# CINCINNATI FINANCIAL CORP (CINF)

Informational only - not investment advice.

CIK: 0000020286
SIC: 6331 Fire, Marine & Casualty Insurance
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Insurance Carriers](/major-group/63/) > [SIC 6331 Fire, Marine & Casualty Insurance](/industry/6331/)
Latest 10-K filed: 2026-02-23
SEC page: https://www.sec.gov/edgar/browse/?CIK=20286
Filing source: https://www.sec.gov/Archives/edgar/data/20286/000002028626000008/cinf-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-23 · accession 0000020286-26-000008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000020286.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 12,631,000,000 USD | 2025 | verified |
| Net income | 2,393,000,000 USD | 2025 | verified |
| Assets | 41,002,000,000 USD | 2025 | verified |
| Free cash flow | 3,092,000,000 USD | 2025 | computed |
| Net margin | 18.95% | 2025 | computed |
| Revenue YoY | +11.41% | 2025 | computed |
| ROE | 15.04% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Property and casualty insurers](/compare/insurers/) · SIC 6331 Fire, Marine & Casualty Insurance

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including CINF

- Property and casualty insurers: [peer review](/compare/insurers/) · [market-risk page](/compare/insurers/risk/)

### Peer percentile fingerprint

| Ratio | CINF | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 18.9% | 12.9% | 73 | 53 |
| Revenue growth | 11.4% | 9.4% | 60 | 53 |
| FCF margin | 24.5% | 19.9% | 66 | 36 |
| ROE | 15.0% | 15.9% | 48 | 53 |
| ROA | 5.8% | 3.9% | 73 | 53 |
| Liabilities / equity | 1.58 | 3.04 | 10 | 53 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6331 Fire, Marine & Casualty Insurance, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 12631000000 | USD | 2025 | 2026-02-23 |
| Net income | 2393000000 | USD | 2025 | 2026-02-23 |
| Assets | 41002000000 | USD | 2025 | 2026-02-23 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000020286.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 5,449,000,000 | 5,732,000,000 | 5,407,000,000 | 7,924,000,000 | 7,536,000,000 | 9,626,000,000 | 6,563,000,000 | 10,013,000,000 | 11,337,000,000 | 12,631,000,000 |
| Net income | 591,000,000 | 1,045,000,000 | 287,000,000 | 1,997,000,000 | 1,216,000,000 | 2,968,000,000 | -487,000,000 | 1,843,000,000 | 2,292,000,000 | 2,393,000,000 |
| Diluted EPS | 3.55 | 6.29 | 1.75 | 12.10 | 7.49 | 18.24 | -3.06 | 11.66 | 14.53 | 15.17 |
| Operating cash flow | 1,115,000,000 | 1,052,000,000 | 1,181,000,000 | 1,208,000,000 | 1,491,000,000 | 1,981,000,000 | 2,052,000,000 | 2,052,000,000 | 2,649,000,000 | 3,112,000,000 |
| Capital expenditures | 13,000,000 | 16,000,000 | 20,000,000 | 24,000,000 | 20,000,000 | 15,000,000 | 15,000,000 | 18,000,000 | 22,000,000 | 20,000,000 |
| Dividends paid | 306,000,000 | 400,000,000 | 336,000,000 | 355,000,000 | 375,000,000 | 395,000,000 | 423,000,000 | 454,000,000 | 490,000,000 | 525,000,000 |
| Share buybacks | 39,000,000 | 92,000,000 | 125,000,000 | 67,000,000 | 261,000,000 | 144,000,000 | 410,000,000 | 67,000,000 | 126,000,000 | 205,000,000 |
| Assets | 20,386,000,000 | 21,843,000,000 | 21,935,000,000 | 25,408,000,000 | 27,542,000,000 | 31,387,000,000 | 29,732,000,000 | 32,769,000,000 | 36,501,000,000 | 41,002,000,000 |
| Liabilities | 13,326,000,000 | 13,600,000,000 | 14,102,000,000 | 15,544,000,000 | 16,753,000,000 | 18,282,000,000 | 19,170,000,000 | 20,671,000,000 | 22,566,000,000 | 25,091,000,000 |
| Stockholders' equity | 7,060,000,000 | 8,243,000,000 | 7,833,000,000 | 9,864,000,000 | 10,789,000,000 | 12,764,000,000 | 10,562,000,000 | 12,098,000,000 | 13,935,000,000 | 15,911,000,000 |
| Free cash flow | 1,102,000,000 | 1,036,000,000 | 1,161,000,000 | 1,184,000,000 | 1,471,000,000 | 1,966,000,000 | 2,037,000,000 | 2,034,000,000 | 2,627,000,000 | 3,092,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 10.85% | 18.23% | 5.31% | 25.20% | 16.14% | 30.83% | -7.42% | 18.41% | 20.22% | 18.95% |
| Return on equity | 8.37% | 12.68% | 3.66% | 20.25% | 11.27% | 23.25% | -4.61% | 15.23% | 16.45% | 15.04% |
| Return on assets | 2.90% | 4.78% | 1.31% | 7.86% | 4.42% | 9.46% | -1.64% | 5.62% | 6.28% | 5.84% |
| Liabilities / equity | 1.89 | 1.65 | 1.80 | 1.58 | 1.55 | 1.43 | 1.81 | 1.71 | 1.62 | 1.58 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CINF/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000020286.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -2.64 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.42 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 3.38 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,811,000,000 | -99,000,000 | -0.63 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 3,356,000,000 | 1,183,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 2,935,000,000 | 755,000,000 | 4.78 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 2,544,000,000 | 312,000,000 | 1.98 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 3,320,000,000 | 820,000,000 | 5.20 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 2,538,000,000 | 405,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 2,566,000,000 | -90,000,000 | -0.57 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 3,248,000,000 | 685,000,000 | 4.34 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 3,726,000,000 | 1,122,000,000 | 7.11 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 3,091,000,000 | 676,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 2,863,000,000 | 274,000,000 | 1.75 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 4,274,000,000 | 1,255,000,000 | 8.05 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CINF's latest 10-K: [/company/CINF/business/](/company/CINF/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CINF's latest 10-K: [/company/CINF/risk-factors/](/company/CINF/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/20286/000002028626000045/cinf-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-27
Report date: 2026-06-30

