$CINF

CINCINNATI FINANCIAL CORP

CIK:0000020286|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Earned premiums	$ 2,635	$ 2,480	$ 5,239	$ 4,824
Investment income, net of expenses	319	285	637	565
Investment gains and losses, net	1,308	473	1,238	406
Fee revenues	5	5	10	10
Other revenues	7	5	13	9
Total revenues	4,274	3,248	7,137	5,814
Benefits and Expenses
Insurance losses and contract holders' benefits	1,887	1,660	3,638	3,628
Underwriting, acquisition and insurance expenses	786	709	1,550	1,411
Interest expense	14	14	27	27
Other operating expenses	11	10	20	21
Total benefits and expenses	2,698	2,393	5,235	5,087
Income Before Income Taxes	1,576	855	1,902	727
Provision for Income Taxes
Current	182	81	316	39
Deferred	139	89	57	93
Total provision for income taxes	321	170	373	132
Net Income	$ 1,255	$ 685	$ 1,529	$ 595
Per Common Share
Net income — basic	$ 8.14	$ 4.38	$ 9.88	$ 3.81
Net income — diluted	$ 8.05	$ 4.34	$ 9.78	$ 3.77

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities
Net Income	$ 1,529	$ 595
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other	82	93
Investment gains and losses, net	(1,231)	(392)
Interest credited to contract holders	21	22
Deferred income tax expense	57	93
Changes in:
Premiums and reinsurance receivable	(435)	(737)
Deferred policy acquisition costs	(98)	(125)
Other assets	(20)	(65)
Loss and loss expense reserves	972	1,069
Life policy and investment contract reserves	40	8
Unearned premiums	470	631
Other liabilities	(62)	(54)
Current income tax receivable/payable	31	(87)
Net cash provided by operating activities	1,356	1,051
Cash Flows From Investing Activities
Sale, call or maturity of fixed maturities	1,644	1,348
Sale of equity securities	1,195	34
Purchase of fixed maturities	(2,584)	(2,060)
Purchase of equity securities	(463)	(95)
Change in short-term investments	9	201
Changes in finance receivables	1	(3)
Investment in building and equipment	(4)	(7)
Change in other invested assets, net	(48)	(32)
Net cash used in investing activities	(250)	(614)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders	(276)	(258)
Shares acquired - share repurchase authorization	(395)	(42)
Changes in note payable	(8)	0
Proceeds from stock options exercised	10	6
Contract holders' funds deposited	33	31
Contract holders' funds withdrawn	(76)	(80)
Other	(75)	(82)
Net cash used in financing activities	(787)	(425)
Net change in cash and cash equivalents	319	12
Cash and cash equivalents at beginning of year	1,431	983
Cash and cash equivalents at end of period	1,750	995
Supplemental Disclosures of Cash Flow Information:
Interest paid	26	27
Income taxes paid	249	97
Noncash Activities
Equipment acquired under finance lease obligations	7	12
Share-based compensation	48	26
Other assets and other liabilities	$ 66	$ 254

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Investments
Fixed maturities, at fair value (amortized cost: 2026—$19,280; 2025—$18,304)	$ 18,954	$ 18,123
Equity securities, at fair value (cost: 2026—$4,287; 2025—$4,155)	13,194	12,694
Short-term investments, at fair value (amortized cost: 2026—$143; 2025—$148)	142	148
Other invested assets	863	818
Total investments	33,153	31,783
Cash and cash equivalents	1,750	1,431
Investment income receivable	252	235
Finance receivable	143	146
Premiums receivable	3,546	3,142
Reinsurance recoverable	633	655
Prepaid reinsurance premiums	124	71
Deferred policy acquisition costs	1,442	1,344
Land, building and equipment, net, for company use (accumulated depreciation: 2026—$376; 2025—$367)	211	219
Other assets	981	995
Separate accounts	996	981
Total assets	43,231	41,002
Insurance reserves
Reserve for loss and loss expenses	12,479	11,507
Life policy and investment contract reserves	2,986	2,992
Unearned premiums	5,724	5,254
Other liabilities	1,638	1,638
Deferred income tax	1,861	1,833
Note payable	17	25
Long-term debt and lease obligations	859	861
Separate accounts	996	981
Total liabilities	26,560	25,091
Commitments and contingent liabilities (Note 12)
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2026 and 2025—500 million shares; issued: 2026 and 2025—198.3 million shares)	397	397
Paid-in capital	1,582	1,561
Retained earnings	17,958	16,719
Accumulated other comprehensive loss	(135)	(34)
Treasury stock at cost (2026—44.9 million shares and 2025—42.9 million shares)	(3,131)	(2,732)
Total shareholders' equity	16,671	15,911
Total liabilities and shareholders' equity	$ 43,231	$ 41,002