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Table of Contents
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, 2023.
       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, former address and former fiscal year, 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 21, 2023, there were 156,856,162 shares of common stock outstanding.


Table of Contents
CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED June 30, 2023
 
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
          Safe Harbor Statement
 
          Corporate Financial Highlights
          Financial Results
 
          Other Matters
 
 
 
 
 
 
 

Cincinnati Financial Corporation Second-Quarter 2023 10-Q
Page 2

Table of Contents
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,
20232022
Assets  
Investments  
Fixed maturities, at fair value (amortized cost: 2023—$13,708; 2022—$12,979)
$12,870 $12,132 
Equity securities, at fair value (cost: 2023—$4,382; 2022—$4,294)
10,502 9,841 
Other invested assets507 452 
Total investments23,879 22,425 
Cash and cash equivalents748 1,264 
Investment income receivable163 160 
Finance receivable98 92 
Premiums receivable2,749 2,322 
Reinsurance recoverable694 665 
Prepaid reinsurance premiums95 51 
Deferred policy acquisition costs1,109 1,013 
Land, building and equipment, net, for company use (accumulated depreciation:
   2023—$329; 2022—$322)
198 202 
Other assets708 646 
Separate accounts911 892 
Total assets$31,352 $29,732 
Liabilities  
Insurance reserves  
Loss and loss expense reserves$8,873 $8,400 
Life policy and investment contract reserves3,038 3,015 
Unearned premiums4,222 3,689 
Other liabilities1,253 1,229 
Deferred income tax1,158 1,054 
Note payable25 50 
Long-term debt and lease obligations842 841 
Separate accounts911 892 
Total liabilities20,322 19,170 
Commitments and contingent liabilities (Note 12)
Shareholders' Equity  
Common stock, par value—$2 per share; (authorized: 2023 and 2022—500 million
   shares; issued: 2023 and 2022—198.3 million shares)
397 397 
Paid-in capital1,410 1,392 
Retained earnings12,235 11,711 
Accumulated other comprehensive income (626)(614)
Treasury stock at cost (2023—41.5 million shares and 2022—41.2 million shares)
(2,386)(2,324)
Total shareholders' equity11,030 10,562 
Total liabilities and shareholders' equity$31,352 $29,732 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2023 10-Q
Page 3