Item 2.    Management’s Discussion and Analysis of Financial Condition and

        Results of Operations

The following discussion highlights significant factors influencing the condensed consolidated results of operations and financial position of Cincinnati Financial Corporation. It should be read in conjunction with the consolidated financial statements and related notes included in our 2025 Annual Report on Form 10-K. Unless otherwise noted, the industry data is prepared by A.M. Best Co., a leading insurance industry statistical, analytical and financial strength rating organization. Information from A.M. Best is presented on a statutory basis for insurance company regulation in the United States of America. When we provide our results on a comparable statutory basis, we label it as such; all other company data is presented in accordance with accounting principles generally accepted in the United States of America (GAAP).

We present per share data on a diluted basis unless otherwise noted, adjusting those amounts for all stock splits and dividends. Dollar amounts are rounded to millions; calculations of percent changes are based on dollar amounts rounded to the nearest million. Certain percentage changes are identified as not meaningful (nm).

SAFE HARBOR STATEMENT    

Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like “seek,” “expect,” “will,” “should,” “could,” “might,” “anticipate,” “believe,” “estimate,” “intend,” “likely,” “future,” or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:

Insurance-Related Risks

•Risks and uncertainties associated with our loss reserves or actual claim costs exceeding reserves

•Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance

•Unusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe risk

•Risks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk management

•Inadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimates

•Events or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growth

•Mergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantages

•Our inability to manage business opportunities, growth prospects, and expenses for our ongoing operations

•Changing consumer insurance-buying habits

•The inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurers

Cincinnati Financial Corporation Second-Quarter 2026 10-Q

Page 33

Table of Contents

•Domestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:

◦Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book value

◦Significant or prolonged decline in the fair value of securities and impairment of the assets

◦Significant decline in investment income due to reduced or eliminated dividend payouts from securities

◦Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati Global

◦An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses

◦Decreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity

◦The inability of our workforce, agencies, or vendors to perform necessary business functions

Financial, Economic, and Investment Risks

•Declines in overall stock market values negatively affecting our equity portfolio and book value

