8-K - CINF - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report: February 15, 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 classTrading Symbol(s)Name of each exchange on which registeredCommon stockCINFNasdaq Global Select Market

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

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

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

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

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

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

☐ Emerging growth company

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

Item 2.02 Results of Operations and Financial Condition.

On February 15, 2022, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2021 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On February 15, 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 release or supplemental financial data.

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

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 – News release dated February 15, 2022, “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2021 Results”

Exhibit 99.2 – Supplemental Financial Data for the Period Ending December 31, 202 1 distributed February 15 , 202 2

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

Signature

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

	CINCINNATI FINANCIAL CORPORATION
Date: February 15, 2022	/S/Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Senior Vice President and Treasurer<br>(Principal Accounting Officer)

Document

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

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

CINF-IR@cinfin.com

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

Media_Inquiries@cinfin.com

Cincinnati Financial Reports Fourth-Quarter and Full-Year 2021 Results

Cincinnati, February 15, 2022 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Fourth-quarter 2021 net income of $1.470 billion, or $9.04 per share, compared with net income of $1.049 billion, or $6.47 per share, in the fourth quarter of 2020, after recognizing a $1.113 billion fourth-quarter 2021 after-tax increase in the fair value of equity securities still held.

•Full-year 2021 net income of $2.946 billion, or $18.10 per share, compared with $1.216 billion, or $7.49 per share, in 2020.

•$58 million or 22% increase in fourth-quarter 2021 non-GAAP operating income* to $320 million, or $1.97 per share, compared with $262 million, or $1.61 per share, in the fourth quarter of last year.

•$510 million or 96% increase in full-year 2021 non-GAAP operating income to $1.043 billion, or $6.41 per share, up from $533 million, or $3.28 per share, with after-tax property casualty underwriting profit up $483 million.

•$421 million increase in fourth-quarter 2021 net income reflected the after-tax net effect of a $363 million increase in net investment gains and a $55 million increase in after-tax property casualty underwriting profit.

•$81.72 book value per share at December 31, 2021, up $14.68 or 21.9% since year-end 2020.

•25.7% value creation ratio for full-year 2021, compared with 14.7% for 2020.

Financial Highlights

(Dollars in millions except per share data)
	2021			2020			% Change		2021			2020			% Change
Revenue Data
Earned premiums		$	1,676		$	1,520		10		$	6,482		$	5,980		8
Investment income, net of expenses		186			172			8		714			670			7
Total revenues		3,323			2,694			23		9,630			7,536			28
Income Statement Data
Net income		$	1,470		$	1,049		40		$	2,946		$	1,216		142
Investment gains and losses, after-tax		1,150			787			46		1,903			683			179
Non-GAAP operating income*		$	320		$	262		22		$	1,043		$	533		96
Per Share Data (diluted)
Net income		$	9.04		$	6.47		40		$	18.10		$	7.49		142
Investment gains and losses, after-tax		7.07			4.86			45		11.69			4.21			178
Non-GAAP operating income*		$	1.97		$	1.61		22		$	6.41		$	3.28		95
Book value										$	81.72		$	67.04		22
Cash dividend declared		$	0.63		$	0.60		5		$	2.52		$	2.40		5
Diluted weighted average shares outstanding		162.5			162.1			0		162.7			162.4			0

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

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

CINF 4Q21 Release 1

Insurance Operations Highlights

•84.2% fourth-quarter 2021 property casualty combined ratio, improved from 87.3% for the fourth quarter of 2020. Full-year 2021 property casualty combined ratio at 88.3%, with net written premiums up 10%.

•10% growth in fourth-quarter 2021 net written premiums, largely due to price increases and premium growth initiatives.

•$212 million fourth-quarter 2021 property casualty new business written premiums. Agencies appointed since the beginning of 2020 contributed $19 million or 9% of total fourth-quarter new business written premiums.

•$9 million of fourth-quarter 2021 life insurance subsidiary net income, down $6 million from the same period in 2020, and 8% growth in fourth-quarter 2021 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•8% or $14 million increase in fourth-quarter 2021 pretax investment income, including 14% growth for stock portfolio dividends and 4% growth in interest income.

•15% full-year increase in fair value of total investments at December 31, 2021, including a 28% increase for the stock portfolio and a 6% increase for the bond portfolio.

•$5.053 billion parent company cash and marketable securities at year-end 2021, up 34% from a year ago.

Finishing 2021 Strong

Steven J. Johnston, chairman, president and chief executive officer, commented: “Non-GAAP operating income finished the year strong, increasing 96% to $1.043 billion, compared with year-end 2020. Net income continued its pattern of wide swings as the effects of a robust equity market pushed it to nearly $3 billion at the end of the year, more than double our 2020 result.

“The communities we serve through our insurance business saw a high number of weather-related catastrophes near the end of 2021, including a storm system that left a wide path of destruction across the Midwest in December. While no one likes to witness the pain and destruction these events bring, it is when our field claims representatives shine, delivering support to our policyholders and agents with empathy and warmth.

“When catastrophes strike, we must have the financial strength to respond quickly and fairly. That desire to be ready to serve those who need us led to our multifaceted approach to refine our pricing precision, including increasing loss control reviews, improving pricing segmentation and adding third-party data sources – enhancing financial strength over time. We believe these long-term initiatives are on the right track as our full-year 2021 combined ratio improved 9.8 points to 88.3% compared with year-end 2020.

“We continued our record of overall favorable reserve development for a 33rd consecutive year. Net favorable reserve development on prior accident years benefited our fourth-quarter and full-year combined ratios by 6 points and 7 points, respectively.

Recognizing our financial strength, our consistently positive growth and profitability and our strong agency relationships, A.M. Best Co., a leading credit rating agency specializing in the insurance industry, recently affirmed our A+ (Superior) rating. Only the top approximately 12% of insurer groups qualify for Superior ratings from A.M. Best.”

Focused, Profitable Growth

“Diversification and a firm belief in our underwriting models and expertise are allowing us to grow with confidence. For the first time, full-year property casualty net written premiums exceeded $6 billion. New and renewal business written through independent agencies grew year over year for each of our property casualty insurance segments. For our life insurance segment, earned premiums rose 3%.

“Our profitable growth is the result of focused execution of our strategic initiatives to enter new product lines and marketing territories and to slowly expand our independent agency force. During the fourth quarter, 2021 net written premiums from our excess and surplus lines operation, launched in 2008, surpassed the $400 million mark. Our initiatives to attract more of our agents' high net worth clients and to grow Cincinnati Re® continued as planned, both increasing property casualty net written premiums.”

Book Value at Record High

“At December 31, our book value again reached a record high, increasing 22% since December 31, 2020, to $81.72. Consolidated cash and total investments reached nearly $26 billion. Our ample capital allows us to execute on our long-term strategies and, at the same time continue to pay dividends to shareholders. Our value creation ratio for 2021, which considers the dividends we pay as well as growth in book value, was 25.7%, ahead of our 10% to 13% average annual target for this measure.”

CINF 4Q21 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2021			2020			% Change	2021			2020			% Change
Earned premiums	$	1,599		$	1,449		10	$	6,184		$	5,691		9
Fee revenues	2			2			0	10			9			11
Total revenues	1,601			1,451			10	6,194			5,700			9
Loss and loss expenses	855			829			3	3,596			3,837			(6)
Underwriting expenses	490			435			13	1,867			1,744			7
Underwriting profit	$	256		$	187		37	$	731		$	119		514
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	53.5		%	57.3		%	(3.8)	58.1		%	67.4		%	(9.3)
Underwriting expenses	30.7			30.0			0.7	30.2			30.7			(0.5)
Combined ratio	84.2		%	87.3		%	(3.1)	88.3		%	98.1		%	(9.8)
							% Change							% Change
Agency renewal written premiums	$	1,238		$	1,145		8	$	5,091		$	4,740		7
Agency new business written premiums	212			185			15	897			799			12
Other written premiums	84			64			31	491			325			51
Net written premiums	$	1,534		$	1,394		10	$	6,479		$	5,864		10
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	54.9		%	54.4		%	0.5	56.0		%	57.0		%	(1.0)
Current accident year catastrophe losses	4.6			5.7			(1.1)	9.1			12.7			(3.6)
Prior accident years before catastrophe losses	(5.0)			(1.8)			(3.2)	(5.9)			(1.7)			(4.2)
Prior accident years catastrophe losses	(1.0)			(1.0)			0.0	(1.1)			(0.6)			(0.5)
Loss and loss expense ratio	53.5		%	57.3		%	(3.8)	58.1		%	67.4		%	(9.3)
Current accident year combined ratio before
catastrophe losses	85.6		%	84.4		%	1.2	86.2		%	87.7		%	(1.5)

•10% growth for both fourth-quarter and full-year 2021 property casualty net written premiums, reflecting premium growth initiatives, price increases and a higher level of insured exposures. Contributions to growth from Cincinnati Re® were 1% for the fourth quarter and 3% for full-year 2021.

•15% and 12% increase in fourth-quarter and full-year 2021 new business premiums written by agencies, compared with a year ago. The full-year increase included a $50 million increase in standard market property casualty production from agencies appointed since the beginning of 2020.

•214 new agency appointments in full-year 2021, including 59 that market only our personal lines products.

•3.1 percentage-point fourth-quarter 2021 combined ratio improvement, including a decrease of 1.1 points for losses from catastrophes.

•9.8 percentage-point improvement in full-year 2021 combined ratio, compared with 2020, including a decrease of 4.1 points for losses from catastrophes.

•6.0 and 7.0 percentage-point fourth-quarter and full-year 2021 benefit from favorable prior accident year reserve development of $97 million and $428 million, compared with 2.8 points or $40 million for fourth-quarter 2020 and 2.3 points or $131 million of favorable development for full-year 2020.

•1.0 percentage-point improvement, to 56.0%, for the full-year 2021 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 1.5 points in the ratio for current accident year losses of $1 million or more per claim.

•0.5 percentage-point decrease in the full-year 2021 underwriting expense ratio, primarily due to ongoing expense management efforts and premium growth outpacing growth in other expenses.

CINF 4Q21 Release 3

Commercial Lines Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2021			2020			% Change	2021			2020			% Change
Earned premiums	$	947		$	878		8	$	3,674		$	3,476		6
Fee revenues	1			—			nm	4			3			33
Total revenues	948			878			8	3,678			3,479			6
Loss and loss expenses	506			512			(1)	1,940			2,336			(17)
Underwriting expenses	301			270			11	1,140			1,079			6
Underwriting profit	$	141		$	96		47	$	598		$	64		834
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	53.4		%	58.4		%	(5.0)	52.8		%	67.3		%	(14.5)
Underwriting expenses	31.8			30.8			1.0	31.0			31.0			0.0
Combined ratio	85.2		%	89.2		%	(4.0)	83.8		%	98.3		%	(14.5)
							% Change							% Change
Agency renewal written premiums	$	809		$	759		7	$	3,334		$	3,122		7
Agency new business written premiums	135			113			19	571			515			11
Other written premiums	(24)			(32)			25	(94)			(103)			9
Net written premiums	$	920		$	840		10	$	3,811		$	3,534		8
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	57.5		%	58.8		%	(1.3)	57.8		%	59.2		%	(1.4)
Current accident year catastrophe losses	4.0			3.8			0.2	4.6			10.8			(6.2)
Prior accident years before catastrophe losses	(6.8)			(3.5)			(3.3)	(8.4)			(2.3)			(6.1)
Prior accident years catastrophe losses	(1.3)			(0.7)			(0.6)	(1.2)			(0.4)			(0.8)
Loss and loss expense ratio	53.4		%	58.4		%	(5.0)	52.8		%	67.3		%	(14.5)
Current accident year combined ratio before
catastrophe losses	89.3		%	89.6		%	(0.3)	88.8		%	90.2		%	(1.4)

•10% and 8% growth in fourth-quarter and full-year 2021 commercial lines net written premiums, including price increases, growth initiatives and a higher level of insured exposures. Fourth-quarter and full-year 2021 commercial lines average renewal pricing increased in the mid-single-digit percent range, with the fourth-quarter increase higher than third-quarter 2021.

•19% or $22 million increase in fourth-quarter 2021 new business written premiums, as we continue to carefully underwrite each policy in a highly competitive market.

•11% or $56 million increase in full-year 2021 new business written by agencies, including $41 million from agencies appointed since the beginning of 2020.

•4.0 percentage-point fourth-quarter 2021 combined ratio improvement, including a decrease of 0.4 points for losses from catastrophes.

•14.5 percentage-point improvement in the full-year 2021 combined ratio, including a decrease of 7.0 points for losses from catastrophes.

•8.1 and 9.6 percentage-point fourth-quarter and full-year 2021 benefit from favorable prior accident year reserve development of $77 million and $353 million, compared with 4.2 points or $36 million for fourth-quarter 2020 and 2.7 points or $95 million of favorable development for full-year 2020.

