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10-Q





☑


June 30, 2023


☐





0-4604


CINCINNATI FINANCIAL CORPORATION





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


513 870-2000











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





Yes





Yes





Large accelerated filer
     ☐


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☐


156,856,162







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Part I – Financial Information3Item 1. Financial Statements (unaudited)3Condensed Consolidated Balance Sheets3Condensed Consolidated Statements of Income4Condensed Consolidated Statements of Comprehensive Income5Condensed Consolidated Statements of Shareholders’ Equity6Condensed Consolidated Statements of Cash Flows7Notes to Condensed Consolidated Financial Statements (unaudited)8Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations36Safe Harbor Statement36Corporate Financial Highlights39Financial Results47Liquidity and Capital Resources63Other Matters67Item 3. Quantitative and Qualitative Disclosures about Market Risk67Item 4. Controls and Procedures74Part II – Other Information75Item 1. Legal Proceedings75Item 1A. Risk Factors75Item 2. Unregistered Sales of Equity Securities and Use of Proceeds76Item 5. Other Information77Item 6. Exhibits78










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(Dollars in millions, except per share data)June 30,December 31,20232022AssetsInvestmentsFixed maturities, at fair value (amortized cost: 2023—$13,708; 2022—$12,979)$12,870$12,132Equity securities, at fair value (cost: 2023—$4,382; 2022—$4,294)10,5029,841Other invested assets507452Total investments23,87922,425Cash and cash equivalents7481,264Investment income receivable163160Finance receivable9892Premiums receivable2,7492,322Reinsurance recoverable694665Prepaid reinsurance premiums9551Deferred policy acquisition costs1,1091,013Land, building and equipment, net, for company use (accumulated depreciation:2023—$329; 2022—$322)198202Other assets708646Separate accounts911892Total assets$31,352$29,732LiabilitiesInsurance reservesLoss and loss expense reserves$8,873$8,400Life policy and investment contract reserves3,0383,015Unearned premiums4,2223,689Other liabilities1,2531,229Deferred income tax1,1581,054Note payable2550Long-term debt and lease obligations842841Separate accounts911892Total liabilities20,32219,170Commitments and contingent liabilities (Note 12)Shareholders' EquityCommon stock, par value—$2 per share; (authorized: 2023 and 2022—500 millionshares; issued: 2023 and 2022—198.3 million shares)397397Paid-in capital1,4101,392Retained earnings12,23511,711Accumulated other comprehensive income(626)(614)Treasury stock at cost (2023—41.5 million shares and 2022—41.2 million shares)(2,386)(2,324)Total shareholders' equity11,03010,562Total liabilities and shareholders' equity$31,352$29,732










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(Dollars in millions, except per share data)Three months ended June 30,Six months ended June 30,2023202220232022RevenuesEarned premiums$1,943$1,773$3,861$3,466Investment income, net of expenses220195430380Investment gains and losses, net434(1,154)540(1,820)Fee revenues63107Other revenues2355Total revenues2,6058204,8462,038Benefits and ExpensesInsurance losses and contract holders' benefits1,3401,3222,7382,354Underwriting, acquisition and insurance expenses5795331,1351,053Interest expense13132726Other operating expenses75129Total benefits and expenses1,9391,8733,9123,442Income (Loss) Before Income Taxes666(1,053)934(1,404)Provision (Benefit) for Income TaxesCurrent51306771Deferred81(265)108(391)Total provision (benefit) for income taxes132(235)175(320)Net Income (Loss)$534$(818)$759$(1,084)Per Common ShareNet income (loss)—basic$3.40$(5.12)$4.83$(6.77)Net income (loss)—diluted3.38(5.12)4.80(6.77)










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(Dollars in millions)Three months ended June 30,Six months ended June 30,2023202220232022Net Income (Loss)$534$(818)$759$(1,084)Other Comprehensive Income (Loss)Change in unrealized gains and losses on investments, net of tax (benefit) of $(32), $(127), $3 and $(284), respectively(122)(483)6(1,072)Amortization of pension actuarial loss and prior service cost, net of tax (benefit) of $(1), $0, $(2) and $0, respectively——(5)—Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $6, $38, $(3) and $79, respectively23143(13)298Other comprehensive income (loss)(99)(340)(12)(774)Comprehensive Income (Loss)$435$(1,158)$747$(1,858)













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(Dollars in millions)Three months ended June 30,Six months ended June 30,2023202220232022Common StockBeginning of period$397$397$397$397Share-based awards————End of period397397397397Paid-In CapitalBeginning of period1,3981,3541,3921,356Share-based awards—2(6)(12)Share-based compensation1092220Other2223End of period1,4101,3671,4101,367Retained EarningsBeginning of period11,81812,25811,71112,625Cumulative effect of change in accounting for long-duration insurance contracts (Note 1)———10Adjusted beginning of period11,81812,25811,71112,635Net income (loss)534(818)759(1,084)Dividends declared(117)(109)(235)(220)End of period12,23511,33112,23511,331Accumulated Other Comprehensive Income (Loss)Beginning of period(527)(138)(614)648Cumulative effect of change in accounting for long-duration insurance contracts (Note 1)———(352)Adjusted beginning of period(527)(138)(614)296Other comprehensive loss(99)(340)(12)(774)End of period(626)(478)(626)(478)Treasury StockBeginning of period(2,345)(1,959)(2,324)(1,921)Share-based awards—3712Shares acquired - share repurchase authorization(42)(151)(67)(196)Shares acquired - share-based compensation plans—(6)(3)(8)Other1111End of period(2,386)(2,112)(2,386)(2,112)Total Shareholders' Equity$11,030$10,505$11,030$10,505(In millions, except per common share)Common Stock - Shares OutstandingBeginning of period157.2160.3157.1160.3Share-based awards—0.10.30.5Shares acquired - share repurchase authorization(0.4)(1.2)(0.6)(1.6)End of period156.8159.2156.8159.2Dividends declared per common share$0.75$0.69$1.50$1.38










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(Dollars in millions)Six months ended June 30,20232022Cash Flows From Operating ActivitiesNet income (loss)$759$(1,084)Adjustments to reconcile net income to net cash provided by operating activities:Depreciation, amortization and other7478Investment gains and losses, net(526)1,829Interest credited to contract holders2123Deferred income tax expense108(391)Changes in:Premiums and reinsurance receivable(504)(427)Deferred policy acquisition costs(96)(130)Other assets(17)(29)Loss and loss expense reserves473364Life policy and investment contract reserves5638Unearned premiums533596Other liabilities(27)(31)Current income tax receivable/payable(29)(81)Net cash provided by operating activities825755Cash Flows From Investing ActivitiesSale, call or maturity of fixed maturities581702Sale of equity securities4178Purchase of fixed maturities(1,313)(942)Purchase of equity securities(97)(218)Changes in finance receivables(6)11Investment in building and equipment(8)(8)Change in other invested assets, net(81)(47)Net cash used in investing activities(920)(324)Cash Flows From Financing ActivitiesPayment of cash dividends to shareholders(223)(208)Shares acquired - share repurchase authorization(66)(196)Changes in note payable(25)(10)Proceeds from stock options exercised66Contract holders' funds deposited4534Contract holders' funds withdrawn(113)(62)Other(45)(36)Net cash used in financing activities(421)(472)Net change in cash and cash equivalents(516)(41)Cash and cash equivalents at beginning of year1,2641,139Cash and cash equivalents at end of period$748$1,098Supplemental Disclosures of Cash Flow Information:Interest paid$27$26Income taxes paid79142Noncash ActivitiesEquipment acquired under finance lease obligations$4$6Share-based compensation1324Other assets and other liabilities65180










