8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report: April 28, 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 class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	CINF	Nasdaq Global Select Market

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

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

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

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

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

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

☐    Emerging growth company

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

Item 2.02 Results of Operations and Financial Condition.

On April 28, 2025, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports First-Quarter 2025 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On April 28, 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 releases or supplemental financial data.

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

Item 9.01 Financial Statements and Exhibits.

(c)     Exhibits

Exhibit 99.1 — News release dated April 28,2025 titled "Cincinnati Financial Reports First-Quarter 2025 Results"

Exhibit 99.2 — Supplemental Financial Data for the period ending March 31, 2025 distributed April 28, 2025

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

Signature

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

	CINCINNATI FINANCIAL CORPORATION
Date: April 28, 2025	/S/ Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Executive Vice President and Treasurer
	(Principal Accounting Officer)

Document

The Cincinnati Insurance Company n The Cincinnati Indemnity Company<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 First-Quarter 2025 Results

Cincinnati, April 28, 2025 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•First-quarter 2025 net loss of $90 million, or $0.57 per share, compared with net income of $755 million, or $4.78 per share, in the first quarter of 2024, after recognizing a $56 million first-quarter 2025 after-tax reduction in the fair value of equity securities still held.

•First-quarter 2025 non-GAAP operating loss* of $37 million, or $0.24 per share, compared with operating income of $272 million, or $1.72 per share, in the first quarter of last year. The decrease of $309 million was primarily due to a $356 million increase in after-tax catastrophe losses.

•$845 million decrease in first-quarter 2025 net income, compared with first-quarter 2024, primarily due to the after-tax net effect of a $536 million decrease in net investment gains and a $356 million increase in after-tax catastrophe losses.

•$87.78 book value per share at March 31, 2025, down $1.33 since year-end.

•Negative 0.5% value creation ratio for the first three months of 2025, compared with positive 5.9% for the same period of 2024.

Financial Highlights

(Dollars in millions, except per share data)	Three months ended March 31,
		2025			2024			% Change
Revenue Data
Earned premiums			$	2,344		$	2,071		13
Investment income, net of expenses			280			245			14
Total revenues			2,566			2,935			(13)
Income Statement Data
Net income (loss)			$	(90)		$	755		nm
Investment gains and losses, after-tax			(53)			483			nm
Non-GAAP operating income (loss)*			$	(37)		$	272		nm
Per Share Data (diluted)
Net income (loss)			$	(0.57)		$	4.78		nm
Investment gains and losses, after-tax			(0.33)			3.06			nm
Non-GAAP operating income (loss)*			$	(0.24)		$	1.72		nm
Book value			$	87.78		$	80.83		9
Cash dividend declared			$	0.87		$	0.81		7
Diluted weighted average shares outstanding			156.4			157.9			(1)

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

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

CINF 1Q25 Release 1

Insurance Operations Highlights

•113.3% first-quarter 2025 property casualty combined ratio, increased from 93.6% for the first quarter of 2024.

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

•$383 million first-quarter 2025 property casualty new business written premiums, up 11%. Agencies appointed since the beginning of 2024 contributed $26 million or 7% of total new business written premiums.

•$21 million first-quarter 2025 life insurance subsidiary net income, up $2 million compared with the first quarter of 2024, and 1% growth in first-quarter 2025 life insurance earned premiums.

Investment and Balance Sheet Highlights

•14% or $35 million increase in first-quarter 2025 pretax investment income, including a 24% increase in bond interest income and a 7% decrease in stock portfolio dividends.

•Three-month increase of less than 1% in fair value of total investments at March 31, 2025, including a 2% increase for the bond portfolio and a 1% decrease for the stock portfolio.

•$4.994 billion parent company cash and marketable securities at March 31, 2025, down 4% from year-end 2024.

Prepared to Respond

Stephen M. Spray, president and chief executive officer, commented: “The Cincinnati Insurance Companies were prepared for the unprecedented losses our policyholders suffered from the wildfires in California and powerful spring storms that impacted communities in 21 states. Assured by the strength of our balance sheet, we were able to focus on what was important: outstanding claims service and our ongoing initiatives to profitably grow our business.

“For 75 years, our capital and risk management strategies have consistently provided a strong foundation for long-term success. We met these catastrophes equipped with a strong reinsurance program; ample cash flow and liquidity; solid loss reserves and property casualty surplus; and the financial flexibility that comes from holding $5 billion of cash and marketable securities at our parent company.

“Our first-quarter 2025 combined ratio of 113.3% included 25 points related to natural catastrophe losses, three times our 10-year first-quarter average. Importantly, our property casualty current accident year combined ratio before catastrophe loss effects continued to improve. That 90.5% ratio would have been about 2 points better without the impact of the reinstatement premiums we paid to replenish our property catastrophe reinsurance program.”

Keeping Our Focus

“The confidence we have in our pricing capabilities and segmentation strategy allows us to keep our focus on our long-term profitable growth plans even in the face of turbulent weather and volatile economic markets. With a deep understanding of the fundamentals of insurance, supported by sophisticated underwriting tools, our field marketing teams help the independent agents who partner with Cincinnati Insurance to find solutions for their clients.

“We were founded by four independent agents, and our goal remains to have the breadth of products and services agents need to serve their clients – even as those needs evolve. We’ve added excess and surplus lines solutions, eased access to the Lloyd’s of London market for our agencies and continue to expand our standard commercial and personal lines products. Our life insurance company rounds out these services.

“We again recorded double-digit growth in new business written premiums and strong renewal pricing, increasing total property casualty net written premiums by 11%. We believe we can continue growing premiums at a healthy pace throughout 2025.”

Committed to Long-Term Investment Strategy

“Downward pressure in the equity market contributed to a decline of less than 1% in book value per share at March 31 compared with year-end 2024. Despite this movement, our quarter-end equity portfolio still had more than $7 billion in appreciated value before taxes.

“We maintain a long-term perspective with our investment philosophy and aren’t swayed by periodic market swings. Our insurance business continues to provide cash that we invest in high-quality bonds and dividend-paying stocks. We are poised to further benefit from these purchases when the markets rebound.”

CINF 1Q25 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)	Three months ended March 31,
		2025			2024			% Change
Earned premiums		$	2,264		$	1,992		14
Fee revenues		4			3			33
Total revenues		2,268			1,995			14
Loss and loss expenses		1,887			1,270			49
Underwriting expenses		679			594			14
Underwriting profit (loss)		$	(298)		$	131		nm
Ratios as a percent of earned premiums:								Pt. Change
Loss and loss expenses		83.3		%	63.8		%	19.5
Underwriting expenses		30.0			29.8			0.2
Combined ratio		113.3		%	93.6		%	19.7
								% Change
Agency renewal written premiums		$	1,912		$	1,683		14
Agency new business written premiums		383			346			11
Other written premiums		200			219			(9)
Net written premiums		$	2,495		$	2,248		11
Ratios as a percent of earned premiums:								Pt. Change
Current accident year before catastrophe losses		60.5		%	61.3		%	(0.8)
Current accident year catastrophe losses		26.8			7.5			19.3
Prior accident years before catastrophe losses		(2.2)			(3.4)			1.2
Prior accident years catastrophe losses		(1.8)			(1.6)			(0.2)
Loss and loss expense ratio		83.3		%	63.8		%	19.5
Current accident year combined ratio before catastrophe losses		90.5		%	91.1		%	(0.6)

•$247 million or 11% growth of first-quarter 2025 property casualty net written premiums, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The contribution to first-quarter growth from Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM in total was 2 percentage points.

•$37 million or 11% increase in first-quarter 2025 new business premiums written by agencies. The growth included a $24 million increase in standard market property casualty production from agencies appointed since the beginning of 2024.

•137 new agency appointments in the first three months of 2025, including 32 that market only our personal lines products.

•19.7 percentage-point first-quarter 2025 combined ratio increase, including an increase of 19.1 points for losses from catastrophes.

•4.0 percentage-point first-quarter 2025 benefit from favorable prior accident year reserve development of $91 million, compared with 5.0 points or $100 million for first-quarter 2024.

•0.8 percentage-point improvement in the three-month 2025 ratio for current accident year loss and loss expenses before catastrophes, including an unfavorable 1.4 points for the net effect of $52 million for reinsurance treaty reinstatement premiums related to the January 2025 wildfires in southern California.

