8-K

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: April 28, 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 April 28, 2021, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports First-Quarter 2021 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On April 28, 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.

(c)     Exhibits

Exhibit 99.1 — News release dated April 28, 2021, titled "Cincinnati Financial Reports First-Quarter 2021 Results"

Exhibit 99.2 — Supplemental Financial Data for the period ending March 31, 2021, distributed April 28, 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: April 28, 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 First-Quarter 2021 Results

Cincinnati, April 28, 2021 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•First-quarter 2021 net income of $620 million, or $3.82 per share, compared with a net loss of $1.226 billion, or $7.56 per share, in the first quarter of 2020, after recognizing a $385 million first-quarter 2021 after-tax increase in the fair value of equity securities still held.

•$85 million or 62% increase in non-GAAP operating income* to $222 million, or $1.37 per share, compared with $137 million, or 84 cents per share, in the first quarter of last year.

•$1.846 billion increase in first-quarter 2021 net income, primarily due to the after-tax net effect of a $1.761 billion increase in net investment gains and an $86 million increase in after-tax property casualty underwriting income.

•$69.16 book value per share at March 31, 2021, up $2.12 since year-end.

•4.1% value creation ratio for the first three months of 2021, compared with negative 16.4% for the same period of 2020.

Financial Highlights

(Dollars in millions, except per share data)	Three months ended March 31,
		2021			2020			% Change
Revenue Data
Earned premiums			$	1,544		$	1,456		6
Investment income, net of expenses			174			165			5
Total revenues			2,227			(99)			nm
Income Statement Data
Net income (loss)			$	620		$	(1,226)		nm
Investment gains and losses, after-tax			398			(1,363)			nm
Non-GAAP operating income*			$	222		$	137		62
Per Share Data (diluted)
Net income (loss)			$	3.82		$	(7.56)		nm
Investment gains and losses, after-tax			2.45			(8.40)			nm
Non-GAAP operating income*			$	1.37		$	0.84		63
Book value			$	69.16		$	50.02		38
Cash dividend declared			$	0.63		$	0.60		5
Diluted weighted average shares outstanding			162.5			162.2			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 1Q21 Release 1

Insurance Operations Highlights

•91.2% first-quarter 2021 property casualty combined ratio, improved from 98.5% for the first quarter of 2020.

•12% growth in first-quarter net written premiums, reflecting price increases and premium growth initiatives.

•$220 million first-quarter 2021 property casualty new business written premiums, up 2%. Agencies appointed since the beginning of 2020 contributed $11 million or 5% of total new business written premiums.

•$10 million first-quarter 2021 life insurance subsidiary net income, up $23 million from the first quarter of 2020, and 9% growth in first-quarter 2021 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•5% or $9 million increase in first-quarter 2021 pretax investment income, including a 9% increase for stock portfolio dividends and a 5% increase for bond interest income.

•Three-month increase of 2% in fair value of total investments at March 31, 2021, including a 6% increase for the stock portfolio and a decrease of less than 1% for the bond portfolio.

•$3.959 billion parent company cash and marketable securities at March 31, 2021, up 5% from year-end 2020.

Focused on Service

Steven J. Johnston, chairman, president and CEO, commented: “Severe winter weather impacted communities from Washington state to the East Coast, and our claims representatives were there, delivering fast and empathetic claims service.

“In Texas alone, we’re assisting more than 600 primary property casualty policyholders, preparing to pay more than $50 million to help restore lives and livelihoods. Altogether, we experienced nearly $150 million in catastrophe losses in the first quarter of 2021, contributing 10.4 points to our combined ratio, considerably higher than our first-quarter 10-year average of 6.3 points.

“Despite those elevated catastrophe losses, we achieved our best first-quarter combined ratio result in eight years. Producing a 91.2% combined ratio demonstrates the power of our initiatives to balance growth with profitability through pricing segmentation and product and geographic diversification. First-quarter underwriting profit grew $109 million compared to the first quarter a year ago.

“Our current accident year combined ratio before catastrophe losses, which removes much of the variability caused by catastrophes and reserve development, also improved 5.3 points compared with last year’s first quarter to a satisfactory 86.2%. Contributing to that good result was a 3-point improvement in our underwriting expenses due mainly to a few unusual items such as lower levels of business travel spending and uncollectible premiums.”

Achieving Targeted Growth

“Property casualty net written premiums grew 12% for the first quarter compared with the same quarter of 2020. Our standard commercial lines and personal lines policies continued to average renewal price increases at percentages in the mid-single-digit range. Excess and surplus lines policy pricing strengthened to average renewal price increases at percentages in the high-single-digit range.

“Agents continued to respond favorably to the increased availability of pricing segmentation through The Cincinnati Casualty Company and our excess and surplus lines homeowner policies, growing personal lines new business written premiums by 35% over the same period of 2020. Our reinsurance division, Cincinnati Re®, also experienced another strong quarter of growth, contributing 6% to the growth rate for total property casualty net written premiums.

“Our life insurance subsidiary saw a 3% increase in earned premiums in the first quarter of 2021 compared with 2020, including a 9% increase for term life insurance, our largest life insurance product line.”

Financial Strength with Flexibility to Reward Shareholders

“Consolidated cash and total investments topped $22 billion while we prudently added to insurance reserves that in total reached nearly $10 billion. Book value per share rose to $69.16 driven by the contribution of our insurance operations and the strength of our investment portfolio. This ample capital allows us to execute on our long-term strategies and, at the same time, continue to pay dividends to shareholders through the normal variability of investment and insurance markets.

“In January, the board of directors expressed its confidence in our financial strength by again raising the cash dividend. Our value creation ratio, which considers those dividends as well as growth in book value, was 4.1% for the first quarter, on track to meet our annual average target of 10% to 13%.”

CINF 1Q21 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)	Three months ended March 31,
		2021			2020			% Change
Earned premiums		$	1,475		$	1,389		6
Fee revenues		2			3			(33)
Total revenues		1,477			1,392			6
Loss and loss expenses		923			930			(1)
Underwriting expenses		421			438			(4)
Underwriting profit		$	133		$	24		454
Ratios as a percent of earned premiums:								Pt. Change
Loss and loss expenses		62.6		%	66.9		%	(4.3)
Underwriting expenses		28.6			31.6			(3.0)
Combined ratio		91.2		%	98.5		%	(7.3)
								% Change
Agency renewal written premiums		$	1,276		$	1,198		7
Agency new business written premiums		220			215			2
Other written premiums		197			105			88
Net written premiums		$	1,693		$	1,518		12
Ratios as a percent of earned premiums:								Pt. Change
Current accident year before catastrophe losses		57.6		%	59.9		%	(2.3)
Current accident year catastrophe losses		12.4			9.4			3.0
Prior accident years before catastrophe losses		(5.4)			(2.1)			(3.3)
Prior accident years catastrophe losses		(2.0)			(0.3)			(1.7)
Loss and loss expense ratio		62.6		%	66.9		%	(4.3)
Current accident year combined ratio before catastrophe losses		86.2		%	91.5		%	(5.3)

•$175 million or 12% growth of first-quarter 2021 property casualty net written premiums, largely reflecting premium growth initiatives and price increases. Growth included a contribution of 6% from Cincinnati Re.

•$5 million or 2% increase in first-quarter 2021 new business premiums written by agencies. The growth included a $10 million increase in standard market property casualty production from agencies appointed since the beginning of 2020.

•58 new agency appointments in the first three months of 2021, including 15 that market only our personal lines products.

•7.3 percentage-point first-quarter 2021 combined ratio improvement, despite an increase of 1.3 points for losses from catastrophes. The ratio included a decrease of 0.1 points of pandemic-related losses or expenses.

•7.4 percentage-point first-quarter 2021 benefit from favorable prior accident year reserve development of $110 million, compared with 2.4 points or $33 million for first-quarter 2020.

