Five-year Summary Financial Information
|
Cincinnati Financial Corporation and Subsidiaries |
||||||||||||||||||||||||
(Dollars in millions except per share data) |
Years ended December 31, | |||||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Financial Highlights |
||||||||||||||||||||||||
Investment income, net of expenses |
$ | 531 | $ | 525 | $ | 518 | $ | 501 | $ | 537 | ||||||||||||||
Net income |
$ | 421 | $ | 164 | $ | 375 | $ | 431 | $ | 428 | ||||||||||||||
Net realized investment gains and losses, after tax |
28 | 45 | 103 | 217 | 85 | |||||||||||||||||||
Operating income |
$ | 393 | $ | 119 | $ | 272 | $ | 214 | $ | 343 | ||||||||||||||
Per Share Data (diluted) |
||||||||||||||||||||||||
Net income |
$ | 2.57 | $ | 1.01 | $ | 2.30 | $ | 2.65 | $ | 2.62 | ||||||||||||||
Net realized investment gains and losses, after tax |
0.17 | 0.28 | 0.63 | 1.33 | 0.52 | |||||||||||||||||||
Operating income |
$ | 2.40 | $ | 0.73 | $ | 1.67 | $ | 1.32 | $ | 2.10 | ||||||||||||||
Cash dividends declared |
1.62 | 1.605 | 1.59 | 1.57 | 1.56 | |||||||||||||||||||
Book value |
33.48 | 31.03 | 30.79 | 29.14 | 25.67 | |||||||||||||||||||
Ratio Data |
||||||||||||||||||||||||
Debt-to-total-capital |
14.1% | 15.1% | 14.3% | 15.0% | 16.8% | |||||||||||||||||||
Value creation ratio |
12.6 | 6.0 | 11.1 | 19.7 | (23.5) | |||||||||||||||||||
Consolidated Property Casualty Insurance Operations (Statutory) |
||||||||||||||||||||||||
Agency renewal written premiums |
$ | 3,138 | $ | 2,867 | $ | 2,692 | $ | 2,665 | $ | 2,828 | ||||||||||||||
Agency new business written premiums |
501 | 437 | 414 | 405 | 368 | |||||||||||||||||||
Net written premiums |
3,482 | 3,098 | 2,963 | 2,911 | 3,010 | |||||||||||||||||||
Earned premiums |
3,344 | 3,029 | 2,924 | 2,911 | 3,010 | |||||||||||||||||||
Current accident year before catastrophe losses |
$ | 2,160 | $ | 2,213 | $ | 2,154 | $ | 2,102 | $ | 2,174 | ||||||||||||||
Current accident year catastrophe losses |
373 | 407 | 165 | 172 | 205 | |||||||||||||||||||
Prior accident years before catastrophe losses |
(357) | (280) | (287) | (181) | (321) | |||||||||||||||||||
Prior accident year catastrophe losses |
(39) | (5) | (17) | (7) | (2) | |||||||||||||||||||
Total loss and loss expenses |
$ | 2,137 | $ | 2,335 | $ | 2,015 | $ | 2,086 | $ | 2,056 | ||||||||||||||
Underwriting expenses |
1,098 | 987 | 974 | 953 | 965 | |||||||||||||||||||
Net underwriting gain (loss) |
109 | (293) | (65) | (128) | (11) | |||||||||||||||||||
Loss ratio |
53.8% | 64.4% | 56.5% | 58.6% | 57.7% | |||||||||||||||||||
Loss expense ratio |
10.1 | 12.6 | 12.4 | 13.1 | 10.6 | |||||||||||||||||||
Underwriting expense ratio |
31.5 | 31.9 | 32.9 | 32.7 | 32.1 | |||||||||||||||||||
Combined ratio |
95.4% | 108.9% | 101.8% | 104.4% | 100.4% | |||||||||||||||||||
Policyholders' surplus |
