Item 1. Financial Statements (unaudited)

125K characters. Original on sec.gov · Markdown

Item 1. Financial Statements (unaudited)

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Balance Sheets


(Dollars in millions, except per share data)	March 31,		December 31,
	2024		2023
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2024—$14,709; 2023—$14,361)	$	14,084	$	13,791
Equity securities, at fair value (cost: 2024—$4,313; 2023—$4,282)	11,557		10,989

Other invested assets	608		577
Total investments	26,249		25,357
Cash and cash equivalents	619		907

Investment income receivable	202		192
Finance receivable	106		108
Premiums receivable	2,805		2,592
Reinsurance recoverable	617		651
Prepaid reinsurance premiums	77		55
Deferred policy acquisition costs	1,143		1,093
Land, building and equipment, net, for company use (accumulated depreciation: 2024—$331; 2023—$337)	211		208
Other assets	771		681
Separate accounts	927		925
Total assets	$	33,727	$	32,769

Liabilities
Insurance reserves
Loss and loss expense reserves	$	9,246	$	9,050
Life policy and investment contract reserves	3,013		3,068
Unearned premiums	4,398		4,119
Other liabilities	1,156		1,311
Deferred income tax	1,460		1,324
Note payable	25		25
Long-term debt and lease obligations	848		849
Separate accounts	927		925
Total liabilities	21,073		20,671

Commitments and contingent liabilities (Note 12)

Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2024 and 2023—500 million shares; issued: 2024 and 2023—198.3 million shares)	397		397
Paid-in capital	1,446		1,437
Retained earnings	13,712		13,084
Accumulated other comprehensive loss	(442)		(435)
Treasury stock at cost (2024—41.8 million shares and 2023—41.3 million shares)	(2,459)		(2,385)
Total shareholders' equity	12,654		12,098
Total liabilities and shareholders' equity	$	33,727	$	32,769

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 3

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Income


(Dollars in millions, except per share data)	Three months ended March 31,
		2024		2023
Revenues
Earned premiums		$	2,071	$	1,918
Investment income, net of expenses		245		210
Investment gains and losses, net		612		106
Fee revenues		4		4
Other revenues		3		3
Total revenues		2,935		2,241
Benefits and Expenses
Insurance losses and contract holders' benefits		1,349		1,398
Underwriting, acquisition and insurance expenses		616		556
Interest expense		13		14
Other operating expenses		4		5
Total benefits and expenses		1,982		1,973
Income Before Income Taxes		953		268
Provision for Income Taxes
Current		61		16
Deferred		137		27
Total provision for income taxes		198		43
Net Income		$	755	$	225
Per Common Share
Net income — basic		$	4.82	$	1.43
Net income — diluted		4.78		1.42

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 4

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income


(Dollars in millions)	Three months ended March 31,
		2024		2023
Net Income		$	755	$	225
Other Comprehensive Income (Loss)
Change in unrealized gains and losses on investments, net of tax (benefit) of $(11) and $35, respectively		(44)		128
Amortization of pension actuarial loss and prior service cost, net of tax (benefit) of $0 and $(1), respectively		—		(5)
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $10 and $(9), respectively		37		(36)
Other comprehensive income (loss)		(7)		87
Comprehensive Income		$	748	$	312

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 5

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Shareholders' Equity


(Dollars in millions)	Three months ended March 31,
		2024		2023
Common Stock
Beginning of period		$	397	$	397
Share-based awards		—		—
End of period		397		397

Paid-In Capital
Beginning of period		1,437		1,392
Share-based awards		(6)		(6)
Share-based compensation		14		12
Other		1		—
End of period		1,446		1,398

Retained Earnings
Beginning of period		13,084		11,711


Net income		755		225
Dividends declared		(127)		(118)
End of period		13,712		11,818

Accumulated Other Comprehensive Loss
Beginning of period		(435)		(614)


Other comprehensive income (loss)		(7)		87
End of period		(442)		(527)

Treasury Stock
Beginning of period		(2,385)		(2,324)
Share-based awards		8		7
Shares acquired - share repurchase authorization		(75)		(25)
Shares acquired - share-based compensation plans		(7)		(3)

End of period		(2,459)		(2,345)

Total Shareholders' Equity		$	12,654	$	10,741

(In millions, except per common share)
Common Stock - Shares Outstanding
Beginning of period		157.0		157.1
Share-based awards		0.3		0.3
Shares acquired - share repurchase authorization		(0.7)		(0.2)
Shares acquired - share-based compensation plans		(0.1)		—

End of period		156.5		157.2

Dividends declared per common share		$	0.81	$	0.75

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 6

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows


(Dollars in millions)	Three months ended March 31,
	2024		2023
Cash Flows From Operating Activities
Net income	$	755	$	225
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other	34		40
Investment gains and losses, net	(608)		(93)

Interest credited to contract holders	11		10
Deferred income tax expense	137		27
Changes in:

Premiums and reinsurance receivable	(203)		(229)
Deferred policy acquisition costs	(50)		(36)
Other assets	(8)		(24)
Loss and loss expense reserves	196		293
Life policy and investment contract reserves	26		25
Unearned premiums	279		201
Other liabilities	(161)		(121)
Current income tax receivable/payable	(55)		(68)
Net cash provided by operating activities	353		250
Cash Flows From Investing Activities
Sale, call or maturity of fixed maturities	464		303

Sale of equity securities	266		4
Purchase of fixed maturities	(838)		(606)
Purchase of equity securities	(226)		(22)