Table of Contents
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,
2023202220232022
Revenues    
Earned premiums$1,943 $1,773 $3,861 $3,466 
Investment income, net of expenses220 195 430 380 
Investment gains and losses, net434 (1,154)540 (1,820)
Fee revenues6 3 10 7 
Other revenues2 3 5 5 
Total revenues2,605 820 4,846 2,038 
Benefits and Expenses    
Insurance losses and contract holders' benefits1,340 1,322 2,738 2,354 
Underwriting, acquisition and insurance expenses579 533 1,135 1,053 
Interest expense13 13 27 26 
Other operating expenses7 5 12 9 
 Total benefits and expenses1,939 1,873 3,912 3,442 
Income (Loss) Before Income Taxes666 (1,053)934 (1,404)
Provision (Benefit) for Income Taxes    
Current51 30 67 71 
Deferred81 (265)108 (391)
Total provision (benefit) for income taxes132 (235)175 (320)
Net Income (Loss)$534 $(818)$759 $(1,084)
Per Common Share    
Net income (loss)—basic$3.40 $(5.12)$4.83 $(6.77)
Net income (loss)—diluted3.38 (5.12)4.80 (6.77)
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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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,
2023202220232022
Net Income (Loss)$534 $(818)$759 $(1,084)
Other Comprehensive Income (Loss)    
Change in unrealized gains and losses on investments, net of tax (benefit) of $(32), $(127), $3 and $(284), respectively
(122)(483)6 (1,072)
Amortization of pension actuarial loss and prior service cost, net of tax (benefit) of $(1), $0, $(2) and $0, respectively
  (5) 
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $6, $38, $(3) and $79, respectively
23 143 (13)298 
Other comprehensive income (loss)(99)(340)(12)(774)
Comprehensive Income (Loss)$435 $(1,158)$747 $(1,858)
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Dollars in millions)Three months ended June 30,Six months ended June 30,
2023202220232022
Common Stock
   Beginning of period$397 $397 $397 $397 
   Share-based awards    
   End of period397 397 397 397 
Paid-In Capital
   Beginning of period1,398 1,354 1,392 1,356 
   Share-based awards 2 (6)(12)
   Share-based compensation10 9 22 20 
   Other2 2 2 3 
   End of period1,410 1,367 1,410 1,367 
Retained Earnings
   Beginning of period11,818 12,258 11,711 12,625 
Cumulative effect of change in accounting for long-duration insurance contracts (Note 1)   10 
Adjusted beginning of period11,818 12,258 11,711 12,635 
   Net income (loss)534 (818)759 (1,084)
Dividends declared (117)(109)(235)(220)
   End of period12,235 11,331 12,235 11,331 
Accumulated Other Comprehensive Income (Loss)
   Beginning of period(527)(138)(614)648 
Cumulative effect of change in accounting for long-duration insurance contracts (Note 1)   (352)
Adjusted beginning of period(527)(138)(614)296 
   Other comprehensive loss(99)(340)(12)(774)
   End of period(626)(478)(626)(478)
Treasury Stock
   Beginning of period(2,345)(1,959)(2,324)(1,921)
   Share-based awards 3 7 12 
   Shares acquired - share repurchase authorization(42)(151)(67)(196)
   Shares acquired - share-based compensation plans (6)(3)(8)
   Other1 1 1 1 
   End of period(2,386)(2,112)(2,386)(2,112)
      Total Shareholders' Equity$11,030 $10,505 $11,030 $10,505 
(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of period157.2 160.3 157.1 160.3 
   Share-based awards 0.1 0.3 0.5 
   Shares acquired - share repurchase authorization(0.4)(1.2)(0.6)(1.6)
   End of period156.8 159.2 156.8 159.2 
Dividends declared per common share$0.75 $0.69 $1.50 $1.38 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
 (Dollars in millions)Six months ended June 30,
20232022
Cash Flows From Operating Activities  
Net income (loss)$759 $(1,084)
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, amortization and other74 78 
Investment gains and losses, net(526)1,829 
Interest credited to contract holders21 23 
Deferred income tax expense108 (391)
Changes in:  
Premiums and reinsurance receivable(504)(427)
Deferred policy acquisition costs(96)(130)
Other assets(17)(29)
Loss and loss expense reserves473 364 
Life policy and investment contract reserves56 38 
Unearned premiums533 596 
Other liabilities(27)(31)
Current income tax receivable/payable(29)(81)
Net cash provided by operating activities825 755 
Cash Flows From Investing Activities  
Sale, call or maturity of fixed maturities581 702 
Sale of equity securities4 178 
Purchase of fixed maturities(1,313)(942)
Purchase of equity securities(97)(218)
Changes in finance receivables(6)11 
Investment in building and equipment(8)(8)
Change in other invested assets, net(81)(47)
Net cash used in investing activities(920)(324)
Cash Flows From Financing Activities  
Payment of cash dividends to shareholders(223)(208)
Shares acquired - share repurchase authorization(66)(196)
Changes in note payable
(25)(10)
Proceeds from stock options exercised6 6 
Contract holders' funds deposited45 34 
Contract holders' funds withdrawn(113)(62)
Other(45)(36)
Net cash used in financing activities(421)(472)
Net change in cash and cash equivalents(516)(41)
Cash and cash equivalents at beginning of year1,264 1,139 
Cash and cash equivalents at end of period$748 $1,098 
Supplemental Disclosures of Cash Flow Information:  
Interest paid$27 $26 
Income taxes paid79 142 
Noncash Activities  
Equipment acquired under finance lease obligations$4 $6 
Share-based compensation13 24 
Other assets and other liabilities65 180 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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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). 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, 2023, 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 2022 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 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. ASU 2018-12 requires changes to the measurement and disclosure of long-duration insurance contracts. In November 2020, the FASB issued an ASU that delayed the effective date of ASU 2018-12 to interim and annual reporting periods beginning after December 15, 2022.

Related to the company's term and whole life products included in life policy and investment contract reserves, the new guidance requires that cash flow assumptions be reviewed at least annually to determine any necessary updates. Additionally, the discount rate assumption is required to be updated quarterly based on upper-medium grade fixed-income instrument yields (market value discount rates). The life policy and investment contract reserves balance is adjusted through insurance losses and contract holders' benefits for cash flow assumption updates and through accumulated other comprehensive income (AOCI) for discount rate updates.

