FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND
SIMILAR PLANS PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
þ
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________________ to ___________________
Commission file number 0-4604
Cincinnati Financial Corporation
Tax-Qualified Savings Plan
(Full title of the plan and the address of the plan,
if different from that of the issuer named below)
Cincinnati Financial Corporation
6200 South Gilmore Road
Fairfield, OH 45014
(Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office)
REQUIRED INFORMATION
Items 1-3.
The information required by Items 1-3 is not required. See Item 4 below.
Item 4.
The Cincinnati Financial Corporation Tax-Qualified Savings Plan is subject to the requirements of ERISA. In lieu of the requirements of Items 1-3 above, the Plan Financial Statements and Schedule prepared in accordance with the Financial Reporting requirements of ERISA are attached hereto and incorporated herein by reference.
Financial statements as of and for the years ended December 31, 2021 and 2020, and supplemental schedule as of December 31, 2021.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
Cincinnati Financial Corporation
Tax-Qualified Savings Plan
(Name of Plan)
DATE: June 14, 2022
/S/ Michael J. Sewell
Michael J. Sewell, CPA
Chief Financial Officer, Principal Accounting Officer, Executive Vice President, Treasurer and Employee Benefits Committee Chairman
Cincinnati Financial
Corporation Tax-Qualified
Savings Plan
Employer ID No: 31-0746871
Plan Number: 002
Financial Statements as of and for the
Years Ended December 31, 2021 and 2020,
Supplemental Schedule as of December 31, 2021,
and Report of Independent Registered Public
Accounting Firm
CINCINNATI FINANCIAL CORPORATION
TAX-QUALIFIED SAVINGS PLAN
TABLE OF CONTENTS
Page
Report of Independent Registered Public Accounting Firm
All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Plan Participants and Plan Administrator of the Cincinnati Financial Corporation Tax-Qualified Savings Plan:
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Cincinnati Financial Corporation Tax-Qualified Savings Plan (the "Plan") as of December 31, 2021 and 2020, the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Report on Supplemental Schedule
The supplemental schedule of assets (held at end of year) as of December 31, 2021 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Deloitte & Touche LLP
Cincinnati, Ohio
June 14, 2022
We have served as the auditor of the Plan since 1996.
1
CINCINNATI FINANCIAL CORPORATION
TAX-QUALIFIED SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31,
December 31,
2021
2020
Assets:
Participant-directed investments (at fair value)
$
1,061,649,239
$
890,476,050
Notes receivable from participants
8,431,632
8,063,026
Interest and dividends receivable
292,787
289,292
Net assets available for benefits
$
1,070,373,658
$
898,828,368
Accompanying notes are an integral part of these financial statements.
2
CINCINNATI FINANCIAL CORPORATION
TAX-QUALIFIED SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years ended December 31,
2021
2020
Additions:
Participant contributions (including rollovers of $5,600,942
and $6,080,516 in 2021 and 2020, respectively)
$
47,454,964
$
47,742,701
Employer contributions
21,827,933
21,837,110
Total contributions
69,282,897
69,579,811
Net appreciation in fair value of investments
95,032,537
82,032,373
Interest and dividend income
55,909,618
34,229,074
Total investment income
150,942,155
116,261,447
Interest income on notes receivable from participants
411,582
425,773
Total additions
220,636,634
186,267,031
Deductions:
Benefits paid to participants and other
48,792,941
32,993,457
Administrative expenses
298,403
452,408
Total deductions
49,091,344
33,445,865
Increase in net assets
171,545,290
152,821,166
Net assets available for benefits:
Beginning of year
898,828,368
746,007,202
End of year
$
1,070,373,658
$
898,828,368
Accompanying notes are an integral part of these financial statements.
3
Cincinnati Financial Corporation
Tax-Qualified Savings Plan
NOTES TO FINANCIAL STATEMENTS AS OF AND FOR THE
YEARS ENDED DECEMBER 31, 2021 AND 2020
NOTE 1 - DESCRIPTION OF THE PLAN
The following description of the Cincinnati Financial Corporation Tax-Qualified Savings Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan document for more complete information.
