filings.toolsCincinnati Financial (CINF) 10-K risk factor changes: FY2022 vs FY2021
The 2022-12-31 10-K against the 2021-12-31 one, compared heading by heading and sentence by sentence.
All filing items2,154 rewritten780 added468 removed3,432 unchanged
Summary
counted, not written
- Item 1A headings could not be compared: the parser did not find an Item 1A in both filings.
- Sentence by sentence, 780 added, 468 removed, 2,154 rewritten and 3,432 unchanged across 1 item that differ.
Sentences by item
1 items, with every count and a link to each item that changed
| Item | Added | Removed | Rewritten | Unchanged |
|---|---|---|---|---|
| Full document | 780 | 468 | 2,154 | 3,432 |
Underlined words on a shaded ground are new in FY2022; struck-through words were in FY2021. Sentences that are wholly new or wholly gone are labelled rather than marked.
Full document
2,154 rewritten, 780 added, 468 removed, 3,432 unchanged
For the fiscal year ended December 31, [removed: 2021.][added: 2022.]
Cincinnati Financial Corporation - [removed: 2021] [added: 2022] 10-K - Page 1
The aggregate market value of voting stock held by nonaffiliates of the Registrant based on the closing price of [removed: $116.62] [added: $118.98] per share as reported on Nasdaq Global Select Market on June 30, [removed: 2021,] [added: 2022,] was [removed: $18,398,492,958.][added: $18,533,373,847.]
As of February 15, [removed: 2022,] [added: 2023,] there were [removed: 160,433,769] [added: 157,240,556] shares of common stock outstanding.
Portions of the definitive Proxy Statement for Cincinnati Financial Corporation’s Annual Meeting of Shareholders to be held on May [removed: 7, 2022,] [added: 6, 2023,] are incorporated by reference into Part III of this Form 10-K.
Cincinnati Financial Corporation - [removed: 2021] [added: 2022] 10-K - Page 2
[removed: 2021] [added: 2022] ANNUAL REPORT ON FORM 10-K
| Item 1. | | | Business | | | [removed: [5](#ib516704f6c694dd39ca65eef55d59c29_13)] [added: [5](#i02093e9754da48e991fe7fbb3df85a22_13)] | | |
| | | | Cincinnati Financial Corporation – Introduction | | | [removed: [5](#ib516704f6c694dd39ca65eef55d59c29_16)] [added: [5](#i02093e9754da48e991fe7fbb3df85a22_16)] | | |
| | | | Our Business and Our Strategy | | | [removed: [6](#ib516704f6c694dd39ca65eef55d59c29_19)] [added: [6](#i02093e9754da48e991fe7fbb3df85a22_19)] | | |
| | | | Our Segments | | | [removed: [14](#ib516704f6c694dd39ca65eef55d59c29_22)] [added: [14](#i02093e9754da48e991fe7fbb3df85a22_22)] | | |
| [added: Other:] | | | [removed: Other] | | | [removed: [27](#ib516704f6c694dd39ca65eef55d59c29_25)] | | | [added: | | | | | | | | | | | | | | | | | |]
| Item 1A. | | | Risk Factors | | | [removed: [32](#ib516704f6c694dd39ca65eef55d59c29_31)] [added: [32](#i02093e9754da48e991fe7fbb3df85a22_31)] | | |
| Item 1B. | | | Unresolved Staff Comments | | | [removed: [43](#ib516704f6c694dd39ca65eef55d59c29_34)] [added: [44](#i02093e9754da48e991fe7fbb3df85a22_34)] | | |
| Item 2. | | | Properties | | | [removed: [43](#ib516704f6c694dd39ca65eef55d59c29_37)] [added: [44](#i02093e9754da48e991fe7fbb3df85a22_37)] | | |
| Item 3. | | | Legal Proceedings | | | [removed: [43](#ib516704f6c694dd39ca65eef55d59c29_40)] [added: [44](#i02093e9754da48e991fe7fbb3df85a22_40)] | | |
| Item 4. | | | Mine Safety Disclosures | | | [removed: [43](#ib516704f6c694dd39ca65eef55d59c29_43)] [added: [44](#i02093e9754da48e991fe7fbb3df85a22_43)] | | |
