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About Cincinnati Financial Corporation

Cincinnati Financial Corporation (CFC) provides property casualty insurance marketed through independent insurance agencies in around 45 states, primarily in the midwestern and southeastern US. Its flagship firm Cincinnati Insurance (operating through four subsidiaries) sells commercial property and casualty, liability, excess and surplus, auto, bond, and fire insurance. Personal lines include homeowners, auto, and other personal line products. The Cincinnati Insurance companies also sell life coverage and annuities. Other CFC subsidiaries include CFC Investment (leasing and financing services), CSU Producers Resources (excess and surplus lines brokerage), and Cincinnati Global Underwriting (global specialty insurance).


CFC operates through five segments: Commercial Lines Insurance, Investments, Personal Lines Insurance, Excess and Surplus Lines Insurance, and Life Insurance.

The Commercial Lines Insurance segment, which accounts for more than 40% of total revenue, provides commercial property/casualty coverage including auto, workers' compensation, machinery and equipment, and management liability.

The CFC Investment unit (almost 30% of sales) provides commercial financing, leasing, and real estate services to its independent insurance agents and their clients, while the CSU Producers Resources business offers insurance brokerage services to independent agencies.

The Personal Lines Insurance segment, accounting for nearly 20% of sales, writes personal auto, homeowners, fire, watercraft, umbrella, and other property/casualty policies.

The Life Insurance, Excess and Surplus Lines, and other income segments each account for about 5% of revenue.

Primary operating unit Cincinnati Insurance has two standard property/casualty subsidiaries: Cincinnati Casualty and Cincinnati Indemnity. Its Cincinnati Specialty Underwriters Insurance unit underwrites excess and surplus property/casualty policies, while Cincinnati Life Insurance provide annuities and life insurance. The four subsidiaries are known as the Cincinnati Insurance Companies.

The company's Cincinnati Global Underwriting unit, formerly MSP Underwriting, is a London-based specialty insurance firm acquired in 2019.

CFC's earned premiums generates more than 70% of total revenue. Its net investment gains account for over 20%.

Geographic Reach

Headquartered in Ohio, CFC markets its policies in around 45 states but does most of its business in the Midwest and Southeast US. The company writes about 15% of its business in Ohio, and it is strong in Illinois, Indiana, Georgia, North Carolina, and Pennsylvania. Other states include Michigan, Tennessee, Virginia, and Alabama. Cincinnati Life is licensed in almost 50 states and the District of Columbia.

Sales and Marketing

CFC maintains a force of more than 1,800 field associates who provide local service and be accountable to its agencies for decisions we make at the local level.

The company's commercial lines segment targets primarily small to mid-sized businesses, though it is working to expand its services for larger companies. CFC has tied its growth to increasing the number of new agencies with which it strikes new relationships.

Financial Performance

CFC revenue climbed steadily between 2014 and 2017, but declined in 2018. Overall, sales increased 25% over the past five years. Net income fluctuated for the same period.

Revenue rose nearly 47% to $7.9 billion in 2019 due to contributed net earned premiums of $3.3 billion, representing 41.9% of consolidated total revenues.

Net income jumped almost 600% to $2 billion in 2019, including a $1.6 billion increase for 2019 net investment gains after taxes. The improved 2019 net income also included an increase in property casualty underwriting income of $122 million after taxes and a $21 million increase in investment income after taxes.

The company ended 2019 with $767 million in cash, down $17 million from 2018. Operating activities contributed $1.2 billion, while investing activities used $679 million (mostly fixed maturity purchases), and financing activities used $546 million on shareholder dividends, share repurchases, and contract holder fund withdrawals.


CFC's mission and strategy is to grow profitably and enhance the ability of local independent insurance agents to deliver quality financial protection to the people and businesses they serve by providing insurance market stability through financial strength, producing competitive, up-to-date products and services, and developing associates committed to superior service.

The company's strategic priorities include meeting the wants and needs of its agent customers, attracting and developing talented associates, providing comprehensive product solutions, achieving best-in-class field service and continually enhancing operational efficiency and effectiveness. CFC believes successful execution of its long-term strategy and related shorter-term initiatives will help achieve its long-term objectives despite potential unfavorable shorter-term effects of difficult economic, market or pricing cycles.

Mergers and Acquisitions

In early 2019, the company expanded internationally through the purchase of MSP Underwriting, a London-based specialty insurance firm, from Munich Re for some £102 million. MSP Underwriting has since been renamed Cincinnati Global Underwriting. The purchase included management of Lloyd's Syndicate 318 through its Beaufort Underwriting Agency unit.

Company Background

Cincinnati Insurance was founded by the Schiff brothers in 1950 to offer property/casualty insurance to homeowners and small businesses. In 1968 Cincinnati Financial Corporation was formed as a holding company for the insurance operation; CFC went public in 1969. 

The company expanded into real estate and life insurance services in the 1970s. It focused on personal lines in the 1960s and 1970s but grew its commercial offerings in the 1980s and 1990s.

Cincinnati Financial Corporation

6200 S Gilmore Rd
Fairfield, OH 45014-5141
Phone: 1 (513) 870-2000

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: CINF
Stock Exchange: , NASDAQ
President, CEO, and Director: Steven J. Johnston
SVP, CFO, and Treasurer: Michael J. Sewell
Chairman: Kenneth W. Stecher
Employees (This Location): 3,330
Employees (All Locations): 5,148

Major Office Locations

Fairfield, OH