Form 8-K
8-K — CINCINNATI FINANCIAL CORP
Accession: 0000020286-26-000025
Filed: 2026-04-27
Period: 2026-04-27
CIK: 0000020286
SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — cinf-20260427.htm (Primary)
EX-99.1 (exhibit9911q26.htm)
EX-99.2 (exhibit9921q26.htm)
GRAPHIC (cfc_logox2945xcolor.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: cinf-20260427.htm · Sequence: 1
cinf-20260427
0000020286false00000202862026-04-272026-04-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report: April 27, 2026
(Date of earliest event reported)
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio 0-4604 31-0746871
(State or other jurisdiction
of incorporation) (Commission
File Number) (I.R.S. Employer
Identification No.)
6200 S. Gilmore Road Fairfield, Ohio 45014‑5141
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (513) 870-2000
N/A
(Former name or former address, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock CINF Nasdaq Global Select Market
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§203.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On April 27, 2026, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports First-Quarter 2026 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On April 27, 2026, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference.
This report should not be deemed an admission as to the materiality of any information contained in the news releases or supplemental financial data.
In accordance with general instruction B.2 of Form 8-K, the information furnished in this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
Exhibit 99.1 — News release dated April 27, 2026, titled "Cincinnati Financial Reports First-Quarter 2026 Results"
Exhibit 99.2 — Supplemental Financial Data for the period ending March 31, 2026 distributed April 27, 2026
Exhibit 104 – The cover page from this Current Report on Form 8-K, formatted as Inline XBRL
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CINCINNATI FINANCIAL CORPORATION
Date: April 27, 2026 /S/ Michael J. Sewell
Michael J. Sewell, CPA
Chief Financial Officer, Executive Vice President and Treasurer
(Principal Accounting Officer)
EX-99.1
EX-99.1
Filename: exhibit9911q26.htm · Sequence: 2
Document
The Cincinnati Insurance Company n The Cincinnati Indemnity Company
The Cincinnati Casualty Company n The Cincinnati Specialty Underwriters Insurance Company
The Cincinnati Life Insurance Company n CFC Investment Company n CSU Producer Resources Inc.
Cincinnati Global Underwriting Ltd. n Cincinnati Global Underwriting Agency Ltd.
Investor Contact: Dennis E. McDaniel, 513-870-2768
CINF-IR@cinfin.com
Media Contact: Betsy E. Ertel, 513-603-5323
Media_Inquiries@cinfin.com
Cincinnati Financial Reports First-Quarter 2026 Results
Cincinnati, April 27, 2026 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:
•First-quarter 2026 net income of $274 million, or $1.75 per share, compared with a net loss of $90 million, or $0.57 per share, in the first quarter of 2025, after recognizing an $82 million first-quarter 2026 after-tax decrease in the fair value of equity securities still held.
•First-quarter 2026 non-GAAP operating income* of $330 million, or $2.10 per share, compared with an operating loss of $37 million, or $0.24 per share, in the first quarter of last year. The increase of $367 million included a favorable effect of $233 million from a decrease in after-tax catastrophe losses.
•$364 million increase in first-quarter 2026 net income, compared with first-quarter 2025, primarily due to after-tax net increases of $326 million from property casualty underwriting profit and $31 million from investment income.
•$101.60 book value per share at March 31, 2026, down $0.75 since year-end.
•0.2% value creation ratio for the first three months of 2026, compared with negative 0.5% for the same period of 2025.
Financial Highlights
(Dollars in millions, except per share data) Three months ended March 31,
2026 2025 % Change
Revenue Data
Earned premiums $ 2,604 $ 2,344 11
Investment income, net of expenses 318 280 14
Total revenues 2,863 2,566 12
Income Statement Data
Net income (loss) $ 274 $ (90) nm
Investment gains and losses, after-tax (56) (53) (6)
Non-GAAP operating income (loss)* $ 330 $ (37) nm
Per Share Data (diluted)
Net income (loss) $ 1.75 $ (0.57) nm
Investment gains and losses, after-tax (0.35) (0.33) (6)
Non-GAAP operating income (loss)* $ 2.10 $ (0.24) nm
Book value $ 101.60 $ 87.78 16
Cash dividend declared $ 0.94 $ 0.87 8
Diluted weighted average shares outstanding 157.0 156.4 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.
CINF 1Q26 Release 1
Insurance Operations Highlights
•95.6% first-quarter 2026 property casualty combined ratio, improved from 113.3% for the first quarter of 2025.
•7% growth in first-quarter net written premiums, including price increases, premium growth initiatives, a higher level of insured exposures and with 2% of the growth due to first-quarter 2025 net reinstatement premiums.
•$339 million first-quarter 2026 property casualty new business written premiums, down 11%. Agencies appointed since the beginning of 2025 contributed $23 million or 7% of total new business written premiums.
•$26 million first-quarter 2026 life insurance subsidiary net income, up $5 million compared with the first quarter of 2025, and 7% growth in first-quarter 2026 term life insurance earned premiums.
Investment and Balance Sheet Highlights
•14% or $38 million increase in first-quarter 2026 pretax investment income, including a 12% increase in bond interest income and a 13% increase in stock portfolio dividends.
•Three-month increase of 1% in fair value of total investments at March 31, 2026, including a 2% increase for the bond portfolio and a 1% decrease for the stock portfolio.
•$5.550 billion parent company cash and marketable securities at March 31, 2026, down less than 1% from year-end 2025.
Solid Start to the Year
Stephen M. Spray, president and CEO, commented: “We recorded $330 million of non-GAAP operating income in the first quarter compared to a loss of $37 million a year ago.
“The first-quarter results for our insurance operations laid a nice foundation for us to build on for the rest of the year. Our 95.6% combined ratio improved almost 18 points from last year’s 113.3%. While lower catastrophe losses drove much of the improvement, we also saw a decline in our current accident year combined ratio before catastrophe losses – giving us confidence in the health of our overall book of business. As we continue to refine pricing segmentation and risk selection, we’ve lowered that ratio by 3 points compared with last year’s first quarter to 87.5%.
“Robust results from our investment operations also contributed. Pretax investment income rose $38 million in the first quarter as dividends from our equity portfolio increased 13% and bond interest income grew 12%.”
Focus on Underwriting Discipline
“Since 2018, we’ve doubled the size of our insurance portfolio, growing from around $5 billion in net written premiums to more than $10 billion at the end of 2025. We intend to continue growing through all market cycles, and we understand that growth can’t come at the cost of underwriting profitability.
“Consolidated net written premiums grew 7% compared with first-quarter 2025. While average renewal pricing increases moderated slightly, we continued to price on a policy-by-policy basis. The pricing sophistication we’ve built into our underwriting process allows our underwriters to charge what we believe is an appropriate rate for the risk we are assuming based on each account’s unique characteristics. That rate might be higher or lower than the average.
“For the remainder of the year, we’ll lean into our strategy of appointing more agencies and offering new products as a means to continue delivering profitable growth. In just the first three months of 2026, we’ve appointed 108 agencies across the U.S. We also continued to add new products, especially in excess and surplus lines.
“E&S isn’t the market of last resort anymore. While it remains flexible in terms and rates, our approach to this business has been more strategic. We often find that if we can write one portion of the account through our E&S operations, we have a better chance of placing other risks for that account in our standard business.”
Confidence in the Future
“At March 31, parent company cash and marketable securities remained strong at more than $5 billion, and our equity portfolio holds more than $8 billion in appreciated value before taxes. In January, the board of directors expressed its confidence in our financial strength by again raising the cash dividend.
“Our associates are determined to do things just a little better every day, strengthening our ability to compete by enhancing the advantages of our local independent agencies. That has been and continues to be our plan for creating shareholder value far into the future.”
CINF 1Q26 Release 2
Insurance Operations Highlights
Consolidated Property Casualty Insurance Results
(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Earned premiums $ 2,519 $ 2,264 11
Fee revenues 4 4 0
Total revenues 2,523 2,268 11
Loss and loss expenses 1,667 1,887 (12)
Underwriting expenses 741 679 9
Underwriting profit (loss) $ 115 $ (298) nm
Ratios as a percent of earned premiums: Pt. Change
Loss and loss expenses 66.2 % 83.3 % (17.1)
Underwriting expenses 29.4 30.0 (0.6)
Combined ratio 95.6 % 113.3 % (17.7)
% Change
Agency renewal written premiums $ 2,045 $ 1,912 7
Agency new business written premiums 339 383 (11)
Other written premiums 284 200 42
Net written premiums $ 2,668 $ 2,495 7
Ratios as a percent of earned premiums: Pt. Change
Current accident year before catastrophe losses 58.1 % 60.5 % (2.4)
Current accident year catastrophe losses 11.3 26.8 (15.5)
Prior accident years before catastrophe losses (2.7) (2.2) (0.5)
Prior accident years catastrophe losses (0.5) (1.8) 1.3
Loss and loss expense ratio 66.2 % 83.3 % (17.1)
Current accident year combined ratio before catastrophe losses 87.5 % 90.5 % (3.0)
•$173 million or 7% growth of first-quarter 2026 property casualty net written premiums, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The growth included the effect of $52 million of net reinstatement premiums in first-quarter 2025 related to the January 2025 wildfires in southern California. The contribution to first-quarter growth from Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM in total was 0.9 percentage points.
