8-K - CINF - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report: October 31, 2022

(Date of earliest event reported)

CINCINNATI FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

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

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

N/A

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

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

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

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

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

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

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

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

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

☐ Emerging growth company

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

Item 2.02 Results of Operations and Financial Condition.

On October 31, 2022, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Third-Quarter 2022 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On October 31, 2022, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference.

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

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

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 — News release dated October 31 , 2022, titled "Cincinnati Financial Reports Third -Quarter 2022 Results"

Exhibit 99.2 — Supplemental Financial Data for the period ending September 30, 2022, distributed October 31 , 2022.

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

Signature

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

	CINCINNATI FINANCIAL CORPORATION
Date: October 31, 2022	/S/ Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Executive Vice President and Treasurer
	(Principal Accounting Officer)

Document

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

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

CINF-IR@cinfin.com

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

Media_Inquiries@cinfin.com

Cincinnati Financial Reports Third-Quarter 2022 Results

Cincinnati, October 31, 2022 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Third-quarter 2022 net loss of $418 million, or $2.64 per share, compared with net income of $153 million, or 94 cents per share, in the third quarter of 2021, after recognizing a $557 million third-quarter 2022 after-tax reduction in the fair value of equity securities still held.

•$95 million or 45% decrease in non-GAAP operating income* to $114 million, or 73 cents per share, compared with $209 million, or $1.28 per share, in the third quarter of last year.

•$571 million decrease in third-quarter 2022 net income, compared with third-quarter 2021, reflecting the after-tax net effect of a $476 million decrease in net investment gains and a $114 million decrease in after-tax property casualty underwriting income.

•$60.01 book value per share at September 30, 2022, down $21.71 since year-end.

•Negative 24.0% value creation ratio for the first nine months of 2022, compared with positive 12.4% for the same period of 2021.

Financial Highlights

(Dollars in millions, except per share data)
	2022			2021			% Change		2022			2021			% Change
Revenue Data
Earned premiums		$	1,882		$	1,669		13		$	5,345		$	4,806		11
Investment income, net of expenses		193			179			8		573			528			9
Total revenues		1,408			1,785			(21)		3,443			6,307			(45)
Income Statement Data
Net income (loss)		$	(418)		$	153		nm		$	(1,499)		$	1,476		nm
Investment gains and losses, after-tax		(532)			(56)			nm		(1,970)			753			nm
Non-GAAP operating income*		$	114		$	209		(45)		$	471		$	723		(35)
Per Share Data (diluted)
Net income (loss)		$	(2.64)		$	0.94		nm		$	(9.41)		$	9.07		nm
Investment gains and losses, after-tax		(3.37)			(0.34)			nm		(12.37)			4.63			nm
Non-GAAP operating income*		$	0.73		$	1.28		(43)		$	2.96		$	4.44		(33)
Book value										$	60.01		$	73.49		(18)
Cash dividend declared		$	0.69		$	0.63		10		$	2.07		$	1.89		10
Diluted weighted average shares outstanding		158.0			162.9			(3)		159.3			162.8			(2)

* 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 3Q22 Release 1

Insurance Operations Highlights

•103.9% third-quarter 2022 property casualty combined ratio, up from 92.6% for the third quarter of 2021.

•14% growth in third-quarter net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.

•$264 million third-quarter 2022 property casualty new business written premiums, up 15%. Agencies appointed since the beginning of 2021 contributed $19 million or 7% of total new business written premiums.

•$21 million third-quarter 2022 life insurance subsidiary net income, up $10 million from the third quarter of 2021, and 4% growth in third-quarter 2022 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•8% or $14 million increase in third-quarter 2022 pretax investment income, including an 8% increase for stock portfolio dividends and a 7% increase for bond interest income.

•Three-month decrease of 4% in fair value of total investments at September 30, 2022, including a 2% decrease for the bond portfolio and a 7% decrease for the stock portfolio.

•$3.836 billion parent company cash and marketable securities at September 30, 2022, down 24% from year-end 2021.

Investments Lead Profits

Steven J. Johnston, chairman and chief executive officer, commented: “Investment income in the third quarter of 2022 continued to contribute to a positive operating profit. Steady cash flow from 10 consecutive years of underwriting profit helps fuel our investment approach, allowing us to continually invest new money in both the equity and fixed-maturity securities markets.

“As previously announced, losses from Hurricane Ian pushed our third-quarter combined ratio to 103.9%. Confident in our balance sheet, we were able to focus on what was important: outstanding claims service. I applaud the efforts of our associates who worked quickly to comfort those who had experienced loss and get them moving toward recovery.

“Our property casualty insurance business remains profitable for the year so far, recording a 99.2% combined ratio through the end of September, within our long-term goal of a 95% to 100% combined ratio.

“For both the third quarter and first nine months of the year, our combined ratios before catastrophes rose compared to 2021’s excellent results. These ratios, which filter out much of the effects of severe weather, continue to include increased uncertainty of estimated ultimate losses, due in part to elevated paid losses reflecting economic or other forms of inflation.”

Tackling Inflation in Insurance

“Our sophisticated pricing models give us a robust view of the many factors impacting our business. We can examine these elements to clearly see the actions we need to take to address inflation.

“When considering new or renewal business, our underwriters are focused on risk selection and pricing discipline. Our continued strong net written premium growth of 14% on both a quarterly and nine-month basis reflects our management of both exposure growth and net rate increases that factor in expected inflation effects. Premium growth also benefits from 162 new agency appointments so far this year and our efforts to gain a larger share of each agency’s business.

“In this inflationary environment, we must keep up with increases in the costs of building materials when pricing property coverage. For our homeowners business, we automatically apply an inflation factor on all renewal policies to adjust exposure amounts. On commercial property policies, we use third-party data to evaluate insurance to value for each account. For the third quarter, we averaged a commercial property premium increase effect roughly double what it was a year ago.

“Looking at only the average amount of renewal price increases can mask the actual impact of segmentation and the fact that policies are priced on an account-by-account basis with some experiencing higher than average increases and some experiencing lower than average increases – based on the risk factors appropriate for that individual account. However, personal auto is one line of business where we see the need for rate increases nearly across the board. Inflation levels our industry hasn’t experienced in decades, combined with increasingly distracted drivers, continue to push both severity and frequency of claims higher.”

Confidence in the Future

“Our confidence in our ongoing ability to produce value for our shareholders far into the future is unwavering. Our talented and dedicated associates are working vigorously with the independent agents who represent us to drive our multi-pronged strategy to continue growing our insurance business profitably.”

CINF 3Q22 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)
	2022			2021			% Change	2022			2021			% Change
Earned premiums	$	1,809		$	1,596		13	$	5,124		$	4,585		12
Fee revenues	3			3			0	8			8			0
Total revenues	1,812			1,599			13	5,132			4,593			12
Loss and loss expenses	1,348			988			36	3,544			2,741			29
Underwriting expenses	530			490			8	1,541			1,377			12
Underwriting profit (loss)	$	(66)		$	121		nm	$	47		$	475		(90)
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	74.5		%	61.9		%	12.6	69.1		%	59.8		%	9.3
Underwriting expenses	29.4			30.7			(1.3)	30.1			30.0			0.1
Combined ratio	103.9		%	92.6		%	11.3	99.2		%	89.8		%	9.4
							% Change							% Change
Agency renewal written premiums	$	1,390		$	1,244		12	$	4,269		$	3,853		11
Agency new business written premiums	264			230			15	794			685			16
Other written premiums	96			64			50	550			407			35
Net written premiums	$	1,750		$	1,538		14	$	5,613		$	4,945		14
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	61.7		%	54.7		%	7.0	61.0		%	56.3		%	4.7
Current accident year catastrophe losses	15.2			13.6			1.6	10.9			10.7			0.2
Prior accident years before catastrophe losses	(1.1)			(7.0)			5.9	(1.4)			(6.1)			4.7
Prior accident years catastrophe losses	(1.3)			0.6			(1.9)	(1.4)			(1.1)			(0.3)
Loss and loss expense ratio	74.5		%	61.9		%	12.6	69.1		%	59.8		%	9.3
Current accident year combined ratio before<br> catastrophe losses	91.1		%	85.4		%	5.7	91.1		%	86.3		%	4.8

•$212 million or 14% growth of third-quarter 2022 property casualty net written premiums, and nine-month growth also of 14%, reflecting premium growth initiatives, price increases and a higher level of insured exposures. Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM in total contributed 3 percentage points to property casualty growth for both the third quarter and first nine months of 2022.

•$34 million or 15% increase in third-quarter 2022 new business premiums written by agencies and a nine-month increase of 16%. The third-quarter growth included an $11 million increase in standard market property casualty production from agencies appointed since the beginning of 2021.

•162 new agency appointments in the first nine months of 2022, including 52 that market only our personal lines products.

•11.3 percentage-point third-quarter 2022 combined ratio increase that reflects elevated inflation effects including an increase of 4.2 points from higher commercial umbrella incurred loss and loss expenses.

•9.4 percentage-point nine-month 2022 combined ratio increase that reflects elevated inflation effects including an increase of 3.5 points from higher commercial umbrella incurred loss and loss expenses.

•2.4 percentage-point third-quarter 2022 benefit from favorable prior accident year reserve development of $43 million, compared with 6.4 points or $102 million for third-quarter 2021.

•2.8 percentage-point nine-month 2022 benefit from favorable prior accident year reserve development, compared with 7.2 points for the first nine months of 2021.

•4.7 percentage-point increase, to 61.0%, for the nine-month 2022 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 2.1 points in the ratio for commercial umbrella current accident year losses.

•1.3 percentage-point decrease in the third-quarter 2022 underwriting expense ratio, compared with the same period of 2021, primarily due to lower levels of profit-sharing commissions for agencies.

CINF 3Q22 Release 3

Commercial Lines Insurance Results

(Dollars in millions)
	2022			2021			% Change	2022			2021			% Change
Earned premiums	$	1,028		$	930		11	$	2,984		$	2,727		9
Fee revenues	1			1			0	3			3			0
Total revenues	1,029			931			11	2,987			2,730			9
Loss and loss expenses	710			451			57	2,046			1,434			43
Underwriting expenses	308			298			3	916			839			9
Underwriting profit	$	11		$	182		(94)	$	25		$	457		(95)
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	69.0		%	48.5		%	20.5	68.6		%	52.6		%	16.0
Underwriting expenses	30.0			32.1			(2.1)	30.7			30.8			(0.1)
Combined ratio	99.0		%	80.6		%	18.4	99.3		%	83.4		%	15.9
							% Change							% Change
Agency renewal written premiums	$	860		$	775		11	$	2,764		$	2,525		9
Agency new business written premiums	149			145			3	470			436			8
Other written premiums	(25)			(25)			0	(82)			(70)			(17)
Net written premiums	$	984		$	895		10	$	3,152		$	2,891		9
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	64.5		%	56.1		%	8.4	63.5		%	57.9		%	5.6
Current accident year catastrophe losses	4.9			3.9			1.0	6.8			4.8			2.0
Prior accident years before catastrophe losses	—			(10.9)			10.9	(1.1)			(8.9)			7.8
Prior accident years catastrophe losses	(0.4)			(0.6)			0.2	(0.6)			(1.2)			0.6
Loss and loss expense ratio	69.0		%	48.5		%	20.5	68.6		%	52.6		%	16.0
Current accident year combined ratio before<br> catastrophe losses	94.5		%	88.2		%	6.3	94.2		%	88.7		%	5.5

•$89 million or 10% growth in third-quarter 2022 commercial lines net written premiums, primarily due to higher agency renewal written premiums. Nine percent growth in nine-month net written premiums.

