8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report:  September 24, 2013

(Date of earliest event reported)

CINCINNATI FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter) 

Ohio	0-4604	31-0746871
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6200 S. Gilmore Road, Fairfield, Ohio	45014-5141
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:  (513) 870-2000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Item 7.01 Regulation FD Disclosure

On September 24, 2013, Cincinnati Financial Corporation posted presentation slides in PDF format on cinfin.com/investors that will be used in investor presentations beginning September 25, 2013. Exhibit 99.1 is a copy of the slides. The slides are being furnished pursuant to Item 7.01, and the information contained therein shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that section. This report should not be deemed an admission as to the materiality of any information contained in the investor presentation slides.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

Exhibit 99.1 – Investor presentation slides

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2012 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 26.

Factors that could cause or contribute to such differences include, but are not limited to:

· Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns, environmental events, terrorism incidents or other causes

· Increased frequency and/or severity of claims

· Inadequate estimates or assumptions used for critical accounting estimates

· Recession or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies

· Declines in overall stock market values negatively affecting the company’s equity portfolio and book value

· Events resulting in capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:

o Significant or prolonged decline in the value of a particular security or group of securities and impairment of the asset(s)

o Significant decline in investment income due to reduced or eliminated dividend payouts from a particular security or group of securities

o Significant rise in losses from surety and director and officer policies written for financial institutions or other insured entities

· Prolonged low interest rate environment or other factors that limit the company’s ability to generate growth in investment income or interest rate fluctuations that result in declining values of fixed-maturity investments, including declines in accounts in which we hold bank-owned life insurance contract assets

· Increased competition that could result in a significant reduction in the company’s premium volume

· Delays or performance inadequacies from ongoing development and implementation of underwriting and pricing methods or technology projects and enhancements expected to increase our pricing accuracy, underwriting profit and competitiveness

· Changing consumer insurance-buying habits and consolidation of independent insurance agencies that could alter our competitive advantages

· Inability to obtain adequate reinsurance on acceptable terms, amount of reinsurance purchased, financial strength of reinsurers and the potential for nonpayment or delay in payment by reinsurers

· Difficulties with technology or data security breaches, including cyber attacks, that could negatively affect our ability to conduct business and our relationships with agents, policyholders and others

· Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that segment could not achieve sustainable profitability

· Events or conditions that could weaken or harm the company’s relationships with its independent agencies and hamper opportunities to add new agencies, resulting in limitations on the company’s opportunities for growth, such as:

o Downgrades of the company’s financial strength ratings

o Concerns that doing business with the company is too difficult

o Perceptions that the company’s level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace

· Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:

o Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates

o Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules and regulations

o Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business

o Add assessments for guaranty funds, other insurance related assessments or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes

o Increase our provision for federal income taxes due to changes in tax law

o Increase our other expenses

o Limit our ability to set fair, adequate and reasonable rates

o Place us at a disadvantage in the marketplace

o Restrict our ability to execute our business model, including the way we compensate agents

· Adverse outcomes from litigation or administrative proceedings

· Events or actions, including unauthorized intentional circumvention of controls, that reduce the company’s future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002

· Unforeseen departure of certain executive officers or other key employees due to retirement, health or other causes that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others

· Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location

Further, the company’s insurance businesses are subject to the effects of changing social, economic and regulatory environments. Public and regulatory initiatives have included efforts to adversely influence and restrict premium rates, restrict the ability to cancel policies, impose underwriting standards and expand overall regulation. The company also is subject to public and regulatory initiatives that can affect the market value for its common stock, such as measures affecting corporate financial reporting and governance. The ultimate changes and eventual effects, if any, of these initiatives are uncertain.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CINCINNATI FINANCIAL CORPORATION
Date:  September 24, 2013	/S/ Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Senior Vice President and Treasurer

EX-99.1

Cincinnati Financial Corporation Steven J. Johnston, FCAS, MAAA, CFA, CERA President and Chief Executive Officer KBW Insurance Conference September 25, 2013 1

Nasdaq : CINF • This presentation contains forward - looking statements that involve risks and uncertainties. Please refer to our various filings with the U.S. Securities and Exchange Commission for factors that could cause results to materially differ from those discussed. • The forward - looking information in this presentation has been publicly disclosed, most recently on July 25, 2013, and should be considered to be effective only as of that date. Its inclusion in this document is not intended to be an update or reaffirmation of the forward - looking information as of any later date. • Reconciliations of non - GAAP measures are in our most recent quarterly earnings news release, which is available on the Investors page of our website cinfin.com . 2

Cincinnati Financial Profile • Among the 25 largest U.S. property casualty insurers – Rated A + Superior by A.M. Best • Increased shareholder dividend for 53 consecutive years – A record matched by only 9 other publicly traded companies • $ 3.5 billion 2012 premiums through select agencies in 39 states – Rank # 1 or # 2 in near ly 75% of agencies appointed more than five years Life 5% Commercial Lines 67% Personal Lines 25% Excess & Surplus 3% 3

Value Creation Focus Three performance drivers Combined ratio consistently within 95% to 100% Premium g rowth above industry average Investment income growth and equity portfolio total return Value for shareholders 4