•$44 million decrease in first-quarter 2026 new business premiums written by agencies, due to our personal lines insurance segment. The $44 million decrease included a $19 million increase in production from agencies appointed since the beginning of 2025.
•108 new agency appointments in the first three months of 2026, including 19 that market only our personal lines products.
•17.7 percentage-point first-quarter 2026 combined ratio improvement, including a decrease of 14.2 points for losses from catastrophes.
•3.2 percentage-point first-quarter 2026 benefit from favorable prior accident year reserve development of $81 million, compared with 4.0 points or $91 million for first-quarter 2025.
•2.4 percentage-point improvement in the three-month 2026 ratio for current accident year loss and loss expenses before catastrophes, including a favorable 1.4 points due to the effect of net reinstatement premiums in first-quarter 2025.
•0.6 percentage-point decrease in the underwriting expense ratio for the first three months of 2026, compared with the same period of 2025. The 2025 ratio included an unfavorable 0.7 points from the effect of net reinstatement premiums in first-quarter 2025.
CINF 1Q26 Release 3
Commercial Lines Insurance Results
(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Earned premiums $ 1,241 $ 1,179 5
Fee revenues 1 2 (50)
Total revenues 1,242 1,181 5
Loss and loss expenses 847 735 15
Underwriting expenses 377 349 8
Underwriting profit $ 18 $ 97 (81)
Ratios as a percent of earned premiums: Pt. Change
Loss and loss expenses 68.2 % 62.3 % 5.9
Underwriting expenses 30.4 29.6 0.8
Combined ratio 98.6 % 91.9 % 6.7
% Change
Agency renewal written premiums $ 1,184 $ 1,152 3
Agency new business written premiums 205 203 1
Other written premiums (30) (30) 0
Net written premiums $ 1,359 $ 1,325 3
Ratios as a percent of earned premiums: Pt. Change
Current accident year before catastrophe losses 62.8 % 61.1 % 1.7
Current accident year catastrophe losses 9.7 4.8 4.9
Prior accident years before catastrophe losses (4.2) (2.4) (1.8)
Prior accident years catastrophe losses (0.1) (1.2) 1.1
Loss and loss expense ratio 68.2 % 62.3 % 5.9
Current accident year combined ratio before catastrophe losses 93.2 % 90.7 % 2.5
•$34 million or 3% growth in first-quarter 2026 commercial lines net written premiums, primarily due to higher agency renewal premiums.
•$32 million or 3% increase in first-quarter renewal written premiums, with commercial lines average renewal pricing increases near the high end of the low-single-digit percent range.
•$2 million or 1% increase in first-quarter 2026 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.
•6.7 percentage-point first-quarter 2026 combined ratio increase, including an increase of 6.0 points for losses from catastrophes.
•4.3 percentage-point first-quarter 2026 benefit from favorable prior accident year reserve development of $53 million, compared with 3.6 points or $43 million for first-quarter 2025.
CINF 1Q26 Release 4
Personal Lines Insurance Results
(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Earned premiums $ 873 $ 698 25
Fee revenues 2 1 100
Total revenues 875 699 25
Loss and loss expenses 607 846 (28)
Underwriting expenses 238 210 13
Underwriting profit (loss) $ 30 $ (357) nm
Ratios as a percent of earned premiums: Pt. Change
Loss and loss expenses 69.5 % 121.2 % (51.7)
Underwriting expenses 27.3 30.1 (2.8)
Combined ratio 96.8 % 151.3 % (54.5)
% Change
Agency renewal written premiums $ 726 $ 634 15
Agency new business written premiums 76 127 (40)
Other written premiums (27) (89) 70
Net written premiums $ 775 $ 672 15
Ratios as a percent of earned premiums: Pt. Change
Current accident year before catastrophe losses 53.2 % 63.3 % (10.1)
Current accident year catastrophe losses 17.1 60.6 (43.5)
Prior accident years before catastrophe losses (0.5) (0.8) 0.3
Prior accident years catastrophe losses (0.3) (1.9) 1.6
Loss and loss expense ratio 69.5 % 121.2 % (51.7)
Current accident year combined ratio before catastrophe losses 80.5 % 93.4 % (12.9)
•$103 million or 15% growth in first-quarter 2026 personal lines net written premiums, including higher agency renewal written premiums that benefited from rate increases in the high-single-digit percent range. The growth included the effect of $64 million or 10% from other written premiums due to reinstatement premiums in first-quarter 2025.
•$51 million or 40% decrease in first-quarter 2026 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.
•54.5 percentage-point first-quarter 2026 combined ratio improvement, including a decrease of 41.9 points for losses from catastrophes.
•0.8 percentage-point first-quarter 2026 favorable prior accident year reserve development of $7 million, compared with 2.7 points or $19 million for first-quarter 2025.
•10.1 percentage-point improvement in the three-month 2026 ratio for current accident year loss and loss expenses before catastrophes, including 5.3 points for the effect of 2025 reinstatement premiums.
•2.8 percentage-point decrease in the underwriting expense ratio for the first three months of 2026, compared with the same period of 2025, reflecting a favorable 2.5 points for the effect of first-quarter 2025 reinstatement premiums.
CINF 1Q26 Release 5
Excess and Surplus Lines Insurance Results
(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Earned premiums $ 180 $ 162 11
Fee revenues 1 1 0
Total revenues 181 163 11
Loss and loss expenses 110 99 11
Underwriting expenses 50 44 14
Underwriting profit $ 21 $ 20 5
Ratios as a percent of earned premiums: Pt. Change
Loss and loss expenses 61.2 % 60.9 % 0.3
Underwriting expenses 28.1 27.4 0.7
Combined ratio 89.3 % 88.3 % 1.0
% Change
Agency renewal written premiums $ 135 $ 126 7
Agency new business written premiums 58 53 9
Other written premiums (11) (11) 0
Net written premiums $ 182 $ 168 8
Ratios as a percent of earned premiums: Pt. Change
Current accident year before catastrophe losses 64.6 % 65.6 % (1.0)
Current accident year catastrophe losses 1.1 0.8 0.3
Prior accident years before catastrophe losses (4.1) (5.0) 0.9
Prior accident years catastrophe losses (0.4) (0.5) 0.1
Loss and loss expense ratio 61.2 % 60.9 % 0.3
Current accident year combined ratio before catastrophe losses 92.7 % 93.0 % (0.3)
•$14 million or 8% growth in first-quarter 2026 excess and surplus lines net written premiums, including higher agency renewal written premiums that benefited from price increases averaging in the mid-single-digit percent range.
•$5 million or 9% increase in first-quarter 2026 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.
•1.0 percentage-point first-quarter 2026 combined ratio increase, driven by 1.0 points of less favorable reserve development on prior accident year loss and loss expenses.
•4.5 percentage-point first-quarter 2026 benefit from favorable prior accident year reserve development of $8 million, compared with 5.5 points or $9 million for first-quarter 2025.
CINF 1Q26 Release 6
Life Insurance Subsidiary Results
(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Term life insurance $ 61 $ 57 7
Whole life insurance 14 13 8
Universal life and other 10 10 0
Earned premiums 85 80 6
Investment income, net of expenses 54 50 8
Investment gains and losses, net — (1) 100
Fee revenues 1 1 0
Total revenues 140 130 8
Contract holders’ benefits incurred 84 81 4
Underwriting expenses incurred 23 23 0
Total benefits and expenses 107 104 3
Net income before income tax 33 26 27
Income tax provision 7 5 40
Net income of the life insurance subsidiary $ 26 $ 21 24
•$5 million increase in first-quarter 2026 earned premiums, including a 7% increase for term life insurance, our largest life insurance product line.
•$5 million increase in three-month 2026 life insurance subsidiary net income, primarily due to increased investment income, increased earned premiums and decreased investment losses from fixed-maturity securities.
•$8 million or 1% three-month 2026 decrease, to $1.459 billion, in GAAP shareholders’ equity for the life insurance subsidiary, primarily from an increase in unrealized investment losses on fixed-maturity securities, largely offset by net income.
CINF 1Q26 Release 7
Investment and Balance Sheet Highlights
Investments Results
(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Investment income, net of expenses $ 318 $ 280 14
Investment interest credited to contract holders (32) (32) 0
Investment gains and losses, net (70) (67) (4)
Investments profit $ 216 $ 181 19
Investment income:
Interest $ 235 $ 210 12
Dividends 76 67 13
Other 12 7 71
Less investment expenses 5 4 25
Investment income, pretax 318 280 14
Less income taxes 55 48 15
Total investment income, after-tax $ 263 $ 232 13
Investment returns:
Average invested assets plus cash and cash
equivalents $ 33,504 $ 29,946
Average yield pretax 3.80 % 3.74 %
Average yield after-tax 3.14 3.10
Effective tax rate 17.2 17.2
Fixed-maturity returns:
Average amortized cost $ 18,724 $ 17,071
Average yield pretax 5.02 % 4.92 %
Average yield after-tax 4.10 4.02
Effective tax rate 18.4 18.3
•$38 million or 14% rise in first-quarter 2026 pretax investment income, including a 12% increase in interest income from fixed-maturity securities and a 13% increase in equity portfolio dividends.
