8-K - CINF - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report: October 27, 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 October 27, 2021, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Third-Quarter 2021 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On October 27, 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 releases or supplemental financial data.

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

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 — News release dated October 27 , 2021, titled "Cincinnati Financial Reports Thi rd -Quarter 2021 Results"

Exhibit 99.2 — Supplemental Financial Data for the period ending September 30 , 2021, distributed October 27 , 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: October 27, 2021	/S/ Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Senior Vice President and Treasurer
	(Principal Accounting Officer)

Document

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

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

CINF-IR@cinfin.com

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

Media_Inquiries@cinfin.com

Cincinnati Financial Reports Third-Quarter 2021 Results

Cincinnati, October 27, 2021 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Third-quarter 2021 net income of $153 million, or 94 cents per share, compared with $484 million, or $2.99 per share, in the third quarter of 2020, after recognizing an $82 million third-quarter 2021 after-tax reduction in the fair value of equity securities still held.

•$146 million or 232% increase in non-GAAP operating income* to $209 million, or $1.28 per share, compared with $63 million, or 39 cents per share, in the third quarter of last year.

•$331 million decrease in third-quarter 2021 net income, primarily due to the after-tax net effect of a $477 million decrease in net investment gains partially offset by a $136 million increase in after-tax property casualty underwriting income.

•$73.49 book value per share at September 30, 2021, up $6.45 since year-end.

•12.4% value creation ratio for the first nine months of 2021, compared with 3.0% for the same period of 2020.

Financial Highlights

(Dollars in millions, except per share data)
	2021			2020			% Change		2021			2020			% Change
Revenue Data
Earned premiums		$	1,669		$	1,522		10		$	4,806		$	4,460		8
Investment income, net of expenses		179			167			7		528			498			6
Total revenues		1,785			2,227			(20)		6,307			4,842			30
Income Statement Data
Net income		$	153		$	484		(68)		$	1,476		$	167		nm
Investment gains and losses, after-tax		(56)			421			nm		753			(104)			nm
Non-GAAP operating income*		$	209		$	63		232		$	723		$	271		167
Per Share Data (diluted)
Net income		$	0.94		$	2.99		(69)		$	9.07		$	1.03		nm
Investment gains and losses, after-tax		(0.34)			2.60			nm		4.63			(0.64)			nm
Non-GAAP operating income*		$	1.28		$	0.39		228		$	4.44		$	1.67		166
Book value										$	73.49		$	60.57		21
Cash dividend declared		$	0.63		$	0.60		5		$	1.89		$	1.80		5
Diluted weighted average shares outstanding		162.9			162.0			1		162.8			162.5			0

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

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

CINF 3Q21 Release 1

Insurance Operations Highlights

•92.6% third-quarter 2021 property casualty combined ratio, improved from 103.6% for the third quarter of 2020.

•10% growth in third-quarter net written premiums, reflecting price increases and premium growth initiatives.

•$230 million third-quarter 2021 property casualty new business written premiums, up 22%. Agencies appointed since the beginning of 2020 contributed $21 million or 9% of total new business written premiums.

•$11 million third-quarter 2021 life insurance subsidiary net income, down $7 million from the third quarter of 2020, and 8% growth in third-quarter 2021 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•7% or $12 million increase in third-quarter 2021 pretax investment income, including an 11% increase for stock portfolio dividends and a 7% increase for bond interest income.

•Three-month increase of 1% in fair value of total investments at September 30, 2021, including a 1% increase for the bond portfolio and a decrease of less than 1% for the stock portfolio.

•$4.297 billion parent company cash and marketable securities at September 30, 2021, up 14% from year-end 2020.

Rebuilding Communities After Catastrophes

Steven J. Johnston, chairman, president and CEO, commented: “After a fairly quiet start to the year from a weather-related catastrophe standpoint, August and September brought hail, wind and flooding to many parts of the country. We were ready to respond, quickly sending teams of our own field claims associates to the most impacted areas. Through their consistent and coordinated approach, we were able to quickly review claims to determine the appropriate payment based on the policy contract.

“This quarter is a nice example of the impact our growth, profitability and diversification initiatives are having on our insurance business. While catastrophe losses for the quarter outpaced our 5-year average of 9.8% for the third quarter by 4.4 points, our combined ratio came in at a satisfactory 92.6%.

“That improvement reflects our continued efforts in pricing segmentation across our organization and the strong collaboration we enjoy between our associates in sales, underwriting and analytics.

“On a nine-month basis we achieved strong non-GAAP operating income results, increasing that measure to $723 million. Our insurance operations continued to lead the way. With three-quarters of the year behind us, our combined ratio is 89.8%.

“We again built on our record of 32 years of overall favorable reserve development. While maintaining our consistent approach to setting reserves, we were able to recognize a 7.2 percentage-point benefit to our nine-month combined ratio, compared with 2.1 points for the 2020 period.”

Growing as Planned

“New business premiums written by agencies rose 12% to a record $685 million in the first nine months of 2021. Our field marketing associates, who underwrite our new business, are armed with analytics that complement their experience, earned through an average of 21 years in the industry, giving them confidence when competing for our agencies’ best accounts.

“A strengthening economy contributed to net written premium growth for the third quarter and first nine months of 2021, compared with the same periods a year ago. Total property casualty net written premium growth maintained its return to pre-pandemic levels, increasing 11% for the first nine months.”

Value for Shareholders

“At September 30, our book value per share was $73.49 up 10% from the year-end. We held a total of $5.791 billion of unrealized gains in our equity portfolio, even after recognizing a small decline in the portfolio’s fair value during the third quarter.

“A strong balance sheet gives us the flexibility to pursue business growth and pay shareholder dividends as a consistent, long-term strategy. Our value creation ratio at 12.4% for the first nine months of 2021 reflects the success of that strategy.”

CINF 3Q21 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)
	2021			2020			% Change	2021			2020			% Change
Earned premiums	$	1,596		$	1,450		10	$	4,585		$	4,242		8
Fee revenues	3			2			50	8			7			14
Total revenues	1,599			1,452			10	4,593			4,249			8
Loss and loss expenses	988			1,071			(8)	2,741			3,008			(9)
Underwriting expenses	490			432			13	1,377			1,309			5
Underwriting profit (loss)	$	121		$	(51)		nm	$	475		$	(68)		nm
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	61.9		%	73.8		%	(11.9)	59.8		%	70.9		%	(11.1)
Underwriting expenses	30.7			29.8			0.9	30.0			30.9			(0.9)
Combined ratio	92.6		%	103.6		%	(11.0)	89.8		%	101.8		%	(12.0)
							% Change							% Change
Agency renewal written premiums	$	1,244		$	1,153		8	$	3,853		$	3,595		7
Agency new business written premiums	230			189			22	685			614			12
Other written premiums	64			51			25	407			261			56
Net written premiums	$	1,538		$	1,393		10	$	4,945		$	4,470		11
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	54.7		%	55.7		%	(1.0)	56.3		%	57.9		%	(1.6)
Current accident year catastrophe losses	13.6			18.9			(5.3)	10.7			15.1			(4.4)
Prior accident years before catastrophe losses	(7.0)			(0.2)			(6.8)	(6.1)			(1.7)			(4.4)
Prior accident years catastrophe losses	0.6			(0.6)			1.2	(1.1)			(0.4)			(0.7)
Loss and loss expense ratio	61.9		%	73.8		%	(11.9)	59.8		%	70.9		%	(11.1)
Current accident year combined ratio before <br> catastrophe losses	85.4		%	85.5		%	(0.1)	86.3		%	88.8		%	(2.5)

•$145 million or 10% growth of third-quarter 2021 property casualty net written premiums, and nine-month growth of 11%, largely reflecting premium growth initiatives and price increases. Cincinnati Re® contributed 3 percentage points to property casualty growth for the first nine months of 2021.

•$41 million or 22% increase in third-quarter 2021 new business premiums written by agencies and nine-month increase of 12%. The third-quarter growth included a $15 million increase in standard market property casualty production from agencies appointed since the beginning of 2020.

•171 new agency appointments in the first nine months of 2021, including 49 that market only our personal lines products.

•11.0 percentage-point third-quarter 2021 combined ratio improvement and a 12.0 percentage-point improvement for the nine-month period. The lower combined ratios included decreases for losses from catastrophes of 4.1 points for the third quarter and 5.1 points for the first nine months of 2021.

•6.4 percentage-point third-quarter 2021 benefit from favorable prior accident year reserve development of $102 million, compared with 0.8 points or $11 million for third-quarter 2020.

•7.2 percentage-point nine-month 2021 benefit from favorable prior accident year reserve development, compared with 2.1 points for the first nine months of 2020.

•1.6 percentage-point improvement, to 56.3%, for the nine-month 2021 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.2 points in the ratio for current accident year losses of $1 million or more per claim.

•0.9 percentage-point increase in the third-quarter 2021 underwriting expense ratio, compared with the same period of 2020, primarily due to higher levels of profit-sharing commissions for agencies.

CINF 3Q21 Release 3

Commercial Lines Insurance Results

(Dollars in millions)
	2021			2020			% Change	2021			2020			% Change
Earned premiums	$	930		$	865		8	$	2,727		$	2,598		5
Fee revenues	1			1			0	3			3			0
Total revenues	931			866			8	2,730			2,601			5
Loss and loss expenses	451			620			(27)	1,434			1,824			(21)
Underwriting expenses	298			266			12	839			809			4
Underwriting profit (loss)	$	182		$	(20)		nm	$	457		$	(32)		nm
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	48.5		%	71.6		%	(23.1)	52.6		%	70.2		%	(17.6)
Underwriting expenses	32.1			30.8			1.3	30.8			31.1			(0.3)
Combined ratio	80.6		%	102.4		%	(21.8)	83.4		%	101.3		%	(17.9)
							% Change							% Change
Agency renewal written premiums	$	775		$	727		7	$	2,525		$	2,363		7
Agency new business written premiums	145			114			27	436			402			8
Other written premiums	(25)			(27)			7	(70)			(71)			1
Net written premiums	$	895		$	814		10	$	2,891		$	2,694		7
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	56.1		%	57.8		%	(1.7)	57.9		%	59.2		%	(1.3)
Current accident year catastrophe losses	3.9			14.7			(10.8)	4.8			13.2			(8.4)
Prior accident years before catastrophe losses	(10.9)			(1.0)			(9.9)	(8.9)			(1.9)			(7.0)
Prior accident years catastrophe losses	(0.6)			0.1			(0.7)	(1.2)			(0.3)			(0.9)
Loss and loss expense ratio	48.5		%	71.6		%	(23.1)	52.6		%	70.2		%	(17.6)
Current accident year combined ratio before <br> catastrophe losses	88.2		%	88.6		%	(0.4)	88.7		%	90.3		%	(1.6)

•$81 million or 10% growth in third-quarter 2021 commercial lines net written premiums, largely due to higher agency renewal written premiums. Seven percent growth in nine-month net written premiums.

