Cincinnati Financial Reports Third-Quarter 2026 Results
CINCINNATI, Oct. 26, 2026 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:
Financial Highlights
(Dollars in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Revenue Data
Earned premiums
$ 2,690
$ 2,567
5
$ 7,929
$ 7,391
7
Investment income, net of expenses
325
295
10
962
860
12
Total revenues
3,047
3,726
(18)
10,184
9,540
7
Income Statement Data
Net income
$ 459
$ 1,122
(59)
$ 1,988
$ 1,717
16
Investment gains and losses, after-tax
16
673
(98)
991
994
0
Non-GAAP operating income*
$ 443
$ 449
(1)
$ 997
$ 723
38
Per Share Data (diluted)
Net income
$ 2.96
$ 7.11
(58)
$ 12.75
$ 10.88
17
Investment gains and losses, after-tax
0.10
4.26
(98)
6.36
6.30
1
Non-GAAP operating income*
$ 2.86
$ 2.85
0
$ 6.39
$ 4.58
40
Book value
$ 105.42
$ 98.76
7
Cash dividend declared
$ 0.94
$ 0.87
8
$ 2.82
$ 2.61
8
Diluted weighted average shares outstanding
155.1
157.8
(2)
155.9
157.8
(1)
*
The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures section defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles.
Forward-looking statements and related assumptions are subject to the risks outlined in the company's safe harbor statement.
Insurance Operations Highlights
Investment and Balance Sheet Highlights
Property Casualty Operations Maintaining Profitability
Stephen M. Spray, president and chief executive officer, commented: "Over the past few months our field claims teams and headquarters claims associates have been busy. I'm proud of their efforts as they brought compassion and expertise to our agents and policyholders, quickly resolving claims and helping affected communities begin to move forward.
"This quarter is a nice example of the impact our many growth, profitability and diversification initiatives are having on our insurance business. While catastrophe losses grew by 7.0 points compared with last year's third quarter – moving closer to historical averages for the third quarter – our overall combined ratio of 90.9% reflects our continued efforts in pricing segmentation across our organization and the purposeful diversification of our growth.
"On a nine-month basis we achieved healthy non-GAAP operating income, increasing that measure 38% to $997 million. Our insurance operations continued to lead the way. With three-quarters of the year behind us, our 95.8% combined ratio is comfortably within our long-term target of 92% to 98%."
Growth Reflecting Underwriting Discipline
"In this competitive market, we are balancing new business opportunities with underwriting discipline. Total property casualty net written premiums grew 4% through the first nine months of 2026, reflecting average renewal price increases for each of our property casualty insurance segments and most of our major lines of business.
"Our growth strategy plays to the strengths of each area where we do business. We consider many factors such as historic loss ratios, current market conditions, weather patterns and our view of future expectations for particular lines of business to create an appropriate plan for targeted profitable growth. That work creates a generally stable underwriting appetite to support our agents and enhance our mutual success.
"We also continue to benefit from the introduction of new specialty products through The Cincinnati Specialty Underwriters Insurance Company and Cincinnati Global Underwriting, along with the ability to grow Cincinnati Re opportunistically as the reinsurance market changes. Through September, these three areas have grown 7%, 13% and 11%, respectively, compared with the first nine months of 2025."
Insurance Profitability Fueling Investments
"Consolidated cash and total investments topped $34 billion. Since December, book value per share has risen to $105.42, driven by the contribution of our insurance operations and the strength of our investment portfolio.
"This ample capital allows us to execute on our long-term strategies and, at the same time, continue to not just pay dividends to shareholders, but increase them, through the normal variability of investment and insurance markets as we've done for 66 years."
