Document



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

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

[email protected]

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

[email protected]

Cincinnati Financial Reports Fourth-Quarter and Full-Year 2019 Results

Cincinnati, February 5, 2020 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:


•	Fourth-quarter 2019 net income of $626 million, or $3.79 per share, compared with a net loss of $452 million, or $2.78 per share, in the fourth quarter of 2018.


•	Full-year 2019 net income of $1.997 billion, or $12.10 per share, compared with $287 million, or $1.75 per share, in 2018.


•	$44 million or 28% increase in fourth-quarter 2019 non-GAAP operating income* to $203 million, or $1.23 per share, compared with $159 million, or 98 cents per share, in the fourth quarter of last year.


•	$145 million or 26% increase in full-year 2019 non-GAAP operating income to $694 million, or $4.20 per share, up from $549 million, or $3.35 per share, with property casualty underwriting profit up 83%.


•	$1.078 billion increase in fourth-quarter 2019 net income reflected the after-tax net effect of a $1.034 billion increase in net investment gains and a $32 million increase in after-tax property casualty underwriting profit.


•	$60.55 book value per share at December 31, 2019, a record high, up $12.45 or 25.9% since year-end 2018.


•	30.5% value creation ratio for full-year 2019, compared with negative 0.1% for 2018.

Financial Highlights



(Dollars in millions except per share data)	Three months ended December 31,							Twelve months ended December 31,
(Dollars in millions except per share data)		2019		2018			% Change		2019		2018			% Change
Revenue Data
Earned premiums		$	1,441	$	1,318		9		$	5,604	$	5,170		8
Investment income, net of expenses		168		161			4		646		619			4
Total revenues		2,152		710			203		7,924		5,407			47
Income Statement Data
Net income (loss)		$	626	$	(452	)	nm		$	1,997	$	287		596
Investment gains and losses, after-tax		423		(611		)	nm		1,303		(318		)	nm
Other non-recurring items		—		—			nm		—		56			nm
Non-GAAP operating income*		$	203	$	159		28		$	694	$	549		26
Per Share Data (diluted)
Net income (loss)		$	3.79	$	(2.78	)	nm		$	12.10	$	1.75		591
Investment gains and losses, after-tax		2.56		(3.76		)	nm		7.90		(1.94		)	nm
Other non-recurring items		—		—			nm		—		0.34			nm
Non-GAAP operating income*		$	1.23	$	0.98		26		$	4.20	$	3.35		25

Book value									$	60.55	$	48.10		26
Cash dividend declared		$	0.56	$	0.53		6		$	2.24	$	2.12		6
Diluted weighted average shares outstanding		165.3		162.8			2		165.1		164.5			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 4Q19 Release 1

Insurance Operations Highlights


•	91.6% fourth-quarter 2019 property casualty combined ratio, improved from 93.9% for the fourth quarter of 2018. Full-year 2019 property casualty combined ratio at 93.8%, with net written premiums up 10%


•	11% growth in fourth-quarter 2019 net written premiums, reflecting price increases and premium growth initiatives.


•	$193 million fourth-quarter 2019 property casualty new business written premiums. Agencies appointed since the beginning of 2018 contributed $23 million or 12% of total fourth-quarter new business written premiums.


•	$9 million of life insurance subsidiary net income, up $6 million from the fourth quarter of 2018, and 4% growth in fourth-quarter 2019 term life insurance earned premiums.

Investment and Balance Sheet Highlights


•	4% or $7 million rise in fourth-quarter 2019 pretax investment income, including 10% growth for stock portfolio dividends and 2% growth in interest income.


•	18% full-year increase in fair value of total investments at December 31, 2019, including a 31% increase for the stock portfolio and a 9% increase for the bond portfolio.


•	$3.315 billion parent company cash and marketable securities at year-end 2019, up 34% from a year ago.

Achieving Planned Results

Steven J. Johnston, president and chief executive officer, commented: “Non-GAAP operating income finished the year strong, increasing 28% compared to last year’s fourth quarter result. On a full-year basis non-GAAP operating income rose 26% to $694 million.

“Our GAAP net income rose 596% to $1.997 billion for the year, in large part because of strong equity markets in 2019. While our swing in net income may be surprising, it’s the continued result of the accounting rule changes implemented by the Financial Accounting Standards Board in 2018. As I’ve mentioned before, the volatility this rule change introduced, by requiring unrealized investment gains and losses to be recognized as part of net income instead of on the balance sheet, may distract investors.

“Turning to our insurance business, property casualty underwriting continued to produce stellar results. Underwriting profit increased 51% for the quarter and 83% for the year. And, all of our business areas contributed profitable growth to our full-year results.

“The combined ratio of 91.6% for the quarter improved 2.3 points over last year’s healthy result. Benefiting from sound underwriting judgment, lower catastrophe losses and favorable prior accident year reserve development, our 2019 full-year combined ratio of 93.8% is our second-best result in the last 10 years. We’re achieving our planned results through the execution of our strategies to balance growth and profitability.”

Focusing on Profitable Growth

“We believe our full-year property casualty net written premium growth is again ahead of the industry average. Thanks to the hard work by our associates and the steady contributions of our independent agency partners, we increased net written premiums by 10% for the year to more than $5.5 billion. For our life insurance business, earned premiums rose 8%.

“We continue to refine pricing precision on accounts we underwrite. Our ability to price on a policy-by-policy basis will support our efforts to maintain appropriate pricing as we navigate a challenging market environment in 2020. Appropriate pricing, bolstered by our hallmarks of strong agency relationships and overwhelming claims service, will help our agents attract and retain high-quality business.

“Cincinnati Re^SM and Cincinnati Global Underwriting Ltd.^SM continue to perform as planned. Together they contributed 4% to our net written premium growth for 2019. In 2020, we’ll record two months of entirely new-to-us business from Cincinnati Global before we will begin to see what their more typical impact on growth may be.”

