0000020286false00000202862025-04-282025-04-28

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 of incorporation)			(Commission File Number)						(I.R.S. Employer Identification No.)
6200 S. Gilmore Road			Fairfield,			Ohio			45014‑5141
(Address of principal executive offices)									(Zip Code)

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

N/A

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

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

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

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

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

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

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

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

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

☐    Emerging growth company

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

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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.

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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)

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

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

CINF-IR@cinfin.com

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

Media_Inquiries@cinfin.com

Cincinnati Financial Reports First-Quarter 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

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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

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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

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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

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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

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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

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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

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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    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

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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

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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

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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

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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

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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

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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

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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. *Included in Other are the results of Cincinnati Re and Cincinnati Global.

                                             CINF 1Q25 Release 15

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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

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

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			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

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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

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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

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Consolidated Property Casualty
Losses Incurred Detail
(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
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.

CINF First-Quarter 2025 Supplemental Financial Data

5

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Consolidated Property Casualty
Loss Ratio Detail
			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
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.

CINF First-Quarter 2025 Supplemental Financial Data

6

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Consolidated Property Casualty
Loss Claim Count Detail
			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
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.

CINF First-Quarter 2025 Supplemental Financial Data

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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

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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

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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

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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  independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF First-Quarter 2025 Supplemental Financial Data

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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  independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2025 Supplemental Financial Data

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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  independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2025 Supplemental Financial Data

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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  independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

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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. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

    

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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. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

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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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