Insurance Operations Highlights
Consolidated Property Casualty Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Earned premiums
$ 2,605
$ 2,484
5
$ 7,672
$ 7,145
7
Fee revenues
4
4
0
11
11
0
Total revenues
2,609
2,488
5
7,683
7,156
7
Loss and loss expenses
1,595
1,464
9
5,070
4,938
3
Underwriting expenses
774
731
6
2,276
2,095
9
Underwriting profit
$ 240
$ 293
(18)
$ 337
$ 123
174
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
61.2 %
58.9 %
2.3
66.1 %
69.1 %
(3.0)
Underwriting expenses
29.7
29.3
0.4
29.7
29.3
0.4
Combined ratio
90.9 %
88.2 %
2.7
95.8 %
98.4 %
(2.6)
% Change
% Change
Agency renewal written premiums
$ 2,095
$ 2,037
3
$ 6,394
$ 6,084
5
Agency new business written premiums
315
356
(12)
1,007
1,143
(12)
Other written premiums
140
100
40
642
494
30
Net written premiums
$ 2,550
$ 2,493
2
$ 8,043
$ 7,721
4
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
54.0 %
55.4 %
(1.4)
56.8 %
57.4 %
(0.6)
Current accident year catastrophe losses
10.8
4.4
6.4
12.2
14.2
(2.0)
Prior accident years before catastrophe losses
(3.5)
(0.2)
(3.3)
(2.7)
(1.6)
(1.1)
Prior accident years catastrophe losses
(0.1)
(0.7)
0.6
(0.2)
(0.9)
0.7
Loss and loss expense ratio
61.2 %
58.9 %
2.3
66.1 %
69.1 %
(3.0)
Current accident year combined ratio before
catastrophe losses
83.7 %
84.7 %
(1.0)
86.5 %
86.7 %
(0.2)
Commercial Lines Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Earned premiums
$ 1,270
$ 1,229
3
$ 3,762
$ 3,620
4
Fee revenues
2
2
0
4
4
0
Total revenues
1,272
1,231
3
3,766
3,624
4
Loss and loss expenses
782
747
5
2,539
2,249
13
Underwriting expenses
398
373
7
1,166
1,080
8
Underwriting profit
$ 92
$ 111
(17)
$ 61
$ 295
(79)
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
61.5 %
60.8 %
0.7
67.5 %
62.2 %
5.3
Underwriting expenses
31.3
30.3
1.0
31.0
29.8
1.2
Combined ratio
92.8 %
91.1 %
1.7
98.5 %
92.0 %
6.5
% Change
% Change
Agency renewal written premiums
$ 1,050
$ 1,043
1
$ 3,380
$ 3,311
2
Agency new business written premiums
182
185
(2)
595
588
1
Other written premiums
(33)
(30)
(10)
(90)
(86)
(5)
Net written premiums
$ 1,199
$ 1,198
0
$ 3,885
$ 3,813
2
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
58.0 %
59.2 %
(1.2)
61.0 %
60.0 %
1.0
Current accident year catastrophe losses
7.1
3.0
4.1
9.6
5.0
4.6
Prior accident years before catastrophe losses
(3.4)
(1.0)
(2.4)
(3.0)
(2.2)
(0.8)
Prior accident years catastrophe losses
(0.2)
(0.4)
0.2
(0.1)
(0.6)
0.5
Loss and loss expense ratio
61.5 %
60.8 %
0.7
67.5 %
62.2 %
5.3
Current accident year combined ratio before
catastrophe losses
89.3 %
89.5 %
(0.2)
92.0 %
89.8 %
2.2
Personal Lines Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Earned premiums
$ 888
$ 838
6
$ 2,641
$ 2,340
13
Fee revenues
1
1
0
4
4
0
Total revenues
889
839
6
2,645
2,344
13
Loss and loss expenses
564
507
11
1,809
1,951
(7)
Underwriting expenses
237
233
2
717
665
8
Underwriting profit (loss)
$ 88
$ 99
(11)
$ 119
$ (272)
nm
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
63.5 %
60.4 %
3.1
68.4 %
83.4 %
(15.0)
Underwriting expenses
26.8
27.8
(1.0)
27.2
28.4
(1.2)
Combined ratio
90.3 %
88.2 %
2.1
95.6 %
111.8 %
(16.2)
% Change
% Change
Agency renewal written premiums
$ 911
$ 864
5
$ 2,580
$ 2,364
9
Agency new business written premiums
76
116
(34)
230
384
(40)
Other written premiums
(30)
(29)
(3)
(88)
(145)
39
Net written premiums
$ 957
$ 951
1
$ 2,722
$ 2,603
5
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
47.9 %
