8-K - CINF - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report: February 10, 2021

(Date of earliest event reported)

CINCINNATI FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

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

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

N/A

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

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

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

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

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

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

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

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

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

☐ Emerging growth company

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

Item 2.02 Results of Operations and Financial Condition.

On February 10, 2021, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2020 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On February 10, 2021, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference. This report should not be deemed an admission as to the materiality of any information contained in the news release or supplemental financial data.

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

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 – News release dated February 10 , 2021, “Cincinnati Financial Reports Fourth-Quarter and Full-Year 20 20 Results”

Exhibit 99.2 – Supplemental Financial Data for the Period Ending December 31, 2020 distributed February 10,2021

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

Signature

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

	CINCINNATI FINANCIAL CORPORATION
Date: February 10, 2021	/S/Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Senior Vice President and Treasurer<br>(Principal Accounting Officer)

Document

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

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

CINF-IR@cinfin.com

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

Media_Inquiries@cinfin.com

Cincinnati Financial Reports Fourth-Quarter and Full-Year 2020 Results

Cincinnati, February 10, 2021 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Fourth-quarter 2020 net income of $1.049 billion, or $6.47 per share, compared with net income of $626 million, or $3.79 per share, in the fourth quarter of 2019, after recognizing a $767 million fourth-quarter 2020 after-tax increase in the fair value of equity securities still held.

•Full-year 2020 net income of $1.216 billion, or $7.49 per share, compared with $1.997 billion, or $12.10 per share, in 2019.

•$59 million or 29% increase in fourth-quarter 2020 non-GAAP operating income* to $262 million, or $1.61 per share, compared with $203 million, or $1.23 per share, in the fourth quarter of last year.

•$161 million or 23% decrease in full-year 2020 non-GAAP operating income to $533 million, or $3.28 per share, down from $694 million, or $4.20 per share, with after-tax property casualty underwriting profit down $175 million.

•$423 million increase in fourth-quarter 2020 net income reflected the after-tax net effect of a $364 million increase in net investment gains and a $54 million increase in after-tax property casualty underwriting profit.

•$67.04 book value per share at December 31, 2020, up $6.49 or 10.7% since year-end 2019.

•14.7% value creation ratio for full-year 2020, compared with 30.5% for 2019.

Financial Highlights

(Dollars in millions except per share data)
	2020			2019			% Change		2020			2019			% Change
Revenue Data
Earned premiums		$	1,520		$	1,441		5		$	5,980		$	5,604		7
Investment income, net of expenses		172			168			2		670			646			4
Total revenues		2,694			2,152			25		7,536			7,924			(5)
Income Statement Data
Net income		$	1,049		$	626		68		$	1,216		$	1,997		(39)
Investment gains and losses, after-tax		787			423			86		683			1,303			(48)
Non-GAAP operating income*		$	262		$	203		29		$	533		$	694		(23)
Per Share Data (diluted)
Net income		$	6.47		$	3.79		71		$	7.49		$	12.10		(38)
Investment gains and losses, after-tax		4.86			2.56			90		4.21			7.90			(47)
Non-GAAP operating income*		$	1.61		$	1.23		31		$	3.28		$	4.20		(22)
Book value										$	67.04		$	60.55		11
Cash dividend declared		$	0.60		$	0.56		7		$	2.40		$	2.24		7
Diluted weighted average shares outstanding		162.1			165.3			(2)		162.4			165.1			(2)

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

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

CINF 4Q20 Release 1

Insurance Operations Highlights

•87.3% fourth-quarter 2020 property casualty combined ratio, improved from 91.6% for the fourth quarter of 2019. Full-year 2020 property casualty combined ratio at 98.1%, with net written premiums up 6%.

•7% growth in fourth-quarter 2020 net written premiums, reflecting price increases and premium growth initiatives.

•$185 million fourth-quarter 2020 property casualty new business written premiums. Agencies appointed since the beginning of 2019 contributed $18 million or 10% of total fourth-quarter new business written premiums.

•$15 million of fourth-quarter 2020 life insurance subsidiary net income, up $6 million from the same period in 2019, and 6% growth in fourth-quarter 2020 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•2% or $4 million increase in fourth-quarter 2020 pretax investment income, including 7% growth for stock portfolio dividends and 2% growth in interest income.

•9% full-year increase in fair value of total investments at December 31, 2020, including a 14% increase for the stock portfolio and a 5% increase for the bond portfolio.

•$3.771 billion parent company cash and marketable securities at year-end 2020, up 14% from a year ago.

Fourth Quarter Improves Full-Year Results

Steven J. Johnston, chairman, president and chief executive officer, commented: “Spring storms in the Midwest, hurricanes in the Southeast and wildfires in the West: across our country, weather-related catastrophes were relentless in 2020. In the midst of a global pandemic, our experienced claims professionals rose to the occasion, responding quickly and compassionately.

“We finished the year with a fourth-quarter catastrophe loss impact that was 2.1 percentage points higher than our fourth-quarter 10-year average. Despite that increase, we were able to improve our quarterly combined ratio by 4.3 points compared with the fourth quarter of 2019. A fourth-quarter combined ratio of 87.3% improved our combined ratio from 101.8% at nine months to 98.1% for the full-year. Underwriting profit increased 57% for the quarter and helped us earn a 2020 full-year amount of $119 million.

“This year, it was more important than ever to keep our attention centered on our proven strategies to enhance the profitability of our core book of business. To look through the noise caused by catastrophes or inherent variability in updating estimates for loss reserves, we track our underwriting results before catastrophe losses and before development of reserves for prior accident years. That measure improved from a year ago, by a satisfying 4.2%, to 87.7% for the year.”

Focused on Growth

“A steady rise in renewal premiums led the way to what we believe will again be net written premium growth ahead of the industry average. We successfully managed commercial lines pricing, improving it as the year progressed to see average increases in the mid-single-digit percent range in the fourth quarter. We also have an advantage in our three-year commercial package policy, which reduces administrative burdens for agents and policyholders and supports commercial lines retention as the market firms.

“Our personal lines operations saw 5% growth in net written premiums for both the quarter and the full year. As we introduced greater pricing precision in more states through the rollout of The Cincinnati Casualty Company, our agents responded with enthusiasm, increasing new business premiums written by 25% for the quarter and 10% for the year.

“The pandemic put a spotlight on the importance of life insurance, and we were able to support agencies in providing a total account solution for their clients through The Cincinnati Life Insurance Company. Strong renewal premiums drove a 7% increase in full-year 2020 earned premiums, including a 6% increase for term life insurance.

“Remaining focused on geographic and product diversification, more recent additions to our insurance portfolio also contributed: the excess and surplus lines segment increased its net written premiums 15% for the year while Cincinnati Global Underwriting Ltd.SM and Cincinnati Re® each contributed 1% to overall growth in 2020.”

Confidence in the Future

“Positive contributions from both our insurance operations and investment performance increased our book value nearly 11% to a record $67.04 per share at December 31, 2020. We finished the year with a value creation ratio of 14.7%, ahead of our long-term objective of a 10% to 13% annual average.

“Achieving these positive results in a year that brought a global pandemic, a record number of catastrophe events and historically low interest rates, demonstrates the strength of our relationships with the independent agents who represent us, the mastery demonstrated by our associates in underwriting on an account by account basis and the benefits realized by our dedication to data and analytics. We believe more opportunities lie ahead to deliver meaningful shareholder value into the future as we continue to serve agents and their communities.”

CINF 4Q20 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2020			2019			% Change	2020			2019			% Change
Earned premiums	$	1,449		$	1,374		5	$	5,691		$	5,334		7
Fee revenues	2			3			(33)	9			11			(18)
Total revenues	1,451			1,377			5	5,700			5,345			7
Loss and loss expenses	829			835			(1)	3,837			3,352			14
Underwriting expenses	435			423			3	1,744			1,652			6
Underwriting profit	$	187		$	119		57	$	119		$	341		(65)
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	57.3		%	60.8		%	(3.5)	67.4		%	62.8		%	4.6
Underwriting expenses	30.0			30.8			(0.8)	30.7			31.0			(0.3)
Combined ratio	87.3		%	91.6		%	(4.3)	98.1		%	93.8		%	4.3
							% Change							% Change
Agency renewal written premiums	$	1,145		$	1,084		6	$	4,740		$	4,519		5
Agency new business written premiums	185			193			(4)	799			778			3
Other written premiums	64			31			106	325			219			48
Net written premiums	$	1,394		$	1,308		7	$	5,864		$	5,516		6
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	54.4		%	60.5		%	(6.1)	57.0		%	60.9		%	(3.9)
Current accident year catastrophe losses	5.7			3.5			2.2	12.7			6.6			6.1
Prior accident years before catastrophe losses	(1.8)			(3.0)			1.2	(1.7)			(4.1)			2.4
Prior accident years catastrophe losses	(1.0)			(0.2)			(0.8)	(0.6)			(0.6)			0.0
Loss and loss expense ratio	57.3		%	60.8		%	(3.5)	67.4		%	62.8		%	4.6
Current accident year combined ratio before
catastrophe losses	84.4		%	91.3		%	(6.9)	87.7		%	91.9		%	(4.2)

•7% and 6% growth in fourth-quarter and full-year 2020 property casualty net written premiums, reflecting premium growth initiatives and price increases. Contributions to growth for both 2020 periods included 1% from Cincinnati Global, while Cincinnati Re’s contribution was 2% in the fourth-quarter and 1% for full-year 2020.

•4% decrease in fourth-quarter and a 3% increase in full-year 2020 new business premiums written by agencies, compared with a year ago. The full-year increase included a $52 million increase in standard market property casualty production from agencies appointed since the beginning of 2019.

•191 new agency appointments in full-year 2020, including 58 that market only our personal lines products.

•4.3 percentage-point fourth-quarter 2020 combined ratio improvement, despite an increase of 1.4 points for losses from catastrophes and 0.9 points of pandemic-related losses and expenses.

•4.3 percentage-point increase in full-year 2020 combined ratio, compared with 2019, including an increase of 6.1 points for losses from catastrophes and 1.5 points of pandemic-related losses and expenses.

•2.8 and 2.3 percentage-point fourth-quarter and full-year 2020 benefit from favorable prior accident year reserve development of $40 million and $131 million, compared with 3.2 points or $45 million for fourth-quarter 2019 and 4.7 points or $248 million of favorable development for full-year 2019.

•3.9 percentage-point improvement, to 57.0%, for the full-year 2020 ratio of current accident year losses and loss expenses before catastrophes, including a decrease of 0.6 points in the ratio for current accident year losses of $1 million or more per claim.

•0.3 percentage-point decrease in the full-year 2020 underwriting expense ratio, primarily due to elevated catastrophe losses resulting in a lower level of profit-sharing commissions for agencies.

CINF 4Q20 Release 3

Commercial Lines Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2020			2019			% Change	2020			2019			% Change
Earned premiums	$	878		$	852		3	$	3,476		$	3,319		5
Fee revenues	—			2			(100)	3			5			(40)
Total revenues	878			854			3	3,479			3,324			5
Loss and loss expenses	512			489			5	2,336			2,030			15
Underwriting expenses	270			268			1	1,079			1,053			2
Underwriting profit	$	96		$	97		(1)	$	64		$	241		(73)
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	58.4		%	57.4		%	1.0	67.3		%	61.2		%	6.1
Underwriting expenses	30.8			31.4			(0.6)	31.0			31.7			(0.7)
Combined ratio	89.2		%	88.8		%	0.4	98.3		%	92.9		%	5.4
							% Change							% Change
Agency renewal written premiums	$	759		$	719		6	$	3,122		$	2,998		4
Agency new business written premiums	113			129			(12)	515			510			1
Other written premiums	(32)			(29)			(10)	(103)			(98)			(5)
Net written premiums	$	840		$	819		3	$	3,534		$	3,410		4
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	58.8		%	62.0		%	(3.2)	59.2		%	61.7		%	(2.5)
Current accident year catastrophe losses	3.8			0.1			3.7	10.8			5.3			5.5
Prior accident years before catastrophe losses	(3.5)			(3.9)			0.4	(2.3)			(5.0)			2.7
Prior accident years catastrophe losses	(0.7)			(0.8)			0.1	(0.4)			(0.8)			0.4
Loss and loss expense ratio	58.4		%	57.4		%	1.0	67.3		%	61.2		%	6.1
Current accident year combined ratio before
catastrophe losses	89.6		%	93.4		%	(3.8)	90.2		%	93.4		%	(3.2)

•3% and 4% growth in fourth-quarter and full-year 2020 commercial lines net written premiums, including price increases and growth initiatives. Fourth-quarter and full-year 2020 commercial lines average renewal pricing increases in the mid-single-digit percent range, with the fourth-quarter increase higher than third-quarter 2020.

•12% or $16 million decrease in fourth-quarter 2020 new business written premiums, reflecting increased competition that resulted in fewer opportunities to write policies at pricing levels we believe are adequate.

•1% or $5 million increase in full-year 2020 new business written by agencies, including $39 million from agencies appointed since the beginning of 2019.

•0.4 percentage-point fourth-quarter 2020 combined ratio increase, including an increase of 3.8 points for losses from catastrophes.

•5.4 percentage-point increase in the full-year 2020 combined ratio, including an increase of 5.9 points for losses from catastrophes.

