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: October 27, 2025

(Date of earliest event reported)

CINCINNATI FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

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

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

N/A

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

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

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

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

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

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

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

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

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

☐ Emerging growth company

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

Item 2.02 Results of Operations and Financial Condition.

On October 27, 2025, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Third-Quarter 2025 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On October 27, 2025, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference.

This report should not be deemed an admission as to the materiality of any information contained in the news releases or supplemental financial data.

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

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 — News release dated October 27, 2025, titled "Cincinnati Financial Reports Third-Quarter 2025 Results"

Exhibit 99.2 — Supplemental Financial Data for the period ending September 30, 2025 distributed October 27, 2025

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

Signature

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

	CINCINNATI FINANCIAL CORPORATION
Date: October 27, 2025	/S/ Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Executive Vice President and Treasurer
	(Principal Accounting Officer)

Document

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

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

CINF-IR@cinfin.com

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

Media_Inquiries@cinfin.com

Cincinnati Financial Reports Third-Quarter 2025 Results

Cincinnati, October 27, 2025 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Third-quarter 2025 net income of $1.122 billion, or $7.11 per share, compared with $820 million, or $5.20 per share, in the third quarter of 2024, after recognizing a $675 million third-quarter 2025 after-tax increase in the fair value of equity securities still held.

•Third-quarter 2025 non-GAAP operating income* of $449 million, or $2.85 per share, compared with $224 million, or $1.42 per share, in the third quarter of last year. The increase of $225 million included a favorable effect of $152 million from a decrease in after-tax catastrophe losses.

•$302 million increase in third-quarter 2025 net income, compared with third-quarter 2024, including the effects of after-tax net increases of $77 million from net investment gains, $182 million from property casualty underwriting profit and $30 million from investment income.

•$98.76 book value per share at September 30, 2025, up $9.65 since year-end.

•13.8% value creation ratio for the first nine months of 2025, compared with 17.8% for the same period of 2024.

Financial Highlights

(Dollars in millions, except per share data)
	2025			2024			% Change		2025			2024			% Change
Revenue Data
Earned premiums		$	2,567		$	2,297		12		$	7,391		$	6,524		13
Investment income, net of expenses		295			258			14		860			745			15
Total revenues		3,726			3,320			12		9,540			8,799			8
Income Statement Data
Net income		$	1,122		$	820		37		$	1,717		$	1,887		(9)
Investment gains and losses, after-tax		673			596			13		994			1,187			(16)
Non-GAAP operating income*		$	449		$	224		100		$	723		$	700		3
Per Share Data (diluted)
Net income		$	7.11		$	5.20		37		$	10.88		$	11.97		(9)
Investment gains and losses, after-tax		4.26			3.78			13		6.30			7.53			(16)
Non-GAAP operating income*		$	2.85		$	1.42		101		$	4.58		$	4.44		3
Book value										$	98.76		$	88.32		12
Cash dividend declared		$	0.87		$	0.81		7		$	2.61		$	2.43		7
Diluted weighted average shares outstanding		157.8			157.7			0		157.8			157.7			0

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

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

CINF 3Q25 Release 1

Insurance Operations Highlights

•88.2% third-quarter 2025 property casualty combined ratio, improved from 97.4% for the third quarter of 2024.

•9% growth in third-quarter net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.

•$356 million third-quarter 2025 property casualty new business written premiums, down 12%. Agencies appointed since the beginning of 2024 contributed $32 million or 9% of total new business written premiums.

•$28 million third-quarter 2025 life insurance subsidiary net income, up $8 million compared with the third quarter of 2024, and 5% growth in third-quarter 2025 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•14% or $37 million increase in third-quarter 2025 pretax investment income, including a 21% increase in bond interest income and a 1% increase in stock portfolio dividends.

•Three-month increase of 5% in fair value of total investments at September 30, 2025, including a 3% increase for the bond portfolio and an 8% increase for the stock portfolio.

•$5.545 billion parent company cash and marketable securities at September 30, 2025, up 7% from year-end 2024.

Property Casualty Underwriting Results Shine

Stephen M. Spray, president and chief executive officer, commented: "Non-GAAP operating income more than doubled last year’s third quarter to $449 million, bolstered by underwriting profits as well as pretax investment income that increased 14% over last year’s third quarter.

“Property casualty insurance underwriting led our strong performance. Underwriting profits before taxes rose to $293 million in the third quarter, turning our nine-month results to a positive $123 million. Our combined ratio of 88.2% was our best third quarter result since 2015. On a nine-month basis, our combined ratio was 98.4%. With one quarter to go, we are within striking distance of our target long-term annual average range of 92% to 98%.

“Better weather helped us achieve healthy results for our insurance operations with a third-quarter impact from catastrophes at just 3.7 percentage points. More importantly, our results reflect the diligent execution of our deliberate strategies for profitable growth. We have set ambitious goals for ourselves, and our associates are rising to meet them. As I travel to see agents across the U.S., I’m happy to hear one question repeated, ‘How can we do more together?’.”

Maintaining Disciplined Growth

“Balancing profitability and growth takes determination and expertise. We continue to invest in the people and the tools we need to further enhance our ability to price each policy based on its individual characteristics. Our field marketing associates are armed with analytics that complement their experience, giving them confidence to compete for our agencies’ best business and to walk away from accounts they deem underpriced.

“Net written premiums for the first nine months of 2025 grew 10% compared with the first nine months of 2024, including overall pricing increases in the mid-single-digit range for our standard commercial lines business and the high-single-digit range for our excess and surplus lines and personal lines business. We’re supporting the advantages of our local independent agencies through additional risk management solutions and product expansion, such as adding to the capabilities available to our agents through our small business platform powered by CinergySM.

“While new business slowed on a quarter and year-to-date basis, we believe that’s a sign of our pricing discipline and some stabilization of the market disruption we observed last year, which contributed to an unusually large amount of submissions for new policies from our agents in 2024. We continue to appoint agencies, creating a pipeline for future growth. So far in 2025, we’ve appointed 355 new agencies.”

Value for Shareholders

“At September 30, our book value again reached a record high, increasing 11% since December 31, 2024, to $98.76. Consolidated cash and total investments climbed to nearly $33 billion. Our value creation ratio, which considers the dividends we pay as well as our growth in book value, was 13.8% for the first nine months – exceeding our 10% to 13% average annual target for this measure.”

CINF 3Q25 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)
	2025			2024			% Change	2025			2024			% Change
Earned premiums	$	2,484		$	2,217		12	$	7,145		$	6,284		14
Fee revenues	4			3			33	11			9			22
Total revenues	2,488			2,220			12	7,156			6,293			14
Loss and loss expenses	1,464			1,499			(2)	4,938			4,181			18
Underwriting expenses	731			659			11	2,095			1,884			11
Underwriting profit	$	293		$	62		373	$	123		$	228		(46)
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	58.9		%	67.6		%	(8.7)	69.1		%	66.5		%	2.6
Underwriting expenses	29.3			29.8			(0.5)	29.3			30.0			(0.7)
Combined ratio	88.2		%	97.4		%	(9.2)	98.4		%	96.5		%	1.9
							% Change							% Change
Agency renewal written premiums	$	2,037		$	1,795		13	$	6,084		$	5,321		14
Agency new business written premiums	356			406			(12)	1,143			1,159			(1)
Other written premiums	100			92			9	494			520			(5)
Net written premiums	$	2,493		$	2,293		9	$	7,721		$	7,000		10
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	55.4		%	57.0		%	(1.6)	57.4		%	58.6		%	(1.2)
Current accident year catastrophe losses	4.4			13.8			(9.4)	14.2			11.2			3.0
Prior accident years before catastrophe losses	(0.2)			(2.4)			2.2	(1.6)			(2.2)			0.6
Prior accident years catastrophe losses	(0.7)			(0.8)			0.1	(0.9)			(1.1)			0.2
Loss and loss expense ratio	58.9		%	67.6		%	(8.7)	69.1		%	66.5		%	2.6
Current accident year combined ratio before <br> catastrophe losses	84.7		%	86.8		%	(2.1)	86.7		%	88.6		%	(1.9)

•$200 million or 9% growth of third-quarter 2025 property casualty net written premiums, and nine-month growth of 10%, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The contribution to third-quarter growth from Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM in total was less than 1 percentage point.

•$50 million decrease in third-quarter 2025 new business premiums written by agencies, driven by our personal lines insurance segment. The $50 million decrease included an $18 million increase in standard market property casualty production from agencies appointed since the beginning of 2024.

•355 new agency appointments in the first nine months of 2025, including 61 that market only our personal lines products.

•9.2 percentage-point third-quarter 2025 combined ratio improvement, including a decrease of 9.3 points for losses from catastrophes.

•1.9 percentage-point nine-month 2025 combined ratio increase, including an increase of 3.2 points from higher catastrophe losses.

•0.9 percentage-point third-quarter 2025 benefit from favorable prior accident year reserve development of $22 million, compared with 3.2 points or $71 million for third-quarter 2024.

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

•1.2 percentage-point improvement in the nine-month 2025 ratio for current accident year loss and loss expenses before catastrophes, including an unfavorable 0.4 points for the net effect of $49 million for reinsurance treaty reinstatement premiums related to the January 2025 wildfires in southern California.

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

CINF 3Q25 Release 3

Commercial Lines Insurance Results

(Dollars in millions)
	2025			2024			% Change	2025			2024			% Change
Earned premiums	$	1,229		$	1,137		8	$	3,620		$	3,326		9
Fee revenues	2			1			100	4			3			33
Total revenues	1,231			1,138			8	3,624			3,329			9
Loss and loss expenses	747			706			6	2,249			2,171			4
Underwriting expenses	373			351			6	1,080			1,028			5
Underwriting profit	$	111		$	81		37	$	295		$	130		127
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	60.8		%	62.1		%	(1.3)	62.2		%	65.3		%	(3.1)
Underwriting expenses	30.3			30.9			(0.6)	29.8			30.9			(1.1)
Combined ratio	91.1		%	93.0		%	(1.9)	92.0		%	96.2		%	(4.2)
							% Change							% Change
Agency renewal written premiums	$	1,043		$	987		6	$	3,311		$	3,086		7
Agency new business written premiums	185			187			(1)	588			562			5
Other written premiums	(30)			(36)			17	(86)			(101)			15
Net written premiums	$	1,198		$	1,138		5	$	3,813		$	3,547		7
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	59.2		%	60.7		%	(1.5)	60.0		%	61.3		%	(1.3)
Current accident year catastrophe losses	3.0			5.8			(2.8)	5.0			7.5			(2.5)
Prior accident years before catastrophe losses	(1.0)			(4.0)			3.0	(2.2)			(2.9)			0.7
Prior accident years catastrophe losses	(0.4)			(0.4)			0.0	(0.6)			(0.6)			0.0
Loss and loss expense ratio	60.8		%	62.1		%	(1.3)	62.2		%	65.3		%	(3.1)
Current accident year combined ratio before <br> catastrophe losses	89.5		%	91.6		%	(2.1)	89.8		%	92.2		%	(2.4)

•$60 million or 5% growth in third-quarter 2025 commercial lines net written premiums, including higher agency renewal premiums partially offset by lower new business written premiums. Seven percent growth in nine-month net written premiums.

