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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 (Mark one)
       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the quarterly period ended March 31, 2021.
       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the transition period from _____________________ to _____________________.
Commission file number 0-4604
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio 31-0746871
(State or other jurisdiction of
incorporation or organization)
(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 classTrading Symbol(s)Name of each exchange on which registered
Common stockCINFNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a nonaccelerated filer, a smaller reporting company or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Nonaccelerated filer Smaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Yes No
As of April 23, 2021, there were 161,096,632 shares of common stock outstanding.



CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED March 31, 2021
 
TABLE OF CONTENTS
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 

Cincinnati Financial Corporation First-Quarter 2021 10-Q
Page 2


Part I – Financial Information
Item 1.    Financial Statements (unaudited)
 
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in millions, except per share data)March 31,December 31,
20212020
Assets  
Investments  
Fixed maturities, at fair value (amortized cost: 2021—$11,478; 2020—$11,312)
$12,308 $12,338 
Equity securities, at fair value (cost: 2021—$3,938; 2020—$3,927)
9,360 8,856 
Other invested assets350 348 
Total investments22,018 21,542 
Cash and cash equivalents947 900 
Investment income receivable134 136 
Finance receivable99 95 
Premiums receivable2,048 1,879 
Reinsurance recoverable511 517 
Prepaid reinsurance premiums68 65 
Deferred policy acquisition costs880 805 
Land, building and equipment, net, for company use (accumulated depreciation:
   2021—$290; 2020—$285)
213 213 
Other assets466 438 
Separate accounts929 952 
Total assets$28,313 $27,542 
Liabilities  
Insurance reserves  
Loss and loss expense reserves$6,950 $6,746 
Life policy and investment contract reserves2,950 2,915 
Unearned premiums3,181 2,960 
Other liabilities887 982 
Deferred income tax1,373 1,299 
Note payable57 54 
Long-term debt and lease obligations848 845 
Separate accounts929 952 
Total liabilities17,175 16,753 
Commitments and contingent liabilities (Note 12)
Shareholders' Equity  
Common stock, par value—$2 per share; (authorized: 2021 and 2020—500 million
   shares; issued: 2021 and 2020—198.3 million shares)
397 397 
Paid-in capital1,322 1,328 
Retained earnings10,603 10,085 
Accumulated other comprehensive income 625 769 
Treasury stock at cost (2021—37.3 million shares and 2020—37.4 million shares)
(1,809)(1,790)
Total shareholders' equity11,138 10,789 
Total liabilities and shareholders' equity$28,313 $27,542 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation First-Quarter 2021 10-Q
Page 3


Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(Dollars in millions, except per share data)Three months ended March 31,
20212020
Revenues  
Earned premiums$1,544 $1,456 
Investment income, net of expenses174 165 
Investment gains and losses, net504 (1,725)
Fee revenues3 3 
Other revenues2 2 
Total revenues2,227 (99)
Benefits and Expenses  
Insurance losses and contract holders' benefits1,003 1,003 
Underwriting, acquisition and insurance expenses439 456 
Interest expense13 13 
Other operating expenses4 5 
 Total benefits and expenses1,459 1,477 
Income Before Income Taxes768 (1,576)
Provision (Benefit) for Income Taxes  
Current36 3 
Deferred112 (353)
Total provision (benefit) for income taxes148 (350)
Net Income (Loss)$620 $(1,226)
Per Common Share  
Net income (loss)—basic$3.85 $(7.56)
Net income (loss)—diluted3.82 (7.56)
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation First-Quarter 2021 10-Q
Page 4


Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions)Three months ended March 31,
20212020
Net Income (Loss)$620 $(1,226)
Other Comprehensive Income (Loss)  
Change in unrealized gains on investments, net of tax (benefit) of $(41) and $(68), respectively
(155)(256)
Amortization of pension actuarial loss and prior service cost, net of tax of $1 and $0, respectively
3 1 
Change in life deferred acquisition costs, life policy reserves and other, net of tax of $2 and $3, respectively
8 11 
Other comprehensive loss(144)(244)
Comprehensive Income (Loss)$476 $(1,470)
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation First-Quarter 2021 10-Q
Page 5


Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Dollars in millions)Three months ended March 31,
20212020
Common Stock
   Beginning of period$397 $397 
   Share-based awards  
   End of period397 397 
Paid-In Capital
   Beginning of period1,328 1,306 
   Share-based awards(16)(16)
   Share-based compensation9 9 
   Other1 1 
   End of period1,322 1,300 
Retained Earnings
   Beginning of period10,085 9,257 
Cumulative effect of change in accounting for credit losses as of January 1, 2020 (2)
Adjusted beginning of year10,085 9,255 
   Net income620 (1,226)
Dividends declared (102)(97)
   End of period10,603 7,932 
Accumulated Other Comprehensive Income
   Beginning of period769 448 
   Other comprehensive income(144)(244)
   End of period625 204 
Treasury Stock
   Beginning of period(1,790)(1,544)
   Share-based awards12 11 
   Shares acquired - share repurchase authorization(28)(256)
   Shares acquired - share-based compensation plans(3)(3)
   Other 1 
   End of period(1,809)(1,791)
      Total Shareholders' Equity$11,138 $8,042 
(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of period160.9 162.9 
   Share-based awards0.4 0.4 
   Shares acquired - share repurchase authorization(0.3)(2.5)
   End of period161.0 160.8 
Dividends declared per common share$0.63 $0.60 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation First-Quarter 2021 10-Q
Page 6


Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
 (Dollars in millions)Three months ended March 31,
20212020
Cash Flows From Operating Activities  
Net income$620 $(1,226)
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization23 22 
Investment gains and losses, net(501)1,729 
Share-based compensation9 9 
Interest credited to contract holders'11 11 
Deferred income tax expense112 (353)
Changes in:  
Investment income receivable2 9 
Premiums and reinsurance receivable(166)(86)
Deferred policy acquisition costs(49)(31)
Other assets(33)(11)
Loss and loss expense reserves204 59 
Life policy and investment contract reserves15 27 
Unearned premiums221 134 
Other liabilities(80)(123)
Current income tax receivable/payable(34)(3)
Net cash provided by operating activities354 167 
Cash Flows From Investing Activities  
Sale of fixed maturities30 21 
Call or maturity of fixed maturities300 321 
Sale of equity securities65 7 
Purchase of fixed maturities(467)(336)
Purchase of equity securities(78)(132)
Investment in finance receivables(12)(6)
Collection of finance receivables8 7 
Investment in building and equipment(5)(4)
Change in other invested assets, net6 (14)
Net cash used in investing activities(153)(136)
Cash Flows From Financing Activities  
Payment of cash dividends to shareholders(95)(90)
Shares acquired - share repurchase authorization(28)(256)
Changes in note payable
3 75 
Proceeds from stock options exercised4 4 
Contract holders' funds deposited27 21 
Contract holders' funds withdrawn(33)(40)
Other(32)(26)
Net cash used in financing activities(154)(312)
Net change in cash and cash equivalents47 (281)
Cash and cash equivalents at beginning of year900 767 
Cash and cash equivalents at end of period$947 $486 
Supplemental Disclosures of Cash Flow Information:  
Income taxes paid66  
Noncash Activities  
Equipment acquired under finance lease obligations$3 $6 
Share-based compensation16 3 
Other assets and other liabilities44 77 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation First-Quarter 2021 10-Q
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
NOTE 1 — Accounting Policies
The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation.
 
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted.
 
Our March 31, 2021, condensed consolidated financial statements are unaudited. We believe that we have made all adjustments, consisting only of normal recurring accruals, that are necessary for fair presentation. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our 2020 Annual Report on Form 10-K. The results of operations for interim periods do not necessarily indicate results to be expected for the full year.

Beginning in mid-March 2020, the coronavirus (SARS-CoV-2 or COVID-19) pandemic outbreak, and unprecedented actions taken to contain the virus, caused an economic downturn on a global scale as well as market disruption and volatility. The company continues to monitor the impact of the pandemic as it unfolds. The company cannot predict the impact the pandemic will have on its future consolidated financial position, results of operations and cash flows, however the impact could be material.

