Declared Dividend • May 20
First quarter dividend of US$0.94 announced Shareholders will receive a dividend of US$0.94. Ex-date: 23rd June 2026 Payment date: 15th July 2026 Dividend yield will be 2.2%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 7.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 71% over the next 3 years. However, it would need to fall by 78% to increase the payout ratio to a potentially unsustainable range. Aankondiging • May 05
Cincinnati Financial Corporation Approves Amended and Restated Articles of Incorporation Cincinnati Financial Corporation at its annual meeting on May 2, 2026 approved the Amended and Restated Articles of Incorporation. Aankondiging • Apr 08
Cincinnati Financial Corporation to Report Q1, 2026 Results on Apr 27, 2026 Cincinnati Financial Corporation announced that they will report Q1, 2026 results After-Market on Apr 27, 2026 Aankondiging • Mar 04
Cincinnati Financial Corporation, Annual General Meeting, May 02, 2026 Cincinnati Financial Corporation, Annual General Meeting, May 02, 2026. Location: cincinnati art museum, 953 eden park drive, cincinnati, ohio 45202, United States Aankondiging • Jan 08
Cincinnati Financial Corporation to Report Q4, 2025 Results on Feb 09, 2026 Cincinnati Financial Corporation announced that they will report Q4, 2025 results After-Market on Feb 09, 2026 Aankondiging • Nov 15
Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend, Payable on January 15, 2026 Cincinnati Financial Corporation announced that at its regular meeting, the board of directors declared an 87 cents-per-share regular quarterly cash dividend. The dividend is payable January 15, 2026, to shareholders of record as of December 22, 2025. Aankondiging • Oct 07
Cincinnati Financial Corporation to Report Q3, 2025 Results on Oct 27, 2025 Cincinnati Financial Corporation announced that they will report Q3, 2025 results at 4:00 PM, US Eastern Standard Time on Oct 27, 2025 Aankondiging • Aug 23
Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend, Payable on October 15, 2025 Cincinnati Financial Corporation announced that at regular meeting held on August 22, 2025, the board of directors declared an 87 cents-per-share regular quarterly cash dividend. The dividend is payable October 15, 2025, to shareholders of record as of September 22, 2025. Aankondiging • Jul 08
Cincinnati Financial Corporation to Report Q2, 2025 Results on Jul 28, 2025 Cincinnati Financial Corporation announced that they will report Q2, 2025 results After-Market on Jul 28, 2025 Aankondiging • Jun 21
Cincinnati Financial Corporation Appoints Edward S. Wilkins as Independent Director, Effective June 20, 2025 Cincinnati Financial Corporation's board of directors added a 14seat, appointing Edward S. Wilkins, CPA, to the board and as a member of its audit committee, effective June 20, 2025. Wilkins is a retired Audit & Assurance partner with Deloitte & Touche LLP. During his more than 35 years at Deloitte, he served as the lead audit partner for some of the organization's largest clients, primarily in the financial services sector. As leader of Deloitte's audit analytics practice, Wilkins was instrumental in integrating large data and analytics into current audit approaches, working closely with the national audit group to drive innovation and embrace change. Wilkins also represented Deloitte on several committees that shaped leading practices for the audit profession, including the Public Company Accounting Oversight Board'sData and Technology Task Force, the Center of Audit Quality's Data Analytics Task Force and the American Institute of Certified Public Accountants/National Association of Insurance Commissioners Task Force. Aankondiging • Apr 08
Cincinnati Financial Corporation to Report Q1, 2025 Results on Apr 28, 2025 Cincinnati Financial Corporation announced that they will report Q1, 2025 results After-Market on Apr 28, 2025 Aankondiging • Mar 06
Cincinnati Financial Corporation, Annual General Meeting, May 03, 2025 Cincinnati Financial Corporation, Annual General Meeting, May 03, 2025. Location: cincinnati art museum, 953 eden park drive, cincinnati, ohio 45202, United States Aankondiging • Feb 03
