RemovedRisk Factors
The 10-K against last year's
255 changes: 19 added, 27 removed, 209 reworded
10-K 0000020286-26-000008 (2026-02-23) vs 10-K 0000020286-25-000009 (2025-02-24) Not compared: Legal Proceedings.
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The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 236 words changed in this paragraph; it is 56% similar to last year's version.
Catastrophe Losses Incurred(Dollars in millions, net of reinsurance) Excess and surplus lines Commercial lines Personal lines Dates Events Regions Other Total 2025 Jan. 7-28 Wildfire West $ 1 $ 325 $ — $ 122 $ 448 Mar. 14-17 Flood, Lightning, Wind Midwest, Northeast, South 56 96 1 1 154 Apr. 1-7 Flood, Lightning, Wind Midwest, South 14 32 — — 46 May 15-16 Flood, Lightning, Wind Midwest, Northeast 31 91 1 2 125 All other 2025 catastrophes 86 165 2 20 273 Development on 2024 and prior catastrophes (20) (37) (2) (9) (68) Calendar year incurred total $ 168 $ 672 $ 2 $ 136 $ 978 2024 Mar. 12-17 Flood, Lightning, Wind Midwest, South $ 30 $ 31 $ — $ — $ 61 Mar. 31 - Apr. 4 Flood, Lightning, Wind Midwest, Northeast, South 9 23 — — 32 May 6-10 Flood, Lightning, Wind Midwest, South 25 30 1 — 56 May 25-26 Flood, Lightning, Wind Midwest, South 38 29 1 — 68 Jul. 13-18 Flood, Lightning, Wind Midwest, Northeast 18 11 — — 29 Sep. 25-28 Flood, Lightning, Wind Midwest, South (Helene) 55 133 2 43 233 Oct. 9-10 Flood, Lightning, Wind South (Milton) 6 3 — 61 70 All other 2024 catastrophes 92 149 4 30 275 Development on 2023 and prior catastrophes (31) (43) — (21) (95) Calendar year incurred total $ 242 $ 366 $ 8 $ 113 $ 729 2023 Mar. 1-4 Flood, Lightning, Wind Midwest, Northeast, South $ 25 $ 26 $ 1 $ 2 $ 54 Mar. 23-28 Flood, Lightning, Wind Midwest, Northeast, South 21 23 — — 44 Mar. 30 - Apr. 1 Flood, Lightning, Wind Midwest, Northeast, South 58 31 — — 89 Apr. 3-7 Flood, Lightning, Wind Midwest, Northeast, South 12 33 — — 45 May 2-9 Flood, Lightning, Wind Midwest, South 22 7 — — 29 Jun. 21-27 Flood, Lightning, Wind Midwest, Northeast, South, West 21 18 — — 39 Jun. 28 - Jul. 4 Flood, Lightning, Wind Midwest, Northeast, South, West 9 16 — — 25 Dec. 9-11 Flood, Lightning, Wind Northeast, South 23 14 — — 37 All other 2023 catastrophes 125 184 3 36 348 Development on 2022 and prior catastrophes (11) (44) — 8 (47) Calendar year incurred total $ 305 $ 308 $ 4 $ 46 $ 663
Source: Item 7, 10-K 0000020286-26-000008 vs Item 7, 10-K 0000020286-25-000009
Accounting Policies 194 words changed in this paragraph; it is 34% similar to last year's version.
In November 2023, September 2025, the Financial Accounting Standards Board (FASB) FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to Reportable Segment Disclosures. the Accounting for Internal-Use Software. ASU 2023-07 enhances reportable segment disclosures 2025-06 modernizes the accounting for internal-use software costs by requiring entities eliminating references to disclose significant segment expenses that are regularly provided to prescriptive and sequential software development stages and updating the chief operating decision maker (CODM) and included within the reported measure of profit or loss. This ASU also requires disclosure of the title and position of the CODM as well as a description of how the reported measure of profit or loss is used to assess segment performance and allocate resources. cost capitalization criteria. The effective date of ASU 2023-07 2025-06 is for annual reporting periods beginning after December 15, 2023, 2027, and interim reporting periods within those annual periods beginning after December 15, 2024, reporting periods, with early adoption permitted. The ASU has not yet been adopted and should be applied retrospectively to all prior periods presented. We retrospectively adopted this ASU effective December 31, 2024. The adoption did will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU required additional disclosure in Note 18, Segment Information, to these consolidated financial statements and will require additional disclosure in our interim financial statements in 2025. flows.
Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000020286-26-000008 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000020286-25-000009
Risk Factors 30 words changed in this paragraph; it is 91% similar to last year's version.
Our ability to successfully execute business functions also depends on hiring and retaining the qualified associates we employ. Competition for high-quality executives and other key associates occurs within the insurance industry and from other industries. We also must effectively develop and manage associates, including providing training and resources. Such tools and information can allow them to effectively perform critical business functions and adapt to changing business needs. During tight labor markets, such as we experienced in recent years, there is intense competition for associates qualified to execute important business functions. Many markets in which we operate are experiencing a low unemployment rate and labor shortages are affecting many industries. If we are unable to attract and retain certain associates, or if we fail to provide adequate training or resources, or fail to provide a work environment that is attractive to associates, we could limit the success of executing our strategic plans and vital business functions. Additionally, loss of key personnel or an inability to successfully execute on succession plans could negatively impact growth, operating results, financial condition, essential business relationships, profitability, and other business operations.
Source: Item 1A, 10-K 0000020286-26-000008 vs Item 1A, 10-K 0000020286-25-000009
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Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of CINF's Risk Factors and MD&A, 10-K 2026-02-23 against 10-K 2025-02-24. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, wouldRemovedRisk Factors
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If effects related to the hostilities expand in these regions or war breaks out in Gaza expand significantly in the Middle East a new region, causing a high frequency of loss events, or a single extreme event, during the coverage period of our treaties or policies, our financial position and results of operations could be materially affected.
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Additionally, our life insurance subsidiary could be adversely affected in the event of a terrorist event or an epidemic, particularly if the epidemic were to affect a broad range of the population or affect the overall economy.
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Periods of higher death claims outside of long-term historical norms, such as during the COVID-19 pandemic, norms and not anticipated within our actuarial models could make our life policy reserves inadequate to cover actual future death claims.
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We also have been and may in the future be exposed to state guaranty fund assessments if other carriers in a state cannot meet their obligations to policyholders.
AddedMD&A
judgmental areas including critical accounting estimates; audit adjustments; and such other inquiries as may be appropriate.
AddedMD&A
Net losses from catastrophes for 2025 included recoveries from various reinsurers that participate in our reinsurance ceded treaties. The recovery related to the California wildfires based on loss estimates as of December 31, 2025, was $435 million, excluding reinsurance recoveries from Cincinnati Re.
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AddedMD&A
Strong premium growth continues in both general liability and excess casualty across the excess and surplus lines industry, but net rates remain under pressure. Similar to casualty, large-account property business is softer than small business. We expect to maintain rate increases as we continue to manage competitive markets and challenges such as third-party litigation funding, nuclear verdicts and aggressive plaintiff bar tactics.
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Technology remains a key driver of efficiency and data transparency. Our implementation of technology enhancements should continue to decrease data entry time and improve the quality of our analytics, positioning us to realize sustained benefits going forward.
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We continue to execute our strategy of delivering superior service and disciplined underwriting across our excess and surplus lines insurance segment. Despite ongoing market challenges, we expect the segment to contribute to profitable growth through careful risk selection and pricing. Our mix of field-based and headquarters-based underwriters and claims managers provides specialized excess and surplus lines expertise, offering additional oversight and technical support and helping to ensure consistent underwriting, claims and loss control practices across the organization.
