Cincinnati Financial Corporation (CINF)

Cincinnati Financial Corporation Holds Shareholders' and Directors' MeetingsMay 4, 2026 9:05 AM
PR Newswire (US)

CINCINNATI, Ohio, May 4, 2026 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today announced that based on preliminary voting results at the company's annual meeting on May 2, 2026, shareholders elected all directors for one-year terms to the 14-member board. Shareholders also approved the Amended and Restated Articles of Incorporation, the nonbinding resolution to approve the compensation for the company's named executive officers and ratified the selection of Deloitte & Touche LLP as independent registered public accounting firm for 2026. A shareholder proposal about calling special shareholder meetings did not receive majority support.Steven J. Johnston, chairman of the board, commented: "We thank shareholders for their interest and participation in the affairs of the company and for approving our proposals, our selection of Deloitte & Touche and our nominees to the board. Our highly engaged group of directors brings diversity of thought and experience to guide long-term strategic plans for Cincinnati Financial Corporation, as we work to create increasing value for shareholders."Directors elected for one-year terms are:Nancy C. Benacci, head of equity research (retired) of KeyBanc Capital MarketsLinda W. Clement-Holmes, chief information officer (retired) of The Procter & Gamble CompanyDirk J. Debbink, chairman of MSI General CorporationSteven J. Johnston, FCAS, MAAA, CFA, CERA, executive chairman of Cincinnati Financial CorporationJill P. Meyer, Esq., chief operating and relationships officer and founding managing director – Cincinnati, for The O.H.I.O. FundDavid P. Osborn, CFA, president of Osborn Williams & Donohoe LLCGretchen W. Schar, executive vice president, chief financial and administrative officer (retired)
of Arbonne International LLCCharles O. Schiff, chief executive officer, secretary and treasurer of John J. & Thomas R. Schiff & Co. Inc.Douglas S. Skidmore, chief executive officer of Skidmore Sales & Distributing Company Inc.Stephen M. Spray, president and chief executive officer of Cincinnati Financial CorporationJohn F. Steele, Jr., chairman and chief executive officer of Hilltop Basic Resources Inc.Larry R. Webb, CPCU, president (retired) of Webb Insurance Agency Inc.Edward S. Wilkins, CPA, adjunct professor, Vanderbilt University; audit & assurance partner (retired)
of Deloitte & Touche LLPCheng-sheng Peter Wu, FCAS, ASA, MAAA, CSPA, external advisor for Boston Consulting GroupThe board also announced committee service for the coming year, in line with the independence requirements of applicable law and the listing standards of Nasdaq:Audit – Gretchen W. Schar (chairperson), Nancy C. Benacci, Linda W. Clement-Holmes, Dirk J. Debbink, Edward S. Wilkins and Cheng-sheng Peter WuCompensation – David P. Osborn (chairperson), Linda W. Clement-Holmes, Jill P. Meyer and
Gretchen W. ScharExecutive – Steven J. Johnston (chairperson), Dirk J. Debbink, David P. Osborn, Douglas S. Skidmore, Stephen M. Spray, John F. Steele, Jr. and Larry R. WebbInvestment – Steven J. Johnston (chairperson), Nancy C. Benacci, Dirk J. Debbink, David P. Osborn, Charles O. Schiff, Stephen M. Spray and Larry R. WebbNominating – Dirk J. Debbink (chairperson), Linda W. Clement-Holmes, Jill P. Meyer, Gretchen W. Schar and Douglas S. SkidmoreAbout Cincinnati FinancialCincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.Mailing Address:Street Address:P.O. Box 1454966200 South Gilmore RoadCincinnati, Ohio 45250-5496         Fairfield, Ohio 45014-5141Safe HarborOur business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "seek," "expect," "will," "should," "could," "might," "anticipate," "believe," "estimate," "intend," "likely," "future," or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:Insurance-Related RisksRisks and uncertainties associated with our loss reserves or actual claim costs exceeding reservesIncreased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuanceUnusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe riskRisks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk managementInadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimatesEvents or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growthMergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantagesOur inability to manage business opportunities, growth prospects, and expenses for our ongoing operationsChanging consumer insurance-buying habitsThe inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurersDomestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book valueSignificant or prolonged decline in the fair value of securities and impairment of the assetsSignificant decline in investment income due to reduced or eliminated dividend payouts from securitiesSignificant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati GlobalAn unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expensesDecreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activityThe inability of our workforce, agencies, or vendors to perform necessary business functionsFinancial, Economic, and Investment RisksDeclines in overall stock market values negatively affecting our equity portfolio and book valueDowngrades in our financial strength ratingsInterest rate fluctuations or other factors that could significantly affect:Our ability to generate growth in investment incomeValues of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assetsOur traditional life policy reservesEconomic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnershipsFailure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligationsRecession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquenciesThe inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase sharesGeneral Business, Technology, and Operational RisksIneffective information technology systems or failing to develop and implement improvements in technologyDifficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents', ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liabilityDifficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data securityDisruption of the insurance market caused by technology innovations – such as driverless cars – that could decrease consumer demand for insurance productsDelays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitivenessIntense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitabilityInability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitabilityUnforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and othersOur inability, or the inability of our independent agents, to attract and retain personnelEvents, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programsRegulatory, Compliance, and Legal RisksActions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimatesPlace the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulationsRestrict our ability to exit or reduce writings of unprofitable coverages or lines of businessIncrease assessments for guaranty funds, other insurance-related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changesIncrease our provision for federal income taxes due to changes in tax laws, regulations, or interpretationsIncrease other expensesLimit our ability to set fair, adequate, and reasonable ratesRestrict our ability to cancel policiesImpose new underwriting standardsPlace us at a disadvantage in the marketplaceRestrict our ability to execute our business model, including the way we compensate agentsAdverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awardsEvents or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002Effects of changing social, global, economic, and regulatory environmentsAdditional measures affecting corporate financial reporting and governance that can affect the market value of our common stockRisks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30. 





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Original: Cincinnati Financial Corporation Holds Shareholders' and Directors' Meetings

Cincinnati Financial Corporation Declares Regular Quarterly Cash DividendMay 4, 2026 9:07 AM
PR Newswire (US)

CINCINNATI, Ohio, May 4, 2026 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) announced that at its regular meeting on May 2, 2026, the board of directors declared a 94 cents-per-share regular quarterly cash dividend. The dividend is payable July 15, 2026, to shareholders of record as of June 23, 2026.Stephen M. Spray, president and chief executive officer, commented, "This dividend declaration reflects our board's confidence in the company's financial strength and our ability to deliver long-term value to shareholders accomplished through our focus on disciplined underwriting, strong capital management and our exceptional customer service."The dividend just declared matches the one paid in April, keeping us on the path to reach 66 years of increasing annual cash dividends."About Cincinnati FinancialCincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.Mailing Address:Street Address:P.O. Box 1454966200 South Gilmore RoadCincinnati, Ohio 45250-5496Fairfield, Ohio 45014-5141Safe Harbor StatementOur business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "seek," "expect," "will," "should," "could," "might," "anticipate," "believe," "estimate," "intend," "likely," "future," or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:Insurance-Related RisksRisks and uncertainties associated with our loss reserves or actual claim costs exceeding reservesIncreased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuanceUnusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe riskRisks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk managementInadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimatesEvents or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growthMergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantagesOur inability to manage business opportunities, growth prospects, and expenses for our ongoing operationsChanging consumer insurance-buying habitsThe inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurersDomestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book valueSignificant or prolonged decline in the fair value of securities and impairment of the assetsSignificant decline in investment income due to reduced or eliminated dividend payouts from securitiesSignificant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati GlobalAn unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expensesDecreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activityThe inability of our workforce, agencies, or vendors to perform necessary business functionsFinancial, Economic, and Investment RisksDeclines in overall stock market values negatively affecting our equity portfolio and book valueDowngrades in our financial strength ratingsInterest rate fluctuations or other factors that could significantly affect:Our ability to generate growth in investment incomeValues of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assetsOur traditional life policy reservesEconomic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnershipsFailure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligationsRecession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquenciesThe inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase sharesGeneral Business, Technology, and Operational RisksIneffective information technology systems or failing to develop and implement improvements in technologyDifficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents', ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liabilityDifficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data securityDisruption of the insurance market caused by technology innovations – such as driverless cars – that could decrease consumer demand for insurance productsDelays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitivenessIntense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitabilityInability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitabilityUnforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and othersOur inability, or the inability of our independent agents, to attract and retain personnelEvents, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programsRegulatory, Compliance, and Legal RisksActions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimatesPlace the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulationsRestrict our ability to exit or reduce writings of unprofitable coverages or lines of businessIncrease assessments for guaranty funds, other insurance-related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changesIncrease our provision for federal income taxes due to changes in tax laws, regulations, or interpretationsIncrease other expensesLimit our ability to set fair, adequate, and reasonable ratesRestrict our ability to cancel policiesImpose new underwriting standardsPlace us at a disadvantage in the marketplaceRestrict our ability to execute our business model, including the way we compensate agentsAdverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awardsEvents or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002Effects of changing social, global, economic, and regulatory environmentsAdditional measures affecting corporate financial reporting and governance that can affect the market value of our common stockRisks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30. 





