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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 March 31, 2024.
☐       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 April 19, 2024, there were 156,558,411 shares of common stock outstanding.

Table of Contents
CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED March 31, 2024
 
TABLE OF CONTENTS
 
          Safe Harbor Statement
          Corporate Financial Highlights
          Financial Results
          Other Matters

Cincinnati Financial Corporation First-Quarter 2024 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)March 31,December 31,
20242023
Assets  
Investments  
Fixed maturities, at fair value (amortized cost: 2024—$14,709; 2023—$14,361)
$14,084 $13,791 
Equity securities, at fair value (cost: 2024—$4,313; 2023—$4,282)
11,557 10,989 
Other invested assets608 577 
Total investments26,249 25,357 
Cash and cash equivalents619 907 
Investment income receivable202 192 
Finance receivable106 108 
Premiums receivable2,805 2,592 
Reinsurance recoverable617 651 
Prepaid reinsurance premiums77 55 
Deferred policy acquisition costs1,143 1,093 
Land, building and equipment, net, for company use (accumulated depreciation:
   2024—$331; 2023—$337)
211 208 
Other assets771 681 
Separate accounts927 925 
Total assets$33,727 $32,769 
Liabilities  
Insurance reserves  
Loss and loss expense reserves$9,246 $9,050 
Life policy and investment contract reserves3,013 3,068 
Unearned premiums4,398 4,119 
Other liabilities1,156 1,311 
Deferred income tax1,460 1,324 
Note payable25 25 
Long-term debt and lease obligations848 849 
Separate accounts927 925 
Total liabilities21,073 20,671 
Commitments and contingent liabilities (Note 12)
Shareholders' Equity  
Common stock, par value—$2 per share; (authorized: 2024 and 2023—500 million
   shares; issued: 2024 and 2023—198.3 million shares)
397 397 
Paid-in capital1,446 1,437 
Retained earnings13,712 13,084 
Accumulated other comprehensive loss(442)(435)
Treasury stock at cost (2024—41.8 million shares and 2023—41.3 million shares)
(2,459)(2,385)
Total shareholders' equity12,654 12,098 
Total liabilities and shareholders' equity$33,727 $32,769 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation First-Quarter 2024 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 March 31,
20242023
Revenues  
Earned premiums$2,071 $1,918 
Investment income, net of expenses245 210 
Investment gains and losses, net612 106 
Fee revenues4 4 
Other revenues3 3 
Total revenues2,935 2,241 
Benefits and Expenses  
Insurance losses and contract holders' benefits1,349 1,398 
Underwriting, acquisition and insurance expenses616 556 
Interest expense13 14 
Other operating expenses4 5 
 Total benefits and expenses1,982 1,973 
Income Before Income Taxes953 268 
Provision for Income Taxes  
Current61 16 
Deferred137 27 
Total provision for income taxes198 43 
Net Income$755 $225 
Per Common Share  
Net income — basic$4.82 $1.43 
Net income — diluted4.78 1.42 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation First-Quarter 2024 10-Q
Page 4
Table of Contents
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions)Three months ended March 31,
20242023
Net Income$755 $225 
Other Comprehensive Income (Loss)  
Change in unrealized gains and losses on investments, net of tax (benefit) of $(11) and $35, respectively
(44)128 
Amortization of pension actuarial loss and prior service cost, net of tax (benefit) of $0 and $(1), respectively
— (5)
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $10 and $(9), respectively
37 (36)
Other comprehensive income (loss)(7)87 
Comprehensive Income $748 $312 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation First-Quarter 2024 10-Q
Page 5
Table of Contents
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Dollars in millions)Three months ended March 31,
20242023
Common Stock
   Beginning of period$397 $397 
   Share-based awards— — 
   End of period397 397 
Paid-In Capital
   Beginning of period1,437 1,392 
   Share-based awards(6)(6)
   Share-based compensation14 12 
   Other1 — 
   End of period1,446 1,398 
Retained Earnings
   Beginning of period13,084 11,711 
   Net income755 225 
Dividends declared (127)(118)
   End of period13,712 11,818 
Accumulated Other Comprehensive Loss
   Beginning of period(435)(614)
   Other comprehensive income (loss)(7)87 
   End of period(442)(527)
Treasury Stock
   Beginning of period(2,385)(2,324)
   Share-based awards8 7 
   Shares acquired - share repurchase authorization(75)(25)
   Shares acquired - share-based compensation plans(7)(3)
   End of period(2,459)(2,345)
      Total Shareholders' Equity$12,654 $10,741 
(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of period157.0 157.1 
   Share-based awards0.3 0.3 
   Shares acquired - share repurchase authorization(0.7)(0.2)
   Shares acquired - share-based compensation plans(0.1)— 
   End of period156.5 157.2 
Dividends declared per common share$0.81 $0.75 
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)Three months ended March 31,
20242023
Cash Flows From Operating Activities  
Net income $755 $225 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, amortization and other34 40 
Investment gains and losses, net(608)(93)
Interest credited to contract holders11 10 
Deferred income tax expense137 27 
Changes in:  
Premiums and reinsurance receivable(203)(229)
Deferred policy acquisition costs(50)(36)
Other assets(8)(24)
Loss and loss expense reserves196 293 
Life policy and investment contract reserves26 25 
Unearned premiums279 201 
Other liabilities(161)(121)
Current income tax receivable/payable(55)(68)
Net cash provided by operating activities353 250 
Cash Flows From Investing Activities  
Sale, call or maturity of fixed maturities464 303 
Sale of equity securities266 4 
Purchase of fixed maturities(838)(606)
Purchase of equity securities(226)(22)
Changes in finance receivables2 (3)
Investment in building and equipment(7)(4)
Change in other invested assets, net(16)(34)
Net cash used in investing activities(355)(362)
Cash Flows From Financing Activities  
Payment of cash dividends to shareholders(116)(106)
Shares acquired - share repurchase authorization(75)(25)
Proceeds from stock options exercised3 5 
Contract holders' funds deposited19 20 
Contract holders' funds withdrawn(60)(58)
Other(57)(33)
Net cash used in financing activities(286)(197)
Net change in cash and cash equivalents(288)(309)
Cash and cash equivalents at beginning of year907 1,264 
Cash and cash equivalents at end of period$619 $955 
Supplemental Disclosures of Cash Flow Information:  
Interest paid$— $1 
Income taxes paid106 76 
Noncash Activities  
Equipment acquired under finance lease obligations$4 $1 
Share-based compensation17 11 
Other assets and other liabilities97 96 
 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 March 31, 2024, 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 2023 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.

