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CINCINNATI FINANCIAL CORP (CINF)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Investments Segment | | 3,123.0 | 1,535.0 | 2,296.0 | 217.0 | 757.0 | 719.0 | 642.0 |
| Excess and surplus lines insurance | 487.0 | 400.0 | 327.0 | 280.0 | 235.0 | 210.0 | 184.0 | 169.0 |
| Life Insurance Segment | 299.0 | 303.0 | 291.0 | 274.0 | 254.0 | 237.0 | 233.0 | 214.0 |
| Other | 5,771.0 | 5,804.0 | 5,383.0 | 5,074.0 | 4,701.0 | 4,528.0 | 4,313.0 | 4,117.0 |
| Total revenues | 6,557.0 | 9,630.0 | 7,536.0 | 7,924.0 | 5,407.0 | 5,732.0 | 5,449.0 | 5,142.0 |
| Revenue growth | -31.9% | 27.8% | -4.9% | 46.6% | -5.7% | 5.2% | 6.0% | 4.0% |
| Loss and loss adjustment expenses | 5,012.0 | 3,936.0 | 4,134.0 | 3,638.0 | 3,490.0 | 3,390.0 | 3,107.0 | 2,808.0 |
| Policy acquisition costs | 1,347.0 | 1,197.0 | 1,106.0 | 1,034.0 | 946.0 | 913.0 | 863.0 | 829.0 |
| Investment expenses | 15.0 | 14.0 | 13.0 | 13.0 | 12.0 | 10.0 | 9.0 | 9.0 |
| Other operating expenses | 823.0 | 760.0 | 730.0 | 714.0 | 655.0 | 636.0 | 605.0 | 562.0 |
| EBITDA | -735.0 | 3,648.0 | 1,496.0 | 2,449.0 | 239.0 | 721.0 | 805.0 | 986.0 |
| EBITDA margin | -11.2% | 37.9% | 19.9% | 30.9% | 4.4% | 12.6% | 14.8% | 19.2% |
| Depreciation | 127.0 | 118.0 | 109.0 | 72.0 | 63.0 | 55.0 | 48.0 | 52.0 |
| EBIT | -862.0 | 3,530.0 | 1,387.0 | 2,377.0 | 176.0 | 666.0 | 757.0 | 934.0 |
| EBIT margin | -13.1% | 36.7% | 18.4% | 30.0% | 3.3% | 11.6% | 13.9% | 18.2% |
| Interest income, net [+] | 169.0 | 140.0 | 112.0 | 95.0 | 75.0 | 64.0 | 55.0 | -53.0 |
| Interest expense | 53.0 | 53.0 | 54.0 | 53.0 | 53.0 | 53.0 | 53.0 | 53.0 |
| Interest income | 222.0 | 193.0 | 166.0 | 148.0 | 128.0 | 117.0 | 108.0 | |
| Pre-tax income | -693.0 | 3,670.0 | 1,499.0 | 2,472.0 | 251.0 | 730.0 | 812.0 | 881.0 |
| Income taxes | -207.0 | 724.0 | 283.0 | 475.0 | -36.0 | -315.0 | 221.0 | 247.0 |
| Tax rate | 29.9% | 19.7% | 18.9% | 19.2% | | | 27.2% | 28.0% |
| Net income | -486.0 | 2,946.0 | 1,216.0 | 1,997.0 | 287.0 | 1,045.0 | 591.0 | 634.0 |
| Net margin | -7.4% | 30.6% | 16.1% | 25.2% | 5.3% | 18.2% | 10.8% | 12.3% |
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| Basic EPS | ($3.06) | $18.30 | $7.54 | $12.24 | $1.76 | $6.36 | $3.59 | $3.87 |
| Diluted EPS | ($3.06) | $18.11 | $7.49 | $12.10 | $1.74 | $6.30 | $3.55 | $3.83 |
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| Shares outstanding (basic) | 158.8 | 161.0 | 161.2 | 163.2 | 163.2 | 164.2 | 164.5 | 164.0 |
| Shares outstanding (diluted) | 158.8 | 162.7 | 162.4 | 165.1 | 164.5 | 166.0 | 166.5 | 165.6 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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