Returning Capital to Shareholders

“At December 31, 2019, our book value per share climbed nearly 26% to $60.55, bolstered by record pretax investment income of $646 million for the year. Our property casualty statutory surplus, a healthy $5.6 billion at year-end, provides ample capacity to move forward with our growth plans.

“The board of directors’ recent decision to increase the cash dividend demonstrates their confidence in the future success of our strategies and sets the stage for a 60^th consecutive year of increasing regular annual dividends.”

CINF 4Q19 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results



(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2019			2018			% Change	2019			2018			% Change
Earned premiums		$	1,374		$	1,253		10	$	5,334		$	4,920		8
Fee revenues		3			3			0	11			11			0
Total revenues		1,377			1,256			10	5,345			4,931			8

Loss and loss expenses		835			798			5	3,352			3,223			4
Underwriting expenses		423			379			12	1,652			1,522			9
Underwriting profit		$	119		$	79		51	$	341		$	186		83

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		60.8		%	63.7		%	(2.9)	62.8		%	65.5		%	(2.7)
Underwriting expenses		30.8			30.2			0.6	31.0			30.9			0.1
Combined ratio		91.6		%	93.9		%	(2.3)	93.8		%	96.4		%	(2.6)

								% Change							% Change
Agency renewal written premiums		$	1,084		$	1,037		5	$	4,519		$	4,358		4
Agency new business written premiums		193			158			22	778			652			19
Other written premiums		31			(18		)	nm	219			20			nm
Net written premiums		$	1,308		$	1,177		11	$	5,516		$	5,030		10

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		60.5		%	59.9		%	0.6	60.9		%	61.5		%	(0.6)
Current accident year catastrophe losses		3.5			7.4			(3.9)	6.6			7.4			(0.8)
Prior accident years before catastrophe losses		(3.0		)	(3.2		)	0.2	(4.1		)	(3.1		)	(1.0)
Prior accident years catastrophe losses		(0.2		)	(0.4		)	0.2	(0.6		)	(0.3		)	(0.3)
Loss and loss expense ratio		60.8		%	63.7		%	(2.9)	62.8		%	65.5		%	(2.7)

Current accident year combined ratio before
catastrophe losses		91.3		%	90.1		%	1.2	91.9		%	92.4		%	(0.5)


•	11% and 10% growth in fourth-quarter and full-year 2019 property casualty net written premiums, reflecting premium growth initiatives, price increases and a higher level of insured exposures. Contributions to growth for both 2019 periods included 3% from Cincinnati Global and 1% from Cincinnati Re.


•	22% and 19% increase in fourth-quarter and full-year 2019 new business premiums written by agencies, compared with a year ago. The full-year increase included a $46 million increase in standard market property casualty production from agencies appointed since the beginning of 2018.


•	187 new agency appointments in full-year 2019, including 70 that market only our personal lines products.


•	2.3 percentage-point fourth-quarter 2019 combined ratio improvement, including a decrease of 3.7 points for losses from natural catastrophes.


•	2.6 percentage-point improvement in full-year 2019 combined ratio, compared with 2018, including a decrease of 1.1 points for losses from natural catastrophes.


•	3.2 and 4.7 percentage-point fourth-quarter and full-year 2019 benefit from favorable prior accident year reserve development of $45 million and $248 million, compared with 3.6 points or $44 million for fourth-quarter 2018 and 3.4 points or $167 million of favorable development for full-year 2018.


•	0.6 percentage-point improvement, to 60.9%, for the full-year 2019 ratio of current accident year losses and loss expenses before catastrophes, including a decrease of 0.2 points in the ratio for current accident year losses of $1 million or more per claim.


•	0.1 percentage-point increase in the full-year 2019 underwriting expense ratio, matching the annual average of the past three years and reflecting higher earned premiums and ongoing expense management efforts.

CINF 4Q19 Release 3

Commercial Lines Insurance Results



(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2019			2018			% Change	2019			2018			% Change
Earned premiums		$	852		$	811		5	$	3,319		$	3,218		3
Fee revenues		2			2			0	5			5			0
Total revenues		854			813			5	3,324			3,223			3

Loss and loss expenses		489			505			(3)	2,030			2,049			(1)
Underwriting expenses		268			253			6	1,053			1,023			3
Underwriting profit		$	97		$	55		76	$	241		$	151		60

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		57.4		%	62.3		%	(4.9)	61.2		%	63.7		%	(2.5)
Underwriting expenses		31.4			31.1			0.3	31.7			31.7			0.0
Combined ratio		88.8		%	93.4		%	(4.6)	92.9		%	95.4		%	(2.5)

								% Change							% Change
Agency renewal written premiums		$	719		$	694		4	$	2,998		$	2,925		2
Agency new business written premiums		129			101			28	510			417			22
Other written premiums		(29		)	(34		)	15	(98		)	(97		)	(1)
Net written premiums		$	819		$	761		8	$	3,410		$	3,245		5

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		62.0		%	62.8		%	(0.8)	61.7		%	62.1		%	(0.4)
Current accident year catastrophe losses		0.1			4.9			(4.8)	5.3			6.5			(1.2)
Prior accident years before catastrophe losses		(3.9		)	(4.7		)	0.8	(5.0		)	(4.2		)	(0.8)
Prior accident years catastrophe losses		(0.8		)	(0.7		)	(0.1)	(0.8		)	(0.7		)	(0.1)
Loss and loss expense ratio		57.4		%	62.3		%	(4.9)	61.2		%	63.7		%	(2.5)

Current accident year combined ratio before
catastrophe losses		93.4		%	93.9		%	(0.5)	93.4		%	93.8		%	(0.4)


•	8% and 5% growth in fourth-quarter and full-year 2019 commercial lines net written premiums, including price increases and growth initiatives. Fourth-quarter and full-year 2019 commercial lines average renewal pricing increases in the low-single-digit percent range, with the second half of 2019 higher in that range than the first half.


