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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 , October 27 , 2021 – Cincinnati Financial Corporation ( Nasdaq : CINF ) today reported : Third - quarter 2021 net income of $ 153 million , or 94 cents per share , compared with $ 484 million , or $ 2.99 per share , in the third quarter of 2020 , after recognizing an $ 82 million third - quarter 2021 after - tax reduction in the fair value of equity securities still held . $ 146 million or 232 % increase in non - GAAP operating income * to $ 209 million , or $ 1.28 per share , compared with $ 63 million , or 39 cents per share , in the third quarter of last year . $ 331 million decrease in third - quarter 2021 net income , primarily due to the after - tax net effect of a $ 477 million decrease in net investment gains partially offset by a $ 136 million increase in after - tax property casualty underwriting income . Earned premiums Investment income , net of expenses Total revenues Income Statement Data Net income Cincinnati Financial Reports Third - Quarter 2021 Results $ 73.49 book value per share at September 30 , 2021 , up $ 6.45 since year - end . 12.4 % value creation ratio for the first nine months of 2021 , compared with 3.0 % for the same period of 2020 . Financial Highlights ( Dollars in millions , except per share data ) Investment gains and losses , after - tax Non - GAAP operating income * Per Share Data ( diluted ) Net income Investment gains and losses , after - tax Non - GAAP operating income * Book value Cash dividend declared Diluted weighted average shares outstanding Three months ended September 30 , 2021 2020 % Change $ 1,669 179 1,785 $ $ $ $ 153 ( 56 ) 209 $ 0.94 $ ( 0.34 ) 1.28 $ 0.63 162.9 Investor Contact : Dennis E. McDaniel , 513-870-2768 CINF-IR@cinfin.com 1,522 167 2,227 484 421 63 2.99 2.60 0.39 0.60 162.0 10 7 ( 20 ) ( 68 ) Media Contact : Betsy E. Ertel , 513-603-5323 Media_Inquiries@cinfin.com nm 232 ( 69 ) nm 228 5 1 Nine months ended September 30 , 2021 2020 % Change $ 4,806 $ 4,460 528 498 6,307 4,842 $ 1,476 $ 753 723 $ $ $ $ $ $ 167 ( 104 ) 271 1.03 9.07 $ 4.63 ( 0.64 ) 4.44 $ 1.67 73.49 $ 60.57 1.89 $ 1.80 162.8 162.5 8 6 30 nm nm 167 nm nm 166 21 0 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 3Q21 Release 1