falsedesktopCINF2020-12-31000002028621000013{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Part I\t\t4\nItem 1.\tBusiness\t4\n\tCincinnati Financial Corporation - Introduction\t4\n\tOur Business and Our Strategy\t5\n\tOur Segments\t16\n\tOther\t29\n\tRegulation\t30\nItem 1A.\tRisk Factors\t34\nItem 1B.\tUnresolved Staff Comments\t45\nItem 2.\tProperties\t45\nItem 3.\tLegal Proceedings\t45\nItem 4.\tMine Safety Disclosures\t45\nPart II\t\t46\nItem 5.\tMarket for the Registrant's Common Equity Related Stockholder Matters and Issuer Purchases of Equity Securities\t46\nItem 6\tSelected Financial Data\t48\nItem 7.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t49\n\tIntroduction\t49\n\tExecutive Summary\t50\n\tCritical Accounting Estimates\t56\n\tRecent Accounting Pronouncements\t63\n\tFinancial Results\t64\n\tLiquidity and Capital Resources\t99\n\tSafe Harbor Statement\t115\nItem 7A.\tQuantitative and Qualitative Disclosures About Market Risk\t118\nItem 8.\tFinancial Statements and Supplementary Data\t124\n\tResponsibility for Financial Statements\t124\n\tManagement's Annual Report on Internal Control Over Financial Reporting\t125\n\tReport of Independent Registered Public Accounting Firm\t126\n\tConsolidated Balance Sheets\t128\n\tConsolidated Statements of Income\t129\n\tConsolidated Statements of Comprehensive Income\t130\n\tConsolidated Statements of Shareholders' Equity\t131\n\tConsolidated Statements of Cash Flows\t132\n\tNotes to Consolidated Financial Statements\t133\nItem 9.\tChanges in and Disagreements with Accountants on Accounting and Financial Disclosure\t182\nItem 9A.\tControls and Procedures\t182\nItem 9B.\tOther Information\t182\nPart III\t\t183\nItem 10.\tDirectors Executive Officers and Corporate Governance\t183\nItem 11.\tExecutive Compensation\t185\nItem 12.\tSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters\t185\nItem 13.\tCertain Relationships and Related Transactions and Director Independence\t186\nItem 14.\tPrincipal Accounting Fees and Services\t186\nPart IV\t\t187\nItem 15.\tExhibit and Financial Statement Schedules\t187\n", "q10k_tbl_1": "Agency Data\tYears ended December 31\t\n\t2020\t2019\nProperty casualty agency relationships January 1\t1796\t1757\nNew appointments that market all or most of The Cincinnati Insurance Companies' products\t133\t117\nNew appointments that market only personal lines insurance products for Cincinnati Insurance\t58\t70\nChanges due to consolidation and other\t(139)\t(148)\nProperty casualty agency relationships December 31\t1848\t1796\nProperty casualty reporting locations\t2578\t2458\nNew relationship appointments\t119\t112\nActive states\t45\t45\n", "q10k_tbl_2": "(Dollars in millions) Statutory Information\tAt December 31\t\n\t2020\t2019\nStandard market property casualty insurance subsidiary\t\t\nStatutory capital and surplus\t5838\t5620\nRisk-based capital\t5860\t5654\nAuthorized control level risk-based capital\t924\t823\nRisk-based capital to authorized control level risk-based capital ratio\t6.3\t6.9\nWritten premium to surplus ratio\t1.0\t1.0\nExcess and surplus lines insurance subsidiary\t\t\nStatutory capital and surplus\t528\t526\nRisk-based capital\t528\t526\nAuthorized control level risk-based capital\t69\t54\nRisk-based capital to authorized control level risk-based capital ratio\t7.7\t9.8\nWritten premium to surplus ratio\t0.7\t0.6\nLife insurance subsidiary\t\t\nStatutory capital and surplus\t241\t204\nRisk-based capital\t263\t239\nAuthorized control level risk-based capital\t58\t53\nTotal liabilities excluding separate account business\t3723\t3643\nRisk-based capital to authorized control level risk-based capital ratio\t4.6\t4.5\nLife statutory risk-based adjusted surplus to liabilities ratio\t7.1\t6.6\n", "q10k_tbl_3": "\tInsurer Financial Strength Ratings\t\t\t\t\t\t\t\t\t\nRating agency\tStandard market property casualty insurance subsidiary\t\t\tLife insurance subsidiary\t\t\tExcess and surplus lines insurance subsidiary\t\t\tOutlook\n\t\t\tRating Tier\t\t\tRating Tier\t\t\tRating Tier\t\nA.M. Best Company ambest.com\tA+\tSuperior\t2 of 16\tA+\tSuperior\t2 of 16\tA+\tSuperior\t2 of 16\tStable\nFitch Ratings fitchratings.com\tA+\tStrong\t5 of 21\tA+\tStrong\t5 of 21\t0\t0\t0\tStable\nMoody's Investors Service moodys.com\tA1\tGood\t5 of 21\t0\t0\t0\t0\t0\t0\tStable\nS&P Global Ratings spratings.com\tA+\tStrong\t5 of 21\tA+\tStrong\t5 of 21\t0\t0\t0\tStable\n", "q10k_tbl_4": "(Dollars in millions)\tEarned premiums\t% of total earned\tAgency locations\tAverage premium per location\nYear ended December 31 2020\t\t\t\t\nOhio\t844\t14.8%\t251\t3.4\nIllinois\t310\t5.4\t165\t1.9\nGeorgia\t291\t5.1\t106\t2.7\nNorth Carolina\t283\t5.0\t112\t2.5\nPennsylvania\t269\t4.7\t147\t1.8\nIndiana\t258\t4.5\t114\t2.3\nNew York\t211\t3.7\t146\t1.4\nMichigan\t199\t3.5\t137\t1.5\nTennessee\t193\t3.4\t66\t2.9\nVirginia\t184\t3.2\t72\t2.6\n", "q10k_tbl_5": "(Dollars in millions)\t2020\t2019\t2018\tPercent of total 2020\nSegment:\t\t\t\t\nCommercial lines insurance\t3534\t3410\t3245\t57.1%\nPersonal lines insurance\t1503\t1435\t1378\t24.3\nExcess and surplus lines insurance\t348\t303\t249\t5.6\nLife insurance\t328\t318\t298\t5.3\nOther\t479\t368\t158\t7.7\nTotal\t6192\t5834\t5328\t100.0%\nBusiness line:\t\t\t\t\nCommercial lines insurance:\t\t\t\t\nCommercial casualty\t1205\t1131\t1080\t19.5%\nCommercial property\t1019\t985\t932\t16.5\nCommercial auto\t763\t735\t682\t12.3\nWorkers' compensation\t266\t294\t311\t4.3\nOther commercial\t281\t265\t240\t4.5\nTotal commercial lines insurance\t3534\t3410\t3245\t57.1\nPersonal lines insurance:\t\t\t\t\nPersonal auto\t611\t620\t622\t9.9\nHomeowner\t693\t631\t588\t11.2\nOther personal\t199\t184\t168\t3.2\nTotal personal lines insurance\t1503\t1435\t1378\t24.3\nExcess and surplus lines insurance\t348\t303\t249\t5.6\nLife insurance:\t\t\t\t\nTerm life insurance\t202\t196\t181\t3.3\nUniversal life insurance\t34\t37\t44\t0.5\nOther life insurance and annuity products\t92\t85\t73\t1.5\nSubtotal\t328\t318\t298\t5.3\nOther\t479\t368\t158\t7.7\nTotal\t6192\t5834\t5328\t100.0%\n", "q10k_tbl_6": "(Dollars in millions)\tEarned premiums\t% of total earned\tAgency locations\tAverage premium per location\nYear ended December 31 2020\t\t\t\t\nOhio\t509\t14.6%\t242\t2.1\nPennsylvania\t214\t6.2\t135\t1.6\nIllinois\t213\t6.1\t149\t1.4\nNorth Carolina\t187\t5.4\t109\t1.7\nIndiana\t177\t5.1\t110\t1.6\nGeorgia\t153\t4.4\t95\t1.6\nVirginia\t144\t4.1\t66\t2.2\nTennessee\t138\t4.0\t65\t2.1\nMichigan\t132\t3.8\t129\t1.0\nMissouri\t120\t3.4\t50\t2.4\n", "q10k_tbl_7": "(Dollars in millions)\tEarned premiums\t% of total earned\tAgency locations\tAverage premium per location\nYear ended December 31 2020\t\t\t\t\nOhio\t311\t21.2%\t224\t1.4\nGeorgia\t121\t8.2\t90\t1.3\nNew York\t80\t5.5\t95\t0.8\nNorth Carolina\t78\t5.3\t89\t0.9\nIllinois\t73\t5.0\t114\t0.6\nIndiana\t67\t4.6\t90\t0.7\nAlabama\t65\t4.5\t48\t1.4\nMichigan\t57\t3.9\t98\t0.6\nCalifornia\t52\t3.6\t57\t0.9\nKentucky\t50\t3.4\t52\t1.0\n", "q10k_tbl_8": "(Dollars in millions)\tEarned premiums\t% of total earned\nYear ended December 31 2020\t\t\nOhio\t25\t7.6%\nIllinois\t24\t7.4\nTexas\t21\t6.4\nGeorgia\t18\t5.4\nNorth Carolina\t17\t5.4\nPennsylvania\t17\t5.3\nNew York\t15\t4.6\nIndiana\t14\t4.4\nFlorida\t14\t4.3\nAlabama\t14\t4.2\n", "q10k_tbl_9": "(Dollars in millions)\tPremiums\t% of total\nYear ended December 31 2020\t\t\nOhio\t56\t16.4%\nPennsylvania\t24\t7.0\nIllinois\t21\t6.0\nIndiana\t20\t5.8\nGeorgia\t18\t5.1\n", "q10k_tbl_10": "(Dollars in millions)\tAt December 31 2020\t\t\t\tAt December 31 2019\t\t\t\n\tCost or amortized cost\tPercent of total\t\tPercent of total\tCost or amortized cost\tPercent of total\t\tPercent of total\n\t\tFair value\t\tFair value\nTaxable fixed maturities\t7363\t48.3%\t8053\t38.0%\t7250\t49.4%\t7617\t39.1%\nTax-exempt fixed maturities\t3949\t25.9\t4285\t20.2\t3858\t26.3\t4081\t21.0\nCommon equities\t3640\t23.9\t8541\t40.3\t3371\t22.9\t7518\t38.7\nNonredeemable preferred equities\t287\t1.9\t315\t1.5\t210\t1.4\t234\t1.2\nTotal\t15239\t100.0%\t21194\t100.0%\t14689\t100.0%\t19450\t100.0%\n", "q10k_tbl_11": "\tAt December 31\t\t\t\n\t2020\t\t2019\t\nWeighted average yield-to-amortized cost\t4.12\t%\t4.10\t%\nWeighted average maturity\t7.5\tyrs\t7.7\tyrs\nEffective duration\t4.5\tyrs\t4.8\tyrs\n", "q10k_tbl_12": "(Dollars in millions)\tAt December 31\t\n\t2020\t2019\nInvestment-grade corporate\t6416\t6137\nStates municipalities and political subdivisions\t712\t647\nNoninvestment-grade corporate\t479\t264\nCommercial mortgage-backed\t285\t301\nUnited States government\t120\t104\nForeign government\t29\t28\nGovernment-sponsored enterprises\t12\t136\nTotal\t8053\t7617\n", "q10k_tbl_13": "\tPercent of common stock portfolio\t\t\t\n\tAt December 31 2020\t\tAt December 31 2019\t\n\tCincinnati Financial\tS&P 500 Industry Weightings\tCincinnati Financial\tS&P 500 Industry Weightings\nSector:\t\t\t\t\nInformation technology\t28.3%\t27.6%\t23.7%\t23.2%\nFinancial\t14.2\t10.4\t15.7\t13.0\nHealthcare\t13.3\t13.5\t12.4\t14.2\nIndustrials\t12.3\t8.4\t12.6\t9.1\nConsumer discretionary\t8.9\t12.7\t9.7\t9.7\nConsumer staples\t6.7\t6.5\t6.2\t7.2\nMaterials\t5.1\t2.6\t5.0\t2.7\nEnergy\t3.8\t2.3\t6.3\t4.3\nReal estate\t2.7\t2.4\t2.5\t2.9\nUtilities\t2.6\t2.8\t2.5\t3.3\nTelecomm services\t2.1\t10.8\t3.4\t10.4\nTotal\t100.0%\t100.0%\t100.0%\t100.0%\n", "q10k_tbl_14": "Plan category\tNumber of securities to be issued upon exercise of outstanding options warrants and rights at December 31 2020\tWeighted-average exercise price of outstanding options warrants and rights\tNumber of securities remaining available for future issuance under equity compensation plan (excluding securities reflected in column (a)) at December 31 2020\n\t(a)\t(b)\t(c)\nEquity compensation plans approved by security holders\t3601343\t72.55\t7078200\nEquity compensation plans not approved by security holders\t0\t0\t0\nTotal\t3601343\t72.55\t7078200\n", "q10k_tbl_15": "Period\tTotal number of shares purchased\tAverage price paid per share\tTotal number of shares purchased as part of publicly announced plans or programs\tMaximum number of shares that may yet be purchased under the plans or programs\nOctober 1-31 2020\t0\t0\t0\t12376785\nNovember 1-30 2020\t0\t0\t0\t12376785\nDecember 1-31 2020\t50000\t81.15\t50000\t12326785\nTotals\t50000\t81.15\t50000\t\n", "q10k_tbl_16": "(In millions except per share data and shares outstanding in thousands)\tYears ended December 31\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\nConsolidated Income Statement Data\t\t\t\t\t\nEarned premiums\t5980\t5604\t5170\t4954\t4710\nInvestment income net of expenses\t670\t646\t619\t609\t595\nInvestment gains and losses net *\t865\t1650\t(402)\t148\t124\nTotal revenues\t7536\t7924\t5407\t5732\t5449\nNet income\t1216\t1997\t287\t1045\t591\nNet income per common share:\t\t\t\t\t\nBasic\t7.55\t12.24\t1.76\t6.36\t3.59\nDiluted\t7.49\t12.10\t1.75\t6.29\t3.55\nCash dividends per common share:\t\t\t\t\t\nOrdinary declared\t2.40\t2.24\t2.12\t2.00\t1.92\nOrdinary paid\t2.36\t2.21\t2.09\t1.98\t1.90\nSpecial declared and paid\t0\t0\t0\t0.50\t0\nDiluted weighted average shares\t162.4\t165.1\t164.5\t166.0\t166.5\nConsolidated Balance Sheet Data\t\t\t\t\t\nTotal investments\t21542\t19746\t16732\t17051\t15500\nNet unrealized investment portfolio gains\t5955\t4761\t2598\t3540\t2625\nDeferred policy acquisition costs\t805\t774\t738\t670\t637\nTotal assets\t27542\t25408\t21935\t21843\t20386\nGross loss and loss expense reserves\t6746\t6147\t5707\t5273\t5085\nLife policy and investment contract reserves\t2915\t2835\t2779\t2729\t2671\nLong-term debt\t788\t788\t788\t787\t787\nShareholders' equity\t10789\t9864\t7833\t8243\t7060\nBook value per share\t67.04\t60.55\t48.10\t50.29\t42.95\nShares outstanding\t160941\t162918\t162843\t163899\t164387\nValue creation ratio\t14.7%\t30.5%\t(0.1)%\t22.9%\t14.5%\nConsolidated Property Casualty Operations Data\t\t\t\t\t\nEarned premiums\t5691\t5334\t4920\t4722\t4482\nUnearned premiums\t2959\t2787\t2515\t2403\t2306\nGross loss and loss expense reserves\t6677\t6088\t5646\t5219\t5035\nInvestment income net of expenses\t431\t419\t401\t392\t384\nLoss and loss expense ratio\t67.4%\t62.8%\t65.5%\t66.4%\t63.8%\nUnderwriting expense ratio\t30.7\t31.0\t30.9\t31.1\t31.0\nCombined ratio\t98.1%\t93.8%\t96.4%\t97.5%\t94.8%\n", "q10k_tbl_17": "\tOne year\tThree-year % average\tFive-year % average\nValue creation ratio:\t\t\t\nAs of December 31 2020\t14.7%\t15.0%\t16.5%\nAs of December 31 2019\t30.5\t17.8\t14.2\nAs of December 31 2018\t(0.1)\t12.4\t10.7\n", "q10k_tbl_18": "\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tPt. Change\tPt. Change\nValue creation ratio major components:\t\t\t\t\t\nNet income before investment gains\t5.5%\t8.9%\t7.4%\t(3.4)\t1.5\nChange in fixed-maturity securities realized and unrealized gains\t3.0\t5.5\t(3.2)\t(2.5)\t8.7\nChange in equity securities investment gains\t7.5\t16.6\t(3.8)\t(9.1)\t20.4\nOther\t(1.3)\t(0.5)\t(0.5)\t(0.8)\t0.0\nValue creation ratio\t14.7%\t30.5%\t(0.1)%\t(15.8)\t30.6\n", "q10k_tbl_19": "(Dollars are per share)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nValue creation ratio:\t\t\t\nEnd of period book value*\t67.04\t60.55\t48.10\nLess beginning of period book value\t60.55\t48.10\t50.29\nChange in book value\t6.49\t12.45\t(2.19)\nDividend declared to shareholders\t2.40\t2.24\t2.12\nTotal value creation\t8.89\t14.69\t(0.07)\nValue creation ratio from change in book value**\t10.7%\t25.9%\t(4.3)%\nValue creation ratio from dividends declared to shareholders***\t4.0\t4.6\t4.2\nValue creation ratio\t14.7%\t30.5%\t(0.1)%\n", "q10k_tbl_20": "(Dollars in millions except share data)\tAt December 31\tAt December 31\n\t2020\t2019\nTotal investments\t21542\t19746\nTotal assets\t27542\t25408\nShort-term debt\t54\t39\nLong-term debt\t788\t788\nShareholders' equity\t10789\t9864\nBook value per share\t67.04\t60.55\nDebt-to-total-capital ratio\t7.2%\t7.7%\n", "q10k_tbl_21": "(In millions except per share data)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nEarned premiums\t5980\t5604\t5170\t7\t8\nInvestment income net of expenses (pretax)\t670\t646\t619\t4\t4\nInvestment gains and losses net (pretax)\t865\t1650\t(402)\t(48)\tnm\nTotal revenues\t7536\t7924\t5407\t(5)\t47\nNet income\t1216\t1997\t287\t(39)\t596\nComprehensive income\t1537\t2423\t24\t(37)\tnm\nNet income per share - diluted\t7.49\t12.10\t1.75\t(38)\t591\nCash dividends declared per share\t2.40\t2.24\t2.12\t7\t6\nDiluted weighted average shares outstanding\t162.4\t165.1\t164.5\t(2)\t0\n", "q10k_tbl_22": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nConsolidated property casualty data:\t\t\t\t\t\nNet written premiums\t5864\t5516\t5030\t6\t10\nEarned premiums\t5691\t5334\t4920\t7\t8\nUnderwriting profit\t119\t341\t186\t(65)\t83\n\t\t\t\tPt. Change\tPt. Change\nGAAP combined ratio\t98.1%\t93.8%\t96.4%\t4.3\t(2.6)\nStatutory combined ratio\t96.7\t93.4\t96.0\t3.3\t(2.6)\nWritten premium to statutory surplus\t1.0\t1.0\t1.0\t0.0\t0.0\n", "q10k_tbl_23": "(Dollars in millions)\tNet loss and loss expense range of reserves\t\t\t\t\n\tCarried reserves\tLow point\tHigh point\tStandard error\tNet income effect\nAt December 31 2020\t\t\t\t\t\nTotal\t6400\t5859\t6543\t342\t270\nCommercial casualty\t2348\t2029\t2518\t245\t194\nCommercial property\t468\t381\t476\t48\t38\nCommercial auto\t736\t694\t767\t37\t29\nWorkers' compensation\t964\t803\t979\t88\t70\nPersonal auto\t298\t280\t316\t18\t14\nHomeowners\t236\t219\t253\t17\t13\n", "q10k_tbl_24": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nEarned premiums\t5691\t5334\t4920\t7\t8\nFee revenues\t9\t11\t11\t(18)\t0\nTotal revenues\t5700\t5345\t4931\t7\t8\nLoss and loss expenses from:\t\t\t\t\t\nCurrent accident year before catastrophe losses\t3243\t3249\t3026\t0\t7\nCurrent accident year catastrophe losses\t725\t351\t364\t107\t(4)\nPrior accident years before catastrophe losses\t(98)\t(219)\t(150)\t55\t(46)\nPrior accident years catastrophe losses\t(33)\t(29)\t(17)\t(14)\t(71)\nLoss and loss expenses\t3837\t3352\t3223\t14\t4\nUnderwriting expenses\t1744\t1652\t1522\t6\t9\nUnderwriting profit\t119\t341\t186\t(65)\t83\nRatios as a percent of earned premiums:\t\t\t\tPt. Change\tPt. Change\nCurrent accident year before catastrophe losses\t57.0%\t60.9%\t61.5%\t(3.9)\t(0.6)\nCurrent accident year catastrophe losses\t12.7\t6.6\t7.4\t6.1\t(0.8)\nPrior accident years before catastrophe losses\t(1.7)\t(4.1)\t(3.1)\t2.4\t(1.0)\nPrior accident years catastrophe losses\t(0.6)\t(0.6)\t(0.3)\t0.0\t(0.3)\nLoss and loss expenses\t67.4\t62.8\t65.5\t4.6\t(2.7)\nUnderwriting expenses\t30.7\t31.0\t30.9\t(0.3)\t0.1\nCombined ratio\t98.1%\t93.8%\t96.4%\t4.3\t(2.6)\nCombined ratio:\t98.1%\t93.8%\t96.4%\t4.3\t(2.6)\nContribution from catastrophe losses and prior years reserve development\t10.4\t1.9\t4.0\t8.5\t(2.1)\nCombined ratio before catastrophe losses and prior years reserve development\t87.7%\t91.9%\t92.4%\t(4.2)\t(0.5)\n", "q10k_tbl_25": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nAgency renewal written premiums\t4740\t4519\t4358\t5\t4\nAgency new business written premiums\t799\t778\t652\t3\t19\nOther written premiums\t325\t219\t20\t48\tnm\nNet written premiums\t5864\t5516\t5030\t6\t10\nUnearned premium change\t(173)\t(182)\t(110)\t5\t(65)\nEarned premiums\t5691\t5334\t4920\t7\t8\n", "q10k_tbl_26": "(Dollars in millions net of reinsurance)\t\t\t\t\t\tExcess and surplus lines\t\t\t\n\t\t\tCommercial lines\tPersonal lines\t\t\t\t\nDates\tEvents\tRegions\t\t\tOther\t\tTotal\n2020\t\t\t\t\t\t\t\t\t\nJan. 10-12\tFlood hail wind\tMidwest Northeast South\t6\t4\t\t0\t\t0\t10\nFeb. 5-8\tFlood hail wind\tNortheast South\t9\t5\t\t0\t\t0\t14\nMar. 2-4\tFlood hail wind\tMidwest South\t58\t8\t\t0\t\t5\t71\nMar. 27-30\tFlood hail wind\tMidwest Northeast South\t21\t14\t\t0\t\t0\t35\nApr. 7-9\tFlood hail wind\tMidwest Northeast South\t29\t29\t\t0\t\t0\t58\nApr. 10-14\tFlood hail wind\tMidwest Northeast South\t22\t27\t\t0\t\t1\t50\nMay 4-5\tFlood hail wind\tMidwest South\t22\t5\t\t0\t\t0\t27\nMay 26 - Jun. 8\tCivil unrest\tMidwest Northeast South West\t16\t0\t\t1\t\t5\t22\nJul. 10-12\tFlood hail wind\tMidwest South\t15\t13\t\t0\t\t0\t28\nJul. 30 - Aug. 