•$56 million or 6% increase in third-quarter renewal written premiums, with commercial lines average renewal pricing increases in the mid-single-digit percent range.

•$2 million or 1% decrease in third-quarter 2025 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•1.9 percentage-point third-quarter 2025 combined ratio improvement, including a decrease of 2.8 points for losses from catastrophes.

•4.2 percentage-point nine-month 2025 combined ratio improvement, including a decrease of 2.5 points from lower catastrophe losses.

•1.4 percentage-point third-quarter 2025 benefit from favorable prior accident year reserve development of $18 million, compared with 4.4 points or $50 million for third-quarter 2024.

•2.8 percentage-point nine-month 2025 benefit from favorable prior accident year reserve development, compared with 3.5 points for the first nine months of 2024.

CINF 3Q25 Release 4

Personal Lines Insurance Results

(Dollars in millions)
	2025			2024			% Change	2025			2024			% Change
Earned premiums	$	838		$	678		24	$	2,340		$	1,897		23
Fee revenues	1			2			(50)	4			4			0
Total revenues	839			680			23	2,344			1,901			23
Loss and loss expenses	507			553			(8)	1,951			1,421			37
Underwriting expenses	233			196			19	665			554			20
Underwriting profit (loss)	$	99		$	(69)		nm	$	(272)		$	(74)		(268)
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	60.4		%	81.5		%	(21.1)	83.4		%	74.9		%	8.5
Underwriting expenses	27.8			28.8			(1.0)	28.4			29.2			(0.8)
Combined ratio	88.2		%	110.3		%	(22.1)	111.8		%	104.1		%	7.7
							% Change							% Change
Agency renewal written premiums	$	864		$	695		24	$	2,364		$	1,870		26
Agency new business written premiums	116			165			(30)	384			450			(15)
Other written premiums	(29)			(28)			(4)	(145)			(74)			(96)
Net written premiums	$	951		$	832		14	$	2,603		$	2,246		16
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	50.7		%	54.0		%	(3.3)	54.7		%	55.4		%	(0.7)
Current accident year catastrophe losses	8.0			27.4			(19.4)	29.7			20.9			8.8
Prior accident years before catastrophe losses	2.6			0.9			1.7	0.4			0.3			0.1
Prior accident years catastrophe losses	(0.9)			(0.8)			(0.1)	(1.4)			(1.7)			0.3
Loss and loss expense ratio	60.4		%	81.5		%	(21.1)	83.4		%	74.9		%	8.5
Current accident year combined ratio before <br> catastrophe losses	78.5		%	82.8		%	(4.3)	83.1		%	84.6		%	(1.5)

•$119 million or 14% growth in third-quarter 2025 personal lines net written premiums, including higher agency renewal written premiums that benefited from rate increases in the high-single-digit percent range. Cincinnati Private ClientSM third-quarter 2025 net written premiums from our agencies’ high net worth clients grew 19%, to $572 million. Sixteen percent growth in nine-month net written premiums in total.

•$49 million or 30% decrease in third-quarter 2025 new business premiums written by agencies, including a decrease of $28 million in our private client personal lines, that included $9 million for California.

•$71 million less favorable effect on nine-month 2025 net written premiums from other written premiums, including $63 million for additional ceded premiums to reinstate our property catastrophe reinsurance treaty after recoveries related to California wildfires.

•22.1 percentage-point third-quarter 2025 combined ratio improvement, including a decrease of 19.5 points for losses from catastrophes.

•7.7 percentage-point nine-month 2025 combined ratio increase, including an increase of 9.1 points from higher catastrophe losses and an increase in the underwriting expense ratio of 0.7 points for the effect of reinstatement premiums.

•1.7 percentage-point third-quarter 2025 unfavorable prior accident year reserve development of $14 million, compared with 0.1 points or less than $1 million for third-quarter 2024.

•1.0 percentage-point nine-month 2025 benefit from favorable prior accident year reserve development, compared with 1.4 points for the first nine months of 2024.

CINF 3Q25 Release 5

Excess and Surplus Lines Insurance Results

(Dollars in millions)
	2025			2024			% Change	2025			2024			% Change
Earned premiums	$	174		$	157		11	$	510		$	447		14
Fee revenues	1			—			nm	3			2			50
Total revenues	175			157			11	513			449			14
Loss and loss expenses	108			107			1	317			299			6
Underwriting expenses	48			42			14	141			122			16
Underwriting profit	$	19		$	8		138	$	55		$	28		96
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	62.1		%	68.6		%	(6.5)	62.2		%	67.0		%	(4.8)
Underwriting expenses	27.7			26.7			1.0	27.6			27.3			0.3
Combined ratio	89.8		%	95.3		%	(5.5)	89.8		%	94.3		%	(4.5)
							% Change							% Change
Agency renewal written premiums	$	130		$	113		15	$	409		$	365		12
Agency new business written premiums	55			54			2	171			147			16
Other written premiums	(10)			(10)			0	(35)			(29)			(21)
Net written premiums	$	175		$	157		11	$	545		$	483		13
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	64.1		%	64.2		%	(0.1)	64.8		%	64.6		%	0.2
Current accident year catastrophe losses	0.2			1.7			(1.5)	0.9			1.4			(0.5)
Prior accident years before catastrophe losses	(2.1)			2.9			(5.0)	(3.2)			1.0			(4.2)
Prior accident years catastrophe losses	(0.1)			(0.2)			0.1	(0.3)			0.0			(0.3)
Loss and loss expense ratio	62.1		%	68.6		%	(6.5)	62.2		%	67.0		%	(4.8)
Current accident year combined ratio before <br> catastrophe losses	91.8		%	90.9		%	0.9	92.4		%	91.9		%	0.5

•$18 million or 11% growth in third-quarter 2025 excess and surplus lines net written premiums, including higher agency renewal written premiums that benefited from price increases averaging in the high-single-digit percent range. Thirteen percent growth in nine-month net written premiums.

•$1 million or 2% increase in third-quarter 2025 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•5.5 percentage-point third-quarter 2025 combined ratio improvement, including 4.9 points in the ratio for favorable reserve development on prior accident year loss and loss expenses.

•4.5 percentage-point nine-month 2025 combined ratio improvement, including 4.5 points in the ratio for favorable reserve development on prior accident year loss and loss expenses.

•2.2 percentage-point third-quarter 2025 benefit from favorable prior accident year reserve development of $4 million, compared with unfavorable development of 2.7 points or $5 million for third-quarter 2024.

•3.5 percentage-point nine-month 2025 benefit from favorable prior accident year reserve development, compared with unfavorable development of 1.0 points for the first nine months of 2024.

CINF 3Q25 Release 6

Life Insurance Subsidiary Results

(Dollars in millions)
	2025			2024			% Change		2025			2024			% Change
Term life insurance		$	61		$	58		5		$	179		$	174		3
Whole life insurance		14			13			8		40			39			3
Universal life and other		8			9			(11)		27			27			0
Earned premiums		83			80			4		246			240			3
Investment income, net of expenses		52			48			8		151			142			6
Investment gains and losses, net		(1)			—			nm		(6)			(9)			33
Fee revenues		1			1			0		4			4			0
Total revenues		135			129			5		395			377			5
Contract holders’ benefits incurred		76			79			(4)		230			226			2
Underwriting expenses incurred		23			24			(4)		70			70			0
Total benefits and expenses		99			103			(4)		300			296			1
Net income before income tax		36			26			38		95			81			17
Income tax provision		8			6			33		20			18			11
Net income of the life insurance subsidiary		$	28		$	20		40		$	75		$	63		19

•$3 million increase in third-quarter 2025 earned premiums, including a 5% increase for term life insurance, our largest life insurance product line.

•$12 million increase in nine-month 2025 life insurance subsidiary net income, primarily due to increased investment income, increased earned premiums and decreased investment losses from fixed-maturity securities.

•$118 million or 9% nine-month 2025 increase, to $1.425 billion, in GAAP shareholders’ equity for the life insurance subsidiary, primarily from net income and a decrease in unrealized investment losses on fixed-maturity securities.

CINF 3Q25 Release 7

Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)		Three months ended September 30,
	2025				2024				% Change		2025				2024				% Change
Investment income, net of expenses		$	295			$	258			14		$	860			$	745			15
Investment interest credited to contract holders		(32)				(32)				0		(95)				(94)				(1)
Investment gains and losses, net		853				758				13		1,259				1,507				(16)
Investments profit		$	1,116			$	984			13		$	2,024			$	2,158			(6)
Investment income:
Interest		$	227			$	187			21		$	651			$	529			23
Dividends		69				68				1		206				209				(1)
Other		4				7				(43)		16				18				(11)
Less investment expenses		5				4				25		13				11				18
Investment income, pretax		295				258				14		860				745				15
Less income taxes		51				44				16		148				125				18
Total investment income, after-tax		$	244			$	214			14		$	712			$	620			15
Investment returns:
Average invested assets plus cash and cash <br> equivalents		$	31,899			$	29,107					$	31,345			$	28,447
Average yield pretax		3.70		%		3.55		%				3.66		%		3.49		%
Average yield after-tax		3.06				2.94						3.03				2.91
Effective tax rate		17.3				16.9						17.2				16.8
Fixed-maturity returns:
Average amortized cost		$	17,816			$	15,592					$	17,515			$	15,218
Average yield pretax		5.10		%		4.80		%				4.96		%		4.63		%
Average yield after-tax		4.16				3.93						4.04				3.80
Effective tax rate		18.4				18.1						18.4				18.0

•$37 million or 14% rise in third-quarter 2025 pretax investment income, including a 21% increase in interest income from fixed-maturity securities and a 1% increase in equity portfolio dividends.

•$1.094 billion in third-quarter 2025 pretax total investment gains, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.

(Dollars in millions)		Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Investment gains and losses on equity securities sold, net		$	(9)		$	24		$	(5)		$	146
Unrealized gains and losses on equity securities still held, net		855			817			1,259			1,446
Investment gains and losses on fixed-maturity securities, net		1			(86)			(13)			(114)
Other		6			3			18			29
Subtotal - investment gains and losses reported in net income		853			758			1,259			1,507
Change in unrealized investment gains and losses - fixed <br> maturities		241			497			336			367
Total		$	1,094		$	1,255		$	1,595		$	1,874

CINF 3Q25 Release 8

Balance Sheet Highlights

(Dollars in millions, except share data)
	2025				2024
Total investments		$	31,099			$	28,378
Total assets		40,567				36,501
Short-term debt		25				25
Long-term debt		790				790
Shareholders’ equity		15,406				13,935
Book value per share		98.76				89.11
Debt-to-total-capital ratio		5.0		%		5.5		%

•$32.559 billion in consolidated cash and total investments at September 30, 2025, an increase of 11% from $29.361 billion at year-end 2024.

•$17.630 billion bond portfolio at September 30, 2025, with an average rating of A2/A+. Fair value increased $553 million during the third quarter of 2025, including $232 million in net purchases of fixed-maturity securities.