•2.3 percentage-point improvement, to 57.6%, for the three-month 2021 ratio of current accident year losses and loss expenses before catastrophes, including a decrease of 1.1 points in the ratio for current accident year losses of $1 million or more per claim.

•3.0 percentage-point decrease in the first-quarter 2021 underwriting expense ratio, compared with the same period of 2020, primarily due to lower levels of business travel spending and uncollectible premiums.

CINF 1Q21 Release 3

Commercial Lines Insurance Results

(Dollars in millions)	Three months ended March 31,
		2021			2020			% Change
Earned premiums		$	886		$	863		3
Fee revenues		1			1			0
Total revenues		887			864			3
Loss and loss expenses		503			608			(17)
Underwriting expenses		254			276			(8)
Underwriting profit (loss)		$	130		$	(20)		nm
Ratios as a percent of earned premiums:								Pt. Change
Loss and loss expenses		56.7		%	70.5		%	(13.8)
Underwriting expenses		28.7			32.0			(3.3)
Combined ratio		85.4		%	102.5		%	(17.1)
								% Change
Agency renewal written premiums		$	898		$	842		7
Agency new business written premiums		145			154			(6)
Other written premiums		(24)			(24)			0
Net written premiums		$	1,019		$	972		5
Ratios as a percent of earned premiums:								Pt. Change
Current accident year before catastrophe losses		60.0		%	61.0		%	(1.0)
Current accident year catastrophe losses		6.1			10.2			(4.1)
Prior accident years before catastrophe losses		(7.5)			(0.3)			(7.2)
Prior accident years catastrophe losses		(1.9)			(0.4)			(1.5)
Loss and loss expense ratio		56.7		%	70.5		%	(13.8)
Current accident year combined ratio before catastrophe losses		88.7		%	93.0		%	(4.3)

•$47 million or 5% increase in first-quarter 2021 commercial lines net written premiums, driven by higher agency renewal written premiums.

•$56 million or 7% increase in first-quarter renewal written premiums, with commercial lines average renewal pricing increases in the mid-single-digit percent range.

•$9 million or 6% decrease in first-quarter 2021 new business written by agencies, largely due to ongoing pricing discipline and economic factors that do not yet indicate a full recovery from pandemic effects.

•17.1 percentage-point improvement in the first-quarter 2021 combined ratio, including a decrease of 5.6 points for losses from catastrophes.

•9.4 percentage-point first-quarter 2021 benefit from favorable prior accident year reserve development of $83 million, compared with 0.7 points or $6 million for first-quarter 2020.

CINF 1Q21 Release 4

Personal Lines Insurance Results

(Dollars in millions)	Three months ended March 31,
		2021			2020			% Change
Earned premiums		$	376		$	359		5
Fee revenues		1			1			0
Total revenues		377			360			5
Loss and loss expenses		273			231			18
Underwriting expenses		107			108			(1)
Underwriting profit (loss)		$	(3)		$	21		nm
Ratios as a percent of earned premiums:								Pt. Change
Loss and loss expenses		72.6		%	64.2		%	8.4
Underwriting expenses		28.5			30.1			(1.6)
Combined ratio		101.1		%	94.3		%	6.8
								% Change
Agency renewal written premiums		$	302		$	294		3
Agency new business written premiums		46			34			35
Other written premiums		(10)			(9)			(11)
Net written premiums		$	338		$	319		6
Ratios as a percent of earned premiums:								Pt. Change
Current accident year before catastrophe losses		57.3		%	60.0		%	(2.7)
Current accident year catastrophe losses		20.6			12.0			8.6
Prior accident years before catastrophe losses		(4.5)			(6.5)			2.0
Prior accident years catastrophe losses		(0.8)			(1.3)			0.5
Loss and loss expense ratio		72.6		%	64.2		%	8.4
Current accident year combined ratio before catastrophe losses		85.8		%	90.1		%	(4.3)

•$19 million or 6% growth in first-quarter 2021 personal lines net written premiums, including higher renewal written premiums that benefited from rate increases averaging in the mid-single-digit percent range. First-quarter 2021 net written premiums from our agencies’ high net worth clients grew 32%, to $133 million.

•$12 million or 35% increase in first-quarter 2021 new business written by agencies, largely reflecting expanded use of enhanced pricing precision tools.

•6.8 percentage-point increase in the first-quarter 2021 combined ratio, including an increase of 9.1 points for losses from catastrophes.

•5.3 percentage-point first-quarter 2021 benefit from favorable prior accident year reserve development of $20 million, compared with 7.8 points or $28 million for first-quarter 2020.

CINF 1Q21 Release 5

Excess and Surplus Lines Insurance Results

(Dollars in millions)	Three months ended March 31,
		2021			2020			% Change
Earned premiums		$	89		$	78		14
Fee revenues		—			1			(100)
Total revenues		89			79			13
Loss and loss expenses		59			45			31
Underwriting expenses		22			25			(12)
Underwriting profit		$	8		$	9		(11)
Ratios as a percent of earned premiums:								Pt. Change
Loss and loss expenses		66.7		%	57.4		%	9.3
Underwriting expenses		25.3			31.7			(6.4)
Combined ratio		92.0		%	89.1		%	2.9
								% Change
Agency renewal written premiums		$	76		$	62		23
Agency new business written premiums		29			27			7
Other written premiums		(6)			(4)			(50)
Net written premiums		$	99		$	85		16
Ratios as a percent of earned premiums:								Pt. Change
Current accident year before catastrophe losses		61.0		%	55.7		%	5.3
Current accident year catastrophe losses		1.3			0.5			0.8
Prior accident years before catastrophe losses		4.7			0.7			4.0
Prior accident years catastrophe losses		(0.3)			0.5			(0.8)
Loss and loss expense ratio		66.7		%	57.4		%	9.3
Current accident year combined ratio before catastrophe losses		86.3		%	87.4		%	(1.1)

•$14 million or 16% increase in first-quarter 2021 excess and surplus lines net written premiums, including higher renewal written premiums that benefited from rate increases averaging in the high-single-digit percent range.

•$2 million or 7% increase in first-quarter new business written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•2.9 percentage-point increase in the first-quarter 2021 combined ratio, including a higher current accident year result and unfavorable reserve development on prior accident years.

•$4 million of first-quarter 2021 unfavorable prior accident year reserve development, compared with $1 million for the first quarter of 2020. The 2021 unfavorable development was due to an updated estimate for salaries and expenses to adjust claims.

CINF 1Q21 Release 6

Life Insurance Subsidiary Results

(Dollars in millions)	Three months ended March 31,
		2021			2020			% Change
Term life insurance			$	51		$	47		9
Universal life insurance			7			8			(13)
Other life insurance, annuity, and disability income products			11			12			(8)
Earned premiums			69			67			3
Investment income, net of expenses			41			39			5
Investment gains and losses, net			—			(32)			100
Fee revenues			1			—			nm
Total revenues			111			74			50
Contract holders’ benefits incurred			80			73			10
Underwriting expenses incurred			18			18			0
Total benefits and expenses			98			91			8
Net income (loss) before income tax			13			(17)			nm
Income tax provision (benefit)			3			(4)			nm
Net income (loss) of the life insurance subsidiary			$	10		$	(13)		nm

•$2 million or 3% increase in first-quarter 2021 earned premiums, including a 9% increase for term life insurance, our largest life insurance product line.

•$23 million increase in three-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 quarter of 2021 due in part to higher pandemic-related death claims.

•$56 million or 4% three-month 2021 decrease, to $1.361 billion, in GAAP shareholders’ equity for the life insurance subsidiary, primarily from a decrease in unrealized investment gains.

