Exhibit 11

Statements Re: Computation of Per Share Earnings

	Three months ended March 31,
(Dollars in millions except share data)	2005		2004
Numerator:
Net income—basic and diluted	$	144	$	146
Denominator:
Weighted-average common shares outstanding		175,554,038		176,751,661
Effect of stock options		2,303,123		1,919,024
Adjusted weighted-average shares		177,857,161		178,670,685
Earnings per share:
Basic	$	0.82	$	0.83
Diluted	$	0.81	$	0.82

Anti-Dilutive Securities

Certain option shares were not included in the computation of diluted earnings per share for the three-month period ended March 31, 2004, 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. There were no anti-dilutive option shares for the three months ended March 31, 2005.

	Three months ended March 31,
	2005		2004
Number of anti-dilutive option shares		0		264,600
Exercise price	$	0.00	$	41.15

Cincinnati Financial Corporation

40 Form 10-Q for the Quarter Ended March 31, 2005