Cincinnati Financial Corporation Announces Executive Changes at its U.S. Subsidiary Companies Cincinnati Financial Corporation announced that on January 31, 2025, its U.S. subsidiary companies held their regular shareholder and board meetings and appointing corporate officers. Scott A. Schuler was promoted to senior vice president – Personal Lines, named an executive officer and elected to the boards of all property casualty insurance subsidiaries. Chet H. Swisher was promoted to senior vice president – Commercial Lines, named an executive officer and elected to the boards of all standard market property casualty insurance subsidiaries. Dawn S. Chapel, CPCU, RPLU+, AIM, AIS, CRIS, APA, ARe, ASLI, AU, was promoted to senior vice president – Excess & Surplus Lines, named an executive officer and elected to the boards of all property casualty insurance subsidiaries and the insurance brokerage. Aankondiging • Feb 01
Cincinnati Financial Corporation Increases Regular Quarterly Cash Dividend, Payable on April 15, 2025 Cincinnati Financial Corporation announced that at its regular meeting held on January 31, 2025, the board of directors declared an 87 cents per share regular quarterly cash dividend, increasing by 7% from the previous 81 cents per share dividend paid on January 15, 2025. The dividend is payable April 15, 2025, to shareholders of record as of March 24, 2025. Aankondiging • Jan 08
Cincinnati Financial Corporation to Report Q4, 2024 Results on Feb 10, 2025 Cincinnati Financial Corporation announced that they will report Q4, 2024 results After-Market on Feb 10, 2025 Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: US$5.25 (vs US$0.63 loss in 3Q 2023) Third quarter 2024 results: EPS: US$5.25 (up from US$0.63 loss in 3Q 2023). Revenue: US$3.32b (up 83% from 3Q 2023). Net income: US$820.0m (up US$919.0m from 3Q 2023). Profit margin: 25% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.1% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Aankondiging • Oct 08
Cincinnati Financial Corporation to Report Q3, 2024 Results on Oct 24, 2024 Cincinnati Financial Corporation announced that they will report Q3, 2024 results After-Market on Oct 24, 2024 Declared Dividend • Sep 02
Second quarter dividend of US$0.81 announced Shareholders will receive a dividend of US$0.81. Ex-date: 17th September 2024 Payment date: 15th October 2024 Dividend yield will be 2.5%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 67% over the next 3 years. However, it would need to fall by 75% to increase the payout ratio to a potentially unsustainable range. Aankondiging • Aug 24
Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend,Payable on October 15, 2024 Cincinnati Financial Corporation announced that the board of directors declared an 81-cents-per-share regular quarterly cash dividend. The dividend is payable October 15, 2024, to shareholders of record as of September 17, 2024. Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: US$1.99 (vs US$3.40 in 2Q 2023) Second quarter 2024 results: EPS: US$1.99 (down from US$3.40 in 2Q 2023). Revenue: US$2.54b (down 2.3% from 2Q 2023). Net income: US$312.0m (down 42% from 2Q 2023). Profit margin: 12% (down from 21% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 6.2% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Aankondiging • Jul 10
Cincinnati Financial Corporation to Report Q2, 2024 Results on Jul 25, 2024 Cincinnati Financial Corporation announced that they will report Q2, 2024 results After-Market on Jul 25, 2024 Upcoming Dividend • Jun 11
Upcoming dividend of US$0.81 per share Eligible shareholders must have bought the stock before 18 June 2024. Payment date: 15 July 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.2%). Declared Dividend • May 13
First quarter dividend of US$0.81 announced Shareholders will receive a dividend of US$0.81. Ex-date: 18th June 2024 Payment date: 15th July 2024 Dividend yield will be 2.7%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 42% over the next year. However, it would need to fall by 78% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: US$4.82 (vs US$1.43 in 1Q 2023) First quarter 2024 results: EPS: US$4.82 (up from US$1.43 in 1Q 2023). Revenue: US$2.94b (up 31% from 1Q 2023). Net income: US$755.0m (up 236% from 1Q 2023). Profit margin: 26% (up from 10.0% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 13% growth forecast for the Insurance industry in Germany. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Aankondiging • Apr 05
Cincinnati Financial Corporation to Report Q1, 2024 Results on Apr 25, 2024 Cincinnati Financial Corporation announced that they will report Q1, 2024 results After-Market on Apr 25, 2024 Upcoming Dividend • Mar 11
Upcoming dividend of US$0.81 per share Eligible shareholders must have bought the stock before 18 March 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (4.0%). Reported Earnings • Feb 07