•1.4 percentage-point improvement, to 57.8%, for the full-year 2021 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 2.2 points in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q21 Release 4

Personal Lines Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2021			2020			% Change	2021			2020			% Change
Earned premiums	$	396		$	373		6	$	1,542		$	1,463		5
Fee revenues	1			1			0	4			4			0
Total revenues	397			374			6	1,546			1,467			5
Loss and loss expenses	197			195			1	992			977			2
Underwriting expenses	119			108			10	457			443			3
Underwriting profit	$	81		$	71		14	$	97		$	47		106
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	49.9		%	52.3		%	(2.4)	64.3		%	66.8		%	(2.5)
Underwriting expenses	30.1			29.0			1.1	29.7			30.3			(0.6)
Combined ratio	80.0		%	81.3		%	(1.3)	94.0		%	97.1		%	(3.1)
							% Change							% Change
Agency renewal written premiums	$	342		$	317		8	$	1,434		$	1,364		5
Agency new business written premiums	50			45			11	202			174			16
Other written premiums	(10)			(8)			(25)	(42)			(35)			(20)
Net written premiums	$	382		$	354		8	$	1,594		$	1,503		6
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	48.4		%	46.3		%	2.1	53.4		%	52.1		%	1.3
Current accident year catastrophe losses	5.3			3.4			1.9	14.2			16.0			(1.8)
Prior accident years before catastrophe losses	(3.1)			2.6			(5.7)	(2.8)			(0.7)			(2.1)
Prior accident years catastrophe losses	(0.7)			0.0			(0.7)	(0.5)			(0.6)			0.1
Loss and loss expense ratio	49.9		%	52.3		%	(2.4)	64.3		%	66.8		%	(2.5)
Current accident year combined ratio before
catastrophe losses	78.5		%	75.3		%	3.2	83.1		%	82.4		%	0.7

•8% and 6% growth in fourth-quarter and full-year 2021 personal lines net written premiums, largely due to higher renewal written premiums that benefited from rate increases. Full-year 2021 net written premiums from our agencies’ high net worth clients grew 28%, to $663 million.

•11% and 16% increase in fourth-quarter and full-year 2021 new business premiums written by agencies, compared with a year ago, largely reflecting expanded use of pricing precision tools.

•1.3 percentage-point improvement in the fourth-quarter 2021 combined ratio, despite an increase of 1.2 points from losses from catastrophes.

•3.1 percentage-point improvement in the full-year 2021 combined ratio, including a decrease for losses from catastrophes of 1.7 points.

•3.8 and 3.3 percentage-point fourth-quarter and full-year 2021 benefit from favorable prior accident year reserve development of $15 million and $50 million, compared with unfavorable prior reserve development of 2.6 points or $10 million for fourth-quarter 2020 and favorable development of 1.3 points or $18 million for full-year 2020.

•1.3 percentage-point increase, to 53.4%, for the full-year 2021 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.6 points in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q21 Release 5

Excess and Surplus Lines Insurance Results

(Dollars in millions)								Twelve months ended December 31,
	2021			2020			% Change	2021			2020			% Change
Earned premiums	$	109		$	87		25	$	398		$	325		22
Fee revenues	—			1			(100)	2			2			0
Total revenues	109			88			24	400			327			22
Loss and loss expenses	63			49			29	250			199			26
Underwriting expenses	27			24			13	106			94			13
Underwriting profit	$	19		$	15		27	$	44		$	34		29
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Loss and loss expenses	58.1		%	56.6		%	1.5	62.8		%	61.3		%	1.5
Underwriting expenses	25.1			26.6			(1.5)	26.7			28.7			(2.0)
Combined ratio	83.2		%	83.2		%	0.0	89.5		%	90.0		%	(0.5)
							% Change							% Change
Agency renewal written premiums	$	87		$	69		26	$	323		$	254		27
Agency new business written premiums	27			27			0	124			110			13
Other written premiums	(6)			(4)			(50)	(21)			(16)			(31)
Net written premiums	$	108		$	92		17	$	426		$	348		22
Ratios as a percent of earned premiums:							Pt. Change							Pt. Change
Current accident year before catastrophe losses	56.0		%	57.6		%	(1.6)	60.3		%	57.7		%	2.6
Current accident year catastrophe losses	0.6			0.4			0.2	0.6			1.3			(0.7)
Prior accident years before catastrophe losses	1.2			(1.5)			2.7	1.9			2.1			(0.2)
Prior accident years catastrophe losses	0.3			0.1			0.2	0.0			0.2			(0.2)
Loss and loss expense ratio	58.1		%	56.6		%	1.5	62.8		%	61.3		%	1.5
Current accident year combined ratio before
catastrophe losses	81.1		%	84.2		%	(3.1)	87.0		%	86.4		%	0.6

•17% and 22% growth in fourth-quarter and full-year 2021 excess and surplus lines net written premiums, including fourth-quarter 2021 renewal price increases averaging near the low end of the high-single-digit percent range.

•Less than 1% decrease in fourth-quarter 2021 new business written premiums with full-year 2021 increasing 13%, reflecting a highly competitive market with fewer opportunities to write policies with annual premiums of $10,000 or more at pricing levels we believe are adequate and offsetting our additional marketing efforts.

•83.2% fourth-quarter 2021 combined ratio that matched strong operating performance for the year-ago period.

•0.5 percentage-point improvement in the full-year 2021 combined ratio, as lower ratios for underwriting expenses and catastrophe losses offset higher current accident year losses and loss expenses before catastrophes.

•1.5 percentage-point fourth-quarter 2021 unfavorable reserve development on prior accident years of $1 million, compared with a benefit from favorable reserve development of 1.4 points or $1 million for fourth-quarter 2020.

•1.9 percentage-point full-year 2021 unfavorable prior accident year reserve development of $7 million, compared with 2.3 points or $7 million of unfavorable development for full-year 2020.

•2.6 percentage-point increase, to 60.3%, for the full-year 2021 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 1.6 points in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q21 Release 6

Life Insurance Subsidiary Results

(Dollars in millions)										Twelve months ended December 31,
	2021			2020			% Change		2021			2020			% Change
Term life insurance		$	54		$	50		8		$	210		$	197		7
Universal life insurance		11			10			10		39			44			(11)
Other life insurance and annuity products		12			11			9		49			48			2
Earned premiums		77			71			8		298			289			3
Investment income, net of expenses		41			40			3		166			158			5
Investment gains and losses, net		3			2			50		11			(27)			nm
Fee revenues		2			1			100		5			2			150
Total revenues		123			114			8		480			422			14
Contract holders’ benefits incurred		91			73			25		340			297			14
Underwriting expenses incurred		21			22			(5)		84			85			(1)
Total benefits and expenses		112			95			18		424			382			11
Net income before income tax		11			19			(42)		56			40			40
Income tax		2			4			(50)		12			8			50
Net income of the life insurance subsidiary		$	9		$	15		(40)		$	44		$	32		38

•$9 million or 3% increase in full-year 2021 earned premiums, including a 7% increase for term life insurance, our largest life insurance product line. Universal life insurance earned premiums can vary, including from changes in interest rate or other actuarial assumptions, and decreased 11% in 2021.

•$12 million or 38% increase in full-year 2021 life insurance subsidiary net income, largely reflecting investment losses resulting from impairments of fixed-maturity securities during the first quarter of 2020, partially offset by less favorable mortality experience in 2021 due largely to higher pandemic-related death claims.

•$25 million or 2% full-year 2021 decrease to $1.392 billion in GAAP shareholders’ equity for The Cincinnati Life Insurance Company, primarily from a decrease in unrealized investment gains partially offset by net income.

CINF 4Q21 Release 7

Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)		Three months ended December 31,										Twelve months ended December 31,
	2021				2020				% Change		2021				2020				% Change
Investment income, net of expenses		$	186			$	172			8		$	714			$	670			7
Investment interest credited to contract holders’		(26)				(25)				(4)		(105)				(102)				(3)
Investment gains and losses, net		1,455				997				46		2,409				865				178
Investment profit		$	1,615			$	1,144			41		$	3,018			$	1,433			111
Investment income:
Interest		$	121			$	116			4		$	477			$	455			5
Dividends		67				59				14		246				220				12
Other		1				1				0		5				8				(38)
Less investment expenses		3				4				(25)		14				13				8
Investment income, pretax		186				172				8		714				670				7
Less income taxes		29				27				7		111				104				7
Total investment income, after-tax		$	157			$	145			8		$	603			$	566			7
Investment returns:
Average invested assets plus cash and cash <br> equivalents		$	24,219			$	20,873					$	23,215			$	20,670
Average yield pretax		3.07		%		3.30		%				3.08		%		3.24		%
Average yield after-tax		2.59				2.78						2.60				2.74
Effective tax rate		15.5		%		15.4		%				15.5		%		15.5		%
Fixed-maturity returns:
Average amortized cost		$	12,132			$	11,293					$	11,771			$	11,210
Average yield pretax		3.99		%		4.11		%				4.05		%		4.06		%
Average yield after-tax		3.32				3.43						3.37				3.39
Effective tax rate		16.9		%		16.6		%				16.8		%		16.6		%

•$14 million or 8% rise in fourth-quarter 2021 pretax investment income, including 14% growth in equity portfolio dividends and 4% growth in interest income.

•$1.373 billion fourth-quarter and $2.175 billion full-year 2021 pretax total investment gains, summarized on the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.

(Dollars in millions)		Three months ended December 31,						Twelve months ended December 31,
	2021			2020			2021			2020
Investment gains and losses on equity securities sold, net		$	(2)		$	4		$	4		$	79
Unrealized gains and losses on equity securities still held, net		1,409			971			2,278			841
Investment gains and losses on fixed-maturity securities, net		10			7			30			(65)
Other		38			15			97			10
Subtotal - investment gains and losses reported in net income		1,455			997			2,409			865
Change in unrealized investment gains and losses - fixed maturities		(82)			142			(234)			436
Total		$	1,373		$	1,139		$	2,175		$	1,301

CINF 4Q21 Release 8

Balance Sheet Highlights

(Dollars in millions except share data)		At December 31,				At December 31,
	2021				2020
Total investments		$	24,666			$	21,542
Total assets		31,387				27,542
Short-term debt		54				54
Long-term debt		789				788
Shareholders’ equity		13,105				10,789
Book value per share		81.72				67.04
Debt-to-total-capital ratio		6.0		%		7.2		%

•$25.805 billion in consolidated cash and invested assets at December 31, 2021, up 15% from $22.442 billion at year-end 2020.

•$13.022 billion bond portfolio at December 31, 2021, with an average rating of A3/A. Fair value increased $114 million or 1% during the fourth quarter of 2021.

•$11.315 billion equity portfolio was 45.9% of total investments, including $7.194 billion in appreciated value before taxes at December 31, 2021. Fourth-quarter 2021 increase in fair value of $1.428 billion or 14%.

•$8.23 fourth-quarter 2021 increase in book value per share, including an addition of $1.99 from net income before investment gains and $6.58 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities, and $0.29 for other items and $0.63 from dividends declared to shareholders.

•Value creation ratio of 25.7% for full-year 2021, including 9.7% from net income before investment gains, which includes underwriting and investment income, 15.3% from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities, including positive 16.8% from our stock portfolio and negative 1.5% from our bond portfolio, in addition to positive 0.7% from other items.

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

About Cincinnati Financial

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

Mailing Address: Street Address:

P.O. Box 145496 6200 South Gilmore Road

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

CINF 4Q21 Release 9

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2020 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 34.

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

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

◦Securities market disruption or volatility and related effects such as decreased economic activity 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, terrorism incidents, 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 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 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 4Q21 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

•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

CINF 4Q21 Release 11

•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 4Q21 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets (unaudited)

(Dollars in millions except per share data)	December 31,		December 31,
	2021		2020
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2021—$12,230; 2020—$11,312)	$	13,022	$	12,338
Equity securities, at fair value (cost: 2021—$4,121; 2020—$3,927)	11,315		8,856
Other invested assets	329		348
Total investments	24,666		21,542
Cash and cash equivalents	1,139		900
Investment income receivable	144		136
Finance receivable	98		95
Premiums receivable	2,053		1,879
Reinsurance recoverable	570		517
Prepaid reinsurance premiums	78		65
Deferred policy acquisition costs	905		805
Land, building and equipment, net, for company use (accumulated depreciation:<br> 2021—$303; 2020—$285)	205		213
Other assets	570		438
Separate accounts	959		952
Total assets	$	31,387	$	27,542
Liabilities
Insurance reserves
Loss and loss expense reserves	$	7,305	$	6,746
Life policy and investment contract reserves	3,014		2,915
Unearned premiums	3,271		2,960
Other liabilities	1,092		982
Deferred income tax	1,744		1,299
Note payable	54		54
Long-term debt and lease obligations	843		845
Separate accounts	959		952
Total liabilities	18,282		16,753
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2021 and 2020—500 million shares;<br> issued: 2021 and 2020—198.3 million shares)	397		397
Paid-in capital	1,356		1,328
Retained earnings	12,625		10,085
Accumulated other comprehensive income	648		769
Treasury stock at cost (2021— 38.0 million shares and 2020—37.4 million shares)	(1,921)		(1,790)
Total shareholders' equity	$	13,105	$	10,789
Total liabilities and shareholders' equity	$	31,387	$	27,542

CINF 4Q21 Release 13

Cincinnati Financial Corporation

Condensed Consolidated Statements of Income (unaudited)