•$290 million in first-quarter 2026 pretax total investment losses, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.
(Dollars in millions) Three months ended March 31,
2026 2025
Investment gains and losses on equity securities sold, net $ 33 $ (1)
Unrealized gains and losses on equity securities still held, net (104) (71)
Investment gains and losses on fixed-maturity securities, net — (2)
Other 1 7
Subtotal - investment gains and losses reported in net income (70) (67)
Change in unrealized investment gains and losses - fixed maturities (220) 67
Total $ (290) $ —
CINF 1Q26 Release 8
Balance Sheet Highlights
(Dollars in millions, except share data) At March 31, At December 31,
2026 2025
Total investments $ 32,001 $ 31,783
Total assets 41,211 41,002
Short-term debt 25 25
Long-term debt 791 790
Shareholders’ equity 15,714 15,911
Book value per share 101.60 102.35
Debt-to-total-capital ratio 4.9 % 4.9 %
•$33.211 billion in consolidated cash and total investments at March 31, 2026, a decrease of less than 1% from $33.214 billion at year-end 2025.
•$18.545 billion bond portfolio at March 31, 2026, with an average rating of A2/A. Fair value increased $422 million during the first quarter of 2026, including $624 million in net purchases of fixed-maturity securities.
•$12.569 billion equity portfolio was 39.3% of total investments, including $8.143 billion in appreciated value before taxes at March 31, 2026. First-quarter 2026 decrease in fair value of $125 million, including $54 million in net sales of equity securities.
•$0.75 first-quarter 2026 decrease in book value per share, including an addition of $2.14 of net income before investment gains that were partially offset by $1.48 from investment portfolio net investment losses or changes in unrealized gains for fixed-maturity securities, $0.47 for other items and $0.94 from dividends declared to shareholders.
•Value creation ratio of 0.2% for the first three months of 2026, including 2.1% from net income before investment gains, which includes underwriting and investment income, partially offset by 1.1% from changes in unrealized gains for fixed-maturity securities, 0.4% from investment losses for equity securities and 0.4% for other items.
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
CINF 1Q26 Release 9
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
•Risks and uncertainties associated with our loss reserves or actual claim costs exceeding reserves
•Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance
•Unusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe risk
•Risks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk management
•Inadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimates
•Events or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growth
•Mergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantages
•Our inability to manage business opportunities, growth prospects, and expenses for our ongoing operations
•Changing consumer insurance-buying habits
•The inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurers
•Domestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:
◦Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book value
◦Significant or prolonged decline in the fair value of securities and impairment of the assets
◦Significant decline in investment income due to reduced or eliminated dividend payouts from securities
◦Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati Global
◦An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses
◦Decreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity
◦The inability of our workforce, agencies, or vendors to perform necessary business functions
Financial, Economic, and Investment Risks
•Declines in overall stock market values negatively affecting our equity portfolio and book value
•Downgrades in our financial strength ratings
•Interest rate fluctuations or other factors that could significantly affect:
◦Our ability to generate growth in investment income
◦Values of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assets
◦Our traditional life policy reserves
•Economic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnerships
CINF 1Q26 Release 10
•Failure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligations
•Recession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies
•The inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase shares
General Business, Technology, and Operational Risks
•Ineffective information technology systems or failing to develop and implement improvements in technology
•Difficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents’, ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liability
•Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data security
•Disruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance products
•Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitiveness
•Intense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitability
•Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitability
•Unforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others
•Our inability, or the inability of our independent agents, to attract and retain personnel
•Events, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programs
Regulatory, Compliance, and Legal Risks
•Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:
◦Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates
◦Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulations
◦Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business
◦Increase assessments for guaranty funds, other insurance‑related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes
◦Increase our provision for federal income taxes due to changes in tax laws, regulations, or interpretations
◦Increase other expenses
◦Limit our ability to set fair, adequate, and reasonable rates
◦Restrict our ability to cancel policies
◦Impose new underwriting standards
◦Place us at a disadvantage in the marketplace
◦Restrict our ability to execute our business model, including the way we compensate agents
CINF 1Q26 Release 11
•Adverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awards
•Events or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002
•Effects of changing social, global, economic, and regulatory environments
•Additional measures affecting corporate financial reporting and governance that can affect the market value of our common stock
Risks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.
* * *
CINF 1Q26 Release 12
Cincinnati Financial Corporation
Condensed Consolidated Balance Sheets and Statements of Income (unaudited)
(Dollars in millions) March 31, December 31,
2026 2025
Assets
Investments $ 32,001 $ 31,783
Cash and cash equivalents 1,210 1,431
Premiums receivable 3,321 3,142
Reinsurance recoverable 627 655
Deferred policy acquisition costs 1,384 1,344
Other assets 2,668 2,647
Total assets $ 41,211 $ 41,002
Liabilities
Insurance reserves $ 14,924 $ 14,499
Unearned premiums 5,424 5,254
Deferred income tax 1,710 1,833
Long-term debt and lease obligations 859 861
Other liabilities 2,580 2,644
Total liabilities 25,497 25,091
Shareholders’ Equity
Common stock and paid-in capital 1,958 1,958
Retained earnings 16,848 16,719
Accumulated other comprehensive loss (185) (34)
Treasury stock (2,907) (2,732)
Total shareholders' equity 15,714 15,911
Total liabilities and shareholders' equity $ 41,211 $ 41,002
(Dollars in millions, except per share data) Three months ended March 31,
2026 2025
Revenues
Earned premiums $ 2,604 $ 2,344
Investment income, net of expenses 318 280
Investment gains and losses, net (70) (67)
Other revenues 11 9
Total revenues 2,863 2,566
Benefits and Expenses
Insurance losses and contract holders' benefits 1,751 1,968
Underwriting, acquisition and insurance expenses 764 702
Interest expense 13 13
Other operating expenses 9 11
Total benefits and expenses 2,537 2,694
Income (Loss) Before Income Taxes 326 (128)
Provision (Benefit) for Income Taxes 52 (38)
Net Income (Loss) $ 274 $ (90)
Per Common Share:
Net income (loss)—basic $ 1.77 $ (0.57)
Net income (loss)—diluted 1.75 (0.57)
CINF 1Q26 Release 13
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.
•Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management’s discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.
For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.
• Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.
•Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.
CINF 1Q26 Release 14
Cincinnati Financial Corporation
Net Income (Loss) Reconciliation
(Dollars in millions, except per share data) Three months ended March 31,
2026 2025
Net income (loss) $ 274 $ (90)
Less:
Investment gains and losses, net (70) (67)
Income tax on investment gains and losses 14 14
Investment gains and losses, after-tax (56) (53)
Non-GAAP operating income (loss) $ 330 $ (37)
Diluted per share data:
Net income (loss) $ 1.75 $ (0.57)
Less:
Investment gains and losses, net (0.44) (0.42)
Income tax on investment gains and losses 0.09 0.09
Investment gains and losses, after-tax (0.35) (0.33)
Non-GAAP operating income (loss) $ 2.10 $ (0.24)
Life Insurance Reconciliation
(Dollars in millions) Three months ended March 31,
2026 2025
Net income of the life insurance subsidiary $ 26 $ 21
Investment gains and losses, net — (1)
Income tax on investment gains and losses — —
Non-GAAP operating income 26 22
Investment income, net of expenses (54) (50)
Investment income credited to contract holders 32 32
Income tax excluding tax on investment gains and losses, net 7 5
Life insurance segment profit $ 11 $ 9
CINF 1Q26 Release 15
Property Casualty Insurance Reconciliation
(Dollars in millions) Three months ended March 31, 2026
Consolidated Commercial Personal E&S Other*
Premiums:
Net written premiums $ 2,668 $ 1,359 $ 775 $ 182 $ 352
Unearned premiums change (149) (118) 98 (2) (127)
Earned premiums $ 2,519 $ 1,241 $ 873 $ 180 $ 225
Underwriting profit $ 115 $ 18 $ 30 $ 21 $ 46
(Dollars in millions) Three months ended March 31, 2025
Consolidated Commercial Personal E&S Other*
Premiums:
Net written premiums $ 2,495 $ 1,325 $ 672 $ 168 $ 330
Unearned premiums change (231) (146) 26 (6) (105)
Earned premiums $ 2,264 $ 1,179 $ 698 $ 162 $ 225
Underwriting profit (loss) $ (298) $ 97 $ (357) $ 20 $ (58)
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.
CINF 1Q26 Release 16
Cincinnati Financial Corporation
Other Measures
•Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company’s insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.
• Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium.
