filings.toolsCincinnati Financial (CINF) 10-K risk factor changes: FY2025 vs FY2024
The 2025-12-31 10-K against the 2024-12-31 one, compared heading by heading and sentence by sentence.
All filing items2,321 rewritten610 added465 removed3,646 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, 610 added, 465 removed, 2,321 rewritten and 3,646 unchanged across 2 items that differ.
Sentences by item
2 items, with every count and a link to each item that changed
| Item | Added | Removed | Rewritten | Unchanged |
|---|---|---|---|---|
| Cover and table of contents | 58 | 59 | 279 | 952 |
| Item 1C. Cybersecurity | 552 | 406 | 2,042 | 2,694 |
Underlined words on a shaded ground are new in FY2025; struck-through words were in FY2024. Sentences that are wholly new or wholly gone are labelled rather than marked.
Cover and table of contents
279 rewritten, 58 added, 59 removed, 952 unchanged
For the fiscal year ended December 31, [removed: 2024.][added: 2025.]
Cincinnati Financial Corporation - [removed: 2024] [added: 2025] 10-K - Page 1
The aggregate market value of voting stock held by nonaffiliates of the Registrant based on the closing price of [removed: $118.10] [added: $148.92] per share as reported on Nasdaq Global Select Market on June 30, [removed: 2024,] [added: 2025,] was [removed: $18,106,771,595.][added: $22,846,561,651.]
As of February [removed: 14, 2025,] [added: 17, 2026,] there were [removed: 156,523,953] [added: 155,617,576] 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: 3, 2025,] [added: 2, 2026,] are incorporated by reference into Part III of this Form 10-K.
Cincinnati Financial Corporation - [removed: 2024] [added: 2025] 10-K - Page 2
[removed: 2024] [added: 2025] ANNUAL REPORT ON FORM 10-K
| [Item [removed: 1.](#i2089d277ac2d43ceab1c778caacfee30_13)] [added: 1.](#id1c3ff7df8264bb4a4fc15ae455ab35b_13)] | | | [removed: [Business](#i2089d277ac2d43ceab1c778caacfee30_13)] [added: [Business](#id1c3ff7df8264bb4a4fc15ae455ab35b_13)] | | | [removed: [5](#i2089d277ac2d43ceab1c778caacfee30_13)] [added: [5](#id1c3ff7df8264bb4a4fc15ae455ab35b_13)] | | |
| | | | [Cincinnati Financial Corporation – [removed: Introduction](#i2089d277ac2d43ceab1c778caacfee30_16)] [added: Introduction](#id1c3ff7df8264bb4a4fc15ae455ab35b_16)] | | | [removed: [5](#i2089d277ac2d43ceab1c778caacfee30_16)] [added: [5](#id1c3ff7df8264bb4a4fc15ae455ab35b_16)] | | |
| | | | [Our Business and Our [removed: Strategy](#i2089d277ac2d43ceab1c778caacfee30_19)] [added: Strategy](#id1c3ff7df8264bb4a4fc15ae455ab35b_19)] | | | [removed: [6](#i2089d277ac2d43ceab1c778caacfee30_19)] [added: [6](#id1c3ff7df8264bb4a4fc15ae455ab35b_19)] | | |
| | | | [Our [removed: Segments](#i2089d277ac2d43ceab1c778caacfee30_22)] [added: Segments](#id1c3ff7df8264bb4a4fc15ae455ab35b_22)] | | | [removed: [14](#i2089d277ac2d43ceab1c778caacfee30_22)] [added: [14](#id1c3ff7df8264bb4a4fc15ae455ab35b_22)] | | |
| [Item [removed: 1A.](#i2089d277ac2d43ceab1c778caacfee30_31)] [added: 1A.](#id1c3ff7df8264bb4a4fc15ae455ab35b_31)] | | | [Risk [removed: Factors](#i2089d277ac2d43ceab1c778caacfee30_31)] [added: Factors](#id1c3ff7df8264bb4a4fc15ae455ab35b_31)] | | | [removed: [30](#i2089d277ac2d43ceab1c778caacfee30_31)] [added: [30](#id1c3ff7df8264bb4a4fc15ae455ab35b_31)] | | |