5\tFlood hail wind\tInternational South Northeast\t6\t19\t\t0\t\t1\t26\nAug. 8-11\tFlood hail wind\tMidwest\t84\t20\t\t1\t\t0\t105\nAug. 26-28\tFlood hail wind\tSouth (Laura)\t2\t2\t\t0\t\t41\t45\nSep. 7-16\tWildfire\tWest\t9\t4\t\t0\t\t0\t13\nSep. 14-18\tFlood hail wind\tSouth (Sally)\t8\t4\t\t0\t\t25\t37\nOct. 9-12\tFlood hail wind\tSouth (Delta)\t0\t1\t\t0\t\t14\t15\nOct. 28-29\tFlood hail wind\tSouth (Zeta)\t7\t15\t\t0\t\t9\t31\nNov. 15-16\tFlood hail wind\tMidwest Northeast South\t4\t6\t\t0\t\t0\t10\nDec. 25\tExplosion\tSouth\t20\t0\t\t0\t\t0\t20\nAll other 2020 catastrophes\t\t\t38\t57\t\t3\t\t10\t108\nDevelopment on 2019 and prior catastrophes\t\t\t(14)\t(8)\t\t0\t\t(11)\t(33)\nCalendar year incurred total\t\t\t362\t225\t\t5\t\t100\t692\n2019\t\t\t\t\t\t\t\t\t\nJan. 29 - Feb. 1\tFlood ice snow wind\tMidwest Northeast\t9\t10\t\t0\t\t0\t19\nFeb. 23-26\tFlood freezing hail ice snow wind\tMidwest Northeast South\t10\t9\t\t0\t\t0\t19\nMar. 12-17\tFlood hail ice snow wind\tMidwest Northeast West South\t4\t4\t\t0\t\t4\t12\nMay 16-17\tFlood hail wind\tMidwest\t8\t5\t\t0\t\t0\t13\nMay 26 - 28\tFlood hail wind\tMidwest Northeast West South\t71\t29\t\t0\t\t0\t100\nAug. 4-5\tFlood hail wind\tMidwest\t4\t8\t\t0\t\t0\t12\nAug. 10-11\tFlood hail wind\tWest\t22\t1\t\t0\t\t0\t23\nAug. 28 - Sep. 6\tFlood hail wind\tSouth International (Dorian)\t3\t1\t\t0\t\t11\t15\nOct. 7-20\tTyphoon\tInternational (Hagibis)\t0\t0\t\t0\t\t12\t12\nOct. 20-21\tFlood hail wind\tMidwest South\t4\t23\t\t0\t\t0\t27\nAll other 2019 catastrophes\t\t\t41\t47\t\t1\t\t10\t99\nDevelopment on 2018 and prior catastrophes\t\t\t(25)\t2\t\t0\t\t(6)\t(29)\nCalendar year incurred total\t\t\t151\t139\t\t1\t\t31\t322\n", "q10k_tbl_27": "(Dollars in millions)\t\t\t\t\t\t\nAccident year loss and loss expenses incurred and ratios to earned premiums:\t\t\t\t\t\t\nAccident year:\t2020\t2019\t2018\t2020\t2019\t2018\nas of December 31 2020\t3968\t3519\t3245\t69.7%\t66.0%\t66.0%\nas of December 31 2019\t\t3600\t3301\t\t67.5\t67.1\nas of December 31 2018\t\t\t3390\t\t\t68.9\n", "q10k_tbl_28": "(Dollars in millions net of reinsurance)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nCurrent accident year losses greater than $5000000\t50\t27\t43\t85\t(37)\nCurrent accident year losses $1000000-$5000000\t202\t243\t218\t(17)\t11\nLarge loss prior accident year reserve development\t42\t50\t69\t(16)\t(28)\nTotal large losses incurred\t294\t320\t330\t(8)\t(3)\nLosses incurred but not reported\t310\t50\t110\tnm\t(55)\nOther losses excluding catastrophe losses\t1909\t2118\t1886\t(10)\t12\nCatastrophe losses\t670\t309\t334\t117\t(7)\nTotal losses incurred\t3183\t2797\t2660\t14\t5\nRatios as a percent of earned premiums:\t\t\t\tPt. Change\tPt. Change\nCurrent accident year losses greater than $5000000\t0.9%\t0.5%\t0.9%\t0.4\t(0.4)\nCurrent accident year losses $1000000-$5000000\t3.6\t4.6\t4.4\t(1.0)\t0.2\nLarge loss prior accident year reserve development\t0.7\t0.9\t1.4\t(0.2)\t(0.5)\nTotal large loss ratio\t5.2\t6.0\t6.7\t(0.8)\t(0.7)\nLosses incurred but not reported\t5.5\t0.9\t2.2\t4.6\t(1.3)\nOther losses excluding catastrophe losses\t33.4\t39.7\t38.4\t(6.3)\t1.3\nCatastrophe losses\t11.8\t5.8\t6.8\t6.0\t(1.0)\nTotal loss ratio\t55.9%\t52.4%\t54.1%\t3.5\t(1.7)\n", "q10k_tbl_29": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nCommission expenses\t1042\t989\t911\t5\t9\nOther underwriting expenses\t692\t651\t599\t6\t9\nPolicyholder dividends\t10\t12\t12\t(17)\t0\nTotal underwriting expenses\t1744\t1652\t1522\t6\t9\nRatios as a percent of earned premiums:\t\t\t\tPt. Change\tPt. Change\nCommission expenses\t18.3%\t18.6%\t18.5%\t(0.3)\t0.1\nOther underwriting expenses\t12.2\t12.2\t12.1\t0.0\t0.1\nPolicyholder dividends\t0.2\t0.2\t0.3\t0.0\t(0.1)\nTotal underwriting expense ratio\t30.7%\t31.0%\t30.9%\t(0.3)\t0.1\n", "q10k_tbl_30": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nEarned premiums\t3476\t3319\t3218\t5\t3\nFee revenues\t3\t5\t5\t(40)\t0\nTotal revenues\t3479\t3324\t3223\t5\t3\nLoss and loss expenses from:\t\t\t\t\t\nCurrent accident year before catastrophe losses\t2055\t2046\t1998\t0\t2\nCurrent accident year catastrophe losses\t376\t176\t208\t114\t(15)\nPrior accident years before catastrophe losses\t(81)\t(167)\t(136)\t51\t(23)\nPrior accident years catastrophe losses\t(14)\t(25)\t(21)\t44\t(19)\nLoss and loss expenses\t2336\t2030\t2049\t15\t(1)\nUnderwriting expenses\t1079\t1053\t1023\t2\t3\nUnderwriting profit\t64\t241\t151\t(73)\t60\nRatios as a percent of earned premiums:\t\t\t\tPt. Change\tPt. Change\nCurrent accident year before catastrophe losses\t59.2%\t61.7%\t62.1%\t(2.5)\t(0.4)\nCurrent accident year catastrophe losses\t10.8\t5.3\t6.5\t5.5\t(1.2)\nPrior accident years before catastrophe losses\t(2.3)\t(5.0)\t(4.2)\t2.7\t(0.8)\nPrior accident years catastrophe losses\t(0.4)\t(0.8)\t(0.7)\t0.4\t(0.1)\nLoss and loss expenses\t67.3\t61.2\t63.7\t6.1\t(2.5)\nUnderwriting expenses\t31.0\t31.7\t31.7\t(0.7)\t0.0\nCombined ratio\t98.3%\t92.9%\t95.4%\t5.4\t(2.5)\nCombined ratio:\t98.3%\t92.9%\t95.4%\t5.4\t(2.5)\nContribution from catastrophe losses and prior years reserve development\t8.1\t(0.5)\t1.6\t8.6\t(2.1)\nCombined ratio before catastrophe losses and prior years reserve development\t90.2%\t93.4%\t93.8%\t(3.2)\t(0.4)\n", "q10k_tbl_31": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nAgency renewal written premiums\t3122\t2998\t2925\t4\t2\nAgency new business written premiums\t515\t510\t417\t1\t22\nOther written premiums\t(103)\t(98)\t(97)\t(5)\t(1)\nNet written premiums\t3534\t3410\t3245\t4\t5\nUnearned premium change\t(58)\t(91)\t(27)\t36\t(237)\nEarned premiums\t3476\t3319\t3218\t5\t3\n", "q10k_tbl_32": "(Dollars in millions)\t\t\t\t\t\t\nAccident year loss and loss expenses incurred and ratios to earned premiums:\t\t\t\t\t\t\nAccident year:\t2020\t2019\t2018\t2020\t2019\t2018\nas of December 31 2020\t2431\t2171\t2095\t70.0%\t65.4%\t65.1%\nas of December 31 2019\t\t2222\t2139\t\t67.0\t66.5\nas of December 31 2018\t\t\t2206\t\t\t68.6\n", "q10k_tbl_33": "(Dollars in millions net of reinsurance)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nCurrent accident year losses greater than $5000000\t50\t27\t37\t85\t(27)\nCurrent accident year losses $1000000-$5000000\t135\t185\t182\t(27)\t2\nLarge loss prior accident year reserve development\t36\t49\t65\t(27)\t(25)\nTotal large losses incurred\t221\t261\t284\t(15)\t(8)\nLosses incurred but not reported\t240\t26\t64\tnm\t(59)\nOther losses excluding catastrophe losses\t1073\t1222\t1122\t(12)\t9\nCatastrophe losses\t350\t142\t180\t146\t(21)\nTotal losses incurred\t1884\t1651\t1650\t14\t0\nRatios as a percent of earned premiums:\t\t\t\tPt. Change\tPt. Change\nCurrent accident year losses greater than $5000000\t1.4%\t0.8%\t1.2%\t0.6\t(0.4)\nCurrent accident year losses $1000000-$5000000\t4.0\t5.6\t5.6\t(1.6)\t0.0\nLarge loss prior accident year reserve development\t1.0\t1.5\t2.0\t(0.5)\t(0.5)\nTotal large loss ratio\t6.4\t7.9\t8.8\t(1.5)\t(0.9)\nLosses incurred but not reported\t6.9\t0.8\t2.0\t6.1\t(1.2)\nOther losses excluding catastrophe losses\t30.8\t36.7\t34.9\t(5.9)\t1.8\nCatastrophe losses\t10.1\t4.3\t5.6\t5.8\t(1.3)\nTotal loss ratio\t54.2%\t49.7%\t51.3%\t4.5\t(1.6)\n", "q10k_tbl_34": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nCommission expenses\t625\t614\t592\t2\t4\nOther underwriting expenses\t444\t427\t419\t4\t2\nPolicyholder dividends\t10\t12\t12\t(17)\t0\nTotal underwriting expenses\t1079\t1053\t1023\t2\t3\nRatios as a percent of earned premiums:\t\t\t\tPt. Change\tPt. Change\nCommission expenses\t18.0%\t18.5%\t18.4%\t(0.5)\t0.1\nOther underwriting expenses\t12.7\t12.9\t12.9\t(0.2)\t0.0\nPolicyholder dividends\t0.3\t0.3\t0.4\t0.0\t(0.1)\nTotal underwriting expense ratio\t31.0%\t31.7%\t31.7%\t(0.7)\t0.0\n", "q10k_tbl_35": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nEarned premiums\t1463\t1404\t1336\t4\t5\nFee revenues\t4\t4\t5\t0\t(20)\nTotal revenues\t1467\t1408\t1341\t4\t5\nLoss and loss expenses from:\t\t\t\t\t\nCurrent accident year before catastrophe losses\t762\t875\t838\t(13)\t4\nCurrent accident year catastrophe losses\t233\t137\t121\t70\t13\nPrior accident years before catastrophe losses\t(10)\t(29)\t9\t66\tnm\nPrior accident years catastrophe losses\t(8)\t2\t4\tnm\t(50)\nLoss and loss expenses\t977\t985\t972\t(1)\t1\nUnderwriting expenses\t443\t415\t389\t7\t7\nUnderwriting profit (loss)\t47\t8\t(20)\t488\tnm\nRatios as a percent of earned premiums:\t\t\t\tPt. Change\tPt. Change\nCurrent accident year before catastrophe losses\t52.1%\t62.4%\t62.8%\t(10.3)\t(0.4)\nCurrent accident year catastrophe losses\t16.0\t9.7\t9.1\t6.3\t0.6\nPrior accident years before catastrophe losses\t(0.7)\t(2.1)\t0.6\t1.4\t(2.7)\nPrior accident years catastrophe losses\t(0.6)\t0.2\t0.3\t(0.8)\t(0.1)\nLoss and loss expenses\t66.8\t70.2\t72.8\t(3.4)\t(2.6)\nUnderwriting expenses\t30.3\t29.6\t29.1\t0.7\t0.5\nCombined ratio\t97.1%\t99.8%\t101.9%\t(2.7)\t(2.1)\nCombined ratio:\t97.1%\t99.8%\t101.9%\t(2.7)\t(2.1)\nContribution from catastrophe losses and prior years reserve development\t14.7\t7.8\t10.0\t6.9\t(2.2)\nCombined ratio before catastrophe losses and prior years reserve development\t82.4%\t92.0%\t91.9%\t(9.6)\t0.1\n", "q10k_tbl_36": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nAgency renewal written premiums\t1364\t1312\t1241\t4\t6\nAgency new business written premiums\t174\t158\t165\t10\t(4)\nOther written premiums\t(35)\t(35)\t(28)\t0\t(25)\nNet written premiums\t1503\t1435\t1378\t5\t4\nUnearned premium change\t(40)\t(31)\t(42)\t(29)\t26\nEarned premiums\t1463\t1404\t1336\t4\t5\n", "q10k_tbl_37": "(Dollars in millions)\t\t\t\t\t\t\nAccident year loss and loss expenses incurred and ratios to earned premiums:\t\t\t\t\t\t\nAccident year:\t2020\t2019\t2018\t2020\t2019\t2018\nas of December 31 2020\t995\t991\t946\t68.1%\t70.6%\t70.8%\nas of December 31 2019\t\t1012\t950\t\t72.1\t71.1\nas of December 31 2018\t\t\t959\t\t\t71.9\n", "q10k_tbl_38": "(Dollars in millions net of reinsurance)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nCurrent accident year losses greater than $5000000\t0\t0\t6\tnm\t(100)\nCurrent accident year losses $1000000-$5000000\t59\t51\t32\t16\t59\nLarge loss prior accident year reserve development\t6\t(1)\t4\tnm\tnm\nTotal large losses incurred\t65\t50\t42\t30\t19\nLosses incurred but not reported\t39\t17\t38\t129\t(55)\nOther losses excluding catastrophe losses\t523\t662\t650\t(21)\t2\nCatastrophe losses\t216\t135\t122\t60\t11\nTotal losses incurred\t843\t864\t852\t(2)\t1\nRatios as a percent of earned premiums:\t\t\t\tPt. Change\tPt. Change\nCurrent accident year losses greater than $5000000\t0.0%\t0.0%\t0.4%\t0.0\t(0.4)\nCurrent accident year losses $1000000-$5000000\t4.0\t3.6\t2.4\t0.4\t1.2\nLarge loss prior accident year reserve development\t0.4\t(0.1)\t0.4\t0.5\t(0.5)\nTotal large loss ratio\t4.4\t3.5\t3.2\t0.9\t0.3\nLosses incurred but not reported\t2.7\t1.2\t2.8\t1.5\t(1.6)\nOther losses excluding catastrophe losses\t35.8\t47.2\t48.7\t(11.4)\t(1.5)\nCatastrophe losses\t14.7\t9.6\t9.1\t5.1\t0.5\nTotal loss ratio\t57.6%\t61.5%\t63.8%\t(3.9)\t(2.3)\n", "q10k_tbl_39": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nCommission expenses\t266\t259\t243\t3\t7\nOther underwriting expenses\t177\t156\t146\t13\t7\nTotal underwriting expenses\t443\t415\t389\t7\t7\nRatios as a percent of earned premiums:\t\t\t\tPt. Change\tPt. Change\nCommission expenses\t18.2%\t18.5%\t18.2%\t(0.3)\t0.3\nOther underwriting expenses\t12.1\t11.1\t10.9\t1.0\t0.2\nTotal underwriting expense ratio\t30.3%\t29.6%\t29.1%\t0.7\t0.5\n", "q10k_tbl_40": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nEarned premiums\t325\t278\t234\t17\t19\nFee revenues\t2\t2\t1\t0\t100\nTotal revenues\t327\t280\t235\t17\t19\nLoss and loss expenses from:\t\t\t\t\t\nCurrent accident year before catastrophe losses\t187\t152\t126\t23\t21\nCurrent accident year catastrophe losses\t5\t1\t2\t400\t(50)\nPrior accident years before catastrophe losses\t7\t(11)\t(24)\tnm\t54\nPrior accident years catastrophe losses\t0\t0\t0\t0\t0\nLoss and loss expenses\t199\t142\t104\t40\t37\nUnderwriting expenses\t94\t85\t68\t11\t25\nUnderwriting profit\t34\t53\t63\t(36)\t(16)\nRatios as a percent of earned premiums:\t\t\t\tPt. Change\tPt. Change\nCurrent accident year before catastrophe losses\t57.7%\t54.6%\t53.9%\t3.1\t0.7\nCurrent accident year catastrophe losses\t1.3\t0.4\t1.1\t0.9\t(0.7)\nPrior accident years before catastrophe losses\t2.1\t(4.1)\t(10.6)\t6.2\t6.5\nPrior accident years catastrophe losses\t0.2\t0.2\t0.0\t0.0\t0.2\nLoss and loss expenses\t61.3\t51.1\t44.4\t10.2\t6.7\nUnderwriting expenses\t28.7\t30.4\t29.1\t(1.7)\t1.3\nCombined ratio\t90.0%\t81.5%\t73.5%\t8.5\t8.0\nCombined ratio:\t90.0%\t81.5%\t73.5%\t8.5\t8.0\nContribution from catastrophe losses and prior years reserve development\t3.6\t(3.5)\t(9.5)\t7.1\t6.0\nCombined ratio before catastrophe losses and prior years reserve development\t86.4%\t85.0%\t83.0%\t1.4\t2.0\n", "q10k_tbl_41": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nAgency renewal written premiums\t254\t209\t192\t22\t9\nAgency new business written premiums\t110\t110\t70\t0\t57\nOther written premiums\t(16)\t(16)\t(13)\t0\t(23)\nNet written premiums\t348\t303\t249\t15\t22\nUnearned premium change\t(23)\t(25)\t(15)\t8\t(67)\nEarned premiums\t325\t278\t234\t17\t19\n", "q10k_tbl_42": "(Dollars in millions)\t\t\t\t\t\t\nAccident year loss and loss expenses incurred and ratios to earned premiums:\t\t\t\t\t\t\nAccident year:\t2020\t2019\t2018\t2020\t2019\t2018\nas of December 31 2020\t192\t151\t123\t59.0%\t54.3%\t52.6%\nas of December 31 2019\t\t153\t122\t\t55.0\t52.4\nas of December 31 2018\t\t\t128\t\t\t55.0\n", "q10k_tbl_43": "(Dollars in millions net of reinsurance)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nCurrent accident year losses greater than $5000000\t0\t0\t0\tnm\tnm\nCurrent accident year losses $1000000-$5000000\t8\t7\t4\t14\t75\nLarge loss prior accident year reserve development\t0\t2\t0\t(100)\tnm\nTotal large losses incurred\t8\t9\t4\t(11)\t125\nLosses incurred but not reported\t31\t7\t8\t343\t(13)\nOther losses excluding catastrophe losses\t95\t76\t50\t25\t52\nCatastrophe losses\t5\t2\t2\t150\t0\nTotal losses incurred\t139\t94\t64\t48\t47\nRatios as a percent of earned premiums:\t\t\t\tPt. Change\tPt. Change\nCurrent accident year losses greater than $5000000\t0.0%\t0.0%\t0.0%\t0.0\t0.0\nCurrent accident year losses $1000000-$5000000\t2.5\t2.5\t1.8\t0.0\t0.7\nLarge loss prior accident year reserve development\t0.0\t0.6\t(0.1)\t(0.6)\t0.7\nTotal large loss ratio\t2.5\t3.1\t1.7\t(0.6)\t1.4\nLosses incurred but not reported\t9.5\t2.4\t3.6\t7.1\t(1.2)\nOther losses excluding catastrophe losses\t29.3\t27.7\t21.1\t1.6\t6.6\nCatastrophe losses\t1.4\t0.5\t1.0\t0.9\t(0.5)\nTotal loss ratio\t42.7%\t33.7%\t27.4%\t9.0\t6.3\n", "q10k_tbl_44": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nCommission expenses\t58\t53\t45\t9\t18\nOther underwriting expenses\t36\t32\t23\t13\t39\nTotal underwriting expenses\t94\t85\t68\t11\t25\nRatios as a percent of earned premiums:\t\t\t\tPt. Change\tPt. Change\nCommission expenses\t17.6%\t18.9%\t19.3%\t(1.3)\t(0.4)\nOther underwriting expenses\t11.1\t11.5\t9.8\t(0.4)\t1.7\nTotal underwriting expenses ratio\t28.7%\t30.4%\t29.1%\t(1.7)\t1.3\n", "q10k_tbl_45": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nEarned premiums\t289\t270\t250\t7\t8\nFee revenues\t2\t4\t4\t(50)\t0\nTotal revenues\t291\t274\t254\t6\t8\nContract holders' benefits incurred\t297\t286\t267\t4\t7\nInvestment interest credited to contract holders\t(102)\t(99)\t(96)\t(3)\t(3)\nUnderwriting expenses incurred\t85\t86\t75\t(1)\t15\nTotal benefits and expenses\t280\t273\t246\t3\t11\nLife insurance segment profit\t11\t1\t8\tnm\t(88)\n", "q10k_tbl_46": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nTerm life insurance\t197\t186\t172\t6\t8\nUniversal life insurance\t44\t39\t37\t13\t5\nOther life insurance and annuity products\t48\t45\t41\t7\t10\nNet earned premiums\t289\t270\t250\t7\t8\n", "q10k_tbl_47": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nTotal investment income net of expenses\t670\t646\t619\t4\t4\nInvestment interest credited to contract holders\t(102)\t(99)\t(96)\t(3)\t(3)\nInvestment gains and losses net\t865\t1650\t(402)\t(48)\tnm\nInvestments profit pretax\t1433\t2197\t121\t(35)\tnm\n", "q10k_tbl_48": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nInvested assets beginning balance:\t\t\t\t\t\nFixed maturities\t11698\t10689\t10699\t9\t0\nEquity securities\t7752\t5920\t6249\t31\t(5)\nOther invested assets\t296\t123\t103\t141\t19\nInvested assets beginning balance\t19746\t16732\t17051\t18\t(2)\nAverage acquisitions (dispositions) net\t309\t343\t215\t(10)\t60\nAnnual average invested assets\t20055\t17075\t17266\t17\t(1)\nTotal investment return:\t\t\t\t\t\nInvestment income net of expenses\t670\t646\t619\t4\t4\nInvestment gains and losses net\t865\t1650\t(402)\t(48)\tnm\nTotal invested assets change in unrealized gains and losses\t436\t544\t(339)\t(20)\tnm\nTotal\t1971\t2840\t(122)\t(31)\tnm\nTotal return on invested assets pretax\t9.8%\t16.6%\t(0.7)%\t\t\n", "q10k_tbl_49": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nInvestment income:\t\t\t\t\t\nInterest\t455\t446\t445\t2\t0\nDividends\t220\t201\t181\t9\t11\nOther\t8\t12\t5\t(33)\t140\nLess investment expenses\t13\t13\t12\t0\t8\nInvestment income pretax\t670\t646\t619\t4\t4\nLess income taxes\t104\t101\t95\t3\t6\nTotal investment income after-tax\t566\t545\t524\t4\t4\nInvestment returns:\t\t\t\t\t\nAverage invested assets plus cash and cash equivalents\t20670\t18697\t17397\t\t\nAverage yield pretax\t3.24%\t3.46%\t3.56%\t\t\nAverage yield after-tax\t2.74\t2.91\t3.01\t\t\nEffective tax rate\t15.5\t15.6\t15.4\t\t\nFixed-maturity returns:\t\t\t\t\t\nAverage amortized cost\t11210\t10876\t10479\t\t\nAverage yield pretax\t4.06%\t4.10%\t4.25%\t\t\nAverage yield after-tax\t3.39\t3.42\t3.55\t\t\nEffective tax rate\t16.6\t16.6\t16.4\t\t\n", "q10k_tbl_50": "At December 31 2020\t% Yield\tPrincipal redemptions\nFixed-maturity yield profile:\t\t\nExpected to mature during 2021\t4.37%\t835\nExpected to mature during 2022\t3.93\t935\nExpected to mature during 