Changes in finance receivables	2		(3)

Investment in building and equipment	(7)		(4)
Change in other invested assets, net	(16)		(34)
Net cash used in investing activities	(355)		(362)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders	(116)		(106)
Shares acquired - share repurchase authorization	(75)		(25)

Proceeds from stock options exercised	3		5
Contract holders' funds deposited	19		20
Contract holders' funds withdrawn	(60)		(58)
Other	(57)		(33)
Net cash used in financing activities	(286)		(197)
Net change in cash and cash equivalents	(288)		(309)
Cash and cash equivalents at beginning of year	907		1,264
Cash and cash equivalents at end of period	$	619	$	955
Supplemental Disclosures of Cash Flow Information:
Interest paid	$	—	$	1
Income taxes paid	106		76
Noncash Activities

Equipment acquired under finance lease obligations	$	4	$	1
Share-based compensation	17		11
Other assets and other liabilities	97		96

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 7

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 — Accounting Policies

The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation.

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted.

Our March 31, 2024, condensed consolidated financial statements are unaudited. We believe that we have made all adjustments, consisting only of normal recurring accruals, that are necessary for fair presentation. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our 2023 Annual Report on Form 10-K. The results of operations for interim periods do not necessarily indicate results to be expected for the full year.

Pending Accounting Updates

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 enhances reportable segment disclosures by requiring entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure of profit or loss. This ASU also requires disclosure of the title and position of the CODM as well as a description of how the reported measure of profit or loss is used to assess segment performance and allocate resources. The effective date of ASU 2023-07 is for annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual periods beginning after December 15, 2024, and should be applied retrospectively to all prior periods presented. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual and interim financial statements.

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures by requiring entities to disclose specific categories within their rate reconciliation as well as additional items within those categories above a prescribed threshold. This ASU also requires disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes as well as additional items within those categories above a prescribed threshold. The effective date of ASU 2023-09 is for annual reporting periods beginning after December 15, 2024, and should be applied prospectively with retrospective application permitted. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual financial statements.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 8

NOTE 2 – Investments

The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities:


(Dollars in millions)	Amortized cost			Gross unrealized					Fair value
At March 31, 2024			gains			losses
Fixed-maturity securities:
Corporate	$	8,002		$	60		$	463	$	7,599
States, municipalities and political subdivisions	4,872			28			232		4,668
Government-sponsored enterprises	1,424			1			4		1,421
Asset-backed	200			—			11		189
United States government	182			—			4		178
Foreign government	29			—			—		29

Total	$	14,709		$	89		$	714	$	14,084






At December 31, 2023
Fixed-maturity securities:
Corporate	$	7,836		$	70		$	454	$	7,452
States, municipalities and political subdivisions	4,867			44			208		4,703
Government-sponsored enterprises	1,227			3			6		1,224
Asset-backed	203			—			16		187
United States government	203			—			3		200
Foreign government	25			—			—		25






Total	$	14,361		$	117		$	687	$	13,791

The increase in net unrealized investment losses in our fixed-maturity portfolio at March 31, 2024, is primarily due to an increase in U.S. Treasury yields that were partially offset by a tightening of corporate credit spreads. Our asset-backed securities had an average rating of Aa3/AA- at both March 31, 2024, and December 31, 2023.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 9

The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities' continuous unrealized loss positions:


(Dollars in millions)	Less than 12 months				12 months or more				Total
At March 31, 2024	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Fixed-maturity securities:
Corporate	$	642	$	13	$	5,488	$	450	$	6,130	$	463
States, municipalities and political subdivisions	1,099		9		1,900		223		2,999		232
Government-sponsored enterprises	396		1		168		3		564		4
Asset-backed	30		—		133		11		163		11
United States government	74		—		105		4		179		4
Foreign government	17		—		5		—		22		—
Total	$	2,258	$	23	$	7,799	$	691	$	10,057	$	714





At December 31, 2023
Fixed-maturity securities:
Corporate	$	379	$	13	$	5,560	$	441	$	5,939	$	454
States, municipalities and political subdivisions	313		2		1,932		206		2,245		208
Government-sponsored enterprises	652		3		113		3		765		6
Asset-backed	5		—		172		16		177		16
United States government	32		—		129		3		161		3
Foreign government	3		—		6		—		9		—





Total	$	1,384	$	18	$	7,912	$	669	$	9,296	$	687

Contractual maturity dates for fixed-maturities securities were:


(Dollars in millions)	Amortized cost		Fair value		% of fair value
At March 31, 2024
Maturity dates:
Due in one year or less	$	971	$	963	6.8	%
Due after one year through five years	4,413		4,300		30.5
Due after five years through ten years	3,553		3,427		24.3
Due after ten years	5,772		5,394		38.4
Total	$	14,709	$	14,084	100.0	%

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

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 10

The following table provides investment income and investment gains and losses, net:


(Dollars in millions)	Three months ended March 31,
		2024		2023
Investment income:
Interest		$	169	$	140
Dividends		72		66
Other		7		7
Total		248		213
Less investment expenses		3		3
Total		$	245	$	210

Investment gains and losses, net:
Equity securities:
Investment gains and losses on securities sold, net		$	(11)	$	(1)
Unrealized gains and losses on securities still held, net		613		106
Subtotal		602		105
Fixed-maturity securities:
Gross realized gains		—		1
Gross realized losses		(1)		(1)
Change in allowance for credit losses, net		(9)		—

Subtotal		(10)		—

Other		20		1

Total		$	612	$	106

The fair value of our equity portfolio was $11.557 billion and $10.989 billion at March 31, 2024, and December 31, 2023, respectively. Microsoft Corporation (Nasdaq:MSFT), an equity holding, was our largest single investment holding with a fair value of $942 million and $842 million, which was 8.4% and 7.9% of our publicly traded common equities portfolio and 3.7% and 3.4% of the total investment portfolio at March 31, 2024, and December 31, 2023, respectively.