| [Item [removed: 1B.](#i2089d277ac2d43ceab1c778caacfee30_43)] [added: 1B.](#id1c3ff7df8264bb4a4fc15ae455ab35b_43)] | | | [Unresolved Staff [removed: Comments](#i2089d277ac2d43ceab1c778caacfee30_43)] [added: Comments](#id1c3ff7df8264bb4a4fc15ae455ab35b_43)] | | | [removed: [41](#i2089d277ac2d43ceab1c778caacfee30_43)] [added: [41](#id1c3ff7df8264bb4a4fc15ae455ab35b_43)] | | |
| [Item [removed: 1C.](#i2089d277ac2d43ceab1c778caacfee30_46)] [added: 1C.](#id1c3ff7df8264bb4a4fc15ae455ab35b_46)] | | | [removed: [Cybersecurity](#i2089d277ac2d43ceab1c778caacfee30_46)] [added: [Cybersecurity](#id1c3ff7df8264bb4a4fc15ae455ab35b_46)] | | | [removed: [41](#i2089d277ac2d43ceab1c778caacfee30_46)] [added: [41](#id1c3ff7df8264bb4a4fc15ae455ab35b_46)] | | |
| [Item [removed: 2.](#i2089d277ac2d43ceab1c778caacfee30_49)] [added: 2.](#id1c3ff7df8264bb4a4fc15ae455ab35b_49)] | | | [removed: [Properties](#i2089d277ac2d43ceab1c778caacfee30_49)] [added: [Properties](#id1c3ff7df8264bb4a4fc15ae455ab35b_49)] | | | [removed: [42](#i2089d277ac2d43ceab1c778caacfee30_49)] [added: [42](#id1c3ff7df8264bb4a4fc15ae455ab35b_49)] | | |
| [Item [removed: 3.](#i2089d277ac2d43ceab1c778caacfee30_52)] [added: 3.](#id1c3ff7df8264bb4a4fc15ae455ab35b_52)] | | | [Legal [removed: Proceedings](#i2089d277ac2d43ceab1c778caacfee30_52)] [added: Proceedings](#id1c3ff7df8264bb4a4fc15ae455ab35b_52)] | | | [removed: [42](#i2089d277ac2d43ceab1c778caacfee30_52)] [added: [42](#id1c3ff7df8264bb4a4fc15ae455ab35b_52)] | | |
| [Item [removed: 4.](#i2089d277ac2d43ceab1c778caacfee30_55)] [added: 4.](#id1c3ff7df8264bb4a4fc15ae455ab35b_55)] | | | [Mine Safety [removed: Disclosures](#i2089d277ac2d43ceab1c778caacfee30_55)] [added: Disclosures](#id1c3ff7df8264bb4a4fc15ae455ab35b_55)] | | | [removed: [42](#i2089d277ac2d43ceab1c778caacfee30_55)] [added: [42](#id1c3ff7df8264bb4a4fc15ae455ab35b_55)] | | |
| [Item [removed: 5.](#i2089d277ac2d43ceab1c778caacfee30_61)] [added: 5.](#id1c3ff7df8264bb4a4fc15ae455ab35b_61)] | | | [Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i2089d277ac2d43ceab1c778caacfee30_61)] [added: Securities](#id1c3ff7df8264bb4a4fc15ae455ab35b_61)] | | | [removed: [43](#i2089d277ac2d43ceab1c778caacfee30_61)] [added: [43](#id1c3ff7df8264bb4a4fc15ae455ab35b_61)] | | |
| [Item [removed: 6.](#i2089d277ac2d43ceab1c778caacfee30_64)] [added: 6.](#id1c3ff7df8264bb4a4fc15ae455ab35b_64)] | | | [removed: [\[Reserved\]](#i2089d277ac2d43ceab1c778caacfee30_64)] [added: [\[Reserved\]](#id1c3ff7df8264bb4a4fc15ae455ab35b_64)] | | | [removed: [44](#i2089d277ac2d43ceab1c778caacfee30_64)] [added: [44](#id1c3ff7df8264bb4a4fc15ae455ab35b_64)] | | |
| [Item [removed: 7.](#i2089d277ac2d43ceab1c778caacfee30_70)] [added: 7.](#id1c3ff7df8264bb4a4fc15ae455ab35b_70)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i2089d277ac2d43ceab1c778caacfee30_70)] [added: Operations](#id1c3ff7df8264bb4a4fc15ae455ab35b_70)] | | | [removed: [45](#i2089d277ac2d43ceab1c778caacfee30_70)] [added: [45](#id1c3ff7df8264bb4a4fc15ae455ab35b_70)] | | |
| | | | [Executive [removed: Summary](#i2089d277ac2d43ceab1c778caacfee30_76)] [added: Summary](#id1c3ff7df8264bb4a4fc15ae455ab35b_76)] | | | [removed: [46](#i2089d277ac2d43ceab1c778caacfee30_76)] [added: [46](#id1c3ff7df8264bb4a4fc15ae455ab35b_76)] | | |
