Cincinnati Financial Earnings 2019-06-30
CINF 10Q Quarterly Report
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 June 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 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 July 24, 2019, there were 163,336,240 shares of common stock outstanding.
CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED June 30, 2019
TABLE OF CONTENTS
Cincinnati Financial Corporation Second-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 Copy+ History
(Dollars in millions, except per share data)
June 30,
December 31,
2019
2018
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2019—$10,832; 2018—$10,643)
$
11,320
$
10,689
Equity securities, at fair value (cost: 2019—$3,471; 2018—$3,368)
7,012
5,920
Other invested assets
271
123
Total investments
18,603
16,732
Cash and cash equivalents
803
784
Investment income receivable
130
132
Finance receivable
76
71
Premiums receivable
1,913
1,644
Reinsurance recoverable
515
484
Prepaid reinsurance premiums
70
44
Deferred policy acquisition costs
786
738
Land, building and equipment, net, for company use (accumulated depreciation:
2019—$267; 2018—$265)
207
195
Other assets
375
308
Separate accounts
859
803
Total assets
$
24,337
$
21,935
Liabilities
Insurance reserves
Loss and loss expense reserves
$
6,009
$
5,707
Life policy and investment contract reserves
2,798
2,779
Unearned premiums
2,896
2,516
Other liabilities
828
804
Deferred income tax
932
627
Note payable
37
32
Long-term debt and lease obligations
847
834
Separate accounts
859
803
Total liabilities
15,206
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
1,286
1,281
Retained earnings
8,566
7,625
Accumulated other comprehensive income
364
22
Treasury stock at cost (2019—35.0 million shares and 2018—35.5 million shares)
(1,482
)
(1,492
)
Total shareholders' equity
9,131
7,833
Total liabilities and shareholders' equity
$
24,337
$
21,935
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 3
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Income
Copy Copy+ History
(Dollars in millions, except per share data)
Three months ended June 30,
Six months ended June 30,
2019
2018
2019
2018
Revenues
Earned premiums
$
1,384
$
1,294
$
2,717
$
2,554
Investment income, net of expenses
160
154
317
304
Investment gains and losses, net
364
105
1,027
(86
)
Fee revenues
3
4
7
8
Other revenues
2
1
4
2
Total revenues
1,913
1,558
4,072
2,782
Benefits and Expenses
Insurance losses and contract holders' benefits
936
883
1,796
1,737
Underwriting, acquisition and insurance expenses
430
395
841
798
Interest expense
13
13
26
26
Other operating expenses
4
3
12
7
Total benefits and expenses
1,383
1,294
2,675
2,568
Income Before Income Taxes
530
264
1,397
214
Provision (Benefit) for Income Taxes
Current
28
33
56
61
Deferred
74
14
218
(33
)
Total provision for income taxes
102
47
274
28
Net Income
$
428
$
217
$
1,123
$
186
Per Common Share
Net income—basic
$
2.62
$
1.33
$
6.89
$
1.13
Net income—diluted
2.59
1.32
6.81
1.12
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 4
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
Copy Copy+ History
(Dollars in millions)
Three months ended June 30,
Six months ended June 30,
2019
2018
2019
2018
Net Income
$
428
$
217
$
1,123
$
186
Other Comprehensive Income (Loss)
Change in unrealized gains on investments, net of tax (benefit) of $43, ($18), $93 and ($64), respectively
157
(62
)
349
(237
)
Amortization of pension actuarial loss and prior service cost, net of tax of $0, $0, $0 and $0, respectively
1
1
1
1
Change in life deferred acquisition costs, life policy reserves and other, net of tax (benefit) of ($1), $1, ($2) and $2, respectively
(4
)
1
(8
)
6
Other comprehensive income (loss)
154
(60
)
342
(230
)
Comprehensive Income (Loss)
$
582
$
157
$
1,465
$
(44
)
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 5
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
Copy Copy+ History
(Dollars in millions)
Three months ended June 30,
Six months ended June 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
1,277
1,258
1,281
1,265
Share-based awards
1
—
(13
)
(17
)
Share-based compensation
7
7
16
16
Other
1
1
2
2
End of period
1,286
1,266
1,286
1,266
Retained Earnings
Beginning of period
8,229
7,565
7,625
5,180
Cumulative effect of change in accounting for equity securities as of January 1, 2018
—
—
—
2,503
Adjusted beginning of year
8,229
7,565
7,625
7,683
Net income
428
217
1,123
186
Dividends declared (per share of $0.56, $0.53, $1.12 and
(91
)
(86
)
(182
)
(173
)
End of period
8,566
7,696
8,566
7,696
Accumulated Other Comprehensive Income (Loss)
Beginning of period
210
115
22
2,788
Cumulative effect of change in accounting for equity
—
—
—
(2,503
)
Adjusted beginning of year
210
115
22
285
Other comprehensive income (loss)
154
(60
)
342
(230
)
End of period
364
55
364
55
Treasury Stock
Beginning of period
(1,483
)
(1,389
)
(1,492
)
(1,387
)
Share-based awards
3
2
16
16
Shares acquired - share repurchase authorization
—
(110
)
—
(125
)
Shares acquired - share-based compensation plans
(2
)
(1
)
(7
)
(3
)
Other
—
—
1
1
End of period
(1,482
)
(1,498
)
(1,482
)
(1,498
)
Total Shareholders' Equity
