Stephen M. Spray

President and CEO at CINCINNATI FINANCIAL

Since May 4, 2024

Age

58 years

Tenure

Joined in 1991, held roles in sales and marketing, commercial operations, and as chief insurance officer before advancing to President and CEO on May 4, 2024.

Also at CINCINNATI FINANCIAL

JSK

John S. Kellington

CIO, Executive Vice President

MJS

Michael J. Sewell

CFO, Executive Vice President, Treasurer

TCC

Teresa C. Cracas

Chief Risk Officer, Executive Vice President

About

Stephen M. Spray has dedicated over three decades to Cincinnati Financial Corporation, demonstrating deep industry knowledge and a commitment to operational excellence. His professional journey reflects a steady progression: from his initial role in 1991, evolving through critical positions in sales and marketing, onward to managing commercial lines and overseeing property casualty subsidiaries.

Throughout his career, his strategic leadership and innovative approach have driven improvements in efficiency and profitability, reinforcing the company's core values while positioning it for long-term success. His work not only underscores his operational expertise but also his ability to navigate the evolving challenges of the insurance field.

In addition to his executive responsibilities, he has contributed to various boards and advisory roles, embodying a commitment to both industry excellence and broader community engagement. His leadership style and dedication continue to be central to Cincinnati Financial Corporation’s sustained growth and innovation in a competitive market.

$CINF Performance Under Stephen M. Spray

Past Roles

Organization	Role	Date Range	Details
Cincinnati Financial Corporation (CINF)	President	2022 – May 2024	Held the role prior to promotion to Chief Executive Officer
Cincinnati Financial Corporation (CINF)	Chief Insurance Officer of Property Casualty Subsidiaries	2019 – 2022	Responsible for overseeing property casualty subsidiaries
Cincinnati Financial Corporation (CINF)	Head of Commercial Lines Operations	2016 – 2019	Led the commercial lines segment of the company
Cincinnati Financial Corporation (CINF)	Sales and Marketing Executive	2011 – 2016	Managed sales and marketing, including field underwriters and agency relationships
Cincinnati Financial Corporation (CINF)	Instrumental Role in Formation of The Cincinnati Specialty Underwriters Insurance Company	2007	Played a key role in establishing the specialty underwriters entity
Cincinnati Financial Corporation (CINF)	Various Early Roles	Since 1991	Joined the company in 1991 and held progressively responsible positions

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Salary	$893,786	Annual	Fixed base salary for 2023.
All Other Compensation	$48,645	Annual	Includes various benefits and perquisites; breakdown not provided.

Performance Compensation

Data from FY 2023

Annual Incentive Cash Compensation

Metric	Value
Base Annual Salary	$912,089
Tier Target Percentage	125%
Performance Factor	100%
Award Payout	$1,140,111
Primary Metric (VCR)	19.5%
Premium Growth	10% (Target: 3%)
Combined Ratio	94.9% (Target: ≤95%)
Performance Hurdles	Threshold: >3/9 peers (30%), Target: >5/9 peers (100%), Maximum: >7/9 peers (200%)
Evaluation Period	Calendar Year 2023
Vesting/Payment Condition	Paid upon performance assessment

Stock Awards (PSUs & RSUs)

Metric	PSUs	RSUs
Grant Date	Feb 20, 2023	Feb 20, 2023
Target Shares	6,810	1,816
Threshold Shares	2,043	N/A
Maximum Shares	13,620	N/A
Performance Metric	3-year TSR relative to 9 peers	Time-based vesting
Grant Date Fair Value	$1,154,295	$217,466
Vesting Schedule	Vests on Mar 1, 2026 (Performance Period: Jan 1, 2023 – Dec 31, 2025)	Not specified

Option Awards

Metric	Value
Grant Date	Feb 20, 2023
Number of Options	22,373
Exercise Price	$125.57 per share
Grant Date Fair Value	$855,096
Vesting Schedule	Ratable over 3 years; Exercisable over 10 years
Performance Metrics	Not performance-based (service-based)

This table summarizes the performance compensation details for 2023 including annual incentive cash, stock awards (PSUs and RSUs), and option awards.