| | | | [Critical Accounting [removed: Estimates](#i2089d277ac2d43ceab1c778caacfee30_79)] [added: Estimates](#id1c3ff7df8264bb4a4fc15ae455ab35b_79)] | | | [removed: [51](#i2089d277ac2d43ceab1c778caacfee30_79)] [added: [49](#id1c3ff7df8264bb4a4fc15ae455ab35b_79)] | | |
| | | | [Recent Accounting [removed: Pronouncements](#i2089d277ac2d43ceab1c778caacfee30_82)] [added: Pronouncements](#id1c3ff7df8264bb4a4fc15ae455ab35b_82)] | | | [removed: [58](#i2089d277ac2d43ceab1c778caacfee30_82)] [added: [56](#id1c3ff7df8264bb4a4fc15ae455ab35b_82)] | | |
| | | | [Financial [removed: Results](#i2089d277ac2d43ceab1c778caacfee30_85)] [added: Results](#id1c3ff7df8264bb4a4fc15ae455ab35b_85)] | | | [removed: [59](#i2089d277ac2d43ceab1c778caacfee30_85)] [added: [57](#id1c3ff7df8264bb4a4fc15ae455ab35b_85)] | | |
| | | | [Liquidity and Capital [removed: Resources](#i2089d277ac2d43ceab1c778caacfee30_106)] [added: Resources](#id1c3ff7df8264bb4a4fc15ae455ab35b_106)] | | | [removed: [92](#i2089d277ac2d43ceab1c778caacfee30_106)] [added: [89](#id1c3ff7df8264bb4a4fc15ae455ab35b_106)] | | |
| | | | [Safe Harbor [removed: Statement](#i2089d277ac2d43ceab1c778caacfee30_109)] [added: Statement](#id1c3ff7df8264bb4a4fc15ae455ab35b_109)] | | | [removed: [109](#i2089d277ac2d43ceab1c778caacfee30_109)] [added: [106](#id1c3ff7df8264bb4a4fc15ae455ab35b_109)] | | |
| [Item [removed: 7A.](#i2089d277ac2d43ceab1c778caacfee30_112)] [added: 7A.](#id1c3ff7df8264bb4a4fc15ae455ab35b_112)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i2089d277ac2d43ceab1c778caacfee30_112)] [added: Risk](#id1c3ff7df8264bb4a4fc15ae455ab35b_112)] | | | [removed: [112](#i2089d277ac2d43ceab1c778caacfee30_112)] [added: [109](#id1c3ff7df8264bb4a4fc15ae455ab35b_112)] | | |
| [Item [removed: 8.](#i2089d277ac2d43ceab1c778caacfee30_127)] [added: 8.](#id1c3ff7df8264bb4a4fc15ae455ab35b_127)] | | | [Financial Statements and Supplementary [removed: Data](#i2089d277ac2d43ceab1c778caacfee30_127)] [added: Data](#id1c3ff7df8264bb4a4fc15ae455ab35b_127)] | | | [removed: [119](#i2089d277ac2d43ceab1c778caacfee30_127)] [added: [115](#id1c3ff7df8264bb4a4fc15ae455ab35b_127)] | | |
| | | | [Responsibility for Financial [removed: Statements](#i2089d277ac2d43ceab1c778caacfee30_130)] [added: Statements](#id1c3ff7df8264bb4a4fc15ae455ab35b_130)] | | | [removed: [119](#i2089d277ac2d43ceab1c778caacfee30_130)] [added: [115](#id1c3ff7df8264bb4a4fc15ae455ab35b_130)] | | |
| | | | [Management’s Annual Report on Internal Control Over Financial [removed: Reporting](#i2089d277ac2d43ceab1c778caacfee30_133)] [added: Reporting](#id1c3ff7df8264bb4a4fc15ae455ab35b_133)] | | | [removed: [120](#i2089d277ac2d43ceab1c778caacfee30_133)] [added: [116](#id1c3ff7df8264bb4a4fc15ae455ab35b_133)] | | |
| | | | [Report of Independent Registered Public Accounting [removed: Firm](#i2089d277ac2d43ceab1c778caacfee30_136)] [added: Firm](#id1c3ff7df8264bb4a4fc15ae455ab35b_136)] (PCAOB ID No. 34) | | | [removed: [121](#i2089d277ac2d43ceab1c778caacfee30_136)] [added: [117](#id1c3ff7df8264bb4a4fc15ae455ab35b_136)] | | |
| | | | [Consolidated Balance [removed: Sheets](#i2089d277ac2d43ceab1c778caacfee30_139)] [added: Sheets](#id1c3ff7df8264bb4a4fc15ae455ab35b_139)] | | | [removed: [123](#i2089d277ac2d43ceab1c778caacfee30_139)] [added: [119](#id1c3ff7df8264bb4a4fc15ae455ab35b_139)] | | |
