Cincinnati Financial Corp (CINF) 10-K Annual Report February 2013

Fourth-quarter 2012 net income of $192 million, or $1.17 per share, compared with $134 million, or 83 cents per share, in the fourth quarter of 2011; operating income* of $183 million, or $1.11 per share, up 32 percent compared with $139 million, or 86 cents per share. Net income and operating income for the fourth quarter of 2012 benefited from property casualty underwriting profits that increased by $40 million after taxes.

Full-year 2012 net income of $421 million, or $2.57 per share, compared with $164 million, or $1.01, in 2011. Operating income of $393 million, or $2.40 per share, up 230 percent from $119 million, or 73 cents per share.

$257 million increase in full-year 2012 net income reflected the after-tax net effect of two primary items: $270 million improvement in the contribution from property casualty underwriting – including a favorable effect of $44 million from lower natural catastrophe losses, partially offset by a $17 million decrease from net realized investment gains.

$33.48 book value per share at December 31, 2012, up 8 percent for the year and 2 percent for the quarter.

12.6 percent value creation ratio for full-year 2012, compared with 6.0 percent for 2011.

Financial Highlights

(Dollars in millions except share data in thousands)	Three months ended December 31,							Twelve months ended December 31,
	2012		2011			Change %		2012		2011		Change %
Revenue Highlights
Earned premiums	$	917	$	827			11	$	3,522	$	3,194		10
Investment income, pretax		136		132			3		531		525		1
Total revenues		1,070		955			12		4,111		3,803		8
Income Statement Data
Net income	$	192	$	134			43	$	421	$	164		157
Net realized investment gains and losses		9		(5	)		nm		28		45		(38	)
Operating income*	$	183	$	139			32	$	393	$	119		230
Per Share Data (diluted)
Net income	$	1.17	$	0.83			41	$	2.57	$	1.01		154
Net realized investment gains and losses		0.06		(0.03	)		nm		0.17		0.28		(39	)
Operating income*	$	1.11	$	0.86			29	$	2.40	$	0.73		229

Book value								$	33.48	$	31.03		8
Cash dividend declared	$	0.4075	$	0.4025			1	$	1.62	$	1.605		1
Weighted average shares outstanding		164,160		162,679			0		163,661		163,259		0

Insurance Operations Fourth-Quarter Highlights

81.9 percent fourth-quarter 2012 property casualty combined ratio, improved from 87.5 percent fourth-quarter 2011. Full-year 2012 property casualty combined ratio at 96.1 percent, with a 12 percent increase in net written premiums.

10 percent increase in fourth-quarter net written premiums, reflecting higher pricing and planned growth from strategic initiatives.

$132 million fourth-quarter 2012 property casualty new business written premiums, up $29 million to a record high for any quarter. Full-year 2012 property casualty new business written premiums of $501 million, another record high.

5 cents per share contribution from life insurance operating income to fourth-quarter results, up 1 cent from 2011.

Investment and Balance Sheet Highlights

1 percent full-year 2012 growth in before-tax investment income, driven by an $11 million or 11 percent increase in common stock portfolio dividends – including $5 million not typically paid in the fourth quarter – that offset a 1 percent decline in interest income.

6 percent full-year rise in fair value of invested assets plus cash at December 31, 2012, including 14 percent for the equity portfolio and a 4 percent increase for the bond portfolio.

$1.151 billion parent company cash and marketable securities at December 31, 2012, up 10 percent from a year ago.

*	The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures on Page 13 defines and reconciles measures presented in this release that are not based on Generally Accepted Accounting Principles.
**	Forward-looking statements and related assumptions are subject to the risks outlined in the company’s safe harbor statement (see Page 10).

The following information was filed by Cincinnati Financial Corp (CINF) on Wednesday, February 6, 2013 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Cincinnati Financial Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.7: Material Contract

Exhibit 10.14: Material Contract

Exhibit 23: Consents Of Experts And Counsel

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-K Annual Report
Accession Number: 0001144204-13-011557
Submitted to the SEC: Wed Feb 27 2013 4:19:15 PM EST
Accepted by the SEC: Wed Feb 27 2013
Period: Monday, December 31, 2012
Industry: Fire Marine And Casualty Insurance

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Cincinnati Financial Corp (CINF) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

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