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10-Q





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March 31, 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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156,558,411







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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 Operations30Safe Harbor Statement30Corporate Financial Highlights33Financial Results40Liquidity and Capital Resources55Other Matters59Item 3. Quantitative and Qualitative Disclosures about Market Risk59Item 4. Controls and Procedures66Part II – Other Information67Item 1. Legal Proceedings67Item 1A. Risk Factors67Item 2. Unregistered Sales of Equity Securities and Use of Proceeds68Item 5. Other Information69Item 6. Exhibits70










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(Dollars in millions, except per share data)March 31,December 31,20242023AssetsInvestmentsFixed maturities, at fair value (amortized cost: 2024—$14,709; 2023—$14,361)$14,084$13,791Equity securities, at fair value (cost: 2024—$4,313; 2023—$4,282)11,55710,989Other invested assets608577Total investments26,24925,357Cash and cash equivalents619907Investment income receivable202192Finance receivable106108Premiums receivable2,8052,592Reinsurance recoverable617651Prepaid reinsurance premiums7755Deferred policy acquisition costs1,1431,093Land, building and equipment, net, for company use (accumulated depreciation:2024—$331; 2023—$337)211208Other assets771681Separate accounts927925Total assets$33,727$32,769LiabilitiesInsurance reservesLoss and loss expense reserves$9,246$9,050Life policy and investment contract reserves3,0133,068Unearned premiums4,3984,119Other liabilities1,1561,311Deferred income tax1,4601,324Note payable2525Long-term debt and lease obligations848849Separate accounts927925Total liabilities21,07320,671Commitments 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 capital1,4461,437Retained earnings13,71213,084Accumulated other comprehensive loss(442)(435)Treasury stock at cost (2024—41.8 million shares and 2023—41.3 million shares)(2,459)(2,385)Total shareholders' equity12,65412,098Total liabilities and shareholders' equity$33,727$32,769










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(Dollars in millions, except per share data)Three months ended March 31,20242023RevenuesEarned premiums$2,071$1,918Investment income, net of expenses245210Investment gains and losses, net612106Fee revenues44Other revenues33Total revenues2,9352,241Benefits and ExpensesInsurance losses and contract holders' benefits1,3491,398Underwriting, acquisition and insurance expenses616556Interest expense1314Other operating expenses45Total benefits and expenses1,9821,973Income Before Income Taxes953268Provision for Income TaxesCurrent6116Deferred13727Total provision for income taxes19843Net Income$755$225Per Common ShareNet income — basic$4.82$1.43Net income — diluted4.781.42










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(Dollars in millions)Three months ended March 31,20242023Net Income$755$225Other Comprehensive Income (Loss)Change in unrealized gains and losses on investments, net of tax (benefit) of $(11) and $35, respectively(44)128Amortization of pension actuarial loss and prior service cost, net of tax (benefit) of $0 and $(1), respectively—(5)Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $10 and $(9), respectively37(36)Other comprehensive income (loss)(7)87Comprehensive Income$748$312













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(Dollars in millions)Three months ended March 31,20242023Common StockBeginning of period$397$397Share-based awards——End of period397397Paid-In CapitalBeginning of period1,4371,392Share-based awards(6)(6)Share-based compensation1412Other1—End of period1,4461,398Retained EarningsBeginning of period13,08411,711Net income755225Dividends declared(127)(118)End of period13,71211,818Accumulated Other Comprehensive LossBeginning of period(435)(614)Other comprehensive income (loss)(7)87End of period(442)(527)Treasury StockBeginning of period(2,385)(2,324)Share-based awards87Shares acquired - share repurchase authorization(75)(25)Shares acquired - share-based compensation plans(7)(3)End of period(2,459)(2,345)Total Shareholders' Equity$12,654$10,741(In millions, except per common share)Common Stock - Shares OutstandingBeginning of period157.0157.1Share-based awards0.30.3Shares acquired - share repurchase authorization(0.7)(0.2)Shares acquired - share-based compensation plans(0.1)—End of period156.5157.2Dividends declared per common share$0.81$0.75










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(Dollars in millions)Three months ended March 31,20242023Cash Flows From Operating ActivitiesNet income$755$225Adjustments to reconcile net income to net cash provided by operating activities:Depreciation, amortization and other3440Investment gains and losses, net(608)(93)Interest credited to contract holders1110Deferred income tax expense13727Changes in:Premiums and reinsurance receivable(203)(229)Deferred policy acquisition costs(50)(36)Other assets(8)(24)Loss and loss expense reserves196293Life policy and investment contract reserves2625Unearned premiums279201Other liabilities(161)(121)Current income tax receivable/payable(55)(68)Net cash provided by operating activities353250Cash Flows From Investing ActivitiesSale, call or maturity of fixed maturities464303Sale of equity securities2664Purchase of fixed maturities(838)(606)Purchase of equity securities(226)(22)Changes in finance receivables2(3)Investment in building and equipment(7)(4)Change in other invested assets, net(16)(34)Net cash used in investing activities(355)(362)Cash Flows From Financing ActivitiesPayment of cash dividends to shareholders(116)(106)Shares acquired - share repurchase authorization(75)(25)Proceeds from stock options exercised35Contract holders' funds deposited1920Contract holders' funds withdrawn(60)(58)Other(57)(33)Net cash used in financing activities(286)(197)Net change in cash and cash equivalents(288)(309)Cash and cash equivalents at beginning of year9071,264Cash and cash equivalents at end of period$619$955Supplemental Disclosures of Cash Flow Information:Interest paid$—$1Income taxes paid10676Noncash ActivitiesEquipment acquired under finance lease obligations$4$1Share-based compensation1711Other assets and other liabilities9796