$
9,131
$
7,916
$
9,131
$
7,916
(In millions)
Common Stock - Shares Outstanding
Beginning of period
163.2
164.1
162.8
163.9
Share-based awards
0.1
0.1
0.5
0.5
Shares acquired - share repurchase authorization
—
(1.6
)
—
(1.8
)
End of period
163.3
162.6
163.3
162.6
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 6
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
Copy Copy+ History
(Dollars in millions)
Six months ended June 30,
2019
2018
Cash Flows From Operating Activities
Net income
$
1,123
$
186
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
36
32
Investment gains and losses, net
(1,022
)
90
Share-based compensation
16
16
Interest credited to contract holders'
21
23
Deferred income tax expense
218
(33
)
Changes in:
Investment income receivable
2
4
Premiums and reinsurance receivable
(231
)
(129
)
Deferred policy acquisition costs
(68
)
(41
)
Other assets
(47
)
(14
)
Loss and loss expense reserves
25
195
Life policy and investment contract reserves
52
47
Unearned premiums
292
174
Other liabilities
(8
)
(85
)
Current income tax receivable/payable
67
(1
)
Net cash provided by operating activities
476
464
Cash Flows From Investing Activities
Sale of fixed maturities
52
5
Call or maturity of fixed maturities
625
674
Sale of equity securities
142
134
Purchase of fixed maturities
(765
)
(905
)
Purchase of equity securities
(212
)
(149
)
Investment in finance receivables
(17
)
(16
)
Collection of finance receivables
13
12
Investment in buildings and equipment
(13
)
(9
)
Change in other invested assets, net
(41
)
(11
)
Net cash used in investing activities
(216
)
(265
)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders
(175
)
(166
)
Shares acquired - share repurchase authorization
—
(125
)
Changes in note payable
5
37
Proceeds from stock options exercised
7
5
Contract holders' funds deposited
44
43
Contract holders' funds withdrawn
(93
)
(88
)
Other
(29
)
(41
)
Net cash used in financing activities
(241
)
(335
)
Net change in cash and cash equivalents
19
(136
)
Cash and cash equivalents at beginning of year
784
657
Cash and cash equivalents at end of period
$
803
$
521
Supplemental Disclosures of Cash Flow Information:
Interest paid
$
27
$
26
Income taxes received (paid)
13
(60
)
Noncash Activities
Conversion of securities
$
—
$
3
Equipment acquired under capital lease obligations
7
8
Cashless exercise of stock options
7
3
Other assets and other liabilities
28
28
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2019 10-Q
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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). Effective February 28, 2019, the company acquired MSP Underwriting Limited, 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 corporation. 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 June 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 June 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. As of June 30, 2019, this ASU resulted in recognizing a right-of-use asset and lease liability each for $15 million recorded in other assets and long-term debt and lease obligations line items, respectively, on our condensed consolidated balance sheets. 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 Second-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.
Cincinnati Financial Corporation Second-Quarter 2019 10-Q
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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.
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.
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NOTE 2 – Investments
The following table provides cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities:
Copy Copy+ History
(Dollars in millions)
Cost or
amortized
cost
Gross unrealized
Fair value
At June 30, 2019
gains
losses
Fixed maturity securities:
Corporate
$
5,815
$
269
$
13
$
6,071
States, municipalities and political subdivisions
4,331
218
—
4,549
Commercial mortgage-backed
289
12
—
301
Government-sponsored enterprises
283
—
1
282
United States government
97
3
—
100
Foreign government
17
—
—
17
Total
$
10,832
$
502
$
14
$
11,320
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
The net unrealized investment gains in our fixed-maturity portfolio at June 30, 2019 , 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 June 30, 2019 , and December 31, 2018 . At June 30, 2019 , Microsoft Corporation (Nasdaq:MSFT) was our largest single equity holding with a fair value of
$336 million , which was 4.9 % of our publicly traded common equities portfolio and 1.8 % of the total investment portfolio.
Cincinnati Financial Corporation Second-Quarter 2019 10-Q
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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:
Copy Copy+ History
(Dollars in millions)
Less than 12 months
12 months or more
Total
At June 30, 2019
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fixed maturity securities:
Corporate
$
78
$
2
$
294
$
11
$
372
$
13
States, municipalities and political subdivisions
13
—
21
—
34
—
Commercial mortgage-backed
—
—
5
—
5
—
Government-sponsored enterprises
7
—
117
1
124
1
United States government
5
—
4
—
9
—