CINCINNATI FINANCIAL CORP
For the period ended May 2, 2026. Filed Mar 18, 2026.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 2, 2026 · Filed Mar 18, 2026
Contents
Pay Versus Performance Table
| Year · Summary Compen-sation Total for CEO Stephen M. Spray($) · Summary Compen-sation Total for former CEO Steven J. Johnston($) · Compen-sation actually paid to CEO Stephen M. Spray($) · Compen-sation actually paid to former CEO Steven J. Johnston($) · Average Summary Compen-sation Total for Other NEOs($) · Average Compen-sation actually paid to Other NEOs($) · Value of Initial Fixed $100 Investment based on: · Net Income($)(in millions) · VCR · 3-Year TSR | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| TSR · S&P Composite 1500 P&C Insurance Index | |||||||||||
| 2025 | 5,943,492 | — | 7,850,104 | — | 2,985,649 | 4,803,212 | 211.47 | 221.65 | 2,393 | 18.8% | 72.2% |
| 2024 | 8,784,200 | 9,884,720 | 12,671,357 | 16,217,104 | 4,323,195 | 6,741,502 | 181.90 | 203.42 | 2,292 | 19.8% | 36.5% |
| 2023 | — | 8,381,511 | — | 6,659,295 | 4,036,200 | 3,232,544 | 127.66 | 152.29 | 1,843 | 19.5% | 27.7% |
| 2022 | — | 7,596,511 | — | 4,720,240 | 3,513,165 | 2,250,118 | 122.79 | 137.26 | (487) | (14.6)% | 5.3% |
| 2021 | — | 6,490,767 | — | 9,608,066 | 3,181,147 | 4,447,000 | 133.28 | 119.57 | 2,946 | 25.7% | 58.8% |
(1)For the years presented, Steven J. Johnston was our CEO in 2021, 2022, 2023, and until May 4, 2024, when Stephen M. Spray assumed the role of CEO. The individuals comprising the Other NEOs for each year presented are listed below.
| 2021 | 2022 | 2023 | 2024 | 2025 |
| Michael J. Sewell | Michael J. Sewell | Michael J. Sewell | Michael J. Sewell | Michael J. Sewell |
| Martin F. Hollenbeck | Stephen M. Spray | Stephen M. Spray | John S. Kellington | Steven J. Johnston |
| John S. Kellington | Martin F. Hollenbeck | John S. Kellington | Teresa C. Cracas | John S. Kellington |
| Stephen M. Spray | John S. Kellington | Teresa C. Cracas | Steven A. Soloria | Teresa C. Cracas |
| Teresa C. Cracas | ||||
(2)The amounts shown for Compensation Actually Paid (CAP) have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the company’s CEOs or Other NEOs. These amounts reflect the Summary Compensation Table total with certain adjustments as described in footnote 3 below.
(3)CAP reflects the exclusions and inclusions of certain amounts for the CEOs and the Other NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table for the listed year. Amounts in the Exclusion of Change in Pension Value column reflect the amounts attributable to the Change in Pension Value reported in the Summary Compensation Table for the listed year. Amounts in the Inclusion of Pension Service Cost are based on the service cost for services rendered during the listed year.
| Year · Summary Compensation Table Total for Stephen M. Spray($) · Exclusion of Change in Pension Value for Stephen M. Spray($) · Exclusion of Stock Awards and Option Awards for Stephen M. Spray($) · Inclusion of Pension Service Cost for Stephen M. Spray($) · Inclusion of Equity Values for Stephen M. Spray($) · Compensation Actually Paid to Stephen M. Spray($) | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 5,943,492 | (619,823) | (3,471,942) | 117,531 | 5,880,846 | 7,850,104 | |
| 2024 | 8,784,200 | (234,019) | (3,240,898) | 104,569 | 7,257,505 | 12,671,357 | |
| 2023 | — | — | — | — | |||
| 2022 | — | — | — | — | |||
| 2021 | — | — | — | — | |||
| Year | Average Summary Compensation Table Total for Non-PEO NEOs($) | Average Exclusion of Change in Pension Value for Non-PEO NEOs($) | Average Exclusion of Stock Awards and Option Awards for Non-PEO NEOs($) | Average Inclusion of Pension Service Cost for Non-PEO NEOs($) | Average Inclusion of Equity Values for Non-PEO NEOs($) | Average Compensation Actually Paid to Non-PEO NEOs($) |
|---|---|---|---|---|---|---|
| 2025 | 2,985,649 | — | (1,652,841) | — | 3,470,404 | 4,803,212 |
| 2024 | 4,323,195 | (36,675) | (1,521,613) | 122,795 | 3,853,800 | 6,741,502 |
| 2023 | 4,036,200 | (99,559) | (1,987,382) | 20,415 | 1,262,870 | 3,232,544 |
| 2022 | 3,513,165 | — | (1,699,967) | 21,559 | 415,361 | 2,250,118 |
| 2021 | 3,181,147 | (65,495) | (1,117,955) | 24,446 | 2,424,857 | 4,447,000 |
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
| Year · Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Stephen M. Spray($) · Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Stephen M. Spray($) · Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year for Stephen M. Spray($) · Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Stephen M. Spray($) · Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Stephen M. Spray($) · Total Inclusion of Equity Values for Stephen M. Spray($) | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 4,477,332 | 1,617,364 | — | (213,850) | — | 5,880,846 | ||
| 2024 | 5,607,753 | 1,511,571 | — | 138,181 | — | 7,257,505 | ||
| 2023 | — | — | — | |||||
| 2022 | — | — | — | |||||
| 2021 | — | — | — | |||||
| Year | Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs($) | Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs($) | Average Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year for Non-PEO NEOs($) | Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs($) | Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non-PEO NEOs($) | Total - Average Inclusion of Equity Values for Non-PEO NEOs($) |
|---|---|---|---|---|---|---|
| 2025 | 2,126,557 | 1,545,154 | — | (201,307) | — | 3,470,404 |
| 2024 | 2,604,380 | 1,147,217 | — | 102,203 | — | 3,853,800 |
| 2023 | 1,265,153 | (370,422) | — | 368,139 | — | 1,262,870 |
| 2022 | 835,910 | (698,989) | 95,540 | 197,696 | (14,796) | 415,361 |
| 2021 | 1,563,008 | 628,049 | — | 233,800 | — | 2,424,857 |
(4)The Peer Group TSR set forth in the table above utilizes the S&P Composite 1500 Property & Casualty Insurance Index, which we also use for the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report on Form 10-K, for the year ended December 31, 2025. The comparison assumes $100 was invested for the period starting December 31, 2020, through the end of the listed year in the company and in the S&P Composite 1500 Property & Casualty Insurance Index, respectively. All dollar values assume reinvestment of the pre-tax value of dividends paid by companies, where applicable, included in the S&P Composite 1500 Property & Casualty Insurance Index. Historical stock performance is not necessarily indicative of future stock performance. This index is not the Peer Group used by the Committee to determine performance-based compensation awards.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.