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Cincinnati Financial Corp (CINF) SEC Filing 10-Q Quarterly Report for the period ending Friday, June 30, 2023

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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 2023 Results

Cincinnati, April 27, 2023 – Cincinnati Financial Corporation (Nasdaq: CINF)
 today reported:
•First-quarter 2023 net income of $225 million, or $1.42 per share, compared with a net loss of $266 million, or $1.66 per share, in the first quarter of 2022, after recognizing an $84 million first-quarter 2023 after-tax increase in the fair value of equity securities still held.
•$119 million or 46% decrease in non-GAAP operating income* to $141 million, or $0.89 per share, compared with $260 million, or $1.62 per share, in the first quarter of last year.
•$491 million increase in first-quarter 2023 net income, compared with first-quarter 2022, reflecting the after-tax net effect of a $610 million increase in net investment gains and a $138 million decrease in after-tax property casualty underwriting income.
•$68.33 book value per share at March 31, 2023, up $1.12 since year-end.
•3.1% value creation ratio for the first three months of 2023, compared with negative 6.9% for the same period of 2022.
•$7 million difference in adjusted first-quarter 2022 net loss compared with originally reported $273 million, due to adoption of an accounting standards update for long-duration contracts.

Financial Highlights
(Dollars in millions, except per share data)Three months ended March 31,
20232022% Change
Revenue Data
   Earned premiums$1,918 $1,693 13
   Investment income, net of expenses210 185 14
   Total revenues2,241 1,218 84
Income Statement Data
   Net income (loss)$225 $(266)nm
   Investment gains and losses, after-tax84 (526)nm
   Non-GAAP operating income*$141 $260 (46)
Per Share Data (diluted)
   Net income (loss)$1.42 $(1.66)nm
   Investment gains and losses, after-tax0.53 (3.28)nm
   Non-GAAP operating income*$0.89 $1.62 (45)
   Book value$68.33 $74.31 (8)
   Cash dividend declared$0.75 $0.69 9
   Diluted weighted average shares outstanding158.5 160.4 (1)
*    The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures section 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 1Q23 Release 1
The following information was filed by Cincinnati Financial Corp (CINF) on Thursday, April 27, 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-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
Account Values By Range Of Guaranteed Minimum Crediting Rates (Details)
Accounting Policies
Accounting Policies (Details)
Accounting Policies (Policies)
Accounting Policies (Tables)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Aoci) (Details)
Accumulated Other Comprehensive Income (Tables)
Changes In Policyholders' Account Balances (Details)
Commitments And Contingent Liabilities
Deferred Policy Acquisition Costs
Deferred Policy Acquisition Costs (Tables)
Deferred Policy Acquisition Costs - Asu 2018-12 Transition Deferred Acquisition Costs Narrative (Details)
Deferred Policy Acquisition Costs - Deferred Policy Acquisition Costs And Asset Reconciliation (Detail)
Deferred Policy Acquisition Costs - Life Deferred Acquisition Costs Rollforward By Product (Details)
Employee Retirement Benefits
Employee Retirement Benefits (Tables)
Employee Retirement Benefits - Components Of Net Periodic Costs For Qualified And Supplemental Pension Plans (Details)
Employee Retirement Benefits - Defined Contribution Plan Narrative (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Fair Value Hierarchy For Assets Measured At Fair Value On Recurring Basis (Details)
Fair Value Measurements - Fair Value Of Life Policy Loans, Deferred Annuities, And Structured Settlements (Details)
Fair Value Measurements - Fair Values Of Note Payable And Long-Term Debt (Details)
Fair Value Measurements - Summary Of Book Value And Principal Amounts Of Long-Term Debt (Details)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Tables)
Income Taxes - Differences Between Statutory Income Tax Rate And Effective Income Tax Rate (Details)
Insider Trading Arrangements
Investments
Investments (Tables)
Investments - Additional Information (Details)
Investments - Analysis Of Cost Or Amortized Cost, Gross Unrealized Gains And Losses And Fair Value For Investments (Details)
Investments - Fair Values And Unrealized Losses By Investment Category And By Duration Of Securities' Continuous Unrealized Loss Position (Details)
Investments - Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses And Other Items (Details)
Investments - Schedule Of Contractual Maturities Of Investments (Details)
Liability For Future Policy Benefit (Details)
Life Policy And Investment Contract Reserves
Life Policy And Investment Contract Reserves (Narrative) (Details)
Life Policy And Investment Contract Reserves (Tables)
Net Income (Loss) Per Common Share
Net Income (Loss) Per Common Share (Tables)
Net Income (Loss) Per Common Share - Calculations For Basic And Diluted Earnings Per Share (Details)
Other Additional Liability Rollforward (Details)
Pay Vs Performance Disclosure
Property Casualty Loss And Loss Expenses
Property Casualty Loss And Loss Expenses (Tables)
Property Casualty Loss And Loss Expenses - Additional Information (Details)
Property Casualty Loss And Loss Expenses - Consolidated Property Casualty Loss And Loss Expense Reserves (Details)
Reinsurance
Reinsurance (Details)
Reinsurance (Tables)
Reinsurance - Consolidated Property Casualty Insurance Assumed And Ceded Business (Details)
Reinsurance - Life Insurance Ceded Business (Details)
Reserves In Addition To Account Balance, Based On Expected No-Lapse Guarantee Benefits And Expected Policy Assessments (Details)
Revenue And Interest Recognized In Income (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Segment Information - Narrative (Details)
Separate Account Balances And Changes (Details)
Transition Date Adoption Impacts (Details)
Undiscounted And Discounted Future Benefit Payments And Gross Premiums (Details)
Weighted Average Interest Rate For Life Policy Products (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: 0000020286-23-000058
Submitted to the SEC: Thu Jul 27 2023 4:11:01 PM EST
Accepted by the SEC: Thu Jul 27 2023
Period: Friday, June 30, 2023
Industry: Fire Marine And Casualty Insurance

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