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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 (Mark one)
☑       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the quarterly period ended September 30, 2021.
☐       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the transition period from _____________________ to _____________________.
Commission file number 0-4604
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio 31-0746871
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer Identification No.)
6200 S. Gilmore Road, Fairfield,Ohio 45014-5141
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (513) 870-2000
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockCINFNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
☑Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☑Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a nonaccelerated filer, a smaller reporting company or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
☑ Large accelerated filer ☐ Accelerated filer ☐ Nonaccelerated filer ☐ Smaller reporting company
☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
☐Yes ☑ No
As of October 22, 2021, there were 161,140,998 shares of common stock outstanding.


CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED September 30, 2021
 
TABLE OF CONTENTS
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 

Cincinnati Financial Corporation Third-Quarter 2021 10-Q
Page 2

Part I – Financial Information
Item 1.    Financial Statements (unaudited)
 
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in millions, except per share data)September 30,December 31,
20212020
Assets  
Investments  
Fixed maturities, at fair value (amortized cost: 2021—$12,034; 2020—$11,312)
$12,908 $12,338 
Equity securities, at fair value (cost: 2021—$4,096; 2020—$3,927)
9,887 8,856 
Other invested assets418 348 
Total investments23,213 21,542 
Cash and cash equivalents1,085 900 
Investment income receivable142 136 
Finance receivable98 95 
Premiums receivable2,106 1,879 
Reinsurance recoverable548 517 
Prepaid reinsurance premiums87 65 
Deferred policy acquisition costs915 805 
Land, building and equipment, net, for company use (accumulated depreciation:
   2021—$299; 2020—$285)
209 213 
Other assets548 438 
Separate accounts956 952 
Total assets$29,907 $27,542 
Liabilities  
Insurance reserves  
Loss and loss expense reserves$7,292 $6,746 
Life policy and investment contract reserves2,999 2,915 
Unearned premiums3,342 2,960 
Other liabilities1,120 982 
Deferred income tax1,453 1,299 
Note payable59 54 
Long-term debt and lease obligations845 845 
Separate accounts956 952 
Total liabilities18,066 16,753 
Commitments and contingent liabilities (Note 12)
Shareholders' Equity  
Common stock, par value—$2 per share; (authorized: 2021 and 2020—500 million
   shares; issued: 2021 and 2020—198.3 million shares)
397 397 
Paid-in capital1,344 1,328 
Retained earnings11,257 10,085 
Accumulated other comprehensive income 663 769 
Treasury stock at cost (2021—37.2 million shares and 2020—37.4 million shares)
(1,820)(1,790)
Total shareholders' equity11,841 10,789 
Total liabilities and shareholders' equity$29,907 $27,542 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2021 10-Q
Page 3

Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(Dollars in millions, except per share data)Three months ended September 30,Nine months ended September 30,
2021202020212020
Revenues    
Earned premiums$1,669 $1,522 $4,806 $4,460 
Investment income, net of expenses179 167 528 498 
Investment gains and losses, net(70)533 954 (132)
Fee revenues4 2 11 8 
Other revenues3 3 8 8 
Total revenues1,785 2,227 6,307 4,842 
Benefits and Expenses    
Insurance losses and contract holders' benefits1,072 1,143 2,990 3,232 
Underwriting, acquisition and insurance expenses511 452 1,440 1,372 
Interest expense13 13 39 40 
Other operating expenses5 5 14 15 
 Total benefits and expenses1,601 1,613 4,483 4,659 
Income Before Income Taxes184 614 1,824 183 
Provision (Benefit) for Income Taxes    
Current55 55 166 81 
Deferred(24)75 182 (65)
Total provision for income taxes31 130 348 16 
Net Income$153 $484 $1,476 $167 
Per Common Share    
Net income—basic$0.95 $3.01 $9.16 $1.03 
Net income—diluted0.94 2.99 9.07 1.03 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2021 10-Q
Page 4

Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2021202020212020
Net Income $153 $484 $1,476 $167 
Other Comprehensive Income (Loss)    
Change in unrealized gains and losses on investments, net of tax of $(19), $23, $(33) and $62, respectively
(69)89 (119)232 
Amortization of pension actuarial loss and prior service cost, net of tax of $1, $0, $2 and $0, respectively
1 — 5 2 
Change in life deferred acquisition costs, life policy reserves and other, net of tax of $0, $0, $2 and $1, respectively
— — 8 4 
Other comprehensive income (loss)(68)89 (106)238 
Comprehensive Income $85 $573 $1,370 $405 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation Third-Quarter 2021 10-Q
Page 5

Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2021202020212020
Common Stock
   Beginning of period$397 $397 $397 $397 
   Share-based awards— — — — 
   End of period397 397 397 397 
Paid-In Capital
   Beginning of period1,334 1,309 1,328 1,306 
   Share-based awards1 — (13)(16)
   Share-based compensation8 8 25 24 
   Other1 1 4 4 
   End of period1,344 1,318 1,344 1,318 
Retained Earnings
   Beginning of period11,205 8,745 10,085 9,257 
Cumulative effect of change in accounting for credit losses as of January 1, 2020— — — (2)
Adjusted beginning of year11,205 8,745 10,085 9,255 
   Net income153 484 1,476 167 
Dividends declared (101)(97)(304)(290)
   End of period11,257 9,132 11,257 9,132 
Accumulated Other Comprehensive Income
   Beginning of period731 597 769 448 
   Other comprehensive income (loss)(68)89 (106)238 
   End of period663 686 663 686 
Treasury Stock
   Beginning of period(1,809)(1,790)(1,790)(1,544)
   Share-based awards1 — 16 12 
   Shares acquired - share repurchase authorization(12)— (40)(256)
   Shares acquired - share-based compensation plans— — (7)(3)
   Other— 2 1 3 
   End of period(1,820)(1,788)(1,820)(1,788)
      Total Shareholders' Equity$11,841 $9,745 $11,841 $9,745 
(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of period161.1 160.8 160.9 162.9 
   Share-based awards0.1 — 0.6 0.4 
   Shares acquired - share repurchase authorization(0.1)— (0.4)(2.5)
   End of period161.1 160.8 161.1 160.8 
Dividends declared per common share$0.63 $0.60 $1.89 $1.80 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2021 10-Q
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
 (Dollars in millions)Nine months ended September 30,
20212020
Cash Flows From Operating Activities  
Net income$1,476 $167 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization69 62 
Investment gains and losses, net(933)137 
Share-based compensation25 24 
Interest credited to contract holders33 33 
Deferred income tax expense182 (65)
Changes in:  
Investment income receivable(6)2 
Premiums and reinsurance receivable(280)(93)
Deferred policy acquisition costs(84)(46)
Other assets(12)(25)
Loss and loss expense reserves546 600 
Life policy and investment contract reserves76 94 
Unearned premiums382 236 
Other liabilities95 (34)
Current income tax receivable/payable(51)27 
Net cash provided by operating activities1,518 1,119 
Cash Flows From Investing Activities  
Sale of fixed maturities88 100 
Call or maturity of fixed maturities1,049 756 
Sale of equity securities123 471 
Purchase of fixed maturities(1,831)(1,092)
Purchase of equity securities(276)(640)
Investment in finance receivables(30)(33)
Collection of finance receivables28 26 
Investment in building and equipment(12)(16)
Change in other invested assets, net(30)16 
Net cash used in investing activities(891)(412)
Cash Flows From Financing Activities  
Payment of cash dividends to shareholders(295)(280)
Shares acquired - share repurchase authorization(40)(256)
Changes in note payable
5 84 
Proceeds from stock options exercised10 5 
Contract holders' funds deposited64 64 
Contract holders' funds withdrawn(104)(123)
Other(82)(54)
Net cash used in financing activities(442)(560)
Net change in cash and cash equivalents185 147 
Cash and cash equivalents at beginning of year900 767 
Cash and cash equivalents at end of period$1,085 $914 
Supplemental Disclosures of Cash Flow Information:  
Interest paid$26 $27 
Income taxes paid205 42 
Noncash Activities  
Equipment acquired under finance lease obligations$9 $13 
Share-based compensation22 3 
Other assets and other liabilities137 63 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
NOTE 1 — Accounting Policies
The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation.
 
