KCBD, NewsChannel 11 Lubbock |Cincinnati Financial Reports Third-Quarter 2009 Results
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CINCINNATI, Oct. 29 /PRNewswire-FirstCall/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:
Financial Highlights
---------------------------------------------------------------
(Dollars in millions except share data)
Three months ended September 30,
2009 2008 change %
---------------------------------------------------------------
Revenue Highlights
Earned premiums $766 $781 (1.9)
Investment income 127 130 (2.4)
Total revenues 1,007 1,186 (15.1)
Income Statement Data
Net income $171 $247 (31.0)
Net realized investment
gains and losses 75 173 (57.2)
--- ---
Operating income* $96 $74 30.7
=== ===
Per Share Data (diluted)
Net income $1.05 $1.50 (30.0)
Net realized
investment gains
and losses 0.46 1.05 (56.2)
---- ----
Operating income* $0.59 $0.45 31.1
==== ====
Cash dividend declared 0.395 0.39 1.3
Diluted weighted
average shares
outstanding 162,901,396 164,242,185 (0.8)
Financial Highlights
---------------------------------------------------------------
(Dollars in millions except share data)
Nine months ended September 30,
2009 2008 change %
---------------------------------------------------------------
Revenue Highlights
Earned premiums $2,301 $2,355 (2.3)
Investment income 370 412 (10.3)
Total revenues 2,770 2,806 (1.3)
Income Statement Data
Net income $187 $268 (30.1)
Net realized investment
gains and losses 58 16 263.8
-- -- ----
Operating income* $129 $252 (48.9)
=== === ====
Per Share Data (diluted)
Net income $1.15 $1.64 (29.9)
Net realized
investment gains
and losses 0.36 0.10 260.0
---- ---- ----
Operating income* $0.79 $1.54 (48.7)
===== ===== =====
Book value $28.44 $28.87 (1.5)
Cash dividend declared 1.175 1.17 0.4
Diluted weighted
average shares
outstanding 162,794,767 163,834,163 (0.6)
Insurance Operations Highlights
Balance Sheet and Investment Highlights
* The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures on Page 10 defines and reconciles measures presented in this release that are not based on Generally Accepted Accounting Principles or Statutory Accounting Principles.
** Forward-looking statements and related assumptions are subject to the risks outlined in the company's safe harbor statement (see Page 7).
Return to Profitability and Positive Direction
Kenneth W. Stecher, president and chief executive officer, commented, "While the economy and price competition continue to challenge our insurance business, the metrics we use to measure our success moved in a distinctly positive direction in the third quarter. Operating income of $96 million or 59 cents per share surpassed the amounts reported since the first quarter of 2008. Pre-tax investment income nearly reached the level of the 2008 third quarter, on track to resume a growth trend by year-end 2009.
"Our property casualty insurance operations benefitted from atypically low catastrophe losses, strong reserves and some stabilization of pricing. We achieved $36 million of pre-tax underwriting profit and a combined ratio of 95.1 percent for the third quarter, our best result since the fourth quarter of 2007. As expected, our workers' compensation and homeowner lines of business continued to underperform. For both of these lines, we are using predictive modeling techniques to improve the accuracy of our pricing for each account and to target best-of-class accounts. Early results show positive impacts on pricing and verify the trend to higher quality accounts, which should, over time, return these lines to profitability.
"We are satisfied with third-quarter results relative to other recent quarters, recognizing that we still have work to do. As we navigate through a difficult period for our company, our industry and economy, we continue to sharply focus on initiatives that have just begun to bear fruit and have strong potential to drive future profitable growth," Stecher said. "During the third quarter, we saw clear indications that these efforts are increasing current opportunities and opening new ones. Among those indications was a healthy amount of new business that directly resulted from our initiatives, helping offset lower premiums resulting from lower policyholder sales and payrolls used to calculate premiums. We continue to decline underpriced business, giving up short-term revenue to protect long-term profitability."