| | | | [Consolidated Statements of [removed: Income](#i2089d277ac2d43ceab1c778caacfee30_142)] [added: Income](#id1c3ff7df8264bb4a4fc15ae455ab35b_142)] | | | [removed: [124](#i2089d277ac2d43ceab1c778caacfee30_142)] [added: [120](#id1c3ff7df8264bb4a4fc15ae455ab35b_142)] | | |
| | | | [Consolidated Statements of Comprehensive [removed: Income](#i2089d277ac2d43ceab1c778caacfee30_145)] [added: Income](#id1c3ff7df8264bb4a4fc15ae455ab35b_145)] | | | [removed: [125](#i2089d277ac2d43ceab1c778caacfee30_145)] [added: [121](#id1c3ff7df8264bb4a4fc15ae455ab35b_145)] | | |
| | | | [Consolidated Statements of Shareholders’ [removed: Equity](#i2089d277ac2d43ceab1c778caacfee30_148)] [added: Equity](#id1c3ff7df8264bb4a4fc15ae455ab35b_148)] | | | [removed: [126](#i2089d277ac2d43ceab1c778caacfee30_148)] [added: [122](#id1c3ff7df8264bb4a4fc15ae455ab35b_148)] | | |
| | | | [Consolidated Statements of Cash [removed: Flows](#i2089d277ac2d43ceab1c778caacfee30_151)] [added: Flows](#id1c3ff7df8264bb4a4fc15ae455ab35b_151)] | | | [removed: [127](#i2089d277ac2d43ceab1c778caacfee30_151)] [added: [123](#id1c3ff7df8264bb4a4fc15ae455ab35b_151)] | | |
| | | | [Notes to Consolidated Financial [removed: Statements](#i2089d277ac2d43ceab1c778caacfee30_154)] [added: Statements](#id1c3ff7df8264bb4a4fc15ae455ab35b_154)] | | | [removed: [128](#i2089d277ac2d43ceab1c778caacfee30_154)] [added: [124](#id1c3ff7df8264bb4a4fc15ae455ab35b_154)] | | |
Cincinnati Financial Corporation - [removed: 2024] [added: 2025] 10-K - Page 3
| [Item [removed: 9.](#i2089d277ac2d43ceab1c778caacfee30_214)] [added: 9.](#id1c3ff7df8264bb4a4fc15ae455ab35b_214)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i2089d277ac2d43ceab1c778caacfee30_214)] [added: Disclosure](#id1c3ff7df8264bb4a4fc15ae455ab35b_214)] | | | [removed: [179](#i2089d277ac2d43ceab1c778caacfee30_214)] [added: [175](#id1c3ff7df8264bb4a4fc15ae455ab35b_214)] | | |
| [Item [removed: 9A.](#i2089d277ac2d43ceab1c778caacfee30_217)] [added: 9A.](#id1c3ff7df8264bb4a4fc15ae455ab35b_217)] | | | [Controls and [removed: Procedures](#i2089d277ac2d43ceab1c778caacfee30_217)] [added: Procedures](#id1c3ff7df8264bb4a4fc15ae455ab35b_217)] | | | [removed: [179](#i2089d277ac2d43ceab1c778caacfee30_217)] [added: [175](#id1c3ff7df8264bb4a4fc15ae455ab35b_217)] | | |
| [Part I](#id1c3ff7df8264bb4a4fc15ae455ab35b_10) | | | | | | [5](#id1c3ff7df8264bb4a4fc15ae455ab35b_13) | | |
| | | | [Other](#id1c3ff7df8264bb4a4fc15ae455ab35b_25) | | | [25](#id1c3ff7df8264bb4a4fc15ae455ab35b_25) | | |
| | | | [Regulation](#id1c3ff7df8264bb4a4fc15ae455ab35b_28) | | | [26](#id1c3ff7df8264bb4a4fc15ae455ab35b_28) | | |
| [Part II](#id1c3ff7df8264bb4a4fc15ae455ab35b_58) | | | | | | [43](#id1c3ff7df8264bb4a4fc15ae455ab35b_58) | | |
| | | | [Introduction](#id1c3ff7df8264bb4a4fc15ae455ab35b_73) | | | [45](#id1c3ff7df8264bb4a4fc15ae455ab35b_73) | | |
| [Part IV](#id1c3ff7df8264bb4a4fc15ae455ab35b_244) | | | | | | [180](#id1c3ff7df8264bb4a4fc15ae455ab35b_244) | | |
| | | | | | | 2025 | | | | | | 2024 | | |
| | | | | | | 2025 | | | | | | 2024 | | |
On September 3, 2025, Fitch upgraded its ratings to AA- from A+, revising its outlook to stable from positive.
