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10-Q





☑


June 30, 2024


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0-4604


CINCINNATI FINANCIAL CORPORATION





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


513 870-2000











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





Yes





Yes





Large accelerated filer
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☐


156,240,158







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Part I – Financial Information3Item 1. Financial Statements (unaudited)3Condensed Consolidated Balance Sheets3Condensed Consolidated Statements of Income4Condensed Consolidated Statements of Comprehensive Income5Condensed Consolidated Statements of Shareholders’ Equity6Condensed Consolidated Statements of Cash Flows7Notes to Condensed Consolidated Financial Statements (unaudited)8Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations34Safe Harbor Statement34Corporate Financial Highlights37Financial Results45Liquidity and Capital Resources60Other Matters64Item 3. Quantitative and Qualitative Disclosures about Market Risk64Item 4. Controls and Procedures71Part II – Other Information72Item 1. Legal Proceedings72Item 1A. Risk Factors72Item 2. Unregistered Sales of Equity Securities and Use of Proceeds73Item 5. Other Information74Item 6. Exhibits75










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(Dollars in millions, except per share data)June 30,December 31,20242023AssetsInvestmentsFixed maturities, at fair value (amortized cost: 2024—$15,109; 2023—$14,361)$14,409$13,791Equity securities, at fair value (cost: 2024—$4,278; 2023—$4,282)11,63410,989Other invested assets641577Total investments26,68425,357Cash and cash equivalents771907Investment income receivable201192Finance receivable111108Premiums receivable3,0912,592Reinsurance recoverable546651Prepaid reinsurance premiums12155Deferred policy acquisition costs1,2291,093Land, building and equipment, net, for company use (accumulated depreciation:2024—$337; 2023—$337)213208Other assets887681Separate accounts948925Total assets$34,802$32,769LiabilitiesInsurance reservesLoss and loss expense reserves$9,555$9,050Life policy and investment contract reserves2,9663,068Unearned premiums4,8264,119Other liabilities1,3911,311Deferred income tax1,4651,324Note payable2525Long-term debt and lease obligations849849Separate accounts948925Total liabilities22,02520,671Commitments and contingent liabilities (Note 12)Shareholders' EquityCommon stock, par value—$2 per share; (authorized: 2024 and 2023—500 millionshares; issued: 2024 and 2023—198.3 million shares)397397Paid-in capital1,4661,437Retained earnings13,89713,084Accumulated other comprehensive loss(470)(435)Treasury stock at cost (2024—42.1 million shares and 2023—41.3 million shares)(2,513)(2,385)Total shareholders' equity12,77712,098Total liabilities and shareholders' equity$34,802$32,769










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(Dollars in millions, except per share data)Three months ended June 30,Six months ended June 30,2024202320242023RevenuesEarned premiums$2,156$1,943$4,227$3,861Investment income, net of expenses242220487430Investment gains and losses, net137434749540Fee revenues56910Other revenues4275Total revenues2,5442,6055,4794,846Benefits and ExpensesInsurance losses and contract holders' benefits1,4801,3402,8292,738Underwriting, acquisition and insurance expenses6555791,2711,135Interest expense14132727Other operating expenses971312Total benefits and expenses2,1581,9394,1403,912Income Before Income Taxes3866661,339934Provision for Income TaxesCurrent615112267Deferred1381150108Total provision for income taxes74132272175Net Income$312$534$1,067$759Per Common ShareNet income — basic$1.99$3.40$6.82$4.83Net income — diluted1.983.386.774.80










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(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Net Income$312$534$1,067$759Other Comprehensive Income (Loss)Change in unrealized gains and losses on investments, net of tax (benefit) of  $(17), $(32), $(28) and $3, respectively(58)(122)(102)6Amortization of pension actuarial loss (gain) and prior service cost, net of tax (benefit) of $0, $(1), $0 and $(2), respectively1—1(5)Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $8, $6,  $18 and $(3), respectively292366(13)Other comprehensive loss(28)(99)(35)(12)Comprehensive Income$284$435$1,032$747













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(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Common StockBeginning of period$397$397$397$397Share-based awards————End of period397397397397Paid-In CapitalBeginning of period1,4461,3981,4371,392Share-based awards6——(6)Share-based compensation12102622Other2232End of period1,4661,4101,4661,410Retained EarningsBeginning of period13,71211,81813,08411,711Net income3125341,067759Dividends declared(127)(117)(254)(235)End of period13,89712,23513,89712,235Accumulated Other Comprehensive LossBeginning of period(442)(527)(435)(614)Other comprehensive loss(28)(99)(35)(12)End of period(470)(626)(470)(626)Treasury StockBeginning of period(2,459)(2,345)(2,385)(2,324)Share-based awards4—127Shares acquired - share repurchase authorization(46)(42)(121)(67)Shares acquired - share-based compensation plans(12)—(19)(3)Other—1—1End of period(2,513)(2,386)(2,513)(2,386)Total Shareholders' Equity$12,777$11,030$12,777$11,030(In millions, except per common share)Common Stock - Shares OutstandingBeginning of period156.5157.2157.0157.1Share-based awards0.1—0.40.3Shares acquired - share repurchase authorization(0.4)(0.4)(1.1)(0.6)Shares acquired - share-based compensation plans——(0.1)—End of period156.2156.8156.2156.8Dividends declared per common share$0.81$0.75$1.62$1.50










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(Dollars in millions)Six months ended June 30,20242023Cash Flows From Operating ActivitiesNet income$1,067$759Adjustments to reconcile net income to net cash provided by operating activities:Depreciation, amortization and other7674Investment gains and losses, net(744)(526)Interest credited to contract holders2221Deferred income tax expense150108Changes in:Premiums and reinsurance receivable(464)(504)Deferred policy acquisition costs(136)(96)Other assets(16)(17)Loss and loss expense reserves505473Life policy and investment contract reserves3456Unearned premiums707533Other liabilities(34)(27)Current income tax receivable/payable(72)(29)Net cash provided by operating activities1,095825Cash Flows From Investing ActivitiesSale, call or maturity of fixed maturities852581Sale of equity securities3474Purchase of fixed maturities(1,623)(1,313)Purchase of equity securities(256)(97)Changes in finance receivables(4)(6)Investment in building and equipment(12)(8)Change in other invested assets, net(44)(81)Net cash used in investing activities(740)(920)Cash Flows From Financing ActivitiesPayment of cash dividends to shareholders(241)(223)Shares acquired - share repurchase authorization(121)(66)Changes in note payable—(25)Proceeds from stock options exercised46Contract holders' funds deposited3945Contract holders' funds withdrawn(105)(113)Other(67)(45)Net cash used in financing activities(491)(421)Net change in cash and cash equivalents(136)(516)Cash and cash equivalents at beginning of year9071,264Cash and cash equivalents at end of period$771$748Supplemental Disclosures of Cash Flow Information:Interest paid$27$27Income taxes paid17479Noncash ActivitiesEquipment acquired under finance lease obligations$9$4Share-based compensation3313Other assets and other liabilities21765










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Accounting Policies






































In December 2023, the FASB issued ASU 2023-09,Income Taxes (Topic 740): Improvements to Income Tax Disclosures.ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures by requiring entities to disclose specific categories within their rate reconciliation as well as additional items within those categories above a prescribed threshold. This ASU also requires disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes as well as additional items within those categories above a prescribed threshold. The effective date of ASU 2023-09 is for annual reporting periods beginning after December 15, 2024, and should be applied prospectively with retrospective application permitted. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual financial statements .



















