8-K - CINF - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report: February 6, 2023

(Date of earliest event reported)

CINCINNATI FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Ohio	0-4604		31-0746871
(State or other jurisdiction <br>of incorporation)	(Commission <br>File Number)		(I.R.S. Employer <br>Identification No.)
6200 S. Gilmore Road	Fairfield,	Ohio	45014‑5141
(Address of principal executive offices)			(Zip Code)

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

N/A

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

Securities registered pursuant to Section 12(b) of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon stockCINFNasdaq Global Select Market

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

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

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

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

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

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

☐ Emerging growth company

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

Item 2.02 Results of Operations and Financial Condition.

On February 6, 2023, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2022 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On February 6, 2023, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference. This report should not be deemed an admission as to the materiality of any information contained in the news release or supplemental financial data.

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

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 – News release dated Februar y 6, 2023 , “Cincinnati Financial Reports Fourth-Quarter and Full-Year 202 2 Results”

Exhibit 99.2 – Supplemental Financial Data for the Period Ending December 31, 202 2 distributed February 6, 2023

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

Signature

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

	CINCINNATI FINANCIAL CORPORATION
Date: February 6, 2023	/S/Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Senior Vice President and Treasurer<br>(Principal Accounting Officer)

Document

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

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

CINF-IR@cinfin.com

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

Media_Inquiries@cinfin.com

Cincinnati Financial Reports Fourth-Quarter and Full-Year 2022 Results

Cincinnati, February 6, 2023 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Fourth-quarter 2022 net income of $1.013 billion, or $6.40 per share, compared with net income of $1.470 billion, or $9.04 per share, in the fourth quarter of 2021, after recognizing an $806 million fourth-quarter 2022 after-tax increase in the fair value of equity securities still held.

•Full-year 2022 net loss of $486 million, or $3.06 per share, compared with net income of $2.946 billion, or $18.10 per share, in 2021.

•$118 million or 37% decrease in fourth-quarter 2022 non-GAAP operating income* to $202 million, or $1.27 per share, compared with $320 million, or $1.97 per share, in the fourth quarter of last year.

•$370 million or 35% decrease in full-year 2022 non-GAAP operating income to $673 million, or $4.24 per share, down from $1.043 billion, or $6.41 per share, with after-tax property casualty underwriting profit down $467 million.

•$457 million decrease in fourth-quarter 2022 net income reflected the after-tax net effect of a $339 million decrease in net investment gains and a $129 million decrease in after-tax property casualty underwriting profit.

•$67.01 book value per share at December 31, 2022, down $14.71 or 18.0% since year-end 2021.

•Negative 14.6% value creation ratio for full-year 2022, compared with positive 25.7% for 2021.

Financial Highlights

(Dollars in millions except per share data)
	2022			2021			% Change		2022			2021			% Change
Revenue Data
Earned premiums		$	1,874		$	1,676		12		$	7,219		$	6,482		11
Investment income, net of expenses		208			186			12		781			714			9
Total revenues		3,114			3,323			(6)		6,557			9,630			(32)
Income Statement Data
Net income (loss)		$	1,013		$	1,470		(31)		$	(486)		$	2,946		nm
Investment gains and losses, after-tax		811			1,150			(29)		(1,159)			1,903			nm
Non-GAAP operating income*		$	202		$	320		(37)		$	673		$	1,043		(35)
Per Share Data (diluted)
Net income (loss)		$	6.40		$	9.04		(29)		$	(3.06)		$	18.10		nm
Investment gains and losses, after-tax		5.13			7.07			(27)		(7.30)			11.69			nm
Non-GAAP operating income*		$	1.27		$	1.97		(36)		$	4.24		$	6.41		(34)
Book value										$	67.01		$	81.72		(18)
Cash dividend declared		$	0.69		$	0.63		10		$	2.76		$	2.52		10
Diluted weighted average shares outstanding		158.2			162.5			(3)		158.8			162.7			(2)

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

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

CINF 4Q22 Release 1

Insurance Operations Highlights

•94.9% fourth-quarter 2022 property casualty combined ratio, up from 84.2% for the fourth quarter of 2021. Full-year 2022 property casualty combined ratio at 98.1%, with net written premiums up 13%.

•10% growth in fourth-quarter 2022 net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.

•$238 million fourth-quarter 2022 property casualty new business written premiums. Agencies appointed since the beginning of 2021 contributed $20 million or 8% of total fourth-quarter new business written premiums.

•$14 million of fourth-quarter 2022 life insurance subsidiary net income, up $5 million from the same period in 2021, and 2% growth in fourth-quarter 2022 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•12% or $22 million increase in fourth-quarter 2022 pretax investment income, including 7% growth for stock portfolio dividends and 11% growth for bond interest income.

•9% full-year decrease in fair value of total investments at December 31, 2022, including a 13% decrease for the stock portfolio and a 7% decrease for the bond portfolio.

•$4.177 billion parent company cash and marketable securities at year-end 2022, down 17% from a year ago.

More Than a Decade of Underwriting Profit

Steven J. Johnston, chairman and chief executive officer, commented: “Winter Storm Elliott impacted policyholders in 44 states and Washington, D.C. The timing of the storm was particularly influential as many businesses were closed and families were traveling for the holiday, delaying discovery and reporting of losses.

“It’s rare for us to experience a catastrophe of Elliott’s magnitude in the fourth quarter. Our standard property casualty and excess and surplus businesses recorded $158 million in losses from this storm, while Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM recorded $3 million in total. Catastrophe losses contributed 7.8 points to the quarter, twice as high as our fourth-quarter five-year average, pushing our fourth-quarter combined ratio to 94.9%.

“On a full-year basis, our combined ratio was 98.1%, within our long-term target of 95-100%, and marking 11 years in a row of underwriting profit.”

Diversified Growth in a Challenging Market

“For the first-time ever, new business written by our independent agents surpassed $1 billion. Strong pricing and exposure growth across our insurance business combined to support a second consecutive year of double-digit net written premium growth. While we continued to focus on pricing sophistication and segmentation to exercise underwriting discipline, full-year 2022 growth of 13% is our highest result since 2001.

“We are employing a number of strategies to maintain diversified, profitable growth, including: growing our management liability and surety book – which topped $300 million in written premiums for 2022; adding CinergySM, our small-business platform, to new states; writing excess and surplus lines homeowner policies in California and Florida; and participating in a firming property insurance market through Cincinnati Re and Cincinnati Global.”

Positive Momentum Heading into 2023

“We enter 2023 from a position of strength: our personal insurance business has recorded four consecutive years of underwriting profit; our commercial insurance business has enjoyed 11 years of underwriting profit; our excess and surplus lines company has achieved a combined ratio in the low-90s or better every year since 2012; and our life insurance company contributed record-high earnings of $66 million in 2022. While our commercial umbrella business was challenged during 2022, its five-year average combined ratio through 2022 was below 85%.

“Cash flow produced by our insurance business continues to fuel investment income as we grew pretax investment income 9% to a record-high $781 million.

“The board of directors expressed their confidence in our future by declaring a dividend increase in January. Our value creation ratio captures the dividends we pay along with changes in our book value. On a five-year average basis through 2022, we’ve achieved an 11.2% VCR – in line with our long-term target of 10-13%.”

CINF 4Q22 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2022			2021			% Change	2022			2021			% Change
Earned premiums	$	1,800		$	1,599		13	$	6,924		$	6,184		12
Fee revenues	2			2			0	10			10			0
Total revenues	1,802			1,601			13	6,934			6,194			12
Loss and loss expenses	1,172			855			37	4,716			3,596			31
Underwriting expenses	537			490			10	2,078			1,867			11
Underwriting profit	$	93		$	256		(64)	$	140		$	731		(81)
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	65.1		%	53.5		%	11.6	68.1		%	58.1		%	10.0
Underwriting expenses	29.8			30.7			(0.9)	30.0			30.2			(0.2)
Combined ratio	94.9		%	84.2		%	10.7	98.1		%	88.3		%	9.8
							% Change							% Change
Agency renewal written premiums	$	1,396		$	1,238		13	$	5,665		$	5,091		11
Agency new business written premiums	238			212			12	1,032			897			15
Other written premiums	60			84			(29)	610			491			24
Net written premiums	$	1,694		$	1,534		10	$	7,307		$	6,479		13
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	58.0		%	54.9		%	3.1	60.2		%	56.0		%	4.2
Current accident year catastrophe losses	8.0			4.6			3.4	10.2			9.1			1.1
Prior accident years before catastrophe losses	(0.7)			(5.0)			4.3	(1.3)			(5.9)			4.6
Prior accident years catastrophe losses	(0.2)			(1.0)			0.8	(1.0)			(1.1)			0.1
Loss and loss expense ratio	65.1		%	53.5		%	11.6	68.1		%	58.1		%	10.0
Current accident year combined ratio before
catastrophe losses	87.8		%	85.6		%	2.2	90.2		%	86.2		%	4.0

•10% and 13% growth in fourth-quarter and full-year 2022 property casualty net written premiums, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The contribution to full-year 2022 growth from Cincinnati Re and Cincinnati Global in total was 3 percentage points.

•12% and 15% increase in fourth-quarter and full-year 2022 new business premiums written by agencies, compared with a year ago. The full-year increase included a $45 million increase in standard market property casualty production from agencies appointed since the beginning of 2021.

•209 new agency appointments in full-year 2022, including 64 that market only our personal lines products.

•90.2% full-year 2022 current accident year combined ratio before catastrophe losses was 1.7 percentage points better than accident year 2019 and 1.5 points better than the five-year average through 2019, with each accident year measured as of the respective year-end.

•10.7 percentage-point fourth-quarter 2022 combined ratio increase, compared with 2021, reflecting elevated inflation effects, including an increase of 2.7 points from higher commercial umbrella incurred loss and loss expenses, and an increase of 4.2 points for losses from catastrophes.

•9.8 percentage-point full-year 2022 combined ratio increase that reflects elevated inflation effects, including an increase of 3.3 points from higher commercial umbrella incurred loss and loss expenses.

•0.9 and 2.3 percentage-point fourth-quarter and full-year 2022 benefit from favorable prior accident year reserve development of $16 million and $159 million, compared with 6.0 points or $97 million for fourth-quarter 2021 and 7.0 points or $428 million of favorable development for full-year 2021.

•4.2 percentage-point increase, to 60.2%, for the full-year 2022 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 2.1 points in the ratio for commercial umbrella current accident year loss and loss expenses.

•0.2 percentage-point decrease in the full-year 2022 underwriting expense ratio, primarily due to lower levels of profit-sharing commissions for agencies.

CINF 4Q22 Release 3

Commercial Lines Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2022			2021			% Change	2022			2021			% Change
Earned premiums	$	1,040		$	947		10	$	4,024		$	3,674		10
Fee revenues	1			1			0	4			4			0
Total revenues	1,041			948			10	4,028			3,678			10
Loss and loss expenses	715			506			41	2,761			1,940			42
Underwriting expenses	313			301			4	1,229			1,140			8
Underwriting profit	$	13		$	141		(91)	$	38		$	598		(94)
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	68.8		%	53.4		%	15.4	68.6		%	52.8		%	15.8
Underwriting expenses	30.1			31.8			(1.7)	30.6			31.0			(0.4)
Combined ratio	98.9		%	85.2		%	13.7	99.2		%	83.8		%	15.4
							% Change							% Change
Agency renewal written premiums	$	908		$	809		12	$	3,672		$	3,334		10
Agency new business written premiums	130			135			(4)	600			571			5
Other written premiums	(31)			(24)			(29)	(113)			(94)			(20)
Net written premiums	$	1,007		$	920		9	$	4,159		$	3,811		9
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	61.0		%	57.5		%	3.5	62.9		%	57.8		%	5.1
Current accident year catastrophe losses	10.2			4.0			6.2	7.6			4.6			3.0
Prior accident years before catastrophe losses	(1.8)			(6.8)			5.0	(1.3)			(8.4)			7.1
Prior accident years catastrophe losses	(0.6)			(1.3)			0.7	(0.6)			(1.2)			0.6
Loss and loss expense ratio	68.8		%	53.4		%	15.4	68.6		%	52.8		%	15.8
Current accident year combined ratio before
catastrophe losses	91.1		%	89.3		%	1.8	93.5		%	88.8		%	4.7

•9% growth in both fourth-quarter and full-year 2022 commercial lines net written premiums, reflecting price increases, growth initiatives and a higher level of insured exposures. Fourth-quarter and full-year 2022 commercial lines average renewal pricing increased in the mid-single-digit percent range, with the fourth-quarter increase higher than third-quarter 2022.

•4% or $5 million decrease in fourth-quarter 2022 new business written premiums, as we continue to carefully underwrite each policy in a highly competitive market.

•5% or $29 million increase in full-year 2022 new business written by agencies, including $30 million from agencies appointed since the beginning of 2021.

•13.7 percentage-point fourth-quarter 2022 combined ratio increase due to elevated inflation effects, including an increase of 4.7 points from higher commercial umbrella incurred loss and loss expenses, and an increase of 6.9 points for losses from catastrophes.

•15.4 percentage-point full-year 2022 combined ratio increase that reflects elevated inflation effects, including an increase of 5.8 points from higher commercial umbrella incurred loss and loss expenses, and an increase of 3.6 points for losses from catastrophes.

•2.4 and 1.9 percentage-point fourth-quarter and full-year 2022 benefit from favorable prior accident year reserve development of $25 million and $76 million, compared with 8.1 points or $77 million for fourth-quarter 2021 and 9.6 points or $353 million of favorable development for full-year 2021.