2023\t4.26\t969\nAverage yield and total expected redemptions from 2021 through 2023\t4.18\t2739\n", "q10k_tbl_51": "\tYears ended December 31\t\n\t2020\t2019\nAverage pretax yield-to-amortized cost on new fixed maturities:\t\t\nAcquired taxable fixed maturities\t4.23%\t4.31%\nAcquired tax-exempt fixed maturities\t2.71\t3.31\nAverage total fixed maturities acquired\t3.97\t4.14\n", "q10k_tbl_52": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nInvestment gains and losses\t\t\t\nEquity securities:\t\t\t\nInvestment gains and losses on securities sold net\t79\t26\t9\nUnrealized gains and losses on securities still held net\t841\t1626\t(404)\nSubtotal\t920\t1652\t(395)\nFixed-maturity securities:\t\t\t\nGross realized gains\t16\t13\t12\nGross realized losses\t(3)\t(3)\t(2)\nWrite-down of impaired securities\t(78)\t(9)\t(5)\nSubtotal\t(65)\t1\t5\nOther\t10\t(3)\t(12)\nTotal investment gains and losses reported in net income\t865\t1650\t(402)\nChange in unrealized investment gains and losses reported in OCI\t\t\t\nFixed-maturity securities\t436\t544\t(339)\nTotal\t1301\t2194\t(741)\n", "q10k_tbl_53": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nTaxable fixed maturities:\t\t\t\nImpairment amount\t77\t9\t5\nNew amortized cost\t78\t20\t8\nPercent to total amortized cost owned\t1%\t-%\t-%\nNumber of impaired securities written down\t13\t3\t1\nPercent to number of securities owned\t2%\t-%\t-%\nTax-exempt fixed maturities:\t\t\t\nImpairment amount\t1\t0\t0\nNew amortized cost\t1\t0\t0\nPercent to total amortized cost owned\t-%\t-%\t-%\nNumber of impaired securities written down\t1\t0\t0\nPercent to number of securities owned\t-%\t-%\t-%\nTotals:\t\t\t\nImpairment amount\t78\t9\t5\nNew amortized cost\t79\t20\t8\nPercent to total amortized cost owned\t1%\t-%\t-%\nNumber of impaired securities written down\t14\t3\t1\nPercent to number of securities owned\t1%\t-%\t-%\n", "q10k_tbl_54": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nFixed maturities:\t\t\t\nEnergy\t62\t6\t5\nReal estate\t13\t3\t0\nConsumer goods\t1\t0\t0\nMunicipal\t1\t0\t0\nTechnology & Electronics\t1\t0\t0\nTotal fixed maturities\t78\t9\t5\n", "q10k_tbl_55": "(Dollars in millions)\tYears ended December 31\t\t\t2020-2019\t2019-2018\n\t2020\t2019\t2018\tChange %\tChange %\nInterest and fees on loans and leases\t6\t5\t4\t20\t25\nEarned premiums\t427\t333\t132\t28\t152\nOther revenues\t4\t4\t1\t0\t300\nTotal revenues\t437\t342\t137\t28\t150\nInterest expense\t54\t53\t53\t2\t0\nLoss and loss expenses\t325\t195\t98\t67\t99\nUnderwriting expenses\t128\t99\t42\t29\t136\nOperating expenses\t20\t23\t16\t(13)\t44\nTotal expenses\t527\t370\t209\t42\t77\nOther loss\t(90)\t(28)\t(72)\t(221)\t61\n", "q10k_tbl_56": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nSources of liquidity:\t\t\t\nInsurance subsidiary dividends received\t550\t625\t500\nInvestment income received\t81\t75\t65\nProceeds from stock options exercised\t7\t11\t9\nUses of liquidity:\t\t\t\nShareholders' dividend payments\t375\t355\t336\nShare repurchases\t261\t67\t125\nDebt interest payments\t54\t52\t52\nDeposits at Lloyd's net\t42\t67\t0\nPension contribution\t0\t0\t15\n", "q10k_tbl_57": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nPremiums collected\t5828\t5495\t5028\nLoss and loss expenses paid\t(3183)\t(3260)\t(2847)\nCommissions and other underwriting expenses paid\t(1785)\t(1639)\t(1549)\nCash flow from underwriting\t860\t596\t632\nInvestment income received\t456\t451\t428\nCash flow from operations\t1316\t1047\t1060\n", "q10k_tbl_58": "(Dollars in millions)\tYear\tYears\tYears\tThere-\t\nPayment due by period\t2021\t2022-2023\t2024-2025\tafter\tTotal\nGross property casualty loss and loss expense payments\t2368\t2425\t899\t985\t6677\nGross life policyholder obligations\t93\t132\t200\t5389\t5814\nInterest on long-term debt\t52\t104\t104\t267\t527\nLong-term debt\t0\t0\t0\t793\t793\nShort-term debt\t54\t0\t0\t0\t54\nProfit-sharing commissions\t142\t0\t0\t0\t142\nFinance lease obligations\t15\t22\t10\t2\t49\nOperating lease obligations\t2\t4\t3\t2\t11\nOther liabilities\t117\t14\t7\t5\t143\nTotal\t2843\t2701\t1223\t7443\t14210\n", "q10k_tbl_59": "(Dollars in millions)\tLoss reserves\t\tLoss expense reserves\tTotal gross reserves\t\n\tCase reserves\tIBNR reserves\t\tPercent of total\nAt December 31 2020\t\t\t\t\t\nCommercial lines insurance:\t\t\t\t\t\nCommercial casualty\t955\t764\t653\t2372\t35.5%\nCommercial property\t338\t127\t69\t534\t8.0\nCommercial auto\t391\t209\t141\t741\t11.1\nWorkers' compensation\t402\t534\t89\t1025\t15.4\nOther commercial\t92\t13\t104\t209\t3.1\nSubtotal\t2178\t1647\t1056\t4881\t73.1\nPersonal lines insurance:\t\t\t\t\t\nPersonal auto\t205\t56\t68\t329\t4.9\nHomeowner\t166\t47\t41\t254\t3.8\nOther personal\t61\t90\t5\t156\t2.3\nSubtotal\t432\t193\t114\t739\t11.0\nExcess and surplus lines\t190\t133\t123\t446\t6.7\nCincinnati Re\t77\t287\t2\t366\t5.5\nCincinnati Global\t147\t95\t3\t245\t3.7\nTotal\t3024\t2355\t1298\t6677\t100.0%\nAt December 31 2019\t\t\t\t\t\nCommercial lines insurance:\t\t\t\t\t\nCommercial casualty\t937\t680\t622\t2239\t36.8%\nCommercial property\t339\t20\t64\t423\t7.0\nCommercial auto\t409\t157\t143\t709\t11.6\nWorkers' compensation\t404\t516\t93\t1013\t16.6\nOther commercial\t108\t7\t70\t185\t3.0\nSubtotal\t2197\t1380\t992\t4569\t75.0\nPersonal lines insurance:\t\t\t\t\t\nPersonal auto\t233\t46\t78\t357\t5.9\nHomeowner\t134\t32\t41\t207\t3.4\nOther personal\t49\t69\t5\t123\t2.0\nSubtotal\t416\t147\t124\t687\t11.3\nExcess and surplus lines\t149\t102\t100\t351\t5.8\nCincinnati Re\t47\t204\t2\t253\t4.2\nCincinnati Global\t155\t71\t2\t228\t3.7\nTotal\t2964\t1904\t1220\t6088\t100.0%\n", "q10k_tbl_60": "(Dollars in millions)\tCommercial\tPersonal\tE&S\t\t\n\tlines\tlines\tlines\tOther\tTotals\nAs of December 31 2020\t\t\t\t\t\n2019 accident year\t(51)\t(22)\t(2)\t(5)\t(80)\n2018 accident year\t(44)\t(3)\t0\t(9)\t(56)\n2017 accident year\t(4)\t3\t(1)\t(6)\t(8)\n2016 accident year\t4\t1\t8\t(5)\t8\n2015 accident year\t(10)\t0\t1\t0\t(9)\n2014 accident year\t4\t1\t1\t0\t6\n2013 and prior accident years\t6\t2\t0\t0\t8\n(Favorable)/unfavorable\t(95)\t(18)\t7\t(25)\t(131)\nAs of December 31 2019\t\t\t\t\t\n2018 accident year\t(67)\t(10)\t(6)\t(7)\t(90)\n2017 accident year\t(48)\t(6)\t(1)\t(6)\t(61)\n2016 accident year\t(4)\t(5)\t(1)\t(5)\t(15)\n2015 accident year\t(27)\t(1)\t(1)\t0\t(29)\n2014 accident year\t(16)\t(3)\t(1)\t0\t(20)\n2013 accident year\t(16)\t(2)\t(1)\t0\t(19)\n2012 and prior accident years\t(14)\t0\t0\t0\t(14)\n(Favorable)/unfavorable\t(192)\t(27)\t(11)\t(18)\t(248)\nAs of December 31 2018\t\t\t\t\t\n2017 accident year\t(68)\t11\t(8)\t3\t(62)\n2016 accident year\t(34)\t2\t(3)\t(2)\t(37)\n2015 accident year\t(31)\t3\t(7)\t0\t(35)\n2014 accident year\t(3)\t(1)\t(5)\t0\t(9)\n2013 accident year\t(9)\t0\t0\t0\t(9)\n2012 accident year\t(10)\t(1)\t(1)\t0\t(12)\n2011 and prior accident years\t(2)\t(1)\t0\t0\t(3)\n(Favorable)/unfavorable\t(157)\t13\t(24)\t1\t(167)\n", "q10k_tbl_61": "(Dollars in millions)\tRMS Model\t\t\tAIR Model\t\t\n\t\t\tPercent\t\t\tPercent\n\tGross\tNet\tof total\tGross\tNet\tof total\nProbability at December 31 2020\tlosses\tlosses\tequity\tlosses\tlosses\tequity\n2.0% (1 in 50 year event)\t398\t142\t1.3%\t421\t143\t1.3%\n1.0% (1 in 100 year event)\t636\t163\t1.5\t633\t157\t1.5\n0.4% (1 in 250 year event)\t1075\t402\t3.7\t959\t280\t2.6\n0.2% (1 in 500 year event)\t1502\t737\t6.8\t1285\t546\t5.1\n", "q10k_tbl_62": "(Dollars in millions)\t2020\t\t2019\t\nName of reinsurer\tTotal receivable\tA.M. Best Rating\tTotal receivable\tA.M. Best Rating\nMunich Reinsurance America\t44\tA+\t61\tA+\nSwiss Reinsurance America Corporation\t41\tA+\t51\tA+\nMichigan Catastrophic Claims Association\t39\tNA\t43\tNA\nGeneral Reinsurance Corporation\t28\tA++\t29\tA++\nHannover Re\t20\tA+\t35\tA+\n", "q10k_tbl_63": "(Dollars in millions)\t2020\t\t\t2019\t\t\nName of reinsurer\tTotal receivable\tRating agency\tRating\tTotal receivable\tRating Agency\tRating\nSwiss Re Life & Health America Inc.\t71\tA.M. Best\tA+\t77\tA.M. Best\tA+\nGeneral Re Life Corporation\t43\tA.M. Best\tA++\t41\tA.M. Best\tA++\nLincoln National Life Insurance Company\t31\tA.M. Best\tA+\t36\tA.M. Best\tA+\nSecurity Life of Denver Insurance Company\t22\tS&P\tA+\t24\tA.M. Best\tA\nEmployers Reassurance Corporation\t15\tS&P\tBBB+\t14\tA.M. Best\tB+\n", "q10k_tbl_64": "(Dollars in millions)\tEffect from interest rate change in basis points\t\t\t\t\n\t-200\t-100\t0\t100\t200\nAt December 31 2020\t13493\t12900\t12338\t11774\t11195\nAt December 31 2019\t12850\t12263\t11698\t11117\t10529\n", "q10k_tbl_65": "(Dollars in millions)\tEffect from market price change in percent\t\t\t\t\t\t\t\n\t\t-30%\t-20%\t-10%\t0\t10%\t20%\t30%\nAt December 31 2020\t\t6199\t7085\t7970\t8856\t9742\t10627\t11513\nAt December 31 2019\t\t5426\t6202\t6977\t7752\t8527\t9302\t10078\n", "q10k_tbl_66": "(Dollars in millions)\tLess than 12 months\t\t12 months or more\t\tTotal\t\nAt December 31 2020\tFair value\tUnrealized losses\tFair value\tUnrealized losses\tFair value\tUnrealized losses\nFixed-maturity securities:\t\t\t\t\t\t\nCorporate\t330\t5\t46\t2\t376\t7\nStates municipalities and political subdivisions\t31\t2\t2\t0\t33\t2\nCommercial mortgage-backed\t23\t1\t6\t0\t29\t1\nUnited States government\t12\t0\t0\t0\t12\t0\nForeign government\t10\t0\t0\t0\t10\t0\nTotal\t406\t8\t54\t2\t460\t10\nAt December 31 2019\t\t\t\t\t\t\nFixed-maturity securities:\t\t\t\t\t\t\nCorporate\t199\t2\t118\t3\t317\t5\nStates municipalities and political subdivisions\t98\t1\t10\t0\t108\t1\nCommercial mortgage-backed\t6\t0\t0\t0\t6\t0\nUnited States government\t0\t0\t4\t0\t4\t0\nForeign government\t11\t0\t0\t0\t11\t0\nGovernment-sponsored enterprises\t26\t1\t51\t0\t77\t1\nTotal\t340\t4\t183\t3\t523\t7\n", "q10k_tbl_67": "(Dollars in millions)\tNumber of issues\tAmortized cost\tFair value\tGross unrealized gain (loss)\tGross investment income\nAt December 31 2020\t\t\t\t\t\nTaxable fixed maturities:\t\t\t\t\t\nFair valued below 70% of amortized cost\t0\t0\t0\t0\t0\nFair valued at 70% to less than 100% of amortized cost\t104\t445\t436\t(9)\t17\nFair valued at 100% and above of amortized cost\t1745\t6918\t7617\t699\t293\nInvestment income on securities sold in current year\t0\t0\t0\t0\t21\nTotal\t1849\t7363\t8053\t690\t331\nTax-exempt fixed maturities:\t\t\t\t\t\nFair valued below 70% of amortized cost\t0\t0\t0\t0\t0\nFair valued at 70% to less than 100% of amortized cost\t24\t25\t24\t(1)\t1\nFair valued at 100% and above of amortized cost\t2255\t3924\t4261\t337\t121\nInvestment income on securities sold in current year\t0\t0\t0\t0\t2\nTotal\t2279\t3949\t4285\t336\t124\nFixed-maturities summary:\t\t\t\t\t\nFair valued below 70% of amortized cost\t0\t0\t0\t0\t0\nFair valued at 70% to less than 100% of amortized cost\t128\t470\t460\t(10)\t18\nFair valued at 100% and above of amortized cost\t4000\t10842\t11878\t1036\t414\nInvestment income on securities sold in current year\t0\t0\t0\t0\t23\nTotal\t4128\t11312\t12338\t1026\t455\nAt December 31 2019\t\t\t\t\t\nFixed-maturities summary:\t\t\t\t\t\nFair valued below 70% of amortized cost\t0\t0\t0\t0\t0\nFair valued at 70% to less than 100% of amortized cost\t157\t530\t523\t(7)\t12\nFair valued at 100% and above of amortized cost\t3754\t10578\t11175\t597\t401\nInvestment income on securities sold in current year\t0\t0\t0\t0\t33\nTotal\t3911\t11108\t11698\t590\t446\n", "q10k_tbl_68": "(Dollars in millions except per share data)\tDecember 31\tDecember 31\n\t2020\t2019\nAssets\t\t\nInvestments\t\t\nFixed maturities at fair value (amortized cost: 2020-$11312; 2019-$11108)\t12338\t11698\nEquity securities at fair value (cost: 2020-$3927; 2019-$3581)\t8856\t7752\nOther invested assets\t348\t296\nTotal investments\t21542\t19746\nCash and cash equivalents\t900\t767\nInvestment income receivable\t136\t133\nFinance receivable\t95\t77\nPremiums receivable\t1879\t1777\nReinsurance recoverable\t517\t610\nPrepaid reinsurance premiums\t65\t54\nDeferred policy acquisition costs\t805\t774\nLand building and equipment net for company use (accumulated depreciation: 2020-$285; 2019-$276)\t213\t207\nOther assets\t438\t381\nSeparate accounts\t952\t882\nTotal assets\t27542\t25408\nLiabilities\t\t\nInsurance reserves\t\t\nLoss and loss expense reserves\t6746\t6147\nLife policy and investment contract reserves\t2915\t2835\nUnearned premiums\t2960\t2788\nOther liabilities\t982\t928\nDeferred income tax\t1299\t1079\nNote payable\t54\t39\nLong-term debt and lease obligations\t845\t846\nSeparate accounts\t952\t882\nTotal liabilities\t16753\t15544\nCommitments and contingent liabilities (Note 16)\t0\t0\nShareholders' Equity\t\t\nCommon stock par value-$2 per share; (authorized: 2020 and 2019-500 million shares; issued: 2020 and 2019-198.3 million shares)\t397\t397\nPaid-in capital\t1328\t1306\nRetained earnings\t10085\t9257\nAccumulated other comprehensive income\t769\t448\nTreasury stock at cost (2020-37.4 million shares and 2019-35.4 million shares)\t(1790)\t(1544)\nTotal shareholders' equity\t10789\t9864\nTotal liabilities and shareholders' equity\t27542\t25408\n", "q10k_tbl_69": "(Dollars in millions except per share data)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nRevenues\t\t\t\nEarned premiums\t5980\t5604\t5170\nInvestment income net of expenses\t670\t646\t619\nInvestment gains and losses net\t865\t1650\t(402)\nFee revenues\t11\t15\t15\nOther revenues\t10\t9\t5\nTotal revenues\t7536\t7924\t5407\nBenefits and Expenses\t\t\t\nInsurance losses and contract holders' benefits\t4134\t3638\t3490\nUnderwriting acquisition and insurance expenses\t1829\t1738\t1597\nInterest expense\t54\t53\t53\nOther operating expenses\t20\t23\t16\nTotal benefits and expenses\t6037\t5452\t5156\nIncome Before Income Taxes\t1499\t2472\t251\nProvision (Benefit) for Income Taxes\t\t\t\nCurrent\t147\t132\t11\nDeferred\t136\t343\t(47)\nTotal provision (benefit) for income taxes\t283\t475\t(36)\nNet Income\t1216\t1997\t287\nPer Common Share\t\t\t\nNet income-basic\t7.55\t12.24\t1.76\nNet income-diluted\t7.49\t12.10\t1.75\n", "q10k_tbl_70": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nNet Income\t1216\t1997\t287\nOther Comprehensive Income (Loss)\t\t\t\nChange in unrealized gains and losses on investments net of tax (benefit) of $92 $114 and $(72) respectively\t344\t430\t(267)\nAmortization of pension actuarial gains and losses and prior service cost net of tax (benefit) of $(7) $2 and $(1) respectively\t(25)\t5\t(3)\nChange in life deferred acquisition costs life policy reserves and other net of tax (benefit) of $1 $(3) and $2 respectively\t2\t(9)\t7\nOther comprehensive income (loss)\t321\t426\t(263)\nComprehensive Income\t1537\t2423\t24\n", "q10k_tbl_71": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nCommon Stock\t\t\t\nBeginning of year\t397\t397\t397\nShare-based awards\t0\t0\t0\nEnd of year\t397\t397\t397\nPaid-In Capital\t\t\t\nBeginning of year\t1306\t1281\t1265\nShare-based awards\t(15)\t(12)\t(17)\nShare-based compensation\t31\t30\t28\nOther\t6\t7\t5\nEnd of year\t1328\t1306\t1281\nRetained Earnings\t\t\t\nBeginning of year\t9257\t7625\t5180\nCumulative effect of change in accounting for credit losses as of January 1 2020\t(2)\t0\t0\nCumulative effect of change in accounting for equity securities as of January 1 2018\t0\t0\t2503\nAdjusted beginning of year\t9255\t7625\t7683\nNet income\t1216\t1997\t287\nDividends declared\t(386)\t(365)\t(345)\nEnd of year\t10085\t9257\t7625\nAccumulated Other Comprehensive Income\t\t\t\nBeginning of year\t448\t22\t2788\nCumulative effect of change in accounting for equity securities as of January 1 2018\t0\t0\t(2503)\nAdjusted beginning of year\t448\t22\t285\nOther comprehensive income (loss)\t321\t426\t(263)\nEnd of year\t769\t448\t22\nTreasury Stock\t\t\t\nBeginning of year\t(1544)\t(1492)\t(1387)\nShare-based awards\t15\t21\t21\nShares acquired - share repurchase authorization\t(261)\t(67)\t(125)\nShares acquired - share-based compensation plans\t(5)\t(9)\t(5)\nOther\t5\t3\t4\nEnd of year\t(1790)\t(1544)\t(1492)\nTotal Shareholders' Equity\t10789\t9864\t7833\n(In millions)\t\t\t\nCommon Stock - Shares Outstanding\t\t\t\nBeginning of year\t162.9\t162.8\t163.9\nShare-based awards\t0.5\t0.7\t0.7\nShares acquired - share repurchase authorization\t(2.5)\t(0.6)\t(1.8)\nShares acquired - share-based compensation plans\t(0.1)\t(0.1)\t0\nOther\t0.1\t0.1\t0\nEnd of year\t160.9\t162.9\t162.8\n", "q10k_tbl_72": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nCash Flows From Operating Activities\t\t\t\nNet income\t1216\t1997\t287\nAdjustments to reconcile net income to net cash provided by operating activities:\t\t\t\nDepreciation and amortization\t81\t72\t63\nInvestment gains and losses net\t(851)\t(1640)\t408\nShare-based compensation\t31\t30\t28\nInterest credited to contract holders\t43\t44\t47\nDeferred income tax expense\t136\t343\t(47)\nChanges in:\t\t\t\nInvestment income receivable\t(3)\t(1)\t2\nPremiums and reinsurance receivable\t(23)\t(174)\t(109)\nDeferred policy acquisition costs\t(39)\t(61)\t(48)\nOther assets\t(26)\t(22)\t(1)\nLoss and loss expense reserves\t599\t163\t434\nLife policy and investment contract reserves\t116\t107\t96\nUnearned premiums\t172\t184\t112\nOther liabilities\t(5)\t74\t0\nCurrent income tax receivable/payable\t44\t92\t(91)\nNet cash provided by operating activities\t1491\t1208\t1181\nCash Flows From Investing Activities\t\t\t\nSale of fixed maturities\t179\t102\t36\nCall or maturity of fixed maturities\t912\t1241\t1127\nSale of equity securities\t515\t203\t403\nPurchase of fixed maturities\t(1382)\t(1742)\t(1510)\nPurchase of equity securities\t(699)\t(382)\t(441)\nInvestment in finance receivables\t(50)\t(34)\t(33)\nCollection of finance receivables\t35\t29\t25\nInvestment in buildings and equipment\t(20)\t(24)\t(20)\nChange in other invested assets net\t(50)\t(72)\t(38)\nNet cash used in investing activities\t(560)\t(679)\t(451)\nCash Flows From Financing Activities\t\t\t\nPayment of cash dividends to shareholders\t(375)\t(355)\t(336)\nShares acquired - share repurchase authorization\t(261)\t(67)\t(125)\nChanges in note payable\t15\t7\t8\nProceeds from stock options exercised\t7\t11\t9\nContract holders' funds