•$48 million or 7% increase in third-quarter renewal written premiums, with commercial lines average renewal pricing increases near the low end of the mid-single-digit percent range.

•$31 million or 27% increase in third-quarter 2021 new business written by agencies, and a nine-month increase of 8%, as we continue to carefully underwrite each policy in a highly competitive market.

•21.8 percentage-point third-quarter 2021 combined ratio improvement and a 17.9 percentage-point improvement for the nine-month period. The lower combined ratios included decreases for losses from catastrophes of 11.5 points for the third quarter and 9.3 points for the first nine months of 2021.

•11.5 percentage-point third-quarter 2021 benefit from favorable prior accident year reserve development of $107 million, compared with 0.9 points or $8 million for third-quarter 2020.

•10.1 percentage-point nine-month 2021 benefit from favorable prior accident year reserve development, compared with 2.2 points for the first nine months of 2020.

CINF 3Q21 Release 4

Personal Lines Insurance Results

(Dollars in millions)
	2021			2020			% Change	2021			2020			% Change
Earned premiums	$	388		$	367		6	$	1,146		$	1,090		5
Fee revenues	1			1			0	3			3			0
Total revenues	389			368			6	1,149			1,093			5
Loss and loss expenses	281			265			6	795			782			2
Underwriting expenses	118			105			12	338			335			1
Underwriting profit (loss)	$	(10)		$	(2)		(400)	$	16		$	(24)		nm
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	72.4		%	71.9		%	0.5	69.3		%	71.7		%	(2.4)
Underwriting expenses	30.3			28.8			1.5	29.5			30.8			(1.3)
Combined ratio	102.7		%	100.7		%	2.0	98.8		%	102.5		%	(3.7)
							% Change							% Change
Agency renewal written premiums	$	393		$	366		7	$	1,092		$	1,047		4
Agency new business written premiums	53			51			4	152			129			18
Other written premiums	(11)			(10)			(10)	(32)			(27)			(19)
Net written premiums	$	435		$	407		7	$	1,212		$	1,149		5
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	53.1		%	48.5		%	4.6	55.2		%	54.0		%	1.2
Current accident year catastrophe losses	20.1			23.3			(3.2)	17.2			20.2			(3.0)
Prior accident years before catastrophe losses	(0.7)			0.9			(1.6)	(2.7)			(1.8)			(0.9)
Prior accident years catastrophe losses	(0.1)			(0.8)			0.7	(0.4)			(0.7)			0.3
Loss and loss expense ratio	72.4		%	71.9		%	0.5	69.3		%	71.7		%	(2.4)
Current accident year combined ratio before <br> catastrophe losses	83.4		%	77.3		%	6.1	84.7		%	84.8		%	(0.1)

•$28 million or 7% growth in third-quarter 2021 personal lines net written premiums, including higher renewal written premiums that benefited from rate increases. Third-quarter 2021 net written premiums from our agencies’ high net worth clients grew 28%, to $180 million. Five percent growth in nine-month personal lines net written premiums.

•$2 million or 4% increase in third-quarter 2021 new business premiums written by agencies and nine-month increase of 18%, largely reflecting expanded use of enhanced pricing precision tools.

•2.0 percentage-point third-quarter 2021 combined ratio increase and a 3.7 percentage-point improvement for the nine-month period. The combined ratios included decreases for losses from catastrophes of 2.5 points for the third quarter and 2.7 points for the first nine months of 2021.

•0.8 percentage-point third-quarter 2021 benefit from favorable prior accident year reserve development of $3 million, compared with 0.1 points or less than $1 million of unfavorable development for third-quarter 2020.

•3.1 percentage-point nine-month 2021 benefit from favorable prior accident year reserve development, compared with 2.5 points for the first nine months of 2020.

CINF 3Q21 Release 5

Excess and Surplus Lines Insurance Results

(Dollars in millions)
	2021			2020			% Change	2021			2020			% Change
Earned premiums	$	105		$	82		28	$	289		$	238		21
Fee revenues	1			—			nm	2			1			100
Total revenues	106			82			29	291			239			22
Loss and loss expenses	70			48			46	187			150			25
Underwriting expenses	29			23			26	79			70			13
Underwriting profit	$	7		$	11		(36)	$	25		$	19		32
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	66.2		%	58.2		%	8.0	64.6		%	63.0		%	1.6
Underwriting expenses	27.9			28.5			(0.6)	27.3			29.5			(2.2)
Combined ratio	94.1		%	86.7		%	7.4	91.9		%	92.5		%	(0.6)
							% Change							% Change
Agency renewal written premiums	$	76		$	60		27	$	236		$	185		28
Agency new business written premiums	32			24			33	97			83			17
Other written premiums	(4)			(4)			0	(15)			(12)			(25)
Net written premiums	$	104		$	80		30	$	318		$	256		24
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	62.6		%	58.5		%	4.1	61.9		%	57.8		%	4.1
Current accident year catastrophe losses	0.4			1.0			(0.6)	0.7			1.7			(1.0)
Prior accident years before catastrophe losses	3.3			(1.5)			4.8	2.1			3.4			(1.3)
Prior accident years catastrophe losses	(0.1)			0.2			(0.3)	(0.1)			0.1			(0.2)
Loss and loss expense ratio	66.2		%	58.2		%	8.0	64.6		%	63.0		%	1.6
Current accident year combined ratio before<br> catastrophe losses	90.5		%	87.0		%	3.5	89.2		%	87.3		%	1.9

•$24 million or 30% growth in third-quarter 2021 excess and surplus lines net written premiums, including higher renewal written premiums that benefited from price increases averaging in the high-single-digit percent range. Twenty-four percent growth in nine-month net written premiums.

•$8 million or 33% increase in third-quarter new business written by agencies and nine-month increase of 17%, as we continue to carefully underwrite each policy in a highly competitive market.

•7.4 percentage-point third-quarter 2021 combined ratio increase and a 0.6 percentage-point improvement for the nine-month period, including more prudent reserving as claims on average are remaining open longer than previously expected.

•$3 million of third-quarter 2021 unfavorable prior accident year reserve development, compared with $1 million of favorable development for third-quarter 2020, as claims on average are remaining open longer than previously expected.

•$6 million of unfavorable prior accident year reserve development for the first nine months of 2021, compared with $8 million for the first nine months of 2020.

CINF 3Q21 Release 6

Life Insurance Subsidiary Results

(Dollars in millions)
	2021			2020			% Change		2021			2020			% Change
Term life insurance		$	53		$	49		8		$	156		$	147		6
Universal life insurance		7			10			(30)		28			34			(18)
Other life insurance, annuity, and disability income<br> products		13			13			0		37			37			0
Earned premiums		73			72			1		221			218			1
Investment income, net of expenses		42			40			5		125			118			6
Investment gains and losses, net		4			2			100		8			(29)			nm
Fee revenues		1			—			nm		3			1			200
Total revenues		120			114			5		357			308			16
Contract holders’ benefits incurred		84			72			17		249			224			11
Underwriting expenses incurred		21			20			5		63			63			0
Total benefits and expenses		105			92			14		312			287			9
Net income before income tax		15			22			(32)		45			21			114
Income tax provision		4			4			0		10			4			150
Net income of the life insurance subsidiary		$	11		$	18		(39)		$	35		$	17		106

•$1 million increase in third-quarter 2021 earned premiums, including an 8% increase for term life insurance, our largest life insurance product line.

•$18 million increase in nine-month 2021 life insurance subsidiary net income, largely reflecting investment losses resulting from impairments of fixed-maturity securities during the first quarter of 2020, partially offset by less favorable mortality experience in the first nine months of 2021 due in part to higher pandemic-related death claims.

•$2 million or less than 1% nine-month 2021 decrease, to $1.415 billion, in GAAP shareholders’ equity for the life insurance subsidiary, primarily from a decrease in unrealized investment gains that was largely offset by net income.

CINF 3Q21 Release 7

Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)		Three months ended September 30,
	2021				2020				% Change		2021				2020				% Change
Investment income, net of expenses		$	179			$	167			7		$	528			$	498			6
Investment interest credited to contract holders		(26)				(26)				0		(79)				(77)				(3)
Investment gains and losses, net		(70)				533				nm		954				(132)				nm
Investments profit		$	83			$	674			(88)		$	1,403			$	289			385
Investment income:
Interest		$	121			$	113			7		$	356			$	339			5
Dividends		61				55				11		179				161				11
Other		1				2				(50)		4				7				(43)
Less investment expenses		4				3				33		11				9				22
Investment income, pretax		179				167				7		528				498				6
Less income taxes		28				26				8		82				77				6
Total investment income, after-tax		$	151			$	141			7		$	446			$	421			6
Investment returns:
Average invested assets plus cash and cash <br> equivalents		$	23,263			$	19,875					$	22,420			$	20,126
Average yield pretax		3.08		%		3.36		%				3.14		%		3.30		%
Average yield after-tax		2.60				2.84						2.65				2.79
Effective tax rate		15.6				15.5						15.5				15.5
Fixed-maturity returns:
Average amortized cost		$	11,931			$	11,206					$	11,673			$	11,191
Average yield pretax		4.06		%		4.03		%				4.07		%		4.04		%
Average yield after-tax		3.37				3.36						3.38				3.37
Effective tax rate		16.9				16.6						16.8				16.6

•$12 million or 7% rise in third-quarter 2021 pretax investment income, including an 11% increase in equity portfolio dividends and a 7% increase in interest income from fixed-maturity securities.

•$158 million third-quarter 2021 pretax total investment losses, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.

(Dollars in millions)		Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Investment gains and losses on equity securities sold, net		$	(1)		$	55		$	6		$	75
Unrealized gains and losses on equity securities still held, net		(104)			475			869			(130)
Investment gains and losses on fixed-maturity securities, net		8			3			20			(72)
Other		27			—			59			(5)
Subtotal - investment gains and losses reported in net income		(70)			533			954			(132)
Change in unrealized investment gains and losses - fixed maturities		(88)			112			(152)			294
Total		$	(158)		$	645		$	802		$	162

CINF 3Q21 Release 8

Balance Sheet Highlights

(Dollars in millions, except share data)
	2021				2020
Total investments		$	23,213			$	21,542
Total assets		29,907				27,542
Short-term debt		59				54
Long-term debt		789				788
Shareholders’ equity		11,841				10,789
Book value per share		73.49				67.04
Debt-to-total-capital ratio		6.7		%		7.2		%

•$24.298 billion in consolidated cash and total investments at September 30, 2021, an increase of 8% from $22.442 billion at year-end 2020.

•$12.908 billion bond portfolio at September 30, 2021, with an average rating of A3/A. Fair value increased $119 million during the third quarter of 2021, including $229 million in net purchases of fixed-maturity securities.

•$9.887 billion equity portfolio was 42.6% of total investments, including $5.791 billion in appreciated value before taxes at September 30, 2021. Third-quarter 2021 decrease in fair value of $10 million.

•$0.08 third-quarter 2021 decrease in book value per share, including additions of $1.30 from net income before investment gains and $0.15 for other items that were offset by $0.90 from investment portfolio net investment losses or changes in unrealized gains for fixed-maturity securities and $0.63 from dividends declared to shareholders.

