Cincinnati Financial
Sector unknown·CINF · USA (SEC 10-K)·Fiscal year to 31/12/2025
The Cincinnati Insurance Company also conducts the business of our reinsurance assumed operations, known as Cincinnati Re®. Other subsidiaries of The Cincinnati Insurance Company include: The Cincinnati Life Insurance Company (Cincinnati Life), which provides life insurance policies and fixed annuities; and The Cincinnati Specialty Underwriters Insurance Company (Cincinnati Specialty Underwriters), which offers excess and surplus lines insurance products.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Equity and capital markets
Macro
DriverPositive impact: strengthens
“While our bond portfolio more than covers our insurance reserve liabilities, we believe our diversified common stock portfolio of mainly blue chip, dividend-paying companies represents one of our best investment opportunities for the long term.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Effective capital management is an important part of creating long-term shareholder value, serving as a foundation to support other strategic areas focused on profitable growth of our insurance business. Our capital management philosophy is intended to preserve and build our capital while maintaining appropriate liquidity.”
Annual report 2025A · The company itself
Industrial manufacturing
End markets
Market
“In 2025, the commercial lines insurance segment contributed net earned premiums of $4.863 billion, representing 38.5% of consolidated total revenues. This segment reported profit before income taxes of $439 million. Commercial lines net earned premiums rose 8% in 2025 and 5% in 2024.”
Annual report 2025A · The company itself
Market
“•Commercial casualty – Covers businesses for third-party liability from accidents occurring on their premises or arising out of their operations, including injuries sustained from products. Other coverages available include miscellaneous errors and omissions, professional liability, management liability and excess liability.”
Annual report 2025A · The company itself
Market
“•Term life insurance is our largest life insurance product line. We continue to develop and offer term products with features our agents indicate are important, such as a return of premium benefit and an accelerated underwriting option. •We also offer products addressing the needs of businesses with key person and buy-sell coverages.”
Annual report 2025A · The company itself
Market
“Excess and Surplus Lines Insurance Segment The excess and surplus lines segment contributed net earned premiums of $698 million to 2025 consolidated total revenues, or 5.5% of the total, and reported profit before income taxes of $85 million. Excess and surplus lines net earned premium increased 13% in both 2025 and 2024.”
Annual report 2025A · The company itself
Market
“Life Insurance Segment The life insurance segment contributed $330 million of net earned premiums, representing 2.6% of 2025 consolidated total revenues, and reported a gain before income taxes of $65 million.”
Annual report 2025A · The company itself
Market
“Approximately 89% of our 2025 earned premiums for the excess and surplus lines insurance segment provided commercial casualty coverages for various insured liability claims.”
Annual report 2025A · The company itself
Market
“In addition, we offer term and whole life insurance to employees at their worksite. These products provide our property casualty agency force with excellent cross-serving opportunities for both commercial and personal accounts.”
Annual report 2025A · The company itself
Market
“Within the life insurance market, we continue to view the voluntary life space as particularly attractive. With our large commercial lines presence, our agencies have tremendous opportunities to serve the employees of these businesses with a simple, voluntary life product.”
Annual report 2025A · The company itself
Inflation
Macro
DriverNegative impact: weakens
“The renewal premium increase was largely due to average renewal price increases and a higher level of insured exposures. Price increases with enhanced precision continue to benefit operating results.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Price increases and other underwriting actions have helped to manage effects of losses that include inflation effects.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“We believe that our initiatives to continually improve pricing precision and underwriting decision processes to manage loss cost effects will continue to benefit commercial lines profitability during 2026.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“We have increased our pricing precision and implemented numerous rate increases in recent years to improve our personal lines insurance segment results. In addition, we have made greater use of higher minimum loss deductibles and enhanced our property inspection processes to verify condition and insurance to value.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“For our homeowner line of business, we estimate that price increases during 2025 averaged a percentage in the low-double-digit range. Similar to our personal auto line of business, that average varied widely by state, and some individual policies experienced lower or higher rate changes based on pricing precision and current rate level indications that helped determine appropriate premium rates.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Total contract holders’ benefits increased in 2025, compared with 2024, largely due to continued growth of in-force policy face amounts and less favorable impacts from the unlocking of interest rate and other actuarial assumptions, partially offset by more favorable mortality experience.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Although the potential for a worsening financial condition, and ultimately default, does exist with investment-grade corporate bonds, we address this risk by performing credit analysis and monitoring as well as maintaining a diverse portfolio of holdings.”
