CINCINNATI FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
CINF$189.89+2.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| (Dollars in millions) | Years ended December 31, | ||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash Flows From Operating Activities | |||
| Net income (loss) | $1,843 | $(487) | $2,968 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and other | 112 | 127 | 118 |
| Investment gains and losses, net | (1,108) | 1,493 | (2,353) |
| Interest credited to contract holders | 45 | 43 | 45 |
| Deferred income tax expense | 223 | (355) | 483 |
| Changes in: | |||
| Premiums and reinsurance receivable | (264) | (340) | (240) |
| Deferred policy acquisition costs | (80) | (96) | (78) |
| Other assets | (30) | 28 | (11) |
| Loss and loss expense reserves | 650 | 1,095 | 559 |
| Life policy and investment contract reserves | 99 | 78 | 76 |
| Unearned premiums | 430 | 418 | 311 |
| Other liabilities | 90 | 88 | 128 |
| Current income tax receivable/payable | 42 | (40) | (25) |
| Net cash provided by operating activities | 2,052 | 2,052 | 1,981 |
| Cash Flows From Investing Activities | |||
| Sale, call or maturity of fixed maturities | 1,136 | 1,113 | 1,461 |
| Sale of equity securities | 206 | 430 | 136 |
| Purchase of fixed maturities | (2,554) | (1,901) | (2,388) |
| Purchase of equity securities | (220) | (466) | (313) |
| Changes in finance receivables | (15) | 7 | (2) |
| Investment in buildings and equipment | (18) | (15) | (15) |
| Change in other invested assets, net | (143) | (101) | 64 |
| Net cash used in investing activities | (1,608) | (933) | (1,057) |
| Cash Flows From Financing Activities | |||
| Payment of cash dividends to shareholders | (454) | (423) | (395) |
| Shares acquired - share repurchase authorization | (67) | (410) | (144) |
| Changes in note payable | (25) | (4) | — |
| Proceeds from stock options exercised | 9 | 10 | 13 |
| Contract holders' funds deposited | 83 | 70 | 85 |
| Contract holders' funds withdrawn | (218) | (144) | (146) |
| Other | (129) | (93) | (98) |
| Net cash used in financing activities | (801) | (994) | (685) |
| Net change in cash and cash equivalents | (357) | 125 | 239 |
| Cash and cash equivalents at beginning of year | 1,264 | 1,139 | 900 |
| Cash and cash equivalents at end of year | $907 | $1,264 | $1,139 |
| Supplemental Disclosures of Cash Flow Information | |||
| Interest paid | $54 | $53 | $52 |
| Income taxes paid | 136 | 165 | 257 |
| Noncash Activities | |||
| Equipment acquired under finance lease obligations | $20 | $17 | $12 |
| Share-based compensation | 19 | 27 | 26 |
| Other assets and other liabilities | 77 | 115 | 87 |
Cincinnati Financial Corporation - 2023 10-K - Page 127
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