Current Progress and Potential for Profitable Growth
Stecher continued, "We are making good progress in expanding our product lines and pursuing geographic diversification. Our new surplus lines subsidiary has been well received by our independent agent representatives, and it is contributing steadily to new business. Our entry into additional states is going well, with business building at a good pace in Texas, New Mexico and eastern Washington. In September, we appointed our first Wyoming agency, expanding the marketing territory that includes northern Colorado. We're receiving rollover books of personal lines business in areas where we recently expanded that product line.
"Our technology initiatives also are proceeding on time and on budget. In October, we put our new policy administration system for commercial packages and auto policies into production in five states accounting for approximately 40 percent of our commercial lines premium. The system makes it easier for agents to serve the insurance needs of the businesses in their communities, offering efficiencies such as direct billing by the company and the ability to quote and issue policies in real time directly from their agency systems. We expect to have this system in six more states before year-end, with 19 additional states scheduled for 2010.
"Our expansion and technology initiatives support our long-term strategies. First, we are working to improve profitability by introducing more efficient systems and enhancing our underwriting capabilities. Second, we are driving premium growth by making it more attractive for agents to do business with us and by moving toward a larger footprint that also reduces volatility of our results associated with weather-related catastrophes. We also continue to make progress with the third part of our long-term strategy, to preserve capital. Our investment portfolio is actively managed, with an eye toward the appropriate balance between current income and the potential for capital appreciation that benefits shareholders."
Shareholder Rewards
Stecher concluded, "Significantly exceeding year-end 2008 levels, shareholders' equity rose to $4.626 billion and book value per share rose to $28.44 at the end of the third quarter. The increase helped take our value creation ratio for the year-to-date period to the 15 percent level earlier than anticipated. Our target for this measure is a 12 percent to 15 percent average for the five-year period of 2010 through 2014. The value creation ratio is the sum of our rate of growth in book value per share plus the ratio of dividends declared per share to beginning book value. It captures the contribution of our insurance operations, the success of our investment strategy and the importance we place on paying cash dividends to shareholders.
"During the third quarter, our board of directors increased the indicated annual dividend for a 49th consecutive year, raising the quarterly dividend paid October 15 by a half cent to 39.5 cents. This gesture signaled their confidence that we are moving steadily in the right direction, as verified by underwriting profit in the third quarter. We are eager to further pursue the new opportunities we have just begun to tap."
Consolidated Property Casualty Insurance Operations
---------------------------------------------------------------------
(Dollars in millions; percent
change given for dollar amounts
and point change given for ratios)
Three months ended Nine months ended
September 30, September 30,
change change
2009 2008 % 2009 2008 %
---------------------------------------------------------------------
Earned premiums $733 $751 (2.4) $2,198 $2,262 (2.9)
Loss and loss
expenses before
catastrophe losses 453 460 (1.5) 1,446 1,362 6.1
Loss and loss
expenses from
catastrophe losses 6 63 (89.7) 177 219 (19.2)
-- -- --- ---
Total loss and
loss expenses 459 523 (12.2) 1,623 1,581 2.6
Underwriting expenses 238 237 0.2 716 707 1.4
--- --- --- ---
Underwriting
profit (loss) $36 $(9) nm $(141) $(26) (449.3)
=== ==== ==== ====
Other premium metrics:
Agency renewal
written premiums $669 $687 (2.7) $2,030 $2,159 (6.0)
Agency new business
