filings.toolsCincinnati Financial (CINF) 10-K risk factor changes: FY2024 vs FY2023
The 2024-12-31 10-K against the 2023-12-31 one, compared heading by heading and sentence by sentence.
All filing items1,032 rewritten3,833 added3,796 removed1,819 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, 3,833 added, 3,796 removed, 1,032 rewritten and 1,819 unchanged across 3 items that differ.
- Not in this year's filing: Item 5. , Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities..
Sentences by item
3 items, with every count and a link to each item that changed
| Item | Added | Removed | Rewritten | Unchanged |
|---|---|---|---|---|
| Cover and table of contents | 107 | 124 | 348 | 841 |
| Item 1C. Cybersecurity | 3,726 | 91 | 684 | 978 |
| Item 5. , Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.dropped | 0 | 3,581 | 0 | 0 |
Underlined words on a shaded ground are new in FY2024; struck-through words were in FY2023. Sentences that are wholly new or wholly gone are labelled rather than marked.
Cover and table of contents
348 rewritten, 107 added, 124 removed, 841 unchanged
For the fiscal year ended December 31, [removed: 2023.][added: 2024.]
Cincinnati Financial Corporation - [removed: 2023] [added: 2024] 10-K - Page 1
The aggregate market value of voting stock held by nonaffiliates of the Registrant based on the closing price of [removed: $97.32] [added: $118.10] per share as reported on Nasdaq Global Select Market on June 30, [removed: 2023,] [added: 2024,] was [removed: $14,988,706,711.][added: $18,106,771,595.]
As of February [removed: 16, 2024,] [added: 14, 2025,] there were [removed: 156,665,018] [added: 156,523,953] 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: 4, 2024,] [added: 3, 2025,] are incorporated by reference into Part III of this Form 10-K.
Cincinnati Financial Corporation - [removed: 2023] [added: 2024] 10-K - Page 2
[removed: 2023] [added: 2024] ANNUAL REPORT ON FORM 10-K
| [Item [removed: 1.](#ia6ac93763b1b4c649a509de92246d484_13)] [added: 1.](#i2089d277ac2d43ceab1c778caacfee30_13)] | | | [removed: [Business](#ia6ac93763b1b4c649a509de92246d484_13)] [added: [Business](#i2089d277ac2d43ceab1c778caacfee30_13)] | | | [removed: [5](#ia6ac93763b1b4c649a509de92246d484_13)] [added: [5](#i2089d277ac2d43ceab1c778caacfee30_13)] | | |
| | | | [Cincinnati Financial Corporation – [removed: Introduction](#ia6ac93763b1b4c649a509de92246d484_16)] [added: Introduction](#i2089d277ac2d43ceab1c778caacfee30_16)] | | | [removed: [5](#ia6ac93763b1b4c649a509de92246d484_16)] [added: [5](#i2089d277ac2d43ceab1c778caacfee30_16)] | | |
| | | | [Our Business and Our [removed: Strategy](#ia6ac93763b1b4c649a509de92246d484_19)] [added: Strategy](#i2089d277ac2d43ceab1c778caacfee30_19)] | | | [removed: [6](#ia6ac93763b1b4c649a509de92246d484_19)] [added: [6](#i2089d277ac2d43ceab1c778caacfee30_19)] | | |
| | | | [Our [removed: Segments](#ia6ac93763b1b4c649a509de92246d484_22)] [added: Segments](#i2089d277ac2d43ceab1c778caacfee30_22)] | | | [removed: [14](#ia6ac93763b1b4c649a509de92246d484_22)] [added: [14](#i2089d277ac2d43ceab1c778caacfee30_22)] | | |
| [Item [removed: 1A.](#ia6ac93763b1b4c649a509de92246d484_31)] [added: 1A.](#i2089d277ac2d43ceab1c778caacfee30_31)] | | | [Risk [removed: Factors](#ia6ac93763b1b4c649a509de92246d484_31)] [added: Factors](#i2089d277ac2d43ceab1c778caacfee30_31)] | | | [removed: [30](#ia6ac93763b1b4c649a509de92246d484_31)] [added: [30](#i2089d277ac2d43ceab1c778caacfee30_31)] | | |
| [Item [removed: 1B.](#ia6ac93763b1b4c649a509de92246d484_43)] [added: 1B.](#i2089d277ac2d43ceab1c778caacfee30_43)] | | | [Unresolved Staff [removed: Comments](#ia6ac93763b1b4c649a509de92246d484_43)] [added: Comments](#i2089d277ac2d43ceab1c778caacfee30_43)] | | | [removed: [43](#ia6ac93763b1b4c649a509de92246d484_43)] [added: [41](#i2089d277ac2d43ceab1c778caacfee30_43)] | | |
| [Item [removed: 1C.](#ia6ac93763b1b4c649a509de92246d484_2517)] [added: 1C.](#i2089d277ac2d43ceab1c778caacfee30_46)] | | | [removed: [Cybersecurity](#ia6ac93763b1b4c649a509de92246d484_2517)] [added: [Cybersecurity](#i2089d277ac2d43ceab1c778caacfee30_46)] | | | [added: [41](#i2089d277ac2d43ceab1c778caacfee30_46)] | | |
| [Item [removed: 2.](#ia6ac93763b1b4c649a509de92246d484_46)] [added: 2.](#i2089d277ac2d43ceab1c778caacfee30_49)] | | | [removed: [Properties](#ia6ac93763b1b4c649a509de92246d484_46)] [added: [Properties](#i2089d277ac2d43ceab1c778caacfee30_49)] | | | [removed: [44](#ia6ac93763b1b4c649a509de92246d484_46)] [added: [42](#i2089d277ac2d43ceab1c778caacfee30_49)] | | |