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Investments





(Dollars in millions)AmortizedcostGross unrealizedFair valueAt June 30, 2024gainslossesFixed-maturity securities:Corporate$8,151$49$475$7,725States, municipalities and political subdivisions4,867172734,611Government-sponsored enterprises1,611151,607Asset-backed257—10247United States government190—4186Foreign government33——33Total$15,109$67$767$14,409At December 31, 2023Fixed-maturity securities:Corporate$7,836$70$454$7,452States, municipalities and political subdivisions4,867442084,703Government-sponsored enterprises1,227361,224Asset-backed203—16187United States government203—3200Foreign government25——25Total$14,361$117$687$13,791














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(Dollars in millions)Less than 12 months12 months or moreTotalAt June 30, 2024FairvalueUnrealizedlossesFairvalueUnrealizedlossesFairvalueUnrealizedlossesFixed-maturity securities:Corporate$1,004$17$5,413$458$6,417$475States, municipalities and political subdivisions1,390202,0902533,480273Government-sponsored enterprises819224231,0615Asset-backed54—1191017310United States government78—10141794Foreign government25—7—32—Total$3,370$39$7,972$728$11,342$767At December 31, 2023Fixed-maturity securities:Corporate$379$13$5,560$441$5,939$454States, municipalities and political subdivisions31321,9322062,245208Government-sponsored enterprises652311337656Asset-backed5—1721617716United States government32—12931613Foreign government3—6—9—Total$1,384$18$7,912$669$9,296$687








(Dollars in millions)AmortizedcostFairvalue% of fairvalueAt June 30, 2024Maturity dates:Due in one year or less$1,181$1,1718.1%Due after one year through five years4,2434,11828.6Due after five years through ten years3,5443,39923.6Due after ten years6,1415,72139.7Total$15,109$14,409100.0%














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(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Investment income:Interest$173$147$342$287Dividends6970141136Other461113Total246223494436Less investment expenses4376Total$242$220$487$430Investment gains and losses, net:Equity securities:Investment gains and losses on securities sold, net$7$—$4$(4)Unrealized gains and losses on securities still held, net142459747568Subtotal149459751564Fixed-maturity securities:Gross realized gains4—41Gross realized losses(6)—(7)(1)Change in allowance for credit losses, net(16)(3)(25)(3)Write-down of impaired securities with intent to sell—(4)—(4)Subtotal(18)(7)(28)(7)Other6(18)26(17)Total$137$434$749$540





11.634 10.989 1.001 842 8.9 7.9 3.8 3.4





43 18





3,784 2,840 767 687 16 20 70







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Fair Value Measurements














(Dollars in millions)Level 1Level 2Level 3TotalAt June 30, 2024Fixed maturities, available for sale:Corporate$—$7,725$—$7,725States, municipalities and political subdivisions—4,611—4,611Government-sponsored enterprises—1,607—1,607Asset-backed—247—247United States government186——186Foreign government—33—33Subtotal18614,223—14,409Common equities11,283——11,283Nonredeemable preferred equities—351—351Separate accounts taxable fixed maturities—882—882Top Hat savings plan mutual funds and common    equity (included in Other assets)77——77Total$11,546$15,456$—$27,002At December 31, 2023Fixed maturities, available for sale:Corporate$—$7,452$—$7,452States, municipalities and political subdivisions—4,703—4,703Government-sponsored enterprises—1,224—1,224Asset-backed—187—187United States government200——200Foreign government—25—25Subtotal20013,591—13,791Common equities10,641——10,641Nonredeemable preferred equities—348—348Separate accounts taxable fixed maturities—854—854Top Hat savings plan mutual funds and common  equity (included in Other assets)67——67Total$10,908$14,793$—$25,701





771 907





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(Dollars in millions)Book valuePrincipal amountInterestrateYear of issueJune 30,December 31,June 30,December 31,20242023202420236.900%1998Senior debentures, due 2028$27$27$28$286.920%2005Senior debentures, due 20283913913913916.125%2004Senior notes, due 2034372372374374Total$790$790$793$793








(Dollars in millions)Level 1Level 2Level 3TotalAt June 30, 2024Note payable$—$25$—$256.900% senior debentures, due 2028—29—296.920% senior debentures, due 2028—414—4146.125% senior notes, due 2034—390—390Total$—$858$—$858At December 31, 2023Note payable$—$25$—$256.900% senior debentures, due 2028—29—296.920% senior debentures, due 2028—420—4206.125% senior notes, due 2034—394—394Total$—$868$—$868








(Dollars in millions)Level 1Level 2Level 3TotalAt June 30, 2024Life policy loans$—$—$40$40Deferred annuities——574574Structured settlements—131—131Total$—$131$574$705At December 31, 2023Life policy loans$—$—$39$39Deferred annuities——603603Structured settlements—141—141Total$—$141$603$744








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35 33





618 656 119 123













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Property Casualty Loss and Loss Expenses





(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Gross loss and loss expense reserves, beginning of period$9,178$8,626$8,975$8,336Less reinsurance recoverable332424362405Net loss and loss expense reserves, beginning of period8,8468,2028,6137,931Net incurred loss and loss expenses related to:Current accident year1,4521,3632,8222,739Prior accident years(40)(101)(140)(160)Total incurred1,4121,2622,6822,579Net paid loss and loss expenses related to:Current accident year483502688689Prior accident years5845791,4161,438Total paid1,0671,0812,1042,127Net loss and loss expense reserves, end of period9,1918,3839,1918,383Plus reinsurance recoverable303424303424Gross loss and loss expense reserves, end of period$9,494$8,807$9,494$8,807





61 66





40 29 6 3 28 21 28 12





140 67 27 no 44 40 11 29 27








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101 59 15 5 34 11





160 91 46 14 36 26 25 35 12







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Life Policy and Investment Contract Reserves

















(Dollars in millions)June 30,2024December 31,2023Life policy reserves:Term$1,035$1,066Whole life404434Other9997Subtotal1,5381,597Investment contract reserves:Deferred annuities618656Universal life584585Structured settlements119123Other107107Subtotal1,4281,471Total life policy and investment contract reserves$2,966$3,068