written premiums 107 93 15.4 311 268 16.0
Net written premiums 730 727 0.5 2,231 2,292 (2.7)
Ratios as a percent
of earned premiums:
Points Points
------ ------
Loss and loss
expenses 62.7% 69.7% (7.0) 73.8% 69.9% 3.9
Underwriting
expenses 32.4 31.6 0.8 32.6 31.2 1.4
---- ---- --- ---- ---- ---
Combined ratio 95.1% 101.3% (6.2) 106.4% 101.1% 5.3
==== ===== === ===== ===== ===
Other metrics within
combined ratio:
Contribution from
catastrophe losses 0.9 8.4 (7.5) 8.1 9.7 (1.6)
Contribution from
prior period
reserve
development (12.4) (13.6) 1.2 (5.2) (8.9) 3.7
-----------------------------------------------------------------------
(In millions, net of reinsurance)
Three months ended September 30,
Cause Commercial Personal
Dates of loss Region lines lines Total
-----------------------------------------------------------------------
2009
First quarter
catastrophes (1) 1 -
Second quarter
catastrophes (10) 1 (9)
Sep. 18-22 Flood, South
hail,
wind 1 4 5
All other 2009
catastrophes 6 6 12
Development on
2008 and prior
catastrophes (3) 1 (2)
-- -- --
Calendar year
incurred
total $(7) $13 $6
== == ==
2008
First quarter
catastrophes (1) - (1)
Second quarter
catastrophes (2) (10) (12)
Jul. 19 Wind, Midwest
hail,
flood 3 3 6
Jul. 26 Wind, Midwest
hail,
flood 1 8 9
Sep. 12-14 Hurricane South,
Ike Midwest 20 37 57
All other 2008
catastrophes 1 - 1
Development on 2007
and prior
catastrophes 1 2 3
-- -- --
Calendar year
incurred
total $23 $40 $63
=== === ===
Nine months ended September 30,
Cause Commercial Personal
Dates of loss Region lines lines Total
-----------------------------------------------------------------------
2009
First quarter
catastrophes 20 47 67
Second quarter
catastrophes 42 45 87
Sep. 18-22 Flood, South
hail,
wind 1 4 5
All other 2009
catastrophes 11 13 24
Development on 2008
and prior
catastrophes (10) 4 (6)
-- -- --
Calendar year
incurred
total $64 $113 $177
== === ===
2008
First quarter
catastrophes 21 21 42
Second quarter
catastrophes 66 34 100
Jul. 19 Wind, Midwest
hail,
flood 3 3 6
Jul. 26 Wind, Midwest
hail,
flood 1 8 9
Sep. 12-14 Hurricane South,
Ike Midwest 20 37 57
All other 2008
catastrophes 3 3 6
Development on
2007 and prior
catastrophes (2) 1 (1)
-- -- --
Calendar year
incurred
total $112 $107 $219
==== ==== ====
Insurance Segments Highlights
Commercial Lines Insurance Operations
-----------------------------------------------------------------------
(Dollars in millions;
percent change given
for dollar amounts
and point change given
for ratios) Three months ended Nine months ended
September 30, September 30,
change change
2009 2008 % 2009 2008 %
-----------------------------------------------------------------------
Earned premiums $555 $582 (4.7) $1,667 $1,743 (4.4)
Loss and loss
expenses before
catastrophe
losses 336 348 (3.6) 1,095 1,034 5.9
Loss and loss
expenses from
catastrophe losses (7) 23 nm 64 112 (42.8)
-- -- -- ---
Total loss and
loss expenses 329 371 (11.5) 1,159 1,146 1.2
Underwriting
expenses 184 181 1.6 539 538 0.2
--- --- --- ---
Underwriting
profit (loss) $42 $30 41.5 $(31) $59 (152.1)
=== === ==== ===
Other premium
metrics:
Agency renewal
written
premiums $489 $502 (2.5) $1,535 $1,642 (6.5)
Agency new
business
written premiums 76 77 (0.4) 231 229 0.8
Net written
premiums 528 538 (1.8) 1,678 1,759 (4.7)
Ratios as a
percent of earned
premiums: Points Points
------ ------
Loss and loss
expenses 59.3% 63.8% (4.5) 69.6% 65.7% 3.9
Underwriting
expenses 33.1 31.1 2.0 32.3 30.9 1.4
---- ---- --- ---- ---- ---
Combined
Ratio 92.4% 94.9% (2.5) 101.9% 96.6% 5.3
==== ==== === ===== ==== ===
Other metrics
within combined
ratio:
Contribution from
catastrophe
losses (1.2) 4.0 (5.2) 3.8 6.4 (2.6)
Contribution from
prior period
reserve
development (13.4) (15.0) 1.6 (5.2) (10.1) 4.9
----------------------------------------------------------------------
Personal Lines Insurance Operations
----------------------------------------------------------------------
(Dollars in millions; percent change given for dollar amounts
and point change given for ratios)
Three months ended Nine months ended
September 30, September 30,
change change
2009 2008 % 2009 2008 %
