Press Release: Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend

Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend

PR Newswire

CINCINNATI, Ohio, May 6, 2024

CINCINNATI, Ohio, May 6, 2024 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) announced that at its regular meeting on May 4, 2024, the board of directors declared an 81-cents-per-share regular quarterly cash dividend. The dividend is payable July 15, 2024, to shareholders of record as of June 18, 2024.

Stephen M. Spray, president and chief executive officer, commented, "We keep a long-term view when managing our business and creating value for shareholders of Cincinnati Financial. The board of directors expressed confidence in our ability to continue profitably growing our insurance business while still returning capital to shareholders, primarily through dividends. The dividend just declared matches the one paid in April, keeping us on the path to reach 64 years of increasing annual cash dividends."

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:             Street Address: 
P.O. Box 145496              6200 South Gilmore Road 
Cincinnati, Ohio 45250-5496  Fairfield, Ohio 45014-5141 
 

Safe Harbor Statement

This is our "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2023 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.

Factors that could cause or contribute to such differences include, but are not limited to:

   -- Ongoing developments concerning business interruption insurance claims 
      and litigation related to the COVID-19 pandemic that affect our estimates 
      of losses and loss adjustment expenses or our ability to reasonably 
      estimate such losses, such as: 
 
          -- The number of policyholders that will ultimately submit claims or 
             file lawsuits 
 
          -- The lack of submitted proofs of loss for allegedly covered claims 
 
          -- Judicial rulings in similar litigation involving other companies 
             in the insurance industry 
 
          -- Differences in state laws and developing case law 
 
          -- Litigation trends, including varying legal theories advanced by 
             policyholders 
 
          -- Whether and to what degree any class of policyholders may be 
             certified 
 
          -- The inherent unpredictability of litigation 
 
   -- Effects of any future pandemic, or the resurgence of the COVID-19 
      pandemic, that could affect results for reasons such as: 
 
          -- Securities market disruption or volatility and related effects 
             such as decreased economic activity and continued supply chain 
             disruptions that affect our investment portfolio and book value 
 
          -- An unusually high level of claims in our insurance or reinsurance 
             operations that increase litigation-related expenses 
 
          -- An unusually high level of insurance losses, including risk of 
             court decisions extending business interruption insurance in 
             commercial property coverage forms to cover claims for pure 
             economic loss related such pandemic 
 
          -- Decreased premium revenue and cash flow from disruption to our 
             distribution channel of independent agents, consumer 
             self-isolation, travel limitations, business restrictions and 
             decreased economic activity 
 
          -- Inability of our workforce, agencies or vendors to perform 
             necessary business functions 
 
   -- Unusually high levels of catastrophe losses due to risk concentrations, 
      changes in weather patterns (whether as a result of global climate change 
      or otherwise), environmental events, war or political unrest, terrorism 
      incidents, cyberattacks, civil unrest or other causes 
 
   -- Increased frequency and/or severity of claims or development of claims 
      that are unforeseen at the time of policy issuance, due to inflationary 
      trends or other causes 
 
   -- Inadequate estimates or assumptions, or reliance on third-party data used 
      for critical accounting estimates 
 
   -- Declines in overall stock market values negatively affecting our equity 
      portfolio and book value 
 
   -- Interest rate fluctuations or other factors that could significantly 
      affect: 
 
          -- Our ability to generate growth in investment income 
 
          -- Values of our fixed-maturity investments, including accounts in 
             which we hold bank-owned life insurance contract assets 
 
          -- Our traditional life policy reserves 
 
   -- Domestic and global events, such as Russia's invasion of Ukraine, war in 
      the Middle East and disruptions in the banking and financial services 
      industry, resulting in insurance losses, capital market or credit market 
      uncertainty, followed by prolonged periods of economic instability or 
      recession, that lead to: 
 
          -- Significant or prolonged decline in the fair value of a particular 
             security or group of securities and impairment of the asset(s) 
 
          -- Significant decline in investment income due to reduced or 
             eliminated dividend payouts from a particular security or group of 
             securities 
 
          -- Significant rise in losses from surety or director and officer 
             policies written for financial institutions or other insured 
             entities or in losses from policies written by Cincinnati Re or 
             Cincinnati Global. 
 
   -- Our inability to manage Cincinnati Global or other subsidiaries to 
      produce related business opportunities and growth prospects for our 
      ongoing operations 
 
   -- Recession, prolonged elevated inflation or other economic conditions 
      resulting in lower demand for insurance products or increased payment 
      delinquencies 
 
   -- Ineffective information technology systems or discontinuing to develop 
      and implement improvements in technology may impact our success and 
      profitability 
 
   -- Difficulties with technology or data security breaches, 
      including cyberattacks, that could negatively affect our or our agents' 
      ability to conduct business; disrupt our relationships with agents, 
      policyholders and others; cause reputational damage, mitigation expenses 
      and data loss and expose us to liability under federal and state laws 
 
   -- Difficulties with our operations and technology that may negatively 
      impact our ability to conduct business, including cloud-based data 
      information storage, data security, cyberattacks, remote working 
      capabilities, and/or outsourcing relationships and third-party operations 
      and data security 
 
   -- Disruption of the insurance market caused by technology innovations such 
      as driverless cars that could decrease consumer demand for insurance 
      products 
 
   -- Delays, inadequate data developed internally or from third parties, or 
      performance inadequacies from ongoing development and implementation of 
      underwriting and pricing methods, including telematics and other 
      usage-based insurance methods, or technology projects and enhancements 
      expected to increase our pricing accuracy, underwriting profit and 
      competitiveness 
 
   -- Intense competition, and the impact of innovation, technological change 
      and changing customer preferences on the insurance industry and the 
      markets in which we operate, could harm our ability to maintain or 
      increase our business volumes and profitability 
 
   -- Changing consumer insurance-buying habits and consolidation of 
      independent insurance agencies could alter our competitive advantages 
 
   -- Inability to obtain adequate ceded reinsurance on acceptable terms, 
      amount of reinsurance coverage purchased, financial strength of 
      reinsurers and the potential for nonpayment or delay in payment by 
      reinsurers 
 
   -- Inability to defer policy acquisition costs for any business segment if 
      pricing and loss trends would lead management to conclude that segment 
      could not achieve sustainable profitability 
 
   -- Inability of our subsidiaries to pay dividends consistent with current or 
      past levels 
 
   -- Events or conditions that could weaken or harm our relationships with our 
      independent agencies and hamper opportunities to add new agencies, 
      resulting in limitations on our opportunities for growth, such as: 
 
          -- Downgrades of our financial strength ratings 
 
          -- Concerns that doing business with us is too difficult 
 
          -- Perceptions that our level of service, particularly claims service, 
             is no longer a distinguishing characteristic in the marketplace 
 
          -- Inability or unwillingness to nimbly develop and introduce 
             coverage product updates and innovations that our competitors 
             offer and consumers expect to find in the marketplace 
 
   -- Actions of insurance departments, state attorneys general or other 
      regulatory agencies, including a change to a federal system of regulation 
      from a state-based system, that: 
 
          -- Impose new obligations on us that increase our expenses or change 
             the assumptions underlying our critical accounting estimates 
 

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