Cincinnati Financial Earnings 2019-09-30
CINF 10Q Quarterly Report
Comparables ($MM TTM)
Ticker
M Cap
Assets
Liab
Rev
G Profit
Net Inc
EBITDA
EV
G Margin
EV/EBITDA
ROA
CINF
20,829
24,337
15,206
6,697
0
1,224
1,534
20,873
0%
13.6
5%
RE
17,529
26,388
17,504
7,718
0
515
641
16,868
0%
26.3
2%
L
16,620
82,277
59,883
14,275
6,857
885
1,686
27,636
48%
16.4
1%
MKL
15,008
36,422
25,857
8,190
0
742
1,133
12,367
0%
10.9
2%
ACGL
14,870
34,852
23,032
6,258
0
1,367
1,641
16,277
0%
9.9
4%
CNA
12,628
59,963
47,876
10,330
0
872
1,259
15,035
0%
11.9
1%
WRB
12,560
26,488
20,468
7,850
0
696
1,198
11,302
0%
9.4
3%
HGH
10,376
69,472
54,180
19,507
0
1,630
2,220
14,143
0%
6.4
2%
Y
9,871
26,356
17,495
7,984
0
330
674
10,761
0%
16.0
1%
AFG
9,191
67,697
61,607
7,682
0
714
952
8,260
0%
8.7
1%
Document
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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, 2019 .
☐ 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 CORP ORATION
(Exact name of registrant as specified in its charter)
Copy History
Ohio
31-0746871
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
6200 S. Gilmore Road,
Fairfield,
Ohio
45014-5141
(Address of principal executive offices)
(Zip code)
Registrant's telephone number, including area code: ( 513 ) 870-2000
N/A
(Former name or former address, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock
CINF
Nasdaq 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 and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☑ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a nonaccelerated filer, a smaller reporting company or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
☑ Large accelerated filer ☐ Accelerated filer ☐ Nonaccelerated filer ☐ Smaller reporting company
☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
☐ Yes ☑ No
As of October 18, 2019, there were 163,374,035 shares of common stock outstanding.
CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED September 30, 2019
TABLE OF CONTENTS
Cincinnati Financial Corporation Third-Quarter 2019 10-Q
Page 2
Part I – Financial Information
Item 1. Financial Statements (unaudited)
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
Copy History
(Dollars in millions, except per share data)
September 30,
December 31,
2019
2018
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2019—$11,012; 2018—$10,643)
$
11,600
$
10,689
Equity securities, at fair value (cost: 2019—$3,548; 2018—$3,368)
7,176
5,920
Other invested assets
283
123
Total investments
19,059
16,732
Cash and cash equivalents
787
784
Investment income receivable
125
132
Finance receivable
78
71
Premiums receivable
1,839
1,644
Reinsurance recoverable
524
484
Prepaid reinsurance premiums
60
44
Deferred policy acquisition costs
783
738
Land, building and equipment, net, for company use (accumulated depreciation:
2019—$269; 2018—$265)
207
195
Other assets
402
308
Separate accounts
878
803
Total assets
$
24,742
$
21,935
Liabilities
Insurance reserves
Loss and loss expense reserves
$
6,056
$
5,707
Life policy and investment contract reserves
2,816
2,779
Unearned premiums
2,859
2,516
Other liabilities
905
804
Deferred income tax
972
627
Note payable
38
32
Long-term debt and lease obligations
847
834
Separate accounts
878
803
Total liabilities
15,371
14,102
Commitments and contingent liabilities (Note 12)
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2019 and 2018—500 million
shares; issued: 2019 and 2018—198.3 million shares)
397
397
Paid-in capital
1,295
1,281
Retained earnings
8,722
7,625
Accumulated other comprehensive income
442
22
Treasury stock at cost (2019—34.9 million shares and 2018—35.5 million shares)
(1,485
)
(1,492
)
Total shareholders' equity
9,371
7,833
Total liabilities and shareholders' equity
$
24,742
$
21,935
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2019 10-Q
Page 3
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Income
Copy History
(Dollars in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