----------------------------------------------------------------------
Earned premiums $170 $167 1.8 $513 $518 (0.9)
Loss and loss
expenses before
catastrophe
losses 112 111 0.3 337 328 2.7
Loss and loss
expenses from
catastrophe losses 13 40 (66.2) 113 107 5.3
-- -- --- ---
Total loss and
loss expenses 125 151 (17.2) 450 435 3.3
Underwriting
expenses 49 54 (8.8) 159 165 (3.2)
-- -- --- ---
Underwriting
loss $(4) $(38) 89.8 $(96) $(82) (16.6)
=== === === ===
Other premium metrics:
Agency renewal
direct written
premiums $177 $185 (4.7) $490 $517 (5.3)
Agency new
business direct
written premiums 21 11 90.9 55 30 82.0
Net written
premiums 190 184 3.2 524 525 (0.1)
Ratios as a percent
of earned premiums: Points Points
------ ------
Loss and loss
expenses 73.3% 90.1% (16.8) 87.5% 84.0% 3.5
Underwriting
expenses 29.0 32.4 (3.4) 31.2 31.9 (0.7)
---- ---- --- ---- ---- ---
Combined
Ratio 102.3% 122.5% (20.2) 118.7% 115.9% 2.8
===== ===== ==== ===== ===== ===
Other metrics
within combined
ratio:
Contribution
from catastrophe
losses 7.9 23.8 (15.9) 22.0 20.7 1.3
Contribution
from prior
period reserve
development (10.1) (9.1) (1.0) (5.0) (5.2) 0.2
----------------------------------------------------------------------
Life Insurance Operations
-----------------------------------------------------------------------
(In millions) Three months ended Nine months ended
September 30, September 30,
2009 2008 change % 2009 2008 change %
----------------------------------------------------------------------
Written premiums $110 $44 150.1 $233 $135 73.2
==== === ==== ====
Earned premiums $33 $30 10.7 $103 $93 11.0
Investment income,
net of expenses 31 30 3.4 90 89 2.0
Other income - - nm 1 1 (56.3)
-- -- -- --
Total revenues,
excluding realized
investment gains
and losses 64 60 7.7 194 183 6.1
-- -- --- ---
Contract holders
benefits 40 41 (1.0) 118 115 3.1
Underwriting
expenses 9 11 (16.7) 34 33 4.6
-- -- -- --
Total benefits
and expenses 49 52 (4.4) 152 148 3.4
-- -- --- ---
Net income before
income tax and
realized investment
gains and losses 15 8 90.1 42 35 17.6
Income tax 8 3 175.8 15 12 23.5
-- -- -- --
Net income before
realized investment
gains and losses $7 $5 43.2 $27 $23 14.6
== == === ===
Investment and Balance Sheet Highlights
Investment Operations
-----------------------------------------------------------------------
(In millions) Three months ended Nine months ended
September 30, September 30,
change change
2009 2008 % 2009 2008 %
-----------------------------------------------------------------------
Investment income:
Interest $104 $83 26.0 $296 $238 24.5
Dividends 24 46 (48.0) 74 169 (56.2)
Other 1 3 (70.4) 6 10 (47.3)
Investment
expenses (2) (2) (18.0) (6) (5) (11.3)
-- -- -- --
Total
investment
income, net
of expenses 127 130 (2.4) 370 412 (10.3)
--- --- --- ---
Investment interest
credited to
contract holders (17) (16) (10.1) (50) (47) (7.6)
-- -- -- --
Realized investment
gains and losses
summary:
Realized
investment gains
and losses, net 106 401 (73.6) 180 441 (59.1)
Change in fair
value of
securities
with embedded
derivatives 15 (8) 296.0 23 (13) 268.0
Other-than-
temporary
impairment
charges (11) (121) 90.8 (113) (400) 71.7
-- --- --- ---
Total realized
investment gains
and losses, net 110 272 (59.6) 90 28 218.1
--- --- -- --
Investment
operations income $220 $386 (43.2) $410 $393 4.0
=== === === ===
-----------------------------------------------------------------------
(Dollars in millions except share data)
At September 30, At December 31,
2009 2008
Balance sheet data
Invested assets $10,428 $8,890
Total assets 14,226 13,369
Short-term debt 49 49
Long-term debt 790 791
Shareholders' equity 4,626 4,182
Book value per share 28.44 25.75
Debt-to-capital ratio 15.3% 16.7%
-----------------------------------------------------------------------
Nine months ended September 30,
2009 2008
-----------------------------------------------------------------------
Performance measures
Value creation ratio 15.0% (15.9)%
-----------------------------------------------------------------------
For additional information or to register for this morning's conference call webcast, please visit www.cinfin.com/investors.