•5.1 percentage-point increase, to 62.9%, for the full-year 2022 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.6 points in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q22 Release 4

Personal Lines Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2022			2021			% Change	2022			2021			% Change
Earned premiums	$	443		$	396		12	$	1,689		$	1,542		10
Fee revenues	1			1			0	4			4			0
Total revenues	444			397			12	1,693			1,546			10
Loss and loss expenses	288			197			46	1,166			992			18
Underwriting expenses	136			119			14	509			457			11
Underwriting profit	$	20		$	81		(75)	$	18		$	97		(81)
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	65.0		%	49.9		%	15.1	69.1		%	64.3		%	4.8
Underwriting expenses	30.7			30.1			0.6	30.1			29.7			0.4
Combined ratio	95.7		%	80.0		%	15.7	99.2		%	94.0		%	5.2
							% Change							% Change
Agency renewal written premiums	$	393		$	342		15	$	1,601		$	1,434		12
Agency new business written premiums	75			50			50	296			202			47
Other written premiums	(23)			(10)			(130)	(66)			(42)			(57)
Net written premiums	$	445		$	382		16	$	1,831		$	1,594		15
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	56.6		%	48.4		%	8.2	58.7		%	53.4		%	5.3
Current accident year catastrophe losses	9.4			5.3			4.1	14.0			14.2			(0.2)
Prior accident years before catastrophe losses	(0.3)			(3.1)			2.8	(1.0)			(2.8)			1.8
Prior accident years catastrophe losses	(0.7)			(0.7)			0.0	(2.6)			(0.5)			(2.1)
Loss and loss expense ratio	65.0		%	49.9		%	15.1	69.1		%	64.3		%	4.8
Current accident year combined ratio before
catastrophe losses	87.3		%	78.5		%	8.8	88.8		%	83.1		%	5.7

•16% and 15% growth in fourth-quarter and full-year 2022 personal lines net written premiums, largely due to higher renewal written premiums that benefited from rate increases and a higher level of insured exposures. Full-year 2022 net written premiums from our agencies’ high net worth clients grew 39%, to $919 million.

•50% and 47% increase in fourth-quarter and full-year 2022 new business premiums written by agencies, including expanded use of enhanced pricing precision tools and increases of $2 million and $21 million, respectively, from excess and surplus lines homeowner policies. The total for high net worth increases in new business written premiums was $17 million for the fourth quarter and $77 million for full-year 2022.

•15.7 percentage-point increase in the fourth-quarter 2022 combined ratio, reflecting an inflationary environment and an increase of 4.1 points from losses from catastrophes.

•5.2 percentage-point full-year 2022 combined ratio increase, including an increase of 5.3 points from higher current accident year loss and loss expenses that includes estimates for rising economic inflation for our personal auto and homeowner lines of business and a decrease of 2.3 points for losses from catastrophes.

•1.0 and 3.6 percentage-point fourth-quarter and full-year 2022 benefit from favorable prior accident year reserve development of $5 million and $61 million, compared with 3.8 points or $15 million for fourth-quarter 2021 and 3.3 points or $50 million of favorable development for full-year 2021.

•5.3 percentage-point increase, to 58.7%, for the full-year 2022 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 2.0 points in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q22 Release 5

Excess and Surplus Lines Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2022			2021			% Change	2022			2021			% Change
Earned premiums	$	124		$	109		14	$	485		$	398		22
Fee revenues	—			—			0	2			2			0
Total revenues	124			109			14	487			400			22
Loss and loss expenses	89			63			41	315			250			26
Underwriting expenses	31			27			15	124			106			17
Underwriting profit	$	4		$	19		(79)	$	48		$	44		9
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	71.6		%	58.1		%	13.5	64.8		%	62.8		%	2.0
Underwriting expenses	24.7			25.1			(0.4)	25.6			26.7			(1.1)
Combined ratio	96.3		%	83.2		%	13.1	90.4		%	89.5		%	0.9
							% Change							% Change
Agency renewal written premiums	$	95		$	87		9	$	392		$	323		21
Agency new business written premiums	33			27			22	136			124			10
Other written premiums	(6)			(6)			0	(26)			(21)			(24)
Net written premiums	$	122		$	108		13	$	502		$	426		18
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	66.4		%	56.0		%	10.4	65.7		%	60.3		%	5.4
Current accident year catastrophe losses	1.6			0.6			1.0	1.0			0.6			0.4
Prior accident years before catastrophe losses	3.8			1.2			2.6	(1.7)			1.9			(3.6)
Prior accident years catastrophe losses	(0.2)			0.3			(0.5)	(0.2)			0.0			(0.2)
Loss and loss expense ratio	71.6		%	58.1		%	13.5	64.8		%	62.8		%	2.0
Current accident year combined ratio before
catastrophe losses	91.1		%	81.1		%	10.0	91.3		%	87.0		%	4.3

•13% and 18% growth in fourth-quarter and full-year 2022 excess and surplus lines net written premiums, including fourth-quarter 2022 renewal price increases averaging in the high-single-digit percent range.

•22% and 10% increase in fourth-quarter and full-year 2022 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•13.1 percentage-point increase in the fourth-quarter 2022 combined ratio, including increases of 10.4 points from higher current accident year loss and loss expenses before catastrophes that reflect elevated inflation effects and 0.5 points from catastrophe losses.

•0.9 percentage-point full-year 2022 combined ratio increase, including increases of 5.4 points from higher current accident year loss and loss expenses before catastrophes that reflect elevated inflation effects and 0.2 points from catastrophe losses.

•3.6 percentage-point fourth-quarter 2022 unfavorable prior accident year reserve development of $4 million, compared with 1.5 points or $1 million of unfavorable development for fourth-quarter 2021.

•1.9 percentage-point full-year 2022 favorable prior accident year reserve development of $9 million, compared with 1.9 points or $7 million of unfavorable development for full-year 2021.

•5.4 percentage-point increase, to 65.7%, for the full-year 2022 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.9 points in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q22 Release 6

Life Insurance Subsidiary Results

(Dollars in millions)										Twelve months ended December 31,
	2022			2021			% Change		2022			2021			% Change
Term life insurance		$	55		$	54		2		$	220		$	210		5
Whole life insurance		12			11			9		46			46			0
Universal life and other		7			12			(42)		29			42			(31)
Earned premiums		74			77			(4)		295			298			(1)
Investment income, net of expenses		44			41			7		171			166			3
Investment gains and losses, net		(1)			3			nm		(2)			11			nm
Fee revenues		—			2			(100)		4			5			(20)
Total revenues		117			123			(5)		468			480			(3)
Contract holders’ benefits incurred		74			91			(19)		296			340			(13)
Underwriting expenses incurred		21			21			0		84			84			0
Total benefits and expenses		95			112			(15)		380			424			(10)
Net income before income tax		22			11			100		88			56			57
Income tax		8			2			300		22			12			83
Net income of the life insurance subsidiary		$	14		$	9		56		$	66		$	44		50

•$3 million or 1% decrease in full-year 2022 earned premiums, including a 5% increase for term life insurance, our largest life insurance product line.

•$22 million or 50% increase in full-year 2022 life insurance subsidiary net income, primarily from more favorable impacts from the unlocking of interest rate and other actuarial assumptions and more favorable mortality experience.

•$403 million or 29% full-year 2022 decrease to $989 million in GAAP shareholders’ equity for The Cincinnati Life Insurance Company, primarily from a decrease in unrealized investment gains on fixed-maturity securities.

CINF 4Q22 Release 7

Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)		Three months ended December 31,										Twelve months ended December 31,
	2022				2021				% Change		2022				2021				% Change
Investment income, net of expenses		$	208			$	186			12		$	781			$	714			9
Investment interest credited to contract holders’		(27)				(26)				(4)		(109)				(105)				(4)
Investment gains and losses, net		1,027				1,455				(29)		(1,467)				2,409				nm
Investment profit		$	1,208			$	1,615			(25)		$	(795)			$	3,018			nm
Investment income:
Interest		$	134			$	121			11		$	510			$	477			7
Dividends		72				67				7		275				246				12
Other		5				1				400		11				5				120
Less investment expenses		3				3				0		15				14				7
Investment income, pretax		208				186				12		781				714				9
Less income taxes		33				29				14		123				111				11
Total investment income, after-tax		$	175			$	157			11		$	658			$	603			9
Investment returns:
Average invested assets plus cash and cash <br> equivalents		$	23,843			$	24,219					$	24,775			$	23,215
Average yield pretax		3.49		%		3.07		%				3.15		%		3.08		%
Average yield after-tax		2.94				2.59						2.66				2.60
Effective tax rate		15.8		%		15.5		%				15.8		%		15.5		%
Fixed-maturity returns:
Average amortized cost		$	12,896			$	12,132					$	12,605			$	11,771
Average yield pretax		4.16		%		3.99		%				4.05		%		4.05		%
Average yield after-tax		3.44				3.32						3.35				3.37
Effective tax rate		17.2		%		16.9		%				17.1		%		16.8		%

•$22 million or 12% rise in fourth-quarter 2022 pretax investment income, including 7% growth in equity portfolio dividends and 11% growth in interest income.

•$1.258 billion increase in fourth-quarter and $3.106 billion decrease in full-year 2022 pretax total investment gains, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.

(Dollars in millions)		Three months ended December 31,						Twelve months ended December 31,
	2022			2021			2022			2021
Investment gains and losses on equity securities sold, net		$	4		$	(2)		$	16		$	4
Unrealized gains and losses on equity securities still held, net		1,020			1,409			(1,526)			2,278
Investment gains and losses on fixed-maturity securities, net		(6)			10			(3)			30
Other		9			38			46			97
Subtotal - investment gains and losses reported in net income		1,027			1,455			(1,467)			2,409
Change in unrealized investment gains and losses - fixed maturities		231			(82)			(1,639)			(234)
Total		$	1,258		$	1,373		$	(3,106)		$	2,175

CINF 4Q22 Release 8

Balance Sheet Highlights

(Dollars in millions except share data)		At December 31,				At December 31,
	2022				2021
Total investments		$	22,425			$	24,666
Total assets		29,736				31,387
Short-term debt		50				54
Long-term debt		789				789
Shareholders’ equity		10,531				13,105
Book value per share		67.01				81.72
Debt-to-total-capital ratio		7.4		%		6.0		%

•$23.689 billion in consolidated cash and invested assets at December 31, 2022, a decrease of 8% from $25.805 billion at year-end 2021.

•$12.132 billion bond portfolio at December 31, 2022, with an average rating of A2/A. Fair value increased $398 million during the fourth quarter of 2022, including $254 million in net purchases of fixed-maturity securities.

•$9.841 billion equity portfolio was 43.9% of total investments, including $5.547 billion in appreciated value before taxes at December 31, 2022. Fair value increased $1.001 billion during the fourth quarter of 2022, including $11 million in net sales of equity securities.

•$7.00 fourth-quarter 2022 increase in book value per share, including an addition of $1.28 from net income before investment gains and $6.29 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities and $0.12 for other items, partially offset by $0.69 from dividends declared to shareholders.

•Value creation ratio of negative 14.6% for full-year 2022, including positive 5.2% from net income before investment gains, which includes underwriting and investment income, and negative 19.4% from investment portfolio net investment losses or changes in unrealized gains for fixed-maturity securities, including 9.3% from our stock portfolio and 10.1% from our bond portfolio, in addition to negative 0.4% from other items.

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

About Cincinnati Financial

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

Mailing Address: Street Address:

P.O. Box 145496 6200 South Gilmore Road

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

CINF 4Q22 Release 9

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2021 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 32.

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

•Effects of the COVID-19 pandemic that could affect results for reasons such as:

◦Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book value

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

◦An unusually high level of insurance losses, including risk of legislation or court decisions extending business interruption insurance in commercial property coverage forms to cover claims for pure economic loss related to the COVID-19 pandemic

◦Decreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity

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

•Ongoing developments concerning business interruption insurance claims and litigation related to the COVID-19 pandemic that affect our estimates of losses and loss adjustment expenses or our ability to reasonably estimate such losses, such as:

◦The continuing duration of the pandemic and governmental actions to limit the spread of the virus that may produce additional economic losses

◦The number of policyholders that will ultimately submit claims or file lawsuits

◦The lack of submitted proofs of loss for allegedly covered claims

◦Judicial rulings in similar litigation involving other companies in the insurance industry

◦Differences in state laws and developing case law

◦Litigation trends, including varying legal theories advanced by policyholders

◦Whether and to what degree any class of policyholders may be certified

◦The inherent unpredictability of litigation

•Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns (whether as a result of global climate change or otherwise), environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes

•Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance, due to inflationary trends or other causes

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

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

•Prolonged low interest rate environment or other factors that limit our ability to generate growth in investment income or interest rate fluctuations that result in declining values of fixed-maturity investments, including declines in accounts in which we hold bank-owned life insurance contract assets

•Domestic and global events, such as Russia's invasion of Ukraine, resulting in capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:

◦Significant or prolonged decline in the fair value of a particular security or group of securities and impairment of the asset(s)

◦Significant decline in investment income due to reduced or eliminated dividend payouts from a particular security or group of securities

◦Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities

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

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

•Ineffective information technology systems or discontinuing to develop and implement improvements in technology may impact our success and profitability

•Difficulties with technology or data security breaches, including cyberattacks, that could negatively affect our or our agents' ability to conduct business; disrupt our relationships with agents, policyholders and others; cause reputational damage, mitigation expenses and data loss and expose us to liability under federal and state laws

•Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, cyberattacks, remote working capabilities, and/or outsourcing relationships and third-party operations and data security

•Disruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance products

CINF 4Q22 Release 10

•Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing methods, including telematics and other usage-based insurance methods, or technology projects and enhancements expected to increase our pricing accuracy, underwriting profit and competitiveness

•Intense competition, and the impact of innovation, technological change and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our ability to maintain or increase our business volumes and profitability

•Changing consumer insurance-buying habits and consolidation of independent insurance agencies could alter our competitive advantages

•Inability to obtain adequate ceded reinsurance on acceptable terms, amount of reinsurance coverage purchased, financial strength of reinsurers and the potential for nonpayment or delay in payment by reinsurers

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

•Inability of our subsidiaries to pay dividends consistent with current or past levels

•Events or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growth, such as:

◦Downgrades of our financial strength ratings

◦Concerns that doing business with us is too difficult

◦Perceptions that our level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace

◦Inability or unwillingness to nimbly develop and introduce coverage product updates and innovations that our competitors offer and consumers expect to find in the marketplace

•Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:

◦Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates

◦Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules and regulations

◦Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business

◦Add assessments for guaranty funds, other insurance‑related assessments or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes

◦Increase our provision for federal income taxes due to changes in tax law

◦Increase our other expenses

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

◦Place us at a disadvantage in the marketplace

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

•Adverse outcomes from litigation or administrative proceedings, including effects of social inflation on the size of litigation awards

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

•Unforeseen departure of certain executive officers or other key employees due to retirement, health or other causes that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others

•Our inability, or the inability of our independent agents, to attract and retain personnel in a competitive labor market, impacting the customer experience and altering our competitive advantages

•Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location or work effectively in a remote environment

Further, our insurance businesses are subject to the effects of changing social, global, economic and regulatory environments. Public and regulatory initiatives have included efforts to adversely influence and restrict premium rates, restrict the ability to cancel policies, impose underwriting standards and expand overall regulation. We also are subject to public and regulatory initiatives that can affect the market value for our common stock, such as measures affecting corporate financial reporting and governance. The ultimate changes and eventual effects, if any, of these initiatives are uncertain.

