CINCINNATI FINANCIAL CORPCINF
CINCINNATI FINANCIAL CORP Segments Disclosure
Segment Information
We operate primarily in two industries, property casualty insurance and life insurance. Our CODM is the chief executive officer who regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our five reporting segments are:
•Commercial lines insurance
•Personal lines insurance
•Excess and surplus lines insurance
•Life insurance
•Investments
We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global.
Revenues come primarily from unaffiliated customers:
•All four insurance segments record revenues from insurance premiums earned.
•Fee revenues for the commercial, personal and excess and surplus insurance segments primarily represent installment fees. Fee revenues for the life insurance segment represent separate account investment management fees.
•Our investments’ revenues consist of pretax net investment income and investment gains and losses.
•Other revenues are primarily finance income and earned premiums of Cincinnati Re and Cincinnati Global.
Income or loss before income taxes for each segment are reported based on the nature of that business area’s operations:
•Income or loss before income taxes for the insurance segments is defined as underwriting profit or loss.
◦For commercial lines, personal lines and excess and surplus lines insurance segments, we calculate underwriting profit or loss as premiums earned and fee revenue minus loss and loss expenses and underwriting expenses incurred.
◦For the life insurance segment, we calculate underwriting profit or loss as premiums earned and fee revenue, minus contract holders’ benefits and expenses incurred, plus investment interest credited to contract holders.
•Income or loss before income taxes for the investments segment is net investment income plus investment gains and losses for investments of the entire company, minus investment interest credited to contract holders of the life insurance segment.
•Income or loss before income taxes for the Other category is primarily due to Cincinnati Re and Cincinnati Global premiums earned minus loss and loss expenses and underwriting expenses incurred. It also includes interest expense from debt of the parent company as well as operating expenses of our headquarters.
For all segments, the CODM uses income or loss before income taxes, and its components, to allocate resources (including associate, financial and capital resources) primarily during the annual budgeting and forecasting process and throughout the year as necessary. For the commercial lines, personal lines, excess and surplus and life segments, the CODM uses this metric to assess performance by analyzing the relationship between premium revenue and loss and loss expenses and underwriting expenses. As part of this analysis, the drivers and components of those revenue and expense items, such as pricing, exposure growth and inflation, are also considered as necessary. For the investments segment, the CODM considers overall investment performance as well as current conditions to invest available cash flow in both fixed-maturity and equity securities in a manner that balances current income needs with longer-term investment growth goals.
We do not separately report the identifiable assets of property casualty insurance for the commercial, personal and excess and surplus lines segments or for Cincinnati Re because we do not use that measure to analyze performance. We include all investment portfolio assets, regardless of ownership, in the investments segment.
Segment information is summarized in the following table:
| (Dollars in millions) | Years ended December 31, | |||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Commercial lines insurance | ||||||||||||||||||||
| Commercial lines insurance premiums | $ | 4,863 | $ | 4,486 | $ | 4,264 | ||||||||||||||
| Fee revenues | 5 | 4 | 4 | |||||||||||||||||
| Total commercial lines insurance revenues | 4,868 | 4,490 | 4,268 | |||||||||||||||||
| Loss and loss expenses | 2,970 | 2,795 | 2,787 | |||||||||||||||||
| Underwriting expenses | 1,459 | 1,384 | 1,313 | |||||||||||||||||
| Total commercial lines income before income taxes | 439 | 311 | 168 | |||||||||||||||||
| Personal lines insurance | ||||||||||||||||||||
| Personal lines insurance premiums | 3,199 | 2,623 | 2,044 | |||||||||||||||||
| Fee revenues | 5 | 5 | 4 | |||||||||||||||||
| Total personal lines insurance revenues | 3,204 | 2,628 | 2,048 | |||||||||||||||||
| Loss and loss expenses | 2,419 | 1,795 | 1,442 | |||||||||||||||||
| Underwriting expenses | 896 | 762 | 610 | |||||||||||||||||
| Total personal lines income (loss) before income taxes | (111) | 71 | (4) | |||||||||||||||||
| Excess and surplus lines insurance | ||||||||||||||||||||
| Excess and surplus lines insurance premiums | 698 | 615 | 542 | |||||||||||||||||
| Fee revenues | 4 | 3 | 3 | |||||||||||||||||
| Total excess and surplus lines insurance revenues | 702 | 618 | 545 | |||||||||||||||||
| Loss and loss expenses | 425 | 411 | 350 | |||||||||||||||||
| Underwriting expenses | 192 | 167 | 141 | |||||||||||||||||
| Total excess and surplus lines income before income taxes | 85 | 40 | 54 | |||||||||||||||||
| Life insurance | ||||||||||||||||||||
| Life insurance premiums | 330 | 321 | 313 | |||||||||||||||||
| Fee revenues | 6 | 5 | 10 | |||||||||||||||||
| Total life insurance revenues | 336 | 326 | 323 | |||||||||||||||||
| Contract holders' benefits incurred | 305 | 301 | 316 | |||||||||||||||||
| Investment interest credited to contract holders | (127) | (125) | (121) | |||||||||||||||||
| Underwriting expenses incurred | 93 | 93 | 87 | |||||||||||||||||
| Total life insurance income before income taxes | 65 | 57 | 41 | |||||||||||||||||
| Investments | ||||||||||||||||||||
| Investment income, net of expenses | 1,165 | 1,025 | 894 | |||||||||||||||||
| Investment gains and losses, net | 1,442 | 1,391 | 1,127 | |||||||||||||||||
| Total investment revenue | 2,607 | 2,416 | 2,021 | |||||||||||||||||
| Investment interest credited to contract holders | 127 | 125 | 121 | |||||||||||||||||
| Total investments income before income taxes | 2,480 | 2,291 | 1,900 | |||||||||||||||||
| Reconciliation to consolidated income before income taxes | ||||||||||||||||||||
| Total segment revenues | 11,717 | 10,478 | 9,205 | |||||||||||||||||
| Other earned premiums | 893 | 844 | 795 | |||||||||||||||||
| Other revenues | 21 | 15 | 13 | |||||||||||||||||
| Total revenues | 12,631 | 11,337 | 10,013 | |||||||||||||||||
| Total segment benefits and expenses | 8,759 | 7,708 | 7,046 | |||||||||||||||||
| Other loss and loss expenses | 521 | 435 | 379 | |||||||||||||||||
| Other underwriting expenses | 284 | 251 | 233 | |||||||||||||||||
| Other benefits and expenses | 87 | 85 | 79 | |||||||||||||||||
| Total benefits and expenses | 9,651 | 8,479 | 7,737 | |||||||||||||||||
| Total income before income taxes | $ | 2,980 | $ | 2,858 | $ | 2,276 | ||||||||||||||
Identifiable assets by segment are summarized in the following table:
| (Dollars in millions) | December 31, | December 31, | ||||||||||||
| 2025 | 2024 | |||||||||||||
| Identifiable assets: | ||||||||||||||
| Property casualty insurance | $ | 6,916 | $ | 5,927 | ||||||||||
| Life insurance | 1,695 | 1,658 | ||||||||||||
| Investments | 31,199 | 27,887 | ||||||||||||
| Other | 1,192 | 1,029 | ||||||||||||
| Total | $ | 41,002 | $ | 36,501 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.