•4.2 and 2.7 percentage-point fourth-quarter and full-year 2020 benefit from favorable prior accident year reserve development of $36 million and $95 million, compared with 4.7 points or $39 million for fourth-quarter 2019 and 5.8 points or $192 million of favorable development for full-year 2019.

•2.5 percentage-point improvement, to 59.2%, for the full-year 2020 ratio of current accident year losses and loss expenses before catastrophes, including a decrease of 1.0 points in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q20 Release 4

Personal Lines Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2020			2019			% Change	2020			2019			% Change
Earned premiums	$	373		$	358		4	$	1,463		$	1,404		4
Fee revenues	1			1			0	4			4			0
Total revenues	374			359			4	1,467			1,408			4
Loss and loss expenses	195			251			(22)	977			985			(1)
Underwriting expenses	108			104			4	443			415			7
Underwriting profit	$	71		$	4		nm	$	47		$	8		488
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	52.3		%	70.2		%	(17.9)	66.8		%	70.2		%	(3.4)
Underwriting expenses	29.0			29.1			(0.1)	30.3			29.6			0.7
Combined ratio	81.3		%	99.3		%	(18.0)	97.1		%	99.8		%	(2.7)
							% Change							% Change
Agency renewal written premiums	$	317		$	309		3	$	1,364		$	1,312		4
Agency new business written premiums	45			36			25	174			158			10
Other written premiums	(8)			(9)			11	(35)			(35)			0
Net written premiums	$	354		$	336		5	$	1,503		$	1,435		5
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	46.3		%	63.0		%	(16.7)	52.1		%	62.4		%	(10.3)
Current accident year catastrophe losses	3.4			10.0			(6.6)	16.0			9.7			6.3
Prior accident years before catastrophe losses	2.6			(2.5)			5.1	(0.7)			(2.1)			1.4
Prior accident years catastrophe losses	0.0			(0.3)			0.3	(0.6)			0.2			(0.8)
Loss and loss expense ratio	52.3		%	70.2		%	(17.9)	66.8		%	70.2		%	(3.4)
Current accident year combined ratio before
catastrophe losses	75.3		%	92.1		%	(16.8)	82.4		%	92.0		%	(9.6)

•5% growth for both fourth-quarter and full-year 2020 personal lines net written premiums, largely due to higher renewal written premiums that benefited from rate increases. Full-year 2020 net written premiums from our agencies’ high net worth clients grew 27%, to $519 million.

•25% and 10% increase in fourth-quarter and full-year 2020 new business premiums written by agencies, compared with a year ago, reflecting expanded use of pricing precision tools.

•18.0 percentage-point improvement in fourth-quarter 2020 combined ratio, including decreases of 16.7 points in the ratio for current accident year losses and loss expenses before catastrophes and 6.3 points from losses from catastrophes.

•2.7 percentage-point improvement in the full-year 2020 combined ratio, despite an increase for losses from catastrophes of 5.5 points.

•2.6 percentage-point fourth-quarter 2020 unfavorable prior accident year reserve development of $10 million and 1.3 point full-year 2020 benefit from favorable development of $18 million, compared with favorable prior reserve development of 2.8 points or $9 million for fourth-quarter 2019 and 1.9 points or $27 million for full-year 2019.

•10.3 percentage-point improvement, to 52.1%, for the full-year 2020 ratio of current accident year losses and loss expenses before catastrophes, despite an increase of 0.4 points in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q20 Release 5

Excess and Surplus Lines Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2020			2019			% Change	2020			2019			% Change
Earned premiums	$	87		$	76		14	$	325		$	278		17
Fee revenues	1			—			nm	2			2			0
Total revenues	88			76			16	327			280			17
Loss and loss expenses	49			41			20	199			142			40
Underwriting expenses	24			22			9	94			85			11
Underwriting profit	$	15		$	13		15	$	34		$	53		(36)
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	56.6		%	54.4		%	2.2	61.3		%	51.1		%	10.2
Underwriting expenses	26.6			28.5			(1.9)	28.7			30.4			(1.7)
Combined ratio	83.2		%	82.9		%	0.3	90.0		%	81.5		%	8.5
							% Change							% Change
Agency renewal written premiums	$	69		$	56		23	$	254		$	209		22
Agency new business written premiums	27			28			(4)	110			110			0
Other written premiums	(4)			(4)			0	(16)			(16)			0
Net written premiums	$	92		$	80		15	$	348		$	303		15
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	57.6		%	54.3		%	3.3	57.7		%	54.6		%	3.1
Current accident year catastrophe losses	0.4			0.0			0.4	1.3			0.4			0.9
Prior accident years before catastrophe losses	(1.5)			(0.4)			(1.1)	2.1			(4.1)			6.2
Prior accident years catastrophe losses	0.1			0.5			(0.4)	0.2			0.2			0.0
Loss and loss expense ratio	56.6		%	54.4		%	2.2	61.3		%	51.1		%	10.2
Current accident year combined ratio before
catastrophe losses	84.2		%	82.8		%	1.4	86.4		%	85.0		%	1.4

•15% growth in both fourth-quarter and full-year 2020 excess and surplus lines net written premiums, including fourth-quarter 2020 renewal price increases averaging in the mid-single-digit percent range.

•4% decrease in fourth-quarter 2020 new business written premiums with full-year 2020 matching 2019, reflecting a highly competitive market with fewer opportunities to write policies with annual premiums of $10,000 or more at pricing levels we believe are adequate and offsetting our additional marketing efforts.

•0.3 percentage-point increase in fourth-quarter 2020 combined ratio, primarily due to higher current accident year losses and loss expenses before catastrophes.

•8.5 percentage-point increase in the full-year 2020 combined ratio, primarily due to unfavorable reserve development on prior accident years before catastrophe losses.

•1.4 percentage-point fourth-quarter 2020 benefit from favorable reserve development on prior accident years of $1 million, compared with unfavorable reserve development of 0.1 points or less than $1 million for fourth-quarter 2019.

•2.3 percentage-point full-year 2020 unfavorable prior accident year reserve development of $7 million, compared with 3.9 points or $11 million of favorable development for full-year 2019.

•3.1 percentage-point increase, to 57.7%, for the full-year 2020 ratio of current accident year losses and loss expenses before catastrophes, including no change from 2019 in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q20 Release 6

Life Insurance Subsidiary Results

(Dollars in millions)										Twelve months ended December 31,
	2020			2019			% Change		2020			2019			% Change
Term life insurance		$	50		$	47		6		$	197		$	186		6
Universal life insurance		10			8			25		44			39			13
Other life insurance and annuity products		11			12			(8)		48			45			7
Earned premiums		71			67			6		289			270			7
Investment income, net of expenses		40			38			5		158			152			4
Investment gains and losses, net		2			—			nm		(27)			(4)			nm
Fee revenues		1			1			0		2			4			(50)
Total revenues		114			106			8		422			422			0
Contract holders’ benefits incurred		73			75			(3)		297			286			4
Underwriting expenses incurred		22			19			16		85			86			(1)
Total benefits and expenses		95			94			1		382			372			3
Net income before income tax		19			12			58		40			50			(20)
Income tax		4			3			33		8			11			(27)
Net income of the life insurance subsidiary		$	15		$	9		67		$	32		$	39		(18)

•$19 million or 7% increase in full-year 2020 earned premiums, including a 6% increase for term life insurance, our largest life insurance product line.

•$7 million or 18% decrease in full-year 2020 life insurance subsidiary net income, primarily due to increased investment losses resulting from impairment write-downs of fixed-maturity securities.

•$179 million or 14% full-year 2020 increase to $1.417 billion in GAAP shareholders’ equity for The Cincinnati Life Insurance Company, primarily from an increase in unrealized investment gains.

CINF 4Q20 Release 7

Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)		Three months ended December 31,										Twelve months ended December 31,
	2020				2019				% Change		2020				2019				% Change
Investment income, net of expenses		$	172			$	168			2		$	670			$	646			4
Investment interest credited to contract holders’		(25)				(25)				0		(102)				(99)				(3)
Investment gains and losses, net		997				537				86		865				1,650				(48)
Investment profit		$	1,144			$	680			68		$	1,433			$	2,197			(35)
Investment income:
Interest		$	116			$	114			2		$	455			$	446			2
Dividends		59				55				7		220				201				9
Other		1				2				(50)		8				12				(33)
Less investment expenses		4				3				33		13				13				0
Investment income, pretax		172				168				2		670				646				4
Less income taxes		27				26				4		104				101				3
Total investment income, after-tax		$	145			$	142			2		$	566			$	545			4
Investment returns:
Average invested assets plus cash and cash <br> equivalents		$	20,873			$	19,591					$	20,670			$	18,697
Average yield pretax		3.30		%		3.43		%				3.24		%		3.46		%
Average yield after-tax		2.78				2.90						2.74				2.91
Effective tax rate		15.4		%		15.6		%				15.5		%		15.6		%
Fixed-maturity returns:
Average amortized cost		$	11,293			$	11,060					$	11,210			$	10,876
Average yield pretax		4.11		%		4.12		%				4.06		%		4.10		%
Average yield after-tax		3.43				3.44						3.39				3.42
Effective tax rate		16.6		%		16.6		%				16.6		%		16.6		%

•$4 million or 2% rise in fourth-quarter 2020 pretax investment income, including 7% growth in equity portfolio dividends and 2% growth in interest income.

•$1.139 billion fourth-quarter and $1.301 billion full-year 2020 pretax total investment gains, summarized on the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.

(Dollars in millions)		Three months ended December 31,						Twelve months ended December 31,
	2020			2019			2020			2019
Investment gains and losses on equity securities sold, net		$	4		$	(1)		$	79		$	26
Unrealized gains and losses on equity securities still held, net		971			542			841			1,626
Investment gains and losses on fixed-maturity securities, net		7			1			(65)			1
Other		15			(5)			10			(3)
Subtotal - investment gains and losses reported in net income		997			537			865			1,650
Change in unrealized investment gains and losses - fixed maturities		142			2			436			544
Total		$	1,139		$	539		$	1,301		$	2,194

CINF 4Q20 Release 8

Balance Sheet Highlights

(Dollars in millions except share data)		At December 31,				At December 31,
	2020				2019
Total investments		$	21,542			$	19,746
Total assets		27,542				25,408
Short-term debt		54				39
Long-term debt		788				788
Shareholders’ equity		10,789				9,864
Book value per share		67.04				60.55
Debt-to-total-capital ratio		7.2		%		7.7		%

•$22.442 billion in consolidated cash and invested assets at December 31, 2020, up 9% from $20.513 billion at year-end 2019.

•$12.338 billion bond portfolio at December 31, 2020, with an average rating of A3/A. Fair value increased $181 million or 1% during the fourth quarter of 2020.

•$8.856 billion equity portfolio was 41.1% of total investments, including $4.929 billion in appreciated value before taxes at December 31, 2020. Fourth-quarter 2020 increase in fair value of $989 million or 13%.

•$6.47 fourth-quarter 2020 increase in book value per share, including an addition of $1.63 from net income before investment gains and $5.51 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities, partially offset by $0.07 for other items and $0.60 from dividends declared to shareholders.

•Value creation ratio of 14.7% for full-year 2020, including 5.5% from net income before investment gains, which includes underwriting and investment income, 10.5% from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities, including 7.5% from our stock portfolio and 3.0% from our bond portfolio, in addition to negative 1.3% from other items.

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

About Cincinnati Financial

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

Mailing Address: Street Address:

P.O. Box 145496 6200 South Gilmore Road

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

CINF 4Q20 Release 9

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2019 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 35 and Item 1A, Risk Factors in our subsequent Quarterly Reports on Form-10Q.