•$85 million or 11% increase in third-quarter renewal written premiums, with commercial lines average renewal pricing increases in the mid-single-digit percent range.

•$4 million or 3% increase in third-quarter 2022 new business written by agencies and an 8% nine-month increase, as we continue to carefully underwrite each policy in a highly competitive market.

•18.4 percentage-point third-quarter 2022 combined ratio increase, including an increase of 1.2 points from higher catastrophe losses and an increase of 4.4 points from higher commercial umbrella current accident year losses.

•15.9 percentage-point nine-month 2022 combined ratio increase, including an increase of 2.6 points from higher catastrophe losses and an increase of 3.8 points from higher commercial umbrella current accident year losses.

•0.4 percentage-point third-quarter 2022 benefit from favorable prior accident year reserve development of $4 million, compared with 11.5 points or $107 million for third-quarter 2021.

•1.7 percentage-point nine-month 2022 benefit from favorable prior accident year reserve development, compared with 10.1 points for the first nine months of 2021.

CINF 3Q22 Release 4

Personal Lines Insurance Results

(Dollars in millions)
	2022			2021			% Change	2022			2021			% Change
Earned premiums	$	431		$	388		11	$	1,246		$	1,146		9
Fee revenues	1			1			0	3			3			0
Total revenues	432			389			11	1,249			1,149			9
Loss and loss expenses	324			281			15	878			795			10
Underwriting expenses	126			118			7	373			338			10
Underwriting profit (loss)	$	(18)		$	(10)		(80)	$	(2)		$	16		nm
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	75.2		%	72.4		%	2.8	70.5		%	69.3		%	1.2
Underwriting expenses	29.3			30.3			(1.0)	29.9			29.5			0.4
Combined ratio	104.5		%	102.7		%	1.8	100.4		%	98.8		%	1.6
							% Change							% Change
Agency renewal written premiums	$	437		$	393		11	$	1,208		$	1,092		11
Agency new business written premiums	81			53			53	221			152			45
Other written premiums	(16)			(11)			(45)	(43)			(32)			(34)
Net written premiums	$	502		$	435		15	$	1,386		$	1,212		14
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	59.5		%	53.1		%	6.4	59.4		%	55.2		%	4.2
Current accident year catastrophe losses	17.7			20.1			(2.4)	15.6			17.2			(1.6)
Prior accident years before catastrophe losses	(0.2)			(0.7)			0.5	(1.3)			(2.7)			1.4
Prior accident years catastrophe losses	(1.8)			(0.1)			(1.7)	(3.2)			(0.4)			(2.8)
Loss and loss expense ratio	75.2		%	72.4		%	2.8	70.5		%	69.3		%	1.2
Current accident year combined ratio before <br> catastrophe losses	88.8		%	83.4		%	5.4	89.3		%	84.7		%	4.6

•$67 million or 15% growth in third-quarter 2022 personal lines net written premiums, including higher renewal written premiums that benefited from rate increases. Third-quarter 2022 net written premiums from our agencies’ high net worth clients grew 38%, to $249 million. Fourteen percent growth in nine-month personal lines net written premiums.

•$28 million or 53% increase in third-quarter 2022 new business premiums written by agencies, including expanded use of enhanced pricing precision tools and an increase of $3 million from excess and surplus lines homeowner policies. The high net worth portion of increases in new business written premiums was $22 million for the third quarter and $60 million for the nine-month period.

•1.8 percentage-point third-quarter 2022 combined ratio increase, including a decrease of 4.1 points from lower catastrophe losses and an increase of 6.4 points from higher current accident year loss and loss expenses that includes estimates for rising economic inflation for our personal auto and homeowner lines of business.

•1.6 percentage-point nine-month 2022 combined ratio increase, including a decrease of 4.4 points from lower catastrophe losses and an increase of 4.2 points from higher current accident year loss and loss expenses reflecting an inflationary environment.

•2.0 percentage-point third-quarter 2022 benefit from favorable prior accident year reserve development of $8 million, compared with 0.8 points or $3 million for third-quarter 2021.

•4.5 percentage-point nine-month 2022 benefit from favorable prior accident year reserve development, compared with 3.1 points for the first nine months of 2021.

CINF 3Q22 Release 5

Excess and Surplus Lines Insurance Results

(Dollars in millions)
	2022			2021			% Change	2022			2021			% Change
Earned premiums	$	125		$	105		19	$	361		$	289		25
Fee revenues	1			1			0	2			2			0
Total revenues	126			106			19	363			291			25
Loss and loss expenses	86			70			23	226			187			21
Underwriting expenses	31			29			7	93			79			18
Underwriting profit	$	9		$	7		29	$	44		$	25		76
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	68.4		%	66.2		%	2.2	62.4		%	64.6		%	(2.2)
Underwriting expenses	25.5			27.9			(2.4)	26.0			27.3			(1.3)
Combined ratio	93.9		%	94.1		%	(0.2)	88.4		%	91.9		%	(3.5)
							% Change							% Change
Agency renewal written premiums	$	93		$	76		22	$	297		$	236		26
Agency new business written premiums	34			32			6	103			97			6
Other written premiums	(6)			(4)			(50)	(20)			(15)			(33)
Net written premiums	$	121		$	104		16	$	380		$	318		19
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	74.8		%	62.6		%	12.2	65.4		%	61.9		%	3.5
Current accident year catastrophe losses	(0.4)			0.4			(0.8)	0.8			0.7			0.1
Prior accident years before catastrophe losses	(5.9)			3.3			(9.2)	(3.6)			2.1			(5.7)
Prior accident years catastrophe losses	(0.1)			(0.1)			0.0	(0.2)			(0.1)			(0.1)
Loss and loss expense ratio	68.4		%	66.2		%	2.2	62.4		%	64.6		%	(2.2)
Current accident year combined ratio before <br> catastrophe losses	100.3		%	90.5		%	9.8	91.4		%	89.2		%	2.2

•$17 million or 16% growth in third-quarter 2022 excess and surplus lines net written premiums, including higher renewal written premiums that benefited from price increases averaging in the high-single-digit percent range. Nineteen percent growth in nine-month net written premiums.

•$2 million or 6% increase in third-quarter new business written by agencies, reflecting a highly competitive market particularly for larger policies.

•0.2 percentage-point third-quarter 2022 combined ratio improvement, including a decrease of 0.8 points from lower catastrophe losses and a decrease of 2.4 points from underwriting expenses offset by an increase in current accident year loss and loss expenses.

•3.5 percentage-point nine-month 2022 combined ratio improvement, including a decrease of 1.3 points from underwriting expenses and an increase in current accident year loss and loss expenses.

•6.0 percentage-point third-quarter 2022 benefit from favorable prior accident year reserve development of $7 million, compared with unfavorable development of 3.2 points or $3 million for third-quarter 2021.

•3.8 percentage-point nine-month 2022 benefit from favorable prior accident year reserve development, compared with 2.0 points of unfavorable development for the first nine months of 2021.

CINF 3Q22 Release 6

Life Insurance Subsidiary Results

(Dollars in millions)
	2022			2021			% Change		2022			2021			% Change
Term life insurance		$	55		$	53		4		$	165		$	156		6
Whole life insurance		11			13			(15)		34			35			(3)
Universal life and other		7			7			0		22			30			(27)
Earned premiums		73			73			0		221			221			0
Investment income, net of expenses		43			42			2		127			125			2
Investment gains and losses, net		(1)			4			nm		(1)			8			nm
Fee revenues		2			1			1		4			3			33
Total revenues		117			120			(3)		351			357			(2)
Contract holders’ benefits incurred		70			84			(17)		222			249			(11)
Underwriting expenses incurred		21			21			—		63			63			0
Total benefits and expenses		91			105			(13)		285			312			(9)
Net income before income tax		26			15			73		66			45			47
Income tax provision		5			4			25		14			10			40
Net income of the life insurance subsidiary		$	21		$	11		91		$	52		$	35		49

•Less than $1 million increase in third-quarter 2022 earned premiums, including a 4% increase for term life insurance, our largest life insurance product line.

•$17 million increase in nine-month 2022 life insurance subsidiary net income, primarily from more favorable impacts from the unlocking of interest rate and other actuarial assumptions and more favorable mortality experience.

•$447 million or 32% nine-month 2022 decrease, to $945 million, in GAAP shareholders’ equity for the life insurance subsidiary, primarily from a decrease in unrealized investment gains on fixed-maturity securities.

CINF 3Q22 Release 7

Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)		Three months ended September 30,
	2022				2021				% Change		2022				2021				% Change
Investment income, net of expenses		$	193			$	179			8		$	573			$	528			9
Investment interest credited to contract holders		(27)				(26)				(4)		(82)				(79)				(4)
Investment gains and losses, net		(674)				(70)				nm		(2,494)				954				nm
Investments profit (loss)		$	(508)			$	83			nm		$	(2,003)			$	1,403			nm
Investment income:
Interest		$	129			$	121			7		$	376			$	356			6
Dividends		66				61				8		203				179				13
Other		3				1				200		6				4				50
Less investment expenses		5				4				25		12				11				9
Investment income, pretax		193				179				8		573				528				9
Less income taxes		30				28				7		90				82				10
Total investment income, after-tax		$	163			$	151			8		$	483			$	446			8
Investment returns:
Average invested assets plus cash and cash <br> equivalents		$	23,323			$	23,263					$	24,081			$	22,420
Average yield pretax		3.31		%		3.08		%				3.17		%		3.14		%
Average yield after-tax		2.80				2.60						2.67				2.65
Effective tax rate		15.8				15.6						15.8				15.5
Fixed-maturity returns:
Average amortized cost		$	12,655			$	11,931					$	12,521			$	11,673
Average yield pretax		4.08		%		4.06		%				4.00		%		4.07		%
Average yield after-tax		3.38				3.37						3.32				3.38
Effective tax rate		17.1				16.9						17.1				16.8

•$14 million or 8% rise in third-quarter 2022 pretax investment income, including an 8% increase in equity portfolio dividends and a 7% increase in interest income from fixed-maturity securities.

•$1.188 billion third-quarter 2022 decrease in pretax total investment gains, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.

(Dollars in millions)		Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Investment gains and losses on equity securities sold, net		$	16		$	(1)		$	34		$	6
Unrealized gains and losses on equity securities still held, net		(705)			(104)			(2,568)			869
Investment gains and losses on fixed-maturity securities, net		—			8			3			20
Other		15			27			37			59
Subtotal - investment gains and losses reported in net income		(674)			(70)			(2,494)			954
Change in unrealized investment gains and losses - fixed maturities		(514)			(88)			(1,870)			(152)
Total		$	(1,188)		$	(158)		$	(4,364)		$	802

CINF 3Q22 Release 8

Balance Sheet Highlights

(Dollars in millions, except share data)
	2022				2021
Total investments		$	20,988			$	24,666
Total assets		28,199				31,387
Short-term debt		44				54
Long-term debt		789				789
Shareholders’ equity		9,431				13,105
Book value per share		60.01				81.72
Debt-to-total-capital ratio		8.1		%		6.0		%

•$22.071 billion in consolidated cash and total investments at September 30, 2022, a decrease of 14% from $25.805 billion at year-end 2021.