| [Item [removed: 3.](#ia6ac93763b1b4c649a509de92246d484_49)] [added: 3.](#i2089d277ac2d43ceab1c778caacfee30_52)] | | | [Legal [removed: Proceedings](#ia6ac93763b1b4c649a509de92246d484_49)] [added: Proceedings](#i2089d277ac2d43ceab1c778caacfee30_52)] | | | [removed: [44](#ia6ac93763b1b4c649a509de92246d484_49)] [added: [42](#i2089d277ac2d43ceab1c778caacfee30_52)] | | |
| [Item [removed: 4.](#ia6ac93763b1b4c649a509de92246d484_52)] [added: 4.](#i2089d277ac2d43ceab1c778caacfee30_55)] | | | [Mine Safety [removed: Disclosures](#ia6ac93763b1b4c649a509de92246d484_52)] [added: Disclosures](#i2089d277ac2d43ceab1c778caacfee30_55)] | | | [removed: [44](#ia6ac93763b1b4c649a509de92246d484_52)] [added: [42](#i2089d277ac2d43ceab1c778caacfee30_55)] | | |
| [Item [removed: 5.](#ia6ac93763b1b4c649a509de92246d484_58)] [added: 5.](#i2089d277ac2d43ceab1c778caacfee30_61)] | | | [Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ia6ac93763b1b4c649a509de92246d484_58)] [added: Securities](#i2089d277ac2d43ceab1c778caacfee30_61)] | | | [removed: [45](#ia6ac93763b1b4c649a509de92246d484_58)] [added: [43](#i2089d277ac2d43ceab1c778caacfee30_61)] | | |
| [Item [removed: 6.](#ia6ac93763b1b4c649a509de92246d484_61)] [added: 6.](#i2089d277ac2d43ceab1c778caacfee30_64)] | | | [removed: [\[Reserved\]](#ia6ac93763b1b4c649a509de92246d484_61)] [added: [\[Reserved\]](#i2089d277ac2d43ceab1c778caacfee30_64)] | | | [removed: [46](#ia6ac93763b1b4c649a509de92246d484_61)] [added: [44](#i2089d277ac2d43ceab1c778caacfee30_64)] | | |
| [Item [removed: 7.](#ia6ac93763b1b4c649a509de92246d484_67)] [added: 7.](#i2089d277ac2d43ceab1c778caacfee30_70)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ia6ac93763b1b4c649a509de92246d484_67)] [added: Operations](#i2089d277ac2d43ceab1c778caacfee30_70)] | | | [removed: [47](#ia6ac93763b1b4c649a509de92246d484_67)] [added: [45](#i2089d277ac2d43ceab1c778caacfee30_70)] | | |
| | | | [Executive [removed: Summary](#ia6ac93763b1b4c649a509de92246d484_73)] [added: Summary](#i2089d277ac2d43ceab1c778caacfee30_76)] | | | [removed: [48](#ia6ac93763b1b4c649a509de92246d484_73)] [added: [46](#i2089d277ac2d43ceab1c778caacfee30_76)] | | |
| | | | [Critical Accounting [removed: Estimates](#ia6ac93763b1b4c649a509de92246d484_76)] [added: Estimates](#i2089d277ac2d43ceab1c778caacfee30_79)] | | | [removed: [53](#ia6ac93763b1b4c649a509de92246d484_76)] [added: [51](#i2089d277ac2d43ceab1c778caacfee30_79)] | | |
| | | | [Recent Accounting [removed: Pronouncements](#ia6ac93763b1b4c649a509de92246d484_79)] [added: Pronouncements](#i2089d277ac2d43ceab1c778caacfee30_82)] | | | [removed: [60](#ia6ac93763b1b4c649a509de92246d484_79)] [added: [58](#i2089d277ac2d43ceab1c778caacfee30_82)] | | |
| | | | [Financial [removed: Results](#ia6ac93763b1b4c649a509de92246d484_82)] [added: Results](#i2089d277ac2d43ceab1c778caacfee30_85)] | | | [removed: [61](#ia6ac93763b1b4c649a509de92246d484_82)] [added: [59](#i2089d277ac2d43ceab1c778caacfee30_85)] | | |
| | | | [Liquidity and Capital [removed: Resources](#ia6ac93763b1b4c649a509de92246d484_103)] [added: Resources](#i2089d277ac2d43ceab1c778caacfee30_106)] | | | [removed: [94](#ia6ac93763b1b4c649a509de92246d484_103)] [added: [92](#i2089d277ac2d43ceab1c778caacfee30_106)] | | |
| [Item [removed: 7A.](#ia6ac93763b1b4c649a509de92246d484_109)] [added: 7A.](#i2089d277ac2d43ceab1c778caacfee30_112)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ia6ac93763b1b4c649a509de92246d484_109)] [added: Risk](#i2089d277ac2d43ceab1c778caacfee30_112)] | | | [removed: [113](#ia6ac93763b1b4c649a509de92246d484_109)] [added: [112](#i2089d277ac2d43ceab1c778caacfee30_112)] | | |
| [Item [removed: 8.](#ia6ac93763b1b4c649a509de92246d484_124)] [added: 8.](#i2089d277ac2d43ceab1c778caacfee30_127)] | | | [Financial Statements and Supplementary [removed: Data](#ia6ac93763b1b4c649a509de92246d484_124)] [added: Data](#i2089d277ac2d43ceab1c778caacfee30_127)] | | | [removed: [119](#ia6ac93763b1b4c649a509de92246d484_124)] [added: [119](#i2089d277ac2d43ceab1c778caacfee30_127)] | | |
| | | | [Responsibility for Financial [removed: Statements](#ia6ac93763b1b4c649a509de92246d484_127)] [added: Statements](#i2089d277ac2d43ceab1c778caacfee30_130)] | | | [removed: [119](#ia6ac93763b1b4c649a509de92246d484_127)] [added: [119](#i2089d277ac2d43ceab1c778caacfee30_130)] | | |
| | | | [Management’s Annual Report on Internal Control Over Financial [removed: Reporting](#ia6ac93763b1b4c649a509de92246d484_130)] [added: Reporting](#i2089d277ac2d43ceab1c778caacfee30_133)] | | | [removed: [120](#ia6ac93763b1b4c649a509de92246d484_130)] [added: [120](#i2089d277ac2d43ceab1c778caacfee30_133)] | | |