General — The Plan is a defined contribution plan open to substantially all employees of Cincinnati Financial Corporation (the Company) and its subsidiaries who meet the eligibility requirements outlined in the Plan document. The Plan commenced January 1, 1996 and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.
The Plan uses Fidelity Management Trust Company (Fidelity) as trustee and Fidelity Workplace Services LLC as record keeper.
Contributions — Contributions to the Plan include (i) salary reduction contributions authorized by participants, (ii) matching contributions made by the Company, (iii) discretionary true-up matching contributions made by the Company, (iv) discretionary profit-sharing contributions made by the Company; and (v) participant rollovers from another qualified plan.
Participants may contribute a percentage of their pretax annual cash compensation each year, as defined in the Plan, subject to certain Internal Revenue Code (IRC) limitations. Participants are eligible for a Company match of 100% up to the first 6% of eligible compensation on a per-pay-period basis; however, those participants who accrue benefits under the Cincinnati Financial Corporation Retirement Plan are not eligible for the Company match. Participants who reach the Internal Revenue Service (IRS) contribution limit before December 31st, and who are employed as of December 31st, may receive a deposit the following year for the difference between what the Company contributed and 6% of total eligible earnings. The Company has the discretion to determine whether the true-up will occur in future years. The Company match is invested according to the participants’ investment directions. Contributions from participants and the Company are recorded each pay period for Plan participants. Eligible participants are initially enrolled in the Plan at a 6% contribution rate to encourage associate savings, with an automatic increase of a participant’s contribution rate by 1% each year to a maximum 10%, for these automatically enrolled participants. Unless directed otherwise, automatic enrollment participants are enrolled in the Plan's designated default investment option, Target Date Funds, which aligns nearest to the participant's retirement date, assumed at age 65. Each participant has the opportunity to elect to withdraw or change the contribution rate prior to automatic enrollment or at any time once enrolled.
Participants who have attained age 50 before the end of the plan year are eligible to make catch-up contributions; these additional contributions are ineligible for a Company matching contribution. The Plan includes a Roth 401(k) option for participants. This option allows participants to contribute after-tax dollars while contributions and any earnings on those contributions are tax-free upon withdrawal.
The Company may make a discretionary profit-sharing contribution to eligible participants. A participant who is not enrolled in the Company’s high-deductible group health plan is eligible for the discretionary profit-sharing contribution. The Company did not make a profit-sharing contribution during 2021 or 2020.
Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (Rollover). Rollovers from other qualified plans were $5,600,942 during 2021 and $6,080,516 during 2020.
Participant Accounts — Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, any employer matching contribution and allocations of Plan earnings and charged with withdrawals, administrative expenses and allocations of Plan losses. Allocations are based on participant earnings or account balances, as defined in the Plan document. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
4
Investments — Participants direct the investment of their contributions into various investment options offered by the Plan, which include the Company’s common stock fund, various registered investment companies and a money market fund, subject to certain trading restrictions on some of the investment options. Participants also have the option to invest in a variety of securities through a self-directed brokerage account. The Cincinnati Financial Stock Fund (the Stock Fund) is an Employee Stock Ownership Plan (ESOP), which is primarily invested in common shares of the Company and may also hold cash or other short-term liquid investments to accommodate the ESOP’s liquidity needs. A participant may elect to receive cash dividends on Company stock outside of the Plan or leave the dividends in the Plan to be reinvested.
Vesting — Participants are vested immediately in their contributions plus actual earnings thereon and vested in any Company matching contribution and profit-sharing contribution attributed to them plus actual earnings thereon after three years of eligible service. Unvested participants who are employed by the Company become fully vested in any Company and profit-sharing contribution attributed to them upon reaching age 65 or as defined in the plan.