•$11.734 billion bond portfolio at September 30, 2022, with an average rating of A3/A. Fair value decreased $199 million during the third quarter of 2022, including $294 million in net purchases of fixed-maturity securities.

•$8.840 billion equity portfolio was 42.1% of total investments, including $4.548 billion in appreciated value before taxes at September 30, 2022. Third-quarter 2022 decrease in fair value of $670 million, including $7 million in net purchases of equity securities.

•$6.29 third-quarter 2022 decrease in book value per share, including an addition of $0.73 from net income before investment gains that was offset by $6.04 from investment portfolio net investment losses or changes in unrealized gains for fixed-maturity securities, $0.29 for other items and $0.69 from dividends declared to shareholders.

•Value creation ratio of negative 24.0% for the first nine months of 2022, including positive 3.7% from net income before investment gains, which includes underwriting and investment income, and negative 27.1% from investment portfolio net investment losses and changes in unrealized gains for fixed-maturity securities.

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

About Cincinnati Financial

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

Mailing Address: Street Address:

P.O. Box 145496 6200 South Gilmore Road

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

CINF 3Q22 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 2021 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 32.

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 and continued supply chain disruptions that affect our investment portfolio and book value

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

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

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

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

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

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

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

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

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

•Differences in state laws and developing case law

•Litigation trends, including varying legal theories advanced by policyholders

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

•The inherent unpredictability of litigation

•Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns (whether as a result of global climate change or otherwise), environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes

•Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance, due to inflationary trends or other causes

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

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

•Prolonged low interest rate environment or other factors that limit our 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, such as Russia’s invasion of Ukraine, 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 or director and officer policies written for financial institutions or other insured entities

•Our inability to manage Cincinnati Global or other subsidiaries to produce related business opportunities and growth prospects for our ongoing operations

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

•Ineffective information technology systems or discontinuing to develop and implement improvements in technology may impact our success and profitability

CINF 3Q22 Release 10

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

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

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

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

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

•Changing consumer insurance-buying habits and consolidation of independent insurance agencies 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 our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growth, such as:

•Downgrades of our financial strength ratings

•Concerns that doing business with us is too difficult

•Perceptions that our 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, including effects of social inflation on the size of litigation awards

•Events or actions, including unauthorized intentional circumvention of controls, that reduce our 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

CINF 3Q22 Release 11

•Our inability, or the inability of our independent agents, to attract and retain personnel in a competitive labor market, impacting the customer experience and altering our competitive advantages

•Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location or work effectively in a remote environment

Further, our 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. We also are subject to public and regulatory initiatives that can affect the market value for our 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 3Q22 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets and Statements of Income (unaudited)

(Dollars in millions)					September 30,		December 31,
					2022		2021
Assets
Investments					$	20,988	$	24,666
Cash and cash equivalents					1,083		1,139
Premiums receivable					2,403		2,053
Reinsurance recoverable					561		570
Deferred policy acquisition costs					1,036		905
Other assets					2,128		2,054
Total assets					$	28,199	$	31,387
Liabilities
Insurance reserves					$	11,166	$	10,319
Unearned premiums					3,798		3,271
Deferred income tax					780		1,744
Long-term debt and lease obligations					843		843
Other liabilities					2,181		2,105
Total liabilities					18,768		18,282
Shareholders’ Equity
Common stock and paid-in capital					1,776		1,753
Retained earnings					10,797		12,625
Accumulated other comprehensive income					(828)		648
Treasury stock					(2,314)		(1,921)
Total shareholders' equity					9,431		13,105
Total liabilities and shareholders' equity					$	28,199	$	31,387
(Dollars in millions, except per share data)	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Revenues
Earned premiums	$	1,882	$	1,669	$	5,345	$	4,806
Investment income, net of expenses	193		179		573		528
Investment gains and losses, net	(674)		(70)		(2,494)		954
Other revenues	7		7		19		19
Total revenues	1,408		1,785		3,443		6,307
Benefits and Expenses
Insurance losses and contract holders' benefits	1,418		1,072		3,766		2,990
Underwriting, acquisition and insurance expenses	551		511		1,604		1,440
Interest expense	14		13		40		39
Other operating expenses	4		5		13		14
Total benefits and expenses	1,987		1,601		5,423		4,483
Income (Loss) Before Income Taxes	(579)		184		(1,980)		1,824
Provision (Benefit) for Income Taxes	(161)		31		(481)		348
Net Income (Loss)	$	(418)	$	153	$	(1,499)	$	1,476
Per Common Share:
Net income (loss)—basic	$	(2.64)	$	0.95	$	(9.41)	$	9.16
Net income (loss)—diluted	(2.64)		0.94		(9.41)		9.07

CINF 3Q22 Release 13

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

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

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

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

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

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

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

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

CINF 3Q22 Release 14

Cincinnati Financial Corporation

Net Income Reconciliation
(Dollars in millions, except per share data)	Three months ended September 30,					Nine months ended September 30,
		2022		2021			2022		2021
Net income (loss)		$	(418)	$	153		$	(1,499)	$	1,476
Less:
Investment gains and losses, net		(674)		(70)			(2,494)		954
Income tax on investment gains and losses		142		14			524		(201)
Investment gains and losses, after-tax		(532)		(56)			(1,970)		753
Non-GAAP operating income		$	114	$	209		$	471	$	723
Diluted per share data:
Net income (loss)		$	(2.64)	$	0.94		$	(9.41)	$	9.07
Less:
Investment gains and losses, net		(4.26)		(0.43)			(15.65)		5.86
Income tax on investment gains and losses		0.89		0.09			3.28		(1.23)
Investment gains and losses, after-tax		(3.37)		(0.34)			(12.37)		4.63
Non-GAAP operating income		$	0.73	$	1.28		$	2.96	$	4.44	Life Insurance Reconciliation
---	---	---	---	---	---	---	---	---	---	---
(Dollars in millions)	Three months ended September 30,					Nine months ended September 30,
		2022		2021			2022		2021
Net income of the life insurance subsidiary		$	21	$	11		$	52	$	35
Investment gains and losses, net		(1)		4			(1)		8
Income tax on investment gains and losses		—		1			—		2
Non-GAAP operating income		22		8			53		29
Investment income, net of expenses		(43)		(42)			(127)		(125)
Investment income credited to contract holders		27		26			82		79
Income tax excluding tax on investment gains and losses, net		5		3			14		8
Life insurance segment profit (loss)		$	11	$	(5)		$	22	$	(9)

CINF 3Q22 Release 15

Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended September 30, 2022
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	1,750		$	984		$	502		$	121		$	143
Unearned premiums change		59			44			(71)			4			82
Earned premiums		$	1,809		$	1,028		$	431		$	125		$	225
Underwriting profit (loss)		$	(66)		$	11		$	(18)		$	9		$	(68)
(Dollars in millions)	Nine months ended September 30, 2022
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	5,613		$	3,152		$	1,386		$	380		$	695
Unearned premiums change		(489)			(168)			(140)			(19)			(162)
Earned premiums		$	5,124		$	2,984		$	1,246		$	361		$	533
Underwriting profit (loss)		$	47		$	25		$	(2)		$	44		$	(20)
(Dollars in millions)	Three months ended September 30, 2021
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	1,538		$	895		$	435		$	104		$	104
Unearned premiums change		58			35			(47)			1			69
Earned premiums		$	1,596		$	930		$	388		$	105		$	173
Underwriting profit (loss)		$	121		$	182		$	(10)		$	7		$	(58)
(Dollars in millions)	Nine months ended September 30, 2021
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	4,945		$	2,891		$	1,212		$	318		$	524
Unearned premiums change		(360)			(164)			(66)			(29)			(101)
Earned premiums		$	4,585		$	2,727		$	1,146		$	289		$	423
Underwriting profit (loss)		$	475		$	457		$	16		$	25		$	(23)
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 3Q22 Release 16

Cincinnati Financial Corporation

Other Measures

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

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

Value Creation Ratio Calculations

(Dollars are per share)
	2022				2021				2022				2021
Value creation ratio:
End of period book value*		$	60.01			$	73.49			$	60.01			$	73.49
Less beginning of period book value		66.30				73.57				81.72				67.04
Change in book value		(6.29)				(0.08)				(21.71)				6.45
Dividend declared to shareholders		0.69				0.63				2.07				1.89
Total value creation		$	(5.60)			$	0.55			$	(19.64)			$	8.34
Value creation ratio from change in book value**		(9.4)		%		(0.1)		%		(26.5)		%		9.6		%
Value creation ratio from dividends declared to <br> shareholders***		1.0				0.8				2.5				2.8
Value creation ratio		(8.4)		%		0.7		%		(24.0)		%		12.4		%
* 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 3Q22 Release 17

Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending September 30, 2022

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com

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

Ratings are as of October 28, 2022, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.

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

CINF Third-Quarter 2022 Supplemental Financial Data

	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending September 30, 2022
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 2022	4
	CFC and Subsidiaries Consolidation – Three Months Ended September 30, 2022	5
Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	6
	Loss Ratio Detail	7
	Loss Claim Count Detail	8
	Quarterly Property Casualty Data – Commercial Lines	9
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	10
	Loss and Loss Expense Analysis – Nine Months Ended September 30, 2022	11
	Loss and Loss Expense Analysis – Three Months Ended September 30, 2022	12
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	13
	Quarterly Property Casualty Data – Commercial Lines	14
	Quarterly Property Casualty Data – Personal Lines	15
	Quarterly Property Casualty Data – Excess & Surplus Lines	16
Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	17
	The Cincinnati Life Insurance Company Statutory Statements of Income	18
Other
	Quarterly Data – Other	19