| | | | [Report of Independent Registered Public Accounting [removed: Firm](#ia6ac93763b1b4c649a509de92246d484_133)] [added: Firm](#i2089d277ac2d43ceab1c778caacfee30_136)] (PCAOB ID No. 34) | | | [removed: [121](#ia6ac93763b1b4c649a509de92246d484_133)] [added: [121](#i2089d277ac2d43ceab1c778caacfee30_136)] | | |
| | | | [Consolidated Balance [removed: Sheets](#ia6ac93763b1b4c649a509de92246d484_136)] [added: Sheets](#i2089d277ac2d43ceab1c778caacfee30_139)] | | | [removed: [123](#ia6ac93763b1b4c649a509de92246d484_136)] [added: [123](#i2089d277ac2d43ceab1c778caacfee30_139)] | | |
| | | | [Consolidated Statements of [removed: Income](#ia6ac93763b1b4c649a509de92246d484_139)] [added: Income](#i2089d277ac2d43ceab1c778caacfee30_142)] | | | [removed: [124](#ia6ac93763b1b4c649a509de92246d484_139)] [added: [124](#i2089d277ac2d43ceab1c778caacfee30_142)] | | |
| | | | [Consolidated Statements of Comprehensive [removed: Income](#ia6ac93763b1b4c649a509de92246d484_142)] [added: Income](#i2089d277ac2d43ceab1c778caacfee30_145)] | | | [removed: [125](#ia6ac93763b1b4c649a509de92246d484_142)] [added: [125](#i2089d277ac2d43ceab1c778caacfee30_145)] | | |
| | | | [Consolidated Statements of Shareholders’ [removed: Equity](#ia6ac93763b1b4c649a509de92246d484_145)] [added: Equity](#i2089d277ac2d43ceab1c778caacfee30_148)] | | | [removed: [126](#ia6ac93763b1b4c649a509de92246d484_145)] [added: [126](#i2089d277ac2d43ceab1c778caacfee30_148)] | | |
| | | | [Consolidated Statements of Cash [removed: Flows](#ia6ac93763b1b4c649a509de92246d484_148)] [added: Flows](#i2089d277ac2d43ceab1c778caacfee30_151)] | | | [removed: [127](#ia6ac93763b1b4c649a509de92246d484_148)] [added: [127](#i2089d277ac2d43ceab1c778caacfee30_151)] | | |
| | | | [Notes to Consolidated Financial [removed: Statements](#ia6ac93763b1b4c649a509de92246d484_151)] [added: Statements](#i2089d277ac2d43ceab1c778caacfee30_154)] | | | [removed: [128](#ia6ac93763b1b4c649a509de92246d484_151)] [added: [128](#i2089d277ac2d43ceab1c778caacfee30_154)] | | |
Cincinnati Financial Corporation - [removed: 2023] [added: 2024] 10-K - Page 3
| [Item [removed: 9.](#ia6ac93763b1b4c649a509de92246d484_211)] [added: 9.](#i2089d277ac2d43ceab1c778caacfee30_214)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ia6ac93763b1b4c649a509de92246d484_211)] [added: Disclosure](#i2089d277ac2d43ceab1c778caacfee30_214)] | | | [removed: [182](#ia6ac93763b1b4c649a509de92246d484_211)] [added: [179](#i2089d277ac2d43ceab1c778caacfee30_214)] | | |
| [Item [removed: 9A.](#ia6ac93763b1b4c649a509de92246d484_214)] [added: 9A.](#i2089d277ac2d43ceab1c778caacfee30_217)] | | | [Controls and [removed: Procedures](#ia6ac93763b1b4c649a509de92246d484_214)] [added: Procedures](#i2089d277ac2d43ceab1c778caacfee30_217)] | | | [removed: [182](#ia6ac93763b1b4c649a509de92246d484_214)] [added: [179](#i2089d277ac2d43ceab1c778caacfee30_217)] | | |
| [Item [removed: 9B.](#ia6ac93763b1b4c649a509de92246d484_217)] [added: 9B.](#i2089d277ac2d43ceab1c778caacfee30_220)] | | | [Other [removed: Information](#ia6ac93763b1b4c649a509de92246d484_217)] [added: Information](#i2089d277ac2d43ceab1c778caacfee30_220)] | | | [removed: [182](#ia6ac93763b1b4c649a509de92246d484_217)] [added: [179](#i2089d277ac2d43ceab1c778caacfee30_220)] | | |
| [Part I](#i2089d277ac2d43ceab1c778caacfee30_10) | | | | | | [5](#i2089d277ac2d43ceab1c778caacfee30_13) | | |
| | | | [Other](#i2089d277ac2d43ceab1c778caacfee30_25) | | | [25](#i2089d277ac2d43ceab1c778caacfee30_25) | | |
| | | | [Regulation](#i2089d277ac2d43ceab1c778caacfee30_28) | | | [26](#i2089d277ac2d43ceab1c778caacfee30_28) | | |
| [Part II](#i2089d277ac2d43ceab1c778caacfee30_58) | | | | | | [43](#i2089d277ac2d43ceab1c778caacfee30_58) | | |
| | | | [Introduction](#i2089d277ac2d43ceab1c778caacfee30_73) | | | [45](#i2089d277ac2d43ceab1c778caacfee30_73) | | |
| | | | [Safe Harbor Statement](#i2089d277ac2d43ceab1c778caacfee30_109) | | | [109](#i2089d277ac2d43ceab1c778caacfee30_109) | | |
| [Part III](#i2089d277ac2d43ceab1c778caacfee30_226) | | | | | | [180](#i2089d277ac2d43ceab1c778caacfee30_226) | | |
| [Part IV](#i2089d277ac2d43ceab1c778caacfee30_244) | | | | | | [184](#i2089d277ac2d43ceab1c778caacfee30_244) | | |
| | | | | | | 2024 | | | | | | 2023 | | |
| | | | | | | 2024 | | | | | | 2023 | | |
On October 16, 2024, Fitch affirmed its ratings, revising its outlook to positive from stable.