•	22% or $93 million increase in full-year 2019 new business written by agencies, including $33 million from agencies appointed since the beginning of 2018.


•	4.6 percentage-point fourth-quarter 2019 combined ratio improvement, including a decrease of 4.9 points for losses from natural catastrophes.


•	2.5 percentage-point improvement in the full-year 2019 combined ratio, including a decrease of 1.3 points for losses from natural catastrophe losses.


•	4.7 and 5.8 percentage-point fourth-quarter and full-year 2019 benefit from favorable prior accident year reserve development of $39 million and $192 million, compared with 5.4 points or $43 million for fourth-quarter 2018 and 4.9 points or $157 million of favorable development for full-year 2018.


•	0.4 percentage-point improvement, to 61.7%, for the full-year 2019 ratio of current accident year losses and loss expenses before catastrophes, including a decrease of 0.4 points in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q19 Release 4

Personal Lines Insurance Results



(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2019			2018			% Change	2019			2018			% Change
Earned premiums		$	358		$	342		5	$	1,404		$	1,336		5
Fee revenues		1			1			0	4			5			(20)
Total revenues		359			343			5	1,408			1,341			5

Loss and loss expenses		251			216			16	985			972			1
Underwriting expenses		104			97			7	415			389			7
Underwriting profit (loss)		$	4		$	30		(87)	$	8		$	(20	)	nm

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		70.2		%	63.3		%	6.9	70.2		%	72.8		%	(2.6)
Underwriting expenses		29.1			28.4			0.7	29.6			29.1			0.5
Combined ratio		99.3		%	91.7		%	7.6	99.8		%	101.9		%	(2.1)

								% Change							% Change
Agency renewal written premiums		$	309		$	293		5	$	1,312		$	1,241		6
Agency new business written premiums		36			38			(5)	158			165			(4)
Other written premiums		(9		)	(8		)	(13)	(35		)	(28		)	(25)
Net written premiums		$	336		$	323		4	$	1,435		$	1,378		4

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		63.0		%	56.2		%	6.8	62.4		%	62.8		%	(0.4)
Current accident year catastrophe losses		10.0			8.0			2.0	9.7			9.1			0.6
Prior accident years before catastrophe losses		(2.5		)	(1.1		)	(1.4)	(2.1		)	0.6			(2.7)
Prior accident years catastrophe losses		(0.3		)	0.2			(0.5)	0.2			0.3			(0.1)
Loss and loss expense ratio		70.2		%	63.3		%	6.9	70.2		%	72.8		%	(2.6)

Current accident year combined ratio before
catastrophe losses		92.1		%	84.6		%	7.5	92.0		%	91.9		%	0.1


•	4% growth for both fourth-quarter and full-year 2019 personal lines net written premiums, primarily due to higher renewal written premiums that benefited from rate increases. Full-year 2019 net written premiums from our agencies’ high net worth clients grew 32%, to $408 million.


•	1% increase in full-year 2019 earned premiums in aggregate from our five highest volume states for personal lines policies, representing approximately half of our personal lines premiums, while rising 9% for all other states in aggregate as we progress toward geographic diversification.


•	4% decrease in full-year 2019 new business written premium, reflecting pricing discipline, particularly in select states.


•	7.6 percentage-point increase in fourth-quarter 2019 combined ratio, primarily due to an increase of 6.8 points in the ratio for current accident year losses and loss expenses before catastrophes.


•	2.1 percentage-point improvement in the full-year 2019 combined ratio, despite an increase for losses from natural catastrophes of 0.5 points.


•	2.8 and 1.9 percentage-point fourth-quarter and full-year 2019 benefit from favorable prior accident year reserve development of $9 million and $27 million, compared with favorable prior reserve development of 0.9 points or $3 million for fourth-quarter 2018 and unfavorable development of 0.9 points or $13 million for full-year 2018.


•	0.4 percentage-point improvement, to 62.4%, for the full-year 2019 ratio of current accident year losses and loss expenses before catastrophes, despite an increase of 0.8 points in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q19 Release 5

Excess and Surplus Lines Insurance Results



(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2019			2018			% Change	2019			2018			% Change
Earned premiums		$	76		$	61		25	$	278		$	234		19
Fee revenues		—			—			0	2			1			100
Total revenues		76			61			25	280			235			19

Loss and loss expenses		41			29			41	142			104			37
Underwriting expenses		22			17			29	85			68			25
Underwriting profit		$	13		$	15		(13)	$	53		$	63		(16)

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		54.4		%	46.8		%	7.6	51.1		%	44.4		%	6.7
Underwriting expenses		28.5			28.6			(0.1)	30.4			29.1			1.3
Combined ratio		82.9		%	75.4		%	7.5	81.5		%	73.5		%	8.0

								% Change							% Change
Agency renewal written premiums		$	56		$	50		12	$	209		$	192		9
Agency new business written premiums		28			19			47	110			70			57
Other written premiums		(4		)	(4		)	0	(16		)	(13		)	(23)
Net written premiums		$	80		$	65		23	$	303		$	249		22

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		54.3		%	50.9		%	3.4	54.6		%	53.9		%	0.7
Current accident year catastrophe losses		0.0			0.8			(0.8)	0.4			1.1			(0.7)
Prior accident years before catastrophe losses		(0.4		)	(4.9		)	4.5	(4.1		)	(10.6		)	6.5
Prior accident years catastrophe losses		0.5			0.0			0.5	0.2			0.0			0.2
Loss and loss expense ratio		54.4		%	46.8		%	7.6	51.1		%	44.4		%	6.7

Current accident year combined ratio before
catastrophe losses		82.8		%	79.5		%	3.3	85.0		%	83.0		%	2.0


•	23% and 22% growth in fourth-quarter and full-year 2019 excess and surplus lines net written premiums, including fourth-quarter 2019 renewal price increases averaging in the mid-single-digit percent range.