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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 March 31, 2024gainslossesFixed-maturity securities:Corporate$8,002$60$463$7,599States, municipalities and political subdivisions4,872282324,668Government-sponsored enterprises1,424141,421Asset-backed200—11189United States government182—4178Foreign government29——29Total$14,709$89$714$14,084At 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 March 31, 2024FairvalueUnrealizedlossesFairvalueUnrealizedlossesFairvalueUnrealizedlossesFixed-maturity securities:Corporate$642$13$5,488$450$6,130$463States, municipalities and political subdivisions1,09991,9002232,999232Government-sponsored enterprises396116835644Asset-backed30—1331116311United States government74—10541794Foreign government17—5—22—Total$2,258$23$7,799$691$10,057$714At 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 March 31, 2024Maturity dates:Due in one year or less$971$9636.8%Due after one year through five years4,4134,30030.5Due after five years through ten years3,5533,42724.3Due after ten years5,7725,39438.4Total$14,709$14,084100.0%














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(Dollars in millions)Three months ended March 31,20242023Investment income:Interest$169$140Dividends7266Other77Total248213Less investment expenses33Total$245$210Investment gains and losses, net:Equity securities:Investment gains and losses on securities sold, net$(11)$(1)Unrealized gains and losses on securities still held, net613106Subtotal602105Fixed-maturity securities:Gross realized gains—1Gross realized losses(1)(1)Change in allowance for credit losses, net(9)—Subtotal(10)—Other201Total$612$106





11.557 10.989 942 842 8.4 7.9 3.7 3.4





27 18





3,329 2,840 714 687 12 20 70







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Fair Value Measurements














(Dollars in millions)Level 1Level 2Level 3TotalAt March 31, 2024Fixed maturities, available for sale:Corporate$—$7,599$—$7,599States, municipalities and political subdivisions—4,668—4,668Government-sponsored enterprises—1,421—1,421Asset-backed—189—189United States government178——178Foreign government—29—29Subtotal17813,906—14,084Common equities11,203——11,203Nonredeemable preferred equities—354—354Separate accounts taxable fixed maturities—866—866Top Hat savings plan mutual funds and common    equity (included in Other assets)78——78Total$11,459$15,126$—$26,585At December 31, 2023Fixed maturities, available for sale:Corporate$—$7,452$—$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





619 907





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(Dollars in millions)Book valuePrincipal amountInterestrateYear of issueMarch 31,December 31,March 31,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 March 31, 2024Note payable$—$25$—$256.900% senior debentures, due 2028—29—296.920% senior debentures, due 2028—416—4166.125% senior notes, due 2034—399—399Total$—$869$—$869At December 31, 2023Note payable$—$25$—$256.900% senior debentures, due 2028—29—296.920% senior debentures, due 2028—420—4206.125% senior notes, due 2034—394—394Total$—$868$—$868








(Dollars in millions)Level 1Level 2Level 3TotalAt March 31, 2024Life policy loans$—$—$40$40Deferred annuities——577577Structured settlements—137—137Total$—$137$577$714At December 31, 2023Life policy loans$—$—$39$39Deferred annuities——603603Structured settlements—141—141Total$—$141$603$744








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34 33





631 656 122 123













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Property Casualty Loss and Loss Expenses





(Dollars in millions)Three months ended March 31,20242023Gross loss and loss expense reserves, beginning of period$8,975$8,336Less reinsurance recoverable362405Net loss and loss expense reserves, beginning of period8,6137,931Net incurred loss and loss expenses related to:Current accident year1,3701,376Prior accident years(100)(59)Total incurred1,2701,317Net paid loss and loss expenses related to:Current accident year205187Prior accident years832859Total paid1,0371,046Net loss and loss expense reserves, end of period8,8468,202Plus reinsurance recoverable332424Gross loss and loss expense reserves, end of period$9,178$8,626





68 67





100 38 33 3 22 12 25 5





59 32 31 9 16 15


the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $27 million for the homeowner line.







