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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 (Mark one)
☑       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the quarterly period ended June 30, 2024.
☐       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the transition period from _____________________ to _____________________.
Commission file number 0-4604
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio 31-0746871
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer Identification No.)
6200 S. Gilmore Road, Fairfield,Ohio 45014-5141
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (513) 870-2000
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockCINFNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
☑Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☑Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a nonaccelerated filer, a smaller reporting company or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
☑ Large accelerated filer ☐ Accelerated filer ☐ Nonaccelerated filer ☐ Smaller reporting company
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
☐Yes ☑ No
As of July 19, 2024, there were 156,240,158 shares of common stock outstanding.

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

Cincinnati Financial Corporation Second-Quarter 2024 10-Q
Page 2
Part I – Financial Information
Item 1.    Financial Statements (unaudited)
 
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in millions, except per share data)June 30,December 31,
20242023
Assets  
Investments  
Fixed maturities, at fair value (amortized cost: 2024—$15,109; 2023—$14,361)
$14,409 $13,791 
Equity securities, at fair value (cost: 2024—$4,278; 2023—$4,282)
11,634 10,989 
Other invested assets641 577 
Total investments26,684 25,357 
Cash and cash equivalents771 907 
Investment income receivable201 192 
Finance receivable111 108 
Premiums receivable3,091 2,592 
Reinsurance recoverable546 651 
Prepaid reinsurance premiums121 55 
Deferred policy acquisition costs1,229 1,093 
Land, building and equipment, net, for company use (accumulated depreciation:
   2024—$337; 2023—$337)
213 208 
Other assets887 681 
Separate accounts948 925 
Total assets$34,802 $32,769 
Liabilities  
Insurance reserves  
Loss and loss expense reserves$9,555 $9,050 
Life policy and investment contract reserves2,966 3,068 
Unearned premiums4,826 4,119 
Other liabilities1,391 1,311 
Deferred income tax1,465 1,324 
Note payable25 25 
Long-term debt and lease obligations849 849 
Separate accounts948 925 
Total liabilities22,025 20,671 
Commitments and contingent liabilities (Note 12)
Shareholders' Equity  
Common stock, par value—$2 per share; (authorized: 2024 and 2023—500 million
   shares; issued: 2024 and 2023—198.3 million shares)
397 397 
Paid-in capital1,466 1,437 
Retained earnings13,897 13,084 
Accumulated other comprehensive loss(470)(435)
Treasury stock at cost (2024—42.1 million shares and 2023—41.3 million shares)
(2,513)(2,385)
Total shareholders' equity12,777 12,098 
Total liabilities and shareholders' equity$34,802 $32,769 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2024 10-Q
Page 3
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(Dollars in millions, except per share data)Three months ended June 30,Six months ended June 30,
2024202320242023
Revenues    
Earned premiums$2,156 $1,943 $4,227 $3,861 
Investment income, net of expenses242 220 487 430 
Investment gains and losses, net137 434 749 540 
Fee revenues5 6 9 10 
Other revenues4 2 7 5 
Total revenues2,544 2,605 5,479 4,846 
Benefits and Expenses    
Insurance losses and contract holders' benefits1,480 1,340 2,829 2,738 
Underwriting, acquisition and insurance expenses655 579 1,271 1,135 
Interest expense14 13 27 27 
Other operating expenses9 7 13 12 
 Total benefits and expenses2,158 1,939 4,140 3,912 
Income Before Income Taxes386 666 1,339 934 
Provision for Income Taxes    
Current61 51 122 67 
Deferred13 81 150 108 
Total provision for income taxes74 132 272 175 
Net Income$312 $534 $1,067 $759 
Per Common Share    
Net income — basic$1.99 $3.40 $6.82 $4.83 
Net income — diluted1.98 3.38 6.77 4.80 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2024 10-Q
Page 4
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions)Three months ended June 30,Six months ended June 30,
