Common stock, shares authorized

  
Cincinnati Financial Corporation and SubsidiariesConsolidated Balance Sheets 

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (Dollars in millions, except per share data) |  | December 31, |  | December 31, |
|  |  | 2021 |  | 2020 |
| Assets |  |   |  |   |
| Investments |  |   |  |   |
| Fixed maturities, at fair value (amortized cost: 2021—$12,230; 2020—$11,312) |  | $ | 13,022  |  |  | $ | 12,338  |  |
| Equity securities, at fair value (cost: 2021—$4,121; 2020—$3,927) |  | 11,315  |  |  | 8,856  |  |
| Other invested assets |  | 329  |  |  | 348  |  |
| Total investments |  | 24,666  |  |  | 21,542  |  |
| Cash and cash equivalents |  | 1,139  |  |  | 900  |  |
| Investment income receivable |  | 144  |  |  | 136  |  |
| Finance receivable |  | 98  |  |  | 95  |  |
| Premiums receivable |  | 2,053  |  |  | 1,879  |  |
| Reinsurance recoverable |  | 570  |  |  | 517  |  |
| Prepaid reinsurance premiums |  | 78  |  |  | 65  |  |
| Deferred policy acquisition costs |  | 905  |  |  | 805  |  |
| Land, building and equipment, net, for company use (accumulated depreciation:     2021—$303; 2020—$285) |  | 205  |  |  | 213  |  |
| Other assets |  | 570  |  |  | 438  |  |
| Separate accounts |  | 959  |  |  | 952  |  |
| Total assets |  | $ | 31,387  |  |  | $ | 27,542  |  |
|  |  |  |  |  |
| Liabilities |  |   |  |   |
| Insurance reserves |  |   |  |   |
| Loss and loss expense reserves |  | $ | 7,305  |  |  | $ | 6,746  |  |
| Life policy and investment contract reserves |  | 3,014  |  |  | 2,915  |  |
| Unearned premiums |  | 3,271  |  |  | 2,960  |  |
| Other liabilities |  | 1,092  |  |  | 982  |  |
| Deferred income tax |  | 1,744  |  |  | 1,299  |  |
| Note payable |  | 54  |  |  | 54  |  |
| Long-term debt and lease obligations |  | 843  |  |  | 845  |  |
| Separate accounts |  | 959  |  |  | 952  |  |
| Total liabilities |  | 18,282  |  |  | 16,753  |  |
|  |  |  |  |  |
| Commitments and contingent liabilities (Note 16) |  |  |  |  |
|  |  |  |  |  |
| Shareholders' Equity |  |   |  |   |
| Common stock, par value—$2 per share; (authorized: 2021 and 2020—500 million shares;   issued: 2021 and 2020—198.3 million shares) |  | 397  |  |  | 397  |  |
| Paid-in capital |  | 1,356  |  |  | 1,328  |  |
| Retained earnings |  | 12,625  |  |  | 10,085  |  |
| Accumulated other comprehensive income |  | 648  |  |  | 769  |  |
| Treasury stock, at cost (2021—38.0 million shares and 2020—37.4 million shares) |  | (1,921) |  |  | (1,790) |  |
| Total shareholders' equity |  | 13,105  |  |  | 10,789  |  |
| Total liabilities and shareholders' equity |  | $ | 31,387  |  |  | $ | 27,542  |  |
|  |  |  |  |  |

Accompanying Notes are an integral part of these Consolidated Financial Statements.Cincinnati Financial Corporation - 2021 10-K - Page 122
