10-Q 1 cinf-20240930.htm 10-Q cinf-20240930
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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, 2024.
☐       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 18, 2024, there were 156,315,102 shares of common stock outstanding.

CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED September 30, 2024
 
TABLE OF CONTENTS
 
          Safe Harbor Statement
          Corporate Financial Highlights
          Financial Results
          Other Matters

Cincinnati Financial Corporation Third-Quarter 2024 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,
20242023
Assets  
Investments  
Fixed maturities, at fair value (amortized cost: 2024—$16,074; 2023—$14,361)
$15,871 $13,791 
Equity securities, at fair value (cost: 2024—$4,034; 2023—$4,282)
11,570 10,989 
Other invested assets663 577 
Total investments28,104 25,357 
Cash and cash equivalents1,752 907 
Investment income receivable199 192 
Finance receivable116 108 
Premiums receivable3,012 2,592 
Reinsurance recoverable548 651 
Prepaid reinsurance premiums94 55 
Deferred policy acquisition costs1,241 1,093 
Land, building and equipment, net, for company use (accumulated depreciation:
   2024—$342; 2023—$337)
215 208 
Other assets785 681 
Separate accounts943 925 
Total assets$37,009 $32,769 
Liabilities  
Insurance reserves  
Loss and loss expense reserves$9,928 $9,050 
Life policy and investment contract reserves3,069 3,068 
Unearned premiums4,874 4,119 
Other liabilities1,917 1,311 
Deferred income tax1,600 1,324 
Note payable25 25 
Long-term debt and lease obligations849 849 
Separate accounts943 925 
Total liabilities23,205 20,671 
Commitments and contingent liabilities (Note 12)
Shareholders' Equity  
    Common stock, par value—$2 per share; (authorized: 2024 and 2023—500 million
   shares; issued: 2024 and 2023—198.3 million shares)
397 397 
Paid-in capital1,482 1,437 
Retained earnings14,591 13,084 
Accumulated other comprehensive loss(150)(435)
    Treasury stock at cost (2024—42.0 million shares and 2023—41.3 million shares)
(2,516)(2,385)
Total shareholders' equity13,804 12,098 
Total liabilities and shareholders' equity$37,009 $32,769 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2024 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,
2024202320242023
Revenues    
Earned premiums$2,297 $2,033 $6,524 $5,894 
Investment income, net of expenses258 225 745 655 
Investment gains and losses, net758 (456)1,507 84 
Fee revenues4 6 13 16 
Other revenues3 3 10 8 
Total revenues3,320 1,811 8,799 6,657 
Benefits and Expenses    
Insurance losses and contract holders' benefits1,578 1,332 4,407 4,070 
Underwriting, acquisition and insurance expenses683 609 1,954 1,744 
Interest expense13 13 40 40 
Other operating expenses6 5 19 17 
 Total benefits and expenses2,280 1,959 6,420 5,871 
Income (Loss) Before Income Taxes1,040 (148)2,379 786 
Provision (Benefit) for Income Taxes    
Current171 57 293 124 
Deferred49 (106)199 2 
Total provision (benefit) for income taxes220 (49)492 126 
Net Income (Loss)$820 $(99)$1,887 $660 
Per Common Share    
Net income (loss) — basic$5.25 $(0.63)$12.06 $4.20 
Net income (loss) — diluted5.20 (0.63)11.97 4.17 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2024 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,
2024202320242023
Net Income (Loss)$820 $(99)$1,887 $660 
Other Comprehensive Income (Loss)    
Change in unrealized gains and losses on investments, net of tax (benefit) of $106, $(79), $78 and $(76), respectively
391 (290)289 (284)
Amortization of pension actuarial loss (gain) and prior service cost, net of tax (benefit) of $0, $0, $0 and $(2), respectively
— — 1 (5)
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $(20), $22, $(2) and $19, respectively
(71)89 (5)76 
Other comprehensive income (loss)320 (201)285 (213)
Comprehensive Income (Loss)$1,140 $(300)$2,172 $447 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation Third-Quarter 2024 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,
2024202320242023
Common Stock
   Beginning of period$397 $397 $397 $397 
   Share-based awards— — — — 
   End of period397 397 397 397 
Paid-In Capital
   Beginning of period1,466 1,410 1,437 1,392 
   Share-based awards4 1 4 (5)
   Share-based compensation10 9 36 31 
   Other2 2 5 4 
   End of period1,482 1,422 1,482 1,422 
Retained Earnings
   Beginning of period13,897 12,235 13,084 11,711 
   Net income (loss)820 (99)1,887 660 
Dividends declared (126)(118)(380)(353)
   End of period14,591 12,018 14,591 12,018 
Accumulated Other Comprehensive Loss
   Beginning of period(470)(626)(435)(614)
   Other comprehensive income (loss)320 (201)285 (213)
   End of period(150)(827)(150)(827)
Treasury Stock
   Beginning of period(2,513)(2,386)(2,385)(2,324)
   Share-based awards3 1 15 8 
   Shares acquired - share repurchase
      authorization		— — (121)(67)
   Shares acquired - share-based
      compensation plans		(7)(2)(26)(5)
   Other1 1 1 2 
   End of period(2,516)(2,386)(2,516)(2,386)
      Total Shareholders' Equity$13,804 $10,624 $13,804 $10,624 
(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of period156.2 156.8 157.0 157.1 
   Share-based awards0.1 — 0.5 0.3 
   Shares acquired - share repurchase
     authorization		— — (1.1)(0.6)
   Shares acquired - share-based
     compensation plans		(0.1)— (0.2)— 
   Other0.1 0.1 0.1 0.1 
   End of period156.3 156.9 156.3 156.9 
Dividends declared per common share$0.81 $0.75 $2.43 $2.25 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2024 10-Q
Page 6
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
 (Dollars in millions)Nine months ended September 30,
20242023
Cash Flows From Operating Activities  
Net income $1,887 $660 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, amortization and other115 88 
Investment gains and losses, net(1,499)(69)
Interest credited to contract holders34 33 
Deferred income tax expense199 2 
Changes in:  
Premiums and reinsurance receivable(356)(392)
Deferred policy acquisition costs(148)(88)
Other assets(8)(30)
Loss and loss expense reserves878 677 
Life policy and investment contract reserves54 73 
Unearned premiums755 506 
Other liabilities55 8 
Current income tax receivable/payable41 7 
Net cash provided by operating activities2,007 1,475 
Cash Flows From Investing Activities  
Sale, call or maturity of fixed maturities2,354 826 
Sale of equity securities1,332 68 
Purchase of fixed maturities(3,797)(1,853)
Purchase of equity securities(282)(157)
Changes in finance receivables(10)(10)
Investment in building and equipment(18)(10)
Change in other invested assets, net(68)(102)
Net cash used in investing activities(489)(1,238)
Cash Flows From Financing Activities  
Payment of cash dividends to shareholders(365)(338)
Shares acquired - share repurchase authorization(121)(67)
Changes in note payable
— (25)
Proceeds from stock options exercised7 7 
Contract holders' funds deposited58 67 
Contract holders' funds withdrawn(152)(165)
Other(100)(81)
Net cash used in financing activities(673)(602)
Net change in cash and cash equivalents845 (365)
Cash and cash equivalents at beginning of year907 1,264 
Cash and cash equivalents at end of period$1,752 $899 
Supplemental Disclosures of Cash Flow Information:  
Interest paid$27 $28 
Income taxes paid221 94 
Noncash Activities  
Equipment acquired under finance lease obligations$13 $10 
Share-based compensation41 15 
Other assets and other liabilities562 120 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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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, 2024, 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 2023 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.