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

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

◦Securities market disruption or volatility and related effects such as decreased economic activity that affect the company’s investment portfolio and book value

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

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

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

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

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

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

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

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

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

◦Differences in state laws and developing case law in the relatively few decisions rendered to date

◦Litigation trends, including varying legal theories advanced by policyholders

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

◦The inherent unpredictability of litigation

•Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns, environmental events, terrorism incidents or other causes

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

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

•Declines in overall stock market values negatively affecting the company’s equity portfolio and book value

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

•Domestic and global events resulting in capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:

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

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

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

•Our inability to integrate Cincinnati Global and its subsidiaries into our ongoing operations, or disruptions to our ongoing operations due to such integration

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

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

CINF 4Q20 Release 10

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

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

•Increased competition that could result in a significant reduction in the company’s premium volume

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

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

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

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

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

◦Downgrades of the company’s financial strength ratings

◦Concerns that doing business with the company is too difficult

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

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

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

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

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

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

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

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

◦Increase our other expenses

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

◦Place us at a disadvantage in the marketplace

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

•Adverse outcomes from litigation or administrative proceedings

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

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

•Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location

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

* * *

CINF 4Q20 Release 11

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets (unaudited)

(Dollars in millions except per share data)	December 31,		December 31,
	2020		2019
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2020—$11,312; 2019—$11,108)	$	12,338	$	11,698
Equity securities, at fair value (cost: 2020—$3,927; 2019—$3,581)	8,856		7,752
Other invested assets	348		296
Total investments	21,542		19,746
Cash and cash equivalents	900		767
Investment income receivable	136		133
Finance receivable	95		77
Premiums receivable	1,879		1,777
Reinsurance recoverable	517		610
Prepaid reinsurance premiums	65		54
Deferred policy acquisition costs	805		774
Land, building and equipment, net, for company use (accumulated depreciation:<br> 2020—$285; 2019—$276)	213		207
Other assets	438		381
Separate accounts	952		882
Total assets	$	27,542	$	25,408
Liabilities
Insurance reserves
Loss and loss expense reserves	$	6,746	$	6,147
Life policy and investment contract reserves	2,915		2,835
Unearned premiums	2,960		2,788
Other liabilities	982		928
Deferred income tax	1,299		1,079
Note payable	54		39
Long-term debt and lease obligations	845		846
Separate accounts	952		882
Total liabilities	16,753		15,544
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2020 and 2019—500 million shares;<br> issued: 2020 and 2019—198.3 million shares)	397		397
Paid-in capital	1,328		1,306
Retained earnings	10,085		9,257
Accumulated other comprehensive income	769		448
Treasury stock at cost (2020— 37.4 million shares and 2019—35.4 million shares)	(1,790)		(1,544)
Total shareholders' equity	$	10,789	$	9,864
Total liabilities and shareholders' equity	$	27,542	$	25,408

CINF 4Q20 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Statements of Income (unaudited)

(Dollars in millions except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2020		2019		2020		2019
Revenues
Earned premiums	$	1,520	$	1,441	$	5,980	$	5,604
Investment income, net of expenses	172		168		670		646
Investment gains and losses, net	997		537		865		1,650
Fee revenues	3		4		11		15
Other revenues	2		2		10		9
Total revenues	2,694		2,152		7,536		7,924
Benefits and Expenses
Insurance losses and contract holders’ benefits	902		910		4,134		3,638
Underwriting, acquisition and insurance expenses	457		442		1,829		1,738
Interest expense	14		13		54		53
Other operating expenses	5		6		20		23
Total benefits and expenses	1,378		1,371		6,037		5,452
Income Before Income Taxes	1,316		781		1,499		2,472
Provision for Income Taxes
Current	66		48		147		132
Deferred	201		107		136		343
Total provision for income taxes	267		155		283		475
Net Income	$	1,049	$	626	$	1,216	$	1,997
Per Common Share
Net income—basic	$	6.52	$	3.84	$	7.55	$	12.24
Net income—diluted	6.47		3.79		7.49		12.10

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

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

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

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

•Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management’s discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in

CINF 4Q20 Release 13

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

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

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

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

CINF 4Q20 Release 14

Cincinnati Financial Corporation

Net Income Reconciliation
(Dollars in millions except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2020		2019		2020		2019
Net income	$	1,049	$	626	$	1,216	$	1,997
Less:
Investment gains and losses, net	997		537		865		1,650
Income tax on investment gains and losses	(210)		(114)		(182)		(347)
Investment gains and losses, after-tax	787		423		683		1,303
Non-GAAP operating income	$	262	$	203	$	533	$	694
Diluted per share data:
Net income	$	6.47	$	3.79	$	7.49	$	12.10
Less:
Investment gains and losses, net	6.15		3.25		5.33		10.00
Income tax on investment gains and losses	(1.29)		(0.69)		(1.12)		(2.10)
Investment gains and losses, after-tax	4.86		2.56		4.21		7.90
Non-GAAP operating income	$	1.61	$	1.23	$	3.28	$	4.20
Life Insurance Reconciliation
---	---	---	---	---	---	---	---	---
(Dollars in millions)	Three months ended December 31,				Twelve months ended December 31,
	2020		2019		2020		2019
Net income of life insurance subsidiary	$	15	$	9	$	32	$	39
Investment gains and losses, net	2		—		(27)		(4)
Income tax on investment gains and losses	—		1		(6)		—
Non-GAAP operating income	13		10		53		43
Investment income, net of expenses	(40)		(38)		(158)		(152)
Investment income credited to contract holders'	25		25		102		99
Income tax excluding tax on investment gains and losses,<br> net	4		2		14		11
Life insurance segment profit (loss)	$	2	$	(1)	$	11	$	1

CINF 4Q20 Release 15

Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended December 31, 2020
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	1,394		$	840		$	354		$	92		$	108
Unearned premiums change		55			38			19			(5)			3
Earned premiums		$	1,449		$	878		$	373		$	87		$	111
Underwriting profit		$	187		$	96		$	71		$	15		$	5
(Dollars in millions)	Twelve months ended December 31, 2020
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	5,864		$	3,534		$	1,503		$	348		$	479
Unearned premiums change		(173)			(58)			(40)			(23)			(52)
Earned premiums		$	5,691		$	3,476		$	1,463		$	325		$	427
Underwriting profit (loss)		$	119		$	64		$	47		$	34		$	(26)
(Dollars in millions)	Three months ended December 31, 2019
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	1,308		$	819		$	336		$	80		$	73
Unearned premiums change		66			33			22			(4)			15
Earned premiums		$	1,374		$	852		$	358		$	76		$	88
Underwriting profit		$	119		$	97		$	4		$	13		$	5
(Dollars in millions)	Twelve months ended December 31, 2019
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	5,516		$	3,410		$	1,435		$	303		$	368
Unearned premiums change		(182)			(91)			(31)			(25)			(35)
Earned premiums		$	5,334		$	3,319		$	1,404		$	278		$	333
Underwriting profit		$	341		$	241		$	8		$	53		$	39
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on dollar amounts in thousands.

*Included in Other are the results of Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global, acquired on February 28, 2019.

CINF 4Q20 Release 16

Cincinnati Financial Corporation

Other Measures

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

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

Value Creation Ratio Calculations

(Dollars are per share)		Three months ended December 31,								Twelve months ended December 31,
	2020				2019				2020				2019
Value creation ratio:
End of period book value*		$	67.04			$	60.55			$	67.04			$	60.55
Less beginning of period book value		60.57				57.37				60.55				48.10
Change in book value		6.47				3.18				6.49				12.45
Dividend declared to shareholders		0.60				0.56				2.40				2.24
Total value creation		$	7.07			$	3.74			$	8.89			$	14.69
Value creation ratio from change in book value**		10.7		%		5.5		%		10.7		%		25.9		%
Value creation ratio from dividends declared to<br> shareholders***		1.0				1.0				4.0				4.6
Value creation ratio		11.7		%		6.5		%		14.7		%		30.5		%
* 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 4Q20 Release 17

Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the Period Ending December 31, 2020

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com

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

Ratings are as of February 9, 2021, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.

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

CINF Fourth-Quarter 2020 Supplemental Financial Data

	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2020
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2020	4
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2020	5
	5-Year Net Income Reconciliation	6
Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	7
	Loss Ratio Detail	8
	Loss Claim Count Detail	9
	Direct Written Premiums by Risk State by Line of Business	10
	Quarterly Property Casualty Data – Commercial Lines	11
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	12
	Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2020	13
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2020	14
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	15
	Quarterly Property Casualty Data – Commercial Lines	16
	Quarterly Property Casualty Data – Personal Lines	17
	Quarterly Property Casualty Data – Excess & Surplus Lines	18
Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	19
	The Cincinnati Life Insurance Company Statutory Statements of Income	20
Other
	Quarterly Data – Other	21