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Accounting Policies












































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(Dollars in millions)June 30, 2023December 31, 2022As originally reportedAs adjustedDifferenceReinsurance recoverable$694$640$665$25Prepaid reinsurance premiums957951(28)Deferred policy acquisition costs1,1091,0141,013(1)Total assets31,35229,73629,732(4)Life policy and investment contract reserves3,0383,0593,015(44)Deferred income tax1,1581,0451,0549Total liabilities20,32219,20519,170(35)Retained earnings12,23511,70211,7119Accumulated other comprehensive income(626)(636)(614)22Total shareholders' equity11,03010,53110,56231Total liabilities and shareholders' equity31,35229,73629,732(4)





(Dollars in millions, except per share data)Three months ended June 30,20232022As originally reportedAs adjustedDifferenceEarned premiums$1,943$1,773$1,773$—Insurance losses and contract holders' benefits1,3401,3091,32213Underwriting, acquisition and insurance expenses579534533(1)Deferred income tax expense81(263)(265)(2)Net Income (Loss)534(808)(818)(10)Change in life policy reserves, reinsurance recoverable and other, net of tax231143142Other comprehensive income (loss)(99)(482)(340)142Comprehensive Income (Loss)435(1,290)(1,158)132Net income (loss) per share:Basic$3.40$(5.06)$(5.12)$(0.06)Diluted3.38(5.06)(5.12)(0.06)(Dollars in millions, except per share data)Six months ended June 30,20232022As originally reportedAs adjustedDifferenceEarned premiums$3,861$3,463$3,466$3Insurance losses and contract holders' benefits2,7382,3482,3546Underwriting, acquisition and insurance expenses1,1351,0531,053—Deferred income tax expense108(391)(391)—Net Income (Loss)759(1,081)(1,084)(3)Change in life policy reserves, reinsurance recoverable and other, net of tax(13)1298297Other comprehensive income (loss)(12)(1,071)(774)297Comprehensive Income (Loss)747(2,152)(1,858)294Net income (loss) per share:Basic$4.83$(6.76)$(6.77)$(0.01)Diluted4.80(6.76)(6.77)(0.01)





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







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Investments





(Dollars in millions)AmortizedcostGross unrealizedFair valueAt June 30, 2023gainslossesFixed-maturity securities:Corporate$7,719$39$608$7,150States, municipalities and political subdivisions4,951232624,712Government-sponsored enterprises582—8574Commercial mortgage-backed227—17210United States government209—5204Foreign government20——20Total$13,708$62$900$12,870At December 31, 2022Fixed-maturity securities:Corporate$7,412$37$580$6,869States, municipalities and political subdivisions4,901243034,622Government-sponsored enterprises186—3183Commercial mortgage-backed250—16234United States government196—5191Foreign government34—133Total$12,979$61$908$12,132














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(Dollars in millions)Less than 12 months12 months or moreTotalAt June 30, 2023FairvalueUnrealizedlossesFairvalueUnrealizedlossesFairvalueUnrealizedlossesFixed-maturity securities:Corporate$2,133$94$4,347$514$6,480$608States, municipalities and political subdivisions1,042111,8972512,939262Government-sponsored enterprises50263225348Commercial mortgage-backed1—2081720917United States government14426032045Foreign government15———15—Total$3,837$113$6,544$787$10,381$900At December 31, 2022Fixed-maturity securities:Corporate$5,651$412$661$168$6,312$580States, municipalities and political subdivisions2,60027477292,677303Government-sponsored enterprises12333—1263Commercial mortgage-backed2151314322916United States government14634121875Foreign government2514—291Total$8,760$706$800$202$9,560$908








(Dollars in millions)AmortizedcostFairvalue% of fairvalueAt June 30, 2023Maturity dates:Due in one year or less$772$7666.0%Due after one year through five years4,3484,17932.5Due after five years through ten years3,5083,31225.7Due after ten years5,0804,61335.8Total$13,708$12,870100.0%














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(Dollars in millions)Three months ended June 30,Six months ended June 30,2023202220232022Investment income:Interest$147$124$287$247Dividends7072136137Other62133Total223198436387Less investment expenses3367Total$220$195$430$380Investment gains and losses, net:Equity securities:Investment gains and losses on securities sold, net$—$5$(4)$37Unrealized gains and losses on securities still held, net459(1,175)568(1,882)Subtotal459(1,170)564(1,845)Fixed-maturity securities:Gross realized gains—216Gross realized losses—(2)(1)(3)Write-down of impaired securities with intent to sell(4)—(4)—Subtotal(4)—(4)3Other(21)16(20)22Total$434$(1,154)$540$(1,820)





10.502 9.841 892 597 8.8 6.3 3.8 2.7





4 1 3


1





There were 3,452 fixed-maturity securities with a total unrealized loss of $900 million, which were in an unrealized loss position at June 30, 2023. Of that total, 23 fixed-maturity securities had fair values below 70% of amortized cost. There were 3,272 fixed-maturity securities with a total unrealized loss of $908 million, which were in an unrealized loss position at December 31, 2022. Of that total, 49 fixed-maturity securities had fair values below 70% of amortized cost.







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Fair Value Measurements














(Dollars in millions)Level 1Level 2Level 3TotalAt June 30, 2023Fixed maturities, available for sale:Corporate$—$7,150$—$7,150States, municipalities and political subdivisions—4,712—4,712Government-sponsored enterprises—574—574Commercial mortgage-backed—210—210United States government204——204Foreign government—20—20Subtotal20412,666—12,870Common equities10,124——10,124Nonredeemable preferred equities—378—378Separate accounts taxable fixed maturities—837—837Top Hat savings plan mutual funds and common    equity (included in Other assets)62——62Total$10,390$13,881$—$24,271At December 31, 2022Fixed maturities, available for sale:Corporate$—$6,869$—$6,869States, municipalities and political subdivisions—4,622—4,622Government-sponsored enterprises—183—183Commercial mortgage-backed—234—234United States government191——191Foreign government—33—33Subtotal19111,941—12,132Common equities9,454——9,454Nonredeemable preferred equities—387—387Separate accounts taxable fixed maturities—815—815Top Hat savings plan mutual funds and common  equity (included in Other assets)57——57Total$9,702$13,143$—$22,845





748 1.264





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(Dollars in millions)Book valuePrincipal amountInterestrateYear of issueJune 30,December 31,June 30,December 31,20232022202320226.900%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)Level 1Level 2Level 3TotalAt June 30, 2023Note payable$—$25$—$256.900% senior debentures, due 2028—29—296.920% senior debentures, due 2028—419—4196.125% senior notes, due 2034—396—396Total$—$869$—$869At December 31, 2022Note payable$—$50$—$506.900% senior debentures, due 2028—29—296.920% senior debentures, due 2028—418—4186.125% senior notes, due 2034—388—388Total$—$885$—$885








(Dollars in millions)Level 1Level 2Level 3TotalAt June 30, 2023Life policy loans$—$—$37$37Deferred annuities——599599Structured settlements—141—141Total$—$141$599$740At December 31, 2022Life policy loans$—$—$37$37Deferred annuities——621621Structured settlements—143—143Total$—$143$621$764








