Cincinnati Financial

Management prioritizes underwriting profitability, then dividends, with opportunistic buybacks. Dividend increases span more than six decades, with a 7% raise to $0.87 per quarter in 2025. Share repurchases are measured and often offset SBC rather than aggressively shrinking the float.

The equity-heavy investment posture has historically supported book value compounding but adds volatility; still, large positions are diversified and concentrated in high-quality names. Technology investments (e.g., Cinergy small-business platform) and agency expansion are aimed at durable growth.

Track record on bolt-ons (E&S, Lloyd’s, Cincinnati Re) has been prudent.