Cincinnati Financial (CINF) FY2025 results: revenue $12.6 billion, up 11.4% on the year

Cincinnati Financial sells property casualty insurance to businesses and households in 46 states, entirely through independent insurance agencies rather than its own salesforce or direct advertising. It also writes life insurance, excess and surplus lines and assumed reinsurance. It is an Ohio corporation formed in 1968; its lead subsidiary, The Cincinnati Insurance Company, was founded in 1950 by four independent agents. Headquarters are in Fairfield, Ohio.

How the group is put together

The parent owns four subsidiaries outright. The Cincinnati Insurance Company is the insurance business and holds four insurance subsidiaries of its own: The Cincinnati Casualty Company and The Cincinnati Indemnity Company, which with their parent make up the standard market property casualty group writing business, homeowner and auto policies; The Cincinnati Life Insurance Company, which writes life policies and fixed annuities; and The Cincinnati Specialty Underwriters Insurance Company, which writes excess and surplus lines. The Cincinnati Insurance Company also runs the group's assumed reinsurance operation, known as Cincinnati Re.

Cincinnati Global owns a London underwriting agency for Lloyd's Syndicate 318 and a Lloyd's corporate member through which capital is provided by the parent and by third-party names. The two non-insurance subsidiaries are CSU Producer Resources, a brokerage that gives the group's agencies access to its excess and surplus lines products, and CFC Investment Company, which offers commercial leasing and financing to agencies, their clients and other customers. The parent itself holds an investment portfolio, owns the headquarters property and carries the corporate borrowings and the shareholder dividend.

What it writes

Five reporting segments: commercial lines, personal lines, excess and surplus lines, life insurance, and investments. Of 2025 net written premiums, commercial lines were 47.9 percent, personal lines 32.8 percent, excess and surplus lines 7.0 percent, life insurance 3.4 percent, and the remaining 8.9 percent came from Cincinnati Re and Cincinnati Global.

Commercial breaks into commercial casualty, commercial property, commercial auto, workers' compensation and other commercial. Construction is a heavy concentration within it: the company estimated that 39 percent of its general liability premiums and 38 percent of its workers' compensation premiums in 2025 came from the construction industry. Personal lines breaks into personal auto, homeowner and other personal, and is written on an account basis, with about 86 percent of homeowner policies at the end of 2025 accompanied by a personal auto policy in the same account.

The agency channel, which is the whole model

At the end of 2025 the company had 2,292 property casualty agency relationships, up from 2,175, across 3,702 reporting locations, with 266 new appointments made during the year. Standard market and excess and surplus commercial policies were marketed in 44 states, with commercial excess and surplus also available in California; personal lines in 45. Business is still concentrated: in the ten highest-volume states, 1,717 agency locations wrote 50.2 percent of consolidated property casualty earned premium in 2025, and the company says it is working to spread that geographically. The company says that for most agencies representing it, it offers insurance solutions for about 75 percent of the typical insurable risks of their clients.

Excess and surplus lines

These policies cover business risks with unusual features, such as the nature of the business or its claims history, that are hard to insure profitably in the standard commercial market. Excess and surplus carriers have more freedom over terms and rates than standard carriers, which generally means higher rates and conditions written for the specific risk. Cincinnati targets small to midsized risks, often where the policyholder already buys standard cover from another of its subsidiaries, and every policy is written for a maximum term of one year. The company says it issues about 95 percent of policies within 24 hours of a request to bind.

Life insurance

Cincinnati Life is licensed in 49 states and the District of Columbia, and at the end of 2025 about 84 percent of the group's property casualty agency relationships also offered its life products, alongside roughly 489 other independent life agencies. Four lines account for about 99 percent of the segment's revenues: term life, worksite products sold to employees through their employer by payroll deduction, whole life, and universal life. It also sells deferred and immediate annuities.

From Cincinnati Financial's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 23 February 2026: read the full 10-K.