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10-Q





☑


September 30, 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
     ☐


☐








☐


157,184,308







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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 Operations29Safe Harbor Statement29Corporate Financial Highlights32Financial Results40Liquidity and Capital Resources57Other Matters61Item 3. Quantitative and Qualitative Disclosures about Market Risk61Item 4. Controls and Procedures67Part II – Other Information69Item 1. Legal Proceedings69Item 1A. Risk Factors69Item 2. Unregistered Sales of Equity Securities and Use of Proceeds70Item 6. Exhibits71










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(Dollars in millions, except per share data)September 30,December 31,20222021AssetsInvestmentsFixed maturities, at fair value (amortized cost: 2022—$12,812; 2021—$12,230)$11,734$13,022Equity securities, at fair value (cost: 2022—$4,292; 2021—$4,121)8,84011,315Other invested assets414329Total investments20,98824,666Cash and cash equivalents1,0831,139Investment income receivable152144Finance receivable8798Premiums receivable2,4032,053Reinsurance recoverable561570Prepaid reinsurance premiums9178Deferred policy acquisition costs1,036905Land, building and equipment, net, for company use (accumulated depreciation:2022—$317; 2021—$303)204205Other assets706570Separate accounts888959Total assets$28,199$31,387LiabilitiesInsurance reservesLoss and loss expense reserves$8,113$7,305Life policy and investment contract reserves3,0533,014Unearned premiums3,7983,271Other liabilities1,2491,092Deferred income tax7801,744Note payable4454Long-term debt and lease obligations843843Separate accounts888959Total liabilities18,76818,282Commitments 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 capital1,3791,356Retained earnings10,79712,625Accumulated other comprehensive income(828)648Treasury stock at cost (2022—41.2 million shares and 2021—38.0 million shares)(2,314)(1,921)Total shareholders' equity9,43113,105Total liabilities and shareholders' equity$28,199$31,387










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(Dollars in millions, except per share data)Three months ended September 30,Nine months ended September 30,2022202120222021RevenuesEarned premiums$1,882$1,669$5,345$4,806Investment income, net of expenses193179573528Investment gains and losses, net(674)(70)(2,494)954Fee revenues541211Other revenues2378Total revenues1,4081,7853,4436,307Benefits and ExpensesInsurance losses and contract holders' benefits1,4181,0723,7662,990Underwriting, acquisition and insurance expenses5515111,6041,440Interest expense14134039Other operating expenses451314Total benefits and expenses1,9871,6015,4234,483Income (Loss) Before Income Taxes(579)184(1,980)1,824Provision (Benefit) for Income TaxesCurrent195590166Deferred(180)(24)(571)182Total provision (benefit) for income taxes(161)31(481)348Net Income (Loss)$(418)$153$(1,499)$1,476Per Common ShareNet income (loss)—basic$(2.64)$0.95$(9.41)$9.16Net income (loss)—diluted(2.64)0.94(9.41)9.07










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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2022202120222021Net Income (Loss)$(418)$153$(1,499)$1,476Other Comprehensive Income (Loss)Change in unrealized gains and losses on investments, net of tax (benefit) of $(109), $(19), $(393) and $(33), respectively(405)(69)(1,477)(119)Amortization of pension actuarial loss and prior service cost, net of tax of $0, $1, $0 and $2, respectively—1—5Change in life deferred acquisition costs, life policy reserves and other, net of tax of $0, $0, $0 and $2, respectively——18Other comprehensive loss(405)(68)(1,476)(106)Comprehensive Income (Loss)$(823)$85$(2,975)$1,370













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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2022202120222021Common StockBeginning of period$397$397$397$397Share-based awards————End of period397397397397Paid-In CapitalBeginning of period1,3671,3341,3561,328Share-based awards11(11)(13)Share-based compensation982925Other2154End of period1,3791,3441,3791,344Retained EarningsBeginning of period11,32411,20512,62510,085Net income (loss)(418)153(1,499)1,476Dividends declared(109)(101)(329)(304)End of period10,79711,25710,79711,257Accumulated Other Comprehensive IncomeBeginning of period(423)731648769Other comprehensive loss(405)(68)(1,476)(106)End of period(828)663(828)663Treasury StockBeginning of period(2,112)(1,809)(1,921)(1,790)Share-based awards111316Shares acquired - share repurchase authorization(203)(12)(399)(40)Shares acquired - share-based compensation plans——(8)(7)Other——11End of period(2,314)(1,820)(2,314)(1,820)Total Shareholders' Equity$9,431$11,841$9,431$11,841(In millions, except per common share)Common Stock - Shares OutstandingBeginning of period159.2161.1160.3160.9Share-based awards—0.10.50.6Shares acquired - share repurchase authorization(2.1)(0.1)(3.7)(0.4)End of period157.1161.1157.1161.1Dividends declared per common share$0.69$0.63$2.07$1.89










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(Dollars in millions)Nine months ended September 30,20222021Cash Flows From Operating ActivitiesNet income (loss)$(1,499)$1,476Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization8169Investment gains and losses, net2,513(933)Share-based compensation2925Interest credited to contract holders3433Deferred income tax expense(571)182Changes in:Investment income receivable(8)(6)Premiums and reinsurance receivable(354)(280)Deferred policy acquisition costs(118)(84)Other assets(6)(12)Loss and loss expense reserves808546Life policy and investment contract reserves5276Unearned premiums527382Other liabilities395Current income tax receivable/payable(70)(51)Net cash provided by operating activities1,4211,518Cash Flows From Investing ActivitiesSale of fixed maturities9388Call or maturity of fixed maturities8181,049Sale of equity securities333123Purchase of fixed maturities(1,445)(1,831)Purchase of equity securities(380)(276)Investment in finance receivables(18)(30)Collection of finance receivables3028Investment in building and equipment(12)(12)Change in other invested assets, net(65)(30)Net cash used in investing activities(646)(891)Cash Flows From Financing ActivitiesPayment of cash dividends to shareholders(316)(295)Shares acquired - share repurchase authorization(399)(40)Changes in note payable(10)5Proceeds from stock options exercised810Contract holders' funds deposited5464Contract holders' funds withdrawn(98)(104)Other(70)(82)Net cash used in financing activities(831)(442)Net change in cash and cash equivalents(56)185Cash and cash equivalents at beginning of year1,139900Cash and cash equivalents at end of period$1,083$1,085Supplemental Disclosures of Cash Flow Information:Interest paid$27$26Income taxes paid144205Noncash ActivitiesEquipment acquired under finance lease obligations$13$9Share-based compensation2422Other assets and other liabilities203137










