Cincinnati Financial Corporation and Subsidiaries
(Dollars in millions)		At December 31,
		2012	2011

Assets
Investments		$12,534	$11,801
Cash and cash equivalents		487	438
Premiums receivable		1,214	1,087
Reinsurance recoverable		615	622
Other assets		1,698	1,687
Total assets		$16,548	$15,635

Liabilities
Insurance reserves		$6,525	$6,553
Unearned premiums		1,792	1,633
Deferred income tax		453	303
Long-term debt and capital lease obligations		827	821
Other liabilities		1,498	1,292
Total liabilities		11,095	10,602

Shareholders’ Equity
Common stock and paid-in capital		1,528	1,489
Retained earnings		4,021	3,863
Accumulated other comprehensive income		1,129	901
Treasury stock		(1,225)	(1,220)
Total shareholders’ equity		5,453	5,033
Total liabilities and shareholders’ equity		$16,548	$15,635

(Dollars in millions except per share data)	Years ended December 31,
	2012	2011	2010

Revenues
Earned premiums	$3,522	$3,194	$3,082
Investment income, net of expenses	531	525	518
Total realized investment gains, net	42	70	159
Fee revenues	6	4	4
Other revenues	10	10	9
Total revenues	4,111	3,803	3,772

Benefits and Expenses
Insurance losses and policyholder benefits	2,322	2,524	2,180
Underwriting, acquisition and insurance expenses	1,155	1,039	1,024
Interest expense	54	54	54
Other operating expenses	14	13	16
Total benefits and expenses	3,545	3,630	3,274

Income Before Income Taxes	566	173	498
Provision for Income Taxes	145	9	123
Net Income	$421	$164	$375

Per Common Share:
Net income—basic	$2.59	$1.01	$2.30
Net income—diluted	$2.57	$1.01	$2.30

Financial Reports

Book value per share continued to move higher, and 2012 marked the 52^nd consecutive year of an increase to our shareholder dividend. Read More

Creating Value

We are one team, with one vision: to create value by being the best insurance company for independent agents.
Read More