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31





696 734 126 129













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Property Casualty Loss and Loss Expenses





(Dollars in millions)Three months ended June 30,Six months ended June 30,2023202220232022Gross loss and loss expense reserves, beginning of period$8,626$7,287$8,336$7,229Less reinsurance recoverable424319405327Net loss and loss expense reserves, beginning of period8,2026,9687,9316,902Net incurred loss and loss expenses related to:Current accident year1,3631,2992,7392,296Prior accident years(101)(59)(160)(100)Total incurred1,2621,2402,5792,196Net paid loss and loss expenses related to:Current accident year502368689537Prior accident years5795241,4381,245Total paid1,0818922,1271,782Net loss and loss expense reserves, end of period8,3837,3168,3837,316Plus reinsurance recoverable424287424287Gross loss and loss expense reserves, end of period$8,807$7,603$8,807$7,603





66





101 59 15 5 34 11





160 91 46 14 36 26 25 35 12








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We experienced $59 million of favorable development on prior accident years, including $29 million of favorable development in commercial lines, $14 million of favorable development in personal lines and $1 million of favorable development in excess and surplus lines for the three months ended June 30, 2022. Within commercial lines, we recognized favorable reserve development of $18 million for the workers' compensation line and $7 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 $16 million for the homeowner line.





We experienced $100 million of favorable development on prior accident years, including $47 million of favorable development in commercial lines, $48 million of favorable development in personal lines and $6 million of favorable development in excess and surplus lines for the six months ended June 30, 2022. Within commercial lines, we recognized favorable reserve development of $27 million for the workers' compensation line and $12 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 $46 million for the homeowner line.







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Life Policy and Investment Contract Reserves























(Dollars in millions)June 30,2023December 31,2022Life policy reserves:Term$1,015$961Whole life421408Other9594Subtotal1,5311,463Investment contract reserves:Deferred annuities696734Universal life578578Structured settlements126129Other107111Subtotal1,5071,552Total life policy and investment contract reserves$3,038$3,015








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








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


















































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(Dollars in millions)Three months ended June 30,20232022TermWhole lifeTermWhole lifePresent value of expected net premiums:Balance, beginning of period$1,699$217$1,686$226Beginning balance at original discount rate1,7152201,542207Effect of changes in cash flow assumptions(5)(6)149(1)Effect of actual variances from expected experience(9)—(3)—Adjusted beginning of period balance1,7012141,688206Issuances4010458Interest accrual172172Net premiums collected(46)(7)(46)(7)Ending balance at original discount rate1,7122191,704209Effect of changes in discount rate assumptions(48)(7)191Balance, end of period1,6642121,723210Present value of expected future policy benefits:Balance, beginning of period2,6916442,745736Beginning balance at original discount rate2,7126142,463586Effect of changes in cash flow assumptions5(10)166(3)Effect of actual variances from expected experience(11)—(1)—Adjusted beginning of period balance2,7066042,628583Issuances4011457Interest accrual307288Benefits paid(39)(7)(38)(8)Ending balance at original discount rate2,7376152,663590Effect of changes in discount rate assumptions(75)183956Balance, end of period2,6626332,702646Net liability for future policy benefits:Present value of expected future policy benefits less expected net premiums998421979436Impact of flooring at cohort level17—202Net life policy reserves1,015421999438Less reinsurance recoverable at original discount rate(100)(25)(104)(25)Less effect of discount rate assumption changes on reinsurance recoverable(8)(5)(13)(7)Net life policy reserves, after reinsurance recoverable$907$391$882$406Weighted-average duration of the net life policy reserves in years12161217





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(Dollars in millions)Six months ended June 30,20232022TermWhole lifeTermWhole lifePresent value of expected net premiums:Balance, beginning of period$1,643$208$1,801$241Beginning balance at original discount rate1,7082171,503201Effect of changes in cash flow assumptions(5)(6)145(1)Effect of actual variances from expected experience(12)18—Adjusted beginning of period balance1,6912121,656200Issuances781710419Interest accrual354324Net premiums collected(92)(14)(88)(14)Ending balance at original discount rate1,7122191,704209Effect of changes in discount rate assumptions(48)(7)191Balance, end of period1,6642121,723210Present value of expected future policy benefits:Balance, beginning of period2,5846142,993826Beginning balance at original discount rate2,6926072,425577Effect of changes in cash flow assumptions5(10)162(3)Effect of actual variances from expected experience(13)117—Adjusted beginning of period balance2,6845982,604574Issuances781710418Interest accrual60155515Benefits paid(85)(15)(100)(17)Ending balance at original discount rate2,7376152,663590Effect of changes in discount rate assumptions(75)183956Balance, end of period2,6626332,702646Net liability for future policy benefits:Present value of expected future policy benefits less expected net premiums998421979436Impact of flooring at cohort level17—202Net life policy reserves1,015421999438Less reinsurance recoverable at original discount rate(100)(25)(104)(25)Less effect of discount rate assumption changes on reinsurance recoverable(8)(5)(13)(7)Net life policy reserves, after reinsurance recoverable$907$391$882$406Weighted-average duration of the net life policy reserves in years12161217





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(Dollars in millions)At June 30,20232022UndiscountedDiscountedUndiscountedDiscountedTermExpected future benefit payments$4,738$2,662$4,589$2,702Expected future gross premiums4,3452,5834,3782,690Whole lifeExpected future benefit payments$1,610$633$1,517$646Expected future gross premiums641390583372











(Dollars in millions)Three months ended June 30,Six months ended June 30,2023202220232022Gross premiumsTerm$73$71$146$140Whole life13122524Total$86$83$171$164Interest accretionTerm$12$11$24$23Whole life561111Total$17$17$35$34





immaterial








At June 30,20232022TermInterest accretion rate5.29%5.16%Current discount rate5.114.20Whole lifeInterest accretion rate5.93%5.98%Current discount rate5.224.74














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(Dollars in millions)Three months ended June 30,Six months ended June 30,2023202220232022Deferred annuityUniversal lifeDeferred annuityUniversal lifeDeferred annuityUniversal lifeDeferred annuityUniversal lifeBalance, beginning of period$711$458$756$456$734$457$763$454Premiums received15951025201121Policy charges—(10)—(9)—(20)—(19)Surrenders and withdrawals(32)(4)(8)(2)(68)(7)(20)(5)Benefit payments(3)(2)(4)(2)(6)(4)(10)(3)Interest credited55641110119Balance, end of period$696$456$755$457$696$456$755$457Weighted average crediting rate3.41%4.29%3.06%4.25%3.41%4.29%3.06%4.25%Net amount at risk$—$4,030$—$4,141$—$4,030$—$4,141Cash surrender value691423750422691423750422














(Dollars in millions)At guaranteed minimum1 to 50 basis points above51-150 basis points aboveGreater than 150 basis pointsTotalAt June 30, 2023Deferred annuity1.00-3.00%$5$400$17$2246463.01-4.00%50———50Total$55$400$17$224$696Universal life1.00-3.00%$61$—$56$3$1203.01-4.00%53———53Greater than 4.00%283———283Total$397$—$56$3$456At June 30, 2022Deferred annuity1.00-3.00%$475$—$173$56$7043.01-4.00%51———51Total$526$—$173$56$755Universal life1.00-3.00%$60$45$7$2$1143.01-4.00%52———52Greater than 4.00%291———291Total$403$45$7$2$457