(Dollars in millions except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2021		2020		2021		2020
Revenues
Earned premiums	$	1,676	$	1,520	$	6,482	$	5,980
Investment income, net of expenses	186		172		714		670
Investment gains and losses, net	1,455		997		2,409		865
Fee revenues	4		3		15		11
Other revenues	2		2		10		10
Total revenues	3,323		2,694		9,630		7,536
Benefits and Expenses
Insurance losses and contract holders’ benefits	946		902		3,936		4,134
Underwriting, acquisition and insurance expenses	511		457		1,951		1,829
Interest expense	14		14		53		54
Other operating expenses	6		5		20		20
Total benefits and expenses	1,477		1,378		5,960		6,037
Income Before Income Taxes	1,846		1,316		3,670		1,499
Provision for Income Taxes
Current	81		66		247		147
Deferred	295		201		477		136
Total provision for income taxes	376		267		724		283
Net Income	$	1,470	$	1,049	$	2,946	$	1,216
Per Common Share
Net income—basic	$	9.14	$	6.52	$	18.29	$	7.55
Net income—diluted	9.04		6.47		18.10		7.49

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

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

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

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

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

CINF 4Q21 Release 14

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 4Q21 Release 15

Cincinnati Financial Corporation

Net Income Reconciliation
(Dollars in millions except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2021		2020		2021		2020
Net income	$	1,470	$	1,049	$	2,946	$	1,216
Less:
Investment gains and losses, net	1,455		997		2,409		865
Income tax on investment gains and losses	(305)		(210)		(506)		(182)
Investment gains and losses, after-tax	1,150		787		1,903		683
Non-GAAP operating income	$	320	$	262	$	1,043	$	533
Diluted per share data:
Net income	$	9.04	$	6.47	$	18.10	$	7.49
Less:
Investment gains and losses, net	8.95		6.15		14.80		5.33
Income tax on investment gains and losses	(1.88)		(1.29)		(3.11)		(1.12)
Investment gains and losses, after-tax	7.07		4.86		11.69		4.21
Non-GAAP operating income	$	1.97	$	1.61	$	6.41	$	3.28
Life Insurance Reconciliation
---	---	---	---	---	---	---	---	---
(Dollars in millions)	Three months ended December 31,				Twelve months ended December 31,
	2021		2020		2021		2020
Net income of life insurance subsidiary	$	9	$	15	$	44	$	32
Investment gains and losses, net	3		2		11		(27)
Income tax on investment gains and losses	1		—		3		(6)
Non-GAAP operating income	7		13		36		53
Investment income, net of expenses	(41)		(40)		(166)		(158)
Investment income credited to contract holders'	26		25		105		102
Income tax excluding tax on investment gains and losses,<br> net	1		4		9		14
Life insurance segment profit (loss)	$	(7)	$	2	$	(16)	$	11

CINF 4Q21 Release 16

Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended December 31, 2021
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	1,534		$	920		$	382		$	108		$	124
Unearned premiums change		65			27			14			1			23
Earned premiums		$	1,599		$	947		$	396		$	109		$	147
Underwriting profit		$	256		$	141		$	81		$	19		$	15
(Dollars in millions)	Twelve months ended December 31, 2021
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	6,479		$	3,811		$	1,594		$	426		$	648
Unearned premiums change		(295)			(137)			(52)			(28)			(78)
Earned premiums		$	6,184		$	3,674		$	1,542		$	398		$	570
Underwriting profit (loss)		$	731		$	598		$	97		$	44		$	(8)
(Dollars in millions)	Three months ended December 31, 2020
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	1,394		$	840		$	354		$	92		$	108
Unearned premiums change		55			38			19			(5)			3
Earned premiums		$	1,449		$	878		$	373		$	87		$	111
Underwriting profit		$	187		$	96		$	71		$	15		$	5
(Dollars in millions)	Twelve months ended December 31, 2020
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	5,864		$	3,534		$	1,503		$	348		$	479
Unearned premiums change		(173)			(58)			(40)			(23)			(52)
Earned premiums		$	5,691		$	3,476		$	1,463		$	325		$	427
Underwriting profit (loss)		$	119		$	64		$	47		$	34		$	(26)
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

*Included in Other are the results of Cincinnati Re and Cincinnati Global.

CINF 4Q21 Release 17

Cincinnati Financial Corporation

Other Measures

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

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

Value Creation Ratio Calculations

(Dollars are per share)		Three months ended December 31,								Twelve months ended December 31,
	2021				2020				2021				2020
Value creation ratio:
End of period book value*		$	81.72			$	67.04			$	81.72			$	67.04
Less beginning of period book value		73.49				60.57				67.04				60.55
Change in book value		8.23				6.47				14.68				6.49
Dividend declared to shareholders		0.63				0.60				2.52				2.40
Total value creation		$	8.86			$	7.07			$	17.20			$	8.89
Value creation ratio from change in book value**		11.2		%		10.7		%		21.9		%		10.7		%
Value creation ratio from dividends declared to<br> shareholders***		0.9				1.0				3.8				4.0
Value creation ratio		12.1		%		11.7		%		25.7		%		14.7		%
* 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 4Q21 Release 18

Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the Period Ending December 31, 2021

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com

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

Ratings are as of February 14, 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 Fourth-Quarter 2021 Supplemental Financial Data

	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2021
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2021	4
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2021	5
	Five-Year Net Income Reconciliation and Key Metrics	6
Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	7
	Loss Ratio Detail	8
	Loss Claim Count Detail	9
	Direct Written Premiums by Risk State by Line of Business	10
	Quarterly Property Casualty Data – Commercial Lines	11
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	12
	Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2021	13
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2021	14
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	15
	Quarterly Property Casualty Data – Commercial Lines	16
	Quarterly Property Casualty Data – Personal Lines	17
	Quarterly Property Casualty Data – Excess & Surplus Lines	18
Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	19
	The Cincinnati Life Insurance Company Statutory Statements of Income	20
Other
	Quarterly Data – Other	21

CINF Fourth-Quarter 2021 Supplemental Financial Data

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

Other Measures

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

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

CINF Fourth-Quarter 2021 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2021
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	6,439	$	—	$	—	$	—	$	6,439
Life	—		—		374		—		—		374
Premiums ceded	—		(255)		(76)		—		—		(331)
Total earned premium	—		6,184		298		—		—		6,482
Investment income, net of expenses	91		457		166		—		—		714
Investment gains and losses, net	1,058		1,340		11		—		—		2,409
Fee revenues	—		10		5		—		—		15
Other revenues	15		3		—		7		(15)		10
Total revenues	$	1,164	$	7,994	$	480	$	7	$	(15)	$	9,630
Benefits & expenses
Losses & contract holders' benefits	$	—	$	3,718	$	423	$	—	$	—	$	4,141
Reinsurance recoveries	—		(122)		(83)		—		—		(205)
Underwriting, acquisition and insurance expenses	—		1,867		84		—		—		1,951
Interest expense	53		—		—		—		—		53
Other operating expenses	32		—		—		3		(15)		20
Total expenses	$	85	$	5,463	$	424	$	3	$	(15)	$	5,960
Income before income taxes	$	1,079	$	2,531	$	56	$	4	$	—	$	3,670
Provision (benefit) for income taxes
Current operating income	$	(224)	$	(51)	$	14	$	1	$	—	$	(260)
Capital gains/losses	222		282		3		—		—		507
Deferred	219		263		(5)		—		—		477
Total provision for income taxes	$	217	$	494	$	12	$	1	$	—	$	724
Net income - current year	$	862	$	2,037	$	44	$	3	$	—	$	2,946
Net income - prior year	$	453	$	728	$	32	$	3	$	—	$	1,216
*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 Fourth-Quarter 2021 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2021
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	1,665	$	—	$	—	$	—	$	1,665
Life	—		—		96		—		—		96
Premiums ceded	—		(66)		(19)		—		—		(85)
Total earned premium	—		1,599		77		—		—		1,676
Investment income, net of expenses	27		118		41		—		—		186
Investment gains and losses, net	710		742		3		—		—		1,455
Fee revenues	—		2		2		—		—		4
Other revenues	3		1		—		2		(4)		2
Total revenues	$	740	$	2,462	$	123	$	2	$	(4)	$	3,323
Benefits & expenses
Losses & contract holders' benefits	$	—	$	896	$	113	$	—	$	—	$	1,009
Reinsurance recoveries	—		(41)		(22)		—		—		(63)
Underwriting, acquisition and insurance expenses	—		490		21		—		—		511
Interest expense	14		—		—		—		—		14
Other operating expenses	9		—		—		1		(4)		6
Total expenses	$	23	$	1,345	$	112	$	1	$	(4)	$	1,477
Income before income taxes	$	717	$	1,117	$	11	$	1	$	—	$	1,846
Provision (benefit) for income taxes
Current operating income	$	(148)	$	(81)	$	3	$	1	$	—	$	(225)
Capital gains/losses	149		156		1		—		—		306
Deferred	147		150		(2)		—		—		295
Total provision for income taxes	$	148	$	225	$	2	$	1	$	—	$	376
Net income - current year	$	569	$	892	$	9	$	—	$	—	$	1,470
Net income - prior year	$	338	$	695	$	15	$	1	$	—	$	1,049
*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 Fourth-Quarter 2021 Supplemental Financial Data

Cincinnati Financial Corporation
Five-Year Net Income Reconciliation and Key Metrics
(Dollars in millions except per share data)	Years ended December 31,
	2021			2020			2019			2018			2017
Net income	$	2,946		$	1,216		$	1,997		$	287		$	1,045
Less:
Investment gains and losses, net	2,409			865			1,650			(402)			148
Income tax on investment gains and losses	(506)			(182)			(347)			84			(53)
Investment gains and losses, after-tax	1,903			683			1,303			(318)			95
Other non-recurring items	—			—			—			56			495
Non-GAAP operating income	$	1,043		$	533		$	694		$	549		$	455
Non-GAAP operating income: Five-year compound annual growth rate	15.3		%	(2.0)		%	9.5		%	3.5		%	3.0		%
Diluted per share data:
Net income	$	18.10		$	7.49		$	12.10		$	1.75		$	6.29
Less:
Investment gains and losses, net	14.80			5.33			10.00			(2.44)			0.89
Income tax on investment gains and losses	(3.11)			(1.12)			(2.10)			0.50			(0.32)
Investment gains and losses, after-tax	11.69			4.21			7.90			(1.94)			0.57
Other non-recurring items	—			—			—			0.34			2.98
Non-GAAP operating income	$	6.41		$	3.28		$	4.20		$	3.35		$	2.74
Value creation ratio
Book value per share growth	21.9		%	10.7		%	25.9		%	(4.3)		%	17.1		%
Shareholder dividend declared as a percentage of beginning book value	3.8			4.0			4.6			4.2			5.8
Value creation ratio	25.7		%	14.7		%	30.5		%	(0.1)		%	22.9		%
Value creation ratio: Five-year average	18.7		%	16.5		%	14.2		%	10.7		%	13.9		%
Investment income, net of expenses	$	714		$	670		$	646		$	619		$	609
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
*Includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2021 Supplemental Financial Data

Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/21		9/30/21		6/30/21		3/31/21		12/31/20		9/30/20		6/30/20		3/31/20		6/30/21		6/30/20		9/30/21		9/30/20		12/31/21		12/31/20
Consolidated
Current accident year losses greater than $5,000,000	$	55	$	14	$	38	$	5	$	10	$	21	$	19	$	—	$	43	$	19	$	57	$	40	$	112	$	50
Current accident year losses $1,000,000-$5,000,000	103		72		51		31		52		46		53		50		82		103		154		149		257		202
Large loss prior accident year reserve development	28		30		13		24		13		(3)		7		26		37		33		67		30		95		42
Total large losses incurred	$	186	$	116	$	102	$	60	$	75	$	64	$	79	$	76	$	162	$	155	$	278	$	219	$	464	$	294
Losses incurred but not reported	(71)		(13)		(37)		102		60		38		134		79		65		213		52		251		(19)		310
Other losses excluding catastrophe losses	520		514		577		451		454		550		409		496		1,028		905		1,542		1,455		2,062		1,909
Catastrophe losses	51		215		56		150		58		261		226		123		206		349		421		611		472		670
Total losses incurred	$	686	$	832	$	698	$	763	$	647	$	913	$	848	$	774	$	1,461	$	1,622	$	2,293	$	2,536	$	2,979	$	3,183
Commercial Lines
Current accident year losses greater than $5,000,000	$	50	$	4	$	38	$	5	$	10	$	21	$	19	$	—	$	43	$	19	$	47	$	40	$	97	$	50
Current accident year losses $1,000,000-$5,000,000	70		60		29		26		35		20		45		36		55		81		115		100		185		135
Large loss prior accident year reserve development	27		29		14		26		10		(1)		5		22		40		27		69		27		96		36
Total large losses incurred	$	147	$	93	$	81	$	57	$	55	$	40	$	69	$	58	$	138	$	127	$	231	$	167	$	378	$	221
Losses incurred but not reported	(53)		(35)		(34)		39		50		60		72		58		5		130		(30)		190		(83)		240
Other losses excluding catastrophe losses	274		270		326		261		255		287		233		298		587		531		857		817		1,131		1,073
Catastrophe losses	24		30		27		35		23		125		119		82		62		201		92		327		116		350
Total losses incurred	$	392	$	358	$	400	$	392	$	383	$	512	$	493	$	496	$	792	$	989	$	1,150	$	1,501	$	1,542	$	1,884
Personal Lines
Current accident year losses greater than $5,000,000	$	5	$	10	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	10	$	—	$	15	$	—
Current accident year losses $1,000,000-$5,000,000	25		12		15		4		16		21		8		12		19		20		31		42		56		59
Large loss prior accident year reserve development	—		(1)		(2)		(1)		2		(2)		2		5		(3)		7		(4)		4		(4)		6
Total large losses incurred	$	30	$	21	$	13	$	3	$	18	$	19	$	10	$	17	$	16	$	27	$	37	$	46	$	67	$	65
Losses incurred but not reported	(26)		—		(4)		41		(1)		(24)		41		24		37		65		37		41		11		39
Other losses excluding catastrophe losses	146		154		158		130		134		156		105		127		288		232		442		388		588		523
Catastrophe losses	16		69		39		74		8		81		89		38		113		127		182		208		198		216
Total losses incurred	$	166	$	244	$	206	$	248	$	159	$	232	$	245	$	206	$	454	$	451	$	698	$	683	$	864	$	843
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current accident year losses $1,000,000-$5,000,000	8		—		7		1		1		5		—		2		8		2		8		7		16		8
Large loss prior accident year reserve development	1		2		1		(1)		1		—		—		(1)		—		(1)		2		(1)		3		—
Total large losses incurred	$	9	$	2	$	8	$	—	$	2	$	5	$	—	$	1	$	8	$	1	$	10	$	6	$	19	$	8
Losses incurred but not reported	8		22		1		22		11		2		21		(3)		23		18		45		20		53		31
Other losses excluding catastrophe losses	25		23		34		15		21		24		20		29		49		50		72		74		97		95
Catastrophe losses	—		1		—		1		—		1		3		1		1		3		2		4		2		5
Total losses incurred	$	42	$	48	$	43	$	38	$	34	$	32	$	44	$	28	$	81	$	72	$	129	$	104	$	171	$	139
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Fourth-Quarter 2021 Supplemental Financial Data