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Original: Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend

Cincinnati Financial Reports First-Quarter 2026 ResultsApril 27, 2026 4:05 PM
PR Newswire (US)

CINCINNATI, April 27, 2026 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:First-quarter 2026 net income of $274 million, or $1.75 per share, compared with a net loss of $90 million, or $0.57 per share, in the first quarter of 2025, after recognizing an $82 million first-quarter 2026 after-tax decrease in the fair value of equity securities still held.First-quarter 2026 non-GAAP operating income* of $330 million, or $2.10 per share, compared with an operating loss of $37 million, or $0.24 per share, in the first quarter of last year. The increase of $367 million included a favorable effect of $233 million from a decrease in after-tax catastrophe losses.$364 million increase in first-quarter 2026 net income, compared with first-quarter 2025, primarily due to after-tax net increases of $326 million from property casualty underwriting profit and $31 million from investment income.$101.60 book value per share at March 31, 2026, down $0.75 since year-end.0.2% value creation ratio for the first three months of 2026, compared with negative 0.5% for the same period of 2025.Financial Highlights(Dollars in millions, except per share data)Three months ended March 31,
2026
2025
% ChangeRevenue Data





   Earned premiums
$   2,604
$   2,344
11   Investment income, net of expenses
318
280
14   Total revenues
2,863
2,566
12Income Statement Data





   Net income (loss)
$      274
$      (90)
nm   Investment gains and losses, after-tax
(56)
(53)
(6)   Non-GAAP operating income (loss)*
$      330
$      (37)
nmPer Share Data (diluted)





   Net income (loss)
$     1.75
$   (0.57)
nm   Investment gains and losses, after-tax
(0.35)
(0.33)
(6)   Non-GAAP operating income (loss)*
$     2.10
$   (0.24)
nm






   Book value
$ 101.60
$   87.78
16   Cash dividend declared
$     0.94
$     0.87
8   Diluted weighted average shares outstanding
157.0
156.4
0








*The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures section defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles.
Forward-looking statements and related assumptions are subject to the risks outlined in the company's safe harbor statement.Insurance Operations Highlights95.6% first-quarter 2026 property casualty combined ratio, improved from 113.3% for the first quarter of 2025.7% growth in first-quarter net written premiums, including price increases, premium growth initiatives, a higher level of insured exposures and with 2% of the growth due to first-quarter 2025 net reinstatement premiums.$339 million first-quarter 2026 property casualty new business written premiums, down 11%. Agencies appointed since the beginning of 2025 contributed $23 million or 7% of total new business written premiums.$26 million first-quarter 2026 life insurance subsidiary net income, up $5 million compared with the first quarter of 2025, and 7% growth in first-quarter 2026 term life insurance earned premiums.Investment and Balance Sheet Highlights 14% or $38 million increase in first-quarter 2026 pretax investment income, including a 12% increase in bond interest income and a 13% increase in stock portfolio dividends.Three-month increase of 1% in fair value of total investments at March 31, 2026, including a 2% increase for the bond portfolio and a 1% decrease for the stock portfolio.$5.550 billion parent company cash and marketable securities at March 31, 2026, down less than 1% from year-end 2025.Solid Start to the Year
Stephen M. Spray, president and CEO, commented: "We recorded $330 million of non-GAAP operating income in the first quarter compared to a loss of $37 million a year ago."The first-quarter results for our insurance operations laid a nice foundation for us to build on for the rest of the year. Our 95.6% combined ratio improved almost 18 points from last year's 113.3%. While lower catastrophe losses drove much of the improvement, we also saw a decline in our current accident year combined ratio before catastrophe losses – giving us confidence in the health of our overall book of business. As we continue to refine pricing segmentation and risk selection, we've lowered that ratio by 3 points compared with last year's first quarter to 87.5%."Robust results from our investment operations also contributed. Pretax investment income rose $38 million in the first quarter as dividends from our equity portfolio increased 13% and bond interest income grew 12%."Focus on Underwriting Discipline
"Since 2018, we've doubled the size of our insurance portfolio, growing from around $5 billion in net written premiums to more than $10 billion at the end of 2025. We intend to continue growing through all market cycles, and we understand that growth can't come at the cost of underwriting profitability."Consolidated net written premiums grew 7% compared with first-quarter 2025. While average renewal pricing increases moderated slightly, we continued to price on a policy-by-policy basis. The pricing sophistication we've built into our underwriting process allows our underwriters to charge what we believe is an appropriate rate for the risk we are assuming based on each account's unique characteristics. That rate might be higher or lower than the average."For the remainder of the year, we'll lean into our strategy of appointing more agencies and offering new products as a means to continue delivering profitable growth. In just the first three months of 2026, we've appointed 108 agencies across the U.S. We also continued to add new products, especially in excess and surplus lines."E&S isn't the market of last resort anymore. While it remains flexible in terms and rates, our approach to this business has been more strategic. We often find that if we can write one portion of the account through our E&S operations, we have a better chance of placing other risks for that account in our standard business."Confidence in the Future
"At March 31, parent company cash and marketable securities remained strong at more than $5 billion, and our equity portfolio holds more than $8 billion in appreciated value before taxes. In January, the board of directors expressed its confidence in our financial strength by again raising the cash dividend."Our associates are determined to do things just a little better every day, strengthening our ability to compete by enhancing the advantages of our local independent agencies. That has been and continues to be our plan for creating shareholder value far into the future."Insurance Operations HighlightsConsolidated Property Casualty Insurance Results(Dollars in millions)Three months ended March 31,

2026
2025
% ChangeEarned premiums
$  2,519
$  2,264
11Fee revenues
4
4
0   Total revenues
2,523
2,268
11






Loss and loss expenses
1,667
1,887
(12)Underwriting expenses
741
679
9   Underwriting profit (loss)
$     115
$  (298)
nm  






Ratios as a percent of earned premiums:




Pt. Change     Loss and loss expenses
66.2 %
83.3 %
(17.1)     Underwriting expenses
29.4
30.0
(0.6)           Combined ratio
95.6 %
113.3 %
(17.7)












% ChangeAgency renewal written premiums
$  2,045
$  1,912
7Agency new business written premiums
339
383
(11)Other written premiums
284
200
42   Net written premiums
$  2,668
$  2,495
7






Ratios as a percent of earned premiums:




Pt. Change     Current accident year before catastrophe losses
58.1 %
60.5 %
(2.4)     Current accident year catastrophe losses
11.3
26.8
(15.5)     Prior accident years before catastrophe losses
(2.7)
(2.2)
(0.5)     Prior accident years catastrophe losses
(0.5)
(1.8)
1.3           Loss and loss expense ratio
66.2 %
83.3 %
(17.1)






Current accident year combined ratio before catastrophe losses
87.5 %
90.5 %
(3.0)






$173 million or 7% growth of first-quarter 2026 property casualty net written premiums, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The growth included the effect of $52 million of net reinstatement premiums in first-quarter 2025 related to the January 2025 wildfires in southern California. The contribution to first-quarter growth from Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM in total was 0.9 percentage points.$44 million decrease in first-quarter 2026 new business premiums written by agencies, due to our personal lines insurance segment. The $44 million decrease included a $19 million increase in production from agencies appointed since the beginning of 2025.108 new agency appointments in the first three months of 2026, including 19 that market only our personal lines products.17.7 percentage-point first-quarter 2026 combined ratio improvement, including a decrease of 14.2 points for losses from catastrophes.3.2 percentage-point first-quarter 2026 benefit from favorable prior accident year reserve development of $81 million, compared with 4.0 points or $91 million for first-quarter 2025.2.4 percentage-point improvement in the three-month 2026 ratio for current accident year loss and loss expenses before catastrophes, including a favorable 1.4 points due to the effect of net reinstatement premiums in first-quarter 2025.0.6 percentage-point decrease in the underwriting expense ratio for the first three months of 2026, compared with the same period of 2025. The 2025 ratio included an unfavorable 0.7 points from the effect of net reinstatement premiums in first-quarter 2025.Commercial Lines Insurance Results(Dollars in millions)Three months ended March 31,

2026
2025
% ChangeEarned premiums
$ 1,241
$ 1,179
5Fee revenues
1
2
(50)   Total revenues
1,242
1,181
5






Loss and loss expenses
847
735
15Underwriting expenses
377
349
8   Underwriting profit
$      18
$    97
(81)






Ratios as a percent of earned premiums:




Pt. Change     Loss and loss expenses
68.2 %
62.3 %
5.9     Underwriting expenses
30.4
29.6
0.8           Combined ratio
98.6 %
91.9 %
6.7












% ChangeAgency renewal written premiums
$ 1,184
$ 1,152
3Agency new business written premiums
205
203
1Other written premiums
(30)
(30)
0   Net written premiums
$ 1,359
$ 1,325
3






Ratios as a percent of earned premiums:




Pt. Change     Current accident year before catastrophe losses
62.8 %
61.1 %
1.7     Current accident year catastrophe losses
9.7
4.8
4.9     Prior accident years before catastrophe losses
(4.2)
(2.4)
(1.8)     Prior accident years catastrophe losses
(0.1)
(1.2)
1.1           Loss and loss expense ratio
68.2 %
62.3 %
5.9






Current accident year combined ratio before catastrophe losses
93.2 %
90.7 %
2.5






$34 million or 3% growth in first-quarter 2026 commercial lines net written premiums, primarily due to higher agency renewal premiums.$32 million or 3% increase in first-quarter renewal written premiums, with commercial lines average renewal pricing increases near the high end of the low-single-digit percent range.$2 million or 1% increase in first-quarter 2026 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.6.7 percentage-point first-quarter 2026 combined ratio increase, including an increase of 6.0 points for losses from catastrophes.4.3 percentage-point first-quarter 2026 benefit from favorable prior accident year reserve development of $53 million, compared with 3.6 points or $43 million for first-quarter 2025.Personal Lines Insurance Results(Dollars in millions)Three months ended March 31,

2026
2025
% ChangeEarned premiums
$  873
$   698
25Fee revenues
2
1
100   Total revenues
875
699
25






