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10-K


☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.





December 31, 2023


☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.











000-04604





Cincinnati Financial Corporation





Ohio31-0746871(State of incorporation)(I.R.S. Employer Identification No.)





6200 S. Gilmore Road


Fairfield Ohio 45014-5141





513 870-2000








Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon stock, $2.00 parCINFNasdaq Global Select Market














Yes





No








Yes





Yes











Large accelerated filer
       ☐





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☑





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☐





14,988,706,711





156,665,018



















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Part I5Item 1.Business5Cincinnati Financial Corporation – Introduction5Our Business and Our Strategy6Our Segments14Other25Regulation26Item 1A.Risk Factors30Item 1B.Unresolved Staff Comments43Item 1C.CybersecurityItem 2.Properties44Item 3.Legal Proceedings44Item 4.Mine Safety Disclosures44Part II45Item 5.Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities45Item 6.[Reserved]46Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations47Introduction47Executive Summary48Critical Accounting Estimates53Recent Accounting Pronouncements60Financial Results61Liquidity and Capital Resources94Safe Harbor Statement110Item 7A.Quantitative and Qualitative Disclosures About Market Risk113Item 8.Financial Statements and Supplementary Data119Responsibility for Financial Statements119Management’s Annual Report on Internal Control Over Financial Reporting120Report of Independent Registered Public Accounting Firm(PCAOB ID No. 34)121Consolidated Balance Sheets123Consolidated Statements of Income124Consolidated Statements of Comprehensive Income125Consolidated Statements of Shareholders’ Equity126Consolidated Statements of Cash Flows127Notes to Consolidated Financial Statements128








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Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure182Item 9A.Controls and Procedures182Item 9B.Other Information182Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections182Part III183Item 10.Directors, Executive Officers and Corporate Governance183Item 11.Executive Compensation185Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters185Item 13.Certain Relationships and Related Transactions, and Director Independence186Item 14.Principal Accounting Fees and Services186Part IV187Item 15.Exhibit and Financial Statement Schedules187Item 16.Form 10-K Summary187










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Agency DataYears ended December 31,20232022Property casualty agency relationships, January 11,9841,921New appointments that market all or most of The Cincinnati Insurance Companies' products216145New appointments that market only personal lines insurance products for Cincinnati Insurance8464Changes due to consolidation and other(204)(146)Property casualty agency relationships, December 312,0801,984Property casualty reporting locations3,1162,861New relationship appointments206146Active states4646











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(Dollars in millions)Statutory InformationAt December 31,20232022Standard market property casualty insurance subsidiaryStatutory capital and surplus$7,294$6,512Risk-based capital7,3356,551Authorized control level risk-based capital1,3541,186Risk-based capital to authorized control level risk-based capital ratio5.45.5Written premium to surplus ratio1.11.1











Insurer Financial Strength RatingsRatingagencyStandard market propertycasualty insurance subsidiaryLife insurancesubsidiaryExcess and surplus linesinsurance subsidiaryOutlookRating TierRating TierRatingTierA.M. Best Companyambest.comA+Superior2 of 16A+Superior2 of 16A+Superior2 of 16StableFitch Ratingsfitchratings.comA+Strong5 of 21A+Strong5 of 21---StableMoody's InvestorsServicemoodys.comA1Good5 of 21------StableS&P Global Ratingsspratings.comA+Strong5 of 21A+Strong5 of 21---Stable














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(Dollars in millions)Earnedpremiums% of totalearnedAgencylocationsAveragepremium perlocationYear ended December 31, 2023Ohio$1,02713.4%261$3.9Illinois4085.31902.1New York3865.02001.9North Carolina3414.51222.8Pennsylvania3214.21681.9Georgia3204.21232.6Indiana2993.91402.1Missouri2553.3783.3Tennessee2453.2823.0Texas2343.11231.9
































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(Dollars in millions)202320222021Percent of total 2023Segment:Commercial lines insurance$4,336$4,159$3,81151.5%Personal lines insurance2,3021,8311,59427.4Excess and surplus lines insurance5705024266.8Life insurance3643393464.3Other83881564810.0Total net written premiums$8,410$7,646$6,825100.0%Business line:Commercial lines insurance:Commercial casualty$1,475$1,444$1,31517.5%Commercial property1,3321,2121,09015.8Commercial auto87885881610.4Workers' compensation2602782693.1Other commercial3913673214.7Total commercial lines insurance4,3364,1593,81151.5Personal lines insurance:Personal auto8096546089.6Homeowner1,18892176914.1Other personal3052562173.7Total personal lines insurance2,3021,8311,59427.4Excess and surplus lines insurance5705024266.8Life insurance:Term life insurance2342262182.8Whole life insurance5247470.6Universal life and other7866810.9Subtotal3643393464.3Other:Cincinnati Re5585854616.7Cincinnati Global2802301873.3Total net written premiums$8,410$7,646$6,825100.0%
















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(Dollars in millions)Earnedpremiums% of totalearnedAgencylocationsAveragepremium perlocationYear ended December 31, 2023Ohio$62114.6%252$2.5Illinois2445.71671.5Pennsylvania2405.61551.5North Carolina2305.41152.0Indiana2004.71381.4New York1854.31691.1Missouri1734.0612.8Tennessee1724.0782.2Virginia1714.0891.9Georgia1673.91061.6



































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(Dollars in millions)Earnedpremiums% of totalearnedAgencylocationsAveragepremium perlocationYear ended December 31, 2023Ohio$37218.2%241$1.5New York1638.01111.5California1517.4752.0Georgia1286.3991.3Illinois1256.11420.9North Carolina814.0990.8Indiana773.81160.7Alabama703.4611.1Texas673.3651.0Connecticut613.0461.3





























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(Dollars in millions)Earnedpremiums% of totalearnedYear ended December 31, 2023Illinois$397.2%New York376.8Ohio346.3Texas325.9North Carolina305.6Pennsylvania264.8Georgia254.5Michigan224.2Missouri224.1Indiana224.1


























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(Dollars in millions)Premiums% of totalYear ended December 31, 2023Ohio$5815.2%Pennsylvania266.8Illinois235.9Indiana225.7Georgia225.7























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(Dollars in millions)At December 31, 2023At December 31, 2022Cost or amortized costPercent of totalPercent of totalCost or amortized costPercent of totalPercent of totalFair valueFair valueTaxable fixed maturities$10,41455.8%$9,88940.0%$9,02052.2%$8,29937.8%Tax-exempt fixed maturities3,94721.23,90215.73,95922.93,83317.4Common equities3,86920.810,64142.93,85122.39,45443.0Nonredeemable preferred  equities4132.23481.44432.63871.8Total$18,643100.0%$24,780100.0%$17,273100.0%$21,973100.0%















































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At December 31,20232022Weighted average yield-to-amortized cost4.60%4.22%Weighted average maturity7.9yrs7.4yrsEffective duration4.3yrs4.7yrs





(Dollars in millions)At December 31,20232022Investment-grade corporate$7,040$6,369Government-sponsored enterprises1,224183States, municipalities and political subdivisions801789Noninvestment-grade corporate412500United States government200191Mortgage-backed187234Foreign government2533Total$9,889$8,299






































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Percent of common stock portfolioAt December 31, 2023At December 31, 2022CincinnatiFinancialS&P 500 IndustryWeightingsCincinnatiFinancialS&P 500 IndustryWeightingsSector:Information technology33.1%28.9%26.5%25.7%Financial13.913.013.611.7Industrials11.98.811.98.7Healthcare11.612.615.015.8Consumer staples7.06.28.87.2Consumer discretionary7.010.87.79.8Materials4.72.45.02.7Energy4.13.95.05.2Utilities2.72.32.93.2Real estate2.62.52.32.7Telecomm services1.48.61.37.3Total100.0%100.0%100.0%100.0%













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Plan categoryNumber of securities to beissued upon exercise ofoutstanding options,warrants and rights atDecember 31, 2023Weighted-average exerciseprice of outstandingoptions, warrants and rightsNumber of securities remainingavailable for future issuance underequity compensation plan (excludingsecurities reflected in column (a)) atDecember 31, 2023(a)(b)(c)Equity compensation plans    approved by security holders3,647,437$92.363,627,346Equity compensation plans not    approved by security holders———Total3,647,437$92.363,627,346

















PeriodTotal numberof sharespurchasedAverageprice paidper shareTotal number of sharespurchased as part ofpublicly announcedplans or programsMaximum number ofshares that may yet bepurchased under theplans or programsOctober 1-31, 2023—$——6,726,785November 1-30, 2023———6,726,785December 1-31, 2023———6,726,785Totals———
























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OneyearThree-year% averageFive-year% averageValue creation ratio:As of December 31, 202319.5%10.2%15.2%As of December 31, 2022(14.6)8.611.2As of December 31, 202125.723.618.7











Years ended December 31,2023-20222022-2021202320222021Pt. ChangePt. ChangeValue creation ratio major contributors:Net income before investment gains9.1%5.2%9.7%3.9(4.5)Change in fixed-maturity securities, realized and unrealized gains1.9(10.1)(1.5)12.0(8.6)Change in equity securities, investment gains8.6(9.3)16.817.9(26.1)Other(0.1)(0.4)0.70.3(1.1)Value creation ratio19.5%(14.6)%25.7%34.1(40.3)











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(Dollars are per share)Years ended December 31,202320222021Book 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*$77.06$67.01$81.72Less beginning of period book value67.0181.7267.04Change in book value10.05(14.71)14.68Dividend declared to shareholders3.002.762.52Total value creation$13.05$(11.95)$17.20Value creation ratio from change in book value**15.0%(18.0)%21.9%Value creation ratio from dividends declared to shareholders***4.53.43.8Value creation ratio19.5%(14.6)%25.7%









































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(Dollars in millions, except share data)At December 31,At December 31,20232022Total investments$25,357$22,425Total assets32,76929,732Short-term debt2550Long-term debt790789Shareholders' equity12,09810,562Book value per share77.0667.21Debt-to-total-capital ratio6.3%7.4%

















(In millions, except per share data)Years ended December 31,2023-20222022-2021202320222021Change %Change %Earned premiums$7,958$7,225$6,4781012Investment income, net of expenses (pretax)894781714149Investment gains and losses, net (pretax)1,127(1,467)2,409nmnmTotal revenues10,0136,5639,62653(32)Net income (loss)1,843(487)2,968nmnmComprehensive income (loss)2,022(1,398)2,930nmnmNet income (loss) per share - diluted11.66(3.06)18.24nmnmCash dividends declared per share3.002.762.52910Diluted weighted average shares outstanding158.1158.8162.70(2)

















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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Consolidated property casualty data:Net written premiums$8,046$7,307$6,4791013Earned premiums7,6456,9246,1841012Underwriting profit401140731186(81)Pt. ChangePt. ChangeGAAP combined ratio94.9%98.1%88.3%(3.2)9.8Statutory combined ratio94.697.787.9(3.1)9.8Written premium to statutory surplus1.11.10.90.00.2























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(Dollars in millions)Net loss and loss expense range of reservesCarried reservesLow pointHigh pointStandard errorNet incomeeffectAt December 31, 2023Total$8,613$7,926$8,704$389$307Commercial casualty$3,090$2,661$3,272$305$241Commercial property50938258910381Commercial auto8598038964636Workers' compensation1,0059001,0648265Personal auto3443203692419Homeowners3813514082923Excess and surplus8988529444939








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(Dollars in millions)At December 31, 2023Pretax Net IncomePretax Other Comprehensive IncomeAssumptions set by actuaries and approved by management:MortalityEffect of a 1% increase$(4)$—Effect of a 1% decrease4—Lapse ratesEffect of a 10% increase$13$—Effect of a 10% decrease(13)—Assumptions set by market values:Market value discount rateEffect of a 100 basis point increase$—$162Effect of a 100 basis point decrease—(200)





























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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Earned premiums$7,645$6,924$6,1841012Fee revenues111010100Total revenues7,6566,9346,1941012Loss and loss expenses from:Current accident year before catastrophe losses4,4634,1713,462720Current accident year catastrophe losses710704562125Prior accident years before catastrophe losses(168)(87)(363)(93)76Prior accident years catastrophe losses(47)(72)(65)35(11)Loss and loss expenses4,9584,7163,596531Underwriting expenses2,2972,0781,8671111Underwriting profit$401$140$731186(81)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses58.4%60.2%56.0%(1.8)4.2Current accident year catastrophe losses9.310.29.1(0.9)1.1Prior accident years before catastrophe losses(2.2)(1.3)(5.9)(0.9)4.6Prior accident years catastrophe losses(0.6)(1.0)(1.1)0.40.1Loss and loss expenses64.968.158.1(3.2)10.0Underwriting expenses30.030.030.20.0(0.2)Combined ratio94.9%98.1%88.3%(3.2)9.8Combined ratio:94.9%98.1%88.3%(3.2)9.8Contribution from catastrophe losses and prior years    reserve development6.57.92.1(1.4)5.8Combined ratio before catastrophe losses and prior years    reserve development88.4%90.2%86.2%(1.8)4.0

















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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Agency renewal written premiums$6,261$5,665$5,0911111Agency new business written premiums1,1771,0328971415Other written premiums608610491024Net written premiums8,0467,3076,4791013Unearned premium change(401)(383)(295)(5)(30)Earned premiums$7,645$6,924$6,1841012