CINF 1Q21 Release 7

Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)	Three months ended March 31,
		2021				2020				% Change
Investment income, net of expenses			$	174			$	165			5
Investment interest credited to contract holders			(26)				(26)				0
Investment gains and losses, net			504				(1,725)				nm
Investments profit (loss)			$	652			$	(1,586)			nm
Investment income:
Interest			$	118			$	112			5
Dividends			58				53				9
Other			2				3				(33)
Less investment expenses			4				3				33
Investment income, pretax			174				165				5
Less income taxes			27				26				4
Total investment income, after-tax			$	147			$	139			6
Investment returns:
Average invested assets plus cash and cash equivalents			$	21,776			$	19,010
Average yield pretax			3.20		%		3.47		%
Average yield after-tax			2.70				2.92
Effective tax rate			15.5				15.5
Fixed-maturity returns:
Average amortized cost			$	11,395			$	11,091
Average yield pretax			4.14		%		4.04		%
Average yield after-tax			3.45				3.37
Effective tax rate			16.7				16.6

•$9 million or 5% rise in first-quarter 2021 pretax investment income, including a 9% increase in equity portfolio dividends and a 5% increase in interest income.

•$308 million first-quarter 2021 pretax total investment gains, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.

(Dollars in millions)	Three months ended March 31,
		2021			2020
Investment gains and losses on equity securities sold, net			$	4		$	(4)
Unrealized gains and losses on equity securities still held, net			487			(1,649)
Investment gains and losses on fixed-maturity securities, net			3			(75)
Other			10			3
Subtotal - investment gains and losses reported in net income			504			(1,725)
Change in unrealized investment gains and losses - fixed maturities			(196)			(324)
Total			$	308		$	(2,049)

CINF 1Q21 Release 8

Balance Sheet Highlights

(Dollars in millions, except share data)	At March 31,					At December 31,
		2021					2020
Total investments			$	22,018				$	21,542
Total assets			28,313					27,542
Short-term debt			57					54
Long-term debt			788					788
Shareholders’ equity			11,138					10,789
Book value per share			69.16					67.04
Debt-to-total-capital ratio			7.1		%			7.2		%

•$22.965 billion in consolidated cash and total investments at March 31, 2021, an increase of 2% from $22.442 billion at year-end 2020.

•$12.308 billion bond portfolio at March 31, 2021, with an average rating of A3/A. Fair value decreased $30 million during the first quarter of 2021, including $137 million in net purchases of fixed-maturity securities.

•$9.360 billion equity portfolio was 42.5% of total investments, including $5.422 billion in appreciated value before taxes at March 31, 2021. First-quarter 2021 increase in fair value of $504 million or 6%.

•$2.12 first-quarter 2021 increase in book value per share, including additions of $1.38 from net income before investment gains, $1.47 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities, partially offset by $0.63 from dividends declared to shareholders and $0.10 for other items.

•Value creation ratio of 4.1% for the first three months of 2021, including 2.1% from net income before investment gains, which includes underwriting and investment income, and 2.2% from investment portfolio net investment losses and changes in unrealized gains for fixed-maturity securities and negative 0.2% from other items.

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

About Cincinnati Financial

Cincinnati Financial Corporation offers primarily business, home and auto insurance, our main business, 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 1Q21 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 in the relatively few decisions rendered to date

◦Litigation trends, including varying legal theories advanced by policyholders

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

◦The inherent unpredictability of litigation

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

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

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

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

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

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

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

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

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

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

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

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

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

CINF 1Q21 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

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 1Q21 Release 11

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets and Statements of Income (unaudited)

(Dollars in millions)		March 31,		December 31,
		2021		2020
Assets
Investments		$	22,018	$	21,542
Cash and cash equivalents		947		900
Premiums receivable		2,048		1,879
Reinsurance recoverable		511		517
Deferred policy acquisition costs		880		805
Other assets		1,909		1,899
Total assets		$	28,313	$	27,542
Liabilities
Insurance reserves		$	9,900	$	9,661
Unearned premiums		3,181		2,960
Deferred income tax		1,373		1,299
Long-term debt and lease obligations		848		845
Other liabilities		1,873		1,988
Total liabilities		17,175		16,753
Shareholders’ Equity
Common stock and paid-in capital		1,719		1,725
Retained earnings		10,603		10,085
Accumulated other comprehensive income		625		769
Treasury stock		(1,809)		(1,790)
Total shareholders' equity		11,138		10,789
Total liabilities and shareholders' equity		$	28,313	$	27,542
(Dollars in millions, except per share data)	Three months ended March 31,
		2021		2020
Revenues
Earned premiums		$	1,544	$	1,456
Investment income, net of expenses		174		165
Investment gains and losses, net		504		(1,725)
Other revenues		5		5
Total revenues		2,227		(99)
Benefits and Expenses
Insurance losses and contract holders' benefits		1,003		1,003
Underwriting, acquisition and insurance expenses		439		456
Interest expense		13		13
Other operating expenses		4		5
Total benefits and expenses		1,459		1,477
Income (Loss) Before Income Taxes		768		(1,576)
Provision (Benefit) for Income Taxes		148		(350)
Net Income (loss)		$	620	$	(1,226)
Per Common Share:
Net income (loss)—basic		$	3.85	$	(7.56)
Net income (loss)—diluted		3.82		(7.56)

CINF 1Q21 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 1Q21 Release 13

Cincinnati Financial Corporation

Net Income Reconciliation
(Dollars in millions, except per share data)	Three months ended March 31,
		2021		2020
Net income (loss)		$	620	$	(1,226)
Less:
Investment gains and losses, net		504		(1,725)
Income tax on investment gains and losses		(106)		362
Investment gains and losses, after-tax		398		(1,363)
Non-GAAP operating income		$	222	$	137
Diluted per share data:
Net income (loss)		$	3.82	$	(7.56)
Less:
Investment gains and losses, net		3.10		(10.63)
Income tax on investment gains and losses		0.65		2.23
Investment gains and losses, after-tax		2.45		(8.40)
Non-GAAP operating income		$	1.37	$	0.84		Life Insurance Reconciliation
---	---
(Dollars in millions)	Three months ended March 31,
		2021		2020
Net income (loss) of the life insurance subsidiary		$	10	$	(13)
Investment gains and losses, net		—		(32)
Income tax on investment gains and losses		—		(7)
Non-GAAP operating income		10		12
Investment income, net of expenses		(41)		(39)
Investment income credited to contract holders		26		26
Income tax excluding tax on investment gains and losses, net		3		3
Life insurance segment profit (loss)		$	(2)	$	2

CINF 1Q21 Release 14

Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended March 31, 2021
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	1,693		$	1,019		$	338		$	99		$	237
Unearned premiums change		(218)			(133)			38			(10)			(113)
Earned premiums		$	1,475		$	886		$	376		$	89		$	124
Underwriting profit (loss)		$	133		$	130		$	(3)		$	8		$	(2)
(Dollars in millions)	Three months ended March 31, 2020
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	1,518		$	972		$	319		$	85		$	142
Unearned premiums change		(129)			(109)			40			(7)			(53)
Earned premiums		$	1,389		$	863		$	359		$	78		$	89
Underwriting profit (loss)		$	24		$	(20)		$	21		$	9		$	14
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 1Q21 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)	Three months ended March 31,
			2021					2020
Value creation ratio:
End of period book value*				$	69.16				$	50.02
Less beginning of period book value				67.04					60.55
Change in book value				2.12					(10.53)
Dividend declared to shareholders				0.63					0.60
Total value creation				$	2.75				$	(9.93)
Value creation ratio from change in book value**				3.2		%			(17.4)		%
Value creation ratio from dividends declared to shareholders***		0.9					1.0
Value creation ratio				4.1		%			(16.4)		%
* 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 1Q21 Release 16

Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending March 31, 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 April 27, 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 First-Quarter 2021 Supplemental Financial Data

1

	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending March 31, 2021
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	CFC and Subsidiaries Consolidation – Three Months Ended March 31, 2021	4
Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	5
	Loss Ratio Detail	6
	Loss Claim Count Detail	7
	Quarterly Property Casualty Data – Commercial Lines	8
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	9
	Loss and Loss Expense Analysis – Three Months Ended March 31, 2021	10
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	11
	Quarterly Property Casualty Data – Commercial Lines	12
	Quarterly Property Casualty Data – Personal Lines	13
	Quarterly Property Casualty Data – Excess & Surplus Lines	14
Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	15
	The Cincinnati Life Insurance Company Statutory Statements of Income	16
Other
	Quarterly Data – Other	17

CINF First-Quarter 2021 Supplemental Financial Data

2

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

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.