Loss and loss expenses
607
846
(28)Underwriting expenses
238
210
13   Underwriting profit (loss)
$    30
$  (357)
nm  






Ratios as a percent of earned premiums:




Pt. Change     Loss and loss expenses
69.5 %
121.2 %
(51.7)     Underwriting expenses
27.3
30.1
(2.8)           Combined ratio
96.8 %
151.3 %
(54.5)












% ChangeAgency renewal written premiums
$  726
$   634
15Agency new business written premiums
76
127
(40)Other written premiums
(27)
(89)
70   Net written premiums
$  775
$   672
15






Ratios as a percent of earned premiums:




Pt. Change     Current accident year before catastrophe losses
53.2 %
63.3 %
(10.1)     Current accident year catastrophe losses
17.1
60.6
(43.5)     Prior accident years before catastrophe losses
(0.5)
(0.8)
0.3     Prior accident years catastrophe losses
(0.3)
(1.9)
1.6           Loss and loss expense ratio
69.5 %
121.2 %
(51.7)






Current accident year combined ratio before catastrophe losses
80.5 %
93.4 %
(12.9)






$103 million or 15% growth in first-quarter 2026 personal lines net written premiums, including higher agency renewal written premiums that benefited from rate increases in the high-single-digit percent range. The growth included the effect of $64 million or 10% from other written premiums due to reinstatement premiums in first-quarter 2025.$51 million or 40% decrease in first-quarter 2026 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.54.5 percentage-point first-quarter 2026 combined ratio improvement, including a decrease of 41.9 points for losses from catastrophes.0.8 percentage-point first-quarter 2026 favorable prior accident year reserve development of $7 million, compared with 2.7 points or $19 million for first-quarter 2025.10.1 percentage-point improvement in the three-month 2026 ratio for current accident year loss and loss expenses before catastrophes, including 5.3 points for the effect of 2025 reinstatement premiums.2.8 percentage-point decrease in the underwriting expense ratio for the first three months of 2026, compared with the same period of 2025, reflecting a favorable 2.5 points for the effect of first-quarter 2025 reinstatement premiums.Excess and Surplus Lines Insurance Results(Dollars in millions)Three months ended March 31,

2026
2025
% ChangeEarned premiums
$  180
$   162
11Fee revenues
1
1
0   Total revenues
181
163
11






Loss and loss expenses
110
99
11Underwriting expenses
50
44
14   Underwriting profit
$    21
$    20
5






Ratios as a percent of earned premiums:




Pt. Change     Loss and loss expenses
61.2 %
60.9 %
0.3     Underwriting expenses
28.1
27.4
0.7           Combined ratio
89.3 %
88.3 %
1.0












% ChangeAgency renewal written premiums
$  135
$   126
7Agency new business written premiums
58
53
9Other written premiums
(11)
(11)
0   Net written premiums
$  182
$   168
8






Ratios as a percent of earned premiums:




Pt. Change     Current accident year before catastrophe losses
64.6 %
65.6 %
(1.0)     Current accident year catastrophe losses
1.1
0.8
0.3     Prior accident years before catastrophe losses
(4.1)
(5.0)
0.9     Prior accident years catastrophe losses
(0.4)
(0.5)
0.1           Loss and loss expense ratio
61.2 %
60.9 %
0.3






Current accident year combined ratio before catastrophe losses
92.7 %
93.0 %
(0.3)






$14 million or 8% growth in first-quarter 2026 excess and surplus lines net written premiums, including higher agency renewal written premiums that benefited from price increases averaging in the mid-single-digit percent range.$5 million or 9% increase in first-quarter 2026 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.1.0 percentage-point first-quarter 2026 combined ratio increase, driven by 1.0 points of less favorable reserve development on prior accident year loss and loss expenses.4.5 percentage-point first-quarter 2026 benefit from favorable prior accident year reserve development of $8 million, compared with 5.5 points or $9 million for first-quarter 2025.Life Insurance Subsidiary Results(Dollars in millions)Three months ended March 31,
2026
2025
% ChangeTerm life insurance
$       61
$       57
7Whole life insurance
14
13
8Universal life and other
10
10
0    Earned premiums
85
80
6Investment income, net of expenses
54
50
8Investment gains and losses, net
—
(1)
100Fee revenues
1
1
0Total revenues
140
130
8Contract holders' benefits incurred
84
81
4Underwriting expenses incurred
23
23
0    Total benefits and expenses
107
104
3Net income before income tax
33
26
27Income tax provision
7
5
40Net income of the life insurance subsidiary
$       26
$       21
24






$5 million increase in first-quarter 2026 earned premiums, including a 7% increase for term life insurance, our largest life insurance product line.$5 million increase in three-month 2026 life insurance subsidiary net income, primarily due to increased investment income, increased earned premiums and decreased investment losses from fixed-maturity securities.$8 million or 1% three-month 2026 decrease, to $1.459 billion, in GAAP shareholders' equity for the life insurance subsidiary, primarily from an increase in unrealized investment losses on fixed-maturity securities, largely offset by net income.Investment and Balance Sheet HighlightsInvestments Results(Dollars in millions)Three months ended March 31,
2026
2025
% ChangeInvestment income, net of expenses
$    318
$    280
14Investment interest credited to contract holders
(32)
(32)
0Investment gains and losses, net
(70)
(67)
(4)      Investments profit
$    216
$    181
19






Investment income:





   Interest
$    235
$    210
12   Dividends
76
67
13   Other
12
7
71   Less investment expenses
5
4
25      Investment income, pretax
318
280
14      Less income taxes
55
48
15      Total investment income, after-tax
$    263
$    232
13






Investment returns:





 Average invested assets plus cash and cash    equivalents
$ 33,504
$ 29,946

      Average yield pretax
3.80 %
3.74 %

      Average yield after-tax
3.14
3.10

      Effective tax rate
17.2
17.2

Fixed-maturity returns:





Average amortized cost
$ 18,724
$ 17,071

Average yield pretax
5.02 %
4.92 %

Average yield after-tax
4.10
4.02

Effective tax rate
18.4
18.3








$38 million or 14% rise in first-quarter 2026 pretax investment income, including a 12% increase in interest income from fixed-maturity securities and a 13% increase in equity portfolio dividends.$290 million in first-quarter 2026 pretax total investment losses, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.(Dollars in millions)
Three months ended March 31,
2026
2025Investment gains and losses on equity securities sold, net
$             33
$              (1)Unrealized gains and losses on equity securities still held, net
(104)
(71)Investment gains and losses on fixed-maturity securities, net
—
(2)Other
1
7Subtotal - investment gains and losses reported in net income
(70)
(67)Change in unrealized investment gains and losses - fixed maturities
(220)
67Total
$           (290)
$             —




 Balance Sheet Highlights(Dollars in millions, except share data)At March 31,At December 31,
2026
2025   Total investments
$          32,001
$          31,783   Total assets
41,211
41,002   Short-term debt
25
25   Long-term debt
791
790   Shareholders' equity
15,714
15,911   Book value per share
101.60
102.35   Debt-to-total-capital ratio
4.9 %
4.9 %




$33.211 billion in consolidated cash and total investments at March 31, 2026, a decrease of less than 1% from $33.214 billion at year-end 2025.$18.545 billion bond portfolio at March 31, 2026, with an average rating of A2/A. Fair value increased $422 million during the first quarter of 2026, including $624 million in net purchases of fixed-maturity securities.$12.569 billion equity portfolio was 39.3% of total investments, including $8.143 billion in appreciated value before taxes at March 31, 2026. First-quarter 2026 decrease in fair value of $125 million, including $54 million in net sales of equity securities.$0.75 first-quarter 2026 decrease in book value per share, including an addition of $2.14 of net income before investment gains that were partially offset by $1.48 from investment portfolio net investment losses or changes in unrealized gains for fixed-maturity securities, $0.47 for other items and $0.94 from dividends declared to shareholders.Value creation ratio of 0.2% for the first three months of 2026, including 2.1% from net income before investment gains, which includes underwriting and investment income, partially offset by 1.1% from changes in unrealized gains for fixed-maturity securities, 0.4% from investment losses for equity securities and 0.4% for other items.For additional information or to register for our conference call webcast, please visit investors.cinfin.com.About Cincinnati Financial
Cincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.Mailing Address:Street Address:P.O. Box 1454966200 South Gilmore RoadCincinnati, Ohio 45250-5496Fairfield, Ohio 45014-5141Safe Harbor Statement
Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "seek," "expect," "will," "should," "could," "might," "anticipate," "believe," "estimate," "intend," "likely," "future," or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:Insurance-Related RisksRisks and uncertainties associated with our loss reserves or actual claim costs exceeding reservesIncreased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuanceUnusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe riskRisks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk managementInadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimatesEvents or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growthMergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantagesOur inability to manage business opportunities, growth prospects, and expenses for our ongoing operationsChanging consumer insurance-buying habitsThe inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurersDomestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book valueSignificant or prolonged decline in the fair value of securities and impairment of the assetsSignificant decline in investment income due to reduced or eliminated dividend payouts from securitiesSignificant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati GlobalAn unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expensesDecreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activityThe inability of our workforce, agencies, or vendors to perform necessary business functionsFinancial, Economic, and Investment RisksDeclines in overall stock market values negatively affecting our equity portfolio and book valueDowngrades in our financial strength ratingsInterest rate fluctuations or other factors that could significantly affect:Our ability to generate growth in investment incomeValues of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assetsOur traditional life policy reservesEconomic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnershipsFailure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligationsRecession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquenciesThe inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase sharesGeneral Business, Technology, and Operational RisksIneffective information technology systems or failing to develop and implement improvements in technologyDifficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents', ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liability Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data securityDisruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance productsDelays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitivenessIntense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitabilityInability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitabilityUnforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and othersOur inability, or the inability of our independent agents, to attract and retain personnelEvents, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programsRegulatory, Compliance, and Legal RisksActions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimatesPlace the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulations Restrict our ability to exit or reduce writings of unprofitable coverages or lines of businessIncrease assessments for guaranty funds, other insurance-related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changesIncrease our provision for federal income taxes due to changes in tax laws, regulations, or interpretationsIncrease other expensesLimit our ability to set fair, adequate, and reasonable ratesRestrict our ability to cancel policiesImpose new underwriting standardsPlace us at a disadvantage in the marketplace Restrict our ability to execute our business model, including the way we compensate agentsAdverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awardsEvents or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002Effects of changing social, global, economic, and regulatory environmentsAdditional measures affecting corporate financial reporting and governance that can affect the market value of our common stockRisks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.* * *Cincinnati Financial CorporationCondensed Consolidated Balance Sheets and Statements of Income (unaudited)(Dollars in millions)
March 31,2026
December 31,2025Assets