Pending Accounting Updates

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 enhances reportable segment disclosures by requiring entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure of profit or loss. This ASU also requires disclosure of the title and position of the CODM as well as a description of how the reported measure of profit or loss is used to assess segment performance and allocate resources. The effective date of ASU 2023-07 is for annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual periods beginning after December 15, 2024, and should be applied retrospectively to all prior periods presented. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual and interim financial statements.

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures by requiring entities to disclose specific categories within their rate reconciliation as well as additional items within those categories above a prescribed threshold. This ASU also requires disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes as well as additional items within those categories above a prescribed threshold. The effective date of ASU 2023-09 is for annual reporting periods beginning after December 15, 2024, and should be applied prospectively with retrospective application permitted. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual financial statements.










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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 March 31, 2024gainslosses
Fixed-maturity securities:    
Corporate $8,002 $60 $463 $7,599 
States, municipalities and political subdivisions4,872 28 232 4,668 
Government-sponsored enterprises 1,424 1 4 1,421 
Asset-backed200 — 11 189 
United States government182 — 4 178 
Foreign government29 — — 29 
Total$14,709 $89 $714 $14,084 
At December 31, 2023    
Fixed-maturity securities:    
Corporate $7,836 $70 $454 $7,452 
States, municipalities and political subdivisions4,867 44 208 4,703 
Government-sponsored enterprises1,227 3 6 1,224 
Asset-backed 203 — 16 187 
United States government203 — 3 200 
Foreign government25 — — 25 
Total$14,361 $117 $687 $13,791 
 
The increase in net unrealized investment losses in our fixed-maturity portfolio at March 31, 2024, is primarily due to an increase in U.S. Treasury yields that were partially offset by a tightening of corporate credit spreads. Our asset-backed securities had an average rating of Aa3/AA- at both March 31, 2024, and December 31, 2023.