| Ohio | | | $ | 1,233 | | 12.8 | | % | 287 | | | $ | 4.3 | |
| Illinois | | | 560 | | | 5.8 | | | 212 | | | 2.6 | | |
| New York | | | 526 | | | 5.4 | | | 227 | | | 2.3 | | |
| North Carolina | | | 445 | | | 4.6 | | | 152 | | | 2.9 | | |
| Indiana | | | 378 | | | 3.9 | | | 158 | | | 2.4 | | |
| Pennsylvania | | | 369 | | | 3.8 | | | 196 | | | 1.9 | | |
| Georgia | | | 355 | | | 3.7 | | | 134 | | | 2.6 | | |
| Texas | | | 320 | | | 3.3 | | | 129 | | | 2.5 | | |
| Virginia | | | 296 | | | 3.1 | | | 129 | | | 2.3 | | |
| Excess and surplus lines insurance | | | | | | 729 | | | | | | 654 | | | | | | 570 | | | | | | 7.0 | | |
| Total net written premiums | | | | | | $ | 10,442 | | | | | $ | 9,605 | | | | | $ | 8,410 | | | | | 100.0 | | % |
| Ohio | | | $ | 699 | | 14.4 | | % | 275 | | | $ | 2.5 | |
| Illinois | | | 290 | | | 6.0 | | | 191 | | | 1.5 | | |
| North Carolina | | | 282 | | | 5.8 | | | 143 | | | 2.0 | | |
| Pennsylvania | | | 257 | | | 5.3 | | | 173 | | | 1.5 | | |
| Indiana | | | 242 | | | 5.0 | | | 153 | | | 1.6 | | |
| New York | | | 241 | | | 5.0 | | | 196 | | | 1.2 | | |
| Virginia | | | 212 | | | 4.4 | | | 120 | | | 1.8 | | |
| Missouri | | | 195 | | | 4.0 | | | 79 | | | 2.5 | | |
| Tennessee | | | 188 | | | 3.9 | | | 96 | | | 2.0 | | |
| Michigan | | | 167 | | | 3.4 | | | 147 | | | 1.1 | | |
who have complex needs based on their affluence, investments and belongings.
| Year ended December 31, 2025 | | | | | | | | | | | | | | |
| Ohio | | | $ | 497 | | 15.5 | | % | 263 | | | $ | 1.9 | |
| New York | | | 224 | | | 7.0 | | | 123 | | | 1.8 | | |
| Illinois | | | 213 | | | 6.7 | | | 153 | | | 1.4 | | |
| Georgia | | | 163 | | | 5.1 | | | 102 | | | 1.6 | | |
| California | | | 159 | | | 5.0 | | | 76 | | | 2.1 | | |
| Texas | | | 151 | | | 4.7 | | | 70 | | | 2.2 | | |
| Missouri | | | 145 | | | 4.5 | | | 74 | | | 2.0 | | |
| North Carolina | | | 127 | | | 4.0 | | | 123 | | | 1.0 | | |
| [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) | | |
| [Part IV](#i2089d277ac2d43ceab1c778caacfee30_244) | | | | | | [184](#i2089d277ac2d43ceab1c778caacfee30_244) | | |
marketed in 44 of those states.
| | | | | | | 2024 | | | | | | 2023 | | |
agency marketplace.
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 | | |
| 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 | | |
In 2024, our appointed agencies produced for us approximately $1.719 billion of net written premiums in total from policyholders with insured home values of $1 million or more, up 37% from 2023.
We estimate those policyholders represent
approximately 31% of our total personal lines policyholders.
| 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 | | |
| North Carolina | | | 99 | | | 3.8 | | | 110 | | | 0.9 | | |
| Indiana | | | 93 | | | 3.5 | | | 123 | | | 0.8 | | |
An excerpt. Shown here: 40 of 279 rewritten, 40 of 58 added and 40 of 59 removed. The counts are complete. For every sentence, read Cover and table of contents in the FY2025 filing and the FY2024 filing.
Item 1C. Cybersecurity
2,042 rewritten, 552 added, 406 removed, 2,694 unchanged
When work with a vendor is evaluated, we consider, among other items, the availability of system and organization control reports, 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, [added: how the data will be protected,] what they will do with the data and destruction of data.
Cincinnati Financial Corporation - [removed: 2024] [added: 2025] 10-K - Page 41
In [removed: 2024,] [added: 2025,] 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: $129] [added: $7] million at December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] and is classified as investment property in Other invested assets.
At December 31, [removed: 2024,] [added: 2025,] unaffiliated tenants occupied [removed: 86%,] [added: 90%, with no] Cincinnati Financial affiliates [removed: occupied 14%.][added: occupying the property.]
The property, including [removed: land,] [added: land] is recorded in our financial statements at [removed: $7] [added: $127] million at December 31, [removed: 2024,] [added: 2025,] and is classified as Land, building and equipment, net, for company use.
Cincinnati Financial Corporation - [removed: 2024] [added: 2025] 10-K - Page 42
Cincinnati Financial Corporation had [removed: approximately 223,000] [added: 13,881] shareholders of record as of December 31, [removed: 2024.][added: 2025.]