•0.2 percentage-point increase in the underwriting expense ratio for the first three months of 2025, compared with the same period of 2024, including an unfavorable 0.7 points for the effect of reinstatement premiums.

CINF 1Q25 Release 3

Commercial Lines Insurance Results

(Dollars in millions)	Three months ended March 31,
		2025			2024			% Change
Earned premiums		$	1,179		$	1,082		9
Fee revenues		2			1			100
Total revenues		1,181			1,083			9
Loss and loss expenses		735			719			2
Underwriting expenses		349			325			7
Underwriting profit		$	97		$	39		149
Ratios as a percent of earned premiums:								Pt. Change
Loss and loss expenses		62.3		%	66.4		%	(4.1)
Underwriting expenses		29.6			30.1			(0.5)
Combined ratio		91.9		%	96.5		%	(4.6)
								% Change
Agency renewal written premiums		$	1,152		$	1,076		7
Agency new business written premiums		203			182			12
Other written premiums		(30)			(35)			14
Net written premiums		$	1,325		$	1,223		8
Ratios as a percent of earned premiums:								Pt. Change
Current accident year before catastrophe losses		61.1		%	63.0		%	(1.9)
Current accident year catastrophe losses		4.8			7.0			(2.2)
Prior accident years before catastrophe losses		(2.4)			(2.8)			0.4
Prior accident years catastrophe losses		(1.2)			(0.8)			(0.4)
Loss and loss expense ratio		62.3		%	66.4		%	(4.1)
Current accident year combined ratio before catastrophe losses		90.7		%	93.1		%	(2.4)

•$102 million or 8% growth in first-quarter 2025 commercial lines net written premiums, including higher agency renewal and new business written premiums.

•$76 million or 7% increase in first-quarter renewal written premiums, with commercial lines average renewal pricing increases near the low end of the high-single-digit percent range.

•$21 million or 12% increase in first-quarter 2025 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•4.6 percentage-point first-quarter 2025 combined ratio improvement, including a decrease of 2.6 points for losses from catastrophes.

•3.6 percentage-point first-quarter 2025 benefit from favorable prior accident year reserve development of $43 million, compared with 3.6 points or $38 million for first-quarter 2024.

CINF 1Q25 Release 4

Personal Lines Insurance Results

(Dollars in millions)	Three months ended March 31,
		2025			2024			% Change
Earned premiums		$	698		$	588		19
Fee revenues		1			1			0
Total revenues		699			589			19
Loss and loss expenses		846			379			123
Underwriting expenses		210			173			21
Underwriting profit (loss)		$	(357)		$	37		nm
Ratios as a percent of earned premiums:								Pt. Change
Loss and loss expenses		121.2		%	64.5		%	56.7
Underwriting expenses		30.1			29.4			0.7
Combined ratio		151.3		%	93.9		%	57.4
								% Change
Agency renewal written premiums		$	634		$	494		28
Agency new business written premiums		127			122			4
Other written premiums		(89)			(21)			(324)
Net written premiums		$	672		$	595		13
Ratios as a percent of earned premiums:								Pt. Change
Current accident year before catastrophe losses		63.3		%	57.7		%	5.6
Current accident year catastrophe losses		60.6			12.4			48.2
Prior accident years before catastrophe losses		(0.8)			(2.0)			1.2
Prior accident years catastrophe losses		(1.9)			(3.6)			1.7
Loss and loss expense ratio		121.2		%	64.5		%	56.7
Current accident year combined ratio before catastrophe losses		93.4		%	87.1		%	6.3

•$77 million or 13% growth in first-quarter 2025 personal lines net written premiums, including higher agency renewal written premiums that benefited from rate increases in the low-double-digit percent range. Cincinnati Private ClientSM first-quarter 2025 net written premiums from our agencies’ high net worth clients grew 10%, to $363 million.

•$5 million increase in first-quarter 2025 new business premiums written by agencies, including an increase of approximately $8 million in our private client personal lines.

•$68 million less favorable effect on first-quarter 2025 net written premiums from other written premiums, including $64 million for additional ceded premiums to reinstate our property catastrophe reinsurance treaty after recoveries related to California wildfires.

•57.4 percentage-point first-quarter 2025 combined ratio increase, including an increase of 49.9 points for losses from catastrophes and an increase in the underwriting expense ratio of 2.5 points for the effect of reinstatement premiums.

•2.7 percentage-point first-quarter 2025 benefit from favorable prior accident year reserve development of $19 million, compared with 5.6 points or $33 million for first-quarter 2024.

•5.6 percentage-point increase in the three-month 2025 ratio for current accident year loss and loss expenses before catastrophes, including 5.3 points for the effect of reinstatement premiums.

CINF 1Q25 Release 5

Excess and Surplus Lines Insurance Results

(Dollars in millions)	Three months ended March 31,
		2025			2024			% Change
Earned premiums		$	162		$	139		17
Fee revenues		1			1			0
Total revenues		163			140			16
Loss and loss expenses		99			90			10
Underwriting expenses		44			38			16
Underwriting profit		$	20		$	12		67
Ratios as a percent of earned premiums:								Pt. Change
Loss and loss expenses		60.9		%	64.5		%	(3.6)
Underwriting expenses		27.4			27.4			0.0
Combined ratio		88.3		%	91.9		%	(3.6)
								% Change
Agency renewal written premiums		$	126		$	113		12
Agency new business written premiums		53			42			26
Other written premiums		(11)			(9)			(22)
Net written premiums		$	168		$	146		15
Ratios as a percent of earned premiums:								Pt. Change
Current accident year before catastrophe losses		65.6		%	65.7		%	(0.1)
Current accident year catastrophe losses		0.8			0.9			(0.1)
Prior accident years before catastrophe losses		(5.0)			(1.7)			(3.3)
Prior accident years catastrophe losses		(0.5)			(0.4)			(0.1)
Loss and loss expense ratio		60.9		%	64.5		%	(3.6)
Current accident year combined ratio before catastrophe losses		93.0		%	93.1		%	(0.1)

•$22 million or 15% growth in first-quarter 2025 excess and surplus lines net written premiums, including higher agency renewal written premiums that benefited from price increases averaging in the high-single-digit percent range.

•$11 million or 26% increase in first-quarter 2025 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•3.6 percentage-point first-quarter 2025 combined ratio improvement, including 3.4 points in the ratio for favorable reserve development on prior accident year loss and loss expenses.

•5.5 percentage-point first-quarter 2025 benefit from favorable prior accident year reserve development of $9 million, compared with 2.1 points or $3 million for first-quarter 2024.

CINF 1Q25 Release 6

Life Insurance Subsidiary Results

(Dollars in millions)	Three months ended March 31,
		2025			2024			% Change
Term life insurance			$	57		$	57		0
Whole life insurance			13			13			0
Universal life and other			10			9			11
Earned premiums			80			79			1
Investment income, net of expenses			50			47			6
Investment gains and losses, net			(1)			(2)			50
Fee revenues			1			1			0
Total revenues			130			125			4
Contract holders’ benefits incurred			81			79			3
Underwriting expenses incurred			23			22			5
Total benefits and expenses			104			101			3
Net income before income tax			26			24			8
Income tax provision			5			5			0
Net income of the life insurance subsidiary			$	21		$	19		11

•$1 million increase in first-quarter 2025 earned premiums.

•$2 million increase in three-month 2025 life insurance subsidiary net income, primarily due to increased investment income, partially offset by less favorable impacts from the unlocking of interest rate actuarial assumptions.

•$34 million or 3% three-month 2025 increase, to $1.341 billion, in GAAP shareholders’ equity for the life insurance subsidiary, primarily from net income and a decrease in unrealized investment losses on fixed-maturity securities.

CINF 1Q25 Release 7

Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)	Three months ended March 31,
		2025				2024				% Change
Investment income, net of expenses			$	280			$	245			14
Investment interest credited to contract holders			(32)				(31)				(3)
Investment gains and losses, net			(67)				612				nm
Investments profit			$	181			$	826			(78)
Investment income:
Interest			$	210			$	169			24
Dividends			67				72				(7)
Other			7				7				0
Less investment expenses			4				3				33
Investment income, pretax			280				245				14
Less income taxes			48				41				17
Total investment income, after-tax			$	232			$	204			14
Investment returns:
Average invested assets plus cash and cash <br>   equivalents			$	29,946			$	27,164
Average yield pretax			3.74		%		3.61		%
Average yield after-tax			3.10				3.00
Effective tax rate			17.2				16.7
Fixed-maturity returns:
Average amortized cost			$	17,071			$	14,535
Average yield pretax			4.92		%		4.65		%
Average yield after-tax			4.02				3.82
Effective tax rate			18.3				17.9

•$35 million or 14% rise in first-quarter 2025 pretax investment income, including a 24% increase in interest income from fixed-maturity securities and a 7% decrease in equity portfolio dividends.

