Cincinnati Financial Reports Third-Quarter 2025 Results
CINCINNATI, Oct. 27, 2025 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:
Financial Highlights
(Dollars in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
2025
2024
% Change
2025
2024
% Change
Revenue Data
Earned premiums
$ 2,567
$ 2,297
12
$ 7,391
$ 6,524
13
Investment income, net of expenses
295
258
14
860
745
15
Total revenues
3,726
3,320
12
9,540
8,799
8
Income Statement Data
Net income
$ 1,122
$ 820
37
$ 1,717
$ 1,887
(9)
Investment gains and losses, after-tax
673
596
13
994
1,187
(16)
Non-GAAP operating income*
$ 449
$ 224
100
$ 723
$ 700
3
Per Share Data (diluted)
Net income
$ 7.11
$ 5.20
37
$ 10.88
$ 11.97
(9)
Investment gains and losses, after-tax
4.26
3.78
13
6.30
7.53
(16)
Non-GAAP operating income*
$ 2.85
$ 1.42
101
$ 4.58
$ 4.44
3
Book value
$ 98.76
$ 88.32
12
Cash dividend declared
$ 0.87
$ 0.81
7
$ 2.61
$ 2.43
7
Diluted weighted average shares outstanding
157.8
157.7
0
157.8
157.7
0
*
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.
Insurance Operations Highlights
Investment and Balance Sheet Highlights
Property Casualty Underwriting Results Shine
Stephen M. Spray, president and chief executive officer, commented: "Non-GAAP operating income more than doubled last year's third quarter to $449 million, bolstered by underwriting profits as well as pretax investment income that increased 14% over last year's third quarter.
"Property casualty insurance underwriting led our strong performance. Underwriting profits before taxes rose to $293 million in the third quarter, turning our nine-month results to a positive $123 million. Our combined ratio of 88.2% was our best third quarter result since 2015. On a nine-month basis, our combined ratio was 98.4%. With one quarter to go, we are within striking distance of our target long-term annual average range of 92% to 98%.
"Better weather helped us achieve healthy results for our insurance operations with a third-quarter impact from catastrophes at just 3.7 percentage points. More importantly, our results reflect the diligent execution of our deliberate strategies for profitable growth. We have set ambitious goals for ourselves, and our associates are rising to meet them. As I travel to see agents across the U.S., I'm happy to hear one question repeated, 'How can we do more together?'."
Maintaining Disciplined Growth
"Balancing profitability and growth takes determination and expertise. We continue to invest in the people and the tools we need to further enhance our ability to price each policy based on its individual characteristics. Our field marketing associates are armed with analytics that complement their experience, giving them confidence to compete for our agencies' best business and to walk away from accounts they deem underpriced.
"Net written premiums for the first nine months of 2025 grew 10% compared with the first nine months of 2024, including overall pricing increases in the mid-single-digit range for our standard commercial lines business and the high-single-digit range for our excess and surplus lines and personal lines business. We're supporting the advantages of our local independent agencies through additional risk management solutions and product expansion, such as adding to the capabilities available to our agents through our small business platform powered by Cinergy SM.
"While new business slowed on a quarter and year-to-date basis, we believe that's a sign of our pricing discipline and some stabilization of the market disruption we observed last year, which contributed to an unusually large amount of submissions for new policies from our agents in 2024. We continue to appoint agencies, creating a pipeline for future growth. So far in 2025, we've appointed 355 new agencies."
Value for Shareholders
"At September 30, our book value again reached a record high, increasing 11% since December 31, 2024, to $98.76. Consolidated cash and total investments climbed to nearly $33 billion. Our value creation ratio, which considers the dividends we pay as well as our growth in book value, was 13.8% for the first nine months – exceeding our 10% to 13% average annual target for this measure."
