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10-K





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





December 31, 2021





☐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











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Large accelerated filer
       ☐


☐











☑





☐





18,398,492,958





160,433,769











Portions of the definitive Proxy Statement for Cincinnati Financial Corporation’s Annual Meeting of Shareholders to be held on May 7, 2022, are incorporated by reference into Part III of this Form 10-K.







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Part I5Item 1.Business5Cincinnati Financial Corporation – Introduction5Our Business and Our Strategy6Our Segments14Other27Regulation28Item 1A.Risk Factors32Item 1B.Unresolved Staff Comments43Item 2.Properties43Item 3.Legal Proceedings43Item 4.Mine Safety Disclosures43Part II44Item 5.Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities44Item 6.[Reserved]45Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations46Introduction46Executive Summary47Critical Accounting Estimates52Recent Accounting Pronouncements58Financial Results59Liquidity and Capital Resources93Safe Harbor Statement109Item 7A.Quantitative and Qualitative Disclosures About Market Risk112Item 8.Financial Statements and Supplementary Data118Responsibility for Financial Statements118Management’s Annual Report on Internal Control Over Financial Reporting119Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)120Consolidated Balance Sheets122Consolidated Statements of Income123Consolidated Statements of Comprehensive Income124Consolidated Statements of Shareholders’ Equity125Consolidated Statements of Cash Flows126Notes to Consolidated Financial Statements127Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure174Item 9A.Controls and Procedures174Item 9B.Other Information174Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections174











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Part III175Item 10.Directors, Executive Officers and Corporate Governance175Item 11.Executive Compensation177Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters177Item 13.Certain Relationships and Related Transactions, and Director Independence178Item 14.Principal Accounting Fees and Services178Part IV179Item 15.Exhibit and Financial Statement Schedules179Item 16Form 10-K Summary179










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Agency DataYears ended December 31,20212020Property casualty agency relationships, January 11,8481,796New appointments that market all or most of The Cincinnati Insurance Companies' products155133New appointments that market only personal lines insurance products for Cincinnati Insurance5958Changes due to consolidation and other(141)(139)Property casualty agency relationships, December 311,9211,848Property casualty reporting locations2,7212,578New relationship appointments159119Active states4645











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(Dollars in millions)Statutory InformationAt December 31,20212020Standard market property casualty insurance subsidiaryStatutory capital and surplus$7,247$5,838Risk-based capital7,2795,860Authorized control level risk-based capital1,093924Risk-based capital to authorized control level risk-based capital ratio6.76.3Written premium to surplus ratio0.91.0














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, 2021Ohio$88914.4%253$3.5Illinois3395.51732.0North Carolina2914.71102.6Georgia2894.71102.6Pennsylvania2824.61521.9Indiana2664.31132.4New York2644.31601.7Tennessee2043.3693.0Michigan2003.21431.4Virginia1953.1762.6
































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(Dollars in millions)202120202019Percent of total 2021Segment:Commercial lines insurance$3,811$3,534$3,41055.8%Personal lines insurance1,5941,5031,43523.4Excess and surplus lines insurance4263483036.2Life insurance3463283185.1Other6484793689.5Total$6,825$6,192$5,834100.0%Business line:Commercial lines insurance:Commercial casualty$1,315$1,205$1,13119.2%Commercial property1,0901,01998516.0Commercial auto81676373512.0Workers' compensation2692662943.9Other commercial3212812654.7Total commercial lines insurance3,8113,5343,41055.8Personal lines insurance:Personal auto6086116208.9Homeowner76969363111.3Other personal2171991843.2Total personal lines insurance1,5941,5031,43523.4Excess and surplus lines insurance4263483036.2Life insurance:Term life insurance2182021963.2Universal life insurance3434370.5Other life insurance and annuity products9492851.4Subtotal3463283185.1Other6484793689.5Total$6,825$6,192$5,834100.0%
















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(Dollars in millions)Earnedpremiums% of totalearnedAgencylocationsAveragepremium perlocationYear ended December 31, 2021Ohio$53914.7%242$2.2Illinois2256.11521.5Pennsylvania2196.01401.6North Carolina1955.31081.8Indiana1835.01091.7Virginia1524.1702.2Georgia1514.1961.6Tennessee1464.0692.1Missouri1373.7552.5Michigan1363.71331.0



































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(Dollars in millions)Earnedpremiums% of totalearnedAgencylocationsAveragepremium perlocationYear ended December 31, 2021Ohio$31920.7%231$1.4Georgia1177.6911.3New York1066.91051.0Illinois825.31230.7North Carolina754.9880.9California704.6701.0Indiana674.3920.7Alabama634.1491.3Michigan513.31000.5Kentucky473.1530.9














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(Dollars in millions)Earnedpremiums% of totalearnedYear ended December 31, 2021Illinois$317.8%Ohio307.6Texas246.1New York225.6Pennsylvania225.5North Carolina215.3Georgia205.0Missouri164.1Indiana164.0Minnesota163.9








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(Dollars in millions)Premiums% of totalYear ended December 31, 2021Ohio$5715.7%Pennsylvania277.4Illinois226.0Indiana215.7Georgia195.3








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(Dollars in millions)At December 31, 2021At December 31, 2020Cost or amortized costPercent of totalPercent of totalCost or amortized costPercent of totalPercent of totalFair valueFair valueTaxable fixed maturities$8,34451.0%$8,85836.4%$7,36348.3%$8,05338.0%Tax-exempt fixed maturities3,88623.84,16417.13,94925.94,28520.2Common equities3,69722.610,86244.63,64023.98,54140.3Nonredeemable preferred  equities4242.64531.92871.93151.5Total$16,351100.0%$24,337100.0%$15,239100.0%$21,194100.0%









































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At December 31,20212020Weighted average yield-to-amortized cost4.02%4.12%Weighted average maturity8.0yrs7.5yrsEffective duration4.8yrs4.5yrs








(Dollars in millions)At December 31,20212020Investment-grade corporate$6,807$6,416States, municipalities and political subdivisions931712Noninvestment-grade corporate690479Commercial mortgage-backed273285United States government123120Foreign government2629Government-sponsored enterprises812Total$8,858$8,053


























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Percent of common stock portfolioAt December 31, 2021At December 31, 2020CincinnatiFinancialS&P 500 IndustryWeightingsCincinnatiFinancialS&P 500 IndustryWeightingsSector:Information technology31.1%29.2%28.3%27.6%Financial14.210.714.210.4Healthcare13.513.313.313.5Industrials11.17.812.38.4Consumer discretionary8.312.58.912.7Consumer staples6.95.96.76.5Materials4.42.55.12.6Energy4.02.73.82.3Real estate2.72.82.72.4Utilities2.22.52.62.8Telecomm services1.610.12.110.8Total100.0%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, 2021Weighted-average exerciseprice of outstandingoptions, warrants and rightsNumber of securities remainingavailable for future issuance underequity compensation plan (excludingsecurities reflected in column (a)) atDecember 31, 2021(a)(b)(c)Equity compensation plans    approved by security holders3,552,336$78.525,867,608Equity compensation plans not    approved by security holders———Total3,552,336$78.525,867,608




















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, 2021———11,942,698November 1-30, 2021715,913$120.27715,91311,226,785December 1-31, 2021150,000116.21150,00011,076,785Totals865,913119.56865,913
























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OneyearThree-year% averageFive-year% averageValue creation ratio:As of December 31, 202125.7%23.6%18.7%As of December 31, 202014.715.016.5As of December 31, 201930.517.814.2














Years ended December 31,2021-20202020-2019202120202019Pt. ChangePt. ChangeValue creation ratio major components:Net income before investment gains9.7%5.5%8.9%4.2(3.4)Change in fixed-maturity securities, realized and unrealized gains(1.5)3.05.5(4.5)(2.5)Change in equity securities, investment gains16.87.516.69.3(9.1)Other0.7(1.3)(0.5)2.0(0.8)Value creation ratio25.7%14.7%30.5%11.0(15.8)














(Dollars are per share)Years ended December 31,202120202019Value creation ratio:End of period book value*$81.72$67.04$60.55Less beginning of period book value67.0460.5548.10Change in book value14.686.4912.45Dividend declared to shareholders2.522.402.24Total value creation$17.20$8.89$14.69Value creation ratio from change in book value**21.9%10.7%25.9%Value creation ratio from dividends declared to shareholders***3.84.04.6Value creation ratio25.7%14.7%30.5%

















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(Dollars in millions, except share data)At December 31,At December 31,20212020Total investments$24,666$21,542Total assets31,38727,542Short-term debt5454Long-term debt789788Shareholders' equity13,10510,789Book value per share81.7267.04Debt-to-total-capital ratio6.0%7.2%




















(In millions, except per share data)Years ended December 31,2021-20202020-2019202120202019Change %Change %Earned premiums$6,482$5,980$5,60487Investment income, net of expenses (pretax)71467064674Investment gains and losses, net (pretax)2,4098651,650178(48)Total revenues9,6307,5367,92428(5)Net income2,9461,2161,997142(39)Comprehensive income2,8251,5372,42384(37)Net income per share - diluted18.107.4912.10142(38)Cash dividends declared per share2.522.402.2457Diluted weighted average shares outstanding162.7162.4165.10(2)

















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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Consolidated property casualty data:Net written premiums$6,479$5,864$5,516106Earned premiums6,1845,6915,33497Underwriting profit731119341514(65)Pt. ChangePt. ChangeGAAP combined ratio88.3%98.1%93.8%(9.8)4.3Statutory combined ratio87.996.793.4(8.8)3.3Written premium to statutory surplus0.91.01.0(0.1)0.0


































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(Dollars in millions)Net loss and loss expense range of reservesCarried reservesLow pointHigh pointStandard errorNet incomeeffectAt December 31, 2021Total$6,902$6,446$7,014$284$224Commercial casualty$2,464$2,222$2,655$217$171Commercial property45631452710785Commercial auto7597087984536Workers' compensation9658159898769Personal auto2922723132117Homeowners2992823161713Excess and surplus5625216034334








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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Earned premiums$6,184$5,691$5,33497Fee revenues1091111(18)Total revenues6,1945,7005,34597Loss and loss expenses from:Current accident year before catastrophe losses3,4623,2433,24970Current accident year catastrophe losses562725351(22)107Prior accident years before catastrophe losses(363)(98)(219)(270)55Prior accident years catastrophe losses(65)(33)(29)(97)(14)Loss and loss expenses3,5963,8373,352(6)14Underwriting expenses1,8671,7441,65276Underwriting profit$731$119$341514(65)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses56.0%57.0%60.9%(1.0)(3.9)Current accident year catastrophe losses9.112.76.6(3.6)6.1Prior accident years before catastrophe losses(5.9)(1.7)(4.1)(4.2)2.4Prior accident years catastrophe losses(1.1)(0.6)(0.6)(0.5)0.0Loss and loss expenses58.167.462.8(9.3)4.6Underwriting expenses30.230.731.0(0.5)(0.3)Combined ratio88.3%98.1%93.8%(9.8)4.3Combined ratio:88.3%98.1%93.8%(9.8)4.3Contribution from catastrophe losses and prior years    reserve development2.110.41.9(8.3)8.5Combined ratio before catastrophe losses and prior years    reserve development86.2%87.7%91.9%(1.5)(4.2)














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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Agency renewal written premiums$5,091$4,740$4,51975Agency new business written premiums897799778123Other written premiums4913252195148Net written premiums6,4795,8645,516106Unearned premium change(295)(173)(182)(71)5Earned premiums$6,184$5,691$5,33497