Annual report 2025A · The company itself
Market
“Contribution from catastrophe losses and prior years reserve development 22.0 14.6 14.1 7.4 0.5 Combined ratio before catastrophe losses and prior years reserve development 81.6 % 82.9 % 86.3 % (1.3) (3.4) Performance highlights for the personal lines insurance segment include: •Premiums – Earned premiums and net written premiums continued to grow in 2025, due to increases in renewal written premiums that included higher average pricing and a higher level of insured exposures. Renewal written premiums rose $633 million, or 25%, in 2025, compared with 2024, while new business written premiums decreased $128 million, or 21%.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Construction
End markets
DriverMixed impact: mixed
“We believe our commercial lines insurance segment premiums reflect a higher concentration, relative to industry commercial lines premiums, in contractor-related businesses. Since economic activity related to construction, which can heavily influence insured exposures of contractors, may experience cycles that vary significantly with the economy as a whole, our commercial lines premium trends could vary from commercial lines premium trends for the property casualty insurance industry. In 2025, we estimated that 39% of our general liability premiums, and 38% of our workers’ compensation premiums came from the construction industry based on North American Industry Classification System (NAICS) codes.”
Annual report 2025A · The company itself
Market
“In 2025, the commercial lines insurance segment contributed net earned premiums of $4.863 billion, representing 38.5% of consolidated total revenues. This segment reported profit before income taxes of $439 million. Commercial lines net earned premiums rose 8% in 2025 and 5% in 2024.”
Annual report 2025A · The company itself
Market
“•Commercial casualty – Covers businesses for third-party liability from accidents occurring on their premises or arising out of their operations, including injuries sustained from products. Other coverages available include miscellaneous errors and omissions, professional liability, management liability and excess liability.”
Annual report 2025A · The company itself
Market
“Excess and Surplus Lines Insurance Segment The excess and surplus lines segment contributed net earned premiums of $698 million to 2025 consolidated total revenues, or 5.5% of the total, and reported profit before income taxes of $85 million. Excess and surplus lines net earned premium increased 13% in both 2025 and 2024.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Consumer spending
Macro
DriverNegative impact: weakens
“Personal Lines Insurance Outlook The personal lines market of the U.S. property casualty industry experienced softening market conditions and increased competition, particularly in the personal auto line, during 2025, which will pressure premium growth into 2026.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Excess and Surplus Lines Insurance Outlook Strong premium growth continues in both general liability and excess casualty across the excess and surplus lines industry, but net rates remain under pressure.”
Annual report 2025A · The company itself
Market
“Personal Lines Insurance Segment The personal lines insurance segment contributed net earned premiums of $3.199 billion to 2025 consolidated total revenues, or 25.3% of the total, and reported a loss before income taxes of $111 million. Personal lines net earned premiums rose 22% in 2025 and 28% in 2024.”
Annual report 2025A · The company itself
Market
“Contribution from catastrophe losses and prior years reserve development 22.0 14.6 14.1 7.4 0.5 Combined ratio before catastrophe losses and prior years reserve development 81.6 % 82.9 % 86.3 % (1.3) (3.4) Performance highlights for the personal lines insurance segment include: •Premiums – Earned premiums and net written premiums continued to grow in 2025, due to increases in renewal written premiums that included higher average pricing and a higher level of insured exposures. Renewal written premiums rose $633 million, or 25%, in 2025, compared with 2024, while new business written premiums decreased $128 million, or 21%.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
SMEs
End markets
StrategyPositive impact: strengthens
“When marketing through our property casualty agencies, we have specific competitive advantages: •Because our property casualty operations are held in high regard, property casualty agency management is predisposed to consider selling our life products. •Marketing efforts for both our property casualty and life insurance businesses are directed by our field marketing department, coordinated with our life field marketing representatives, which assures consistency of communication and operations. Life field marketing representatives are available to meet face-to-face with agency personnel and their clients as well.”