CINF Third-Quarter 2022 Supplemental Financial Data

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

Other Measures

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

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

CINF Third-Quarter 2022 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2022
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	5,351	$	—	$	—	$	—	$	5,351
Life	—		—		278		—		—		278
Premiums ceded	—		(227)		(57)		—		—		(284)
Total earned premium	—		5,124		221		—		—		5,345
Investment income, net of expenses	72		374		127		—		—		573
Investment gains and losses, net	(1,132)		(1,361)		(1)		—		—		(2,494)
Fee revenues	—		8		4		—		—		12
Other revenues	12		3		—		5		(13)		7
Total revenues	$	(1,048)	$	4,148	$	351	$	5	$	(13)	$	3,443
Benefits & expenses
Losses & contract holders' benefits	$	—	$	3,620	$	298	$	—	$	—	$	3,918
Reinsurance recoveries	—		(76)		(76)		—		—		(152)
Underwriting, acquisition and insurance expenses	—		1,541		63		—		—		1,604
Interest expense	40		—		—		—		—		40
Other operating expenses	24		—		—		2		(13)		13
Total expenses	$	64	$	5,085	$	285	$	2	$	(13)	$	5,423
Income (loss) before income taxes	$	(1,112)	$	(937)	$	66	$	3	$	—	$	(1,980)
Provision (benefit) for income taxes
Current operating income	$	258	$	338	$	17	$	—	$	—	$	613
Capital gains/losses	(237)		(286)		—		—		—		(523)
Deferred	(259)		(309)		(3)		—		—		(571)
Total provision (benefit) for income taxes	$	(238)	$	(257)	$	14	$	—	$	—	$	(481)
Net income (loss) - current year	$	(874)	$	(680)	$	52	$	3	$	—	$	(1,499)
Net income - prior year	$	293	$	1,145	$	35	$	3	$	—	$	1,476
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Third-Quarter 2022 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended September 30, 2022
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	1,904	$	—	$	—	$	—	$	1,904
Life	—		—		92		—		—		92
Premiums ceded	—		(95)		(19)		—		—		(114)
Total earned premium	—		1,809		73		—		—		1,882
Investment income, net of expenses	23		127		43		—		—		193
Investment gains and losses, net	(273)		(400)		(1)		—		—		(674)
Fee revenues	—		3		2		—		—		5
Other revenues	4		1		—		2		(5)		2
Total revenues	$	(246)	$	1,540	$	117	$	2	$	(5)	$	1,408
Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,411	$	93	$	—	$	—	$	1,504
Reinsurance recoveries	—		(63)		(23)		—		—		(86)
Underwriting, acquisition and insurance expenses	—		530		21		—		—		551
Interest expense	14		—		—		—		—		14
Other operating expenses	8		—		—		1		(5)		4
Total expenses	$	22	$	1,878	$	91	$	1	$	(5)	$	1,987
Income (loss) before income taxes	$	(268)	$	(338)	$	26	$	1	$	—	$	(579)
Provision (benefit) for income taxes
Current operating income (loss)	$	72	$	82	$	6	$	—	$	—	$	160
Capital gains/losses	(57)		(84)		—		—		—		(141)
Deferred	(72)		(107)		(1)		—		—		(180)
Total provision (benefit) for income taxes	$	(57)	$	(109)	$	5	$	—	$	—	$	(161)
Net income (loss) - current year	$	(211)	$	(229)	$	21	$	1	$	—	$	(418)
Net income (loss) - prior year	$	(38)	$	179	$	11	$	1	$	—	$	153
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Third-Quarter 2022 Supplemental Financial Data

Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)															Six months ended				Nine months ended				Twelve months ended
	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		6/30/21		3/31/21		6/30/22		6/30/21		9/30/22		9/30/21		12/31/22	12/31/21
Consolidated
Current accident year losses greater than 5 million	$	38	$	38	$	23	$	55	$	14	$	38	$	5	$	61	$	43	$	99	$	57		$	112
Current accident year losses 1 million - 5 million	95		77		82		103		72		51		31		159		82		254		154			257
Large loss prior accident year reserve development	13		38		25		28		30		13		24		63		37		76		67			95
Total large losses incurred	$	146	$	153	$	130	$	186	$	116	$	102	$	60	$	283	$	162	$	429	$	278		$	464
Losses incurred but not reported	131		74		36		(71)		(13)		(37)		102		110		65		241		52			(19)
Other losses excluding catastrophe losses	649		648		592		520		514		577		451		1,240		1,028		1,889		1,542			2,062
Catastrophe losses	246		208		24		51		215		56		150		232		206		478		421			472
Total losses incurred	$	1,172	$	1,083	$	782	$	686	$	832	$	698	$	763	$	1,865	$	1,461	$	3,037	$	2,293		$	2,979
Commercial Lines
Current accident year losses greater than 5 million	$	30	$	15	$	16	$	50	$	4	$	38	$	5	$	31	$	43	$	61	$	47		$	97
Current accident year losses 1 million - 5 million	72		53		67		70		60		29		26		120		55		192		115			185
Large loss prior accident year reserve development	12		36		21		27		29		14		26		57		40		69		69			96
Total large losses incurred	$	114	$	104	$	104	$	147	$	93	$	81	$	57	$	208	$	138	$	322	$	231		$	378
Losses incurred but not reported	97		61		38		(53)		(35)		(34)		39		99		5		196		(30)			(83)
Other losses excluding catastrophe losses	345		363		318		274		270		326		261		681		587		1,026		857			1,131
Catastrophe losses	44		124		11		24		30		27		35		135		62		179		92			116
Total losses incurred	$	600	$	652	$	471	$	392	$	358	$	400	$	392	$	1,123	$	792	$	1,723	$	1,150		$	1,542
Personal Lines
Current accident year losses greater than 5 million	$	8	$	23	$	7	$	5	$	10	$	—	$	—	$	30	$	—	$	38	$	10		$	15
Current accident year losses 1 million - 5 million	17		15		11		25		12		15		4		26		19		43		31			56
Large loss prior accident year reserve development	(1)		1		4		—		(1)		(2)		(1)		5		(3)		4		(4)			(4)
Total large losses incurred	$	24	$	39	$	22	$	30	$	21	$	13	$	3	$	61	$	16	$	85	$	37		$	67
Losses incurred but not reported	9		12		(14)		(26)		—		(4)		41		(2)		37		7		37			11
Other losses excluding catastrophe losses	183		176		165		146		154		158		130		341		288		524		442			588
Catastrophe losses	66		78		6		16		69		39		74		84		113		150		182			198
Total losses incurred	$	282	$	305	$	179	$	166	$	244	$	206	$	248	$	484	$	454	$	766	$	698		$	864
Excess & Surplus Lines
Current accident year losses greater than 5 million	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Current accident year losses 1 million - 5 million	6		9		4		8		—		7		1		13		8		19		8			16
Large loss prior accident year reserve development	2		1		—		1		2		1		(1)		1		—		3		2			3
Total large losses incurred	$	8	$	10	$	4	$	9	$	2	$	8	$	—	$	14	$	8	$	22	$	10		$	19
Losses incurred but not reported	25		1		12		8		22		1		22		13		23		38		45			53
Other losses excluding catastrophe losses	32		38		32		25		23		34		15		70		49		102		72			97
Catastrophe losses	(1)		2		1		—		1		—		1		3		1		2		2			2
Total losses incurred	$	64	$	51	$	49	$	42	$	48	$	43	$	38	$	100	$	81	$	164	$	129		$	171
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

All values are in US Dollars.

CINF Third-Quarter 2022 Supplemental Financial Data

Consolidated Property Casualty
Loss Ratio Detail
															Six months ended				Nine months ended				Twelve months ended
	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		6/30/21		3/31/21		6/30/22		6/30/21		9/30/22		9/30/21		12/31/22	12/31/21
Consolidated
Current accident year losses greater than 5 million	2.1	%	2.2	%	1.4	%	3.4	%	0.9	%	2.5	%	0.3	%	1.8	%	1.4	%	1.9	%	1.2	%		1.8	%
Current accident year losses 1 million - 5 million	5.3		4.6		5.1		6.4		4.5		3.4		2.2		4.8		2.8		5.0		3.4			4.2
Large loss prior accident year reserve development	0.7		2.2		1.5		1.8		1.9		0.9		1.6		1.9		1.2		1.5		1.5			1.5
Total large loss ratio	8.1	%	9.0	%	8.0	%	11.6	%	7.3	%	6.8	%	4.1	%	8.5	%	5.4	%	8.4	%	6.1	%		7.5	%
Losses incurred but not reported	7.2		4.4		2.2		(4.4)		(0.8)		(2.4)		6.9		3.3		2.2		4.7		1.1			(0.3)
Other losses excluding catastrophe losses	35.9		38.1		36.6		32.5		32.2		38.0		30.5		37.4		34.4		36.9		33.6			33.4
Catastrophe losses	13.6		12.3		1.5		3.2		13.4		3.7		10.2		7.0		6.9		9.3		9.2			7.6
Total loss ratio	64.8	%	63.8	%	48.3	%	42.9	%	52.1	%	46.1	%	51.7	%	56.2	%	48.9	%	59.3	%	50.0	%		48.2	%
Commercial Lines
Current accident year losses greater than 5 million	3.0	%	1.4	%	1.7	%	5.3	%	0.5	%	4.2	%	0.6	%	1.6	%	2.4	%	2.0	%	1.7	%		2.6	%
Current accident year losses 1 million - 5 million	7.1		5.3		6.9		7.3		6.5		3.2		2.9		6.1		3.1		6.5		4.2			5.0
Large loss prior accident year reserve development	1.1		3.7		2.1		2.8		3.1		1.4		3.0		2.9		2.2		2.3		2.6			2.7
Total large loss ratio	11.2	%	10.4	%	10.7	%	15.4	%	10.1	%	8.8	%	6.5	%	10.6	%	7.7	%	10.8	%	8.5	%		10.3	%
Losses incurred but not reported	9.4		6.1		4.0		(5.7)		(3.7)		(3.6)		4.3		5.1		0.3		6.6		(1.1)			(2.3)
Other losses excluding catastrophe losses	33.6		36.6		33.0		29.1		29.0		35.7		29.4		34.8		32.6		34.3		31.4			30.8
Catastrophe losses	4.2		12.5		1.2		2.6		3.1		3.0		4.0		6.9		3.5		6.0		3.4			3.2
Total loss ratio	58.4	%	65.6	%	48.9	%	41.4	%	38.5	%	43.9	%	44.2	%	57.4	%	44.1	%	57.7	%	42.2	%		42.0	%
Personal Lines
Current accident year losses greater than 5 million	1.9	%	5.7	%	1.7	%	1.3	%	2.6	%	—	%	—	%	3.7	%	—	%	3.1	%	0.9	%		1.0	%
Current accident year losses 1 million - 5 million	3.7		3.6		2.7		6.4		2.9		4.0		1.2		3.2		2.5		3.4		2.7			3.6
Large loss prior accident year reserve development	—		0.1		1.1		—		(0.2)		(0.5)		(0.3)		0.6		(0.3)		0.3		(0.4)			(0.2)
Total large loss ratio	5.6	%	9.4	%	5.5	%	7.7	%	5.3	%	3.5	%	0.9	%	7.5	%	2.2	%	6.8	%	3.2	%		4.4	%
Losses incurred but not reported	2.0		3.1		(3.6)		(6.5)		(0.1)		(1.1)		11.0		(0.2)		4.9		0.6		3.2			0.7
Other losses excluding catastrophe losses	42.5		42.4		41.2		36.7		39.7		41.4		34.4		41.8		37.9		42.1		38.6			38.1
Catastrophe losses	15.5		18.8		1.4		4.1		17.7		10.3		19.6		10.2		14.9		12.0		15.9			12.8
Total loss ratio	65.6	%	73.7	%	44.5	%	42.0	%	62.6	%	54.1	%	65.9	%	59.3	%	59.9	%	61.5	%	60.9	%		56.0	%
Excess & Surplus Lines
Current accident year losses greater than 5 million	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%		—	%
Current accident year losses 1 million - 5 million	4.0		7.8		3.6		7.5		(0.1)		7.5		1.2		5.8		4.5		5.2		2.8			4.1
Large loss prior accident year reserve development	2.1		0.4		0.3		0.8		1.9		1.3		(1.7)		0.3		(0.2)		0.9		0.6			0.6
Total large loss ratio	6.1	%	8.2	%	3.9	%	8.3	%	1.8	%	8.8	%	(0.5)	%	6.1	%	4.3	%	6.1	%	3.4	%		4.7	%
Losses incurred but not reported	20.0		0.7		10.6		7.9		21.2		0.8		24.8		5.4		12.3		10.5		15.5			13.4
Other losses excluding catastrophe losses	26.3		31.5		27.4		22.3		21.9		35.0		17.8		29.6		26.8		28.4		25.0			24.3
Catastrophe losses	(0.5)		1.1		1.1		0.8		0.2		0.4		1.0		1.1		0.7		0.6		0.5			0.6
Total loss ratio	51.9	%	41.5	%	43.0	%	39.3	%	45.1	%	45.0	%	43.1	%	42.2	%	44.1	%	45.6	%	44.4	%		43.0	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

All values are in US Dollars.