CINF Fourth-Quarter 2020 Supplemental Financial Data

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

Other Measures

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

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

CINF Fourth-Quarter 2020 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2020
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	5,908	$	—	$	—	$	—	$	5,908
Life	—		—		362		—		—		362
Premiums ceded	—		(217)		(73)		—		—		(290)
Total earned premium	—		5,691		289		—		—		5,980
Investment income, net of expenses	81		431		158		—		—		670
Investment gains and losses, net	556		336		(27)		—		—		865
Fee revenues	—		9		2		—		—		11
Other revenues	15		5		—		6		(16)		10
Total revenues	$	652	$	6,472	$	422	$	6	$	(16)	$	7,536
Benefits & expenses
Losses & contract holders' benefits	$	—	$	3,883	$	359	$	—	$	—	$	4,242
Reinsurance recoveries	—		(46)		(62)		—		—		(108)
Underwriting, acquisition and insurance expenses	—		1,744		85		—		—		1,829
Interest expense	54		—		—		—		—		54
Other operating expenses	34		—		—		2		(16)		20
Total expenses	$	88	$	5,581	$	382	$	2	$	(16)	$	6,037
Income before income taxes	$	564	$	891	$	40	$	4	$	—	$	1,499
Provision (benefit) for income taxes
Current operating income	$	(97)	$	44	$	18	$	1	$	—	$	(34)
Capital gains/losses	117		70		(6)		—		—		181
Deferred	91		49		(4)		—		—		136
Total provision for income taxes	$	111	$	163	$	8	$	1	$	—	$	283
Net income - current year	$	453	$	728	$	32	$	3	$	—	$	1,216
Net income - prior year	$	583	$	1,373	$	39	$	2	$	—	$	1,997
*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, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2020
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	1,503	$	—	$	—	$	—	$	1,503
Life	—		—		89		—		—		89
Premiums ceded	—		(54)		(18)		—		—		(72)
Total earned premium	—		1,449		71		—		—		1,520
Investment income, net of expenses	23		109		40		—		—		172
Investment gains and losses, net	422		573		2		—		—		997
Fee revenues	—		2		1		—		—		3
Other revenues	4		1		—		2		(5)		2
Total revenues	$	449	$	2,134	$	114	$	2	$	(5)	$	2,694
Benefits & expenses
Losses & contract holders' benefits	$	—	$	835	$	89	$	—	$	—	$	924
Reinsurance recoveries	—		(6)		(16)		—		—		(22)
Underwriting, acquisition and insurance expenses	—		435		22		—		—		457
Interest expense	14		—		—		—		—		14
Other operating expenses	10		—		—		—		(5)		5
Total expenses	$	24	$	1,264	$	95	$	—	$	(5)	$	1,378
Income before income taxes	$	425	$	870	$	19	$	2	$	—	$	1,316
Provision (benefit) for income taxes
Current operating income	$	(87)	$	(61)	$	4	$	1	$	—	$	(143)
Capital gains/losses	89		120		—		—		—		209
Deferred	85		116		—		—		—		201
Total provision for income taxes	$	87	$	175	$	4	$	1	$	—	$	267
Net income - current year	$	338	$	695	$	15	$	1	$	—	$	1,049
Net income - prior year	$	199	$	418	$	9	$	—	$	—	$	626
*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, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Cincinnati Financial Corporation
5-Year Net Income Reconciliation
(Dollars in millions except per share data)	Years ended December 31,
	2020			2019			2018			2017			2016
Net income	$	1,216		$	1,997		$	287		$	1,045		$	591
Less:
Investment gains and losses, net	865			1,650			(402)			148			124
Income tax on investment gains and losses	(182)			(347)			84			(53)			(44)
Investment gains and losses, after-tax	683			1,303			(318)			95			80
Other non-recurring items	—			—			56			495			—
Non-GAAP operating income	$	533		$	694		$	549		$	455		$	511
Diluted per share data:
Net income	$	7.49		$	12.10		$	1.75		$	6.29		$	3.55
Less:
Investment gains and losses, net	5.33			10.00			(2.44)			0.89			0.74
Income tax on investment gains and losses	(1.12)			(2.10)			0.50			(0.32)			(0.26)
Investment gains and losses, after-tax	4.21			7.90			(1.94)			0.57			0.48
Other non-recurring items	—			—			0.34			2.98			—
Non-GAAP operating income	$	3.28		$	4.20		$	3.35		$	2.74		$	3.07
Value creation ratio
Book value per share growth	10.7		%	25.9		%	(4.3)		%	17.1		%	9.6		%
Shareholder dividend declared as a percentage of beginning book value	4.0			4.6			4.2			5.8			4.9
Value creation ratio	14.7		%	30.5		%	(0.1)		%	22.9		%	14.5		%
Investment income
Investment income, net of expenses	$	670		$	646		$	619		$	609		$	595
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
*Includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/20		9/30/20		6/30/20		3/31/20		12/31/19		9/30/19		6/30/19		3/31/19		6/30/20		6/30/19		9/30/20		9/30/19		12/31/20		12/31/19
Consolidated
Current accident year losses greater than $5,000,000	$	10	$	21	$	19	$	—	$	14	$	(1)	$	14	$	—	$	19	$	14	$	40	$	13	$	50	$	27
Current accident year losses $1,000,000-$5,000,000	52		46		53		50		77		76		53		37		103		90		149		166		202		243
Large loss prior accident year reserve development	13		(3)		7		26		(4)		33		5		16		33		21		30		54		42		50
Total large losses incurred	$	75	$	64	$	79	$	76	$	87	$	108	$	72	$	53	$	155	$	125	$	219	$	233	$	294	$	320
Losses incurred but not reported	60		38		134		79		41		(24)		(14)		47		213		33		251		9		310		50
Other losses excluding catastrophe losses	454		550		409		496		512		566		547		493		905		1,039		1,455		1,606		1,909		2,118
Catastrophe losses	58		261		226		123		42		70		128		69		349		198		611		268		670		309
Total losses incurred	$	647	$	913	$	848	$	774	$	682	$	720	$	733	$	662	$	1,622	$	1,395	$	2,536	$	2,116	$	3,183	$	2,797
Commercial Lines
Current accident year losses greater than $5,000,000	$	10	$	21	$	19	$	—	$	14	$	(1)	$	14	$	—	$	19	$	14	$	40	$	13	$	50	$	27
Current accident year losses $1,000,000-$5,000,000	35		20		45		36		62		56		41		26		81		68		100		124		135		185
Large loss prior accident year reserve development	10		(1)		5		22		1		32		3		13		27		16		27		48		36		49
Total large losses incurred	$	55	$	40	$	69	$	58	$	77	$	87	$	58	$	39	$	127	$	98	$	167	$	185	$	221	$	261
Losses incurred but not reported	50		60		72		58		12		(22)		(7)		43		130		36		190		14		240		26
Other losses excluding catastrophe losses	255		287		233		298		302		314		320		286		531		605		817		919		1,073		1,222
Catastrophe losses	23		125		119		82		(9)		32		94		25		201		119		327		151		350		142
Total losses incurred	$	383	$	512	$	493	$	496	$	382	$	411	$	465	$	393	$	989	$	858	$	1,501	$	1,269	$	1,884	$	1,651
Personal Lines
Current accident year losses greater than $5,000,000	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current accident year losses $1,000,000-$5,000,000	16		21		8		12		11		20		10		10		20		19		42		39		59		51
Large loss prior accident year reserve development	2		(2)		2		5		(3)		(1)		1		2		7		3		4		2		6		(1)
Total large losses incurred	$	18	$	19	$	10	$	17	$	8	$	19	$	11	$	12	$	27	$	22	$	46	$	41	$	65	$	50
Losses incurred but not reported	(1)		(24)		41		24		17		—		(4)		4		65		—		41		(1)		39		17
Other losses excluding catastrophe losses	134		156		105		127		160		172		167		163		232		330		388		504		523		662
Catastrophe losses	8		81		89		38		33		23		34		45		127		79		208		101		216		135
Total losses incurred	$	159	$	232	$	245	$	206	$	218	$	214	$	208	$	224	$	451	$	431	$	683	$	645	$	843	$	864
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current accident year losses $1,000,000-$5,000,000	1		5		—		2		4		—		2		1		2		3		7		3		8		7
Large loss prior accident year reserve development	1		—		—		(1)		(2)		2		1		1		(1)		2		(1)		4		—		2
Total large losses incurred	$	2	$	5	$	—	$	1	$	2	$	2	$	3	$	2	$	1	$	5	$	6	$	7	$	8	$	9
Losses incurred but not reported	11		2		21		(3)		12		(2)		(3)		—		18		(3)		20		(4)		31		7
Other losses excluding catastrophe losses	21		24		20		29		14		25		18		19		50		36		74		61		95		76
Catastrophe losses	—		1		3		1		1		1		—		—		3		1		4		1		5		2
Total losses incurred	$	34	$	32	$	44	$	28	$	29	$	26	$	18	$	21	$	72	$	39	$	104	$	65	$	139	$	94
*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, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Consolidated Property Casualty
Loss Ratio Detail
	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/20		9/30/20		6/30/20		3/31/20		12/31/19		9/30/19		6/30/19		3/31/19		6/30/20		6/30/19		9/30/20		9/30/19		12/31/20		12/31/19
Consolidated
Current accident year losses greater than $5,000,000	0.7	%	1.5	%	1.4	%	—	%	1.1	%	(0.1)	%	1.1	%	—	%	0.7	%	0.5	%	0.9	%	0.3	%	0.9	%	0.5	%
Current accident year losses $1,000,000-$5,000,000	3.6		3.2		3.7		3.6		5.6		5.5		4.0		2.9		3.7		3.5		3.5		4.2		3.6		4.6
Large loss prior accident year reserve development	0.9		(0.3)		0.5		1.9		(0.4)		2.4		0.4		1.2		1.2		0.8		0.8		1.4		0.7		0.9
Total large loss ratio	5.2	%	4.4	%	5.6	%	5.5	%	6.3	%	7.8	%	5.5	%	4.1	%	5.6	%	4.8	%	5.2	%	5.9	%	5.2	%	6.0	%
Losses incurred but not reported	4.1		2.6		9.6		5.7		3.0		(1.8)		(1.1)		3.7		7.6		1.3		5.9		0.2		5.5		0.9
Other losses excluding catastrophe losses	31.3		38.0		29.2		35.6		37.3		41.2		41.6		38.9		32.4		40.2		34.3		40.5		33.4		39.7
Catastrophe losses	4.0		18.0		16.1		8.9		3.0		5.1		9.7		5.5		12.5		7.7		14.4		6.8		11.8		5.8
Total loss ratio	44.6	%	63.0	%	60.5	%	55.7	%	49.6	%	52.3	%	55.7	%	52.2	%	58.1	%	54.0	%	59.8	%	53.4	%	55.9	%	52.4	%
Commercial Lines
Current accident year losses greater than $5,000,000	1.1	%	2.5	%	2.2	%	—	%	1.7	%	(0.1)	%	1.7	%	—	%	1.1	%	0.9	%	1.5	%	0.5	%	1.4	%	0.8	%
Current accident year losses $1,000,000-$5,000,000	4.0		2.3		5.1		4.1		7.0		6.8		5.0		3.3		4.6		4.1		3.9		5.1		4.0		5.6
Large loss prior accident year reserve development	1.1		(0.2)		0.6		2.6		0.2		3.8		0.4		1.6		1.6		1.0		1.0		1.9		1.0		1.5
Total large loss ratio	6.2	%	4.6	%	7.9	%	6.7	%	8.9	%	10.5	%	7.1	%	4.9	%	7.3	%	6.0	%	6.4	%	7.5	%	6.4	%	7.9	%
Losses incurred but not reported	5.7		6.9		8.3		6.8		1.5		(2.6)		(0.9)		5.4		7.5		2.2		7.3		0.6		6.9		0.8
Other losses excluding catastrophe losses	29.0		33.1		26.8		34.5		35.4		37.6		38.9		35.1		30.7		37.0		31.5		37.2		30.8		36.7
Catastrophe losses	2.7		14.5		13.6		9.5		(1.0)		3.8		11.4		3.1		11.6		7.3		12.6		6.1		10.1		4.3
Total loss ratio	43.6	%	59.1	%	56.6	%	57.5	%	44.8	%	49.3	%	56.5	%	48.5	%	57.1	%	52.5	%	57.8	%	51.4	%	54.2	%	49.7	%
Personal Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $1,000,000-$5,000,000	4.4		5.8		2.3		3.5		3.5		5.4		2.8		2.8		2.9		2.8		3.8		3.7		4.0		3.6
Large loss prior accident year reserve development	0.6		(0.7)		0.5		1.3		(1.0)		(0.2)		0.3		0.6		0.9		0.4		0.4		0.2		0.4		(0.1)
Total large loss ratio	5.0	%	5.1	%	2.8	%	4.8	%	2.5	%	5.2	%	3.1	%	3.4	%	3.8	%	3.2	%	4.2	%	3.9	%	4.4	%	3.5	%
Losses incurred but not reported	(0.3)		(6.6)		11.3		6.6		5.1		(0.1)		(1.1)		1.0		8.9		(0.1)		3.7		(0.1)		2.7		1.2
Other losses excluding catastrophe losses	36.0		42.5		28.8		35.3		44.2		48.9		48.0		47.4		32.2		47.8		35.6		48.1		35.8		47.2
Catastrophe losses	2.1		22.1		24.6		10.5		9.4		6.4		9.7		13.1		17.5		11.4		19.1		9.7		14.7		9.6
Total loss ratio	42.8	%	63.1	%	67.5	%	57.2	%	61.2	%	60.4	%	59.7	%	64.9	%	62.4	%	62.3	%	62.6	%	61.6	%	57.6	%	61.5	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $1,000,000-$5,000,000	1.1		6.4		—		2.6		5.4		—		3.0		1.6		1.3		2.4		3.0		1.5		2.5		2.5
Large loss prior accident year reserve development	1.2		0.1		0.1		(1.5)		(2.7)		2.7		1.5		1.2		(0.7)		1.3		(0.4)		1.8		—		0.6
Total large loss ratio	2.3	%	6.5	%	0.1	%	1.1	%	2.7	%	2.7	%	4.5	%	2.8	%	0.6	%	3.7	%	2.6	%	3.3	%	2.5	%	3.1	%
Losses incurred but not reported	12.6		2.6		27.2		(4.4)		14.4		(2.6)		(4.5)		0.8		11.3		(1.9)		8.4		(2.2)		9.5		2.4
Other losses excluding catastrophe losses	24.3		29.5		25.8		37.8		20.5		34.5		26.7		29.1		31.9		27.9		31.0		30.3		29.3		27.7
Catastrophe losses	0.4		1.2		3.3		0.9		0.4		1.0		0.5		0.2		2.1		0.3		1.8		0.6		1.4		0.5
Total loss ratio	39.6	%	39.8	%	56.4	%	35.4	%	38.0	%	35.6	%	27.2	%	32.9	%	45.9	%	30.0	%	43.8	%	32.0	%	42.7	%	33.7	%
