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CINCINNATI FINANCIAL CORPORATION ● Revenue Data The Cincinnati Insurance Company The Cincinnati Indemnity Company The Cincinnati Casualty Company The Cincinnati Specialty Underwriters Insurance Company The Cincinnati Life Insurance Company CFC Investment Company CSU Producer Resources Inc. Cincinnati Global Underwriting Ltd. Cincinnati Global Underwriting Agency Ltd. Cincinnati , July 28 , 2021 Cincinnati Financial Corporation ( Nasdaq : CINF ) today reported : Second - quarter 2021 net income of $ 703 million , or $ 4.31 per share , compared with $ 909 million , or $ 5.63 per share , in the second quarter of 2020 , after recognizing a $ 386 million second - quarter 2021 after - tax increase in the fair value of equity securities still held . $ 221 million or 311 % increase in non - GAAP operating income * to $ 292 million , or $ 1.79 per share , compared with $ 71 million , or 44 cents per share , in the second quarter of last year . $ 206 million decrease in second - quarter 2021 net income , primarily due to the after - tax net effect of a $ 427 million decrease in net investment gains partially offset by a $ 207 million increase in after - tax property casualty underwriting income . Cincinnati Financial Reports Second - Quarter 2021 Results Earned premiums Investment income , net of expenses $ 73.57 book value per share at June 30 , 2021 , up $ 6.53 since year - end . 11.6 % value creation ratio for the first six months of 2021 , compared with negative 3.0 % for the same period of 2020 . Financial Highlights ( Dollars in millions , except per share data ) Total revenues Income Statement Data Net income ( loss ) Investment gains and losses , after - tax Non - GAAP operating income * Per Share Data ( diluted ) Net income ( loss ) Investment gains and losses , after - tax Non - GAAP operating income * Book value Cash dividend declared Diluted weighted average shares outstanding $ 1,593 175 2,295 $ $ $ $ $ Three months ended June 30 , 2021 2020 703 411 292 $ 1,482 166 2,714 0.63 162.9 $ 909 838 71 $ 4.31 $ 2.52 1.79 Investor Contact : Dennis E. McDaniel , 513-870-2768 CINF-IR@cinfin.com $ 5.63 5.19 0.44 0.60 161.5 % Change Media Contact : Betsy E. Ertel , 513-603-5323 Media_Inquiries@cinfin.com 7 5 ( 15 ) ( 23 ) ( 51 ) 311 5 1 $ 3,137 $ 2,938 331 349 4,522 2,615 $ 1,323 $ 809 514 $ $ ( 23 ) ( 51 ) 307 $ Six months ended June 30 , 2021 2020 % Change $ $ $ ( 317 ) ( 525 ) 208 $ ( 1.96 ) 8.13 4.97 ( 3.25 ) 3.16 $ 1.29 73.57 $ 57.56 1.26 162.7 $ 1.20 161.5 7 73 nm nm 147 nm nm 145 28 5 1 The Definitions of Non - GAAP Information and Reconciliation to Comparable GAAP Measures section defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles . Forward - looking statements and related assumptions are subject to the risks outlined in the company's safe harbor statement . CINF 2Q21 Release 1