| Item 5. | | | Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | | | [removed: [44](#ib516704f6c694dd39ca65eef55d59c29_49)] [added: [45](#i02093e9754da48e991fe7fbb3df85a22_49)] | | |
| Item 6. | | | \[Reserved\] | | | [removed: [45](#ib516704f6c694dd39ca65eef55d59c29_2655)] [added: [46](#i02093e9754da48e991fe7fbb3df85a22_52)] | | |
| Item 7. | | | Management’s Discussion and Analysis of Financial Condition and Results of Operations | | | [removed: [46](#ib516704f6c694dd39ca65eef55d59c29_55)] [added: [47](#i02093e9754da48e991fe7fbb3df85a22_58)] | | |
| | | | Executive Summary | | | [removed: [47](#ib516704f6c694dd39ca65eef55d59c29_61)] [added: [48](#i02093e9754da48e991fe7fbb3df85a22_64)] | | |
| | | | Critical Accounting Estimates | | | [removed: [52](#ib516704f6c694dd39ca65eef55d59c29_64)] [added: [53](#i02093e9754da48e991fe7fbb3df85a22_67)] | | |
| | | | Recent Accounting Pronouncements | | | [removed: [58](#ib516704f6c694dd39ca65eef55d59c29_67)] [added: [59](#i02093e9754da48e991fe7fbb3df85a22_70)] | | |
| | | | Financial Results | | | [removed: [59](#ib516704f6c694dd39ca65eef55d59c29_70)] [added: [60](#i02093e9754da48e991fe7fbb3df85a22_73)] | | |
| | | | Liquidity and Capital Resources | | | [removed: [93](#ib516704f6c694dd39ca65eef55d59c29_91)] [added: [93](#i02093e9754da48e991fe7fbb3df85a22_94)] | | |
| | | | Safe Harbor Statement | | | [removed: [109](#ib516704f6c694dd39ca65eef55d59c29_94)] [added: [109](#i02093e9754da48e991fe7fbb3df85a22_97)] | | |
| Item 7A. | | | Quantitative and Qualitative Disclosures About Market Risk | | | [removed: [112](#ib516704f6c694dd39ca65eef55d59c29_97)] [added: [112](#i02093e9754da48e991fe7fbb3df85a22_100)] | | |
| Item 8. | | | Financial Statements and Supplementary Data | | | [removed: [118](#ib516704f6c694dd39ca65eef55d59c29_112)] [added: [118](#i02093e9754da48e991fe7fbb3df85a22_115)] | | |
| | | | Responsibility for Financial Statements | | | [removed: [118](#ib516704f6c694dd39ca65eef55d59c29_115)] [added: [118](#i02093e9754da48e991fe7fbb3df85a22_118)] | | |
| | | | Management’s Annual Report on Internal Control Over Financial Reporting | | | [removed: [119](#ib516704f6c694dd39ca65eef55d59c29_118)] [added: [119](#i02093e9754da48e991fe7fbb3df85a22_121)] | | |
| | | | Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | | | [removed: [120](#ib516704f6c694dd39ca65eef55d59c29_121)] [added: [120](#i02093e9754da48e991fe7fbb3df85a22_124)] | | |
| | | | Consolidated Balance Sheets | | | [removed: [122](#ib516704f6c694dd39ca65eef55d59c29_124)] [added: [122](#i02093e9754da48e991fe7fbb3df85a22_127)] | | |
| | | | Consolidated Statements of Income | | | [removed: [123](#ib516704f6c694dd39ca65eef55d59c29_130)] [added: [123](#i02093e9754da48e991fe7fbb3df85a22_130)] | | |
| | | | Consolidated Statements of Comprehensive Income | | | [removed: [124](#ib516704f6c694dd39ca65eef55d59c29_133)] [added: [124](#i02093e9754da48e991fe7fbb3df85a22_133)] | | |
| | | | Consolidated Statements of Shareholders’ Equity | | | [removed: [125](#ib516704f6c694dd39ca65eef55d59c29_139)] [added: [125](#i02093e9754da48e991fe7fbb3df85a22_136)] | | |
| | | | Consolidated Statements of Cash Flows | | | [removed: [126](#ib516704f6c694dd39ca65eef55d59c29_142)] [added: [126](#i02093e9754da48e991fe7fbb3df85a22_139)] | | |
