Cincinnati Financial Reports First-Quarter 2026 Results

CINCINNATI, April 27, 2026 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

Insurance Operations Highlights

Investment and Balance Sheet Highlights

Solid Start to the Year
Stephen M. Spray, president and CEO, commented: "We recorded $330 million of non-GAAP operating income in the first quarter compared to a loss of $37 million a year ago.

"The first-quarter results for our insurance operations laid a nice foundation for us to build on for the rest of the year. Our 95.6% combined ratio improved almost 18 points from last year's 113.3%. While lower catastrophe losses drove much of the improvement, we also saw a decline in our current accident year combined ratio before catastrophe losses – giving us confidence in the health of our overall book of business. As we continue to refine pricing segmentation and risk selection, we've lowered that ratio by 3 points compared with last year's first quarter to 87.5%.

"Robust results from our investment operations also contributed. Pretax investment income rose $38 million in the first quarter as dividends from our equity portfolio increased 13% and bond interest income grew 12%."

Focus on Underwriting Discipline
"Since 2018, we've doubled the size of our insurance portfolio, growing from around $5 billion in net written premiums to more than $10 billion at the end of 2025. We intend to continue growing through all market cycles, and we understand that growth can't come at the cost of underwriting profitability.

"Consolidated net written premiums grew 7% compared with first-quarter 2025. While average renewal pricing increases moderated slightly, we continued to price on a policy-by-policy basis. The pricing sophistication we've built into our underwriting process allows our underwriters to charge what we believe is an appropriate rate for the risk we are assuming based on each account's unique characteristics. That rate might be higher or lower than the average.

"For the remainder of the year, we'll lean into our strategy of appointing more agencies and offering new products as a means to continue delivering profitable growth. In just the first three months of 2026, we've appointed 108 agencies across the U.S. We also continued to add new products, especially in excess and surplus lines.

"E&S isn't the market of last resort anymore. While it remains flexible in terms and rates, our approach to this business has been more strategic. We often find that if we can write one portion of the account through our E&S operations, we have a better chance of placing other risks for that account in our standard business."

Confidence in the Future
"At March 31, parent company cash and marketable securities remained strong at more than $5 billion, and our equity portfolio holds more than $8 billion in appreciated value before taxes. In January, the board of directors expressed its confidence in our financial strength by again raising the cash dividend.

"Our associates are determined to do things just a little better every day, strengthening our ability to compete by enhancing the advantages of our local independent agencies. That has been and continues to be our plan for creating shareholder value far into the future."

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Balance Sheet Highlights

About Cincinnati Financial
Cincinnati Financial Corporation offers primarily business, home and auto insurance 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 insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.

Mailing Address:

Safe Harbor Statement
Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "seek," "expect," "will," "should," "could," "might," "anticipate," "believe," "estimate," "intend," "likely," "future," or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:

Insurance-Related Risks

Financial, Economic, and Investment Risks

General Business, Technology, and Operational Risks

Regulatory, Compliance, and Legal Risks

Risks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.

2026

2025

(See attached tables for reconciliations; additional prior-period reconciliations available at investors.cinfin.com.)

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 for insurance company regulation in the United States of America 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 financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results 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; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.

Cincinnati Financial Corporation

Life Insurance Reconciliation

Property Casualty Insurance Reconciliation

*Included in Other are the results of Cincinnati Re and Cincinnati Global.

Cincinnati Financial Corporation

Other Measures

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SOURCE Cincinnati Financial Corporation