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Cincinnati Financial - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Cincinnati Financial (ISIN: US1720621010, WKN: 878440) Kursdatum: 27.07.2017 Kurs: 75,160 USD
Beschreibung Daten
Symbol CINF
Marktkapitalisierung 12.514.140.160,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.S&P 500
Sektor Finanzdienstleister
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2005-04-04 - 105:100 | 2004-04-28 - 105:100 | 1998-05-18 - 3:1 |
Internet
Letztes Bilanz Update 24.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 27.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
11,48 11,35 2,56% 2,90 34,63 21,17 2,30 1,77

Firmenbeschreibung

Quarterly Supplementary DataThis table includes unaudited quarterly financial information for the years ended December 31, 2015 and 2014:(Dollars in millions except per share data) Quarter    1st 2nd 3rd 4th Full year2015          Revenues  $1,285 $1,316 $1,278 $1,263 $5,142Income before income taxes 174 248 243 216 881Net income 128 176 174 156 634Net income per common share—basic 0.78 1.07 1.06 0.95 3.87Net income per common share—diluted 0.77 1.06 1.05 0.94 3.83           2014          Revenues  $1,189 $1,214 $1,280 $1,262 $4,945Income before income taxes 119 107 259 236 721Net income  91 84 183 167 525Net income per common share—basic 0.56 0.51 1.12 1.03 3.21Net income per common share—diluted 0.55 0.51 1.11 1.02 3.18            Note: The sum of the quarterly reported per share amounts may not equal the full year as each is computed independently. Revenues including realized investment gains and losses, which are integral to our financial results over the long term, may cause this value to fluctuate substantially because we have substantial discretion in the timing of investment sales. Also, applicable accounting standards require us to recognize gains and losses from certain changes in fair values of securities and embedded derivatives without actual realization of those gains and losses.  

Firmenstrategie

ASU 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation AnalysisIn February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis. ASU 2015-02 makes amendments to the current consolidation guidance, focusing mainly on the investment management industry; however entities across all industries could be impacted. The effective date of ASU 2015-02 is for interim and annual reporting periods beginning after December 15, 2015. The ASU has not yet been adopted; however, there is not expected to be a material impact on our company’s consolidated financial position, cash flows or results of operations.

RevenueRecognitionPolicyTextBlock

ASU 2014-09, Revenue from Contracts with Customers

In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Insurance contracts do not fall within the scope of this ASU. The effective date of ASU 2014-09 is for annual reporting periods beginning after December 15, 2017 with early adoption permitted. The ASU has not yet been adopted; however, there is not expected to be a material impact on our company’s consolidated financial position, cash flows or results of operations.

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Segment Information

We operate primarily in two industries, property casualty insurance and life insurance. Our chief operating decision maker regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our reporting segments are:

Commercial lines insurance
Personal lines insurance
Excess and surplus lines insurance
Life insurance
Investments


We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the results of our reinsurance assumed operations, known as Cincinnati Re.


Revenues come primarily from unaffiliated customers:

All four insurance segments record revenues from insurance premiums earned. Life insurance segment revenues also include separate account investment management fees.
Fee revenues for the commercial and personal insurance segments primarily represent installment fees. Fee revenues for the life insurance segment represent separate account investment management fees.
Our investments’ revenues consist of pretax net investment income and realized investment gains and losses.
Other revenues are primarily finance income and, for 2015, earned premiums of Cincinnati Re.


Income or loss before income taxes for each segment is reported based on the nature of that business area’s operations:

Income before income taxes for the insurance segments is defined as underwriting profit or loss.
For commercial lines, personal lines and excess and surplus lines insurance segments, we calculate underwriting profit or loss as premiums earned and fee revenue minus loss and loss expenses and underwriting expenses incurred.
For the life insurance segment, we calculate underwriting profit or loss as premiums earned and separate account investment management fees, minus contract holders’ benefits and expenses incurred, plus investment interest credited to contract holders.
Income before income taxes for the investments segment is net investment income plus realized investment gains and losses for investments of the entire company, minus investment interest credited to contract holders of the life insurance segment.
Loss before income taxes for the Other category is primarily due to interest expense from debt of the parent company, operating expenses of our headquarters and, for 2015, premiums earned minus loss and loss expenses and underwriting expenses of Cincinnati Re.


Identifiable assets are used by each segment in its operations. We do not separately report the identifiable assets for the commercial, personal or excess and surplus lines segments because we do not use that measure to analyze the segments. We include all investment assets, regardless of ownership, in the investments segment.

 

This table summarizes segment information:

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Earnings per Share

Net income per common share is based on the weighted average number of common shares outstanding during each of the respective years. We calculate net income per common share (diluted) assuming the exercise or conversion of share‑based awards using the treasury stock method.

(Dollars in millions)
 
Years ended December 31,
 
 
2015
 
2014
 
2013
Revenues:
 
 

 
 

 
 

Commercial lines insurance
 
 

 
 

 
 

Commercial casualty
 
$
1,010

 
$
938

 
$
856

Commercial property
 
815

 
728

 
623

Commercial auto
 
561

 
528

 
479

Workers' compensation
 
367

 
370

 
365

Other commercial
 
243

 
292

 
313

Commercial lines insurance premiums
 
2,996

 
2,856

 
2,636

Fee revenues
 
4

 
4

 
3

Total commercial lines insurance
 
3,000

 
2,860

 
2,639

 
 
 
 
 
 
 
Personal lines insurance
 
 

 
 

 
 

Personal auto
 
506

 
476

 
443

Homeowner
 
463

 
443

 
403

Other personal
 
128

 
122

 
115

Personal lines insurance premiums
 
1,097

 
1,041

 
961

Fee revenues
 
3

 
2

 
1

Total personal lines insurance
 
1,100

 
1,043

 
962

 
 
 
 
 
 
 
Excess and surplus lines insurance
 
168

 
148

 
116