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(Dollars in millions, net of reinsurance)Excess and surplus linesCommercial linesPersonal linesDatesEventsRegionsOtherTotal2023Mar. 1-4Flood, Lightning, WindMidwest, Northeast, South$25$26$1$2$54Mar. 23-28Flood, Lightning, WindMidwest, Northeast, South2123——44Mar. 30 - Apr. 1Flood, Lightning, WindMidwest, Northeast, South5831——89Apr. 3-7Flood, Lightning, WindMidwest, Northeast, South1233——45May 2-9Flood, Lightning, WindMidwest, South227——29Jun. 21-27Flood, Lightning, WindMidwest, Northeast, South, West2118——39Jun. 28 - Jul. 4Flood, Lightning, WindMidwest, Northeast, South, West916——25Dec. 9-11Flood, Lightning, WindNortheast, South2314——37All other 2023 catastrophes125184336348Development on 2022 and prior catastrophes(11)(44)—8(47)Calendar year incurred total$305$308$4$46$6632022Jun. 11-17Flood, Hail, WindMidwest, Northeast, South$18$18$—$—$36Sep. 27 - Oct. 1Flood, Hail, WindSouth (Ian)2842—133203Dec. 21-31Flood, Freeze, Ice, Snow, WindMidwest, Northeast, South, West1104623161All other 2022 catastrophes151130320304Development on 2021 and prior catastrophes(23)(44)(1)(4)(72)Calendar year incurred total$284$192$4$152$632








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(Dollars in millions)Accident year loss and loss expenses incurred and ratios to earned premiums:Accident year:202320222021202320222021as of December 31, 2023$5,173$4,737$3,90667.7%68.4%63.2%as of December 31, 20224,8753,92870.463.5as of December 31, 20214,02465.1


























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(Dollars in millions, net of reinsurance)Years ended December 31,2023-20222022-2021202320222021Change %Change %Current accident year losses greater than $5,000,000$141$143$112(1)28Current accident year losses $2,000,000-$5,000,00014413597739Large loss prior accident year reserve development943077213(61)Total large losses incurred379308286238Losses incurred but not reported596377(19)58nmOther losses excluding catastrophe losses2,5712,7372,240(6)22Catastrophe losses634612472430Total losses incurred$4,180$4,034$2,979435Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5,000,0001.9%2.1%1.8%(0.2)0.3Current accident year losses $2,000,000-$5,000,0001.92.01.6(0.1)0.4Large loss prior accident year reserve development1.20.41.20.8(0.8)Total large loss ratio5.04.54.60.5(0.1)Losses incurred but not reported7.85.5(0.3)2.35.8Other losses excluding catastrophe losses33.639.536.3(5.9)3.2Catastrophe losses8.38.87.6(0.5)1.2Total loss ratio54.7%58.3%48.2%(3.6)10.1














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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Commission expenses$1,438$1,319$1,168913Other underwriting expenses854753694139Policyholder dividends565(17)20Total underwriting expenses$2,297$2,078$1,8671111Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCommission expenses18.8%19.1%18.9%(0.3)0.2Other underwriting expenses11.110.811.20.3(0.4)Policyholder dividends0.10.10.10.00.0Total underwriting expense ratio30.0%30.0%30.2%0.0(0.2)


































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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Earned premiums$4,264$4,024$3,674610Fee revenues44400Total revenues4,2684,0283,678610Loss and loss expenses from:Current accident year before catastrophe losses2,5942,5302,125319Current accident year catastrophe losses316307168383Prior accident years before catastrophe losses(112)(53)(309)(111)83Prior accident years catastrophe losses(11)(23)(44)5248Loss and loss expenses2,7872,7611,940142Underwriting expenses1,3131,2291,14078Underwriting profit$168$38$598342(94)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses60.8%62.9%57.8%(2.1)5.1Current accident year catastrophe losses7.47.64.6(0.2)3.0Prior accident years before catastrophe losses(2.6)(1.3)(8.4)(1.3)7.1Prior accident years catastrophe losses(0.2)(0.6)(1.2)0.40.6Loss and loss expenses65.468.652.8(3.2)15.8Underwriting expenses30.830.631.00.2(0.4)Combined ratio96.2%99.2%83.8%(3.0)15.4Combined ratio:96.2%99.2%83.8%(3.0)15.4Contribution from catastrophe losses and prior years    reserve development4.65.7(5.0)(1.1)10.7Combined ratio before catastrophe losses and prior years    reserve development91.6%93.5%88.8%(1.9)4.7




















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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Agency renewal written premiums$3,876$3,672$3,334610Agency new business written premiums584600571(3)5Other written premiums(124)(113)(94)(10)(20)Net written premiums4,3364,1593,81149Unearned premium change(72)(135)(137)471Earned premiums$4,264$4,024$3,674610




















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(Dollars in millions)Accident year loss and loss expenses incurred and ratios to earned premiums:Accident year:202320222021202320222021as of December 31, 2023$2,910$2,769$2,20468.2%68.8%60.0%as of December 31, 20222,8372,23470.560.8as of December 31, 20212,29362.4


























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(Dollars in millions, net of reinsurance)Years ended December 31,2023-20222022-2021202320222021Change %Change %Current accident year losses greater than $5,000,000$109$95$9715(2)Current accident year losses $2,000,000-$5,000,0009910376(4)36Large loss prior accident year reserve development892682242(68)Total large losses incurred29722425533(12)Losses incurred but not reported328304(83)8nmOther losses excluding catastrophe losses1,3931,5351,254(9)22Catastrophe losses2912751166137Total losses incurred$2,309$2,338$1,542(1)52Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5,000,0002.5%2.4%2.6%0.1(0.2)Current accident year losses $2,000,000-$5,000,0002.32.62.1(0.3)0.5Large loss prior accident year reserve development2.10.62.21.5(1.6)Total large loss ratio6.95.66.91.3(1.3)Losses incurred but not reported7.77.6(2.3)0.19.9Other losses excluding catastrophe losses32.738.134.2(5.4)3.9Catastrophe losses6.86.83.20.03.6Total loss ratio54.1%58.1%42.0%(4.0)16.1











(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Commission expenses$780$741$68458Other underwriting expenses528482451107Policyholder dividends565(17)20Total underwriting expenses$1,313$1,229$1,14078Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCommission expenses18.3%18.4%18.6%(0.1)(0.2)Other underwriting expenses12.412.012.20.4(0.2)Policyholder dividends0.10.20.2(0.1)0.0Total underwriting expense ratio30.8%30.6%31.0%0.2(0.4)











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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Earned premiums$2,044$1,689$1,5422110Fee revenues44400Total revenues2,0481,6931,5462110Loss and loss expenses from:Current accident year before catastrophe losses1,1549918241620Current accident year catastrophe losses352236218498Prior accident years before catastrophe losses(20)(17)(43)(18)60Prior accident years catastrophe losses(44)(44)(7)0(529)Loss and loss expenses1,4421,1669922418Underwriting expenses6105094572011Underwriting profit (loss)$(4)$18$97nm(81)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses56.4%58.7%53.4%(2.3)5.3Current accident year catastrophe losses17.314.014.23.3(0.2)Prior accident years before catastrophe losses(1.0)(1.0)(2.8)0.01.8Prior accident years catastrophe losses(2.2)(2.6)(0.5)0.4(2.1)Loss and loss expenses70.569.164.31.44.8Underwriting expenses29.930.129.7(0.2)0.4Combined ratio100.4%99.2%94.0%1.25.2Combined ratio:100.4%99.2%94.0%1.25.2Contribution from catastrophe losses and prior years    reserve development14.110.410.93.7(0.5)Combined ratio before catastrophe losses and prior years    reserve development86.3%88.8%83.1%(2.5)5.7




















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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Agency renewal written premiums$1,957$1,601$1,4342212Agency new business written premiums4162962024147Other written premiums(71)(66)(42)(8)(57)Net written premiums2,3021,8311,5942615Unearned premium change(258)(142)(52)(82)(173)Earned premiums$2,044$1,689$1,5422110






































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(Dollars in millions)Accident year loss and loss expenses incurred and ratios to earned premiums:Accident year:202320222021202320222021as of December 31, 2023$1,506$1,182$98673.7%70.0%63.9%as of December 31, 20221,22799072.764.2as of December 31, 20211,04267.6


























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(Dollars in millions, net of reinsurance)Years ended December 31,2023-20222022-2021202320222021Change %Change %Current accident year losses greater than $5,000,000$32$48$15(33)220Current accident year losses $2,000,000-$5,000,0004530215043Large loss prior accident year reserve development74(5)75nmTotal large losses incurred8482312165Losses incurred but not reported65511nm(55)Other losses excluding catastrophe losses8097386241018Catastrophe losses29818619860(6)Total losses incurred$1,256$1,011$8642417Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5,000,0001.6%2.8%1.0%(1.2)1.8Current accident year losses $2,000,000-$5,000,0002.21.81.30.40.5Large loss prior accident year reserve development0.30.3(0.3)0.00.6Total large loss ratio4.14.92.0(0.8)2.9Losses incurred but not reported3.20.30.72.9(0.4)Other losses excluding catastrophe losses39.543.740.5(4.2)3.2Catastrophe losses14.611.012.83.6(1.8)Total loss ratio61.4%59.9%56.0%1.53.9











(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Commission expenses$391$327$2922012Other underwriting expenses2191821652010Total underwriting expenses$610$509$4572011Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCommission expenses19.2%19.4%19.0%(0.2)0.4Other underwriting expenses10.710.710.70.00.0Total underwriting expense ratio29.9%30.1%29.7%(0.2)0.4











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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Earned premiums$542$485$3981222Fee revenues322500Total revenues5454874001222Loss and loss expenses from:Current accident year before catastrophe losses3573192401233Current accident year catastrophe losses453(20)67Prior accident years before catastrophe losses(11)(8)7(38)nmPrior accident years catastrophe losses—(1)—nmnmLoss and loss expenses3503152501126Underwriting expenses1411241061417Underwriting profit$54$48$44139Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses65.9%65.7%60.3%0.25.4Current accident year catastrophe losses0.71.00.6(0.3)0.4Prior accident years before catastrophe losses(2.0)(1.7)1.9(0.3)(3.6)Prior accident years catastrophe losses(0.1)(0.2)0.00.1(0.2)Loss and loss expenses64.564.862.8(0.3)2.0Underwriting expenses26.125.626.70.5(1.1)Combined ratio90.6%90.4%89.5%0.20.9Combined ratio:90.6%90.4%89.5%0.20.9Contribution from catastrophe losses and prior years    reserve development(1.4)(0.9)2.5(0.5)(3.4)Combined ratio before catastrophe losses and prior years    reserve development92.0%91.3%87.0%0.74.3




















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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Agency renewal written premiums$428$392$323921Agency new business written premiums1771361243010Other written premiums(35)(26)(21)(35)(24)Net written premiums5705024261418Unearned premium change(28)(17)(28)(65)39Earned premiums$542$485$3981222




















(Dollars in millions)Accident year loss and loss expenses incurred and ratios to earned premiums:Accident year:202320222021202320222021as of December 31, 2023$361$307$25766.6%63.3%64.5%as of December 31, 202232425766.764.5as of December 31, 202124360.9




















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(Dollars in millions, net of reinsurance)Years ended December 31,2023-20222022-2021202320222021Change %Change %Current accident year losses greater than $5,000,000$—$—$—nmnmCurrent accident year losses $2,000,000-$5,000,000—2—(100)nmLarge loss prior accident year reserve development(2)——nmnmTotal large losses incurred(2)2—nmnmLosses incurred but not reported7968531628Other losses excluding catastrophe losses1701531161132Catastrophe losses342(25)100Total losses incurred$250$227$1711033Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5,000,0000.0%0.0%0.0%0.00.0Current accident year losses $2,000,000-$5,000,0000.00.40.0(0.4)0.4Large loss prior accident year reserve development(0.3)0.00.0(0.3)0.0Total large loss ratio(0.3)0.40.0(0.7)0.4Losses incurred but not reported14.614.013.40.60.6Other losses excluding catastrophe losses31.331.629.0(0.3)2.6Catastrophe losses0.50.80.6(0.3)0.2Total loss ratio46.1%46.8%43.0%(0.7)3.8














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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Commission expenses$93$81$701516Other underwriting expenses4843361219Total underwriting expenses$141$124$1061417Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCommission expenses17.1%16.7%17.5%0.4(0.8)Other underwriting expenses9.08.99.20.1(0.3)Total underwriting expenses ratio26.1%25.6%26.7%0.5(1.1)





































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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Earned premiums$313$301$29442Fee revenues1045150(20)Total revenues32330529962Contract holders' benefits incurred3163033134(3)Investment interest credited to contract holders(121)(109)(105)(11)(4)Underwriting expenses incurred87847946Total benefits and expenses2822782871(3)Life insurance segment profit$41$27$1252125

















(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Term life insurance$227$220$21035Whole life insurance50464690Universal life and other3635383(8)Net earned premiums$313$301$29442


























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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Total investment income, net of expenses$894$781$714149Investment interest credited to contract holders(121)(109)(105)(11)(4)Investment gains and losses, net1,127(1,467)2,409nmnmInvestments profit (loss), pretax$1,900$(795)$3,018nmnm


























