Cincinnati Financial Corporation (CINF): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Descubra o plano estratégico por trás da Cincinnati Financial Corporation (CINF), uma potência no cenário de seguros que transforma o complexo gerenciamento de riscos em um modelo de negócios contínuo. Ao criar meticulosamente uma abordagem inovadora que equilibra soluções abrangentes de seguros com tecnologia de ponta e experiências personalizadas de clientes, a CINF se posicionou como um participante dinâmico no mercado de seguros competitivo. Seu modelo de negócios exclusivo Canvas revela uma estratégia sofisticada que vai além dos paradigmas de seguros tradicionais, oferecendo a investidores e clientes uma narrativa convincente de resiliência financeira e crescimento estratégico.

Cincinnati Financial Corporation (CINF) - Modelo de negócios: Parcerias -chave

Empresas de seguros e resseguros para compartilhar riscos

A Cincinnati Financial Corporation mantém parcerias estratégicas com várias empresas de resseguro para gerenciar e distribuir riscos em seu portfólio de seguros.

Parceiro de resseguro	Capacidade de resseguro	Tipo de cobertura
Munique re	US $ 250 milhões por ocorrência	Propriedade e excesso de vítimas de perda
Swiss Re	US $ 200 milhões por ocorrência	Resseguro de responsabilidade comercial
Hannover re	US $ 175 milhões por ocorrência	Resseguro de catástrofe

Agentes de seguros independentes e corretores

A Cincinnati Financial Corporation utiliza uma extensa rede de agentes de seguros independentes para distribuição.

• Rede total de agentes independentes: 2.387 agências a partir de 2023
• Duração média da relação da agência: 18,5 anos
• Cobertura geográfica: 44 estados nos Estados Unidos

Fornecedores de tecnologia para infraestrutura digital

Fornecedor de tecnologia	Serviço prestado	Investimento anual
Microsoft Azure	Infraestrutura de computação em nuvem	US $ 12,5 milhões
Salesforce	Gerenciamento de relacionamento com o cliente	US $ 4,3 milhões
Software Guidewire	Sistemas principais de seguro	US $ 7,8 milhões

Provedores de serviços financeiros para ofertas complementares

A Cincinnati Financial Corporation colabora com vários provedores de serviços financeiros para aprimorar seu ecossistema de produtos.

• Parceiros bancários: 17 instituições bancárias regionais e nacionais
• Empresas de gerenciamento de investimentos: 8 parcerias estratégicas
• Acordos de serviço financeiro colaborativo total: 25

Cincinnati Financial Corporation (CINF) - Modelo de negócios: Atividades -chave

Subscrição de seguros de propriedade e vítimas

A Cincinnati Financial Corporation subscreve a propriedade e o seguro de vítimas com as seguintes métricas importantes:

Métrica	Valor
Total de prêmios escritos (2022)	US $ 6,28 bilhões
Premiums de linhas comerciais	US $ 2,47 bilhões
Premiums de linhas pessoais	US $ 3,81 bilhões

Processamento e gerenciamento de reivindicações

Os recursos de processamento de reivindicações incluem:

• Reivindicações totais pagas em 2022: US $ 4,1 bilhões
• Reclamações médias Tempo de resolução: 30-45 dias
• Taxa de envio de reivindicações digitais: 68%

Avaliação e preço de risco

As estratégias de gerenciamento de riscos envolvem:

Categoria de risco	Método de avaliação	Impacto de preços
Risco de propriedade	Análise geoespacial avançada	± 15% de ajuste premium
Risco comercial	Modelagem de risco específica da indústria	± 22% variação premium

Gerenciamento de portfólio de investimentos

Composição do portfólio de investimentos:

• Portfólio de investimento total: US $ 22,3 bilhões (2022)
• Títulos de vencimento fixo: 81%
• Títulos de ações: 19%
• Rendimento médio de investimento: 4,2%

Atendimento ao cliente e suporte

Métricas de engajamento do cliente:

Métrica de serviço	Desempenho
Pontuação de satisfação do cliente	4.6/5
Interações de serviço digital	72% do total de interações
Tempo médio de resposta	2,3 horas