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Life Policy and Investment Contract Reserves

















(Dollars in millions)March 31,2024December 31,2023Life policy reserves:Term$1,054$1,066Whole life418434Other9997Subtotal1,5711,597Investment contract reserves:Deferred annuities631656Universal life585585Structured settlements122123Other104107Subtotal1,4421,471Total life policy and investment contract reserves$3,013$3,068



























































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(Dollars in millions)Three months ended March 31,20242023TermWhole 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————Effect of actual variances from expected experience(9)—(3)1Adjusted beginning of period balance1,7032251,705218Issuances355387Interest accrual182182Net premiums collected(46)(7)(46)(7)Ending balance at original discount rate1,7102251,715220Effect of changes in discount rate assumptions(50)(6)(16)(3)Balance, end of period1,6602191,699217Present 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————Effect of actual variances from expected experience(14)—(2)1Adjusted beginning of period balance2,7516282,690608Issuances355386Interest accrual318308Benefits paid(37)(8)(46)(8)Ending balance at original discount rate2,7806332,712614Effect of changes in discount rate assumptions(82)4(21)30Balance, end of period2,6986372,691644Net liability for future policy benefits:Present value of expected future policy benefits less expected net premiums1,038418992427Impact of flooring at cohort level16—19—Net life policy reserves1,0544181,011427Less reinsurance recoverable at original discount rate(100)(24)(96)(25)Less effect of discount rate assumption changes on reinsurance recoverable(8)(4)(10)(6)Net life policy reserves, after reinsurance recoverable$946$390$905$396Weighted-average duration of the net life policy reserves in years11161216





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(Dollars in millions)At March 31,20242023UndiscountedDiscountedUndiscountedDiscountedTermExpected future benefit payments$4,816$2,698$4,696$2,691Expected future gross premiums4,3862,6014,4702,674Whole lifeExpected future benefit payments$1,660$637$1,586$644Expected future gross premiums663402618384











(Dollars in millions)Three months ended March 31,20242023Gross premiumsTerm$74$73Whole life1312Total$87$85Interest accretionTerm$13$12Whole life66Total$19$18





immaterial








At March 31,20242023TermInterest accretion rate5.26%5.32%Current discount rate5.094.81Whole lifeInterest accretion rate5.90%5.94%Current discount rate5.405.06














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(Dollars in millions)Three months ended March 31,20242023Deferred annuityUniversal lifeDeferred annuityUniversal lifeBalance, beginning of period$656$457$734$457Premiums received9101011Policy charges—(10)—(10)Surrenders and withdrawals(37)(4)(36)(3)Benefit payments(3)(2)(3)(2)Interest credited6565Balance, end of period$631$456$711$458Weighted average crediting rate3.55%4.33%3.36%4.26%Net amount at risk$—$3,908$—$4,064Cash surrender value625425706424














(Dollars in millions)At guaranteed minimum1 to 50 basis points above51-150 basis points aboveGreater than 150 basis pointsTotalAt March 31, 2024Deferred annuity1.00-3.00%$4$337$15$2265823.01-4.00%49———49Total$53$337$15$226$631Universal life1.00-3.00%$—$60$58$4$1223.01-4.00%495——54Greater than 4.00%280———280Total$329$65$58$4$456At March 31, 2023Deferred annuity1.00-3.00%$9$423$17$212$6613.01-4.00%50———50Total$59$423$17$212$711Universal life1.00-3.00%$60$47$9$2$1183.01-4.00%53———53Greater than 4.00%287———287Total$400$47$9$2$458








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(Dollars in millions)Three months ended March 31,20242023Balance, beginning of period$128$121Balance, beginning of period before shadow reserve adjustments129123Effect of changes in cash flow assumptions——Effect of actual variances from expected experience—(1)Adjusted beginning of period balance129122Interest accrual11Excess death benefits(2)—Attributed assessments33Effect of changes in interest rate assumptions(1)1Balance, end of period before shadow reserve adjustments130127Shadow reserve adjustments(1)(2)Balance, end of period129125Less reinsurance recoverable, end of period66Net other additional liability, after reinsurance recoverable$135$131Weighted-average duration of the other additional liability in years3134








(Dollars in millions)Three months ended March 31,20242023Balance, beginning of period$925$892Interest credited before policy charges1010Benefit payments—(2)Other(8)(1)Balance, end of period$927$899Cash surrender value$925$896







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Deferred Policy Acquisition Costs











(Dollars in millions)Three months ended March 31,20242023Property casualty:Deferred policy acquisition costs asset, beginning of period$749$682Capitalized deferred policy acquisition costs407372Amortized deferred policy acquisition costs(360)(340)Deferred policy acquisition costs asset, end of period$796$714Life:Deferred policy acquisition costs asset, beginning of period$344$331Capitalized deferred policy acquisition costs1011Amortized deferred policy acquisition costs(7)(8)Deferred policy acquisition costs asset, end of period$347$334Consolidated:Deferred policy acquisition costs asset, beginning of period$1,093$1,013Capitalized deferred policy acquisition costs417383Amortized deferred policy acquisition costs(367)(348)Deferred policy acquisition costs asset, end of period$1,143$1,048