deposited\t85\t86\t84\nContract holders' funds withdrawn\t(159)\t(174)\t(183)\nOther\t(110)\t(54)\t(60)\nNet cash used in financing activities\t(798)\t(546)\t(603)\nNet change in cash and cash equivalents\t133\t(17)\t127\nCash and cash equivalents at beginning of year\t767\t784\t657\nCash and cash equivalents at end of year\t900\t767\t784\nSupplemental Disclosures of Cash Flow Information\t\t\t\nInterest paid\t53\t53\t53\nIncome taxes paid\t84\t34\t98\nNoncash Activities\t\t\t\nEquipment acquired under finance lease obligations\t19\t14\t21\nShare-based compensation\t19\t9\t5\nOther assets and other liabilities\t57\t29\t48\n", "q10k_tbl_73": "(Dollars in millions)\tAmortized cost\t\tGross unrealized\t\t\tFair value\nAt December 31 2020\t\tgains\t\tlosses\t\nFixed-maturity securities:\t\t\t\t\t\t\nCorporate\t6281\t\t621\t\t7\t6895\nStates municipalities and political subdivisions\t4604\t\t395\t\t2\t4997\nCommercial mortgage-backed\t271\t\t15\t\t1\t285\nUnited States government\t115\t\t5\t\t0\t120\nForeign government\t29\t\t0\t\t0\t29\nGovernment-sponsored enterprises\t12\t\t0\t\t0\t12\nTotal\t11312\t\t1036\t\t10\t12338\nAt December 31 2019\t\t\t\t\t\t\nFixed-maturity securities:\t\t\t\t\t\t\nCorporate\t6074\t\t332\t\t5\t6401\nStates municipalities and political subdivisions\t4477\t\t252\t\t1\t4728\nCommercial mortgage-backed\t290\t\t11\t\t0\t301\nUnited States government\t102\t\t2\t\t0\t104\nForeign government\t28\t\t0\t\t0\t28\nGovernment-sponsored enterprises\t137\t\t0\t\t1\t136\nTotal\t11108\t\t597\t\t7\t11698\n", "q10k_tbl_74": "(Dollars in millions)\tLess than 12 months\t\t12 months or more\t\tTotal\t\nAt December 31 2020\tFair value\tUnrealized losses\tFair value\tUnrealized losses\tFair value\tUnrealized losses\nFixed-maturity securities:\t\t\t\t\t\t\nCorporate\t330\t5\t46\t2\t376\t7\nStates municipalities and political subdivisions\t31\t2\t2\t0\t33\t2\nCommercial mortgage-backed\t23\t1\t6\t0\t29\t1\nUnited States government\t12\t0\t0\t0\t12\t0\nForeign government\t10\t0\t0\t0\t10\t0\nTotal\t406\t8\t54\t2\t460\t10\nAt December 31 2019\t\t\t\t\t\t\nFixed-maturity securities:\t\t\t\t\t\t\nCorporate\t199\t2\t118\t3\t317\t5\nStates municipalities and political subdivisions\t98\t1\t10\t0\t108\t1\nCommercial mortgage-backed\t6\t0\t0\t0\t6\t0\nUnited States government\t0\t0\t4\t0\t4\t0\nForeign government\t11\t0\t0\t0\t11\t0\nGovernment-sponsored enterprises\t26\t1\t51\t0\t77\t1\nTotal\t340\t4\t183\t3\t523\t7\n", "q10k_tbl_75": "(Dollars in millions)\tAmortized cost\tFair value\t% of fair value\nAt December 31 2020\t\nMaturity dates:\t\t\t\nDue in one year or less\t581\t589\t4.8%\nDue after one year through five years\t3450\t3697\t30.0\nDue after five years through ten years\t3789\t4178\t33.9\nDue after ten years\t3492\t3874\t31.3\nTotal\t11312\t12338\t100.0%\n", "q10k_tbl_76": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nInvestment income:\t\t\t\nInterest\t455\t446\t445\nDividends\t220\t201\t181\nOther\t8\t12\t5\nTotal\t683\t659\t631\nLess investment expenses\t13\t13\t12\nTotal\t670\t646\t619\nInvestment gains and losses net:\t\t\t\nEquity securities:\t\t\t\nInvestment gains and losses on securities sold net\t79\t26\t9\nUnrealized gains and losses on securities still held net\t841\t1626\t(404)\nSubtotal\t920\t1652\t(395)\nFixed-maturity securities:\t\t\t\nGross realized gains\t16\t13\t12\nGross realized losses\t(3)\t(3)\t(2)\nWrite-down of impaired securities\t(78)\t(9)\t(5)\nSubtotal\t(65)\t1\t5\nOther\t10\t(3)\t(12)\nTotal\t865\t1650\t(402)\n", "q10k_tbl_77": "(Dollars in millions)\tQuoted prices in active markets for identical assets (Level 1)\t\t\tSignificant unobservable inputs (Level 3)\t\nAt December 31 2020\t\tSignificant other observable inputs (Level 2)\t\tTotal\nFixed maturities available for sale:\t\t\t\t\t\nCorporate\t0\t\t6895\t0\t6895\nStates municipalities and political subdivisions\t0\t\t4997\t0\t4997\nCommercial mortgage-backed\t0\t\t285\t0\t285\nUnited States Government\t120\t\t0\t0\t120\nForeign government\t0\t\t29\t0\t29\nGovernment-sponsored enterprises\t0\t\t12\t0\t12\nSubtotal\t120\t\t12218\t0\t12338\nCommon equities\t8541\t\t0\t0\t8541\nNonredeemable preferred equities\t0\t\t315\t0\t315\nSeparate accounts taxable fixed maturities\t0\t\t903\t0\t903\nTop Hat savings plan mutual funds and common equity (included in Other assets)\t51\t\t0\t0\t51\nTotal\t8712\t\t13436\t0\t22148\nAt December 31 2019\t\t\t\t\t\nFixed maturities available for sale:\t\t\t\t\t\nCorporate\t0\t\t6401\t0\t6401\nStates municipalities and political subdivisions\t0\t\t4728\t0\t4728\nCommercial mortgage-backed\t0\t\t301\t0\t301\nUnited States Government\t104\t\t0\t0\t104\nForeign government\t0\t\t28\t0\t28\nGovernment-sponsored enterprises\t0\t\t136\t0\t136\nSubtotal\t104\t\t11594\t0\t11698\nCommon equities\t7518\t\t0\t0\t7518\nNonredeemable preferred equities\t0\t\t234\t0\t234\nSeparate accounts taxable fixed maturities\t0\t\t855\t0\t855\nTop Hat savings plan mutual funds and common equity (included in Other assets)\t45\t\t0\t0\t45\nTotal\t7667\t\t12683\t0\t20350\n", "q10k_tbl_78": "(Dollars in millions)\tQuoted prices in active markets for identical assets (Level 1)\tSignificant other observable inputs (Level 2)\tSignificant unobservable inputs (Level 3)\tTotal\nAt December 31 2020\t\t\nNote payable\t0\t54\t0\t54\n6.900% senior debentures due 2028\t0\t35\t0\t35\n6.920% senior debentures due 2028\t0\t515\t0\t515\n6.125% senior notes due 2034\t0\t522\t0\t522\nTotal\t0\t1126\t0\t1126\nAt December 31 2019\t\t\t\t\nNote payable\t0\t39\t0\t39\n6.900% senior debentures due 2028\t0\t34\t0\t34\n6.920% senior debentures due 2028\t0\t506\t0\t506\n6.125% senior notes due 2034\t0\t512\t0\t512\nTotal\t0\t1091\t0\t1091\n", "q10k_tbl_79": "(Dollars in millions)\tQuoted prices in active markets for identical assets (Level 1)\tSignificant other observable inputs (Level 2)\tSignificant unobservable inputs (Level 3)\tTotal\nAt December 31 2020\t\t\nLife policy loans\t0\t0\t49\t49\nAt December 31 2019\t\t\t\t\nLife policy loans\t0\t0\t44\t44\n", "q10k_tbl_80": "(Dollars in millions)\tQuoted prices in active markets for identical assets (Level 1)\tSignificant other observable inputs (Level 2)\tSignificant unobservable inputs (Level 3)\tTotal\nAt December 31 2020\t\t\nDeferred annuities\t0\t0\t836\t836\nStructured settlements\t0\t227\t0\t227\nTotal\t0\t227\t836\t1063\nAt December 31 2019\t\t\t\t\nDeferred annuities\t0\t0\t770\t770\nStructured settlements\t0\t212\t0\t212\nTotal\t0\t212\t770\t982\n", "q10k_tbl_81": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nGross loss and loss expense reserves January 1\t6088\t5646\t5219\nLess reinsurance recoverable\t342\t238\t187\nNet loss and loss expense reserves January 1\t5746\t5408\t5032\nNet loss and loss expense reserves related to acquisition of Cincinnati Global at February 28 2019\t0\t246\t0\nNet incurred loss and loss expenses related to:\t\t\t\nCurrent accident year\t3968\t3600\t3390\nPrior accident years\t(131)\t(248)\t(167)\nTotal incurred\t3837\t3352\t3223\nNet paid loss and loss expenses related to:\t\t\t\nCurrent accident year\t1493\t1462\t1391\nPrior accident years\t1690\t1798\t1456\nTotal paid\t3183\t3260\t2847\nNet loss and loss expense reserves December 31\t6400\t5746\t5408\nPlus reinsurance recoverable\t277\t342\t238\nGross loss and loss expense reserves December 31\t6677\t6088\t5646\n", "q10k_tbl_82": "(Dollars in millions)\tCumulative incurred losses and ALAE as reported within the triangles net of reinsurance\tCumulative paid losses and ALAE as reported within the triangles net of reinsurance\tLiabilities for loss and ALAE for accident years not presented in the triangles net of reinsurance\tTotal liabilities for loss and ALAE net of reinsurance\tReinsurance recoverable on unpaid losses\tTotal liabilities for gross loss and loss expense reserves\nCommercial casualty\t5179\t3012\t91\t2258\t24\t2282\nWorkers' compensation\t1990\t1357\t308\t941\t61\t1002\nCommercial auto\t2235\t1581\t26\t680\t5\t685\nCommercial property\t3158\t2725\t15\t448\t66\t514\nPersonal auto\t1860\t1610\t10\t260\t32\t292\nHomeowner\t1996\t1781\t4\t219\t18\t237\nExcess and surplus\t836\t430\t1\t407\t16\t423\nOther lines\t\t\t\t\t\t959\nTotal liabilities for loss and ALAE reserves\t\t\t\t\t\t6394\nUnallocated loss adjustment expense reserves\t\t\t\t\t\t283\nGross loss and loss expense reserves\t\t\t\t\t\t6677\n", "q10k_tbl_83": "(Dollars in millions reported claims in thousands)\t\t\t\t\t\t\t\t\t\t\tAs of December 31 2020\t\t\nIncurred losses and ALAE net of reinsurance for the years ended December 31\t\t\t\t\t\t\t\t\t\t\t\tTotal of incurred but not reported liabilities plus expected development on reported losses\tCumulative number of reported claims\nAccident\tUnaudited\t\t\t\t\t\t\t\t\t\t\t\nYear\t2011\t2012\t2013\t2014\t2015\t2016\t2017\t2018\t2019\t2020\t\t\n2011\t466\t404\t377\t377\t375\t380\t366\t365\t368\t361\t\t0\t19\n2012\t\t466\t414\t417\t394\t394\t404\t399\t397\t397\t\t11\t18\n2013\t\t\t448\t443\t431\t416\t413\t407\t391\t386\t\t22\t20\n2014\t\t\t\t503\t496\t479\t476\t479\t465\t469\t\t27\t21\n2015\t\t\t\t\t533\t526\t529\t516\t508\t502\t\t54\t21\n2016\t\t\t\t\t\t563\t574\t557\t555\t554\t\t89\t21\n2017\t\t\t\t\t\t\t610\t597\t577\t571\t\t124\t21\n2018\t\t\t\t\t\t\t\t650\t641\t622\t\t181\t22\n2019\t\t\t\t\t\t\t\t\t672\t643\t\t293\t19\n2020\t\t\t\t\t\t\t\t\t\t674\t\t472\t11\nTotal\t\t\t\t\t\t\t\t\t\t5179\t\t\t\nCumulative paid losses and ALAE net of reinsurance\t\t\t\t\t\t\t\t\t\t\t\t\t\n2011\t27\t93\t149\t227\t266\t298\t315\t325\t337\t342\t\t\t\n2012\t\t27\t88\t170\t232\t288\t330\t346\t364\t374\t\t\t\n2013\t\t\t35\t90\t159\t232\t286\t312\t337\t348\t\t\t\n2014\t\t\t\t34\t97\t172\t287\t338\t390\t409\t\t\t\n2015\t\t\t\t\t38\t108\t200\t287\t362\t404\t\t\t\n2016\t\t\t\t\t\t46\t126\t228\t331\t395\t\t\t\n2017\t\t\t\t\t\t\t48\t122\t234\t320\t\t\t\n2018\t\t\t\t\t\t\t\t44\t148\t253\t\t\t\n2019\t\t\t\t\t\t\t\t\t39\t134\t\t\t\n2020\t\t\t\t\t\t\t\t\t\t33\t\t\t\nTotal\t\t\t\t\t\t\t\t\t\t3012\t\t\t\nAll outstanding liabilities before 2011 net of reinsurance\t\t\t\t\t\t\t\t\t\t91\t\t\t\nLiabilities for loss and ALAE net of reinsurance\t\t\t\t\t\t\t\t\t\t2258\t\t\t\n", "q10k_tbl_84": "Average annual percentage payout of incurred losses by age net of reinsurance (unaudited)\t\t\t\t\t\t\t\t\t\t\nYears\t1\t2\t3\t4\t5\t6\t7\t8\t9\t10\nAverage annual percentage payout\t7.3%\t14.9%\t17.9%\t18.8%\t12.7%\t9.1%\t4.8%\t3.5%\t3.0%\t1.7%\n", "q10k_tbl_85": "(Dollars in millions reported claims in thousands)\t\t\t\t\t\t\t\t\t\t\tAs of December 31 2020\t\t\nIncurred losses and ALAE net of reinsurance for the years ended December 31\t\t\t\t\t\t\t\t\t\t\t\tTotal of incurred but not reported liabilities plus expected development on reported losses\tCumulative number of reported claims\nAccident\tUnaudited\t\t\t\t\t\t\t\t\t\t\t\nYear\t2011\t2012\t2013\t2014\t2015\t2016\t2017\t2018\t2019\t2020\t\t\n2011\t284\t251\t246\t242\t239\t236\t231\t229\t228\t228\t\t17\t24\n2012\t\t265\t245\t234\t220\t213\t211\t209\t208\t207\t\t19\t21\n2013\t\t\t264\t246\t221\t212\t208\t205\t202\t201\t\t12\t20\n2014\t\t\t\t261\t233\t214\t203\t201\t198\t197\t\t13\t19\n2015\t\t\t\t\t246\t220\t208\t195\t179\t173\t\t26\t17\n2016\t\t\t\t\t\t230\t218\t206\t188\t183\t\t27\t16\n2017\t\t\t\t\t\t\t218\t208\t190\t183\t\t46\t15\n2018\t\t\t\t\t\t\t\t222\t207\t199\t\t52\t15\n2019\t\t\t\t\t\t\t\t\t224\t215\t\t65\t14\n2020\t\t\t\t\t\t\t\t\t\t204\t\t100\t10\nTotal\t\t\t\t\t\t\t\t\t\t1990\t\t\t\nCumulative paid losses and ALAE net of reinsurance\t\t\t\t\t\t\t\t\t\t\t\t\t\n2011\t65\t131\t161\t177\t186\t190\t192\t195\t197\t198\t\t\t\n2012\t\t62\t121\t147\t162\t171\t175\t178\t180\t182\t\t\t\n2013\t\t\t61\t119\t144\t157\t164\t168\t170\t174\t\t\t\n2014\t\t\t\t56\t110\t134\t148\t157\t162\t165\t\t\t\n2015\t\t\t\t\t47\t93\t115\t129\t134\t137\t\t\t\n2016\t\t\t\t\t\t46\t97\t119\t131\t141\t\t\t\n2017\t\t\t\t\t\t\t45\t88\t106\t114\t\t\t\n2018\t\t\t\t\t\t\t\t48\t95\t115\t\t\t\n2019\t\t\t\t\t\t\t\t\t49\t94\t\t\t\n2020\t\t\t\t\t\t\t\t\t\t37\t\t\t\nTotal\t\t\t\t\t\t\t\t\t\t1357\t\t\t\nAll outstanding liabilities before 2011 net of reinsurance\t\t\t\t\t\t\t\t\t\t308\t\t\t\nLiabilities for loss and ALAE net of reinsurance\t\t\t\t\t\t\t\t\t\t941\t\t\t\n", "q10k_tbl_86": "Average annual percentage payout of incurred losses by age net of reinsurance (unaudited)\t\t\t\t\t\t\t\t\t\t\nYears\t1\t2\t3\t4\t5\t6\t7\t8\t9\t10\nAverage annual percentage payout\t25.9%\t26.3%\t11.9%\t6.7%\t4.1%\t2.0%\t1.4%\t1.2%\t1.1%\t0.5%\n", "q10k_tbl_87": "(Dollars in millions reported claims in thousands)\t\t\t\t\t\tAs of December 31 2020\t\t\nIncurred losses and ALAE net of reinsurance for the years ended December 31\t\t\t\t\t\t\tTotal of incurred but not reported liabilities plus expected development on reported losses\tCumulative number of reported claims\nAccident\tUnaudited\t\t\t\t\t\t\nYear\t2016\t2017\t2018\t2019\t2020\t\t\n2016\t417\t430\t450\t463\t474\t\t5\t53\n2017\t\t451\t441\t443\t444\t\t13\t51\n2018\t\t\t453\t442\t442\t\t36\t49\n2019\t\t\t\t452\t451\t\t73\t46\n2020\t\t\t\t\t424\t\t164\t33\nTotal\t\t\t\t\t2235\t\t\t\nCumulative paid losses and ALAE net of reinsurance\t\t\t\t\t\t\t\t\n2016\t184\t273\t350\t408\t441\t\t\t\n2017\t\t187\t266\t334\t381\t\t\t\n2018\t\t\t184\t266\t337\t\t\t\n2019\t\t\t\t183\t268\t\t\t\n2020\t\t\t\t\t154\t\t\t\nTotal\t\t\t\t\t1581\t\t\t\nAll outstanding liabilities before 2016 net of reinsurance\t\t\t\t\t26\t\t\t\nLiabilities for loss and ALAE net of reinsurance\t\t\t\t\t680\t\t\t\n", "q10k_tbl_88": "(Dollars in millions reported claims in thousands)\t\t\t\t\t\tAs of December 31 2020\t\t\nIncurred losses and ALAE net of reinsurance for the years ended December 31\t\t\t\t\t\t\tTotal of incurred but not reported liabilities plus expected development on reported losses\tCumulative number of reported claims\nAccident\tUnaudited\t\t\t\t\t\t\nYear\t2016\t2017\t2018\t2019\t2020\t\t\n2016\t590\t551\t541\t545\t542\t\t2\t17\n2017\t\t587\t560\t556\t565\t\t3\t18\n2018\t\t\t630\t603\t590\t\t7\t18\n2019\t\t\t\t621\t606\t\t6\t17\n2020\t\t\t\t\t855\t\t141\t22\nTotal\t\t\t\t\t3158\t\t\t\nCumulative paid losses and ALAE net of reinsurance\t\t\t\t\t\t\t\t\n2016\t358\t504\t528\t539\t539\t\t\t\n2017\t\t395\t522\t547\t560\t\t\t\n2018\t\t\t386\t559\t576\t\t\t\n2019\t\t\t\t413\t561\t\t\t\n2020\t\t\t\t\t489\t\t\t\nTotal\t\t\t\t\t2725\t\t\t\nAll outstanding liabilities before 2016 net of reinsurance\t\t\t\t\t15\t\t\t\nLiabilities for loss and ALAE net of reinsurance\t\t\t\t\t448\t\t\t\n", "q10k_tbl_89": "(Dollars in millions reported claims in thousands)\t\t\t\t\t\tAs of December 31 2020\t\t\nIncurred losses and ALAE net of reinsurance for the years ended December 31\t\t\t\t\t\t\tTotal of incurred but not reported liabilities plus expected development on reported losses\tCumulative number of reported claims\nAccident\tUnaudited\t\t\t\t\t\t\nYear\t2016\t2017\t2018\t2019\t2020\t\t\n2016\t383\t384\t386\t384\t384\t\t1\t110\n2017\t\t412\t394\t391\t393\t\t1\t109\n2018\t\t\t424\t398\t395\t\t1\t111\n2019\t\t\t\t399\t383\t\t14\t102\n2020\t\t\t\t\t305\t\t62\t67\nTotal\t\t\t\t\t1860\t\t\t\nCumulative paid losses and ALAE net of reinsurance\t\t\t\t\t\t\t\t\n2016\t243\t316\t351\t370\t378\t\t\t\n2017\t\t256\t324\t358\t374\t\t\t\n2018\t\t\t262\t327\t358\t\t\t\n2019\t\t\t\t250\t314\t\t\t\n2020\t\t\t\t\t186\t\t\t\nTotal\t\t\t\t\t1610\t\t\t\nAll outstanding liabilities before 2016 net of reinsurance\t\t\t\t\t10\t\t\t\nLiabilities for loss and ALAE net of reinsurance\t\t\t\t\t260\t\t\t\n", "q10k_tbl_90": "(Dollars in millions reported claims in thousands)\t\t\t\t\t\tAs of December 31 2020\t\t\nIncurred losses and ALAE net of reinsurance for the years ended December 31\t\t\t\t\t\t\tTotal of incurred but not reported liabilities plus expected development on reported losses\tCumulative number of reported claims\nAccident\tUnaudited\t\t\t\t\t\t\nYear\t2016\t2017\t2018\t2019\t2020\t\t\n2016\t315\t304\t303\t302\t304\t\t0\t23\n2017\t\t356\t383\t385\t387\t\t0\t26\n2018\t\t\t370\t386\t387\t\t5\t24\n2019\t\t\t\t432\t421\t\t10\t22\n2020\t\t\t\t\t497\t\t54\t21\nTotal\t\t\t\t\t1996\t\t\t\nCumulative paid losses and ALAE net of reinsurance\t\t\t\t\t\t\t\t\n2016\t208\t283\t295\t299\t302\t\t\t\n2017\t\t277\t356\t378\t384\t\t\t\n2018\t\t\t268\t368\t378\t\t\t\n2019\t\t\t\t303\t391\t\t\t\n2020\t\t\t\t\t326\t\t\t\nTotal\t\t\t\t\t1781\t\t\t\nAll outstanding liabilities before 2016 net of reinsurance\t\t\t\t\t4\t\t\t\nLiabilities for loss and ALAE net of reinsurance\t\t\t\t\t219\t\t\t\n", "q10k_tbl_91": "(Dollars in millions reported claims in thousands)\t\t\t\t\t\t\t\t\t\tAs of December 31 2020\t\t\t\nIncurred losses and ALAE net of reinsurance for the years ended December 31\t\t\t\t\t\t\t\t\t\t\t\tTotal of incurred but not reported liabilities plus expected development on reported losses\tCumulative number of reported claims\nAccident\tUnaudited\t\t\t\t\t\t\t\t\t\t\t\nYear\t2011\t2012\t2013\t2014\t2015\t2016\t2017\t2018\t2019\t\t2020\t\n2011\t48\t47\t44\t38\t36\t35\t35\t34\t34\t\t34\t0\t1\n2012\t\t67\t56\t49\t40\t37\t36\t35\t36\t\t35\t0\t1\n2013\t\t\t74\t64\t54\t45\t42\t41\t41\t\t41\t2\t2\n2014\t\t\t\t95\t82\t75\t64\t60\t59\t\t59\t5\t2\n2015\t\t\t\t\t96\t81\t73\t67\t65\t\t66\t6\t2\n2016\t\t\t\t\t\t93\t87\t84\t82\t\t90\t13\t3\n2017\t\t\t\t\t\t\t104\t95\t95\t\t94\t15\t3\n2018\t\t\t\t\t\t\t\t116\t109\t\t110\t29\t3\n2019\t\t\t\t\t\t\t\t\t137\t\t135\t50\t3\n2020\t\t\t\t\t\t\t\t\t\t\t172\t105\t2\nTotal\t\t\t\t\t\t\t\t\t\t\t836\t\t\nCumulative paid losses and ALAE net of reinsurance\t\t\t\t\t\t\t\t\t\t\t\t\t\n2011\t8\t14\t23\t27\t30\t32\t34\t33\t33\t\t33\t\t\n2012\t\t9\t15\t19\t25\t29\t31\t32\t33\t\t34\t\t\n2013\t\t\t7\t12\t20\t27\t32\t34\t37\t\t39\t\t\n2014\t\t\t\t9\t17\t27\t37\t43\t48\t\t51\t\t\n2015\t\t\t\t\t8\t19\t29\t41\t51\t\t54\t\t\n2016\t\t\t\t\t\t10\t21\t39\t51\t\t62\t\t\n2017\t\t\t\t\t\t\t11\t23\t41\t\t57\t\t\n2018\t\t\t\t\t\t\t\t11\t26\t\t50\t\t\n2019\t\t\t\t\t\t\t\t\t13\t\t34\t\t\n2020\t\t\t\t\t\t\t\t\t\t\t16\t\t\nTotal\t\t\t\t\t\t\t\t\t\t\t430\t\t\nAll outstanding liabilities before 2011 net of reinsurance\t\t\t\t\t\t\t\t\t\t\t1\t\t\nLiabilities for loss and ALAE net of reinsurance\t\t\t\t\t\t\t\t\t\t\t407\t\t\n", "q10k_tbl_92": "Average annual percentage payout of incurred losses by age net of reinsurance (unaudited)\t\t\t\t\t\t\t\t\t\t\nYears\t1\t2\t3\t4\t5\t6\t7\t8\t9\t10\nAverage annual percentage payout\t14.6%\t14.4%\t19.2%\t15.4%\t11.7%\t6.9%\t3.9%\t2.2%\t1.0%\t0.2%\n", "q10k_tbl_93": "(Dollars in millions)\tAt December 31\t\n\t2020\t2019\nLife policy reserves:\t\t\nOrdinary/traditional life\t1301\t1226\nOther\t52\t50\nSubtotal\t1353\t1276\nInvestment contract reserves:\t\t\nDeferred annuities\t761\t760\nUniversal life\t647\t640\nStructured settlements\t145\t151\nOther\t9\t8\nSubtotal\t1562\t1559\nTotal life policy and investment contract reserves\t2915\t2835\n", "q10k_tbl_94": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nProperty casualty:\t\t\t\nDeferred policy acquisition costs asset January 1\t512\t464\t438\nCapitalized deferred policy acquisition costs\t1087\t1034\t933\nAmortized deferred policy acquisition costs\t(1057)\t(986)\t(907)\nDeferred policy acquisition costs asset December 31\t542\t512\t464\nLife:\t\t\t\nDeferred policy acquisition costs asset January 1\t262\t274\t232\nCapitalized deferred policy acquisition costs\t58\t61\t60\nAmortized deferred policy acquisition costs\t(49)\t(48)\t(39)\nShadow deferred policy acquisition costs\t(8)\t(25)\t21\nDeferred policy acquisition costs asset December 31\t263\t262\t274\nConsolidated:\t\t\t\nDeferred policy acquisition costs asset January 1\t774\t738\t670\nCapitalized deferred policy acquisition costs\t1145\t1095\t993\nAmortized deferred policy acquisition costs\t(1106)\t(1034)\t(946)\nShadow deferred policy acquisition costs\t(8)\t(25)\t21\nDeferred policy acquisition costs asset December 31\t805\t774\t738\n", "q10k_tbl_95": "(Dollars in millions)\t\t\tBook value\t\tPrincipal amount\t\nInterest rate\tYear of issue\t\tAt December 31\t\tAt December 31\t\n\t\t2020\t2019\t2020\t2019\n6.900%\t1998\tSenior debentures due 2028\t27\t27\t28\t28\n6.920%\t2005\tSenior debentures due 2028\t391\t391\t391\t391\n6.125%\t2004\tSenior notes due 2034\t370\t370\t374\t374\n\t\tTotal\t788\t788\t793\t793\n", "q10k_tbl_96": "(Dollars in millions)\tYears ended December 31\t\t\t\t\t\n\t2021\t2022\t2023\t2024\t2025\t2026 and thereafter\nFinance lease obligations\t15\t12\t10\t6\t4\t2\nOperating lease obligations\t2\t2\t2\t2\t1\t2\nTotal lease obligations\t17\t14\t12\t8\t5\t4\n", "q10k_tbl_97": "(Dollars in millions)\t\t\n\t2020\t2019\nLease cost:\t\t\nFinance lease cost\t15\t9\nOperating lease cost\t4\t4\nTotal lease cost\t19\t13\nOther information finance leases:\t\t\nFinance cash outflows\t15\t15\nWeighted average discount rate\t2.62%\t2.96%\nWeighted average remaining lease term in years\t3.67\t3.65\nOther information operating leases:\t\t\nOperating cash outflows\t8\t8\nWeighted average discount rate\t3.65%\t3.69%\nWeighted average remaining lease term in years\t4.84\t4.71\n", "q10k_tbl_98": "(Dollars in millions)\t2020\t\t\t2019\t\t\t2018\t\t\n\tBefore tax\tIncome tax\tNet\tBefore tax\tIncome tax\tNet\tBefore tax\tIncome tax\tNet\nInvestments:\t\t\t\t\t\t\t\t\t\nAOCI January 1\t590\t123\t467\t46\t9\t37\t3540\t733\t2807\nCumulative effect of change in accounting for equity securities as of January 1 2018\t0\t0\t0\t0\t0\t0\t(3155)\t(652)\t(2503)\nAdjusted AOCI beginning of period\t590\t123\t467\t46\t9\t37\t385\t81\t304\nOCI before investment gains and losses net recognized in net income\t371\t78\t293\t545\t115\t430\t(334)\t(71)\t(263)\nInvestment gains and losses net recognized in net income\t65\t14\t51\t(1)\t(1)\t0\t(5)\t(1)\t(4)\nOCI\t436\t92\t344\t544\t114\t430\t(339)\t(72)\t(267)\nAOCI December 31\t1026\t215\t811\t590\t123\t467\t46\t9\t37\nPension obligations:\t\t\t\t\t\t\t\t\t\nAOCI January 1\t(9)\t0\t(9)\t(16)\t(2)\t(14)\t(12)\t(1)\t(11)\nOCI excluding amortization recognized in net income\t(35)\t(7)\t(28)\t6\t2\t4\t(5)\t(1)\t(4)\nAmortization recognized in net income\t3\t0\t3\t1\t0\t1\t1\t0\t1\nOCI\t(32)\t(7)\t(25)\t7\t2\t5\t(4)\t(1)\t(3)\nAOCI December 31\t(41)\t(7)\t(34)\t(9)\t0\t(9)\t(16)\t(2)\t(14)\nLife deferred acquisition costs life policy reserves and other:\t\t\t\t\t\t\t\t\t\nAOCI January 1\t(13)\t(3)\t(10)\t(1)\t0\t(1)\t(10)\t(2)\t(8)\nOCI before investment gains and losses net recognized in net income\t3\t1\t2\t(15)\t(3)\t(12)\t(3)\t(1)\t(2)\nInvestment gains and losses net recognized in net income\t0\t0\t0\t3\t0\t3\t12\t3\t9\nOCI\t3\t1\t2\t(12)\t(3)\t(9)\t9\t2\t7\nAOCI December 31\t(10)\t(2)\t(8)\t(13)\t(3)\t(10)\t(1)\t0\t(1)\nSummary of AOCI:\t\t\t\t\t\t\t\t\t\nAOCI January 1\t568\t120\t448\t29\t7\t22\t3518\t730\t2788\nCumulative effect of change in accounting for equity securities as of January 1 2018\t0\t0\t0\t0\t0\t0\t(3155)\t(652)\t(2503)\nAdjusted AOCI beginning of period\t568\t120\t448\t29\t7\t22\t363\t78\t285\nInvestments OCI\t436\t92\t344\t544\t114\t430\t(339)\t(72)\t(267)\nPension obligations OCI\t(32)\t(7)\t(25)\t7\t2\t5\t(4)\t(1)\t(3)\nLife deferred acquisition costs life policy reserves and other OCI\t3\t1\t2\t(12)\t(3)\t(9)\t9\t2\t7\nTotal OCI\t407\t86\t321\t539\t113\t426\t(334)\t(71)\t(263)\nAOCI December 31\t975\t206\t769\t568\t120\t448\t29\t7\t22\n", "q10k_tbl_99": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nDirect written premiums\t5756\t5477\t5018\nAssumed written premiums\t335\t244\t173\nCeded written premiums\t(227)\t(205)\t(161)\nNet written premiums\t5864\t5516\t5030\nDirect earned premiums\t5623\t5340\t4931\nAssumed earned premiums\t285\t199\t149\nCeded earned premiums\t(217)\t(205)\t(160)\nEarned premiums\t5691\t5334\t4920\nDirect incurred loss and loss expenses\t3699\t3402\t3188\nAssumed incurred loss and loss expenses\t184\t117\t125\nCeded incurred loss and loss expenses\t(46)\t(167)\t(90)\nIncurred loss and loss expenses\t3837\t3352\t3223\n", "q10k_tbl_100": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nDirect earned premiums\t362\t341\t320\nCeded earned premiums\t(73)\t(71)\t(70)\nEarned premiums\t289\t270\t250\nDirect contract holders' benefits incurred\t359\t359\t328\nCeded contract holders' benefits incurred\t(62)\t(73)\t(61)\nContract holders' benefits incurred\t297\t286\t267\n", "q10k_tbl_101": "(Dollars in millions)\tAt December 31\t\n\t2020\t2019\nDeferred tax assets:\t\t\nUnearned premiums\t119\t113\nLoss and loss expense reserves\t81\t66\nDeferred international earnings\t45\t51\nNet operating loss on international earnings\t26\t4\nOther\t41\t39\nDeferred tax assets before valuation allowance\t312\t273\nValuation allowance for international operations\t56\t41\nDeferred tax assets net of valuation allowance\t256\t232\nDeferred tax liabilities:\t\t\nInvestment gains and other net\t1240\t995\nDeferred acquisition costs\t143\t139\nLife policy reserves\t121\t120\nInvestments\t13\t23\nOther\t38\t34\nTotal gross deferred tax liabilities\t1555\t1311\nNet deferred income tax liability\t1299\t1079\n", "q10k_tbl_102": "(Dollars in millions)\tFor the years ended December 31\t\t\n\t2020\t2019\t2018\nUnited States\t1521\t2440\t251\nInternational\t(22)\t32\t0\nTotal income before income taxes\t1499\t2472\t251\n", "q10k_tbl_103": "(Dollars in millions)\tFor the years ended December 31\t\t\n\t2020\t2019\t2018\nProvision (benefit) for income taxes:\t\t\t\nCurrent - United States federal\t147\t137\t11\nInternational\t0\t(5)\t0\nTotal current\t147\t132\t11\nDeferred - United States federal\t136\t338\t(47)\nInternational\t0\t5\t0\nTotal deferred\t136\t343\t(47)\nTotal provision (benefit) for income taxes\t283\t475\t(36)\n", "q10k_tbl_104": "(Dollars in millions)\tYears ended December 31\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\nTax at statutory rate:\t315\t21.0%\t519\t21.0%\t53\t21.0%\nIncrease (decrease) resulting from:\t\t\t\t\t\t\nTax-exempt income from municipal bonds\t(20)\t(1.3)\t(19)\t(0.8)\t(20)\t(8.0)\nDividend received exclusion\t(17)\t(1.1)\t(16)\t(0.6)\t(15)\t(6.0)\nTax accounting method changes\t0\t0\t0\t0\t(50)\t(19.9)\nOther\t5\t0.3\t(9)\t(0.4)\t(4)\t(1.4)\nProvision (benefit) for income taxes\t283\t18.9%\t475\t19.2%\t(36)\t(14.3)%\n", "q10k_tbl_105": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nGross unrecognized tax benefits January 1\t34\t34\t0\nGross increase in prior year positions\t0\t0\t0\nGross decrease in prior year positions\t0\t0\t0\nGross increase in current year positions\t0\t0\t34\nSettlements with tax authorities\t0\t0\t0\nLapse of statute of limitations\t0\t0\t0\nGross unrecognized tax benefits December 31\t34\t34\t34\n", "q10k_tbl_106": "(Dollars in millions)\tYears ended December 31\t\n\t2020\t2019\t\t\t\nValuation allowance January 1\t41\t0\t\t\t\nAcquisition accounting amount\t0\t55\t\t\t\nCurrent year operations\t15\t(14)\t\t\t\nValuation allowance December 31\t56\t41\t\t\t\n", "q10k_tbl_107": "(In millions except per share data)\t\tYears ended December 31\t\t\t\t\n\t2020\t\t2019\t\t2018\nNumerator:\t\t\t\t\t\t\nNet income-basic and diluted\t\t1216\t\t1997\t\t287\nDenominator:\t\t\t\t\t\t\nBasic weighted-average common shares outstanding\t\t161.2\t\t163.2\t\t163.2\nEffect of share-based awards:\t\t\t\t\t\t\nStock options\t\t0.7\t\t1.2\t\t0.8\nNonvested shares\t\t0.5\t\t0.7\t\t0.5\nDiluted weighted-average shares\t\t162.4\t\t165.1\t\t164.5\nEarnings per share:\t\t\t\t\t\t\nBasic\t\t7.55\t\t12.24\t\t1.76\nDiluted\t\t7.49\t\t12.10\t\t1.75\nNumber of anti-dilutive share-based awards\t\t1.4\t\t0\t\t1.3\n", "q10k_tbl_108": "\tQualified Pension Plan\t\tSERP\t\n\t2020\t2019\t2020\t2019\nDiscount rate\t2.68%\t3.40%\t2.52%\t3.33%\nRate of compensation increase\t2.25-3.25\t2.25-3.25\t2.25-3.25\t2.25-3.25\n", "q10k_tbl_109": "\tQualified Pension Plan\t\t\tSERP\t\t\n\t2020\t2019\t2018\t2020\t2019\t2018\nDiscount rate\t3.40%\t4.34%\t3.73%\t3.33%\t4.25%\t3.61%\nExpected return on plan assets\t7.00\t7.00\t7.25\tn/a\tn/a\tn/a\nRate of compensation increase\t2.25-3.25\t2.25-3.25\t2.75-3.25\t2.25-3.25\t2.25-3.25\t2.75-3.25\n", "q10k_tbl_110": "(Dollars in millions)\tAt December 31\t\n\t2020\t2019\nChange in projected benefit obligation:\t\t\nBenefit obligation January 1\t350\t318\nService cost\t9\t8\nInterest cost\t12\t13\nActuarial loss\t51\t45\nBenefits paid\t(35)\t(34)\nProjected benefit obligation December 31\t387\t350\nChange in plan assets:\t\t\nFair value of plan assets January 1\t354\t318\nActual return on plan assets\t34\t70\nEmployer contribution\t4\t0\nBenefits paid\t(35)\t(34)\nFair value of plan assets December 31\t357\t354\nFunded status December 31\t(30)\t4\nAccumulated benefit obligation\t360\t327\n", "q10k_tbl_111": "(Dollars in millions)\tAt December 31\t\n\t2020\t2019\nPension amounts recognized in the consolidated balance sheets:\t\t\nOther (liability) assets\t(30)\t4\nTotal\t(30)\t4\nPension amounts recognized in accumulated other comprehensive income:\t\t\nNet actuarial loss\t41\t9\nTotal\t41\t9\n", "q10k_tbl_112": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nNet periodic benefit cost:\t\t\t\nService cost\t9\t8\t11\nNon-service costs (benefit):\t\t\t\nInterest cost\t12\t13\t13\nExpected return on plan assets\t(21)\t(20)\t(22)\nAmortization of actuarial loss and prior service cost\t3\t1\t1\nOther\t3\t1\t2\nNet periodic benefit cost\t6\t3\t5\nOther changes in plan assets and benefit obligations recognized in other comprehensive income:\t\t\t\nCurrent year actuarial (gain) loss\t38\t(5)\t7\nAmortization of actuarial loss\t(6)\t(2)\t(3)\nTotal recognized in other comprehensive (income) loss\t32\t(7)\t4\nTotal recognized in net periodic benefit cost and other comprehensive (income) loss\t38\t(4)\t9\n", "q10k_tbl_113": "(Dollars in millions)\tQuoted prices in active markets for identical assets (Level 1)\tSignificant other observable inputs (Level 2)\tSignificant unobservable inputs (Level 3)\tTotal\nAt December 31 2020\t\t\nFixed maturities available for sale:\t\t\t\t\nUnited States Government\t31\t0\t0\t31\nCorporate\t0\t20\t0\t20\nStates municipalities and political subdivisions\t0\t9\t0\t9\nTotal fixed maturities available for sale\t31\t29\t0\t60\nCommon equities\t266\t0\t0\t266\nTotal\t297\t29\t0\t326\nAt December 31 2019\t\t\t\t\nFixed maturities available for sale:\t\t\t\t\nUnited States Government\t25\t0\t0\t25\nCorporate\t0\t27\t0\t27\nStates municipalities and political subdivisions\t0\t25\t0\t25\nTotal fixed maturities available for sale\t25\t52\t0\t77\nCommon equities\t260\t0\t0\t260\nTotal\t285\t52\t0\t337\n", "q10k_tbl_114": "(Dollars in millions)\tYears ended December 31\t\t\t\t\t\n\t2021\t2022\t2023\t2024\t2025\t2026 - 2030\nExpected future benefit payments\t49\t22\t25\t27\t29\t163\n", "q10k_tbl_115": "(Dollars in millions)\tNet income\t\t\tCapital and surplus\t\n\tYears ended December 31\t\t\tAt December 31\t\n\t2020\t2019\t2018\t2020\t2019\nThe Cincinnati Insurance Company\t466\t558\t626\t5838\t5620\nThe Cincinnati Casualty Company\t14\t13\t16\t456\t437\nThe Cincinnati Indemnity Company\t3\t3\t5\t115\t111\nThe Cincinnati Specialty Underwriters Insurance Company\t42\t62\t69\t528\t526\nThe Cincinnati Life Insurance Company\t27\t19\t0\t241\t204\n", "q10k_tbl_116": "\t2020\t2019\t2018\nWeighted-average expected term\t7-8 years\t7-8 years\t7-8 years\nExpected volatility\t16.89-17.13%\t14.49-15.39%\t15.04-15.10%\nDividend yield\t2.15%\t2.61%\t2.98%\nRisk-free rates\t1.40-1.41%\t2.62-2.64%\t2.77-2.83%\nWeighted-average fair value of options granted during the period\t15.45\t11.73\t9.87\n", "q10k_tbl_117": "(Dollars in millions except exercise price. Shares in thousands)\tShares\tWeighted- average exercise price\tAggregate intrinsic value\tWeighted-average remaining contractual life\nOutstanding option shares at January 1 2020\t3437\t63.99\t\t\nGranted\t508\t111.53\t\t\nExercised\t(274)\t41.86\t\t\nForfeited or expired\t(70)\t55.60\t\t\nOutstanding option shares at December 31 2020\t3601\t72.55\t66\t6.01 years\nOptions exercisable at end of period\t2509\t63.11\t61\t4.97 years\n", "q10k_tbl_118": "\t2020\t2019\t2018\nExpected term\t2.86 years\t2.86 years\t2.89 years\nExpected volatility\t15.88-25.13%\t15.10-25.00%\t16.01-26.32%\nDividend yield\t2.15%\t2.61%\t2.81%\nRisk-free rates\t1.30%\t2.48%\t2.22%\n", "q10k_tbl_119": "(Shares in thousands)\tService-based shares\tWeighted- average grant date fair value\tPerformance-based shares\tWeighted- average grant date fair value\nNonvested at January 1 2020\t783\t70.27\t165\t64.23\nGranted\t204\t104.81\t38\t111.77\nVested\t(269)\t66.53\t(56)\t43.26\nForfeited or canceled\t(22)\t78.96\t0\t0\nNonvested at December 31 2020\t696\t81.56\t147\t84.64\n", "q10k_tbl_120": "(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nRevenues:\t\t\t\nCommercial lines insurance\t\t\t\nCommercial casualty\t1165\t1102\t1075\nCommercial property\t1010\t958\t920\nCommercial auto\t755\t707\t664\nWorkers' compensation\t271\t300\t324\nOther commercial\t275\t252\t235\nCommercial lines insurance premiums\t3476\t3319\t3218\nFee revenues\t3\t5\t5\nTotal commercial lines insurance\t3479\t3324\t3223\nPersonal lines insurance\t\t\t\nPersonal auto\t615\t621\t614\nHomeowner\t658\t607\t563\nOther personal\t190\t176\t159\nPersonal lines insurance premiums\t1463\t1404\t1336\nFee revenues\t4\t4\t5\nTotal personal lines insurance\t1467\t1408\t1341\nExcess and surplus lines insurance\t325\t278\t234\nFee revenues\t2\t2\t1\nTotal excess and surplus lines insurance\t327\t280\t235\nLife insurance premiums\t289\t270\t250\nFee revenues\t2\t4\t4\nTotal life insurance\t291\t274\t254\nInvestments\t\t\t\nInvestment income net of expenses\t670\t646\t619\nInvestment gains and losses net\t865\t1650\t(402)\nTotal investment revenue\t1535\t2296\t217\nOther\t\t\t\nPremiums\t427\t333\t132\nOther\t10\t9\t5\nTotal other revenue\t437\t342\t137\nTotal revenues\t7536\t7924\t5407\nIncome (loss) before income taxes:\t\t\t\nInsurance underwriting results\t\t\t\nCommercial lines insurance\t64\t241\t151\nPersonal lines insurance\t47\t8\t(20)\nExcess and surplus lines insurance\t34\t53\t63\nLife insurance\t11\t1\t8\nInvestments\t1433\t2197\t121\nOther\t(90)\t(28)\t(72)\nTotal income before income taxes\t1499\t2472\t251\n\tDecember 31\tDecember 31\t\nIdentifiable assets:\t2020\t2019\t\nProperty casualty insurance\t3838\t3437\t\nLife insurance\t1661\t1516\t\nInvestments\t21332\t19583\t\nOther\t711\t872\t\nTotal\t27542\t25408\t\n", "q10k_tbl_121": "(Dollars in millions except per share data)\tQuarter\t\t\t\t\n\t1st\t2nd\t3rd\t4th\tFull year\n2020\t\t\t\t\t\nRevenues\t(99)\t2714\t2227\t2694\t7536\nIncome (loss) before income taxes\t(1576)\t1145\t614\t1316\t1499\nNet income (loss)\t(1226)\t909\t484\t1049\t1216\nNet income (loss) per common share-basic\t(7.56)\t5.65\t3.01\t6.52\t7.55\nNet income (loss) per common share-diluted\t(7.56)\t5.63\t2.99\t6.47\t7.49\n2019\t\t\t\t\t\nRevenues\t2159\t1913\t1700\t2152\t7924\nIncome before income taxes\t867\t530\t294\t781\t2472\nNet income\t695\t428\t248\t626\t1997\nNet income per common share-basic\t4.27\t2.62\t1.51\t3.84\t12.24\nNet income per common share-diluted\t4.22\t2.59\t1.49\t3.79\t12.10\n", "q10k_tbl_122": "Name and Age as of\tPrimary Title(s) and Business Responsibilities\tExecutive\nFebruary 25 2021\tSince February 2016\tOfficer Since\nRoger A. Brown FSA MAAA CLU (49)\tSenior vice president and chief operating officer of The Cincinnati Life Insurance Company. Responsible for life insurance underwriting and operations. Vice president of Cincinnati Life actuarial department until 2016.\t2016\nTeresa C. Cracas Esq. (55)\tChief risk officer and senior vice president of The Cincinnati Insurance Company. Responsible for strategic planning and risk management including oversight of modeling for financial analysis property casualty reserving and pricing as well as reinsurance assumed operations and the activities of Cincinnati Global Underwriting Ltd. a London-based global specialty underwriter for Lloyd's Syndicate 318.\t2011\nAngela O. Delaney (52)\tSenior vice president of The Cincinnati Insurance Company. Responsible for property casualty insurance sales and marketing operations since 2019 including management of field underwriters and independent agency relationships. Field sales supervisor for Idaho Iowa Montana Oregon South Dakota and Washington from 2017 to 2019. Senior field director for Western Montana until 2017.\t2020\nDonald J. Doyle Jr. CPCU AIM (54)\tSenior vice president of The Cincinnati Insurance Company. Responsible for excess and surplus lines underwriting and operations of Cincinnati Specialty Underwriters Insurance and CSU Producer Resources Inc.