*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, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/20	9/30/20	6/30/20	3/31/20	12/31/19	9/30/19	6/30/19	3/31/19	6/30/20	6/30/19	9/30/20	9/30/19	12/31/20	12/31/19
Consolidated
Current accident year reported losses greater<br> than $5,000,000	2	2	2	—	2	1	2	—	2	2	5	2	7	4
Current accident year reported losses <br> $1,000,000 - $5,000,000	37	34	28	27	39	35	31	19	55	50	85	88	117	137
Prior accident year reported losses on<br> large losses	14	13	9	20	9	18	13	10	27	24	41	44	49	55
Non-Catastrophe reported losses on<br> large losses total	53	49	39	47	50	54	46	29	84	76	131	134	173	196
Commercial Lines
Current accident year reported losses greater<br> than $5,000,000	2	2	2	—	2	1	2	—	2	2	5	2	7	4
Current accident year reported losses <br> $1,000,000 - $5,000,000	26	19	24	17	27	27	23	12	41	35	57	64	79	100
Prior accident year reported losses on<br> large losses	11	12	8	17	8	18	10	7	23	19	36	38	41	49
Non-Catastrophe reported losses on<br> large losses total	39	33	34	34	37	46	35	19	66	56	98	104	127	153
Personal Lines
Current accident year reported losses greater<br> than $5,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Current accident year reported losses <br> $1,000,000 - $5,000,000	10	9	4	8	8	8	6	6	12	12	21	21	31	30
Prior accident year reported losses on<br> large losses	2	—	—	3	1	—	1	2	3	3	3	3	5	4
Non-Catastrophe reported losses on<br> large losses total	12	9	4	11	9	8	7	8	15	15	24	24	36	34
Excess & Surplus Lines
Current accident year reported losses greater<br> than $5,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Current accident year reported losses <br> $1,000,000 - $5,000,000	1	6	—	2	4	—	2	1	2	3	7	3	7	7
Prior accident year reported losses on<br> large losses	1	1	1	—	—	—	2	1	1	2	2	3	3	2
Non-Catastrophe reported losses on<br> large losses total	2	7	1	2	4	—	4	2	3	5	9	6	10	9
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2020
(Dollars in millions)	Commercial Lines												Personal Lines						E & S		Consolidated				Comm'l<br>Change<br>%	Personal<br>Change<br>%	E & S<br>Change<br>%	Consol<br>Change<br>%
Risk<br>State	Comm<br>Casualty		Comm<br>Property		Comm<br>Auto		Workers'<br>Comp			Other Comm			Personal<br>Auto		Home Owner		Other <br>Personal		All<br>Lines		2020		2019
									Total			Total
OH	$	170.3	$	159.1	$	107.1	$	—		$	43.8		$	128.7	$	123.2	$	37.7	$	21.7	$	791.6	$	759.5	5.2	2.2	10.1	4.2
IL	68.4		60.9		37.4		35.5			14.5			32.3		34.7		10.7		21.1		315.5		304.9		0.6	9.6	13.4	3.5
GA	44.8		51.7		30.8		10.8			15.9			54.7		54.9		14.0		18.7		296.3		302.0		(1.7)	(0.9)	(9.6)	(1.9)
NC	57.0		71.0		32.2		13.4			15.2			34.8		35.6		9.9		15.9		285.0		270.6		8.0	(1.8)	14.3	5.3
PA	72.6		54.2		42.2		32.3			13.6			16.4		15.8		5.7		16.1		268.9		278.4		(5.6)	4.9	9.1	(3.4)
IN	53.7		55.1		35.2		18.8			15.5			27.9		33.8		7.5		13.7		261.2		264.7		(1.4)	(0.7)	(4.1)	(1.3)
NY	60.7		29.6		19.0		7.7			9.3			26.8		49.4		16.2		25.0		243.7		192.8		17.3	31.4	69.2	26.4
MI	43.8		46.3		25.7		10.6			14.0			29.2		25.2		5.9		10.1		210.8		217.5		(1.2)	(10.2)	23.9	(3.0)
TN	44.1		49.5		29.5		7.7			12.6			17.7		23.8		6.4		9.7		201.0		193.6		4.8	0.2	9.6	3.8
TX	54.6		24.2		35.3		2.5			8.1			13.6		22.9		7.1		28.0		196.3		171.3		7.9	41.7	11.6	14.5
AL	29.8		38.8		20.5		1.2			9.5			24.1		35.6		7.0		12.2		178.7		178.1		4.4	(6.1)	6.3	0.3
VA	41.4		36.9		28.7		15.0			13.9			14.6		14.9		4.9		6.5		176.8		171.9		2.6	3.2	5.7	2.8
KY	31.7		38.8		25.2		3.3			9.5			23.8		26.0		6.0		8.0		172.3		173.5		2.4	(7.7)	13.7	(0.6)
MO	36.5		41.6		23.9		12.5			6.8			13.4		18.0		3.9		11.8		168.4		159.8		6.8	2.0	1.9	5.4
MN	29.1		31.0		11.3		8.4			7.0			15.6		19.9		5.3		10.9		138.5		142.6		(0.9)	(9.9)	11.8	(2.9)
WI	29.7		29.6		14.8		20.8			7.0			10.6		11.7		4.4		9.6		138.2		136.1		(0.3)	4.0	15.1	1.4
FL	41.1		13.9		26.4		2.2			7.6			8.2		9.9		3.4		24.4		137.1		118.5		11.3	43.3	13.2	15.7
MD	21.2		14.8		15.6		6.9			6.0			16.9		14.5		3.9		5.5		105.3		106.4		(3.6)	1.5	20.1	(0.9)
AZ	25.1		15.9		19.1		5.5			3.8			8.0		8.0		3.1		7.2		95.7		92.4		2.5	1.5	24.3	3.6
UT	19.5		13.8		13.1		1.5			4.2			9.1		6.7		1.6		8.8		78.3		74.1		2.8	0.7	43.7	5.7
OR	26.2		13.1		19.3		0.2			3.6			5.3		3.0		0.9		6.4		78.0		70.4		15.3	(10.0)	5.4	10.8
CA	2.3		0.8		1.5		2.6			0.4			12.5		46.3		9.9		1.3		77.6		62.4		15.9	26.5	(19.6)	24.2
AR	12.0		21.5		13.9		2.0			3.8			7.1		9.5		2.7		4.9		77.4		79.4		1.8	(14.5)	9.2	(2.4)
IA	17.5		20.2		8.7		9.5			5.8			4.5		5.6		1.5		3.2		76.5		78.9		(3.8)	(6.5)	31.3	(3.1)
SC	13.5		15.4		10.3		2.6			3.4			10.4		10.1		1.9		7.7		75.3		75.4		1.3	(10.4)	32.1	(0.2)
CT	9.5		6.6		4.0		3.3			1.3			16.9		18.0		5.8		3.3		68.7		59.8		11.4	16.6	20.7	14.9
CO	19.5		9.6		14.5		1.1			2.9			2.1		5.3		0.8		12.0		67.8		62.4		6.9	33.7	2.5	8.7
MT	23.6		15.8		14.0		0.2			3.4			2.8		3.6		0.8		2.9		67.1		62.1		7.6	2.5	34.1	7.9
KS	14.2		16.2		9.6		4.4			3.8			4.0		6.7		1.3		3.4		63.6		59.1		10.8	(7.4)	24.0	7.4
ID	17.4		12.4		11.1		1.7			2.5			3.2		3.0		0.8		3.3		55.4		53.4		5.2	(2.6)	1.0	3.9
WA	15.8		9.8		11.7		—			3.0			4.0		3.7		1.4		3.0		52.4		45.4		6.9	78.2	16.2	15.4
NE	10.6		12.8		7.4		4.9			2.8			0.7		1.2		0.3		3.0		43.7		41.1		7.9	(7.4)	4.2	6.7
NJ	6.3		3.4		2.7		1.9			1.8			4.6		6.6		3.2		4.2		34.7		20.4		107.7	43.0	59.4	69.7
NM	11.4		7.4		8.4		1.0			2.6			—		—		—		3.4		34.2		31.5		7.5	106.0	20.9	8.8
WV	8.8		9.7		8.3		1.2			1.3			—		0.3		0.1		3.8		33.5		34.1		(2.2)	(13.5)	4.8	(1.6)
VT	6.5		7.3		3.6		4.3			2.1			1.7		2.5		0.5		1.9		30.4		28.4		5.4	6.7	30.9	6.9
MA	4.3		1.4		1.6		1.4			0.7			3.4		8.4		2.3		1.9		25.4		12.5		122.8	89.0	138.2	103.6
NH	4.6		4.4		2.5		2.3			1.1			2.0		2.5		0.7		1.1		21.2		19.8		8.9	7.4	(11.3)	7.3
DE	6.2		5.1		3.5		2.1			1.2			0.3		0.4		0.1		1.4		20.3		20.2		(3.7)	151.1	32.1	0.4
ND	4.6		5.2		3.1		—			1.4			0.9		1.0		0.3		0.9		17.4		17.5		(1.4)	(1.4)	17.3	(0.6)
SD	3.6		4.5		2.4		1.7			1.4			—		—		—		0.8		14.4		15.2		(4.1)	83.9	(15.9)	(4.9)
WY	3.5		3.4		2.6		—			0.9			—		0.1		—		1.2		11.7		10.5		8.8	nm	12.6	10.6
DC	1.7		1.0		0.2		0.7			1.5			0.5		0.5		0.1		1.0		7.2		6.7		(2.0)	55.9	25.0	7.5
NV	0.6		0.4		0.9		0.5			0.3			0.2		0.2		0.1		0.4		3.6		2.5		20.9	nm	44.1	41.5
OK	1.2		0.6		0.4		0.5			0.3			—		—		—		0.5		3.5		2.8		29.7	—	9.5	26.3
All Other States	1.3		1.0		1.6		1.4			1.0			0.2		0.7		0.1		1.9		9.2		8.0		2.7	153.5	24.2	14.4
Total	$	1,221.8	$	1,085.7	$	760.8	$	268.1		$	292.1		$	613.7	$	723.7	$	200.2	$	363.7	$	5,529.8	$	5,288.6	3.7	4.6	13.9	4.6
Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. nm - Not meaningful<br>*Total excludes Cincinnati Global and other direct, such as assigned risk pools.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20			12/31/19
Commercial casualty:
Written premiums	$	287		$	269		$	308		$	341		$	269		$	263		$	296		$	303		$	649		$	599		$	918		$	862		$	1,205		$	1,131
Year over year change %-written premium	7		%	2		%	4		%	13		%	7		%	5		%	2		%	6		%	8		%	4		%	6		%	4		%	7		%	5		%
Earned premiums	$	297		$	290		$	289		$	289		$	280		$	277		$	277		$	268		$	577		$	545		$	868		$	822		$	1,165		$	1,102
Current accident year before catastrophe losses	64.5		%	63.1		%	62.6		%	65.8		%	67.5		%	66.1		%	67.4		%	66.7		%	64.1		%	67.0		%	63.8		%	66.7		%	64.0		%	66.9		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(6.1)			(3.2)			(7.5)			(1.6)			(4.8)			(2.9)			(9.3)			(11.5)			(4.5)			(10.3)			(4.1)			(7.8)			(4.6)			(7.1)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	58.4		%	59.9		%	55.1		%	64.2		%	62.7		%	63.2		%	58.1		%	55.2		%	59.6		%	56.7		%	59.7		%	58.9		%	59.4		%	59.8		%
Commercial property:
Written premiums	$	246		$	252		$	260		$	261		$	246		$	245		$	247		$	247		$	521		$	494		$	773		$	739		$	1,019		$	985
Year over year change %-written premium	—		%	3		%	5		%	6		%	10		%	6		%	3		%	4		%	5		%	3		%	5		%	4		%	3		%	6		%
Earned premiums	$	255		$	252		$	254		$	249		$	249		$	241		$	234		$	234		$	504		$	468		$	755		$	709		$	1,010		$	958
Current accident year before catastrophe losses	52.9		%	53.0		%	50.9		%	47.8		%	50.3		%	49.4		%	49.0		%	51.5		%	49.4		%	50.3		%	50.6		%	50.0		%	51.2		%	50.1		%
Current accident year catastrophe losses	13.2			50.5			48.5			34.2			0.2			15.0			43.5			13.8			41.4			28.6			44.4			24.0			36.5			17.8
Prior accident years before catastrophe losses	(2.4)			(1.3)			1.9			0.7			(1.3)			(1.1)			0.8			1.9			1.3			1.3			0.5			0.5			(0.3)			0.1
Prior accident years catastrophe losses	(2.5)			0.3			(2.0)			(1.1)			(2.6)			(1.9)			(3.6)			(2.6)			(1.6)			(3.0)			(1.0)			(2.7)			(1.3)			(2.7)
Total loss and loss expense ratio	61.2		%	102.5		%	99.3		%	81.6		%	46.6		%	61.4		%	89.7		%	64.6		%	90.5		%	77.2		%	94.5		%	71.8		%	86.1		%	65.3		%
Commercial auto:
Written premiums	$	179		$	171		$	205		$	208		$	175		$	176		$	196		$	188		$	413		$	384		$	584		$	560		$	763		$	735
Year over year change %-written premium	2		%	(3)		%	5		%	11		%	7		%	10		%	8		%	6		%	8		%	7		%	4		%	8		%	4		%	8		%
Earned premiums	$	192		$	189		$	189		$	185		$	183		$	179		$	175		$	170		$	374		$	345		$	563		$	524		$	755		$	707
Current accident year before catastrophe losses	57.1		%	56.2		%	64.2		%	70.9		%	68.1		%	67.8		%	70.5		%	74.5		%	67.5		%	72.5		%	63.7		%	70.9		%	62.1		%	70.2		%
Current accident year catastrophe losses	—			0.4			2.2			1.2			(0.3)			1.5			1.4			0.3			1.7			0.9			1.3			1.1			0.9			0.7
Prior accident years before catastrophe losses	1.4			5.5			(1.1)			3.3			0.7			1.7			1.0			(6.7)			1.1			(2.9)			2.5			(1.3)			2.3			(0.8)
Prior accident years catastrophe losses	—			(0.1)			—			(0.2)			—			(0.1)			—			—			(0.1)			—			(0.1)			(0.1)			(0.1)			—
Total loss and loss expense ratio	58.5		%	62.0		%	65.3		%	75.2		%	68.5		%	70.9		%	72.9		%	68.1		%	70.2		%	70.5		%	67.4		%	70.6		%	65.2		%	70.1		%
Workers' compensation:
Written premiums	$	58		$	51		$	65		$	92		$	63		$	62		$	75		$	94		$	157		$	169		$	208		$	231		$	266		$	294
Year over year change %-written premium	(8)		%	(18)		%	(13)		%	(2)		%	(6)		%	(6)		%	(10)		%	(1)		%	(7)		%	(5)		%	(10)		%	(5)		%	(10)		%	(5)		%
Earned premiums	$	64		$	64		$	68		$	75		$	76		$	73		$	74		$	77		$	143		$	151		$	207		$	224		$	271		$	300
Current accident year before catastrophe losses	82.3		%	81.7		%	81.8		%	81.1		%	85.4		%	81.1		%	78.0		%	78.8		%	81.4		%	78.4		%	81.5		%	79.3		%	81.7		%	80.8		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(10.4)			(9.6)			(27.8)			(9.8)			(20.1)			(27.0)			(35.9)			(20.1)			(18.3)			(27.9)			(15.7)			(27.7)			(14.4)			(25.7)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	71.9		%	72.1		%	54.0		%	71.3		%	65.3		%	54.1		%	42.1		%	58.7		%	63.1		%	50.5		%	65.8		%	51.6		%	67.3		%	55.1		%
Other commercial:
Written premiums	$	70		$	71		$	70		$	70		$	66		$	70		$	65		$	64		$	140		$	129		$	211		$	199		$	281		$	265
Year over year change %-written premium	6		%	1		%	8		%	9		%	16		%	8		%	10		%	10		%	9		%	10		%	6		%	9		%	6		%	10		%
Earned premiums	$	70		$	70		$	70		$	65		$	64		$	64		$	63		$	61		$	135		$	124		$	205		$	188		$	275		$	252
Current accident year before catastrophe losses	38.5		%	36.0		%	35.5		%	39.1		%	38.2		%	34.3		%	33.7		%	38.0		%	37.3		%	35.8		%	36.9		%	35.4		%	37.3		%	36.0		%
Current accident year catastrophe losses	—			0.3			0.1			0.1			0.1			(0.2)			0.3			0.4			0.1			0.3			0.2			0.1			0.1			0.1
Prior accident years before catastrophe losses	(2.8)			(0.7)			(1.7)			1.7			(3.3)			(2.1)			(1.9)			(4.1)			(0.1)			(3.0)			(0.3)			(2.7)			(0.9)			(2.8)
Prior accident years catastrophe losses	0.1			(0.1)			—			0.2			(0.3)			0.8			—			0.2			0.1			0.1			—			0.3			—			0.2
Total loss and loss expense ratio	35.8		%	35.5		%	33.9		%	41.1		%	34.7		%	32.8		%	32.1		%	34.5		%	37.4		%	33.2		%	36.8		%	33.1		%	36.5		%	33.5		%
*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 Fourth-Quarter 2020 Supplemental Financial Data

