Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and

Issuer Purchases of Equity Securities

Cincinnati Financial Corporation had approximately 245,000 shareholders of record as of December 31, 2022. While approximately 13,700 shareholders are registered, the majority of shareholders are beneficial owners whose shares are held in “street name” by brokers and institutional accounts. We believe many of our independent agent representatives and most of the 5,148 associates of our subsidiaries own the company’s common stock. Our common shares are traded under the symbol CINF on Nasdaq.

Cumulative Total Return

As depicted in the graph below, the five-year total return on a $100 investment made December 31, 2017, assuming the reinvestment of all dividends, was 55.5% for Cincinnati Financial Corporation’s common stock compared with 56.9% for the S&P 500 Index and 73.9% for the S&P Composite 1500 Property & Casualty Insurance Index.

The following graph depicts $100 invested on December 31, 2017, in stock or index, including reinvestment of dividends. The years shown represent each respective fiscal year ending December 31.

Comparison of Five-Year Cumulative Total Return

The S&P 500 Index includes a representative sample of 500 leading companies in a cross section of industries of the U.S. economy. At year-end 2022, the S&P Composite 1500 Property & Casualty Insurance Index included 29 companies.

Cincinnati Financial Corporation - 2022 10-K - Page 45

Issuances and Purchases of Equity Securities

The following summarizes securities authorized for issuance under our equity compensation plans as of December 31, 2022:

The number of securities remaining available for future issuance includes: 4,313,579 shares available for issuance under the Cincinnati Financial Corporation 2016 Stock Compensation Plan (the 2016 Plan) and 243,389 shares available for issuance of share grants under the Director’s Stock Plan of 2018. The Cincinnati Financial Corporation 2012 Stock Compensation Plan expired in April 2022. The number of securities remaining available for future issuance assumes the number of securities to be issued from performance-based awards are issued at the target-level performance level. The 2016 Plan allows for issuance of stock options, service-based or performance-based restricted stock units, stock appreciation rights or other equity-based grants. Awards other than stock options granted from the 2016 Plan are counted as three shares against the plan for each one share of common stock actually issued. Additional information about share-based associate compensation granted under our equity compensation plans is available in Item 8, Note 17 of the Consolidated Financial Statements.

We discuss the factors that affect our ability to pay cash dividends and repurchase shares in Item 7, Liquidity and Capital Resources. Regulatory restrictions on dividends our insurance subsidiaries can pay to the parent company are discussed in Item 8, Note 9 of the Consolidated Financial Statements.

The following summarizes shares purchased under our repurchase programs:

We did not sell any of our shares that were not registered under the Securities Act during 2022. Our repurchase program does not have an expiration date. Our repurchase program was expanded on January 26, 2018, by

15 million shares. We have 7,326,785 shares available for purchase under our programs at December 31, 2022. During 2022, we repurchased 3,750,000 shares at an average price of $109.33.