SEC Filing | Cincinnati Financial Corporation

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cinf-20240425

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: April 25, 2024

(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 April 25, 2024, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports First-Quarter 2024 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On April 25, 2024, 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 April 25 , 202 4 , titled "Cincinnati Financial Reports First -Quarter 202 4 Results"

Exhibit 99.2 — Supplemental Financial Data for the period ending March 3 1 , 202 4 , distributed April 25, 2024 .

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: April 25, 2024			/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 First-Quarter 2024 Results

Cincinnati, April 25, 2024 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•First-quarter 2024 net income of $755 million, or $4.78 per share, compared with $225 million, or $1.42 per share, in the first quarter of 2023, after recognizing a $484 million first-quarter 2024 after-tax increase in the fair value of equity securities still held.

•$131 million or 93% increase in non-GAAP operating income* to $272 million, or $1.72 per share, compared with $141 million, or $0.89 per share, in the first quarter of last year.

•$530 million increase in first-quarter 2024 net income, compared with first-quarter 2023, primarily due to the after-tax net effect of a $399 million increase in net investment gains and a $111 million increase in after-tax property casualty underwriting income.

•$80.83 book value per share at March 31, 2024, up $3.77 since year-end.

•5.9% value creation ratio for the first three months of 2024, compared with 3.1% for the same period of 2023.

Financial Highlights


(Dollars in millions, except per share data)	Three months ended March 31,
		2024		2023		% Change
Revenue Data
Earned premiums		$	2,071	$	1,918	8
Investment income, net of expenses		245		210		17
Total revenues		2,935		2,241		31
Income Statement Data
Net income		$	755	$	225	236
Investment gains and losses, after-tax		483		84		475

Non-GAAP operating income*		$	272	$	141	93
Per Share Data (diluted)
Net income		$	4.78	$	1.42	237
Investment gains and losses, after-tax		3.06		0.53		477

Non-GAAP operating income*		$	1.72	$	0.89	93

Book value		$	80.83	$	68.33	18
Cash dividend declared		$	0.81	$	0.75	8
Diluted weighted average share outstanding		157.9		158.5		0

* 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 1Q24 Release 1

Insurance Operations Highlights

•93.6% first-quarter 2024 property casualty combined ratio, improved from 100.7% for the first quarter of 2023.

•11% growth in first-quarter net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.

•$346 million first-quarter 2024 property casualty new business written premiums, up 38%. Agencies appointed since the beginning of 2023 contributed $25 million or 7% of total new business written premiums.

•$19 million first-quarter 2024 life insurance subsidiary net income, including a 17% increase in non-GAAP operating income compared with the first quarter of 2023, and 2% growth in first-quarter 2024 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•17% or $35 million increase in first-quarter 2024 pretax investment income, including a 21% increase in bond interest income and a 9% increase in stock portfolio dividends.

•Three-month increase of 4% in fair value of total investments at March 31, 2024, including a 2% increase for the bond portfolio and a 5% increase for the stock portfolio.

•$4.865 billion parent company cash and marketable securities at March 31, 2024, up less than 1% from year-end 2023.

A Strong Start to the Year

Steven J. Johnston, chairman and chief executive officer, commented: “Non-GAAP operating income nearly doubled last year’s first-quarter results, reaching $272 million on steady contributions from our underwriting and investment operations. Pretax investment income rose $35 million in the first quarter as bond interest grew 21% and dividends from our equity portfolio increased 9%.

“Turning to our insurance operations, our first-quarter combined ratio improved 7.1 percentage points over last year’s first quarter to 93.6%. Lower catastrophe losses contributed to most of the improvement and our current accident year combined ratio before catastrophe losses improved for our commercial, personal and excess and surplus lines business.

“The profitability of Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM remain excellent. The first quarter of 2023 was exceptionally profitable for these areas of our company with a current accident year combined ratio before catastrophe losses in the low 70s. In the first quarter of this year, that measure is in the low 90s – more in line with the rest of our property casualty insurance business.”

Continuing to Balance Growth and Profitability

“We’re pleased with our growth and with premium increases in the high-single-digit percent range reported by each of our property casualty segments. Consolidated property casualty first-quarter net written premiums grew 11%, including record new business of $346 million.

“The main driver for our growth continues to come from the excellent relationships we develop with our agencies. So far this year, we've appointed 88 agencies across the country, including 28 that market only our personal lines products.

“We’re focused on balancing growth and profitability. In the beginning of last year, growth slowed as we chose to lean in to our underwriting discipline and walk away from business we believed was too thinly priced. As the market continued to firm over the course of 2023, our growth began to accelerate. In the first quarter of 2024, we continued to see the benefits of investing in pricing precision tools and data that allows us to finely segment our books of business, giving us confidence in our pricing as we consider each risk our agents submit to us.

“Our personal lines business saw new business premiums increase 54% compared to the same period a year ago, reflecting our ability to write new business for a broad range of our agents’ clients, including Cincinnati Private Client℠ policies, middle-market accounts and homes that qualify for the tailored coverage of our excess and surplus lines company.”

Book Value Reaches Record High

“Book value per share reached a record high of $80.83, an increase of 5% since the end of 2023, and consolidated cash and total investments neared $27 billion. Our ample capital allows us to execute on our long-term strategies and, at the same time, continue to pay dividends to shareholders.

“In January, the board of directors expressed its confidence in our financial strength by again raising the quarterly cash dividend. Our value creation ratio, which considers those dividends as well as growth in book value, was 5.9% for the first quarter. Our associates remain determined to do things just a little better every day, strengthening our ability to compete by enhancing the advantages of our local independent agencies. That has been and continues to be our plan for creating shareholder value far into the future.”

CINF 1Q24 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results


(Dollars in millions)	Three months ended March 31,
		2024			2023			% Change
Earned premiums		$	1,992		$	1,841		8
Fee revenues		3			2			50
Total revenues		1,995			1,843			8

Loss and loss expenses		1,270			1,317			(4)
Underwriting expenses		594			536			11
Underwriting profit (loss)		$	131		$	(10)		nm

Ratios as a percent of earned premiums:								Pt. Change
Loss and loss expenses		63.8		%	71.6		%	(7.8)
Underwriting expenses		29.8			29.1			0.7
Combined ratio		93.6		%	100.7		%	(7.1)

								% Change
Agency renewal written premiums		$	1,683		$	1,535		10
Agency new business written premiums		346			251			38


Other written premiums		219			233			(6)
Net written premiums		$	2,248		$	2,019		11

Ratios as a percent of earned premiums:								Pt. Change
Current accident year before catastrophe losses		61.3		%	61.0		%	0.3
Current accident year catastrophe losses		7.5			13.8			(6.3)
Prior accident years before catastrophe losses		(3.4)			(2.2)			(1.2)
Prior accident years catastrophe losses		(1.6)			(1.0)			(0.6)
Loss and loss expense ratio		63.8		%	71.6		%	(7.8)

Current accident year combined ratio before catastrophe losses		91.1		%	90.1		%	1.0

•$229 million or 11% growth of first-quarter 2024 property casualty net written premiums, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The contribution to first-quarter growth from Cincinnati Re and Cincinnati Global in total was negative by less than 1 percentage point.

•$95 million or 38% increase in first-quarter 2024 new business premiums written by agencies. The growth included a $24 million increase in standard market property casualty production from agencies appointed since the beginning of 2023.

•88 new agency appointments in the first three months of 2024, including 28 that market only our personal lines products.

•7.1 percentage-point first-quarter 2024 combined ratio improvement, including a decrease of 6.9 points from lower catastrophe losses.

•5.0 percentage-point first-quarter 2024 benefit from favorable prior accident year reserve development of $100 million, compared with 3.2 points or $59 million for first-quarter 2023.

•0.3 percentage-point increase, to 61.3%, for the three-month 2024 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 1.8 points for the portion estimated as reserves for claims incurred but not reported (IBNR) and a decrease of 1.5 points for the case incurred portion.