Consolidated Property Casualty
Loss Ratio Detail
	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/21		9/30/21		6/30/21		3/31/21		12/31/20		9/30/20		6/30/20		3/31/20		6/30/21		6/30/20		9/30/21		9/30/20		12/31/21		12/31/20
Consolidated
Current accident year losses greater than $5,000,000	3.4	%	0.9	%	2.5	%	0.3	%	0.7	%	1.5	%	1.4	%	—	%	1.4	%	0.7	%	1.2	%	0.9	%	1.8	%	0.9	%
Current accident year losses $1,000,000-$5,000,000	6.4		4.5		3.4		2.2		3.6		3.2		3.7		3.6		2.8		3.7		3.4		3.5		4.2		3.6
Large loss prior accident year reserve development	1.8		1.9		0.9		1.6		0.9		(0.3)		0.5		1.9		1.2		1.2		1.5		0.8		1.5		0.7
Total large loss ratio	11.6	%	7.3	%	6.8	%	4.1	%	5.2	%	4.4	%	5.6	%	5.5	%	5.4	%	5.6	%	6.1	%	5.2	%	7.5	%	5.2	%
Losses incurred but not reported	(4.4)		(0.8)		(2.4)		6.9		4.1		2.6		9.6		5.7		2.2		7.6		1.1		5.9		(0.3)		5.5
Other losses excluding catastrophe losses	32.5		32.2		38.0		30.5		31.3		38.0		29.2		35.6		34.4		32.4		33.6		34.3		33.4		33.4
Catastrophe losses	3.2		13.4		3.7		10.2		4.0		18.0		16.1		8.9		6.9		12.5		9.2		14.4		7.6		11.8
Total loss ratio	42.9	%	52.1	%	46.1	%	51.7	%	44.6	%	63.0	%	60.5	%	55.7	%	48.9	%	58.1	%	50.0	%	59.8	%	48.2	%	55.9	%
Commercial Lines
Current accident year losses greater than $5,000,000	5.3	%	0.5	%	4.2	%	0.6	%	1.1	%	2.5	%	2.2	%	—	%	2.4	%	1.1	%	1.7	%	1.5	%	2.6	%	1.4	%
Current accident year losses $1,000,000-$5,000,000	7.3		6.5		3.2		2.9		4.0		2.3		5.1		4.1		3.1		4.6		4.2		3.9		5.0		4.0
Large loss prior accident year reserve development	2.8		3.1		1.4		3.0		1.1		(0.2)		0.6		2.6		2.2		1.6		2.6		1.0		2.7		1.0
Total large loss ratio	15.4	%	10.1	%	8.8	%	6.5	%	6.2	%	4.6	%	7.9	%	6.7	%	7.7	%	7.3	%	8.5	%	6.4	%	10.3	%	6.4	%
Losses incurred but not reported	(5.7)		(3.7)		(3.6)		4.3		5.7		6.9		8.3		6.8		0.3		7.5		(1.1)		7.3		(2.3)		6.9
Other losses excluding catastrophe losses	29.1		29.0		35.7		29.4		29.0		33.1		26.8		34.5		32.6		30.7		31.4		31.5		30.8		30.8
Catastrophe losses	2.6		3.1		3.0		4.0		2.7		14.5		13.6		9.5		3.5		11.6		3.4		12.6		3.2		10.1
Total loss ratio	41.4	%	38.5	%	43.9	%	44.2	%	43.6	%	59.1	%	56.6	%	57.5	%	44.1	%	57.1	%	42.2	%	57.8	%	42.0	%	54.2	%
Personal Lines
Current accident year losses greater than $5,000,000	1.3	%	2.6	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	0.9	%	—	%	1.0	%	—	%
Current accident year losses $1,000,000-$5,000,000	6.4		2.9		4.0		1.2		4.4		5.8		2.3		3.5		2.5		2.9		2.7		3.8		3.6		4.0
Large loss prior accident year reserve development	—		(0.2)		(0.5)		(0.3)		0.6		(0.7)		0.5		1.3		(0.3)		0.9		(0.4)		0.4		(0.2)		0.4
Total large loss ratio	7.7	%	5.3	%	3.5	%	0.9	%	5.0	%	5.1	%	2.8	%	4.8	%	2.2	%	3.8	%	3.2	%	4.2	%	4.4	%	4.4	%
Losses incurred but not reported	(6.5)		(0.1)		(1.1)		11.0		(0.3)		(6.6)		11.3		6.6		4.9		8.9		3.2		3.7		0.7		2.7
Other losses excluding catastrophe losses	36.7		39.7		41.4		34.4		36.0		42.5		28.8		35.3		37.9		32.2		38.6		35.6		38.1		35.8
Catastrophe losses	4.1		17.7		10.3		19.6		2.1		22.1		24.6		10.5		14.9		17.5		15.9		19.1		12.8		14.7
Total loss ratio	42.0	%	62.6	%	54.1	%	65.9	%	42.8	%	63.1	%	67.5	%	57.2	%	59.9	%	62.4	%	60.9	%	62.6	%	56.0	%	57.6	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $1,000,000-$5,000,000	7.5		(0.1)		7.5		1.2		1.1		6.4		—		2.6		4.5		1.3		2.8		3.0		4.1		2.5
Large loss prior accident year reserve development	0.8		1.9		1.3		(1.7)		1.2		0.1		0.1		(1.5)		(0.2)		(0.7)		0.6		(0.4)		0.6		—
Total large loss ratio	8.3	%	1.8	%	8.8	%	(0.5)	%	2.3	%	6.5	%	0.1	%	1.1	%	4.3	%	0.6	%	3.4	%	2.6	%	4.7	%	2.5	%
Losses incurred but not reported	7.9		21.2		0.8		24.8		12.6		2.6		27.2		(4.4)		12.3		11.3		15.5		8.4		13.4		9.5
Other losses excluding catastrophe losses	22.3		21.9		35.0		17.8		24.3		29.5		25.8		37.8		26.8		31.9		25.0		31.0		24.3		29.3
Catastrophe losses	0.8		0.2		0.4		1.0		0.4		1.2		3.3		0.9		0.7		2.1		0.5		1.8		0.6		1.4
Total loss ratio	39.3	%	45.1	%	45.0	%	43.1	%	39.6	%	39.8	%	56.4	%	35.4	%	44.1	%	45.9	%	44.4	%	43.8	%	43.0	%	42.7	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Fourth-Quarter 2021 Supplemental Financial Data

Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/21	9/30/21	6/30/21	3/31/21	12/31/20	9/30/20	6/30/20	3/31/20	6/30/21	6/30/20	9/30/21	9/30/20	12/31/21	12/31/20
Consolidated
Current accident year reported losses greater <br> than $5,000,000	7	3	6	1	2	2	2	—	7	2	9	5	17	7
Current accident year reported losses <br> $1,000,000 - $5,000,000	76	44	35	24	37	34	28	27	59	55	106	85	170	117
Prior accident year reported losses on<br> large losses	16	22	12	20	14	13	9	20	32	27	55	41	71	49
Non-Catastrophe reported losses on<br> large losses total	99	69	53	45	53	49	39	47	98	84	170	131	258	173
Commercial Lines
Current accident year reported losses greater<br> than $5,000,000	7	2	6	1	2	2	2	—	7	2	8	5	15	7
Current accident year reported losses<br> $1,000,000 - $5,000,000	50	37	19	20	26	19	24	17	39	41	78	57	120	79
Prior accident year reported losses on<br> large losses	14	19	8	18	11	12	8	17	26	23	46	36	60	41
Non-Catastrophe reported losses on<br> large losses total	71	58	33	39	39	33	34	34	72	66	132	98	195	127
Personal Lines
Current accident year reported losses greater <br> than $5,000,000	—	1	—	—	—	—	—	—	—	—	1	—	2	—
Current accident year reported losses <br> $1,000,000 - $5,000,000	17	6	11	3	10	9	4	8	14	12	20	21	34	31
Prior accident year reported losses on<br> large losses	1	1	1	2	2	—	—	3	3	3	4	3	5	5
Non-Catastrophe reported losses on<br> large losses total	18	8	12	5	12	9	4	11	17	15	25	24	41	36
Excess & Surplus Lines
Current accident year reported losses greater<br> than $5,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Current accident year reported losses<br> $1,000,000 - $5,000,000	9	1	5	1	1	6	—	2	6	2	8	7	16	7
Prior accident year reported losses on<br> large losses	1	2	3	—	1	1	1	—	3	1	5	2	6	3
Non-Catastrophe reported losses on<br> large losses total	10	3	8	1	2	7	1	2	9	3	13	9	22	10
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2021 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2021
(Dollars in millions)	Commercial Lines												Personal Lines						E & S		Consolidated				Comm'l<br>Change<br>%	Personal<br>Change<br>%	E & S<br>Change<br>%	Consol<br>Change<br>%
Risk<br>State	Comm<br>Casualty		Comm<br>Property		Comm<br>Auto		Workers'<br>Comp			Other Comm			Personal<br>Auto		Home Owner		Other <br>Personal		All<br>Lines		2021		2020
									Total			Total
OH	$	181.2	$	167.0	$	113.3	$	—		$	48.4		$	125.8	$	127.9	$	39.4	$	25.4	$	828.2	$	791.6	6.1	1.2	17.3	4.6
IL	71.9		63.3		39.7		34.9			16.6			34.1		39.4		12.3		25.6		337.8		315.5		4.5	10.6	21.0	7.1
GA	47.7		53.1		31.7		9.5			18.8			51.7		53.8		14.3		23.4		303.9		296.3		4.3	(3.0)	25.4	2.6
NC	60.2		75.7		34.5		11.8			17.3			32.2		35.5		9.9		20.4		297.4		285.0		5.6	(3.4)	28.1	4.3
NY	69.3		33.8		20.3		9.7			12.0			31.4		65.0		19.9		26.2		287.7		243.7		14.9	25.9	5.1	18.0
PA	77.0		58.8		42.8		28.6			15.5			16.0		17.3		5.9		19.6		281.4		268.9		3.6	3.2	21.7	4.7
IN	57.9		57.5		35.8		19.3			17.2			27.0		34.6		7.9		16.0		273.1		261.2		5.3	0.3	16.8	4.6
TX	58.3		26.3		37.5		2.8			10.0			16.4		28.6		8.2		36.6		224.7		196.3		8.1	22.2	30.8	14.5
MI	44.5		48.0		26.3		10.8			15.3			24.9		23.2		5.8		14.3		213.0		210.8		3.2	(10.7)	41.5	1.0
TN	48.3		51.6		30.6		7.0			13.8			17.3		25.1		6.6		11.3		211.6		201.0		5.5	2.3	16.2	5.3
VA	45.3		37.5		30.9		15.2			15.8			14.3		16.2		5.2		9.0		189.2		176.8		6.4	3.5	39.0	7.1
MO	42.4		44.4		27.4		14.0			7.6			14.3		19.5		4.1		15.2		189.0		168.4		11.9	7.5	29.5	12.2
AL	33.0		40.7		22.3		1.5			11.7			22.6		35.1		7.0		14.7		188.5		178.7		9.3	(3.0)	20.4	5.4
KY	33.4		40.6		28.2		3.6			10.8			22.6		25.4		5.9		10.0		180.5		172.3		7.5	(3.5)	25.6	4.8
FL	42.1		14.1		30.3		2.5			9.5			10.1		14.9		6.5		28.5		158.7		137.1		8.3	46.3	16.5	15.7
WI	31.9		32.3		14.9		20.2			8.4			10.4		12.3		4.6		13.2		148.3		138.2		5.8	2.1	37.8	7.3
MN	31.1		33.7		10.6		7.3			7.8			13.0		18.4		5.0		13.2		140.0		138.5		4.3	(10.9)	20.5	1.1
MD	23.0		15.5		17.4		7.3			7.3			16.0		14.5		4.3		6.3		111.6		105.3		9.3	(1.4)	13.5	6.0
CA	2.4		1.1		1.8		2.9			0.6			13.7		73.3		11.6		1.5		108.9		77.6		14.8	43.6	15.9	40.3
AZ	27.5		17.8		18.1		5.1			5.5			8.0		8.9		3.3		10.6		104.8		95.7		6.6	5.6	46.7	9.4
OR	30.9		16.4		22.2		0.3			5.4			4.6		3.0		0.9		7.9		91.5		78.0		20.4	(8.2)	24.1	17.4
UT	20.3		14.9		14.0		1.4			5.0			8.5		6.9		1.6		12.3		85.0		78.3		6.4	(1.4)	41.0	8.5
AR	14.6		21.2		16.6		2.2			3.9			6.4		9.1		2.7		5.9		82.6		77.4		9.9	(6.0)	21.1	6.6
CT	12.2		7.4		4.8		4.6			1.7			18.4		21.2		6.9		4.5		81.8		68.7		24.4	14.6	33.3	19.0
IA	19.9		21.2		8.3		8.4			6.4			4.1		5.5		1.4		3.9		79.1		76.5		4.1	(4.4)	19.0	3.4
SC	14.8		16.1		11.6		2.3			4.1			9.4		9.9		1.9		8.3		78.4		75.3		8.4	(5.6)	8.0	4.2
MT	26.4		18.3		14.9		0.5			4.1			2.9		3.6		0.9		3.8		75.4		67.1		12.5	3.4	33.8	12.4
CO	20.0		9.5		14.5		1.7			3.6			2.9		7.0		1.1		13.3		73.7		67.8		4.0	32.5	10.6	8.6
KS	15.7		18.5		11.2		4.3			4.0			4.1		7.0		1.3		4.0		70.0		63.6		11.3	3.3	17.1	10.1
WA	17.6		10.7		14.7		—			4.3			6.2		5.4		2.2		4.6		65.7		52.4		17.2	52.6	51.4	25.3
ID	20.8		15.4		12.6		1.6			2.9			2.7		3.1		0.7		4.3		64.3		55.4		18.2	(4.8)	30.5	16.1
NE	11.9		13.2		8.1		5.0			2.9			0.6		1.1		0.3		3.4		46.6		43.7		6.7	(8.2)	14.0	6.5
NJ	9.3		4.8		3.3		2.7			2.4			5.6		8.3		4.1		5.0		45.5		34.7		39.8	25.2	20.0	31.3
MA	7.2		5.3		2.8		2.1			1.2			5.8		13.9		3.8		3.0		45.0		25.4		97.7	66.4	22.3	77.4
WV	9.0		11.3		7.9		1.1			1.6			—		0.3		0.1		4.3		35.6		33.5		5.4	5.7	13.1	6.3
NM	10.5		7.4		8.1		0.8			2.8			—		—		—		3.7		33.3		34.2		(3.6)	(16.8)	7.7	(2.5)
VT	7.1		7.3		4.0		4.5			2.3			1.8		2.8		0.6		1.8		32.2		30.4		6.0	9.8	(6.1)	5.8
NH	5.3		4.9		2.8		2.0			1.5			2.1		2.6		0.8		1.6		23.5		21.2		11.1	4.0	43.9	11.0
DE	7.2		5.5		4.1		2.2			1.4			0.5		0.7		0.2		1.8		23.5		20.3		11.3	93.4	28.6	15.5
ND	4.6		5.4		2.7		—			1.3			0.9		1.0		0.4		1.0		17.3		17.4		(1.8)	5.2	5.6	(0.5)
SD	4.0		5.5		2.6		1.7			1.2			—		—		—		1.2		16.2		14.4		10.0	(93.7)	45.7	12.0
WY	4.4		3.8		3.2		—			1.0			0.1		0.3		—		1.6		14.5		11.7		20.3	165.4	35.9	23.9
DC	2.5		1.0		0.2		0.7			1.6			0.7		0.8		0.3		1.2		8.8		7.2		16.8	44.8	(31.2)	22.1
OK	0.8		0.3		0.5		0.8			0.2			—		—		—		0.6		3.1		3.5		(15.8)	—	58.3	(11.2)
RI	0.1		0.1		0.1		0.2			—			0.3		1.1		0.4		0.2		2.6		1.5		77.6	100.3	14.9	72.0
All Other States	3.2		1.2		1.9		1.6			1.9			0.5		1.3		0.3		2.4		14.4		11.3		13.8	nm	19.0	27.1
Total	$	1,328.3	$	1,159.2	$	811.9	$	267.0		$	338.7		$	610.9	$	804.9	$	220.6	$	446.6	$	5,987.9	$	5,529.8	7.6	6.4	22.8	8.3
Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. nm - Not meaningful<br>*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.

CINF Fourth-Quarter 2021 Supplemental Financial Data

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/21			9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21			12/31/20
Commercial casualty:
Written premiums	$	317		$	297		$	338		$	363		$	287		$	269		$	308		$	341		$	701		$	649		$	998		$	918		$	1,315		$	1,205
Year over year change %-written premium	10		%	10		%	10		%	6		%	7		%	2		%	4		%	13		%	8		%	8		%	9		%	6		%	9		%	7		%
Earned premiums	$	332		$	323		$	312		$	303		$	297		$	290		$	289		$	289		$	615		$	577		$	938		$	868		$	1,270		$	1,165
Current accident year before catastrophe losses	63.3		%	61.9		%	61.5		%	64.5		%	64.5		%	63.1		%	62.6		%	65.8		%	63.0		%	64.1		%	62.6		%	63.8		%	62.8		%	64.0		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(10.5)			(16.1)			(8.3)			(2.2)			(6.1)			(3.2)			(7.5)			(1.6)			(5.3)			(4.5)			(9.0)			(4.1)			(9.4)			(4.6)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	52.8		%	45.8		%	53.2		%	62.3		%	58.4		%	59.9		%	55.1		%	64.2		%	57.7		%	59.6		%	53.6		%	59.7		%	53.4		%	59.4		%
Commercial property:
Written premiums	$	270		$	278		$	275		$	267		$	246		$	252		$	260		$	261		$	542		$	521		$	820		$	773		$	1,090		$	1,019
Year over year change %-written premium	10		%	10		%	6		%	2		%	—		%	3		%	5		%	6		%	4		%	5		%	6		%	5		%	7		%	3		%
Earned premiums	$	267		$	264		$	259		$	253		$	255		$	252		$	254		$	249		$	512		$	504		$	776		$	755		$	1,043		$	1,010
Current accident year before catastrophe losses	41.8		%	41.6		%	47.3		%	53.8		%	52.9		%	53.0		%	50.9		%	47.8		%	50.5		%	49.4		%	47.5		%	50.6		%	46.0		%	51.2		%
Current accident year catastrophe losses	13.9			12.4			14.0			20.0			13.2			50.5			48.5			34.2			16.9			41.4			15.4			44.4			15.0			36.5
Prior accident years before catastrophe losses	(6.0)			(11.1)			(1.1)			(2.0)			(2.4)			(1.3)			1.9			0.7			(1.5)			1.3			(4.8)			0.5			(5.1)			(0.3)
Prior accident years catastrophe losses	(4.8)			(2.0)			(3.8)			(6.3)			(2.5)			0.3			(2.0)			(1.1)			(5.0)			(1.6)			(4.0)			(1.0)			(4.2)			(1.3)
Total loss and loss expense ratio	44.9		%	40.9		%	56.4		%	65.5		%	61.2		%	102.5		%	99.3		%	81.6		%	60.9		%	90.5		%	54.1		%	94.5		%	51.7		%	86.1		%
Commercial auto:
Written premiums	$	194		$	183		$	216		$	223		$	179		$	171		$	205		$	208		$	439		$	413		$	622		$	584		$	816		$	763
Year over year change %-written premium	8		%	7		%	5		%	7		%	2		%	(3)		%	5		%	11		%	6		%	8		%	7		%	4		%	7		%	4		%
Earned premiums	$	203		$	200		$	198		$	193		$	192		$	189		$	189		$	185		$	391		$	374		$	591		$	563		$	794		$	755
Current accident year before catastrophe losses	67.5		%	63.7		%	63.0		%	63.1		%	57.1		%	56.2		%	64.2		%	70.9		%	63.0		%	67.5		%	63.3		%	63.7		%	64.4		%	62.1		%
Current accident year catastrophe losses	0.6			1.8			1.5			1.6			—			0.4			2.2			1.2			1.6			1.7			1.7			1.3			1.4			0.9
Prior accident years before catastrophe losses	0.2			(3.6)			(6.0)			(12.4)			1.4			5.5			(1.1)			3.3			(9.2)			1.1			(7.3)			2.5			(5.4)			2.3
Prior accident years catastrophe losses	0.3			(0.1)			(0.2)			(0.3)			—			(0.1)			—			(0.2)			(0.2)			(0.1)			(0.2)			(0.1)			(0.1)			(0.1)
Total loss and loss expense ratio	68.6		%	61.8		%	58.3		%	52.0		%	58.5		%	62.0		%	65.3		%	75.2		%	55.2		%	70.2		%	57.5		%	67.4		%	60.3		%	65.2		%
Workers' compensation:
Written premiums	$	59		$	53		$	69		$	88		$	58		$	51		$	65		$	92		$	157		$	157		$	210		$	208		$	269		$	266
Year over year change %-written premium	2		%	4		%	6		%	(4)		%	(8)		%	(18)		%	(13)		%	(2)		%	—		%	(7)		%	1		%	(10)		%	1		%	(10)		%
Earned premiums	$	67		$	66		$	68		$	67		$	64		$	64		$	68		$	75		$	135		$	143		$	201		$	207		$	268		$	271
Current accident year before catastrophe losses	79.8		%	82.3		%	87.6		%	76.6		%	82.3		%	81.7		%	81.8		%	81.1		%	82.2		%	81.4		%	82.2		%	81.5		%	81.6		%	81.7		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(10.5)			(10.5)			(39.2)			(37.9)			(10.4)			(9.6)			(27.8)			(9.8)			(38.6)			(18.3)			(29.3)			(15.7)			(24.7)			(14.4)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	69.3		%	71.8		%	48.4		%	38.7		%	71.9		%	72.1		%	54.0		%	71.3		%	43.6		%	63.1		%	52.9		%	65.8		%	56.9		%	67.3		%
Other commercial:
Written premiums	$	80		$	84		$	79		$	78		$	70		$	71		$	70		$	70		$	157		$	140		$	241		$	211		$	321		$	281
Year over year change %-written premium	14		%	18		%	13		%	11		%	6		%	1		%	8		%	9		%	12		%	9		%	14		%	6		%	14		%	6		%
Earned premiums	$	78		$	77		$	74		$	70		$	70		$	70		$	70		$	65		$	144		$	135		$	221		$	205		$	299		$	275
Current accident year before catastrophe losses	41.6		%	39.4		%	38.0		%	38.2		%	38.5		%	36.0		%	35.5		%	39.1		%	38.1		%	37.3		%	38.6		%	36.9		%	39.4		%	37.3		%
Current accident year catastrophe losses	(0.2)			0.4			0.1			—			—			0.3			0.1			0.1			—			0.1			0.1			0.2			—			0.1
Prior accident years before catastrophe losses	(8.9)			(8.4)			(11.2)			(7.7)			(2.8)			(0.7)			(1.7)			1.7			(9.5)			(0.1)			(9.1)			(0.3)			(9.1)			(0.9)
Prior accident years catastrophe losses	—			—			—			—			0.1			(0.1)			—			0.2			—			0.1			—			—			—			—
Total loss and loss expense ratio	32.5		%	31.4		%	26.9		%	30.5		%	35.8		%	35.5		%	33.9		%	41.1		%	28.6		%	37.4		%	29.6		%	36.8		%	30.3		%	36.5		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2021 Supplemental Financial Data

