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Cincinnati Financial Corp (CINF) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

Cincinnati Financial Corp

HISTORY TOOLS
CIK: 20286 Ticker: CINF

cfc3025rgb.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 Fourth-Quarter and Full-Year 2022 Results

Cincinnati, February 6, 2023 – Cincinnati Financial Corporation (Nasdaq: CINF)
 today reported:
•Fourth-quarter 2022 net income of $1.013 billion, or $6.40 per share, compared with net income of $1.470 billion, or $9.04 per share, in the fourth quarter of 2021, after recognizing an $806 million fourth-quarter 2022 after-tax increase in the fair value of equity securities still held.
•Full-year 2022 net loss of $486 million, or $3.06 per share, compared with net income of $2.946 billion, or $18.10 per share, in 2021.
•$118 million or 37% decrease in fourth-quarter 2022 non-GAAP operating income* to $202 million, or $1.27 per share, compared with $320 million, or $1.97 per share, in the fourth quarter of last year.
•$370 million or 35% decrease in full-year 2022 non-GAAP operating income to $673 million, or $4.24 per share, down from $1.043 billion, or $6.41 per share, with after-tax property casualty underwriting profit down $467 million.
•$457 million decrease in fourth-quarter 2022 net income reflected the after-tax net effect of a $339 million decrease in net investment gains and a $129 million decrease in after-tax property casualty underwriting profit.
•$67.01 book value per share at December 31, 2022, down $14.71 or 18.0% since year-end 2021.
•Negative 14.6% value creation ratio for full-year 2022, compared with positive 25.7% for 2021.

Financial Highlights
(Dollars in millions except per share data)Three months ended December 31,Twelve months ended December 31,
20222021% Change20222021% Change
Revenue Data
   Earned premiums $1,874 $1,676 12$7,219 $6,482 11
   Investment income, net of expenses208 186 12781 714 9
   Total revenues3,114 3,323 (6)6,557 9,630 (32)
Income Statement Data
   Net income (loss) $1,013 $1,470 (31)$(486)$2,946 nm
   Investment gains and losses, after-tax811 1,150 (29)(1,159)1,903 nm
   Non-GAAP operating income* $202 $320 (37)$673 $1,043 (35)
Per Share Data (diluted)
   Net income (loss) $6.40 $9.04 (29)$(3.06)$18.10 nm
   Investment gains and losses, after-tax5.13 7.07 (27)(7.30)11.69 nm
   Non-GAAP operating income* $1.27 $1.97 (36)$4.24 $6.41 (34)
   Book value$67.01 $81.72 (18)
   Cash dividend declared$0.69 $0.63 10$2.76 $2.52 10
   Diluted weighted average shares outstanding158.2 162.5 (3)158.8 162.7 (2)

*    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 4Q22 Release 1
The following information was filed by Cincinnati Financial Corp (CINF) on Monday, February 6, 2023 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

Audit Information
Cover Page
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
Average Annual Payout (Details)
Claims Development - Commercial Auto (Details)
Claims Development - Commercial Casualty (Details)
Claims Development - Commercial Property (Details)
Claims Development - Excess And Surplus Lines (Details)
Claims Development - Homeowner (Details)
Claims Development - Personal Auto (Details)
Claims Development - Workers Compensation (Details)
Commitments And Contingent Liabilities
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 (Details)
Condensed Financial Statements Of Parent Company Condensed Statements Of Cash Flows (Details)
Condensed Financial Statements Of Parent Company Condensed Statements Of Income (Details)
Consolidated Property Casualty Loss And Loss Expense Reserves (Details)
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 (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 21 Percent Statutory Income Tax Rate And Effective Income Tax Rate) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Tables)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details)
Income Taxes Reconciliation Of Cincinnati Global Valuation Allowance (Details)
Income Taxes Schedule Of Income Before Income Tax (Details)
Income Taxes The Provision Of Income Taxes (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 Lease Obligation
Long-Term Debt And Lease Obligation (Book Value And Principal Amounts Of Long-Term Debt (Details)
Long-Term Debt And Lease Obligation (Lease Payments Over Next Five Years) (Details)
Long-Term Debt And Lease Obligation (Tables)
Long-Term Debt And Lease Obligation Long-Term Debt And Lease Obligation (Details)
Long-Term Debt And Lease Obligation Long-Term Debt And Lease Obligation Narrative (Details)
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 (Narrative) (Details)
Property Casualty Loss And Loss Expenses (Tables)
Reconciliation Of Incurred Losses And Alae (Details)
Reinsurance
Reinsurance (Details)
Reinsurance (Earned Life Insurance Premiums On Ceded Business) (Details)
Reinsurance (Tables)
Reinsurance - Schedule Iv
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 Investments Other Than Investments In Related Parties
Summary Of Investments Other Than Investments In Related Parties (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Supplementary Information Concerning Property Casualty Insurance Operations
Supplementary Information Concerning Property Casualty Insurance Operations (Details)
Supplementary Insurance Information
Supplementary Insurance Information (Details)
Transactions With Affiliated Parties
Transactions With Affliated Parties (Narrative) (Details)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Details)
Ticker: CINF
CIK: 20286
Form Type: 10-K Annual Report
Accession Number: 0000020286-23-000008
Submitted to the SEC: Thu Feb 23 2023 12:01:58 PM EST
Accepted by the SEC: Thu Feb 23 2023
Period: Saturday, December 31, 2022
Industry: Fire Marine And Casualty Insurance

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