Value Creation Ratio Calculations
(Dollars are per share) Three months ended March 31,
2026 2025
Value creation ratio:
End of period book value* $ 101.60 $ 87.78
Less beginning of period book value 102.35 89.11
Change in book value (0.75) (1.33)
Dividend declared to shareholders 0.94 0.87
Total value creation $ 0.19 $ (0.46)
Value creation ratio from change in book value** (0.7) % (1.5) %
Value creation ratio from dividends declared to shareholders*** 0.9 1.0
Value creation ratio 0.2 % (0.5) %
* 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
CINF 1Q26 Release 17
EX-99.2
EX-99.2
Filename: exhibit9921q26.htm · Sequence: 3
Document
Cincinnati Financial Corporation
Supplemental Financial Data
for the period ending March 31, 2026
6200 South Gilmore Road
Fairfield, Ohio 45014-5141
cinfin.com
Investor Contact: Media Contact: Shareholder Contact:
Dennis E. McDaniel Betsy E. Ertel Brandon McIntosh
513-870-2768 513-603-5323 513-870-2696
A.M. Best Company Fitch Ratings Moody's Investor Service S&P Global Ratings
Cincinnati Financial Corporation
Corporate Debt a A A3 BBB+
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
Standard Market Subsidiaries: A+ AA- A1 A+
The Cincinnati Insurance Company A+ AA- A1 A+
The Cincinnati Indemnity Company A+ AA- A1 A+
The Cincinnati Casualty Company A+ AA- A1 A+
Surplus Lines Subsidiary:
The Cincinnati Specialty Underwriters Insurance Company A+ — — —
The Cincinnati Life Insurance Company A+ AA- — A+
Ratings are as of April 24, 2026, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength under About on cinfin.com.
The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.
CINF First-Quarter 2026 Supplemental Financial Data
1
Cincinnati Financial Corporation
Supplemental Financial Data
for the period ending March 31, 2026
Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
3
Consolidated
CFC and Subsidiaries Consolidation – Three Months Ended March 31, 2026 4
Consolidated Property Casualty Insurance Operations
Losses Incurred Detail 5
Loss Ratio Detail 6
Loss Claim Count Detail 7
Quarterly Property Casualty Data – Commercial Lines 8
Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines 9
Loss and Loss Expense Analysis – Three Months Ended March 31, 2026 10
Reconciliation Data
Quarterly Property Casualty Data – Consolidated 11
Quarterly Property Casualty Data – Commercial Lines 12
Quarterly Property Casualty Data – Personal Lines 13
Quarterly Property Casualty Data – Excess & Surplus Lines 14
Statutory Statements of Income
Consolidated Cincinnati Insurance Companies Statutory Statements of Income 15
The Cincinnati Life Insurance Company Statutory Statements of Income 16
Other
Quarterly Data – Other 17
CINF First-Quarter 2026 Supplemental Financial Data
2
Definitions of Non-GAAP Information and
Reconciliation to Comparable GAAP Measures
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.
•Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management’s discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.
For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.
•Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.
•Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.
Other Measures
•Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company’s insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.
•Statutory accounting rules: For public reporting, insurance companies prepare financial statements in accordance with GAAP. However, insurers also must calculate certain data according to statutory accounting rules for insurance company regulation in the United States of America as defined in the NAIC’s Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments and differ from GAAP. Statutory data is publicly available, and various organizations use it to calculate aggregate industry data, study industry trends and compare insurance companies.
•Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium.
CINF First-Quarter 2026 Supplemental Financial Data
3
Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended March 31, 2026
(Dollars in millions) CFC CONSOL P&C CLIC CFC-I ELIM Total
Revenues
Premiums earned:
Property casualty $ — $ 2,615 $ — $ — $ — $ 2,615
Life — — 105 — — 105
Premiums ceded — (96) (20) — — (116)
Total earned premium — 2,519 85 — — 2,604
Investment income, net of expenses 37 228 54 — (1) 318
Investment gains and losses, net (127) 58 — — (1) (70)
Fee revenues — 4 1 — — 5
Other revenues 4 4 — 3 (5) 6
Total revenues $ (86) $ 2,813 $ 140 $ 3 $ (7) $ 2,863
Benefits & expenses
Losses & contract holders' benefits $ — $ 1,676 $ 99 $ — $ — $ 1,775
Reinsurance recoveries — (9) (15) — — (24)
Underwriting, acquisition and insurance expenses — 741 23 — — 764
Interest expense 13 — — 1 (1) 13
Other operating expenses 12 2 — 1 (6) 9
Total expenses $ 25 $ 2,410 $ 107 $ 2 $ (7) $ 2,537
Income (Loss) before income taxes $ (111) $ 403 $ 33 $ 1 $ — $ 326
Provision (benefit) for income taxes
Current operating income $ 53 $ 86 $ 8 $ — $ — $ 147
Capital gains/losses (26) 13 — — — (13)
Deferred (54) (27) (1) — — (82)
Total provision (benefit) for income taxes $ (27) $ 72 $ 7 $ — $ — $ 52
Net income (loss) - current year $ (84) $ 331 $ 26 $ 1 $ — $ 274
Net income (loss) - prior year $ (70) $ (42) $ 21 $ 1 $ — $ (90)
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF First-Quarter 2026 Supplemental Financial Data
4
Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions) Three months ended Six months ended Nine months ended Twelve months ended
12/31/26 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 6/30/26 6/30/25 9/30/26 9/30/25 12/31/26 12/31/25
Consolidated
Current accident year losses greater than $5 million $ 8 $ 27 $ 48 $ 15 $ 26 $ 41 $ 89 $ 116
Current accident year losses $2 million - $5 million 20 61 35 40 20 60 95 156
Large loss prior accident year reserve development 50 40 49 27 56 83 132 172
Total large losses incurred $ 78 $ 128 $ 132 $ 82 $ 102 $ 184 $ 316 $ 444
Losses incurred but not reported 219 164 158 213 279 492 650 814
Other losses excluding catastrophe losses 838 786 831 741 688 1,429 2,260 3,046
Catastrophe losses 266 18 83 280 558 838 921 939
Total losses incurred $ 1,401 $ 1,096 $ 1,204 $ 1,316 $ 1,627 $ 2,943 $ 4,147 $ 5,243
Commercial Lines
Current accident year losses greater than $5 million $ — $ 11 $ 48 $ 5 $ 7 $ 12 $ 60 $ 71
Current accident year losses $2 million - $5 million 5 34 12 22 15 37 49 83
Large loss prior accident year reserve development 35 37 47 14 44 58 105 142
Total large losses incurred $ 40 $ 82 $ 107 $ 41 $ 66 $ 107 $ 214 $ 296
Losses incurred but not reported 94 44 67 106 163 269 336 380
Other losses excluding catastrophe losses 441 408 405 383 318 701 1,106 1,514
Catastrophe losses 117 5 29 83 40 123 152 157
Total losses incurred $ 692 $ 539 $ 608 $ 613 $ 587 $ 1,200 $ 1,808 $ 2,347
Personal Lines
Current accident year losses greater than $5 million $ 8 $ 16 $ — $ 10 $ 19 $ 29 $ 29 $ 45
Current accident year losses $2 million - $5 million 15 25 23 18 5 23 46 71
Large loss prior accident year reserve development 15 3 2 13 12 25 27 30
Total large losses incurred $ 38 $ 44 $ 25 $ 41 $ 36 $ 77 $ 102 $ 146
Losses incurred but not reported 71 39 32 37 74 111 143 182
Other losses excluding catastrophe losses 282 298 316 257 254 511 827 1,125