Annual report 2025A · The company itself
Market
“They established the mission that continues to guide all of the companies in the Cincinnati Financial Corporation family – to grow profitably and enhance the ability of local independent insurance agents to deliver quality financial protection to the people and businesses they serve by: •providing insurance market stability through financial strength •producing competitive, up-to-date products and services •developing associates committed to superior service At year-end 2025, a select group of independent agencies in 46 states actively marketed our property casualty insurance within their communities.”
Annual report 2025A · The company itself
Market
“We seek to earn a share of each agency’s best excess and surplus lines accounts by offering several unique benefits. Agency producers have direct access through CSU Producer Resources to a group of our underwriters who focus exclusively on excess and surplus lines business.”
Annual report 2025A · The company itself
Market
“In addition, we offer term and whole life insurance to employees at their worksite. These products provide our property casualty agency force with excellent cross-serving opportunities for both commercial and personal accounts.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“•Manage insurance profitability – Implementation of these initiatives is intended to enhance underwriting expertise and knowledge, thereby increasing our ability to manage our business while also gaining efficiency. We believe profit margins can be improved with additional information and expanded pricing capabilities we can access with the use of technology and analytics. This includes segmentation efforts that emphasize identification and retention of insurance policies we believe have relatively stronger pricing, while seeking more aggressive renewal terms and conditions on policies we believe have relatively weaker pricing.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We estimate that premium rates for our personal auto line of business increased at an average percentage in the high-single-digit range during 2025, with some individual policies experiencing lower or higher rate changes based on enhanced pricing precision enabled by predictive models that consider characteristics of specific risks.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Technology remains a key driver of efficiency and data transparency. Our implementation of technology enhancements should continue to decrease data entry time and improve the quality of our analytics, positioning us to realize sustained benefits going forward.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Real estate
End markets
Market
“•Homeowner – Protects against losses to dwellings and contents from a wide variety of perils, as well as liability arising out of personal activities both on and off the covered premises.”
Annual report 2025A · The company itself
Market
“We also offer coverage for condominium unit owners and renters. •Other personal lines – This includes the other types of insurance products we offer to individuals, including dwelling fire, inland marine, personal umbrella liability and watercraft coverages.”
Annual report 2025A · The company itself
Market
“Policies covering liability at special events are also available. •Commercial property – Insures buildings, inventory, equipment and business income from loss or damage due to causes such as fire, wind, hail, water, theft and vandalism.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Automotive
End markets
Market
“Personal Lines Insurance Segment The personal lines insurance segment contributed net earned premiums of $3.199 billion to 2025 consolidated total revenues, or 25.3% of the total, and reported a loss before income taxes of $111 million. Personal lines net earned premiums rose 22% in 2025 and 28% in 2024.”
Annual report 2025A · The company itself
Market
“Approximately 89% of our 2025 earned premiums for the excess and surplus lines insurance segment provided commercial casualty coverages for various insured liability claims.”
Annual report 2025A · The company itself
Banks and insurance
End markets
InputNegative impact: weakens
“Relative to a broad bond market index such as the Barclay’s Aggregate, we are most heavily exposed to the investment-grade corporate bond asset class. Within that asset class, we have a weighting of 28.8% for the financial sector, lower than the 35.9% weighting for the financial sectors of the BofA U.S.”
Annual report 2025A · The company itself
Market
“The Cincinnati Insurance Company also conducts the business of our reinsurance assumed operations, known as Cincinnati Re®. Other subsidiaries of The Cincinnati Insurance Company include: The Cincinnati Life Insurance Company (Cincinnati Life), which provides life insurance policies and fixed annuities; and The Cincinnati Specialty Underwriters Insurance Company (Cincinnati Specialty Underwriters), which offers excess and surplus lines insurance products.”