•$67 million first-quarter 2025 pretax investment losses, summarized in the table below, were offset by a $67 million increase in unrealized investment gains. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.

(Dollars in millions)	Three months ended March 31,
		2025			2024
Investment gains and losses on equity securities sold, net			$	(1)		$	(11)
Unrealized gains and losses on equity securities still held, net			(71)			613
Investment gains and losses on fixed-maturity securities, net			(2)			(10)
Other			7			20
Subtotal - investment gains and losses reported in net income			(67)			612
Change in unrealized investment gains and losses - fixed maturities			67			(55)
Total			$	—		$	557

CINF 1Q25 Release 8

Balance Sheet Highlights

(Dollars in millions, except share data)	At March 31,					At December 31,
		2025					2024
Total investments			$	28,481				$	28,378
Total assets			37,276					36,501
Short-term debt			25					25
Long-term debt			790					790
Shareholders’ equity			13,718					13,935
Book value per share			87.78					89.11
Debt-to-total-capital ratio			5.6		%			5.5		%

•$29.491 billion in consolidated cash and total investments at March 31, 2025, an increase of less than 1% from $29.361 billion at year-end 2024.

•$16.523 billion bond portfolio at March 31, 2025, with an average rating of A2/A+. Fair value increased $341 million during the first quarter of 2025, including $220 million in net purchases of fixed-maturity securities.

•$11.118 billion equity portfolio was 39.0% of total investments, including $7.154 billion in appreciated value before taxes at March 31, 2025. First-quarter 2025 decrease in fair value of $67 million, including $5 million in net purchases of equity securities.

•$1.33 first-quarter 2025 decrease in book value per share, including $0.24 from a net loss before investment gains, $0.87 from dividends declared to shareholders, $0.04 from investment portfolio net investment losses or changes in unrealized gains for fixed-maturity securities and $0.18 for other items.

•Value creation ratio of negative 0.5% for the first three months of 2025, including 0.3% from a net loss before investment gains, which includes underwriting and investment income, 0.4% from investment losses for equity securities and 0.2% for other items that were partially offset by positive 0.4% from changes in unrealized gains for fixed-maturity securities.

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

About Cincinnati Financial

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

Mailing Address:                        Street Address:

P.O. Box 145496                        6200 South Gilmore Road

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

CINF 1Q25 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 2024 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, recent tariff and trade policy announcements, 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 1Q25 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 1Q25 Release 11

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets and Statements of Income (unaudited)

(Dollars in millions)		March 31,		December 31,
		2025		2024
Assets
Investments		$	28,481	$	28,378
Cash and cash equivalents		1,010		983
Premiums receivable		3,163		2,969
Reinsurance recoverable		808		523
Deferred policy acquisition costs		1,297		1,242
Other assets		2,517		2,406
Total assets		$	37,276	$	36,501
Liabilities
Insurance reserves		$	13,748	$	12,963
Unearned premiums		5,068		4,813
Deferred income tax		1,489		1,476
Long-term debt and lease obligations		853		850
Other liabilities		2,400		2,464
Total liabilities		23,558		22,566
Shareholders’ Equity
Common stock and paid-in capital		1,908		1,899
Retained earnings		14,644		14,869
Accumulated other comprehensive loss		(271)		(309)
Treasury stock		(2,563)		(2,524)
Total shareholders' equity		13,718		13,935
Total liabilities and shareholders' equity		$	37,276	$	36,501
(Dollars in millions, except per share data)	Three months ended March 31,
		2025		2024
Revenues
Earned premiums		$	2,344	$	2,071
Investment income, net of expenses		280		245
Investment gains and losses, net		(67)		612
Other revenues		9		7
Total revenues		2,566		2,935
Benefits and Expenses
Insurance losses and contract holders' benefits		1,968		1,349
Underwriting, acquisition and insurance expenses		702		616
Interest expense		13		13
Other operating expenses		11		4
Total benefits and expenses		2,694		1,982
Income (Loss) Before Income Taxes		(128)		953
Provision (Benefit) for Income Taxes		(38)		198
Net Income (Loss)		$	(90)	$	755
Per Common Share:
Net income (loss)—basic		$	(0.57)	$	4.82
Net income (loss)—diluted		(0.57)		4.78

CINF 1Q25 Release 12

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

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

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

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

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

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

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

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

CINF 1Q25 Release 13

Cincinnati Financial Corporation

Net Income (Loss) Reconciliation
(Dollars in millions, except per share data)	Three months ended March 31,
		2025		2024
Net income (loss)		$	(90)	$	755
Less:
Investment gains and losses, net		(67)		612
Income tax on investment gains and losses		14		(129)
Investment gains and losses, after-tax		(53)		483
Non-GAAP operating income (loss)		$	(37)	$	272
Diluted per share data:
Net income (loss)		$	(0.57)	$	4.78
Less:
Investment gains and losses, net		(0.42)		3.88
Income tax on investment gains and losses		0.09		(0.82)
Investment gains and losses, after-tax		(0.33)		3.06
Non-GAAP operating income (loss)		$	(0.24)	$	1.72		Life Insurance Reconciliation
---	---
(Dollars in millions)	Three months ended March 31,
		2025		2024
Net income of the life insurance subsidiary		$	21	$	19
Investment gains and losses, net		(1)		(2)
Income tax on investment gains and losses		—		—
Non-GAAP operating income		22		21
Investment income, net of expenses		(50)		(47)
Investment income credited to contract holders		32		31
Income tax excluding tax on investment gains and losses, net		5		5
Life insurance segment profit		$	9	$	10

CINF 1Q25 Release 14

Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended March 31, 2025
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	2,495		$	1,325		$	672		$	168		$	330
Unearned premiums change		(231)			(146)			26			(6)			(105)
Earned premiums		$	2,264		$	1,179		$	698		$	162		$	225
Underwriting profit (loss)		$	(298)		$	97		$	(357)		$	20		$	(58)
(Dollars in millions)	Three months ended March 31, 2024
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	2,248		$	1,223		$	595		$	146		$	284
Unearned premiums change		(256)			(141)			(7)			(7)			(101)
Earned premiums		$	1,992		$	1,082		$	588		$	139		$	183
Underwriting profit		$	131		$	39		$	37		$	12		$	43
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>*Included in Other are the results of Cincinnati Re and Cincinnati Global.

CINF 1Q25 Release 15

Cincinnati Financial Corporation

Other Measures

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

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

Value Creation Ratio Calculations

(Dollars are per share)	Three months ended March 31,
		2025				2024
Value creation ratio:
End of period book value*			$	87.78			$	80.83
Less beginning of period book value			89.11				77.06
Change in book value			(1.33)				3.77
Dividend declared to shareholders			0.87				0.81
Total value creation			$	(0.46)			$	4.58
Value creation ratio from change in book value**			(1.5)		%		4.9		%
Value creation ratio from dividends declared to shareholders***			1.0				1.0
Value creation ratio			(0.5)		%		5.9		%
* 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 1Q25 Release 16

Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending March 31, 2025

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com

Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	Betsy E. Ertel	Brandon McIntosh
513-870-2768	513-603-5323	513-870-2696
	A.M. Best Company	Fitch Ratings	Moody's Investor Service	S&P Global Ratings
---	---	---	---	---
Cincinnati Financial Corporation
Corporate Debt	a	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 April 25, 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 First-Quarter 2025 Supplemental Financial Data

1

	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending March 31, 2025
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	CFC and Subsidiaries Consolidation – Three Months Ended March 31, 2025	4
Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	5
	Loss Ratio Detail	6
	Loss Claim Count Detail	7
	Quarterly Property Casualty Data – Commercial Lines	8
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	9
	Loss and Loss Expense Analysis – Three Months Ended March 31, 2025	10
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	11
	Quarterly Property Casualty Data – Commercial Lines	12
	Quarterly Property Casualty Data – Personal Lines	13
	Quarterly Property Casualty Data – Excess & Surplus Lines	14
Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	15
	The Cincinnati Life Insurance Company Statutory Statements of Income	16
Other
	Quarterly Data – Other	17

CINF First-Quarter 2025 Supplemental Financial Data

2

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

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

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

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

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

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

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

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.