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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Invested assets beginning balance:Fixed maturities$12,132$13,022$12,338(7)6Equity securities9,84111,3158,856(13)28Other invested assets45232934837(5)Invested assets beginning balance22,42524,66621,542(9)15Average acquisitions (dispositions), net77947253865(12)Annual average invested assets$23,204$25,138$22,080(8)14Total investment return:Investment income, net of expenses$894$781$714149Investment gains and losses, net1,127(1,467)2,409nmnmTotal invested assets change in unrealized gains and losses277(1,639)(234)nmnmTotal$2,298$(2,325)$2,889nmnmTotal return on invested assets, pretax9.9%(9.2)%13.1%








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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Investment income:Interest$600$510$477187Dividends282275246312Other25115127120Less investment expenses131514(13)7Investment income, pretax894781714149Less income taxes1451231111811Total investment income, after-tax$749$658$603149Investment returns:Average invested assets plus cash and cash equivalents$25,685$24,775$23,215Average yield pretax3.48%3.15%3.08%Average yield after-tax2.922.662.60Effective tax rate16.215.815.5Fixed-maturity returns:Average amortized cost$13,670$12,605$11,771Average yield pretax4.39%4.05%4.05%Average yield after-tax3.623.353.37Effective tax rate17.517.116.8














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At December 31, 2023% YieldPrincipal redemptionsFixed-maturity yield profile:Expected to mature during 20244.36%$1,136Expected to mature during 20254.761,401Expected to mature during 20264.941,135Average yield and total expected redemptions from 2024 through 20264.69$3,672





Years ended December 31,20232022Average pretax yield-to-amortized cost on new fixed maturities:Acquired taxable fixed maturities6.36%5.26%Acquired tax-exempt fixed maturities4.293.94Average total fixed maturities acquired6.135.01














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(Dollars in millions)Years ended December 31,202320222021Investment gains and lossesEquity securities:Investment gains and losses on securities sold, net$(17)$16$4Unrealized gains and losses on securities still held, net1,168(1,526)2,278Subtotal1,151(1,510)2,282Fixed-maturity securities:Gross realized gains4636Gross realized losses(5)(4)(5)Change in allowance for credit losses, net(17)——Write-down of impaired securities(4)(5)(1)Subtotal(22)(3)30Other(2)4697Total investment gains and losses reported in net income$1,127$(1,467)$2,409Change in unrealized investment gains and losses reported in OCIFixed-maturity securities277(1,639)(234)Total$1,404$(3,106)$2,175








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(Dollars in millions)Years ended December 31,202320222021Taxable fixed maturities:Impairment amount$4$5$—New amortized cost$—$8$—Percent to total amortized cost owned—%—%—%Number of impaired securities written down12—Percent to number of securities owned—%—%—%Tax-exempt fixed maturities:Impairment amount$—$—$1New amortized cost$—$1$2Percent to total amortized cost owned—%—%—%Number of impaired securities written down—15Percent to number of securities owned—%—%—%Totals:Impairment amount$4$5$1New amortized cost$—$9$2Percent to total amortized cost owned—%—%—%Number of impaired securities written down135Percent to number of securities owned—%—%—%





(Dollars in millions)Years ended December 31,202320222021Fixed maturities:Real estate$4$5$—Municipal——1Total fixed maturities$4$5$1








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(Dollars in millions)Years ended December 31,2023-20222022-2021202320222021Change %Change %Interest and fees on loans and leases$8$7$7140Earned premiums7957265701027Other revenues533670Total revenues8087365801027Interest expense54535320Loss and loss expenses379474414(20)14Underwriting expenses233216164832Operating expenses252320915Total expenses691766651(10)18Other income (loss)$117$(30)$(71)nm58








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(Dollars in millions)Years ended December 31,202320222021Sources of liquidity:Subsidiary dividends received$526$729$598Investment income received1079990Proceeds from stock options exercised91013Return of funds on deposit from Lloyd's——117Uses of liquidity:Shareholders' dividend payments$454$423$395Share repurchases67410144Debt interest payments525352Payment of funds on deposit at Lloyd's——14














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(Dollars in millions)Years ended December 31,202320222021Premiums collected$7,785$7,054$6,309Loss and loss expenses paid(4,276)(3,687)(3,094)Commissions and other underwriting expenses paid(2,287)(2,132)(1,842)Cash flow from underwriting1,2221,2351,373Investment income received609529497Cash flow from operations$1,831$1,764$1,870























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(Dollars in millions)YearYearsThere-Payment due by period20242025-2028afterTotalGross property casualty loss and loss expense payments$2,963$4,742$1,270$8,975Gross life policyholder obligations1455005,7096,354Long-term debt——793793Interest on long-term debt52193126371Profit-sharing commissions208——208Other liabilities123831207Total$3,491$5,518$7,899$16,908



































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(Dollars in millions)Loss reservesLoss expense reservesTotal gross reservesCase reservesIBNR reservesPercent of totalAt December 31, 2023Commercial lines insurance:Commercial casualty$1,111$1,205$792$3,10834.6%Commercial property362116815596.3Commercial auto4183031428639.6Workers' compensation431540891,06011.8Other commercial143261282973.3Subtotal2,4652,1901,2325,88765.6Personal lines insurance:Personal auto22274733694.1Homeowner215122583954.4Other personal10111962262.5Subtotal53831513799011.0Excess and surplus lines36033623693210.4Cincinnati Re158747691110.2Cincinnati Global14111132552.8Total$3,662$3,699$1,614$8,975100.0%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)CommercialPersonalE&SlineslineslinesOtherTotalsAs of December 31, 20232022 accident year$(67)$(45)$(16)$(9)$(137)2021 accident year(29)(5)—13(21)2020 accident year(42)(1)(7)(18)(68)2019 accident year5(3)4—62018 accident year(3)(3)(1)(1)(8)2017 accident year(6)(5)4—(7)2016 and prior accident years19(2)5(2)20(Favorable)/unfavorable$(123)$(64)$(11)$(17)$(215)As of December 31, 20222021 accident year$(59)$(52)$14$1$(96)2020 accident year(85)(15)(14)(10)(124)2019 accident year644(2)6722018 accident year262(1)(5)222017 accident year(5)—(2)(3)(10)2016 accident year(10)(2)(2)(1)(15)2015 and prior accident years(7)2(2)(1)(8)(Favorable)/unfavorable$(76)$(61)$(9)$(13)$(159)As of December 31, 20212020 accident year$(215)$(52)$—$(16)$(283)2019 accident year(58)—7(5)(56)2018 accident year(42)5—(7)(44)2017 accident year(19)412(12)2016 accident year(11)(1)1(6)(17)2015 accident year—(1)(1)—(2)2014 and prior accident years(8)(5)(1)—(14)(Favorable)/unfavorable$(353)$(50)$7$(32)$(428)














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(Dollars in millions)RMS ModelAIR ModelPercentPercentGrossNetof totalGrossNetof totalProbability at December 31, 2023losseslossesequitylosseslossesequity2.0% (1 in 50 year event)$572$2722.2%$597$2722.2%1.0% (1 in 100 year event)9013422.89233382.80.4% (1 in 250 year event)1,5456475.31,4955754.80.2% (1 in 500 year event)2,2251,21710.12,0071,0038.3


























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(Dollars in millions)20232022Name of reinsurerTotalreceivableA.M. BestRatingTotalreceivableA.M. BestRatingMunich Reinsurance America$50A+$41A+Hannover Ruck SE47A+24A+Swiss Reinsurance America Corporation42A+34A+Hartford Steam Boiler Inspection & Insurance Company35A++30A++Michigan Catastrophic Claims Association33NA37NA








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(Dollars in millions)20232022Name of reinsurerTotalreceivableRating agencyRatingTotalreceivableRating AgencyRatingSwiss Re Life & Health America, Inc.$61A.M. BestA+$64A.M. BestA+General Re Life Corporation50A.M. BestA++46A.M. BestA++Lincoln National Life Insurance Company28A.M. BestA28A.M. BestAEmployers Reassurance Corporation15S&PBBB+15S&PBBB+Munich American Reassurance Company12A.M. BestA+11A.M. BestA+










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Taxablefixed maturitiesTax-exemptfixed maturitiesCommonequitiesNonredeemable preferredequitiesPoliticalAHAARegulatoryAAAAEconomicAAHARevaluationHHHHInterest rateAAAAFraudALAACreditALAADefaultALAA

















































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(Dollars in millions)Effect from interest rate change in basis points-200-100—100200At December 31, 2023$14,962$14,375$13,791$13,179$12,543At December 31, 2022$13,300$12,714$12,132$11,548$10,974






















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(Dollars in millions)Effect from market price change in percent-30%-20%-10%—10%20%30%At December 31, 2023$7,692$8,791$9,890$10,989$12,088$13,187$14,286At December 31, 2022$6,889$7,873$8,857$9,841$10,825$11,809$12,793






















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(Dollars in millions)Less than 12 months12 months or moreTotalAt December 31, 2023FairvalueUnrealizedlossesFairvalueUnrealizedlossesFairvalueUnrealizedlossesFixed-maturity securities:Corporate$379$13$5,560$441$5,939$454States, municipalities and political subdivisions31321,9322062,245208Government-sponsored enterprises652311337656United States government32—12931613Mortgage-backed5—1721617716Foreign government3—6—9—Total$1,384$18$7,912$669$9,296$687At December 31, 2022Fixed-maturity securities:Corporate$5,651$412$661$168$6,312$580States, municipalities and political subdivisions2,60027477292,677303Government-sponsored enterprises12333—1263United States government14634121875Mortgage-backed2151314322916Foreign government2514—291Total$8,760$706$800$202$9,560$908








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(Dollars in millions)Numberof issuesAmortizedcostFairvalueGrossunrealizedgain (loss)GrossinvestmentincomeAt December 31, 2023Taxable fixed maturities:Fair valued below 70% of amortized cost16$55$36$(19)$2Fair valued at 70% to less than 100% of amortized cost1,8548,3167,734(582)362Fair valued at 100% and above of amortized cost4942,0432,1197683Investment income on securities sold in current year————22Total2,36410,4149,889(525)469Tax-exempt fixed maturities:Fair valued below 70% of amortized cost4128(4)1Fair valued at 70% to less than 100% of amortized cost9661,6001,518(82)47Fair valued at 100% and above of amortized cost1,4042,3352,3764179Investment income on securities sold in current year————4Total2,3743,9473,902(45)131Fixed-maturities summary:Fair valued below 70% of amortized cost206744(23)3Fair valued at 70% to less than 100% of amortized cost2,8209,9169,252(664)409Fair valued at 100% and above of amortized cost1,8984,3784,495117162Investment income on securities sold in current year————26Total4,738$14,361$13,791$(570)$600At 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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DELOITTE & TOUCHE LLP


Cincinnati, Ohio
















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(Dollars in millions, except per share data)December 31,December 31,20232022AssetsInvestmentsFixed maturities, at fair value (amortized cost: 2023—$14,361; 2022—$12,979)$13,791$12,132Equity securities, at fair value (cost: 2023—$4,282; 2022—$4,294)10,9899,841Other invested assets577452Total investments25,35722,425Cash and cash equivalents9071,264Investment income receivable192160Finance receivable10892Premiums receivable2,5922,322Reinsurance recoverable651665Prepaid reinsurance premiums5551Deferred policy acquisition costs1,0931,013Land, building and equipment, net, for company use (accumulated depreciation:2023—$337; 2022—$322)208202Other assets681646Separate accounts925892Total assets$32,769$29,732LiabilitiesInsurance reservesLoss and loss expense reserves$9,050$8,400Life policy and investment contract reserves3,0683,015Unearned premiums4,1193,689Other liabilities1,3111,229Deferred income tax1,3241,054Note payable2550Long-term debt and lease obligations849841Separate accounts925892Total liabilities20,67119,170Commitments and contingent liabilities (Note 16)Shareholders' EquityCommon stock, par value—$2 per share; (authorized: 2023 and 2022—500 million shares;issued: 2023 and 2022—198.3 million shares)397397Paid-in capital1,4371,392Retained earnings13,08411,711Accumulated other comprehensive income(435)(614)Treasury stock, at cost (2023—41.3 million shares and 2022—41.2 million shares)(2,385)(2,324)Total shareholders' equity12,09810,562Total liabilities and shareholders' equity$32,769$29,732










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(Dollars in millions, except per share data)Years ended December 31,202320222021RevenuesEarned premiums$7,958$7,225$6,478Investment income, net of expenses894781714Investment gains and losses, net1,127(1,467)2,409Fee revenues211415Other revenues131010Total revenues10,0136,5639,626Benefits and ExpensesInsurance losses and contract holders' benefits5,2745,0193,909Underwriting, acquisition and insurance expenses2,3842,1621,946Interest expense545353Other operating expenses252320Total benefits and expenses7,7377,2575,928Income (Loss) Before Income Taxes2,276(694)3,698Provision (Benefit) for Income TaxesCurrent210148247Deferred223(355)483Total provision (benefit) for income taxes433(207)730Net Income (Loss)$1,843$(487)$2,968Per Common ShareNet income (loss)—basic$11.74$(3.06)$18.43Net income (loss)—diluted11.66(3.06)18.24
















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(Dollars in millions)Years ended December 31,202320222021Net Income (Loss)$1,843$(487)$2,968Other Comprehensive Income (Loss)Change in unrealized gains and losses on investments, net of tax (benefit) of $59, $(347) and $(50), respectively218(1,292)(184)Amortization of pension actuarial gains and losses and prior service cost, net of tax (benefit) of $(1), $2 and $14, respectively(5)754Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $(8), $99 and $24, respectively(34)37492Other comprehensive income (loss)179(911)(38)Comprehensive Income (Loss)$2,022$(1,398)$2,930










