Company Quick10K Filing
⚲
Cincinnati Financial
Financials
Price115.10 EPS5
Shares198 P/E25
MCap22,824 P/FCF26
Net Debt60 EBIT1,279
TEV22,884 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-06-30 Filed 2020-07-27
10-Q 2020-03-31 Filed 2020-04-27
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-25
10-Q 2016-06-30 Filed 2016-07-26
10-Q 2016-03-31 Filed 2016-04-26
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-28
10-Q 2015-03-31 Filed 2015-04-28
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-10-28
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-27
10-Q 2011-03-31 Filed 2011-04-27
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-10-27
10-Q 2010-06-30 Filed 2010-07-29
10-Q 2010-03-31 Filed 2010-04-28
10-K 2009-12-31 Filed 2010-02-26
Reports
8-K 2020-07-27 Earnings, Exhibits
8-K 2020-07-14 Regulation FD, Exhibits
8-K 2020-05-18
8-K 2020-05-02
8-K 2020-04-27
8-K 2020-04-13
8-K 2020-04-01
8-K 2020-03-09
8-K 2020-02-05
8-K 2020-01-31
8-K 2019-12-06
8-K 2019-11-15
8-K 2019-11-12
8-K 2019-11-04
8-K 2019-10-24
8-K 2019-08-26
8-K 2019-08-09
8-K 2019-07-30
8-K 2019-06-25
8-K 2019-05-13
8-K 2019-04-27
8-K 2019-04-24
8-K 2019-03-11
8-K 2019-02-25
8-K 2019-02-06
8-K 2019-02-01
8-K 2018-11-16
8-K 2018-11-05
8-K 2018-10-25
8-K 2018-10-15
8-K 2018-10-12
8-K 2018-10-11
8-K 2018-09-04
8-K 2018-08-20
8-K 2018-08-10
8-K 2018-07-26
8-K 2018-05-05
8-K 2018-05-03
8-K 2018-04-25
8-K 2018-03-05
8-K 2018-02-07
8-K 2018-01-26

CINF 10Q Quarterly Report

Content
Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Note 1 - Accounting Policies
Note 2 - Investments
Note 3 - Fair Value Measurements
Note 4 - Property Casualty Loss and Loss Expenses
Note 5 - Life Policy and Investment Contract Reserves
Note 6 - Deferred Policy Acquisition Costs
Note 7 - Accumulated Other Comprehensive Income
Note 8 - Reinsurance
Note 9 - Income Taxes
Note 10 - Net Income (Loss) per Common Share
Note 11 - Employee Retirement Benefits
Note 12 - Commitments and Contingent Liabilities
Note 13 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition And
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
Exhibits
EX-31.A cinf-2020630xex31a.htm
EX-31.B cinf-2020630xex31b.htm
EX-32 cinf-2020630xex32.htm

Cincinnati Financial Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
25201510502012201420172020
Assets, Equity
 2.21.71.10.60.0-0.52012201420172020
Rev, G Profit, Net Income
 0.50.30.1-0.0-0.2-0.42012201420172020
Ops, Inv, Fin
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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, 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 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 or former address, 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 23, 2020, there were 160,853,505 shares of common stock outstanding.


CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED June 30, 2020
 
TABLE OF CONTENTS
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 

Cincinnati Financial Corporation Second-Quarter 2020 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,
20202019
Assets  
Investments  
Fixed maturities, at fair value (amortized cost: 2020—$11,139; 2019—$11,108)
$11,911  $11,698  
Equity securities, at fair value (cost: 2020—$3,752; 2019—$3,581)
7,317  7,752  
Other invested assets259  296  
Total investments19,487  19,746  
Cash and cash equivalents706  767  
Investment income receivable131  133  
Finance receivable86  77  
Premiums receivable2,051  1,777  
Reinsurance recoverable528  610  
Prepaid reinsurance premiums91  54  
Deferred policy acquisition costs834  774  
Land, building and equipment, net, for company use (accumulated depreciation:
   2020—$280; 2019—$276)
209  207  
Other assets416  381  
Separate accounts911  882  
Total assets$25,450  $25,408  
Liabilities  
Insurance reserves  
Loss and loss expense reserves$6,463  $6,147  
Life policy and investment contract reserves2,881  2,835  
Unearned premiums3,107  2,788  
Other liabilities884  928  
Deferred income tax979  1,079  
Note payable122  39  
Long-term debt and lease obligations845  846  
Separate accounts911  882  
Total liabilities16,192  15,544  
Commitments and contingent liabilities (Note 12)
Shareholders' Equity  
Common stock, par value—$2 per share; (authorized: 2020 and 2019—500 million
   shares; issued: 2020 and 2019—198.3 million shares)
397  397  
Paid-in capital1,309  1,306  
Retained earnings8,745  9,257  
Accumulated other comprehensive income 597  448  
Treasury stock at cost (2020—37.5 million shares and 2019—35.4 million shares)
(1,790) (1,544) 
Total shareholders' equity9,258  9,864  
Total liabilities and shareholders' equity$25,450  $25,408  
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2020 10-Q
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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,
2020201920202019
Revenues    
Earned premiums$1,482  $1,384  $2,938  $2,717  
Investment income, net of expenses166  160  331  317  
Investment gains and losses, net1,060  364  (665) 1,027  
Fee revenues3  3  6  7  
Other revenues3  2  5  4  
Total revenues2,714  1,913  2,615  4,072  
Benefits and Expenses    
Insurance losses and contract holders' benefits1,086  936  2,089  1,796  
Underwriting, acquisition and insurance expenses464  430  920  841  
Interest expense14  13  27  26  
Other operating expenses5  4  10  12  
 Total benefits and expenses1,569  1,383  3,046  2,675  
Income (Loss) Before Income Taxes1,145  530  (431) 1,397  
Provision (Benefit) for Income Taxes    
Current23  28  26  56  
Deferred213  74  (140) 218  
Total provision (benefit) for income taxes236  102  (114) 274  
Net Income (Loss)$909  $428  $(317) $1,123  
Per Common Share    
Net income (loss)—basic$5.65  $2.62  $(1.96) $6.89  
Net income (loss)—diluted5.63  2.59  (1.96) 6.81  
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2020 10-Q
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions)Three months ended June 30,Six months ended June 30,
2020201920202019
Net Income (Loss)$909  $428  $(317) $1,123  
Other Comprehensive Income     
Change in unrealized gains on investments, net of tax of $107, $43, $39 and $93, respectively
399  157  143  349  
Amortization of pension actuarial loss and prior service cost, net of tax of $0, $0, $0 and $0, respectively
1  1  2  1  
Change in life deferred acquisition costs, life policy reserves and other, net of tax (benefit) of $(2), $(1), $1 and $(2), respectively
(7) (4) 4  (8) 
Other comprehensive income 393  154  149  342  
Comprehensive Income (Loss)$1,302  $582  $(168) $1,465  
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation Second-Quarter 2020 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,
2020201920202019
Common Stock
   Beginning of year$397  $397  $397  $397  
   Share-based awards—  —  —  —  
   End of period397  397  397  397  
Paid-In Capital
   Beginning of year1,300  1,277  1,306  1,281  
   Share-based awards—  1  (16) (13) 
   Share-based compensation7  7  16  16  
   Other2  1  3  2  
   End of period1,309  1,286  1,309  1,286  
Retained Earnings
   Beginning of year7,932  8,229  9,257  7,625  
Cumulative effect of change in accounting for credit losses as of January 1, 2020—  —  (2) —  
Adjusted beginning of year7,932  8,229  9,255  7,625  
   Net income (loss)909  428  (317) 1,123  
Dividends declared (96) (91) (193) (182) 
   End of period8,745  8,566  8,745  8,566  
Accumulated Other Comprehensive Income
   Beginning of year204  210  448  22  
   Other comprehensive income393  154  149  342  
   End of period597  364  597  364  
Treasury Stock
   Beginning of year(1,791) (1,483) (1,544) (1,492) 
   Share-based awards1  3  12  16  
   Shares acquired - share repurchase authorization—  —  (256) —  
   Shares acquired - share-based compensation plans—  (2) (3) (7) 
   Other—  —  1  1  
   End of period(1,790) (1,482) (1,790) (1,482) 
      Total Shareholders' Equity$9,258  $9,131  $9,258  $9,131  
(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of year160.8  163.2  162.9  162.8  
   Share-based awards—  0.1  0.4  0.5  
   Shares acquired - share repurchase authorization—  —  (2.5) —  
   End of period160.8  163.3  160.8  163.3  
   Dividends declared per common share$0.60  $0.56  $1.20  $1.12  
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2020 10-Q
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
 (Dollars in millions)Six months ended June 30,
20202019
Cash Flows From Operating Activities  
Net income$(317) $1,123  
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization42  36  
Investment gains and losses, net669  (1,022) 
Share-based compensation16  16  
Interest credited to contract holders'23  21  
Deferred income tax expense(140) 218  
Changes in:  
Investment income receivable2  2  
Premiums and reinsurance receivable(232) (231) 
Deferred policy acquisition costs(59) (68) 
Other assets(25) (47) 
Loss and loss expense reserves316  25  
Life policy and investment contract reserves65  52  
Unearned premiums319  292  
Other liabilities(51) (8) 
Current income tax receivable/payable(14) 67  
Net cash provided by operating activities614  476  
Cash Flows From Investing Activities  
Sale of fixed maturities87  52  
Call or maturity of fixed maturities563  625  
Sale of equity securities222  142  
Purchase of fixed maturities(757) (765) 
Purchase of equity securities(371) (212) 
Investment in finance receivables(23) (17) 
Collection of finance receivables15  13  
Investment in building and equipment(10) (13) 
Change in other invested assets, net32  (41) 
Net cash used in investing activities(242) (216) 
Cash Flows From Financing Activities  
Payment of cash dividends to shareholders(185)