The allowance for credit losses on fixed-maturity securities was $27 million and $18 million at March 31, 2024, and December 31, 2023, respectively.

There were 3,329 and 2,840 fixed-maturity securities in a total unrealized loss position of $714 million and $687 million at March 31, 2024, and December 31, 2023, respectively. Of those totals, 12 and 20 fixed-maturity securities had fair values below 70% of amortized cost at March 31, 2024, and December 31, 2023, respectively.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 11

NOTE 3 – Fair Value Measurements

In accordance with accounting guidance for fair value measurements and disclosures, we categorized our financial instruments, based on the priority of the observable and market-based data for the valuation technique used, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2023, and ultimately management determines fair value. See our 2023 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 139, for information on characteristics and valuation techniques used in determining fair value.

Fair Value Disclosures for Assets

The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at March 31, 2024, and December 31, 2023. We do not have any liabilities carried at fair value.


(Dollars in millions)	Level 1		Level 2		Level 3		Total
At March 31, 2024
Fixed maturities, available for sale:
Corporate	$	—	$	7,599	$	—	$	7,599
States, municipalities and political subdivisions	—		4,668		—		4,668
Government-sponsored enterprises	—		1,421		—		1,421
Asset-backed	—		189		—		189
United States government	178		—		—		178
Foreign government	—		29		—		29


Subtotal	178		13,906		—		14,084
Common equities	11,203		—		—		11,203
Nonredeemable preferred equities	—		354		—		354

Separate accounts taxable fixed maturities	—		866		—		866
Top Hat savings plan mutual funds and common equity (included in Other assets)	78		—		—		78
Total	$	11,459	$	15,126	$	—	$	26,585

At December 31, 2023
Fixed maturities, available for sale:
Corporate	$	—	$	7,452	$	—	$	7,452
States, municipalities and political subdivisions	—		4,703		—		4,703
Government-sponsored enterprises	—		1,224		—		1,224
Asset-backed	—		187		—		187
United States government	200		—		—		200
Foreign government	—		25		—		25

Subtotal	200		13,591		—		13,791
Common equities	10,641		—		—		10,641
Nonredeemable preferred equities	—		348		—		348
Separate accounts taxable fixed maturities	—		854		—		854
Top Hat savings plan mutual funds and common equity (included in Other assets)	67		—		—		67
Total	$	10,908	$	14,793	$	—	$	25,701

We also held Level 1 cash and cash equivalents of $619 million and $907 million at March 31, 2024, and December 31, 2023, respectively.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 12

Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value

The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements.

This table summarizes the book value and principal amounts of our long-term debt:


(Dollars in millions)			Book value				Principal amount
Interest rate	Year of issue		March 31,		December 31,		March 31,		December 31,
		2024	2023		2024		2023
6.900%	1998	Senior debentures, due 2028	$	27	$	27	$	28	$	28
6.920%	2005	Senior debentures, due 2028	391		391		391		391
6.125%	2004	Senior notes, due 2034	372		372		374		374
Total			$	790	$	790	$	793	$	793

The following table shows fair values of our note payable and long-term debt:


(Dollars in millions)	Level 1		Level 2		Level 3		Total
At March 31, 2024
Note payable	$	—	$	25	$	—	$	25
6.900% senior debentures, due 2028	—		29		—		29
6.920% senior debentures, due 2028	—		416		—		416
6.125% senior notes, due 2034	—		399		—		399
Total	$	—	$	869	$	—	$	869

At December 31, 2023
Note payable	$	—	$	25	$	—	$	25
6.900% senior debentures, due 2028	—		29		—		29
6.920% senior debentures, due 2028	—		420		—		420
6.125% senior notes, due 2034	—		394		—		394
Total	$	—	$	868	$	—	$	868

The following table shows the fair value of our life policy loans included in other invested assets and the fair values of our deferred annuities and structured settlements included in life policy and investment contract reserves:


(Dollars in millions)	Level 1		Level 2		Level 3		Total
At March 31, 2024
Life policy loans	$	—	$	—	$	40	$	40

Deferred annuities	—		—		577		577
Structured settlements	—		137		—		137
Total	$	—	$	137	$	577	$	714

At December 31, 2023
Life policy loans	$	—	$	—	$	39	$	39

Deferred annuities	—		—		603		603
Structured settlements	—		141		—		141
Total	$	—	$	141	$	603	$	744

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 13

Outstanding principal and interest for these life policy loans totaled $34 million and $33 million at March 31, 2024, and December 31, 2023, respectively.

