← CINCINNATI FINANCIAL CORP

	FY 2016	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent	$591.0m	$1.0b	$287.0m	$2.0b	$1.2b	$2.9b	($486.0m)	$1.8b	$2.3b	$2.4b
Depreciation, Depletion and Amortization	$48.0m	$55.0m	$63.0m	$72.0m	$81.0m	$93.0m	$33.0m	$30.0m	$34.0m	$36.0m
Deferred Policy Acquisition Costs, Amortization Expense	($863.0m)	$913.0m	$946.0m	$1.0b	$1.1b	$1.2b	$1.3b	$1.4b	$1.6b	$1.9b
Depreciation	$30.0m	$28.0m	$31.0m	$25.0m	$33.0m	$33.0m	$33.0m	$30.0m	$34.0m	$36.0m
Deferred Income Tax Expense (Benefit)	$38.0m	($444.0m)	($47.0m)	$343.0m	$136.0m	$477.0m	($355.0m)	$223.0m	$117.0m	$283.0m
Share-based Payment Arrangement, Noncash Expense	$23.0m	$26.0m	$28.0m	$30.0m	$31.0m	$33.0m	—	—	—	—
Income Tax Expense (Benefit)	$221.0m	($315.0m)	($36.0m)	$475.0m	$283.0m	$724.0m	($207.0m)	$433.0m	$566.0m	$587.0m
Operating Lease, Expense	—	—	—	$4.0m	$4.0m	$4.0m	$5.0m	$3.0m	$3.0m	$3.0m
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Other Operating Assets	($34.0m)	$43.0m	$1.0m	$22.0m	$26.0m	$11.0m	($28.0m)	$30.0m	$14.0m	$73.0m
Investment Income, Interest	$440.0m	$445.0m	$445.0m	$446.0m	$455.0m	$477.0m	$510.0m	$600.0m	$733.0m	$875.0m
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims	$2.9b	$3.1b	$3.2b	$3.4b	$3.8b	$3.6b	$4.7b	$5.0b	—	—
Proceeds from Stock Options Exercised	$21.0m	$13.0m	$9.0m	$11.0m	—	$13.0m	$10.0m	$9.0m	$10.0m	$10.0m
Realized Investment Gains (Losses)	$124.0m	$148.0m	($402.0m)	$1.6b	$865.0m	$2.4b	($1.5b)	$1.1b	$1.4b	$1.4b
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	$0	($1.0m)	($2.0m)	($1.0m)	($3.0m)	($1.0m)	$3.0m	$6.0m	$0	$0
Net Cash Provided by (Used in) Operating Activities	$1.1b	$1.1b	$1.2b	$1.2b	$1.5b	$2.0b	$2.1b	$2.1b	$2.6b	$3.1b
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment	$13.0m	$16.0m	$20.0m	$24.0m	$20.0m	$15.0m	$15.0m	$18.0m	$22.0m	$20.0m
Gain (Loss) on Sale of Investments	—	—	($408.0m)	$1.6b	$851.0m	$2.4b	($1.5b)	$1.1b	$1.4b	$1.4b
Payments for (Proceeds from) Other Investing Activities	$14.0m	$15.0m	$38.0m	$72.0m	$50.0m	($64.0m)	$101.0m	$143.0m	$112.0m	$112.0m
Net Cash Provided by (Used in) Investing Activities	($456.0m)	($558.0m)	($451.0m)	($679.0m)	($560.0m)	($1.1b)	($933.0m)	($1.6b)	($1.7b)	($1.7b)
Cash flows from financing activities:
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale	$1.5b	$1.2b	$1.1b	$1.2b	$912.0m	$1.3b	—	—	—	—
Payments for Repurchase of Common Stock	$39.0m	$92.0m	$125.0m	$67.0m	$261.0m	$144.0m	$410.0m	$67.0m	$126.0m	$205.0m
Payments of Ordinary Dividends, Common Stock	$306.0m	$400.0m	$336.0m	$355.0m	$375.0m	$395.0m	$423.0m	$454.0m	$490.0m	$525.0m
Proceeds from (Payments for) Other Financing Activities	($20.0m)	($54.0m)	($60.0m)	($54.0m)	($110.0m)	($98.0m)	($93.0m)	($129.0m)	($154.0m)	($153.0m)
Net Cash Provided by (Used in) Financing Activities	($414.0m)	($614.0m)	($603.0m)	($546.0m)	($798.0m)	($685.0m)	($994.0m)	($801.0m)	($877.0m)	($973.0m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	—	—	—	—	—	—	$125.0m	($357.0m)	$76.0m	$448.0m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	—	—	—	—	—	—	$1.3b	$907.0m	$983.0m	$1.4b
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	$52.0m	$52.0m	$53.0m	$53.0m	$53.0m	$52.0m	$53.0m	$54.0m	$53.0m	$53.0m
Income Taxes Paid, Net	$2.0m	$18.0m	$0	$94.0m	$0	$0	—	—	—	$220.0m

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.