50.7 %
(2.8)
51.1 %
54.7 %
(3.6)
Current accident year catastrophe losses
19.9
8.0
11.9
19.5
29.7
(10.2)
Prior accident years before catastrophe losses
(3.6)
2.6
(6.2)
(2.1)
0.4
(2.5)
Prior accident years catastrophe losses
(0.7)
(0.9)
0.2
(0.1)
(1.4)
1.3
Loss and loss expense ratio
63.5 %
60.4 %
3.1
68.4 %
83.4 %
(15.0)
Current accident year combined ratio before
catastrophe losses
74.7 %
78.5 %
(3.8)
78.3 %
83.1 %
(4.8)
Excess and Surplus Lines Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Earned premiums
$ 187
$ 174
7
$ 556
$ 510
9
Fee revenues
1
1
0
3
3
0
Total revenues
188
175
7
559
513
9
Loss and loss expenses
114
108
6
342
317
8
Underwriting expenses
53
48
10
156
141
11
Underwriting profit
$ 21
$ 19
11
$ 61
$ 55
11
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
61.5 %
62.1 %
(0.6)
61.7 %
62.2 %
(0.5)
Underwriting expenses
27.9
27.7
0.2
28.0
27.6
0.4
Combined ratio
89.4 %
89.8 %
(0.4)
89.7 %
89.8 %
(0.1)
% Change
% Change
Agency renewal written premiums
$ 134
$ 130
3
$ 434
$ 409
6
Agency new business written premiums
57
55
4
182
171
6
Other written premiums
(7)
(10)
30
(31)
(35)
11
Net written premiums
$ 184
$ 175
5
$ 585
$ 545
7
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
63.8 %
64.1 %
(0.3)
64.3 %
64.8 %
(0.5)
Current accident year catastrophe losses
1.0
0.2
0.8
1.0
0.9
0.1
Prior accident years before catastrophe losses
(3.3)
(2.1)
(1.2)
(3.4)
(3.2)
(0.2)
Prior accident years catastrophe losses
0.0
(0.1)
0.1
(0.2)
(0.3)
0.1
Loss and loss expense ratio
61.5 %
62.1 %
(0.6)
61.7 %
62.2 %
(0.5)
Current accident year combined ratio before
catastrophe losses
91.7 %
91.8 %
(0.1)
92.3 %
92.4 %
(0.1)
Life Insurance Subsidiary Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Term life insurance
$ 62
$ 61
2
$ 187
$ 179
4
Whole life insurance
15
14
7
42
40
5
Universal life and other
8
8
0
28
27
4
Earned premiums
85
83
2
257
246
4
Investment income, net of expenses
53
52
2
161
151
7
Investment gains and losses, net
4
(1)
nm
3
(6)
nm
Fee revenues
2
1
100
5
4
25
Total revenues
144
135
7
426
395
8
Contract holders' benefits incurred
80
76
5
243
230
6
Underwriting expenses incurred
25
23
9
73
70
4
Total benefits and expenses
105
99
6
316
300
5
Net income before income tax
39
36
8
110
95
16
Income tax provision
8
8
0
23
20
15
Net income of the life insurance subsidiary
$ 31
$ 28
11
$ 87
$ 75
16
Investment and Balance Sheet Highlights
Investments Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Investment income, net of expenses
$ 325
$ 295
10
$ 962
$ 860
12
Investment interest credited to contract holders
(32)
(32)
0
(97)
(95)
(2)
Investment gains and losses, net
20
853
(98)
1,258
1,259
0
Investments profit
$ 313
$ 1,116
(72)
$ 2,123
$ 2,024
5
Investment income:
Interest
$ 252
$ 227
11
$ 731
$ 651
12
Dividends
66
69
(4)
214
206
4
Other
11
4
175
31
16
94
Less investment expenses
4
5
(20)
14
13
8
Investment income, pretax
325
295
10
962
860
12
Less income taxes
57
51
12
167
148
13
Total investment income, after-tax
$ 268
$ 244
10
$ 795
$ 712
12
Investment returns:
Average invested assets plus cash and cash
equivalents
$ 35,549
$ 31,899
$ 34,631
$ 31,345
Average yield pretax
3.66 %
3.70 %
3.70 %
3.66 %
Average yield after-tax
3.02
3.06
3.06
3.03
Effective tax rate
17.6
17.3
17.4
17.2
Fixed-maturity returns:
Average amortized cost
$ 19,989
$ 17,816
$ 19,504
$ 17,515
Average yield pretax
5.04 %
5.10 %
5.00 %
4.96 %
Average yield after-tax
4.10