* * *

CINF 4Q22 Release 11

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets (unaudited)

(Dollars in millions except per share data)	December 31,		December 31,
	2022		2021
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2022—$12,979; 2021—$12,230)	$	12,132	$	13,022
Equity securities, at fair value (cost: 2022—$4,294; 2021—$4,121)	9,841		11,315
Other invested assets	452		329
Total investments	22,425		24,666
Cash and cash equivalents	1,264		1,139
Investment income receivable	160		144
Finance receivable	92		98
Premiums receivable	2,322		2,053
Reinsurance recoverable	640		570
Prepaid reinsurance premiums	79		78
Deferred policy acquisition costs	1,014		905
Land, building and equipment, net, for company use (accumulated depreciation:<br> 2022—$322; 2021—$303)	202		205
Other assets	646		570
Separate accounts	892		959
Total assets	$	29,736	$	31,387
Liabilities
Insurance reserves
Loss and loss expense reserves	$	8,400	$	7,305
Life policy and investment contract reserves	3,059		3,014
Unearned premiums	3,689		3,271
Other liabilities	1,229		1,092
Deferred income tax	1,045		1,744
Note payable	50		54
Long-term debt and lease obligations	841		843
Separate accounts	892		959
Total liabilities	19,205		18,282
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2022 and 2021—500 million shares;<br> issued: 2022 and 2021—198.3 million shares)	397		397
Paid-in capital	1,392		1,356
Retained earnings	11,702		12,625
Accumulated other comprehensive income	(636)		648
Treasury stock at cost (2022—41.2 million shares and 2021—38.0 million shares)	(2,324)		(1,921)
Total shareholders' equity	$	10,531	$	13,105
Total liabilities and shareholders' equity	$	29,736	$	31,387

CINF 4Q22 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Statements of Income (unaudited)

(Dollars in millions except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2022		2021		2022		2021
Revenues
Earned premiums	$	1,874	$	1,676	$	7,219	$	6,482
Investment income, net of expenses	208		186		781		714
Investment gains and losses, net	1,027		1,455		(1,467)		2,409
Fee revenues	2		4		14		15
Other revenues	3		2		10		10
Total revenues	3,114		3,323		6,557		9,630
Benefits and Expenses
Insurance losses and contract holders’ benefits	1,246		946		5,012		3,936
Underwriting, acquisition and insurance expenses	558		511		2,162		1,951
Interest expense	13		14		53		53
Other operating expenses	10		6		23		20
Total benefits and expenses	1,827		1,477		7,250		5,960
Income (Loss) Before Income Taxes	1,287		1,846		(693)		3,670
Provision (Benefit) for Income Taxes
Current	58		81		148		247
Deferred	216		295		(355)		477
Total (benefit) provision for income taxes	274		376		(207)		724
Net Income (Loss)	$	1,013	$	1,470	$	(486)	$	2,946
Per Common Share
Net income (loss)—basic	$	6.44	$	9.14	$	(3.06)	$	18.29
Net income (loss)—diluted	6.40		9.04		(3.06)		18.10

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

CINF 4Q22 Release 13

market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.

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

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

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

CINF 4Q22 Release 14

Cincinnati Financial Corporation

Net Income Reconciliation
(Dollars in millions except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2022		2021		2022		2021
Net income (loss)	$	1,013	$	1,470	$	(486)	$	2,946
Less:
Investment gains and losses, net	1,027		1,455		(1,467)		2,409
Income tax on investment gains and losses	(216)		(305)		308		(506)
Investment gains and losses, after-tax	811		1,150		(1,159)		1,903
Non-GAAP operating income	$	202	$	320	$	673	$	1,043
Diluted per share data:
Net income (loss)	$	6.40	$	9.04	$	(3.06)	$	18.10
Less:
Investment gains and losses, net	6.49		8.95		(9.24)		14.80
Income tax on investment gains and losses	(1.36)		(1.88)		1.94		(3.11)
Investment gains and losses, after-tax	5.13		7.07		(7.30)		11.69
Non-GAAP operating income	$	1.27	$	1.97	$	4.24	$	6.41
Life Insurance Reconciliation
---	---	---	---	---	---	---	---	---
(Dollars in millions)	Three months ended December 31,				Twelve months ended December 31,
	2022		2021		2022		2021
Net income of life insurance subsidiary	$	14	$	9	$	66	$	44
Investment gains and losses, net	(1)		3		(2)		11
Income tax on investment gains and losses	—		1		—		3
Non-GAAP operating income	15		7		68		36
Investment income, net of expenses	(44)		(41)		(171)		(166)
Investment income credited to contract holders'	27		26		109		105
Income tax excluding tax on investment gains and losses,<br> net	8		1		22		9
Life insurance segment profit (loss)	$	6	$	(7)	$	28	$	(16)

CINF 4Q22 Release 15

Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended December 31, 2022
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	1,694		$	1,007		$	445		$	122		$	120
Unearned premiums change		106			33			(2)			2			73
Earned premiums		$	1,800		$	1,040		$	443		$	124		$	193
Underwriting profit		$	93		$	13		$	20		$	4		$	56
(Dollars in millions)	Twelve months ended December 31, 2022
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	7,307		$	4,159		$	1,831		$	502		$	815
Unearned premiums change		(383)			(135)			(142)			(17)			(89)
Earned premiums		$	6,924		$	4,024		$	1,689		$	485		$	726
Underwriting profit		$	140		$	38		$	18		$	48		$	36
(Dollars in millions)	Three months ended December 31, 2021
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	1,534		$	920		$	382		$	108		$	124
Unearned premiums change		65			27			14			1			23
Earned premiums		$	1,599		$	947		$	396		$	109		$	147
Underwriting profit		$	256		$	141		$	81		$	19		$	15
(Dollars in millions)	Twelve months ended December 31, 2021
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	6,479		$	3,811		$	1,594		$	426		$	648
Unearned premiums change		(295)			(137)			(52)			(28)			(78)
Earned premiums		$	6,184		$	3,674		$	1,542		$	398		$	570
Underwriting profit (loss)		$	731		$	598		$	97		$	44		$	(8)
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 4Q22 Release 16

Cincinnati Financial Corporation

Other Measures

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

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

Value Creation Ratio Calculations

(Dollars are per share)		Three months ended December 31,								Twelve months ended December 31,
	2022				2021				2022				2021
Value creation ratio:
End of period book value*		$	67.01			$	81.72			$	67.01			$	81.72
Less beginning of period book value		60.01				73.49				81.72				67.04
Change in book value		7.00				8.23				(14.71)				14.68
Dividend declared to shareholders		0.69				0.63				2.76				2.52
Total value creation		$	7.69			$	8.86			$	(11.95)			$	17.20
Value creation ratio from change in book value**		11.7		%		11.2		%		(18.0)		%		21.9		%
Value creation ratio from dividends declared to<br> shareholders***		1.1				0.9				3.4				3.8
Value creation ratio		12.8		%		12.1		%		(14.6)		%		25.7		%
* 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 4Q22 Release 17

Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the Period Ending December 31, 2022

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com

Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	Betsy E. Ertel	Brandon McIntosh
513-870-2768	513-603-5323	513-870-2696			A.M. Best Company	Fitch Ratings	Moody's Investors Service	S&P Global Ratings
---	---	---	---	---
Cincinnati Financial Corporation
Corporate Debt	a	A-	A3	BBB+
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
Standard Market Subsidiaries:	A+	—	A1	A+
The Cincinnati Insurance Company	A+	A+	A1	A+
The Cincinnati Indemnity Company	A+	A+	A1	A+
The Cincinnati Casualty Company	A+	A+	A1	A+
Surplus Lines Subsidiary:
The Cincinnati Specialty Underwriters Insurance Company	A+	—	—	—
The Cincinnati Life Insurance Company	A+	A+	—	A+

Ratings are as of February 3, 2023, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.

The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.

CINF Fourth-Quarter 2022 Supplemental Financial Data

	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2022
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2022	4
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2022	5
	Five-Year Net Income Reconciliation and Key Metrics	6
Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	7
	Loss Ratio Detail	8
	Loss Claim Count Detail	9
	Direct Written Premiums by Risk State by Line of Business	10
	Quarterly Property Casualty Data – Commercial Lines	11
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	12
	Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2022	13
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2022	14
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	15
	Quarterly Property Casualty Data – Commercial Lines	16
	Quarterly Property Casualty Data – Personal Lines	17
	Quarterly Property Casualty Data – Excess & Surplus Lines	18
Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	19
	The Cincinnati Life Insurance Company Statutory Statements of Income	20
Other
	Quarterly Data – Other	21

