cinf-20250728


						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

[email protected]

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

[email protected]

Cincinnati Financial Reports Second-Quarter 2025 Results

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

•Second-quarter 2025 net income of $685 million, or $4.34 per share, compared with $312 million, or $1.98 per share, in the second quarter of 2024, after recognizing a $380 million second-quarter 2025 after-tax increase in the fair value of equity securities still held.

•Second-quarter 2025 non-GAAP operating income* of $311 million, or $1.97 per share, compared with $204 million, or $1.29 per share, in the second quarter of last year. The increase of $107 million included an unfavorable effect of $45 million from an increase in after-tax catastrophe losses.

•$373 million increase in second-quarter 2025 net income, compared with second-quarter 2024, including the effects of after-tax net increases of $266 million from net investment gains, $73 million from property casualty underwriting profit and $34 million from investment income.

•$91.46 book value per share at June 30, 2025, up $2.35 since year-end.

•4.6% value creation ratio for the first six months of 2025, compared with 8.2% for the same period of 2024.

Financial Highlights


(Dollars in millions, except per share data)	Three months ended June 30,						Six months ended June 30,
		2025		2024		% Change		2025		2024		% Change
Revenue Data
Earned premiums		$	2,480	$	2,156	15		$	4,824	$	4,227	14
Investment income, net of expenses		285		242		18		565		487		16
Total revenues		3,248		2,544		28		5,814		5,479		6
Income Statement Data
Net income		$	685	$	312	120		$	595	$	1,067	(44)
Investment gains and losses, after-tax		374		108		246		321		591		(46)

Non-GAAP operating income*		$	311	$	204	52		$	274	$	476	(42)
Per Share Data (diluted)
Net income		$	4.34	$	1.98	119		$	3.77	$	6.77	(44)
Investment gains and losses, after-tax		2.37		0.69		243		2.03		3.75		(46)

Non-GAAP operating income*		$	1.97	$	1.29	53		$	1.74	$	3.02	(42)

Book value								$	91.46	$	81.79	12
Cash dividend declared		$	0.87	$	0.81	7		$	1.74	$	1.62	7
Diluted weighted average shares outstanding		157.8		157.5		0		157.8		157.7		0

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

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

CINF 2Q25 Release 1

Insurance Operations Highlights

•94.9% second-quarter 2025 property casualty combined ratio, improved from 98.5% for the second quarter of 2024.

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

•$404 million second-quarter 2025 property casualty new business written premiums, down 1%. Agencies appointed since the beginning of 2024 contributed $38 million or 9% of total new business written premiums.

•$26 million second-quarter 2025 life insurance subsidiary net income, up $2 million compared with the second quarter of 2024, and 3% growth in second-quarter 2025 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•18% or $43 million increase in second-quarter 2025 pretax investment income, including a 24% increase in bond interest income and a 1% increase in stock portfolio dividends.

•Three-month increase of 4% in fair value of total investments at June 30, 2025, including a 3% increase for the bond portfolio and a 5% increase for the stock portfolio.

•$5.061 billion parent company cash and marketable securities at June 30, 2025, down 3% from year-end 2024.

Confident in Long-Term Plans

Stephen M. Spray, president and chief executive officer, commented: "I’m pleased with our overall second-quarter 2025 results. It was a solid quarter, showing the strength of our agent-centered strategy and the value of our long-term plans to steadily expand product and geographic diversification as well as deepen pricing segmentation and sophistication.

“We saw the increases in weather-related catastrophe events that started the year continue in the second quarter. In April, May and June, 20 total catastrophes were declared, including the heart-breaking floods in Texas. Our claims associates continued to deliver fast, fair and empathetic service, paying more than half a billion dollars in catastrophe-related claims so far in 2025.

“While our 103.8% combined ratio for the first six months of the year is higher than we’d like it to be, that ratio for our second quarter improved 3.6 points to 94.9%. Again demonstrating the strength of our long-term initiatives, our current accident year combined ratio before catastrophe losses improved 3.1 points for the quarter and 1.9 points for the first six months, reaching 85.1% and 87.7%, respectively.

“Pretax investment income for the second quarter also grew, rising 18% to $285 million, driven by a 24% increase in bond interest income.”

Balancing Growth and Profitability

“We believe combining our hallmark of personal service with data-driven analytics will allow us to grow profitably through all market cycles. Property casualty consolidated net written premiums grew 11% for both the second quarter and the first half of 2025, surpassing $5 billion in the first six months for the first time ever.

“Keeping underwriting discipline in mind, we've managed average commercial lines price increases near the high end of the mid-single-digit percent range and excess and surplus lines in the high-single-digit percentage range. Personal lines homeowner prices increased on average in the low-double digit percent range and auto in the high-single-digit percent range.

“In May, we launched our fifth product brokered through CSU Producer Resources Inc. with the support of Cincinnati Global Underwriting Ltd. We believe having this additional capability is also boosting our ability to write more excess and surplus lines business overall, contributing to the strong 24% increase in second-quarter new business written premiums for our E&S segment.”

Book Value Reaches New Record

“At June 30, our book value again reached a record high, increasing 2.6% since December 31, 2024, to $91.46. Consolidated cash and total investments also reached a new high, exceeding $30 billion.

“Our ample capital allows us to execute on our long-term strategies and, at the same time, pay dividends to shareholders. Our value creation ratio, which considers the dividends we pay as well as growth in book value, was 4.6% for the first half of 2025.”

CINF 2Q25 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results


(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2025			2024			% Change		2025			2024			% Change
Earned premiums		$	2,397		$	2,075		16		$	4,661		$	4,067		15
Fee revenues		3			3			0		7			6			17
Total revenues		2,400			2,078			15		4,668			4,073			15

Loss and loss expenses		1,587			1,412			12		3,474			2,682			30
Underwriting expenses		685			631			9		1,364			1,225			11
Underwriting profit (loss)		$	128		$	35		266		$	(170)		$	166		nm

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		66.3		%	68.1		%	(1.8)		74.5		%	66.0		%	8.5
Underwriting expenses		28.6			30.4			(1.8)		29.3			30.1			(0.8)
Combined ratio		94.9		%	98.5		%	(3.6)		103.8		%	96.1		%	7.7

								% Change								% Change
Agency renewal written premiums		$	2,135		$	1,843		16		$	4,047		$	3,526		15
Agency new business written premiums		404			407			(1)		787			753			5


Other written premiums		194			209			(7)		394			428			(8)
Net written premiums		$	2,733		$	2,459		11		$	5,228		$	4,707		11

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		56.5		%	57.8		%	(1.3)		58.4		%	59.5		%	(1.1)
Current accident year catastrophe losses		12.4			12.2			0.2		19.4			9.9			9.5
Prior accident years before catastrophe losses		(2.4)			(0.9)			(1.5)		(2.3)			(2.1)			(0.2)
Prior accident years catastrophe losses		(0.2)			(1.0)			0.8		(1.0)			(1.3)			0.3
Loss and loss expense ratio		66.3		%	68.1		%	(1.8)		74.5		%	66.0		%	8.5

Current accident year combined ratio before catastrophe losses		85.1		%	88.2		%	(3.1)		87.7		%	89.6		%	(1.9)

•$274 million or 11% growth of second-quarter 2025 property casualty net written premiums, and six-month growth of 11%, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The contribution from Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM in total reduced the second-quarter growth rate by less than 1 percentage point, reflecting pricing discipline where market conditions softened.

•$3 million decrease in second-quarter 2025 new business premiums written by agencies, driven by our personal lines insurance segment. The $3 million decrease included a $31 million increase in standard market property casualty production from agencies appointed since the beginning of 2024.

•258 new agency appointments in the first six months of 2025, including 47 that market only our personal lines products.

•3.6 percentage-point second-quarter 2025 combined ratio improvement, despite an increase of 1.0 points for losses from catastrophes.

•7.7 percentage-point six-month 2025 combined ratio increase, including an increase of 9.8 points from higher catastrophe losses.

•2.6 percentage-point second-quarter 2025 benefit from favorable prior accident year reserve development of $63 million, compared with 1.9 points or $40 million for second-quarter 2024.

•3.3 percentage-point six-month 2025 benefit from favorable prior accident year reserve development, compared with 3.4 points for the first six months of 2024.

•1.1 percentage-point improvement in the six-month 2025 ratio for current accident year loss and loss expenses before catastrophes, including an unfavorable 0.6 points for the net effect of $52 million for reinsurance treaty reinstatement premiums related to the January 2025 wildfires in southern California.

•0.8 percentage-point decrease in the underwriting expense ratio for the first six months of 2025, compared with the same period of 2024, primarily due to growth in earned premiums outpacing growth in various expenses.

CINF 2Q25 Release 3

Commercial Lines Insurance Results


(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2025			2024			% Change		2025			2024			% Change
Earned premiums		$	1,212		$	1,107		9		$	2,391		$	2,189		9
Fee revenues		—			1			(100)		2			2			0
Total revenues		1,212			1,108			9		2,393			2,191			9

Loss and loss expenses		767			746			3		1,502			1,465			3
Underwriting expenses		358			352			2		707			677			4
Underwriting profit		$	87		$	10		770		$	184		$	49		276

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		63.3		%	67.4		%	(4.1)		62.8		%	67.0		%	(4.2)
Underwriting expenses		29.6			31.7			(2.1)		29.6			30.9			(1.3)
Combined ratio		92.9		%	99.1		%	(6.2)		92.4		%	97.9		%	(5.5)

								% Change								% Change
Agency renewal written premiums		$	1,116		$	1,023		9		$	2,268		$	2,099		8
Agency new business written premiums		200			193			4		403			375			7
Other written premiums		(26)			(30)			13		(56)			(65)			14
Net written premiums		$	1,290		$	1,186		9		$	2,615		$	2,409		9

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		59.6		%	60.0		%	(0.4)		60.3		%	61.5		%	(1.2)
Current accident year catastrophe losses		7.2			10.0			(2.8)		6.1			8.5			(2.4)
Prior accident years before catastrophe losses		(3.3)			(1.9)			(1.4)		(2.9)			(2.3)			(0.6)
Prior accident years catastrophe losses		(0.2)			(0.7)			0.5		(0.7)			(0.7)			0.0
Loss and loss expense ratio		63.3		%	67.4		%	(4.1)		62.8		%	67.0		%	(4.2)

Current accident year combined ratio before catastrophe losses		89.2		%	91.7		%	(2.5)		89.9		%	92.4		%	(2.5)

•$104 million or 9% growth in second-quarter 2025 commercial lines net written premiums, including higher agency renewal and new business written premiums. Nine percent growth in six-month net written premiums.

