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Condensed Financial Statements Of Parent Company
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Statements Of Parent Company
Schedule II
Cincinnati Financial Corporation (parent company only)
Condensed Balance Sheets
(Dollars in millions)
 
At December 31,
 
 
2019
 
2018
Assets
 
 

 
 

Investments
 
 

 
 

Fixed maturities, at fair value (amortized cost: 2019—$49; 2018—$35)
 
$
49

 
$
35

Equity securities, at fair value (cost: 2019—$1,427; 2018—$1,282)
 
3,069

 
2,234

Other invested assets
 
103

 
36

Total investments
 
3,221

 
2,305

Cash and cash equivalents
 
197

 
209

Equity in net assets of subsidiaries
 
7,424

 
6,152

Investment income receivable
 
7

 
6

Land, building and equipment, net, for company use (accumulated depreciation:
2019—$129; 2018—$121)
 
141

 
137

Income tax receivable
 
2

 
1

Other assets
 
61

 
48

Due from subsidiaries
 
107

 
106

Total assets
 
$
11,160

 
$
8,964

Liabilities
 
 

 
 

Dividends declared but unpaid
 
$
91

 
$
86

Deferred federal income tax
 
345

 
198

Long-term debt
 
788

 
788

Other liabilities
 
72

 
59

Total liabilities
 
1,296

 
1,131

Shareholders' Equity
 
 

 
 

Common stock
 
397

 
397

Paid-in capital
 
1,306

 
1,281

Retained earnings
 
9,257

 
7,625

Accumulated other comprehensive income
 
448

 
22

Treasury stock at cost
 
(1,544
)
 
(1,492
)
Total shareholders' equity
 
9,864

 
7,833

Total liabilities and shareholders' equity
 
$
11,160

 
$
8,964

 
 
 
 
 
This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8.
 
Schedule II (continued)
Cincinnati Financial Corporation (parent company only)
Condensed Statements of Income and Comprehensive Income
(Dollars in millions)
 
Years ended December 31,
 
 
2019
 
2018
 
2017
Revenues
 
 

 
 

 
 

Investment income, net of expenses
 
$
75

 
$
65

 
$
62

Investment gains and losses, net
 
728

 
(108
)
 
28

Other revenue
 
15

 
15

 
15

Total revenues
 
818

 
(28
)
 
105

Expenses
 
 

 
 

 
 

Interest expense
 
52

 
52

 
52

Other expenses
 
37

 
31

 
28

Total expenses
 
89

 
83

 
80

Income (Loss) Before Income Taxes and Earnings of Subsidiaries
 
729

 
(111
)
 
25

Provision (Benefit) for Income Taxes
 
146

 
(31
)
 
(161
)
Net Income (Loss) Before Earnings of Subsidiaries
 
583

 
(80
)
 
186

Increase in equity of subsidiaries
 
1,414

 
367

 
859

Net Income
 
$
1,997

 
$
287

 
$
1,045

Other Comprehensive Income (Loss), Net of Taxes
 
 
 
 
 
 
Change in unrealized gain (loss) on securities
 
—

 
(2
)
 
235

Amortization of pension actuarial gains (losses) and prior service costs
 
5

 
(3
)
 
7

Other Comprehensive Income (Loss), Net of Taxes Before Other Comprehensive Income
    of Subsidiaries
 
5

 
(5
)
 
242

Other comprehensive income (loss) of subsidiaries
 
421

 
(258
)
 
361

Other comprehensive income (loss)
 
426

 
(263
)
 
603

Comprehensive Income
 
$
2,423

 
$
24

 
$
1,648

 
 
 
 
 
 
 
This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8.
 

Schedule II (continued)
Cincinnati Financial Corporation (parent company only)
Condensed Statements of Cash Flows
(Dollars in millions)
 
Years ended December 31,
 
 
2019
 
2018
 
2017
Cash Flows From Operating Activities
 
 

 
 

 
 

Net income
 
$
1,997

 
$
287

 
$
1,045

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 

 
 

Depreciation and amortization
 
10

 
7

 
7

Investment gains and losses, net
 
(720
)
 
114

 
(28
)
Dividends from subsidiaries
 
625

 
500

 
465

Changes in:
 
 

 
 

 
 

Increase in equity of subsidiaries
 
(1,414
)
 
(367
)
 
(859
)
Investment income receivable
 
(1
)
 
2

 
—

Current federal income taxes
 
(1
)
 
14

 
(5
)
Deferred income tax
 
146

 
(35
)
 
(150
)
Other assets
 
4

 
(17
)
 
(20
)
Other liabilities
 
4

 
3

 
15

Intercompany receivable for operations
 
20

 
19

 
13

Net cash provided by operating activities
 
670

 
527

 
483

 
 
 
 
 
 
 
Cash Flows From Investing Activities
 
 

 
 

 
 

Sale of fixed maturities
 
3

 
1

 
—

Call or maturity of fixed maturities
 
21

 
19

 
14

Sale of equity securities
 
122

 
131

 
230

Purchase of fixed maturities
 
(39
)
 
(17
)
 
(2
)
Purchase of equity securities
 
(237
)
 
(177
)
 
(293
)
Investment in buildings and equipment
 
(13
)
 
(12
)
 
(3
)
Cash paid for acquisition
 
(63
)
 
—

 
—

Change in other invested assets, net
 
(67
)
 
(11
)
 
—

Net cash used in investing activities
 
(273
)
 
(66
)
 
(54
)
 
 
 
 
 
 
 
Cash Flows From Financing Activities
 
 

 
 

 
 

Payment of cash dividends to shareholders
 
(355
)
 
(336
)
 
(400
)
Shares acquired - share repurchase authorization
 
(67
)
 
(125
)
 
(92
)
Proceeds from stock options exercised
 
11

 
9

 
13

Other
 
2

 
1

 
1

Net cash used in financing activities
 
(409
)
 
(451
)
 
(478
)
Net change in cash and cash equivalents
 
(12
)
 
10

 
(49
)
Cash and cash equivalents at beginning of year
 
209

 
199

 
248

Cash and cash equivalents at end of year
 
$
197

 
$
209

 
$
199

 
 
 
 
 
 
 
This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8.