Cincinnati Financial Corporation (CINF): Business Model Canvas [Jan-2025 Mise à jour]

Découvrez le plan stratégique derrière Cincinnati Financial Corporation (CINF), une puissance du paysage d'assurance qui transforme la gestion des risques complexe en un modèle commercial transparent. En fabriquant méticuleusement une approche innovante qui équilibre des solutions d'assurance complets avec une technologie de pointe et des expériences client personnalisées, CINF s'est positionné comme un acteur dynamique sur le marché de l'assurance concurrentiel. Leur toile de modèle commercial unique révèle une stratégie sophistiquée qui va au-delà des paradigmes d'assurance traditionnels, offrant aux investisseurs et aux clients un récit convaincant de résilience financière et de croissance stratégique.

Cincinnati Financial Corporation (CINF) - Modèle commercial: partenariats clés

Sociétés d'assurance et de réassurance pour le partage des risques

Cincinnati Financial Corporation maintient des partenariats stratégiques avec plusieurs sociétés de réassurance pour gérer et distribuer des risques dans son portefeuille d'assurance.

Partenaire de réassurance	Capacité de réassurance	Type de couverture
Munich re	250 millions de dollars par occurrence	Propriété et victime excès de perte
Suisse re	200 millions de dollars par occurrence	Réassurance de responsabilité commerciale
Hanover re	175 millions de dollars par occurrence	Réassurance de la catastrophe

Agents et courtiers d'assurance indépendants

Cincinnati Financial Corporation utilise un vaste réseau d'agents d'assurance indépendants pour la distribution.

• Réseau d'agent indépendant total: 2 387 agences en 2023
• Durée moyenne des relations de l'agence: 18,5 ans
• Couverture géographique: 44 États à travers les États-Unis

Vendeurs technologiques pour l'infrastructure numérique

Fournisseur de technologie	Service fourni	Investissement annuel
Microsoft Azure	Infrastructure de cloud computing	12,5 millions de dollars
Salesforce	Gestion de la relation client	4,3 millions de dollars
Logiciel Guidewire	Systèmes de base d'assurance	7,8 millions de dollars

Fournisseurs de services financiers pour les offres complémentaires

Cincinnati Financial Corporation collabore avec divers fournisseurs de services financiers pour améliorer son écosystème de produit.

• Partners bancaires: 17 institutions bancaires régionales et nationales
• Sociétés de gestion des investissements: 8 partenariats stratégiques
• Accords de service financier collaboratif total: 25

Cincinnati Financial Corporation (CINF) - Modèle d'entreprise: activités clés

Souscription d'assurance des biens et des victimes

Cincinnati Financial Corporation souscrit une assurance des biens et des victimes avec les mesures clés suivantes:

Métrique	Valeur
Primes totales écrites (2022)	6,28 milliards de dollars
Primes de lignes commerciales	2,47 milliards de dollars
Primes de lignes personnelles	3,81 milliards de dollars

Traitement et gestion des réclamations

Les capacités de traitement des réclamations comprennent:

• Total des réclamations payées en 2022: 4,1 milliards de dollars
• Temps de résolution des réclamations moyennes: 30 à 45 jours
• Taux de soumission des réclamations numériques: 68%

Évaluation des risques et prix

Les stratégies de gestion des risques impliquent:

Catégorie de risque	Méthode d'évaluation	Impact de la tarification
Risque de propriété	Analyse géospatiale avancée	± 15% ajustement premium
Risque commercial	Modélisation des risques spécifique à l'industrie	± 22% Variation Premium

Gestion du portefeuille d'investissement

Composition du portefeuille d'investissement:

• Portefeuille d'investissement total: 22,3 milliards de dollars (2022)
• Tesurités à maturité fixe: 81%
• Titres de capitaux propres: 19%
• Rendement d'investissement moyen: 4,2%

Service client et assistance

Métriques d'engagement client:

Métrique de service	Performance
Score de satisfaction du client	4.6/5
Interactions de service numérique	72% des interactions totales
Temps de réponse moyen	2,3 heures

Cincinnati Financial Corporation (CINF) - Modèle d'entreprise: Ressources clés

Capital financier solide et réserves

Au quatrième trimestre 2023, Cincinnati Financial Corporation a rapporté:

Métrique financière	Montant
Actif total	24,6 milliards de dollars
Total des capitaux propres des actionnaires	8,9 milliards de dollars
Portefeuille d'investissement	22,1 milliards de dollars

Réseau étendu d'agents indépendants

Statistiques du réseau d'agent:

• Total des partenaires d'agent indépendant: plus de 2 000
• Couverture géographique: 45 États
• Tenure de relation d'agent moyen: 15 ans et plus

Capacités avancées d'analyse des données

Investissement technologique et analytique:

Catégorie d'investissement d'analyse	Dépenses annuelles
Infrastructure technologique	85 millions de dollars
Développement d'analyse des données	42 millions de dollars

Infrastructure technologique robuste

Répartition des ressources technologiques:

• Plates-formes de cloud computing: stratégie multi-cloud
• Budget de cybersécurité: 22 millions de dollars par an
• Personnel informatique: 350+ professionnels de la technologie

Équipe de gestion expérimentée

Poste de direction	Années d'expérience dans l'industrie
PDG Steven Johnston	25 ans et plus
CFO Marty Mullen	20 ans et plus
Chef de la souscription	18 ans et plus

Cincinnati Financial Corporation (CINF) - Modèle d'entreprise: propositions de valeur

Portefeuille complet de produits d'assurance

Cincinnati Financial Corporation propose une gamme diversifiée de produits d'assurance:

Catégorie de produits	Primes écrites brutes annuelles
Lignes commerciales	2,1 milliards de dollars
Lignes personnelles	1,3 milliard de dollars
Lignes de spécialité	685 millions de dollars

Prix ​​compétitifs et stabilité financière

Métriques de performance financière:

• Actif total: 21,3 milliards de dollars
• Total des capitaux propres des actionnaires: 8,9 milliards de dollars
• Évaluation de la force financière: A (Excellent) par A.M. Meilleur

Service client personnalisé

Détails du réseau de services:

Métrique de service	Nombre
Partenaires d'agent exclusifs	2,200+
États servis	46
Indice de satisfaction client	4.2/5

Règlement des réclamations rapides et équitables

Réclamations Statistiques de performance:

• Temps de traitement moyen des réclamations: 7,5 jours
• Réclamations payées chaque année: 218 000+
• Total des réclamations payées en 2023: 1,6 milliard de dollars

Performance financière payante des dividendes

Bouais de dividendes:

Métrique	Valeur
Années consécutives de paiements de dividendes	64 ans
Rendement annuel sur le dividende	2.8%
Total des dividendes versés en 2023	386 millions de dollars

Cincinnati Financial Corporation (CINF) - Modèle d'entreprise: relations clients

Construction de relations à long terme

Cincinnati Financial Corporation maintient un taux moyen de rétention de la clientèle de 93% sur ses gammes de produits d'assurance. L'entreprise a servi des clients depuis plus de 70 ans, avec environ 2 millions de détenteurs de politiques en 2023.

Segment de clientèle	Taux de rétention	Durée moyenne de la politique
Assurance commerciale	95.2%	8,7 ans
Assurance personnelle	91.5%	6,3 ans

Interaction d'agent personnel

Cincinnati Financial opère avec 1 750 partenaires d'agence indépendants à l'échelle nationale. L'entreprise emploie 1 200 représentants dédiés sur le terrain qui gèrent les relations clients directes.

• Expérience moyenne de l'agent: 12,5 ans
• Évaluation de satisfaction du client avec les agents: 4.7 / 5
• Heures de formation annuelle des agents: 40 heures par représentant

Plates-formes de libre-service numériques

L'utilisation de la plate-forme numérique est passée à 68% des clients en 2023, avec la gestion des politiques en ligne et les capacités de traitement des réclamations.

Fonctionnalité de service numérique	Pourcentage d'utilisateur
Gestion des politiques en ligne	62%
Soumission de revendications mobiles	45%
Facturation numérique	71%

Support client réactif

Cincinnati Financial maintient une équipe de support client de 450 représentants avec un temps de réponse moyen de 17 minutes entre les canaux numériques et téléphoniques.

• Temps de résolution moyenne des appels: 12 minutes
• Disponibilité du support client: 24/7
• Options de support multicanal: téléphone, e-mail, chat, application mobile

Revues de communication et de politiques régulières

La société effectue des examens de politique annuels pour 89% de ses clients, avec des points de contact de communication personnalisés avec une moyenne de 4,3 interactions par an.

