Exhibit 11

Statements Re: Computation Of Per Share Earnings

	Three months ended September 30,				Nine months ended September 30,
(In millions)	2008		2007		2008		2007
Numerator:
Net income—basic and diluted	$	247	$	124	$	268	$	669
Denominator:
Weighted-average common shares outstanding		164,146,095		171,068,956		163,404,320		171,804,376
Effect of stock based awards		96,090		1,330,583		429,843		1,618,823
Adjusted weighted-average shares		164,242,185		172,399,539		163,834,163		173,423,199
Earnings per share:
Basic	$	1.51	$	0.72	$	1.64	$	3.89
Diluted		1.50		0.72		1.64		3.86
Number of anti-dilutive stock based awards		9,263,059		2,502,959		6,528,470		1,874,979
Exercise price of anti-dilutive stock based awards	$	25.08-45.26	$	41.62-45.26	$	25.08-45.26	$	44.79-45.26

Certain stock-based compensation awards were not included in the computation of diluted earnings per share for the three- and nine-month periods ended September 30, 2008 and 2007, since inclusion of these awards would have anti-dilutive effects.

Cincinnati Financial Corporation
Form 10-Q for the quarterly period ended September 30, 2008	51