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(Dollars in millions, net of reinsurance)Excess and surplus linesCommercial linesPersonal linesDatesEventsRegionsOtherTotal2021Feb. 12-15Flood, Freeze, Ice, Snow, WindSouth, West$9$5$—$34$48Feb. 16-20Flood, Freeze, Ice, Snow, WindMidwest, Northeast, South18271854Mar. 24-26Flood, Hail, WindMidwest, Northeast, South1218——30Mar. 27-29Flood, Hail, WindMidwest, Northeast, South49——13May 3-4Flood, Hail, WindSouth84——12Jun. 17-20Flood, Hail, WindMidwest1016——26Jun. 24 - Jul. 1Flood, Hail, WindMidwest, Northeast, South, West410——14Jul. 8-10Flood, Hail, WindMidwest56——11Aug. 10-13Flood, Hail, WindMidwest, Northeast, South58——13Aug. 29 - Sep. 2Flood, Hail, WindNortheast, South (Ida)1436—118168Dec. 10-12Flood, Hail, WindMidwest, Northeast, South4022——62Dec. 13-16Flood, Lightning, WindMidwest, West109——19All other 2021 catastrophes294821392Development on 2020 and prior catastrophes(44)(7)—(14)(65)Calendar year incurred total$124$211$3$159$4972020Jan. 10-12Flood, hail, windMidwest, Northeast, South$6$4$—$—$10Feb. 5-8Flood, hail, windNortheast, South95——14Mar. 2-4Flood, hail, windMidwest, South588—571Mar. 27-30Flood, hail, windMidwest, Northeast, South2114——35Apr. 7-9Flood, hail, windMidwest, Northeast, South2929——58Apr. 10-14Flood, hail, windMidwest, Northeast, South2227—150May 4-5Flood, hail, windMidwest, South225——27May 26 - Jun. 8Civil unrestMidwest, Northeast, South, West16—1522Jul. 10-12Flood, hail, windMidwest, South1513——28Jul. 30 - Aug. 5Flood, hail, windInternational, South, Northeast619—126Aug. 8-11Flood, hail, windMidwest84201—105Aug. 26-28Flood, hail, windSouth (Laura)22—4145Sep. 7-16WildfireWest94——13Sep. 14-18Flood, hail, windSouth (Sally)84—2537Oct. 9-12Flood, hail, windSouth (Delta)—1—1415Oct. 28-29Flood, hail, windSouth (Zeta)715—931Nov. 15-16Flood, hail, windMidwest, Northeast, South46——10Dec. 25ExplosionSouth20———20All other 2020 catastrophes3857310108Development on 2019 and prior catastrophes(14)(8)—(11)(33)Calendar year incurred total$362$225$5$100$692








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(Dollars in millions)Accident year loss and loss expenses incurred and ratios to earned premiums:Accident year:202120202019202120202019as of December 31, 2021$4,024$3,686$3,46365.1%64.8%64.9%as of December 31, 20203,9683,51969.766.0as of December 31, 20193,60067.5


























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(Dollars in millions, net of reinsurance)Years ended December 31,2021-20202020-2019202120202019Change %Change %Current accident year losses greater than $5,000,000$112$50$2712485Current accident year losses $1,000,000-$5,000,00025720224327(17)Large loss prior accident year reserve development954250126(16)Total large losses incurred46429432058(8)Losses incurred but not reported(19)31050nmnmOther losses excluding catastrophe losses2,0621,9092,1188(10)Catastrophe losses472670309(30)117Total losses incurred$2,979$3,183$2,797(6)14Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5,000,0001.8%0.9%0.5%0.90.4Current accident year losses $1,000,000-$5,000,0004.23.64.60.6(1.0)Large loss prior accident year reserve development1.50.70.90.8(0.2)Total large loss ratio7.55.26.02.3(0.8)Losses incurred but not reported(0.3)5.50.9(5.8)4.6Other losses excluding catastrophe losses33.433.439.70.0(6.3)Catastrophe losses7.611.85.8(4.2)6.0Total loss ratio48.2%55.9%52.4%(7.7)3.5














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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Commission expenses$1,168$1,042$989125Other underwriting expenses69469265106Policyholder dividends51012(50)(17)Total underwriting expenses$1,867$1,744$1,65276Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCommission expenses18.9%18.3%18.6%0.6(0.3)Other underwriting expenses11.212.212.2(1.0)0.0Policyholder dividends0.10.20.2(0.1)0.0Total underwriting expense ratio30.2%30.7%31.0%(0.5)(0.3)


































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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Earned premiums$3,674$3,476$3,31965Fee revenues43533(40)Total revenues3,6783,4793,32465Loss and loss expenses from:Current accident year before catastrophe losses2,1252,0552,04630Current accident year catastrophe losses168376176(55)114Prior accident years before catastrophe losses(309)(81)(167)(281)51Prior accident years catastrophe losses(44)(14)(25)(214)44Loss and loss expenses1,9402,3362,030(17)15Underwriting expenses1,1401,0791,05362Underwriting profit$598$64$241834(73)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses57.8%59.2%61.7%(1.4)(2.5)Current accident year catastrophe losses4.610.85.3(6.2)5.5Prior accident years before catastrophe losses(8.4)(2.3)(5.0)(6.1)2.7Prior accident years catastrophe losses(1.2)(0.4)(0.8)(0.8)0.4Loss and loss expenses52.867.361.2(14.5)6.1Underwriting expenses31.031.031.70.0(0.7)Combined ratio83.8%98.3%92.9%(14.5)5.4Combined ratio:83.8%98.3%92.9%(14.5)5.4Contribution from catastrophe losses and prior years    reserve development(5.0)8.1(0.5)(13.1)8.6Combined ratio before catastrophe losses and prior years    reserve development88.8%90.2%93.4%(1.4)(3.2)





























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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Agency renewal written premiums$3,334$3,122$2,99874Agency new business written premiums571515510111Other written premiums(94)(103)(98)9(5)Net written premiums3,8113,5343,41084Unearned premium change(137)(58)(91)(136)36Earned premiums$3,674$3,476$3,31965




















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(Dollars in millions)Accident year loss and loss expenses incurred and ratios to earned premiums:Accident year:202120202019202120202019as of December 31, 2021$2,293$2,216$2,11362.4%63.8%63.7%as of December 31, 20202,4312,17170.065.4as of December 31, 20192,22267.0


























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(Dollars in millions, net of reinsurance)Years ended December 31,2021-20202020-2019202120202019Change %Change %Current accident year losses greater than $5,000,000$97$50$279485Current accident year losses $1,000,000-$5,000,00018513518537(27)Large loss prior accident year reserve development963649167(27)Total large losses incurred37822126171(15)Losses incurred but not reported(83)24026nmnmOther losses excluding catastrophe losses1,1311,0731,2225(12)Catastrophe losses116350142(67)146Total losses incurred$1,542$1,884$1,651(18)14Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5,000,0002.6%1.4%0.8%1.20.6Current accident year losses $1,000,000-$5,000,0005.04.05.61.0(1.6)Large loss prior accident year reserve development2.71.01.51.7(0.5)Total large loss ratio10.36.47.93.9(1.5)Losses incurred but not reported(2.3)6.90.8(9.2)6.1Other losses excluding catastrophe losses30.830.836.70.0(5.9)Catastrophe losses3.210.14.3(6.9)5.8Total loss ratio42.0%54.2%49.7%(12.2)4.5














(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Commission expenses$684$625$61492Other underwriting expenses45144442724Policyholder dividends51012(50)(17)Total underwriting expenses$1,140$1,079$1,05362Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCommission expenses18.6%18.0%18.5%0.6(0.5)Other underwriting expenses12.212.712.9(0.5)(0.2)Policyholder dividends0.20.30.3(0.1)0.0Total underwriting expense ratio31.0%31.0%31.7%0.0(0.7)











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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Earned premiums$1,542$1,463$1,40454Fee revenues44400Total revenues1,5461,4671,40854Loss and loss expenses from:Current accident year before catastrophe losses8247628758(13)Current accident year catastrophe losses218233137(6)70Prior accident years before catastrophe losses(43)(10)(29)(330)(66)Prior accident years catastrophe losses(7)(8)213nmLoss and loss expenses9929779852(1)Underwriting expenses45744341537Underwriting profit$97$47$8106488Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses53.4%52.1%62.4%1.3(10.3)Current accident year catastrophe losses14.216.09.7(1.8)6.3Prior accident years before catastrophe losses(2.8)(0.7)(2.1)(2.1)1.4Prior accident years catastrophe losses(0.5)(0.6)0.20.1(0.8)Loss and loss expenses64.366.870.2(2.5)(3.4)Underwriting expenses29.730.329.6(0.6)0.7Combined ratio94.0%97.1%99.8%(3.1)(2.7)Combined ratio:94.0%97.1%99.8%(3.1)(2.7)Contribution from catastrophe losses and prior years    reserve development10.914.77.8(3.8)6.9Combined ratio before catastrophe losses and prior years    reserve development83.1%82.4%92.0%0.7(9.6)


























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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Agency renewal written premiums$1,434$1,364$1,31254Agency new business written premiums2021741581610Other written premiums(42)(35)(35)(20)0Net written premiums1,5941,5031,43565Unearned premium change(52)(40)(31)(30)(29)Earned premiums$1,542$1,463$1,40454
































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(Dollars in millions)Accident year loss and loss expenses incurred and ratios to earned premiums:Accident year:202120202019202120202019as of December 31, 2021$1,042$943$99067.6%64.5%70.6%as of December 31, 202099599168.170.6as of December 31, 20191,01272.1


























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(Dollars in millions, net of reinsurance)Years ended December 31,2021-20202020-2019202120202019Change %Change %Current accident year losses greater than $5,000,000$15$—$—nmnmCurrent accident year losses $1,000,000-$5,000,000565951(5)16Large loss prior accident year reserve development(4)6(1)nmnmTotal large losses incurred676550330Losses incurred but not reported113917(72)129Other losses excluding catastrophe losses58852366212(21)Catastrophe losses198216135(8)60Total losses incurred$864$843$8642(2)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5,000,0001.0%0.0%0.0%1.00.0Current accident year losses $1,000,000-$5,000,0003.64.03.6(0.4)0.4Large loss prior accident year reserve development(0.2)0.4(0.1)(0.6)0.5Total large loss ratio4.44.43.50.00.9Losses incurred but not reported0.72.71.2(2.0)1.5Other losses excluding catastrophe losses38.135.847.22.3(11.4)Catastrophe losses12.814.79.6(1.9)5.1Total loss ratio56.0%57.6%61.5%(1.6)(3.9)














(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Commission expenses$292$266$259103Other underwriting expenses165177156(7)13Total underwriting expenses$457$443$41537Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCommission expenses19.0%18.2%18.5%0.8(0.3)Other underwriting expenses10.712.111.1(1.4)1.0Total underwriting expense ratio29.7%30.3%29.6%(0.6)0.7