| Ohio | | | $ | 1,124 | | 13.1 | | % | 277 | | | $ | 4.1 | |
| Illinois | | | 488 | | | 5.7 | | | 196 | | | 2.5 | | |
| New York | | | 451 | | | 5.3 | | | 206 | | | 2.2 | | |
| North Carolina | | | 387 | | | 4.5 | | | 133 | | | 2.9 | | |
| Pennsylvania | | | 340 | | | 4.0 | | | 181 | | | 1.9 | | |
| Indiana | | | 336 | | | 3.9 | | | 148 | | | 2.3 | | |
| Georgia | | | 336 | | | 3.9 | | | 125 | | | 2.7 | | |
| Missouri | | | 303 | | | 3.5 | | | 86 | | | 3.5 | | |
| Tennessee | | | 269 | | | 3.1 | | | 94 | | | 2.9 | | |
| Texas | | | 267 | | | 3.1 | | | 122 | | | 2.2 | | |
| Excess and surplus lines insurance | | | | | | 654 | | | | | | 570 | | | | | | 502 | | | | | | 6.8 | | |
| Total net written premiums | | | | | | $ | 9,605 | | | | | $ | 8,410 | | | | | $ | 7,646 | | | | | 100.0 | | % |
| Ohio | | | $ | 650 | | 14.5 | | % | 269 | | | $ | 2.4 | |
| Illinois | | | 262 | | | 5.8 | | | 175 | | | 1.5 | | |
| North Carolina | | | 255 | | | 5.7 | | | 126 | | | 2.0 | | |
| Pennsylvania | | | 243 | | | 5.4 | | | 164 | | | 1.5 | | |
| Indiana | | | 218 | | | 4.9 | | | 143 | | | 1.5 | | |
| New York | | | 209 | | | 4.7 | | | 172 | | | 1.2 | | |
| Virginia | | | 192 | | | 4.3 | | | 104 | | | 1.8 | | |
| Missouri | | | 181 | | | 4.0 | | | 70 | | | 2.6 | | |
| Tennessee | | | 179 | | | 4.0 | | | 89 | | | 2.0 | | |
| Georgia | | | 164 | | | 3.7 | | | 111 | | | 1.5 | | |
| Year ended December 31, 2024 | | | | | | | | | | | | | | |
| Ohio | | | $ | 435 | | 16.6 | | % | 255 | | | $ | 1.7 | |
| New York | | | 196 | | | 7.5 | | | 114 | | | 1.7 | | |
| California | | | 188 | | | 7.2 | | | 78 | | | 2.4 | | |
| Illinois | | | 174 | | | 6.6 | | | 146 | | | 1.2 | | |
| Georgia | | | 146 | | | 5.6 | | | 101 | | | 1.4 | | |
| Texas | | | 104 | | | 4.0 | | | 67 | | | 1.6 | | |
| [Part I](#ia6ac93763b1b4c649a509de92246d484_10) | | | | | | [5](#ia6ac93763b1b4c649a509de92246d484_13) | | |
| | | | [Other](#ia6ac93763b1b4c649a509de92246d484_25) | | | [25](#ia6ac93763b1b4c649a509de92246d484_25) | | |
| | | | [Regulation](#ia6ac93763b1b4c649a509de92246d484_28) | | | [26](#ia6ac93763b1b4c649a509de92246d484_28) | | |
| [Part II](#ia6ac93763b1b4c649a509de92246d484_55) | | | | | | [45](#ia6ac93763b1b4c649a509de92246d484_55) | | |
| | | | [Introduction](#ia6ac93763b1b4c649a509de92246d484_70) | | | [47](#ia6ac93763b1b4c649a509de92246d484_70) | | |
| | | | [Safe Harbor Statement](#ia6ac93763b1b4c649a509de92246d484_106) | | | [110](#ia6ac93763b1b4c649a509de92246d484_106) | | |
| [Part III](#ia6ac93763b1b4c649a509de92246d484_223) | | | | | | [183](#ia6ac93763b1b4c649a509de92246d484_223) | | |
| [Part IV](#ia6ac93763b1b4c649a509de92246d484_241) | | | | | | [187](#ia6ac93763b1b4c649a509de92246d484_241) | | |
| | | | | | | 2023 | | | | | | 2022 | | |
On June 29, 2023, S&P affirmed its ratings, continuing its stable outlook.
| Ohio | | | $ | 1,027 | | 13.4 | | % | 261 | | | $ | 3.9 | |
| Illinois | | | 408 | | | 5.3 | | | 190 | | | 2.1 | | |
| New York | | | 386 | | | 5.0 | | | 200 | | | 1.9 | | |
| North Carolina | | | 341 | | | 4.5 | | | 122 | | | 2.8 | | |
| Pennsylvania | | | 321 | | | 4.2 | | | 168 | | | 1.9 | | |
| Indiana | | | 299 | | | 3.9 | | | 140 | | | 2.1 | | |
| Missouri | | | 255 | | | 3.3 | | | 78 | | | 3.3 | | |
| Tennessee | | | 245 | | | 3.2 | | | 82 | | | 3.0 | | |
| Texas | | | 234 | | | 3.1 | | | 123 | | | 1.9 | | |
Read our Environmental, Social and Governance Report available on the Sustainability page of our website, *cinfin.com/sustainability*, for more information*.*
| Ohio | | | $ | 621 | | 14.6 | | % | 252 | | | $ | 2.5 | |
| Illinois | | | 244 | | | 5.7 | | | 167 | | | 1.5 | | |
| Pennsylvania | | | 240 | | | 5.6 | | | 155 | | | 1.5 | | |
| North Carolina | | | 230 | | | 5.4 | | | 115 | | | 2.0 | | |
| Indiana | | | 200 | | | 4.7 | | | 138 | | | 1.4 | | |
| New York | | | 185 | | | 4.3 | | | 169 | | | 1.1 | | |
| Missouri | | | 173 | | | 4.0 | | | 61 | | | 2.8 | | |
| Tennessee | | | 172 | | | 4.0 | | | 78 | | | 2.2 | | |
| Virginia | | | 171 | | | 4.0 | | | 89 | | | 1.9 | | |
| Georgia | | | 167 | | | 3.9 | | | 106 | | | 1.6 | | |
| Ohio | | | $ | 372 | | 18.2 | | % | 241 | | | $ | 1.5 | |
| New York | | | 163 | | | 8.0 | | | 111 | | | 1.5 | | |
| California | | | 151 | | | 7.4 | | | 75 | | | 2.0 | | |
| Georgia | | | 128 | | | 6.3 | | | 99 | | | 1.3 | | |
| Illinois | | | 125 | | | 6.1 | | | 142 | | | 0.9 | | |
| Indiana | | | 77 | | | 3.8 | | | 116 | | | 0.7 | | |
| Alabama | | | 70 | | | 3.4 | | | 61 | | | 1.1 | | |
| Texas | | | 67 | | | 3.3 | | | 65 | | | 1.0 | | |
| Connecticut | | | 61 | | | 3.0 | | | 46 | | | 1.3 | | |
| Illinois | | | $ | 39 | | 7.2 | | % |
An excerpt. Shown here: 40 of 348 rewritten, 40 of 107 added and 40 of 124 removed. The counts are complete. For every sentence, read Cover and table of contents in the FY2024 filing and the FY2023 filing.