•$12.547 billion equity portfolio was 40.3% of total investments, including $8.393 billion in appreciated value before taxes at September 30, 2025. Third-quarter 2025 increase in fair value of $898 million, including $57 million in net purchases of equity securities.

•$7.30 third-quarter 2025 increase in book value per share, including an addition of $2.88 of net income before investment gains and $5.51 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities that were partially offset by $0.22 for other items and $0.87 from dividends declared to shareholders.

•Value creation ratio of 13.8% for the first nine months of 2025, including 5.2% from net income before investment gains, which includes underwriting and investment income, and 8.9% from investment portfolio gains and changes in unrealized gains for fixed-maturity securities, partially offset by 0.3% for other items.

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

About Cincinnati Financial

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

Mailing Address: Street Address:

P.O. Box 145496 6200 South Gilmore Road

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

CINF 3Q25 Release 9

Safe Harbor Statement

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

Insurance-Related Risks

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

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

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

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

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

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

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

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

•Changing consumer insurance-buying habits

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

•Domestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:

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

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

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

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

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

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

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

Financial, Economic, and Investment Risks

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

•Downgrades in our financial strength ratings

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

◦Our ability to generate growth in investment income

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

◦Our traditional life policy reserves

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

CINF 3Q25 Release 10

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

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

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

General Business, Technology, and Operational Risks

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

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

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

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

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

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

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

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

•Our inability, or the inability of our independent agents, to attract and retain personnel

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

Regulatory, Compliance, and Legal Risks

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

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

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

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

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

◦Increase our provision for federal income taxes due to changes in tax laws, regulations, or interpretations

◦Increase other expenses

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

◦Restrict our ability to cancel policies

◦Impose new underwriting standards

◦Place us at a disadvantage in the marketplace

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

CINF 3Q25 Release 11

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

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

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

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

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

* * *

CINF 3Q25 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets and Statements of Income (unaudited)

(Dollars in millions)					September 30,		December 31,
					2025		2024
Assets
Investments					$	31,099	$	28,378
Cash and cash equivalents					1,460		983
Premiums receivable					3,307		2,969
Reinsurance recoverable					679		523
Deferred policy acquisition costs					1,360		1,242
Other assets					2,662		2,406
Total assets					$	40,567	$	36,501
Liabilities
Insurance reserves					$	14,263	$	12,963
Unearned premiums					5,423		4,813
Deferred income tax					1,792		1,476
Long-term debt and lease obligations					858		850
Other liabilities					2,825		2,464
Total liabilities					25,161		22,566
Shareholders’ Equity
Common stock and paid-in capital					1,940		1,899
Retained earnings					16,179		14,869
Accumulated other comprehensive loss					(84)		(309)
Treasury stock					(2,629)		(2,524)
Total shareholders' equity					15,406		13,935
Total liabilities and shareholders' equity					$	40,567	$	36,501
(Dollars in millions, except per share data)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Revenues
Earned premiums	$	2,567	$	2,297	$	7,391	$	6,524
Investment income, net of expenses	295		258		860		745
Investment gains and losses, net	853		758		1,259		1,507
Other revenues	11		7		30		23
Total revenues	3,726		3,320		9,540		8,799
Benefits and Expenses
Insurance losses and contract holders' benefits	1,540		1,578		5,168		4,407
Underwriting, acquisition and insurance expenses	754		683		2,165		1,954
Interest expense	13		13		40		40
Other operating expenses	6		6		27		19
Total benefits and expenses	2,313		2,280		7,400		6,420
Income Before Income Taxes	1,413		1,040		2,140		2,379
Provision for Income Taxes	291		220		423		492
Net Income	$	1,122	$	820	$	1,717	$	1,887
Per Common Share:
Net income—basic	$	7.19	$	5.25	$	10.99	$	12.06
Net income—diluted	7.11		5.20		10.88		11.97

CINF 3Q25 Release 13

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

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

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

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

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

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

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

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

CINF 3Q25 Release 14

Cincinnati Financial Corporation

Net Income Reconciliation
(Dollars in millions, except per share data)	Three months ended September 30,					Nine months ended September 30,
		2025		2024			2025		2024
Net income		$	1,122	$	820		$	1,717	$	1,887
Less:
Investment gains and losses, net		853		758			1,259		1,507
Income tax on investment gains and losses		(180)		(162)			(265)		(320)
Investment gains and losses, after-tax		673		596			994		1,187
Non-GAAP operating income		$	449	$	224		$	723	$	700
Diluted per share data:
Net income		$	7.11	$	5.20		$	10.88	$	11.97
Less:
Investment gains and losses, net		5.40		4.80			7.98		9.55
Income tax on investment gains and losses		(1.14)		(1.02)			(1.68)		(2.02)
Investment gains and losses, after-tax		4.26		3.78			6.30		7.53
Non-GAAP operating income		$	2.85	$	1.42		$	4.58	$	4.44	Life Insurance Reconciliation
---	---	---	---	---	---	---	---	---	---	---
(Dollars in millions)	Three months ended September 30,					Nine months ended September 30,
		2025		2024			2025		2024
Net income of the life insurance subsidiary		$	28	$	20		$	75	$	63
Investment gains and losses, net		(1)		—			(6)		(9)
Income tax on investment gains and losses		—		—			(1)		(2)
Non-GAAP operating income		29		20			80		70
Investment income, net of expenses		(52)		(48)			(151)		(142)
Investment income credited to contract holders		32		32			95		94
Income tax excluding tax on investment gains and losses, <br> net		8		6			21		20
Life insurance segment profit		$	17	$	10		$	45	$	42

CINF 3Q25 Release 15

Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended September 30, 2025
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	2,493		$	1,198		$	951		$	175		$	169
Unearned premiums change		(9)			31			(113)			(1)			74
Earned premiums		$	2,484		$	1,229		$	838		$	174		$	243
Underwriting profit		$	293		$	111		$	99		$	19		$	64
(Dollars in millions)	Nine months ended September 30, 2025
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	7,721		$	3,813		$	2,603		$	545		$	760
Unearned premiums change		(576)			(193)			(263)			(35)			(85)
Earned premiums		$	7,145		$	3,620		$	2,340		$	510		$	675
Underwriting profit (loss)		$	123		$	295		$	(272)		$	55		$	45
(Dollars in millions)	Three months ended September 30, 2024
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	2,293		$	1,138		$	832		$	157		$	166
Unearned premiums change		(76)			(1)			(154)			—			79
Earned premiums		$	2,217		$	1,137		$	678		$	157		$	245
Underwriting profit (loss)		$	62		$	81		$	(69)		$	8		$	42
(Dollars in millions)	Nine months ended September 30, 2024
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	7,000		$	3,547		$	2,246		$	483		$	724
Unearned premiums change		(716)			(221)			(349)			(36)			(110)
Earned premiums		$	6,284		$	3,326		$	1,897		$	447		$	614
Underwriting profit (loss)		$	228		$	130		$	(74)		$	28		$	144
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>*Included in Other are the results of Cincinnati Re and Cincinnati Global.

CINF 3Q25 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)
	2025				2024				2025				2024
Value creation ratio:
End of period book value*		$	98.76			$	88.32			$	98.76			$	88.32
Less beginning of period book value		91.46				81.79				89.11				77.06
Change in book value		7.30				6.53				9.65				11.26
Dividend declared to shareholders		0.87				0.81				2.61				2.43
Total value creation		$	8.17			$	7.34			$	12.26			$	13.69
Value creation ratio from change in book value**		8.0		%		8.0		%		10.9		%		14.6		%
Value creation ratio from dividends declared to<br> shareholders***		0.9				1.0				2.9				3.2
Value creation ratio		8.9		%		9.0		%		13.8		%		17.8		%
* 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 3Q25 Release 17

Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending September 30, 2025

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com

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

Ratings are as of October 24, 2025, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength under About on cinfin.com.

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

CINF Third-Quarter 2025 Supplemental Financial Data

	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending September 30, 2025
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 2025	4
	CFC and Subsidiaries Consolidation – Three Months Ended September 30, 2025	5
Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	6
	Loss Ratio Detail	7
	Loss Claim Count Detail	8
	Quarterly Property Casualty Data – Commercial Lines	9
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	10
	Loss and Loss Expense Analysis – Nine Months Ended September 30, 2025	11
	Loss and Loss Expense Analysis – Three Months Ended September 30, 2025	12
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	13
	Quarterly Property Casualty Data – Commercial Lines	14
	Quarterly Property Casualty Data – Personal Lines	15
	Quarterly Property Casualty Data – Excess & Surplus Lines	16
Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	17
	The Cincinnati Life Insurance Company Statutory Statements of Income	18
Other
	Quarterly Data – Other	19

CINF Third-Quarter 2025 Supplemental Financial Data

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

•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.

Other Measures

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

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

CINF Third-Quarter 2025 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2025
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	7,534	$	—	$	—	$	—	$	7,534
Life	—		—		307		—		—		307
Premiums ceded	—		(389)		(61)		—		—		(450)
Total earned premium	—		7,145		246		—		—		7,391
Investment income, net of expenses	84		627		151		—		(2)		860
Investment gains and losses, net	420		845		(6)		—		—		1,259
Fee revenues	—		11		4		—		—		15
Other revenues	12		10		—		8		(15)		15
Total revenues	$	516	$	8,638	$	395	$	8	$	(17)	$	9,540
Benefits & expenses
Losses & contract holders' benefits	$	—	$	5,470	$	289	$	—	$	1	$	5,760
Reinsurance recoveries	—		(532)		(59)		—		(1)		(592)
Underwriting, acquisition and insurance expenses	—		2,095		70		—		—		2,165
Interest expense	39		—		—		3		(2)		40
Other operating expenses	33		5		—		4		(15)		27
Total expenses	$	72	$	7,038	$	300	$	7	$	(17)	$	7,400
Income before income taxes	$	444	$	1,600	$	95	$	1	$	—	$	2,140
Provision (benefit) for income taxes
Current operating income (loss)	$	(74)	$	(53)	$	28	$	—	$	—	$	(99)
Capital gains/losses	89		178		(1)		—		—		266
Deferred	77		186		(7)		—		—		256
Total provision for income taxes	$	92	$	311	$	20	$	—	$	—	$	423
Net income - current year	$	352	$	1,289	$	75	$	1	$	—	$	1,717
Net income - prior year	$	502	$	1,321	$	63	$	1	$	—	$	1,887
*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 Third-Quarter 2025 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended September 30, 2025
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	2,602	$	—	$	—	$	—	$	2,602
Life	—		—		104		—		—		104
Premiums ceded	—		(118)		(21)		—		—		(139)
Total earned premium	—		2,484		83		—		—		2,567
Investment income, net of expenses	26		217		52		—		—		295
Investment gains and losses, net	322		532		(1)		—		—		853
Fee revenues	—		4		1		—		—		5
Other revenues	4		5		—		3		(6)		6
Total revenues	$	352	$	3,242	$	135	$	3	$	(6)	$	3,726
Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,486	$	91	$	—	$	—	$	1,577
Reinsurance recoveries	—		(22)		(15)		—		—		(37)
Underwriting, acquisition and insurance expenses	—		731		23		—		—		754
Interest expense	13		—		—		1		(1)		13
Other operating expenses	7		2		—		2		(5)		6
Total expenses	$	20	$	2,197	$	99	$	3	$	(6)	$	2,313
Income before income taxes	$	332	$	1,045	$	36	$	—	$	—	$	1,413
Provision (benefit) for income taxes
Current operating income (loss)	$	(54)	$	(9)	$	10	$	—	$	—	$	(53)
Capital gains/losses	68		113		—		—		—		181
Deferred	55		110		(2)		—		—		163
Total provision for income taxes	$	69	$	214	$	8	$	—	$	—	$	291
Net income - current year	$	263	$	831	$	28	$	—	$	—	$	1,122
Net income - prior year	$	279	$	520	$	20	$	1	$	—	$	820
*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 Third-Quarter 2025 Supplemental Financial Data

Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)															Six months ended				Nine months ended				Twelve months ended
	9/30/25		6/30/25		3/31/25		12/31/24		9/30/24		6/30/24		3/31/24		6/30/25		6/30/24		9/30/25		9/30/24		12/31/25	12/31/24
Consolidated
Current accident year losses greater than 5 million	$	48	$	15	$	26	$	19	$	18	$	31	$	—	$	41	$	31	$	89	$	49		$	68
Current accident year losses 2 million - 5 million	35		40		20		37		51		28		22		60		50		95		101			138
Large loss prior accident year reserve development	49		27		56		19		19		15		22		83		37		132		56			75
Total large losses incurred	$	132	$	82	$	102	$	75	$	88	$	74	$	44	$	184	$	118	$	316	$	206		$	281
Losses incurred but not reported	158		213		279		182		185		165		251		492		416		650		601			783
Other losses excluding catastrophe losses	831		741		688		653		711		741		677		1,429		1,418		2,260		2,129			2,782
Catastrophe losses	83		280		558		83		282		228		111		838		339		921		621			704
Total losses incurred	$	1,204	$	1,316	$	1,627	$	993	$	1,266	$	1,208	$	1,083	$	2,943	$	2,291	$	4,147	$	3,557		$	4,550
Commercial Lines
Current accident year losses greater than 5 million	$	48	$	5	$	7	$	9	$	11	$	31	$	—	$	12	$	31	$	60	$	42		$	51
Current accident year losses 2 million - 5 million	12		22		15		12		36		11		11		37		22		49		58			70
Large loss prior accident year reserve development	47		14		44		19		20		22		12		58		34		105		54			73
Total large losses incurred	$	107	$	41	$	66	$	40	$	67	$	64	$	23	$	107	$	87	$	214	$	154		$	194
Losses incurred but not reported	67		106		163		105		117		92		156		269		248		336		365			470
Other losses excluding catastrophe losses	405		383		318		328		337		384		368		701		752		1,106		1,089			1,417
Catastrophe losses	29		83		40		8		58		101		64		123		165		152		223			231
Total losses incurred	$	608	$	613	$	587	$	481	$	579	$	641	$	611	$	1,200	$	1,252	$	1,808	$	1,831		$	2,312
Personal Lines
Current accident year losses greater than 5 million	$	—	$	10	$	19	$	10	$	7	$	—	$	—	$	29	$	—	$	29	$	7		$	17
Current accident year losses 2 million - 5 million	23		18		5		25		13		15		11		23		26		46		39			64
Large loss prior accident year reserve development	2		13		12		—		(1)		(7)		10		25		3		27		2			2
Total large losses incurred	$	25	$	41	$	36	$	35	$	19	$	8	$	21	$	77	$	29	$	102	$	48		$	83
Losses incurred but not reported	32		37		74		22		33		31		22		111		53		143		86			108
Other losses excluding catastrophe losses	316		257		254		245		256		256		231		511		487		827		743			988
Catastrophe losses	54		186		405		(4)		178		129		50		591		179		645		357			353
Total losses incurred	$	427	$	521	$	769	$	298	$	486	$	424	$	324	$	1,290	$	748	$	1,717	$	1,234		$	1,532
Excess & Surplus Lines
Current accident year losses greater than 5 million	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Current accident year losses 2 million - 5 million	—		—		—		—		2		2		—		—		2		—		4			4
Large loss prior accident year reserve development	—		—		—		—		—		—		—		—		—		—		—			—
Total large losses incurred	$	—	$	—	$	—	$	—	$	2	$	2	$	—	$	—	$	2	$	—	$	4		$	4
Losses incurred but not reported	16		31		46		28		12		17		30		77		47		93		59			87
Other losses excluding catastrophe losses	59		42		24		46		55		51		37		66		88		125		143			189
Catastrophe losses	—		3		—		2		2		3		1		3		4		3		6			8
Total losses incurred	$	75	$	76	$	70	$	76	$	71	$	73	$	68	$	146	$	141	$	221	$	212		$	288
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

All values are in US Dollars.

CINF Third-Quarter 2025 Supplemental Financial Data

Consolidated Property Casualty
Loss Ratio Detail
															Six months ended				Nine months ended				Twelve months ended
	9/30/25		6/30/25		3/31/25		12/31/24		9/30/24		6/30/24		3/31/24		6/30/25		6/30/24		9/30/25		9/30/24		12/31/25	12/31/24
Consolidated
Current accident year losses greater than 5 million	1.9	%	0.6	%	1.2	%	0.8	%	0.9	%	1.5	%	—	%	0.9	%	0.8	%	1.3	%	0.8	%		0.8	%
Current accident year losses 2 million - 5 million	1.4		1.7		0.9		1.5		2.3		1.4		1.1		1.3		1.2		1.3		1.6			1.6
Large loss prior accident year reserve development	2.0		1.1		2.4		0.9		0.8		0.7		1.1		1.8		0.9		1.8		0.9			0.9
Total large loss ratio	5.3	%	3.4	%	4.5	%	3.2	%	4.0	%	3.6	%	2.2	%	4.0	%	2.9	%	4.4	%	3.3	%		3.3	%
Losses incurred but not reported	6.4		8.9		12.3		8.0		8.4		8.0		12.6		10.5		10.2		9.1		9.6			9.1
Other losses excluding catastrophe losses	33.4		30.9		30.4		28.7		32.0		35.6		34.0		30.6		34.9		31.6		33.8			32.5
Catastrophe losses	3.4		11.7		24.6		3.6		12.7		11.0		5.6		18.0		8.3		12.9		9.9			8.2
Total loss ratio	48.5	%	54.9	%	71.8	%	43.5	%	57.1	%	58.2	%	54.4	%	63.1	%	56.3	%	58.0	%	56.6	%		53.1	%
Commercial Lines
Current accident year losses greater than 5 million	3.9	%	0.5	%	0.6	%	0.8	%	1.0	%	2.8	%	—	%	0.5	%	1.4	%	1.7	%	1.3	%		1.1	%
Current accident year losses 2 million - 5 million	1.0		1.8		1.2		1.0		3.2		1.0		1.0		1.5		1.0		1.3		1.7			1.5
Large loss prior accident year reserve development	3.8		1.2		3.8		1.6		1.7		2.0		1.1		2.5		1.6		2.9		1.6			1.7
Total large loss ratio	8.7	%	3.5	%	5.6	%	3.4	%	5.9	%	5.8	%	2.1	%	4.5	%	4.0	%	5.9	%	4.6	%		4.3	%
Losses incurred but not reported	5.4		8.7		13.9		9.1		10.3		8.3		14.4		11.3		11.3		9.3		11.0			10.5
Other losses excluding catastrophe losses	33.0		31.6		26.8		28.2		29.7		34.6		34.0		29.3		34.3		30.5		32.8			31.5
Catastrophe losses	2.4		6.8		3.4		0.7		5.1		9.1		6.0		5.1		7.6		4.2		6.7			5.2
Total loss ratio	49.5	%	50.6	%	49.7	%	41.4	%	51.0	%	57.8	%	56.5	%	50.2	%	57.2	%	49.9	%	55.1	%		51.5	%
Personal Lines
Current accident year losses greater than 5 million	—	%	1.3	%	2.8	%	1.4	%	1.1	%	—	%	—	%	2.0	%	—	%	1.3	%	0.4	%		0.7	%
Current accident year losses 2 million - 5 million	2.9		2.2		0.7		3.4		2.0		2.4		1.8		1.5		2.1		2.0		2.1			2.4
Large loss prior accident year reserve development	0.2		1.5		1.8		—		(0.2)		(1.1)		1.8		1.6		0.3		1.1		0.1			0.1
Total large loss ratio	3.1	%	5.0	%	5.3	%	4.8	%	2.9	%	1.3	%	3.6	%	5.1	%	2.4	%	4.4	%	2.6	%		3.2	%
Losses incurred but not reported	3.8		4.7		10.5		3.0		5.0		4.8		3.8		7.4		4.3		6.1		4.6			4.1
Other losses excluding catastrophe losses	37.5		32.0		36.4		33.7		37.6		40.5		39.4		34.1		39.9		35.4		39.0			37.6
Catastrophe losses	6.5		23.1		57.9		(0.4)		26.2		20.5		8.4		39.3		14.7		27.5		18.8			13.5
Total loss ratio	50.9	%	64.8	%	110.1	%	41.1	%	71.7	%	67.1	%	55.2	%	85.9	%	61.3	%	73.4	%	65.0	%		58.4	%
Excess & Surplus Lines
Current accident year losses greater than 5 million	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%		—	%
Current accident year losses 2 million - 5 million	—		—		—		—		1.3		1.3		—		—		0.7		—		0.9			0.7
Large loss prior accident year reserve development	—		—		—		—		—		—		—		—		—		—		—			—
Total large loss ratio	—	%	—	%	—	%	—	%	1.3	%	1.3	%	—	%	—	%	0.7	%	—	%	0.9	%		0.7	%
Losses incurred but not reported	9.2		18.1		28.1		16.9		7.1		11.6		21.6		23.0		16.4		18.3		13.2			14.2
Other losses excluding catastrophe losses	33.6		24.4		14.8		27.2		35.4		33.8		26.8		19.7		30.4		24.4		32.1			30.8
Catastrophe losses	—		1.3		0.2		1.0		1.5		1.9		0.5		0.8		1.2		0.5		1.3			1.2
Total loss ratio	42.8	%	43.8	%	43.1	%	45.1	%	45.3	%	48.6	%	48.9	%	43.5	%	48.7	%	43.2	%	47.5	%		46.9	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

All values are in US Dollars.