CINF Third-Quarter 2022 Supplemental Financial Data

Consolidated Property Casualty
Loss Claim Count Detail
								Six months ended		Nine months ended		Twelve months ended
	9/30/22	6/30/22	3/31/22	12/31/21	9/30/21	6/30/21	3/31/21	6/30/22	6/30/21	9/30/22	9/30/21	12/31/22	12/31/21
Consolidated
Current accident year reported losses greater than 5 million	6	6	3	7	3	6	1	9	7	15	9		17
Current accident year reported losses 1 million - 5 million	59	47	51	76	44	35	24	97	59	155	106		170
Prior accident year reported losses on large losses	18	28	28	16	22	12	20	56	32	73	55		71
Non-Catastrophe reported losses on large losses total	83	81	82	99	69	53	45	162	98	243	170		258
Commercial Lines
Current accident year reported losses greater than 5 million	5	2	2	7	2	6	1	4	7	9	8		15
Current accident year reported losses 1 million - 5 million	48	31	39	50	37	19	20	69	39	116	78		120
Prior accident year reported losses on large losses	15	25	24	14	19	8	18	49	26	64	46		60
Non-Catastrophe reported losses on large losses total	68	58	65	71	58	33	39	122	72	189	132		195
Personal Lines
Current accident year reported losses greater than 5 million	1	4	1	—	1	—	—	5	—	6	1		2
Current accident year reported losses 1 million - 5 million	6	9	8	17	6	11	3	17	14	23	20		34
Prior accident year reported losses on large losses	—	2	3	1	1	1	2	5	3	4	4		5
Non-Catastrophe reported losses on large losses total	7	15	12	18	8	12	5	27	17	33	25		41
Excess & Surplus Lines
Current accident year reported losses greater than 5 million	—	—	—	—	—	—	—	—	—	—	—		—
Current accident year reported losses 1 million - 5 million	5	7	4	9	1	5	1	11	6	16	8		16
Prior accident year reported losses on large losses	3	1	1	1	2	3	—	2	3	5	5		6
Non-Catastrophe reported losses on large losses total	8	8	5	10	3	8	1	13	9	21	13		22
*The sum of quarterly amounts may not equal the full year as each is computed independently.

All values are in US Dollars.

CINF Third-Quarter 2022 Supplemental Financial Data

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/22	9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22	12/31/21
Commercial casualty:
Written premiums		$	326		$	376		$	389		$	317		$	297		$	338		$	363		$	765		$	701		$	1,091		$	998			$	1,315
Year over year change %- written premium		10		%	11		%	7		%	10		%	10		%	10		%	6		%	9		%	8		%	9		%	9		%		9		%
Earned premiums		$	360		$	350		$	336		$	332		$	323		$	312		$	303		$	686		$	615		$	1,046		$	938			$	1,270
Current accident year before catastrophe losses		73.7		%	75.0		%	65.6		%	63.3		%	61.9		%	61.5		%	64.5		%	70.4		%	63.0		%	71.6		%	62.6		%		62.8		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		6.4			(0.7)			1.4			(10.5)			(16.1)			(8.3)			(2.2)			0.3			(5.3)			2.4			(9.0)				(9.4)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		80.1		%	74.3		%	67.0		%	52.8		%	45.8		%	53.2		%	62.3		%	70.7		%	57.7		%	74.0		%	53.6		%		53.4		%
Commercial property:
Written premiums		$	309		$	308		$	297		$	270		$	278		$	275		$	267		$	606		$	542		$	915		$	820			$	1,090
Year over year change %- written premium		11		%	12		%	11		%	10		%	10		%	6		%	2		%	12		%	4		%	12		%	6		%		7		%
Earned premiums		$	292		$	280		$	274		$	267		$	264		$	259		$	253		$	554		$	512		$	846		$	776			$	1,043
Current accident year before catastrophe losses		47.4		%	54.5		%	52.4		%	41.8		%	41.6		%	47.3		%	53.8		%	53.4		%	50.5		%	51.3		%	47.5		%		46.0		%
Current accident year catastrophe losses		14.7			44.4			5.1			13.9			12.4			14.0			20.0			24.9			16.9			21.4			15.4				15.0
Prior accident years before catastrophe losses		(6.7)			0.6			(2.4)			(6.0)			(11.1)			(1.1)			(2.0)			(0.8)			(1.5)			(2.9)			(4.8)				(5.1)
Prior accident years catastrophe losses		(1.4)			(3.0)			0.5			(4.8)			(2.0)			(3.8)			(6.3)			(1.3)			(5.0)			(1.3)			(4.0)				(4.2)
Total loss and loss expense ratio		54.0		%	96.5		%	55.6		%	44.9		%	40.9		%	56.4		%	65.5		%	76.2		%	60.9		%	68.5		%	54.1		%		51.7		%
Commercial auto:
Written premiums		$	194		$	226		$	237		$	194		$	183		$	216		$	223		$	463		$	439		$	657		$	622			$	816
Year over year change %- written premium		6		%	5		%	6		%	8		%	7		%	5		%	7		%	5		%	6		%	6		%	7		%		7		%
Earned premiums		$	213		$	210		$	205		$	203		$	200		$	198		$	193		$	415		$	391		$	627		$	591			$	794
Current accident year before catastrophe losses		78.8		%	66.5		%	67.0		%	67.5		%	63.7		%	63.0		%	63.1		%	66.7		%	63.0		%	70.8		%	63.3		%		64.4		%
Current accident year catastrophe losses		3.3			5.1			0.9			0.6			1.8			1.5			1.6			3.1			1.6			3.1			1.7				1.4
Prior accident years before catastrophe losses		7.5			2.8			(0.7)			0.2			(3.6)			(6.0)			(12.4)			1.1			(9.2)			3.3			(7.3)				(5.4)
Prior accident years catastrophe losses		—			(0.5)			(2.1)			0.3			(0.1)			(0.2)			(0.3)			(1.3)			(0.2)			(0.9)			(0.2)				(0.1)
Total loss and loss expense ratio		89.6		%	73.9		%	65.1		%	68.6		%	61.8		%	58.3		%	52.0		%	69.6		%	55.2		%	76.3		%	57.5		%		60.3		%
Workers' compensation:
Written premiums		$	60		$	69		$	86		$	59		$	53		$	69		$	88		$	154		$	157		$	214		$	210			$	269
Year over year change %- written premium		13		%	—		%	(2)		%	2		%	4		%	6		%	(4)		%	(2)		%	—		%	2		%	1		%		1		%
Earned premiums		$	73		$	68		$	67		$	67		$	66		$	68		$	67		$	136		$	135		$	209		$	201			$	268
Current accident year before catastrophe losses		80.3		%	83.5		%	84.5		%	79.8		%	82.3		%	87.6		%	76.6		%	84.0		%	82.2		%	82.7		%	82.2		%		81.6		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(21.5)			(25.9)			(14.3)			(10.5)			(10.5)			(39.2)			(37.9)			(20.2)			(38.6)			(20.6)			(29.3)				(24.7)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		58.8		%	57.6		%	70.2		%	69.3		%	71.8		%	48.4		%	38.7		%	63.8		%	43.6		%	62.1		%	52.9		%		56.9		%
Other commercial:
Written premiums		$	95		$	93		$	87		$	80		$	84		$	79		$	78		$	180		$	157		$	275		$	241			$	321
Year over year change %- written premium		13		%	18		%	12		%	14		%	18		%	13		%	11		%	15		%	12		%	14		%	14		%		14		%
Earned premiums		$	90		$	86		$	80		$	78		$	77		$	74		$	70		$	165		$	144		$	256		$	221			$	299
Current accident year before catastrophe losses		37.7		%	37.3		%	38.2		%	41.6		%	39.4		%	38.0		%	38.2		%	37.7		%	38.1		%	37.7		%	38.6		%		39.4		%
Current accident year catastrophe losses		0.1			0.1			—			(0.2)			0.4			0.1			—			0.1			—			0.1			0.1				—
Prior accident years before catastrophe losses		(4.3)			(7.4)			(2.9)			(8.9)			(8.4)			(11.2)			(7.7)			(5.3)			(9.5)			(4.9)			(9.1)				(9.1)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		33.5		%	30.0		%	35.3		%	32.5		%	31.4		%	26.9		%	30.5		%	32.5		%	28.6		%	32.9		%	29.6		%		30.3		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Third-Quarter 2022 Supplemental Financial Data

