Cincinnati Financial (CINF) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Document Documentand Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	CINCINNATI FINANCIAL CORP
Entity Central Index Key	20,286
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		164,339,638
Entity Public Float			$ 7,466,710,235

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Investments
Fixed maturities, at fair value (amortized cost: 2015—$9,324; 2014—$8,871)	$ 9,650	$ 9,460
Equity securities, at fair value (cost: 2015—$2,938; 2014—$2,728)	4,706	4,858
Other invested assets	67	68
Total investments	14,423	14,386
Cash and cash equivalents	544	591
Investment income receivable	129	123
Finance receivable	62	75
Premiums receivable	1,431	1,405
Reinsurance recoverable	542	545
Prepaid reinsurance premiums	54	29
Deferred policy acquisition costs	616	578
Land, building and equipment, net, for company use (accumulated depreciation: 2015—$459; 2014—$446)	185	194
Other assets	154	70
Separate accounts	748	752
Total assets	18,888	18,748
Insurance reserves
Loss and loss expense reserves	4,718	4,485
Life policy and investment contract reserves	2,583	2,497
Unearned premiums	2,201	2,082
Other liabilities	717	648
Deferred income tax	638	840
Note payable	35	49
Long-term debt and capital lease obligations	821	822
Separate accounts	748	752
Total liabilities	12,461	12,175
Commitments and contingent liabilities (Note 16)	0	0
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2015 and 2014—500 million shares; issued: 2015 and 2014—198.3 million shares)	397	397
Paid-in capital	1,232	1,214
Retained earnings	4,762	4,505
Accumulated other comprehensive income	1,344	1,744
Treasury stock at cost (2015—34.4 million shares and 2014—34.6 million shares)	1,308	1,287
Total shareholders' equity	6,427	6,573
Total liabilities and shareholders' equity	$ 18,888	$ 18,748

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Fixed maturities, amortized cost	$ 9,324	$ 8,871
Equity securities, cost	2,938	2,728
Land, building and equipment, accumulated depreciation	$ 459	$ 446
Common stock, par value	$ 2	$ 2
common stock, authorized	500	500
Common stock, issued	198.3	198.3
Common stock, shares outstanding	198.3	198.3
Treasury stock, shares	34.4	34.6

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Earned premiums	$ 4,480	$ 4,243	$ 3,902
Investment income, net of expenses	572	549	529
Realized investment gains, net	70	133	83
Fee revenues	13	12	8
Other revenues	7	8	9
Total revenues	5,142	4,945	4,531
Benefits and Expenses
Insurance losses and contract holders' benefits	2,808	2,856	2,505
Underwriting, acquisition and insurance expenses	1,387	1,301	1,243
Interest expense	53	53	54
Other operating expenses	13	14	15
Total benefits and expenses	4,261	4,224	3,817
Income Before Income Taxes	881	721	714
Provision for Income Taxes
Current	231	159	178
Deferred	16	37	19
Total provision for income taxes	247	196	197
Net Income	$ 634	$ 525	$ 517
Per Common Share
Net income—basic (in usd per share)	$ 3.87	$ 3.21	$ 3.16
Net income—diluted (in usd per share)	$ 3.83	$ 3.18	$ 3.12

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net Income	$ 634	$ 525	$ 517
Other Comprehensive Income
Change in unrealized gains and losses on investments, net of tax of $(220), $134, and $161, respectively	(405)	250	299
Amortization of pension actuarial loss and prior service cost, net of tax of $(2), $(6), and $29, respectively	(4)	(12)	54
Change in life deferred acquisition costs, life policy reserves and other, net of tax of $4, $2, and $12, respectively	9	2	22
Other comprehensive (loss) income	(400)	240	375
Comprehensive Income	$ 234	$ 765	$ 892

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Unrealized gains on investments available-for-sale, net of tax	$ (220)	$ 134	$ 161
Amortization of pension actuarial loss and prior service cost, net of tax	(2)	(6)	29
Change in life deferred acquisition costs, life policy reserves and other, net of tax	$ 4	$ 2	$ 12

Consolidated Statements Of Shar

Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock
Beginning Balance at Dec. 31, 2012		$ 394	$ 1,134	$ 4,021	$ 1,129	$ (1,225)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based awards		3	36			10
Share-based compensation			18
Other			3			5
Net Income	$ 517			517
Dividends declared				(270)
Other comprehensive income	375				375
Shares acquired - share repurchase authorization						(52)
Shares acquired - share-based compensation plans						(28)
Ending Balance at Dec. 31, 2013	6,070	$ 397	1,191	4,268	1,504	(1,290)
Beginning Balance (in shares) at Dec. 31, 2012		162,900
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based awards (in shares)		1,600
Shares acquired—share repurchase authorization (in shares)		(1,000)
Shares acquired - share-based compensation plans (in shares)		(600)
Other (in shares)		200
Ending Balance (in shares) at Dec. 31, 2013		163,100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based awards		$ 0	0			37
Share-based compensation			19
Other			4			6
Net Income	525			525
Dividends declared				(288)
Other comprehensive income	240				240
Shares acquired - share repurchase authorization						(21)
Shares acquired - share-based compensation plans						(19)
Ending Balance at Dec. 31, 2014	$ 6,573	$ 397	1,214	4,505	1,744	(1,287)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based awards (in shares)		1,300
Shares acquired—share repurchase authorization (in shares)		(500)
Shares acquired - share-based compensation plans (in shares)		(400)
Other (in shares)		200
Ending Balance (in shares) at Dec. 31, 2014	198,300	163,700
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based awards		$ 0	(7)			41
Share-based compensation			20
Other			5			7
Net Income	$ 634			634
Dividends declared				(377)
Other comprehensive income	(400)				(400)
Shares acquired - share repurchase authorization						(53)
Shares acquired - share-based compensation plans						(16)
Ending Balance at Dec. 31, 2015	$ 6,427	$ 397	$ 1,232	$ 4,762	$ 1,344	$ (1,308)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based awards (in shares)	996	1,300
Shares acquired—share repurchase authorization (in shares)		(1,000)
Shares acquired - share-based compensation plans (in shares)		(300)
Other (in shares)		200
Ending Balance (in shares) at Dec. 31, 2015	198,300	163,900

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows From Operating Activities
Net Income	$ 634	$ 525	$ 517
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	52	51	50
Realized investment gains, net	(70)	(133)	(83)
Share-based compensation	20	19	18
Interest credited to contract holders'	44	47	44
Deferred income tax expense	16	37	19
Changes in:
Investment income receivable	(6)	(2)	(6)
Premiums and reinsurance receivable	(48)	(60)	(64)
Deferred policy acquisition costs	(18)	(20)	(44)
Other assets	(39)	19	(32)
Loss and loss expense reserves	233	174	81
Life policy reserves	101	119	84
Unearned premiums	119	106	184
Other liabilities	44	(11)	77
Current income tax receivable/payable	(18)	2	(49)
Net cash provided by operating activities	1,064	873	796
Cash Flows From Investing Activities
Sale of fixed maturities	43	26	40
Call or maturity of fixed maturities	1,199	1,019	930
Sale of equity securities	342	335	178
Purchase of fixed maturities	(1,722)	(1,312)	(1,381)
Purchase of equity securities	(493)	(392)	(265)
Investment in finance receivables	(14)	(18)	(39)
Collection of finance receivables	30	31	30
Investment in buildings and equipment, net	(10)	(9)	(7)
Change in other invested assets, net	1	9	5
Net cash used in investing activities	(624)	(311)	(509)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders	(366)	(278)	(263)
Shares acquired - share repurchase authorization	(53)	(21)	(52)
Payments of note payable	(14)	(55)	0
Proceeds from stock options exercised	24	22	25
Contract holders' funds deposited	83	86	86
Contract holders' funds withdrawn	(148)	(143)	(128)
Excess tax benefits on share-based compensation	4	2	5
Other	(17)	(17)	(14)
Net cash used in financing activities	(487)	(404)	(341)
Net change in cash and cash equivalents	(47)	158	(54)
Cash and cash equivalents at beginning of year	591	433	487
Cash and cash equivalents at end of year	544	591	433
Supplemental Disclosures of Cash Flow Information
Interest paid	52	53	53
Income taxes paid	245	154	222
Noncash Activities
Conversion of securities	3	7	0
Equipment acquired under capital lease obligations	20	12	28
Cashless exercise of stock options	16	19	28
Other assets and other liabilities	$ 27	$ 0	$ 0

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	Summary of Significant Accounting Policies Nature of Operations Cincinnati Financial Corporation (CFC) operates through our insurance group and two complementary subsidiary companies. The Cincinnati Insurance Company leads our standard market property casualty insurance group that also includes two subsidiaries: The Cincinnati Casualty Company and The Cincinnati Indemnity Company. This group markets a broad range of standard market commercial and personal policies. The group focuses on delivery of quality customer service to our select group of 1,526 independent insurance agencies with 1,956 reporting locations across 39 states. In 2015 the Cincinnati Insurance Company began our reinsurance assumed operations, Cincinnati Re. Other subsidiaries of The Cincinnati Insurance Company include The Cincinnati Life Insurance Company, which markets life and disability income insurance and fixed annuities, and The Cincinnati Specialty Underwriters Insurance Company, which offers excess and surplus lines property casualty insurance products. The two CFC complementary subsidiaries are CSU Producer Resources Inc., which provides insurance brokerage services to our independent agencies so their clients can access our excess and surplus lines insurance products, and CFC Investment Company (CFC-I), which offers commercial leasing and financing services to our agents, their clients and other customers. Basis of Presentation Our consolidated financial statements include the accounts of the parent and its wholly owned subsidiaries and are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Investments Our portfolio investments are primarily in publicly traded fixed-maturity, equity and short-term investments. Fixed-maturity investments (taxable bonds, tax-exempt bonds, redeemable preferred equities and commercial mortgage- backed securities) and equity investments (common and nonredeemable preferred equities) are classified as available for sale and recorded at fair value in the consolidated financial statements. The number of fixed-maturity securities with fair value below 100 percent of amortized cost can be expected to fluctuate as interest rates rise or fall. Because of our strong capital and long-term investment horizon, our general intent is to hold fixed-maturity investments until maturity, regardless of short-term fluctuations in fair values. Our invested asset impairment policy states that fixed maturities below their amortized cost that the company (1) intends to sell or (2) more likely than not will be required to sell before recovery of their amortized cost basis are deemed to be other-than-temporarily impaired (OTTI). The amortized cost of any such securities is reduced to fair value as the new cost basis, and a realized loss is recorded in the period in which it is recognized. When these two criteria are not met, and the company believes that full collection of interest and/or principal is not likely, we determine the net present value of future cash flows by using the effective interest rate implicit in the security at the date of acquisition as the discount rate and compare that amount with the amortized cost and fair value of the security. The difference between the net present value of the expected future cash flows and amortized cost of the security is considered a credit loss and recognized as a realized loss in the period in which it occurred. The difference between the fair value and the net present value of the cash flows of the security, the noncredit loss, is recognized in other comprehensive income as an unrealized loss. We had no fixed-maturity securities with a noncredit loss for the years ended 2015 and 2014. When determining OTTI charges for our equity portfolio, our invested asset impairment policy considers qualitative and quantitative factors, including facts and circumstances specific to individual securities, asset classes, the financial condition of the issuer, changes in dividend payment, the length of time fair value had been less than cost, the severity of the decline in fair value below cost, the volatility of the security and our ability and intent to hold each position until its forecasted recovery. We include the noncredit portion of fixed-maturity OTTI charges and all other unrealized gains and losses on investments, net of taxes, in shareholders’ equity as accumulated other comprehensive income (AOCI). Realized gains and losses on investments are recognized in net income based on the trade date accounting method. Included within our other invested assets are $31 million of life policy loans and $36 million of private equity investments. Life policy loans are carried at the receivable value. The private equity investments provide their financial statements to us and generally report investments on their balance sheets at fair value. We use the equity method of accounting for private equity investments. Investment income consists mainly of interest and dividends. We record interest on an accrual basis and record dividends at the ex-dividend date. We amortize premiums and discounts on fixed-maturity securities using the effective interest method over the expected life of the security. Fair Value Disclosures We account for our investment portfolio at fair value and apply fair value measurements as defined by ASC 820, Fair Value Measurements and Disclosures , to financial instruments. Fair value is applicable to ASC 320, Investments-Debt and Equity Securities , and ASC 825, Financial Instruments . ASC 820 defines fair value as the exit price or the amount that would be (1) received to sell an asset or (2) paid to transfer a liability in an orderly transaction between marketplace participants at the measurement date. When determining an exit price, we rely upon observable market data whenever possible. We primarily base fair value for investments in equity and fixed-maturity securities (including redeemable preferred stock and assets held in separate accounts) on quoted market prices or on prices from a pricing vendor, an outside resource that supplies global securities pricing, dividend, corporate action and descriptive information to support fund pricing, securities operations, research and portfolio management. The company obtains and reviews the pricing service’s valuation methodologies and related inputs and validates these prices by replicating a sample across each asset class using a discounted cash flow model. When a price is not available from these sources, as in the case of securities that are not publicly traded, we determine the fair value using various inputs including quotes from independent brokers. The fair value of investments not priced by a pricing vendor is less than 1 percent of the fair value of our total investment portfolio. For the purpose of ASC 825 disclosure, we estimate the fair value of long-term senior notes on market pricing of similar debt instruments that are actively trading. We estimate the fair value of our note payable on the year-end outstanding balance because it is short term and tied to a variable interest rate. We estimate the fair value of liabilities for investment contracts and annuities using discounted cash flow calculations across a wide range of economic interest rate scenarios with a provision for our nonperformance risk. We estimate the fair value for policyholder loans on insurance contracts using a discounted cash flow model. Determination of fair value for structured settlements assumes the discount rates used to calculate the present value of expected payments are the risk-free spot rates plus an A3 rated bond spread for financial issuers at December 31, 2015, to account for nonperformance risk. See Note 3, Fair Value Measurements, for further details. Cash and Cash Equivalents Cash and cash equivalents are highly liquid instruments that include liquid debt instruments with original maturities of less than three months. These are carried at cost, which approximates fair value. Property Casualty Insurance The consolidated property casualty companies actively write property casualty insurance through independent agencies in 39 states. Our 10 largest states generated 62 percent and 63 percent of total earned premiums in 2015 and 2014, respectively. Ohio, our largest state, accounted for 17 percent and 18 percent of total earned premiums in 2015 and 2014, respectively. Illinois, Indiana, Georgia, Pennsylvania, Michigan and North Carolina each accounted for between 5 percent and 7 percent of total earned premiums in 2015. Our largest single agency relationship accounted for approximately less than 1 percent of our total property casualty earned premiums in 2015. No aggregate agency relationship locations under a single ownership structure accounted for more than 3 percent of our total property casualty earned premiums in 2015. We record revenues for installment charges as fee revenues in the consolidated statements of income. Property casualty written premiums are deferred and recorded as earned premiums on a pro rata basis over the terms of the policies. We record as unearned premiums the portion of written premiums that applies to unexpired policy terms. Expenses associated with successfully acquiring insurance policies – commissions, premium taxes and underwriting costs – are deferred and amortized over the terms of the policies. All acquisition costs are in accordance with Accounting Standards Update (ASU) 2010-26, Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts . We assess recoverability of deferred acquisition costs at the segment level, consistent with the way we acquire, service and manage insurance policies and measure profitability. We analyze our acquisition cost assumptions to reflect actual experience, and we evaluate potential premium deficiencies. Certain property casualty policies are not entered into policy underwriting systems as of the effective date of coverage. An estimate is recorded for these unprocessed written premiums. A large majority of the estimate is unearned and has no material impact on earned premiums. Premiums receivable are reviewed for impairment on a quarterly basis. We maintain an allowance for uncollectible premiums. We establish reserves to cover the expected cost of claims, losses and expenses related to investigating, processing and resolving claims. Although the appropriate amount of reserves is inherently uncertain, we base our decisions on past experience and current facts. Reserves are based on claims reported prior to the end of the year and estimates of unreported claims. We take into account the fact that we may recover some of our costs through salvage and subrogation. We regularly review and update reserves using the most current information available. Any resulting adjustments are reflected in current calendar year insurance losses and policyholder benefits. Policyholder Dividends Certain workers’ compensation policies include the possibility of a policyholder earning a return of a portion of its premium in the form of a policyholder dividend. The dividend generally is calculated by determining the profitability of a policy year along with the associated premium. We reserve for all probable future policyholder dividend payments. We record policyholder dividends as other underwriting expenses. Life Insurance We offer several types of life insurance and disability income insurance, and we account for each according to the duration of the contract. Short-duration life and health contracts are written to cover claims that arise during a short, fixed term of coverage. We generally have the right to change the amount of premium charged or cancel the coverage at the end of each contract term. Group life insurance is an example. We record premiums for short-duration life and health contracts similarly to property casualty contracts. Long-duration contracts are written to provide coverage for an extended period of time. Traditional long-duration contracts require policyholders to pay scheduled gross premiums, generally not less frequently than annually, over the term of the coverage. Premiums for these contracts, such as whole life insurance and disability income insurance, are recognized as revenue when due. Some traditional long-duration contracts, such as ten-pay whole life insurance, have premium payment periods shorter than the period over which coverage is provided. For these contracts, the excess of premium over the amount required to pay expenses and benefits is recognized over the term of the coverage rather than over the premium payment period. We establish a liability for traditional long-duration contracts as we receive premiums. The amount of this liability is the present value of future expenses and benefits less the present value of future net premiums. Net premium is the portion of gross premium required to provide for all expenses and benefits. We estimate future expenses and benefits and net premium using assumptions for expected expenses, mortality, morbidity, withdrawal rates and investment income. We include a provision for deviation, meaning we allow for some uncertainty in making our assumptions. We establish our assumptions when the contract is issued, and we generally maintain those assumptions for the life of the contract. We use both our own experience and industry experience, adjusted for historical trends, in arriving at our assumptions for expected mortality, morbidity and withdrawal rates. We use our own experience and historical trends for setting our assumption for expected expenses. We base our assumption for expected investment income on our own experience, adjusted for current economic conditions. We capitalize acquisition costs for traditional long-duration contracts. We charge these capitalized costs associated with successfully acquiring traditional long-duration contract insurance policies over the premium-paying period of the policies. We use the same assumptions used in establishing the liability for the contract. All acquisition costs are in accordance with ASU 2010-26, Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts . We update our acquisition cost assumptions periodically to reflect actual experience, and we evaluate our deferred acquisition costs for recoverability. Universal life contracts are long-duration contracts for which contractual provisions are not fixed, unlike whole life insurance. Universal life contracts allow policyholders to vary the amount of premium, within limits, without our consent. However, we may vary the mortality, expense charges and the interest crediting rate, within limits, used to accumulate policy values. We do not record universal life premiums as revenue. Instead we recognize as revenue the mortality charges, administration charges and surrender charges when received. Some of our universal life contracts assess administration charges in the early years of the contract that are compensation for services we will provide in the later years of the contract. These administration charges are deferred and are recognized over the period when we provide those future services. We maintain a liability equal to the policyholder account value. There is no provision for adverse deviation. Some of our universal life policies contain no-lapse guarantee provisions. For these policies, we establish a reserve in addition to the account balance, based on expected no-lapse guarantee benefits and expected policy assessments. We capitalize acquisition costs associated with successfully acquiring universal life long-duration contracts. We charge these capitalized costs to expenses over the term of coverage of the contract in accordance with the recognition of gross profit from the contract. When we charge deferred policy acquisition costs to expenses, we use assumptions based on our best estimates of long-term experience. We review and modify these assumptions on a regular basis. Separate Accounts We have issued universal life contracts with guaranteed minimum returns, referred to as bank-owned life insurance contracts (BOLIs). A BOLI is designed so the bank is the policy owner and the policy beneficiary. We legally segregate and record as separate accounts the assets and liabilities for some of our BOLIs, based on the specific contract provisions. We guarantee minimum investment returns, account values and death benefits for our separate account BOLIs. Our other BOLIs are general account products. We carry the assets of separate account BOLIs at fair value. The liabilities on separate account BOLIs primarily are the contract holders’ claims to the related assets and are carried at an amount equal to the contract holders’ account value. At December 31, 2015, the current fair value of the BOLI invested assets and cash exceeded the current fair value of the contract holders’ account value by approximately $21 million . If the BOLI projected fair value were to fall below the value we guaranteed, a liability would be established with a corresponding charge to the company’s earnings. Generally, investment income and realized investment gains and losses of the separate accounts accrue directly to the contract holder, and we do not include them in the consolidated statements of income. Revenues and expenses related to separate accounts consist of contractual fees and mortality, surrender and expense risk charges. Also, each separate account BOLI includes a negotiated capital gain and loss sharing arrangement between the company and the bank. A percentage of each separate account’s realized capital gain and loss representing contract fees and assessments accrues to us and is transferred from the separate account to our general account and is recognized as revenue or expense. We record as revenues separate account investment management fees in Fee revenues of the consolidated statements of income. Reinsurance Assumed The Cincinnati Insurance Company is expanding in the area of assumed reinsurance. Business written includes treaties that provide coverage for property catastrophe events on a worldwide basis. Premiums are primarily earned on a pro rata basis over the coverage period of the treaty. We also assume risk with limited exposure as a reinsurer for other insurance companies, reinsurers and involuntary state pools. Reinsurance Ceded We reduce risk and uncertainty by buying property casualty and life reinsurance. Reinsurance contracts do not relieve us from our obligation to policyholders, but rather help protect our financial strength to perform that duty. All of these ceded reinsurance contracts transfer the economic risk of loss. Ceded premiums are deferred and recorded as earned premiums on a pro rata basis over the terms of the contracts. We estimate loss amounts recoverable from our reinsurers based on the reinsurance policy terms. Historically, our claims with reinsurers have been paid. We do not have an allowance for uncollectible reinsurance. Income Taxes We calculate deferred income tax liabilities and assets using tax rates in effect when temporary differences in financial statement income and taxable income are expected to reverse. We recognize deferred income taxes for numerous temporary differences between our taxable income and financial statement income and other changes in shareholders’ equity. Such temporary differences relate primarily to unrealized gains and losses on investments and differences in the recognition of deferred acquisition costs, unearned premium and insurance reserves. We charge deferred income taxes associated with balances that impact other comprehensive income, such as unrealized appreciation and depreciation of investments (except the amounts related to the effect of income tax rate changes), to shareholders’ equity in AOCI. We charge deferred taxes associated with other differences to income. See Note 11, Income Taxes, for further detail on our uncertain tax positions. Although no Internal Revenue Service (IRS) penalties currently are accrued, if incurred, they would be recognized as a component of income tax expense. Earnings per Share Net income per common share is based on the weighted average number of common shares outstanding during each of the respective years. We calculate net income per common share (diluted) assuming the exercise or conversion of share‑based awards using the treasury stock method. Land, Building and Equipment We record land at cost, and record building and equipment at cost less accumulated depreciation. Equipment held under capital leases also is classified as property and equipment with the related lease obligations recorded as liabilities. We capitalize and amortize costs for internally developed computer software during the application development stage. These costs generally consist of external consulting, payroll and payroll-related costs. Our depreciation is based on estimated useful lives (ranging from three years to 39.5 years) using straight-line and accelerated methods. Depreciation expense was $36 million for 2015, and $37 million for 2014 and 2013, respectively. We monitor land, building and equipment and software assets for potential impairments. Potential impairments may include a significant decrease in the fair values of the assets, considerable cost overruns on projects, a change in legal factors or business climate or other factors that indicate that the carrying amount may not be recoverable or useful. There were no recorded land, building and equipment impairments for 2015, 2014 or 2013. Finance Receivables Our leasing subsidiary provides auto and equipment direct financing (leases and loans) to commercial and individual clients. We generally transfer ownership of the property to the client as the terms of the leases expire. Our lease contracts contain bargain purchase options. We account for these leases and loans as direct financing-type leases. We capitalize and amortize lease or loan origination costs over the life of the financing, using the effective interest method. These costs may include, but are not limited to finder fees, broker fees, filing fees and the cost of credit reports. We record income as other revenues over the financing term using the effective interest method in the consolidated statements of income, Finance receivables are reviewed for impairment and are insignificant to our consolidated financial position, results of operations and cash flows. Employee Benefit Pension Plan We sponsor a defined benefit pension plan that was modified during 2008. We closed entry into the pension plan, and only participants 40 years of age or older could elect to remain in the plan. Our pension expense is based on certain actuarial assumptions and also is composed of several components that are determined using the projected unit credit actuarial cost method. Refer to Note 13, Employee Retirement Benefits, for more information about our defined benefit pension plan. Share-Based Compensation We grant qualified and nonqualified share-based compensation under authorized plans. The stock options generally vest on a graded scale over three years following the date of grant and are exercisable over 10 -year periods. We grant service-based restricted stock units that cliff vest three years after the date of grant as well as service-based restricted stock units that vest ratably over the three year vesting term. We also grant performance-based restricted stock units that vest if certain market conditions are attained. In 2015, the CFC compensation committee approved share-based awards including incentive stock options, nonqualified stock options, service-based restricted and performance-based restricted stock units. See Note 17, Share-Based Associate Compensation Plans, for further details. Subsequent Events There were no subsequent events requiring adjustment to the financial statements or disclosure. Adopted Accounting Updates ASU 2015-03, Interest-Imputation of Interest In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest. ASU 2015-03 reduces the complexity of disclosing debt issuance costs and debt discount and premium on the balance sheet by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 allows entities to defer and present debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The company adopted these ASU's retrospectively as of December 31, 2015. Certain prior year amounts have been reclassified to conform with the current-year presentation, including Other assets and Long-term debt and capital lease obligations which were reduced by approximately $5 million each. There were no changes to shareholders' equity as a result of these adoptions. There were no other impacts on our company's consolidated financial position, cash flows or results of operations. Pending Accounting Updates ASU 2014-09, Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers . ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Insurance contracts do not fall within the scope of this ASU. The effective date of ASU 2014-09 is for annual reporting periods beginning after December 15, 2017 with early adoption permitted. The ASU has not yet been adopted; however, there is not expected to be a material impact on our company’s consolidated financial position, cash flows or results of operations. ASU 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 requires that performance targets that affect vesting and that could be achieved after the requisite service period be treated as performance conditions. The effective date of ASU 2014-12 is for interim and annual reporting periods beginning after December 15, 2015. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, cash flows or results of operations. ASU 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis. ASU 2015-02 makes amendments to the current consolidation guidance, focusing mainly on the investment management industry; however entities across all industries could be impacted. The effective date of ASU 2015-02 is for interim and annual reporting periods beginning after December 15, 2015. The ASU has not yet been adopted; however, there is not expected to be a material impact on our company’s consolidated financial position, cash flows or results of operations. ASU 2015-09, Financial Services-Insurance: Disclosures about Short-Duration Contracts In May 2015, the FASB issued ASU 2015-09, Financial Services-Insurance: Disclosures About Short-Duration Contracts. ASU 2015-09 requires entities to provide additional disclosures about the liability for unpaid claims and claim adjustment expenses to increase the transparency of significant estimates. ASU 2015-09 also requires entities to disclose information about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, including reasons for the change and the effects on the financial statements. ASU 2015-09 also requires entities to disclose a rollforward of the liability of unpaid claims and claim adjustment expense for annual and interim reporting periods. The effective date of ASU 2015-09 is for annual reporting periods beginning after December 15, 2015, and interim reporting periods within annual periods beginning after December 15, 2016. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, cash flows or results of operations, but the ASU will require additional disclosures to our annual and interim financial statements. ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 revises the accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The effective date of ASU 2016-01 is for interim and annual reporting periods beginning after December 15, 2017. The ASU has not yet been adopted. Management is currently evaluating the impact on our company’s consolidated financial position, cash flows and results of operations.