CINF Third-Quarter 2025 Supplemental Financial Data

Consolidated Property Casualty
Loss Claim Count Detail
								Six months ended		Nine months ended		Twelve months ended
	9/30/25	6/30/25	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24	6/30/25	6/30/24	9/30/25	9/30/24	12/31/25	12/31/24
Consolidated
Current accident year reported losses greater than 5 million	6	2	3	1	3	5	—	5	5	12	8		10
Current accident year reported losses 2 million - 5 million	17	14	7	14	18	11	8	21	19	32	37		49
Prior accident year reported losses on large losses	11	13	15	11	6	9	7	28	16	39	22		33
Non-Catastrophe reported losses on large losses total	34	29	25	26	27	25	15	54	40	83	67		92
Commercial Lines
Current accident year reported losses greater than 5 million	6	1	1	—	2	5	—	2	5	9	7		8
Current accident year reported losses 2 million - 5 million	9	7	5	7	12	4	4	12	8	16	20		26
Prior accident year reported losses on large losses	11	10	11	11	6	9	4	21	13	32	19		30
Non-Catastrophe reported losses on large losses total	26	18	17	18	20	18	8	35	26	57	46		64
Personal Lines
Current accident year reported losses greater than 5 million	—	1	2	1	1	—	—	3	—	3	1		2
Current accident year reported losses 2 million - 5 million	8	7	2	7	5	6	4	9	10	16	15		21
Prior accident year reported losses on large losses	—	3	4	—	—	—	3	7	3	7	3		3
Non-Catastrophe reported losses on large losses total	8	11	8	8	6	6	7	19	13	26	19		26
Excess & Surplus Lines
Current accident year reported losses greater than 5 million	—	—	—	—	—	—	—	—	—	—	—		—
Current accident year reported losses 2 million - 5 million	—	—	—	—	1	1	—	—	1	—	2		2
Prior accident year reported losses on large losses	—	—	—	—	—	—	—	—	—	—	—		—
Non-Catastrophe reported losses on large losses total	—	—	—	—	1	1	—	—	1	—	2		2
*The sum of quarterly amounts may not equal the full year as each is computed independently.

All values are in US Dollars.

CINF Third-Quarter 2025 Supplemental Financial Data

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/25	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25	12/31/24
Commercial casualty:
Net written premiums		$	372		$	428		$	443		$	385		$	364		$	391		$	417		$	871		$	808		$	1,244		$	1,172			$	1,557
Year over year change %- written premium		2		%	9		%	6		%	7		%	10		%	3		%	3		%	8		%	3		%	6		%	5		%		6		%
Earned premiums		$	403		$	402		$	387		$	390		$	381		$	372		$	365		$	789		$	737		$	1,192		$	1,118			$	1,508
Current accident year before catastrophe losses		74.8		%	72.3		%	72.8		%	72.9		%	74.1		%	69.6		%	73.6		%	72.6		%	71.6		%	73.3		%	72.5		%		72.6		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		6.0			(0.4)			(0.3)			(0.3)			(0.4)			7.6			0.1			(0.4)			3.9			1.8			2.4				1.7
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		80.8		%	71.9		%	72.5		%	72.6		%	73.7		%	77.2		%	73.7		%	72.2		%	75.5		%	75.1		%	74.9		%		74.3		%
Commercial property:
Net written premiums		$	422		$	428		$	411		$	383		$	389		$	392		$	362		$	839		$	754		$	1,260		$	1,143			$	1,526
Year over year change %- written premium		8		%	9		%	14		%	13		%	13		%	17		%	15		%	11		%	16		%	10		%	15		%		15		%
Earned premiums		$	405		$	399		$	389		$	373		$	361		$	348		$	336		$	787		$	684		$	1,192		$	1,045			$	1,418
Current accident year before catastrophe losses		37.2		%	40.2		%	43.5		%	22.3		%	40.9		%	45.7		%	48.5		%	41.8		%	47.0		%	40.2		%	44.9		%		39.0		%
Current accident year catastrophe losses		8.6			21.5			13.3			7.7			16.7			28.9			21.3			17.5			25.2			14.5			22.3				18.4
Prior accident years before catastrophe losses		(8.2)			(9.5)			(5.3)			3.2			(7.8)			(3.9)			(4.2)			(7.4)			(4.0)			(7.7)			(5.4)				(3.1)
Prior accident years catastrophe losses		(1.2)			(0.6)			(3.6)			(2.6)			(1.3)			(2.1)			(2.5)			(2.1)			(2.3)			(1.8)			(1.9)				(2.1)
Total loss and loss expense ratio		36.4		%	51.6		%	47.9		%	30.6		%	48.5		%	68.6		%	63.1		%	49.8		%	65.9		%	45.2		%	59.9		%		52.2		%
Commercial auto:
Net written premiums		$	243		$	271		$	283		$	223		$	223		$	248		$	259		$	555		$	506		$	797		$	730			$	953
Year over year change %- written premium		9		%	9		%	9		%	8		%	12		%	6		%	8		%	10		%	7		%	9		%	9		%		9		%
Earned premiums		$	253		$	247		$	241		$	237		$	231		$	228		$	220		$	489		$	448		$	742		$	679			$	916
Current accident year before catastrophe losses		64.7		%	65.0		%	68.6		%	65.5		%	66.7		%	67.9		%	70.0		%	66.8		%	68.9		%	66.1		%	68.2		%		67.5		%
Current accident year catastrophe losses		0.8			0.8			1.8			(3.3)			2.2			4.4			1.6			1.3			3.0			1.1			2.7				1.2
Prior accident years before catastrophe losses		4.1			7.2			2.9			2.4			0.2			(3.8)			(0.8)			5.1			(2.4)			4.8			(1.5)				(0.5)
Prior accident years catastrophe losses		—			(0.1)			(0.1)			(0.2)			—			—			(0.1)			(0.1)			—			(0.1)			—				(0.1)
Total loss and loss expense ratio		69.6		%	72.9		%	73.2		%	64.4		%	69.1		%	68.5		%	70.7		%	73.1		%	69.5		%	71.9		%	69.4		%		68.1		%
Workers' compensation:
Net written premiums		$	56		$	57		$	79		$	54		$	56		$	55		$	79		$	135		$	134		$	191		$	190			$	244
Year over year change %- written premium		—		%	4		%	—		%	(5)		%	(2)		%	(15)		%	(4)		%	1		%	(9)		%	1		%	(6)		%		(6)		%
Earned premiums		$	61		$	60		$	61		$	60		$	61		$	59		$	61		$	121		$	120		$	181		$	182			$	242
Current accident year before catastrophe losses		94.6		%	97.0		%	95.5		%	87.9		%	88.2		%	86.5		%	91.5		%	96.2		%	89.0		%	95.7		%	88.8		%		88.5		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(28.3)			(27.8)			(18.6)			(44.4)			(26.7)			(46.9)			(19.3)			(23.1)			(32.9)			(24.9)			(30.8)				(34.2)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		66.3		%	69.2		%	76.9		%	43.5		%	61.5		%	39.6		%	72.2		%	73.1		%	56.1		%	70.8		%	58.0		%		54.3		%
Other commercial:
Net written premiums		$	105		$	106		$	109		$	98		$	106		$	100		$	106		$	215		$	207		$	321		$	312			$	410
Year over year change %- written premium		(1)		%	6		%	3		%	1		%	8		%	5		%	6		%	4		%	6		%	3		%	6		%		5		%
Earned premiums		$	107		$	104		$	101		$	100		$	103		$	100		$	100		$	205		$	200		$	313		$	302			$	402
Current accident year before catastrophe losses		51.1		%	50.5		%	45.8		%	47.9		%	50.5		%	40.7		%	40.5		%	48.2		%	40.6		%	49.2		%	43.9		%		44.9		%
Current accident year catastrophe losses		—			0.1			0.1			0.1			0.1			—			0.1			0.1			0.1			—			0.1				0.1
Prior accident years before catastrophe losses		2.9			(1.5)			(2.2)			—			0.4			0.2			(2.8)			(1.8)			(1.3)			(0.2)			(0.6)				(0.5)
Prior accident years catastrophe losses		—			0.1			—			—			(0.1)			0.1			0.1			—			0.1			—			—				—
Total loss and loss expense ratio		54.0		%	49.2		%	43.7		%	48.0		%	50.9		%	41.0		%	37.9		%	46.5		%	39.5		%	49.0		%	43.4		%		44.5		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Third-Quarter 2025 Supplemental Financial Data

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/25	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25	12/31/24
Personal auto:
Net written premiums		$	328		$	333		$	266		$	270		$	296		$	283		$	216		$	599		$	499		$	927		$	795			$	1,065
Year over year change %- written premium		11		%	18		%	23		%	30		%	30		%	33		%	33		%	20		%	33		%	17		%	32		%		32		%
Earned premiums		$	295		$	285		$	271		$	258		$	242		$	224		$	208		$	556		$	432		$	851		$	674			$	932
Current accident year before catastrophe losses		67.8		%	67.8		%	71.2		%	70.0		%	68.7		%	73.3		%	73.8		%	69.5		%	73.5		%	68.9		%	71.8		%		71.3		%
Current accident year catastrophe losses		1.1			3.2			3.0			(3.6)			6.6			3.6			3.4			3.1			3.5			2.4			4.6				2.3
Prior accident years before catastrophe losses		1.9			—			(0.8)			4.0			1.5			5.3			(1.9)			(0.4)			1.9			0.4			1.7				2.4
Prior accident years catastrophe losses		—			—			(0.3)			—			—			(0.1)			(0.7)			(0.2)			(0.4)			(0.1)			(0.2)				(0.2)
Total loss and loss expense ratio		70.8		%	71.0		%	73.1		%	70.4		%	76.8		%	82.1		%	74.6		%	72.0		%	78.5		%	71.6		%	77.9		%		75.8		%
Homeowner:
Net written premiums		$	518		$	532		$	320		$	394		$	442		$	433		$	303		$	852		$	736		$	1,370		$	1,178			$	1,572
Year over year change %- written premium		17		%	23		%	6		%	32		%	30		%	31		%	36		%	16		%	33		%	16		%	32		%		32		%
Earned premiums		$	444		$	425		$	338		$	379		$	352		$	326		$	303		$	763		$	629		$	1,208		$	981			$	1,360
Current accident year before catastrophe losses		37.6		%	38.8		%	53.4		%	34.2		%	40.9		%	42.2		%	46.9		%	45.2		%	44.4		%	42.4		%	43.1		%		40.7		%
Current accident year catastrophe losses		12.9			44.3			122.5			2.6			47.4			38.5			21.0			79.0			30.1			54.7			36.3				26.9
Prior accident years before catastrophe losses		0.9			(3.0)			(2.0)			(1.3)			(1.4)			1.2			(2.0)			(2.6)			(0.3)			(1.3)			(0.7)				(0.9)
Prior accident years catastrophe losses		(1.6)			(3.0)			(3.5)			(3.1)			(1.7)			(1.7)			(6.3)			(3.2)			(4.0)			(2.6)			(3.1)				(3.1)
Total loss and loss expense ratio		49.8		%	77.1		%	170.4		%	32.4		%	85.2		%	80.2		%	59.6		%	118.4		%	70.2		%	93.2		%	75.6		%		63.6		%
Other personal:
Net written premiums		$	105		$	115		$	86		$	89		$	94		$	103		$	76		$	201		$	179		$	306		$	273			$	362
Year over year change %- written premium		12		%	12		%	13		%	20		%	18		%	18		%	21		%	12		%	19		%	12		%	18		%		19		%
Earned premiums		$	99		$	94		$	89		$	89		$	84		$	81		$	77		$	183		$	158		$	281		$	242			$	331
Current accident year before catastrophe losses		58.8		%	58.3		%	76.2		%	57.0		%	66.5		%	54.6		%	57.4		%	67.0		%	56.0		%	64.2		%	59.7		%		59.0		%
Current accident year catastrophe losses		6.9			6.8			1.1			14.0			4.1			5.3			2.3			4.0			3.8			5.0			3.9				6.6
Prior accident years before catastrophe losses		12.5			7.4			3.7			7.3			8.7			(5.8)			(2.6)			5.6			(4.3)			8.0			0.2				2.1
Prior accident years catastrophe losses		(0.8)			(0.1)			(0.4)			—			—			0.2			(0.3)			(0.2)			—			(0.5)			—				—
Total loss and loss expense ratio		77.4		%	72.4		%	80.6		%	78.3		%	79.3		%	54.3		%	56.8		%	76.4		%	55.5		%	76.7		%	63.8		%		67.7		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/25	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25	12/31/24
Excess & Surplus:
Net written premiums		$	175		$	202		$	168		$	171		$	157		$	180		$	146		$	370		$	326		$	545		$	483			$	654
Year over year change %- written premium		11		%	12		%	15		%	14		%	23		%	15		%	7		%	13		%	12		%	13		%	15		%		15		%
Earned premiums		$	174		$	174		$	162		$	168		$	157		$	151		$	139		$	336		$	290		$	510		$	447			$	615
Current accident year before catastrophe losses		64.1		%	64.9		%	65.6		%	63.1		%	64.2		%	64.0		%	65.7		%	65.2		%	64.8		%	64.8		%	64.6		%		64.2		%
Current accident year catastrophe losses		0.2			1.6			0.8			1.0			1.7			1.4			0.9			1.2			1.2			0.9			1.4				1.3
Prior accident years before catastrophe losses		(2.1)			(2.7)			(5.0)			2.3			2.9			1.6			(1.7)			(3.8)			—			(3.2)			1.0				1.4
Prior accident years catastrophe losses		(0.1)			(0.3)			(0.5)			0.1			(0.2)			0.5			(0.4)			(0.3)			—			(0.3)			—				—
Total loss and loss expense ratio		62.1		%	63.5		%	60.9		%	66.5		%	68.6		%	67.5		%	64.5		%	62.3		%	66.0		%	62.2		%	67.0		%		66.9		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Third-Quarter 2025 Supplemental Financial Data