(Dollars in millions)Three months ended March 31, 2024TermWhole lifeDeferred annuityUniversal lifeTotalBalance, beginning of period$236$48$8$52$344Capitalized deferred policy acquisition costs82——10Amortized deferred policy acquisition costs(6)(1)——(7)Balance, end of period$238$49$8$52$347Three months ended March 31, 2023Balance, beginning of period$228$43$7$53$331Capitalized deferred policy acquisition costs92——$11Amortized deferred policy acquisition costs(6)(1)—(1)$(8)Balance, end of period$231$44$7$52$334
















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Accumulated Other Comprehensive Income





(Dollars in millions)Three months ended March 31,20242023Before 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(65)(13)(52)16335128Investment gains and losses, net, recognized in net income1028———OCI(55)(11)(44)16335128AOCI, end of period$(625)$(134)$(491)$(684)$(147)$(537)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 income———(1)—(1)OCI———(6)(1)(5)AOCI, end of period$30$8$22$30$8$22Life policy reserves, reinsurance recoverable and other:AOCI, beginning of period$(13)$(3)$(10)$29$5$24OCI before investment gains and losses, net, recognized in net income471037(45)(9)(36)Investment gains and losses, net, recognized in net income——————OCI471037(45)(9)(36)AOCI, end of period$34$7$27$(16)$(4)$(12)Summary of AOCI:AOCI, beginning of period$(553)$(118)$(435)$(782)$(168)$(614)Investments OCI(55)(11)(44)16335128Pension obligations OCI———(6)(1)(5)Life policy reserves, reinsurance recoverable and other OCI471037(45)(9)(36)Total OCI(8)(1)(7)1122587AOCI, end of period$(561)$(119)$(442)$(670)$(143)$(527)





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 March 31,20242023Direct written premiums$2,125$1,859Assumed written premiums239244Ceded written premiums(116)(84)Net written premiums$2,248$2,019Direct earned premiums$1,934$1,760Assumed earned premiums152159Ceded earned premiums(94)(78)Earned premiums$1,992$1,841Direct incurred loss and loss expenses$1,193$1,299Assumed incurred loss and loss expenses7676Ceded incurred loss and loss expenses1(58)Incurred loss and loss expenses$1,270$1,317














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(Dollars in millions)Three months ended March 31,20242023Direct earned premiums$99$96Ceded earned premiums(20)(19)Earned premiums$79$77Direct contract holders' benefits incurred9497Ceded contract holders' benefits incurred(15)(16)Contract holders' benefits incurred$79$81











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







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Income Taxes


21


(Dollars in millions)Three months ended March 31,20242023Tax at statutory rate:$20021.0%$5621.0%Increase (decrease) resulting from:Tax-exempt income from municipal bonds(5)(0.5)(5)(1.9)Dividend received exclusion(5)(0.5)(5)(1.9)Other80.8(3)(1.2)Provision for income taxes$19820.8%$4316.0%











no








Cincinnati Global had no operating loss carryforwards in the United States and $91 million and $100 million in the United Kingdom at March 31, 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 March 31,20242023Numerator:Net income—basic and diluted$755$225Denominator:Basic weighted-average common shares outstanding156.8157.2Effect of share-based awards:Stock options0.70.8Nonvested shares0.40.5Diluted weighted-average shares157.9158.5Earnings per share:Basic$4.82$1.43Diluted$4.78$1.42Number of anti-dilutive share-based awards1.31.0













Employee Retirement Benefits





(Dollars in millions)Three months ended March 31,20242023Service cost$1$1Non-service (benefit) costs:Interest cost33Expected return on plan assets(5)(5)Amortization of actuarial loss and prior service cost—(1)Other—(5)Total non-service benefit(2)(8)Net periodic benefit$(1)$(7)











9 8





We made no con tributions to our qualified pension plan during the first three months of 2024.










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Commitments and Contingent Liabilities






































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Segment Information


two




















five








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(Dollars in millions)Three months ended March 31,20242023Revenues:Commercial lines insuranceCommercial casualty$365$377Commercial property336299Commercial auto220213Workers' compensation6174Other commercial10093Commercial lines insurance premiums1,0821,056Fee revenues11Total commercial lines insurance1,0831,057Personal lines insurancePersonal auto208166Homeowner303232Other personal7766Personal lines insurance premiums588464Fee revenues11Total personal lines insurance589465Excess and surplus lines insurance139127Fee revenues1—Total excess and surplus lines insurance140127Life insurance premiums7977Fee revenues12Total life insurance8079InvestmentsInvestment income, net of expenses245210Investment gains and losses, net612106Total investment revenue857316OtherPremiums183194Other33Total other revenues186197Total revenues$2,935$2,241Income (loss) before income taxes:Insurance underwriting resultsCommercial lines insurance$39$(2)Personal lines insurance37(57)Excess and surplus lines insurance1213Life insurance108Investments826286Other2920Total income before income taxes$953$268


