Cincinnati Financial Corporation
- Open
- 172.85
- Day high
- 174.36
- Day low
- 172.47
- Prev close
- 171.69
- Volume
- 15K
- Mkt cap
- $26.7B
- P/E (TTM)
- 8.2
- EPS (TTM)
- $21.28
- P/B
- 1.6
- P/S
- 1.9
- Yield
- 2.08%
- Per share
- $3.62
- ▼Insiders net selling -$1.2M over the last 3 months (1 open-market buy, 1 sale)
- 🏛Institutions accumulating (13F)
Cincinnati Financial Corporation (CINF) is a Financial Services company listed on NASDAQ. The stock is up 12% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 1 sale (SEC Form 4). Drillr has 1 published research article covering CINF.
Cincinnati Financial Corporation (CINF) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CINF earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $1.84 | $1.43 | -22.3% | $2.6B | -2.8% |
| Apr 28, 2026 | $1.93 | $2.10 | +8.8% | $2.6B | -0.1% |
| Oct 24, 2024 | $1.46 | $1.42 | -2.7% | $3.3B | +47.3% |
| Jul 25, 2024 | $0.96 | $1.29 | +34.2% | $2.5B | +15.1% |
| Apr 25, 2024 | $1.68 | $1.72 | +2.5% | $2.9B | +34.3% |
| Feb 6, 2024 | $1.93 | $2.28 | +18.1% | $3.4B | +35.7% |
| Oct 26, 2023 | $1.07 | $1.66 | +55.1% | $1.8B | -19.1% |
| Jul 27, 2023 | $0.72 | $1.21 | +68.1% | $2.6B | +39.6% |
| Apr 27, 2023 | $0.68 | $0.89 | +30.9% | $2.2B | +2.9% |
| Oct 31, 2022 | $0.71 | $0.73 | +2.8% | $1.4B | -23.9% |
| Jul 27, 2022 | $1.05 | $0.65 | -38.1% | $820M | -53.0% |
| Apr 28, 2022 | $1.48 | $1.58 | +6.8% | $1.2B | -26.4% |
CINF insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 27, 2026 | Debbink Dirk Jdirector | Buy | 1,000 | $171.64 |
| Aug 4, 2026 | Schiff Charles Odelldirector | Sell | 7,600 | $175.40 |
| Jun 10, 2026 | KELLINGTON JOHN Sofficer: EVP, Chief Info Off. -Sub | Option | 24,221 | $85.67 |
| Jun 10, 2026 | KELLINGTON JOHN Sofficer: EVP, Chief Info Off. -Sub | Tax | 17,536 | $163.73 |
| Jun 1, 2026 | Fu Luyangofficer: Sr. VP, Chief Actuary - Sub | Option | 774 | $85.67 |
| Jun 1, 2026 | Fu Luyangofficer: Sr. VP, Chief Actuary - Sub | Tax | 99 | $161.20 |
| May 11, 2026 | Hogan Thomas Christopherofficer: EVP/CLO & Corp Secretary | Tax | 145 | $160.96 |
| May 11, 2026 | Hogan Thomas Christopherofficer: EVP/CLO & Corp Secretary | Option | 957 | $71.19 |
| May 11, 2026 | Hogan Thomas Christopherofficer: EVP/CLO & Corp Secretary | Option | 487 | $70.70 |
| May 11, 2026 | Hogan Thomas Christopherofficer: EVP/CLO & Corp Secretary | Tax | 74 | $160.96 |
| May 7, 2026 | Brown Roger Aofficer: Sr VP, COO - Subsidary | Option | 6,900 | $71.19 |
| May 7, 2026 | Brown Roger Aofficer: Sr VP, COO - Subsidary | Tax | 4,685 | $159.88 |
| May 5, 2026 | Sewell Michael Jofficer: CFO, EVP & Treasurer | Tax | 8,822 | $163.54 |
| May 5, 2026 | Sewell Michael Jofficer: CFO, EVP & Treasurer | Option | 36,909 | $70.70 |
| May 1, 2026 | Cracas Teresa Cofficer: EVP, Chief Risk Off. - Sub | Option | 15,386 | $70.70 |
Source: CINF SEC Form 4 filings, latest Aug 27, 2026. For informational purposes only — not investment advice.
