiesPayment of cash dividends to shareholders(99)(95)Shares acquired - share repurchase authorization(45)(28)Changes in note payable(5)3Proceeds from stock options exercised44Contract holders' funds deposited1827Contract holders' funds withdrawn(32)(33)Other(29)(32)Net cash used in financing activities(188)(154)Net change in cash and cash equivalents(152)47Cash and cash equivalents at beginning of year1,139900Cash and cash equivalents at end of period$987$947Supplemental Disclosures of Cash Flow Information:Income taxes paid12166Noncash ActivitiesEquipment acquired under finance lease obligations$2$3Share-based compensation1616Other assets and other liabilities1044










---












Accounting Policies





























































---




Investments





(Dollars in millions)AmortizedcostGross unrealizedFair valueAt March 31, 2022gainslossesFixed maturity securities:Corporate$7,131$184$166$7,149States, municipalities and political subdivisions4,780106764,810Commercial mortgage-backed26712266United States government113—1112Foreign government25——25Government-sponsored enterprises14——14Total$12,330$291$245$12,376At December 31, 2021Fixed maturity securities:Corporate$7,043$467$13$7,497States, municipalities and political subdivisions4,76833035,095Commercial mortgage-backed2649—273United States government1212—123Foreign government26——26Government-sponsored enterprises8——8Total$12,230$808$16$13,022














---







(Dollars in millions)Less than 12 months12 months or moreTotalAt March 31, 2022FairvalueUnrealizedlossesFairvalueUnrealizedlossesFairvalueUnrealizedlossesFixed maturity securities:Corporate$2,603$157$78$9$2,681$166States, municipalities and political subdivisions9777221499876Commercial mortgage-backed128210—1382United States government721——721Foreign government7———7—Government-sponsored enterprises10—3—13—Total$3,797$232$112$13$3,909$245At December 31, 2021Fixed maturity securities:Corporate$861$13$15$—$876$13States, municipalities and political subdivisions1052211073Commercial mortgage-backed10—11—21—United States government48———48—Foreign government16———16—Government-sponsored enterprises7———7—Total$1,047$15$28$1$1,075$16








(Dollars in millions)AmortizedcostFairvalue% of fairvalueAt March 31, 2022Maturity dates:Due in one year or less$686$6905.6%Due after one year through five years3,6363,69029.8Due after five years through ten years3,4603,52528.5Due after ten years4,5484,47136.1Total$12,330$12,376100.0%














---







(Dollars in millions)Three months ended March 31,20222021Investment income:Interest$123$118Dividends6558Other12Total189178Less investment expenses44Total$185$174Investment gains and losses, net:Equity securities:Investment gains and losses on securities sold, net$8$4Unrealized gains and losses on securities still held, net(683)487Subtotal(675)491Fixed maturities:Gross realized gains43Gross realized losses(1)—Subtotal33Other610Total$(666)$504





10.675 11.315
  848 862 8.3 7.9 3.7 3.5





1 one 1
 no





At March 31, 2022, 1,377 fixed-maturity securities with a total unrealized loss of $245 million were in an unrealized loss position. Of that total, nofixed-maturity securities had fair values below 70% of amortized cost. At December 31, 2021, 278 fixed-maturity securities with a total unrealized loss of $16 million were in an unrealized loss position. Of that total, no fixed-maturity securities had fair values below 70% of amortized cost.










---




Fair Value Measurements














(Dollars in millions)Quoted prices inactive markets foridentical assets(Level 1)Significant otherobservable inputs (Level 2)Significantunobservableinputs(Level 3)TotalAt March 31, 2022Fixed maturities, available for sale:Corporate$—$7,149$—$7,149States, municipalities and political subdivisions—4,810—4,810Commercial mortgage-backed—266—266United States government112——112Foreign government—25—25Government-sponsored enterprises—14—14Subtotal11212,264—12,376Common equities10,245——10,245Nonredeemable preferred equities—430—430Separate accounts taxable fixed maturities—887—887Top Hat savings plan mutual funds and common    equity (included in Other assets)70——70Total$10,427$13,581$—$24,008At December 31, 2021Fixed maturities, available for sale:Corporate$—$7,497$—$7,497States, municipalities and political subdivisions—5,095—5,095Commercial mortgage-backed—273—273United States government123——123Foreign government—26—26Government-sponsored enterprises—8—8Subtotal12312,899—13,022Common equities10,862——10,862Nonredeemable preferred equities—453—453Separate accounts taxable fixed maturities—948—948Top Hat savings plan mutual funds and common  equity (included in Other assets)64——64Total$11,049$14,300$—$25,349








