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Cincinnati Financial Corporation
The Cincinnati Insurance Companies
The Cincinnati Insurance Companies
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Financial Highlights
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Financial HighlightsCINCINNATI FINANCIAL CORPORATION (NASDAQ - CINF) 
Trend Analysis--Quarterly (click here for Annual Analysis)

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Balance Sheet ($000)
2009 Q42008 Q4Y-Y
Ch (%)
2009 Q3Q-Q
Ch (%)
Cash and Investments11,200,0009,899,00013.1410,876,00011.92
Total Reinsurance Assets690,000774,000(10.85)721,000(17.20)
Total Deferred Policy Acquisition Costs481,000509,000(5.50)485,000(3.30)
Intangible Assets000.0000.00
Separate Account Assets585,000548,0006.75586,000(0.68)
Total Assets14,440,00013,369,0008.0114,226,0006.02
Total Policy Reserves7,434,0007,181,0003.527,450,000(0.86)
Total Debt839,000840,000(0.12)839,0000.00
Total Liabilities9,680,0009,187,0005.379,600,0003.33
Total Mezzanine Level Items000.0000.00
Common Equity4,760,0004,182,00013.824,626,00011.59
Total Equity4,760,0004,182,00013.824,626,00011.59
Shares Outstanding (actual)162,000,000162,411,529(0.25)162,000,0000.00
 
Income Statement ($000)
2009 Q42008 Q4Y-Y
Ch (%)
2009 Q3Q-Q
Ch (%)
Total Policy Revenue752,000780,000(3.59)766,000(7.31)
Net Investment Income131,000125,0004.80127,00012.60
Realized Gains247,000110,000124.55110,000498.18
Total Revenue1,133,0001,018,00011.301,007,00050.05
Total Policy Expenses505,000500,0001.00498,0005.62
Underwriting & Other Expenses260,000283,000(8.13)251,00014.34
Interest Expense13,00014,000(7.14)14,000(28.57)
Total Expenses778,000797,000(2.38)763,0007.86
Provision for Taxes110,00060,00083.3373,000202.74
Net Income245,000161,00052.17171,000173.10
Net Income After Taxes245,000160,00053.12171,000173.10
 
Per Share Items ($)
2009 Q42008 Q4Y-Y
Ch (%)
2009 Q3Q-Q
Ch (%)
Diluted EPS Before Extraordinary1.500.9951.521.05171.43
Diluted EPS After Extraordinary1.500.9951.521.05171.43
Operating EPS0.530.57(7.02)0.59(40.68)
Book Value, Excluding FASB 11525.2123.407.7024.0818.69
Dividends Declared0.39500.39001.280.39500.00
 
Underwriting Performance Ratios (%)
2009 Q42008 Q4Y-Y
Ch (bp)
2009 Q3Q-Q
Ch (bp)
GAAP Loss Ratio65.0063.6014062.70230
GAAP Expense Ratio33.6035.30(170)32.40120
GAAP Combined Ratio98.6098.90(30)95.10350
 
Underwriting Analysis ($000)
2009 Q42008 Q4Y-Y
Ch (%)
2009 Q3Q-Q
Ch (%)
Net Premiums Written-767,000NA840,000NA
 
Balance Sheet Ratios (%)
2009 Q42008 Q4Y-Y
Ch (bp)
2009 Q3Q-Q
Ch (bp)
Total Equity / Total Assets32.9631.2816832.5245
Tangible Equity / Tangible Assets32.9631.2816832.5245
Tangible Common Equity / Tangible Assets32.9631.2816832.5245
Policy Reserves / Equity (x)1.561.72(16)1.61(5)
Debt / Total Cap, at Book14.9816.73(174)15.35(37)
Cash & Investments / Assets77.5674.0435276.45111
 
Profitability Ratios (%)
2009 Q42008 Q4Y-Y
Ch (bp)
2009 Q3Q-Q
Ch (bp)
ROAA6.844.652184.93191
ROAE20.8814.5263615.60528
Operating ROAA2.402.66(26)2.77(37)
Operating ROAE7.338.30(97)8.76(143)
Investment Yield13.709.214499.10460
Operating Margin13.6613.66016.50(284)
 
   Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

  * Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.



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