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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 March 31, 2024Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
Fixed-maturity securities:      
Corporate $642 $13 $5,488 $450 $6,130 $463 
States, municipalities and political subdivisions1,099 9 1,900 223 2,999 232 
Government-sponsored enterprises396 1 168 3 564 4 
Asset-backed30 — 133 11 163 11 
United States government74 — 105 4 179 4 
Foreign government17 — 5 — 22 — 
Total$2,258 $23 $7,799 $691 $10,057 $714 
At December 31, 2023      
Fixed-maturity securities:      
Corporate $379 $13 $5,560 $441 $5,939 $454 
States, municipalities and political subdivisions313 2 1,932 206 2,245 208 
Government-sponsored enterprises652 3 113 3 765 6 
Asset-backed5 — 172 16 177 16 
United States government32 — 129 3 161 3 
Foreign government3 — 6 — 9 — 
Total$1,384 $18 $7,912 $669 $9,296 $687 

Contractual maturity dates for fixed-maturities securities were:
(Dollars in millions)Amortized
cost		Fair
value		% of fair
value
At March 31, 2024
Maturity dates:   
Due in one year or less$971 $963 6.8 %
Due after one year through five years4,413 4,300 30.5 
Due after five years through ten years3,553 3,427 24.3 
Due after ten years5,772 5,394 38.4 
Total$14,709 $14,084 100.0 %

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 March 31,
20242023
Investment income:
Interest$169 $140 
Dividends72 66 
Other 7 7 
Total248 213 
Less investment expenses3 3 
Total$245 $210 
Investment gains and losses, net:  
Equity securities:  
Investment gains and losses on securities sold, net$(11)$(1)
Unrealized gains and losses on securities still held, net613 106 
Subtotal602 105 
Fixed-maturity securities:  
Gross realized gains— 1 
Gross realized losses(1)(1)
Change in allowance for credit losses, net(9)— 
Subtotal(10)— 
Other20 1 
Total$612 $106 
 
The fair value of our equity portfolio was $11.557 billion and $10.989 billion at March 31, 2024, and December 31, 2023, respectively. Microsoft Corporation (Nasdaq:MSFT), an equity holding, was our largest single investment holding with a fair value of $942 million and $842 million, which was 8.4% and 7.9% of our publicly traded common equities portfolio and 3.7% and 3.4% of the total investment portfolio at March 31, 2024, and December 31, 2023, respectively.

The allowance for credit losses on fixed-maturity securities was $27 million and $18 million at March 31, 2024, and December 31, 2023, respectively.