---




987 1.139

















(Dollars in millions)Book valuePrincipal amountInterestrateYear of issueMarch 31,December 31,March 31,December 31,20222021202220216.900%1998Senior debentures, due 2028$27$27$28$286.920%2005Senior debentures, due 20283913913913916.125%2004Senior notes, due 2034371371374374Total$789$789$793$793








(Dollars in millions)Quoted prices inactive markets foridentical assets(Level 1)Significant other observable inputs (Level 2)Significantunobservableinputs(Level 3)TotalAt March 31, 2022Note payable$—$49$—$496.900% senior debentures, due 2028—32—326.920% senior debentures, due 2028—466—4666.125% senior notes, due 2034—462—462Total$—$1,009$—$1,009At December 31, 2021Note payable$—$54$—$546.900% senior debentures, due 2028—34—346.920% senior debentures, due 2028—501—5016.125% senior notes, due 2034—510—510Total$—$1,099$—$1,099








---







(Dollars in millions)Quoted prices inactive markets foridentical assets(Level 1)Significant otherobservable inputs (Level 2)Significantunobservableinputs(Level 3)TotalAt March 31, 2022Life policy loans$—$—$40$40Deferred annuities——704704Structured settlements—177—177Total$—$177$704$881At December 31, 2021Life policy loans$—$—$44$44Deferred annuities——778778Structured settlements—201—201Total$—$201$778$979





30 31





757 762 135 136













---







Property Casualty Loss and Loss Expenses





(Dollars in millions)Three months ended March 31,20222021Gross loss and loss expense reserves, beginning of period$7,229$6,677Less reinsurance recoverable327277Net loss and loss expense reserves, beginning of period6,9026,400Net incurred loss and loss expenses related to:Current accident year9971,033Prior accident years(41)(110)Total incurred956923Net paid loss and loss expenses related to:Current accident year169143Prior accident years721562Total paid890705Net loss and loss expense reserves, end of period6,9686,618Plus reinsurance recoverable319262Gross loss and loss expense reserves, end of period$7,287$6,880





79 70





41 18 34 5 10 6 31





For the three months ended March 31, 2021, we experienced $110 million of favorable development on prior accident years, including $83 million of favorable development in commercial lines, $20 million of favorable development in personal lines and $4 million of unfavorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $25 million for the workers' compensation line, $24 million for the commercial auto line and $21 million for the commercial property line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $15 million in personal auto.










---




Life Policy and Investment Contract Reserves

















(Dollars in millions)March 31,2022December 31,2021Life policy reserves:Ordinary/traditional life$1,395$1,376Other5252Subtotal1,4471,428Investment contract reserves:Deferred annuities757762Universal life680679Structured settlements135136Other89Subtotal1,5801,586Total life policy and investment contract reserves$3,027$3,014










---




Deferred Policy Acquisition Costs


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


(Dollars in millions)Three months ended March 31,20222021Property casualty:Deferred policy acquisition costs asset, beginning of period$602$542Capitalized deferred policy acquisition costs364312Amortized deferred policy acquisition costs(301)(268)Deferred policy acquisition costs asset, end of period$665$586Life:Deferred policy acquisition costs asset, beginning of period$303$263Capitalized deferred policy acquisition costs1514Amortized deferred policy acquisition costs(10)(9)Shadow deferred policy acquisition costs626Deferred policy acquisition costs asset, end of period$314$294Consolidated:Deferred policy acquisition costs asset, beginning of period$905$805Capitalized deferred policy acquisition costs379326Amortized deferred policy acquisition costs(311)(277)Shadow deferred policy acquisition costs626Deferred policy acquisition costs asset, end of period$979$880
