•1.0 percentage-point improvement in the three-month 2024 current accident year combined ratio before catastrophe losses for property casualty insurance, excluding Cincinnati Re and Cincinnati Global.

•0.7 percentage-point increase in the underwriting expense ratio for the first three months of 2024, compared with the same period of 2023, primarily due to higher levels of profit-sharing commissions for agencies.

CINF 1Q24 Release 3

Commercial Lines Insurance Results


(Dollars in millions)	Three months ended March 31,
		2024			2023			% Change
Earned premiums		$	1,082		$	1,056		2
Fee revenues		1			1			0
Total revenues		1,083			1,057			2

Loss and loss expenses		719			748			(4)
Underwriting expenses		325			311			5
Underwriting profit (loss)		$	39		$	(2)		nm

Ratios as a percent of earned premiums:								Pt. Change
Loss and loss expenses		66.4		%	70.9		%	(4.5)
Underwriting expenses		30.1			29.5			0.6
Combined ratio		96.5		%	100.4		%	(3.9)

								% Change
Agency renewal written premiums		$	1,076		$	1,041		3
Agency new business written premiums		182			134			36
Other written premiums		(35)			(34)			(3)
Net written premiums		$	1,223		$	1,141		7

Ratios as a percent of earned premiums:								Pt. Change
Current accident year before catastrophe losses		63.0		%	63.9		%	(0.9)
Current accident year catastrophe losses		7.0			10.0			(3.0)
Prior accident years before catastrophe losses		(2.8)			(3.4)			0.6
Prior accident years catastrophe losses		(0.8)			0.4			(1.2)
Loss and loss expense ratio		66.4		%	70.9		%	(4.5)

Current accident year combined ratio before catastrophe losses		93.1		%	93.4		%	(0.3)

•$82 million or 7% growth in first-quarter 2024 commercial lines net written premiums, including higher agency renewal and new business written premiums.

•$35 million or 3% increase in first-quarter renewal written premiums, with commercial lines average renewal pricing increases near the low end of the high-single-digit percent range.

•$48 million or 36% increase in first-quarter 2024 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•3.9 percentage-point first-quarter 2024 combined ratio improvement, including a decrease of 4.2 points from lower catastrophe losses.

•3.6 percentage-point first-quarter 2024 benefit from favorable prior accident year reserve development of $38 million, compared with 3.0 points or $32 million for first-quarter 2023.

CINF 1Q24 Release 4

Personal Lines Insurance Results


(Dollars in millions)	Three months ended March 31,
		2024			2023			% Change
Earned premiums		$	588		$	464		27
Fee revenues		1			1			0
Total revenues		589			465			27

Loss and loss expenses		379			386			(2)
Underwriting expenses		173			136			27
Underwriting profit (loss)		$	37		$	(57)		nm

Ratios as a percent of earned premiums:								Pt. Change
Loss and loss expenses		64.5		%	83.3		%	(18.8)
Underwriting expenses		29.4			29.2			0.2
Combined ratio		93.9		%	112.5		%	(18.6)

								% Change
Agency renewal written premiums		$	494		$	388		27
Agency new business written premiums		122			79			54
Other written premiums		(21)			(19)			(11)
Net written premiums		$	595		$	448		33

Ratios as a percent of earned premiums:								Pt. Change
Current accident year before catastrophe losses		57.7		%	59.9		%	(2.2)
Current accident year catastrophe losses		12.4			30.1			(17.7)
Prior accident years before catastrophe losses		(2.0)			(1.3)			(0.7)
Prior accident years catastrophe losses		(3.6)			(5.4)			1.8
Loss and loss expense ratio		64.5		%	83.3		%	(18.8)

Current accident year combined ratio before catastrophe losses		87.1		%	89.1		%	(2.0)

•$147 million or 33% growth in first-quarter 2024 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 first-quarter 2024 net written premiums from our agencies’ high net worth clients grew 42%, to $330 million.

•$43 million or 54% increase in first-quarter 2024 new business premiums written by agencies, with approximately two-thirds of the increase occurring in middle-market personal lines and reflecting expanded use of enhanced pricing precision tools.

•18.6 percentage-point first-quarter 2024 combined ratio improvement, including a decrease of 15.9 points in the ratio for catastrophe losses.

•5.6 percentage-point first-quarter 2024 benefit from favorable prior accident year reserve development of $33 million, compared with 6.7 points or $31 million for first-quarter 2023.

CINF 1Q24 Release 5

Excess and Surplus Lines Insurance Results


(Dollars in millions)	Three months ended March 31,
		2024			2023			% Change
Earned premiums		$	139		$	127		9
Fee revenues		1			—			nm
Total revenues		140			127			10

Loss and loss expenses		90			81			11
Underwriting expenses		38			33			15
Underwriting profit		$	12		$	13		(8)

Ratios as a percent of earned premiums:								Pt. Change
Loss and loss expenses		64.5		%	64.2		%	0.3
Underwriting expenses		27.4			25.7			1.7
Combined ratio		91.9		%	89.9		%	2.0

								% Change
Agency renewal written premiums		$	113		$	106		7
Agency new business written premiums		42			38			11
Other written premiums		(9)			(8)			(13)
Net written premiums		$	146		$	136		7

Ratios as a percent of earned premiums:								Pt. Change
Current accident year before catastrophe losses		65.7		%	69.2		%	(3.5)
Current accident year catastrophe losses		0.9			1.5			(0.6)
Prior accident years before catastrophe losses		(1.7)			(6.2)			4.5
Prior accident years catastrophe losses		(0.4)			(0.3)			(0.1)
Loss and loss expense ratio		64.5		%	64.2		%	0.3

Current accident year combined ratio before catastrophe losses		93.1		%	94.9		%	(1.8)

•$10 million or 7% growth in first-quarter 2024 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.

•$4 million or 11% increase in first-quarter new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•2.0 percentage-point first-quarter 2024 combined ratio increase, primarily due to lower favorable reserve development on prior accident year loss and loss expenses.

•$3 million of first-quarter 2024 benefit from favorable prior accident year reserve development, compared with $9 million for first-quarter 2023.

CINF 1Q24 Release 6

Life Insurance Subsidiary Results


(Dollars in millions)	Three months ended March 31,
		2024		2023		% Change
Term life insurance		$	57	$	56	2
Whole life insurance		13		12		8
Universal life and other		9		9		0
Earned premiums		79		77		3
Investment income, net of expenses		47		45		4
Investment gains and losses, net		(2)		1		nm
Fee revenues		1		2		(50)
Total revenues		125		125		0
Contract holders’ benefits incurred		79		81		(2)
Underwriting expenses incurred		22		20		10
Total benefits and expenses		101		101		0
Net income before income tax		24		24		0
Income tax provision		5		5		0
Net income of the life insurance subsidiary		$	19	$	19	0

•$2 million increase in first-quarter 2024 earned premiums, including a 2% increase for term life insurance, our largest life insurance product line.

•Less than $1 million decrease in three-month 2024 life insurance subsidiary net income, primarily due to increased investment losses from fixed-maturity securities, largely offset by more favorable impacts from the unlocking of interest rate actuarial assumptions.

•$50 million or 4% three-month 2024 increase, to $1.174 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 1Q24 Release 7

Investment and Balance Sheet Highlights

Investments Results


(Dollars in millions)	Three months ended March 31,
		2024			2023			% Change
Investment income, net of expenses		$	245		$	210		17
Investment interest credited to contract holders		(31)			(30)			(3)
Investment gains and losses, net		612			106			477
Investments profit		$	826		$	286		189

Investment income:
Interest		$	169		$	140		21
Dividends		72			66			9
Other		7			7			0
Less investment expenses		3			3			0
Investment income, pretax		245			210			17
Less income taxes		41			34			21
Total investment income, after-tax		$	204		$	176		16

Investment returns:
Average invested assets plus cash and cash equivalents		$	27,164		$	24,649
Average yield pretax		3.61		%	3.41		%
Average yield after-tax		3.00			2.86
Effective tax rate		16.7			16.1
Fixed-maturity returns:
Average amortized cost		$	14,535		$	13,171
Average yield pretax		4.65		%	4.25		%
Average yield after-tax		3.82			3.52
Effective tax rate		17.9			17.3

•$35 million or 17% rise in first-quarter 2024 pretax investment income, including a 21% increase in interest income from fixed-maturity securities and a 9% increase in equity portfolio dividends.