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/21			9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21			12/31/20
Personal auto:
Written premiums	$	141		$	165		$	166		$	136		$	139		$	166		$	169		$	137		$	302		$	306		$	467		$	472		$	608		$	611
Year over year change %-written premium	1		%	—		%	(2)		%	(1)		%	(1)		%	—		%	(2)		%	(2)		%	(1)		%	(2)		%	(1)		%	(1)		%	(1)		%	(2)		%
Earned premiums	$	152		$	153		$	152		$	152		$	153		$	154		$	154		$	154		$	305		$	308		$	457		$	462		$	609		$	615
Current accident year before catastrophe losses	62.3		%	65.8		%	64.5		%	66.1		%	46.6		%	48.5		%	64.7		%	69.4		%	65.3		%	67.0		%	65.5		%	60.9		%	64.7		%	57.3		%
Current accident year catastrophe losses	0.2			5.3			1.7			2.6			—			2.6			1.5			2.1			2.2			1.8			3.2			2.0			2.4			1.6
Prior accident years before catastrophe losses	(4.4)			(0.4)			(5.5)			(9.3)			2.6			0.5			(4.2)			(8.1)			(7.5)			(6.1)			(5.1)			(3.9)			(4.9)			(2.3)
Prior accident years catastrophe losses	0.3			(0.1)			(0.2)			(0.5)			—			—			(0.2)			(0.4)			(0.3)			(0.3)			(0.3)			(0.2)			(0.1)			(0.2)
Total loss and loss expense ratio	58.4		%	70.6		%	60.5		%	58.9		%	49.2		%	51.6		%	61.8		%	63.0		%	59.7		%	62.4		%	63.3		%	58.8		%	62.1		%	56.4		%
Homeowner:
Written premiums	$	188		$	214		$	211		$	156		$	167		$	189		$	197		$	140		$	367		$	337		$	581		$	526		$	769		$	693
Year over year change %-written premium	13		%	13		%	7		%	11		%	10		%	9		%	12		%	8		%	9		%	10		%	10		%	10		%	11		%	10		%
Earned premiums	$	190		$	184		$	178		$	174		$	171		$	165		$	163		$	159		$	352		$	322		$	536		$	487		$	726		$	658
Current accident year before catastrophe losses	38.0		%	42.3		%	50.2		%	51.6		%	45.2		%	48.2		%	45.0		%	53.5		%	50.9		%	49.2		%	47.9		%	48.9		%	45.4		%	47.9		%
Current accident year catastrophe losses	10.9			36.8			20.7			41.1			7.5			46.1			51.7			23.8			30.8			37.9			32.9			40.7			27.1			32.1
Prior accident years before catastrophe losses	(4.4)			(1.0)			0.9			(0.5)			3.2			1.7			4.5			(8.7)			0.2			(2.0)			(0.2)			(0.8)			(1.3)			0.3
Prior accident years catastrophe losses	(1.4)			—			(0.5)			(0.7)			0.2			(1.6)			(0.1)			(2.3)			(0.6)			(1.2)			(0.4)			(1.3)			(0.7)			(1.0)
Total loss and loss expense ratio	43.1		%	78.1		%	71.3		%	91.5		%	56.1		%	94.4		%	101.1		%	66.3		%	81.3		%	83.9		%	80.2		%	87.5		%	70.5		%	79.3		%
Other personal:
Written premiums	$	53		$	56		$	62		$	46		$	48		$	52		$	57		$	42		$	108		$	99		$	164		$	151		$	217		$	199
Year over year change %-written premium	10		%	8		%	9		%	10		%	12		%	6		%	8		%	8		%	9		%	8		%	9		%	7		%	9		%	8		%
Earned premiums	$	54		$	51		$	52		$	50		$	49		$	48		$	47		$	46		$	101		$	93		$	153		$	141		$	207		$	190
Current accident year before catastrophe losses	45.8		%	53.8		%	45.9		%	50.0		%	49.1		%	49.6		%	48.5		%	50.5		%	48.0		%	49.5		%	49.9		%	49.5		%	48.9		%	49.4		%
Current accident year catastrophe losses	0.2			4.5			3.9			3.6			(0.3)			10.6			11.8			4.6			3.7			8.2			4.0			9.0			3.0			6.6
Prior accident years before catastrophe losses	5.0			(0.9)			(8.6)			(3.8)			0.3			(0.7)			(1.4)			6.3			(6.2)			2.4			(4.4)			1.4			(1.9)			1.1
Prior accident years catastrophe losses	(1.4)			(0.4)			0.4			(1.5)			(0.4)			(0.2)			(0.7)			(0.6)			(0.6)			(0.6)			(0.5)			(0.5)			(0.8)			(0.4)
Total loss and loss expense ratio	49.6		%	57.0		%	41.6		%	48.3		%	48.7		%	59.3		%	58.2		%	60.8		%	44.9		%	59.5		%	49.0		%	59.4		%	49.2		%	56.7		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/21			9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21			12/31/20
Excess & Surplus:
Written premiums	$	108		$	104		$	115		$	99		$	92		$	80		$	91		$	85		$	214		$	176		$	318		$	256		$	426		$	348
Year over year change %-written premium	17		%	30		%	26		%	16		%	15		%	8		%	17		%	20		%	22		%	18		%	24		%	15		%	22		%	15		%
Earned premiums	$	109		$	105		$	95		$	89		$	87		$	82		$	78		$	78		$	184		$	156		$	289		$	238		$	398		$	325
Current accident year before catastrophe losses	56.0		%	62.6		%	62.0		%	61.0		%	57.6		%	58.5		%	59.0		%	55.7		%	61.5		%	57.4		%	61.9		%	57.8		%	60.3		%	57.7		%
Current accident year catastrophe losses	0.6			0.4			0.4			1.3			0.4			1.0			3.6			0.5			0.8			2.0			0.7			1.7			0.6			1.3
Prior accident years before catastrophe losses	1.2			3.3			(1.5)			4.7			(1.5)			(1.5)			11.2			0.7			1.5			5.9			2.1			3.4			1.9			2.1
Prior accident years catastrophe losses	0.3			(0.1)			0.1			(0.3)			0.1			0.2			(0.2)			0.5			(0.1)			0.2			(0.1)			0.1			—			0.2
Total loss and loss expense ratio	58.1		%	66.2		%	61.0		%	66.7		%	56.6		%	58.2		%	73.6		%	57.4		%	63.7		%	65.5		%	64.6		%	63.0		%	62.8		%	61.3		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2021 Supplemental Financial Data

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)											Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the twelve months ended December 31, 2021
Commercial casualty		$	405		$	178		$	583		$	100		$	(30)		$	48		$	118		$	505		$	(30)		$	226		$	701
Commercial property		521			70			591			15			(46)			(8)			(39)			536			(46)			62			552
Commercial auto		380			76			456			28			10			(16)			22			408			10			60			478
Workers' compensation		129			31			160			40			(30)			(5)			5			169			(30)			26			165
Other commercial		64			12			76			7			(4)			16			19			71			(4)			28			95
Total commercial lines		1,499			367			1,866			190			(100)			35			125			1,689			(100)			402			1,991
Personal auto		316			70			386			6			(3)			(8)			(5)			322			(3)			62			381
Homeowners		386			57			443			(1)			53			1			53			385			53			58			496
Other personal		74			7			81			23			(3)			—			20			97			(3)			7			101
Total personal lines		776			134			910			28			47			(7)			68			804			47			127			978
Excess & surplus lines		79			43			122			45			56			37			138			124			56			80			260
Other		256			13			269			44			175			1			220			300			175			14			489
Total property casualty		$	2,610		$	557		$	3,167		$	307		$	178		$	66		$	551		$	2,917		$	178		$	623		$	3,718
Ceded loss and loss expense incurred for the twelve months ended December 31, 2021
Commercial casualty		$	14		$	1		$	15		$	10		$	(2)		$	—		$	8		$	24		$	(2)		$	1		$	23
Commercial property		29			5			34			(16)			(4)			(1)			(21)			13			(4)			4			13
Commercial auto		—			—			—			(1)			—			—			(1)			(1)			—			—			(1)
Workers' compensation		8			—			8			6			(2)			—			4			14			(2)			—			12
Other commercial		3			—			3			—			1			—			1			3			1			—			4
Total commercial lines		54			6			60			(1)			(7)			(1)			(9)			53			(7)			5			51
Personal auto		2			—			2			(2)			2			—			—			—			2			—			2
Homeowners		(6)			—			(6)			(8)			(1)			(1)			(10)			(14)			(1)			(1)			(16)
Other personal		—			—			—			—			—			—			—			—			—			—			—
Total personal lines		(4)			—			(4)			(10)			1			(1)			(10)			(14)			1			(1)			(14)
Excess & surplus lines		4			—			4			2			3			1			6			6			3			1			10
Other		13			—			13			16			46			—			62			29			46			—			75
Total property casualty		$	67		$	6		$	73		$	7		$	43		$	(1)		$	49		$	74		$	43		$	5		$	122
Net loss and loss expense incurred for the twelve months ended December 31, 2021
Commercial casualty		$	391		$	177		$	568		$	90		$	(28)		$	48		$	110		$	481		$	(28)		$	225		$	678
Commercial property		492			65			557			31			(42)			(7)			(18)			523			(42)			58			539
Commercial auto		380			76			456			29			10			(16)			23			409			10			60			479
Workers' compensation		121			31			152			34			(28)			(5)			1			155			(28)			26			153
Other commercial		61			12			73			7			(5)			16			18			68			(5)			28			91
Total commercial lines		1,445			361			1,806			191			(93)			36			134			1,636			(93)			397			1,940
Personal auto		314			70			384			8			(5)			(8)			(5)			322			(5)			62			379
Homeowners		392			57			449			7			54			2			63			399			54			59			512
Other personal		74			7			81			23			(3)			—			20			97			(3)			7			101
Total personal lines		780			134			914			38			46			(6)			78			818			46			128			992
Excess & surplus lines		75			43			118			43			53			36			132			118			53			79			250
Other		243			13			256			28			129			1			158			271			129			14			414
Total property casualty		$	2,543		$	551		$	3,094		$	300		$	135		$	67		$	502		$	2,843		$	135		$	618		$	3,596
*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 Fourth-Quarter 2021 Supplemental Financial Data

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)											Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the three months ended December 31, 2021
Commercial casualty		$	133		$	47		$	180		$	5		$	(13)		$	4		$	(4)		$	138		$	(13)		$	51		$	176
Commercial property		126			15			141			43			(51)			3			(5)			169			(51)			18			136
Commercial auto		108			20			128			4			3			5			12			112			3			25			140
Workers' compensation		32			8			40			6			3			—			9			38			3			8			49
Other commercial		21			3			24			(4)			(1)			9			4			17			(1)			12			28
Total commercial lines		420			93			513			54			(59)			21			16			474			(59)			114			529
Personal auto		87			18			105			—			(12)			(1)			(13)			87			(12)			17			92
Homeowners		109			14			123			(31)			(15)			(2)			(48)			78			(15)			12			75
Other personal		21			2			23			11			(7)			—			4			32			(7)			2			27
Total personal lines		217			34			251			(20)			(34)			(3)			(57)			197			(34)			31			194
Excess & surplus lines		18			12			30			24			8			9			41			42			8			21			71
Other		95			4			99			44			(41)			—			3			139			(41)			4			102
Total property casualty		$	750		$	143		$	893		$	102		$	(126)		$	27		$	3		$	852		$	(126)		$	170		$	896
Ceded loss and loss expense incurred for the three months ended December 31, 2021
Commercial casualty		$	17		$	1		$	18		$	(14)		$	—		$	(3)		$	(17)		$	3		$	—		$	(2)		$	1
Commercial property		2			3			5			10			1			—			11			12			1			3			16
Commercial auto		—			—			—			—			—			—			—			—			—			—			—
Workers' compensation		3			—			3			2			(2)			—			—			5			(2)			—			3
Other commercial		2			—			2			—			1			—			1			2			1			—			3
Total commercial lines		24			4			28			(2)			—			(3)			(5)			22			—			1			23
Personal auto		1			—			1			—			2			—			2			1			2			—			3
Homeowners		4			—			4			(9)			(1)			—			(10)			(5)			(1)			—			(6)
Other personal		—			—			—			—			—			—			—			—			—			—			—
Total personal lines		5			—			5			(9)			1			—			(8)			(4)			1			—			(3)
Excess & surplus lines		1			—			1			6			1			—			7			7			1			—			8
Other		2			—			2			12			(1)			—			11			14			(1)			—			13
Total property casualty		$	32		$	4		$	36		$	7		$	1		$	(3)		$	5		$	39		$	1		$	1		$	41
Net loss and loss expense incurred for the three months ended December 31, 2021
Commercial casualty		$	116		$	46		$	162		$	19		$	(13)		$	7		$	13		$	135		$	(13)		$	53		$	175
Commercial property		124			12			136			33			(52)			3			(16)			157			(52)			15			120
Commercial auto		108			20			128			4			3			5			12			112			3			25			140
Workers' compensation		29			8			37			4			5			—			9			33			5			8			46
Other commercial		19			3			22			(4)			(2)			9			3			15			(2)			12			25
Total commercial lines		396			89			485			56			(59)			24			21			452			(59)			113			506
Personal auto		86			18			104			—			(14)			(1)			(15)			86			(14)			17			89
Homeowners		105			14			119			(22)			(14)			(2)			(38)			83			(14)			12			81
Other personal		21			2			23			11			(7)			—			4			32			(7)			2			27
Total personal lines		212			34			246			(11)			(35)			(3)			(49)			201			(35)			31			197
Excess & surplus lines		17			12			29			18			7			9			34			35			7			21			63
Other		93			4			97			32			(40)			—			(8)			125			(40)			4			89
Total property casualty		$	718		$	139		$	857		$	95		$	(127)		$	30		$	(2)		$	813		$	(127)		$	169		$	855
*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 Fourth-Quarter 2021 Supplemental Financial Data