Full year 2023 earnings released: EPS: US$11.74 (vs US$3.06 loss in FY 2022) Full year 2023 results: EPS: US$11.74 (up from US$3.06 loss in FY 2022). Revenue: US$10.0b (up 53% from FY 2022). Net income: US$1.84b (up US$2.33b from FY 2022). Profit margin: 18% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Insurance industry in Germany. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Declared Dividend • Feb 05
Third quarter dividend of US$0.81 announced Shareholders will receive a dividend of US$0.81. Ex-date: 18th March 2024 Payment date: 15th April 2024 Dividend yield will be 2.8%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 7.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 28% over the next 2 years. However, it would need to fall by 69% to increase the payout ratio to a potentially unsustainable range. Aankondiging • Jan 10
Cincinnati Financial Corporation to Report Fiscal Year 2023 Results on Feb 06, 2024 Cincinnati Financial Corporation announced that they will report fiscal year 2023 results at 4:00 PM, US Eastern Standard Time on Feb 06, 2024 Upcoming Dividend • Dec 11
Upcoming dividend of US$0.75 per share at 2.9% yield Eligible shareholders must have bought the stock before 18 December 2023. Payment date: 16 January 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (3.8%). Aankondiging • Nov 18
Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend, Payable on January 16, 2024 Cincinnati Financial Corporation announced that at regular meeting, the board of directors declared a 75 cents per share regular quarterly cash dividend. The dividend is payable January 16, 2024, to shareholders of record as of December 19, 2023. Reported Earnings • Oct 27
Third quarter 2023 earnings released: US$0.63 loss per share (vs US$2.65 loss in 3Q 2022) Third quarter 2023 results: US$0.63 loss per share (improved from US$2.65 loss in 3Q 2022). Revenue: US$1.81b (up 29% from 3Q 2022). Net loss: US$99.0m (loss narrowed 76% from 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 6.2% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Aankondiging • Oct 06
Cincinnati Financial Corporation to Report Q3, 2023 Results on Oct 26, 2023 Cincinnati Financial Corporation announced that they will report Q3, 2023 results After-Market on Oct 26, 2023 Upcoming Dividend • Sep 08
Upcoming dividend of US$0.75 per share at 2.9% yield Eligible shareholders must have bought the stock before 15 September 2023. Payment date: 16 October 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (4.1%). Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 8 highly experienced directors. Independent Director Nancy Benacci was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jul 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$3.40 (vs US$5.06 loss in 2Q 2022) Second quarter 2023 results: EPS: US$3.40 (up from US$5.06 loss in 2Q 2022). Revenue: US$2.61b (up 218% from 2Q 2022). Net income: US$534.0m (up US$1.34b from 2Q 2022). Profit margin: 21% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 3.9% growth forecast for the Insurance industry in Germany. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Aankondiging • Jul 07
Cincinnati Financial Corporation to Report Q2, 2023 Results on Jul 27, 2023 Cincinnati Financial Corporation announced that they will report Q2, 2023 results After-Market on Jul 27, 2023 Upcoming Dividend • Jun 09
Upcoming dividend of US$0.75 per share at 3.0% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 14 July 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.5%). Recent Insider Transactions • Jun 01
Lead Independent Director recently bought €92k worth of stock On the 25th of May, Dirk Debbink bought around 1k shares on-market at roughly €91.74 per share. This transaction amounted to 2.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €490k more in shares than they have sold in the last 12 months. Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: US$1.43 (vs US$1.66 loss in 1Q 2022) First quarter 2023 results: EPS: US$1.43 (up from US$1.66 loss in 1Q 2022). Revenue: US$2.24b (up 84% from 1Q 2022). Net income: US$225.0m (up US$491.0m from 1Q 2022). Profit margin: 10.0% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Insurance industry in Germany. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Aankondiging • Jan 31