2024202320242023
Net Income$312 $534 $1,067 $759 
Other Comprehensive Income (Loss)    
Change in unrealized gains and losses on investments, net of tax (benefit) of $(17), $(32), $(28) and $3, respectively
(58)(122)(102)6 
Amortization of pension actuarial loss (gain) and prior service cost, net of tax (benefit) of $0, $(1), $0 and $(2), respectively
1 — 1 (5)
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $8, $6, $18 and $(3), respectively
29 23 66 (13)
Other comprehensive loss(28)(99)(35)(12)
Comprehensive Income $284 $435 $1,032 $747 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation Second-Quarter 2024 10-Q
Page 5
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Dollars in millions)Three months ended June 30,Six months ended June 30,
2024202320242023
Common Stock
   Beginning of period$397 $397 $397 $397 
   Share-based awards— — — — 
   End of period397 397 397 397 
Paid-In Capital
   Beginning of period1,446 1,398 1,437 1,392 
   Share-based awards6 — — (6)
   Share-based compensation12 10 26 22 
   Other2 2 3 2 
   End of period1,466 1,410 1,466 1,410 
Retained Earnings
   Beginning of period13,712 11,818 13,084 11,711 
   Net income312 534 1,067 759 
Dividends declared (127)(117)(254)(235)
   End of period13,897 12,235 13,897 12,235 
Accumulated Other Comprehensive Loss
   Beginning of period(442)(527)(435)(614)
   Other comprehensive loss(28)(99)(35)(12)
   End of period(470)(626)(470)(626)
Treasury Stock
   Beginning of period(2,459)(2,345)(2,385)(2,324)
   Share-based awards4 — 12 7 
   Shares acquired - share repurchase authorization(46)(42)(121)(67)
   Shares acquired - share-based compensation plans(12)— (19)(3)
   Other— 1 — 1 
   End of period(2,513)(2,386)(2,513)(2,386)
      Total Shareholders' Equity$12,777 $11,030 $12,777 $11,030 
(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of period156.5 157.2 157.0 157.1 
   Share-based awards0.1 — 0.4 0.3 
   Shares acquired - share repurchase authorization(0.4)(0.4)(1.1)(0.6)
   Shares acquired - share-based compensation plans— — (0.1)— 
   End of period156.2 156.8 156.2 156.8 
Dividends declared per common share$0.81 $0.75 $1.62 $1.50 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2024 10-Q
Page 6
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
 (Dollars in millions)Six months ended June 30,
20242023
Cash Flows From Operating Activities  
Net income $1,067 $759 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, amortization and other76 74 
Investment gains and losses, net(744)(526)
Interest credited to contract holders22 21 
Deferred income tax expense150 108 
Changes in:  
Premiums and reinsurance receivable(464)(504)
Deferred policy acquisition costs(136)(96)
Other assets(16)(17)
Loss and loss expense reserves505 473 
Life policy and investment contract reserves34 56 
Unearned premiums707 533 
Other liabilities(34)(27)
Current income tax receivable/payable(72)(29)
Net cash provided by operating activities1,095 825 
Cash Flows From Investing Activities  
Sale, call or maturity of fixed maturities852 581 
Sale of equity securities347 4 
Purchase of fixed maturities(1,623)(1,313)
Purchase of equity securities(256)(97)
Changes in finance receivables(4)(6)
Investment in building and equipment(12)(8)
Change in other invested assets, net(44)(81)
Net cash used in investing activities(740)(920)
Cash Flows From Financing Activities  
Payment of cash dividends to shareholders(241)(223)
Shares acquired - share repurchase authorization(121)(66)
Changes in note payable
— (25)
Proceeds from stock options exercised4 6 
Contract holders' funds deposited39 45 
Contract holders' funds withdrawn(105)(113)
Other(67)(45)
Net cash used in financing activities(491)(421)
Net change in cash and cash equivalents(136)(516)
Cash and cash equivalents at beginning of year907 1,264 
Cash and cash equivalents at end of period$771 $748 
Supplemental Disclosures of Cash Flow Information:  
Interest paid$27 $27 
Income taxes paid174 79 
Noncash Activities  
Equipment acquired under finance lease obligations$9 $4 
Share-based compensation33 13 
Other assets and other liabilities217 65 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2024 10-Q
Page 7
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
NOTE 1 — Accounting Policies
The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation.
 