There were 3,329 and 2,840 fixed-maturity securities in a total unrealized loss position of $714 million and $687 million at March 31, 2024, and December 31, 2023, respectively. Of those totals, 12 and 20 fixed-maturity securities had fair values below 70% of amortized cost at March 31, 2024, and December 31, 2023, respectively.
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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, 2023, and ultimately management determines fair value. See our 2023 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 139, 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 March 31, 2024, and December 31, 2023. We do not have any liabilities carried at fair value.
(Dollars in millions)Level 1Level 2Level 3Total
At March 31, 2024
Fixed maturities, available for sale:    
Corporate $— $7,599 $— $7,599 
States, municipalities and political subdivisions— 4,668 — 4,668 
Government-sponsored enterprises— 1,421 — 1,421 
Asset-backed — 189 — 189 
United States government178 — — 178 
Foreign government— 29 — 29 
Subtotal178 13,906 — 14,084 
Common equities11,203 — — 11,203 
Nonredeemable preferred equities— 354 — 354 
Separate accounts taxable fixed maturities— 866 — 866 
Top Hat savings plan mutual funds and common
   equity (included in Other assets)		78 — — 78 
Total$11,459 $15,126 $— $26,585 
At December 31, 2023
Fixed maturities, available for sale:    
Corporate $— $7,452 $— $7,452 
States, municipalities and political subdivisions— 4,703 — 4,703 
Government-sponsored enterprises— 1,224 — 1,224 
Asset-backed — 187 — 187 
United States government200 — — 200 
Foreign government— 25 — 25 
Subtotal200 13,591 — 13,791 
Common equities10,641 — — 10,641 
Nonredeemable preferred equities— 348 — 348 
Separate accounts taxable fixed maturities — 854 — 854 
Top Hat savings plan mutual funds and common
  equity (included in Other assets)		67 — — 67 
Total$10,908 $14,793 $— $25,701 
 
We also held Level 1 cash and cash equivalents of $619 million and $907 million at March 31, 2024, and December 31, 2023, respectively.
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Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value 
The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements.
 
This table summarizes the book value and principal amounts of our long-term debt:
(Dollars in millions) Book valuePrincipal amount
Interest
rate		Year of 
issue		 March 31,December 31,March 31,December 31,
 2024202320242023
6.900%1998Senior debentures, due 2028$27 $27 $28 $28 
6.920%2005Senior debentures, due 2028391 391 391 391 
6.125%2004Senior notes, due 2034372 372 374 374 
Total $790 $790 $793 $793 
 
The following table shows fair values of our note payable and long-term debt:
(Dollars in millions)Level 1Level 2Level 3Total
At March 31, 2024
Note payable$— $25 $— $25 
6.900% senior debentures, due 2028
— 29 — 29 
6.920% senior debentures, due 2028
— 416 — 416 
6.125% senior notes, due 2034
— 399 — 399 
Total$— $869 $— $869 
At December 31, 2023
Note payable$— $25 $— $25 
6.900% senior debentures, due 2028
— 29 — 29 
6.920% senior debentures, due 2028
— 420 — 420 
6.125% senior notes, due 2034
— 394 — 394 
Total$— $868 $— $868 
 
The following table shows the fair value of our life policy loans included in other invested assets and the fair values of our deferred annuities and structured settlements included in life policy and investment contract reserves:
(Dollars in millions)Level 1Level 2Level 3Total
At March 31, 2024
Life policy loans$— $— $40 $40 
Deferred annuities— — 577 577 
Structured settlements— 137 — 137 
Total$— $137 $577 $714 
At December 31, 2023
Life policy loans$— $— $39 $39 
Deferred annuities— — 603 603 
Structured settlements— 141 — 141 
Total$— $141 $603 $744 
 
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Outstanding principal and interest for these life policy loans totaled $34 million and $33 million at March 31, 2024, and December 31, 2023, respectively.
 
Recorded reserves for the deferred annuities were $631 million and $656 million at March 31, 2024, and December 31, 2023, respectively. Recorded reserves for the structured settlements were $122 million and $123 million at March 31, 2024, and December 31, 2023, respectively.


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NOTE 4 – Property Casualty Loss and Loss Expenses
This table summarizes activity for our consolidated property casualty loss and loss expense reserves:
(Dollars in millions)Three months ended March 31,
20242023
Gross loss and loss expense reserves, beginning of period$8,975 $8,336 
Less reinsurance recoverable362 405 
Net loss and loss expense reserves, beginning of period8,613 7,931 
Net incurred loss and loss expenses related to:  
Current accident year1,370 1,376 
Prior accident years(100)(59)
Total incurred1,270 1,317 
Net paid loss and loss expenses related to:  
Current accident year205 187 
Prior accident years832 859 
Total paid1,037 1,046 
Net loss and loss expense reserves, end of period8,846 8,202 
Plus reinsurance recoverable332 424 
Gross loss and loss expense reserves, end of period$9,178 $8,626 
 
