Cincinnati Financial
33 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.
Customers
Construction industry
concentrated in · 39% of our general liability premiums, and 38% of our workers' compensation premiumsnamed as a riskIn 2025, we estimated that 39% of our general liability premiums, and 38% of our workers’ compensation premiums came from the construction industry based on North American Industry Classification System (NAICS) codes.Business (Item 1)
Cincinnati Re ceding companies
earns from · $591 millionnamed as a riskAs a result, we are subject to the risk that ceding companies may not have adequately evaluated the risks reinsured by us and the premiums ceded may not adequately compensate us for the risks we assume.Risk factors (Item 1A)
Financial institutions (D&O insureds)
insures or lends to · approximately 110 bank or savings and loan financial institutionsnamed as a riskWe could experience increased losses in our director and officer liability line of business if claims were made against insured financial institutions.Risk factors (Item 1A)
Cincinnati Private Client high net worth personal lines
earns from · approximately 60% of our personal lines insurance premiumsWe refer to our high net worth products and services as Cincinnati Private ClientSM, representing approximately 60% of our personal lines insurance premiums.Business (Item 1)
Suppliers
Reinsurers
depends onnamed as a riskA reinsurer’s insolvency, inability or unwillingness to make payments under the terms of its reinsurance agreement with our insurance subsidiaries could have a material adverse effect on our financial position, results of operations or cash flows.Risk factors (Item 1A)
Partners and platforms
Lloyd's coverholders
depends on · 15% as bindernamed as a riskCincinnati Global has additional risks due to its reliance on coverholders in underwriting parts of its business.Risk factors (Item 1A)
Lloyd's Syndicate 318
operates in · $334 millionNet written premiums for Cincinnati Global totaled $334 million in 2025, compared with $303 million in 2024.Business (Item 1)
Other companies
A.M. Best
A+named as a riskWe believe our strong insurer financial strength ratings, in particular, the A+ (Superior) ratings from A.M. Best for our standard market property casualty insurance group and each subsidiary in that group, are an important competitive advantage.Risk factors (Item 1A)
Apple Inc.
exposed to its price · 7.7% of our publicly traded common stock portfolio and 3.1% of the entire investment portfolioAt year-end 2025, Apple Inc. (Nasdaq:AAPL) was our largest single common stock investment, comprising 7.7% of our publicly traded common stock portfolio and 3.1% of the entire investment portfolio.Business (Item 1)
Microsoft, Broadcom, JPMorgan Chase, Lam Research (top equity holdings)
exposed to its price · $3.718 billion or 30.1% of our publicly traded common stock portfolioThe five largest holdings in our common stock portfolio were Apple, Microsoft (Nasdaq:MSFT), Broadcom Inc. (Nasdaq:AVGO), JPMorgan Chase & Co (NYSE:JPM) and Lam Research Corporation (Nasdaq:LRCX), which had a combined fair value of $3.718 billion or 30.1% of our publicly traded common stock portfolio.Business (Item 1)
Information technology sector equities
concentrated in · 35.4%At December 31, 2025, no single security accounted for more than 7.8% of our portfolio of publicly traded common stocks, and no single sector accounted for more than 36%.Business (Item 1)
Places
Ohio
concentrated in · 12.8%named as a riskWe market our standard market property casualty insurance products in 46 states, but our business is concentrated in the Midwest and Southeast, with a growing presence in California and New York.Risk factors (Item 1A)
Also named by AM, AR, BBSI, DRVN, ELV, FE, INTC, KEY and 6 more
New York
concentrated in · 5.4We market our standard market property casualty insurance products in 46 states, but our business is concentrated in the Midwest and Southeast, with a growing presence in California and New York.Risk factors (Item 1A)
Also named by ABR, AXP, BJ, BPOP, BRO, BWA, CHE, CNC and 12 more
Illinois
concentrated in · 5.8In our 10 highest volume states for consolidated property casualty premiums, 1,717 reporting agency locations wrote 50.2% of our 2025 consolidated property casualty earned premium volume compared with 1,568 locations and 50.1% in 2024.Business (Item 1)
Also named by AEE, ALL, AWK, CASY, DRVN, FPI, NNN, NRP and 4 more
United Kingdom
operates innamed as a riskCincinnati Global in particular is subject to continued political and economic disruptions in the U.K. from its withdrawal from the European Union.Risk factors (Item 1A)
Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more
Middle East
insures or lends tonamed as a riskWe have exposure within our insurance operations, primarily through reinsurance treaties, to insured losses related to wars that include risks in the Middle East region.Risk factors (Item 1A)
Also named by BKR, CAG, CPB, CTAS, FLS, GAIN, J, JPM and 10 more
Midwest and Southeast United States