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted.
 
Our June 30, 2024, condensed consolidated financial statements are unaudited. We believe that we have made all adjustments, consisting only of normal recurring accruals, that are necessary for fair presentation. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our 2023 Annual Report on Form 10-K. The results of operations for interim periods do not necessarily indicate results to be expected for the full year.

Pending Accounting Updates

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

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


Cincinnati Financial Corporation Second-Quarter 2024 10-Q
Page 8
NOTE 2 – Investments
The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities:
(Dollars in millions)Amortized
cost		Gross unrealizedFair value
At June 30, 2024gainslosses
Fixed-maturity securities:    
Corporate $8,151 $49 $475 $7,725 
States, municipalities and political subdivisions4,867 17 273 4,611 
Government-sponsored enterprises 1,611 1 5 1,607 
Asset-backed257 — 10 247 
United States government190 — 4 186 
Foreign government33 — — 33 
Total$15,109 $67 $767 $14,409 
At December 31, 2023    
Fixed-maturity securities:    
Corporate $7,836 $70 $454 $7,452 
States, municipalities and political subdivisions4,867 44 208 4,703 
Government-sponsored enterprises1,227 3 6 1,224 
Asset-backed 203 — 16 187 
United States government203 — 3 200 
Foreign government25 — — 25 
Total$14,361 $117 $687 $13,791 
 
The increase in net unrealized investment losses in our fixed-maturity portfolio at June 30, 2024, is primarily due to an increase in U.S. Treasury yields. Our asset-backed securities had an average rating of Aa3/AA- at both June 30, 2024, and December 31, 2023.

Cincinnati Financial Corporation Second-Quarter 2024 10-Q
Page 9
The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities' continuous unrealized loss positions:
(Dollars in millions)Less than 12 months12 months or moreTotal
At June 30, 2024Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
Fixed-maturity securities:      
Corporate $1,004 $17 $5,413 $458 $6,417 $475 
States, municipalities and political subdivisions1,390 20 2,090 253 3,480 273 
Government-sponsored enterprises819 2 242 3 1,061 5 
Asset-backed54 — 119 10 173 10 
United States government78 — 101 4 179 4 
Foreign government25 — 7 — 32 — 
Total$3,370 $39 $7,972 $728 $11,342 $767 
At December 31, 2023      
Fixed-maturity securities:      
Corporate $379 $13 $5,560 $441 $5,939 $454 
States, municipalities and political subdivisions313 2 1,932 206 2,245 208 
Government-sponsored enterprises652 3 113 3 765 6 
Asset-backed5 — 172 16 177 16 
United States government32 — 129 3 161 3 
Foreign government3 — 6 — 9 — 
Total$1,384 $18 $7,912 $669 $9,296 $687 

Contractual maturity dates for fixed-maturities securities were:
(Dollars in millions)Amortized
cost		Fair
value		% of fair
value
At June 30, 2024
Maturity dates:   
Due in one year or less$1,181 $1,171 8.1 %
Due after one year through five years4,243 4,118 28.6 
Due after five years through ten years3,544 3,399 23.6 
Due after ten years6,141 5,721 39.7 
Total$15,109 $14,409 100.0 %

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

Cincinnati Financial Corporation Second-Quarter 2024 10-Q
Page 10
The following table provides investment income and investment gains and losses, net:
(Dollars in millions)Three months ended June 30,Six months ended June 30,
2024202320242023
Investment income:
Interest$173 $147 $342 $287 
Dividends69 70 141 136 
Other 4 6 11 13 
Total246 223 494 436 
Less investment expenses4 3 7 6 
Total$242 $220 $487 $430 
Investment gains and losses, net:    
Equity securities:    
Investment gains and losses on securities sold, net$7 $— $4 $(4)
Unrealized gains and losses on securities still held, net142 459 747 568 
Subtotal149 459 751 564 
Fixed-maturity securities:    
Gross realized gains4 — 4 1 
Gross realized losses(6)— (7)(1)
Change in allowance for credit losses, net(16)(3)(25)(3)
Write-down of impaired securities with intent to sell— (4)— (4)
Subtotal(18)(7)(28)(7)
Other6 (18)26 (17)
Total$137 $434 $749 $540 
 