•    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.

CINF First-Quarter 2025 Supplemental Financial Data

3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended March 31, 2025
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	2,437	$	—	$	—			$	2,437
Life	—		—		99		—		—		99
Premiums ceded	—		(173)		(19)		—		—		(192)
Total earned premium	—		2,264		80		—		—		2,344
Investment income, net of expenses	29		202		50		—		(1)		280
Investment gains and losses, net	(95)		29		(1)		—		—		(67)
Fee revenues	—		4		1		—		—		5
Other revenues	4		2		—		3		(5)		4
Total revenues	$	(62)	$	2,501	$	130	$	3	$	(6)	$	2,566
Benefits & expenses
Losses & contract holders' benefits	$	—	$	2,385	$	94	$	—	$	—	$	2,479
Reinsurance recoveries	—		(498)		(13)		—		—		(511)
Underwriting, acquisition and insurance expenses	—		679		23		—		—		702
Interest expense	13		—		—		1		(1)		13
Other operating expenses	14		1		—		1		(5)		11
Total expenses	$	27	$	2,567	$	104	$	2	$	(6)	$	2,694
Income (loss) before income taxes	$	(89)	$	(66)	$	26	$	1	$	—	$	(128)
Provision (benefit) for income taxes
Current operating income (loss)	$	20	$	(54)	$	6	$	—	$	—	$	(28)
Capital gains/losses	(20)		6		—		—		—		(14)
Deferred	(19)		24		(1)		—		—		4
Total provision for income taxes	$	(19)	$	(24)	$	5	$	—	$	—	$	(38)
Net income (loss) - current year	$	(70)	$	(42)	$	21	$	1	$	—	$	(90)
Net income - prior year	$	110	$	626	$	19	$	—	$	—	$	755
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF First-Quarter 2025 Supplemental Financial Data

4

Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)													Six months ended			Nine months ended			Twelve months ended
	9/30/25	6/30/25	3/31/25		12/31/24		9/30/24		6/30/24		3/31/24		6/30/25	6/30/24		9/30/25	9/30/24		12/31/25	12/31/24
Consolidated
Current accident year losses greater than 5 million			$	26	$	19	$	18	$	31	$	—		$	31		$	49		$	68
Current accident year losses 2 million - 5 million			20		37		51		28		22			50			101			138
Large loss prior accident year reserve development			56		19		19		15		22			37			56			75
Total large losses incurred			$	102	$	75	$	88	$	74	$	44		$	118		$	206		$	281
Losses incurred but not reported			279		182		185		165		251			416			601			783
Other losses excluding catastrophe losses			688		653		711		741		677			1,418			2,129			2,782
Catastrophe losses			558		83		282		228		111			339			621			704
Total losses incurred			$	1,627	$	993	$	1,266	$	1,208	$	1,083		$	2,291		$	3,557		$	4,550
Commercial Lines
Current accident year losses greater than 5 million			$	7	$	9	$	11	$	31	$	—		$	31		$	42		$	51
Current accident year losses 2 million - 5 million			15		12		36		11		11			22			58			70
Large loss prior accident year reserve development			44		19		20		22		12			34			54			73
Total large losses incurred			$	66	$	40	$	67	$	64	$	23		$	87		$	154		$	194
Losses incurred but not reported			163		105		117		92		156			248			365			470
Other losses excluding catastrophe losses			318		328		337		384		368			752			1,089			1,417
Catastrophe losses			40		8		58		101		64			165			223			231
Total losses incurred			$	587	$	481	$	579	$	641	$	611		$	1,252		$	1,831		$	2,312
Personal Lines
Current accident year losses greater than 5 million			$	19	$	10	$	7	$	—	$	—		$	—		$	7		$	17
Current accident year losses 2 million - 5 million			5		25		13		15		11			26			39			64
Large loss prior accident year reserve development			12		—		(1)		(7)		10			3			2			2
Total large losses incurred			$	36	$	35	$	19	$	8	$	21		$	29		$	48		$	83
Losses incurred but not reported			74		22		33		31		22			53			86			108
Other losses excluding catastrophe losses			254		245		256		256		231			487			743			988
Catastrophe losses			405		(4)		178		129		50			179			357			353
Total losses incurred			$	769	$	298	$	486	$	424	$	324		$	748		$	1,234		$	1,532
Excess & Surplus Lines
Current accident year losses greater than 5 million			$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—
Current accident year losses 2 million - 5 million			—		—		2		2		—			2			4			4
Large loss prior accident year reserve development			—		—		—		—		—			—			—			—
Total large losses incurred			$	—	$	—	$	2	$	2	$	—		$	2		$	4		$	4
Losses incurred but not reported			46		28		12		17		30			47			59			87
Other losses excluding catastrophe losses			24		46		55		51		37			88			143			189
Catastrophe losses			—		2		2		3		1			4			6			8
Total losses incurred			$	70	$	76	$	71	$	73	$	68		$	141		$	212		$	288
*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.

All values are in US Dollars.

CINF First-Quarter 2025 Supplemental Financial Data

5

Consolidated Property Casualty
Loss Ratio Detail
													Six months ended			Nine months ended			Twelve months ended
	9/30/25	6/30/25	3/31/25		12/31/24		9/30/24		6/30/24		3/31/24		6/30/25	6/30/24		9/30/25	9/30/24		12/31/25	12/31/24
Consolidated
Current accident year losses greater than 5 million			1.2	%	0.8	%	0.9	%	1.5	%	—	%		0.8	%		0.8	%		0.8	%
Current accident year losses 2 million - 5 million			0.9		1.5		2.3		1.4		1.1			1.2			1.6			1.6
Large loss prior accident year reserve development			2.4		0.9		0.8		0.7		1.1			0.9			0.9			0.9
Total large loss ratio			4.5	%	3.2	%	4.0	%	3.6	%	2.2	%		2.9	%		3.3	%		3.3	%
Losses incurred but not reported			12.3		8.0		8.4		8.0		12.6			10.2			9.6			9.1
Other losses excluding catastrophe losses			30.4		28.7		32.0		35.6		34.0			34.9			33.8			32.5
Catastrophe losses			24.6		3.6		12.7		11.0		5.6			8.3			9.9			8.2
Total loss ratio			71.8	%	43.5	%	57.1	%	58.2	%	54.4	%		56.3	%		56.6	%		53.1	%
Commercial Lines
Current accident year losses greater than 5 million			0.6	%	0.8	%	1.0	%	2.8	%	—	%		1.4	%		1.3	%		1.1	%
Current accident year losses 2 million - 5 million			1.2		1.0		3.2		1.0		1.0			1.0			1.7			1.5
Large loss prior accident year reserve development			3.8		1.6		1.7		2.0		1.1			1.6			1.6			1.7
Total large loss ratio			5.6	%	3.4	%	5.9	%	5.8	%	2.1	%		4.0	%		4.6	%		4.3	%
Losses incurred but not reported			13.9		9.1		10.3		8.3		14.4			11.3			11.0			10.5
Other losses excluding catastrophe losses			26.8		28.2		29.7		34.6		34.0			34.3			32.8			31.5
Catastrophe losses			3.4		0.7		5.1		9.1		6.0			7.6			6.7			5.2
Total loss ratio			49.7	%	41.4	%	51.0	%	57.8	%	56.5	%		57.2	%		55.1	%		51.5	%
Personal Lines
Current accident year losses greater than 5 million			2.8	%	1.4	%	1.1	%	—	%	—	%		—	%		0.4	%		0.7	%
Current accident year losses 2 million - 5 million			0.7		3.4		2.0		2.4		1.8			2.1			2.1			2.4
Large loss prior accident year reserve development			1.8		—		(0.2)		(1.1)		1.8			0.3			0.1			0.1
Total large loss ratio			5.3	%	4.8	%	2.9	%	1.3	%	3.6	%		2.4	%		2.6	%		3.2	%
Losses incurred but not reported			10.5		3.0		5.0		4.8		3.8			4.3			4.6			4.1
Other losses excluding catastrophe losses			36.4		33.7		37.6		40.5		39.4			39.9			39.0			37.6
Catastrophe losses			57.9		(0.4)		26.2		20.5		8.4			14.7			18.8			13.5
Total loss ratio			110.1	%	41.1	%	71.7	%	67.1	%	55.2	%		61.3	%		65.0	%		58.4	%
Excess & Surplus Lines
Current accident year losses greater than 5 million			—	%	—	%	—	%	—	%	—	%		—	%		—	%		—	%
Current accident year losses 2 million - 5 million			—		—		1.3		1.3		—			0.7			0.9			0.7
Large loss prior accident year reserve development			—		—		—		—		—			—			—			—
Total large loss ratio			—	%	—	%	1.3	%	1.3	%	—	%		0.7	%		0.9	%		0.7	%
Losses incurred but not reported			28.1		16.9		7.1		11.6		21.6			16.4			13.2			14.2
Other losses excluding catastrophe losses			14.8		27.2		35.4		33.8		26.8			30.4			32.1			30.8
Catastrophe losses			0.2		1.0		1.5		1.9		0.5			1.2			1.3			1.2
Total loss ratio			43.1	%	45.1	%	45.3	%	48.6	%	48.9	%		48.7	%		47.5	%		46.9	%
*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.

