8-K - CINF - Equibles

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: February 10, 2025

(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 <br>of incorporation)	(Commission <br>File Number)		(I.R.S. Employer <br>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 classTrading Symbol(s)Name of each exchange on which registeredCommon stockCINFNasdaq 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 February 10, 2025, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2024 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On February 10, 2025, 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 release 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 7.01 Regulation FD Disclosure

On February 10, 2025, Cincinnati Financial Corporation posted presentation slides in PDF format on investors.cinfin.com that will be used in investor presentations beginning February 12, 2025. Exhibit 99.3 is a copy of the slides.

The slides are being furnished pursuant to Item 7.01, and the information contained therein shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise be subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. This report should not be deemed an admission as to the materiality of any information contained in the investor presentation slides.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 – News release dated February 10 , 2025, “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2024 Results”

Exhibit 99.2 – Supplemental Financial Data for the Period Ending December 31, 2024 distributed February 10 , 2025

Exhibit 99.3 – Invest or presentation slides

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: February 10, 2025	/S/ Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Senior Vice President and Treasurer<br>(Principal Accounting Officer)

Document

The Cincinnati Insurance Company n The Cincinnati Indemnity Company<br><br>The Cincinnati Casualty Company n The Cincinnati Specialty Underwriters Insurance Company<br><br>The Cincinnati Life Insurance Company n CFC Investment Company n CSU Producer Resources Inc.<br><br>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 Fourth-Quarter and Full-Year 2024 Results

Cincinnati, February 10, 2025 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Fourth-quarter 2024 net income of $405 million, or $2.56 per share, compared with $1.183 billion, or $7.50 per share, in the fourth quarter of 2023, after recognizing a $107 million fourth-quarter 2024 after-tax decrease in the fair value of equity securities still held.

•Full-year 2024 net income of $2.292 billion, or $14.53 per share, compared with $1.843 billion, or $11.66 per share, in 2023.

•$138 million or 38% increase in fourth-quarter 2024 non-GAAP operating income* to $497 million, or $3.14 per share, compared with $359 million, or $2.28 per share, in the fourth quarter of last year.

•$245 million or 26% increase in full-year 2024 non-GAAP operating income to $1.197 billion, or $7.58 per share, up from $952 million, or $6.03 per share, with increases of $141 million in after-tax property casualty underwriting profit and $104 million in net investment income.

•$778 million decrease in fourth-quarter 2024 net income reflected a $916 million decrease in after-tax net investment gains that offset increases of $79 million in after-tax property casualty underwriting profit and $33 million in net investment income.

•$89.11 book value per share at December 31, 2024, up $12.05 since year-end 2023.

•19.8% value creation ratio for full-year 2024, compared with 19.5% for 2023.

Financial Highlights

(Dollars in millions except per share data)
	2024			2023			% Change		2024			2023			% Change
Revenue Data
Earned premiums		$	2,365		$	2,064		15		$	8,889		$	7,958		12
Investment income, net of expenses		280			239			17		1,025			894			15
Total revenues		2,538			3,356			(24)		11,337			10,013			13
Income Statement Data
Net income		$	405		$	1,183		(66)		$	2,292		$	1,843		24
Investment gains and losses, after-tax		(92)			824			nm		1,095			891			23
Non-GAAP operating income*		$	497		$	359		38		$	1,197		$	952		26
Per Share Data (diluted)
Net income		$	2.56		$	7.50		(66)		$	14.53		$	11.66		25
Investment gains and losses, after-tax		(0.58)			5.22			nm		6.95			5.63			23
Non-GAAP operating income*		$	3.14		$	2.28		38		$	7.58		$	6.03		26
Book value										$	89.11		$	77.06		16
Cash dividend declared		$	0.81		$	0.75		8		$	3.24		$	3.00		8
Diluted weighted average shares outstanding		158.1			157.8			0		157.8			158.1			0

* The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures 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 4Q24 Release 1

Insurance Operations Highlights

•84.7% fourth-quarter 2024 property casualty combined ratio, improved from 87.5% for the fourth quarter of 2023. Full-year 2024 property casualty combined ratio at 93.4%, with net written premiums up 15%.

•17% growth in fourth-quarter 2024 net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.

•$382 million fourth-quarter 2024 property casualty new business written premiums. Agencies appointed since the beginning of 2023 contributed $47 million or 12% of total fourth-quarter new business written premiums.

•$28 million of fourth-quarter 2024 life insurance subsidiary net income and 4% growth in fourth-quarter 2024 term life insurance earned premiums. Full-year 2024 non-GAAP operating income rose 18%.

Investment and Balance Sheet Highlights

•17% or $41 million increase in fourth-quarter 2024 pretax investment income, including a 28% increase in bond interest income and a 4% decrease in stock portfolio dividends.

•12% full-year increase in fair value of total investments at December 31, 2024, including a 17% increase for the bond portfolio and a 2% increase for the stock portfolio.

•$5.203 billion parent company cash and marketable securities at year-end 2024, up 7% from a year ago.

Achieving Planned Results

Stephen M. Spray, president and chief executive officer, commented: “As we previously disclosed, our first-quarter results will be impacted due to the California wildfires. I want to express my appreciation and gratitude to our claims associates who are working hard to deliver top-notch service to impacted policyholders. Through their efforts we’ve already made substantial payments to help those insured with Cincinnati Insurance start to piece their lives back together.

“Our 2024 year-end results show the importance and success of the initiatives we’ve undergone over the past decade to appropriately balance growth and profitability, ensuring we have the financial strength to answer the call of agents and insureds when a disaster strikes.

“Non-GAAP operating income finished the year strong, increasing 26% to $1.197 billion, compared with full-year 2023. While net income took a dip in the fourth quarter due to the challenged equity market, we still finished the year up 24% over full-year 2023, cresting the $2 billion mark.

“Property casualty underwriting achieved excellent fourth-quarter results. Underwriting profit for the quarter increased 40% over 2023’s strong result, boosting full-year underwriting profit to $580 million. Our full-year 2024 combined ratio improved 1.5 points to 93.4%, benefiting from sound underwriting judgement and catastrophe losses staying in line with the prior year. Our 2024 core combined ratio on a current accident year before catastrophe loss basis was 1.9 points better than full-year 2023.”

Focusing on Profitable Growth

“We believe our property casualty net written premium growth was healthy, accelerating in part due to our strategy of increasing agency appointments. Thanks to the hard work by our associates and the steady contributions of our independent agency partners, we increased net written premiums by 15% for the year to more than $9 billion. For our life insurance business, earned premiums rose 3%.

“We continue to refine pricing precision on accounts we underwrite. Our ability to price on a policy-by-policy basis will support our efforts to maintain appropriate pricing as we navigate a challenging market environment in 2025. We believe that appropriate pricing, combined with our hallmarks of strong agency relationships and fast, fair and empathetic claims service, will help our agents attract and retain high-quality business.

“Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM continue to perform as planned and were very profitable in 2024, remaining nimble and taking advantage of market opportunities as they arise.”

Financial Strength for the Future

“At December 31, 2024, our book value per share climbed 16% from a year ago, to $89.11, bolstered by record net pretax investment income of more than $1 billion for the year.

“Consolidated cash and total investments reached more than $29 billion. Our ample capital allows us to execute on our long-term strategies and, at the same time continue to pay dividends to shareholders. Our value creation ratio for 2024, which considers the dividends we pay as well as growth in book value, was 19.8%, ahead of last year and our 10% to 13% average annual target for this measure.”

CINF 4Q24 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2024			2023			% Change	2024			2023			% Change
Earned premiums	$	2,284		$	1,984		15	$	8,568		$	7,645		12
Fee revenues	3			3			0	12			11			9
Total revenues	2,287			1,987			15	8,580			7,656			12
Loss and loss expenses	1,255			1,118			12	5,436			4,958			10
Underwriting expenses	680			617			10	2,564			2,297			12
Underwriting profit	$	352		$	252		40	$	580		$	401		45
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	55.0		%	56.4		%	(1.4)	63.5		%	64.9		%	(1.4)
Underwriting expenses	29.7			31.1			(1.4)	29.9			30.0			(0.1)
Combined ratio	84.7		%	87.5		%	(2.8)	93.4		%	94.9		%	(1.5)
							% Change							% Change
Agency renewal written premiums	$	1,759		$	1,534		15	$	7,080		$	6,261		13
Agency new business written premiums	382			310			23	1,541			1,177			31
Other written premiums	102			76			34	622			608			2
Net written premiums	$	2,243		$	1,920		17	$	9,243		$	8,046		15
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	51.0		%	54.6		%	(3.6)	56.6		%	58.4		%	(1.8)
Current accident year catastrophe losses	5.0			1.9			3.1	9.6			9.3			0.3
Prior accident years before catastrophe losses	(0.0)			0.5			(0.5)	(1.6)			(2.2)			0.6
Prior accident years catastrophe losses	(1.0)			(0.6)			(0.4)	(1.1)			(0.6)			(0.5)
Loss and loss expense ratio	55.0		%	56.4		%	(1.4)	63.5		%	64.9		%	(1.4)
Current accident year combined ratio before <br> catastrophe losses	80.7		%	85.7		%	(5.0)	86.5		%	88.4		%	(1.9)

•17% and 15% growth in fourth-quarter and full-year 2024 property casualty net written premiums, reflecting price increases, premium growth initiatives and a higher level of insured exposures. The contribution to growth from Cincinnati Re and Cincinnati Global in total was 2 percentage points for fourth-quarter and 1 point for the full year.

•23% and 31% increase in fourth-quarter and full-year 2024 new business premiums written by agencies, compared with a year ago. The full-year increase included a $116 million increase in standard market property casualty production from agencies appointed since the beginning of 2023.

•304 new agency appointments in full-year 2024, including 102 that market only our personal lines products.

•2.8 percentage-point fourth-quarter 2024 combined ratio improvement, compared with 2023, despite an increase of 2.7 points for losses from catastrophes.

•1.5 percentage-point full-year 2024 combined ratio improvement, including a decrease of 0.2 points for losses from catastrophes.

•1.0 and 2.7 percentage-point fourth-quarter and full-year 2024 benefit from favorable prior accident year reserve development of $25 million and $236 million, compared with 0.1 points or $2 million for fourth-quarter 2023 and 2.8 points or $215 million of favorable development for full-year 2023.

•1.8 percentage-point improvement, to 56.6%, for the full-year 2024 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 1.4 points for the portion estimated as reserves for claims incurred but not reported (IBNR) and a decrease of 3.2 points for the case incurred portion.

•0.1 percentage-point decrease in full-year 2024 underwriting expense ratio, compared with the same period of 2023, reflecting ongoing expense management efforts and higher earned premiums.

CINF 4Q24 Release 3

Commercial Lines Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2024			2023			% Change	2024			2023			% Change
Earned premiums	$	1,160		$	1,080		7	$	4,486		$	4,264		5
Fee revenues	1			1			0	4			4			0
Total revenues	1,161			1,081			7	4,490			4,268			5
Loss and loss expenses	624			651			(4)	2,795			2,787			0
Underwriting expenses	356			345			3	1,384			1,313			5
Underwriting profit	$	181		$	85		113	$	311		$	168		85
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	53.8		%	60.3		%	(6.5)	62.3		%	65.4		%	(3.1)
Underwriting expenses	30.7			31.9			(1.2)	30.9			30.8			0.1
Combined ratio	84.5		%	92.2		%	(7.7)	93.2		%	96.2		%	(3.0)
							% Change							% Change
Agency renewal written premiums	$	1,001		$	936		7	$	4,087		$	3,876		5
Agency new business written premiums	179			153			17	741			584			27
Other written premiums	(37)			(29)			(28)	(138)			(124)			(11)
Net written premiums	$	1,143		$	1,060		8	$	4,690		$	4,336		8
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	53.8		%	58.8		%	(5.0)	59.3		%	60.8		%	(1.5)
Current accident year catastrophe losses	1.8			1.3			0.5	6.1			7.4			(1.3)
Prior accident years before catastrophe losses	(0.9)			1.0			(1.9)	(2.4)			(2.6)			0.2
Prior accident years catastrophe losses	(0.9)			(0.8)			(0.1)	(0.7)			(0.2)			(0.5)
Loss and loss expense ratio	53.8		%	60.3		%	(6.5)	62.3		%	65.4		%	(3.1)
Current accident year combined ratio before <br> catastrophe losses	84.5		%	90.7		%	(6.2)	90.2		%	91.6		%	(1.4)

•8% growth in both fourth-quarter and full-year 2024 commercial lines net written premiums, primarily due to higher agency renewal written premiums. Fourth-quarter and full-year 2024 commercial lines average renewal pricing increased near the low end of the high-single-digit percent range, with the fourth-quarter increase slightly lower than third-quarter 2024.

•17% and 27% increase in fourth-quarter and full-year 2024 new business written premiums, as we continue to carefully underwrite each policy in a highly competitive market.

•7.7 percentage-point fourth-quarter 2024 combined ratio improvement, compared with 2023, despite an increase of 0.4 points for losses from catastrophes.

•3.0 percentage-point full-year 2024 combined ratio improvement, including a decrease of 1.8 points for losses from catastrophes.

•1.8 and 3.1 percentage-point fourth-quarter and full-year 2024 benefit from favorable prior accident year reserve development of $21 million and $138 million, compared with 0.2 points or $2 million of unfavorable development for fourth-quarter 2023 and 2.8 points or $123 million of favorable development for full-year 2023.

•1.5 percentage-point improvement, to 59.3%, for the full-year 2024 ratio of current accident year losses and loss expenses before catastrophes, including a decrease of 2.2 points in the ratio for current accident year losses of $2 million or more per claim.

CINF 4Q24 Release 4

Personal Lines Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2024			2023			% Change	2024			2023			% Change
Earned premiums	$	726		$	560		30	$	2,623		$	2,044		28
Fee revenues	1			1			0	5			4			25
Total revenues	727			561			30	2,628			2,048			28
Loss and loss expenses	374			304			23	1,795			1,442			24
Underwriting expenses	208			169			23	762			610			25
Underwriting profit (loss)	$	145		$	88		65	$	71		$	(4)		nm
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	51.5		%	54.3		%	(2.8)	68.5		%	70.5		%	(2.0)
Underwriting expenses	28.7			30.4			(1.7)	29.0			29.9			(0.9)
Combined ratio	80.2		%	84.7		%	(4.5)	97.5		%	100.4		%	(2.9)
							% Change							% Change
Agency renewal written premiums	$	625		$	486		29	$	2,495		$	1,957		27
Agency new business written premiums	154			109			41	604			416			45
Other written premiums	(26)			(16)			(63)	(100)			(71)			(41)
Net written premiums	$	753		$	579		30	$	2,999		$	2,302		30
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	49.7		%	51.5		%	(1.8)	53.9		%	56.4		%	(2.5)
Current accident year catastrophe losses	1.8			4.6			(2.8)	15.6			17.3			(1.7)
Prior accident years before catastrophe losses	1.6			(1.4)			3.0	0.7			(1.0)			1.7
Prior accident years catastrophe losses	(1.6)			(0.4)			(1.2)	(1.7)			(2.2)			0.5
Loss and loss expense ratio	51.5		%	54.3		%	(2.8)	68.5		%	70.5		%	(2.0)
Current accident year combined ratio before <br> catastrophe losses	78.4		%	81.9		%	(3.5)	82.9		%	86.3		%	(3.4)

•30% growth in both fourth-quarter and full-year 2024 personal lines net written premiums, including higher renewal written premiums that benefited from rate increases in the low-double-digit percent range in addition to new business premium growth. Cincinnati Private ClientSM full-year 2024 net written premiums from our agencies’ high net worth clients grew 37%, to $1.719 billion.

•41% and 45% increase in fourth-quarter and full-year 2024 new business premiums written by agencies, including higher amounts for both private client and our middle-market personal lines.