•Downgrades in our financial strength ratings

•Interest rate fluctuations or other factors that could significantly affect:

◦Our ability to generate growth in investment income

◦Values of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assets

◦Our traditional life policy reserves

•Economic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnerships

•Failure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligations

•Recession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies

•The inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase shares

General Business, Technology, and Operational Risks

•Ineffective information technology systems or failing to develop and implement improvements in technology

•Difficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents’, ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liability

•Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data security

•Disruption of the insurance market caused by technology innovations - such as driverless cars - that could decrease consumer demand for insurance products

•Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitiveness

Cincinnati Financial Corporation Second-Quarter 2026 10-Q

Page 34

Table of Contents

•Intense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitability

•Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitability

•Unforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others

•Our inability, or the inability of our independent agents, to attract and retain personnel

•Events, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programs

Regulatory, Compliance, and Legal Risks

•Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:

◦Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates

◦Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulations

◦Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business

◦Increase assessments for guaranty funds, other insurance‑related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes

◦Increase our provision for federal income taxes due to changes in tax laws, regulations, or interpretations

◦Increase other expenses

◦Limit our ability to set fair, adequate, and reasonable rates

◦Restrict our ability to cancel policies

◦Impose new underwriting standards

◦Place us at a disadvantage in the marketplace

◦Restrict our ability to execute our business model, including the way we compensate agents

•Adverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awards

•Events or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002

•Effects of changing social, global, economic, and regulatory environments

•Additional measures affecting corporate financial reporting and governance that can affect the market value of our common stock

Risks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.

Cincinnati Financial Corporation Second-Quarter 2026 10-Q

Page 35

Table of Contents

CORPORATE FINANCIAL HIGHLIGHTS

Net Income and Comprehensive Income Data

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/20286/000002028626000008/cinf-20251231.htm
Complete FY 2025 MD&A: /company/CINF/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-23
Report date: 2025-12-31

ITEM 7.    Management's Discussion and Analysis of Financial Condition and

Results of Operations

Introduction

The purpose of Management’s Discussion and Analysis is to provide an understanding of Cincinnati Financial Corporation’s consolidated results of operations and financial condition. Our Management’s Discussion and Analysis should be read in conjunction with Item 8, Consolidated Financial Statements and related Notes. We present per share data on a diluted basis unless otherwise noted, adjusting those amounts for all stock splits and stock dividends.

We begin with an executive summary of our results of operations, followed by other highlights and details about critical accounting estimates. In several instances, we refer to estimated industry data so that we can provide information on our performance within the context of the overall insurance industry. Unless otherwise noted, the industry data is prepared by A.M. Best, a leading insurance industry statistical, analytical and financial strength rating organization. Information from A.M. Best is presented on a statutory accounting basis for insurance company regulation in the United States of America. When we provide our results on a comparable statutory accounting basis, we label it as such; all other company data is presented in accordance with accounting principles generally accepted in the United States of America (GAAP).

Through The Cincinnati Insurance Company, Cincinnati Financial Corporation is one of the 25 largest property casualty insurers in the nation, based on net written premium volume for the first nine months of 2025, among more than 2,000 U.S. stock and mutual companies operating independently or in groups. We market our insurance products through a select group of independent insurance agencies in 46 states as discussed in Item 1, Our Business and Our Strategy.

The U.S. economy, the insurance industry and our company continue to face many challenges. Our long-term perspective has allowed us to address immediate challenges while also focusing on the major decisions that best position the company for success through all market cycles. We believe that this forward-looking view consistently benefits our shareholders, agents, policyholders and associates.

To measure our progress, we have defined a measure of value creation that we believe captures the contribution of our insurance operations, the success of our investment strategy and the importance we place on paying cash dividends to shareholders. We refer to this measure as our value creation ratio (VCR) and it is made up of two primary components: (1) our rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. This measure, intended to be all-inclusive regarding changes in book value per share, uses originally reported book value per share in cases where book value per share has been adjusted, such as after the adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.

The primary sources of our company’s net income are summarized below. We discuss contributions to net income and VCR by source in Corporate Financial Highlights, followed by more detailed discussion in Financial Results.