---




Accumulated Other Comprehensive Income





(Dollars in millions)Three months ended March 31,20222021Before taxIncome taxNetBefore taxIncome taxNetInvestments:AOCI, beginning of period$792$165$627$1,026$215$811OCI before investment gains and losses, net, recognized in net income(743)(157)(586)(193)(41)(152)Investment gains and losses, net, recognized in net income(3)—(3)(3)—(3)OCI(746)(157)(589)(196)(41)(155)AOCI, end of period$46$8$38$830$174$656Pension obligations:AOCI, beginning of period$27$7$20$(41)$(7)$(34)OCI excluding amortization recognized in net income———211Amortization recognized in net income———2—2OCI———413AOCI, end of period$27$7$20$(37)$(6)$(31)Life deferred acquisition costs, life policy reserves and other:AOCI, beginning of period$1$—$1$(10)$(2)$(8)OCI before investment gains and losses, net, recognized in net income———1028Investment gains and losses, net, recognized in net income——————OCI———1028AOCI, end of period$1$—$1$—$—$—Summary of AOCI:AOCI, beginning of period$820$172$648$975$206$769Investments OCI(746)(157)(589)(196)(41)(155)Pension obligations OCI———413Life deferred acquisition costs, life policy reserves and other OCI———1028Total OCI(746)(157)(589)(182)(38)(144)AOCI, end of period$74$15$59$793$168$625





Investment gains and losses, net,and life deferred acquisition costs, life policy reserves 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 on 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.










---




Reinsurance











(Dollars in millions)Three months ended March 31,20222021Direct written premiums$1,703$1,545Assumed written premiums263205Ceded written premiums(67)(57)Net written premiums$1,899$1,693Direct earned premiums$1,561$1,429Assumed earned premiums121101Ceded earned premiums(64)(55)Earned premiums$1,618$1,475Direct incurred loss and loss expenses$895$868Assumed incurred loss and loss expenses7378Ceded incurred loss and loss expenses(12)(23)Incurred loss and loss expenses$956$923

















---







(Dollars in millions)Three months ended March 31,20222021Direct earned premiums$90$87Ceded earned premiums(18)(18)Earned premiums$72$69Direct contract holders' benefits incurred114107Ceded contract holders' benefits incurred(31)(27)Contract holders' benefits incurred$83$80











At March 31, 2022, and December 31, 2021, the allowance for uncollectible property casualty premiums was $14 million. At March 31, 2022, and December 31, 2021, the allowances for credit losses on other premiums receivable and recoverable assets were immaterial.







---




Income Taxes


21


(Dollars in millions)Three months ended March 31,20222021Tax at statutory rate:$(76)21.0%$16121.0%Increase (decrease) resulting from:Tax-exempt income from municipal bonds(5)1.4(5)(0.7)Dividend received exclusion(5)1.4(5)(0.7)Other(1)0.4(3)(0.3)Provision (benefit) for income taxes$(87)24.2%$14819.3%











no








34








3 3 50 50











At March 31, 2022, and December 31, 2021, Cincinnati Global had operating loss carryforwards in the United States of $6 million and $8 million, respectively, and in the United Kingdom of $130 million for both periods. These Cincinnati Global losses can only be utilized within the Cincinnati Global group in both the United States and in the United Kingdom and cannot offset the income of our domestic operations in the United States.










---




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 March 31,20222021Numerator:Net income (loss)—basic and diluted$(273)$620Denominator:Basic weighted-average common shares outstanding160.4161.0Effect of share-based awards:Stock options—0.9Nonvested shares—0.6Diluted weighted-average shares160.4162.5Earnings (loss) per share:Basic$(1.70)$3.85Diluted$(1.70)$3.82Number of anti-dilutive share-based awards2.31.0





In accordance with Accounting Standards Codification 260,Earnings per Share , the assumed exercise of share-based awards were excluded from the computation of diluted loss per share for the three months ended March 31, 2022. See our 2021 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 169, for information about share-based awards. The above table shows the number of anti-dilutive share-based awards for the three months ended March 31, 2022 and 2021. These share-based awards were not included in the computation of net income (loss) per common share (diluted) because their exercise would have anti-dilutive effects.







Employee Retirement Benefits





(Dollars in millions)Three months ended March 31,20222021Service cost$2$2Non-service (benefit) costs:Interest cost32Expected return on plan assets(6)(5)Amortization of actuarial loss and prior service cost—2Other—2Total non-service (benefit) cost(3)1Net periodic (benefit) cost$(1)$3














---




We made matching contributions totaling $8 million and $6 million to our 401(k) and Top Hat savings plans during the first quarter of 2022 and 2021, respectively.





We made no con tributions to our qualified pension plan during the first three months of 2022.