•4.5 percentage-point fourth-quarter 2024 combined ratio improvement, compared with 2023, including a decrease of 4.0 points for losses from catastrophes.

•2.9 percentage-point full-year 2024 combined ratio improvement, including a decrease of 1.2 points for losses from catastrophes.

•Less than $1 million of fourth-quarter 2024 unfavorable prior accident year reserve development, compared with $10 million of favorable development for fourth-quarter 2023.

•1.0 percentage-point full-year 2024 benefit from favorable prior accident year reserve development of $26 million, compared to 3.2 points or $64 million for full-year 2023.

•2.5 percentage-point improvement, to 53.9%, for the full-year 2024 ratio of current accident year losses and loss expenses before catastrophes, including a decrease of 0.7 points in the ratio for current accident year losses of $2 million or more per claim.

CINF 4Q24 Release 5

Excess and Surplus Lines Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2024			2023			% Change	2024			2023			% Change
Earned premiums	$	168		$	148		14	$	615		$	542		13
Fee revenues	1			1			0	3			3			0
Total revenues	169			149			13	618			545			13
Loss and loss expenses	112			93			20	411			350			17
Underwriting expenses	45			40			13	167			141			18
Underwriting profit	$	12		$	16		(25)	$	40		$	54		(26)
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	66.5		%	62.6		%	3.9	66.9		%	64.5		%	2.4
Underwriting expenses	26.6			27.2			(0.6)	27.1			26.1			1.0
Combined ratio	93.1		%	89.8		%	3.3	94.0		%	90.6		%	3.4
							% Change							% Change
Agency renewal written premiums	$	133		$	112		19	$	498		$	428		16
Agency new business written premiums	49			48			2	196			177			11
Other written premiums	(11)			(10)			(10)	(40)			(35)			(14)
Net written premiums	$	171		$	150		14	$	654		$	570		15
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	63.1		%	60.5		%	2.6	64.2		%	65.9		%	(1.7)
Current accident year catastrophe losses	1.0			0.5			0.5	1.3			0.7			0.6
Prior accident years before catastrophe losses	2.3			1.4			0.9	1.4			(2.0)			3.4
Prior accident years catastrophe losses	0.1			0.2			(0.1)	(0.0)			(0.1)			0.1
Loss and loss expense ratio	66.5		%	62.6		%	3.9	66.9		%	64.5		%	2.4
Current accident year combined ratio before<br> catastrophe losses	89.7		%	87.7		%	2.0	91.3		%	92.0		%	(0.7)

•14% and 15% growth in fourth-quarter and full-year 2024 excess and surplus lines net written premiums, including fourth-quarter 2024 renewal price increases averaging in the high-single-digit percent range.

•2% and 11% increase in fourth-quarter and full-year 2024 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•3.3 percentage-point fourth-quarter 2024 combined ratio increase, primarily due to an increase of 2.6 points from current accident year loss and loss expenses before catastrophes.

•3.4 percentage-point full-year 2024 combined ratio increase, primarily due to an increase of 3.4 points from prior accident year loss and loss expenses before catastrophes.

•2.4 percentage-point fourth-quarter 2024 unfavorable prior accident year reserve development of $3 million, compared with 1.6 points or $3 million for fourth-quarter 2023.

•1.4 percentage-point full-year 2024 unfavorable prior accident year reserve development of $8 million, compared with favorable development of 2.1 points or $11 million for full-year 2023.

•1.7 percentage-point improvement, to 64.2%, for the full-year 2024 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.7 points in the ratio for current accident year losses of $2 million or more per claim.

CINF 4Q24 Release 6

Life Insurance Subsidiary Results

(Dollars in millions)										Twelve months ended December 31,
	2024			2023			% Change		2024			2023			% Change
Term life insurance		$	59		$	57		4		$	233		$	227		3
Whole life insurance		13			13			0		52			50			4
Universal life and other		9			10			(10)		36			36			0
Earned premiums		81			80			1		321			313			3
Investment income, net of expenses		48			47			2		190			184			3
Investment gains and losses, net		2			(8)			nm		(7)			(9)			22
Fee revenues		1			2			(50)		5			10			(50)
Total revenues		132			121			9		509			498			2
Contract holders’ benefits incurred		75			86			(13)		301			316			(5)
Underwriting expenses incurred		23			23			0		93			87			7
Total benefits and expenses		98			109			(10)		394			403			(2)
Net income before income tax		34			12			183		115			95			21
Income tax		6			2			200		24			20			20
Net income of the life insurance subsidiary		$	28		$	10		180		$	91		$	75		21

•$8 million or 3% increase in full-year 2024 earned premiums, including a 3% increase for term life insurance, our largest life insurance product line.

•$16 million or 21% increase in full-year 2024 life insurance subsidiary net income, primarily due to more favorable impacts from the unlocking of interest rate and other actuarial adjustments and more favorable mortality experience.

•$183 million or 16% full-year 2024 increase to $1.307 billion in GAAP shareholders’ equity for The Cincinnati Life Insurance Company, primarily from net income and the impact of an increase in market value discount rates on life policy and investment contract reserves.

CINF 4Q24 Release 7

Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)		Three months ended December 31,										Twelve months ended December 31,
	2024				2023				% Change		2024				2023				% Change
Investment income, net of expenses		$	280			$	239			17		$	1,025			$	894			15
Investment interest credited to contract holders		(31)				(30)				(3)		(125)				(121)				(3)
Investment gains and losses, net		(116)				1,043				nm		1,391				1,127				23
Investment profit (loss)		$	133			$	1,252			(89)		$	2,291			$	1,900			21
Investment income:
Interest		$	204			$	159			28		$	733			$	600			22
Dividends		74				77				(4)		283				282				0
Other		7				7				0		25				25				0
Less investment expenses		5				4				25		16				13				23
Investment income, pretax		280				239				17		1,025				894				15
Less income taxes		47				39				21		172				145				19
Total investment income, after-tax		$	233			$	200			17		$	853			$	749			14
Investment returns:
Average invested assets plus cash and cash <br> equivalents		$	29,987			$	26,174					$	28,374			$	25,685
Average yield pretax		3.73		%		3.65		%				3.61		%		3.48		%
Average yield after-tax		3.11				3.06						3.01				2.92
Effective tax rate		17.0				16.3						16.8				16.2
Fixed-maturity returns:
Average amortized cost		$	16,554			$	14,206					$	15,697			$	13,670
Average yield pretax		4.93		%		4.48		%				4.67		%		4.39		%
Average yield after-tax		4.03				3.68						3.83				3.62
Effective tax rate		18.3				17.7						18.0				17.5

•$41 million or 17% rise in fourth-quarter 2024 pretax investment income, including a 28% increase in interest income from fixed-maturity securities and a 4% decrease in equity portfolio dividends.

•$466 million fourth-quarter decrease and $1.408 billion full-year 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 December 31,						Twelve months ended December 31,
	2024			2023			2024			2023
Investment gains and losses on equity securities sold, net		$	—		$	7		$	181		$	(17)
Unrealized gains and losses on equity securities still held, net		(136)			1,043			1,275			1,168
Investment gains and losses on fixed-maturity securities, net		(2)			(16)			(116)			(22)
Other		22			9			51			(2)
Subtotal - investment gains and losses reported in net income		(116)			1,043			1,391			1,127
Change in unrealized investment gains and losses - fixed maturities		(350)			637			17			277
Total		$	(466)		$	1,680		$	1,408		$	1,404

CINF 4Q24 Release 8

Balance Sheet Highlights

(Dollars in millions except share data)		At December 31,				At December 31,
	2024				2023
Total investments		$	28,378			$	25,357
Total assets		36,501				32,769
Short-term debt		25				25
Long-term debt		790				790
Shareholders’ equity		13,935				12,098
Book value per share		89.11				77.06
Debt-to-total-capital ratio		5.5		%		6.3		%

•$29.361 billion in consolidated cash and invested assets at December 31, 2024, an increase of 12% from $26.264 billion at year-end 2023.

•$16.182 billion bond portfolio at December 31, 2024, with an average rating of A2/A+. Fair value increased $311 million during the fourth quarter of 2024, including $1.087 billion in net purchases of fixed-maturity securities.

•$11.185 billion equity portfolio was 39.4% of total investments, including $7.232 billion in appreciated value before taxes at December 31, 2024. Fair value decreased $385 million during the fourth quarter of 2024, including $228 million in net sales of equity securities.

•$0.79 fourth-quarter 2024 increase in book value per share, including an addition of $3.18 from net income before investment gains and $0.88 from other items, partially offset by $2.46 from investment portfolio net investment losses or changes in unrealized gains for fixed-maturity securities and $0.81 from dividends declared to shareholders.

•Value creation ratio of 19.8% for full-year 2024, including 9.9% from net income before investment gains, which includes underwriting and investment income, 9.0% from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities, including 9.6% from our stock portfolio and negative 0.6% from our bond portfolio, in addition to 0.9% from other items.

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 4Q24 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:

•Effects of any future 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 climate change or otherwise), environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes and our ability to manage catastrophe risk due to inaccurate catastrophe models or incomplete data

•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 the wars in Ukraine and 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 business opportunities, growth prospects, and expenses for our ongoing operations

•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

•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-

CINF 4Q24 Release 10

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, artificial intelligence 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

•Mergers, acquisitions and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or 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

•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

•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 4Q24 Release 11

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets (unaudited)

(Dollars in millions except per share data)	December 31,		December 31,
	2024		2023
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2024—$16,735; 2023—$14,361)	$	16,182	$	13,791
Equity securities, at fair value (cost: 2024—$3,953; 2023—$4,282)	11,185		10,989
Short-term investments, at fair value (amortized cost: 2024—$298; 2023—$0)	298		—
Other invested assets	713		577
Total investments	28,378		25,357
Cash and cash equivalents	983		907
Investment income receivable	222		192
Finance receivable	120		108
Premiums receivable	2,969		2,592
Reinsurance recoverable	523		651
Prepaid reinsurance premiums	70		55
Deferred policy acquisition costs	1,242		1,093
Land, building and equipment, net, for company use (accumulated depreciation:<br> 2024—$347; 2023—$337)	214		208
Other assets	828		681
Separate accounts	952		925
Total assets	$	36,501	$	32,769
Liabilities
Insurance reserves
Loss and loss expense reserves	$	10,003	$	9,050
Life policy and investment contract reserves	2,960		3,068
Unearned premiums	4,813		4,119
Other liabilities	1,487		1,311
Deferred income tax	1,476		1,324
Note payable	25		25
Long-term debt and lease obligations	850		849
Separate accounts	952		925
Total liabilities	22,566		20,671
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2024 and 2023—500 million shares;<br> issued: 2024 and 2023—198.3 million shares)	397		397
Paid-in capital	1,502		1,437
Retained earnings	14,869		13,084
Accumulated other comprehensive loss	(309)		(435)
Treasury stock at cost (2024—41.9 million shares and 2023—41.3 million shares)	(2,524)		(2,385)
Total shareholders' equity	$	13,935	$	12,098
Total liabilities and shareholders' equity	$	36,501	$	32,769

CINF 4Q24 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Statements of Income (unaudited)

(Dollars in millions except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2024		2023		2024		2023
Revenues
Earned premiums	$	2,365	$	2,064	$	8,889	$	7,958
Investment income, net of expenses	280		239		1,025		894
Investment gains and losses, net	(116)		1,043		1,391		1,127
Fee revenues	4		5		17		21
Other revenues	5		5		15		13
Total revenues	2,538		3,356		11,337		10,013
Benefits and Expenses
Insurance losses and contract holders’ benefits	1,330		1,204		5,737		5,274
Underwriting, acquisition and insurance expenses	703		640		2,657		2,384
Interest expense	13		14		53		54
Other operating expenses	13		8		32		25
Total benefits and expenses	2,059		1,866		8,479		7,737
Income Before Income Taxes	479		1,490		2,858		2,276
Provision (Benefit) for Income Taxes
Current	156		86		449		210
Deferred	(82)		221		117		223
Total provision for income taxes	74		307		566		433
Net Income	$	405	$	1,183	$	2,292	$	1,843
Per Common Share
Net income—basic	$	2.59	$	7.54	$	14.65	$	11.74
Net income—diluted	2.56		7.50		14.53		11.66

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

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

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

CINF 4Q24 Release 13

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 4Q24 Release 14

Cincinnati Financial Corporation

Net Income Reconciliation
(Dollars in millions except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2024		2023		2024		2023
Net income	$	405	$	1,183	$	2,292	$	1,843
Less:
Investment gains and losses, net	(116)		1,043		1,391		1,127
Income tax on investment gains and losses	24		(219)		(296)		(236)
Investment gains and losses, after-tax	(92)		824		1,095		891
Non-GAAP operating income	$	497	$	359	$	1,197	$	952
Diluted per share data:
Net income	$	2.56	$	7.50	$	14.53	$	11.66
Less:
Investment gains and losses, net	(0.73)		6.61		8.82		7.13
Income tax on investment gains and losses	0.15		(1.39)		(1.87)		(1.50)
Investment gains and losses, after-tax	(0.58)		5.22		6.95		5.63
Non-GAAP operating income	$	3.14	$	2.28	$	7.58	$	6.03
Life Insurance Reconciliation
---	---	---	---	---	---	---	---	---
(Dollars in millions)	Three months ended December 31,				Twelve months ended December 31,
	2024		2023		2024		2023
Net income of life insurance subsidiary	$	28	$	10	$	91	$	75
Investment gains and losses, net	2		(8)		(7)		(9)
Income tax on investment gains and losses	1		(2)		(1)		(2)
Non-GAAP operating income	27		16		97		82
Investment income, net of expenses	(48)		(47)		(190)		(184)
Investment income credited to contract holders	31		30		125		121
Income tax excluding tax on investment gains and losses,<br> net	5		4		25		22
Life insurance segment profit	$	15	$	3	$	57	$	41

CINF 4Q24 Release 15

Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended December 31, 2024
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	2,243		$	1,143		$	753		$	171		$	176
Unearned premiums change		41			17			(27)			(3)			54
Earned premiums		$	2,284		$	1,160		$	726		$	168		$	230
Underwriting profit		$	352		$	181		$	145		$	12		$	14
(Dollars in millions)	Twelve months ended December 31, 2024
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	9,243		$	4,690		$	2,999		$	654		$	900
Unearned premiums change		(675)			(204)			(376)			(39)			(56)
Earned premiums		$	8,568		$	4,486		$	2,623		$	615		$	844
Underwriting profit		$	580		$	311		$	71		$	40		$	158
(Dollars in millions)	Three months ended December 31, 2023
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	1,920		$	1,060		$	579		$	150		$	131
Unearned premiums change		64			20			(19)			(2)			65
Earned premiums		$	1,984		$	1,080		$	560		$	148		$	196
Underwriting profit		$	252		$	85		$	88		$	16		$	63
(Dollars in millions)	Twelve months ended December 31, 2023
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	8,046		$	4,336		$	2,302		$	570		$	838
Unearned premiums change		(401)			(72)			(258)			(28)			(43)
Earned premiums		$	7,645		$	4,264		$	2,044		$	542		$	795
Underwriting profit (loss)		$	401		$	168		$	(4)		$	54		$	183
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 4Q24 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 December 31,								Twelve months ended December 31,
	2024				2023				2024				2023
Value creation ratio:
End of period book value*		$	89.11			$	77.06			$	89.11			$	77.06
Less beginning of period book value		88.32				67.72				77.06				67.01
Change in book value		0.79				9.34				12.05				10.05
Dividend declared to shareholders		0.81				0.75				3.24				3.00
Total value creation		$	1.60			$	10.09			$	15.29			$	13.05
Value creation ratio from change in book value**		0.9		%		13.8		%		15.6		%		15.0		%
Value creation ratio from dividends declared to<br> shareholders***		0.9				1.1				4.2				4.5
Value creation ratio		1.8		%		14.9		%		19.8		%		19.5		%
* 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 4Q24 Release 17

Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the Period Ending December 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 Investors Service	S&P Global Ratings
---	---	---	---	---
Cincinnati Financial Corporation
Corporate Debt	a	A-	A3	BBB+
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
Standard Market Subsidiaries:	A+	—	A1	A+
The Cincinnati Insurance Company	A+	A+	A1	A+
The Cincinnati Indemnity Company	A+	A+	A1	A+
The Cincinnati Casualty Company	A+	A+	A1	A+
Surplus Lines Subsidiary:
The Cincinnati Specialty Underwriters Insurance Company	A+	—	—	—
The Cincinnati Life Insurance Company	A+	A+	—	A+

Ratings are as of February 7, 2025, 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 Fourth-Quarter 2024 Supplemental Financial Data

	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2024
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2024	4
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2024	5
	Five-Year Net Income Reconciliation and Key Metrics	6
Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	7
	Loss Ratio Detail	8
	Loss Claim Count Detail	9
	Direct Written Premiums by Risk State by Line of Business	10
	Quarterly Property Casualty Data – Commercial Lines	11
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	12
	Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2024	13
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2024	14
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	15
	Quarterly Property Casualty Data – Commercial Lines	16
	Quarterly Property Casualty Data – Personal Lines	17
	Quarterly Property Casualty Data – Excess & Surplus Lines	18
Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	19
	The Cincinnati Life Insurance Company Statutory Statements of Income	20
Other
	Quarterly Data – Other	21

CINF Fourth-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 Fourth-Quarter 2024 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2024
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	8,980	$	—	$	—	$	—	$	8,980
Life	—		—		404		—		—		404
Premiums ceded	—		(412)		(83)		—		—		(495)
Total earned premium	—		8,568		321		—		—		8,889
Investment income, net of expenses	122		715		190		—		(2)		1,025
Investment gains and losses, net	644		755		(7)		1		(2)		1,391
Fee revenues	—		12		5		—		—		17
Other revenues	15		9		—		9		(18)		15
Total revenues	$	781	$	10,059	$	509	$	10	$	(22)	$	11,337
Benefits & expenses
Losses & contract holders' benefits	$	—	$	5,461	$	358	$	—	$	—	$	5,819
Reinsurance recoveries	—		(25)		(57)		—		—		(82)
Underwriting, acquisition and insurance expenses	—		2,564		93		—		—		2,657
Interest expense	52		—		—		4		(3)		53
Other operating expenses	42		5		—		4		(19)		32
Total expenses	$	94	$	8,005	$	394	$	8	$	(22)	$	8,479
Income before income taxes	$	687	$	2,054	$	115	$	2	$	—	$	2,858
Provision (benefit) for income taxes
Current operating income	$	(60)	$	176	$	36	$	1	$	—	$	153
Capital gains/losses	136		161		(1)		—		—		296
Deferred	64		64		(11)		—		—		117
Total provision for income taxes	$	140	$	401	$	24	$	1	$	—	$	566
Net income - current year	$	547	$	1,653	$	91	$	1	$	—	$	2,292
Net income - prior year	$	544	$	1,222	$	75	$	2	$	—	$	1,843
*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 Fourth-Quarter 2024 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2024
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	2,386	$	—	$	—	$	—	$	2,386
Life	—		—		103		—		—		103
Premiums ceded	—		(102)		(22)		—		—		(124)
Total earned premium	—		2,284		81		—		—		2,365
Investment income, net of expenses	36		196		48		—		—		280
Investment gains and losses, net	20		(137)		2		1		(2)		(116)
Fee revenues	—		3		1		—		—		4
Other revenues	4		2		—		2		(3)		5
Total revenues	$	60	$	2,348	$	132	$	3	$	(5)	$	2,538
Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,259	$	96	$	—	$	—	$	1,355
Reinsurance recoveries	—		(4)		(21)		—		—		(25)
Underwriting, acquisition and insurance expenses	—		680		23		—		—		703
Interest expense	13		—		—		1		(1)		13
Other operating expenses	14		2		—		1		(4)		13
Total expenses	$	27	$	1,937	$	98	$	2	$	(5)	$	2,059
Income before income taxes	$	33	$	411	$	34	$	1	$	—	$	479
Provision (benefit) for income taxes
Current operating income	$	8	$	162	$	8	$	1	$	—	$	179
Capital gains/losses	4		(28)		1		—		—		(23)
Deferred	(24)		(55)		(3)		—		—		(82)
Total provision (benefit) for income taxes	$	(12)	$	79	$	6	$	1	$	—	$	74
Net income - current year	$	45	$	332	$	28	$	—	$	—	$	405
Net income - prior year	$	393	$	780	$	10	$	—	$	—	$	1,183
*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 Fourth-Quarter 2024 Supplemental Financial Data

Cincinnati Financial Corporation
Five-Year Net Income Reconciliation and Key Metrics
(Dollars in millions except per share data)	Years ended December 31,
	2024			2023			2022			2021			2020
Net income (loss)	$	2,292		$	1,843		$	(487)		$	2,968		$	1,216
Less:
Investment gains and losses, net	1,391			1,127			(1,467)			2,409			865
Income tax on investment gains and losses	(296)			(236)			308			(506)			(182)
Investment gains and losses, after-tax	1,095			891			(1,159)			1,903			683
Non-GAAP operating income	$	1,197		$	952		$	672		$	1,065		$	533
Non-GAAP operating income: Five-year compound annual growth rate	11.5		%	11.6		%	8.1		%	15.8		%	(2.0)		%
Diluted per share data:
Net income (loss)	$	14.53		$	11.66		$	(3.06)		$	18.24		$	7.49
Less:
Investment gains and losses, net	8.82			7.13			(9.24)			14.80			5.33
Income tax on investment gains and losses	(1.87)			(1.50)			1.94			(3.11)			(1.12)
Investment gains and losses, after-tax	6.95			5.63			(7.30)			11.69			4.21
Non-GAAP operating income	$	7.58		$	6.03		$	4.24		$	6.55		$	3.28
Value creation ratio
Book value per share growth	15.6		%	15.0		%	(18.0)		%	21.9		%	10.7		%
Shareholder dividend declared as a percentage of beginning book value	4.2			4.5			3.4			3.8			4.0
Value creation ratio	19.8		%	19.5		%	(14.6)		%	25.7		%	14.7		%
Value creation ratio: Five-year average	13.0		%	15.2		%	11.2		%	18.7		%	16.5		%
Investment income, net of expenses	$	1,025		$	894		$	781		$	714		$	670
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
*Net income (loss) and Net income (loss) per diluted share have been adjusted due to the adoption of an accounting standards update for long-duration contracts for 2022 and 2021.