Investments

Investments	12 Months Ended
	Dec. 31, 2015
Investments [Abstract]
Investments	Investments The following table provides cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity and equity securities: (Dollars in millions) Cost or amortized cost Gross unrealized Fair At December 31, 2015 gains losses Fixed-maturity securities: Corporate $ 5,294 $ 255 $ 96 $ 5,453 States, municipalities and political subdivisions 3,440 172 1 3,611 Commercial mortgage-backed 287 4 2 289 Government-sponsored enterprises 284 — 6 278 Foreign government 10 — — 10 Convertibles and bonds with warrants attached 5 — — 5 United States government 4 — — 4 Subtotal 9,324 431 105 9,650 Equity securities: Common equities 2,749 1,787 51 4,485 Nonredeemable preferred equities 189 32 — 221 Subtotal 2,938 1,819 51 4,706 Total $ 12,262 $ 2,250 $ 156 $ 14,356 At December 31, 2014 Fixed-maturity securities: Corporate $ 5,117 $ 420 $ 11 $ 5,526 States, municipalities and political subdivisions 3,267 178 2 3,443 Commercial mortgage-backed 250 9 — 259 Government-sponsored enterprises 213 — 5 208 Foreign government 10 — — 10 Convertibles and bonds with warrants attached 7 — — 7 United States government 7 — — 7 Subtotal 8,871 607 18 9,460 Equity securities: Common equities 2,583 2,099 3 4,679 Nonredeemable preferred equities 145 35 1 179 Subtotal 2,728 2,134 4 4,858 Total $ 11,599 $ 2,741 $ 22 $ 14,318 The net unrealized investment gains in our fixed-maturity portfolio are primarily the result of the continued low interest rate environment that increased the fair value of our fixed-maturity portfolio. Our commercial mortgage-backed securities had an average rating of Aa1/AA at December 31, 2015 and 2014. The seven largest net unrealized investment gains in our common stock portfolio are from Exxon Mobil Corporation (NYSE:XOM), Honeywell International Incorporated (NYSE:HON), The Procter & Gamble Company (NYSE:PG), BlackRock Inc. (NYSE:BLK), Microsoft Corporation (Nasdaq:MFST), Johnson and Johnson (NYSE:JNJ), and JP Morgan Chase & Co. (NYSE:JPM), which had a combined gross unrealized gain of $566 million . At December 31, 2015, JP Morgan Chase & Co. was our largest single equity holding with a fair value of 3.3 percent of our publicly traded common equities portfolio and 1.0 percent of the total investment portfolio. The table below provides fair values and unrealized losses by investment category and by the duration of the securities’ continuous unrealized loss positions: (Dollars in millions) Less than 12 months 12 months or more Total At December 31, 2015 Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Fixed-maturity securities: Corporate $ 1,099 $ 63 $ 133 $ 33 $ 1,232 $ 96 States, municipalities and political subdivisions 47 1 22 — 69 1 Commercial mortgage-backed 103 2 2 — 105 2 Government-sponsored enterprises 100 2 127 4 227 6 Subtotal 1,349 68 284 37 1,633 105 Equity securities: Common equities 270 51 — — 270 51 Nonredeemable preferred equities 35 — — — 35 — Subtotal 305 51 — — 305 51 Total $ 1,654 $ 119 $ 284 $ 37 $ 1,938 $ 156 At December 31, 2014 Fixed-maturity securities: Corporate $ 261 $ 8 $ 90 $ 3 $ 351 $ 11 States, municipalities and political subdivisions 17 — 135 2 152 2 Commercial mortgage-backed 3 — 23 — 26 — Government-sponsored enterprises 11 — 181 5 192 5 Subtotal 292 8 429 10 721 18 Equity securities: Common equities 85 3 — — 85 3 Nonredeemable preferred equities 16 — 17 1 33 1 Subtotal 101 3 17 1 118 4 Total $ 393 $ 11 $ 446 $ 11 $ 839 $ 22 Contractual maturity dates for fixed-maturity investments were: (Dollars in millions) Amortized cost Fair value % of fair value At December 31, 2015 Maturity dates: Due in one year or less $ 453 $ 459 4.8 % Due after one year through five years 3,068 3,243 33.6 Due after five years through ten years 3,592 3,649 37.8 Due after ten years 2,211 2,299 23.8 Total $ 9,324 $ 9,650 100.0 % Actual maturities may differ from contractual maturities when there is a right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2015, fixed-maturity investments with amortized cost of $74 million and fair value of $77 million were on deposit with various states in compliance with regulatory requirements. At December 31, 2014, fixed‑maturity investments with amortized cost of $75 million and fair value of $78 million were on deposit with various states in compliance with regulatory requirements. The following table provides investment income, realized investment gains and losses, and the change in unrealized investment gains and losses: (Dollars in millions) Years ended December 31, 2015 2014 2013 Investment income: Interest $ 428 $ 417 $ 413 Dividends 150 138 122 Other 3 2 3 Total 581 557 538 Less investment expenses 9 8 9 Total $ 572 $ 549 $ 529 Realized investment gains and losses: Fixed maturities: Gross realized gains $ 18 $ 21 $ 15 Gross realized losses — (3 ) — Other-than-temporary impairments (18 ) (15 ) (2 ) Equity securities: Gross realized gains 129 136 64 Gross realized losses (26 ) — — Other-than-temporary impairments (34 ) (9 ) — Other 1 3 6 Total $ 70 $ 133 $ 83 Change in unrealized investment gains and losses: Fixed maturities $ (263 ) $ 106 $ (387 ) Equity securities (362 ) 278 847 Less deferred income taxes (220 ) 134 161 Total $ (405 ) $ 250 $ 299 For the years ended December 31, 2015, 2014 and 2013, there were no credit losses on fixed-maturity securities for which a portion of OTTI has been recognized in other comprehensive income. During 2015, we other-than-temporarily impaired 20 securities. At December 31, 2015, 69 fixed-maturity investments with a total unrealized loss of $37 million had been in an unrealized loss position for 12 months or more. Of that total, five fixed-maturity investments had fair values below 70 percent of amortized cost. There were no equity security investments in an unrealized loss position for 12 months or more as of December 31, 2015. During 2014, we other-than-temporarily impaired six securities. At December 31, 2014, 144 fixed-maturity investments with a total unrealized loss of $10 million had been in an unrealized loss position for 12 months or more. Of that total, no fixed-maturity investments had fair values below 70 percent of amortized cost. There were three equity security investments in an unrealized loss position for 12 months or more with a total unrealized loss of $1 million as of December 31, 2014. Of that total, no equity security investments had fair values below 70 percent of cost. During 2013, we other-than-temporarily impaired seven securities. At December 31, 2013, 40 fixed-maturity investments with a total unrealized loss of $5 million had been in an unrealized loss position for 12 months or more. Of that total, no fixed-maturity investments had fair values below 70 percent of amortized cost. There were no equity security investments in an unrealized loss position for 12 months or more as of December 31, 2013.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2014, and ultimately management determines fair value. Financial instruments reported at fair value in our consolidated financial statements are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 – Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in active markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities. • Level 2 – Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets and liabilities that are actively traded. This also includes pricing models for which the inputs are corroborated by market data. The technique used for the Level 2 fixed-maturity securities and taxable fixed maturities in separate accounts is the application of market based modeling. The inputs used for all classes of fixed-maturity securities listed in the table below include relevant market information by asset class, trade activity of like securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates, U.S. Treasury or swap curves, yield to maturity and economic events. Specific to commercial mortgage-backed securities, key inputs also include prepayment and default projections based on past performance of the underlying collateral and current market data. All of the Level 2 fixed-maturity securities are priced by a nationally recognized pricing vendor. The Level 2 nonredeemable preferred equities technique used is the application of market based modeling. The inputs used, similar to those used by the pricing vendor for our fixed-maturity securities, include relevant market information, trade activity of like securities, yield to maturity, corporate action notices and economic events. All of the Level 2 nonredeemable preferred equities are priced by a nationally recognized pricing vendor. • Level 3 – Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following: ◦ Quotes from brokers or other external sources that are not considered binding; ◦ Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price; or ◦ Quotes from brokers or other external sources where the inputs are not deemed observable. The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at December 31, 2015 and 2014. We do not have any liabilities carried at fair value. There were no transfers between Level 1 and Level 2. (Dollars in millions) Quoted prices in active markets for Significant unobservable At December 31, 2015 Significant other observable inputs (Level 2) Total Fixed maturities, available for sale: Corporate $ — $ 5,402 $ 51 $ 5,453 States, municipalities and political subdivisions — 3,611 — 3,611 Commercial mortgage-backed — 289 — 289 Government-sponsored enterprises — 278 — 278 Foreign government — 10 — 10 Convertibles and bonds with warrants attached — 5 — 5 United States government 4 — — 4 Subtotal 4 9,595 51 9,650 Common equities, available for sale 4,485 — — 4,485 Nonredeemable preferred equities, available for sale — 218 3 221 Separate accounts taxable fixed maturities — 736 1 737 Top Hat savings plan mutual funds and common equity (included in Other assets) 21 — — 21 Total $ 4,510 $ 10,549 $ 55 $ 15,114 At December 31, 2014 Fixed maturities, available for sale: Corporate $ — $ 5,508 $ 18 $ 5,526 States, municipalities and political subdivisions — 3,443 — 3,443 Commercial mortgage-backed — 259 — 259 Government-sponsored enterprises — 208 — 208 Foreign government — 10 — 10 Convertibles and bonds with warrants attached — 7 — 7 United States government 7 — — 7 Subtotal 7 9,435 18 9,460 Common equities, available for sale 4,679 — — 4,679 Nonredeemable preferred equities, available for sale — 177 2 179 Separate accounts taxable fixed maturities — 731 — 731 Top Hat savings plan mutual funds and common equity (included in Other assets) 18 — — 18 Total $ 4,704 $ 10,343 $ 20 $ 15,067 Each financial instrument that was deemed to have significant unobservable inputs when determining valuation is identified in the following tables by security type with a summary of changes in fair value for the years ended December 31, 2015 and 2014. Total Level 3 assets continue to be less than 1 percent of financial assets measured at fair value in the consolidated balance sheets. Assets presented in the table below were valued based primarily on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. Transfers into Level 3 included situations where a fair value quote was not provided by the company's nationally recognized pricing vendor and as a result the price was stale or had been replaced with a broker quote where the inputs had not been corroborated to be market observable resulting in the security being classified as Level 3. Transfers out of Level 3 included situations where a broker quote was used in the prior period and a fair value quote became available from the company's pricing vendor in the current period. A quote utilizing the new pricing source was not available as of the prior period, and any gains or losses related to the change in valuation source for individual securities were not significant. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to us. The following table provides the change in Level 3 assets during 2015 and 2014: (Dollars in millions) Asset fair value measurements using significant unobservable input Corporate fixed maturities Taxable fixed maturities-separate accounts Nonredeemable preferred equities Total Beginning balance, January 1, 2015 $ 18 $ — $ 2 $ 20 Total gains or losses (realized/unrealized): Included in net income — — — — Included in other comprehensive income — — 1 1 Purchases 36 1 — 37 Sales — — — — Transfers into Level 3 — — — — Transfers out of Level 3 (3 ) — — (3 ) Ending balance, December 31, 2015 $ 51 $ 1 $ 3 $ 55 Beginning balance, January 1, 2014 $ 2 $ — $ 2 $ 4 Total gains or losses (realized/unrealized): Included in net income — — — — Included in other comprehensive income — — — — Purchases — — — — Sales — — — — Transfers into Level 3 16 — — 16 Transfers out of Level 3 — — — — Ending balance, December 31, 2014 $ 18 $ — $ 2 $ 20 With the exception of the above table, additional disclosures for the Level 3 category are not material. Fair Value Disclosure for Assets and Liabilities Not Carried at Fair Value The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our consolidated financial statements. The following table shows fair values of our note payable and long-term debt: (Dollars in millions) Quoted prices in active markets for Significant other Significant unobservable inputs (Level 3) Total At December 31, 2015 Note payable $ — $ 35 $ — $ 35 6.900% senior debentures, due 2028 — 31 — 31 6.920% senior debentures, due 2028 — 480 — 480 6.125% senior notes, due 2034 — 425 — 425 Total $ — $ 971 $ — $ 971 At December 31, 2014 Note payable $ — $ 49 $ — $ 49 6.900% senior debentures, due 2028 — 34 — 34 6.920% senior debentures, due 2028 — 496 — 496 6.125% senior notes, due 2034 — 449 — 449 Total $ — $ 1,028 $ — $ 1,028 Fair value of the note payable was determined based upon the outstanding balance at December 31, 2015 and 2014, because it is short term and tied to a variable interest rate. The note payable was classified as Level 2 as an active market does not exist, but fair value is determined based on observable inputs. Fair value of the long-term debt was determined under the fair value measurements and disclosure accounting rules based on market pricing of similar debt instruments that are actively trading. We determine fair value for our debt the same way that we value corporate fixed maturities in our investment portfolio. Fair value can vary with macroeconomic conditions. Regardless of the fluctuations in fair value, the outstanding principal amount of our long-term debt is $793 million at both December 31, 2015 and 2014. None of the long-term debt is encumbered by rating triggers. The following table shows the fair value of our life policy loans, included in other invested assets: (Dollars in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total At December 31, 2015 Life policy loans $ — $ — $ 40 $ 40 At December 31, 2014 Life policy loans $ — $ — $ 39 $ 39 Outstanding principal and interest for these life policy loans totaled $31 million at December 31, 2015 and 2014. To determine the fair value, we make the following significant assumptions: (1) the discount rates used to calculate the present value of expected payments are the risk-free spot rates, as nonperformance risk is minimal; and (2) the loan repayment rate by which policyholders pay off their loan balances is in line with past experience. The following table shows fair value of our deferred annuities and structured settlements included in life policy and investment contract reserves: (Dollars in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total At December 31, 2015 Deferred annuities $ — $ — $ 886 $ 886 Structured settlements — 208 — 208 Total $ — $ 208 $ 886 $ 1,094 At December 31, 2014 Deferred annuities $ — $ — $ 897 $ 897 Structured settlements — 217 — 217 Total $ — $ 217 $ 897 $ 1,114 Recorded reserves for the deferred annuities were $860 million and $863 million at December 31, 2015 and 2014, respectively. Recorded reserves for the structured settlements were $174 million and $182 million at December 31, 2015 and 2014, respectively. Fair values for deferred annuities were calculated based upon internally developed models because active, observable markets do not exist for those items. To determine the fair value, we made the following significant assumptions: (1) the discount rates used to calculate the present value of expected payments are the risk-free spot rates plus an A3 rated bond spread for financial issuers at December 31, 2015 and 2014, to account for nonperformance risk; (2) the rate of interest credited to policyholders is the portfolio net earned interest rate less a spread for expenses and profit; and (3) additional lapses occur when the credited interest rate is exceeded by an assumed competitor credited rate, which is a function of the risk-free rate of the economic scenario being modeled. Determination of fair value for structured settlements assumes the discount rates used to calculate the present value of expected payments are the risk-free spot rates plus an A3 rated bond spread for financial issuers at December 31, 2015 and 2014, to account for nonperformance risk.

Property Casualty Loss And Loss

Property Casualty Loss And Loss Expenses	12 Months Ended
	Dec. 31, 2015
Insurance [Abstract]
Property Casualty Loss And Loss Expenses	Property Casualty Loss and Loss Expenses This table summarizes activity for our consolidated property casualty loss and loss expense reserves: (Dollars in millions) Years ended December 31, 2015 2014 2013 Gross loss and loss expense reserves, January 1 $ 4,438 $ 4,241 $ 4,169 Less reinsurance recoverable 282 299 356 Net loss and loss expense reserves, January 1 4,156 3,942 3,813 Net incurred loss and loss expenses related to: Current accident year 2,756 2,725 2,448 Prior accident years (184 ) (98 ) (147 ) Total incurred 2,572 2,627 2,301 Net paid loss and loss expenses related to: Current accident year 1,152 1,212 1,045 Prior accident years 1,197 1,201 1,127 Total paid 2,349 2,413 2,172 Net loss and loss expense reserves, December 31 4,379 4,156 3,942 Plus reinsurance recoverable 281 282 299 Gross loss and loss expense reserves, December 31 $ 4,660 $ 4,438 $ 4,241 We use actuarial methods, models and judgment to estimate, as of a financial statement date, the property casualty loss and loss expense reserves required to pay for and settle all outstanding insured claims, including incurred but not reported (IBNR) claims, as of that date. The actuarial estimate is subject to review and adjustment by an inter-departmental committee that includes actuarial management that is familiar with relevant company and industry business, claims and underwriting trends, as well as general economic and legal trends that could affect future loss and loss expense payments. The amount we will actually have to pay for claims can be highly uncertain. This uncertainty, together with the size of our reserves, makes the loss and loss expense reserves our most significant estimate. The reserve for loss and loss expenses in the consolidated balance sheets also includes $58 million , $47 million and $70 million for certain accident, life and health loss reserves at December 31, 2015, 2014 and 2013, respectively. During 2015, we experienced $184 million of favorable development on prior accident years including $154 million of favorable development in commercial lines, $5 million of adverse development in personal lines and $35 million of favorable development in excess and surplus lines. Favorable development in 2015 was $86 million more than in 2014, due primarily to reduced uncertainty of prior accident year loss and loss adjustment net expense. This illustrates the potential for revisions inherent in estimating reserves, especially for long-tail lines such as commercial casualty and workers’ compensation. We recognized favorable development of $93 million for the workers' compensation line, largely due to more favorable 2015 workers' compensation trends for estimated payments to be made in future calendar years that were down slightly from 2014. We recognized favorable development of $63 million for the commercial casualty line. Development for products liability was favorable for most prior accident years and development of prior years for commercial umbrella coverage improved slightly better than expected. Therefore, estimated ultimate losses were lowered. Our commercial auto line experienced $31 million of adverse development due to higher loss cost effects in recent accident years, resulting in an increase of our reserve estimate for claims that have not yet been settled. We believe we were slow to recognize some of the higher loss cost effects. During 2014, we experienced $98 million of favorable development on prior accident years including $57 million of favorable development in commercial lines, $12 million of favorable development in personal lines and $29 million of favorable development in excess and surplus lines. Favorable development in 2014 was $49 million less than in 2013, largely due to the change in prior accident years before catastrophes. We recognized favorable reserve development of $51 million for the workers’ compensation line, $34 million for the commercial property line and $14 million for the homeowner line, due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Our commercial casualty line experienced $5 million of adverse development due to an increase in its paid loss and loss expenses for cumulative accident years three or more years old, resulting in an increase recognized in estimates for IBNR losses and loss expenses for all prior accident years in total compared to 2013 and 2012. Our commercial auto line developed unfavorably by $39 million during 2014 due to higher loss cost effects in recent accident years, resulting in an increase of our reserve estimate for claims that have not yet been settled. During 2013, we experienced $147 million of favorable development on prior accident years including $95 million of favorable development in commercial lines, $39 million of favorable development in personal lines and $13 million of favorable development in excess and surplus lines. Favorable development in 2013 was $249 million less than in 2012, largely due to the change in prior accident years before catastrophes. We recognized favorable reserve development of $70 million for the commercial casualty line, $22 million for the commercial property line, $14 million for the workers' compensation line and $19 million for the homeowner line, due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Asbestos and Environmental Reserves We carried $84 million of net loss and loss expense reserves for asbestos and environmental claims and $45 million of reserves for mold claims at December 31, 2015, compared with $81 million and $51 million , respectively, at December 31, 2014. The asbestos and environmental claims amounts for each respective year constituted 1.9 percent and 2.0 percent of total net loss and loss expense reserves at these year-end dates. We believe our exposure to asbestos and environmental claims is limited, largely because our reinsurance retention was $500,000 or below prior to 1987. We also were predominantly a personal lines company in the 1960s and 1970s. During the 1980s and early 1990s, commercial lines grew as a percentage of our overall business and our exposure to asbestos and environmental claims grew accordingly. Over that period, we included an asbestos and environmental exclusion in most policies or endorsed the exclusion to the policies. We have not engaged in any mergers or acquisitions through which such a liability could have been assumed. We continue to monitor our claims for evidence of material exposure to other mass tort classes such as silicosis, but we have found no such credible evidence to date.

Life Policy And Investment Cont

Life Policy And Investment Contract Reserves	12 Months Ended
	Dec. 31, 2015
Liability for Future Policy Benefits [Abstract]
Life Policy And Investment Contract Reserves	Life Policy and Investment Contract Reserves We establish the reserves for traditional life insurance policies based on expected expenses, mortality, morbidity, withdrawal rates, timing of claim presentation and investment yields, including a provision for uncertainty. Once these assumptions are established, they generally are maintained throughout the lives of the contracts. We use both our own experience and industry experience, adjusted for historical trends, in arriving at our assumptions for expected mortality, morbidity and withdrawal rates as well as for expected expenses. We base our assumptions for expected investment income on our own experience adjusted for current economic conditions. We establish reserves for the company’s universal life, deferred annuity and structured settlement policies equal to the cumulative account balances, which include premium deposits plus credited interest less charges and withdrawals. Some of our universal life policies contain no-lapse guarantee provisions. For these policies, we establish a reserve in addition to the account balance, based on expected no-lapse guarantee benefits and expected policy assessments. This table summarizes our life policy and investment contract reserves: (Dollars in millions) At December 31, 2015 2014 Traditional life $ 943 $ 875 Deferred annuities 860 863 Universal life 558 530 Structured settlements 174 182 Other 48 47 Total life policy and investment contract reserves $ 2,583 $ 2,497

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	12 Months Ended
	Dec. 31, 2015
Deferred Costs [Abstract]
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs Expenses associated with successfully acquiring insurance policies – primarily commissions, premium taxes and underwriting costs – are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience, and we evaluate the costs for recoverability. The table below shows the deferred policy acquisition costs and asset reconciliation: (Dollars in millions) Years ended December 31, 2015 2014 2013 Property casualty: Deferred policy acquisition costs asset, January 1 $ 379 $ 366 $ 337 Capitalized deferred policy acquisition costs 801 783 756 Amortized deferred policy acquisition costs (792 ) (770 ) (727 ) Deferred policy acquisition costs asset, December 31 $ 388 $ 379 $ 366 Life: Deferred policy acquisition costs asset, January 1 $ 199 $ 199 $ 133 Capitalized deferred policy acquisition costs 45 44 46 Amortized deferred policy acquisition costs (37 ) (37 ) (31 ) Amortized shadow deferred policy acquisition costs 21 (7 ) 51 Deferred policy acquisition costs asset, December 31 $ 228 $ 199 $ 199 Consolidated: Deferred policy acquisition costs asset, January 1 $ 578 $ 565 $ 470 Capitalized deferred policy acquisition costs 846 827 802 Amortized deferred policy acquisition costs (829 ) (807 ) (758 ) Amortized shadow deferred policy acquisition costs 21 (7 ) 51 Deferred policy acquisition costs asset, December 31 $ 616 $ 578 $ 565 The change in amortized shadow deferred policy acquisition costs in 2015 and 2013 compared to 2014 was the result of increasing interest rates. No premium deficiencies were recorded in the consolidated statements of income in 2015, 2014 and 2013, as the sum of the anticipated loss and loss adjustment expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income.

Note Payable

Note Payable	12 Months Ended
	Dec. 31, 2015
Notes Payable, Current [Abstract]
Note Payable	Note Payable We have one line of credit in 2015 and 2014 through multiple commercial banks with a borrowing capacity of $225 million and an additional $50 million accordion feature. Our unsecured revolving credit facility has a term of five years that expires May 13, 2019 . We had no compensating balance requirements on short-term debt for either 2015 or 2014. At December 31, 2015, $35 million was drawn on the line of credit. At December 31, 2014, $49 million was drawn on the line of credit. The interest rate charged on our borrowings on this credit agreement ranged from 1.07 percent to 1.19 percent during 2015 and ranged from 1.15 percent to 1.30 percent during 2014.

Long-Term Debt And Capital Leas

Long-Term Debt And Capital Lease Obligation	12 Months Ended
	Dec. 31, 2015
Long-term Debt and Capital Lease Obligations [Abstract]
Long-Term Debt And Capital Lease Obligation	Long-Term Debt and Capital Lease Obligations This table summarizes the principal amounts of our long-term debt excluding unamortized discounts, none of which are encumbered by rating triggers: (Dollars in millions) Book value Principal amount Interest rate Year of issue At December 31, At December 31, 2015 2014 2015 2014 6.900% 1998 Senior debentures, due 2028 $ 26 $ 26 $ 28 $ 28 6.920% 2005 Senior debentures, due 2028 391 391 391 391 6.125% 2004 Senior notes, due 2034 369 369 374 374 Total $ 786 $ 786 $ 793 $ 793 Capital lease obligations, excluding an insignificant amount of interest, totaled $35 million and $36 million in 2015 and 2014, respectively. Below are the expected capital lease obligations that we expect to pay over the next six years: (Dollars in millions) Years ended December 31, 2016 2017 2018 2019 2020 2021 Capital lease obligations $ 13 $ 8 $ 6 $ 4 $ 3 $ 1

Shareholders' Equity And Divide

Shareholders' Equity And Dividend Restrictions	12 Months Ended
	Dec. 31, 2015
Shareholders Equity And Dividend Restrictions [Abstract]
Shareholders' Equity And Dividend Restrictions	Shareholders’ Equity and Dividend Restrictions Declared cash dividends per share were $2.30 , $1.76 and $1.655 for the years ended December 31, 2015, 2014 and 2013, respectively. Our insurance subsidiary declared dividends to the parent company of $447 million in 2015, $400 million in 2014 and $375 million in 2013. State regulatory requirements restrict the dividends insurance subsidiaries can pay. Dividends must be paid within 30 days of declaration. Generally, the most our insurance subsidiary can pay without prior regulatory approval is the greater of 10 percent of statutory capital and surplus or 100 percent of statutory net income for the prior calendar year. Dividends exceeding these limitations may be paid only with approval of the insurance department of the domiciliary state. During 2016, the total that our insurance subsidiary, which is the parent of all other insurance subsidiaries, may declare in dividends is approximately $534 million . Accumulated Other Comprehensive Income The table below shows beginning and end of year accumulated other comprehensive income (AOCI) for investments, pension obligations, life deferred acquisition costs, life policy reserves and other. The changes from the beginning of year to the end of year are the result of changes to other comprehensive income or loss (OCI). (Dollars in millions) 2015 2014 2013 Before tax Income tax Net Before Income Net Before Income Net Investments: AOCI, January 1 $ 2,719 $ 942 $ 1,777 $ 2,335 $ 808 $ 1,527 $ 1,875 $ 647 $ 1,228 OCI before realized gains recognized in net income (556 ) (196 ) (360 ) 514 181 333 537 188 349 Realized gains and losses recognized in net income (69 ) (24 ) (45 ) (130 ) (47 ) (83 ) (77 ) (27 ) (50 ) OCI (625 ) (220 ) (405 ) 384 134 250 460 161 299 AOCI, December 31 $ 2,094 $ 722 $ 1,372 $ 2,719 $ 942 $ 1,777 $ 2,335 $ 808 $ 1,527 Pension obligations: AOCI, January 1 $ (36 ) $ (12 ) $ (24 ) $ (18 ) $ (6 ) $ (12 ) $ (101 ) $ (35 ) $ (66 ) OCI excluding amortization recognized in net income (12 ) (5 ) (7 ) (21 ) (7 ) (14 ) 83 29 54 Amortization recognized in net income 6 3 3 3 1 2 — — — OCI (6 ) (2 ) (4 ) (18 ) (6 ) (12 ) 83 29 54 AOCI, December 31 $ (42 ) $ (14 ) $ (28 ) $ (36 ) $ (12 ) $ (24 ) $ (18 ) $ (6 ) $ (12 ) Life deferred acquisition costs, life policy reserves and other: AOCI, January 1 $ (12 ) $ (3 ) $ (9 ) $ (16 ) $ (5 ) $ (11 ) $ (50 ) $ (17 ) $ (33 ) OCI before realized gains recognized in net income 14 5 9 7 3 4 40 14 26 Realized gains and losses recognized in net income (1 ) (1 ) — (3 ) (1 ) (2 ) (6 ) (2 ) (4 ) OCI 13 4 9 4 2 2 34 12 22 AOCI, December 31 $ 1 $ 1 $ — $ (12 ) $ (3 ) $ (9 ) $ (16 ) $ (5 ) $ (11 ) Summary of AOCI: AOCI, January 1 $ 2,671 $ 927 $ 1,744 $ 2,301 $ 797 $ 1,504 $ 1,724 $ 595 $ 1,129 Investments OCI (625 ) (220 ) (405 ) 384 134 250 460 161 299 Pension obligations OCI (6 ) (2 ) (4 ) (18 ) (6 ) (12 ) 83 29 54 Life deferred acquisition costs, life policy reserves and other OCI 13 4 9 4 2 2 34 12 22 Total OCI (618 ) (218 ) (400 ) 370 130 240 577 202 375 AOCI, December 31 $ 2,053 $ 709 $ 1,344 $ 2,671 $ 927 $ 1,744 $ 2,301 $ 797 $ 1,504

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2015
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance Primary components of our property casualty operations assumed reinsurance include involuntary and voluntary assumed as well as contracts from our reinsurance assumed operations, known as Cincinnati Re. Primary components of our ceded reinsurance include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe treaty and catastrophe bonds and retrocessions on our reinsurance assumed operations. Management’s decisions about the appropriate level of risk retention are affected by various factors, including changes in our underwriting practices, capacity to retain risks and reinsurance market conditions. Our consolidated statements of income include earned consolidated property casualty insurance premiums on assumed and ceded business: (Dollars in millions) Years ended December 31, 2015 2014 2013 Direct earned premiums $ 4,396 $ 4,209 $ 3,903 Assumed earned premiums 29 12 11 Ceded earned premiums (154 ) (176 ) (201 ) Earned premiums $ 4,271 $ 4,045 $ 3,713 Our consolidated statements of income include incurred consolidated property casualty insurance loss and loss expenses on assumed and ceded business: (Dollars in millions) Years ended December 31, 2015 2014 2013 Direct incurred loss and loss expenses $ 2,596 $ 2,661 $ 2,323 Assumed incurred loss and loss expenses 12 6 11 Ceded incurred loss and loss expenses (36 ) (40 ) (33 ) Incurred loss and loss expenses $ 2,572 $ 2,627 $ 2,301 Our ceded incurred results generally vary with our catastrophe experience. Our life insurance company purchases reinsurance for protection of a portion of risks that are written. Primary components of our life reinsurance program include individual mortality coverage, aggregate catastrophe and accidental death coverage in excess of certain deductibles. Our consolidated statements of income include earned life insurance premiums on ceded business: (Dollars in millions) Years ended December 31, 2015 2014 2013 Direct earned premiums $ 271 $ 259 $ 248 Ceded earned premiums (62 ) (61 ) (59 ) Earned premiums $ 209 $ 198 $ 189 Our consolidated statements of income include life insurance contract holders’ benefits incurred on ceded business: (Dollars in millions) Years ended December 31, 2015 2014 2013 Direct contract holders' benefits incurred $ 292 $ 299 $ 266 Ceded contract holders' benefits incurred (56 ) (70 ) (62 ) Contract holders' benefits incurred $ 236 $ 229 $ 204 The ceded benefits incurred can vary depending on the type of life insurance policy held and the year the policy was issued.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The significant components of deferred tax assets and liabilities included in the consolidated balance sheets at December 31 were as follows: (Dollars in millions) At December 31, 2015 2014 Deferred tax assets: Loss and loss expense reserves $ 191 $ 197 Unearned premiums 151 145 Investments 25 16 Other 42 41 Total gross deferred tax assets 409 399 Deferred tax liabilities: Unrealized investment gains, net 719 937 Deferred acquisition costs 187 183 Life policy reserves 137 110 Other 4 9 Total gross deferred tax liabilities 1,047 1,239 Net deferred income tax liability $ 638 $ 840 Deferred tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount recognized for tax purposes. The differences between the 35 percent statutory federal income tax rate and our effective income tax rate were as follows: (Dollars in millions) Years ended December 31, 2015 2014 2013 Tax at statutory rate: $ 308 35.0 % $ 252 35.0 % $ 250 35.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (33 ) (3.7 ) (33 ) (4.6 ) (32 ) (4.5 ) Dividend received exclusion (32 ) (3.6 ) (29 ) (4.0 ) (26 ) (3.6 ) Other 4 0.3 6 0.8 5 0.7 Provision for income taxes $ 247 28.0 % $ 196 27.2 % $ 197 27.6 % The provision for federal income taxes is based upon filing a consolidated income tax return for the company and its subsidiaries. As of December 31, 2015, 2014 and 2013, we had no operating or capital loss carry forwards. Unrecognized Tax Benefits As a result of positions either taken in our 2012 through 2014 federal tax returns filed with the IRS or expected to be taken in the 2015 filing, we believe it is more likely than not that our tax liability will be sustained upon examination by the IRS. We therefore carry no amount for unrecognized tax benefits for the years ended 2012 through 2015. The statute of limitations for federal tax purposes has closed for tax years 2011 and earlier. There are no federal returns under examination and we have not been notified of any upcoming IRS examinations. Income taxes paid in our consolidated statements of cash flows are shown net of refunds received of less than $1 million in 2015, 2014, and 2013. In addition to our IRS filings, we file income tax returns with immaterial amounts in various state jurisdictions. The statute of limitations for state income tax purposes has closed for tax years 2011 and earlier. There are no state income returns under examination and we have not been notified of any upcoming state examinations.