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Accounting Policies


















































Based on current conditions, management estimates at September 30, 2022, that adoption would not have a material impact and would have resulted in an after-taxincrease to shareholders' equity of approximately $50 million. The ultimate impact of adoption of these ASUs will be affected by the market value discount rates and other assumptions determined at the January 1, 2023, adoption date and could be material. The process of addressing necessary remaining implementation-related items, including modifications to reporting and analysis capabilities as well as actuarial systems and associated data processes is substantially complete.










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Investments





(Dollars in millions)AmortizedcostGross unrealizedFair valueAt September 30, 2022gainslossesFixed maturity securities:Corporate$7,307$33$661$6,679States, municipalities and political subdivisions4,91144334,482Commercial mortgage-backed253—13240United States government193—5188Government-sponsored enterprises122—3119Foreign government26——26Total$12,812$37$1,115$11,734At December 31, 2021Fixed maturity securities:Corporate$7,043$467$13$7,497States, municipalities and political subdivisions4,76833035,095Commercial mortgage-backed2649—273United States government1212—123Government-sponsored enterprises8——8Foreign government26——26Total$12,230$808$16$13,022














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(Dollars in millions)Less than 12 months12 months or moreTotalAt September 30, 2022FairvalueUnrealizedlossesFairvalueUnrealizedlossesFairvalueUnrealizedlossesFixed maturity securities:Corporate$5,835$535$376$126$6,211$661States, municipalities and political subdivisions3,83141448193,879433Commercial mortgage-backed2251114223913United States government173512—1855Government-sponsored enterprises10133—1043Foreign government21———21—Total$10,186$968$453$147$10,639$1,115At December 31, 2021Fixed maturity securities:Corporate$861$13$15$—$876$13States, municipalities and political subdivisions1052211073Commercial mortgage-backed10—11—21—United States government48———48—Government-sponsored enterprises7———7—Foreign government16———16—Total$1,047$15$28$1$1,075$16








(Dollars in millions)AmortizedcostFairvalue% of fairvalueAt September 30, 2022Maturity dates:Due in one year or less$690$6875.9%Due after one year through five years3,8613,71731.7Due after five years through ten years3,5733,33428.4Due after ten years4,6883,99634.0Total$12,812$11,734100.0%














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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2022202120222021Investment income:Interest$129$121$376$356Dividends6661203179Other3164Total198183585539Less investment expenses541211Total$193$179$573$528Investment gains and losses, net:Equity securities:Investment gains and losses on securities sold, net$16$(1)$34$6Unrealized gains and losses on securities still held, net(705)(104)(2,568)869Subtotal(689)(105)(2,534)875Fixed maturities:Gross realized gains—10624Gross realized losses—(1)(3)(3)Write-down of impaired securities—(1)—(1)Subtotal—8320Other15273759Total$(674)$(70)$(2,494)$954





8.840 11.315
  638 862 7.6 7.9 3.1 3.5





1


1 1
 no two 1
 five





At September 30, 2022,4,049fixed-maturitysecuritieswith a total unrealized loss of $1.115 billion were in an unrealized loss position. Of that total, 118fixed-maturity securitieshad fair values below 70% of amortized cost. At December 31, 2021, 278 fixed-maturitysecuritieswith a total unrealized loss of $16 million were in an unrealized loss position. Of that total, no fixed-maturitysecurities had fair values below 70% of amortized cost.







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Fair Value Measurements














(Dollars in millions)Quoted prices inactive markets foridentical assets(Level 1)Significant otherobservable inputs (Level 2)Significantunobservableinputs(Level 3)TotalAt September 30, 2022Fixed maturities, available for sale:Corporate$—$6,679$—$6,679States, municipalities and political subdivisions—4,482—4,482Commercial mortgage-backed—240—240United States government188——188Government-sponsored enterprises—119—119Foreign government—26—26Subtotal18811,546—11,734Common equities8,433——8,433Nonredeemable preferred equities—407—407Separate accounts taxable fixed maturities—811—811Top Hat savings plan mutual funds and common    equity (included in Other assets)51——51Total$8,672$12,764$—$21,436At December 31, 2021Fixed maturities, available for sale:Corporate$—$7,497$—$7,497States, municipalities and political subdivisions—5,095—5,095Commercial mortgage-backed—273—273United States government123——123Government-sponsored enterprises—8—8Foreign government—26—26Subtotal12312,899—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








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1.083 1.139

















(Dollars in millions)Book valuePrincipal amountInterestrateYear of issueSeptember 30,December 31,September 30,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 September 30, 2022Note payable$—$44$—$446.900% senior debentures, due 2028—29—296.920% senior debentures, due 2028—415—4156.125% senior notes, due 2034—384—384Total$—$872$—$872At December 31, 2021Note payable$—$54$—$546.900% senior debentures, due 2028—34—346.920% senior debentures, due 2028—501—5016.125% senior notes, due 2034—510—510Total$—$1,099$—$1,099