Canal de communication	Fréquence
Examen annuel des politiques	89% des clients
Envoyez des newsletters	Trimestriel
Entension des agents personnels	2-3 fois par an

Cincinnati Financial Corporation (CINF) - Modèle d'entreprise: canaux

Réseau d'agent d'assurance indépendant

Cincinnati Financial Corporation travaille avec 2 700+ agences d'assurance indépendantes dans 45 États. Ces agences ont généré 6,7 milliards de dollars en primes écrites directes en 2022.

Type de canal	Nombre d'agences	Portée géographique
Agents indépendants	2,700+	45 États

Plateforme de vente en ligne directe

La plate-forme numérique de l'entreprise traitée Environ 1,2 milliard de dollars en transactions d'assurance directe en ligne en 2022. Les ventes en ligne représentent 18,5% du volume total de primes.

Application mobile

Prise en charge de l'application mobile de Cincinnati Financial 247 000 utilisateurs actifs avec des fonctionnalités comprenant:

• Gestion des politiques
• Réclagations signalant
• Accès à la carte d'assurance numérique
• Traitement des paiements

Centres d'appels de service client

La société maintient 3 centres d'appels primaires avec 412 Représentants du service client dédié. Le temps de réponse moyen est 2,7 minutes.

Métrique du centre d'appel	Performance
Nombre de centres d'appels	3
Représentants du service à la clientèle	412
Temps de réponse moyen	2,7 minutes

Emplacements de la succursale

Cincinnati Financial fonctionne 38 succursales régionales Positionné stratégiquement aux États-Unis. Ces branches soutiennent 7,3 milliards de dollars de revenus annuels d'assurance commerciale et personnelle.

Détails de l'emplacement de la succursale	Quantité
Total des succursales	38
Revenus d'assurance annuelle	7,3 milliards de dollars

Cincinnati Financial Corporation (CINF) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises

Cincinnati Financial dessert environ 66 000 clients commerciaux de petite à moyenne taille dans 44 États. La valeur moyenne de la police d'assurance commerciale est de 7 500 $ par an.

Segment d'entreprise	Nombre de clients	Valeur de politique moyenne
Commerces de détail	18,500	$6,200
Entreprises de services	22,000	$7,800
Entreprises manufacturières	12,500	$9,300

Propriétaires individuels

Cincinnati Financial couvre 1,3 million de propriétaires individuels avec une valeur de politique moyenne de 350 000 $.

• Part de marché de l'assurance habitation: 2,7%
• Prime annuelle moyenne: 1 250 $
• Couverture géographique: principalement le Midwest et le sud-est des États-Unis

Propriétaires de propriétés commerciales

La société gère une assurance pour 45 000 portefeuilles de propriétés commerciales, la valeur totale des propriétés dépassant 180 milliards de dollars.

Type de propriété	Nombre de propriétés	Valeur totale assurée
Immeubles de bureaux	12,500	62 milliards de dollars
Complexes de détail	8,900	45 milliards de dollars
Installations industrielles	6,700	38 milliards de dollars

Clients d'assurance automobile personnels

Cincinnati Financial fournit une assurance automobile à 785 000 conducteurs individuels avec une valeur de police moyenne de 1 450 $ par an.

• Pénétration du marché dans les états principaux: 5,2%
• Limite de couverture complète moyenne: 500 000 $
• Taux de couverture de collision: 78% des clients

Clients de gestion des risques spécialisés

L'entreprise dessert 3200 clients de gestion des risques complexes et complexes avec des solutions d'assurance personnalisées.

Catégorie client	Nombre de clients	Prime annuelle moyenne
Individus à haute nette	1,800	$15,000
Grandes entités d'entreprise	850	$75,000
Clients de l'industrie spécialisée	550	$45,000

Cincinnati Financial Corporation (CINF) - Modèle d'entreprise: Structure des coûts

Paiements de commission d'agent

Au cours de l'exercice 2022, Cincinnati Financial Corporation a déclaré des frais de commission d'agent de 525,4 millions de dollars.