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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Earned premiums$398$325$2782217Fee revenues22200Total revenues4003272802217Loss and loss expenses from:Current accident year before catastrophe losses2401871522823Current accident year catastrophe losses351(40)400Prior accident years before catastrophe losses77(11)0nmPrior accident years catastrophe losses———00Loss and loss expenses2501991422640Underwriting expenses10694851311Underwriting profit$44$34$5329(36)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses60.3%57.7%54.6%2.63.1Current accident year catastrophe losses0.61.30.4(0.7)0.9Prior accident years before catastrophe losses1.92.1(4.1)(0.2)6.2Prior accident years catastrophe losses0.00.20.2(0.2)0.0Loss and loss expenses62.861.351.11.510.2Underwriting expenses26.728.730.4(2.0)(1.7)Combined ratio89.5%90.0%81.5%(0.5)8.5Combined ratio:89.5%90.0%81.5%(0.5)8.5Contribution from catastrophe losses and prior years    reserve development2.53.6(3.5)(1.1)7.1Combined ratio before catastrophe losses and prior years    reserve development87.0%86.4%85.0%0.61.4





























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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Agency renewal written premiums$323$254$2092722Agency new business written premiums124110110130Other written premiums(21)(16)(16)(31)0Net written premiums4263483032215Unearned premium change(28)(23)(25)(22)8Earned premiums$398$325$2782217























(Dollars in millions)Accident year loss and loss expenses incurred and ratios to earned premiums:Accident year:202120202019202120202019as of December 31, 2021$243$192$15860.9%59.0%56.9%as of December 31, 202019215159.054.3as of December 31, 201915355.0











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(Dollars in millions, net of reinsurance)Years ended December 31,2021-20202020-2019202120202019Change %Change %Current accident year losses greater than $5,000,000$—$—$—nmnmCurrent accident year losses $1,000,000-$5,000,000168710014Large loss prior accident year reserve development3—2nm(100)Total large losses incurred1989138(11)Losses incurred but not reported5331771343Other losses excluding catastrophe losses979576225Catastrophe losses252(60)150Total losses incurred$171$139$942348Ratios 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 $1,000,000-$5,000,0004.12.52.51.60.0Large loss prior accident year reserve development0.60.00.60.6(0.6)Total large loss ratio4.72.53.12.2(0.6)Losses incurred but not reported13.49.52.43.97.1Other losses excluding catastrophe losses24.329.327.7(5.0)1.6Catastrophe losses0.61.40.5(0.8)0.9Total loss ratio43.0%42.7%33.7%0.39.0














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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Commission expenses$70$58$53219Other underwriting expenses363632013Total underwriting expenses$106$94$851311Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCommission expenses17.5%17.6%18.9%(0.1)(1.3)Other underwriting expenses9.211.111.5(1.9)(0.4)Total underwriting expenses ratio26.7%28.7%30.4%(2.0)(1.7)





































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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Earned premiums$298$289$27037Fee revenues524150(50)Total revenues30329127446Contract holders' benefits incurred340297286144Investment interest credited to contract holders(105)(102)(99)(3)(3)Underwriting expenses incurred848586(1)(1)Total benefits and expenses319280273143Life insurance segment profit (loss)$(16)$11$1nmnm


























(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Term life insurance$210$197$18676Universal life insurance394439(11)13Other life insurance and annuity products49484527Net earned premiums$298$289$27037




















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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Total investment income, net of expenses$714$670$64674Investment interest credited to contract holders(105)(102)(99)(3)(3)Investment gains and losses, net2,4098651,650178(48)Investments profit, pretax$3,018$1,433$2,197111(35)
































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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Invested assets beginning balance:Fixed maturities$12,338$11,698$10,68959Equity securities8,8567,7525,9201431Other invested assets34829612318141Invested assets beginning balance21,54219,74616,732918Average acquisitions (dispositions), net53830934374(10)Annual average invested assets$22,080$20,055$17,0751017Total investment return:Investment income, net of expenses$714$670$64674Investment gains and losses, net2,4098651,650178(48)Total invested assets change in unrealized gains and losses(234)436544nm(20)Total$2,889$1,971$2,84047(31)Total return on invested assets, pretax13.1%9.8%16.6%








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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Investment income:Interest$477$455$44652Dividends246220201129Other5812(38)(33)Less investment expenses14131380Investment income, pretax71467064674Less income taxes11110410173Total investment income, after-tax$603$566$54574Investment returns:Average invested assets plus cash and cash equivalents$23,215$20,670$18,697Average yield pretax3.08%3.24%3.46%Average yield after-tax2.602.742.91Effective tax rate15.515.515.6Fixed-maturity returns:Average amortized cost$11,771$11,210$10,876Average yield pretax4.05%4.06%4.10%Average yield after-tax3.373.393.42Effective tax rate16.816.616.6











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At December 31, 2021% YieldPrincipal redemptionsFixed-maturity yield profile:Expected to mature during 20223.65%$771Expected to mature during 20233.78809Expected to mature during 20244.271,024Average yield and total expected redemptions from 2022 through 20243.94$2,604








Years ended December 31,20212020Average pretax yield-to-amortized cost on new fixed maturities:Acquired taxable fixed maturities3.52%4.23%Acquired tax-exempt fixed maturities2.652.71Average total fixed maturities acquired3.473.97














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(Dollars in millions)Years ended December 31,202120202019Investment gains and lossesEquity securities:Investment gains and losses on securities sold, net$4$79$26Unrealized gains and losses on securities still held, net2,2788411,626Subtotal2,2829201,652Fixed-maturity securities:Gross realized gains361613Gross realized losses(5)(3)(3)Write-down of impaired securities(1)(78)(9)Subtotal30(65)1Other9710(3)Total investment gains and losses reported in net income$2,409$865$1,650Change in unrealized investment gains and losses reported in OCIFixed-maturity securities(234)436544Total$2,175$1,301$2,194








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(Dollars in millions)Years ended December 31,202120202019Taxable fixed maturities:Impairment amount$—$77$9New amortized cost$—$78$20Percent to total amortized cost owned—%1%—%Number of impaired securities written down—133Percent to number of securities owned—%2%—%Tax-exempt fixed maturities:Impairment amount$1$1$—New amortized cost$2$1$—Percent to total amortized cost owned—%—%—%Number of impaired securities written down51—Percent to number of securities owned—%—%—%Totals:Impairment amount$1$78$9New amortized cost$2$79$20Percent to total amortized cost owned—%1%—%Number of impaired securities written down5143Percent to number of securities owned—%1%—%








(Dollars in millions)Years ended December 31,202120202019Fixed maturities:Energy$—$62$6Real estate—133Consumer goods—1—Municipal11—Technology & Electronics—1—Total fixed maturities$1$78$9








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(Dollars in millions)Years ended December 31,2021-20202020-2019202120202019Change %Change %Interest and fees on loans and leases$7$6$51720Earned premiums5704273333328Other revenues344(25)0Total revenues5804373423328Interest expense535453(2)2Loss and loss expenses4143251952767Underwriting expenses164128992829Operating expenses2020230(13)Total expenses6515273702442Other loss$(71)$(90)$(28)21(221)








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(Dollars in millions)Years ended December 31,202120202019Sources of liquidity:Subsidiary dividends received$598$550$625Investment income received908175Proceeds from stock options exercised13711Return of funds on deposit from Lloyd's1175—Uses of liquidity:Shareholders' dividend payments$395$375$355Share repurchases14426167Debt interest payments525452Payment of funds on deposit at Lloyd's144767














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(Dollars in millions)Years ended December 31,202120202019Premiums collected$6,309$5,828$5,495Loss and loss expenses paid(3,094)(3,183)(3,260)Commissions and other underwriting expenses paid(1,842)(1,785)(1,639)Cash flow from underwriting1,373860596Investment income received497456451Cash flow from operations$1,870$1,316$1,047























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(Dollars in millions)YearYearsThere-Payment due by period20222023-2026afterTotalGross property casualty loss and loss expense payments$2,627$3,695$907$7,229Gross life policyholder obligations873355,5005,922Long-term debt——793793Interest on long-term debt52208215475Profit-sharing commissions195——195Other liabilities122405167Total$3,083$4,278$7,420$14,781



































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(Dollars in millions)Loss reservesLoss expense reservesTotal gross reservesCase reservesIBNR reservesPercent of totalAt December 31, 2021Commercial lines insurance:Commercial casualty$1,059$734$704$2,49734.5%Commercial property35782625016.9Commercial auto41922012476310.6Workers' compensation442503851,03014.3Other commercial9191162163.0Subtotal2,3681,5481,0915,00769.3Personal lines insurance:Personal auto21153603244.5Homeowner168102443144.3Other personal848751762.4Subtotal46324210981411.2Excess and surplus lines2331861585778.0Cincinnati Re11746055828.1Cincinnati Global1509722493.4Total$3,331$2,533$1,365$7,229100.0%At December 31, 2020Commercial lines insurance:Commercial casualty$955$764$653$2,37235.5%Commercial property338127695348.0Commercial auto39120914174111.1Workers' compensation402534891,02515.4Other commercial92131042093.1Subtotal2,1781,6471,0564,88173.1Personal lines insurance:Personal auto20556683294.9Homeowner16647412543.8Other personal619051562.3Subtotal43219311473911.0Excess and surplus lines1901331234466.7Cincinnati Re7728723665.5Cincinnati Global1479532453.7Total$3,024$2,355$1,298$6,677100.0%








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(Dollars in millions)CommercialPersonalE&SlineslineslinesOtherTotalsAs 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)$(428)As of December 31, 20202019 accident year$(51)$(22)$(2)$(5)$(80)2018 accident year(44)(3)—(9)(56)2017 accident year(4)3(1)(6)(8)2016 accident year418(5)82015 accident year(10)—1—(9)2014 accident year411—62013 and prior accident years62——8(Favorable)/unfavorable$(95)$(18)$7$(25)$(131)As of December 31, 20192018 accident year$(67)$(10)$(6)$(7)$(90)2017 accident year(48)(6)(1)(6)(61)2016 accident year(4)(5)(1)(5)(15)2015 accident year(27)(1)(1)—(29)2014 accident year(16)(3)(1)—(20)2013 accident year(16)(2)(1)—(19)2012 and prior accident years(14)———(14)(Favorable)/unfavorable$(192)$(27)$(11)$(18)$(248)














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(Dollars in millions)RMS ModelAIR ModelPercentPercentGrossNetof totalGrossNetof totalProbability at December 31, 2021losseslossesequitylosseslossesequity2.0% (1 in 50 year event)$427$1681.3%$455$1691.3%1.0% (1 in 100 year event)6822041.66922021.50.4% (1 in 250 year event)1,1614683.61,0843862.90.2% (1 in 500 year event)1,6388426.41,4826895.3


























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(Dollars in millions)20212020Name of reinsurerTotalreceivableA.M. BestRatingTotalreceivableA.M. BestRatingMunich Reinsurance America$52A+$44A+Swiss Reinsurance America Corporation41A+41A+Michigan Catastrophic Claims Association39NA39NAGeneral Reinsurance Corporation30A++28A++Hartford Steam Boiler Inspection & Insurance Company23A++14A++








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(Dollars in millions)20212020Name of reinsurerTotalreceivableRating agencyRatingTotalreceivableRating AgencyRatingSwiss Re Life & Health America, Inc.$66A.M. BestA+$71A.M. BestA+General Re Life Corporation44A.M. BestA++43A.M. BestA++Lincoln National Life Insurance Company30A.M. BestA+31A.M. BestA+Security Life of Denver Insurance Company19S&PA+22S&PA+Employers Reassurance Corporation15S&PBBB+15S&PBBB+










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Taxablefixed maturitiesTax-exemptfixed maturitiesCommonequitiesNonredeemable preferredequitiesPoliticalAHAARegulatoryAAAAEconomicAAHARevaluationAAHAInterest rateHHAHFraudALAACreditALAADefaultALAA




















