   Investments
$        32,001
$        31,783   Cash and cash equivalents
1,210
1,431   Premiums receivable
3,321
3,142   Reinsurance recoverable
627
655 Deferred policy acquisition costs
1,384
1,344   Other assets
2,668
2,647Total assets
$        41,211
$        41,002




Liabilities



   Insurance reserves
$        14,924
$        14,499   Unearned premiums
5,424
5,254   Deferred income tax
1,710
1,833   Long-term debt and lease obligations
859
861   Other liabilities
2,580
2,644Total liabilities
25,497
25,091




Shareholders' Equity



   Common stock and paid-in capital
1,958
1,958   Retained earnings
16,848
16,719   Accumulated other comprehensive loss
(185)
(34)   Treasury stock
(2,907)
(2,732)Total shareholders' equity
15,714
15,911Total liabilities and shareholders' equity
$        41,211
$        41,002




(Dollars in millions, except per share data)
Three months ended March 31,

2026
2025Revenues



   Earned premiums
$          2,604
$          2,344   Investment income, net of expenses
318
280   Investment gains and losses, net
(70)
(67)   Other revenues
11
9      Total revenues
2,863
2,566




Benefits and Expenses



   Insurance losses and contract holders' benefits
1,751
1,968   Underwriting, acquisition and insurance expenses
764
702   Interest expense
13
13   Other operating expenses
9
11      Total benefits and expenses
2,537
2,694




Income (Loss) Before Income Taxes
326
(128)




Provision (Benefit) for Income Taxes
52
(38)




Net Income (Loss)
$            274
$            (90)




Per Common Share:



   Net income (loss)—basic
$           1.77
$          (0.57)   Net income (loss)—diluted
1.75
(0.57)




Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures(See attached tables for reconciliations; additional prior-period reconciliations available at investors.cinfin.com.)Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management's control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company's insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management's discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.Cincinnati Financial Corporation Net Income (Loss) Reconciliation
(Dollars in millions, except per share data)Three months ended March 31,

2026
2025Net income (loss)
$            274
$            (90)Less:



   Investment gains and losses, net
(70)
(67)   Income tax on investment gains and losses
14
14   Investment gains and losses, after-tax
(56)
(53)Non-GAAP operating income (loss)
$            330
$            (37)




Diluted per share data:



Net income (loss)
$           1.75
$          (0.57)Less:



   Investment gains and losses, net
(0.44)
(0.42)   Income tax on investment gains and losses
0.09
0.09   Investment gains and losses, after-tax
(0.35)
(0.33)   Non-GAAP operating income (loss)
$           2.10
$          (0.24)




 Life Insurance Reconciliation
(Dollars in millions)Three months ended March 31,

2026
2025Net income of the life insurance subsidiary
$             26
$             21Investment gains and losses, net
—
(1)Income tax on investment gains and losses
—
—Non-GAAP operating income
26
22




Investment income, net of expenses
(54)
(50)Investment income credited to contract holders
32
32Income tax excluding tax on investment gains and losses, net
7
5Life insurance segment profit
$             11
$               9




 Property Casualty Insurance Reconciliation(Dollars in millions)Three months ended March 31, 2026
ConsolidatedCommercialPersonalE&S
Other*Premiums:













   Net written premiums
$       2,668

$       1,359

$         775

$         182

$          352   Unearned premiums change
(149)

(118)

98

(2)

(127)   Earned premiums
$       2,519

$       1,241

$         873

$         180

$          225














Underwriting profit
$         115

$           18

$           30

$           21

$            46(Dollars in millions)Three months ended March 31, 2025
ConsolidatedCommercialPersonalE&SOther*Premiums:













   Net written premiums
$       2,495

$       1,325

$         672

$         168

$          330   Unearned premiums change
(231)

(146)

26

(6)

(105)   Earned premiums
$       2,264

$       1,179

$         698

$         162

$          225














Underwriting profit (loss)
$        (298)

$           97

$        (357)

$           20

$           (58)














  Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *Included in Other are the results of Cincinnati Re and Cincinnati Global.Cincinnati Financial CorporationOther MeasuresValue creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company's insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium. Value Creation Ratio Calculations(Dollars are per share)Three months ended March 31,
2026
2025Value creation ratio:



   End of period book value*
$          101.60
$             87.78   Less beginning of period book value
102.35
89.11   Change in book value
(0.75)
(1.33)   Dividend declared to shareholders
0.94
0.87   Total value creation
$              0.19
$             (0.46)




Value creation ratio from change in book value**
(0.7) %
(1.5) %Value creation ratio from dividends declared to shareholders***
0.9
1.0Value creation ratio
0.2 %
(0.5) %




    * 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

  





View original content to download multimedia:https://www.prnewswire.com/news-releases/cincinnati-financial-reports-first-quarter-2026-results-302754339.htmlSOURCE Cincinnati Financial Corporation

Original: Cincinnati Financial Reports First-Quarter 2026 Results

Cincinnati Financial Corporation Announces Internet Availability of Proxy Materials and Webcast for 2026 Annual Meeting of ShareholdersMarch 18, 2026 10:15 AM
PR Newswire (US)

CINCINNATI, March 18, 2026 /PRNewswire/ -- Cincinnati Financial Corporation (NASDAQ: CINF) today announced the internet availability of materials for its 2026 Annual Meeting of Shareholders – the 2025 Annual Report on Form 10-K, the 2026 Annual Shareholder Meeting Notice and Proxy Statement and the 2026 Annual Letter to Shareholders. The company has filed these materials with the Securities and Exchange Commission, and they are available for viewing online.The 2026 Annual Meeting of Shareholders takes place on Saturday, May 2, at 9:30 a.m. ET at the Cincinnati Art Museum, 953 Eden Park Drive, Cincinnati, Ohio 45202. The company invites those unable to attend in person to visit investors.cinfin.com for a live, listen-only webcast of the meeting. Participants are encouraged to visit the website to test their systems for compatibility in advance. A replay of the webcast is typically available approximately two hours after the meeting ends.Over the next few weeks, shareholders of record as of March 4, 2026, will receive voting instructions by mail or email. Subject to shareholder preferences, most shareholders will receive those instructions via a mailed Notice of Internet Availability of Proxy Materials that encourages online reading of proxy materials. Mailing the Notice in lieu of full printed materials reduces costs and environmental impacts.Shareholders who have previously made specific elections to receive printed materials or electronic delivery will continue to receive materials per those instructions. Shareholders who would like to specifically elect to receive printed materials free of charge or to receive electronic delivery will find instructions at cinfin.com/proxy_voting, in electronic delivery emails and on the Notice of Internet Availability of Proxy Materials. About Cincinnati Financial
Cincinnati Financial Corporation offers primarily business, home and auto insurance, our main business, through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.Mailing Address:
Street Address:P.O. Box 145496 
6200 South Gilmore RoadCincinnati, Ohio 45250-5496
Fairfield, Ohio 45014-5141





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Original: Cincinnati Financial Corporation Announces Internet Availability of Proxy Materials and Webcast for 2026 Annual Meeting of Shareholders

Cincinnati Financial Reports Fourth-Quarter and Full-Year 2025 ResultsFebruary 9, 2026 4:05 PM
PR Newswire (US)

CINCINNATI, Feb. 9, 2026 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:Fourth-quarter 2025 net income of $676 million, or $4.29 per share, compared with $405 million, or $2.56 per share, in the fourth quarter of 2024, after recognizing a $145 million fourth-quarter 2025 after-tax increase in the fair value of equity securities still held.Full-year 2025 net income of $2.393 billion, or $15.17 per share, compared with $2.292 billion, or $14.53 per share, in 2024.$34 million or 7% increase in fourth-quarter 2025 non-GAAP operating income* to $531 million, or $3.37 per share, compared with $497 million, or $3.14 per share, in the fourth quarter of last year.$57 million or 5% increase in full-year 2025 non-GAAP operating income to $1.254 billion, or $7.95 per share, up from $1.197 billion, or $7.58 per share, with an increase of $112 million in after-tax net investment income partially offset by a decrease of $62 million in after-tax property casualty underwriting profit.$271 million increase in fourth-quarter 2025 net income, compared with fourth-quarter 2024, including the effects of after-tax net increases of $237 million from net investment gains, $21 million from property casualty underwriting profit and $20 million from investment income.$102.35 book value per share at December 31, 2025, up $13.24 since year-end 2024.18.8% value creation ratio for full-year 2025, compared with 19.8% for 2024.Financial Highlights
(Dollars in millions except per share data)Three months ended December 31,Twelve months ended December 31,