2019
2018
2019
2018
Revenues
Earned premiums
$
1,446
$
1,298
$
4,163
$
3,852
Investment income, net of expenses
161
154
478
458
Investment gains and losses, net
86
458
1,113
372
Fee revenues
4
3
11
11
Other revenues
3
2
7
4
Total revenues
1,700
1,915
5,772
4,697
Benefits and Expenses
Insurance losses and contract holders' benefits
932
879
2,728
2,616
Underwriting, acquisition and insurance expenses
455
401
1,296
1,199
Interest expense
14
14
40
40
Other operating expenses
5
3
17
10
Total benefits and expenses
1,406
1,297
4,081
3,865
Income Before Income Taxes
294
618
1,691
832
Provision (Benefit) for Income Taxes
Current
28
(98
)
84
(37
)
Deferred
18
163
236
130
Total provision for income taxes
46
65
320
93
Net Income
$
248
$
553
$
1,371
$
739
Per Common Share
Net income—basic
$
1.51
$
3.40
$
8.40
$
4.53
Net income—diluted
1.49
3.38
8.30
4.49
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2019 10-Q
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
Copy History
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2019
2018
2019
2018
Net Income
$
248
$
553
$
1,371
$
739
Other Comprehensive Income (Loss)
Change in unrealized gains on investments, net of tax (benefit) of $21, ($17), $114 and ($81), respectively
79
(60
)
428
(297
)
Amortization of pension actuarial loss and prior service cost, net of tax of $0, $0, $0 and $0, respectively
—
—
1
1
Change in life deferred acquisition costs, life policy reserves and other, net of tax (benefit) of $0, $0, ($2) and $2, respectively
(1
)
1
(9
)
7
Other comprehensive income (loss)
78
(59
)
420
(289
)
Comprehensive Income
$
326
$
494
$
1,791
$
450
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2019 10-Q
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
Copy History
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2019
2018
2019
2018
Common Stock
Beginning of period
$
397
$
397
$
397
$
397
Share-based awards
—
—
—
—
End of period
397
397
397
397
Paid-In Capital
Beginning of period
1,286
1,266
1,281
1,265
Share-based awards
1
—
(12
)
(17
)
Share-based compensation
7
6
23
22
Other
1
1
3
3
End of period
1,295
1,273
1,295
1,273
Retained Earnings
Beginning of period
8,566
7,696
7,625
5,180
Cumulative effect of change in accounting for equity securities as of January 1, 2018
—
—
—
2,503
Adjusted beginning of year
8,566
7,696
7,625
7,683
Net income
248
553
1,371
739
Dividends declared (per share of $0.56, $0.53, $1.68 and
(92
)
(85
)
(274
)
(258
)
End of period
8,722
8,164
8,722
8,164
Accumulated Other Comprehensive Income (Loss)
Beginning of period
364
55
22
2,788
Cumulative effect of change in accounting for equity
—
—
—
(2,503
)
Adjusted beginning of year
364
55
22
285
Other comprehensive income (loss)
78
(59
)
420
(289
)
End of period
442
(4
)
442
(4
)
Treasury Stock
Beginning of period
(1,482
)
(1,498
)
(1,492
)
(1,387
)
Share-based awards
3
2
19
18
Shares acquired - share repurchase authorization
(5
)
—
(5
)
(125
)
Shares acquired - share-based compensation plans
(2
)
(1
)
(9
)
(4
)
Other
1
1
2
2
End of period
(1,485
)
(1,496
)
(1,485
)
(1,496
)
Total Shareholders' Equity
$
9,371
$
8,334
$
9,371
$
8,334
(In millions)
Common Stock - Shares Outstanding
Beginning of period
163.3
162.6
162.8
163.9
Share-based awards
0.1
0.1
0.6
0.6
Shares acquired - share repurchase authorization
—
—
—
(1.8
)
End of period
163.4
162.7
163.4
162.7
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2019 10-Q
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
Copy History
(Dollars in millions)
Nine months ended September 30,
2019
2018
Cash Flows From Operating Activities
Net income
$
1,371
$
739
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
54
48
Investment gains and losses, net
(1,103
)
(367
)
Share-based compensation
23
22
Interest credited to contract holders'
31
37
Deferred income tax expense
236
130
Changes in:
Investment income receivable
7
5
Premiums and reinsurance receivable
(156
)
(114
)
Deferred policy acquisition costs
(69
)
(53
)
Other assets