•	57% increase in full-year 2019 new business written premiums, primarily due to more opportunities in the marketplace to write policies with annual premiums of $10,000 or more, plus higher premium rates and our additional marketing efforts.


•	7.5 percentage-point increase in fourth-quarter 2019 combined ratio, largely due to less favorable reserve development on prior accident years before catastrophe losses.


•	8.0 percentage-point increase in the full-year 2019 combined ratio, primarily due to less favorable reserve development on prior accident years before catastrophe losses.


•	0.1 percentage-point fourth-quarter 2019 unfavorable reserve development on prior accident years of less than $1 million, compared with favorable reserve development of 4.9 points or $2 million for fourth-quarter 2018.


•	3.9 percentage-point full-year 2019 benefit from favorable prior accident year reserve development of $11 million, compared with 10.6 points or $24 million for full-year 2018.


•	0.7 percentage-point increase, to 54.6%, for the full-year 2019 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.7 points in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q19 Release 6

Life Insurance Subsidiary Results



(Dollars in millions)	Three months ended December 31,							Twelve months ended December 31,
(Dollars in millions)		2019		2018			% Change	2019			2018			% Change
Term life insurance		$	47	$	45		4	$	186		$	172		8
Universal life insurance		8		10			(20)	39			37			5
Other life insurance and annuity products		12		10			20	45			41			10
Earned premiums		67		65			3	270			250			8
Investment income, net of expenses		38		38			0	152			153			(1)
Investment gains and losses, net		—		(4		)	nm	(4		)	(4		)	0
Fee revenues		1		1			0	4			4			0
Total revenues		106		100			6	422			403			5
Contract holders’ benefits incurred		75		76			(1)	286			267			7
Underwriting expenses incurred		19		19			0	86			75			15
Total benefits and expenses		94		95			(1)	372			342			9
Net income before income tax		12		5			140	50			61			(18)
Income tax		3		2			50	11			13			(15)
Net income of the life insurance subsidiary		$	9	$	3		200	$	39		$	48		(19)


•	$20 million or 8% increase in full-year 2019 earned premiums, including an 8% increase for term life insurance, our largest life insurance product line.


•	$9 million or 19% decrease in full-year 2019 life insurance subsidiary net income, primarily due to increased mortality expense and less favorable effects from the unlocking of interest rate and other actuarial assumptions.


•	$181 million or 17% full-year 2019 increase to $1.238 billion in GAAP shareholders’ equity for The Cincinnati Life Insurance Company, primarily from an increase in unrealized investment gains.

CINF 4Q19 Release 7

Investment and Balance Sheet Highlights

Investments Results



(Dollars in millions)	Three months ended December 31,							Twelve months ended December 31,
(Dollars in millions)	2019			2018			% Change	2019			2018			% Change
Investment income, net of expenses	$	168		$	161		4	$	646		$	619		4
Investment interest credited to contract holders’	(25		)	(24		)	(4)	(99		)	(96		)	(3)
Investment gains and losses, net	537			(774		)	nm	1,650			(402		)	nm
Investment profit (loss)	$	680		$	(637	)	nm	$	2,197		$	121		nm

Investment income:
Interest	$	114		$	112		2	$	446		$	445		—
Dividends	55			50			10	201			181			11
Other	2			2			—	12			5			140
Less investment expenses	3			3			—	13			12			8
Investment income, pretax	168			161			4	646			619			4
Less income taxes	26			25			4	101			95			6
Total investment income, after-tax	$	142		$	136		4	$	545		$	524		4

Investment returns:
Average invested assets plus cash and cash equivalents	$	19,591		$	17,756			$	18,697		$	17,397
Average yield pretax	3.43		%	3.63		%		3.46		%	3.56		%
Average yield after-tax	2.90			3.06				2.91			3.01
Effective tax rate	15.6		%	15.5		%		15.6		%	15.4		%
Fixed-maturity returns:
Average amortized cost	$	11,060		$	10,648			$	10,876		$	10,479
Average yield pretax	4.12		%	4.21		%		4.10		%	4.25		%
Average yield after-tax	3.44			3.51				3.42			3.55
Effective tax rate	16.6		%	16.6		%		16.6		%	16.4		%


•	$7 million or 4% rise in fourth-quarter 2019 pretax investment income, including 10% growth in equity portfolio dividends and 2% growth in interest income.

•

$539 million fourth-quarter and $2.194 billion full-year 2019 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,
(Dollars in millions)	2019			2018			2019			2018
Investment gains and losses on equity securities sold, net	$	(1	)	$	(5	)	$	26		$	9
Unrealized gains and losses on equity securities still held, net	542			(758		)	1,626			(404		)
Investment gains and losses on fixed-maturity securities, net	1			(2		)	1			5
Other	(5		)	(9		)	(3		)	(12		)
Subtotal - investment gains and losses reported in net income	537			(774		)	1,650			(402		)
Change in unrealized investment gains and losses - fixed maturities	2			39			544			(339		)
Total	$	539		$	(735	)	$	2,194		$	(741	)

CINF 4Q19 Release 8

Balance Sheet Highlights



(Dollars in millions except share data)	At December 31,			At December 31,
(Dollars in millions except share data)	2019			2018
Total investments	$	19,746		$	16,732
Total assets	25,408			21,935
Short-term debt	39			32
Long-term debt	788			788
Shareholders’ equity	9,864			7,833
Book value per share	60.55			48.10
Debt-to-total-capital ratio	7.7		%	9.5		%


•	$20.513 billion in consolidated cash and invested assets at December 31, 2019, up 17% from $17.516 billion at year-end 2018.


•	$11.698 billion bond portfolio at December 31, 2019, with an average rating of A2/A. Fair value increased $98 million or 1% during the fourth quarter of 2019.


•	$7.752 billion equity portfolio was 39.3% of total investments, including $4.171 billion in appreciated value before taxes at December 31, 2019. Fourth-quarter 2019 increase in fair value of $576 million or 8%.