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.

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

CINF First-Quarter 2021 Supplemental Financial Data

3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended March 31, 2021
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	1,530	$	—	$	—	$	—	$	1,530
Life	—		—		87		—		—		87
Premiums ceded	—		(55)		(18)		—		—		(73)
Total earned premium	—		1,475		69		—		—		1,544
Investment income, net of expenses	21		112		41		—		—		174
Investment gains and losses, net	173		331		—		—		—		504
Fee revenues	—		2		1		—		—		3
Other revenues	4		1		—		1		(4)		2
Total revenues	$	198	$	1,921	$	111	$	1	$	(4)	$	2,227
Benefits & expenses
Losses & contract holders' benefits	$	—	$	946	$	107	$	—	$	—	$	1,053
Reinsurance recoveries	—		(23)		(27)		—		—		(50)
Underwriting, acquisition and insurance expenses	—		421		18		—		—		439
Interest expense	13		—		—		—		—		13
Other operating expenses	7		—		—		1		(4)		4
Total expenses	$	20	$	1,344	$	98	$	1	$	(4)	$	1,459
Income before income taxes	$	178	$	577	$	13	$	—	$	—	$	768
Provision for income taxes
Current operating income (loss)	$	(40)	$	(33)	$	3	$	—	$	—	$	(70)
Capital gains/losses	36		70		—		—		—		106
Deferred	38		74		—		—		—		112
Total provision for income taxes	$	34	$	111	$	3	$	—	$	—	$	148
Net income - current year	$	144	$	466	$	10	$	—	$	—	$	620
Net income (loss) - prior year	$	(488)	$	(725)	$	(13)	$	—	$	—	$	(1,226)
*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 First-Quarter 2021 Supplemental Financial Data

4

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			$	5	$	10	$	21	$	19	$	—		$	19		$	40		$	50
Current accident year losses 1 million - 5 million			31		52		46		53		50			103			149			202
Large loss prior accident year reserve development			24		13		(3)		7		26			33			30			42
Total large losses incurred			$	60	$	75	$	64	$	79	$	76		$	155		$	219		$	294
Losses incurred but not reported			102		60		38		134		79			213			251			310
Other losses excluding catastrophe losses			451		454		550		409		496			905			1,455			1,909
Catastrophe losses			150		58		261		226		123			349			611			670
Total losses incurred			$	763	$	647	$	913	$	848	$	774		$	1,622		$	2,536		$	3,183
Commercial Lines
Current accident year losses greater than 5 million			$	5	$	10	$	21	$	19	$	—		$	19		$	40		$	50
Current accident year losses 1 million - 5 million			26		35		20		45		36			81			100			135
Large loss prior accident year reserve development			26		10		(1)		5		22			27			27			36
Total large losses incurred			$	57	$	55	$	40	$	69	$	58		$	127		$	167		$	221
Losses incurred but not reported			39		50		60		72		58			130			190			240
Other losses excluding catastrophe losses			261		255		287		233		298			531			817			1,073
Catastrophe losses			35		23		125		119		82			201			327			350
Total losses incurred			$	392	$	383	$	512	$	493	$	496		$	989		$	1,501		$	1,884
Personal Lines
Current accident year losses greater than 5 million			$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—
Current accident year losses 1 million - 5 million			4		16		21		8		12			20			42			59
Large loss prior accident year reserve development			(1)		2		(2)		2		5			7			4			6
Total large losses incurred			$	3	$	18	$	19	$	10	$	17		$	27		$	46		$	65
Losses incurred but not reported			41		(1)		(24)		41		24			65			41			39
Other losses excluding catastrophe losses			130		134		156		105		127			232			388			523
Catastrophe losses			74		8		81		89		38			127			208			216
Total losses incurred			$	248	$	159	$	232	$	245	$	206		$	451		$	683		$	843
Excess & Surplus Lines
Current accident year losses greater than 5 million			$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—
Current accident year losses 1 million - 5 million			1		1		5		—		2			2			7			8
Large loss prior accident year reserve development			(1)		1		—		—		(1)			(1)			(1)			—
Total large losses incurred			$	—	$	2	$	5	$	—	$	1		$	1		$	6		$	8
Losses incurred but not reported			22		11		2		21		(3)			18			20			31
Other losses excluding catastrophe losses			15		21		24		20		29			50			74			95
Catastrophe losses			1		—		1		3		1			3			4			5
Total losses incurred			$	38	$	34	$	32	$	44	$	28		$	72		$	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 First-Quarter 2021 Supplemental Financial Data

5

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			0.3	%	0.7	%	1.5	%	1.4	%	—	%		0.7	%		0.9	%		0.9	%
Current accident year losses 1 million - 5 million			2.2		3.6		3.2		3.7		3.6			3.7			3.5			3.6
Large loss prior accident year reserve development			1.6		0.9		(0.3)		0.5		1.9			1.2			0.8			0.7
Total large loss ratio			4.1	%	5.2	%	4.4	%	5.6	%	5.5	%		5.6	%		5.2	%		5.2	%
Losses incurred but not reported			6.9		4.1		2.6		9.6		5.7			7.6			5.9			5.5
Other losses excluding catastrophe losses			30.5		31.3		38.0		29.2		35.6			32.4			34.3			33.4
Catastrophe losses			10.2		4.0		18.0		16.1		8.9			12.5			14.4			11.8
Total loss ratio			51.7	%	44.6	%	63.0	%	60.5	%	55.7	%		58.1	%		59.8	%		55.9	%
Commercial Lines
Current accident year losses greater than 5 million			0.6	%	1.1	%	2.5	%	2.2	%	—	%		1.1	%		1.5	%		1.4	%
Current accident year losses 1 million - 5 million			2.9		4.0		2.3		5.1		4.1			4.6			3.9			4.0
Large loss prior accident year reserve development			3.0		1.1		(0.2)		0.6		2.6			1.6			1.0			1.0
Total large loss ratio			6.5	%	6.2	%	4.6	%	7.9	%	6.7	%		7.3	%		6.4	%		6.4	%
Losses incurred but not reported			4.3		5.7		6.9		8.3		6.8			7.5			7.3			6.9
Other losses excluding catastrophe losses			29.4		29.0		33.1		26.8		34.5			30.7			31.5			30.8
Catastrophe losses			4.0		2.7		14.5		13.6		9.5			11.6			12.6			10.1
Total loss ratio			44.2	%	43.6	%	59.1	%	56.6	%	57.5	%		57.1	%		57.8	%		54.2	%
Personal Lines
Current accident year losses greater than 5 million			—	%	—	%	—	%	—	%	—	%		—	%		—	%		—	%
Current accident year losses 1 million - 5 million			1.2		4.4		5.8		2.3		3.5			2.9			3.8			4.0
Large loss prior accident year reserve development			(0.3)		0.6		(0.7)		0.5		1.3			0.9			0.4			0.4
Total large loss ratio			0.9	%	5.0	%	5.1	%	2.8	%	4.8	%		3.8	%		4.2	%		4.4	%
Losses incurred but not reported			11.0		(0.3)		(6.6)		11.3		6.6			8.9			3.7			2.7
Other losses excluding catastrophe losses			34.4		36.0		42.5		28.8		35.3			32.2			35.6			35.8
Catastrophe losses			19.6		2.1		22.1		24.6		10.5			17.5			19.1			14.7
Total loss ratio			65.9	%	42.8	%	63.1	%	67.5	%	57.2	%		62.4	%		62.6	%		57.6	%
Excess & Surplus Lines
Current accident year losses greater than 5 million			—	%	—	%	—	%	—	%	—	%		—	%		—	%		—	%
Current accident year losses 1 million - 5 million			1.2		1.1		6.4		—		2.6			1.3			3.0			2.5
Large loss prior accident year reserve development			(1.7)		1.2		0.1		0.1		(1.5)			(0.7)			(0.4)			—
Total large loss ratio			(0.5)	%	2.3	%	6.5	%	0.1	%	1.1	%		0.6	%		2.6	%		2.5	%
Losses incurred but not reported			24.8		12.6		2.6		27.2		(4.4)			11.3			8.4			9.5
Other losses excluding catastrophe losses			17.8		24.3		29.5		25.8		37.8			31.9			31.0			29.3
Catastrophe losses			1.0		0.4		1.2		3.3		0.9			2.1			1.8			1.4
Total loss ratio			43.1	%	39.6	%	39.8	%	56.4	%	35.4	%		45.9	%		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 First-Quarter 2021 Supplemental Financial Data

