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Cincinnati Financial Executive Compensation (FY25)

CINF · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Stephen Spray
Latest say-on-pay support
=
May 2, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 4, 2026Latest filing (8-K): May 6, 2026
13 filings cited on this page
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398 figures on this page: 388 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Stephen Spray: $8,784,200 → $5,943,492 (32.3% lower)
Say-on-pay support: 95.5% → 96.4% (0.9 points higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Cincinnati Financial's chief executive and what were they paid?
Stephen Spray, President and Chief Executive Officer, received $5,943,492 in total compensation for fiscal 2025. Spray's total was 32.3% lower than the $8,784,200 reported for fiscal 2024.
What was Cincinnati Financial's say-on-pay result?
Shareholders supported the say-on-pay proposal with 96.4% of votes cast for or against in favor at the meeting held May 2, 2026 for fiscal 2025.
Which companies are in Cincinnati Financial's peer group?
The disclosed peer group names CNA Financial Corporation, Hanover Insurance Group Inc., Hartford Financial Services Group Inc., Markel Group Inc. and Selective Insurance Group Inc., among others.
What is Cincinnati Financial's chief executive pay ratio?
The company reported a chief executive pay ratio of 46.3:1 for fiscal 2025, against median employee compensation of $128,245.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Steven Johnston
Chairman and Chief Executive Officer Cincinnati Financial Corporation
◇—◇◇◇—◇◇
Michael Sewell
Chief Financial Officer, Executive Vice President and Treasurer Cincinnati Financial Corporation
◇—◇◇◇—◇◇
Stephen Spray
President Cincinnati Financial Corporation
◇—◇◇◇—◇◇
John Kellington
Chief Information Officer and Executive Vice President The Cincinnati Insurance Company
◇—◇◇◇—◇◇
Teresa Cracas
Chief Risk Officer and Executive Vice President The Cincinnati Insurance Company
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Steven Johnston
Chairman and Chief Executive Officer Cincinnati Financial Corporation
◇—◇◇◇—◇◇
Michael Sewell
Chief Financial Officer, Executive Vice President and Treasurer Cincinnati Financial Corporation
◇—◇◇◇—◇◇
Stephen Spray
President Cincinnati Financial Corporation
◇—◇◇◇◇◇◇
John Kellington
Chief Information Officer and Executive Vice President The Cincinnati Insurance Company
◇—◇◇◇—◇◇
Teresa Cracas
Chief Risk Officer and Executive Vice President The Cincinnati Insurance Company
◇—◇◇◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Steven J. Johnston
Executive Chairman of the Board
◇—◇◇◇—◇◇
Stephen M. Spray
President and Chief Executive Officer
◇—◇◇◇◇◇◇
Michael J. Sewell
Chief Financial Officer
◇—◇◇◇—◇◇
John S. Kellington
Chief Information Officer
◇—◇◇◇—◇◇
Teresa C. Cracas
Chief Risk Officer
◇—◇◇◇—◇◇
Steven A. Soloria
Chief Investment Officer
◇—◇◇◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen Spray
President and Chief Executive Officer
◇—◇◇◇◇◇◇
Michael Sewell
Chief Financial Officer, Executive Vice President and Treasurer
◇—◇◇◇—◇◇
Steven Johnston
Executive Chairman of the Board and former Chief Executive Officer
Departed during or after this year
◇—◇◇◇—◇◇
John Kellington
Chief Information Officer and Executive Vice President
◇—◇◇◇—◇◇
Teresa Cracas
Chief Risk Officer and Executive Vice President
◇—◇◇◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
John KellingtonPSU◇◇◇—◇—◇
John KellingtonOPTION◇——◇—◇◇
John KellingtonRSU◇——◇——◇
John KellingtonRSU◇——◇——◇
Michael SewellRSU◇——◇——◇
Michael SewellRSU◇——◇——◇
Michael SewellPSU◇◇◇—◇—◇
Michael SewellOPTION◇——◇—◇◇
Stephen SprayPSU◇◇◇—◇—◇
Stephen SprayRSU◇——◇——◇
Stephen SprayRSU◇——◇——◇
Stephen SprayOPTION◇——◇—◇◇
Steven JohnstonPSU◇◇◇—◇—◇
Steven JohnstonOPTION◇——◇—◇◇
Steven JohnstonRSU◇——◇——◇
Steven JohnstonRSU◇——◇——◇
Teresa CracasRSU◇——◇——◇
Teresa CracasPSU◇◇◇—◇—◇
Teresa CracasRSU◇——◇——◇
Teresa CracasOPTION◇——◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Stephen SprayOption◇—◇2/17/2035
Option◇—◇2/19/2034
PSU◇◇——
PSU◇◇——
Option◇—◇2/20/2033
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Steven JohnstonOption◇—◇2/19/2034
Option◇—◇2/17/2035
PSU◇◇——
Option◇—◇2/20/2033
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Michael SewellOption◇—◇2/17/2035
Option◇—◇2/19/2034
PSU◇◇——
Option◇—◇2/20/2033
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
John KellingtonOption◇—◇2/17/2035
Option◇—◇2/19/2034
PSU◇◇——
Option◇—◇2/20/2033
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Teresa CracasOption◇—◇2/17/2035
Option◇—◇2/19/2034
PSU◇◇——
Option◇—◇2/20/2033
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Stephen Spray
Chief Executive Officer · Terms as described in the company’s compensation discussion
Equity acceleration on change in control◇
Steven Johnston
Executive Chair · Terms as described in the company’s compensation discussion
Equity acceleration on change in control◇
Teresa Cracas
Chief Risk Officer · Terms as described in the company’s compensation discussion
Equity acceleration on change in control◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Dirk J. Debbink
Lead independent director
◇◇———◇◇
Gretchen W. Schar
◇◇———◇◇
David P. Osborn
◇◇———◇◇
Larry R. Webb
◇◇———◇◇
Nancy C. Benacci
◇◇———◇◇
Douglas S. Skidmore
◇◇———◇◇
Charles O. Schiff
◇◇———◇◇
Cheng-sheng Peter Wu
◇◇———◇◇
Linda W. Clement-Holmes
◇◇———◇◇
John F. Steele, Jr
◇◇———◇◇
Jill P. Meyer
◇◇———◇◇
Edward S. Wilkins
◇◇———◇◇
Stephen M. Spray and Steven J. Johnston served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Board meeting fee◇
Committee meeting fee◇
Equity is delivered as Stock.
Stock ownership guideline: All of our directors and executive officers are in compliance with our published stock ownership guidelines.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • CNA Financial Corporation CNA
  • Hanover Insurance Group Inc. THG
  • Hartford Financial Services Group Inc. HIG
  • Markel Group Inc. MKL
  • Selective Insurance Group Inc. SIGI
  • The Allstate Corporation ALL
  • The Travelers Companies Inc. TRV
  • United Fire Group Inc. UFCS
  • W.R. Berkley Corporation WRB