Net Income Per Common Share

Net Income Per Common Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Net Income Per Common Share	Net Income Per Common Share Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share: (In millions except per share data) Years ended December 31, 2015 2014 2013 Numerator: Net income—basic and diluted $ 634 $ 525 $ 517 Denominator: Basic weighted-average common shares outstanding 164.0 163.5 163.5 Effect of share-based awards: Stock options 1.0 1.0 1.2 Nonvested shares 0.6 0.6 0.7 Diluted weighted-average shares 165.6 165.1 165.4 Earnings per share: Basic $ 3.87 $ 3.21 $ 3.16 Diluted 3.83 3.18 3.12 Number of anti-dilutive share-based awards 0.4 0.7 0.4 The current sources of dilution of our common shares are certain equity-based awards as discussed in Note 17, Share-Based Associate Compensation Plans. The above table includes the number of anti-dilutive share-based awards at year-end 2015, 2014 and 2013. We did not include these share-based awards in the computation of net income per common share (diluted) because their exercise would have anti-dilutive effects.

Employee Retirement Benefits

Employee Retirement Benefits	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Retirement Benefits	Employee Retirement Benefits We sponsor a qualified defined benefit pension plan. During 2008, we changed the form of retirement benefit we offer some associates to a company match on contributions to a 401(k) plan from the defined benefit pension plan. We closed entry into the pension plan for new associates as of June 30, 2008, and only participants 40 years of age or older as of August 31, 2008, could elect to continue to participate. For participants remaining in the pension plan, we continue to contribute to fund future benefit obligations. Benefits for the defined benefit pension plan are based on years of credited service and compensation level. Contributions are based on the prescribed method defined in the Pension Protection Act. Our pension expense is based on certain actuarial assumptions and also is composed of several components that are determined using the projected unit credit actuarial cost method. The qualified plan has been amended to allow for distribution of vested balances to terminated participants. We also sponsor a defined contribution plan (401(k) plan). Matching company contributions totaled $12 million , $11 million and $10 million during the years 2015, 2014 and 2013, respectively. Associates who are not accruing benefits under the pension plan are eligible to receive the company match of up to 6 percent of cash compensation. We also pay all operating expenses for the 401(k) plan. Participants vest in the company match for the 401(k) plan after three years of eligible service. We maintain a supplemental executive retirement plan (SERP) with a benefit obligation of $14 million at year-end 2015 and $13 million at year-end 2014, which is included in the projected benefit obligation. The company also makes available to a select group of associates the CFC Top Hat Savings Plan, a nonqualified deferred compensation plan, which had a fair value of $21 million and $18 million at December 31, 2015 and 2014, respectively. Defined Benefit Pension Plan Assumptions We evaluate our pension plan assumptions annually and update them as necessary. This is a summary of the weighted-average assumptions used to determine our benefit obligations at December 31 for the plans: Qualified Pension Plan SERP 2015 2014 2015 2014 Discount rate 4.55 % 4.25 % 4.30 % 4.05 % Rate of compensation increase 2.75-3.25 2.75-3.25 2.75-3.25 2.75-3.25 To determine the discount rate for each plan, a theoretical settlement portfolio of high-quality rated corporate bonds was chosen to provide payments approximately matching the plan’s projected benefit payments. A single interest rate for each plan was determined resulting in a discounted value of the plan's benefit payments that equates to the market value of the selected bonds. The discount rate is reflective of current market interest rate conditions and our plan's liability characteristics. Based on this analysis, we increased the rate from the prior year by 0.30 percentage points for the qualified pension plan and by 0.25 percentage points for the SERP. Compensation increase assumptions reflect anticipated rates of inflation, real return on wage growth and merit and promotional increases. The mortality assumption was updated in 2014 to the RP-2014 Employee Mortality Tables and RP-2014 Annuitant Mortality Tables for males and females projected generationally with Scale MP-2014. During 2015, the 2014 mortality tables were updated to include the generational projection using Scale MP-2015.The updated mortality table did not have a significant impact on our financial statements as our qualified plan assumes the majority of benefits will be paid in the form of lump sums. This is a summary of the weighted-average assumptions used to determine our net expense for the plans: Qualified Pension Plan SERP 2015 2014 2013 2015 2014 2013 Discount rate 4.25 % 5.15 % 4.20 % 4.05 % 4.80 % 3.95 % Expected return on plan assets 7.25 7.25 7.50 n/a n/a n/a Rate of compensation increase 2.75-3.25 2.75-3.25 2.75-3.25 2.75-3.25 2.75-3.25 2.75-3.25 The discount rate was decreased by 0.90 percentage points for the qualified pension plan and 0.75 percentage points for the SERP due to market interest rate conditions at the beginning of 2015. The discount rate assumptions for our benefit obligation generally track with high-quality rated corporate bond yields chosen in our theoretical settlement portfolio, and yearly adjustments reflect any changes to those bond yields. We believe the expected return on plan assets is representative of the expected long-term rate of return on these assets, which is consistent with 2015 expectations of interest rates and based partially on the fact that the plan’s common stock holdings pay dividends. We believe this rate is representative of the expected long-term rate of return on these plan assets. We review historical actual return on plan assets when determining our expected long-term rate of return. Total portfolio return for 2015 was 0.6 percent and for 2014 was 11.7 percent. Our compensation increase assumptions in 2015 reflect anticipated rates of inflation, real return on wage growth and merit and promotional increases. Benefit obligation activity using an actuarial measurement date for our qualified pension plan and SERP at December 31 follows: (Dollars in millions) At December 31, 2015 2014 Change in projected benefit obligation: Benefit obligation, January 1 $ 319 $ 284 Service cost 12 10 Interest cost 14 15 Actuarial (gain) loss (3 ) 35 Benefits paid (19 ) (27 ) Other — 2 Projected benefit obligation, December 31 $ 323 $ 319 Accumulated benefit obligation $ 293 $ 284 Change in plan assets: Fair value of plan assets, January 1 $ 288 $ 280 Actual return on plan assets 3 30 Employer contribution 6 5 Benefits paid (19 ) (27 ) Fair value of plan assets, December 31 $ 278 $ 288 Funded status, December 31 $ (45 ) $ (31 ) Our unfunded status increased for 2015 primarily due to a decline in plan assets and losses from other assumptions partially offset by actuarial gains resulting from increases in discount rates. A reconciliation follows of the funded status for our qualified plan and SERP at the end of the measurement period to the amounts recognized in the consolidated balance sheets at December 31: (Dollars in millions) At December 31, 2015 2014 Pension amounts recognized in the consolidated balance sheets: Other assets $ — $ — Other liabilities (45 ) (31 ) Net amount recognized $ (45 ) $ (31 ) Pension amounts recognized in accumulated other comprehensive income: Net actuarial loss $ 41 $ 34 Prior service cost 1 2 Total $ 42 $ 36 Below are the components of our net periodic benefit cost, as well as other changes in plan assets and benefit obligations recognized in other comprehensive income for our qualified plan and SERP at December 31: (Dollars in millions) Years ended December 31, 2015 2014 2013 Net periodic benefit cost: Service cost $ 12 $ 10 $ 13 Interest cost 14 15 13 Expected return on plan assets (18 ) (17 ) (17 ) Amortization of actuarial loss and prior service cost 6 2 9 Other 1 3 2 Net periodic benefit cost $ 15 $ 13 $ 20 (Dollars in millions) Years ended December 31, 2015 2014 2013 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Current year actuarial loss (gain) $ 13 $ 21 $ (72 ) Amortization of actuarial loss (6 ) (5 ) (10 ) Current year prior service cost — 2 — Amortization of prior service cost (1 ) — (1 ) Total recognized in other comprehensive loss (income) $ 6 $ 18 $ (83 ) The total recognized in net periodic benefit cost and other comprehensive income (loss) was a net cost of $21 million , net cost of $31 million , and a net benefit of $63 million for the years ended December 31, 2015, 2014 and 2013, respectively. The change in the amount recognized in other comprehensive income from 2014 is largely due to losses from investment return being different than assumed and losses from other assumptions partially offset by an increase in discount rate. The 2014 change in the amount recognized in other comprehensive income from 2013 is largely due to decreases in discount and lump sum rates, partially offset with greater than anticipated return on plan assets. The estimated costs to be amortized from AOCI into net periodic benefit cost over the next year for our plans are $2 million in actuarial loss and $1 million in prior service cost. Defined Benefit Pension Plan Assets The pension plan assets are managed to maximize total return over the long term while providing sufficient liquidity and current return to satisfy the cash flow requirements of the plan. The plan’s day-to-day investment decisions are managed by our internal investment department; however, overall investment strategies are discussed with our employee benefits committee. Our investment strategy, currently driven by the low interest rate environment, is to weight our portfolio towards large-cap, high-quality, dividend-growing equities that we have historically favored. As our plan matures and interest rates normalize, we expect a greater allocation to fixed-income securities to better align asset and liability market risks. Our fixed-maturity bond portfolio is investment grade. The plan does not engage in derivative transactions. Excluding cash, during 2015 we held approximately 83 percent of our pension portfolio in domestic common equity investments. The remainder of the portfolio consisted of 12 percent in states, municipalities and taxable political subdivisions fixed-maturity investments and 5 percent in domestic corporate fixed-maturity investments. Our common equity portfolio consisted of 22 percent in the information technology sector, 20 percent in the financial sector, 13 percent in the healthcare sector, 11 percent in the consumer staples sector and 10 percent in the industrial sector at year-end 2015. No additional sectors accounted for 10 percent or more of our common equity portfolio balance at year-end 2015. We had $21 million of cash on hand at December 31, 2015, to cover retirements. Investments in securities are valued based on the fair value hierarchy outlined in Note 3, Fair Value Measurements. The pension plan did not have any liabilities carried at fair value during the years ended December 31, 2015 and 2014. There have been no transfers between Level 1 and Level 2 for the years ended December 31, 2015 and 2014. The following table shows the fair value hierarchy for those assets measured at fair value on a recurring basis at December 31, 2015 and 2014. Excluded from the table below is cash on hand of $21 million and $11 million at December 31, 2015 and 2014, respectively. (Dollars in millions) Quoted prices in Significant other Significant (Level 3) Total At December 31, 2015 Fixed maturities, available for sale: States, municipalities and political subdivisions $ — $ 32 $ — $ 32 Corporate securities — 13 — 13 Total fixed maturities, available for sale — 45 — 45 Common equities, available for sale 212 — — 212 Total $ 212 $ 45 $ — $ 257 At December 31, 2014 Fixed maturities, available for sale: States, municipalities and political subdivisions $ — $ 33 $ — $ 33 Corporate securities — 19 — 19 Total fixed maturities, available for sale — 52 — 52 Common equities, available for sale 225 — — 225 Total $ 225 $ 52 $ — $ 277 Our pension plan assets included 267,113 and 467,113 shares of the company’s common stock at December 31, 2015 and 2014, which had a fair value of $16 million and $24 million at December 31, 2015 and 2014, respectively. The defined benefit pension plan did not purchase any shares of our common stock during 2015 and 2014. During 2015, the pension plan sold 200,000 shares of the company’s common stock. No shares of our common stock were sold during 2014. The company paid $1 million in cash dividends on our common stock to the pension plan in both 2015 and 2014. We contributed $5 million to our qualified plan during the first quarter of 2016 and estimate $6 million of benefit payments from the SERP during 2016. We expect to make the following benefit payments for our qualified plan and SERP, reflecting expected future service: (Dollars in millions) Years ended December 31, 2016 2017 2018 2019 2020 2021 - 2025 Expected future benefit payments $ 29 $ 26 $ 24 $ 24 $ 25 $ 141

Statutory Accounting Informatio

Statutory Accounting Information	12 Months Ended
	Dec. 31, 2015
Staturory Accounting Information [Abstract]
Statutory Accounting Information	Statutory Accounting Information Insurance companies’ statutory financial statements are presented on the basis of accounting practices prescribed or permitted by applicable state insurance departments of domicile. Insurance companies use statutory accounting practices (SAP) as recognized by various states. We have adopted the National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures manual, version effective January 1, 2001, and updates through the current year as a component of prescribed or permitted practices by laws of the state of domicile. The primary differences between SAP and GAAP include the valuation of unrealized investment gains and losses, expensing of policy acquisition costs, actuarial assumptions for life insurance reserves and deferred income taxes based on differences in statutory and taxable income. Statutory net income (loss) and capital and surplus are determined in accordance with SAP prescribed or permitted by insurance regulatory authorities for five legal entities, our insurance subsidiary and its four insurance subsidiaries. Statutory capital and surplus for our insurance subsidiary, The Cincinnati Insurance Company, includes capital and surplus of its four insurance subsidiaries. All capital and surplus amounts exceed statutory risk-based capital requirements. The statutory net income (loss) and statutory capital and surplus are presented below: (Dollars in millions) Net income (loss) Capital and surplus Years ended December 31, At December 31, 2015 2014 2013 2015 2014 The Cincinnati Insurance Company $ 534 $ 436 $ 418 $ 4,412 $ 4,472 The Cincinnati Casualty Company 12 12 10 337 330 The Cincinnati Indemnity Company 3 3 2 88 86 The Cincinnati Specialty Underwriters Insurance Company 49 32 18 306 266 The Cincinnati Life Insurance Company (11 ) (19 ) (20 ) 208 223

Transactions With Affiliated Pa

Transactions With Affiliated Parties	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Transactions With Affiliated Parties	Transactions With Affiliated Parties We paid certain officers and directors, or insurance agencies of which they are shareholders, commissions of $7 million in 2015, $7 million in 2014 and $6 million 2013, on premium volume of $42 million , $41 million and $35 million for 2015, 2014 and 2013, respectively.

Commitments And Contingent Liab

Commitments And Contingent Liabilities	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingent Liabilities	Commitments and Contingent Liabilities In the ordinary course of conducting business, the company and its subsidiaries are involved in various legal proceedings, namely claims litigation. The company's insurance subsidiaries participate in most of these proceedings by either defending third-party claims brought against insureds or litigating first-party coverage claims. The company accounts for such activity through the establishment of unpaid loss and loss adjustment expense reserves. We believe that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, is immaterial to our consolidated financial condition, results of operations and cash flows. The company and its subsidiaries also are occasionally involved in other legal and regulatory proceedings, some of which assert claims for substantial amounts. These actions include, among others, putative class actions seeking certification of a state or national class. Such proceedings have alleged, for example, breach of an alleged duty to search national data bases to ascertain unreported deaths of insureds under life insurance policies. The company’s insurance subsidiaries also are occasionally parties to individual actions in which extra-contractual damages, punitive damages or penalties are sought, such as claims alleging bad faith in the handling of insurance claims or claims alleging discrimination by former associates. On a quarterly basis, we review these outstanding matters. Under current accounting guidance, we establish accruals when it is probable that a loss has been incurred and we can reasonably estimate its potential exposure. The company accounts for such probable and estimable losses, if any, through the establishment of legal expense reserves. Based on our quarterly review, we believe that our accruals for probable and estimable losses are reasonable and that the amounts accrued do not have a material effect on our consolidated financial condition or results of operations. However, if any one or more of these matters results in a judgment against us or settlement for an amount that is significantly greater than the amount accrued, the resulting liability could have a material effect on the company’s consolidated results of operations or cash flows. Based on our most recent review, our estimate for any other matter for which the risk of loss is more than remote is less than $1 million.

Share-Based Associate Compensat

Share-Based Associate Compensation Plans	12 Months Ended
	Dec. 31, 2015
Share-based Compensation [Abstract]
Stock-Based Associate Compensation Plans	Share-Based Associate Compensation Plans Four equity compensation plans currently permit us to grant various types of equity awards. We currently grant incentive stock options, nonqualified stock options, service-based restricted stock units and performance-based restricted stock units to associates, including some with market-based performance objectives under our shareholder-approved plans. We also have a Holiday Stock Plan that permits annual awards of one share of common stock to each full-time associate for each full calendar year of service up to a maximum of 10 shares. One of our equity compensation plans permits us to grant stock to our outside directors as a component of their annual compensation. We used treasury shares for share-based compensation award issues or exercises during 2014 and 2015. Share-based compensation cost after tax was $14 million , $13 million and $12 million for the years ended December 31, 2015, 2014 and 2013, respectively. The related income tax benefit recognized was $6 million for each of the years ended December 31, 2015, 2014 and 2013, respectively. Options exercised during the years ended December 31, 2015, 2014 and 2013, had intrinsic value of $15 million , $13 million , and $17 million , respectively. Intrinsic value is the market price less the exercise price. Options vested during the years ended December 31, 2015, 2014 and 2013, had total intrinsic value of $7 million , $9 million and $15 million , respectively. As of December 31, 2015, we had $23 million of unrecognized total compensation cost related to nonvested stock options and restricted stock unit awards. That cost will be recognized over a weighted-average period of 1.7 years. Stock Options Stock options are granted to associates at an exercise price equal to the fair value as determined by the average high and low sales price reported on the Nasdaq Global Select Market for the grant date and are exercisable over 10 -year periods. The stock options generally vest ratably over a three -year period. In determining the share-based compensation amounts, we estimate the fair value of each option granted on the date of grant using a binomial option-pricing model. We make the following assumptions to develop the binomial option-pricing model as follows: • Weighted-average expected term is based on historical experience of similar awards with consideration for current exercise trends. • Expected volatility is based on our stock price over a historical period that approximates the expected term. • Dividend yield is determined by dividing the annualized per share dividend by the stock price on the date of grant. • Risk-free rates are the implied yield currently available on zero-coupon U.S. Treasury issues with a remaining term approximating the expected term. The following weighted average assumptions were used in determining fair value for option grants issued during 2015 and 2014: 2015 2014 2012 Weighted-average expected term 8-9 years 8-9 years 9-10 years Expected volatility 25.04-26.15% 25.20-26.22% 25.25-26.31% Dividend yield 3.52% 3.76% 3.65% Risk-free rates 1.94-2.01% 2.42-2.62% 1.82-2.00% Weighted-average fair value of options granted during the period $11.15 $10.16 $9.71 This is a summary of options information: (Dollars in millions, shares in thousands) Shares Weighted- exercise price Aggregate Outstanding option shares at January 1, 2015 4,958 $ 39.10 Granted 386 52.24 Exercised (996 ) 40.30 Forfeited or expired (476 ) 41.64 Outstanding option shares at December 31, 2015 3,872 39.78 $ 77 Options exercisable at end of period 3,128 $ 37.54 $ 69 Cash received from the exercise of options was $24 million , $22 million and $25 million for the years ended December 31, 2015, 2014 and 2013, respectively. We acquired 292,414 , 378,276 and 577,745 shares totaling $16 million , $19 million and $28 million , respectively, from associates in consideration for option exercises during 2015, 2014 and 2013. The weighted-average remaining contractual life for options expected to vest as of December 31, 2015, was 8.5 years. Options outstanding and exercisable consisted of the following at December 31, 2015: (Shares in thousands) Options outstanding Options exercisable Range of exercise prices Shares Weighted-average Weighted- Shares Weighted- $25.00 to $29.99 582 3.59 years $ 26.58 582 $ 26.58 $30.00 to $34.99 574 4.99 years 33.95 574 33.95 $35.00 to $39.99 841 3.90 years 37.29 841 37.29 $40.00 to $44.99 700 4.06 years 44.75 583 44.75 $45.00 to $49.99 798 3.89 years 46.00 546 45.62 $50.00 to $54.99 377 9.10 years 52.24 2 52.25 Total 3,872 4.55 years 39.78 3,128 37.54 The weighted-average remaining contractual life for exercisable awards as of December 31, 2015, was 3.6 years. Under all active shareholder approved plans, a total of 17.3 million shares were authorized to be granted. At December 31, 2015, 4.7 million shares remained available for future issuance under the plans. During 2015, we granted 20,880 shares of common stock to our directors for 2014 board service fees. Restricted Stock Units Service-based restricted stock units granted to associates are valued at fair value of the shares on the date of grant less the present value of the dividends that holders of restricted stock units do not receive on the shares underlying the restricted stock units during the vesting period. Service-based restricted stock units generally cliff vest three years after the date of grant. During 2015, we also granted restricted stock units which vest on a three year ratable vesting schedule. Service-based restricted stock units vested during the year had an intrinsic value of $26 million , $14 million and $15 million for the years ended December 31, 2015, 2014 and 2013, respectively. We have performance-based awards that vest on the first day of March after a three -calendar-year performance period. These awards vest according to the level of three -year total shareholder return achieved compared with a peer group over a three -year performance period with payouts ranging from 0 - 200 percent for awards granted in 2013, 2014 and 2015. Three -year total shareholder return is calculated by using annualized total return of a stock to an investor due to capital gain appreciation plus reinvestment of all dividends. We issued 103,586 shares of performance-based restricted stock units during 2015 at the target-level performance hurdle for the three -year performance period ended December 31, 2014, as we achieved a three -year total shareholder return that exceeded six of 10 peers in our 2012 peer group. For the three -year performance period ended December 31, 2015, our total shareholder return exceeded four of 10 peers in our 2013 peer group. We expect payout of these shares at the threshold level to occur in March of 2016. Performance-based awards vested during the year had an intrinsic value of $6 million , $3 million and $3 million for the years ended December 31, 2015, 2014 and 2013, respectively. These performance-based awards are valued using a Monte-Carlo valuation on the date of grant, which uses a risk‑neutral framework to model future stock price movements based upon the risk-free rate of return, the volatility of each peer and the pairwise correlations of each peer being modeled. Compensation cost is recognized regardless of whether the market-based performance objective has been satisfied. We make assumptions to develop the Monte-Carlo model as follows: • Correlation coefficients are based upon the stock price data used to calculate the historical volatilities. The correlation coefficients are used to model the way the price of each entity's stock tends to move in relation to each other. • Expected volatility is based on each company's historical volatility using daily stock price observations. Volatility ranged from 13.78 percent to 34.69 percent for 2015 grants and 18.69 percent to 41.21 percent for 2014 grants. We have used a historical volatility term of 2.88 years for both the 2015 and 2014 grants. • Dividend yield has been modeled assuming dividends are reinvested in the issuing entity on a continuous basis and the holder of the award is not entitled to receive dividends paid during the performance period. Dividend yields of 3.52 percent for 2015 grants and 3.74 percent for 2014 grants were used. • Risk-free rates are equal to the yield, as of the measurement date, of the zero-coupon U.S. Treasury bill that is commensurate with the performance measurement period. Risk-free rates used were 0.99 percent for 2015 and 0.66 percent for 2014 grants. This is a summary of service-based and performance-based share information, assuming a target payout for performance-based shares, for the year 2015: (Shares in thousands) Service-based Weighted- Performance-based Weighted- Nonvested at January 1, 2015 968 $ 37.42 283 $ 38.55 Granted 334 47.06 81 45.73 Vested (370 ) 31.74 (104 ) 34.89 Forfeited or canceled (30 ) 42.35 (4 ) 34.89 Nonvested at December 31, 2015 902 43.15 256 42.35

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information We operate primarily in two industries, property casualty insurance and life insurance. Our chief operating decision maker regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our reporting segments are: • Commercial lines insurance • Personal lines insurance • Excess and surplus lines insurance • Life insurance • Investments We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the results of our reinsurance assumed operations, known as Cincinnati Re. Revenues come primarily from unaffiliated customers: • All four insurance segments record revenues from insurance premiums earned. Life insurance segment revenues also include separate account investment management fees. • Fee revenues for the commercial and personal insurance segments primarily represent installment fees. Fee revenues for the life insurance segment represent separate account investment management fees. • Our investments’ revenues consist of pretax net investment income and realized investment gains and losses. • Other revenues are primarily finance income and, for 2015, earned premiums of Cincinnati Re. Income or loss before income taxes for each segment is reported based on the nature of that business area’s operations: • Income before income taxes for the insurance segments is defined as underwriting profit or loss. ◦ For commercial lines, personal lines and excess and surplus lines insurance segments, we calculate underwriting profit or loss as premiums earned and fee revenue minus loss and loss expenses and underwriting expenses incurred. ◦ For the life insurance segment, we calculate underwriting profit or loss as premiums earned and separate account investment management fees, minus contract holders’ benefits and expenses incurred, plus investment interest credited to contract holders. • Income before income taxes for the investments segment is net investment income plus realized investment gains and losses for investments of the entire company, minus investment interest credited to contract holders of the life insurance segment. • Loss before income taxes for the Other category is primarily due to interest expense from debt of the parent company, operating expenses of our headquarters and, for 2015, premiums earned minus loss and loss expenses and underwriting expenses of Cincinnati Re. Identifiable assets are used by each segment in its operations. We do not separately report the identifiable assets for the commercial, personal or excess and surplus lines segments because we do not use that measure to analyze the segments. We include all investment assets, regardless of ownership, in the investments segment. This table summarizes segment information: (Dollars in millions) Years ended December 31, 2015 2014 2013 Revenues: Commercial lines insurance Commercial casualty $ 1,010 $ 938 $ 856 Commercial property 815 728 623 Commercial auto 561 528 479 Workers' compensation 367 370 365 Other commercial 243 292 313 Commercial lines insurance premiums 2,996 2,856 2,636 Fee revenues 4 4 3 Total commercial lines insurance 3,000 2,860 2,639 Personal lines insurance Personal auto 506 476 443 Homeowner 463 443 403 Other personal 128 122 115 Personal lines insurance premiums 1,097 1,041 961 Fee revenues 3 2 1 Total personal lines insurance 1,100 1,043 962 Excess and surplus lines insurance 168 148 116 Fee revenues 1 — — Total excess and surplus lines insurance 169 148 116 Life insurance premiums 209 198 189 Separate account investment management fees 5 6 4 Total life insurance 214 204 193 Investments Investment income, net of expenses 572 549 529 Realized investment gains, net 70 133 83 Total investment revenue 642 682 612 Other 17 8 9 Total revenues $ 5,142 $ 4,945 $ 4,531 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 345 $ 146 $ 186 Personal lines insurance (12 ) 10 33 Excess and surplus lines insurance 51 30 14 Life insurance (2 ) (5 ) 9 Investments 556 599 532 Other (57 ) (59 ) (60 ) Total income before income taxes $ 881 $ 721 $ 714 December 31, December 31, Identifiable assets: 2015 2014 Property casualty insurance $ 2,717 $ 2,656 Life insurance 1,325 1,316 Investments 14,485 14,441 Other 361 335 Total $ 18,888 $ 18,748

Quarterly Supplementary Data

Quarterly Supplementary Data	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Supplementary Data	Quarterly Supplementary Data This table includes unaudited quarterly financial information for the years ended December 31, 2015 and 2014: (Dollars in millions except per share data) Quarter 1st 2nd 3rd 4th Full year 2015 Revenues $ 1,285 $ 1,316 $ 1,278 $ 1,263 $ 5,142 Income before income taxes 174 248 243 216 881 Net income 128 176 174 156 634 Net income per common share—basic 0.78 1.07 1.06 0.95 3.87 Net income per common share—diluted 0.77 1.06 1.05 0.94 3.83 2014 Revenues $ 1,189 $ 1,214 $ 1,280 $ 1,262 $ 4,945 Income before income taxes 119 107 259 236 721 Net income 91 84 183 167 525 Net income per common share—basic 0.56 0.51 1.12 1.03 3.21 Net income per common share—diluted 0.55 0.51 1.11 1.02 3.18 Note: The sum of the quarterly reported per share amounts may not equal the full year as each is computed independently. Revenues including realized investment gains and losses, which are integral to our financial results over the long term, may cause this value to fluctuate substantially because we have substantial discretion in the timing of investment sales. Also, applicable accounting standards require us to recognize gains and losses from certain changes in fair values of securities and embedded derivatives without actual realization of those gains and losses.