2025
2024
% Change
2025
2024
% ChangeRevenue Data











   Earned premiums
$      2,592
$      2,365
10
$      9,983
$      8,889
12   Investment income, net of expenses
305
280
9
1,165
1,025
14   Total revenues
3,091
2,538
22
12,631
11,337
11Income Statement Data











   Net income
$         676
$         405
67
$      2,393
$      2,292
4   Investment gains and losses, after-tax
145
(92)
nm

1,139
1,095
4   Non-GAAP operating income*
$         531
$         497
7
$      1,254
$      1,197
5Per Share Data (diluted)











   Net income
$        4.29
$        2.56
68
$      15.17
$      14.53
4   Investment gains and losses, after-tax
0.92
(0.58)
nm

7.22
6.95
4   Non-GAAP operating income*
$        3.37
$        3.14
7
$        7.95
$        7.58
5












   Book value






$    102.35
$      89.11
15   Cash dividend declared
$        0.87
$        0.81
7
$        3.48
$        3.24
7   Diluted weighted average shares outstanding
157.5
158.1
0
157.7
157.8
0

*The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles.
Forward-looking statements and related assumptions are subject to the risks outlined in the company's safe harbor statement.Insurance Operations Highlights85.2% fourth-quarter 2025 property casualty combined ratio, up from 84.7% for the fourth quarter of 2024. Full-year 2025 property casualty combined ratio at 94.9%, with net written premiums up 9%.5% growth in fourth-quarter 2025 net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.$331 million fourth-quarter 2025 property casualty new business written premiums. Agencies appointed since the beginning of 2024 contributed $33 million or 10% of total fourth-quarter new business written premiums.$31 million of fourth-quarter 2025 life insurance subsidiary net income and 3% growth in fourth-quarter 2025 term life insurance earned premiums. Full-year 2025 net income rose 16%.Investment and Balance Sheet Highlights 9% or $25 million increase in fourth-quarter 2025 pretax investment income, including a 10% increase in bond interest income.12% full-year increase in fair value of total investments at December 31, 2025, including a 12% increase for the bond portfolio and a 13% increase for the stock portfolio.$5.568 billion parent company cash and marketable securities at year-end 2025, up 7% from a year ago.Resiliency Led to Insurance Profitability
Stephen M. Spray, president and chief executive officer, commented: "After beginning the year with the worst catastrophe loss in our company's history, it took persistence and focus to record a 4% increase in full-year net income of $2.393 billion and $1.254 billion in full-year 2025 non-GAAP operating income – a 5% increase compared with 2024."For the fourth quarter, our insurance operations produced a combined ratio of 85.2% – one of our best fourth quarters in the last decade. On a full-year basis, our combined ratio of 94.9% is comfortably within our long-term annual average goal of 92% to 98% and marks 14 consecutive years of achieving an underwriting profit."Importantly, we continued seeing steady progress in our current accident year combined ratio before catastrophe losses. That measure improved 0.4 percentage points to 86.1% for 2025, even with the unfavorable effects of $52 million in reinsurance reinstatement premiums related to the California wildfires. "Our life insurance subsidiary also contributed nicely, recording a 16% increase in net income to $106 million."Balancing Pricing Discipline and Growth
"Total property casualty net written premiums increased 9% for the year, crossing $10 billion for the first time in our company's 75-year history. While new business written premiums slowed in total for the fourth quarter and the full year, our commercial business recorded 4% growth in standard and 17% growth in excess and surplus lines new business over the course of 2025."Looking ahead, we know that it will take continued pricing discipline and product innovation – supported by the ongoing appointment of new agencies – to keep up the profitable growth of our insurance business."Our 189 commercial lines field marketing representatives work closely with the agencies in their territories, developing a deep understanding of the market conditions unique to that community. Leaning on their colleagues in a variety of disciplines, including excess and surplus lines, management liability, life insurance and loss control – they can craft comprehensive risk management programs enhanced by the ease of doing business through the Cincinnati family of companies."We believe that our hallmarks of strong agency relationships and fast, fair and empathetic claims service, will continue to encourage appointed agents to place their high-quality business with Cincinnati Insurance."Record Book Value
"At December 31, 2025, our book value per share climbed 15% from a year ago, to $102.35, bolstered by a 14% increase in net pretax investment income, reaching nearly $1.2 billion for the year."Consolidated cash and total investments reached more than $33 billion. Our ample capital allows us to execute our long-term strategies and, at the same time, continue to pay dividends to shareholders. Our value creation ratio for 2025, which considers the dividends we pay as well as the growth in book value, was 18.8%, ahead of our 10% to 13% average annual target for this measure."Insurance Operations Highlights
Consolidated Property Casualty Insurance Results(Dollars in millions)Three months ended December 31,
Twelve months ended December 31,

2025
2024
% Change
2025
2024
% ChangeEarned premiums
$ 2,508
$  2,284
10
$ 9,653
$  8,568
13Fee revenues
3
3
0
14
12
17   Total revenues
2,511
2,287
10
9,667
8,580
13












Loss and loss expenses
1,397
1,255
11
6,335
5,436
17Underwriting expenses
736
680
8
2,831
2,564
10   Underwriting profit
$     378
$     352
7
$     501
$     580
(14)












Ratios as a percent of earned premiums:




Pt. Change




Pt. Change     Loss and loss expenses
55.7 %
55.0 %
0.7
65.6 %
63.5 %
2.1     Underwriting expenses
29.5
29.7
(0.2)
29.3
29.9
(0.6)           Combined ratio
85.2 %
84.7 %
0.5
94.9 %
93.4 %
1.5


















% Change




% ChangeAgency renewal written premiums
$ 1,939
$  1,759
10
$ 8,023
$  7,080
13Agency new business written premiums
331
382
(13)
1,474
1,541
(4)Other written premiums
91
102
(11)
585
622
(6)   Net written premiums
$ 2,361
$  2,243
5
$  10,082
$  9,243
9












Ratios as a percent of earned premiums:




Pt. Change




Pt. Change     Current accident year before catastrophe losses
55.3 %
51.0 %
4.3
56.8 %
56.6 %
0.2     Current accident year catastrophe losses
1.2
5.0
(3.8)
10.8
9.6
1.2     Prior accident years before catastrophe losses
(0.6)
(0.0)
(0.6)
(1.3)
(1.6)
0.3     Prior accident years catastrophe losses
(0.2)
(1.0)
0.8
(0.7)
(1.1)
0.4           Loss and loss expense ratio
55.7 %
55.0 %
0.7
65.6 %
63.5 %
2.1












Current accident year combined ratio before    catastrophe losses
84.8 %
80.7 %
4.1
86.1 %
86.5 %
(0.4)












5% and 9% growth in fourth-quarter and full-year 2025 property casualty net written premiums, reflecting price increases, premium growth initiatives and a higher level of insured exposures. The contribution to growth from Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM in total was less than 1 percentage point for both the fourth-quarter and full-year.13% and 4% decrease in fourth-quarter and full-year 2025 new business premiums written by agencies, compared with a year ago. The full-year decrease included an $87 million increase in standard market property casualty production from agencies appointed since the beginning of 2024.420 new agency appointments in full-year 2025, including 71 that market only our personal lines products.0.5 percentage-point fourth-quarter 2025 combined ratio increase, compared with 2024, including a decrease of 3.0 points for losses from catastrophes.1.5 percentage-point full-year 2025 combined ratio increase, including an increase of 1.6 points for losses from catastrophes.0.4 percentage-point improvement in full-year 2025 current accident year combined ratio before catastrophe losses, including an unfavorable 0.5 points for the net effect of $52 million for reinsurance treaty reinstatement premiums related to the January 2025 wildfires in southern California.0.8 and 2.0 percentage-point fourth-quarter and full-year 2025 benefit from favorable prior accident year reserve development of $20 million and $196 million, compared with 1.0 points or $25 million for fourth-quarter 2024 and 2.7 points or $236 million of favorable development for full-year 2024.0.2 percentage-point increase, to 56.8%, for the full-year 2025 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 1.4 points for the portion estimated as reserves for claims incurred but not reported (IBNR) and a decrease of 1.2 points for the case incurred portion.0.6 percentage-point decrease in full-year 2025 underwriting expense ratio, compared with the same period of 2024, primarily due to growth in earned premiums outpacing growth in various expenses.Commercial Lines Insurance Results
(Dollars in millions)Three months ended December 31,
Twelve months ended December 31,

2025
2024
% Change
2025
2024
% ChangeEarned premiums
$ 1,243
$  1,160
7
$ 4,863
$  4,486
8Fee revenues
1
1
0
5
4
25   Total revenues
1,244
1,161
7
4,868
4,490
8












Loss and loss expenses
721
624
16
2,970
2,795
6Underwriting expenses
379
356
6
1,459
1,384
5   Underwriting profit
$     144
$     181
(20)
$     439
$     311
41












Ratios as a percent of earned premiums:




Pt. Change




Pt. Change     Loss and loss expenses
57.9 %
53.8 %
4.1
61.1 %
62.3 %
(1.2)     Underwriting expenses
30.5
30.7
(0.2)
30.0
30.9
(0.9)           Combined ratio
88.4 %
84.5 %
3.9
91.1 %
93.2 %
(2.1)


















% Change




% ChangeAgency renewal written premiums
$ 1,039
$  1,001
4
$ 4,350
$  4,087
6Agency new business written premiums
180
179
1
768
741
4Other written premiums
(34)
(37)
8
(120)
(138)
13   Net written premiums
$ 1,185
$  1,143
4
$ 4,998
$  4,690
7












Ratios as a percent of earned premiums:




Pt. Change




Pt. Change     Current accident year before catastrophe losses
59.6 %
53.8 %
5.8
59.9 %
59.3 %
0.6     Current accident year catastrophe losses
0.5
1.8
(1.3)
3.9
6.1
(2.2)     Prior accident years before catastrophe losses
(2.3)
(0.9)
(1.4)
(2.3)
(2.4)
0.1     Prior accident years catastrophe losses
0.1
(0.9)
1.0
(0.4)
(0.7)
0.3           Loss and loss expense ratio
57.9 %
53.8 %
4.1
61.1 %
62.3 %
(1.2)












Current accident year combined ratio before   catastrophe losses
90.1 %
84.5 %
5.6
89.9 %
90.2 %
(0.3)












4% and 7% growth in fourth-quarter and full-year 2025 commercial lines net written premiums, primarily due to higher agency renewal written premiums. Fourth-quarter and full-year 2025 commercial lines average renewal pricing increased in the mid-single-digit percent range.1% and 4% increase in fourth-quarter and full-year 2025 new business written premiums, as we continue to carefully underwrite each policy in a highly competitive market.3.9 percentage-point fourth-quarter 2025 combined ratio increase, compared with 2024, including a decrease of 0.3 points for losses from catastrophes.2.1 percentage-point full-year 2025 combined ratio improvement, including a decrease of 1.9 points for losses from catastrophes.2.2 and 2.7 percentage-point fourth-quarter and full-year 2025 benefit from favorable prior accident year reserve development of $27 million and $130 million, compared with 1.8 points or $21 million for fourth-quarter 2024 and 3.1 points or $138 million of favorable development for full-year 2024.0.6 percentage-point increase, to 59.9%, for the full-year 2025 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.6 points in the ratio for current accident year losses of $2 million or more per claim.Personal Lines Insurance Results
(Dollars in millions)Three months ended December 31,
Twelve months ended December 31,

2025
2024
% Change
2025
2024
% ChangeEarned premiums
$     859
$     726
18
$ 3,199
$  2,623
22Fee revenues
1
1
0
5
5
0   Total revenues
860
727
18
3,204
2,628
22












Loss and loss expenses
468
374
25
2,419
1,795
35Underwriting expenses
231
208
11
896
762
18   Underwriting profit (loss)
$     161
$     145
11
$   (111)
$        71
nm













Ratios as a percent of earned premiums:




Pt. Change




Pt. Change     Loss and loss expenses
54.6 %
51.5 %
3.1
75.6 %
68.5 %
7.1     Underwriting expenses
26.9
28.7
(1.8)
28.0
29.0
(1.0)           Combined ratio
81.5 %
80.2 %
1.3
103.6 %
97.5 %
6.1


















% Change




% ChangeAgency renewal written premiums
$     764
$     625
22
$ 3,128
$  2,495
25Agency new business written premiums
92
154
(40)
476
604
(21)Other written premiums
(29)
(26)
(12)
(174)
(100)
(74)   Net written premiums
$     827
$     753
10
$ 3,430
$  2,999
14












Ratios as a percent of earned premiums:




Pt. Change




Pt. Change     Current accident year before catastrophe losses
50.7 %
49.7 %
1.0
53.6 %
53.9 %
(0.3)     Current accident year catastrophe losses
1.7
1.8
(0.1)
22.2
15.6
6.6     Prior accident years before catastrophe losses
2.6
1.6
1.0
1.0
0.7
0.3     Prior accident years catastrophe losses
(0.4)
(1.6)
1.2
(1.2)
(1.7)
0.5           Loss and loss expense ratio
54.6 %
51.5 %
3.1
75.6 %
68.5 %
7.1












Current accident year combined ratio before   catastrophe losses
77.6 %
78.4 %
(0.8)
81.6 %
82.9 %
(1.3)












10% and 14% growth in fourth-quarter and full-year 2025 personal lines net written premiums, including higher renewal written premiums that benefited from rate increases in the high-single-digit percent range.40% and 21% decrease in fourth-quarter and full-year 2025 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market. The fourth quarter decrease included $8 million for California.1.3 percentage-point fourth-quarter 2025 combined ratio increase, compared with 2024, including an increase of 1.1 points for losses from catastrophes.6.1 percentage-point full-year 2025 combined ratio increase, including an increase of 7.1 points for losses from catastrophes and an increase in the underwriting expense ratio of 0.5 points for the effect of reinstatement premiums.$20 million of fourth-quarter 2025 unfavorable prior accident year reserve development, primarily from personal umbrella claims, compared with less than $1 million for fourth-quarter 2024.0.2 percentage-point full-year 2025 benefit from favorable prior accident year reserve development of $4 million, compared to 1.0 points or $26 million for full-year 2024.0.3 percentage-point improvement, to 53.6%, for the full-year 2025 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.5 points in the ratio for current accident year losses of $2 million or more per claim.Excess and Surplus Lines Insurance Results(Dollars in millions)Three months ended December 31,
Twelve months ended December 31,

2025
2024
% Change
2025
2024
% ChangeEarned premiums
$     188
$     168
12
$     698
$     615
13Fee revenues
1
1
0
4
3
33   Total revenues
189
169
12
702
618
14












Loss and loss expenses
108
112
(4)
425
411
3Underwriting expenses
51
45
13
192
167
15   Underwriting profit
$       30
$        12
150
$       85
$        40
113












Ratios as a percent of earned premiums:




Pt. Change




Pt. Change     Loss and loss expenses
57.5 %
66.5 %
(9.0)
60.9 %
66.9 %
(6.0)     Underwriting expenses
27.2
26.6
0.6
27.5
27.1
0.4           Combined ratio
84.7 %
93.1 %
(8.4)
88.4 %
94.0 %
(5.6)


















% Change




% ChangeAgency renewal written premiums
$     136
$     133
2
$     545
$     498
9Agency new business written premiums
59
49
20
230
196
17Other written premiums
(11)
(11)
0
(46)
(40)
(15)   Net written premiums
$     184
$     171
8
$     729
$     654
11












Ratios as a percent of earned premiums:




Pt. Change




Pt. Change     Current accident year before catastrophe losses
58.4 %
63.1 %
(4.7)
63.1 %
64.2 %
(1.1)     Current accident year catastrophe losses
(0.4)
1.0
(1.4)
0.5
1.3
(0.8)     Prior accident years before catastrophe losses
(0.3)
2.3
(2.6)
(2.5)
1.4
(3.9)     Prior accident years catastrophe losses
(0.2)
0.1
(0.3)
(0.2)
0.0
(0.2)           Loss and loss expense ratio
57.5 %
66.5 %
(9.0)
60.9 %
66.9 %
(6.0)












Current accident year combined ratio before  catastrophe losses
85.6 %
89.7 %
(4.1)
90.6 %
91.3 %
(0.7)












8% and 11% growth in fourth-quarter and full-year 2025 excess and surplus lines net written premiums, including fourth-quarter 2025 renewal price increases averaging in the mid-single-digit percent range.20% and 17% increase in fourth-quarter and full-year 2025 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.8.4 percentage-point fourth-quarter 2025 combined ratio improvement, primarily due to a decrease of 4.7 points from current accident year loss and loss expenses before catastrophes.5.6 percentage-point full-year 2025 combined ratio improvement, primarily due to a decrease of 3.9 points from prior accident year loss and loss expenses before catastrophes.0.5 percentage-point fourth-quarter 2025 favorable prior accident year reserve development of $1 million, compared with unfavorable 2.4 points or $3 million for fourth-quarter 2024.2.7 percentage-point full-year 2025 favorable prior accident year reserve development of $19 million, compared with unfavorable development of 1.4 points or $8 million for full-year 2024.1.1 percentage-point improvement, to 63.1%, for the full-year 2025 ratio of current accident year losses and loss expenses before catastrophes, including a decrease of 0.4 points in the ratio for current accident year losses of $2 million or more per claim.Life Insurance Subsidiary Results
(Dollars in millions)Three months ended December 31,
Twelve months ended December 31,

2025
2024
% Change
2025
2024
% ChangeTerm life insurance
$           61
$           59
3
$         240
$         233
3Whole life insurance
14
13
8
54
52
4Universal life and other
9
9
0
36
36
0Earned premiums
84
81
4
330
321
3Investment income, net of expenses
51
48
6
202
190
6Investment gains and losses, net
—
2
(100)
(6)
(7)
14Fee revenues
2
1
100
6
5
20Total revenues
137
132
4
532
509
5Contract holders' benefits incurred
75
75
0
305
301
1Underwriting expenses incurred
23
23
0
93
93
0Total benefits and expenses
98
98
0
398
394
1Net income before income tax
39
34
15
134
115
17Income tax
8
6
33
28
24
17Net income of the life insurance subsidiary
$           31
$           28
11
$         106
$           91
16












$9 million or 3% increase in full-year 2025 earned premiums, including a 3% increase for term life insurance, our largest life insurance product line.$15 million or 16% increase in full-year 2025 life insurance subsidiary net income, primarily due to increases in investment income and earned premiums.$160 million or 12% full-year 2025 increase to $1.467 billion in GAAP shareholders' equity for The Cincinnati Life Insurance Company, primarily from net income and a decrease in unrealized investment losses on fixed-maturity securities.Investment and Balance Sheet HighlightsInvestments Results
(Dollars in millions)
Three months ended December 31,
Twelve months ended December 31,



2025
2024
% Change
2025
2024
% ChangeInvestment income, net of expenses
$     305
$     280
9
$  1,165
$  1,025
14Investment interest credited to contract holders
(32)
(31)
(3)
(127)
(125)
(2)Investment gains and losses, net
183
(116)
nm

