Cincinnati Financial Reports Fourth-Quarter and Full-Year 2025 Results
CINCINNATI, Feb. 9, 2026 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:
Financial Highlights
(Dollars in millions except per share data)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
% Change
2025
2024
% Change
Revenue Data
Earned premiums
$ 2,592
$ 2,365
10
$ 9,983
$ 8,889
12
Investment income, net of expenses
305
280
9
1,165
1,025
14
Total revenues
3,091
2,538
22
12,631
11,337
11
Income Statement Data
Net income
$ 676
$ 405
67
$ 2,393
$ 2,292
4
Investment gains and losses, after-tax
145
(92)
nm
1,139
1,095
4
Non-GAAP operating income*
$ 531
$ 497
7
$ 1,254
$ 1,197
5
Per Share Data (diluted)
Net income
$ 4.29
$ 2.56
68
$ 15.17
$ 14.53
4
Investment gains and losses, after-tax
0.92
(0.58)
nm
7.22
6.95
4
Non-GAAP operating income*
$ 3.37
$ 3.14
7
$ 7.95
$ 7.58
5
Book value
$ 102.35
$ 89.11
15
Cash dividend declared
$ 0.87
$ 0.81
7
$ 3.48
$ 3.24
7
Diluted weighted average shares outstanding
157.5
158.1
0
157.7
157.8
0
*
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.
Insurance Operations Highlights
Investment and Balance Sheet Highlights
Resiliency Led to Insurance Profitability
Stephen M. Spray, president and chief executive officer, commented: "After beginning the year with the worst catastrophe loss in our company's history, it took persistence and focus to record a 4% increase in full-year net income of $2.393 billion and $1.254 billion in full-year 2025 non-GAAP operating income – a 5% increase compared with 2024.
"For the fourth quarter, our insurance operations produced a combined ratio of 85.2% – one of our best fourth quarters in the last decade. On a full-year basis, our combined ratio of 94.9% is comfortably within our long-term annual average goal of 92% to 98% and marks 14 consecutive years of achieving an underwriting profit.
"Importantly, we continued seeing steady progress in our current accident year combined ratio before catastrophe losses. That measure improved 0.4 percentage points to 86.1% for 2025, even with the unfavorable effects of $52 million in reinsurance reinstatement premiums related to the California wildfires.
"Our life insurance subsidiary also contributed nicely, recording a 16% increase in net income to $106 million."
Balancing Pricing Discipline and Growth
"Total property casualty net written premiums increased 9% for the year, crossing $10 billion for the first time in our company's 75-year history. While new business written premiums slowed in total for the fourth quarter and the full year, our commercial business recorded 4% growth in standard and 17% growth in excess and surplus lines new business over the course of 2025.
"Looking ahead, we know that it will take continued pricing discipline and product innovation – supported by the ongoing appointment of new agencies – to keep up the profitable growth of our insurance business.
"Our 189 commercial lines field marketing representatives work closely with the agencies in their territories, developing a deep understanding of the market conditions unique to that community. Leaning on their colleagues in a variety of disciplines, including excess and surplus lines, management liability, life insurance and loss control – they can craft comprehensive risk management programs enhanced by the ease of doing business through the Cincinnati family of companies.
"We believe that our hallmarks of strong agency relationships and fast, fair and empathetic claims service, will continue to encourage appointed agents to place their high-quality business with Cincinnati Insurance."
Record Book Value
"At December 31, 2025, our book value per share climbed 15% from a year ago, to $102.35, bolstered by a 14% increase in net pretax investment income, reaching nearly $1.2 billion for the year.
"Consolidated cash and total investments reached more than $33 billion. Our ample capital allows us to execute our long-term strategies and, at the same time, continue to pay dividends to shareholders. Our value creation ratio for 2025, which considers the dividends we pay as well as the growth in book value, was 18.8%, ahead of our 10% to 13% average annual target for this measure."