Notes Receivable from Participants — Participants may borrow from their fund accounts up to a maximum of $50,000 or 50% of their account balance, whichever is less. The loans are secured by the balance in the participant’s account and bear interest equal to the prime rate plus 1%. At December 31, 2021, interest rates on participant loans ranged from 4.25% to 6.75%, with maturity dates through May 2038. Interest income is recorded on the accrual basis. Principal and interest is paid ratably through payroll deductions over a period of up to five years, except for loans used to purchase a primary residence, which are repaid via payroll deduction within a reasonable period as defined by the Plan. Principal and interest paid is credited to applicable funds in the borrower’s account. Participant loans are valued at the outstanding principal balances plus any accrued but unpaid interest. Upon participant termination or retirement, any outstanding loan balance attributed to such participant is treated as a distribution to the participant. Delinquent participant loans are recorded as a deemed distribution based on terms of the Plan document. No allowance for credit losses has been recorded as of December 31, 2021 and 2020.
In response to the pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020. The Plan chose to allow eligible participants with existing loans to defer repayment for 2020. This deferment option was only available through December 31, 2020. All deferred loans were re-amortized and resumed repayment in January 2021.
Subsequent Events — Subsequent events have been evaluated through June 14, 2022, which is the date the financial statements were available to be issued. There were no subsequent events requiring modifications or disclosures in these financial statements.
Payment of Benefits — The Plan provides for benefits to be paid upon retirement, disability, death or separation other than retirement as defined by the Plan document. The Plan also provides for hardship withdrawals to occur as outlined in the Plan document. Plan benefits may be paid in a lump sum of cash or shares of Company common stock. Stock may be paid only for the portion of interest held in the Stock Fund. The CARES Act mandated that the Plan waive required minimum distributions for calendar year 2020.
The Setting Every Community Up for Retirement Enhancement Act (SECURE ACT) was signed into law on December 20, 2019. Under this new legislation, a participant with a qualified birth or adoption of a child may take a distribution from the Plan within one year of the event up to $5,000. This distribution is not subject to an early distribution tax penalty and is also exempt from mandatory withholding. The participant is allowed, but not required, to repay the distribution to the Plan.
Forfeited Accounts — Forfeitures of terminated participants’ nonvested accounts may be used to restore forfeitures, pay Plan expenses and/or reduce the Company’s matching and profit-sharing contributions. Forfeiture balances were $12,290 and $44,365 at December 31, 2021 and 2020, respectively. Forfeitures of $675,086 and $459,758 were used to reduce the Company's matching contribution during the years ended December 31, 2021 and 2020, respectively. Forfeiture amounts are reinvested into the Vanguard Federal Money Market Fund until used in a way permitted by the Plan.
5
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting — The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the financial statements.
Investment Valuation and Income Recognition — The Plan’s investments are stated at fair value. Net appreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year. The Plan’s investment in the Stock Fund is valued based on exchange-traded observable quoted market prices. The Plan’s investments in registered investment companies, or mutual funds, are valued based on the net asset value (NAV) of the shares held by the Plan, which represents the price at which market participants buy and sell shares of the mutual funds on a daily basis. Self-directed brokerage accounts allow the participant to invest in a variety of securities such as individual equities, corporate bonds, and mutual funds along with other investments as outlined in the Plan document. The fair value of these securities are valued based on quoted market prices that would be the exit position. Certain securities are prohibited from purchase in the self-directed brokerage accounts. Fees paid by the participant for investment management services were included as a reduction of the return earned on each fund.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
Administrative Expenses — Trustee fees and other expenses of the Plan are paid jointly by the Company and the participant.
Payment of Benefits — Benefit payments to participants are recorded upon distribution. There were no amounts allocated to accounts of persons who have elected to withdraw from the Plan but have not yet been paid at December 31, 2021 and 2020.
COVID-19 — Beginning in mid-March 2020, the coronavirus (SARS-CoV-2 or COVID-19) pandemic outbreak, and unprecedented actions taken to contain the virus, caused an economic downturn on a global scale as well as market disruption and volatility. The Plan administrator cannot predict the impact the pandemic will have on the Plan's future Statements of Net Assets Available for Benefits and the Statements of Changes in Net Assets Available for Benefits, however the impact could be material.