All values are in US Dollars.

CINF First-Quarter 2025 Supplemental Financial Data

6

Consolidated Property Casualty
Loss Claim Count Detail
								Six months ended		Nine months ended		Twelve months ended
	9/30/25	6/30/25	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24	6/30/25	6/30/24	9/30/25	9/30/24	12/31/25	12/31/24
Consolidated
Current accident year reported losses greater   than 5 million			3	1	3	5	—		5		8		10
Current accident year reported losses   2 million - 5 million			7	14	18	11	8		19		37		49
Prior accident year reported losses on   large losses			15	11	6	9	7		16		22		33
Non-Catastrophe reported losses on      large losses total			25	26	27	25	15		40		67		92
Commercial Lines
Current accident year reported losses greater   than 5 million			1	—	2	5	—		5		7		8
Current accident year reported losses   2 million - 5 million			5	7	12	4	4		8		20		26
Prior accident year reported losses on   large losses			11	11	6	9	4		13		19		30
Non-Catastrophe reported losses on      large losses total			17	18	20	18	8		26		46		64
Personal Lines
Current accident year reported losses greater   than 5 million			2	1	1	—	—		—		1		2
Current accident year reported losses   2 million - 5 million			2	7	5	6	4		10		15		21
Prior accident year reported losses on   large losses			4	—	—	—	3		3		3		3
Non-Catastrophe reported losses on      large losses total			8	8	6	6	7		13		19		26
Excess & Surplus Lines
Current accident year reported losses greater   than 5 million			—	—	—	—	—		—		—		—
Current accident year reported losses   2 million - 5 million			—	—	1	1	—		1		2		2
Prior accident year reported losses on   large losses			—	—	—	—	—		—		—		—
Non-Catastrophe reported losses on      large losses total			—	—	1	1	—		1		2		2
*The sum of quarterly amounts may not equal the full year as each is computed independently.

All values are in US Dollars.

CINF First-Quarter 2025 Supplemental Financial Data

7

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/25	9/30/25	6/30/25	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25	6/30/24			9/30/25	9/30/24			12/31/25	12/31/24
Commercial casualty:
Net written premiums				$	443		$	385		$	364		$	391		$	417			$	808			$	1,172			$	1,557
Year over year change %- written premium				6		%	7		%	10		%	3		%	3		%		3		%		5		%		6		%
Earned premiums				$	387		$	390		$	381		$	372		$	365			$	737			$	1,118			$	1,508
Current accident year before catastrophe losses				72.8		%	72.9		%	74.1		%	69.6		%	73.6		%		71.6		%		72.5		%		72.6		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				(0.3)			(0.3)			(0.4)			7.6			0.1				3.9				2.4				1.7
Prior accident years catastrophe losses				—			—			—			—			—				—				—				—
Total loss and loss expense ratio				72.5		%	72.6		%	73.7		%	77.2		%	73.7		%		75.5		%		74.9		%		74.3		%
Commercial property:
Net written premiums				$	411		$	383		$	389		$	392		$	362			$	754			$	1,143			$	1,526
Year over year change %- written premium				14		%	13		%	13		%	17		%	15		%		16		%		15		%		15		%
Earned premiums				$	389		$	373		$	361		$	348		$	336			$	684			$	1,045			$	1,418
Current accident year before catastrophe losses				43.5		%	22.3		%	40.9		%	45.7		%	48.5		%		47.0		%		44.9		%		39.0		%
Current accident year catastrophe losses				13.3			7.7			16.7			28.9			21.3				25.2				22.3				18.4
Prior accident years before catastrophe losses				(5.3)			3.2			(7.8)			(3.9)			(4.2)				(4.0)				(5.4)				(3.1)
Prior accident years catastrophe losses				(3.6)			(2.6)			(1.3)			(2.1)			(2.5)				(2.3)				(1.9)				(2.1)
Total loss and loss expense ratio				47.9		%	30.6		%	48.5		%	68.6		%	63.1		%		65.9		%		59.9		%		52.2		%
Commercial auto:
Net written premiums				$	283		$	223		$	223		$	248		$	259			$	506			$	730			$	953
Year over year change %- written premium				9		%	8		%	12		%	6		%	8		%		7		%		9		%		9		%
Earned premiums				$	241		$	237		$	231		$	228		$	220			$	448			$	679			$	916
Current accident year before catastrophe losses				68.6		%	65.5		%	66.7		%	67.9		%	70.0		%		68.9		%		68.2		%		67.5		%
Current accident year catastrophe losses				1.8			(3.3)			2.2			4.4			1.6				3.0				2.7				1.2
Prior accident years before catastrophe losses				2.9			2.4			0.2			(3.8)			(0.8)				(2.4)				(1.5)				(0.5)
Prior accident years catastrophe losses				(0.1)			(0.2)			—			—			(0.1)				—				—				(0.1)
Total loss and loss expense ratio				73.2		%	64.4		%	69.1		%	68.5		%	70.7		%		69.5		%		69.4		%		68.1		%
Workers' compensation:
Net written premiums				$	79		$	54		$	56		$	55		$	79			$	134			$	190			$	244
Year over year change %- written premium				—		%	(5)		%	(2)		%	(15)		%	(4)		%		(9)		%		(6)		%		(6)		%
Earned premiums				$	61		$	60		$	61		$	59		$	61			$	120			$	182			$	242
Current accident year before catastrophe losses				95.5		%	87.9		%	88.2		%	86.5		%	91.5		%		89.0		%		88.8		%		88.5		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				(18.6)			(44.4)			(26.7)			(46.9)			(19.3)				(32.9)				(30.8)				(34.2)
Prior accident years catastrophe losses				—			—			—			—			—				—				—				—
Total loss and loss expense ratio				76.9		%	43.5		%	61.5		%	39.6		%	72.2		%		56.1		%		58.0		%		54.3		%
Other commercial:
Net written premiums				$	109		$	98		$	106		$	100		$	106			$	207			$	312			$	410
Year over year change %- written premium				3		%	1		%	8		%	5		%	6		%		6		%		6		%		5		%
Earned premiums				$	101		$	100		$	103		$	100		$	100			$	200			$	302			$	402
Current accident year before catastrophe losses				45.8		%	47.9		%	50.5		%	40.7		%	40.5		%		40.6		%		43.9		%		44.9		%
Current accident year catastrophe losses				0.1			0.1			0.1			—			0.1				0.1				0.1				0.1
Prior accident years before catastrophe losses				(2.2)			—			0.4			0.2			(2.8)				(1.3)				(0.6)				(0.5)
Prior accident years catastrophe losses				—			—			(0.1)			0.1			0.1				0.1				—				—
Total loss and loss expense ratio				43.7		%	48.0		%	50.9		%	41.0		%	37.9		%		39.5		%		43.4		%		44.5		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2025 Supplemental Financial Data