See the full CINF insider & 13F page →Cincinnati Financial Corporation company profile
Overview
Cincinnati Financial Corporation (NASDAQ:CINF) is a property and casualty insurance holding company founded in 1950 and headquartered in Fairfield, Ohio. The company has grown from a regional insurer to a diversified financial services organization operating across multiple insurance segments and investment activities. Cincinnati Financial went public in 1980 and has established a strong track record of consistent dividend payments, having increased its dividend for 64 consecutive years as of 2024. The company operates through its subsidiaries to provide insurance products primarily in the United States, with a focus on maintaining long-term relationships with independent insurance agents and a conservative underwriting approach.
Business
Cincinnati Financial operates in the property and casualty insurance industry, which provides protection against financial losses from accidents, natural disasters, theft, and liability claims. The company functions as an insurance carrier that underwrites policies, collects premiums, and pays out claims when covered events occur. The company operates through five primary business segments: Commercial Lines Insurance represents the largest segment, offering coverage for businesses including commercial casualty insurance (protecting against third-party liability claims), commercial property insurance (covering buildings, inventory, and equipment), commercial auto insurance, and workers' compensation. This segment also provides specialized coverages like directors and officers liability insurance, surety bonds, and machinery and equipment coverage. Commercial lines typically generate approximately 60-65% of the company's property casualty premiums. Personal Lines Insurance provides coverage for individual consumers, including personal auto insurance, homeowners insurance, and specialty coverages like dwelling fire, inland marine, personal umbrella liability, and watercraft insurance. This segment has been experiencing significant growth, with premiums increasing 30% in recent periods, and represents roughly 25-30% of property casualty premiums. Excess and Surplus Lines Insurance offers specialized commercial coverage for risks that standard insurance markets cannot accommodate due to their unique or high-risk nature. This includes commercial casualty and property insurance for businesses that fall outside traditional underwriting guidelines. This segment contributes approximately 8-10% of property casualty premiums. Life Insurance provides term life, universal life, whole life, and worksite insurance products, though this represents a smaller portion of overall business operations, contributing roughly 2-3% of total revenues. Investments manages the company's substantial investment portfolio, which includes fixed-maturity investments like bonds and preferred stocks, as well as equity investments in common stocks. The investment portfolio generates significant income and capital appreciation that supports the insurance operations.
Revenue model
Cincinnati Financial generates revenue through multiple complementary streams within the insurance business model. The primary revenue source comes from insurance premiums collected from policyholders across all segments. Customers pay periodic premiums (monthly, quarterly, or annually) in exchange for insurance coverage, and the company retains these premiums as revenue regardless of whether claims are filed. The company's customers include businesses of various sizes for commercial lines coverage, individual consumers for personal lines products, and specialized commercial entities requiring excess and surplus coverage. Cincinnati Financial distributes its products exclusively through independent insurance agents rather than direct sales, maintaining relationships with approximately 1,400 agencies across 44 states. Investment income represents the second major revenue stream, generated from the company's substantial investment portfolio of approximately $37 billion in assets. This includes dividend income from equity holdings, interest income from bonds, and capital gains from portfolio management activities. The investment portfolio serves a dual purpose: generating current income and preserving capital to pay future claims. Several factors significantly impact the company's profitability margins. Catastrophic events like hurricanes, wildfires, and severe storms can dramatically increase claims costs, as evidenced by the estimated $450-525 million in losses from California wildfires in early 2025. Inflation pressures increase both claims costs and operational expenses, requiring continuous premium rate adjustments to maintain profitability. Interest rate environments affect both investment returns and the present value of claim reserves. Social inflation and legal system trends can drive up liability claim settlements, particularly affecting commercial casualty lines. Competition in insurance markets influences pricing power and the ability to maintain or grow market share. The company's combined ratio, which measures underwriting profitability by comparing claims and expenses to premiums, serves as the key metric for operational efficiency, with ratios below 100% indicating underwriting profits.