Summary Of Investments Other Th

Summary Of Investments Other Than Investments In Related Parties	12 Months Ended
	Dec. 31, 2015
Summary of Investments, Other than Investments in Related Parties [Abstract]
Summary Of Investments Other Than Investments In Related Parties	Schedule I Cincinnati Financial Corporation and Subsidiaries Summary of Investments - Other Than Investments in Related Parties (Dollars in millions) At December 31, 2015 Type of investment Cost or amortized cost Fair value Balance sheet Fixed maturities: States, municipalities and political subdivisions: The Cincinnati Insurance Company $ 2,696 $ 2,820 $ 2,820 The Cincinnati Casualty Company 137 143 143 The Cincinnati Indemnity Company 38 40 40 The Cincinnati Life Insurance Company 202 223 223 The Cincinnati Specialty Underwriters Insurance Company 366 384 384 CSU Producer Resources Inc. 1 1 1 Total 3,440 3,611 3,611 Convertibles and bonds with warrants attached: The Cincinnati Insurance Company 5 5 5 Total 5 5 5 United States government: The Cincinnati Insurance Company 1 1 1 The Cincinnati Casualty Company 2 2 2 The Cincinnati Indemnity Company 1 1 1 The Cincinnati Life Insurance Company — — — Total 4 4 4 Government-sponsored enterprises: The Cincinnati Life Insurance Company 280 274 274 The Cincinnati Insurance Company 4 4 4 Total 284 278 278 Foreign government: The Cincinnati Insurance Company 10 10 10 Total 10 10 10 All other corporate bonds: The Cincinnati Insurance Company 2,642 2,719 2,719 The Cincinnati Casualty Company 120 123 123 The Cincinnati Indemnity Company 27 27 27 The Cincinnati Specialty Underwriters Insurance Company 152 156 156 The Cincinnati Life Insurance Company 2,587 2,657 2,657 CSU Producer Resources Inc. 3 2 2 Cincinnati Financial Corporation 50 58 58 Total 5,581 5,742 5,742 Total fixed maturities $ 9,324 $ 9,650 $ 9,650 Schedule I (continued) Cincinnati Financial Corporation and Subsidiaries Summary of Investments - Other Than Investments in Related Parties (Dollars in millions) At December 31, 2015 Type of investment Cost or amortized cost Fair value Balance sheet Equity securities: Common equities: The Cincinnati Insurance Company $ 1,608 $ 2,718 $ 2,718 The Cincinnati Casualty Company 46 82 82 The Cincinnati Indemnity Company 12 21 21 The Cincinnati Specialty Underwriters Insurance Company 44 71 71 CSU Producer Resources Inc. 12 13 13 Cincinnati Financial Corporation 1,027 1,580 1,580 Total 2,749 4,485 4,485 Nonredeemable preferred equities: The Cincinnati Insurance Company 181 209 209 The Cincinnati Life Insurance Company 5 9 9 Cincinnati Financial Corporation 3 3 3 Total 189 221 221 Total equity securities $ 2,938 $ 4,706 $ 4,706 Other invested assets: Policy loans: The Cincinnati Life Insurance Company $ 31 — $ 31 Private equity: Cincinnati Financial Corporation 36 — 36 Total other invested assets $ 67 — $ 67 Total investments $ 12,329 — $ 14,423

Condensed Financial Statements

Condensed Financial Statements Of Parent Company	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Financial Statements Of Parent Company	Schedule II Cincinnati Financial Corporation (parent company only) Condensed Balance Sheets (Dollars in millions) At December 31, 2015 2014 Assets Investments Fixed maturities, at fair value $ 58 $ 69 Equity securities, at fair value 1,583 1,643 Other invested assets 36 37 Total investments 1,677 1,749 Cash and cash equivalents 106 72 Equity in net assets of subsidiaries 5,482 5,627 Investment income receivable 6 6 Land, building and equipment, net, for company use (accumulated depreciation: 139 144 Income tax receivable 6 — Other assets 21 18 Due from subsidiaries 107 107 Total assets $ 7,544 $ 7,723 Liabilities Dividends declared but unpaid $ 75 $ 72 Deferred federal income tax 173 216 Long-term debt 786 786 Other liabilities 83 76 Total liabilities 1,117 1,150 Shareholders' Equity Common stock 397 397 Paid-in capital 1,232 1,214 Retained earnings 4,762 4,505 Accumulated other comprehensive income 1,344 1,744 Treasury stock at cost (1,308 ) (1,287 ) Total shareholders' equity 6,427 6,573 Total liabilities and shareholders' equity $ 7,544 $ 7,723 This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8. Schedule II (continued) Cincinnati Financial Corporation (parent company only) Condensed Statements of Income (Dollars in millions) Years ended December 31, 2015 2014 2013 Revenues Investment income, net of expenses $ 53 $ 46 $ 41 Realized investment (losses) and gains, net (19 ) 34 21 Other revenue 15 16 15 Total revenues 49 96 77 Expenses Interest expense 52 52 53 Other expenses 28 28 29 Total expenses 80 80 82 Income (Loss) Before Income Taxes and Earnings of Subsidiaries (31 ) 16 (5 ) Benefit for income taxes (23 ) (5 ) (11 ) Net Income (Loss) Before Earnings of Subsidiaries (8 ) 21 6 Increase in equity of subsidiaries 642 504 511 Net Income $ 634 $ 525 $ 517 This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8. Schedule II (continued) Cincinnati Financial Corporation (parent company only) Condensed Statements of Comprehensive Income (Dollars in millions) Years ended December 31, 2015 2014 2013 Net Income $ 634 $ 525 $ 517 Other Comprehensive Income, Before Tax Unrealized (losses) and gains on investments available-for-sale (111 ) 150 303 Unrealized (losses) and gains on investments held by subsidiaries (444 ) 367 240 Reclassification adjustment for gains and (losses) included in net income 19 (34 ) (21 ) Reclassification adjustment for (gains) included in net income on subsidiaries (89 ) (99 ) (62 ) Unrealized gains and (losses) on other — 7 (1 ) Unrealized gains and (losses) on other subsidiaries 13 (3 ) 35 Unrealized (losses) and gains on investments available-for-sale, investments held by subsidiaries and other (612 ) 388 494 Amortization of pension actuarial losses and (gains) and prior service cost (6 ) (18 ) 83 Other comprehensive (loss) income before tax (618 ) 370 577 Income taxes on above of other comprehensive (loss) income (218 ) 130 202 Other comprehensive (loss) income, net of tax (400 ) 240 375 Comprehensive Income $ 234 $ 765 $ 892 This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8. Schedule II (continued) Cincinnati Financial Corporation (parent company only) Condensed Statements of Cash Flows (Dollars in millions) Years ended December 31, 2015 2014 2013 Cash Flows From Operating Activities Net income $ 634 $ 525 $ 517 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 7 7 7 Realized investment losses and (gains), net 19 (34 ) (21 ) Dividends from subsidiaries 447 400 378 Changes in: Increase in equity of subsidiaries (642 ) (504 ) (511 ) Investment income receivable — (1 ) (2 ) Current federal income taxes (7 ) 3 12 Deferred income tax (10 ) (6 ) (6 ) Other assets (3 ) 20 (30 ) Other liabilities 13 (14 ) 39 Intercompany receivable for operations 16 22 (39 ) Net cash provided by operating activities 474 418 344 Cash Flows From Investing Activities Call or maturity of fixed maturities 8 4 23 Sale of equity securities 54 112 75 Purchase of equity securities (110 ) (225 ) (179 ) Investment in buildings and equipment, net — (2 ) (1 ) Change in other invested assets, net 1 4 4 Return of capital from subsidiaries — — 22 Net cash used by investing activities (47 ) (107 ) (56 ) Cash Flows From Financing Activities Payments on notes payable — (55 ) — Payment of cash dividends to shareholders (366 ) (278 ) (263 ) Shares acquired - share repurchase authorization (53 ) (21 ) (52 ) Proceeds from stock options exercised 24 22 25 Other 2 2 3 Net cash used in financing activities (393 ) (330 ) (287 ) Net change in cash and cash equivalents 34 (19 ) 1 Cash and cash equivalents at beginning of year 72 91 90 Cash and cash equivalents at end of year $ 106 $ 72 $ 91 This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8.

Supplementary Insurance Informa

Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2015
Supplementary Insurance Information [Abstract]
Supplementary Insurance Information	Schedule III Cincinnati Financial Corporation and Subsidiaries Supplementary Insurance Information (Dollars in millions) Years ended December 31, 2015 2014 2013 Deferred policy acquisition costs: Commercial lines insurance $ 264 $ 257 $ 251 Personal lines insurance 103 108 104 Excess and surplus lines insurance 15 14 11 Cincinnati Re 6 — — Total property casualty insurance 388 379 366 Life insurance 228 199 199 Total $ 616 $ 578 $ 565 Gross future policy benefits, losses, claims and expense losses: Commercial lines insurance $ 3,925 $ 3,797 $ 3,667 Personal lines insurance 498 439 417 Excess and surplus lines insurance 227 202 157 Cincinnati Re 10 — — Total property casualty insurance 4,660 4,438 4,241 Life insurance 2,605 2,519 2,441 Total (1) $ 7,265 $ 6,957 $ 6,682 Gross unearned premiums: Commercial lines insurance $ 1,472 $ 1,441 $ 1,372 Personal lines insurance 593 562 535 Excess and surplus lines insurance 87 78 67 Cincinnati Re 48 — — Total property casualty insurance 2,200 2,081 1,974 Life insurance 1 1 2 Total (1) $ 2,201 $ 2,082 $ 1,976 Other policy claims and benefits payable: Commercial lines insurance $ — $ — $ — Personal lines insurance — — — Excess and surplus lines insurance — — — Cincinnati Re — — — Total property casualty insurance — — — Life insurance 36 25 19 Total (1) $ 36 $ 25 $ 19 Earned premiums: Commercial lines insurance $ 2,996 $ 2,856 $ 2,636 Personal lines insurance 1,097 1,041 961 Excess and surplus lines insurance 168 148 116 Cincinnati Re 10 — — Total property casualty insurance 4,271 4,045 3,713 Life insurance 209 198 189 Total $ 4,480 $ 4,243 $ 3,902 Schedule III (continued) Cincinnati Financial Corporation and Subsidiaries Supplementary Insurance Information (Dollars in millions) Years ended December 31, 2015 2014 2013 Investment income, net of expenses: Commercial lines insurance $ — $ — $ — Personal lines insurance — — — Excess and surplus lines insurance — — — Cincinnati Re — — — Total property casualty insurance (2) 368 358 348 Life insurance 150 144 140 Total $ 518 $ 502 $ 488 Benefits, claims losses and settlement expenses: Commercial lines insurance $ 1,708 $ 1,812 $ 1,596 Personal lines insurance 789 740 639 Excess and surplus lines insurance 70 75 66 Cincinnati Re 5 — — Total property casualty insurance 2,572 2,627 2,301 Life insurance 236 229 204 Total $ 2,808 $ 2,856 $ 2,505 Amortization of deferred policy acquisition costs: Commercial lines insurance $ 552 $ 537 $ 514 Personal lines insurance 210 209 192 Excess and surplus lines insurance 28 24 21 Cincinnati Re 2 — — Total property casualty insurance 792 770 727 Life insurance 37 37 31 Total (3) $ 829 $ 807 $ 758 Underwriting, acquisition and insurance expenses: Commercial lines insurance $ 395 $ 365 $ 343 Personal lines insurance 113 84 98 Excess and surplus lines insurance 20 19 15 Cincinnati Re 1 — — Total property casualty insurance 529 468 456 Life insurance 29 26 29 Total (3) $ 558 $ 494 $ 485 Net written premiums: Commercial lines insurance $ 3,025 $ 2,922 $ 2,760 Personal lines insurance 1,128 1,068 1,005 Excess and surplus lines insurance 175 153 128 Cincinnati Re 33 — — Total property casualty insurance 4,361 4,143 3,893 Accident health insurance 2 3 2 Total $ 4,363 $ 4,146 $ 3,895 Notes to Schedule III: (1) The sum of gross future policy benefits, losses, claims and expense losses, gross unearned premium and other policy claims and benefits payable is equal to the sum of Loss and loss expense reserves, Life policy reserves and investment contract reserves and Unearned premiums reported in the company’s consolidated balance sheets. (2) This segment information is not regularly allocated to segments and reviewed by company management in making decisions about resources to be allocated to the segments or to assess their performance. (3) The sum of amortization of deferred policy acquisition costs and other underwriting and insurance expenses is equal to Underwriting, acquisition and insurance expenses in the consolidated statements of income.

Reinsurance - Schedule IV

Reinsurance - Schedule IV	12 Months Ended
	Dec. 31, 2015
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block]	Schedule IV Cincinnati Financial Corporation and Subsidiaries Reinsurance (Dollars in millions) Years ended December 31, 2015 2014 2013 Gross amounts: Life insurance in force $ 91,451 $ 88,045 $ 85,015 Earned premiums Commercial lines insurance $ 3,088 $ 2,973 $ 2,777 Personal lines insurance 1,131 1,080 1,002 Excess and surplus lines insurance 177 156 124 Cincinnati Re — — — Total property casualty insurance 4,396 4,209 3,903 Life insurance 271 259 248 Total $ 4,667 $ 4,468 $ 4,151 Ceded amounts to other companies: Life insurance in force $ 38,716 $ 37,689 $ 36,952 Earned premiums Commercial lines insurance $ 102 $ 128 $ 151 Personal lines insurance 35 40 42 Excess and surplus lines insurance 9 8 8 Cincinnati Re 8 — — Total property casualty insurance 154 176 201 Life insurance 62 61 59 Total $ 216 $ 237 $ 260 Assumed amounts from other companies: Life insurance in force $ — $ — $ — Earned premiums Commercial lines insurance $ 10 $ 11 $ 10 Personal lines insurance 1 1 1 Excess and surplus lines insurance — — — Cincinnati Re 18 — — Total property casualty insurance 29 12 11 Life insurance — — — Total $ 29 $ 12 $ 11 Net amounts: Life insurance in force $ 52,735 $ 50,356 $ 48,063 Earned premiums Commercial lines insurance $ 2,996 $ 2,856 $ 2,636 Personal lines insurance 1,097 1,041 961 Excess and surplus lines insurance 168 148 116 Cincinnati Re 10 — — Total property casualty insurance 4,271 4,045 3,713 Life insurance 209 198 189 Total $ 4,480 $ 4,243 $ 3,902 Percentage of amounts assumed to net: Life insurance in force — % — % — % Earned premiums Commercial lines insurance 0.3 % 0.4 % 0.4 % Personal lines insurance 0.1 0.1 0.1 Excess and surplus lines insurance — — — Cincinnati Re 188.0 — — Total property casualty insurance 0.7 0.5 0.5 Life insurance — — — Total 0.7 0.5 0.5

Valuation And Qualifying Accoun

Valuation And Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
Valuation and Qualifying Accounts [Abstract]
Valuation And Qualifying Accounts	Schedule V Cincinnati Financial Corporation and Subsidiaries Valuation and Qualifying Accounts (Dollars in millions) At December 31, 2015 2014 2013 Allowance for doubtful receivables: Beginning balance, January 1 $ 3 $ 2 $ 2 Additions charged to costs and expenses 3 2 1 Deductions (2 ) (1 ) (1 ) Ending balance, December 31 $ 4 $ 3 $ 2

Supplementary Information Conce

Supplementary Information Concerning Property Casualty Insurance Operations	12 Months Ended
	Dec. 31, 2015
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract]
Supplementary Information Concerning Property Casualty Insurance Operations	Schedule VI Cincinnati Financial Corporation and Subsidiaries Supplementary Information Concerning Property Casualty Insurance Operations (Dollars in millions) Years ended December 31, 2015 2014 2013 Deferred policy acquisition costs: Commercial lines insurance $ 264 $ 257 $ 251 Personal lines insurance 103 108 104 Excess and surplus lines insurance 15 14 11 Cincinnati Re 6 — — Total $ 388 $ 379 $ 366 Reserves for unpaid claims and claim adjustment expenses: Commercial lines insurance $ 3,925 $ 3,797 $ 3,667 Personal lines insurance 498 439 417 Excess and surplus lines insurance 227 202 157 Cincinnati Re 10 — — Total $ 4,660 $ 4,438 $ 4,241 Reserve discount deducted $ — $ — $ — Gross unearned premiums: Commercial lines insurance $ 1,472 $ 1,441 $ 1,370 Personal lines insurance 593 562 534 Excess and surplus lines insurance 87 78 66 Cincinnati Re 48 — — Total $ 2,200 $ 2,081 $ 1,970 Earned premiums: Commercial lines insurance $ 2,996 $ 2,856 $ 2,636 Personal lines insurance 1,097 1,041 961 Excess and surplus lines insurance 168 148 116 Cincinnati Re 10 — — Total $ 4,271 $ 4,045 $ 3,713 Investment income: Commercial lines insurance $ — $ — $ — Personal lines insurance — — — Excess and surplus lines insurance — — — Cincinnati Re — — — Total (1) $ 368 $ 358 $ 348 Note to Schedule VI: (1) This segment information is not regularly allocated to segments and not reviewed by company management in making decisions about resources to be allocated to the segments or to assess their performance. Schedule VI (continued) Cincinnati Financial Corporation and Subsidiaries Supplementary Information Concerning Property Casualty Insurance Operations (Dollars in millions) Years ended December 31, 2015 2014 2013 Loss and loss expenses incurred related to current accident year: Commercial lines insurance $ 1,862 $ 1,869 $ 1,691 Personal lines insurance 784 752 678 Excess and surplus lines insurance 105 104 79 Cincinnati Re 5 — — Total $ 2,756 $ 2,725 $ 2,448 Loss and loss expenses incurred related to prior accident years: Commercial lines insurance $ (154 ) $ (57 ) $ (95 ) Personal lines insurance 5 (12 ) (39 ) Excess and surplus lines insurance (35 ) (29 ) (13 ) Cincinnati Re — — — Total $ (184 ) $ (98 ) $ (147 ) Amortization of deferred policy acquisition costs: Commercial lines insurance $ 552 $ 537 $ 514 Personal lines insurance 210 209 192 Excess and surplus lines insurance 28 24 21 Cincinnati Re 2 — — Total $ 792 $ 770 $ 727 Paid loss and loss expenses: Commercial lines insurance $ 1,575 $ 1,666 $ 1,498 Personal lines insurance 731 717 639 Excess and surplus lines insurance 43 30 35 Cincinnati Re — — — Total $ 2,349 $ 2,413 $ 2,172 Net written premiums: Commercial lines insurance $ 3,025 $ 2,922 $ 2,760 Personal lines insurance 1,128 1,068 1,005 Excess and surplus lines insurance 175 153 128 Cincinnati Re 33 — — Total $ 4,361 $ 4,143 $ 3,893

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Cincinnati Financial Corporation (CFC) operates through our insurance group and two complementary subsidiary companies. The Cincinnati Insurance Company leads our standard market property casualty insurance group that also includes two subsidiaries: The Cincinnati Casualty Company and The Cincinnati Indemnity Company. This group markets a broad range of standard market commercial and personal policies. The group focuses on delivery of quality customer service to our select group of 1,526 independent insurance agencies with 1,956 reporting locations across 39 states. In 2015 the Cincinnati Insurance Company began our reinsurance assumed operations, Cincinnati Re. Other subsidiaries of The Cincinnati Insurance Company include The Cincinnati Life Insurance Company, which markets life and disability income insurance and fixed annuities, and The Cincinnati Specialty Underwriters Insurance Company, which offers excess and surplus lines property casualty insurance products. The two CFC complementary subsidiaries are CSU Producer Resources Inc., which provides insurance brokerage services to our independent agencies so their clients can access our excess and surplus lines insurance products, and CFC Investment Company (CFC-I), which offers commercial leasing and financing services to our agents, their clients and other customers.
Basis of Presentation	Basis of Presentation Our consolidated financial statements include the accounts of the parent and its wholly owned subsidiaries and are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates.
Investments	Investments Our portfolio investments are primarily in publicly traded fixed-maturity, equity and short-term investments. Fixed-maturity investments (taxable bonds, tax-exempt bonds, redeemable preferred equities and commercial mortgage- backed securities) and equity investments (common and nonredeemable preferred equities) are classified as available for sale and recorded at fair value in the consolidated financial statements. The number of fixed-maturity securities with fair value below 100 percent of amortized cost can be expected to fluctuate as interest rates rise or fall. Because of our strong capital and long-term investment horizon, our general intent is to hold fixed-maturity investments until maturity, regardless of short-term fluctuations in fair values. Our invested asset impairment policy states that fixed maturities below their amortized cost that the company (1) intends to sell or (2) more likely than not will be required to sell before recovery of their amortized cost basis are deemed to be other-than-temporarily impaired (OTTI). The amortized cost of any such securities is reduced to fair value as the new cost basis, and a realized loss is recorded in the period in which it is recognized. When these two criteria are not met, and the company believes that full collection of interest and/or principal is not likely, we determine the net present value of future cash flows by using the effective interest rate implicit in the security at the date of acquisition as the discount rate and compare that amount with the amortized cost and fair value of the security. The difference between the net present value of the expected future cash flows and amortized cost of the security is considered a credit loss and recognized as a realized loss in the period in which it occurred. The difference between the fair value and the net present value of the cash flows of the security, the noncredit loss, is recognized in other comprehensive income as an unrealized loss. We had no fixed-maturity securities with a noncredit loss for the years ended 2015 and 2014. When determining OTTI charges for our equity portfolio, our invested asset impairment policy considers qualitative and quantitative factors, including facts and circumstances specific to individual securities, asset classes, the financial condition of the issuer, changes in dividend payment, the length of time fair value had been less than cost, the severity of the decline in fair value below cost, the volatility of the security and our ability and intent to hold each position until its forecasted recovery. We include the noncredit portion of fixed-maturity OTTI charges and all other unrealized gains and losses on investments, net of taxes, in shareholders’ equity as accumulated other comprehensive income (AOCI). Realized gains and losses on investments are recognized in net income based on the trade date accounting method. Included within our other invested assets are $31 million of life policy loans and $36 million of private equity investments. Life policy loans are carried at the receivable value. The private equity investments provide their financial statements to us and generally report investments on their balance sheets at fair value. We use the equity method of accounting for private equity investments. Investment income consists mainly of interest and dividends. We record interest on an accrual basis and record dividends at the ex-dividend date. We amortize premiums and discounts on fixed-maturity securities using the effective interest method over the expected life of the security.
Fair Value Disclosures	Fair Value Disclosures We account for our investment portfolio at fair value and apply fair value measurements as defined by ASC 820, Fair Value Measurements and Disclosures , to financial instruments. Fair value is applicable to ASC 320, Investments-Debt and Equity Securities , and ASC 825, Financial Instruments . ASC 820 defines fair value as the exit price or the amount that would be (1) received to sell an asset or (2) paid to transfer a liability in an orderly transaction between marketplace participants at the measurement date. When determining an exit price, we rely upon observable market data whenever possible. We primarily base fair value for investments in equity and fixed-maturity securities (including redeemable preferred stock and assets held in separate accounts) on quoted market prices or on prices from a pricing vendor, an outside resource that supplies global securities pricing, dividend, corporate action and descriptive information to support fund pricing, securities operations, research and portfolio management. The company obtains and reviews the pricing service’s valuation methodologies and related inputs and validates these prices by replicating a sample across each asset class using a discounted cash flow model. When a price is not available from these sources, as in the case of securities that are not publicly traded, we determine the fair value using various inputs including quotes from independent brokers. The fair value of investments not priced by a pricing vendor is less than 1 percent of the fair value of our total investment portfolio. For the purpose of ASC 825 disclosure, we estimate the fair value of long-term senior notes on market pricing of similar debt instruments that are actively trading. We estimate the fair value of our note payable on the year-end outstanding balance because it is short term and tied to a variable interest rate. We estimate the fair value of liabilities for investment contracts and annuities using discounted cash flow calculations across a wide range of economic interest rate scenarios with a provision for our nonperformance risk. We estimate the fair value for policyholder loans on insurance contracts using a discounted cash flow model. Determination of fair value for structured settlements assumes the discount rates used to calculate the present value of expected payments are the risk-free spot rates plus an A3 rated bond spread for financial issuers at December 31, 2015, to account for nonperformance risk. See Note 3, Fair Value Measurements, for further details.
Cash And Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are highly liquid instruments that include liquid debt instruments with original maturities of less than three months. These are carried at cost, which approximates fair value.
Property Casualty Insurance	Property Casualty Insurance The consolidated property casualty companies actively write property casualty insurance through independent agencies in 39 states. Our 10 largest states generated 62 percent and 63 percent of total earned premiums in 2015 and 2014, respectively. Ohio, our largest state, accounted for 17 percent and 18 percent of total earned premiums in 2015 and 2014, respectively. Illinois, Indiana, Georgia, Pennsylvania, Michigan and North Carolina each accounted for between 5 percent and 7 percent of total earned premiums in 2015. Our largest single agency relationship accounted for approximately less than 1 percent of our total property casualty earned premiums in 2015. No aggregate agency relationship locations under a single ownership structure accounted for more than 3 percent of our total property casualty earned premiums in 2015. We record revenues for installment charges as fee revenues in the consolidated statements of income. Property casualty written premiums are deferred and recorded as earned premiums on a pro rata basis over the terms of the policies. We record as unearned premiums the portion of written premiums that applies to unexpired policy terms. Expenses associated with successfully acquiring insurance policies – commissions, premium taxes and underwriting costs – are deferred and amortized over the terms of the policies. All acquisition costs are in accordance with Accounting Standards Update (ASU) 2010-26, Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts . We assess recoverability of deferred acquisition costs at the segment level, consistent with the way we acquire, service and manage insurance policies and measure profitability. We analyze our acquisition cost assumptions to reflect actual experience, and we evaluate potential premium deficiencies. Certain property casualty policies are not entered into policy underwriting systems as of the effective date of coverage. An estimate is recorded for these unprocessed written premiums. A large majority of the estimate is unearned and has no material impact on earned premiums. Premiums receivable are reviewed for impairment on a quarterly basis. We maintain an allowance for uncollectible premiums. We establish reserves to cover the expected cost of claims, losses and expenses related to investigating, processing and resolving claims. Although the appropriate amount of reserves is inherently uncertain, we base our decisions on past experience and current facts. Reserves are based on claims reported prior to the end of the year and estimates of unreported claims. We take into account the fact that we may recover some of our costs through salvage and subrogation. We regularly review and update reserves using the most current information available. Any resulting adjustments are reflected in current calendar year insurance losses and policyholder benefits.
Policyholder Dividends	Policyholder Dividends Certain workers’ compensation policies include the possibility of a policyholder earning a return of a portion of its premium in the form of a policyholder dividend. The dividend generally is calculated by determining the profitability of a policy year along with the associated premium. We reserve for all probable future policyholder dividend payments. We record policyholder dividends as other underwriting expenses.
Life Insurance	Life Insurance We offer several types of life insurance and disability income insurance, and we account for each according to the duration of the contract. Short-duration life and health contracts are written to cover claims that arise during a short, fixed term of coverage. We generally have the right to change the amount of premium charged or cancel the coverage at the end of each contract term. Group life insurance is an example. We record premiums for short-duration life and health contracts similarly to property casualty contracts. Long-duration contracts are written to provide coverage for an extended period of time. Traditional long-duration contracts require policyholders to pay scheduled gross premiums, generally not less frequently than annually, over the term of the coverage. Premiums for these contracts, such as whole life insurance and disability income insurance, are recognized as revenue when due. Some traditional long-duration contracts, such as ten-pay whole life insurance, have premium payment periods shorter than the period over which coverage is provided. For these contracts, the excess of premium over the amount required to pay expenses and benefits is recognized over the term of the coverage rather than over the premium payment period. We establish a liability for traditional long-duration contracts as we receive premiums. The amount of this liability is the present value of future expenses and benefits less the present value of future net premiums. Net premium is the portion of gross premium required to provide for all expenses and benefits. We estimate future expenses and benefits and net premium using assumptions for expected expenses, mortality, morbidity, withdrawal rates and investment income. We include a provision for deviation, meaning we allow for some uncertainty in making our assumptions. We establish our assumptions when the contract is issued, and we generally maintain those assumptions for the life of the contract. We use both our own experience and industry experience, adjusted for historical trends, in arriving at our assumptions for expected mortality, morbidity and withdrawal rates. We use our own experience and historical trends for setting our assumption for expected expenses. We base our assumption for expected investment income on our own experience, adjusted for current economic conditions. We capitalize acquisition costs for traditional long-duration contracts. We charge these capitalized costs associated with successfully acquiring traditional long-duration contract insurance policies over the premium-paying period of the policies. We use the same assumptions used in establishing the liability for the contract. All acquisition costs are in accordance with ASU 2010-26, Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts . We update our acquisition cost assumptions periodically to reflect actual experience, and we evaluate our deferred acquisition costs for recoverability. Universal life contracts are long-duration contracts for which contractual provisions are not fixed, unlike whole life insurance. Universal life contracts allow policyholders to vary the amount of premium, within limits, without our consent. However, we may vary the mortality, expense charges and the interest crediting rate, within limits, used to accumulate policy values. We do not record universal life premiums as revenue. Instead we recognize as revenue the mortality charges, administration charges and surrender charges when received. Some of our universal life contracts assess administration charges in the early years of the contract that are compensation for services we will provide in the later years of the contract. These administration charges are deferred and are recognized over the period when we provide those future services. We maintain a liability equal to the policyholder account value. There is no provision for adverse deviation. Some of our universal life policies contain no-lapse guarantee provisions. For these policies, we establish a reserve in addition to the account balance, based on expected no-lapse guarantee benefits and expected policy assessments. We capitalize acquisition costs associated with successfully acquiring universal life long-duration contracts. We charge these capitalized costs to expenses over the term of coverage of the contract in accordance with the recognition of gross profit from the contract. When we charge deferred policy acquisition costs to expenses, we use assumptions based on our best estimates of long-term experience. We review and modify these assumptions on a regular basis.
Separate Accounts	Separate Accounts We have issued universal life contracts with guaranteed minimum returns, referred to as bank-owned life insurance contracts (BOLIs). A BOLI is designed so the bank is the policy owner and the policy beneficiary. We legally segregate and record as separate accounts the assets and liabilities for some of our BOLIs, based on the specific contract provisions. We guarantee minimum investment returns, account values and death benefits for our separate account BOLIs. Our other BOLIs are general account products. We carry the assets of separate account BOLIs at fair value. The liabilities on separate account BOLIs primarily are the contract holders’ claims to the related assets and are carried at an amount equal to the contract holders’ account value. At December 31, 2015, the current fair value of the BOLI invested assets and cash exceeded the current fair value of the contract holders’ account value by approximately $21 million . If the BOLI projected fair value were to fall below the value we guaranteed, a liability would be established with a corresponding charge to the company’s earnings. Generally, investment income and realized investment gains and losses of the separate accounts accrue directly to the contract holder, and we do not include them in the consolidated statements of income. Revenues and expenses related to separate accounts consist of contractual fees and mortality, surrender and expense risk charges. Also, each separate account BOLI includes a negotiated capital gain and loss sharing arrangement between the company and the bank. A percentage of each separate account’s realized capital gain and loss representing contract fees and assessments accrues to us and is transferred from the separate account to our general account and is recognized as revenue or expense. We record as revenues separate account investment management fees in Fee revenues of the consolidated statements of income.
Reinsurance	Reinsurance Assumed The Cincinnati Insurance Company is expanding in the area of assumed reinsurance. Business written includes treaties that provide coverage for property catastrophe events on a worldwide basis. Premiums are primarily earned on a pro rata basis over the coverage period of the treaty. We also assume risk with limited exposure as a reinsurer for other insurance companies, reinsurers and involuntary state pools. Reinsurance Ceded We reduce risk and uncertainty by buying property casualty and life reinsurance. Reinsurance contracts do not relieve us from our obligation to policyholders, but rather help protect our financial strength to perform that duty. All of these ceded reinsurance contracts transfer the economic risk of loss. Ceded premiums are deferred and recorded as earned premiums on a pro rata basis over the terms of the contracts. We estimate loss amounts recoverable from our reinsurers based on the reinsurance policy terms. Historically, our claims with reinsurers have been paid. We do not have an allowance for uncollectible reinsurance.
Income Taxes	Income Taxes We calculate deferred income tax liabilities and assets using tax rates in effect when temporary differences in financial statement income and taxable income are expected to reverse. We recognize deferred income taxes for numerous temporary differences between our taxable income and financial statement income and other changes in shareholders’ equity. Such temporary differences relate primarily to unrealized gains and losses on investments and differences in the recognition of deferred acquisition costs, unearned premium and insurance reserves. We charge deferred income taxes associated with balances that impact other comprehensive income, such as unrealized appreciation and depreciation of investments (except the amounts related to the effect of income tax rate changes), to shareholders’ equity in AOCI. We charge deferred taxes associated with other differences to income. See Note 11, Income Taxes, for further detail on our uncertain tax positions. Although no Internal Revenue Service (IRS) penalties currently are accrued, if incurred, they would be recognized as a component of income tax expense.
Earnings per Share	Earnings per Share Net income per common share is based on the weighted average number of common shares outstanding during each of the respective years. We calculate net income per common share (diluted) assuming the exercise or conversion of share‑based awards using the treasury stock method.
Land, Building And Equipment	Land, Building and Equipment We record land at cost, and record building and equipment at cost less accumulated depreciation. Equipment held under capital leases also is classified as property and equipment with the related lease obligations recorded as liabilities. We capitalize and amortize costs for internally developed computer software during the application development stage. These costs generally consist of external consulting, payroll and payroll-related costs. Our depreciation is based on estimated useful lives (ranging from three years to 39.5 years) using straight-line and accelerated methods. Depreciation expense was $36 million for 2015, and $37 million for 2014 and 2013, respectively. We monitor land, building and equipment and software assets for potential impairments. Potential impairments may include a significant decrease in the fair values of the assets, considerable cost overruns on projects, a change in legal factors or business climate or other factors that indicate that the carrying amount may not be recoverable or useful. There were no recorded land, building and equipment impairments for 2015, 2014 or 2013.
Finance Receivables	Finance Receivables Our leasing subsidiary provides auto and equipment direct financing (leases and loans) to commercial and individual clients. We generally transfer ownership of the property to the client as the terms of the leases expire. Our lease contracts contain bargain purchase options. We account for these leases and loans as direct financing-type leases. We capitalize and amortize lease or loan origination costs over the life of the financing, using the effective interest method. These costs may include, but are not limited to finder fees, broker fees, filing fees and the cost of credit reports. We record income as other revenues over the financing term using the effective interest method in the consolidated statements of income, Finance receivables are reviewed for impairment and are insignificant to our consolidated financial position, results of operations and cash flows.
Employee Benefit Pension Plan	Employee Benefit Pension Plan We sponsor a defined benefit pension plan that was modified during 2008. We closed entry into the pension plan, and only participants 40 years of age or older could elect to remain in the plan. Our pension expense is based on certain actuarial assumptions and also is composed of several components that are determined using the projected unit credit actuarial cost method. Refer to Note 13, Employee Retirement Benefits, for more information about our defined benefit pension plan.
Stock-Based Compensation	Share-Based Compensation We grant qualified and nonqualified share-based compensation under authorized plans. The stock options generally vest on a graded scale over three years following the date of grant and are exercisable over 10 -year periods. We grant service-based restricted stock units that cliff vest three years after the date of grant as well as service-based restricted stock units that vest ratably over the three year vesting term. We also grant performance-based restricted stock units that vest if certain market conditions are attained. In 2015, the CFC compensation committee approved share-based awards including incentive stock options, nonqualified stock options, service-based restricted and performance-based restricted stock units. See Note 17, Share-Based Associate Compensation Plans, for further details.
Subsequent Events	Subsequent Events There were no subsequent events requiring adjustment to the financial statements or disclosure.
New Accounting Pronouncements, Policy [Policy Text Block]	Adopted Accounting Updates ASU 2015-03, Interest-Imputation of Interest In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest. ASU 2015-03 reduces the complexity of disclosing debt issuance costs and debt discount and premium on the balance sheet by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 allows entities to defer and present debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement.
Interest Capitalization, Policy [Policy Text Block]	ASU 2015-03, Interest-Imputation of Interest In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest. ASU 2015-03 reduces the complexity of disclosing debt issuance costs and debt discount and premium on the balance sheet by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 allows entities to defer and present debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement.
Pending Accounting Updates	Pending Accounting Updates ASU 2014-09, Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers . ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Insurance contracts do not fall within the scope of this ASU. The effective date of ASU 2014-09 is for annual reporting periods beginning after December 15, 2017 with early adoption permitted. The ASU has not yet been adopted; however, there is not expected to be a material impact on our company’s consolidated financial position, cash flows or results of operations. ASU 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 requires that performance targets that affect vesting and that could be achieved after the requisite service period be treated as performance conditions. The effective date of ASU 2014-12 is for interim and annual reporting periods beginning after December 15, 2015. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, cash flows or results of operations. ASU 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis. ASU 2015-02 makes amendments to the current consolidation guidance, focusing mainly on the investment management industry; however entities across all industries could be impacted. The effective date of ASU 2015-02 is for interim and annual reporting periods beginning after December 15, 2015. The ASU has not yet been adopted; however, there is not expected to be a material impact on our company’s consolidated financial position, cash flows or results of operations. ASU 2015-09, Financial Services-Insurance: Disclosures about Short-Duration Contracts In May 2015, the FASB issued ASU 2015-09, Financial Services-Insurance: Disclosures About Short-Duration Contracts. ASU 2015-09 requires entities to provide additional disclosures about the liability for unpaid claims and claim adjustment expenses to increase the transparency of significant estimates. ASU 2015-09 also requires entities to disclose information about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, including reasons for the change and the effects on the financial statements. ASU 2015-09 also requires entities to disclose a rollforward of the liability of unpaid claims and claim adjustment expense for annual and interim reporting periods. The effective date of ASU 2015-09 is for annual reporting periods beginning after December 15, 2015, and interim reporting periods within annual periods beginning after December 15, 2016. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, cash flows or results of operations, but the ASU will require additional disclosures to our annual and interim financial statements. ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 revises the accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The effective date of ASU 2016-01 is for interim and annual reporting periods beginning after December 15, 2017. The ASU has not yet been adopted. Management is currently evaluating the impact on our company’s consolidated financial position, cash flows and results of operations.
Revenue Recognition, Policy [Policy Text Block]	ASU 2014-09, Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers . ASU 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Insurance contracts do not fall within the scope of this ASU. The effective date of ASU 2014-09 is for annual reporting periods beginning after December 15, 2017 with early adoption permitted. The ASU has not yet been adopted; however, there is not expected to be a material impact on our company’s consolidated financial position, cash flows or results of operations.
Compensation Related Costs, Policy [Policy Text Block]	ASU 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 requires that performance targets that affect vesting and that could be achieved after the requisite service period be treated as performance conditions. The effective date of ASU 2014-12 is for interim and annual reporting periods beginning after December 15, 2015. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, cash flows or results of operations.
Consolidation, Policy [Policy Text Block]	ASU 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis. ASU 2015-02 makes amendments to the current consolidation guidance, focusing mainly on the investment management industry; however entities across all industries could be impacted. The effective date of ASU 2015-02 is for interim and annual reporting periods beginning after December 15, 2015. The ASU has not yet been adopted; however, there is not expected to be a material impact on our company’s consolidated financial position, cash flows or results of operations.
Short-Duration Contracts, Policy [Policy Text Block]	ASU 2015-09, Financial Services-Insurance: Disclosures about Short-Duration Contracts In May 2015, the FASB issued ASU 2015-09, Financial Services-Insurance: Disclosures About Short-Duration Contracts. ASU 2015-09 requires entities to provide additional disclosures about the liability for unpaid claims and claim adjustment expenses to increase the transparency of significant estimates. ASU 2015-09 also requires entities to disclose information about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, including reasons for the change and the effects on the financial statements. ASU 2015-09 also requires entities to disclose a rollforward of the liability of unpaid claims and claim adjustment expense for annual and interim reporting periods. The effective date of ASU 2015-09 is for annual reporting periods beginning after December 15, 2015, and interim reporting periods within annual periods beginning after December 15, 2016. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, cash flows or results of operations, but the ASU will require additional disclosures to our annual and interim financial statements.
Fair Value of Financial Instruments, Policy [Policy Text Block]	ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 revises the accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The effective date of ASU 2016-01 is for interim and annual reporting periods beginning after December 15, 2017. The ASU has not yet been adopted. Management is currently evaluating the impact on our company’s consolidated financial position, cash flows and results of operations.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Investments [Abstract]
Analysis Of Cost Or Amortized Cost, Gross Unrealized Gains And Losses And Fair Value for Investments	The following table provides cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity and equity securities: (Dollars in millions) Cost or amortized cost Gross unrealized Fair At December 31, 2015 gains losses Fixed-maturity securities: Corporate $ 5,294 $ 255 $ 96 $ 5,453 States, municipalities and political subdivisions 3,440 172 1 3,611 Commercial mortgage-backed 287 4 2 289 Government-sponsored enterprises 284 — 6 278 Foreign government 10 — — 10 Convertibles and bonds with warrants attached 5 — — 5 United States government 4 — — 4 Subtotal 9,324 431 105 9,650 Equity securities: Common equities 2,749 1,787 51 4,485 Nonredeemable preferred equities 189 32 — 221 Subtotal 2,938 1,819 51 4,706 Total $ 12,262 $ 2,250 $ 156 $ 14,356 At December 31, 2014 Fixed-maturity securities: Corporate $ 5,117 $ 420 $ 11 $ 5,526 States, municipalities and political subdivisions 3,267 178 2 3,443 Commercial mortgage-backed 250 9 — 259 Government-sponsored enterprises 213 — 5 208 Foreign government 10 — — 10 Convertibles and bonds with warrants attached 7 — — 7 United States government 7 — — 7 Subtotal 8,871 607 18 9,460 Equity securities: Common equities 2,583 2,099 3 4,679 Nonredeemable preferred equities 145 35 1 179 Subtotal 2,728 2,134 4 4,858 Total $ 11,599 $ 2,741 $ 22 $ 14,318
Fair Values And Unrealized Losses by Investment Category And By The Duration Of The Securities' Continuous Unrealized Loss Position	The table below provides fair values and unrealized losses by investment category and by the duration of the securities’ continuous unrealized loss positions: (Dollars in millions) Less than 12 months 12 months or more Total At December 31, 2015 Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Fixed-maturity securities: Corporate $ 1,099 $ 63 $ 133 $ 33 $ 1,232 $ 96 States, municipalities and political subdivisions 47 1 22 — 69 1 Commercial mortgage-backed 103 2 2 — 105 2 Government-sponsored enterprises 100 2 127 4 227 6 Subtotal 1,349 68 284 37 1,633 105 Equity securities: Common equities 270 51 — — 270 51 Nonredeemable preferred equities 35 — — — 35 — Subtotal 305 51 — — 305 51 Total $ 1,654 $ 119 $ 284 $ 37 $ 1,938 $ 156 At December 31, 2014 Fixed-maturity securities: Corporate $ 261 $ 8 $ 90 $ 3 $ 351 $ 11 States, municipalities and political subdivisions 17 — 135 2 152 2 Commercial mortgage-backed 3 — 23 — 26 — Government-sponsored enterprises 11 — 181 5 192 5 Subtotal 292 8 429 10 721 18 Equity securities: Common equities 85 3 — — 85 3 Nonredeemable preferred equities 16 — 17 1 33 1 Subtotal 101 3 17 1 118 4 Total $ 393 $ 11 $ 446 $ 11 $ 839 $ 22
Contractual Maturity Dates For Fixed-Maturity And Short-Term Investments	Contractual maturity dates for fixed-maturity investments were: (Dollars in millions) Amortized cost Fair value % of fair value At December 31, 2015 Maturity dates: Due in one year or less $ 453 $ 459 4.8 % Due after one year through five years 3,068 3,243 33.6 Due after five years through ten years 3,592 3,649 37.8 Due after ten years 2,211 2,299 23.8 Total $ 9,324 $ 9,650 100.0 %
Investment Income, Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses	The following table provides investment income, realized investment gains and losses, and the change in unrealized investment gains and losses: (Dollars in millions) Years ended December 31, 2015 2014 2013 Investment income: Interest $ 428 $ 417 $ 413 Dividends 150 138 122 Other 3 2 3 Total 581 557 538 Less investment expenses 9 8 9 Total $ 572 $ 549 $ 529 Realized investment gains and losses: Fixed maturities: Gross realized gains $ 18 $ 21 $ 15 Gross realized losses — (3 ) — Other-than-temporary impairments (18 ) (15 ) (2 ) Equity securities: Gross realized gains 129 136 64 Gross realized losses (26 ) — — Other-than-temporary impairments (34 ) (9 ) — Other 1 3 6 Total $ 70 $ 133 $ 83 Change in unrealized investment gains and losses: Fixed maturities $ (263 ) $ 106 $ (387 ) Equity securities (362 ) 278 847 Less deferred income taxes (220 ) 134 161 Total $ (405 ) $ 250 $ 299

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Hierarchy for Assets Measured at Fair Value on a Recurring Basis	The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at December 31, 2015 and 2014. We do not have any liabilities carried at fair value. There were no transfers between Level 1 and Level 2. (Dollars in millions) Quoted prices in active markets for Significant unobservable At December 31, 2015 Significant other observable inputs (Level 2) Total Fixed maturities, available for sale: Corporate $ — $ 5,402 $ 51 $ 5,453 States, municipalities and political subdivisions — 3,611 — 3,611 Commercial mortgage-backed — 289 — 289 Government-sponsored enterprises — 278 — 278 Foreign government — 10 — 10 Convertibles and bonds with warrants attached — 5 — 5 United States government 4 — — 4 Subtotal 4 9,595 51 9,650 Common equities, available for sale 4,485 — — 4,485 Nonredeemable preferred equities, available for sale — 218 3 221 Separate accounts taxable fixed maturities — 736 1 737 Top Hat savings plan mutual funds and common equity (included in Other assets) 21 — — 21 Total $ 4,510 $ 10,549 $ 55 $ 15,114 At December 31, 2014 Fixed maturities, available for sale: Corporate $ — $ 5,508 $ 18 $ 5,526 States, municipalities and political subdivisions — 3,443 — 3,443 Commercial mortgage-backed — 259 — 259 Government-sponsored enterprises — 208 — 208 Foreign government — 10 — 10 Convertibles and bonds with warrants attached — 7 — 7 United States government 7 — — 7 Subtotal 7 9,435 18 9,460 Common equities, available for sale 4,679 — — 4,679 Nonredeemable preferred equities, available for sale — 177 2 179 Separate accounts taxable fixed maturities — 731 — 731 Top Hat savings plan mutual funds and common equity (included in Other assets) 18 — — 18 Total $ 4,704 $ 10,343 $ 20 $ 15,067
Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3)	The following table provides the change in Level 3 assets during 2015 and 2014: (Dollars in millions) Asset fair value measurements using significant unobservable input Corporate fixed maturities Taxable fixed maturities-separate accounts Nonredeemable preferred equities Total Beginning balance, January 1, 2015 $ 18 $ — $ 2 $ 20 Total gains or losses (realized/unrealized): Included in net income — — — — Included in other comprehensive income — — 1 1 Purchases 36 1 — 37 Sales — — — — Transfers into Level 3 — — — — Transfers out of Level 3 (3 ) — — (3 ) Ending balance, December 31, 2015 $ 51 $ 1 $ 3 $ 55 Beginning balance, January 1, 2014 $ 2 $ — $ 2 $ 4 Total gains or losses (realized/unrealized): Included in net income — — — — Included in other comprehensive income — — — — Purchases — — — — Sales — — — — Transfers into Level 3 16 — — 16 Transfers out of Level 3 — — — — Ending balance, December 31, 2014 $ 18 $ — $ 2 $ 20
Fair Value of Life Policy Loans	The following table shows the fair value of our life policy loans, included in other invested assets: (Dollars in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total At December 31, 2015 Life policy loans $ — $ — $ 40 $ 40 At December 31, 2014 Life policy loans $ — $ — $ 39 $ 39
Debt
Fair Values of Deferred Annuities, Structured Settlements and Other Items	The following table shows fair values of our note payable and long-term debt: (Dollars in millions) Quoted prices in active markets for Significant other Significant unobservable inputs (Level 3) Total At December 31, 2015 Note payable $ — $ 35 $ — $ 35 6.900% senior debentures, due 2028 — 31 — 31 6.920% senior debentures, due 2028 — 480 — 480 6.125% senior notes, due 2034 — 425 — 425 Total $ — $ 971 $ — $ 971 At December 31, 2014 Note payable $ — $ 49 $ — $ 49 6.900% senior debentures, due 2028 — 34 — 34 6.920% senior debentures, due 2028 — 496 — 496 6.125% senior notes, due 2034 — 449 — 449 Total $ — $ 1,028 $ — $ 1,028
Deferred Annuities and Structured Settlements
Fair Values of Deferred Annuities, Structured Settlements and Other Items	The following table shows fair value of our deferred annuities and structured settlements included in life policy and investment contract reserves: (Dollars in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total At December 31, 2015 Deferred annuities $ — $ — $ 886 $ 886 Structured settlements — 208 — 208 Total $ — $ 208 $ 886 $ 1,094 At December 31, 2014 Deferred annuities $ — $ — $ 897 $ 897 Structured settlements — 217 — 217 Total $ — $ 217 $ 897 $ 1,114

Property Casualty Loss And Lo37

Property Casualty Loss And Loss Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Insurance [Abstract]
Consolidated Property Casualty Loss And Loss Expense Reserves	This table summarizes activity for our consolidated property casualty loss and loss expense reserves: (Dollars in millions) Years ended December 31, 2015 2014 2013 Gross loss and loss expense reserves, January 1 $ 4,438 $ 4,241 $ 4,169 Less reinsurance recoverable 282 299 356 Net loss and loss expense reserves, January 1 4,156 3,942 3,813 Net incurred loss and loss expenses related to: Current accident year 2,756 2,725 2,448 Prior accident years (184 ) (98 ) (147 ) Total incurred 2,572 2,627 2,301 Net paid loss and loss expenses related to: Current accident year 1,152 1,212 1,045 Prior accident years 1,197 1,201 1,127 Total paid 2,349 2,413 2,172 Net loss and loss expense reserves, December 31 4,379 4,156 3,942 Plus reinsurance recoverable 281 282 299 Gross loss and loss expense reserves, December 31 $ 4,660 $ 4,438 $ 4,241

Life Policy And Investment Co38

Life Policy And Investment Contract Reserves (Tables)	12 Months Ended
	Dec. 31, 2015
Liability for Future Policy Benefits [Abstract]
Reserve In Addition To The Account Balance, Based on Expected No-Lapse Guarantee Benefits And Expected Policy Assessments	This table summarizes our life policy and investment contract reserves: (Dollars in millions) At December 31, 2015 2014 Traditional life $ 943 $ 875 Deferred annuities 860 863 Universal life 558 530 Structured settlements 174 182 Other 48 47 Total life policy and investment contract reserves $ 2,583 $ 2,497

Deferred Policy Acquisition C39

Deferred Policy Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2015
Deferred Costs [Abstract]
Deferred Policy Acquisition Costs And Asset Reconciliation, Including the Amortized Deferred Policy Acquisition Costs	The table below shows the deferred policy acquisition costs and asset reconciliation: (Dollars in millions) Years ended December 31, 2015 2014 2013 Property casualty: Deferred policy acquisition costs asset, January 1 $ 379 $ 366 $ 337 Capitalized deferred policy acquisition costs 801 783 756 Amortized deferred policy acquisition costs (792 ) (770 ) (727 ) Deferred policy acquisition costs asset, December 31 $ 388 $ 379 $ 366 Life: Deferred policy acquisition costs asset, January 1 $ 199 $ 199 $ 133 Capitalized deferred policy acquisition costs 45 44 46 Amortized deferred policy acquisition costs (37 ) (37 ) (31 ) Amortized shadow deferred policy acquisition costs 21 (7 ) 51 Deferred policy acquisition costs asset, December 31 $ 228 $ 199 $ 199 Consolidated: Deferred policy acquisition costs asset, January 1 $ 578 $ 565 $ 470 Capitalized deferred policy acquisition costs 846 827 802 Amortized deferred policy acquisition costs (829 ) (807 ) (758 ) Amortized shadow deferred policy acquisition costs 21 (7 ) 51 Deferred policy acquisition costs asset, December 31 $ 616 $ 578 $ 565

Long-Term Debt And Capital Le40

Long-Term Debt And Capital Lease Obligation (Tables)	12 Months Ended
	Dec. 31, 2015
Long-term Debt and Capital Lease Obligations [Abstract]
Book Value And Principal Amounts Of Long-Term Debt	This table summarizes the principal amounts of our long-term debt excluding unamortized discounts, none of which are encumbered by rating triggers: (Dollars in millions) Book value Principal amount Interest rate Year of issue At December 31, At December 31, 2015 2014 2015 2014 6.900% 1998 Senior debentures, due 2028 $ 26 $ 26 $ 28 $ 28 6.920% 2005 Senior debentures, due 2028 391 391 391 391 6.125% 2004 Senior notes, due 2034 369 369 374 374 Total $ 786 $ 786 $ 793 $ 793
Capital Lease Payments Over Next Five Years	Below are the expected capital lease obligations that we expect to pay over the next six years: (Dollars in millions) Years ended December 31, 2016 2017 2018 2019 2020 2021 Capital lease obligations $ 13 $ 8 $ 6 $ 4 $ 3 $ 1

Shareholders' Equity And Divi41

Shareholders' Equity And Dividend Restrictions (Tables)	12 Months Ended
	Dec. 31, 2015
Shareholders Equity And Dividend Restrictions [Abstract]
Change In AOCI Includes Changes In Unrealized Gains And Losses On Investments And Pension Obligations	The changes from the beginning of year to the end of year are the result of changes to other comprehensive income or loss (OCI). (Dollars in millions) 2015 2014 2013 Before tax Income tax Net Before Income Net Before Income Net Investments: AOCI, January 1 $ 2,719 $ 942 $ 1,777 $ 2,335 $ 808 $ 1,527 $ 1,875 $ 647 $ 1,228 OCI before realized gains recognized in net income (556 ) (196 ) (360 ) 514 181 333 537 188 349 Realized gains and losses recognized in net income (69 ) (24 ) (45 ) (130 ) (47 ) (83 ) (77 ) (27 ) (50 ) OCI (625 ) (220 ) (405 ) 384 134 250 460 161 299 AOCI, December 31 $ 2,094 $ 722 $ 1,372 $ 2,719 $ 942 $ 1,777 $ 2,335 $ 808 $ 1,527 Pension obligations: AOCI, January 1 $ (36 ) $ (12 ) $ (24 ) $ (18 ) $ (6 ) $ (12 ) $ (101 ) $ (35 ) $ (66 ) OCI excluding amortization recognized in net income (12 ) (5 ) (7 ) (21 ) (7 ) (14 ) 83 29 54 Amortization recognized in net income 6 3 3 3 1 2 — — — OCI (6 ) (2 ) (4 ) (18 ) (6 ) (12 ) 83 29 54 AOCI, December 31 $ (42 ) $ (14 ) $ (28 ) $ (36 ) $ (12 ) $ (24 ) $ (18 ) $ (6 ) $ (12 ) Life deferred acquisition costs, life policy reserves and other: AOCI, January 1 $ (12 ) $ (3 ) $ (9 ) $ (16 ) $ (5 ) $ (11 ) $ (50 ) $ (17 ) $ (33 ) OCI before realized gains recognized in net income 14 5 9 7 3 4 40 14 26 Realized gains and losses recognized in net income (1 ) (1 ) — (3 ) (1 ) (2 ) (6 ) (2 ) (4 ) OCI 13 4 9 4 2 2 34 12 22 AOCI, December 31 $ 1 $ 1 $ — $ (12 ) $ (3 ) $ (9 ) $ (16 ) $ (5 ) $ (11 ) Summary of AOCI: AOCI, January 1 $ 2,671 $ 927 $ 1,744 $ 2,301 $ 797 $ 1,504 $ 1,724 $ 595 $ 1,129 Investments OCI (625 ) (220 ) (405 ) 384 134 250 460 161 299 Pension obligations OCI (6 ) (2 ) (4 ) (18 ) (6 ) (12 ) 83 29 54 Life deferred acquisition costs, life policy reserves and other OCI 13 4 9 4 2 2 34 12 22 Total OCI (618 ) (218 ) (400 ) 370 130 240 577 202 375 AOCI, December 31 $ 2,053 $ 709 $ 1,344 $ 2,671 $ 927 $ 1,744 $ 2,301 $ 797 $ 1,504 Investments realized gains and life deferred acquisition costs, life policy reserves and other realized gains are recorded in the realized investment gains, net, line item in the consolidated statements of income. Amortization on pension obligations is recorded in the insurance losses and contract holders' benefits and underwriting, acquisition and insurance expenses in the consolidated statements of income.