The fair value of our equity portfolio was $11.634 billion and $10.989 billion at June 30, 2024, and December 31, 2023, respectively. Microsoft Corporation (Nasdaq:MSFT), an equity holding, was our largest single investment holding with a fair value of $1.001 billion and $842 million, which was 8.9% and 7.9% of our publicly traded common equities portfolio and 3.8% and 3.4% of the total investment portfolio at June 30, 2024, and December 31, 2023, respectively.

The allowance for credit losses on fixed-maturity securities was $43 million and $18 million at June 30, 2024, and December 31, 2023, respectively.

There were 3,784 and 2,840 fixed-maturity securities in a total unrealized loss position of $767 million and $687 million at June 30, 2024, and December 31, 2023, respectively. Of those totals, 16 and 20 fixed-maturity securities had fair values below 70% of amortized cost at June 30, 2024, and December 31, 2023, respectively.
Cincinnati Financial Corporation Second-Quarter 2024 10-Q
Page 11
NOTE 3 – Fair Value Measurements
In accordance with accounting guidance for fair value measurements and disclosures, we categorized our financial instruments, based on the priority of the observable and market-based data for the valuation technique used, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2023, and ultimately management determines fair value. See our 2023 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 139, for information on characteristics and valuation techniques used in determining fair value.

Fair Value Disclosures for Assets
The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at June 30, 2024, and December 31, 2023. We do not have any liabilities carried at fair value.
(Dollars in millions)Level 1Level 2Level 3Total
At June 30, 2024
Fixed maturities, available for sale:    
Corporate $— $7,725 $— $7,725 
States, municipalities and political subdivisions— 4,611 — 4,611 
Government-sponsored enterprises— 1,607 — 1,607 
Asset-backed — 247 — 247 
United States government186 — — 186 
Foreign government— 33 — 33 
Subtotal186 14,223 — 14,409 
Common equities11,283 — — 11,283 
Nonredeemable preferred equities— 351 — 351 
Separate accounts taxable fixed maturities— 882 — 882 
Top Hat savings plan mutual funds and common
   equity (included in Other assets)		77 — — 77 
Total$11,546 $15,456 $— $27,002 
At December 31, 2023
Fixed maturities, available for sale:    
Corporate $— $7,452 $— $7,452 
States, municipalities and political subdivisions— 4,703 — 4,703 
Government-sponsored enterprises— 1,224 — 1,224 
Asset-backed — 187 — 187 
United States government200 — — 200 
Foreign government— 25 — 25 
Subtotal200 13,591 — 13,791 
Common equities10,641 — — 10,641 
Nonredeemable preferred equities— 348 — 348 
Separate accounts taxable fixed maturities — 854 — 854 
Top Hat savings plan mutual funds and common
  equity (included in Other assets)		67 — — 67 
Total$10,908 $14,793 $— $25,701 
 
We also held Level 1 cash and cash equivalents of $771 million and $907 million at June 30, 2024, and December 31, 2023, respectively.
Cincinnati Financial Corporation Second-Quarter 2024 10-Q
Page 12

Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value 
The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements.
 
This table summarizes the book value and principal amounts of our long-term debt:
(Dollars in millions) Book valuePrincipal amount
Interest
rate		Year of 
issue		 June 30,December 31,June 30,December 31,
 2024202320242023
6.900%1998Senior debentures, due 2028$27 $27 $28 $28 
6.920%2005Senior debentures, due 2028391 391 391 391 
6.125%2004Senior notes, due 2034372 372 374 374 
Total $790 $790 $793 $793