Cincinnati Financial Corporation offers business, home and auto
insurance, our main business, through The Cincinnati Insurance Company
and its two standard market property casualty companies. The same local
independent insurance agencies that market those policies may offer
products of our other subsidiaries, including life and disability
income insurance, annuities and surplus lines property and casualty
insurance. For additional information about the company, please visit
www.cinfin.com.
Mailing Address: Street Address:
P.O. Box 145496 6200 South Gilmore Road
Cincinnati, Ohio 45250-5496 Fairfield, Ohio 45014-5141
Safe Harbor Statement
This is our "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2008 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 25. Although we often review or update our forward-looking statements when events warrant, we caution our readers that we undertake no obligation to do so.
Factors that could cause or contribute to such differences include, but are not limited to:
Further, the company's insurance businesses are subject to the effects of changing social, economic and regulatory environments. Public and regulatory initiatives have included efforts to adversely influence and restrict premium rates, restrict the ability to cancel policies, impose underwriting standards and expand overall regulation. The company also is subject to public and regulatory initiatives that can affect the market value for its common stock, such as recent measures affecting corporate financial reporting and governance. The ultimate changes and eventual effects, if any, of these initiatives are uncertain.
Cincinnati Financial Corporation
Condensed Balance Sheets and Statements of Income (unaudited)
---------------------------------------------------------------------
(Dollars in millions) September 30, December 31,
2009 2008
---------------------------------------------------------------------
Assets
Investments $10,428 $8,890
Cash and cash equivalents 448 1,009
Premiums receivable 1,046 1,059
Reinsurance receivable 707 759
Other assets 1,597 1,652
----- -----
Total assets $14,226 $13,369
====== ======
Liabilities
Insurance reserves $5,893 $5,637
Unearned premiums 1,557 1,544
6.125% senior notes due 2034 371 371
6.9% senior debentures due 2028 28 28
6.92% senior debentures due 2028 391 392
Other liabilities 1,360 1,215
----- -----
Total liabilities 9,600 9,187
----- -----
Shareholders' Equity
Common stock and paid-in capital 1,471 1,462
Retained earnings 3,681 3,579
Accumulated other comprehensive income 675 347
Treasury stock (1,201) (1,206)
----- -----
Total shareholders' equity 4,626 4,182
----- -----
Total liabilities and shareholders'
equity $14,226 $13,369
====== ======
---------------------------------------------------------------------
(Dollars in millions except per share data)
Three months ended Nine months ended
September 30, September 30,
2009 2008 2009 2008
---------------------------------------------------------------------
Revenues
Earned premiums $766 $781 $2,301 $2,355
Investment income, net
of expenses 127 130 370 412
Realized investment gains
and losses 110 272 90 28
Other income 4 3 9 11
-- -- -- --
Total revenues 1,007 1,186 2,770 2,806
----- ----- ----- -----
Benefits and Expenses
Insurance losses and
policyholder benefits 498 563 1,737 1,693
Underwriting, acquisition
and insurance expenses 247 248 750 738
Other operating expenses 4 5 14 16
Interest expense 14 14 42 39
-- -- -- --
Total benefits and
expenses 763 830 2,543 2,486
--- --- ----- -----
Income before Income Taxes 244 356 227 320
Provision for Income Taxes 73 109 40 52
-- --- -- --
Net Income $171 $247 $187 $268
=== === === ===
Per Common Share:
Net income-basic $1.05 $1.51 $1.15 $1.64
Net income-diluted $1.05 $1.50 $1.15 $1.64
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
(See attached tables for 2009 reconciliations; prior-period reconciliations available at www.cinfin.com/investors.)
Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual and therefore is not reconciled to GAAP data.
Management uses certain non-GAAP and non-statutory financial measures to evaluate its primary business areas - property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and nonGAAP measures to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management's control; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.
Cincinnati Financial Corporation
Net Income Reconciliation
-------------------------------------------------------------------
(In millions except per share data)
Three months ended Nine months ended
September 30, 2009 September 30, 2009
-------------------------------------------------------------------
Net income $171 $187
Net realized investment
gains and losses 75 58
-- --
Operating income 96 129
Less catastrophe losses (4) (115)
--- ---
Operating income before
catastrophe losses $100 $244
=== ===
Diluted per share data:
Net income $1.05 $1.15
Net realized investment
gains and losses 0.46 0.36
---- ----
Operating income 0.59 0.79
Less catastrophe losses (0.03) (0.71)
---- ----
Operating income before
catastrophe losses $0.62 $1.50
==== ====
-------------------------------------------------------------------
Property Casualty Reconciliation
-------------------------------------------------------------------
(Dollars in millions) Three months ended September 30, 2009
Consolidated* Commercial Personal
-------------------------------------------------------------------
Premiums:
Adjusted written premiums
- statutory $736 534 190
Written premium adjustment (6) (6) 0
-- -- --
Reported written premiums
- statutory 730 528 190
Unearned premiums change 3 27 (20)
-- -- --
Earned premiums $733 $555 $170
=== === ===
-------------------------------------------------------------------
Statutory combined ratio:
Statutory combined ratio 96.9% 94.9% 102.8%
Contribution from
catastrophe losses 0.9 (1.2) 7.9
--- --- ---
Statutory combined ratio
excluding catastrophe
losses 96.0% 96.1% 94.9%
==== ==== ====
Commission expense ratio 20.1% 20.3% 19.1%
Other expense ratio 14.1 15.3 10.4
---- ---- ----
Statutory expense ratio 34.2% 35.6% 29.5%
==== ==== ====
GAAP combined ratio:
GAAP combined ratio 95.1% 92.4% 102.3%
Contribution from
catastrophe losses 0.9 (1.2) 7.9
Prior accident years
before catastrophe
losses (12.1) (12.8) (10.7)
---- ---- ----
GAAP combined ratio
excluding catastrophe
losses and prior
years reserve development 106.3% 106.4% 105.1%
===== ===== =====
-------------------------------------------------------------------
(Dollars in millions) Nine months ended September 30, 2009
Consolidated* Commercial Personal
-------------------------------------------------------------------
Premiums:
Adjusted written
premiums - statutory $2,226 $1,674 $523
Written premium adjustment 5 4 1
-- -- --
Reported written premiums
- statutory 2,231 1,678 524
Unearned premiums change (33) (11) (11)
-- -- --
Earned premiums $2,198 $1,667 $513
===== ===== ===
-------------------------------------------------------------------
Statutory combined ratio:
Statutory combined ratio 106.2% 101.8% 118.7%
Contribution from
catastrophe losses 8.1 3.8 22.0
--- --- ----
Statutory combined
ratio excluding catastrophe
losses 98.1% 98.0% 96.7%
==== ==== ====
Commission expense ratio 18.7% 18.2% 19.6%
Other expense ratio 13.7 14.1 11.6
---- ---- ----
Statutory expense ratio 32.4% 32.3% 31.2%
==== ==== ====
GAAP combined ratio:
GAAP combined ratio 106.4% 101.9% 118.7%
Contribution from
catastrophe losses 8.1 3.8 22.0
Prior accident years
before catastrophe losses (4.9) (4.6) (5.8)
--- --- ---
GAAP combined ratio
excluding catastrophe
losses and prior
years reserve development 103.2% 102.7% 102.5
===== ===== =====
-------------------------------------------------------------------
Dollar amounts shown are rounded to millions; certain amounts may not
add due to rounding. Ratios are calculated based on whole dollar
amounts.
* Consolidated property casualty data includes results from our surplus
line of business.
SOURCE Cincinnati Financial Corporation
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