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(Dollars in millions)Three months ended June 30,Six months ended June 30,2023202220232022Balance, beginning of period$125$127$121$133Balance, beginning of period before shadow reserve adjustments127127123131Effect of changes in cash flow assumptions(5)(2)(5)(2)Effect of actual variances from expected experience—2(1)5Adjusted beginning of period balance122127117134Interest accrual1122Excess death benefits(2)(4)(2)(12)Attributed assessments3366Effect of changes in interest rate assumptions—(4)1(7)Balance, end of period before shadow reserve adjustments124123124123Shadow reserve adjustments(2)(1)(2)(1)Balance, end of period122122122122Less reinsurance recoverable, end of period7676Net other additional liability, after reinsurance recoverable$129$128$129$128Weighted-average duration of the other additional liability in years32353235








(Dollars in millions)Three months ended June 30,Six months ended June 30,2023202220232022Balance, beginning of period$899$903$892$959Interest credited before policy charges10102020Change in unrealized gains and losses impacting separate account liabilities—(53)—(105)Benefit payments(1)—(3)(10)Other3—2(4)Balance, end of period$911$860$911$860Cash surrender value$906$878$906$878







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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 June 30,Six months ended June 30,2023202220232022Property casualty:Deferred policy acquisition costs asset, beginning of period$714$665$682$602Capitalized deferred policy acquisition costs407375779739Amortized deferred policy acquisition costs(350)(317)(690)(618)Deferred policy acquisition costs asset, end of period$771$723$771$723Life:Deferred policy acquisition costs asset, beginning of period$334$319$331$314Capitalized deferred policy acquisition costs11102222Amortized deferred policy acquisition costs(7)(6)(15)(13)Deferred policy acquisition costs asset, end of period$338$323$338$323Consolidated:Deferred policy acquisition costs asset, beginning of period$1,048$984$1,013$916Capitalized deferred policy acquisition costs418385801761Amortized deferred policy acquisition costs(357)(323)(705)(631)Deferred policy acquisition costs asset, end of period$1,109$1,046$1,109$1,046





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(Dollars in millions)Three months ended June 30, 2023TermWhole lifeDeferred annuityUniversal lifeTotalBalance, beginning of period$231$44$7$52$334Capitalized deferred policy acquisition costs721111Amortized deferred policy acquisition costs(5)(1)—(1)(7)Balance, end of period$233$45$8$52$338Three months ended June 30, 2022Balance, beginning of period$220$39$7$53$319Capitalized deferred policy acquisition costs81—1$10Amortized deferred policy acquisition costs(6)———$(6)Balance, end of period$222$40$7$54$323


(Dollars in millions)Six months ended June 30, 2023TermWhole lifeDeferred annuityUniversal lifeTotalBalance, beginning of period$228$43$7$53$331Capitalized deferred policy acquisition costs1641122Amortized deferred policy acquisition costs(11)(2)—(2)(15)Balance, end of period$233$45$8$52$338Six months ended June 30, 2022Balance, beginning of period$215$38$7$54$314Capitalized deferred policy acquisition costs183—1$22Amortized deferred policy acquisition costs(11)(1)—(1)$(13)Balance, end of period$222$40$7$54$323
















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Accumulated Other Comprehensive Income


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


(Dollars in millions)Three months ended June 30,20232022Before taxIncome taxNetBefore taxIncome taxNetInvestments:AOCI, beginning of period$(684)$(147)$(537)$46$8$38OCI before investment gains and losses, net, recognized in net income(158)(34)(124)(610)(127)(483)Investment gains and losses, net, recognized in net income422———OCI(154)(32)(122)(610)(127)(483)AOCI, end of period$(838)$(179)$(659)$(564)$(119)$(445)Pension obligations:AOCI, beginning of period$30$8$22$27$7$20OCI excluding amortization recognized in net income——————Amortization recognized in net income(1)(1)————OCI(1)(1)————AOCI, end of period$29$7$22$27$7$20Life policy reserves, reinsurance recoverable and other:AOCI, beginning of period$(16)$(4)$(12)$(248)$(52)$(196)OCI before investment gains and losses, net, recognized in net income2962318138143Investment gains and losses, net, recognized in net income——————OCI2962318138143AOCI, end of period$13$2$11$(67)$(14)$(53)Summary of AOCI:AOCI, beginning of period$(670)$(143)$(527)$(175)$(37)$(138)Investments OCI(154)(32)(122)(610)(127)(483)Pension obligations OCI(1)(1)————Life policy reserves, reinsurance recoverable and other OCI2962318138143Total OCI(126)(27)(99)(429)(89)(340)AOCI, end of period$(796)$(170)$(626)$(604)$(126)$(478)





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(Dollars in millions)Six months ended June 30,20232022Before taxIncome taxNetBefore taxIncome taxNetInvestments:AOCI, beginning of period$(847)$(182)$(665)$792$165$627OCI before investment gains and losses, net, recognized in net income514(1,353)(284)(1,069)Investment gains and losses, net, recognized in net income422(3)—(3)OCI936(1,356)(284)(1,072)AOCI, end of period$(838)$(179)$(659)$(564)$(119)$(445)Pension obligations:AOCI, beginning of period$36$9$27$27$7$20OCI excluding amortization recognized in net income(5)(1)(4)———Amortization recognized in net income(2)(1)(1)———OCI(7)(2)(5)———AOCI, end of period$29$7$22$27$7$20Life policy reserves, reinsurance recoverable and other:AOCI, beginning of period$29$5$24$1$—$1Cumulative effect of change in accounting for long duration insurance contracts———(445)(93)(352)Adjusted AOCI, beginning of period29524(444)(93)(351)OCI before investment gains and losses, net, recognized in net income(16)(3)(13)37779298Investment gains and losses, net, recognized in net income——————OCI(16)(3)(13)37779298AOCI, end of period$13$2$11$(67)$(14)$(53)Summary of AOCI:AOCI, beginning of period$(782)$(168)$(614)$820$172$648Cumulative effect of change in accounting for long duration insurance contracts———(445)(93)(352)Adjusted AOCI, beginning of period(782)(168)(614)37579296Investments OCI936(1,356)(284)(1,072)Pension obligations OCI(7)(2)(5)———Life policy reserves, reinsurance recoverable and other OCI(16)(3)(13)37779298Total OCI(14)(2)(12)(979)(205)(774)AOCI, end of period$(796)$(170)$(626)$(604)$(126)$(478)





Investment gains and losses, net,and other investment gains and losses, net, are recorded in the investment gains and losses, net, line item in the condensed consolidated statements of income. Amortization 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 June 30,Six months ended June 30,2023202220232022Direct written premiums$2,071$1,871$3,930$3,574Assumed written premiums194193438456Ceded written premiums(115)(100)(199)(167)Net written premiums$2,150$1,964$4,169$3,863Direct earned premiums$1,806$1,631$3,566$3,192Assumed earned premiums134134293255Ceded earned premiums(77)(68)(155)(132)Earned premiums$1,863$1,697$3,704$3,315Direct incurred loss and loss expenses$1,265$1,174$2,564$2,069Assumed incurred loss and loss expenses5867134140Ceded incurred loss and loss expenses(61)(1)(119)(13)Incurred loss and loss expenses$1,262$1,240$2,579$2,196














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(Dollars in millions)Three months ended June 30,Six months ended June 30,2023202220232022Direct earned premiums$100$96$196$189Ceded earned premiums(20)(20)(39)(38)Earned premiums$80$76$157$151Direct contract holders' benefits incurred100109197212Ceded contract holders' benefits incurred(22)(27)(38)(54)Contract holders' benefits incurred$78$82$159$158











The allowance for uncollectible property casualty premiums was $14 million and $13 million at June 30, 2023, and December 31, 2022, respectively. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at June 30, 2023, and December 31, 2022.