Recorded reserves for the deferred annuities were $631 million and $656 million at March 31, 2024, and December 31, 2023, respectively. Recorded reserves for the structured settlements were $122 million and $123 million at March 31, 2024, and December 31, 2023, respectively.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 14

NOTE 4 – Property Casualty Loss and Loss Expenses

This table summarizes activity for our consolidated property casualty loss and loss expense reserves:


(Dollars in millions)	Three months ended March 31,
		2024		2023
Gross loss and loss expense reserves, beginning of period		$	8,975	$	8,336
Less reinsurance recoverable		362		405
Net loss and loss expense reserves, beginning of period		8,613		7,931





Net incurred loss and loss expenses related to:
Current accident year		1,370		1,376
Prior accident years		(100)		(59)
Total incurred		1,270		1,317
Net paid loss and loss expenses related to:
Current accident year		205		187
Prior accident years		832		859
Total paid		1,037		1,046
Net loss and loss expense reserves, end of period		8,846		8,202
Plus reinsurance recoverable		332		424
Gross loss and loss expense reserves, end of period		$	9,178	$	8,626

We use actuarial methods, models and judgment to estimate, as of a financial statement date, the property casualty loss and loss expense reserves required to pay for and settle all outstanding insured claims, including incurred but not reported (IBNR) claims, as of that date. The actuarial estimate is subject to review and adjustment by an inter-departmental committee that includes actuarial, claims, underwriting, loss prevention and accounting management. This committee is familiar with relevant company and industry business, claims and underwriting trends, as well as general economic and legal trends that could affect future loss and loss expense payments. The amount we will actually have to pay for claims can be highly uncertain. This uncertainty, together with the size of our reserves, makes the loss and loss expense reserves our most significant estimate. The reserve for loss and loss expenses in the condensed consolidated balance sheets also included $68 million and $67 million at March 31, 2024, and 2023, respectively, for certain life and health loss and loss expense reserves.

We experienced $100 million of favorable development on prior accident years, including $38 million of favorable development in commercial lines, $33 million of favorable development in personal lines and $3 million of favorable development in excess and surplus lines for the three months ended March 31, 2024. Within commercial lines, we recognized favorable reserve development of $22 million for the commercial property line and $12 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $25 million for the homeowner line and $5 million for the personal auto line.

We experienced $59 million of favorable development on prior accident years, including $32 million of favorable development in commercial lines, $31 million of favorable development in personal lines and $9 million of favorable development in excess and surplus lines for the three months ended March 31, 2023. Within commercial lines, we recognized favorable reserve development of $16 million for the commercial property line and $15 million for

the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $27 million for the homeowner line.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 15

NOTE 5 – Life Policy and Investment Contract Reserves

We establish the reserves for traditional life policies including term, whole life and other products based on the present value of future benefits and claim expenses less the present value of future net premiums. Net premium is the portion of gross premium required to provide for all benefits and claim expenses. We estimate future benefits and claim expenses and net premium using certain cash flow assumptions including mortality, morbidity and lapse rates as well as a discount rate assumption. The cash flow assumptions are established based on our current expectations and are reviewed annually to determine any necessary updates. These assumptions are also updated on an interim basis if evidence suggests that they should be revised. We use both our own experience and industry experience, adjusted for historical trends, in arriving at our cash flow assumptions. The discount rate assumption is based on upper-medium grade fixed-income instrument yields (market value discount rates) and is updated quarterly. Changes in the inputs, judgments and assumptions during the period and the related measurement impact on the liability are reflected in the below tables.

We establish reserves for our universal life, deferred annuity and other investment contracts equal to the cumulative account balances, which include premium deposits plus credited interest less charges and withdrawals. Some of our universal life policies contain no-lapse guarantee provisions. For these policies, we establish a reserve in addition to the account balance, based on expected no-lapse guarantee benefits and expected policy assessments.

The following table summarizes our life policy and investment contract reserves and provides a reconciliation of the balances described in the below tables to those in the condensed consolidated balance sheets:


(Dollars in millions)	March 31, 2024		December 31, 2023
Life policy reserves:
Term	$	1,054	$	1,066
Whole life	418		434
Other	99		97
Subtotal	1,571		1,597
Investment contract reserves:
Deferred annuities	631		656
Universal life	585		585
Structured settlements	122		123
Other	104		107
Subtotal	1,442		1,471
Total life policy and investment contract reserves	$	3,013	$	3,068

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 16

The balances and changes in the term and whole life policy reserves included in life policy and investment contract reserves is as follows:


(Dollars in millions)	Three months ended March 31,
	2024				2023
	Term		Whole life		Term		Whole life
Present value of expected net premiums:
Balance, beginning of period	$	1,700	$	223	$	1,643	$	208
Beginning balance at original discount rate	1,712		225		1,708		217
Effect of changes in cash flow assumptions	—		—		—		—
Effect of actual variances from expected experience	(9)		—		(3)		1
Adjusted beginning of period balance	1,703		225		1,705		218
Issuances	35		5		38		7
Interest accrual	18		2		18		2
Net premiums collected	(46)		(7)		(46)		(7)
Ending balance at original discount rate	1,710		225		1,715		220
Effect of changes in discount rate assumptions	(50)		(6)		(16)		(3)
Balance, end of period	1,660		219		1,699		217

Present value of expected future policy benefits:
Balance, beginning of period	2,751		657		2,584		614
Beginning balance at original discount rate	2,765		628		2,692		607
Effect of changes in cash flow assumptions	—		—		—		—
Effect of actual variances from expected experience	(14)		—		(2)		1
Adjusted beginning of period balance	2,751		628		2,690		608
Issuances	35		5		38		6
Interest accrual	31		8		30		8
Benefits paid	(37)		(8)		(46)		(8)
Ending balance at original discount rate	2,780		633		2,712		614
Effect of changes in discount rate assumptions	(82)		4		(21)		30
Balance, end of period	2,698		637		2,691		644

Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums	1,038		418		992		427
Impact of flooring at cohort level	16		—		19		—
Net life policy reserves	1,054		418		1,011		427
Less reinsurance recoverable at original discount rate	(100)		(24)		(96)		(25)
Less effect of discount rate assumption changes on reinsurance recoverable	(8)		(4)		(10)		(6)
Net life policy reserves, after reinsurance recoverable	$	946	$	390	$	905	$	396

Weighted-average duration of the net life policy reserves in years	11		16		12		16

The total impact of flooring at cohort level in the above tables includes the effect of discount rate assumption changes of $2 million and $5 million at March 31, 2024 and 2023, respectively.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 17

The following table shows the amount of undiscounted and discounted expected future benefit payments and expected gross premiums for our term and whole life policies:


(Dollars in millions)	At March 31,
	2024				2023
	Undiscounted		Discounted		Undiscounted		Discounted
Term
Expected future benefit payments	$	4,816	$	2,698	$	4,696	$	2,691
Expected future gross premiums	4,386		2,601		4,470		2,674
Whole life
Expected future benefit payments	$	1,660	$	637	$	1,586	$	644
Expected future gross premiums	663		402		618		384

The following table shows the amount of revenue and interest recognized in the condensed consolidated statements of income related to our term and whole life policies:


(Dollars in millions)	Three months ended March 31,
		2024		2023
Gross premiums
Term		$	74	$	73
Whole life		13		12

Total		$	87	$	85
Interest accretion
Term		$	13	$	12
Whole life		6		6

Total		$	19	$	18

Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums was immaterial for the three months ended March 31, 2024, and 2023.

The following table shows the weighted-average interest rate for our term and whole life products:


	At March 31,
	2024		2023
Term
Interest accretion rate	5.26	%	5.32	%
Current discount rate	5.09		4.81
Whole life
Interest accretion rate	5.90	%	5.94	%
Current discount rate	5.40		5.06

The discount rate assumption was developed by calculating forward rates from market yield curves of upper-medium grade fixed-income instruments.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 18

The following table shows the balances and changes in policyholders' account balances included in investment contract reserves:


(Dollars in millions)	Three months ended March 31,
		2024	2023
			Deferred annuity			Universal life			Deferred annuity			Universal life
Balance, beginning of period			$	656		$	457		$	734		$	457
Premiums received			9			10			10			11
Policy charges			—			(10)			—			(10)
Surrenders and withdrawals			(37)			(4)			(36)			(3)
Benefit payments			(3)			(2)			(3)			(2)
Interest credited			6			5			6			5

Balance, end of period			$	631		$	456		$	711		$	458

Weighted average crediting rate			3.55		%	4.33		%	3.36		%	4.26		%
Net amount at risk			$	—		$	3,908		$	—		$	4,064
Cash surrender value			625			425			706			424

The net amount at risk above represents the guaranteed benefit amount in excess of the current account balances.

The following table shows the balance of account values by range of guaranteed minimum crediting rates, in basis points, and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums for our deferred annuity and universal life contracts:


(Dollars in millions)	At guaranteed minimum		1 to 50 basis points above		51-150 basis points above		Greater than 150 basis points		Total
At March 31, 2024
Deferred annuity
1.00-3.00%	$	4	$	337	$	15	$	226	582
3.01-4.00%	49		—		—		—		49

Total	$	53	$	337	$	15	$	226	$	631
Universal life
1.00-3.00%	$	—	$	60	$	58	$	4	$	122
3.01-4.00%	49		5		—		—		54
Greater than 4.00%	280		—		—		—		280
Total	$	329	$	65	$	58	$	4	$	456

At March 31, 2023
Deferred annuity
1.00-3.00%	$	9	$	423	$	17	$	212	$	661
3.01-4.00%	50		—		—		—		50

Total	$	59	$	423	$	17	$	212	$	711
Universal life
1.00-3.00%	$	60	$	47	$	9	$	2	$	118
3.01-4.00%	53		—		—		—		53
Greater than 4.00%	287		—		—		—		287
Total	$	400	$	47	$	9	$	2	$	458

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 19

The following table shows the balances and changes in the other additional liability related to the no-lapse guarantees contained within our universal life contracts:


(Dollars in millions)	Three months ended March 31,
		2024		2023
Balance, beginning of period		$	128	$	121

Balance, beginning of period before shadow reserve adjustments		129		123
Effect of changes in cash flow assumptions		—		—
Effect of actual variances from expected experience		—		(1)
Adjusted beginning of period balance		129		122
Interest accrual		1		1
Excess death benefits		(2)		—
Attributed assessments		3		3

Effect of changes in interest rate assumptions		(1)		1
Balance, end of period before shadow reserve adjustments		130		127
Shadow reserve adjustments		(1)		(2)
Balance, end of period		129		125
Less reinsurance recoverable, end of period		6		6

Net other additional liability, after reinsurance recoverable		$	135	$	131

Weighted-average duration of the other additional liability in years		31		34

The following table shows balances and changes in separate accounts balances during the period:


(Dollars in millions)	Three months ended March 31,
		2024		2023
Balance, beginning of period		$	925	$	892
Interest credited before policy charges		10		10

Benefit payments		—		(2)




Other		(8)		(1)
Balance, end of period		$	927	$	899

Cash surrender value		$	925	$	896

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 20

NOTE 6 – Deferred Policy Acquisition Costs

Expenses directly related to successfully acquired insurance policies – primarily commissions, premium taxes and underwriting costs – are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience. For property casualty, we evaluate the costs for recoverability. No premium deficiencies were recorded in the condensed consolidated statements of income, as the sum of the anticipated loss and loss expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income.

