Cincinnati Financial Corporation (CINF)

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.