Insurance Operations Highlights
Consolidated Property Casualty Insurance Results
(Dollars in millions)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
% Change
2025
2024
% Change
Earned premiums
$ 2,508
$ 2,284
10
$ 9,653
$ 8,568
13
Fee revenues
3
3
0
14
12
17
Total revenues
2,511
2,287
10
9,667
8,580
13
Loss and loss expenses
1,397
1,255
11
6,335
5,436
17
Underwriting expenses
736
680
8
2,831
2,564
10
Underwriting profit
$ 378
$ 352
7
$ 501
$ 580
(14)
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
55.7 %
55.0 %
0.7
65.6 %
63.5 %
2.1
Underwriting expenses
29.5
29.7
(0.2)
29.3
29.9
(0.6)
Combined ratio
85.2 %
84.7 %
0.5
94.9 %
93.4 %
1.5
% Change
% Change
Agency renewal written premiums
$ 1,939
$ 1,759
10
$ 8,023
$ 7,080
13
Agency new business written premiums
331
382
(13)
1,474
1,541
(4)
Other written premiums
91
102
(11)
585
622
(6)
Net written premiums
$ 2,361
$ 2,243
5
$ 10,082
$ 9,243
9
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
55.3 %
51.0 %
4.3
56.8 %
56.6 %
0.2
Current accident year catastrophe losses
1.2
5.0
(3.8)
10.8
9.6
1.2
Prior accident years before catastrophe losses
(0.6)
(0.0)
(0.6)
(1.3)
(1.6)
0.3
Prior accident years catastrophe losses
(0.2)
(1.0)
0.8
(0.7)
(1.1)
0.4
Loss and loss expense ratio
55.7 %
55.0 %
0.7
65.6 %
63.5 %
2.1
Current accident year combined ratio before
catastrophe losses
84.8 %
80.7 %
4.1
86.1 %
86.5 %
(0.4)
Commercial Lines Insurance Results
(Dollars in millions)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
% Change
2025
2024
% Change
Earned premiums
$ 1,243
$ 1,160
7
$ 4,863
$ 4,486
8
Fee revenues
1
1
0
5
4
25
Total revenues
1,244
1,161
7
4,868
4,490
8
Loss and loss expenses
721
624
16
2,970
2,795
6
Underwriting expenses
379
356
6
1,459
1,384
5
Underwriting profit
$ 144
$ 181
(20)
$ 439
$ 311
41
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
57.9 %
53.8 %
4.1
61.1 %
62.3 %
(1.2)
Underwriting expenses
30.5
30.7
(0.2)
30.0
30.9
(0.9)
Combined ratio
88.4 %
84.5 %
3.9
91.1 %
93.2 %
(2.1)
% Change
% Change
Agency renewal written premiums
$ 1,039
$ 1,001
4
$ 4,350
$ 4,087
6
Agency new business written premiums
180
179
1
768
741
4
Other written premiums
(34)
(37)
8
(120)
(138)
13
Net written premiums
$ 1,185
$ 1,143
4
$ 4,998
$ 4,690
7
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
59.6 %
53.8 %
5.8
59.9 %
59.3 %
0.6
Current accident year catastrophe losses
0.5
1.8
(1.3)
3.9
6.1
(2.2)
Prior accident years before catastrophe losses
(2.3)
(0.9)
(1.4)
(2.3)
(2.4)
0.1
Prior accident years catastrophe losses
0.1
(0.9)
1.0
(0.4)
(0.7)
0.3
Loss and loss expense ratio
57.9 %
53.8 %
4.1
61.1 %
62.3 %
(1.2)
Current accident year combined ratio before
catastrophe losses
90.1 %
84.5 %
5.6
89.9 %
90.2 %
(0.3)
Personal Lines Insurance Results
(Dollars in millions)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
% Change
2025
2024
% Change
Earned premiums
$ 859
$ 726
18
$ 3,199
$ 2,623
22
Fee revenues
1
1
0
5
5
0
Total revenues
860
727
18
3,204
2,628
22
Loss and loss expenses
468
374
25
2,419
1,795
35
Underwriting expenses
231
208
11
896
762
18
Underwriting profit (loss)
$ 161
$ 145
11
$ (111)
$ 71
nm
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
54.6 %
51.5 %
3.1
75.6 %
68.5 %
7.1
Underwriting expenses
26.9
28.7
(1.8)
28.0
29.0
(1.0)
Combined ratio
81.5 %
80.2 %
1.3
103.6 %
97.5 %
6.1
% Change
% Change
Agency renewal written premiums
$ 764
$ 625
22
$ 3,128
$ 2,495
25
Agency new business written premiums
92
154
(40)
476
604
(21)
Other written premiums
(29)
(26)
(12)
(174)
(100)
(74)
Net written premiums
$ 827
$ 753
10
$ 3,430
$ 2,999
14
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
50.7 %
49.7 %
1.0
53.6 %
53.9 %
(0.3)
Current accident year catastrophe losses
1.7
1.8
(0.1)
22.2
15.6
6.6
Prior accident years before catastrophe losses
2.6
1.6
1.0
1.0
0.7
0.3
Prior accident years catastrophe losses
(0.4)
(1.6)
1.2
(1.2)
(1.7)
0.5
Loss and loss expense ratio
54.6 %
51.5 %
3.1
75.6 %
68.5 %
7.1
Current accident year combined ratio before
catastrophe losses
77.6 %
78.4 %
(0.8)
81.6 %
82.9 %
(1.3)
Excess and Surplus Lines Insurance Results
(Dollars in millions)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
