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Cincinnati Financial Corp (CINF) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

SEC Filings

Cincinnati Financial Corp

CIK: 20286 Ticker: CINF
image0a02.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.
Cincinnati Global Underwriting Ltd. n Cincinnati Global Underwriting Agency Ltd.

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 Third-Quarter 2019 Results

Cincinnati, October 24, 2019 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:
Third-quarter 2019 net income of $248 million, or $1.49 per share, compared with $553 million, or $3.38 per share, in the third quarter of 2018.
$42 million or 31% increase in non-GAAP operating income* to $179 million, or $1.08 per share, compared with $137 million, or 84 cents per share, in the third quarter of last year.
$305 million decrease in third-quarter 2019 net income, primarily due to the after-tax net effect of a $291 million decrease in net investment gains and $56 million of other non-recurring items, partially offset by a $32 million increase in after-tax property casualty underwriting income.
$57.37 book value per share at September 30, 2019, a record high, up $9.27 or 19.3% since year-end.
22.8% value creation ratio for the first nine months of 2019, compared with 5.0% for the 2018 period.
Financial Highlights
(Dollars in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
 
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
Revenue Data
 
 
 
 
 
 
 
 
 
 
 
 
   Earned premiums
 
$
1,446

 
$
1,298

 
11
 
$
4,163

 
$
3,852

 
8
   Investment income, net of expenses
 
161

 
154

 
5
 
478

 
458

 
4
   Total revenues
 
1,700

 
1,915

 
(11)
 
5,772

 
4,697

 
23
Income Statement Data
 
 
 
 
 
 
 
 
 
 
 
 
   Net income
 
$
248

 
$
553

 
(55)
 
$
1,371

 
$
739

 
86
   Investment gains and losses, after-tax
 
69

 
360

 
(81)
 
880

 
293

 
200
   Other non-recurring items
 

 
56

 
nm
 

 
56

 
nm
   Non-GAAP operating income*
 
$
179

 
$
137

 
31
 
$
491

 
$
390

 
26
Per Share Data (diluted)
 
 
 
 
 
 
 
 
 
 
 
 
   Net income
 
$
1.49

 
$
3.38

 
(56)
 
$
8.30

 
$
4.49

 
85
   Investment gains and losses, after-tax
 
0.41

 
2.20

 
(81)
 
5.32

 
1.78

 
199
   Other non-recurring items
 

 
0.34

 
nm
 

 
0.34

 
nm
   Non-GAAP operating income*
 
$
1.08

 
$
0.84

 
29
 
$
2.98

 
$
2.37

 
26
 
 
 
 
 
 
 
 
 
 
 
 
 
   Book value
 
 
 
 
 
 
 
$
57.37

 
$
51.22

 
12
   Cash dividend declared
 
$
0.56

 
$
0.53

 
6
 
$
1.68

 
$
1.59

 
6
   Diluted weighted average shares outstanding
 
165.6

 
164.0

 
1
 
165.1

 
164.7

 
0
 
 
 
 
 
 
 
 
 
 
 
 
 
*
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 3Q19 Release 1

The following information was filed by Cincinnati Financial Corp (CINF) on Thursday, October 24, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Income
Condensed Consolidated Statements Of Shareholders' Equity
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accounting Policies
Accounting Policies (Details)
Accounting Policies Pending Accounting Updates (Policies)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Tables)
Acquisition
Acquisition - Narrative (Details)
Acquisition - Schedule Of Assets And Liabilities Acquired (Details)
Acquisition Acquisitions (Tables)
Commitments And Contingent Liabilities
Deferred Acquisition Costs
Deferred Acquisition Costs (Tables)
Deferred Acquisition Costs - Deferred Policy Acquisition Costs And Asset Reconciliation (Detail)
Employee Retirement Benefits
Employee Retirement Benefits (Tables)
Employee Retirement Benefits - Components Of Net Periodic Costs For Qualified And Supplemental Pension Plans (Detail)
Employee Retirement Benefits - Defined Contribution Plan (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Change In Level 3 Assets (Detail)
Fair Value Measurements - Fair Value Hierarchy For Assets Measured At Fair Value On Recurring Basis (Detail)
Fair Value Measurements - Fair Value Of Life Policy Loans, Deferred Annuities, And Structured Settlements (Detail)
Fair Value Measurements - Fair Values Of Note Payable And Long-Term Debt (Detail)
Fair Value Measurements - Summary Of Book Value And Principal Amounts Of Long-Term Debt (Detail)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Tables)
Income Taxes - Differences Between Statutory Income Tax Rate And Effective Income Tax Rate (Detail)
Investments
Investments (Tables)
Investments - Additional Information (Detail)
Investments - Analysis Of Cost Or Amortized Cost, Gross Unrealized Gains And Losses And Fair Value For Investments (Detail)
Investments - Fair Values And Unrealized Losses By Investment Category And By Duration Of Securities' Continuous Unrealized Loss Position (Detail)
Investments - Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses And Other Items (Detail)
Investments - Schedule Of Contractual Maturities Of Investments (Details)
Life Policy And Investment Contract Reserves
Life Policy And Investment Contract Reserves (Tables)
Net Income Per Common Share
Net Income Per Common Share (Tables)
Net Income Per Common Share - Calculations For Basic And Diluted Earnings Per Share (Detail)
Property Casualty Loss And Loss Expenses
Property Casualty Loss And Loss Expenses - Additional Information (Detail)
Property Casualty Loss And Loss Expenses (Tables)
Property Casualty Loss And Loss Expenses - Consolidated Property Casualty Loss And Loss Expense Reserves (Detail)
Reinsurance
Reinsurance (Tables)
Reinsurance - Consolidated Property Casualty Insurance Assumed And Ceded Business (Details)
Reinsurance - Life Insurance Ceded Business (Detail)
Reserves In Addition To Account Balance, Based On Expected No-Lapse Guarantee Benefits And Expected Policy Assessments (Detail)
Segment Information
Segment Information (Detail)
Segment Information (Tables)
Segment Information - Narrative (Details)

Material Contracts, Statements, Certifications & more

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

Ticker: CINF
CIK: 20286
Form Type: 10-Q Quarterly Report
Accession Number: 0000020286-19-000065
Submitted to the SEC: Fri Oct 25 2019 3:37:03 AM EST
Accepted by the SEC: Fri Oct 25 2019
Period: Monday, September 30, 2019
Industry: Fire Marine And Casualty Insurance

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