Item 1C. Cybersecurity
684 rewritten, 3,726 added, 91 removed, 978 unchanged
When work with a vendor is evaluated, we consider, among other items, the availability of system and organization [removed: controls] [added: control] reports, [added: the use of artificial intelligence,] interactions with our systems, the data involved and its level of sensitivity, the amount of data the vendor will process, where the data will be stored, what they will do with the data and destruction of data.
[removed: Several] [added: Two] members of the audit committee have obtained certifications in cybersecurity oversight.
On a quarterly basis, the chief information officer provides a cybersecurity update to the disclosure committee and, on a monthly basis, the information security office team delivers a cybersecurity report to [added: members of] the senior executive team.
Cincinnati Financial Corporation - [removed: 2023] [added: 2024] 10-K - Page [removed: 43][added: 41]
In [removed: 2023,] [added: 2024,] the audit committee received four updates on matters related to cybersecurity.
The property, including [removed: land] [added: land,] is recorded in our financial statements at [removed: $133] [added: $7] million at December 31, [removed: 2023,] [added: 2024,] and is classified as Land, building and equipment, net, for company use.
The property is recorded in the financial statements at $3 million at December 31, [removed: 2023,] [added: 2024,] and is classified as investment property in Other invested assets.
At December 31, [removed: 2023,] [added: 2024,] unaffiliated tenants occupied 86%, Cincinnati Financial affiliates occupied 14%.
The property, including [removed: land,] [added: land] is recorded in our financial statements at [removed: $7] [added: $129] million at December 31, [removed: 2023,] [added: 2024,] and is classified as Land, building and equipment, net, for company use.
Cincinnati Financial Corporation - [removed: 2023] [added: 2024] 10-K - Page [removed: 44][added: 42]
Cincinnati Financial Corporation had approximately [removed: 205,000] [added: 223,000] shareholders of record as of December 31, [removed: 2023.][added: 2024.]
We believe many of our independent agent representatives and most of the [removed: 5,426] [added: 5,624] associates of our subsidiaries own the company’s common stock.
As depicted in the graph below, the five-year total return on a $100 investment made December 31, [removed: 2018,] [added: 2019,] assuming the reinvestment of all dividends, was [removed: 52.2%] [added: 56.2%] for Cincinnati Financial Corporation’s common stock compared with [removed: 107.2%] [added: 97.0%] for the S&P 500 Index and [removed: 99.6%] [added: 114.4%] for the S&P Composite 1500 Property & Casualty Insurance Index.
The following graph depicts $100 invested on December 31, [removed: 2018,] [added: 2019,] in stock or index, including reinvestment of dividends.
][added: return_2024_1-14-25.jpg](https://www.sec.gov/Archives/edgar/data/20286/000002028625000009/cinf-20241231_g1.jpg)]
At year-end [removed: 2023,] [added: 2024,] the S&P Composite 1500 Property & Casualty Insurance Index included [removed: 31] [added: 32] companies.
Cincinnati Financial Corporation - [removed: 2023] [added: 2024] 10-K - Page [removed: 45][added: 43]
The following summarizes securities authorized for issuance under our equity compensation plans as of December 31, [removed: 2023:][added: 2024:]
| Plan category | | | | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights at December 31, [removed: 2023] [added: 2024] | | | | | | Weighted-average exercise price of outstanding options, warrants and rights | | | | | | Number of securities remaining available for future issuance under equity compensation plan (excluding securities reflected in column (a)) at December 31, [removed: 2023] [added: 2024] | | |
The number of securities remaining available for future issuance includes: [removed: 3,395,481] [added: 9 million] shares available for issuance under the Cincinnati Financial Corporation [added: 2024 Stock Compensation Plan (the 2024 Plan), 2,172,270 shares available for issuance under the Cincinnati Financial Corporation] 2016 Stock Compensation Plan (the 2016 [removed: Plan)] [added: Plan),] and [removed: 231,865] [added: 222,086] shares available for issuance of share grants under the Director’s Stock Plan of 2018.
[removed: The] [added: Both the 2024 Plan and the] 2016 Plan [removed: allows] [added: allow] 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 [added: 2024 and] 2016 [removed: Plan] [added: plans] are counted as three shares against the plan for each one share of common stock actually issued.
| Totals | | | | | | [removed: —] [added: 37,279] | | | | | | — | | | | | | [removed: —] [added: 37,279] | | | | | | | | |
We did not sell any of our shares that were not registered under the Securities Act during [removed: 2023.][added: 2024.]
