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cinf-20230727

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report: July 27, 2023

(Date of earliest event reported)

CINCINNATI FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)


Ohio	0-4604		31-0746871
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)

6200 S. Gilmore Road	Fairfield,	Ohio	45014‑5141
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (513) 870-2000

N/A

(Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	CINF	Nasdaq Global Select Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§203.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On July 27, 2023, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Second-Quarter 2023 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On July 27, 2023, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference.

This report should not be deemed an admission as to the materiality of any information contained in the news releases or supplemental financial data.

In accordance with general instruction B.2 of Form 8-K, the information furnished in this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 — News release dated July 27, 2023, titled "Cincinnati Financial Reports Second -Quarter 2023 Results"

Exhibit 99.2 — Supplemental Financial Data for the period ending June 30 , 2023, distributed July 27, 2023.

Exhibit 104 – The cover page from this Current Report on Form 8-K, formatted as Inline XBRL

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			CINCINNATI FINANCIAL CORPORATION



Date: July 27, 2023			/S/ Michael J. Sewell
			Michael J. Sewell, CPA
			Chief Financial Officer, Executive Vice President and Treasurer
			(Principal Accounting Officer)

Document


						The Cincinnati Insurance Company n The Cincinnati Indemnity Company The Cincinnati Casualty Company n The Cincinnati Specialty Underwriters Insurance Company The Cincinnati Life Insurance Company n CFC Investment Company n CSU Producer Resources Inc. Cincinnati Global Underwriting Ltd. n Cincinnati Global Underwriting Agency Ltd.

Investor Contact: Dennis E. McDaniel, 513-870-2768

CINF-IR@cinfin.com

Media Contact: Betsy E. Ertel, 513-603-5323

Media_Inquiries@cinfin.com

Cincinnati Financial Reports Second-Quarter 2023 Results

Cincinnati, July 27, 2023 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Second-quarter 2023 net income of $534 million, or $3.38 per share, compared with a net loss of $818 million, or $5.12 per share, in the second quarter of 2022, after recognizing a $363 million second-quarter 2023 after-tax increase in the fair value of equity securities still held.

•$97 million or 103% increase in non-GAAP operating income* to $191 million, or $1.21 per share, compared with $94 million, or 59 cents per share, in the second quarter of last year.

•$1.352 billion increase in second-quarter 2023 net income, compared with second-quarter 2022, reflecting the after-tax net effect of a $1.255 billion increase in net investment gains and a $78 million increase in after-tax property casualty underwriting income.

•$70.33 book value per share at June 30, 2023, up $3.12 since year-end.

•7.2% value creation ratio for the first six months of 2023, compared with negative 17.2% for the same period of 2022.

•$10 million difference in adjusted second-quarter 2022 net loss of $818 million, compared with originally reported $808 million, due to adoption of an accounting standards update for long-duration contracts.

Financial Highlights


(Dollars in millions, except per share data)	Three months ended June 30,						Six months ended June 30,
		2023		2022		% Change		2023		2022		% Change
Revenue Data
Earned premiums		$	1,943	$	1,773	10		$	3,861	$	3,466	11
Investment income, net of expenses		220		195		13		430		380		13
Total revenues		2,605		820		218		4,846		2,038		138
Income Statement Data
Net income (loss)		$	534	$	(818)	nm		$	759	$	(1,084)	nm
Investment gains and losses, after-tax		343		(912)		nm		427		(1,438)		nm

Non-GAAP operating income*		$	191	$	94	103		$	332	$	354	(6)
Per Share Data (diluted)
Net income (loss)		$	3.38	$	(5.12)	nm		$	4.80	$	(6.77)	nm
Investment gains and losses, after-tax		2.17		(5.71)		nm		2.70		(8.99)		nm

Non-GAAP operating income*		$	1.21	$	0.59	105		$	2.10	$	2.22	(5)

Book value								$	70.33	$	66.00	7
Cash dividend declared		$	0.75	$	0.69	9		$	1.50	$	1.38	9
Diluted weighted average share outstanding		158.0		159.6		(1)		158.3		160.0		(1)

* The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures section defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles.

Forward-looking statements and related assumptions are subject to the risks outlined in the company’s safe harbor statement.

CINF 2Q23 Release 1

Insurance Operations Highlights

•97.6% second-quarter 2023 property casualty combined ratio, down from 103.2% for the second quarter of 2022.

•9% growth in second-quarter net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.

•$303 million second-quarter 2023 property casualty new business written premiums, up 6%. Agencies appointed since the beginning of 2022 contributed $17 million or 6% of total new business written premiums.

•$21 million second-quarter 2023 life insurance subsidiary net income, up $10 million from the second quarter of 2022, and 4% growth in second-quarter 2023 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•13% or $25 million increase in second-quarter 2023 pretax investment income, including a 19% increase for bond interest income and a 3% decrease for stock portfolio dividends.

•Three-month increase of 3% in fair value of total investments at June 30, 2023, including a 2% increase for the bond portfolio and a 5% increase for the stock portfolio.

•$4.518 billion parent company cash and marketable securities at June 30, 2023, up 8% from year-end 2022.

Rising Underwriting Profits

Steven J. Johnston, chairman and chief executive officer, commented: “Non-GAAP operating income more than doubled compared with last year's second quarter result. Higher insurance underwriting profits drove most of the improvement, supported by a 13% rise in income from our investment portfolio. Cash and invested assets reached $24.6 billion, reflecting higher valuations and new securities purchased with the healthy cash flow from our insurance operations.

“Recording an insurance underwriting profit of $47 million compared to a $52 million loss in last year's second quarter, and a $10 million loss the first quarter of 2023, reflects our determination to stay disciplined in our efforts to segment accounts and to charge an appropriate price for each risk. Even as competition in the market heats up, we've managed commercial lines and excess and surplus lines price increases on average at a high-single-digit percentage rate, and personal lines average increases in the mid-single-digit percentage rates.

“Storms continued to increase in frequency, impacting policyholders across the country. Our field claims teams and headquarters claims associates have been busy, responding to around 40 declared catastrophe events in the first half of 2023. I'm proud of their efforts as they brought compassion and expertise to our agents and policyholders, quickly resolving claims and helping affected communities to move forward.

“Weather-related catastrophes contributed approximately 12 points to both our second quarter combined ratio of 97.6% and first half combined ratio of 99.2%. While these combined ratio results are within our long-term target of 95% to 100%, we believe continuing to stick to our model and focusing on the basics of our business will sustain the momentum we've gained in the second quarter and improve results during the second half of the year.”

Disciplined Growth Through All Market Cycles

“We believe combining our hallmark of personal service with data-driven analytics will allow us to grow profitably through all market cycles. Through the first half of 2023, net written premiums grew 8%, bolstered by the strategic expansion of our independent agency force, overall insured exposure growth and price increases plus the opportunities we’ve seen in Cincinnati Global Underwriting Ltd.SM and Cincinnati Re®, and in our personal lines and excess and surplus lines insurance operations.

“For the first half of 2023, new business written premiums for our personal lines operation grew 32%, and excess and surplus lines new business written premiums grew 25%.

“Most importantly, we are growing with discipline and precision. The investments we’ve made in pricing and risk management expertise, along with our geographic and product diversification over the past decade, put us in a strong position to know and take advantage of opportunities for profitable growth.”

Creating Value for Shareholders

“Our value creation ratio, which considers changes to our book value and the dividends we pay to shareholders, is our main measure for evaluating the value we are creating as a company over time. The board increased our dividend rate in January, and so far this year our book value per share has grown 5% to $70.33. Our results generated a six-month value creation ratio of 7.2% – within striking distance of our 10% or better average annual target for this measure.”

CINF 2Q23 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results


(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2023			2022			% Change		2023			2022			% Change
Earned premiums		$	1,863		$	1,697		10		$	3,704		$	3,315		12
Fee revenues		3			2			50		5			5			0
Total revenues		1,866			1,699			10		3,709			3,320			12

Loss and loss expenses		1,262			1,240			2		2,579			2,196			17
Underwriting expenses		557			511			9		1,093			1,011			8
Underwriting profit (loss)		$	47		$	(52)		nm		$	37		$	113		(67)

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		67.7		%	73.1		%	(5.4)		69.7		%	66.2		%	3.5
Underwriting expenses		29.9			30.1			(0.2)		29.5			30.5			(1.0)
Combined ratio		97.6		%	103.2		%	(5.6)		99.2		%	96.7		%	2.5

								% Change								% Change
Agency renewal written premiums		$	1,643		$	1,482		11		$	3,178		$	2,879		10
Agency new business written premiums		303			286			6		554			530			5


Other written premiums		204			196			4		437			454			(4)
Net written premiums		$	2,150		$	1,964		9		$	4,169		$	3,863		8

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		60.5		%	62.7		%	(2.2)		60.8		%	60.6		%	0.2
Current accident year catastrophe losses		12.7			13.8			(1.1)		13.2			8.6			4.6
Prior accident years before catastrophe losses		(4.8)			(2.0)			(2.8)		(3.5)			(1.6)			(1.9)
Prior accident years catastrophe losses		(0.7)			(1.4)			0.7		(0.8)			(1.4)			0.6
Loss and loss expense ratio		67.7		%	73.1		%	(5.4)		69.7		%	66.2		%	3.5

Current accident year combined ratio before catastrophe losses		90.4		%	92.8		%	(2.4)		90.3		%	91.1		%	(0.8)

•$186 million or 9% growth of second-quarter 2023 property casualty net written premiums, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The contribution to growth from Cincinnati Re and Cincinnati Global in total was 1 percentage point.

•$17 million or 6% increase in second-quarter 2023 new business premiums written by agencies. The growth included a $13 million increase in standard market property casualty production from agencies appointed since the beginning of 2022.

•159 new agency appointments in the first six months of 2023, including 53 that market only our personal lines products.

•5.6 percentage-point second-quarter 2023 combined ratio improvement, including a decrease of 0.4 points from lower catastrophe losses.

•2.5 percentage-point six-month 2023 combined ratio increase, including an increase of 5.2 points from higher catastrophe losses.

•5.5 percentage-point second-quarter 2023 benefit from favorable prior accident year reserve development of $101 million, compared with 3.4 points or $59 million for second-quarter 2022.

•4.3 percentage-point six-month 2023 benefit from favorable prior accident year reserve development, compared with 3.0 points for the first six months of 2022.

•0.2 percentage-point increase, to 60.8%, for the six-month 2023 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 4.7 points for the portion estimated as reserves for claims incurred but not reported (IBNR) and a decrease of 4.5 points for the case incurred portion.

•1.0 percentage-point decrease in the first-half 2023 underwriting expense ratio, compared with the same period of 2022, primarily due to lower levels of profit-sharing commissions for agencies.