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)											Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the nine months ended September 30, 2025
Commercial casualty		$	442		$	162		$	604		$	85		$	184		$	45		$	314		$	527		$	184		$	207		$	918
Commercial property		465			54			519			(27)			36			14			23			438			36			68			542
Commercial auto		352			67			419			10			86			19			115			362			86			86			534
Workers' compensation		93			22			115			(11)			15			12			16			82			15			34			131
Other commercial		77			17			94			9			26			31			66			86			26			48			160
Total commercial lines		1,429			322			1,751			66			347			121			534			1,495			347			443			2,285
Personal auto		430			85			515			22			48			25			95			452			48			110			610
Homeowners		1,186			86			1,272			109			129			29			267			1,295			129			115			1,539
Other personal		148			8			156			6			70			1			77			154			70			9			233
Total personal lines		1,764			179			1,943			137			247			55			439			1,901			247			234			2,382
Excess & surplus lines		127			54			181			6			95			43			144			133			95			97			325
Other		320			17			337			28			112			1			141			348			112			18			478
Total property casualty		$	3,640		$	572		$	4,212		$	237		$	801		$	220		$	1,258		$	3,877		$	801		$	792		$	5,470
Ceded loss and loss expense incurred for the nine months ended September 30, 2025
Commercial casualty		$	1		$	—		$	1		$	24		$	(2)		$	—		$	22		$	25		$	(2)		$	—		$	23
Commercial property		19			1			20			(20)			4			—			(16)			(1)			4			1			4
Commercial auto		—			—			—			—			—			—			—			—			—			—			—
Workers' compensation		5			—			5			(2)			(1)			—			(3)			3			(1)			—			2
Other commercial		11			—			11			(4)			—			—			(4)			7			—			—			7
Total commercial lines		36			1			37			(2)			1			—			(1)			34			1			1			36
Personal auto		1			—			1			—			—			—			—			1			—			—			1
Homeowners		275			—			275			61			77			—			138			336			77			—			413
Other personal		9			—			9			6			2			—			8			15			2			—			17
Total personal lines		285			—			285			67			79			—			146			352			79			—			431
Excess & surplus lines		6			1			7			(1)			2			—			1			5			2			1			8
Other		21			—			21			(3)			39			—			36			18			39			—			57
Total property casualty		$	348		$	2		$	350		$	61		$	121		$	—		$	182		$	409		$	121		$	2		$	532
Net loss and loss expense incurred for the nine months ended September 30, 2025
Commercial casualty		$	441		$	162		$	603		$	61		$	186		$	45		$	292		$	502		$	186		$	207		$	895
Commercial property		446			53			499			(7)			32			14			39			439			32			67			538
Commercial auto		352			67			419			10			86			19			115			362			86			86			534
Workers' compensation		88			22			110			(9)			16			12			19			79			16			34			129
Other commercial		66			17			83			13			26			31			70			79			26			48			153
Total commercial lines		1,393			321			1,714			68			346			121			535			1,461			346			442			2,249
Personal auto		429			85			514			22			48			25			95			451			48			110			609
Homeowners		911			86			997			48			52			29			129			959			52			115			1,126
Other personal		139			8			147			—			68			1			69			139			68			9			216
Total personal lines		1,479			179			1,658			70			168			55			293			1,549			168			234			1,951
Excess & surplus lines		121			53			174			7			93			43			143			128			93			96			317
Other		299			17			316			31			73			1			105			330			73			18			421
Total property casualty		$	3,292		$	570		$	3,862		$	176		$	680		$	220		$	1,076		$	3,468		$	680		$	790		$	4,938
*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 Third-Quarter 2025 Supplemental Financial Data

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)											Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the three months ended September 30, 2025
Commercial casualty		$	173		$	54		$	227		$	49		$	55		$	13		$	117		$	222		$	55		$	67		$	344
Commercial property		160			16			176			—			(33)			7			(26)			160			(33)			23			150
Commercial auto		118			20			138			9			22			8			39			127			22			28			177
Workers' compensation		32			6			38			4			(3)			1			2			36			(3)			7			40
Other commercial		28			6			34			8			10			8			26			36			10			14			60
Total commercial lines		511			102			613			70			51			37			158			581			51			139			771
Personal auto		151			24			175			14			8			13			35			165			8			37			210
Homeowners		273			26			299			(31)			(58)			14			(75)			242			(58)			40			224
Other personal		48			2			50			(8)			31			1			24			40			31			3			74
Total personal lines		472			52			524			(25)			(19)			28			(16)			447			(19)			80			508
Excess & surplus lines		43			19			62			17			16			14			47			60			16			33			109
Other		86			6			92			(15)			20			1			6			71			20			7			98
Total property casualty		$	1,112		$	179		$	1,291		$	47		$	68		$	80		$	195		$	1,159		$	68		$	259		$	1,486
Ceded loss and loss expense incurred for the three months ended September 30, 2025
Commercial casualty		$	1		$	—		$	1		$	16		$	—		$	—		$	16		$	17		$	—		$	—		$	17
Commercial property		8			—			8			(3)			(2)			—			(5)			5			(2)			—			3
Commercial auto		—			—			—			1			—			—			1			1			—			—			1
Workers' compensation		2			—			2			—			(1)			—			(1)			2			(1)			—			1
Other commercial		3			—			3			(1)			—			—			(1)			2			—			—			2
Total commercial lines		14			—			14			13			(3)			—			10			27			(3)			—			24
Personal auto		—			—			—			—			—			—			—			—			—			—			—
Homeowners		46			—			46			(18)			(24)			—			(42)			28			(24)			—			4
Other personal		2			—			2			(4)			(1)			—			(5)			(2)			(1)			—			(3)
Total personal lines		48			—			48			(22)			(25)			—			(47)			26			(25)			—			1
Excess & surplus lines		1			—			1			—			—			—			—			1			—			—			1
Other		10			1			11			(2)			(13)			—			(15)			8			(13)			1			(4)
Total property casualty		$	73		$	1		$	74		$	(11)		$	(41)		$	—		$	(52)		$	62		$	(41)		$	1		$	22
Net loss and loss expense incurred for the three months ended September 30, 2025
Commercial casualty		$	172		$	54		$	226		$	33		$	55		$	13		$	101		$	205		$	55		$	67		$	327
Commercial property		152			16			168			3			(31)			7			(21)			155			(31)			23			147
Commercial auto		118			20			138			8			22			8			38			126			22			28			176
Workers' compensation		30			6			36			4			(2)			1			3			34			(2)			7			39
Other commercial		25			6			31			9			10			8			27			34			10			14			58
Total commercial lines		497			102			599			57			54			37			148			554			54			139			747
Personal auto		151			24			175			14			8			13			35			165			8			37			210
Homeowners		227			26			253			(13)			(34)			14			(33)			214			(34)			40			220
Other personal		46			2			48			(4)			32			1			29			42			32			3			77
Total personal lines		424			52			476			(3)			6			28			31			421			6			80			507
Excess & surplus lines		42			19			61			17			16			14			47			59			16			33			108
Other		76			5			81			(13)			33			1			21			63			33			6			102
Total property casualty		$	1,039		$	178		$	1,217		$	58		$	109		$	80		$	247		$	1,097		$	109		$	258		$	1,464
*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 Third-Quarter 2025 Supplemental Financial Data

