12 Best Dividend Kings to Buy For Safe Dividend Growth

9. Cincinnati Financial Corporation (NASDAQ:CINF)

5-Year Average Annual Dividend Growth Rate: 7.68%

Cincinnati Financial Corporation (NASDAQ:CINF) ranks ninth on our list of the best dividend kings for safe dividend growth. The American insurance company offers property and casualty insurance services to its consumers. The company reported disappointing earnings on some fronts in the fourth quarter of 2024. Its revenue for the quarter came in at $2.53 billion, which fell by 24% from the same period last year. Net income also dropped to $405 million, from $1.18 billion in the prior-year period. However, the company’s operating income of $497 million showed a 38% increase on a YoY basis. Its net written premiums also grew by 17% during the quarter.

In addition, underwriting profit for the quarter rose by 40% compared to the strong performance in 2023, bringing the full-year underwriting profit to $580 million. For the full year 2024, the combined ratio improved by 1.5 points to 93.4%, supported by disciplined underwriting practices and catastrophe losses remaining consistent with the previous year. Moreover, the core combined ratio for 2024, excluding catastrophe losses and on a current accident year basis, was 1.9 points better than that of the full year 2023.

Cincinnati Financial Corporation (NASDAQ:CINF)’s cash position also showed growth despite its poor earnings in some areas. The company ended the year with $983 million available in cash and cash equivalents, up from $907 million in December 2023. On January 31, it declared a 7.4% hike in its quarterly dividend to $0.87 per share. Through this increase, the company stretched its dividend growth streak to 64 years. The stock has a dividend yield of 2.64%, as of April 4.