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/22	9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22	12/31/21
Personal auto:
Written premiums		$	179		$	177		$	140		$	141		$	165		$	166		$	136		$	316		$	302		$	496		$	467			$	608
Year over year change %- written premium		8		%	7		%	3		%	1		%	—		%	(2)		%	(1)		%	5		%	(1)		%	6		%	(1)		%		(1)		%
Earned premiums		$	158		$	155		$	152		$	152		$	153		$	152		$	152		$	307		$	305		$	465		$	457			$	609
Current accident year before catastrophe losses		74.3		%	74.5		%	69.4		%	62.3		%	65.8		%	64.5		%	66.1		%	72.0		%	65.3		%	72.8		%	65.5		%		64.7		%
Current accident year catastrophe losses		15.9			6.1			1.4			0.2			5.3			1.7			2.6			3.7			2.2			7.9			3.2				2.4
Prior accident years before catastrophe losses		3.4			1.4			0.9			(4.4)			(0.4)			(5.5)			(9.3)			1.2			(7.5)			1.9			(5.1)				(4.9)
Prior accident years catastrophe losses		(0.1)			(0.6)			(4.7)			0.3			(0.1)			(0.2)			(0.5)			(2.7)			(0.3)			(1.8)			(0.3)				(0.1)
Total loss and loss expense ratio		93.5		%	81.4		%	67.0		%	58.4		%	70.6		%	60.5		%	58.9		%	74.2		%	59.7		%	80.8		%	63.3		%		62.1		%
Homeowner:
Written premiums		$	255		$	260		$	181		$	188		$	214		$	211		$	156		$	441		$	367		$	695		$	581			$	769
Year over year change %- written premium		19		%	23		%	16		%	13		%	13		%	7		%	11		%	20		%	9		%	20		%	10		%		11		%
Earned premiums		$	213		$	202		$	195		$	190		$	184		$	178		$	174		$	397		$	352		$	609		$	536			$	726
Current accident year before catastrophe losses		47.3		%	54.8		%	45.9		%	38.0		%	42.3		%	50.2		%	51.6		%	50.4		%	50.9		%	49.3		%	47.9		%		45.4		%
Current accident year catastrophe losses		20.9			38.6			13.0			10.9			36.8			20.7			41.1			26.1			30.8			24.3			32.9				27.1
Prior accident years before catastrophe losses		1.6			(2.5)			(8.7)			(4.4)			(1.0)			0.9			(0.5)			(5.5)			0.2			(3.0)			(0.2)				(1.3)
Prior accident years catastrophe losses		(3.8)			(5.2)			(7.2)			(1.4)			—			(0.5)			(0.7)			(6.2)			(0.6)			(5.4)			(0.4)				(0.7)
Total loss and loss expense ratio		66.0		%	85.7		%	43.0		%	43.1		%	78.1		%	71.3		%	91.5		%	64.8		%	81.3		%	65.2		%	80.2		%		70.5		%
Other personal:
Written premiums		$	68		$	73		$	53		$	53		$	56		$	62		$	46		$	127		$	108		$	195		$	164			$	217
Year over year change %- written premium		21		%	18		%	15		%	10		%	8		%	9		%	10		%	18		%	9		%	19		%	9		%		9		%
Earned premiums		$	60		$	56		$	55		$	54		$	51		$	52		$	50		$	111		$	101		$	172		$	153			$	207
Current accident year before catastrophe losses		63.8		%	64.6		%	47.2		%	45.8		%	53.8		%	45.9		%	50.0		%	56.0		%	48.0		%	58.7		%	49.9		%		48.9		%
Current accident year catastrophe losses		10.8			5.2			0.9			0.2			4.5			3.9			3.6			3.1			3.7			5.8			4.0				3.0
Prior accident years before catastrophe losses		(15.7)			1.4			4.6			5.0			(0.9)			(8.6)			(3.8)			3.0			(6.2)			(3.5)			(4.4)				(1.9)
Prior accident years catastrophe losses		0.4			0.4			0.4			(1.4)			(0.4)			0.4			(1.5)			0.3			(0.6)			0.4			(0.5)				(0.8)
Total loss and loss expense ratio		59.3		%	71.6		%	53.1		%	49.6		%	57.0		%	41.6		%	48.3		%	62.4		%	44.9		%	61.4		%	49.0		%		49.2		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/22	9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22	12/31/21
Excess & Surplus:
Written premiums		$	121		$	135		$	124		$	108		$	104		$	115		$	99		$	259		$	214		$	380		$	318			$	426
Year over year change %- written premium		16		%	17		%	25		%	17		%	30		%	26		%	16		%	21		%	22		%	19		%	24		%		22		%
Earned premiums		$	125		$	124		$	112		$	109		$	105		$	95		$	89		$	236		$	184		$	361		$	289			$	398
Current accident year before catastrophe losses		74.8		%	59.5		%	61.8		%	56.0		%	62.6		%	62.0		%	61.0		%	60.6		%	61.5		%	65.4		%	61.9		%		60.3		%
Current accident year catastrophe losses		(0.4)			1.2			1.5			0.6			0.4			0.4			1.3			1.3			0.8			0.8			0.7				0.6
Prior accident years before catastrophe losses		(5.9)			(0.4)			(4.6)			1.2			3.3			(1.5)			4.7			(2.4)			1.5			(3.6)			2.1				1.9
Prior accident years catastrophe losses		(0.1)			(0.1)			(0.4)			0.3			(0.1)			0.1			(0.3)			(0.2)			(0.1)			(0.2)			(0.1)				—
Total loss and loss expense ratio		68.4		%	60.2		%	58.3		%	58.1		%	66.2		%	61.0		%	66.7		%	59.3		%	63.7		%	62.4		%	64.6		%		62.8		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Third-Quarter 2022 Supplemental Financial Data

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)											Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the nine months ended September 30, 2022
Commercial casualty		$	409		$	138		$	547		$	76		$	129		$	11		$	216		$	485		$	129		$	149		$	763
Commercial property		499			49			548			(31)			35			16			20			468			35			65			568
Commercial auto		358			64			422			14			42			2			58			372			42			66			480
Workers' compensation		97			24			121			(3)			17			(2)			12			94			17			22			133
Other commercial		69			11			80			5			5			12			22			74			5			23			102
Total commercial lines		1,432			286			1,718			61			228			39			328			1,493			228			325			2,046
Personal auto		264			62			326			7			41			2			50			271			41			64			376
Homeowners		325			39			364			18			(6)			2			14			343			(6)			41			378
Other personal		90			5			95			5			5			—			10			95			5			5			105
Total personal lines		679			106			785			30			40			4			74			709			40			110			859
Excess & surplus lines		88			37			125			66			46			27			139			154			46			64			264
Other		165			11			176			14			262			(1)			275			179			262			10			451
Total property casualty		$	2,364		$	440		$	2,804		$	171		$	576		$	69		$	816		$	2,535		$	576		$	509		$	3,620
Ceded loss and loss expense incurred for the nine months ended September 30, 2022
Commercial casualty		$	3		$	—		$	3		$	(13)		$	—		$	—		$	(13)		$	(10)		$	—		$	—		$	(10)
Commercial property		12			1			13			(22)			(3)			—			(25)			(10)			(3)			1			(12)
Commercial auto		—			—			—			1			—			—			1			1			—			—			1
Workers' compensation		8			—			8			(5)			—			—			(5)			3			—			—			3
Other commercial		13			—			13			4			1			—			5			17			1			—			18
Total commercial lines		36			1			37			(35)			(2)			—			(37)			1			(2)			1			—
Personal auto		2			—			2			—			(1)			—			(1)			2			(1)			—			1
Homeowners		(2)			—			(2)			(6)			(9)			(2)			(17)			(8)			(9)			(2)			(19)
Other personal		—			—			—			—			(1)			—			(1)			—			(1)			—			(1)
Total personal lines		—			—			—			(6)			(11)			(2)			(19)			(6)			(11)			(2)			(19)
Excess & surplus lines		14			1			15			12			10			1			23			26			10			2			38
Other		21			1			22			6			29			—			35			27			29			1			57
Total property casualty		$	71		$	3		$	74		$	(23)		$	26		$	(1)		$	2		$	48		$	26		$	2		$	76
Net loss and loss expense incurred for the nine months ended September 30, 2022
Commercial casualty		$	406		$	138		$	544		$	89		$	129		$	11		$	229		$	495		$	129		$	149		$	773
Commercial property		487			48			535			(9)			38			16			45			478			38			64			580
Commercial auto		358			64			422			13			42			2			57			371			42			66			479
Workers' compensation		89			24			113			2			17			(2)			17			91			17			22			130
Other commercial		56			11			67			1			4			12			17			57			4			23			84
Total commercial lines		1,396			285			1,681			96			230			39			365			1,492			230			324			2,046
Personal auto		262			62			324			7			42			2			51			269			42			64			375
Homeowners		327			39			366			24			3			4			31			351			3			43			397
Other personal		90			5			95			5			6			—			11			95			6			5			106
Total personal lines		679			106			785			36			51			6			93			715			51			112			878
Excess & surplus lines		74			36			110			54			36			26			116			128			36			62			226
Other		144			10			154			8			233			(1)			240			152			233			9			394
Total property casualty		$	2,293		$	437		$	2,730		$	194		$	550		$	70		$	814		$	2,487		$	550		$	507		$	3,544
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Third-Quarter 2022 Supplemental Financial Data

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)											Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the three months ended September 30, 2022
Commercial casualty		$	144		$	45		$	189		$	24		$	72		$	1		$	97		$	168		$	72		$	46		$	286
Commercial property		172			15			187			(33)			(6)			5			(34)			139			(6)			20			153
Commercial auto		127			21			148			3			37			4			44			130			37			25			192
Workers' compensation		30			8			38			9			(3)			1			7			39			(3)			9			45
Other commercial		22			4			26			4			(1)			6			9			26			(1)			10			35
Total commercial lines		495			93			588			7			99			17			123			502			99			110			711
Personal auto		94			20			114			2			29			4			35			96			29			24			149
Homeowners		118			13			131			(1)			(2)			2			(1)			117			(2)			15			130
Other personal		36			2			38			(10)			8			—			(2)			26			8			2			36
Total personal lines		248			35			283			(9)			35			6			32			239			35			41			315
Excess & surplus lines		32			13			45			15			33			8			56			47			33			21			101
Other		50			3			53			9			222			—			231			59			222			3			284
Total property casualty		$	825		$	144		$	969		$	22		$	389		$	31		$	442		$	847		$	389		$	175		$	1,411
Ceded loss and loss expense incurred for the three months ended September 30, 2022
Commercial casualty		$	(2)		$	—		$	(2)		$	1		$	(2)		$	—		$	(1)		$	(1)		$	(2)		$	—		$	(3)
Commercial property		1			—			1			(4)			(1)			—			(5)			(3)			(1)			—			(4)
Commercial auto		—			—			—			1			—			—			1			1			—			—			1
Workers' compensation		2			—			2			—			—			—			—			2			—			—			2
Other commercial		3			—			3			2			—			—			2			5			—			—			5
Total commercial lines		4			—			4			—			(3)			—			(3)			4			(3)			—			1
Personal auto		1			—			1			—			—			—			—			1			—			—			1
Homeowners		1			—			1			(1)			(9)			(1)			(11)			—			(9)			(1)			(10)
Other personal		—			—			—			—			—			—			—			—			—			—			—
Total personal lines		2			—			2			(1)			(9)			(1)			(11)			1			(9)			(1)			(9)
Excess & surplus lines		3			—			3			1			10			1			12			4			10			1			15
Other		12			—			12			1			43			—			44			13			43			—			56
Total property casualty		$	21		$	—		$	21		$	1		$	41		$	—		$	42		$	22		$	41		$	—		$	63
Net loss and loss expense incurred for the three months ended September 30, 2022
Commercial casualty		$	146		$	45		$	191		$	23		$	74		$	1		$	98		$	169		$	74		$	46		$	289
Commercial property		171			15			186			(29)			(5)			5			(29)			142			(5)			20			157
Commercial auto		127			21			148			2			37			4			43			129			37			25			191
Workers' compensation		28			8			36			9			(3)			1			7			37			(3)			9			43
Other commercial		19			4			23			2			(1)			6			7			21			(1)			10			30
Total commercial lines		491			93			584			7			102			17			126			498			102			110			710
Personal auto		93			20			113			2			29			4			35			95			29			24			148
Homeowners		117			13			130			—			7			3			10			117			7			16			140
Other personal		36			2			38			(10)			8			—			(2)			26			8			2			36
Total personal lines		246			35			281			(8)			44			7			43			238			44			42			324
Excess & surplus lines		29			13			42			14			23			7			44			43			23			20			86
Other		38			3			41			8			179			—			187			46			179			3			228
Total property casualty		$	804		$	144		$	948		$	21		$	348		$	31		$	400		$	825		$	348		$	175		$	1,348
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Third-Quarter 2022 Supplemental Financial Data