Catastrophe losses 144 6 54 186 405 591 645 651
Total losses incurred $ 535 $ 387 $ 427 $ 521 $ 769 $ 1,290 $ 1,717 $ 2,104
Excess & Surplus Lines
Current accident year losses greater than $5 million $ — $ — $ — $ — $ — $ — $ — $ —
Current accident year losses $2 million - $5 million — 2 — — — — — 2
Large loss prior accident year reserve development — — — — — — — —
Total large losses incurred $ — $ 2 $ — $ — $ — $ — $ — $ 2
Losses incurred but not reported 38 24 16 31 46 77 93 117
Other losses excluding catastrophe losses 40 48 59 42 24 66 125 173
Catastrophe losses 1 (1) — 3 — 3 3 2
Total losses incurred $ 79 $ 73 $ 75 $ 76 $ 70 $ 146 $ 221 $ 294
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF First-Quarter 2026 Supplemental Financial Data
5
Consolidated Property Casualty
Loss Ratio Detail
Three months ended Six months ended Nine months ended Twelve months ended
12/31/26 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 6/30/26 6/30/25 9/30/26 9/30/25 12/31/26 12/31/25
Consolidated
Current accident year losses greater than $5 million 0.3 % 1.1 % 1.9 % 0.6 % 1.2 % 0.9 % 1.3 % 1.2 %
Current accident year losses $2 million - $5 million 0.8 2.4 1.4 1.7 0.9 1.3 1.3 1.6
Large loss prior accident year reserve development 2.0 1.6 2.0 1.1 2.4 1.8 1.8 1.8
Total large loss ratio 3.1 % 5.1 % 5.3 % 3.4 % 4.5 % 4.0 % 4.4 % 4.6 %
Losses incurred but not reported 8.7 6.5 6.4 8.9 12.3 10.5 9.1 8.4
Other losses excluding catastrophe losses 33.2 31.4 33.4 30.9 30.4 30.6 31.6 31.6
Catastrophe losses 10.6 0.7 3.4 11.7 24.6 18.0 12.9 9.7
Total loss ratio 55.6 % 43.7 % 48.5 % 54.9 % 71.8 % 63.1 % 58.0 % 54.3 %
Commercial Lines
Current accident year losses greater than $5 million — % 0.9 % 3.9 % 0.5 % 0.6 % 0.5 % 1.7 % 1.5 %
Current accident year losses $2 million - $5 million 0.4 2.7 1.0 1.8 1.2 1.5 1.3 1.7
Large loss prior accident year reserve development 2.8 3.0 3.8 1.2 3.8 2.5 2.9 2.9
Total large loss ratio 3.2 % 6.6 % 8.7 % 3.5 % 5.6 % 4.5 % 5.9 % 6.1 %
Losses incurred but not reported 7.6 3.6 5.4 8.7 13.9 11.3 9.3 7.8
Other losses excluding catastrophe losses 35.5 32.8 33.0 31.6 26.8 29.3 30.5 31.2
Catastrophe losses 9.5 0.4 2.4 6.8 3.4 5.1 4.2 3.2
Total loss ratio 55.8 % 43.4 % 49.5 % 50.6 % 49.7 % 50.2 % 49.9 % 48.3 %
Personal Lines
Current accident year losses greater than $5 million 0.9 % 1.8 % — % 1.3 % 2.8 % 2.0 % 1.3 % 1.4 %
Current accident year losses $2 million - $5 million 1.8 2.8 2.9 2.2 0.7 1.5 2.0 2.2
Large loss prior accident year reserve development 1.8 0.4 0.2 1.5 1.8 1.6 1.1 0.9
Total large loss ratio 4.5 % 5.0 % 3.1 % 5.0 % 5.3 % 5.1 % 4.4 % 4.5 %
Losses incurred but not reported 8.1 4.5 3.8 4.7 10.5 7.4 6.1 5.7
Other losses excluding catastrophe losses 32.3 34.8 37.5 32.0 36.4 34.1 35.4 35.2
Catastrophe losses 16.4 0.8 6.5 23.1 57.9 39.3 27.5 20.4
Total loss ratio 61.3 % 45.1 % 50.9 % 64.8 % 110.1 % 85.9 % 73.4 % 65.8 %
Excess & Surplus Lines
Current accident year losses greater than $5 million — % — % — % — % — % — % — % — %
Current accident year losses $2 million - $5 million — 1.1 — — — — — 0.3
Large loss prior accident year reserve development — (0.1) — — — — — —
Total large loss ratio — % 1.0 % — % — % — % — % — % 0.3 %
Losses incurred but not reported 20.8 12.7 9.2 18.1 28.1 23.0 18.3 16.8
Other losses excluding catastrophe losses 22.1 26.0 33.6 24.4 14.8 19.7 24.4 24.8
Catastrophe losses 0.7 (0.6) — 1.3 0.2 0.8 0.5 0.2
Total loss ratio 43.6 % 39.1 % 42.8 % 43.8 % 43.1 % 43.5 % 43.2 % 42.1 %
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF First-Quarter 2026 Supplemental Financial Data
6
Consolidated Property Casualty
Loss Claim Count Detail
Three months ended Six months ended Nine months ended Twelve months ended
12/31/26 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 6/30/26 6/30/25 9/30/26 9/30/25 12/31/26 12/31/25
Consolidated
Current accident year reported losses greater
than $5 million 1 3 6 2 3 5 12 15
Current accident year reported losses
$2 million - $5 million 7 21 17 14 7 21 32 53
Prior accident year reported losses on
large losses 17 15 11 13 15 28 39 54
Non-Catastrophe reported losses on
large losses total 25 39 34 29 25 54 83 122
Commercial Lines
Current accident year reported losses greater
than $5 million — 2 6 1 1 2 9 10
Current accident year reported losses
$2 million - $5 million 2 11 9 7 5 12 16 28
Prior accident year reported losses on
large losses 13 14 11 10 11 21 32 46
Non-Catastrophe reported losses on
large losses total 15 27 26 18 17 35 57 84
Personal Lines
Current accident year reported losses greater
than $5 million 1 1 — 1 2 3 3 5
Current accident year reported losses
$2 million - $5 million 5 9 8 7 2 9 16 24
Prior accident year reported losses on
large losses 4 1 — 3 4 7 7 8
Non-Catastrophe reported losses on
large losses total 10 11 8 11 8 19 26 37
Excess & Surplus Lines
Current accident year reported losses greater
than $5 million — — — — — — — —
Current accident year reported losses
$2 million - $5 million — 1 — — — — — 1
Prior accident year reported losses on
large losses — — — — — — — —
Non-Catastrophe reported losses on
large losses total — 1 — — — — — 1
*The sum of quarterly amounts may not equal the full year as each is computed independently.
CINF First-Quarter 2026 Supplemental Financial Data
7
Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions) Three months ended Six months ended Nine months ended Twelve months ended
12/31/26 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 6/30/26 6/30/25 9/30/26 9/30/25 12/31/26 12/31/25
Commercial casualty:
Net written premiums $ 451 $ 394 $ 372 $ 428 $ 443 $ 871 $ 1,244 $ 1,638
Year over year change %- written premium 2 % 2 % 2 % 9 % 6 % 8 % 6 % 5 %
Earned premiums $ 405 $ 409 $ 403 $ 402 $ 387 $ 789 $ 1,192 $ 1,601
Current accident year before catastrophe losses 77.0 % 86.9 % 74.8 % 72.3 % 72.8 % 72.6 % 73.3 % 76.8 %
Current accident year catastrophe losses — — — — — — — —
Prior accident years before catastrophe losses (0.7) (0.2) 6.0 (0.4) (0.3) (0.4) 1.8 1.3
Prior accident years catastrophe losses — — — — — — — —
Total loss and loss expense ratio 76.3 % 86.7 % 80.8 % 71.9 % 72.5 % 72.2 % 75.1 % 78.1 %
Commercial property:
Net written premiums $ 427 $ 395 $ 422 $ 428 $ 411 $ 839 $ 1,260 $ 1,655
Year over year change %- written premium 4 % 3 % 8 % 9 % 14 % 11 % 10 % 8 %
Earned premiums $ 415 $ 410 $ 405 $ 399 $ 389 $ 787 $ 1,192 $ 1,602
Current accident year before catastrophe losses 43.8 % 23.9 % 37.2 % 40.2 % 43.5 % 41.8 % 40.2 % 36.0 %
Current accident year catastrophe losses 28.7 1.6 8.6 21.5 13.3 17.5 14.5 11.2
Prior accident years before catastrophe losses (7.0) (3.6) (8.2) (9.5) (5.3) (7.4) (7.7) (6.7)
Prior accident years catastrophe losses (0.3) 0.3 (1.2) (0.6) (3.6) (2.1) (1.8) (1.2)
Total loss and loss expense ratio 65.2 % 22.2 % 36.4 % 51.6 % 47.9 % 49.8 % 45.2 % 39.3 %
Commercial auto:
Net written premiums $ 299 $ 240 $ 243 $ 271 $ 283 $ 555 $ 797 $ 1,037
Year over year change %- written premium 6 % 8 % 9 % 9 % 9 % 10 % 9 % 9 %
Earned premiums $ 259 $ 258 $ 253 $ 247 $ 241 $ 489 $ 742 $ 1,000
Current accident year before catastrophe losses 67.7 % 66.5 % 64.7 % 65.0 % 68.6 % 66.8 % 66.1 % 66.2 %
Current accident year catastrophe losses 0.5 0.1 0.8 0.8 1.8 1.3 1.1 0.8