Identifiable assets:March 31,2024December 31,2023Property casualty insurance$5,298$5,294Life insurance1,5641,562Investments25,87824,999Other987914Total$33,727$32,769







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(Dollars in millions, except per share data)Three months ended March 31,20242023% ChangeEarned premiums$2,071$1,9188Investment income, net of expenses (pretax)24521017Investment gains and losses, net (pretax)612106477Total revenues2,9352,24131Net income755225236Comprehensive income748312140Net income per share—diluted4.781.42237Cash dividends declared per share0.810.758Diluted weighted average shares outstanding157.9158.50






































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(Dollars in millions, except share data)At March 31,At December 31,20242023Total investments$26,249$25,357Total assets33,72732,769Short-term debt2525Long-term debt790790Shareholders' equity12,65412,098Book value per share80.8377.06Debt-to-total-capital ratio6.1%6.3%











Three months ended March 31,20242023Value creation ratio major contributors:Net income before investment gains2.3%1.3%Change in fixed-maturity securities, realized and unrealized gains(0.4)1.2Change in equity securities, investment gains3.90.7Other0.1(0.1)Value creation ratio5.9%3.1%











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(Dollars are per share)Three months ended March 31,20242023Value creation ratio:End of period book value*$80.83$68.33Less beginning of period book value77.0667.01Change in book value3.771.32Dividend declared to shareholders0.810.75Total value creation$4.58$2.07Value creation ratio from change in book value**4.9%2.0%Value creation ratio from dividends declared to shareholders***1.01.1Value creation ratio5.9%3.1%* 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 March 31,20242023% ChangeEarned premiums$1,992$1,8418Fee revenues3250Total revenues1,9951,8438Loss and loss expenses from:Current accident year before catastrophe losses1,2211,1239Current accident year catastrophe losses149253(41)Prior accident years before catastrophe losses(68)(41)(66)Prior accident years catastrophe losses(32)(18)(78)Loss and loss expenses1,2701,317(4)Underwriting expenses59453611Underwriting profit (loss)$131$(10)nmRatios as a percent of earned premiums:Pt. ChangeCurrent accident year before catastrophe losses61.3%61.0%0.3Current accident year catastrophe losses7.513.8(6.3)Prior accident years before catastrophe losses(3.4)(2.2)(1.2)Prior accident years catastrophe losses(1.6)(1.0)(0.6)Loss and loss expenses63.871.6(7.8)Underwriting expenses29.829.10.7Combined ratio93.6%100.7%(7.1)Combined ratio93.6%100.7%(7.1)Contribution from catastrophe losses and prior years reserve development2.510.6(8.1)Combined ratio before catastrophe losses and prior years reserve development91.1%90.1%1.0























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(Dollars in millions)Three months ended March 31,20242023% ChangeAgency renewal written premiums$1,683$1,53510Agency new business written premiums34625138Other written premiums219233(6)Net written premiums2,2482,01911Unearned premium change(256)(178)(44)Earned premiums$1,992$1,8418


























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(Dollars in millions, net of reinsurance)Three months ended March 31,Comm.Pers.E&SDatesRegionlineslineslinesOtherTotal2024Jan. 8-10Midwest, Northeast, South$18$9$—$—$27Mar. 12-17Midwest, South3222——54All other 2024 catastrophes25421—68Development on 2023 and prior catastrophes(8)(21)(1)(2)(32)Calendar year incurred total$67$52$—$(2)$1172023Mar. 1-4Midwest, Northeast, South$30$34$1$—$65Mar. 23-28Midwest, Northeast, South13271—41Mar. 30 - Apr. 1Midwest, Northeast, South4224——66All other 2023 catastrophes2155—581Development on 2022 and prior catastrophes4(25)(1)4(18)Calendar year incurred total$110$115$1$9$235








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(Dollars in millions, net of reinsurance)Three months ended March 31,20242023% ChangeCurrent accident year losses greater than $5 million$—$36(100)Current accident year losses $2 million - $5 million221547Large loss prior accident year reserve development229144Total large losses incurred4460(27)Losses incurred but not reported25117940Other losses excluding catastrophe losses6776416Catastrophe losses111227(51)Total losses incurred$1,083$1,107(2)Ratios as a percent of earned premiums:Pt. ChangeCurrent accident year losses greater than $5 million—%1.9%(1.9)Current accident year losses $2 million - $5 million1.10.80.3Large loss prior accident year reserve development1.10.50.6Total large loss ratio2.23.2(1.0)Losses incurred but not reported12.69.72.9Other losses excluding catastrophe losses34.034.9(0.9)Catastrophe losses5.612.3(6.7)Total loss ratio54.4%60.1%(5.7)










