8

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/25	9/30/25	6/30/25	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25	6/30/24			9/30/25	9/30/24			12/31/25	12/31/24
Personal auto:
Net written premiums				$	266		$	270		$	296		$	283		$	216			$	499			$	795			$	1,065
Year over year change %- written premium				23		%	30		%	30		%	33		%	33		%		33		%		32		%		32		%
Earned premiums				$	271		$	258		$	242		$	224		$	208			$	432			$	674			$	932
Current accident year before catastrophe losses				71.2		%	70.0		%	68.7		%	73.3		%	73.8		%		73.5		%		71.8		%		71.3		%
Current accident year catastrophe losses				3.0			(3.6)			6.6			3.6			3.4				3.5				4.6				2.3
Prior accident years before catastrophe losses				(0.8)			4.0			1.5			5.3			(1.9)				1.9				1.7				2.4
Prior accident years catastrophe losses				(0.3)			—			—			(0.1)			(0.7)				(0.4)				(0.2)				(0.2)
Total loss and loss expense ratio				73.1		%	70.4		%	76.8		%	82.1		%	74.6		%		78.5		%		77.9		%		75.8		%
Homeowner:
Net written premiums				$	320		$	394		$	442		$	433		$	303			$	736			$	1,178			$	1,572
Year over year change %- written premium				6		%	32		%	30		%	31		%	36		%		33		%		32		%		32		%
Earned premiums				$	338		$	379		$	352		$	326		$	303			$	629			$	981			$	1,360
Current accident year before catastrophe losses				53.4		%	34.2		%	40.9		%	42.2		%	46.9		%		44.4		%		43.1		%		40.7		%
Current accident year catastrophe losses				122.5			2.6			47.4			38.5			21.0				30.1				36.3				26.9
Prior accident years before catastrophe losses				(2.0)			(1.3)			(1.4)			1.2			(2.0)				(0.3)				(0.7)				(0.9)
Prior accident years catastrophe losses				(3.5)			(3.1)			(1.7)			(1.7)			(6.3)				(4.0)				(3.1)				(3.1)
Total loss and loss expense ratio				170.4		%	32.4		%	85.2		%	80.2		%	59.6		%		70.2		%		75.6		%		63.6		%
Other personal:
Net written premiums				$	86		$	89		$	94		$	103		$	76			$	179			$	273			$	362
Year over year change %- written premium				13		%	20		%	18		%	18		%	21		%		19		%		18		%		19		%
Earned premiums				$	89		$	89		$	84		$	81		$	77			$	158			$	242			$	331
Current accident year before catastrophe losses				76.2		%	57.0		%	66.5		%	54.6		%	57.4		%		56.0		%		59.7		%		59.0		%
Current accident year catastrophe losses				1.1			14.0			4.1			5.3			2.3				3.8				3.9				6.6
Prior accident years before catastrophe losses				3.7			7.3			8.7			(5.8)			(2.6)				(4.3)				0.2				2.1
Prior accident years catastrophe losses				(0.4)			—			—			0.2			(0.3)				—				—				—
Total loss and loss expense ratio				80.6		%	78.3		%	79.3		%	54.3		%	56.8		%		55.5		%		63.8		%		67.7		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/25	9/30/25	6/30/25	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25	6/30/24			9/30/25	9/30/24			12/31/25	12/31/24
Excess & Surplus:
Net written premiums				$	168		$	171		$	157		$	180		$	146			$	326			$	483			$	654
Year over year change %- written premium				15		%	14		%	23		%	15		%	7		%		12		%		15		%		15		%
Earned premiums				$	162		$	168		$	157		$	151		$	139			$	290			$	447			$	615
Current accident year before catastrophe losses				65.6		%	63.1		%	64.2		%	64.0		%	65.7		%		64.8		%		64.6		%		64.2		%
Current accident year catastrophe losses				0.8			1.0			1.7			1.4			0.9				1.2				1.4				1.3
Prior accident years before catastrophe losses				(5.0)			2.3			2.9			1.6			(1.7)				—				1.0				1.4
Prior accident years catastrophe losses				(0.5)			0.1			(0.2)			0.5			(0.4)				—				—				—
Total loss and loss expense ratio				60.9		%	66.5		%	68.6		%	67.5		%	64.5		%		66.0		%		67.0		%		66.9		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2025 Supplemental Financial Data

9

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)											Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the three months ended March 31, 2025
Commercial casualty		$	113		$	54		$	167		$	17		$	79		$	13		$	109		$	130		$	79		$	67		$	276
Commercial property		135			20			155			(34)			66			3			35			101			66			23			190
Commercial auto		116			23			139			(5)			36			7			38			111			36			30			177
Workers' compensation		30			7			37			(7)			9			9			11			23			9			16			48
Other commercial		23			5			28			—			11			7			18			23			11			12			46
Total commercial lines		417			109			526			(29)			201			39			211			388			201			148			737
Personal auto		138			31			169			3			21			6			30			141			21			37			199
Homeowners		626			30			656			126			207			7			340			752			207			37			996
Other personal		41			3			44			12			24			—			36			53			24			3			80
Total personal lines		805			64			869			141			252			13			406			946			252			77			1,275
Excess & surplus lines		41			18			59			(12)			46			11			45			29			46			29			104
Other		156			5			161			29			78			1			108			185			78			6			269
Total property casualty		$	1,419		$	196		$	1,615		$	129		$	577		$	64		$	770		$	1,548		$	577		$	260		$	2,385
Ceded loss and loss expense incurred for the three months ended March 31, 2025
Commercial casualty		$	—		$	—		$	—		$	(3)		$	(1)		$	—		$	(4)		$	(3)		$	(1)		$	—		$	(4)
Commercial property		10			—			10			(14)			9			—			(5)			(4)			9			—			5
Commercial auto		—			—			—			—			—			—			—			—			—			—			—
Workers' compensation		—			—			—			—			—			—			—			—			—			—			—
Other commercial		4			—			4			(2)			(1)			—			(3)			2			(1)			—			1
Total commercial lines		14			—			14			(19)			7			—			(12)			(5)			7			—			2
Personal auto		1			—			1			—			—			—			—			1			—			—			1
Homeowners		193			—			193			109			118			—			227			302			118			—			420
Other personal		2			—			2			2			4			—			6			4			4			—			8
Total personal lines		196			—			196			111			122			—			233			307			122			—			429
Excess & surplus lines		1			—			1			4			—			—			4			5			—			—			5
Other		5			—			5			(1)			58			—			57			4			58			—			62
Total property casualty		$	216		$	—		$	216		$	95		$	187		$	—		$	282		$	311		$	187		$	—		$	498
Net loss and loss expense incurred for the three months ended March 31, 2025
Commercial casualty		$	113		$	54		$	167		$	20		$	80		$	13		$	113		$	133		$	80		$	67		$	280
Commercial property		125			20			145			(20)			57			3			40			105			57			23			185
Commercial auto		116			23			139			(5)			36			7			38			111			36			30			177
Workers' compensation		30			7			37			(7)			9			9			11			23			9			16			48
Other commercial		19			5			24			2			12			7			21			21			12			12			45
Total commercial lines		403			109			512			(10)			194			39			223			393			194			148			735
Personal auto		137			31			168			3			21			6			30			140			21			37			198
Homeowners		433			30			463			17			89			7			113			450			89			37			576
Other personal		39			3			42			10			20			—			30			49			20			3			72
Total personal lines		609			64			673			30			130			13			173			639			130			77			846
Excess & surplus lines		40			18			58			(16)			46			11			41			24			46			29			99
Other		151			5			156			30			20			1			51			181			20			6			207
Total property casualty		$	1,203		$	196		$	1,399		$	34		$	390		$	64		$	488		$	1,237		$	390		$	260		$	1,887
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF First-Quarter 2025 Supplemental Financial Data