Annual report 2025A · The company itself
Digitalisation
Technology
StrategyPositive impact: strengthens
“•Manage insurance profitability – Implementation of these initiatives is intended to enhance underwriting expertise and knowledge, thereby increasing our ability to manage our business while also gaining efficiency. We believe profit margins can be improved with additional information and expanded pricing capabilities we can access with the use of technology and analytics. This includes segmentation efforts that emphasize identification and retention of insurance policies we believe have relatively stronger pricing, while seeking more aggressive renewal terms and conditions on policies we believe have relatively weaker pricing.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Technology remains a key driver of efficiency and data transparency. Our implementation of technology enhancements should continue to decrease data entry time and improve the quality of our analytics, positioning us to realize sustained benefits going forward.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Geopolitical uncertainty
Macro
StrategyPositive impact: strengthens
“Premium growth initiatives also include expansion of Cincinnati Re and Cincinnati Global. Diversified growth also may reduce variability of losses from weather-related catastrophes.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We have worked to improve our geographic diversification by expanding our personal lines operation to additional states as the type of catastrophe risk can vary by state.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Premium consumers
End markets
Market
“They established the mission that continues to guide all of the companies in the Cincinnati Financial Corporation family – to grow profitably and enhance the ability of local independent insurance agents to deliver quality financial protection to the people and businesses they serve by: •providing insurance market stability through financial strength •producing competitive, up-to-date products and services •developing associates committed to superior service At year-end 2025, a select group of independent agencies in 46 states actively marketed our property casualty insurance within their communities.”
Annual report 2025A · The company itself
Market
“Our personal lines insurance segment markets through independent agencies to provide products and services offered to their clients throughout the wealth spectrum, including high net worth personal lines clients.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Agriculture and food production
End markets
Market
“Life Insurance Segment The life insurance segment contributed $330 million of net earned premiums, representing 2.6% of 2025 consolidated total revenues, and reported a gain before income taxes of $65 million.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Hospitality and leisure
End markets
Market
“Typical businesses covered include contractors, manufacturers, real estate owners and managers, retail, consultants, and bars or taverns.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Labour and wages
Raw materials and inputs
Market
“The policies are fully underwritten using traditional and accelerated methods. •Worksite products – Individually owned term life insurance, return of premium term life insurance and whole life insurance offered to employees on a voluntary basis through their employer. Premiums are collected by the employer using payroll deduction.”
Annual report 2025A · The company itself
Retail
End markets
Market
“Typical businesses covered include contractors, manufacturers, real estate owners and managers, retail, consultants, and bars or taverns.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Net written premiums for Cincinnati Re totaled $591 million in 2025, compared with $597 million in 2024. Approximately 34% of 2025 net written premiums was for property exposures that include risk of loss from natural catastrophes and approximately 50% was for casualty exposures from various liability risks.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Consolidated Property Casualty Insurance Losses by Size (Dollars in millions, net of reinsurance) Years ended December 31, 2025-2024 2024-2023 2025 2024 2023 Change % Change % Current accident year losses greater than $5,000,000 $ 116 $ 68 $ 141 71 (52) Current accident year losses $2,000,000-$5,000,000 156 138 144 13 (4) Large loss prior accident year reserve development 172 75 94 129 (20) Total large losses incurred 444 281 379 58 (26) Losses incurred but not reported 814 783 596 4 31 Other losses excluding catastrophe losses 3,046 2,782 2,571 9 8 Catastrophe losses 939 704 634 33 11 Total losses incurred $ 5,243 $ 4,550 $ 4,180 15 9 Ratios as a percent of earned premiums: Pt.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Net written premiums included excess and surplus lines homeowner policies with premiums totaling $129 million in 2025 and $166 million in 2024. •Combined ratio – The 2025 combined ratio increased by 6.1 percentage points, compared with 2024, including an increase of 7.1 points in the ratio for catastrophe losses.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Interest rates
Macro
DriverNegative impact: weakens