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(Dollars in millions)Effect from interest rate change in basis points-200-100—100200At December 31, 2021$14,327$13,656$13,022$12,399$11,768At December 31, 2020$13,493$12,900$12,338$11,774$11,195






















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(Dollars in millions)Effect from market price change in percent-30%-20%-10%—10%20%30%At December 31, 2021$7,921$9,052$10,184$11,315$12,447$13,578$14,710At December 31, 2020$6,199$7,085$7,970$8,856$9,742$10,627$11,513






















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(Dollars in millions)Less than 12 months12 months or moreTotalAt December 31, 2021FairvalueUnrealizedlossesFairvalueUnrealizedlossesFairvalueUnrealizedlossesFixed-maturity securities:Corporate$861$13$15$—$876$13States, municipalities and political subdivisions1052211073Commercial mortgage-backed10—11—21—United States government48———48—Foreign government16———16—Government-sponsored enterprises7———7—Total$1,047$15$28$1$1,075$16At December 31, 2020Fixed-maturity securities:Corporate$330$5$46$2$376$7States, municipalities and political subdivisions3122—332Commercial mortgage-backed2316—291United States government12———12—Foreign government10———10—Government-sponsored enterprises——————Total$406$8$54$2$460$10








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(Dollars in millions)Numberof issuesAmortizedcostFairvalueGrossunrealizedgain (loss)GrossinvestmentincomeAt December 31, 2021Taxable fixed maturities:Fair valued below 70% of amortized cost—$—$—$—$—Fair valued at 70% to less than 100% of amortized cost2581,0591,044(15)16Fair valued at 100% and above of amortized cost1,8207,2857,814529307Investment income on securities sold in current year————30Total2,0788,3448,858514353Tax-exempt fixed maturities:Fair valued below 70% of amortized cost—————Fair valued at 70% to less than 100% of amortized cost203231(1)1Fair valued at 100% and above of amortized cost2,2313,8544,133279120Investment income on securities sold in current year————3Total2,2513,8864,164278124Fixed-maturities summary:Fair valued below 70% of amortized cost—————Fair valued at 70% to less than 100% of amortized cost2781,0911,075(16)17Fair valued at 100% and above of amortized cost4,05111,13911,947808427Investment income on securities sold in current year————33Total4,329$12,230$13,022$792$477At December 31, 2020Fixed-maturities summary:Fair valued below 70% of amortized cost—$—$—$—$—Fair valued at 70% to less than 100% of amortized cost128470460(10)18Fair valued at 100% and above of amortized cost4,00010,84211,8781,036414Investment income on securities sold in current year————23Total4,128$11,312$12,338$1,026$455










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DELOITTE & TOUCHE LLP


Cincinnati, Ohio
















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(Dollars in millions, except per share data)December 31,December 31,20212020AssetsInvestmentsFixed maturities, at fair value (amortized cost: 2021—$12,230; 2020—$11,312)$13,022$12,338Equity securities, at fair value (cost: 2021—$4,121; 2020—$3,927)11,3158,856Other invested assets329348Total investments24,66621,542Cash and cash equivalents1,139900Investment income receivable144136Finance receivable9895Premiums receivable2,0531,879Reinsurance recoverable570517Prepaid reinsurance premiums7865Deferred policy acquisition costs905805Land, building and equipment, net, for company use (accumulated depreciation:2021—$303; 2020—$285)205213Other assets570438Separate accounts959952Total assets$31,387$27,542LiabilitiesInsurance reservesLoss and loss expense reserves$7,305$6,746Life policy and investment contract reserves3,0142,915Unearned premiums3,2712,960Other liabilities1,092982Deferred income tax1,7441,299Note payable5454Long-term debt and lease obligations843845Separate accounts959952Total liabilities18,28216,753Commitments and contingent liabilities (Note 16)Shareholders' EquityCommon stock, par value—$2 per share; (authorized: 2021 and 2020—500 million shares;issued: 2021 and 2020—198.3 million shares)397397Paid-in capital1,3561,328Retained earnings12,62510,085Accumulated other comprehensive income648769Treasury stock, at cost (2021—38.0 million shares and 2020—37.4 million shares)(1,921)(1,790)Total shareholders' equity13,10510,789Total liabilities and shareholders' equity$31,387$27,542










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(Dollars in millions, except per share data)Years ended December 31,202120202019RevenuesEarned premiums$6,482$5,980$5,604Investment income, net of expenses714670646Investment gains and losses, net2,4098651,650Fee revenues151115Other revenues10109Total revenues9,6307,5367,924Benefits and ExpensesInsurance losses and contract holders' benefits3,9364,1343,638Underwriting, acquisition and insurance expenses1,9511,8291,738Interest expense535453Other operating expenses202023Total benefits and expenses5,9606,0375,452Income Before Income Taxes3,6701,4992,472Provision for Income TaxesCurrent247147132Deferred477136343Total provision for income taxes724283475Net Income$2,946$1,216$1,997Per Common ShareNet income—basic$18.29$7.55$12.24Net income—diluted18.107.4912.10
















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(Dollars in millions)Years ended December 31,202120202019Net Income$2,946$1,216$1,997Other Comprehensive Income (Loss)Change in unrealized gains and losses on investments, net of tax (benefit) of $(50), $92 and $114, respectively(184)344430Amortization of pension actuarial gains and losses and prior service cost, net of tax (benefit) of $14, $(7) and $2, respectively54(25)5Change in life deferred acquisition costs, life policy reserves and other, net of tax (benefit) of $2, $1 and $(3), respectively92(9)Other comprehensive income (loss)(121)321426Comprehensive Income$2,825$1,537$2,423










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(Dollars in millions)Years ended December 31,202120202019Common StockBeginning of year$397$397$397Share-based awards———End of year397397397Paid-In CapitalBeginning of year1,3281,3061,281Share-based awards(14)(15)(12)Share-based compensation333130Other967End of year1,3561,3281,306Retained EarningsBeginning of year10,0859,2577,625Cumulative effect of change in accounting for credit losses as of      January 1, 2020—(2)—Adjusted beginning of year10,0859,2557,625Net income2,9461,2161,997Dividends declared(406)(386)(365)End of year12,62510,0859,257Accumulated Other Comprehensive IncomeBeginning of year76944822Other comprehensive income (loss)(121)321426End of year648769448Treasury StockBeginning of year(1,790)(1,544)(1,492)Share-based awards181521Shares acquired - share repurchase authorization(144)(261)(67)Shares acquired - share-based compensation plans(8)(5)(9)Other353End of year(1,921)(1,790)(1,544)Total Shareholders' Equity$13,105$10,789$9,864(In millions)Common Stock - Shares OutstandingBeginning of year160.9162.9162.8Share-based awards0.60.50.7Shares acquired - share repurchase authorization(1.2)(2.5)(0.6)Shares acquired - share-based compensation plans(0.1)(0.1)(0.1)Other0.10.10.1End of year160.3160.9162.9













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(Dollars in millions)Years ended December 31,202120202019Cash Flows From Operating ActivitiesNet income$2,946$1,216$1,997Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization938172Investment gains and losses, net(2,353)(851)(1,640)Share-based compensation333130Interest credited to contract holders454344Deferred income tax expense477136343Changes in:Investment income receivable(8)(3)(1)Premiums and reinsurance receivable(240)(23)(174)Deferred policy acquisition costs(73)(39)(61)Other assets(11)(26)(22)Loss and loss expense reserves559599163Life policy and investment contract reserves99116107Unearned premiums311172184Other liabilities128(5)74Current income tax receivable/payable(25)4492Net cash provided by operating activities1,9811,4911,208Cash Flows From Investing ActivitiesSale of fixed maturities118179102Call or maturity of fixed maturities1,3439121,241Sale of equity securities136515203Purchase of fixed maturities(2,388)(1,382)(1,742)Purchase of equity securities(313)(699)(382)Investment in finance receivables(39)(50)(34)Collection of finance receivables373529Investment in buildings and equipment(15)(20)(24)Change in other invested assets, net64(50)(72)Net cash used in investing activities(1,057)(560)(679)Cash Flows From Financing ActivitiesPayment of cash dividends to shareholders(395)(375)(355)Shares acquired - share repurchase authorization(144)(261)(67)Changes in note payable—157Proceeds from stock options exercised13711Contract holders' funds deposited858586Contract holders' funds withdrawn(146)(159)(174)Other(98)(110)(54)Net cash used in financing activities(685)(798)(546)Net change in cash and cash equivalents239133(17)Cash and cash equivalents at beginning of year900767784Cash and cash equivalents at end of year$1,139$900$767Supplemental Disclosures of Cash Flow InformationInterest paid$52$53$53Income taxes paid2578434Noncash ActivitiesEquipment acquired under finance lease obligations$12$19$14Share-based compensation26199Other assets and other liabilities875729










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Summary of Significant Accounting Policies








two





two 1,921 2,721
 46





two











volatility. The estimated pandemic-related incurred losses and expenses were negative $7 million and positive $85 million in 2021 and 2020, respectively.  The company continues to monitor the impact of the pandemic as it unfolds. The company cannot predict the impact the pandemic will have on its future consolidated financial position, results of operations and cash flows, however the impact could be material.
































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227 128 36 25 35 162 31 33


























Cash and Cash Equivalents


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.








46
 52.1 53.3 14.4 14.8 4 6





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0.6
  5

















14 19 9





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, 2021 and 2020, the allowance, including changes in the amount for each period, was immaterial.














79 99











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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.





















































no

















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39.5 33 33 25
  no

















40








three years 10 three years








15 five years 30 31





Subsequent Events


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








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Investments





(Dollars in millions)AmortizedcostGross unrealizedFairvalueAt December 31, 2021gainslossesFixed-maturity securities:Corporate$7,043$467$13$7,497States, municipalities and political subdivisions4,76833035,095Commercial mortgage-backed2649—273United States government1212—123Foreign government26——26Government-sponsored enterprises8——8Total$12,230$808$16$13,022At December 31, 2020Fixed-maturity securities:Corporate$6,281$621$7$6,895States, municipalities and political subdivisions4,60439524,997Commercial mortgage-backed271151285United States government1155—120Foreign government29——29Government-sponsored enterprises12——12Total$11,312$1,036$10$12,338














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(Dollars in millions)Less than 12 months12 months or moreTotalAt December 31, 2021FairvalueUnrealizedlossesFairvalueUnrealizedlossesFairvalueUnrealizedlossesFixed-maturity securities:Corporate$861$13$15$—$876$13States, municipalities and political subdivisions1052211073Commercial mortgage-backed10—11—21—United States government48———48—Foreign government16———16—Government-sponsored enterprises7———7—Total$1,047$15$28$1$1,075$16At December 31, 2020Fixed-maturity securities:Corporate$330$5$46$2$376$7States, municipalities and political subdivisions3122—332Commercial mortgage-backed2316—291United States government12———12—Foreign government10———10—Government-sponsored enterprises——————Total$406$8$54$2$460$10








(Dollars in millions)Amortized costFairvalue% of fair valueAt December 31, 2021Maturity dates:Due in one year or less$689$6975.4%Due after one year through five years3,6753,87129.7Due after five years through ten years3,4043,67828.2Due after ten years4,4624,77636.7Total$12,230$13,022100.0%











119 121 116 98 84














The following table provides investment income and investment gains and losses:





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(Dollars in millions)Years ended December 31,202120202019Investment income:Interest$477$455$446Dividends246220201Other5812Total728683659Less investment expenses141313Total$714$670$646Investment gains and losses, net:Equity securities:Investment gains and losses on securities sold, net$4$79$26Unrealized gains and losses on securities still held, net2,2788411,626Subtotal2,2829201,652Fixed-maturity securities:Gross realized gains361613Gross realized losses(5)(3)(3)Write-down of impaired securities(1)(78)(9)Subtotal30(65)1Other9710(3)Total$2,409$865$1,650








11.315 8.856 862 644 7.9 7.5 3.5 3.0





five
    278
  16
  no





no
 14
 128 10 no





During 2019, we other-than-temporarily impaired three securities. At December 31, 2019, 38 fixed-maturity investments with a total unrealized loss of $3 million had been in an unrealized loss position for 12 months or more. Of that total, no fixed-maturity investments had fair values below 70% of amortized cost.