CINF Fourth-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 $5,000,000	$	19	$	18	$	31	$	—	$	38	$	24	$	43	$	36	$	31	$	79	$	49	$	103	$	68	$	141
Current accident year losses $2,000,000-$5,000,000	37		51		28		22		42		52		35		15		50		50		101		102		138		144
Large loss prior accident year reserve development	19		19		15		22		34		32		19		9		37		28		56		60		75		94
Total large losses incurred	$	75	$	88	$	74	$	44	$	114	$	108	$	97	$	60	$	118	$	157	$	206	$	265	$	281	$	379
Losses incurred but not reported	182		185		165		251		122		150		96		179		416		324		601		474		783		596
Other losses excluding catastrophe losses	653		711		741		677		665		639		675		641		1,418		1,267		2,129		1,906		2,782		2,571
Catastrophe losses	83		282		228		111		20		170		217		227		339		444		621		614		704		634
Total losses incurred	$	993	$	1,266	$	1,208	$	1,083	$	921	$	1,067	$	1,085	$	1,107	$	2,291	$	2,192	$	3,557	$	3,259	$	4,550	$	4,180
Commercial Lines
Current accident year losses greater than $5,000,000	$	9	$	11	$	31	$	—	$	33	$	18	$	28	$	30	$	31	$	58	$	42	$	76	$	51	$	109
Current accident year losses $2,000,000-$5,000,000	12		36		11		11		31		28		28		12		22		40		58		68		70		99
Large loss prior accident year reserve development	19		20		22		12		37		30		19		3		34		22		54		52		73		89
Total large losses incurred	$	40	$	67	$	64	$	23	$	101	$	76	$	75	$	45	$	87	$	120	$	154	$	196	$	194	$	297
Losses incurred but not reported	105		117		92		156		86		88		29		125		248		154		365		242		470		328
Other losses excluding catastrophe losses	328		337		384		368		338		336		384		335		752		719		1,089		1,055		1,417		1,393
Catastrophe losses	8		58		101		64		3		67		115		106		165		221		223		288		231		291
Total losses incurred	$	481	$	579	$	641	$	611	$	528	$	567	$	603	$	611	$	1,252	$	1,214	$	1,831	$	1,781	$	2,312	$	2,309
Personal Lines
Current accident year losses greater than $5,000,000	$	10	$	7	$	—	$	—	$	5	$	6	$	15	$	6	$	—	$	21	$	7	$	27	$	17	$	32
Current accident year losses $2,000,000-$5,000,000	25		13		15		11		11		24		7		3		26		10		39		34		64		45
Large loss prior accident year reserve development	—		(1)		(7)		10		(2)		2		1		6		3		7		2		9		2		7
Total large losses incurred	$	35	$	19	$	8	$	21	$	14	$	32	$	23	$	15	$	29	$	38	$	48	$	70	$	83	$	84
Losses incurred but not reported	22		33		31		22		5		7		26		27		53		53		86		60		108		65
Other losses excluding catastrophe losses	245		256		256		231		218		210		194		187		487		381		743		591		988		809
Catastrophe losses	(4)		178		129		50		21		71		93		113		179		206		357		277		353		298
Total losses incurred	$	298	$	486	$	424	$	324	$	258	$	320	$	336	$	342	$	748	$	678	$	1,234	$	998	$	1,532	$	1,256
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current accident year losses $2,000,000-$5,000,000	—		2		2		—		—		—		—		—		2		—		4		—		4		—
Large loss prior accident year reserve development	—		—		—		—		(1)		—		(1)		—		—		(1)		—		(1)		—		(2)
Total large losses incurred	$	—	$	2	$	2	$	—	$	(1)	$	—	$	(1)	$	—	$	2	$	(1)	$	4	$	(1)	$	4	$	(2)
Losses incurred but not reported	28		12		17		30		16		16		20		27		47		47		59		63		87		79
Other losses excluding catastrophe losses	46		55		51		37		52		45		45		28		88		73		143		118		189		170
Catastrophe losses	2		2		3		1		1		(1)		2		1		4		3		6		2		8		3
Total losses incurred	$	76	$	71	$	73	$	68	$	68	$	60	$	66	$	56	$	141	$	122	$	212	$	182	$	288	$	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 Fourth-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 $5,000,000	0.8	%	0.9	%	1.5	%	—	%	1.9	%	1.2	%	2.4	%	1.9	%	0.8	%	2.2	%	0.8	%	1.8	%	0.8	%	1.9	%
Current accident year losses $2,000,000-$5,000,000	1.5		2.3		1.4		1.1		2.1		2.7		1.9		0.8		1.2		1.3		1.6		1.8		1.6		1.9
Large loss prior accident year reserve development	0.9		0.8		0.7		1.1		1.7		1.6		1.0		0.5		0.9		0.8		0.9		1.1		0.9		1.2
Total large loss ratio	3.2	%	4.0	%	3.6	%	2.2	%	5.7	%	5.5	%	5.3	%	3.2	%	2.9	%	4.3	%	3.3	%	4.7	%	3.3	%	5.0	%
Losses incurred but not reported	8.0		8.4		8.0		12.6		6.2		7.6		5.2		9.7		10.2		8.7		9.6		8.4		9.1		7.8
Other losses excluding catastrophe losses	28.7		32.0		35.6		34.0		33.5		32.7		36.1		34.9		34.9		34.2		33.8		33.7		32.5		33.6
Catastrophe losses	3.6		12.7		11.0		5.6		1.0		8.7		11.6		12.3		8.3		12.0		9.9		10.8		8.2		8.3
Total loss ratio	43.5	%	57.1	%	58.2	%	54.4	%	46.4	%	54.5	%	58.2	%	60.1	%	56.3	%	59.2	%	56.6	%	57.6	%	53.1	%	54.7	%
Commercial Lines
Current accident year losses greater than $5,000,000	0.8	%	1.0	%	2.8	%	—	%	3.1	%	1.7	%	2.6	%	2.8	%	1.4	%	2.8	%	1.3	%	2.4	%	1.1	%	2.5	%
Current accident year losses $2,000,000-$5,000,000	1.0		3.2		1.0		1.0		2.8		2.6		2.7		1.1		1.0		1.9		1.7		2.1		1.5		2.3
Large loss prior accident year reserve development	1.6		1.7		2.0		1.1		3.4		2.8		1.8		0.3		1.6		1.0		1.6		1.6		1.7		2.1
Total large loss ratio	3.4	%	5.9	%	5.8	%	2.1	%	9.3	%	7.1	%	7.1	%	4.2	%	4.0	%	5.7	%	4.6	%	6.1	%	4.3	%	6.9	%
Losses incurred but not reported	9.1		10.3		8.3		14.4		8.0		8.3		2.7		11.8		11.3		7.2		11.0		7.6		10.5		7.7
Other losses excluding catastrophe losses	28.2		29.7		34.6		34.0		31.3		31.7		35.9		31.9		34.3		33.9		32.8		33.2		31.5		32.7
Catastrophe losses	0.7		5.1		9.1		6.0		0.3		6.3		10.8		10.0		7.6		10.4		6.7		9.0		5.2		6.8
Total loss ratio	41.4	%	51.0	%	57.8	%	56.5	%	48.9	%	53.4	%	56.5	%	57.9	%	57.2	%	57.2	%	55.1	%	55.9	%	51.5	%	54.1	%
Personal Lines
Current accident year losses greater than $5,000,000	1.4	%	1.1	%	—	%	—	%	1.0	%	1.1	%	3.0	%	1.3	%	—	%	2.2	%	0.4	%	1.8	%	0.7	%	1.6	%
Current accident year losses $2,000,000-$5,000,000	3.4		2.0		2.4		1.8		1.9		4.7		1.4		0.6		2.1		1.0		2.1		2.3		2.4		2.2
Large loss prior accident year reserve development	—		(0.2)		(1.1)		1.8		(0.4)		0.4		0.2		1.4		0.3		0.8		0.1		0.6		0.1		0.3
Total large loss ratio	4.8	%	2.9	%	1.3	%	3.6	%	2.5	%	6.2	%	4.6	%	3.3	%	2.4	%	4.0	%	2.6	%	4.7	%	3.2	%	4.1	%
Losses incurred but not reported	3.0		5.0		4.8		3.8		0.9		1.2		5.3		5.9		4.3		5.6		4.6		4.0		4.1		3.2
Other losses excluding catastrophe losses	33.7		37.6		40.5		39.4		38.7		39.9		39.4		40.2		39.9		39.7		39.0		39.9		37.6		39.5
Catastrophe losses	(0.4)		26.2		20.5		8.4		3.8		13.4		19.0		24.3		14.7		21.6		18.8		18.7		13.5		14.6
Total loss ratio	41.1	%	71.7	%	67.1	%	55.2	%	45.9	%	60.7	%	68.3	%	73.7	%	61.3	%	70.9	%	65.0	%	67.3	%	58.4	%	61.4	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $2,000,000-$5,000,000	—		1.3		1.3		—		—		—		—		—		0.7		—		0.9		—		0.7		—
Large loss prior accident year reserve development	—		—		—		—		(0.5)		—		(0.4)		(0.3)		—		(0.3)		—		(0.2)		—		(0.3)
Total large loss ratio	—	%	1.3	%	1.3	%	—	%	(0.5)	%	—	%	(0.4)	%	(0.3)	%	0.7	%	(0.3)	%	0.9	%	(0.2)	%	0.7	%	(0.3)	%
Losses incurred but not reported	16.9		7.1		11.6		21.6		10.9		11.9		15.2		21.3		16.4		18.0		13.2		15.9		14.2		14.6
Other losses excluding catastrophe losses	27.2		35.4		33.8		26.8		35.2		33.2		33.5		22.2		30.4		28.1		32.1		29.9		30.8		31.3
Catastrophe losses	1.0		1.5		1.9		0.5		0.6		(0.9)		1.3		1.1		1.2		1.2		1.3		0.5		1.2		0.5
Total loss ratio	45.1	%	45.3	%	48.6	%	48.9	%	46.2	%	44.2	%	49.6	%	44.3	%	48.7	%	47.0	%	47.5	%	46.1	%	46.9	%	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 Fourth-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 <br> than $5,000,000	1	3	5	—	5	4	6	5	5	11	8	15	10	22
Current accident year reported losses <br> $2,000,000 - $5,000,000	14	18	11	8	17	19	11	5	19	16	37	35	49	49
Prior accident year reported losses on<br> large losses	11	6	9	7	14	3	7	3	16	10	22	13	33	27
Non-Catastrophe reported losses on<br> large losses total	26	27	25	15	36	26	24	13	40	37	67	63	92	98
Commercial Lines
Current accident year reported losses greater<br> than $5,000,000	—	2	5	—	5	3	4	4	5	8	7	11	8	17
Current accident year reported losses<br> $2,000,000 - $5,000,000	7	12	4	4	13	11	9	4	8	13	20	24	26	35
Prior accident year reported losses on<br> large losses	11	6	9	4	14	3	7	2	13	9	19	12	30	26
Non-Catastrophe reported losses on<br> large losses total	18	20	18	8	32	17	20	10	26	30	46	47	64	78
Personal Lines
Current accident year reported losses greater <br> than $5,000,000	1	1	—	—	—	1	2	1	—	3	1	4	2	5
Current accident year reported losses <br> $2,000,000 - $5,000,000	7	5	6	4	4	8	2	1	10	3	15	11	21	14
Prior accident year reported losses on<br> large losses	—	—	—	3	—	—	—	1	3	1	3	1	3	1
Non-Catastrophe reported losses on<br> large losses total	8	6	6	7	4	9	4	3	13	7	19	16	26	20
Excess & Surplus Lines
Current accident year reported losses greater<br> than $5,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Current accident year reported losses<br> $2,000,000 - $5,000,000	—	1	1	—	—	—	—	—	1	—	2	—	2	—
Prior accident year reported losses on<br> large losses	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Non-Catastrophe reported losses on<br> large losses total	—	1	1	—	—	—	—	—	1	—	2	—	2	—
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2024 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2024
(Dollars in millions)	Commercial Lines												Personal Lines						E & S		Consolidated				Comm'l<br>Change<br>%	Personal<br>Change<br>%	E & S<br>Change<br>%	Consol<br>Change<br>%
Risk<br>State	Comm<br>Casualty		Comm<br>Property		Comm<br>Auto		Workers'<br>Comp			Other Comm			Personal<br>Auto		Home Owner		Other <br>Personal		All<br>Lines		2024		2023
									Total			Total
OH	$	205.4	$	240.0	$	126.4	$	0.1		$	57.7		$	173.0	$	197.1	$	48.1	$	34.9	$	1,082.4	$	972.2	7.3	18.0	10.6	11.3
IL	80.6		92.7		42.2		27.5			20.7			75.7		88.7		21.8		43.9		493.7		421.0		8.3	32.5	18.0	17.3
NY	92.2		62.0		23.7		10.6			18.5			46.5		122.9		33.0		56.8		466.4		403.2		11.9	14.7	36.7	15.7
NC	71.4		117.7		43.0		13.2			24.9			46.0		60.8		14.2		25.9		417.2		354.3		13.7	31.6	5.6	17.8
GA	49.5		68.5		37.1		8.1			23.8			74.1		75.3		17.9		31.9		386.2		351.3		4.5	14.8	19.6	9.9
IN	73.0		80.9		44.3		19.6			20.9			41.9		53.7		11.2		22.3		367.9		319.1		12.8	22.1	11.9	15.3
TX	59.3		28.5		39.2		3.6			15.1			44.6		88.7		18.3		51.1		348.3		291.2		(3.3)	58.6	13.5	19.6
PA	83.6		76.8		45.6		22.7			17.6			23.8		30.2		8.7		29.5		338.6		316.0		3.2	24.4	10.0	7.2
MO	57.5		61.7		37.5		14.3			9.8			48.7		66.1		9.0		25.7		330.5		261.6		10.7	61.7	19.0	26.3
MI	52.0		61.6		31.8		9.6			16.4			43.4		43.0		9.2		22.5		289.5		249.4		6.3	38.8	16.4	16.1
TN	52.6		71.2		36.0		7.4			17.0			28.1		45.7		10.1		19.2		287.4		254.6		6.9	27.1	18.3	12.9
VA	59.0		54.2		38.3		12.4			20.0			24.6		30.5		9.3		13.8		262.1		223.6		11.8	37.7	12.0	17.2
CA	1.7		2.0		1.8		3.0			0.7			24.9		197.1		26.3		0.7		258.3		212.6		9.4	22.5	(49.4)	21.5
KY	41.9		54.4		33.5		4.1			15.2			36.0		41.0		7.9		14.8		248.7		215.5		7.9	28.1	32.5	15.4
AL	38.8		56.0		25.9		2.0			15.8			29.1		51.9		9.0		19.1		247.6		223.4		11.0	14.3	(3.6)	10.9
FL	35.9		16.2		28.4		2.5			14.6			10.9		40.3		17.5		37.3		203.8		210.3		(8.4)	6.9	(5.4)	(3.1)
WI	34.4		41.5		16.5		15.9			11.2			19.6		22.4		7.6		16.8		185.7		162.4		5.9	40.0	17.6	14.4
WA	30.8		22.1		20.8		—			7.6			29.9		24.6		6.7		15.3		157.8		113.4		16.1	85.3	48.0	39.2
MN	29.4		37.6		10.9		6.3			8.9			15.3		24.6		5.4		17.1		155.6		142.5		5.2	18.9	8.1	9.2
MD	24.3		21.7		17.6		6.2			7.9			25.8		30.8		9.2		9.3		152.7		131.6		5.7	38.3	(12.0)	16.1
AZ	27.6		22.4		18.0		3.2			7.4			21.9		25.5		8.2		13.5		147.6		118.0		6.7	70.4	15.3	25.1
CT	16.0		13.5		7.0		4.2			2.6			36.0		46.2		13.5		5.7		144.7		106.4		21.1	45.4	18.8	36.0
OR	41.9		24.0		26.4		0.3			7.5			10.5		8.6		2.0		17.5		138.7		114.7		13.1	61.5	33.8	20.9
MA	21.0		14.7		9.9		3.9			3.0			18.0		45.9		10.3		7.9		134.6		101.3		28.7	38.1	15.8	32.8
UT	24.7		21.9		16.7		2.4			6.2			18.4		18.0		2.8		17.0		128.0		106.6		11.2	53.2	3.1	20.0
KS	24.1		26.3		18.4		5.3			6.0			14.5		21.3		3.8		5.9		125.7		98.0		16.7	65.7	9.1	28.2
AR	20.1		30.8		22.5		2.8			5.6			12.5		18.2		3.8		8.8		125.2		106.3		12.5	35.3	9.9	17.8
CO	23.4		14.4		15.5		1.7			4.6			6.6		21.9		2.3		22.8		113.1		93.8		8.7	48.0	25.1	20.6
MT	34.0		29.1		18.7		0.5			5.7			4.4		10.1		1.3		8.3		112.2		97.0		10.8	35.9	39.7	15.6
SC	15.5		20.0		10.6		3.7			6.4			15.9		21.8		3.5		12.2		109.6		94.9		4.4	37.4	10.8	15.6
IA	18.4		26.1		8.9		5.5			8.0			9.3		12.6		2.1		6.6		97.6		86.6		1.8	59.2	15.9	12.7
NJ	15.0		12.5		6.4		4.0			3.6			11.6		19.1		8.2		10.9		91.4		74.3		19.1	28.9	18.2	23.0
ID	21.4		19.1		12.4		0.6			4.5			3.7		5.1		1.0		5.7		73.7		70.3		2.1	20.9	9.8	4.8
NE	13.9		16.5		11.0		3.4			3.3			0.5		1.3		0.2		7.5		57.5		54.5		5.3	(10.0)	13.5	5.6
WV	11.7		15.2		9.7		1.1			2.0			0.4		1.0		0.1		7.5		48.7		43.0		9.9	82.3	22.4	13.1
VT	8.3		10.0		4.6		3.7			3.3			2.6		5.0		0.8		3.6		41.8		37.4		6.4	22.0	46.1	11.9
NM	9.3		7.9		6.6		0.5			2.8			1.1		1.9		0.3		5.4		35.9		33.5		2.4	52.4	12.9	7.2
NH	6.4		7.2		3.7		1.6			1.9			3.6		5.9		1.6		2.6		34.3		30.8		3.3	34.5	2.4	11.5
DE	9.1		7.2		4.8		2.1			2.2			1.9		3.1		0.6		2.5		33.5		28.5		12.6	70.9	(4.9)	17.7
WY	7.0		6.8		5.0		—			1.5			0.3		1.7		0.2		3.2		25.8		21.6		17.2	47.1	19.5	19.7
SD	6.0		6.8		3.9		1.8			1.9			—		—		—		1.5		21.9		19.3		12.7	—	25.8	13.5
NV	1.5		1.4		2.4		0.7			0.4			6.0		5.1		1.9		2.3		21.7		10.2		97.4	118.3	131.6	113.0
DC	3.3		2.3		0.3		1.1			1.8			2.3		3.0		1.1		3.0		18.2		14.0		14.2	77.8	9.8	29.6
ND	3.6		5.0		2.5		—			1.7			1.1		1.5		0.4		1.4		17.4		17.8		(7.1)	14.2	13.8	(2.4)
RI	1.0		1.0		0.9		0.3			0.1			1.7		6.7		1.8		2.1		15.6		10.6		75.1	41.7	36.5	46.9
ME	1.1		0.9		0.4		0.2			0.4			2.0		5.7		0.9		0.9		12.4		7.3		(2.0)	145.3	15.5	69.2
All Other States	2.0		1.2		1.6		1.9			1.8			0.3		4.8		0.1		0.5		13.9		12.1		(4.9)	92.4	(40.4)	13.9
Total	$	1,561.0	$	1,631.8	$	949.3	$	245.4		$	440.3		$	1,069.2	$	1,656.1	$	373.4	$	694.9	$	8,621.2	$	7,438.0	8.2	30.5	15.0	15.5
Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. nm - Not meaningful<br>*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.