•$93 million or 9% increase in second-quarter renewal written premiums, with commercial lines average renewal pricing increases near the high end of the mid-single-digit percent range.

•$7 million or 4% increase in second-quarter 2025 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•6.2 percentage-point second-quarter 2025 combined ratio improvement, including a decrease of 2.3 points for losses from catastrophes.

•5.5 percentage-point six-month 2025 combined ratio improvement, including a decrease of 2.4 points from lower catastrophe losses.

•3.5 percentage-point second-quarter 2025 benefit from favorable prior accident year reserve development of $42 million, compared with 2.6 points or $29 million for second-quarter 2024.

•3.6 percentage-point six-month 2025 benefit from favorable prior accident year reserve development, compared with 3.0 points for the first six months of 2024.

CINF 2Q25 Release 4

Personal Lines Insurance Results


(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2025			2024			% Change		2025			2024			% Change
Earned premiums		$	804		$	631		27		$	1,502		$	1,219		23
Fee revenues		2			1			100		3			2			50
Total revenues		806			632			28		1,505			1,221			23

Loss and loss expenses		598			489			22		1,444			868			66
Underwriting expenses		222			185			20		432			358			21
Underwriting loss		$	(14)		$	(42)		67		$	(371)		$	(5)		nm

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		74.4		%	77.6		%	(3.2)		96.1		%	71.2		%	24.9
Underwriting expenses		27.6			29.3			(1.7)		28.8			29.4			(0.6)
Combined ratio		102.0		%	106.9		%	(4.9)		124.9		%	100.6		%	24.3

								% Change								% Change
Agency renewal written premiums		$	866		$	681		27		$	1,500		$	1,175		28
Agency new business written premiums		141			163			(13)		268			285			(6)
Other written premiums		(27)			(25)			(8)		(116)			(46)			(152)
Net written premiums		$	980		$	819		20		$	1,652		$	1,414		17

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		51.3		%	54.9		%	(3.6)		56.9		%	56.2		%	0.7
Current accident year catastrophe losses		25.4			21.8			3.6		41.7			17.2			24.5
Prior accident years before catastrophe losses		(0.7)			1.8			(2.5)		(0.8)			0.0			(0.8)
Prior accident years catastrophe losses		(1.6)			(0.9)			(0.7)		(1.7)			(2.2)			0.5
Loss and loss expense ratio		74.4		%	77.6		%	(3.2)		96.1		%	71.2		%	24.9

Current accident year combined ratio before catastrophe losses		78.9		%	84.2		%	(5.3)		85.7		%	85.6		%	0.1

•$161 million or 20% growth in second-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 second-quarter 2025 net written premiums from our agencies’ high net worth clients grew 25%, to $592 million. Seventeen percent growth in six-month net written premiums in total.

•$22 million decrease in second-quarter 2025 new business premiums written by agencies, including a decrease of approximately $11 million in our private client personal lines, that included $13 million for California.

•$70 million less favorable effect on six-month 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.

•4.9 percentage-point second-quarter 2025 combined ratio improvement, despite an increase of 2.9 points for losses from catastrophes.

•24.3 percentage-point six-month 2025 combined ratio increase, including an increase of 25.0 points from higher catastrophe losses and an increase in the underwriting expense ratio of 1.2 points for the effect of reinstatement premiums.

•2.3 percentage-point second-quarter 2025 benefit from favorable prior accident year reserve development of $19 million, compared with unfavorable development of 0.9 points or $6 million for second-quarter 2024.

•2.5 percentage-point six-month 2025 benefit from favorable prior accident year reserve development, compared with 2.2 points for the first six months of 2024.

•0.7 percentage-point increase in the six-month 2025 ratio for current accident year loss and loss expenses before catastrophes, including 2.3 points for the effect of reinstatement premiums.

CINF 2Q25 Release 5

Excess and Surplus Lines Insurance Results


(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2025			2024			% Change		2025			2024			% Change
Earned premiums		$	174		$	151		15		$	336		$	290		16
Fee revenues		1			1			0		2			2			0
Total revenues		175			152			15		338			292			16

Loss and loss expenses		110			102			8		209			192			9
Underwriting expenses		49			42			17		93			80			16
Underwriting profit		$	16		$	8		100		$	36		$	20		80

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		63.5		%	67.5		%	(4.0)		62.3		%	66.0		%	(3.7)
Underwriting expenses		27.6			27.9			(0.3)		27.5			27.7			(0.2)
Combined ratio		91.1		%	95.4		%	(4.3)		89.8		%	93.7		%	(3.9)

								% Change								% Change
Agency renewal written premiums		$	153		$	139		10		$	279		$	252		11
Agency new business written premiums		63			51			24		116			93			25
Other written premiums		(14)			(10)			(40)		(25)			(19)			(32)
Net written premiums		$	202		$	180		12		$	370		$	326		13

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		64.9		%	64.0		%	0.9		65.2		%	64.8		%	0.4
Current accident year catastrophe losses		1.6			1.4			0.2		1.2			1.2			0.0
Prior accident years before catastrophe losses		(2.7)			1.6			(4.3)		(3.8)			0.0			(3.8)
Prior accident years catastrophe losses		(0.3)			0.5			(0.8)		(0.3)			0.0			(0.3)
Loss and loss expense ratio		63.5		%	67.5		%	(4.0)		62.3		%	66.0		%	(3.7)

Current accident year combined ratio before catastrophe losses		92.5		%	91.9		%	0.6		92.7		%	92.5		%	0.2

•$22 million or 12% growth in second-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. Thirteen percent growth in six-month net written premiums.

•$12 million or 24% increase in second-quarter 2025 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•4.3 percentage-point second-quarter 2025 combined ratio improvement, including 5.1 points in the ratio for favorable reserve development on prior accident year loss and loss expenses.

•3.9 percentage-point six-month 2025 combined ratio improvement, including 4.1 points in the ratio for favorable reserve development on prior accident year loss and loss expenses.

•3.0 percentage-point second-quarter 2025 benefit from favorable prior accident year reserve development of $5 million, compared with unfavorable development of 2.1 points or $3 million for second-quarter 2024.

•4.1 percentage-point six-month 2025 benefit from favorable prior accident year reserve development, compared with unfavorable development of less than 0.1 points for the first six months of 2024.

CINF 2Q25 Release 6

Life Insurance Subsidiary Results


(Dollars in millions)	Three months ended June 30,						Six months ended June 30,
		2025		2024		% Change		2025		2024		% Change
Term life insurance		$	61	$	59	3		$	118	$	116	2
Whole life insurance		13		13		0		26		26		0
Universal life and other		9		9		0		19		18		6
Earned premiums		83		81		2		163		160		2
Investment income, net of expenses		49		47		4		99		94		5
Investment gains and losses, net		(4)		(7)		43		(5)		(9)		44
Fee revenues		2		2		0		3		3		0
Total revenues		130		123		6		260		248		5
Contract holders’ benefits incurred		73		68		7		154		147		5
Underwriting expenses incurred		24		24		0		47		46		2
Total benefits and expenses		97		92		5		201		193		4
Net income before income tax		33		31		6		59		55		7
Income tax provision		7		7		0		12		12		0
Net income of the life insurance subsidiary		$	26	$	24	8		$	47	$	43	9

•$2 million increase in second-quarter 2025 earned premiums, including a 3% increase for term life insurance, our largest life insurance product line.

•$4 million increase in six-month 2025 life insurance subsidiary net income, primarily due to increased investment income and decreased investment losses from fixed-maturity securities.

•$73 million or 6% six-month 2025 increase, to $1.379 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 2Q25 Release 7

Investment and Balance Sheet Highlights

Investments Results


(Dollars in millions)	Three months ended June 30,							Six months ended June 30,
	2025			2024			% Change		2025			2024			% Change
Investment income, net of expenses	$	285		$	242		18		$	565		$	487		16
Investment interest credited to contract holders	(31)			(31)			0		(63)			(62)			(2)
Investment gains and losses, net	473			137			245		406			749			(46)
Investments profit	$	727		$	348		109		$	908		$	1,174		(23)

Investment income:
Interest	$	214		$	173		24		$	424		$	342		24
Dividends	70			69			1		137			141			(3)
Other	5			4			25		12			11			9
Less investment expenses	4			4			0		8			7			14
Investment income, pretax	285			242			18		565			487			16
Less income taxes	49			40			23		97			81			20
Total investment income, after-tax	$	236		$	202		17		$	468		$	406		15

Investment returns:
Average invested assets plus cash and cash equivalents	$	30,500		$	27,824				$	30,468		$	27,495
Average yield pretax	3.74		%	3.48		%			3.71		%	3.54		%
Average yield after-tax	3.10			2.90					3.07			2.95
Effective tax rate	17.2			16.7					17.2			16.7
Fixed-maturity returns:
Average amortized cost	$	17,372		$	14,909				$	17,334		$	14,735
Average yield pretax	4.93		%	4.64		%			4.89		%	4.64		%
Average yield after-tax	4.02			3.81					4.00			3.81
Effective tax rate	18.4			17.9					18.3			17.9

•$43 million or 18% rise in second-quarter 2025 pretax investment income, including a 24% increase in interest income from fixed-maturity securities and a 1% increase in equity portfolio dividends.

•$501 million in second-quarter 2025 pretax total investment gains, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.


(Dollars in millions)	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Investment gains and losses on equity securities sold, net	$	(1)	$	7	$	(3)	$	4
Unrealized gains and losses on equity securities still held, net	481		142		411		747
Investment gains and losses on fixed-maturity securities, net	(12)		(18)		(14)		(28)
Other	5		6		12		26
Subtotal - investment gains and losses reported in net income	473		137		406		749

Change in unrealized investment gains and losses - fixed maturities	28		(75)		95		(130)
Total	$	501	$	62	$	501	$	619

CINF 2Q25 Release 8

Balance Sheet Highlights


(Dollars in millions, except share data)	At June 30,				At December 31,
		2025				2024
Total investments		$	29,569			$	28,378
Total assets		38,842				36,501
Short-term debt		25				25
Long-term debt		790				790
Shareholders’ equity		14,301				13,935
Book value per share		91.46				89.11
Debt-to-total-capital ratio		5.4		%		5.5		%

•$30.564 billion in consolidated cash and total investments at June 30, 2025, an increase of 4% from $29.361 billion at year-end 2024.