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(Dollars in millions)Quoted prices inactive markets foridentical assets(Level 1)Significant otherobservable inputs (Level 2)Significantunobservableinputs(Level 3)TotalAt September 30, 2022Life policy loans$—$—$37$37Deferred annuities——612612Structured settlements—139—139Total$—$139$612$751At December 31, 2021Life policy loans$—$—$44$44Deferred annuities——778778Structured settlements—201—201Total$—$201$778$979





31





753 762 131 136













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Property Casualty Loss and Loss Expenses





(Dollars in millions)Three months ended September 30,Nine months ended September 30,2022202120222021Gross loss and loss expense reserves, beginning of period$7,603$6,955$7,229$6,677Less reinsurance recoverable287274327277Net loss and loss expense reserves, beginning of period7,3166,6816,9026,400Net incurred loss and loss expenses related to:Current accident year1,3911,0903,6873,072Prior accident years(43)(102)(143)(331)Total incurred1,3489883,5442,741Net paid loss and loss expenses related to:Current accident year4844161,021893Prior accident years4643491,7091,344Total paid9487652,7302,237Net loss and loss expense reserves, end of period7,7166,9047,7166,904Plus reinsurance recoverable329322329322Gross loss and loss expense reserves, end of period$8,045$7,226$8,045$7,226





68 66





43 4 8 7 24 16 23 16





143 51 56 13 43 36 25 15 51








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For the three months ended September 30, 2021, we experienced $102 million of favorable development on prior accident years, including $107 million of favorable development in commercial lines, $3 million of favorable development in personal lines and $3 million of unfavorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $52 million for the commercial casualty line and $34 million for the commercial property line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines.





For the nine months ended September 30, 2021, we experienced $331 million of favorable development on prior accident years, including $276 million of favorable development in commercial lines, $35 million of favorable development in personal lines and $6 million of unfavorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $85 million for the commercial casualty line, $68 million for the commercial property line, $59 million for the workers' compensation line and $44 million for the commercial auto 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 $24 million in personal auto.







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Life Policy and Investment Contract Reserves

















(Dollars in millions)September 30,2022December 31,2021Life policy reserves:Ordinary/traditional life$1,432$1,376Other5252Subtotal1,4841,428Investment contract reserves:Deferred annuities753762Universal life677679Structured settlements131136Other89Subtotal1,5691,586Total life policy and investment contract reserves$3,053$3,014










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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 30,2022202120222021Property casualty:Deferred policy acquisition costs asset, beginning of period$723$630$602$542Capitalized deferred policy acquisition costs3252871,064924Amortized deferred policy acquisition costs(342)(300)(960)(849)Deferred policy acquisition costs asset, end of period$706$617$706$617Life:Deferred policy acquisition costs asset, beginning of period$322$294$303$263Capitalized deferred policy acquisition costs16154644Amortized deferred policy acquisition costs(12)(12)(33)(35)Shadow deferred policy acquisition costs411426Deferred policy acquisition costs asset, end of period$330$298$330$298Consolidated:Deferred policy acquisition costs asset, beginning of period$1,045$924$905$805Capitalized deferred policy acquisition costs3413021,110968Amortized deferred policy acquisition costs(354)(312)(993)(884)Shadow deferred policy acquisition costs411426Deferred policy acquisition costs asset, end of period$1,036$915$1,036$915
















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Accumulated Other Comprehensive Income





(Dollars in millions)Three months ended September 30,20222021Before taxIncome taxNetBefore taxIncome taxNetInvestments:AOCI, beginning of period$(564)$(119)$(445)$962$201$761OCI before investment gains and losses, net, recognized in net income(514)(109)(405)(80)(18)(62)Investment gains and losses, net, recognized in net income———(8)(1)(7)OCI(514)(109)(405)(88)(19)(69)AOCI, end of period$(1,078)$(228)$(850)$874$182$692Pension obligations:AOCI, beginning of period$27$7$20$(36)$(6)$(30)OCI excluding amortization recognized in net income——————Amortization recognized in net income———211OCI———211AOCI, end of period$27$7$20$(34)$(5)$(29)Life deferred acquisition costs, life policy reserves and other:AOCI, beginning of period$2$—$2$—$—$—OCI before investment gains and losses, net, recognized in net income——————Investment gains and losses, net, recognized in net income——————OCI——————AOCI, end of period$2$—$2$—$—$—Summary of AOCI:AOCI, beginning of period$(535)$(112)$(423)$926$195$731Investments OCI(514)(109)(405)(88)(19)(69)Pension obligations OCI———211Life deferred acquisition costs, life policy reserves and other OCI——————Total OCI(514)(109)(405)(86)(18)(68)AOCI, end of period$(1,049)$(221)$(828)$840$177$663





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(Dollars in millions)Nine months ended September 30,20222021Before taxIncome taxNetBefore taxIncome taxNetInvestments:AOCI, beginning of period$792$165$627$1,026$215$811OCI before investment gains and losses, net, recognized in net income(1,867)(392)(1,475)(132)(29)(103)Investment gains and losses, net, recognized in net income(3)(1)(2)(20)(4)(16)OCI(1,870)(393)(1,477)(152)(33)(119)AOCI, end of period$(1,078)$(228)$(850)$874$182$692Pension obligations:AOCI, beginning of period$27$7$20$(41)$(7)$(34)OCI excluding amortization recognized in net income———211Amortization recognized in net income———514OCI———725AOCI, end of period$27$7$20$(34)$(5)$(29)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 income1—11028Investment gains and losses, net, recognized in net income——————OCI1—11028AOCI, end of period$2$—$2$—$—$—Summary of AOCI:AOCI, beginning of period$820$172$648$975$206$769Investments OCI(1,870)(393)(1,477)(152)(33)(119)Pension obligations OCI———725Life deferred acquisition costs, life policy reserves and other OCI1—11028Total OCI(1,869)(393)(1,476)(135)(29)(106)AOCI, end of period$(1,049)$(221)$(828)$840$177$663





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.