1,442
1,391
4Investments profit
$     456
$     133
243
$  2,480
$  2,291
8












Investment income:











   Interest
$     224
$     204
10
$     875
$     733
19   Dividends
74
74
0
280
283
(1)   Other
11
7
57
27
25
8   Less investment expenses
4
5
(20)
17
16
6      Investment income, pretax
305
280
9
1,165
1,025
14      Less income taxes
52
47
11
200
172
16Total investment income, after-tax
$     253
$     233
9
$     965
$     853
13












Investment returns:











Average invested assets plus cash and cash    equivalents
$  33,086
$  29,987


$  31,655
$  28,374

Average yield pretax
3.69 %
3.73 %


3.68 %
3.61 %

Average yield after-tax
3.06
3.11


3.05
3.01

Effective tax rate
17.2
17.0


17.2
16.8

Fixed-maturity returns:











Average amortized cost
$  18,224
$  16,554


$  17,743
$  15,697

Average yield pretax
4.92 %
4.93 %


4.93 %
4.67 %

Average yield after-tax
4.02
4.03


4.02
3.83

Effective tax rate
18.3
18.3


18.4
18.0














$25 million or 9% rise in fourth-quarter 2025 pretax investment income, primarily due to a 10% increase in interest income from fixed-maturity securities.$219 million in fourth-quarter and $1.814 billion in full-year 2025 pretax total investment gains, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.(Dollars in millions)
Three months ended
December 31,
Twelve months ended
December 31,


2025
2024
2025
2024Investment gains and losses on equity securities sold, net
$                (2)
$                —
$              (13)
$              181Unrealized gains and losses on equity securities still held, net
183
(136)
1,448
1,275Investment gains and losses on fixed-maturity securities, net
(12)
(2)
(25)
(116)Other
14
22
32
51Subtotal - investment gains and losses reported in net income
183
(116)
1,442
1,391Change in unrealized investment gains and losses - fixed maturities
36
(350)
372
17Total
$             219
$           (466)
$          1,814
$          1,408








 Balance Sheet Highlights
(Dollars in millions except share data)
At December 31,
At December 31,

2025
2024   Total investments
$               31,783
$                28,378   Total assets
41,002
36,501   Short-term debt
25
25   Long-term debt
790
790   Shareholders' equity
15,911
13,935   Book value per share
102.35
89.11   Debt-to-total-capital ratio
4.9 %
5.5 %$33.214 billion in consolidated cash and invested assets at December 31, 2025, an increase of 13% from $29.361 billion at year-end 2024.$18.123 billion bond portfolio at December 31, 2025, with an average rating of A2/A. Fair value increased $493 million during the fourth quarter of 2025, including $667 million in net purchases of fixed-maturity securities.$12.694 billion equity portfolio was 39.9% of total investments, including $8.539 billion in appreciated value before taxes at December 31, 2025. Fair value increased $147 million during the fourth quarter of 2025, including $44 million in net sales of equity securities.$400 million unsecured revolving credit agreement established during fourth-quarter 2025, enhancing financial flexibility and financial strength.$3.59 fourth-quarter 2025 increase in book value per share, including an addition of $3.42 from net income before investment gains and $1.04 from investment portfolio net investment losses or changes in unrealized gains for fixed-maturity securities that were partially offset by $0.87 from dividends declared to shareholders.Value creation ratio of 18.8% for full-year 2025, including 9.1% from net income before investment gains, which includes underwriting and investment income, 10.2% from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities, including 8.2% from our stock portfolio and 2.0% from our bond portfolio, partially offset by 0.5% from other items.For additional information or to register for our conference call webcast, please visit investors.cinfin.com.About Cincinnati Financial
Cincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.Mailing Address:Street Address:P.O. Box 1454966200 South Gilmore RoadCincinnati, Ohio 45250-5496Fairfield, Ohio 45014-5141Safe Harbor Statement
Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "seek," "expect," "will," "should," "could," "might," "anticipate," "believe," "estimate," "intend," "likely," "future," or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:Insurance-Related RisksRisks and uncertainties associated with our loss reserves or actual claim costs exceeding reservesIncreased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuanceUnusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe riskRisks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk managementInadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimatesEvents or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growthMergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantagesOur inability to manage business opportunities, growth prospects, and expenses for our ongoing operationsChanging consumer insurance-buying habitsThe inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurersDomestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book valueSignificant or prolonged decline in the fair value of securities and impairment of the assetsSignificant decline in investment income due to reduced or eliminated dividend payouts from securitiesSignificant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati GlobalAn unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expensesDecreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activityThe inability of our workforce, agencies, or vendors to perform necessary business functionsFinancial, Economic, and Investment Risks Declines in overall stock market values negatively affecting our equity portfolio and book valueDowngrades in our financial strength ratingsInterest rate fluctuations or other factors that could significantly affect:Our ability to generate growth in investment incomeValues of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assetsOur traditional life policy reservesEconomic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnershipsFailure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligationsRecession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquenciesThe inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase sharesGeneral Business, Technology, and Operational Risks Ineffective information technology systems or failing to develop and implement improvements in technologyDifficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents', ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liabilityDifficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data securityDisruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance productsDelays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitivenessIntense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitabilityInability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitabilityUnforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and othersOur inability, or the inability of our independent agents, to attract and retain personnelEvents, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programsRegulatory, Compliance, and Legal Risks Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimatesPlace the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulationsRestrict our ability to exit or reduce writings of unprofitable coverages or lines of businessIncrease assessments for guaranty funds, other insurance-related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changesIncrease our provision for federal income taxes due to changes in tax laws, regulations, or interpretationsIncrease other expensesLimit our ability to set fair, adequate, and reasonable ratesRestrict our ability to cancel policiesImpose new underwriting standardsPlace us at a disadvantage in the marketplaceRestrict our ability to execute our business model, including the way we compensate agentsAdverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awardsEvents or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002Effects of changing social, global, economic, and regulatory environmentsAdditional measures affecting corporate financial reporting and governance that can affect the market value of our common stockRisks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2024 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.* * *Cincinnati Financial CorporationCondensed Consolidated Balance Sheets (unaudited)
(Dollars in millions except per share data)
December 31,
December 31,

2025
2024Assets



  Investments



    Fixed maturities, at fair value (amortized cost: 2025—$18,304; 2024—$16,735)
$           18,123
$          16,182    Equity securities, at fair value (cost: 2025—$4,155; 2024—$3,953)
12,694
11,185    Short-term investments, at fair value (amortized cost: 2025—$148; 2024—$298)
148
298    Other invested assets
818
713Total investments
31,783
28,378  Cash and cash equivalents
1,431
983  Investment income receivable
235
222  Finance receivable
146
120  Premiums receivable
3,142
2,969  Reinsurance recoverable
655
523  Prepaid reinsurance premiums
71
70  Deferred policy acquisition costs
1,344
1,242  Land, building and equipment, net, for company use (accumulated depreciation:     2025—$367; 2024—$347)
219
214  Other assets
995
828  Separate accounts
981
952    Total assets
$           41,002
$          36,501Liabilities



  Insurance reserves



    Loss and loss expense reserves
$           11,507
$          10,003    Life policy and investment contract reserves
2,992
2,960  Unearned premiums
5,254
4,813  Other liabilities
1,638
1,487  Deferred income tax
1,833
1,476  Note payable
25
25  Long-term debt and lease obligations
861
850  Separate accounts
981
952    Total liabilities
25,091
22,566




Shareholders' Equity



  Common stock, par value—$2 per share; (authorized: 2025 and 2024—500 million shares;    issued: 2025 and 2024—198.3 million shares)
397
397Paid-in capital
1,561
1,502Retained earnings
16,719
14,869Accumulated other comprehensive loss
(34)
(309)Treasury stock at cost (2025—42.9 million shares and 2024—41.9  million shares)
(2,732)
(2,524) Total shareholders' equity
15,911
13,935 Total liabilities and shareholders' equity
$           41,002
$          36,501




 Cincinnati Financial Corporation Condensed Consolidated Statements of Income (unaudited)

(Dollars in millions except per share data)Three months ended December 31,
Twelve months ended December 31,
2025
2024
2025
2024Revenues






   Earned premiums$                 2,592
$                 2,365
$                 9,983
$                 8,889   Investment income, net of expenses305
280
1,165
1,025   Investment gains and losses, net183
(116)
1,442
1,391   Fee revenues5
4
20
17   Other revenues6
5
21
15      Total revenues3,091
2,538
12,631
11,337







Benefits and Expenses






   Insurance losses and contract holders' benefits1,472
1,330
6,640
5,737   Underwriting, acquisition and insurance expenses759
703
2,924
2,657   Interest expense13
13
53
53   Other operating expenses7
13
34
32      Total benefits and expenses2,251
2,059
9,651
8,479







Income Before Income Taxes840
479
2,980
2,858







Provision (Benefit) for Income Taxes






   Current137
156
304
449   Deferred27
(82)
283
117      Total provision for income taxes164
74
587
566







Net Income $                    676
$                    405
$                 2,393
$                 2,292







Per Common Share






   Net income—basic$                   4.34
$                   2.59
$                 15.32
$                 14.65   Net income—diluted4.29
2.56
15.17
14.53 Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
(See attached tables for reconciliations; additional prior-period reconciliations available at investors.cinfin.com.)Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management's control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company's insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management's discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.Cincinnati Financial Corporation
 Net Income Reconciliation
(Dollars in millions except per share data)
Three months ended December 31,
Twelve months ended December 31,

2025
2024
2025
2024Net income
$                  676
$                  405
$               2,393
$               2,292Less:







   Investment gains and losses, net
183
(116)
1,442
1,391   Income tax on investment gains and losses
(38)
24
(303)
(296)Investment gains and losses, after-tax
145
(92)
1,139
1,095Non-GAAP operating income
$                  531
$                  497
$               1,254
$               1,197








Diluted per share data:







Net income
$                 4.29
$                 2.56
$               15.17
$               14.53Less:







   Investment gains and losses, net
1.16
(0.73)
9.14
8.82   Income tax on investment gains and losses
(0.24)
0.15
(1.92)
(1.87)Investment gains and losses, after-tax
0.92
(0.58)
7.22
6.95Non-GAAP operating income
$                 3.37
$                 3.14
$                 7.95
$                 7.58








 Life Insurance Reconciliation

(Dollars in millions)
Three months ended December 31,
Twelve months ended December 31,

2025
2024
2025
2024 Net income of life insurance subsidiary
$                    31
$                    28
$                  106
$                    91   Investment gains and losses, net
—
2
(6)
(7)   Income tax on investment gains and losses
—
1
(1)
(1)   Non-GAAP operating income
31
27
111
97








Investment income, net of expenses
(51)
(48)
(202)
(190)Investment income credited to contract holders
32
31
127
125Income tax excluding tax on investment gains and losses,  net
8
5
29
25Life insurance segment profit
$                    20
$                    15
$                    65
$                    57








 Property Casualty Insurance Reconciliation
(Dollars in millions)Three months ended December 31, 2025
ConsolidatedCommercialPersonalE&S
Other*Premiums:













   Net written premiums
$        2,361

$        1,185

$           827

$           184

$           165   Unearned premiums change
147

58

32

4

53   Earned premiums
$        2,508

$        1,243

$           859

$           188

$           218














Underwriting profit
$           378

$           144

$           161

$             30

$             43














(Dollars in millions)Twelve months ended December 31, 2025
ConsolidatedCommercialPersonalE&S
Other*Premiums:













   Net written premiums
$     10,082

$        4,998

$        3,430

$           729

$           925   Unearned premiums change
(429)

(135)

(231)

(31)

(32)   Earned premiums
$        9,653

$        4,863

$        3,199

$           698

$           893














Underwriting profit (loss)
$           501

$           439

$         (111)

$             85

$             88














(Dollars in millions)Three months ended December 31, 2024
ConsolidatedCommercialPersonalE&SOther*Premiums:













   Net written premiums
$        2,243

$        1,143

$           753

$           171

$           176   Unearned premiums change
41

17

(27)

(3)

54   Earned premiums
$        2,284

$        1,160

$           726

$           168

$           230














Underwriting profit
$           352

$           181

$           145

$             12

$             14














(Dollars in millions)Twelve months ended December 31, 2024
ConsolidatedCommercialPersonalE&SOther*Premiums:













   Net written premiums
$        9,243

$        4,690

$        2,999

$           654

$           900   Unearned premiums change
(675)

(204)

(376)

(39)

(56)   Earned premiums
$        8,568

$        4,486

$        2,623

$           615

$           844














Underwriting profit
$           580

$           311

$             71

$             40

$           158














Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.  *Included in Other are the results of Cincinnati Re and Cincinnati Global. Cincinnati Financial CorporationOther MeasuresValue creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company's insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium.Value Creation Ratio Calculations
(Dollars are per share)
Three months ended December 31,
Twelve months ended December 31,

2025
2024
2025
2024Value creation ratio:







   End of period book value*
$        102.35
$           89.11
$        102.35
$           89.11   Less beginning of period book value
98.76
88.32
89.11
77.06   Change in book value
3.59
0.79
13.24
12.05   Dividend declared to shareholders
0.87
0.81
3.48
3.24   Total value creation
$            4.46
$             1.60
$          16.72
$           15.29








Value creation ratio from change in book value**
3.6 %
0.9 %
14.9 %
15.6 %Value creation ratio from dividends declared to   shareholders***0.9
0.9
3.9
4.2Value creation ratio
4.5 %
1.8 %
18.8 %
19.8 %








*     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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Original: Cincinnati Financial Reports Fourth-Quarter and Full-Year 2025 Results

Cincinnati Financial Corporation and Subsidiaries Recognize Promotions and AppointmentsJanuary 30, 2026 3:10 PM
PR Newswire (US)

CINCINNATI, Jan. 30, 2026 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) announced that its U.S. subsidiary companies held their regular shareholders' and directors' meetings today, re-electing incumbent directors and appointing corporate officers.In addition, the following associates were named executive officers and elected to the board of directors of all property casualty subsidiaries:Luyang Fu, Ph.D., FCAS, MAAA, senior vice president and chief actuary. Mr. Fu oversees all actuarial activities, including pricing, reserving, predictive modeling, forecasting and risk analytics for the corporation's standard and excess and surplus lines subsidiaries.R. Phillip Sandercox, CPCU, ARe, senior vice president. As head of Cincinnati Re, Mr. Sandercox holds executive oversight of the corporation's reinsurance assumed operations, including underwriting, pricing and claims.Andrew M. Schnell, CPA, CPCU, AINS, senior vice president and treasurer. Mr. Schnell leads the corporation's accounting and SEC reporting operations.About Cincinnati Financial
Cincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.Mailing Address:Street Address:P.O. Box 1454966200 South Gilmore RoadCincinnati, Ohio 45250-5496Fairfield, Ohio 45014-5141 





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Original: Cincinnati Financial Corporation and Subsidiaries Recognize Promotions and Appointments

Cincinnati Financial Corporation Increases Regular Quarterly Cash DividendJanuary 30, 2026 3:12 PM
PR Newswire (US)

CINCINNATI, Jan. 30, 2026 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) announced that at today's regular meeting, the board of directors declared a 94 cents-per-share regular quarterly cash dividend, increasing by 8% from the previous 87-cents-per-share dividend paid on January 15, 2026. The dividend is payable April 15, 2026, to shareholders of record as of March 24, 2026.Stephen M. Spray, president and chief executive officer, commented, "The company remains well positioned to create value for shareholders and to reward them now and into the future through our industry-leading financial strength. We are optimistic about our ability to continue the successful execution of our proven strategy, which includes focusing on being the best company serving independent agents and developing talented and dedicated associates."Cincinnati Financial shareholders have consistently benefited from increased dividends in each of the past 65 years, and this board action sets the stage for continuing that record for a 66th year."About Cincinnati Financial
Cincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.Mailing Address:Street Address:P.O. Box 1454966200 South Gilmore RoadCincinnati, Ohio 45250-5496Fairfield, Ohio 45014-5141Safe Harbor Statement
Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "seek," "expect," "will," "should," "could," "might," "anticipate," "believe," "estimate," "intend," "likely," "future," or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:Insurance-Related RisksRisks and uncertainties associated with our loss reserves or actual claim costs exceeding reservesIncreased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuanceUnusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe riskRisks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk managementInadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimatesEvents or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growthMergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantagesOur inability to manage business opportunities, growth prospects, and expenses for our ongoing operationsChanging consumer insurance-buying habitsThe inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurersDomestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book valueSignificant or prolonged decline in the fair value of securities and impairment of the assetsSignificant decline in investment income due to reduced or eliminated dividend payouts from securitiesSignificant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati GlobalAn unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expensesDecreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activityThe inability of our workforce, agencies, or vendors to perform necessary business functionsFinancial, Economic, and Investment RisksDeclines in overall stock market values negatively affecting our equity portfolio and book valueDowngrades in our financial strength ratingsInterest rate fluctuations or other factors that could significantly affect:Our ability to generate growth in investment incomeValues of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assetsOur traditional life policy reservesEconomic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnershipsFailure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligationsRecession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquenciesThe inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase sharesGeneral Business, Technology, and Operational RisksIneffective information technology systems or failing to develop and implement improvements in technologyDifficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents', ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liabilityDifficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data securityDisruption of the insurance market caused by technology innovations – such as driverless cars – that could decrease consumer demand for insurance productsDelays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitivenessIntense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitabilityInability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitabilityUnforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and othersOur inability, or the inability of our independent agents, to attract and retain personnelEvents, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programsRegulatory, Compliance, and Legal RisksActions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimatesPlace the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulationsRestrict our ability to exit or reduce writings of unprofitable coverages or lines of businessIncrease assessments for guaranty funds, other insurance–related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changesIncrease our provision for federal income taxes due to changes in tax laws, regulations, or interpretationsIncrease other expensesLimit our ability to set fair, adequate, and reasonable ratesRestrict our ability to cancel policiesImpose new underwriting standardsPlace us at a disadvantage in the marketplaceRestrict our ability to execute our business model, including the way we compensate agentsAdverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awardsEvents or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002Effects of changing social, global, economic, and regulatory environmentsAdditional measures affecting corporate financial reporting and governance that can affect the market value of our common stockRisks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2024 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30. 





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Original: Cincinnati Financial Corporation Increases Regular Quarterly Cash Dividend

~ Thursday! $CINF ~ Q1 Earnings posted, pending or coming soon! In Charts and Links Below!

~ $CINF ~ Earnings expected on Thursday *
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Cincinnati Financial Corporation is engaged in property casualty insurance marketed through independent insurance agents in 39 states. During the year ended December 31, 2011, the Company owned 100% of three subsidiaries: The Cincinnati Insurance Company, CSU Producer Resources Inc., and CFC Investment Company. It operates in five segments: Commercial lines property casualty insurance, Personal lines property casualty insurance, Excess and surplus lines property casualty insurance, Life insurance and Investments. Its standard market property casualty insurance group includes two subsidiaries: The Cincinnati Casualty Company and The Cincinnati Indemnity Company. This group writes a range of business, homeowner and auto policies.

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