concentrated innamed as a riskOur geographic concentration links our performance to business, economic, environmental and regulatory conditions in some states more than others.Risk factors (Item 1A)
Fairfield, Ohio headquarters
operates innamed as a riskBecause of the number of associates located at our Fairfield, Ohio, headquarters, it is also exposed to terrorism risk.Risk factors (Item 1A)
Hazards
Hurricanes
insures or lends to · $632 million for a once-in-a-100-year event and $987 million for a once-in-a-250-year eventnamed as a riskAccording to these models, probable maximum loss estimates from a single hurricane event that combines the effects of property casualty insurance written on a direct basis by The Cincinnati Insurance Companies, the Cincinnati Re reinsurance portfolio and risks insured by Cincinnati Global include the following amounts, net of amounts recoverable through reinsurance ceded and income taxes, and including the effects of estimated reinstatement premiums: $632 million for a once-in-a-100-year event and $987 million for a once-in-a-250-year event.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Wildfires
insures or lends tonamed as a riskA continuation of these trends would also likely increase the risks of writing property insurance in coastal areas or areas susceptible to wildfires or flooding, or in areas susceptible to heavy wind events.Risk factors (Item 1A)
Also named by AAON, AMRC, AZO, BRK/B, CCI, CDNS, CNP, COST and 17 more
Commodities and inputs
Municipal bonds
exposed to its price · $4.113 billionnamed as a riskAt December 31, 2025, we had $4.113 billion of tax-exempt fixed-maturity securities with an average rating of Aa2/AA by Moody’s and S&P.Business (Item 1)
Common equity securities
exposed to its price · 40.0% of our investment portfolionamed as a riskAt year-end 2025, common stock holdings made up 40.0% of our investment portfolio.Risk factors (Item 1A)
Medical costs
exposed to its pricenamed as a riskAs a result, an increase in medical inflation could materially and adversely impact our loss costs and our loss reserves.Risk factors (Item 1A)
Also named by UNH
Regulators
Lloyd's of London
subject tonamed as a riskBusiness activities at Cincinnati Global are subject to Lloyd's approval of a business plan each year.Risk factors (Item 1A)
Also named by AJG, BRO, CB, CNA, HIG, L, MKL, VRSK and 1 more
Ohio Department of Insurance
subject tonamed as a riskDividends exceeding these limitations may be paid only with prior approval of the Ohio Department of Insurance.Risk factors (Item 1A)
Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA)
subject toOur foreign insurance subsidiary, Cincinnati Global Underwriting Ltd., based in the United Kingdom (U.K.), holds a group of companies led by our managing agency, Cincinnati Global Underwriting Agency Ltd., of Lloyd’s Syndicate 318, which is regulated by The Prudential Regulation Authority (PRA) and The Financial Conduct Authority (FCA).Business (Item 1)
Also named by MKL
Laws and programs
Solvency II
subject tonamed as a riskIn addition, insurers in the U.K. (including managing agents and members of Lloyd’s of London) are subject to Solvency II and the U.K. regulatory regime, which itself includes rules promulgated by Lloyd's.Risk factors (Item 1A)
McCarran-Ferguson Act
subject tonamed as a riskFederal laws and regulations and the influence of international laws and regulations, including those that may be enacted in the wake of the financial and credit crises, may have adverse effects on our business, potentially including a change from a state-based system of regulation to a system of federal regulation, the repeal of the McCarran Ferguson Act, and/or measures under the Dodd-Frank Act that established the Federal Insurance Office and Financial Stability Oversight Council.Risk factors (Item 1A)
Tax preference for municipal bond interest and dividend income
subject tonamed as a riskFuture changes in tax laws, or other changes such as regulations for applicability of alternative minimum taxes, could result in material adverse effects on our results of operations and financial condition.Risk factors (Item 1A)
Gramm-Leach-Bliley Act
subject toPrivacy laws, such as the Gramm-Leach-Bliley Act, the Fair Credit Reporting Act and the Health Insurance Portability and Accounting Act (HIPAA) are the federal laws that most affect our day-to-day operations.Business (Item 1)
Also named by BR, EFX, FICO, FIS, FITB, OMF, ORI, PAYC and 4 more
NAIC risk-based capital requirements
subject toThe NAIC’s risk-based capital (RBC) requirements for property casualty and life insurers serve as an early warning tool for the NAIC and state regulators to identify companies that may be undercapitalized and may merit further regulatory action.Business (Item 1)
Terrorism Risk Insurance Act (TRIA)
subject toWe also are subject to other federal laws, such as the Terrorism Risk Insurance Act (TRIA), anti-money laundering laws (AML), the Nonadmitted and Reinsurance Reform Act (NRRA), the U.S. Foreign Corrupt Practices Act (FCPA), and the rules and regulations of the Office of Foreign Assets Control (OFAC).Business (Item 1)