CINF Fourth-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	$	385		$	364		$	391		$	417		$	361		$	331		$	378		$	404		$	808		$	782		$	1,172		$	1,114		$	1,557		$	1,475
Year over year change %-written premium	7		%	10		%	3		%	3		%	2		%	2		%	1		%	4		%	3		%	2		%	5		%	2		%	6		%	2		%
Earned premiums	$	390		$	381		$	372		$	365		$	366		$	365		$	373		$	377		$	737		$	750		$	1,118		$	1,115		$	1,508		$	1,481
Current accident year before catastrophe losses	72.9		%	74.1		%	69.6		%	73.6		%	69.6		%	68.3		%	70.5		%	72.6		%	71.6		%	71.6		%	72.5		%	70.5		%	72.6		%	70.3		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(0.3)			(0.4)			7.6			0.1			14.0			—			(9.2)			(0.3)			3.9			(4.8)			2.4			(3.2)			1.7			1.0
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	72.6		%	73.7		%	77.2		%	73.7		%	83.6		%	68.3		%	61.3		%	72.3		%	75.5		%	66.8		%	74.9		%	67.3		%	74.3		%	71.3		%
Commercial property:
Net written premiums	$	383		$	389		$	392		$	362		$	338		$	344		$	335		$	316		$	754		$	650		$	1,143		$	994		$	1,526		$	1,332
Year over year change %-written premium	13		%	13		%	17		%	15		%	14		%	11		%	9		%	6		%	16		%	7		%	15		%	9		%	15		%	10		%
Earned premiums	$	373		$	361		$	348		$	336		$	331		$	321		$	312		$	299		$	684		$	611		$	1,045		$	933		$	1,418		$	1,264
Current accident year before catastrophe losses	22.3		%	40.9		%	45.7		%	48.5		%	44.4		%	45.2		%	43.4		%	49.0		%	47.0		%	46.1		%	44.9		%	45.8		%	39.0		%	45.5		%
Current accident year catastrophe losses	7.7			16.7			28.9			21.3			5.0			23.0			35.0			34.7			25.2			34.9			22.3			30.8			18.4			24.0
Prior accident years before catastrophe losses	3.2			(7.8)			(3.9)			(4.2)			(3.2)			(2.8)			(1.5)			(7.8)			(4.0)			(4.6)			(5.4)			(4.0)			(3.1)			(3.8)
Prior accident years catastrophe losses	(2.6)			(1.3)			(2.1)			(2.5)			(2.6)			(0.5)			(1.4)			2.4			(2.3)			0.5			(1.9)			0.2			(2.1)			(0.6)
Total loss and loss expense ratio	30.6		%	48.5		%	68.6		%	63.1		%	43.6		%	64.9		%	75.5		%	78.3		%	65.9		%	76.9		%	59.9		%	72.8		%	52.2		%	65.1		%
Commercial auto:
Net written premiums	$	223		$	223		$	248		$	259		$	207		$	199		$	233		$	239		$	506		$	472		$	730		$	671		$	953		$	878
Year over year change %-written premium	8		%	12		%	6		%	8		%	3		%	3		%	3		%	1		%	7		%	2		%	9		%	2		%	9		%	2		%
Earned premiums	$	237		$	231		$	228		$	220		$	218		$	216		$	214		$	213		$	448		$	428		$	679		$	644		$	916		$	862
Current accident year before catastrophe losses	65.5		%	66.7		%	67.9		%	70.0		%	65.0		%	70.1		%	68.3		%	73.5		%	68.9		%	70.9		%	68.2		%	70.6		%	67.5		%	69.2		%
Current accident year catastrophe losses	(3.3)			2.2			4.4			1.6			(1.1)			(0.8)			6.7			0.9			3.0			3.8			2.7			2.3			1.2			1.5
Prior accident years before catastrophe losses	2.4			0.2			(3.8)			(0.8)			(2.6)			0.7			(1.4)			2.7			(2.4)			0.7			(1.5)			0.6			(0.5)			(0.2)
Prior accident years catastrophe losses	(0.2)			—			—			(0.1)			—			—			(0.3)			(1.5)			—			(1.0)			—			(0.6)			(0.1)			(0.5)
Total loss and loss expense ratio	64.4		%	69.1		%	68.5		%	70.7		%	61.3		%	70.0		%	73.3		%	75.6		%	69.5		%	74.4		%	69.4		%	72.9		%	68.1		%	70.0		%
Workers' compensation:
Net written premiums	$	54		$	56		$	55		$	79		$	57		$	57		$	65		$	82		$	134		$	147		$	190		$	203		$	244		$	260
Year over year change %-written premium	(5)		%	(2)		%	(15)		%	(4)		%	(11)		%	(5)		%	(6)		%	(5)		%	(9)		%	(5)		%	(6)		%	(5)		%	(6)		%	(6)		%
Earned premiums	$	60		$	61		$	59		$	61		$	65		$	66		$	72		$	74		$	120		$	146		$	182		$	212		$	242		$	277
Current accident year before catastrophe losses	87.9		%	88.2		%	86.5		%	91.5		%	87.2		%	90.3		%	90.0		%	83.2		%	89.0		%	86.5		%	88.8		%	87.7		%	88.5		%	87.6		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(44.4)			(26.7)			(46.9)			(19.3)			(31.1)			(30.7)			(15.4)			(19.6)			(32.9)			(17.5)			(30.8)			(21.6)			(34.2)			(23.9)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	43.5		%	61.5		%	39.6		%	72.2		%	56.1		%	59.6		%	74.6		%	63.6		%	56.1		%	69.0		%	58.0		%	66.1		%	54.3		%	63.7		%
Other commercial:
Net written premiums	$	98		$	106		$	100		$	106		$	97		$	98		$	95		$	100		$	207		$	196		$	312		$	294		$	410		$	391
Year over year change %-written premium	1		%	8		%	5		%	6		%	5		%	3		%	2		%	15		%	6		%	9		%	6		%	7		%	5		%	7		%
Earned premiums	$	100		$	103		$	100		$	100		$	100		$	94		$	95		$	93		$	200		$	187		$	302		$	280		$	402		$	380
Current accident year before catastrophe losses	47.9		%	50.5		%	40.7		%	40.5		%	34.5		%	39.1		%	35.2		%	38.1		%	40.6		%	36.6		%	43.9		%	37.4		%	44.9		%	36.7		%
Current accident year catastrophe losses	0.1			0.1			—			0.1			—			0.2			0.1			—			0.1			0.1			0.1			0.1			0.1			0.1
Prior accident years before catastrophe losses	—			0.4			0.2			(2.8)			(4.0)			(5.8)			(0.8)			(2.5)			(1.3)			(1.6)			(0.6)			(3.0)			(0.5)			(3.3)
Prior accident years catastrophe losses	—			(0.1)			0.1			0.1			0.1			—			—			(0.1)			0.1			(0.1)			—			—			—			—
Total loss and loss expense ratio	48.0		%	50.9		%	41.0		%	37.9		%	30.6		%	33.5		%	34.5		%	35.5		%	39.5		%	35.0		%	43.4		%	34.5		%	44.5		%	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 Fourth-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	$	270		$	296		$	283		$	216		$	207		$	227		$	212		$	163		$	499		$	374		$	795		$	602		$	1,065		$	809
Year over year change %-written premium	30		%	30		%	33		%	33		%	31		%	27		%	20		%	16		%	33		%	18		%	32		%	21		%	32		%	24		%
Earned premiums	$	258		$	242		$	224		$	208		$	197		$	185		$	173		$	166		$	432		$	339		$	674		$	524		$	932		$	721
Current accident year before catastrophe losses	70.0		%	68.7		%	73.3		%	73.8		%	66.7		%	73.2		%	76.6		%	78.8		%	73.5		%	77.7		%	71.8		%	76.0		%	71.3		%	73.6		%
Current accident year catastrophe losses	(3.6)			6.6			3.6			3.4			(1.1)			(3.4)			8.9			4.2			3.5			6.6			4.6			3.1			2.3			1.9
Prior accident years before catastrophe losses	4.0			1.5			5.3			(1.9)			(1.3)			—			(4.1)			0.3			1.9			(1.9)			1.7			(1.2)			2.4			(1.3)
Prior accident years catastrophe losses	—			—			(0.1)			(0.7)			—			(0.1)			(0.7)			(2.7)			(0.4)			(1.7)			(0.2)			(1.1)			(0.2)			(0.8)
Total loss and loss expense ratio	70.4		%	76.8		%	82.1		%	74.6		%	64.3		%	69.7		%	80.7		%	80.6		%	78.5		%	80.7		%	77.9		%	76.8		%	75.8		%	73.4		%
Homeowner:
Net written premiums	$	394		$	442		$	433		$	303		$	298		$	339		$	330		$	222		$	736		$	552		$	1,178		$	890		$	1,572		$	1,188
Year over year change %-written premium	32		%	30		%	31		%	36		%	32		%	33		%	27		%	23		%	33		%	25		%	32		%	28		%	32		%	29		%
Earned premiums	$	379		$	352		$	326		$	303		$	289		$	271		$	251		$	232		$	629		$	484		$	981		$	755		$	1,360		$	1,044
Current accident year before catastrophe losses	34.2		%	40.9		%	42.2		%	46.9		%	42.2		%	45.0		%	47.4		%	46.5		%	44.4		%	46.9		%	43.1		%	46.3		%	40.7		%	45.1		%
Current accident year catastrophe losses	2.6			47.4			38.5			21.0			9.2			30.2			33.5			56.1			30.1			44.4			36.3			39.3			26.9			31.0
Prior accident years before catastrophe losses	(1.3)			(1.4)			1.2			(2.0)			(2.5)			(1.0)			0.7			(2.6)			(0.3)			(0.8)			(0.7)			(0.9)			(0.9)			(1.4)
Prior accident years catastrophe losses	(3.1)			(1.7)			(1.7)			(6.3)			(0.8)			(2.1)			(3.9)			(9.1)			(4.0)			(6.4)			(3.1)			(4.9)			(3.1)			(3.7)
Total loss and loss expense ratio	32.4		%	85.2		%	80.2		%	59.6		%	48.1		%	72.1		%	77.7		%	90.9		%	70.2		%	84.1		%	75.6		%	79.8		%	63.6		%	71.0		%
Other personal:
Net written premiums	$	89		$	94		$	103		$	76		$	74		$	80		$	87		$	63		$	179		$	151		$	273		$	231		$	362		$	305
Year over year change %-written premium	20		%	18		%	18		%	21		%	21		%	18		%	19		%	19		%	19		%	19		%	18		%	18		%	19		%	19		%
Earned premiums	$	89		$	84		$	81		$	77		$	74		$	71		$	69		$	66		$	158		$	134		$	242		$	205		$	331		$	279
Current accident year before catastrophe losses	57.0		%	66.5		%	54.6		%	57.4		%	48.3		%	55.7		%	56.7		%	58.9		%	56.0		%	57.7		%	59.7		%	57.1		%	59.0		%	54.7		%
Current accident year catastrophe losses	14.0			4.1			5.3			2.3			1.8			5.4			11.7			3.5			3.8			7.7			3.9			6.9			6.6			5.6
Prior accident years before catastrophe losses	7.3			8.7			(5.8)			(2.6)			2.2			1.0			2.3			(1.2)			(4.3)			0.6			0.2			0.7			2.1			1.1
Prior accident years catastrophe losses	—			—			0.2			(0.3)			(0.1)			(0.4)			0.7			1.3			—			1.0			—			0.5			—			0.3
Total loss and loss expense ratio	78.3		%	79.3		%	54.3		%	56.8		%	52.2		%	61.7		%	71.4		%	62.5		%	55.5		%	67.0		%	63.8		%	65.2		%	67.7		%	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	$	171		$	157		$	180		$	146		$	150		$	128		$	156		$	136		$	326		$	292		$	483		$	420		$	654		$	570
Year over year change %-written premium	14		%	23		%	15		%	7		%	23		%	6		%	16		%	10		%	12		%	13		%	15		%	11		%	15		%	14		%
Earned premiums	$	168		$	157		$	151		$	139		$	148		$	135		$	132		$	127		$	290		$	259		$	447		$	394		$	615		$	542
Current accident year before catastrophe losses	63.1		%	64.2		%	64.0		%	65.7		%	60.5		%	64.8		%	69.7		%	69.2		%	64.8		%	69.5		%	64.6		%	67.9		%	64.2		%	65.9		%
Current accident year catastrophe losses	1.0			1.7			1.4			0.9			0.5			(0.6)			1.4			1.5			1.2			1.4			1.4			0.8			1.3			0.7
Prior accident years before catastrophe losses	2.3			2.9			1.6			(1.7)			1.4			0.9			(4.7)			(6.2)			—			(5.4)			1.0			(3.3)			1.4			(2.0)
Prior accident years catastrophe losses	0.1			(0.2)			0.5			(0.4)			0.2			(0.2)			—			(0.3)			—			(0.1)			—			(0.2)			—			(0.1)
Total loss and loss expense ratio	66.5		%	68.6		%	67.5		%	64.5		%	62.6		%	64.9		%	66.4		%	64.2		%	66.0		%	65.4		%	67.0		%	65.2		%	66.9		%	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 Fourth-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 twelve months ended December 31, 2024
Commercial casualty		$	583		$	204		$	787		$	10		$	293		$	32		$	335		$	593		$	293		$	236		$	1,122
Commercial property		684			74			758			(111)			83			9			(19)			573			83			83			739
Commercial auto		462			87			549			5			52			17			74			467			52			104			623
Workers' compensation		124			31			155			(42)			24			—			(18)			82			24			31			137
Other commercial		123			20			143			16			19			9			44			139			19			29			187
Total commercial lines		1,976			416			2,392			(122)			471			67			416			1,854			471			483			2,808
Personal auto		510			97			607			38			32			27			97			548			32			124			704
Homeowners		699			96			795			29			12			30			71			728			12			126			866
Other personal		161			11			172			1			47			3			51			162			47			14			223
Total personal lines		1,370			204			1,574			68			91			60			219			1,438			91			264			1,793
Excess & surplus lines		177			70			247			35			89			53			177			212			89			123			424
Other		270			16			286			11			137			2			150			281			137			18			436
Total property casualty		$	3,793		$	706		$	4,499		$	(8)		$	788		$	182		$	962		$	3,785		$	788		$	888		$	5,461
Ceded loss and loss expense incurred for the twelve months ended December 31, 2024
Commercial casualty		$	(1)		$	1		$	—		$	(3)		$	4		$	—		$	1		$	(4)		$	4		$	1		$	1
Commercial property		26			1			27			(21)			(3)			(2)			(26)			5			(3)			(1)			1
Commercial auto		1			—			1			(1)			(1)			—			(2)			—			(1)			—			(1)
Workers' compensation		6			—			6			1			(2)			—			(1)			7			(2)			—			5
Other commercial		22			1			23			(15)			(1)			—			(16)			7			(1)			1			7
Total commercial lines		54			3			57			(39)			(3)			(2)			(44)			15			(3)			1			13
Personal auto		2			—			2			(1)			(2)			—			(3)			1			(2)			—			(1)
Homeowners		7			—			7			(4)			(2)			—			(6)			3			(2)			—			1
Other personal		—			—			—			—			(2)			—			(2)			—			(2)			—			(2)
Total personal lines		9			—			9			(5)			(6)			—			(11)			4			(6)			—			(2)
Excess & surplus lines		17			1			18			(6)			1			—			(5)			11			1			1			13
Other		33			1			34			(15)			(18)			—			(33)			18			(18)			1			1
Total property casualty		$	113		$	5		$	118		$	(65)		$	(26)		$	(2)		$	(93)		$	48		$	(26)		$	3		$	25
Net loss and loss expense incurred for the twelve months ended December 31, 2024
Commercial casualty		$	584		$	203		$	787		$	13		$	289		$	32		$	334		$	597		$	289		$	235		$	1,121
Commercial property		658			73			731			(90)			86			11			7			568			86			84			738
Commercial auto		461			87			548			6			53			17			76			467			53			104			624
Workers' compensation		118			31			149			(43)			26			—			(17)			75			26			31			132
Other commercial		101			19			120			31			20			9			60			132			20			28			180
Total commercial lines		1,922			413			2,335			(83)			474			69			460			1,839			474			482			2,795
Personal auto		508			97			605			39			34			27			100			547			34			124			705
Homeowners		692			96			788			33			14			30			77			725			14			126			865
Other personal		161			11			172			1			49			3			53			162			49			14			225
Total personal lines		1,361			204			1,565			73			97			60			230			1,434			97			264			1,795
Excess & surplus lines		160			69			229			41			88			53			182			201			88			122			411
Other		237			15			252			26			155			2			183			263			155			17			435
Total property casualty		$	3,680		$	701		$	4,381		$	57		$	814		$	184		$	1,055		$	3,737		$	814		$	885		$	5,436
*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 Fourth-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 December 31, 2024
Commercial casualty		$	148		$	51		$	199		$	(3)		$	74		$	16		$	87		$	145		$	74		$	67		$	286
Commercial property		161			19			180			(46)			(29)			5			(70)			115			(29)			24			110
Commercial auto		123			21			144			(4)			5			6			7			119			5			27			151
Workers' compensation		32			8			40			(14)			1			3			(10)			18			1			11			30
Other commercial		26			5			31			6			7			8			21			32			7			13			52
Total commercial lines		490			104			594			(61)			58			38			35			429			58			142			629
Personal auto		144			24			168			11			(10)			12			13			155			(10)			36			181
Homeowners		213			29			242			10			(136)			8			(118)			223			(136)			37			124
Other personal		33			3			36			12			18			1			31			45			18			4			67
Total personal lines		390			56			446			33			(128)			21			(74)			423			(128)			77			372
Excess & surplus lines		43			19			62			9			28			16			53			52			28			35			115
Other		80			6			86			20			36			1			57			100			36			7			143
Total property casualty		$	1,003		$	185		$	1,188		$	1		$	(6)		$	76		$	71		$	1,004		$	(6)		$	261		$	1,259
Ceded loss and loss expense incurred for the three months ended December 31, 2024
Commercial casualty		$	(2)		$	—		$	(2)		$	(2)		$	6		$	—		$	4		$	(4)		$	6		$	—		$	2
Commercial property		5			—			5			(5)			(2)			(2)			(9)			—			(2)			(2)			(4)
Commercial auto		—			—			—			—			(1)			—			(1)			—			(1)			—			(1)
Workers' compensation		3			—			3			1			—			—			1			4			—			—			4
Other commercial		3			—			3			2			(1)			—			1			5			(1)			—			4
Total commercial lines		9			—			9			(4)			2			(2)			(4)			5			2			(2)			5
Personal auto		—			—			—			—			(1)			—			(1)			—			(1)			—			(1)
Homeowners		2			—			2			—			(1)			—			(1)			2			(1)			—			1
Other personal		—			—			—			—			(2)			—			(2)			—			(2)			—			(2)
Total personal lines		2			—			2			—			(4)			—			(4)			2			(4)			—			(2)
Excess & surplus lines		4			—			4			(1)			—			—			(1)			3			—			—			3
Other		10			—			10			(5)			(7)			—			(12)			5			(7)			—			(2)
Total property casualty		$	25		$	—		$	25		$	(10)		$	(9)		$	(2)		$	(21)		$	15		$	(9)		$	(2)		$	4
Net loss and loss expense incurred for the three months ended December 31, 2024
Commercial casualty		$	150		$	51		$	201		$	(1)		$	68		$	16		$	83		$	149		$	68		$	67		$	284
Commercial property		156			19			175			(41)			(27)			7			(61)			115			(27)			26			114
Commercial auto		123			21			144			(4)			6			6			8			119			6			27			152
Workers' compensation		29			8			37			(15)			1			3			(11)			14			1			11			26
Other commercial		23			5			28			4			8			8			20			27			8			13			48
Total commercial lines		481			104			585			(57)			56			40			39			424			56			144			624
Personal auto		144			24			168			11			(9)			12			14			155			(9)			36			182
Homeowners		211			29			240			10			(135)			8			(117)			221			(135)			37			123