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(Dollars in millions)Three months ended June 30,20242023TermWhole lifeTermWhole lifePresent value of expected net premiums:Balance, beginning of period$1,660$219$1,699$217Beginning balance at original discount rate1,7102251,715220Effect of changes in cash flow assumptions(12)1(5)(6)Effect of actual variances from expected experience(10)(3)(9)—Adjusted beginning of period balance1,6882231,701214Issuances4164010Interest accrual183172Net premiums collected(46)(7)(46)(7)Ending balance at original discount rate1,7012251,712219Effect of changes in discount rate assumptions(81)(10)(48)(7)Balance, end of period1,6202151,664212Present value of expected future policy benefits:Balance, beginning of period2,6986372,691644Beginning balance at original discount rate2,7806332,712614Effect of changes in cash flow assumptions(29)25(10)Effect of actual variances from expected experience(14)(4)(11)—Adjusted beginning of period balance2,7376312,706604Issuances4174011Interest accrual318307Benefits paid(37)(10)(39)(7)Ending balance at original discount rate2,7726362,737615Effect of changes in discount rate assumptions(138)(17)(75)18Balance, end of period2,6346192,662633Net liability for future policy benefits:Present value of expected future policy benefits less expected net premiums1,014404998421Impact of flooring at cohort level21—17—Net life policy reserves1,0354041,015421Less reinsurance recoverable at original discount rate(95)(24)(100)(25)Less effect of discount rate assumption changes on reinsurance recoverable(7)(4)(8)(5)Net life policy reserves, after reinsurance recoverable$933$376$907$391Weighted-average duration of the net life policy reserves in years11151216





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(Dollars in millions)Six months ended June 30,20242023TermWhole lifeTermWhole lifePresent value of expected net premiums:Balance, beginning of period$1,700$223$1,643$208Beginning balance at original discount rate1,7122251,708217Effect of changes in cash flow assumptions(12)1(5)(6)Effect of actual variances from expected experience(19)(3)(12)1Adjusted beginning of period balance1,6812231,691212Issuances76117817Interest accrual365354Net premiums collected(92)(14)(92)(14)Ending balance at original discount rate1,7012251,712219Effect of changes in discount rate assumptions(81)(10)(48)(7)Balance, end of period1,6202151,664212Present value of expected future policy benefits:Balance, beginning of period2,7516572,584614Beginning balance at original discount rate2,7656282,692607Effect of changes in cash flow assumptions(29)25(10)Effect of actual variances from expected experience(28)(4)(13)1Adjusted beginning of period balance2,7086262,684598Issuances76127817Interest accrual62166015Benefits paid(74)(18)(85)(15)Ending balance at original discount rate2,7726362,737615Effect of changes in discount rate assumptions(138)(17)(75)18Balance, end of period2,6346192,662633Net liability for future policy benefits:Present value of expected future policy benefits less expected net premiums1,014404998421Impact of flooring at cohort level21—17—Net life policy reserves1,0354041,015421Less reinsurance recoverable at original discount rate(95)(24)(100)(25)Less effect of discount rate assumption changes on reinsurance recoverable(7)(4)(8)(5)Net life policy reserves, after reinsurance recoverable$933$376$907$391Weighted-average duration of the net life policy reserves in years11151216





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(Dollars in millions)At June 30,20242023UndiscountedDiscountedUndiscountedDiscountedTermExpected future benefit payments$4,819$2,634$4,738$2,662Expected future gross premiums4,5132,5974,3452,583Whole lifeExpected future benefit payments$1,680$619$1,610$633Expected future gross premiums675401641390











(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Gross premiumsTerm$75$73$149$146Whole life13132625Total$88$86$175$171Interest accretionTerm$13$12$26$24Whole life551111Total$18$17$37$35





immaterial








At June 30,20242023TermInterest accretion rate5.22%5.29%Current discount rate5.245.11Whole lifeInterest accretion rate5.90%5.93%Current discount rate5.675.22














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(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Deferred annuityUniversal lifeDeferred annuityUniversal lifeDeferred annuityUniversal lifeDeferred annuityUniversal lifeBalance, beginning of period$631$456$711$458$656$457$734$457Premiums received10915919192520Policy charges—(10)—(10)—(20)—(20)Surrenders and withdrawals(26)(3)(32)(4)(63)(7)(68)(7)Benefit payments(2)(1)(3)(2)(5)(3)(6)(4)Interest credited555511101110Balance, end of period$618$456$696$456$618$456$696$456Weighted average crediting rate3.59%4.33%3.41%4.29%3.59%4.33%3.41%4.29%Net amount at risk$—$3,892$—$4,030$—$3,892$—$4,030Cash surrender value612425691423612425691423














(Dollars in millions)At guaranteed minimum1 to 50 basis points above51-150 basis points aboveGreater than 150 basis pointsTotalAt June 30, 2024Deferred annuity1.00-3.00%$4$324$14$228$5703.01-4.00%48———48Total$52$324$14$228$618Universal life1.00-3.00%$—$60$59$4$1233.01-4.00%495——54Greater than 4.00%279———279Total$328$65$59$4$456At June 30, 2023Deferred annuity1.00-3.00%$5$400$17$224$6463.01-4.00%50———50Total$55$400$17$224$696Universal life1.00-3.00%$61$—$56$3$1203.01-4.00%53———53Greater than 4.00%283———283Total$397$—$56$3$456








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(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Balance, beginning of period$129$125$128$121Balance, beginning of period before shadow reserve adjustments130127129123Effect of changes in cash flow assumptions(2)(5)(2)(5)Effect of actual variances from expected experience———(1)Adjusted beginning of period balance128122127117Interest accrual1122Excess death benefits(1)(2)(3)(2)Attributed assessments3366Effect of changes in interest rate assumptions(1)—(2)1Balance, end of period before shadow reserve adjustments130124130124Shadow reserve adjustments(2)(2)(2)(2)Balance, end of period128122128122Less reinsurance recoverable, end of period6767Net other additional liability, after reinsurance recoverable$134$129$134$129Weighted-average duration of the other additional liability in years29322932








(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Balance, beginning of period$927$899$925$892Interest credited before policy charges11102120Benefit payments(3)(1)(3)(3)Other13352Balance, end of period$948$911$948$911Cash surrender value$932$906$932$906







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Deferred Policy Acquisition Costs











(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Property casualty:Deferred policy acquisition costs asset, beginning of period$796$714$749$682Capitalized deferred policy acquisition costs475407882779Amortized deferred policy acquisition costs(393)(350)(753)(690)Deferred policy acquisition costs asset, end of period$878$771$878$771Life:Deferred policy acquisition costs asset, beginning of period$347$334$344$331Capitalized deferred policy acquisition costs12112222Amortized deferred policy acquisition costs(8)(7)(15)(15)Deferred policy acquisition costs asset, end of period$351$338$351$338Consolidated:Deferred policy acquisition costs asset, beginning of period$1,143$1,048$1,093$1,013Capitalized deferred policy acquisition costs487418904801Amortized deferred policy acquisition costs(401)(357)(768)(705)Deferred policy acquisition costs asset, end of period$1,229$1,109$1,229$1,109