Pending Accounting Updates
ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the Financial Accounting Standards Board (FASB) issued ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. ASU 2018-12 is intended to improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows. The ASU will simplify and improve the accounting for certain market-based options or guarantees associated with deposit or account balance contracts and simplify amortization of deferred acquisition costs while improving and expanding required disclosures. In November 2020, the FASB issued an ASU that delayed the effective date of ASU 2018-12 to interim and annual reporting periods beginning after December 15, 2022. These ASU's have not yet been adopted. Management is currently evaluating the impact on our company's consolidated financial position, results of operations and cash flows.

Cincinnati Financial Corporation First-Quarter 2021 10-Q
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NOTE 2 – Investments
The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities:
(Dollars in millions)Amortized
cost
Gross unrealizedFair value
At March 31, 2021gainslosses
Fixed maturity securities:    
Corporate $6,426 $505 $11 $6,920 
States, municipalities and political subdivisions4,641 326 7 4,960 
Commercial mortgage-backed272 14 1 285 
United States government109 4  113 
Foreign government24   24 
Government-sponsored enterprises 6   6 
Total$11,478 $849 $19 $12,308 
At December 31, 2020    
Fixed maturity securities:    
Corporate $6,281 $621 $7 $6,895 
States, municipalities and political subdivisions4,604 395 2 4,997 
Commercial mortgage-backed 271 15 1 285 
United States government115 5  120 
Foreign government29   29 
Government-sponsored enterprises12   12 
Total$11,312 $1,036 $10 $12,338 
 
The net unrealized investment gains in our fixed-maturity portfolio at March 31, 2021, are primarily the result of the continued low interest rate environment that increased the fair value of our fixed-maturity portfolio. Our commercial mortgage-backed securities had an average rating of Aa1/AA at March 31, 2021 and December 31, 2020.

Cincinnati Financial Corporation First-Quarter 2021 10-Q
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The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities' continuous unrealized loss positions:
(Dollars in millions)Less than 12 months12 months or moreTotal
At March 31, 2021Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fixed maturity securities:      
Corporate $316 $8 $67 $3 $383 $11 
States, municipalities and political subdivisions206 6 14 1 220 7 
Commercial mortgage-backed4  14 1 18 1 
United States government2    2  
Foreign government1    1  
Government-sponsored enterprises4    4  
Total$533 $14 $95 $5 $628 $19 
At December 31, 2020      
Fixed maturity securities:      
Corporate $330 $5 $46 $2 $376 $7 
States, municipalities and political subdivisions31 2 2  33 2 
Commercial mortgage-backed23 1 6  29 1 
United States government12    12  
Foreign government10    10  
Total$406 $8 $54 $2 $460 $10 

Contractual maturity dates for fixed-maturities securities were:
(Dollars in millions)Amortized
cost
Fair
value
% of fair
value
At March 31, 2021
Maturity dates:   
Due in one year or less$585 $593 4.8 %
Due after one year through five years3,563 3,799 30.9 
Due after five years through ten years3,688 3,987 32.4 
Due after ten years3,642 3,929 31.9 
Total$11,478 $12,308 100.0 %

Actual maturities may differ from contractual maturities when there is a right to call or prepay obligations with or without call or prepayment penalties.

Cincinnati Financial Corporation First-Quarter 2021 10-Q
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The following table provides investment income and investment gains and losses, net:
(Dollars in millions)Three months ended March 31,
20212020
Investment income:
Interest$118 $112 
Dividends58 53 
Other 2 3 
Total178 168 
Less investment expenses4 3 
Total$174 $165 
Investment gains and losses, net:  
Equity securities:  
Investment gains and losses on securities sold, net$4 $(4)
Unrealized gains and losses on securities still held, net487 (1,649)
Subtotal491 (1,653)
Fixed maturities:  
Gross realized gains3 2 
Write-down of impaired securities  (77)
Subtotal3 (75)
Other10 3 
Total$504 $(1,725)
 
The fair value of our equity portfolio was $9.360 billion and $8.856 billion at March 31, 2021 and December 31, 2020, respectively. At March 31, 2021 and December 31, 2020, Apple Inc. (Nasdaq:AAPL), an equity holding, was our largest single investment holding with a fair value of $593 million and $644 million, which was 6.6% and 7.5% of our publicly traded common equities portfolio and 2.7% and 3.0% of the total investment portfolio, respectively.

