CCINFCincinnati Financial Corporation

Cincinnati Financial insures property through independent agents and holds an unusually large equity portfolio.

The company sells only through independent agencies and has built those relationships over decades: the agent brings the client and in return gets predictable terms and quick claims settlement. In an industry where competitors move to direct sales and advertising, that is a deliberately old-fashioned but durable model.

The second feature matters more: a substantial part of reserves is invested in equities rather than bonds as at most insurers. That delivers long-term capital growth and rising dividend income, but makes reported results markedly more volatile — portfolio revaluation runs through profit. The company has raised its dividend for longer than almost anyone on the market.