% Change
2025
2024
% Change
Earned premiums
$ 188
$ 168
12
$ 698
$ 615
13
Fee revenues
1
1
0
4
3
33
Total revenues
189
169
12
702
618
14
Loss and loss expenses
108
112
(4)
425
411
3
Underwriting expenses
51
45
13
192
167
15
Underwriting profit
$ 30
$ 12
150
$ 85
$ 40
113
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
57.5 %
66.5 %
(9.0)
60.9 %
66.9 %
(6.0)
Underwriting expenses
27.2
26.6
0.6
27.5
27.1
0.4
Combined ratio
84.7 %
93.1 %
(8.4)
88.4 %
94.0 %
(5.6)
% Change
% Change
Agency renewal written premiums
$ 136
$ 133
2
$ 545
$ 498
9
Agency new business written premiums
59
49
20
230
196
17
Other written premiums
(11)
(11)
0
(46)
(40)
(15)
Net written premiums
$ 184
$ 171
8
$ 729
$ 654
11
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
58.4 %
63.1 %
(4.7)
63.1 %
64.2 %
(1.1)
Current accident year catastrophe losses
(0.4)
1.0
(1.4)
0.5
1.3
(0.8)
Prior accident years before catastrophe losses
(0.3)
2.3
(2.6)
(2.5)
1.4
(3.9)
Prior accident years catastrophe losses
(0.2)
0.1
(0.3)
(0.2)
0.0
(0.2)
Loss and loss expense ratio
57.5 %
66.5 %
(9.0)
60.9 %
66.9 %
(6.0)
Current accident year combined ratio before
catastrophe losses
85.6 %
89.7 %
(4.1)
90.6 %
91.3 %
(0.7)
Life Insurance Subsidiary Results
(Dollars in millions)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
% Change
2025
2024
% Change
Term life insurance
$ 61
$ 59
3
$ 240
$ 233
3
Whole life insurance
14
13
8
54
52
4
Universal life and other
9
9
0
36
36
0
Earned premiums
84
81
4
330
321
3
Investment income, net of expenses
51
48
6
202
190
6
Investment gains and losses, net
—
2
(100)
(6)
(7)
14
Fee revenues
2
1
100
6
5
20
Total revenues
137
132
4
532
509
5
Contract holders' benefits incurred
75
75
0
305
301
1
Underwriting expenses incurred
23
23
0
93
93
0
Total benefits and expenses
98
98
0
398
394
1
Net income before income tax
39
34
15
134
115
17
Income tax
8
6
33
28
24
17
Net income of the life insurance subsidiary
$ 31
$ 28
11
$ 106
$ 91
16
Investment and Balance Sheet Highlights
Investments Results
(Dollars in millions)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
% Change
2025
2024
% Change
Investment income, net of expenses
$ 305
$ 280
9
$ 1,165
$ 1,025
14
Investment interest credited to contract holders
(32)
(31)
(3)
(127)
(125)
(2)
Investment gains and losses, net
183
(116)
nm
1,442
1,391
4
Investments profit
$ 456
$ 133
243
$ 2,480
$ 2,291
8
Investment income:
Interest
$ 224
$ 204
10
$ 875
$ 733
19
Dividends
74
74
0
280
283
(1)
Other
11
7
57
27
25
8
Less investment expenses
4
5
(20)
17
16
6
Investment income, pretax
305
280
9
1,165
1,025
14
Less income taxes
52
47
11
200
172
16
Total investment income, after-tax
$ 253
$ 233
9
$ 965
$ 853
13
Investment returns:
Average invested assets plus cash and cash
equivalents
$ 33,086
$ 29,987
$ 31,655
$ 28,374
Average yield pretax
3.69 %
3.73 %
3.68 %
3.61 %
Average yield after-tax
3.06
3.11
3.05
3.01
Effective tax rate
17.2
17.0
17.2
16.8
Fixed-maturity returns:
Average amortized cost
$ 18,224
$ 16,554
$ 17,743
$ 15,697
Average yield pretax
4.92 %
4.93 %
4.93 %
4.67 %
Average yield after-tax
4.02
4.03
4.02
3.83
Effective tax rate
18.3
18.3
18.4
18.0
(Dollars in millions)
Three months ended
December 31,
Twelve months ended
December 31,
2025
2024
2025
2024
Investment gains and losses on equity securities sold, net
$ (2)
$ —
$ (13)
$ 181
Unrealized gains and losses on equity securities still held, net
183
(136)
1,448
1,275
Investment gains and losses on fixed-maturity securities, net
(12)
(2)
(25)
(116)
Other
14
22
32
51
Subtotal - investment gains and losses reported in net income
183
(116)
1,442
1,391
Change in unrealized investment gains and losses - fixed maturities
36
(350)
372
17
Total
$ 219
$ (466)
$ 1,814
$ 1,408
Balance Sheet Highlights
(Dollars in millions except share data)
At December 31,
At December 31,
2025
2024
Total investments
$ 31,783
$ 28,378
Total assets
41,002
36,501
Short-term debt
25
25
Long-term debt
790
790
Shareholders' equity
15,911
13,935
Book value per share
102.35
89.11
Debt-to-total-capital ratio
4.9 %
5.5 %
For additional information or to register for our conference call webcast, please visit investors.cinfin.com.