Année	Dépenses de commission d'agent	Pourcentage du total des revenus
2022	525,4 millions de dollars	12.3%
2021	503,2 millions de dollars	11.9%

Frais de traitement des réclamations

Les coûts de traitement des réclamations pour Cincinnati Financial en 2022 ont totalisé 1,87 milliard de dollars, ce qui représente une partie importante des dépenses opérationnelles.

• Traitement des réclamations de propriété et de blessures: 1,42 milliard de dollars
• Réclamations de lignes commerciales: 350 millions de dollars
• Réclamations sur les lignes personnelles: 98 millions de dollars

Maintenance de technologie et d'infrastructure

Cincinnati Financial a investi 87,3 millions de dollars dans l'infrastructure et la maintenance technologiques en 2022.

Catégorie d'investissement technologique	Montant des dépenses
Infrastructure informatique	52,6 millions de dollars
Cybersécurité	18,7 millions de dollars
Développement de logiciels	16 millions de dollars

Compensation des employés

La rémunération totale des employés pour Cincinnati Financial en 2022 était de 456,2 millions de dollars.

• Salaires et salaires: 342,5 millions de dollars
• Avantages et contributions à la retraite: 83,7 millions de dollars
• Compensation à base d'actions: 30 millions de dollars

Coûts de marketing et d'acquisition des clients

Les frais de marketing pour Cincinnati Financial en 2022 se sont élevés à 64,5 millions de dollars.

Canal de marketing	Montant des dépenses
Marketing numérique	27,3 millions de dollars
Publicité traditionnelle	22,6 millions de dollars
Campagnes d'acquisition de clients	14,6 millions de dollars

Cincinnati Financial Corporation (CINF) - Modèle d'entreprise: Strots de revenus

Primes d'assurance immobilière

En 2022, Cincinnati Financial a déclaré des primes écrites de l'assurance immobilière de 1 319,8 millions de dollars. Le segment de l'assurance immobilière de la société couvre les risques résidentiels et commerciaux.

Année	Primes d'assurance immobilière	Pourcentage de croissance
2022	1 319,8 millions de dollars	5.4%
2021	1 252,3 millions de dollars	3.2%

Primes d'assurance des victimes

Les primes d'assurance par blessure pour Cincinnati Financial ont atteint 2 077,4 millions de dollars en 2022, ce qui représente une partie importante des revenus d'assurance totale de la société.

• Primes d'assurance responsabilité civile: 872,6 millions de dollars
• Primes d'indemnisation des travailleurs: 456,2 millions de dollars
• Primes de responsabilité automatique: 748,6 millions de dollars

Revenus de placement

Cincinnati Financial généré 461,3 millions de dollars dans les revenus de placement en 2022, avec la rupture suivante:

Catégorie d'investissement	Montant du revenu
Titres à maturité fixe	342,7 millions de dollars
Titres de capitaux propres	78,5 millions de dollars
Autres investissements	40,1 millions de dollars

Assurance des lignes commerciales

Les primes d'assurance des lignes commerciales ont totalisé 1 456,9 millions de dollars en 2022, avec des segments clés, notamment:

• Assurance des biens commerciaux: 512,3 millions de dollars
• Responsabilité générale générale: 394,6 millions de dollars
• Assurance automobile commerciale: 325,4 millions de dollars
• Assurance parapluie commerciale: 224,6 millions de dollars

Assurance des lignes personnelles

Les primes d'assurance des lignes personnelles atteintes 940,5 millions de dollars en 2022, distribué à travers:

• Assurance automobile personnelle: 532,7 millions de dollars
• Assurance des propriétaires: 367,8 millions de dollars
• Assurance parapluie personnelle: 40,0 millions de dollars

Cincinnati Financial Corporation (CINF) - Canvas Business Model: Value Propositions

Financial strength and stability to consistently pay claims is a core value proposition for Cincinnati Financial Corporation. As of September 30, 2025, total assets stood at approximately $40.6 billion. The company maintained a low total debt level of $815 million as of that date, resulting in a debt-to-capital ratio of just 5%. Furthermore, parent company cash and marketable securities totaled $5.545 billion at September 30, 2025. For long-term performance measurement, the value creation ratio for the first nine months of 2025 was 13.8%, exceeding the company's average annual target range of 10% to 13%.

The underwriting performance underpins this stability. The property casualty combined ratio for the third quarter of 2025 improved significantly to 88.2%, down from 97.4% in the third quarter of 2024. This resulted in a property & casualty underwriting income of $293 million for the third quarter of 2025.