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(Dollars in millions)Three months ended March 31,20242023% ChangeEarned premiums$1,082$1,0562Fee revenues110Total revenues1,0831,0572Loss and loss expenses from:Current accident year before catastrophe losses6826741Current accident year catastrophe losses75106(29)Prior accident years before catastrophe losses(30)(36)17Prior accident years catastrophe losses(8)4nmLoss and loss expenses719748(4)Underwriting expenses3253115Underwriting profit (loss)$39$(2)nmRatios as a percent of earned premiums:Pt. ChangeCurrent accident year before catastrophe losses63.0%63.9%(0.9)Current accident year catastrophe losses7.010.0(3.0)Prior accident years before catastrophe losses(2.8)(3.4)0.6Prior accident years catastrophe losses(0.8)0.4(1.2)Loss and loss expenses66.470.9(4.5)Underwriting expenses30.129.50.6Combined ratio96.5%100.4%(3.9)Combined ratio96.5%100.4%(3.9)Contribution from catastrophe losses and prior years reserve development3.47.0(3.6)Combined ratio before catastrophe losses and prior years reserve development93.1%93.4%(0.3)























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(Dollars in millions)Three months ended March 31,20242023% ChangeAgency renewal written premiums$1,076$1,0413Agency new business written premiums18213436Other written premiums(35)(34)(3)Net written premiums1,2231,1417Unearned premium change(141)(85)(66)Earned premiums$1,082$1,0562

















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(Dollars in millions, net of reinsurance)Three months ended March 31,20242023% ChangeCurrent accident year losses greater than $5 million$—$30(100)Current accident year losses $2 million - $5 million1112(8)Large loss prior accident year reserve development123300Total large losses incurred2345(49)Losses incurred but not reported15612525Other losses excluding catastrophe losses36833510Catastrophe losses64106(40)Total losses incurred$611$6110Ratios as a percent of earned premiums:Pt. ChangeCurrent accident year losses greater than $5 million—%2.8%(2.8)Current accident year losses $2 million - $5 million1.01.1(0.1)Large loss prior accident year reserve development1.10.30.8Total large loss ratio2.14.2(2.1)Losses incurred but not reported14.411.82.6Other losses excluding catastrophe losses34.031.92.1Catastrophe losses6.010.0(4.0)Total loss ratio56.5%57.9%(1.4)
















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(Dollars in millions)Three months ended March 31,20242023% ChangeEarned premiums$588$46427Fee revenues110Total revenues58946527Loss and loss expenses from:Current accident year before catastrophe losses33927722Current accident year catastrophe losses73140(48)Prior accident years before catastrophe losses(12)(6)(100)Prior accident years catastrophe losses(21)(25)16Loss and loss expenses379386(2)Underwriting expenses17313627Underwriting profit (loss)$37$(57)nmRatios as a percent of earned premiums:Pt. ChangeCurrent accident year before catastrophe losses57.7%59.9%(2.2)Current accident year catastrophe losses12.430.1(17.7)Prior accident years before catastrophe losses(2.0)(1.3)(0.7)Prior accident years catastrophe losses(3.6)(5.4)1.8Loss and loss expenses64.583.3(18.8)Underwriting expenses29.429.20.2Combined ratio93.9%112.5%(18.6)Combined ratio93.9%112.5%(18.6)Contribution from catastrophe losses and prior years reserve development6.823.4(16.6)Combined ratio before catastrophe losses and prior years reserve development87.1%89.1%(2.0)


























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(Dollars in millions)Three months ended March 31,20242023% ChangeAgency renewal written premiums$494$38827Agency new business written premiums1227954Other written premiums(21)(19)(11)Net written premiums59544833Unearned premium change(7)16nmEarned premiums$588$46427





























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(Dollars in millions, net of reinsurance)Three months ended March 31,20242023% ChangeCurrent accident year losses greater than $5 million$—$6(100)Current accident year losses $2 million - $5 million113267Large loss prior accident year reserve development10667Total large losses incurred211540Losses incurred but not reported2227(19)Other losses excluding catastrophe losses23118724Catastrophe losses50113(56)Total losses incurred$324$342(5)Ratios as a percent of earned premiums:Pt. ChangeCurrent accident year losses greater than $5 million—%1.3%(1.3)Current accident year losses $2 million - $5 million1.80.61.2Large loss prior accident year reserve development1.81.40.4Total large loss ratio3.63.30.3Losses incurred but not reported3.85.9(2.1)Other losses excluding catastrophe losses39.440.2(0.8)Catastrophe losses8.424.3(15.9)Total loss ratio55.2%73.7%(18.5)
