About Cincinnati Financial
Cincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.
Mailing Address:
Street Address:
P.O. Box 145496
6200 South Gilmore Road
Cincinnati, Ohio 45250-5496
Fairfield, Ohio 45014-5141
Safe Harbor Statement
Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "seek," "expect," "will," "should," "could," "might," "anticipate," "believe," "estimate," "intend," "likely," "future," or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:
Insurance-Related Risks
Financial, Economic, and Investment Risks
General Business, Technology, and Operational Risks
Regulatory, Compliance, and Legal Risks
Risks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2024 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.
* * *
Cincinnati Financial Corporation
Condensed Consolidated Balance Sheets (unaudited)
(Dollars in millions except per share data)
December 31,
December 31,
2025
2024
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2025—$18,304; 2024—$16,735)
$ 18,123
$ 16,182
Equity securities, at fair value (cost: 2025—$4,155; 2024—$3,953)
12,694
11,185
Short-term investments, at fair value (amortized cost: 2025—$148; 2024—$298)
148
298
Other invested assets
818
713
Total investments
31,783
28,378
Cash and cash equivalents
1,431
983
Investment income receivable
235
222
Finance receivable
146
120
Premiums receivable
3,142
2,969
Reinsurance recoverable
655
523
Prepaid reinsurance premiums
71
70
Deferred policy acquisition costs
1,344
1,242
Land, building and equipment, net, for company use (accumulated depreciation:
2025—$367; 2024—$347)
219
214
Other assets
995
828
Separate accounts
981
952
Total assets
$ 41,002
$ 36,501
Liabilities
Insurance reserves
Loss and loss expense reserves
$ 11,507
$ 10,003
Life policy and investment contract reserves
2,992
2,960
Unearned premiums
5,254
4,813
Other liabilities
1,638
1,487
Deferred income tax
1,833
1,476
Note payable
25
25
Long-term debt and lease obligations
861
850
Separate accounts
981
952
Total liabilities
25,091
22,566
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2025 and 2024—500 million shares;
issued: 2025 and 2024—198.3 million shares)
397
397
Paid-in capital
1,561
1,502
Retained earnings
16,719
14,869
Accumulated other comprehensive loss
(34)
(309)
Treasury stock at cost (2025—42.9 million shares and 2024—41.9 million shares)
(2,732)
(2,524)
Total shareholders' equity
15,911
13,935
Total liabilities and shareholders' equity
$ 41,002
$ 36,501
Cincinnati Financial Corporation
Condensed Consolidated Statements of Income (unaudited)
(Dollars in millions except per share data)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
2025
2024
Revenues
Earned premiums
$ 2,592
$ 2,365
$ 9,983
$ 8,889
Investment income, net of expenses
305
280
1,165
1,025
Investment gains and losses, net
183
(116)
1,442
1,391
Fee revenues
5
4
20
17
Other revenues
6
5
21
15
Total revenues
3,091
2,538
12,631
11,337
Benefits and Expenses
Insurance losses and contract holders' benefits
1,472
1,330
6,640
5,737
Underwriting, acquisition and insurance expenses
759
703
2,924
2,657
Interest expense
13
13
53
53
Other operating expenses
7
13
34
32
Total benefits and expenses
2,251
2,059
9,651
8,479
Income Before Income Taxes
840
479
2,980
2,858
Provision (Benefit) for Income Taxes
Current
137
156
304
449
Deferred
27
(82)
283
117
Total provision for income taxes
164
74
587
566
Net Income
$ 676
$ 405
$ 2,393
$ 2,292
Per Common Share
Net income—basic
$ 4.34
$ 2.59
$ 15.32
$ 14.65
Net income—diluted
4.29
2.56
15.17
14.53
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
(See attached tables for reconciliations; additional prior-period reconciliations available at investors.cinfin.com.)
Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.
Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management's control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.
Cincinnati Financial Corporation
Net Income Reconciliation
(Dollars in millions except per share data)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
2025
2024
Net income
$ 676
$ 405
$ 2,393
$ 2,292
Less:
Investment gains and losses, net
183
(116)
1,442
1,391
Income tax on investment gains and losses
(38)
24
(303)
(296)
Investment gains and losses, after-tax
145
(92)
1,139
1,095
Non-GAAP operating income
$ 531
$ 497
$ 1,254
$ 1,197
Diluted per share data:
Net income
$ 4.29
$ 2.56
$ 15.17
$ 14.53
Less:
Investment gains and losses, net
1.16
(0.73)
9.14
8.82
Income tax on investment gains and losses
(0.24)
0.15
(1.92)
(1.87)
Investment gains and losses, after-tax
0.92
(0.58)
7.22
6.95
Non-GAAP operating income
$ 3.37
$ 3.14
$ 7.95
$ 7.58
Life Insurance Reconciliation
(Dollars in millions)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
2025
2024
Net income of life insurance subsidiary
$ 31
$ 28
$ 106
$ 91
Investment gains and losses, net
—
2
(6)
(7)
Income tax on investment gains and losses
—
1
(1)
(1)
Non-GAAP operating income
31
27
111
97
Investment income, net of expenses
(51)
(48)
(202)
(190)
Investment income credited to contract holders
32
31
127
125
Income tax excluding tax on investment gains and losses,
net
8
5
29
25
Life insurance segment profit
$ 20
$ 15
$ 65
$ 57
Property Casualty Insurance Reconciliation
(Dollars in millions)
Three months ended December 31, 2025
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 2,361
$ 1,185
$ 827
$ 184
$ 165
Unearned premiums change
147
58
32
4
53
Earned premiums
$ 2,508
$ 1,243
$ 859
$ 188
$ 218
Underwriting profit
$ 378
$ 144
$ 161
$ 30
$ 43
(Dollars in millions)
Twelve months ended December 31, 2025
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 10,082
$ 4,998
$ 3,430
$ 729
$ 925
Unearned premiums change
(429)
(135)
(231)
(31)
(32)
Earned premiums
$ 9,653
$ 4,863
$ 3,199
$ 698
$ 893
Underwriting profit (loss)
$ 501
$ 439
$ (111)
$ 85
$ 88
(Dollars in millions)
Three months ended December 31, 2024
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 2,243
$ 1,143
$ 753
$ 171
$ 176
Unearned premiums change
41
17
(27)
(3)
54
Earned premiums
$ 2,284
$ 1,160
$ 726
$ 168
$ 230
Underwriting profit
$ 352
$ 181
$ 145
$ 12
$ 14
(Dollars in millions)
Twelve months ended December 31, 2024
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 9,243
$ 4,690
$ 2,999
$ 654
$ 900
Unearned premiums change
(675)
(204)
(376)
(39)
(56)
Earned premiums
$ 8,568
$ 4,486
$ 2,623
$ 615
$ 844
Underwriting profit
$ 580
$ 311
$ 71
$ 40
$ 158
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*Included in Other are the results of Cincinnati Re and Cincinnati Global.
Cincinnati Financial Corporation
Other Measures
Value Creation Ratio Calculations
(Dollars are per share)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
2025
2024
Value creation ratio:
End of period book value*
$ 102.35
$ 89.11
$ 102.35
$ 89.11
Less beginning of period book value
98.76
88.32
89.11
77.06
Change in book value
3.59
0.79
13.24
12.05
Dividend declared to shareholders
0.87
0.81
3.48
3.24
Total value creation
$ 4.46
$ 1.60
$ 16.72
$ 15.29
Value creation ratio from change in book value**
3.6 %
0.9 %
14.9 %
15.6 %
Value creation ratio from dividends declared to
shareholders***
0.9
0.9
3.9
4.2
Value creation ratio
4.5 %
1.8 %
18.8 %
19.8 %
* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding
** Change in book value divided by the beginning of period book value
*** Dividend declared to shareholders divided by beginning of period book value
SOURCE Cincinnati Financial Corporation