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Income Taxes


21


(Dollars in millions)Three months ended June 30,Six months ended June 30,2023202220232022Tax at statutory rate:$14021.0%$(220)21.0%$19621.0%$(294)21.0%Increase (decrease) resulting from:Tax-exempt income from municipal bonds(5)(0.8)(5)0.5(10)(1.1)(10)0.7Dividend received exclusion(6)(0.9)(5)0.5(11)(1.2)(10)0.7Other30.5(5)0.3——(6)0.4Provision (benefit) for income taxes$13219.8%$(235)22.3%$17518.7%$(320)22.8%











no








5 10
  5 10 21 21











Cincinnati Global had operating loss carryforwards in the United States of $6 million and $5 million and in the United Kingdom of $101 million and $109 million at June 30, 2023, and December 31, 2022, 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 June 30,Six months ended June 30,2023202220232022Numerator:Net income (loss)—basic and diluted$534$(818)$759$(1,084)Denominator:Basic weighted-average common shares outstanding157.0159.6157.1160.0Effect of share-based awards:Stock options0.6—0.8—Nonvested shares0.4—0.4—Diluted weighted-average shares158.0159.6158.3160.0Earnings (loss) per share:Basic$3.40$(5.12)$4.83$(6.77)Diluted$3.38$(5.12)$4.80$(6.77)Number of anti-dilutive share-based awards1.52.01.52.2





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







Employee Retirement Benefits





(Dollars in millions)Three months ended June 30,Six months ended June 30,2023202220232022Service cost$2$3$3$5Non-service (benefit) costs:Interest cost3265Expected return on plan assets(5)(5)(10)(11)Amortization of actuarial loss and prior service cost(1)—(2)—Other——(5)—Total non-service benefit(3)(3)(11)(6)Net periodic benefit$(1)$—$(8)$(1)











6 14





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





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Commitments and Contingent Liabilities



































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







Segment Information


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(Dollars in millions)Three months ended June 30,Six months ended June 30,2023202220232022Revenues:Commercial lines insuranceCommercial casualty$373$350$750$686Commercial property312280611554Commercial auto214210428415Workers' compensation7268146136Other commercial9586187165Commercial lines insurance premiums1,0669942,1221,956Fee revenues1122Total commercial lines insurance1,0679952,1241,958Personal lines insurancePersonal auto173155339307Homeowner251202484397Other personal6956134111Personal lines insurance premiums493413957815Fee revenues1122Total personal lines insurance494414959817Excess and surplus lines insurance132124259236Fee revenues1—11Total excess and surplus lines insurance133124260237Life insurance premiums8076157151Fee revenues3152Total life insurance8377162153InvestmentsInvestment income, net of expenses220195430380Investment gains and losses, net434(1,154)540(1,820)Total investment revenue654(959)970(1,440)OtherPremiums172166366308Other2355Total other revenues174169371313Total revenues$2,605$820$4,846$2,038Income (loss) before income taxes:Insurance underwriting resultsCommercial lines insurance$33$(62)$31$14Personal lines insurance(36)(49)(93)16Excess and surplus lines insurance11192435Life insurance131218Investments624(987)910(1,495)Other21254118Total income (loss) before income taxes$666$(1,053)$934$(1,404)


Identifiable assets:June 30,2023December 31,2022Property casualty insurance$5,354$5,178Life insurance1,5421,518Investments23,53522,133Other921903Total$31,352$29,732







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(Dollars in millions, except per share data)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeEarned premiums$1,943$1,77310$3,861$3,46611Investment income, net of expenses (pretax)2201951343038013Investment gains and losses, net (pretax)434(1,154)nm540(1,820)nmTotal revenues2,6058202184,8462,038138Net income (loss)534(818)nm759(1,084)nmComprehensive income (loss)435(1,158)nm747(1,858)nmNet income (loss) per share—diluted3.38(5.12)nm4.80(6.77)nmCash dividends declared per share0.750.6991.501.389Diluted weighted average shares outstanding158.0159.6(1)158.3160.0(1)


















































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(Dollars in millions, except share data)At June 30,At December 31,20232022Total investments$23,879$22,425Total assets31,35229,732Short-term debt2550Long-term debt789789Shareholders' equity11,03010,562Book value per share70.3367.21Debt-to-total-capital ratio6.9%7.4%











Three months ended June 30,Six months ended June 30,2023202220232022Value creation ratio major components:Net income before investment gains1.8%0.8%3.2%2.7%Change in fixed-maturity securities, realized and unrealized gains(1.2)(4.0)0.0(8.2)Change in equity securities, investment gains3.4(7.7)4.2(11.2)Other0.0(0.3)(0.2)(0.5)Value creation ratio4.0%(11.2)%7.2%(17.2)%











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(Dollars are per share)Three months ended June 30,Six months ended June 30,2023202220232022Book value change per shareBook value as originally reported December 31,    2022$67.01Cumulative effect of change in accounting for    long-duration insurance contracts, net of tax0.20Book value as adjusted December 31, 2022$67.21Value creation ratio:End of period book value*- as originally reported$70.33$66.30$70.33$66.30Less beginning of period book value - as  originally reported68.3375.4367.0181.72Change in book value - as originally reported2.00(9.13)3.32(15.42)Dividend declared to shareholders0.750.691.501.38Total value creation$2.75$(8.44)$4.82$(14.04)Value creation ratio from change in book value**2.9%(12.1)%5.0%(18.9)%Value creation ratio from dividends declared to shareholders***1.10.92.21.7Value creation ratio4.0%(11.2)%7.2%(17.2)%* 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 June 30,Six months ended June 30,20232022% Change20232022% ChangeEarned premiums$1,863$1,69710$3,704$3,31512Fee revenues3250550Total revenues1,8661,699103,7093,32012Loss and loss expenses from:Current accident year before catastrophe losses1,1271,06462,2502,01112Current accident year catastrophe losses236235048928572Prior accident years before catastrophe losses(89)(34)(162)(130)(54)(141)Prior accident years catastrophe losses(12)(25)52(30)(46)35Loss and loss expenses1,2621,24022,5792,19617Underwriting expenses55751191,0931,0118Underwriting profit (loss)$47$(52)nm$37$113(67)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses60.5%62.7%(2.2)60.8%60.6%0.2Current accident year catastrophe losses12.713.8(1.1)13.28.64.6Prior accident years before catastrophe losses(4.8)(2.0)(2.8)(3.5)(1.6)(1.9)Prior accident years catastrophe losses(0.7)(1.4)0.7(0.8)(1.4)0.6Loss and loss expenses67.773.1(5.4)69.766.23.5Underwriting expenses29.930.1(0.2)29.530.5(1.0)Combined ratio97.6%103.2%(5.6)99.2%96.7%2.5Combined ratio97.6%103.2%(5.6)99.2%96.7%2.5Contribution from catastrophe losses and prior years reserve development7.210.4(3.2)8.95.63.3Combined ratio before catastrophe losses and prior years reserve development90.4%92.8%(2.4)90.3%91.1%(0.8)

















