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Cincinnati Financial Corp (CINF) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Cincinnati Financial Corp

HISTORY TOOLS
CIK: 20286 Ticker: CINF

 
The Cincinnati Insurance Company n The Cincinnati Indemnity Company
The Cincinnati Casualty Company n The Cincinnati Specialty Underwriters Insurance Company
The Cincinnati Life Insurance Company n CFC Investment Company n CSU Producer Resources Inc.

Investor Contact: Dennis E. McDaniel, 513-870-2768
CINF-IR@cinfin.com

Media Contact: Joan O. Shevchik, 513-603-5323
Media_Inquiries@cinfin.com

Cincinnati Financial Reports Fourth-Quarter and Full-Year 2013 Results

Cincinnati, February 5, 2014 – Cincinnati Financial Corporation (Nasdaq: CINF)
 today reported:
•
Fourth-quarter 2013 net income of $122 million, or 74 cents per share, compared with $192 million, or $1.17 per share, in the fourth quarter of 2012.
•
Full-year 2013 net income of $517 million, or $3.12 per share, up 23 percent from $421 million, or $2.57, in 2012. Operating income of $463 million, or $2.80 per share, up 18 percent from $393 million, or $2.40 per share.
•
$70 million decrease in fourth-quarter 2013 net income reflected the after-tax net effect of two primary items: $65 million decrease in the contribution from property casualty underwriting - primarily due to less benefit from favorable prior accident year reserve development – and a $6 million decrease from net realized investment gains.
•
$37.21 book value per share at December 31, 2013, up 11.1 percent from December 31, 2012.
•
16.1 percent value creation ratio for full-year 2013, compared with 12.6 percent for 2012.

Financial Highlights
(In millions except per share data)
Three months ended December 31,
Twelve months ended December 31,
 
2013
 
2012
 
% Change
 
2013
 
2012
 
% Change
Revenue Data
 
 
 
 
 
 
 
 
 
 
 
 
   Earned premiums
 
$
1,025

 
$
917

 
12
 
$
3,902

 
$
3,522

 
11
   Investment income, pretax
 
137

 
136

 
1
 
529

 
531

 
0
   Total revenues
 
1,172

 
1,070

 
10
 
4,531

 
4,111

 
10
Income Statement Data
 
 
 
 
 
 
 
 
 
 
 
 
   Net income
 
$
122

 
$
192

 
(36)
 
$
517

 
$
421

 
23
   Net realized investment gains and losses
 
3

 
9

 
(67)
 
54

 
28

 
93
   Operating income*
 
$
119

 
$
183

 
(35)
 
$
463

 
$
393

 
18
Per Share Data (diluted)
 
 
 
 
 
 
 
 
 
 
 
 
   Net income
 
$
0.74

 
$
1.17

 
(37)
 
$
3.12

 
$
2.57

 
21
   Net realized investment gains and losses
 
0.02

 
0.06

 
(67)
 
0.32

 
0.17

 
88
   Operating income*
 
$
0.72

 
$
1.11

 
(35)
 
$
2.80

 
$
2.40

 
17
 
 
 
 
 
 
 
 
 
 
 
 
 
   Book value
 
 
 
 
 
 
 
$
37.21

 
$
33.48

 
11
   Cash dividend declared
 
$
0.42

 
$
0.4075

 
3
 
$
1.655

 
$
1.62

 
2
   Weighted average shares outstanding
 
165.7

 
164.2

 
1
 
165.4

 
163.7

 
1

*
The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures defines and reconciles measures presented in this release that are not based on U. S. Generally Accepted Accounting Principles.
**
Forward-looking statements and related assumptions are subject to the risks outlined in the company’s safe harbor statement .


