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![]() | 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. |
(Dollars in millions, except per share data) | Three months ended March 31, | |||||||||||||||||||
2021 | 2020 | % Change | ||||||||||||||||||
Revenue Data | ||||||||||||||||||||
Earned premiums | $ | 1,544 | $ | 1,456 | 6 | |||||||||||||||
Investment income, net of expenses | 174 | 165 | 5 | |||||||||||||||||
Total revenues | 2,227 | (99) | nm | |||||||||||||||||
Income Statement Data | ||||||||||||||||||||
Net income (loss) | $ | 620 | $ | (1,226) | nm | |||||||||||||||
Investment gains and losses, after-tax | 398 | (1,363) | nm | |||||||||||||||||
Non-GAAP operating income* | $ | 222 | $ | 137 | 62 | |||||||||||||||
Per Share Data (diluted) | ||||||||||||||||||||
Net income (loss) | $ | 3.82 | $ | (7.56) | nm | |||||||||||||||
Investment gains and losses, after-tax | 2.45 | (8.40) | nm | |||||||||||||||||
Non-GAAP operating income* | $ | 1.37 | $ | 0.84 | 63 | |||||||||||||||
Book value | $ | 69.16 | $ | 50.02 | 38 | |||||||||||||||
Cash dividend declared | $ | 0.63 | $ | 0.60 | 5 | |||||||||||||||
Diluted weighted average shares outstanding | 162.5 | 162.2 | 0 | |||||||||||||||||
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Cincinnati Financial Corp.
Cincinnati Financial Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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Change Current accident year losses greater than $5 million - % - % 0.0 Current accident year losses $1 million - $5 million 1.2 2.6 (1.4) Large loss prior accident year reserve development (1.7) (1.5) (0.2) Total large loss ratio (0.5) 1.1 (1.6) Losses incurred but not reported 24.8 (4.4) 29.2 Other losses excluding catastrophe losses 17.8 37.8 (20.0) Catastrophe losses 1.0 0.9 0.1 Total loss ratio 43.1 % 35.4 % 7.7 We continue to monitor new losses and case reserve increases greater than $1 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses.
Cincinnati Financial Corporation First-Quarter 2021 10-QPage 44 Personal Lines Insurance Losses Incurred by Size We continue to monitor new losses and case reserve increases greater than $1 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses.
Commercial Lines Insurance Losses Incurred by Size We continue to monitor new losses and case reserve increases greater than $1 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses.
Cincinnati Financial Corporation First-Quarter 2021 10-QPage 47 Excess and Surplus Lines Insurance Losses Incurred by Size (Dollars in millions, net of reinsurance) Three months ended March 31, 2021 2020 % Change Current accident year losses greater than $5 million $ - $ - nm Current accident year losses $1 million - $5 million 1 2 (50) Large loss prior accident year reserve development (1) (1) 0 Total large losses incurred - 1 (100) Losses incurred but not reported 22 (3) nm Other losses excluding catastrophe losses 15 29 (48) Catastrophe losses 1 1 0 Total losses incurred $ 38 $ 28 36 Ratios as a percent of earned premiums: Pt.
The five segments are: Commercial lines insurance Personal lines insurance Excess and surplus lines insurance Life insurance Investments Cincinnati Financial Corporation First-Quarter 2021 10-QPage 39 COMMERCIAL LINES INSURANCE RESULTS Overview Earned premiums grew 3% for the first quarter of 2021 as the COVID-19 pandemic and related economic effects slowed the pace of net written premium growth for our commercial lines insurance segment.