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/25	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25	12/31/24
Premiums
Agency renewal written premiums		$	2,037		$	2,135		$	1,912		$	1,759		$	1,795		$	1,843		$	1,683		$	4,047		$	3,526		$	6,084		$	5,321			$	7,080
Agency new business written premiums		356			404			383			382			406			407			346			787			753			1,143			1,159				1,541
Other written premiums		100			194			200			102			92			209			219			394			428			494			520				622
Net written premiums		$	2,493		$	2,733		$	2,495		$	2,243		$	2,293		$	2,459		$	2,248		$	5,228		$	4,707		$	7,721		$	7,000			$	9,243
Unearned premium change		(9)			(336)			(231)			41			(76)			(384)			(256)			(567)			(640)			(576)			(716)				(675)
Earned premiums		$	2,484		$	2,397		$	2,264		$	2,284		$	2,217		$	2,075		$	1,992		$	4,661		$	4,067		$	7,145		$	6,284			$	8,568
Year over year change %
Agency renewal written premiums		13		%	16		%	14		%	15		%	16		%	12		%	10		%	15		%	11		%	14		%	13		%		13		%
Agency new business written premiums		(12)			(1)			11			23			30			34			38			5			36			(1)			34				31
Other written premiums		9			(7)			(9)			34			(3)			2			(6)			(8)			(2)			(5)			(2)				2
Net written premiums		9			11			11			17			17			14			11			11			13			10			14				15
Paid losses and loss expenses
Losses paid		$	1,039		$	1,049		$	1,203		$	978		$	946		$	893		$	861		$	2,253		$	1,755		$	3,292		$	2,701			$	3,680
Loss expenses paid		178			197			196			185			168			174			176			392			349			570			517				701
Loss and loss expenses paid		$	1,217		$	1,246		$	1,399		$	1,163		$	1,114		$	1,067		$	1,037		$	2,645		$	2,104		$	3,862		$	3,218			$	4,381
Incurred losses and loss expenses
Loss and loss expense incurred		$	1,464		$	1,587		$	1,887		$	1,255		$	1,499		$	1,412		$	1,270		$	3,474		$	2,682		$	4,938		$	4,181			$	5,436
Loss and loss expenses paid as a % of incurred		83.1		%	78.5		%	74.1		%	92.7		%	74.3		%	75.6		%	81.7		%	76.1		%	78.4		%	78.2		%	77.0		%		80.6		%
Statutory combined ratio
Loss ratio		49.5		%	55.4		%	72.4		%	43.2		%	58.3		%	59.1		%	55.2		%	63.6		%	57.2		%	58.7		%	57.6		%		53.8		%
Loss adjustment expense ratio		10.9			11.6			11.7			11.8			11.0			10.1			9.6			11.7			9.8			11.4			10.2				10.6
Net underwriting expense ratio		28.3			26.4			28.2			30.2			28.5			27.7			27.5			27.3			27.6			27.6			27.9				28.5
US Statutory combined ratio		88.7		%	93.4		%	112.3		%	85.2		%	97.8		%	96.9		%	92.3		%	102.6		%	94.6		%	97.7		%	95.7		%		92.9		%
Contribution from catastrophe losses		4.0			11.9			25.2			2.8			13.4			11.6			6.1			18.4			8.9			13.4			10.5				8.4
Statutory combined ratio excl. catastrophe losses		84.7		%	81.5		%	87.1		%	82.4		%	84.4		%	85.3		%	86.2		%	84.2		%	85.7		%	84.3		%	85.2		%		84.5		%
GAAP combined ratio
GAAP combined ratio		88.2		%	94.9		%	113.3		%	84.7		%	97.4		%	98.5		%	93.6		%	103.8		%	96.1		%	98.4		%	96.5		%		93.4		%
Contribution from catastrophe losses		3.7			12.2			25.0			4.0			13.0			11.2			5.9			18.4			8.6			13.3			10.1				8.5
GAAP combined ratio excl. catastrophe losses		84.5		%	82.7		%	88.3		%	80.7		%	84.4		%	87.3		%	87.7		%	85.4		%	87.5		%	85.1		%	86.4		%		84.9		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed<br> independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.<br>Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Third-Quarter 2025 Supplemental Financial Data

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/25	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25	12/31/24
Premiums
Agency renewal written premiums		$	1,043		$	1,116		$	1,152		$	1,001		$	987		$	1,023		$	1,076		$	2,268		$	2,099		$	3,311		$	3,086			$	4,087
Agency new business written premiums		185			200			203			179			187			193			182			403			375			588			562				741
Other written premiums		(30)			(26)			(30)			(37)			(36)			(30)			(35)			(56)			(65)			(86)			(101)				(138)
Net written premiums		$	1,198		$	1,290		$	1,325		$	1,143		$	1,138		$	1,186		$	1,223		$	2,615		$	2,409		$	3,813		$	3,547			$	4,690
Unearned premium change		31			(78)			(146)			17			(1)			(79)			(141)			(224)			(220)			(193)			(221)				(204)
Earned premiums		$	1,229		$	1,212		$	1,179		$	1,160		$	1,137		$	1,107		$	1,082		$	2,391		$	2,189		$	3,620		$	3,326			$	4,486
Year over year change %
Agency renewal written premiums		6		%	9		%	7		%	7		%	8		%	4		%	3		%	8		%	4		%	7		%	5		%		5		%
Agency new business written premiums		(1)			4			12			17			26			30			36			7			33			5			30				27
Other written premiums		17			13			14			(28)			(9)			(7)			(3)			14			(5)			15			(6)				(11)
Net written premiums		5			9			8			8			11			7			7			9			7			7			8				8
Paid losses and loss expenses
Losses paid		$	497		$	493		$	403		$	481		$	500		$	460		$	479		$	897		$	941		$	1,393		$	1,440			$	1,922
Loss expenses paid		102			110			109			104			102			103			106			218			207			321			311				413
Loss and loss expenses paid		$	599		$	603		$	512		$	585		$	602		$	563		$	585		$	1,115		$	1,148		$	1,714		$	1,751			$	2,335
Incurred losses and loss expenses
Loss and loss expense incurred		$	747		$	767		$	735		$	624		$	706		$	746		$	719		$	1,502		$	1,465		$	2,249		$	2,171			$	2,795
Loss and loss expenses paid as a % of incurred		80.2		%	78.6		%	69.7		%	93.8		%	85.3		%	75.5		%	81.4		%	74.2		%	78.4		%	76.2		%	80.7		%		83.5		%
Statutory combined ratio
Loss ratio		49.5		%	50.7		%	49.7		%	41.4		%	51.0		%	57.8		%	56.5		%	50.2		%	57.2		%	50.0		%	55.1		%		51.5		%
Loss adjustment expense ratio		11.3			12.7			12.6			12.4			11.1			9.6			9.9			12.6			9.7			12.2			10.2				10.8
Net underwriting expense ratio		30.9			28.3			26.9			31.4			31.2			29.9			27.4			27.6			28.7			28.6			29.4				29.9
Statutory combined ratio		91.7		%	91.7		%	89.2		%	85.2		%	93.3		%	97.3		%	93.8		%	90.4		%	95.6		%	90.8		%	94.7		%		92.2		%
Contribution from catastrophe losses		2.6			7.0			3.6			0.9			5.4			9.3			6.2			5.4			7.8			4.4			6.9				5.4
Statutory combined ratio excl. catastrophe losses		89.1		%	84.7		%	85.6		%	84.3		%	87.9		%	88.0		%	87.6		%	85.0		%	87.8		%	86.4		%	87.8		%		86.8		%
GAAP combined ratio
GAAP combined ratio		91.1		%	92.9		%	91.9		%	84.5		%	93.0		%	99.1		%	96.5		%	92.4		%	97.9		%	92.0		%	96.2		%		93.2		%
Contribution from catastrophe losses		2.6			7.0			3.6			0.9			5.4			9.3			6.2			5.4			7.8			4.4			6.9				5.4
GAAP combined ratio excl. catastrophe losses		88.5		%	85.9		%	88.3		%	83.6		%	87.6		%	89.8		%	90.3		%	87.0		%	90.1		%	87.6		%	89.3		%		87.8		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed<br> independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2025 Supplemental Financial Data

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/25	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25	12/31/24
Premiums
Agency renewal written premiums		$	864		$	866		$	634		$	625		$	695		$	681		$	494		$	1,500		$	1,175		$	2,364		$	1,870			$	2,495
Agency new business written premiums		116			141			127			154			165			163			122			268			285			384			450				604
Other written premiums		(29)			(27)			(89)			(26)			(28)			(25)			(21)			(116)			(46)			(145)			(74)				(100)
Net written premiums		$	951		$	980		$	672		$	753		$	832		$	819		$	595		$	1,652		$	1,414		$	2,603		$	2,246			$	2,999
Unearned premium change		(113)			(176)			26			(27)			(154)			(188)			(7)			(150)			(195)			(263)			(349)				(376)
Earned premiums		$	838		$	804		$	698		$	726		$	678		$	631		$	588		$	1,502		$	1,219		$	2,340		$	1,897			$	2,623
Year over year change %
Agency renewal written premiums		24		%	27		%	28		%	29		%	28		%	26		%	27		%	28		%	26		%	26		%	27		%		27		%
Agency new business written premiums		(30)			(13)			4			41			35			54			54			(6)			54			(15)			47				45
Other written premiums		(4)			(8)			(324)			(63)			(56)			(39)			(11)			(152)			(24)			(96)			(35)				(41)
Net written premiums		14			20			13			30			29			30			33			17			31			16			30				30
Paid losses and loss expenses
Losses paid		$	424		$	446		$	609		$	388		$	355		$	335		$	282		$	1,055		$	618		$	1,479		$	973			$	1,361
Loss expenses paid		52			63			64			56			46			51			51			127			102			179			148				204
Loss and loss expenses paid		$	476		$	509		$	673		$	444		$	401		$	386		$	333		$	1,182		$	720		$	1,658		$	1,121			$	1,565
Incurred losses and loss expenses
Loss and loss expense incurred		$	507		$	598		$	846		$	374		$	553		$	489		$	379		$	1,444		$	868		$	1,951		$	1,421			$	1,795
Loss and loss expenses paid as a % of incurred		93.9		%	85.1		%	79.6		%	118.7		%	72.5		%	78.9		%	87.9		%	81.9		%	82.9		%	85.0		%	78.9		%		87.2		%
Statutory combined ratio
Loss ratio		50.9		%	64.8		%	110.1		%	41.1		%	71.7		%	67.1		%	55.2		%	85.9		%	61.3		%	73.4		%	65.0		%		58.4		%
Loss adjustment expense ratio		9.5			9.6			11.0			10.4			9.8			10.5			9.3			10.3			9.9			10.0			9.9				10.0
Net underwriting expense ratio		25.9			24.7			31.2			28.5			25.8			25.2			29.6			27.3			27.1			26.8			26.6				27.1
Statutory combined ratio		86.3		%	99.1		%	152.3		%	80.0		%	107.3		%	102.8		%	94.1		%	123.5		%	98.3		%	110.2		%	101.5		%		95.5		%
Contribution from catastrophe losses		7.1			23.8			58.7			0.2			26.6			20.9			8.8			40.0			15.0			28.3			19.2				13.9
Statutory combined ratio excl. catastrophe losses		79.2		%	75.3		%	93.6		%	79.8		%	80.7		%	81.9		%	85.3		%	83.5		%	83.3		%	81.9		%	82.3		%		81.6		%
GAAP combined ratio
GAAP combined ratio		88.2		%	102.0		%	151.3		%	80.2		%	110.3		%	106.9		%	93.9		%	124.9		%	100.6		%	111.8		%	104.1		%		97.5		%
Contribution from catastrophe losses		7.1			23.8			58.7			0.2			26.6			20.9			8.8			40.0			15.0			28.3			19.2				13.9
GAAP combined ratio excl. catastrophe losses		81.1		%	78.2		%	92.6		%	80.0		%	83.7		%	86.0		%	85.1		%	84.9		%	85.6		%	83.5		%	84.9		%		83.6		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed<br> independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2025 Supplemental Financial Data

Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/25	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25	12/31/24
Premiums
Agency renewal written premiums		$	130		$	153		$	126		$	133		$	113		$	139		$	113		$	279		$	252		$	409		$	365			$	498
Agency new business written premiums		55			63			53			49			54			51			42			116			93			171			147				196
Other written premiums		(10)			(14)			(11)			(11)			(10)			(10)			(9)			(25)			(19)			(35)			(29)				(40)
Net written premiums		$	175		$	202		$	168		$	171		$	157		$	180		$	146		$	370		$	326		$	545		$	483			$	654
Unearned premium change		(1)			(28)			(6)			(3)			—			(29)			(7)			(34)			(36)			(35)			(36)				(39)
Earned premiums		$	174		$	174		$	162		$	168		$	157		$	151		$	139		$	336		$	290		$	510		$	447			$	615
Year over year change %
Agency renewal written premiums		15		%	10		%	12		%	19		%	22		%	19		%	7		%	11		%	13		%	12		%	16		%		16		%
Agency new business written premiums		2			24			26			2			26			6			11			25			8			16			14				11
Other written premiums		—			(40)			(22)			(10)			(25)			(11)			(13)			(32)			(12)			(21)			(16)				(14)
Net written premiums		11			12			15			14			23			15			7			13			12			13			15				15
Paid losses and loss expenses
Losses paid		$	42		$	38		$	40		$	39		$	34		$	41		$	46		$	78		$	86		$	121		$	121			$	160
Loss expenses paid		19			17			18			19			17			16			17			35			34			53			49				69
Loss and loss expenses paid		$	61		$	55		$	58		$	58		$	51		$	57		$	63		$	113		$	120		$	174		$	170			$	229
Incurred losses and loss expenses
Loss and loss expense incurred		$	108		$	110		$	99		$	112		$	107		$	102		$	90		$	209		$	192		$	317		$	299			$	411
Loss and loss expenses paid as a % of incurred		56.5		%	50.0		%	58.6		%	51.8		%	47.7		%	55.9		%	70.0		%	54.1		%	62.5		%	54.9		%	56.9		%		55.7		%
Statutory combined ratio
Loss ratio		42.8		%	43.8		%	43.1		%	45.1		%	45.2		%	48.6		%	48.9		%	43.4		%	48.7		%	43.2		%	47.5		%		46.8		%
Loss adjustment expense ratio		19.2			19.7			17.8			21.4			23.4			19.0			15.6			18.8			17.4			19.0			19.5				20.0
Net underwriting expense ratio		26.6			25.3			25.5			27.3			26.7			26.0			26.0			25.4			26.0			25.8			26.2				26.5
Statutory combined ratio		88.6		%	88.8		%	86.4		%	93.8		%	95.3		%	93.6		%	90.5		%	87.6		%	92.1		%	88.0		%	93.2		%		93.3		%
Contribution from catastrophe losses		0.1			1.3			0.3			1.1			1.5			1.9			0.5			0.9			1.2			0.6			1.4				1.3
Statutory combined ratio excl. catastrophe losses		88.5		%	87.5		%	86.1		%	92.7		%	93.8		%	91.7		%	90.0		%	86.7		%	90.9		%	87.4		%	91.8		%		92.0		%
GAAP combined ratio
GAAP combined ratio		89.8		%	91.1		%	88.3		%	93.1		%	95.3		%	95.4		%	91.9		%	89.8		%	93.7		%	89.8		%	94.3		%		94.0		%
Contribution from catastrophe losses		0.1			1.3			0.3			1.1			1.5			1.9			0.5			0.9			1.2			0.6			1.4				1.3
GAAP combined ratio excl. catastrophe losses		89.7		%	89.8		%	88.0		%	92.0		%	93.8		%	93.5		%	91.4		%	88.9		%	92.5		%	89.2		%	92.9		%		92.7		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed<br> independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2025 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended September 30,							For the Nine Months Ended September 30,
(Dollars in millions)	2025		2024		Change		% Change	2025		2024		Change		% Change
Underwriting income
Net premiums written	$	2,411	$	2,216	$	195	9	$	7,466	$	6,774	$	692	10
Unearned premium change	29		106		(77)		(73)	552		693		(141)		(20)
Earned premiums	$	2,382	$	2,110	$	272	13	$	6,914	$	6,081	$	833	14
Losses incurred	$	1,179	$	1,231	$	(52)	(4)	$	4,062	$	3,503	$	559	16
Defense and cost containment expenses incurred	126		115		11		10	391		287		104		36
Adjusting and other expenses incurred	133		117		16		14	396		333		63		19
Other underwriting expenses incurred	684		630		54		9	2,060		1,886		174		9
Workers compensation dividend incurred	—		1		(1)		(100)	3		4		(1)		(25)
Total underwriting deductions	$	2,122	$	2,094	$	28	1	$	6,912	$	6,013	$	899	15
Net underwriting profit	$	260	$	16	$	244	nm	$	2	$	68	$	(66)	(97)
Investment income
Gross investment income earned	$	208	$	170	$	38	22	$	587	$	484	$	103	21
Net investment income earned	204		168		36		21	577		478		99		21
Net realized capital gains and losses, net	32		285		(253)		(89)	26		333		(307)		(92)
Net investment gains (net of tax)	$	236	$	453	$	(217)	(48)	$	603	$	811	$	(208)	(26)
Other income	$	2	$	2	$	—	—	$	5	$	5	$	—	—
Net income before federal income taxes	$	498	$	471	$	27	6	$	610	$	884	$	(274)	(31)
Federal and foreign income taxes incurred	75		24		51		213	61		83		(22)		(27)
Net income (statutory)	$	423	$	447	$	(24)	(5)	$	549	$	801	$	(252)	(31)
Policyholders' surplus - statutory	$	9,513	$	8,258	$	1,255	15	$	9,513	$	8,258	$	1,255	15
Fixed maturities at amortized cost - statutory	$	13,311	$	11,714	$	1,597	14	$	13,311	$	11,714	$	1,597	14
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2025 Supplemental Financial Data

The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended September 30,							For the Nine Months Ended September 30,
(Dollars in millions)	2025		2024		Change		% Change	2025		2024		Change		% Change
Net premiums written	$	91	$	89	$	2	2	$	263	$	268	$	(5)	(2)
Net investment income	50		48		2		4	150		142		8		6
Commissions and expense allowances on reinsurance ceded	1		1		—		—	3		3		—		—
Income from fees associated with separate accounts	2		1		1		100	5		4		1		25
Total revenues	$	144	$	139	$	5	4	$	421	$	417	$	4	1
Death benefits and matured endowments	$	36	$	41	$	(5)	(12)	$	132	$	126	$	6	5
Annuity benefits	22		29		(7)		(24)	65		97		(32)		(33)
Disability benefits and benefits under accident and health contracts	1		1		—		—	2		2		—		—
Surrender benefits and group conversions	8		9		(1)		(11)	28		26		2		8
Interest and adjustments on deposit-type contract funds	1		2		(1)		(50)	5		4		1		25
Increase in aggregate reserves for life and accident and health contracts	2		(3)		5		nm	(5)		(20)		15		75
Total benefit expenses	$	70	$	79	$	(9)	(11)	$	227	$	235	$	(8)	(3)
Commissions	$	13	$	12	$	1	8	$	37	$	37	$	—	—
General insurance expenses and taxes	14		15		(1)		(7)	45		45		—		—
Increase in loading on deferred and uncollected premiums	2		2		—		—	4		2		2		100
Net transfers from separate accounts	(1)		—		(1)		nm	(9)		(3)		(6)		(200)
Total underwriting expenses	$	28	$	29	$	(1)	(3)	$	77	$	81	$	(4)	(5)
Federal and foreign income taxes incurred	11		7		4		57	28		24		4		17
Net gain from operations before capital gains and losses	$	35	$	24	$	11	46	$	89	$	77	$	12	16
Gains and losses net of capital gains tax, net	2		(1)		3		nm	(4)		(10)		6		60
Net income (statutory)	$	37	$	23	$	14	61	$	85	$	67	$	18	27
Policyholders' surplus - statutory	$	588	$	482	$	106	22	$	588	$	482	$	106	22
Fixed maturities at amortized cost - statutory	$	3,921	$	3,847	$	74	2	$	3,921	$	3,847	$	74	2
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2025 Supplemental Financial Data

Quarterly Data - Other
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/25	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25	12/31/24
Cincinnati Re:
Net written premiums		$	87		$	164		$	255		$	99		$	89		$	207		$	202		$	418		$	409		$	505		$	498			$	597
Year over year change %- written premium		(2)		%	(21)		%	26		%	50		%	5		%	17		%	(12)		%	2		%	—		%	1		%	1		%		7		%
Earned premiums		$	141		$	142		$	161		$	162		$	138		$	138		$	135		$	303		$	273		$	444		$	411			$	573
Current accident year before catastrophe losses		52.9		%	56.2		%	46.6		%	37.6		%	52.5		%	49.6		%	63.0		%	51.1		%	56.3		%	51.7		%	55.0		%		50.0		%
Current accident year catastrophe losses		3.6			(0.6)			66.3			29.1			30.2			2.4			—			34.9			1.2			25.0			11.0				16.1
Prior accident years before catastrophe losses		(0.9)			5.7			(4.5)			0.7			(10.1)			(0.8)			(10.4)			0.3			(5.6)			(0.1)			(7.1)				(4.9)
Prior accident years catastrophe losses		(2.1)			(1.2)			(2.4)			—			(2.5)			(4.7)			—			(1.8)			(2.4)			(1.9)			(2.4)				(1.7)
Total loss and loss expense ratio		53.5		%	60.1		%	106.0		%	67.4		%	70.1		%	46.5		%	52.6		%	84.5		%	49.5		%	74.7		%	56.5		%		59.5		%
Cincinnati Global:
Net written premiums		$	82		$	97		$	75		$	77		$	77		$	67		$	82		$	173		$	149		$	255		$	226			$	303
Year over year change %- written premium		6		%	45		%	(9)		%	18		%	12		%	(18)		%	28		%	16		%	2		%	13		%	5		%		8		%
Earned premiums		$	102		$	65		$	64		$	68		$	107		$	48		$	48		$	129		$	96		$	231		$	203			$	271
Current accident year before catastrophe losses		35.1		%	41.8		%	39.3		%	20.6		%	31.6		%	47.9		%	48.2		%	40.6		%	48.1		%	38.2		%	39.4		%		34.7		%
Current accident year catastrophe losses		0.5			3.7			31.4			47.1			9.6			—			—			17.4			—			9.9			5.0				15.6
Prior accident years before catastrophe losses		(10.1)			(22.4)			(0.2)			(10.4)			(3.8)			(21.2)			(19.7)			(11.4)			(20.4)			(10.8)			(11.7)				(11.4)
Prior accident years catastrophe losses		(0.1)			17.3			(13.9)			(3.4)			(3.6)			(4.4)			(5.9)			1.8			(5.2)			0.9			(4.3)				(4.1)
Total loss and loss expense ratio		25.4		%	40.4		%	56.6		%	53.9		%	33.8		%	22.3		%	22.6		%	48.4		%	22.5		%	38.2		%	28.4		%		34.8		%
Noninsurance operations:
Interest and fees on loans and leases		$	3		$	2		$	3		$	2		$	3		$	2		$	2		$	5		$	4		$	8		$	7			$	9
Other revenue		3			3			1			3			—			2			1			4			3			7			3				6
Interest expense		13			14			13			13			13			14			13			27			27			40			40				53
Operating expenses		6			10			11			13			6			9			4			21			13			27			19				32
Total noninsurance operations loss		$	(13)		$	(19)		$	(20)		$	(21)		$	(16)		$	(19)		$	(14)		$	(39)		$	(33)		$	(52)		$	(49)			$	(70)
*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

CINF Third-Quarter 2025 Supplemental Financial Data