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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 December 31, | Twelve months ended December 31, | ||||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||||||||||||||||||||||||||
Revenue Data | ||||||||||||||||||||||||||||||||||||||
Earned premiums | $ | 1,676 | $ | 1,520 | 10 | $ | 6,482 | $ | 5,980 | 8 | ||||||||||||||||||||||||||||
Investment income, net of expenses | 186 | 172 | 8 | 714 | 670 | 7 | ||||||||||||||||||||||||||||||||
Total revenues | 3,323 | 2,694 | 23 | 9,630 | 7,536 | 28 | ||||||||||||||||||||||||||||||||
Income Statement Data | ||||||||||||||||||||||||||||||||||||||
Net income | $ | 1,470 | $ | 1,049 | 40 | $ | 2,946 | $ | 1,216 | 142 | ||||||||||||||||||||||||||||
Investment gains and losses, after-tax | 1,150 | 787 | 46 | 1,903 | 683 | 179 | ||||||||||||||||||||||||||||||||
Non-GAAP operating income* | $ | 320 | $ | 262 | 22 | $ | 1,043 | $ | 533 | 96 | ||||||||||||||||||||||||||||
Per Share Data (diluted) | ||||||||||||||||||||||||||||||||||||||
Net income | $ | 9.04 | $ | 6.47 | 40 | $ | 18.10 | $ | 7.49 | 142 | ||||||||||||||||||||||||||||
Investment gains and losses, after-tax | 7.07 | 4.86 | 45 | 11.69 | 4.21 | 178 | ||||||||||||||||||||||||||||||||
Non-GAAP operating income* | $ | 1.97 | $ | 1.61 | 22 | $ | 6.41 | $ | 3.28 | 95 | ||||||||||||||||||||||||||||
Book value | $ | 81.72 | $ | 67.04 | 22 | |||||||||||||||||||||||||||||||||
Cash dividend declared | $ | 0.63 | $ | 0.60 | 5 | $ | 2.52 | $ | 2.40 | 5 | ||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | 162.5 | 162.1 | 0 | 162.7 | 162.4 | 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 2022 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 3.6 1.2 2.4 Large loss prior accident year reserve development 0.3 (1.7) 2.0 Total large loss ratio 3.9 (0.5) 4.4 Losses incurred but not reported 10.6 24.8 (14.2) Other losses excluding catastrophe losses 27.4 17.8 9.6 Catastrophe losses 1.1 1.0 0.1 Total loss ratio 43.0 % 43.1 % (0.1) 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 2022 10-QPage 41 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.
Cincinnati Financial Corporation First-Quarter 2022 10-QPage 38 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 2022 10-QPage 44 Excess and Surplus Lines Insurance Losses Incurred by Size (Dollars in millions, net of reinsurance) Three months ended March 31, 2022 2021 % Change Current accident year losses greater than $5 million $ - $ - 0 Current accident year losses $1 million - $5 million 4 1 300 Large loss prior accident year reserve development - (1) 100 Total large losses incurred 4 - nm Losses incurred but not reported 12 22 (45) Other losses excluding catastrophe losses 32 15 113 Catastrophe losses 1 1 0 Total losses incurred $ 49 $ 38 29 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 2022 10-QPage 36 COMMERCIAL LINES INSURANCE RESULTS Overview Performance highlights for the commercial lines segment include: Premiums - Earned premiums and net written premiums for the commercial lines segment grew during the first three months of 2022, compared with the same period a year ago, primarily due to renewal written premium growth that continued to include higher average pricing.
Cincinnati Financial Corporation First-Quarter 2022...Read more
Our consolidated property casualty combined...Read more
The ratio for current accident...Read more
The net loss for the...Read more
(Dollars in millions) Three months...Read more
In January 2022, the board...Read more
The ratio for current accident...Read more
Performance highlights for the life...Read more
Total revenues for the first...Read more
The ratio for current accident...Read more
After satisfying our cash requirements,...Read more
For all property casualty lines...Read more
Consolidated Property Casualty Insurance Premiums...Read more
Our strong parent-company liquidity and...Read more
The 2022 dividend increase reflected...Read more
Investment contribution - We believe...Read more
The net effect of reserve...Read more
The improvement of $32 million,...Read more
Through 2021, the company had...Read more
The favorable reserve development was...Read more
Higher dividend income reflected rising...Read more
Underwriting results also included a...Read more
The net favorable reserve development...Read more
Life insurance segment benefits and...Read more
The personal lines underwriting expense...Read more
The underwriting expense ratio increased...Read more
Shareholders' equity decreased 8% and...Read more
Loss and loss expenses paid...Read more
In addition, greater geographic diversification...Read more
The $5 million of net...Read more
During the first three months...Read more
The commercial lines underwriting expense...Read more
The excess and surplus lines...Read more
The average yield for total...Read more
Consolidated Property Casualty Insurance Catastrophe...Read more
Cincinnati Financial Corporation First-Quarter 2022...Read more
Excess and surplus lines net...Read more
The following table shows consolidated...Read more
We estimate that premium rates...Read more
We also report as Other...Read more
The net effect of reserve...Read more
Cincinnati Financial Corporation First-Quarter 2022...Read more
Cincinnati Financial Corporation First-Quarter 2022...Read more
We believe that if liquidity...Read more
New business written premiums for...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
Total expenses for Other increased...Read more
Cincinnati Financial Corporation First-Quarter 2022...Read more
For the first three months...Read more
We believe underwriting and pricing...Read more
Our premium growth initiatives from...Read more
Personal lines new business written...Read more
Accounting requirements for the allowance...Read more
Personal lines net written premiums...Read more
The table below shows a...Read more
For commercial lines policies that...Read more
New business written premiums produced...Read more
Net written premiums increased, by...Read more
Net written premiums for Cincinnati...Read more
We continue to segment commercial...Read more
Agency renewal written premiums increased...Read more
Commissions and other underwriting expenses...Read more
That 61.2% ratio was 1.2...Read more
That 61.8% ratio was 0.8...Read more
That 58.5% ratio was 0.9...Read more
Catastrophe losses and loss expenses...Read more
We market our insurance products...Read more
We believe our investment portfolio...Read more
The ratio also included ongoing...Read more
The ratio also included ongoing...Read more
The ratio also included ongoing...Read more
The ratio also included ongoing...Read more
Consolidated property casualty net written...Read more
For our homeowner line of...Read more
The first-quarter 2022 ratio for...Read more
For the first three months...Read more
That variability is often driven...Read more
Underwriting expenses for the first...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
Catastrophe losses for the first...Read more
In conjunction with those discussions,...Read more
TAXES We had $87 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: 0000020286-22-000030
Submitted to the SEC: Thu Apr 28 2022 4:12:41 PM EST
Accepted by the SEC: Thu Apr 28 2022
Period: Thursday, March 31, 2022
Industry: Fire Marine And Casualty Insurance