(36
)
(22
)
Loss and loss expense reserves
72
305
Life policy and investment contract reserves
79
68
Unearned premiums
255
187
Other liabilities
39
(37
)
Current income tax receivable/payable
77
(122
)
Net cash provided by operating activities
880
826
Cash Flows From Investing Activities
Sale of fixed maturities
61
6
Call or maturity of fixed maturities
988
920
Sale of equity securities
194
293
Purchase of fixed maturities
(1,345
)
(1,250
)
Purchase of equity securities
(341
)
(311
)
Investment in finance receivables
(25
)
(25
)
Collection of finance receivables
20
18
Investment in buildings and equipment
(22
)
(14
)
Change in other invested assets, net
(56
)
(17
)
Net cash used in investing activities
(526
)
(380
)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders
(265
)
(251
)
Shares acquired - share repurchase authorization
(5
)
(125
)
Changes in note payable
6
6
Proceeds from stock options exercised
9
7
Contract holders' funds deposited
67
62
Contract holders' funds withdrawn
(133
)
(133
)
Other
(30
)
(53
)
Net cash used in financing activities
(351
)
(487
)
Net change in cash and cash equivalents
3
(41
)
Cash and cash equivalents at beginning of year
784
657
Cash and cash equivalents at end of period
$
787
$
616
Supplemental Disclosures of Cash Flow Information:
Interest paid
$
27
$
27
Income taxes paid
3
82
Noncash Activities
Equipment acquired under capital lease obligations
$
6
$
14
Cashless exercise of stock options
9
4
Other assets and other liabilities
65
38
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2019 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). Effective February 28, 2019, the company acquired MSP Underwriting Limited (MSP), a London-based, global specialty underwriter. MSP was rebranded as Cincinnati Global Underwriting Ltd. SM (Cincinnati Global) effective May 1, 2019, reflecting its new identity as a subsidiary of the company. Refer to Note 14, Acquisition, for additional information. The interim condensed consolidated financial statements include Cincinnati Global's results for the period from February 28, 2019, through September 30, 2019. Foreign exchange rates related to Cincinnati Global's operations did not have a material impact to our condensed consolidated financial statements. 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, 2019 , 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 2018 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.
Adopted Accounting Updates
ASU 2016-02, Leases (Topic 842)
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) . The main provision of ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The effective date of ASU 2016-02 is for interim and annual reporting periods beginning after December 15, 2018. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 and ASU 2018-11, Targeted Improvements to Topic 842 . ASU 2018-10 makes narrow-scope amendments to certain aspects of the new leasing standard while ASU 2018-11 provides relief from costs of implementing certain aspects of the new leasing standard.
The company adopted this ASU effective January 1, 2019, and it did not have a material impact on our company's consolidated financial position, cash flows or results of operations. The company has elected the practical expedient package for carrying forward historical lease classifications, not re-evaluating for embedded leases and not reassessing initial direct costs. The company also elected additional practical expedients to not recognize short-term leases on the balance sheet and to only combine lease and nonlease components for certain asset classes. We also elected not to restate prior periods. In support of our insurance operations, the company leases real estate properties which qualify as operating leases and also leases equipment and autos which qualify as finance leases. The lease term for real estate properties is typically five years while the term for equipment and autos is three to six years .
ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities
In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 amends guidance on the amortization period of premiums on certain purchased callable debt securities. The amendments shorten the amortization period of premiums on certain purchased callable debt securities to the earliest call date. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment to beginning retained earnings. The effective date of ASU 2017-08 is for interim and annual reporting periods beginning after December 15, 2018. The company adopted this ASU effective January 1, 2019, and it did not have a material impact on our company's consolidated financial position, cash flows or results of operations.
Cincinnati Financial Corporation Third-Quarter 2019 10-Q
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ASU 2018-07, Compensation - Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting
In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 expands the scope of Topic 718, Compensation - Stock Compensation , which currently only includes share-based payments issued to employees, to include share-based payments issued to nonemployees for the acquisition of goods and services. The effective date of ASU 2018-07 is for interim and annual reporting periods beginning after December 15, 2018. The company adopted this ASU effective January 1, 2019, and it did not have a material impact on our company's consolidated financial position, cash flows or results of operations.
Pending Accounting Updates
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . In addition, through June 2019, the FASB issued ASU 2018-19, Codification Improvements to Topic 326 , ASU 2019-04, Codification Improvements to Topic 326 and ASU 2019-05, Targeted Transition Relief. These ASU’s amend previous guidance on the impairment of financial instruments by adding an impairment model that allows an entity to recognize expected credit losses as an allowance rather than impairing as they are incurred. The new guidance is intended to reduce complexity of credit impairment models and result in a more timely recognition of expected credit losses. The guidance is effective for reporting periods beginning after December 15, 2019, and for most affected instruments must be adopted using a modified retrospective approach, with a cumulative effect adjustment recorded to beginning retained earnings. These ASU's have not yet been adopted; however, they are not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations.
ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit and income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered. The effective date of ASU 2017-04 is for interim and annual goodwill impairment tests performed in any fiscal years beginning after December 15, 2019. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations.
ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB issued 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, simplify amortization of deferred acquisition costs while improving and expanding required disclosures. The effective date of ASU 2018-12 is for interim and annual reporting periods beginning after December 15, 2020. The ASU has not yet been adopted. Management is currently evaluating the impact on our company's consolidated financial position, cash flows and results of operations.
ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 clarifies the fair value measurement disclosure requirements of ASC 820 by adding, eliminating and modifying disclosures. The effective date of ASU 2018-13 is for interim and annual reporting periods beginning after December 15, 2019. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations.
Cincinnati Financial Corporation Third-Quarter 2019 10-Q
Page 9
ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans
In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . ASU 2018-14 clarifies the guidance in ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The effective date of ASU 2018-14 is for annual reporting periods ending after December 15, 2020. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations.
ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018-15 amends ASC 350 to include implementation costs of a cloud computing arrangement that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a cloud computing arrangement that is considered a service contract. The effective date of ASU 2018-15 is for interim and annual reporting periods beginning after December 15, 2019. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations.
Cincinnati Financial Corporation Third-Quarter 2019 10-Q
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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:
Copy History
(Dollars in millions)
Amortized
cost
Gross unrealized
Fair value
At September 30, 2019
gains
losses
Fixed maturity securities:
Corporate
$
6,108
$
315
$
13
$
6,410
States, municipalities and political subdivisions
4,322
268
—
4,590
Commercial mortgage-backed
290
15
—
305
Government-sponsored enterprises
162
—
—
162
United States government
106
3
—
109
Foreign government
24
—
—
24
Total
$
11,012
$
601
$
13
$
11,600
At December 31, 2018
Fixed maturity securities:
Corporate
$
5,712
$
85
$
87
$
5,710
States, municipalities and political subdivisions
4,251
84
31
4,304
Commercial mortgage-backed
287
3
2
288
Government-sponsored enterprises
316
1
7
310
United States government
67
1
1
67
Foreign government
10
—
—
10
Total
$
10,643
$
174
$
128
$
10,689