The table below shows the deferred policy acquisition costs and asset reconciliation.


(Dollars in millions)	Three months ended March 31,
		2024		2023
Property casualty:
Deferred policy acquisition costs asset, beginning of period		$	749	$	682
Capitalized deferred policy acquisition costs		407		372
Amortized deferred policy acquisition costs		(360)		(340)
Deferred policy acquisition costs asset, end of period		$	796	$	714

Life:
Deferred policy acquisition costs asset, beginning of period		$	344	$	331
Capitalized deferred policy acquisition costs		10		11
Amortized deferred policy acquisition costs		(7)		(8)

Deferred policy acquisition costs asset, end of period		$	347	$	334

Consolidated:
Deferred policy acquisition costs asset, beginning of period		$	1,093	$	1,013
Capitalized deferred policy acquisition costs		417		383
Amortized deferred policy acquisition costs		(367)		(348)

Deferred policy acquisition costs asset, end of period		$	1,143	$	1,048

The table below shows the life deferred policy acquisition costs asset by product:


(Dollars in millions)
Three months ended March 31, 2024	Term		Whole life		Deferred annuity		Universal life		Total
Balance, beginning of period	$	236	$	48	$	8	$	52	$	344
Capitalized deferred policy acquisition costs	8		2		—		—		10
Amortized deferred policy acquisition costs	(6)		(1)		—		—		(7)
Balance, end of period	$	238	$	49	$	8	$	52	$	347

Three months ended March 31, 2023
Balance, beginning of period	$	228	$	43	$	7	$	53	$	331
Capitalized deferred policy acquisition costs	9		2		—		—		$	11
Amortized deferred policy acquisition costs	(6)		(1)		—		(1)		$	(8)
Balance, end of period	$	231	$	44	$	7	$	52	$	334

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 21

NOTE 7 – Accumulated Other Comprehensive Income

Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life policy reserves, reinsurance recoverable and other as follows:


(Dollars in millions)	Three months ended March 31,
	2024						2023
	Before tax		Income tax		Net		Before tax		Income tax		Net
Investments:
AOCI, beginning of period	$	(570)	$	(123)	$	(447)	$	(847)	$	(182)	$	(665)


OCI before investment gains and losses, net, recognized in net income	(65)		(13)		(52)		163		35		128
Investment gains and losses, net, recognized in net income	10		2		8		—		—		—
OCI	(55)		(11)		(44)		163		35		128
AOCI, end of period	$	(625)	$	(134)	$	(491)	$	(684)	$	(147)	$	(537)

Pension obligations:
AOCI, beginning of period	$	30	$	8	$	22	$	36	$	9	$	27
OCI excluding amortization recognized in net income	—		—		—		(5)		(1)		(4)
Amortization recognized in net income	—		—		—		(1)		—		(1)
OCI	—		—		—		(6)		(1)		(5)
AOCI, end of period	$	30	$	8	$	22	$	30	$	8	$	22

Life policy reserves, reinsurance recoverable and other:
AOCI, beginning of period	$	(13)	$	(3)	$	(10)	$	29	$	5	$	24


OCI before investment gains and losses, net, recognized in net income	47		10		37		(45)		(9)		(36)
Investment gains and losses, net, recognized in net income	—		—		—		—		—		—
OCI	47		10		37		(45)		(9)		(36)
AOCI, end of period	$	34	$	7	$	27	$	(16)	$	(4)	$	(12)

Summary of AOCI:
AOCI, beginning of period	$	(553)	$	(118)	$	(435)	$	(782)	$	(168)	$	(614)


Investments OCI	(55)		(11)		(44)		163		35		128
Pension obligations OCI	—		—		—		(6)		(1)		(5)
Life policy reserves, reinsurance recoverable and other OCI	47		10		37		(45)		(9)		(36)
Total OCI	(8)		(1)		(7)		112		25		87
AOCI, end of period	$	(561)	$	(119)	$	(442)	$	(670)	$	(143)	$	(527)

Investment gains and losses, net, and other investment gains and losses, net, are recorded in the investment gains and losses, net, line item in the condensed consolidated statements of income. Amortization of pension obligations is recorded in the insurance losses and contract holders' benefits and underwriting, acquisition and insurance expenses line items in the condensed consolidated statements of income.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 22

NOTE 8 – Reinsurance

Primary components of our property casualty reinsurance assumed operations include involuntary and voluntary assumed as well as contracts from our reinsurance assumed operations, known as Cincinnati Re. Primary components of our ceded reinsurance include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe treaty and retrocessions on our reinsurance assumed operations. Management’s decisions about the appropriate level of risk retention are affected by various factors, including changes in our underwriting practices, capacity to retain risks and reinsurance market conditions.

The table below summarizes our consolidated property casualty insurance net written premiums, earned premiums and incurred loss and loss expenses:


(Dollars in millions)	Three months ended March 31,
		2024		2023
Direct written premiums		$	2,125	$	1,859
Assumed written premiums		239		244
Ceded written premiums		(116)		(84)
Net written premiums		$	2,248	$	2,019

Direct earned premiums		$	1,934	$	1,760
Assumed earned premiums		152		159
Ceded earned premiums		(94)		(78)
Earned premiums		$	1,992	$	1,841

Direct incurred loss and loss expenses		$	1,193	$	1,299
Assumed incurred loss and loss expenses		76		76
Ceded incurred loss and loss expenses		1		(58)
Incurred loss and loss expenses		$	1,270	$	1,317

Our life insurance company purchases reinsurance for protection of a portion of the risks that are written. Primary components of our life reinsurance program include individual mortality coverage, aggregate catastrophe and accidental death coverage in excess of certain deductibles.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 23

The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred:


(Dollars in millions)	Three months ended March 31,
		2024		2023
Direct earned premiums		$	99	$	96

Ceded earned premiums		(20)		(19)
Earned premiums		$	79	$	77

Direct contract holders' benefits incurred		94		97

Ceded contract holders' benefits incurred		(15)		(16)
Contract holders' benefits incurred		$	79	$	81

The ceded benefits incurred can vary depending on the type of life insurance policy held and the year the policy was issued.