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(Dollars in millions)Three months ended March 31,20242023% ChangeEarned premiums$139$1279Fee revenues1—nmTotal revenues14012710Loss and loss expenses from:Current accident year before catastrophe losses92885Current accident year catastrophe losses12(50)Prior accident years before catastrophe losses(2)(8)75Prior accident years catastrophe losses(1)(1)0Loss and loss expenses908111Underwriting expenses383315Underwriting profit$12$13(8)Ratios as a percent of earned premiums:Pt. ChangeCurrent accident year before catastrophe losses65.7%69.2%(3.5)Current accident year catastrophe losses0.91.5(0.6)Prior accident years before catastrophe losses(1.7)(6.2)4.5Prior accident years catastrophe losses(0.4)(0.3)(0.1)Loss and loss expenses64.564.20.3Underwriting expenses27.425.71.7Combined ratio91.9%89.9%2.0Combined ratio91.9%89.9%2.0Contribution from catastrophe losses and prior years reserve development(1.2)(5.0)3.8Combined ratio before catastrophe losses and prior years reserve development93.1%94.9%(1.8)























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(Dollars in millions)Three months ended March 31,20242023% ChangeAgency renewal written premiums$113$1067Agency new business written premiums423811Other written premiums(9)(8)(13)Net written premiums1461367Unearned premium change(7)(9)22Earned premiums$139$1279





























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(Dollars in millions, net of reinsurance)Three months ended March 31,20242023% ChangeCurrent accident year losses greater than $5 million$—$—nmCurrent accident year losses $2 million - $5 million——nmLarge loss prior accident year reserve development——nmTotal large losses incurred——nmLosses incurred but not reported302711Other losses excluding catastrophe losses372832Catastrophe losses110Total losses incurred$68$5621Ratios as a percent of earned premiums:Pt. ChangeCurrent accident year losses greater than $5 million—%—%0.0Current accident year losses $2 million - $5 million——0.0Large loss prior accident year reserve development—(0.3)0.3Total large loss ratio—(0.3)0.3Losses incurred but not reported21.621.30.3Other losses excluding catastrophe losses26.822.24.6Catastrophe losses0.51.1(0.6)Total loss ratio48.9%44.3%4.6
















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(Dollars in millions)Three months ended March 31,20242023% ChangeEarned premiums$79$773Fee revenues12(50)Total revenues80791Contract holders' benefits incurred7981(2)Investment interest credited to contract holders(31)(30)(3)Underwriting expenses incurred222010Total benefits and expenses7071(1)Life insurance segment profit$10$825


























(Dollars in millions)Three months ended March 31,20242023% ChangeTerm life insurance$57$562Whole life insurance13128Universal life and other990Net earned premiums$79$773





























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(Dollars in millions)Three months ended March 31,20242023% ChangeTotal investment income, net of expenses$245$21017Investment interest credited to contract holders(31)(30)(3)Investment gains and losses, net612106477Investments profit, pretax$826$286189





(Dollars in millions)% YieldPrincipal redemptionsAt March 31, 2024Fixed-maturity pretax yield profile:Expected to mature during the remainder of 20244.30%$849Expected to mature during 20254.701,381Expected to mature during 20265.031,104Average yield and total expected maturities from the remainder of 2024 through 20264.71$3,334








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Three months ended March 31,20242023Average pretax yield-to-amortized cost on new fixed-maturities:Acquired taxable fixed-maturities5.94%6.55%Acquired tax-exempt fixed-maturities4.104.20Average total fixed-maturities acquired5.796.18














(Dollars in millions)Three months ended March 31,20242023% ChangeInvestment income:Interest$169$14021Dividends72669Other770Less investment expenses330Investment income, pretax24521017Less income taxes413421Total investment income, after-tax$204$17616Investment returns:Average invested assets plus cash and cash  equivalents$27,164$24,649Average yield pretax3.61%3.41%Average yield after-tax3.002.86Effective tax rate16.716.1Fixed-maturity returns:Average amortized cost$14,535$13,171Average yield pretax4.65%4.25%Average yield after-tax3.823.52Effective tax rate17.917.3








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(Dollars in millions)Three months ended March 31,20242023Investment gains and losses:Equity securities:Investment gains and losses on securities sold, net$(11)$(1)Unrealized gains and losses on securities still held, net613106Subtotal602105Fixed maturities:Gross realized gains—1Gross realized losses(1)(1)Change in allowance for credit losses, net(9)—Subtotal(10)—Other201Total investment gains and losses reported in net income612106Change in unrealized investment gains and losses:Fixed maturities(55)163Total$557$269



















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(Dollars in millions)Three months ended March 31,20242023% ChangeInterest and fees on loans and leases$2$20Earned premiums183194(6)Other revenues110Total revenues186197(6)Interest expense1314(7)Loss and loss expenses82102(20)Underwriting expenses58564Operating expenses45(20)Total expenses157177(11)Total other income$29$2045



























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(Dollars in millions)Three months ended March 31,20242023% ChangePremiums collected$2,044$1,84211Loss and loss expenses paid(1,037)(1,046)1Commissions and other underwriting expenses paid(808)(710)(14)Cash flow from underwriting19986131Investment income received16514712Cash flow from operations$364$23356

