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Reinsurance











(Dollars in millions)Three months ended September 30,Nine months ended September 30,2022202120222021Direct written premiums$1,730$1,527$5,304$4,721Assumed written premiums9266548432Ceded written premiums(72)(55)(239)(208)Net written premiums$1,750$1,538$5,613$4,945Direct earned premiums$1,743$1,553$4,935$4,447Assumed earned premiums161117416327Ceded earned premiums(95)(74)(227)(189)Earned premiums$1,809$1,596$5,124$4,585Direct incurred loss and loss expenses$1,247$876$3,316$2,525Assumed incurred loss and loss expenses164165304297Ceded incurred loss and loss expenses(63)(53)(76)(81)Incurred loss and loss expenses$1,348$988$3,544$2,741














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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2022202120222021Direct earned premiums$92$93$278$278Ceded earned premiums(19)(20)(57)(57)Earned premiums$73$73$221$221Direct contract holders' benefits incurred93103298310Ceded contract holders' benefits incurred(23)(19)(76)(61)Contract holders' benefits incurred$70$84$222$249











At September 30, 2022, and December 31, 2021, the allowance for uncollectible property casualty premiums was $15 million and $14 million, respectively. At September 30, 2022, and December 31, 2021, the allowances for credit losses on other premiums receivable and recoverable assets were immaterial.







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Income Taxes


21


(Dollars in millions)Three months ended September 30,Nine months ended September 30,2022202120222021Tax at statutory rate:$(122)21.0%$3921.0%$(416)21.0%$38321.0%Increase (decrease) resulting from:Tax-exempt income from municipal bonds(5)0.9(5)(2.7)(15)0.8(15)(0.8)Dividend received exclusion(5)0.9(5)(2.7)(15)0.8(14)(0.8)Release of unrecognized tax benefit(34)5.9——(34)1.7——Other5(0.9)21.2(1)—(6)(0.3)Provision (benefit) for income taxes$(161)27.8%$3116.8%$(481)24.3%$34819.1%











no

















The following is a tabular reconciliation of the total amounts of unrecognized tax benefits:





(Dollars in millions)Three months ended September 30,Nine months ended September 30,2022202120222021Gross unrecognized tax benefits, beginning of period$34$34$34$34Gross increase in prior year positions————Gross decrease in prior year positions(34)—(34)—Gross increase in current year positions————Settlements with tax authorities————Lapse of statute of limitations————Gross unrecognized tax benefits, end of period$—$34$—$34








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7 4 7 4 49 49











At September 30, 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 $123 million and $130 million, respectively. 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.










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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 30,2022202120222021Numerator:Net income (loss)—basic and diluted$(418)$153$(1,499)$1,476Denominator:Basic weighted-average common shares outstanding158.0161.1159.3161.1Effect of share-based awards:Stock options—1.2—1.1Nonvested shares—0.6—0.6Diluted weighted-average shares158.0162.9159.3162.8Earnings (loss) per share:Basic$(2.64)$0.95$(9.41)$9.16Diluted$(2.64)$0.94$(9.41)$9.07Number of anti-dilutive share-based awards2.30.41.90.9





The above table shows the number of anti-dilutive share-based awards for the three and nine months ended September 30, 2022 and 2021. 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 and nine months ended September 30, 2022, because their exercise would have anti-dilutive effects. 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.







Employee Retirement Benefits





(Dollars in millions)Three months ended September 30,Nine months ended September 30,2022202120222021Service cost$2$2$7$7Non-service (benefit) costs:Interest cost3287Expected return on plan assets(6)(5)(17)(16)Amortization of actuarial loss and prior service cost—2—5Other———2Total non-service benefit(3)(1)(9)(2)Net periodic (benefit) cost$(1)$1$(2)$5














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We made matching contributions totaling $6 million and $7 million to our 401(k) and Top Hat savings plans during the third quarter of 2022 and 2021 and contributions of $20 million and $18 million for the first nine months of 2022 and 2021, respectively.





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







Commitments and Contingent Liabilities
































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Segment Information


two




















five








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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2022202120222021Revenues:Commercial lines insuranceCommercial casualty$360$323$1,046$938Commercial property292264846776Commercial auto213200627591Workers' compensation7366209201Other commercial9077256221Commercial lines insurance premiums1,0289302,9842,727Fee revenues1133Total commercial lines insurance1,0299312,9872,730Personal lines insurancePersonal auto158153465457Homeowner213184609536Other personal6051172153Personal lines insurance premiums4313881,2461,146Fee revenues1133Total personal lines insurance4323891,2491,149Excess and surplus lines insurance125105361289Fee revenues1122Total excess and surplus lines insurance126106363291Life insurance premiums7373221221Fee revenues2143Total life insurance7574225224InvestmentsInvestment income, net of expenses193179573528Investment gains and losses, net(674)(70)(2,494)954Total investment revenue(481)109(1,921)1,482OtherPremiums225173533423Other2378Total other revenues227176540431Total revenues$1,408$1,785$3,443$6,307Income (loss) before income taxes:Insurance underwriting resultsCommercial lines insurance$11$182$25$457Personal lines insurance(18)(10)(2)16Excess and surplus lines insurance974425Life insurance11(5)22(9)Investments(508)83(2,003)1,403Other(84)(73)(66)(68)Total income (loss) before income taxes$(579)$184$(1,980)$1,824


Identifiable assets:September 30,2022December 31,2021Property casualty insurance$5,072$4,421Life insurance1,5251,590Investments20,72624,481Other876895Total$28,199$31,387







