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Cincinnati Financial Corp (CINF) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Cincinnati Financial Corp

HISTORY TOOLS
CIK: 1328628 Ticker: CINF
cfc3025a05.jpg
 
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: Betsy E. Ertel, 513-603-5323
Media_Inquiries@cinfin.com
Cincinnati Financial Reports Fourth-Quarter and Full-Year 2018 Results

Cincinnati, February 6, 2019 – Cincinnati Financial Corporation (Nasdaq: CINF)
 today reported:
•
Fourth-quarter 2018 net loss of $452 million, or $2.78 per share, compared with $642 million of net income, or $3.88 per share, in the fourth quarter of 2017, after recognizing a $599 million reduction in the fair value of equity securities still held that prior to 2018 would have been reported in other comprehensive income instead of net income.
•
Full-year 2018 net income of $287 million, or $1.75 per share, compared with $1.045 billion, or $6.29 per share, in 2017.
•
$94 million or 21 percent increase in full-year 2018 non-GAAP operating income of $549 million, or $3.35 per share, up from $455 million, or $2.74 per share, with property casualty underwriting profit up 45 percent.
•
Decrease in fourth-quarter 2018 net income reflected the after-tax net effect of a $605 million decrease in net investment gains and a $495 million benefit in 2017 from net deferred income tax liability revaluation due to U.S. tax reform.
•
$48.10 book value per share at December 31, 2018, down $2.19 or 4.4 percent since December 31, 2017.
•
Negative 0.1 percent value creation ratio for full-year 2018, compared with 22.9 percent for 2017.

Financial Highlights
(Dollars in millions except per share data)
Three months ended December 31,
Twelve months ended December 31,
 
2018
 
2017
 
% Change
 
2018
 
2017
 
% Change
Revenue Data
 
 
 
 
 
 
 
 
 
 
 
 
   Earned premiums
 
$
1,318

 
$
1,258

 
5
 
$
5,170

 
$
4,954

 
4
   Investment income, net of expenses
 
161

 
156

 
3
 
619

 
609

 
2
   Total revenues
 
710

 
1,411

 
(50)
 
5,407

 
5,732

 
(6)
Income Statement Data
 
 
 
 
 
 
 
 
 
 
 
 
   Net income (loss)
 
$
(452
)
 
$
642

 
nm
 
$
287

 
$
1,045

 
(73)
   Investment gains and losses, net
 
(611
)
 
(6
)
 
nm
 
(318
)
 
95

 
nm
   Other non-recurring items
 
—

 
495

 
nm
 
56

 
495

 
(89)
   Non-GAAP operating income*
 
$
159

 
$
153

 
4
 
$
549

 
$
455

 
21
Per Share Data (diluted)
 
 
 
 
 
 
 
 
 
 
 
 
   Net income (loss)
 
$
(2.78
)
 
$
3.88

 
nm
 
$
1.75

 
$
6.29

 
(72)
   Investment gains and losses, net
 
(3.76
)
 
(0.04
)
 
nm
 
(1.94
)
 
0.57

 
nm
   Other non-recurring items
 
—

 
2.99

 
nm
 
$
0.34

 
2.98

 
(89)
   Non-GAAP operating income*
 
$
0.98

 
$
0.93

 
5
 
$
3.35

 
$
2.74

 
22
 
 
 
 
 
 
 
 
 
 
 
 
 
   Book value
 
 
 
 
 
 
 
$
48.10

 
$
50.29

 
(4)
   Cash dividend declared
 
$
0.53

 
$
1.00

 
(47)
 
$
2.12

 
$
2.50

 
(15)
   Diluted weighted average shares outstanding
 
162.8

 
165.6

 
(2)
 
164.5

 
166.0

 
(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 4Q18 Release 1
The following information was filed by Cincinnati Financial Corp (CINF) on Wednesday, February 6, 2019 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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Inside Cincinnati Financial Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Condensed Financial Statements Of Parent Company
Condensed Financial Statements Of Parent Company Condensed Balance Sheets (Details)
Condensed Financial Statements Of Parent Company Condensed Balance Sheets (Parenthetical) (Details)
Condensed Financial Statements Of Parent Company Condensed Statements Of Cash Flows (Details)
Condensed Financial Statements Of Parent Company Condensed Statements Of Comprehensive Income (Details)
Condensed Financial Statements Of Parent Company Condensed Statements Of Income (Details)
Reinsurance (Details)
Reinsurance - Schedule Iv
Summary Of Investments Other Than Investments In Related Parties
Summary Of Investments Other Than Investments In Related Parties (Details)1
Supplementary Information Concerning Property Casualty Insurance Operations
Supplementary Information Concerning Property Casualty Insurance Operations (Details)
Supplementary Insurance Information
Supplementary Insurance Information (Details)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Commitments And Contingent Liabilities
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)
Income Taxes - Reconciliation Unrecognized Tax Benefits (Details)
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) (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 (Capital Lease Payments Over Next Five Years) (Details)
Long-Term Debt And Capital Lease Obligation (Tables)
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 (Average Annual Payout) (Details)
Property Casualty Loss And Loss Expenses (Claims Development - Commercial Auto) (Details)
Property Casualty Loss And Loss Expenses (Claims Development - Commercial Casualty) (Details)
Property Casualty Loss And Loss Expenses (Claims Development - Commercial Property) (Details)
Property Casualty Loss And Loss Expenses (Claims Development - Excess And Surplus Lines) (Details)
Property Casualty Loss And Loss Expenses (Claims Development - Homeowner) (Details)
Property Casualty Loss And Loss Expenses (Claims Development - Personal Auto) (Details)
Property Casualty Loss And Loss Expenses (Claims Development - Workers Compensation) (Details)
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 (Reconciliation Of Incurred Losses And Alae) (Details)
Property Casualty Loss And Loss Expenses (Tables)
Quarterly Supplementary Data
Quarterly Supplementary Data (Details)
Quarterly Supplementary Data (Tables)
Reinsurance
Reinsurance (Earned Life Insurance Premiums On Ceded Business) (Details)
Reinsurance (Tables)
Reinsurance Reinsurance (Written Consolidated Property Casualty Insurance Premiums On Assumed And Ceded Business) (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Share-Based Associate Compensation Plans
Share-Based Associate Compensation Plans (Assumptions Used In Grants Issued) (Details)
Share-Based Associate Compensation Plans (Narrative) (Details)
Share-Based Associate Compensation Plans (Restricted Stock Unit Information) (Details)
Share-Based Associate Compensation Plans (Stock Option Information) (Details)
Share-Based Associate Compensation Plans (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)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Transactions With Affiliated Parties
Transactions With Affliated Parties (Narrative) (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: 0000020286-19-000012
Submitted to the SEC: Fri Feb 22 2019 7:23:06 AM EST
Accepted by the SEC: Fri Feb 22 2019
Period: Monday, December 31, 2018
Industry: Fire Marine And Casualty Insurance

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