Pending Accounting Updates

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 enhances reportable segment disclosures by requiring entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure of profit or loss. This ASU also requires disclosure of the title and position of the CODM as well as a description of how the reported measure of profit or loss is used to assess segment performance and allocate resources. The effective date of ASU 2023-07 is for annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual periods beginning after December 15, 2024, and should be applied retrospectively to all prior periods presented. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual and interim financial statements.

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


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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, 2024gainslosses
Fixed-maturity securities:    
Corporate $8,407 $150 $218 $8,339 
States, municipalities and political subdivisions4,944 41 176 4,809 
Government-sponsored enterprises 2,147 5 1 2,151 
Asset-backed317 4 7 314 
United States government228 1 2 227 
Foreign government31 — — 31 
Total$16,074 $201 $404 $15,871 
At December 31, 2023    
Fixed-maturity securities:    
Corporate $7,836 $70 $454 $7,452 
States, municipalities and political subdivisions4,867 44 208 4,703 
Government-sponsored enterprises1,227 3 6 1,224 
Asset-backed 203 — 16 187 
United States government203 — 3 200 
Foreign government25 — — 25 
Total$14,361 $117 $687 $13,791 
 
The decrease in net unrealized investment losses in our fixed-maturity portfolio at September 30, 2024, is primarily due to a decrease in U.S. Treasury yields and a tightening of corporate credit spreads as well as realized losses on sales of some lower-yielding fixed maturities. Our asset-backed securities had an average rating of Aa2/AA- and Aa3/AA- at September 30, 2024, and December 31, 2023, 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, 2024Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
Fixed-maturity securities:      
Corporate $402 $5 $3,937 $213 $4,339 $218 
States, municipalities and political subdivisions287 4 2,000 172 2,287 176 
Government-sponsored enterprises715 1 128 — 843 1 
Asset-backed48 — 99 7 147 7 
United States government— — 103 2 103 2 
Foreign government— — 5 — 5 — 
Total$1,452 $10 $6,272 $394 $7,724 $404 
At December 31, 2023      
Fixed-maturity securities:      
Corporate $379 $13 $5,560 $441 $5,939 $454 
States, municipalities and political subdivisions313 2 1,932 206 2,245 208 
Government-sponsored enterprises652 3 113 3 765 6 
Asset-backed5 — 172 16 177 16 
United States government32 — 129 3 161 3 
Foreign government3 — 6 — 9 — 
Total$1,384 $18 $7,912 $669 $9,296 $687 