Prior accident years before catastrophe losses 0.7 2.5 4.1 7.2 2.9 5.1 4.8 4.2
Prior accident years catastrophe losses — (0.1) — (0.1) (0.1) (0.1) (0.1) (0.1)
Total loss and loss expense ratio 68.9 % 69.0 % 69.6 % 72.9 % 73.2 % 73.1 % 71.9 % 71.1 %
Workers' compensation:
Net written premiums $ 71 $ 53 $ 56 $ 57 $ 79 $ 135 $ 191 $ 244
Year over year change %- written premium (10) % (2) % — % 4 % — % 1 % 1 % — %
Earned premiums $ 57 $ 61 $ 61 $ 60 $ 61 $ 121 $ 181 $ 242
Current accident year before catastrophe losses 98.0 % 96.4 % 94.6 % 97.0 % 95.5 % 96.2 % 95.7 % 95.9 %
Current accident year catastrophe losses — — — — — — — —
Prior accident years before catastrophe losses (15.7) (32.3) (28.3) (27.8) (18.6) (23.1) (24.9) (26.8)
Prior accident years catastrophe losses — — — — — — — —
Total loss and loss expense ratio 82.3 % 64.1 % 66.3 % 69.2 % 76.9 % 73.1 % 70.8 % 69.1 %
Other commercial:
Net written premiums $ 111 $ 103 $ 105 $ 106 $ 109 $ 215 $ 321 $ 424
Year over year change %- written premium 2 % 5 % (1) % 6 % 3 % 4 % 3 % 3 %
Earned premiums $ 105 $ 105 $ 107 $ 104 $ 101 $ 205 $ 313 $ 418
Current accident year before catastrophe losses 51.9 % 53.6 % 51.1 % 50.5 % 45.8 % 48.2 % 49.2 % 50.3 %
Current accident year catastrophe losses 0.1 0.2 — 0.1 0.1 0.1 — 0.1
Prior accident years before catastrophe losses (12.2) 0.5 2.9 (1.5) (2.2) (1.8) (0.2) —
Prior accident years catastrophe losses 0.1 — — 0.1 — — — —
Total loss and loss expense ratio 39.9 % 54.3 % 54.0 % 49.2 % 43.7 % 46.5 % 49.0 % 50.4 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
CINF First-Quarter 2026 Supplemental Financial Data
8
Quarterly Property Casualty Data - Personal Lines
(Dollars in millions) Three months ended Six months ended Nine months ended Twelve months ended
12/31/26 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 6/30/26 6/30/25 9/30/26 9/30/25 12/31/26 12/31/25
Personal auto:
Net written premiums $ 275 $ 285 $ 328 $ 333 $ 266 $ 599 $ 927 $ 1,212
Year over year change %- written premium 3 % 6 % 11 % 18 % 23 % 20 % 17 % 14 %
Earned premiums $ 303 $ 300 $ 295 $ 285 $ 271 $ 556 $ 851 $ 1,151
Current accident year before catastrophe losses 69.2 % 68.3 % 67.8 % 67.8 % 71.2 % 69.5 % 68.9 % 68.8 %
Current accident year catastrophe losses 1.1 0.1 1.1 3.2 3.0 3.1 2.4 1.8
Prior accident years before catastrophe losses 3.2 1.9 1.9 — (0.8) (0.4) 0.4 0.8
Prior accident years catastrophe losses — — — — (0.3) (0.2) (0.1) (0.1)
Total loss and loss expense ratio 73.5 % 70.3 % 70.8 % 71.0 % 73.1 % 72.0 % 71.6 % 71.3 %
Homeowner:
Net written premiums $ 406 $ 446 $ 518 $ 532 $ 320 $ 852 $ 1,370 $ 1,816
Year over year change %- written premium 27 % 13 % 17 % 23 % 6 % 16 % 16 % 16 %
Earned premiums $ 469 $ 459 $ 444 $ 425 $ 338 $ 763 $ 1,208 $ 1,667
Current accident year before catastrophe losses 41.1 % 38.1 % 37.6 % 38.8 % 53.4 % 45.2 % 42.4 % 41.2 %
Current accident year catastrophe losses 30.2 1.8 12.9 44.3 122.5 79.0 54.7 40.1
Prior accident years before catastrophe losses (2.8) 0.5 0.9 (3.0) (2.0) (2.6) (1.3) (0.8)
Prior accident years catastrophe losses (0.3) (0.8) (1.6) (3.0) (3.5) (3.2) (2.6) (2.1)
Total loss and loss expense ratio 68.2 % 39.6 % 49.8 % 77.1 % 170.4 % 118.4 % 93.2 % 78.4 %
Other personal:
Net written premiums $ 94 $ 96 $ 105 $ 115 $ 86 $ 201 $ 306 $ 402
Year over year change %- written premium 9 % 8 % 12 % 12 % 13 % 12 % 12 % 11 %
Earned premiums $ 101 $ 100 $ 99 $ 94 $ 89 $ 183 $ 281 $ 381
Current accident year before catastrophe losses 62.0 % 55.5 % 58.8 % 58.3 % 76.2 % 67.0 % 64.2 % 61.9 %
Current accident year catastrophe losses 4.0 6.3 6.9 6.8 1.1 4.0 5.0 5.3
Prior accident years before catastrophe losses (1.0) 14.3 12.5 7.4 3.7 5.6 8.0 9.7
Prior accident years catastrophe losses (1.0) — (0.8) (0.1) (0.4) (0.2) (0.5) (0.3)
Total loss and loss expense ratio 64.0 % 76.1 % 77.4 % 72.4 % 80.6 % 76.4 % 76.7 % 76.6 %
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions) Three months ended Six months ended Nine months ended Twelve months ended
12/31/26 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 6/30/26 6/30/25 9/30/26 9/30/25 12/31/26 12/31/25
Excess & Surplus:
Net written premiums $ 182 $ 184 $ 175 $ 202 $ 168 $ 370 $ 545 $ 729
Year over year change %- written premium 8 % 8 % 11 % 12 % 15 % 13 % 13 % 11 %
Earned premiums $ 180 $ 188 $ 174 $ 174 $ 162 $ 336 $ 510 $ 698
Current accident year before catastrophe losses 64.6 % 58.4 % 64.1 % 64.9 % 65.6 % 65.2 % 64.8 % 63.1 %
Current accident year catastrophe losses 1.1 (0.4) 0.2 1.6 0.8 1.2 0.9 0.5
Prior accident years before catastrophe losses (4.1) (0.3) (2.1) (2.7) (5.0) (3.8) (3.2) (2.5)
Prior accident years catastrophe losses (0.4) (0.2) (0.1) (0.3) (0.5) (0.3) (0.3) (0.2)
Total loss and loss expense ratio 61.2 % 57.5 % 62.1 % 63.5 % 60.9 % 62.3 % 62.2 % 60.9 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
CINF First-Quarter 2026 Supplemental Financial Data
9
Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions) Change in Change in Change in Total Loss
Paid Paid loss Total case IBNR loss expense change in Case IBNR expense Total
losses expense paid reserves reserves reserves reserves incurred incurred incurred incurred
Gross loss and loss expense incurred for the three months ended March 31, 2026
Commercial casualty $ 220 $ 55 $ 275 $ (37) $ 52 $ 19 $ 34 $ 183 $ 52 $ 74 $ 309
Commercial property 155 17 172 5 95 5 105 160 95 22 277
Commercial auto 125 22 147 (1) 28 5 32 124 28 27 179
Workers' compensation 28 7 35 3 (1) 8 10 31 (1) 15 45
Other commercial 27 5 32 4 (2) 8 10 31 (2) 13 42
Total commercial lines 555 106 661 (26) 172 45 191 529 172 151 852
Personal auto 152 27 179 7 29 7 43 159 29 34 222
Homeowners 199 28 227 19 63 7 89 218 63 35 316
Other personal 32 3 35 16 18 — 34 48 18 3 69
Total personal lines 383 58 441 42 110 14 166 425 110 72 607
Excess & surplus lines 36 20 56 5 38 12 55 41 38 32 111
Other 79 5 84 3 16 3 22 82 16 8 106
Total property casualty $ 1,053 $ 189 $ 1,242 $ 24 $ 336 $ 74 $ 434 $ 1,077 $ 336 $ 263 $ 1,676
Ceded loss and loss expense incurred for the three months ended March 31, 2026
Commercial casualty $ 17 $ 1 $ 18 $ (14) $ (1) $ (4) $ (19) $ 3 $ (1) $ (3) $ (1)
Commercial property 1 — 1 2 4 — 6 3 4 — 7
Commercial auto — — — — — — — — — — —
Workers' compensation 2 — 2 (3) (1) — (4) (1) (1) — (2)
Other commercial 2 — 2 — (1) — (1) 2 (1) — 1
Total commercial lines 22 1 23 (15) 1 (4) (18) 7 1 (3) 5
Personal auto 1 — 1 (1) — — (1) — — — —
Homeowners 13 1 14 (9) (8) — (17) 4 (8) 1 (3)
Other personal 1 — 1 2 — — 2 3 — — 3
Total personal lines 15 1 16 (8) (8) — (16) 7 (8) 1 —
Excess & surplus lines — — — — 1 — 1 — 1 — 1
Other 2 — 2 — 1 — 1 2 1 — 3
Total property casualty $ 39 $ 2 $ 41 $ (23) $ (5) $ (4) $ (32) $ 16 $ (5) $ (2) $ 9
Net loss and loss expense incurred for the three months ended March 31, 2026
Commercial casualty $ 203 $ 54 $ 257 $ (23) $ 53 $ 23 $ 53 $ 180 $ 53 $ 77 $ 310
Commercial property 154 17 171 3 91 5 99 157 91 22 270
Commercial auto 125 22 147 (1) 28 5 32 124 28 27 179
Workers' compensation 26 7 33 6 — 8 14 32 — 15 47
Other commercial 25 5 30 4 (1) 8 11 29 (1) 13 41
Total commercial lines 533 105 638 (11) 171 49 209 522 171 154 847
Personal auto 151 27 178 8 29 7 44 159 29 34 222
Homeowners 186 27 213 28 71 7 106 214 71 34 319
Other personal 31 3 34 14 18 — 32 45 18 3 66