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20			12/31/19
Personal auto:
Written premiums	$	139		$	166		$	169		$	137		$	141		$	166		$	173		$	140		$	306		$	313		$	472		$	479		$	611		$	620
Year over year change %-written premium	(1)		%	—		%	(2)		%	(2)		%	—		%	(2)		%	—		%	—		%	(2)		%	—		%	(1)		%	—		%	(2)		%	—		%
Earned premiums	$	153		$	154		$	154		$	154		$	155		$	156		$	155		$	155		$	308		$	310		$	462		$	466		$	615		$	621
Current accident year before catastrophe losses	46.6		%	48.5		%	64.7		%	69.4		%	70.8		%	70.2		%	73.8		%	76.2		%	67.0		%	75.0		%	60.9		%	73.4		%	57.3		%	72.7		%
Current accident year catastrophe losses	—			2.6			1.5			2.1			0.4			1.2			1.8			0.5			1.8			1.1			2.0			1.1			1.6			1.0
Prior accident years before catastrophe losses	2.6			0.5			(4.2)			(8.1)			(1.7)			(2.0)			(9.4)			(3.3)			(6.1)			(6.3)			(3.9)			(4.9)			(2.3)			(4.1)
Prior accident years catastrophe losses	—			—			(0.2)			(0.4)			—			(0.1)			(0.2)			—			(0.3)			(0.1)			(0.2)			(0.1)			(0.2)			(0.1)
Total loss and loss expense ratio	49.2		%	51.6		%	61.8		%	63.0		%	69.5		%	69.3		%	66.0		%	73.4		%	62.4		%	69.7		%	58.8		%	69.5		%	56.4		%	69.5		%
Homeowner:
Written premiums	$	167		$	189		$	197		$	140		$	152		$	173		$	176		$	130		$	337		$	306		$	526		$	479		$	693		$	631
Year over year change %-written premium	10		%	9		%	12		%	8		%	8		%	7		%	8		%	7		%	10		%	8		%	10		%	7		%	10		%	7		%
Earned premiums	$	171		$	165		$	163		$	159		$	157		$	154		$	149		$	147		$	322		$	296		$	487		$	450		$	658		$	607
Current accident year before catastrophe losses	45.2		%	48.2		%	45.0		%	53.5		%	55.7		%	60.9		%	53.1		%	51.9		%	49.2		%	52.5		%	48.9		%	55.3		%	47.9		%	55.5		%
Current accident year catastrophe losses	7.5			46.1			51.7			23.8			21.7			14.0			22.6			23.2			37.9			22.9			40.7			19.9			32.1			20.3
Prior accident years before catastrophe losses	3.2			1.7			4.5			(8.7)			(2.2)			1.0			4.5			2.0			(2.0)			3.3			(0.8)			2.5			0.3			1.3
Prior accident years catastrophe losses	0.2			(1.6)			(0.1)			(2.3)			(0.5)			(0.8)			(2.2)			5.7			(1.2)			1.7			(1.3)			0.9			(1.0)			0.5
Total loss and loss expense ratio	56.1		%	94.4		%	101.1		%	66.3		%	74.7		%	75.1		%	78.0		%	82.8		%	83.9		%	80.4		%	87.5		%	78.6		%	79.3		%	77.6		%
Other personal:
Written premiums	$	48		$	52		$	57		$	42		$	43		$	49		$	53		$	39		$	99		$	92		$	151		$	141		$	199		$	184
Year over year change %-written premium	12		%	6		%	8		%	8		%	5		%	7		%	15		%	10		%	8		%	13		%	7		%	11		%	8		%	10		%
Earned premiums	$	49		$	48		$	47		$	46		$	46		$	44		$	44		$	42		$	93		$	86		$	141		$	130		$	190		$	176
Current accident year before catastrophe losses	49.1		%	49.6		%	48.5		%	50.5		%	60.9		%	51.4		%	51.5		%	33.6		%	49.5		%	42.7		%	49.5		%	45.7		%	49.4		%	49.6		%
Current accident year catastrophe losses	(0.3)			10.6			11.8			4.6			2.9			4.3			4.7			5.6			8.2			5.1			9.0			4.8			6.6			4.3
Prior accident years before catastrophe losses	0.3			(0.7)			(1.4)			6.3			(5.9)			(6.4)			(7.7)			(6.1)			2.4			(6.9)			1.4			(6.7)			1.1			(6.5)
Prior accident years catastrophe losses	(0.4)			(0.2)			(0.7)			(0.6)			(0.5)			(0.7)			0.4			0.1			(0.6)			0.2			(0.5)			(0.1)			(0.4)			(0.2)
Total loss and loss expense ratio	48.7		%	59.3		%	58.2		%	60.8		%	57.4		%	48.6		%	48.9		%	33.2		%	59.5		%	41.1		%	59.4		%	43.7		%	56.7		%	47.2		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20			12/31/19
Excess & Surplus:
Written premiums	$	92		$	80		$	91		$	85		$	80		$	74		$	78		$	71		$	176		$	149		$	256		$	223		$	348		$	303
Year over year change %-written premium	15		%	8		%	17		%	20		%	23		%	25		%	22		%	16		%	18		%	19		%	15		%	21		%	15		%	22		%
Earned premiums	$	87		$	82		$	78		$	78		$	76		$	72		$	67		$	63		$	156		$	130		$	238		$	202		$	325		$	278
Current accident year before catastrophe losses	57.6		%	58.5		%	59.0		%	55.7		%	54.3		%	57.6		%	50.8		%	55.5		%	57.4		%	53.1		%	57.8		%	54.7		%	57.7		%	54.6		%
Current accident year catastrophe losses	0.4			1.0			3.6			0.5			—			0.6			0.7			0.3			2.0			0.5			1.7			0.5			1.3			0.4
Prior accident years before catastrophe losses	(1.5)			(1.5)			11.2			0.7			(0.4)			(6.0)			(6.2)			(4.2)			5.9			(5.2)			3.4			(5.5)			2.1			(4.1)
Prior accident years catastrophe losses	0.1			0.2			(0.2)			0.5			0.5			0.5			(0.2)			(0.1)			0.2			(0.1)			0.1			0.1			0.2			0.2
Total loss and loss expense ratio	56.6		%	58.2		%	73.6		%	57.4		%	54.4		%	52.7		%	45.1		%	51.5		%	65.5		%	48.3		%	63.0		%	49.8		%	61.3		%	51.1		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)											Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the twelve months ended December 31, 2020
Commercial casualty		$	368		$	187		$	555		$	18		$	84		$	31		$	133		$	386		$	84		$	218		$	688
Commercial property		713			73			786			(1)			107			5			111			712			107			78			897
Commercial auto		379			81			460			(18)			51			(1)			32			361			51			80			492
Workers' compensation		145			33			178			(1)			18			(5)			12			144			18			28			190
Other commercial		63			15			78			(16)			8			34			26			47			8			49			104
Total commercial lines		1,668			389			2,057			(18)			268			64			314			1,650			268			453			2,371
Personal auto		299			76			375			(28)			10			(9)			(27)			271			10			67			348
Homeowners		407			61			468			32			16			—			48			439			16			61			516
Other personal		69			7			76			11			21			—			32			80			21			7			108
Total personal lines		775			144			919			15			47			(9)			53			790			47			135			972
Excess & surplus lines		78			39			117			41			30			22			93			119			30			61			210
Other		195			7			202			22			106			—			128			217			106			7			330
Total property casualty		$	2,716		$	579		$	3,295		$	60		$	451		$	77		$	588		$	2,776		$	451		$	656		$	3,883
Ceded loss and loss expense incurred for the twelve months ended December 31, 2020
Commercial casualty		$	2		$	—		$	2		$	(6)		$	(1)		$	1		$	(6)		$	(4)		$	(1)		$	1		$	(4)
Commercial property		71			1			72			(47)			3			—			(44)			24			3			1			28
Commercial auto		1			—			1			—			—			—			—			1			—			—			1
Workers' compensation		10			—			10			—			(3)			—			(3)			10			(3)			—			7
Other commercial		3			—			3			—			—			—			—			3			—			—			3
Total commercial lines		87			1			88			(53)			(1)			1			(53)			34			(1)			2			35
Personal auto		2			—			2			2			(3)			—			(1)			4			(3)			—			1
Homeowners		(5)			1			(4)			(2)			—			—			(2)			(7)			—			1			(6)
Other personal		—			—			—			—			—			—			—			—			—			—			—
Total personal lines		(3)			1			(2)			—			(3)			—			(3)			(3)			(3)			1			(5)
Excess & surplus lines		5			—			5			4			2			—			6			9			2			—			11
Other		20			1			21			(12)			(3)			(1)			(16)			8			(3)			—			5
Total property casualty		$	109		$	3		$	112		$	(61)		$	(5)		$	—		$	(66)		$	48		$	(5)		$	3		$	46
Net loss and loss expense incurred for the twelve months ended December 31, 2020
Commercial casualty		$	366		$	187		$	553		$	24		$	85		$	30		$	139		$	390		$	85		$	217		$	692
Commercial property		642			72			714			46			104			5			155			688			104			77			869
Commercial auto		378			81			459			(18)			51			(1)			32			360			51			80			491
Workers' compensation		135			33			168			(1)			21			(5)			15			134			21			28			183
Other commercial		60			15			75			(16)			8			34			26			44			8			49			101
Total commercial lines		1,581			388			1,969			35			269			63			367			1,616			269			451			2,336
Personal auto		297			76			373			(30)			13			(9)			(26)			267			13			67			347
Homeowners		412			60			472			34			16			—			50			446			16			60			522
Other personal		69			7			76			11			21			—			32			80			21			7			108
Total personal lines		778			143			921			15			50			(9)			56			793			50			134			977
Excess & surplus lines		73			39			112			37			28			22			87			110			28			61			199
Other		175			6			181			34			109			1			144			209			109			7			325
Total property casualty		$	2,607		$	576		$	3,183		$	121		$	456		$	77		$	654		$	2,728		$	456		$	653		$	3,837
*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, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)											Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the three months ended December 31, 2020
Commercial casualty		$	104		$	49		$	153		$	(9)		$	9		$	18		$	18		$	95		$	9		$	67		$	171
Commercial property		166			19			185			(66)			35			5			(26)			100			35			24			159
Commercial auto		100			19			119			(5)			(2)			—			(7)			95			(2)			19			112
Workers' compensation		36			7			43			—			5			2			7			36			5			9			50
Other commercial		14			4			18			(4)			4			8			8			10			4			12			26
Total commercial lines		420			98			518			(84)			51			33			—			336			51			131			518
Personal auto		79			17			96			(3)			(20)			—			(23)			76			(20)			17			73
Homeowners		94			18			112			(16)			(5)			—			(21)			78			(5)			18			91
Other personal		20			2			22			1			1			—			2			21			1			2			24
Total personal lines		193			37			230			(18)			(24)			—			(42)			175			(24)			37			188
Excess & surplus lines		25			10			35			3			10			5			18			28			10			15			53
Other		65			2			67			14			(5)			—			9			79			(5)			2			76
Total property casualty		$	703		$	147		$	850		$	(85)		$	32		$	38		$	(15)		$	618		$	32		$	185		$	835
Ceded loss and loss expense incurred for the three months ended December 31, 2020
Commercial casualty		$	1		$	—		$	1		$	(4)		$	—		$	1		$	(3)		$	(3)		$	—		$	1		$	(2)
Commercial property		8			—			8			(2)			(3)			—			(5)			6			(3)			—			3
Commercial auto		—			—			—			—			—			—			—			—			—			—			—
Workers' compensation		3			—			3			3			(1)			—			2			6			(1)			—			5
Other commercial		—			—			—			—			—			—			—			—			—			—			—
Total commercial lines		12			—			12			(3)			(4)			1			(6)			9			(4)			1			6
Personal auto		1			—			1			—			(2)			—			(2)			1			(2)			—			(1)
Homeowners		(8)			1			(7)			1			—			—			1			(7)			—			1			(6)
Other personal		—			—			—			—			—			—			—			—			—			—			—
Total personal lines		(7)			1			(6)			1			(2)			—			(1)			(6)			(2)			1			(7)
Excess & surplus lines		3			—			3			1			—			—			1			4			—			—			4
Other		5			—			5			(1)			(1)			—			(2)			4			(1)			—			3
Total property casualty		$	13		$	1		$	14		$	(2)		$	(7)		$	1		$	(8)		$	11		$	(7)		$	2		$	6
Net loss and loss expense incurred for the three months ended December 31, 2020
Commercial casualty		$	103		$	49		$	152		$	(5)		$	9		$	17		$	21		$	98		$	9		$	66		$	173
Commercial property		158			19			177			(64)			38			5			(21)			94			38			24			156
Commercial auto		100			19			119			(5)			(2)			—			(7)			95			(2)			19			112
Workers' compensation		33			7			40			(3)			6			2			5			30			6			9			45
Other commercial		14			4			18			(4)			4			8			8			10			4			12			26
Total commercial lines		408			98			506			(81)			55			32			6			327			55			130			512
Personal auto		78			17			95			(3)			(18)			—			(21)			75			(18)			17			74
Homeowners		102			17			119			(17)			(5)			—			(22)			85			(5)			17			97
Other personal		20			2			22			1			1			—			2			21			1			2			24
Total personal lines		200			36			236			(19)			(22)			—			(41)			181			(22)			36			195
Excess & surplus lines		22			10			32			2			10			5			17			24			10			15			49
Other		60			2			62			15			(4)			—			11			75			(4)			2			73
Total property casualty		$	690		$	146		$	836		$	(83)		$	39		$	37		$	(7)		$	607		$	39		$	183		$	829
*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, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20			12/31/19
Premiums
Agency renewal written premiums	$	1,145		$	1,153		$	1,244		$	1,198		$	1,084		$	1,119		$	1,186		$	1,130		$	2,442		$	2,316		$	3,595		$	3,435		$	4,740		$	4,519
Agency new business written premiums	185			189			210			215			193			192			212			181			425			393			614			585			799			778
Other written premiums	64			51			105			105			31			40			78			70			210			148			261			188			325			219
Net written premiums	$	1,394		$	1,393		$	1,559		$	1,518		$	1,308		$	1,351		$	1,476		$	1,381		$	3,077		$	2,857		$	4,470		$	4,208		$	5,864		$	5,516
Unearned premium change	55			57			(156)			(129)			66			25			(159)			(114)			(285)			(273)			(228)			(248)			(173)			(182)
Earned premiums	$	1,449		$	1,450		$	1,403		$	1,389		$	1,374		$	1,376		$	1,317		$	1,267		$	2,792		$	2,584		$	4,242		$	3,960		$	5,691		$	5,334
Year over year change %
Agency renewal written premiums	6		%	3		%	5		%	6		%	5		%	3		%	3		%	4		%	5		%	4		%	5		%	3		%	5		%	4		%
Agency new business written premiums	(4)			(2)			(1)			19			22			25			17			14			8			16			5			18			3			19
Other written premiums	106			28			35			50			nm			nm			333			338			42			335			39			395			48			nm
Net written premiums	7			3			6			10			11			8			9			10			8			10			6			9			6			10
Paid losses and loss expenses
Losses paid	$	690		$	628		$	624		$	663		$	677		$	703		$	677		$	692		$	1,289		$	1,369		$	1,917		$	2,072		$	2,607		$	2,748
Loss expenses paid	146			151			127			154			131			127			121			132			279			253			430			380			576			512
Loss and loss expenses paid	$	836		$	779		$	751		$	817		$	808		$	830		$	798		$	824		$	1,568		$	1,622		$	2,347		$	2,452		$	3,183		$	3,260
Incurred losses and loss expenses
Loss and loss expense incurred	$	829		$	1,071		$	1,007		$	930		$	835		$	864		$	863		$	790		$	1,937		$	1,653		$	3,008		$	2,517		$	3,837		$	3,352
