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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 September 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 October 20, 2023, there were 156,907,720 shares of common stock outstanding.


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

Cincinnati Financial Corporation Third-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)September 30,December 31,
20232022
Assets  
Investments  
Fixed maturities, at fair value (amortized cost: 2023—$14,050; 2022—$12,979)
$12,843 $12,132 
Equity securities, at fair value (cost: 2023—$4,399; 2022—$4,294)
10,031 9,841 
Other invested assets534 452 
Total investments23,408 22,425 
Cash and cash equivalents899 1,264 
Investment income receivable182 160 
Finance receivable103 92 
Premiums receivable2,654 2,322 
Reinsurance recoverable699 665 
Prepaid reinsurance premiums69 51 
Deferred policy acquisition costs1,101 1,013 
Land, building and equipment, net, for company use (accumulated depreciation:
   2023—$333; 2022—$322)
199 202 
Other assets683 646 
Separate accounts918 892 
Total assets$30,915 $29,732 
Liabilities  
Insurance reserves  
Loss and loss expense reserves$9,077 $8,400 
Life policy and investment contract reserves2,920 3,015 
Unearned premiums4,195 3,689 
Other liabilities1,315 1,229 
Deferred income tax997 1,054 
Note payable25 50 
Long-term debt and lease obligations844 841 
Separate accounts918 892 
Total liabilities20,291 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 capital1,422 1,392 
Retained earnings12,018 11,711 
Accumulated other comprehensive income (827)(614)
Treasury stock at cost (2023—41.4 million shares and 2022—41.2 million shares)
(2,386)(2,324)
Total shareholders' equity10,624 10,562 
Total liabilities and shareholders' equity$30,915 $29,732 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-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 September 30,Nine months ended September 30,
2023202220232022
Revenues    
Earned premiums$2,033 $1,884 $5,894 $5,350 
Investment income, net of expenses225 193 655 573 
Investment gains and losses, net(456)(674)84 (2,494)
Fee revenues6 5 16 12 
Other revenues3 2 8 7 
Total revenues1,811 1,410 6,657 3,448 
Benefits and Expenses    
Insurance losses and contract holders' benefits1,332 1,418 4,070 3,772 
Underwriting, acquisition and insurance expenses609 551 1,744 1,604 
Interest expense13 14 40 40 
Other operating expenses5 4 17 13 
 Total benefits and expenses1,959 1,987 5,871 5,429 
Income (Loss) Before Income Taxes(148)(577)786 (1,981)
Provision (Benefit) for Income Taxes    
Current57 19 124 90 
Deferred(106)(180)2 (571)
Total provision (benefit) for income taxes(49)(161)126 (481)
Net Income (Loss)$(99)$(416)$660 $(1,500)
Per Common Share    
Net income (loss)—basic$(0.63)$(2.63)$4.20 $(9.42)
Net income (loss)—diluted(0.63)(2.63)4.17 (9.42)
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2023202220232022
Net Income (Loss)$(99)$(416)$660 $(1,500)
Other Comprehensive Income (Loss)    
Change in unrealized gains and losses on investments, net of benefit of $(79), $(109), $(76) and $(393), respectively
(290)(405)(284)(1,477)
Amortization of pension actuarial loss and prior service cost, net of tax (benefit) of $0, $0, $(2) and $0, respectively
  (5) 
Change in life policy reserves, reinsurance recoverable and other, net of tax of $22, $25, $19 and $104, respectively
89 95 76 393 
Other comprehensive loss(201)(310)(213)(1,084)
Comprehensive Income (Loss)$(300)$(726)$447 $(2,584)
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 September 30,Nine months ended September 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 period1,410 1,367 1,392 1,356 
   Share-based awards1 1 (5)(11)
   Share-based compensation9 9 31 29 
   Other2 2 4 5 
   End of period1,422 1,379 1,422 1,379 
Retained Earnings
   Beginning of period12,235 11,331 11,711 12,625 
Cumulative effect of change in accounting for long-duration insurance contracts (Note 1)   10 
Adjusted beginning of period12,235 11,331 11,711 12,635 
   Net income (loss)(99)(416)660 (1,500)
Dividends declared (118)(109)(353)(329)
   End of period12,018 10,806 12,018 10,806 
Accumulated Other Comprehensive Income (Loss)
   Beginning of period(626)(478)(614)648 
Cumulative effect of change in accounting for long-duration insurance contracts (Note 1)   (352)
Adjusted beginning of period(626)(478)(614)296 
   Other comprehensive loss(201)(310)(213)(1,084)
   End of period(827)(788)(827)(788)
Treasury Stock
   Beginning of period(2,386)(2,112)(2,324)(1,921)
   Share-based awards1 1 8 13 
   Shares acquired - share repurchase authorization (203)(67)(399)
   Shares acquired - share-based compensation plans(2) (5)(8)
   Other1  2 1 
   End of period(2,386)(2,314)(2,386)(2,314)
      Total Shareholders' Equity$10,624 $9,480 $10,624 $9,480 