Commitments and Contingent Liabilities
































---


















Segment Information


two




















five








---







(Dollars in millions)Three months ended March 31,20222021Revenues:Commercial lines insuranceCommercial casualty$336$303Commercial property274253Commercial auto205193Workers' compensation6767Other commercial8070Commercial lines insurance premiums962886Fee revenues11Total commercial lines insurance963887Personal lines insurancePersonal auto152152Homeowner195174Other personal5550Personal lines insurance premiums402376Fee revenues11Total personal lines insurance403377Excess and surplus lines insurance11289Fee revenues1—Total excess and surplus lines insurance11389Life insurance premiums7269Fee revenues11Total life insurance7370InvestmentsInvestment income, net of expenses185174Investment gains and losses, net(666)504Total investment revenue(481)678OtherPremiums142124Other22Total other revenues144126Total revenues$1,215$2,227Income (loss) before income taxes:Insurance underwriting resultsCommercial lines insurance$76$130Personal lines insurance65(3)Excess and surplus lines insurance168Life insurance(2)(2)Investments(508)652Other(7)(17)Total income (loss) before income taxes$(360)$768


Identifiable assets:March 31,2022December 31,2021Property casualty insurance$4,607$4,421Life insurance1,5771,590Investments23,20124,481Other865895Total$30,250$31,387







---





























































































---















































































---






















































---













(Dollars in millions, except per share data)Three months ended March 31,20222021% ChangeEarned premiums$1,690$1,5449Investment income, net of expenses (pretax)1851746Investment gains and losses, net (pretax)(666)504nmTotal revenues1,2152,227(45)Net income (loss)(273)620nmComprehensive income (loss)(862)476nmNet income (loss) per share—diluted(1.70)3.82nmCash dividends declared per share0.690.6310Diluted weighted average shares outstanding160.4162.5(1)












































---







(Dollars in millions, except share data)At March 31,At December 31,20222021Total investments$23,399$24,666Total assets30,25031,387Short-term debt4954Long-term debt789789Shareholders' equity12,09213,105Book value per share75.4381.72Debt-to-total-capital ratio6.5%6.0%











Three months ended March 31,20222021Value creation ratio major components:Net income before investment gains1.9%2.1%Change in fixed-maturity securities, realized and unrealized gains(4.5)(1.4)Change in equity securities, investment gains(4.1)3.6Other(0.2)(0.2)Value creation ratio(6.9)%4.1%











---




(Dollars are per share)Three months ended March 31,20222021Value creation ratio:End of period book value*$75.43$69.16Less beginning of period book value81.7267.04Change in book value(6.29)2.12Dividend declared to shareholders0.690.63Total value creation$(5.60)$2.75Value creation ratio from change in book value**(7.7)%3.2%Value creation ratio from dividends declared to shareholders***0.80.9Value creation ratio(6.9)%4.1%* 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





































---




























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










---










(Dollars in millions)Three months ended March 31,20222021% ChangeEarned premiums$1,618$1,47510Fee revenues3250Total revenues1,6211,47710Loss and loss expenses from:Current accident year before catastrophe losses94785011Current accident year catastrophe losses50183(73)Prior accident years before catastrophe losses(20)(80)75Prior accident years catastrophe losses(21)(30)30Loss and loss expenses9569234Underwriting expenses50042119Underwriting profit$165$13324Ratios as a percent of earned premiums:Pt. ChangeCurrent accident year before catastrophe losses58.5%57.6%0.9Current accident year catastrophe losses3.112.4(9.3)Prior accident years before catastrophe losses(1.2)(5.4)4.2Prior accident years catastrophe losses(1.3)(2.0)0.7Loss and loss expenses59.162.6(3.5)Underwriting expenses30.828.62.2Combined ratio89.9%91.2%(1.3)Combined ratio89.9%91.2%(1.3)Contribution from catastrophe losses and prior years reserve development0.65.0(4.4)Combined ratio before catastrophe losses and prior years reserve development89.3%86.2%3.1





























---

























(Dollars in millions)Three months ended March 31,20222021% ChangeAgency renewal written premiums$1,397$1,2769Agency new business written premiums24422011Other written premiums25819731Net written premiums1,8991,69312Unearned premium change(281)(218)(29)Earned premiums$1,618$1,47510



