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(Dollars in millions)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeAgency renewal written premiums$1,643$1,48211$3,178$2,87910Agency new business written premiums30328665545305Other written premiums2041964437454(4)Net written premiums2,1501,96494,1693,8638Unearned premium change(287)(267)(7)(465)(548)15Earned premiums$1,863$1,69710$3,704$3,31512
























































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(Dollars in millions, net of reinsurance)Three months ended June 30,Six months ended June 30,Comm.Pers.E&SComm.Pers.E&SDatesRegionlineslineslinesOtherTotallineslineslinesOtherTotal2023Mar. 1-4Midwest, Northeast, South$(2)$(5)$—$2$(5)$28$29$1$2$60Mar. 23-28Midwest, Northeast, South9———92227——49Mar. 30 - Apr. 1Midwest, Northeast, South209——296333——96Apr. 3-7Midwest, Northeast, South1030——401030——40May 2-9Midwest, South257——32257——32All other 2023 catastrophes62672—1318212235212Development on 2022 and prior catastrophes(5)(11)13(12)(1)(36)—7(30)Calendar year incurred total$119$97$3$5$224$229$212$4$14$4592022Apr. 10-14Midwest, West, South$17$10$1$—$28$17$10$1$—$28Jun. 11-17Midwest, Northeast, South1719——361719——36All other 2022 catastrophes101611817111789213221Development on 2021 and prior catastrophes(10)(12)—(3)(25)(13)(33)——(46)Calendar year incurred total$125$78$2$5$210$138$85$3$13$239








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(Dollars in millions, net of reinsurance)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeCurrent accident year losses greater than $5 million$43$3813$79$6130Current accident year losses $2 million - $5 million3536(3)5075(33)Large loss prior accident year reserve development1922(14)2831(10)Total large losses incurred97961157167(6)Losses incurred but not reported967430324110195Other losses excluding catastrophe losses675705(4)1,2671,356(7)Catastrophe losses217208444423291Total losses incurred$1,085$1,0830$2,192$1,86518Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million2.4%2.2%0.22.2%1.8%0.4Current accident year losses $2 million - $5 million1.92.2(0.3)1.32.3(1.0)Large loss prior accident year reserve development1.01.3(0.3)0.80.9(0.1)Total large loss ratio5.35.7(0.4)4.35.0(0.7)Losses incurred but not reported5.24.40.88.73.35.4Other losses excluding catastrophe losses36.141.4(5.3)34.240.9(6.7)Catastrophe losses11.612.3(0.7)12.07.05.0Total loss ratio58.2%63.8%(5.6)59.2%56.2%3.0










































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(Dollars in millions)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeEarned premiums$1,066$9947$2,122$1,9568Fee revenues110220Total revenues1,06799572,1241,9588Loss and loss expenses from:Current accident year before catastrophe losses64364401,3171,2327Current accident year catastrophe losses124135(8)23015152Prior accident years before catastrophe losses(54)(19)(184)(90)(34)(165)Prior accident years catastrophe losses(5)(10)50(1)(13)92Loss and loss expenses708750(6)1,4561,3369Underwriting expenses32630766376085Underwriting profit (loss)$33$(62)nm$31$14121Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses60.3%64.8%(4.5)62.1%63.0%(0.9)Current accident year catastrophe losses11.613.6(2.0)10.87.73.1Prior accident years before catastrophe losses(5.0)(1.9)(3.1)(4.2)(1.8)(2.4)Prior accident years catastrophe losses(0.5)(1.0)0.5(0.1)(0.6)0.5Loss and loss expenses66.475.5(9.1)68.668.30.3Underwriting expenses30.530.8(0.3)30.031.1(1.1)Combined ratio96.9%106.3%(9.4)98.6%99.4%(0.8)Combined ratio96.9%106.3%(9.4)98.6%99.4%(0.8)Contribution from catastrophe losses and prior years reserve development6.110.7(4.6)6.55.31.2Combined ratio before catastrophe losses and prior years reserve development90.8%95.6%(4.8)92.1%94.1%(2.0)




















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(Dollars in millions)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeAgency renewal written premiums$985$9345$2,026$1,9046Agency new business written premiums149165(10)283321(12)Other written premiums(28)(27)(4)(62)(57)(9)Net written premiums1,1061,07232,2472,1684Unearned premium change(40)(78)49(125)(212)41Earned premiums$1,066$9947$2,122$1,9568














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(Dollars in millions, net of reinsurance)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeCurrent accident year losses greater than $5 million$28$1587$58$3187Current accident year losses $2 million - $5 million2829(3)4066(39)Large loss prior accident year reserve development1922(14)2229(24)Total large losses incurred756614120126(5)Losses incurred but not reported2961(52)1549956Other losses excluding catastrophe losses384401(4)719763(6)Catastrophe losses115124(7)22113564Total losses incurred$603$652(8)$1,214$1,1238Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million2.6%1.4%1.22.8%1.6%1.2Current accident year losses $2 million - $5 million2.73.0(0.3)1.93.3(1.4)Large loss prior accident year reserve development1.82.2(0.4)1.01.5(0.5)Total large loss ratio7.16.60.55.76.4(0.7)Losses incurred but not reported2.76.1(3.4)7.25.12.1Other losses excluding catastrophe losses35.940.4(4.5)33.939.0(5.1)Catastrophe losses10.812.5(1.7)10.46.93.5Total loss ratio56.5%65.6%(9.1)57.2%57.4%(0.2)
















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(Dollars in millions)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeEarned premiums$493$41319$957$81517Fee revenues110220Total revenues4944141995981717Loss and loss expenses from:Current accident year before catastrophe losses2912631156848417Current accident year catastrophe losses1089020248118110Prior accident years before catastrophe losses(4)(2)(100)(10)(15)33Prior accident years catastrophe losses(11)(12)8(36)(33)(9)Loss and loss expenses3843391377055439Underwriting expenses1461241828224714Underwriting profit (loss)$(36)$(49)27$(93)$16nmRatios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses58.9%63.5%(4.6)59.4%59.3%0.1Current accident year catastrophe losses21.921.90.025.814.511.3Prior accident years before catastrophe losses(0.7)(0.5)(0.2)(1.0)(1.8)0.8Prior accident years catastrophe losses(2.2)(2.8)0.6(3.7)(4.0)0.3Loss and loss expenses77.982.1(4.2)80.568.012.5Underwriting expenses29.730.0(0.3)29.530.2(0.7)Combined ratio107.6%112.1%(4.5)110.0%98.2%11.8Combined ratio107.6%112.1%(4.5)110.0%98.2%11.8Contribution from catastrophe losses and prior years reserve development19.018.60.421.18.712.4Combined ratio before catastrophe losses and prior years reserve development88.6%93.5%(4.9)88.9%89.5%(0.6)























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(Dollars in millions)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeAgency renewal written premiums$541$43824$929$77120Agency new business written premiums106882018514032Other written premiums(18)(16)(13)(37)(27)(37)Net written premiums629510231,07788422Unearned premium change(136)(97)(40)(120)(69)(74)Earned premiums$493$41319$957$81517




















