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Cincinnati Financial Corporation  (CINF)
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Cincinnati Financial Corporation Segments

 
Commercial lines
   61.38 % of total Revenue
Personal lines
   22.43 % of total Revenue
Life insurance
   4.29 % of total Revenue
Investment operations
   11.82 % of total Revenue
Other
   0.08 % of total Revenue
Commercial casualty
   20.81 % of total Revenue
Commercial property
   16.6 % of total Revenue
Commercial auto
   11.42 % of total Revenue
Workers compensation
   7.53 % of total Revenue
Personal auto
   10.36 % of total Revenue
Homeowner
   9.47 % of total Revenue
 

Business Segments (Sep. 30, 2015)
Revenues
(in millions $)
III. Quarter
%
(of total Revenues)
(Sep. 30, 2015)
Income
(in millions $)
III. Quarter
%
(Profit Margin)
Commercial lines
758.00 61.38 % 121.00 15.96 %
Personal lines
277.00 22.43 % -2.00 -
Life insurance
53.00 4.29 % 1.00 1.89 %
Investment operations
146.00 11.82 % 125.00 85.62 %
Other
1.00 0.08 % -16.00 -
Commercial casualty
257.00 20.81 % 0.00 -
Commercial property
205.00 16.6 % 0.00 -
Commercial auto
141.00 11.42 % 0.00 -
Workers compensation
93.00 7.53 % 0.00 -
Personal auto
128.00 10.36 % 0.00 -
Homeowner
117.00 9.47 % 0.00 -
Total
1,235.00 100 % 229.00 18.54 %

• View Income Statement • View Competition by Segment • View Annual Report

Growth rates by Segment (Sep. 30, 2015)
Y/Y Revenue
%
III. Quarter
Q/Q Revenue
%
(Sep. 30, 2015)
Y/Y Income
%
III. Quarter
Q/Q Income
%
Commercial lines
5.13 % 1.61 % 80.6 % 24.74 %
Personal lines
5.32 % 1.84 % - -
Life insurance
12.77 % 0 % - 0 %
Investment operations
-28.08 % -27 % -31.32 % -29.78 %
Other
-66.67 % -50 % - -
Commercial casualty
8.44 % 1.98 % - -
Commercial property
10.22 % 0.99 % - -
Commercial auto
6.02 % 1.44 % - -
Workers compensation
0 % 3.33 % - -
Personal auto
5.79 % 2.4 % - -
Homeowner
6.36 % 2.63 % - -
Total
-0.16 % -2.99 % -6.91 % -3.38 %

• View Growth rates • View Competitors Segment Growth • View Market Share

To get more information on Cincinnati Financial's Commercial lines, Personal lines, Life insurance, Investment operations, Other, Commercial casualty, Commercial property, Commercial auto, Workers compensation, Personal auto, Homeowner, Total segment. Select each division with the arrow.

  Cincinnati Financial's

Business Segments Description



Commercial Lines Property Casualty Insurance Segment

The company markets its full complement of commercial products in all 963 independent agencies and all 31 states in which it markets property casualty insurance. The company’s emphasis is on providing products that agents can market to small- to mid-size businesses in their communities.

Four business lines — commercial multi-peril, workers compensation, commercial automobile and other liability

Commercial multi-peril provides a combination of property and liability coverage, typically for small- to mid-size businesses. Property insurance covers damages such as those caused by fire, wind, hail, water, theft, vandalism and business interruption resulting from a covered loss. Liability coverage insures businesses against third-party liability from accidents occurring on their premises or arising out of their operations, such as injuries sustained from products sold.

Workers compensation covers employers for specified benefits payable under state or federal law for workplace injuries to employees.

Commercial auto covers businesses against losses incurred from personal medical payments, uninsured motorists, bodily injury to third parties, property damage to an insured’s vehicle and property damage to other vehicles and property resulting from the ownership, maintenance or use of automobiles and trucks in a business.

Other liability includes commercial umbrella, commercial general liability and most executive risk policies, which cover liability exposures including bodily injury, directors and officers and employment practices, property damage arising from products sold and general business operations.

Personal Lines Property Casualty Insurance Segment

The company markets its full complement of personal lines products in 22 of the 31 states in which it markets commercial lines insurance and selected products within certain agencies in the nine remaining states.

The company markets homeowners and personal automobile insurance products through 639 of the 963 independent agencies that represent The Cincinnati Insurance Companies. The 324 agencies that do not sell these personal lines products either are located in states in which the company does not actively market these products or the company has determined, in conjunction with agency management, that the company’s personal lines products are not appropriate for their agencies at this time.