We have [removed: 6,726,785] [added: 5,614,506] shares available for purchase under our programs at December 31, [removed: 2023.][added: 2024.]
Cincinnati Financial Corporation - [removed: 2023] [added: 2024] 10-K - Page [removed: 46][added: 44]
Through The Cincinnati Insurance Company, Cincinnati Financial Corporation is one of the 25 largest property casualty insurers in the nation, based on net written premium volume for the first nine months of [removed: 2023,] [added: 2024,] among approximately 2,000 U.S. stock and mutual insurer groups.
Cincinnati Financial Corporation - [removed: 2023] [added: 2024] 10-K - Page [removed: 47][added: 45]
| [removed: As] [added: As] of December 31, [removed: 2023] [added: 2023] | | | | | | [removed: 19.5] [added: 19.5] | | [removed: %] | | | | [removed: 10.2] [added: 10.2] | | [removed: %] | | | | [removed: 15.2] [added: 15.2] | | [removed: %] |
At [removed: 19.5%] [added: 19.8%] for [removed: 2023,] [added: 2024,] our performance was above the high end of that range.
It was [removed: within] [added: below] the [added: low end of the] range for the three-year period and [removed: above] [added: at] the high end of the range for the five-year period, both that ended in December [removed: 2023.][added: 2024.]
| | | | | | | Years ended December 31, | | | | | | | | | | | | | | | | | | [removed: 2023-2022] [added: 2024-2023] | | | | | | [removed: 2022-2021] [added: 2023-2022] | | |
| | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | Pt. Change | | | | | | Pt. Change | | |
| Net income before investment gains | | | | | | [removed: 9.1] [added: 9.9] | | % | | | | [removed: 5.2] [added: 9.1] | | % | | | | [removed: 9.7] [added: 5.2] | | % | | | | [removed: 3.9] [added: 0.8] | | | | | | [removed: (4.5)] [added: 3.9] | | |
| Change in fixed-maturity securities, realized and unrealized gains | | | | | | [removed: 1.9] [added: (0.6)] | | | | | | [removed: (10.1)] [added: 1.9] | | | | | | [removed: (1.5)] [added: (10.1)] | | | | | | [removed: 12.0] [added: (2.5)] | | | | | | [removed: (8.6)] [added: 12.0] | | |
| Change in equity securities, investment gains | | | | | | [removed: 8.6] [added: 9.6] | | | | | | [removed: (9.3)] [added: 8.6] | | | | | | [removed: 16.8] [added: (9.3)] | | | | | | [removed: 17.9] [added: 1.0] | | | | | | [removed: (26.1)] [added: 17.9] | | |
| Other | | | | | | [removed: (0.1)] [added: 0.9] | | | | | | [removed: (0.4)] [added: (0.1)] | | | | | | [removed: 0.7] [added: (0.4)] | | | | | | [removed: 0.3] [added: 1.0] | | | | | | [removed: (1.1)] [added: 0.3] | | |
| Value creation ratio | | | | | | [removed: 19.5] [added: 19.8] | | % | | | | [removed: (14.6)] [added: 19.5] | | % | | | | [removed: 25.7] [added: (14.6)] | | % | | | | [removed: 34.1] [added: 0.3] | | | | | | [removed: (40.3)] [added: 34.1] | | |
The [removed: 2023] [added: 2024] value creation ratio improved by [removed: 34.1] [added: 0.3] percentage points, compared with [removed: 2022,] [added: 2023,] and again included a significant contribution from operating results, as shown in the table above, that was [removed: 3.9] [added: 0.8] percentage-points higher than last year.
The [removed: decrease] [added: increase] in [removed: 2022,] [added: 2023,] compared with [removed: 2021,] [added: 2022,] was primarily due to [removed: a reduction] [added: an increase] in overall net gains from our investment portfolio.
| Equity compensation plans approved by security holders | | | | | | 3,504,247 | | | | | | $ | 98.54 | | | | | 11,394,356 | | |
| Total | | | | | | 3,504,247 | | | | | | $ | 98.54 | | | | | 11,394,356 | | |
| October 1-31, 2024 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | 5,651,785 | | |
| November 1-30, 2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,651,785 | | |
| December 1-31, 2024 | | | | | | 37,279 | | | | | | 150.76 | | | | | | 37,279 | | | | | | 5,614,506 | | |
During 2024, we repurchased 1,112,279 shares at an average price of $113.55.
| As of December 31, 2024 | | | | | | 19.8 | | % | | | | 8.2 | | % | | | | 13.0 | | % |
The 2024 ratio improvement from operating results was partially offset by a reduction in overall net gains from our investment portfolio and other items, including a reduction of 2.5 percentage points from our fixed-maturity securities investment portfolio.
| | | | | | | 2024 | | | | | | 2023 | | |
| Long-term debt | | | | | | 790 | | | | | | 790 | | |
| Shareholders' equity | | | | | | 13,935 | | | | | | 12,098 | | |
Total investments increased by 12% during 2024 on a fair value basis.
The amount of our debt obligations at year-end 2024 matched year-end 2023.
Net income rose by $449 million in 2024, compared with 2023, including a $204 million increase in net investment gains on an after-tax basis.
against the company and other insurers.
