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cinf-20231026

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: October 26, 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 October 26, 2023, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Third-Quarter 2023 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On October 26, 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 October 26 , 2023, titled "Cincinnati Financial Reports Third -Quarter 2023 Results"

Exhibit 99.2 — Supplemental Financial Data for the period ending September 30, 2023, distributed October 26 , 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: October 26, 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 Third-Quarter 2023 Results

Cincinnati, October 26, 2023 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Third-quarter 2023 net loss of $99 million, or $0.63 per share, compared with a net loss of $416 million, or $2.63 per share, in the third quarter of 2022, after recognizing a $362 million third-quarter 2023 after-tax reduction in the fair value of equity securities still held.

•$145 million or 125% increase in non-GAAP operating income* to $261 million, or $1.66 per share, compared with $116 million, or 74 cents per share, in the third quarter of last year.

•$317 million increase in third-quarter 2023 net income, compared with third-quarter 2022, reflecting the after-tax net effect of a $172 million smaller reduction in net investment gains and a $141 million increase in after-tax property casualty underwriting income.

•$67.72 book value per share at September 30, 2023, up $0.51 since year-end.

•4.4% value creation ratio for the first nine months of 2023, compared with negative 24.0% for the same period of 2022.

•$2 million difference in adjusted third-quarter 2022 net loss of $416 million, compared with originally reported $418 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 September 30,						Nine months ended September 30,
		2023		2022		% Change		2023		2022		% Change
Revenue Data
Earned premiums		$	2,033	$	1,884	8		$	5,894	$	5,350	10
Investment income, net of expenses		225		193		17		655		573		14
Total revenues		1,811		1,410		28		6,657		3,448		93
Income Statement Data
Net income (loss)		$	(99)	$	(416)	76		$	660	$	(1,500)	nm
Investment gains and losses, after-tax		(360)		(532)		32		67		(1,970)		nm

Non-GAAP operating income*		$	261	$	116	125		$	593	$	470	26
Per Share Data (diluted)
Net income (loss)		$	(0.63)	$	(2.63)	76		$	4.17	$	(9.42)	nm
Investment gains and losses, after-tax		(2.29)		(3.37)		32		0.42		(12.37)		nm

Non-GAAP operating income*		$	1.66	$	0.74	124		$	3.75	$	2.95	27

Book value								$	67.72	$	60.32	12
Cash dividend declared		$	0.75	$	0.69	9		$	2.25	$	2.07	9
Diluted weighted average share outstanding		156.9		158.0		(1)		158.2		159.3		(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 3Q23 Release 1

Insurance Operations Highlights

•94.4% third-quarter 2023 property casualty combined ratio, improved from 103.9% for the third quarter of 2022.

•12% growth in third-quarter net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.

•$313 million third-quarter 2023 property casualty new business written premiums, up 19%. Agencies appointed since the beginning of 2022 contributed $26 million or 8% of total new business written premiums.

•$25 million third-quarter 2023 life insurance subsidiary net income, up $2 million from the third quarter of 2022, and 2% growth in third-quarter 2023 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•17% or $32 million increase in third-quarter 2023 pretax investment income, including a 19% increase in bond interest income and a 5% increase in stock portfolio dividends.

•Three-month decrease of 2% in fair value of total investments at September 30, 2023, including a decrease of less than 1% for the bond portfolio and a 4% decrease for the stock portfolio.

•$4.512 billion parent company cash and marketable securities at September 30, 2023, up 8% from year-end 2022.

Continuing Positive Momentum

Steven J. Johnston, chairman and chief executive officer, commented: “Non-GAAP operating income for the third quarter was $261 million, up significantly compared to last year’s third-quarter, driven by underwriting profits as well as pretax investment income that increased 17% for the quarter.

“Our insurance business continues to perform well as we navigate a challenging market. Our property casualty insurance business reported $112 million of underwriting profit in the third quarter, continuing our improving trend for the year and taking our nine-month underwriting profit to $149 million, more than triple last year’s nine-month results.

“Our combined ratio of 94.4% – 9.5 points better than last year's third-quarter result – helped to bring our nine-month ratio to 97.5%. On a nine-month basis, our current accident year combined ratio before catastrophe losses – sometimes referred to as our core combined ratio – improved 1.7 points to 89.4% compared with last year.

“Our life insurance operation recorded $65 million in net income through September 30, increasing 27% compared to the same period of 2022.”

Maintaining Underwriting Discipline

“We are growing with discipline and precision. We believe that 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 understand and take advantage of opportunities for profitable growth.

“In the first nine months of 2023, property casualty net written premiums grew 9%. Our personal lines and excess and surplus lines business continued to write a healthy amount of new business, growing 39% and 25%, respectively. We believe commercial market opportunities in the third quarter were generally more attractive than the first half of the year, allowing us to record $148 million in new business written premiums, nearly matching last year’s third-quarter result while maintaining underwriting discipline.

“We expect to further enhance our growth opportunities as we continue to appoint new agencies and enter new states. So far in 2023, we’ve added 193 new agency reporting locations, bringing that total number above 3,000 for the first time. And, we plan to open Nevada for commercial lines business in the fourth quarter.”

Looking Forward with Optimism

“While the value of our stock and bond portfolios both declined in the third quarter, cash and total investments increased 3% at September 30, 2023, compared to year-end 2022. Through the first nine-months of the year, our book value per share rose 51 cents to $67.72.

“We are confident in our ongoing ability to produce value for our shareholders as our talented and dedicated associates continue to work alongside the independent agents who represent us to drive our multi-pronged strategy to profitably grow our insurance business far into future.”

CINF 3Q23 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results


(Dollars in millions)	Three months ended September 30,								Nine months ended September 30,
		2023			2022			% Change		2023			2022			% Change
Earned premiums		$	1,957		$	1,809		8		$	5,661		$	5,124		10
Fee revenues		3			3			0		8			8			0
Total revenues		1,960			1,812			8		5,669			5,132			10

Loss and loss expenses		1,261			1,348			(6)		3,840			3,544			8
Underwriting expenses		587			530			11		1,680			1,541			9
Underwriting profit (loss)		$	112		$	(66)		nm		$	149		$	47		217

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		64.4		%	74.5		%	(10.1)		67.8		%	69.1		%	(1.3)
Underwriting expenses		30.0			29.4			0.6		29.7			30.1			(0.4)
Combined ratio		94.4		%	103.9		%	(9.5)		97.5		%	99.2		%	(1.7)

								% Change								% Change
Agency renewal written premiums		$	1,549		$	1,390		11		$	4,727		$	4,269		11
Agency new business written premiums		313			264			19		867			794			9


Other written premiums		95			96			(1)		532			550			(3)
Net written premiums		$	1,957		$	1,750		12		$	6,126		$	5,613		9

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		57.7		%	61.7		%	(4.0)		59.7		%	61.0		%	(1.3)
Current accident year catastrophe losses		9.4			15.2			(5.8)		11.9			10.9			1.0
Prior accident years before catastrophe losses		(2.4)			(1.1)			(1.3)		(3.2)			(1.4)			(1.8)
Prior accident years catastrophe losses		(0.3)			(1.3)			1.0		(0.6)			(1.4)			0.8
Loss and loss expense ratio		64.4		%	74.5		%	(10.1)		67.8		%	69.1		%	(1.3)

Current accident year combined ratio before catastrophe losses		87.7		%	91.1		%	(3.4)		89.4		%	91.1		%	(1.7)

•$207 million or 12% growth of third-quarter 2023 property casualty net written premiums, and nine-month growth of 9%, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The contribution to third-quarter growth from Cincinnati Re and Cincinnati Global in total was 1 percentage point.

•$49 million or 19% increase in third-quarter 2023 new business premiums written by agencies and a nine-month increase of 9%. The third-quarter growth included a $19 million increase in standard market property casualty production from agencies appointed since the beginning of 2022.

•236 new agency appointments in the first nine months of 2023, including 70 that market only our personal lines products.

•9.5 percentage-point third-quarter 2023 combined ratio improvement, including a decrease of 4.8 points from lower catastrophe losses.

•1.7 percentage-point nine-month 2023 combined ratio improvement, despite an increase of 1.8 points from higher catastrophe losses.

•2.7 percentage-point third-quarter 2023 benefit from favorable prior accident year reserve development of $53 million, compared with 2.4 points or $43 million for third-quarter 2022.

•3.8 percentage-point nine-month 2023 benefit from favorable prior accident year reserve development, compared with 2.8 points for the first nine months of 2022.

•1.3 percentage-point improvement, to 59.7%, for the nine-month 2023 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 3.0 points for the portion estimated as reserves for claims incurred but not reported (IBNR) and a decrease of 4.3 points for the case incurred portion.

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

CINF 3Q23 Release 3

Commercial Lines Insurance Results


(Dollars in millions)	Three months ended September 30,								Nine months ended September 30,
		2023			2022			% Change		2023			2022			% Change
Earned premiums		$	1,062		$	1,028		3		$	3,184		$	2,984		7
Fee revenues		1			1			0		3			3			0
Total revenues		1,063			1,029			3		3,187			2,987			7

Loss and loss expenses		680			710			(4)		2,136			2,046			4
Underwriting expenses		331			308			7		968			916			6
Underwriting profit		$	52		$	11		373		$	83		$	25		232

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		64.0		%	69.0		%	(5.0)		67.1		%	68.6		%	(1.5)
Underwriting expenses		31.2			30.0			1.2		30.4			30.7			(0.3)
Combined ratio		95.2		%	99.0		%	(3.8)		97.5		%	99.3		%	(1.8)

								% Change								% Change
Agency renewal written premiums		$	914		$	860		6		$	2,940		$	2,764		6
Agency new business written premiums		148			149			(1)		431			470			(8)
Other written premiums		(33)			(25)			(32)		(95)			(82)			(16)
Net written premiums		$	1,029		$	984		5		$	3,276		$	3,152		4

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		60.5		%	64.5		%	(4.0)		61.6		%	63.5		%	(1.9)
Current accident year catastrophe losses		6.8			4.9			1.9		9.5			6.8			2.7
Prior accident years before catastrophe losses		(3.2)			—			(3.2)		(3.9)			(1.1)			(2.8)
Prior accident years catastrophe losses		(0.1)			(0.4)			0.3		(0.1)			(0.6)			0.5
Loss and loss expense ratio		64.0		%	69.0		%	(5.0)		67.1		%	68.6		%	(1.5)

Current accident year combined ratio before catastrophe losses		91.7		%	94.5		%	(2.8)		92.0		%	94.2		%	(2.2)

•$45 million or 5% growth in third-quarter 2023 commercial lines net written premiums, primarily due to higher agency renewal written premiums. Four percent growth in nine-month net written premiums.

•$54 million or 6% increase in third-quarter renewal written premiums, with commercial lines average renewal pricing increases near the low end of the high-single-digit percent range.

•$1 million or 1% decrease in third-quarter 2023 new business premiums written by agencies, reflecting pricing discipline in a highly competitive market.

•3.8 percentage-point third-quarter 2023 combined ratio improvement, despite an increase of 2.2 points from higher catastrophe losses.

•1.8 percentage-point nine-month 2023 combined ratio improvement, despite an increase of 3.2 points from higher catastrophe losses.

•3.3 percentage-point third-quarter 2023 benefit from favorable prior accident year reserve development of $34 million, compared with 0.4 points or $4 million for third-quarter 2022.

•4.0 percentage-point nine-month 2023 benefit from favorable prior accident year reserve development, compared with 1.7 points for the first nine months of 2022.

CINF 3Q23 Release 4

Personal Lines Insurance Results


(Dollars in millions)	Three months ended September 30,								Nine months ended September 30,
		2023			2022			% Change		2023			2022			% Change
Earned premiums		$	527		$	431		22		$	1,484		$	1,246		19
Fee revenues		1			1			0		3			3			0
Total revenues		528			432			22		1,487			1,249			19

Loss and loss expenses		368			324			14		1,138			878			30
Underwriting expenses		159			126			26		441			373			18
Underwriting profit (loss)		$	1		$	(18)		nm		$	(92)		$	(2)		nm

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		69.8		%	75.2		%	(5.4)		76.7		%	70.5		%	6.2
Underwriting expenses		30.1			29.3			0.8		29.7			29.9			(0.2)
Combined ratio		99.9		%	104.5		%	(4.6)		106.4		%	100.4		%	6.0

								% Change								% Change
Agency renewal written premiums		$	542		$	437		24		$	1,471		$	1,208		22
Agency new business written premiums		122			81			51		307			221			39
Other written premiums		(18)			(16)			(13)		(55)			(43)			(28)
Net written premiums		$	646		$	502		29		$	1,723		$	1,386		24

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		56.3		%	59.5		%	(3.2)		58.3		%	59.4		%	(1.1)
Current accident year catastrophe losses		15.1			17.7			(2.6)		22.0			15.6			6.4
Prior accident years before catastrophe losses		(0.4)			(0.2)			(0.2)		(0.8)			(1.3)			0.5
Prior accident years catastrophe losses		(1.2)			(1.8)			0.6		(2.8)			(3.2)			0.4
Loss and loss expense ratio		69.8		%	75.2		%	(5.4)		76.7		%	70.5		%	6.2

Current accident year combined ratio before catastrophe losses		86.4		%	88.8		%	(2.4)		88.0		%	89.3		%	(1.3)

•$144 million or 29% growth in third-quarter 2023 personal lines net written premiums, including higher renewal written premiums that benefited from rate increases in the high-single-digit percent range and higher policy retention rates. Cincinnati Private ClientSM third-quarter 2023 net written premiums from our agencies’ high net worth clients grew 43%, to $356 million. Twenty-four percent growth in nine-month personal lines net written premiums.

•$41 million or 51% increase in third-quarter 2023 new business premiums written by agencies, with approximately half of the increase occurring in middle-market personal lines and reflecting expanded use of enhanced pricing precision tools.

•4.6 percentage-point third-quarter 2023 combined ratio improvement, including a decrease of 2.0 points in the ratio for catastrophe losses.

•6.0 percentage-point nine-month 2023 combined ratio increase, including an increase of 6.8 points from higher catastrophe losses.

•1.6 percentage-point third-quarter 2023 benefit from favorable prior accident year reserve development of $8 million, compared with 2.0 points or $8 million for third-quarter 2022.

•3.6 percentage-point nine-month 2023 benefit from favorable prior accident year reserve development, compared with 4.5 points for the first nine months of 2022.

CINF 3Q23 Release 5

Excess and Surplus Lines Insurance Results


(Dollars in millions)	Three months ended September 30,								Nine months ended September 30,
		2023			2022			% Change		2023			2022			% Change
Earned premiums		$	135		$	125		8		$	394		$	361		9
Fee revenues		1			1			0		2			2			0
Total revenues		136			126			8		396			363			9

Loss and loss expenses		87			86			1		257			226			14
Underwriting expenses		35			31			13		101			93			9
Underwriting profit		$	14		$	9		56		$	38		$	44		(14)

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		64.9		%	68.4		%	(3.5)		65.2		%	62.4		%	2.8
Underwriting expenses		25.6			25.5			0.1		25.7			26.0			(0.3)
Combined ratio		90.5		%	93.9		%	(3.4)		90.9		%	88.4		%	2.5

								% Change								% Change
Agency renewal written premiums		$	93		$	93		0		$	316		$	297		6
Agency new business written premiums		43			34			26		129			103			25
Other written premiums		(8)			(6)			(33)		(25)			(20)			(25)
Net written premiums		$	128		$	121		6		$	420		$	380		11

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		64.8		%	74.8		%	(10.0)		67.9		%	65.4		%	2.5
Current accident year catastrophe losses		(0.6)			(0.4)			(0.2)		0.8			0.8			0.0
Prior accident years before catastrophe losses		0.9			(5.9)			6.8		(3.3)			(3.6)			0.3
Prior accident years catastrophe losses		(0.2)			(0.1)			(0.1)		(0.2)			(0.2)			0.0
Loss and loss expense ratio		64.9		%	68.4		%	(3.5)		65.2		%	62.4		%	2.8

Current accident year combined ratio before catastrophe losses		90.4		%	100.3		%	(9.9)		93.6		%	91.4		%	2.2

•$7 million or 6% growth in third-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. Eleven percent growth in nine-month net written premiums.

•$9 million or 26% increase in third-quarter new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•3.4 percentage-point third-quarter 2023 combined ratio improvement, primarily due to lower current accident year loss and loss expenses.

•2.5 percentage-point nine-month 2023 combined ratio increase, primarily due to higher current accident year loss and loss expenses. The nine-month period increase of 2.5 percentage points in the ratio for current accident year loss and loss expenses included an increase of 9.1 points for the IBNR portion and a decrease of 6.6 points for the case incurred portion.

•Less than $1 million of third-quarter 2023 unfavorable prior accident year reserve development, compared with a favorable $7 million for third-quarter 2022.

•3.5 percentage-point nine-month 2023 benefit from favorable prior accident year reserve development, compared with 3.8 points for the first nine months of 2022.

CINF 3Q23 Release 6

Life Insurance Subsidiary Results


(Dollars in millions)	Three months ended September 30,						Nine months ended September 30,
		2023		2022		% Change		2023		2022		% Change
Term life insurance		$	56	$	55	2		$	170	$	165	3
Whole life insurance		12		11		9		37		34		9
Universal life and other		8		9		(11)		26		27		(4)
Earned premiums		76		75		1		233		226		3
Investment income, net of expenses		46		43		7		137		127		8
Investment gains and losses, net		—		(1)		100		(1)		(1)		0
Fee revenues		3		2		50		8		4		100
Total revenues		125		119		5		377		356		6
Contract holders’ benefits incurred		71		70		1		230		228		1
Underwriting expenses incurred		22		21		5		64		63		2
Total benefits and expenses		93		91		2		294		291		1
Net income before income tax		32		28		14		83		65		28
Income tax provision		7		5		40		18		14		29
Net income of the life insurance subsidiary		$	25	$	23	9		$	65	$	51	27

•$1 million increase in third-quarter 2023 earned premiums, including a 2% increase for term life insurance, our largest life insurance product line.

•$14 million increase in nine-month 2023 life insurance subsidiary net income, primarily from more favorable mortality experience, higher investment income and higher fee revenues.

•$81 million or 8% nine-month 2023 increase, to $1.102 billion, in GAAP shareholders’ equity for the life insurance subsidiary, primarily from net income and the impact of an increase in market value discount rates on life policy and investment contract reserves.

CINF 3Q23 Release 7

Investment and Balance Sheet Highlights

Investments Results


(Dollars in millions)	Three months ended September 30,							Nine months ended September 30,
	2023			2022			% Change		2023			2022			% Change
Investment income, net of expenses	$	225		$	193		17		$	655		$	573		14
Investment interest credited to contract holders	(31)			(27)			(15)		(91)			(82)			(11)
Investment gains and losses, net	(456)			(674)			32		84			(2,494)			nm
Investments profit (loss)	$	(262)		$	(508)		48		$	648		$	(2,003)		nm

Investment income:
Interest	$	154		$	129		19		$	441		$	376		17
Dividends	69			66			5		205			203			1
Other	5			3			67		18			6			200
Less investment expenses	3			5			(40)		9			12			(25)
Investment income, pretax	225			193			17		655			573			14
Less income taxes	37			30			23		106			90			18
Total investment income, after-tax	$	188		$	163		15		$	549		$	483		14

Investment returns:
Average invested assets plus cash and cash equivalents	$	25,490		$	23,323				$	25,025		$	24,081
Average yield pretax	3.53		%	3.31		%			3.49		%	3.17		%
Average yield after-tax	2.95			2.80					2.93			2.67
Effective tax rate	16.3			15.8					16.2			15.8
Fixed-maturity returns:
Average amortized cost	$	13,879		$	12,655				$	13,515		$	12,521
Average yield pretax	4.44		%	4.08		%			4.35		%	4.00		%
Average yield after-tax	3.66			3.38					3.59			3.32
Effective tax rate	17.6			17.1					17.4			17.1

•$32 million or 17% rise in third-quarter 2023 pretax investment income, including a 19% increase in interest income from fixed-maturity securities and a 5% increase in equity portfolio dividends.

•$825 million third-quarter 2023 decrease in 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 September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Investment gains and losses on equity securities sold, net	$	(5)	$	16	$	2	$	34
Unrealized gains and losses on equity securities still held, net	(458)		(705)		99		(2,568)
Investment gains and losses on fixed-maturity securities, net	—		—		(4)		3
Other	7		15		(13)		37
Subtotal - investment gains and losses reported in net income	(456)		(674)		84		(2,494)

Change in unrealized investment gains and losses - fixed maturities	(369)		(514)		(360)		(1,870)
Total	$	(825)	$	(1,188)	$	(276)	$	(4,364)

CINF 3Q23 Release 8

Balance Sheet Highlights


(Dollars in millions, except share data)	At September 30,				At December 31,
		2023				2022
Total investments		$	23,408			$	22,425
Total assets		30,915				29,732
Short-term debt		25				50
Long-term debt		790				789
Shareholders’ equity		10,624				10,562
Book value per share		67.72				67.21
Debt-to-total-capital ratio		7.1		%		7.4		%

•$24.307 billion in consolidated cash and total investments at September 30, 2023, an increase of 3% from $23.689 billion at year-end 2022.

•$12.843 billion bond portfolio at September 30, 2023, with an average rating of A2/A. Fair value decreased $27 million during the third quarter of 2023, offsetting $295 million in net purchases of fixed-maturity securities.

•$10.031 billion equity portfolio was 42.9% of total investments, including $5.632 billion in appreciated value before taxes at September 30, 2023. Third-quarter 2023 decrease in fair value of $471 million, including $4 million in net sales of equity securities.

•$2.61 third-quarter 2023 decrease in book value per share, including an addition of $1.66 from net income before investment gains and $0.67 for other items that were offset by $4.19 from investment portfolio net investment losses or changes in unrealized gains for fixed-maturity securities and $0.75 from dividends declared to shareholders.

•Value creation ratio of 4.4% for the first nine months of 2023, including 5.6% from net income before investment gains, which includes underwriting and investment income, and negative 1.9% 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 3Q23 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, war in the Middle East 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 3Q23 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 3Q23 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 3Q23 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets and Statements of Income (unaudited)


(Dollars in millions)					September 30,		December 31,
					2023		2022
Assets
Investments					$	23,408	$	22,425
Cash and cash equivalents					899		1,264

Premiums receivable					2,654		2,322
Reinsurance recoverable					699		665
Deferred policy acquisition costs					1,101		1,013
Other assets					2,154		2,043
Total assets					$	30,915	$	29,732

Liabilities
Insurance reserves					$	11,997	$	11,415
Unearned premiums					4,195		3,689
Deferred income tax					997		1,054
Long-term debt and lease obligations					844		841
Other liabilities					2,258		2,171
Total liabilities					20,291		19,170

Shareholders’ Equity
Common stock and paid-in capital					1,819		1,789
Retained earnings					12,018		11,711
Accumulated other comprehensive income					(827)		(614)
Treasury stock					(2,386)		(2,324)
Total shareholders' equity					10,624		10,562
Total liabilities and shareholders' equity					$	30,915	$	29,732

(Dollars in millions, except per share data)	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Revenues
Earned premiums	$	2,033	$	1,884	$	5,894	$	5,350
Investment income, net of expenses	225		193		655		573
Investment gains and losses, net	(456)		(674)		84		(2,494)
Other revenues	9		7		24		19
Total revenues	1,811		1,410		6,657		3,448

Benefits and Expenses
Insurance losses and contract holders' benefits	1,332		1,418		4,070		3,772
Underwriting, acquisition and insurance expenses	609		551		1,744		1,604
Interest expense	13		14		40		40
Other operating expenses	5		4		17		13
Total benefits and expenses	1,959		1,987		5,871		5,429

Income (Loss) Before Income Taxes	(148)		(577)		786		(1,981)

Provision (Benefit) for Income Taxes	(49)		(161)		126		(481)

Net Income (Loss)	$	(99)	$	(416)	$	660	$	(1,500)

Per Common Share:
Net income (loss)—basic	$	(0.63)	$	(2.63)	$	4.20	$	(9.42)
Net income (loss)—diluted	(0.63)		(2.63)		4.17		(9.42)

CINF 3Q23 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 3Q23 Release 14

Cincinnati Financial Corporation


Net Income Reconciliation

(Dollars in millions, except per share data)	Three months ended September 30,					Nine months ended September 30,
		2023		2022			2023		2022
Net income (loss)		$	(99)	$	(416)		$	660	$	(1,500)
Less:
Investment gains and losses, net		(456)		(674)			84		(2,494)
Income tax on investment gains and losses		96		142			(17)		524
Investment gains and losses, after-tax		(360)		(532)			67		(1,970)

Non-GAAP operating income		$	261	$	116		$	593	$	470

Diluted per share data:
Net income (loss)		$	(0.63)	$	(2.63)		$	4.17	$	(9.42)
Less:
Investment gains and losses, net		(2.90)		(4.26)			0.53		(15.65)
Income tax on investment gains and losses		0.61		0.89			(0.11)		3.28
Investment gains and losses, after-tax		(2.29)		(3.37)			0.42		(12.37)

Non-GAAP operating income		$	1.66	$	0.74		$	3.75	$	2.95


Life Insurance Reconciliation

(Dollars in millions)	Three months ended September 30,					Nine months ended September 30,
		2023		2022			2023		2022
Net income of the life insurance subsidiary		$	25	$	23		$	65	$	51
Investment gains and losses, net		—		(1)			(1)		(1)
Income tax on investment gains and losses		—		—			—		—
Non-GAAP operating income		25		24			66		52

Investment income, net of expenses		(46)		(43)			(137)		(127)
Investment income credited to contract holders		31		27			91		82
Income tax excluding tax on investment gains and losses, net		7		5			18		14
Life insurance segment profit		$	17	$	13		$	38	$	21

CINF 3Q23 Release 15


Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended September 30, 2023
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	1,957		$	1,029		$	646		$	128		$	154
Unearned premiums change		—			33			(119)			7			79
Earned premiums		$	1,957		$	1,062		$	527		$	135		$	233

Underwriting profit		$	112		$	52		$	1		$	14		$	45

(Dollars in millions)	Nine months ended September 30, 2023
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	6,126		$	3,276		$	1,723		$	420		$	707
Unearned premiums change		(465)			(92)			(239)			(26)			(108)
Earned premiums		$	5,661		$	3,184		$	1,484		$	394		$	599

Underwriting profit (loss)		$	149		$	83		$	(92)		$	38		$	120

(Dollars in millions)	Three months ended September 30, 2022
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	1,750		$	984		$	502		$	121		$	143
Unearned premiums change		59			44			(71)			4			82
Earned premiums		$	1,809		$	1,028		$	431		$	125		$	225

Underwriting profit (loss)		$	(66)		$	11		$	(18)		$	9		$	(68)

(Dollars in millions)	Nine months ended September 30, 2022
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	5,613		$	3,152		$	1,386		$	380		$	695
Unearned premiums change		(489)			(168)			(140)			(19)			(162)
Earned premiums		$	5,124		$	2,984		$	1,246		$	361		$	533

Underwriting profit (loss)		$	47		$	25		$	(2)		$	44		$	(20)

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 3Q23 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 September 30,							Nine months ended September 30,
		2023			2022				2023			2022
Book value change per share
Book value as originally reported September 30, 2022												$	60.01
Cumulative effect of change in accounting for long-duration insurance contracts, net of tax												0.31
Book value as adjusted September 30, 2022												$	60.32

Value creation ratio:
End of period book value* - as originally reported		$	67.72		$	60.01			$	67.72		$	60.01
Less beginning of period book value - as originally reported		70.33			66.30				67.01			81.72
Change in book value - as originally reported		(2.61)			(6.29)				0.71			(21.71)
Dividend declared to shareholders		0.75			0.69				2.25			2.07
Total value creation		$	(1.86)		$	(5.60)			$	2.96		$	(19.64)

Value creation ratio from change in book value**		(3.7)		%	(9.4)		%		1.1		%	(26.5)		%
Value creation ratio from dividends declared to shareholders***		1.1			1.0				3.3			2.5
Value creation ratio		(2.6)		%	(8.4)		%		4.4		%	(24.0)		%

* 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 3Q23 Release 17

Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending September 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 October 25, 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 Third-Quarter 2023 Supplemental Financial Data


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

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

Consolidated

	CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 2023	4
	CFC and Subsidiaries Consolidation – Three Months Ended September 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 – Nine Months Ended September 30, 2023	11
	Loss and Loss Expense Analysis – Three Months Ended September 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 Third-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 Third-Quarter 2023 Supplemental Financial Data


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

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	5,913	$	—	$	—	$	—	$	5,913
Life	—		—		293		—		—		293
Premiums ceded	—		(252)		(60)		—		—		(312)
Total earned premium	—		5,661		233		—		—		5,894
Investment income, net of expenses	75		443		137		—		—		655
Investment gains and losses, net	161		(76)		(1)		—		—		84
Fee revenues	—		8		8		—		—		16
Other revenues	11		4		—		5		(12)		8
Total revenues	$	247	$	6,040	$	377	$	5	$	(12)	$	6,657

Benefits & expenses
Losses & contract holders' benefits	$	—	$	4,000	$	289	$	—	$	—	$	4,289
Reinsurance recoveries	—		(160)		(59)		—		—		(219)
Underwriting, acquisition and insurance expenses	—		1,680		64		—		—		1,744
Interest expense	39		—		—		1		—		40
Other operating expenses	25		2		—		2		(12)		17
Total expenses	$	64	$	5,522	$	294	$	3	$	(12)	$	5,871

Income before income taxes	$	183	$	518	$	83	$	2	$	—	$	786

Provision (benefit) for income taxes
Current operating income (loss)	$	(39)	$	125	$	20	$	—	$	—	$	106
Capital gains/losses	34		(16)		—		—		—		18
Deferred	37		(33)		(2)		—		—		2
Total provision for income taxes	$	32	$	76	$	18	$	—	$	—	$	126

Net income - current year	$	151	$	442	$	65	$	2	$	—	$	660

Net income (loss) - prior year	$	(874)	$	(680)	$	51	$	3	$	—	$	(1,500)
*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 Third-Quarter 2023 Supplemental Financial Data


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

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	2,054	$	—	$	—	$	—	$	2,054
Life	—		—		97		—		—		97
Premiums ceded	—		(97)		(21)		—		—		(118)
Total earned premium	—		1,957		76		—		—		2,033
Investment income, net of expenses	25		154		46		—		—		225
Investment gains and losses, net	(220)		(236)		—		—		—		(456)
Fee revenues	—		3		3		—		—		6
Other revenues	4		1		—		2		(4)		3
Total revenues	$	(191)	$	1,879	$	125	$	2	$	(4)	$	1,811

Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,302	$	92	$	—	$	—	$	1,394
Reinsurance recoveries	—		(41)		(21)		—		—		(62)
Underwriting, acquisition and insurance expenses	—		587		22		—		—		609
Interest expense	13		—		—		—		—		13
Other operating expenses	8		—		—		1		(4)		5
Total expenses	$	21	$	1,848	$	93	$	1	$	(4)	$	1,959

Income (loss) before income taxes	$	(212)	$	31	$	32	$	1	$	—	$	(148)

Provision (benefit) for income taxes
Current operating income	$	42	$	107	$	4	$	—	$	—	$	153
Capital gains/losses	(46)		(50)		—		—		—		(96)
Deferred	(44)		(65)		3		—		—		(106)
Total provision (benefit) for income taxes	$	(48)	$	(8)	$	7	$	—	$	—	$	(49)

Net income (loss) - current year	$	(164)	$	39	$	25	$	1	$	—	$	(99)

Net income (loss) - prior year	$	(211)	$	(229)	$	23	$	1	$	—	$	(416)
*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 Third-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		$	24	$	43	$	36	$	44	$	38	$	38	$	23	$	79	$	61	$	103	$	99		$	143
Current accident year losses $2 million - $5 million		52		35		15		19		41		36		39		50		75		102		116			135
Large loss prior accident year reserve development		32		19		9		(17)		16		22		9		28		31		60		47			30
Total large losses incurred		$	108	$	97	$	60	$	46	$	95	$	96	$	71	$	157	$	167	$	265	$	262		$	308
Losses incurred but not reported		150		96		179		136		131		74		36		324		110		474		241			377
Other losses excluding catastrophe losses		639		675		641		681		700		705		651		1,267		1,356		1,906		2,056			2,737
Catastrophe losses		170		217		227		134		246		208		24		444		232		614		478			612
Total losses incurred		$	1,067	$	1,085	$	1,107	$	997	$	1,172	$	1,083	$	782	$	2,192	$	1,865	$	3,259	$	3,037		$	4,034
Commercial Lines
Current accident year losses greater than $5 million		$	18	$	28	$	30	$	34	$	30	$	15	$	16	$	58	$	31	$	76	$	61		$	95
Current accident year losses $2 million - $5 million		28		28		12		8		29		29		37		40		66		68		95			103
Large loss prior accident year reserve development		30		19		3		(17)		14		22		7		22		29		52		43			26
Total large losses incurred		$	76	$	75	$	45	$	25	$	73	$	66	$	60	$	120	$	126	$	196	$	199		$	224
Losses incurred but not reported		88		29		125		108		97		61		38		154		99		242		196			304
Other losses excluding catastrophe losses		336		384		335		386		386		401		362		719		763		1,055		1,149			1,535
Catastrophe losses		67		115		106		96		44		124		11		221		135		288		179			275
Total losses incurred		$	567	$	603	$	611	$	615	$	600	$	652	$	471	$	1,214	$	1,123	$	1,781	$	1,723		$	2,338
Personal Lines
Current accident year losses greater than $5 million		$	6	$	15	$	6	$	10	$	8	$	23	$	7	$	21	$	30	$	27	$	38		$	48
Current accident year losses $2 million - $5 million		24		7		3		11		12		5		2		10		7		34		19			30
Large loss prior accident year reserve development		2		1		6		—		2		—		2		7		2		9		4			4
Total large losses incurred		$	32	$	23	$	15	$	21	$	22	$	28	$	11	$	38	$	39	$	70	$	61		$	82
Losses incurred but not reported		7		26		27		(2)		9		12		(14)		53		(2)		60		7			5
Other losses excluding catastrophe losses		210		194		187		190		185		187		176		381		363		591		548			738
Catastrophe losses		71		93		113		36		66		78		6		206		84		277		150			186
Total losses incurred		$	320	$	336	$	342	$	245	$	282	$	305	$	179	$	678	$	484	$	998	$	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)		—		(1)		—			—
Total large losses incurred		$	—	$	(1)	$	—	$	—	$	—	$	2	$	—	$	(1)	$	2	$	(1)	$	2		$	2
Losses incurred but not reported		16		20		27		30		25		1		12		47		13		63		38			68
Other losses excluding catastrophe losses		45		45		28		31		40		46		36		73		82		118		122			153
Catastrophe losses		(1)		2		1		2		(1)		2		1		3		3		2		2			4
Total losses incurred		$	60	$	66	$	56	$	63	$	64	$	51	$	49	$	122	$	100	$	182	$	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 Third-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		1.2	%	2.4	%	1.9	%	2.4	%	2.1	%	2.2	%	1.4	%	2.2	%	1.8	%	1.8	%	1.9	%		2.1	%
Current accident year losses $2 million - $5 million		2.7		1.9		0.8		1.1		2.3		2.2		2.4		1.3		2.3		1.8		2.3			2.0
Large loss prior accident year reserve development		1.6		1.0		0.5		(0.9)		0.9		1.3		0.6		0.8		0.9		1.1		0.9			0.4
Total large loss ratio		5.5	%	5.3	%	3.2	%	2.6	%	5.3	%	5.7	%	4.4	%	4.3	%	5.0	%	4.7	%	5.1	%		4.5	%
Losses incurred but not reported		7.6		5.2		9.7		7.6		7.2		4.4		2.2		8.7		3.3		8.4		4.7			5.5
Other losses excluding catastrophe losses		32.7		36.1		34.9		37.8		38.7		41.4		40.2		34.2		40.9		33.7		40.2			39.5
Catastrophe losses		8.7		11.6		12.3		7.4		13.6		12.3		1.5		12.0		7.0		10.8		9.3			8.8
Total loss ratio		54.5	%	58.2	%	60.1	%	55.4	%	64.8	%	63.8	%	48.3	%	59.2	%	56.2	%	57.6	%	59.3	%		58.3	%
Commercial Lines
Current accident year losses greater than $5 million		1.7	%	2.6	%	2.8	%	3.3	%	3.0	%	1.4	%	1.7	%	2.8	%	1.6	%	2.4	%	2.0	%		2.4	%
Current accident year losses $2 million - $5 million		2.6		2.7		1.1		0.7		2.8		3.0		3.8		1.9		3.3		2.1		3.3			2.6
Large loss prior accident year reserve development		2.8		1.8		0.3		(1.6)		1.3		2.2		0.7		1.0		1.5		1.6		1.4			0.6
Total large loss ratio		7.1	%	7.1	%	4.2	%	2.4	%	7.1	%	6.6	%	6.2	%	5.7	%	6.4	%	6.1	%	6.7	%		5.6	%
Losses incurred but not reported		8.3		2.7		11.8		10.4		9.4		6.1		4.0		7.2		5.1		7.6		6.6			7.6
Other losses excluding catastrophe losses		31.7		35.9		31.9		37.1		37.7		40.4		37.5		33.9		39.0		33.2		38.4			38.1
Catastrophe losses		6.3		10.8		10.0		9.3		4.2		12.5		1.2		10.4		6.9		9.0		6.0			6.8
Total loss ratio		53.4	%	56.5	%	57.9	%	59.2	%	58.4	%	65.6	%	48.9	%	57.2	%	57.4	%	55.9	%	57.7	%		58.1	%
Personal Lines
Current accident year losses greater than $5 million		1.1	%	3.0	%	1.3	%	2.1	%	1.9	%	5.7	%	1.7	%	2.2	%	3.7	%	1.8	%	3.1	%		2.8	%
Current accident year losses $2 million - $5 million		4.7		1.4		0.6		2.6		2.6		1.3		0.5		1.0		0.9		2.3		1.5			1.8
Large loss prior accident year reserve development		0.4		0.2		1.4		—		0.6		—		0.5		0.8		0.2		0.6		0.3			0.3
Total large loss ratio		6.2	%	4.6	%	3.3	%	4.7	%	5.1	%	7.0	%	2.7	%	4.0	%	4.8	%	4.7	%	4.9	%		4.9	%
Losses incurred but not reported		1.2		5.3		5.9		(0.3)		2.0		3.1		(3.6)		5.6		(0.2)		4.0		0.6			0.3
Other losses excluding catastrophe losses		39.9		39.4		40.2		42.8		43.0		44.8		44.0		39.7		44.5		39.9		44.0			43.7
Catastrophe losses		13.4		19.0		24.3		8.1		15.5		18.8		1.4		21.6		10.2		18.7		12.0			11.0
Total loss ratio		60.7	%	68.3	%	73.7	%	55.3	%	65.6	%	73.7	%	44.5	%	70.9	%	59.3	%	67.3	%	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)		—		(0.2)		—			—
Total large loss ratio		—	%	(0.4)	%	(0.3)	%	0.1	%	—	%	1.6	%	—	%	(0.3)	%	0.8	%	(0.2)	%	0.6	%		0.4	%
Losses incurred but not reported		11.9		15.2		21.3		24.4		20.0		0.7		10.6		18.0		5.4		15.9		10.5			14.0
Other losses excluding catastrophe losses		33.2		33.5		22.2		24.6		32.4		38.1		31.3		28.1		34.9		29.9		33.9			31.6
Catastrophe losses		(0.9)		1.3		1.1		1.3		(0.5)		1.1		1.1		1.2		1.1		0.5		0.6			0.8
Total loss ratio		44.2	%	49.6	%	44.3	%	50.4	%	51.9	%	41.5	%	43.0	%	47.0	%	42.2	%	46.1	%	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 Third-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		4	6	5	7	6	6	3	11	9	15	15		22
Current accident year reported losses $2 million - $5 million		19	11	5	13	15	15	15	16	28	35	42		51
Prior accident year reported losses on large losses		3	7	3	2	6	8	6	10	14	13	20		22
Non-Catastrophe reported losses on large losses total		26	24	13	22	27	29	24	37	51	63	77		95
Commercial Lines
Current accident year reported losses greater than $5 million		3	4	4	5	5	2	2	8	4	11	9		14
Current accident year reported losses $2 million - $5 million		11	9	4	6	12	12	14	13	24	24	35		39
Prior accident year reported losses on large losses		3	7	2	2	6	8	5	9	13	12	19		21
Non-Catastrophe reported losses on large losses total		17	20	10	13	23	22	21	30	41	47	63		74
Personal Lines
Current accident year reported losses greater than $5 million		1	2	1	2	1	4	1	3	5	4	6		8
Current accident year reported losses $2 million - $5 million		8	2	1	6	3	2	1	3	3	11	6		11
Prior accident year reported losses on large losses		—	—	1	—	—	—	1	1	1	1	1		1
Non-Catastrophe reported losses on large losses total		9	4	3	8	4	6	3	7	9	16	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 Third-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		$	331		$	378		$	404		$	353		$	326		$	376		$	389		$	782		$	765		$	1,114		$	1,091			$	1,444
Year over year change %- written premium		2		%	1		%	4		%	11		%	10		%	11		%	7		%	2		%	9		%	2		%	9		%		10		%
Earned premiums		$	365		$	373		$	377		$	370		$	360		$	350		$	336		$	750		$	686		$	1,115		$	1,046			$	1,416
Current accident year before catastrophe losses		68.3		%	70.5		%	72.6		%	72.4		%	73.7		%	75.0		%	65.6		%	71.6		%	70.4		%	70.5		%	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			(3.2)			2.4				1.7
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		68.3		%	61.3		%	72.3		%	72.2		%	80.1		%	74.3		%	67.0		%	66.8		%	70.7		%	67.3		%	74.0		%		73.5		%
Commercial property:
Net written premiums		$	344		$	335		$	316		$	297		$	309		$	308		$	297		$	650		$	606		$	994		$	915			$	1,212
Year over year change %- written premium		11		%	9		%	6		%	10		%	11		%	12		%	11		%	7		%	12		%	9		%	12		%		11		%
Earned premiums		$	321		$	312		$	299		$	290		$	292		$	280		$	274		$	611		$	554		$	933		$	846			$	1,136
Current accident year before catastrophe losses		45.2		%	43.4		%	49.0		%	42.5		%	47.4		%	54.5		%	52.4		%	46.1		%	53.4		%	45.8		%	51.3		%		49.1		%
Current accident year catastrophe losses		23.0			35.0			34.7			38.3			14.7			44.4			5.1			34.9			24.9			30.8			21.4				25.7
Prior accident years before catastrophe losses		(2.8)			(1.5)			(7.8)			(0.5)			(6.7)			0.6			(2.4)			(4.6)			(0.8)			(4.0)			(2.9)				(2.2)
Prior accident years catastrophe losses		(0.5)			(1.4)			2.4			(2.2)			(1.4)			(3.0)			0.5			0.5			(1.3)			0.2			(1.3)				(1.6)
Total loss and loss expense ratio		64.9		%	75.5		%	78.3		%	78.1		%	54.0		%	96.5		%	55.6		%	76.9		%	76.2		%	72.8		%	68.5		%		71.0		%
Commercial auto:
Net written premiums		$	199		$	233		$	239		$	201		$	194		$	226		$	237		$	472		$	463		$	671		$	657			$	858
Year over year change %- written premium		3		%	3		%	1		%	4		%	6		%	5		%	6		%	2		%	5		%	2		%	6		%		5		%
Earned premiums		$	216		$	214		$	213		$	215		$	213		$	210		$	205		$	428		$	415		$	644		$	627			$	842
Current accident year before catastrophe losses		70.1		%	68.3		%	73.5		%	72.6		%	78.8		%	66.5		%	67.0		%	70.9		%	66.7		%	70.6		%	70.8		%		71.3		%
Current accident year catastrophe losses		(0.8)			6.7			0.9			(2.4)			3.3			5.1			0.9			3.8			3.1			2.3			3.1				1.7
Prior accident years before catastrophe losses		0.7			(1.4)			2.7			3.6			7.5			2.8			(0.7)			0.7			1.1			0.6			3.3				3.3
Prior accident years catastrophe losses		—			(0.3)			(1.5)			—			—			(0.5)			(2.1)			(1.0)			(1.3)			(0.6)			(0.9)				(0.6)
Total loss and loss expense ratio		70.0		%	73.3		%	75.6		%	73.8		%	89.6		%	73.9		%	65.1		%	74.4		%	69.6		%	72.9		%	76.3		%		75.7		%
Workers' compensation:
Net written premiums		$	57		$	65		$	82		$	64		$	60		$	69		$	86		$	147		$	154		$	203		$	214			$	278
Year over year change %- written premium		(5)		%	(6)		%	(5)		%	8		%	13		%	—		%	(2)		%	(5)		%	(2)		%	(5)		%	2		%		3		%
Earned premiums		$	66		$	72		$	74		$	75		$	73		$	68		$	67		$	146		$	136		$	212		$	209			$	284
Current accident year before catastrophe losses		90.3		%	90.0		%	83.2		%	76.0		%	80.3		%	83.5		%	84.5		%	86.5		%	84.0		%	87.7		%	82.7		%		80.9		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(30.7)			(15.4)			(19.6)			(27.0)			(21.5)			(25.9)			(14.3)			(17.5)			(20.2)			(21.6)			(20.6)				(22.3)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		59.6		%	74.6		%	63.6		%	49.0		%	58.8		%	57.6		%	70.2		%	69.0		%	63.8		%	66.1		%	62.1		%		58.6		%
Other commercial:
Net written premiums		$	98		$	95		$	100		$	92		$	95		$	93		$	87		$	196		$	180		$	294		$	275			$	367
Year over year change %- written premium		3		%	2		%	15		%	15		%	13		%	18		%	12		%	9		%	15		%	7		%	14		%		14		%
Earned premiums		$	94		$	95		$	93		$	90		$	90		$	86		$	80		$	187		$	165		$	280		$	256			$	346
Current accident year before catastrophe losses		39.1		%	35.2		%	38.1		%	33.3		%	37.7		%	37.3		%	38.2		%	36.6		%	37.7		%	37.4		%	37.7		%		36.6		%
Current accident year catastrophe losses		0.2			0.1			—			—			0.1			0.1			—			0.1			0.1			0.1			0.1				0.1
Prior accident years before catastrophe losses		(5.8)			(0.8)			(2.5)			(4.7)			(4.3)			(7.4)			(2.9)			(1.6)			(5.3)			(3.0)			(4.9)				(4.9)
Prior accident years catastrophe losses		—			—			(0.1)			—			—			—			—			(0.1)			—			—			—				—
Total loss and loss expense ratio		33.5		%	34.5		%	35.5		%	28.6		%	33.5		%	30.0		%	35.3		%	35.0		%	32.5		%	34.5		%	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 Third-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		$	227		$	212		$	163		$	158		$	179		$	177		$	140		$	374		$	316		$	602		$	496			$	654
Year over year change %- written premium		27		%	20		%	16		%	12		%	8		%	7		%	3		%	18		%	5		%	21		%	6		%		8		%
Earned premiums		$	185		$	173		$	166		$	161		$	158		$	155		$	152		$	339		$	307		$	524		$	465			$	626
Current accident year before catastrophe losses		73.2		%	76.6		%	78.8		%	77.4		%	74.3		%	74.5		%	69.4		%	77.7		%	72.0		%	76.0		%	72.8		%		74.0		%
Current accident year catastrophe losses		(3.4)			8.9			4.2			(4.6)			15.9			6.1			1.4			6.6			3.7			3.1			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			(1.2)			1.9				1.6
Prior accident years catastrophe losses		(0.1)			(0.7)			(2.7)			—			(0.1)			(0.6)			(4.7)			(1.7)			(2.7)			(1.1)			(1.8)				(1.3)
Total loss and loss expense ratio		69.7		%	80.7		%	80.6		%	73.5		%	93.5		%	81.4		%	67.0		%	80.7		%	74.2		%	76.8		%	80.8		%		78.9		%
Homeowner:
Net written premiums		$	339		$	330		$	222		$	226		$	255		$	260		$	181		$	552		$	441		$	890		$	695			$	921
Year over year change %- written premium		33		%	27		%	23		%	20		%	19		%	23		%	16		%	25		%	20		%	28		%	20		%		20		%
Earned premiums		$	271		$	251		$	232		$	220		$	213		$	202		$	195		$	484		$	397		$	755		$	609			$	829
Current accident year before catastrophe losses		45.0		%	47.4		%	46.5		%	42.1		%	47.3		%	54.8		%	45.9		%	46.9		%	50.4		%	46.3		%	49.3		%		47.4		%
Current accident year catastrophe losses		30.2			33.5			56.1			22.4			20.9			38.6			13.0			44.4			26.1			39.3			24.3				23.8
Prior accident years before catastrophe losses		(1.0)			0.7			(2.6)			0.2			1.6			(2.5)			(8.7)			(0.8)			(5.5)			(0.9)			(3.0)				(2.2)
Prior accident years catastrophe losses		(2.1)			(3.9)			(9.1)			(1.5)			(3.8)			(5.2)			(7.2)			(6.4)			(6.2)			(4.9)			(5.4)				(4.3)
Total loss and loss expense ratio		72.1		%	77.7		%	90.9		%	63.2		%	66.0		%	85.7		%	43.0		%	84.1		%	64.8		%	79.8		%	65.2		%		64.7		%
Other personal:
Net written premiums		$	80		$	87		$	63		$	61		$	68		$	73		$	53		$	151		$	127		$	231		$	195			$	256
Year over year change %- written premium		18		%	19		%	19		%	15		%	21		%	18		%	15		%	19		%	18		%	18		%	19		%		18		%
Earned premiums		$	71		$	69		$	66		$	62		$	60		$	56		$	55		$	134		$	111		$	205		$	172			$	234
Current accident year before catastrophe losses		55.7		%	56.7		%	58.9		%	54.1		%	63.8		%	64.6		%	47.2		%	57.7		%	56.0		%	57.1		%	58.7		%		57.5		%
Current accident year catastrophe losses		5.4			11.7			3.5			(0.1)			10.8			5.2			0.9			7.7			3.1			6.9			5.8				4.2
Prior accident years before catastrophe losses		1.0			2.3			(1.2)			(4.4)			(15.7)			1.4			4.6			0.6			3.0			0.7			(3.5)				(3.8)
Prior accident years catastrophe losses		(0.4)			0.7			1.3			(0.1)			0.4			0.4			0.4			1.0			0.3			0.5			0.4				0.3
Total loss and loss expense ratio		61.7		%	71.4		%	62.5		%	49.5		%	59.3		%	71.6		%	53.1		%	67.0		%	62.4		%	65.2		%	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		$	128		$	156		$	136		$	122		$	121		$	135		$	124		$	292		$	259		$	420		$	380			$	502
Year over year change %- written premium		6		%	16		%	10		%	13		%	16		%	17		%	25		%	13		%	21		%	11		%	19		%		18		%
Earned premiums		$	135		$	132		$	127		$	124		$	125		$	124		$	112		$	259		$	236		$	394		$	361			$	485
Current accident year before catastrophe losses		64.8		%	69.7		%	69.2		%	66.4		%	74.8		%	59.5		%	61.8		%	69.5		%	60.6		%	67.9		%	65.4		%		65.7		%
Current accident year catastrophe losses		(0.6)			1.4			1.5			1.6			(0.4)			1.2			1.5			1.4			1.3			0.8			0.8				1.0
Prior accident years before catastrophe losses		0.9			(4.7)			(6.2)			3.8			(5.9)			(0.4)			(4.6)			(5.4)			(2.4)			(3.3)			(3.6)				(1.7)
Prior accident years catastrophe losses		(0.2)			—			(0.3)			(0.2)			(0.1)			(0.1)			(0.4)			(0.1)			(0.2)			(0.2)			(0.2)				(0.2)
Total loss and loss expense ratio		64.9		%	66.4		%	64.2		%	71.6		%	68.4		%	60.2		%	58.3		%	65.4		%	59.3		%	65.2		%	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 Third-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 nine months ended September 30, 2023
Commercial casualty	$	423	$	129	$	552	$	(32)	$	199	$	41	$	208	$	391	$	199	$	170	$	760
Commercial property	690		59		749		130		(124)		9		15		820		(124)		68		764
Commercial auto	362		62		424		(22)		55		13		46		340		55		75		470
Workers' compensation	94		23		117		26		3		3		32		120		3		26		149
Other commercial	76		13		89		56		7		4		67		132		7		17		156
Total commercial lines	1,645		286		1,931		158		140		70		368		1,803		140		356		2,299

Personal auto	310		64		374		(11)		30		9		28		299		30		73		402
Homeowners	524		53		577		41		(13)		6		34		565		(13)		59		611
Other personal	90		6		96		11		24		1		36		101		24		7		132
Total personal lines	924		123		1,047		41		41		16		98		965		41		139		1,145

Excess & surplus lines	93		43		136		35		63		33		131		128		63		76		267
Other	206		11		217		(22)		94		—		72		184		94		11		289
Total property casualty	$	2,868	$	463	$	3,331	$	212	$	338	$	119	$	669	$	3,080	$	338	$	582	$	4,000

Ceded loss and loss expense incurred for the nine months ended September 30, 2023
Commercial casualty	$	24	$	—	$	24	$	(17)	$	2	$	—	$	(15)	$	7	$	2	$	—	$	9
Commercial property	54		1		55		63		(32)		—		31		117		(32)		1		86
Commercial auto	1		—		1		—		—		—		—		1		—		—		1
Workers' compensation	7		—		7		2		—		—		2		9		—		—		9
Other commercial	7		—		7		49		2		—		51		56		2		—		58
Total commercial lines	93		1		94		97		(28)		—		69		190		(28)		1		163

Personal auto	2		—		2		(1)		(1)		—		(2)		1		(1)		—		—
Homeowners	13		—		13		8		(13)		—		(5)		21		(13)		—		8
Other personal	—		—		—		1		(2)		—		(1)		1		(2)		—		(1)
Total personal lines	15		—		15		8		(16)		—		(8)		23		(16)		—		7

Excess & surplus lines	3		—		3		5		2		—		7		8		2		—		10
Other	34		—		34		(14)		(40)		—		(54)		20		(40)		—		(20)
Total property casualty	$	145	$	1	$	146	$	96	$	(82)	$	—	$	14	$	241	$	(82)	$	1	$	160

Net loss and loss expense incurred for the nine months ended September 30, 2023
Commercial casualty	$	399	$	129	$	528	$	(15)	$	197	$	41	$	223	$	384	$	197	$	170	$	751
Commercial property	636		58		694		67		(92)		9		(16)		703		(92)		67		678
Commercial auto	361		62		423		(22)		55		13		46		339		55		75		469
Workers' compensation	87		23		110		24		3		3		30		111		3		26		140
Other commercial	69		13		82		7		5		4		16		76		5		17		98
Total commercial lines	1,552		285		1,837		61		168		70		299		1,613		168		355		2,136

Personal auto	308		64		372		(10)		31		9		30		298		31		73		402
Homeowners	511		53		564		33		—		6		39		544		—		59		603
Other personal	90		6		96		10		26		1		37		100		26		7		133
Total personal lines	909		123		1,032		33		57		16		106		942		57		139		1,138

Excess & surplus lines	90		43		133		30		61		33		124		120		61		76		257
Other	172		11		183		(8)		134		—		126		164		134		11		309
Total property casualty	$	2,723	$	462	$	3,185	$	116	$	420	$	119	$	655	$	2,839	$	420	$	581	$	3,840

*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 Third-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 September 30, 2023
Commercial casualty	$	121	$	44	$	165	$	(1)	$	71	$	10	$	80	$	120	$	71	$	54	$	245
Commercial property	219		18		237		(32)		(8)		3		(37)		187		(8)		21		200
Commercial auto	121		19		140		(5)		10		5		10		116		10		24		150
Workers' compensation	32		7		39		—		(3)		1		(2)		32		(3)		8		37
Other commercial	28		4		32		50		(1)		1		50		78		(1)		5		82
Total commercial lines	521		92		613		12		69		20		101		533		69		112		714

Personal auto	108		19		127		(7)		3		5		1		101		3		24		128
Homeowners	192		18		210		3		(21)		3		(15)		195		(21)		21		195
Other personal	28		2		30		14		—		—		14		42		—		2		44
Total personal lines	328		39		367		10		(18)		8		—		338		(18)		47		367

Excess & surplus lines	34		16		50		14		15		13		42		48		15		29		92
Other	70		4		74		(11)		65		1		55		59		65		5		129
Total property casualty	$	953	$	151	$	1,104	$	25	$	131	$	42	$	198	$	978	$	131	$	193	$	1,302

Ceded loss and loss expense incurred for the three months ended September 30, 2023
Commercial casualty	$	—	$	—	$	—	$	—	$	(4)	$	—	$	(4)	$	—	$	(4)	$	—	$	(4)
Commercial property	24		—		24		(33)		—		—		(33)		(9)		—		—		(9)
Commercial auto	—		—		—		(1)		—		—		(1)		(1)		—		—		(1)
Workers' compensation	1		—		1		(4)		—		—		(4)		(3)		—		—		(3)
Other commercial	6		—		6		46		(1)		—		45		52		(1)		—		51
Total commercial lines	31		—		31		8		(5)		—		3		39		(5)		—		34

Personal auto	1		—		1		(1)		—		—		(1)		—		—		—		—
Homeowners	3		—		3		(3)		(1)		—		(4)		—		(1)		—		(1)
Other personal	—		—		—		—		—		—		—		—		—		—		—
Total personal lines	4		—		4		(4)		(1)		—		(5)		—		(1)		—		(1)

Excess & surplus lines	1		—		1		3		1		—		4		4		1		—		5
Other	10		—		10		(5)		(2)		—		(7)		5		(2)		—		3
Total property casualty	$	46	$	—	$	46	$	2	$	(7)	$	—	$	(5)	$	48	$	(7)	$	—	$	41

Net loss and loss expense incurred for the three months ended September 30, 2023
Commercial casualty	$	121	$	44	$	165	$	(1)	$	75	$	10	$	84	$	120	$	75	$	54	$	249
Commercial property	195		18		213		1		(8)		3		(4)		196		(8)		21		209
Commercial auto	121		19		140		(4)		10		5		11		117		10		24		151
Workers' compensation	31		7		38		4		(3)		1		2		35		(3)		8		40
Other commercial	22		4		26		4		—		1		5		26		—		5		31
Total commercial lines	490		92		582		4		74		20		98		494		74		112		680

Personal auto	107		19		126		(6)		3		5		2		101		3		24		128
Homeowners	189		18		207		6		(20)		3		(11)		195		(20)		21		196
Other personal	28		2		30		14		—		—		14		42		—		2		44
Total personal lines	324		39		363		14		(17)		8		5		338		(17)		47		368

Excess & surplus lines	33		16		49		11		14		13		38		44		14		29		87
Other	60		4		64		(6)		67		1		62		54		67		5		126
Total property casualty	$	907	$	151	$	1,058	$	23	$	138	$	42	$	203	$	930	$	138	$	193	$	1,261

*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 Third-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		$	1,549		$	1,643		$	1,535		$	1,396		$	1,390		$	1,482		$	1,397		$	3,178		$	2,879		$	4,727		$	4,269			$	5,665
Agency new business written premiums		313			303			251			238			264			286			244			554			530			867			794				1,032

Other written premiums		95			204			233			60			96			196			258			437			454			532			550				610
Net written premiums		$	1,957		$	2,150		$	2,019		$	1,694		$	1,750		$	1,964		$	1,899		$	4,169		$	3,863		$	6,126		$	5,613			$	7,307
Unearned premium change		—			(287)			(178)			106			59			(267)			(281)			(465)			(548)			(465)			(489)				(383)
Earned premiums		$	1,957		$	1,863		$	1,841		$	1,800		$	1,809		$	1,697		$	1,618		$	3,704		$	3,315		$	5,661		$	5,124			$	6,924
Year over year change %
Agency renewal written premiums		11		%	11		%	10		%	13		%	12		%	11		%	9		%	10		%	10		%	11		%	11		%		11		%
Agency new business written premiums		19			6			3			12			15			22			11			5			16			9			16				15

Other written premiums		(1)			4			(10)			(29)			50			34			31			(4)			32			(3)			35				24
Net written premiums		12			9			6			10			14			15			12			8			13			9			14				13
Paid losses and loss expenses
Losses paid		$	907		$	924		$	893		$	803		$	804		$	755		$	733		$	1,816		$	1,489		$	2,723		$	2,293			$	3,096
Loss expenses paid		151			157			153			154			144			137			157			311			293			462			437				591
Loss and loss expenses paid		$	1,058		$	1,081		$	1,046		$	957		$	948		$	892		$	890		$	2,127		$	1,782		$	3,185		$	2,730			$	3,687
Incurred losses and loss expenses
Loss and loss expense incurred		$	1,261		$	1,262		$	1,317		$	1,172		$	1,348		$	1,240		$	956		$	2,579		$	2,196		$	3,840		$	3,544			$	4,716
Loss and loss expenses paid as a % of incurred		83.9		%	85.7		%	79.4		%	81.7		%	70.3		%	71.9		%	93.1		%	82.5		%	81.1		%	82.9		%	77.0		%		78.2		%
Statutory combined ratio
Loss ratio		54.9		%	58.3		%	60.5		%	56.3		%	64.1		%	64.8		%	48.4		%	59.4		%	56.7		%	57.8		%	59.3		%		58.5		%
Loss adjustment expense ratio		10.3			9.7			11.6			9.9			10.0			9.5			10.9			10.7			10.2			10.6			10.1				10.1
Net underwriting expense ratio		29.1			27.7			27.5			30.6			29.3			28.1			28.7			27.6			28.4			28.1			28.7				29.1
US Statutory combined ratio		94.3		%	95.7		%	99.6		%	96.8		%	103.4		%	102.4		%	88.0		%	97.7		%	95.3		%	96.5		%	98.1		%		97.7		%
Contribution from catastrophe losses		8.7			12.3			12.7			7.6			13.0			13.0			1.7			12.5			7.5			11.2			9.4				8.9
Statutory combined ratio excl. catastrophe losses		85.6		%	83.4		%	86.9		%	89.2		%	90.4		%	89.4		%	86.3		%	85.2		%	87.8		%	85.3		%	88.7		%		88.8		%
GAAP combined ratio
GAAP combined ratio		94.4		%	97.6		%	100.7		%	94.9		%	103.9		%	103.2		%	89.9		%	99.2		%	96.7		%	97.5		%	99.2		%		98.1		%
Contribution from catastrophe losses		9.1			12.0			12.8			7.8			13.9			12.4			1.8			12.4			7.2			11.3			9.5				9.2
GAAP combined ratio excl. catastrophe losses		85.3		%	85.6		%	87.9		%	87.1		%	90.0		%	90.8		%	88.1		%	86.8		%	89.5		%	86.2		%	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 Third-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		$	914		$	985		$	1,041		$	908		$	860		$	934		$	970		$	2,026		$	1,904		$	2,940		$	2,764			$	3,672
Agency new business written premiums		148			149			134			130			149			165			156			283			321			431			470				600
Other written premiums		(33)			(28)			(34)			(31)			(25)			(27)			(30)			(62)			(57)			(95)			(82)				(113)
Net written premiums		$	1,029		$	1,106		$	1,141		$	1,007		$	984		$	1,072		$	1,096		$	2,247		$	2,168		$	3,276		$	3,152			$	4,159
Unearned premium change		33			(40)			(85)			33			44			(78)			(134)			(125)			(212)			(92)			(168)				(135)
Earned premiums		$	1,062		$	1,066		$	1,056		$	1,040		$	1,028		$	994		$	962		$	2,122		$	1,956		$	3,184		$	2,984			$	4,024
Year over year change %
Agency renewal written premiums		6		%	5		%	7		%	12		%	11		%	10		%	8		%	6		%	9		%	6		%	9		%		10		%
Agency new business written premiums		(1)			(10)			(14)			(4)			3			13			8			(12)			10			(8)			8				5
Other written premiums		(32)			(4)			(13)			(29)			—			(29)			(25)			(9)			(27)			(16)			(17)				(20)
Net written premiums		5			3			4			9			10			10			8			4			9			4			9				9
Paid losses and loss expenses
Losses paid		$	490		$	550		$	513		$	432		$	491		$	446		$	458		$	1,063		$	905		$	1,552		$	1,396			$	1,829
Loss expenses paid		92			96			97			97			93			91			100			193			191			285			285				382
Loss and loss expenses paid		$	582		$	646		$	610		$	529		$	584		$	537		$	558		$	1,256		$	1,096		$	1,837		$	1,681			$	2,211
Incurred losses and loss expenses
Loss and loss expense incurred		$	680		$	708		$	748		$	715		$	710		$	750		$	586		$	1,456		$	1,336		$	2,136		$	2,046			$	2,761
Loss and loss expenses paid as a % of incurred		85.6		%	91.2		%	81.6		%	74.0		%	82.3		%	71.6		%	95.2		%	86.3		%	82.0		%	86.0		%	82.2		%		80.1		%
Statutory combined ratio
Loss ratio		53.4		%	56.5		%	57.9		%	59.2		%	58.4		%	65.5		%	48.9		%	57.2		%	57.4		%	55.9		%	57.8		%		58.1		%
Loss adjustment expense ratio		10.6			9.9			12.9			9.6			10.7			9.9			12.0			11.4			10.9			11.2			10.8				10.5
Net underwriting expense ratio		31.8			29.4			27.7			31.3			31.2			29.1			28.3			28.5			28.7			29.5			29.5				29.9
Statutory combined ratio		95.8		%	95.8		%	98.5		%	100.1		%	100.3		%	104.5		%	89.2		%	97.1		%	97.0		%	96.6		%	98.1		%		98.5		%
Contribution from catastrophe losses		6.7			11.1			10.4			9.6			4.5			12.6			1.4			10.7			7.1			9.4			6.2				7.0
Statutory combined ratio excl. catastrophe losses		89.1		%	84.7		%	88.1		%	90.5		%	95.8		%	91.9		%	87.8		%	86.4		%	89.9		%	87.2		%	91.9		%		91.5		%
GAAP combined ratio
GAAP combined ratio		95.2		%	96.9		%	100.4		%	98.9		%	99.0		%	106.3		%	92.3		%	98.6		%	99.4		%	97.5		%	99.3		%		99.2		%
Contribution from catastrophe losses		6.7			11.1			10.4			9.6			4.5			12.6			1.4			10.7			7.1			9.4			6.2				7.0
GAAP combined ratio excl. catastrophe losses		88.5		%	85.8		%	90.0		%	89.3		%	94.5		%	93.7		%	90.9		%	87.9		%	92.3		%	88.1		%	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 Third-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		$	542		$	541		$	388		$	393		$	437		$	438		$	333		$	929		$	771		$	1,471		$	1,208			$	1,601
Agency new business written premiums		122			106			79			75			81			88			52			185			140			307			221				296
Other written premiums		(18)			(18)			(19)			(23)			(16)			(16)			(11)			(37)			(27)			(55)			(43)				(66)
Net written premiums		$	646		$	629		$	448		$	445		$	502		$	510		$	374		$	1,077		$	884		$	1,723		$	1,386			$	1,831
Unearned premium change		(119)			(136)			16			(2)			(71)			(97)			28			(120)			(69)			(239)			(140)				(142)
Earned premiums		$	527		$	493		$	464		$	443		$	431		$	413		$	402		$	957		$	815		$	1,484		$	1,246			$	1,689
Year over year change %
Agency renewal written premiums		24		%	24		%	17		%	15		%	11		%	10		%	10		%	20		%	10		%	22		%	11		%		12		%
Agency new business written premiums		51			20			52			50			53			66			13			32			41			39			45				47
Other written premiums		(13)			(13)			(73)			(130)			(45)			(45)			(10)			(37)			(29)			(28)			(34)				(57)
Net written premiums		29			23			20			16			15			16			11			22			14			24			14				15
Paid losses and loss expenses
Losses paid		$	324		$	298		$	288		$	247		$	246		$	224		$	208		$	585		$	432		$	909		$	679			$	926
Loss expenses paid		39			44			40			39			35			32			40			85			71			123			106				145
Loss and loss expenses paid		$	363		$	342		$	328		$	286		$	281		$	256		$	248		$	670		$	503		$	1,032		$	785			$	1,071
Incurred losses and loss expenses
Loss and loss expense incurred		$	368		$	384		$	386		$	288		$	324		$	339		$	215		$	770		$	554		$	1,138		$	878			$	1,166
Loss and loss expenses paid as a % of incurred		98.6		%	89.1		%	85.0		%	99.3		%	86.7		%	75.5		%	115.3		%	87.0		%	90.8		%	90.7		%	89.4		%		91.9		%
Statutory combined ratio
Loss ratio		60.7		%	68.3		%	73.6		%	55.3		%	65.6		%	73.7		%	44.5		%	70.9		%	59.3		%	67.3		%	61.5		%		59.9		%
Loss adjustment expense ratio		9.2			9.6			9.6			9.7			9.6			8.4			9.0			9.6			8.7			9.4			9.0				9.2
Net underwriting expense ratio		26.3			25.5			30.0			30.6			26.7			26.4			32.2			27.4			28.8			27.0			28.0				28.6
Statutory combined ratio		96.2		%	103.4		%	113.2		%	95.6		%	101.9		%	108.5		%	85.7		%	107.9		%	96.8		%	103.7		%	98.5		%		97.7		%
Contribution from catastrophe losses		13.9			19.7			24.7			8.7			15.9			19.1			1.7			22.1			10.5			19.2			12.4				11.4
Statutory combined ratio excl. catastrophe losses		82.3		%	83.7		%	88.5		%	86.9		%	86.0		%	89.4		%	84.0		%	85.8		%	86.3		%	84.5		%	86.1		%		86.3		%
GAAP combined ratio
GAAP combined ratio		99.9		%	107.6		%	112.5		%	95.7		%	104.5		%	112.1		%	83.9		%	110.0		%	98.2		%	106.4		%	100.4		%		99.2		%
Contribution from catastrophe losses		13.9			19.7			24.7			8.7			15.9			19.1			1.7			22.1			10.5			19.2			12.4				11.4
GAAP combined ratio excl. catastrophe losses		86.0		%	87.9		%	87.8		%	87.0		%	88.6		%	93.0		%	82.2		%	87.9		%	87.7		%	87.2		%	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 Third-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		$	93		$	117		$	106		$	95		$	93		$	110		$	94		$	223		$	204		$	316		$	297			$	392
Agency new business written premiums		43			48			38			33			34			33			36			86			69			129			103				136
Other written premiums		(8)			(9)			(8)			(6)			(6)			(8)			(6)			(17)			(14)			(25)			(20)				(26)
Net written premiums		$	128		$	156		$	136		$	122		$	121		$	135		$	124		$	292		$	259		$	420		$	380			$	502
Unearned premium change		7			(24)			(9)			2			4			(11)			(12)			(33)			(23)			(26)			(19)				(17)
Earned premiums		$	135		$	132		$	127		$	124		$	125		$	124		$	112		$	259		$	236		$	394		$	361			$	485
Year over year change %
Agency renewal written premiums		—		%	6		%	13		%	9		%	22		%	31		%	24		%	9		%	28		%	6		%	26		%		21		%
Agency new business written premiums		26			45			6			22			6			(8)			24			25			6			25			6				10
Other written premiums		(33)			(13)			(33)			—			(50)			(60)			—			(21)			(27)			(25)			(33)				(24)
Net written premiums		6			16			10			13			16			17			25			13			21			11			19				18
Paid losses and loss expenses
Losses paid		$	33		$	29		$	28		$	22		$	29		$	27		$	19		$	56		$	46		$	90		$	74			$	95
Loss expenses paid		16			14			12			14			13			11			12			27			24			43			36				50
Loss and loss expenses paid		$	49		$	43		$	40		$	36		$	42		$	38		$	31		$	83		$	70		$	133		$	110			$	145
Incurred losses and loss expenses
Loss and loss expense incurred		$	87		$	89		$	81		$	89		$	86		$	74		$	66		$	170		$	140		$	257		$	226			$	315
Loss and loss expenses paid as a % of incurred		56.3		%	48.3		%	49.4		%	40.4		%	48.8		%	51.4		%	47.0		%	48.8		%	50.0		%	51.8		%	48.7		%		46.0		%
Statutory combined ratio
Loss ratio		44.2		%	49.6		%	44.3		%	50.5		%	51.9		%	41.5		%	43.0		%	47.0		%	42.2		%	46.1		%	45.6		%		46.8		%
Loss adjustment expense ratio		20.6			16.9			19.9			21.1			16.5			18.7			15.2			18.4			17.1			19.1			16.9				18.0
Net underwriting expense ratio		26.6			24.3			24.4			27.1			27.5			26.1			27.1			24.4			26.5			25.1			26.8				26.9
Statutory combined ratio		91.4		%	90.8		%	88.6		%	98.7		%	95.9		%	86.3		%	85.3		%	89.8		%	85.8		%	90.3		%	89.3		%		91.7		%
Contribution from catastrophe losses		(0.8)			1.4			1.2			1.4			(0.5)			1.1			1.1			1.3			1.1			0.6			0.6				0.8
Statutory combined ratio excl. catastrophe losses		92.2		%	89.4		%	87.4		%	97.3		%	96.4		%	85.2		%	84.2		%	88.5		%	84.7		%	89.7		%	88.7		%		90.9		%
GAAP combined ratio
GAAP combined ratio		90.5		%	92.2		%	89.9		%	96.3		%	93.9		%	85.1		%	85.9		%	91.1		%	85.5		%	90.9		%	88.4		%		90.4		%
Contribution from catastrophe losses		(0.8)			1.4			1.2			1.4			(0.5)			1.1			1.1			1.3			1.1			0.6			0.6				0.8
GAAP combined ratio excl. catastrophe losses		91.3		%	90.8		%	88.7		%	94.9		%	94.4		%	84.0		%	84.8		%	89.8		%	84.4		%	90.3		%	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 Third-Quarter 2023 Supplemental Financial Data


Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended September 30,							For the Nine Months Ended September 30,
(Dollars in millions)	2023		2022		Change		% Change	2023		2022		Change		% Change
Underwriting income
Net premiums written	$	1,888	$	1,693	$	195	12	$	5,911	$	5,436	$	475	9
Unearned premium change	30		(42)		72		nm	443		462		(19)		(4)
Earned premiums	$	1,858	$	1,735	$	123	7	$	5,468	$	4,974	$	494	10

Losses incurred	$	1,019	$	1,110	$	(91)	(8)	$	3,163	$	2,948	$	215	7
Defense and cost containment expenses incurred	88		78		10		13	265		225		40		18
Adjusting and other expenses incurred	105		96		9		9	314		279		35		13
Other underwriting expenses incurred	548		495		53		11	1,654		1,554		100		6
Workers compensation dividend incurred	1		2		(1)		—	4		5		(1)		—
Total underwriting deductions	$	1,761	$	1,781	$	(20)	(1)	$	5,400	$	5,011	$	389	8

Net underwriting profit (loss)	$	97	$	(46)	$	143	nm	$	68	$	(37)	$	105	nm

Investment income
Gross investment income earned	$	144	$	129	$	15	12	$	424	$	378	$	46	12
Net investment income earned	143		126		17		13	419		370		49		13
Net realized capital gains and losses, net	(26)		29		(55)		nm	(76)		41		(117)		nm
Net investment gains (net of tax)	$	117	$	155	$	(38)	(25)	$	343	$	411	$	(68)	(17)

Other income	$	1	$	2	$	(1)	(50)	$	4	$	5	$	(1)	(20)

Net income before federal income taxes	$	215	$	111	$	104	94	$	415	$	378	$	37	10
Federal and foreign income taxes incurred	47		(15)		62		nm	82		21		61		290
Net income (statutory)	$	168	$	126	$	42	33	$	333	$	357	$	(24)	(7)

Policyholders' surplus - statutory	$	6,506	$	5,985	$	521	9	$	6,506	$	5,985	$	521	9

Fixed maturities at amortized cost - statutory	$	9,630	$	8,581	$	1,049	12	$	9,630	$	8,581	$	1,049	12
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 Third-Quarter 2023 Supplemental Financial Data


The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended September 30,							For the Nine Months Ended September 30,
(Dollars in millions)	2023		2022		Change		% Change	2023		2022		Change		% Change
Net premiums written	$	90	$	86	$	4	5	$	273	$	250	$	23	9
Net investment income	47		44		3		7	138		130		8		6

Commissions and expense allowances on reinsurance ceded	1		1		—		—	3		3		—		—
Income from fees associated with separate accounts	2		2		—		—	7		4		3		75
Total revenues	$	140	$	133	$	7	5	$	421	$	387	$	34	9

Death benefits and matured endowments	$	43	$	39	$	4	10	$	122	$	131	$	(9)	(7)
Annuity benefits	34		18		16		89	108		49		59		120
Disability benefits and benefits under accident and health contracts	—		1		(1)		(100)	1		1		—		—
Surrender benefits and group conversions	7		8		(1)		(13)	21		19		2		11
Interest and adjustments on deposit-type contract funds	2		1		1		100	6		5		1		20
Increase in aggregate reserves for life and accident and health contracts	4		16		(12)		(75)	(3)		45		(48)		nm
Total benefit expenses	$	90	$	83	$	7	8	$	255	$	250	$	5	2

Commissions	$	12	$	13	$	(1)	(8)	$	37	$	38	$	(1)	(3)
General insurance expenses and taxes	14		12		2		17	41		41		—		—
Increase in loading on deferred and uncollected premiums	(2)		—		(2)		nm	(1)		1		(2)		nm
Net transfers from separate accounts	(3)		—		(3)		nm	(6)		(10)		4		40

Total underwriting expenses	$	21	$	25	$	(4)	(16)	$	71	$	70	$	1	1

Federal and foreign income taxes incurred	3		7		(4)		(57)	19		17		2		12

Net gain from operations before capital gains and losses	$	26	$	18	$	8	44	$	76	$	50	$	26	52

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

Net income (statutory)	$	26	$	18	$	8	44	$	73	$	49	$	24	49

Policyholders' surplus - statutory	$	395	$	313	82		26	$	395	$	313	$	82	26

Fixed maturities at amortized cost - statutory	$	3,886	$	3,822	$	64	2	$	3,886	$	3,822	$	64	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 Third-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		$	85		$	177		$	230		$	67		$	86		$	178		$	254		$	407		$	432		$	492		$	518			$	585
Year over year change %- written premium		(1)		%	—		%	(9)		%	(7)		%	51		%	31		%	30		%	(6)		%	30		%	(5)		%	33		%		27		%
Earned premiums		$	134		$	122		$	150		$	137		$	151		$	122		$	110		$	272		$	232		$	406		$	383			$	520









Current accident year before catastrophe losses		51.5		%	57.8		%	45.2		%	44.4		%	45.4		%	49.6		%	50.6		%	50.9		%	50.0		%	51.1		%	48.3		%		47.2		%
Current accident year catastrophe losses		11.5			1.8			0.3			(5.2)			75.0			6.5			—			1.0			3.4			4.4			31.7				21.9
Prior accident years before catastrophe losses		(7.9)			(17.1)			6.0			6.9			(9.9)			(4.8)			10.9			(4.4)			2.6			(5.5)			(2.4)				0.1
Prior accident years catastrophe losses		2.0			1.9			1.7			0.7			(0.6)			1.1			5.2			1.8			3.1			1.9			1.6				1.4
Total loss and loss expense ratio		57.1		%	44.4		%	53.2		%	46.8		%	109.9		%	52.4		%	66.7		%	49.3		%	59.1		%	51.9		%	79.2		%		70.6		%







Cincinnati Global:
Net written premiums		$	69		$	82		$	64		$	53		$	57		$	69		$	51		$	146		$	120		$	215		$	177			$	230
Year over year change %- written premium		21		%	19		%	25		%	2		%	21		%	47		%	24		%	22		%	36		%	21		%	31		%		23		%
Earned premiums		$	99		$	50		$	44		$	56		$	74		$	44		$	32		$	94		$	76		$	193		$	150			$	206
Current accident year before catastrophe losses		34.1		%	61.7		%	35.3		%	28.6		%	45.6		%	53.2		%	38.3		%	49.3		%	47.0		%	41.5		%	46.3		%		41.4		%
Current accident year catastrophe losses		18.2			1.1			11.1			1.4			48.6			0.1			16.3			5.8			6.9			12.1			27.6				20.5
Prior accident years before catastrophe losses		(3.4)			(9.7)			0.8			(13.3)			4.6			(15.4)			4.1			(4.7)			(7.2)			(4.0)			(1.4)				(4.6)
Prior accident years catastrophe losses		(0.2)			2.5			2.4			11.6			(14.5)			(9.7)			(9.0)			2.4			(9.4)			1.1			(11.9)				(5.5)
Total loss and loss expense ratio		48.7		%	55.6		%	49.6		%	28.3		%	84.3		%	28.2		%	49.7		%	52.8		%	37.3		%	50.7		%	60.6		%		51.8		%

Noninsurance operations:
Interest and fees on loans and leases		$	2		$	1		$	2		$	2		$	2		$	2		$	1		$	3		$	3		$	5		$	5			$	7
Other revenue		1			1			1			1			—			1			1			2			2			3			2				3
Interest expense		13			13			14			13			14			13			13			27			26			40			40				53
Operating expenses		5			7			5			10			4			5			4			12			9			17			13				23
Total noninsurance operations loss		$	(15)		$	(18)		$	(16)		$	(20)		$	(16)		$	(15)		$	(15)		$	(34)		$	(30)		$	(49)		$	(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 Third-Quarter 2023 Supplemental Financial Data

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