•	$5.621 billion of statutory surplus for the property casualty insurance group at December 31, 2019, up $702 million from $4.919 billion at year-end 2018, after declaring $625 million in dividends to the parent company. The ratio of net written premiums to property casualty statutory surplus for the 12 months ended December 31, 2019, was 1.0-to-1, matching year-end 2018.


•	$3.18 fourth-quarter 2019 increase in book value per share, including an addition of $1.24 from net income before investment gains and $2.64 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities, partially offset by $0.14 for other items and $0.56 from dividends declared to shareholders.


•	Value creation ratio of 30.5% for full-year 2019, including 8.9% from net income before investment gains, which includes underwriting and investment income, 22.1% from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities, including 16.6% from our stock portfolio and 5.5% from our bond portfolio, in addition to negative 0.5% 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 4Q19 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 2018 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 33.

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


◦	Downgrades of the company’s financial strength ratings


◦	Concerns that doing business with the company is too difficult


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


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

CINF 4Q19 Release 10


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


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


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


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


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


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


◦	Increase our other expenses


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


◦	Place us at a disadvantage in the marketplace


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


•	Adverse outcomes from litigation or administrative proceedings


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


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


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

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

* * *

CINF 4Q19 Release 11

Cincinnati Financial Corporation
Condensed Consolidated Balance Sheets (unaudited)



(Dollars in millions except per share data)	December 31,			December 31,
	2019			2018
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2019—$11,108; 2018—$10,643)	$	11,698		$	10,689
Equity securities, at fair value (cost: 2019—$3,581; 2018—$3,368)	7,752			5,920
Other invested assets	296			123
Total investments	19,746			16,732
Cash and cash equivalents	767			784
Investment income receivable	133			132
Finance receivable	77			71
Premiums receivable	1,777			1,644
Reinsurance recoverable	610			484
Prepaid reinsurance premiums	54			44
Deferred policy acquisition costs	774			738
Land, building and equipment, net, for company use (accumulated depreciation: 2019—$276; 2018—$265)	207			195
Other assets	381			308
Separate accounts	882			803
Total assets	$	25,408		$	21,935
Liabilities
Insurance reserves
Loss and loss expense reserves	$	6,147		$	5,707
Life policy and investment contract reserves	2,835			2,779
Unearned premiums	2,788			2,516
Other liabilities	928			804
Deferred income tax	1,079			627
Note payable	39			32
Long-term debt and lease obligations	846			834
Separate accounts	882			803
Total liabilities	15,544			14,102

Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2019 and 2018—500 million shares; issued: 2019 and 2018—198.3 million shares)	397			397
Paid-in capital	1,306			1,281
Retained earnings	9,257			7,625
Accumulated other comprehensive income	448			22
Treasury stock at cost (2019— 35.4 million shares and 2018—35.5 million shares)	(1,544		)	(1,492		)
Total shareholders' equity	$	9,864		$	7,833
Total liabilities and shareholders' equity	$	25,408		$	21,935

CINF 4Q19 Release 12

Cincinnati Financial Corporation
Condensed Consolidated Statements of Income (unaudited)




(Dollars in millions except per share data)	Three months ended December 31,					Twelve months ended December 31,
	2019		2018			2019		2018
Revenues
Earned premiums	$	1,441	$	1,318		$	5,604	$	5,170
Investment income, net of expenses	168		161			646		619
Investment gains and losses, net	537		(774		)	1,650		(402		)
Fee revenues	4		4			15		15
Other revenues	2		1			9		5
Total revenues	2,152		710			7,924		5,407

Benefits and Expenses
Insurance losses and contract holders’ benefits	910		874			3,638		3,490
Underwriting, acquisition and insurance expenses	442		398			1,738		1,597
Interest expense	13		13			53		53
Other operating expenses	6		6			23		16
Total benefits and expenses	1,371		1,291			5,452		5,156

Income (Loss) Before Income Taxes	781		(581		)	2,472		251

Provision (Benefit) for Income Taxes
Current	48		48			132		11
Deferred	107		(177		)	343		(47		)
Total provision (benefit) for income taxes	155		(129		)	475		(36		)

Net Income (loss)	$	626	$	(452	)	$	1,997	$	287

Per Common Share
Net income (loss)—basic	$	3.84	$	(2.78	)	$	12.24	$	1.76
Net income (loss)—diluted	3.79		(2.78		)	12.10		1.75

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.

•

CINF 4Q19 Release 13

Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.

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

•

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

•

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

CINF 4Q19 Release 14

Cincinnati Financial Corporation



Net Income Reconciliation

(Dollars in millions except per share data)	Three months ended December 31,						Twelve months ended December 31,
	2019			2018			2019			2018
Net income (loss)	$	626		$	(452	)	$	1,997		$	287
Less:
Investment gains and losses, net	537			(774		)	1,650			(402		)
Income tax on investment gains and losses	(114		)	163			(347		)	84
Investment gains and losses, after-tax	423			(611		)	1,303			(318		)
Other non-recurring items	—			—			—			56
Non-GAAP operating income	$	203		$	159		$	694		$	549

Diluted per share data:
Net income (loss)	$	3.79		$	(2.78	)	$	12.10		$	1.75
Less:
Investment gains and losses, net	3.25			(4.75		)	10.00			(2.44		)
Income tax on investment gains and losses	(0.69		)	0.99			(2.10		)	0.50
Investment gains and losses, after-tax	2.56			(3.76		)	7.90			(1.94		)
Other non-recurring items	—			—			—			0.34
Non-GAAP operating income	$	1.23		$	0.98		$	4.20		$	3.35



Life Insurance Reconciliation

(Dollars in millions)	Three months ended December 31,						Twelve months ended December 31,
	2019			2018			2019			2018
Net income of life insurance subsidiary	$	9		$	3		$	39		$	48
Investment gains and losses, net	—			(4		)	(4		)	(4		)
Income tax on investment gains and losses	1			—			—			—
Non-GAAP operating income	10			7			43			52

