Cincinnati Financial (CINF) investor relations material

Executive summary

• Net income for Q3 2025 rose 37% year-over-year to $1.122 billion, driven by a $675 million after-tax increase in the fair value of equity securities held, improved underwriting profit, and lower catastrophe losses.

• Non-GAAP operating income more than doubled year-over-year to $449 million.

• Book value per share reached $98.76, up 12% from year-end 2024, and the value creation ratio for the first nine months was 13.8%.

• Total revenues increased 12% in Q3, reflecting strong earned premium growth and higher investment income.

• Cash dividends per share increased 7% year-over-year, marking the 65th consecutive year of dividend growth.

Financial highlights

• Earned premiums grew 12% in Q3 and 13% for the nine months; property casualty net written premiums up 10% year-over-year.

• Investment income rose 14% in Q3 and 15% for the nine months, with bond interest income up 21%.

• Q3 property casualty combined ratio improved to 88.2% from 97.4% last year.

• Shareholders' equity increased 11% to $15.41 billion; debt-to-total-capital ratio decreased to 5.0%.

• Consolidated cash and total investments reached $32.56 billion, up 11% from year-end.

Outlook and guidance

• Management expects continued benefit from price increases, disciplined growth, and ongoing initiatives to improve pricing precision and loss experience.

• Combined ratio for the first nine months was 98.4%, within the target long-term annual average range of 92% to 98%.

• Plans to continue expanding E&S business in California and maintain a stable market presence.

• No specific agency appointment targets for 2026, but ongoing focus on quality agency relationships and measured expansion.