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted.
 
Our September 30, 2021, 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 2020 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.

Beginning in mid-March 2020, the coronavirus (SARS-CoV-2 or COVID-19) pandemic outbreak, and unprecedented actions taken to contain the virus, caused an economic downturn on a global scale as well as market disruption and volatility. The company continues to monitor the impact of the pandemic as it unfolds. The company cannot predict the impact the pandemic will have on its future consolidated financial position, results of operations and cash flows, however the impact could be material.

Pending Accounting Updates
ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. ASU 2018-12 is intended to improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows. The ASU will simplify and improve the accounting for certain market-based options or guarantees associated with deposit or account balance contracts and simplify amortization of deferred acquisition costs while improving and expanding required disclosures. In November 2020, the FASB issued an ASU that delayed the effective date of ASU 2018-12 to interim and annual reporting periods beginning after December 15, 2022. These ASUs have not yet been adopted. Management is currently evaluating the impact on our company's consolidated financial position, results of operations and cash flows.

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NOTE 2 – Investments
The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities:
(Dollars in millions)Amortized
cost		Gross unrealizedFair value
At September 30, 2021gainslosses
Fixed maturity securities:    
Corporate $6,962 $542 $8 $7,496 
States, municipalities and political subdivisions4,646 328 4 4,970 
Commercial mortgage-backed266 13 — 279 
United States government127 3 — 130 
Foreign government26 — — 26 
Government-sponsored enterprises 7 — — 7 
Total$12,034 $886 $12 $12,908 
At December 31, 2020    
Fixed maturity securities:    
Corporate $6,281 $621 $7 $6,895 
States, municipalities and political subdivisions4,604 395 2 4,997 
Commercial mortgage-backed 271 15 1 285 
United States government115 5 — 120 
Foreign government29 — — 29 
Government-sponsored enterprises12 — — 12 
Total$11,312 $1,036 $10 $12,338 
 
The net unrealized investment gains in our fixed-maturity portfolio at September 30, 2021, are primarily the result of the continued low interest rate environment that increased the fair value of our fixed-maturity portfolio. Our commercial mortgage-backed securities had an average rating of Aa1/AA at September 30, 2021 and
December 31, 2020.

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The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities' continuous unrealized loss positions:
(Dollars in millions)Less than 12 months12 months or moreTotal
At September 30, 2021Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
Fixed maturity securities:      
Corporate $647 $8 $17 $— $664 $8 
States, municipalities and political subdivisions154 3 5 1 159 4 
Commercial mortgage-backed7 — 11 — 18 — 
United States government6 — — — 6 — 
Foreign government— — — — — — 
Government-sponsored enterprises4 — — — 4 — 
Total$818 $11 $33 $1 $851 $12 
At December 31, 2020      
Fixed maturity securities:      
Corporate $330 $5 $46 $2 $376 $7 
States, municipalities and political subdivisions31 2 2 — 33 2 
Commercial mortgage-backed23 1 6 — 29 1 
United States government12 — — — 12 — 
Foreign government10 — — — 10 — 
Total$406 $8 $54 $2 $460 $10 

Contractual maturity dates for fixed-maturities securities were:
(Dollars in millions)Amortized
cost		Fair
value		% of fair
value
At September 30, 2021
Maturity dates:   
Due in one year or less$572 $580 4.5 %
Due after one year through five years3,722 3,961 30.7 
Due after five years through ten years3,445 3,751 29.1 
Due after ten years4,295 4,616 35.7 
Total$12,034 $12,908 100.0 %

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

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The following table provides investment income and investment gains and losses, net:
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2021202020212020
Investment income:
Interest$121 $113 $356 $339 
Dividends61 55 179 161 
Other 1 2 4 7 
Total183 170 539 507 
Less investment expenses4 3 11 9 
Total$179 $167 $528 $498 
Investment gains and losses, net:    
Equity securities:    
Investment gains and losses on securities sold, net$(1)$55 $6 $75 
Unrealized gains and losses on securities still held, net(