Cincinnati Financial (CINF) will raise its quarterly dividend by 7.1 percent to $0.60 per share in the first quarter of 2020. Dividend Aristocrat CINF has now raised its annual dividend for 60 consecutive years.

The dividend is payable April 15, 2020, to shareholders of record as of March 18, 2020. A new annualized dividend rate of $2.40 per share yields 2.3% at a stock price of $104.95 for CINF.

In today's press release Steven J. Johnston, president and chief executive officer, commented: "Over the past 59 years, Cincinnati Financial shareholders have benefited from increasing dividends, and this action sets the stage for a 60th consecutive year. The company's strong capital continues to support our dividend as well as the profitable growth of our insurance business, as we seek to increase shareholder value over time. That capital, combined with the depth of our relationships with outstanding independent agents and capable, hard-working associates, bolsters the board's confidence that the company can reward shareholders in both the near and long term."

Cincinnati Financial Corporation offers business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of CINF's other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. The company segments are commercial lines insurance, personal lines insurance, excess and surplus lines insurance, and life insurance and investments.