Investment income, net of expenses	(38		)	(38		)	(152		)	(153		)
Investment income credited to contract holders'	25			24			99			96
Income tax excluding tax on investment gains and losses, net	2			2			11			13
Life insurance segment profit (loss)	$	(1	)	$	(5	)	$	1		$	8

CINF 4Q19 Release 15



Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended December 31, 2019
	Consolidated				Commercial				Personal				E&S					Other*
Premiums:
Written premiums		$	1,308			$	819			$	336			$	80			$	73
Unearned premiums change		66				33				22				(4		)		15
Earned premiums		$	1,374			$	852			$	358			$	76			$	88

Underwriting profit		$	119			$	97			$	4			$	13			$	5

(Dollars in millions)	Twelve months ended December 31, 2019
	Consolidated				Commercial				Personal				E&S					Other*
Premiums:
Written premiums		$	5,516			$	3,410			$	1,435			$	303			$	368
Unearned premiums change		(182		)		(91		)		(31		)		(25		)		(35		)
Earned premiums		$	5,334			$	3,319			$	1,404			$	278			$	333

Underwriting profit		$	341			$	241			$	8			$	53			$	39

(Dollars in millions)	Three months ended December 31, 2018
	Consolidated				Commercial				Personal				E&S				Other*
Premiums:
Written premiums		$	1,177			$	761			$	323			$	65			$	28
Unearned premiums change		76				50				19				(4		)		11
Earned premiums		$	1,253			$	811			$	342			$	61			$	39

Underwriting profit (loss)		$	79			$	55			$	30			$	15			$	(21	)

(Dollars in millions)	Twelve months ended December 31, 2018
	Consolidated				Commercial				Personal				E&S				Other*
Premiums:
Written premiums		$	5,030			$	3,245			$	1,378			$	249			$	158
Unearned premiums change		(110		)		(27		)		(42		)		(15		)		(26		)
Earned premiums		$	4,920			$	3,218			$	1,336			$	234			$	132

Underwriting profit (loss)		$	186			$	151			$	(20	)		$	63			$	(8	)

Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on dollar amounts in thousands.

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

CINF 4Q19 Release 16

Cincinnati Financial Corporation

Other Measures

•

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


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

Value Creation Ratio Calculations



(Dollars are per share)	Three months ended December 31,						Twelve months ended December 31,
(Dollars are per share)	2019			2018			2019			2018
Value creation ratio:
End of period book value*	$	60.55		$	48.10		$	60.55		$	48.10
Less beginning of period book value	57.37			51.22			48.10			50.29
Change in book value	3.18			(3.12		)	12.45			(2.19		)
Dividend declared to shareholders	0.56			0.53			2.24			2.12
Total value creation	$	3.74		$	(2.59	)	$	14.69		$	(0.07	)

Value creation ratio from change in book value**	5.5		%	(6.1		)%	25.9		%	(4.3		)%
Value creation ratio from dividends declared to shareholders***	1.0			1.0			4.6			4.2
Value creation ratio	6.5		%	(5.1		)%	30.5		%	(0.1		)%

* 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 4Q19 Release 17

Cincinnati Financial Corporation

Supplemental Financial Data

for the Period Ending December 31, 2019

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 4, 2020, 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 2019 Supplemental Financial Data



	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2019

		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3

Consolidated
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2019	4
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2019	5
	5-Year Net Income Reconciliation	6

Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	7
	Loss Ratio Detail	8
	Loss Claim Count Detail	9
	Direct Written Premiums by Risk State by Line of Business	10
	Quarterly Property Casualty Data – Commercial Lines	11
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	12
	Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2019	13
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2019	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 2019 Supplemental Financial Data

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

•

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

•

Other Measures

•

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


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

CINF Fourth-Quarter 2019 Supplemental Financial Data



Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2019

(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	5,539		$	—		$	—	$	—		$	5,539
Life	—			—			341			—		—			341
Premiums ceded	—			(205		)	(71		)	—		—			(276		)
Total earned premium	—			5,334			270			—		—			5,604
Investment income, net of expenses	75			419			152			—		—			646
Investment gains and losses, net	728			926			(4		)	—		—			1,650
Fee revenues	—			11			4			—		—			15
Other revenues	15			4			—			5		(15		)	9
Total revenues	$	818		$	6,694		$	422		$	5	$	(15	)	$	7,924

Benefits & expenses
Losses & contract holders' benefits	$	—		$	3,519		$	359		$	—	$	—		$	3,878
Reinsurance recoveries	—			(167		)	(73		)	—		—			(240		)
Underwriting, acquisition and insurance expenses	—			1,652			86			—		—			1,738
Interest expense	52			—			—			1		—			53
Other operating expenses	37			—			—			1		(15		)	23
Total expenses	$	89		$	5,004		$	372		$	2	$	(15	)	$	5,452

Income before income taxes	$	729		$	1,690		$	50		$	3	$	—		$	2,472

Provision (benefit) for income taxes
Current operating income	$	(153	)	$	(72	)	$	9		$	1	$	—		$	(215	)
Capital gains/losses	153			194			—			—		—			347
Deferred	146			195			2			—		—			343
Total provision for income taxes	$	146		$	317		$	11		$	1	$	—		$	475

Net income - current year	$	583		$	1,373		$	39		$	2	$	—		$	1,997

Net income (loss) - prior year	$	(80	)	$	316		$	48		$	1	$	—		$	285
*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 our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2019 Supplemental Financial Data



Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2019

(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,423		$	—		$	—	$	—		$	1,423
Life	—			—			85			—		—			85
Premiums ceded	—			(49		)	(18		)	—		—			(67		)
Total earned premium	—			1,374			67			—		—			1,441
Investment income, net of expenses	23			107			38			—		—			168
Investment gains and losses, net	245			292			—			—		—			537
Fee revenues	—			3			1			—		—			4
Other revenues	3			1			—			1		(3		)	2
Total revenues	$	271		$	1,777		$	106		$	1	$	(3	)	$	2,152