•$17.077 billion bond portfolio at June 30, 2025, with an average rating of A2/A+. Fair value increased $554 million during the second quarter of 2025, including $492 million in net purchases of fixed-maturity securities.

•$11.649 billion equity portfolio was 39.4% of total investments, including $7.637 billion in appreciated value before taxes at June 30, 2025. Second-quarter 2025 increase in fair value of $531 million, including $56 million in net purchases of equity securities.

•$3.68 second-quarter 2025 increase in book value per share, including an addition of $1.99 of net income before investment gains, $2.51 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities and $0.05 for other items that were partially offset by $0.87 from dividends declared to shareholders.

•Value creation ratio of 4.6% for the first six months of 2025, including 2.0% from net income before investment gains, which includes underwriting and investment income, and 2.8% from investment portfolio gains and changes in unrealized gains for fixed-maturity securities, partially offset by 0.2% for other items.

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

About Cincinnati Financial

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

Mailing Address: Street Address:

P.O. Box 145496 6200 South Gilmore Road

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

CINF 2Q25 Release 9

Safe Harbor Statement

Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like “seek,” “expect,” “will,” “should,” “could,” “might,” “anticipate,” “believe,” “estimate,” “intend,” “likely,” “future,” or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:

Insurance-Related Risks

•Risks and uncertainties associated with our loss reserves or actual claim costs exceeding reserves

•Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance

•Unusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe risk

•Risks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk management

•Inadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimates

•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

•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

•Our inability to manage business opportunities, growth prospects, and expenses for our ongoing operations

•Changing consumer insurance-buying habits

•The inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurers

•Domestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, 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:

◦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

◦Significant or prolonged decline in the fair value of securities and impairment of the assets

◦Significant decline in investment income due to reduced or eliminated dividend payouts from 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

◦An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses

◦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

◦The inability of our workforce, agencies, or vendors to perform necessary business functions

Financial, Economic, and Investment Risks

•Declines in overall stock market values negatively affecting our equity portfolio and book value

•Downgrades in our financial strength ratings

•Interest rate fluctuations or other factors that could significantly affect:

◦Our ability to generate growth in investment income

◦Values of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assets

◦Our traditional life policy reserves

•Economic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnerships

CINF 2Q25 Release 10

•Failure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligations

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

•The inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase shares

General Business, Technology, and Operational Risks

•Ineffective information technology systems or failing to develop and implement improvements in technology

•Difficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents’, ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, 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, 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 models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitiveness

•Intense competition, and the impact of innovation, emerging technologies, 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

•Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitability

•Unforeseen departure of certain executive officers or other key employees 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

•Events, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programs

Regulatory, Compliance, and Legal Risks

•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

◦Increase 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 laws, regulations, or interpretations

◦Increase other expenses

◦Limit our ability to set fair, adequate, and reasonable rates

◦Restrict our ability to cancel policies

◦Impose new underwriting standards

◦Place us at a disadvantage in the marketplace

◦Restrict our ability to execute our business model, including the way we compensate agents

CINF 2Q25 Release 11

•Adverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awards

•Events or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002

•Effects of changing social, global, economic, and regulatory environments

•Additional measures affecting corporate financial reporting and governance that can affect the market value of our common stock

Risks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2024 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.

* * *

CINF 2Q25 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets and Statements of Income (unaudited)


(Dollars in millions)					June 30,		December 31,
					2025		2024
Assets
Investments					$	29,569	$	28,378
Cash and cash equivalents					995		983

Premiums receivable					3,420		2,969
Reinsurance recoverable					749		523
Deferred policy acquisition costs					1,367		1,242
Other assets					2,742		2,406
Total assets					$	38,842	$	36,501

Liabilities
Insurance reserves					$	14,031	$	12,963
Unearned premiums					5,444		4,813
Deferred income tax					1,584		1,476
Long-term debt and lease obligations					859		850
Other liabilities					2,623		2,464
Total liabilities					24,541		22,566

Shareholders’ Equity
Common stock and paid-in capital					1,925		1,899
Retained earnings					15,193		14,869
Accumulated other comprehensive loss					(249)		(309)
Treasury stock					(2,568)		(2,524)
Total shareholders' equity					14,301		13,935
Total liabilities and shareholders' equity					$	38,842	$	36,501

(Dollars in millions, except per share data)	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Revenues
Earned premiums	$	2,480	$	2,156	$	4,824	$	4,227
Investment income, net of expenses	285		242		565		487
Investment gains and losses, net	473		137		406		749
Other revenues	10		9		19		16
Total revenues	3,248		2,544		5,814		5,479

Benefits and Expenses
Insurance losses and contract holders' benefits	1,660		1,480		3,628		2,829
Underwriting, acquisition and insurance expenses	709		655		1,411		1,271
Interest expense	14		14		27		27
Other operating expenses	10		9		21		13
Total benefits and expenses	2,393		2,158		5,087		4,140

Income Before Income Taxes	855		386		727		1,339

Provision for Income Taxes	170		74		132		272

Net Income	$	685	$	312	$	595	$	1,067

Per Common Share:
Net income—basic	$	4.38	$	1.99	$	3.81	$	6.82
Net income—diluted	4.34		1.98		3.77		6.77

CINF 2Q25 Release 13

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

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

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

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

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

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

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

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

CINF 2Q25 Release 14

Cincinnati Financial Corporation


Net Income Reconciliation

(Dollars in millions, except per share data)	Three months ended June 30,					Six months ended June 30,
		2025		2024			2025		2024
Net income		$	685	$	312		$	595	$	1,067
Less:
Investment gains and losses, net		473		137			406		749
Income tax on investment gains and losses		(99)		(29)			(85)		(158)
Investment gains and losses, after-tax		374		108			321		591

Non-GAAP operating income		$	311	$	204		$	274	$	476

Diluted per share data:
Net income		$	4.34	$	1.98		$	3.77	$	6.77
Less:
Investment gains and losses, net		3.00		0.87			2.57		4.75
Income tax on investment gains and losses		(0.63)		(0.18)			(0.54)		(1.00)
Investment gains and losses, after-tax		2.37		0.69			2.03		3.75

Non-GAAP operating income		$	1.97	$	1.29		$	1.74	$	3.02


Life Insurance Reconciliation

(Dollars in millions)	Three months ended June 30,					Six months ended June 30,
		2025		2024			2025		2024
Net income of the life insurance subsidiary		$	26	$	24		$	47	$	43
Investment gains and losses, net		(4)		(7)			(5)		(9)
Income tax on investment gains and losses		(1)		(2)			(1)		(2)
Non-GAAP operating income		29		29			51		50

Investment income, net of expenses		(49)		(47)			(99)		(94)
Investment income credited to contract holders		31		31			63		62
Income tax excluding tax on investment gains and losses, net		8		9			13		14
Life insurance segment profit		$	19	$	22		$	28	$	32

CINF 2Q25 Release 15


Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended June 30, 2025
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	2,733		$	1,290		$	980		$	202		$	261
Unearned premiums change		(336)			(78)			(176)			(28)			(54)
Earned premiums		$	2,397		$	1,212		$	804		$	174		$	207

Underwriting profit (loss)		$	128		$	87		$	(14)		$	16		$	39

(Dollars in millions)	Six months ended June 30, 2025
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	5,228		$	2,615		$	1,652		$	370		$	591
Unearned premiums change		(567)			(224)			(150)			(34)			(159)
Earned premiums		$	4,661		$	2,391		$	1,502		$	336		$	432

Underwriting profit (loss)		$	(170)		$	184		$	(371)		$	36		$	(19)

(Dollars in millions)	Three months ended June 30, 2024
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	2,459		$	1,186		$	819		$	180		$	274
Unearned premiums change		(384)			(79)			(188)			(29)			(88)
Earned premiums		$	2,075		$	1,107		$	631		$	151		$	186

Underwriting profit (loss)		$	35		$	10		$	(42)		$	8		$	59

(Dollars in millions)	Six months ended June 30, 2024
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	4,707		$	2,409		$	1,414		$	326		$	558
Unearned premiums change		(640)			(220)			(195)			(36)			(189)
Earned premiums		$	4,067		$	2,189		$	1,219		$	290		$	369

Underwriting profit (loss)		$	166		$	49		$	(5)		$	20		$	102

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 2Q25 Release 16

Cincinnati Financial Corporation

Other Measures

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

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

Value Creation Ratio Calculations


(Dollars are per share)	Three months ended June 30,							Six months ended June 30,
		2025			2024				2025			2024





Value creation ratio:
End of period book value*		$	91.46		$	81.79			$	91.46		$	81.79
Less beginning of period book value		87.78			80.83				89.11			77.06
Change in book value		3.68			0.96				2.35			4.73
Dividend declared to shareholders		0.87			0.81				1.74			1.62
Total value creation		$	4.55		$	1.77			$	4.09		$	6.35

Value creation ratio from change in book value**		4.2		%	1.2		%		2.6		%	6.1		%
Value creation ratio from dividends declared to shareholders***		1.0			1.0				2.0			2.1
Value creation ratio		5.2		%	2.2		%		4.6		%	8.2		%

* 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 2Q25 Release 17

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending June 30, 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-

BBB+

The Cincinnati Insurance Companies

Insurer Financial Strength

Property Casualty Group

Standard Market Subsidiaries:

A+

—

A+

The Cincinnati Insurance Company

A+

The Cincinnati Indemnity Company

A+

The Cincinnati Casualty Company

A+

Surplus Lines Subsidiary:

The Cincinnati Specialty Underwriters Insurance Company

A+

—

The Cincinnati Life Insurance Company

A+

—

A+

Ratings are as of July 25, 2025, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength under About 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 Second-Quarter 2025 Supplemental Financial Data


	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending June 30, 2025

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

Consolidated

	CFC and Subsidiaries Consolidation – Six Months Ended June 30, 2025	4
	CFC and Subsidiaries Consolidation – Three Months Ended June 30, 2025	5


Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	6
	Loss Ratio Detail	7
	Loss Claim Count Detail	8

	Quarterly Property Casualty Data – Commercial Lines	9
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	10
	Loss and Loss Expense Analysis – Six Months Ended June 30, 2025	11
	Loss and Loss Expense Analysis – Three Months Ended June 30, 2025	12

Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	13
	Quarterly Property Casualty Data – Commercial Lines	14
	Quarterly Property Casualty Data – Personal Lines	15
	Quarterly Property Casualty Data – Excess & Surplus Lines	16

Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	17
	The Cincinnati Life Insurance Company Statutory Statements of Income	18

Other
	Quarterly Data – Other	19

CINF Second-Quarter 2025 Supplemental Financial Data

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

Other Measures

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

• Statutory accounting rules: For public reporting, insurance companies prepare financial statements in accordance with GAAP. However, insurers also must calculate certain data according to statutory accounting rules for insurance company regulation in the United States of America as defined in the NAIC’s Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments and differ from GAAP. Statutory data is publicly available, and various organizations use it to calculate aggregate industry data, study industry trends and compare insurance companies.

