Quarterly cash dividend up 12.4 percent
CINCINNATI, Feb 3, 2003 /PRNewswire-FirstCall via COMTEX/ -- Cincinnati Financial Corporation (Nasdaq: CINF) announced today that the board of directors voted, at its regular meeting on February 1, 2003, to increase the quarterly cash dividend 12.4 percent to 25 cents per share, payable April 15 on shares outstanding and of record on March 26. At the new level, the indicated annual dividend is $1 per share. Cash dividends declared in 2002 were 89 cents per share, up from 84 cents in 2001."Our earnings have supported increasing the cash dividend payout to shareholders every year since 1961," said Chairman and Chief Executive Officer John J. Schiff, Jr., CPCU. "This consistent dividend-paying policy bolsters total return. Even in the difficult investment environment of 2002, Cincinnati Financial returned a positive 0.8 percent to shareholders, compared with a negative return of 22 percent for the S&P 500 and a negative return of 9 percent for the S&P SuperComposite property casualty index.
"Just as importantly, this consistent dividend policy signals investors that Cincinnati Financial Corporation has solid earnings through changing economic conditions and is moving forward with strong expectations for continued cash generation."
Cincinnati Financial Corporation offers property and casualty insurance, our main business, through The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company. The Cincinnati Life Insurance Company markets life, disability income and long-term care insurance and annuities. CFC Investment Company supports the insurance subsidiaries and their independent agent representatives through commercial leasing and financing activities. CinFin Capital Management Company provides asset management services to institutions, corporations and individuals. For additional information, please visit our Web site at www.cinfin.com.
SOURCE Cincinnati Financial Corporation
CONTACT: Kenneth W. Stecher, Chief Financial Officer of Cincinnati
Financial Corporation, +1-513-603-5236
URL: http://www.cinfin.com.