---































(Dollars in millions, net of reinsurance)Three months ended March 31,Comm.Pers.E&SDatesRegionlineslineslinesOtherTotal2022Jan. 15-17Northeast, South$4$6$1$—$11All other 2022 catastrophes1222—539Development on 2021 and prior catastrophes(3)(21)—3(21)Calendar year incurred total$13$7$1$8$292021Feb. 12-15South, West$10$6$—$49$65Feb. 16-20Midwest, Northeast, South22371161Mar. 24-26Midwest, Northeast, South819——27Mar. 27-29Midwest, Northeast, South48——12All other 2021 catastrophes108——18Development on 2020 and prior catastrophes(17)(3)—(10)(30)Calendar year incurred total$37$75$1$40$153








---













(Dollars in millions, net of reinsurance)Three months ended March 31,20222021% ChangeCurrent accident year losses greater than $5 million$23$5360Current accident year losses $1 million - $5 million8231165Large loss prior accident year reserve development25244Total large losses incurred13060117Losses incurred but not reported36102(65)Other losses excluding catastrophe losses59245131Catastrophe losses24150(84)Total losses incurred$782$7632Ratios as a percent of earned premiums:Pt. ChangeCurrent accident year losses greater than $5 million1.4%0.3%1.1Current accident year losses $1 million - $5 million5.12.22.9Large loss prior accident year reserve development1.51.6(0.1)Total large loss ratio8.04.13.9Losses incurred but not reported2.26.9(4.7)Other losses excluding catastrophe losses36.630.56.1Catastrophe losses1.510.2(8.7)Total loss ratio48.3%51.7%(3.4)










































---










(Dollars in millions)Three months ended March 31,20222021% ChangeEarned premiums$962$8869Fee revenues110Total revenues9638879Loss and loss expenses from:Current accident year before catastrophe losses58853211Current accident year catastrophe losses1654(70)Prior accident years before catastrophe losses(15)(66)77Prior accident years catastrophe losses(3)(17)82Loss and loss expenses58650317Underwriting expenses30125419Underwriting profit$76$130(42)Ratios as a percent of earned premiums:Pt. ChangeCurrent accident year before catastrophe losses61.2%60.0%1.2Current accident year catastrophe losses1.76.1(4.4)Prior accident years before catastrophe losses(1.6)(7.5)5.9Prior accident years catastrophe losses(0.3)(1.9)1.6Loss and loss expenses61.056.74.3Underwriting expenses31.328.72.6Combined ratio92.3%85.4%6.9Combined ratio92.3%85.4%6.9Contribution from catastrophe losses and prior years reserve development(0.2)(3.3)3.1Combined ratio before catastrophe losses and prior years reserve development92.5%88.7%3.8























---






















(Dollars in millions)Three months ended March 31,20222021% ChangeAgency renewal written premiums$970$8988Agency new business written premiums1561458Other written premiums(30)(24)(25)Net written premiums1,0961,0198Unearned premium change(134)(133)(1)Earned premiums$962$8869























---










(Dollars in millions, net of reinsurance)Three months ended March 31,20222021% ChangeCurrent accident year losses greater than $5 million$16$5220Current accident year losses $1 million - $5 million6726158Large loss prior accident year reserve development2126(19)Total large losses incurred1045782Losses incurred but not reported3839(3)Other losses excluding catastrophe losses31826122Catastrophe losses1135(69)Total losses incurred$471$39220Ratios as a percent of earned premiums:Pt. ChangeCurrent accident year losses greater than $5 million1.7%0.6%1.1Current accident year losses $1 million - $5 million6.92.94.0Large loss prior accident year reserve development2.13.0(0.9)Total large loss ratio10.76.54.2Losses incurred but not reported4.04.3(0.3)Other losses excluding catastrophe losses33.029.43.6Catastrophe losses1.24.0(2.8)Total loss ratio48.9%44.2%4.7
















---







(Dollars in millions)Three months ended March 31,20222021% ChangeEarned premiums$402$3767Fee revenues110Total revenues4033777Loss and loss expenses from:Current accident year before catastrophe losses2212153Current accident year catastrophe losses2878(64)Prior accident years before catastrophe losses(13)(17)24Prior accident years catastrophe losses(21)(3)(600)Loss and loss expenses215273(21)Underwriting expenses12310715Underwriting profit (loss)$65$(3)nmRatios as a percent of earned premiums:Pt. ChangeCurrent accident year before catastrophe losses55.0%57.3%(2.3)Current accident year catastrophe losses6.920.6(13.7)Prior accident years before catastrophe losses(3.2)(4.5)1.3Prior accident years catastrophe losses(5.2)(0.8)(4.4)Loss and loss expenses53.572.6(19.1)Underwriting expenses30.428.51.9Combined ratio83.9%101.1%(17.2)Combined ratio83.9%101.1%(17.2)Contribution from catastrophe losses and prior years reserve development(1.5)15.3(16.8)Combined ratio before catastrophe losses and prior years reserve development85.4%85.8%(0.4)





