Case loss reserves for losses...Read more
Our consolidated property casualty combined...Read more
Also, there could be losses...Read more
The 2021 dividend increase reflected...Read more
Cincinnati Financial Corporation First-Quarter 2021...Read more
Performance highlights for the personal...Read more
However, there could be losses...Read more
However, there could be losses...Read more
However, there could be losses...Read more
In January 2021, the board...Read more
Performance highlights for the commercial...Read more
The ratio for current accident...Read more
Performance highlights for the life...Read more
Total revenues for the first...Read more
Better profit margins can arise...Read more
Because of factors that reduce...Read more
However, there could be losses...Read more
Because of factors that reduce...Read more
Total expenses for Other increased...Read more
Approximately half of the losses...Read more
After satisfying our cash requirements,...Read more
For all property casualty lines...Read more
For future periods, factors that...Read more
Cincinnati Financial Corporation First-Quarter 2021...Read more
For future periods, factors that...Read more
Our strong parent-company liquidity and...Read more
Net income for the first...Read more
In the first quarter of...Read more
Because of various factors that...Read more
For future periods, renewal premium...Read more
Investment contribution - We believe...Read more
Loss and loss expenses paid...Read more
Regardless of pricing changes, new...Read more
Through 2020, the company had...Read more
Manage insurance profitability - Implementation...Read more
Most of the losses for...Read more
Cincinnati Financial Corporation First-Quarter 2021...Read more
Cincinnati Financial Corporation First-Quarter 2021...Read more
Higher dividend income reflected rising...Read more
The $2.12 increase in book...Read more
Shareholders' equity increased 3% and...Read more
The net favorable reserve development...Read more
Life insurance segment benefits and...Read more
The total included $30 million...Read more
Catastrophe losses for the first...Read more
The COVID-19 pandemic slowed the...Read more
Cincinnati Financial Corporation First-Quarter 2021...Read more
(Dollars in millions) Three months...Read more
In addition, greater geographic diversification...Read more
We continue to implement strategies...Read more
During the first three months...Read more
For policies that renewed during...Read more
Commissions and other underwriting expenses...Read more
Cincinnati Global also contributed to...Read more
The average yield for total...Read more
Strategies aimed at specific market...Read more
Consolidated Property Casualty Insurance Catastrophe...Read more
We believe successful implementation of...Read more
Based on our capital requirements...Read more
Cincinnati Financial Corporation First-Quarter 2021...Read more
We also report as Other...Read more
The main driver of the...Read more
The net effect of reserve...Read more
Premium growth initiatives also include...Read more
The combined ratio can be...Read more
We believe that if liquidity...Read more
A $2 million loss for...Read more
Consolidated property casualty net written...Read more
Our analysis continues to indicate...Read more
Our analysis continues to indicate...Read more
Our analysis continues to indicate...Read more
Our analysis continues to indicate...Read more
Drive premium growth - Implementation...Read more
The net effect of reserve...Read more
Cincinnati Financial Corporation First-Quarter 2021...Read more
During the first quarter of...Read more
We believe underwriting and pricing...Read more
Personal lines net written premiums...Read more
Our premium growth initiatives from...Read more
Accounting requirements for the allowance...Read more
The underwriting expense ratio decreased...Read more
The underwriting expense ratio decreased...Read more
The table below shows a...Read more
Net written premiums grew by...Read more
Cincinnati Financial Corporation First-Quarter 2021...Read more
Performance highlights for the excess...Read more
Agency renewal written premiums increased...Read more
The COVID-19 pandemic and related...Read more
Net written premiums for Cincinnati...Read more
We continue to segment commercial...Read more
Consolidated property casualty agency new...Read more
Catastrophe losses and loss expenses...Read more
We market our insurance products...Read more
We believe our investment portfolio...Read more
For the first three months...Read more
Highlights of Our Strategy and...Read more
The loss component of loss...Read more
Our fixed-maturity portfolio's average yield...Read more
For commercial lines policies that...Read more
Consolidated property casualty net written...Read more
Commercial Lines Insurance Premiums Combined...Read more
We estimate that premium rates...Read more
For our homeowner line of...Read more
Consolidated property casualty new business...Read more
For the first three months...Read more
Premium growth by segment is...Read more
That variability is often driven...Read more
Loss experience for our insurance...Read more
The GAAP-basis combined ratio is...Read more
We include only investment income...Read more
Public and regulatory initiatives have...Read more
We continue to use predictive...Read more
The change in fair value...Read more
In conjunction with those discussions,...Read more
TAXES We had $148 million...Read more
Combined ratio - We believe...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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: 0000020286-21-000033
Submitted to the SEC: Wed Apr 28 2021 4:14:25 PM EST
Accepted by the SEC: Wed Apr 28 2021
Period: Wednesday, March 31, 2021
Industry: Fire Marine And Casualty Insurance