Benefits & expenses
Losses & contract holders' benefits	$	—		$	924		$	100		$	—	$	—		$	1,024
Reinsurance recoveries	—			(89		)	(25		)	—		—			(114		)
Underwriting, acquisition and insurance expenses	—			423			19			—		—			442
Interest expense	13			—			—			—		—			13
Other operating expenses	9			—			—			—		(3		)	6
Total expenses	$	22		$	1,258		$	94		$	—	$	(3	)	$	1,371

Income before income taxes	$	249		$	519		$	12		$	1	$	—		$	781

Provision (benefit) for income taxes
Current operating income	$	(53	)	$	(17	)	$	4		$	1	$	—		$	(65	)
Capital gains/losses	51			61			1			—		—			113
Deferred	52			57			(2		)	—		—			107
Total provision for income taxes	$	50		$	101		$	3		$	1	$	—		$	155

Net income - current year	$	199		$	418		$	9		$	—	$	—		$	626

Net (loss) income - prior year	$	(267	)	$	(190	)	$	3		$	—	$	—		$	(454	)
*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 our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2019 Supplemental Financial Data



Cincinnati Financial Corporation
5-Year Net Income Reconciliation
(Dollars in millions except per share data)	Years ended December 31,
	2019			2018			2017			2016			2015
Net income	$	1,997		$	287		$	1,045		$	591		$	634
Less:
Investment gains and losses, net	1,650			(402		)	148			124			70
Income tax on investment gains and losses	(347		)	84			(53		)	(44		)	(25		)
Investment gains and losses, after-tax	1,303			(318		)	95			80			45
Other non-recurring items	—			56			495			—			—
Non-GAAP operating income	$	694		$	549		$	455		$	511		$	589

Diluted per share data:
Net income	$	12.10		$	1.75		$	6.29		$	3.55		$	3.83
Less:
Investment gains and losses, net	10.00			(2.44		)	0.89			0.74			0.42
Income tax on investment gains and losses	(2.10		)	0.50			(0.32		)	(0.26		)	(0.15		)
Investment gains and losses, after-tax	7.90			(1.94		)	0.57			0.48			0.27
Other non-recurring items	—			0.34			2.98			—			—
Non-GAAP operating income	$	4.20		$	3.35		$	2.74		$	3.07		$	3.56

Value creation ratio
Book value per share growth	25.9		%	(4.3		)%	17.1		%	9.6		%	(2.3		)%
Shareholder dividend declared as a percentage of beginning book value	4.6			4.2			5.8			4.9			5.7
Value creation ratio	30.5		%	(0.1		)%	22.9		%	14.5		%	3.4		%

Investment income
Investment income, net of expenses	$	646		$	619		$	609		$	595		$	572
*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 our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2019 Supplemental Financial Data



Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended					Twelve months ended
	12/31/19			9/30/19			6/30/19			3/31/19		12/31/18			9/30/18			6/30/18		3/31/18			6/30/19			6/30/18			9/30/19			9/30/18		12/31/19			12/31/18
Consolidated
Current accident year losses greater than $5,000,000	$	14		$	(1	)	$	14		$	—	$	14		$	8		$	6	$	15		$	14		$	21		$	13		$	29	$	27		$	43
Current accident year losses $1,000,000-$5,000,000	77			76			53			37		54			70			62		32			90			94			166			164		243			218
Large loss prior accident year reserve development	(4		)	33			5			16		21			10			4		34			21			38			54			48		50			69
Total large losses incurred	$	87		$	108		$	72		$	53	$	89		$	88		$	72	$	81		$	125		$	153		$	233		$	241	$	320		$	330
Losses incurred but not reported	41			(24		)	(14		)	47		23			(10		)	87		10			33			97			9			87		50			110
Other losses excluding catastrophe losses	512			566			547			493		451			482			433		520			1,039			953			1,606			1,435		2,118			1,886
Catastrophe losses	42			70			128			69		83			117			83		51			198			134			268			251		309			334
Total losses incurred	$	682		$	720		$	733		$	662	$	646		$	677		$	675	$	662		$	1,395		$	1,337		$	2,116		$	2,014	$	2,797		$	2,660
Commercial Lines
Current accident year losses greater than $5,000,000	$	14		$	(1	)	$	14		$	—	$	8		$	8		$	6	$	15		$	14		$	21		$	13		$	29	$	27		$	37
Current accident year losses $1,000,000-$5,000,000	62			56			41			26		47			62			51		22			68			73			124			135		185			182
Large loss prior accident year reserve development	1			32			3			13		24			11			1		29			16			30			48			41		49			65
Total large losses incurred	$	77		$	87		$	58		$	39	$	79		$	81		$	58	$	66		$	98		$	124		$	185		$	205	$	261		$	284
Losses incurred but not reported	12			(22		)	(7		)	43		18			(23		)	53		16			36			69			14			46		26			64
Other losses excluding catastrophe losses	302			314			320			286		266			284			247		325			605			572			919			856		1,222			1,122
Catastrophe losses	(9		)	32			94			25		32			75			51		22			119			73			151			148		142			180
Total losses incurred	$	382		$	411		$	465		$	393	$	395		$	417		$	409	$	429		$	858		$	838		$	1,269		$	1,255	$	1,651		$	1,650
Personal Lines
Current accident year losses greater than $5,000,000	$	—		$	—		$	—		$	—	$	6		$	—		$	—	$	—		$	—		$	—		$	—		$	—	$	—		$	6
Current accident year losses $1,000,000-$5,000,000	11			20			10			10		4			7			11		10			19			21			39			28		51			32
Large loss prior accident year reserve development	(3		)	(1		)	1			2		(3		)	(1		)	3		5			3			8			2			7		(1		)	4
Total large losses incurred	$	8		$	19		$	11		$	12	$	7		$	6		$	14	$	15		$	22		$	29		$	41		$	35	$	50		$	42
Losses incurred but not reported	17			—			(4		)	4		(3		)	11			31		(1		)	—			30			(1		)	41		17			38
Other losses excluding catastrophe losses	160			172			167			163		154			172			157		167			330			324			504			496		662			650
Catastrophe losses	33			23			34			45		27			33			33		29			79			62			101			95		135			122
Total losses incurred	$	218		$	214		$	208		$	224	$	185		$	222		$	235	$	210		$	431		$	445		$	645		$	667	$	864		$	852
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	$	—		$	—		$	—		$	—	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—	$	—		$	—
Current accident year losses $1,000,000-$5,000,000	4			—			2			1		3			1			—		—			3			—			3			1		7			4
Large loss prior accident year reserve development	(2		)	2			1			1		—			—			—		—			2			—			4			—		2			—
Total large losses incurred	$	2		$	2		$	3		$	2	$	3		$	1		$	—	$	—		$	5		$	—		$	7		$	1	$	9		$	4
Losses incurred but not reported	12			(2		)	(3		)	—		8			2			3		(5		)	(3		)	(2		)	(4		)	—		7			8
Other losses excluding catastrophe losses	14			25			18			19		8			11			17		14			36			31			61			42		76			50
Catastrophe losses	1			1			—			—		—			1			—		1			1			1			1			2		2			2
Total losses incurred	$	29		$	26		$	18		$	21	$	19		$	15		$	20	$	10		$	39		$	30		$	65		$	45	$	94		$	64

