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)	2006		2005		2006		2005
Numerator:
Net income—basic and diluted	$	115	$	117	$	800	$	419
Denominator:
Weighted-average common shares outstanding		173,224,254		174,811,150		173,555,925		175,194,545
Effect of stock options		2,035,809		1,995,117		1,986,691		2,018,132
Adjusted weighted-average shares		175,260,063		176,806,267		175,542,616		177,212,677
Earnings per share:
Basic	$	0.67	$	0.67	$	4.61	$	2.39
Diluted	$	0.66	$	0.66	$	4.56	$	2.37

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, 2006, since inclusion of these option shares would have anti-dilutive effects.

	Three months ended Sept. 30,				Nine months ended Sept. 30,
	2006		2005		2006		2005
Number of anti-dilutive option shares		1,343,850		1,746,182		2,777,770		1,481,578
Exercise price	$	$45.26	$	41.14-41.62	$	41.62-45.26	$	41.62

Cincinnati Financial Corporation
Form 10-Q for the quarter ended September 30, 2006	49