Personal automobile covers liability to others for both bodily injury and property damage, medical payments to insureds and occupants of their vehicle, physical damage to an insured’s own vehicle from collision and various other perils, and uninsured motorists. In addition, many states require policies to provide first-party personal injury protection, frequently referred to as no-fault coverage.

Homeowners covers losses to dwellings and contents from a wide variety of perils, as well as liability arising out of personal activities both on and off the covered premises. The company also offers coverage for condominium unit owners and renters.

The remainder of personal lines earned premium was derived from a variety of other types of insurance products the company offers to individuals such as dwelling fire, inland marine, umbrella liability and watercraft coverages.

Life Insurance Segment

The life insurance segment contributed $97 million of the company’s total revenues and a $3 million loss before income taxes in 2003. The life insurance segment reported a loss because its investment income is included in investment segment results.

The Cincinnati Life Insurance Company’s mission complements that of the overall company: to provide products and services that attract and retain high-quality independent agencies. The company primarily focuses on life products that produce revenue growth through a steady stream of premiums rather than seeking to accumulate assets through the sale of single-premium-type policies.

Cincinnati Life seeks to round and protect accounts in the property casualty agency and to improve account persistency. At the same time, the life operation looks to increase diversification, revenues and profitability for both the agency and the company. This strategy enhances the already strong relationship built by the combination of the property casualty and life companies.

Cincinnati Life seeks to become the life insurance carrier of choice for the independent agencies that work with the property casualty operations by providing competitive products, responsive underwriting, high quality service and reasonable commissions. At year-end 2003, approximately 86 percent of the company’s 963 property casualty agencies offered Cincinnati Life’s products to their policyholders. The life company also seeks to develop life business from other independent life insurance agencies in a manner that does not conflict with or compete with the property casualty agencies.

Four lines of business -term insurance, whole life insurance, universal life insurance and worksite products — account for approximately 85 percent of the life insurance segment’s revenues:

Term insurance — policies under which the benefit is payable only if the insured dies during a specified period of time or term; no benefit is payable if the insured survives to the end of the term. While premiums are fixed, they must be paid as scheduled. The proposed insured is evaluated using normal underwriting standards.

Whole life insurance — policies that provide life insurance for the entire lifetime of the insured; the death benefit is guaranteed never to decrease and premiums are guaranteed never to increase. While premiums are fixed, they must be paid as scheduled. The proposed insured is evaluated using normal underwriting standards.

Universal life insurance — long-duration life insurance policies. Contract assessments are neither fixed nor guaranteed; however, the contract does specify a minimum interest crediting rate and a maximum cost of insurance charge and expense charge. Premiums are not fixed and may be varied by the contract owner. The proposed insured is evaluated using normal underwriting standards.

Worksite products — term insurance, whole life insurance and universal life insurance offered to employees through their employer. Premiums are collected by the employer using payroll deduction. Polices are issued using a simplified underwriting approach and for smaller face amounts than similar regularly underwritten policies. Term and worksite insurance products provide the company’s property casualty agency force with excellent cross serving opportunities for both commercial and personal accounts. Agents find that offering worksite marketing to employees of their small commercial accounts provides a benefit to the employees at low cost to the employer.

In addition, Cincinnati Life markets:

Disability income insurance — provides monthly benefits to offset the insured’s loss of income when he or she is unable to work due to accident or illness.

Deferred annuities — provides regular income payments that commence after the end of a specified period or when the annuitant attains a specified age. During the deferral period, any payments made under the contract accumulate at an annually determined crediting rate declared by the company but not less than a contract-specified guaranteed minimum rate of interest of 3 percent to 5 percent. A deferred annuity may be surrendered during the deferral period for a cash value equal to the accumulated payments plus interest less a surrender charge.

Immediate annuities — provides some combination of regular income and lump sum payments in exchange for a single premium. Most of the immediate annuities written by the life insurance segment are purchased by the company’s property casualty companies to settle a casualty claim.

Investments Segment

While the company seeks to generate an underwriting profit in its property casualty and life segments, it is the investment segment that historically has provided the primary source of profits and contributed to the company’s financial strength, driving long-term growth in shareholders’ equity and book value.

Under the direction of the investment committee of the board of directors, the company’s analysts and portfolio managers seek to balance current investment income opportunities and long-term appreciation so that current cash flows can be compounded to achieve above-average long-term total return.

   

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