•Value creation ratio of 12.4% for the first nine months of 2021, including 6.7% from net income before investment gains, which includes underwriting and investment income, and 5.4% from investment portfolio net investment gains and changes in unrealized gains for fixed-maturity securities.

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 3Q21 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 2020 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 34.

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

◦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, due to inflationary trends or other causes

•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 or our agents’ ability to conduct business; disrupt our relationships with agents, policyholders and others; cause reputational damage, mitigation expenses and data loss and expose us to liability under federal and state laws

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

CINF 3Q21 Release 10

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

•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 or work effectively in a remote environment

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 3Q21 Release 11

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets and Statements of Income (unaudited)

(Dollars in millions)					September 30,		December 31,
					2021		2020
Assets
Investments					$	23,213	$	21,542
Cash and cash equivalents					1,085		900
Premiums receivable					2,106		1,879
Reinsurance recoverable					548		517
Deferred policy acquisition costs					915		805
Other assets					2,040		1,899
Total assets					$	29,907	$	27,542
Liabilities
Insurance reserves					$	10,291	$	9,661
Unearned premiums					3,342		2,960
Deferred income tax					1,453		1,299
Long-term debt and lease obligations					845		845
Other liabilities					2,135		1,988
Total liabilities					18,066		16,753
Shareholders’ Equity
Common stock and paid-in capital					1,741		1,725
Retained earnings					11,257		10,085
Accumulated other comprehensive income					663		769
Treasury stock					(1,820)		(1,790)
Total shareholders' equity					11,841		10,789
Total liabilities and shareholders' equity					$	29,907	$	27,542
(Dollars in millions, except per share data)	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Revenues
Earned premiums	$	1,669	$	1,522	$	4,806	$	4,460
Investment income, net of expenses	179		167		528		498
Investment gains and losses, net	(70)		533		954		(132)
Other revenues	7		5		19		16
Total revenues	1,785		2,227		6,307		4,842
Benefits and Expenses
Insurance losses and contract holders' benefits	1,072		1,143		2,990		3,232
Underwriting, acquisition and insurance expenses	511		452		1,440		1,372
Interest expense	13		13		39		40
Other operating expenses	5		5		14		15
Total benefits and expenses	1,601		1,613		4,483		4,659
Income Before Income Taxes	184		614		1,824		183
Provision for Income Taxes	31		130		348		16
Net Income	$	153	$	484	$	1,476	$	167
Per Common Share:
Net income—basic	$	0.95	$	3.01	$	9.16	$	1.03
Net income—diluted	0.94		2.99		9.07		1.03

CINF 3Q21 Release 12

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

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

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

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

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

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

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

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

CINF 3Q21 Release 13

Cincinnati Financial Corporation

Net Income Reconciliation
(Dollars in millions, except per share data)	Three months ended September 30,					Nine months ended September 30,
		2021		2020			2021		2020
Net income		$	153	$	484		$	1,476	$	167
Less:
Investment gains and losses, net		(70)		533			954		(132)
Income tax on investment gains and losses		14		(112)			(201)		28
Investment gains and losses, after-tax		(56)		421			753		(104)
Non-GAAP operating income		$	209	$	63		$	723	$	271
Diluted per share data:
Net income		$	0.94	$	2.99		$	9.07	$	1.03
Less:
Investment gains and losses, net		(0.43)		3.29			5.86		(0.81)
Income tax on investment gains and losses		0.09		(0.69)			(1.23)		0.17
Investment gains and losses, after-tax		(0.34)		2.60			4.63		(0.64)
Non-GAAP operating income		$	1.28	$	0.39		$	4.44	$	1.67	Life Insurance Reconciliation
---	---	---	---	---	---	---	---	---	---	---
(Dollars in millions)	Three months ended September 30,					Nine months ended September 30,
		2021		2020			2021		2020
Net income of the life insurance subsidiary		$	11	$	18		$	35	$	17
Investment gains and losses, net		4		2			8		(29)
Income tax on investment gains and losses		1		1			2		(6)
Non-GAAP operating income		8		17			29		40
Investment income, net of expenses		(42)		(40)			(125)		(118)
Investment income credited to contract holders		26		26			79		77
Income tax excluding tax on investment gains and <br> losses, net		3		3			8		10
Life insurance segment profit (loss)		$	(5)	$	6		$	(9)	$	9

CINF 3Q21 Release 14

Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended September 30, 2021
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	1,538		$	895		$	435		$	104		$	104
Unearned premiums change		58			35			(47)			1			69
Earned premiums		$	1,596		$	930		$	388		$	105		$	173
Underwriting profit (loss)		$	121		$	182		$	(10)		$	7		$	(58)
(Dollars in millions)	Nine months ended September 30, 2021
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	4,945		$	2,891		$	1,212		$	318		$	524
Unearned premiums change		(360)			(164)			(66)			(29)			(101)
Earned premiums		$	4,585		$	2,727		$	1,146		$	289		$	423
Underwriting profit (loss)		$	475		$	457		$	16		$	25		$	(23)
(Dollars in millions)	Three months ended September 30, 2020
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	1,393		$	814		$	407		$	80		$	92
Unearned premiums change		57			51			(40)			2			44
Earned premiums		$	1,450		$	865		$	367		$	82		$	136
Underwriting profit (loss)		$	(51)		$	(20)		$	(2)		$	11		$	(40)
(Dollars in millions)	Nine months ended September 30, 2020
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	4,470		$	2,694		$	1,149		$	256		$	371
Unearned premiums change		(228)			(96)			(59)			(18)			(55)
Earned premiums		$	4,242		$	2,598		$	1,090		$	238		$	316
Underwriting profit (loss)		$	(68)		$	(32)		$	(24)		$	19		$	(31)
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>*Included in Other are the results of Cincinnati Re and Cincinnati Global.

CINF 3Q21 Release 15

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)
	2021				2020				2021				2020
Value creation ratio:
End of period book value*		$	73.49			$	60.57			$	73.49			$	60.57
Less beginning of period book value		73.57				57.56				67.04				60.55
Change in book value		(0.08)				3.01				6.45				0.02
Dividend declared to shareholders		0.63				0.60				1.89				1.80
Total value creation		$	0.55			$	3.61			$	8.34			$	1.82
Value creation ratio from change in book value**		(0.1)		%		5.2		%		9.6		%		0.0		%
Value creation ratio from dividends declared to shareholders***		0.8				1.1				2.8				3.0
Value creation ratio		0.7		%		6.3		%		12.4		%		3.0		%
* 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 3Q21 Release 16

Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending September 30, 2021

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com

Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	Betsy E. Ertel	Brandon McIntosh
513-870-2768	513-603-5323	513-870-2696
	A.M. Best Company	Fitch Ratings	Moody's Investor Service	S&P Global Ratings
---	---	---	---	---
Cincinnati Financial Corporation
Corporate Debt	a	A-	A3	BBB+
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
Standard Market Subsidiaries:	A+	—	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 October 26, 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 Third-Quarter 2021 Supplemental Financial Data

	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending September 30, 2021
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 2021	4
	CFC and Subsidiaries Consolidation – Three Months Ended September 30, 2021	5
Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	6
	Loss Ratio Detail	7
	Loss Claim Count Detail	8
	Quarterly Property Casualty Data – Commercial Lines	9
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	10
	Loss and Loss Expense Analysis – Nine Months Ended September 30, 2021	11
	Loss and Loss Expense Analysis – Three Months Ended September 30, 2021	12
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	13
	Quarterly Property Casualty Data – Commercial Lines	14
	Quarterly Property Casualty Data – Personal Lines	15
	Quarterly Property Casualty Data – Excess & Surplus Lines	16
Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	17
	The Cincinnati Life Insurance Company Statutory Statements of Income	18
Other
	Quarterly Data – Other	19

CINF Third-Quarter 2021 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 Third-Quarter 2021 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2021
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	4,774	$	—	$	—	$	—	$	4,774
Life	—		—		278		—		—		278
Premiums ceded	—		(189)		(57)		—		—		(246)
Total earned premium	—		4,585		221		—		—		4,806
Investment income, net of expenses	64		339		125		—		—		528
Investment gains and losses, net	348		598		8		—		—		954
Fee revenues	—		8		3		—		—		11
Other revenues	12		2		—		5		(11)		8
Total revenues	$	424	$	5,532	$	357	$	5	$	(11)	$	6,307
Benefits & expenses
Losses & contract holders' benefits	$	—	$	2,822	$	310	$	—	$	—	$	3,132
Reinsurance recoveries	—		(81)		(61)		—		—		(142)
Underwriting, acquisition and insurance expenses	—		1,377		63		—		—		1,440
Interest expense	39		—		—		—		—		39
Other operating expenses	23		—		—		2		(11)		14
Total expenses	$	62	$	4,118	$	312	$	2	$	(11)	$	4,483
Income before income taxes	$	362	$	1,414	$	45	$	3	$	—	$	1,824
Provision for income taxes
Current operating income (loss)	$	(76)	$	30	$	11	$	—	$	—	$	(35)
Capital gains/losses	73		126		2		—		—		201
Deferred	72		113		(3)		—		—		182
Total provision for income taxes	$	69	$	269	$	10	$	—	$	—	$	348
Net income - current year	$	293	$	1,145	$	35	$	3	$	—	$	1,476
Net income - prior year	$	115	$	33	$	17	$	2	$	—	$	167
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Third-Quarter 2021 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended September 30, 2021
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	1,670	$	—	$	—	$	—	$	1,670
Life	—		—		93		—		—		93
Premiums ceded	—		(74)		(20)		—		—		(94)
Total earned premium	—		1,596		73		—		—		1,669
Investment income, net of expenses	21		116		42		—		—		179
Investment gains and losses, net	(57)		(17)		4		—		—		(70)
Fee revenues	—		3		1		—		—		4
Other revenues	4		—		—		2		(3)		3
Total revenues	$	(32)	$	1,698	$	120	$	2	$	(3)	$	1,785
Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,041	$	103	$	—	$	—	$	1,144
Reinsurance recoveries	—		(53)		(19)		—		—		(72)
Underwriting, acquisition and insurance expenses	—		490		21		—		—		511
Interest expense	13		—		—		—		—		13
Other operating expenses	7		—		—		1		(3)		5
Total expenses	$	20	$	1,478	$	105	$	1	$	(3)	$	1,601
Income (loss) before income taxes	$	(52)	$	220	$	15	$	1	$	—	$	184
Provision (benefit) for income taxes
Current operating income (loss)	$	12	$	52	$	5	$	—	$	—	$	69
Capital gains/losses	(12)		(3)		1		—		—		(14)
Deferred	(14)		(8)		(2)		—		—		(24)
Total provision (benefit) for income taxes	$	(14)	$	41	$	4	$	—	$	—	$	31
Net income (loss) - current year	$	(38)	$	179	$	11	$	1	$	—	$	153
Net income - prior year	$	226	$	240	$	18	$	—	$	—	$	484
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Third-Quarter 2021 Supplemental Financial Data

Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)															Six months ended				Nine months ended				Twelve months ended
	9/30/21		6/30/21		3/31/21		12/31/20		9/30/20		6/30/20		3/31/20		6/30/21		6/30/20		9/30/21		9/30/20		12/31/21	12/31/20
Consolidated
Current accident year losses greater than 5 million	$	14	$	38	$	5	$	10	$	21	$	19	$	—	$	43	$	19	$	57	$	40		$	50
Current accident year losses 1 million - 5 million	72		51		31		52		46		53		50		82		103		154		149			202
Large loss prior accident year reserve development	30		13		24		13		(3)		7		26		37		33		67		30			42
Total large losses incurred	$	116	$	102	$	60	$	75	$	64	$	79	$	76	$	162	$	155	$	278	$	219		$	294
Losses incurred but not reported	(13)		(37)		102		60		38		134		79		65		213		52		251			310
Other losses excluding catastrophe losses	514		577		451		454		550		409		496		1,028		905		1,542		1,455			1,909
Catastrophe losses	215		56		150		58		261		226		123		206		349		421		611			670
Total losses incurred	$	832	$	698	$	763	$	647	$	913	$	848	$	774	$	1,461	$	1,622	$	2,293	$	2,536		$	3,183
Commercial Lines
Current accident year losses greater than 5 million	$	4	$	38	$	5	$	10	$	21	$	19	$	—	$	43	$	19	$	47	$	40		$	50
Current accident year losses 1 million - 5 million	60		29		26		35		20		45		36		55		81		115		100			135
Large loss prior accident year reserve development	29		14		26		10		(1)		5		22		40		27		69		27			36
Total large losses incurred	$	93	$	81	$	57	$	55	$	40	$	69	$	58	$	138	$	127	$	231	$	167		$	221
Losses incurred but not reported	(35)		(34)		39		50		60		72		58		5		130		(30)		190			240
Other losses excluding catastrophe losses	270		326		261		255		287		233		298		587		531		857		817			1,073
Catastrophe losses	30		27		35		23		125		119		82		62		201		92		327			350
Total losses incurred	$	358	$	400	$	392	$	383	$	512	$	493	$	496	$	792	$	989	$	1,150	$	1,501		$	1,884
Personal Lines
Current accident year losses greater than 5 million	$	10	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	10	$	—		$	—
Current accident year losses 1 million - 5 million	12		15		4		16		21		8		12		19		20		31		42			59
Large loss prior accident year reserve development	(1)		(2)		(1)		2		(2)		2		5		(3)		7		(4)		4			6
Total large losses incurred	$	21	$	13	$	3	$	18	$	19	$	10	$	17	$	16	$	27	$	37	$	46		$	65
Losses incurred but not reported	—		(4)		41		(1)		(24)		41		24		37		65		37		41			39
Other losses excluding catastrophe losses	154		158		130		134		156		105		127		288		232		442		388			523
Catastrophe losses	69		39		74		8		81		89		38		113		127		182		208			216
Total losses incurred	$	244	$	206	$	248	$	159	$	232	$	245	$	206	$	454	$	451	$	698	$	683		$	843
Excess & Surplus Lines
Current accident year losses greater than 5 million	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Current accident year losses 1 million - 5 million	—		7		1		1		5		—		2		8		2		8		7			8
Large loss prior accident year reserve development	2		1		(1)		1		—		—		(1)		—		(1)		2		(1)			—
Total large losses incurred	$	2	$	8	$	—	$	2	$	5	$	—	$	1	$	8	$	1	$	10	$	6		$	8
Losses incurred but not reported	22		1		22		11		2		21		(3)		23		18		45		20			31
Other losses excluding catastrophe losses	23		34		15		21		24		20		29		49		50		72		74			95
Catastrophe losses	1		—		1		—		1		3		1		1		3		2		4			5
Total losses incurred	$	48	$	43	$	38	$	34	$	32	$	44	$	28	$	81	$	72	$	129	$	104		$	139
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

All values are in US Dollars.

CINF Third-Quarter 2021 Supplemental Financial Data

Consolidated Property Casualty
Loss Ratio Detail
															Six months ended				Nine months ended				Twelve months ended
	9/30/21		6/30/21		3/31/21		12/31/20		9/30/20		6/30/20		3/31/20		6/30/21		6/30/20		9/30/21		9/30/20		12/31/21	12/31/20
Consolidated
Current accident year losses greater than 5 million	0.9	%	2.5	%	0.3	%	0.7	%	1.5	%	1.4	%	—	%	1.4	%	0.7	%	1.2	%	0.9	%		0.9	%
Current accident year losses 1 million - 5 million	4.5		3.4		2.2		3.6		3.2		3.7		3.6		2.8		3.7		3.4		3.5			3.6
Large loss prior accident year reserve development	1.9		0.9		1.6		0.9		(0.3)		0.5		1.9		1.2		1.2		1.5		0.8			0.7
Total large loss ratio	7.3	%	6.8	%	4.1	%	5.2	%	4.4	%	5.6	%	5.5	%	5.4	%	5.6	%	6.1	%	5.2	%		5.2	%
Losses incurred but not reported	(0.8)		(2.4)		6.9		4.1		2.6		9.6		5.7		2.2		7.6		1.1		5.9			5.5
Other losses excluding catastrophe losses	32.2		38.0		30.5		31.3		38.0		29.2		35.6		34.4		32.4		33.6		34.3			33.4
Catastrophe losses	13.4		3.7		10.2		4.0		18.0		16.1		8.9		6.9		12.5		9.2		14.4			11.8
Total loss ratio	52.1	%	46.1	%	51.7	%	44.6	%	63.0	%	60.5	%	55.7	%	48.9	%	58.1	%	50.0	%	59.8	%		55.9	%
Commercial Lines
Current accident year losses greater than 5 million	0.5	%	4.2	%	0.6	%	1.1	%	2.5	%	2.2	%	—	%	2.4	%	1.1	%	1.7	%	1.5	%		1.4	%
Current accident year losses 1 million - 5 million	6.5		3.2		2.9		4.0		2.3		5.1		4.1		3.1		4.6		4.2		3.9			4.0
Large loss prior accident year reserve development	3.1		1.4		3.0		1.1		(0.2)		0.6		2.6		2.2		1.6		2.6		1.0			1.0
Total large loss ratio	10.1	%	8.8	%	6.5	%	6.2	%	4.6	%	7.9	%	6.7	%	7.7	%	7.3	%	8.5	%	6.4	%		6.4	%
Losses incurred but not reported	(3.7)		(3.6)		4.3		5.7		6.9		8.3		6.8		0.3		7.5		(1.1)		7.3			6.9
Other losses excluding catastrophe losses	29.0		35.7		29.4		29.0		33.1		26.8		34.5		32.6		30.7		31.4		31.5			30.8
Catastrophe losses	3.1		3.0		4.0		2.7		14.5		13.6		9.5		3.5		11.6		3.4		12.6			10.1
Total loss ratio	38.5	%	43.9	%	44.2	%	43.6	%	59.1	%	56.6	%	57.5	%	44.1	%	57.1	%	42.2	%	57.8	%		54.2	%
Personal Lines
Current accident year losses greater than 5 million	2.6	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	0.9	%	—	%		—	%
Current accident year losses 1 million - 5 million	2.9		4.0		1.2		4.4		5.8		2.3		3.5		2.5		2.9		2.7		3.8			4.0
Large loss prior accident year reserve development	(0.2)		(0.5)		(0.3)		0.6		(0.7)		0.5		1.3		(0.3)		0.9		(0.4)		0.4			0.4
Total large loss ratio	5.3	%	3.5	%	0.9	%	5.0	%	5.1	%	2.8	%	4.8	%	2.2	%	3.8	%	3.2	%	4.2	%		4.4	%
Losses incurred but not reported	(0.1)		(1.1)		11.0		(0.3)		(6.6)		11.3		6.6		4.9		8.9		3.2		3.7			2.7
Other losses excluding catastrophe losses	39.7		41.4		34.4		36.0		42.5		28.8		35.3		37.9		32.2		38.6		35.6			35.8
Catastrophe losses	17.7		10.3		19.6		2.1		22.1		24.6		10.5		14.9		17.5		15.9		19.1			14.7
Total loss ratio	62.6	%	54.1	%	65.9	%	42.8	%	63.1	%	67.5	%	57.2	%	59.9	%	62.4	%	60.9	%	62.6	%		57.6	%
Excess & Surplus Lines
Current accident year losses greater than 5 million	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%		—	%
Current accident year losses 1 million - 5 million	(0.1)		7.5		1.2		1.1		6.4		—		2.6		4.5		1.3		2.8		3.0			2.5
Large loss prior accident year reserve development	1.9		1.3		(1.7)		1.2		0.1		0.1		(1.5)		(0.2)		(0.7)		0.6		(0.4)			—
Total large loss ratio	1.8	%	8.8	%	(0.5)	%	2.3	%	6.5	%	0.1	%	1.1	%	4.3	%	0.6	%	3.4	%	2.6	%		2.5	%
Losses incurred but not reported	21.2		0.8		24.8		12.6		2.6		27.2		(4.4)		12.3		11.3		15.5		8.4			9.5
Other losses excluding catastrophe losses	21.9		35.0		17.8		24.3		29.5		25.8		37.8		26.8		31.9		25.0		31.0			29.3
Catastrophe losses	0.2		0.4		1.0		0.4		1.2		3.3		0.9		0.7		2.1		0.5		1.8			1.4
Total loss ratio	45.1	%	45.0	%	43.1	%	39.6	%	39.8	%	56.4	%	35.4	%	44.1	%	45.9	%	44.4	%	43.8	%		42.7	%
*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.

All values are in US Dollars.

CINF Third-Quarter 2021 Supplemental Financial Data

Consolidated Property Casualty
Loss Claim Count Detail
								Six months ended		Nine months ended		Twelve months ended
	9/30/21	6/30/21	3/31/21	12/31/20	9/30/20	6/30/20	3/31/20	6/30/21	6/30/20	9/30/21	9/30/20	12/31/21	12/31/20
Consolidated
Current accident year reported losses greater than 5 million	3	6	1	2	2	2	—	7	2	9	5		7
Current accident year reported losses 1 million - 5 million	44	35	24	37	34	28	27	59	55	106	85		117
Prior accident year reported losses on large losses	22	12	20	14	13	9	20	32	27	55	41		49
Non-Catastrophe reported losses on large losses total	69	53	45	53	49	39	47	98	84	170	131		173
Commercial Lines
Current accident year reported losses greater than 5 million	2	6	1	2	2	2	—	7	2	8	5		7
Current accident year reported losses 1 million - 5 million	37	19	20	26	19	24	17	39	41	78	57		79
Prior accident year reported losses on large losses	19	8	18	11	12	8	17	26	23	46	36		41
Non-Catastrophe reported losses on large losses total	58	33	39	39	33	34	34	72	66	132	98		127
Personal Lines
Current accident year reported losses greater than 5 million	1	—	—	—	—	—	—	—	—	1	—		—
Current accident year reported losses 1 million - 5 million	6	11	3	10	9	4	8	14	12	20	21		31
Prior accident year reported losses on large losses	1	1	2	2	—	—	3	3	3	4	3		5
Non-Catastrophe reported losses on large losses total	8	12	5	12	9	4	11	17	15	25	24		36
Excess & Surplus Lines
Current accident year reported losses greater than 5 million	—	—	—	—	—	—	—	—	—	—	—		—
Current accident year reported losses 1 million - 5 million	1	5	1	1	6	—	2	6	2	8	7		7
Prior accident year reported losses on large losses	2	3	—	1	1	1	—	3	1	5	2		3
Non-Catastrophe reported losses on large losses total	3	8	1	2	7	1	2	9	3	13	9		10
*The sum of quarterly amounts may not equal the full year as each is computed independently.