Loss and loss expenses paid as a % of incurred	100.8		%	72.7		%	74.6		%	87.7		%	96.8		%	96.1		%	92.5		%	104.3		%	80.9		%	98.1		%	78.0		%	97.4		%	83.0		%	97.3		%
Statutory combined ratio
Loss ratio	44.5		%	59.8		%	60.4		%	56.1		%	49.6		%	52.1		%	55.7		%	52.5		%	58.2		%	54.1		%	58.8		%	53.4		%	55.1		%	52.5		%
Loss adjustment expense ratio	12.9			11.3			11.6			11.3			11.3			11.0			9.9			10.1			11.5			10.1			11.4			10.4			11.8			10.6
Net underwriting expense ratio	31.2			30.2			28.8			29.2			32.1			31.2			29.3			28.9			29.0			29.1			29.3			29.8			29.8			30.3
US Statutory combined ratio	88.6		%	101.3		%	100.8		%	96.6		%	93.0		%	94.3		%	94.9		%	91.5		%	98.7		%	93.3		%	99.5		%	93.6		%	96.7		%	93.4		%
Contribution from catastrophe losses	3.6			16.0			15.8			9.3			2.9			4.9			10.5			5.8			12.6			8.2			13.7			7.1			11.2			6.0
Statutory combined ratio excl. catastrophe losses	85.0		%	85.3		%	85.0		%	87.3		%	90.1		%	89.4		%	84.4		%	85.7		%	86.1		%	85.1		%	85.8		%	86.5		%	85.5		%	87.4		%
GAAP combined ratio
GAAP combined ratio	87.3		%	103.6		%	103.1		%	98.5		%	91.6		%	94.2		%	96.5		%	93.0		%	100.8		%	94.8		%	101.8		%	94.6		%	98.1		%	93.8		%
Contribution from catastrophe losses	4.7			18.3			16.5			9.1			3.3			5.3			10.0			5.8			12.8			7.9			14.7			7.1			12.1			6.0
GAAP combined ratio excl. catastrophe losses	82.6		%	85.3		%	86.6		%	89.4		%	88.3		%	88.9		%	86.5		%	87.2		%	88.0		%	86.9		%	87.1		%	87.5		%	86.0		%	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. <br>nm - Not meaningful<br>Statutory ratios exclude the results of Cincinnati Global, which was acquired on February 28, 2019.<br>Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20			12/31/19
Premiums
Agency renewal written premiums	$	759		$	727		$	794		$	842		$	719		$	713		$	767		$	799		$	1,636		$	1,566		$	2,363		$	2,279		$	3,122		$	2,998
Agency new business written premiums	113			114			134			154			129			124			137			120			288			257			402			381			515			510
Other written premiums	(32)			(27)			(20)			(24)			(29)			(21)			(25)			(23)			(44)			(48)			(71)			(69)			(103)			(98)
Net written premiums	$	840		$	814		$	908		$	972		$	819		$	816		$	879		$	896		$	1,880		$	1,775		$	2,694		$	2,591		$	3,534		$	3,410
Unearned premium change	38			51			(38)			(109)			33			18			(56)			(86)			(147)			(142)			(96)			(124)			(58)			(91)
Earned premiums	$	878		$	865		$	870		$	863		$	852		$	834		$	823		$	810		$	1,733		$	1,633		$	2,598		$	2,467		$	3,476		$	3,319
Year over year change %
Agency renewal written premiums	6		%	2		%	4		%	5		%	4		%	2		%	1		%	4		%	4		%	2		%	4		%	2		%	4		%	2		%
Agency new business written premiums	(12)			(8)			(2)			28			28			32			16			15			12			16			6			21			1			22
Other written premiums	(10)			(29)			20			(4)			15			5			(25)			(10)			8			(17)			(3)			(10)			(5)			(1)
Net written premiums	3			—			3			8			8			5			3			5			6			4			4			4			4			5
Paid losses and loss expenses
Losses paid	$	408		$	378		$	367		$	426		$	418		$	417		$	394		$	436		$	795		$	830		$	1,173		$	1,247		$	1,581		$	1,665
Loss expenses paid	98			103			86			103			91			89			85			92			189			178			291			266			388			358
Loss and loss expenses paid	$	506		$	481		$	453		$	529		$	509		$	506		$	479		$	528		$	984		$	1,008		$	1,464		$	1,513		$	1,969		$	2,023
Incurred losses and loss expenses
Loss and loss expense incurred	$	512		$	620		$	596		$	608		$	489		$	510		$	550		$	481		$	1,204		$	1,031		$	1,824		$	1,541		$	2,336		$	2,030
Loss and loss expenses paid as a % of incurred	98.8		%	77.6		%	76.0		%	87.0		%	104.1		%	99.2		%	87.1		%	109.8		%	81.7		%	97.8		%	80.3		%	98.2		%	84.3		%	99.7		%
Statutory combined ratio
Loss ratio	43.6		%	59.1		%	56.7		%	57.5		%	44.8		%	49.3		%	56.5		%	48.5		%	57.0		%	52.5		%	57.8		%	51.5		%	54.2		%	49.7		%
Loss adjustment expense ratio	14.8			12.5			11.8			12.9			12.6			11.9			10.3			10.9			12.4			10.6			12.4			11.0			13.0			11.5
Net underwriting expense ratio	32.0			32.0			28.6			28.9			32.8			32.7			30.2			28.9			28.8			29.6			29.7			30.6			30.3			31.1
Statutory combined ratio	90.4		%	103.6		%	97.1		%	99.3		%	90.2		%	93.9		%	97.0		%	88.3		%	98.2		%	92.7		%	99.9		%	93.1		%	97.5		%	92.3		%
Contribution from catastrophe losses	3.1			14.8			14.0			9.8			(0.7)			4.1			11.7			3.3			11.9			7.5			12.9			6.4			10.4			4.5
Statutory combined ratio excl. catastrophe losses	87.3		%	88.8		%	83.1		%	89.5		%	90.9		%	89.8		%	85.3		%	85.0		%	86.3		%	85.2		%	87.0		%	86.7		%	87.1		%	87.8		%
GAAP combined ratio
GAAP combined ratio	89.2		%	102.4		%	99.1		%	102.5		%	88.8		%	93.4		%	98.6		%	90.8		%	100.8		%	94.7		%	101.3		%	94.3		%	98.3		%	92.9		%
Contribution from catastrophe losses	3.1			14.8			14.0			9.8			(0.7)			4.1			11.7			3.3			11.9			7.5			12.9			6.4			10.4			4.5
GAAP combined ratio excl. catastrophe losses	86.1		%	87.6		%	85.1		%	92.7		%	89.5		%	89.3		%	86.9		%	87.5		%	88.9		%	87.2		%	88.4		%	87.9		%	87.9		%	88.4		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20			12/31/19
Premiums
Agency renewal written premiums	$	317		$	366		$	387		$	294		$	309		$	356		$	365		$	282		$	681		$	647		$	1,047		$	1,003		$	1,364		$	1,312
Agency new business written premiums	45			51			44			34			36			40			47			35			78			82			129			122			174			158
Other written premiums	(8)			(10)			(8)			(9)			(9)			(8)			(10)			(8)			(17)			(18)			(27)			(26)			(35)			(35)
Net written premiums	$	354		$	407		$	423		$	319		$	336		$	388		$	402		$	309		$	742		$	711		$	1,149		$	1,099		$	1,503		$	1,435
Unearned premium change	19			(40)			(59)			40			22			(34)			(54)			35			(19)			(19)			(59)			(53)			(40)			(31)
Earned premiums	$	373		$	367		$	364		$	359		$	358		$	354		$	348		$	344		$	723		$	692		$	1,090		$	1,046		$	1,463		$	1,404
Year over year change %
Agency renewal written premiums	3		%	3		%	6		%	4		%	5		%	4		%	7		%	7		%	5		%	7		%	4		%	6		%	4		%	6		%
Agency new business written premiums	25			28			(6)			(3)			(5)			(5)			2			(10)			(5)			(4)			6			(4)			10			(4)
Other written premiums	11			(25)			20			(13)			(13)			(14)			(43)			(33)			6			(38)			(4)			(30)			—			(25)
Net written premiums	5			5			5			3			4			3			6			4			4			5			5			4			5			4
Paid losses and loss expenses
Losses paid	$	200		$	200		$	203		$	173		$	205		$	221		$	217		$	209		$	376		$	426		$	577		$	647		$	778		$	850
Loss expenses paid	36			38			30			40			29			29			27			31			69			58			106			87			143			116
Loss and loss expenses paid	$	236		$	238		$	233		$	213		$	234		$	250		$	244		$	240		$	445		$	484		$	683		$	734		$	921		$	966
Incurred losses and loss expenses
Loss and loss expense incurred	$	195		$	265		$	286		$	231		$	251		$	244		$	240		$	250		$	517		$	490		$	782		$	734		$	977		$	985
Loss and loss expenses paid as a % of incurred	121.0		%	89.8		%	81.5		%	92.2		%	93.2		%	102.0		%	101.7		%	96.0		%	86.1		%	98.8		%	87.3		%	100.0		%	94.3		%	98.1		%
Statutory combined ratio
Loss ratio	42.8		%	63.1		%	67.5		%	57.2		%	61.2		%	60.4		%	59.7		%	64.9		%	62.4		%	62.3		%	62.6		%	61.6		%	57.6		%	61.5		%
Loss adjustment expense ratio	9.5			8.9			11.4			6.9			9.0			8.8			9.2			7.6			9.1			8.4			9.1			8.5			9.2			8.7
Net underwriting expense ratio	30.6			26.9			29.4			32.1			30.7			28.2			27.3			30.7			30.6			28.8			29.3			28.6			29.6			29.1
Statutory combined ratio	82.9		%	98.9		%	108.3		%	96.2		%	100.9		%	97.4		%	96.2		%	103.2		%	102.1		%	99.5		%	101.0		%	98.7		%	96.4		%	99.3		%
Contribution from catastrophe losses	3.4			22.5			25.1			10.7			9.7			6.7			10.0			13.3			17.9			11.6			19.5			10.0			15.4			9.9
Statutory combined ratio excl. catastrophe losses	79.5		%	76.4		%	83.2		%	85.5		%	91.2		%	90.7		%	86.2		%	89.9		%	84.2		%	87.9		%	81.5		%	88.7		%	81.0		%	89.4		%
GAAP combined ratio
GAAP combined ratio	81.3		%	100.7		%	112.3		%	94.3		%	99.3		%	99.6		%	98.9		%	101.3		%	103.4		%	100.1		%	102.5		%	99.9		%	97.1		%	99.8		%
Contribution from catastrophe losses	3.4			22.5			25.1			10.7			9.7			6.7			10.0			13.3			17.9			11.6			19.5			10.0			15.4			9.9
GAAP combined ratio excl. catastrophe losses	77.9		%	78.2		%	87.2		%	83.6		%	89.6		%	92.9		%	88.9		%	88.0		%	85.5		%	88.5		%	83.0		%	89.9		%	81.7		%	89.9		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2020 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
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20			12/31/19
Premiums
Agency renewal written premiums	$	69		$	60		$	63		$	62		$	56		$	50		$	54		$	49		$	125		$	103		$	185		$	153		$	254		$	209
Agency new business written premiums	27			24			32			27			28			28			28			26			59			54			83			82			110			110
Other written premiums	(4)			(4)			(4)			(4)			(4)			(4)			(4)			(4)			(8)			(8)			(12)			(12)			(16)			(16)
Net written premiums	$	92		$	80		$	91		$	85		$	80		$	74		$	78		$	71		$	176		$	149		$	256		$	223		$	348		$	303
Unearned premium change	(5)			2			(13)			(7)			(4)			(2)			(11)			(8)			(20)			(19)			(18)			(21)			(23)			(25)
Earned premiums	$	87		$	82		$	78		$	78		$	76		$	72		$	67		$	63		$	156		$	130		$	238		$	202		$	325		$	278
Year over year change %
Agency renewal written premiums	23		%	20		%	17		%	27		%	12		%	14		%	8		%	2		%	21		%	5		%	21		%	8		%	22		%	9		%
Agency new business written premiums	(4)			(14)			14			4			47			56			65			63			9			64			1			61			—			57
Other written premiums	—			—			—			—			—			(33)			(33)			(33)			—			(33)			—			(33)			—			(23)
Net written premiums	15			8			17			20			23			25			22			16			18			19			15			21			15			22
Paid losses and loss expenses
Losses paid	$	22		$	14		$	14		$	23		$	14		$	16		$	10		$	18		$	37		$	28		$	51		$	43		$	73		$	57
Loss expenses paid	10			10			9			9			9			8			7			8			19			15			29			23			39			33
Loss and loss expenses paid	$	32		$	24		$	23		$	32		$	23		$	24		$	17		$	26		$	56		$	43		$	80		$	66		$	112		$	90
Incurred losses and loss expenses
Loss and loss expense incurred	$	49		$	48		$	57		$	45		$	41		$	39		$	29		$	33		$	102		$	62		$	150		$	101		$	199		$	142
Loss and loss expenses paid as a % of incurred	65.3		%	50.0		%	40.4		%	71.1		%	56.1		%	63.2		%	53.5		%	78.8		%	54.9		%	68.8		%	53.3		%	65.3		%	56.3		%	63.4		%
Statutory combined ratio
Loss ratio	39.6		%	39.8		%	56.4		%	35.4		%	38.0		%	35.6		%	27.2		%	32.9		%	45.9		%	30.0		%	43.8		%	32.0		%	42.7		%	33.7		%
Loss adjustment expense ratio	17.0			18.5			17.2			22.0			16.4			17.1			17.9			18.6			19.5			18.3			19.2			17.9			18.6			17.4
Net underwriting expense ratio	28.3			29.6			26.6			28.8			29.1			29.6			28.5			28.5			27.7			28.4			28.3			28.8			28.3			28.9
Statutory combined ratio	84.9		%	87.9		%	100.2		%	86.2		%	83.5		%	82.3		%	73.6		%	80.0		%	93.1		%	76.7		%	91.3		%	78.7		%	89.6		%	80.0		%
Contribution from catastrophe losses	0.5			1.2			3.4			1.0			0.5			1.1			0.5			0.2			2.2			0.4			1.8			0.6			1.5			0.6
Statutory combined ratio excl. catastrophe losses	84.4		%	86.7		%	96.8		%	85.2		%	83.0		%	81.2		%	73.1		%	79.8		%	90.9		%	76.3		%	89.5		%	78.1		%	88.1		%	79.4		%
GAAP combined ratio
GAAP combined ratio	83.2		%	86.7		%	102.0		%	89.1		%	82.9		%	83.2		%	76.1		%	83.5		%	95.5		%	79.7		%	92.5		%	80.9		%	90.0		%	81.5		%
Contribution from catastrophe losses	0.5			1.2			3.4			1.0			0.5			1.1			0.5			0.2			2.2			0.4			1.8			0.6			1.5			0.6
GAAP combined ratio excl. catastrophe losses	82.7		%	85.5		%	98.6		%	88.1		%	82.4		%	82.1		%	75.6		%	83.3		%	93.3		%	79.3		%	90.7		%	80.3		%	88.5		%	80.9		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended December 31,							For the Twelve Months Ended December 31,
(Dollars in millions)	2020		2019		Change		% Change	2020		2019		Change		% Change
Underwriting income
Net premiums written	$	1,346	$	1,272	$	74	6	$	5,687	$	5,376	$	311	6
Unearned premium change	(61)		(64)		3		5	164		191		(27)		(14)
Earned premiums	$	1,407	$	1,336	$	71	5	$	5,523	$	5,185	$	338	7
Losses incurred	$	627	$	662	$	(35)	(5)	$	3,046	$	2,720	$	326	12
Defense and cost containment expenses incurred	103		74		29		39	346		278		68		24
Adjusting and other expenses incurred	78		77		1		1	305		274		31		11
Other underwriting expenses incurred	418		406		12		3	1,684		1,618		66		4
Workers compensation dividend incurred	3		3		—		—	10		12		(2)		(17)
Total underwriting deductions	$	1,229	$	1,222	$	7	1	$	5,391	$	4,902	$	489	10
Net underwriting profit	$	178	$	114	$	64	56	$	132	$	283	$	(151)	(53)
Investment income
Gross investment income earned	$	116	$	108	$	8	7	$	432	$	419	$	13	3
Net investment income earned	112		106		6		6	423		411		12		3
Realized capital gains and losses, net	1		(7)		8		nm	(9)		(3)		(6)		(200)
Net investment gains	$	113	$	99	$	14	14	$	414	$	408	$	6	1
Other income	$	1	$	2	$	(1)	(50)	$	4	$	8	$	(4)	(50)
Net income before federal income taxes	$	292	$	215	$	77	36	$	550	$	699	$	(149)	(21)
Federal and foreign income taxes incurred	55		44		11		25	92		117		(25)		(21)
Net income (statutory)	$	237	$	171	$	66	39	$	458	$	582	$	(124)	(21)
Policyholders' surplus - statutory**	$	5,836	$	5,620	$	216	4	$	5,836	$	5,620	$	216	4
Fixed maturities at amortized cost - statutory	$	7,540	$	7,424	$	116	2	$	7,540	$	7,424	$	116	2
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>*Current year policyholders' surplus amount subject to change.