The allowance for uncollectible property casualty premiums was $16 million at both March 31, 2024, and December 31, 2023. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at March 31, 2024, and December 31, 2023.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 24

NOTE 9 – Income Taxes

The differences between the 21% statutory federal income tax rate and our effective income tax rate were as follows:


(Dollars in millions)	Three months ended March 31,
		2024	2023
Tax at statutory rate:			$	200	21.0	%	$	56	21.0	%
Increase (decrease) resulting from:
Tax-exempt income from municipal bonds			(5)		(0.5)		(5)		(1.9)
Dividend received exclusion			(5)		(0.5)		(5)		(1.9)

Other			8		0.8		(3)		(1.2)
Provision for income taxes			$	198	20.8	%	$	43	16.0	%

The provision for federal income taxes is based upon filing a consolidated income tax return for the company and its domestic subsidiaries.

We continue to believe that after considering all positive and negative evidence of taxable income in the carryback and carryforward periods as permitted by law, it is more likely than not that all of the deferred tax assets on our U.S. domestic operations and those related to Cincinnati Global Underwriting Ltd.SM (Cincinnati Global) will be realized. As a result, we have no valuation allowance for our U.S. domestic operations or Cincinnati Global at both March 31, 2024, and December 31, 2023.

Cincinnati Global

Cincinnati Global had no operating loss carryforwards in the United States and $91 million and $100 million in the United Kingdom at March 31, 2024, and December 31, 2023, respectively. These Cincinnati Global losses can only be utilized within the Cincinnati Global group.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 25

NOTE 10 – Net Income Per Common Share

Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share:


(In millions, except per share data)	Three months ended March 31,
		2024			2023
Numerator:
Net income—basic and diluted			$	755		$	225
Denominator:
Basic weighted-average common shares outstanding			156.8			157.2
Effect of share-based awards:
Stock options			0.7			0.8
Nonvested shares			0.4			0.5
Diluted weighted-average shares			157.9			158.5
Earnings per share:
Basic			$	4.82		$	1.43
Diluted			$	4.78		$	1.42
Number of anti-dilutive share-based awards			1.3			1.0

The source of dilution of our common shares are certain equity-based awards. See our 2023 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 177, for information about share-based awards. The above table shows the number of anti-dilutive share-based awards for the three months ended March 31, 2024 and 2023.

NOTE 11 – Employee Retirement Benefits

The following summarizes the components of net periodic benefit for our qualified and supplemental pension plans:


(Dollars in millions)	Three months ended March 31,
		2024		2023
Service cost		$	1	$	1
Non-service (benefit) costs:
Interest cost		3		3
Expected return on plan assets		(5)		(5)
Amortization of actuarial loss and prior service cost		—		(1)
Other		—		(5)
Total non-service benefit		(2)		(8)
Net periodic benefit		$	(1)	$	(7)

See our 2023 Annual Report on Form 10-K, Item 8, Note 13, Employee Retirement Benefits, Page 170, for information on our retirement benefits. The net periodic benefit is allocated in the same proportion primarily to the underwriting, acquisition and insurance expenses line item with the remainder allocated to the insurance losses and contract holders' benefits line item on the condensed consolidated statements of income for both 2024 and 2023.

We made matching contributions totaling $9 million and $8 million to our 401(k) and Top Hat savings plans during the first quarter of 2024 and 2023, respectively.

We made no contributions to our qualified pension plan during the first three months of 2024.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 26

NOTE 12 – Commitments and Contingent Liabilities

The company, through its insurance subsidiaries, is involved in claims litigation arising in the ordinary course of conducting its business, both as a liability insurer defending or providing indemnity for third-party claims brought against insureds and as an insurer defending coverage claims brought against it. The company accounts for such activity through the establishment of unpaid loss and loss expense reserves. Subject to the uncertainties discussed in Note 4, Property Casualty Loss and Loss Expenses, and in the discussion in the balance of this Note, we believe that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses, costs of defense, and reinsurance recoveries, is immaterial to our consolidated financial position, results of operations and cash flows.

Beginning in April 2020, like many companies in the property casualty insurance industry, the company’s property casualty subsidiaries were named as defendants in lawsuits seeking insurance coverage under commercial property insurance policies issued by the company for alleged losses resulting from the shutdown or suspension of their businesses due to the COVID-19 pandemic. Although the allegations vary, the plaintiffs generally seek a declaration of insurance coverage, damages for breach of contract in unspecified amounts for claim denials, interest and attorney fees. Some of the lawsuits also allege that the insurance claims were denied in bad faith or otherwise in violation of state laws and seek extra-contractual or punitive damages.