Insurance Operations Highlights
Consolidated Property Casualty Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2025
2024
% Change
2025
2024
% Change
Earned premiums
$ 2,484
$ 2,217
12
$ 7,145
$ 6,284
14
Fee revenues
4
3
33
11
9
22
Total revenues
2,488
2,220
12
7,156
6,293
14
Loss and loss expenses
1,464
1,499
(2)
4,938
4,181
18
Underwriting expenses
731
659
11
2,095
1,884
11
Underwriting profit
$ 293
$ 62
373
$ 123
$ 228
(46)
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
58.9 %
67.6 %
(8.7)
69.1 %
66.5 %
2.6
Underwriting expenses
29.3
29.8
(0.5)
29.3
30.0
(0.7)
Combined ratio
88.2 %
97.4 %
(9.2)
98.4 %
96.5 %
1.9
% Change
% Change
Agency renewal written premiums
$ 2,037
$ 1,795
13
$ 6,084
$ 5,321
14
Agency new business written premiums
356
406
(12)
1,143
1,159
(1)
Other written premiums
100
92
9
494
520
(5)
Net written premiums
$ 2,493
$ 2,293
9
$ 7,721
$ 7,000
10
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
55.4 %
57.0 %
(1.6)
57.4 %
58.6 %
(1.2)
Current accident year catastrophe losses
4.4
13.8
(9.4)
14.2
11.2
3.0
Prior accident years before catastrophe losses
(0.2)
(2.4)
2.2
(1.6)
(2.2)
0.6
Prior accident years catastrophe losses
(0.7)
(0.8)
0.1
(0.9)
(1.1)
0.2
Loss and loss expense ratio
58.9 %
67.6 %
(8.7)
69.1 %
66.5 %
2.6
Current accident year combined ratio before
catastrophe losses
84.7 %
86.8 %
(2.1)
86.7 %
88.6 %
(1.9)
Commercial Lines Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2025
2024
% Change
2025
2024
% Change
Earned premiums
$ 1,229
$ 1,137
8
$ 3,620
$ 3,326
9
Fee revenues
2
1
100
4
3
33
Total revenues
1,231
1,138
8
3,624
3,329
9
Loss and loss expenses
747
706
6
2,249
2,171
4
Underwriting expenses
373
351
6
1,080
1,028
5
Underwriting profit
$ 111
$ 81
37
$ 295
$ 130
127
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
60.8 %
62.1 %
(1.3)
62.2 %
65.3 %
(3.1)
Underwriting expenses
30.3
30.9
(0.6)
29.8
30.9
(1.1)
Combined ratio
91.1 %
93.0 %
(1.9)
92.0 %
96.2 %
(4.2)
% Change
% Change
Agency renewal written premiums
$ 1,043
$ 987
6
$ 3,311
$ 3,086
7
Agency new business written premiums
185
187
(1)
588
562
5
Other written premiums
(30)
(36)
17
(86)
(101)
15
Net written premiums
$ 1,198
$ 1,138
5
$ 3,813
$ 3,547
7
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
59.2 %
60.7 %
(1.5)
60.0 %
61.3 %
(1.3)
Current accident year catastrophe losses
3.0
5.8
(2.8)
5.0
7.5
(2.5)
Prior accident years before catastrophe losses
(1.0)
(4.0)
3.0
(2.2)
(2.9)
0.7
Prior accident years catastrophe losses
(0.4)
(0.4)
0.0
(0.6)
(0.6)
0.0
Loss and loss expense ratio
60.8 %
62.1 %
(1.3)
62.2 %
65.3 %
(3.1)
Current accident year combined ratio before
catastrophe losses
89.5 %
91.6 %
(2.1)
89.8 %
92.2 %
(2.4)
Personal Lines Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2025
2024
% Change
2025
2024
% Change
Earned premiums
$ 838
$ 678
24
$ 2,340
$ 1,897
23
Fee revenues
1
2
(50)
4
4
0
Total revenues
839
680
23
2,344
1,901
23
Loss and loss expenses
507
553
(8)
1,951
1,421
37
Underwriting expenses
233
196
19
665
554
20
Underwriting profit (loss)
$ 99
$ (69)
nm
$ (272)
$ (74)
(268)
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
60.4 %
81.5 %
(21.1)
83.4 %
74.9 %
8.5
Underwriting expenses
27.8
28.8
(1.0)
28.4
29.2
(0.8)
Combined ratio
88.2 %
110.3 %
(22.1)
111.8 %
104.1 %
7.7
% Change
% Change
Agency renewal written premiums
$ 864
$ 695
24