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(Dollars in millions)Years ended December 31,202320222021Common StockBeginning of year$397$397$397Share-based awards———End of year397397397Paid-In CapitalBeginning of year1,3921,3561,328Share-based awards(3)(10)(14)Share-based compensation403733Other899End of year1,4371,3921,356Retained EarningsBeginning of year11,71112,63510,085Cumulative effect of change in accounting for long-duration insurance contracts (Note 1)——(12)Adjusted beginning of year11,71112,63510,073Net income (loss)1,843(487)2,968Dividends declared(470)(437)(406)End of year13,08411,71112,635Accumulated Other Comprehensive Income (Loss)Beginning of year(614)297769Cumulative effect of change in accounting for long-duration insurance contracts (Note 1)——(434)Adjusted beginning of year(614)297335Other comprehensive income (loss)179(911)(38)End of year(435)(614)297Treasury StockBeginning of year(2,324)(1,921)(1,790)Share-based awards111418Shares acquired - share repurchase authorization(67)(410)(144)Shares acquired - share-based compensation plans(8)(10)(8)Other333End of year(2,385)(2,324)(1,921)Total Shareholders' Equity$12,098$10,562$12,764(In millions)Common Stock - Shares OutstandingBeginning of year157.1160.3160.9Share-based awards0.40.50.6Shares acquired - share repurchase authorization(0.6)(3.8)(1.2)Shares acquired - share-based compensation plans——(0.1)Other0.10.10.1End of year157.0157.1160.3













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(Dollars in millions)Years ended December 31,202320222021Cash Flows From Operating ActivitiesNet income (loss)$1,843$(487)$2,968Adjustments to reconcile net income to net cash provided by operating activities:Depreciation, amortization and other112127118Investment gains and losses, net(1,108)1,493(2,353)Interest credited to contract holders454345Deferred income tax expense223(355)483Changes in:Premiums and reinsurance receivable(264)(340)(240)Deferred policy acquisition costs(80)(96)(78)Other assets(30)28(11)Loss and loss expense reserves6501,095559Life policy and investment contract reserves997876Unearned premiums430418311Other liabilities9088128Current income tax receivable/payable42(40)(25)Net cash provided by operating activities2,0522,0521,981Cash Flows From Investing ActivitiesSale, call or maturity of fixed maturities1,1361,1131,461Sale of equity securities206430136Purchase of fixed maturities(2,554)(1,901)(2,388)Purchase of equity securities(220)(466)(313)Changes in finance receivables(15)7(2)Investment in buildings and equipment(18)(15)(15)Change in other invested assets, net(143)(101)64Net cash used in investing activities(1,608)(933)(1,057)Cash Flows From Financing ActivitiesPayment of cash dividends to shareholders(454)(423)(395)Shares acquired - share repurchase authorization(67)(410)(144)Changes in note payable(25)(4)—Proceeds from stock options exercised91013Contract holders' funds deposited837085Contract holders' funds withdrawn(218)(144)(146)Other(129)(93)(98)Net cash used in financing activities(801)(994)(685)Net change in cash and cash equivalents(357)125239Cash and cash equivalents at beginning of year1,2641,139900Cash and cash equivalents at end of year$907$1,264$1,139Supplemental Disclosures of Cash Flow InformationInterest paid$54$53$52Income taxes paid136165257Noncash ActivitiesEquipment acquired under finance lease obligations$20$17$12Share-based compensation192726Other assets and other liabilities7711587










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Summary of Significant Accounting Policies








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Cash and cash equivalents are highly liquid instruments that include liquid debt instruments with original maturities of less than three months. These are carried at cost, which approximates fair value.








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16 13 14





We establish reserves to cover the expected cost of claims, losses and expenses related to investigating, processing and resolving claims. Although the appropriate amount of reserves is inherently uncertain, we base our decisions on past experience and current facts. Reserves are based on claims reported prior to the end of the year and estimates of incurred but not reported (IBNR) claims. We regularly review and update reserves using the most current information available. Any resulting adjustments are reflected in current calendar year insurance losses and policyholder benefits. We estimate that we may recover some of our costs through salvage and subrogation.









































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An allowance for credit losses on uncollectible life insurance premiums is updated and reviewed on a quarterly basis. At December 31, 2023, 2022 and 2021, the allowance, including changes in the amount for each period, was immaterial.














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Generally, investment income and investment gains and losses of the separate accounts accrue directly to the contract holder, and we do not include them in the consolidated statements of income. Revenues and expenses related to separate accounts consist of contractual fees and mortality, surrender and expense risk charges. Also, each separate account BOLI includes a negotiated capital gain and loss sharing arrangement between the company and the bank. A percentage of each separate account’s investment gains and losses representing contract fees and assessments accrues to us and is transferred from the separate account to our general account and is recognized as revenue or expense. We record as revenues separate account investment management fees in fee revenues of the consolidated statements of income.



































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three years 10 three years








15 five years
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There were no subsequent events requiring adjustment to the consolidated financial statements or disclosure.








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(Dollars in millions)December 31, 2023December 31, 2022As originally reportedAs adjustedDifferenceReinsurance recoverable$651$640$665$25Prepaid reinsurance premiums557951(28)Deferred policy acquisition costs1,0931,0141,013(1)Total assets32,76929,73629,732(4)Life policy and investment contract reserves3,0683,0593,015(44)Deferred income tax1,3241,0451,0549Total liabilities20,67119,20519,170(35)Retained earnings13,08411,70211,7119Accumulated other comprehensive income(435)(636)(614)22Total shareholders' equity12,09810,53110,56231Total liabilities and shareholders' equity32,76929,73629,732(4)








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(Dollars in millions, except per share data)Years ended December 31,202320222021As originally reportedAs adjustedDifferenceAs originally reportedAs adjustedDifferenceEarned premiums$7,958$7,219$7,225$6$6,482$6,478$(4)Insurance losses and contract holders' benefits5,2745,0125,01973,9363,909(27)Underwriting, acquisition and insurance expenses2,3842,1622,162—1,9511,946(5)Deferred income tax expense223(355)(355)—4774836Net Income (Loss)1,843(486)(487)(1)2,9462,96822Change in life policy reserves, reinsurance recoverable and other, net of tax(34)137437399283Other comprehensive income (loss)179(1,284)(911)373(121)(38)83Comprehensive Income (Loss)2,022(1,770)(1,398)3722,8252,930105Net income (loss) per share:Basic$11.74$(3.06)$(3.06)$—$18.29$18.43$0.14Diluted11.66(3.06)(3.06)—18.1018.240.14





































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Investments


(Dollars in millions)AmortizedcostGross unrealizedFairvalueAt December 31, 2023gainslossesFixed-maturity securities:Corporate$7,836$70$454$7,452States, municipalities and political subdivisions4,867442084,703Government-sponsored enterprises1,227361,224United States government203—3200Mortgage-backed203—16187Foreign government25——25Total$14,361$117$687$13,791At December 31, 2022Fixed-maturity securities:Corporate$7,412$37$580$6,869States, municipalities and political subdivisions4,901243034,622Government-sponsored enterprises186—3183United States government196—5191Mortgage-backed250—16234Foreign government34—133Total$12,979$61$908$12,132














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(Dollars in millions)Less than 12 months12 months or moreTotalAt December 31, 2023FairvalueUnrealizedlossesFairvalueUnrealizedlossesFairvalueUnrealizedlossesFixed-maturity securities:Corporate$379$13$5,560$441$5,939$454States, municipalities and political subdivisions31321,9322062,245208Government-sponsored enterprises652311337656United States government32—12931613Mortgage-backed5—1721617716Foreign government3—6—9—Total$1,384$18$7,912$669$9,296$687At December 31, 2022Fixed-maturity securities:Corporate$5,651$412$661$168$6,312$580States, municipalities and political subdivisions2,60027477292,677303Government-sponsored enterprises12333—1263United States government14634121875Mortgage-backed2151314322916Foreign government2514—291Total$8,760$706$800$202$9,560$908





(Dollars in millions)Amortized costFairvalue% of fair valueAt December 31, 2023Maturity dates:Due in one year or less$973$9647.0%Due after one year through five years4,4074,30431.2Due after five years through ten years3,5923,47425.2Due after ten years5,3895,04936.6Total$14,361$13,791100.0%











108 107 125 135 107 101














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(Dollars in millions)Years ended December 31,202320222021Investment income:Interest$600$510$477Dividends282275246Other25115Total907796728Less investment expenses131514Total$894$781$714Investment gains and losses, net:Equity securities:Investment gains and losses on securities sold, net$(17)$16$4Unrealized gains and losses on securities still held, net1,168(1,526)2,278Subtotal1,151(1,510)2,282Fixed-maturity securities:Gross realized gains4636Gross realized losses(5)(4)(5)Change in allowance for credit losses, net(17)——Write-down of impaired securities with intent to sell(4)(5)(1)Subtotal(22)(3)30Other(2)4697Total$1,127$(1,467)$2,409





10.989 9.841 842 597 7.9 6.3 3.4 2.7





18 1 1





2,840 3,272 278 687 908 16 20 49 no



















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Fair Value Measurements












































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(Dollars in millions)Level 1Level 3At December 31, 2023Level 2TotalFixed maturities, available for sale:Corporate$—$7,452$—$7,452States, municipalities and political subdivisions—4,703—4,703Government-sponsored enterprises—1,224—1,224United States government200——200Mortgage-backed—187—187Foreign government—25—25Subtotal20013,591—13,791Common equities10,641——10,641Nonredeemable preferred equities—348—348Separate accounts taxable fixed maturities—854—854Top Hat savings plan mutual funds and common  equity (included in Other assets)67——67Total$10,908$14,793$—$25,701At December 31, 2022Fixed maturities, available for sale:Corporate$—$6,869$—$6,869States, municipalities and political subdivisions—4,622—4,622Government-sponsored enterprises—183—183United States government191——191Mortgage-backed—234—234Foreign government—33—33Subtotal19111,941—12,132Common equities9,454——9,454Nonredeemable preferred equities—387—387Separate accounts taxable fixed maturities—815—815Top Hat savings plan mutual funds and common  equity (included in Other assets)57——57Total$9,702$13,143$—$22,845





907
 1.264











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(Dollars in millions)Level 1Level 2Level 3TotalAt December 31, 2023Note payable$—$25$—$256.900% senior debentures, due 2028—29—296.920% senior debentures, due 2028—420—4206.125% senior notes, due 2034—394—394Total$—$868$—$868At December 31, 2022Note payable$—$50$—$506.900% senior debentures, due 2028—29—296.920% senior debentures, due 2028—418—4186.125% senior notes, due 2034—388—388Total$—$885$—$885





793





(Dollars in millions)Level 1Level 2Level 3TotalAt December 31, 2023Life policy loans$—$—$39$39At December 31, 2022Life policy loans$—$—$37$37





33 31








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(Dollars in millions)Level 1Level 2Level 3TotalAt December 31, 2023Deferred annuities$—$—$603$603Structured settlements—141—141Total$—$141$603$744At December 31, 2022Deferred annuities$—$—$621$621Structured settlements—143—143Total$—$143$621$764





656 734 123 129






















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Property Casualty Loss and Loss Expenses









































(Dollars in millions)Years ended December 31,202320222021Gross loss and loss expense reserves, January 1$8,336$7,229$6,677Less reinsurance recoverable405327277Net loss and loss expense reserves, January 17,9316,9026,400Net incurred loss and loss expenses related to:Current accident year5,1734,8754,024Prior accident years(215)(159)(428)Total incurred4,9584,7163,596Net paid loss and loss expenses related to:Current accident year1,8751,5921,379Prior accident years2,4012,0951,715Total paid4,2763,6873,094Net loss and loss expense reserves, December 318,6137,9316,902Plus reinsurance recoverable362405327Gross loss and loss expense reserves, December 31$8,975$8,336$7,229








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75
  64 76





215 123 64 11 66 55 15 53 15





159 76 61 9 63 44 25 23 54





428 353 50 7 120 97


66 43 31 14





98 92 2.0 500,000








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(Dollars in millions)Cumulative incurred lossesand ALAEas reported within the triangles, net of reinsuranceCumulative paid losses and ALAE as reported within the triangles, net of reinsuranceLiabilities for loss and ALAE for accident years not presented in the triangles, net of reinsuranceTotal liabilities for loss and ALAE, net of reinsuranceReinsurance recoverable on unpaid lossesTotal liabilities for gross loss and loss expense reservesCommercial casualty$6,497$3,680$91$2,908$19$2,927Workers' compensation1,8261,160316982541,036Commercial auto2,4321,657328074811Commercial property3,4963,0331247550525Personal auto1,8841,5941230225327Homeowner2,5762,2316351(3)348Excess and surplus1,545707484233875Other lines1,686Total liabilities for loss and ALAE reserves8,535Unallocated loss adjustment expense reserves440Gross loss and loss expense reserves$8,975

















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(Dollars in millions, reported claims in thousands)As of December 31, 2023Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number ofreportedclaimsAccidentUnauditedYear20142015201620172018201920202021202220232014$503$496$479$476$479$465$469$466$462$464$1021201553352652951650850250449651314222016563574557555554538531525192220176105975775715555545532921201865064162258861261855222019672643607669682802120206746296065931121520217146976972651420229249024531320239507298Total$6,497Cumulative paid losses and ALAE, net of reinsurance2014$34$97$172$287$338$390$409$421$437$447201538108200287362404424453471201646126228331395434466485201748122234320392437486201844148253345441505201939134259394503202033102242345202131123251202237141202346Total3,680All outstanding liabilities before 2014, net of reinsurance91Liabilities for loss and ALAE, net of reinsurance$2,908





Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345678910Average annual percentage payout6.4%13.7%18.9%18.4%13.8%9.1%5.7%4.0%3.5%2.1%











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(Dollars in millions, reported claims in thousands)As of December 31, 2023Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number ofreportedclaimsAccidentUnauditedYear20142015201620172018201920202021202220232014$261$233$214$203$201$198$197$202$202$203$1519201524622020819517917317317116720172016230218206188183183183181221620172182081901831721671602115201822220719918617917526152019224215202188178311420202041901721533911202120219018342112022209205651120232211069Total$1,826Cumulative paid losses and ALAE, net of reinsurance2014$56$110$134$148$157$162$165$168$171$17220154793115129134137139139140201646971191311411461481502017458810611411912212620184895115127133135201949941151221292020376882962021378210020223776202336Total1,160All outstanding liabilities before 2014, net of reinsurance316Liabilities for loss and ALAE, net of reinsurance$982





Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345678910Average annual percentage payout24.3%25.2%11.3%6.6%3.9%2.1%1.6%0.8%0.8%0.9%





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(Dollars in millions, reported claims in thousands)As of December 31, 2023Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number of reported claimsAccidentUnauditedYear201920202021202220232019$452$451$453$469$471$7462020424391384377163620214704774655139202255856910541202355020334Total$2,432Cumulative paid losses and ALAE, net of reinsurance2019$183$268$333$395$4352020154214280328202117927834620222173322023216Total1,657All outstanding liabilities before 2019, net of reinsurance32Liabilities for loss and ALAE, net of reinsurance$807





Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345Average annual percentage payout39.1%18.9%15.3%12.8%8.6%








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(Dollars in millions, reported claims in thousands)As of December 31, 2023Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number of reported claimsAccidentUnauditedYear201920202021202220232019$621$606$600$598$592$3172020855742719716222420216075865765142022813779241620238339212Total$3,496Cumulative paid losses and ALAE, net of reinsurance2019$413$561$579$590$5912020489637672687202132652755820223936912023506Total3,033All outstanding liabilities before 2019, net of reinsurance12Liabilities for loss and ALAE, net of reinsurance$475





Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345Average annual percentage payout61.1%29.7%4.5%2.0%—%





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(Dollars in millions, reported claims in thousands)As of December 31, 2023Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number of reported claimsAccidentUnauditedYear201920202021202220232019$399$383$380$383$381$2102202030528127727737120213503433426802022427418158620234667286Total$1,884Cumulative paid losses and ALAE, net of reinsurance2019$250$314$346$363$3732020186225248264202121927830420222773492023304Total1,594All outstanding liabilities before 2019, net of reinsurance12Liabilities for loss and ALAE, net of reinsurance$302





Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345Average annual percentage payout65.6%16.4%8.2%5.0%2.4%








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(Dollars in millions, reported claims in thousands)As of December 31, 2023Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number of reported claimsAccidentUnauditedYear201920202021202220232019$432$421$422$418$418$2222020497475470471323202149544944041920225525052120202374211621Total$2,576Cumulative paid losses and ALAE, net of reinsurance2019$303$391$407$411$4142020326434453464202128540542420222994612023468Total2,231All outstanding liabilities before 2019, net of reinsurance6Liabilities for loss and ALAE, net of reinsurance$351





Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345Average annual percentage payout65.8%25.8%4.1%1.6%0.6%





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(Dollars in millions, reported claims in thousands)As of December 31, 2023Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number of reported claimsAccidentUnauditedYear20142015201620172018201920202021202220232014$95$82$75$64$60$59$59$58$56$57$—22015968173676566656165—220169387848290918889232017104959594949194432018116109110108107105632019137135141139142163202017217216015226420212172352336642022294280134320233282512Total$1,545Cumulative paid losses and ALAE, net of reinsurance2014$9$17$27$37$43$48$51$53$55$55201581929415154565862201610213951627581832017112341576877882018112650627588201913345579102202016375686202117458220222146202315Total707All outstanding liabilities before 2014, net of reinsurance4Liabilities for loss and ALAE, net of reinsurance$842





Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345678910Average annual percentage payout10.1%13.2%17.4%16.2%13.1%10.4%6.3%2.7%4.3%1.1%










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Life Policy and Investment Contract Reserves








(Dollars in millions)At December 31,20232022Life policy reserves:Term$1,066$961Whole life434408Other9794Subtotal1,5971,463Investment contract reserves:Deferred annuities656734Universal life585578Structured settlements123129Other107111Subtotal1,4711,552Total life policy and investment contract reserves$3,068$3,015








(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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he balances and changes in the term and whole life policy reserves included in life policy and investment contract reserves is as follows:


(Dollars in millions)Years ended December 31,202320222021TermWhole lifeTermWhole lifeTermWhole lifePresent value of expected net premiums:Balance, beginning of period$1,643$208$1,801$241$1,935$234Beginning balance at original discount rate1,7082171,5032011,503182Effect of changes in cash flow assumptions(7)(7)123(5)(177)(3)Effect of actual variances from expected experience(20)3(1)—282Adjusted beginning of period balance1,6812131,6251961,354181Issuances143311944024839Interest accrual729658628Net premiums collected(184)(28)(176)(27)(161)(27)Ending balance at original discount rate1,7122251,7082171,503201Effect of changes in discount rate assumptions(12)(2)(65)(9)29840Balance, end of period1,7002231,6432081,801241Present value of expected future policy benefits:Balance, beginning of period2,5846142,9938263,222843Beginning balance at original discount rate2,6926072,4255772,418545Effect of changes in cash flow assumptions2(10)140(7)(181)(4)Effect of actual variances from expected experience(24)38(1)312Adjusted beginning of period balance2,6706002,5735692,268543Issuances143301944024839Interest accrual121311122910929Benefits paid(169)(33)(187)(31)(200)(34)Ending balance at original discount rate2,7656282,6926072,425577Effect of changes in discount rate assumptions(14)29(108)7568249Balance, end of period2,7516572,5846142,993826Net liability for future policy benefits:Present value of expected future policy benefits less expected net premiums1,0514349414061,192585Impact of flooring at cohort level15—20214—Net life policy reserves1,0664349614081,206585Less reinsurance recoverable at original discount rate(97)(23)(99)(25)(107)(27)Less effect of discount rate assumption changes on reinsurance recoverable(10)(5)(9)(5)(19)(15)Net life policy reserves, after reinsurance recoverable$959$406$853$378$1,080$543Weighted-average duration of the net life policy reserves111611161218





2 9 6








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(Dollars in millions)At December 31,20232022UndiscountedDiscountedUndiscountedDiscountedTermExpected future benefit payments$4,791$2,751$4,655$2,584Expected future gross premiums4,3742,6524,4362,582Whole lifeExpected future benefit payments$1,648$657$1,562$614Expected future gross premiums659409606368








(Dollars in millions)Years ended December 31,202320222021Gross premiumsTerm$289$280$270Whole life524747Total$341$327$317Interest accretionTerm$49$47$47Whole life222121Total$71$68$68














At December 31,20232022TermInterest accretion rate5.28%5.38%Current discount rate4.815.24Whole lifeInterest accretion rate5.90%5.96%Current discount rate5.105.35














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(Dollars in millions)Years ended December 31,202320222021Deferred annuityUniversal lifeDeferred annuityUniversal lifeDeferred annuityUniversal lifeBalance, beginning of period$734$457$763$454$761$451Premiums received443929394439Policy charges—(39)—(39)—(38)Surrenders and withdrawals(130)(13)(62)(11)(47)(10)Benefit payments(14)(6)(18)(5)(17)(7)Interest credited221922192219Balance, end of period$656$457$734$457$763$454Weighted average crediting rate3.51%4.30%3.36%4.27%2.88%4.25%Net amount at risk$—$3,949$—$4,082$—$4,198Cash surrender value651426729424757419














(Dollars in millions)At guaranteed minimum1 to 50 basis points above51-150 basis points aboveGreater than 150 basis pointsTotalAt December 31, 2023Deferred annuity1.00-3.00%$5$361$16$226$6083.01-4.00%48———48Total$53$361$16$226$656Universal life1.00-3.00%$55$4$57$4$1203.01-4.00%495——54Greater than 4.00%283———283Total$387$9$57$4$457At December 31, 2022Deferred annuity1.00-3.00%$5$446$18$214$6833.01-4.00%51———51Total$56$446$18$214$734Universal life1.00-3.00%$61$46$8$2$1173.01-4.00%52———52Greater than 4.00%288———288Total$401$46$8$2$457








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(Dollars in millions)Years ended December 31,202320222021Balance, beginning of period$121$133$116Balance, beginning of period before shadow reserve adjustments123131113Effect of changes in cash flow assumptions(6)(1)4Effect of actual variances from expected experience—6—Adjusted beginning of period balance117136117Interest accrual444Excess death benefits(6)(18)(4)Attributed assessments121212Effect of changes in interest rate assumptions2(11)2Balance, end of period before shadow reserve adjustments129123131Shadow reserve adjustments(1)(2)2Balance, end of period128121133Less reinsurance recoverable, end of period653Net other additional liability, after reinsurance recoverable$134$126$136Weighted-average duration of the other additional liability323435








(Dollars in millions)Years ended December 31,202320222021Balance, beginning of period$892$959$952Interest credited before policy charges423837Change in unrealized gains and losses impacting separate account liabilities—(85)(22)Benefit payments(10)(15)(6)Other1(5)(2)Balance, end of period$925$892$959Cash surrender value$917$890$870







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Deferred Policy Acquisition Costs








(Dollars in millions)Years ended December 31,202320222021Property casualty:Deferred policy acquisition costs asset, January 1$682$602$542Capitalized deferred policy acquisition costs1,4881,3831,211Amortized deferred policy acquisition costs(1,421)(1,303)(1,151)Deferred policy acquisition costs asset, December 31$749$682$602Life:Deferred policy acquisition costs asset, January 1$331$314$296Capitalized deferred policy acquisition costs424443Amortized deferred policy acquisition costs(29)(27)(25)Deferred policy acquisition costs asset, December 31$344$331$314Consolidated:Deferred policy acquisition costs asset, January 1$1,013$916$838Capitalized deferred policy acquisition costs1,5301,4271,254Amortized deferred policy acquisition costs(1,450)(1,330)(1,176)Deferred policy acquisition costs asset, December 31$1,093$1,013$916


33 263 296








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(Dollars in millions)Year ended December 31, 2023TermWhole lifeDeferred annuityUniversal lifeTotalBalance, beginning of period$228$43$7$53$331Capitalized deferred policy acquisition costs3082242Amortized deferred policy acquisition costs(22)(3)(1)(3)(29)Balance, end of period$236$48$8$52$344Year ended December 31, 2022Balance, beginning of period$215$38$7$54$314Capitalized deferred policy acquisition costs3471244Amortized deferred policy acquisition costs(21)(2)(1)(3)(27)Balance, end of period$228$43$7$53$331Year ended December 31, 2021Balance, beginning of period$201$35$6$54$296Capitalized deferred policy acquisition costs3551243Amortized deferred policy acquisition costs(21)(2)—(2)(25)Balance, end of period$215$38$7$54$314













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Note Payable


one 300 300 35 25 50 5.27 6.33 0.99 5.00










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Long-Term Debt and Lease Obligations


(Dollars in millions)Book valuePrincipal amountInterest rateYear of issueAt December 31,At December 31,20232022202320226.900%1998Senior debentures, due 2028$27$27$28$286.920%2005Senior debentures, due 20283913913913916.125%2004Senior notes, due 2034372371374374Total$790$789$793$793





six years five years 59
 52
   6
  interest for finance and operating leases:
 (Dollars in millions)Years ended December 31,202420252026202720282029 and thereafterFinance lease obligations$16$12$9$7$6$3Operating lease obligations33321—Total lease obligations$19$15$12$9$7$3





(Dollars in millions)Years ended December 31,202320222021Lease cost:Finance lease cost$14$14$15Operating lease cost354Total lease cost$17$19$19Other information finance leases:Finance cash outflows$16$15$15Weighted average discount rate4.35%3.20%2.46%Weighted average remaining lease term in years3.893.493.45Other information operating leases:Operating cash outflows$3$4$4Weighted average discount rate4.66%3.44%2.86%Weighted average remaining lease term in years4.304.534.37










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Shareholders’ Equity and Dividend Restrictions


3.00
 2.76 2.52





526 729 583 10 100 729





no








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The changes from the beginning of year to the end of year are the result of changes to other comprehensive income or loss (OCI).


