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

SEC Filings

Cincinnati Financial Corp

CIK: 20286 Ticker: CINF

The Cincinnati Insurance Company The Cincinnati Indemnity Company

The Cincinnati Casualty Company ▪ The Cincinnati Specialty Underwriters Insurance Company

The Cincinnati Life Insurance Company ▪ CFC Investment Company ▪ CSU Producer Resources Inc

   
 

Investor Contact: Dennis E. McDaniel, 513-870-2768

CINF-IR@cinfin.com

 

Media Contact: Joan O. Shevchik, 513-603-5323

Media_Inquiries@cinfin.com

 

 

Cincinnati Financial Reports Fourth-Quarter and Full-Year 2012 Results

Cincinnati, February 6, 2013 – Cincinnati Financial Corporation (Nasdaq: CINF)

today reported:

·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

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Shareholders' Equity
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (narrative) (details)
Condensed Financial Statements Of Parent Company
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 Comprehensive Income (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 (asset Fair Value Measurements Using Significant Unobservable Inputs (level 3)) (details)
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 35 Percent Statutory Income Tax Rate And Effective Income Tax Rate) (details)
Income Taxes (narrative) (details)
Income Taxes (tables)
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 And Change In Unrealized 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 Capital Lease Obligation
Long-term Debt And Capital Lease Obligation (book Value And Principal Amounts Of Long-term Debt (details)
Long-term Debt And Capital Lease Obligation (tables)
Long-term Debt And Capital Lease Obligation(capital Lease Payments Over Next Five Years) (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 (consolidated Property Casualty Loss And Loss Expense Reserves) (details)
Property Casualty Loss And Loss Expenses (narrative) (details)
Property Casualty Loss And Loss Expenses (tables)
Quarterly Financial Information (details)
Quarterly Supplementary Data
Quarterly Supplementary Data (tables)
Reinsurance
Reinsurance
Reinsurance (details)
Reinsurance (earned Consolidated Property Casualty Insurance Premiums On Assumed And Ceded Business) (details)
Reinsurance (earned Life Insurance Premiums On Ceded Business) (details)
Reinsurance (incurred Consolidated Property Casualty Insurance Loss And Loss Expenses On Assumed And Ceded Business) (details)
Reinsurance (life Insurance Contract Holders' Benefits Incurred On Ceded Business) (details)
Reinsurance (narrative) (details)
Reinsurance (tables)
Segment Information
Segment Information (schedule Of Segment Information) (details)
Segment Information (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)
Stock-based Associate Compensation Plans
Stock-based Associate Compensation Plans (narrative) (details)
Stock-based Associate Compensation Plans (options Outstanding And Exercisable) (details)
Stock-based Associate Compensation Plans (restricted Stock Unit Information) (details)
Stock-based Associate Compensation Plans (stock Option Information) (details)
Stock-based Associate Compensation Plans (tables)
Stock-based Associate Compensation Plans(assumptions Used In Option Grants Issued) (details)
Summary Of Investments Other Than Investments In Related Parties
Summary Of Investments Other Than Investments In Related Parties (details)1
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (schedule Of Effect Of Adopting Asu 2010-26) (details)
Summary Of Significant Accounting Policies (tables)
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: 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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