All values are in US Dollars.

CINF Third-Quarter 2021 Supplemental Financial Data

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/21	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21	12/31/20
Commercial casualty:
Written premiums		$	297		$	338		$	363		$	287		$	269		$	308		$	341		$	701		$	649		$	998		$	918			$	1,205
Year over year change %- written premium		10		%	10		%	6		%	7		%	2		%	4		%	13		%	8		%	8		%	9		%	6		%		7		%
Earned premiums		$	323		$	312		$	303		$	297		$	290		$	289		$	289		$	615		$	577		$	938		$	868			$	1,165
Current accident year before catastrophe losses		61.9		%	61.5		%	64.5		%	64.5		%	63.1		%	62.6		%	65.8		%	63.0		%	64.1		%	62.6		%	63.8		%		64.0		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(16.1)			(8.3)			(2.2)			(6.1)			(3.2)			(7.5)			(1.6)			(5.3)			(4.5)			(9.0)			(4.1)				(4.6)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		45.8		%	53.2		%	62.3		%	58.4		%	59.9		%	55.1		%	64.2		%	57.7		%	59.6		%	53.6		%	59.7		%		59.4		%
Commercial property:
Written premiums		$	278		$	275		$	267		$	246		$	252		$	260		$	261		$	542		$	521		$	820		$	773			$	1,019
Year over year change %- written premium		10		%	6		%	2		%	—		%	3		%	5		%	6		%	4		%	5		%	6		%	5		%		3		%
Earned premiums		$	264		$	259		$	253		$	255		$	252		$	254		$	249		$	512		$	504		$	776		$	755			$	1,010
Current accident year before catastrophe losses		41.6		%	47.3		%	53.8		%	52.9		%	53.0		%	50.9		%	47.8		%	50.5		%	49.4		%	47.5		%	50.6		%		51.2		%
Current accident year catastrophe losses		12.4			14.0			20.0			13.2			50.5			48.5			34.2			16.9			41.4			15.4			44.4				36.5
Prior accident years before catastrophe losses		(11.1)			(1.1)			(2.0)			(2.4)			(1.3)			1.9			0.7			(1.5)			1.3			(4.8)			0.5				(0.3)
Prior accident years catastrophe losses		(2.0)			(3.8)			(6.3)			(2.5)			0.3			(2.0)			(1.1)			(5.0)			(1.6)			(4.0)			(1.0)				(1.3)
Total loss and loss expense ratio		40.9		%	56.4		%	65.5		%	61.2		%	102.5		%	99.3		%	81.6		%	60.9		%	90.5		%	54.1		%	94.5		%		86.1		%
Commercial auto:
Written premiums		$	183		$	216		$	223		$	179		$	171		$	205		$	208		$	439		$	413		$	622		$	584			$	763
Year over year change %- written premium		7		%	5		%	7		%	2		%	(3)		%	5		%	11		%	6		%	8		%	7		%	4		%		4		%
Earned premiums		$	200		$	198		$	193		$	192		$	189		$	189		$	185		$	391		$	374		$	591		$	563			$	755
Current accident year before catastrophe losses		63.7		%	63.0		%	63.1		%	57.1		%	56.2		%	64.2		%	70.9		%	63.0		%	67.5		%	63.3		%	63.7		%		62.1		%
Current accident year catastrophe losses		1.8			1.5			1.6			—			0.4			2.2			1.2			1.6			1.7			1.7			1.3				0.9
Prior accident years before catastrophe losses		(3.6)			(6.0)			(12.4)			1.4			5.5			(1.1)			3.3			(9.2)			1.1			(7.3)			2.5				2.3
Prior accident years catastrophe losses		(0.1)			(0.2)			(0.3)			—			(0.1)			—			(0.2)			(0.2)			(0.1)			(0.2)			(0.1)				(0.1)
Total loss and loss expense ratio		61.8		%	58.3		%	52.0		%	58.5		%	62.0		%	65.3		%	75.2		%	55.2		%	70.2		%	57.5		%	67.4		%		65.2		%
Workers' compensation:
Written premiums		$	53		$	69		$	88		$	58		$	51		$	65		$	92		$	157		$	157		$	210		$	208			$	266
Year over year change %- written premium		4		%	6		%	(4)		%	(8)		%	(18)		%	(13)		%	(2)		%	—		%	(7)		%	1		%	(10)		%		(10)		%
Earned premiums		$	66		$	68		$	67		$	64		$	64		$	68		$	75		$	135		$	143		$	201		$	207			$	271
Current accident year before catastrophe losses		82.3		%	87.6		%	76.6		%	82.3		%	81.7		%	81.8		%	81.1		%	82.2		%	81.4		%	82.2		%	81.5		%		81.7		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(10.5)			(39.2)			(37.9)			(10.4)			(9.6)			(27.8)			(9.8)			(38.6)			(18.3)			(29.3)			(15.7)				(14.4)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		71.8		%	48.4		%	38.7		%	71.9		%	72.1		%	54.0		%	71.3		%	43.6		%	63.1		%	52.9		%	65.8		%		67.3		%
Other commercial:
Written premiums		$	84		$	79		$	78		$	70		$	71		$	70		$	70		$	157		$	140		$	241		$	211			$	281
Year over year change %- written premium		18		%	13		%	11		%	6		%	1		%	8		%	9		%	12		%	9		%	14		%	6		%		6		%
Earned premiums		$	77		$	74		$	70		$	70		$	70		$	70		$	65		$	144		$	135		$	221		$	205			$	275
Current accident year before catastrophe losses		39.4		%	38.0		%	38.2		%	38.5		%	36.0		%	35.5		%	39.1		%	38.1		%	37.3		%	38.6		%	36.9		%		37.3		%
Current accident year catastrophe losses		0.4			0.1			—			—			0.3			0.1			0.1			—			0.1			0.1			0.2				0.1
Prior accident years before catastrophe losses		(8.4)			(11.2)			(7.7)			(2.8)			(0.7)			(1.7)			1.7			(9.5)			(0.1)			(9.1)			(0.3)				(0.9)
Prior accident years catastrophe losses		—			—			—			0.1			(0.1)			—			0.2			—			0.1			—			—				—
Total loss and loss expense ratio		31.4		%	26.9		%	30.5		%	35.8		%	35.5		%	33.9		%	41.1		%	28.6		%	37.4		%	29.6		%	36.8		%		36.5		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Third-Quarter 2021 Supplemental Financial Data

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/21	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21	12/31/20
Personal auto:
Written premiums		$	165		$	166		$	136		$	139		$	166		$	169		$	137		$	302		$	306		$	467		$	472			$	611
Year over year change %- written premium		—		%	(2)		%	(1)		%	(1)		%	—		%	(2)		%	(2)		%	(1)		%	(2)		%	(1)		%	(1)		%		(2)		%
Earned premiums		$	153		$	152		$	152		$	153		$	154		$	154		$	154		$	305		$	308		$	457		$	462			$	615
Current accident year before catastrophe losses		65.8		%	64.5		%	66.1		%	46.6		%	48.5		%	64.7		%	69.4		%	65.3		%	67.0		%	65.5		%	60.9		%		57.3		%
Current accident year catastrophe losses		5.3			1.7			2.6			—			2.6			1.5			2.1			2.2			1.8			3.2			2.0				1.6
Prior accident years before catastrophe losses		(0.4)			(5.5)			(9.3)			2.6			0.5			(4.2)			(8.1)			(7.5)			(6.1)			(5.1)			(3.9)				(2.3)
Prior accident years catastrophe losses		(0.1)			(0.2)			(0.5)			—			—			(0.2)			(0.4)			(0.3)			(0.3)			(0.3)			(0.2)				(0.2)
Total loss and loss expense ratio		70.6		%	60.5		%	58.9		%	49.2		%	51.6		%	61.8		%	63.0		%	59.7		%	62.4		%	63.3		%	58.8		%		56.4		%
Homeowner:
Written premiums		$	214		$	211		$	156		$	167		$	189		$	197		$	140		$	367		$	337		$	581		$	526			$	693
Year over year change %- written premium		13		%	7		%	11		%	10		%	9		%	12		%	8		%	9		%	10		%	10		%	10		%		10		%
Earned premiums		$	184		$	178		$	174		$	171		$	165		$	163		$	159		$	352		$	322		$	536		$	487			$	658
Current accident year before catastrophe losses		42.3		%	50.2		%	51.6		%	45.2		%	48.2		%	45.0		%	53.5		%	50.9		%	49.2		%	47.9		%	48.9		%		47.9		%
Current accident year catastrophe losses		36.8			20.7			41.1			7.5			46.1			51.7			23.8			30.8			37.9			32.9			40.7				32.1
Prior accident years before catastrophe losses		(1.0)			0.9			(0.5)			3.2			1.7			4.5			(8.7)			0.2			(2.0)			(0.2)			(0.8)				0.3
Prior accident years catastrophe losses		—			(0.5)			(0.7)			0.2			(1.6)			(0.1)			(2.3)			(0.6)			(1.2)			(0.4)			(1.3)				(1.0)
Total loss and loss expense ratio		78.1		%	71.3		%	91.5		%	56.1		%	94.4		%	101.1		%	66.3		%	81.3		%	83.9		%	80.2		%	87.5		%		79.3		%
Other personal:
Written premiums		$	56		$	62		$	46		$	48		$	52		$	57		$	42		$	108		$	99		$	164		$	151			$	199
Year over year change %- written premium		8		%	9		%	10		%	12		%	6		%	8		%	8		%	9		%	8		%	9		%	7		%		8		%
Earned premiums		$	51		$	52		$	50		$	49		$	48		$	47		$	46		$	101		$	93		$	153		$	141			$	190
Current accident year before catastrophe losses		53.8		%	45.9		%	50.0		%	49.1		%	49.6		%	48.5		%	50.5		%	48.0		%	49.5		%	49.9		%	49.5		%		49.4		%
Current accident year catastrophe losses		4.5			3.9			3.6			(0.3)			10.6			11.8			4.6			3.7			8.2			4.0			9.0				6.6
Prior accident years before catastrophe losses		(0.9)			(8.6)			(3.8)			0.3			(0.7)			(1.4)			6.3			(6.2)			2.4			(4.4)			1.4				1.1
Prior accident years catastrophe losses		(0.4)			0.4			(1.5)			(0.4)			(0.2)			(0.7)			(0.6)			(0.6)			(0.6)			(0.5)			(0.5)				(0.4)
Total loss and loss expense ratio		57.0		%	41.6		%	48.3		%	48.7		%	59.3		%	58.2		%	60.8		%	44.9		%	59.5		%	49.0		%	59.4		%		56.7		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/21	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21	12/31/20
Excess & Surplus:
Written premiums		$	104		$	115		$	99		$	92		$	80		$	91		$	85		$	214		$	176		$	318		$	256			$	348
Year over year change %- written premium		30		%	26		%	16		%	15		%	8		%	17		%	20		%	22		%	18		%	24		%	15		%		15		%
Earned premiums		$	105		$	95		$	89		$	87		$	82		$	78		$	78		$	184		$	156		$	289		$	238			$	325
Current accident year before catastrophe losses		62.6		%	62.0		%	61.0		%	57.6		%	58.5		%	59.0		%	55.7		%	61.5		%	57.4		%	61.9		%	57.8		%		57.7		%
Current accident year catastrophe losses		0.4			0.4			1.3			0.4			1.0			3.6			0.5			0.8			2.0			0.7			1.7				1.3
Prior accident years before catastrophe losses		3.3			(1.5)			4.7			(1.5)			(1.5)			11.2			0.7			1.5			5.9			2.1			3.4				2.1
Prior accident years catastrophe losses		(0.1)			0.1			(0.3)			0.1			0.2			(0.2)			0.5			(0.1)			0.2			(0.1)			0.1				0.2
Total loss and loss expense ratio		66.2		%	61.0		%	66.7		%	56.6		%	58.2		%	73.6		%	57.4		%	63.7		%	65.5		%	64.6		%	63.0		%		61.3		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Third-Quarter 2021 Supplemental Financial Data