(Dollars in millions)202320222021BeforetaxIncometaxNetBeforetaxIncometaxNetBeforetaxIncometaxNetInvestments:AOCI, January 1$(847)$(182)$(665)$792$165$627$1,026$215$811OCI before investment gains and losses, net, recognized in net income25555200(1,642)(347)(1,295)(204)(44)(160)Investment gains and losses, net, recognized in net income224183—3(30)(6)(24)OCI27759218(1,639)(347)(1,292)(234)(50)(184)AOCI, December 31$(570)$(123)$(447)$(847)$(182)$(665)$792$165$627Pension obligations:AOCI, January 1$36$9$27$27$7$20$(41)$(7)$(34)OCI excluding amortization recognized in net income21112210621250Amortization recognized in net income(8)(2)(6)(3)—(3)624OCI(6)(1)(5)927681454AOCI, December 31$30$8$22$36$9$27$27$7$20Life policy reserves, reinsurance recoverable and other:AOCI, January 1$29$5$24$(444)$(94)$(350)$(10)$(2)$(8)Cumulative effect of change in accounting for long duration insurance contracts——————(550)(116)(434)Adjusted AOCI, January 129524(444)(94)(350)(560)(118)(442)OCI before investment gains and losses, net, recognized in net income(42)(8)(34)473993741162492Investment gains and losses, net, recognized in net income—————————OCI(42)(8)(34)473993741162492AOCI, December 31$(13)$(3)$(10)$29$5$24$(444)$(94)$(350)Summary of AOCI:AOCI, January 1$(782)$(168)$(614)$375$78$297$975$206$769Cumulative effect of change in accounting for long duration insurance contracts——————(550)(116)(434)Adjusted AOCI, January 1(782)(168)(614)3757829742590335Investments OCI27759218(1,639)(347)(1,292)(234)(50)(184)Pension obligations OCI(6)(1)(5)927681454Life policy reserves, reinsurance recoverable and other OCI(42)(8)(34)473993741162492Total OCI22950179(1,157)(246)(911)(50)(12)(38)AOCI, December 31$(553)$(118)$(435)$(782)$(168)$(614)$375$78$297













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Reinsurance








(Dollars in millions)Years ended December 31,202320222021Direct written premiums$7,784$7,002$6,229Assumed written premiums597619515Ceded written premiums(335)(314)(265)Net written premiums$8,046$7,307$6,479Direct earned premiums$7,407$6,677$5,996Assumed earned premiums569561443Ceded earned premiums(331)(314)(255)Earned premiums$7,645$6,924$6,184Direct incurred loss and loss expenses$4,843$4,495$3,352Assumed incurred loss and loss expenses280396366Ceded incurred loss and loss expenses(165)(175)(122)Incurred loss and loss expenses$4,958$4,716$3,596











(Dollars in millions)Years ended December 31,202320222021Direct earned premiums$394$379$370Ceded earned premiums(81)(78)(76)Earned premiums$313$301$294Direct contract holders' benefits incurred$391$394$380Ceded contract holders' benefits incurred(75)(91)(67)Contract holders' benefits incurred$316$303$313
















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Income Taxes


(Dollars in millions)At December 31,20232022Deferred tax assets:Unearned premiums$165$148Loss and loss expense reserves120106Net operating loss on international earnings2628Deferred international earnings—16Other7055Deferred tax assets before valuation allowance381353Valuation allowance for international operations—31Deferred tax assets net of valuation allowance381322Deferred tax liabilities:Investment gains and other, net1,290992Deferred acquisition costs184171Life policy reserves104121Deferred international earnings21—Investments3531Other7161Total gross deferred tax liabilities1,7051,376Net deferred income tax liability$1,324$1,054

















(Dollars in millions)For the years ended December 31,202320222021United States$2,195$(719)$3,672International812526Total income (loss) before income taxes$2,276$(694)$3,698








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(Dollars in millions)For the years ended December 31,202320222021Provision (benefit) for income taxes:Current – United States federal$209$148$248International1—(1)Total current210148247Deferred – United States federal216(355)483International7——Total deferred223(355)483Total provision (benefit) for income taxes$433$(207)$730





21
 (Dollars in millions)Years ended December 31,202320222021Tax at statutory rate:$47821.0%$(146)21.0%$77721.0%Increase (decrease) resulting from:Tax-exempt income from municipal bonds(21)(0.9)(20)2.9(20)(0.5)Dividend received exclusion(22)(1.0)(21)3.0(20)(0.5)Release of unrecognized tax benefit——(34)4.9——Other(2)(0.1)14(2.0)(7)(0.3)Provision (benefit) for income taxes$43319.0%$(207)29.8%$73019.7%





no

















34 34




















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2 no








no 31 53





(Dollars in millions)Years ended December 31,202320222021Valuation allowance, January 1$31$53$56Current year operations(31)(22)(3)Valuation allowance, December 31$—$31$53





no 100 5
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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)Years ended December 31,202320222021Numerator:Net income (loss)—basic and diluted$1,843$(487)$2,968Denominator:Basic weighted-average common shares outstanding157.0158.8161.0Effect of share-based awards:Stock options0.7—1.1Nonvested shares0.4—0.6Diluted weighted-average shares158.1158.8162.7Earnings (loss) per share:Basic$11.74$(3.06)$18.43Diluted11.66(3.06)18.24Number of anti-dilutive share-based awards1.32.20.8













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Employee Retirement Benefits


40





26 24 22 6 three years





11


8 67 57 1








This is a summary of the weighted-average assumptions used to determine our benefit obligations at December 31 for the plans:
 Qualified Pension PlanSERP2023202220232022Discount rate5.04%5.34%5.11%5.42%Rate of compensation increase4.004.504.004.50





0.30 0.31





Qualified Pension PlanSERP202320222021202320222021Discount rate5.34%2.97%2.68%5.42%2.90%2.52%Expected return on plan assets7.007.007.00n/an/an/aRate of compensation increase4.502.25-3.252.25-3.254.502.25-3.252.25-3.25





2.37 2.52





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11.8 8.9





(Dollars in millions)At December 31,20232022Change in projected benefit obligation:Benefit obligation, January 1$282$362Service cost69Interest cost1310Actuarial loss (gain)10(70)Benefits paid(48)(29)Projected benefit obligation, December 31$263$282Change in plan assets:Fair value of plan assets, January 1$332$397Actual return on plan assets33(36)Benefits paid(48)(29)Fair value of plan assets, December 31$317$332Funded status, December 31$54$50Accumulated benefit obligation$247$264











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(Dollars in millions)At December 31,20232022Pension amounts recognized in the consolidated balance sheets:Other assets$54$50Total$54$50Pension amounts recognized in accumulated other comprehensive income:Net actuarial gain$(31)$(36)Prior service cost1—Total$(30)$(36)





(Dollars in millions)Years ended December 31,202320222021Net periodic benefit cost:Service cost$6$9$10Non-service costs (benefit):Interest cost131010Expected return on plan assets(21)(22)(21)Amortization of actuarial (gain) loss and prior service cost(2)—6Other(6)(3)1Net periodic benefit cost$(10)$(6)$6Other changes in plan assets and benefit obligations recognized in other   comprehensive income:Current year actuarial gain$(2)$(12)$(62)Amortization and recognition of actuarial gain (loss)83(7)Current year prior service cost——1Total recognized in other comprehensive (income) loss$6$(9)$(68)Total recognized in net periodic benefit cost and other comprehensive   income$(4)$(15)$(62)





























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90 7 2 1 29 19 16 13 10





16 43
 (Dollars in millions)Level 1Level 2Level 3TotalAt December 31, 2023Fixed maturities, available for sale:United States government$22$—$—$22Corporate—4—4States, municipalities and political subdivisions—6—6Total fixed maturities, available for sale2210—32Common equities269——269Total$291$10$—$301At December 31, 2022Fixed maturities, available for sale:United States government$31$—$—$31Corporate—7—7States, municipalities and political subdivisions—6—6Total fixed maturities, available for sale3113—44Common equities245——245Total$276$13$—$289





100,610 10 101,727 1





7 We expect to make the following benefit payments for our qualified plan and SERP, reflecting expected future service:
 (Dollars in millions)Years ended December 31,202420252026202720282029 - 2033Expected future benefit payments$37$27$30$30$31$128










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Statutory Accounting Information








The statutory net income and statutory capital and surplus are presented below:
 (Dollars in millions)Net incomeCapital and surplusYears ended December 31,At December 31,20232022202120232022The Cincinnati Insurance Company$607$520$929$7,294$6,512The Cincinnati Casualty Company131415517495The Cincinnati Indemnity Company345130126The Cincinnati Specialty Underwriters Insurance Company766147611542The Cincinnati Life Insurance Company906441414326







Transactions With Affiliated Parties


We paid certain officers and directors, or insurance agencies of which they are shareholders, commissions of $9 million, $9 million and $8 million on premium volume of $51 million, $47 million and $47 million for 2023, 2022 and 2021, respectively.













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Commitments and Contingent Liabilities



































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Share-Based Associate Compensation Plans


Three 10





32 29 26


8 7 6 14 21 24 no 2 15





43 1.8








10

















202320222021Weighted-average expected term8-9 years7-9 years7-9 yearsExpected volatility28.25-29.61%26.34-28.87%25.56-27.81%Dividend yield2.39%2.23%2.62%Risk-free rates3.98-3.99%1.90-1.92%0.97-1.26%Weighted-average fair value of options granted during the period$38.22$30.34$19.64








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(Dollars in millions, except exercise price. Shares in thousands)SharesWeighted-average exercise priceAggregateintrinsicvalueWeighted-averageremaining contractuallifeOutstanding option shares at January 1, 20233,608$86.21Granted384125.57Exercised(280)59.98Forfeited or expired(65)86.73Outstanding option shares at December 31, 20233,64792.36$625.43 yearsOptions exercisable at end of period2,855$84.68$614.59 years





9 10 13 72,549
  80,538 77,947


8 10 8 8.45


10.3 3.6 11,524








three years  22 32 26





0 200





two eight no one eight 52,335  six nine 6 11














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he following assumptions were used in determining fair value for performance-based grants issued:
 202320222021Expected term2.86 years2.86 years2.85 yearsExpected volatility25.98-47.73%30.09-49.28%29.50-47.26%Dividend yield2.37%2.19%2.62%Risk-free rates4.32%1.64%0.20%


elow is a summary of service-based and performance-based share information, assuming a target payout for performance-based shares, for the year 2023:
 (Shares in thousands)Service-basedsharesWeighted-average grantdate fair valuePerformance-basedsharesWeighted-average grantdate fair valueNonvested at January 1, 2023523$102.26155$124.69Granted174117.2170169.50Vested(179)104.61——Forfeited or canceled(22)105.73(38)111.77Nonvested at December 31, 2023496106.52187144.05










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Segment Information


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(Dollars in millions)Years ended December 31,202320222021Revenues:Commercial lines insuranceCommercial casualty$1,481$1,416$1,270Commercial property1,2641,1361,043Commercial auto862842794Workers' compensation277284268Other commercial380346299Commercial lines insurance premiums4,2644,0243,674Fee revenues444Total commercial lines insurance4,2684,0283,678Personal lines insurancePersonal auto721626609Homeowner1,044829726Other personal279234207Personal lines insurance premiums2,0441,6891,542Fee revenues444Total personal lines insurance2,0481,6931,546Excess and surplus lines insurance542485398Fee revenues322Total excess and surplus lines insurance545487400Life insurance premiums313301294Fee revenues1045Total life insurance323305299InvestmentsInvestment income, net of expenses894781714Investment gains and losses, net1,127(1,467)2,409Total investment revenue2,021(686)3,123OtherPremiums795726570Other131010Total other revenue808736580Total revenues$10,013$6,563$9,626Income (loss) before income taxes:Insurance underwriting resultsCommercial lines insurance$168$38$598Personal lines insurance(4)1897Excess and surplus lines insurance544844Life insurance412712Investments1,900(795)3,018Other117(30)(71)Total income (loss) before income taxes$2,276$(694)$3,698December 31,December 31,Identifiable assets:20232022Property casualty insurance$5,294$5,178Life insurance1,5621,518Investments24,99922,133Other914903Total$32,769$29,732







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Name and Age as ofPrimary Title(s) and Business ResponsibilitiesExecutiveFebruary 26, 2024Since February 2019Officer SinceRoger A. Brown, FSA, MAAA, CLU (52)Senior vice president and chief operating officer of The Cincinnati Life Insurance Company. Responsible for life insurance underwriting and operations.2016Teresa C. Cracas, Esq. (58)Chief risk officer and executive vice president of The Cincinnati Insurance Company. Senior vice president until 2022. Responsible for strategic planning and risk management, including oversight of modeling for financial analysis, property casualty reserving and pricing, strategic innovation, ceded reinsurance programs, reinsurance assumed operations and the activities of Cincinnati Global Underwriting Ltd., a London-based, global specialty underwriter for Lloyd's Syndicate 318.2011Angela O. Delaney (55)Senior vice president of The Cincinnati Insurance Company.Responsible for property casualty insurance sales and marketingoperations since 2019, including management of field underwriters and independent agency relationships.2020Donald J. Doyle, Jr., CPCU, AIM (57)Senior vice president of The Cincinnati Insurance Company. Responsible for excess and surplus lines underwriting and operations of The Cincinnati Specialty Underwriters Insurance Company and CSU Producer Resources Inc.2008Sean M. Givler, CIC, CRM (48)Senior vice president of The Cincinnati Insurance Company. Responsible for standard market commercial lines underwriting and operations, including management liability and surety insurance, machinery and equipment insurance, loss control and premium audit since 2019.2017Theresa A. Hoffer (62)Senior vice president and treasurer of The Cincinnati Insurance Company since 2016. Responsible for corporate accounting and SEC reporting operations.2017John S. Kellington (62)Chief information officer and executive vice president of The Cincinnati Insurance Company. Senior vice president until  2022. Responsible for enterprise technology platforms and related activities.2010Lisa A. Love, Esq. (64)Chief legal officer, executive vice president and corporate secretary of Cincinnati Financial Corporation. Senior vice president and general counsel until 2022. Responsible for corporate legal, governance and compliance activities, including oversight of regulatory and compliance, shareholder services, government relations, litigation and contract administration.2011





