Cincinnati Financial Management

Management criteria checks 3/4

Cincinnati Financial's CEO is Steve Spray, appointed in May 2022, has a tenure of 2.5 years. total yearly compensation is $4.71M, comprised of 19% salary and 81% bonuses, including company stock and options. directly owns 0.032% of the company’s shares, worth €7.44M. The average tenure of the management team and the board of directors is 10.8 years and 12.8 years respectively.

Key information

Steve Spray

Chief executive officer

US$4.7m

Total compensation

CEO salary percentage	19.0%
CEO tenure	2.5yrs
CEO ownership	0.03%
Management average tenure	10.8yrs
Board average tenure	12.8yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Steve Spray's remuneration changed compared to Cincinnati Financial's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	US$3b
Jun 30 2024	n/a	n/a	US$2b
Mar 31 2024	n/a	n/a	US$2b
Dec 31 2023	US$5m	US$894k	US$2b
Sep 30 2023	n/a	n/a	US$2b
Jun 30 2023	n/a	n/a	US$1b
Mar 31 2023	n/a	n/a	US$4m
Dec 31 2022	US$4m	US$784k	-US$487m
Sep 30 2022	n/a	n/a	-US$30m
Jun 30 2022	n/a	n/a	US$539m
Mar 31 2022	n/a	n/a	US$2b
Dec 31 2021	US$3m	US$733k	US$3b
Sep 30 2021	n/a	n/a	US$3b
Jun 30 2021	n/a	n/a	US$3b
Mar 31 2021	n/a	n/a	US$3b
Dec 31 2020	US$2m	US$736k	US$1b
Sep 30 2020	n/a	n/a	US$793m
Jun 30 2020	n/a	n/a	US$557m
Mar 31 2020	n/a	n/a	US$76m
Dec 31 2019	US$2m	US$607k	US$2b

Compensation vs Market: Steve's total compensation ($USD4.71M) is about average for companies of similar size in the German market ($USD4.81M).

Compensation vs Earnings: Steve's compensation has increased by more than 20% in the past year.

CEO

Steve Spray (58 yo)

2.5yrs

Tenure

US$4,708,647

Compensation

Mr. Stephen Michael Spray, also known as Steve, serves as President of Cincinnati Financial Corporation since May 07, 2022 & serves as its Director since January 27, 2024 and serves as its Chief Executive...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Steven Johnston	Executive Chairman	13.5yrs	US$8.38m	0.12% € 27.9m
Stephen Spray	President	2.5yrs	US$4.71m	0.032% € 7.4m
Michael Sewell	CFO, Principal Accounting Officer	13.5yrs	US$4.93m	0.064% € 14.8m
Teresa Cracas	Chief Risk Officer & Executive VP of The Cincinnati Insurance Company	13.5yrs	US$3.11m	0.028% € 6.5m
John Kellington	Chief Information Officer & Executive VP of The Cincinnati Insurance Company	14.8yrs	US$3.40m	0.054% € 12.5m
Steven Soloria	Executive VP & Chief Investment Officer	1.8yrs	no data	0.0090% € 2.1m
Dennis McDaniel	VP & Investor Relations Officer	15.8yrs	no data	no data
Thomas Hogan	Executive VP	less than a year	no data	0.011% € 2.5m
Betsy Ertel	Vice President of Corporate Communications	no data	no data	no data
Donald Doyle	Senior Vice President of The Cincinnati Insurance Company	16.8yrs	no data	0.026% € 6.1m
William Van Den Heuvel	Senior Vice President of The Cincinnati Insurance Company	10.8yrs	no data	0.018% € 4.3m
R. Sandercox	MD & Head of Specialty Casualty Reinsurance	8.3yrs	no data	no data

10.8yrs

Average Tenure

58yo

Average Age

Experienced Management: CCJ's management team is seasoned and experienced (10.8 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Steven Johnston	Executive Chairman	13.5yrs	US$8.38m	0.12% € 27.9m
Stephen Spray	President	less than a year	US$4.71m	0.032% € 7.4m
Gretchen Schar	Independent Director	22.8yrs	US$230.32k	0.021% € 4.9m
Larry Webb	Director	45.6yrs	US$235.70k	0.32% € 75.3m
John Steele	Independent Director	19.6yrs	US$202.72k	0.019% € 4.5m
Nancy Benacci	Independent Director	4.3yrs	US$207.87k	0.0035% € 822.9k
Douglas Skidmore	Independent Director	20.6yrs	US$202.98k	0.032% € 7.4m
Dirk Debbink	Lead Independent Director	12yrs	US$263.49k	0.035% € 8.0m
David Osborn	Independent Director	11yrs	US$234.60k	0.036% € 8.5m
Jill Meyer	Independent Director	5.3yrs	US$223.97k	0.0028% € 660.1k
Linda Clement-Holmes	Independent Director	14.8yrs	US$224.62k	0.010% € 2.4m
Charles Schiff	Non-Independent Director	4.3yrs	US$202.41k	0.62% € 144.7m

12.8yrs

Average Tenure

63.5yo

Average Age

Experienced Board: CCJ's board of directors are seasoned and experienced ( 12.8 years average tenure).