AddedMD&A
We have developed the practice of reviewing and adopting new technology into our business, with an eye on continuous improvement of our operations. We also continue to shorten the time it takes to underwrite new business, helping to remove one of the main hurdles that discourage property casualty agents from offering life products. Our overarching strategy with technology is to enhance our associates’ ability to serve our agents and customers by allowing them to focus on solving problems rather than simply processing transactions.
AddedMD&A
There were no fixed maturity securities written down to fair value, due to an intention to be sold, for the years ended December 31, 2025 and 2024. There was one taxable fixed maturity within the real estate sector written down to fair value, due to an intention to be sold with an impairment amount of $4 million for the year ended December 31, 2023.
AddedMD&A
Equity markets experienced volatility in 2025 from factors such as growth driven by AI, uncertainty related to U.S. trade and tariff policy and government shutdowns. Our focus on managing our portfolio for the long term kept us well positioned to maneuver through short-term fluctuations.
AddedMD&A
Heading into 2026, we see signs of resilient economic growth and moderating inflation with expectations for Federal Reserve actions that may lower interest rates. While this indicates a favorable investment environment, we must be prepared for changing conditions or other challenges.
AddedMD&A
Effective July 1, 2025, we purchased an additional layer on our 2025 property catastrophe reinsurance treaty with a limit of $300 million, increasing the total limit from $1.500 billion to $1.800 billion. We can recover up to $129 million under this coverage for a loss between $1.500 billion and $1.800 billion for a covered event occurring prior to July 1, 2026. The provisions of this additional layer are similar to those in the other layers of the 2025 property catastrophe treaty. The annual ceded premiums for this additional coverage are estimated to be less than $5 million.
AddedMD&A
•Catastrophe bonds – Effective January 2026, we purchased collateralized reinsurance funded through the issuance of collateralized insurance-linked securities, also known as catastrophe bonds. We entered into a reinsurance agreement with Skyline Re II Ltd. ("Skyline"), an independent Bermuda company registered as a special purpose insurer under the Bermuda Insurance Act of 1978. This agreement provides up to $150 million in reinsurance protection for an event between $1.000 billion and $1.800 billion with no reinstatement provision. This agreement is generally designed to supplement coverage provided under the property catastrophe treaty, however, terrorism and strike, riot, or civil commotion events are not covered. Skyline issued notes to unrelated investors for a total principal amount of $150 million, equal to the full reinsurance coverage provided under the reinsurance agreement. The proceeds of the issuance were deposited into a reinsurance trust account. The catastrophe bonds expire in January 2030. The reinsurance agreement meets the requirements to be accounted for as reinsurance in accordance with the guidance for reinsurance contracts.
AddedMD&A
As of January 1, 2026, the table below shows the maximum reinsurance coverage percentage and the share we retain for a single event across each layer of our property catastrophe program, excluding losses from Cincinnati Re and Cincinnati Global.