$ | 3,914 | $ | 3,747 | $ | 3,777 | $ | 3,648 | $ | 3,360 | ||||||||||||||
Net written premiums to surplus |
0.89 | 0.83 | 0.78 | 0.80 | 0.90 | |||||||||||||||||||
Commercial Lines Property Casualty Insurance Operations (Statutory) |
||||||||||||||||||||||||
Net written premiums |
$ | 2,459 | $ | 2,218 | $ | 2,155 | $ | 2,181 | $ | 2,311 | ||||||||||||||
Earned premiums |
2,383 | 2,197 | 2,154 | 2,199 | 2,316 | |||||||||||||||||||
Loss ratio |
49.3% | 58.5% | 53.5% | 55.1% | 54.2% | |||||||||||||||||||
Loss expense ratio |
10.2 | 12.9 | 13.2 | 13.8 | 10.7 | |||||||||||||||||||
Underwriting expense ratio |
32.6 | 32.8 | 32.9 | 32.9 | 31.7 | |||||||||||||||||||
Combined ratio |
92.1% | 104.2% | 99.6% | 101.8% | 96.6% | |||||||||||||||||||
Personal Lines Property Casualty Insurance Operations (Statutory) |
||||||||||||||||||||||||
Net written premiums |
$ | 918 | $ | 801 | $ | 750 | $ | 691 | $ | 685 | ||||||||||||||
Earned premiums |
868 | 762 | 721 | 686 | 689 | |||||||||||||||||||
Loss ratio |
66.4% | 82.5% | 65.4% | 70.2% | 69.0% | |||||||||||||||||||
Loss expense ratio |
8.8 | 12.4 | 9.0 | 10.2 | 10.4 | |||||||||||||||||||
Underwriting expense ratio |
28.8 | 29.3 | 32.7 | 31.0 | 32.2 | |||||||||||||||||||
Combined ratio |
104.0% | 124.2% | 107.1% | 111.4% | 111.6% | |||||||||||||||||||
Excess & Surplus Lines Property Casualty Insurance Operations (Statutory) |
||||||||||||||||||||||||
Net written premiums |
$ | 105 | $ | 79 | $ | 58 | $ | 39 | $ | 14 | ||||||||||||||
Earned premiums |
93 | 70 | 49 | 27 | 5 | |||||||||||||||||||
Loss ratio |
51.5% | 48.9% | 58.1% | 50.4% | 82.2% | |||||||||||||||||||
Loss expense ratio |
17.9 | 11.4 | 25.6 | 24.3 | 27.3 | |||||||||||||||||||
Underwriting expense ratio |
31.4 | 30.5 | 35.2 | 54.4 | 81.1 | |||||||||||||||||||
Combined ratio |
100.8% | 90.8% | 118.9% | 129.1% | 190.6% | |||||||||||||||||||
Life Insurance Operations (Statutory) |
||||||||||||||||||||||||
Written premiums |
$ | 249 | $ | 306 | $ | 376 | $ | 346 | $ | 185 | ||||||||||||||
Net income (loss) before realized investment gains and losses |
1 | – | 13 | 11 | (18) | |||||||||||||||||||
Net income (loss) |
5 | (13) | 15 | 15 | (70) | |||||||||||||||||||
Gross life insurance face amount in force |
81,467 | 77,691 | 74,124 | 69,814 | 65,887 | |||||||||||||||||||
Admitted assets excluding separate account business |
2,902 | 2,735 | 2,569 | 2,260 | 1,930 | |||||||||||||||||||
Risk-based capital |
||||||||||||||||||||||||
Total adjusted capital |
290 | 288 | 318 | 316 | 290 | |||||||||||||||||||
Authorized control level risk-based capital |
29 | 36 | 35 | 40 | 37 | |||||||||||||||||||
|
*The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures are in our quarterly earnings news releases, which are available on the Investors page of our website www.cinfin.com |
||||||||||||||||||||||||