“Fixed-Maturity Securities and Short-Term Investments By maintaining a well-diversified fixed-maturity portfolio, we attempt to manage overall interest rate, reinvestment, credit and liquidity risk. We pursue a buy-and-hold strategy and do not attempt to make large-scale changes to the portfolio in anticipation of rate movements.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Average invested assets plus cash and cash equivalents $ 31,655 $ 28,374 $ 25,685 Average yield pretax 3.68 % 3.61 % 3.48 % Average yield after-tax 3.05 3.01 2.92 Effective tax rate 17.2 16.8 16.2 Fixed-maturity returns: Average amortized cost $ 17,743 $ 15,697 $ 13,670 Average yield pretax 4.93 % 4.67 % 4.39 % Average yield after-tax 4.02 3.83 3.62 Effective tax rate 18.4 18.0 17.5 In 2025, we continued to invest available cash flow in both fixed income and equity securities in a manner that we believe balances current income needs with longer-term invested asset growth goals. As bonds in our generally laddered portfolio mature or are called over the near term, we reinvest with a balanced approach, keeping in mind our long-term strategy and pursuing attractive risk-adjusted after-tax yields.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Fixed-Maturity Securities Investments For both taxable and tax-exempt fixed-maturity securities, the inverse relationship between interest rates and bond prices leads to falling bond values during periods of increasing interest rates.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Financial regulation
Regulation
DriverPositive impact: strengthens
“Financial Strength We believe that our financial strength and strong capital and surplus position, reflected in our insurer financial strength ratings, are clear, competitive advantages in the segments of the insurance marketplace that we serve. This strength supports the consistent, predictable performance that our policyholders, agents, associates and shareholders have always expected and received, helping us withstand significant challenges.”
Annual report 2025A · The company itself
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“Changes in the economy can affect insured exposures that directly relate to premium amounts charged for some policies. For commercial accounts, we usually calculate initial estimates for general liability premiums based on estimated sales or payroll volume, while we calculate workers’ compensation premiums based on estimated payroll volume.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“A change in sales or payroll volume generally indicates a change in demand for a business’s goods or services, as well as a change in its exposure to risk. Policyholders who experience sales or payroll volume changes due to economic factors may also have other exposures requiring insurance, such as commercial auto or commercial property.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Personal Lines Insurance Outlook The personal lines market of the U.S. property casualty industry experienced softening market conditions and increased competition, particularly in the personal auto line, during 2025, which will pressure premium growth into 2026.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Automation and robotics
Technology
DriverMixed impact: mixed
“We believe our commercial lines insurance segment premiums reflect a higher concentration, relative to industry commercial lines premiums, in contractor-related businesses. Since economic activity related to construction, which can heavily influence insured exposures of contractors, may experience cycles that vary significantly with the economy as a whole, our commercial lines premium trends could vary from commercial lines premium trends for the property casualty insurance industry. In 2025, we estimated that 39% of our general liability premiums, and 38% of our workers’ compensation premiums came from the construction industry based on North American Industry Classification System (NAICS) codes.”
Annual report 2025A · The company itself
Cement and building materials
Raw materials and inputs
InputNegative impact: weakens
“Part of the insured exposure increase reflects our response to inflation effects that increase the cost of building materials to repair damaged commercial structures. We use building valuation software to automate much of that underwriting process and may also manually adjust premiums to reflect property costs.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Reconstruction of Ukraine strengthens
United States
Geography
Geography
“Our 10 largest states based on property casualty premium volume, excluding Cincinnati Re and Cincinnati Global, are shown in the table below. (Dollars in millions) Earned premiums % of total earned Agency locations Average premium per location Year ended December 31, 2025 Ohio $ 1,233 12.8 % 287 $ 4.3 Illinois 560 5.8 212 2.6 New York 526 5.4 227 2.3 North Carolina 445 4.6 152 2.9 Indiana 378 3.9 158 2.4 Pennsylvania 369 3.8 196 1.9 Missouri 363 3.8 93 3.9 Georgia 355 3.7 134 2.6 Texas 320 3.3 129 2.5 Virginia 296 3.1 129 2.3 Field Focus Emphasizing Service We rely on our force of 2,195 field associates to provide service and be accountable to our agencies for decisions we make at the local level.”
