Exhibit 11

Statements Re: Computation of Per Share Earnings

	Three months ended September 30,				Nine months ended September 30,
(Dollars in millions except share data)	2004		2003		2004		2003
Numerator:
Net income – basic and diluted	$	90	$	104	$	392	$	245
Denominator:
Weighted-average shares outstanding		168,152,643		168,454,165		168,242,937		168,779,415
Effect of stock option shares		1,754,752		1,529,133		1,801,003		1,033,099
Adjusted weighted-average shares		169,907,395		169,983,298		170,043,940		169,812,514
Earnings per share:
Basic	$	0.54	$	0.62	$	2.33	$	1.45
Diluted	$	0.53	$	0.61	$	2.30	$	1.44

Anti-Dilutive Securities

Certain option shares were not included in the computation of diluted earnings per share for the three- and nine-month periods ended September 30, 2004 and 2003, since inclusion of these option shares would have anti-dilutive effects, as the options’ exercise prices exceeded the respective average market prices of the company’s shares.

	Three months ended September 30,				Nine months ended September 30,
(In millions except share data)	2004		2003		2004		2003
Number of option shares		252,002		965,178		252,002		2,129,475
Exercise price range	$	43.20	$	37.98 to $43.21	$	43.20	$	35.87 to $43.21

Cincinnati Financial Corporation
Form 10-Q for the Quarter Ended September 30, 2004

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