•$557 million first-quarter 2024 increase 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 March 31,
		2024		2023
Investment gains and losses on equity securities sold, net		$	(11)	$	(1)
Unrealized gains and losses on equity securities still held, net		613		106
Investment gains and losses on fixed-maturity securities, net		(10)		—
Other		20		1
Subtotal - investment gains and losses reported in net income		612		106

Change in unrealized investment gains and losses - fixed maturities		(55)		163
Total		$	557	$	269

CINF 1Q24 Release 8

Balance Sheet Highlights


(Dollars in millions, except share data)	At March 31,				At December 31,
		2024				2023
Total investments		$	26,249			$	25,357
Total assets		33,727				32,769
Short-term debt		25				25
Long-term debt		790				790
Shareholders’ equity		12,654				12,098
Book value per share		80.83				77.06
Debt-to-total-capital ratio		6.1		%		6.3		%

•$26.868 billion in consolidated cash and total investments at March 31, 2024, an increase of 2% from $26.264 billion at year-end 2023.

•$14.084 billion bond portfolio at March 31, 2024, with an average rating of A2/A. Fair value increased $293 million during the first quarter of 2024, including $374 million in net purchases of fixed-maturity securities.

•$11.557 billion equity portfolio was 44.0% of total investments, including $7.244 billion in appreciated value before taxes at March 31, 2024. First-quarter 2024 increase in fair value of $568 million, including $40 million in net sales of equity securities.

•$3.77 first-quarter 2024 increase in book value per share, including an addition of $1.74 from net income before investment gains, $2.70 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities and $0.14 for other items that were partially offset by $0.81 from dividends declared to shareholders.

•Value creation ratio of 5.9% for the first three months of 2024, including 2.3% from net income before investment gains, which includes underwriting and investment income, and 3.5% 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 1Q24 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 2023 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.

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

•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

•Effects of any future pandemic, or the resurgence 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 court decisions extending business interruption insurance in commercial property coverage forms to cover claims for pure economic loss related to such 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

•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 disruptions in the banking and financial services industry, resulting in insurance losses, 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 or in losses from policies written by Cincinnati Re or Cincinnati Global

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

CINF 1Q24 Release 10

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

•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 1Q24 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 1Q24 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets and Statements of Income (unaudited)


(Dollars in millions)		March 31,		December 31,
		2024		2023
Assets
Investments		$	26,249	$	25,357
Cash and cash equivalents		619		907

Premiums receivable		2,805		2,592
Reinsurance recoverable		617		651
Deferred policy acquisition costs		1,143		1,093
Other assets		2,294		2,169
Total assets		$	33,727	$	32,769

Liabilities
Insurance reserves		$	12,259	$	12,118
Unearned premiums		4,398		4,119
Deferred income tax		1,460		1,324
Long-term debt and lease obligations		848		849
Other liabilities		2,108		2,261
Total liabilities		21,073		20,671

Shareholders’ Equity
Common stock and paid-in capital		1,843		1,834
Retained earnings		13,712		13,084
Accumulated other comprehensive loss		(442)		(435)
Treasury stock		(2,459)		(2,385)
Total shareholders' equity		12,654		12,098
Total liabilities and shareholders' equity		$	33,727	$	32,769

(Dollars in millions, except per share data)	Three months ended March 31,
		2024		2023
Revenues
Earned premiums		$	2,071	$	1,918
Investment income, net of expenses		245		210
Investment gains and losses, net		612		106
Other revenues		7		7
Total revenues		2,935		2,241

Benefits and Expenses
Insurance losses and contract holders' benefits		1,349		1,398
Underwriting, acquisition and insurance expenses		616		556
Interest expense		13		14
Other operating expenses		4		5
Total benefits and expenses		1,982		1,973

Income Before Income Taxes		953		268

Provision for Income Taxes		198		43

Net Income		$	755	$	225

Per Common Share:
Net income—basic		$	4.82	$	1.43
Net income—diluted		4.78		1.42

CINF 1Q24 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 1Q24 Release 14

Cincinnati Financial Corporation


Net Income Reconciliation

(Dollars in millions, except per share data)	Three months ended March 31,
		2024		2023
Net income		$	755	$	225
Less:
Investment gains and losses, net		612		106
Income tax on investment gains and losses		(129)		(22)
Investment gains and losses, after-tax		483		84

Non-GAAP operating income		$	272	$	141

Diluted per share data:
Net income		$	4.78	$	1.42
Less:
Investment gains and losses, net		3.88		0.67
Income tax on investment gains and losses		(0.82)		(0.14)
Investment gains and losses, after-tax		3.06		0.53

Non-GAAP operating income		$	1.72	$	0.89


Life Insurance Reconciliation

(Dollars in millions)	Three months ended March 31,
		2024		2023
Net income of the life insurance subsidiary		$	19	$	19
Investment gains and losses, net		(2)		1
Income tax on investment gains and losses		—		—
Non-GAAP operating income		21		18

Investment income, net of expenses		(47)		(45)
Investment income credited to contract holders		31		30
Income tax excluding tax on investment gains and losses, net		5		5
Life insurance segment profit		$	10	$	8

CINF 1Q24 Release 15


Property Casualty Insurance Reconciliation









(Dollars in millions)	Three months ended March 31, 2024
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	2,248		$	1,223		$	595		$	146		$	284
Unearned premiums change		(256)			(141)			(7)			(7)			(101)
Earned premiums		$	1,992		$	1,082		$	588		$	139		$	183

Underwriting profit		$	131		$	39		$	37		$	12		$	43










(Dollars in millions)	Three months ended March 31, 2023
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	2,019		$	1,141		$	448		$	136		$	294
Unearned premiums change		(178)			(85)			16			(9)			(100)
Earned premiums		$	1,841		$	1,056		$	464		$	127		$	194

Underwriting profit (loss)		$	(10)		$	(2)		$	(57)		$	13		$	36

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 1Q24 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 March 31,
			2024				2023





Value creation ratio:
End of period book value*			$	80.83			$	68.33
Less beginning of period book value			77.06				67.01
Change in book value			3.77				1.32
Dividend declared to shareholders			0.81				0.75
Total value creation			$	4.58			$	2.07

Value creation ratio from change in book value**			4.9		%		2.0		%
Value creation ratio from dividends declared to shareholders***		1.0				1.1
Value creation ratio			5.9		%		3.1		%

* 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 1Q24 Release 17

Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending March 31, 2024

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 April 24, 2024, 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 First-Quarter 2024 Supplemental Financial Data


	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending March 31, 2024

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

Consolidated

	CFC and Subsidiaries Consolidation – Three Months Ended March 31, 2024	4




Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	5
	Loss Ratio Detail	6
	Loss Claim Count Detail	7

	Quarterly Property Casualty Data – Commercial Lines	8
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	9
	Loss and Loss Expense Analysis – Three Months Ended March 31, 2024	10


Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	11
	Quarterly Property Casualty Data – Commercial Lines	12
	Quarterly Property Casualty Data – Personal Lines	13
	Quarterly Property Casualty Data – Excess & Surplus Lines	14

Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	15
	The Cincinnati Life Insurance Company Statutory Statements of Income	16

Other
	Quarterly Data – Other	17

CINF First-Quarter 2024 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 First-Quarter 2024 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended March 31, 2024

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	2,086	$	—	$	—	$	—	$	2,086
Life	—		—		99		—		—		99
Premiums ceded	—		(94)		(20)		—		—		(114)
Total earned premium	—		1,992		79		—		—		2,071
Investment income, net of expenses	29		170		47		—		(1)		245
Investment gains and losses, net	137		477		(2)		—		—		612
Fee revenues	—		3		1		—		—		4
Other revenues	4		1		—		2		(4)		3
Total revenues	$	170	$	2,643	$	125	$	2	$	(5)	$	2,935

Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,269	$	94	$	—	$	—	$	1,363
Reinsurance recoveries	—		1		(15)		—		—		(14)
Underwriting, acquisition and insurance expenses	—		594		22		—		—		616
Interest expense	13		—		—		1		(1)		13
Other operating expenses	7		—		—		1		(4)		4
Total expenses	$	20	$	1,864	$	101	$	2	$	(5)	$	1,982

Income before income taxes	$	150	$	779	$	24	$	—	$	—	$	953

Provision (benefit) for income taxes
Current operating income (loss)	$	(25)	$	(49)	$	6	$	—	$	—	$	(68)
Capital gains/losses	29		100		—		—		—		129
Deferred	36		102		(1)		—		—		137
Total provision for income taxes	$	40	$	153	$	5	$	—	$	—	$	198

Net income - current year	$	110	$	626	$	19	$	—	$	—	$	755

Net income - prior year	$	124	$	82	$	19	$	—	$	—	$	225
*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.