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(Dollars in millions)Three months ended June 30, 2024TermWhole lifeDeferred annuityUniversal lifeTotalBalance, beginning of period$238$49$8$52$347Capitalized deferred policy acquisition costs821112Amortized deferred policy acquisition costs(5)(1)(1)(1)(8)Balance, end of period$241$50$8$52$351Three months ended June 30, 2023Balance, beginning of period$231$44$7$52$334Capitalized deferred policy acquisition costs721111Amortized deferred policy acquisition costs(5)(1)—(1)(7)Balance, end of period$233$45$8$52$338


(Dollars in millions)Six months ended June 30, 2024TermWhole lifeDeferred annuityUniversal lifeTotalBalance, beginning of period$236$48$8$52$344Capitalized deferred policy acquisition costs1641122Amortized deferred policy acquisition costs(11)(2)(1)(1)(15)Balance, end of period$241$50$8$52$351Six months ended June 30, 2023Balance, beginning of period$228$43$7$53$331Capitalized deferred policy acquisition costs1641122Amortized deferred policy acquisition costs(11)(2)—(2)(15)Balance, end of period$233$45$8$52$338










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Accumulated Other Comprehensive Income





(Dollars in millions)Three months ended June 30,20242023Before taxIncome taxNetBefore taxIncome taxNetInvestments:AOCI, beginning of period$(625)$(134)$(491)$(684)$(147)$(537)OCI before investment gains and losses, net, recognized in net income(93)(21)(72)(158)(34)(124)Investment gains and losses, net, recognized in net income18414422OCI(75)(17)(58)(154)(32)(122)AOCI, end of period$(700)$(151)$(549)$(838)$(179)$(659)Pension obligations:AOCI, beginning of period$30$8$22$30$8$22OCI excluding amortization recognized in net income——————Amortization recognized in net income1—1(1)(1)—OCI1—1(1)(1)—AOCI, end of period$31$8$23$29$7$22Life policy reserves, reinsurance recoverable and other:AOCI, beginning of period$34$7$27$(16)$(4)$(12)OCI before investment gains and losses, net, recognized in net income3782929623Investment gains and losses, net, recognized in net income——————OCI3782929623AOCI, end of period$71$15$56$13$2$11Summary of AOCI:AOCI, beginning of period$(561)$(119)$(442)$(670)$(143)$(527)Investments OCI(75)(17)(58)(154)(32)(122)Pension obligations OCI1—1(1)(1)—Life policy reserves, reinsurance recoverable and other OCI3782929623Total OCI(37)(9)(28)(126)(27)(99)AOCI, end of period$(598)$(128)$(470)$(796)$(170)$(626)





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(Dollars in millions)Six months ended June 30,20242023Before taxIncome taxNetBefore taxIncome taxNetInvestments:AOCI, beginning of period$(570)$(123)$(447)$(847)$(182)$(665)OCI before investment gains and losses, net, recognized in net income(158)(34)(124)514Investment gains and losses, net, recognized in net income28622422OCI(130)(28)(102)936AOCI, end of period$(700)$(151)$(549)$(838)$(179)$(659)Pension obligations:AOCI, beginning of period$30$8$22$36$9$27OCI excluding amortization recognized in net income———(5)(1)(4)Amortization recognized in net income1—1(2)(1)(1)OCI1—1(7)(2)(5)AOCI, end of period$31$8$23$29$7$22Life policy reserves, reinsurance recoverable and other:AOCI, beginning of period$(13)$(3)$(10)$29$5$24OCI before investment gains and losses, net, recognized in net income841866(16)(3)(13)Investment gains and losses, net, recognized in net income——————OCI841866(16)(3)(13)AOCI, end of period$71$15$56$13$2$11Summary of AOCI:AOCI, beginning of period$(553)$(118)$(435)$(782)$(168)$(614)Investments OCI(130)(28)(102)936Pension obligations OCI1—1(7)(2)(5)Life policy reserves, reinsurance recoverable and other OCI841866(16)(3)(13)Total OCI(45)(10)(35)(14)(2)(12)AOCI, end of period$(598)$(128)$(470)$(796)$(170)$(626)





Investment gains and losses, net,and other investment gains and losses, net, are recorded in the investment gains and losses, net, line item in the condensed consolidated statements of income. Amortization of pension obligations is recorded in the insurance losses and contract holders' benefits and underwriting, acquisition and insurance expenses line items in the condensed consolidated statements of income.







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Reinsurance











(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Direct written premiums$2,362$2,071$4,487$3,930Assumed written premiums236194475438Ceded written premiums(139)(115)(255)(199)Net written premiums$2,459$2,150$4,707$4,169Direct earned premiums$2,015$1,806$3,949$3,566Assumed earned premiums155134307293Ceded earned premiums(95)(77)(189)(155)Earned premiums$2,075$1,863$4,067$3,704Direct incurred loss and loss expenses$1,352$1,265$2,545$2,564Assumed incurred loss and loss expenses6358139134Ceded incurred loss and loss expenses(3)(61)(2)(119)Incurred loss and loss expenses$1,412$1,262$2,682$2,579














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(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Direct earned premiums$101$100$200$196Ceded earned premiums(20)(20)(40)(39)Earned premiums$81$80$160$157Direct contract holders' benefits incurred$76$100$170$197Ceded contract holders' benefits incurred(8)(22)(23)(38)Contract holders' benefits incurred$68$78$147$159











The allowance for uncollectible property casualty premiums was $18 million and $16 million at June 30, 2024, and December 31, 2023, respectively. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at June 30, 2024, and December 31, 2023.







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Income Taxes


21


(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Tax at statutory rate:$8121.0%$14021.0%$28121.0%$19621.0%Increase (decrease) resulting from:Tax-exempt income from municipal bonds(6)(1.6)(5)(0.8)(11)(0.8)(10)(1.1)Dividend received exclusion(5)(1.3)(6)(0.9)(10)(0.7)(11)(1.2)Other41.130.5120.8——Provision for income taxes$7419.2%$13219.8%$27220.3%$17518.7%











no








Cincinnati Global had no operating loss carryforwards in the United States and $85 million and $100 million in the United Kingdom at June 30, 2024, and December 31, 2023, respectively. These Cincinnati Global losses can only be utilized within the Cincinnati Global group.