NOTE 3 - FAIR VALUE MEASUREMENTS
In accordance with accounting guidance for fair value measurements and disclosures, the Plan categorized its financial instruments, based on the priority of the observable and market-based data for the valuation technique used, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. The Plan's valuation techniques have not changed from those used at December 31, 2020. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques:
•Level 1 – Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in active markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities and funds.
•Level 2 – Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets and liabilities that are actively traded. This also includes pricing models for which the inputs are corroborated by market data.
6
•Level 3 – Financial assets and liabilities for which fair values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.
The Plan bases fair value for investments in common stock on quoted market prices. Registered investment companies are primarily valued at quoted market prices, which represent the NAV of shares held by the Plan at year-end. Self-directed brokerage accounts are valued based on quoted market prices which would be the exit position. The methods described above may produce a fair value measurement that may not be reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement.
The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at December 31, 2021 and 2020. The Plan did not have any liabilities carried at fair value or any Level 2 or Level 3 assets at or during the years ended December 31, 2021 and 2020.
At December 31, 2021
Quoted prices in active markets for identical assets (Level 1)
Significant other observable inputs (Level 2)
Significant unobservable inputs (Level 3)
Total
Registered investment companies:
Large cap funds
$
309,729,777
$
—
$
—
$
309,729,777
Mid cap funds
168,510,148
—
—
168,510,148
Small cap funds
39,542,941
—
—
39,542,941
Balanced funds
303,037,735
—
—
303,037,735
International funds
71,074,278
—
—
71,074,278
Bond funds
61,860,993
—
—
61,860,993
Total registered investment companies
953,755,872
—
—
953,755,872
Cincinnati Financial Stock Fund
52,952,875
—
—
52,952,875
Self-directed brokerage accounts
27,894,222
—
—
27,894,222
Vanguard Federal Money Market Fund
27,046,270
—
—
27,046,270
Total
$
1,061,649,239
$
—
$
—
$
1,061,649,239
At December 31, 2020
Registered investment companies:
Large cap funds
$
250,892,461
$
—
$
—
$
250,892,461
Mid cap funds
150,903,762
—
—
150,903,762
Small cap funds
29,909,690
—
—
29,909,690
Balanced funds
246,140,819
—
—
246,140,819
International funds
59,239,455
—
—
59,239,455
Bond funds
62,674,839
—
—
62,674,839
Total registered investment companies
799,761,026
—
—
799,761,026
Cincinnati Financial Stock Fund
42,129,749
—
—
42,129,749
Self-directed brokerage accounts
21,500,849
—
—
21,500,849
Vanguard Federal Money Market Fund
27,084,426
—
—
27,084,426
Total
$
890,476,050
$
—
$
—
$
890,476,050
7
NOTE 4 - PARTY-IN-INTEREST TRANSACTIONS
During the years ended December 31, 2021 and 2020, certain Plan investments were in shares of mutual funds managed by Fidelity. Fidelity was the trustee as defined by the Plan and, therefore, these transactions qualify as exempt party-in-interest transactions. The Plan also issues loans to participants, which are secured by the vested balances in the participants' accounts.
At December 31, 2021 and 2020, the Plan held 464,742 and 482,154 shares, respectively, of common stock of Cincinnati Financial Corporation, with a cost basis of $26,938,530 and $26,142,352, respectively. During the years ended December 31, 2021 and 2020, the Plan recorded dividend income from shares of Cincinnati Financial Corporation of $1,136,532 and $1,082,917, respectively. Cincinnati Financial Corporation is the sponsoring company and, therefore, these transactions qualify as exempt party-in-interest transactions.
NOTE 5 - PLAN TERMINATION
Although it has not expressed any intention to do so, the Company has the right under the Plan to terminate the Plan subject to the provisions set forth in ERISA. If the Plan is terminated, distributions and withdrawals will continue to be made in accordance with the Plan.