These ASUs also amend the previous guidance related to life deferred policy acquisition costs by requiring amortization of those costs on a constant level basis for a group of contracts that approximates straight-line and the removal of shadow deferred policy acquisition costs for universal life and deferred annuity products. These ASUs also require entities to provide additional disclosures including disaggregated rollforwards of the life policy and investment contract reserves, separate account liabilities and life deferred policy acquisition costs.

We adopted these ASUs on a modified retrospective basis on January 1, 2023, resulting in an after-tax increase to shareholders' equity of $31 million.














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The following table illustrates the effect of adopting ASU 2018-12 in the condensed consolidated balance sheets:
(Dollars in millions)June 30, 2023December 31, 2022
As originally reportedAs adjustedDifference
Reinsurance recoverable$694 $640 $665 $25 
Prepaid reinsurance premiums95 79 51 (28)
Deferred policy acquisition costs1,109 1,014 1,013 (1)
Total assets31,352 29,736 29,732 (4)
Life policy and investment contract reserves3,038 3,059 3,015 (44)
Deferred income tax1,158 1,045 1,054 9 
Total liabilities20,322 19,205 19,170 (35)
Retained earnings12,235 11,702 11,711 9 
Accumulated other comprehensive income(626)(636)(614)22 
Total shareholders' equity11,030 10,531 10,562 31 
Total liabilities and shareholders' equity31,352 29,736 29,732 (4)

The following table illustrates the effect of adopting ASU 2018-12 in the condensed consolidated statements of income and condensed consolidated statements of comprehensive income:
(Dollars in millions, except per share data)Three months ended June 30,
20232022
As originally reportedAs adjustedDifference
Earned premiums$1,943 $1,773 $1,773 $ 
Insurance losses and contract holders' benefits1,340 1,309 1,322 13 
Underwriting, acquisition and insurance expenses579 534 533 (1)
Deferred income tax expense81 (263)(265)(2)
Net Income (Loss)534 (808)(818)(10)
Change in life policy reserves, reinsurance recoverable and other, net of tax23 1 143 142 
Other comprehensive income (loss)(99)(482)(340)142 
Comprehensive Income (Loss)435 (1,290)(1,158)132 
Net income (loss) per share:
Basic$3.40 $(5.06)$(5.12)$(0.06)
Diluted3.38 (5.06)(5.12)(0.06)
(Dollars in millions, except per share data)Six months ended June 30,
20232022
As originally reportedAs adjustedDifference
Earned premiums$3,861 $3,463 $3,466 $3 
Insurance losses and contract holders' benefits2,738 2,348 2,354 6 
Underwriting, acquisition and insurance expenses1,135 1,053 1,053  
Deferred income tax expense108 (391)(391) 
Net Income (Loss)759 (1,081)(1,084)(3)
Change in life policy reserves, reinsurance recoverable and other, net of tax(13)1 298 297 
Other comprehensive income (loss)(12)(1,071)(774)297 
Comprehensive Income (Loss)747 (2,152)(1,858)294 
Net income (loss) per share:
Basic$4.83 $(6.76)$(6.77)$(0.01)
Diluted4.80 (6.76)(6.77)(0.01)

The adoption of ASU 2018-12 did not have a material impact on the company's condensed consolidated cash flows.
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NOTE 2 – Investments
The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities:
(Dollars in millions)Amortized
cost
Gross unrealizedFair value
At June 30, 2023gainslosses
Fixed-maturity securities:    
Corporate $7,719 $39 $608 $7,150 
States, municipalities and political subdivisions4,951 23 262 4,712 
Government-sponsored enterprises 582  8 574 
Commercial mortgage-backed227  17 210 
United States government209  5 204 
Foreign government20   20 
Total$13,708 $62 $900 $12,870 
At December 31, 2022    
Fixed-maturity securities:    
Corporate $7,412 $37 $580 $6,869 
States, municipalities and political subdivisions4,901 24 303 4,622 
Government-sponsored enterprises186  3 183 
Commercial mortgage-backed 250  16 234 
United States government196  5 191 
Foreign government34  1 33 
Total$12,979 $61 $908 $12,132 
 
The net unrealized investment losses in our fixed-maturity portfolio at June 30, 2023, are primarily due to an increase in U.S. Treasury yields and a widening of corporate credit spreads. Our commercial mortgage-backed securities had an average rating of Aa2/AA- at June 30, 2023, and December 31, 2022.