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(Dollars in millions, net of reinsurance)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeCurrent accident year losses greater than $5 million$15$23(35)$21$30(30)Current accident year losses $2 million - $5 million754010743Large loss prior accident year reserve development1—nm72250Total large losses incurred2328(18)3839(3)Losses incurred but not reported261211753(2)nmOther losses excluding catastrophe losses19418743813635Catastrophe losses93781920684145Total losses incurred$336$30510$678$48440Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million3.0%5.7%(2.7)2.2%3.7%(1.5)Current accident year losses $2 million - $5 million1.41.30.11.00.90.1Large loss prior accident year reserve development0.2—0.20.80.20.6Total large loss ratio4.67.0(2.4)4.04.8(0.8)Losses incurred but not reported5.33.12.25.6(0.2)5.8Other losses excluding catastrophe losses39.444.8(5.4)39.744.5(4.8)Catastrophe losses19.018.80.221.610.211.4Total loss ratio68.3%73.7%(5.4)70.9%59.3%11.6
















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(Dollars in millions)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeEarned premiums$132$1246$259$23610Fee revenues1—nm110Total revenues133124726023710Loss and loss expenses from:Current accident year before catastrophe losses92732618014326Current accident year catastrophe losses2204333Prior accident years before catastrophe losses(6)(1)(500)(14)(6)(133)Prior accident years catastrophe losses1—nm——0Loss and loss expenses89742017014021Underwriting expenses3331666626Underwriting profit$11$19(42)$24$35(31)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses69.7%59.5%10.269.5%60.6%8.9Current accident year catastrophe losses1.41.20.21.41.30.1Prior accident years before catastrophe losses(4.7)(0.4)(4.3)(5.4)(2.4)(3.0)Prior accident years catastrophe losses0.0(0.1)0.1(0.1)(0.2)0.1Loss and loss expenses66.460.26.265.459.36.1Underwriting expenses25.824.90.925.726.2(0.5)Combined ratio92.2%85.1%7.191.1%85.5%5.6Combined ratio92.2%85.1%7.191.1%85.5%5.6Contribution from catastrophe losses and prior years reserve development(3.3)0.7(4.0)(4.1)(1.3)(2.8)Combined ratio before catastrophe losses and prior years reserve development95.5%84.4%11.195.2%86.8%8.4























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(Dollars in millions)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeAgency renewal written premiums$117$1106$223$2049Agency new business written premiums483345866925Other written premiums(9)(8)(13)(17)(14)(21)Net written premiums1561351629225913Unearned premium change(24)(11)(118)(33)(23)(43)Earned premiums$132$1246$259$23610





























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(Dollars in millions, net of reinsurance)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeCurrent accident year losses greater than $5 million$—$—nm$—$—nmCurrent accident year losses $2 million - $5 million—2(100)—2(100)Large loss prior accident year reserve development(1)—nm(1)—nmTotal large losses incurred(1)2nm(1)2nmLosses incurred but not reported201nm4713262Other losses excluding catastrophe losses4546(2)7382(11)Catastrophe losses220330Total losses incurred$66$5129$122$10022Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million—%—%0.0—%—%0.0Current accident year losses $2 million - $5 million—1.6(1.6)—0.8(0.8)Large loss prior accident year reserve development(0.4)—(0.4)(0.3)—(0.3)Total large loss ratio(0.4)1.6(2.0)(0.3)0.8(1.1)Losses incurred but not reported15.20.714.518.05.412.6Other losses excluding catastrophe losses33.538.1(4.6)28.134.9(6.8)Catastrophe losses1.31.10.21.21.10.1Total loss ratio49.6%41.5%8.147.0%42.2%4.8
















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(Dollars in millions)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeEarned premiums$80$765$157$1514Fee revenues3120052150Total revenues837781621536Contract holders' benefits incurred7882(5)1591581Investment interest credited to contract holders(30)(28)(7)(60)(55)(9)Underwriting expenses incurred2222042420Total benefits and expenses7076(8)141145(3)Life insurance segment profit$13$1nm$21$8163


























(Dollars in millions)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeTerm life insurance$58$564$114$1104Whole life insurance1312825239Universal life and other981318180Net earned premiums$80$765$157$1514





























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(Dollars in millions)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeTotal investment income, net of expenses$220$19513$430$38013Investment interest credited to contract holders(30)(28)(7)(60)(55)(9)Investment gains and losses, net434(1,154)nm540(1,820)nmInvestments profit (loss), pretax$624$(987)nm$910$(1,495)nm





(Dollars in millions)% YieldPrincipal redemptionsAt June 30, 2023Fixed-maturity pretax yield profile:Expected to mature during the remainder of 20234.24%$380Expected to mature during 20244.821,140Expected to mature during 20254.681,342Average yield and total expected maturities from the remainder of 2023 through 20254.68$2,862








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Three months ended June 30,Six months ended June 30,2023202220232022Average pretax yield-to-amortized cost on new fixed-maturities:Acquired taxable fixed-maturities6.10%4.98%6.33%4.39%Acquired tax-exempt fixed-maturities4.214.004.213.57Average total fixed-maturities acquired5.884.756.044.23














(Dollars in millions)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeInvestment income:Interest$147$12419$287$24716Dividends7072(3)136137(1)Other62200133333Less investment expenses33067(14)Investment income, pretax2201951343038013Less income taxes353113696015Total investment income, after-tax$185$16413$361$32013Investment returns:Average invested assets plus cash and cash  equivalents$25,114$23,918$25,001$24,255Average yield pretax3.50%3.26%3.44%3.13%Average yield after-tax2.952.742.892.64Effective tax rate16.215.916.115.8Fixed-maturity returns:Average amortized cost$13,535$12,414$13,344$12,364Average yield pretax4.34%4.00%4.30%4.00%Average yield after-tax3.593.313.553.32Effective tax rate17.417.117.417.0








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(Dollars in millions)Three months ended June 30,Six months ended June 30,2023202220232022Investment gains and losses:Equity securities:Investment gains and losses on securities sold, net$—$5$(4)$37Unrealized gains and losses on securities still held, net459(1,175)568(1,882)Subtotal459(1,170)564(1,845)Fixed maturities:Gross realized gains—216Gross realized losses—(2)(1)(3)Write-down of impaired securities with intent to sell(4)—(4)—Subtotal(4)—(4)3Other(21)16(20)22Total investment gains and losses reported in net income434(1,154)540(1,820)Change in unrealized investment gains and losses:Fixed maturities(154)(610)9(1,356)Total$280$(1,764)$549$(3,176)














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







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(Dollars in millions)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangeInterest and fees on loans and leases$1$2(50)$3$30Earned premiums172166436630819Other revenues110220Total revenues174169337131319Interest expense1313027264Loss and loss expenses8177518316610Underwriting expenses524961089415Operating expenses754012933Total expenses153144633029512Total other income$21$25(16)$41$18128



























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(Dollars in millions)Three months ended June 30,Six months ended June 30,20232022% Change20232022% ChangePremiums collected$1,939$1,76310$3,781$3,4779Loss and loss expenses paid(1,081)(892)(21)(2,127)(1,782)(19)Commissions and other underwriting expenses paid(546)(489)(12)(1,256)(1,200)(5)Cash flow from underwriting312382(18)398495(20)Investment income received149138829626611Cash flow from operations$461$520(11)$694$761(9)

