(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of period156.8 159.2 157.1 160.3 
   Share-based awards  0.3 0.5 
   Shares acquired - share repurchase authorization (2.1)(0.6)(3.7)
   Other0.1  0.1  
   End of period156.9 157.1 156.9 157.1 
Dividends declared per common share$0.75 $0.69 $2.25 $2.07 
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)Nine months ended September 30,
20232022
Cash Flows From Operating Activities  
Net income (loss)$660 $(1,500)
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, amortization and other88 102 
Investment gains and losses, net(69)2,513 
Interest credited to contract holders33 34 
Deferred income tax expense2 (571)
Changes in:  
Premiums and reinsurance receivable(392)(354)
Deferred policy acquisition costs(88)(118)
Other assets(30)(6)
Loss and loss expense reserves677 808 
Life policy and investment contract reserves73 53 
Unearned premiums506 527 
Other liabilities8 3 
Current income tax receivable/payable7 (70)
Net cash provided by operating activities1,475 1,421 
Cash Flows From Investing Activities  
Sale, call or maturity of fixed maturities826 911 
Sale of equity securities68 333 
Purchase of fixed maturities(1,853)(1,445)
Purchase of equity securities(157)(380)
Changes in finance receivables(10)12 
Investment in building and equipment(10)(12)
Change in other invested assets, net(102)(65)
Net cash used in investing activities(1,238)(646)
Cash Flows From Financing Activities  
Payment of cash dividends to shareholders(338)(316)
Shares acquired - share repurchase authorization(67)(399)
Changes in note payable
(25)(10)
Proceeds from stock options exercised7 8 
Contract holders' funds deposited67 54 
Contract holders' funds withdrawn(165)(98)
Other(81)(70)
Net cash used in financing activities(602)(831)
Net change in cash and cash equivalents(365)(56)
Cash and cash equivalents at beginning of year1,264 1,139 
Cash and cash equivalents at end of period$899 $1,083 
Supplemental Disclosures of Cash Flow Information:  
Interest paid$28 $27 
Income taxes paid94 144 
Noncash Activities  
Equipment acquired under finance lease obligations$10 $13 
Share-based compensation15 24 
Other assets and other liabilities120 203 
 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 September 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)September 30, 2023December 31, 2022
As originally reportedAs adjustedDifference
Reinsurance recoverable$699 $640 $665 $25 
Prepaid reinsurance premiums69 79 51 (28)
Deferred policy acquisition costs1,101 1,014 1,013 (1)
Total assets30,915 29,736 29,732 (4)
Life policy and investment contract reserves2,920 3,059 3,015 (44)
Deferred income tax997 1,045 1,054 9 
Total liabilities20,291 19,205 19,170 (35)
Retained earnings12,018 11,702 11,711 9 
Accumulated other comprehensive income(827)(636)(614)22 
Total shareholders' equity10,624 10,531 10,562 31 
Total liabilities and shareholders' equity30,915 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 September 30,
20232022
As originally reportedAs adjustedDifference
Earned premiums$2,033 $1,882 $1,884 $2 
Insurance losses and contract holders' benefits1,332 1,418 1,418  
Underwriting, acquisition and insurance expenses609 551 551  
Deferred income tax expense(106)(180)(180) 
Net Income (Loss)(99)(418)(416)2 
Change in life policy reserves, reinsurance recoverable and other, net of tax89  95 95 
Other comprehensive income (loss)(201)(405)(310)95 
Comprehensive Income (Loss)(300)(823)(726)97 
Net income (loss) per share:
Basic$(0.63)$(2.64)$(2.63)$0.01 
Diluted(0.63)(2.64)(2.63)0.01 
(Dollars in millions, except per share data)Nine months ended September 30,
20232022
As originally reportedAs adjustedDifference
Earned premiums$5,894 $5,345 $5,350 $5 
Insurance losses and contract holders' benefits4,070 3,766 3,772 6 
Underwriting, acquisition and insurance expenses1,744 1,604 1,604  
Deferred income tax expense2 (571)(571) 
Net Income (Loss)660 (1,499)(1,500)(1)
Change in life policy reserves, reinsurance recoverable and other, net of tax76 1 393 392 
Other comprehensive income (loss)(213)(1,476)(1,084)392 
Comprehensive Income (Loss)447 (2,975)(2,584)391 
Net income (loss) per share:
Basic$4.20 $(9.41)$(9.42)$(0.01)
Diluted4.17 (9.41)(9.42)(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 September 30, 2023gainslosses
Fixed-maturity securities:    
Corporate $7,786 $27 $700 $7,113 
States, municipalities and political subdivisions4,911 2 489 4,424 
Government-sponsored enterprises 897  23 874 
United States government223  6 217 
Commercial mortgage-backed214  18 196 
Foreign government19   19 
Total$14,050 $29 $1,236 $12,843 
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 
United States government196  5 191 
Commercial mortgage-backed 250  16 234 
Foreign government34  1 33 
Total$12,979 $61 $908 $12,132 
 