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Fair Value Measurements












































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(Dollars in millions)Quoted prices inactive markets foridentical assets(Level 1)Significant unobservable inputs(Level 3)At December 31, 2021Significant otherobservable inputs(Level 2)TotalFixed maturities, available for sale:Corporate$—$7,497$—$7,497States, municipalities and political subdivisions—5,095—5,095Commercial mortgage-backed—273—273United States government123——123Foreign government—26—26Government-sponsored enterprises—8—8Subtotal12312,899—13,022Common equities10,862——10,862Nonredeemable preferred equities—453—453Separate accounts taxable fixed maturities—948—948Top Hat savings plan mutual funds and common  equity (included in Other assets)64——64Total$11,049$14,300$—$25,349At December 31, 2020Fixed maturities, available for sale:Corporate$—$6,895$—$6,895States, municipalities and political subdivisions—4,997—4,997Commercial mortgage-backed—285—285United States government120——120Foreign government—29—29Government-sponsored enterprises—12—12Subtotal12012,218—12,338Common equities8,541——8,541Nonredeemable preferred equities—315—315Separate accounts taxable fixed maturities—903—903Top Hat savings plan mutual funds and common  equity (included in Other assets)51——51Total$8,712$13,436$—$22,148





1.139 900














---
















(Dollars in millions)Quoted prices inactive markets for identical assets(Level 1)Significant otherobservable inputs(Level 2)Significantunobservableinputs(Level 3)TotalAt December 31, 2021Note payable$—$54$—$546.900% senior debentures, due 2028—34—346.920% senior debentures, due 2028—501—5016.125% senior notes, due 2034—510—510Total$—$1,099$—$1,099At December 31, 2020Note payable$—$54$—$546.900% senior debentures, due 2028—35—356.920% senior debentures, due 2028—515—5156.125% senior notes, due 2034—522—522Total$—$1,126$—$1,126





793








(Dollars in millions)Quoted prices inactive markets foridentical assets(Level 1)Significant otherobservable inputs (Level 2)Significant unobservable inputs(Level 3)TotalAt December 31, 2021Life policy loans$—$—$44$44At December 31, 2020Life policy loans$—$—$49$49





31 33








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(Dollars in millions)Quoted prices inactive markets foridentical assets(Level 1)Significant otherobservable inputs (Level 2)Significantunobservableinputs(Level 3)TotalAt December 31, 2021Deferred annuities$—$—$778$778Structured settlements—201—201Total$—$201$778$979At December 31, 2020Deferred annuities$—$—$836$836Structured settlements—227—227Total$—$227$836$1,063





762 761 136 145






















---




Property Casualty Loss and Loss Expenses









































(Dollars in millions)Years ended December 31,202120202019Gross loss and loss expense reserves, January 1$6,677$6,088$5,646Less reinsurance recoverable277342238Net loss and loss expense reserves, January 16,4005,7465,408Net loss and loss expense reserves related to acquisition of Cincinnati Global at  February 28, 2019——246Net incurred loss and loss expenses related to:Current accident year4,0243,9683,600Prior accident years(428)(131)(248)Total incurred3,5963,8373,352Net paid loss and loss expenses related to:Current accident year1,3791,4931,462Prior accident years1,7151,6901,798Total paid3,0943,1833,260Net loss and loss expense reserves, December 316,9026,4005,746Plus reinsurance recoverable327277342Gross loss and loss expense reserves, December 31$7,229$6,677$6,088





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76
  69 59





428 353 50 7 120 97 66 43 31 14





131 95 18 7
 54 39 16 17 15 5





248 192 27


11 78 77


25 6 26 11





88 85 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$5,383$3,146$90$2,327$33$2,360Workers' compensation1,9231,279301945651,010Commercial auto2,2031,515347224726Commercial property3,1182,6981743746483Personal auto1,8021,5521026032292Homeowner2,1691,89352818289Excess and surplus1,021496152621547Other lines1,210Total liabilities for loss and ALAE reserves6,917Unallocated loss adjustment expense reserves312Gross loss and loss expense reserves$7,229

















---










(Dollars in millions, reported claims in thousands)As of December 31, 2021Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number ofreportedclaimsAccidentUnauditedYear20122013201420152016201720182019202020212012$466$414$417$394$394$404$399$397$397$397$10182013448443431416413407391386385172020145034964794764794654694662221201553352652951650850250442212016563574557555554538582220176105975775715556821201865064162258810122201967264360714120202067462930714202171449210Total$5,383Cumulative paid losses and ALAE, net of reinsurance2012$27$88$170$232$288$330$346$364$374$3832013359015923228631233734835520143497172287338390409421201538108200287362404424201646126228331395434201748122234320392201844148253345201939134259202033102202131Total3,146All outstanding liabilities before 2012, net of reinsurance90Liabilities for loss and ALAE, net of reinsurance$2,327








Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345678910Average annual percentage payout7.2%14.4%18.8%18.1%13.2%8.8%4.6%3.4%2.3%1.7%





---










(Dollars in millions, reported claims in thousands)As of December 31, 2021Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number ofreportedclaimsAccidentUnauditedYear20122013201420152016201720182019202020212012$265$245$234$220$213$211$209$208$207$209$2021201326424622121220820520220120417202014261233214203201198197202171920152462202081951791731732617201623021820618818318324162017218208190183172311520182222071991863415201922421520250142020204190681120212027210Total$1,923Cumulative paid losses and ALAE, net of reinsurance2012$62$121$147$162$171$175$178$180$182$183201361119144157164168170174177201456110134148157162165168201547931151291341371392016469711913114114620174588106114119201848951151272019499411520203768202137Total1,279All outstanding liabilities before 2012, net of reinsurance301Liabilities for loss and ALAE, net of reinsurance$945








Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345678910Average annual percentage payout25.3%25.3%11.6%6.5%3.9%2.3%1.4%1.3%1.3%0.3%





---










(Dollars in millions, reported claims in thousands)As of December 31, 2021Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number of reported claimsAccidentUnauditedYear201720182019202020212017$451$441$443$444$449$851201845344244244015492019452451453344620204243918636202147015436Total$2,203Cumulative paid losses and ALAE, net of reinsurance2017$187$266$334$381$4112018184266337378201918326833320201542142021179Total1,515All outstanding liabilities before 2017, net of reinsurance34Liabilities for loss and ALAE, net of reinsurance$722








Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345Average annual percentage payout40.3%17.7%15.2%9.8%6.7%








---










(Dollars in millions, reported claims in thousands)As of December 31, 2021Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number of reported claimsAccidentUnauditedYear201720182019202020212017$587$560$556$565$572$218201863060359059761820196216066009172020855742432320216074913Total$3,118Cumulative paid losses and ALAE, net of reinsurance2017$395$522$547$560$5672018386559576589201941356157920204896372021326Total2,698All outstanding liabilities before 2017, net of reinsurance17Liabilities for loss and ALAE, net of reinsurance$437








Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345Average annual percentage payout64.4%24.0%3.4%2.2%1.3%





---










(Dollars in millions, reported claims in thousands)As of December 31, 2021Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number of reported claimsAccidentUnauditedYear201720182019202020212017$412$394$391$393$393$11092018424398395398—111201939938338021022020305281187120213505175Total$1,802Cumulative paid losses and ALAE, net of reinsurance2017$256$324$358$374$3832018262327358379201925031434620201862252021219Total1,552All outstanding liabilities before 2017, net of reinsurance10Liabilities for loss and ALAE, net of reinsurance$260











Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345Average annual percentage payout65.1%16.1%8.3%4.8%2.2%








---










(Dollars in millions, reported claims in thousands)As of December 31, 2021Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number of reported claimsAccidentUnauditedYear201720182019202020212017$356$383$385$387$389$127201837038638738852420194324214227222020497475162320214959517Total$2,169Cumulative paid losses and ALAE, net of reinsurance2017$277$356$378$384$3862018268368378381201930339140720203264342021285Total1,893All outstanding liabilities before 2017, net of reinsurance5Liabilities for loss and ALAE, net of reinsurance$281








Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345Average annual percentage payout67.6%22.4%4.0%1.2%0.5%





---










(Dollars in millions, reported claims in thousands)As of December 31, 2021Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurredbut not reportedliabilities plus expecteddevelopment onreported lossesCumulative number of reported claimsAccidentUnauditedYear20122013201420152016201720182019202020212012$67$56$49$40$37$36$35$36$35$35$—120137464544542414141401220149582756460595958322015968173676566654220169387848290918320171049595949413320181161091101082332019137135141413202017217278320212171293Total$1,021Cumulative paid losses and ALAE, net of reinsurance2012$9$15$19$25$29$31$32$33$34$34201371220273234373939201491727374348515320158192941515456201610213951627520171123415768201811265062201913345520201637202117Total496All outstanding liabilities before 2012, net of reinsurance1Liabilities for loss and ALAE, net of reinsurance$526








Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)Years12345678910Average annual percentage payout13.1%13.9%17.6%15.6%12.3%8.4%4.3%3.0%1.1%0.4%










---




Life Policy and Investment Contract Reserves

















(Dollars in millions)At December 31,20212020Life policy reserves:Ordinary/traditional life$1,376$1,301Other5252Subtotal1,4281,353Investment contract reserves:Deferred annuities762761Universal life679647Structured settlements136145Other99Subtotal1,5861,562Total life policy and investment contract reserves$3,014$2,915










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Deferred Policy Acquisition Costs


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


(Dollars in millions)Years ended December 31,202120202019Property casualty:Deferred policy acquisition costs asset, January 1$542$512$464Capitalized deferred policy acquisition costs1,2111,0871,034Amortized deferred policy acquisition costs(1,151)(1,057)(986)Deferred policy acquisition costs asset, December 31$602$542$512Life:Deferred policy acquisition costs asset, January 1$263$262$274Capitalized deferred policy acquisition costs595861Amortized deferred policy acquisition costs(46)(49)(48)Shadow deferred policy acquisition costs27(8)(25)Deferred policy acquisition costs asset, December 31$303$263$262Consolidated:Deferred policy acquisition costs asset, January 1$805$774$738Capitalized deferred policy acquisition costs1,2701,1451,095Amortized deferred policy acquisition costs(1,197)(1,106)(1,034)Shadow deferred policy acquisition costs27(8)(25)Deferred policy acquisition costs asset, December 31$905$805$774
















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Note Payable


We have one unsecured revolving credit facility through multiple commercial banks which expires on February 4, 2026. The borrowing capacity is $300 million with an additional $300 million accordion feature. Terms and conditions of the agreement include a debt-to-total capital maximum of 35%. We had no compensating balance requirements on short-term debt for either 2021 or 2020. At December 31, 2021 and 2020, $54 million was drawn on the line of credit. The interest rate charged on our borrowings on this credit agreement ranged from 0.97% to 1.03% during 2021 and ranged from 1.03% to 4.25% during 2020. In addition, we have letters of credit related to our Cincinnati Re and Cincinnati Global operations withnoamounts drawn at December 31, 2021 and 2020.