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2015
Reinsurance Disclosures [Abstract]
Earned Consolidated Property Casualty Insurance Premiums On Assumed And Ceded Business	Our consolidated statements of income include earned consolidated property casualty insurance premiums on assumed and ceded business: (Dollars in millions) Years ended December 31, 2015 2014 2013 Direct earned premiums $ 4,396 $ 4,209 $ 3,903 Assumed earned premiums 29 12 11 Ceded earned premiums (154 ) (176 ) (201 ) Earned premiums $ 4,271 $ 4,045 $ 3,713
Incurred Consolidated Property Casualty Insurance Loss And Loss Expenses On Assumed And Ceded Business	Our consolidated statements of income include incurred consolidated property casualty insurance loss and loss expenses on assumed and ceded business: (Dollars in millions) Years ended December 31, 2015 2014 2013 Direct incurred loss and loss expenses $ 2,596 $ 2,661 $ 2,323 Assumed incurred loss and loss expenses 12 6 11 Ceded incurred loss and loss expenses (36 ) (40 ) (33 ) Incurred loss and loss expenses $ 2,572 $ 2,627 $ 2,301
Earned Life Insurance Premiums On Ceded Business	Our consolidated statements of income include earned life insurance premiums on ceded business: (Dollars in millions) Years ended December 31, 2015 2014 2013 Direct earned premiums $ 271 $ 259 $ 248 Ceded earned premiums (62 ) (61 ) (59 ) Earned premiums $ 209 $ 198 $ 189
Life Insurance Contract Holders' Benefits Incurred On Ceded Business	Our consolidated statements of income include life insurance contract holders’ benefits incurred on ceded business: (Dollars in millions) Years ended December 31, 2015 2014 2013 Direct contract holders' benefits incurred $ 292 $ 299 $ 266 Ceded contract holders' benefits incurred (56 ) (70 ) (62 ) Contract holders' benefits incurred $ 236 $ 229 $ 204

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Components Of Deferred Tax Assets And Liabilities	The significant components of deferred tax assets and liabilities included in the consolidated balance sheets at December 31 were as follows: (Dollars in millions) At December 31, 2015 2014 Deferred tax assets: Loss and loss expense reserves $ 191 $ 197 Unearned premiums 151 145 Investments 25 16 Other 42 41 Total gross deferred tax assets 409 399 Deferred tax liabilities: Unrealized investment gains, net 719 937 Deferred acquisition costs 187 183 Life policy reserves 137 110 Other 4 9 Total gross deferred tax liabilities 1,047 1,239 Net deferred income tax liability $ 638 $ 840
Differences Between The 35 Percent Statutory Income Tax Rate And Effective Income Tax Rate	The differences between the 35 percent statutory federal income tax rate and our effective income tax rate were as follows: (Dollars in millions) Years ended December 31, 2015 2014 2013 Tax at statutory rate: $ 308 35.0 % $ 252 35.0 % $ 250 35.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (33 ) (3.7 ) (33 ) (4.6 ) (32 ) (4.5 ) Dividend received exclusion (32 ) (3.6 ) (29 ) (4.0 ) (26 ) (3.6 ) Other 4 0.3 6 0.8 5 0.7 Provision for income taxes $ 247 28.0 % $ 196 27.2 % $ 197 27.6 %

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Calculations For Basic And Diluted Earnings Per Share	The table shows calculations for basic and diluted earnings per share: (In millions except per share data) Years ended December 31, 2015 2014 2013 Numerator: Net income—basic and diluted $ 634 $ 525 $ 517 Denominator: Basic weighted-average common shares outstanding 164.0 163.5 163.5 Effect of share-based awards: Stock options 1.0 1.0 1.2 Nonvested shares 0.6 0.6 0.7 Diluted weighted-average shares 165.6 165.1 165.4 Earnings per share: Basic $ 3.87 $ 3.21 $ 3.16 Diluted 3.83 3.18 3.12 Number of anti-dilutive share-based awards 0.4 0.7 0.4

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2015
Benefit Obligation Activity Using An Actuarial Measurement Date For Qualified Plan And SERP	Benefit obligation activity using an actuarial measurement date for our qualified pension plan and SERP at December 31 follows: (Dollars in millions) At December 31, 2015 2014 Change in projected benefit obligation: Benefit obligation, January 1 $ 319 $ 284 Service cost 12 10 Interest cost 14 15 Actuarial (gain) loss (3 ) 35 Benefits paid (19 ) (27 ) Other — 2 Projected benefit obligation, December 31 $ 323 $ 319 Accumulated benefit obligation $ 293 $ 284 Change in plan assets: Fair value of plan assets, January 1 $ 288 $ 280 Actual return on plan assets 3 30 Employer contribution 6 5 Benefits paid (19 ) (27 ) Fair value of plan assets, December 31 $ 278 $ 288 Funded status, December 31 $ (45 ) $ (31 )
Reconciliation Of The Funded Status For Qualified Plan And SERP	A reconciliation follows of the funded status for our qualified plan and SERP at the end of the measurement period to the amounts recognized in the consolidated balance sheets at December 31: (Dollars in millions) At December 31, 2015 2014 Pension amounts recognized in the consolidated balance sheets: Other assets $ — $ — Other liabilities (45 ) (31 ) Net amount recognized $ (45 ) $ (31 ) Pension amounts recognized in accumulated other comprehensive income: Net actuarial loss $ 41 $ 34 Prior service cost 1 2 Total $ 42 $ 36
Components Of Net Periodic Benefit Cost As Well As Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income For Qualified Plan And SERP	Below are the components of our net periodic benefit cost, as well as other changes in plan assets and benefit obligations recognized in other comprehensive income for our qualified plan and SERP at December 31: (Dollars in millions) Years ended December 31, 2015 2014 2013 Net periodic benefit cost: Service cost $ 12 $ 10 $ 13 Interest cost 14 15 13 Expected return on plan assets (18 ) (17 ) (17 ) Amortization of actuarial loss and prior service cost 6 2 9 Other 1 3 2 Net periodic benefit cost $ 15 $ 13 $ 20 (Dollars in millions) Years ended December 31, 2015 2014 2013 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Current year actuarial loss (gain) $ 13 $ 21 $ (72 ) Amortization of actuarial loss (6 ) (5 ) (10 ) Current year prior service cost — 2 — Amortization of prior service cost (1 ) — (1 ) Total recognized in other comprehensive loss (income) $ 6 $ 18 $ (83 )
Fair Value Hierarchy Of Assets Measured At Fair Value On A Recurring Basis	(Dollars in millions) Quoted prices in Significant other Significant (Level 3) Total At December 31, 2015 Fixed maturities, available for sale: States, municipalities and political subdivisions $ — $ 32 $ — $ 32 Corporate securities — 13 — 13 Total fixed maturities, available for sale — 45 — 45 Common equities, available for sale 212 — — 212 Total $ 212 $ 45 $ — $ 257 At December 31, 2014 Fixed maturities, available for sale: States, municipalities and political subdivisions $ — $ 33 $ — $ 33 Corporate securities — 19 — 19 Total fixed maturities, available for sale — 52 — 52 Common equities, available for sale 225 — — 225 Total $ 225 $ 52 $ — $ 277
Expected Future Benefit Payments For Qualified Plan And SERP	We expect to make the following benefit payments for our qualified plan and SERP, reflecting expected future service: (Dollars in millions) Years ended December 31, 2016 2017 2018 2019 2020 2021 - 2025 Expected future benefit payments $ 29 $ 26 $ 24 $ 24 $ 25 $ 141
Benefit Obligations
Weighted-Average Assumptions Used	This is a summary of the weighted-average assumptions used to determine our benefit obligations at December 31 for the plans: Qualified Pension Plan SERP 2015 2014 2015 2014 Discount rate 4.55 % 4.25 % 4.30 % 4.05 % Rate of compensation increase 2.75-3.25 2.75-3.25 2.75-3.25 2.75-3.25
Net Periodic Benefit Cost
Weighted-Average Assumptions Used	This is a summary of the weighted-average assumptions used to determine our net expense for the plans: Qualified Pension Plan SERP 2015 2014 2013 2015 2014 2013 Discount rate 4.25 % 5.15 % 4.20 % 4.05 % 4.80 % 3.95 % Expected return on plan assets 7.25 7.25 7.50 n/a n/a n/a Rate of compensation increase 2.75-3.25 2.75-3.25 2.75-3.25 2.75-3.25 2.75-3.25 2.75-3.25

Statutory Accounting Informat46

Statutory Accounting Information (Tables)	12 Months Ended
	Dec. 31, 2015
Staturory Accounting Information [Abstract]
Statutory Net Income And Statutory Surplus	The statutory net income (loss) and statutory capital and surplus are presented below: (Dollars in millions) Net income (loss) Capital and surplus Years ended December 31, At December 31, 2015 2014 2013 2015 2014 The Cincinnati Insurance Company $ 534 $ 436 $ 418 $ 4,412 $ 4,472 The Cincinnati Casualty Company 12 12 10 337 330 The Cincinnati Indemnity Company 3 3 2 88 86 The Cincinnati Specialty Underwriters Insurance Company 49 32 18 306 266 The Cincinnati Life Insurance Company (11 ) (19 ) (20 ) 208 223

Share-Based Associate Compens47

Share-Based Associate Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Share-based Compensation [Abstract]
Assumptions Used In Option Grants Issued	The following weighted average assumptions were used in determining fair value for option grants issued during 2015 and 2014: 2015 2014 2012 Weighted-average expected term 8-9 years 8-9 years 9-10 years Expected volatility 25.04-26.15% 25.20-26.22% 25.25-26.31% Dividend yield 3.52% 3.76% 3.65% Risk-free rates 1.94-2.01% 2.42-2.62% 1.82-2.00% Weighted-average fair value of options granted during the period $11.15 $10.16 $9.71
Stock Option Information	This is a summary of options information: (Dollars in millions, shares in thousands) Shares Weighted- exercise price Aggregate Outstanding option shares at January 1, 2015 4,958 $ 39.10 Granted 386 52.24 Exercised (996 ) 40.30 Forfeited or expired (476 ) 41.64 Outstanding option shares at December 31, 2015 3,872 39.78 $ 77 Options exercisable at end of period 3,128 $ 37.54 $ 69
Options Outstanding And Exercisable	Options outstanding and exercisable consisted of the following at December 31, 2015: (Shares in thousands) Options outstanding Options exercisable Range of exercise prices Shares Weighted-average Weighted- Shares Weighted- $25.00 to $29.99 582 3.59 years $ 26.58 582 $ 26.58 $30.00 to $34.99 574 4.99 years 33.95 574 33.95 $35.00 to $39.99 841 3.90 years 37.29 841 37.29 $40.00 to $44.99 700 4.06 years 44.75 583 44.75 $45.00 to $49.99 798 3.89 years 46.00 546 45.62 $50.00 to $54.99 377 9.10 years 52.24 2 52.25 Total 3,872 4.55 years 39.78 3,128 37.54
Restricted Stock Unit Information	This is a summary of service-based and performance-based share information, assuming a target payout for performance-based shares, for the year 2015: (Shares in thousands) Service-based Weighted- Performance-based Weighted- Nonvested at January 1, 2015 968 $ 37.42 283 $ 38.55 Granted 334 47.06 81 45.73 Vested (370 ) 31.74 (104 ) 34.89 Forfeited or canceled (30 ) 42.35 (4 ) 34.89 Nonvested at December 31, 2015 902 43.15 256 42.35

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Information	This table summarizes segment information: (Dollars in millions) Years ended December 31, 2015 2014 2013 Revenues: Commercial lines insurance Commercial casualty $ 1,010 $ 938 $ 856 Commercial property 815 728 623 Commercial auto 561 528 479 Workers' compensation 367 370 365 Other commercial 243 292 313 Commercial lines insurance premiums 2,996 2,856 2,636 Fee revenues 4 4 3 Total commercial lines insurance 3,000 2,860 2,639 Personal lines insurance Personal auto 506 476 443 Homeowner 463 443 403 Other personal 128 122 115 Personal lines insurance premiums 1,097 1,041 961 Fee revenues 3 2 1 Total personal lines insurance 1,100 1,043 962 Excess and surplus lines insurance 168 148 116 Fee revenues 1 — — Total excess and surplus lines insurance 169 148 116 Life insurance premiums 209 198 189 Separate account investment management fees 5 6 4 Total life insurance 214 204 193 Investments Investment income, net of expenses 572 549 529 Realized investment gains, net 70 133 83 Total investment revenue 642 682 612 Other 17 8 9 Total revenues $ 5,142 $ 4,945 $ 4,531 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 345 $ 146 $ 186 Personal lines insurance (12 ) 10 33 Excess and surplus lines insurance 51 30 14 Life insurance (2 ) (5 ) 9 Investments 556 599 532 Other (57 ) (59 ) (60 ) Total income before income taxes $ 881 $ 721 $ 714 December 31, December 31, Identifiable assets: 2015 2014 Property casualty insurance $ 2,717 $ 2,656 Life insurance 1,325 1,316 Investments 14,485 14,441 Other 361 335 Total $ 18,888 $ 18,748

Quarterly Supplementary Data (T

Quarterly Supplementary Data (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Unaudited Quarterly Financial Information	This table includes unaudited quarterly financial information for the years ended December 31, 2015 and 2014: (Dollars in millions except per share data) Quarter 1st 2nd 3rd 4th Full year 2015 Revenues $ 1,285 $ 1,316 $ 1,278 $ 1,263 $ 5,142 Income before income taxes 174 248 243 216 881 Net income 128 176 174 156 634 Net income per common share—basic 0.78 1.07 1.06 0.95 3.87 Net income per common share—diluted 0.77 1.06 1.05 0.94 3.83 2014 Revenues $ 1,189 $ 1,214 $ 1,280 $ 1,262 $ 4,945 Income before income taxes 119 107 259 236 721 Net income 91 84 183 167 525 Net income per common share—basic 0.56 0.51 1.12 1.03 3.21 Net income per common share—diluted 0.55 0.51 1.11 1.02 3.18

Summary Of Significant Accoun50

Summary Of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)statesubsidiaryindependent_insurance_agencyreporting_locations	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2008
Significant Accounting Policies
Income Tax Examination, Penalties Expense	$ 0
Number of operating subsidaries | subsidiary	2
Number of independent insurance agencies | independent_insurance_agency	1,526
Number of reporting locations | reporting_locations	1,956
Number of states in which entity operates | state	39
Defined Benefit Plan Qualifying Age				40 years
Current fair value of the BOLI invested assets and cash exceeded the current fair value of the contract holders' account value	$ 21,000,000
Other invested assets	67,000,000	$ 68,000,000
Depreciation expense	36,000,000	37,000,000	$ 37,000,000
Land, building and equipment impairments	$ 0	$ 0	$ 0
Minimum
Significant Accounting Policies
Estimated useful lives	3 years
Maximum
Significant Accounting Policies
Estimated useful lives	39 years 6 months
Life Policy Loans
Significant Accounting Policies
Other invested assets	$ 31,000,000
Venture Capital Funds
Significant Accounting Policies
Other invested assets	$ 36,000,000
10 Largest States
Significant Accounting Policies
Generated percentage of total earned premiums	62.00%	63.00%
Ohio, Largest State
Significant Accounting Policies
Generated percentage of total earned premiums	17.00%	18.00%
Indiana, Illinois, Pennsylvania, Georgia, Michigan and North Carolina | Minimum
Significant Accounting Policies
Generated percentage of total earned premiums	5.00%
Indiana, Illinois, Pennsylvania, Georgia, Michigan and North Carolina | Maximum
Significant Accounting Policies
Generated percentage of total earned premiums	7.00%
Largest Single Agency Relationship
Significant Accounting Policies
Generated percentage of total earned premiums	1.00%
All Other | Maximum
Significant Accounting Policies
Generated percentage of total earned premiums	3.00%
Stock Options
Significant Accounting Policies
Awards vesting period	3 years
Weighted-average remaining contractual life for options expected to vest	10 years
Restricted Stock Units
Significant Accounting Policies
Awards vesting period	3 years
Property Casualty Insurance Segment
Significant Accounting Policies
Number of operating subsidaries | subsidiary	2
Fixed Maturities
Significant Accounting Policies
Number Of Securities Continuous Unrealized Loss Position More Than Twelve Months and Below 70 Percent of Amortized Cost	5
Number of securities total unrealized loss in an unrealized loss position for 12 months or more	69	144	40

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Millions	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Gain (Loss) on Investments
Largest equity holdings to total equity portfolio	3.30%
Largest equity holdings to total portfolio	1.00%
Investments, deposit with various states	$ 74	$ 75
Investments in fair value, deposit with various states	$ 15,114	$ 15,067
Impaired securities	20	6	7
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss	$ 37	$ 10	$ 5
Fixed Maturities
Gain (Loss) on Investments
Number of securities total unrealized loss in an unrealized loss position for 12 months or more	69	144	40
Number Of Securities Continuous Unrealized Loss Position More Than Twelve Months and Below 70 Percent of Amortized Cost	5
Equity Securities
Gain (Loss) on Investments
Number of securities total unrealized loss in an unrealized loss position for 12 months or more	0	3	0
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss		$ 1
Exxon Mobil Corporation, The Procter & Gamble Company, Honeywell International Inc, BlackRock Inc., Genuine Parts Company, RPM International, and Johnson and Johnson [Member]
Gain (Loss) on Investments
Available-for-sale securities, accumulated net gain position	$ 566
Seven Primary Contributors
Gain (Loss) on Investments
Number of securities	7
On Deposit With Various States
Gain (Loss) on Investments
Investments in fair value, deposit with various states	$ 77	$ 78

Investments (Analysis Of Cost O

Investments (Analysis Of Cost Or Amortized Cost Gross Unrealized Gains And Losses And Fair Value For Investments) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fixed Maturities
Schedule of Available-for-sale Securities
Cost or amortized cost	$ 9,324	$ 8,871
Gross unrealized gains	431	607
Gross unrealized losses	105	18
Fair value	9,650	9,460
Fixed Maturities | Corporate Securities
Schedule of Available-for-sale Securities
Cost or amortized cost	5,294	5,117
Gross unrealized gains	255	420
Gross unrealized losses	96	11
Fair value	5,453	5,526
Fixed Maturities | States, Municipalities and Political Subdivisions
Schedule of Available-for-sale Securities
Cost or amortized cost	3,440	3,267
Gross unrealized gains	172	178
Gross unrealized losses	1	2
Fair value	3,611	3,443
Fixed Maturities | Commercial Mortgage Backed Securities
Schedule of Available-for-sale Securities
Cost or amortized cost	287	250
Gross unrealized gains	4	9
Gross unrealized losses	2	0
Fair value	289	259
Fixed Maturities | Government-Sponsored Enterprises
Schedule of Available-for-sale Securities
Cost or amortized cost	284	213
Gross unrealized gains	0	0
Gross unrealized losses	6	5
Fair value	278	208
Fixed Maturities | Foreign Government
Schedule of Available-for-sale Securities
Cost or amortized cost	10	10
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair value	10	10
Fixed Maturities | Convertibles and Bonds with Warrants Attached
Schedule of Available-for-sale Securities
Cost or amortized cost	5	7
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair value	5	7
Fixed Maturities | United States Government
Schedule of Available-for-sale Securities
Cost or amortized cost	4	7
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair value	4	7
Equity Securities
Schedule of Available-for-sale Securities
Cost or amortized cost	2,938	2,728
Gross unrealized gains	1,819	2,134
Gross unrealized losses	51	4
Fair value	4,706	4,858
Equity Securities | Common Equities
Schedule of Available-for-sale Securities
Cost or amortized cost	2,749	2,583
Gross unrealized gains	1,787	2,099
Gross unrealized losses	51	3
Fair value	4,485	4,679
Equity Securities | Nonredeemable Preferred Equities
Schedule of Available-for-sale Securities
Cost or amortized cost	189	145
Gross unrealized gains	32	35
Gross unrealized losses	0	1
Fair value	221	179
Fixed Maturities And Equity Securities
Schedule of Available-for-sale Securities
Cost or amortized cost	12,262	11,599
Gross unrealized gains	2,250	2,741
Gross unrealized losses	156	22
Fair value	$ 14,356	$ 14,318

Investments (Fair Values And Un

Investments (Fair Values And Unrealized Losses By Investment Category And By The Duration Of The Securities' Continuous Unrealized Loss Position) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Investments, Unrealized Loss Position
Less than 12 months fair value	$ 1,654	$ 393
Less than 12 months unrealized losses	119	11
12 months or more fair value	284	446
12 months or more unrealized losses	37	11
Total fair value	1,938	839
Total unrealized losses	156	22
Fixed Maturities
Investments, Unrealized Loss Position
Less than 12 months fair value	1,349	292
Less than 12 months unrealized losses	68	8
12 months or more fair value	284	429
12 months or more unrealized losses	37	10
Total fair value	1,633	721
Total unrealized losses	105	18
Fixed Maturities | Corporate Securities
Investments, Unrealized Loss Position
Less than 12 months fair value	1,099	261
Less than 12 months unrealized losses	63	8
12 months or more fair value	133	90
12 months or more unrealized losses	33	3
Total fair value	1,232	351
Total unrealized losses	96	11
Fixed Maturities | States, Municipalities and Political Subdivisions
Investments, Unrealized Loss Position
Less than 12 months fair value	47	17
Less than 12 months unrealized losses	1	0
12 months or more fair value	22	135
12 months or more unrealized losses	0	2
Total fair value	69	152
Total unrealized losses	1	2
Fixed Maturities | Commercial Mortgage Backed Securities
Investments, Unrealized Loss Position
Less than 12 months fair value	103	3
Less than 12 months unrealized losses	2	0
12 months or more fair value	2	23
12 months or more unrealized losses	0	0
Total fair value	105	26
Total unrealized losses	2	0
Fixed Maturities | Government-Sponsored Enterprises
Investments, Unrealized Loss Position
Less than 12 months fair value	100	11
Less than 12 months unrealized losses	2	0
12 months or more fair value	127	181
12 months or more unrealized losses	4	5
Total fair value	227	192
Total unrealized losses	6	5
Equity Securities
Investments, Unrealized Loss Position
Less than 12 months fair value	305	101
Less than 12 months unrealized losses	51	3
12 months or more fair value	0	17
12 months or more unrealized losses	0	1
Total fair value	305	118
Total unrealized losses	51	4
Equity Securities | Common Equities
Investments, Unrealized Loss Position
Less than 12 months fair value	270	85
Less than 12 months unrealized losses	51	3
12 months or more fair value	0	0
12 months or more unrealized losses	0	0
Total fair value	270	85
Total unrealized losses	51	3
Equity Securities | Nonredeemable Preferred Equities
Investments, Unrealized Loss Position
Less than 12 months fair value	35	16
Less than 12 months unrealized losses	0	0
12 months or more fair value	0	17
12 months or more unrealized losses	0	1
Total fair value	35	33
Total unrealized losses	$ 0	$ 1

Investments (Contractual Maturi

Investments (Contractual Maturity Dates For Fixed-Maturity And Short-Term Investments) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Amortized cost
Due in one year or less	$ 453
Due after one year through five years	3,068
Due after five years through ten years	3,592
Due after ten years	2,211
Total	9,324	$ 8,871
Fair value
Due in one year or less	459
Due after one year through five years	3,243
Due after five years through ten years	3,649
Due after ten years	2,299
Total	$ 9,650	$ 9,460
% of fair value
Due in one year or less	4.80%
Due after one year through five years	33.60%
Due after five years through ten years	37.80%
Due after ten years	23.80%
Total	100.00%

Investments (Investment Income

Investments (Investment Income Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment income:
Interest	$ 428	$ 417	$ 413
Dividends	150	138	122
Other	3	2	3
Total	581	557	538
Less investment expenses	9	8	9
Total	572	549	529
Realized investment gains and losses:
Other	1	3	6
Total	70	133	83
Change in unrealized investment gains and losses:
Unrealized (losses) and gains on investments available-for-sale	(405)	250	299
OCI, portion attributable to Parent	(218)	130	202
OCI, portion attributable to Parent	(618)	370	577
Fixed Maturities
Realized investment gains and losses:
Gross realized gains	18	21	15
Gross realized losses	0	(3)	0
Other-than-temporary impairments	(18)	(15)	(2)
Change in unrealized investment gains and losses:
Unrealized (losses) and gains on investments available-for-sale	(263)	106	(387)
Equity Securities
Realized investment gains and losses:
Gross realized gains	129	136	64
Gross realized losses	(26)	0	0
Other-than-temporary impairments	(34)	(9)	0
Change in unrealized investment gains and losses:
Unrealized (losses) and gains on investments available-for-sale	(362)	278	847
Accumulated Net Unrealized Investment Gain (Loss)
Change in unrealized investment gains and losses:
OCI, portion attributable to Parent	(220)	134	161
OCI, portion attributable to Parent	$ (405)	$ 250	$ 299

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Principal amount of debt	$ 793	$ 793
Recorded outstanding principal and interest for these life policy loans	62	75
Reserves for structured settlements	$ 4,718	$ 4,485
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Percentage of Level 3 assets measured at fair value	1.00%	1.00%
Life Policy Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Recorded outstanding principal and interest for these life policy loans	$ 31	$ 31
Deferred Annuities and Structured Settlements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Recorded reserves for the deferred annuities	860	863
Reserves for structured settlements	$ 174	$ 182

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Hierarchy For Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	$ 9,650	$ 9,460
Available for sale securities, equity securities	4,706	4,858
Separate accounts taxable fixed maturities	748	752
Total	15,114	15,067
Top Hat Savings Plan - Mutual Funds and Common Equities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Top Hat savings plan mutual funds and common equity (included in Other assets)	21	18
Fixed Maturities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	9,650	9,460
Fixed Maturities | Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	5,453	5,526
Fixed Maturities | States, Municipalities and Political Subdivisions
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	3,611	3,443
Fixed Maturities | Commercial Mortgage Backed Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	289	259
Fixed Maturities | Government-Sponsored Enterprises
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	278	208
Fixed Maturities | Foreign Government
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	10	10
Fixed Maturities | Convertibles and Bonds with Warrants Attached
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	5	7
Fixed Maturities | United States Government
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	4	7
Equity Securities | Common Equities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, equity securities	4,485	4,679
Equity Securities | Nonredeemable Preferred Equities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, equity securities	221	179
Taxable Fixed Maturities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Separate accounts taxable fixed maturities	737	731
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Total	4,510	4,704
Level 1 | Top Hat Savings Plan - Mutual Funds and Common Equities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Top Hat savings plan mutual funds and common equity (included in Other assets)	21	18
Level 1 | Fixed Maturities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	4	7
Level 1 | Fixed Maturities | Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	0	0
Level 1 | Fixed Maturities | States, Municipalities and Political Subdivisions
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	0	0
Level 1 | Fixed Maturities | Commercial Mortgage Backed Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	0	0
Level 1 | Fixed Maturities | Government-Sponsored Enterprises
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	0	0
Level 1 | Fixed Maturities | Foreign Government
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	0	0
Level 1 | Fixed Maturities | Convertibles and Bonds with Warrants Attached
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	0	0
Level 1 | Fixed Maturities | United States Government
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	4	7
Level 1 | Equity Securities | Common Equities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, equity securities	4,485	4,679
Level 1 | Equity Securities | Nonredeemable Preferred Equities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, equity securities	0	0
Level 1 | Taxable Fixed Maturities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Separate accounts taxable fixed maturities	0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Total	10,549	10,343
Level 2 | Top Hat Savings Plan - Mutual Funds and Common Equities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Top Hat savings plan mutual funds and common equity (included in Other assets)	0	0
Level 2 | Fixed Maturities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	9,595	9,435
Level 2 | Fixed Maturities | Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	5,402	5,508
Level 2 | Fixed Maturities | States, Municipalities and Political Subdivisions
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	3,611	3,443
Level 2 | Fixed Maturities | Commercial Mortgage Backed Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	289	259
Level 2 | Fixed Maturities | Government-Sponsored Enterprises
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	278	208
Level 2 | Fixed Maturities | Foreign Government
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	10	10
Level 2 | Fixed Maturities | Convertibles and Bonds with Warrants Attached
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	5	7
Level 2 | Fixed Maturities | United States Government
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	0	0
Level 2 | Equity Securities | Common Equities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, equity securities	0	0
Level 2 | Equity Securities | Nonredeemable Preferred Equities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, equity securities	218	177
Level 2 | Taxable Fixed Maturities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Separate accounts taxable fixed maturities	736	731
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Total	55	20
Level 3 | Top Hat Savings Plan - Mutual Funds and Common Equities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Top Hat savings plan mutual funds and common equity (included in Other assets)	0	0
Level 3 | Fixed Maturities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	51	18
Level 3 | Fixed Maturities | Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	51	18
Level 3 | Fixed Maturities | States, Municipalities and Political Subdivisions
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	0	0
Level 3 | Fixed Maturities | Commercial Mortgage Backed Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	0	0
Level 3 | Fixed Maturities | Government-Sponsored Enterprises
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	0	0
Level 3 | Fixed Maturities | Foreign Government
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	0	0
Level 3 | Fixed Maturities | Convertibles and Bonds with Warrants Attached
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	0	0
Level 3 | Fixed Maturities | United States Government
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, debt securities	0	0
Level 3 | Equity Securities | Common Equities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, equity securities	0	0
Level 3 | Equity Securities | Nonredeemable Preferred Equities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Available for sale securities, equity securities	3	2
Level 3 | Taxable Fixed Maturities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Separate accounts taxable fixed maturities	$ 1	$ 0

Fair Value Measurements (Asset

Fair Value Measurements (Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning balance	$ 20	$ 4
Total gains or losses (realized/unrealized):
Included in net income	0	0
Included in other comprehensive income	1	0
Purchases	37	0
Sales	0	0
Transfers into Level 3	0	16
Transfers out of Level 3	(3)	0
Ending balance	55	20
Corporate Fixed Maturities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning balance	18	2
Total gains or losses (realized/unrealized):
Included in net income	0	0
Included in other comprehensive income	0	0
Purchases	36	0
Sales	0	0
Transfers into Level 3	0	16
Transfers out of Level 3	(3)	0
Ending balance	51	18
Taxable Fixed Maturities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning balance	0	0
Total gains or losses (realized/unrealized):
Included in net income	0	0
Included in other comprehensive income	0	0
Purchases	1	0
Sales	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending balance	1	0
Nonredeemable Preferred Equities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning balance	2	2
Total gains or losses (realized/unrealized):
Included in net income	0	0
Included in other comprehensive income	1	0
Purchases	0	0
Sales	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending balance	$ 3	$ 2

Fair Value Measurements (Fair59

Fair Value Measurements (Fair Value of Note Payable and Long-Term Debt) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of note payable	$ 35	$ 49
Total	971	1,028
6.900% Senior Debentures, Due 2028
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of senior debt	$ 31	$ 34
Interest rate	6.90%	6.90%
Debt instrument, year of maturity	2,028	2,028
6.920% Senior Debentures, Due 2028
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of senior debt	$ 480	$ 496
Interest rate	6.92%	6.92%
Debt instrument, year of maturity	2,028	2,028
6.125% Senior Notes, Due 2034
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of senior debt	$ 425	$ 449
Interest rate	6.125%	6.125%
Debt instrument, year of maturity	2,034	2,034
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of note payable	$ 0	$ 0
Total	0	0
Level 1 | 6.900% Senior Debentures, Due 2028
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of senior debt	0	0
Level 1 | 6.920% Senior Debentures, Due 2028
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of senior debt	0	0
Level 1 | 6.125% Senior Notes, Due 2034
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of senior debt	0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of note payable	35	49
Total	971	1,028
Level 2 | 6.900% Senior Debentures, Due 2028
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of senior debt	31	34
Level 2 | 6.920% Senior Debentures, Due 2028
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of senior debt	480	496
Level 2 | 6.125% Senior Notes, Due 2034
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of senior debt	425	449
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of note payable	0	0
Total	0	0
Level 3 | 6.900% Senior Debentures, Due 2028
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of senior debt	0	0
Level 3 | 6.920% Senior Debentures, Due 2028
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of senior debt	0	0
Level 3 | 6.125% Senior Notes, Due 2034
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of senior debt	$ 0	$ 0

Fair Value Measurements (Fair60

Fair Value Measurements (Fair Value of Life Policy) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of life policy loans	$ 40	$ 39
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of life policy loans	0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of life policy loans	0	0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of life policy loans	$ 40	$ 39

Fair Value Measurements (Fair61

Fair Value Measurements (Fair Value Of Deferred Annuities, Structured Settlements And Other Items) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of deferred annuities and structured settlements	$ 1,094	$ 1,114
Deferred Annuities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of deferred annuities and structured settlements	886	897
Structured Settlements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of deferred annuities and structured settlements	208	217
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of deferred annuities and structured settlements	0	0
Level 1 | Deferred Annuities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of deferred annuities and structured settlements	0	0
Level 1 | Structured Settlements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of deferred annuities and structured settlements	0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of deferred annuities and structured settlements	208	217
Level 2 | Deferred Annuities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of deferred annuities and structured settlements	0	0
Level 2 | Structured Settlements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of deferred annuities and structured settlements	208	217
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of deferred annuities and structured settlements	886	897
Level 3 | Deferred Annuities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of deferred annuities and structured settlements	886	897
Level 3 | Structured Settlements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Fair value of deferred annuities and structured settlements	$ 0	$ 0