The company denies the allegations in these lawsuits and continues to vigorously defend them. The company maintains that it has no coverage obligations with respect to these lawsuits for business income allegedly lost by the plaintiffs due to the COVID-19 pandemic based on the terms of the applicable insurance policies. Although the policy terms vary, in general, the claims at issue in these lawsuits were denied because the policyholder identified no direct physical loss or damage to property at the insured premises, and the governmental orders that led to the complete or partial shutdown of the business were not due to the existence of any direct physical loss or damage to property in the immediate vicinity of the insured premises and did not prohibit access to the insured premises, as required by the terms of the insurance policies. Depending on the individual policy, additional policy terms and conditions may also prohibit coverage, such as exclusions for pollutants, ordinance or law, loss of use, and acts or decisions. The company’s standard commercial property insurance policies generally did not contain a specific virus exclusion.

In addition to the inherent difficulty in predicting litigation outcomes, the COVID-19 pandemic business income coverage lawsuits present a number of uncertainties and contingencies that are not yet known, including how many policyholders will ultimately file claims, the extent to which any class may be certified, and the size and scope of any such classes. The legal theories advanced by plaintiffs vary by case as do the state laws that govern the policy interpretation. Most of these lawsuits have been dismissed, both by courts and by plaintiffs, but some have been appealed and a few others remain pending in trial courts. Appellate decisions issued to date generally have been favorable for the insurance industry, and the company has received numerous favorable rulings on appeal with no adverse appellate rulings to date. Some cases remain to be decided and in some jurisdictions, cases have been stayed pending appellate decisions in their state or federal circuit. Accordingly, little discovery has occurred on pending cases. In addition, business income calculations depend upon a wide range of factors that are particular to the circumstances of each individual policyholder and, here, virtually none of the plaintiffs have submitted proofs of loss or otherwise quantified or factually supported any allegedly covered loss. Moreover, the company’s experience shows that demands for damages often bear little relation to a reasonable estimate of potential loss. Accordingly, management cannot now reasonably estimate the possible loss or range of loss, if any. Nonetheless, given the number of claims and potential claims, the indeterminate amounts sought, and the inherent unpredictability of litigation, it is possible that adverse outcomes, if any, in the aggregate could have a material adverse effect on the company’s consolidated financial position, results of operations and cash flows.

The company and its subsidiaries also are occasionally involved in other legal and regulatory proceedings, some of which assert claims for substantial amounts. These actions include, among others, putative class actions seeking certification of state or national classes. Such proceedings have alleged, for example, improper depreciation of labor costs in repair estimates. The company’s insurance subsidiaries also are occasionally parties to individual actions in which extra-contractual damages, punitive damages or penalties are sought, such as claims alleging bad faith handling of insurance claims or writing unauthorized coverage or claims alleging discrimination by former or current associates.

On a quarterly basis, we review these outstanding matters. Under current accounting guidance, we establish accruals when it is probable that a covered loss has been incurred and we can reasonably estimate its potential

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 27

exposure. The company accounts for such probable and estimable losses, if any, through the establishment of legal expense reserves. Based on our quarterly review, we believe that our accruals for probable and estimable losses are reasonable and that the amounts accrued do not have a material effect on our consolidated financial position, results of operations and cash flows. However, if any one or more of these matters results in a judgment against us or settlement for an amount that is significantly greater than the amount accrued, the resulting liability could have a material effect on the company’s consolidated financial position, results of operations and cash flows. Based on our most recent review, our estimate for any other matters for which the risk of loss is not probable, but more than remote, is immaterial.

NOTE 13 – Segment Information

We operate primarily in two industries, property casualty insurance and life insurance. Our CODM regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our reporting segments are:

Commercial lines insurance
Personal lines insurance
Excess and surplus lines insurance
Life insurance
Investments

We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global. See our 2023 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 180, for a description of revenue, income or loss before income taxes and identifiable assets for each of the five segments.

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 28

Segment information is summarized in the following table:


(Dollars in millions)	Three months ended March 31,
		2024		2023
Revenues:
Commercial lines insurance
Commercial casualty		$	365	$	377
Commercial property		336		299
Commercial auto		220		213
Workers' compensation		61		74
Other commercial		100		93
Commercial lines insurance premiums		1,082		1,056
Fee revenues		1		1
Total commercial lines insurance		1,083		1,057

Personal lines insurance
Personal auto		208		166
Homeowner		303		232
Other personal		77		66
Personal lines insurance premiums		588		464
Fee revenues		1		1
Total personal lines insurance		589		465

Excess and surplus lines insurance		139		127
Fee revenues		1		—
Total excess and surplus lines insurance		140		127

Life insurance premiums		79		77
Fee revenues		1		2
Total life insurance		80		79

Investments
Investment income, net of expenses		245		210
Investment gains and losses, net		612		106
Total investment revenue		857		316

Other
Premiums		183		194

Other		3		3
Total other revenues		186		197
Total revenues		$	2,935	$	2,241

Income (loss) before income taxes:
Insurance underwriting results
Commercial lines insurance		$	39	$	(2)
Personal lines insurance		37		(57)
Excess and surplus lines insurance		12		13
Life insurance		10		8
Investments		826		286
Other		29		20
Total income before income taxes		$	953	$	268


Identifiable assets:	March 31, 2024		December 31, 2023
Property casualty insurance	$	5,298	$	5,294
Life insurance	1,564		1,562
Investments	25,878		24,999
Other	987		914
Total	$	33,727	$	32,769

Cincinnati Financial Corporation First-Quarter 2024 10-Q

Page 29

Previous: Cover and table of contents · Next: Item 2. Management’s Discussion and Analysis of Financial Condition and