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(Dollars in millions)Loss reservesLoss expense reservesTotal gross reservesCase reservesIBNR reservesPercent of totalAt March 31, 2024Commercial lines insurance:Commercial casualty$1,132$1,271$795$3,19834.9%Commercial property327166795726.2Commercial auto4103251448799.6Workers' compensation412562891,06311.6Other commercial137311262943.2Subtotal2,4182,3551,2336,00665.5Personal lines insurance:Personal auto22980753844.2Homeowner222133594144.5Other personal10212472332.5Subtotal5533371411,03111.2Excess and surplus lines35036724095710.4Cincinnati Re152788794710.3Cincinnati Global13210232372.6Total$3,605$3,949$1,624$9,178100.0%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 March 31, 2024At December 31, 2023Cost or amortized costPercent of totalFair valuePercent of totalCost or amortized costPercent of totalFair valuePercentof totalTaxable fixed maturities$10,76156.6%$10,21839.8%$10,41455.8%$9,88940.0%Tax-exempt fixed maturities3,94820.83,86615.13,94721.23,90215.7Common equities3,90520.511,20343.73,86920.810,64142.9Nonredeemable preferred  equities4082.13541.44132.23481.4Total$19,022100.0%$25,641100.0%$18,643100.0%$24,780100.0%






















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At March 31, 2024At December 31, 2023Weighted average yield-to-amortized cost4.68%4.60%Weighted average maturity8.3yrs7.9yrsEffective duration4.3yrs4.3yrs
















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(Dollars in millions)At March 31, 2024At December 31, 2023Investment-grade corporate$7,156$7,040States, municipalities and political subdivisions802801Noninvestment-grade corporate443412Government-sponsored enterprises1,4211,224Asset-backed189187United States government178200Foreign government2925Total$10,218$9,889





























































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(Dollars in millions)Effect from interest rate change in basis points-200-100—100200At March 31, 2024$15,281$14,681$14,084$13,458$12,802At 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 March 31, 2024$8,090$9,246$10,401$11,557$12,713$13,868$15,024At 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 March 31, 2024At December 31, 2023Cincinnati FinancialS&P 500 IndustryWeightingsCincinnatiFinancialS&P 500 IndustryWeightingsSector:Information technology33.3%29.6%33.1%28.9%Financial13.913.113.913.0Industrials12.48.811.98.8Healthcare11.412.411.612.6Consumer staples7.06.07.06.2Consumer discretionary7.010.37.010.8Materials4.52.44.72.4Energy4.43.94.13.9Utilities2.62.22.72.3Real estate2.22.32.62.5Telecomm services1.39.01.48.6Total100.0%100.0%100.0%100.0%











































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(Dollars in millions)Less than 12 months12 months or moreTotalAt March 31, 2024Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized lossesFixed-maturity securities:Corporate$642$13$5,488$450$6,130$463States, municipalities and political subdivisions1,09991,9002232,999232Government-sponsored enterprises396116835644Asset-backed30—1331116311United States government74—10541794Foreign government17—5—22—Total$2,258$23$7,799$691$10,057$714At 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 March 31, 2024Taxable fixed maturities:Fair valued below 70% of amortized cost10$41$27$(14)$—Fair valued at 70% to less than 100% of amortized cost1,9078,3457,752(593)96Fair valued at 100% and above of amortized cost4982,3752,4396438Investment income on securities sold in current year————2Total2,41510,76110,218(543)136Tax-exempt fixed maturities:Fair valued below 70% of amortized cost242(2)—Fair valued at 70% to less than 100% of amortized cost1,4102,3812,276(105)18Fair valued at 100% and above of amortized cost9771,5631,5882515Investment income on securities sold in current year—————Total2,3893,9483,866(82)33Fixed-maturities summary:Fair valued below 70% of amortized cost124529(16)—Fair valued at 70% to less than 100% of amortized cost3,31710,72610,028(698)114Fair valued at 100% and above of amortized cost1,4753,9384,0278953Investment income on securities sold in current year————2Total4,804$14,709$14,084$(625)$169At 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 programsJanuary 1-31, 2024———6,726,785February 1-29, 2024500,000$109.07500,0006,226,785March 1-31, 2024180,000112.19180,0006,046,785Totals680,000109.89680,000










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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)31ACertification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Executive Officer31BCertification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Financial Officer32Certification pursuant to Section 906 of the Sarbanes Oxley Act of 2002101.INSThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.101.SCHXBRL Taxonomy Extension Schema Document101.CALXBRL Taxonomy Extension Calculation Linkbase Document101.DEFXBRL Taxonomy Extension Definition Linkbase Document101.LABXBRL Taxonomy Extension Label Linkbase Document101.PREXBRL Taxonomy Extension Presentation Linkbase Document104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)










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