6

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			1	2	2	2	—		2		5		7
Current accident year reported losses   1 million - 5 million			24	37	34	28	27		55		85		117
Prior accident year reported losses on   large losses			20	14	13	9	20		27		41		49
Non-Catastrophe reported losses on      large losses total			45	53	49	39	47		84		131		173
Commercial Lines
Current accident year reported losses greater   than 5 million			1	2	2	2	—		2		5		7
Current accident year reported losses   1 million - 5 million			20	26	19	24	17		41		57		79
Prior accident year reported losses on   large losses			18	11	12	8	17		23		36		41
Non-Catastrophe reported losses on      large losses total			39	39	33	34	34		66		98		127
Personal Lines
Current accident year reported losses greater   than 5 million			—	—	—	—	—		—		—		—
Current accident year reported losses   1 million - 5 million			3	10	9	4	8		12		21		31
Prior accident year reported losses on   large losses			2	2	—	—	3		3		3		5
Non-Catastrophe reported losses on      large losses total			5	12	9	4	11		15		24		36
Excess & Surplus Lines
Current accident year reported losses greater   than 5 million			—	—	—	—	—		—		—		—
Current accident year reported losses   1 million - 5 million			1	1	6	—	2		2		7		7
Prior accident year reported losses on   large losses			—	1	1	1	—		1		2		3
Non-Catastrophe reported losses on      large losses total			1	2	7	1	2		3		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 First-Quarter 2021 Supplemental Financial Data

7

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				$	363		$	287		$	269		$	308		$	341			$	649			$	918			$	1,205
Year over year change %- written premium				6		%	7		%	2		%	4		%	13		%		8		%		6		%		7		%
Earned premiums				$	303		$	297		$	290		$	289		$	289			$	577			$	868			$	1,165
Current accident year before catastrophe losses				64.5		%	64.5		%	63.1		%	62.6		%	65.8		%		64.1		%		63.8		%		64.0		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				(2.2)			(6.1)			(3.2)			(7.5)			(1.6)				(4.5)				(4.1)				(4.6)
Prior accident years catastrophe losses				—			—			—			—			—				—				—				—
Total loss and loss expense ratio				62.3		%	58.4		%	59.9		%	55.1		%	64.2		%		59.6		%		59.7		%		59.4		%
Commercial property:
Written premiums				$	267		$	246		$	252		$	260		$	261			$	521			$	773			$	1,019
Year over year change %- written premium				2		%	—		%	3		%	5		%	6		%		5		%		5		%		3		%
Earned premiums				$	253		$	255		$	252		$	254		$	249			$	504			$	755			$	1,010
Current accident year before catastrophe losses				53.8		%	52.9		%	53.0		%	50.9		%	47.8		%		49.4		%		50.6		%		51.2		%
Current accident year catastrophe losses				20.0			13.2			50.5			48.5			34.2				41.4				44.4				36.5
Prior accident years before catastrophe losses				(2.0)			(2.4)			(1.3)			1.9			0.7				1.3				0.5				(0.3)
Prior accident years catastrophe losses				(6.3)			(2.5)			0.3			(2.0)			(1.1)				(1.6)				(1.0)				(1.3)
Total loss and loss expense ratio				65.5		%	61.2		%	102.5		%	99.3		%	81.6		%		90.5		%		94.5		%		86.1		%
Commercial auto:
Written premiums				$	223		$	179		$	171		$	205		$	208			$	413			$	584			$	763
Year over year change %- written premium				7		%	2		%	(3)		%	5		%	11		%		8		%		4		%		4		%
Earned premiums				$	193		$	192		$	189		$	189		$	185			$	374			$	563			$	755
Current accident year before catastrophe losses				63.1		%	57.1		%	56.2		%	64.2		%	70.9		%		67.5		%		63.7		%		62.1		%
Current accident year catastrophe losses				1.6			—			0.4			2.2			1.2				1.7				1.3				0.9
Prior accident years before catastrophe losses				(12.4)			1.4			5.5			(1.1)			3.3				1.1				2.5				2.3
Prior accident years catastrophe losses				(0.3)			—			(0.1)			—			(0.2)				(0.1)				(0.1)				(0.1)
Total loss and loss expense ratio				52.0		%	58.5		%	62.0		%	65.3		%	75.2		%		70.2		%		67.4		%		65.2		%
Workers' compensation:
Written premiums				$	88		$	58		$	51		$	65		$	92			$	157			$	208			$	266
Year over year change %- written premium				(4)		%	(8)		%	(18)		%	(13)		%	(2)		%		(7)		%		(10)		%		(10)		%
Earned premiums				$	67		$	64		$	64		$	68		$	75			$	143			$	207			$	271
Current accident year before catastrophe losses				76.6		%	82.3		%	81.7		%	81.8		%	81.1		%		81.4		%		81.5		%		81.7		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				(37.9)			(10.4)			(9.6)			(27.8)			(9.8)				(18.3)				(15.7)				(14.4)
Prior accident years catastrophe losses				—			—			—			—			—				—				—				—
Total loss and loss expense ratio				38.7		%	71.9		%	72.1		%	54.0		%	71.3		%		63.1		%		65.8		%		67.3		%
Other commercial:
Written premiums				$	78		$	70		$	71		$	70		$	70			$	140			$	211			$	281
Year over year change %- written premium				11		%	6		%	1		%	8		%	9		%		9		%		6		%		6		%
Earned premiums				$	70		$	70		$	70		$	70		$	65			$	135			$	205			$	275
Current accident year before catastrophe losses				38.2		%	38.5		%	36.0		%	35.5		%	39.1		%		37.3		%		36.9		%		37.3		%
Current accident year catastrophe losses				—			—			0.3			0.1			0.1				0.1				0.2				0.1
Prior accident years before catastrophe losses				(7.7)			(2.8)			(0.7)			(1.7)			1.7				(0.1)				(0.3)				(0.9)
Prior accident years catastrophe losses				—			0.1			(0.1)			—			0.2				0.1				—				—
Total loss and loss expense ratio				30.5		%	35.8		%	35.5		%	33.9		%	41.1		%		37.4		%		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 First-Quarter 2021 Supplemental Financial Data

