Exhibit 11

Statements Re: Computation of Per Share Earnings

	Three months ended Sept. 30,				Nine months ended Sept. 30,
(Dollars in millions except share data)	2005		2004		2005		2004
Numerator:
Net income—basic and diluted	$	117	$	90	$	419	$	392
Denominator:
Weighted-average common shares outstanding		174,811,150		176,560,275		175,194,545		176,655,084
Effect of stock options		1,995,117		1,842,492		2,018,132		1,891,053
Adjusted weighted-average shares		176,806,267		178,402,767		177,212,677		178,546,137
Earnings per share:
Basic	$	0.67	$	0.51	$	2.39	$	2.22
Diluted	$	0.66	$	0.50	$	2.37	$	2.19

Anti-Dilutive Securities

Certain option shares were not included in the computation of diluted earnings per share for the three-month and nine-month periods ended September 30, 2005 and 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.

	Three months ended Sept. 30,				Nine months ended Sept. 30,
	2005		2004		2005		2004
Number of anti-dilutive option shares		1,746,182		264,602		1,481,578		264,602
Exercise prices	$	41.14 - 41.62		$41.14	$	41.62	$	41.14

	Cincinnati Financial Corporation
42	Form 10-Q for the quarter ended September 30, 2005