•Underwriting profit (loss) – Includes revenues from earned premiums for insurance and reinsurance policies or contracts, reduced by losses and loss expenses from associated insurance coverages. Those revenues are further reduced by underwriting expenses associated with marketing policies or related to administration of our insurance operations. The net result represents an underwriting profit when revenues exceed losses and expenses.

•Investment income – Is generated primarily from investing the premiums collected for insurance policies sold, until funds are needed to pay losses for insurance claims or other expenses. Interest income from bonds or dividend income from stocks are the main categories of our investment income, with additional contribution from compounding effects over time.

•Investment gains and losses – Occur from appreciation or depreciation of invested assets over time. Gains or losses are generally recognized from changes in market values of equity securities without a sale or when invested assets are sold or become impaired.

Cincinnati Financial Corporation - 2025 10-K - Page 45

Table of Contents

Executive Summary

Our value creation ratio, defined above, is our primary performance target. VCR trends are shown in the table below.

[[GREPCENT_TABLE]]
[["","","One year","","Three-year % average","","Five-year % average"],["Value creation ratio:"],["As of December 31, 2025","","18.8","%","","19.4","%","","13.8","%"],["As of December 31, 2024","","19.8","","","8.2","","","13.0"],["As of December 31, 2023","","19.5","","","10.2","","","15.2"]]
[[/GREPCENT_TABLE]]

We are targeting an annual value creation ratio averaging 10% to 13% over the next five-year period. At 18.8% for 2025, our performance was above the high end of that range. We also exceeded the high end of the range for both the three-year and five-year periods that ended in December 2025.

The table below shows the primary contributors of our value creation ratio on a percentage basis. Analysis of the contributors aids understanding of our financial performance. Our financial results are further analyzed in the Corporate Financial Highlights section below.

[[GREPCENT_TABLE]]
[["","","Years ended December 31,","","2025-2024","","2024-2023"],["","","2025","","2024","","2023","","Pt. Change","","Pt. Change"],["Value creation ratio major contributors:"],["Net income before investment gains","","9.1","%","","9.9","%","","9.1","%","","(0.8)","","","0.8"],["Change in fixed-maturity securities, realized and unrealized gains","","2.0","","","(0.6)","","","1.9","","","2.6","","","(2.5)"],["Change in equity securities, investment gains","","8.2","","","9.6","","","8.6","","","(1.4)","","","1.0"],["Other","","(0.5)","","","0.9","","","(0.1)","","","(1.4)","","","1.0"],["Value creation ratio","","18.8","%","","19.8","%","","19.5","%","","(1.0)","","","0.3"]]
[[/GREPCENT_TABLE]]

The 2025 value creation ratio decreased by 1.0 percentage points, compared with 2024, and again included a significant contribution from operating results, as shown in the table above. The 2025 ratio decrease included 0.8 percentage points from net income before investment gains and 0.2 percentage points in overall net gains from our investment portfolio and other items. The increase in 2024, compared with 2023, was primarily due to an increase in operating results which was partially offset by a reduction in overall net gains from our investment portfolio.

We believe our value creation ratio is a useful measure. The table below shows calculations for VCR.

[[GREPCENT_TABLE]]
[["(Dollars are per share)","","Years ended December 31,"],["","","2025","","2024","","2023"],["Value creation ratio:"],["End of period book value*","","$","102.35","","","$","89.11","","","$","77.06"],["Less beginning of period book value","","89.11","","","77.06","","","67.01"],["Change in book value","","13.24","","","12.05","","","10.05"],["Dividend declared to shareholders","","3.48","","","3.24","","","3.00"],["Total value creation","","$","16.72","","","$","15.29","","","$","13.05"],["Value creation ratio from change in book value**","","14.9","%","","15.6","%","","15.0","%"],["Value creation ratio from dividends declared to shareholders***","","3.9","","","4.2","","","4.5"],["Value creation ratio","","18.8","%","","19.8","%","","19.5","%"]]
[[/GREPCENT_TABLE]]

* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding

** Change in book value divided by the beginning of year book value

*** Dividend declared to shareholders divided by beginning of year book value

Cincinnati Financial Corporation - 2025 10-K - Page 46

Table of Contents

When looking at our longer-term objectives, we see three primary performance drivers for our value creation ratio: 

•Premium growth – We believe over any five-year period our agency relationships and initiatives can lead to a property casualty written premium growth rate that exceeds the industry average. The compound annual growth rate of our net written premiums was 11.4% over the five-year period 2021 through 2025, exceeding the 8.8% estimated growth rate for the property casualty insurance industry, with 2025 representing industry data reported through the first nine months of 2025. The industry’s growth rate excludes its mortgage and financial guaranty lines of business.

