CINCINNATI FINANCIAL CORP CINF
We are an Ohio corporation formed in 1968. Our lead subsidiary, The Cincinnati Insurance Company, was founded in 1950. Our main business is property casualty insurance marketed through independent insurance agencies in 46 states. Our headquarters is in Fairfield, Ohio.
Cincinnati Financial Corporation owns 100% of four subsidiaries: The Cincinnati Insurance Company (Cincinnati Insurance), Cincinnati Global Underwriting Ltd.SM (Cincinnati Global), CSU Producer Resources Inc. and CFC Investment Company. In addition, the parent company has an investment portfolio, owns the headquarters property and is responsible for corporate borrowings and shareholder dividends.
The Cincinnati Insurance Company owns 100% of four additional insurance subsidiaries. Our standard market property casualty insurance group includes two of those subsidiaries – The Cincinnati Casualty Company and The Cincinnati Indemnity Company. This group writes a broad range of business, homeowner and auto policies. The Cincinnati Insurance Company also conducts the business of our reinsurance assumed operations, known as Cincinnati Re®. Other subsidiaries of The Cincinnati Insurance Company include: The Cincinnati Life Insurance Company (Cincinnati Life), which provides life insurance policies and fixed annuities; and The Cincinnati Specialty Underwriters Insurance Company (Cincinnati Specialty Underwriters), which offers excess and surplus lines insurance products. In this report and elsewhere we often refer to any or all of these five companies as The Cincinnati Insurance Companies.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.63B | $11.34B | $10.01B | $6.56B | $9.63B | $7.54B | $7.92B | $5.41B | $5.73B | $5.45B |
| Interest expense | $53.0M | $53.0M | $54.0M | $53.0M | $53.0M | $54.0M | $53.0M | $53.0M | $53.0M | $53.0M |
| Pre-tax income | $2.98B | $2.86B | $2.28B | -$694.0M | $3.70B | $1.50B | $2.47B | $251.0M | $730.0M | $812.0M |
| Income tax | $587.0M | $566.0M | $433.0M | $207.0M | $730.0M | $283.0M | $475.0M | $36.0M | $315.0M | $221.0M |
| Net income | $2.39B | $2.29B | $1.84B | -$487.0M | $2.97B | $1.22B | $2.00B | $287.0M | $1.04B | $591.0M |
| EPS, basic | 15.32 | 14.65 | 11.74 | -3.06 | 18.43 | 7.55 | 12.24 | 1.76 | 6.36 | 3.59 |
| EPS, diluted | 15.17 | 14.53 | 11.66 | -3.06 | 18.24 | 7.49 | 12.10 | 1.75 | 6.29 | 3.55 |
| Shares, diluted (wtd. avg.) | $157.7M | $157.8M | $158.1M | $158.8M | $162.7M | $162.4M | $165.1M | $164.5M | $166.0M | $166.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.43B | $983.0M | $907.0M | $1.26B | $1.14B | $900.0M | $767.0M | $784.0M | $657.0M | $777.0M |
| Short-term investments | $148.0M | $298.0M | $0 | — | — | — | — | — | — | — |
| Property, plant and equipment | $219.0M | $214.0M | $208.0M | $202.0M | $205.0M | $213.0M | $207.0M | $195.0M | $185.0M | $183.0M |
| Total assets | $41.00B | $36.50B | $32.77B | $29.73B | $31.39B | $27.54B | $25.41B | $21.93B | $21.84B | $20.39B |
| Long-term debt | $790.0M | $790.0M | $790.0M | $789.0M | $789.0M | $788.0M | $788.0M | $788.0M | $787.0M | $787.0M |
| Total liabilities | $25.09B | $22.57B | $20.67B | $19.17B | $18.28B | $16.75B | $15.54B | $14.10B | $13.60B | $13.33B |
| Retained earnings | $16.72B | $14.87B | $13.08B | $11.71B | $12.62B | $10.09B | $9.26B | $7.62B | $5.18B | $5.04B |
| Total equity | $15.91B | $13.94B | $12.10B | $10.56B | $12.76B | $10.79B | $9.86B | $7.83B | $8.24B | $7.06B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.11B | $2.65B | $2.05B | $2.05B | $1.98B | $1.49B | $1.21B | $1.18B | $1.05B | $1.11B |
| Depreciation and amortisation | $36.0M | $34.0M | $30.0M | $33.0M | $33.0M | $33.0M | $72.0M | $63.0M | $55.0M | $48.0M |
| Stock-based compensation | — | — | — | — | $33.0M | $31.0M | $30.0M | $28.0M | $26.0M | $23.0M |
| Capital expenditure | $20.0M | $22.0M | $18.0M | $15.0M | $15.0M | $20.0M | $24.0M | $20.0M | $16.0M | $13.0M |
| Investing cash flow | -$1.69B | -$1.70B | -$1.61B | -$933.0M | -$1.06B | -$560.0M | -$679.0M | -$451.0M | -$558.0M | -$456.0M |
| Financing cash flow | -$973.0M | -$877.0M | -$801.0M | -$994.0M | -$685.0M | -$798.0M | -$546.0M | -$603.0M | -$614.0M | -$426.0M |
| Dividends paid | $525.0M | $490.0M | $454.0M | $423.0M | $395.0M | $375.0M | $355.0M | $336.0M | $400.0M | $306.0M |
| Buybacks | $205.0M | $126.0M | $67.0M | $410.0M | $144.0M | $261.0M | $67.0M | $125.0M | $92.0M | $39.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000020286-26-000008.
Others in SIC 6331
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CB | Chubb Ltd | $132.49B | 13.3x | 6.5% |
| PGR | PROGRESSIVE CORP/OH/ | $127.29B | 11.4x | 16.3% |
| TRV | TRAVELERS COMPANIES, INC. | $77.04B | 13.5x | 5.2% |
| ALL | ALLSTATE CORP | $65.63B | 6.8x | 5.6% |
| AIG | AMERICAN INTERNATIONAL GROUP, INC. | $39.85B | 14.0x | -1.7% |
| HIG | HARTFORD INSURANCE GROUP, INC. | $37.48B | 10.4x | 3.3% |
| ACGL | ARCH CAPITAL GROUP LTD. | $33.47B | 8.5x | 14.3% |
| WRB | BERKLEY W R CORP | $25.67B | 15.5x | 9.9% |