| | | | Notes to Consolidated Financial Statements | | | [removed: [127](#ib516704f6c694dd39ca65eef55d59c29_145)] [added: [127](#i02093e9754da48e991fe7fbb3df85a22_142)] | | |
| Item 9. | | | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | | | [removed: [174](#ib516704f6c694dd39ca65eef55d59c29_238)] [added: [175](#i02093e9754da48e991fe7fbb3df85a22_202)] | | |
| Item 9A. | | | Controls and Procedures | | | [removed: [174](#ib516704f6c694dd39ca65eef55d59c29_241)] [added: [175](#i02093e9754da48e991fe7fbb3df85a22_205)] | | |
| Item 9B. | | | Other Information | | | [removed: [174](#ib516704f6c694dd39ca65eef55d59c29_244)] [added: [175](#i02093e9754da48e991fe7fbb3df85a22_208)] | | |
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
| Part I | | | | | | [5](#i02093e9754da48e991fe7fbb3df85a22_13) | | |
| | | | Regulation | | | [28](#i02093e9754da48e991fe7fbb3df85a22_28) | | |
| Part II | | | | | | [45](#i02093e9754da48e991fe7fbb3df85a22_46) | | |
| | | | Introduction | | | [47](#i02093e9754da48e991fe7fbb3df85a22_61) | | |
| Part III | | | | | | [176](#i02093e9754da48e991fe7fbb3df85a22_214) | | |
| Part IV | | | | | | [180](#i02093e9754da48e991fe7fbb3df85a22_232) | | |
| Item 16 | | | Form 10-K Summary | | | [180](#i02093e9754da48e991fe7fbb3df85a22_235) | | |
Pricing property casualty insurance policies includes estimates for expected losses, loss expenses to settle claims and expenses from underwriting policies while also considering the time value of money related to expected cash flows and a reasonable profit margin.
| Ohio | | | $ | 930 | | 13.4 | | % | 257 | | | $ | 3.6 | |
| Illinois | | | 376 | | | 5.4 | | | 177 | | | 2.1 | | |
| New York | | | 327 | | | 4.7 | | | 184 | | | 1.8 | | |
| North Carolina | | | 314 | | | 4.5 | | | 113 | | | 2.8 | | |
| Pennsylvania | | | 308 | | | 4.4 | | | 155 | | | 2.0 | | |
| Georgia | | | 300 | | | 4.3 | | | 110 | | | 2.7 | | |
| Indiana | | | 279 | | | 4.0 | | | 127 | | | 2.2 | | |
| Tennessee | | | 220 | | | 3.2 | | | 74 | | | 3.0 | | |
| Missouri | | | 216 | | | 3.1 | | | 73 | | | 3.0 | | |
| Texas | | | 214 | | | 3.1 | | | 116 | | | 1.8 | | |
The associate voluntary turnover rate was 8% in 2022, 7% in 2021 and 3% in 2020.
| Other | | | | | | 815 | | | | | | 648 | | | | | | 479 | | | | | | 10.7 | | |
| Excess and surplus lines insurance | | | | | | 502 | | | | | | 426 | | | | | | 348 | | | | | | 6.6 | | |
| Universal life and other | | | | | | 66 | | | | | | 81 | | | | | | 83 | | | | | | 0.8 | | |
| Cincinnati Re | | | | | | 585 | | | | | | 461 | | | | | | 302 | | | | | | 7.7 | | |
| Cincinnati Global | | | | | | 230 | | | | | | 187 | | | | | | 177 | | | | | | 3.0 | | |
| Total net written premiums | | | | | | $ | 7,646 | | | | | $ | 6,825 | | | | | $ | 6,192 | | | | | 100.0 | | % |
| Ohio | | | $ | 570 | | 14.2 | | % | 243 | | | $ | 2.3 | |
| Illinois | | | 245 | | | 6.1 | | | 154 | | | 1.6 | | |
| Pennsylvania | | | 238 | | | 5.9 | | | 145 | | | 1.6 | | |
| Indiana | | | 190 | | | 4.7 | | | 123 | | | 1.5 | | |
| New York | | | 165 | | | 4.1 | | | 150 | | | 1.1 | | |
| Virginia | | | 163 | | | 4.1 | | | 77 | | | 2.1 | | |
| Georgia | | | 160 | | | 4.0 | | | 96 | | | 1.7 | | |
| Tennessee | | | 158 | | | 3.9 | | | 71 | | | 2.2 | | |
| Missouri | | | 157 | | | 3.9 | | | 61 | | | 2.6 | | |
Beginning in 2023, we’re renaming our high net worth products and services, Cincinnati Private ClientSM.