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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)Three months ended June 30,Six months ended June 30,2024202320242023Numerator:Net income—basic and diluted$312$534$1,067$759Denominator:Basic weighted-average common shares outstanding156.3157.0156.6157.1Effect of share-based awards:Stock options0.70.60.70.8Nonvested shares0.50.40.40.4Diluted weighted-average shares157.5158.0157.7158.3Earnings per share:Basic$1.99$3.40$6.82$4.83Diluted$1.98$3.38$6.77$4.80Number of anti-dilutive share-based awards1.21.51.31.5













Employee Retirement Benefits





(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Service cost$2$2$3$3Non-service (benefit) costs:Interest cost3366Expected return on plan assets(6)(5)(11)(10)Amortization of actuarial loss (gain) and prior  service cost1(1)1(2)Other———(5)Total non-service benefit(2)(3)(4)(11)Net periodic benefit$—$(1)$(1)$(8)











7 6 16 14





We made no contributions to our qualified pension plan during the first six months of 2024.





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Commitments and Contingent Liabilities



































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Segment Information


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five








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(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Revenues:Commercial lines insuranceCommercial casualty$372$373$737$750Commercial property348312684611Commercial auto228214448428Workers' compensation5972120146Other commercial10095200187Commercial lines insurance premiums1,1071,0662,1892,122Fee revenues1122Total commercial lines insurance1,1081,0672,1912,124Personal lines insurancePersonal auto224173432339Homeowner326251629484Other personal8169158134Personal lines insurance premiums6314931,219957Fee revenues1122Total personal lines insurance6324941,221959Excess and surplus lines insurance151132290259Fee revenues1121Total excess and surplus lines insurance152133292260Life insurance premiums8180160157Fee revenues2335Total life insurance8383163162InvestmentsInvestment income, net of expenses242220487430Investment gains and losses, net137434749540Total investment revenue3796541,236970OtherPremiums186172369366Other4275Total other revenues190174376371Total revenues$2,544$2,605$5,479$4,846Income (loss) before income taxes:Insurance underwriting resultsCommercial lines insurance$10$33$49$31Personal lines insurance(42)(36)(5)(93)Excess and surplus lines insurance8112024Life insurance22133221Investments3486241,174910Other40216941Total income before income taxes$386$666$1,339$934


Identifiable assets:June 30,2024December 31,2023Property casualty insurance$5,864$5,294Life insurance1,6001,562Investments26,28524,999Other1,053914Total$34,802$32,769







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(Dollars in millions, except per share data)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeEarned premiums$2,156$1,94311$4,227$3,8619Investment income, net of expenses (pretax)2422201048743013Investment gains and losses, net (pretax)137434(68)74954039Total revenues2,5442,605(2)5,4794,84613Net income312534(42)1,06775941Comprehensive income284435(35)1,03274738Net income per share—diluted1.983.38(41)6.774.8041Cash dividends declared per share0.810.7581.621.508Diluted weighted average shares outstanding157.5158.00157.7158.30















































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(Dollars in millions, except share data)At June 30,At December 31,20242023Total investments$26,684$25,357Total assets34,80232,769Short-term debt2525Long-term debt790790Shareholders' equity12,77712,098Book value per share81.7977.06Debt-to-total-capital ratio6.0%6.3%











Three months ended June 30,Six months ended June 30,2024202320242023Value creation ratio major contributors:Net income before investment gains1.6%1.8%4.0%3.2%Change in fixed-maturity securities, realized and unrealized gains(0.6)(1.2)(1.0)0.0Change in equity securities, investment gains0.93.44.94.2Other0.30.00.3(0.2)Value creation ratio2.2%4.0%8.2%7.2%











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(Dollars are per share)Three months ended June 30,Six months ended June 30,2024202320242023Value creation ratio:End of period book value*$81.79$70.33$81.79$70.33Less beginning of period book value80.8368.3377.0667.01Change in book value0.962.004.733.32Dividend declared to shareholders0.810.751.621.50Total value creation$1.77$2.75$6.35$4.82Value creation ratio from change in book value**1.2%2.9%6.1%5.0%Value creation ratio from dividends declared to shareholders***1.01.12.12.2Value creation ratio2.2%4.0%8.2%7.2%* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding** Change in book value divided by the beginning of period book value*** Dividend declared to shareholders divided by beginning of period book value





































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Insurer Financial Strength RatingsRatingagencyStandard market property casualty insurance subsidiariesLife insurance subsidiaryExcess and surplus lines insurance subsidiaryOutlookRatingtierRatingtierRatingtierA.M. Best Co.ambest.comA+Superior2 of 16A+Superior2 of 16A+Superior2 of 16StableFitch Ratingsfitchratings.comA+Strong5 of 21A+Strong5 of 21---StableMoody's Investors  Servicemoodys.comA1Good5 of 21------StableS&P Global  Ratingsspratings.comA+Strong5 of 21A+Strong5 of 21---Stable










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(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeEarned premiums$2,075$1,86311$4,067$3,70410Fee revenues3306520Total revenues2,0781,866114,0733,70910Loss and loss expenses from:Current accident year before catastrophe losses1,1981,12762,4192,2508Current accident year catastrophe losses2542368403489(18)Prior accident years before catastrophe losses(19)(89)79(87)(130)33Prior accident years catastrophe losses(21)(12)(75)(53)(30)(77)Loss and loss expenses1,4121,262122,6822,5794Underwriting expenses631557131,2251,09312Underwriting profit$35$47(26)$166$37349Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses57.8%60.5%(2.7)59.5%60.8%(1.3)Current accident year catastrophe losses12.212.7(0.5)9.913.2(3.3)Prior accident years before catastrophe losses(0.9)(4.8)3.9(2.1)(3.5)1.4Prior accident years catastrophe losses(1.0)(0.7)(0.3)(1.3)(0.8)(0.5)Loss and loss expenses68.167.70.466.069.7(3.7)Underwriting expenses30.429.90.530.129.50.6Combined ratio98.5%97.6%0.996.1%99.2%(3.1)Combined ratio98.5%97.6%0.996.1%99.2%(3.1)Contribution from catastrophe losses and prior years reserve development10.37.23.16.58.9(2.4)Combined ratio before catastrophe losses and prior years reserve development88.2%90.4%(2.2)89.6%90.3%(0.7)

















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(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeAgency renewal written premiums$1,843$1,64312$3,526$3,17811Agency new business written premiums4073033475355436Other written premiums2092042428437(2)Net written premiums2,4592,150144,7074,16913Unearned premium change(384)(287)(34)(640)(465)(38)Earned premiums$2,075$1,86311$4,067$3,70410




















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(Dollars in millions, net of reinsurance)Three months ended June 30,Six months ended June 30,Comm.Pers.E&SComm.Pers.E&SDatesRegionlineslineslinesOtherTotallineslineslinesOtherTotal2024Jan. 8-10Midwest, Northeast, South$(2)$1$—$—$(1)$16$9$—$—$25Mar. 12-17Midwest, South25——73527——62Mar. 31 - Apr. 4Midwest, Northeast, South1323——361323——36May 6-10Midwest, South1928——471928——47May 25-26Midwest, South37281—6637281—66All other 2024 catastrophes42522399669533167Development on 2023 and prior catastrophes(7)(6)1(9)(21)(15)(27)—(11)(53)Calendar year incurred total$104$131$4$(6)$233$171$183$4$(8)$3502023Mar. 1-4Midwest, Northeast, South$(2)$(5)$—$2$(5)$28$29$1$2$60Mar. 23-28Midwest, Northeast, South9———92227——49Mar. 30 - Apr. 1Midwest, Northeast, South209——296333——96Apr. 3-7Midwest, Northeast, South1030——401030——40May 2-9Midwest, South257——32257——32All other 2023 catastrophes62672—1318212235212Development on 2022 and prior catastrophes(5)(11)13(12)(1)(36)—7(30)Calendar year incurred total$119$97$3$5$224$229$212$4$14$459