As depicted in the graph below, the five-year total return on a $100 investment made December 31, [removed: 2019,] [added: 2020,] assuming the reinvestment of all dividends, was [removed: 56.2%] [added: 111.5%] for Cincinnati Financial Corporation’s common stock compared with [removed: 97.0%] [added: 96.2%] for the S&P 500 Index and [removed: 114.4%] [added: 121.7%] for the S&P Composite 1500 Property & Casualty Insurance Index.
The following graph depicts $100 invested on December 31, [removed: 2019,] [added: 2020,] in stock or index, including reinvestment of dividends.
[removed: ![Comparison] [added: Comparison of Five-Year Cumulative Total Return![Comparison] 5-year total [removed: return_2024_1-14-25.jpg](https://www.sec.gov/Archives/edgar/data/20286/000002028625000009/cinf-20241231_g1.jpg)][added: return_2025_1-14-26.jpg](https://www.sec.gov/Archives/edgar/data/20286/000002028626000008/cinf-20251231_g1.jpg)]
At year-end [removed: 2024,] [added: 2025,] the S&P Composite 1500 Property & Casualty Insurance Index included 32 companies.
Cincinnati Financial Corporation - [removed: 2024] [added: 2025] 10-K - Page 43
The following summarizes securities authorized for issuance under our equity compensation plans as of December 31, [removed: 2024:][added: 2025:]
| Plan category | | | | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights at December 31, [removed: 2024] [added: 2025] | | | | | | 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: 2024] [added: 2025] | | |
The number of securities remaining available for future issuance includes: 9 million shares available for issuance under the Cincinnati Financial Corporation 2024 Stock Compensation Plan (the 2024 Plan), [removed: 2,172,270] [added: 1,270,093] shares available for issuance under the Cincinnati Financial Corporation 2016 Stock Compensation Plan (the 2016 Plan), and [removed: 222,086] [added: 210,540] shares available for issuance of share grants under the Director’s Stock Plan of 2018.
We did not sell any of our shares that were not registered under the Securities Act during [removed: 2024.][added: 2025.]
We have [removed: 5,614,506] [added: 4,260,268] shares available for purchase under our programs at December 31, [removed: 2024.][added: 2025.]
Cincinnati Financial Corporation - [removed: 2024] [added: 2025] 10-K - Page 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: 2024,] [added: 2025,] among [removed: approximately] [added: more than] 2,000 U.S. stock and mutual [removed: insurer] [added: companies operating independently or in] groups.
Cincinnati Financial Corporation - [removed: 2024] [added: 2025] 10-K - Page 45
| [removed: As] [added: As] of December 31, [removed: 2024] [added: 2024] | | | | | | [removed: 19.8] [added: 19.8] | | [removed: %] | | | | [removed: 8.2] [added: 8.2] | | [removed: %] | | | | [removed: 13.0] [added: 13.0] | | [removed: %] |
At [removed: 19.8%] [added: 18.8%] for [removed: 2024,] [added: 2025,] our performance was above the high end of that range.
[removed: It was below] [added: We also exceeded] the [removed: low] [added: high] end of the range for [added: both] the three-year [removed: period] and [removed: at the high end of the range for the] five-year [removed: period, both] [added: periods] that ended in December [removed: 2024.][added: 2025.]
| | | | | | | Years ended December 31, | | | | | | | | | | | | | | | | | | [removed: 2024-2023] [added: 2025-2024] | | | | | | [removed: 2023-2022] [added: 2024-2023] | | |
| | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | Pt. Change | | | | | | Pt. Change | | |
| Net income before investment gains | | | | | | [removed: 9.9] [added: 9.1] | | % | | | | [removed: 9.1] [added: 9.9] | | % | | | | [removed: 5.2] [added: 9.1] | | % | | | | [removed: 0.8] [added: (0.8)] | | | | | | [removed: 3.9] [added: 0.8] | | |
| Change in fixed-maturity securities, realized and unrealized gains | | | | | | [removed: (0.6)] [added: 2.0] | | | | | | [removed: 1.9] [added: (0.6)] | | | | | | [removed: (10.1)] [added: 1.9] | | | | | | [removed: (2.5)] [added: 2.6] | | | | | | [removed: 12.0] [added: (2.5)] | | |
| Change in equity securities, investment gains | | | | | | [removed: 9.6] [added: 8.2] | | | | | | [removed: 8.6] [added: 9.6] | | | | | | [removed: (9.3)] [added: 8.6] | | | | | | [removed: 1.0] [added: (1.4)] | | | | | | [removed: 17.9] [added: 1.0] | | |
| Other | | | | | | [removed: 0.9] [added: (0.5)] | | | | | | [removed: (0.1)] [added: 0.9] | | | | | | [removed: (0.4)] [added: (0.1)] | | | | | | [removed: 1.0] [added: (1.4)] | | | | | | [removed: 0.3] [added: 1.0] | | |
| Value creation ratio | | | | | | [removed: 19.8] [added: 18.8] | | % | | | | [removed: 19.5] [added: 19.8] | | % | | | | [removed: (14.6)] [added: 19.5] | | % | | | | [removed: 0.3] [added: (1.0)] | | | | | | [removed: 34.1] [added: 0.3] | | |
The [removed: 2024] [added: 2025] value creation ratio [removed: improved] [added: decreased] by [removed: 0.3] [added: 1.0] percentage points, compared with [removed: 2023,] [added: 2024,] and again included a significant contribution from operating results, as shown in the table [removed: above, that was 0.8 percentage-points higher than last year.][added: above.]