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Catastrophe Losses Incurred(Dollars in millions, net of reinsurance) Excess and surplus lines Commercial lines Personal lines Dates Events Regions Other Total 2025 Jan. 7-28 Wildfire West $ 1 $ 325 $ — $ 122 $ 448 Mar. 14-17 Flood, Lightning, Wind Midwest, Northeast, South 56 96 1 1 154 Apr. 1-7 Flood, Lightning, Wind Midwest, South 14 32 — — 46 May 15-16 Flood, Lightning, Wind Midwest, Northeast 31 91 1 2 125 All other 2025 catastrophes 86 165 2 20 273 Development on 2024 and prior catastrophes (20) (37) (2) (9) (68) Calendar year incurred total $ 168 $ 672 $ 2 $ 136 $ 978 2024 Mar. 12-17 Flood, Lightning, Wind Midwest, South $ 30 $ 31 $ — $ — $ 61 Mar. 31 - Apr. 4 Flood, Lightning, Wind Midwest, Northeast, South 9 23 — — 32 May 6-10 Flood, Lightning, Wind Midwest, South 25 30 1 — 56 May 25-26 Flood, Lightning, Wind Midwest, South 38 29 1 — 68 Jul. 13-18 Flood, Lightning, Wind Midwest, Northeast 18 11 — — 29 Sep. 25-28 Flood, Lightning, Wind Midwest, South (Helene) 55 133 2 43 233 Oct. 9-10 Flood, Lightning, Wind South (Milton) 6 3 — 61 70 All other 2024 catastrophes 92 149 4 30 275 Development on 2023 and prior catastrophes (31) (43) — (21) (95) Calendar year incurred total $ 242 $ 366 $ 8 $ 113 $ 729 2023 Mar. 1-4 Flood, Lightning, Wind Midwest, Northeast, South $ 25 $ 26 $ 1 $ 2 $ 54 Mar. 23-28 Flood, Lightning, Wind Midwest, Northeast, South 21 23 — — 44 Mar. 30 - Apr. 1 Flood, Lightning, Wind Midwest, Northeast, South 58 31 — — 89 Apr. 3-7 Flood, Lightning, Wind Midwest, Northeast, South 12 33 — — 45 May 2-9 Flood, Lightning, Wind Midwest, South 22 7 — — 29 Jun. 21-27 Flood, Lightning, Wind Midwest, Northeast, South, West 21 18 — — 39 Jun. 28 - Jul. 4 Flood, Lightning, Wind Midwest, Northeast, South, West 9 16 — — 25 Dec. 9-11 Flood, Lightning, Wind Northeast, South 23 14 — — 37 All other 2023 catastrophes 125 184 3 36 348 Development on 2022 and prior catastrophes (11) (44) — 8 (47) Calendar year incurred total $ 305 $ 308 $ 4 $ 46 $ 663
RewordedMD&A
Change Current accident year before catastrophe losses 56.6 59.9 % 58.4 59.3 % 60.2 60.8 % (1.8) (1.8) 0.6 (1.5) Current accident year catastrophe losses 9.6 9.3 10.2 0.3 (0.9) 3.9 6.1 7.4 (2.2) (1.3) Prior accident years before catastrophe losses (1.6) (2.2) (1.3) 0.6 (0.9) (2.3) (2.4) (2.6) 0.1 0.2 Prior accident years catastrophe losses (1.1) (0.6) (1.0) (0.4) (0.7) (0.2) 0.3 (0.5) 0.4 Loss and loss expenses 63.5 64.9 68.1 (1.4) (3.2) 61.1 62.3 65.4 (1.2) (3.1) Underwriting expenses 29.9 30.0 30.0 (0.1) 0.0 30.9 30.8 (0.9) 0.1 Combined ratio 93.4 91.1 % 94.9 93.2 % 98.1 96.2 % (1.5) (3.2) (2.1) (3.0) Combined ratio: 93.4 91.1 % 94.9 93.2 % 98.1 96.2 % (1.5) (3.2) (2.1) (3.0) Contribution from catastrophe losses and prior years 6.9 6.5 7.9 0.4 (1.4) 1.2 3.0 4.6 (1.8) (1.6) reserve development Combined ratio before catastrophe losses and prior years 86.5 % 88.4 89.9 % 90.2 % (1.9) (1.8) 91.6 % (0.3) (1.4) reserve development
RewordedMD&A