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/22	9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22	12/31/21
Premiums
Agency renewal written premiums		$	1,390		$	1,482		$	1,397		$	1,238		$	1,244		$	1,333		$	1,276		$	2,879		$	2,609		$	4,269		$	3,853			$	5,091
Agency new business written premiums		264			286			244			212			230			235			220			530			455			794			685				897
Other written premiums		96			196			258			84			64			146			197			454			343			550			407				491
Net written premiums		$	1,750		$	1,964		$	1,899		$	1,534		$	1,538		$	1,714		$	1,693		$	3,863		$	3,407		$	5,613		$	4,945			$	6,479
Unearned premium change		59			(267)			(281)			65			58			(200)			(218)			(548)			(418)			(489)			(360)				(295)
Earned premiums		$	1,809		$	1,697		$	1,618		$	1,599		$	1,596		$	1,514		$	1,475		$	3,315		$	2,989		$	5,124		$	4,585			$	6,184
Year over year change %
Agency renewal written premiums		12		%	11		%	9		%	8		%	8		%	7		%	7		%	10		%	7		%	11		%	7		%		7		%
Agency new business written premiums		15			22			11			15			22			12			2			16			7			16			12				12
Other written premiums		50			34			31			31			25			39			88			32			63			35			56				51
Net written premiums		14			15			12			10			10			10			12			13			11			14			11				10
Paid losses and loss expenses
Losses paid		$	804		$	755		$	733		$	718		$	612		$	649		$	564		$	1,489		$	1,214		$	2,293		$	1,826			$	2,543
Loss expenses paid		144			137			157			139			153			118			141			293			258			437			411				551
Loss and loss expenses paid		$	948		$	892		$	890		$	857		$	765		$	767		$	705		$	1,782		$	1,472		$	2,730		$	2,237			$	3,094
Incurred losses and loss expenses
Loss and loss expense incurred		$	1,348		$	1,240		$	956		$	855		$	988		$	830		$	923		$	2,196		$	1,753		$	3,544		$	2,741			$	3,596
Loss and loss expenses paid as a % of incurred		70.3		%	71.9		%	93.1		%	100.2		%	77.4		%	92.4		%	76.4		%	81.1		%	84.0		%	77.0		%	81.6		%		86.0		%
Statutory combined ratio
Loss ratio		64.1		%	64.8		%	48.4		%	42.6		%	51.3		%	47.0		%	52.0		%	56.7		%	49.4		%	59.3		%	50.1		%		48.2		%
Loss adjustment expense ratio		10.0			9.5			10.9			10.9			10.1			8.9			11.0			10.2			10.0			10.1			10.0				10.2
Net underwriting expense ratio		29.3			28.1			28.7			31.5			31.1			29.2			26.7			28.4			28.0			28.7			28.9				29.5
US Statutory combined ratio		103.4		%	102.4		%	88.0		%	85.0		%	92.5		%	85.1		%	89.7		%	95.3		%	87.4		%	98.1		%	89.0		%		87.9		%
Contribution from catastrophe losses		13.0			13.0			1.7			2.8			12.9			4.6			10.1			7.5			7.3			9.4			9.2				7.6
Statutory combined ratio excl. catastrophe losses		90.4		%	89.4		%	86.3		%	82.2		%	79.6		%	80.5		%	79.6		%	87.8		%	80.1		%	88.7		%	79.8		%		80.3		%
GAAP combined ratio
GAAP combined ratio		103.9		%	103.2		%	89.9		%	84.2		%	92.6		%	85.5		%	91.2		%	96.7		%	88.3		%	99.2		%	89.8		%		88.3		%
Contribution from catastrophe losses		13.9			12.4			1.8			3.6			14.2			3.9			10.4			7.2			7.1			9.5			9.6				8.0
GAAP combined ratio excl. catastrophe losses		90.0		%	90.8		%	88.1		%	80.6		%	78.4		%	81.6		%	80.8		%	89.5		%	81.2		%	89.7		%	80.2		%		80.3		%
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<br> independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.<br>Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Third-Quarter 2022 Supplemental Financial Data

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/22	9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22	12/31/21
Premiums
Agency renewal written premiums		$	860		$	934		$	970		$	809		$	775		$	852		$	898		$	1,904		$	1,750		$	2,764		$	2,525			$	3,334
Agency new business written premiums		149			165			156			135			145			146			145			321			291			470			436				571
Other written premiums		(25)			(27)			(30)			(24)			(25)			(21)			(24)			(57)			(45)			(82)			(70)				(94)
Net written premiums		$	984		$	1,072		$	1,096		$	920		$	895		$	977		$	1,019		$	2,168		$	1,996		$	3,152		$	2,891			$	3,811
Unearned premium change		44			(78)			(134)			27			35			(66)			(133)			(212)			(199)			(168)			(164)				(137)
Earned premiums		$	1,028		$	994		$	962		$	947		$	930		$	911		$	886		$	1,956		$	1,797		$	2,984		$	2,727			$	3,674
Year over year change %
Agency renewal written premiums		11		%	10		%	8		%	7		%	7		%	7		%	7		%	9		%	7		%	9		%	7		%		7		%
Agency new business written premiums		3			13			8			19			27			9			(6)			10			1			8			8				11
Other written premiums		—			(29)			(25)			25			7			(5)			—			(27)			(2)			(17)			1				9
Net written premiums		10			10			8			10			10			8			5			9			6			9			7				8
Paid losses and loss expenses
Losses paid		$	491		$	446		$	458		$	396		$	328		$	391		$	330		$	905		$	720		$	1,396		$	1,049			$	1,445
Loss expenses paid		93			91			100			89			98			78			96			191			174			285			272				361
Loss and loss expenses paid		$	584		$	537		$	558		$	485		$	426		$	469		$	426		$	1,096		$	894		$	1,681		$	1,321			$	1,806
Incurred losses and loss expenses
Loss and loss expense incurred		$	710		$	750		$	586		$	506		$	451		$	480		$	503		$	1,336		$	983		$	2,046		$	1,434			$	1,940
Loss and loss expenses paid as a % of incurred		82.3		%	71.6		%	95.2		%	95.8		%	94.5		%	97.7		%	84.7		%	82.0		%	90.9		%	82.2		%	92.1		%		93.1		%
Statutory combined ratio
Loss ratio		58.4		%	65.5		%	48.9		%	41.4		%	38.5		%	43.9		%	44.3		%	57.4		%	44.1		%	57.8		%	42.2		%		42.0		%
Loss adjustment expense ratio		10.7			9.9			12.0			12.0			10.0			8.8			12.4			10.9			10.6			10.8			10.4				10.8
Net underwriting expense ratio		31.2			29.1			28.3			32.7			33.2			29.9			26.2			28.7			28.0			29.5			29.6				30.4
Statutory combined ratio		100.3		%	104.5		%	89.2		%	86.1		%	81.7		%	82.6		%	82.9		%	97.0		%	82.7		%	98.1		%	82.2		%		83.2		%
Contribution from catastrophe losses		4.5			12.6			1.4			2.7			3.3			3.2			4.2			7.1			3.7			6.2			3.6				3.4
Statutory combined ratio excl. catastrophe losses		95.8		%	91.9		%	87.8		%	83.4		%	78.4		%	79.4		%	78.7		%	89.9		%	79.0		%	91.9		%	78.6		%		79.8		%
GAAP combined ratio
GAAP combined ratio		99.0		%	106.3		%	92.3		%	85.2		%	80.6		%	84.2		%	85.4		%	99.4		%	84.8		%	99.3		%	83.4		%		83.8		%
Contribution from catastrophe losses		4.5			12.6			1.4			2.7			3.3			3.2			4.2			7.1			3.7			6.2			3.6				3.4
GAAP combined ratio excl. catastrophe losses		94.5		%	93.7		%	90.9		%	82.5		%	77.3		%	81.0		%	81.2		%	92.3		%	81.1		%	93.1		%	79.8		%		80.4		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed<br> independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2022 Supplemental Financial Data

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/22	9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22	12/31/21
Premiums
Agency renewal written premiums		$	437		$	438		$	333		$	342		$	393		$	397		$	302		$	771		$	699		$	1,208		$	1,092			$	1,434
Agency new business written premiums		81			88			52			50			53			53			46			140			99			221			152				202
Other written premiums		(16)			(16)			(11)			(10)			(11)			(11)			(10)			(27)			(21)			(43)			(32)				(42)
Net written premiums		$	502		$	510		$	374		$	382		$	435		$	439		$	338		$	884		$	777		$	1,386		$	1,212			$	1,594
Unearned premium change		(71)			(97)			28			14			(47)			(57)			38			(69)			(19)			(140)			(66)				(52)
Earned premiums		$	431		$	413		$	402		$	396		$	388		$	382		$	376		$	815		$	758		$	1,246		$	1,146			$	1,542
Year over year change %
Agency renewal written premiums		11		%	10		%	10		%	8		%	7		%	3		%	3		%	10		%	3		%	11		%	4		%		5		%
Agency new business written premiums		53			66			13			11			4			20			35			41			27			45			18				16
Other written premiums		(45)			(45)			(10)			(25)			(10)			(38)			(11)			(29)			(24)			(34)			(19)				(20)
Net written premiums		15			16			11			8			7			4			6			14			5			14			5				6
Paid losses and loss expenses
Losses paid		$	246		$	224		$	208		$	212		$	208		$	198		$	162		$	432		$	360		$	679		$	568			$	780
Loss expenses paid		35			32			40			34			40			29			32			71			60			106			100				134
Loss and loss expenses paid		$	281		$	256		$	248		$	246		$	248		$	227		$	194		$	503		$	420		$	785		$	668			$	914
Incurred losses and loss expenses
Loss and loss expense incurred		$	324		$	339		$	215		$	197		$	281		$	241		$	273		$	554		$	514		$	878		$	795			$	992
Loss and loss expenses paid as a % of incurred		86.7		%	75.5		%	115.3		%	124.9		%	88.3		%	94.2		%	71.1		%	90.8		%	81.7		%	89.4		%	84.0		%		92.1		%
Statutory combined ratio
Loss ratio		65.6		%	73.7		%	44.5		%	42.0		%	62.6		%	54.1		%	65.9		%	59.3		%	60.0		%	61.5		%	60.9		%		56.0		%
Loss adjustment expense ratio		9.6			8.4			9.0			7.9			9.7			8.9			6.7			8.7			7.8			9.0			8.5				8.4
Net underwriting expense ratio		26.7			26.4			32.2			30.9			28.2			27.2			30.7			28.8			28.7			28.0			28.5				29.1
Statutory combined ratio		101.9		%	108.5		%	85.7		%	80.8		%	100.5		%	90.2		%	103.3		%	96.8		%	96.5		%	98.5		%	97.9		%		93.5		%
Contribution from catastrophe losses		15.9			19.1			1.7			4.6			20.0			10.6			19.8			10.5			15.2			12.4			16.8				13.7
Statutory combined ratio excl. catastrophe losses		86.0		%	89.4		%	84.0		%	76.2		%	80.5		%	79.6		%	83.5		%	86.3		%	81.3		%	86.1		%	81.1		%		79.8		%
GAAP combined ratio
GAAP combined ratio		104.5		%	112.1		%	83.9		%	80.0		%	102.7		%	92.7		%	101.1		%	98.2		%	96.8		%	100.4		%	98.8		%		94.0		%
Contribution from catastrophe losses		15.9			19.1			1.7			4.6			20.0			10.6			19.8			10.5			15.2			12.4			16.8				13.7
GAAP combined ratio excl. catastrophe losses		88.6		%	93.0		%	82.2		%	75.4		%	82.7		%	82.1		%	81.3		%	87.7		%	81.6		%	88.0		%	82.0		%		80.3		%
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<br> independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2022 Supplemental Financial Data

Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/22	9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22	12/31/21
Premiums
Agency renewal written premiums		$	93		$	110		$	94		$	87		$	76		$	84		$	76		$	204		$	160		$	297		$	236			$	323
Agency new business written premiums		34			33			36			27			32			36			29			69			65			103			97				124
Other written premiums		(6)			(8)			(6)			(6)			(4)			(5)			(6)			(14)			(11)			(20)			(15)				(21)
Net written premiums		$	121		$	135		$	124		$	108		$	104		$	115		$	99		$	259		$	214		$	380		$	318			$	426
Unearned premium change		4			(11)			(12)			1			1			(20)			(10)			(23)			(30)			(19)			(29)				(28)
Earned premiums		$	125		$	124		$	112		$	109		$	105		$	95		$	89		$	236		$	184		$	361		$	289			$	398
Year over year change %
Agency renewal written premiums		22		%	31		%	24		%	26		%	27		%	33		%	23		%	28		%	28		%	26		%	28		%		27		%
Agency new business written premiums		6			(8)			24			—			33			13			7			6			10			6			17				13
Other written premiums		(50)			(60)			—			(50)			—			(25)			(50)			(27)			(38)			(33)			(25)				(31)
Net written premiums		16			17			25			17			30			26			16			21			22			19			24				22
Paid losses and loss expenses
Losses paid		$	29		$	27		$	19		$	17		$	18		$	19		$	21		$	46		$	40		$	74		$	59			$	75
Loss expenses paid		13			11			12			12			12			8			11			24			19			36			31				43
Loss and loss expenses paid		$	42		$	38		$	31		$	29		$	30		$	27		$	32		$	70		$	59		$	110		$	90			$	118
Incurred losses and loss expenses
Loss and loss expense incurred		$	86		$	74		$	66		$	63		$	70		$	58		$	59		$	140		$	117		$	226		$	187			$	250
Loss and loss expenses paid as a % of incurred		48.8		%	51.4		%	47.0		%	46.0		%	42.9		%	46.6		%	54.2		%	50.0		%	50.4		%	48.7		%	48.1		%		47.2		%
Statutory combined ratio
Loss ratio		51.9		%	41.5		%	43.0		%	39.3		%	45.1		%	45.0		%	43.1		%	42.2		%	44.1		%	45.6		%	44.5		%		43.0		%
Loss adjustment expense ratio		16.5			18.7			15.2			18.8			21.0			16.0			23.6			17.1			19.6			16.9			20.1				19.8
Net underwriting expense ratio		27.5			26.1			27.1			27.7			29.7			31.1			26.4			26.5			29.0			26.8			29.2				28.8
Statutory combined ratio		95.9		%	86.3		%	85.3		%	85.8		%	95.8		%	92.1		%	93.1		%	85.8		%	92.7		%	89.3		%	93.8		%		91.6		%
Contribution from catastrophe losses		(0.5)			1.1			1.1			0.9			0.3			0.5			1.0			1.1			0.7			0.6			0.6				0.6
Statutory combined ratio excl. catastrophe losses		96.4		%	85.2		%	84.2		%	84.9		%	95.5		%	91.6		%	92.1		%	84.7		%	92.0		%	88.7		%	93.2		%		91.0		%
GAAP combined ratio
GAAP combined ratio		93.9		%	85.1		%	85.9		%	83.2		%	94.1		%	89.5		%	92.0		%	85.5		%	90.7		%	88.4		%	91.9		%		89.5		%
Contribution from catastrophe losses		(0.5)			1.1			1.1			0.9			0.3			0.5			1.0			1.1			0.7			0.6			0.6				0.6
GAAP combined ratio excl. catastrophe losses		94.4		%	84.0		%	84.8		%	82.3		%	93.8		%	89.0		%	91.0		%	84.4		%	90.0		%	87.8		%	91.3		%		88.9		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed<br> independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2022 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended September 30,							For the Nine Months Ended September 30,
(Dollars in millions)	2022		2021		Change		% Change	2022		2021		Change		% Change
Underwriting income
Net premiums written	$	1,693	$	1,491	$	202	14	$	5,436	$	4,810	$	626	13
Unearned premium change	(42)		(36)		(6)		17	462		358		104		29
Earned premiums	$	1,735	$	1,527	$	208	14	$	4,974	$	4,452	$	522	12
Losses incurred	$	1,110	$	783	$	327	42	$	2,948	$	2,230	$	718	32
Defense and cost containment expenses incurred	78		76		2		3	225		210		15		7
Adjusting and other expenses incurred	96		80		16		20	279		236		43		18
Other underwriting expenses incurred	495		464		31		7	1,554		1,387		167		12
Workers compensation dividend incurred	2		(1)		3		nm	5		3		2		67
Total underwriting deductions	$	1,781	$	1,402	$	379	27	$	5,011	$	4,066	$	945	23
Net underwriting profit (loss)	$	(46)	$	125	$	(171)	nm	$	(37)	$	386	$	(423)	nm
Investment income
Gross investment income earned	$	129	$	118	$	11	9	$	378	$	343	$	35	10
Net investment income earned	126		117		9		8	370		337		33		10
Net realized capital gains and losses, net	29		1		28		nm	41		8		33		413
Net investment gains (net of tax)	$	155	$	118	$	37	31	$	411	$	345	$	66	19
Other income	$	2	$	1	$	1	100	$	5	$	4	$	1	25
Net income before federal income taxes	$	111	$	244	$	(133)	(55)	$	378	$	735	$	(357)	(49)
Federal and foreign income taxes incurred	(15)		44		(59)		nm	21		135		(114)		(84)
Net income (statutory)	$	126	$	200	$	(74)	(37)	$	357	$	600	$	(243)	(41)
Policyholders' surplus - statutory	$	5,985	$	6,559	$	(574)	(9)	$	5,985	$	6,559	$	(574)	(9)
Fixed maturities at amortized cost - statutory	$	8,581	$	8,075	$	506	6	$	8,581	$	8,075	$	506	6
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2022 Supplemental Financial Data

The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended September 30,							For the Nine Months Ended September 30,
(Dollars in millions)	2022		2021		Change		% Change	2022		2021		Change		% Change
Net premiums written	$	86	$	83	$	3	4	$	250	$	255	$	(5)	(2)
Net investment income	44		47		(3)		(6)	130		135		(5)		(4)
Amortization of interest maintenance reserve	—		1		(1)		(100)	—		2		(2)		(100)
Commissions and expense allowances on reinsurance ceded	1		1		—		—	3		3		—		—
Income from fees associated with separate accounts	2		1		1		100	4		2		2		100
Total revenues	$	133	$	133	$	—	—	$	387	$	397	$	(10)	(3)
Death benefits and matured endowments	$	39	$	44	$	(5)	(11)	$	131	$	129	$	2	2
Annuity benefits	18		15		3		20	49		46		3		7
Disability benefits and benefits under accident and health contracts	1		—		1		—	1		1		—		—
Surrender benefits and group conversions	8		7		1		14	19		20		(1)		(5)
Interest and adjustments on deposit-type contract funds	1		2		(1)		(50)	5		5		—		—
Increase in aggregate reserves for life and accident and health contracts	16		21		(5)		(24)	45		76		(31)		(41)
Total benefit expenses	$	83	$	89	$	(6)	(7)	$	250	$	277	$	(27)	(10)
Commissions	$	13	$	13	$	—	—	$	38	$	37	$	1	3
General insurance expenses and taxes	12		14		(2)		(14)	41		40		1		3
Increase in loading on deferred and uncollected premiums	—		1		(1)		(100)	1		5		(4)		(80)
Net transfers from separate accounts	—		—		—		—	(10)		(3)		(7)		(233)
Total underwriting expenses	$	25	$	28	$	(3)	(11)	$	70	$	79	$	(9)	(11)
Federal and foreign income taxes incurred	7		5		2		40	17		12		5		42
Net gain from operations before capital gains and losses	$	18	$	11	$	7	64	$	50	$	29	$	21	72
Gains and losses net of capital gains tax, net	—		—		—		—	(1)		1		(2)		nm
Net income (statutory)	$	18	$	11	$	7	64	$	49	$	30	$	19	63
Policyholders' surplus - statutory	$	313	$	261	52		20	$	313	$	261	$	52	20
Fixed maturities at amortized cost - statutory	$	3,822	$	3,668	$	154	4	$	3,822	$	3,668	$	154	4
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2022 Supplemental Financial Data

Quarterly Data - Other
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/22	9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22			9/30/21			12/31/22	12/31/21
Cincinnati Re:
Written premiums		$	86		$	178		$	254		$	72		$	57		$	136		$	196		$	432		$	332		$	518		$	389			$	461
Year over year change %- written premium		51		%	31		%	30		%	22		%	6		%	62		%	87		%	30		%	76		%	33		%	61		%		53		%
Earned premiums		$	151		$	122		$	110		$	102		$	104		$	94		$	92		$	232		$	186		$	383		$	290			$	392
Current accident year before catastrophe losses		45.4		%	49.6		%	50.6		%	61.7		%	52.8		%	48.5		%	42.1		%	50.0		%	45.4		%	48.3		%	48.0		%		51.6		%
Current accident year catastrophe losses		75.0			6.5			—			(1.7)			78.6			(1.7)			35.4			3.4			16.7			31.7			39.0				28.3
Prior accident years before catastrophe losses		(9.9)			(4.8)			10.9			2.4			(6.8)			6.4			3.0			2.6			4.7			(2.4)			0.6				1.1
Prior accident years catastrophe losses		(0.6)			1.1			5.2			0.3			6.4			(0.1)			—			3.1			(0.1)			1.6			2.2				1.7
Total loss and loss expense ratio		109.9		%	52.4		%	66.7		%	62.7		%	131.0		%	53.1		%	80.5		%	59.1		%	66.7		%	79.2		%	89.8		%		82.7		%
Cincinnati Global:
Written premiums		$	57		$	69		$	51		$	52		$	47		$	47		$	41		$	120		$	88		$	177		$	135			$	187
Year over year change %- written premium		21		%	47		%	24		%	6		%	24		%	(11)		%	11		%	36		%	(2)		%	31		%	5		%		6		%
Earned premiums		$	74		$	44		$	32		$	45		$	69		$	32		$	32		$	76		$	64		$	150		$	133			$	178
Current accident year before catastrophe losses		45.6		%	53.2		%	38.3		%	39.4		%	35.3		%	54.4		%	30.9		%	47.0		%	42.9		%	46.3		%	39.0		%		39.1		%
Current accident year catastrophe losses		48.6			0.1			16.3			33.6			30.3			27.5			55.8			6.9			41.3			27.6			35.7				35.1
Prior accident years before catastrophe losses		4.6			(15.4)			4.1			(16.9)			(4.7)			(23.4)			(12.0)			(7.2)			(17.8)			(1.4)			(11.1)				(12.5)
Prior accident years catastrophe losses		(14.5)			(9.7)			(9.0)			(2.0)			12.2			(54.0)			(31.0)			(9.4)			(42.7)			(11.9)			(14.4)				(11.2)
Total loss and loss expense ratio		84.3		%	28.2		%	49.7		%	54.1		%	73.1		%	4.5		%	43.7		%	37.3		%	23.7		%	60.6		%	49.2		%		50.5		%
Noninsurance operations:
Interest and fees on loans and leases		$	2		$	2		$	1		$	2		$	2		$	2		$	1		$	3		$	3		$	5		$	5			$	7
Other revenue		—			1			1			—			1			1			1			2			2			2			3				3
Interest expense		14			13			13			14			13			13			13			26			26			40			39				53
Operating expenses		4			5			4			6			5			5			4			9			9			13			14				20
Total noninsurance operations loss		$	(16)		$	(15)		$	(15)		$	(18)		$	(15)		$	(15)		$	(15)		$	(30)		$	(30)		$	(46)		$	(45)			$	(63)
*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

CINF Third-Quarter 2022 Supplemental Financial Data