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(Dollars in millions, except per share data)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeEarned premiums$1,882$1,66913$5,345$4,80611Investment income, net of expenses (pretax)19317985735289Investment gains and losses, net (pretax)(674)(70)nm(2,494)954nmTotal revenues1,4081,785(21)3,4436,307(45)Net income (loss)(418)153nm(1,499)1,476nmComprehensive income (loss)(823)85nm(2,975)1,370nmNet income (loss) per share—diluted(2.64)0.94nm(9.41)9.07nmCash dividends declared per share0.690.63102.071.8910Diluted weighted average shares outstanding158.0162.9(3)159.3162.8(2)






































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(Dollars in millions, except share data)At September 30,At December 31,20222021Total investments$20,988$24,666Total assets28,19931,387Short-term debt4454Long-term debt789789Shareholders' equity9,43113,105Book value per share60.0181.72Debt-to-total-capital ratio8.1%6.0%











Three months ended September 30,Nine months ended September 30,2022202120222021Value creation ratio major components:Net income before investment gains1.1%1.8%3.7%6.7%Change in fixed-maturity securities, realized and unrealized gains(3.9)(0.5)(11.5)(1.0)Change in equity securities, investment gains(5.2)(0.7)(15.6)6.4Other(0.4)0.1(0.6)0.3Value creation ratio(8.4)%0.7%(24.0)%12.4%











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(Dollars are per share)Three months ended September 30,Nine months ended September 30,2022202120222021Value creation ratio:End of period book value*$60.01$73.49$60.01$73.49Less beginning of period book value66.3073.5781.7267.04Change in book value(6.29)(0.08)(21.71)6.45Dividend declared to shareholders0.690.632.071.89Total value creation$(5.60)$0.55$(19.64)$8.34Value creation ratio from change in book    value**(9.4)%(0.1)%(26.5)%9.6%Value creation ratio from dividends declared to shareholders***1.00.82.52.8Value creation ratio(8.4)%0.7%(24.0)%12.4%* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding** Change in book value divided by the beginning of period book value*** Dividend declared to shareholders divided by beginning of period book value





































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Insurer Financial Strength RatingsRatingagencyStandard market property casualty insurance subsidiariesLife insurance subsidiaryExcess and surplus lines insurance subsidiaryOutlookRatingtierRatingtierRatingtierA.M. Best Co.ambest.comA+Superior2 of 16A+Superior2 of 16A+Superior2 of 16StableFitch Ratingsfitchratings.comA+Strong5 of 21A+Strong5 of 21---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 30,20222021% Change20222021% ChangeEarned premiums$1,809$1,59613$5,124$4,58512Fee revenues330880Total revenues1,8121,599135,1324,59312Loss and loss expenses from:Current accident year before catastrophe losses1,116872283,1272,58321Current accident year catastrophe losses2752182656048915Prior accident years before catastrophe losses(20)(112)82(74)(282)74Prior accident years catastrophe losses(23)10nm(69)(49)(41)Loss and loss expenses1,348988363,5442,74129Underwriting expenses53049081,5411,37712Underwriting profit (loss)$(66)$121nm$47$475(90)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses61.7%54.7%7.061.0%56.3%4.7Current accident year catastrophe losses15.213.61.610.910.70.2Prior accident years before catastrophe losses(1.1)(7.0)5.9(1.4)(6.1)4.7Prior accident years catastrophe losses(1.3)0.6(1.9)(1.4)(1.1)(0.3)Loss and loss expenses74.561.912.669.159.89.3Underwriting expenses29.430.7(1.3)30.130.00.1Combined ratio103.9%92.6%11.399.2%89.8%9.4Combined ratio103.9%92.6%11.399.2%89.8%9.4Contribution from catastrophe losses andprior years reserve development12.87.25.68.13.54.6Combined ratio before catastrophe losses and prior years reserve development91.1%85.4%5.791.1%86.3%4.8

















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeAgency renewal written premiums$1,390$1,24412$4,269$3,85311Agency new business written premiums2642301579468516Other written premiums96645055040735Net written premiums1,7501,538145,6134,94514Unearned premium change59582(489)(360)(36)Earned premiums$1,809$1,59613$5,124$4,58512





















































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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&SDatesRegionlineslineslinesOtherTotallineslineslinesOtherTotal2022Apr. 10-14Midwest, South, West$(4)$(2)$—$—$(6)$13$9$—$—$22Apr. 15-19Northeast, South(2)(1)——(3)142——16May 1-3Midwest, South, West—————89——17May 9-10Midwest1———1204——24May 11-12Midwest, South1———1145——19May 19-22Midwest, Northeast, South14——5715——22Jun. 4-8Midwest, South, West1(1)———143——17Jun. 11-17Midwest, Northeast, South1(2)——(1)1817——35Sep. 27 - Oct. 1South (Ian)2651—1432202651—143220All other 2022 catastrophes2527—6586779319168Development 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$4912021Feb. 12-15South, West$(1)$—$—$(10)$(11)$9$5$—$37$51Feb. 16-20Midwest, Northeast, South(3)(3)—(2)(8)21301961Mar. 24-26Midwest, Northeast, South(1)(1)——(2)1218——30Mar. 27-29Midwest, Northeast, South1(1)———48——12May 3-4South(2)———(2)94——13Jun. 17-20Midwest62——81216——28Jun. 24 - Jul. 1Midwest, Northeast, South, West36——9512——17Aug. 10-13Midwest, Northeast, South69——1569——15Aug. 29 - Sep. 2Northeast, South (Ida)1842—1091691842—109169All other 2021 catastrophes1024154034531593Development on 2020 and prior catastrophes(5)——1510(32)(4)—(13)(49)Calendar year incurred total$32$78$1$117$228$98$193$2$147$440