Cincinnati Financial Corporation offers a comprehensive Property & Casualty (P&C), Life, and Excess & Surplus (E&S) product suite. The growth across these lines in the third quarter of 2025 demonstrates this breadth:

• P&C net written premiums grew 9% year over year to $2.5 billion in Q3 2025.
• The life insurance subsidiary reported net income of $28 million in Q3 2025, an increase of $8 million compared with Q3 2024.
• Term life insurance earned premiums grew 5% in the third quarter of 2025.

The performance of the major P&C segments in the third quarter of 2025 highlights the balanced portfolio:

Segment	Q3 2025 Net Written Premiums	Q3 2025 Year-over-Year Premium Growth	Q3 2025 Combined Ratio
Commercial Lines	$1.2 billion	8%	91.1%
Personal Lines	$838 million	24%	88.2%
Excess & Surplus (E&S)	Not specified	11% growth in net written premiums	89.8%

Local decision-making for responsive underwriting and claims is supported by the company's operational footprint, serving clients across 46 states. This structure is reinforced by the commitment to the agency network. For instance, 355 new agency appointments were made in the first nine months of 2025. Agencies appointed since the start of 2024 contributed $32 million, or 9%, of total new business written premiums in the third quarter of 2025.

For high-net-worth personal lines coverage, the Cincinnati Private ClientSM product line showed strong underwriting results in the third quarter of 2025. Its combined ratio was 88.2%, which was 22.1 percentage points better than the prior year period, helped by a 19.5 point decrease from lower catastrophe losses.

The long-term, stable market for independent agents' business is evidenced by the consistent growth in premiums and the company's stated goal to be a consistent market. Cincinnati Financial grew property casualty net written premiums by 9% in the third quarter of 2025. The company's 2024 non-GAAP operating income was $1.197 billion, a 26% rise over 2023. You're looking at a company that has been around since 1950, founded by independent agents.

Cincinnati Financial Corporation (CINF) - Canvas Business Model: Customer Relationships

You're looking at how Cincinnati Financial Corporation (CINF) keeps its distribution channel-the independent agents-loyal. The entire model hinges on this relationship, which is definitely not a transactional one.

Dedicated, high-touch relationship with independent agents.

Cincinnati Financial Corporation was founded by 4 independent agents, and that history shapes its current approach. The company focuses on building a deep partnership with its network of professional independent insurance agencies. This commitment is quantified by the ongoing effort to expand that network; for instance, the company reported 355 new agency appointments in the first nine months of 2025. This focus on agency recruitment is a direct investment in the relationship pipeline for future growth. Still, the focus remains on quality over sheer volume, as evidenced by the slight dip in new business premiums written by agencies, which decreased by 1% in the third quarter of 2025. The value of these established relationships is clear when you see that agencies appointed since the beginning of 2024 contributed $32 million, or 9%, of the total new business written premiums reported in the third quarter of 2025.

Here's a quick look at the agency growth metrics as of late 2025:

Metric	Period Ending Q3 2025	Period Ending Q2 2025
New Agency Appointments (YTD)	355	258 (First Six Months)
New Business Written Premiums (Q3)	Down 1%	Down 1% (Q2)
Contribution from Agencies Appointed Since Start of 2024 (Q3)	$32 million (or 9% of total new business)	$38 million (or 9% of total new business in Q2)

The pricing strategy also reflects this partnership, with commercial lines average renewal pricing increases reported in the mid-single-digit percent range in the third quarter of 2025.

Personalized, local service via field claims and underwriting staff.

You see the high-touch service model in action through the company's field staff. These teams use sophisticated underwriting tools to help the independent agents find solutions for their clients. This local presence supports the agents directly, which is a key differentiator in how Cincinnati Financial Corporation supports its distribution partners.

Responsive claims handling as a core service promise.

A core promise to the customer, delivered through the agent, is fast and fair claims handling. The company paid more than $500 million in catastrophe-related claims so far in 2025, showing claims service remains active even during high-loss periods. The operational efficiency of this process is reflected in the underwriting results; the property casualty combined ratio for the third quarter of 2025 improved to 88.2%, which was the best third-quarter result since 2015. For the current accident year before catastrophes, the combined ratio reached 85.1% in the second quarter of 2025, indicating strong underlying performance in managing claims costs.