4.16
4.07
4.04
Effective tax rate
18.6
18.4
18.5
18.4
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Investment gains and losses on equity securities sold, net
$ 5
$ (9)
$ 255
$ (5)
Unrealized gains and losses on equity securities still held, net
1
855
980
1,259
Investment gains and losses on fixed-maturity securities, net
(8)
1
(3)
(13)
Other
22
6
26
18
Subtotal - investment gains and losses reported in net income
20
853
1,258
1,259
Change in unrealized investment gains and losses - fixed
maturities and short-term
(1,162)
241
(1,308)
336
Total
$ (1,142)
$ 1,094
$ (50)
$ 1,595
Balance Sheet Highlights
(Dollars in millions, except share data)
At September 30,
At December 31,
2026
2025
Total investments
$ 33,139
$ 31,783
Total assets
42,611
41,002
Short-term debt
17
25
Long-term debt
791
790
Shareholders' equity
16,182
15,911
Book value per share
105.42
102.35
Debt-to-total-capital ratio
4.8 %
4.9 %
For additional information or to register for our conference call webcast, please visit investors.cinfin.com.
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
Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "seek," "expect," "will," "should," "could," "might," "anticipate," "believe," "estimate," "intend," "likely," "future," or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:
Insurance-Related Risks
Financial, Economic, and Investment Risks
General Business, Technology, and Operational Risks
Regulatory, Compliance, and Legal Risks
Risks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.
* * *
Cincinnati Financial Corporation
Condensed Consolidated Balance Sheets and Statements of Income (unaudited)
(Dollars in millions)
September 30,
December 31,
2026
2025
Assets
Investments
$ 33,139
$ 31,783
Cash and cash equivalents
1,239
1,431
Premiums receivable
3,427
3,142
Reinsurance recoverable
624
655
Deferred policy acquisition costs
1,422
1,344
Other assets
2,760
2,647
Total assets
$ 42,611
$ 41,002
Liabilities
Insurance reserves
$ 15,611
$ 14,499
Unearned premiums
5,643
5,254
Deferred income tax
1,616
1,833
Long-term debt and lease obligations
858
861
Other liabilities
2,701
2,644
Total liabilities
26,429
25,091
Shareholders' Equity
Common stock and paid-in capital
1,992
1,958
Retained earnings
18,273
16,719
Accumulated other comprehensive loss
(951)
(34)
Treasury stock
(3,132)
(2,732)
Total shareholders' equity
16,182
15,911
Total liabilities and shareholders' equity
$ 42,611
$ 41,002
(Dollars in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Revenues
Earned premiums
$ 2,690
$ 2,567
$ 7,929
$ 7,391
Investment income, net of expenses
325
295
962
860
Investment gains and losses, net
20
853
1,258
1,259
Other revenues
12
11
35
30
Total revenues
3,047
3,726
10,184
9,540
Benefits and Expenses
Insurance losses and contract holders' benefits
1,675
1,540
5,313
5,168
Underwriting, acquisition and insurance expenses
799
754
2,349
2,165
Interest expense
12
13
39
40
Other operating expenses
8
6
28
27
Total benefits and expenses
2,494
2,313
7,729
7,400
Income Before Income Taxes
553
1,413
2,455
2,140
Provision for Income Taxes
94
291
467
423
Net Income
$ 459
$ 1,122
$ 1,988
$ 1,717
Per Common Share:
Net income — basic
$ 2.99
$ 7.19
$ 12.88
$ 10.99
Net income — diluted
2.96
7.11
12.75
10.88
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
(See attached tables for reconciliations; additional prior-period reconciliations available at investors.cinfin.com.)
Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.
Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management's control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.
Cincinnati Financial Corporation
Net Income Reconciliation
(Dollars in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Net income
$ 459
$ 1,122
$ 1,988
$ 1,717
Less:
Investment gains and losses, net
20
853
1,258
1,259
Income tax on investment gains and losses
(4)
(180)
(267)
(265)
Investment gains and losses, after-tax
16
673
991
994
Non-GAAP operating income
$ 443
$ 449
$ 997
$ 723
Diluted per share data:
Net income
$ 2.96
$ 7.11
$ 12.75
$ 10.88
Less:
Investment gains and losses, net
0.13
5.40
8.07
7.98
Income tax on investment gains and losses
(0.03)
(1.14)
(1.71)
(1.68)
Investment gains and losses, after-tax
0.10
4.26
6.36
6.30
Non-GAAP operating income
$ 2.86
$ 2.85
$ 6.39
$ 4.58
Life Insurance Reconciliation
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Net income of the life insurance subsidiary
$ 31
$ 28
$ 87
$ 75
Investment gains and losses, net
4
(1)
3
(6)
Income tax on investment gains and losses
1
—
1
(1)
Non-GAAP operating income
28
29
85
80
Investment income, net of expenses
(53)
(52)
(161)
(151)
Investment interest credited to contract holders
32
32
97
95
Income tax excluding tax on investment gains and losses, net
7
8
22
21
Life insurance segment profit
$ 14
$ 17
$ 43
$ 45
Property Casualty Insurance Reconciliation
(Dollars in millions)
Three months ended September 30, 2026
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 2,550
$ 1,199
$ 957
$ 184
$ 210
Unearned premiums change
55
71
(69)
3
50
Earned premiums
$ 2,605
$ 1,270
$ 888
$ 187
$ 260
Underwriting profit
$ 240
$ 92
$ 88
$ 21
$ 39
(Dollars in millions)
Nine months ended September 30, 2026
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 8,043
$ 3,885
$ 2,722
$ 585
$ 851
Unearned premiums change
(371)
(123)
(81)
(29)
(138)
Earned premiums
$ 7,672
$ 3,762
$ 2,641
$ 556
$ 713
Underwriting profit
$ 337
$ 61
$ 119
$ 61
$ 96
(Dollars in millions)
Three months ended September 30, 2025
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 2,493
$ 1,198
$ 951
$ 175
$ 169
Unearned premiums change
(9)
31
(113)
(1)
74
Earned premiums
$ 2,484
$ 1,229
$ 838
$ 174
$ 243
Underwriting profit
$ 293
$ 111
$ 99
$ 19
$ 64
(Dollars in millions)
Nine months ended September 30, 2025
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 7,721
$ 3,813
$ 2,603
$ 545
$ 760
Unearned premiums change
(576)
(193)
(263)
(35)
(85)
Earned premiums
$ 7,145
$ 3,620
$ 2,340
$ 510
$ 675
Underwriting profit (loss)
$ 123
$ 295
$ (272)
$ 55
$ 45
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*Included in Other are the results of Cincinnati Re and Cincinnati Global.
Cincinnati Financial Corporation
Other Measures
Value Creation Ratio Calculations
(Dollars are per share)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Value creation ratio:
End of period book value*
$ 105.42
$ 98.76
$ 105.42
$ 98.76
Less beginning of period book value
108.64
91.46
102.35
89.11
Change in book value
(3.22)
7.30
3.07
9.65
Dividend declared to shareholders
0.94
0.87
2.82
2.61
Total value creation
$ (2.28)
$ 8.17
$ 5.89
$ 12.26
Value creation ratio from change in book value**
(3.0) %
8.0 %
3.0 %
10.9 %
Value creation ratio from dividends declared to
shareholders***
0.9
0.9
2.8
2.9
Value creation ratio
(2.1) %
8.9 %
5.8 %
13.8 %
* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding
** Change in book value divided by the beginning of period book value
*** Dividend declared to shareholders divided by beginning of period book value
SOURCE Cincinnati Financial Corporation