CINF 4Q13 Release 1
The following information was filed by Cincinnati Financial Corp (CINF) on Wednesday, February 5, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Reinsurance - Schedule Iv
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (narrative) (details)
Condensed Financial Statements Of Parent Company
Condensed Financial Statements Of Parent Company Condensed Balance Sheets (details)
Condensed Financial Statements Of Parent Company Condensed Financial Statements Of Parent Company Condensed Balance Sheets (parenthetical) (details)
Condensed Financial Statements Of Parent Company Condensed Financial Statements Of Parent Company Condensed Statements Of Comprehensive Income (details)
Condensed Financial Statements Of Parent Company Condensed Statements Of Cash Flows (details)
Condensed Financial Statements Of Parent Company Condensed Statements Of Income (details)
Deferred Policy Acquisition Costs
Deferred Policy Acquisition Costs (deferred Policy Acquisition Costs And Asset Reconciliation Including The Amortized Deferred Policy Acquisition Costs) (details)
Deferred Policy Acquisition Costs (tables)
Employee Retirement Benefits
Employee Retirement Benefits (benefit Obligation Activity Using An Actuarial Measurement Date For Qualified Plan And Serp) (details)
Employee Retirement Benefits (components Of Net Periodic Benefit Cost As Well As Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income For Qualified Plan And Serp) (details)
Employee Retirement Benefits (expected Future Benefit Payments For Qualified Plan And Serp) (details)
Employee Retirement Benefits (fair Value Hierarchy Of Assets Measured At Fair Value On A Recurring Basis) (details)
Employee Retirement Benefits (narrative) (details)
Employee Retirement Benefits (reconciliation Of The Funded Status For Qualified Plan And Serp) (details)
Employee Retirement Benefits (tables)
Employee Retirement Benefits (weighted-average Assumptions Used) (details)
Fair Value Measurements
Fair Value Measurements (asset Fair Value Measurements Using Significant Unobservable Inputs (level 3)) (details)
Fair Value Measurements (fair Value Hierarchy For Assets Measured At Fair Value On A Recurring Basis) (details)
Fair Value Measurements (fair Value Of Deferred Annuities, Structured Settlements And Other Items) (details)
Fair Value Measurements (fair Value Of Life Policy) (details)
Fair Value Measurements (fair Value Of Note Payable And Long-term Debt) (detail)
Fair Value Measurements (narrative) (details)
Fair Value Measurements (tables)
Income Taxes
Income Taxes (components Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (differences Between The 35 Percent Statutory Income Tax Rate And Effective Income Tax Rate) (details)
Income Taxes (narrative) (details)
Income Taxes (tables)
Investments
Investments (analysis Of Cost Or Amortized Cost Gross Unrealized Gains And Losses And Fair Value For Investments) (details)
Investments (contractual Maturity Dates For Fixed-maturity And Short-term Investments) (details)
Investments (fair Values And Unrealized Losses By Investment Category And By The Duration Of The Securities' Continuous Unrealized Loss Position) (details)
Investments (investment Income Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses) (details)
Investments (narrative) (details)
Investments (tables)
Life Policy And Investment Contract Reserves
Life Policy And Investment Contract Reserves (tables)
Life Policy And Investment Contract Reservess (reserve In Addition To The Account Balance Based On Expected No-lapse Guarantee Benefits And Expected Policy Assessments) (details)
Long-term Debt And Capital Lease Obligation
Long-term Debt And Capital Lease Obligation (book Value And Principal Amounts Of Long-term Debt (details)
Long-term Debt And Capital Lease Obligation (tables)
Long-term Debt And Capital Lease Obligation(capital Lease Payments Over Next Five Years) (details)
Net Income Per Common Share
Net Income Per Common Share (calculations For Basic And Diluted Earnings Per Share) (details)
Net Income Per Common Share (tables)
Note Payable
Note Payable (narrative) (details)
Property Casualty Loss And Loss Expenses
Property Casualty Loss And Loss Expenses (consolidated Property Casualty Loss And Loss Expense Reserves) (details)
Property Casualty Loss And Loss Expenses (narrative) (details)
Property Casualty Loss And Loss Expenses (tables)
Quarterly Financial Information (details)
Quarterly Supplementary Data
Quarterly Supplementary Data (tables)
Reinsurance
Reinsurance (details)
Reinsurance (earned Consolidated Property Casualty Insurance Premiums On Assumed And Ceded Business) (details)
Reinsurance (earned Life Insurance Premiums On Ceded Business) (details)
Reinsurance (incurred Consolidated Property Casualty Insurance Loss And Loss Expenses On Assumed And Ceded Business) (details)
Reinsurance (life Insurance Contract Holders' Benefits Incurred On Ceded Business) (details)
Reinsurance (tables)
Segment Information
Segment Information (schedule Of Segment Information) (details)
Segment Information (tables)
Shareholders' Equity And Dividend Restrictions
Shareholders' Equity And Dividend Restrictions (change In Aoci Includes Changes In Unrealized Gains And Losses On Investments And Pension Obligations) (details)
Shareholders' Equity And Dividend Restrictions (narrative) (details)
Shareholders' Equity And Dividend Restrictions (tables)
Statutory Accounting Information
Statutory Accounting Information (schedule Of Statutory Net Income And Statutory Surplus (details)
Statutory Accounting Information (tables)
Stock-based Associate Compensation Plans
Stock-based Associate Compensation Plans (narrative) (details)
Stock-based Associate Compensation Plans (options Outstanding And Exercisable) (details)
Stock-based Associate Compensation Plans (restricted Stock Unit Information) (details)
Stock-based Associate Compensation Plans (stock Option Information) (details)
Stock-based Associate Compensation Plans (tables)
Stock-based Associate Compensation Plans(assumptions Used In Option Grants Issued) (details)
Summary Of Investments Other Than Investments In Related Parties
Summary Of Investments Other Than Investments In Related Parties (details)1
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Supplementary Information Concerning Property Casualty Insurance Operations
Supplementary Information Concerning Property Casualty Insurance Operations (details)
Supplementary Insurance Information
Supplementary Insurance Information (details)
Transactions With Affiliated Parties
Transactions With Affliated Parties (narrative) (details)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (details)

Material Contracts, Statements, Certifications & more

Cincinnati Financial Corp provided additional information to their SEC Filing as exhibits

Exhibit 23: Consents Of Experts And Counsel
Exhibit 31.A: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.B: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: CINF
CIK: 20286
Form Type: 10-K Annual Report
Accession Number: 0000020286-14-000009
Submitted to the SEC: Thu Feb 27 2014 3:43:26 PM EST
Accepted by the SEC: Thu Feb 27 2014
Period: Tuesday, December 31, 2013
Industry: Fire Marine And Casualty Insurance

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