Other personal		33			3			36			12			20			1			33			45			20			4			69
Total personal lines		388			56			444			33			(124)			21			(70)			421			(124)			77			374
Excess & surplus lines		39			19			58			10			28			16			54			49			28			35			112
Other		70			6			76			25			43			1			69			95			43			7			145
Total property casualty		$	978		$	185		$	1,163		$	11		$	3		$	78		$	92		$	989		$	3		$	263		$	1,255
*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 Fourth-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	$	1,759		$	1,795		$	1,843		$	1,683		$	1,534		$	1,549		$	1,643		$	1,535		$	3,526		$	3,178		$	5,321		$	4,727		$	7,080		$	6,261
Agency new business written premiums	382			406			407			346			310			313			303			251			753			554			1,159			867			1,541			1,177
Other written premiums	102			92			209			219			76			95			204			233			428			437			520			532			622			608
Net written premiums	$	2,243		$	2,293		$	2,459		$	2,248		$	1,920		$	1,957		$	2,150		$	2,019		$	4,707		$	4,169		$	7,000		$	6,126		$	9,243		$	8,046
Unearned premium change	41			(76)			(384)			(256)			64			—			(287)			(178)			(640)			(465)			(716)			(465)			(675)			(401)
Earned premiums	$	2,284		$	2,217		$	2,075		$	1,992		$	1,984		$	1,957		$	1,863		$	1,841		$	4,067		$	3,704		$	6,284		$	5,661		$	8,568		$	7,645
Year over year change %
Agency renewal written premiums	15		%	16		%	12		%	10		%	10		%	11		%	11		%	10		%	11		%	10		%	13		%	11		%	13		%	11		%
Agency new business written premiums	23			30			34			38			30			19			6			3			36			5			34			9			31			14
Other written premiums	34			(3)			2			(6)			27			(1)			4			(10)			(2)			(4)			(2)			(3)			2			—
Net written premiums	17			17			14			11			13			12			9			6			13			8			14			9			15			10
Paid losses and loss expenses
Losses paid	$	978		$	946		$	893		$	861		$	933		$	907		$	924		$	893		$	1,755		$	1,816		$	2,701		$	2,723		$	3,680		$	3,656
Loss expenses paid	185			168			174			176			158			151			157			153			349			311			517			462			701			620
Loss and loss expenses paid	$	1,163		$	1,114		$	1,067		$	1,037		$	1,091		$	1,058		$	1,081		$	1,046		$	2,104		$	2,127		$	3,218		$	3,185		$	4,381		$	4,276
Incurred losses and loss expenses
Loss and loss expense incurred	$	1,255		$	1,499		$	1,412		$	1,270		$	1,118		$	1,261		$	1,262		$	1,317		$	2,682		$	2,579		$	4,181		$	3,840		$	5,436		$	4,958
Loss and loss expenses paid as a % of incurred	92.7		%	74.3		%	75.6		%	81.7		%	97.6		%	83.9		%	85.7		%	79.4		%	78.4		%	82.5		%	77.0		%	82.9		%	80.6		%	86.2		%
Statutory combined ratio
Loss ratio	43.2		%	58.3		%	59.1		%	55.2		%	47.8		%	54.9		%	58.3		%	60.5		%	57.2		%	59.4		%	57.6		%	57.8		%	53.8		%	55.3		%
Loss adjustment expense ratio	11.8			11.0			10.1			9.6			10.3			10.3			9.7			11.6			9.8			10.7			10.2			10.6			10.6			10.5
Net underwriting expense ratio	30.2			28.5			27.7			27.5			31.3			29.1			27.7			27.5			27.6			27.6			27.9			28.1			28.5			28.8
US Statutory combined ratio	85.2		%	97.8		%	96.9		%	92.3		%	89.4		%	94.3		%	95.7		%	99.6		%	94.6		%	97.7		%	95.7		%	96.5		%	92.9		%	94.6		%
Contribution from catastrophe losses	2.8			13.4			11.6			6.1			1.8			8.7			12.3			12.7			8.9			12.5			10.5			11.2			8.4			8.8
Statutory combined ratio excl. catastrophe losses	82.4		%	84.4		%	85.3		%	86.2		%	87.6		%	85.6		%	83.4		%	86.9		%	85.7		%	85.2		%	85.2		%	85.3		%	84.5		%	85.8		%
GAAP combined ratio
GAAP combined ratio	84.7		%	97.4		%	98.5		%	93.6		%	87.5		%	94.4		%	97.6		%	100.7		%	96.1		%	99.2		%	96.5		%	97.5		%	93.4		%	94.9		%
Contribution from catastrophe losses	4.0			13.0			11.2			5.9			1.3			9.1			12.0			12.8			8.6			12.4			10.1			11.3			8.5			8.7
GAAP combined ratio excl. catastrophe losses	80.7		%	84.4		%	87.3		%	87.7		%	86.2		%	85.3		%	85.6		%	87.9		%	87.5		%	86.8		%	86.4		%	86.2		%	84.9		%	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.<br><br>nm - Not meaningful<br><br>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.<br><br>Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Fourth-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	$	1,001		$	987		$	1,023		$	1,076		$	936		$	914		$	985		$	1,041		$	2,099		$	2,026		$	3,086		$	2,940		$	4,087		$	3,876
Agency new business written premiums	179			187			193			182			153			148			149			134			375			283			562			431			741			584
Other written premiums	(37)			(36)			(30)			(35)			(29)			(33)			(28)			(34)			(65)			(62)			(101)			(95)			(138)			(124)
Net written premiums	$	1,143		$	1,138		$	1,186		$	1,223		$	1,060		$	1,029		$	1,106		$	1,141		$	2,409		$	2,247		$	3,547		$	3,276		$	4,690		$	4,336
Unearned premium change	17			(1)			(79)			(141)			20			33			(40)			(85)			(220)			(125)			(221)			(92)			(204)			(72)
Earned premiums	$	1,160		$	1,137		$	1,107		$	1,082		$	1,080		$	1,062		$	1,066		$	1,056		$	2,189		$	2,122		$	3,326		$	3,184		$	4,486		$	4,264
Year over year change %
Agency renewal written premiums	7		%	8		%	4		%	3		%	3		%	6		%	5		%	7		%	4		%	6		%	5		%	6		%	5		%	6		%
Agency new business written premiums	17			26			30			36			18			(1)			(10)			(14)			33			(12)			30			(8)			27			(3)
Other written premiums	(28)			(9)			(7)			(3)			6			(32)			(4)			(13)			(5)			(9)			(6)			(16)			(11)			(10)
Net written premiums	8			11			7			7			5			5			3			4			7			4			8			4			8			4
Paid losses and loss expenses
Losses paid	$	481		$	500		$	460		$	479		$	549		$	490		$	550		$	513		$	941		$	1,063		$	1,440		$	1,552		$	1,922		$	2,101
Loss expenses paid	104			102			103			106			93			92			96			97			207			193			311			285			413			379
Loss and loss expenses paid	$	585		$	602		$	563		$	585		$	642		$	582		$	646		$	610		$	1,148		$	1,256		$	1,751		$	1,837		$	2,335		$	2,480
Incurred losses and loss expenses
Loss and loss expense incurred	$	624		$	706		$	746		$	719		$	651		$	680		$	708		$	748		$	1,465		$	1,456		$	2,171		$	2,136		$	2,795		$	2,787
Loss and loss expenses paid as a % of incurred	93.8		%	85.3		%	75.5		%	81.4		%	98.6		%	85.6		%	91.2		%	81.6		%	78.4		%	86.3		%	80.7		%	86.0		%	83.5		%	89.0		%
Statutory combined ratio
Loss ratio	41.4		%	51.0		%	57.8		%	56.5		%	48.9		%	53.4		%	56.5		%	57.9		%	57.2		%	57.2		%	55.1		%	55.9		%	51.5		%	54.1		%
Loss adjustment expense ratio	12.4			11.1			9.6			9.9			11.4			10.6			9.9			12.9			9.7			11.4			10.2			11.2			10.8			11.2
Net underwriting expense ratio	31.4			31.2			29.9			27.4			32.6			31.8			29.4			27.7			28.7			28.5			29.4			29.5			29.9			30.3
Statutory combined ratio	85.2		%	93.3		%	97.3		%	93.8		%	92.9		%	95.8		%	95.8		%	98.5		%	95.6		%	97.1		%	94.7		%	96.6		%	92.2		%	95.6		%
Contribution from catastrophe losses	0.9			5.4			9.3			6.2			0.5			6.7			11.1			10.4			7.8			10.7			6.9			9.4			5.4			7.2
Statutory combined ratio excl. catastrophe losses	84.3		%	87.9		%	88.0		%	87.6		%	92.4		%	89.1		%	84.7		%	88.1		%	87.8		%	86.4		%	87.8		%	87.2		%	86.8		%	88.4		%
GAAP combined ratio
GAAP combined ratio	84.5		%	93.0		%	99.1		%	96.5		%	92.2		%	95.2		%	96.9		%	100.4		%	97.9		%	98.6		%	96.2		%	97.5		%	93.2		%	96.2		%
Contribution from catastrophe losses	0.9			5.4			9.3			6.2			0.5			6.7			11.1			10.4			7.8			10.7			6.9			9.4			5.4			7.2
GAAP combined ratio excl. catastrophe losses	83.6		%	87.6		%	89.8		%	90.3		%	91.7		%	88.5		%	85.8		%	90.0		%	90.1		%	87.9		%	89.3		%	88.1		%	87.8		%	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. <br>nm - Not meaningful<br>*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 Fourth-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	$	625		$	695		$	681		$	494		$	486		$	542		$	541		$	388		$	1,175		$	929		$	1,870		$	1,471		$	2,495		$	1,957
Agency new business written premiums	154			165			163			122			109			122			106			79			285			185			450			307			604			416
Other written premiums	(26)			(28)			(25)			(21)			(16)			(18)			(18)			(19)			(46)			(37)			(74)			(55)			(100)			(71)
Net written premiums	$	753		$	832		$	819		$	595		$	579		$	646		$	629		$	448		$	1,414		$	1,077		$	2,246		$	1,723		$	2,999		$	2,302
Unearned premium change	(27)			(154)			(188)			(7)			(19)			(119)			(136)			16			(195)			(120)			(349)			(239)			(376)			(258)
Earned premiums	$	726		$	678		$	631		$	588		$	560		$	527		$	493		$	464		$	1,219		$	957		$	1,897		$	1,484		$	2,623		$	2,044
Year over year change %
Agency renewal written premiums	29		%	28		%	26		%	27		%	24		%	24		%	24		%	17		%	26		%	20		%	27		%	22		%	27		%	22		%
Agency new business written premiums	41			35			54			54			45			51			20			52			54			32			47			39			45			41
Other written premiums	(63)			(56)			(39)			(11)			30			(13)			(13)			(73)			(24)			(37)			(35)			(28)			(41)			(8)
Net written premiums	30			29			30			33			30			29			23			20			31			22			30			24			30			26
Paid losses and loss expenses
Losses paid	$	388		$	355		$	335		$	282		$	277		$	324		$	298		$	288		$	618		$	585		$	973		$	909		$	1,361		$	1,185
Loss expenses paid	56			46			51			51			45			39			44			40			102			85			148			123			204			168
Loss and loss expenses paid	$	444		$	401		$	386		$	333		$	322		$	363		$	342		$	328		$	720		$	670		$	1,121		$	1,032		$	1,565		$	1,353
Incurred losses and loss expenses
Loss and loss expense incurred	$	374		$	553		$	489		$	379		$	304		$	368		$	384		$	386		$	868		$	770		$	1,421		$	1,138		$	1,795		$	1,442
Loss and loss expenses paid as a % of incurred	118.7		%	72.5		%	78.9		%	87.9		%	105.9		%	98.6		%	89.1		%	85.0		%	82.9		%	87.0		%	78.9		%	90.7		%	87.2		%	93.8		%
Statutory combined ratio
Loss ratio	41.1		%	71.7		%	67.1		%	55.2		%	45.9		%	60.7		%	68.3		%	73.6		%	61.3		%	70.9		%	65.0		%	67.3		%	58.4		%	61.4		%
Loss adjustment expense ratio	10.4			9.8			10.5			9.3			8.4			9.2			9.6			9.6			9.9			9.6			9.9			9.4			10.0			9.2
Net underwriting expense ratio	28.5			25.8			25.2			29.6			30.0			26.3			25.5			30.0			27.1			27.4			26.6			27.0			27.1			27.7
Statutory combined ratio	80.0		%	107.3		%	102.8		%	94.1		%	84.3		%	96.2		%	103.4		%	113.2		%	98.3		%	107.9		%	101.5		%	103.7		%	95.5		%	98.3		%
Contribution from catastrophe losses	0.2			26.6			20.9			8.8			4.2			13.9			19.7			24.7			15.0			22.1			19.2			19.2			13.9			15.1
Statutory combined ratio excl. catastrophe losses	79.8		%	80.7		%	81.9		%	85.3		%	80.1		%	82.3		%	83.7		%	88.5		%	83.3		%	85.8		%	82.3		%	84.5		%	81.6		%	83.2		%
GAAP combined ratio
GAAP combined ratio	80.2		%	110.3		%	106.9		%	93.9		%	84.7		%	99.9		%	107.6		%	112.5		%	100.6		%	110.0		%	104.1		%	106.4		%	97.5		%	100.4		%
Contribution from catastrophe losses	0.2			26.6			20.9			8.8			4.2			13.9			19.7			24.7			15.0			22.1			19.2			19.2			13.9			15.1
GAAP combined ratio excl. catastrophe losses	80.0		%	83.7		%	86.0		%	85.1		%	80.5		%	86.0		%	87.9		%	87.8		%	85.6		%	87.9		%	84.9		%	87.2		%	83.6		%	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. <br>nm - Not meaningful<br>*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 Fourth-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	$	133		$	113		$	139		$	113		$	112		$	93		$	117		$	106		$	252		$	223		$	365		$	316		$	498		$	428
Agency new business written premiums	49			54			51			42			48			43			48			38			93			86			147			129			196			177
Other written premiums	(11)			(10)			(10)			(9)			(10)			(8)			(9)			(8)			(19)			(17)			(29)			(25)			(40)			(35)
Net written premiums	$	171		$	157		$	180		$	146		$	150		$	128		$	156		$	136		$	326		$	292		$	483		$	420		$	654		$	570
Unearned premium change	(3)			—			(29)			(7)			(2)			7			(24)			(9)			(36)			(33)			(36)			(26)			(39)			(28)
Earned premiums	$	168		$	157		$	151		$	139		$	148		$	135		$	132		$	127		$	290		$	259		$	447		$	394		$	615		$	542
Year over year change %
Agency renewal written premiums	19		%	22		%	19		%	7		%	18		%	—		%	6		%	13		%	13		%	9		%	16		%	6		%	16		%	9		%
Agency new business written premiums	2			26			6			11			45			26			45			6			8			25			14			25			11			30
Other written premiums	(10)			(25)			(11)			(13)			(67)			(33)			(13)			(33)			(12)			(21)			(16)			(25)			(14)			(35)
Net written premiums	14			23			15			7			23			6			16			10			12			13			15			11			15			14
Paid losses and loss expenses
Losses paid	$	39		$	34		$	41		$	46		$	34		$	33		$	29		$	28		$	86		$	56		$	121		$	90		$	160		$	124
Loss expenses paid	19			17			16			17			17			16			14			12			34			27			49			43			69			59
Loss and loss expenses paid	$	58		$	51		$	57		$	63		$	51		$	49		$	43		$	40		$	120		$	83		$	170		$	133		$	229		$	183
Incurred losses and loss expenses
Loss and loss expense incurred	$	112		$	107		$	102		$	90		$	93		$	87		$	89		$	81		$	192		$	170		$	299		$	257		$	411		$	350
Loss and loss expenses paid as a % of incurred	51.8		%	47.7		%	55.9		%	70.0		%	54.8		%	56.3		%	48.3		%	49.4		%	62.5		%	48.8		%	56.9		%	51.8		%	55.7		%	52.3		%
Statutory combined ratio
Loss ratio	45.1		%	45.2		%	48.6		%	48.9		%	46.2		%	44.2		%	49.6		%	44.3		%	48.7		%	47.0		%	47.5		%	46.1		%	46.8		%	46.1		%
Loss adjustment expense ratio	21.4			23.4			19.0			15.6			16.5			20.6			16.9			19.9			17.4			18.4			19.5			19.1			20.0			18.4
Net underwriting expense ratio	27.3			26.7			26.0			26.0			27.7			26.6			24.3			24.4			26.0			24.4			26.2			25.1			26.5			25.7
Statutory combined ratio	93.8		%	95.3		%	93.6		%	90.5		%	90.4		%	91.4		%	90.8		%	88.6		%	92.1		%	89.8		%	93.2		%	90.3		%	93.3		%	90.2		%
Contribution from catastrophe losses	1.1			1.5			1.9			0.5			0.7			(0.8)			1.4			1.2			1.2			1.3			1.4			0.6			1.3			0.6
Statutory combined ratio excl. catastrophe losses	92.7		%	93.8		%	91.7		%	90.0		%	89.7		%	92.2		%	89.4		%	87.4		%	90.9		%	88.5		%	91.8		%	89.7		%	92.0		%	89.6		%
GAAP combined ratio
GAAP combined ratio	93.1		%	95.3		%	95.4		%	91.9		%	89.8		%	90.5		%	92.2		%	89.9		%	93.7		%	91.1		%	94.3		%	90.9		%	94.0		%	90.6		%
Contribution from catastrophe losses	1.1			1.5			1.9			0.5			0.7			(0.8)			1.4			1.2			1.2			1.3			1.4			0.6			1.3			0.6
GAAP combined ratio excl. catastrophe losses	92.0		%	93.8		%	93.5		%	91.4		%	89.1		%	91.3		%	90.8		%	88.7		%	92.5		%	89.8		%	92.9		%	90.3		%	92.7		%	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. <br>nm - Not meaningful<br>*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 Fourth-Quarter 2024 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended December 31,							For the Twelve Months Ended December 31,
(Dollars in millions)	2024		2023		Change		% Change	2024		2023		Change		% Change
Underwriting income
Net premiums written	$	2,166	$	1,855	$	311	17	$	8,940	$	7,766	$	1,174	15
Unearned premium change	(50)		(56)		6		11	643		387		256		66
Earned premiums	$	2,216	$	1,911	$	305	16	$	8,297	$	7,379	$	918	12
Losses incurred	$	957	$	913	$	44	5	$	4,460	$	4,076	$	384	9
Defense and cost containment expenses incurred	140		101		39		39	427		366		61		17
Adjusting and other expenses incurred	122		95		27		28	455		409		46		11
Other underwriting expenses incurred	653		581		72		12	2,539		2,235		304		14
Workers compensation dividend incurred	2		1		1		100	6		5		1		20
Total underwriting deductions	$	1,874	$	1,691	$	183	11	$	7,887	$	7,091	$	796	11
Net underwriting profit	$	342	$	220	$	122	55	$	410	$	288	$	122	42
Investment income
Gross investment income earned	$	195	$	153	$	42	27	$	679	$	577	$	102	18
Net investment income earned	191		149		42		28	669		568		101		18
Realized capital gains and losses, net	67		9		58		644	400		(67)		467		nm
Net investment gains	$	258	$	158	$	100	63	$	1,069	$	501	$	568	113
Other income	$	2	$	2	$	—	—	$	7	$	6	$	1	17
Net income before federal income taxes	$	602	$	380	$	222	58	$	1,486	$	795	$	691	87
Federal and foreign income taxes incurred	99		71		28		39	182		153		29		19
Net income (statutory)	$	503	$	309	$	194	63	$	1,304	$	642	$	662	103
Policyholders' surplus - statutory**	$	8,603	$	7,294	$	1,309	18	$	8,603	$	7,294	$	1,309	18
Fixed maturities at amortized cost - statutory	$	12,237	$	9,922	$	2,315	23	$	12,237	$	9,922	$	2,315	23
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>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.<br>*Current year policyholders' surplus amount subject to change.