At March 31, 2021 and December 31, 2020, there were no fixed-maturity securities with an allowance for credit losses. During the three months ended March 31, 2021, there were no fixed-maturity securities that were written down to fair value due to an intention to be sold and during the three months ended March 31, 2020, there were 12 fixed-maturity securities from the energy, real estate, consumer goods and technology & electronics sectors that were written down to fair value due to an intention to be sold.

At March 31, 2021, 296 fixed-maturity securities with a total unrealized loss of $19 million were in an unrealized loss position. Of that total, one fixed-maturity security had a fair value below 70% of amortized cost. At December 31, 2020, 128 fixed-maturity securities with a total unrealized loss of $10 million were in an unrealized loss position. Of that total, no fixed-maturity securities had fair values below 70% of amortized cost.

Cincinnati Financial Corporation First-Quarter 2021 10-Q
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NOTE 3 – Fair Value Measurements
In accordance with accounting guidance for fair value measurements and disclosures, we categorized our financial instruments, based on the priority of the observable and market-based data for the valuation technique used, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2020, and ultimately management determines fair value. See our 2020 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 143, for information on characteristics and valuation techniques used in determining fair value.

Fair Value Disclosures for Assets
The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020. We do not have any liabilities carried at fair value.
(Dollars in millions)Quoted prices in
active markets for
identical assets
(Level 1)
Significant other
observable inputs (Level 2)
Significant
unobservable
inputs
(Level 3)
Total
At March 31, 2021
Fixed maturities, available for sale:    
Corporate $ $6,920 $ $6,920 
States, municipalities and political subdivisions 4,960  4,960 
Commercial mortgage-backed  285  285 
United States government113   113 
Foreign government 24  24 
Government-sponsored enterprises 6  6 
Subtotal113 12,195  12,308 
Common equities9,032   9,032 
Nonredeemable preferred equities 328  328 
Separate accounts taxable fixed maturities 880  880 
Top Hat savings plan mutual funds and common
   equity (included in Other assets)
57   57 
Total$9,202 $13,403 $ $22,605 
At December 31, 2020
Fixed maturities, available for sale:    
Corporate $ $6,895 $ $6,895 
States, municipalities and political subdivisions 4,997  4,997 
Commercial mortgage-backed  285  285 
United States government120   120 
Foreign government 29  29 
Government-sponsored enterprises 12  12 
Subtotal120 12,218  12,338 
Common equities8,541   8,541 
Nonredeemable preferred equities 315  315 
Separate accounts taxable fixed maturities  903  903 
Top Hat savings plan mutual funds and common
  equity (included in Other assets)
51   51 
Total$8,712 $13,436 $ $22,148 
 
Cincinnati Financial Corporation First-Quarter 2021 10-Q
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We also held Level 1 cash and cash equivalents of $947 million and $900 million at March 31, 2021 and December 31, 2020, respectively.

Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value 
The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements.
 
This table summarizes the book value and principal amounts of our long-term debt:
(Dollars in millions) Book valuePrincipal amount
Interest
rate
Year of 
issue
 March 31,December 31,March 31,December 31,
 2021202020212020
6.900 %1998Senior debentures, due 2028$27 $27 $28 $28 
6.920 %2005Senior debentures, due 2028391 391 391 391 
6.125 %2004Senior notes, due 2034370 370 374 374 
Total $788 $788 $793 $793 
 
The following table shows fair values of our note payable and long-term debt:
(Dollars in millions)Quoted prices in
active markets for
identical assets
(Level 1)
Significant other observable inputs (Level 2)Significant
unobservable
inputs
(Level 3)
Total
At March 31, 2021
Note payable$ $57 $ $57 
6.900% senior debentures, due 2028
 34  34 
6.920% senior debentures, due 2028
 499  499