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(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeCurrent accident year losses greater than $5 million$38$14171$99$5774Current accident year losses $1 million - $5 million95723225415465Large loss prior accident year reserve development1330(57)766713Total large losses incurred1461162642927854Losses incurred but not reported131(13)nm24152363Other losses excluding catastrophe losses649514261,8891,54223Catastrophe losses2462151447842114Total losses incurred$1,172$83241$3,037$2,29332Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million2.1%0.9%1.21.9%1.2%0.7Current accident year losses $1 million - $5 million5.34.50.85.03.41.6Large loss prior accident year reserve development0.71.9(1.2)1.51.50.0Total large loss ratio8.17.30.88.46.12.3Losses incurred but not reported7.2(0.8)8.04.71.13.6Other losses excluding catastrophe losses35.932.23.736.933.63.3Catastrophe losses13.613.40.29.39.20.1Total loss ratio64.8%52.1%12.759.3%50.0%9.3










































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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeEarned premiums$1,028$93011$2,984$2,7279Fee revenues110330Total revenues1,029931112,9872,7309Loss and loss expenses from:Current accident year before catastrophe losses664521271,8961,58020Current accident year catastrophe losses50373520113055Prior accident years before catastrophe losses—(102)100(34)(244)86Prior accident years catastrophe losses(4)(5)20(17)(32)47Loss and loss expenses710451572,0461,43443Underwriting expenses30829839168399Underwriting profit$11$182(94)$25$457(95)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses64.5%56.1%8.463.5%57.9%5.6Current accident year catastrophe losses4.93.91.06.84.82.0Prior accident years before catastrophe losses—(10.9)10.9(1.1)(8.9)7.8Prior accident years catastrophe losses(0.4)(0.6)0.2(0.6)(1.2)0.6Loss and loss expenses69.048.520.568.652.616.0Underwriting expenses30.032.1(2.1)30.730.8(0.1)Combined ratio99.0%80.6%18.499.3%83.4%15.9Combined ratio99.0%80.6%18.499.3%83.4%15.9Contribution from catastrophe losses andprior years reserve development4.5(7.6)12.15.1(5.3)10.4Combined ratio before catastrophe losses and prior years reserve development94.5%88.2%6.394.2%88.7%5.5




















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeAgency renewal written premiums$860$77511$2,764$2,5259Agency new business written premiums14914534704368Other written premiums(25)(25)0(82)(70)(17)Net written premiums984895103,1522,8919Unearned premium change443526(168)(164)(2)Earned premiums$1,028$93011$2,984$2,7279














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(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeCurrent accident year losses greater than $5 million$30$4nm$61$4730Current accident year losses $1 million - $5 million72602019211567Large loss prior accident year reserve development1229(59)69690Total large losses incurred114932332223139Losses incurred but not reported97(35)nm196(30)nmOther losses excluding catastrophe losses345270281,02685720Catastrophe losses4430471799295Total losses incurred$600$35868$1,723$1,15050Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million3.0%0.5%2.52.0%1.7%0.3Current accident year losses $1 million - $5 million7.16.50.66.54.22.3Large loss prior accident year reserve development1.13.1(2.0)2.32.6(0.3)Total large loss ratio11.210.11.110.88.52.3Losses incurred but not reported9.4(3.7)13.16.6(1.1)7.7Other losses excluding catastrophe losses33.629.04.634.331.42.9Catastrophe losses4.23.11.16.03.42.6Total loss ratio58.4%38.5%19.957.7%42.2%15.5
















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeEarned premiums$431$38811$1,246$1,1469Fee revenues110330Total revenues432389111,2491,1499Loss and loss expenses from:Current accident year before catastrophe losses2562062474063317Current accident year catastrophe losses7678(3)194197(2)Prior accident years before catastrophe losses(1)(3)67(16)(31)48Prior accident years catastrophe losses(7)—nm(40)(4)nmLoss and loss expenses3242811587879510Underwriting expenses126118737333810Underwriting profit (loss)$(18)$(10)(80)$(2)$16nmRatios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses59.5%53.1%6.459.4%55.2%4.2Current accident year catastrophe losses17.720.1(2.4)15.617.2(1.6)Prior accident years before catastrophe losses(0.2)(0.7)0.5(1.3)(2.7)1.4Prior accident years catastrophe losses(1.8)(0.1)(1.7)(3.2)(0.4)(2.8)Loss and loss expenses75.272.42.870.569.31.2Underwriting expenses29.330.3(1.0)29.929.50.4Combined ratio104.5%102.7%1.8100.4%98.8%1.6Combined ratio104.5%102.7%1.8100.4%98.8%1.6Contribution from catastrophe losses andprior years reserve development15.719.3(3.6)11.114.1(3.0)Combined ratio before catastrophe losses and prior years reserve development88.8%83.4%5.489.3%84.7%4.6























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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeAgency renewal written premiums$437$39311$1,208$1,09211Agency new business written premiums81535322115245Other written premiums(16)(11)(45)(43)(32)(34)Net written premiums502435151,3861,21214Unearned premium change(71)(47)(51)(140)(66)(112)Earned premiums$431$38811$1,246$1,1469




















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(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeCurrent accident year losses greater than $5 million$8$10(20)$38$10280Current accident year losses $1 million - $5 million171242433139Large loss prior accident year reserve development(1)(1)—4(4)nmTotal large losses incurred2421148537130Losses incurred but not reported9—nm737(81)Other losses excluding catastrophe losses1831541952444219Catastrophe losses6669(4)150182(18)Total losses incurred$282$24416$766$69810Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million1.9%2.6%(0.7)3.1%0.9%2.2Current accident year losses $1 million - $5 million3.72.90.83.42.70.7Large loss prior accident year reserve development—(0.2)0.20.3(0.4)0.7Total large loss ratio5.65.30.36.83.23.6Losses incurred but not reported2.0(0.1)2.10.63.2(2.6)Other losses excluding catastrophe losses42.539.72.842.138.63.5Catastrophe losses15.517.7(2.2)12.015.9(3.9)Total loss ratio65.6%62.6%3.061.5%60.9%0.6
