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Long-Term Debt and Lease Obligations





(Dollars in millions)Book valuePrincipal amountInterest rateYear of issueAt December 31,At December 31,20212020202120206.900%1998Senior debentures, due 2028$27$27$28$286.920%2005Senior debentures, due 20283913913913916.125%2004Senior notes, due 2034371370374374Total$789$788$793$793





six years five years
 54 57
  3
 interest for finance and operating leases:


(Dollars in millions)Years ended December 31,202220232024202520262027 and thereafterFinance lease obligations$14$12$8$6$3$2Operating lease obligations422211Total lease obligations$18$14$10$8$4$3








(Dollars in millions)Years ended December 31,202120202019Lease cost:Finance lease cost$15$15$9Operating lease cost444Total lease cost$19$19$13Other information finance leases:Finance cash outflows$15$15$15Weighted average discount rate2.46%2.62%2.96%Weighted average remaining lease term in years3.453.673.65Other information operating leases:Operating cash outflows$4$8$8Weighted average discount rate2.86%3.65%3.69%Weighted average remaining lease term in years4.374.844.71










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Shareholders’ Equity and Dividend Restrictions


2.52
 2.40 2.24





583
 550 625 10 100 929





no








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








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(Dollars in millions)202120202019BeforetaxIncometaxNetBeforetaxIncometaxNetBeforetaxIncometaxNetInvestments:AOCI, January 1$1,026$215$811$590$123$467$46$9$37OCI before investment gains and losses, net, recognized in net income(204)(44)(160)37178293545115430Investment gains and losses, net, recognized in net income(30)(6)(24)651451(1)(1)—OCI(234)(50)(184)43692344544114430AOCI, December 31$792$165$627$1,026$215$811$590$123$467Pension obligations:AOCI, January 1$(41)$(7)$(34)$(9)$—$(9)$(16)$(2)$(14)OCI excluding amortization recognized in net income621250(35)(7)(28)624Amortization recognized in net income6243—31—1OCI681454(32)(7)(25)725AOCI, December 31$27$7$20$(41)$(7)$(34)$(9)$—$(9)Life deferred acquisition costs, life policy reserves and other:AOCI, January 1$(10)$(2)$(8)$(13)$(3)$(10)$(1)$—$(1)OCI before investment gains and losses, net, recognized in net income1129312(15)(3)(12)Investment gains and losses, net, recognized in net income——————3—3OCI1129312(12)(3)(9)AOCI, December 31$1$—$1$(10)$(2)$(8)$(13)$(3)$(10)Summary of AOCI:AOCI, January 1$975$206$769$568$120$448$29$7$22Investments OCI(234)(50)(184)43692344544114430Pension obligations OCI681454(32)(7)(25)725Life deferred acquisition costs, life policy reserves and other OCI1129312(12)(3)(9)Total OCI(155)(34)(121)40786321539113426AOCI, December 31$820$172$648$975$206$769$568$120$448
















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Reinsurance











(Dollars in millions)Years ended December 31,202120202019Direct written premiums$6,229$5,756$5,477Assumed written premiums515335244Ceded written premiums(265)(227)(205)Net written premiums$6,479$5,864$5,516Direct earned premiums$5,996$5,623$5,340Assumed earned premiums443285199Ceded earned premiums(255)(217)(205)Earned premiums$6,184$5,691$5,334Direct incurred loss and loss expenses$3,352$3,699$3,402Assumed incurred loss and loss expenses366184117Ceded incurred loss and loss expenses(122)(46)(167)Incurred loss and loss expenses$3,596$3,837$3,352














(Dollars in millions)Years ended December 31,202120202019Direct earned premiums$374$362$341Ceded earned premiums(76)(73)(71)Earned premiums$298$289$270Direct contract holders' benefits incurred$423$359$359Ceded contract holders' benefits incurred(83)(62)(73)Contract holders' benefits incurred$340$297$286
















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Income Taxes





(Dollars in millions)At December 31,20212020Deferred tax assets:Unearned premiums$131$119Loss and loss expense reserves9281Net operating loss on international earnings3426Deferred international earnings3145Other5041Deferred tax assets before valuation allowance338312Valuation allowance for international operations5356Deferred tax assets net of valuation allowance285256Deferred tax liabilities:Investment gains and other, net1,6841,240Deferred acquisition costs155143Life policy reserves116121Investments3813Other3638Total gross deferred tax liabilities2,0291,555Net deferred income tax liability$1,744$1,299




















(Dollars in millions)For the years ended December 31,202120202019United States$3,644$1,521$2,440International26(22)32Total income before income taxes$3,670$1,499$2,472








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(Dollars in millions)For the years ended December 31,202120202019Provision (benefit) for income taxes:Current – United States federal$248$147$137International(1)—(5)Total current247147132Deferred – United States federal477136338International——5Total deferred477136343Total provision for income taxes$724$283$475








(Dollars in millions)Years ended December 31,202120202019Tax at statutory rate:$77121.0%$31521.0%$51921.0%Increase (decrease) resulting from:Tax-exempt income from municipal bonds(20)(0.5)(20)(1.3)(19)(0.8)Dividend received exclusion(20)(0.5)(17)(1.1)(16)(0.6)Other(7)(0.3)50.3(9)(0.4)Provision for income taxes$72419.7%$28318.9%$47519.2%





no














34




















---










no 94








3 3 53 53














(Dollars in millions)Years ended December 31,202120202019Valuation allowance, January 1$56$41$—Acquisition accounting amount——55Current year operations(3)15(14)Valuation allowance, December 31$53$56$41





8 26 130
 108







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Net Income Per Common Share


The table shows calculations for basic and diluted earnings per share:


(In millions, except per share data)Years ended December 31,202120202019Numerator:Net income—basic and diluted$2,946$1,216$1,997Denominator:Basic weighted-average common shares outstanding161.0161.2163.2Effect of share-based awards:Stock options1.10.71.2Nonvested shares0.60.50.7Diluted weighted-average shares162.7162.4165.1Earnings per share:Basic$18.29$7.55$12.24Diluted18.107.4912.10Number of anti-dilutive share-based awards0.81.4—





The sources of dilution of our common shares are certain equity-based awards as discussed in Note 17, Share-Based Associate Compensation Plans. The above table includes the number of anti-dilutive share-based awards at year-end 2021, 2020 and 2019. We did not include these share-based awards in the computation of net income per common share (diluted) because their exercise would have anti-dilutive effects.







---




Employee Retirement Benefits


40





22 22 19 6 three years





9


10 64 51 1








This is a summary of the weighted-average assumptions used to determine our benefit obligations at December 31 for the plans:


Qualified Pension PlanSERP2021202020212020Discount rate2.97%2.68%2.90%2.52%Rate of compensation increase2.25-3.252.25-3.252.25-3.252.25-3.25





0.29 0.38








Qualified Pension PlanSERP202120202019202120202019Discount rate2.68%3.40%4.34%2.52%3.33%4.25%Expected return on plan assets7.007.007.00n/an/an/aRate of compensation increase2.25-3.252.25-3.252.25-3.252.25-3.252.25-3.252.25-3.25





0.72 0.81





---




24.5 11.4








(Dollars in millions)At December 31,20212020Change in projected benefit obligation:Benefit obligation, January 1$387$350Service cost109Interest cost1012Actuarial (gain) loss(5)51Benefits paid(41)(35)Other1—Projected benefit obligation, December 31$362$387Change in plan assets:Fair value of plan assets, January 1$357$354Actual return on plan assets7834Employer contribution34Benefits paid(41)(35)Fair value of plan assets, December 31$397$357Funded status, December 31$35$(30)Accumulated benefit obligation$338$360














---







(Dollars in millions)At December 31,20212020Pension amounts recognized in the consolidated balance sheets:Other assets (liability)$35$(30)Total$35$(30)Pension amounts recognized in accumulated other comprehensive income:Net actuarial (gain) loss$(27)$41Total$(27)$41








(Dollars in millions)Years ended December 31,202120202019Net periodic benefit cost:Service cost$10$9$8Non-service costs (benefit):Interest cost101213Expected return on plan assets(21)(21)(20)Amortization of actuarial loss and prior service cost631Other131Net periodic benefit cost$6$6$3Other changes in plan assets and benefit obligations recognized in other   comprehensive income:Current year actuarial (gain) loss$(62)$38$(5)Amortization of actuarial loss(7)(6)(2)Current year prior service cost1——Total recognized in other comprehensive (income) loss$(68)$32$(7)Total recognized in net periodic benefit cost and other comprehensive   (income) loss$(62)$38$(4)





























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87 8 3 2 32 20 13 12 10





16 31


(Dollars in millions)Quoted prices inactive markets foridentical assets (Level 1)Significant otherobservable inputs (Level 2)Significantunobservableinputs (Level 3)TotalAt December 31, 2021Fixed maturities, available for sale:United States government$31$—$—$31Corporate—11—11States, municipalities and political subdivisions—7—7Total fixed maturities, available for sale3118—49Common equities332——332Total$363$18$—$381At December 31, 2020Fixed maturities, available for sale:United States government$31$—$—$31Corporate—20—20States, municipalities and political subdivisions—9—9Total fixed maturities, available for sale3129—60Common equities266——266Total$297$29$—$326





202,337 23 18
 29,776
 1





6 We expect to make the following benefit payments for our qualified plan and SERP, reflecting expected future service:


(Dollars in millions)Years ended December 31,202220232024202520262027 - 2031Expected future benefit payments$29$25$27$29$34$162










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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 31,20212020201920212020The Cincinnati Insurance Company$929$466$558$7,247$5,838The Cincinnati Casualty Company151413500456The Cincinnati Indemnity Company533126115The Cincinnati Specialty Underwriters Insurance Company474262571528The Cincinnati Life Insurance Company412719270241







Transactions With Affiliated Parties


We paid certain officers and directors, or insurance agencies of which they are shareholders, commissions of $8 million in 2021, $7 million in 2020 and $8 million in 2019, on premium volume of $47 million, $45 million and $48 million for 2021, 2020 and 2019, respectively.