\t2008\nSean M. Givler CIC CRM (45)\tSenior vice president of The Cincinnati Insurance Company. Responsible for standard market commercial lines underwriting and operations including management liability and surety insurance machinery and equipment insurance loss control and premium audit. Until 2019 responsible for sales and marketing including management of field underwriters and independent agency relationships. Sales manager for Alabama Montana Pennsylvania Tennessee and Texas from 2011 to 2016.\t2017\nTheresa A. Hoffer (59)\tSenior vice president and treasurer of The Cincinnati Insurance Company since 2016. Responsible for corporate accounting and SEC reporting operations. Vice president and treasurer in corporate accounting until 2016.\t2017\nMartin F. Hollenbeck CFA CPCU (61)\tChief investment officer and senior vice president assistant secretary and assistant treasurer of Cincinnati Financial Corporation. Chief investment officer and senior vice president of The Cincinnati Insurance Company. Responsible for all investment operations.\t2008\n", "q10k_tbl_123": "Name and Age as of\tPrimary Title(s) and Business Responsibilities\tExecutive\nFebruary 25 2021\tSince February 2016\tOfficer Since\nJohn S. Kellington (59)\tChief information officer and senior vice president of The Cincinnati Insurance Company. Responsible for enterprise strategic technology and oversight of all technology activities.\t2010\nLisa A. Love Esq. (61)\tSenior vice president general counsel and corporate secretary of Cincinnati Financial Corporation and The Cincinnati Insurance Company. Responsible for corporate legal governance and compliance activities including oversight of regulatory and compliance shareholder services corporate communications government relations litigation and contract administration.\t2011\nMichael J. Sewell CPA (57)\tChief financial officer principal accounting officer and senior vice president of Cincinnati Financial Corporation and The Cincinnati Insurance Company and treasurer of Cincinnati Financial Corporation. Chief operating officer of CFC Investment Company a commercial lease and finance subsidiary. Responsible for oversight of all accounting finance financial reporting purchasing investor relations administrative services and facilities maintenance and security.\t2011\nStephen M. Spray (54)\tChief insurance officer and senior vice president of The Cincinnati Insurance Company. Responsible for executive oversight of commercial and personal standard market and excess and surplus lines property and casualty insurance sales marketing underwriting related field services relationships with independent agents and ceded reinsurance programs. Until 2019 responsible for commercial lines underwriting and operations. Responsible for sales and marketing including management of field underwriters and independent agency relationships until 2016.\t2012\nWilliam H. Van Den Heuvel (54)\tSenior vice president of The Cincinnati Insurance Company. Responsible for all aspects of personal lines operations including underwriting insurance regulatory filings product management and risk management.\t2014\n", "q10k_tbl_124": "Cincinnati Financial Corporation and Subsidiaries\t\t\t\nSummary of Investments - Other Than Investments in Related Parties\t\t\t\n(Dollars in millions)\tAt December 31 2020\t\t\nType of investment\tCost or amortized cost\tFair value\tBalance sheet\nFixed maturities:\t\t\t\nStates municipalities and political subdivisions:\t\t\t\nThe Cincinnati Insurance Company\t3346\t3638\t3638\nThe Cincinnati Casualty Company\t219\t238\t238\nThe Cincinnati Indemnity Company\t48\t52\t52\nThe Cincinnati Life Insurance Company\t357\t387\t387\nThe Cincinnati Specialty Underwriters Insurance Company\t580\t629\t629\nCSU Producer Resources Inc.\t1\t1\t1\nCincinnati Financial Corporation\t53\t52\t52\nTotal\t4604\t4997\t4997\nUnited States government:\t\t\t\nThe Cincinnati Insurance Company\t65\t70\t70\nThe Cincinnati Casualty Company\t1\t1\t1\nThe Cincinnati Indemnity Company\t1\t1\t1\nCincinnati Global Underwriting Ltd.\t48\t48\t48\nTotal\t115\t120\t120\nForeign government:\t\t\t\nThe Cincinnati Insurance Company\t10\t10\t10\nCincinnati Global Underwriting Ltd.\t19\t19\t19\nTotal\t29\t29\t29\nGovernment-sponsored enterprises:\t\t\t\nCincinnati Global Underwriting Ltd.\t1\t1\t1\nCincinnati Financial Corporation\t11\t11\t11\nTotal\t12\t12\t12\nAll other corporate bonds:\t\t\t\nThe Cincinnati Insurance Company\t2964\t3211\t3211\nThe Cincinnati Casualty Company\t103\t110\t110\nThe Cincinnati Indemnity Company\t30\t33\t33\nThe Cincinnati Life Insurance Company\t3192\t3540\t3540\nThe Cincinnati Specialty Underwriters Insurance Company\t189\t211\t211\nCSU Producer Resources Inc.\t1\t1\t1\nCincinnati Global Underwriting Ltd.\t68\t69\t69\nCincinnati Financial Corporation\t5\t5\t5\nTotal\t6552\t7180\t7180\nTotal fixed maturities\t11312\t12338\t12338\n", "q10k_tbl_125": "Cincinnati Financial Corporation and Subsidiaries\t\t\t\nSummary of Investments - Other Than Investments in Related Parties\t\t\t\n(Dollars in millions)\tAt December 31 2020\t\t\nType of investment\tCost or amortized cost\tFair value\tBalance sheet\nEquity securities:\t\t\t\nCommon equities:\t\t\t\nThe Cincinnati Insurance Company\t1846\t4423\t4423\nThe Cincinnati Casualty Company\t56\t146\t146\nThe Cincinnati Indemnity Company\t17\t36\t36\nThe Cincinnati Specialty Underwriters Insurance Company\t96\t217\t217\nCSU Producer Resources Inc.\t19\t33\t33\nCincinnati Financial Corporation\t1606\t3686\t3686\nTotal\t3640\t8541\t8541\nNonredeemable preferred equities:\t\t\t\nThe Cincinnati Insurance Company\t274\t299\t299\nThe Cincinnati Life Insurance Company\t12\t15\t15\nCincinnati Financial Corporation\t1\t1\t1\nTotal\t287\t315\t315\nTotal equity securities\t3927\t8856\t8856\nOther invested assets:\t\t\t\nPolicy loans:\t\t\t\nThe Cincinnati Life Insurance Company\t33\t0\t33\nDeposits at Lloyd's:\t\t\t\nCincinnati Global Underwriting Ltd.\t53\t0\t53\nCincinnati Financial Corporation\t109\t0\t109\nPrivate equity:\t\t\t\nThe Cincinnati Insurance Company (1)\t94\t0\t94\nThe Cincinnati Life Insurance Company (1)\t3\t0\t3\nCincinnati Financial Corporation (1)\t31\t0\t31\nReal estate:\t\t\t\nThe Cincinnati Insurance Company (1)\t11\t0\t11\nThe Cincinnati Life Insurance Company (1)\t9\t0\t9\nCincinnati Financial Corporation (1)\t5\t0\t5\nTotal other invested assets\t348\t0\t348\nTotal investments\t15587\t0\t21542\n", "q10k_tbl_126": "Cincinnati Financial Corporation (parent company only)\t\t\nCondensed Balance Sheets\t\t\n(Dollars in millions)\tAt December 31\t\n\t2020\t2019\nAssets\t\t\nInvestments\t\t\nFixed maturities at fair value (amortized cost: 2020-$69; 2019-$49)\t68\t49\nEquity securities at fair value (cost: 2020-$1607; 2019-$1427)\t3687\t3069\nOther invested assets\t145\t103\nTotal investments\t3900\t3221\nCash and cash equivalents\t16\t197\nEquity in net assets of subsidiaries\t7982\t7424\nInvestment income receivable\t8\t7\nLand building and equipment net for company use (accumulated depreciation: 2020-$138; 2019-$129)\t143\t141\nIncome tax receivable\t5\t2\nOther assets\t53\t61\nDue from subsidiaries\t110\t107\nTotal assets\t12217\t11160\nLiabilities\t\t\nDividends declared but unpaid\t97\t91\nDeferred federal income tax\t429\t345\nLong-term debt\t788\t788\nOther liabilities\t114\t72\nTotal liabilities\t1428\t1296\nShareholders' Equity\t\t\nCommon stock\t397\t397\nPaid-in capital\t1328\t1306\nRetained earnings\t10085\t9257\nAccumulated other comprehensive income\t769\t448\nTreasury stock at cost\t(1790)\t(1544)\nTotal shareholders' equity\t10789\t9864\nTotal liabilities and shareholders' equity\t12217\t11160\n", "q10k_tbl_127": "Cincinnati Financial Corporation (parent company only)\t\t\t\nCondensed Statements of Income and Comprehensive Income\t\t\t\n(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nRevenues\t\t\t\nInvestment income net of expenses\t81\t75\t65\nInvestment gains and losses net\t556\t728\t(108)\nOther revenue\t15\t15\t15\nTotal revenues\t652\t818\t(28)\nExpenses\t\t\t\nInterest expense\t54\t52\t52\nOther expenses\t34\t37\t31\nTotal expenses\t88\t89\t83\nIncome (Loss) Before Income Taxes and Earnings of Subsidiaries\t564\t729\t(111)\nProvision (Benefit) for Income Taxes\t111\t146\t(31)\nNet Income (Loss) Before Earnings of Subsidiaries\t453\t583\t(80)\nIncrease in equity of subsidiaries\t763\t1414\t367\nNet Income\t1216\t1997\t287\nOther Comprehensive Income (Loss) Net of Taxes\t\t\t\nChange in unrealized gain (loss) on securities\t0\t0\t(2)\nAmortization of pension actuarial gains (losses) and prior service costs\t(25)\t5\t(3)\nOther Comprehensive Income (Loss) Net of Taxes Before Other Comprehensive Income of Subsidiaries\t(25)\t5\t(5)\nOther comprehensive income (loss) of subsidiaries\t346\t421\t(258)\nOther comprehensive income (loss)\t321\t426\t(263)\nComprehensive Income\t1537\t2423\t24\n", "q10k_tbl_128": "Cincinnati Financial Corporation (parent company only)\t\t\t\nCondensed Statements of Cash Flows\t\t\t\n(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nCash Flows From Operating Activities\t\t\t\nNet income\t1216\t1997\t287\nAdjustments to reconcile net income to net cash provided by operating activities:\t\t\t\nDepreciation and amortization\t12\t10\t7\nInvestment gains and losses net\t(552)\t(720)\t114\nDividends from subsidiaries\t550\t625\t500\nChanges in:\t\t\t\nIncrease in equity of subsidiaries\t(763)\t(1414)\t(367)\nInvestment income receivable\t(1)\t(1)\t2\nCurrent federal income taxes\t(3)\t(1)\t14\nDeferred income tax\t91\t146\t(35)\nOther assets\t0\t4\t(17)\nOther liabilities\t1\t4\t3\nIntercompany receivable for operations\t34\t20\t19\nNet cash provided by operating activities\t585\t670\t527\nCash Flows From Investing Activities\t\t\t\nSale of fixed maturities\t0\t3\t1\nCall or maturity of fixed maturities\t1\t21\t19\nSale of equity securities\t307\t122\t131\nPurchase of fixed maturities\t(23)\t(39)\t(17)\nPurchase of equity securities\t(372)\t(237)\t(177)\nInvestment in buildings and equipment\t(11)\t(13)\t(12)\nCash paid for acquisition\t0\t(63)\t0\nChange in other invested assets net\t(42)\t(67)\t(11)\nNet cash used in investing activities\t(140)\t(273)\t(66)\nCash Flows From Financing Activities\t\t\t\nPayment of cash dividends to shareholders\t(375)\t(355)\t(336)\nShares acquired - share repurchase authorization\t(261)\t(67)\t(125)\nProceeds from stock options exercised\t7\t11\t9\nOther\t3\t2\t1\nNet cash used in financing activities\t(626)\t(409)\t(451)\nNet change in cash and cash equivalents\t(181)\t(12)\t10\nCash and cash equivalents at beginning of year\t197\t209\t199\nCash and cash equivalents at end of year\t16\t197\t209\n", "q10k_tbl_129": "Cincinnati Financial Corporation and Subsidiaries\t\t\t\nSupplementary Insurance Information\t\t\t\n(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nDeferred policy acquisition costs:\t\t\t\nCommercial lines insurance\t317\t311\t291\nPersonal lines insurance\t136\t130\t126\nExcess and surplus lines insurance\t28\t25\t21\nOther\t61\t46\t26\nTotal property casualty insurance\t542\t512\t464\nLife insurance\t263\t262\t274\nTotal\t805\t774\t738\nGross future policy benefits losses claims and expense losses:\t\t\t\nCommercial lines insurance\t4881\t4569\t4466\nPersonal lines insurance\t739\t687\t679\nExcess and surplus lines insurance\t446\t351\t298\nOther\t611\t481\t203\nTotal property casualty insurance\t6677\t6088\t5646\nLife insurance\t2938\t2859\t2802\nTotal (1)\t9615\t8947\t8448\nGross unearned premiums:\t\t\t\nCommercial lines insurance\t1714\t1665\t1576\nPersonal lines insurance\t797\t757\t725\nExcess and surplus lines insurance\t175\t152\t123\nOther\t273\t213\t91\nTotal property casualty insurance\t2959\t2787\t2515\nLife insurance\t1\t1\t1\nTotal (1)\t2960\t2788\t2516\nOther policy claims and benefits payable:\t\t\t\nCommercial lines insurance\t0\t0\t0\nPersonal lines insurance\t0\t0\t0\nExcess and surplus lines insurance\t0\t0\t0\nOther\t0\t0\t0\nTotal property casualty insurance\t0\t0\t0\nLife insurance\t46\t35\t38\nTotal (1)\t46\t35\t38\nEarned premiums:\t\t\t\nCommercial lines insurance\t3476\t3319\t3218\nPersonal lines insurance\t1463\t1404\t1336\nExcess and surplus lines insurance\t325\t278\t234\nOther\t427\t333\t132\nTotal property casualty insurance\t5691\t5334\t4920\nLife insurance\t289\t270\t250\nTotal\t5980\t5604\t5170\n", "q10k_tbl_130": "Cincinnati Financial Corporation and Subsidiaries\t\t\t\nSupplementary Insurance Information\t\t\t\n(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nInvestment income net of expenses:\t\t\t\nCommercial lines insurance\t0\t0\t0\nPersonal lines insurance\t0\t0\t0\nExcess and surplus lines insurance\t0\t0\t0\nOther\t0\t0\t0\nTotal property casualty insurance (2)\t431\t419\t401\nLife insurance\t158\t152\t153\nTotal\t589\t571\t554\nBenefits claims losses and settlement expenses:\t\t\t\nCommercial lines insurance\t2336\t2030\t2049\nPersonal lines insurance\t977\t985\t972\nExcess and surplus lines insurance\t199\t142\t104\nOther\t325\t195\t98\nTotal property casualty insurance\t3837\t3352\t3223\nLife insurance\t297\t286\t267\nTotal\t4134\t3638\t3490\nAmortization of deferred policy acquisition costs:\t\t\t\nCommercial lines insurance\t664\t631\t608\nPersonal lines insurance\t256\t251\t242\nExcess and surplus lines insurance\t51\t47\t39\nOther\t86\t57\t18\nTotal property casualty insurance\t1057\t986\t907\nLife insurance\t49\t48\t39\nTotal (3)\t1106\t1034\t946\nUnderwriting acquisition and insurance expenses:\t\t\t\nCommercial lines insurance\t415\t422\t415\nPersonal lines insurance\t187\t164\t147\nExcess and surplus lines insurance\t43\t38\t29\nOther\t42\t42\t24\nTotal property casualty insurance\t687\t666\t615\nLife insurance\t36\t38\t36\nTotal (3)\t723\t704\t651\nNet written premiums:\t\t\t\nCommercial lines insurance\t3534\t3410\t3245\nPersonal lines insurance\t1503\t1435\t1378\nExcess and surplus lines insurance\t348\t303\t249\nOther\t479\t368\t158\nTotal property casualty insurance\t5864\t5516\t5030\nAccident and health insurance\t2\t2\t3\nTotal\t5866\t5518\t5033\n", "q10k_tbl_131": "Cincinnati Financial Corporation and Subsidiaries\t\t\t\nReinsurance\t\t\t\n(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nGross amounts:\t\t\t\nLife insurance in force\t111756\t108130\t104726\nEarned premiums\t\t\t\nCommercial lines insurance\t3578\t3421\t3314\nPersonal lines insurance\t1503\t1446\t1372\nExcess and surplus lines insurance\t341\t292\t245\nOther\t201\t181\t0\nTotal property casualty insurance\t5623\t5340\t4931\nLife insurance\t362\t341\t320\nTotal\t5985\t5681\t5251\nCeded amounts to other companies:\t\t\t\nLife insurance in force\t38281\t38146\t38584\nEarned premiums\t\t\t\nCommercial lines insurance\t109\t109\t104\nPersonal lines insurance\t41\t43\t37\nExcess and surplus lines insurance\t16\t14\t11\nOther\t51\t39\t8\nTotal property casualty insurance\t217\t205\t160\nLife insurance\t73\t71\t70\nTotal\t290\t276\t230\nAssumed amounts from other companies:\t\t\t\nLife insurance in force\t0\t0\t0\nEarned premiums\t\t\t\nCommercial lines insurance\t7\t7\t8\nPersonal lines insurance\t1\t1\t1\nExcess and surplus lines insurance\t0\t0\t0\nOther\t277\t191\t140\nTotal property casualty insurance\t285\t199\t149\nLife insurance\t0\t0\t0\nTotal\t285\t199\t149\nNet amounts:\t\t\t\nLife insurance in force\t73475\t69984\t66142\nEarned premiums\t\t\t\nCommercial lines insurance\t3476\t3319\t3218\nPersonal lines insurance\t1463\t1404\t1336\nExcess and surplus lines insurance\t325\t278\t234\nOther\t427\t333\t132\nTotal property casualty insurance\t5691\t5334\t4920\nLife insurance\t289\t270\t250\nTotal\t5980\t5604\t5170\nPercentage of amounts assumed to net:\t\t\t\nLife insurance in force\t-%\t-%\t-%\nEarned premiums\t\t\t\nCommercial lines insurance\t0.2%\t0.2%\t0.3%\nPersonal lines insurance\t0.1\t0.1\t0.1\nExcess and surplus lines insurance\t0\t0\t0\nOther\t64.9\t57.4\t106.1\nTotal property casualty insurance\t5.0\t3.7\t3.0\nLife insurance\t0\t0\t0\nTotal\t4.8\t3.6\t2.9\n", "q10k_tbl_132": "Cincinnati Financial Corporation and Subsidiaries\t\t\t\nValuation and Qualifying Accounts\t\t\t\n(Dollars in millions)\tAt December 31\t\t\n\t2020\t2019\t2018\nAllowance for credit losses (1):\t\t\t\nBeginning balance January 1\t8\t6\t6\nCumulative effect of change in accounting for credit losses as of January 1 2020 pretax\t3\t0\t0\nAdditions charged to costs and expenses\t19\t8\t6\nDeductions\t(8)\t(6)\t(6)\nEnding balance December 31\t22\t8\t6\nDeferred tax valuation allowance:\t\t\t\nBeginning balance January 1\t41\t0\t0\nAdditions charged to costs and expenses\t15\t55\t0\nDeductions\t0\t(14)\t0\nEnding balance December 31\t56\t41\t0\nTotal valuation and qualifying accounts\t78\t49\t6\n", "q10k_tbl_133": "Cincinnati Financial Corporation and Subsidiaries\t\t\t\nSupplementary Information Concerning Property Casualty Insurance Operations\t\t\t\n(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nDeferred policy acquisition costs:\t\t\t\nCommercial lines insurance\t317\t311\t291\nPersonal lines insurance\t136\t130\t126\nExcess and surplus lines insurance\t28\t25\t21\nOther\t61\t46\t26\nTotal\t542\t512\t464\nReserves for unpaid claims and claim adjustment expenses:\t\t\t\nCommercial lines insurance\t4881\t4569\t4466\nPersonal lines insurance\t739\t687\t679\nExcess and surplus lines insurance\t446\t351\t298\nOther\t611\t481\t203\nTotal\t6677\t6088\t5646\nReserve discount deducted\t0\t0\t0\nGross unearned premiums:\t\t\t\nCommercial lines insurance\t1714\t1665\t1576\nPersonal lines insurance\t797\t757\t725\nExcess and surplus lines insurance\t175\t152\t123\nOther\t273\t213\t91\nTotal\t2959\t2787\t2515\nEarned premiums:\t\t\t\nCommercial lines insurance\t3476\t3319\t3218\nPersonal lines insurance\t1463\t1404\t1336\nExcess and surplus lines insurance\t325\t278\t234\nOther\t427\t333\t132\nTotal\t5691\t5334\t4920\nInvestment income net of expenses:\t\t\t\nCommercial lines insurance\t0\t0\t0\nPersonal lines insurance\t0\t0\t0\nExcess and surplus lines insurance\t0\t0\t0\nOther\t0\t0\t0\nTotal (1)\t431\t419\t401\n", "q10k_tbl_134": "Cincinnati Financial Corporation and Subsidiaries\t\t\t\nSupplementary Information Concerning Property Casualty Insurance Operations\t\t\t\n(Dollars in millions)\tYears ended December 31\t\t\n\t2020\t2019\t2018\nLoss and loss expenses incurred related to current accident year:\t\t\t\nCommercial lines insurance\t2431\t2222\t2206\nPersonal lines insurance\t995\t1012\t960\nExcess and surplus lines insurance\t192\t153\t128\nOther\t350\t213\t96\nTotal\t3968\t3600\t3390\nLoss and loss expenses incurred related to prior accident years:\t\t\t\nCommercial lines insurance\t(95)\t(192)\t(157)\nPersonal lines insurance\t(18)\t(27)\t13\nExcess and surplus lines insurance\t7\t(11)\t(24)\nOther\t(25)\t(18)\t1\nTotal\t(131)\t(248)\t(167)\nAmortization of deferred policy acquisition costs:\t\t\t\nCommercial lines insurance\t664\t631\t608\nPersonal lines insurance\t256\t251\t242\nExcess and surplus lines insurance\t51\t47\t39\nOther\t86\t57\t18\nTotal\t1057\t986\t907\nPaid loss and loss expenses:\t\t\t\nCommercial lines insurance\t1969\t2023\t1816\nPersonal lines insurance\t921\t966\t913\nExcess and surplus lines insurance\t112\t90\t74\nOther\t181\t181\t44\nTotal\t3183\t3260\t2847\nNet written premiums:\t\t\t\nCommercial lines insurance\t3534\t3410\t3245\nPersonal lines insurance\t1503\t1435\t1378\nExcess and surplus lines insurance\t348\t303\t249\nOther\t479\t368\t158\nTotal\t5864\t5516\t5030\n", "q10k_tbl_135": "Exhibit No.