CINF Fourth-Quarter 2024 Supplemental Financial Data

The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended December 31,							For the Twelve Months Ended December 31,
(Dollars in millions)	2024		2023		Change		% Change	2024		2023		Change		% Change
Net premiums written	$	91	$	87	$	4	5	$	359	$	360	$	(1)	—
Net investment income	50		47		3		6	192		185		7		4
Commissions and expense allowances on reinsurance ceded	1		2		(1)		(50)	4		5		(1)		(20)
Income from fees associated with separate accounts	1		3		(2)		(67)	5		10		(5)		(50)
Total revenues	$	143	$	139	$	4	3	$	560	$	560	$	—	—
Death benefits and matured endowments	$	46	$	44	$	2	5	$	172	$	166	$	6	4
Annuity benefits	21		37		(16)		(43)	118		145		(27)		(19)
Disability benefits and benefits under accident and health contracts	—		1		(1)		(100)	2		2		—		—
Surrender benefits and group conversions	9		6		3		50	35		27		8		30
Interest and adjustments on deposit-type contract funds	2		1		1		100	6		7		(1)		(14)
Increase in aggregate reserves for life and accident and health contracts	2		(7)		9		nm	(18)		(10)		(8)		(80)
Total benefit expenses	$	80	$	82	$	(2)	(2)	$	315	$	337	$	(22)	(7)
Commissions	$	12	$	12	$	—	—	$	49	$	49	$	—	—
General insurance expenses and taxes	17		16		1		6	62		57		5		9
Increase in loading on deferred and uncollected premiums	(2)		—		(2)		nm	—		(1)		1		100
Net transfers from Separate Accounts	(3)		(3)		—		—	(6)		(9)		3		33
Total underwriting expenses	$	24	$	25	$	(1)	(4)	$	105	$	96	$	9	9
Federal and foreign income tax provision	11		10		1		10	35		29		6		21
Net gain from operations before capital gains or losses	$	28	$	22	$	6	27	$	105	$	98	$	7	7
Gains and losses net of capital gains tax, net	1		(5)		6		nm	(9)		(8)		(1)		(13)
Net income - statutory	$	29	$	17	$	12	71	$	96	$	90	$	6	7
Policyholders' surplus - statutory**	$	508	$	414	$	94	23	$	508	$	414	$	94	23
Fixed maturities at amortized cost - statutory	$	3,884	$	3,896	$	(12)	—	$	3,884	$	3,896	$	(12)	—
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>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.<br>*Current year policyholders' surplus amount subject to change.

CINF Fourth-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:
Written premiums	$	99		$	89		$	207		$	202		$	66		$	85		$	177		$	230		$	409		$	407		$	498		$	492		$	597		$	558
Year over year change %- written premium	50		%	5		%	17		%	(12)		%	(1)		%	(1)		%	—		%	(9)		%	—		%	(6)		%	1		%	(5)		%	7		%	(5)		%
Earned premiums	$	162		$	138		$	138		$	135		$	123		$	134		$	122		$	150		$	273		$	272		$	411		$	406		$	573		$	529
Current accident year before catastrophe losses	37.6		%	52.5		%	49.6		%	63.0		%	42.6		%	51.5		%	57.8		%	45.2		%	56.3		%	50.9		%	55.0		%	51.1		%	50.0		%	49.1		%
Current accident year catastrophe losses	29.1			30.2			2.4			—			2.0			11.5			1.8			0.3			1.2			1.0			11.0			4.4			16.1			3.9
Prior accident years before catastrophe losses	0.7			(10.1)			(0.8)			(10.4)			4.6			(7.9)			(17.1)			6.0			(5.6)			(4.4)			(7.1)			(5.5)			(4.9)			(3.2)
Prior accident years catastrophe losses	—			(2.5)			(4.7)			—			1.0			2.0			1.9			1.7			(2.4)			1.8			(2.4)			1.9			(1.7)			1.7
Total loss and loss expense ratio	67.4		%	70.1		%	46.5		%	52.6		%	50.2		%	57.1		%	44.4		%	53.2		%	49.5		%	49.3		%	56.5		%	51.9		%	59.5		%	51.5		%
Cincinnati Global:
Written premiums	$	77		$	77		$	67		$	82		$	65		$	69		$	82		$	64		$	149		$	146		$	226		$	215		$	303		$	280
Year over year change %- written premium	18		%	12		%	(18)		%	28		%	23		%	21		%	19		%	25		%	2		%	22		%	5		%	21		%	8		%	22		%
Earned premiums	$	68		$	107		$	48		$	48		$	73		$	99		$	50		$	44		$	96		$	94		$	203		$	193		$	271		$	266
Current accident year before catastrophe losses	20.6		%	31.6		%	47.9		%	48.2		%	24.6		%	34.1		%	61.7		%	35.3		%	48.1		%	49.3		%	39.4		%	41.5		%	34.7		%	36.9		%
Current accident year catastrophe losses	47.1			9.6			—			—			(8.4)			18.2			1.1			11.1			—			5.8			5.0			12.1			15.6			6.5
Prior accident years before catastrophe losses	(10.4)			(3.8)			(21.2)			(19.7)			(1.0)			(3.4)			(9.7)			0.8			(20.4)			(4.7)			(11.7)			(4.0)			(11.4)			(3.2)
Prior accident years catastrophe losses	(3.4)			(3.6)			(4.4)			(5.9)			(2.7)			(0.2)			2.5			2.4			(5.2)			2.4			(4.3)			1.1			(4.1)			—
Total loss and loss expense ratio	53.9		%	33.8		%	22.3		%	22.6		%	12.5		%	48.7		%	55.6		%	49.6		%	22.5		%	52.8		%	28.4		%	50.7		%	34.8		%	40.2		%
Noninsurance operations:
Interest and fees on loans and leases	$	2		$	3		$	2		$	2		$	3		$	2		$	1		$	2		$	4		$	3		$	7		$	5		$	9		$	8
Other revenue	3			—			2			1			2			1			1			1			3			2			3			3			6			5
Interest expense	13			13			14			13			14			13			13			14			27			27			40			40			53			54
Operating expense	13			6			9			4			8			5			7			5			13			12			19			17			32			25
Total noninsurance operations loss	$	(21)		$	(16)		$	(19)		$	(14)		$	(17)		$	(15)		$	(18)		$	(16)		$	(33)		$	(34)		$	(49)		$	(49)		$	(70)		$	(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 Fourth-Quarter 2024 Supplemental Financial Data

cinfinvestorhandout02-10

1 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. INVESTOR HANDOUT A Bridge to Better Since 1950 February 2025 NASDAQ: CINF This presentation contains forward-looking statements that involve risks and uncertainties. Please refer to our various filings with the U.S. Securities and Exchange Commission for factors that could cause results to materially differ from those discussed. The forward-looking information in this presentation has been publicly disclosed, most recently on February 10, 2025, and should be considered to be effective only as of that date. Its inclusion in this document is not intended to be an update or reaffirmation of the forward-looking information as of any later date. Reconciliations of non-GAAP measures are in our most recent quarterly earnings news release, which is available at investors.cinfin.com.

2 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. STRATEGY OVERVIEW • Competitive advantages: • Relationships leading to agents’ best accounts • Financial strength for stability and confidence • Local decision making and claims excellence • Other distinguishing factors: • 64 years of shareholder dividend increases • Common stocks are approximately 39% of investment portfolio • More than 30 years of favorable reserve development CUMULATIVE TOTAL RETURN* $86 $114 $105 $110 $156 $149 $118 $152 $125 $157 $197 $201 $105 $124 $141 $157 $209 $210 2020 2021 2022 2023 2024 YTD 2-3-25 Cincinnati Financial Corporation S&P 500 Index S&P Composite 1500 Property & Casualty Insurance Index * $100 invested on December 31, 2019, in CINF stock or indexes shown, including reinvestment of dividends. Periods shown represent each respective fiscal year ending December 31.

3 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. LONG-TERM VALUE CREATION • Targeting average Value Creation Ratio of 10% to 13% over the next five-year period • Value creation ratio (VCR) = annual rate of growth in book value plus the percentage of dividends to beginning book value • VCR for 2020 through 2024 averaged 13.0% • Three performance drivers: • Premium growth above industry average • Combined ratio consistently within the range of 92% to 98% • Investment contribution • Investment income growth • Compound annual total return for equity portfolio over five-year period exceeding return for S&P 500 Index INCREASE VALUE FOR SHAREHOLDERS MEASURED BY VALUE CREATION RATIO -30% -20% -10% 0% 10% 20% 30% 40% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 2020 2021 2022 2023 2024 VCR - Investment Income & Other VCR - P&C Underwriting VCR - Bond Portfolio Gains VCR - Equity Portfolio Gains Total Shareholder Return (TSR) Actual VCR: 14.7% 25.7% (14.6%) 19.5% 19.8% Target for the next five-year period: Annual VCR averaging 10% to 13% V al u e C re at io n R at io To ta l S h ar eh o ld er R et u rn

4 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. PERFORMANCE TARGETS & TRENDS • 19.8% VCR for 2024 exceeded annual target: 10% to 13% annual average over the next five-year period • 9.9% contribution from net income before investment gains • 9.9% contribution from non-operating items, including 9.6% from equity securities portfolio investment gains • Related performance drivers for 2024 compared with long-term targets: • 15% growth in P&C net written premiums, vs. 9% 9-month 2024 reported for the industry • 93.4% combined ratio, within our 92% to 98% long-term target range • 15% investment income growth exceeded 9.7% five-year CAGR as of year-end 2024 • Growth from underwriting operations drove operating cash flow • $2.6 billion in net cash flow from operating activities, up 29% FOURTH-QUARTER 2024 HIGHLIGHTS • EPS of $2.56 per share vs. $7.50 per share in 4Q23 • Non-GAAP operating income increased 38% to $497 million • EPS decrease was from the change in the fair value of equity securities still held • Investment income rose 17% • Interest income was up 28%, dividend income was down 4% • Property casualty net written premiums grew 17% • Higher average renewal pricing: commercial lines and E&S up at a high-single-digit percentage rate, personal lines up low-double-digits • Combined ratio of 84.7%, 2.8 percentage points better than 4Q23 • 4Q24 improvement despite increase of 2.7 points from higher catastrophe losses

5 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. STRATEGIES FOR LONG-TERM SUCCESS • Financial strength for consistent support to agencies • Diversified fixed-maturity portfolio, laddered maturity structure • No corporate exposure exceeded 0.6% of total bond portfolio at 12-31-24, no municipal exposure exceeded 0.1% • 39.2% of investment portfolio in common stocks to grow book value • No single security exceeded 8.3% of publicly traded common stock portfolio • Portfolio composition helps mitigate anticipated effects of inflation and a rise in interest rates • Low reliance on debt, with 5.5% debt-to-total-capital at 12-31-24 • Nonconvertible, noncallable debentures due in 2028 and 2034 • Capacity for growth with premiums-to-surplus at 1.0-to-1 • Operating structure reflects agency-centered model • Field focus – staffed for local decision making, agency support • Superior claims service and broad insurance product offerings • Profit improvement and premium growth initiatives MANAGE INSURANCE PROFITABILITY • Ongoing underwriting expertise enhancement • Predictive modeling tools and analytics to improve property casualty pricing precision and segmentation on an individual policy basis • Data management for better underwriting and more granular pricing decisions • Associate specialization and augmentation aimed at lowering loss ratios • Improving efficiencies and ease of use with technology • Streamlines processing for agencies and the company • Helps optimize personalized service • Investing for the future • To improve profitability with rate adequacy and risk selection/loss control initiatives • To diversify risk by expanding operations into new geographies and product areas • Strategic investments with modest short-term effects on expense ratios • 15% increase in field associates since the end of 2019, supporting healthy premium growth