CINF Fourth-Quarter 2022 Supplemental Financial Data

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

Other Measures

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

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

CINF Fourth-Quarter 2022 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2022
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	7,238	$	—	$	—	$	—	$	7,238
Life	—		—		373		—		—		373
Premiums ceded	—		(314)		(78)		—		—		(392)
Total earned premium	—		6,924		295		—		—		7,219
Investment income, net of expenses	101		509		171		—		—		781
Investment gains and losses, net	(790)		(675)		(2)		—		—		(1,467)
Fee revenues	—		10		4		—		—		14
Other revenues	15		4		—		7		(16)		10
Total revenues	$	(674)	$	6,772	$	468	$	7	$	(16)	$	6,557
Benefits & expenses
Losses & contract holders' benefits	$	—	$	4,891	$	386	$	—	$	—	$	5,277
Reinsurance recoveries	—		(175)		(90)		—		—		(265)
Underwriting, acquisition and insurance expenses	—		2,078		84		—		—		2,162
Interest expense	53		—		—		—		—		53
Other operating expenses	33		3		—		3		(16)		23
Total expenses	$	86	$	6,797	$	380	$	3	$	(16)	$	7,250
Income (loss) before income taxes	$	(760)	$	(25)	$	88	$	4	$	—	$	(693)
Provision (benefit) for income taxes
Current operating income	$	188	$	242	$	25	$	—	$	—	$	455
Capital gains/losses	(166)		(141)		—		—		—		(307)
Deferred	(183)		(169)		(3)		—		—		(355)
Total provision (benefit) for income taxes	$	(161)	$	(68)	$	22	$	—	$	—	$	(207)
Net income (loss) - current year	$	(599)	$	43	$	66	$	4	$	—	$	(486)
Net income - prior year	$	862	$	2,037	$	44	$	3	$	—	$	2,946
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2022
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	1,887	$	—	$	—	$	—	$	1,887
Life	—		—		95		—		—		95
Premiums ceded	—		(87)		(21)		—		—		(108)
Total earned premium	—		1,800		74		—		—		1,874
Investment income, net of expenses	29		135		44		—		—		208
Investment gains and losses, net	342		686		(1)		—		—		1,027
Fee revenues	—		2		—		—		—		2
Other revenues	3		1		—		2		(3)		3
Total revenues	$	374	$	2,624	$	117	$	2	$	(3)	$	3,114
Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,271	$	88	$	—	$	—	$	1,359
Reinsurance recoveries	—		(99)		(14)		—		—		(113)
Underwriting, acquisition and insurance expenses	—		537		21		—		—		558
Interest expense	13		—		—		—		—		13
Other operating expenses	9		3		—		1		(3)		10
Total expenses	$	22	$	1,712	$	95	$	1	$	(3)	$	1,827
Income before income taxes	$	352	$	912	$	22	$	1	$	—	$	1,287
Provision (benefit) for income taxes
Current operating income	$	(70)	$	(96)	$	8	$	—	$	—	$	(158)
Capital gains/losses	71		145		—		—		—		216
Deferred	76		140		—		—		—		216
Total provision for income taxes	$	77	$	189	$	8	$	—	$	—	$	274
Net income - current year	$	275	$	723	$	14	$	1	$	—	$	1,013
Net income - prior year	$	569	$	892	$	9	$	—	$	—	$	1,470
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Cincinnati Financial Corporation
Five-Year Net Income Reconciliation and Key Metrics
(Dollars in millions except per share data)	Years ended December 31,
	2022			2021			2020			2019			2018
Net income (loss)	$	(486)		$	2,946		$	1,216		$	1,997		$	287
Less:
Investment gains and losses, net	(1,467)			2,409			865			1,650			(402)
Income tax on investment gains and losses	308			(506)			(182)			(347)			84
Investment gains and losses, after-tax	(1,159)			1,903			683			1,303			(318)
Other non-recurring items	—			—			—			—			56
Non-GAAP operating income	$	673		$	1,043		$	533		$	694		$	549
Non-GAAP operating income: Five-year compound annual growth rate	8.1		%	15.3		%	(2.0)		%	9.5		%	3.5		%
Diluted per share data:
Net income (loss)	$	(3.06)		$	18.10		$	7.49		$	12.10		$	1.75
Less:
Investment gains and losses, net	(9.24)			14.80			5.33			10.00			(2.44)
Income tax on investment gains and losses	1.94			(3.11)			(1.12)			(2.10)			0.50
Investment gains and losses, after-tax	(7.30)			11.69			4.21			7.90			(1.94)
Other non-recurring items	—			—			—			—			0.34
Non-GAAP operating income	$	4.24		$	6.41		$	3.28		$	4.20		$	3.35
Value creation ratio
Book value per share growth	(18.0)		%	21.9		%	10.7		%	25.9		%	(4.3)		%
Shareholder dividend declared as a percentage of beginning book value	3.4			3.8			4.0			4.6			4.2
Value creation ratio	(14.6)		%	25.7		%	14.7		%	30.5		%	(0.1)		%
Value creation ratio: Five-year average	11.2		%	18.7		%	16.5		%	14.2		%	10.7		%
Investment income, net of expenses	$	781		$	714		$	670		$	646		$	619
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
*Includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/22		9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		6/30/21		3/31/21		6/30/22		6/30/21		9/30/22		9/30/21		12/31/22		12/31/21
Consolidated
Current accident year losses greater than $5,000,000	$	44	$	38	$	38	$	23	$	55	$	14	$	38	$	5	$	61	$	43	$	99	$	57	$	143	$	112
Current accident year losses $1,000,000-$5,000,000	71		95		77		82		103		72		51		31		159		82		254		154		325		257
Large loss prior accident year reserve development	(1)		13		38		25		28		30		13		24		63		37		76		67		75		95
Total large losses incurred	$	114	$	146	$	153	$	130	$	186	$	116	$	102	$	60	$	283	$	162	$	429	$	278	$	543	$	464
Losses incurred but not reported	136		131		74		36		(71)		(13)		(37)		102		110		65		241		52		377		(19)
Other losses excluding catastrophe losses	613		649		648		592		520		514		577		451		1,240		1,028		1,889		1,542		2,502		2,062
Catastrophe losses	134		246		208		24		51		215		56		150		232		206		478		421		612		472
Total losses incurred	$	997	$	1,172	$	1,083	$	782	$	686	$	832	$	698	$	763	$	1,865	$	1,461	$	3,037	$	2,293	$	4,034	$	2,979
Commercial Lines
Current accident year losses greater than $5,000,000	$	34	$	30	$	15	$	16	$	50	$	4	$	38	$	5	$	31	$	43	$	61	$	47	$	95	$	97
Current accident year losses $1,000,000-$5,000,000	45		72		53		67		70		60		29		26		120		55		192		115		237		185
Large loss prior accident year reserve development	(6)		12		36		21		27		29		14		26		57		40		69		69		63		96
Total large losses incurred	$	73	$	114	$	104	$	104	$	147	$	93	$	81	$	57	$	208	$	138	$	322	$	231	$	395	$	378
Losses incurred but not reported	108		97		61		38		(53)		(35)		(34)		39		99		5		196		(30)		304		(83)
Other losses excluding catastrophe losses	338		345		363		318		274		270		326		261		681		587		1,026		857		1,364		1,131
Catastrophe losses	96		44		124		11		24		30		27		35		135		62		179		92		275		116
Total losses incurred	$	615	$	600	$	652	$	471	$	392	$	358	$	400	$	392	$	1,123	$	792	$	1,723	$	1,150	$	2,338	$	1,542
Personal Lines
Current accident year losses greater than $5,000,000	$	10	$	8	$	23	$	7	$	5	$	10	$	—	$	—	$	30	$	—	$	38	$	10	$	48	$	15
Current accident year losses $1,000,000-$5,000,000	21		17		15		11		25		12		15		4		26		19		43		31		64		56
Large loss prior accident year reserve development	4		(1)		1		4		—		(1)		(2)		(1)		5		(3)		4		(4)		8		(4)
Total large losses incurred	$	35	$	24	$	39	$	22	$	30	$	21	$	13	$	3	$	61	$	16	$	85	$	37	$	120	$	67
Losses incurred but not reported	(2)		9		12		(14)		(26)		—		(4)		41		(2)		37		7		37		5		11
Other losses excluding catastrophe losses	176		183		176		165		146		154		158		130		341		288		524		442		700		588
Catastrophe losses	36		66		78		6		16		69		39		74		84		113		150		182		186		198
Total losses incurred	$	245	$	282	$	305	$	179	$	166	$	244	$	206	$	248	$	484	$	454	$	766	$	698	$	1,011	$	864
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current accident year losses $1,000,000-$5,000,000	5		6		9		4		8		—		7		1		13		8		19		8		24		16
Large loss prior accident year reserve development	1		2		1		—		1		2		1		(1)		1		—		3		2		4		3
Total large losses incurred	$	6	$	8	$	10	$	4	$	9	$	2	$	8	$	—	$	14	$	8	$	22	$	10	$	28	$	19
Losses incurred but not reported	30		25		1		12		8		22		1		22		13		23		38		45		68		53
Other losses excluding catastrophe losses	25		32		38		32		25		23		34		15		70		49		102		72		127		97
Catastrophe losses	2		(1)		2		1		—		1		—		1		3		1		2		2		4		2
Total losses incurred	$	63	$	64	$	51	$	49	$	42	$	48	$	43	$	38	$	100	$	81	$	164	$	129	$	227	$	171
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Consolidated Property Casualty
Loss Ratio Detail
	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/22		9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		6/30/21		3/31/21		6/30/22		6/30/21		9/30/22		9/30/21		12/31/22		12/31/21
Consolidated
Current accident year losses greater than $5,000,000	2.4	%	2.1	%	2.2	%	1.4	%	3.4	%	0.9	%	2.5	%	0.3	%	1.8	%	1.4	%	1.9	%	1.2	%	2.1	%	1.8	%
Current accident year losses $1,000,000-$5,000,000	4.0		5.3		4.6		5.1		6.4		4.5		3.4		2.2		4.8		2.8		5.0		3.4		4.6		4.2
Large loss prior accident year reserve development	(0.1)		0.7		2.2		1.5		1.8		1.9		0.9		1.6		1.9		1.2		1.5		1.5		1.1		1.5
Total large loss ratio	6.3	%	8.1	%	9.0	%	8.0	%	11.6	%	7.3	%	6.8	%	4.1	%	8.5	%	5.4	%	8.4	%	6.1	%	7.8	%	7.5	%
Losses incurred but not reported	7.6		7.2		4.4		2.2		(4.4)		(0.8)		(2.4)		6.9		3.3		2.2		4.7		1.1		5.5		(0.3)
Other losses excluding catastrophe losses	34.1		35.9		38.1		36.6		32.5		32.2		38.0		30.5		37.4		34.4		36.9		33.6		36.2		33.4
Catastrophe losses	7.4		13.6		12.3		1.5		3.2		13.4		3.7		10.2		7.0		6.9		9.3		9.2		8.8		7.6
Total loss ratio	55.4	%	64.8	%	63.8	%	48.3	%	42.9	%	52.1	%	46.1	%	51.7	%	56.2	%	48.9	%	59.3	%	50.0	%	58.3	%	48.2	%
Commercial Lines
Current accident year losses greater than $5,000,000	3.3	%	3.0	%	1.4	%	1.7	%	5.3	%	0.5	%	4.2	%	0.6	%	1.6	%	2.4	%	2.0	%	1.7	%	2.4	%	2.6	%
Current accident year losses $1,000,000-$5,000,000	4.2		7.1		5.3		6.9		7.3		6.5		3.2		2.9		6.1		3.1		6.5		4.2		5.8		5.0
Large loss prior accident year reserve development	(0.5)		1.1		3.7		2.1		2.8		3.1		1.4		3.0		2.9		2.2		2.3		2.6		1.6		2.7
Total large loss ratio	7.0	%	11.2	%	10.4	%	10.7	%	15.4	%	10.1	%	8.8	%	6.5	%	10.6	%	7.7	%	10.8	%	8.5	%	9.8	%	10.3	%
Losses incurred but not reported	10.4		9.4		6.1		4.0		(5.7)		(3.7)		(3.6)		4.3		5.1		0.3		6.6		(1.1)		7.6		(2.3)
Other losses excluding catastrophe losses	32.5		33.6		36.6		33.0		29.1		29.0		35.7		29.4		34.8		32.6		34.3		31.4		33.9		30.8
Catastrophe losses	9.3		4.2		12.5		1.2		2.6		3.1		3.0		4.0		6.9		3.5		6.0		3.4		6.8		3.2
Total loss ratio	59.2	%	58.4	%	65.6	%	48.9	%	41.4	%	38.5	%	43.9	%	44.2	%	57.4	%	44.1	%	57.7	%	42.2	%	58.1	%	42.0	%
Personal Lines
Current accident year losses greater than $5,000,000	2.1	%	1.9	%	5.7	%	1.7	%	1.3	%	2.6	%	—	%	—	%	3.7	%	—	%	3.1	%	0.9	%	2.8	%	1.0	%
Current accident year losses $1,000,000-$5,000,000	5.0		3.7		3.6		2.7		6.4		2.9		4.0		1.2		3.2		2.5		3.4		2.7		3.8		3.6
Large loss prior accident year reserve development	0.8		—		0.1		1.1		—		(0.2)		(0.5)		(0.3)		0.6		(0.3)		0.3		(0.4)		0.5		(0.2)
Total large loss ratio	7.9	%	5.6	%	9.4	%	5.5	%	7.7	%	5.3	%	3.5	%	0.9	%	7.5	%	2.2	%	6.8	%	3.2	%	7.1	%	4.4	%
Losses incurred but not reported	(0.3)		2.0		3.1		(3.6)		(6.5)		(0.1)		(1.1)		11.0		(0.2)		4.9		0.6		3.2		0.3		0.7
Other losses excluding catastrophe losses	39.6		42.5		42.4		41.2		36.7		39.7		41.4		34.4		41.8		37.9		42.1		38.6		41.5		38.1
Catastrophe losses	8.1		15.5		18.8		1.4		4.1		17.7		10.3		19.6		10.2		14.9		12.0		15.9		11.0		12.8
Total loss ratio	55.3	%	65.6	%	73.7	%	44.5	%	42.0	%	62.6	%	54.1	%	65.9	%	59.3	%	59.9	%	61.5	%	60.9	%	59.9	%	56.0	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $1,000,000-$5,000,000	4.4		4.0		7.8		3.6		7.5		(0.1)		7.5		1.2		5.8		4.5		5.2		2.8		5.0		4.1
Large loss prior accident year reserve development	0.6		2.1		0.4		0.3		0.8		1.9		1.3		(1.7)		0.3		(0.2)		0.9		0.6		0.8		0.6
Total large loss ratio	5.0	%	6.1	%	8.2	%	3.9	%	8.3	%	1.8	%	8.8	%	(0.5)	%	6.1	%	4.3	%	6.1	%	3.4	%	5.8	%	4.7	%
Losses incurred but not reported	24.4		20.0		0.7		10.6		7.9		21.2		0.8		24.8		5.4		12.3		10.5		15.5		14.0		13.4
Other losses excluding catastrophe losses	19.7		26.3		31.5		27.4		22.3		21.9		35.0		17.8		29.6		26.8		28.4		25.0		26.2		24.3
Catastrophe losses	1.3		(0.5)		1.1		1.1		0.8		0.2		0.4		1.0		1.1		0.7		0.6		0.5		0.8		0.6
Total loss ratio	50.4	%	51.9	%	41.5	%	43.0	%	39.3	%	45.1	%	45.0	%	43.1	%	42.2	%	44.1	%	45.6	%	44.4	%	46.8	%	43.0	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/22	9/30/22	6/30/22	3/31/22	12/31/21	9/30/21	6/30/21	3/31/21	6/30/22	6/30/21	9/30/22	9/30/21	12/31/22	12/31/21
Consolidated
Current accident year reported losses greater <br> than $5,000,000	7	6	6	3	7	3	6	1	9	7	15	9	22	17
Current accident year reported losses <br> $1,000,000 - $5,000,000	60	59	47	51	76	44	35	24	97	59	155	106	205	170
Prior accident year reported losses on<br> large losses	14	18	28	28	16	22	12	20	56	32	73	55	87	71
Non-Catastrophe reported losses on<br> large losses total	81	83	81	82	99	69	53	45	162	98	243	170	314	258