Long-term commitment to agent success fosters loyalty.

The commitment to long-term success is evident in the company's financial stability and consistency, which reassures agents about the carrier's staying power. Cincinnati Financial Corporation has maintained its regular quarterly cash dividend payments for 53 consecutive years, with the latest declared quarterly dividend being 87 cents-per-share. Furthermore, the company sets long-term targets that align with sustained, disciplined growth, aiming for a value creation ratio of 10% to 13% over the next five years, and a GAAP combined ratio averaging between 92% and 98% over the same period. This long-term view helps agents trust the carrier's stability.

• Book value per share reached $98.76 at September 30, 2025.
• The value creation ratio for the first nine months of 2025 was 13.8%.
• The current dividend yield stands at approximately 2.27%.

Finance: draft 13-week cash view by Friday.

Cincinnati Financial Corporation (CINF) - Canvas Business Model: Channels

You're mapping out how Cincinnati Financial Corporation (CINF) gets its products to market, which is heavily reliant on its established network. This is where the rubber meets the road for their property and casualty, life, and surplus lines offerings.

Professional Independent Insurance Agencies (Exclusive Distribution)

Cincinnati Financial Corporation relies on a select network of professional independent insurance agencies to market its business, home, and auto insurance. This is the core of their distribution strategy. The company actively works to grow this network, which currently serves customers in 46 states.

The focus on agency growth is clear in their 2025 activity. For instance, in the first nine months of 2025, Cincinnati Financial Corporation appointed 355 new agencies. To put that in perspective, they appointed 258 new agencies in the first six months of 2025 alone. This growth supports their overall premium expansion; consolidated property casualty net written premiums grew 11% for the first six months of 2025, surpassing $5 billion in that period for the first time ever.

The quality of the agency relationship is measured by the business they bring in. Agencies appointed since the beginning of 2024 contributed $32 million or 9% of total new business written premiums in the third quarter of 2025. Renewal business from these agencies is also strong; agency renewal premiums for property casualty grew 16% in the second quarter of 2025. Still, new business written premiums by agencies in the second quarter of 2025 saw a slight dip of 1% year-over-year, coming in at $404 million for the property casualty segment.

The company supports this channel with dedicated personnel; at the end of 2024, Cincinnati Financial employed 2,095 field associates to support these partners.

Here's a snapshot of the agency-driven premium growth metrics for the first three quarters of 2025:

Metric	Q1 2025 Amount/Rate	Q2 2025 Amount/Rate	Q3 2025 Amount/Rate
Property Casualty New Business Written Premiums	$383 million (up 11%)	$404 million (down 1%)	$356 million (down 12%)
Agency Contribution to New Business (since Jan 2024)	$26 million or 7%	$38 million or 9%	$32 million or 9%
Commercial Lines Renewal Pricing Increase	Near the low end of the high-single-digit percent range	Mid-single-digit percent range	Mid-single-digit percent range

Cincinnati Re and Cincinnati Global Underwriting Ltd. (Reinsurance/International)

The reinsurance arms, Cincinnati Re and Cincinnati Global Underwriting Ltd., act as a channel for risk management and specialized underwriting capacity, though their direct contribution to overall premium growth can fluctuate based on market conditions and pricing discipline. In the second quarter of 2025, their combined contribution to property casualty net written premium growth was less than 1 percentage point, reflecting pricing discipline where market conditions softened. For the first quarter of 2025, the contribution was 2 percentage points to the 11% total property casualty net written premium growth.

Performance within these units shows divergence. In the second quarter of 2025, Cincinnati Re's net written premiums decreased 21%, while Cincinnati Global's premiums rose 45%, driven by product expansion. Both units demonstrated strong underwriting performance, with combined ratios below 85% in Q2 2025.

CSU Producer Resources Inc. (Brokerage for Surplus Lines)

CSU Producer Resources Inc. supports the distribution of excess and surplus lines business, which is a key area for product expansion. The company has been actively growing this segment, with excess and surplus lines net written premiums showing 12% growth in the first quarter of 2025. Management is focused on bolstering this area, noting the addition of a fifth product through CSU Producer Resources Inc. to enhance surplus lines offerings.