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)											Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the nine months ended September 30, 2021
Commercial casualty		$	273		$	132		$	405		$	95		$	(18)		$	43		$	120		$	368		$	(18)		$	175		$	525
Commercial property		396			54			450			(28)			5			(11)			(34)			368			5			43			416
Commercial auto		271			56			327			24			8			(21)			11			295			8			35			338
Workers' compensation		96			23			119			34			(33)			(4)			(3)			130			(33)			19			116
Other commercial		43			9			52			11			(3)			7			15			54			(3)			16			67
Total commercial lines		1,079			274			1,353			136			(41)			14			109			1,215			(41)			288			1,462
Personal auto		228			52			280			6			9			(7)			8			234			9			45			288
Homeowners		277			43			320			30			68			3			101			307			68			46			421
Other personal		53			5			58			12			4			1			17			65			4			6			75
Total personal lines		558			100			658			48			81			(3)			126			606			81			97			784
Excess & surplus lines		62			31			93			21			48			27			96			83			48			58			189
Other		161			8			169			(1)			217			2			218			160			217			10			387
Total property casualty		$	1,860		$	413		$	2,273		$	204		$	305		$	40		$	549		$	2,064		$	305		$	453		$	2,822
Ceded loss and loss expense incurred for the nine months ended September 30, 2021
Commercial casualty		$	(3)		$	—		$	(3)		$	23		$	(1)		$	3		$	25		$	20		$	(1)		$	3		$	22
Commercial property		26			2			28			(27)			(5)			—			(32)			(1)			(5)			2			(4)
Commercial auto		—			—			—			(1)			—			—			(1)			(1)			—			—			(1)
Workers' compensation		6			—			6			5			(1)			—			4			11			(1)			—			10
Other commercial		1			—			1			—			—			—			—			1			—			—			1
Total commercial lines		30			2			32			—			(7)			3			(4)			30			(7)			5			28
Personal auto		1			—			1			(2)			—			—			(2)			(1)			—			—			(1)
Homeowners		(11)			—			(11)			2			—			(1)			1			(9)			—			(1)			(10)
Other personal		—			—			—			—			—			—			—			—			—			—			—
Total personal lines		(10)			—			(10)			—			—			(1)			(1)			(10)			—			(1)			(11)
Excess & surplus lines		3			—			3			(5)			3			1			(1)			(2)			3			1			2
Other		11			—			11			4			47			—			51			15			47			—			62
Total property casualty		$	34		$	2		$	36		$	(1)		$	43		$	3		$	45		$	33		$	43		$	5		$	81
Net loss and loss expense incurred for the nine months ended September 30, 2021
Commercial casualty		$	276		$	132		$	408		$	72		$	(17)		$	40		$	95		$	348		$	(17)		$	172		$	503
Commercial property		370			52			422			(1)			10			(11)			(2)			369			10			41			420
Commercial auto		271			56			327			25			8			(21)			12			296			8			35			339
Workers' compensation		90			23			113			29			(32)			(4)			(7)			119			(32)			19			106
Other commercial		42			9			51			11			(3)			7			15			53			(3)			16			66
Total commercial lines		1,049			272			1,321			136			(34)			11			113			1,185			(34)			283			1,434
Personal auto		227			52			279			8			9			(7)			10			235			9			45			289
Homeowners		288			43			331			28			68			4			100			316			68			47			431
Other personal		53			5			58			12			4			1			17			65			4			6			75
Total personal lines		568			100			668			48			81			(2)			127			616			81			98			795
Excess & surplus lines		59			31			90			26			45			26			97			85			45			57			187
Other		150			8			158			(5)			170			2			167			145			170			10			325
Total property casualty		$	1,826		$	411		$	2,237		$	205		$	262		$	37		$	504		$	2,031		$	262		$	448		$	2,741
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Third-Quarter 2021 Supplemental Financial Data

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)											Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the three months ended September 30, 2021
Commercial casualty		$	71		$	46		$	117		$	63		$	(12)		$	2		$	53		$	134		$	(12)		$	48		$	170
Commercial property		113			22			135			(11)			(18)			(6)			(35)			102			(18)			16			100
Commercial auto		93			20			113			17			(5)			(2)			10			110			(5)			18			123
Workers' compensation		29			8			37			16			(4)			(1)			11			45			(4)			7			48
Other commercial		15			3			18			2			(1)			5			6			17			(1)			8			24
Total commercial lines		321			99			420			87			(40)			(2)			45			408			(40)			97			465
Personal auto		88			18			106			3			1			(2)			2			91			1			16			108
Homeowners		109			20			129			14			9			(1)			22			123			9			19			151
Other personal		20			2			22			7			1			—			8			27			1			2			30
Total personal lines		217			40			257			24			11			(3)			32			241			11			37			289
Excess & surplus lines		19			12			31			4			23			10			37			23			23			22			68
Other		59			3			62			—			156			1			157			59			156			4			219
Total property casualty		$	616		$	154		$	770		$	115		$	150		$	6		$	271		$	731		$	150		$	160		$	1,041
Ceded loss and loss expense incurred for the three months ended September 30, 2021
Commercial casualty		$	—		$	—		$	—		$	19		$	—		$	3		$	22		$	19		$	—		$	3		$	22
Commercial property		(8)			1			(7)			1			(2)			—			(1)			(7)			(2)			1			(8)
Commercial auto		—			—			—			—			—			—			—			—			—			—			—
Workers' compensation		1			—			1			(1)			—			—			(1)			—			—			—			—
Other commercial		—			—			—			—			—			—			—			—			—			—			—
Total commercial lines		(7)			1			(6)			19			(2)			3			20			12			(2)			4			14
Personal auto		1			—			1			—			—			—			—			1			—			—			1
Homeowners		8			—			8			(3)			2			—			(1)			5			2			—			7
Other personal		—			—			—			—			—			—			—			—			—			—			—
Total personal lines		9			—			9			(3)			2			—			(1)			6			2			—			8
Excess & surplus lines		1			—			1			(4)			1			—			(3)			(3)			1			—			(2)
Other		1			—			1			6			26			—			32			7			26			—			33
Total property casualty		$	4		$	1		$	5		$	18		$	27		$	3		$	48		$	22		$	27		$	4		$	53
Net loss and loss expense incurred for the three months ended September 30, 2021
Commercial casualty		$	71		$	46		$	117		$	44		$	(12)		$	(1)		$	31		$	115		$	(12)		$	45		$	148
Commercial property		121			21			142			(12)			(16)			(6)			(34)			109			(16)			15			108
Commercial auto		93			20			113			17			(5)			(2)			10			110			(5)			18			123
Workers' compensation		28			8			36			17			(4)			(1)			12			45			(4)			7			48
Other commercial		15			3			18			2			(1)			5			6			17			(1)			8			24
Total commercial lines		328			98			426			68			(38)			(5)			25			396			(38)			93			451
Personal auto		87			18			105			3			1			(2)			2			90			1			16			107
Homeowners		101			20			121			17			7			(1)			23			118			7			19			144
Other personal		20			2			22			7			1			—			8			27			1			2			30
Total personal lines		208			40			248			27			9			(3)			33			235			9			37			281
Excess & surplus lines		18			12			30			8			22			10			40			26			22			22			70
Other		58			3			61			(6)			130			1			125			52			130			4			186
Total property casualty		$	612		$	153		$	765		$	97		$	123		$	3		$	223		$	709		$	123		$	156		$	988
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Third-Quarter 2021 Supplemental Financial Data