Total personal lines 368 57 425 50 118 14 182 418 118 71 607
Excess & surplus lines 36 20 56 5 37 12 54 41 37 32 110
Other 77 5 82 3 15 3 21 80 15 8 103
Total property casualty $ 1,014 $ 187 $ 1,201 $ 47 $ 341 $ 78 $ 466 $ 1,061 $ 341 $ 265 $ 1,667
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF First-Quarter 2026 Supplemental Financial Data
10
Quarterly Property Casualty Data - Consolidated
(Dollars in millions) Three months ended Six months ended Nine months ended Twelve months ended
12/31/26 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 6/30/26 6/30/25 9/30/26 9/30/25 12/31/26 12/31/25
Premiums
Agency renewal written premiums $ 2,045 $ 1,939 $ 2,037 $ 2,135 $ 1,912 $ 4,047 $ 6,084 $ 8,023
Agency new business written premiums 339 331 356 404 383 787 1,143 1,474
Other written premiums 284 91 100 194 200 394 494 585
Net written premiums $ 2,668 $ 2,361 $ 2,493 $ 2,733 $ 2,495 $ 5,228 $ 7,721 $ 10,082
Unearned premium change (149) 147 (9) (336) (231) (567) (576) (429)
Earned premiums $ 2,519 $ 2,508 $ 2,484 $ 2,397 $ 2,264 $ 4,661 $ 7,145 $ 9,653
Year over year change %
Agency renewal written premiums 7 % 10 % 13 % 16 % 14 % 15 % 14 % 13 %
Agency new business written premiums (11) (13) (12) (1) 11 5 (1) (4)
Other written premiums 42 (11) 9 (7) (9) (8) (5) (6)
Net written premiums 7 5 9 11 11 11 10 9
Paid losses and loss expenses
Losses paid $ 1,014 $ 942 $ 1,039 $ 1,049 $ 1,203 $ 2,253 $ 3,292 $ 4,234
Loss expenses paid 187 187 178 197 196 392 570 757
Loss and loss expenses paid $ 1,201 $ 1,129 $ 1,217 $ 1,246 $ 1,399 $ 2,645 $ 3,862 $ 4,991
Incurred losses and loss expenses
Loss and loss expense incurred $ 1,667 $ 1,397 $ 1,464 $ 1,587 $ 1,887 $ 3,474 $ 4,938 $ 6,335
Loss and loss expenses paid as a % of incurred 72.0 % 80.8 % 83.1 % 78.5 % 74.1 % 76.1 % 78.2 % 78.8 %
Statutory combined ratio
Loss ratio 56.3 % 43.7 % 49.5 % 55.4 % 72.4 % 63.6 % 58.7 % 54.9 %
Loss adjustment expense ratio 10.8 12.4 10.9 11.6 11.7 11.7 11.4 11.6
Net underwriting expense ratio 28.5 30.2 28.3 26.4 28.2 27.3 27.6 28.2
US Statutory combined ratio 95.6 % 86.3 % 88.7 % 93.4 % 112.3 % 102.6 % 97.7 % 94.7 %
Contribution from catastrophe losses 11.0 0.7 4.0 11.9 25.2 18.4 13.4 10.1
Statutory combined ratio excl. catastrophe losses 84.6 % 85.6 % 84.7 % 81.5 % 87.1 % 84.2 % 84.3 % 84.6 %
GAAP combined ratio
GAAP combined ratio 95.6 % 85.2 % 88.2 % 94.9 % 113.3 % 103.8 % 98.4 % 94.9 %
Contribution from catastrophe losses 10.8 1.0 3.7 12.2 25.0 18.4 13.3 10.1
GAAP combined ratio excl. catastrophe losses 84.8 % 84.2 % 84.5 % 82.7 % 88.3 % 85.4 % 85.1 % 84.8 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed
independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.
Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.
CINF First-Quarter 2026 Supplemental Financial Data
11
Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions) Three months ended Six months ended Nine months ended Twelve months ended
12/31/26 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 6/30/26 6/30/25 9/30/26 9/30/25 12/31/26 12/31/25
Premiums
Agency renewal written premiums $ 1,184 $ 1,039 $ 1,043 $ 1,116 $ 1,152 $ 2,268 $ 3,311 $ 4,350
Agency new business written premiums 205 180 185 200 203 403 588 768
Other written premiums (30) (34) (30) (26) (30) (56) (86) (120)
Net written premiums $ 1,359 $ 1,185 $ 1,198 $ 1,290 $ 1,325 $ 2,615 $ 3,813 $ 4,998
Unearned premium change (118) 58 31 (78) (146) (224) (193) (135)
Earned premiums $ 1,241 $ 1,243 $ 1,229 $ 1,212 $ 1,179 $ 2,391 $ 3,620 $ 4,863
Year over year change %
Agency renewal written premiums 3 % 4 % 6 % 9 % 7 % 8 % 7 % 6 %
Agency new business written premiums 1 1 (1) 4 12 7 5 4
Other written premiums — 8 17 13 14 14 15 13
Net written premiums 3 4 5 9 8 9 7 7
Paid losses and loss expenses
Losses paid $ 533 $ 481 $ 497 $ 493 $ 403 $ 897 $ 1,393 $ 1,876
Loss expenses paid 105 104 102 110 109 218 321 426
Loss and loss expenses paid $ 638 $ 585 $ 599 $ 603 $ 512 $ 1,115 $ 1,714 $ 2,302
Incurred losses and loss expenses
Loss and loss expense incurred $ 847 $ 721 $ 747 $ 767 $ 735 $ 1,502 $ 2,249 $ 2,970
Loss and loss expenses paid as a % of incurred 75.3 % 81.1 % 80.2 % 78.6 % 69.7 % 74.2 % 76.2 % 77.5 %
Statutory combined ratio
Loss ratio 55.8 % 43.4 % 49.5 % 50.7 % 49.7 % 50.2 % 50.0 % 48.2 %
Loss adjustment expense ratio 12.5 14.5 11.3 12.7 12.6 12.6 12.2 12.8
Net underwriting expense ratio 27.7 31.4 30.9 28.3 26.9 27.6 28.6 29.3
Statutory combined ratio 96.0 % 89.3 % 91.7 % 91.7 % 89.2 % 90.4 % 90.8 % 90.3 %
Contribution from catastrophe losses 9.6 0.6 2.6 7.0 3.6 5.4 4.4 3.5
Statutory combined ratio excl. catastrophe losses 86.4 % 88.7 % 89.1 % 84.7 % 85.6 % 85.0 % 86.4 % 86.8 %
GAAP combined ratio
GAAP combined ratio 98.6 % 88.4 % 91.1 % 92.9 % 91.9 % 92.4 % 92.0 % 91.1 %
Contribution from catastrophe losses 9.6 0.6 2.6 7.0 3.6 5.4 4.4 3.5
GAAP combined ratio excl. catastrophe losses 89.0 % 87.8 % 88.5 % 85.9 % 88.3 % 87.0 % 87.6 % 87.6 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed
independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
CINF First-Quarter 2026 Supplemental Financial Data
12
Quarterly Property Casualty Data - Personal Lines
(Dollars in millions) Three months ended Six months ended Nine months ended Twelve months ended
12/31/26 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 6/30/26 6/30/25 9/30/26 9/30/25 12/31/26 12/31/25
Premiums
Agency renewal written premiums $ 726 $ 764 $ 864 $ 866 $ 634 $ 1,500 $ 2,364 $ 3,128
Agency new business written premiums 76 92 116 141 127 268 384 476
Other written premiums (27) (29) (29) (27) (89) (116) (145) (174)
Net written premiums $ 775 $ 827 $ 951 $ 980 $ 672 $ 1,652 $ 2,603 $ 3,430
Unearned premium change 98 32 (113) (176) 26 (150) (263) (231)
Earned premiums $ 873 $ 859 $ 838 $ 804 $ 698 $ 1,502 $ 2,340 $ 3,199
Year over year change %
Agency renewal written premiums 15 % 22 % 24 % 27 % 28 % 28 % 26 % 25 %
Agency new business written premiums (40) (40) (30) (13) 4 (6) (15) (21)
Other written premiums 70 (12) (4) (8) (324) (152) (96) (74)
Net written premiums 15 10 14 20 13 17 16 14
Paid losses and loss expenses
Losses paid $ 368 $ 346 $ 424 $ 446 $ 609 $ 1,055 $ 1,479 $ 1,824
Loss expenses paid 57 58 52 63 64 127 179 237
Loss and loss expenses paid $ 425 $ 404 $ 476 $ 509 $ 673 $ 1,182 $ 1,658 $ 2,061
Incurred losses and loss expenses
Loss and loss expense incurred $ 607 $ 468 $ 507 $ 598 $ 846 $ 1,444 $ 1,951 $ 2,419
Loss and loss expenses paid as a % of incurred 70.0 % 86.3 % 93.9 % 85.1 % 79.6 % 81.9 % 85.0 % 85.2 %
Statutory combined ratio
Loss ratio 61.3 % 45.1 % 50.9 % 64.8 % 110.1 % 85.9 % 73.4 % 65.8 %
Loss adjustment expense ratio 8.2 9.5 9.5 9.6 11.0 10.3 10.0 9.9
Net underwriting expense ratio 30.2 28.2 25.9 24.7 31.2 27.3 26.8 27.1
Statutory combined ratio 99.7 % 82.8 % 86.3 % 99.1 % 152.3 % 123.5 % 110.2 % 102.8 %
Contribution from catastrophe losses 16.8 1.3 7.1 23.8 58.7 40.0 28.3 21.0
Statutory combined ratio excl. catastrophe losses 82.9 % 81.5 % 79.2 % 75.3 % 93.6 % 83.5 % 81.9 % 81.8 %
GAAP combined ratio
GAAP combined ratio 96.8 % 81.5 % 88.2 % 102.0 % 151.3 % 124.9 % 111.8 % 103.6 %
Contribution from catastrophe losses 16.8 1.3 7.1 23.8 58.7 40.0 28.3 21.0