CINF Second-Quarter 2025 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2025

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	4,932	$	—	$	—	$	—	$	4,932
Life	—		—		203		—		—		203
Premiums ceded	—		(271)		(40)		—		—		(311)
Total earned premium	—		4,661		163		—		—		4,824
Investment income, net of expenses	58		410		99		—		(2)		565
Investment gains and losses, net	98		313		(5)		—		—		406
Fee revenues	—		7		3		—		—		10
Other revenues	8		5		—		5		(9)		9
Total revenues	$	164	$	5,396	$	260	$	5	$	(11)	$	5,814

Benefits & expenses
Losses & contract holders' benefits	$	—	$	3,984	$	198	$	—	$	1	$	4,183
Reinsurance recoveries	—		(510)		(44)		—		(1)		(555)
Underwriting, acquisition and insurance expenses	—		1,364		47		—		—		1,411
Interest expense	26		—		—		2		(1)		27
Other operating expenses	26		3		—		2		(10)		21
Total expenses	$	52	$	4,841	$	201	$	4	$	(11)	$	5,087

Income before income taxes	$	112	$	555	$	59	$	1	$	—	$	727

Provision (benefit) for income taxes
Current operating income (loss)	$	(20)	$	(44)	$	18	$	—	$	—	$	(46)
Capital gains/losses	21		65		(1)		—		—		85
Deferred	22		76		(5)		—		—		93
Total provision for income taxes	$	23	$	97	$	12	$	—	$	—	$	132

Net income - current year	$	89	$	458	$	47	$	1	$	—	$	595

Net income - prior year	$	223	$	801	$	43	$	—	$	—	$	1,067
*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 Second-Quarter 2025 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2025

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	2,495	$	—	$	—	$	—	$	2,495
Life	—		—		104		—		—		104
Premiums ceded	—		(98)		(21)		—		—		(119)
Total earned premium	—		2,397		83		—		—		2,480
Investment income, net of expenses	29		208		49		—		(1)		285
Investment gains and losses, net	193		284		(4)		—		—		473
Fee revenues	—		3		2		—		—		5
Other revenues	4		3		—		2		(4)		5
Total revenues	$	226	$	2,895	$	130	$	2	$	(5)	$	3,248

Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,599	$	104	$	—	$	1	$	1,704
Reinsurance recoveries	—		(12)		(31)		—		(1)		(44)
Underwriting, acquisition and insurance expenses	—		685		24		—		—		709
Interest expense	13		—		—		1		—		14
Other operating expenses	12		2		—		1		(5)		10
Total expenses	$	25	$	2,274	$	97	$	2	$	(5)	$	2,393

Income before income taxes	$	201	$	621	$	33	$	—	$	—	$	855

Provision (benefit) for income taxes
Current operating income (loss)	$	(40)	$	10	$	12	$	—	$	—	$	(18)
Capital gains/losses	41		59		(1)		—		—		99
Deferred	41		52		(4)		—		—		89
Total provision for income taxes	$	42	$	121	$	7	$	—	$	—	$	170

Net income - current year	$	159	$	500	$	26	$	—	$	—	$	685

Net income - prior year	$	113	$	175	$	24	$	—	$	—	$	312
*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 Second-Quarter 2025 Supplemental Financial Data


Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended														Six months ended				Nine months ended			Twelve months ended
	12/31/25	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			$	15	$	26	$	19	$	18	$	31	$	—	$	41	$	31		$	49		$	68
Current accident year losses $2 million - $5 million			40		20		37		51		28		22		60		50			101			138
Large loss prior accident year reserve development			27		56		19		19		15		22		83		37			56			75
Total large losses incurred			$	82	$	102	$	75	$	88	$	74	$	44	$	184	$	118		$	206		$	281
Losses incurred but not reported			213		279		182		185		165		251		492		416			601			783
Other losses excluding catastrophe losses			741		688		653		711		741		677		1,429		1,418			2,129			2,782
Catastrophe losses			280		558		83		282		228		111		838		339			621			704
Total losses incurred			$	1,316	$	1,627	$	993	$	1,266	$	1,208	$	1,083	$	2,943	$	2,291		$	3,557		$	4,550
Commercial Lines
Current accident year losses greater than $5 million			$	5	$	7	$	9	$	11	$	31	$	—	$	12	$	31		$	42		$	51
Current accident year losses $2 million - $5 million			22		15		12		36		11		11		37		22			58			70
Large loss prior accident year reserve development			14		44		19		20		22		12		58		34			54			73
Total large losses incurred			$	41	$	66	$	40	$	67	$	64	$	23	$	107	$	87		$	154		$	194
Losses incurred but not reported			106		163		105		117		92		156		269		248			365			470
Other losses excluding catastrophe losses			383		318		328		337		384		368		701		752			1,089			1,417
Catastrophe losses			83		40		8		58		101		64		123		165			223			231
Total losses incurred			$	613	$	587	$	481	$	579	$	641	$	611	$	1,200	$	1,252		$	1,831		$	2,312
Personal Lines
Current accident year losses greater than $5 million			$	10	$	19	$	10	$	7	$	—	$	—	$	29	$	—		$	7		$	17
Current accident year losses $2 million - $5 million			18		5		25		13		15		11		23		26			39			64
Large loss prior accident year reserve development			13		12		—		(1)		(7)		10		25		3			2			2
Total large losses incurred			$	41	$	36	$	35	$	19	$	8	$	21	$	77	$	29		$	48		$	83
Losses incurred but not reported			37		74		22		33		31		22		111		53			86			108
Other losses excluding catastrophe losses			257		254		245		256		256		231		511		487			743			988
Catastrophe losses			186		405		(4)		178		129		50		591		179			357			353
Total losses incurred			$	521	$	769	$	298	$	486	$	424	$	324	$	1,290	$	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			31		46		28		12		17		30		77		47			59			87
Other losses excluding catastrophe losses			42		24		46		55		51		37		66		88			143			189
Catastrophe losses			3		—		2		2		3		1		3		4			6			8
Total losses incurred			$	76	$	70	$	76	$	71	$	73	$	68	$	146	$	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 Second-Quarter 2025 Supplemental Financial Data


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			0.6	%	1.2	%	0.8	%	0.9	%	1.5	%	—	%	0.9	%	0.8	%		0.8	%		0.8	%
Current accident year losses $2 million - $5 million			1.7		0.9		1.5		2.3		1.4		1.1		1.3		1.2			1.6			1.6
Large loss prior accident year reserve development			1.1		2.4		0.9		0.8		0.7		1.1		1.8		0.9			0.9			0.9
Total large loss ratio			3.4	%	4.5	%	3.2	%	4.0	%	3.6	%	2.2	%	4.0	%	2.9	%		3.3	%		3.3	%
Losses incurred but not reported			8.9		12.3		8.0		8.4		8.0		12.6		10.5		10.2			9.6			9.1
Other losses excluding catastrophe losses			30.9		30.4		28.7		32.0		35.6		34.0		30.6		34.9			33.8			32.5
Catastrophe losses			11.7		24.6		3.6		12.7		11.0		5.6		18.0		8.3			9.9			8.2
Total loss ratio			54.9	%	71.8	%	43.5	%	57.1	%	58.2	%	54.4	%	63.1	%	56.3	%		56.6	%		53.1	%
Commercial Lines
Current accident year losses greater than $5 million			0.5	%	0.6	%	0.8	%	1.0	%	2.8	%	—	%	0.5	%	1.4	%		1.3	%		1.1	%
Current accident year losses $2 million - $5 million			1.8		1.2		1.0		3.2		1.0		1.0		1.5		1.0			1.7			1.5
Large loss prior accident year reserve development			1.2		3.8		1.6		1.7		2.0		1.1		2.5		1.6			1.6			1.7
Total large loss ratio			3.5	%	5.6	%	3.4	%	5.9	%	5.8	%	2.1	%	4.5	%	4.0	%		4.6	%		4.3	%
Losses incurred but not reported			8.7		13.9		9.1		10.3		8.3		14.4		11.3		11.3			11.0			10.5
Other losses excluding catastrophe losses			31.6		26.8		28.2		29.7		34.6		34.0		29.3		34.3			32.8			31.5
Catastrophe losses			6.8		3.4		0.7		5.1		9.1		6.0		5.1		7.6			6.7			5.2
Total loss ratio			50.6	%	49.7	%	41.4	%	51.0	%	57.8	%	56.5	%	50.2	%	57.2	%		55.1	%		51.5	%
Personal Lines
Current accident year losses greater than $5 million			1.3	%	2.8	%	1.4	%	1.1	%	—	%	—	%	2.0	%	—	%		0.4	%		0.7	%
Current accident year losses $2 million - $5 million			2.2		0.7		3.4		2.0		2.4		1.8		1.5		2.1			2.1			2.4
Large loss prior accident year reserve development			1.5		1.8		—		(0.2)		(1.1)		1.8		1.6		0.3			0.1			0.1
Total large loss ratio			5.0	%	5.3	%	4.8	%	2.9	%	1.3	%	3.6	%	5.1	%	2.4	%		2.6	%		3.2	%
Losses incurred but not reported			4.7		10.5		3.0		5.0		4.8		3.8		7.4		4.3			4.6			4.1
Other losses excluding catastrophe losses			32.0		36.4		33.7		37.6		40.5		39.4		34.1		39.9			39.0			37.6
Catastrophe losses			23.1		57.9		(0.4)		26.2		20.5		8.4		39.3		14.7			18.8			13.5
Total loss ratio			64.8	%	110.1	%	41.1	%	71.7	%	67.1	%	55.2	%	85.9	%	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			18.1		28.1		16.9		7.1		11.6		21.6		23.0		16.4			13.2			14.2
Other losses excluding catastrophe losses			24.4		14.8		27.2		35.4		33.8		26.8		19.7		30.4			32.1			30.8
Catastrophe losses			1.3		0.2		1.0		1.5		1.9		0.5		0.8		1.2			1.3			1.2
Total loss ratio			43.8	%	43.1	%	45.1	%	45.3	%	48.6	%	48.9	%	43.5	%	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 Second-Quarter 2025 Supplemental Financial Data