Commercial Lines
Current accident year reported losses greater<br> than $5,000,000	5	5	2	2	7	2	6	1	4	7	9	8	14	15
Current accident year reported losses<br> $1,000,000 - $5,000,000	38	48	31	39	50	37	19	20	69	39	116	78	151	120
Prior accident year reported losses on<br> large losses	10	15	25	24	14	19	8	18	49	26	64	46	74	60
Non-Catastrophe reported losses on<br> large losses total	53	68	58	65	71	58	33	39	122	72	189	132	239	195
Personal Lines
Current accident year reported losses greater <br> than $5,000,000	2	1	4	1	—	1	—	—	5	—	6	1	8	2
Current accident year reported losses <br> $1,000,000 - $5,000,000	16	6	9	8	17	6	11	3	17	14	23	20	37	34
Prior accident year reported losses on<br> large losses	2	—	2	3	1	1	1	2	5	3	4	4	6	5
Non-Catastrophe reported losses on<br> large losses total	20	7	15	12	18	8	12	5	27	17	33	25	51	41
Excess & Surplus Lines
Current accident year reported losses greater<br> than $5,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Current accident year reported losses<br> $1,000,000 - $5,000,000	6	5	7	4	9	1	5	1	11	6	16	8	17	16
Prior accident year reported losses on<br> large losses	2	3	1	1	1	2	3	—	2	3	5	5	7	6
Non-Catastrophe reported losses on<br> large losses total	8	8	8	5	10	3	8	1	13	9	21	13	24	22
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022
(Dollars in millions)	Commercial Lines												Personal Lines						E & S		Consolidated				Comm'l<br>Change<br>%	Personal<br>Change<br>%	E & S<br>Change<br>%	Consol<br>Change<br>%
Risk<br>State	Comm<br>Casualty		Comm<br>Property		Comm<br>Auto		Workers'<br>Comp			Other Comm			Personal<br>Auto		Home Owner		Other <br>Personal		All<br>Lines		2022		2021
									Total			Total
OH	$	187.9	$	185.0	$	117.1	$	—		$	53.7		$	128.8	$	136.8	$	41.8	$	28.3	$	879.1	$	828.2	6.6	4.9	11.2	6.1
IL	76.0		69.4		38.9		34.7			19.9			39.7		47.3		14.4		31.2		371.4		337.8		5.5	18.0	22.2	9.9
NY	80.5		41.1		22.0		11.8			15.6			35.0		84.9		25.0		30.4		346.2		287.7		17.7	24.6	15.8	20.3
NC	66.2		87.6		34.2		12.1			20.7			32.6		38.8		10.5		22.5		325.1		297.4		10.7	5.4	10.3	9.3
GA	50.9		57.5		33.4		9.5			22.4			52.9		56.8		15.2		25.5		324.2		303.9		8.1	4.3	8.9	6.7
PA	83.2		64.5		41.4		28.7			16.8			16.2		19.4		6.5		25.3		302.1		281.4		5.4	7.7	29.1	7.4
IN	64.0		62.4		37.2		20.4			18.2			28.1		37.6		8.4		19.5		295.7		273.1		7.7	6.7	21.8	8.3
TX	65.0		29.2		40.2		3.7			14.7			21.1		35.5		9.6		43.6		262.5		224.7		13.2	24.7	18.9	16.8
TN	50.5		56.3		32.3		7.7			15.8			17.7		28.0		7.1		13.0		228.4		211.6		7.5	7.7	15.1	7.9
MI	48.2		49.3		28.8		11.4			17.8			23.2		24.3		6.3		17.9		227.3		213.0		7.4	(0.3)	25.3	6.7
MO	48.7		47.4		30.9		16.0			8.6			18.2		25.2		5.1		18.1		217.9		189.0		11.6	27.6	18.4	15.3
VA	50.0		42.1		33.1		14.1			17.2			15.2		18.1		5.8		10.4		206.1		189.2		8.3	9.8	14.9	8.9
AL	34.8		43.2		22.4		2.4			13.8			23.1		37.6		7.5		18.4		203.3		188.5		6.9	5.5	25.3	7.9
FL	47.2		14.9		36.0		2.9			11.1			12.1		25.5		11.8		34.3		195.9		158.7		13.6	56.9	20.3	23.4
KY	37.2		44.7		29.6		4.2			13.5			22.9		26.7		6.1		9.9		194.9		180.5		10.8	3.5	(1.6)	8.0
CA	2.4		0.9		2.4		3.4			0.6			19.3		125.5		20.8		1.4		176.7		108.9		10.2	67.9	(5.6)	62.3
WI	34.7		34.1		15.5		20.3			10.1			10.7		13.1		5.1		12.8		156.4		148.3		6.4	5.9	(3.0)	5.5
MN	32.2		35.4		10.8		7.2			9.0			12.1		17.8		4.8		14.1		143.4		140.0		4.6	(4.7)	7.2	2.4
MD	22.4		17.7		16.3		8.1			8.4			15.6		16.6		5.7		7.7		118.5		111.6		3.4	8.8	23.4	6.2
AZ	27.8		21.0		17.4		4.8			6.4			9.0		10.9		4.1		13.2		114.6		104.8		4.8	18.6	24.1	9.4
OR	36.1		19.1		22.8		0.3			5.9			4.8		3.6		1.0		11.0		104.4		91.5		11.9	10.6	39.4	14.1
UT	24.3		17.4		14.6		1.8			6.1			9.0		8.3		1.8		14.7		97.9		85.0		15.5	11.5	18.9	15.2
AR	16.8		24.0		19.2		2.3			4.5			6.9		10.1		2.9		6.8		93.5		82.6		14.2	9.4	15.7	13.3
CT	12.6		8.8		4.6		4.1			1.9			20.2		25.4		8.3		4.7		90.6		81.8		4.2	15.8	4.1	10.8
WA	24.6		15.2		16.5		—			5.3			9.2		8.7		3.2		7.7		90.4		65.7		30.3	52.7	66.1	37.6
SC	16.3		19.9		11.0		3.5			5.1			9.3		11.4		2.2		8.8		87.5		78.4		14.0	8.4	5.5	11.6
MT	29.4		22.7		16.1		—			4.8			3.2		4.8		1.0		5.1		86.9		75.4		13.8	20.4	31.8	15.3
CO	22.2		11.2		15.4		2.2			4.4			4.0		9.6		1.4		15.7		86.1		73.7		12.0	36.4	18.6	16.8
IA	21.1		23.2		8.5		8.3			7.5			4.3		5.9		1.4		4.9		84.9		79.1		6.7	4.8	26.5	7.4
KS	20.0		19.9		13.8		5.3			4.8			5.4		9.1		1.6		4.4		84.2		70.0		18.7	29.8	10.0	20.2
ID	23.5		17.1		13.1		1.1			3.9			2.6		3.4		0.8		5.2		70.6		64.3		9.8	3.1	19.8	9.8
MA	13.2		7.0		5.3		3.3			1.9			8.5		20.4		5.6		4.7		69.9		45.0		64.9	47.3	128.7	55.3
NJ	11.3		6.9		3.8		2.6			3.6			7.0		10.8		5.4		5.6		57.0		45.5		24.9	28.8	12.8	25.1
NE	12.4		14.2		8.3		5.0			3.4			0.5		1.2		0.2		4.9		50.3		46.6		5.4	(0.6)	42.9	7.9
WV	9.5		12.3		8.4		1.2			1.8			0.1		0.4		0.1		5.3		39.0		35.6		7.1	33.2	24.3	9.5
NM	10.6		7.8		7.6		1.3			2.9			0.2		0.5		0.1		4.9		35.9		33.3		1.9	nm	33.1	7.6
VT	7.7		8.3		3.8		4.4			2.9			1.9		3.2		0.6		2.8		35.8		32.2		7.9	11.6	56.5	11.2
NH	5.3		5.0		2.9		2.0			1.7			2.3		3.2		1.0		1.9		25.2		23.5		2.7	16.2	24.3	7.3
DE	7.7		5.7		4.2		2.0			1.6			0.7		1.0		0.3		2.0		25.1		23.5		4.3	39.1	13.0	7.1
SD	5.1		7.0		2.5		1.3			2.0			—		—		—		1.1		18.9		16.2		19.0	(100.0)	(9.5)	16.9
ND	4.7		5.8		2.8		—			1.7			0.9		1.1		0.4		1.3		18.8		17.3		6.8	6.4	35.7	8.4
WY	5.3		5.3		3.6		—			1.0			0.1		0.6		0.1		1.8		17.8		14.5		22.3	93.1	8.3	22.8
DC	3.3		2.1		0.2		1.0			1.7			0.8		1.0		0.4		2.7		13.2		8.8		39.7	31.2	86.1	49.9
NV	0.9		0.7		1.0		0.3			0.5			0.9		1.3		0.6		1.0		7.1		4.6		29.5	112.6	38.1	54.7
RI	0.3		0.3		0.4		0.3			—			0.7		2.7		1.0		0.3		5.9		2.6		117.6	138.0	(37.5)	129.8
OK	0.8		0.3		0.6		0.8			0.4			—		—		—		0.4		3.3		3.1		17.2	—	58.0	6.7
All Other States	2.2		1.1		1.2		1.7			1.4			0.3		2.7		0.2		1.2		12.1		9.8		6.0	289.0	(28.0)	24.0
Total	$	1,456.7	$	1,291.9	$	852.2	$	279.7		$	396.6		$	657.1	$	976.8	$	263.1	$	528.2	$	6,702.0	$	5,987.9	9.5	15.9	18.3	12.4
Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. nm - Not meaningful<br>*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/22			9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22			12/31/21
Commercial casualty:
Written premiums	$	353		$	326		$	376		$	389		$	317		$	297		$	338		$	363		$	765		$	701		$	1,091		$	998		$	1,444		$	1,315
Year over year change %-written premium	11		%	10		%	11		%	7		%	10		%	10		%	10		%	6		%	9		%	8		%	9		%	9		%	10		%	9		%
Earned premiums	$	370		$	360		$	350		$	336		$	332		$	323		$	312		$	303		$	686		$	615		$	1,046		$	938		$	1,416		$	1,270
Current accident year before catastrophe losses	72.4		%	73.7		%	75.0		%	65.6		%	63.3		%	61.9		%	61.5		%	64.5		%	70.4		%	63.0		%	71.6		%	62.6		%	71.8		%	62.8		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(0.2)			6.4			(0.7)			1.4			(10.5)			(16.1)			(8.3)			(2.2)			0.3			(5.3)			2.4			(9.0)			1.7			(9.4)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	72.2		%	80.1		%	74.3		%	67.0		%	52.8		%	45.8		%	53.2		%	62.3		%	70.7		%	57.7		%	74.0		%	53.6		%	73.5		%	53.4		%
Commercial property:
Written premiums	$	297		$	309		$	308		$	297		$	270		$	278		$	275		$	267		$	606		$	542		$	915		$	820		$	1,212		$	1,090
Year over year change %-written premium	10		%	11		%	12		%	11		%	10		%	10		%	6		%	2		%	12		%	4		%	12		%	6		%	11		%	7		%
Earned premiums	$	290		$	292		$	280		$	274		$	267		$	264		$	259		$	253		$	554		$	512		$	846		$	776		$	1,136		$	1,043
Current accident year before catastrophe losses	42.5		%	47.4		%	54.5		%	52.4		%	41.8		%	41.6		%	47.3		%	53.8		%	53.4		%	50.5		%	51.3		%	47.5		%	49.1		%	46.0		%
Current accident year catastrophe losses	38.3			14.7			44.4			5.1			13.9			12.4			14.0			20.0			24.9			16.9			21.4			15.4			25.7			15.0
Prior accident years before catastrophe losses	(0.5)			(6.7)			0.6			(2.4)			(6.0)			(11.1)			(1.1)			(2.0)			(0.8)			(1.5)			(2.9)			(4.8)			(2.2)			(5.1)
Prior accident years catastrophe losses	(2.2)			(1.4)			(3.0)			0.5			(4.8)			(2.0)			(3.8)			(6.3)			(1.3)			(5.0)			(1.3)			(4.0)			(1.6)			(4.2)
Total loss and loss expense ratio	78.1		%	54.0		%	96.5		%	55.6		%	44.9		%	40.9		%	56.4		%	65.5		%	76.2		%	60.9		%	68.5		%	54.1		%	71.0		%	51.7		%
Commercial auto:
Written premiums	$	201		$	194		$	226		$	237		$	194		$	183		$	216		$	223		$	463		$	439		$	657		$	622		$	858		$	816
Year over year change %-written premium	4		%	6		%	5		%	6		%	8		%	7		%	5		%	7		%	5		%	6		%	6		%	7		%	5		%	7		%
Earned premiums	$	215		$	213		$	210		$	205		$	203		$	200		$	198		$	193		$	415		$	391		$	627		$	591		$	842		$	794
Current accident year before catastrophe losses	72.6		%	78.8		%	66.5		%	67.0		%	67.5		%	63.7		%	63.0		%	63.1		%	66.7		%	63.0		%	70.8		%	63.3		%	71.3		%	64.4		%
Current accident year catastrophe losses	(2.4)			3.3			5.1			0.9			0.6			1.8			1.5			1.6			3.1			1.6			3.1			1.7			1.7			1.4
Prior accident years before catastrophe losses	3.6			7.5			2.8			(0.7)			0.2			(3.6)			(6.0)			(12.4)			1.1			(9.2)			3.3			(7.3)			3.3			(5.4)
Prior accident years catastrophe losses	—			—			(0.5)			(2.1)			0.3			(0.1)			(0.2)			(0.3)			(1.3)			(0.2)			(0.9)			(0.2)			(0.6)			(0.1)
Total loss and loss expense ratio	73.8		%	89.6		%	73.9		%	65.1		%	68.6		%	61.8		%	58.3		%	52.0		%	69.6		%	55.2		%	76.3		%	57.5		%	75.7		%	60.3		%
Workers' compensation:
Written premiums	$	64		$	60		$	69		$	86		$	59		$	53		$	69		$	88		$	154		$	157		$	214		$	210		$	278		$	269
Year over year change %-written premium	8		%	13		%	—		%	(2)		%	2		%	4		%	6		%	(4)		%	(2)		%	—		%	2		%	1		%	3		%	1		%
Earned premiums	$	75		$	73		$	68		$	67		$	67		$	66		$	68		$	67		$	136		$	135		$	209		$	201		$	284		$	268
Current accident year before catastrophe losses	76.0		%	80.3		%	83.5		%	84.5		%	79.8		%	82.3		%	87.6		%	76.6		%	84.0		%	82.2		%	82.7		%	82.2		%	80.9		%	81.6		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(27.0)			(21.5)			(25.9)			(14.3)			(10.5)			(10.5)			(39.2)			(37.9)			(20.2)			(38.6)			(20.6)			(29.3)			(22.3)			(24.7)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	49.0		%	58.8		%	57.6		%	70.2		%	69.3		%	71.8		%	48.4		%	38.7		%	63.8		%	43.6		%	62.1		%	52.9		%	58.6		%	56.9		%
Other commercial:
Written premiums	$	92		$	95		$	93		$	87		$	80		$	84		$	79		$	78		$	180		$	157		$	275		$	241		$	367		$	321
Year over year change %-written premium	15		%	13		%	18		%	12		%	14		%	18		%	13		%	11		%	15		%	12		%	14		%	14		%	14		%	14		%
Earned premiums	$	90		$	90		$	86		$	80		$	78		$	77		$	74		$	70		$	165		$	144		$	256		$	221		$	346		$	299
Current accident year before catastrophe losses	33.3		%	37.7		%	37.3		%	38.2		%	41.6		%	39.4		%	38.0		%	38.2		%	37.7		%	38.1		%	37.7		%	38.6		%	36.6		%	39.4		%
Current accident year catastrophe losses	—			0.1			0.1			—			(0.2)			0.4			0.1			—			0.1			—			0.1			0.1			0.1			—
Prior accident years before catastrophe losses	(4.7)			(4.3)			(7.4)			(2.9)			(8.9)			(8.4)			(11.2)			(7.7)			(5.3)			(9.5)			(4.9)			(9.1)			(4.9)			(9.1)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	28.6		%	33.5		%	30.0		%	35.3		%	32.5		%	31.4		%	26.9		%	30.5		%	32.5		%	28.6		%	32.9		%	29.6		%	31.8		%	30.3		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/22			9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22			12/31/21
Personal auto:
Written premiums	$	158		$	179		$	177		$	140		$	141		$	165		$	166		$	136		$	316		$	302		$	496		$	467		$	654		$	608
Year over year change %-written premium	12		%	8		%	7		%	3		%	1		%	—		%	(2)		%	(1)		%	5		%	(1)		%	6		%	(1)		%	8		%	(1)		%
Earned premiums	$	161		$	158		$	155		$	152		$	152		$	153		$	152		$	152		$	307		$	305		$	465		$	457		$	626		$	609
Current accident year before catastrophe losses	77.4		%	74.3		%	74.5		%	69.4		%	62.3		%	65.8		%	64.5		%	66.1		%	72.0		%	65.3		%	72.8		%	65.5		%	74.0		%	64.7		%
Current accident year catastrophe losses	(4.6)			15.9			6.1			1.4			0.2			5.3			1.7			2.6			3.7			2.2			7.9			3.2			4.6			2.4
Prior accident years before catastrophe losses	0.7			3.4			1.4			0.9			(4.4)			(0.4)			(5.5)			(9.3)			1.2			(7.5)			1.9			(5.1)			1.6			(4.9)
Prior accident years catastrophe losses	—			(0.1)			(0.6)			(4.7)			0.3			(0.1)			(0.2)			(0.5)			(2.7)			(0.3)			(1.8)			(0.3)			(1.3)			(0.1)
Total loss and loss expense ratio	73.5		%	93.5		%	81.4		%	67.0		%	58.4		%	70.6		%	60.5		%	58.9		%	74.2		%	59.7		%	80.8		%	63.3		%	78.9		%	62.1		%
Homeowner:
Written premiums	$	226		$	255		$	260		$	181		$	188		$	214		$	211		$	156		$	441		$	367		$	695		$	581		$	921		$	769
Year over year change %-written premium	20		%	19		%	23		%	16		%	13		%	13		%	7		%	11		%	20		%	9		%	20		%	10		%	20		%	11		%
Earned premiums	$	220		$	213		$	202		$	195		$	190		$	184		$	178		$	174		$	397		$	352		$	609		$	536		$	829		$	726