Cincinnati Financial Management

Management criteria checks 3/4

Key information

Recent management updates

Cincinnati Financial Corporation, Annual General Meeting, May 04, 2024

Insufficient new directors

Lead Independent Director recently bought €92k worth of stock

Cincinnati Financial Corporation Announces Executive Changes

Lead Independent Director recently bought €101k worth of stock

Cincinnati Financial Corporation Announces Death of Board Member William Bahl

Recent updates

Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend,Payable on January 15, 2025

Third quarter 2024 earnings released: EPS: US$5.25 (vs US$0.63 loss in 3Q 2023)

Cincinnati Financial Corporation to Report Q3, 2024 Results on Oct 24, 2024

Second quarter dividend of US$0.81 announced

Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend,Payable on October 15, 2024

Second quarter 2024 earnings released: EPS: US$1.99 (vs US$3.40 in 2Q 2023)

Cincinnati Financial Corporation to Report Q2, 2024 Results on Jul 25, 2024

Upcoming dividend of US$0.81 per share

First quarter dividend of US$0.81 announced

Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend, Payable on July 15, 2024

First quarter 2024 earnings released: EPS: US$4.82 (vs US$1.43 in 1Q 2023)

Cincinnati Financial Corporation to Report Q1, 2024 Results on Apr 25, 2024

Upcoming dividend of US$0.81 per share

Full year 2023 earnings released: EPS: US$11.74 (vs US$3.06 loss in FY 2022)

Third quarter dividend of US$0.81 announced

Cincinnati Financial Corporation, Annual General Meeting, May 04, 2024

Cincinnati Financial Corporation to Report Fiscal Year 2023 Results on Feb 06, 2024

Upcoming dividend of US$0.75 per share at 2.9% yield

Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend, Payable on January 16, 2024

Third quarter 2023 earnings released: US$0.63 loss per share (vs US$2.65 loss in 3Q 2022)

Cincinnati Financial Corporation to Report Q3, 2023 Results on Oct 26, 2023

Upcoming dividend of US$0.75 per share at 2.9% yield

Insufficient new directors

New major risk - Revenue and earnings growth

Second quarter 2023 earnings released: EPS: US$3.40 (vs US$5.06 loss in 2Q 2022)

Cincinnati Financial Corporation to Report Q2, 2023 Results on Jul 27, 2023

Upcoming dividend of US$0.75 per share at 3.0% yield

Lead Independent Director recently bought €92k worth of stock

Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend, Payable on July 14, 2023

First quarter 2023 earnings released: EPS: US$1.43 (vs US$1.66 loss in 1Q 2022)

Cincinnati Financial Corporation Announces Executive Changes

Cincinnati Financial Corporation Provides Earnings Guidance for the Fourth-Quarter 2022

Cincinnati Financial Corporation to Report Q4, 2022 Results on Feb 06, 2023

Lead Independent Director recently bought €101k worth of stock

Upcoming dividend of US$0.69 per share

Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend, Payable January 13, 2023

Third quarter 2022 earnings released: US$2.65 loss per share (vs US$0.95 profit in 3Q 2021)

Now 22% undervalued after recent price drop

Cincinnati Financial Corporation Provides Consolidated Earnings Guidance for the Third Quarter Ended September 30, 2022

Cincinnati Financial Corporation to Report Q3, 2022 Results on Oct 31, 2022

Cincinnati Financial Corporation Announces Death of Board Member William Bahl

Upcoming dividend of US$0.69 per share

Independent Director recently bought €55k worth of stock

Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend, Payable on October 14, 2022

Investor sentiment deteriorated over the past week

Independent Director recently bought €96k worth of stock

Second quarter 2022 earnings released: US$5.06 loss per share (vs US$4.36 profit in 2Q 2021)

Cincinnati Financial Corporation to Report Q2, 2022 Results on Jul 27, 2022

Cincinnati Financial Corporation Announces Retirement of Martin F. Hollenbeck as Chief Investment Officer

Upcoming dividend of US$0.69 per share

Cincinnati Financial Corporation Elects Stephen M. Spray as President

First quarter 2022 earnings released: US$1.70 loss per share (vs US$3.85 profit in 1Q 2021)

Cincinnati Financial Corporation to Report Q1, 2022 Results on Apr 28, 2022

Upcoming dividend of US$0.69 per share

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Cincinnati Financial Corporation Subsidiaries Announce Promotions and Appointments

Cincinnati Financial Corporation Increases Regular Quarterly Cash Dividend, Payable on April 15, 2022

Upcoming dividend of US$0.63 per share

Independent Director recently bought €89k worth of stock

Third quarter 2021 earnings released: EPS US$0.95 (vs US$3.01 in 3Q 2020)

Upcoming dividend of US$0.63 per share

Second quarter 2021 earnings released: EPS US$4.36 (vs US$5.65 in 2Q 2020)

Upcoming dividend of US$0.63 per share

Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend, Payable on July 15, 2021

First quarter 2021 earnings released: EPS US$3.85 (vs US$7.56 loss in 1Q 2020)

Revenue beats expectations

Full year 2020 earnings released: EPS US$7.54 (vs US$12.24 in FY 2019)

New 90-day high: €78.00

Full year 2020 earnings released: EPS US$7.55 (vs US$12.24 in FY 2019)