Cincinnati Financial Corp. Files Q3 2024 10-Q
Ticker: CINF · Form: 10-Q · Filed: Oct 24, 2024 · CIK: 20286
| Field | Detail |
|---|---|
| Company | Cincinnati Financial Corp (CINF) |
| Form Type | 10-Q |
| Filed Date | Oct 24, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 20 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, insurance
TL;DR
CINCY Q3 24 10-Q filed. Details on financials available.
AI Summary
Cincinnati Financial Corp. reported its third-quarter 2024 results, with the filing dated October 24, 2024. The company's fiscal year ends on December 31st. Specific financial figures for the quarter and year-to-date are detailed within the report.
Why It Matters
This filing provides investors with the latest financial performance and operational details for Cincinnati Financial Corp., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Numbers
- 2024-09-30 — Period End Date (End of the third quarter of 2024.)
- 2024-10-24 — Filing Date (Date the 10-Q was officially filed with the SEC.)
- 1231 — Fiscal Year End (Indicates the end of the company's fiscal year.)
Key Players & Entities
- CINCINNATI FINANCIAL CORP (company) — Filer
- 0000020286 (company) — Central Index Key
- OH (location) — State of Incorporation
- 20240930 (date) — Period of Report
- 20241024 (date) — Filing Date
FAQ
What is the primary business of Cincinnati Financial Corp.?
Cincinnati Financial Corp. is primarily involved in Fire, Marine & Casualty Insurance, as indicated by its Standard Industrial Classification code [6331].
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on October 24, 2024.
What is the company's state of incorporation?
The company is incorporated in Ohio (OH).
What is the company's fiscal year end date?
The company's fiscal year ends on December 31st (1231).
Filing Stats: 4,906 words · 20 min read · ~16 pages · Grade level 17.6 · Accepted 2024-10-24 16:10:03
Filing Documents
- cinf-20240930.htm (10-Q) — 4038KB
- cinf-2024930xex31a.htm (EX-31.A) — 10KB
- cinf-2024930xex31b.htm (EX-31.B) — 10KB
- cinf-2024930xex32.htm (EX-32) — 6KB
- 0000020286-24-000063.txt ( ) — 15942KB
- cinf-20240930.xsd (EX-101.SCH) — 59KB
- cinf-20240930_cal.xml (EX-101.CAL) — 94KB
- cinf-20240930_def.xml (EX-101.DEF) — 350KB
- cinf-20240930_lab.xml (EX-101.LAB) — 779KB
- cinf-20240930_pre.xml (EX-101.PRE) — 583KB
- cinf-20240930_htm.xml (XML) — 3742KB
– Financial Information
Part I – Financial Information 3
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Shareholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Safe Harbor Statement 33 Corporate Financial Highlights 36 Financial Results 44 Liquidity and Capital Resources 60 Other Matters 64
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 64
Controls and Procedures
Item 4. Controls and Procedures 71
– Other Information
Part II – Other Information 72
Legal Proceedings
Item 1. Legal Proceedings 72
Risk Factors
Item 1A. Risk Factors 72
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 73
Other Information
Item 5. Other Information 74
Exhibits
Item 6. Exhibits 75 Cincinnati Financial Corporation Third-Quarter 2024 10-Q Page 2 Table of Contents
– Financial Information
Part I – Financial Information
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) Cincinnati Financial Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Dollars in millions, except per share data) September 30, December 31, 2024 2023 Assets Investments Fixed maturities, at fair value (amortized cost: 2024—$ 16,074 ; 2023—$ 14,361 ) $ 15,871 $ 13,791 Equity securities, at fair value (cost: 2024—$ 4,034 ; 2023—$ 4,282 ) 11,570 10,989 Other invested assets 663 577 Total investments 28,104 25,357 Cash and cash equivalents 1,752 907 Investment income receivable 199 192 Finance receivable 116 108 Premiums receivable 3,012 2,592 Reinsurance recoverable 548 651 Prepaid reinsurance premiums 94 55 Deferred policy acquisition costs 1,241 1,093 Land, building and equipment, net, for company use (accumulated depreciation: 2024—$ 342 ; 2023—$ 337 ) 215 208 Other assets 785 681 Separate accounts 943 925 Total assets $ 37,009 $ 32,769 Liabilities Insurance reserves Loss and loss expense reserves $ 9,928 $ 9,050 Life policy and investment contract reserves 3,069 3,068 Unearned premiums 4,874 4,119 Other liabilities 1,917 1,311 Deferred income tax 1,600 1,324 Note payable 25 25 Long-term debt and lease obligations 849 849 Separate accounts 943 925 Total liabilities 23,205 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 1,482 1,437 Retained earnings 14,591 13,084 Accumulated other comprehensive loss ( 150 ) ( 435 ) Treasury stock at cost (2024— 42.0 million shares and 2023— 41.3 million shares) ( 2,516 ) ( 2,385 ) Total shareholders' equity 13,804 12,098 Total liabilities and shareholders' equity $ 37,009 $ 32,769 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements. Cincinnati Financial Corporation Third-Quarter 2024 10-Q Page