8

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				$	136		$	139		$	166		$	169		$	137			$	306			$	472			$	611
Year over year change %- written premium				(1)		%	(1)		%	—		%	(2)		%	(2)		%		(2)		%		(1)		%		(2)		%
Earned premiums				$	152		$	153		$	154		$	154		$	154			$	308			$	462			$	615
Current accident year before catastrophe losses				66.1		%	46.6		%	48.5		%	64.7		%	69.4		%		67.0		%		60.9		%		57.3		%
Current accident year catastrophe losses				2.6			—			2.6			1.5			2.1				1.8				2.0				1.6
Prior accident years before catastrophe losses				(9.3)			2.6			0.5			(4.2)			(8.1)				(6.1)				(3.9)				(2.3)
Prior accident years catastrophe losses				(0.5)			—			—			(0.2)			(0.4)				(0.3)				(0.2)				(0.2)
Total loss and loss expense ratio				58.9		%	49.2		%	51.6		%	61.8		%	63.0		%		62.4		%		58.8		%		56.4		%
Homeowner:
Written premiums				$	156		$	167		$	189		$	197		$	140			$	337			$	526			$	693
Year over year change %- written premium				11		%	10		%	9		%	12		%	8		%		10		%		10		%		10		%
Earned premiums				$	174		$	171		$	165		$	163		$	159			$	322			$	487			$	658
Current accident year before catastrophe losses				51.6		%	45.2		%	48.2		%	45.0		%	53.5		%		49.2		%		48.9		%		47.9		%
Current accident year catastrophe losses				41.1			7.5			46.1			51.7			23.8				37.9				40.7				32.1
Prior accident years before catastrophe losses				(0.5)			3.2			1.7			4.5			(8.7)				(2.0)				(0.8)				0.3
Prior accident years catastrophe losses				(0.7)			0.2			(1.6)			(0.1)			(2.3)				(1.2)				(1.3)				(1.0)
Total loss and loss expense ratio				91.5		%	56.1		%	94.4		%	101.1		%	66.3		%		83.9		%		87.5		%		79.3		%
Other personal:
Written premiums				$	46		$	48		$	52		$	57		$	42			$	99			$	151			$	199
Year over year change %- written premium				10		%	12		%	6		%	8		%	8		%		8		%		7		%		8		%
Earned premiums				$	50		$	49		$	48		$	47		$	46			$	93			$	141			$	190
Current accident year before catastrophe losses				50.0		%	49.1		%	49.6		%	48.5		%	50.5		%		49.5		%		49.5		%		49.4		%
Current accident year catastrophe losses				3.6			(0.3)			10.6			11.8			4.6				8.2				9.0				6.6
Prior accident years before catastrophe losses				(3.8)			0.3			(0.7)			(1.4)			6.3				2.4				1.4				1.1
Prior accident years catastrophe losses				(1.5)			(0.4)			(0.2)			(0.7)			(0.6)				(0.6)				(0.5)				(0.4)
Total loss and loss expense ratio				48.3		%	48.7		%	59.3		%	58.2		%	60.8		%		59.5		%		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				$	99		$	92		$	80		$	91		$	85			$	176			$	256			$	348
Year over year change %- written premium				16		%	15		%	8		%	17		%	20		%		18		%		15		%		15		%
Earned premiums				$	89		$	87		$	82		$	78		$	78			$	156			$	238			$	325
Current accident year before catastrophe losses				61.0		%	57.6		%	58.5		%	59.0		%	55.7		%		57.4		%		57.8		%		57.7		%
Current accident year catastrophe losses				1.3			0.4			1.0			3.6			0.5				2.0				1.7				1.3
Prior accident years before catastrophe losses				4.7			(1.5)			(1.5)			11.2			0.7				5.9				3.4				2.1
Prior accident years catastrophe losses				(0.3)			0.1			0.2			(0.2)			0.5				0.2				0.1				0.2
Total loss and loss expense ratio				66.7		%	56.6		%	58.2		%	73.6		%	57.4		%		65.5		%		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 First-Quarter 2021 Supplemental Financial Data

9

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 March 31, 2021
Commercial casualty		$	94		$	47		$	141		$	7		$	15		$	36		$	58		$	101		$	15		$	83		$	199
Commercial property		141			18			159			(28)			38			(4)			6			113			38			14			165
Commercial auto		82			20			102			9			8			(19)			(2)			91			8			1			100
Workers' compensation		33			8			41			13			(26)			1			(12)			46			(26)			9			29
Other commercial		14			3			17			1			3			—			4			15			3			3			21
Total commercial lines		364			96			460			2			38			14			54			366			38			110			514
Personal auto		66			17			83			(2)			14			(6)			6			64			14			11			89
Homeowners		84			13			97			10			52			—			62			94			52			13			159
Other personal		13			2			15			—			9			—			9			13			9			2			24
Total personal lines		163			32			195			8			75			(6)			77			171			75			26			272
Excess & surplus lines		21			11			32			(4)			22			10			28			17			22			21			60
Other		54			2			56			(2)			45			1			44			52			45			3			100
Total property casualty		$	602		$	141		$	743		$	4		$	180		$	19		$	203		$	606		$	180		$	160		$	946
Ceded loss and loss expense incurred for the three months ended March 31, 2021
Commercial casualty		$	—		$	—		$	—		$	11		$	(1)		$	(1)		$	9		$	11		$	(1)		$	(1)		$	9
Commercial property		32			—			32			(30)			(3)			—			(33)			2			(3)			—			(1)
Commercial auto		—			—			—			—			—			—			—			—			—			—			—
Workers' compensation		2			—			2			1			—			—			1			3			—			—			3
Other commercial		—			—			—			—			—			—			—			—			—			—			—
Total commercial lines		34			—			34			(18)			(4)			(1)			(23)			16			(4)			(1)			11
Personal auto		—			—			—			(1)			—			—			(1)			(1)			—			—			(1)
Homeowners		1			—			1			(1)			—			—			(1)			—			—			—			—
Other personal		—			—			—			—			—			—			—			—			—			—			—
Total personal lines		1			—			1			(2)			—			—			(2)			(1)			—			—			(1)
Excess & surplus lines		—			—			—			1			—			—			1			1			—			—			1
Other		3			—			3			—			9			—			9			3			9			—			12
Total property casualty		$	38		$	—		$	38		$	(19)		$	5		$	(1)		$	(15)		$	19		$	5		$	(1)		$	23
Net loss and loss expense incurred for the three months ended March 31, 2021
Commercial casualty		$	94		$	47		$	141		$	(4)		$	16		$	37		$	49		$	90		$	16		$	84		$	190
Commercial property		109			18			127			2			41			(4)			39			111			41			14			166
Commercial auto		82			20			102			9			8			(19)			(2)			91			8			1			100
Workers' compensation		31			8			39			12			(26)			1			(13)			43			(26)			9			26
Other commercial		14			3			17			1			3			—			4			15			3			3			21
Total commercial lines		330			96			426			20			42			15			77			350			42			111			503
Personal auto		66			17			83			(1)			14			(6)			7			65			14			11			90
Homeowners		83			13			96			11			52			—			63			94			52			13			159
Other personal		13			2			15			—			9			—			9			13			9			2			24
Total personal lines		162			32			194			10			75			(6)			79			172			75			26			273
Excess & surplus lines		21			11			32			(5)			22			10			27			16			22			21			59
Other		51			2			53			(2)			36			1			35			49			36			3			88
Total property casualty		$	564		$	141		$	705		$	23		$	175		$	20		$	218		$	587		$	175		$	161		$	923
*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 First-Quarter 2021 Supplemental Financial Data