The net unrealized investment losses in our fixed-maturity portfolio at September 30, 2023, are primarily due to an increase in U.S. Treasury yields, partially offset by a tightening of corporate credit spreads. Our commercial mortgage-backed securities had an average rating of Aa3/AA- and Aa2/AA- at September 30, 2023, and December 31, 2022, respectively.

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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 September 30, 2023Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fixed-maturity securities:      
Corporate $1,283 $58 $5,431 $642 $6,714 $700 
States, municipalities and political subdivisions2,331 89 1,902 400 4,233 489 
Government-sponsored enterprises742 17 95 6 837 23 
United States government80 1 130 5 210 6 
Commercial mortgage-backed1  194 18 195 18 
Foreign government9  5  14  
Total$4,446 $165 $7,757 $1,071 $12,203 $1,236 
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 
United States government146 3 41 2 187 5 
Commercial mortgage-backed215 13 14 3 229 16 
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 September 30, 2023
Maturity dates:   
Due in one year or less$825 $814 6.3 %
Due after one year through five years4,507 4,314 33.6 
Due after five years through ten years3,522 3,246 25.3 
Due after ten years5,196 4,469 34.8 
Total$14,050 $12,843 100.0 %

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 September 30,Nine months ended September 30,
2023202220232022
Investment income:
Interest$154 $129 $441 $376 
Dividends69 66 205 203 
Other 5 3 18 6 
Total228 198 664 585 
Less investment expenses3 5 9 12 
Total$225 $193 $655 $573 
Investment gains and losses, net:    
Equity securities:    
Investment gains and losses on securities sold, net$(5)$16 $2 $34 
Unrealized gains and losses on securities still held, net(458)(705)99 (2,568)
Subtotal(463)(689)101 (2,534)
Fixed-maturity securities:    
Gross realized gains1  2 6 
Gross realized losses(1) (2)(3)
Write-down of impaired securities with intent to sell  (4) 
Subtotal  (4)3 
Other7 15 (13)37 
Total$(456)$(674)$84 $(2,494)
 
The fair value of our equity portfolio was $10.031 billion and $9.841 billion at September 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 $764 million and $597 million, which was 7.9% and 6.3% of our publicly traded common equities portfolio and 3.3% and 2.7% of the total investment portfolio at September 30, 2023, and December 31, 2022, respectively.

The allowance for credit losses was $3 million and $1 million at September 30, 2023, and December 31, 2022, respectively. Changes decreased the allowance $1 million for the three months ended September 30, 2023, and increased the allowance $2 million for the nine months ended September 30, 2023. Changes were less than $1 million for both the three and nine months ended September 30, 2022.

There were 4,490 fixed-maturity securities with a total unrealized loss of $1.236 billion, which were in an unrealized loss position at September 30, 2023. Of that total, 202 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 September 30, 2023, and December 31, 2022. We do not have any liabilities carried at fair value.
(Dollars in millions)Level 1Level 2Level 3Total
At September 30, 2023
Fixed maturities, available for sale:    
Corporate $ $7,113 $ $7,113 
States, municipalities and political subdivisions