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/21			9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21			12/31/20
Premiums
Agency renewal written premiums	$	1,238		$	1,244		$	1,333		$	1,276		$	1,145		$	1,153		$	1,244		$	1,198		$	2,609		$	2,442		$	3,853		$	3,595		$	5,091		$	4,740
Agency new business written premiums	212			230			235			220			185			189			210			215			455			425			685			614			897			799
Other written premiums	84			64			146			197			64			51			105			105			343			210			407			261			491			325
Net written premiums	$	1,534		$	1,538		$	1,714		$	1,693		$	1,394		$	1,393		$	1,559		$	1,518		$	3,407		$	3,077		$	4,945		$	4,470		$	6,479		$	5,864
Unearned premium change	65			58			(200)			(218)			55			57			(156)			(129)			(418)			(285)			(360)			(228)			(295)			(173)
Earned premiums	$	1,599		$	1,596		$	1,514		$	1,475		$	1,449		$	1,450		$	1,403		$	1,389		$	2,989		$	2,792		$	4,585		$	4,242		$	6,184		$	5,691
Year over year change %
Agency renewal written premiums	8		%	8		%	7		%	7		%	6		%	3		%	5		%	6		%	7		%	5		%	7		%	5		%	7		%	5		%
Agency new business written premiums	15			22			12			2			(4)			(2)			(1)			19			7			8			12			5			12			3
Other written premiums	31			25			39			88			106			28			35			50			63			42			56			39			51			48
Net written premiums	10			10			10			12			7			3			6			10			11			8			11			6			10			6
Paid losses and loss expenses
Losses paid	$	718		$	612		$	649		$	564		$	690		$	628		$	624		$	663		$	1,214		$	1,289		$	1,826		$	1,917		$	2,543		$	2,607
Loss expenses paid	139			153			118			141			146			151			127			154			258			279			411			430			551			576
Loss and loss expenses paid	$	857		$	765		$	767		$	705		$	836		$	779		$	751		$	817		$	1,472		$	1,568		$	2,237		$	2,347		$	3,094		$	3,183
Incurred losses and loss expenses
Loss and loss expense incurred	$	855		$	988		$	830		$	923		$	829		$	1,071		$	1,007		$	930		$	1,753		$	1,937		$	2,741		$	3,008		$	3,596		$	3,837
Loss and loss expenses paid as a % of incurred	100.2		%	77.4		%	92.4		%	76.4		%	100.8		%	72.7		%	74.6		%	87.7		%	84.0		%	80.9		%	81.6		%	78.0		%	86.0		%	83.0		%
Statutory combined ratio
Loss ratio	42.6		%	51.3		%	47.0		%	52.0		%	44.5		%	59.8		%	60.4		%	56.1		%	49.4		%	58.2		%	50.1		%	58.8		%	48.2		%	55.1		%
Loss adjustment expense ratio	10.9			10.1			8.9			11.0			12.9			11.3			11.6			11.3			10.0			11.5			10.0			11.4			10.2			11.8
Net underwriting expense ratio	31.5			31.1			29.2			26.7			31.2			30.2			28.8			29.2			28.0			29.0			28.9			29.3			29.5			29.8
US Statutory combined ratio	85.0		%	92.5		%	85.1		%	89.7		%	88.6		%	101.3		%	100.8		%	96.6		%	87.4		%	98.7		%	89.0		%	99.5		%	87.9		%	96.7		%
Contribution from catastrophe losses	2.8			12.9			4.6			10.1			3.6			16.0			15.8			9.3			7.3			12.6			9.2			13.7			7.6			11.2
Statutory combined ratio excl. catastrophe losses	82.2		%	79.6		%	80.5		%	79.6		%	85.0		%	85.3		%	85.0		%	87.3		%	80.1		%	86.1		%	79.8		%	85.8		%	80.3		%	85.5		%
GAAP combined ratio
GAAP combined ratio	84.2		%	92.6		%	85.5		%	91.2		%	87.3		%	103.6		%	103.1		%	98.5		%	88.3		%	100.8		%	89.8		%	101.8		%	88.3		%	98.1		%
Contribution from catastrophe losses	3.6			14.2			3.9			10.4			4.7			18.3			16.5			9.1			7.1			12.8			9.6			14.7			8.0			12.1
GAAP combined ratio excl. catastrophe losses	80.6		%	78.4		%	81.6		%	80.8		%	82.6		%	85.3		%	86.6		%	89.4		%	81.2		%	88.0		%	80.2		%	87.1		%	80.3		%	86.0		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.<br><br>nm - Not meaningful<br><br>Statutory ratios exclude the results of Cincinnati Global.<br><br>Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Fourth-Quarter 2021 Supplemental Financial Data

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/21			9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21			12/31/20
Premiums
Agency renewal written premiums	$	809		$	775		$	852		$	898		$	759		$	727		$	794		$	842		$	1,750		$	1,636		$	2,525		$	2,363		$	3,334		$	3,122
Agency new business written premiums	135			145			146			145			113			114			134			154			291			288			436			402			571			515
Other written premiums	(24)			(25)			(21)			(24)			(32)			(27)			(20)			(24)			(45)			(44)			(70)			(71)			(94)			(103)
Net written premiums	$	920		$	895		$	977		$	1,019		$	840		$	814		$	908		$	972		$	1,996		$	1,880		$	2,891		$	2,694		$	3,811		$	3,534
Unearned premium change	27			35			(66)			(133)			38			51			(38)			(109)			(199)			(147)			(164)			(96)			(137)			(58)
Earned premiums	$	947		$	930		$	911		$	886		$	878		$	865		$	870		$	863		$	1,797		$	1,733		$	2,727		$	2,598		$	3,674		$	3,476
Year over year change %
Agency renewal written premiums	7		%	7		%	7		%	7		%	6		%	2		%	4		%	5		%	7		%	4		%	7		%	4		%	7		%	4		%
Agency new business written premiums	19			27			9			(6)			(12)			(8)			(2)			28			1			12			8			6			11			1
Other written premiums	25			7			(5)			—			(10)			(29)			20			(4)			(2)			8			1			(3)			9			(5)
Net written premiums	10			10			8			5			3			—			3			8			6			6			7			4			8			4
Paid losses and loss expenses
Losses paid	$	396		$	328		$	391		$	330		$	408		$	378		$	367		$	426		$	720		$	795		$	1,049		$	1,173		$	1,445		$	1,581
Loss expenses paid	89			98			78			96			98			103			86			103			174			189			272			291			361			388
Loss and loss expenses paid	$	485		$	426		$	469		$	426		$	506		$	481		$	453		$	529		$	894		$	984		$	1,321		$	1,464		$	1,806		$	1,969
Incurred losses and loss expenses
Loss and loss expense incurred	$	506		$	451		$	480		$	503		$	512		$	620		$	596		$	608		$	983		$	1,204		$	1,434		$	1,824		$	1,940		$	2,336
Loss and loss expenses paid as a % of incurred	95.8		%	94.5		%	97.7		%	84.7		%	98.8		%	77.6		%	76.0		%	87.0		%	90.9		%	81.7		%	92.1		%	80.3		%	93.1		%	84.3		%
Statutory combined ratio
Loss ratio	41.4		%	38.5		%	43.9		%	44.3		%	43.6		%	59.1		%	56.7		%	57.5		%	44.1		%	57.0		%	42.2		%	57.8		%	42.0		%	54.2		%
Loss adjustment expense ratio	12.0			10.0			8.8			12.4			14.8			12.5			11.8			12.9			10.6			12.4			10.4			12.4			10.8			13.0
Net underwriting expense ratio	32.7			33.2			29.9			26.2			32.0			32.0			28.6			28.9			28.0			28.8			29.6			29.7			30.4			30.3
Statutory combined ratio	86.1		%	81.7		%	82.6		%	82.9		%	90.4		%	103.6		%	97.1		%	99.3		%	82.7		%	98.2		%	82.2		%	99.9		%	83.2		%	97.5		%
Contribution from catastrophe losses	2.7			3.3			3.2			4.2			3.1			14.8			14.0			9.8			3.7			11.9			3.6			12.9			3.4			10.4
Statutory combined ratio excl. catastrophe losses	83.4		%	78.4		%	79.4		%	78.7		%	87.3		%	88.8		%	83.1		%	89.5		%	79.0		%	86.3		%	78.6		%	87.0		%	79.8		%	87.1		%
GAAP combined ratio
GAAP combined ratio	85.2		%	80.6		%	84.2		%	85.4		%	89.2		%	102.4		%	99.1		%	102.5		%	84.8		%	100.8		%	83.4		%	101.3		%	83.8		%	98.3		%
Contribution from catastrophe losses	2.7			3.3			3.2			4.2			3.1			14.8			14.0			9.8			3.7			11.9			3.6			12.9			3.4			10.4
GAAP combined ratio excl. catastrophe losses	82.5		%	77.3		%	81.0		%	81.2		%	86.1		%	87.6		%	85.1		%	92.7		%	81.1		%	88.9		%	79.8		%	88.4		%	80.4		%	87.9		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2021 Supplemental Financial Data

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/21			9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21			12/31/20
Premiums
Agency renewal written premiums	$	342		$	393		$	397		$	302		$	317		$	366		$	387		$	294		$	699		$	681		$	1,092		$	1,047		$	1,434		$	1,364
Agency new business written premiums	50			53			53			46			45			51			44			34			99			78			152			129			202			174
Other written premiums	(10)			(11)			(11)			(10)			(8)			(10)			(8)			(9)			(21)			(17)			(32)			(27)			(42)			(35)
Net written premiums	$	382		$	435		$	439		$	338		$	354		$	407		$	423		$	319		$	777		$	742		$	1,212		$	1,149		$	1,594		$	1,503
Unearned premium change	14			(47)			(57)			38			19			(40)			(59)			40			(19)			(19)			(66)			(59)			(52)			(40)
Earned premiums	$	396		$	388		$	382		$	376		$	373		$	367		$	364		$	359		$	758		$	723		$	1,146		$	1,090		$	1,542		$	1,463
Year over year change %
Agency renewal written premiums	8		%	7		%	3		%	3		%	3		%	3		%	6		%	4		%	3		%	5		%	4		%	4		%	5		%	4		%
Agency new business written premiums	11			4			20			35			25			28			(6)			(3)			27			(5)			18			6			16			10
Other written premiums	(25)			(10)			(38)			(11)			11			(25)			20			(13)			(24)			6			(19)			(4)			(20)			—
Net written premiums	8			7			4			6			5			5			5			3			5			4			5			5			6			5
Paid losses and loss expenses
Losses paid	$	212		$	208		$	198		$	162		$	200		$	200		$	203		$	173		$	360		$	376		$	568		$	577		$	780		$	778
Loss expenses paid	34			40			29			32			36			38			30			40			60			69			100			106			134			143
Loss and loss expenses paid	$	246		$	248		$	227		$	194		$	236		$	238		$	233		$	213		$	420		$	445		$	668		$	683		$	914		$	921
Incurred losses and loss expenses
Loss and loss expense incurred	$	197		$	281		$	241		$	273		$	195		$	265		$	286		$	231		$	514		$	517		$	795		$	782		$	992		$	977
Loss and loss expenses paid as a % of incurred	124.9		%	88.3		%	94.2		%	71.1		%	121.0		%	89.8		%	81.5		%	92.2		%	81.7		%	86.1		%	84.0		%	87.3		%	92.1		%	94.3		%
Statutory combined ratio
Loss ratio	42.0		%	62.6		%	54.1		%	65.9		%	42.8		%	63.1		%	67.5		%	57.2		%	60.0		%	62.4		%	60.9		%	62.6		%	56.0		%	57.6		%
Loss adjustment expense ratio	7.9			9.7			8.9			6.7			9.5			8.9			11.4			6.9			7.8			9.1			8.5			9.1			8.4			9.2
Net underwriting expense ratio	30.9			28.2			27.2			30.7			30.6			26.9			29.4			32.1			28.7			30.6			28.5			29.3			29.1			29.6
Statutory combined ratio	80.8		%	100.5		%	90.2		%	103.3		%	82.9		%	98.9		%	108.3		%	96.2		%	96.5		%	102.1		%	97.9		%	101.0		%	93.5		%	96.4		%
Contribution from catastrophe losses	4.6			20.0			10.6			19.8			3.4			22.5			25.1			10.7			15.2			17.9			16.8			19.5			13.7			15.4
Statutory combined ratio excl. catastrophe losses	76.2		%	80.5		%	79.6		%	83.5		%	79.5		%	76.4		%	83.2		%	85.5		%	81.3		%	84.2		%	81.1		%	81.5		%	79.8		%	81.0		%
GAAP combined ratio
GAAP combined ratio	80.0		%	102.7		%	92.7		%	101.1		%	81.3		%	100.7		%	112.3		%	94.3		%	96.8		%	103.4		%	98.8		%	102.5		%	94.0		%	97.1		%
Contribution from catastrophe losses	4.6			20.0			10.6			19.8			3.4			22.5			25.1			10.7			15.2			17.9			16.8			19.5			13.7			15.4
GAAP combined ratio excl. catastrophe losses	75.4		%	82.7		%	82.1		%	81.3		%	77.9		%	78.2		%	87.2		%	83.6		%	81.6		%	85.5		%	82.0		%	83.0		%	80.3		%	81.7		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2021 Supplemental Financial Data

Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/21			9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21			12/31/20
Premiums
Agency renewal written premiums	$	87		$	76		$	84		$	76		$	69		$	60		$	63		$	62		$	160		$	125		$	236		$	185		$	323		$	254
Agency new business written premiums	27			32			36			29			27			24			32			27			65			59			97			83			124			110
Other written premiums	(6)			(4)			(5)			(6)			(4)			(4)			(4)			(4)			(11)			(8)			(15)			(12)			(21)			(16)
Net written premiums	$	108		$	104		$	115		$	99		$	92		$	80		$	91		$	85		$	214		$	176		$	318		$	256		$	426		$	348
Unearned premium change	1			1			(20)			(10)			(5)			2			(13)			(7)			(30)			(20)			(29)			(18)			(28)			(23)
Earned premiums	$	109		$	105		$	95		$	89		$	87		$	82		$	78		$	78		$	184		$	156		$	289		$	238		$	398		$	325
Year over year change %
Agency renewal written premiums	26		%	27		%	33		%	23		%	23		%	20		%	17		%	27		%	28		%	21		%	28		%	21		%	27		%	22		%
Agency new business written premiums	0			33			13			7			(4)			(14)			14			4			10			9			17			1			13			—
Other written premiums	(50)			—			(25)			(50)			—			—			—			—			(38)			—			(25)			—			(31)			—
Net written premiums	17			30			26			16			15			8			17			20			22			18			24			15			22			15
Paid losses and loss expenses
Losses paid	$	17		$	18		$	19		$	21		$	22		$	14		$	14		$	23		$	40		$	37		$	59		$	51		$	75		$	73
Loss expenses paid	12			12			8			11			10			10			9			9			19			19			31			29			43			39
Loss and loss expenses paid	$	29		$	30		$	27		$	32		$	32		$	24		$	23		$	32		$	59		$	56		$	90		$	80		$	118		$	112
Incurred losses and loss expenses
Loss and loss expense incurred	$	63		$	70		$	58		$	59		$	49		$	48		$	57		$	45		$	117		$	102		$	187		$	150		$	250		$	199
Loss and loss expenses paid as a % of incurred	46.0		%	42.9		%	46.6		%	54.2		%	65.3		%	50.0		%	40.4		%	71.1		%	50.4		%	54.9		%	48.1		%	53.3		%	47.2		%	56.3		%
Statutory combined ratio
Loss ratio	39.3		%	45.1		%	45.0		%	43.1		%	39.6		%	39.8		%	56.4		%	35.4		%	44.1		%	45.9		%	44.5		%	43.8		%	43.0		%	42.7		%
Loss adjustment expense ratio	18.8			21.0			16.0			23.6			17.0			18.5			17.2			22.0			19.6			19.5			20.1			19.2			19.8			18.6
Net underwriting expense ratio	27.7			29.7			31.1			26.4			28.3			29.6			26.6			28.8			29.0			27.7			29.2			28.3			28.8			28.3
Statutory combined ratio	85.8		%	95.8		%	92.1		%	93.1		%	84.9		%	87.9		%	100.2		%	86.2		%	92.7		%	93.1		%	93.8		%	91.3		%	91.6		%	89.6		%
Contribution from catastrophe losses	0.9			0.3			0.5			1.0			0.5			1.2			3.4			1.0			0.7			2.2			0.6			1.8			0.6			1.5
Statutory combined ratio excl. catastrophe losses	84.9		%	95.5		%	91.6		%	92.1		%	84.4		%	86.7		%	96.8		%	85.2		%	92.0		%	90.9		%	93.2		%	89.5		%	91.0		%	88.1		%
GAAP combined ratio
GAAP combined ratio	83.2		%	94.1		%	89.5		%	92.0		%	83.2		%	86.7		%	102.0		%	89.1		%	90.7		%	95.5		%	91.9		%	92.5		%	89.5		%	90.0		%
Contribution from catastrophe losses	0.9			0.3			0.5			1.0			0.5			1.2			3.4			1.0			0.7			2.2			0.6			1.8			0.6			1.5
GAAP combined ratio excl. catastrophe losses	82.3		%	93.8		%	89.0		%	91.0		%	82.7		%	85.5		%	98.6		%	88.1		%	90.0		%	93.3		%	91.3		%	90.7		%	88.9		%	88.5		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>nm - Not meaningful<br>*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2021 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended December 31,							For the Twelve Months Ended December 31,
(Dollars in millions)	2021		2020		Change		% Change	2021		2020		Change		% Change
Underwriting income
Net premiums written	$	1,482	$	1,346	$	136	10	$	6,292	$	5,687	$	605	11
Unearned premium change	(72)		(61)		(11)		18	286		164		122		74
Earned premiums	$	1,554	$	1,407	$	147	10	$	6,006	$	5,523	$	483	9
Losses incurred	$	661	$	627	$	34	5	$	2,891	$	3,046	$	(155)	(5)
Defense and cost containment expenses incurred	83		103		(20)		(19)	293		346		(53)		(15)
Adjusting and other expenses incurred	86		78		8		10	322		305		17		6
Other underwriting expenses incurred	465		418		47		11	1,852		1,684		168		10
Workers compensation dividend incurred	2		3		(1)		(33)	5		10		(5)		(50)
Total underwriting deductions	$	1,297	$	1,229	$	68	6	$	5,363	$	5,391	$	(28)	(1)
Net underwriting profit	$	257	$	178	$	79	44	$	643	$	132	$	511	387
Investment income
Gross investment income earned	$	150	$	116	$	34	29	$	493	$	432	$	61	14
Net investment income earned	147		112		35		31	484		423		61		14
Realized capital gains and losses, net	1		1		—		—	9		(9)		18		nm
Net investment gains	$	148	$	113	$	35	31	$	493	$	414	$	79	19
Other income	$	1	$	1	$	—	—	$	5	$	4	$	1	25
Net income before federal income taxes	$	406	$	292	$	114	39	$	1,141	$	550	$	591	107
Federal and foreign income taxes incurred	71		55		16		29	206		92		114		124
Net income (statutory)	$	335	$	237	$	98	41	$	935	$	458	$	477	104
Policyholders' surplus - statutory**	$	7,247	$	5,838	$	1,409	24	$	7,247	$	5,838	$	1,409	24
Fixed maturities at amortized cost - statutory	$	8,204	$	7,540	$	664	9	$	8,204	$	7,540	$	664	9
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>*Current year policyholders' surplus amount subject to change.

CINF Fourth-Quarter 2021 Supplemental Financial Data

The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended December 31,							For the Twelve Months Ended December 31,
(Dollars in millions)	2021		2020		Change		% Change	2021		2020		Change		% Change
Net premiums written	$	87	$	83	$	4	5	$	342	$	324	$	18	6
Net investment income	46		42		4		10	181		166		15		9
Amortization of interest maintenance reserve	1		1		—		0	3		1		2		200
Commissions and expense allowances on reinsurance ceded	2		1		1		100	5		4		1		25
Income from fees associated with separate accounts	1		—		1		nm	3		2		1		50
Total revenues	$	137	$	127	$	10	8	$	534	$	497	$	37	7
Death benefits and matured endowments	$	53	$	39	$	14	36	$	182	$	145	$	37	26
Annuity benefits	20		16		4		25	66		65		1		2
Disability benefits and benefits under accident and health contracts	1		1		—		—	2		2		—		—
Surrender benefits and group conversions	6		5		1		20	26		24		2		8
Interest and adjustments on deposit-type contract funds	1		2		(1)		(50)	6		8		(2)		(25)
Increase in aggregate reserves for life and accident and health contracts	17		23		(6)		(26)	93		86		7		8
Total benefit expenses	$	98	$	86	$	12	14	$	375	$	330	$	45	14
Commissions	$	13	$	13	$	—	—	$	50	$	49	$	1	2
General insurance expenses and taxes	13		13		—		0	53		50		3		6
Increase in loading on deferred and uncollected premiums	—		5		(5)		(100)	5		9		(4)		(44)
Net transfers from Separate Accounts	(3)		(3)		—		—	(6)		(12)		6		50
Total underwriting expenses	$	23	$	28	$	(5)	(18)	$	102	$	96	$	6	6
Federal and foreign income tax provision	5		4		1		25	17		15		2		13
Net gain from operations before capital gains or losses	$	11	$	9	$	2	22	$	40	$	56	$	(16)	(29)
Gains and losses net of capital gains tax, net	—		2		(2)		(100)	1		(29)		30		nm
Net income - statutory	$	11	$	11	$	—	—	$	41	$	27	$	14	52
Policyholders' surplus - statutory**	$	270	$	241	$	29	12	$	270	$	241	$	29	12
Fixed maturities at amortized cost - statutory	$	3,733	$	3,496	$	237	7	$	3,733	$	3,496	$	237	7
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>nm - Not meaningful<br>Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>*Current year policyholders' surplus amount subject to change.

CINF Fourth-Quarter 2021 Supplemental Financial Data

Quarterly Data - Other
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/21			9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21			6/30/20			9/30/21			9/30/20			12/31/21			12/31/20
Cincinnati Re:
Written premiums	$	72		$	57		$	136		$	196		$	59		$	54		$	84		$	105		$	332		$	189		$	389		$	242		$	461		$	302
Year over year change %- written premium	22		%	6		%	62		%	87		%	64		%	52		%	15		%	25		%	76		%	20		%	61		%	26		%	53		%	32		%
Earned premiums	$	102		$	104		$	94		$	92		$	69		$	71		$	57		$	62		$	186		$	119		$	290		$	190		$	392		$	259
Current accident year before catastrophe losses	61.7		%	52.8		%	48.5		%	42.1		%	57.2		%	56.1		%	79.6		%	47.6		%	45.4		%	63.0		%	48.0		%	60.4		%	51.6		%	59.6		%
Current accident year catastrophe losses	(1.7)			78.6			(1.7)			35.4			15.4			22.3			—			—			16.7			—			39.0			8.4			28.3			10.2
Prior accident years before catastrophe losses	2.4			(6.8)			6.4			3.0			1.2			5.5			(0.6)			3.1			4.7			1.3			0.6			2.8			1.1			2.4
Prior accident years catastrophe losses	0.3			6.4			(0.1)			—			—			(8.6)			(0.1)			6.3			(0.1)			3.2			2.2			(1.2)			1.7			(0.9)
Total loss and loss expense ratio	62.7		%	131.0		%	53.1		%	80.5		%	73.8		%	75.3		%	78.9		%	57.0		%	66.7		%	67.5		%	89.8		%	70.4		%	82.7		%	71.3		%
Cincinnati Global:
Written premiums	$	52		$	47		$	47		$	41		$	49		$	38		$	53		$	37		$	88		$	90		$	135		$	129		$	187		$	177
Year over year change %- written premium	6		%	24		%	(11)		%	11		%	32		%	—		%	20		%	76		%	(2)		%	38		%	5		%	25		%	6		%	26		%
Earned premiums	$	45		$	69		$	32		$	32		$	42		$	65		$	34		$	27		$	64		$	61		$	133		$	126		$	178		$	168
Current accident year before catastrophe losses	39.4		%	35.3		%	54.4		%	30.9		%	23.7		%	62.9		%	49.6		%	63.7		%	42.9		%	55.6		%	39.0		%	59.4		%	39.1		%	50.4		%
Current accident year catastrophe losses	33.6			30.3			27.5			55.8			58.8			68.7			42.4			—			41.3			24.1			35.7			46.9			35.1			49.9
Prior accident years before catastrophe losses	(16.9)			(4.7)			(23.4)			(12.0)			(11.9)			(0.1)			(27.9)			(19.5)			(17.8)			(24.2)			(11.1)			(11.8)			(12.5)			(11.9)
Prior accident years catastrophe losses	(2.0)			12.2			(54.0)			(31.0)			(19.5)			(0.1)			1.0			(3.2)			(42.7)			(0.8)			(14.4)			(0.4)			(11.2)			(5.2)
Total loss and loss expense ratio	54.1		%	73.1		%	4.5		%	43.7		%	51.1		%	131.4		%	65.1		%	41.0		%	23.7		%	54.7		%	49.2		%	94.1		%	50.5		%	83.2		%
Noninsurance operations:
Interest and fees on loans and leases	$	2		$	2		$	2		$	1		$	2		$	1		$	2		$	1		$	3		$	3		$	5		$	4		$	7		$	6
Other revenue	—			1			1			1			—			2			1			1			2			2			3			4			3			4
Interest expense	14			13			13			13			14			13			14			13			26			27			39			40			53			54
Operating expense	6			5			5			4			5			5			5			5			9			10			14			15			20			20
Total noninsurance operations loss	$	(18)		$	(15)		$	(15)		$	(15)		$	(17)		$	(15)		$	(16)		$	(16)		$	(30)		$	(32)		$	(45)		$	(47)		$	(63)		$	(64)
*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

CINF Fourth-Quarter 2021 Supplemental Financial Data