Underwriting results improved in both 2024 and 2023, compared with the respective prior-year period.
| At December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | $ | 9,668 | | | | | $ | 8,948 | | | | | $ | 9,816 | | | | | $ | 434 | | | | | $ | 343 | |
| Commercial casualty | | | | | | $ | 3,423 | | | | | $ | 3,116 | | | | | $ | 3,583 | | | | | $ | 234 | | | | | $ | 184 | |
| Commercial property | | | | | | 516 | | | | | | 390 | | | | | | 532 | | | | | | 71 | | | | | | 56 | | |
| Workers' compensation | | | | | | 989 | | | | | | 842 | | | | | | 1,042 | | | | | | 100 | | | | | | 79 | | |
| Personal auto | | | | | | 445 | | | | | | 403 | | | | | | 477 | | | | | | 37 | | | | | | 29 | | |
| Homeowners | | | | | | 458 | | | | | | 399 | | | | | | 484 | | | | | | 42 | | | | | | 33 | | |
| Excess and surplus | | | | | | 1,079 | | | | | | 901 | | | | | | 1,185 | | | | | | 142 | | | | | | 112 | | |
| (Dollars in millions) | | | | | | Years ended December 31, | | | | | | | | | | | | | | | | | | 2024-2023 | | | | | | 2023-2022 | | |
| | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | Change % | | | | | | Change % | | |
| (Dollars in millions) | | | | | | Years ended December 31, | | | | | | | | | | | | | | | | | | 2024-2023 | | | | | | 2023-2022 | | |
| | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | Change % | | | | | | Change % | | |
| Earned premiums | | | | | | $ | 8,568 | | | | | $ | 7,645 | | | | | $ | 6,924 | | | | | 12 | | | | | | 10 | | |
Effective June 1, 2024, we restructured our reinsurance program for Cincinnati Re only, providing retrocession coverages with various triggers, exclusions and unique features.
The program included property catastrophe excess of loss coverage with a total available aggregate limit of $60 million in excess of $80 million per occurrence.
See Item 7, Liquidity and Capital Resources, 2025 Reinsurance Ceded Programs, for a discussion of other reinsurance coverage.
| 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mar. 12-17 | | | Flood, Lightning, Wind | | | Midwest, South | | | $ | 30 | | | | | $ | 31 | | | | | $ | — | | | | | $ | — | | | | | $ | 61 | |
| May 25-26 | | | Flood, Lightning, Wind | | | Midwest, South | | | 38 | | | | | | 29 | | | | | | 1 | | | | | | — | | | | | | 68 | | |
| Jul. 13-18 | | | Flood, Lightning, Wind | | | Midwest, Northeast | | | 18 | | | | | | 11 | | | | | | — | | | | | | — | | | | | | 29 | | |
| Sep. 25-28 | | | Flood, Lightning, Wind | | | Midwest, South (Helene) | | | 55 | | | | | | 133 | | | | | | 2 | | | | | | 43 | | | | | | 233 | | |
| Oct. 9-10 | | | Flood, Lightning, Wind | | | South (Milton) | | | 6 | | | | | | 3 | | | | | | — | | | | | | 61 | | | | | | 70 | | |
| All other 2024 catastrophes | | | | | | | | | 92 | | | | | | 149 | | | | | | 4 | | | | | | 30 | | | | | | 275 | | |
| Calendar year incurred total | | | | | | | | | $ | 242 | | | | | $ | 366 | | | | | $ | 8 | | | | | $ | 113 | | | | | $ | 729 | |
| Equity compensation plans approved by security holders | | | | | | 3,647,437 | | | | | | $ | 92.36 | | | | | 3,627,346 | | |
| Total | | | | | | 3,647,437 | | | | | | $ | 92.36 | | | | | 3,627,346 | | |
| October 1-31, 2023 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | 6,726,785 | | |
| November 1-30, 2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,726,785 | | |
| December 1-31, 2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,726,785 | | |
During 2023, we repurchased 600,000 shares at an average price of $110.99.
As discussed in Item 8, Note 1, Summary of Significant Accounting Policies, effective January 1, 2023, we adopted ASU 2018-12, *Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts*.
We adjusted applicable financial statements.
Related financial data shown in Management's Discussion and Analysis of Financial Condition and Results of Operations also have been adjusted.
| As of December 31, 2021 | | | | | | 25.7 | | | | | | 23.6 | | | | | | 18.7 | | |
The 2023 ratio improvement was primarily due to a higher valuation for our investment portfolio, with increases of 17.9 percentage-points from our equity securities investment portfolio and 12.0 points from our fixed-maturity securities investment portfolio.
We changed the target because we believe we can continue to perform at a high level.
Total investments increased by 13% during 2023 on a fair value basis, and included an increase in our securities portfolio valuation that added to an 8% increase in its cost basis.
A net loss of $487 million in 2022, representing a $3.455 billion decrease compared with net income for 2021, included a $3.062 billion reduction in net investment gains after taxes.
During 2021 through 2023, SARS-CoV-2, also known as COVID-19 and recognized as a pandemic by the World Health Organization, continued to cause various effects in parts of the world.
We believe it did not have a significant effect on our premium or investment revenues during 2023, 2022 or 2021.
For future periods, renewal premium or new business premium amounts could decline due to reduced spending by businesses or consumers,
or if the basis for policy premiums, such as sales and payrolls of businesses we insure, decrease as a result of a weakening economy, pandemic or other reasons.
Premium growth by segment is discussed below in Financial Results.
Because of various factors that affect exposure to certain insurance losses, such as less miles driven for vehicles or reduced sales and payrolls for businesses, there could be a reduction in future losses, and in some cases a generally corresponding reduction in premiums.
Loss experience in 2022 was much worse than in 2021, including higher current accident year loss and loss expenses before catastrophe losses that rose 20%, exceeding earned premium growth of 12%.
Obligations and Reserves.
| Total | | | | | | $ | 8,613 | | | | | $ | 7,926 | | | | | $ | 8,704 | | | | | $ | 389 | | | | | $ | 307 | |
| Commercial casualty | | | | | | $ | 3,090 | | | | | $ | 2,661 | | | | | $ | 3,272 | | | | | $ | 305 | | | | | $ | 241 | |
| Commercial property | | | | | | 509 | | | | | | 382 | | | | | | 589 | | | | | | 103 | | | | | | 81 | | |
| Homeowners | | | | | | 381 | | | | | | 351 | | | | | | 408 | | | | | | 29 | | | | | | 23 | | |
Effective June 1, 2023, we restructured our reinsurance program for Cincinnati Re that included property catastrophe excess of loss coverage.
The restructured treaties are for a period of one year and provide $40 million of coverage for various combinations of occurrences for business written in North America on a direct basis and by Cincinnati Re.
Cincinnati Global catastrophe losses are not applicable to the treaty.
