CINCINNATI FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
CINF$189.89+2.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| (Dollars in millions) | Years ended December 31, | ||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash Flows From Operating Activities | |||
| Net income (loss) | $2,292 | $1,843 | $(487) |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and other | 130 | 112 | 127 |
| Investment gains and losses, net | (1,367) | (1,108) | 1,493 |
| Interest credited to contract holders | 44 | 45 | 43 |
| Deferred income tax expense | 117 | 223 | (355) |
| Changes in: | |||
| Premiums and reinsurance receivable | (266) | (264) | (340) |
| Deferred policy acquisition costs | (149) | (80) | (96) |
| Other assets | (14) | (30) | 28 |
| Loss and loss expense reserves | 953 | 650 | 1,095 |
| Life policy and investment contract reserves | 69 | 99 | 78 |
| Unearned premiums | 694 | 430 | 418 |
| Other liabilities | 134 | 90 | 88 |
| Current income tax receivable/payable | 12 | 42 | (40) |
| Net cash provided by operating activities | 2,649 | 2,052 | 2,052 |
| Cash Flows From Investing Activities | |||
| Sale, call or maturity of fixed maturities | 3,202 | 1,136 | 1,113 |
| Sale of equity securities | 1,599 | 206 | 430 |
| Purchase of fixed maturities | (5,732) | (2,554) | (1,901) |
| Purchase of equity securities | (321) | (220) | (466) |
| Change in short-term investments, net | (295) | — | — |
| Changes in finance receivables | (15) | (15) | 7 |
| Investment in buildings and equipment | (22) | (18) | (15) |
| Change in other invested assets, net | (112) | (143) | (101) |
| Net cash used in investing activities | (1,696) | (1,608) | (933) |
| Cash Flows From Financing Activities | |||
| Payment of cash dividends to shareholders | (490) | (454) | (423) |
| Shares acquired - share repurchase authorization | (126) | (67) | (410) |
| Changes in note payable | — | (25) | (4) |
| Proceeds from stock options exercised | 10 | 9 | 10 |
| Contract holders' funds deposited | 73 | 83 | 70 |
| Contract holders' funds withdrawn | (190) | (218) | (144) |
| Other | (154) | (129) | (93) |
| Net cash used in financing activities | (877) | (801) | (994) |
| Net change in cash and cash equivalents | 76 | (357) | 125 |
| Cash and cash equivalents at beginning of year | 907 | 1,264 | 1,139 |
| Cash and cash equivalents at end of year | $983 | $907 | $1,264 |
| Supplemental Disclosures of Cash Flow Information | |||
| Interest paid | $53 | $54 | $53 |
| Income taxes paid | 395 | 136 | 165 |
| Noncash Activities | |||
| Equipment acquired under finance lease obligations | $19 | $20 | $17 |
| Share-based compensation | 51 | 19 | 27 |
| Other assets and other liabilities | 103 | 77 | 115 |
Cincinnati Financial Corporation - 2024 10-K - Page 127
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