Cincinnati Financial Corporation Announces Executive Changes Cincinnati Financial Corporation announced that on January 27, 2023, its U.S. subsidiary companies held their regular shareholder and board meetings, Dirk J. Debbink, lead director, was appointed to the property casualty and life insurance subsidiary boards, joining the executive and investment committees. He was also appointed to the investment committee of the Cincinnati Financial board. Steven A. Soloria, CFA, CPCU, senior vice president, was promoted to chief investment officer and named an executive officer and director of the property casualty and life insurance subsidiaries. Aankondiging • Jan 06
Cincinnati Financial Corporation to Report Q4, 2022 Results on Feb 06, 2023 Cincinnati Financial Corporation announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 06, 2023 Recent Insider Transactions • Dec 11
Lead Independent Director recently bought €101k worth of stock On the 6th of December, Dirk Debbink bought around 1k shares on-market at roughly €101 per share. This transaction amounted to 2.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €512k more in shares than they have sold in the last 12 months. Upcoming Dividend • Dec 08
Upcoming dividend of US$0.69 per share Eligible shareholders must have bought the stock before 15 December 2022. Payment date: 13 January 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (4.3%). Reported Earnings • Nov 02
Third quarter 2022 earnings released: US$2.65 loss per share (vs US$0.95 profit in 3Q 2021) Third quarter 2022 results: US$2.65 loss per share (down from US$0.95 profit in 3Q 2021). Revenue: US$1.41b (down 21% from 3Q 2021). Net loss: US$418.0m (down 373% from profit in 3Q 2021). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Insurance industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 7.8%. The fair value is estimated to be €128, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 69% in the next 2 years. Upcoming Dividend • Sep 08
Upcoming dividend of US$0.69 per share Eligible shareholders must have bought the stock before 15 September 2022. Payment date: 14 October 2022. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.2%). Recent Insider Transactions • Sep 07
Independent Director recently bought €55k worth of stock On the 1st of September, Douglas Skidmore bought around 565 shares on-market at roughly €97.36 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €98k. Insiders have collectively bought €500k more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €91.98, the stock trades at a forward P/E ratio of 227x. Average forward P/E is 9x in the Insurance industry in Germany. Total returns to shareholders of 4.7% over the past three years. Recent Insider Transactions • Aug 03
Independent Director recently bought €96k worth of stock On the 29th of July, David Osborn bought around 1k shares on-market at roughly €95.78 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €389k more in shares than they have sold in the last 12 months. Reported Earnings • Jul 28
Second quarter 2022 earnings released: US$5.06 loss per share (vs US$4.36 profit in 2Q 2021) Second quarter 2022 results: US$5.06 loss per share (down from US$4.36 profit in 2Q 2021). Revenue: US$820.0m (down 64% from 2Q 2021). Net loss: US$808.0m (down 215% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 9.9%, compared to a 22% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 09
Upcoming dividend of US$0.69 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (4.9%). Reported Earnings • Apr 30
First quarter 2022 earnings released: US$1.70 loss per share (vs US$3.85 profit in 1Q 2021) First quarter 2022 results: US$1.70 loss per share (down from US$3.85 profit in 1Q 2021). Revenue: US$1.22b (down 45% from 1Q 2021). Net loss: US$273.0m (down 144% from profit in 1Q 2021). Over the next year, revenue is expected to shrink by 14% compared to a 20% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 10
Upcoming dividend of US$0.69 per share Eligible shareholders must have bought the stock before 17 March 2022. Payment date: 15 April 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (3.5%). Lower than average of industry peers (4.7%). Reported Earnings • Feb 16
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$18.29 (up from US$7.54 in FY 2020). Revenue: US$9.63b (up 28% from FY 2020). Net income: US$2.95b (up 142% from FY 2020). Profit margin: 31% (up from 16% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 19%. Over the next year, revenue is expected to shrink by 24% compared to a 15% growth forecast for the insurance industry in Germany. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 08
Upcoming dividend of US$0.63 per share Eligible shareholders must have bought the stock before 15 December 2021. Payment date: 14 January 2022. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (3.4%). Lower than average of industry peers (4.2%). Recent Insider Transactions • Dec 03