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Name and Age as ofPrimary Title(s) and Business ResponsibilitiesExecutiveFebruary 26, 2024Since February 2019Officer SinceMarc J. Schambow, CPCU, AIM, ASLI (58)Chief claims officer and senior vice president of The Cincinnati Insurance Company. Responsible for all headquarters and field claims operations, including special investigations and claims administration. Until 2020, vice president of field claims.2022Michael J. Sewell, CPA (60)Chief financial officer, principal accounting officer, executive vice president and treasurer of Cincinnati Financial Corporation.  Senior vice president until 2022. Chief operating officer of CFC Investment Company, a commercial lease and finance subsidiary. Responsible for oversight of accounting, finance, financial reporting, purchasing, investor relations, administrative services and facilities maintenance and security.2011Steven A. Soloria, CFA, CPCU (57)Chief investment officer and executive vice president of Cincinnati Financial Corporation. Responsible for all investment operations. Senior vice president of The Cincinnati Insurance Company until 2023. Vice president of investments until 2022.2023William H. Van Den Heuvel (57)Senior vice president of The Cincinnati Insurance Company. Responsible for all aspects of personal lines operations, including underwriting, insurance regulatory filings, product management and risk management.2014










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119 181


199


188


190


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Cincinnati Financial Corporation and SubsidiariesSummary of Investments - Other Than Investments in Related Parties(Dollars in millions)At December 31, 2023Type of investmentCost oramortized costFairvalueBalance sheetFixed maturities:States, municipalities and political subdivisions:The Cincinnati Insurance Company$3,339$3,278$3,278The Cincinnati Casualty Company239231231The Cincinnati Indemnity Company504949The Cincinnati Life Insurance Company447388388The Cincinnati Specialty Underwriters Insurance Company738710710Cincinnati Financial Corporation544747Total4,8674,7034,703United States government:The Cincinnati Insurance Company122119119The Cincinnati Casualty Company111The Cincinnati Indemnity Company111Cincinnati Global Underwriting Ltd.797979Total203200200Government-sponsored enterprises:The Cincinnati Insurance Company641641641The Cincinnati Casualty Company252525The Cincinnati Indemnity Company666The Cincinnati Life Insurance Company320318318The Cincinnati Specialty Underwriters Insurance Company126126126Cincinnati Global Underwriting Ltd.655Cincinnati Financial Corporation103103103Total1,2271,2241,224Foreign government:Cincinnati Global Underwriting Ltd.252525Total252525All other corporate bonds:The Cincinnati Insurance Company4,1473,9553,955The Cincinnati Casualty Company988989The Cincinnati Indemnity Company353333The Cincinnati Life Insurance Company3,1763,0053,005The Cincinnati Specialty Underwriters Insurance Company398373373Cincinnati Global Underwriting Ltd.158158158Cincinnati Financial Corporation272626Total8,0397,6397,639Total fixed maturities$14,361$13,791$13,791








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Cincinnati Financial Corporation and SubsidiariesSummary of Investments - Other Than Investments in Related Parties(Dollars in millions)At December 31, 2023Type of investmentCost oramortized costFairvalueBalance sheetEquity securities:Common equities:The Cincinnati Insurance Company$2,025$5,558$5,558The Cincinnati Casualty Company58171171The Cincinnati Indemnity Company184040The Cincinnati Specialty Underwriters Insurance Company109302302CSU Producer Resources Inc.172828Cincinnati Financial Corporation1,6424,5424,542Total3,86910,64110,641Nonredeemable preferred equities:The Cincinnati Insurance Company397334334The Cincinnati Life Insurance Company131212Cincinnati Financial Corporation322Total413348348Total equity securities$4,282$10,989$10,989Other invested assets:Policy loans:The Cincinnati Life Insurance Company$33—$33Deposits at Lloyd's:Cincinnati Global Underwriting Ltd.39—39Cincinnati Financial Corporation5—5Private equity:The Cincinnati Insurance Company (1)389—389The Cincinnati Life Insurance Company (1)5—5Cincinnati Financial Corporation (1)40—40Real estate:The Cincinnati Insurance Company (1)58—58The Cincinnati Life Insurance Company (1)4—4Cincinnati Financial Corporation (1)4—4Total other invested assets$577—$577Total investments$19,220—$25,357











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Cincinnati Financial Corporation (parent company only)Condensed Balance Sheets(Dollars in millions)At December 31,20232022AssetsInvestmentsFixed maturities, at fair value (amortized cost: 2023—$184; 2022—$91)$176$78Equity securities, at fair value (cost: 2023—$1,645; 2022—$1,734)4,5443,978Other invested assets4953Total investments4,7694,109Cash and cash equivalents138121Equity in net assets of subsidiaries8,4817,427Investment income receivable1311Land, building and equipment, net, for company use (accumulated depreciation:2023—$164; 2022—$156)138136Income tax receivable45Other assets150116Due from subsidiaries40102Total assets$13,733$12,027LiabilitiesDividends declared but unpaid$118$108Deferred federal income tax624480Long-term debt789789Other liabilities10488Total liabilities1,6351,465Shareholders' EquityCommon stock397397Paid-in capital1,4371,392Retained earnings13,08411,711Accumulated other comprehensive income(435)(614)Treasury stock, at cost(2,385)(2,324)Total shareholders' equity12,09810,562Total liabilities and shareholders' equity$13,733$12,027











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Cincinnati Financial Corporation (parent company only)Condensed Statements of Income and Comprehensive Income(Dollars in millions)Years ended December 31,202320222021RevenuesInvestment income, net of expenses$109$101$91Investment gains and losses, net644(790)1,058Other revenue151515Total revenues768(674)1,164ExpensesInterest expense525353Other expenses383332Total expenses908685Income (Loss) Before Income Taxes and Earnings of Subsidiaries678(760)1,079Provision (Benefit) for Income Taxes134(161)217Net Income (Loss) Before Earnings of Subsidiaries544(599)862Increase in equity of subsidiaries1,2991122,106Net Income (Loss)$1,843$(487)$2,968Other Comprehensive Income (Loss), Net of TaxesChange in unrealized gain on securities4(10)1Amortization of pension actuarial gains (losses) and prior service costs(5)754Other Comprehensive Income (Loss), Net of Taxes Before Other  Comprehensive Income (Loss) of Subsidiaries(1)(3)55Other comprehensive income (loss) of subsidiaries180(908)(93)Other comprehensive income (loss)179(911)(38)Comprehensive Income (Loss)$2,022$(1,398)$2,930











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Cincinnati Financial Corporation (parent company only)Condensed Statements of Cash Flows(Dollars in millions)Years ended December 31,202320222021Cash Flows From Operating ActivitiesNet income$1,843$(487)$2,968Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization and other10910Investment gains and losses, net(644)792(1,034)Dividends from subsidiaries426729598Changes in:Increase in equity of subsidiaries(1,299)(112)(2,106)Current federal income taxes1(6)6Deferred income tax144(183)220Other assets(12)(7)5Other liabilities31—Intercompany receivable for operations95285Net cash provided by operating activities567764672Cash Flows From Investing ActivitiesSale, call or maturity of fixed maturities17122Sale of equity securities13819225Purchase of fixed maturities(119)(30)(19)Purchase of equity securities(65)(187)(82)Investment in buildings and equipment(10)(4)(6)Change in other invested assets, net—(4)108Net cash (used in) received from investing activities(39)(32)48Cash Flows From Financing ActivitiesPayment of cash dividends to shareholders(454)(423)(395)Shares acquired - share repurchase authorization(67)(410)(144)Proceeds from stock options exercised91013Other111Net cash used in financing activities(511)(822)(525)Net change in cash and cash equivalents17(90)195Cash and cash equivalents at beginning of year12121116Cash and cash equivalents at end of year$138$121$211


This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8.








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Cincinnati Financial Corporation and SubsidiariesSupplementary Insurance Information(Dollars in millions)Years ended December 31,202320222021Deferred policy acquisition costs:Commercial lines insurance$387$372$345Personal lines insurance210168145Excess and surplus lines insurance433733Other10910579Total property casualty insurance749682602Life insurance344331314Total$1,093$1,013$916Gross future policy benefits, losses, claims and expense losses:Commercial lines insurance$5,887$5,568$5,007Personal lines insurance990916814Excess and surplus lines insurance932753577Other1,1661,099831Total property casualty insurance8,9758,3367,229Life insurance3,0943,0383,498Total (1)$12,069$11,374$10,727Gross unearned premiums:Commercial lines insurance$2,111$2,021$1,857Personal lines insurance1,253994850Excess and surplus lines insurance273236207Other481437356Total property casualty insurance4,1183,6883,270Life insurance111Total (1)$4,119$3,689$3,271Other policy claims and benefits payable:Commercial lines insurance$—$—$—Personal lines insurance———Excess and surplus lines insurance———Other———Total property casualty insurance———Life insurance494153Total (1)$49$41$53Earned premiums:Commercial lines insurance$4,264$4,024$3,674Personal lines insurance2,0441,6891,542Excess and surplus lines insurance542485398Other795726570Total property casualty insurance7,6456,9246,184Life insurance313301294Total$7,958$7,225$6,478





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Cincinnati Financial Corporation and SubsidiariesSupplementary Insurance Information(Dollars in millions)Years ended December 31,202320222021Investment income, net of expenses:Commercial lines insurance$—$—$—Personal lines insurance———Excess and surplus lines insurance———Other———Total property casualty insurance (2)602509457Life insurance184171166Total$786$680$623Benefits, claims losses and settlement expenses:Commercial lines insurance$2,787$2,761$1,940Personal lines insurance1,4421,166992Excess and surplus lines insurance350315250Other379474414Total property casualty insurance4,9584,7163,596Life insurance316303313Total$5,274$5,019$3,909Amortization of deferred policy acquisition costs:Commercial lines insurance$808$769$703Personal lines insurance367311276Excess and surplus lines insurance897963Other157144109Total property casualty insurance1,4211,3031,151Life insurance292725Total (3)$1,450$1,330$1,176Underwriting, acquisition and insurance expenses:Commercial lines insurance$505$460$437Personal lines insurance243198181Excess and surplus lines insurance524543Other767255Total property casualty insurance876775716Life insurance585754Total (3)$934$832$770Net written premiums:Commercial lines insurance$4,336$4,159$3,811Personal lines insurance2,3021,8311,594Excess and surplus lines insurance570502426Other838815648Total property casualty insurance8,0467,3076,479Accident and health insurance222Total$8,048$7,309$6,481




















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Cincinnati Financial Corporation and SubsidiariesReinsurance(Dollars in millions)Years ended December 31,202320222021Gross amounts:Life insurance in force$122,053$120,147$116,697Earned premiumsCommercial lines insurance$4,399$4,150$3,777Personal lines insurance2,1171,7551,586Excess and surplus lines insurance572510417Other319262216Total property casualty insurance7,4076,6775,996Life insurance394379370Total$7,801$7,056$6,366Ceded amounts to other companies:Life insurance in force$39,692$39,665$39,204Earned premiumsCommercial lines insurance$147$137$115Personal lines insurance746745Excess and surplus lines insurance302519Other808576Total property casualty insurance331314255Life insurance817876Total$412$392$331Assumed amounts from other companies:Life insurance in force$—$—$—Earned premiumsCommercial lines insurance$12$11$12Personal lines insurance111Excess and surplus lines insurance———Other556549430Total property casualty insurance569561443Life insurance———Total$569$561$443Net amounts:Life insurance in force$82,361$80,482$77,493Earned premiumsCommercial lines insurance$4,264$4,024$3,674Personal lines insurance2,0441,6891,542Excess and surplus lines insurance542485398Other795726570Total property casualty insurance7,6456,9246,184Life insurance313301294Total$7,958$7,225$6,478Percentage of amounts assumed to net:Life insurance in force—%—%—%Earned premiumsCommercial lines insurance0.3%0.3%0.3%Personal lines insurance—0.10.1Excess and surplus lines insurance———Other69.975.675.4Total property casualty insurance7.48.17.2Life insurance———Total7.27.86.8








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Cincinnati Financial Corporation and SubsidiariesValuation and Qualifying Accounts(Dollars in millions)At December 31,202320222021Allowance for credit losses (1):Beginning balance, January 1$17$16$22Additions charged to costs and expenses331514Deductions(14)(14)(20)Ending balance, December 31$36$17$16Deferred tax valuation allowance:Beginning balance, January 1$31$53$56Additions charged to costs and expenses———Deductions(31)(22)(3)Ending balance, December 31—3153Total valuation and qualifying accounts$36$48$69





(1) Includes allowances for credit losses related to premiums receivable, reinsurance recoverable, finance receivablesandfixed-maturity securities.