Current accident year before catastrophe losses 4,848 4,463 4,171 2,912 2,660 2,594 9 7 3 Current accident year catastrophe losses 824 710 704 16 1 188 273 316 (31) (14) Prior accident years before catastrophe losses (141) (168) (87) 16 (93) (110) (107) (112) (3) 4 Prior accident years catastrophe losses (95) (47) (72) (102) (20) (31) (11) 35 (182) Loss and loss expenses 5,436 4,958 4,716 10 5 2,970 2,795 2,787 6 0 Underwriting expenses 2,564 2,297 2,078 12 11 1,459 1,384 1,313 5 5 Underwriting profit $ 580 439 $ 401 311 $ 140 45 186 168 41 85 Ratios as a percent of earned premiums:
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At December 31, 2024, 2025, we estimated our significant future contractual obligations as follows:(Dollars in millions) Year Years There- Payment due by period 2025 2026-2029 2026 2027-2030 after Total Gross property casualty loss and loss expense payments $ 3,287 3,725 $ 5,171 5,735 $ 1,479 1,990 $ 9,937 11,450 Gross life policyholder obligations 133 466 5,371 5,970 131 436 5,494 6,061 Long-term debt — 419 374 793 Interest on long-term debt 52 164 103 319 Profit-sharing commissions 221 135 80 267 Commissions 609 — — 221 609 Other liabilities 132 50 2 184 114 66 7 187 Total $ 3,825 4,631 $ 6,270 6,791 $ 7,329 7,945 $ 17,424 19,367
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Change Current accident year before catastrophe losses 56.8 % 56.6 % 58.4 % 60.2 % (1.8) 0.2 (1.8) Current accident year catastrophe losses 10.8 9.6 9.3 10.2 1.2 0.3 (0.9) Prior accident years before catastrophe losses (1.3) (1.6) (2.2) (1.3) 0.3 0.6 (0.9) Prior accident years catastrophe losses (0.7) (1.1) (0.6) (1.0) 0.4 (0.5) 0.4 Loss and loss expenses 65.6 63.5 64.9 68.1 2.1 (1.4) (3.2) Underwriting expenses 29.3 29.9 30.0 30.0 (0.6) (0.1) 0.0 Combined ratio 94.9 % 93.4 % 94.9 % 98.1 % 1.5 (1.5) (3.2) Combined ratio: 94.9 % 93.4 % 94.9 % 98.1 % 1.5 (1.5) (3.2) Contribution from catastrophe losses and prior years 8.8 6.9 6.5 7.9 1.9 0.4 (1.4) reserve development Combined ratio before catastrophe losses and prior years 86.1 % 86.5 % 88.4 % 90.2 % (0.4) (1.9) (1.8) reserve development
RewordedMD&A
Change Current accident year before catastrophe losses 53.6 % 53.9 % 56.4 % 58.7 % (0.3) (2.5) (2.3) Current accident year catastrophe losses 22.2 15.6 17.3 14.0 6.6 (1.7) 3.3 Prior accident years before catastrophe losses 1.0 0.7 (1.0) (1.0) 0.3 1.7 0.0 Prior accident years catastrophe losses (1.2) (1.7) (2.2) (2.6) 0.5 0.4 0.5 Loss and loss expenses 75.6 68.5 70.5 69.1 7.1 (2.0) 1.4 Underwriting expenses 28.0 29.0 29.9 30.1 (1.0) (0.9) (0.2) Combined ratio 103.6 % 97.5 % 100.4 % 99.2 % 6.1 (2.9) 1.2 Combined ratio: 103.6 % 97.5 % 100.4 % 99.2 % 6.1 (2.9) 1.2 Contribution from catastrophe losses and prior years 22.0 14.6 14.1 10.4 7.4 0.5 3.7 reserve development Combined ratio before catastrophe losses and prior years 81.6 % 82.9 % 86.3 % 88.8 % (1.3) (3.4) (2.5) reserve development
