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Cincinnati Financial Corporation Investor Handout November 2015

The following excerpt is from the company's SEC filing.

Nasdaq : CINF ► This presentation contains forward - looking statements that involve risks and uncertainties. Please refer to our various filings with the U.S. Securities and Exchange Commission for factors that could cause results to materially differ from those discussed. ► The forward - looking information in this presentation has been publicly disclosed, most recently on October 27, 2015, and should be considered to be effective only as of that date. Its inclusion in this document is not intended to be an update or reaffirmation of the forward - looking information as of any later date. ► Reconciliations of non - GAAP measures are in our most recent quarterly earnings news release, which is available on the Investors page of our website cinfin.com .

Copyright © 2015 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission.

Strategy Overview ► Competitive advantages: • Relationships leading to agents’ best accounts • Financial strength for stability and confidence • Local decision making and claims excellence ► Other distinguishing factors: • 54 years of shareholder dividend increases • Common stocks are approximately 30 % of investments • 26 years of favorable reserve development

Performance Targets & Trends ► 12.6% value creation ratio for full - year 2014 within target: 10% to 13% annual average for 2013 through 2017 – 11.7% five - year average as of 12 - 31 - 14 ► Related performance drivers were on track for YTD 09 - 30 - 15: – 5 % premium growth exceeded estimated industry average – 92.5% combined ratio was better than 95% to 100% long - term target – Nine consecutive quarters of investment income growth ► Ranked #1 or #2 in ~75% of agencies appointed 5 + years ► Improving through strategic profitability & growth initiatives

Cincinnati Financial at a Glance ► Top 25 U.S. P/C insurer ► A.M. Best rating: A+ Superior ► $4.2 billion 2014 premiums: 67% C ommercial 25 % Personal 5 % L ife 3 % Excess & surplus ► Competitive advantages: – Relationships leading to agents’ best accounts – Financial strength for stability and confidence – Local decision making and claims excellence ► 54 consecutive years of shareholder dividend increases – Only eight U.S. public companies can match this record – 6 % increase in full - year 2014 dividends paid over 2013 – Yield is attractive, 3.1% in early - November 2015

Third - Quarter 2015 Highlights ► EPS of $1.05 per share vs . $1.11 in 3Q14 – Operating earnings rose $32 million, or 23%, compared with third - quarter 2014, despite after - tax losses from natural catastrophes that increased by $9 million ► Investment income rose 4% – Dividend income was up 6%, interest income was up 3% ► Property casualty net written premiums grew 6% – Higher average renewal pricing: commercial lines rose low - single - digits; personal lines and excess and surplus lines rose mid - single - digits ► Combined ratio of 87.8% improved 3.2 points – 1.3 point increase in ratio for natural catastrophe losses

Long - Term Value Creation ► Targeting annual rate of growth in book value plus the percentage of dividends to beginning book value to average 10% to 13% from 2013 through 2017 – Value creation ratio (VCR) for 2010 through 2014 averaged 11.7% – 12.6% VCR for 2014 was down 3.5 points from 2013 • Realized plus unrealized capital gain component was 0.9 points lower • Operating earnings component was 1.3 points lower ► Three performance drivers: – Premium growth above industry average – Combined ratio consistently within the range of 95% to 100% – Investment contribution • Investment income growth • Compound annual total return for equity portfolio over five - year period exceeding return for S&P 500 Index

Increase Value for Shareholders Measured by Value Creation Ratio Target for the period 2013 - 2017: Annual VCR averaging 10% to 13 % -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 2010 2011 2012 2013 2014 VCR - Investment Income & Other VCR - P&C Underwriting VCR - Bond Portfolio Gains VCR - Equity Portfolio Gains Total Shareholder Return (TSR) Actual VCR: 11.1% 6.0% 12.6% 16.1% 12.6% Value Creation Ratio Total Shareholder Return

Outperforming the Industry 65% 70% 75% 80% 85% 90% 95% 100% 105% 2010 2011 2012 2013 2014 Cincinnati – excl. cat. losses Est. Industry (A.M. Best) – excl. cat. Losses Cincinnati – incl. cat. losses Est. Industry (A.M. Best) – incl. cat. Losses Statutory combined ratio Industry data excludes mortgage and financial guaranty Cincinnati’s historical catastrophe loss annual averages as of 12 - 31 - 14: 5 - year = 7.4%, 10 - year = 6.0%

Strategies for Long - Term Success ► Financial strength for consistent support to agencies – Diversified fixed - maturity portfolio, laddered maturity structure • No corporate exposure exceeded 0.6% of total bond portfolio at 09 - 30 - 15, no municipal exposure exceeded 0.3% – 30.0% of investment portfolio in common stocks to grow book value • No single security exceeded 3.6% of publicly traded common stock portfolio – Portfolio composition helps mitigate anticipated effects of inflation and a rise in interest rates – Low reliance on debt, with 11.5% debt - to - total - capital at 09 - 30 - 15 • Nonconvertible, noncallable debentures due in 2028 and 2034 – Capacity for growth with premiums - to - surplus at 1.0 - to - 1 ► Operating structure reflects agency - centered model – Field focus – staffed for local decision making , agency support – Superior claims service and broad insurance product offerings ► Profit improvement and premium growth initiatives

Improve Profitability ► Enhancing underwriting expertise and knowledge – Ongoing enhancement initiatives for predictive modeling tools and analytics to improve pricing precision and segmentation on an individual policy...


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