Contractual maturity dates for fixed-maturities securities were:
(Dollars in millions)Amortized
cost		Fair
value		% of fair
value
At September 30, 2024
Maturity dates:   
Due in one year or less$1,198 $1,194 7.5 %
Due after one year through five years4,011 3,993 25.2 
Due after five years through ten years3,554 3,542 22.3 
Due after ten years7,311 7,142 45.0 
Total$16,074 $15,871 100.0 %

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,
2024202320242023
Investment income:
Interest$187 $154 $529 $441 
Dividends68 69 209 205 
Other 7 5 18 18 
Total262 228 756 664 
Less investment expenses4 3 11 9 
Total$258 $225 $745 $655 
Investment gains and losses, net:    
Equity securities:    
Investment gains and losses on securities sold, net$24 $(5)$146 $2 
Unrealized gains and losses on securities still held, net817 (458)1,446 99 
Subtotal841 (463)1,592 101 
Fixed-maturity securities:    
Gross realized gains1 1 5 2 
Gross realized losses(87)(1)(94)(2)
Change in allowance for credit losses, net— 1 (25)(2)
Write-down of impaired securities with intent to sell— — — (4)
Subtotal(86)1 (114)(6)
Other3 6 29 (11)
Total$758 $(456)$1,507 $84 
 
The fair value of our equity portfolio was $11.570 billion and $10.989 billion at September 30, 2024, and December 31, 2023, respectively. Apple, Inc. (Nasdaq:AAPL) and Microsoft Corporation (Nasdaq:MSFT), equity holdings, were our largest single investment holdings with a fair value of $885 million and $842 million, which was 7.9% and 7.9% of our publicly traded common equities portfolio and 3.2% and 3.4% of the total investment portfolio at September 30, 2024, and December 31, 2023, respectively.

The allowance for credit losses on fixed-maturity securities was $39 million and $18 million at September 30, 2024, and December 31, 2023, respectively.

There were 2,495 and 2,840 fixed-maturity securities in a total unrealized loss position of $404 million and $687 million at September 30, 2024, and December 31, 2023, respectively. Of those totals, 5 and 20 fixed-maturity securities had fair values below 70% of amortized cost at September 30, 2024, and December 31, 2023, respectively.
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NOTE 3 – Fair Value Measurements
In accordance with accounting guidance for fair value measurements and disclosures, we categorized our financial instruments, based on the priority of the observable and market-based data for the valuation technique used, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2023, and ultimately management determines fair value. See our 2023 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 139, for information on characteristics and valuation techniques used in determining fair value.

Fair Value Disclosures for Assets
The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at September 30, 2024, and December 31, 2023. We do not have any liabilities carried at fair value.
(Dollars in millions)Level 1Level 2Level 3Total
At September 30, 2024
Fixed maturities, available for sale:    
Corporate $— $8,339 $— $8,339 
States, municipalities and political subdivisions— 4,809 — 4,809 
Government-sponsored enterprises— 2,151 — 2,151 
Asset-backed — 314 — 314 
United States government227 — — 227 
Foreign government— 31 — 31 
Subtotal227 15,644 — 15,871 
Common equities11,200 — — 11,200 
Nonredeemable preferred equities— 370 — 370 
Separate accounts taxable fixed maturities— 894 — 894 
Top Hat savings plan mutual funds and common
   equity (included in Other assets)		84 — — 84 
Total$11,511 $16,908 $— $28,419 
At December 31, 2023
Fixed maturities, available for sale:    
Corporate $— $7,452 $— $7,452 
States, municipalities and political subdivisions— 4,703 — 4,703 
Government-sponsored enterprises— 1,224 — 1,224 
Asset-backed — 187 — 187 
United States government200 — — 200 
Foreign government— 25 — 25 
Subtotal200 13,591 — 13,791 
Common equities10,641 — — 10,641 
Nonredeemable preferred equities— 348 — 348 
Separate accounts taxable fixed maturities — 854 — 854 
Top Hat savings plan mutual funds and common
  equity (included in Other assets)		67 — — 67 
Total$10,908 $14,793 $— $25,701 
 
We also held Level 1 cash and cash equivalents of $1.752 billion and $907 million at September 30, 2024, and December 31, 2023, respectively.
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Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value 
The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements.
 
This table summarizes the book value and principal amounts of our long-term debt:
(Dollars in millions) Book valuePrincipal amount
Interest
rate		Year of 
issue		 September 30,December 31,September 30,December 31,
 2024202320242023
6.900%1998Senior debentures, due 2028$27 $27 $28 $28 
6.920%2005Senior debentures, due 2028391 391 391 391 
6.125%2004Senior notes, due 2034372 372 374 374 
Total $790 $790 $793 $793 
 
The following table shows fair values of our note payable and long-term debt:
(Dollars in millions)Level 1