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 2, 2026=◇◇◇
2024May 3, 2025=◇◇◇
2023May 4, 2024=◇◇◇
2022May 6, 2023=◇◇◇
2021May 7, 2022=◇◇◇
2020May 8, 2021=◇◇◇
2019May 2, 2020=◇◇◇
2018April 27, 2019=◇◇◇
2017May 5, 2018=◇◇◇
2016May 6, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Stephen Spray (President and Chief Executive Officer), FY2025 total compensation $5,943,492 (base salary $1,130,250) [exec_comp, SEC accession 0000020286-26-000015, filed 2026-03-18]

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What this page does not include

Everything above is a fact Cincinnati Financial disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
398 figures on this page: 388 cited to the filing that reported them, 10 calculated from figures it prints.
388 cited to the filing
10 calculated from the filing

Documents cited

  1. 0000020286-26-000030
    Proposal 4 — Advisory Vote on Executive Compensation For Against Abstain
  2. 0000020286-26-000015
    2025 Director Compensation · 2025 Summary Compensation Table · Compensation Discussion and Analysis · Compensation of Non-Employee Directors · and 4 more sections
  3. 0000020286-25-000032
  4. 0000020286-25-000019
    Summary Compensation Table
  5. 0000020286-24-000033
  6. 0000020286-24-000021
  7. 0000020286-23-000046
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0000020286-22-000032
  9. 0000020286-21-000035
  10. 0000020286-20-000043
  11. 0000020286-19-000031
  12. 0000020286-18-000034
  13. 0000020286-17-000039
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Velarion, “Cincinnati Financial executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CINF (accessed 2026).
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13 filings cited on this page
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Insurance rankings

Chief executive pay — InsuranceCEO pay ratio — InsuranceSay-on-pay support — Insurance

Peers Cincinnati Financial discloses

The companies named in CINF's own disclosed peer group.

CNA Financial CorporationHanover Insurance Group Inc.Hartford Financial Services Group Inc.Markel Group Inc.Selective Insurance Group Inc.The Allstate CorporationThe Travelers Companies Inc.United Fire Group Inc.W.R. Berkley Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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