Company Quick10K Filing
Cincinnati Financial
Price115.10 EPS5
Shares198 P/E25
MCap22,824 P/FCF26
Net Debt60 EBIT1,279
TEV22,884 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-26
10-Q 2020-06-30 Filed 2020-07-27
10-Q 2020-03-31 Filed 2020-04-27
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-02-22
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10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-23
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10-K 2016-12-31 Filed 2017-02-24
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10-K 2014-12-31 Filed 2015-02-27
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10-K 2012-12-31 Filed 2013-02-27
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8-K 2020-11-16
8-K 2020-11-13
8-K 2020-11-04
8-K 2020-10-30
8-K 2020-10-26
8-K 2020-10-15
8-K 2020-09-08
8-K 2020-08-14
8-K 2020-08-06
8-K 2020-08-04
8-K 2020-07-27
8-K 2020-07-14
8-K 2020-05-18
8-K 2020-05-02
8-K 2020-04-27
8-K 2020-04-13
8-K 2020-04-01
8-K 2020-03-09
8-K 2020-02-05
8-K 2020-01-31
8-K 2019-12-06
8-K 2019-11-15
8-K 2019-11-12
8-K 2019-11-04
8-K 2019-10-24
8-K 2019-08-26
8-K 2019-08-09
8-K 2019-07-30
8-K 2019-06-25
8-K 2019-05-13
8-K 2019-04-27
8-K 2019-04-24
8-K 2019-03-11
8-K 2019-02-25
8-K 2019-02-06
8-K 2019-02-01
8-K 2018-11-16
8-K 2018-11-05
8-K 2018-10-25
8-K 2018-10-15
8-K 2018-10-12
8-K 2018-10-11
8-K 2018-09-04
8-K 2018-08-20
8-K 2018-08-10
8-K 2018-07-26
8-K 2018-05-05
8-K 2018-05-03
8-K 2018-04-25
8-K 2018-03-05
8-K 2018-02-07
8-K 2018-01-26

CINF 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Note 1 - Accounting Policies
Note 2 - Investments
Note 3 - Fair Value Measurements
Note 4 - Property Casualty Loss and Loss Expenses
Note 5 - Life Policy and Investment Contract Reserves
Note 6 - Deferred Policy Acquisition Costs
Note 7 - Accumulated Other Comprehensive Income
Note 8 - Reinsurance
Note 9 - Income Taxes
Note 10 - Net Income per Common Share
Note 11 - Employee Retirement Benefits
Note 12 - Commitments and Contingent Liabilities
Note 13 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition And
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.A cinf-2020930xex31a.htm
EX-31.B cinf-2020930xex31b.htm
EX-32 cinf-2020930xex32.htm

Cincinnati Financial Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
25201510502012201420172020
Assets, Equity
2.21.71.10.60.0-0.52012201420172020
Rev, G Profit, Net Income
0.50.30.1-0.0-0.2-0.42012201420172020
Ops, Inv, Fin

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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, 2020.
       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 or former address, 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 22, 2020, there were 160,896,903 shares of common stock outstanding.



CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED September 30, 2020
 
TABLE OF CONTENTS
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 

Cincinnati Financial Corporation Third-Quarter 2020 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,
20202019
Assets  
Investments  
Fixed maturities, at fair value (amortized cost: 2020—$11,273; 2019—$11,108)
$12,157 $11,698 
Equity securities, at fair value (cost: 2020—$3,898; 2019—$3,581)
7,867 7,752 
Other invested assets275 296 
Total investments20,299 19,746 
Cash and cash equivalents914 767 
Investment income receivable131 133 
Finance receivable86 77 
Premiums receivable1,925 1,777 
Reinsurance recoverable533 610 
Prepaid reinsurance premiums73 54 
Deferred policy acquisition costs817 774 
Land, building and equipment, net, for company use (accumulated depreciation:
   2020—$283; 2019—$276)
211 207 
Other assets452 381 
Separate accounts929 882 
Total assets$26,370 $25,408 
Liabilities  
Insurance reserves  
Loss and loss expense reserves$6,747 $6,147 
Life policy and investment contract reserves2,900 2,835 
Unearned premiums3,024 2,788 
Other liabilities981 928 
Deferred income tax1,077 1,079 
Note payable123 39 
Long-term debt and lease obligations844 846 
Separate accounts929 882 
Total liabilities16,625 15,544 
Commitments and contingent liabilities (Note 12)
Shareholders' Equity  
Common stock, par value—$2 per share; (authorized: 2020 and 2019—500 million
   shares; issued: 2020 and 2019—198.3 million shares)
397 397 
Paid-in capital1,318 1,306 
Retained earnings9,132 9,257 
Accumulated other comprehensive income 686 448 
Treasury stock at cost (2020—37.5 million shares and 2019—35.4 million shares)
(1,788)(1,544)
Total shareholders' equity9,745 9,864 
Total liabilities and shareholders' equity$26,370 $25,408 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2020 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,
2020201920202019
Revenues    
Earned premiums$1,522 $1,446 $4,460 $4,163 
Investment income, net of expenses167 161 498 478 
Investment gains and losses, net533 86 (132)1,113 
Fee revenues2 4 8 11 
Other revenues3 3 8 7 
Total revenues2,227 1,700 4,842 5,772 
Benefits and Expenses    
Insurance losses and contract holders' benefits1,143 932 3,232 2,728 
Underwriting, acquisition and insurance expenses452 455 1,372 1,296 
Interest expense13 14 40 40 
Other operating expenses5 5 15 17 
 Total benefits and expenses1,613 1,406 4,659 4,081 
Income Before Income Taxes614 294 183 1,691 
Provision (Benefit) for Income Taxes    
Current55 28 81 84 
Deferred75 18 (65)236 
Total provision for income taxes130 46 16 320 
Net Income $484 $248 $167 $1,371 
Per Common Share    
Net income—basic$3.01 $1.51 $1.03 $8.40 
Net income—diluted2.99 1.49 1.03 8.30 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2020 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,
2020201920202019
Net Income $484 $248 $167 $1,371 
Other Comprehensive Income     
Change in unrealized gains on investments, net of tax of $23, $21, $62 and $114, respectively
89 79 232 428 
Amortization of pension actuarial loss and prior service cost, net of tax of $0, $0, $0 and $0, respectively
  2 1 
Change in life deferred acquisition costs, life policy reserves and other, net of tax (benefit) of $0, $0, $1 and $(2), respectively
 (1)4 (9)
Other comprehensive income 89 78 238 420 
Comprehensive Income$573 $326 $405 $1,791 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation Third-Quarter 2020 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,
2020201920202019
Common Stock
   Beginning of period$397 $397 $397 $397 
   Share-based awards    
   End of period397 397 397 397 
Paid-In Capital
   Beginning of period1,309 1,286 1,306 1,281 
   Share-based awards 1 (16)(12)
   Share-based compensation8 7 24 23 
   Other1 1 4 3 
   End of period1,318 1,295 1,318 1,295 
Retained Earnings
   Beginning of period8,745 8,566 9,257 7,625 
Cumulative effect of change in accounting for credit
losses as of January 1, 2020
  (2) 
Adjusted beginning of year8,745 8,566 9,255 7,625 
   Net income484 248 167 1,371 
Dividends declared (97)(92)(290)(274)
   End of period9,132 8,722 9,132 8,722 
Accumulated Other Comprehensive Income
   Beginning of period597 364 448 22 
   Other comprehensive income89 78 238 420 
   End of period686 442 686 442 
Treasury Stock
   Beginning of period(1,790)(1,482)(1,544)(1,492)
   Share-based awards 3 12 19 
   Shares acquired - share repurchase authorization (5)(256)(5)
   Shares acquired - share-based compensation plans (2)(3)(9)
   Other2 1 3 2 
   End of period(1,788)(1,485)(1,788)(1,485)
      Total Shareholders' Equity$9,745 $9,371 $9,745 $9,371 
(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of period160.8 163.3 162.9 162.8 
   Share-based awards 0.1 0.4 0.6 
   Shares acquired - share repurchase authorization  (2.5) 
   End of period160.8 163.4 160.8 163.4 
   Dividends declared per common share$0.60 $0.56 $1.80 $1.68 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2020 10-Q
Page 6


Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
 (Dollars in millions)Nine months ended September 30,
20202019
Cash Flows From Operating Activities  
Net income$167 $1,371 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization62 54 
Investment gains and losses, net137 (1,103)
Share-based compensation24 23 
Interest credited to contract holders'33 31 
Deferred income tax expense(65)236 
Changes in:  
Investment income receivable2 7 
Premiums and reinsurance receivable(93)(156)
Deferred policy acquisition costs(46)(69)
Other assets(25)(36)
Loss and loss expense reserves600 72 
Life policy and investment contract reserves94 79 
Unearned premiums236 255 
Other liabilities(34)39 
Current income tax receivable/payable27 77 
Net cash provided by operating activities1,119 880 
Cash Flows From Investing Activities  
Sale of fixed maturities100 61 
Call or maturity of fixed maturities756 988 
Sale of equity securities471 194 
Purchase of fixed maturities(1,092)(1,345)
Purchase of equity securities(640)(341)
Investment in finance receivables(33)(25)
Collection of finance receivables26 20 
Investment in building and equipment(16)(22)
Change in other invested assets, net16 (56)
Net cash used in investing activities(412)(526)
Cash Flows From Financing Activities  
Payment of cash dividends to shareholders(280)(265)
Shares acquired - share repurchase authorization(256)(5)
Changes in note payable
84 6 
Proceeds from stock options exercised5 9 
Contract holders' funds deposited64 67 
Contract holders' funds withdrawn(123)(133)
Other(54)(30)
Net cash used in financing activities(560)(351)
Net change in cash and cash equivalents147 3 
Cash and cash equivalents at beginning of year767