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Change Current accident year before catastrophe losses 63.1 % 64.2 % 65.9 % 65.7 % (1.1) (1.7) 0.2 Current accident year catastrophe losses 0.5 1.3 0.7 1.0 (0.8) 0.6 (0.3) Prior accident years before catastrophe losses (2.5) 1.4 (2.0) (1.7) (3.9) 3.4 (0.3) Prior accident years catastrophe losses (0.0) (0.2) 0.0 (0.1) (0.2) 0.1 0.1 Loss and loss expenses 60.9 66.9 64.5 64.8 (6.0) 2.4 (0.3) Underwriting expenses 27.5 27.1 26.1 25.6 0.4 1.0 0.5 Combined ratio 88.4 % 94.0 % 90.6 % 90.4 % (5.6) 3.4 0.2 Combined ratio: 88.4 % 94.0 % 90.6 % 90.4 % (5.6) 3.4 0.2 Contribution from catastrophe losses and prior years (2.2) 2.7 (1.4) (0.9) (4.9) 4.1 (0.5) reserve development Combined ratio before catastrophe losses and prior years 90.6 % 91.3 % 92.0 % 91.3 % (0.7) 0.7 (0.7) reserve development
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Best receivable Rating receivable Rating General Reinsurance Corporation $ 53 A++ $ 28 A++ Hannover Ruck SE 47 A+ 35 A+ Munich Reinsurance America $ 46 A+ 43 A+ $ 50 A+ Hartford Steam Boiler Inspection & Insurance Company 35 38 A++ 35 A++ Hannover Ruck SE 35 A+ 47 A+ Michigan Catastrophic Claims Association 27 NA 30 NA 33 NA Swiss Reinsurance America Corporation 29 A+ 42 A+
RewordedMD&A
Personal Lines Insurance Losses by Size(Dollars in millions, net of reinsurance) Years ended December 31, 2025-2024 2024-2023 2023-2022 2025 2024 2023 2022 Change % Change % Current accident year losses greater than $5,000,000 $ 45 $ 17 $ 32 $ 48 165 (47) (33) Current accident year losses $2,000,000-$5,000,000 71 64 45 30 11 42 50 Large loss prior accident year reserve development 30 2 7 4 nm (71) 75 Total large losses incurred 146 83 84 82 76 (1) 2 Losses incurred but not reported 182 108 65 5 69 66 nm Other losses excluding catastrophe losses 1,125 988 809 738 14 22 10 Catastrophe losses 651 353 298 186 84 18 60 Total losses incurred $ 2,104 $ 1,532 $ 1,256 $ 1,011 37 22 24 Ratios as a percent of earned premiums:
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Overview – Three-Year Highlights(Dollars in millions) Years ended December 31, 2025-2024 2024-2023 2023-2022 2025 2024 2023 2022 Change % Change % Earned premiums $ 330 $ 321 $ 313 $ 301 3 4 3 Fee revenues 6 5 10 4 20 (50) 150 Total revenues 336 326 323 305 3 1 6 Contract holders' benefits incurred 305 301 316 303 1 (5) 4 Investment interest credited to contract holders (127) (125) (121) (109) (2) (3) (11) Underwriting expenses incurred 93 93 87 84 0 7 4 Total benefits and expenses 271 269 282 278 1 (5) 1 Life insurance segment profit $ 65 $ 57 $ 41 $ 27 14 39 52
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Accident year: 2025 2024 2023 2022 2025 2024 2023 2022 as of December 31, 2025 $2,423 $ 1,775 $ 1,474 75.8% 67.7% 72.1% as of December 31, 2024 $1,821 $ 1,821 1,454 $ 1,188 69.5% 71.1% 70.4% 69.5 71.1 as of December 31, 2023 1,506 1,182 73.7 70.0 as of December 31, 2022 1,227 72.7
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Change Current accident year losses greater than $5,000,000 1.4 % 0.7 % 1.6 % 2.8 % 0.7 (0.9) (1.2) Current accident year losses $2,000,000-$5,000,000 2.2 2.4 2.2 1.8 (0.2) 0.2 0.4 Large loss prior accident year reserve development 0.9 0.1 0.3 0.3 0.8 (0.2) 0.0 Total large loss ratio 4.5 3.2 4.1 4.9 1.3 (0.9) (0.8) Losses incurred but not reported 5.7 4.1 3.2 0.3 1.6 0.9 2.9 Other losses excluding catastrophe losses 35.2 37.6 39.5 43.7 (2.4) (1.9) (4.2) Catastrophe losses 20.4 13.5 14.6 11.0 6.9 (1.1) 3.6 Total loss ratio 65.8 % 58.4 % 61.4 % 59.9 % 7.4 (3.0) 1.5