10

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/25	9/30/25	6/30/25	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25	6/30/24			9/30/25	9/30/24			12/31/25	12/31/24
Premiums
Agency renewal written premiums				$	1,912		$	1,759		$	1,795		$	1,843		$	1,683			$	3,526			$	5,321			$	7,080
Agency new business written premiums				383			382			406			407			346				753				1,159				1,541
Other written premiums				200			102			92			209			219				428				520				622
Net written premiums				$	2,495		$	2,243		$	2,293		$	2,459		$	2,248			$	4,707			$	7,000			$	9,243
Unearned premium change				(231)			41			(76)			(384)			(256)				(640)				(716)				(675)
Earned premiums				$	2,264		$	2,284		$	2,217		$	2,075		$	1,992			$	4,067			$	6,284			$	8,568
Year over year change %
Agency renewal written premiums				14		%	15		%	16		%	12		%	10		%		11		%		13		%		13		%
Agency new business written premiums				11			23			30			34			38				36				34				31
Other written premiums				(9)			34			(3)			2			(6)				(2)				(2)				2
Net written premiums				11			17			17			14			11				13				14				15
Paid losses and loss expenses
Losses paid				$	1,203		$	978		$	946		$	893		$	861			$	1,755			$	2,701			$	3,680
Loss expenses paid				196			185			168			174			176				349				517				701
Loss and loss expenses paid				$	1,399		$	1,163		$	1,114		$	1,067		$	1,037			$	2,104			$	3,218			$	4,381
Incurred losses and loss expenses
Loss and loss expense incurred				$	1,887		$	1,255		$	1,499		$	1,412		$	1,270			$	2,682			$	4,181			$	5,436
Loss and loss expenses paid as a % of incurred				74.1		%	92.7		%	74.3		%	75.6		%	81.7		%		78.4		%		77.0		%		80.6		%
Statutory combined ratio
Loss ratio				72.4		%	43.2		%	58.3		%	59.1		%	55.2		%		57.2		%		57.6		%		53.8		%
Loss adjustment expense ratio				11.7			11.8			11.0			10.1			9.6				9.8				10.2				10.6
Net underwriting expense ratio				28.2			30.2			28.5			27.7			27.5				27.6				27.9				28.5
US Statutory combined ratio				112.3		%	85.2		%	97.8		%	96.9		%	92.3		%		94.6		%		95.7		%		92.9		%
Contribution from catastrophe losses				25.2			2.8			13.4			11.6			6.1				8.9				10.5				8.4
Statutory combined ratio excl. catastrophe losses				87.1		%	82.4		%	84.4		%	85.3		%	86.2		%		85.7		%		85.2		%		84.5		%
GAAP combined ratio
GAAP combined ratio				113.3		%	84.7		%	97.4		%	98.5		%	93.6		%		96.1		%		96.5		%		93.4		%
Contribution from catastrophe losses				25.0			4.0			13.0			11.2			5.9				8.6				10.1				8.5
GAAP combined ratio excl. catastrophe losses				88.3		%	80.7		%	84.4		%	87.3		%	87.7		%		87.5		%		86.4		%		84.9		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed<br> 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. Statutory ratios exclude the results of Cincinnati Global.<br>Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF First-Quarter 2025 Supplemental Financial Data

11

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/25	9/30/25	6/30/25	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25	6/30/24			9/30/25	9/30/24			12/31/25	12/31/24
Premiums
Agency renewal written premiums				$	1,152		$	1,001		$	987		$	1,023		$	1,076			$	2,099			$	3,086			$	4,087
Agency new business written premiums				203			179			187			193			182				375				562				741
Other written premiums				(30)			(37)			(36)			(30)			(35)				(65)				(101)				(138)
Net written premiums				$	1,325		$	1,143		$	1,138		$	1,186		$	1,223			$	2,409			$	3,547			$	4,690
Unearned premium change				(146)			17			(1)			(79)			(141)				(220)				(221)				(204)
Earned premiums				$	1,179		$	1,160		$	1,137		$	1,107		$	1,082			$	2,189			$	3,326			$	4,486
Year over year change %
Agency renewal written premiums				7		%	7		%	8		%	4		%	3		%		4		%		5		%		5		%
Agency new business written premiums				12			17			26			30			36				33				30				27
Other written premiums				14			(28)			(9)			(7)			(3)				(5)				(6)				(11)
Net written premiums				8			8			11			7			7				7				8				8
Paid losses and loss expenses
Losses paid				$	403		$	481		$	500		$	460		$	479			$	941			$	1,440			$	1,922
Loss expenses paid				109			104			102			103			106				207				311				413
Loss and loss expenses paid				$	512		$	585		$	602		$	563		$	585			$	1,148			$	1,751			$	2,335
Incurred losses and loss expenses
Loss and loss expense incurred				$	735		$	624		$	706		$	746		$	719			$	1,465			$	2,171			$	2,795
Loss and loss expenses paid as a % of incurred				69.7		%	93.8		%	85.3		%	75.5		%	81.4		%		78.4		%		80.7		%		83.5		%
Statutory combined ratio
Loss ratio				49.7		%	41.4		%	51.0		%	57.8		%	56.5		%		57.2		%		55.1		%		51.5		%
Loss adjustment expense ratio				12.6			12.4			11.1			9.6			9.9				9.7				10.2				10.8
Net underwriting expense ratio				26.9			31.4			31.2			29.9			27.4				28.7				29.4				29.9
Statutory combined ratio				89.2		%	85.2		%	93.3		%	97.3		%	93.8		%		95.6		%		94.7		%		92.2		%
Contribution from catastrophe losses				3.6			0.9			5.4			9.3			6.2				7.8				6.9				5.4
Statutory combined ratio excl. catastrophe losses				85.6		%	84.3		%	87.9		%	88.0		%	87.6		%		87.8		%		87.8		%		86.8		%
GAAP combined ratio
GAAP combined ratio				91.9		%	84.5		%	93.0		%	99.1		%	96.5		%		97.9		%		96.2		%		93.2		%
Contribution from catastrophe losses				3.6			0.9			5.4			9.3			6.2				7.8				6.9				5.4
GAAP combined ratio excl. catastrophe losses				88.3		%	83.6		%	87.6		%	89.8		%	90.3		%		90.1		%		89.3		%		87.8		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed<br> 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 First-Quarter 2025 Supplemental Financial Data

12

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/25	9/30/25	6/30/25	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25	6/30/24			9/30/25	9/30/24			12/31/25	12/31/24
Premiums
Agency renewal written premiums				$	634		$	625		$	695		$	681		$	494			$	1,175			$	1,870			$	2,495
Agency new business written premiums				127			154			165			163			122				285				450				604
Other written premiums				(89)			(26)			(28)			(25)			(21)				(46)				(74)				(100)
Net written premiums				$	672		$	753		$	832		$	819		$	595			$	1,414			$	2,246			$	2,999
Unearned premium change				26			(27)			(154)			(188)			(7)				(195)				(349)				(376)
Earned premiums				$	698		$	726		$	678		$	631		$	588			$	1,219			$	1,897			$	2,623
Year over year change %
Agency renewal written premiums				28		%	29		%	28		%	26		%	27		%		26		%		27		%		27		%
Agency new business written premiums				4			41			35			54			54				54				47				45
Other written premiums				(324)			(63)			(56)			(39)			(11)				(24)				(35)				(41)
Net written premiums				13			30			29			30			33				31				30				30
Paid losses and loss expenses
Losses paid				$	609		$	388		$	355		$	335		$	282			$	618			$	973			$	1,361
Loss expenses paid				64			56			46			51			51				102				148				204
Loss and loss expenses paid				$	673		$	444		$	401		$	386		$	333			$	720			$	1,121			$	1,565
Incurred losses and loss expenses
Loss and loss expense incurred				$	846		$	374		$	553		$	489		$	379			$	868			$	1,421			$	1,795
Loss and loss expenses paid as a % of incurred				79.6		%	118.7		%	72.5		%	78.9		%	87.9		%		82.9		%		78.9		%		87.2		%
Statutory combined ratio
Loss ratio				110.1		%	41.1		%	71.7		%	67.1		%	55.2		%		61.3		%		65.0		%		58.4		%
Loss adjustment expense ratio				11.0			10.4			9.8			10.5			9.3				9.9				9.9				10.0
Net underwriting expense ratio				31.2			28.5			25.8			25.2			29.6				27.1				26.6				27.1
Statutory combined ratio				152.3		%	80.0		%	107.3		%	102.8		%	94.1		%		98.3		%		101.5		%		95.5		%
Contribution from catastrophe losses				58.7			0.2			26.6			20.9			8.8				15.0				19.2				13.9
Statutory combined ratio excl. catastrophe losses				93.6		%	79.8		%	80.7		%	81.9		%	85.3		%		83.3		%		82.3		%		81.6		%
GAAP combined ratio
GAAP combined ratio				151.3		%	80.2		%	110.3		%	106.9		%	93.9		%		100.6		%		104.1		%		97.5		%
Contribution from catastrophe losses				58.7			0.2			26.6			20.9			8.8				15.0				19.2				13.9
GAAP combined ratio excl. catastrophe losses				92.6		%	80.0		%	83.7		%	86.0		%	85.1		%		85.6		%		84.9		%		83.6		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed<br> 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 First-Quarter 2025 Supplemental Financial Data