We use actuarial methods, models and judgment to estimate, as of a financial statement date, the property casualty loss and loss expense reserves required to pay for and settle all outstanding insured claims, including incurred but not reported (IBNR) claims, as of that date. The actuarial estimate is subject to review and adjustment by an inter-departmental committee that includes actuarial, claims, underwriting, loss prevention and accounting management. This committee is familiar with relevant company and industry business, claims and underwriting trends, as well as general economic and legal trends that could affect future loss and loss expense payments. The amount we will actually have to pay for claims can be highly uncertain. This uncertainty, together with the size of our reserves, makes the loss and loss expense reserves our most significant estimate. The reserve for loss and loss expenses in the condensed consolidated balance sheets also included $68 million and $67 million at March 31, 2024, and 2023, respectively, for certain life and health loss and loss expense reserves.

We experienced $100 million of favorable development on prior accident years, including $38 million of favorable development in commercial lines, $33 million of favorable development in personal lines and $3 million of favorable development in excess and surplus lines for the three months ended March 31, 2024. Within commercial lines, we recognized favorable reserve development of $22 million for the commercial property line and $12 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $25 million for the homeowner line and $5 million for the personal auto line.

We experienced $59 million of favorable development on prior accident years, including $32 million of favorable development in commercial lines, $31 million of favorable development in personal lines and $9 million of favorable development in excess and surplus lines for the three months ended March 31, 2023. Within commercial lines, we recognized favorable reserve development of $16 million for the commercial property line and $15 million for
the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $27 million for the homeowner line.
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NOTE 5 – Life Policy and Investment Contract Reserves
We establish the reserves for traditional life policies including term, whole life and other products based on the present value of future benefits and claim expenses less the present value of future net premiums. Net premium is the portion of gross premium required to provide for all benefits and claim expenses. We estimate future benefits and claim expenses and net premium using certain cash flow assumptions including mortality, morbidity and lapse rates as well as a discount rate assumption. The cash flow assumptions are established based on our current expectations and are reviewed annually to determine any necessary updates. These assumptions are also updated on an interim basis if evidence suggests that they should be revised. We use both our own experience and industry experience, adjusted for historical trends, in arriving at our cash flow assumptions. The discount rate assumption is based on upper-medium grade fixed-income instrument yields (market value discount rates) and is updated quarterly. Changes in the inputs, judgments and assumptions during the period and the related measurement impact on the liability are reflected in the below tables.
 
We establish reserves for our universal life, deferred annuity and other investment contracts equal to the cumulative account balances, which include premium deposits plus credited interest less charges and withdrawals. Some of our universal life policies contain no-lapse guarantee provisions. For these policies, we establish a reserve in addition to the account balance, based on expected no-lapse guarantee benefits and expected policy assessments.

The following table summarizes our life policy and investment contract reserves and provides a reconciliation of the balances described in the below tables to those in the condensed consolidated balance sheets:
(Dollars in millions)March 31,
2024		December 31,
2023
Life policy reserves:
Term$1,054 $1,066 
Whole life418 434 
Other99 97 
Subtotal1,571 1,597 
Investment contract reserves:
Deferred annuities631 656 
Universal life585 585 
Structured settlements122 123 
Other104 107 
Subtotal1,442 1,471 
Total life policy and investment contract reserves$3,013 $3,068 


















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The balances and changes in the term and whole life policy reserves included in life policy and investment contract reserves is as follows:
(Dollars in millions)Three months ended March 31,
20242023
TermWhole lifeTermWhole life
Present value of expected net premiums:
Balance, beginning of period$1,700 $223 $1,643 $208 
Beginning balance at original discount rate1,712 225 1,708 217 
Effect of changes in cash flow assumptions— — — — 
Effect of actual variances from expected experience(9)— (3)1 
Adjusted beginning of period balance1,703 225 1,705 218 
Issuances35 5 38 7 
Interest accrual18 2 18 2 
Net premiums collected(