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/21	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21	12/31/20
Premiums
Agency renewal written premiums		$	1,244		$	1,333		$	1,276		$	1,145		$	1,153		$	1,244		$	1,198		$	2,609		$	2,442		$	3,853		$	3,595			$	4,740
Agency new business written premiums		230			235			220			185			189			210			215			455			425			685			614				799
Other written premiums		64			146			197			64			51			105			105			343			210			407			261				325
Net written premiums		$	1,538		$	1,714		$	1,693		$	1,394		$	1,393		$	1,559		$	1,518		$	3,407		$	3,077		$	4,945		$	4,470			$	5,864
Unearned premium change		58			(200)			(218)			55			57			(156)			(129)			(418)			(285)			(360)			(228)				(173)
Earned premiums		$	1,596		$	1,514		$	1,475		$	1,449		$	1,450		$	1,403		$	1,389		$	2,989		$	2,792		$	4,585		$	4,242			$	5,691
Year over year change %
Agency renewal written premiums		8		%	7		%	7		%	6		%	3		%	5		%	6		%	7		%	5		%	7		%	5		%		5		%
Agency new business written premiums		22			12			2			(4)			(2)			(1)			19			7			8			12			5				3
Other written premiums		25			39			88			106			28			35			50			63			42			56			39				48
Net written premiums		10			10			12			7			3			6			10			11			8			11			6				6
Paid losses and loss expenses
Losses paid		$	612		$	649		$	564		$	690		$	628		$	624		$	663		$	1,214		$	1,289		$	1,826		$	1,917			$	2,607
Loss expenses paid		153			118			141			146			151			127			154			258			279			411			430				576
Loss and loss expenses paid		$	765		$	767		$	705		$	836		$	779		$	751		$	817		$	1,472		$	1,568		$	2,237		$	2,347			$	3,183
Incurred losses and loss expenses
Loss and loss expense incurred		$	988		$	830		$	923		$	829		$	1,071		$	1,007		$	930		$	1,753		$	1,937		$	2,741		$	3,008			$	3,837
Loss and loss expenses paid as a % of incurred		77.4		%	92.4		%	76.4		%	100.8		%	72.7		%	74.6		%	87.7		%	84.0		%	80.9		%	81.6		%	78.0		%		83.0		%
Statutory combined ratio
Loss ratio		51.3		%	47.0		%	52.0		%	44.5		%	59.8		%	60.4		%	56.1		%	49.4		%	58.2		%	50.1		%	58.8		%		55.1		%
Loss adjustment expense ratio		10.1			8.9			11.0			12.9			11.3			11.6			11.3			10.0			11.5			10.0			11.4				11.8
Net underwriting expense ratio		31.1			29.2			26.7			31.2			30.2			28.8			29.2			28.0			29.0			28.9			29.3				29.8
US Statutory combined ratio		92.5		%	85.1		%	89.7		%	88.6		%	101.3		%	100.8		%	96.6		%	87.4		%	98.7		%	89.0		%	99.5		%		96.7		%
Contribution from catastrophe losses		12.9			4.6			10.1			3.6			16.0			15.8			9.3			7.3			12.6			9.2			13.7				11.2
Statutory combined ratio excl. catastrophe losses		79.6		%	80.5		%	79.6		%	85.0		%	85.3		%	85.0		%	87.3		%	80.1		%	86.1		%	79.8		%	85.8		%		85.5		%
GAAP combined ratio
GAAP combined ratio		92.6		%	85.5		%	91.2		%	87.3		%	103.6		%	103.1		%	98.5		%	88.3		%	100.8		%	89.8		%	101.8		%		98.1		%
Contribution from catastrophe losses		14.2			3.9			10.4			4.7			18.3			16.5			9.1			7.1			12.8			9.6			14.7				12.1
GAAP combined ratio excl. catastrophe losses		78.4		%	81.6		%	80.8		%	82.6		%	85.3		%	86.6		%	89.4		%	81.2		%	88.0		%	80.2		%	87.1		%		86.0		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed<br> independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.<br>Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Third-Quarter 2021 Supplemental Financial Data

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/21	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21	12/31/20
Premiums
Agency renewal written premiums		$	775		$	852		$	898		$	759		$	727		$	794		$	842		$	1,750		$	1,636		$	2,525		$	2,363			$	3,122
Agency new business written premiums		145			146			145			113			114			134			154			291			288			436			402				515
Other written premiums		(25)			(21)			(24)			(32)			(27)			(20)			(24)			(45)			(44)			(70)			(71)				(103)
Net written premiums		$	895		$	977		$	1,019		$	840		$	814		$	908		$	972		$	1,996		$	1,880		$	2,891		$	2,694			$	3,534
Unearned premium change		35			(66)			(133)			38			51			(38)			(109)			(199)			(147)			(164)			(96)				(58)
Earned premiums		$	930		$	911		$	886		$	878		$	865		$	870		$	863		$	1,797		$	1,733		$	2,727		$	2,598			$	3,476
Year over year change %
Agency renewal written premiums		7		%	7		%	7		%	6		%	2		%	4		%	5		%	7		%	4		%	7		%	4		%		4		%
Agency new business written premiums		27			9			(6)			(12)			(8)			(2)			28			1			12			8			6				1
Other written premiums		7			(5)			—			(10)			(29)			20			(4)			(2)			8			1			(3)				(5)
Net written premiums		10			8			5			3			—			3			8			6			6			7			4				4
Paid losses and loss expenses
Losses paid		$	328		$	391		$	330		$	408		$	378		$	367		$	426		$	720		$	795		$	1,049		$	1,173			$	1,581
Loss expenses paid		98			78			96			98			103			86			103			174			189			272			291				388
Loss and loss expenses paid		$	426		$	469		$	426		$	506		$	481		$	453		$	529		$	894		$	984		$	1,321		$	1,464			$	1,969
Incurred losses and loss expenses
Loss and loss expense incurred		$	451		$	480		$	503		$	512		$	620		$	596		$	608		$	983		$	1,204		$	1,434		$	1,824			$	2,336
Loss and loss expenses paid as a % of incurred		94.5		%	97.7		%	84.7		%	98.8		%	77.6		%	76.0		%	87.0		%	90.9		%	81.7		%	92.1		%	80.3		%		84.3		%
Statutory combined ratio
Loss ratio		38.5		%	43.9		%	44.3		%	43.6		%	59.1		%	56.7		%	57.5		%	44.1		%	57.0		%	42.2		%	57.8		%		54.2		%
Loss adjustment expense ratio		10.0			8.8			12.4			14.8			12.5			11.8			12.9			10.6			12.4			10.4			12.4				13.0
Net underwriting expense ratio		33.2			29.9			26.2			32.0			32.0			28.6			28.9			28.0			28.8			29.6			29.7				30.3
Statutory combined ratio		81.7		%	82.6		%	82.9		%	90.4		%	103.6		%	97.1		%	99.3		%	82.7		%	98.2		%	82.2		%	99.9		%		97.5		%
Contribution from catastrophe losses		3.3			3.2			4.2			3.1			14.8			14.0			9.8			3.7			11.9			3.6			12.9				10.4
Statutory combined ratio excl. catastrophe losses		78.4		%	79.4		%	78.7		%	87.3		%	88.8		%	83.1		%	89.5		%	79.0		%	86.3		%	78.6		%	87.0		%		87.1		%
GAAP combined ratio
GAAP combined ratio		80.6		%	84.2		%	85.4		%	89.2		%	102.4		%	99.1		%	102.5		%	84.8		%	100.8		%	83.4		%	101.3		%		98.3		%
Contribution from catastrophe losses		3.3			3.2			4.2			3.1			14.8			14.0			9.8			3.7			11.9			3.6			12.9				10.4
GAAP combined ratio excl. catastrophe losses		77.3		%	81.0		%	81.2		%	86.1		%	87.6		%	85.1		%	92.7		%	81.1		%	88.9		%	79.8		%	88.4		%		87.9		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed<br> independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2021 Supplemental Financial Data