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(Dollars in millions, net of reinsurance)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeCurrent accident year losses greater than $5 million$31$43(28)$31$79(61)Current accident year losses $2 million - $5 million2835(20)50500Large loss prior accident year reserve development1519(21)372832Total large losses incurred7497(24)118157(25)Losses incurred but not reported165967241632428Other losses excluding catastrophe losses741675101,4181,26712Catastrophe losses2282175339444(24)Total losses incurred$1,208$1,08511$2,291$2,1925Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million1.5%2.4%(0.9)0.8%2.2%(1.4)Current accident year losses $2 million - $5 million1.41.9(0.5)1.21.3(0.1)Large loss prior accident year reserve development0.71.0(0.3)0.90.80.1Total large loss ratio3.65.3(1.7)2.94.3(1.4)Losses incurred but not reported8.05.22.810.28.71.5Other losses excluding catastrophe losses35.636.1(0.5)34.934.20.7Catastrophe losses11.011.6(0.6)8.312.0(3.7)Total loss ratio58.2%58.2%—56.3%59.2%(2.9)










































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(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeEarned premiums$1,107$1,0664$2,189$2,1223Fee revenues110220Total revenues1,1081,06742,1912,1243Loss and loss expenses from:Current accident year before catastrophe losses66464331,3461,3172Current accident year catastrophe losses111124(10)186230(19)Prior accident years before catastrophe losses(22)(54)59(52)(90)42Prior accident years catastrophe losses(7)(5)(40)(15)(1)nmLoss and loss expenses74670851,4651,4561Underwriting expenses35232686776376Underwriting profit$10$33(70)$49$3158Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses60.0%60.3%(0.3)61.5%62.1%(0.6)Current accident year catastrophe losses10.011.6(1.6)8.510.8(2.3)Prior accident years before catastrophe losses(1.9)(5.0)3.1(2.3)(4.2)1.9Prior accident years catastrophe losses(0.7)(0.5)(0.2)(0.7)(0.1)(0.6)Loss and loss expenses67.466.41.067.068.6(1.6)Underwriting expenses31.730.51.230.930.00.9Combined ratio99.1%96.9%2.297.9%98.6%(0.7)Combined ratio99.1%96.9%2.297.9%98.6%(0.7)Contribution from catastrophe losses and prior years reserve development7.46.11.35.56.5(1.0)Combined ratio before catastrophe losses and prior years reserve development91.7%90.8%0.992.4%92.1%0.3




















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(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeAgency renewal written premiums$1,023$9854$2,099$2,0264Agency new business written premiums1931493037528333Other written premiums(30)(28)(7)(65)(62)(5)Net written premiums1,1861,10672,4092,2477Unearned premium change(79)(40)(98)(220)(125)(76)Earned premiums$1,107$1,0664$2,189$2,1223














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(Dollars in millions, net of reinsurance)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeCurrent accident year losses greater than $5 million$31$2811$31$58(47)Current accident year losses $2 million - $5 million1128(61)2240(45)Large loss prior accident year reserve development221916342255Total large losses incurred6475(15)87120(28)Losses incurred but not reported922921724815461Other losses excluding catastrophe losses38438407527195Catastrophe losses101115(12)165221(25)Total losses incurred$641$6036$1,252$1,2143Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million2.8%2.6%0.21.4%2.8%(1.4)Current accident year losses $2 million - $5 million1.02.7(1.7)1.01.9(0.9)Large loss prior accident year reserve development2.01.80.21.61.00.6Total large loss ratio5.87.1(1.3)4.05.7(1.7)Losses incurred but not reported8.32.75.611.37.24.1Other losses excluding catastrophe losses34.635.9(1.3)34.333.90.4Catastrophe losses9.110.8(1.7)7.610.4(2.8)Total loss ratio57.8%56.5%1.357.2%57.2%0.0








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(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeEarned premiums$631$49328$1,219$95727Fee revenues110220Total revenues632494281,22195927Loss and loss expenses from:Current accident year before catastrophe losses3462911968556821Current accident year catastrophe losses13710827210248(15)Prior accident years before catastrophe losses12(4)nm—(10)100Prior accident years catastrophe losses(6)(11)45(27)(36)25Loss and loss expenses4893842786877013Underwriting expenses1851462735828227Underwriting loss$(42)$(36)(17)$(5)$(93)95Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses54.9%58.9%(4.0)56.2%59.4%(3.2)Current accident year catastrophe losses21.821.9(0.1)17.225.8(8.6)Prior accident years before catastrophe losses1.8(0.7)2.50.0(1.0)1.0Prior accident years catastrophe losses(0.9)(2.2)1.3(2.2)(3.7)1.5Loss and loss expenses77.677.9(0.3)71.280.5(9.3)Underwriting expenses29.329.7(0.4)29.429.5(0.1)Combined ratio106.9%107.6%(0.7)100.6%110.0%(9.4)Combined ratio106.9%107.6%(0.7)100.6%110.0%(9.4)Contribution from catastrophe losses and prior years reserve development22.719.03.715.021.1(6.1)Combined ratio before catastrophe losses and prior years reserve development84.2%88.6%(4.4)85.6%88.9%(3.3)

















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(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeAgency renewal written premiums$681$54126$1,175$92926Agency new business written premiums1631065428518554Other written premiums(25)(18)(39)(46)(37)(24)Net written premiums819629301,4141,07731Unearned premium change(188)(136)(38)(195)(120)(63)Earned premiums$631$49328$1,219$95727














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(Dollars in millions, net of reinsurance)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeCurrent accident year losses greater than $5 million$—$15(100)$—$21(100)Current accident year losses $2 million - $5 million1571142610160Large loss prior accident year reserve development(7)1nm37(57)Total large losses incurred823(65)2938(24)Losses incurred but not reported31261953530Other losses excluding catastrophe losses2561943248738128Catastrophe losses1299339179206(13)Total losses incurred$424$33626$748$67810Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million—%3.0%(3.0)—%2.2%(2.2)Current accident year losses $2 million - $5 million2.41.41.02.11.01.1Large loss prior accident year reserve development(1.1)0.2(1.3)0.30.8(0.5)Total large loss ratio1.34.6(3.3)2.44.0(1.6)Losses incurred but not reported4.85.3(0.5)4.35.6(1.3)Other losses excluding catastrophe losses40.539.41.139.939.70.2Catastrophe losses20.519.01.514.721.6(6.9)Total loss ratio67.1%68.3%(1.2)61.3%70.9%(9.6)