Property Casualty Loss And Lo62

Property Casualty Loss And Loss Expenses (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Certain accident, life and health loss reserves	$ 4,660,000,000	$ 4,438,000,000	$ 4,241,000,000	$ 4,169,000,000
Prior year claims and claims adjustment expense	(184,000,000)	(98,000,000)	(147,000,000)
Recovery Of Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Prior Years	(86,000,000)
Increase in favorable reserve developement on prior accident		49,000,000	249,000,000
Net loss and loss expense reserves for asbestos and environmental claims	84,000,000	81,000,000
Environmental claims related to mold	$ 45,000,000	$ 51,000,000
Percentage of reserves for asbestos and environmental claims	1.90%	2.00%
Maximum
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Reinsurance retention	$ 500,000
Certain Accident, Life and Health Lines
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Certain accident, life and health loss reserves	58,000,000	$ 47,000,000	70,000,000
Commercial Insurance
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Prior year claims and claims adjustment expense	(154,000,000)	(57,000,000)	(95,000,000)
Commercial Insurance | Workers' Compensation Line
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Prior year claims and claims adjustment expense	(93,000,000)	(51,000,000)	(14,000,000)
Commercial Insurance | Commercial Property Line
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Prior year claims and claims adjustment expense		(34,000,000)	(22,000,000)
Commercial Insurance | Homeowner Line
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Prior year claims and claims adjustment expense		(14,000,000)	(19,000,000)
Commercial Insurance | Commercial Casualty Line
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Prior year claims and claims adjustment expense	(63,000,000)	5,000,000	(70,000,000)
Commercial Insurance | Commercial Auto Line
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Prior year claims and claims adjustment expense	31,000,000	39,000,000
Personal Insurance
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Prior year claims and claims adjustment expense	5,000,000	(12,000,000)	(39,000,000)
Excess and Surplus Lines Insurance
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Prior year claims and claims adjustment expense	$ (35,000,000)	$ (29,000,000)	$ (13,000,000)

Property Casualty Loss And Lo63

Property Casualty Loss And Loss Expenses (Consolidated Property Casualty Loss And Loss Expense Reserves) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Insurance [Abstract]
Gross loss and loss expense reserves, January 1	$ 4,438	$ 4,241	$ 4,169
Less reinsurance recoverable	282	299	356
Net loss and loss expense reserves, January 1	4,156	3,942	3,813
Net incurred loss and loss expenses related to:
Current accident year	2,756	2,725	2,448
Prior accident years	(184)	(98)	(147)
Total incurred	2,572	2,627	2,301
Net paid loss and loss expenses related to:
Current accident year	1,152	1,212	1,045
Prior accident years	1,197	1,201	1,127
Total paid	2,349	2,413	2,172
Net loss and loss expense reserves, December 31	4,379	4,156	3,942
Plus reinsurance recoverable	281	282	299
Gross loss and loss expense reserves, December 31	$ 4,660	$ 4,438	$ 4,241

Life Policy And Investment Co64

Life Policy And Investment Contract Reservess (Reserve In Addition To The Account Balance Based On Expected No-Lapse Guarantee Benefits And Expected Policy Assessments) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 2,583	$ 2,497
Ordinary/Traditional Life
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	943	875
Deferred Annuities
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	860	863
Universal Life
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	558	530
Structured Settlements
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	174	182
Other
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 48	$ 47

Deferred Policy Acquisition C65

Deferred Policy Acquisition Costs (Deferred Policy Acquisition Costs And Asset Reconciliation Including The Amortized Deferred Policy Acquisition Costs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred Costs [Roll Forward]
Deferred policy acquisition costs asset at January 1	$ 578	$ 565	$ 470
Capitalized deferred policy acquisition costs	846	827	802
Amortized deferred policy acquisition costs	(829)	(807)	(758)
Amortized shadow deferred policy acquisition costs	21	(7)	51
Deferred policy acquisition costs asset at December 31	616	578	565
Property Casualty Insurance Segment [Member]
Deferred Costs [Roll Forward]
Deferred policy acquisition costs asset at January 1	379	366	337
Capitalized deferred policy acquisition costs	801	783	756
Amortized deferred policy acquisition costs	(792)	(770)	(727)
Deferred policy acquisition costs asset at December 31	388	379	366
Life Insurance Product Line [Member]
Deferred Costs [Roll Forward]
Deferred policy acquisition costs asset at January 1	199	199	133
Capitalized deferred policy acquisition costs	45	44	46
Amortized deferred policy acquisition costs	(37)	(37)	(31)
Amortized shadow deferred policy acquisition costs	21	(7)	51
Deferred policy acquisition costs asset at December 31	$ 228	$ 199	$ 199

Note Payable (Narrative) (Detai

Note Payable (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Disclosure
Number of lines of credit	1
Aggregate borrowing capacity	$ 225
Accordian feature available amount	$ 50
Line of credit facility, term	5 years
Expiration date of Line of credit	May 13, 2019
Note payable	$ 35	$ 49
Minimum
Debt Disclosure
Line of credit, interest rate	1.07%	1.15%
Maximum
Debt Disclosure
Line of credit, interest rate	1.19%	1.30%

Long-Term Debt And Capital Le67

Long-Term Debt And Capital Lease Obligation (Book Value And Principal Amounts Of Long-Term Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument
Book value	$ 786	$ 786
Principal amount	$ 793	$ 793
6.900% Senior Debentures, Due 2028
Debt Instrument
Interest rate	6.90%	6.90%
Debt issuance year	1,998
Book value	$ 26	$ 26
Principal amount	$ 28	$ 28
6.920% Senior Debentures, Due 2028
Debt Instrument
Interest rate	6.92%	6.92%
Debt issuance year	2,005
Book value	$ 391	$ 391
Principal amount	$ 391	$ 391
6.125% Senior Notes, Due 2034
Debt Instrument
Interest rate	6.125%	6.125%
Debt issuance year	2,004
Book value	$ 369	$ 369
Principal amount	$ 374	$ 374

Long-Term Debt And Capital Le68

Long-Term Debt And Capital Lease Obligation (Capital Lease Payments Over Next Five Years) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Long-term Debt and Capital Lease Obligations [Abstract]
2,016	$ 13
2,017	8
2,018	6
2,019	4
2,020	3
2,021	1
Capital lease obligations	$ 35	$ 36

Shareholders' Equity And Divi69

Shareholders' Equity And Dividend Restrictions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Shareholders Equity And Dividend Restrictions [Abstract]
Declared cash dividends, per share	$ 2.30	$ 1.76	$ 1.655
Dividends declared by insurance subsidiary to parent	$ 447	$ 400	$ 375
Dividend payment without prior regulatory approval, Minimum percent of policyholder surplus	10.00%
Dividend payment without prior regulatory approval, percent of statutory net income for the prior calendar year	100.00%
Dividends might be paid during next year	$ 534

Shareholders' Equity And Divi70

Shareholders' Equity And Dividend Restrictions (Change In AOCI Includes Changes In Unrealized Gains And Losses On Investments And Pension Obligations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income, Before Tax
Pension obligations OCI	$ (6)	$ (18)	$ 83
Accumulated Other Comprehensive Income, Income Tax
Income taxes on above of other comprehensive (loss) income	(218)	130	202
Accumulated Other Comprehensive Income, Net of Tax
AOCI, balance at the beginning of the period	1,744
Other comprehensive (loss) income before tax	(618)	370	577
AOCI, balance at the end of the period	1,344	1,744
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income, Before Tax
AOCI, balance at the beginning of the period	2,719	2,335	1,875
OCI before realized gains (losses) recognized in net income	(556)	514	537
Realized gains (losses) recognized in net income	(69)	(130)	(77)
OCI, portion attributable to Parent	(625)	384	460
AOCI, balance at the end of the period	2,094	2,719	2,335
Accumulated Other Comprehensive Income, Income Tax
AOCI, balance at the beginning of the period	942	808	647
OCI before realized gains (losses) recognized in net income	(196)	181	188
Realized gains (losses) recognized in net income	(24)	(47)	(27)
Income taxes on above of other comprehensive (loss) income	(220)	134	161
AOCI, balance at the end of the period	722	942	808
Accumulated Other Comprehensive Income, Net of Tax
AOCI, balance at the beginning of the period	1,777	1,527	1,228
OCI before realized gains (losses) recognized in net income	(360)	333	349
Realized gains (losses) recognized in net income	(45)	(83)	(50)
Other comprehensive (loss) income before tax	(405)	250	299
AOCI, balance at the end of the period	1,372	1,777	1,527
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income, Before Tax
AOCI, balance at the beginning of the period	(36)	(18)	(101)
OCI before realized gains (losses) recognized in net income	(12)	(21)	83
Realized gains (losses) recognized in net income	6	3	0
OCI, portion attributable to Parent	(6)	(18)	83
AOCI, balance at the end of the period	(42)	(36)	(18)
Accumulated Other Comprehensive Income, Income Tax
AOCI, balance at the beginning of the period	(12)	(6)	(35)
OCI before realized gains (losses) recognized in net income	(5)	(7)	29
Realized gains (losses) recognized in net income	3	1	0
Income taxes on above of other comprehensive (loss) income	(2)	(6)	29
AOCI, balance at the end of the period	(14)	(12)	(6)
Accumulated Other Comprehensive Income, Net of Tax
AOCI, balance at the beginning of the period	(24)	(12)	(66)
OCI before realized gains (losses) recognized in net income	(7)	(14)	54
Realized gains (losses) recognized in net income	3	2	0
Other comprehensive (loss) income before tax	(4)	(12)	54
AOCI, balance at the end of the period	(28)	(24)	(12)
Accumulated Net Unrealized Gain (Loss) on Deferred Costs, Reserves And Other
Accumulated Other Comprehensive Income, Before Tax
AOCI, balance at the beginning of the period	(12)	(16)	(50)
OCI before realized gains (losses) recognized in net income	14	7	40
Realized gains (losses) recognized in net income	(1)	(3)	(6)
OCI, portion attributable to Parent	13	4	34
AOCI, balance at the end of the period	1	(12)	(16)
Accumulated Other Comprehensive Income, Income Tax
AOCI, balance at the beginning of the period	(3)	(5)	(17)
OCI before realized gains (losses) recognized in net income	5	3	14
Realized gains (losses) recognized in net income	(1)	(1)	(2)
Income taxes on above of other comprehensive (loss) income	4	2	12
AOCI, balance at the end of the period	1	(3)	(5)
Accumulated Other Comprehensive Income, Net of Tax
AOCI, balance at the beginning of the period	(9)	(11)	(33)
OCI before realized gains (losses) recognized in net income	9	4	26
Realized gains (losses) recognized in net income	0	(2)	(4)
Other comprehensive (loss) income before tax	9	2	22
AOCI, balance at the end of the period	0	(9)	(11)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income, Before Tax
AOCI, balance at the beginning of the period	2,671	2,301	1,724
Investments OCI	(625)	384	460
Pension obligations OCI	(6)	(18)	83
Life deferred acquisition costs, life policy reserves and other OCI	13	4	34
Total OCI	(618)	370	577
AOCI, balance at the end of the period	2,053	2,671	2,301
Accumulated Other Comprehensive Income, Income Tax
AOCI, balance at the beginning of the period	927	797	595
Investments OCI	(220)	134	161
Pension obligations OCI	(2)	(6)	29
Life deferred acquisition costs, life policy reserves and other OCI	4	2	12
Total OCI	(218)	130	202
AOCI, balance at the end of the period	709	927	797
Accumulated Other Comprehensive Income, Net of Tax
AOCI, balance at the beginning of the period	1,744	1,504	1,129
Investments OCI	(405)	250	299
Pension obligations OCI	(4)	(12)	54
Life deferred acquisition costs, life policy reserves and other OCI	9	2	22
Total OCI	(400)	240	375
AOCI, balance at the end of the period	$ 1,344	$ 1,744	$ 1,504

Reinsurance (Earned Consolidate

Reinsurance (Earned Consolidated Property Casualty Insurance Premiums On Assumed And Ceded Business) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Direct earned premiums	$ 4,667	$ 4,468	$ 4,151
Assumed earned premiums	29	12	11
Ceded earned premiums	(216)	(237)	(260)
Property, Liability and Casualty Insurance Product Line [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Direct earned premiums	4,396	4,209	3,903
Assumed earned premiums	29	12	11
Ceded earned premiums	(154)	(176)	(201)
Net earned premiums	$ 4,271	$ 4,045	$ 3,713

Reinsurance (Incurred Consolida

Reinsurance (Incurred Consolidated Property Casualty Insurance Loss And Loss Expenses On Assumed And Ceded Business) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net incurred loss and loss expenses	$ 2,808	$ 2,856	$ 2,505
Property, Liability and Casualty Insurance Product Line [Member]
Direct incurred loss and loss expenses	2,596	2,661	2,323
Assumed incurred loss and loss expenses	12	6	11
Ceded incurred loss and loss expenses	(36)	(40)	(33)
Net incurred loss and loss expenses	$ 2,572	$ 2,627	$ 2,301

Reinsurance (Earned Life Insura

Reinsurance (Earned Life Insurance Premiums On Ceded Business) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Direct earned premiums	$ 4,667	$ 4,468	$ 4,151
Ceded earned premiums	(216)	(237)	(260)
Life Insurance Segment
Direct earned premiums	271	259	248
Ceded earned premiums	(62)	(61)	(59)
Net earned premiums	$ 209	$ 198	$ 189

Reinsurance (Life Insurance Con

Reinsurance (Life Insurance Contract Holders' Benefits Incurred On Ceded Business) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net incurred loss and loss expenses	$ 2,808	$ 2,856	$ 2,505
Life Insurance Segment
Direct contract holders' benefits incurred	292	299	266
Ceded contract holders' benefits incurred	(56)	(70)	(62)
Net incurred loss and loss expenses	$ 236	$ 229	$ 204

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Tax at statutory rate, percentage	35.00%	35.00%	35.00%
Income taxes paid, net	$ 1	$ 1	$ 1

Income Taxes (Components Of Def

Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Loss and loss expense reserves	$ 191	$ 197
Unearned premiums	151	145
Investments	25	16
Other	42	41
Total gross deferred tax assets	409	399
Deferred tax liabilities:
Unrealized investment gains, net	719	937
Deferred acquisition costs	187	183
Life policy reserves	137	110
Other	4	9
Total gross deferred tax liabilities	1,047	1,239
Net deferred income tax liability	$ 638	$ 840

Income Taxes (Differences Betwe

Income Taxes (Differences Between The 35 Percent Statutory Income Tax Rate And Effective Income Tax Rate) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Tax at statutory rate:	$ 308	$ 252	$ 250
Tax at statutory rate (percentage):	35.00%	35.00%	35.00%
Increase (decrease) resulting from:
Tax-exempt income from municipal bonds	$ (33)	$ (33)	$ (32)
Dividend received exclusion	(32)	(29)	(26)
Other	4	6	5
Total provision for income taxes	$ 247	$ 196	$ 197
Tax at statutory rate:
Tax-exempt income from municipal bonds (percentage)	(3.70%)	(4.60%)	(4.50%)
Dividend received exclusion (percentage)	(3.60%)	(4.00%)	(3.60%)
Other (percentage)	0.30%	0.80%	0.70%
Effective tax, percentage	28.00%	27.20%	27.60%

Net Income Per Common Share (Ca

Net Income Per Common Share (Calculations For Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income—basic and diluted	$ 156	$ 174	$ 176	$ 128	$ 167	$ 183	$ 84	$ 91	$ 634	$ 525	$ 517
Denominator:
Basic weighted-average common shares outstanding									164	163.5	163.5
Diluted weighted-average shares									165.6	165.1	165.4
Earnings per share:
Basic (in usd per share)	$ 0.95	$ 1.06	$ 1.07	$ 0.78	$ 1.03	$ 1.12	$ 0.51	$ 0.56	$ 3.87	$ 3.21	$ 3.16
Diluted (in usd per share)	$ 0.94	$ 1.05	$ 1.06	$ 0.77	$ 1.02	$ 1.11	$ 0.51	$ 0.55	$ 3.83	$ 3.18	$ 3.12
Number of anti-dilutive share-based awards									0.4	0.7	0.4
Stock Options
Denominator:
Effect of stock-based awards									1	1	1.2
Restricted Stock Units (RSUs)
Denominator:
Effect of stock-based awards									0.6	0.6	0.7

Employee Retirement Benefits (N

Employee Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2008
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Minimum participant age to elect						40 years
Employer discretionary contribution amount			$ 12	$ 11	$ 10
Requisite service period			3 years
Actual return on plan assets			0.60%	11.70%
Total recognized in net periodic benefit cost and other comprehensive income			$ (21)	$ 31	(63)
Amortization of actuarial loss			2
Amortization of prior service cost			1
Pension plan assets at fair value			$ 278	288	$ 280
Domestic Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Allocation percentage of investments			83.00%
Domestic Equity Securities | Information Technology Sector
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Allocation percentage of investments			22.00%
Domestic Equity Securities | Financial Services Sector [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Allocation percentage of investments			20.00%
Domestic Equity Securities | Healthcare Sector
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Allocation percentage of investments			13.00%
Domestic Equity Securities | Consumer Staple Sector [Member] [Domain]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Allocation percentage of investments			11.00%
Domestic Equity Securities | Industrial Sector
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Allocation percentage of investments			10.00%
Domestic Equity Securities | All Remaining Sectors
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Allocation percentage of investments			10.00%
States, Municipalities and Political Subdivisions
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Allocation percentage of investments			12.00%
Domestic Corporate Debt Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Allocation percentage of investments			5.00%
Cash and Cash Equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Pension plan assets at fair value			$ 21	$ 11
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Matching contribution to defined contribution plan			6.00%
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Pension plan assets, shares			267,113	467,113
Pension plan assets, fair value			$ 16	$ 24
Shares sold during period				200,000
Cash dividends paid			$ 1	$ 1
Pension Plan | Benefit Obligations
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Percentage of increase decrease in discount rate			0.30%
Pension Plan | Net Periodic Benefit Costs
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Percentage of increase decrease in discount rate			0.90%
Supplemental Employee Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Accrued employee benefit			$ 14	13
Supplemental Employee Retirement Plan | Forecast
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Expected contribution by employer during 2016		$ 6
Supplemental Employee Retirement Plan | Benefit Obligations
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Percentage of increase decrease in discount rate			0.25%
Supplemental Employee Retirement Plan | Net Periodic Benefit Costs
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Percentage of increase decrease in discount rate			0.75%
Top Hat Savings Plan - Mutual Funds and Common Equities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
CFC Top Hat Savings Plan			$ 21	$ 18
Subsequent Event | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Expected contribution by employer during 2016	$ 5

Employee Retirement Benefits (W

Employee Retirement Benefits (Weighted-Average Assumptions Used) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Benefit Obligations | Pension Plan
Schedule of Benefit Obligations Weighted Average Assumptions
Discount rate	4.55%	4.25%
Benefit Obligations | Pension Plan | Minimum
Schedule of Benefit Obligations Weighted Average Assumptions
Rate of compensation increase	2.75%	2.75%
Benefit Obligations | Pension Plan | Maximum
Schedule of Benefit Obligations Weighted Average Assumptions
Rate of compensation increase	3.25%	3.25%
Benefit Obligations | Supplemental Employee Retirement Plan
Schedule of Benefit Obligations Weighted Average Assumptions
Discount rate	4.30%	4.05%
Benefit Obligations | Supplemental Employee Retirement Plan | Minimum
Schedule of Benefit Obligations Weighted Average Assumptions
Rate of compensation increase	2.75%	2.75%
Benefit Obligations | Supplemental Employee Retirement Plan | Maximum
Schedule of Benefit Obligations Weighted Average Assumptions
Rate of compensation increase	3.25%	3.25%
Net Periodic Benefit Cost | Pension Plan
Schedule of Benefit Obligations Weighted Average Assumptions
Discount rate	4.25%	5.15%	4.20%
Expected return on plan assets	7.25%	7.25%	7.50%
Net Periodic Benefit Cost | Pension Plan | Minimum
Schedule of Benefit Obligations Weighted Average Assumptions
Rate of compensation increase	2.75%	2.75%	2.75%
Net Periodic Benefit Cost | Pension Plan | Maximum
Schedule of Benefit Obligations Weighted Average Assumptions
Rate of compensation increase	3.25%	3.25%	3.25%
Net Periodic Benefit Cost | Supplemental Employee Retirement Plan
Schedule of Benefit Obligations Weighted Average Assumptions
Discount rate	4.05%	4.80%	3.95%
Net Periodic Benefit Cost | Supplemental Employee Retirement Plan | Minimum
Schedule of Benefit Obligations Weighted Average Assumptions
Rate of compensation increase	2.75%	2.75%	2.75%
Net Periodic Benefit Cost | Supplemental Employee Retirement Plan | Maximum
Schedule of Benefit Obligations Weighted Average Assumptions
Rate of compensation increase	3.25%	3.25%	3.25%

Employee Retirement Benefits (B

Employee Retirement Benefits (Benefit Obligation Activity Using An Actuarial Measurement Date For Qualified Plan And SERP) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Change in projected benefit obligation:
Benefit obligation, January 1	$ 319	$ 284
Service cost	12	10	$ 13
Interest cost	14	15	13
Actuarial (gain) loss	(3)	35
Benefits paid	(19)	(27)
Other	0	2	0
Projected benefit obligation, December 31	323	319	284
Accumulated benefit obligation	293	284
Change in plan assets:
Fair value of plan assets, January 1	288	280
Actual return on plan assets	3	30
Employer contribution	6	5
Benefits paid	(19)	(27)
Fair value of plan assets, December 31	278	288	$ 280
Unfunded status:
Funded status, December 31	$ (45)	$ (31)

Employee Retirement Benefits (R

Employee Retirement Benefits (Reconciliation Of The Funded Status For Qualified Plan And SERP) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Other assets	$ 0	$ 0
Other liabilities	(45)	(31)
Net amount recognized	(45)	(31)
Pension amounts recognized in accumulated other comprehensive income:
Net actuarial loss	41	34
Prior service cost	1	2
Total	$ 42	$ 36

Employee Retirement Benefits (C

Employee Retirement Benefits (Components Of Net Periodic Benefit Cost As Well As Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income For Qualified Plan And SERP) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Service cost	$ 12	$ 10	$ 13
Interest cost	14	15	13
Expected return on plan assets	(18)	(17)	(17)
Amortization of actuarial loss and prior service cost	6	2	9
Other	1	3	2
Net periodic benefit cost	15	13	20
Current year actuarial loss (gain)	13	21	(72)
Amortization of actuarial loss	6	5	10
Other	0	2	0
Amortization of prior service cost	(1)	0	(1)
Total recognized in other comprehensive loss (income)	$ 6	$ 18	$ (83)

Employee Retirement Benefits (F

Employee Retirement Benefits (Fair Value Hierarchy Of Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	$ 9,650	$ 9,460
Available for sale securities, equity securities	4,706	4,858
Fixed Maturities
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	45	52
Fixed Maturities | States, Municipalities and Political Subdivisions
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	32	33
Fixed Maturities | Corporate Fixed Maturities
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	13	19
Equity Securities | Common Stock
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, equity securities	212	225
Debt And Equity Securities
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, equity securities	257	277
Level 1 | Fixed Maturities
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	0	0
Level 1 | Fixed Maturities | States, Municipalities and Political Subdivisions
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	0	0
Level 1 | Fixed Maturities | Corporate Fixed Maturities
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	0	0
Level 1 | Equity Securities | Common Stock
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, equity securities	212	225
Level 1 | Debt And Equity Securities
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, equity securities	212	225
Level 2 | Fixed Maturities
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	45	52
Level 2 | Fixed Maturities | States, Municipalities and Political Subdivisions
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	32	33
Level 2 | Fixed Maturities | Corporate Fixed Maturities
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	13	19
Level 2 | Equity Securities | Common Stock
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, equity securities	0	0
Level 2 | Debt And Equity Securities
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	45	52
Level 3 | Fixed Maturities
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	0	0
Level 3 | Fixed Maturities | States, Municipalities and Political Subdivisions
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	0	0
Level 3 | Fixed Maturities | Corporate Fixed Maturities
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, debt securities	0	0
Level 3 | Equity Securities | Common Stock
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, equity securities	0	0
Level 3 | Debt And Equity Securities
Schedule of Pension and Other Postretirment Plan Assets by Fair Value
Available for sale securities, equity securities	$ 0	$ 0

Employee Retirement Benefits (E

Employee Retirement Benefits (Expected Future Benefit Payments For Qualified Plan And SERP) (Details) $ in Millions	Dec. 31, 2015USD ($)
Compensation and Retirement Disclosure [Abstract]
Expected future benefit payments, 2016	$ 29
Expected future benefit payments, 2017	26
Expected future benefit payments, 2018	24
Expected future benefit payments, 2019	24
Expected future benefit payments, 2020	25
Expected future benefit payments, 2021 - 2025	$ 141

Statutory Accounting Informat86

Statutory Accounting Information (Schedule Of Statutory Net Income And Statutory Surplus (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
The Cincinnati Insurance Company
Statutory Accounting Practices
SAP net income (loss)	$ 534	$ 436	$ 418
Capital and surplus	4,412	4,472
The Cincinnati Casualty Company
Statutory Accounting Practices
SAP net income (loss)	12	12	10
Capital and surplus	337	330
The Cincinnati Indemnity Company
Statutory Accounting Practices
SAP net income (loss)	3	3	2
Capital and surplus	88	86
The Cincinnati Specialty Underwriters Insurance Company
Statutory Accounting Practices
SAP net income (loss)	49	32	18
Capital and surplus	306	266
The Cincinnati Life Insurance Company
Statutory Accounting Practices
SAP net income (loss)	(11)	(19)	$ (20)
Capital and surplus	$ 208	$ 223

Transactions With Affliated Par

Transactions With Affliated Parties (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction
Payment for commissions	$ 7	$ 7	$ 6
Earned premiums	4,480	4,243	3,902
Affiliated Parties
Related Party Transaction
Earned premiums	$ 42	$ 41	$ 35

Commitments And Contingent Li88

Commitments And Contingent Liabilities (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)
Maximum
Estimate for which the risk of loss is more than remote	$ 1

Share-Based Associate Compens89

Share-Based Associate Compensation Plans (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)peers_exceededPeerscompensation_plansshares	Dec. 31, 2014USD ($)peers_exceededPeersshares	Dec. 31, 2013USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award
Number of equity compensation plans | compensation_plans	4
Maximum number of shares awarded to each full-time employee for their service | shares	10
Share based compensation	$ 14	$ 13	$ 12
Tax benefit from compensation expense	6	6	6
Options exercised, intrinsic value	15	13	17
Options vested, intrinsic value	7	$ 9	15
Unrecognized compensation costs related to non-vested awards	$ 23
Expected weighted-average period to recognize the unrecognized compensation costs related to non-vested awards	1 year 8 months 18 days
Number of peers exceeded | peers_exceeded	4	6
Number of peers 2013 | Peers	10
Number of peers 2012 | Peers		10
Proceeds from stock options exercised	$ 24	$ 22	25
Shares of common stock granted in period | shares	386,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Awards exercise peirod	10 years
Awards vesting period	3 years
Proceeds from stock options exercised	$ 24	$ 22	$ 25
Shares repurchased | shares	292,414	378,276	577,745
Shares repurchased, value	$ 16	$ 19	$ 28
Weighted average remaining contractual term	8 years 6 months 10 days
Weighted-average remaining contractual life for exercisable awards	3 years 7 months 10 days
Shares authorized to be granted under the shareholder-approved plans | shares	17,300,000
Shares available for future issuance under the plans | shares	4,700,000
Stock Options | Directors
Share-based Compensation Arrangement by Share-based Payment Award
Shares of common stock granted in period | shares	20,880
Restricted Stock Units | Service Based Shares
Share-based Compensation Arrangement by Share-based Payment Award
Awards vesting period	3 years
Awards other than options vested, intrinsic value	$ 26	14	15
Restricted Stock Units | Performance Based Shares
Share-based Compensation Arrangement by Share-based Payment Award
Awards vesting period	3 years
share based performance metric for performance shares	3 years
Awards other than options vested, intrinsic value	$ 6	$ 3	$ 3
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	13.78%	18.69%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	34.69%	41.21%
Risk-free rates, minimum	0.00%	0.00%	0.00%
Risk-free rates, maximum	200.00%	200.00%	200.00%
Number of shares issued | shares	103,586
Expected volatility	2 years 10 months 18 days	2 years 10 months 18 days
Dividend yield	3.52%	3.74%
Risk-free rates	0.99%	0.66%

Share-Based Associate Compens90

Share-Based Associate Compensation Plans(Assumptions Used In Option Grants Issued) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Weighted-average fair value of options granted during the period	$ 11.15	$ 10.16	$ 9.71
Minimum
Weighted-average expected term	8 years	8 years	9 years
Expected volatility	25.04%	25.20%	25.25%
Dividend yield	3.52%	3.76%	3.65%
Risk-free rates	1.94%	2.42%	1.82%
Maximum
Weighted-average expected term	9 years	9 years	10 years
Expected volatility	26.15%	26.22%	26.31%
Dividend yield	3.52%	3.76%	3.65%
Risk-free rates	2.01%	2.62%	2.00%

Share-Based Associate Compens91

Share-Based Associate Compensation Plans (Stock Option Information) (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Shares
Outstanding at beginning of year | shares	4,958
Granted | shares	386
Exercised | shares	(996)
Forfeited or expired | shares	(476)
Outstanding at end of year | shares	3,872
Options exercisable at end of period | shares	3,128
Weighted-average exercise price
Outstanding at beginning of year | $ / shares	$ 39.10
Granted | $ / shares	52.24
Exercised | $ / shares	40.30
Forfeited or expired | $ / shares	41.64
Outstanding at end of year | $ / shares	39.78
Options exercisable at end of period | $ / shares	$ 37.54
Aggregate intrinsic value
Outstanding at end of year | $	$ 77
Options exercisable at end of period | $	$ 69