There is a per occurrence limit of $20 million for Cincinnati Re catastrophe losses in excess of $80 million per event.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Sep. 27 - Oct. 1 | | | Flood, Hail, Wind | | | South (Ian) | | | 28 | | | | | | 42 | | | | | | — | | | | | | 133 | | | | | | 203 | | |
| Dec. 21-31 | | | Flood, Freeze, Ice, Snow, Wind | | | Midwest, Northeast, South, West | | | 110 | | | | | | 46 | | | | | | 2 | | | | | | 3 | | | | | | 161 | | |
| All other 2022 catastrophes | | | | | | | | | 151 | | | | | | 130 | | | | | | 3 | | | | | | 20 | | | | | | 304 | | |
| Calendar year incurred total | | | | | | | | | $ | 284 | | | | | $ | 192 | | | | | $ | 4 | | | | | $ | 152 | | | | | $ | 632 | |
| as of December 31, 2021 | | | | | | | | | | | | | | | | | | 4,024 | | | | | | | | | | | | | | | | | | 65.1 | | |
Earned premiums rose at a slower pace than other underwriting expenses during 2023, and we continued to carefully manage expenses while also making strategic investments that include enhancement of underwriting expertise.
New business written premiums in 2023 decreased $16 million, or 3%, compared with 2022, reflecting pricing discipline in a highly competitive environment.
Commercial umbrella coverages are part of our commercial casualty line of business that help protect businesses against liability from occurrences such as accidents or injuries.
An excerpt. Shown here: 40 of 684 rewritten, 40 of 3,726 added and 40 of 91 removed. The counts are complete. For every sentence, read Item 1C. Cybersecurity in the FY2024 filing and the FY2023 filing.
Item 5. , Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
0 rewritten, 0 added, 3,581 removed, 0 unchanged
Dropped this year
Obligations
We pay obligations to customers, suppliers and associates in the normal course of our business operations.
Some are contractual obligations that define the amount, circumstances and/or timing of payments.
We have other commitments for business expenditures; such as $223 million we expect to fund for our private equity and real estate investments, however, the amount, circumstances and/or timing of our other commitments are not dictated by contractual arrangements.
Contractual Obligations
At December 31, 2023, we estimated our significant future contractual obligations as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (Dollars in millions) | | | | | | Year | | | | | | Years | | | | | | | | | | | | There- | | | | | | | | |
| Payment due by period | | | | | | 2024 | | | | | | 2025-2028 | | | | | | | | | | | | after | | | | | | Total | | |
| Gross property casualty loss and loss expense payments | | | | | | $ | 2,963 | | | | | $ | 4,742 | | | | | | | | | | | $ | 1,270 | | | | | $ | 8,975 | |
| Gross life policyholder obligations | | | | | | 145 | | | | | | 500 | | | | | | | | | | | | 5,709 | | | | | | 6,354 | | |
| Long-term debt | | | | | | — | | | | | | — | | | | | | | | | | | | 793 | | | | | | 793 | | |
| Interest on long-term debt | | | | | | 52 | | | | | | 193 | | | | | | | | | | | | 126 | | | | | | 371 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Profit-sharing commissions | | | | | | 208 | | | | | | — | | | | | | | | | | | | — | | | | | | 208 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other liabilities | | | | | | 123 | | | | | | 83 | | | | | | | | | | | | 1 | | | | | | 207 | | |
| Total | | | | | | $ | 3,491 | | | | | $ | 5,518 | | | | | | | | | | | $ | 7,899 | | | | | $ | 16,908 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liquidity and Capital Resources Outlook
At December 31, 2023, we had $907 million in cash and cash equivalents.
During 2024, our lead insurance subsidiary may pay a maximum of $729 million in dividends to our parent company without regulatory approval.
That strong liquidity and our consistent cash flows give us the flexibility to meet current obligations and commitments while building value by prudently investing where we see potential for both current income and long-term return.
Our cash and cash equivalents provide adequate financial cushion when short-term operating results do not meet our objectives.
A long-term perspective governs our liquidity and capital resources decisions, with the goal of benefiting our policyholders, agents, shareholders and associates over time.
Our underwriting philosophy and initiatives can drive performance to achieve underwriting profit.
Our GAAP combined ratio averaged 94.6% over the five-year period 2019 through 2023, resulting in strong underwriting profits.
In any year, we consider the most likely source of pressure on liquidity would be an unusually high level of catastrophe loss payments within a short period of time.
There could be additional obligations for our insurance operations due to increasing severity or frequency of noncatastrophe claims.
To address the risk of unusually large insurance loss obligations, including catastrophe events, we maintain property casualty reinsurance contracts with highly rated reinsurers, as discussed under 2024 Reinsurance Ceded Programs.
We also monitor the financial condition of our reinsurers because their insolvency could jeopardize a portion of our $651 million reinsurance recoverable asset at December 31, 2023.
Parent-company liquidity could also be constrained by Ohio regulatory requirements that restrict the dividends insurance subsidiaries can pay.
Economic weakness also has the potential to affect our liquidity and capital resources in a number of different ways, including delinquent payments from agencies, defaults on interest payments by fixed-maturity holdings in our portfolio, dividend reductions by holdings in our equity portfolio or declines in the market value of holdings in our portfolio.
Cincinnati Financial Corporation - 2023 10-K - Page 97
Off-Balance-Sheet Arrangements
We do not use any special-purpose financing vehicles or have any undisclosed off-balance-sheet arrangements (as that term is defined in applicable SEC rules) that are reasonably likely to have a current or future material effect on the company’s financial condition, results of operation, liquidity, capital expenditures or capital resources.
Property Casualty Loss and Loss Expense Obligations and Reserves
Our estimate of future gross property casualty loss and loss expense payments of $8.975 billion is lower than loss and loss expense reserves of $9.050 billion reported on our balance sheet at December 31, 2023.
An excerpt. Shown here: all 0 rewritten, all 0 added and 40 of 3,581 removed. The counts are complete. For every sentence, read Item 5. , Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. in the FY2023 filing.