The pricing discipline in this channel reflects strong market conditions for specialized risk:

• Excess and surplus lines average renewal pricing increases in Q1 2025 were 26% for new business premiums written by agencies.
• Excess and surplus lines renewal pricing in Q3 2025 was in the high-single-digit percentage range.

Digital Tools and Platforms for Agent and Policyholder Support

Cincinnati Financial Corporation supports its agency advantage by integrating technology to help agents serve clients better. They are supporting agents through product expansion, such as adding capabilities to their small business platform powered by CinergySM. The overall strategy involves leveraging technology and analytics to improve underwriting expertise and drive premium growth.

The company recognizes the importance of operational technology, as difficulties with systems or data security breaches could negatively affect the ability to conduct business with agents and policyholders. The focus is on enhancing efficiency in core processes:

• Leveraging technology to enhance underwriting.
• Using data analytics for pricing precision.
• Improving claims processing efficiency.

Finance: draft 13-week cash view by Friday.

Cincinnati Financial Corporation (CINF) - Canvas Business Model: Customer Segments

You're looking at the core groups Cincinnati Financial Corporation (CINF) serves as of the third quarter of 2025. Honestly, it's a mix of local businesses and individuals, plus the global wholesale side. Here's the quick math on how those segments performed recently.

Customer Segment	Key Metric	Latest Available Value (Q3 2025 or nearest)	Context/Notes
Small to mid-sized commercial businesses	Commercial Lines Net Written Premium Growth (Q3)	5%	Growth in net written premiums for the Commercial Lines segment.
Individuals and families	Personal Lines Net Written Premium Growth (Q3)	14%	Growth rate including middle market accounts and Cincinnati Private Client.
High-net-worth individuals (Cincinnati Private ClientSM)	Inclusion in Personal Lines Growth	Reported growth within Personal Lines	Segment growth is captured within the 14% Personal Lines premium increase.
Reinsurance buyers globally (via Cincinnati Re)	Cincinnati RE Net Written Premium Change (Q3)	-2%	Decrease in net written premiums for Cincinnati RE in the third quarter.
Clients requiring excess and surplus lines coverage	E&S Net Premiums (Q1 2025)	$168 million	Net premiums in this segment were up 15% in Q1 2025.

Cincinnati Financial Corporation remains one of the nation's top 25 property casualty insurers based on net written premiums. Total consolidated property casualty net written premiums grew 9% for the third quarter of 2025.

You can see the focus on the standard lines, but the specialty and reinsurance arms are also key parts of the whole:

• Personal Lines saw a $50 million decrease in new business premiums written by agencies during Q3 2025.
• Cincinnati Global Underwriting Ltd. saw premium growth of 6% in Q3 2025.
• The combined contribution from Cincinnati Re and Cincinnati Global to Q3 2025 P&C growth was less than 1 percentage point.
• The insurer appointed 355 new agencies in the first nine months of 2025.
• The company's total assets stood at $40.6 billion as of September 30, 2025.

For the commercial segment, renewal pricing increases were noted in the mid-single-digit percent range during the third quarter. The overall book value per share hit $98.76 at the end of the third quarter of 2025.

Cincinnati Financial Corporation (CINF) - Canvas Business Model: Cost Structure

Cincinnati Financial Corporation's cost structure is heavily weighted toward claims and the operational expenses required to support its exclusive agency distribution model. Here are the latest real-life numbers reflecting these key cost drivers as of late 2025.

Loss and Loss Adjustment Expenses

• The property and casualty combined ratio for the third quarter of 2025 was 88.2%.
• The combined ratio for the first nine months of 2025 was 98.4%.
• The third-quarter 2025 combined ratio of 88.2% was the best third quarter result for Cincinnati Financial Corporation since 2015.

Catastrophe Losses

Catastrophe events are a significant, volatile cost component. The first quarter of 2025 saw a major impact:

• There was a $356 million after-tax increase in catastrophe losses recognized in the first quarter of 2025.
• This $356 million after-tax increase in Q1 2025 catastrophe losses was a primary driver in the first-quarter 2025 net loss of $90 million.
• For Q3 2025, the impact from catastrophes was much lower, at just 3.7 percentage points on the combined ratio.

Underwriting and Operating Expenses

The company manages its overhead relative to the premiums it earns. You can see the result of this management in the most recent reported expense ratio.