CINF Fourth-Quarter 2020 Supplemental Financial Data

The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended December 31,							For the Twelve Months Ended December 31,
(Dollars in millions)	2020		2019		Change		% Change	2020		2019		Change		% Change
Net premiums written	$	83	$	80	$	3	4	$	324	$	313	$	11	4
Net investment income	42		41		1		2	166		160		6		4
Amortization of interest maintenance reserve	1		—		1		nm	1		1		—		—
Commissions and expense allowances on reinsurance ceded	1		2		(1)		(50)	4		5		(1)		(20)
Income from fees associated with separate accounts	—		1		(1)		(100)	2		4		(2)		(50)
Total revenues	$	127	$	124	$	3	2	$	497	$	483	$	14	3
Death benefits and matured endowments	$	39	$	37	$	2	5	$	145	$	139	$	6	4
Annuity benefits	16		21		(5)		(24)	65		89		(24)		(27)
Disability benefits and benefits under accident and health contracts	1		1		—		—	2		2		—		—
Surrender benefits and group conversions	5		5		—		—	24		20		4		20
Interest and adjustments on deposit-type contract funds	2		2		—		—	8		9		(1)		(11)
Increase in aggregate reserves for life and accident and health contracts	23		25		(2)		(8)	86		102		(16)		(16)
Total benefit expenses	$	86	$	91	$	(5)	(5)	$	330	$	361	$	(31)	(9)
Commissions	$	13	$	13	$	—	—	$	49	$	52	$	(3)	(6)
General insurance expenses and taxes	13		12		1		8	50		52		(2)		(4)
Increase in loading on deferred and uncollected premiums	5		(5)		10		nm	9		(7)		16		nm
Net transfers from Separate Accounts	(3)		(2)		(1)		(50)	(12)		(8)		(4)		(50)
Total underwriting expenses	$	28	$	18	$	10	56	$	96	$	89	$	7	8
Federal and foreign income tax provision	4		4		—		—	15		9		6		67
Net gain from operations before capital gains or losses	$	9	$	11	$	(2)	(18)	$	56	$	24	$	32	133
Gains and losses net of capital gains tax, net	2		(3)		5		nm	(29)		(5)		(24)		(480)
Net income - statutory	$	11	$	8	$	3	38	$	27	$	19	$	8	42
Policyholders' surplus - statutory**	$	241	$	204	$	37	18	$	241	$	204	$	37	18
Fixed maturities at amortized cost - statutory	$	3,496	$	3,454	$	42	1	$	3,496	$	3,454	$	42	1
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>*Current year policyholders' surplus amount subject to change.

CINF Fourth-Quarter 2020 Supplemental Financial Data

Quarterly Data - Other
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20			12/31/19
Cincinnati Re:
Written premiums	$	59		$	54		$	84		$	105		$	36		$	35		$	73		$	84		$	189		$	157		$	242		$	192		$	302		$	228
Year over year change %- written premium	64		%	52		%	15		%	25		%	29		%	(3)		%	52		%	83		%	20		%	67		%	26		%	48		%	32		%	44		%
Earned premiums	$	69		$	71		$	57		$	62		$	50		$	48		$	46		$	40		$	119		$	86		$	190		$	134		$	259		$	184
Current accident year before catastrophe losses	57.2		%	56.1		%	79.6		%	47.6		%	43.9		%	55.6		%	51.3		%	54.3		%	63.0		%	52.7		%	60.4		%	53.7		%	59.6		%	51.1		%
Current accident year catastrophe losses	15.4			22.3			—			—			20.5			17.3			—			—			—			—			8.4			6.3			10.2			10.1
Prior accident years before catastrophe losses	1.2			5.5			(0.6)			3.1			2.2			1.2			(3.7)			6.2			1.3			0.9			2.8			1.0			2.4			1.3
Prior accident years catastrophe losses	—			(8.6)			(0.1)			6.3			0.2			(7.9)			8.7			(0.3)			3.2			4.5			(1.2)			—			(0.9)			0.1
Total loss and loss expense ratio	73.8		%	75.3		%	78.9		%	57.0		%	66.8		%	66.2		%	56.3		%	60.2		%	67.5		%	58.1		%	70.4		%	61.0		%	71.3		%	62.6		%
Cincinnati Global:
Written premiums	$	49		$	38		$	53		$	37		$	37		$	38		$	44		$	21		$	90		$	65		$	129		$	103		$	177		$	140
Year over year change %- written premium	32		%	—		%	20		%	76		%													38		%				25		%				26		%
Earned premiums	42			65			34			27			38			68			33			10			61			$	43		126			$	111		168			$	149
Current accident year before catastrophe losses	23.7		%	62.9		%	49.6		%	63.7		%	39.6		%	44.6		%	75.5		%	103.9		%	55.6		%	82.6		%	59.4		%	59.3		%	50.4		%	54.3		%
Current accident year catastrophe losses	58.8			68.7			42.4			—			4.8			19.4			9.8			—			24.1			7.3			46.9			14.7			49.9			12.2
Prior accident years before catastrophe losses	(11.9)			(0.1)			(27.9)			(19.5)			(0.2)			(2.9)			(8.5)			(84.0)			(24.2)			(27.3)			(11.8)			(12.3)			(11.9)			(9.2)
Prior accident years catastrophe losses	(19.5)			(0.1)			1.0			(3.2)			9.1			(4.2)			(22.5)			4.3			(0.8)			(15.8)			(0.4)			(8.7)			(5.2)			(4.2)
Total loss and loss expense ratio	51.1		%	131.4		%	65.1		%	41.0		%	53.3		%	56.9		%	54.3		%	24.2		%	54.7		%	46.8		%	94.1		%	53.0		%	83.2		%	53.1		%
Noninsurance operations:
Interest and fees on loans and leases	$	2		$	1		$	2		$	1		$	1		$	1		$	1		$	2		$	3		$	3		$	4		$	4		$	6		$	5
Other revenue	—			2			1			1			1			2			1			—			2			1			4			3			4			4
Interest expense	14			13			14			13			13			14			13			13			27			26			40			40			54			53
Operating expense	5			5			5			5			6			5			4			8			10			12			15			17			20			23
Total noninsurance operations loss	$	(17)		$	(15)		$	(16)		$	(16)		$	(17)		$	(16)		$	(15)		$	(19)		$	(32)		$	(34)		$	(47)		$	(50)		$	(64)		$	(67)
*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.
*Cincinnati Global was acquired on February 28, 2019. Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

CINF Fourth-Quarter 2020 Supplemental Financial Data