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			2	3	1	3	5	—	5	5		8		10
Current accident year reported losses $2 million - $5 million			14	7	14	18	11	8	21	19		37		49
Prior accident year reported losses on large losses			13	15	11	6	9	7	28	16		22		33
Non-Catastrophe reported losses on large losses total			29	25	26	27	25	15	54	40		67		92
Commercial Lines
Current accident year reported losses greater than $5 million			1	1	—	2	5	—	2	5		7		8
Current accident year reported losses $2 million - $5 million			7	5	7	12	4	4	12	8		20		26
Prior accident year reported losses on large losses			10	11	11	6	9	4	21	13		19		30
Non-Catastrophe reported losses on large losses total			18	17	18	20	18	8	35	26		46		64
Personal Lines
Current accident year reported losses greater than $5 million			1	2	1	1	—	—	3	—		1		2
Current accident year reported losses $2 million - $5 million			7	2	7	5	6	4	9	10		15		21
Prior accident year reported losses on large losses			3	4	—	—	—	3	7	3		3		3
Non-Catastrophe reported losses on large losses total			11	8	8	6	6	7	19	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 Second-Quarter 2025 Supplemental Financial Data


Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/25	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			$	428		$	443		$	385		$	364		$	391		$	417		$	871		$	808			$	1,172			$	1,557
Year over year change %- written premium			9		%	6		%	7		%	10		%	3		%	3		%	8		%	3		%		5		%		6		%
Earned premiums			$	402		$	387		$	390		$	381		$	372		$	365		$	789		$	737			$	1,118			$	1,508
Current accident year before catastrophe losses			72.3		%	72.8		%	72.9		%	74.1		%	69.6		%	73.6		%	72.6		%	71.6		%		72.5		%		72.6		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(0.4)			(0.3)			(0.3)			(0.4)			7.6			0.1			(0.4)			3.9				2.4				1.7
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			71.9		%	72.5		%	72.6		%	73.7		%	77.2		%	73.7		%	72.2		%	75.5		%		74.9		%		74.3		%
Commercial property:
Net written premiums			$	428		$	411		$	383		$	389		$	392		$	362		$	839		$	754			$	1,143			$	1,526
Year over year change %- written premium			9		%	14		%	13		%	13		%	17		%	15		%	11		%	16		%		15		%		15		%
Earned premiums			$	399		$	389		$	373		$	361		$	348		$	336		$	787		$	684			$	1,045			$	1,418
Current accident year before catastrophe losses			40.2		%	43.5		%	22.3		%	40.9		%	45.7		%	48.5		%	41.8		%	47.0		%		44.9		%		39.0		%
Current accident year catastrophe losses			21.5			13.3			7.7			16.7			28.9			21.3			17.5			25.2				22.3				18.4
Prior accident years before catastrophe losses			(9.5)			(5.3)			3.2			(7.8)			(3.9)			(4.2)			(7.4)			(4.0)				(5.4)				(3.1)
Prior accident years catastrophe losses			(0.6)			(3.6)			(2.6)			(1.3)			(2.1)			(2.5)			(2.1)			(2.3)				(1.9)				(2.1)
Total loss and loss expense ratio			51.6		%	47.9		%	30.6		%	48.5		%	68.6		%	63.1		%	49.8		%	65.9		%		59.9		%		52.2		%
Commercial auto:
Net written premiums			$	271		$	283		$	223		$	223		$	248		$	259		$	555		$	506			$	730			$	953
Year over year change %- written premium			9		%	9		%	8		%	12		%	6		%	8		%	10		%	7		%		9		%		9		%
Earned premiums			$	247		$	241		$	237		$	231		$	228		$	220		$	489		$	448			$	679			$	916
Current accident year before catastrophe losses			65.0		%	68.6		%	65.5		%	66.7		%	67.9		%	70.0		%	66.8		%	68.9		%		68.2		%		67.5		%
Current accident year catastrophe losses			0.8			1.8			(3.3)			2.2			4.4			1.6			1.3			3.0				2.7				1.2
Prior accident years before catastrophe losses			7.2			2.9			2.4			0.2			(3.8)			(0.8)			5.1			(2.4)				(1.5)				(0.5)
Prior accident years catastrophe losses			(0.1)			(0.1)			(0.2)			—			—			(0.1)			(0.1)			—				—				(0.1)
Total loss and loss expense ratio			72.9		%	73.2		%	64.4		%	69.1		%	68.5		%	70.7		%	73.1		%	69.5		%		69.4		%		68.1		%
Workers' compensation:
Net written premiums			$	57		$	79		$	54		$	56		$	55		$	79		$	135		$	134			$	190			$	244
Year over year change %- written premium			4		%	—		%	(5)		%	(2)		%	(15)		%	(4)		%	1		%	(9)		%		(6)		%		(6)		%
Earned premiums			$	60		$	61		$	60		$	61		$	59		$	61		$	121		$	120			$	182			$	242
Current accident year before catastrophe losses			97.0		%	95.5		%	87.9		%	88.2		%	86.5		%	91.5		%	96.2		%	89.0		%		88.8		%		88.5		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(27.8)			(18.6)			(44.4)			(26.7)			(46.9)			(19.3)			(23.1)			(32.9)				(30.8)				(34.2)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			69.2		%	76.9		%	43.5		%	61.5		%	39.6		%	72.2		%	73.1		%	56.1		%		58.0		%		54.3		%
Other commercial:
Net written premiums			$	106		$	109		$	98		$	106		$	100		$	106		$	215		$	207			$	312			$	410
Year over year change %- written premium			6		%	3		%	1		%	8		%	5		%	6		%	4		%	6		%		6		%		5		%
Earned premiums			$	104		$	101		$	100		$	103		$	100		$	100		$	205		$	200			$	302			$	402
Current accident year before catastrophe losses			50.5		%	45.8		%	47.9		%	50.5		%	40.7		%	40.5		%	48.2		%	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				0.1				0.1
Prior accident years before catastrophe losses			(1.5)			(2.2)			—			0.4			0.2			(2.8)			(1.8)			(1.3)				(0.6)				(0.5)
Prior accident years catastrophe losses			0.1			—			—			(0.1)			0.1			0.1			—			0.1				—				—
Total loss and loss expense ratio			49.2		%	43.7		%	48.0		%	50.9		%	41.0		%	37.9		%	46.5		%	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 Second-Quarter 2025 Supplemental Financial Data


Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/25	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			$	333		$	266		$	270		$	296		$	283		$	216		$	599		$	499			$	795			$	1,065
Year over year change %- written premium			18		%	23		%	30		%	30		%	33		%	33		%	20		%	33		%		32		%		32		%
Earned premiums			$	285		$	271		$	258		$	242		$	224		$	208		$	556		$	432			$	674			$	932
Current accident year before catastrophe losses			67.8		%	71.2		%	70.0		%	68.7		%	73.3		%	73.8		%	69.5		%	73.5		%		71.8		%		71.3		%
Current accident year catastrophe losses			3.2			3.0			(3.6)			6.6			3.6			3.4			3.1			3.5				4.6				2.3
Prior accident years before catastrophe losses			—			(0.8)			4.0			1.5			5.3			(1.9)			(0.4)			1.9				1.7				2.4
Prior accident years catastrophe losses			—			(0.3)			—			—			(0.1)			(0.7)			(0.2)			(0.4)				(0.2)				(0.2)
Total loss and loss expense ratio			71.0		%	73.1		%	70.4		%	76.8		%	82.1		%	74.6		%	72.0		%	78.5		%		77.9		%		75.8		%
Homeowner:
Net written premiums			$	532		$	320		$	394		$	442		$	433		$	303		$	852		$	736			$	1,178			$	1,572
Year over year change %- written premium			23		%	6		%	32		%	30		%	31		%	36		%	16		%	33		%		32		%		32		%
Earned premiums			$	425		$	338		$	379		$	352		$	326		$	303		$	763		$	629			$	981			$	1,360
Current accident year before catastrophe losses			38.8		%	53.4		%	34.2		%	40.9		%	42.2		%	46.9		%	45.2		%	44.4		%		43.1		%		40.7		%
Current accident year catastrophe losses			44.3			122.5			2.6			47.4			38.5			21.0			79.0			30.1				36.3				26.9
Prior accident years before catastrophe losses			(3.0)			(2.0)			(1.3)			(1.4)			1.2			(2.0)			(2.6)			(0.3)				(0.7)				(0.9)
Prior accident years catastrophe losses			(3.0)			(3.5)			(3.1)			(1.7)			(1.7)			(6.3)			(3.2)			(4.0)				(3.1)				(3.1)
Total loss and loss expense ratio			77.1		%	170.4		%	32.4		%	85.2		%	80.2		%	59.6		%	118.4		%	70.2		%		75.6		%		63.6		%
Other personal:
Net written premiums			$	115		$	86		$	89		$	94		$	103		$	76		$	201		$	179			$	273			$	362
Year over year change %- written premium			12		%	13		%	20		%	18		%	18		%	21		%	12		%	19		%		18		%		19		%
Earned premiums			$	94		$	89		$	89		$	84		$	81		$	77		$	183		$	158			$	242			$	331
Current accident year before catastrophe losses			58.3		%	76.2		%	57.0		%	66.5		%	54.6		%	57.4		%	67.0		%	56.0		%		59.7		%		59.0		%
Current accident year catastrophe losses			6.8			1.1			14.0			4.1			5.3			2.3			4.0			3.8				3.9				6.6
Prior accident years before catastrophe losses			7.4			3.7			7.3			8.7			(5.8)			(2.6)			5.6			(4.3)				0.2				2.1
Prior accident years catastrophe losses			(0.1)			(0.4)			—			—			0.2			(0.3)			(0.2)			—				—				—
Total loss and loss expense ratio			72.4		%	80.6		%	78.3		%	79.3		%	54.3		%	56.8		%	76.4		%	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			$	202		$	168		$	171		$	157		$	180		$	146		$	370		$	326			$	483			$	654
Year over year change %- written premium			12		%	15		%	14		%	23		%	15		%	7		%	13		%	12		%		15		%		15		%
Earned premiums			$	174		$	162		$	168		$	157		$	151		$	139		$	336		$	290			$	447			$	615
Current accident year before catastrophe losses			64.9		%	65.6		%	63.1		%	64.2		%	64.0		%	65.7		%	65.2		%	64.8		%		64.6		%		64.2		%
Current accident year catastrophe losses			1.6			0.8			1.0			1.7			1.4			0.9			1.2			1.2				1.4				1.3
Prior accident years before catastrophe losses			(2.7)			(5.0)			2.3			2.9			1.6			(1.7)			(3.8)			—				1.0				1.4
Prior accident years catastrophe losses			(0.3)			(0.5)			0.1			(0.2)			0.5			(0.4)			(0.3)			—				—				—
Total loss and loss expense ratio			63.5		%	60.9		%	66.5		%	68.6		%	67.5		%	64.5		%	62.3		%	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 Second-Quarter 2025 Supplemental Financial Data