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(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeEarned premiums$151$13214$290$25912Fee revenues11021100Total revenues1521331429226012Loss and loss expenses from:Current accident year before catastrophe losses969241881804Current accident year catastrophe losses3250440Prior accident years before catastrophe losses2(6)nm—(14)100Prior accident years catastrophe losses110——0Loss and loss expenses102891519217013Underwriting expenses423327806621Underwriting profit$8$11(27)$20$24(17)Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year before catastrophe losses64.0%69.7%(5.7)64.8%69.5%(4.7)Current accident year catastrophe losses1.41.40.01.21.4(0.2)Prior accident years before catastrophe losses1.6(4.7)6.30.0(5.4)5.4Prior accident years catastrophe losses0.50.00.50.0(0.1)0.1Loss and loss expenses67.566.41.166.065.40.6Underwriting expenses27.925.82.127.725.72.0Combined ratio95.4%92.2%3.293.7%91.1%2.6Combined ratio95.4%92.2%3.293.7%91.1%2.6Contribution from catastrophe losses and prior years reserve development3.5(3.3)6.81.2(4.1)5.3Combined ratio before catastrophe losses and prior years reserve development91.9%95.5%(3.6)92.5%95.2%(2.7)




















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(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeAgency renewal written premiums$139$11719$252$22313Agency new business written premiums5148693868Other written premiums(10)(9)(11)(19)(17)(12)Net written premiums1801561532629212Unearned premium change(29)(24)(21)(36)(33)(9)Earned premiums$151$13214$290$25912























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(Dollars in millions, net of reinsurance)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeCurrent accident year losses greater than $5 million$—$—nm$—$—nmCurrent accident year losses $2 million - $5 million2—nm2—nmLarge loss prior accident year reserve development—(1)100—(1)100Total large losses incurred2(1)nm2(1)nmLosses incurred but not reported1720(15)47470Other losses excluding catastrophe losses514513887321Catastrophe losses32504333Total losses incurred$73$6611$141$12216Ratios as a percent of earned premiums:Pt. ChangePt. ChangeCurrent accident year losses greater than $5 million—%—%0.0—%—%0.0Current accident year losses $2 million - $5 million1.3—1.30.7—0.7Large loss prior accident year reserve development—(0.4)0.4—(0.3)0.3Total large loss ratio1.3(0.4)1.70.7(0.3)1.0Losses incurred but not reported11.615.2(3.6)16.418.0(1.6)Other losses excluding catastrophe losses33.833.50.330.428.12.3Catastrophe losses1.91.30.61.21.20.0Total loss ratio48.6%49.6%(1.0)48.7%47.0%1.7
















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(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeEarned premiums$81$801$160$1572Fee revenues23(33)35(40)Total revenues838301631621Contract holders' benefits incurred6878(13)147159(8)Investment interest credited to contract holders(31)(30)(3)(62)(60)(3)Underwriting expenses incurred24229464210Total benefits and expenses6170(13)131141(7)Life insurance segment profit$22$1369$32$2152


























(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeTerm life insurance$59$582$116$1142Whole life insurance1313026254Universal life and other99018180Net earned premiums$81$801$160$1572


























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(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeTotal investment income, net of expenses$242$22010$487$43013Investment interest credited to contract holders(31)(30)(3)(62)(60)(3)Investment gains and losses, net137434(68)74954039Investments profit, pretax$348$624(44)$1,174$91029





(Dollars in millions)% YieldPrincipal redemptionsAt June 30, 2024Fixed-maturity pretax yield profile:Expected to mature during the remainder of 20244.31%$614Expected to mature during 20254.731,387Expected to mature during 20264.991,140Average yield and total expected maturities from the remainder of 2024 through 20264.74$3,141








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Three months ended June 30,Six months ended June 30,2024202320242023Average pretax yield-to-amortized cost on new fixed-maturities:Acquired taxable fixed-maturities6.25%6.10%6.09%6.33%Acquired tax-exempt fixed-maturities4.224.214.164.21Average total fixed-maturities acquired6.065.885.926.04














(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeInvestment income:Interest$173$14718$342$28719Dividends6970(1)1411364Other46(33)1113(15)Less investment expenses43337617Investment income, pretax2422201048743013Less income taxes403514816917Total investment income, after-tax$202$1859$406$36112Investment returns:Average invested assets plus cash and cash  equivalents$27,824$25,114$27,495$25,001Average yield pretax3.48%3.50%3.54%3.44%Average yield after-tax2.902.952.952.89Effective tax rate16.716.216.716.1Fixed-maturity returns:Average amortized cost$14,909$13,535$14,735$13,344Average yield pretax4.64%4.34%4.64%4.30%Average yield after-tax3.813.593.813.55Effective tax rate17.917.417.917.4








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(Dollars in millions)Three months ended June 30,Six months ended June 30,2024202320242023Investment gains and losses:Equity securities:Investment gains and losses on securities sold, net$7$—$4$(4)Unrealized gains and losses on securities still held, net142459747568Subtotal149459751564Fixed maturities:Gross realized gains4—41Gross realized losses(6)—(7)(1)Change in allowance for credit losses, net(16)(3)(25)(3)Write-down of impaired securities with intent to sell—(4)—(4)Subtotal(18)(7)(28)(7)Other6(18)26(17)Total investment gains and losses reported in net income137434749540Change in unrealized investment gains and losses:Fixed maturities(75)(154)(130)9Total$62$280$619$549

























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(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangeInterest and fees on loans and leases$2$1100$4$333Earned premiums18617283693661Other revenues211003250Total revenues19017493763711Interest expense1413827270Loss and loss expenses7581(7)157183(14)Underwriting expenses525201101082Operating expenses972913128Total expenses150153(2)307330(7)Total other income$40$2190$69$4168



























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(Dollars in millions)Three months ended June 30,Six months ended June 30,20242023% Change20242023% ChangePremiums collected$2,206$1,93914$4,250$3,78112Loss and loss expenses paid(1,067)(1,081)1(2,104)(2,127)1Commissions and other underwriting expenses paid(615)(546)(13)(1,423)(1,256)(13)Cash flow from underwriting5243126872339882Investment income received1761491834129615Cash flow from operations$700$46152$1,064$69453

