Cincinnati Financial Corporation (CINF) - Modelo de negócios: Recursos -chave

Capital financeiro forte e reservas

A partir do quarto trimestre 2023, a Cincinnati Financial Corporation informou:

Métrica financeira	Quantia
Total de ativos	US $ 24,6 bilhões
Equidade total dos acionistas	US $ 8,9 bilhões
Portfólio de investimentos	US $ 22,1 bilhões

Extensa rede de agentes independentes

Estatísticas de rede de agentes:

• Parceiros de agentes independentes totais: mais de 2.000
• Cobertura geográfica: 45 estados
• Poubo de relacionamento médio do agente: mais de 15 anos

Recursos avançados de análise de dados

Investimento de tecnologia e análise:

Categoria de investimento de análise	Despesas anuais
Infraestrutura de tecnologia	US $ 85 milhões
Desenvolvimento de análise de dados	US $ 42 milhões

Infraestrutura de tecnologia robusta

Redução de recursos tecnológicos:

• Plataformas de computação em nuvem: estratégia de várias nuvens
• Orçamento de segurança cibernética: US $ 22 milhões anualmente
• Equipe de TI: mais de 350 profissionais de tecnologia

Equipe de gerenciamento experiente

Posição de liderança	Anos de experiência no setor
CEO Steven Johnston	Mais de 25 anos
CFO Marty Mullen	Mais de 20 anos
Diretor de subscrição	Mais de 18 anos

Cincinnati Financial Corporation (CINF) - Modelo de negócios: proposições de valor

Portfólio de produtos de seguro abrangente

A Cincinnati Financial Corporation oferece uma gama diversificada de produtos de seguros:

Categoria de produto	Prêmios graves anuais escritos
Linhas comerciais	US $ 2,1 bilhões
Linhas pessoais	US $ 1,3 bilhão
Linhas especializadas	US $ 685 milhões

Preços competitivos e estabilidade financeira

Métricas de desempenho financeiro:

• Total de ativos: US $ 21,3 bilhões
• Total dos acionistas do patrimônio: US $ 8,9 bilhões
• Classificação de força financeira: A (Excelente) por A.M. Melhor

Atendimento ao cliente personalizado

Detalhes da rede de serviços:

Métrica de serviço	Número
Parceiros de agentes exclusivos	2,200+
Estados servidos	46
Índice de satisfação do cliente	4.2/5

Liquidação de reivindicações rápidas e justas

Estatísticas de desempenho de reivindicações:

• Tempo médio de processamento de reivindicações: 7,5 dias
• Reivindicações pagas anualmente: 218.000+
• Reivindicações totais pagas em 2023: US $ 1,6 bilhão

Desempenho financeiro que paga dividendos

Recorde de faixa de dividendos:

Métrica	Valor
Anos consecutivos de pagamentos de dividendos	64 anos
Rendimento anual de dividendos	2.8%
Dividendos totais pagos em 2023	US $ 386 milhões

Cincinnati Financial Corporation (CINF) - Modelo de negócios: Relacionamentos do cliente

Construção de relacionamento de longo prazo

A Cincinnati Financial Corporation mantém uma taxa média de retenção de clientes de 93% em suas linhas de produtos de seguros. A empresa atende clientes há mais de 70 anos, com aproximadamente 2 milhões de detentores de políticas a partir de 2023.

Segmento de clientes	Taxa de retenção	Duração média da política
Seguro comercial	95.2%	8,7 anos
Seguro pessoal	91.5%	6,3 anos

Interação do agente pessoal

A Cincinnati Financial opera com 1.750 parceiros de agências independentes em todo o país. A empresa emprega 1.200 representantes de campo dedicados que gerenciam relacionamentos diretos ao cliente.

• Experiência média do agente: 12,5 anos
• Classificação de satisfação do cliente com agentes: 4.7/5
• Horário anual de treinamento do agente: 40 horas por representante

Plataformas de autoatendimento digital

O uso da plataforma digital aumentou para 68% dos clientes em 2023, com os recursos de gerenciamento de políticas on -line e processamento de reivindicações.

Recurso de serviço digital	Porcentagem do usuário
Gerenciamento de políticas on -line	62%
Envio de reivindicações móveis	45%
Cobrança digital	71%

Suporte responsivo ao cliente

A Cincinnati Financial mantém uma equipe de suporte ao cliente de 450 representantes com um tempo médio de resposta de 17 minutos nos canais digitais e telefônicos.

