Cincinnati Financial Corporation (CINF) Q4 2025 Financial Results Summary

Cincinnati Financial Corporation (Nasdaq: CINF) released its fourth-quarter and full-year 2025 financial results on February 9, 2026. Below is a summary of the key financial metrics and highlights from the report.

Key Financial Metrics

• Fourth-Quarter 2025
• Net Income: $676 million, or $4.29 per share (up 67% from $405 million or $2.56 per share in Q4 2024).
• Non-GAAP Operating Income: $531 million, or $3.37 per share (up 7% from $497 million or $3.14 per share in Q4 2024).
• Total Revenues: $3.091 billion (up 22% from $2.538 billion in Q4 2024).
• Earned Premiums: $2.592 billion (up 10% from $2.365 billion in Q4 2024).
• Investment Income, Net: $305 million (up 9% from $280 million in Q4 2024).
• Loss and Loss Expense Ratio: 55.7% (up from 55.0% in Q4 2024).
• Combined Ratio: 85.2% (up from 84.7% in Q4 2024).
• Full-Year 2025
• Net Income: $2.393 billion, or $15.17 per share (up 4% from $2.292 billion or $14.53 per share in 2024).
• Non-GAAP Operating Income: $1.254 billion, or $7.95 per share (up 5% from $1.197 billion or $7.58 per share in 2024).
• Total Revenues: $12.631 billion (up 11% from $11.337 billion in 2024).
• Book Value Per Share: $102.35 (up 15% from $89.11 at year-end 2024).
• Value Creation Ratio: 18.8% (down from 19.8% in 2024).

Shareholder Returns

• Dividends: Declared a quarterly dividend of $0.87 per share (up 7% from $0.81 in Q4 2024) and total annual dividends of $3.48 (up 7% from $3.24 in 2024).
• Share Repurchase: No share repurchase program mentioned in the report.

Insurance Operations Highlights

• Combined Ratio:
  • Fourth-quarter 2025 property casualty combined ratio at 85.2% (up from 84.7% in Q4 2024).
  • Full-year 2025 combined ratio at 94.9% (up from 93.4% in 2024).
• Written Premiums:
  • Fourth-Quarter: Net written premiums increased by 5% to $2.361 billion.
  • Full-Year: Net written premiums increased by 9% to $10.082 billion.
• New Business Written Premiums:
  • Fourth-quarter 2025 new business written premiums totaled $331 million (down 13% from Q4 2024).
  • Full-year 2025 new business written premiums decreased by 4% to $1.474 billion.

Investment Highlights

• Investment Income:
  • Fourth-quarter pretax investment income rose by $25 million or 9% to $305 million.
  • Full-year increase of 14% in net investment income to $1.165 billion.
• Fair Value of Investments:
  • 12% increase in fair value of total investments at December 31, 2025, compared to 2024.
• Parent Company Cash and Securities: At year-end 2025, total reached $5.568 billion, up 7% from 2024.

Life Insurance Operations

• Net Income: Our life insurance subsidiary achieved a net income of $31 million for Q4 2025 (up 11% from $28 million in Q4 2024); full-year income increased by 16% to $106 million.
• Earned Premiums:
  • Q4 increased by 4% to $137 million.
  • Full-year increased by 5% to $532 million.

Conclusion

Cincinnati Financial Corporation’s fourth-quarter and full-year 2025 results showcase significant growth in net income, revenues, and non-GAAP operating income compared to 2024. The company has declared increased dividends as a demonstration of its financial health, while also maintaining a strong investment portfolio. The reported value creation ratio remains solid, although slightly decreased from the previous year.

Condensed Consolidated Statements of Income (in millions)

Note: All amounts are in millions.

Revenues	2025	2024	2025	2024
Earned premiums	$ 2,592	$ 2,365	$ 9,983	$ 8,889
Investment income, net of expenses	305	280	1,165	1,025
Investment gains and losses, net	183	-116	1,442	1,391
Fee revenues	5	4	20	17
Other revenues	6	5	21	15
Total revenues	3,091	2,538	12,631	11,337
Benefits and Expenses
Insurance losses and contract holders’ benefits	1,472	1,330	6,640	5,737
Underwriting, acquisition and insurance expenses	759	703	2,924	2,657
Interest expense	13	13	53	53
Other operating expenses	7	13	34	32
Total benefits and expenses	2,251	2,059	9,651	8,479
Income Before Income Taxes	840	479	2,980	2,858
Provision (Benefit) for Income Taxes
Current	137	156	304	449
Deferred	27	-82	283	117
Total provision for income taxes	164	74	587	566
Net Income	$ 676	$ 405	$ 2,393	$ 2,292
Per Common Share
Net income—basic	$ 4.34	$ 2.59	$ 15.32	$ 14.65
Net income—diluted	4.29	2.56	15.17	14.53

Condensed Consolidated Balance Sheets (in millions)

Note: All amounts are in millions.

Assets	2025	2024
Investments
Fixed maturities, at fair value	$ 18,123	$ 16,182
Equity securities, at fair value	12,694	11,185
Short-term investments, at fair value	148	298
Other invested assets	818	713
Total investments	31,783	28,378
Cash and cash equivalents	1,431	983
Investment income receivable	235	222
Finance receivable	146	120
Premiums receivable	3,142	2,969
Reinsurance recoverable	655	523
Prepaid reinsurance premiums	71	70
Deferred policy acquisition costs	1,344	1,242
Land, building and equipment, net, for company use	219	214
Other assets	995	828
Separate accounts	981	952
Total assets	$ 41,002	$ 36,501
Liabilities
Insurance reserves
Loss and loss expense reserves	$ 11,507	$ 10,003
Life policy and investment contract reserves	2,992	2,960
Unearned premiums	5,254	4,813
Other liabilities	1,638	1,487
Deferred income tax	1,833	1,476
Note payable	25	25
Long-term debt and lease obligations	861	850
Separate accounts	981	952
Total liabilities	25,091	22,566
Shareholders’ Equity
Common stock, par value—$2 per share;	397	397
Paid-in capital	1,561	1,502
Retained earnings	16,719	14,869
Accumulated other comprehensive loss	-34	-309
Treasury stock at cost	-2,732	-2,524
Total shareholders’ equity	15,911	13,935
Total liabilities and shareholders’ equity	$ 41,002	$ 36,501