NOTE 6 - FEDERAL INCOME TAX STATUS
The Company received an opinion letter from the IRS, dated December 28, 2017, which states the individually designed plan document satisfies the applicable provisions of the IRC. The Plan has been amended since receiving the determination letter. The Company and Plan administrator believe that the Plan is currently designed and operated in compliance with the applicable requirements of the IRC, and the Plan and related trust continue to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
8
SUPPLEMENTAL SCHEDULE
9
CINCINNATI FINANCIAL CORPORATION
TAX-QUALIFIED SAVINGS PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i—
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2021
Identity of Issuer
Description of Investment
Shares
Current Value***
Vanguard Federal Money Market Fund
Interest bearing money market fund
27,046,270
$
27,046,270
*
Cincinnati Financial Corporation
Common stock
464,742
$
52,948,015
Stock Purchase Account
4,860
Total Cincinnati Financial Stock Fund
$
52,952,875
T. Rowe Price Growth Stock
Registered investment company
881,791
$
93,769,618
*
Fidelity 500 Index Fund
Registered investment company
525,671
86,903,885
Dodge & Cox Stock Fund
Registered investment company
326,823
80,156,611
T. Rowe Price New Horizons
Registered investment company
884,381
68,123,853
Janus Henderson Enterprise
Registered investment company
351,251
56,042,084
*
Fidelity Total Bond Fund
Registered investment company
3,942,866
40,453,809
*
Fidelity Contrafund
Registered investment company
1,681,682
39,250,457
*
Fidelity International Cap
Registered investment company
2,389,989
39,195,827
Vanguard Mid Cap Index Fund
Registered investment company
471,660
32,869,957
Artisan International Fund
Registered investment company
1,040,080
31,878,451
Vanguard Small Cap Index Fund
Registered investment company
237,895
25,778,295
Vanguard Total Bond Market Index Fund
Registered investment company
1,460,853
16,346,942
Allspring Special Small Cap
Registered investment company
314,692
13,764,646
Allspring Special Mid Cap
Registered investment company
226,764
11,474,254
T. Rowe Price Equity Income Fund
Registered investment company
268,108
9,649,206
PIMCO Low Duration Fund
Registered investment company
516,351
5,060,242
*
Fidelity Freedom Index 2005 Fund
Registered investment company
15,272
213,499
*
Fidelity Freedom Index 2010 Fund
Registered investment company
44,281
632,336
*
Fidelity Freedom Index 2015 Fund
Registered investment company
257,909
4,025,954
*
Fidelity Freedom Index 2020 Fund
Registered investment company
898,885
15,514,747
*
Fidelity Freedom Index 2025 Fund
Registered investment company
2,037,611
39,896,419
*
Fidelity Freedom Index 2030 Fund
Registered investment company
2,363,852
48,908,098
*
Fidelity Freedom Index 2035 Fund
Registered investment company
2,361,951
54,750,033
*
Fidelity Freedom Index 2040 Fund
Registered investment company
1,755,007
41,523,474
*
Fidelity Freedom Index 2045 Fund
Registered investment company
1,694,993
41,645,974
*
Fidelity Freedom Index 2050 Fund
Registered investment company
1,155,178
28,428,943
*
Fidelity Freedom Index 2055 Fund
Registered investment company
820,938
16,615,782
*
Fidelity Freedom Index 2060 Fund
Registered investment company
564,463
9,674,888
*
Fidelity Freedom Index 2065 Fund
Registered investment company
40,853
565,815
*
Fidelity Freedom Index Income Fund
Registered investment company
50,653
641,773
Total registered investment company
$
953,755,872
Self-directed brokerage accounts
Various
$
27,894,222
10
CINCINNATI FINANCIAL CORPORATION
TAX-QUALIFIED SAVINGS PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i—
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2021
Identity of Issuer
Description of Investment
Shares
Current Value***
Total participant-directed investments
$
1,061,649,239
*
Participant loans**
$
8,431,632
*
Party-in-interest
**
The interest rates on these loans range from 4.25% to 6.75%, with maturity dates through May 2038.
***
Cost information is not required for participant-directed investments and, therefore, is not included.
See Accompanying Report of Independent Registered Public Accounting Firm.