Consolidated Property Casualty Loss and Loss Expense Analysis

(Dollars in millions)							Change in		Change in		Change in		Total						Loss
	Paid		Paid loss		Total		case		IBNR		loss expense		change in		Case		IBNR		expense		Total
	losses		expense		paid		reserves		reserves		reserves		reserves		incurred		incurred		incurred		incurred
Gross loss and loss expense incurred for the six months ended June 30, 2025
Commercial casualty	$	268	$	108	$	376	$	36	$	130	$	32	$	198	$	304	$	130	$	140	$	574
Commercial property	305		38		343		(27)		69		6		48		278		69		44		391
Commercial auto	235		46		281		1		63		11		75		236		63		57		356
Workers' compensation	61		15		76		(15)		17		12		14		46		17		27		90
Other commercial	49		11		60		1		17		23		41		50		17		34		101
Total commercial lines	918		218		1,136		(4)		296		84		376		914		296		302		1,512

Personal auto	279		61		340		9		41		12		62		288		41		73		402
Homeowners	913		60		973		140		187		14		341		1,053		187		74		1,314
Other personal	100		6		106		14		39		1		54		114		39		7		160
Total personal lines	1,292		127		1,419		163		267		27		457		1,455		267		154		1,876

Excess & surplus lines	84		35		119		(12)		79		29		96		72		79		64		215
Other	234		12		246		44		92		(1)		135		278		92		11		381
Total property casualty	$	2,528	$	392	$	2,920	$	191	$	734	$	139	$	1,064	$	2,719	$	734	$	531	$	3,984

Ceded loss and loss expense incurred for the six months ended June 30, 2025
Commercial casualty	$	—	$	—	$	—	$	7	$	(2)	$	—	$	5	$	7	$	(2)	$	—	$	5
Commercial property	11		—		11		(18)		6		—		(12)		(7)		6		—		(1)
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	3		—		3		(1)		—		—		(1)		2		—		—		2
Other commercial	7		—		7		(3)		—		—		(3)		4		—		—		4
Total commercial lines	21		—		21		(15)		4		—		(11)		6		4		—		10

Personal auto	1		—		1		1		—		—		1		2		—		—		2
Homeowners	229		—		229		79		102		—		181		308		102		—		410
Other personal	7		—		7		10		3		—		13		17		3		—		20
Total personal lines	237		—		237		90		105		—		195		327		105		—		432

Excess & surplus lines	6		—		6		(1)		1		—		—		5		1		—		6
Other	11		—		11		(1)		52		—		51		10		52		—		62
Total property casualty	$	275	$	—	$	275	$	73	$	162	$	—	$	235	$	348	$	162	$	—	$	510

Net loss and loss expense incurred for the six months ended June 30, 2025
Commercial casualty	$	268	$	108	$	376	$	29	$	132	$	32	$	193	$	297	$	132	$	140	$	569
Commercial property	294		38		332		(9)		63		6		60		285		63		44		392
Commercial auto	235		46		281		1		63		11		75		236		63		57		356
Workers' compensation	58		15		73		(14)		17		12		15		44		17		27		88
Other commercial	42		11		53		4		17		23		44		46		17		34		97
Total commercial lines	897		218		1,115		11		292		84		387		908		292		302		1,502

Personal auto	278		61		339		8		41		12		61		286		41		73		400
Homeowners	684		60		744		61		85		14		160		745		85		74		904
Other personal	93		6		99		4		36		1		41		97		36		7		140
Total personal lines	1,055		127		1,182		73		162		27		262		1,128		162		154		1,444

Excess & surplus lines	78		35		113		(11)		78		29		96		67		78		64		209
Other	223		12		235		45		40		(1)		84		268		40		11		319
Total property casualty	$	2,253	$	392	$	2,645	$	118	$	572	$	139	$	829	$	2,371	$	572	$	531	$	3,474

*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 Second-Quarter 2025 Supplemental Financial Data


Consolidated Property Casualty Loss and Loss Expense Analysis


(Dollars in millions)							Change in		Change in		Change in		Total						Loss
	Paid		Paid loss		Total		case		IBNR		loss expense		change in		Case		IBNR		expense		Total
	losses		expense		paid		reserves		reserves		reserves		reserves		incurred		incurred		incurred		incurred
Gross loss and loss expense incurred for the three months ended June 30, 2025
Commercial casualty	$	156	$	55	$	211	$	19	$	51	$	18	$	88	$	175	$	51	$	73	$	299
Commercial property	170		18		188		7		2		4		13		177		2		22		201
Commercial auto	118		23		141		6		28		4		38		124		28		27		179
Workers' compensation	31		8		39		(7)		9		2		4		24		9		10		43
Other commercial	26		6		32		1		5		16		22		27		5		22		54
Total commercial lines	501		110		611		26		95		44		165		527		95		154		776

Personal auto	142		30		172		5		19		6		30		147		19		36		202
Homeowners	287		30		317		13		(20)		8		1		300		(20)		38		318
Other personal	59		3		62		3		15		—		18		62		15		3		80
Total personal lines	488		63		551		21		14		14		49		509		14		77		600

Excess & surplus lines	43		17		60		—		33		18		51		43		33		35		111
Other	77		7		84		14		15		(1)		28		91		15		6		112
Total property casualty	$	1,109	$	197	$	1,306	$	61	$	157	$	75	$	293	$	1,170	$	157	$	272	$	1,599

Ceded loss and loss expense incurred for the three months ended June 30, 2025
Commercial casualty	$	—	$	—	$	—	$	11	$	(1)	$	—	$	10	$	11	$	(1)	$	—	$	10
Commercial property	2		—		2		(4)		(3)		—		(7)		(2)		(3)		—		(5)
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	3		—		3		(2)		—		—		(2)		1		—		—		1
Other commercial	3		—		3		—		—		—		—		3		—		—		3
Total commercial lines	8		—		8		5		(4)		—		1		13		(4)		—		9

Personal auto	1		—		1		—		—		—		—		1		—		—		1
Homeowners	36		—		36		(30)		(17)		—		(47)		6		(17)		—		(11)
Other personal	5		—		5		8		(1)		—		7		13		(1)		—		12
Total personal lines	42		—		42		(22)		(18)		—		(40)		20		(18)		—		2

Excess & surplus lines	5		—		5		(5)		1		—		(4)		—		1		—		1
Other	5		—		5		—		(5)		—		(5)		5		(5)		—		—
Total property casualty	$	60	$	—	$	60	$	(22)	$	(26)	$	—	$	(48)	$	38	$	(26)	$	—	$	12

Net loss and loss expense incurred for the three months ended June 30, 2025
Commercial casualty	$	156	$	55	$	211	$	8	$	52	$	18	$	78	$	164	$	52	$	73	$	289
Commercial property	168		18		186		11		5		4		20		179		5		22		206
Commercial auto	118		23		141		6		28		4		38		124		28		27		179
Workers' compensation	28		8		36		(5)		9		2		6		23		9		10		42
Other commercial	23		6		29		1		5		16		22		24		5		22		51
Total commercial lines	493		110		603		21		99		44		164		514		99		154		767

Personal auto	141		30		171		5		19		6		30		146		19		36		201
Homeowners	251		30		281		43		(3)		8		48		294		(3)		38		329
Other personal	54		3		57		(5)		16		—		11		49		16		3		68
Total personal lines	446		63		509		43		32		14		89		489		32		77		598

Excess & surplus lines	38		17		55		5		32		18		55		43		32		35		110
Other	72		7		79		14		20		(1)		33		86		20		6		112
Total property casualty	$	1,049	$	197	$	1,246	$	83	$	183	$	75	$	341	$	1,132	$	183	$	272	$	1,587

*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 Second-Quarter 2025 Supplemental Financial Data



Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/25	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			$	2,135		$	1,912		$	1,759		$	1,795		$	1,843		$	1,683		$	4,047		$	3,526			$	5,321			$	7,080
Agency new business written premiums			404			383			382			406			407			346			787			753				1,159				1,541

