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Condensed Balance Sheets and Income Statements
                 
Cincinnati Financial Corporation and Subsidiaries
(Dollars in millions)
   At December 31,  
    2007     2006  
    (unaudited)        
Assets
                
Investments
     12,261       13,759  
Cash and cash equivalents
     226       202  
Premiums receivable
     1,107       1,128  
Reinsurance receivable
     754       683  
Other assets
     2,289       1,450  
 
            
Total assets
   $ 16,637     $ 17,222  
 
            
 
                
Liabilities
                
Insurance reserves
   $ 5,445     $ 5,305  
Unearned premiums
     1,564       1,579  
Deferred income tax
     977       1,653  
6.125% senior notes due 2034
     371       371  
6.9% senior debentures due 2028
     28       28  
6.92% senior debentures due 2028
     392       392  
Other liabilities
     1,931       1,086  
 
            
Total liabilities
     10,708       10,414  
 
            
 
                
Shareholders’ equity
                
Common stock and paid-in capital
     1,442       1,406  
Retained earnings
     3,404       2,786  
Accumulated other comprehensive income
     2,151       3,379  
Treasury stock at cost
     (1,068)       (763)  
 
            
Total shareholders’ equity
     5,929       6,808  
 
            
Total liabilities and shareholders’ equity
   $ 16,637     $ 17,222  
 
            
                         
 
(Dollars in millions except per share data)   Years ended December 31,  
    2007     2006     2005  
    (unaudited)              
Revenues
                        
Earned premiums
   $ 3,250     $ 3,270     $ 3,153  
Investment income, net of expenses
     608       570       526  
Realized investment gains and losses
     382       684       61  
Other income
     19       18       16  
 
                  
Total revenues
     4,259       4,542       3,756  
 
                  
 
                        
Benefits and Expenses
                        
Insurance losses and policyholder benefits
     1,963       2,128       1,911  
Commissions
     624       622       616  
Other operating expenses
     480       463       406  
 
                  
Total benefits and expenses
     3,067       3,213       2,933  
 
                  
 
                        
Income Before Income Taxes
     1,192       1,329       823  
 
                        
 
                        
Provision for Income Taxes
     337       399       221  
 
                  
 
                        
Net Income
   $ 855     $ 930     $ 602  
 
                  
 
                        
Per Common Share
                        
Net income — basic
   $ 5.01     $ 5.36     $ 3.44  
Net income — diluted
   $ 4.97     $ 5.30     $ 3.40  
 
                        


This report contains forward-looking statements that involve potential risks and uncertainties. For factors that could cause results to differ materially from those discussed, please see the most recent edition of our safe harbor statement under the Private Securities Litigation Reform Act of 1995. To view or print the edition in effect as of this report's initial publication date, please view this document as a printable PDF.