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/21	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21	12/31/20
Premiums
Agency renewal written premiums		$	393		$	397		$	302		$	317		$	366		$	387		$	294		$	699		$	681		$	1,092		$	1,047			$	1,364
Agency new business written premiums		53			53			46			45			51			44			34			99			78			152			129				174
Other written premiums		(11)			(11)			(10)			(8)			(10)			(8)			(9)			(21)			(17)			(32)			(27)				(35)
Net written premiums		$	435		$	439		$	338		$	354		$	407		$	423		$	319		$	777		$	742		$	1,212		$	1,149			$	1,503
Unearned premium change		(47)			(57)			38			19			(40)			(59)			40			(19)			(19)			(66)			(59)				(40)
Earned premiums		$	388		$	382		$	376		$	373		$	367		$	364		$	359		$	758		$	723		$	1,146		$	1,090			$	1,463
Year over year change %
Agency renewal written premiums		7		%	3		%	3		%	3		%	3		%	6		%	4		%	3		%	5		%	4		%	4		%		4		%
Agency new business written premiums		4			20			35			25			28			(6)			(3)			27			(5)			18			6				10
Other written premiums		(10)			(38)			(11)			11			(25)			20			(13)			(24)			6			(19)			(4)				—
Net written premiums		7			4			6			5			5			5			3			5			4			5			5				5
Paid losses and loss expenses
Losses paid		$	208		$	198		$	162		$	200		$	200		$	203		$	173		$	360		$	376		$	568		$	577			$	778
Loss expenses paid		40			29			32			36			38			30			40			60			69			100			106				143
Loss and loss expenses paid		$	248		$	227		$	194		$	236		$	238		$	233		$	213		$	420		$	445		$	668		$	683			$	921
Incurred losses and loss expenses
Loss and loss expense incurred		$	281		$	241		$	273		$	195		$	265		$	286		$	231		$	514		$	517		$	795		$	782			$	977
Loss and loss expenses paid as a % of incurred		88.3		%	94.2		%	71.1		%	121.0		%	89.8		%	81.5		%	92.2		%	81.7		%	86.1		%	84.0		%	87.3		%		94.3		%
Statutory combined ratio
Loss ratio		62.6		%	54.1		%	65.9		%	42.8		%	63.1		%	67.5		%	57.2		%	60.0		%	62.4		%	60.9		%	62.6		%		57.6		%
Loss adjustment expense ratio		9.7			8.9			6.7			9.5			8.9			11.4			6.9			7.8			9.1			8.5			9.1				9.2
Net underwriting expense ratio		28.2			27.2			30.7			30.6			26.9			29.4			32.1			28.7			30.6			28.5			29.3				29.6
Statutory combined ratio		100.5		%	90.2		%	103.3		%	82.9		%	98.9		%	108.3		%	96.2		%	96.5		%	102.1		%	97.9		%	101.0		%		96.4		%
Contribution from catastrophe losses		20.0			10.6			19.8			3.4			22.5			25.1			10.7			15.2			17.9			16.8			19.5				15.4
Statutory combined ratio excl. catastrophe losses		80.5		%	79.6		%	83.5		%	79.5		%	76.4		%	83.2		%	85.5		%	81.3		%	84.2		%	81.1		%	81.5		%		81.0		%
GAAP combined ratio
GAAP combined ratio		102.7		%	92.7		%	101.1		%	81.3		%	100.7		%	112.3		%	94.3		%	96.8		%	103.4		%	98.8		%	102.5		%		97.1		%
Contribution from catastrophe losses		20.0			10.6			19.8			3.4			22.5			25.1			10.7			15.2			17.9			16.8			19.5				15.4
GAAP combined ratio excl. catastrophe losses		82.7		%	82.1		%	81.3		%	77.9		%	78.2		%	87.2		%	83.6		%	81.6		%	85.5		%	82.0		%	83.0		%		81.7		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed<br> independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2021 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
	12/31/21	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21	12/31/20
Premiums
Agency renewal written premiums		$	76		$	84		$	76		$	69		$	60		$	63		$	62		$	160		$	125		$	236		$	185			$	254
Agency new business written premiums		32			36			29			27			24			32			27			65			59			97			83				110
Other written premiums		(4)			(5)			(6)			(4)			(4)			(4)			(4)			(11)			(8)			(15)			(12)				(16)
Net written premiums		$	104		$	115		$	99		$	92		$	80		$	91		$	85		$	214		$	176		$	318		$	256			$	348
Unearned premium change		1			(20)			(10)			(5)			2			(13)			(7)			(30)			(20)			(29)			(18)				(23)
Earned premiums		$	105		$	95		$	89		$	87		$	82		$	78		$	78		$	184		$	156		$	289		$	238			$	325
Year over year change %
Agency renewal written premiums		27		%	33		%	23		%	23		%	20		%	17		%	27		%	28		%	21		%	28		%	21		%		22		%
Agency new business written premiums		33			13			7			(4)			(14)			14			4			10			9			17			1				—
Other written premiums		—			(25)			(50)			—			—			—			—			(38)			—			(25)			—				—
Net written premiums		30			26			16			15			8			17			20			22			18			24			15				15
Paid losses and loss expenses
Losses paid		$	18		$	19		$	21		$	22		$	14		$	14		$	23		$	40		$	37		$	59		$	51			$	73
Loss expenses paid		12			8			11			10			10			9			9			19			19			31			29				39
Loss and loss expenses paid		$	30		$	27		$	32		$	32		$	24		$	23		$	32		$	59		$	56		$	90		$	80			$	112
Incurred losses and loss expenses
Loss and loss expense incurred		$	70		$	58		$	59		$	49		$	48		$	57		$	45		$	117		$	102		$	187		$	150			$	199
Loss and loss expenses paid as a % of incurred		42.9		%	46.6		%	54.2		%	65.3		%	50.0		%	40.4		%	71.1		%	50.4		%	54.9		%	48.1		%	53.3		%		56.3		%
Statutory combined ratio
Loss ratio		45.1		%	45.0		%	43.1		%	39.6		%	39.8		%	56.4		%	35.4		%	44.1		%	45.9		%	44.5		%	43.8		%		42.7		%
Loss adjustment expense ratio		21.0			16.0			23.6			17.0			18.5			17.2			22.0			19.6			19.5			20.1			19.2				18.6
Net underwriting expense ratio		29.7			31.1			26.4			28.3			29.6			26.6			28.8			29.0			27.7			29.2			28.3				28.3
Statutory combined ratio		95.8		%	92.1		%	93.1		%	84.9		%	87.9		%	100.2		%	86.2		%	92.7		%	93.1		%	93.8		%	91.3		%		89.6		%
Contribution from catastrophe losses		0.3			0.5			1.0			0.5			1.2			3.4			1.0			0.7			2.2			0.6			1.8				1.5
Statutory combined ratio excl. catastrophe losses		95.5		%	91.6		%	92.1		%	84.4		%	86.7		%	96.8		%	85.2		%	92.0		%	90.9		%	93.2		%	89.5		%		88.1		%
GAAP combined ratio
GAAP combined ratio		94.1		%	89.5		%	92.0		%	83.2		%	86.7		%	102.0		%	89.1		%	90.7		%	95.5		%	91.9		%	92.5		%		90.0		%
Contribution from catastrophe losses		0.3			0.5			1.0			0.5			1.2			3.4			1.0			0.7			2.2			0.6			1.8				1.5
GAAP combined ratio excl. catastrophe losses		93.8		%	89.0		%	91.0		%	82.7		%	85.5		%	98.6		%	88.1		%	90.0		%	93.3		%	91.3		%	90.7		%		88.5		%
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<br> independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2021 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended September 30,							For the Nine Months Ended September 30,
(Dollars in millions)	2021		2020		Change		% Change	2021		2020		Change		% Change
Underwriting income
Net premiums written	$	1,491	$	1,354	$	137	10	$	4,810	$	4,341	$	469	11
Unearned premium change	(36)		(31)		(5)		(16)	358		225		133		59
Earned premiums	$	1,527	$	1,385	$	142	10	$	4,452	$	4,116	$	336	8
Losses incurred	$	783	$	829	$	(46)	(6)	$	2,230	$	2,419	$	(189)	(8)
Defense and cost containment expenses incurred	76		79		(3)		(4)	210		243		(33)		(14)
Adjusting and other expenses incurred	80		77		3		4	236		227		9		4
Other underwriting expenses incurred	464		406		58		14	1,387		1,266		121		10
Workers compensation dividend incurred	(1)		2		(3)		nm	3		7		(4)		(57)
Total underwriting deductions	$	1,402	$	1,393	$	9	1	$	4,066	$	4,162	$	(96)	(2)
Net underwriting profit (loss)	$	125	$	(8)	$	133	nm	$	386	$	(46)	$	432	nm
Investment income
Gross investment income earned	$	118	$	105	$	13	12	$	343	$	316	$	27	9
Net investment income earned	117		103		14		14	337		311		26		8
Net realized capital gains and losses, net	1		28		(27)		(96)	8		(10)		18		nm
Net investment gains (net of tax)	$	118	$	131	$	(13)	(10)	$	345	$	301	$	44	15
Other income	$	1	$	1	$	—	—	$	4	$	3	$	1	33
Net income before federal income taxes	$	244	$	124	$	120	97	$	735	$	258	$	477	185
Federal and foreign income taxes incurred	44		20		24		120	135		37		98		265
Net income (statutory)	$	200	$	104	$	96	92	$	600	$	221	$	379	171
Policyholders' surplus - statutory	$	6,559	$	5,372	$	1,187	22	$	6,559	$	5,372	$	1,187	22
Fixed maturities at amortized cost - statutory	$	8,075	$	7,513	$	562	7	$	8,075	$	7,513	$	562	7
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2021 Supplemental Financial Data

The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended September 30,							For the Nine Months Ended September 30,
(Dollars in millions)	2021		2020		Change		% Change	2021		2020		Change		% Change
Net premiums written	$	83	$	79	$	4	5	$	255	$	241	$	14	6
Net investment income	47		41		6		15	135		124		11		9
Amortization of interest maintenance reserve	1		—		1		nm	2		—		2		nm
Commissions and expense allowances on reinsurance ceded	1		1		—		—	3		3		—		—
Income from fees associated with separate accounts	1		1		—		—	2		2		—		—
Total revenues	$	133	$	122	$	11	9	$	397	$	370	$	27	7
Death benefits and matured endowments	$	44	$	38	$	6	16	$	129	$	106	$	23	22
Annuity benefits	15		14		1		7	46		49		(3)		(6)
Disability benefits and benefits under accident and health contracts	—		—		—		—	1		1		—		—
Surrender benefits and group conversions	7		8		(1)		(13)	20		19		1		5
Interest and adjustments on deposit-type contract funds	2		2		—		—	5		6		(1)		(17)
Increase in aggregate reserves for life and accident and health contracts	21		5		16		320	76		63		13		21
Total benefit expenses	$	89	$	67	$	22	33	$	277	$	244	$	33	14
Commissions	$	13	$	11	$	2	18	$	37	$	36	$	1	3
General insurance expenses and taxes	14		12		2		17	40		37		3		8
Increase in loading on deferred and uncollected premiums	1		(1)		2		nm	5		4		1		25
Net transfers from separate accounts	—		(5)		5		nm	(3)		(9)		6		67
Total underwriting expenses	$	28	$	17	$	11	65	$	79	$	68	$	11	16
Federal and foreign income taxes incurred	5		5		—		—	12		11		1		9
Net gain from operations before capital gains and losses	$	11	$	33	$	(22)	(67)	$	29	$	47	$	(18)	(38)
Gains and losses net of capital gains tax, net	—		—		—		—	1		(31)		32		nm
Net income (statutory)	$	11	$	33	$	(22)	(67)	$	30	$	16	$	14	88
Policyholders' surplus - statutory	$	261	$	238	23		10	$	261	$	238	$	23	10
Fixed maturities at amortized cost - statutory	$	3,668	$	3,471	$	197	6	$	3,668	$	3,471	$	197	6
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2021 Supplemental Financial Data

Quarterly Data - Other
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/21	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21	12/31/20
Cincinnati Re:
Written premiums		$	57		$	136		$	196		$	59		$	54		$	84		$	105		$	332		$	189		$	389		$	242			$	302
Year over year change %- written premium		6		%	62		%	87		%	64		%	52		%	15		%	25		%	76		%	20		%	61		%	26		%		32		%
Earned premiums		$	104		$	94		$	92		$	69		$	71		$	57		$	62		$	186		$	119		$	290		$	190			$	259
Current accident year before catastrophe losses		52.8		%	48.5		%	42.1		%	57.2		%	56.1		%	79.6		%	47.6		%	45.4		%	63.0		%	48.0		%	60.4		%		59.6		%
Current accident year catastrophe losses		78.6			(1.7)			35.4			15.4			22.3			—			—			16.7			—			39.0			8.4				10.2
Prior accident years before catastrophe losses		(6.8)			6.4			3.0			1.2			5.5			(0.6)			3.1			4.7			1.3			0.6			2.8				2.4
Prior accident years catastrophe losses		6.4			(0.1)			—			—			(8.6)			(0.1)			6.3			(0.1)			3.2			2.2			(1.2)				(0.9)
Total loss and loss expense ratio		131.0		%	53.1		%	80.5		%	73.8		%	75.3		%	78.9		%	57.0		%	66.7		%	67.5		%	89.8		%	70.4		%		71.3		%
Cincinnati Global:
Written premiums		$	47		$	47		$	41		$	49		$	38		$	53		$	37		$	88		$	90		$	135		$	129			$	177
Year over year change %- written premium		24		%	(11)		%	11		%	32		%	—		%	20		%	76		%	(2)		%	38		%	5		%	25		%		26		%
Earned premiums		$	69		$	32		$	32		$	42		$	65		$	34		$	27		$	64		$	61		$	133		$	126			$	168
Current accident year before catastrophe losses		35.3		%	54.4		%	30.9		%	23.7		%	62.9		%	49.6		%	63.7		%	42.9		%	55.6		%	39.0		%	59.4		%		50.4		%
Current accident year catastrophe losses		30.3			27.5			55.8			58.8			68.7			42.4			—			41.3			24.1			35.7			46.9				49.9
Prior accident years before catastrophe losses		(4.7)			(23.4)			(12.0)			(11.9)			(0.1)			(27.9)			(19.5)			(17.8)			(24.2)			(11.1)			(11.8)				(11.9)
Prior accident years catastrophe losses		12.2			(54.0)			(31.0)			(19.5)			(0.1)			1.0			(3.2)			(42.7)			(0.8)			(14.4)			(0.4)				(5.2)
Total loss and loss expense ratio		73.1		%	4.5		%	43.7		%	51.1		%	131.4		%	65.1		%	41.0		%	23.7		%	54.7		%	49.2		%	94.1		%		83.2		%
Noninsurance operations:
Interest and fees on loans and leases		$	2		$	2		$	1		$	2		$	1		$	2		$	1		$	3		$	3		$	5		$	4			$	6
Other revenue		1			1			1			—			2			1			1			2			2			3			4				4
Interest expense		13			13			13			14			13			14			13			26			27			39			40				54
Operating expenses		5			5			4			5			5			5			5			9			10			14			15				20
Total noninsurance operations loss		$	(15)		$	(15)		$	(15)		$	(17)		$	(15)		$	(16)		$	(16)		$	(30)		$	(32)		$	(45)		$	(47)			$	(64)
*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

CINF Third-Quarter 2021 Supplemental Financial Data