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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 (Mark one)
       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the quarterly period ended September 30, 2022.
       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the transition period from _____________________ to _____________________.
Commission file number 0-4604
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio 31-0746871
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
6200 S. Gilmore Road, Fairfield,Ohio 45014-5141
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (513) 870-2000
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockCINFNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a nonaccelerated filer, a smaller reporting company or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Nonaccelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Yes No
As of October 26, 2022, there were 157,184,308 shares of common stock outstanding.



CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED September 30, 2022
 
TABLE OF CONTENTS
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 

Cincinnati Financial Corporation Third-Quarter 2022 10-Q
Page 2


Part I – Financial Information
Item 1.    Financial Statements (unaudited)
 
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in millions, except per share data)September 30,December 31,
20222021
Assets  
Investments  
Fixed maturities, at fair value (amortized cost: 2022—$12,812; 2021—$12,230)
$11,734 $13,022 
Equity securities, at fair value (cost: 2022—$4,292; 2021—$4,121)
8,840 11,315 
Other invested assets414 329 
Total investments20,988 24,666 
Cash and cash equivalents1,083 1,139 
Investment income receivable152 144 
Finance receivable87 98 
Premiums receivable2,403 2,053 
Reinsurance recoverable561 570 
Prepaid reinsurance premiums91 78 
Deferred policy acquisition costs1,036 905 
Land, building and equipment, net, for company use (accumulated depreciation:
   2022—$317; 2021—$303)
204 205 
Other assets706 570 
Separate accounts888 959 
Total assets$28,199 $31,387 
Liabilities  
Insurance reserves  
Loss and loss expense reserves$8,113 $7,305 
Life policy and investment contract reserves3,053 3,014 
Unearned premiums3,798 3,271 
Other liabilities1,249 1,092 
Deferred income tax780 1,744 
Note payable44 54 
Long-term debt and lease obligations843 843 
Separate accounts888 959 
Total liabilities18,768 18,282 
Commitments and contingent liabilities (Note 12)
Shareholders' Equity  
Common stock, par value—$2 per share; (authorized: 2022 and 2021—500 million
   shares; issued: 2022 and 2021—198.3 million shares)
397 397 
Paid-in capital1,379 1,356 
Retained earnings10,797 12,625 
Accumulated other comprehensive income (828)648 
Treasury stock at cost (2022—41.2 million shares and 2021—38.0 million shares)
(2,314)(1,921)
Total shareholders' equity9,431 13,105 
Total liabilities and shareholders' equity$28,199 $31,387 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2022 10-Q
Page 3


Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(Dollars in millions, except per share data)Three months ended September 30,Nine months ended September 30,
2022202120222021
Revenues    
Earned premiums$1,882 $1,669 $5,345 $4,806 
Investment income, net of expenses193 179 573 528 
Investment gains and losses, net(674)(70)(2,494)954 
Fee revenues5 4 12 11 
Other revenues2 3 7 8 
Total revenues1,408 1,785 3,443 6,307 
Benefits and Expenses    
Insurance losses and contract holders' benefits1,418 1,072 3,766 2,990 
Underwriting, acquisition and insurance expenses551 511 1,604 1,440 
Interest expense14 13 40 39 
Other operating expenses4 5 13 14 
 Total benefits and expenses1,987 1,601 5,423 4,483 
Income (Loss) Before Income Taxes(579)184 (1,980)1,824 
Provision (Benefit) for Income Taxes    
Current19 55 90 166 
Deferred(180)(24)(571)182 
Total provision (benefit) for income taxes(161)31 (481)348 
Net Income (Loss)$(418)$153 $(1,499)$1,476 
Per Common Share    
Net income (loss)—basic$(2.64)$0.95 $(9.41)$9.16 
Net income (loss)—diluted(2.64)0.94 (9.41)9.07 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2022 10-Q
Page 4


Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2022202120222021
Net Income (Loss)$(418)$153 $(1,499)$1,476 
Other Comprehensive Income (Loss)    
Change in unrealized gains and losses on investments, net of tax (benefit) of $(109), $(19), $(393) and $(33), respectively
(405)(69)(1,477)(119)
Amortization of pension actuarial loss and prior service cost, net of tax of $0, $1, $0 and $2, respectively
 1  5 
Change in life deferred acquisition costs, life policy reserves and other, net of tax of $0, $0, $0 and $2, respectively
  1 8 
Other comprehensive loss(405)(68)(1,476)(106)
Comprehensive Income (Loss)$(823)$85 $(2,975)$1,370 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation Third-Quarter 2022 10-Q
Page 5


Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2022202120222021
Common Stock
   Beginning of period$397 $397 $397 $397 
   Share-based awards    
   End of period397 397 397 397 
Paid-In Capital
   Beginning of period1,367 1,334 1,356 1,328 
   Share-based awards1 1 (11)(13)
   Share-based compensation9 8 29 25 
   Other2 1 5 4 
   End of period1,379 1,344 1,379 1,344 
Retained Earnings
   Beginning of period11,324 11,205 12,625 10,085 
   Net income (loss)(418)153 (1,499)1,476 
Dividends declared (109)(101)(329)(304)
   End of period10,797 11,257 10,797 11,257 
Accumulated Other Comprehensive Income
   Beginning of period(423)731 648 769 
   Other comprehensive loss(405)(68)(1,476)(106)
   End of period(828)663 (828)663 
Treasury Stock
   Beginning of period(2,112)(1,809)(1,921)(1,790)
   Share-based awards1 1 13 16 
   Shares acquired - share repurchase authorization(203)(12)(399)(40)
   Shares acquired - share-based compensation plans  (8)(7)
   Other  1 1 
   End of period(2,314)(1,820)(2,314)(1,820)
      Total Shareholders' Equity$9,431 $11,841 $9,431 $11,841 
(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of period159.2 161.1 160.3 160.9 
   Share-based awards 0.1 0.5 0.6 
   Shares acquired - share repurchase authorization(2.1)(0.1)(3.7)(0.4)
   End of period157.1 161.1 157.1 161.1 
Dividends declared per common share$0.69 $0.63 $2.07 $1.89 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2022 10-Q
Page 6


Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
 (Dollars in millions)Nine months ended September 30,
20222021
Cash Flows From Operating Activities  
Net income (loss)$(1,499)$1,476 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization81 69 
Investment gains and losses, net2,513 (933)
Share-based compensation29 25 
Interest credited to contract holders34 33 
Deferred income tax expense(571)182 
Changes in:  
Investment income receivable(8)(6)
Premiums and reinsurance receivable(354)(280)
Deferred policy acquisition costs(118)(84)
Other assets(6)(12)
Loss and loss expense reserves808 546 
Life policy and investment contract reserves52 76 
Unearned premiums527 382 
Other liabilities3 95 
Current income tax receivable/payable(70)(51)
Net cash provided by operating activities1,421 1,518 
Cash Flows From Investing Activities  
Sale of fixed maturities93 88 
Call or maturity of fixed maturities818 1,049 
Sale of equity securities333 123 
Purchase of fixed maturities(1,445)(1,831)
Purchase of equity securities(380)(276)
Investment in finance receivables(18)(30)
Collection of finance receivables30 28 
Investment in building and equipment(12)(12)
Change in other invested assets, net(65)(30)
Net cash used in investing activities(646)(891)
Cash Flows From Financing Activities  
Payment of cash dividends to shareholders(316)(295)
Shares acquired - share repurchase authorization(399)(40)
Changes in note payable
(10)5 
Proceeds from stock options exercised8 10 
Contract holders' funds deposited54 64 
Contract holders' funds withdrawn(98)(104)
Other(70)(82)
Net cash used in financing activities(831)(442)
Net change in cash and cash equivalents(56)185 
Cash and cash equivalents at beginning of year1,139 900 
Cash and cash equivalents at end of period$1,083 $1,085 
Supplemental Disclosures of Cash Flow Information:  
Interest paid$27 $26 
Income taxes paid144 205 
Noncash Activities  
Equipment acquired under finance lease obligations$13 $9 
Share-based compensation24 22 
Other assets and other liabilities203 137 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2022 10-Q
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
NOTE 1 — Accounting Policies
The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation.
 
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted.
 
Our September 30, 2022, condensed consolidated financial statements are unaudited. We believe that we have made all adjustments, consisting only of normal recurring accruals, that are necessary for fair presentation. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our 2021 Annual Report on Form 10-K. The results of operations for interim periods do not necessarily indicate results to be expected for the full year.

The company continues to monitor the impact of the coronavirus (SARS-CoV-2 or COVID-19) pandemic outbreak. The company cannot predict the impact the pandemic will have on its future consolidated financial position, results of operations and cash flows, however the impact could be material.

Pending Accounting Updates
ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. ASU 2018-12 requires changes to the measurement and disclosure of long-duration insurance contracts. In November 2020, the FASB issued an ASU that delayed the effective date of ASU 2018-12 to interim and annual reporting periods beginning after December 15, 2022. We plan to adopt these ASUs on a modified retrospective basis on January 1, 2023.