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(Dollars in millions)Loss reservesLoss expense reservesTotal gross reservesCase reservesIBNR reservesPercent of totalAt June 30, 2024Commercial lines insurance:Commercial casualty$1,176$1,319$799$3,29434.7%Commercial property319212886196.5Commercial auto4263411469139.6Workers' compensation396567861,04911.1Other commercial151371183063.2Subtotal2,4682,4761,2376,18165.1Personal lines insurance:Personal auto24792794184.4Homeowner244168694815.1Other personal9513082332.4Subtotal5863901561,13211.9Excess and surplus lines35838525399610.5Cincinnati Re157798696110.1Cincinnati Global1269532242.4Total$3,695$4,144$1,655$9,494100.0%At December 31, 2023Commercial lines insurance:Commercial casualty$1,111$1,205$792$3,10834.6%Commercial property362116815596.3Commercial auto4183031428639.6Workers' compensation431540891,06011.8Other commercial143261282973.3Subtotal2,4652,1901,2325,88765.6Personal lines insurance:Personal auto22274733694.1Homeowner215122583954.4Other personal10111962262.5Subtotal53831513799011.0Excess and surplus lines36033623693210.4Cincinnati Re158747691110.2Cincinnati Global14111132552.8Total$3,662$3,699$1,614$8,975100.0%


















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(Dollars in millions)At June 30, 2024At December 31, 2023Cost or amortized costPercent of totalFair valuePercent of totalCost or amortized costPercent of totalFair valuePercentof totalTaxable fixed maturities$11,15257.5%$10,58440.7%$10,41455.8%$9,88940.0%Tax-exempt fixed maturities3,95720.43,82514.73,94721.23,90215.7Common equities3,87020.011,28343.33,86920.810,64142.9Nonredeemable preferred  equities4082.13511.34132.23481.4Total$19,387100.0%$26,043100.0%$18,643100.0%$24,780100.0%






















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At June 30, 2024At December 31, 2023Weighted average yield-to-amortized cost4.64%4.60%Weighted average maturity8.5yrs7.9yrsEffective duration4.4yrs4.3yrs
















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(Dollars in millions)At June 30, 2024At December 31, 2023Investment-grade corporate$7,308$7,040States, municipalities and political subdivisions786801Noninvestment-grade corporate417412Government-sponsored enterprises1,6071,224Asset-backed247187United States government186200Foreign government3325Total$10,584$9,889





























































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(Dollars in millions)Effect from interest rate change in basis points-200-100—100200At June 30, 2024$15,661$15,038$14,409$13,744$13,055At December 31, 2023$14,962$14,375$13,791$13,179$12,543































(Dollars in millions)Effect from market price change in percent-30%-20%-10%—10%20%30%At June 30, 2024$8,144$9,307$10,471$11,634$12,797$13,961$15,124At December 31, 2023$7,692$8,791$9,890$10,989$12,088$13,187$14,286














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Percent of common stock portfolioAt June 30, 2024At December 31, 2023Cincinnati FinancialS&P 500 IndustryWeightingsCincinnatiFinancialS&P 500 IndustryWeightingsSector:Information technology36.3%32.4%33.1%28.9%Financial13.112.413.913.0Industrials11.98.111.98.8Healthcare10.711.711.612.6Consumer staples6.85.87.06.2Consumer discretionary6.610.07.010.8Energy4.33.64.13.9Materials4.22.24.72.4Utilities2.72.32.72.3Real estate2.12.22.62.5Telecomm services1.39.31.48.6Total100.0%100.0%100.0%100.0%











































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(Dollars in millions)Less than 12 months12 months or moreTotalAt June 30, 2024Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized lossesFixed-maturity securities:Corporate$1,004$17$5,413$458$6,417$475States, municipalities and political subdivisions1,390202,0902533,480273Government-sponsored enterprises819224231,0615Asset-backed54—1191017310United States government78—10141794Foreign government25—7—32—Total$3,370$39$7,972$728$11,342$767At December 31, 2023Fixed-maturity securities:Corporate$379$13$5,560$441$5,939$454States, municipalities and political subdivisions31321,9322062,245208Government-sponsored enterprises652311337656Asset-backed5—1721617716United States government32—12931613Foreign government3—6—9—Total$1,384$18$7,912$669$9,296$687


























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(Dollars in millions)Numberof issuesAmortizedcostFair valueGross unrealized gain (loss)Gross investment incomeAt June 30, 2024Taxable fixed maturities:Fair valued below 70% of amortized cost10$39$25$(14)$1Fair valued at 70% to less than 100% of amortized cost2,0449,1548,548(606)205Fair valued at 100% and above of amortized cost4471,9592,0115259Investment income on securities sold in current year————10Total2,50111,15210,584(568)275Tax-exempt fixed maturities:Fair valued below 70% of amortized cost6107(3)—Fair valued at 70% to less than 100% of amortized cost1,7242,9062,762(144)46Fair valued at 100% and above of amortized cost6851,0411,0561520Investment income on securities sold in current year————1Total2,4153,9573,825(132)67Fixed-maturities summary:Fair valued below 70% of amortized cost164932(17)1Fair valued at 70% to less than 100% of amortized cost3,76812,06011,310(750)251Fair valued at 100% and above of amortized cost1,1323,0003,0676779Investment income on securities sold in current year————11Total4,916$15,109$14,409$(700)$342At December 31, 2023Fixed-maturities summary:Fair valued below 70% of amortized cost20$67$44$(23)$3Fair valued at 70% to less than 100% of amortized cost2,8209,9169,252(664)409Fair valued at 100% and above of amortized cost1,8984,3784,495117162Investment income on securities sold in current year————26Total4,738$14,361$13,791$(570)$600
















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PeriodTotal number of shares purchasedAverage price paid per shareTotal number of shares purchased as part ofpublicly announcedplans or programsMaximum number ofshares that may yet bepurchased under theplans or programsApril 1-30, 2024108,834$115.47108,8345,937,951May 1-31, 2024286,166116.66286,1665,651,785June 1-30, 2024———5,651,785Totals395,000116.33395,000










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adopted terminated










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Exhibit No.Exhibit Description3.1Amended and Restated Articles of Incorporation of Cincinnati Financial Corporation (incorporated by reference to the company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, Exhibit 3.1)3.2Amended and Restated Code of Regulations of Cincinnati Financial Corporation, as of May 6, 2023 (incorporated by reference to Exhibit 3.1 filed with the company's Current Report on Form 8-K dated May 9, 2023)10.1First Amendment to the Cincinnati Financial Corporation Top Hat Savings Plan dated January 1, 201831ACertification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Executive Officer31BCertification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Financial Officer32Certification pursuant to Section 906 of the Sarbanes Oxley Act of 2002101.INSThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.101.SCHXBRL Taxonomy Extension Schema Document101.CALXBRL Taxonomy Extension Calculation Linkbase Document101.DEFXBRL Taxonomy Extension Definition Linkbase Document101.LABXBRL Taxonomy Extension Label Linkbase Document101.PREXBRL Taxonomy Extension Presentation Linkbase Document104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)










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CINCINNATI FINANCIAL CORPORATIONDate: July 25, 2024/S/ Michael J. SewellMichael J. Sewell, CPAChief Financial Officer, Executive Vice President and Treasurer(Principal Accounting Officer)