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Cincinnati Financial Corporation
NASDAQ: CINF Financials Insurance 🔎 Screen
S&P 500
🏹 Trader: 🎯 Near 52W High View all →
$26.5B
Market Cap
10.8
P/E
3.71
PEG
15.4%
ROCE
16.0%
ROE
0.06
D/E
24.0%
OPM
-10.4%
% from 52W High
60
α RS
🔍 CINF is showing a high-conviction setup because it matches 12 of 39 tracked screener presets, RS Rating is 60, and an ECS of 81.2 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating ECS
Sources
Conviction 12/39 · RS Rating 60 · ECS 81.2
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Currency-adjusted total returns for CINF including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
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About

Cincinnati Financial Corporation provides property casualty insurance products in the United States. The company operates through five segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment offers coverage for commercial casualty and property, commercial auto, and workers’ compensation. This segment also provides contract and commercial surety bonds, and fidelity bonds; management liability; and machinery and equipment insurance products. The Personal Lines Insurance segment offers personal auto; homeowner; and other personal lines insurance, such as dwelling fire, inland marine, personal umbrella liability, and watercraft coverages. The Excess and Surplus Lines Insurance segment offers commercial casualty insurance that covers businesses for third-party liability from accidents occurring on their premises or arising out of their operations, such as injuries sustained from products, as well as other coverages comprising miscellaneous errors and omissions, professional liability, and excess liability; and commercial property insurance, which insures buildings, inventory, equipment, and business income from loss or damage due to various causes, such as fire, wind, hail, water, theft, and vandalism. The Life Insurance segment provides term life insurance; universal life insurance; and worksite and whole life insurance products, as well as annuities. The Investments segment invests in fixed-maturity investments, including taxable and tax-exempt bonds, and redeemable preferred stocks; and equity investments comprising common and nonredeemable preferred stocks. The company also offers commercial leasing and financing services; and insurance brokerage services. The company was founded in 1950 and is headquartered in Fairfield, Ohio.

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📈 Growth Pattern
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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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Mixed quarter Investor Presentation One-Pager? Q2 2026
Revenue
$4.3B
+32% YoY
Operating Income
$224M
-28% YoY
P&C Combined Ratio
100.8%
+5.9pp YoY
Net Income
$1.255B
+83% YoY
What Went Right
  • Investment income grew 12% to $319M, with bond interest income up 14%.
  • E&S combined ratio was an excellent 90.5% on 8% NWP growth; Cincinnati Re posted an 87.6% combined ratio.
  • Book value reached a record $108.64/share and Q2 value creation ratio was 7.9%.
What to Watch
  • P&C combined ratio worsened 5.9pts to 100.8%, with catastrophe losses adding 2.3pts and the expense ratio up 1.2pts.
  • Commercial lines combined ratio jumped 11.2pts to 104.1% on higher CAT losses and large-loss activity; YTD large losses were $112M vs $101M.
  • Cincinnati Global combined ratio was 110.8%, including a $10M Middle East charge and a $7.5M contingency event.
Management Guidance
  • No explicit numeric Q3 2026 revenue guidance was provided.
  • No explicit operating income or margin guidance was provided beyond a target expense ratio under 30%.
  • Management expects to keep non-commission expense growth below premium growth and is optimistic diversification will mute catastrophe volatility.
Investor Lens
The thesis is mixed: investment income is compounding nicely and book value is at record highs, but the 100.8% combined ratio and 3% premium growth show a softening P&C market is pressuring underwriting results. Management's disciplined pricing and stable H1 ex-CAT current accident year ratio of 87.8% keep the long-term underwriting story intact. Net income was inflated by $882M of equity fair-value gains, so investors should focus on operating income and the value creation ratio. The core question is whether rate adequacy holds as competition intensifies.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Q2 operating income fell 28%; combined ratio 100.8%; investment income drove gains.
Revenue
Q2 total revenues rose 32% YoY to $4.274B, helped by investment gains. P&C net written premiums grew 3%, with about two-thirds from price and one-third from exposure; new business written premiums fell 13% to $353M.
Profitability
Net income jumped 83% to $1.255B, or $8.05 per diluted share, including $882M after-tax equity fair-value gains. Non-GAAP operating income fell 28% to $224M ($1.43), with increased after-tax catastrophe losses a $61M drag.
Margins
The P&C combined ratio was 100.8%, up 5.9pts, including 2.3pts of higher catastrophe losses. H1 current accident year combined ratio ex-CAT was 87.8%, essentially flat vs 87.7%. Q2 expense ratio rose 1.2pts on commissions and timing.
Balance Sheet
Parent company cash and marketable securities were $5.689B, and total shareholders' equity was nearly $17B. Book value was a record $108.64 per share. Debt-to-total-capital remained under 10%.
Key Risks
Management cited softening P&C pricing, slowing premium growth (personal lines NWP +1%), and elevated catastrophe activity, with Ohio CAT losses nearly 4x the 5-year Q2 average. Commercial lines large losses and Cincinnati Global's Middle East/contingency charges pressured results.
Outlook
No explicit numeric guidance was provided. Management reiterated pricing discipline, plans to keep expense growth below premium growth, and is optimistic diversification will mute catastrophe volatility.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-28
Q2 2026 saw net income of $1.3B, with strong investment gains and modest premium growth amid a softening market. Combined ratios rose due to higher catastrophe losses, but underwriting discipline and capital strength remain priorities. Book value per share hit a record high.
Q1 2026 Q1 2026 2026-04-28
Strong Q1 2026 results featured a sharp turnaround in operating income, improved combined ratios, and robust investment income growth. Premium growth is moderating amid increased competition, but underwriting discipline and capital strength remain high.
Q4 2025 Q4 2025 2026-02-10
Strong Q4 and full-year 2025 results with net income up 4% and robust investment income growth. Combined ratio improved in commercial and E&S lines, while personal lines faced higher catastrophe losses. Disciplined underwriting and AI initiatives support continued growth.
Q3 2025 Q3 2025 2025-10-28
Q3 2025 saw strong net income, improved combined ratios, and robust investment income growth. Premiums rose across all segments, capital position remains strong, and Fitch upgraded financial strength ratings. Expansion continues in E&S and agency appointments.
Q2 2025 Q2 2025 2025-07-29
Q2 2025 saw strong operating results, with net income more than doubling year-over-year and robust premium growth across most segments. Combined ratios improved, investment income surged, and capital strength remained high, despite elevated catastrophe losses and competitive pressures in property markets.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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Information Sources:
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