Share-Based Associate Compens92

Share-Based Associate Compensation Plans (Options Outstanding And Exercisable) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Options Outstanding [Abstract]
Shares	3,872	4,958
Weighted-average remaining contractual life	4 years 6 months 17 days
Weighted-average exercise price	$ 39.78	$ 39.10
Options Exercisable [Abstract]
Shares	3,128
Weighted-average exercise price	$ 37.54
Range 1
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of per-share exercise prices, lower limit	25
Range of per-share exercise prices, upper limit	$ 29.99
Options Outstanding [Abstract]
Shares	582
Weighted-average remaining contractual life	3 years 7 months 1 day
Weighted-average exercise price	$ 26.58
Options Exercisable [Abstract]
Shares	582
Weighted-average exercise price	$ 26.58
Range 2
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of per-share exercise prices, lower limit	30
Range of per-share exercise prices, upper limit	$ 34.99
Options Outstanding [Abstract]
Shares	574
Weighted-average remaining contractual life	4 years 11 months 25 days
Weighted-average exercise price	$ 33.95
Options Exercisable [Abstract]
Shares	574
Weighted-average exercise price	$ 33.95
Range 3
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of per-share exercise prices, lower limit	35
Range of per-share exercise prices, upper limit	$ 39.99
Options Outstanding [Abstract]
Shares	841
Weighted-average remaining contractual life	3 years 10 months 25 days
Weighted-average exercise price	$ 37.29
Options Exercisable [Abstract]
Shares	841
Weighted-average exercise price	$ 37.29
Range 4
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of per-share exercise prices, lower limit	40
Range of per-share exercise prices, upper limit	$ 44.99
Options Outstanding [Abstract]
Shares	700
Weighted-average remaining contractual life	4 years 23 days
Weighted-average exercise price	$ 44.75
Options Exercisable [Abstract]
Shares	583
Weighted-average exercise price	$ 44.75
Range 5
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of per-share exercise prices, lower limit	45
Range of per-share exercise prices, upper limit	$ 49.99
Options Outstanding [Abstract]
Shares	798
Weighted-average remaining contractual life	3 years 10 months 20 days
Weighted-average exercise price	$ 46
Options Exercisable [Abstract]
Shares	546
Weighted-average exercise price	$ 45.62
Range6 [Member] [Domain]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of per-share exercise prices, lower limit	50
Range of per-share exercise prices, upper limit	$ 54.99
Options Outstanding [Abstract]
Shares	377
Weighted-average remaining contractual life	9 years 1 month 5 days
Weighted-average exercise price	$ 52.24
Options Exercisable [Abstract]
Shares	2
Weighted-average exercise price	$ 52.25

Share-Based Associate Compens93

Share-Based Associate Compensation Plans (Restricted Stock Unit Information) (Details) - Restricted Stock Units shares in Thousands	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Service Based Shares
Nonvested shares
Beginning balance | shares	968
Granted | shares	334
Vested | shares	(370)
Forfeited or canceled | shares	(30)
Ending balance | shares	902
Weighted-average grant-date fair value
Beginning balance | $ / shares	$ 37.42
Granted | $ / shares	47.06
Vested | $ / shares	31.74
Forfeited or canceled | $ / shares	42.35
Ending balance | $ / shares	$ 43.15
Performance Based Shares
Nonvested shares
Beginning balance | shares	283
Granted | shares	81
Vested | shares	(104)
Forfeited or canceled | shares	(4)
Ending balance | shares	256
Weighted-average grant-date fair value
Beginning balance | $ / shares	$ 38.55
Granted | $ / shares	45.73
Vested | $ / shares	34.89
Forfeited or canceled | $ / shares	34.89
Ending balance | $ / shares	$ 42.35

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)segmentindustry	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment Reporting Information
Earned premiums									$ 4,480	$ 4,243	$ 3,902
Total revenues	$ 1,263	$ 1,278	$ 1,316	$ 1,285	$ 1,262	$ 1,280	$ 1,214	$ 1,189	5,142	4,945	4,531
Other Income									7	8	9
Fees and Commissions									13	12	8
Net Investment Income									572	549	529
Total									70	133	83
Income before income taxes	216	$ 243	$ 248	$ 174	236	$ 259	$ 107	$ 119	881	721	714
Identifiable assets	18,888				18,748				$ 18,888	18,748
Number of Industries Operated In | industry									2
Number of Insurance Segments | segment									4
Life Insurance Segment
Segment Reporting Information
Earned premiums									$ 209	198	189
Identifiable assets	1,325				1,316				1,325	1,316
Investments Segment
Segment Reporting Information
Identifiable assets	14,485				14,441				14,485	14,441
Consolidated Property and Casualty Insurance Entity
Segment Reporting Information
Identifiable assets	2,717				2,656				2,717	2,656
Corporate and Other Non-Segment
Segment Reporting Information
Other Income									17	8	9
Income before income taxes									(57)	(59)	(60)
Identifiable assets	$ 361				$ 335				361	335
Operating Segments | Commercial Insurance
Segment Reporting Information
Earned premiums									2,996	2,856	2,636
Total revenues									3,000	2,860	2,639
Fees and Commissions									4	4	3
Income before income taxes									345	146	186
Operating Segments | Commercial Insurance | Commercial Casualty Line
Segment Reporting Information
Earned premiums									1,010	938	856
Operating Segments | Commercial Insurance | Commercial Property Line
Segment Reporting Information
Earned premiums									815	728	623
Operating Segments | Commercial Insurance | Commercial Auto Line
Segment Reporting Information
Earned premiums									561	528	479
Operating Segments | Commercial Insurance | Workers' Compensation Line
Segment Reporting Information
Earned premiums									367	370	365
Operating Segments | Commercial Insurance | Other Commercial Lines
Segment Reporting Information
Earned premiums									243	292	313
Operating Segments | Personal Insurance
Segment Reporting Information
Earned premiums									1,097	1,041	961
Total revenues									1,100	1,043	962
Fees and Commissions									3	2	1
Income before income taxes									(12)	10	33
Operating Segments | Personal Insurance | Personal Auto
Segment Reporting Information
Earned premiums									506	476	443
Operating Segments | Personal Insurance | Home Owner Line
Segment Reporting Information
Earned premiums									463	443	403
Operating Segments | Personal Insurance | Other Personal Lines
Segment Reporting Information
Earned premiums									128	122	115
Operating Segments | Excess and Surplus Lines Insurance
Segment Reporting Information
Earned premiums									168	148	116
Total revenues									169	148	116
Fees and Commissions									1	0	0
Income before income taxes									51	30	14
Operating Segments | Life Insurance Segment
Segment Reporting Information
Earned premiums									209	198	189
Total revenues									214	204	193
Fees and Commissions									5	6	4
Income before income taxes									(2)	(5)	9
Operating Segments | Investments Segment
Segment Reporting Information
Total revenues									642	682	612
Net Investment Income									572	549	529
Total									70	133	83
Income before income taxes									$ 556	$ 599	$ 532

Quarterly Supplementary Data (D

Quarterly Supplementary Data (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 1,263	$ 1,278	$ 1,316	$ 1,285	$ 1,262	$ 1,280	$ 1,214	$ 1,189	$ 5,142	$ 4,945	$ 4,531
Income before income taxes	216	243	248	174	236	259	107	119	881	721	714
Net Income (Loss) Attributable to Parent	$ 156	$ 174	$ 176	$ 128	$ 167	$ 183	$ 84	$ 91	$ 634	$ 525	$ 517
Basic (in usd per share)	$ 0.95	$ 1.06	$ 1.07	$ 0.78	$ 1.03	$ 1.12	$ 0.51	$ 0.56	$ 3.87	$ 3.21	$ 3.16
Diluted (in usd per share)	$ 0.94	$ 1.05	$ 1.06	$ 0.77	$ 1.02	$ 1.11	$ 0.51	$ 0.55	$ 3.83	$ 3.18	$ 3.12

Summary of Investments Other 96

Summary of Investments Other Than Investments In Related Parties (Details)1 $ in Millions	Dec. 31, 2015USD ($)
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	$ 12,329
Fair value	0
Balance sheet	14,423
Fixed Maturities
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	9,324
Fair value	9,650
Balance sheet	9,650
Equity Securities
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	2,938
Fair value	4,706
Balance sheet	4,706
Other than Securities Investment
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	67
Fair value	0
Balance sheet	67
States, Municipalities and Political Subdivisions | Fixed Maturities
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	3,440
Fair value	3,611
Balance sheet	3,611
States, Municipalities and Political Subdivisions | Fixed Maturities | The Cincinnati Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	2,696
Fair value	2,820
Balance sheet	2,820
States, Municipalities and Political Subdivisions | Fixed Maturities | The Cincinnati Casualty Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	137
Fair value	143
Balance sheet	143
States, Municipalities and Political Subdivisions | Fixed Maturities | The Cincinnati Indemnity Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	38
Fair value	40
Balance sheet	40
States, Municipalities and Political Subdivisions | Fixed Maturities | The Cincinnati Life Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	202
Fair value	223
Balance sheet	223
States, Municipalities and Political Subdivisions | Fixed Maturities | The Cincinnati Specialty Underwriters Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	366
Fair value	384
Balance sheet	384
States, Municipalities and Political Subdivisions | Fixed Maturities | CSU Producers Resources Inc.
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	1
Fair value	1
Balance sheet	1
Convertibles and Bonds with Warrants Attached | Fixed Maturities
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	5
Fair value	5
Balance sheet	5
Convertibles and Bonds with Warrants Attached | Fixed Maturities | The Cincinnati Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	5
Fair value	5
Balance sheet	5
United States Government | Fixed Maturities
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	4
Fair value	4
Balance sheet	4
United States Government | Fixed Maturities | The Cincinnati Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	1
Fair value	1
Balance sheet	1
United States Government | Fixed Maturities | The Cincinnati Casualty Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	2
Fair value	2
Balance sheet	2
United States Government | Fixed Maturities | The Cincinnati Indemnity Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	1
Fair value	1
Balance sheet	1
United States Government | Fixed Maturities | The Cincinnati Life Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	0
Fair value	0
Balance sheet	0
Government-Sponsored Enterprises | Fixed Maturities
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	284
Fair value	278
Balance sheet	278
Government-Sponsored Enterprises | Fixed Maturities | The Cincinnati Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	4
Fair value	4
Balance sheet	4
Government-Sponsored Enterprises | Fixed Maturities | The Cincinnati Life Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	280
Fair value	274
Balance sheet	274
Foreign Government | Fixed Maturities
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	10
Fair value	10
Balance sheet	10
Foreign Government | Fixed Maturities | The Cincinnati Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	10
Fair value	10
Balance sheet	10
Common Stock | Equity Securities
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	2,749
Fair value	4,485
Balance sheet	4,485
Common Stock | Equity Securities | The Cincinnati Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	1,608
Fair value	2,718
Balance sheet	2,718
Common Stock | Equity Securities | The Cincinnati Casualty Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	46
Fair value	82
Balance sheet	82
Common Stock | Equity Securities | The Cincinnati Indemnity Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	12
Fair value	21
Balance sheet	21
Common Stock | Equity Securities | The Cincinnati Specialty Underwriters Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	44
Fair value	71
Balance sheet	71
Common Stock | Equity Securities | CSU Producers Resources Inc.
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	12
Fair value	13
Balance sheet	13
Common Stock | Equity Securities | Cincinnati Financial Corporation
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	1,027
Fair value	1,580
Balance sheet	1,580
Nonredeemable Preferred Stock | Equity Securities
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	189
Fair value	221
Balance sheet	221
Nonredeemable Preferred Stock | Equity Securities | The Cincinnati Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	181
Fair value	209
Balance sheet	209
Nonredeemable Preferred Stock | Equity Securities | The Cincinnati Life Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	5
Fair value	9
Balance sheet	9
Nonredeemable Preferred Stock | Equity Securities | Cincinnati Financial Corporation
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	3
Fair value	3
Balance sheet	3
All Other Corporate Bonds | Fixed Maturities
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	5,581
Fair value	5,742
Balance sheet	5,742
All Other Corporate Bonds | Fixed Maturities | The Cincinnati Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	2,642
Fair value	2,719
Balance sheet	2,719
All Other Corporate Bonds | Fixed Maturities | The Cincinnati Casualty Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	120
Fair value	123
Balance sheet	123
All Other Corporate Bonds | Fixed Maturities | The Cincinnati Indemnity Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	27
Fair value	27
Balance sheet	27
All Other Corporate Bonds | Fixed Maturities | The Cincinnati Life Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	2,587
Fair value	2,657
Balance sheet	2,657
All Other Corporate Bonds | Fixed Maturities | The Cincinnati Specialty Underwriters Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	152
Fair value	156
Balance sheet	156
All Other Corporate Bonds | Fixed Maturities | CSU Producers Resources Inc.
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	3
Fair value	2
Balance sheet	2
All Other Corporate Bonds | Fixed Maturities | Cincinnati Financial Corporation
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	50
Fair value	58
Balance sheet	58
Policy Loans | Other than Securities Investment | The Cincinnati Life Insurance Company
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	31
Fair value	0
Balance sheet	31
Limited Partnership | Other than Securities Investment | Cincinnati Financial Corporation
Summary Of Investments Other Than Investments In Related Parties Reportable Data
Cost or amortized cost	36
Fair value	0
Balance sheet	$ 36

Condensed Financial Statement97

Condensed Financial Statements Of Parent Company Condensed Statements Of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows From Operating Activities
Net Income	$ 156	$ 174	$ 176	$ 128	$ 167	$ 183	$ 84	$ 91	$ 634	$ 525	$ 517
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization									52	51	50
Realized investment gains, net									(70)	(133)	(83)
Changes in:
Investment income receivable									(6)	(2)	(6)
Current income tax receivable/payable									(18)	2	(49)
Other assets									(39)	19	(32)
Other liabilities									44	(11)	77
Net cash provided by operating activities									1,064	873	796
Cash Flows From Investing Activities
Sale of fixed maturities									43	26	40
Call or maturity of fixed maturities									1,199	1,019	930
Sale of equity securities									342	335	178
Purchase of fixed maturities									(1,722)	(1,312)	(1,381)
Purchase of equity securities									(493)	(392)	(265)
Investment in buildings and equipment, net									(10)	(9)	(7)
Change in other invested assets, net									1	9	5
Net cash used by investing activities									(624)	(311)	(509)
Cash Flows From Financing Activities
Payments of note payable									(14)	(55)	0
Payment of cash dividends to shareholders									(366)	(278)	(263)
Shares acquired - share repurchase authorization									(53)	(21)	(52)
Proceeds from stock options exercised									24	22	25
Other									(17)	(17)	(14)
Net cash used in financing activities									(487)	(404)	(341)
Net change in cash and cash equivalents									(47)	158	(54)
Cash and cash equivalents at beginning of year				591				433	591	433	487
Cash and cash equivalents at end of year	544				591				544	591	433
Cincinnati Financial Corporation
Cash Flows From Operating Activities
Net Income									634	525	517
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization									7	7	7
Realized investment gains, net									19	(34)	(21)
Dividends from subsidiaries									447	400	378
Changes in:
Increase in equity of subsidiaries									(642)	(504)	(511)
Investment income receivable									0	(1)	(2)
Current federal income taxes									(7)	3	12
Current income tax receivable/payable									(10)	(6)	(6)
Other assets									(3)	20	(30)
Other liabilities									13	(14)	39
Intercompany receivable for operations									16	22	(39)
Net cash provided by operating activities									474	418	344
Cash Flows From Investing Activities
Call or maturity of fixed maturities									8	4	23
Sale of equity securities									54	112	75
Purchase of equity securities									(110)	(225)	(179)
Investment in buildings and equipment, net									0	(2)	(1)
Change in other invested assets, net									1	4	4
Return of capital from subsidiaries									0	0	22
Net cash used by investing activities									(47)	(107)	(56)
Cash Flows From Financing Activities
Payments of note payable									0	(55)	0
Payment of cash dividends to shareholders									(366)	(278)	(263)
Shares acquired - share repurchase authorization									(53)	(21)	(52)
Proceeds from stock options exercised									24	22	25
Other									2	2	3
Net cash used in financing activities									(393)	(330)	(287)
Net change in cash and cash equivalents									34	(19)	1
Cash and cash equivalents at beginning of year				$ 72				$ 91	72	91	90
Cash and cash equivalents at end of year	$ 106				$ 72				$ 106	$ 72	$ 91

Condensed Financial Statement98

Condensed Financial Statements Of Parent Company Condensed Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments
Fixed maturities, at fair value	$ 9,650	$ 9,460
Equity securities, at fair value	4,706	4,858
Other invested assets	67	68
Total investments	14,423	14,386
Cash and cash equivalents	544	591	$ 433	$ 487
Investment income receivable	129	123
Land, building and equipment, net, for company use (accumulated depreciation: 2015—$118; 2014—$112)	185	194
Other assets	154	70
Total assets	18,888	18,748
Liabilities
Deferred federal income tax	1,047	1,239
Long-term debt	786	786
Other liabilities	717	648
Total liabilities	12,461	12,175
Shareholders' Equity
Common stock	397	397
Paid-in capital	1,232	1,214
Retained earnings	4,762	4,505
Accumulated other comprehensive income	1,344	1,744
Treasury stock at cost	(1,308)	(1,287)
Total shareholders' equity	6,427	6,573	6,070
Total liabilities and shareholders' equity	18,888	18,748
Cincinnati Financial Corporation
Investments
Fixed maturities, at fair value	58	69
Equity securities, at fair value	1,583	1,643
Other invested assets	36	37
Total investments	1,677	1,749
Cash and cash equivalents	106	72	$ 91	$ 90
Equity in net assets of subsidiaries	5,482	5,627
Investment income receivable	6	6
Land, building and equipment, net, for company use (accumulated depreciation: 2015—$118; 2014—$112)	139	144
Income tax receivable	6	0
Other assets	21	18
Due from subsidiaries	107	107
Total assets	7,544	7,723
Liabilities
Dividends declared but unpaid	75	72
Deferred federal income tax	173	216
Long-term debt	786	786
Other liabilities	83	76
Total liabilities	1,117	1,150
Shareholders' Equity
Common stock	397	397
Paid-in capital	1,232	1,214
Retained earnings	4,762	4,505
Accumulated other comprehensive income	1,344	1,744
Treasury stock at cost	(1,308)	(1,287)
Total shareholders' equity	6,427	6,573
Total liabilities and shareholders' equity	$ 7,544	$ 7,723

Condensed Financial Statement99

Condensed Financial Statements Of Parent Company Condensed Balance Sheets (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Condensed Financial Statements, Captions
Land, building and equipment, accumulated depreciation	$ 459	$ 446
Cincinnati Financial Corporation
Condensed Financial Statements, Captions
Land, building and equipment, accumulated depreciation	$ 118	$ 112

Condensed Financial Statemen100

Condensed Financial Statements Of Parent Company Condensed Statements Of Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Investment income, net of expenses									$ 572	$ 549	$ 529
Total									70	133	83
Other revenues									7	8	9
Total revenues	$ 1,263	$ 1,278	$ 1,316	$ 1,285	$ 1,262	$ 1,280	$ 1,214	$ 1,189	5,142	4,945	4,531
Expenses
Interest expense									53	53	54
Other expenses									13	14	15
Total expenses									4,261	4,224	3,817
Income (Loss) Before Income Taxes and Earnings of Subsidiaries	216	243	248	174	236	259	107	119	881	721	714
Benefit for income taxes									247	196	197
Net Income	$ 156	$ 174	$ 176	$ 128	$ 167	$ 183	$ 84	$ 91	634	525	517
Cincinnati Financial Corporation
Revenues
Investment income, net of expenses									53	46	41
Total									(19)	34	21
Other revenues									15	16	15
Total revenues									49	96	77
Expenses
Interest expense									52	52	53
Other expenses									28	28	29
Total expenses									80	80	82
Income (Loss) Before Income Taxes and Earnings of Subsidiaries									(31)	16	(5)
Benefit for income taxes									(23)	(5)	(11)
Net Income (Loss) Before Earnings of Subsidiaries									(8)	21	6
Increase in equity of subsidiaries									642	504	511
Net Income									$ 634	$ 525	$ 517

Condensed Financial Statemen101

Condensed Financial Statements Of Parent Company Condensed Statements Of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions
Net Income	$ 156	$ 174	$ 176	$ 128	$ 167	$ 183	$ 84	$ 91	$ 634	$ 525	$ 517
Unrealized (losses) and gains on investments available-for-sale									(405)	250	299
Unrealized (losses) and gains on investments available-for-sale, investments held by subsidiaries and other									(612)	388	494
Amortization of pension actuarial losses and (gains) and prior service cost									(6)	(18)	83
Other comprehensive (loss) income before tax									(618)	370	577
Income taxes on above of other comprehensive (loss) income									(218)	130	202
Other comprehensive (loss) income, net of tax									(400)	240	375
Comprehensive Income									234	765	892
Cincinnati Financial Corporation
Condensed Financial Statements, Captions
Net Income									634	525	517
Unrealized (losses) and gains on investments available-for-sale									(111)	150	303
Unrealized (losses) and gains on investments held by subsidiaries									(444)	367	240
Reclassification adjustment for gains and (losses) included in net income									19	(34)	(21)
Reclassification adjustment for (gains) included in net income on subsidiaries									(89)	(99)	(62)
Unrealized gains and (losses) on other									0	7	(1)
Unrealized gains and (losses) on other subsidiaries									$ 13	$ (3)	$ 35

Supplementary Insurance Info102

Supplementary Insurance Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplementary Insurance Information, by Segment
Deferred policy acquisition costs	$ 616	$ 578	$ 565
Gross future policy benefits, losses, claims and expense losses	7,265	6,957	6,682
Gross unearned premium	2,201	2,082	1,976
Other policy claims and benefits payable	36	25	19
Earned premiums	4,480	4,243	3,902
Investment income, net of expenses	518	502	488
Benefits, claims losses and settlement expense	2,808	2,856	2,505
Amortization of deferred policy acquisition costs	829	807	758
Underwriting, acquisition and insurance expenses	558	494	485
Net written premiums	4,363	4,146	3,895
Commercial Insurance
Supplementary Insurance Information, by Segment
Deferred policy acquisition costs	264	257	251
Gross future policy benefits, losses, claims and expense losses	3,925	3,797	3,667
Gross unearned premium	1,472	1,441	1,372
Earned premiums	2,996	2,856	2,636
Benefits, claims losses and settlement expense	1,708	1,812	1,596
Amortization of deferred policy acquisition costs	552	537	514
Underwriting, acquisition and insurance expenses	395	365	343
Net written premiums	3,025	2,922	2,760
Personal Insurance
Supplementary Insurance Information, by Segment
Deferred policy acquisition costs	103	108	104
Gross future policy benefits, losses, claims and expense losses	498	439	417
Gross unearned premium	593	562	535
Earned premiums	1,097	1,041	961
Benefits, claims losses and settlement expense	789	740	639
Amortization of deferred policy acquisition costs	210	209	192
Underwriting, acquisition and insurance expenses	113	84	98
Net written premiums	1,128	1,068	1,005
Excess And Surplus Lines Insurance
Supplementary Insurance Information, by Segment
Deferred policy acquisition costs	15	14	11
Gross future policy benefits, losses, claims and expense losses	227	202	157
Gross unearned premium	87	78	67
Earned premiums	168	148	116
Benefits, claims losses and settlement expense	70	75	66
Amortization of deferred policy acquisition costs	28	24	21
Underwriting, acquisition and insurance expenses	20	19	15
Net written premiums	175	153	128
Reinsurance assumed and other non segment [Member]
Supplementary Insurance Information, by Segment
Deferred policy acquisition costs	6	0	0
Gross future policy benefits, losses, claims and expense losses	10	0	0
Gross unearned premium	48	0	0
Earned premiums	10	0	0
Benefits, claims losses and settlement expense	5	0	0
Amortization of deferred policy acquisition costs	2	0	0
Underwriting, acquisition and insurance expenses	1	0	0
Net written premiums	33	0	0
Property, Liability and Casualty Insurance Product Line [Member]
Supplementary Insurance Information, by Segment
Deferred policy acquisition costs	388	379	366
Gross future policy benefits, losses, claims and expense losses	4,660	4,438	4,241
Gross unearned premium	2,200	2,081	1,974
Earned premiums	4,271	4,045	3,713
Investment income, net of expenses	368	358	348
Benefits, claims losses and settlement expense	2,572	2,627	2,301
Amortization of deferred policy acquisition costs	792	770	727
Underwriting, acquisition and insurance expenses	529	468	456
Net written premiums	4,361	4,143	3,893
Accident Health Insurance Segment [Member]
Supplementary Insurance Information, by Segment
Net written premiums	2	3	2
Life Insurance Segment
Supplementary Insurance Information, by Segment
Deferred policy acquisition costs	228	199	199
Gross future policy benefits, losses, claims and expense losses	2,605	2,519	2,441
Gross unearned premium	1	1	2
Other policy claims and benefits payable	36	25	19
Earned premiums	209	198	189
Investment income, net of expenses	150	144	140
Benefits, claims losses and settlement expense	236	229	204
Amortization of deferred policy acquisition costs	37	37	31
Underwriting, acquisition and insurance expenses	$ 29	$ 26	$ 29

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross amounts, life insurance in force	$ 91,451	$ 88,045	$ 85,015
Gross amounts	4,667	4,468	4,151
Ceded amounts to other companies, life insurance in force	38,716	37,689	36,952
Ceded amounts to other companies	216	237	260
Assumed amounts from other companies, life insurance in force	0	0	0
Assumed amounts from other companies	29	12	11
Net amounts, life insurance in force	52,735	50,356	48,063
Premiums Earned, Net	$ 4,480	$ 4,243	$ 3,902
Percentage of amounts assumed to net, life insurance in force	0.00%	0.00%	0.00%
Percentage of amounts assumed to net	0.70%	0.50%	0.50%
Commercial Insurance
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross amounts	$ 3,088	$ 2,973	$ 2,777
Ceded amounts to other companies	102	128	151
Assumed amounts from other companies	10	11	10
Premiums Earned, Net	$ 2,996	$ 2,856	$ 2,636
Percentage of amounts assumed to net	0.30%	0.40%	0.40%
Personal Insurance
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross amounts	$ 1,131	$ 1,080	$ 1,002
Ceded amounts to other companies	35	40	42
Assumed amounts from other companies	1	1	1
Premiums Earned, Net	$ 1,097	$ 1,041	$ 961
Percentage of amounts assumed to net	0.10%	0.10%	0.10%
Excess And Surplus Lines Insurance
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross amounts	$ 177	$ 156	$ 124
Ceded amounts to other companies	9	8	8
Assumed amounts from other companies	0	0	0
Premiums Earned, Net	$ 168	$ 148	$ 116
Percentage of amounts assumed to net	0.00%	0.00%	0.00%
Reinsurance assumed and other non segment [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross amounts	$ 0	$ 0	$ 0
Ceded amounts to other companies	8	0	0
Assumed amounts from other companies	18	0	0
Premiums Earned, Net	$ 10	$ 0	$ 0
Percentage of amounts assumed to net	188.00%	0.00%	0.00%
Property, Liability And Casualty Insurance Segment [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross amounts	$ 4,396	$ 4,209	$ 3,903
Ceded amounts to other companies	154	176	201
Assumed amounts from other companies	29	12	11
Premiums Earned, Net	$ 4,271	$ 4,045	$ 3,713
Percentage of amounts assumed to net	0.70%	0.50%	0.50%
Life Insurance Segment
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross amounts	$ 271	$ 259	$ 248
Ceded amounts to other companies	62	61	59
Assumed amounts from other companies	0	0	0
Premiums Earned, Net	$ 209	$ 198	$ 189
Percentage of amounts assumed to net	0.00%	0.00%	0.00%

Valuation And Qualifying Acc104

Valuation And Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Valuation and Qualifying Accounts [Abstract]
Beginning balance, January 1	$ 3	$ 2	$ 2
Additions charged to costs and expenses	3	2	1
Deductions	(2)	(1)	(1)
Ending balance, December 31	$ 4	$ 3	$ 2

Supplementary Information Co105

Supplementary Information Concerning Property Casualty Insurance Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Deferred policy acquisition costs	$ 388	$ 379	$ 366
Reserves for unpaid claims and claim adjustment expenses	4,660	4,438	4,241
Unearned premiums	2,200	2,081	1,970
Earned premiums	4,271	4,045	3,713
Investment income	368	358	348
Loss and loss expenses incurred related to current accident year	2,756	2,725	2,448
Prior year claims and claims adjustment expense	(184)	(98)	(147)
Amortization of deferred policy acquisition cost	792	770	727
Paid loss and loss expenses	2,349	2,413	2,172
Net written premiums	4,361	4,143	3,893
Commercial Insurance
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Deferred policy acquisition costs	264	257	251
Reserves for unpaid claims and claim adjustment expenses	3,925	3,797	3,667
Unearned premiums	1,472	1,441	1,370
Earned premiums	2,996	2,856	2,636
Investment income	0	0	0
Loss and loss expenses incurred related to current accident year	1,862	1,869	1,691
Prior year claims and claims adjustment expense	(154)	(57)	(95)
Amortization of deferred policy acquisition cost	552	537	514
Paid loss and loss expenses	1,575	1,666	1,498
Net written premiums	3,025	2,922	2,760
Personal Insurance
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Deferred policy acquisition costs	103	108	104
Reserves for unpaid claims and claim adjustment expenses	498	439	417
Unearned premiums	593	562	534
Earned premiums	1,097	1,041	961
Investment income	0	0	0
Loss and loss expenses incurred related to current accident year	784	752	678
Prior year claims and claims adjustment expense	5	(12)	(39)
Amortization of deferred policy acquisition cost	210	209	192
Paid loss and loss expenses	731	717	639
Net written premiums	1,128	1,068	1,005
Excess And Surplus Lines Insurance
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Deferred policy acquisition costs	15	14	11
Reserves for unpaid claims and claim adjustment expenses	227	202	157
Unearned premiums	87	78	66
Earned premiums	168	148	116
Investment income	0	0	0
Loss and loss expenses incurred related to current accident year	105	104	79
Prior year claims and claims adjustment expense	(35)	(29)	(13)
Amortization of deferred policy acquisition cost	28	24	21
Paid loss and loss expenses	43	30	35
Net written premiums	175	153	128
Reinsurance assumed and other non segment [Member]
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Deferred policy acquisition costs	6	0	0
Reserves for unpaid claims and claim adjustment expenses	10	0	0
Unearned premiums	48	0	0
Earned premiums	10	0	0
Investment income	0	0	0
Loss and loss expenses incurred related to current accident year	5	0	0
Prior year claims and claims adjustment expense	0	0	0
Amortization of deferred policy acquisition cost	2	0	0
Paid loss and loss expenses	0	0	0
Net written premiums	$ 33	$ 0	$ 0