---













(Dollars in millions)Three months ended March 31,20222021% ChangeAgency renewal written premiums$333$30210Agency new business written premiums524613Other written premiums(11)(10)(10)Net written premiums37433811Unearned premium change2838(26)Earned premiums$402$3767





























---







(Dollars in millions, net of reinsurance)Three months ended March 31,20222021% ChangeCurrent accident year losses greater than $5 million$7$—nmCurrent accident year losses $1 million - $5 million114175Large loss prior accident year reserve development4(1)nmTotal large losses incurred223nmLosses incurred but not reported(14)41nmOther losses excluding catastrophe losses16513027Catastrophe losses674(92)Total losses incurred$179$248(28)Ratios as a percent of earned premiums:Pt. ChangeCurrent accident year losses greater than $5 million1.7%—%1.7Current accident year losses $1 million - $5 million2.71.21.5Large loss prior accident year reserve development1.1(0.3)1.4Total large loss ratio5.50.94.6Losses incurred but not reported(3.6)11.0(14.6)Other losses excluding catastrophe losses41.234.46.8Catastrophe losses1.419.6(18.2)Total loss ratio44.5%65.9%(21.4)
















---







(Dollars in millions)Three months ended March 31,20222021% ChangeEarned premiums$112$8926Fee revenues1—nmTotal revenues1138927Loss and loss expenses from:Current accident year before catastrophe losses705430Current accident year catastrophe losses110Prior accident years before catastrophe losses(5)4nmPrior accident years catastrophe losses——0Loss and loss expenses665912Underwriting expenses312241Underwriting profit$16$8100Ratios as a percent of earned premiums:Pt. ChangeCurrent accident year before catastrophe losses61.8%61.0%0.8Current accident year catastrophe losses1.51.30.2Prior accident years before catastrophe losses(4.6)4.7(9.3)Prior accident years catastrophe losses(0.4)(0.3)(0.1)Loss and loss expenses58.366.7(8.4)Underwriting expenses27.625.32.3Combined ratio85.9%92.0%(6.1)Combined ratio85.9%92.0%(6.1)Contribution from catastrophe losses and  prior years reserve development(3.5)5.7(9.2)Combined ratio before catastrophe losses and prior years reserve development89.4%86.3%3.1























---







(Dollars in millions)Three months ended March 31,20222021% ChangeAgency renewal written premiums$94$7624Agency new business written premiums362924Other written premiums(6)(6)0Net written premiums1249925Unearned premium change(12)(10)(20)Earned premiums$112$8926


























---







(Dollars in millions, net of reinsurance)Three months ended March 31,20222021% ChangeCurrent accident year losses greater than $5 million$—$—0Current accident year losses $1 million - $5 million41300Large loss prior accident year reserve development—(1)100Total large losses incurred4—nmLosses incurred but not reported1222(45)Other losses excluding catastrophe losses3215113Catastrophe losses110Total losses incurred$49$3829Ratios as a percent of earned premiums:Pt. ChangeCurrent accident year losses greater than $5 million—%—%0.0Current accident year losses $1 million - $5 million3.61.22.4Large loss prior accident year reserve development0.3(1.7)2.0Total large loss ratio3.9(0.5)4.4Losses incurred but not reported10.624.8(14.2)Other losses excluding catastrophe losses27.417.89.6Catastrophe losses1.11.00.1Total loss ratio43.0%43.1%(0.1)
















---







(Dollars in millions)Three months ended March 31,20222021% ChangeEarned premiums$72$694Fee revenues110Total revenues73704Contract holders' benefits incurred83804Investment interest credited to contract holders(27)(26)(4)Underwriting expenses incurred19186Total benefits and expenses75724Life insurance segment loss$(2)$(2)0
































(Dollars in millions)Three months ended March 31,20222021% ChangeTerm life insurance$54$516Whole life insurance11110Universal life and other770Net earned premiums$72$694

