10

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				$	1,276		$	1,145		$	1,153		$	1,244		$	1,198			$	2,442			$	3,595			$	4,740
Agency new business written premiums				220			185			189			210			215				425				614				799
Other written premiums				197			64			51			105			105				210				261				325
Net written premiums				$	1,693		$	1,394		$	1,393		$	1,559		$	1,518			$	3,077			$	4,470			$	5,864
Unearned premium change				(218)			55			57			(156)			(129)				(285)				(228)				(173)
Earned premiums				$	1,475		$	1,449		$	1,450		$	1,403		$	1,389			$	2,792			$	4,242			$	5,691
Year over year change %
Agency renewal written premiums				7		%	6		%	3		%	5		%	6		%		5		%		5		%		5		%
Agency new business written premiums				2			(4)			(2)			(1)			19				8				5				3
Other written premiums				88			106			28			35			50				42				39				48
Net written premiums				12			7			3			6			10				8				6				6
Paid losses and loss expenses
Losses paid				$	564		$	690		$	628		$	624		$	663			$	1,289			$	1,917			$	2,607
Loss expenses paid				141			146			151			127			154				279				430				576
Loss and loss expenses paid				$	705		$	836		$	779		$	751		$	817			$	1,568			$	2,347			$	3,183
Incurred losses and loss expenses
Loss and loss expense incurred				$	923		$	829		$	1,071		$	1,007		$	930			$	1,937			$	3,008			$	3,837
Loss and loss expenses paid as a % of incurred				76.4		%	100.8		%	72.7		%	74.6		%	87.7		%		80.9		%		78.0		%		83.0		%
Statutory combined ratio
Loss ratio				52.0		%	44.5		%	59.8		%	60.4		%	56.1		%		58.2		%		58.8		%		55.1		%
Loss adjustment expense ratio				11.0			12.9			11.3			11.6			11.3				11.5				11.4				11.8
Net underwriting expense ratio				26.7			31.2			30.2			28.8			29.2				29.0				29.3				29.8
US Statutory combined ratio				89.7		%	88.6		%	101.3		%	100.8		%	96.6		%		98.7		%		99.5		%		96.7		%
Contribution from catastrophe losses				10.1			3.6			16.0			15.8			9.3				12.6				13.7				11.2
Statutory combined ratio excl. catastrophe losses				79.6		%	85.0		%	85.3		%	85.0		%	87.3		%		86.1		%		85.8		%		85.5		%
GAAP combined ratio
GAAP combined ratio				91.2		%	87.3		%	103.6		%	103.1		%	98.5		%		100.8		%		101.8		%		98.1		%
Contribution from catastrophe losses				10.4			4.7			18.3			16.5			9.1				12.8				14.7				12.1
GAAP combined ratio excl. catastrophe losses				80.8		%	82.6		%	85.3		%	86.6		%	89.4		%		88.0		%		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 ratios exclude the results of Cincinnati Global.<br>Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF First-Quarter 2021 Supplemental Financial Data

11

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				$	898		$	759		$	727		$	794		$	842			$	1,636			$	2,363			$	3,122
Agency new business written premiums				145			113			114			134			154				288				402				515
Other written premiums				(24)			(32)			(27)			(20)			(24)				(44)				(71)				(103)
Net written premiums				$	1,019		$	840		$	814		$	908		$	972			$	1,880			$	2,694			$	3,534
Unearned premium change				(133)			38			51			(38)			(109)				(147)				(96)				(58)
Earned premiums				$	886		$	878		$	865		$	870		$	863			$	1,733			$	2,598			$	3,476
Year over year change %
Agency renewal written premiums				7		%	6		%	2		%	4		%	5		%		4		%		4		%		4		%
Agency new business written premiums				(6)			(12)			(8)			(2)			28				12				6				1
Other written premiums				—			(10)			(29)			20			(4)				8				(3)				(5)
Net written premiums				5			3			—			3			8				6				4				4
Paid losses and loss expenses
Losses paid				$	330		$	408		$	378		$	367		$	426			$	795			$	1,173			$	1,581
Loss expenses paid				96			98			103			86			103				189				291				388
Loss and loss expenses paid				$	426		$	506		$	481		$	453		$	529			$	984			$	1,464			$	1,969
Incurred losses and loss expenses
Loss and loss expense incurred				$	503		$	512		$	620		$	596		$	608			$	1,204			$	1,824			$	2,336
Loss and loss expenses paid as a % of incurred				84.7		%	98.8		%	77.6		%	76.0		%	87.0		%		81.7		%		80.3		%		84.3		%
Statutory combined ratio
Loss ratio				44.3		%	43.6		%	59.1		%	56.7		%	57.5		%		57.0		%		57.8		%		54.2		%
Loss adjustment expense ratio				12.4			14.8			12.5			11.8			12.9				12.4				12.4				13.0
Net underwriting expense ratio				26.2			32.0			32.0			28.6			28.9				28.8				29.7				30.3
Statutory combined ratio				82.9		%	90.4		%	103.6		%	97.1		%	99.3		%		98.2		%		99.9		%		97.5		%
Contribution from catastrophe losses				4.2			3.1			14.8			14.0			9.8				11.9				12.9				10.4
Statutory combined ratio excl. catastrophe losses				78.7		%	87.3		%	88.8		%	83.1		%	89.5		%		86.3		%		87.0		%		87.1		%
GAAP combined ratio
GAAP combined ratio				85.4		%	89.2		%	102.4		%	99.1		%	102.5		%		100.8		%		101.3		%		98.3		%
Contribution from catastrophe losses				4.2			3.1			14.8			14.0			9.8				11.9				12.9				10.4
GAAP combined ratio excl. catastrophe losses				81.2		%	86.1		%	87.6		%	85.1		%	92.7		%		88.9		%		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 First-Quarter 2021 Supplemental Financial Data

12

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				$	302		$	317		$	366		$	387		$	294			$	681			$	1,047			$	1,364
Agency new business written premiums				46			45			51			44			34				78				129				174
Other written premiums				(10)			(8)			(10)			(8)			(9)				(17)				(27)				(35)
Net written premiums				$	338		$	354		$	407		$	423		$	319			$	742			$	1,149			$	1,503
Unearned premium change				38			19			(40)			(59)			40				(19)				(59)				(40)
Earned premiums				$	376		$	373		$	367		$	364		$	359			$	723			$	1,090			$	1,463
Year over year change %
Agency renewal written premiums				3		%	3		%	3		%	6		%	4		%		5		%		4		%		4		%
Agency new business written premiums				35			25			28			(6)			(3)				(5)				6				10
Other written premiums				(11)			11			(25)			20			(13)				6				(4)				—
Net written premiums				6			5			5			5			3				4				5				5
Paid losses and loss expenses
Losses paid				$	162		$	200		$	200		$	203		$	173			$	376			$	577			$	778
Loss expenses paid				32			36			38			30			40				69				106				143
Loss and loss expenses paid				$	194		$	236		$	238		$	233		$	213			$	445			$	683			$	921
Incurred losses and loss expenses
Loss and loss expense incurred				$	273		$	195		$	265		$	286		$	231			$	517			$	782			$	977
Loss and loss expenses paid as a % of incurred				71.1		%	121.0		%	89.8		%	81.5		%	92.2		%		86.1		%		87.3		%		94.3		%
Statutory combined ratio
Loss ratio				65.9		%	42.8		%	63.1		%	67.5		%	57.2		%		62.4		%		62.6		%		57.6		%
Loss adjustment expense ratio				6.7			9.5			8.9			11.4			6.9				9.1				9.1				9.2
Net underwriting expense ratio				30.7			30.6			26.9			29.4			32.1				30.6				29.3				29.6
Statutory combined ratio				103.3		%	82.9		%	98.9		%	108.3		%	96.2		%		102.1		%		101.0		%		96.4		%
Contribution from catastrophe losses				19.8			3.4			22.5			25.1			10.7				17.9				19.5				15.4
Statutory combined ratio excl. catastrophe losses				83.5		%	79.5		%	76.4		%	83.2		%	85.5		%		84.2		%		81.5		%		81.0		%
GAAP combined ratio
GAAP combined ratio				101.1		%	81.3		%	100.7		%	112.3		%	94.3		%		103.4		%		102.5		%		97.1		%
Contribution from catastrophe losses				19.8			3.4			22.5			25.1			10.7				17.9				19.5				15.4
GAAP combined ratio excl. catastrophe losses				81.3		%	77.9		%	78.2		%	87.2		%	83.6		%		85.5		%		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 First-Quarter 2021 Supplemental Financial Data