Current accident year before catastrophe losses	42.1		%	47.3		%	54.8		%	45.9		%	38.0		%	42.3		%	50.2		%	51.6		%	50.4		%	50.9		%	49.3		%	47.9		%	47.4		%	45.4		%
Current accident year catastrophe losses	22.4			20.9			38.6			13.0			10.9			36.8			20.7			41.1			26.1			30.8			24.3			32.9			23.8			27.1
Prior accident years before catastrophe losses	0.2			1.6			(2.5)			(8.7)			(4.4)			(1.0)			0.9			(0.5)			(5.5)			0.2			(3.0)			(0.2)			(2.2)			(1.3)
Prior accident years catastrophe losses	(1.5)			(3.8)			(5.2)			(7.2)			(1.4)			—			(0.5)			(0.7)			(6.2)			(0.6)			(5.4)			(0.4)			(4.3)			(0.7)
Total loss and loss expense ratio	63.2		%	66.0		%	85.7		%	43.0		%	43.1		%	78.1		%	71.3		%	91.5		%	64.8		%	81.3		%	65.2		%	80.2		%	64.7		%	70.5		%
Other personal:
Written premiums	$	61		$	68		$	73		$	53		$	53		$	56		$	62		$	46		$	127		$	108		$	195		$	164		$	256		$	217
Year over year change %-written premium	15		%	21		%	18		%	15		%	10		%	8		%	9		%	10		%	18		%	9		%	19		%	9		%	18		%	9		%
Earned premiums	$	62		$	60		$	56		$	55		$	54		$	51		$	52		$	50		$	111		$	101		$	172		$	153		$	234		$	207
Current accident year before catastrophe losses	54.1		%	63.8		%	64.6		%	47.2		%	45.8		%	53.8		%	45.9		%	50.0		%	56.0		%	48.0		%	58.7		%	49.9		%	57.5		%	48.9		%
Current accident year catastrophe losses	(0.1)			10.8			5.2			0.9			0.2			4.5			3.9			3.6			3.1			3.7			5.8			4.0			4.2			3.0
Prior accident years before catastrophe losses	(4.4)			(15.7)			1.4			4.6			5.0			(0.9)			(8.6)			(3.8)			3.0			(6.2)			(3.5)			(4.4)			(3.8)			(1.9)
Prior accident years catastrophe losses	(0.1)			0.4			0.4			0.4			(1.4)			(0.4)			0.4			(1.5)			0.3			(0.6)			0.4			(0.5)			0.3			(0.8)
Total loss and loss expense ratio	49.5		%	59.3		%	71.6		%	53.1		%	49.6		%	57.0		%	41.6		%	48.3		%	62.4		%	44.9		%	61.4		%	49.0		%	58.2		%	49.2		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/22			9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22			12/31/21
Excess & Surplus:
Written premiums	$	122		$	121		$	135		$	124		$	108		$	104		$	115		$	99		$	259		$	214		$	380		$	318		$	502		$	426
Year over year change %-written premium	13		%	16		%	17		%	25		%	17		%	30		%	26		%	16		%	21		%	22		%	19		%	24		%	18		%	22		%
Earned premiums	$	124		$	125		$	124		$	112		$	109		$	105		$	95		$	89		$	236		$	184		$	361		$	289		$	485		$	398
Current accident year before catastrophe losses	66.4		%	74.8		%	59.5		%	61.8		%	56.0		%	62.6		%	62.0		%	61.0		%	60.6		%	61.5		%	65.4		%	61.9		%	65.7		%	60.3		%
Current accident year catastrophe losses	1.6			(0.4)			1.2			1.5			0.6			0.4			0.4			1.3			1.3			0.8			0.8			0.7			1.0			0.6
Prior accident years before catastrophe losses	3.8			(5.9)			(0.4)			(4.6)			1.2			3.3			(1.5)			4.7			(2.4)			1.5			(3.6)			2.1			(1.7)			1.9
Prior accident years catastrophe losses	(0.2)			(0.1)			(0.1)			(0.4)			0.3			(0.1)			0.1			(0.3)			(0.2)			(0.1)			(0.2)			(0.1)			(0.2)			—
Total loss and loss expense ratio	71.6		%	68.4		%	60.2		%	58.3		%	58.1		%	66.2		%	61.0		%	66.7		%	59.3		%	63.7		%	62.4		%	64.6		%	64.8		%	62.8		%
*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.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)											Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the twelve months ended December 31, 2022
Commercial casualty		$	541		$	185		$	726		$	104		$	204		$	18		$	326		$	645		$	204		$	203		$	1,052
Commercial property		636			65			701			(56)			174			8			126			580			174			73			827
Commercial auto		479			85			564			30			39			6			75			509			39			91			639
Workers' compensation		127			32			159			(9)			17			1			9			118			17			33			168
Other commercial		93			16			109			5			7			9			21			98			7			25			130
Total commercial lines		1,876			383			2,259			74			441			42			557			1,950			441			425			2,816
Personal auto		384			83			467			12			10			4			26			396			10			87			493
Homeowners		431			55			486			20			37			6			63			451			37			61			549
Other personal		117			7			124			15			(1)			—			14			132			(1)			7			138
Total personal lines		932			145			1,077			47			46			10			103			979			46			155			1,180
Excess & surplus lines		108			51			159			70			70			37			177			178			70			88			336
Other		274			15			289			54			214			2			270			328			214			17			559
Total property casualty		$	3,190		$	594		$	3,784		$	245		$	771		$	91		$	1,107		$	3,435		$	771		$	685		$	4,891
Ceded loss and loss expense incurred for the twelve months ended December 31, 2022
Commercial casualty		$	—		$	—		$	—		$	10		$	1		$	—		$	11		$	10		$	1		$	—		$	11
Commercial property		20			—			20			(33)			33			1			1			(13)			33			1			21
Commercial auto		1			—			1			—			—			—			—			1			—			—			1
Workers' compensation		10			1			11			(7)			(2)			—			(9)			3			(2)			1			2
Other commercial		16			—			16			2			2			—			4			18			2			—			20
Total commercial lines		47			1			48			(28)			34			1			7			19			34			2			55
Personal auto		2			—			2			—			(3)			—			(3)			2			(3)			—			(1)
Homeowners		4			—			4			(5)			14			—			9			(1)			14			—			13
Other personal		—			—			—			—			2			—			2			—			2			—			2
Total personal lines		6			—			6			(5)			13			—			8			1			13			—			14
Excess & surplus lines		13			1			14			6			1			—			7			19			1			1			21
Other		28			1			29			8			48			—			56			36			48			1			85
Total property casualty		$	94		$	3		$	97		$	(19)		$	96		$	1		$	78		$	75		$	96		$	4		$	175
Net loss and loss expense incurred for the twelve months ended December 31, 2022
Commercial casualty		$	541		$	185		$	726		$	94		$	203		$	18		$	315		$	635		$	203		$	203		$	1,041
Commercial property		616			65			681			(23)			141			7			125			593			141			72			806
Commercial auto		478			85			563			30			39			6			75			508			39			91			638
Workers' compensation		117			31			148			(2)			19			1			18			115			19			32			166
Other commercial		77			16			93			3			5			9			17			80			5			25			110
Total commercial lines		1,829			382			2,211			102			407			41			550			1,931			407			423			2,761
Personal auto		382			83			465			12			13			4			29			394			13			87			494
Homeowners		427			55			482			25			23			6			54			452			23			61			536
Other personal		117			7			124			15			(3)			—			12			132			(3)			7			136
Total personal lines		926			145			1,071			52			33			10			95			978			33			155			1,166
Excess & surplus lines		95			50			145			64			69			37			170			159			69			87			315
Other		246			14			260			46			166			2			214			292			166			16			474
Total property casualty		$	3,096		$	591		$	3,687		$	264		$	675		$	90		$	1,029		$	3,360		$	675		$	681		$	4,716
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*Other data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)											Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the three months ended December 31, 2022
Commercial casualty		$	132		$	47		$	179		$	27		$	75		$	7		$	109		$	159		$	75		$	54		$	288
Commercial property		137			16			153			(25)			139			(8)			106			112			139			8			259
Commercial auto		120			21			141			17			(3)			4			18			137			(3)			25			159
Workers' compensation		29			9			38			(6)			—			3			(3)			23			—			12			35
Other commercial		23			4			27			1			3			(2)			2			24			3			2			29
Total commercial lines		441			97			538			14			214			4			232			455			214			101			770
Personal auto		120			22			142			5			(31)			2			(24)			125			(31)			24			118
Homeowners		102			15			117			—			33			2			35			102			33			17			152
Other personal		27			2			29			10			(6)			—			4			37			(6)			2			33
Total personal lines		249			39			288			15			(4)			4			15			264			(4)			43			303
Excess & surplus lines		24			14			38			6			32			13			51			30			32			27			89
Other		109			4			113			41			(47)			1			(5)			150			(47)			5			108
Total property casualty		$	823		$	154		$	977		$	76		$	195		$	22		$	293		$	899		$	195		$	176		$	1,270
Ceded loss and loss expense incurred for the three months ended December 31, 2022
Commercial casualty		$	(3)		$	—		$	(3)		$	23		$	1		$	—		$	24		$	20		$	1		$	—		$	21
Commercial property		7			—			7			(11)			36			1			26			(4)			36			1			33
Commercial auto		—			—			—			—			—			—			—			—			—			—			—
Workers' compensation		2			—			2			(2)			(2)			—			(4)			—			(2)			—			(2)
Other commercial		3			—			3			(1)			1			—			—			2			1			—			3
Total commercial lines		9			—			9			9			36			1			46			18			36			1			55
Personal auto		1			—			1			—			(2)			—			(2)			1			(2)			—			(1)
Homeowners		1			—			1			(1)			14			—			13			—			14			—			14
Other personal		—			—			—			—			2			—			2			—			2			—			2
Total personal lines		2			—			2			(1)			14			—			13			1			14			—			15
Excess & surplus lines		2			—			2			(3)			—			1			(2)			(1)			—			1			—
Other		7			—			7			3			19			—			22			10			19			—			29
Total property casualty		$	20		$	—		$	20		$	8		$	69		$	2		$	79		$	28		$	69		$	2		$	99
Net loss and loss expense incurred for the three months ended December 31, 2022
Commercial casualty		$	135		$	47		$	182		$	4		$	74		$	7		$	85		$	139		$	74		$	54		$	267
Commercial property		130			16			146			(14)			103			(9)			80			116			103			7			226
Commercial auto		120			21			141			17			(3)			4			18			137			(3)			25			159
Workers' compensation		27			9			36			(4)			2			3			1			23			2			12			37
Other commercial		20			4			24			2			2			(2)			2			22			2			2			26
Total commercial lines		432			97			529			5			178			3			186			437			178			100			715
Personal auto		119			22			141			5			(29)			2			(22)			124			(29)			24			119
Homeowners		101			15			116			1			19			2			22			102			19			17			138
Other personal		27			2			29			10			(8)			—			2			37			(8)			2			31
Total personal lines		247			39			286			16			(18)			4			2			263			(18)			43			288
Excess & surplus lines		22			14			36			9			32			12			53			31			32			26			89
Other		102			4			106			38			(66)			2			(26)			140			(66)			6			80
Total property casualty		$	803		$	154		$	957		$	68		$	126		$	21		$	215		$	871		$	126		$	175		$	1,172
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*Other data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/22			9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22			12/31/21
Premiums
Agency renewal written premiums	$	1,396		$	1,390		$	1,482		$	1,397		$	1,238		$	1,244		$	1,333		$	1,276		$	2,879		$	2,609		$	4,269		$	3,853		$	5,665		$	5,091
Agency new business written premiums	238			264			286			244			212			230			235			220			530			455			794			685			1,032			897
Other written premiums	60			96			196			258			84			64			146			197			454			343			550			407			610			491
Net written premiums	$	1,694		$	1,750		$	1,964		$	1,899		$	1,534		$	1,538		$	1,714		$	1,693		$	3,863		$	3,407		$	5,613		$	4,945		$	7,307		$	6,479
Unearned premium change	106			59			(267)			(281)			65			58			(200)			(218)			(548)			(418)			(489)			(360)			(383)			(295)
Earned premiums	$	1,800		$	1,809		$	1,697		$	1,618		$	1,599		$	1,596		$	1,514		$	1,475		$	3,315		$	2,989		$	5,124		$	4,585		$	6,924		$	6,184
Year over year change %
Agency renewal written premiums	13		%	12		%	11		%	9		%	8		%	8		%	7		%	7		%	10		%	7		%	11		%	7		%	11		%	7		%
Agency new business written premiums	12			15			22			11			15			22			12			2			16			7			16			12			15			12
Other written premiums	(29)			50			34			31			31			25			39			88			32			63			35			56			24			51
Net written premiums	10			14			15			12			10			10			10			12			13			11			14			11			13			10
Paid losses and loss expenses
Losses paid	$	803		$	804		$	755		$	733		$	718		$	612		$	649		$	564		$	1,489		$	1,214		$	2,293		$	1,826		$	3,096		$	2,543
Loss expenses paid	154			144			137			157			139			153			118			141			293			258			437			411			591			551
Loss and loss expenses paid	$	957		$	948		$	892		$	890		$	857		$	765		$	767		$	705		$	1,782		$	1,472		$	2,730		$	2,237		$	3,687		$	3,094
Incurred losses and loss expenses
Loss and loss expense incurred	$	1,172		$	1,348		$	1,240		$	956		$	855		$	988		$	830		$	923		$	2,196		$	1,753		$	3,544		$	2,741		$	4,716		$	3,596
Loss and loss expenses paid as a % of incurred	81.7		%	70.3		%	71.9		%	93.1		%	100.2		%	77.4		%	92.4		%	76.4		%	81.1		%	84.0		%	77.0		%	81.6		%	78.2		%	86.0		%
Statutory combined ratio
Loss ratio	56.3		%	64.1		%	64.8		%	48.4		%	42.6		%	51.3		%	47.0		%	52.0		%	56.7		%	49.4		%	59.3		%	50.1		%	58.5		%	48.2		%
Loss adjustment expense ratio	9.9			10.0			9.5			10.9			10.9			10.1			8.9			11.0			10.2			10.0			10.1			10.0			10.1			10.2
Net underwriting expense ratio	30.6			29.3			28.1			28.7			31.5			31.1			29.2			26.7			28.4			28.0			28.7			28.9			29.1			29.5
US Statutory combined ratio	96.8		%	103.4		%	102.4		%	88.0		%	85.0		%	92.5		%	85.1		%	89.7		%	95.3		%	87.4		%	98.1		%	89.0		%	97.7		%	87.9		%