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(Dollars in millions)Loss reservesLoss expense reservesTotal gross reservesCase reservesIBNR reservesPercent of totalAt June 30, 2023Commercial lines insurance:Commercial casualty$1,132$1,066$753$2,95133.5%Commercial property464141756807.7Commercial auto4323031388739.9Workers' compensation460526881,07412.2Other commercial104241282562.9Subtotal2,5922,0601,1825,83466.2Personal lines insurance:Personal auto21891683774.3Homeowner226146524244.8Other personal9611062122.4Subtotal5403471261,01311.5Excess and surplus lines3223032178429.6Cincinnati Re15369358519.7Cincinnati Global15610832673.0Total$3,763$3,511$1,533$8,807100.0%At December 31, 2022Commercial lines insurance:Commercial casualty$1,163$938$722$2,82333.9%Commercial property301256716287.5Commercial auto44925813183810.1Workers' compensation434521851,04012.4Other commercial98161252392.9Subtotal2,4451,9891,1345,56866.8Personal lines insurance:Personal auto22264643504.2Homeowner189138493764.5Other personal998651902.3Subtotal51028811891611.0Excess and surplus lines3022561957539.0Cincinnati Re15663968019.6Cincinnati Global16313232983.6Total$3,576$3,304$1,456$8,336100.0%


















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(Dollars in millions)At June 30, 2023At December 31, 2022Cost or amortized costPercent of totalFair valuePercent of totalCost or amortized costPercent of totalFair valuePercentof totalTaxable fixed maturities$9,69653.6%$8,96638.4%$9,02052.2%$8,29937.8%Tax-exempt fixed maturities4,01222.23,90416.73,95922.93,83317.4Common equities3,93921.810,12443.33,85122.39,45443.0Nonredeemable preferred  equities4432.43781.64432.63871.8Total$18,090100.0%$23,372100.0%$17,273100.0%$21,973100.0%






















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At June 30, 2023At December 31, 2022Weighted average yield-to-amortized cost4.55%4.22%Weighted average maturity7.7yrs7.4yrsEffective duration4.6yrs4.7yrs
















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(Dollars in millions)At June 30, 2023At December 31, 2022Investment-grade corporate$6,652$6,369States, municipalities and political subdivisions808789Noninvestment-grade corporate498500Government-sponsored enterprises574183Commercial mortgage-backed210234United States government204191Foreign government2033Total$8,966$8,299





























































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(Dollars in millions)Effect from interest rate change in basis points-200-100—100200At June 30, 2023$14,056$13,462$12,870$12,267$11,660At December 31, 2022$13,300$12,714$12,132$11,548$10,974































(Dollars in millions)Effect from market price change in percent-30%-20%-10%—10%20%30%At June 30, 2023$7,351$8,402$9,452$10,502$11,552$12,602$13,653At December 31, 2022$6,889$7,873$8,857$9,841$10,825$11,809$12,793














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Percent of common stock portfolioAt June 30, 2023At December 31, 2022Cincinnati FinancialS&P 500 IndustryWeightingsCincinnatiFinancialS&P 500 IndustryWeightingsSector:Information technology31.9%28.3%26.5%25.7%Industrials12.48.511.98.7Financial12.312.413.611.7Healthcare12.213.415.015.8Consumer staples8.16.78.87.2Consumer discretionary7.410.77.79.8Materials4.62.45.02.7Energy4.44.15.05.2Utilities2.82.62.93.2Real estate2.52.52.32.7Telecomm services1.48.41.37.3Total100.0%100.0%100.0%100.0%











































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(Dollars in millions)Less than 12 months12 months or moreTotalAt June 30, 2023Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized lossesFixed-maturity securities:Corporate$2,133$94$4,347$514$6,480$608States, municipalities and political subdivisions1,042111,8972512,939262Government-sponsored enterprises50263225348Commercial mortgage-backed1—2081720917United States government14426032045Foreign government15———15—Total$3,837$113$6,544$787$10,381$900At December 31, 2022Fixed-maturity securities:Corporate$5,651$412$661$168$6,312$580States, municipalities and political subdivisions2,60027477292,677303Government-sponsored enterprises12333—1263Commercial mortgage-backed2151314322916United States government14634121875Foreign government2514—291Total$8,760$706$800$202$9,560$908


























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(Dollars in millions)Numberof issuesAmortizedcostFair valueGross unrealized gain (loss)Gross investment incomeAt June 30, 2023Taxable fixed maturities:Fair valued below 70% of amortized cost15$33$22$(11)$1Fair valued at 70% to less than 100% of amortized cost2,0578,9158,154(761)192Fair valued at 100% and above of amortized cost2367487904224Investment income on securities sold in current year————6Total2,3089,6968,966(730)223Tax-exempt fixed maturities:Fair valued below 70% of amortized cost82013(7)—Fair valued at 70% to less than 100% of amortized cost1,3722,3132,192(121)35Fair valued at 100% and above of amortized cost9851,6791,6992029Investment income on securities sold in current year————1Total2,3654,0123,904(108)65Fixed-maturities summary:Fair valued below 70% of amortized cost235335(18)1Fair valued at 70% to less than 100% of amortized cost3,42911,22810,346(882)227Fair valued at 100% and above of amortized cost1,2212,4272,4896253Investment income on securities sold in current year————7Total4,673$13,708$12,870$(838)$288At December 31, 2022Fixed-maturities summary:Fair valued below 70% of amortized cost49$91$61$(30)$3Fair valued at 70% to less than 100% of amortized cost3,22310,3779,499(878)392Fair valued at 100% and above of amortized cost1,2492,5112,5726192Investment income on securities sold in current year————23Total4,521$12,979$12,132$(847)$510
















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PeriodTotal number of shares purchasedAverage price paid per shareTotal number of shares purchased as part ofpublicly announcedplans or programsMaximum number ofshares that may yet bepurchased under theplans or programsApril 1-30, 2023———7,124,911May 1-31, 2023398,126$104.48398,1266,726,785June 1-30, 2023———6,726,785Totals398,126104.48398,126










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adopted terminated










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Exhibit No.Exhibit Description3.1Amended and Restated Articles of Incorporation of Cincinnati Financial Corporation (incorporated by reference to the company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, Exhibit 3.1)3.2Amended and Restated Code of Regulations of Cincinnati Financial Corporation, as of May6, 2023(incorporated by reference toExhibit 3.1 filed withthe company'sCurrent Report onForm8-Kdated May 9, 2023)31ACertification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Executive Officer31BCertification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Financial Officer32Certification pursuant to Section 906 of the Sarbanes Oxley Act of 2002101.INSThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.101.SCHXBRL Taxonomy Extension Schema Document101.CALXBRL Taxonomy Extension Calculation Linkbase Document101.DEFXBRL Taxonomy Extension Definition Linkbase Document101.LABXBRL Taxonomy Extension Label Linkbase Document101.PREXBRL Taxonomy Extension Presentation Linkbase Document104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)










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CINCINNATI FINANCIAL CORPORATIONDate: July 27, 2023/S/ Michael J. SewellMichael J. Sewell, CPAChief Financial Officer, Executive Vice President and Treasurer(Principal Accounting Officer)