The [removed: 2024 ratio improvement from] [added: increase in 2024, compared with 2023, was primarily due to an increase in] operating results [added: which] was partially offset by a reduction in overall net gains from our investment [removed: portfolio and other items, including a reduction of 2.5 percentage points from our fixed-maturity securities investment] portfolio.
Cincinnati Financial Corporation - [removed: 2024] [added: 2025] 10-K - Page 46
| | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |
| [removed: Book] [added: Book] value [removed: change] per [removed: share | | | | | |] [added: share] | | | | | | [added: 102.35] | | | | | | [added: 89.11] | | |
| End of period book value* | | | | | | $ | [removed: 89.11] [added: 102.35] | | | | | $ | [removed: 77.06] [added: 89.11] | | | | | $ | [removed: 67.01] [added: 77.06] | |
| Less beginning of period book value | | | | | | [removed: 77.06] [added: 89.11] | | | | | | [removed: 67.01] [added: 77.06] | | | | | | [removed: 81.72] [added: 67.01] | | |
| Change in book value | | | | | | [removed: 12.05] [added: 13.24] | | | | | | [removed: 10.05] [added: 12.05] | | | | | | [removed: (14.71)] [added: 10.05] | | |
| Equity compensation plans approved by security holders | | | | | | 3,460,112 | | | | | | $ | 104.98 | | | | | 10,480,633 | | |
| Total | | | | | | 3,460,112 | | | | | | $ | 104.98 | | | | | 10,480,633 | | |
| October 1-31, 2025 | | | | | | 278,618 | | | | | | $ | 153.03 | | | | | 278,618 | | | | | | 4,632,388 | | |
| November 1-30, 2025 | | | | | | 372,120 | | | | | | 159.88 | | | | | | 372,120 | | | | | | 4,260,268 | | |
| December 1-31, 2025 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,260,268 | | |
| Totals | | | | | | 650,738 | | | | | | 156.94 | | | | | | 650,738 | | | | | | | | |
During 2025, we repurchased 1,354,238 shares at an average price of $151.04.
| As of December 31, 2025 | | | | | | 18.8 | | % | | | | 19.4 | | % | | | | 13.8 | | % |
The 2025 ratio decrease included 0.8 percentage points from net income before investment gains and 0.2 percentage points in overall net gains from our investment portfolio and other items.
| Shareholders' equity | | | | | | 15,911 | | | | | | 13,935 | | |
judgmental areas including critical accounting estimates; audit adjustments; and such other inquiries as may be appropriate.
For both Cincinnati Re and Cincinnati Global, use of information from third-party catastrophe models, industry estimates,
- stochastic reserving models
They may
These key assumptions have not changed for several years.
| At December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | $ | 11,012 | | | | | $ | 10,073 | | | | | $ | 11,141 | | | | | $ | 534 | | | | | $ | 422 | |
| Commercial casualty | | | | | | $ | 3,837 | | | | | $ | 3,498 | | | | | $ | 4,047 | | | | | $ | 274 | | | | | $ | 217 | |
| Commercial property | | | | | | 495 | | | | | | 368 | | | | | | 520 | | | | | | 76 | | | | | | 60 | | |
| Commercial auto | | | | | | 1,085 | | | | | | 1,003 | | | | | | 1,116 | | | | | | 57 | | | | | | 45 | | |
| Workers' compensation | | | | | | 1,013 | | | | | | 855 | | | | | | 1,047 | | | | | | 96 | | | | | | 76 | | |
| Personal auto | | | | | | 580 | | | | | | 533 | | | | | | 620 | | | | | | 44 | | | | | | 35 | | |
| Homeowners | | | | | | 571 | | | | | | 484 | | | | | | 580 | | | | | | 48 | | | | | | 38 | | |
| Excess and surplus | | | | | | 1,268 | | | | | | 1,081 | | | | | | 1,384 | | | | | | 152 | | | | | | 120 | | |
The application of our invested assets impairment policy resulted in no write-downs of impaired securities intended to be sold in 2025 or 2024.
| (Dollars in millions) | | | | | | Years ended December 31, | | | | | | | | | | | | | | | | | | 2025-2024 | | | | | | 2024-2023 | | |
increases and a higher level of insured exposures.