Contribution from catastrophe losses	7.6			13.0			13.0			1.7			2.8			12.9			4.6			10.1			7.5			7.3			9.4			9.2			8.9			7.6
Statutory combined ratio excl. catastrophe losses	89.2		%	90.4		%	89.4		%	86.3		%	82.2		%	79.6		%	80.5		%	79.6		%	87.8		%	80.1		%	88.7		%	79.8		%	88.8		%	80.3		%
GAAP combined ratio
GAAP combined ratio	94.9		%	103.9		%	103.2		%	89.9		%	84.2		%	92.6		%	85.5		%	91.2		%	96.7		%	88.3		%	99.2		%	89.8		%	98.1		%	88.3		%
Contribution from catastrophe losses	7.8			13.9			12.4			1.8			3.6			14.2			3.9			10.4			7.2			7.1			9.5			9.6			9.2			8.0
GAAP combined ratio excl. catastrophe losses	87.1		%	90.0		%	90.8		%	88.1		%	80.6		%	78.4		%	81.6		%	80.8		%	89.5		%	81.2		%	89.7		%	80.2		%	88.9		%	80.3		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.<br><br>nm - Not meaningful<br><br>Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.<br><br>Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/22			9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22			12/31/21
Premiums
Agency renewal written premiums	$	908		$	860		$	934		$	970		$	809		$	775		$	852		$	898		$	1,904		$	1,750		$	2,764		$	2,525		$	3,672		$	3,334
Agency new business written premiums	130			149			165			156			135			145			146			145			321			291			470			436			600			571
Other written premiums	(31)			(25)			(27)			(30)			(24)			(25)			(21)			(24)			(57)			(45)			(82)			(70)			(113)			(94)
Net written premiums	$	1,007		$	984		$	1,072		$	1,096		$	920		$	895		$	977		$	1,019		$	2,168		$	1,996		$	3,152		$	2,891		$	4,159		$	3,811
Unearned premium change	33			44			(78)			(134)			27			35			(66)			(133)			(212)			(199)			(168)			(164)			(135)			(137)
Earned premiums	$	1,040		$	1,028		$	994		$	962		$	947		$	930		$	911		$	886		$	1,956		$	1,797		$	2,984		$	2,727		$	4,024		$	3,674
Year over year change %
Agency renewal written premiums	12		%	11		%	10		%	8		%	7		%	7		%	7		%	7		%	9		%	7		%	9		%	7		%	10		%	7		%
Agency new business written premiums	(4)			3			13			8			19			27			9			(6)			10			1			8			8			5			11
Other written premiums	(29)			—			(29)			(25)			25			7			(5)			—			(27)			(2)			(17)			1			(20)			9
Net written premiums	9			10			10			8			10			10			8			5			9			6			9			7			9			8
Paid losses and loss expenses
Losses paid	$	432		$	491		$	446		$	458		$	396		$	328		$	391		$	330		$	905		$	720		$	1,396		$	1,049		$	1,829		$	1,445
Loss expenses paid	97			93			91			100			89			98			78			96			191			174			285			272			382			361
Loss and loss expenses paid	$	529		$	584		$	537		$	558		$	485		$	426		$	469		$	426		$	1,096		$	894		$	1,681		$	1,321		$	2,211		$	1,806
Incurred losses and loss expenses
Loss and loss expense incurred	$	715		$	710		$	750		$	586		$	506		$	451		$	480		$	503		$	1,336		$	983		$	2,046		$	1,434		$	2,761		$	1,940
Loss and loss expenses paid as a % of incurred	74.0		%	82.3		%	71.6		%	95.2		%	95.8		%	94.5		%	97.7		%	84.7		%	82.0		%	90.9		%	82.2		%	92.1		%	80.1		%	93.1		%
Statutory combined ratio
Loss ratio	59.2		%	58.4		%	65.5		%	48.9		%	41.4		%	38.5		%	43.9		%	44.3		%	57.4		%	44.1		%	57.8		%	42.2		%	58.1		%	42.0		%
Loss adjustment expense ratio	9.6			10.7			9.9			12.0			12.0			10.0			8.8			12.4			10.9			10.6			10.8			10.4			10.5			10.8
Net underwriting expense ratio	31.3			31.2			29.1			28.3			32.7			33.2			29.9			26.2			28.7			28.0			29.5			29.6			29.9			30.4
Statutory combined ratio	100.1		%	100.3		%	104.5		%	89.2		%	86.1		%	81.7		%	82.6		%	82.9		%	97.0		%	82.7		%	98.1		%	82.2		%	98.5		%	83.2		%
Contribution from catastrophe losses	9.6			4.5			12.6			1.4			2.7			3.3			3.2			4.2			7.1			3.7			6.2			3.6			7.0			3.4
Statutory combined ratio excl. catastrophe losses	90.5		%	95.8		%	91.9		%	87.8		%	83.4		%	78.4		%	79.4		%	78.7		%	89.9		%	79.0		%	91.9		%	78.6		%	91.5		%	79.8		%
GAAP combined ratio
GAAP combined ratio	98.9		%	99.0		%	106.3		%	92.3		%	85.2		%	80.6		%	84.2		%	85.4		%	99.4		%	84.8		%	99.3		%	83.4		%	99.2		%	83.8		%
Contribution from catastrophe losses	9.6			4.5			12.6			1.4			2.7			3.3			3.2			4.2			7.1			3.7			6.2			3.6			7.0			3.4
GAAP combined ratio excl. catastrophe losses	89.3		%	94.5		%	93.7		%	90.9		%	82.5		%	77.3		%	81.0		%	81.2		%	92.3		%	81.1		%	93.1		%	79.8		%	92.2		%	80.4		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/22			9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22			12/31/21
Premiums
Agency renewal written premiums	$	393		$	437		$	438		$	333		$	342		$	393		$	397		$	302		$	771		$	699		$	1,208		$	1,092		$	1,601		$	1,434
Agency new business written premiums	75			81			88			52			50			53			53			46			140			99			221			152			296			202
Other written premiums	(23)			(16)			(16)			(11)			(10)			(11)			(11)			(10)			(27)			(21)			(43)			(32)			(66)			(42)
Net written premiums	$	445		$	502		$	510		$	374		$	382		$	435		$	439		$	338		$	884		$	777		$	1,386		$	1,212		$	1,831		$	1,594
Unearned premium change	(2)			(71)			(97)			28			14			(47)			(57)			38			(69)			(19)			(140)			(66)			(142)			(52)
Earned premiums	$	443		$	431		$	413		$	402		$	396		$	388		$	382		$	376		$	815		$	758		$	1,246		$	1,146		$	1,689		$	1,542
Year over year change %
Agency renewal written premiums	15		%	11		%	10		%	10		%	8		%	7		%	3		%	3		%	10		%	3		%	11		%	4		%	12		%	5		%
Agency new business written premiums	50			53			66			13			11			4			20			35			41			27			45			18			47			16
Other written premiums	(130)			(45)			(45)			(10)			(25)			(10)			(38)			(11)			(29)			(24)			(34)			(19)			(57)			(20)
Net written premiums	16			15			16			11			8			7			4			6			14			5			14			5			15			6
Paid losses and loss expenses
Losses paid	$	247		$	246		$	224		$	208		$	212		$	208		$	198		$	162		$	432		$	360		$	679		$	568		$	926		$	780
Loss expenses paid	39			35			32			40			34			40			29			32			71			60			106			100			145			134
Loss and loss expenses paid	$	286		$	281		$	256		$	248		$	246		$	248		$	227		$	194		$	503		$	420		$	785		$	668		$	1,071		$	914
Incurred losses and loss expenses
Loss and loss expense incurred	$	288		$	324		$	339		$	215		$	197		$	281		$	241		$	273		$	554		$	514		$	878		$	795		$	1,166		$	992
Loss and loss expenses paid as a % of incurred	99.3		%	86.7		%	75.5		%	115.3		%	124.9		%	88.3		%	94.2		%	71.1		%	90.8		%	81.7		%	89.4		%	84.0		%	91.9		%	92.1		%
Statutory combined ratio
Loss ratio	55.3		%	65.6		%	73.7		%	44.5		%	42.0		%	62.6		%	54.1		%	65.9		%	59.3		%	60.0		%	61.5		%	60.9		%	59.9		%	56.0		%
Loss adjustment expense ratio	9.7			9.6			8.4			9.0			7.9			9.7			8.9			6.7			8.7			7.8			9.0			8.5			9.2			8.4
Net underwriting expense ratio	30.6			26.7			26.4			32.2			30.9			28.2			27.2			30.7			28.8			28.7			28.0			28.5			28.6			29.1
Statutory combined ratio	95.6		%	101.9		%	108.5		%	85.7		%	80.8		%	100.5		%	90.2		%	103.3		%	96.8		%	96.5		%	98.5		%	97.9		%	97.7		%	93.5		%
Contribution from catastrophe losses	8.7			15.9			19.1			1.7			4.6			20.0			10.6			19.8			10.5			15.2			12.4			16.8			11.4			13.7
Statutory combined ratio excl. catastrophe losses	86.9		%	86.0		%	89.4		%	84.0		%	76.2		%	80.5		%	79.6		%	83.5		%	86.3		%	81.3		%	86.1		%	81.1		%	86.3		%	79.8		%
GAAP combined ratio
GAAP combined ratio	95.7		%	104.5		%	112.1		%	83.9		%	80.0		%	102.7		%	92.7		%	101.1		%	98.2		%	96.8		%	100.4		%	98.8		%	99.2		%	94.0		%
Contribution from catastrophe losses	8.7			15.9			19.1			1.7			4.6			20.0			10.6			19.8			10.5			15.2			12.4			16.8			11.4			13.7
GAAP combined ratio excl. catastrophe losses	87.0		%	88.6		%	93.0		%	82.2		%	75.4		%	82.7		%	82.1		%	81.3		%	87.7		%	81.6		%	88.0		%	82.0		%	87.8		%	80.3		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2022 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
	12/31/22			9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22			12/31/21
Premiums
Agency renewal written premiums	$	95		$	93		$	110		$	94		$	87		$	76		$	84		$	76		$	204		$	160		$	297		$	236		$	392		$	323
Agency new business written premiums	33			34			33			36			27			32			36			29			69			65			103			97			136			124
Other written premiums	(6)			(6)			(8)			(6)			(6)			(4)			(5)			(6)			(14)			(11)			(20)			(15)			(26)			(21)
Net written premiums	$	122		$	121		$	135		$	124		$	108		$	104		$	115		$	99		$	259		$	214		$	380		$	318		$	502		$	426
Unearned premium change	2			4			(11)			(12)			1			1			(20)			(10)			(23)			(30)			(19)			(29)			(17)			(28)
Earned premiums	$	124		$	125		$	124		$	112		$	109		$	105		$	95		$	89		$	236		$	184		$	361		$	289		$	485		$	398
Year over year change %
Agency renewal written premiums	9		%	22		%	31		%	24		%	26		%	27		%	33		%	23		%	28		%	28		%	26		%	28		%	21		%	27		%
Agency new business written premiums	22			6			(8)			24			—			33			13			7			6			10			6			17			10			13
Other written premiums	—			(50)			(60)			—			(50)			—			(25)			(50)			(27)			(38)			(33)			(25)			(24)			(31)
Net written premiums	13			16			17			25			17			30			26			16			21			22			19			24			18			22
Paid losses and loss expenses
Losses paid	$	22		$	29		$	27		$	19		$	17		$	18		$	19		$	21		$	46		$	40		$	74		$	59		$	95		$	75
Loss expenses paid	14			13			11			12			12			12			8			11			24			19			36			31			50			43
Loss and loss expenses paid	$	36		$	42		$	38		$	31		$	29		$	30		$	27		$	32		$	70		$	59		$	110		$	90		$	145		$	118
Incurred losses and loss expenses
Loss and loss expense incurred	$	89		$	86		$	74		$	66		$	63		$	70		$	58		$	59		$	140		$	117		$	226		$	187		$	315		$	250
Loss and loss expenses paid as a % of incurred	40.4		%	48.8		%	51.4		%	47.0		%	46.0		%	42.9		%	46.6		%	54.2		%	50.0		%	50.4		%	48.7		%	48.1		%	46.0		%	47.2		%
Statutory combined ratio
Loss ratio	50.5		%	51.9		%	41.5		%	43.0		%	39.3		%	45.1		%	45.0		%	43.1		%	42.2		%	44.1		%	45.6		%	44.5		%	46.8		%	43.0		%
Loss adjustment expense ratio	21.1			16.5			18.7			15.2			18.8			21.0			16.0			23.6			17.1			19.6			16.9			20.1			18.0			19.8
Net underwriting expense ratio	27.1			27.5			26.1			27.1			27.7			29.7			31.1			26.4			26.5			29.0			26.8			29.2			26.9			28.8
Statutory combined ratio	98.7		%	95.9		%	86.3		%	85.3		%	85.8		%	95.8		%	92.1		%	93.1		%	85.8		%	92.7		%	89.3		%	93.8		%	91.7		%	91.6		%
Contribution from catastrophe losses	1.4			(0.5)			1.1			1.1			0.9			0.3			0.5			1.0			1.1			0.7			0.6			0.6			0.8			0.6
Statutory combined ratio excl. catastrophe losses	97.3		%	96.4		%	85.2		%	84.2		%	84.9		%	95.5		%	91.6		%	92.1		%	84.7		%	92.0		%	88.7		%	93.2		%	90.9		%	91.0		%
GAAP combined ratio
GAAP combined ratio	96.3		%	93.9		%	85.1		%	85.9		%	83.2		%	94.1		%	89.5		%	92.0		%	85.5		%	90.7		%	88.4		%	91.9		%	90.4		%	89.5		%
Contribution from catastrophe losses	1.4			(0.5)			1.1			1.1			0.9			0.3			0.5			1.0			1.1			0.7			0.6			0.6			0.8			0.6
GAAP combined ratio excl. catastrophe losses	94.9		%	94.4		%	84.0		%	84.8		%	82.3		%	93.8		%	89.0		%	91.0		%	84.4		%	90.0		%	87.8		%	91.3		%	89.6		%	88.9		%
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. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended December 31,							For the Twelve Months Ended December 31,
(Dollars in millions)	2022		2021		Change		% Change	2022		2021		Change		% Change
Underwriting income
Net premiums written	$	1,641	$	1,482	$	159	11	$	7,077	$	6,292	$	785	12
Unearned premium change	(103)		(72)		(31)		43	359		286		73		26
Earned premiums	$	1,744	$	1,554	$	190	12	$	6,718	$	6,006	$	712	12
Losses incurred	$	983	$	661	$	322	49	$	3,931	$	2,891	$	1,040	36
Defense and cost containment expenses incurred	78		83		(5)		(6)	303		293		10		3
Adjusting and other expenses incurred	96		86		10		12	375		322		53		16
Other underwriting expenses incurred	500		465		35		8	2,054		1,852		202		11
Workers compensation dividend incurred	1		2		(1)		(50)	6		5		1		20
Total underwriting deductions	$	1,658	$	1,297	$	361	28	$	6,669	$	5,363	$	1,306	24
Net underwriting profit	$	86	$	257	$	(171)	(67)	$	49	$	643	$	(594)	(92)
Investment income
Gross investment income earned	$	133	$	150	$	(17)	(11)	$	511	$	493	$	18	4
Net investment income earned	130		147		(17)		(12)	500		484		16		3
Realized capital gains and losses, net	8		1		7		nm	49		9		40		444
Net investment gains	$	138	$	148	$	(10)	(7)	$	549	$	493	$	56	11
Other income	$	2	$	1	$	1	100	$	7	$	5	$	2	40
Net income before federal income taxes	$	226	$	406	$	(180)	(44)	$	605	$	1,141	$	(536)	(47)
Federal and foreign income taxes incurred	38		71		(33)		(46)	59		206		(147)		(71)
Net income (statutory)	$	188	$	335	$	(147)	(44)	$	546	$	935	$	(389)	(42)
Policyholders' surplus - statutory**	$	6,509	$	7,247	$	(738)	(10)	$	6,509	$	7,247	$	(738)	(10)
Fixed maturities at amortized cost - statutory	$	8,753	$	8,204	$	549	7	$	8,753	$	8,204	$	549	7
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>*Current year policyholders' surplus amount subject to change.