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeEarned premiums$125$10519$361$28925Fee revenues110220Total revenues1261061936329125Loss and loss expenses from:Current accident year before catastrophe losses93664123617932Current accident year catastrophe losses—1(100)3250Prior accident years before catastrophe losses(7)3nm(13)6nmPrior accident years catastrophe losses——0——0Loss and loss expenses86702322618721Underwriting expenses31297937918Underwriting profit$9$729$44$2576Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses74.8%62.6%12.265.4%61.9%3.5Current accident year catastrophe losses(0.4)0.4(0.8)0.80.70.1Prior accident years before catastrophe losses(5.9)3.3(9.2)(3.6)2.1(5.7)Prior accident years catastrophe losses(0.1)(0.1)0.0(0.2)(0.1)(0.1)Loss and loss expenses68.466.22.262.464.6(2.2)Underwriting expenses25.527.9(2.4)26.027.3(1.3)Combined ratio93.9%94.1%(0.2)88.4%91.9%(3.5)Combined ratio93.9%94.1%(0.2)88.4%91.9%(3.5)Contribution from catastrophe losses andprior years reserve development(6.4)3.6(10.0)(3.0)2.7(5.7)Combined ratio before catastrophe losses and prior years reserve development100.3%90.5%9.891.4%89.2%2.2























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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeAgency renewal written premiums$93$7622$297$23626Agency new business written premiums34326103976Other written premiums(6)(4)(50)(20)(15)(33)Net written premiums1211041638031819Unearned premium change41300(19)(29)34Earned premiums$125$10519$361$28925


























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(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeCurrent accident year losses greater than $5 million$—$—nm$—$—nmCurrent accident year losses $1 million - $5 million6—nm198138Large loss prior accident year reserve development2203250Total large losses incurred823002210120Losses incurred but not reported2522143845(16)Other losses excluding catastrophe losses3223391027242Catastrophe losses(1)1nm220Total losses incurred$64$4833$164$12927Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million—%—%0.0—%—%0.0Current accident year losses $1 million - $5 million4.0(0.1)4.15.22.82.4Large loss prior accident year reserve development2.11.90.20.90.60.3Total large loss ratio6.11.84.36.13.42.7Losses incurred but not reported20.021.2(1.2)10.515.5(5.0)Other losses excluding catastrophe losses26.321.94.428.425.03.4Catastrophe losses(0.5)0.2(0.7)0.60.50.1Total loss ratio51.9%45.1%6.845.6%44.4%1.2
















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeEarned premiums$73$730$221$2210Fee revenues211004333Total revenues757412252240Contract holders' benefits incurred7084(17)222249(11)Investment interest credited to contract holders(27)(26)(4)(82)(79)(4)Underwriting expenses incurred2121—63630Total benefits and expenses6479(19)203233(13)Life insurance segment profit (loss)$11$(5)nm$22$(9)nm
































(Dollars in millions)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeTerm life insurance$55$534$165$1566Whole life insurance1113(15)3435(3)Universal life and other7702230(27)Net earned premiums$73$730$221$2210

















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeTotal investment income, net of expenses$193$1798$573$5289Investment interest credited to contract holders(27)(26)(4)(82)(79)(4)Investment gains and losses, net(674)(70)nm(2,494)954nmInvestments profit (loss), pretax$(508)$83nm$(2,003)$1,403nm





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(Dollars in millions)% YieldPrincipal redemptionsAt September 30, 2022Fixed-maturity pretax yield profile:Expected to mature during the remainder of 20223.32%$142Expected to mature during 20233.76809Expected to mature during 20244.301,028Average yield and total expected maturities from the remainder of 2022 through 20244.01$1,979








Three months ended September 30,Nine months ended September 30,2022202120222021Average pretax yield-to-amortized cost on new fixed-maturities:Acquired taxable fixed-maturities5.70%3.46%4.82%3.49%Acquired tax-exempt fixed-maturities4.322.833.852.70Average total fixed-maturities acquired5.393.434.623.46














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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeInvestment income:Interest$129$1217$376$3566Dividends6661820317913Other312006450Less investment expenses542512119Investment income, pretax19317985735289Less income taxes30287908210Total investment income, after-tax$163$1518$483$4468Investment returns:Average invested assets plus cash and cash  equivalents$23,323$23,263$24,081$22,420Average yield pretax3.31%3.08%3.17%3.14%Average yield after-tax2.802.602.672.65Effective tax rate15.815.615.815.5Fixed-maturity returns:Average amortized cost$12,655$11,931$12,521$11,673Average yield pretax4.08%4.06%4.00%4.07%Average yield after-tax3.383.373.323.38Effective tax rate17.116.917.116.8

















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(Dollars in millions)Three months ended September 30,Nine months ended September 30,2022202120222021Investment gains and losses:Equity securities:Investment gains and losses on securities sold, net$16$(1)$34$6Unrealized gains and losses on securities still held, net(705)(104)(2,568)869Subtotal(689)(105)(2,534)875Fixed maturities:Gross realized gains—10624Gross realized losses—(1)(3)(3)Write-down of impaired securities—(1)—(1)Subtotal—8320Other15273759Total investment gains and losses reported in net income(674)(70)(2,494)954Change in unrealized investment gains and losses:Fixed maturities(514)(88)(1,870)(152)Total$(1,188)$(158)$(4,364)$802














(Dollars in millions)Three months ended September 30,Nine months ended September 30,2022202120222021Fixed maturities:Municipal$—$1$—$1Total fixed maturities$—$1$—$1







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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangeInterest and fees on loans and leases$2$20$5$50Earned premiums2251733053342326Other revenues—1(100)23(33)Total revenues2271762954043125Interest expense1413840393Loss and loss expenses2281862339432521Underwriting expenses65454415912131Operating expenses45(20)1314(7)Total expenses3112492560649921Total other loss$(84)$(73)(15)$(66)$(68)3



