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Commitments and Contingent Liabilities



































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










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Share-Based Associate Compensation Plans


Four 10





26 25 24


6 24 15 26 15 7 23





35 1.8








10




















202120202019Weighted-average expected term7-9 years7-8 years7-8 yearsExpected volatility25.56-27.81%16.89-17.13%14.49-15.39%Dividend yield2.62%2.15%2.61%Risk-free rates0.97-1.26%1.40-1.41%2.62-2.64%Weighted-average fair value of options granted during the period$19.64$15.45$11.73








---







(Dollars in millions, except exercise price. Shares in thousands)SharesWeighted-average exercise priceAggregateintrinsicvalueWeighted-averageremaining contractuallifeOutstanding option shares at January 1, 20213,601$72.55Granted46496.32Exercised(415)50.51Forfeited or expired(98)62.00Outstanding option shares at December 31, 20213,55278.52$1265.97 yearsOptions exercisable at end of period2,599$70.99$1125.07 years





13 7 11 77,947
  50,751 103,237


8 5 9 8.41





17.3 5.9 17,018








three years  26 30 25





0 200





six nine 113,648 eight nine 56,722  five nine 11 5 2














---













he following assumptions were used in determining fair value for performance-based grants issued:


202120202019Expected term2.85 years2.86 years2.86 yearsExpected volatility29.50-47.26%15.88-25.13%15.10-25.00%Dividend yield2.62%2.15%2.61%Risk-free rates0.20%1.30%2.48%





elow is a summary of service-based and performance-based share information, assuming a target payout for performance-based shares, for the year 2021:


(Shares in thousands)Service-basedsharesWeighted-average grantdate fair valuePerformance-basedsharesWeighted-average grantdate fair valueNonvested at January 1, 2021696$81.56147$84.64Granted24389.2910686.13Vested(274)67.96(114)63.29Forfeited or canceled(31)89.73——Nonvested at December 31, 202163490.01139103.16










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Segment Information


two





























four












































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(Dollars in millions)Years ended December 31,202120202019Revenues:Commercial lines insuranceCommercial casualty$1,270$1,165$1,102Commercial property1,0431,010958Commercial auto794755707Workers' compensation268271300Other commercial299275252Commercial lines insurance premiums3,6743,4763,319Fee revenues435Total commercial lines insurance3,6783,4793,324Personal lines insurancePersonal auto609615621Homeowner726658607Other personal207190176Personal lines insurance premiums1,5421,4631,404Fee revenues444Total personal lines insurance1,5461,4671,408Excess and surplus lines insurance398325278Fee revenues222Total excess and surplus lines insurance400327280Life insurance premiums298289270Fee revenues524Total life insurance303291274InvestmentsInvestment income, net of expenses714670646Investment gains and losses, net2,4098651,650Total investment revenue3,1231,5352,296OtherPremiums570427333Other10109Total other revenue580437342Total revenues$9,630$7,536$7,924Income (loss) before income taxes:Insurance underwriting resultsCommercial lines insurance$598$64$241Personal lines insurance97478Excess and surplus lines insurance443453Life insurance(16)111Investments3,0181,4332,197Other(71)(90)(28)Total income before income taxes$3,670$1,499$2,472December 31,December 31,Identifiable assets:20212020Property casualty insurance$4,421$3,838Life insurance1,5901,661Investments24,48121,332Other895711Total$31,387$27,542










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Name and Age as ofPrimary Title(s) and Business ResponsibilitiesExecutiveFebruary 24, 2022Since February 2017Officer SinceRoger A. Brown, FSA, MAAA, CLU (50)Senior vice president and chief operating officer of The Cincinnati Life Insurance Company. Responsible for life insurance underwriting and operations.2016Teresa C. Cracas, Esq. (56)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, 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 (53)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. Field sales supervisor for Idaho, Iowa, Montana, Oregon, South Dakota and Washington from 2017 to 2019.2020Donald J. Doyle, Jr., CPCU, AIM (55)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 (46)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. Until 2019, responsible for sales and marketing, including management of field underwriters and independent agency relationships.2017Theresa A. Hoffer (60)Senior vice president and treasurer of The Cincinnati Insurance Company since 2016. Responsible for corporate accounting and SEC reporting operations.2017Martin F. Hollenbeck, CFA, CPCU (62)Chief investment officer, senior vice president, assistant secretary and assistant treasurer of Cincinnati Financial Corporation. Chief investment officer and executive vice president of The Cincinnati Insurance Company. Senior vice president until 2022. Responsible for all investment operations.2008John S. Kellington (60)Chief information officer and executive vice president of The Cincinnati Insurance Company. Senior vice president until  2022. Responsible for enterprise strategic technology and oversight of all technology activities.2010





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Name and Age as ofPrimary Title(s) and Business ResponsibilitiesExecutiveFebruary 24, 2022Since February 2017Officer SinceLisa A. Love, Esq. (62)Senior vice president, general counsel and corporate secretary of Cincinnati Financial Corporation. Chief legal officer, executive vice president and corporate secretary of The Cincinnati Insurance Company. Senior vice president until 2022. Responsible for corporate legal, governance and compliance activities, including oversight of regulatory and compliance, shareholder services, government relations, litigation and contract administration.2011Michael J. Sewell, CPA (58)Chief financial officer, principal accounting officer, senior vice president and treasurer of Cincinnati Financial Corporation. Chief financial officer and executive vice president of The Cincinnati Insurance Company. Senior vice president until 2022. Chief operating officer of CFC Investment Company, a commercial lease and finance subsidiary. Responsible for oversight of all accounting, finance, financial reporting, purchasing, investor relations, administrative services and facilities maintenance and security.2011Stephen M. Spray (55)President of The Cincinnati Insurance Company and its subsidiaries; CFC Investment Company; and CSU Producer Resources Inc. since 2022. Chief insurance officer of The Cincinnati Insurance Company and its property casualty subsidiaries since 2019. Responsible for executive oversight of commercial and personal standard market and excess and surplus lines property and casualty insurance sales, marketing, underwriting, related field services, relationships with independent agents, ceded reinsurance programs, corporate communications and human resources. Until 2019, senior vice president responsible for commercial lines underwriting and operations.2012William H. Van Den Heuvel (55)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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Cincinnati Financial Corporation and SubsidiariesSummary of Investments - Other Than Investments in Related Parties(Dollars in millions)At December 31, 2021Type of investmentCost oramortized costFairvalueBalance sheetFixed maturities:States, municipalities and political subdivisions:The Cincinnati Insurance Company$3,343$3,583$3,583The Cincinnati Casualty Company230246246The Cincinnati Indemnity Company495353The Cincinnati Life Insurance Company446471471The Cincinnati Specialty Underwriters Insurance Company643685685Cincinnati Financial Corporation575757Total4,7685,0955,095United States government:The Cincinnati Insurance Company697171The Cincinnati Casualty Company111The Cincinnati Indemnity Company111Cincinnati Global Underwriting Ltd.505050Total121123123Foreign government:The Cincinnati Insurance Company101010Cincinnati Global Underwriting Ltd.161616Total262626Government-sponsored enterprises:Cincinnati Global Underwriting Ltd.888Total888All other corporate bonds:The Cincinnati Insurance Company3,4433,6283,628The Cincinnati Casualty Company102106106The Cincinnati Indemnity Company333535The Cincinnati Life Insurance Company3,3393,5953,595The Cincinnati Specialty Underwriters Insurance Company300316316CSU Producer Resources Inc.111Cincinnati Global Underwriting Ltd.828282Cincinnati Financial Corporation777Total7,3077,7707,770Total fixed maturities$12,230$13,022$13,022








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Cincinnati Financial Corporation and SubsidiariesSummary of Investments - Other Than Investments in Related Parties(Dollars in millions)At December 31, 2021Type of investmentCost oramortized costFairvalueBalance sheetEquity securities:Common equities:The Cincinnati Insurance Company$1,848$5,543$5,543The Cincinnati Casualty Company59186186The Cincinnati Indemnity Company184444The Cincinnati Specialty Underwriters Insurance Company101287287CSU Producer Resources Inc.152828Cincinnati Financial Corporation1,6564,7744,774Total3,69710,86210,862Nonredeemable preferred equities:The Cincinnati Insurance Company407436436The Cincinnati Life Insurance Company131313Cincinnati Financial Corporation444Total424453453Total equity securities$4,121$11,315$11,315Other invested assets:Policy loans:The Cincinnati Life Insurance Company$31—$31Deposits at Lloyd's:Cincinnati Global Underwriting Ltd.29—29Cincinnati Financial Corporation6—6Private equity:The Cincinnati Insurance Company (1)191—191Cincinnati Financial Corporation (1)36—36Real estate:The Cincinnati Insurance Company (1)27—27The Cincinnati Life Insurance Company (1)5—5Cincinnati Financial Corporation (1)4—4Total other invested assets$329—$329Total investments$16,680—$24,666











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Cincinnati Financial Corporation (parent company only)Condensed Balance Sheets(Dollars in millions)At December 31,20212020AssetsInvestmentsFixed maturities, at fair value (amortized cost: 2021—$64; 2020—$69)$64$68Equity securities, at fair value (cost: 2021—$1,660; 2020—$1,607)4,7783,687Other invested assets46145Total investments4,8883,900Cash and cash equivalents21116Equity in net assets of subsidiaries9,2927,982Investment income receivable98Land, building and equipment, net, for company use (accumulated depreciation:2021—$147; 2020—$138)140143Income tax receivable—5Other assets10853Due from subsidiaries106110Total assets$14,754$12,217LiabilitiesDividends declared but unpaid$101$97Deferred federal income tax664429Long-term debt789788Other liabilities95114Total liabilities1,6491,428Shareholders' EquityCommon stock397397Paid-in capital1,3561,328Retained earnings12,62510,085Accumulated other comprehensive income648769Treasury stock, at cost(1,921)(1,790)Total shareholders' equity13,10510,789Total liabilities and shareholders' equity$14,754$12,217











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Cincinnati Financial Corporation (parent company only)Condensed Statements of Income and Comprehensive Income(Dollars in millions)Years ended December 31,202120202019RevenuesInvestment income, net of expenses$91$81$75Investment gains and losses, net1,058556728Other revenue151515Total revenues1,164652818ExpensesInterest expense535452Other expenses323437Total expenses858889Income Before Income Taxes and Earnings of Subsidiaries1,079564729Provision for Income Taxes217111146Net Income Before Earnings of Subsidiaries862453583Increase in equity of subsidiaries2,0847631,414Net Income$2,946$1,216$1,997Other Comprehensive Income (Loss), Net of TaxesChange in unrealized gain on securities1——Amortization of pension actuarial gains (losses) and prior service costs54(25)5Other Comprehensive Income (Loss), Net of Taxes Before Other Comprehensive Income    of Subsidiaries55(25)5Other comprehensive income (loss) of subsidiaries(176)346421Other comprehensive income (loss)(121)321426Comprehensive Income$2,825$1,537$2,423











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Cincinnati Financial Corporation (parent company only)Condensed Statements of Cash Flows(Dollars in millions)Years ended December 31,202120202019Cash Flows From Operating ActivitiesNet income$2,946$1,216$1,997Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization111210Investment gains and losses, net(1,034)(552)(720)Dividends from subsidiaries598550625Changes in:Increase in equity of subsidiaries(2,084)(763)(1,414)Investment income receivable(1)(1)(1)Current federal income taxes6(3)(1)Deferred income tax22091146Other assets5—4Other liabilities—14Intercompany receivable for operations53420Net cash provided by operating activities672585670Cash Flows From Investing ActivitiesSale of fixed maturities4—3Call or maturity of fixed maturities18121Sale of equity securities25307122Purchase of fixed maturities(19)(23)(39)Purchase of equity securities(82)(372)(237)Investment in buildings and equipment(6)(11)(13)Cash paid for acquisition——(63)Change in other invested assets, net108(42)(67)Net cash (used in) received from investing activities48(140)(273)Cash Flows From Financing ActivitiesPayment of cash dividends to shareholders(395)(375)(355)Shares acquired - share repurchase authorization(144)(261)(67)Proceeds from stock options exercised13711Other132Net cash used in financing activities(525)(626)(409)Net change in cash and cash equivalents195(181)(12)Cash and cash equivalents at beginning of year16197209Cash and cash equivalents at end of year$211$16$197


