Exhibit 11

Cincinnati Financial Corporation
Statement Re-Computation of Per Share Earnings

(Dollars in millions except share data)			Three months ended March 31,
			2003		2002
Numerator:
	Net income — basic		$	57	$	75
	Effect of debentures			0		0
	Net income — diluted		$	57	$	75
Denominator:
	Weighted-average common shares outstanding			161,145,558		161,768,559
	Effect of:
		Stock options		833,318		1,351,361
		Debentures		0		238,935
	Adjusted weighted-average shares			161,978,876		163,358,855
Earnings per share:
	Basic		$	0.35	$	0.47
	Diluted		$	0.35	$	0.46

Anti-Dilutive Securities
Options to purchase 3,199,472 shares of the company’s common stock with exercise prices ranging from $36.19 to $45.37 per share were outstanding at March 31, 2003, and 954,060 shares with exercise prices ranging from $39.88 to $45.37 per share were outstanding at March 31, 2002. The shares were not included in the computation of diluted earnings per share for the three-month periods ended March 31, 2003 and 2002, since inclusion of these options would have anti-dilutive effects, as the options exercise prices exceeded the respective average market prices of the company’s shares.

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