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(Dollars in millions)Three months ended September 30,Nine months ended September 30,20222021% Change20222021% ChangePremiums collected$1,818$1,63411$5,295$4,72512Loss and loss expenses paid(948)(765)(24)(2,730)(2,237)(22)Commissions and other underwriting expenses paid(474)(430)(10)(1,674)(1,434)(17)Cash flow from underwriting396439(10)8911,054(15)Investment income received12812523943668Cash flow from operations$524$564(7)$1,285$1,420(10)














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(Dollars in millions)Loss reservesLoss expense reservesTotal gross reservesCase reservesIBNR reservesPercent of totalAt September 30, 2022Commercial lines insurance:Commercial casualty$1,135$863$715$2,71333.7%Commercial property326118785226.5Commercial auto43326112782110.2Workers' compensation439520831,04213.0Other commercial97141272383.0Subtotal2,4301,7761,1305,33666.4Personal lines insurance:Personal auto21794623734.6Homeowner189105473414.3Other personal899251862.3Subtotal49529111490011.2Excess and surplus lines2962241837038.7Cincinnati Re14163947849.7Cincinnati Global14017933224.0Total$3,502$3,109$1,434$8,045100.0%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%


















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(Dollars in millions)At September 30, 2022At December 31, 2021Cost or amortized costPercent of totalFair valuePercent of totalCost or amortized costPercent of totalFair valuePercentof totalTaxable fixed maturities$8,83851.7%$8,03639.0%$8,34451.0%$8,85836.4%Tax-exempt fixed maturities3,97423.23,69818.03,88623.84,16417.1Common equities3,83822.48,43341.03,69722.610,86244.6Nonredeemable preferred  equities4542.74072.04242.64531.9Total$17,104100.0%$20,574100.0%$16,351100.0%$24,337100.0%






















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At September 30, 2022At December 31, 2021Weighted average yield-to-amortized cost4.12%4.02%Weighted average maturity7.4yrs8.0yrsEffective duration5.0yrs4.8yrs
















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(Dollars in millions)At September 30, 2022At December 31, 2021Investment-grade corporate$6,160$6,807States, municipalities and political subdivisions784931Noninvestment-grade corporate519690Commercial mortgage-backed240273United States government188123Government-sponsored enterprises1198Foreign government2626Total$8,036$8,858























































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(Dollars in millions)Effect from interest rate change in basis points-200-100-100200At September 30, 2022$12,928$12,329$11,734$11,145$10,580At 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 September 30, 2022$6,188$7,072$7,956$8,840$9,724$10,608$11,492At December 31, 2021$7,921$9,052$10,184$11,315$12,447$13,578$14,710














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Percent of common stock portfolioAt September 30, 2022At December 31, 2021Cincinnati FinancialS&P 500 IndustryWeightingsCincinnatiFinancialS&P 500 IndustryWeightingsSector:Information technology28.4%26.4%31.1%29.2%Healthcare15.115.113.513.3Financial13.111.014.210.7Industrials11.17.911.17.8Consumer staples8.16.96.95.9Consumer discretionary7.711.78.312.5Energy4.74.54.02.7Materials4.72.54.42.5Utilities3.03.12.22.5Real estate2.82.82.72.8Telecomm services1.38.11.610.1Total100.0%100.0%100.0%100.0%











































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(Dollars in millions)Less than 12 months12 months or moreTotalAt September 30, 2022Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized lossesFixed maturity securities:Corporate$5,835$535$376$126$6,211$661States, municipalities and political subdivisions3,83141448193,879433Commercial mortgage-backed2251114223913United States government173512—1855Government-sponsored enterprises10133—1043Foreign government21———21—Total$10,186$968$453$147$10,639$1,115At December 31, 2021Fixed maturity securities:Corporate$861$13$15$—$876$13States, municipalities and political subdivisions1052211073Commercial mortgage-backed10—11—21—United States government48———48—Government-sponsored enterprises7———7—Foreign government16———16—Total$1,047$15$28$1$1,075$16


























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(Dollars in millions)Numberof issuesAmortizedcostFair valueGross unrealized gain (loss)Gross investment incomeAt September 30, 2022Taxable fixed maturities:Fair valued below 70% of amortized cost44$142$95$(47)$4Fair valued at 70% to less than 100% of amortized cost1,9968,1867,396(790)240Fair valued at 100% and above of amortized cost1325105453527Investment income on securities sold in current year————13Total2,1728,8388,036(802)284Tax-exempt fixed maturities:Fair valued below 70% of amortized cost7411677(39)2Fair valued at 70% to less than 100% of amortized cost1,9353,3103,071(239)74Fair valued at 100% and above of amortized cost314548550214Investment income on securities sold in current year————2Total2,3233,9743,698(276)92Fixed-maturities summary:Fair valued below 70% of amortized cost118258172(86)6Fair valued at 70% to less than 100% of amortized cost3,93111,49610,467(1,029)314Fair valued at 100% and above of amortized cost4461,0581,0953741Investment income on securities sold in current year————15Total4,495$12,812$11,734$(1,078)$376At December 31, 2021Fixed-maturities summary:Fair valued below 70% of amortized cost—$—$—$—$—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































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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, 2022212,980$97.16212,9809,278,941August 1-31, 20221,787,02098.631,787,0207,491,921September 1-30, 202263,40999.3663,4097,428,512Totals2,063,40998.502,063,409










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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 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)










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CINCINNATI FINANCIAL CORPORATIONDate: October 31, 2022/S/ Michael J. SewellMichael J. Sewell, CPAChief Financial Officer, Executive Vice President and Treasurer(Principal Accounting Officer)