$ 2,364
$ 1,870
26
Agency new business written premiums
116
165
(30)
384
450
(15)
Other written premiums
(29)
(28)
(4)
(145)
(74)
(96)
Net written premiums
$ 951
$ 832
14
$ 2,603
$ 2,246
16
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
50.7 %
54.0 %
(3.3)
54.7 %
55.4 %
(0.7)
Current accident year catastrophe losses
8.0
27.4
(19.4)
29.7
20.9
8.8
Prior accident years before catastrophe losses
2.6
0.9
1.7
0.4
0.3
0.1
Prior accident years catastrophe losses
(0.9)
(0.8)
(0.1)
(1.4)
(1.7)
0.3
Loss and loss expense ratio
60.4 %
81.5 %
(21.1)
83.4 %
74.9 %
8.5
Current accident year combined ratio before
catastrophe losses
78.5 %
82.8 %
(4.3)
83.1 %
84.6 %
(1.5)
Excess and Surplus Lines Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2025
2024
% Change
2025
2024
% Change
Earned premiums
$ 174
$ 157
11
$ 510
$ 447
14
Fee revenues
1
—
nm
3
2
50
Total revenues
175
157
11
513
449
14
Loss and loss expenses
108
107
1
317
299
6
Underwriting expenses
48
42
14
141
122
16
Underwriting profit
$ 19
$ 8
138
$ 55
$ 28
96
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
62.1 %
68.6 %
(6.5)
62.2 %
67.0 %
(4.8)
Underwriting expenses
27.7
26.7
1.0
27.6
27.3
0.3
Combined ratio
89.8 %
95.3 %
(5.5)
89.8 %
94.3 %
(4.5)
% Change
% Change
Agency renewal written premiums
$ 130
$ 113
15
$ 409
$ 365
12
Agency new business written premiums
55
54
2
171
147
16
Other written premiums
(10)
(10)
0
(35)
(29)
(21)
Net written premiums
$ 175
$ 157
11
$ 545
$ 483
13
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
64.1 %
64.2 %
(0.1)
64.8 %
64.6 %
0.2
Current accident year catastrophe losses
0.2
1.7
(1.5)
0.9
1.4
(0.5)
Prior accident years before catastrophe losses
(2.1)
2.9
(5.0)
(3.2)
1.0
(4.2)
Prior accident years catastrophe losses
(0.1)
(0.2)
0.1
(0.3)
0.0
(0.3)
Loss and loss expense ratio
62.1 %
68.6 %
(6.5)
62.2 %
67.0 %
(4.8)
Current accident year combined ratio before
catastrophe losses
91.8 %
90.9 %
0.9
92.4 %
91.9 %
0.5
Life Insurance Subsidiary Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2025
2024
% Change
2025
2024
% Change
Term life insurance
$ 61
$ 58
5
$ 179
$ 174
3
Whole life insurance
14
13
8
40
39
3
Universal life and other
8
9
(11)
27
27
0
Earned premiums
83
80
4
246
240
3
Investment income, net of expenses
52
48
8
151
142
6
Investment gains and losses, net
(1)
—
nm
(6)
(9)
33
Fee revenues
1
1
0
4
4
0
Total revenues
135
129
5
395
377
5
Contract holders' benefits incurred
76
79
(4)
230
226
2
Underwriting expenses incurred
23
24
(4)
70
70
0
Total benefits and expenses
99
103
(4)
300
296
1
Net income before income tax
36
26
38
95
81
17
Income tax provision
8
6
33
20
18
11
Net income of the life insurance subsidiary
$ 28
$ 20
40
$ 75
$ 63
19
Investment and Balance Sheet Highlights
Investments Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2025
2024
% Change
2025
2024
% Change
Investment income, net of expenses
$ 295
$ 258
14
$ 860
$ 745
15
Investment interest credited to contract holders
(32)
(32)
0
(95)
(94)
(1)
Investment gains and losses, net
853
758
13
1,259
1,507
(16)
Investments profit
$ 1,116
$ 984
13
$ 2,024
$ 2,158
(6)
Investment income:
Interest
$ 227
$ 187
21
$ 651
$ 529
23
Dividends
69
68
1
206
209
(1)
Other
4
7
(43)
16
18
(11)
Less investment expenses
5
4
25
13
11
18
Investment income, pretax
295
258
14
860
745
15
Less income taxes
51
44
16
148
125
18