---



















































(Dollars in millions)Three months ended March 31,20222021% ChangeTotal investment income, net of expenses$185$1746Investment interest credited to contract holders(27)(26)(4)Investment gains and losses, net(666)504nmInvestments profit (loss), pretax$(508)$652nm





(Dollars in millions)% YieldPrincipal redemptionsAt March 31, 2022Fixed-maturity pretax yield profile:Expected to mature during the remainder of 20223.69%$554Expected to mature during 20233.83788Expected to mature during 20244.311,001Average yield and total expected maturities from the remainder of 2022 through 20244.00$2,343








---







Three months ended March 31,20222021Average pretax yield-to-amortized cost on new fixed-maturities:Acquired taxable fixed-maturities3.79%3.74%Acquired tax-exempt fixed-maturities2.712.94Average total fixed-maturities acquired3.643.71














(Dollars in millions)Three months ended March 31,20222021% ChangeInvestment income:Interest$123$1184Dividends655812Other12(50)Less investment expenses440Investment income, pretax1851746Less income taxes29277Total investment income, after-tax$156$1476Investment returns:Average invested assets plus cash and cash  equivalents$24,677$21,776Average yield pretax3.00%3.20%Average yield after-tax2.532.70Effective tax rate15.615.5Fixed-maturity returns:Average amortized cost$12,280$11,395Average yield pretax4.01%4.14%Average yield after-tax3.333.45Effective tax rate17.016.7








---
















(Dollars in millions)Three months ended March 31,20222021Investment gains and losses:Equity securities:Investment gains and losses on securities sold, net$8$4Unrealized gains and losses on securities still held, net(683)487Subtotal(675)491Fixed maturities:Gross realized gains43Gross realized losses(1)—Subtotal33Other610Total investment gains and losses reported in net income(666)504Change in unrealized investment gains and losses:Fixed maturities(746)(196)Total$(1,412)$308

























---






















(Dollars in millions)Three months ended March 31,20222021% ChangeInterest and fees on loans and leases$1$10Earned premiums14212415Other revenues110Total revenues14412614Interest expense13130Loss and loss expenses89881Underwriting expenses453818Operating expenses440Total expenses1511436Total other loss$(7)$(17)59



























---









































































(Dollars in millions)Three months ended March 31,20222021% ChangePremiums collected$1,714$1,52313Loss and loss expenses paid(890)(705)(26)Commissions and other underwriting expenses paid(711)(571)(25)Cash flow from underwriting113247(54)Investment income received1281216Cash flow from operations$241$368(35)














---















































































---










































---







(Dollars in millions)Loss reservesLoss expense reservesTotal gross reservesCase reservesIBNR reservesPercent of totalAt March 31, 2022Commercial lines insurance:Commercial casualty$1,045$791$710$2,54634.9%Commercial property34852684686.4Commercial auto42021812376110.5Workers' compensation426518871,03114.1Other commercial101101202313.2Subtotal2,3401,5891,1085,03769.1Personal lines insurance:Personal auto20654583184.4Homeowner16874422843.9Other personal828851752.4Subtotal45621610577710.7Excess and surplus lines2491981636108.4Cincinnati Re13348346208.5Cincinnati Global1499222433.3Total$3,327$2,578$1,382$7,287100.0%At December 31, 2021Commercial lines insurance:Commercial casualty$1,059$734$704$2,49734.5%Commercial property35782625016.9Commercial auto41922012476310.6Workers' compensation442503851,03014.3Other commercial9191162163.0Subtotal2,3681,5481,0915,00769.3Personal lines insurance:Personal auto21153603244.5Homeowner168102443144.3Other personal848751762.4Subtotal46324210981411.2Excess and surplus lines2331861585778.0Cincinnati Re11746055828.1Cincinnati Global1509722493.4Total$3,331$2,533$1,365$7,229100.0%


















---













































(Dollars in millions)At March 31, 2022At December 31, 2021Cost or amortized costPercent of totalFair valuePercent of totalCost or amortized costPercent of totalFair valuePercentof totalTaxable fixed maturities$8,47051.3%$8,46736.7%$8,34451.0%$8,85836.4%Tax-exempt fixed maturities3,86023.43,90917.03,88623.84,16417.1Common equities3,74322.710,24544.43,69722.610,86244.6Nonredeemable preferred  equities4242.64301.94242.64531.9Total$16,497100.0%$23,051100.0%$16,351100.0%$24,337100.0%






