Competitive moat
Cincinnati Financial possesses a moderate but sustainable competitive moat built primarily around its distribution relationships and conservative financial management approach. The company's strongest competitive advantage lies in its exclusive agency network of approximately 1,400 independent insurance agents built over seven decades. These long-term relationships create switching costs for agents who have invested in training, systems integration, and customer relationships specific to Cincinnati Financial's products and processes. The company's financial strength and stability provides another defensive characteristic, with Fitch Ratings maintaining positive outlook ratings and the company's 64-year consecutive dividend increase streak demonstrating consistent capital management. This financial stability appeals to both agents and policyholders seeking reliable long-term insurance partnerships. Geographic and product diversification across commercial and personal lines, combined with conservative underwriting practices, helps reduce volatility compared to more specialized insurers. The company's substantial investment portfolio and disciplined approach to risk selection have historically produced more stable returns than aggressive growth-focused competitors. However, the moat faces several challenges. The property and casualty insurance industry remains highly competitive with low barriers to entry for well-capitalized competitors. Pricing power is limited during soft market cycles when competition intensifies. Regulatory constraints can limit rate increases in certain states, particularly affecting personal lines profitability. Technology disruption poses risks as insurtech companies and direct-to-consumer models challenge traditional agent-based distribution. Climate change and increasing catastrophic losses create ongoing pressure on profitability and may require significant capital deployment for reinsurance protection. The company's moat is best characterized as stable but not impregnable, relying more on execution excellence and relationship maintenance than on structural competitive advantages.
Risks & safety
Cincinnati Financial demonstrates a strong margin of safety with solid financial fundamentals and conservative capital structure, though recent catastrophic losses have impacted near-term metrics. Liquidity and Solvency: 1. Current ratio of 40.4 indicates excellent short-term liquidity 2. Cash and short-term investments of $1.01 billion provide substantial financial flexibility 3. Debt-to-equity ratio of 6.4% reflects minimal leverage and conservative capital structure 4. Total assets of $37.3 billion versus liabilities of $23.6 billion show strong solvency position 5. Free cash flow of $307 million in Q1 2025 despite net losses demonstrates operational cash generation Valuation Metrics: 1. Price-to-book ratio of 1.68 appears reasonable for a quality insurer 2. Full-year 2024 P/E ratio of 9.8 suggests attractive valuation relative to earnings power 3. Enterprise value-to-EBITDA of 7.7 (based on 2024 figures) indicates moderate valuation 4. Current negative metrics due to California wildfire impact represent temporary disruption Other Considerations: 1. 64 consecutive years of dividend increases demonstrates commitment to shareholder returns 2. Investment portfolio net appreciation of $6.7 billion provides substantial book value support 3. Strong reinsurance relationships and increased catastrophe coverage limit downside risk 4. Estimated wildfire losses of $450-525 million, while significant, appear manageable given capital base
Recent development
Over the past few years, Cincinnati Financial has executed several strategic initiatives to strengthen its market position and operational capabilities. The company has significantly expanded its personal lines business, achieving 30% premium growth rates by targeting middle market and high net worth segments, viewing this as a "generational opportunity" in the personal lines market. Geographic and product diversification has been a key focus, with the company expanding its excess and surplus lines capabilities and growing its reinsurance operations through Cincinnati Re and Cincinnati Global subsidiaries. The company has maintained disciplined premium growth across commercial lines while implementing sophisticated pricing tools and risk segmentation techniques to improve underwriting precision. In response to increasing catastrophic losses, particularly from severe convective storms and wildfires, Cincinnati Financial has enhanced its reinsurance program, increasing coverage from $1.2 billion to $1.5 billion and reinstating primary property catastrophe reinsurance treaties. This represents a strategic shift toward more conservative risk management following significant weather-related losses. The company has undergone leadership transition with Steve Spray becoming CEO in May 2024, continuing the organization's focus on stability and long-term value creation. Technology and operational improvements have included implementing more sophisticated pricing models, enhancing risk selection capabilities, and expanding digital capabilities to support agent relationships. Investment portfolio management has become more active, with the company opportunistically rebalancing holdings to take advantage of market conditions, selling equity positions during strong market periods to reinvest in higher-yielding fixed-income securities. The company has maintained its commitment to returning capital to shareholders through consistent dividend increases and share repurchase programs, while preserving financial strength for growth opportunities.
CINF company profile · for informational purposes only — not investment advice.
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