13

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		$	69		$	60		$	63		$	62			$	125			$	185			$	254
Agency new business written premiums				29			27			24			32			27				59				83				110
Other written premiums				(6)			(4)			(4)			(4)			(4)				(8)				(12)				(16)
Net written premiums				$	99		$	92		$	80		$	91		$	85			$	176			$	256			$	348
Unearned premium change				(10)			(5)			2			(13)			(7)				(20)				(18)				(23)
Earned premiums				$	89		$	87		$	82		$	78		$	78			$	156			$	238			$	325
Year over year change %
Agency renewal written premiums				23		%	23		%	20		%	17		%	27		%		21		%		21		%		22		%
Agency new business written premiums				7			(4)			(14)			14			4				9				1				—
Other written premiums				(50)			—			—			—			—				—				—				—
Net written premiums				16			15			8			17			20				18				15				15
Paid losses and loss expenses
Losses paid				$	21		$	22		$	14		$	14		$	23			$	37			$	51			$	73
Loss expenses paid				11			10			10			9			9				19				29				39
Loss and loss expenses paid				$	32		$	32		$	24		$	23		$	32			$	56			$	80			$	112
Incurred losses and loss expenses
Loss and loss expense incurred				$	59		$	49		$	48		$	57		$	45			$	102			$	150			$	199
Loss and loss expenses paid as a % of incurred				54.2		%	65.3		%	50.0		%	40.4		%	71.1		%		54.9		%		53.3		%		56.3		%
Statutory combined ratio
Loss ratio				43.1		%	39.6		%	39.8		%	56.4		%	35.4		%		45.9		%		43.8		%		42.7		%
Loss adjustment expense ratio				23.6			17.0			18.5			17.2			22.0				19.5				19.2				18.6
Net underwriting expense ratio				26.4			28.3			29.6			26.6			28.8				27.7				28.3				28.3
Statutory combined ratio				93.1		%	84.9		%	87.9		%	100.2		%	86.2		%		93.1		%		91.3		%		89.6		%
Contribution from catastrophe losses				1.0			0.5			1.2			3.4			1.0				2.2				1.8				1.5
Statutory combined ratio excl. catastrophe losses				92.1		%	84.4		%	86.7		%	96.8		%	85.2		%		90.9		%		89.5		%		88.1		%
GAAP combined ratio
GAAP combined ratio				92.0		%	83.2		%	86.7		%	102.0		%	89.1		%		95.5		%		92.5		%		90.0		%
Contribution from catastrophe losses				1.0			0.5			1.2			3.4			1.0				2.2				1.8				1.5
GAAP combined ratio excl. catastrophe losses				91.0		%	82.7		%	85.5		%	98.6		%	88.1		%		93.3		%		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 First-Quarter 2021 Supplemental Financial Data

14

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended March 31,
(Dollars in millions)		2021		2020		Change		% Change
Underwriting income
Net premiums written		$	1,652	$	1,481	$	171	12
Unearned premium change		209		119		90		76
Earned premiums		$	1,443	$	1,362	$	81	6
Losses incurred		$	750	$	764	$	(14)	(2)
Defense and cost containment expenses incurred		80		81		(1)		(1)
Adjusting and other expenses incurred		79		74		5		7
Other underwriting expenses incurred		439		430		9		2
Workers compensation dividend incurred		2		3		(1)		(33)
Total underwriting deductions		$	1,350	$	1,352	$	(2)	—
Net underwriting profit		$	93	$	10	$	83	nm
Investment income
Gross investment income earned		$	109	$	105	$	4	4
Net investment income earned		107		103		4		4
Net realized capital gains and losses, net		(3)		(46)		43		93
Net investment gains (net of tax)		$	104	$	57	$	47	82
Other income		$	2	$	2	$	—	—
Net income before federal income taxes		$	199	$	69	$	130	188
Federal and foreign income taxes incurred		30		5		25		500
Net income (statutory)		$	169	$	64	$	105	164
Policyholders' surplus - statutory		$	6,101	$	4,740	$	1,361	29
Fixed maturities at amortized cost - statutory		$	7,589	$	7,346	$	243	3
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>*nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2021 Supplemental Financial Data

15

The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended March 31,
(Dollars in millions)		2021		2020		Change		% Change
Net premiums written		$	87	$	77	$	10	13
Net investment income		43		43		—		—
Commissions and expense allowances on reinsurance ceded		1		1		—		—
Total revenues		$	131	$	121	$	10	8
Death benefits and matured endowments		$	49	$	31	$	18	58
Annuity benefits		14		22		(8)		(36)
Disability benefits and benefits under accident and health contracts		1		1		—		—
Surrender benefits and group conversions		8		6		2		33
Interest and adjustments on deposit-type contract funds		1		2		(1)		(50)
Increase in aggregate reserves for life and accident and health contracts		23		21		2		10
Total benefit expenses		$	96	$	83	$	13	16
Commissions		$	12	$	13	$	(1)	(8)
General insurance expenses and taxes		12		13		(1)		(8)
Increase in loading on deferred and uncollected premiums		3		8		(5)		(63)
Total underwriting expenses		$	27	$	34	$	(7)	(21)
Federal and foreign income taxes incurred		2		1		1		100
Net gain from operations before capital gains and losses		$	6	$	3	$	3	100
Gains and losses net of capital gains tax, net		—		(33)		33		100
Net income (statutory)		$	6	$	(30)	$	36	nm
Policyholders' surplus - statutory		$	242	$	201	$	41	20
Fixed maturities at amortized cost - statutory		$	3,627	$	3,468	$	159	5
*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 First-Quarter 2021 Supplemental Financial Data

16

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				$	196		$	59		$	54		$	84		$	105			$	189			$	242			$	302
Year over year change %- written premium				87		%	64		%	52		%	15		%	25		%		20		%		26		%		32		%
Earned premiums				$	92		$	69		$	71		$	57		$	62			$	119			$	190			$	259
Current accident year before catastrophe losses				42.1		%	57.2		%	56.1		%	79.6		%	47.6		%		63.0		%		60.4		%		59.6		%
Current accident year catastrophe losses				35.4			15.4			22.3			—			—				—				8.4				10.2
Prior accident years before catastrophe losses				3.0			1.2			5.5			(0.6)			3.1				1.3				2.8				2.4
Prior accident years catastrophe losses				—			—			(8.6)			(0.1)			6.3				3.2				(1.2)				(0.9)
Total loss and loss expense ratio				80.5		%	73.8		%	75.3		%	78.9		%	57.0		%		67.5		%		70.4		%		71.3		%
Cincinnati Global:
Written premiums				$	41		$	49		$	38		$	53		$	37			$	90			$	129			$	177
Year over year change %- written premium				11		%	32		%	—		%	20		%	76		%		38		%		25		%		26		%
Earned premiums				$	32		$	42		$	65		$	34		$	27			$	61			$	126			$	168
Current accident year before catastrophe losses				30.9		%	23.7		%	62.9		%	49.6		%	63.7		%		55.6		%		59.4		%		50.4		%
Current accident year catastrophe losses				55.8			58.8			68.7			42.4			—				24.1				46.9				49.9
Prior accident years before catastrophe losses				(12.0)			(11.9)			(0.1)			(27.9)			(19.5)				(24.2)				(11.8)				(11.9)
Prior accident years catastrophe losses				(31.0)			(19.5)			(0.1)			1.0			(3.2)				(0.8)				(0.4)				(5.2)
Total loss and loss expense ratio				43.7		%	51.1		%	131.4		%	65.1		%	41.0		%		54.7		%		94.1		%		83.2		%
Noninsurance operations:
Interest and fees on loans and leases				$	1		$	2		$	1		$	2		$	1			$	3			$	4			$	6
Other revenue				1			—			2			1			1				2				4				4
Interest expense				13			14			13			14			13				27				40				54
Operating expenses				4			5			5			5			5				10				15				20
Total noninsurance operations loss				$	(15)		$	(17)		$	(15)		$	(16)		$	(16)			$	(32)			$	(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 First-Quarter 2021 Supplemental Financial Data

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