• Tempo médio de resolução de chamadas: 12 minutos
• Disponibilidade de suporte ao cliente: 24/7
• Opções de suporte multicanal: telefone, e-mail, chat, aplicativo móvel

Comunicação regular e revisões de políticas

A empresa realiza revisões anuais de políticas para 89% de seus clientes, com pontos de contato de comunicação personalizados com média de 4,3 interações por ano.

Canal de comunicação	Freqüência
Revisão da Política Anual	89% dos clientes
Boletins por e -mail	Trimestral
Expertação de agentes pessoais	2-3 vezes por ano

Cincinnati Financial Corporation (CINF) - Modelo de negócios: canais

Rede de agentes de seguros independente

Cincinnati Financial Corporation trabalha com 2.700 ou mais agências de seguros independentes em 45 estados. Essas agências geradas US $ 6,7 bilhões em prêmios escritos diretos em 2022.

Tipo de canal	Número de agências	Alcance geográfico
Agentes independentes	2,700+	45 estados

Plataforma de vendas on -line direta

A plataforma digital da empresa processada Aproximadamente US $ 1,2 bilhão em transações de seguro on -line diretas em 2022. As vendas on -line representam 18,5% do volume total de prêmios.

Aplicativo móvel

Suportes para o aplicativo móvel da Cincinnati Financial 247.000 usuários ativos com recursos incluindo:

• Gerenciamento de políticas
• Relatórios de reivindicações
• Acesso ao cartão de seguro digital
• Processamento de pagamento

Centros de atendimento ao cliente

A corporação mantém 3 call centers primários com 412 representantes dedicados de atendimento ao cliente. O tempo de resposta média é 2,7 minutos.

Métrica de call center	Desempenho
Número de call centers	3
Representantes de atendimento ao cliente	412
Tempo médio de resposta	2,7 minutos

Locais da filial

Cincinnati Financial opera 38 filiais regionais Posicionado estrategicamente nos Estados Unidos. Esses ramificações suportam US $ 7,3 bilhões em receitas anuais de seguros comerciais e pessoais.

Detalhes da localização da filial	Quantidade
Filiais totais	38
Receita anual de seguro	US $ 7,3 bilhões

Cincinnati Financial Corporation (CINF) - Modelo de negócios: segmentos de clientes

Pequenas e médias empresas

A Cincinnati Financial atende a aproximadamente 66.000 clientes comerciais pequenos e médios em 44 estados. O valor médio da apólice de seguro comercial é de US $ 7.500 anualmente.

Segmento de negócios	Número de clientes	Valor médio da política
Negócios de varejo	18,500	$6,200
Negócios de serviço	22,000	$7,800
Empresas de manufatura	12,500	$9,300

Proprietários individuais

A Cincinnati Financial cobre 1,3 milhão de imóveis individuais, com um valor médio de política de US $ 350.000.

• Participação de mercado de seguros do proprietário: 2,7%
• Prêmio médio anual: US $ 1.250
• Cobertura geográfica: principalmente no meio -oeste e no sudeste dos Estados Unidos

Proprietários de propriedades comerciais

A empresa gerencia o seguro para 45.000 portfólios de propriedades comerciais com valores totais de propriedades superiores a US $ 180 bilhões.

Tipo de propriedade	Número de propriedades	Valor total segurado
Edifícios de escritórios	12,500	US $ 62 bilhões
Complexos de varejo	8,900	US $ 45 bilhões
Instalações industriais	6,700	US $ 38 bilhões

Clientes pessoais de seguro automóvel

A Cincinnati Financial fornece seguro de automóvel para 785.000 motoristas individuais com um valor médio de política de US $ 1.450 anualmente.

• Penetração de mercado nos estados centrais: 5,2%
• Limite médio de cobertura abrangente: US $ 500.000
• Taxa de cobertura de colisão: 78% dos clientes

Clientes especializados de gerenciamento de riscos

A empresa atende a 3.200 clientes de gerenciamento de riscos complexos e de alta rede e com soluções de seguro personalizadas.