CINF First-Quarter 2024 Supplemental Financial Data


Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended													Six months ended			Nine months ended			Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24		12/31/23		9/30/23		6/30/23		3/31/23		6/30/24	6/30/23		9/30/24	9/30/23		12/31/24	12/31/23
Consolidated
Current accident year losses greater than $5 million				$	—	$	38	$	24	$	43	$	36		$	79		$	103		$	141
Current accident year losses $2 million - $5 million				22		42		52		35		15			50			102			144
Large loss prior accident year reserve development				22		34		32		19		9			28			60			94
Total large losses incurred				$	44	$	114	$	108	$	97	$	60		$	157		$	265		$	379
Losses incurred but not reported				251		122		150		96		179			324			474			596
Other losses excluding catastrophe losses				677		665		639		675		641			1,267			1,906			2,571
Catastrophe losses				111		20		170		217		227			444			614			634
Total losses incurred				$	1,083	$	921	$	1,067	$	1,085	$	1,107		$	2,192		$	3,259		$	4,180
Commercial Lines
Current accident year losses greater than $5 million				$	—	$	33	$	18	$	28	$	30		$	58		$	76		$	109
Current accident year losses $2 million - $5 million				11		31		28		28		12			40			68			99
Large loss prior accident year reserve development				12		37		30		19		3			22			52			89
Total large losses incurred				$	23	$	101	$	76	$	75	$	45		$	120		$	196		$	297
Losses incurred but not reported				156		86		88		29		125			154			242			328
Other losses excluding catastrophe losses				368		338		336		384		335			719			1,055			1,393
Catastrophe losses				64		3		67		115		106			221			288			291
Total losses incurred				$	611	$	528	$	567	$	603	$	611		$	1,214		$	1,781		$	2,309
Personal Lines
Current accident year losses greater than $5 million				$	—	$	5	$	6	$	15	$	6		$	21		$	27		$	32
Current accident year losses $2 million - $5 million				11		11		24		7		3			10			34			45
Large loss prior accident year reserve development				10		(2)		2		1		6			7			9			7
Total large losses incurred				$	21	$	14	$	32	$	23	$	15		$	38		$	70		$	84
Losses incurred but not reported				22		5		7		26		27			53			60			65
Other losses excluding catastrophe losses				231		218		210		194		187			381			591			809
Catastrophe losses				50		21		71		93		113			206			277			298
Total losses incurred				$	324	$	258	$	320	$	336	$	342		$	678		$	998		$	1,256
Excess & Surplus Lines
Current accident year losses greater than $5 million				$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—
Current accident year losses $2 million - $5 million				—		—		—		—		—			—			—			—
Large loss prior accident year reserve development				—		(1)		—		(1)		—			(1)			(1)			(2)
Total large losses incurred				$	—	$	(1)	$	—	$	(1)	$	—		$	(1)		$	(1)		$	(2)
Losses incurred but not reported				30		16		16		20		27			47			63			79
Other losses excluding catastrophe losses				37		52		45		45		28			73			118			170
Catastrophe losses				1		1		(1)		2		1			3			2			3
Total losses incurred				$	68	$	68	$	60	$	66	$	56		$	122		$	182		$	250
*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 First-Quarter 2024 Supplemental Financial Data


Consolidated Property Casualty
Loss Ratio Detail
	Three months ended													Six months ended			Nine months ended			Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24		12/31/23		9/30/23		6/30/23		3/31/23		6/30/24	6/30/23		9/30/24	9/30/23		12/31/24	12/31/23
Consolidated
Current accident year losses greater than $5 million				—	%	1.9	%	1.2	%	2.4	%	1.9	%		2.2	%		1.8	%		1.9	%
Current accident year losses $2 million - $5 million				1.1		2.1		2.7		1.9		0.8			1.3			1.8			1.9
Large loss prior accident year reserve development				1.1		1.7		1.6		1.0		0.5			0.8			1.1			1.2
Total large loss ratio				2.2	%	5.7	%	5.5	%	5.3	%	3.2	%		4.3	%		4.7	%		5.0	%
Losses incurred but not reported				12.6		6.2		7.6		5.2		9.7			8.7			8.4			7.8
Other losses excluding catastrophe losses				34.0		33.5		32.7		36.1		34.9			34.2			33.7			33.6
Catastrophe losses				5.6		1.0		8.7		11.6		12.3			12.0			10.8			8.3
Total loss ratio				54.4	%	46.4	%	54.5	%	58.2	%	60.1	%		59.2	%		57.6	%		54.7	%
Commercial Lines
Current accident year losses greater than $5 million				—	%	3.1	%	1.7	%	2.6	%	2.8	%		2.8	%		2.4	%		2.5	%
Current accident year losses $2 million - $5 million				1.0		2.8		2.6		2.7		1.1			1.9			2.1			2.3
Large loss prior accident year reserve development				1.1		3.4		2.8		1.8		0.3			1.0			1.6			2.1
Total large loss ratio				2.1	%	9.3	%	7.1	%	7.1	%	4.2	%		5.7	%		6.1	%		6.9	%
Losses incurred but not reported				14.4		8.0		8.3		2.7		11.8			7.2			7.6			7.7
Other losses excluding catastrophe losses				34.0		31.3		31.7		35.9		31.9			33.9			33.2			32.7
Catastrophe losses				6.0		0.3		6.3		10.8		10.0			10.4			9.0			6.8
Total loss ratio				56.5	%	48.9	%	53.4	%	56.5	%	57.9	%		57.2	%		55.9	%		54.1	%
Personal Lines
Current accident year losses greater than $5 million				—	%	1.0	%	1.1	%	3.0	%	1.3	%		2.2	%		1.8	%		1.6	%
Current accident year losses $2 million - $5 million				1.8		1.9		4.7		1.4		0.6			1.0			2.3			2.2
Large loss prior accident year reserve development				1.8		(0.4)		0.4		0.2		1.4			0.8			0.6			0.3
Total large loss ratio				3.6	%	2.5	%	6.2	%	4.6	%	3.3	%		4.0	%		4.7	%		4.1	%
Losses incurred but not reported				3.8		0.9		1.2		5.3		5.9			5.6			4.0			3.2
Other losses excluding catastrophe losses				39.4		38.7		39.9		39.4		40.2			39.7			39.9			39.5
Catastrophe losses				8.4		3.8		13.4		19.0		24.3			21.6			18.7			14.6
Total loss ratio				55.2	%	45.9	%	60.7	%	68.3	%	73.7	%		70.9	%		67.3	%		61.4	%
Excess & Surplus Lines
Current accident year losses greater than $5 million				—	%	—	%	—	%	—	%	—	%		—	%		—	%		—	%
Current accident year losses $2 million - $5 million				—		—		—		—		—			—			—			—
Large loss prior accident year reserve development				—		(0.5)		—		(0.4)		(0.3)			(0.3)			(0.2)			(0.3)
Total large loss ratio				—	%	(0.5)	%	—	%	(0.4)	%	(0.3)	%		(0.3)	%		(0.2)	%		(0.3)	%
Losses incurred but not reported				21.6		10.9		11.9		15.2		21.3			18.0			15.9			14.6
Other losses excluding catastrophe losses				26.8		35.2		33.2		33.5		22.2			28.1			29.9			31.3
Catastrophe losses				0.5		0.6		(0.9)		1.3		1.1			1.2			0.5			0.5
Total loss ratio				48.9	%	46.2	%	44.2	%	49.6	%	44.3	%		47.0	%		46.1	%		46.1	%
*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 First-Quarter 2024 Supplemental Financial Data


Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23	3/31/23	6/30/24	6/30/23	9/30/24	9/30/23	12/31/24	12/31/23
Consolidated
Current accident year reported losses greater than $5 million				—	5	4	6	5		11		15		22
Current accident year reported losses $2 million - $5 million				8	17	19	11	5		16		35		49
Prior accident year reported losses on large losses				7	14	3	7	3		10		13		27
Non-Catastrophe reported losses on large losses total				15	36	26	24	13		37		63		98
Commercial Lines
Current accident year reported losses greater than $5 million				—	5	3	4	4		8		11		17
Current accident year reported losses $2 million - $5 million				4	13	11	9	4		13		24		35
Prior accident year reported losses on large losses				4	14	3	7	2		9		12		26
Non-Catastrophe reported losses on large losses total				8	32	17	20	10		30		47		78
Personal Lines
Current accident year reported losses greater than $5 million				—	—	1	2	1		3		4		5
Current accident year reported losses $2 million - $5 million				4	4	8	2	1		3		11		14
Prior accident year reported losses on large losses				3	—	—	—	1		1		1		1
Non-Catastrophe reported losses on large losses total				7	4	9	4	3		7		16		20
Excess & Surplus Lines
Current accident year reported losses greater than $5 million				—	—	—	—	—		—		—		—
Current accident year reported losses $2 million - $5 million				—	—	—	—	—		—		—		—
Prior accident year reported losses on large losses				—	—	—	—	—		—		—		—
Non-Catastrophe reported losses on large losses total				—	—	—	—	—		—		—		—
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2024 Supplemental Financial Data


Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Commercial casualty:
Net written premiums				$	417		$	361		$	331		$	378		$	404			$	782			$	1,114			$	1,475
Year over year change %- written premium				3		%	2		%	2		%	1		%	4		%		2		%		2		%		2		%
Earned premiums				$	365		$	366		$	365		$	373		$	377			$	750			$	1,115			$	1,481
Current accident year before catastrophe losses				73.6		%	69.6		%	68.3		%	70.5		%	72.6		%		71.6		%		70.5		%		70.3		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				0.1			14.0			—			(9.2)			(0.3)				(4.8)				(3.2)				1.0
Prior accident years catastrophe losses				—			—			—			—			—				—				—				—
Total loss and loss expense ratio				73.7		%	83.6		%	68.3		%	61.3		%	72.3		%		66.8		%		67.3		%		71.3		%
Commercial property:
Net written premiums				$	362		$	338		$	344		$	335		$	316			$	650			$	994			$	1,332
Year over year change %- written premium				15		%	14		%	11		%	9		%	6		%		7		%		9		%		10		%
Earned premiums				$	336		$	331		$	321		$	312		$	299			$	611			$	933			$	1,264
Current accident year before catastrophe losses				48.5		%	44.4		%	45.2		%	43.4		%	49.0		%		46.1		%		45.8		%		45.5		%
Current accident year catastrophe losses				21.3			5.0			23.0			35.0			34.7				34.9				30.8				24.0
Prior accident years before catastrophe losses				(4.2)			(3.2)			(2.8)			(1.5)			(7.8)				(4.6)				(4.0)				(3.8)
Prior accident years catastrophe losses				(2.5)			(2.6)			(0.5)			(1.4)			2.4				0.5				0.2				(0.6)
Total loss and loss expense ratio				63.1		%	43.6		%	64.9		%	75.5		%	78.3		%		76.9		%		72.8		%		65.1		%
Commercial auto:
Net written premiums				$	259		$	207		$	199		$	233		$	239			$	472			$	671			$	878
Year over year change %- written premium				8		%	3		%	3		%	3		%	1		%		2		%		2		%		2		%
Earned premiums				$	220		$	218		$	216		$	214		$	213			$	428			$	644			$	862
Current accident year before catastrophe losses				70.0		%	65.0		%	70.1		%	68.3		%	73.5		%		70.9		%		70.6		%		69.2		%
Current accident year catastrophe losses				1.6			(1.1)			(0.8)			6.7			0.9				3.8				2.3				1.5
Prior accident years before catastrophe losses				(0.8)			(2.6)			0.7			(1.4)			2.7				0.7				0.6				(0.2)
Prior accident years catastrophe losses				(0.1)			—			—			(0.3)			(1.5)				(1.0)				(0.6)				(0.5)
Total loss and loss expense ratio				70.7		%	61.3		%	70.0		%	73.3		%	75.6		%		74.4		%		72.9		%		70.0		%
Workers' compensation:
Net written premiums				$	79		$	57		$	57		$	65		$	82			$	147			$	203			$	260
Year over year change %- written premium				(4)		%	(11)		%	(5)		%	(6)		%	(5)		%		(5)		%		(5)		%		(6)		%
Earned premiums				$	61		$	65		$	66		$	72		$	74			$	146			$	212			$	277
Current accident year before catastrophe losses				91.5		%	87.2		%	90.3		%	90.0		%	83.2		%		86.5		%		87.7		%		87.6		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				(19.3)			(31.1)			(30.7)			(15.4)			(19.6)				(17.5)				(21.6)				(23.9)
Prior accident years catastrophe losses				—			—			—			—			—				—				—				—
Total loss and loss expense ratio				72.2		%	56.1		%	59.6		%	74.6		%	63.6		%		69.0		%		66.1		%		63.7		%
Other commercial:
Net written premiums				$	106		$	97		$	98		$	95		$	100			$	196			$	294			$	391
Year over year change %- written premium				6		%	5		%	3		%	2		%	15		%		9		%		7		%		7		%
Earned premiums				$	100		$	100		$	94		$	95		$	93			$	187			$	280			$	380
Current accident year before catastrophe losses				40.5		%	34.5		%	39.1		%	35.2		%	38.1		%		36.6		%		37.4		%		36.7		%
Current accident year catastrophe losses				0.1			—			0.2			0.1			—				0.1				0.1				0.1
Prior accident years before catastrophe losses				(2.8)			(4.0)			(5.8)			(0.8)			(2.5)				(1.6)				(3.0)				(3.3)
Prior accident years catastrophe losses				0.1			0.1			—			—			(0.1)				(0.1)				—				—
Total loss and loss expense ratio				37.9		%	30.6		%	33.5		%	34.5		%	35.5		%		35.0		%		34.5		%		33.5		%
*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 First-Quarter 2024 Supplemental Financial Data


Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Personal auto:
Net written premiums				$	216		$	207		$	227		$	212		$	163			$	374			$	602			$	809
Year over year change %- written premium				33		%	31		%	27		%	20		%	16		%		18		%		21		%		24		%
Earned premiums				$	208		$	197		$	185		$	173		$	166			$	339			$	524			$	721
Current accident year before catastrophe losses				73.8		%	66.7		%	73.2		%	76.6		%	78.8		%		77.7		%		76.0		%		73.6		%
Current accident year catastrophe losses				3.4			(1.1)			(3.4)			8.9			4.2				6.6				3.1				1.9
Prior accident years before catastrophe losses				(1.9)			(1.3)			—			(4.1)			0.3				(1.9)				(1.2)				(1.3)
Prior accident years catastrophe losses				(0.7)			—			(0.1)			(0.7)			(2.7)				(1.7)				(1.1)				(0.8)
Total loss and loss expense ratio				74.6		%	64.3		%	69.7		%	80.7		%	80.6		%		80.7		%		76.8		%		73.4		%
Homeowner:
Net written premiums				$	303		$	298		$	339		$	330		$	222			$	552			$	890			$	1,188
Year over year change %- written premium				36		%	32		%	33		%	27		%	23		%		25		%		28		%		29		%
Earned premiums				$	303		$	289		$	271		$	251		$	232			$	484			$	755			$	1,044
Current accident year before catastrophe losses				46.9		%	42.2		%	45.0		%	47.4		%	46.5		%		46.9		%		46.3		%		45.1		%
Current accident year catastrophe losses				21.0			9.2			30.2			33.5			56.1				44.4				39.3				31.0
Prior accident years before catastrophe losses				(2.0)			(2.5)			(1.0)			0.7			(2.6)				(0.8)				(0.9)				(1.4)
Prior accident years catastrophe losses				(6.3)			(0.8)			(2.1)			(3.9)			(9.1)				(6.4)				(4.9)				(3.7)
Total loss and loss expense ratio				59.6		%	48.1		%	72.1		%	77.7		%	90.9		%		84.1		%		79.8		%		71.0		%
Other personal:
Net written premiums				$	76		$	74		$	80		$	87		$	63			$	151			$	231			$	305
Year over year change %- written premium				21		%	21		%	18		%	19		%	19		%		19		%		18		%		19		%
Earned premiums				$	77		$	74		$	71		$	69		$	66			$	134			$	205			$	279
Current accident year before catastrophe losses				57.4		%	48.3		%	55.7		%	56.7		%	58.9		%		57.7		%		57.1		%		54.7		%
Current accident year catastrophe losses				2.3			1.8			5.4			11.7			3.5				7.7				6.9				5.6
Prior accident years before catastrophe losses				(2.6)			2.2			1.0			2.3			(1.2)				0.6				0.7				1.1
Prior accident years catastrophe losses				(0.3)			(0.1)			(0.4)			0.7			1.3				1.0				0.5				0.3
Total loss and loss expense ratio				56.8		%	52.2		%	61.7		%	71.4		%	62.5		%		67.0		%		65.2		%		61.7		%

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Excess & Surplus:
Net written premiums				$	146		$	150		$	128		$	156		$	136			$	292			$	420			$	570
Year over year change %- written premium				7		%	23		%	6		%	16		%	10		%		13		%		11		%		14		%
Earned premiums				$	139		$	148		$	135		$	132		$	127			$	259			$	394			$	542
Current accident year before catastrophe losses				65.7		%	60.5		%	64.8		%	69.7		%	69.2		%		69.5		%		67.9		%		65.9		%
Current accident year catastrophe losses				0.9			0.5			(0.6)			1.4			1.5				1.4				0.8				0.7
Prior accident years before catastrophe losses				(1.7)			1.4			0.9			(4.7)			(6.2)				(5.4)				(3.3)				(2.0)
Prior accident years catastrophe losses				(0.4)			0.2			(0.2)			—			(0.3)				(0.1)				(0.2)				(0.1)
Total loss and loss expense ratio				64.5		%	62.6		%	64.9		%	66.4		%	64.2		%		65.4		%		65.2		%		64.5		%
*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 First-Quarter 2024 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 March 31, 2024
Commercial casualty	$	133	$	50	$	183	$	20	$	66	$	3	$	89	$	153	$	66	$	53	$	272
Commercial property	176		21		197		(35)		49		(1)		13		141		49		20		210
Commercial auto	118		22		140		(8)		23		1		16		110		23		23		156
Workers' compensation	33		8		41		(19)		22		—		3		14		22		8		44
Other commercial	35		6		41		(6)		5		(1)		(2)		29		5		5		39
Total commercial lines	495		107		602		(48)		165		2		119		447		165		109		721

Personal auto	113		25		138		7		6		2		15		120		6		27		153
Homeowners	139		23		162		7		11		2		20		146		11		25		182
Other personal	34		3		37		1		6		—		7		35		6		3		44
Total personal lines	286		51		337		15		23		4		42		301		23		55		379

Excess & surplus lines	50		17		67		(10)		31		4		25		40		31		21		92
Other	58		2		60		(14)		31		—		17		44		31		2		77
Total property casualty	$	889	$	177	$	1,066	$	(57)	$	250	$	10	$	203	$	832	$	250	$	187	$	1,269

Ceded loss and loss expense incurred for the three months ended March 31, 2024
Commercial casualty	$	(1)	$	—	$	(1)	$	5	$	(1)	$	—	$	4	$	4	$	(1)	$	—	$	3
Commercial property	7		1		8		(8)		(2)		—		(10)		(1)		(2)		1		(2)
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	2		—		2		(1)		(1)		—		(2)		1		(1)		—		—
Other commercial	8		—		8		(7)		—		—		(7)		1		—		—		1
Total commercial lines	16		1		17		(11)		(4)		—		(15)		5		(4)		1		2

Personal auto	1		—		1		(1)		(1)		—		(2)		—		(1)		—		(1)
Homeowners	3		—		3		(1)		(1)		—		(2)		2		(1)		—		1
Other personal	—		—		—		—		—		—		—		—		—		—		—
Total personal lines	4		—		4		(2)		(2)		—		(4)		2		(2)		—		—

Excess & surplus lines	4		—		4		(2)		—		—		(2)		2		—		—		2
Other	4		—		4		(3)		(6)		—		(9)		1		(6)		—		(5)
Total property casualty	$	28	$	1	$	29	$	(18)	$	(12)	$	—	$	(30)	$	10	$	(12)	$	1	$	(1)

Net loss and loss expense incurred for the three months ended March 31, 2024
Commercial casualty	$	134	$	50	$	184	$	15	$	67	$	3	$	85	$	149	$	67	$	53	$	269
Commercial property	169		20		189		(27)		51		(1)		23		142		51		19		212
Commercial auto	118		22		140		(8)		23		1		16		110		23		23		156
Workers' compensation	31		8		39		(18)		23		—		5		13		23		8		44
Other commercial	27		6		33		1		5		(1)		5		28		5		5		38
Total commercial lines	479		106		585		(37)		169		2		134		442		169		108		719

Personal auto	112		25		137		8		7		2		17		120		7		27		154
Homeowners	136		23		159		8		12		2		22		144		12		25		181
Other personal	34		3		37		1		6		—		7		35		6		3		44
Total personal lines	282		51		333		17		25		4		46		299		25		55		379

Excess & surplus lines	46		17		63		(8)		31		4		27		38		31		21		90
Other	54		2		56		(11)		37		—		26		43		37		2		82
Total property casualty	$	861	$	176	$	1,037	$	(39)	$	262	$	10	$	233	$	822	$	262	$	186	$	1,270

*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 First-Quarter 2024 Supplemental Financial Data



Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Premiums
Agency renewal written premiums				$	1,683		$	1,534		$	1,549		$	1,643		$	1,535			$	3,178			$	4,727			$	6,261
Agency new business written premiums				346			310			313			303			251				554				867				1,177

Other written premiums				219			76			95			204			233				437				532				608
Net written premiums				$	2,248		$	1,920		$	1,957		$	2,150		$	2,019			$	4,169			$	6,126			$	8,046
Unearned premium change				(256)			64			—			(287)			(178)				(465)				(465)				(401)
Earned premiums				$	1,992		$	1,984		$	1,957		$	1,863		$	1,841			$	3,704			$	5,661			$	7,645
Year over year change %
Agency renewal written premiums				10		%	10		%	11		%	11		%	10		%		10		%		11		%		11		%
Agency new business written premiums				38			30			19			6			3				5				9				14