6 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. DRIVE PREMIUM GROWTH • New agency appointments bring potential for growth over time • 304 appointed in 2024, including 102 for personal lines only, writing an estimated $14 billion in aggregate of annual property casualty premiums from all carriers they represent • Expanding marketing and service capabilities • Enhanced marketing, products and services for personal lines Cincinnati Private ClientSM brand • $1.719 billion in full-year 2024 Cincinnati Private Client net written premiums, up 37% from 2023 • Increased opportunities for agencies to cross-serve their clients to meet insurance needs • Expansion of reinsurance assumed through Cincinnati Re® to further deploy capital, diversify risk • Cincinnati Global Underwriting Ltd.SM producing profitable premium growth over time • 15% growth in 2024 P&C net written premiums • Commercial up 8%, Personal up 30%, E&S up 15%, Cincinnati Re up 7%, Cincinnati Global up 8% • Higher average renewal pricing (percentage rate increases): commercial lines and E&S up high- single-digits, personal lines up low-double-digits • Term life insurance earned premiums up 3% SELECT GROUP OF AGENCIES IN 46 STATES P&C Market Share: 2,175 agency relationships with 3,355 locations Our Commercial Top Five = 36% Ohio, Illinois, North Carolina, Pennsylvania, Indiana Our Personal Top Five = 44% Ohio, New York, California, Illinois, Georgia 1% and higher Less than 1% Inactive states Headquarters (as of December 31, 2024) Market Share Top Five Ohio: 4.3% Montana: 2.8% Vermont: 2.4% Kentucky: 2.2% Indiana: 2.1% Based on 2023 data excluding A&H, Flood and Crop

7 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. PREMIUM GROWTH POTENTIAL STEADILY INCREASE OUR SHARE WITHIN APPOINTED AGENCIES 0.3% 1.3% 3.1% 8.4% 1 year or less 2-5 years 6-10 years 10 years or more ► Cincinnati’s share of $140 billion total* premiums (including approximately $6 billion E&S) produced by currently appointed agencies is approximately 5%. Market share per agency reporting location by year appointed Based on 2023 standard market P&C agency written premiums (Excludes excess and surplus lines) ► New appointments also drive premium growth opportunity ─ Agency relationship net count increased by 48% since the end of 2014 ─ Agencies appointed during 2020-24 produce $57 billion total* of standard lines business * Estimated annual property casualty premiums written with all carriers represented by agencies appointed by Cincinnati Insurance MARKET FOR 75% OF AGENCY’S TYPICAL RISKS 2024 NET EARNED PREMIUMS E&S Lines 7% Commercial Lines 50% Personal Lines 30% Other 9% Life 4% Consolidated $8.889 Billion Commercial Property 16% Commercial Casualty 18% Commercial Auto 11% Workers' Compensation 3% Other Comm 5% Excess & Surplus 7% Cincinnati Re 6% Cincinnati Global 3% Homeowner 16% Personal Auto 11% Other Personal 4% Approximately 15% of commercial premiums = policies with average annual premiums <$10,000 & 35% >$100,000; 86% HO accounts include auto Property Casualty $8.568 Billion

8 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. CINCINNATI FINANCIAL AT A GLANCE • Top 25 U.S. P&C insurer • A.M. Best rating: A+ Superior • $8.9 billion 2024 premiums: 50% Commercial 30% Personal 7% Excess & Surplus 4% Life 6% Cincinnati Re 3% Cincinnati Global • Agency-centered business model is time-tested • Agency relationships strengthened over time by in-person approach • Local decision-making operating structure is difficult to replicate • Centralized organization versus branch office structure contributes to low expense ratio • 64 consecutive years of shareholder dividend increases • We believe only seven U.S. public companies can match this record • 8% increase in full-year 2024 ordinary cash dividends declared • Yield is attractive, 2.4% in early February 2025 Income, Dividend & Cash Flow Trends Reserve Adequacy & Prior Accident Year Development Pricing Precision, Premium Growth & Profit Trends Investment Portfolio Management & Performance Reinsurance Ceded Program & Additional Agency Statistics Financial Strength Ratings & Valuation Comparison to Peers Appendix

9 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. INCOME AND SHAREHOLDER DIVIDENDS -$4.00 -$2.00 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 2020 2021 2022 2023 2024 Non-GAAP Operating Income Net Income Ordinary dividends declared Per share basis 2021 net income included $11.69 net investment gain while 2022 included $7.30 net investment loss STRONG OPERATING CASH FLOW CONTRIBUTED TO $1.5 BILLION OF 2024 NET PURCHASES IN INVESTMENT PORTFOLIO $0 $500 $1,000 $1,500 $2,000 $2,500 2020 2021 2022 2023 2024 (In millions)

10 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. CASH DIVIDEND PAYOUT RATIO STRONG CAPITAL, CASH FLOW SUPPORT PAYOUT LEVELS 0% 20% 40% 60% 80% 100% 120% 2015 2016 2017* 2018 2019 2020 2021 2022** 2023 2024 Dividend Payout Ratio – Net Income Dividend Payout Ratio – Operating Income 29% average payout for 2015 through 2024 (net income basis) * 2017 net income included $495 million benefit from net deferred income tax liability revaluation due to U.S. tax reform ** 2022 ratio to net income not shown and is not meaningful due to negative net income of $486 million DIVIDEND AS A PERCENTAGE OF NET CASH FLOW FROM OPERATIONS 0% 5% 10% 15% 20% 25% 30% 35% 40% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

11 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. PROPERTY CASUALTY RESERVES FAVORABLE DEVELOPMENT FOR MORE THAN 30 CONSECUTIVE YEARS $6,400 $6,902 $7,931 $8,613 $9,668 2020 2021 2022 2023 2024 Reserve range at 12-31-24 Low end $8,948 High end $9,816 Carried at 83th percentile (In millions) Values shown are carried loss and loss expense reserves net of reinsurance Vertical bar represents reasonably likely range Calendar year development (Favorable) ($131) ($428) ($159) ($215) ($236) GREATER PRICING PRECISION IMPROVING PROFIT MARGINS 75% 80% 85% 0% 5% 10% 15% 20% Most adequately priced Near (+ or -) price adequacy Least adequately priced Policy retention P o lic y re te n ti o n A ve ra ge r e n e w al p ri ce c h an ge General liability 2024 renewal price increase averages and policy retention by modeled pricing segments illustrates pricing precision effects Most adequate refers to policies that need less price increase based on pricing adequacy of expiring premium per pricing models

12 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. COMMERCIAL UMBRELLA RATIOS – ACTUAL PAID AT 48 MONTHS LOSS & ALAE BY ACCIDENT YEAR, DEVELOPED THROUGH 12-31-24 L in e s = R a tio fo r P a id a t V a rio u s M e a su re m en t P o in ts B a rs = E st im a te d U lti m a te L o ss & A L A E R a tio to E a rn e d P re m iu m s 33.1% 42.7% 45.3% 50.0% 72.5% 51.8% 55.5% 68.5% 60.1% 69.4% 32.8% 40.5% 41.8% 42.2% 59.6% 39.5% 30.5% 27.2% 10.2% 2.0% 19.3% 29.4% 26.7% 26.8% 42.4% 32.9% 30.5% 15.4% 20.9% 20.7% 22.2% 25.6% 23.7% 21.5% 27.2% 6.4% 10.8% 10.1% 12.3% 9.2% 6.1% 7.9% 10.0% 10.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0% 65.0% 70.0% 75.0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 2015 2016 2017 2018 2019 2020 2021 '22@36mo '23@24mo '24@12mo Total Loss & ALAE Paid-developed to date Paid 48 mo Paid 36 mo Paid 24 mo AY17 & AY18 paid ratio at 48 months was more stable following increase for experience by AY16 at 48 months Umbrella paid losses for AY19 rose sharply during 2022 Until ultimate losses for more recent accident years are more clear, we intend to remain prudent in reserving COMMERCIAL CASUALTY EXCLUDING UMBRELLA – ACTUAL PAID AT 48 MONTHS LOSS & ALAE BY ACCIDENT YEAR, DEVELOPED THROUGH 12-31-24 COVERAGES OTHER THAN UMBRELLA REPRESENT APPROXIMATELY 2/3 OF PREMIUMS EARNED L in e s = R a tio fo r P a id a t V a rio u s M e a su re m en t P o in ts B a rs = E st im a te d U lti m a te L o ss & A L A E R a tio to E a rn e d P re m iu m s 59.7% 54.9% 57.2% 63.4% 62.0% 53.8% 54.2% 58.3% 55.3% 65.2% 55.1% 50.4% 50.3% 53.9% 49.0% 36.6% 28.4% 19.1% 9.7% 3.2% 32.5% 32.4% 31.2% 34.4% 32.9% 28.0% 28.4% 21.8% 22.1% 22.3% 24.1% 22.6% 19.4% 18.8% 19.1% 12.6% 12.5% 11.9% 14.4% 13.4% 10.1% 10.7% 9.9% 9.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0% 65.0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 2015 2016 2017 2018 2019 2020 2021 '22@36mo '23@24mo '24@12mo Total Loss & ALAE Paid-developed to date Paid 48 mo Paid 36 mo Paid 24 mo Paid ratios at 48 months have been fairly stable over time Assumes elevated ratios for commercial umbrella for AY19 & AY22 may also occur for general liability coverages, despite fairly stable paid ratio pattern so far through 2024

13 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. PREMIUM GROWTH VS. INDUSTRY 10.9% 5-YEAR CAGR EXCEEDED INDUSTRY’S 7.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 2020 2021 2022 2023 2024 Cincinnati Estimated industry excluding mortgage and financial guaranty (A.M. Best) Property casualty net written premium growth OUTPERFORMING THE INDUSTRY FIVE-YEAR AVERAGE COMBINED RATIO 6.7 POINTS BETTER 75% 80% 85% 90% 95% 100% 105% 2020 2021 2022 2023 2024 Cincinnati – excl. cat. losses Est. Industry (A.M. Best) – excl. cat. Losses Cincinnati – incl. cat. losses Est. Industry (A.M. Best) – incl. cat. Losses Cincinnati’s historical catastrophe loss annual averages as of 12-31-24: 5-year = 9.2%, 10-year = 8.0% Statutory combined ratio Industry data excludes mortgage and financial guaranty

14 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. INVESTMENT INCOME 15% GROWTH IN 2024: INTEREST UP 22%, DIVIDENDS UP LESS THAN 1% (PRETAX) $500 $600 $700 $800 $900 $1,000 2020 2021 2022 2023 2024 (In millions) Pretax bond yield: 4.06% 4.05% 4.05% 4.39% 4.67% (Bonds at amortized cost) Pretax book yield for bonds acquired: 6.13% in 2023, 5.66% in 2024 Pretax book yield as of 12-31-24 for bonds maturing in 2025=4.53%, 2026=5.02%, 2027=5.23% Portion of bond portfolio maturing: 8.2% in 2025, 6.7% in 2026, 5.2% in 2027, 11.7% in 2028-29 INVESTMENT PORTFOLIO INVEST FOR INCOME AND APPRECIATION Taxable Fixed Maturities $12.243 Tax-Exempt Fixed Maturities $3.939 Common Equities $10.836 Preferred Equities $0.349 Short-Term Investments $0.298 Investment leverage: 203% at December 31, 2024 Bond portfolio fair value exceeds insurance reserves liability by approximately 25% $27.7 billion fair value at December 31, 2024 (in billions)

15 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. DIVERSIFIED EQUITY PORTFOLIO* BALANCES INCOME STABILITY & CAPITAL APPRECIATION POTENTIAL Portfolio Highlights at 12-31-24 • Apple is largest holding • 8.2% of publicly traded common stock portfolio • 3.2% of total investment portfolio • Next four largest holdings, totaling 19.4% of publicly traded common stock portfolio: Microsoft, Broadcom, JPMorgan and Abbvie • Less than $1 million increase in 2024 dividend income due to rebalancing investment portfolio • Appreciated value from cost totaled $7.2 billion (pretax) • Annual portfolio returns: (2024 & 2023) 16.5% & 15.2 [S&P 500: 25.0% & 26.3%] * Publicly traded common stock portfolio with 60 holdings (excludes private equity) December 31, 2024 S&P 500 Weightings CFCSector 32.5%32.6%Information technology 8.214.3Industrials 13.612.4Financial 10.110.8Healthcare 11.27.6Consumer discretionary 5.56.9Consumer staples 1.94.7Materials 3.24.2Energy 2.33.1Utilities 2.12.1Real estate 9.41.3Telecomm services BOND PORTFOLIO RISK PROFILE $16.182 BILLION AT DECEMBER 31, 2024 • Credit risk – A2/A+ average rating • 97.6% are rated investment grade by nationally recognized statistical rating organizations • Interest rate risk • 5.0 years effective duration, 10.2 years weighted average maturity • Generally laddered maturity structure • 20% of year-end 2024 portfolio matures by the end of 2027, 32% by 2029, 54% by 2034 • With 39.2% of the investment portfolio invested in common stocks at 12-31-24 we estimated shareholders’ equity would decline 4.9% if interest rates were to rise by 100 basis points • Bond portfolio is well-diversified • Largest issuer (corporate bond) = 0.6% of total bond portfolio • Municipal bond portfolio, well-diversified with approximately 1,900 issuers • $3.939 billion with an average rating of Aa2/AA by Moody’s and S&P Global

16 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. SOLID REINSURANCE CEDED PROGRAM BALANCES COSTS WITH SHAREHOLDERS’ EQUITY PROTECTION Coverage & Retention Summary (As of January 1, 2025) Major Treaties (Estimated 2025 ceded premiums) For a single event: • Retain 100% of first $200 million in losses • Retention varies between $200 million & $1.5 billion • Max exposure for $1.5 billion event = $431 million • PML – combined including Cincinnati Re & Cincinnati Global 1-in-100 year event = 4.5% 1-in-250 year = 6.8% (% of shareholders’ equity at 12-31-24) Property catastrophe ($98 million) • Treaty has one reinstatement provision • Cincinnati Re has separate catastrophe excess of loss coverage • $60 million total available aggregate limit in excess of $80 million per loss • Cincinnati Global has separate treaties for reinsurance For a single loss: • Retain 100% of first $15 million in losses • Retain 0% of losses $15-110 million • Facultative reinsurance for >$110 million Property per risk & $75 million property excess treaties ($66 million) For a single loss: • Retain 100% of first $10 million in losses • Retain 0% of losses $10-25 million • Facultative reinsurance for >$25 million Casualty per occurrence ($21 million) Workers’ comp, extra-contractual & clash coverage: • $25 million excess of $25 million (first excess treaty) • $30 million excess of $50 million (second treaty) Casualty excess treaties ($5 million for two treaties combined) Primary reinsurers are Swiss Re, Munich Re, Hannover Ruck, Partner Re, TransRe and Lloyd’s of London ADDITIONAL AGENCY STATISTICS • 46% of 3,355 year-end 2024 reporting locations include: • 29% private equity, 13% national brokers, 4% banks • Private equity percentage more than doubled compared with year-end 2018 • National brokers up 4 percentage points, banks down 1 point compared with year-end 2018 • 2024 contribution to new business written premiums (standard lines market) • 31% private equity-owned agencies 15% national brokers • 3% bank-owned 51% privately-owned or regional/cluster agencies • 5.7% for largest contributor, among the largest are: • Acrisure, A.J. Gallagher, Assured Partners, BroadStreet Partners, HUB, Keystone, MMA, SecureRisk, USI • 89 locations acquired during 2024, including: • 48 by a private equity firm, 12 by a regional or national broker, 26 by another Cincinnati agency and 3 by a non-Cincinnati agency

17 Copyright © 2025 Cincinnati Financial Corporation. All rights reserved. Do not reproduce or post online, in whole or in part, without written permission. FINANCIAL STRENGTH RATINGS COMPARISON S&PA.M. Best A+A+Cincinnati AAA++Travelers A+A+Acuity AAA+Fireman's Fund A+A+Hartford AA+Selective -AAllied -A+Auto Owners -ACentral Mutual A+ACNA -AEMC -AFrankenmuth A+AGeneral Casualty AAHanover A+AHarleysville AALiberty Mutual AASafeco AAState Auto -AWest Bend -AWestfield AAZurich -A-United Fire Group Source: S&P Global Market Intelligence as of January 13, 2025. Ratings are under continuous review and subject to change and/or affirmation. VALUATION COMPARISON TO PEERS 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 Ratio of closing price on 02-05-25 to latest reported tangible book value