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 31,202120202019Deferred policy acquisition costs:Commercial lines insurance$345$317$311Personal lines insurance145136130Excess and surplus lines insurance332825Other796146Total property casualty insurance602542512Life insurance303263262Total$905$805$774Gross future policy benefits, losses, claims and expense losses:Commercial lines insurance$5,007$4,881$4,569Personal lines insurance814739687Excess and surplus lines insurance577446351Other831611481Total property casualty insurance7,2296,6776,088Life insurance3,0372,9382,859Total (1)$10,266$9,615$8,947Gross unearned premiums:Commercial lines insurance$1,857$1,714$1,665Personal lines insurance850797757Excess and surplus lines insurance207175152Other356273213Total property casualty insurance3,2702,9592,787Life insurance111Total (1)$3,271$2,960$2,788Other policy claims and benefits payable:Commercial lines insurance$—$—$—Personal lines insurance———Excess and surplus lines insurance———Other———Total property casualty insurance———Life insurance534635Total (1)$53$46$35Earned premiums:Commercial lines insurance$3,674$3,476$3,319Personal lines insurance1,5421,4631,404Excess and surplus lines insurance398325278Other570427333Total property casualty insurance6,1845,6915,334Life insurance298289270Total$6,482$5,980$5,604





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Cincinnati Financial Corporation and SubsidiariesSupplementary Insurance Information(Dollars in millions)Years ended December 31,202120202019Investment income, net of expenses:Commercial lines insurance$—$—$—Personal lines insurance———Excess and surplus lines insurance———Other———Total property casualty insurance (2)457431419Life insurance166158152Total$623$589$571Benefits, claims losses and settlement expenses:Commercial lines insurance$1,940$2,336$2,030Personal lines insurance992977985Excess and surplus lines insurance250199142Other414325195Total property casualty insurance3,5963,8373,352Life insurance340297286Total$3,936$4,134$3,638Amortization of deferred policy acquisition costs:Commercial lines insurance$703$664$631Personal lines insurance276256251Excess and surplus lines insurance635147Other1098657Total property casualty insurance1,1511,057986Life insurance464948Total (3)$1,197$1,106$1,034Underwriting, acquisition and insurance expenses:Commercial lines insurance$437$415$422Personal lines insurance181187164Excess and surplus lines insurance434338Other554242Total property casualty insurance716687666Life insurance383638Total (3)$754$723$704Net written premiums:Commercial lines insurance$3,811$3,534$3,410Personal lines insurance1,5941,5031,435Excess and surplus lines insurance426348303Other648479368Total property casualty insurance6,4795,8645,516Accident and health insurance222Total$6,481$5,866$5,518




















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Cincinnati Financial Corporation and SubsidiariesReinsurance(Dollars in millions)Years ended December 31,202120202019Gross amounts:Life insurance in force$116,697$111,756$108,130Earned premiumsCommercial lines insurance$3,777$3,578$3,421Personal lines insurance1,5861,5031,446Excess and surplus lines insurance417341292Other216201181Total property casualty insurance5,9965,6235,340Life insurance374362341Total$6,370$5,985$5,681Ceded amounts to other companies:Life insurance in force$39,204$38,281$38,146Earned premiumsCommercial lines insurance$115$109$109Personal lines insurance454143Excess and surplus lines insurance191614Other765139Total property casualty insurance255217205Life insurance767371Total$331$290$276Assumed amounts from other companies:Life insurance in force$—$—$—Earned premiumsCommercial lines insurance$12$7$7Personal lines insurance111Excess and surplus lines insurance———Other430277191Total property casualty insurance443285199Life insurance———Total$443$285$199Net amounts:Life insurance in force$77,493$73,475$69,984Earned premiumsCommercial lines insurance$3,674$3,476$3,319Personal lines insurance1,5421,4631,404Excess and surplus lines insurance398325278Other570427333Total property casualty insurance6,1845,6915,334Life insurance298289270Total$6,482$5,980$5,604Percentage of amounts assumed to net:Life insurance in force—%—%—%Earned premiumsCommercial lines insurance0.3%0.2%0.2%Personal lines insurance0.10.10.1Excess and surplus lines insurance———Other75.464.957.4Total property casualty insurance7.25.03.7Life insurance———Total6.84.83.6








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Cincinnati Financial Corporation and SubsidiariesValuation and Qualifying Accounts(Dollars in millions)At December 31,202120202019Allowance for credit losses (1):Beginning balance, January 1$22$8$6Cumulative effect of change in accounting for credit losses as of January 1, 2020, pretax—3—Additions charged to costs and expenses14198Deductions(20)(8)(6)Ending balance, December 31$16$22$8Deferred tax valuation allowance:Beginning balance, January 1$56$41$—Additions charged to costs and expenses—1555Deductions(3)—(14)Ending balance, December 31535641Total valuation and qualifying accounts$69$78$49





(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 31,202120202019Deferred policy acquisition costs:Commercial lines insurance$345$317$311Personal lines insurance145136130Excess and surplus lines insurance332825Other796146Total$602$542$512Reserves for unpaid claims and claim adjustment expenses:Commercial lines insurance$5,007$4,881$4,569Personal lines insurance814739687Excess and surplus lines insurance577446351Other831611481Total$7,229$6,677$6,088Reserve discount deducted$—$—$—Gross unearned premiums:Commercial lines insurance$1,857$1,714$1,665Personal lines insurance850797757Excess and surplus lines insurance207175152Other356273213Total$3,270$2,959$2,787Earned premiums:Commercial lines insurance$3,674$3,476$3,319Personal lines insurance1,5421,4631,404Excess and surplus lines insurance398325278Other570427333Total$6,184$5,691$5,334Investment income, net of expenses:Commercial lines insurance$—$—$—Personal lines insurance———Excess and surplus lines insurance———Other———Total (1)$457$431$419

















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Cincinnati Financial Corporation and SubsidiariesSupplementary Information Concerning Property Casualty Insurance Operations(Dollars in millions)Years ended December 31,202120202019Loss and loss expenses incurred related to current accident year:Commercial lines insurance$2,293$2,431$2,222Personal lines insurance1,0429951,012Excess and surplus lines insurance243192153Other446350213Total$4,024$3,968$3,600Loss and loss expenses incurred related to prior accident years:Commercial lines insurance$(353)$(95)$(192)Personal lines insurance(50)(18)(27)Excess and surplus lines insurance77(11)Other(32)(25)(18)Total$(428)$(131)$(248)Amortization of deferred policy acquisition costs:Commercial lines insurance$703$664$631Personal lines insurance276256251Excess and surplus lines insurance635147Other1098657Total$1,151$1,057$986Paid loss and loss expenses:Commercial lines insurance$1,806$1,969$2,023Personal lines insurance914921966Excess and surplus lines insurance11811290Other256181181Total$3,094$3,183$3,260Net written premiums:Commercial lines insurance$3,811$3,534$3,410Personal lines insurance1,5941,5031,435Excess and surplus lines insurance426348303Other648479368Total$6,479$5,864$5,516










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Exhibit No.Exhibit Description3.1Amended and Restated Articles of Incorporation of Cincinnati Financial Corporation (incorporated by reference to the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, Exhibit 3.1)3.2Amended and Restated Code of Regulations of Cincinnati Financial Corporation, as of May 5, 2018 (incorporated by reference to the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, Exhibit 3.2)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 201810.3Cincinnati Financial Corporation Nonemployee Director Deferred Compensation Plan10.4Cincinnati Financial Corporation Stock Option Plan No. VII (incorporated by reference to the company’s definitive Proxy Statement dated March 8, 2002) (File No. 000-04604)10.5Cincinnati 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)10.6Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009, Amended and Restated on January 29, 202210.7Cincinnati Financial Corporation 2006 Stock Compensation Plan (incorporated by reference to the company’s definitive Proxy Statement dated March 30, 2006)10.8Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to the company’s definitive Proxy Statement dated March 16, 2012)10.9Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to the company’s Definitive Proxy Statement dated March 16, 2016, Appendix B)10.10First 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)10.11Amended 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)10.12Form of Incentive Stock Option Agreement for Stock Option Plan VII (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K dated October 20, 2006)10.13Form of Nonqualified Stock Option Agreement for Stock Option Plan VII (incorporated by reference to Exhibit 10.2 filed with the company’s Current Report on Form 8-K dated October 20, 2006)10.14Form 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)





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Exhibit No.Exhibit Description10.15Form 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)10.16Form 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)10.17Form 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)10.18Form of Restricted Stock Unit Agreement (service based) 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 February 21, 2013)10.19Form of Restricted Stock Unit Agreement (service based/ratable) 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 13, 2015)10.20Form of Restricted Stock Unit Agreement (performance based) for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.4 filed with the company’s Current Report on Form 8-K dated February 21, 2013)10.21Form of Incentive Compensation Agreement for the Cincinnati Financial Corporation 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)10.22Form 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)10.23Form 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)10.24Form of Restricted Stock Unit Agreement (service based/cliff) for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.4 filed with the company’s Current Report on Form 8-K dated January 30, 2017)10.25Form of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.5 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 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.6 filed with the company’s Current Report on Form 8-K dated January 30, 2017)10.27Form 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)10.28Form 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)10.29Form 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)10.30Form 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)10.31Form 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)10.32Amended 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)10.33Cincinnati 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)





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Exhibit No.Exhibit Description10.34Amended 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)10.35First 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)10.36Second 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)10.37Third 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)10.38Fourth 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)10.39Limited 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)10.40Limited 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)10.41Reimbursement 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 dated October 17, 2018)10.42Letter 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)10.43Amendment 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)10.44Amendment 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)10.45Amendment 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)11Statement re: Computation of per share earnings for the years ended December 31, 2021, 2020, and 2019, contained in Part II, Item 8, Note 12, to the Consolidated Financial Statements14Cincinnati 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))21Cincinnati 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 Officer





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Exhibit No.Exhibit Description31BCertification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Financial Officer32Certification pursuant to Section 906 of the Sarbanes Oxley Act of 2002101.INSThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.101.SCHXBRL Taxonomy Extension Schema Document101.CALXBRL Taxonomy Extension Calculation Linkbase Document101.DEFXBRL Taxonomy Extension Definition Linkbase Document101.LABXBRL Taxonomy Extension Label Linkbase Document101.PREXBRL Taxonomy Extension Presentation Linkbase Document104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)










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SignatureTitleDate/S/ Steven J. JohnstonChairman, President, Chief Executive Officer and DirectorFebruary 24, 2022Steven J. Johnston/S/ Michael J. SewellChief Financial Officer, Senior Vice President and TreasurerFebruary 24, 2022Michael J. Sewell/S/ Thomas J. AaronDirectorFebruary 24, 2022Thomas J. Aaron/S/ William F. BahlDirectorFebruary 24, 2022William F. Bahl/S/ Nancy C. BenacciDirectorFebruary 24, 2022Nancy C. Benacci/S/ Linda W. Clement-HolmesDirectorFebruary 24, 2022Linda W. Clement-Holmes/S/ Dirk J. DebbinkDirectorFebruary 24, 2022Dirk J. Debbink/S/ Kenneth C. LichtendahlDirectorFebruary 24, 2022Kenneth C. Lichtendahl/S/ David P. OsbornDirectorFebruary 24, 2022David P. Osborn/S/ Jill P. Meyer PrattDirectorFebruary 24, 2022Jill P. Meyer Pratt/S/ Gretchen W. ScharDirectorFebruary 24, 2022Gretchen W. Schar/S/ Charles O. SchiffDirectorFebruary 24, 2022Charles O. Schiff/S/ Douglas S. SkidmoreDirectorFebruary 24, 2022Douglas S. Skidmore/S/ John F. Steele, Jr.DirectorFebruary 24, 2022John F. Steele, Jr./S/ Larry R. WebbDirectorFebruary 24, 2022Larry R. Webb