GAAP combined ratio excl. catastrophe losses 80.0 % 80.2 % 81.1 % 78.2 % 92.6 % 84.9 % 83.5 % 82.6 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed
independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
CINF First-Quarter 2026 Supplemental Financial Data
13
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions) Three months ended Six months ended Nine months ended Twelve months ended
12/31/26 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 6/30/26 6/30/25 9/30/26 9/30/25 12/31/26 12/31/25
Premiums
Agency renewal written premiums $ 135 $ 136 $ 130 $ 153 $ 126 $ 279 $ 409 $ 545
Agency new business written premiums 58 59 55 63 53 116 171 230
Other written premiums (11) (11) (10) (14) (11) (25) (35) (46)
Net written premiums $ 182 $ 184 $ 175 $ 202 $ 168 $ 370 $ 545 $ 729
Unearned premium change (2) 4 (1) (28) (6) (34) (35) (31)
Earned premiums $ 180 $ 188 $ 174 $ 174 $ 162 $ 336 $ 510 $ 698
Year over year change %
Agency renewal written premiums 7 % 2 % 15 % 10 % 12 % 11 % 12 % 9 %
Agency new business written premiums 9 20 2 24 26 25 16 17
Other written premiums — — — (40) (22) (32) (21) (15)
Net written premiums 8 8 11 12 15 13 13 11
Paid losses and loss expenses
Losses paid $ 36 $ 43 $ 42 $ 38 $ 40 $ 78 $ 121 $ 163
Loss expenses paid 20 19 19 17 18 35 53 72
Loss and loss expenses paid $ 56 $ 62 $ 61 $ 55 $ 58 $ 113 $ 174 $ 235
Incurred losses and loss expenses
Loss and loss expense incurred $ 110 $ 108 $ 108 $ 110 $ 99 $ 209 $ 317 $ 425
Loss and loss expenses paid as a % of incurred 50.9 % 57.4 % 56.5 % 50.0 % 58.6 % 54.1 % 54.9 % 55.3 %
Statutory combined ratio
Loss ratio 43.6 % 39.1 % 42.8 % 43.8 % 43.1 % 43.4 % 43.2 % 42.1 %
Loss adjustment expense ratio 17.6 18.4 19.2 19.7 17.8 18.8 19.0 18.8
Net underwriting expense ratio 28.6 27.3 26.6 25.3 25.5 25.4 25.8 26.2
Statutory combined ratio 89.8 % 84.8 % 88.6 % 88.8 % 86.4 % 87.6 % 88.0 % 87.1 %
Contribution from catastrophe losses 0.7 (0.6) 0.1 1.3 0.3 0.9 0.6 0.3
Statutory combined ratio excl. catastrophe losses 89.1 % 85.4 % 88.5 % 87.5 % 86.1 % 86.7 % 87.4 % 86.8 %
GAAP combined ratio
GAAP combined ratio 89.3 % 84.7 % 89.8 % 91.1 % 88.3 % 89.8 % 89.8 % 88.4 %
Contribution from catastrophe losses 0.7 (0.6) 0.1 1.3 0.3 0.9 0.6 0.3
GAAP combined ratio excl. catastrophe losses 88.6 % 85.3 % 89.7 % 89.8 % 88.0 % 88.9 % 89.2 % 88.1 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed
independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
CINF First-Quarter 2026 Supplemental Financial Data
14
Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
For the Three Months Ended March 31,
(Dollars in millions) 2026 2025 Change % Change
Underwriting income
Net premiums written $ 2,570 $ 2,420 $ 150 6
Unearned premium change 124 220 (96) (44)
Earned premiums $ 2,446 $ 2,200 $ 246 11
Losses incurred $ 1,379 $ 1,592 $ (213) (13)
Defense and cost containment expenses incurred 133 126 7 6
Adjusting and other expenses incurred 131 132 (1) (1)
Other underwriting expenses incurred 731 681 50 7
Workers compensation dividend incurred 1 1 — —
Total underwriting deductions $ 2,375 $ 2,532 $ (157) (6)
Net underwriting profit (loss) $ 71 $ (332) $ 403 nm
Investment income
Gross investment income earned $ 212 $ 184 $ 28 15
Net investment income earned 209 181 28 15
Net realized capital gains and losses, net 167 — 167 nm
Net investment gains (net of tax) $ 376 $ 181 $ 195 108
Other income $ 2 $ 2 $ — —
Net income (loss) before federal income taxes $ 449 $ (149) $ 598 nm
Federal and foreign income taxes incurred 28 (62) 90 nm
Net income (loss) (statutory) $ 421 $ (87) $ 508 nm
Policyholders' surplus - statutory $ 9,860 $ 8,553 $ 1,307 15
Fixed maturities at amortized cost - statutory $ 14,359 $ 12,508 $ 1,851 15
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
CINF First-Quarter 2026 Supplemental Financial Data
15
The Cincinnati Life Insurance Company
Statutory Statements of Income
For the Three Months Ended March 31,
(Dollars in millions) 2026 2025 Change % Change
Net premiums written $ 87 $ 79 $ 8 10
Net investment income 54 50 4 8
Commissions and expense allowances on reinsurance ceded 1 1 — —
Income from fees associated with separate accounts 1 1 — —
Total revenues $ 143 $ 131 $ 12 9
Death benefits and matured endowments $ 49 $ 56 $ (7) (13)
Annuity benefits 20 23 (3) (13)
Surrender benefits and group conversions 12 10 2 20
Interest and adjustments on deposit-type contract funds 1 2 (1) (50)
Increase in aggregate reserves for life and accident and health contracts (2) (9) 7 78
Total benefit expenses $ 80 $ 82 $ (2) (2)
Commissions $ 13 $ 12 $ 1 8
General insurance expenses and taxes 15 15 — —
Increase in loading on deferred and uncollected premiums 1 3 (2) (67)
Net transfers from separate accounts (1) (8) 7 88
Total underwriting expenses $ 28 $ 22 $ 6 27
Federal and foreign income taxes incurred 7 6 1 17
Net gain from operations before capital gains and losses $ 28 $ 21 $ 7 33
Gains and losses net of capital gains tax, net (1) (1) — —
Net income (statutory) $ 27 $ 20 $ 7 35
Policyholders' surplus - statutory $ 621 $ 527 $ 94 18
Fixed maturities at amortized cost - statutory $ 3,933 $ 3,828 $ 105 3
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
CINF First-Quarter 2026 Supplemental Financial Data
16
Quarterly Data - Other
(Dollars in millions) Three months ended Six months ended Nine months ended Twelve months ended
12/31/26 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 6/30/26 6/30/25 9/30/26 9/30/25 12/31/26 12/31/25
Cincinnati Re:
Net written premiums $ 254 $ 86 $ 87 $ 164 $ 255 $ 418 $ 505 $ 591
Year over year change %- written premium — % (13) % (2) % (21) % 26 % 2 % 1 % (1) %
Earned premiums $ 152 $ 138 $ 141 $ 142 $ 161 $ 303 $ 444 $ 582
Current accident year before catastrophe losses 46.7 % 52.7 % 52.9 % 56.2 % 46.6 % 51.1 % 51.7 % 51.9 %
Current accident year catastrophe losses 8.1 (0.8) 3.6 (0.6) 66.3 34.9 25.0 18.9
Prior accident years before catastrophe losses 3.2 (5.3) (0.9) 5.7 (4.5) 0.3 (0.1) (1.3)
Prior accident years catastrophe losses (6.5) 0.4 (2.1) (1.2) (2.4) (1.8) (1.9) (1.4)
Total loss and loss expense ratio 51.5 % 47.0 % 53.5 % 60.1 % 106.0 % 84.5 % 74.7 % 68.1 %
Cincinnati Global:
Net written premiums $ 98 $ 79 $ 82 $ 97 $ 75 $ 173 $ 255 $ 334
Year over year change %- written premium 31 % 3 % 6 % 45 % (9) % 16 % 13 % 10 %
Earned premiums $ 73 $ 80 $ 102 $ 65 $ 64 $ 129 $ 231 $ 311
Current accident year before catastrophe losses 42.5 % 35.6 % 35.1 % 41.8 % 39.3 % 40.6 % 38.2 % 37.5 %
Current accident year catastrophe losses 2.4 14.3 0.5 3.7 31.4 17.4 9.9 11.0
Prior accident years before catastrophe losses (12.0) (1.7) (10.1) (22.4) (0.2) (11.4) (10.8) (8.5)
Prior accident years catastrophe losses 0.4 (4.0) (0.1) 17.3 (13.9) 1.8 0.9 (0.3)
Total loss and loss expense ratio 33.3 % 44.2 % 25.4 % 40.4 % 56.6 % 48.4 % 38.2 % 39.7 %
Noninsurance operations:
Interest and fees on loans and leases $ 3 $ 3 $ 3 $ 2 $ 3 $ 5 $ 8 $ 11
Other revenue 3 3 3 3 1 4 7 10
Interest expense 13 13 13 14 13 27 40 53
Operating expenses 9 7 6 10 11 21 27 34
Total noninsurance operations loss $ (16) $ (14) $ (13) $ (19) $ (20) $ (39) $ (52) $ (66)
*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.
CINF First-Quarter 2026 Supplemental Financial Data
17
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