Total investment income, after-tax
$ 244
$ 214
14
$ 712
$ 620
15
Investment returns:
Average invested assets plus cash and cash
equivalents
$ 31,899
$ 29,107
$ 31,345
$ 28,447
Average yield pretax
3.70 %
3.55 %
3.66 %
3.49 %
Average yield after-tax
3.06
2.94
3.03
2.91
Effective tax rate
17.3
16.9
17.2
16.8
Fixed-maturity returns:
Average amortized cost
$ 17,816
$ 15,592
$ 17,515
$ 15,218
Average yield pretax
5.10 %
4.80 %
4.96 %
4.63 %
Average yield after-tax
4.16
3.93
4.04
3.80
Effective tax rate
18.4
18.1
18.4
18.0
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Investment gains and losses on equity securities sold, net
$ (9)
$ 24
$ (5)
$ 146
Unrealized gains and losses on equity securities still held, net
855
817
1,259
1,446
Investment gains and losses on fixed-maturity securities, net
1
(86)
(13)
(114)
Other
6
3
18
29
Subtotal - investment gains and losses reported in net income
853
758
1,259
1,507
Change in unrealized investment gains and losses - fixed
maturities
241
497
336
367
Total
$ 1,094
$ 1,255
$ 1,595
$ 1,874
Balance Sheet Highlights
(Dollars in millions, except share data)
At September 30,
At December 31,
2025
2024
Total investments
$ 31,099
$ 28,378
Total assets
40,567
36,501
Short-term debt
25
25
Long-term debt
790
790
Shareholders' equity
15,406
13,935
Book value per share
98.76
89.11
Debt-to-total-capital ratio
5.0 %
5.5 %
For additional information or to register for our conference call webcast, please visit cinfin.com/investors.
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 and Statements of Income (unaudited)
(Dollars in millions)
September 30,
December 31,
2025
2024
Assets
Investments
$ 31,099
$ 28,378
Cash and cash equivalents
1,460
983
Premiums receivable
3,307
2,969
Reinsurance recoverable
679
523
Deferred policy acquisition costs
1,360
1,242
Other assets
2,662
2,406
Total assets
$ 40,567
$ 36,501
Liabilities
Insurance reserves
$ 14,263
$ 12,963
Unearned premiums
5,423
4,813
Deferred income tax
1,792
1,476
Long-term debt and lease obligations
858
850
Other liabilities
2,825
2,464
Total liabilities
25,161
22,566
Shareholders' Equity
Common stock and paid-in capital
1,940
1,899
Retained earnings
16,179
14,869
Accumulated other comprehensive loss
(84)
(309)
Treasury stock
(2,629)
(2,524)
Total shareholders' equity
15,406
13,935
Total liabilities and shareholders' equity
$ 40,567
$ 36,501
(Dollars in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Revenues
Earned premiums
$ 2,567
$ 2,297
$ 7,391
$ 6,524
Investment income, net of expenses
295
258
860
745
Investment gains and losses, net
853
758
1,259
1,507
Other revenues
11
7
30
23
Total revenues
3,726
3,320
9,540
8,799
Benefits and Expenses
Insurance losses and contract holders' benefits
1,540
1,578
5,168
4,407
Underwriting, acquisition and insurance expenses
754
683
2,165
1,954
Interest expense
13
13
40
40
Other operating expenses
6
6
27
19
Total benefits and expenses
2,313
2,280
7,400
6,420
Income Before Income Taxes
1,413
1,040
2,140
2,379
Provision for Income Taxes
291
220
423
492
Net Income
$ 1,122
$ 820
$ 1,717
$ 1,887
Per Common Share:
Net income—basic
$ 7.19
$ 5.25
$ 10.99
$ 12.06
Net income—diluted
7.11
5.20
10.88
11.97
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
(See attached tables for reconciliations; additional prior-period reconciliations available at cinfin.com/investors.)