CINF 2Q23 Release 3

Commercial Lines Insurance Results


(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2023			2022			% Change		2023			2022			% Change
Earned premiums		$	1,066		$	994		7		$	2,122		$	1,956		8
Fee revenues		1			1			0		2			2			0
Total revenues		1,067			995			7		2,124			1,958			8

Loss and loss expenses		708			750			(6)		1,456			1,336			9
Underwriting expenses		326			307			6		637			608			5
Underwriting profit (loss)		$	33		$	(62)		nm		$	31		$	14		121

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		66.4		%	75.5		%	(9.1)		68.6		%	68.3		%	0.3
Underwriting expenses		30.5			30.8			(0.3)		30.0			31.1			(1.1)
Combined ratio		96.9		%	106.3		%	(9.4)		98.6		%	99.4		%	(0.8)

								% Change								% Change
Agency renewal written premiums		$	985		$	934		5		$	2,026		$	1,904		6
Agency new business written premiums		149			165			(10)		283			321			(12)
Other written premiums		(28)			(27)			(4)		(62)			(57)			(9)
Net written premiums		$	1,106		$	1,072		3		$	2,247		$	2,168		4

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		60.3		%	64.8		%	(4.5)		62.1		%	63.0		%	(0.9)
Current accident year catastrophe losses		11.6			13.6			(2.0)		10.8			7.7			3.1
Prior accident years before catastrophe losses		(5.0)			(1.9)			(3.1)		(4.2)			(1.8)			(2.4)
Prior accident years catastrophe losses		(0.5)			(1.0)			0.5		(0.1)			(0.6)			0.5
Loss and loss expense ratio		66.4		%	75.5		%	(9.1)		68.6		%	68.3		%	0.3

Current accident year combined ratio before catastrophe losses		90.8		%	95.6		%	(4.8)		92.1		%	94.1		%	(2.0)

•$34 million or 3% growth in second-quarter 2023 commercial lines net written premiums, primarily due to higher agency renewal written premiums.

•$51 million or 5% increase in second-quarter renewal written premiums, with commercial lines average renewal pricing increases near the low end of the high-single-digit percent range.

•$16 million or 10% decrease in second-quarter 2023 new business written by agencies, due to underwriting discipline in a highly competitive market.

•9.4 percentage-point second-quarter 2023 combined ratio improvement, including a decrease of 1.5 points from lower catastrophe losses.

•0.8 percentage-point six-month 2023 combined ratio improvement, despite an increase of 3.6 points from higher catastrophe losses.

•5.5 percentage-point second-quarter 2023 benefit from favorable prior accident year reserve development of $59 million, compared with 2.9 points or $29 million for second-quarter 2022.

•4.3 percentage-point six-month 2023 benefit from favorable prior accident year reserve development, compared with 2.4 points for the first six months of 2022.

CINF 2Q23 Release 4

Personal Lines Insurance Results


(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2023			2022			% Change		2023			2022			% Change
Earned premiums		$	493		$	413		19		$	957		$	815		17
Fee revenues		1			1			0		2			2			0
Total revenues		494			414			19		959			817			17

Loss and loss expenses		384			339			13		770			554			39
Underwriting expenses		146			124			18		282			247			14
Underwriting profit (loss)		$	(36)		$	(49)		27		$	(93)		$	16		nm

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		77.9		%	82.1		%	(4.2)		80.5		%	68.0		%	12.5
Underwriting expenses		29.7			30.0			(0.3)		29.5			30.2			(0.7)
Combined ratio		107.6		%	112.1		%	(4.5)		110.0		%	98.2		%	11.8

								% Change								% Change
Agency renewal written premiums		$	541		$	438		24		$	929		$	771		20
Agency new business written premiums		106			88			20		185			140			32
Other written premiums		(18)			(16)			(13)		(37)			(27)			(37)
Net written premiums		$	629		$	510		23		$	1,077		$	884		22

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		58.9		%	63.5		%	(4.6)		59.4		%	59.3		%	0.1
Current accident year catastrophe losses		21.9			21.9			0.0		25.8			14.5			11.3
Prior accident years before catastrophe losses		(0.7)			(0.5)			(0.2)		(1.0)			(1.8)			0.8
Prior accident years catastrophe losses		(2.2)			(2.8)			0.6		(3.7)			(4.0)			0.3
Loss and loss expense ratio		77.9		%	82.1		%	(4.2)		80.5		%	68.0		%	12.5

Current accident year combined ratio before catastrophe losses		88.6		%	93.5		%	(4.9)		88.9		%	89.5		%	(0.6)

•$119 million or 23% growth in second-quarter 2023 personal lines net written premiums, including higher renewal written premiums that benefited from rate increases near the high end of the mid-single-digit percent range and higher policy retention rates. Cincinnati Private ClientSM second-quarter 2023 net written premiums from our agencies’ high net worth clients grew 35%, to $349 million.

•$18 million or 20% increase in second-quarter 2023 new business premiums written by agencies, with all of the increase occurring in middle-market personal lines and reflecting expanded use of enhanced pricing precision tools.

•4.5 percentage-point second-quarter 2023 combined ratio improvement, despite an increase of 0.6 points from higher catastrophe losses.

•11.8 percentage-point six-month 2023 combined ratio increase, including an increase of 11.6 points from higher catastrophe losses.

•2.9 percentage-point second-quarter 2023 benefit from favorable prior accident year reserve development of $15 million, compared with 3.3 points or $14 million for second-quarter 2022.

•4.7 percentage-point six-month 2023 benefit from favorable prior accident year reserve development, compared with 5.8 points for the first six months of 2022.

CINF 2Q23 Release 5

Excess and Surplus Lines Insurance Results


(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2023			2022			% Change		2023			2022			% Change
Earned premiums		$	132		$	124		6		$	259		$	236		10
Fee revenues		1			—			nm		1			1			0
Total revenues		133			124			7		260			237			10

Loss and loss expenses		89			74			20		170			140			21
Underwriting expenses		33			31			6		66			62			6
Underwriting profit		$	11		$	19		(42)		$	24		$	35		(31)

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		66.4		%	60.2		%	6.2		65.4		%	59.3		%	6.1
Underwriting expenses		25.8			24.9			0.9		25.7			26.2			(0.5)
Combined ratio		92.2		%	85.1		%	7.1		91.1		%	85.5		%	5.6

								% Change								% Change
Agency renewal written premiums		$	117		$	110		6		$	223		$	204		9
Agency new business written premiums		48			33			45		86			69			25
Other written premiums		(9)			(8)			(13)		(17)			(14)			(21)
Net written premiums		$	156		$	135		16		$	292		$	259		13

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		69.7		%	59.5		%	10.2		69.5		%	60.6		%	8.9
Current accident year catastrophe losses		1.4			1.2			0.2		1.4			1.3			0.1
Prior accident years before catastrophe losses		(4.7)			(0.4)			(4.3)		(5.4)			(2.4)			(3.0)
Prior accident years catastrophe losses		0.0			(0.1)			0.1		(0.1)			(0.2)			0.1
Loss and loss expense ratio		66.4		%	60.2		%	6.2		65.4		%	59.3		%	6.1

Current accident year combined ratio before catastrophe losses		95.5		%	84.4		%	11.1		95.2		%	86.8		%	8.4

•$21 million or 16% growth in second-quarter 2023 excess and surplus lines net written premiums, including higher renewal written premiums that benefited from price increases averaging in the high-single-digit percent range.

•$15 million or 45% increase in second-quarter new business written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•7.1 percentage-point second-quarter 2023 combined ratio increase and a 5.6 percentage-point increase for the six-month period, driven by higher current accident year loss and loss expenses. The six-month period increase of 8.9 percentage points in the ratio for current accident year loss and loss expenses included an increase of 17.0 points for the IBNR portion and a decrease of 8.1 points for the case incurred portion.

•4.7 percentage-point second-quarter 2023 benefit from favorable prior accident year reserve development of $5 million, compared with 0.5 points or $1 million for second-quarter 2022.

•5.5 percentage-point six-month 2023 benefit from favorable prior accident year reserve development, compared with 2.6 points for the first six months of 2022.

CINF 2Q23 Release 6

Life Insurance Subsidiary Results


(Dollars in millions)	Three months ended June 30,						Six months ended June 30,
		2023		2022		% Change		2023		2022		% Change
Term life insurance		$	58	$	56	4		$	114	$	110	4
Whole life insurance		13		12		8		25		23		9
Universal life and other		9		8		13		18		18		0
Earned premiums		80		76		5		157		151		4
Investment income, net of expenses		46		42		10		91		84		8
Investment gains and losses, net		(2)		—		nm		(1)		—		nm
Fee revenues		3		1		2		5		2		150
Total revenues		127		119		7		252		237		6
Contract holders’ benefits incurred		78		82		(5)		159		158		1
Underwriting expenses incurred		22		22		0		42		42		0
Total benefits and expenses		100		104		(4)		201		200		1
Net income before income tax		27		15		80		51		37		38
Income tax provision		6		4		50		11		9		22
Net income of the life insurance subsidiary		$	21	$	11	91		$	40	$	28	43

•$4 million increase in second-quarter 2023 earned premiums, including a 4% increase for term life insurance, our largest life insurance product line.

•$12 million increase in six-month 2023 life insurance subsidiary net income, primarily from more favorable mortality experience, higher investment income and higher fee revenues.

•$26 million or 3% six-month 2023 increase, to $1.046 billion, in GAAP shareholders’ equity for the life insurance subsidiary, primarily from net income, partially offset by the impact of a decrease in market value discount rates on life policy and investment contract reserves.

CINF 2Q23 Release 7

Investment and Balance Sheet Highlights

Investments Results


(Dollars in millions)	Three months ended June 30,							Six months ended June 30,
	2023			2022			% Change		2023			2022			% Change
Investment income, net of expenses	$	220		$	195		13		$	430		$	380		13
Investment interest credited to contract holders	(30)			(28)			(7)		(60)			(55)			(9)
Investment gains and losses, net	434			(1,154)			nm		540			(1,820)			nm
Investments profit (loss)	$	624		$	(987)		nm		$	910		$	(1,495)		nm

Investment income:
Interest	$	147		$	124		19		$	287		$	247		16
Dividends	70			72			(3)		136			137			(1)
Other	6			2			200		13			3			333
Less investment expenses	3			3			0		6			7			(14)
Investment income, pretax	220			195			13		430			380			13
Less income taxes	35			31			13		69			60			15
Total investment income, after-tax	$	185		$	164		13		$	361		$	320		13

Investment returns:
Average invested assets plus cash and cash equivalents	$	25,114		$	23,918				$	25,001		$	24,255
Average yield pretax	3.50		%	3.26		%			3.44		%	3.13		%
Average yield after-tax	2.95			2.74					2.89			2.64
Effective tax rate	16.2			15.9					16.1			15.8
Fixed-maturity returns:
Average amortized cost	$	13,535		$	12,414				$	13,344		$	12,364
Average yield pretax	4.34		%	4.00		%			4.30		%	4.00		%
Average yield after-tax	3.59			3.31					3.55			3.32
Effective tax rate	17.4			17.1					17.4			17.0

•$25 million or 13% rise in second-quarter 2023 pretax investment income, including a 19% increase in interest income from fixed-maturity securities and a 3% decrease in equity portfolio dividends.

•$280 million second-quarter 2023 pretax total investment gains, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.


(Dollars in millions)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Investment gains and losses on equity securities sold, net	$	—	$	5	$	(4)	$	37
Unrealized gains and losses on equity securities still held, net	459		(1,175)		568		(1,882)
Investment gains and losses on fixed-maturity securities, net	(4)		—		(4)		3
Other	(21)		16		(20)		22
Subtotal - investment gains and losses reported in net income	434		(1,154)		540		(1,820)

Change in unrealized investment gains and losses - fixed maturities	(154)		(610)		9		(1,356)
Total	$	280	$	(1,764)	$	549	$	(3,176)

CINF 2Q23 Release 8

Balance Sheet Highlights


(Dollars in millions, except share data)	At June 30,				At December 31,
		2023				2022
Total investments		$	23,879			$	22,425
Total assets		31,352				29,732
Short-term debt		25				50
Long-term debt		789				789
Shareholders’ equity		11,030				10,562
Book value per share		70.33				67.21
Debt-to-total-capital ratio		6.9		%		7.4		%

•$24.627 billion in consolidated cash and total investments at June 30, 2023, an increase of 4% from $23.689 billion at year-end 2022.

•$12.870 billion bond portfolio at June 30, 2023, with an average rating of A2/A. Fair value increased $192 million during the second quarter of 2023, including $429 million in net purchases of fixed-maturity securities.

•$10.502 billion equity portfolio was 44.0% of total investments, including $6.120 billion in appreciated value before taxes at June 30, 2023. Second-quarter 2023 increase in fair value of $535 million, including $75 million in net purchases of equity securities.

•$2.00 second-quarter 2023 increase in book value per share, including an addition of $1.22 from net income before investment gains and $1.50 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities and $0.03 for other items, partially offset by $0.75 from dividends declared to shareholders.

•Value creation ratio of 7.2% for the first six months of 2023, including 3.2% from net income before investment gains, which includes underwriting and investment income, and 4.2% from investment portfolio net investment gains and changes in unrealized gains for fixed-maturity securities.

For additional information or to register for our conference call webcast, please visit cinfin.com/investors.

About Cincinnati Financial

Cincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.

Mailing Address: Street Address:

P.O. Box 145496 6200 South Gilmore Road

Cincinnati, Ohio 45250-5496 Fairfield, Ohio 45014-5141

CINF 2Q23 Release 9

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2022 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 32.

Factors that could cause or contribute to such differences include, but are not limited to:

•Effects of the COVID-19 pandemic that could affect results for reasons such as:

•Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book value

•An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses

•An unusually high level of insurance losses, including risk of legislation or court decisions extending business interruption insurance in commercial property coverage forms to cover claims for pure economic loss related to the COVID-19 pandemic

•Decreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity

•Inability of our workforce, agencies or vendors to perform necessary business functions

•Ongoing developments concerning business interruption insurance claims and litigation related to the COVID-19 pandemic that affect our estimates of losses and loss adjustment expenses or our ability to reasonably estimate such losses, such as:

•The continuing duration of the pandemic and governmental actions to limit the spread of the virus that may produce additional economic losses

•The number of policyholders that will ultimately submit claims or file lawsuits

•The lack of submitted proofs of loss for allegedly covered claims

•Judicial rulings in similar litigation involving other companies in the insurance industry

•Differences in state laws and developing case law

•Litigation trends, including varying legal theories advanced by policyholders

•Whether and to what degree any class of policyholders may be certified

•The inherent unpredictability of litigation

•Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns (whether as a result of global climate change or otherwise), environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes

•Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance, due to inflationary trends or other causes

•Inadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimates

•Declines in overall stock market values negatively affecting our equity portfolio and book value

•Interest rate fluctuations or other factors that could significantly affect:

•Our ability to generate growth in investment income

•Values of our fixed-maturity investments, including accounts in which we hold bank-owned life insurance contract assets

•Our traditional life policy reserves

•Domestic and global events, such as Russia’s invasion of Ukraine and recent disruptions in the banking and financial services industry, resulting in capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:

•Significant or prolonged decline in the fair value of a particular security or group of securities and impairment of the asset(s)

•Significant decline in investment income due to reduced or eliminated dividend payouts from a particular security or group of securities

•Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities

•Our inability to manage Cincinnati Global or other subsidiaries to produce related business opportunities and growth prospects for our ongoing operations

•Recession, prolonged elevated inflation or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies

CINF 2Q23 Release 10

•Ineffective information technology systems or discontinuing to develop and implement improvements in technology may impact our success and profitability

•Difficulties with technology or data security breaches, including cyberattacks, that could negatively affect our or our agents’ ability to conduct business; disrupt our relationships with agents, policyholders and others; cause reputational damage, mitigation expenses and data loss and expose us to liability under federal and state laws

•Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, cyberattacks, remote working capabilities, and/or outsourcing relationships and third-party operations and data security

•Disruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance products

•Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing methods, including telematics and other usage-based insurance methods, or technology projects and enhancements expected to increase our pricing accuracy, underwriting profit and competitiveness

•Intense competition, and the impact of innovation, technological change and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitability

•Changing consumer insurance-buying habits and consolidation of independent insurance agencies could alter our competitive advantages

•Inability to obtain adequate ceded reinsurance on acceptable terms, amount of reinsurance coverage purchased, financial strength of reinsurers and the potential for nonpayment or delay in payment by reinsurers

•Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that segment could not achieve sustainable profitability

•Inability of our subsidiaries to pay dividends consistent with current or past levels

•Events or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growth, such as:

•Downgrades of our financial strength ratings

•Concerns that doing business with us is too difficult

•Perceptions that our level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace

•Inability or unwillingness to nimbly develop and introduce coverage product updates and innovations that our competitors offer and consumers expect to find in the marketplace

•Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:

•Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates

•Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules and regulations

•Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business

•Add assessments for guaranty funds, other insurance‑related assessments or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes

•Increase our provision for federal income taxes due to changes in tax law

•Increase our other expenses

•Limit our ability to set fair, adequate and reasonable rates

•Place us at a disadvantage in the marketplace

•Restrict our ability to execute our business model, including the way we compensate agents

•Adverse outcomes from litigation or administrative proceedings, including effects of social inflation and third-party litigation funding on the size of litigation awards

•Events or actions, including unauthorized intentional circumvention of controls, that reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002

CINF 2Q23 Release 11

•Unforeseen departure of certain executive officers or other key employees due to retirement, health or other causes that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others

•Our inability, or the inability of our independent agents, to attract and retain personnel in a competitive labor market, impacting the customer experience and altering our competitive advantages

•Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location or work effectively in a remote environment

Further, our insurance businesses are subject to the effects of changing social, global, economic and regulatory environments. Public and regulatory initiatives have included efforts to adversely influence and restrict premium rates, restrict the ability to cancel policies, impose underwriting standards and expand overall regulation. We also are subject to public and regulatory initiatives that can affect the market value for our common stock, such as measures affecting corporate financial reporting and governance. The ultimate changes and eventual effects, if any, of these initiatives are uncertain.

* * *

CINF 2Q23 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets and Statements of Income (unaudited)


(Dollars in millions)					June 30,		December 31,
					2023		2022
Assets
Investments					$	23,879	$	22,425
Cash and cash equivalents					748		1,264

Premiums receivable					2,749		2,322
Reinsurance recoverable					694		665
Deferred policy acquisition costs					1,109		1,013
Other assets					2,173		2,043
Total assets					$	31,352	$	29,732

Liabilities
Insurance reserves					$	11,911	$	11,415
Unearned premiums					4,222		3,689
Deferred income tax					1,158		1,054
Long-term debt and lease obligations					842		841
Other liabilities					2,189		2,171
Total liabilities					20,322		19,170

Shareholders’ Equity
Common stock and paid-in capital					1,807		1,789
Retained earnings					12,235		11,711
Accumulated other comprehensive income					(626)		(614)
Treasury stock					(2,386)		(2,324)
Total shareholders' equity					11,030		10,562
Total liabilities and shareholders' equity					$	31,352	$	29,732

(Dollars in millions, except per share data)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Revenues
Earned premiums	$	1,943	$	1,773	$	3,861	$	3,466
Investment income, net of expenses	220		195		430		380
Investment gains and losses, net	434		(1,154)		540		(1,820)
Other revenues	8		6		15		12
Total revenues	2,605		820		4,846		2,038

Benefits and Expenses
Insurance losses and contract holders' benefits	1,340		1,322		2,738		2,354
Underwriting, acquisition and insurance expenses	579		533		1,135		1,053
Interest expense	13		13		27		26
Other operating expenses	7		5		12		9
Total benefits and expenses	1,939		1,873		3,912		3,442

Income (Loss) Before Income Taxes	666		(1,053)		934		(1,404)

Provision (Benefit) for Income Taxes	132		(235)		175		(320)

Net Income (Loss)	$	534	$	(818)	$	759	$	(1,084)

Per Common Share:
Net income (loss)—basic	$	3.40	$	(5.12)	$	4.83	$	(6.77)
Net income (loss)—diluted	3.38		(5.12)		4.80		(6.77)

CINF 2Q23 Release 13

Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures

(See attached tables for reconciliations; additional prior-period reconciliations available at cinfin.com/investors.)

Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.

Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management’s control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.

•Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management’s discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.

For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.

• Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.

•Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.

CINF 2Q23 Release 14

Cincinnati Financial Corporation


Net Income Reconciliation

(Dollars in millions, except per share data)	Three months ended June 30,					Six months ended June 30,
		2023		2022			2023		2022
Net income (loss)		$	534	$	(818)		$	759	$	(1,084)
Less:
Investment gains and losses, net		434		(1,154)			540		(1,820)
Income tax on investment gains and losses		(91)		242			(113)		382
Investment gains and losses, after-tax		343		(912)			427		(1,438)

Non-GAAP operating income		$	191	$	94		$	332	$	354

Diluted per share data:
Net income (loss)		$	3.38	$	(5.12)		$	4.80	$	(6.77)
Less:
Investment gains and losses, net		2.74		(7.23)			3.41		(11.37)
Income tax on investment gains and losses		(0.57)		1.52			(0.71)		2.38
Investment gains and losses, after-tax		2.17		(5.71)			2.70		(8.99)

Non-GAAP operating income		$	1.21	$	0.59		$	2.10	$	2.22


Life Insurance Reconciliation

(Dollars in millions)	Three months ended June 30,					Six months ended June 30,
		2023		2022			2023		2022
Net income of the life insurance subsidiary		$	21	$	11		$	40	$	28
Investment gains and losses, net		(2)		—			(1)		—
Income tax on investment gains and losses		—		—			—		—
Non-GAAP operating income		23		11			41		28

Investment income, net of expenses		(46)		(42)			(91)		(84)
Investment income credited to contract holders		30		28			60		55
Income tax excluding tax on investment gains and losses, net		6		4			11		9
Life insurance segment profit		$	13	$	1		$	21	$	8

CINF 2Q23 Release 15


Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended June 30, 2023
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	2,150		$	1,106		$	629		$	156		$	259
Unearned premiums change		(287)			(40)			(136)			(24)			(87)
Earned premiums		$	1,863		$	1,066		$	493		$	132		$	172

Underwriting profit (loss)		$	47		$	33		$	(36)		$	11		$	39

(Dollars in millions)	Six months ended June 30, 2023
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	4,169		$	2,247		$	1,077		$	292		$	553
Unearned premiums change		(465)			(125)			(120)			(33)			(187)
Earned premiums		$	3,704		$	2,122		$	957		$	259		$	366

Underwriting profit (loss)		$	37		$	31		$	(93)		$	24		$	75

(Dollars in millions)	Three months ended June 30, 2022
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	1,964		$	1,072		$	510		$	135		$	247
Unearned premiums change		(267)			(78)			(97)			(11)			(81)
Earned premiums		$	1,697		$	994		$	413		$	124		$	166

Underwriting profit (loss)		$	(52)		$	(62)		$	(49)		$	19		$	40

(Dollars in millions)	Six months ended June 30, 2022
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	3,863		$	2,168		$	884		$	259		$	552
Unearned premiums change		(548)			(212)			(69)			(23)			(244)
Earned premiums		$	3,315		$	1,956		$	815		$	236		$	308

Underwriting profit		$	113		$	14		$	16		$	35		$	48

Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *Included in Other are the results of Cincinnati Re and Cincinnati Global.

CINF 2Q23 Release 16

Cincinnati Financial Corporation

Other Measures

•Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company’s insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.

• Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium.

Value Creation Ratio Calculations


(Dollars are per share)	Three months ended June 30,							Six months ended June 30,
		2023			2022				2023			2022
Book value change per share
Book value as originally reported June 30, 2022												$	66.30
Cumulative effect of change in accounting for long-duration insurance contracts, net of tax												(0.30)
Book value as adjusted June 30, 2022												$	66.00

Value creation ratio:
End of period book value* - as originally reported		$	70.33		$	66.30			$	70.33		$	66.30
Less beginning of period book value - as originally reported		68.33			75.43				67.01			81.72
Change in book value - as originally reported		2.00			(9.13)				3.32			(15.42)
Dividend declared to shareholders		0.75			0.69				1.50			1.38
Total value creation		$	2.75		$	(8.44)			$	4.82		$	(14.04)

Value creation ratio from change in book value**		2.9		%	(12.1)		%		5.0		%	(18.9)		%
Value creation ratio from dividends declared to shareholders***		1.1			0.9				2.2			1.7
Value creation ratio		4.0		%	(11.2)		%		7.2		%	(17.2)		%

* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding
** Change in book value divided by the beginning of period book value
*** Dividend declared to shareholders divided by beginning of period book value

CINF 2Q23 Release 17

Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending June 30, 2023

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com


Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	Betsy E. Ertel	Brandon McIntosh
513-870-2768	513-603-5323	513-870-2696

A.M. Best Company

Fitch Ratings

Moody's Investor Service

S&P Global Ratings

Cincinnati Financial Corporation

Corporate Debt

A-

BBB+

The Cincinnati Insurance Companies

Insurer Financial Strength

Property Casualty Group

Standard Market Subsidiaries:

A+

—

A+

The Cincinnati Insurance Company

A+

The Cincinnati Indemnity Company

A+

The Cincinnati Casualty Company

A+

Surplus Lines Subsidiary:

The Cincinnati Specialty Underwriters Insurance Company

A+

—

The Cincinnati Life Insurance Company

A+

—

A+

Ratings are as of July 26, 2023, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.

The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.

CINF Second-Quarter 2023 Supplemental Financial Data


	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending June 30, 2023

		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3

Consolidated

	CFC and Subsidiaries Consolidation – Six Months Ended June 30, 2023	4
	CFC and Subsidiaries Consolidation – Three Months Ended June 30, 2023	5



Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	6
	Loss Ratio Detail	7
	Loss Claim Count Detail	8

	Quarterly Property Casualty Data – Commercial Lines	9
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	10
	Loss and Loss Expense Analysis – Six Months Ended June 30, 2023	11
	Loss and Loss Expense Analysis – Three Months Ended June 30, 2023	12

Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	13
	Quarterly Property Casualty Data – Commercial Lines	14
	Quarterly Property Casualty Data – Personal Lines	15
	Quarterly Property Casualty Data – Excess & Surplus Lines	16

Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	17
	The Cincinnati Life Insurance Company Statutory Statements of Income	18

Other
	Quarterly Data – Other	19

CINF Second-Quarter 2023 Supplemental Financial Data

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

Other Measures

• Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company’s insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.

• Statutory accounting rules: For public reporting, insurance companies prepare financial statements in accordance with GAAP. However, insurers also must calculate certain data according to statutory accounting rules for insurance company regulation in the United States of America as defined in the NAIC’s Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments and differ from GAAP. Statutory data is publicly available, and various organizations use it to calculate aggregate industry data, study industry trends and compare insurance companies.

CINF Second-Quarter 2023 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2023

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	3,859	$	—	$	—	$	—	$	3,859
Life	—		—		196		—		—		196
Premiums ceded	—		(155)		(39)		—		—		(194)
Total earned premium	—		3,704		157		—		—		3,861
Investment income, net of expenses	50		289		91		—		—		430
Investment gains and losses, net	381		160		(1)		—		—		540
Fee revenues	—		5		5		—		—		10
Other revenues	7		3		—		3		(8)		5
Total revenues	$	438	$	4,161	$	252	$	3	$	(8)	$	4,846

Benefits & expenses
Losses & contract holders' benefits	$	—	$	2,698	$	197	$	—	$	—	$	2,895
Reinsurance recoveries	—		(119)		(38)		—		—		(157)
Underwriting, acquisition and insurance expenses	—		1,093		42		—		—		1,135
Interest expense	26		—		—		1		—		27
Other operating expenses	17		2		—		1		(8)		12
Total expenses	$	43	$	3,674	$	201	$	2	$	(8)	$	3,912

Income before income taxes	$	395	$	487	$	51	$	1	$	—	$	934

Provision (benefit) for income taxes
Current operating income (loss)	$	(81)	$	18	$	16	$	—	$	—	$	(47)
Capital gains/losses	80		34		—		—		—		114
Deferred	81		32		(5)		—		—		108
Total provision for income taxes	$	80	$	84	$	11	$	—	$	—	$	175

Net income - current year	$	315	$	403	$	40	$	1	$	—	$	759

Net income (loss) - prior year	$	(663)	$	(451)	$	28	$	2	$	—	$	(1,084)
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CLIC and Total Net income (loss) - prior year have been adjusted due to the adoption of an accounting standards update for long-duration contracts.

CINF Second-Quarter 2023 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2023

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	1,940	$	—	$	—	$	—	$	1,940
Life	—		—		100		—		—		100
Premiums ceded	—		(77)		(20)		—		—		(97)
Total earned premium	—		1,863		80		—		—		1,943
Investment income, net of expenses	26		148		46		—		—		220
Investment gains and losses, net	234		202		(2)		—		—		434
Fee revenues	—		3		3		—		—		6
Other revenues	3		2		—		1		(4)		2
Total revenues	$	263	$	2,218	$	127	$	1	$	(4)	$	2,605

Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,323	$	100	$	—	$	—	$	1,423
Reinsurance recoveries	—		(61)		(22)		—		—		(83)
Underwriting, acquisition and insurance expenses	—		557		22		—		—		579
Interest expense	13		—		—		—		—		13
Other operating expenses	9		2		—		—		(4)		7
Total expenses	$	22	$	1,821	$	100	$	—	$	(4)	$	1,939

Income before income taxes	$	241	$	397	$	27	$	1	$	—	$	666

Provision (benefit) for income taxes
Current operating income (loss)	$	(50)	$	(1)	$	10	$	—	$	—	$	(41)
Capital gains/losses	49		43		—		—		—		92
Deferred	51		34		(4)		—		—		81
Total provision (benefit) for income taxes	$	50	$	76	$	6	$	—	$	—	$	132

Net income - current year	$	191	$	321	$	21	$	1	$	—	$	534

Net income (loss) - prior year	$	(439)	$	(391)	$	11	$	1	$	—	$	(818)
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CLIC and Total Net income (loss) - prior year have been adjusted due to the adoption of an accounting standards update for long-duration contracts.

CINF Second-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended														Six months ended				Nine months ended			Twelve months ended
	12/31/23	9/30/23	6/30/23		3/31/23		12/31/22		9/30/22		6/30/22		3/31/22		6/30/23		6/30/22		9/30/23	9/30/22		12/31/23	12/31/22
Consolidated
Current accident year losses greater than $5 million			$	43	$	36	$	44	$	38	$	38	$	23	$	79	$	61		$	99		$	143
Current accident year losses $2 million - $5 million			35		15		19		41		36		39		50		75			116			135
Large loss prior accident year reserve development			19		9		(17)		16		22		9		28		31			47			30
Total large losses incurred			$	97	$	60	$	46	$	95	$	96	$	71	$	157	$	167		$	262		$	308
Losses incurred but not reported			96		179		136		131		74		36		324		110			241			377
Other losses excluding catastrophe losses			675		641		681		700		705		651		1,267		1,356			2,056			2,737
Catastrophe losses			217		227		134		246		208		24		444		232			478			612
Total losses incurred			$	1,085	$	1,107	$	997	$	1,172	$	1,083	$	782	$	2,192	$	1,865		$	3,037		$	4,034
Commercial Lines
Current accident year losses greater than $5 million			$	28	$	30	$	34	$	30	$	15	$	16	$	58	$	31		$	61		$	95
Current accident year losses $2 million - $5 million			28		12		8		29		29		37		40		66			95			103
Large loss prior accident year reserve development			19		3		(17)		14		22		7		22		29			43			26
Total large losses incurred			$	75	$	45	$	25	$	73	$	66	$	60	$	120	$	126		$	199		$	224
Losses incurred but not reported			29		125		108		97		61		38		154		99			196			304
Other losses excluding catastrophe losses			384		335		386		386		401		362		719		763			1,149			1,535
Catastrophe losses			115		106		96		44		124		11		221		135			179			275
Total losses incurred			$	603	$	611	$	615	$	600	$	652	$	471	$	1,214	$	1,123		$	1,723		$	2,338
Personal Lines
Current accident year losses greater than $5 million			$	15	$	6	$	10	$	8	$	23	$	7	$	21	$	30		$	38		$	48
Current accident year losses $2 million - $5 million			7		3		11		12		5		2		10		7			19			30
Large loss prior accident year reserve development			1		6		—		2		—		2		7		2			4			4
Total large losses incurred			$	23	$	15	$	21	$	22	$	28	$	11	$	38	$	39		$	61		$	82
Losses incurred but not reported			26		27		(2)		9		12		(14)		53		(2)			7			5
Other losses excluding catastrophe losses			194		187		190		185		187		176		381		363			548			738
Catastrophe losses			93		113		36		66		78		6		206		84			150			186
Total losses incurred			$	336	$	342	$	245	$	282	$	305	$	179	$	678	$	484		$	766		$	1,011
Excess & Surplus Lines
Current accident year losses greater than $5 million			$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—
Current accident year losses $2 million - $5 million			—		—		—		—		2		—		—		2			2			2
Large loss prior accident year reserve development			(1)		—		—		—		—		—		(1)		—			—			—
Total large losses incurred			$	(1)	$	—	$	—	$	—	$	2	$	—	$	(1)	$	2		$	2		$	2
Losses incurred but not reported			20		27		30		25		1		12		47		13			38			68
Other losses excluding catastrophe losses			45		28		31		40		46		36		73		82			122			153
Catastrophe losses			2		1		2		(1)		2		1		3		3			2			4
Total losses incurred			$	66	$	56	$	63	$	64	$	51	$	49	$	122	$	100		$	164		$	227
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Second-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty
Loss Ratio Detail
	Three months ended														Six months ended				Nine months ended			Twelve months ended
	12/31/23	9/30/23	6/30/23		3/31/23		12/31/22		9/30/22		6/30/22		3/31/22		6/30/23		6/30/22		9/30/23	9/30/22		12/31/23	12/31/22
Consolidated
Current accident year losses greater than $5 million			2.4	%	1.9	%	2.4	%	2.1	%	2.2	%	1.4	%	2.2	%	1.8	%		1.9	%		2.1	%
Current accident year losses $2 million - $5 million			1.9		0.8		1.1		2.3		2.2		2.4		1.3		2.3			2.3			2.0
Large loss prior accident year reserve development			1.0		0.5		(0.9)		0.9		1.3		0.6		0.8		0.9			0.9			0.4
Total large loss ratio			5.3	%	3.2	%	2.6	%	5.3	%	5.7	%	4.4	%	4.3	%	5.0	%		5.1	%		4.5	%
Losses incurred but not reported			5.2		9.7		7.6		7.2		4.4		2.2		8.7		3.3			4.7			5.5
Other losses excluding catastrophe losses			36.1		34.9		37.8		38.7		41.4		40.2		34.2		40.9			40.2			39.5
Catastrophe losses			11.6		12.3		7.4		13.6		12.3		1.5		12.0		7.0			9.3			8.8
Total loss ratio			58.2	%	60.1	%	55.4	%	64.8	%	63.8	%	48.3	%	59.2	%	56.2	%		59.3	%		58.3	%
Commercial Lines
Current accident year losses greater than $5 million			2.6	%	2.8	%	3.3	%	3.0	%	1.4	%	1.7	%	2.8	%	1.6	%		2.0	%		2.4	%
Current accident year losses $2 million - $5 million			2.7		1.1		0.7		2.8		3.0		3.8		1.9		3.3			3.3			2.6
Large loss prior accident year reserve development			1.8		0.3		(1.6)		1.3		2.2		0.7		1.0		1.5			1.4			0.6
Total large loss ratio			7.1	%	4.2	%	2.4	%	7.1	%	6.6	%	6.2	%	5.7	%	6.4	%		6.7	%		5.6	%
Losses incurred but not reported			2.7		11.8		10.4		9.4		6.1		4.0		7.2		5.1			6.6			7.6
Other losses excluding catastrophe losses			35.9		31.9		37.1		37.7		40.4		37.5		33.9		39.0			38.4			38.1
Catastrophe losses			10.8		10.0		9.3		4.2		12.5		1.2		10.4		6.9			6.0			6.8
Total loss ratio			56.5	%	57.9	%	59.2	%	58.4	%	65.6	%	48.9	%	57.2	%	57.4	%		57.7	%		58.1	%
Personal Lines
Current accident year losses greater than $5 million			3.0	%	1.3	%	2.1	%	1.9	%	5.7	%	1.7	%	2.2	%	3.7	%		3.1	%		2.8	%
Current accident year losses $2 million - $5 million			1.4		0.6		2.6		2.6		1.3		0.5		1.0		0.9			1.5			1.8
Large loss prior accident year reserve development			0.2		1.4		—		0.6		—		0.5		0.8		0.2			0.3			0.3
Total large loss ratio			4.6	%	3.3	%	4.7	%	5.1	%	7.0	%	2.7	%	4.0	%	4.8	%		4.9	%		4.9	%
Losses incurred but not reported			5.3		5.9		(0.3)		2.0		3.1		(3.6)		5.6		(0.2)			0.6			0.3
Other losses excluding catastrophe losses			39.4		40.2		42.8		43.0		44.8		44.0		39.7		44.5			44.0			43.7
Catastrophe losses			19.0		24.3		8.1		15.5		18.8		1.4		21.6		10.2			12.0			11.0
Total loss ratio			68.3	%	73.7	%	55.3	%	65.6	%	73.7	%	44.5	%	70.9	%	59.3	%		61.5	%		59.9	%
Excess & Surplus Lines
Current accident year losses greater than $5 million			—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%		—	%		—	%
Current accident year losses $2 million - $5 million			—		—		0.1		—		1.6		—		—		0.8			0.6			0.4
Large loss prior accident year reserve development			(0.4)		(0.3)		—		—		—		—		(0.3)		—			—			—
Total large loss ratio			(0.4)	%	(0.3)	%	0.1	%	—	%	1.6	%	—	%	(0.3)	%	0.8	%		0.6	%		0.4	%
Losses incurred but not reported			15.2		21.3		24.4		20.0		0.7		10.6		18.0		5.4			10.5			14.0
Other losses excluding catastrophe losses			33.5		22.2		24.6		32.4		38.1		31.3		28.1		34.9			33.9			31.6
Catastrophe losses			1.3		1.1		1.3		(0.5)		1.1		1.1		1.2		1.1			0.6			0.8
Total loss ratio			49.6	%	44.3	%	50.4	%	51.9	%	41.5	%	43.0	%	47.0	%	42.2	%		45.6	%		46.8	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Second-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23	12/31/22	9/30/22	6/30/22	3/31/22	6/30/23	6/30/22	9/30/23	9/30/22	12/31/23	12/31/22
Consolidated
Current accident year reported losses greater than $5 million			6	5	7	6	6	3	11	9		15		22
Current accident year reported losses $2 million - $5 million			11	5	13	15	15	15	16	28		42		51
Prior accident year reported losses on large losses			7	3	2	6	8	6	10	14		20		22
Non-Catastrophe reported losses on large losses total			24	13	22	27	29	24	37	51		77		95
Commercial Lines
Current accident year reported losses greater than $5 million			4	4	5	5	2	2	8	4		9		14
Current accident year reported losses $2 million - $5 million			9	4	6	12	12	14	13	24		35		39
Prior accident year reported losses on large losses			7	2	2	6	8	5	9	13		19		21
Non-Catastrophe reported losses on large losses total			20	10	13	23	22	21	30	41		63		74
Personal Lines
Current accident year reported losses greater than $5 million			2	1	2	1	4	1	3	5		6		8
Current accident year reported losses $2 million - $5 million			2	1	6	3	2	1	3	3		6		11
Prior accident year reported losses on large losses			—	1	—	—	—	1	1	1		1		1
Non-Catastrophe reported losses on large losses total			4	3	8	4	6	3	7	9		13		20
Excess & Surplus Lines
Current accident year reported losses greater than $5 million			—	—	—	—	—	—	—	—		—		—
Current accident year reported losses $2 million - $5 million			—	—	1	—	1	—	—	1		1		1
Prior accident year reported losses on large losses			—	—	—	—	—	—	—	—		—		—
Non-Catastrophe reported losses on large losses total			—	—	1	—	1	—	—	1		1		1
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Second-Quarter 2023 Supplemental Financial Data


Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Commercial casualty:
Net written premiums			$	378		$	404		$	353		$	326		$	376		$	389		$	782		$	765			$	1,091			$	1,444
Year over year change %- written premium			1		%	4		%	11		%	10		%	11		%	7		%	2		%	9		%		9		%		10		%
Earned premiums			$	373		$	377		$	370		$	360		$	350		$	336		$	750		$	686			$	1,046			$	1,416
Current accident year before catastrophe losses			70.5		%	72.6		%	72.4		%	73.7		%	75.0		%	65.6		%	71.6		%	70.4		%		71.6		%		71.8		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(9.2)			(0.3)			(0.2)			6.4			(0.7)			1.4			(4.8)			0.3				2.4				1.7
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			61.3		%	72.3		%	72.2		%	80.1		%	74.3		%	67.0		%	66.8		%	70.7		%		74.0		%		73.5		%
Commercial property:
Net written premiums			$	335		$	316		$	297		$	309		$	308		$	297		$	650		$	606			$	915			$	1,212
Year over year change %- written premium			9		%	6		%	10		%	11		%	12		%	11		%	7		%	12		%		12		%		11		%
Earned premiums			$	312		$	299		$	290		$	292		$	280		$	274		$	611		$	554			$	846			$	1,136
Current accident year before catastrophe losses			43.4		%	49.0		%	42.5		%	47.4		%	54.5		%	52.4		%	46.1		%	53.4		%		51.3		%		49.1		%
Current accident year catastrophe losses			35.0			34.7			38.3			14.7			44.4			5.1			34.9			24.9				21.4				25.7
Prior accident years before catastrophe losses			(1.5)			(7.8)			(0.5)			(6.7)			0.6			(2.4)			(4.6)			(0.8)				(2.9)				(2.2)
Prior accident years catastrophe losses			(1.4)			2.4			(2.2)			(1.4)			(3.0)			0.5			0.5			(1.3)				(1.3)				(1.6)
Total loss and loss expense ratio			75.5		%	78.3		%	78.1		%	54.0		%	96.5		%	55.6		%	76.9		%	76.2		%		68.5		%		71.0		%
Commercial auto:
Net written premiums			$	233		$	239		$	201		$	194		$	226		$	237		$	472		$	463			$	657			$	858
Year over year change %- written premium			3		%	1		%	4		%	6		%	5		%	6		%	2		%	5		%		6		%		5		%
Earned premiums			$	214		$	213		$	215		$	213		$	210		$	205		$	428		$	415			$	627			$	842
Current accident year before catastrophe losses			68.3		%	73.5		%	72.6		%	78.8		%	66.5		%	67.0		%	70.9		%	66.7		%		70.8		%		71.3		%
Current accident year catastrophe losses			6.7			0.9			(2.4)			3.3			5.1			0.9			3.8			3.1				3.1				1.7
Prior accident years before catastrophe losses			(1.4)			2.7			3.6			7.5			2.8			(0.7)			0.7			1.1				3.3				3.3
Prior accident years catastrophe losses			(0.3)			(1.5)			—			—			(0.5)			(2.1)			(1.0)			(1.3)				(0.9)				(0.6)
Total loss and loss expense ratio			73.3		%	75.6		%	73.8		%	89.6		%	73.9		%	65.1		%	74.4		%	69.6		%		76.3		%		75.7		%
Workers' compensation:
Net written premiums			$	65		$	82		$	64		$	60		$	69		$	86		$	147		$	154			$	214			$	278
Year over year change %- written premium			(6)		%	(5)		%	8		%	13		%	—		%	(2)		%	(5)		%	(2)		%		2		%		3		%
Earned premiums			$	72		$	74		$	75		$	73		$	68		$	67		$	146		$	136			$	209			$	284
Current accident year before catastrophe losses			90.0		%	83.2		%	76.0		%	80.3		%	83.5		%	84.5		%	86.5		%	84.0		%		82.7		%		80.9		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(15.4)			(19.6)			(27.0)			(21.5)			(25.9)			(14.3)			(17.5)			(20.2)				(20.6)				(22.3)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			74.6		%	63.6		%	49.0		%	58.8		%	57.6		%	70.2		%	69.0		%	63.8		%		62.1		%		58.6		%
Other commercial:
Net written premiums			$	95		$	100		$	92		$	95		$	93		$	87		$	196		$	180			$	275			$	367
Year over year change %- written premium			2		%	15		%	15		%	13		%	18		%	12		%	9		%	15		%		14		%		14		%
Earned premiums			$	95		$	93		$	90		$	90		$	86		$	80		$	187		$	165			$	256			$	346
Current accident year before catastrophe losses			35.2		%	38.1		%	33.3		%	37.7		%	37.3		%	38.2		%	36.6		%	37.7		%		37.7		%		36.6		%
Current accident year catastrophe losses			0.1			—			—			0.1			0.1			—			0.1			0.1				0.1				0.1
Prior accident years before catastrophe losses			(0.8)			(2.5)			(4.7)			(4.3)			(7.4)			(2.9)			(1.6)			(5.3)				(4.9)				(4.9)
Prior accident years catastrophe losses			—			(0.1)			—			—			—			—			(0.1)			—				—				—
Total loss and loss expense ratio			34.5		%	35.5		%	28.6		%	33.5		%	30.0		%	35.3		%	35.0		%	32.5		%		32.9		%		31.8		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Second-Quarter 2023 Supplemental Financial Data


Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Personal auto:
Net written premiums			$	212		$	163		$	158		$	179		$	177		$	140		$	374		$	316			$	496			$	654
Year over year change %- written premium			20		%	16		%	12		%	8		%	7		%	3		%	18		%	5		%		6		%		8		%
Earned premiums			$	173		$	166		$	161		$	158		$	155		$	152		$	339		$	307			$	465			$	626
Current accident year before catastrophe losses			76.6		%	78.8		%	77.4		%	74.3		%	74.5		%	69.4		%	77.7		%	72.0		%		72.8		%		74.0		%
Current accident year catastrophe losses			8.9			4.2			(4.6)			15.9			6.1			1.4			6.6			3.7				7.9				4.6
Prior accident years before catastrophe losses			(4.1)			0.3			0.7			3.4			1.4			0.9			(1.9)			1.2				1.9				1.6
Prior accident years catastrophe losses			(0.7)			(2.7)			—			(0.1)			(0.6)			(4.7)			(1.7)			(2.7)				(1.8)				(1.3)
Total loss and loss expense ratio			80.7		%	80.6		%	73.5		%	93.5		%	81.4		%	67.0		%	80.7		%	74.2		%		80.8		%		78.9		%
Homeowner:
Net written premiums			$	330		$	222		$	226		$	255		$	260		$	181		$	552		$	441			$	695			$	921
Year over year change %- written premium			27		%	23		%	20		%	19		%	23		%	16		%	25		%	20		%		20		%		20		%
Earned premiums			$	251		$	232		$	220		$	213		$	202		$	195		$	484		$	397			$	609			$	829
Current accident year before catastrophe losses			47.4		%	46.5		%	42.1		%	47.3		%	54.8		%	45.9		%	46.9		%	50.4		%		49.3		%		47.4		%
Current accident year catastrophe losses			33.5			56.1			22.4			20.9			38.6			13.0			44.4			26.1				24.3				23.8
Prior accident years before catastrophe losses			0.7			(2.6)			0.2			1.6			(2.5)			(8.7)			(0.8)			(5.5)				(3.0)				(2.2)
Prior accident years catastrophe losses			(3.9)			(9.1)			(1.5)			(3.8)			(5.2)			(7.2)			(6.4)			(6.2)				(5.4)				(4.3)
Total loss and loss expense ratio			77.7		%	90.9		%	63.2		%	66.0		%	85.7		%	43.0		%	84.1		%	64.8		%		65.2		%		64.7		%
Other personal:
Net written premiums			$	87		$	63		$	61		$	68		$	73		$	53		$	151		$	127			$	195			$	256
Year over year change %- written premium			19		%	19		%	15		%	21		%	18		%	15		%	19		%	18		%		19		%		18		%
Earned premiums			$	69		$	66		$	62		$	60		$	56		$	55		$	134		$	111			$	172			$	234
Current accident year before catastrophe losses			56.7		%	58.9		%	54.1		%	63.8		%	64.6		%	47.2		%	57.7		%	56.0		%		58.7		%		57.5		%
Current accident year catastrophe losses			11.7			3.5			(0.1)			10.8			5.2			0.9			7.7			3.1				5.8				4.2
Prior accident years before catastrophe losses			2.3			(1.2)			(4.4)			(15.7)			1.4			4.6			0.6			3.0				(3.5)				(3.8)
Prior accident years catastrophe losses			0.7			1.3			(0.1)			0.4			0.4			0.4			1.0			0.3				0.4				0.3
Total loss and loss expense ratio			71.4		%	62.5		%	49.5		%	59.3		%	71.6		%	53.1		%	67.0		%	62.4		%		61.4		%		58.2		%

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Excess & Surplus:
Net written premiums			$	156		$	136		$	122		$	121		$	135		$	124		$	292		$	259			$	380			$	502
Year over year change %- written premium			16		%	10		%	13		%	16		%	17		%	25		%	13		%	21		%		19		%		18		%
Earned premiums			$	132		$	127		$	124		$	125		$	124		$	112		$	259		$	236			$	361			$	485
Current accident year before catastrophe losses			69.7		%	69.2		%	66.4		%	74.8		%	59.5		%	61.8		%	69.5		%	60.6		%		65.4		%		65.7		%
Current accident year catastrophe losses			1.4			1.5			1.6			(0.4)			1.2			1.5			1.4			1.3				0.8				1.0
Prior accident years before catastrophe losses			(4.7)			(6.2)			3.8			(5.9)			(0.4)			(4.6)			(5.4)			(2.4)				(3.6)				(1.7)
Prior accident years catastrophe losses			—			(0.3)			(0.2)			(0.1)			(0.1)			(0.4)			(0.1)			(0.2)				(0.2)				(0.2)
Total loss and loss expense ratio			66.4		%	64.2		%	71.6		%	68.4		%	60.2		%	58.3		%	65.4		%	59.3		%		62.4		%		64.8		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Second-Quarter 2023 Supplemental Financial Data



Consolidated Property Casualty Loss and Loss Expense Analysis

(Dollars in millions)							Change in		Change in		Change in		Total						Loss
	Paid		Paid loss		Total		case		IBNR		loss expense		change in		Case		IBNR		expense		Total
	losses		expense		paid		reserves		reserves		reserves		reserves		incurred		incurred		incurred		incurred
Gross loss and loss expense incurred for the six months ended June 30, 2023
Commercial casualty	$	302	$	85	$	387	$	(31)	$	128	$	31	$	128	$	271	$	128	$	116	$	515
Commercial property	471		41		512		163		(115)		5		53		634		(115)		46		565
Commercial auto	242		43		285		(17)		44		8		35		225		44		51		320
Workers' compensation	62		16		78		26		6		2		34		88		6		18		112
Other commercial	47		9		56		6		8		3		17		53		8		12		73
Total commercial lines	1,124		194		1,318		147		71		49		267		1,271		71		243		1,585

Personal auto	202		45		247		(4)		27		3		26		198		27		48		273
Homeowners	332		36		368		38		7		3		48		370		7		39		416
Other personal	62		4		66		(3)		25		1		23		59		25		5		89
Total personal lines	596		85		681		31		59		7		97		627		59		92		778

Excess & surplus lines	59		27		86		20		48		21		89		79		48		48		175
Other	136		6		142		(11)		29		—		18		125		29		6		160
Total property casualty	$	1,915	$	312	$	2,227	$	187	$	207	$	77	$	471	$	2,102	$	207	$	389	$	2,698

Ceded loss and loss expense incurred for the six months ended June 30, 2023
Commercial casualty	$	24	$	—	$	24	$	(17)	$	7	$	—	$	(10)	$	7	$	7	$	—	$	14
Commercial property	30		1		31		96		(32)		—		64		126		(32)		1		95
Commercial auto	—		—		—		1		—		—		1		1		—		—		1
Workers' compensation	5		—		5		6		—		—		6		11		—		—		11
Other commercial	2		—		2		3		3		—		6		5		3		—		8
Total commercial lines	61		1		62		89		(22)		—		67		150		(22)		1		129

Personal auto	1		—		1		(1)		—		—		(1)		—		—		—		—
Homeowners	10		—		10		11		(12)		—		(1)		21		(12)		—		9
Other personal	—		—		—		1		(2)		—		(1)		1		(2)		—		(1)
Total personal lines	11		—		11		11		(14)		—		(3)		22		(14)		—		8

Excess & surplus lines	3		—		3		2		—		—		2		5		—		—		5
Other	24		—		24		(9)		(38)		—		(47)		15		(38)		—		(23)
Total property casualty	$	99	$	1	$	100	$	93	$	(74)	$	—	$	19	$	192	$	(74)	$	1	$	119

Net loss and loss expense incurred for the six months ended June 30, 2023
Commercial casualty	$	278	$	85	$	363	$	(14)	$	121	$	31	$	138	$	264	$	121	$	116	$	501
Commercial property	441		40		481		67		(83)		5		(11)		508		(83)		45		470
Commercial auto	242		43		285		(18)		44		8		34		224		44		51		319
Workers' compensation	57		16		73		20		6		2		28		77		6		18		101
Other commercial	45		9		54		3		5		3		11		48		5		12		65
Total commercial lines	1,063		193		1,256		58		93		49		200		1,121		93		242		1,456

Personal auto	201		45		246		(3)		27		3		27		198		27		48		273
Homeowners	322		36		358		27		19		3		49		349		19		39		407
Other personal	62		4		66		(4)		27		1		24		58		27		5		90
Total personal lines	585		85		670		20		73		7		100		605		73		92		770

Excess & surplus lines	56		27		83		18		48		21		87		74		48		48		170
Other	112		6		118		(2)		67		—		65		110		67		6		183
Total property casualty	$	1,816	$	311	$	2,127	$	94	$	281	$	77	$	452	$	1,910	$	281	$	388	$	2,579

*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Second-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty Loss and Loss Expense Analysis


(Dollars in millions)							Change in		Change in		Change in		Total						Loss
	Paid		Paid loss		Total		case		IBNR		loss expense		change in		Case		IBNR		expense		Total
	losses		expense		paid		reserves		reserves		reserves		reserves		incurred		incurred		incurred		incurred
Gross loss and loss expense incurred for the three months ended June 30, 2023
Commercial casualty	$	153	$	43	$	196	$	15	$	19	$	7	$	41	$	168	$	19	$	50	$	237
Commercial property	257		20		277		37		(49)		5		(7)		294		(49)		25		270
Commercial auto	114		21		135		2		21		1		24		116		21		22		159
Workers' compensation	33		8		41		10		10		(2)		18		43		10		6		59
Other commercial	24		4		28		6		5		(2)		9		30		5		2		37
Total commercial lines	581		96		677		70		6		9		85		651		6		105		762

Personal auto	103		23		126		2		12		—		14		105		12		23		140
Homeowners	175		19		194		—		(2)		2		—		175		(2)		21		194
Other personal	27		2		29		5		14		1		20		32		14		3		49
Total personal lines	305		44		349		7		24		3		34		312		24		47		383

Excess & surplus lines	31		15		46		16		21		9		46		47		21		24		92
Other	66		3		69		6		12		(1)		17		72		12		2		86
Total property casualty	$	983	$	158	$	1,141	$	99	$	63	$	20	$	182	$	1,082	$	63	$	178	$	1,323

Ceded loss and loss expense incurred for the three months ended June 30, 2023
Commercial casualty	$	7	$	—	$	7	$	4	$	(1)	$	—	$	3	$	11	$	(1)	$	—	$	10
Commercial property	21		—		21		16		(3)		—		13		37		(3)		—		34
Commercial auto	—		—		—		1		—		—		1		1		—		—		1
Workers' compensation	2		—		2		3		—		—		3		5		—		—		5
Other commercial	1		—		1		3		—		—		3		4		—		—		4
Total commercial lines	31		—		31		27		(4)		—		23		58		(4)		—		54

Personal auto	1		—		1		—		—		—		—		1		—		—		1
Homeowners	6		—		6		(7)		(1)		—		(8)		(1)		(1)		—		(2)
Other personal	—		—		—		—		—		—		—		—		—		—		—
Total personal lines	7		—		7		(7)		(1)		—		(8)		—		(1)		—		(1)

Excess & surplus lines	2		1		3		—		—		—		—		2		—		1		3
Other	19		—		19		(9)		(5)		—		(14)		10		(5)		—		5
Total property casualty	$	59	$	1	$	60	$	11	$	(10)	$	—	$	1	$	70	$	(10)	$	1	$	61

Net loss and loss expense incurred for the three months ended June 30, 2023
Commercial casualty	$	146	$	43	$	189	$	11	$	20	$	7	$	38	$	157	$	20	$	50	$	227
Commercial property	236		20		256		21		(46)		5		(20)		257		(46)		25		236
Commercial auto	114		21		135		1		21		1		23		115		21		22		158
Workers' compensation	31		8		39		7		10		(2)		15		38		10		6		54
Other commercial	23		4		27		3		5		(2)		6		26		5		2		33
Total commercial lines	550		96		646		43		10		9		62		593		10		105		708

Personal auto	102		23		125		2		12		—		14		104		12		23		139
Homeowners	169		19		188		7		(1)		2		8		176		(1)		21		196
Other personal	27		2		29		5		14		1		20		32		14		3		49
Total personal lines	298		44		342		14		25		3		42		312		25		47		384

Excess & surplus lines	29		14		43		16		21		9		46		45		21		23		89
Other	47		3		50		15		17		(1)		31		62		17		2		81
Total property casualty	$	924	$	157	$	1,081	$	88	$	73	$	20	$	181	$	1,012	$	73	$	177	$	1,262

*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Second-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Premiums
Agency renewal written premiums			$	1,643		$	1,535		$	1,396		$	1,390		$	1,482		$	1,397		$	3,178		$	2,879			$	4,269			$	5,665
Agency new business written premiums			303			251			238			264			286			244			554			530				794				1,032

Other written premiums			204			233			60			96			196			258			437			454				550				610
Net written premiums			$	2,150		$	2,019		$	1,694		$	1,750		$	1,964		$	1,899		$	4,169		$	3,863			$	5,613			$	7,307
Unearned premium change			(287)			(178)			106			59			(267)			(281)			(465)			(548)				(489)				(383)
Earned premiums			$	1,863		$	1,841		$	1,800		$	1,809		$	1,697		$	1,618		$	3,704		$	3,315			$	5,124			$	6,924
Year over year change %
Agency renewal written premiums			11		%	10		%	13		%	12		%	11		%	9		%	10		%	10		%		11		%		11		%
Agency new business written premiums			6			3			12			15			22			11			5			16				16				15

Other written premiums			4			(10)			(29)			50			34			31			(4)			32				35				24
Net written premiums			9			6			10			14			15			12			8			13				14				13
Paid losses and loss expenses
Losses paid			$	924		$	893		$	803		$	804		$	755		$	733		$	1,816		$	1,489			$	2,293			$	3,096
Loss expenses paid			157			153			154			144			137			157			311			293				437				591
Loss and loss expenses paid			$	1,081		$	1,046		$	957		$	948		$	892		$	890		$	2,127		$	1,782			$	2,730			$	3,687
Incurred losses and loss expenses
Loss and loss expense incurred			$	1,262		$	1,317		$	1,172		$	1,348		$	1,240		$	956		$	2,579		$	2,196			$	3,544			$	4,716
Loss and loss expenses paid as a % of incurred			85.7		%	79.4		%	81.7		%	70.3		%	71.9		%	93.1		%	82.5		%	81.1		%		77.0		%		78.2		%
Statutory combined ratio
Loss ratio			58.3		%	60.5		%	56.3		%	64.1		%	64.8		%	48.4		%	59.4		%	56.7		%		59.3		%		58.5		%
Loss adjustment expense ratio			9.7			11.6			9.9			10.0			9.5			10.9			10.7			10.2				10.1				10.1
Net underwriting expense ratio			27.7			27.5			30.6			29.3			28.1			28.7			27.6			28.4				28.7				29.1
US Statutory combined ratio			95.7		%	99.6		%	96.8		%	103.4		%	102.4		%	88.0		%	97.7		%	95.3		%		98.1		%		97.7		%
Contribution from catastrophe losses			12.3			12.7			7.6			13.0			13.0			1.7			12.5			7.5				9.4				8.9
Statutory combined ratio excl. catastrophe losses			83.4		%	86.9		%	89.2		%	90.4		%	89.4		%	86.3		%	85.2		%	87.8		%		88.7		%		88.8		%
GAAP combined ratio
GAAP combined ratio			97.6		%	100.7		%	94.9		%	103.9		%	103.2		%	89.9		%	99.2		%	96.7		%		99.2		%		98.1		%
Contribution from catastrophe losses			12.0			12.8			7.8			13.9			12.4			1.8			12.4			7.2				9.5				9.2
GAAP combined ratio excl. catastrophe losses			85.6		%	87.9		%	87.1		%	90.0		%	90.8		%	88.1		%	86.8		%	89.5		%		89.7		%		88.9		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Second-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Premiums
Agency renewal written premiums			$	985		$	1,041		$	908		$	860		$	934		$	970		$	2,026		$	1,904			$	2,764			$	3,672
Agency new business written premiums			149			134			130			149			165			156			283			321				470				600
Other written premiums			(28)			(34)			(31)			(25)			(27)			(30)			(62)			(57)				(82)				(113)
Net written premiums			$	1,106		$	1,141		$	1,007		$	984		$	1,072		$	1,096		$	2,247		$	2,168			$	3,152			$	4,159
Unearned premium change			(40)			(85)			33			44			(78)			(134)			(125)			(212)				(168)				(135)
Earned premiums			$	1,066		$	1,056		$	1,040		$	1,028		$	994		$	962		$	2,122		$	1,956			$	2,984			$	4,024
Year over year change %
Agency renewal written premiums			5		%	7		%	12		%	11		%	10		%	8		%	6		%	9		%		9		%		10		%
Agency new business written premiums			(10)			(14)			(4)			3			13			8			(12)			10				8				5
Other written premiums			(4)			(13)			(29)			—			(29)			(25)			(9)			(27)				(17)				(20)
Net written premiums			3			4			9			10			10			8			4			9				9				9
Paid losses and loss expenses
Losses paid			$	550		$	513		$	432		$	491		$	446		$	458		$	1,063		$	905			$	1,396			$	1,829
Loss expenses paid			96			97			97			93			91			100			193			191				285				382
Loss and loss expenses paid			$	646		$	610		$	529		$	584		$	537		$	558		$	1,256		$	1,096			$	1,681			$	2,211
Incurred losses and loss expenses
Loss and loss expense incurred			$	708		$	748		$	715		$	710		$	750		$	586		$	1,456		$	1,336			$	2,046			$	2,761
Loss and loss expenses paid as a % of incurred			91.2		%	81.6		%	74.0		%	82.3		%	71.6		%	95.2		%	86.3		%	82.0		%		82.2		%		80.1		%
Statutory combined ratio
Loss ratio			56.5		%	57.9		%	59.2		%	58.4		%	65.5		%	48.9		%	57.2		%	57.4		%		57.8		%		58.1		%
Loss adjustment expense ratio			9.9			12.9			9.6			10.7			9.9			12.0			11.4			10.9				10.8				10.5
Net underwriting expense ratio			29.4			27.7			31.3			31.2			29.1			28.3			28.5			28.7				29.5				29.9
Statutory combined ratio			95.8		%	98.5		%	100.1		%	100.3		%	104.5		%	89.2		%	97.1		%	97.0		%		98.1		%		98.5		%
Contribution from catastrophe losses			11.1			10.4			9.6			4.5			12.6			1.4			10.7			7.1				6.2				7.0
Statutory combined ratio excl. catastrophe losses			84.7		%	88.1		%	90.5		%	95.8		%	91.9		%	87.8		%	86.4		%	89.9		%		91.9		%		91.5		%
GAAP combined ratio
GAAP combined ratio			96.9		%	100.4		%	98.9		%	99.0		%	106.3		%	92.3		%	98.6		%	99.4		%		99.3		%		99.2		%
Contribution from catastrophe losses			11.1			10.4			9.6			4.5			12.6			1.4			10.7			7.1				6.2				7.0
GAAP combined ratio excl. catastrophe losses			85.8		%	90.0		%	89.3		%	94.5		%	93.7		%	90.9		%	87.9		%	92.3		%		93.1		%		92.2		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Premiums
Agency renewal written premiums			$	541		$	388		$	393		$	437		$	438		$	333		$	929		$	771			$	1,208			$	1,601
Agency new business written premiums			106			79			75			81			88			52			185			140				221				296
Other written premiums			(18)			(19)			(23)			(16)			(16)			(11)			(37)			(27)				(43)				(66)
Net written premiums			$	629		$	448		$	445		$	502		$	510		$	374		$	1,077		$	884			$	1,386			$	1,831
Unearned premium change			(136)			16			(2)			(71)			(97)			28			(120)			(69)				(140)				(142)
Earned premiums			$	493		$	464		$	443		$	431		$	413		$	402		$	957		$	815			$	1,246			$	1,689
Year over year change %
Agency renewal written premiums			24		%	17		%	15		%	11		%	10		%	10		%	20		%	10		%		11		%		12		%
Agency new business written premiums			20			52			50			53			66			13			32			41				45				47
Other written premiums			(13)			(73)			(130)			(45)			(45)			(10)			(37)			(29)				(34)				(57)
Net written premiums			23			20			16			15			16			11			22			14				14				15
Paid losses and loss expenses
Losses paid			$	298		$	288		$	247		$	246		$	224		$	208		$	585		$	432			$	679			$	926
Loss expenses paid			44			40			39			35			32			40			85			71				106				145
Loss and loss expenses paid			$	342		$	328		$	286		$	281		$	256		$	248		$	670		$	503			$	785			$	1,071
Incurred losses and loss expenses
Loss and loss expense incurred			$	384		$	386		$	288		$	324		$	339		$	215		$	770		$	554			$	878			$	1,166
Loss and loss expenses paid as a % of incurred			89.1		%	85.0		%	99.3		%	86.7		%	75.5		%	115.3		%	87.0		%	90.8		%		89.4		%		91.9		%
Statutory combined ratio
Loss ratio			68.3		%	73.6		%	55.3		%	65.6		%	73.7		%	44.5		%	70.9		%	59.3		%		61.5		%		59.9		%
Loss adjustment expense ratio			9.6			9.6			9.7			9.6			8.4			9.0			9.6			8.7				9.0				9.2
Net underwriting expense ratio			25.5			30.0			30.6			26.7			26.4			32.2			27.4			28.8				28.0				28.6
Statutory combined ratio			103.4		%	113.2		%	95.6		%	101.9		%	108.5		%	85.7		%	107.9		%	96.8		%		98.5		%		97.7		%
Contribution from catastrophe losses			19.7			24.7			8.7			15.9			19.1			1.7			22.1			10.5				12.4				11.4
Statutory combined ratio excl. catastrophe losses			83.7		%	88.5		%	86.9		%	86.0		%	89.4		%	84.0		%	85.8		%	86.3		%		86.1		%		86.3		%
GAAP combined ratio
GAAP combined ratio			107.6		%	112.5		%	95.7		%	104.5		%	112.1		%	83.9		%	110.0		%	98.2		%		100.4		%		99.2		%
Contribution from catastrophe losses			19.7			24.7			8.7			15.9			19.1			1.7			22.1			10.5				12.4				11.4
GAAP combined ratio excl. catastrophe losses			87.9		%	87.8		%	87.0		%	88.6		%	93.0		%	82.2		%	87.9		%	87.7		%		88.0		%		87.8		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Premiums
Agency renewal written premiums			$	117		$	106		$	95		$	93		$	110		$	94		$	223		$	204			$	297			$	392
Agency new business written premiums			48			38			33			34			33			36			86			69				103				136
Other written premiums			(9)			(8)			(6)			(6)			(8)			(6)			(17)			(14)				(20)				(26)
Net written premiums			$	156		$	136		$	122		$	121		$	135		$	124		$	292		$	259			$	380			$	502
Unearned premium change			(24)			(9)			2			4			(11)			(12)			(33)			(23)				(19)				(17)
Earned premiums			$	132		$	127		$	124		$	125		$	124		$	112		$	259		$	236			$	361			$	485
Year over year change %
Agency renewal written premiums			6		%	13		%	9		%	22		%	31		%	24		%	9		%	28		%		26		%		21		%
Agency new business written premiums			45			6			22			6			(8)			24			25			6				6				10
Other written premiums			(13)			(33)			—			(50)			(60)			—			(21)			(27)				(33)				(24)
Net written premiums			16			10			13			16			17			25			13			21				19				18
Paid losses and loss expenses
Losses paid			$	29		$	28		$	22		$	29		$	27		$	19		$	56		$	46			$	74			$	95
Loss expenses paid			14			12			14			13			11			12			27			24				36				50
Loss and loss expenses paid			$	43		$	40		$	36		$	42		$	38		$	31		$	83		$	70			$	110			$	145
Incurred losses and loss expenses
Loss and loss expense incurred			$	89		$	81		$	89		$	86		$	74		$	66		$	170		$	140			$	226			$	315
Loss and loss expenses paid as a % of incurred			48.3		%	49.4		%	40.4		%	48.8		%	51.4		%	47.0		%	48.8		%	50.0		%		48.7		%		46.0		%
Statutory combined ratio
Loss ratio			49.6		%	44.3		%	50.5		%	51.9		%	41.5		%	43.0		%	47.0		%	42.2		%		45.6		%		46.8		%
Loss adjustment expense ratio			16.9			19.9			21.1			16.5			18.7			15.2			18.4			17.1				16.9				18.0
Net underwriting expense ratio			24.3			24.4			27.1			27.5			26.1			27.1			24.4			26.5				26.8				26.9
Statutory combined ratio			90.8		%	88.6		%	98.7		%	95.9		%	86.3		%	85.3		%	89.8		%	85.8		%		89.3		%		91.7		%
Contribution from catastrophe losses			1.4			1.2			1.4			(0.5)			1.1			1.1			1.3			1.1				0.6				0.8
Statutory combined ratio excl. catastrophe losses			89.4		%	87.4		%	97.3		%	96.4		%	85.2		%	84.2		%	88.5		%	84.7		%		88.7		%		90.9		%
GAAP combined ratio
GAAP combined ratio			92.2		%	89.9		%	96.3		%	93.9		%	85.1		%	85.9		%	91.1		%	85.5		%		88.4		%		90.4		%
Contribution from catastrophe losses			1.4			1.2			1.4			(0.5)			1.1			1.1			1.3			1.1				0.6				0.8
GAAP combined ratio excl. catastrophe losses			90.8		%	88.7		%	94.9		%	94.4		%	84.0		%	84.8		%	89.8		%	84.4		%		87.8		%		89.6		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2023 Supplemental Financial Data


Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended June 30,							For the Six Months Ended June 30,
(Dollars in millions)	2023		2022		Change		% Change	2023		2022		Change		% Change
Underwriting income
Net premiums written	$	2,068	$	1,895	$	173	9	$	4,023	$	3,743	$	280	7
Unearned premium change	255		242		13		5	413		504		(91)		(18)
Earned premiums	$	1,813	$	1,653	$	160	10	$	3,610	$	3,239	$	371	11

Losses incurred	$	1,058	$	1,071	$	(13)	(1)	$	2,144	$	1,838	$	306	17
Defense and cost containment expenses incurred	76		70		6		9	177		147		30		20
Adjusting and other expenses incurred	101		87		14		16	209		183		26		14
Other underwriting expenses incurred	570		530		40		8	1,106		1,059		47		4
Workers compensation dividend incurred	1		1		—		—	3		3		—		—
Total underwriting deductions	$	1,806	$	1,759	$	47	3	$	3,639	$	3,230	$	409	13

Net underwriting profit (loss)	$	7	$	(106)	$	113	nm	$	(29)	$	9	$	(38)	nm

Investment income
Gross investment income earned	$	137	$	125	$	12	10	$	280	$	249	$	31	12
Net investment income earned	135		122		13		11	276		244		32		13
Net realized capital gains and losses, net	(24)		13		(37)		nm	(50)		12		(62)		nm
Net investment gains (net of tax)	$	111	$	135	$	(24)	(18)	$	226	$	256	$	(30)	(12)

Other income	$	1	$	1	$	—	—	$	3	$	3	$	—	—

Net income before federal income taxes	$	119	$	30	$	89	297	$	200	$	268	$	(68)	(25)
Federal and foreign income taxes incurred	32		7		25		357	35		36		(1)		(3)
Net income (statutory)	$	87	$	23	$	64	278	$	165	$	232	$	(67)	(29)

Policyholders' surplus - statutory	$	6,612	$	6,179	$	433	7	$	6,612	$	6,179	$	433	7

Fixed maturities at amortized cost - statutory	$	9,439	$	8,347	$	1,092	13	$	9,439	$	8,347	$	1,092	13
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2023 Supplemental Financial Data


The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended June 30,							For the Six Months Ended June 30,
(Dollars in millions)	2023		2022		Change		% Change	2023		2022		Change		% Change
Net premiums written	$	97	$	84	$	13	15	$	183	$	164	$	19	12
Net investment income	45		43		2		5	91		86		5		6

Commissions and expense allowances on reinsurance ceded	1		1		—		—	2		2		—		—
Income from fees associated with separate accounts	3		1		2		200	5		2		3		150
Total revenues	$	146	$	129	$	17	13	$	281	$	254	$	27	11

Death benefits and matured endowments	$	36	$	35	$	1	3	$	79	$	92	$	(13)	(14)
Annuity benefits	35		14		21		150	74		31		43		139
Disability benefits and benefits under accident and health contracts	1		—		1		nm	1		—		1		nm
Surrender benefits and group conversions	7		5		2		40	14		11		3		27
Interest and adjustments on deposit-type contract funds	2		2		—		—	4		4		—		—
Increase in aggregate reserves for life and accident and health contracts	2		16		(14)		(88)	(7)		29		(36)		nm
Total benefit expenses	$	83	$	72	$	11	15	$	165	$	167	$	(2)	(1)

Commissions	$	13	$	12	$	1	8	$	25	$	25	$	—	—
General insurance expenses and taxes	15		16		(1)		(6)	27		29		(2)		(7)
Increase in loading on deferred and uncollected premiums	—		(2)		2		(100)	1		1		—		—
Net transfers from separate accounts	(1)		—		(1)		nm	(3)		(10)		7		70

Total underwriting expenses	$	27	$	26	$	1	4	$	50	$	45	$	5	11

Federal and foreign income taxes incurred	9		7		2		29	16		10		6		60

Net gain from operations before capital gains and losses	$	27	$	24	$	3	13	$	50	$	32	$	18	56

Gains and losses net of capital gains tax, net	(3)		(1)		(2)		—	(3)		(1)		(2)		200

Net income (statutory)	$	24	$	23	$	1	4	$	47	$	31	$	16	52

Policyholders' surplus - statutory	$	371	$	297	74		25	$	371	$	297	$	74	25

Fixed maturities at amortized cost - statutory	$	3,863	$	3,794	$	69	2	$	3,863	$	3,794	$	69	2
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2023 Supplemental Financial Data



Quarterly Data - Other

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23	9/30/22			12/31/23	12/31/22








Cincinnati Re:
Net written premiums			$	177		$	230		$	67		$	86		$	178		$	254		$	407		$	432			$	518			$	585
Year over year change %- written premium			—		%	(9)		%	(7)		%	51		%	31		%	30		%	(6)		%	30		%		33		%		27		%
Earned premiums			$	122		$	150		$	137		$	151		$	122		$	110		$	272		$	232			$	383			$	520









Current accident year before catastrophe losses			57.8		%	45.2		%	44.4		%	45.4		%	49.6		%	50.6		%	50.9		%	50.0		%		48.3		%		47.2		%
Current accident year catastrophe losses			1.8			0.3			(5.2)			75.0			6.5			—			1.0			3.4				31.7				21.9
Prior accident years before catastrophe losses			(17.1)			6.0			6.9			(9.9)			(4.8)			10.9			(4.4)			2.6				(2.4)				0.1
Prior accident years catastrophe losses			1.9			1.7			0.7			(0.6)			1.1			5.2			1.8			3.1				1.6				1.4
Total loss and loss expense ratio			44.4		%	53.2		%	46.8		%	109.9		%	52.4		%	66.7		%	49.3		%	59.1		%		79.2		%		70.6		%







Cincinnati Global:
Net written premiums			$	82		$	64		$	53		$	57		$	69		$	51		$	146		$	120			$	177			$	230
Year over year change %- written premium			19		%	25		%	2		%	21		%	47		%	24		%	22		%	36		%		31		%		23		%
Earned premiums			$	50		$	44		$	56		$	74		$	44		$	32		$	94		$	76			$	150			$	206
Current accident year before catastrophe losses			61.7		%	35.3		%	28.6		%	45.6		%	53.2		%	38.3		%	49.3		%	47.0		%		46.3		%		41.4		%
Current accident year catastrophe losses			1.1			11.1			1.4			48.6			0.1			16.3			5.8			6.9				27.6				20.5
Prior accident years before catastrophe losses			(9.7)			0.8			(13.3)			4.6			(15.4)			4.1			(4.7)			(7.2)				(1.4)				(4.6)
Prior accident years catastrophe losses			2.5			2.4			11.6			(14.5)			(9.7)			(9.0)			2.4			(9.4)				(11.9)				(5.5)
Total loss and loss expense ratio			55.6		%	49.6		%	28.3		%	84.3		%	28.2		%	49.7		%	52.8		%	37.3		%		60.6		%		51.8		%

Noninsurance operations:
Interest and fees on loans and leases			$	1		$	2		$	2		$	2		$	2		$	1		$	3		$	3			$	5			$	7
Other revenue			1			1			1			—			1			1			2			2				2				3
Interest expense			13			14			13			14			13			13			27			26				40				53
Operating expenses			7			5			10			4			5			4			12			9				13				23
Total noninsurance operations loss			$	(18)		$	(16)		$	(20)		$	(16)		$	(15)		$	(15)		$	(34)		$	(30)			$	(46)			$	(66)

*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

CINF Second-Quarter 2023 Supplemental Financial Data

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