Cincinnati Financial Corporation · NASDAQ:CINF
Cincinnati Financial — Q1 2026 Earnings Presentation
17 slides from Cincinnati Financial's earnings presentation, Apr 28, 2026
Slide 1: Cincinnati Financial Reports First-Quarter 2026 Results
The Cincinnati Insurance Company n The Cincinnati Indemnity Company The Cincinnati Casualty Company n The Cincinnati Specialty Underwriters Insurance Company The Cincinnati Life Insurance Company n CFC Investment Company n CSU Producer Resources Inc. Cincinnati Global Underwriting Ltd. n Cincinnati
Slide 2: Insurance Operations Highlights
Insurance Operations Highlights • 95.6% first-quarter 2026 property casualty combined ratio, improved from 113.3% for the first quarter of 2025. • 7% growth in first-quarter net written premiums, including price increases, premium growth initiatives, a higher level of insured exposures and with 2% o
Slide 3: Insurance Operations Highlights: Consolidated Property Casualty Results
Insurance Operations Highlights Consolidated Property Casualty Insurance Results (Dollars in millions) Three months ended March 31, 2026 2025 % Change Earned premiums $ 2,519 $ 2,264 11 Fee revenues 4 4 0 Total revenues 2,523 2,268 11 Loss and loss expenses 1,667 1,887 (12) Underwriting expenses 741
Slide 4: Commercial Lines Insurance Results
Commercial Lines Insurance Results (Dollars in millions) Three months ended March 31, 2026 2025 % Change Earned premiums $ 1,241 $ 1,179 5 Fee revenues 1 2 (50) Total revenues 1,242 1,181 5 Loss and loss expenses 847 735 15 Underwriting expenses 377 349 8 Underwriting profit $ 18 $ 97 (81) Ratios as
Slide 5: Personal Lines Insurance Results
Personal Lines Insurance Results (Dollars in millions) Three months ended March 31, 2026 2025 % Change Earned premiums $ 873 $ 698 25 Fee revenues 2 1 100 Total revenues 875 699 25 Loss and loss expenses 607 846 (28) Underwriting expenses 238 210 13 Underwriting profit (loss) $ 30 $ (357) nm Ratios
Slide 6: Excess and Surplus Lines Insurance Results
Excess and Surplus Lines Insurance Results (Dollars in millions) Three months ended March 31, 2026 2025 % Change Earned premiums $ 180 $ 162 11 Fee revenues 1 1 0 Total revenues 181 163 11 Loss and loss expenses 110 99 11 Underwriting expenses 50 44 14 Underwriting profit $ 21 $ 20 5 Ratios as a per
Slide 7: Life Insurance Subsidiary Results
Life Insurance Subsidiary Results (Dollars in millions) Three months ended March 31, 2026 2025 % Change Term life insurance $ 61 $ 57 7 Whole life insurance 14 13 8 Universal life and other 10 10 0 Earned premiums 85 80 6 Investment income, net of expenses 54 50 8 Investment gains and losses, net —
Slide 8: Investment and Balance Sheet Highlights
Investment and Balance Sheet Highlights Investments Results (Dollars in millions) Three months ended March 31, 2026 2025 % Change Investment income, net of expenses $ 318 $ 280 14 Investment interest credited to contract holders (32) (32) 0 Investment gains and losses, net (70) (67) (4) Investments
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights (Dollars in millions, except share data) At March 31, At December 31, 2026 2025 Total investments $ 32,001 $ 31,783 Total assets 41,211 41,002 Short-term debt 25 25 Long-term debt 791 790 Shareholders’ equity 15,714 15,911 Book value per share 101.60 102.35 Debt-to-total-cap
Slide 10: Safe Harbor Statement
Safe Harbor Statement Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that ar
Slide 11: Risk factors: covenants, economic conditions, technology risks
• Failure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligations • Recession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies • The inability o
Slide 12: Risk factors: litigation, internal controls, regulatory environment
• Adverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awards • Events or actions, including unauthorized intentional circumvention of control
Slide 13: Condensed Consolidated Balance Sheets and Statements of Income (unaudited)
Cincinnati Financial Corporation Condensed Consolidated Balance Sheets and Statements of Income (unaudited) (Dollars in millions) March 31, December 31, 2026 2025 Assets Investments $ 32,001 $ 31,783 Cash and cash equivalents 1,210 1,431 Premiums receivable 3,321 3,142 Reinsurance recoverable 627 65
Slide 14: Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures (See attached tables for reconciliations; additional prior-period reconciliations available at investors.cinfin.com.) Cincinnati Financial Corporation prepares its public financial statements in conformity with accoun
Slide 15: Net Income (Loss) Reconciliation
Cincinnati Financial Corporation Net Income (Loss) Reconciliation (Dollars in millions, except per share data) Three months ended March 31, 2026 2025 Net income (loss) $ 274 $ (90) Less: Investment gains and losses, net (70) (67) Income tax on investment gains and losses 14 14 Investment gains and l
Slide 16: Property Casualty Insurance Reconciliation
Property Casualty Insurance Reconciliation (Dollars in millions) Three months ended March 31, 2026 Consolidated Commercial Personal E&S Other* Premiums: Net written premiums $ 2,668 $ 1,359 $ 775 $ 182 $ 352 Unearned premiums change (149) (118) 98 (2) (127) Earned premiums $ 2,519 $ 1,241 $ 873 $ 18
Slide 17: Other Measures
Cincinnati Financial Corporation Other Measures • Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company’s insurance operations, the success of its investment strategy and the importance placed on paying cash dividends