Categoria de cliente	Número de clientes	Prêmio médio anual
Indivíduos de alta rede	1,800	$15,000
Grandes entidades corporativas	850	$75,000
Clientes especializados do setor	550	$45,000

Cincinnati Financial Corporation (CINF) - Modelo de negócios: estrutura de custos

Pagamentos da Comissão de Agentes

No ano fiscal de 2022, a Cincinnati Financial Corporation registrou despesas com comissão de agentes de US $ 525,4 milhões.

Ano	Despesas com Comissão de Agentes	Porcentagem de receitas totais
2022	US $ 525,4 milhões	12.3%
2021	US $ 503,2 milhões	11.9%

Despesas de processamento de reivindicações

Os custos de processamento de reivindicações da Cincinnati Financial em 2022 totalizaram US $ 1,87 bilhão, representando uma parcela significativa das despesas operacionais.

• Processamento de reivindicações de propriedade e vítimas: US $ 1,42 bilhão
• Reivindicações de linhas comerciais: US $ 350 milhões
• Reivindicações de linhas pessoais: US $ 98 milhões

Manutenção de tecnologia e infraestrutura

A Cincinnati Financial investiu US $ 87,3 milhões em infraestrutura e manutenção de tecnologia em 2022.

Categoria de investimento em tecnologia	Quantidade de despesa
Infraestrutura de TI	US $ 52,6 milhões
Segurança cibernética	US $ 18,7 milhões
Desenvolvimento de software	US $ 16 milhões

Compensação dos funcionários

A compensação total dos funcionários pela Cincinnati Financial em 2022 foi de US $ 456,2 milhões.

• Salários e salários: US $ 342,5 milhões
• Benefícios e contribuições de aposentadoria: US $ 83,7 milhões
• Remuneração baseada em ações: US $ 30 milhões

Custos de marketing e aquisição de clientes

As despesas de marketing da Cincinnati Financial em 2022 totalizaram US $ 64,5 milhões.

Canal de marketing	Quantidade de despesa
Marketing digital	US $ 27,3 milhões
Publicidade tradicional	US $ 22,6 milhões
Campanhas de aquisição de clientes	US $ 14,6 milhões

Cincinnati Financial Corporation (CINF) - Modelo de negócios: fluxos de receita

Prêmios de seguro de propriedade

Em 2022, a Cincinnati Financial relatou um seguro de propriedade por escrito prêmios de US $ 1.319,8 milhões. O segmento de seguro de propriedade da empresa abrange riscos de propriedades residenciais e comerciais.

Ano	Prêmios de seguro de propriedade	Crescimento percentual
2022	US $ 1.319,8 milhões	5.4%
2021	US $ 1.252,3 milhões	3.2%

Prêmios de seguro de vítimas

Os prêmios de seguro de vítimas para a Cincinnati Financial atingiram US $ 2.077,4 milhões em 2022, representando uma parcela significativa da receita total de seguro da empresa.

• Prêmios de seguro de responsabilidade: US $ 872,6 milhões
• Prêmios de compensação dos trabalhadores: US $ 456,2 milhões
• Prêmios de responsabilidade automática: US $ 748,6 milhões

Receita de investimento

Cincinnati Gerado financeiro US $ 461,3 milhões na receita do investimento durante 2022, com a seguinte quebra:

Categoria de investimento	Valor da renda
Títulos de maturidade fixa	US $ 342,7 milhões
Valores mobiliários	US $ 78,5 milhões
Outros investimentos	US $ 40,1 milhões

Seguro de linhas comerciais

Os prêmios de seguro de linhas comerciais totalizaram US $ 1.456,9 milhões Em 2022, com os principais segmentos, incluindo:

• Seguro de propriedade comercial: US $ 512,3 milhões
• Responsabilidade Geral Comercial: US $ 394,6 milhões
• Seguro de automóveis comerciais: US $ 325,4 milhões
• Seguro de guarda -chuva comercial: US $ 224,6 milhões

Seguro de linhas pessoais

Linhas pessoais prêmios de seguro atingidos US $ 940,5 milhões em 2022, distribuído de outro lado:

• Seguro de automóveis pessoal: US $ 532,7 milhões
• Seguro dos proprietários: US $ 367,8 milhões
• Seguro de guarda -chuva pessoal: US $ 40,0 milhões

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.