The decrease included a $12 million net favorable effect from estimated premiums to reinstate treaties affected by the California wildfires.
Net written premiums for Cincinnati Global were $334 million in 2025, an increase of $31 million in other written premiums, compared with 2024.
Other written premiums for 2025 included a net unfavorable amount of $52 million for reinsurance treaty reinstatement premiums related to the California wildfires, including a favorable $12 million for Cincinnati Re and an unfavorable $64 million for our personal lines insurance segment.
| (Dollars in millions) | | | | | | Years ended December 31, | | | | | | | | | | | | | | | | | | 2025-2024 | | | | | | 2024-2023 | | |
Net losses from catastrophes for 2025 included recoveries from various reinsurers that participate in our reinsurance ceded treaties.
The recovery related to the California wildfires based on loss estimates as of December 31, 2025, was $435 million, excluding reinsurance recoveries from Cincinnati Re.
For the program effective June 1, 2024, recoveries of $34 million were estimated for the 2025 California wildfires.
| 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Jan. 7-28 | | | Wildfire | | | West | | | $ | 1 | | | | | $ | 325 | | | | | $ | — | | | | | $ | 122 | | | | | $ | 448 | |
| All other 2025 catastrophes | | | | | | | | | 86 | | | | | | 165 | | | | | | 2 | | | | | | 20 | | | | | | 273 | | |
| Calendar year incurred total | | | | | | | | | $ | 168 | | | | | $ | 672 | | | | | $ | 2 | | | | | $ | 136 | | | | | $ | 978 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
While approximately 13,800 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 5,624 associates of our subsidiaries own the company’s common stock.
Comparison of Five-Year Cumulative Total Return
| | | | | | | | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | | |
| Totals | | | | | | 37,279 | | | | | | — | | | | | | 37,279 | | | | | | | | |
During 2024, we repurchased 1,112,279 shares at an average price of $113.55.
| As of December 31, 2022 | | | | | | (14.6) | | | | | | 8.6 | | | | | | 11.2 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
The increase in 2023, compared with 2022, was primarily due to an increase in overall net gains from our investment portfolio.
| Book value as originally reported December 31, 2022 | | | | | | | | | | | | | | | | | | $ | 67.01 | |
| Cumulative effect of change in accounting for long-duration insurance contracts, net of tax | | | | | | | | | | | | | | | | | | 0.20 | | |
| Book value as adjusted December 31, 2022 | | | | | | | | | | | | | | | | | | $ | 67.21 | |
| Book value per share | | | | | | 89.11 | | | | | | 77.06 | | |
During 2024, 2023 and 2022, there were no material changes to our estimates for incurred losses and expenses related to the pandemic related to SARS-CoV-2, also known as COVID-19.
Factors used in estimating reserves for business interruption losses or legal expenses related to the pandemic included estimates for attorney fees associated with the defense of such lawsuits filed against the company; litigation trends of such cases, including responding to amended and replead cases and cases on appeal; and trends in judicial decisions in cases filed
against the company and other insurers.
Loss experience for our insurance operations is influenced by many factors, as discussed in Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves.
Also, there could be losses or legal expenses that increase due to inflation, pandemic effects or other factors.
Underwriting results improved in both 2024 and 2023, compared with the respective prior-year period.
For both years, the underwriting profit increase included improved overall insured loss experience before catastrophe effects, as price increases helped to offset elevated losses reflecting economic or other forms of inflation that increased our uncertainty regarding ultimate losses.
Loss experience is discussed further in Financial Results for our property casualty business and related segments.
- individual and multiple probabilistic trend family models
These key assumptions have not changed since 2005, when our actuarial staff began using probabilistic trend family models to estimate IBNR reserves.
| 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 | | |
| Commercial auto | | | | | | 935 | | | | | | 859 | | | | | | 971 | | | | | | 56 | | | | | | 44 | | |
| 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 | | |
Profit increased in 2024, reflecting improved overall insured loss experience before catastrophe effects, as price increases helped to offset elevated losses reflecting economic or other forms of inflation that increased our uncertainty regarding ultimate losses.
Cincinnati Global also contributed to the increase in other written premiums.
An excerpt. Shown here: 40 of 2,042 rewritten, 40 of 552 added and 40 of 406 removed. The counts are complete. For every sentence, read Item 1C. Cybersecurity in the FY2025 filing and the FY2024 filing.