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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:
(Dollars in millions)Less than 12 months12 months or moreTotal
At June 30, 2023Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fixed-maturity securities:      
Corporate $2,133 $94 $4,347 $514 $6,480 $608 
States, municipalities and political subdivisions1,042 11 1,897 251 2,939 262 
Government-sponsored enterprises502 6 32 2 534 8 
Commercial mortgage-backed1  208 17 209 17 
United States government144 2 60 3 204 5 
Foreign government15    15  
Total$3,837 $113 $6,544 $787 $10,381 $900 
At December 31, 2022      
Fixed-maturity securities:      
Corporate $5,651 $412 $661 $168 $6,312 $580 
States, municipalities and political subdivisions2,600 274 77 29 2,677 303 
Government-sponsored enterprises123 3 3  126 3 
Commercial mortgage-backed215 13 14 3 229 16 
United States government146 3 41 2 187 5 
Foreign government25 1 4  29 1 
Total$8,760 $706 $800 $202 $9,560 $908 

Contractual maturity dates for fixed-maturities securities were:
(Dollars in millions)Amortized
cost
Fair
value
% of fair
value
At June 30, 2023
Maturity dates:   
Due in one year or less$772 $766 6.0 %
Due after one year through five years4,348 4,179 32.5 
Due after five years through ten years3,508 3,312 25.7 
Due after ten years5,080 4,613 35.8 
Total$13,708 $12,870 100.0 %

Actual maturities may differ from contractual maturities when there is a right to call or prepay obligations with or without call or prepayment penalties.

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The following table provides investment income and investment gains and losses, net:
(Dollars in millions)Three months ended June 30,Six months ended June 30,
2023202220232022
Investment income:
Interest$147 $124 $287 $247 
Dividends70 72 136 137 
Other 6 2 13 3 
Total223 198 436 387 
Less investment expenses3 3 6 7 
Total$220 $195 $430 $380 
Investment gains and losses, net:    
Equity securities:    
Investment gains and losses on securities sold, net$ $5 $(4)$37 
Unrealized gains and losses on securities still held, net459 (1,175)568 (1,882)
Subtotal459 (1,170)564 (1,845)
Fixed-maturity securities:    
Gross realized gains 2 1 6 
Gross realized losses (2)(1)(3)
Write-down of impaired securities with intent to sell(4) (4) 
Subtotal(4) (4)3 
Other(21)16 (20)22 
Total$434 $(1,154)$540 $(1,820)
 
The fair value of our equity portfolio was $10.502 billion and $9.841 billion at June 30, 2023, and December 31, 2022, respectively. Apple Inc. (Nasdaq:AAPL), an equity holding, was our largest single investment holding with a fair value of $892 million and $597 million, which was 8.8% and 6.3% of our publicly traded common equities portfolio and 3.8% and 2.7% of the total investment portfolio at June 30, 2023, and December 31, 2022, respectively.

The allowance for credit losses was $4 million and $1 million at June 30, 2023, and December 31, 2022, respectively. Changes in the allowance were $3 million for both the three and six months ended June 30, 2023 and
less than $1 million for both the three and six months ended June 30, 2022.

There were 3,452 fixed-maturity securities with a total unrealized loss of $900 million, which were in an unrealized loss position at June 30, 2023. Of that total, 23 fixed-maturity securities had fair values below 70% of amortized cost. There were 3,272 fixed-maturity securities with a total unrealized loss of $908 million, which were in an unrealized loss position at December 31, 2022. Of that total, 49 fixed-maturity securities had fair values below 70% of amortized cost.
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NOTE 3 – Fair Value Measurements
In accordance with accounting guidance for fair value measurements and disclosures, we categorized our financial instruments, based on the priority of the observable and market-based data for the valuation technique used, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2022, and ultimately management determines fair value. See our 2022 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 137, for information on characteristics and valuation techniques used in determining fair value.

Fair Value Disclosures for Assets
The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at June 30, 2023, and December 31, 2022. We do not have any liabilities carried at fair value.
(Dollars in millions)Level 1Level 2Level 3Total
At June 30, 2023
Fixed maturities, available for sale:    
Corporate $ $7,150 $ $7,150 
States, municipalities and political subdivisions 4,712  4,712