\tExhibit Description\n3.1\tAmended and Restated Articles of Incorporation of Cincinnati Financial Corporation (incorporated by reference to the company's Quarterly Report on Form 10-Q for the quarter ended September 30 2017 Exhibit 3.1)\n3.2\tAmended and Restated Code of Regulations of Cincinnati Financial Corporation as of May 5 2018 (incorporated by reference to the company's Quarterly Report on Form 10-Q for the quarter ended June 30 2018 Exhibit 3.2)\n4.1\tIndenture with The Bank of New York Trust Company (incorporated by reference to the company's Current Report on Form 8-K dated November 2 2004 filed with respect to the issuance of the company's 6.125% Senior Notes due November 1 2034)\n4.2\tSupplemental Indenture with The Bank of New York Trust Company (incorporated by reference to the company's Current Report on Form 8-K dated November 2 2004 filed with respect to the issuance of the company's 6.125% Senior Notes due November 1 2034)\n4.3\tSecond Supplemental Indenture with The Bank of New York Trust Company (incorporated by reference to the company's Current Report on Form 8-K dated May 9 2005 filed with respect to the completion of the company's exchange offer and rescission offer for its 6.90% senior debentures due 2028)\n4.4\tForm of 6.125% Exchange Note Due 2034 (included in Exhibit 4.2)\n4.5\tForm of 6.92% Debentures Due 2028 (included in Exhibit 4.3)\n4.6\tIndenture with the First National Bank of Chicago (subsequently assigned to The Bank of New York Trust Company) (incorporated by reference to the company's registration statement on Form S-3 filed on May 20 1998 (File No. 333-51677))\n4.7\tForm of 6.90% Debentures Due 2028 (included in Exhibit 4.6)\n4.8\tDescription of Registered Securities\n10.1\tCincinnati Financial Corporation Nonemployee Director Stock Plan of 2018 (incorporated by reference to the company's definitive Proxy Statement dated March 21 2018)\n10.2\tFirst Amendment to Cincinnati Financial Corporation Nonemployee Director Stock Plan of 2018\n10.3\tCincinnati Financial Corporation Nonemployee Director Deferred Compensation Plan\n10.4\tCincinnati Financial Corporation Stock Option Plan No. VII (incorporated by reference to the company's definitive Proxy Statement dated March 8 2002) (File No. 000-04604)\n10.5\tCincinnati Financial Corporation Annual Incentive Compensation Plan of 2009 as amended January 31 2014 (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K dated February 3 2014)\n10.6\tCincinnati Financial Corporation Annual Incentive Compensation Plan of 2009 Amended and Restated on January 29 2021\n10.7\tCincinnati Financial Corporation 2006 Stock Compensation Plan (incorporated by reference to the company's definitive Proxy Statement dated March 30 2006)\n10.8\tCincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to the company's definitive Proxy Statement dated March 16 2012)\n10.9\tCincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to the company's Definitive Proxy Statement dated March 16 2016 Appendix B)\n10.10\tFirst Amendment of Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 99.1 filed with the Company's current report on Form 8-K dated April 11 2016)\n10.11\tAmended and Restated Cincinnati Financial Corporation Supplemental Retirement Plan dated January 1 2009 (incorporated by reference to Exhibit 10.7 filed with the company's Annual Report on Form 10-K dated February 27 2013)\n10.12\tForm of Incentive Stock Option Agreement for Stock Option Plan VII (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K dated October 20 2006)\n10.13\tForm of Nonqualified Stock Option Agreement for Stock Option Plan VII (incorporated by reference to Exhibit 10.2 filed with the company's Current Report on Form 8-K dated October 20 2006)\n10.14\tForm of Incentive Stock Option Agreement for the 2006 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company's Current Report on Form 8-K dated October 20 2006)\n", "q10k_tbl_136": "Exhibit No.\tExhibit Description\n10.15\tForm of Nonqualified Stock Option Agreement for the 2006 Stock Compensation Plan (incorporated by reference to Exhibit 10.4 filed with the company's Current Report on Form 8-K dated October 20 2006)\n10.16\tForm of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K dated February 21 2013)\n10.17\tForm of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.2 filed with the company's Current Report on Form 8-K dated February 21 2013)\n10.18\tForm of Restricted Stock Unit Agreement (service based) for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company's Current Report on Form 8-K dated February 21 2013)\n10.19\tForm of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K dated February 13 2015)\n10.20\tForm of Restricted Stock Unit Agreement (performance based) for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.4 filed with the company's Current Report on Form 8-K dated February 21 2013)\n10.21\tForm of Incentive Compensation Agreement for the Cincinnati Financial Corporation Incentive Compensation Plan of 2009 (as amended January 31 2014) (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K dated January 30 2017)\n10.22\tForm of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.2 filed with the company's Current Report on Form 8-K dated January 30 2017)\n10.23\tForm of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company's Current Report on Form 8-K dated January 30 2017)\n10.24\tForm of Restricted Stock Unit Agreement (service based/cliff) for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.4 filed with the company's Current Report on Form 8-K dated January 30 2017)\n10.25\tForm of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.5 filed with the company's Current Report on Form 8-K dated January 30 2017)\n10.26\tForm of Restricted Stock Unit Agreement (performance-based) for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.6 filed with the company's Current Report on Form 8-K dated January 30 2017)\n10.27\tForm of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.7 filed with the company's Current Report on Form 8-K dated January 30 2017)\n10.28\tForm of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.8 filed with the company's Current Report on Form 8-K dated January 30 2017)\n10.29\tForm of Restricted Stock Unit Agreement (service based/cliff) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.9 filed with the company's Current Report on Form 8-K dated January 30 2017)\n10.30\tForm of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.10 filed with the company's Current Report on Form 8-K dated January 30 2017)\n10.31\tForm of Restricted Stock Unit Agreement (performance based) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.11 filed with the company's Current Report on Form 8-K dated January 30 2017)\n10.32\tAmended and Restated Cincinnati Financial Corporation Top Hat Savings Plan dated January 1 2018 (incorporated by reference to Exhibit 10.31 filed with the company's Form 10-K dated February 23 2018)\n10.33\tCincinnati Financial Corporation Executive Deferred Compensation Agreement by and between the Cincinnati Financial Corporation and Michael J. Sewell dated as of October 25 2011 (incorporated by reference to Exhibit 10.2 filed with the company's Quarterly Report on Form 10-Q for the quarter ended September 30 2011)\n", "q10k_tbl_137": "Exhibit No.\tExhibit Description\n10.34\tAmended and Restated Credit Agreement by and among Cincinnati Financial Corporation CFC Investment Company PNC Bank N.A. as Administrative Agent PNC Capital Markets LLC as Sole Bookrunner and Joint Lead Arranger Fifth Third Bank N.A. as Joint Lead Arranger and Syndication Agent The Huntington National Bank and U.S. Bank N.A. as Documentation Agents dated May 13 2014 (incorporated by reference to the company's Current Report on Form 8-K dated May 13 2014 Exhibit 10.1)\n10.35\tFirst Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation CFC Investment Company PNC Bank N.A. as Administrative Agent PNC Capital Markets LLC as Sole Bookrunner and Joint Lead Arranger Fifth Third Bank N.A. as Joint Lead Arranger and Syndication Agent The Huntington National Bank and U.S. Bank N.A. as Documentation Agents dated February 8 2016 (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K dated February 8 2016)\n10.36\tSecond Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation CFC Investment Company PNC Bank N.A. as Administrative Agent PNC Capital Markets LLC as Sole Bookrunner and Joint Lead Arranger Fifth Third Bank N.A. as Joint Lead Arranger and Syndication Agent The Huntington National Bank and U.S. Bank N.A. as Documentation Agents dated March 31 2016 (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K dated April 4 2016)\n10.37\tThird Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation CFC Investment Company PNC Bank N.A. as Administrative Agent PNC Capital Markets LLC as Sole Bookrunner and Joint Lead Arranger Fifth Third Bank N.A. as Joint Lead Arranger and Syndication Agent The Huntington National Bank and U.S. Bank N.A. as Documentation Agents dated February 4 2019 (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K dated February 6 2019)\n10.38\tFourth Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation CFC Investment Company PNC Bank N.A. as Administrative Agent PNC Capital Markets LLC as Sole Bookrunner and Joint Lead Arranger Fifth Third Bank N.A. as Joint Lead Arranger and Syndication Agent The Huntington National Bank and U.S. Bank N.A. as Documentation Agents dated February 26 2019 (incorporated by reference to Exhibit 10.6 filed with the company's Current Report on Form 8-K dated February 28 2019)\n10.39\tLimited Consent to Credit Agreement dated December 6 2019 among Cincinnati Financial Corporation CFC Investment Company PNC Bank N.A. Fifth Third Bank N.A. The Huntington National Bank U.S. Bank N.A. and Branch Banking and Trust Company (incorporated by reference to Exhibit 10.6 filed with the company's Current Report on Form 8-K dated December 6 2019)\n10.40\tLimited Consent to Credit Agreement dated December 11 2020 among Cincinnati Financial Corporation CFC Investment Company PNC Bank N.A. Fifth Third Bank N.A. The Huntington National Bank U.S. Bank N.A. and Branch Banking and Trust Company (incorporated by reference to Exhibit 10.7 filed with the company's Current Report on Form 8-K dated December 11 2020)\n10.41\tReimbursement Agreement for Letters of Credit by and between Bank of Nova Scotia and The Cincinnati Insurance Company dated October 15 2018 (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K dated October 17 2018)\n10.42\tLetter of Credit Facility Agreement by and between Cincinnati Financial Corporation as Borrower and The Bank of Nova Scotia as Bank dated February 25 2019 (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K dated February 28 2019)\n10.43\tAmendment Letter No. 1 to the Letter of Credit Facility Agreement dated November 4 2019 (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K dated November 5 2019)\n10.44\tAmendment Letter No. 2 to the Letter of Credit Facility Agreement dated October 30 2020 (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K dated November 2 2020)\n11\tStatement re: Computation of per share earnings for the years ended December 31 2020 2019 and 2018 contained in Part II Item 8 Note 12 to the Consolidated Financial Statements\n14\tCincinnati Financial Corporation Code of Ethics for Senior Financial Officers (incorporated by reference to the company's definitive Proxy Statement dated March 18 2004 (File No. 000-04604))\n21\tCincinnati Financial Corporation subsidiaries contained in Part I Item 1 of this report\n23\tConsent of Independent Registered Public Accounting Firm\n31A\tCertification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 - Chief Executive Officer\n31B\tCertification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 - Chief Financial Officer\n32\tCertification pursuant to Section 906 of the Sarbanes Oxley Act of 2002\n", "q10k_tbl_138": "Exhibit No.\tExhibit Description\n101.INS\tThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH\tXBRL Taxonomy Extension Schema Document\n101.CAL\tXBRL Taxonomy Extension Calculation Linkbase Document\n101.DEF\tXBRL Taxonomy Extension Definition Linkbase Document\n101.LAB\tXBRL Taxonomy Extension Label Linkbase Document\n101.PRE\tXBRL Taxonomy Extension Presentation Linkbase Document\n104\tCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)\n", "q10k_tbl_139": "Signature\tTitle\tDate\n/S/ Steven J. Johnston\tChairman President Chief Executive Officer and Director\tFebruary 25 2021\nSteven J. Johnston\n/S/ Michael J. Sewell\tChief Financial Officer Senior Vice President and Treasurer\tFebruary 25 2021\nMichael J. Sewell\n/S/ Thomas J. Aaron\tDirector\tFebruary 25 2021\nThomas J. Aaron\n/S/ William F. Bahl\tDirector\tFebruary 25 2021\nWilliam F. Bahl\n/S/ Nancy C. Benacci\tDirector\tFebruary 25 2021\nNancy C. Benacci\n/S/ Dirk J. Debbink\tDirector\tFebruary 25 2021\nDirk J. Debbink\n/S/ Linda W. Clement-Holmes\tDirector\tFebruary 25 2021\nLinda W. Clement-Holmes\n/S/ Kenneth C. Lichtendahl\tDirector\tFebruary 25 2021\nKenneth C. Lichtendahl\n/S/ David P. Osborn\tDirector\tFebruary 25 2021\nDavid P. Osborn\n/S/ Jill P. Meyer Pratt\tDirector\tFebruary 25 2021\nJill P. Meyer Pratt\n/S/ Gretchen W. Schar\tDirector\tFebruary 25 2021\nGretchen W. Schar\n/S/ Charles O. Schiff\tDirector\tFebruary 25 2021\nCharles O. Schiff\n/S/ Thomas R. Schiff\tDirector\tFebruary 25 2021\nThomas R. Schiff\n/S/ Douglas S. Skidmore\tDirector\tFebruary 25 2021\nDouglas S. Skidmore\n/S/ John F. Steele Jr.\tDirector\tFebruary 25 2021\nJohn F. Steele Jr.\n/S/ Larry R. Webb\tDirector\tFebruary 25 2021\nLarry R. Webb\n"}{"bs": "q10k_tbl_68", "is": "q10k_tbl_69", "cf": "q10k_tbl_72"}None
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 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 000-04604
Cincinnati Financial Corporation
(Exact name of registrant as specified in its charter)
Ohio
31-0746871
(State of incorporation)
(I.R.S. Employer Identification No.)
6200 S. Gilmore Road
Fairfield, Ohio45014-5141
(Address of principal executive offices) (Zip Code)
(513) 870-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $2.00 par
CINF
Nasdaq Global Select Market
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☑ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐No☑
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 if 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 non-accelerated filer, a smaller reporting company, or 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 ☐ Non-accelerated 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
The aggregate market value of voting stock held by nonaffiliates of the Registrant based on the closing price of $64.03 per share as reported on Nasdaq Global Select Market on June 30, 2020, was $9,621,748,017.
As of February 19, 2021, there were 161,201,922 shares of common stock outstanding.
Document Incorporated by Reference
Portions of the definitive Proxy Statement for Cincinnati Financial Corporation’s Annual Meeting of Shareholders to be held on May 8, 2021, are incorporated by reference into Part III of this Form 10-K.
We are an Ohio corporation formed in 1968. Our lead subsidiary, The Cincinnati Insurance Company, was founded in 1950. Our main business is property casualty insurance marketed through independent insurance agencies in 45 states. Our headquarters is in Fairfield, Ohio.
Cincinnati Financial Corporation owns 100% of four subsidiaries: The Cincinnati Insurance Company (Cincinnati Insurance), Cincinnati Global Underwriting Ltd.SM (Cincinnati Global), CSU Producer Resources Inc. and CFC Investment Company. In addition, the parent company has an investment portfolio, owns the headquarters property and is responsible for corporate borrowings and shareholder dividends.
The Cincinnati Insurance Company owns 100% of four additional insurance subsidiaries. Our standard market property casualty insurance group includes two of those subsidiaries – The Cincinnati Casualty Company and The Cincinnati Indemnity Company. This group writes a broad range of business, homeowner and auto policies. The Cincinnati Insurance Company also conducts the business of our reinsurance assumed operations, known as Cincinnati Re®. Other subsidiaries of The Cincinnati Insurance Company include: The Cincinnati Life Insurance Company (Cincinnati Life), which provides life insurance policies and fixed annuities; and The Cincinnati Specialty Underwriters Insurance Company (Cincinnati Specialty Underwriters), which offers excess and surplus lines insurance products. In this report and elsewhere we often refer to any or all of these five companies as The Cincinnati Insurance Companies.