•Combined ratio – We believe our underwriting philosophy and initiatives can drive performance to achieve our underwriting profitability target of a GAAP combined ratio over any five-year period that consistently averages within the range of 92% to 98% in the future. Our GAAP combined ratio averaged 93.9% over the five-year period 2021 through 2025, within the performance target range. Performance as measured by the combined ratio is discussed in Consolidated Property Casualty Insurance Results. Our statutory combined ratio averaged 93.6% over the five-year period 2021 through 2025, compared with an estimated 99.6% for the property casualty industry, with 2025 representing industry data reported through the first nine months of 2025. The industry’s ratio again excludes its mortgage and financial guaranty lines of business.

•Investment contribution – We believe our investment philosophy and initiatives can drive investment income growth and lead to a total return on our equity investment portfolio over a five-year period that exceeds the five-year total return of the S&P 500 Index.

◦Investment income growth, on a pretax basis, had a compound annual growth rate of 11.7% over the five-year period 2021 through 2025.

◦Over the five years ended December 31, 2025, our equity portfolio compound annual total return was 12.4% compared with a compound annual total return of 14.4% for the Index. Our equity portfolio favors larger-capitalization, high-quality, dividend-growing stocks with a slight value orientation. For the year 2025, our equity portfolio total return was 15.7%, compared with 17.9% for the Index.

The board of directors is committed to rewarding shareholders directly through cash dividends and share repurchase authorizations. Through 2025, the company has increased the annual cash dividend rate for 65 consecutive years, a record we believe is matched by only seven other publicly traded U.S. companies. In addition to regular dividends, strong capital and excellent company performance has provided opportunities to further reward shareholders. The board regularly evaluates relevant factors in dividend-related decisions, and the 2025 increase to the regular dividend reflected confidence in our outstanding capital, liquidity and financial flexibility, as well as progress of our initiatives to improve earnings performance while growing insurance premium revenues. We discuss our financial position in more detail in Liquidity and Capital Resources. 

Our view of the shareholder value we can create over the next five years relies largely on three assumptions – each highly dependent on the external environment. First, we anticipate our property casualty average insurance prices will increase in proportion to, or in excess of, our loss cost trends. Second, we assume that the economy can maintain a long-term growth track. Third, we assume that valuations of our marketable securities will vary within a typical range over time, based on historical trends. If those assumptions prove to be inaccurate, we may not be able to achieve our performance targets even if we accomplish our strategic objectives.

We discuss in Item 1A, Risk Factors, many potential risks to our business and our ability to achieve our qualitative and quantitative objectives.

Cincinnati Financial

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CINF/mda/fy2025/
All MD&A years: /company/CINF/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CINF/mda/fy2024/): filed 2025-02-24; accession 0000020286-25-000009 (https://www.sec.gov/Archives/edgar/data/20286/000002028625000009/cinf-20241231.htm)
- [FY 2023 MD&A](/company/CINF/mda/fy2023/): filed 2024-02-26; accession 0000020286-24-000014 (https://www.sec.gov/Archives/edgar/data/20286/000002028624000014/cinf-20231231.htm)
- [FY 2022 MD&A](/company/CINF/mda/fy2022/): filed 2023-02-23; accession 0000020286-23-000008 (https://www.sec.gov/Archives/edgar/data/20286/000002028623000008/cinf-20221231.htm)
- [FY 2021 MD&A](/company/CINF/mda/fy2021/): filed 2022-02-24; accession 0000020286-22-000012 (https://www.sec.gov/Archives/edgar/data/20286/000002028622000012/cinf-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6331 Fire, Marine & Casualty Insurance) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CINF.md · JSON record: /company/CINF.json · verified financials: /company/CINF/financials.json / /company/CINF/financials.csv · machine TOC for the whole site: /llms.txt