Other written premiums				(6)			27			(1)			4			(10)				(4)				(3)				—
Net written premiums				11			13			12			9			6				8				9				10
Paid losses and loss expenses
Losses paid				$	861		$	933		$	907		$	924		$	893			$	1,816			$	2,723			$	3,656
Loss expenses paid				176			158			151			157			153				311				462				620
Loss and loss expenses paid				$	1,037		$	1,091		$	1,058		$	1,081		$	1,046			$	2,127			$	3,185			$	4,276
Incurred losses and loss expenses
Loss and loss expense incurred				$	1,270		$	1,118		$	1,261		$	1,262		$	1,317			$	2,579			$	3,840			$	4,958
Loss and loss expenses paid as a % of incurred				81.7		%	97.6		%	83.9		%	85.7		%	79.4		%		82.5		%		82.9		%		86.2		%
Statutory combined ratio
Loss ratio				55.2		%	47.8		%	54.9		%	58.3		%	60.5		%		59.4		%		57.8		%		55.3		%
Loss adjustment expense ratio				9.6			10.3			10.3			9.7			11.6				10.7				10.6				10.5
Net underwriting expense ratio				27.5			31.3			29.1			27.7			27.5				27.6				28.1				28.8
US Statutory combined ratio				92.3		%	89.4		%	94.3		%	95.7		%	99.6		%		97.7		%		96.5		%		94.6		%
Contribution from catastrophe losses				6.1			1.8			8.7			12.3			12.7				12.5				11.2				8.8
Statutory combined ratio excl. catastrophe losses				86.2		%	87.6		%	85.6		%	83.4		%	86.9		%		85.2		%		85.3		%		85.8		%
GAAP combined ratio
GAAP combined ratio				93.6		%	87.5		%	94.4		%	97.6		%	100.7		%		99.2		%		97.5		%		94.9		%
Contribution from catastrophe losses				5.9			1.3			9.1			12.0			12.8				12.4				11.3				8.7
GAAP combined ratio excl. catastrophe losses				87.7		%	86.2		%	85.3		%	85.6		%	87.9		%		86.8		%		86.2		%		86.2		%
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. Statutory ratios exclude the results of Cincinnati Global. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF First-Quarter 2024 Supplemental Financial Data



Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Premiums
Agency renewal written premiums				$	1,076		$	936		$	914		$	985		$	1,041			$	2,026			$	2,940			$	3,876
Agency new business written premiums				182			153			148			149			134				283				431				584
Other written premiums				(35)			(29)			(33)			(28)			(34)				(62)				(95)				(124)
Net written premiums				$	1,223		$	1,060		$	1,029		$	1,106		$	1,141			$	2,247			$	3,276			$	4,336
Unearned premium change				(141)			20			33			(40)			(85)				(125)				(92)				(72)
Earned premiums				$	1,082		$	1,080		$	1,062		$	1,066		$	1,056			$	2,122			$	3,184			$	4,264
Year over year change %
Agency renewal written premiums				3		%	3		%	6		%	5		%	7		%		6		%		6		%		6		%
Agency new business written premiums				36			18			(1)			(10)			(14)				(12)				(8)				(3)
Other written premiums				(3)			6			(32)			(4)			(13)				(9)				(16)				(10)
Net written premiums				7			5			5			3			4				4				4				4
Paid losses and loss expenses
Losses paid				$	479		$	549		$	490		$	550		$	513			$	1,063			$	1,552			$	2,101
Loss expenses paid				106			93			92			96			97				193				285				379
Loss and loss expenses paid				$	585		$	642		$	582		$	646		$	610			$	1,256			$	1,837			$	2,480
Incurred losses and loss expenses
Loss and loss expense incurred				$	719		$	651		$	680		$	708		$	748			$	1,456			$	2,136			$	2,787
Loss and loss expenses paid as a % of incurred				81.4		%	98.6		%	85.6		%	91.2		%	81.6		%		86.3		%		86.0		%		89.0		%
Statutory combined ratio
Loss ratio				56.5		%	48.9		%	53.4		%	56.5		%	57.9		%		57.2		%		55.9		%		54.1		%
Loss adjustment expense ratio				9.9			11.4			10.6			9.9			12.9				11.4				11.2				11.2
Net underwriting expense ratio				27.4			32.6			31.8			29.4			27.7				28.5				29.5				30.3
Statutory combined ratio				93.8		%	92.9		%	95.8		%	95.8		%	98.5		%		97.1		%		96.6		%		95.6		%
Contribution from catastrophe losses				6.2			0.5			6.7			11.1			10.4				10.7				9.4				7.2
Statutory combined ratio excl. catastrophe losses				87.6		%	92.4		%	89.1		%	84.7		%	88.1		%		86.4		%		87.2		%		88.4		%
GAAP combined ratio
GAAP combined ratio				96.5		%	92.2		%	95.2		%	96.9		%	100.4		%		98.6		%		97.5		%		96.2		%
Contribution from catastrophe losses				6.2			0.5			6.7			11.1			10.4				10.7				9.4				7.2
GAAP combined ratio excl. catastrophe losses				90.3		%	91.7		%	88.5		%	85.8		%	90.0		%		87.9		%		88.1		%		89.0		%
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 First-Quarter 2024 Supplemental Financial Data



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Premiums
Agency renewal written premiums				$	494		$	486		$	542		$	541		$	388			$	929			$	1,471			$	1,957
Agency new business written premiums				122			109			122			106			79				185				307				416
Other written premiums				(21)			(16)			(18)			(18)			(19)				(37)				(55)				(71)
Net written premiums				$	595		$	579		$	646		$	629		$	448			$	1,077			$	1,723			$	2,302
Unearned premium change				(7)			(19)			(119)			(136)			16				(120)				(239)				(258)
Earned premiums				$	588		$	560		$	527		$	493		$	464			$	957			$	1,484			$	2,044
Year over year change %
Agency renewal written premiums				27		%	24		%	24		%	24		%	17		%		20		%		22		%		22		%
Agency new business written premiums				54			45			51			20			52				32				39				41
Other written premiums				(11)			30			(13)			(13)			(73)				(37)				(28)				(8)
Net written premiums				33			30			29			23			20				22				24				26
Paid losses and loss expenses
Losses paid				$	282		$	277		$	324		$	298		$	288			$	585			$	909			$	1,185
Loss expenses paid				51			45			39			44			40				85				123				168
Loss and loss expenses paid				$	333		$	322		$	363		$	342		$	328			$	670			$	1,032			$	1,353
Incurred losses and loss expenses
Loss and loss expense incurred				$	379		$	304		$	368		$	384		$	386			$	770			$	1,138			$	1,442
Loss and loss expenses paid as a % of incurred				87.9		%	105.9		%	98.6		%	89.1		%	85.0		%		87.0		%		90.7		%		93.8		%
Statutory combined ratio
Loss ratio				55.2		%	45.9		%	60.7		%	68.3		%	73.6		%		70.9		%		67.3		%		61.4		%
Loss adjustment expense ratio				9.3			8.4			9.2			9.6			9.6				9.6				9.4				9.2
Net underwriting expense ratio				29.6			30.0			26.3			25.5			30.0				27.4				27.0				27.7
Statutory combined ratio				94.1		%	84.3		%	96.2		%	103.4		%	113.2		%		107.9		%		103.7		%		98.3		%
Contribution from catastrophe losses				8.8			4.2			13.9			19.7			24.7				22.1				19.2				15.1
Statutory combined ratio excl. catastrophe losses				85.3		%	80.1		%	82.3		%	83.7		%	88.5		%		85.8		%		84.5		%		83.2		%
GAAP combined ratio
GAAP combined ratio				93.9		%	84.7		%	99.9		%	107.6		%	112.5		%		110.0		%		106.4		%		100.4		%
Contribution from catastrophe losses				8.8			4.2			13.9			19.7			24.7				22.1				19.2				15.1
GAAP combined ratio excl. catastrophe losses				85.1		%	80.5		%	86.0		%	87.9		%	87.8		%		87.9		%		87.2		%		85.3		%
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 First-Quarter 2024 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
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Premiums
Agency renewal written premiums				$	113		$	112		$	93		$	117		$	106			$	223			$	316			$	428
Agency new business written premiums				42			48			43			48			38				86				129				177
Other written premiums				(9)			(10)			(8)			(9)			(8)				(17)				(25)				(35)
Net written premiums				$	146		$	150		$	128		$	156		$	136			$	292			$	420			$	570
Unearned premium change				(7)			(2)			7			(24)			(9)				(33)				(26)				(28)
Earned premiums				$	139		$	148		$	135		$	132		$	127			$	259			$	394			$	542
Year over year change %
Agency renewal written premiums				7		%	18		%	—		%	6		%	13		%		9		%		6		%		9		%
Agency new business written premiums				11			45			26			45			6				25				25				30
Other written premiums				(13)			(67)			(33)			(13)			(33)				(21)				(25)				(35)
Net written premiums				7			23			6			16			10				13				11				14
Paid losses and loss expenses
Losses paid				$	46		$	34		$	33		$	29		$	28			$	56			$	90			$	124
Loss expenses paid				17			17			16			14			12				27				43				59
Loss and loss expenses paid				$	63		$	51		$	49		$	43		$	40			$	83			$	133			$	183
Incurred losses and loss expenses
Loss and loss expense incurred				$	90		$	93		$	87		$	89		$	81			$	170			$	257			$	350
Loss and loss expenses paid as a % of incurred				70.0		%	54.8		%	56.3		%	48.3		%	49.4		%		48.8		%		51.8		%		52.3		%
Statutory combined ratio
Loss ratio				48.9		%	46.2		%	44.2		%	49.6		%	44.3		%		47.0		%		46.1		%		46.1		%
Loss adjustment expense ratio				15.6			16.5			20.6			16.9			19.9				18.4				19.1				18.4
Net underwriting expense ratio				26.0			27.7			26.6			24.3			24.4				24.4				25.1				25.7
Statutory combined ratio				90.5		%	90.4		%	91.4		%	90.8		%	88.6		%		89.8		%		90.3		%		90.2		%
Contribution from catastrophe losses				0.5			0.7			(0.8)			1.4			1.2				1.3				0.6				0.6
Statutory combined ratio excl. catastrophe losses				90.0		%	89.7		%	92.2		%	89.4		%	87.4		%		88.5		%		89.7		%		89.6		%
GAAP combined ratio
GAAP combined ratio				91.9		%	89.8		%	90.5		%	92.2		%	89.9		%		91.1		%		90.9		%		90.6		%
Contribution from catastrophe losses				0.5			0.7			(0.8)			1.4			1.2				1.3				0.6				0.6
GAAP combined ratio excl. catastrophe losses				91.4		%	89.1		%	91.3		%	90.8		%	88.7		%		89.8		%		90.3		%		90.0		%
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 First-Quarter 2024 Supplemental Financial Data


Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended March 31,
(Dollars in millions)		2024		2023		Change		% Change
Underwriting income
Net premiums written		$	2,166	$	1,955	$	211	11
Unearned premium change		222		158		64		41
Earned premiums		$	1,944	$	1,797	$	147	8

Losses incurred		$	1,073	$	1,086	$	(13)	(1)
Defense and cost containment expenses incurred		79		101		(22)		(22)
Adjusting and other expenses incurred		106		108		(2)		(2)
Other underwriting expenses incurred		594		536		58		11
Workers compensation dividend incurred		2		2		—		—
Total underwriting deductions		$	1,854	$	1,833	$	21	1

Net underwriting profit (loss)		$	90	$	(36)	$	126	nm

Investment income
Gross investment income earned		$	158	$	143	$	15	10
Net investment income earned		156		141		15		11
Net realized capital gains and losses, net		37		(26)		63		nm
Net investment gains (net of tax)		$	193	$	115	$	78	68

Other income		$	2	$	2	$	—	—

Net income before federal income taxes		$	285	$	81	$	204	252
Federal and foreign income taxes incurred		28		3		25		nm
Net income (statutory)		$	257	$	78	$	179	229

Policyholders' surplus - statutory		$	7,738	$	6,443	$	1,295	20

Fixed maturities at amortized cost - statutory		$	10,295	$	9,131	$	1,164	13
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2024 Supplemental Financial Data


The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended March 31,
(Dollars in millions)		2024		2023		Change		% Change
Net premiums written		$	85	$	86	$	(1)	(1)
Net investment income		47		46		1		2

Commissions and expense allowances on reinsurance ceded		1		1		—		—
Income from fees associated with separate accounts		1		2		(1)		(50)
Total revenues		$	134	$	135	$	(1)	(1)

Death benefits and matured endowments		$	43	$	43	$	—	—
Annuity benefits		40		39		1		3

Surrender benefits and group conversions		8		7		1		14
Interest and adjustments on deposit-type contract funds		2		2		—		—
Increase in aggregate reserves for life and accident and health contracts		(12)		(9)		(3)		(33)
Total benefit expenses		$	81	$	82	$	(1)	(1)

Commissions		$	12	$	12	$	—	—
General insurance expenses and taxes		14		12		2		17
Increase in loading on deferred and uncollected premiums		1		1		—		—
Net transfers from separate accounts		—		(2)		2		100

Total underwriting expenses		$	27	$	23	$	4	17

Federal and foreign income taxes incurred		6		7		(1)		(14)

Net gain from operations before capital gains and losses		$	20	$	23	$	(3)	(13)

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

Net income (statutory)		$	18	$	23	$	(5)	(22)

Policyholders' surplus - statutory		$	431	$	345	$	86	25

Fixed maturities at amortized cost - statutory		$	3,897	$	3,855	$	42	1
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 First-Quarter 2024 Supplemental Financial Data



Quarterly Data - Other

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Cincinnati Re:
Net written premiums				$	202		$	66		$	85		$	177		$	230			$	407			$	492			$	558
Year over year change %- written premium				(12)		%	(1)		%	(1)		%	—		%	(9)		%		(6)		%		(5)		%		(5)		%
Earned premiums				$	135		$	123		$	134		$	122		$	150			$	272			$	406			$	529
Current accident year before catastrophe losses				63.0		%	42.6		%	51.5		%	57.8		%	45.2		%		50.9		%		51.1		%		49.1		%
Current accident year catastrophe losses				—			2.0			11.5			1.8			0.3				1.0				4.4				3.9
Prior accident years before catastrophe losses				(10.4)			4.6			(7.9)			(17.1)			6.0				(4.4)				(5.5)				(3.2)
Prior accident years catastrophe losses				—			1.0			2.0			1.9			1.7				1.8				1.9				1.7
Total loss and loss expense ratio				52.6		%	50.2		%	57.1		%	44.4		%	53.2		%		49.3		%		51.9		%		51.5		%

Cincinnati Global:
Net written premiums				$	82		$	65		$	69		$	82		$	64			$	146			$	215			$	280
Year over year change %- written premium				28		%	23		%	21		%	19		%	25		%		22		%		21		%		22		%
Earned premiums				$	48		$	73		$	99		$	50		$	44			$	94			$	193			$	266
Current accident year before catastrophe losses				48.2		%	24.6		%	34.1		%	61.7		%	35.3		%		49.3		%		41.5		%		36.9		%
Current accident year catastrophe losses				—			(8.4)			18.2			1.1			11.1				5.8				12.1				6.5
Prior accident years before catastrophe losses				(19.7)			(1.0)			(3.4)			(9.7)			0.8				(4.7)				(4.0)				(3.2)
Prior accident years catastrophe losses				(5.9)			(2.7)			(0.2)			2.5			2.4				2.4				1.1				—
Total loss and loss expense ratio				22.6		%	12.5		%	48.7		%	55.6		%	49.6		%		52.8		%		50.7		%		40.2		%

Noninsurance operations:
Interest and fees on loans and leases				$	2		3			2			1			2				$	3			$	5			$	8
Other revenue				1			2			1			1			1				2				3				5
Interest expense				13			14			13			13			14				27				40				54
Operating expenses				4			8			5			7			5				12				17				25
Total noninsurance operations loss				$	(14)		$	(17)		$	(15)		$	(18)		$	(16)			$	(34)			$	(49)			$	(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 First-Quarter 2024 Supplemental Financial Data

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