Exhibit 11

Statements Re: Computation Of Per Share Earnings

	Three months ended March 31,
Dollars in millions except per share data	2007		2006
Numerator:
Net income—basic and diluted	$	194	$	552
Denominator:
Weighted-average common shares outstanding		172,648,988		174,178,090
Effect of stock options and nonvested shares		1,625,169		1,949,314
Adjusted weighted-average shares		174,274,157		176,127,404
Earnings per share:
Basic	$	1.12	$	3.17
Diluted		1.11		3.13

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, 2007 and 2006, since inclusion of these option shares would have anti-dilutive effects.

	Three months ended March 31,
	2007		2006
Number of anti-dilutive nonvested shares		201,575		—
Number of anti-dilutive option shares		2,559,027		2,822,259
Exercise price range of anti-dilutive option shares	$	41.62 - 45.26	$	41.62-45.26

Cincinnati Financial Corporation
Form 10-Q for the quarter ended March 31, 2007

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