---




























At March 31, 2022At December 31, 2021Weighted average yield-to-amortized cost4.00%4.02%Weighted average maturity7.9yrs8.0yrsEffective duration4.9yrs4.8yrs
















---










(Dollars in millions)At March 31, 2022At December 31, 2021Investment-grade corporate$6,535$6,807States, municipalities and political subdivisions901931Noninvestment-grade corporate614690Commercial mortgage-backed266273United States government112123Foreign government2526Government-sponsored enterprises148Total$8,467$8,858























































---







(Dollars in millions)Effect from interest rate change in basis points-200-100-100200At March 31, 2022$13,620$12,989$12,376$11,763$11,151At December 31, 2021$14,327$13,656$13,022$12,399$11,768































(Dollars in millions)Effect from market price change in percent-30%-20%-10%—10%20%30%At March 31, 2022$7,473$8,540$9,608$10,675$11,743$12,810$13,878At December 31, 2021$7,921$9,052$10,184$11,315$12,447$13,578$14,710














---







Percent of common stock portfolioAt March 31, 2022At December 31, 2021Cincinnati FinancialS&P 500 IndustryWeightingsCincinnatiFinancialS&P 500 IndustryWeightingsSector:Information technology30.1%28.0%31.1%29.2%Healthcare14.213.613.513.3Financial13.911.114.210.7Industrials11.07.911.17.8Consumer staples7.36.16.95.9Consumer discretionary7.112.08.312.5Energy5.23.94.02.7Materials4.12.64.42.5Utilities2.92.72.22.5Real estate2.62.72.72.8Telecomm services1.69.41.610.1Total100.0%100.0%100.0%100.0%











































---
















(Dollars in millions)Less than 12 months12 months or moreTotalAt March 31, 2022Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized lossesFixed maturity securities:Corporate$2,603$157$78$9$2,681$166States, municipalities and political subdivisions9777221499876Commercial mortgage-backed128210—1382United States government721——721Foreign government7———7—Government-sponsored enterprises10—3—13—Total$3,797$232$112$13$3,909$245At December 31, 2021Fixed maturity securities:Corporate$861$13$15$—$876$13States, municipalities and political subdivisions1052211073Commercial mortgage-backed10—11—21—United States government48———48—Foreign government16———16—Government-sponsored enterprises7———7—Total$1,047$15$28$1$1,075$16


























---







(Dollars in millions)Numberof issuesAmortizedcostFair valueGross unrealized gain (loss)Gross investment incomeAt March 31, 2022Taxable fixed maturities:Fair valued below 70% of amortized cost—$—$—$—$—Fair valued at 70% to less than 100% of amortized cost9743,6073,403(204)32Fair valued at 100% and above of amortized cost1,1464,8635,06420158Investment income on securities sold in current year————2Total2,1208,4708,467(3)92Tax-exempt fixed maturities:Fair valued below 70% of amortized cost—————Fair valued at 70% to less than 100% of amortized cost403547506(41)4Fair valued at 100% and above of amortized cost1,8393,3133,4039027Investment income on securities sold in current year—————Total2,2423,8603,9094931Fixed-maturities summary:Fair valued below 70% of amortized cost—————Fair valued at 70% to less than 100% of amortized cost1,3774,1543,909(245)36Fair valued at 100% and above of amortized cost2,9858,1768,46729185Investment income on securities sold in current year————2Total4,362$12,330$12,376$46$123At December 31, 2021Fixed-maturities summary:Fair valued below 70% of amortized cost—$—$—$—$—Fair valued at 70% to less than 100% of amortized cost2781,0911,075(16)17Fair valued at 100% and above of amortized cost4,05111,13911,947808427Investment income on securities sold in current year————33Total4,329$12,230$13,022$792$477































---


















---































---










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 programsJanuary 1-31, 2022———11,076,785February 1-28, 2022200,000$120.06200,00010,876,785March 1-31, 2022175,000120.03175,00010,701,785Totals375,000120.05375,000










---







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 5, 2018 (incorporated by reference to the company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, Exhibit 3.2)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)










---










CINCINNATI FINANCIAL CORPORATIONDate: April 28, 2022/S/ Michael J. SewellMichael J. Sewell, CPAChief Financial Officer, Senior Vice President and Treasurer(Principal Accounting Officer)