CINF Fourth-Quarter 2022 Supplemental Financial Data

The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended December 31,							For the Twelve Months Ended December 31,
(Dollars in millions)	2022		2021		Change		% Change	2022		2021		Change		% Change
Net premiums written	$	85	$	87	$	(2)	(2)	$	335	$	342	$	(7)	(2)
Net investment income	44		46		(2)		(4)	174		181		(7)		(4)
Amortization of interest maintenance reserve	—		1		(1)		(100)	—		3		(3)		(100)
Commissions and expense allowances on reinsurance ceded	2		2		—		—	5		5		—		—
Income from fees associated with separate accounts	—		1		(1)		(100)	4		3		1		33
Total revenues	$	131	$	137	$	(6)	(4)	$	518	$	534	$	(16)	(3)
Death benefits and matured endowments	$	41	$	53	$	(12)	(23)	$	172	$	182	$	(10)	(5)
Annuity benefits	31		20		11		55	80		66		14		21
Disability benefits and benefits under accident and health contracts	1		1		—		—	2		2		—		—
Surrender benefits and group conversions	5		6		(1)		(17)	24		26		(2)		(8)
Interest and adjustments on deposit-type contract funds	1		1		—		—	6		6		—		—
Increase in aggregate reserves for life and accident and health contracts	7		17		(10)		(59)	52		93		(41)		(44)
Total benefit expenses	$	86	$	98	$	(12)	(12)	$	336	$	375	$	(39)	(10)
Commissions	$	12	$	13	$	(1)	(8)	$	50	$	50	$	—	—
General insurance expenses and taxes	14		13		1		8	55		53		2		4
Increase in loading on deferred and uncollected premiums	1		—		1		nm	2		5		(3)		(60)
Net transfers from Separate Accounts	(5)		(3)		(2)		(67)	(15)		(6)		(9)		(150)
Total underwriting expenses	$	22	$	23	$	(1)	(4)	$	92	$	102	$	(10)	(10)
Federal and foreign income tax provision	7		5		2		40	24		17		7		41
Net gain from operations before capital gains or losses	$	16	$	11	$	5	45	$	66	$	40	$	26	65
Gains and losses net of capital gains tax, net	(1)		—		(1)		nm	(2)		1		(3)		nm
Net income - statutory	$	15	$	11	$	4	36	$	64	$	41	$	23	56
Policyholders' surplus - statutory**	$	326	$	270	$	56	21	$	326	$	270	$	56	21
Fixed maturities at amortized cost - statutory	$	3,838	$	3,733	$	105	3	$	3,838	$	3,733	$	105	3
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>*Current year policyholders' surplus amount subject to change.

CINF Fourth-Quarter 2022 Supplemental Financial Data

Quarterly Data - Other
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/22			9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22			12/31/21
Cincinnati Re:
Written premiums	$	67		$	86		$	178		$	254		$	72		$	57		$	136		$	196		$	432		$	332		$	518		$	389		$	585		$	461
Year over year change %- written premium	(7)		%	51		%	31		%	30		%	22		%	6		%	62		%	87		%	30		%	76		%	33		%	61		%	27		%	53		%
Earned premiums	$	137		$	151		$	122		$	110		$	102		$	104		$	94		$	92		$	232		$	186		$	383		$	290		$	520		$	392
Current accident year before catastrophe losses	44.4		%	45.4		%	49.6		%	50.6		%	61.7		%	52.8		%	48.5		%	42.1		%	50.0		%	45.4		%	48.3		%	48.0		%	47.2		%	51.6		%
Current accident year catastrophe losses	(5.2)			75.0			6.5			—			(1.7)			78.6			(1.7)			35.4			3.4			16.7			31.7			39.0			21.9			28.3
Prior accident years before catastrophe losses	6.9			(9.9)			(4.8)			10.9			2.4			(6.8)			6.4			3.0			2.6			4.7			(2.4)			0.6			0.1			1.1
Prior accident years catastrophe losses	0.7			(0.6)			1.1			5.2			0.3			6.4			(0.1)			—			3.1			(0.1)			1.6			2.2			1.4			1.7
Total loss and loss expense ratio	46.8		%	109.9		%	52.4		%	66.7		%	62.7		%	131.0		%	53.1		%	80.5		%	59.1		%	66.7		%	79.2		%	89.8		%	70.6		%	82.7		%
Cincinnati Global:
Written premiums	$	53		$	57		$	69		$	51		$	52		$	47		$	47		$	41		$	120		$	88		$	177		$	135		$	230		$	187
Year over year change %- written premium	2		%	21		%	47		%	24		%	6		%	24		%	(11)		%	11		%	36		%	(2)		%	31		%	5		%	23		%	6		%
Earned premiums	$	56		$	74		$	44		$	32		$	45		$	69		$	32		$	32		$	76		$	64		$	150		$	133		$	206		$	178
Current accident year before catastrophe losses	28.6		%	45.6		%	53.2		%	38.3		%	39.4		%	35.3		%	54.4		%	30.9		%	47.0		%	42.9		%	46.3		%	39.0		%	41.4		%	39.1		%
Current accident year catastrophe losses	1.4			48.6			0.1			16.3			33.6			30.3			27.5			55.8			6.9			41.3			27.6			35.7			20.5			35.1
Prior accident years before catastrophe losses	(13.3)			4.6			(15.4)			4.1			(16.9)			(4.7)			(23.4)			(12.0)			(7.2)			(17.8)			(1.4)			(11.1)			(4.6)			(12.5)
Prior accident years catastrophe losses	11.6			(14.5)			(9.7)			(9.0)			(2.0)			12.2			(54.0)			(31.0)			(9.4)			(42.7)			(11.9)			(14.4)			(5.5)			(11.2)
Total loss and loss expense ratio	28.3		%	84.3		%	28.2		%	49.7		%	54.1		%	73.1		%	4.5		%	43.7		%	37.3		%	23.7		%	60.6		%	49.2		%	51.8		%	50.5		%
Noninsurance operations:
Interest and fees on loans and leases	$	2		$	2		$	2		$	1		$	2		$	2		$	2		$	1		$	3		$	3		$	5		$	5		$	7		$	7
Other revenue	1			—			1			1			—			1			1			1			2			2			2			3			3			3
Interest expense	13			14			13			13			14			13			13			13			26			26			40			39			53			53
Operating expense	10			4			5			4			6			5			5			4			9			9			13			14			23			20
Total noninsurance operations loss	$	(20)		$	(16)		$	(15)		$	(15)		$	(18)		$	(15)		$	(15)		$	(15)		$	(30)		$	(30)		$	(46)		$	(45)		$	(66)		$	(63)
*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

CINF Fourth-Quarter 2022 Supplemental Financial Data