Total Shareholder Return Cumulative total return through September 16, 2013, in percent 22.6 64.5 67.0 112.9 113.9 20.9 40.2 43.1 64.7 87.0 25.6 51.0 51.0 65.6 100.4 Since 12/31/12 Since 12/31/11 Since 12/31/2010 Since 12/31/2009 Since 12/31/2001 Cincinnati S&P 500 Index S&P P/C Index 5

Strategic Competitive Advantages Agent - Centered Model Field Focus Claims Service Financial Strength Ethical Behavior 6

Profitability Improvement Initiatives • Enhancing underwriting expertise and knowledge – Property loss mitigation efforts • Increasing specialized staff expertise • More property inspections • Greater use of wind and hail deductibles • Covering older roofs at actual cash value – Ongoing development of predictive modeling, pricing precision – Data management for better underwriting and pricing decisions • Technology is improving efficiencies, streamlining processing for agencies and the company 7

Greater Pricing Precision Is Improving Profit Margins Commercial Package Policy mid - 2013 renewal price increase averages by modeled pricing segments illustrates pricing precision effects Most adequate refers to policies that need less price increase based on pricing adequacy of expiring premium per pricing mode ls 0% 15% Most adequately priced Near (+ or -) price adequacy Least adequately priced 8

9 Drive Premium Growth • New agency appointments

• Expanding marketing and service capabilities • On pace to reach $5 billion target in 2015 Life E&S Personal Commercial Direct written premiums Average Annualized (In billions) Annual Growth Growth Since 1 - 1 - 12 $0.3 6% 5% 0.2 21% 24% $0.2 0.1 1.2 9% 11% 0.9 2.6 3.3 9% 11% Total $3.9 billion 2012 Actual $5.0 billion 2015 Projected

Steadily Increase Share of Agency Business 1.8% 5.4% 8.0% 16.1% 1 year or less 2-5 years 6-10 years 10 years or more Market share per agency reporting location by year appointed Based on 2012 standard market P&C agency written premiums (Excludes excess and surplus lines) 10

Cincinnati Financial Corporation Michael J. Sewell, CPA Chief Financial Officer, Senior Vice President and Treasurer KBW Insurance Conference September 25, 2013 11

Combined Ratio Reflects Improving Underwriting Profitability Trends 96.0% 86.1% 89.8% 89.1% 109.3% 96.1% 104.4% 93.9% Year 2011 Year 2012 YTD 6-12 YTD 6-13 Year 2011 Year 2012 YTD 6-12 YTD 6-13 Calendar Year basis - excl. cat. losses Calendar Year basis - incl. cat. losses 12

Invest for Income and Capital Appreciation Portfolio Mix at 06 - 30 - 13 Net Yield on Invested Assets 6% 76% 18% 2% 67% 31% Other Investments Bonds Common Stocks Other Investments Bonds Common Stocks Industry Cincinnati 4.39% 4.03% 4.02% 3.48% 4Q12 2Q13 4Q12 2Q13 Cincinnati Industry Source: SNL, statutory a ccounting b asis (Industry = U.S. Property Casualty) Yield decline: 36 basis points 54 basis points 13

Property Casualty Reserves Favorable Development for 24 Consecutive Years $3,498 $3,661 $3,811 $3,905 $3,813 2008 2009 2010 2011 2012 Reserve range at 12 - 31 - 12 Low end $ 3,598 High end $3,918 Carried at 67 th percentile Values shown are carried loss and loss expense reserves net of reinsurance Vertical bar represents reasonably likely range Calendar year development (Favorable) ($323) ($188) ($304) ($285) ($396) In millions Ex - cat development: (ratio to earned premiums) 9.8 % 9.3% 10.7 % 14

Low Expense Ratio Versus Peers Source: SNL, year 2012 statutory accounting basis (Selected peers per 2013 Proxy Statement) Commission Expense Ratio Noncommission Expense Ratio Total Underwriting Expense Ratio 26.5 29.2 30.5 31.2 31.5 32.1 32.7 33.1 33.7 34.2 42.0 Cincinnati 12.6 13.9 14.7 15.4 16.6 17.1 17.2 17.4 18.2 20.3 23.8 Cincinnati 8.9 11.1 15.0 15.6 15.8 15.9 16.2 16.5 17.4 18.2 18.9 Cincinnati 15

Increase Value for Shareholders Measured by Value Creation Ratio (VCR) -5% 0% 5% 10% 15% 20% 25% 2009 2010 2011 2012 6 mos 13 VCR - Investment Income & Other VCR - P&C Underwriting VCR - Bond Portfolio Gains (Losses) VCR - Equity Portfolio Gains 19.7% Target for the period 2013 - 2017: Annual VCR averaging 10% to 13% 11.1% 6.0 % 12.6% 6.4% 16

Why Invest in Cincinnati Financial • Potential for stock price appreciation based on long - term potential growth of earnings and book value • Clear strategy for profitable growth, proven record of execution • History of increasing dividend, attractive current yield • Solid capital position, high - quality balance sheet 17