Private client is a term used in the financial services industry to describe people who have complex needs based on their affluence, investments and belongings.
This change allows agencies and their customers to easily recognize that we stand ready to serve this client segment.
| Year ended December 31, 2022 | | | | | | | | | | | | | | |
| Part I | | | | | | [5](#ib516704f6c694dd39ca65eef55d59c29_13) | | |
| | | | Regulation | | | [28](#ib516704f6c694dd39ca65eef55d59c29_28) | | |
| Part II | | | | | | [44](#ib516704f6c694dd39ca65eef55d59c29_46) | | |
| | | | Introduction | | | [46](#ib516704f6c694dd39ca65eef55d59c29_58) | | |
| Part III | | | | | | [175](#ib516704f6c694dd39ca65eef55d59c29_247) | | |
| Part IV | | | | | | [179](#ib516704f6c694dd39ca65eef55d59c29_265) | | |
| Item 16 | | | Form 10-K Summary | | | [179](#ib516704f6c694dd39ca65eef55d59c29_268) | | |
| Ohio | | | $ | 889 | | 14.4 | | % | 253 | | | $ | 3.5 | |
| Illinois | | | 339 | | | 5.5 | | | 173 | | | 2.0 | | |
| North Carolina | | | 291 | | | 4.7 | | | 110 | | | 2.6 | | |
| Georgia | | | 289 | | | 4.7 | | | 110 | | | 2.6 | | |
| Pennsylvania | | | 282 | | | 4.6 | | | 152 | | | 1.9 | | |
| Indiana | | | 266 | | | 4.3 | | | 113 | | | 2.4 | | |
| New York | | | 264 | | | 4.3 | | | 160 | | | 1.7 | | |
| Tennessee | | | 204 | | | 3.3 | | | 69 | | | 3.0 | | |
| Michigan | | | 200 | | | 3.2 | | | 143 | | | 1.4 | | |
| Virginia | | | 195 | | | 3.1 | | | 76 | | | 2.6 | | |
The associate voluntary turnover rate had been approximately 5% for several years prior to 2021, when it increased to approximately 10%.
| Other life insurance and annuity products | | | | | | 94 | | | | | | 92 | | | | | | 85 | | | | | | 1.4 | | |
| Ohio | | | $ | 539 | | 14.7 | | % | 242 | | | $ | 2.2 | |
| Illinois | | | 225 | | | 6.1 | | | 152 | | | 1.5 | | |
| Pennsylvania | | | 219 | | | 6.0 | | | 140 | | | 1.6 | | |
| Indiana | | | 183 | | | 5.0 | | | 109 | | | 1.7 | | |
| Virginia | | | 152 | | | 4.1 | | | 70 | | | 2.2 | | |
| Georgia | | | 151 | | | 4.1 | | | 96 | | | 1.6 | | |
| Tennessee | | | 146 | | | 4.0 | | | 69 | | | 2.1 | | |
| Missouri | | | 137 | | | 3.7 | | | 55 | | | 2.5 | | |
| Ohio | | | $ | 319 | | 20.7 | | % | 231 | | | $ | 1.4 | |
| New York | | | 106 | | | 6.9 | | | 105 | | | 1.0 | | |
| Illinois | | | 82 | | | 5.3 | | | 123 | | | 0.7 | | |
| California | | | 70 | | | 4.6 | | | 70 | | | 1.0 | | |
| Indiana | | | 67 | | | 4.3 | | | 92 | | | 0.7 | | |
| Alabama | | | 63 | | | 4.1 | | | 49 | | | 1.3 | | |
| Michigan | | | 51 | | | 3.3 | | | 100 | | | 0.5 | | |
| Kentucky | | | 47 | | | 3.1 | | | 53 | | | 0.9 | | |
| Illinois | | | $ | 31 | | 7.8 | | % |
| Ohio | | | 30 | | | 7.6 | | |
| Texas | | | 24 | | | 6.1 | | |
| Pennsylvania | | | 22 | | | 5.5 | | |
| Georgia | | | 20 | | | 5.0 | | |
An excerpt. Shown here: 40 of 2,154 rewritten, 40 of 780 added and 40 of 468 removed. The counts are complete. For every sentence, read Full document in the FY2022 filing and the FY2021 filing.