Expense Metric	Value (as of Q3 2025)
Expense Ratio (Q3 2025)	0.30 (or 30%)
Target Goal	Below 30%

The underwriting expense ratio for the first nine months of 2025 saw a 0.7 percentage-point decrease compared to the same period in 2024, primarily because earned premium growth outpaced the growth in various expenses.

Agent Commissions and Support Costs for the Agency Model

Maintaining the exclusive independent agency distribution channel is a core operational cost. While specific commission rates aren't public here, the investment in agency relationships is clear from growth metrics:

• Cincinnati Financial Corporation appointed 355 new agencies in the first nine months of 2025.
• New business written premiums from agencies appointed since the start of 2024 contributed $32 million, or 9% of total new business written premiums, in the third quarter of 2025.

Shareholder Dividends

Returning capital to shareholders is a stated goal, reflected in the consistent dividend policy. This is a direct cash outflow from the company's earnings.

Dividend Detail	Amount/Date
Declared Quarterly Dividend (Nov 2025)	87 cents-per-share
Payable Date	January 15, 2026
Record Date	December 22, 2025

The payout ratio based on free cash flow was reported at 19.3%, and based on adjusted earnings, it was 44.3%.

Finance: finalize the Q4 2025 expense ratio forecast by next Tuesday.

Cincinnati Financial Corporation (CINF) - Canvas Business Model: Revenue Streams

You're looking at the core ways Cincinnati Financial Corporation brings in money as of late 2025. Honestly, for a property casualty giant, it boils down to three main buckets: taking in premiums, making money on investments, and then the smaller, but still important, life and reinsurance segments.

The biggest piece, as you'd expect, comes from the insurance operations themselves. For the first nine months of 2025, the company booked $7.391 billion in earned premiums. That's the money they've officially recognized from policies sold, which is up 13% compared to the same period in 2024, showing solid growth in their core business.

The second major stream is investment income. For the first nine months of 2025, net investment income, after covering expenses, hit $860 million. This is the return they generate by investing the 'float'-the money held between premium collection and claim payment. On top of that recurring income, the third quarter of 2025 added a boost from realized gains; specifically, there was an after-tax net increase of $77 million from net investment gains recognized in Q3 2025 alone.

Here's a quick look at those key financial components for the first nine months of 2025:

Revenue Component	Amount (Nine Months Ended Sept 30, 2025)	Year-over-Year Growth (9M 2025 vs 9M 2024)
Earned premiums	$7.391 billion	13%
Net investment income (net of expenses)	$860 million	15%

Beyond the core property casualty and investment income, Cincinnati Financial Corporation diversifies its revenue through its life insurance operations and its reinsurance arms, Cincinnati Re and Cincinnati Global. These segments provide different risk profiles and income streams.

For the life insurance subsidiary, which offers products like term life insurance and fixed annuities, the performance in the third quarter of 2025 was strong. Term life insurance earned premiums grew by 5% in Q3 2025, and the subsidiary recorded a net income of $28 million for that quarter. The company continues to market these products through its network of independent agencies, alongside its main property casualty offerings.

The reinsurance segments, Cincinnati Re and Cincinnati Global Underwriting Ltd., contribute through assumed premiums. While specific nine-month premium totals for these subsidiaries aren't explicitly listed in the same format as the main earned premiums, their impact on the overall property casualty premium growth is noted. For the third quarter of 2025, the contribution to net written premium growth from Cincinnati Re and Cincinnati Global combined was less than 1 percentage point. To give you a sense of their individual dynamics from a prior quarter, Cincinnati Global saw its premiums rise by 45% in Q2 2025 due to product expansion, while Cincinnati Re's net written premiums decreased by 21% in that same period, reflecting pricing discipline.

You can see the mix of revenue sources here:

• Earned premiums: $7.391 billion for the first nine months of 2025.
• Net investment income (net of expenses): $860 million for the first nine months of 2025.
• Net investment gains (after-tax, Q3 2025): $77 million increase.
• Life insurance earned premiums (Q3 2025 term life): 5% growth.
• Life insurance subsidiary net income (Q3 2025): $28 million.
• Reinsurance contribution to Q3 2025 P&C premium growth: Less than 1 percentage point total.

Finance: draft 13-week cash view by Friday.