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Cincinnati Financial Corp (CINF) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Cincinnati Financial Corp

HISTORY TOOLS
CIK: 20286 Ticker: CINF
cfc3025rgba01.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 First-Quarter 2020 Results

Cincinnati, April 27, 2020 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:
•
First-quarter 2020 net loss of $1.226 billion, or $7.56 per share, compared with net income of $695 million, or $4.22 per share, in the first quarter of 2019, after recognizing a $1.303 billion first-quarter 2020 reduction in the fair value of equity securities still held.
•
$35 million or 20% decrease in non-GAAP operating income* to $137 million, or 84 cents per share, compared with $172 million, or $1.05 per share, in the first quarter of last year.
•
$1.921 billion decrease in first-quarter 2020 net income, primarily due to the after-tax net effect of a $1.886 billion decrease in net investment gains and a $53 million decrease in after-tax property casualty underwriting income, including $41 million from weather-related catastrophe losses.
•
$50.02 book value per share at March 31, 2020, down $10.53 or 17.4% since year-end.
•
Negative 16.4% value creation ratio for the first three months of 2020, compared with positive 11.1% for the same period of 2019.
Financial Highlights
(Dollars in millions, except per share data)
Three months ended March 31,
 
2020
 
2019
 
% Change
Revenue Data
 
 
 
 
 
 
   Earned premiums
 
$
1,456

 
$
1,333

 
9
   Investment income, net of expenses
 
165

 
157

 
5
   Total revenues
 
(99
)
 
2,159

 
nm
Income Statement Data
 
 
 
 
 
 
   Net income (loss)
 
$
(1,226
)
 
$
695

 
nm
   Investment gains and losses, after-tax
 
(1,363
)
 
523

 
nm
   Non-GAAP operating income*
 
$
137

 
$
172

 
(20)
Per Share Data (diluted)
 
 
 
 
 
 
   Net income (loss)
 
$
(7.56
)
 
$
4.22

 
nm
   Investment gains and losses, after-tax
 
(8.40
)
 
3.17

 
nm
   Non-GAAP operating income*
 
$
0.84

 
$
1.05

 
(20)
 
 
 
 
 
 
 
   Book value
 
$
50.02

 
$
52.88

 
(5)
   Cash dividend declared
 
$
0.60

 
$
0.56

 
7
   Diluted weighted average shares outstanding
 
162.2

 
164.6

 
(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 1Q20 Release 1
The following information was filed by Cincinnati Financial Corp (CINF) on Monday, April 27, 2020 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
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)
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 - 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

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-Q Quarterly Report
Accession Number: 0000020286-20-000041
Submitted to the SEC: Mon Apr 27 2020 4:18:40 PM EST
Accepted by the SEC: Mon Apr 27 2020
Period: Tuesday, March 31, 2020
Industry: Fire Marine And Casualty Insurance

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