Cincinnati Financial Corporation
CINFFinancial Snapshot
ticker: CINF step: 04 generated: 2026-05-12 source: quick-research
Cincinnati Financial Corporation (CINF) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Total Revenue | ~$6.6B | $10.0B | $11.3B | +13.2% |
| Net Income (GAAP) | ($487M) | $1.84B | $2.29B | +24.4% |
| EPS (GAAP) | ($3.06) | $11.66 | $14.53 | +24.6% |
| Non-GAAP Operating Income | $672M | $952M | $1.20B | +25.7% |
| Non-GAAP Operating EPS | $4.24 | $6.03 | $7.58 | +25.7% |
| Net Written Premiums | ~$6.5B | ~$7.9B | $9.0B+ | +15% |
FY2022 GAAP loss driven by mark-to-market investment portfolio losses (equity market decline) — not underwriting. Non-GAAP operating income was positive. FY2023–FY2024 recovery reflects both equity market rebound (GAAP) and strong underwriting profit improvement (non-GAAP). Combined ratio improved significantly in 2024.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Investment Portfolio | $30B+ |
| Net Written Premiums (FY2024) | $9.0B+ |
| Combined Ratio (current accident year ex-cat) | ~85.2% (strong) |
| Dividend Yield | ~2.3% |
| Consecutive Annual Dividend Increases | 65 years (as of 2024) |
| Payout Ratio | ~28% (very conservative) |
CINF is a Dividend King with 65 consecutive years of dividend increases — one of the longest streaks of any S&P 500 company. The 28% payout ratio provides exceptional coverage and room for sustained growth.
Key Ratios (approximate)
- P/E (non-GAAP): ~17x | P/Book: ~1.8x | Dividend Yield: ~2.3%
- Non-GAAP Operating EPS Growth (FY2024): +25.7%
- Combined Ratio (current accident year ex-cat): ~85.2% (excellent underwriting profitability)
- 3-year dividend CAGR: ~8.4%
Growth Profile
CINF's core operating earnings (non-GAAP, ex-investment mark-to-market) have grown consistently via premium volume growth (net written premium CAGR ~10% in 2022–2024), underwriting margin improvement, and investment income growth. The investment portfolio compounding is a secondary but meaningful earnings driver — CINF's large equity portfolio generates both dividend income and long-term appreciation.
Forward Estimates
- Bears project earnings decline of 27.7%/year over next 3 years (catastrophe risk headwind)
- Bulls point to current 21.3% trailing net margin and strong combined ratio as evidence of durable profitability
- Dividend: 66th consecutive annual increase expected — trajectory toward $3.76/share annually
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $CINF.