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 September 30,
Nine months ended September 30,
2025
2024
2025
2024
Net income
$ 1,122
$ 820
$ 1,717
$ 1,887
Less:
Investment gains and losses, net
853
758
1,259
1,507
Income tax on investment gains and losses
(180)
(162)
(265)
(320)
Investment gains and losses, after-tax
673
596
994
1,187
Non-GAAP operating income
$ 449
$ 224
$ 723
$ 700
Diluted per share data:
Net income
$ 7.11
$ 5.20
$ 10.88
$ 11.97
Less:
Investment gains and losses, net
5.40
4.80
7.98
9.55
Income tax on investment gains and losses
(1.14)
(1.02)
(1.68)
(2.02)
Investment gains and losses, after-tax
4.26
3.78
6.30
7.53
Non-GAAP operating income
$ 2.85
$ 1.42
$ 4.58
$ 4.44
Life Insurance Reconciliation
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Net income of the life insurance subsidiary
$ 28
$ 20
$ 75
$ 63
Investment gains and losses, net
(1)
—
(6)
(9)
Income tax on investment gains and losses
—
—
(1)
(2)
Non-GAAP operating income
29
20
80
70
Investment income, net of expenses
(52)
(48)
(151)
(142)
Investment income credited to contract holders
32
32
95
94
Income tax excluding tax on investment gains and losses,
net
8
6
21
20
Life insurance segment profit
$ 17
$ 10
$ 45
$ 42
Property Casualty Insurance Reconciliation
(Dollars in millions)
Three months ended September 30, 2025
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 2,493
$ 1,198
$ 951
$ 175
$ 169
Unearned premiums change
(9)
31
(113)
(1)
74
Earned premiums
$ 2,484
$ 1,229
$ 838
$ 174
$ 243
Underwriting profit
$ 293
$ 111
$ 99
$ 19
$ 64
(Dollars in millions)
Nine months ended September 30, 2025
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 7,721
$ 3,813
$ 2,603
$ 545
$ 760
Unearned premiums change
(576)
(193)
(263)
(35)
(85)
Earned premiums
$ 7,145
$ 3,620
$ 2,340
$ 510
$ 675
Underwriting profit (loss)
$ 123
$ 295
$ (272)
$ 55
$ 45
(Dollars in millions)
Three months ended September 30, 2024
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 2,293
$ 1,138
$ 832
$ 157
$ 166
Unearned premiums change
(76)
(1)
(154)
—
79
Earned premiums
$ 2,217
$ 1,137
$ 678
$ 157
$ 245
Underwriting profit (loss)
$ 62
$ 81
$ (69)
$ 8
$ 42
(Dollars in millions)
Nine months ended September 30, 2024
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 7,000
$ 3,547
$ 2,246
$ 483
$ 724
Unearned premiums change
(716)
(221)
(349)
(36)
(110)
Earned premiums
$ 6,284
$ 3,326
$ 1,897
$ 447
$ 614
Underwriting profit (loss)
$ 228
$ 130
$ (74)
$ 28
$ 144
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 September 30,
Nine months ended September 30,
2025
2024
2025
2024
Value creation ratio:
End of period book value*
$ 98.76
$ 88.32
$ 98.76
$ 88.32
Less beginning of period book value
91.46
81.79
89.11
77.06
Change in book value
7.30
6.53
9.65
11.26
Dividend declared to shareholders
0.87
0.81
2.61
2.43
Total value creation
$ 8.17
$ 7.34
$ 12.26
$ 13.69
Value creation ratio from change in book value**
8.0 %
8.0 %
10.9 %
14.6 %
Value creation ratio from dividends declared to
shareholders***
0.9
1.0
2.9
3.2
Value creation ratio
8.9 %
9.0 %
13.8 %
17.8 %
* 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