Cincinnati Global owns 100% of Cincinnati Global Underwriting Agency Ltd.SM, a London-based, global specialty underwriter for Lloyd's Syndicate 318, and Cincinnati Global Dedicated No. 2 Ltd.SM, a Lloyd’s corporate member and vehicle through which capital is provided by Cincinnati Financial Corporation and third-party names at Lloyd’s.
The two noninsurance subsidiaries of Cincinnati Financial Corporation are CSU Producer Resources, which offers insurance brokerage services to our independent agencies so their clients can access our excess and surplus lines insurance products; and CFC Investment Company, which offers commercial leasing and financing services to our agencies, their clients and other customers.
Our filings with the U.S. Securities and Exchange Commission (SEC) are available on our website,
cinfin.com/investors, as soon as possible after they have been filed with the SEC. Reports filed with the SEC may also be viewed at sec.gov. These filings include annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934. In this report we reference various websites. These websites, including our own, are not incorporated by reference in this Annual Report on Form 10-K.
Periodically, we refer to estimated industry data so that we can give information about our performance versus the overall U.S. insurance industry. Unless otherwise noted, the industry data is prepared by A.M. Best, a leading insurance industry statistical, analytical and insurer financial strength and credit rating organization. Information from A.M. Best is presented on a statutory accounting basis for insurance company regulation in the United States of America. When we provide our results on a comparable statutory accounting basis, we label it as such; all other company data is presented in accordance with accounting principles generally accepted in the United States of America (GAAP).
The Cincinnati Insurance Company was founded more than 70 years ago by four independent insurance agents. They established the mission that continues to guide all of the companies in the Cincinnati Financial Corporation family – to grow profitably and enhance the ability of local independent insurance agents to deliver quality financial protection to the people and businesses they serve by:
•providing insurance market stability through financial strength
•producing competitive, up-to-date products and services
•developing associates committed to superior service
At the end of 2020, we employed 5,266 associates, including 3,362 headquarters associates who provide support to 1,849 field associates and 55 associates for Cincinnati Global. The associate voluntary turnover rate has been approximately 5% for several years.
We believe our compensation, training, technology, inclusive culture and other support help to develop, attract and retain our associates, which is critical to our strategy that emphasizes superior service to agencies and their clients, as described in this report. Our goal is to hire job candidates with promise, matching their strengths to positions within the company and providing resources to help them meet professional and personal goals. We are committed to providing equal opportunity for all associates, encouraging a work environment free from unlawful discrimination and harassment.
We use multiple channels to ensure we recruit a diverse workforce rich with ideas and knowledge. For example, we build relationships with future talent by partnering with career services department, faculty and staff, and Diversity and Inclusion Offices at local and regional colleges and universities along with historically Black colleges and universities.
We offer a base pay level for all roles that is competitive, market-based and re-evaluated on a recurring basis. The base pay is complemented by a matching 401(k) program, annual cash bonus and stock ownership opportunities along with healthcare benefits to provide a comprehensive compensation and benefits package. In addition, we have many special programs that appeal to associates while aligning with our corporate values. We believe our voluntary turnover rate indicates overall associate satisfaction with their working environment, compensation and benefits.
We strive to offer equal pay for equal work and use independent consultants to conduct gender and ethnic minority pay equity studies examining total direct compensation, which consists of base salary, cash bonus and equity awards. Using a multivariate regression analysis, the independent studies in 2020 showed that we administer pay fairly and equitably because the factors used to make compensation decisions, such as role, salary grade, tenure and performance do in fact drive compensation awarded to each associate. The studies also showed that there remains an adjusted gender pay gap of 1.0%, in favor of men, and an adjusted ethnic minority pay gap of 1.5%, in favor of ethnic minorities.
We offer all regular, full- and part-time associates the opportunity to participate in the CFC Savings Plan, our 401(k) plan. We also offer all full-time associates the opportunity to purchase health, prescription, vision and dental insurance. Associates enrolled in our health plan can receive a free biometric screening – either onsite at our headquarters or with their personal physician.
While providing stock compensation at all levels of an organization may not be a common business practice, we firmly believe that stock ownership helps drive good decision making and encourages a long-term view by associates. We historically grant annual stock-based compensation to full-time, salaried associates in the form of stock options and restricted stock units that vest over time. In addition, each year all regular, full-time associates – salaried and hourly – are awarded one share of stock for each full calendar year of service, up to 10 shares, through our Holiday Stock Plan.
Additional human capital information is available in our Environmental, Social and Governance Report available on the Sustainability page of our website, cinfin.com/sustainability.
At year-end 2020, a select group of independent agencies in 45 states actively marketed our property casualty insurance within their communities. Standard market commercial lines and excess and surplus lines policies were marketed in 41 of those states. Personal lines policies were marketed in 43 of those states. Within our select group of agencies, we also seek to become the life insurance carrier of choice and to help agents and their clients – our policyholders – by offering leasing and financing services.
Three competitive advantages distinguish our company, positioning us to build shareholder value and to be successful overall:
•Commitment to our professional independent insurance agencies and to their continued success
•Financial strength to fulfill our promises and be a consistent market for our agents’ business, supporting stability and confidence
•Operating structure that supports local decision making, showcasing our claims excellence and allowing us to balance growth with underwriting discipline
The primary sources of our company’s net income are summarized below. We discuss the contribution to net income from each source in Item 7, Corporate Financial Highlights of Management’s Discussion and Analysis.
•Underwriting profit (loss) – Includes revenues from earned premiums for insurance and reinsurance policies or contracts, reduced by losses and loss expenses from associated insurance coverages. Those revenues are further reduced by underwriting expenses associated with marketing policies or related to administration of our insurance operation. The net result represents an underwriting profit when revenues exceed losses and expenses.
•Investment income – Is generated primarily from investing the premiums collected for insurance policies sold, until funds are needed to pay losses for insurance claims or other expenses. Interest income from bond investments or dividend income from stock investments are the main categories of our investment income, with additional contribution from compounding effects over time.
•Investment gains and losses – Occur from appreciation or depreciation of invested assets over time. Gains or losses are generally recognized from changes in market values of equity securities without a sale or when invested assets are sold or become impaired.
The U.S. property casualty insurance industry is a highly competitive marketplace with more than 2,000 stock and mutual companies operating independently or in groups. No single company or group dominates across all product lines and states. Standard market insurance companies (carriers) can market a broad array of products nationally or:
•choose to sell a limited product line or only one type of insurance (monoline carrier)
•target a certain segment of the market (for example, personal insurance)
•focus on one or more states or regions (regional carrier)
Standard market property casualty insurers generally offer insurance products through one or more distribution channels:
•independent agents, who represent multiple carriers
•captive agents, who represent one carrier exclusively
•direct marketing to consumers
For the most part, we compete with standard market insurance companies that market through independent insurance agents. Agencies marketing our commercial lines or personal lines products typically represent several standard market insurance carriers, including both national and regional carriers, many which are mutual companies. We also compete with carriers that market personal lines products through captive agents and direct writers. Some of our agencies describe their roles as brokers instead of agents. Distribution through independent insurance agents or brokers represents nearly 60% of overall U.S. property casualty insurance premiums and approximately 80% of commercial property casualty insurance premiums, according to studies by the Independent Insurance Agents and Brokers of America.
We are fully committed to the independent agency channel for marketing our insurance policies, while Cincinnati Re typically markets through broker organizations or similar intermediaries that specialize in reinsurance. Cincinnati Global markets much of its business through coverholders, which are entities that help insurance companies with processes such as writing policies and collecting premiums. For marketing standard lines insurance products, we choose independent agencies that share our philosophies. They do business person to person; offer broad, value-added services; maintain sound balance sheets; and manage their agencies professionally, targeting long-term success. We develop our relationships with agencies that are active in their communities, providing important knowledge of local market trends, opportunities and challenges.
Our associates work to support agencies with tools and resources that help communicate the value of choosing an independent insurance agent and our insurance policies to their clients and prospective clients. We plan to build on our recent marketing efforts and continue with our national advertising campaign in 2021. Our intent is to increase the visibility of our company, supporting our agents' efforts as they recommend policies and services offered through The Cincinnati Insurance Companies. We also continue to build our social media presence, focusing on providing content that agents can share on their own sites.
We help our agencies meet the broader needs of their clients and increase and diversify their revenues and profitability by offering insurance solutions beyond our standard market property casualty insurance products. We market life insurance products through the agencies that offer our property casualty products and through other independent life agencies that represent Cincinnati Life without also representing our other subsidiaries. We operate our own excess and surplus lines insurance brokerage firm and insurance carrier so that we can offer our excess and surplus lines products exclusively to the independent agencies who market our other property casualty insurance products.
For our life insurance operation, property casualty agencies make up the main distribution system. To help that operation build scale, we also develop life insurance business from other independent life insurance agencies in geographic markets underserved through our property casualty agencies. We are careful to solicit business from these other agencies in a manner that does not compete with the life insurance marketing and sales efforts of our property casualty agencies. Cincinnati Life emphasizes up-to-date products, responsive underwriting, high-quality service and competitive pricing.
Our excess and surplus lines insurance operation helps meet the specific insurance needs of certain agency clients. Generally, excess and surplus lines insurance carriers provide insurance that is unavailable in the standard market due to market conditions or characteristics of the insured persons or organizations that are caused by their nature, claim history or the characteristics of their business. Insurers operating in the excess and surplus lines marketplace generally market business through excess and surplus lines brokers, whether they are small specialty insurers or specialized divisions of larger insurance organizations. Agencies have access to Cincinnati Specialty Underwriters' product line through CSU Producer Resources, the wholly owned insurance brokerage subsidiary of Cincinnati Financial Corporation. By providing superior service, we can help our agencies grow while also profitably growing our property casualty insurance business.
The table below includes data about property casualty agency relationships that market our standard market insurance products. It does not include Lloyd's brokers or coverholders that source business for Cincinnati Global.
Agency Data
Years ended December 31,
2020
2019
Property casualty agency relationships, January 1
1,796
1,757
New appointments that market all or most of The Cincinnati Insurance Companies' products
133
117
New appointments that market only personal lines insurance products for Cincinnati Insurance
58
70
Changes due to consolidation and other
(139)
(148)
Property casualty agency relationships, December 31
1,848
1,796
Property casualty reporting locations
2,578
2,458
New relationship appointments
119
112
Active states
45
45
The annual total of agency new appointments may be partially offset by other changes in agency structures, such as consolidation through mergers or acquisitions. An increasing number of agencies have multiple, separately identifiable locations, reflecting their growth as well as consolidation of ownership within the independent agency marketplace. The number of reporting agency locations indicates our agents’ regional scope and the extent of our presence within our active states. The difference between new appointments in total and the number of new relationships represents either: new branch offices opened by existing Cincinnati agencies; or agencies that merged with another Cincinnati agency and we still believed would produce a meaningful amount of new business premiums.
On average, we have a 6.6% share of the standard lines property casualty insurance purchased through our reporting agency locations, according to 2019 data from agency surveys. Our share is 12.5% in reporting agency locations that have represented us for more than 10 years; 5.7% in agencies that have represented us for six to 10 years; 2.4% in agencies that have represented us for two to five years; and 0.3% in agencies that have represented us for one year or less.
Our largest single agency relationship accounted for approximately 1.3% of our total property casualty earned premiums in 2020. No aggregate locations under a single ownership structure accounted for more than 4% of our earned premiums in 2020.
We believe that our financial strength and strong capital and surplus position, reflected in our insurer financial strength ratings, are clear, competitive advantages in the segments of the insurance marketplace that we serve. This strength supports the consistent, predictable performance that our policyholders, agents, associates and shareholders have always expected and received, helping us withstand significant challenges.
While the potential exists for short-term financial performance variability due to our exposures to possible natural or man-made catastrophes or to significant capital market losses, the rating agencies consistently assert that we have built appropriate financial strength and flexibility to manage that variability. We remain committed to strategies that emphasize being a consistent, stable market for our agents’ business rather than seeking short-term benefits that might accrue by quick, opportunistic reaction to changes in market conditions.
We use various principles and practices such as diversification and enterprise risk management to maintain strong capital. For example, we maintain a diversified investment portfolio by reviewing and applying specific parameters and tolerances.
•Our $12.338 billion fixed-maturity portfolio is diversified and exceeds total insurance reserves. The portfolio had an average rating of A3/A, and its fair value exceeded total insurance reserve liabilities by approximately 28% at December 31, 2020. No corporate bond exposure accounted for more than 0.7% of our fixed-maturity portfolio, and no municipal exposure accounted for more than 0.2%.
•The strength of our fixed-maturity portfolio provides an opportunity to invest for potential capital appreciation by purchasing equity securities. Our $8.856 billion equity portfolio minimizes concentrations in single stocks or industries. At December 31, 2020, no single security accounted for more than 7.6% of our portfolio of publicly traded common stocks, and no single sector accounted for more than 29%.
Strong liquidity increases our flexibility through all periods to maintain our cash dividend and to continue to invest in and expand our insurance operations. At December 31, 2020, we held $3.916 billion of our cash and invested assets at the parent-company level, of which $3.686 billion, or 94.1%, was invested in common stocks, and $16 million, or 0.4%, was cash and cash equivalents.
We minimize reliance on debt as a source of capital, with a debt-to-total-capital ratio of 7.2% at year-end 2020. Long-term debt at year-end 2020 totaled $788 million, matching year-end 2019, and our short-term debt was $54 million, up from $39 million at the end of the prior year. The long-term debt consists of three nonconvertible, noncallable debentures, two due in 2028 and one in 2034. Ratings for our long-term debt are discussed in Item 7, Liquidity and Capital Resources, Long-Term Debt of Management’s Discussion and Analysis.
At year-end 2020 and 2019, risk-based capital (RBC) for our standard market property casualty insurance, excess and surplus lines insurance and life insurance subsidiaries was strong, far exceeding regulatory requirements.
•We ended 2020 with a 1.0-to-1 ratio of property casualty premiums to surplus, a key measure of property casualty insurance company capacity and security. A lower ratio indicates more security for policyholders and greater capacity for growth by an insurer. We believe our ratio provides ample flexibility to diversify risk by expanding our operations into new geographies and product areas. The estimated industry average ratio was 0.7-to-1 at year-end 2020.
•We ended 2020 with a 7.1% ratio of life statutory adjusted risk-based surplus to liabilities, a key measure of life insurance company capital strength. A higher ratio indicates an insurer’s stronger security for policyholders and capacity to support business growth.
(Dollars in millions) Statutory Information
At December 31,
2020
2019
Standard market property casualty insurance subsidiary
Statutory capital and surplus
$
5,838
$
5,620
Risk-based capital
5,860
5,654
Authorized control level risk-based capital
924
823
Risk-based capital to authorized control level risk-based capital ratio
6.3
6.9
Written premium to surplus ratio
1.0
1.0
Excess and surplus lines insurance subsidiary
Statutory capital and surplus
$
528
$
526
Risk-based capital
528
526
Authorized control level risk-based capital
69
54
Risk-based capital to authorized control level risk-based capital ratio
7.7
9.8
Written premium to surplus ratio
0.7
0.6
Life insurance subsidiary
Statutory capital and surplus
$
241
$
204
Risk-based capital
263
239
Authorized control level risk-based capital
58
53
Total liabilities excluding separate account business
3,723
3,643
Risk-based capital to authorized control level risk-based capital ratio
4.6
4.5
Life statutory risk-based adjusted surplus to liabilities ratio
7.1
6.6
On a statutory consolidated property casualty insurance basis, the ratio of investments in common stock, at fair value, to statutory capital and surplus was 82.6% at year-end 2020 compared with 78.7% at year-end 2019.
Cincinnati Financial Corporation’s senior debt is rated by four independent rating firms. In addition, the rating firms award our property casualty and life operations insurance financial strength ratings based on their quantitative and qualitative analyses. These ratings assess an insurer’s ability to meet financial obligations to policyholders and do not necessarily address all of the matters that may be important to shareholders. Ratings may be subject to revision or withdrawal at any time by the ratings agency, and each rating should be evaluated independently of any other rating.
At February 24, 2021, our insurance subsidiaries continued to be highly rated.
Insurer Financial Strength Ratings
Rating agency
Standard market property casualty insurance subsidiary
Life insurance subsidiary
Excess and surplus lines insurance subsidiary
Outlook
Rating Tier
Rating Tier
Rating Tier
A.M. Best Company
ambest.com
A+
Superior
2 of 16
A+
Superior
2 of 16
A+
Superior
2 of 16
Stable
Fitch Ratings
fitchratings.com
A+
Strong
5 of 21
A+
Strong
5 of 21
-
-
-
Stable
Moody's Investors
Service
moodys.com
A1
Good
5 of 21
-
-
-
-
-
-
Stable
S&P Global Ratings
spratings.com
A+
Strong
5 of 21
A+
Strong
5 of 21
-
-
-
Stable
On January 27, 2021, A.M. Best affirmed its ratings, continuing its stable outlook. On November 24, 2020, Fitch affirmed its ratings, continuing its stable outlook. On July 6, 2020, Moody's affirmed its ratings, returning its outlook to stable. On June 30, 2020, S&P affirmed its ratings, continuing its stable outlook.
Our debt ratings are discussed in Item 7, Liquidity and Capital Resources, Long-Term Debt of Management’s Discussion and Analysis.
We offer our broad array of insurance products through the independent agency distribution channel. We recognize that locally based independent agencies have relationships in their communities and local marketplace intelligence that can lead to profitable business and policyholder satisfaction and loyalty. Several of our strategic initiatives are intended not only to help us compete but also to enhance support of agencies that represent us, thereby contributing to agency success. We seek to be a consistent and predictable property casualty carrier that agencies can rely on to serve their clients.
In our 10 highest volume states for consolidated property casualty premiums, 1,316 reporting agency locations wrote 53.3% of our 2020 consolidated property casualty earned premium volume compared with 1,200 locations and 54.8% in 2019. We continue efforts to geographically diversify our property casualty risks.
Our 10 largest states based on property casualty premium volume, excluding Cincinnati Re and Cincinnati Global, are shown in the table below.
(Dollars in millions)
Earned premiums
% of total earned
Agency locations
Average premium per location
Year ended December 31, 2020
Ohio
$
844
14.8
%
251
$
3.4
Illinois
310
5.4
165
1.9
Georgia
291
5.1
106
2.7
North Carolina
283
5.0
112
2.5
Pennsylvania
269
4.7
147
1.8
Indiana
258
4.5
114
2.3
New York
211
3.7
146
1.4
Michigan
199
3.5
137
1.5
Tennessee
193
3.4
66
2.9
Virginia
184
3.2
72
2.6
Field Focus Emphasizing Service
We rely on our force of 1,849 field associates to provide service and be accountable to our agencies for decisions we make at the local level. These associates live in the communities our agents serve, so they are readily available when agencies or policyholders need them. While their work is often conducted at the premises of the agency or policyholder, they also work from offices in their homes. Headquarters associates support agencies and field associates with underwriting, accounting, technology assistance, training and other services. Company executives and headquarters associates typically travel to visit agencies, strengthening the personal relationships we have with these organizations. Agents have opportunities for direct, personal conversations with our senior management team, and headquarters associates have opportunities to refresh their knowledge of marketplace conditions and field activities.
The field team is coordinated by field marketing representatives responsible for underwriting new commercial lines business. They are joined by field representatives specializing in claims, loss control, commercial lines key accounts, personal lines, excess and surplus lines, machinery and equipment, management liability and surety, premium audit and life insurance. The field team provides a variety of services, such as recommending specific actions to improve the safety of the policyholder’s operations. We seek to develop long-term relationships by understanding the unique needs of each agency's clients, who are also our policyholders.
Technology enhances our service to agencies, allowing them to more easily access our systems and process business transactions. Policyholders can conveniently access pertinent policy information online, helping to reduce costs for agencies and the company. Technology and ongoing training also help our associates collaborate and process business efficiently, providing more time for personal service to agencies and their clients.
We also provide and continue to develop enhanced, tailored services offered at the time a claim is reported for an insured loss event. Those services include assisting with car rental or towing, arranging temporary housing and coordinating emergency repairs to homes so additional damage is minimized.
Our claims philosophy reflects our belief that we prosper as a company by responding to claims person to person, paying covered claims promptly, preventing false claims from unfairly adding to overall premiums and building financial strength to meet future obligations.
Our 944 locally based field claims associates work from their homes and are assigned to specific agencies. They respond personally to policyholders and claimants and are equipped to handle a claim from nearly anywhere. We believe we have a competitive advantage because of the person-to-person approach and the resulting high level of service that our field claims representatives and Express Claims Center associates deliver. For field claims associates handling excess and surplus lines claims, guidance is provided by headquarters-based excess and surplus lines claims managers. Claims may be reported directly to us by calling our claims call center, online via our company website or through the MyCincinnati app using a mobile device.
Catastrophe response teams are comprised of our experienced field claims associates who have the authority they need to do their jobs. In times of widespread loss, our field claims representatives confidently and quickly resolve claims, with the ability to provide claims payments on the same day they inspect the loss. Technology helps to enable fast initial contact with policyholders and easy sharing of information and data among storm teams, headquarters associates and local field claims representatives. When hurricanes or other weather events are predicted, we can identify through mapping technologies the expected number of our policyholders that may be impacted by the event and choose to have catastrophe response team members travel to strategic locations near the expected impact area. They are then in position to quickly get to the affected area and begin providing service to policyholders.
Our 30 associates working in the Special Investigations Unit (SIU) include former law enforcement and claims professionals whose qualifications make them well suited to gathering facts to uncover potential fraud. While we believe our job is to pay what is due under each policy contract, we also want to prevent false claims from unfairly increasing overall premiums. Our SIU also operates a computer forensics lab that supports field investigation efforts in various ways including assistance with video evidence and data recovery.
We seek to attract and retain high-quality independent insurance agencies with knowledgeable, professional staffs. In turn, we make an exceptionally strong commitment to assist them in keeping their knowledge up to date and educating new people they bring on board as they grow. This includes offering classes, usually at no cost to agencies, except travel-related expenses they may incur, and other training support. We also offer noninsurance financial services. We believe that providing these services enhances agency relationships with the company and their clients, increasing loyalty while diversifying the agency’s revenues.
We provide well-designed property casualty and life insurance products to bring policyholders convenience, discounts and a reduced risk of coverage gaps or disputes. For most agencies that represent us, we believe we offer insurance solutions for approximately 75% of the typical insurable risks of their clients. Products for various business lines within our reporting segments include insurance coverages for business property and liability, automobiles and homes.
The following table shows net written premiums by segment and business line at year-end 2020, 2019 and 2018: