CINCINNATI FINANCIAL CORP

Listed Company

CINFCIK 0000020286NasdaqLarge AcceleratedFire, Marine & Casualty InsuranceOhioFY ends Dec 31

Period

FY 2025

Revenue

$12.63B

Net Income

$2.39B

Total Assets

$41.00B

Equity

$15.91B

Shares Out

154.69M

Op. Cash Flow

$3.11B

+ 13F Filer

Business

CINCINNATI FINANCIAL CORP provides insurance and related financial services, principally underwriting property casualty insurance through a family of insurance subsidiaries. It offers commercial and personal lines property casualty products, excess and surplus lines, life insurance and annuities, reinsurance (Cincinnati Re), Lloyd’s specialty underwriting (Cincinnati Global), and agency support services including brokerage, leasing and financing. Its primary reporting segments are commercial lines, personal lines, excess and surplus lines, life insurance and investments, supplemented by broker and captive underwriting operations. Distribution is chiefly through a select network of independent insurance agencies across 46 states, Lloyd’s brokers and coverholders, and digital channels.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Earned premiums	9,983	8,889	7,958	7,225	6,478
Investment income, net of expenses	1,165	1,025	894	781	714
Investment gains and losses, net	1,442	1,391	1,127	−1,467	2,409
Fee revenues	20	17	21	14	15
Other revenues	21	15	13	10	10
Total revenues	12,631	11,337	10,013	6,563	9,626
Insurance losses and contract holders' benefits	6,640	5,737	5,274	5,019	3,909
Underwriting, acquisition and insurance expenses	2,924	2,657	2,384	2,162	1,946
Interest expense	53	53	54	53	53
Other operating expenses	34	32	25	23	20
Total benefits and expenses	9,651	8,479	7,737	7,257	5,928
Income Before Income Taxes	2,980	2,858	2,276	−694	3,698
Current	304	449	210	148	247
Deferred	283	117	223	−355	483
Total provision for income taxes	587	566	433	−207	730
Net Income	2,393	2,292	1,843	−487	2,968
Net incomebasic	15.32	14.65	11.74	−3.06	18.43
Net incomediluted	15.17	14.53	11.66	−3.06	18.24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturities, at fair value (amortized cost: 2025$18,304; 2024$16,735)	18,123	16,182	13,791	12,132	13,022
Equity securities, at fair value (cost: 2025$4,155; 2024$3,953)	12,694	11,185	10,989	9,841	11,315
Short-term investments, at fair value (amortized cost: 2025$148; 2024$298)	148	298	0	—	—
Other invested assets	818	713	577	452	329
Total investments	31,783	28,378	25,357	22,425	24,666
Cash and cash equivalents	1,431	983	907	1,264	1,139
Investment income receivable	235	222	192	160	144
Finance receivable	146	120	108	—	—
Premiums receivable	3,142	2,969	2,592	2,322	2,053
Reinsurance recoverable	655	523	651	665	570
Prepaid reinsurance premiums	71	70	55	51	78
Deferred policy acquisition costs	1,344	1,242	1,093	1,013	916
Land, building and equipment, net, for company use (accumulated depreciation: 2025$367; 2024$347)	219	214	208	202	205
Other assets	995	828	681	646	570
Separate accounts	981	952	925	892	959
Total assets	41,002	36,501	32,769	29,732	31,387
Loss and loss expense reserves	11,507	10,003	9,050	—	—
Life policy and investment contract reserves	2,992	2,960	3,068	—	—
Unearned premiums	5,254	4,813	4,119	3,689	3,271
Other liabilities	1,638	1,487	1,311	1,229	1,092
Deferred income tax	1,833	1,476	1,324	1,054	1,744
Note payable	25	25	25	50	54
Long-Term Debt and Lease Obligation	861	850	849	841	843
Separate accounts	981	952	925	892	959
Total liabilities	25,091	22,566	20,671	19,170	18,282
Commitments and contingent liabilities (Note 16)	—	—	—	—	—
Common stock, par value$2 per share; (authorized: 2025 and 2024500 million shares; issued: 2025 and 2024198.3 million shares)	397	397	397	397	397
Paid-in capital	1,561	1,502	1,437	1,392	1,356
Retained earnings	16,719	14,869	13,084	11,711	12,625
Accumulated other comprehensive loss	−34	−309	−435	−614	648
Treasury stock, at cost (202542.9 million shares and 202441.9 million shares)	−2,732	−2,524	−2,385	−2,324	−1,921
Total shareholders' equity	15,911	13,935	12,098	10,562	12,764
Total liabilities and shareholders' equity	41,002	36,501	32,769	29,732	31,387

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, amortization and other	168	130	112	127	118
Investment gains and losses, net	−1,405	−1,367	−1,108	1,493	−2,353
Interest credited	44	44	45	43	45
Premiums and reinsurance receivable	−306	−266	−264	−340	−240
Deferred policy acquisition costs	−102	−149	−80	−96	−78
Other assets	−73	−14	−30	28	−11
Loss and loss expense reserves	1,504	953	650	1,095	559
Life policy and investment contract reserves	55	69	99	78	76
Unearned premiums	441	694	430	418	311
Other liabilities	84	134	90	88	128
Current income tax receivable/payable	26	12	42	−40	−25
Net cash provided by operating activities	3,112	2,649	2,052	2,052	1,981
Sale, call or maturity of fixed maturities	3,777	3,202	1,136	1,113	1,461
Sale of equity securities	335	1,599	206	430	136
Purchase of fixed maturities	−5,388	−5,732	−2,554	−1,901	−2,388
Purchase of equity securities	−409	−321	−220	−466	−313
Change in short-term investments, net	156	−295	0	0	—
Changes in finance receivables	−30	−15	−15	7	−2
Investment in buildings and equipment	−20	−22	−18	−15	−15
Change in other invested assets, net	−112	−112	−143	−101	64
Net cash used in investing activities	−1,691	−1,696	−1,608	−933	−1,057
Payment of cash dividends to shareholders	−525	−490	−454	−423	−395
Shares acquired - share repurchase authorization	−205	−126	−67	−410	−144
Changes in note payable	0	0	−25	−4	0
Proceeds from stock options exercised	10	10	9	10	13
Contract holders' funds deposited	66	73	83	70	85
Contract holders' funds withdrawn	−166	−190	−218	−144	−146
Other	−153	−154	−129	−93	−98
Net cash used in financing activities	−973	−877	−801	−994	−685
Net change in cash and cash equivalents	448	76	−357	125	239
Interest paid	53	53	54	53	52
Income taxes paid	220	395	136	—	—
Equipment acquired under finance lease obligations	24	19	20	17	12
Share-based compensation	37	51	19	27	26
Other assets and other liabilities	113	103	77	115	87

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 52 positions

Reported AUM

$4.51B

Holdings

Top sector

$4.51B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$4.51B	100.0%

Top holdings

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CME GROUP CL A ORD	—	1.00M	$238.34M	5.3%
BROADCOM ORD	—	268.3K	$168.94M	3.8%
NORFOLK SOUTHERN ORD	—	587.7K	$167.62M	3.7%
HONEYWELL INTERNATIONAL ORD	—	837.5K	$162.96M	3.6%
QUALCOMM ORD	—	957.5K	$146.32M	3.2%
CISCO SYSTEMS ORD	—	2.55M	$141.99M	3.1%
HOME DEPOT ORD	—	426.1K	$127.53M	2.8%