Independent Director recently bought €89k worth of stock On the 29th of November, Dirk Debbink bought around 855 shares on-market at roughly €104 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €160k more in shares than they have sold in the last 12 months. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS US$0.95 (vs US$3.01 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$1.79b (down 20% from 3Q 2020). Net income: US$153.0m (down 68% from 3Q 2020). Profit margin: 8.6% (down from 22% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 08
Upcoming dividend of US$0.63 per share Eligible shareholders must have bought the stock before 15 September 2021. Payment date: 15 October 2021. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (4.3%). Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS US$4.36 (vs US$5.65 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$2.30b (down 15% from 2Q 2020). Net income: US$703.0m (down 23% from 2Q 2020). Profit margin: 31% (down from 34% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 10
Upcoming dividend of US$0.63 per share Eligible shareholders must have bought the stock before 16 June 2021. Payment date: 15 July 2021. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (4.2%). Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS US$3.85 (vs US$7.56 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and profit margins, although earnings were improved. First quarter 2021 results: Revenue: US$2.23b (down 2,350% from 1Q 2020). Net income: US$620.0m (up US$1.85b from 1Q 2020). Profit margin: 28% (down from 1,238% in 1Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue beats expectations Revenue exceeded analyst estimates by 16%. Over the next year, revenue is expected to shrink by 9.0% compared to a 15% growth forecast for the Insurance industry in Germany. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS US$7.54 (vs US$12.24 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$7.54b (down 4.9% from FY 2019). Net income: US$1.22b (down 39% from FY 2019). Profit margin: 16% (down from 25% in FY 2019). The decrease in margin was primarily driven by higher expenses. Combined ratio: 98.1% (up from 93.8% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 20
New 90-day high: €78.00 The company is up 19% from its price of €65.50 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €142 per share. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS US$7.55 (vs US$12.24 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$7.54b (down 4.9% from FY 2019). Net income: US$1.22b (down 39% from FY 2019). Profit margin: 16% (down from 25% in FY 2019). The decrease in margin was primarily driven by higher expenses. Combined ratio: 98.1% (up from 93.8% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue beats expectations Revenue exceeded analyst estimates by 16%. Over the next year, revenue is expected to shrink by 10% compared to a 15% growth forecast for the Insurance industry in Germany. Is New 90 Day High Low • Jan 13
New 90-day high: €74.00 The company is up 11% from its price of €66.50 on 15 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Insurance industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €134 per share. Recent Insider Transactions • Nov 20
Insider recently bought €168k worth of stock On the 16th of November, Thomas Aaron bought around 3k shares on-market at roughly €67.29 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €6.0m more in shares than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 18% share price gain to US$71.50, the stock is trading at a trailing P/E ratio of 15.1x, up from the previous P/E ratio of 12.8x. This compares to an average P/E of 10x in the Insurance industry in Germany. Total returns to shareholders over the past three years are 25%. Analyst Estimate Surprise Post Earnings • Oct 29
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 32% at US$2.23b. Revenue is expected to shrink by 3.9% over the next year, compared to a 16% growth forecast for the Insurance industry in Germany. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of US$793.0m, down 15% from the prior year. Total revenue was US$6.99b over the last 12 months, up 7.6% from the prior year. Is New 90 Day High Low • Oct 29
New 90-day low: €60.50 The company is down 11% from its price of €68.00 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Insurance industry, which is down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €117 per share. 
