cinf-20251027


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

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

[email protected]

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

[email protected]

Cincinnati Financial Reports 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)	Three months ended September 30,						Nine months ended September 30,
		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)	Three months ended September 30,								Nine months ended September 30,
		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 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)	Three months ended September 30,								Nine months ended September 30,
		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 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)	Three months ended September 30,								Nine months ended September 30,
		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 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)	Three months ended September 30,								Nine months ended September 30,
		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 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)	Three months ended September 30,						Nine months ended September 30,
		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,							Nine 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 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 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)	At September 30,				At December 31,
		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, 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. *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)	Three months ended September 30,							Nine months ended September 30,
		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 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

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

BBB+

The Cincinnati Insurance Companies

Insurer Financial Strength

Property Casualty Group

Standard Market Subsidiaries:

A+

AA-

A+

The Cincinnati Insurance Company

A+

AA-

A+

The Cincinnati Indemnity Company

A+

AA-

A+

The Cincinnati Casualty Company

A+

AA-

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)	Three months ended															Six months ended				Nine months ended				Twelve months ended
	12/31/25	9/30/25		6/30/25		3/31/25		12/31/24		9/30/24		6/30/24		3/31/24		6/30/25		6/30/24		9/30/25		9/30/24		12/31/25	12/31/24
Consolidated
Current accident year losses greater than $5 million		$	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.

CINF Third-Quarter 2025 Supplemental Financial Data


Consolidated Property Casualty
Loss Ratio Detail
	Three months ended															Six months ended				Nine months ended				Twelve months ended
	12/31/25	9/30/25		6/30/25		3/31/25		12/31/24		9/30/24		6/30/24		3/31/24		6/30/25		6/30/24		9/30/25		9/30/24		12/31/25	12/31/24
Consolidated
Current accident year losses greater than $5 million		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.

CINF Third-Quarter 2025 Supplemental Financial Data


Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/25	9/30/25	6/30/25	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24	6/30/25	6/30/24	9/30/25	9/30/24	12/31/25	12/31/24
Consolidated
Current accident year reported losses greater than $5 million		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.

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

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

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

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

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

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

CINF 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


Ohio	0-4604		31-0746871
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)

6200 S. Gilmore Road	Fairfield,	Ohio	45014‑5141
(Address of principal executive offices)			(Zip Code)


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


			CINCINNATI FINANCIAL CORPORATION



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