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Cincinnati Financial Corporation and SubsidiariesSupplementary Information Concerning Property Casualty Insurance Operations(Dollars in millions)Years ended December 31,202320222021Deferred policy acquisition costs:Commercial lines insurance$387$372$345Personal lines insurance210168145Excess and surplus lines insurance433733Other10910579Total$749$682$602Reserves for unpaid claims and claim adjustment expenses:Commercial lines insurance$5,887$5,568$5,007Personal lines insurance990916814Excess and surplus lines insurance932753577Other1,1661,099831Total$8,975$8,336$7,229Reserve discount deducted$—$—$—Gross unearned premiums:Commercial lines insurance$2,111$2,021$1,857Personal lines insurance1,253994850Excess and surplus lines insurance273236207Other481437356Total$4,118$3,688$3,270Earned premiums:Commercial lines insurance$4,264$4,024$3,674Personal lines insurance2,0441,6891,542Excess and surplus lines insurance542485398Other795726570Total$7,645$6,924$6,184Investment income, net of expenses:Commercial lines insurance$—$—$—Personal lines insurance———Excess and surplus lines insurance———Other———Total (1)$602$509$457

















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Cincinnati Financial Corporation and SubsidiariesSupplementary Information Concerning Property Casualty Insurance Operations(Dollars in millions)Years ended December 31,202320222021Loss and loss expenses incurred related to current accident year:Commercial lines insurance$2,910$2,837$2,293Personal lines insurance1,5061,2271,042Excess and surplus lines insurance361324243Other396487446Total$5,173$4,875$4,024Loss and loss expenses incurred related to prior accident years:Commercial lines insurance$(123)$(76)$(353)Personal lines insurance(64)(61)(50)Excess and surplus lines insurance(11)(9)7Other(17)(13)(32)Total$(215)$(159)$(428)Amortization of deferred policy acquisition costs:Commercial lines insurance$808$769$703Personal lines insurance367311276Excess and surplus lines insurance897963Other157144109Total$1,421$1,303$1,151Paid loss and loss expenses:Commercial lines insurance$2,480$2,211$1,806Personal lines insurance1,3531,071914Excess and surplus lines insurance183145118Other260260256Total$4,276$3,687$3,094Net written premiums:Commercial lines insurance$4,336$4,159$3,811Personal lines insurance2,3021,8311,594Excess and surplus lines insurance570502426Other838815648Total$8,046$7,307$6,479










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Exhibit No.Exhibit Description3.1Amended and Restated Articles of Incorporation of Cincinnati Financial Corporation (incorporated by reference to the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, Exhibit 3.1)3.2Amended and Restated Code of Regulations of Cincinnati Financial Corporation, as of May 6, 2023 (incorporated by reference to Exhibit 3.1 filed with the company’s Current Report on Form 8-K dated May 9, 2023)4.1Indenture with The Bank of New York Trust Company (incorporated by reference to the company’s Current Report on Form 8-K dated November 2, 2004, filed with respect to the issuance of the company’s 6.125% Senior Notes due November 1, 2034)4.2Supplemental Indenture with The Bank of New York Trust Company (incorporated by reference to the company’s Current Report on Form 8-K dated November 2, 2004, filed with respect to the issuance of the company’s 6.125% Senior Notes due November 1, 2034)4.3Second Supplemental Indenture with The Bank of New York Trust Company (incorporated by reference to the company’s Current Report on Form 8-K dated May 9, 2005, filed with respect to the completion of the company’s exchange offer and rescission offer for its 6.90% senior debentures due 2028)4.4Form of 6.125% Exchange Note Due 2034 (included in Exhibit 4.2)4.5Form of 6.92% Debentures Due 2028 (included in Exhibit 4.3)4.6Indenture with the First National Bank of Chicago (subsequently assigned to The Bank of New York Trust Company) (incorporated by reference to the company’s registration statement on Form S-3 filed on May 20, 1998 (File No. 333-51677))4.7Form of 6.90% Debentures Due 2028 (included in Exhibit 4.6)4.8Description of Registered Securities10.1Cincinnati Financial Corporation Nonemployee Director Stock Plan of 2018 (incorporated by reference to the company’s definitive Proxy Statement dated March 21, 2018)10.2First Amendment to Cincinnati Financial Corporation Nonemployee Director Stock Plan of 2018 (incorporated by reference to Exhibit 10.6 filed with the company’s Annual Report on Form 10-K dated February 25, 2021)10.3Cincinnati Financial Corporation Nonemployee Director Deferred Compensation Plan (incorporated by reference to Exhibit 10.6 filed with the company’s Annual Report on Form 10-K dated February 25, 2021)10.4Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009, Amended and Restated on January 29, 2021 (incorporated by reference to Exhibit 10.6 filed with the company's Annual Report on Form 10-K dated February 25, 2021)10.5Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009, Amended and Restated on January 29, 2022 (incorporated by reference to the company’s Exhibit 10.6 filed with the company’s Annual Report on Form 10-K dated February 24, 2022)10.6Cincinnati Financial Corporation 2006 Stock Compensation Plan (incorporated by reference to the company’s definitive Proxy Statement dated March 30, 2006)10.7Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to the company’s definitive Proxy Statement dated March 16, 2012)10.8Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to the company’s Definitive Proxy Statement dated March 16, 2016, Appendix B)10.9First Amendment of Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 99.1 filed with the Company’s current report on Form 8-K dated April 11, 2016)10.10Amended and Restated Cincinnati Financial Corporation Supplemental Retirement Plan dated January 1, 2009 (incorporated by reference to Exhibit 10.7 filed with the company’s Annual Report on Form 10-K dated February 27, 2013)10.11Form of Incentive Stock Option Agreement for the 2006 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company’s Current Report on Form 8-K dated October 20, 2006)10.12Form of Nonqualified Stock Option Agreement for the 2006 Stock Compensation Plan (incorporated by reference to Exhibit 10.4 filed with the company’s Current Report on Form 8-K dated October 20, 2006)





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Exhibit No.Exhibit Description10.13Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K dated February 21, 2013)10.14Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.2 filed with the company’s Current Report on Form 8-K dated February 21, 2013)10.15Form of Incentive Compensation Agreement for the Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009 (as amended January 31, 2014) (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K dated January 30, 2017)10.16Form of Incentive Compensation Agreement for the Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009, Amended and Restated on January 29, 2022 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K dated January 29, 2024)10.17Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.2 filed with the company’s Current Report on Form 8-K dated January 30, 2017)10.18Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company’s Current Report on Form 8-K dated January 30, 2017)10.19Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.7 filed with the company’s Current Report on Form 8-K dated January 30, 2017)10.20Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.8 filed with the company’s Current Report on Form 8-K dated January 30, 2017)10.21Form of Restricted Stock Unit Agreement (service based/cliff) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.9 filed with the company’s Current Report on Form 8-K dated January 30, 2017)10.22Form of Restricted Stock Unit Agreement (service based/cliff) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by referenced to Exhibit 10.2 filed with the company’s Current Report on Form 8-K dated January 29, 2024)10.23Form of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.10 filed with the company’s Current Report on Form 8-K dated January 30, 2017)10.24Form of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by referenced to Exhibit 10.3 filed with the company’s Current Report on Form 8-K dated January 29, 2024)10.25Form of Restricted Stock Unit Agreement (performance based) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.11 filed with the company’s Current Report on Form 8-K dated January 30, 2017)10.26Form of Restricted Stock Unit Agreement (performance based) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by referenced to Exhibit 10.4 filed with the company’s Current Report on Form 8-K dated January 29, 2024)10.27Amended and Restated Cincinnati Financial Corporation Top Hat Savings Plan dated January 1, 2018 (incorporated by reference to Exhibit 10.31 filed with the company's Form 10-K dated February 23, 2018)10.28Cincinnati Financial Corporation Executive Deferred Compensation Agreement by and between the Cincinnati Financial Corporation and Michael J. Sewell, dated as of October 25, 2011 (incorporated by reference to Exhibit 10.2 filed with the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011)10.29Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A. as Administrative Agent, PNC Capital Markets LLC, as Sole Bookrunner and Joint Lead Arranger, Fifth Third Bank, N.A., as Joint Lead Arranger and Syndication Agent, The Huntington National Bank and U.S. Bank, N.A., as Documentation Agents, dated May 13, 2014 (incorporated by reference to the company’s Current Report on Form 8-K dated May 13, 2014, Exhibit 10.1)





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Exhibit No.Exhibit Description10.30First Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A. as Administrative Agent, PNC Capital Markets LLC, as Sole Bookrunner and Joint Lead Arranger, Fifth Third Bank, N.A., as Joint Lead Arranger and Syndication Agent, The Huntington National Bank and U.S. Bank, N.A., as Documentation Agents, dated February 8, 2016 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K dated February 8, 2016)10.31Second Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A., as Administrative Agent, PNC Capital Markets, LLC, as Sole Bookrunner and Joint Lead Arranger, Fifth Third Bank, N.A. as Joint Lead Arranger and Syndication Agent, The Huntington National Bank and U.S. Bank, N.A. as Documentation Agents, dated March 31, 2016 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K dated April 4, 2016)10.32Third Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A., as Administrative Agent, PNC Capital Markets, LLC, as Sole Bookrunner and Joint Lead Arranger, Fifth Third Bank, N.A. as Joint Lead Arranger and Syndication Agent, The Huntington National Bank and U.S. Bank, N.A. as Documentation Agents, dated February 4, 2019 (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K dated February 6, 2019)10.33Fourth Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A., as Administrative Agent, PNC Capital Markets, LLC, as Sole Bookrunner and Joint Lead Arranger, Fifth Third Bank, N.A. as Joint Lead Arranger and Syndication Agent, The Huntington National Bank and U.S. Bank, N.A. as Documentation Agents, dated February 26, 2019 (incorporated by reference to Exhibit 10.6 filed with the company’s Current Report on Form 8-K dated February 28, 2019)10.34Fifth Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A., as Administrative Agent, PNC Capital Markets, LLC, as Sole Bookrunner and Joint Lead Arranger, Fifth Third Bank, N.A. as Joint Lead Arranger and Syndication Agent, The Huntington National Bank and U.S. Bank, N.A. as Documentation Agents, dated March 23, 2023 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K dated March 23, 2023)10.35Limited Consent to Credit Agreement, dated December 6, 2019, among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A., Fifth Third Bank, N.A., The Huntington National Bank, U.S. Bank, N.A., and Branch Banking and Trust Company (incorporated by reference to Exhibit 10.6 filed with the company’s Current Report on Form 8-K, dated December 6, 2019)10.36Limited Consent to Credit Agreement, dated December 11, 2020, among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A., Fifth Third Bank, N.A., The Huntington National Bank, U.S. Bank, N.A., and Branch Banking and Trust Company (incorporated by reference to Exhibit 10.7 filed with the company’s Current Report on Form 8-K, dated December 11, 2020)10.37Reimbursement Agreement for Letters of Credit by and between Bank of Nova Scotia and The Cincinnati Insurance Company, dated October 15, 2018 (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K/A dated November 14, 2019)10.38Letter of Credit Facility Agreement by and between Cincinnati Financial Corporation, as Borrower, and The Bank of Nova Scotia, as Bank, dated February 25, 2019 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K dated February 28, 2019)10.39Amendment Letter No. 1 to the Letter of Credit Facility Agreement, dated November 4, 2019 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K, dated November 5, 2019)10.40Amendment Letter No. 2 to the Letter of Credit Facility Agreement, dated October 30, 2020 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K, dated November 2, 2020)10.41Amendment Letter No. 3 to the Letter of Credit Facility Agreement, dated November 2, 2021 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K, dated November 3, 2021)10.42Amendment Letter No. 4 to the Letter of Credit Facility Agreement, dated October 31, 2022 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K, dated October 31, 2022)10.43Amendment Letter No. 5 to the Letter of Credit Facility Agreement, dated October 31, 2023 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K, dated October 31, 2023)11Statement re: Computation of per share earnings for the years ended December 31, 2023, 2022, and 2021, contained in Part II, Item 8, Note 12, to the Consolidated Financial Statements





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Exhibit No.Exhibit Description14Cincinnati Financial Corporation Code of Ethics for Senior Financial Officers (incorporated by reference to the company’s definitive Proxy Statement dated March 18, 2004 (File No. 000-04604))19Cincinnati Financial Corporation Securities Trading Policy And Addendum to Securities Trading Policy For Pre-Clearance And Blackout Procedures21Cincinnati Financial Corporation subsidiaries contained in Part I, Item 1, of this report23Consent of Independent Registered Public Accounting Firm31ACertification 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 200297Cincinnati Financial Corporation Policy For The Recovery of Erroneously Awarded Compensation101.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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SignatureTitleDate/S/ Steven J. JohnstonChairman, Chief Executive Officer and DirectorFebruary 26, 2024Steven J. Johnston/S/ Stephen M. SprayPresident and DirectorFebruary 26, 2024Stephen M. Spray/S/ Michael J. SewellChief Financial Officer, Executive Vice President and TreasurerFebruary 26, 2024Michael J. Sewell/S/ Thomas J. AaronDirectorFebruary 26, 2024Thomas J. Aaron/S/ Nancy C. BenacciDirectorFebruary 26, 2024Nancy C. Benacci/S/ Linda W. Clement-HolmesDirectorFebruary 26, 2024Linda W. Clement-Holmes/S/ Dirk J. DebbinkDirectorFebruary 26, 2024Dirk J. Debbink/S/ Jill P. MeyerDirectorFebruary 26, 2024Jill P. Meyer/S/ David P. OsbornDirectorFebruary 26, 2024David P. Osborn/S/ Gretchen W. ScharDirectorFebruary 26, 2024Gretchen W. Schar/S/ Charles O. SchiffDirectorFebruary 26, 2024Charles O. Schiff/S/ Douglas S. SkidmoreDirectorFebruary 26, 2024Douglas S. Skidmore/S/ John F. Steele, Jr.DirectorFebruary 26, 2024John F. Steele, Jr./S/ Larry R. WebbDirectorFebruary 26, 2024Larry R. Webb/S/ Chengsheng Peter WuDirectorFebruary 26, 2024Chengsheng Peter Wu