Other written premiums			194			200			102			92			209			219			394			428				520				622
Net written premiums			$	2,733		$	2,495		$	2,243		$	2,293		$	2,459		$	2,248		$	5,228		$	4,707			$	7,000			$	9,243
Unearned premium change			(336)			(231)			41			(76)			(384)			(256)			(567)			(640)				(716)				(675)
Earned premiums			$	2,397		$	2,264		$	2,284		$	2,217		$	2,075		$	1,992		$	4,661		$	4,067			$	6,284			$	8,568
Year over year change %
Agency renewal written premiums			16		%	14		%	15		%	16		%	12		%	10		%	15		%	11		%		13		%		13		%
Agency new business written premiums			(1)			11			23			30			34			38			5			36				34				31

Other written premiums			(7)			(9)			34			(3)			2			(6)			(8)			(2)				(2)				2
Net written premiums			11			11			17			17			14			11			11			13				14				15
Paid losses and loss expenses
Losses paid			$	1,049		$	1,203		$	978		$	946		$	893		$	861		$	2,253		$	1,755			$	2,701			$	3,680
Loss expenses paid			197			196			185			168			174			176			392			349				517				701
Loss and loss expenses paid			$	1,246		$	1,399		$	1,163		$	1,114		$	1,067		$	1,037		$	2,645		$	2,104			$	3,218			$	4,381
Incurred losses and loss expenses
Loss and loss expense incurred			$	1,587		$	1,887		$	1,255		$	1,499		$	1,412		$	1,270		$	3,474		$	2,682			$	4,181			$	5,436
Loss and loss expenses paid as a % of incurred			78.5		%	74.1		%	92.7		%	74.3		%	75.6		%	81.7		%	76.1		%	78.4		%		77.0		%		80.6		%
Statutory combined ratio
Loss ratio			55.4		%	72.4		%	43.2		%	58.3		%	59.1		%	55.2		%	63.6		%	57.2		%		57.6		%		53.8		%
Loss adjustment expense ratio			11.6			11.7			11.8			11.0			10.1			9.6			11.7			9.8				10.2				10.6
Net underwriting expense ratio			26.4			28.2			30.2			28.5			27.7			27.5			27.3			27.6				27.9				28.5
US Statutory combined ratio			93.4		%	112.3		%	85.2		%	97.8		%	96.9		%	92.3		%	102.6		%	94.6		%		95.7		%		92.9		%
Contribution from catastrophe losses			11.9			25.2			2.8			13.4			11.6			6.1			18.4			8.9				10.5				8.4
Statutory combined ratio excl. catastrophe losses			81.5		%	87.1		%	82.4		%	84.4		%	85.3		%	86.2		%	84.2		%	85.7		%		85.2		%		84.5		%
GAAP combined ratio
GAAP combined ratio			94.9		%	113.3		%	84.7		%	97.4		%	98.5		%	93.6		%	103.8		%	96.1		%		96.5		%		93.4		%
Contribution from catastrophe losses			12.2			25.0			4.0			13.0			11.2			5.9			18.4			8.6				10.1				8.5
GAAP combined ratio excl. catastrophe losses			82.7		%	88.3		%	80.7		%	84.4		%	87.3		%	87.7		%	85.4		%	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 Second-Quarter 2025 Supplemental Financial Data



Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/25	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			$	1,116		$	1,152		$	1,001		$	987		$	1,023		$	1,076		$	2,268		$	2,099			$	3,086			$	4,087
Agency new business written premiums			200			203			179			187			193			182			403			375				562				741
Other written premiums			(26)			(30)			(37)			(36)			(30)			(35)			(56)			(65)				(101)				(138)
Net written premiums			$	1,290		$	1,325		$	1,143		$	1,138		$	1,186		$	1,223		$	2,615		$	2,409			$	3,547			$	4,690
Unearned premium change			(78)			(146)			17			(1)			(79)			(141)			(224)			(220)				(221)				(204)
Earned premiums			$	1,212		$	1,179		$	1,160		$	1,137		$	1,107		$	1,082		$	2,391		$	2,189			$	3,326			$	4,486
Year over year change %
Agency renewal written premiums			9		%	7		%	7		%	8		%	4		%	3		%	8		%	4		%		5		%		5		%
Agency new business written premiums			4			12			17			26			30			36			7			33				30				27
Other written premiums			13			14			(28)			(9)			(7)			(3)			14			(5)				(6)				(11)
Net written premiums			9			8			8			11			7			7			9			7				8				8
Paid losses and loss expenses
Losses paid			$	493		$	403		$	481		$	500		$	460		$	479		$	897		$	941			$	1,440			$	1,922
Loss expenses paid			110			109			104			102			103			106			218			207				311				413
Loss and loss expenses paid			$	603		$	512		$	585		$	602		$	563		$	585		$	1,115		$	1,148			$	1,751			$	2,335
Incurred losses and loss expenses
Loss and loss expense incurred			$	767		$	735		$	624		$	706		$	746		$	719		$	1,502		$	1,465			$	2,171			$	2,795
Loss and loss expenses paid as a % of incurred			78.6		%	69.7		%	93.8		%	85.3		%	75.5		%	81.4		%	74.2		%	78.4		%		80.7		%		83.5		%
Statutory combined ratio
Loss ratio			50.7		%	49.7		%	41.4		%	51.0		%	57.8		%	56.5		%	50.2		%	57.2		%		55.1		%		51.5		%
Loss adjustment expense ratio			12.7			12.6			12.4			11.1			9.6			9.9			12.6			9.7				10.2				10.8
Net underwriting expense ratio			28.3			26.9			31.4			31.2			29.9			27.4			27.6			28.7				29.4				29.9
Statutory combined ratio			91.7		%	89.2		%	85.2		%	93.3		%	97.3		%	93.8		%	90.4		%	95.6		%		94.7		%		92.2		%
Contribution from catastrophe losses			7.0			3.6			0.9			5.4			9.3			6.2			5.4			7.8				6.9				5.4
Statutory combined ratio excl. catastrophe losses			84.7		%	85.6		%	84.3		%	87.9		%	88.0		%	87.6		%	85.0		%	87.8		%		87.8		%		86.8		%
GAAP combined ratio
GAAP combined ratio			92.9		%	91.9		%	84.5		%	93.0		%	99.1		%	96.5		%	92.4		%	97.9		%		96.2		%		93.2		%
Contribution from catastrophe losses			7.0			3.6			0.9			5.4			9.3			6.2			5.4			7.8				6.9				5.4
GAAP combined ratio excl. catastrophe losses			85.9		%	88.3		%	83.6		%	87.6		%	89.8		%	90.3		%	87.0		%	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 Second-Quarter 2025 Supplemental Financial Data



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/25	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			$	866		$	634		$	625		$	695		$	681		$	494		$	1,500		$	1,175			$	1,870			$	2,495
Agency new business written premiums			141			127			154			165			163			122			268			285				450				604
Other written premiums			(27)			(89)			(26)			(28)			(25)			(21)			(116)			(46)				(74)				(100)
Net written premiums			$	980		$	672		$	753		$	832		$	819		$	595		$	1,652		$	1,414			$	2,246			$	2,999
Unearned premium change			(176)			26			(27)			(154)			(188)			(7)			(150)			(195)				(349)				(376)
Earned premiums			$	804		$	698		$	726		$	678		$	631		$	588		$	1,502		$	1,219			$	1,897			$	2,623
Year over year change %
Agency renewal written premiums			27		%	28		%	29		%	28		%	26		%	27		%	28		%	26		%		27		%		27		%
Agency new business written premiums			(13)			4			41			35			54			54			(6)			54				47				45
Other written premiums			(8)			(324)			(63)			(56)			(39)			(11)			(152)			(24)				(35)				(41)
Net written premiums			20			13			30			29			30			33			17			31				30				30
Paid losses and loss expenses
Losses paid			$	446		$	609		$	388		$	355		$	335		$	282		$	1,055		$	618			$	973			$	1,361
Loss expenses paid			63			64			56			46			51			51			127			102				148				204
Loss and loss expenses paid			$	509		$	673		$	444		$	401		$	386		$	333		$	1,182		$	720			$	1,121			$	1,565
Incurred losses and loss expenses
Loss and loss expense incurred			$	598		$	846		$	374		$	553		$	489		$	379		$	1,444		$	868			$	1,421			$	1,795
Loss and loss expenses paid as a % of incurred			85.1		%	79.6		%	118.7		%	72.5		%	78.9		%	87.9		%	81.9		%	82.9		%		78.9		%		87.2		%
Statutory combined ratio
Loss ratio			64.8		%	110.1		%	41.1		%	71.7		%	67.1		%	55.2		%	85.9		%	61.3		%		65.0		%		58.4		%
Loss adjustment expense ratio			9.6			11.0			10.4			9.8			10.5			9.3			10.3			9.9				9.9				10.0
Net underwriting expense ratio			24.7			31.2			28.5			25.8			25.2			29.6			27.3			27.1				26.6				27.1
Statutory combined ratio			99.1		%	152.3		%	80.0		%	107.3		%	102.8		%	94.1		%	123.5		%	98.3		%		101.5		%		95.5		%
Contribution from catastrophe losses			23.8			58.7			0.2			26.6			20.9			8.8			40.0			15.0				19.2				13.9
Statutory combined ratio excl. catastrophe losses			75.3		%	93.6		%	79.8		%	80.7		%	81.9		%	85.3		%	83.5		%	83.3		%		82.3		%		81.6		%
GAAP combined ratio
GAAP combined ratio			102.0		%	151.3		%	80.2		%	110.3		%	106.9		%	93.9		%	124.9		%	100.6		%		104.1		%		97.5		%
Contribution from catastrophe losses			23.8			58.7			0.2			26.6			20.9			8.8			40.0			15.0				19.2				13.9
GAAP combined ratio excl. catastrophe losses			78.2		%	92.6		%	80.0		%	83.7		%	86.0		%	85.1		%	84.9		%	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 Second-Quarter 2025 Supplemental Financial Data



Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/25	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			$	153		$	126		$	133		$	113		$	139		$	113		$	279		$	252			$	365			$	498
Agency new business written premiums			63			53			49			54			51			42			116			93				147				196
Other written premiums			(14)			(11)			(11)			(10)			(10)			(9)			(25)			(19)				(29)				(40)
Net written premiums			$	202		$	168		$	171		$	157		$	180		$	146		$	370		$	326			$	483			$	654
Unearned premium change			(28)			(6)			(3)			—			(29)			(7)			(34)			(36)				(36)				(39)
Earned premiums			$	174		$	162		$	168		$	157		$	151		$	139		$	336		$	290			$	447			$	615
Year over year change %
Agency renewal written premiums			10		%	12		%	19		%	22		%	19		%	7		%	11		%	13		%		16		%		16		%
Agency new business written premiums			24			26			2			26			6			11			25			8				14				11
Other written premiums			(40)			(22)			(10)			(25)			(11)			(13)			(32)			(12)				(16)				(14)
Net written premiums			12			15			14			23			15			7			13			12				15				15
Paid losses and loss expenses
Losses paid			$	38		$	40		$	39		$	34		$	41		$	46		$	78		$	86			$	121			$	160
Loss expenses paid			17			18			19			17			16			17			35			34				49				69
Loss and loss expenses paid			$	55		$	58		$	58		$	51		$	57		$	63		$	113		$	120			$	170			$	229
Incurred losses and loss expenses
Loss and loss expense incurred			$	110		$	99		$	112		$	107		$	102		$	90		$	209		$	192			$	299			$	411
Loss and loss expenses paid as a % of incurred			50.0		%	58.6		%	51.8		%	47.7		%	55.9		%	70.0		%	54.1		%	62.5		%		56.9		%		55.7		%
Statutory combined ratio
Loss ratio			43.8		%	43.1		%	45.1		%	45.2		%	48.6		%	48.9		%	43.4		%	48.7		%		47.5		%		46.8		%
Loss adjustment expense ratio			19.7			17.8			21.4			23.4			19.0			15.6			18.8			17.4				19.5				20.0
Net underwriting expense ratio			25.3			25.5			27.3			26.7			26.0			26.0			25.4			26.0				26.2				26.5
Statutory combined ratio			88.8		%	86.4		%	93.8		%	95.3		%	93.6		%	90.5		%	87.6		%	92.1		%		93.2		%		93.3		%
Contribution from catastrophe losses			1.3			0.3			1.1			1.5			1.9			0.5			0.9			1.2				1.4				1.3
Statutory combined ratio excl. catastrophe losses			87.5		%	86.1		%	92.7		%	93.8		%	91.7		%	90.0		%	86.7		%	90.9		%		91.8		%		92.0		%
GAAP combined ratio
GAAP combined ratio			91.1		%	88.3		%	93.1		%	95.3		%	95.4		%	91.9		%	89.8		%	93.7		%		94.3		%		94.0		%
Contribution from catastrophe losses			1.3			0.3			1.1			1.5			1.9			0.5			0.9			1.2				1.4				1.3
GAAP combined ratio excl. catastrophe losses			89.8		%	88.0		%	92.0		%	93.8		%	93.5		%	91.4		%	88.9		%	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.

CINF Second-Quarter 2025 Supplemental Financial Data


Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended June 30,							For the Six Months Ended June 30,
(Dollars in millions)	2025		2024		Change		% Change	2025		2024		Change		% Change
Underwriting income
Net premiums written	$	2,636	$	2,392	$	244	10	$	5,055	$	4,558	$	497	11
Unearned premium change	304		365		(61)		(17)	523		587		(64)		(11)
Earned premiums	$	2,332	$	2,027	$	305	15	$	4,532	$	3,971	$	561	14

Losses incurred	$	1,291	$	1,199	$	92	8	$	2,883	$	2,272	$	611	27
Defense and cost containment expenses incurred	139		93		46		49	265		172		93		54
Adjusting and other expenses incurred	131		110		21		19	263		216		47		22
Other underwriting expenses incurred	696		662		34		5	1,377		1,256		121		10
Workers compensation dividend incurred	1		1		—		—	2		3		(1)		(33)
Total underwriting deductions	$	2,258	$	2,065	$	193	9	$	4,790	$	3,919	$	871	22

Net underwriting profit (loss)	$	74	$	(38)	$	112	nm	$	(258)	$	52	$	(310)	nm

Investment income
Gross investment income earned	$	195	$	156	$	39	25	$	379	$	314	$	65	21
Net investment income earned	193		154		39		25	374		310		64		21
Net realized capital gains and losses, net	(7)		11		(18)		nm	(7)		48		(55)		nm
Net investment gains (net of tax)	$	186	$	165	$	21	13	$	367	$	358	$	9	3

Other income	$	1	$	1	$	—	—	$	3	$	3	$	—	—

Net income before federal income taxes	$	261	$	128	$	133	104	$	112	$	413	$	(301)	(73)
Federal and foreign income taxes incurred	49		31		18		58	(13)		59		(72)		nm
Net income (statutory)	$	212	$	97	$	115	119	$	125	$	354	$	(229)	(65)

Policyholders' surplus - statutory	$	8,850	$	7,732	$	1,118	14	$	8,850	$	7,732	$	1,118	14

Fixed maturities at amortized cost - statutory	$	13,037	$	10,703	$	2,334	22	$	13,037	$	10,703	$	2,334	22
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2025 Supplemental Financial Data


The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended June 30,							For the Six Months Ended June 30,
(Dollars in millions)	2025		2024		Change		% Change	2025		2024		Change		% Change
Net premiums written	$	93	$	94	$	(1)	(1)	$	172	$	179	$	(7)	(4)
Net investment income	50		47		3		6	100		94		6		6

Commissions and expense allowances on reinsurance ceded	1		1		—		—	2		2		—		—
Income from fees associated with separate accounts	2		2		—		—	3		3		—		—
Total revenues	$	146	$	144	$	2	1	$	277	$	278	$	(1)	—

Death benefits and matured endowments	$	40	$	42	$	(2)	(5)	$	96	$	85	$	11	13
Annuity benefits	20		28		(8)		(29)	43		68		(25)		(37)
Disability benefits and benefits under accident and health contracts	1		1		—		—	1		1		—		—
Surrender benefits and group conversions	10		9		1		11	20		17		3		18
Interest and adjustments on deposit-type contract funds	2		—		2		nm	4		2		2		100
Increase in aggregate reserves for life and accident and health contracts	2		(5)		7		nm	(7)		(17)		10		59
Total benefit expenses	$	75	$	75	$	—	—	$	157	$	156	$	1	1

Commissions	$	12	$	13	$	(1)	(8)	$	24	$	25	$	(1)	(4)
General insurance expenses and taxes	16		16		—		—	31		30		1		3
Increase in loading on deferred and uncollected premiums	(1)		(1)		—		—	2		—		2		nm
Net transfers from separate accounts	—		(3)		3		100	(8)		(3)		(5)		167

Total underwriting expenses	$	27	$	25	$	2	8	$	49	$	52	$	(3)	(6)

Federal and foreign income taxes incurred	11		11		—		—	17		17		—		—

Net gain from operations before capital gains and losses	$	33	$	33	$	—	—	$	54	$	53	$	1	2

Gains and losses net of capital gains tax, net	(5)		(7)		2		29	(6)		(9)		3		33

Net income (statutory)	$	28	$	26	$	2	8	$	48	$	44	$	4	9

Policyholders' surplus - statutory	$	556	$	460	$	96	21	$	556	$	460	$	96	21

Fixed maturities at amortized cost - statutory	$	3,854	$	3,878	$	(24)	(1)	$	3,854	$	3,878	$	(24)	(1)
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2025 Supplemental Financial Data



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			$	164		$	255		$	99		$	89		$	207		$	202		$	418		$	409			$	498			$	597
Year over year change %- written premium			(21)		%	26		%	50		%	5		%	17		%	(12)		%	2		%	—		%		1		%		7		%
Earned premiums			$	142		$	161		$	162		$	138		$	138		$	135		$	303		$	273			$	411			$	573
Current accident year before catastrophe losses			56.2		%	46.6		%	37.6		%	52.5		%	49.6		%	63.0		%	51.1		%	56.3		%		55.0		%		50.0		%
Current accident year catastrophe losses			(0.6)			66.3			29.1			30.2			2.4			—			34.9			1.2				11.0				16.1
Prior accident years before catastrophe losses			5.7			(4.5)			0.7			(10.1)			(0.8)			(10.4)			0.3			(5.6)				(7.1)				(4.9)
Prior accident years catastrophe losses			(1.2)			(2.4)			—			(2.5)			(4.7)			—			(1.8)			(2.4)				(2.4)				(1.7)
Total loss and loss expense ratio			60.1		%	106.0		%	67.4		%	70.1		%	46.5		%	52.6		%	84.5		%	49.5		%		56.5		%		59.5		%

Cincinnati Global:
Net written premiums			$	97		$	75		$	77		$	77		$	67		$	82		$	173		$	149			$	226			$	303
Year over year change %- written premium			45		%	(9)		%	18		%	12		%	(18)		%	28		%	16		%	2		%		5		%		8		%
Earned premiums			$	65		$	64		$	68		$	107		$	48		$	48		$	129		$	96			$	203			$	271
Current accident year before catastrophe losses			41.8		%	39.3		%	20.6		%	31.6		%	47.9		%	48.2		%	40.6		%	48.1		%		39.4		%		34.7		%
Current accident year catastrophe losses			3.7			31.4			47.1			9.6			—			—			17.4			—				5.0				15.6
Prior accident years before catastrophe losses			(22.4)			(0.2)			(10.4)			(3.8)			(21.2)			(19.7)			(11.4)			(20.4)				(11.7)				(11.4)
Prior accident years catastrophe losses			17.3			(13.9)			(3.4)			(3.6)			(4.4)			(5.9)			1.8			(5.2)				(4.3)				(4.1)
Total loss and loss expense ratio			40.4		%	56.6		%	53.9		%	33.8		%	22.3		%	22.6		%	48.4		%	22.5		%		28.4		%		34.8		%

Noninsurance operations:
Interest and fees on loans and leases			$	2		$	3		$	2		$	3		$	2		$	2		$	5		$	4			$	7			$	9
Other revenue			3			1			3			—			2			1			4			3				3				6
Interest expense			14			13			13			13			14			13			27			27				40				53
Operating expenses			10			11			13			6			9			4			21			13				19				32
Total noninsurance operations loss			$	(19)		$	(20)		$	(21)		$	(16)		$	(19)		$	(14)		$	(39)		$	(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.

CINF Second-Quarter 2025 Supplemental Financial Data


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)


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


			CINCINNATI FINANCIAL CORPORATION



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