Annual report 2025A · The company itself
Geography
“In 2025, our 10 highest volume personal lines states generated 59.2% of our earned premiums compared with 61.7% in 2024.”
Annual report 2025A · The company itself
Geography
“Our 10 largest states based on personal lines premium volume are shown in the table below. (Dollars in millions) Earned premiums % of total earned Agency locations Average premium per location Year ended December 31, 2025 Ohio $ 497 15.5 % 263 $ 1.9 New York 224 7.0 123 1.8 Illinois 213 6.7 153 1.4 Georgia 163 5.1 102 1.6 California 159 5.0 76 2.1 Texas 151 4.7 70 2.2 Missouri 145 4.5 74 2.0 North Carolina 127 4.0 123 1.0 Indiana 107 3.4 130 0.8 Connecticut 105 3.3 50 2.1 New and renewal personal lines business reflects our risk-specific underwriting philosophy.”
Annual report 2025A · The company itself
Geography
“In 2025, our 10 highest volume excess and surplus lines states generated 53.4% of our earned premiums, compared with 53.9% in 2024. Our 10 largest states based on excess and surplus lines premium volume are shown in the table below.”
Annual report 2025A · The company itself
Geography
“Life Insurance Distribution Cincinnati Life is licensed in 49 states and the District of Columbia. At year-end 2025, approximately 84% of our 2,292 property casualty agency relationships offered Cincinnati Life products to their clients.”
Annual report 2025A · The company itself
Geography
“In 2025, our five highest volume states for life insurance premiums, based on information contained in statements filed with state insurance departments, are shown in the table below. (Dollars in millions) Premiums % of total Year ended December 31, 2025 Ohio $ 60 14.8 % Pennsylvania 27 6.8 Illinois 24 5.9 Georgia 24 5.8 Indiana 22 5.4 Investments Segment Revenues of the investments segment are primarily from net investment income and from net investment gains and losses from investment portfolios managed for the holding company and each of the operating subsidiaries.”
Annual report 2025A · The company itself
Geography
“We serve middle market, mass affluent and high net worth clients, helping us grow across the U.S. and spreading our catastrophe risk.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Denmark
Geography
Geography
“In 2025, our 10 highest volume personal lines states generated 59.2% of our earned premiums compared with 61.7% in 2024.”
Annual report 2025A · The company itself
Geography
“Our 10 largest states based on personal lines premium volume are shown in the table below. (Dollars in millions) Earned premiums % of total earned Agency locations Average premium per location Year ended December 31, 2025 Ohio $ 497 15.5 % 263 $ 1.9 New York 224 7.0 123 1.8 Illinois 213 6.7 153 1.4 Georgia 163 5.1 102 1.6 California 159 5.0 76 2.1 Texas 151 4.7 70 2.2 Missouri 145 4.5 74 2.0 North Carolina 127 4.0 123 1.0 Indiana 107 3.4 130 0.8 Connecticut 105 3.3 50 2.1 New and renewal personal lines business reflects our risk-specific underwriting philosophy.”
Annual report 2025A · The company itself
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“The remainder of approximately 16% was a combination of what we consider to be more specialized coverages that include, but are not limited to, credit risk transfer related to residential mortgages, marine and energy risks and cyber risks.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“We expect to maintain rate increases as we continue to manage competitive markets and challenges such as third-party litigation funding, nuclear verdicts and aggressive plaintiff bar tactics.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 12.63 bn USD |
| Revenue growth vs. the year before, same method | 11.4 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 15.17 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.