With roughly 163 million shares outstanding, the annual dividend of $1.60 would add up to a payout of approximately $260.8 million in dividends in 2011, according to Joan Shevchik, Cincinnati Financial spokeswoman. That number could still change as the year progresses.
The first quarter dividend will be paid April 15 to all shareholders who own stock on March 23, according to Cincinnati Financial. The announcement comes after a regular meeting of the board of directors Friday. Last year, the insurance company paid a total $1.585 in dividends per share, according to the company.
Cincinnati Financial today also announced new board appointments of its subsidiaries. The appointments include Roger Brown, vice president of actuarial of The Cincinnati Life Insurance Co., who was made a member of the board of directors and executive committee of the life insurance subsidiary. Brown replaces Richard Cumming — senior vice president, actuary, and a member of the board of directors — who recently retired, Shevchik said.
Cincinnati Financial releases its 2010 fourth quarter and full-year earnings after the market close Wednesday.