Related to the company's term and whole life products included in life policy and investment contract reserves, the new guidance requires that cash flow assumptions be reviewed at least annually to determine any necessary updates. Additionally, the discount rate assumption is required to be updated quarterly based on upper-medium grade fixed-income instrument yields (market value discount rates). The life policy and investment contract reserves balance is adjusted through insurance losses and contract holders' benefits for cash flow assumption updates and through accumulated other comprehensive income (AOCI) for discount rate updates.

These ASUs also amend the previous guidance related to life deferred policy acquisition costs by requiring amortization of those costs on a constant level basis for a group of contracts that approximates straight-line and the removal of shadow deferred policy acquisition costs for universal life and deferred annuity products. These ASUs also require entities to provide additional disclosures including disaggregated rollforwards of the life policy and investment contract reserves, separate account liabilities and life deferred policy acquisition costs.

Based on current conditions, management estimates at September 30, 2022, that adoption would not have a material impact and would have resulted in an after-tax increase to shareholders' equity of approximately $50 million. The ultimate impact of adoption of these ASUs will be affected by the market value discount rates and other assumptions determined at the January 1, 2023, adoption date and could be material. The process of addressing necessary remaining implementation-related items, including modifications to reporting and analysis capabilities as well as actuarial systems and associated data processes is substantially complete.

Cincinnati Financial Corporation Third-Quarter 2022 10-Q
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NOTE 2 – Investments
The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities:
(Dollars in millions)Amortized
cost
Gross unrealizedFair value
At September 30, 2022gainslosses
Fixed maturity securities:    
Corporate $7,307 $33 $661 $6,679 
States, municipalities and political subdivisions4,911 4 433 4,482 
Commercial mortgage-backed253  13 240 
United States government193  5 188 
Government-sponsored enterprises 122  3 119 
Foreign government26   26 
Total$12,812 $37 $1,115 $11,734 
At December 31, 2021    
Fixed maturity securities:    
Corporate $7,043 $467 $13 $7,497 
States, municipalities and political subdivisions4,768 330 3 5,095 
Commercial mortgage-backed 264 9  273 
United States government121 2  123 
Government-sponsored enterprises8   8 
Foreign government26   26 
Total$12,230 $808 $16 $13,022 
 
The net unrealized investment losses in our fixed-maturity portfolio at September 30, 2022, are primarily due to an increase in U.S. Treasury yields and a widening of corporate credit spreads. Our commercial mortgage-backed securities had an average rating of Aa2/AA- and Aa2/AA at September 30, 2022, and December 31, 2021, respectively.

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The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities' continuous unrealized loss positions:
(Dollars in millions)Less than 12 months12 months or moreTotal
At September 30, 2022Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fixed maturity securities:      
Corporate $5,835 $535 $376 $126 $6,211 $661 
States, municipalities and political subdivisions3,831 414 48 19 3,879 433 
Commercial mortgage-backed225 11 14 2 239 13 
United States government173 5 12  185 5 
Government-sponsored enterprises101 3 3  104 3 
Foreign government21    21  
Total$10,186 $968 $453 $147 $10,639 $1,115 
At December 31, 2021      
Fixed maturity securities:      
Corporate $861 $13 $15 $ $876 $13 
States, municipalities and political subdivisions105 2 2 1 107 3 
Commercial mortgage-backed10  11  21  
United States government48    48  
Government-sponsored enterprises7    7  
Foreign government16    16  
Total$1,047 $15 $28 $1 $1,075 $16 

Contractual maturity dates for fixed-maturities securities were:
(Dollars in millions)Amortized
cost
Fair
value
% of fair
value
At September 30, 2022
Maturity dates:   
Due in one year or less$690 $687 5.9 %
Due after one year through five years3,861 3,717 31.7 
Due after five years through ten years3,573 3,334 28.4 
Due after ten years4,688 3,996 34.0 
Total$12,812 $11,734 100.0 %

Actual maturities may differ from contractual maturities when there is a right to call or prepay obligations with or without call or prepayment penalties.

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The following table provides investment income and investment gains and losses, net:
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2022202120222021
Investment income:
Interest$129 $121 $376 $356 
Dividends66 61 203 179 
Other 3 1 6 4 
Total198 183 585 539 
Less investment expenses5 4 12 11 
Total$193 $179 $573 $528 
Investment gains and losses, net:    
Equity securities:    
Investment gains and losses on securities sold, net$16 $(1)$34 $6 
Unrealized gains and losses on securities still held, net(705)(104)(2,568)869