13

Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/25	9/30/25	6/30/25	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25	6/30/24			9/30/25	9/30/24			12/31/25	12/31/24
Premiums
Agency renewal written premiums				$	126		$	133		$	113		$	139		$	113			$	252			$	365			$	498
Agency new business written premiums				53			49			54			51			42				93				147				196
Other written premiums				(11)			(11)			(10)			(10)			(9)				(19)				(29)				(40)
Net written premiums				$	168		$	171		$	157		$	180		$	146			$	326			$	483			$	654
Unearned premium change				(6)			(3)			—			(29)			(7)				(36)				(36)				(39)
Earned premiums				$	162		$	168		$	157		$	151		$	139			$	290			$	447			$	615
Year over year change %
Agency renewal written premiums				12		%	19		%	22		%	19		%	7		%		13		%		16		%		16		%
Agency new business written premiums				26			2			26			6			11				8				14				11
Other written premiums				(22)			(10)			(25)			(11)			(13)				(12)				(16)				(14)
Net written premiums				15			14			23			15			7				12				15				15
Paid losses and loss expenses
Losses paid				$	40		$	39		$	34		$	41		$	46			$	86			$	121			$	160
Loss expenses paid				18			19			17			16			17				34				49				69
Loss and loss expenses paid				$	58		$	58		$	51		$	57		$	63			$	120			$	170			$	229
Incurred losses and loss expenses
Loss and loss expense incurred				$	99		$	112		$	107		$	102		$	90			$	192			$	299			$	411
Loss and loss expenses paid as a % of incurred				58.6		%	51.8		%	47.7		%	55.9		%	70.0		%		62.5		%		56.9		%		55.7		%
Statutory combined ratio
Loss ratio				43.1		%	45.1		%	45.2		%	48.6		%	48.9		%		48.7		%		47.5		%		46.8		%
Loss adjustment expense ratio				17.8			21.4			23.4			19.0			15.6				17.4				19.5				20.0
Net underwriting expense ratio				25.5			27.3			26.7			26.0			26.0				26.0				26.2				26.5
Statutory combined ratio				86.4		%	93.8		%	95.3		%	93.6		%	90.5		%		92.1		%		93.2		%		93.3		%
Contribution from catastrophe losses				0.3			1.1			1.5			1.9			0.5				1.2				1.4				1.3
Statutory combined ratio excl. catastrophe losses				86.1		%	92.7		%	93.8		%	91.7		%	90.0		%		90.9		%		91.8		%		92.0		%
GAAP combined ratio
GAAP combined ratio				88.3		%	93.1		%	95.3		%	95.4		%	91.9		%		93.7		%		94.3		%		94.0		%
Contribution from catastrophe losses				0.3			1.1			1.5			1.9			0.5				1.2				1.4				1.3
GAAP combined ratio excl. catastrophe losses				88.0		%	92.0		%	93.8		%	93.5		%	91.4		%		92.5		%		92.9		%		92.7		%
*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<br> 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 First-Quarter 2025 Supplemental Financial Data

14

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended March 31,
(Dollars in millions)		2025		2024		Change		% Change
Underwriting income
Net premiums written		$	2,420	$	2,166	$	254	12
Unearned premium change		220		222		(2)		(1)
Earned premiums		$	2,200	$	1,944	$	256	13
Losses incurred		$	1,592	$	1,073	$	519	48
Defense and cost containment expenses incurred		126		79		47		59
Adjusting and other expenses incurred		132		106		26		25
Other underwriting expenses incurred		681		594		87		15
Workers compensation dividend incurred		1		2		(1)		(50)
Total underwriting deductions		$	2,532	$	1,854	$	678	37
Net underwriting profit (loss)		$	(332)	$	90	$	(422)	nm
Investment income
Gross investment income earned		$	184	$	158	$	26	16
Net investment income earned		181		156		25		16
Net realized capital gains and losses, net		—		37		(37)		(100)
Net investment gains (net of tax)		$	181	$	193	$	(12)	(6)
Other income		$	2	$	2	$	—	—
Net income (loss) before federal income taxes		$	(149)	$	285	$	(434)	nm
Federal and foreign income taxes incurred		(62)		28		(90)		nm
Net income (loss) (statutory)		$	(87)	$	257	$	(344)	nm
Policyholders' surplus - statutory		$	8,553	$	7,738	$	815	11
Fixed maturities at amortized cost - statutory		$	12,508	$	10,295	$	2,213	21
*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.

CINF First-Quarter 2025 Supplemental Financial Data

15

The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended March 31,
(Dollars in millions)		2025		2024		Change		% Change
Net premiums written		$	79	$	85	$	(6)	(7)
Net investment income		50		47		3		6
Commissions and expense allowances on reinsurance ceded		1		1		—		—
Income from fees associated with separate accounts		1		1		—		—
Total revenues		$	131	$	134	$	(3)	(2)
Death benefits and matured endowments		$	56	$	43	$	13	30
Annuity benefits		23		40		(17)		(43)
Surrender benefits and group conversions		10		8		2		25
Interest and adjustments on deposit-type contract funds		2		2		—		—
Increase in aggregate reserves for life and accident and health contracts		(9)		(12)		3		25
Total benefit expenses		$	82	$	81	$	1	1
Commissions		$	12	$	12	$	—	—
General insurance expenses and taxes		15		14		1		7
Increase in loading on deferred and uncollected premiums		3		1		2		200
Net transfers from separate accounts		(8)		—		(8)		nm
Total underwriting expenses		$	22	$	27	$	(5)	(19)
Federal and foreign income taxes incurred		6		6		—		—
Net gain from operations before capital gains and losses		$	21	$	20	$	1	5
Gains and losses net of capital gains tax, net		(1)		(2)		1		50
Net income (statutory)		$	20	$	18	$	2	11
Policyholders' surplus - statutory		$	527	$	431	$	96	22
Fixed maturities at amortized cost - statutory		$	3,828	$	3,897	$	(69)	(2)
*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.

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Quarterly Data - Other
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/25	9/30/25	6/30/25	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25	6/30/24			9/30/25	9/30/24			12/31/25	12/31/24
Cincinnati Re:
Net written premiums				$	255		$	99		$	89		$	207		$	202			$	409			$	498			$	597
Year over year change %- written premium				26		%	50		%	5		%	17		%	(12)		%		—		%		1		%		7		%
Earned premiums				$	161		$	162		$	138		$	138		$	135			$	273			$	411			$	573
Current accident year before catastrophe losses				46.6		%	37.6		%	52.5		%	49.6		%	63.0		%		56.3		%		55.0		%		50.0		%
Current accident year catastrophe losses				66.3			29.1			30.2			2.4			—				1.2				11.0				16.1
Prior accident years before catastrophe losses				(4.5)			0.7			(10.1)			(0.8)			(10.4)				(5.6)				(7.1)				(4.9)
Prior accident years catastrophe losses				(2.4)			—			(2.5)			(4.7)			—				(2.4)				(2.4)				(1.7)
Total loss and loss expense ratio				106.0		%	67.4		%	70.1		%	46.5		%	52.6		%		49.5		%		56.5		%		59.5		%
Cincinnati Global:
Net written premiums				$	75		$	77		$	77		$	67		$	82			$	149			$	226			$	303
Year over year change %- written premium				(9)		%	18		%	12		%	(18)		%	28		%		2		%		5		%		8		%
Earned premiums				$	64		$	68		$	107		$	48		$	48			$	96			$	203			$	271
Current accident year before catastrophe losses				39.3		%	20.6		%	31.6		%	47.9		%	48.2		%		48.1		%		39.4		%		34.7		%
Current accident year catastrophe losses				31.4			47.1			9.6			—			—				—				5.0				15.6
Prior accident years before catastrophe losses				(0.2)			(10.4)			(3.8)			(21.2)			(19.7)				(20.4)				(11.7)				(11.4)
Prior accident years catastrophe losses				(13.9)			(3.4)			(3.6)			(4.4)			(5.9)				(5.2)				(4.3)				(4.1)
Total loss and loss expense ratio				56.6		%	53.9		%	33.8		%	22.3		%	22.6		%		22.5		%		28.4		%		34.8		%
Noninsurance operations:
Interest and fees on loans and leases				$	3		$	2		$	3		$	2		$	2			$	4			$	7			$	9
Other revenue				1			3			—			2			1				3				3				6
Interest expense				13			13			13			14			13				27				40				53
Operating expenses				11			13			6			9			4				13				19				32
Total noninsurance operations loss				$	(20)		$	(21)		$	(16)		$	(19)		$	(14)			$	(33)			$	(49)			$	(70)
*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.

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