*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 our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2019 Supplemental Financial Data



Consolidated Property Casualty
Loss Ratio Detail
	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/19		9/30/19		6/30/19		3/31/19		12/31/18		9/30/18		6/30/18		3/31/18		6/30/19		6/30/18		9/30/19		9/30/18		12/31/19		12/31/18
Consolidated
Current accident year losses greater than $5,000,000	1.1	%	(0.1	)%	1.1	%	—	%	1.1	%	0.7	%	0.4	%	1.3	%	0.5	%	0.8	%	0.3	%	0.8	%	0.5	%	0.9	%
Current accident year losses $1,000,000-$5,000,000	5.6		5.5		4.0		2.9		4.3		5.7		5.1		2.7		3.5		3.9		4.2		4.5		4.6		4.4
Large loss prior accident year reserve development	(0.4	)	2.4		0.4		1.2		1.7		0.7		0.3		2.8		0.8		1.6		1.4		1.3		0.9		1.4
Total large loss ratio	6.3	%	7.8	%	5.5	%	4.1	%	7.1	%	7.1	%	5.8	%	6.8	%	4.8	%	6.3	%	5.9	%	6.6	%	6.0	%	6.7	%
Losses incurred but not reported	3.0		(1.8	)	(1.1	)	3.7		1.8		(0.8	)	7.1		0.8		1.3		4.0		0.2		2.4		0.9		2.2
Other losses excluding catastrophe losses	37.3		41.2		41.6		38.9		36.0		39.0		35.1		43.4		40.2		39.2		40.5		39.0		39.7		38.4
Catastrophe losses	3.0		5.1		9.7		5.5		6.6		9.5		6.8		4.2		7.7		5.5		6.8		6.9		5.8		6.8
Total loss ratio	49.6	%	52.3	%	55.7	%	52.2	%	51.5	%	54.8	%	54.8	%	55.2	%	54.0	%	55.0	%	53.4	%	54.9	%	52.4	%	54.1	%
Commercial Lines
Current accident year losses greater than $5,000,000	1.7	%	(0.1	)%	1.7	%	—	%	1.0	%	1.1	%	0.7	%	1.9	%	0.9	%	1.3	%	0.5	%	1.2	%	0.8	%	1.2	%
Current accident year losses $1,000,000-$5,000,000	7.0		6.8		5.0		3.3		5.6		7.7		6.2		2.9		4.1		4.6		5.1		5.6		5.6		5.6
Large loss prior accident year reserve development	0.2		3.8		0.4		1.6		3.0		1.3		0.2		3.6		1.0		1.8		1.9		1.7		1.5		2.0
Total large loss ratio	8.9	%	10.5	%	7.1	%	4.9	%	9.6	%	10.1	%	7.1	%	8.4	%	6.0	%	7.7	%	7.5	%	8.5	%	7.9	%	8.8	%
Losses incurred but not reported	1.5		(2.6	)	(0.9	)	5.4		2.2		(2.9	)	6.5		2.1		2.2		4.3		0.6		1.9		0.8		2.0
Other losses excluding catastrophe losses	35.4		37.6		38.9		35.1		32.9		35.3		30.4		41.1		37.0		35.7		37.2		35.6		36.7		34.9
Catastrophe losses	(1.0	)	3.8		11.4		3.1		3.9		9.3		6.3		2.8		7.3		4.6		6.1		6.2		4.3		5.6
Total loss ratio	44.8	%	49.3	%	56.5	%	48.5	%	48.6	%	51.8	%	50.3	%	54.4	%	52.5	%	52.3	%	51.4	%	52.2	%	49.7	%	51.3	%
Personal Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	1.6	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	0.4	%
Current accident year losses $1,000,000-$5,000,000	3.5		5.4		2.8		2.8		1.3		2.0		3.5		2.9		2.8		3.2		3.7		2.8		3.6		2.4
Large loss prior accident year reserve development	(1.0	)	(0.2	)	0.3		0.6		(0.7	)	(0.3	)	0.8		1.7		0.4		1.2		0.2		0.7		(0.1	)	0.4
Total large loss ratio	2.5	%	5.2	%	3.1	%	3.4	%	2.2	%	1.7	%	4.3	%	4.6	%	3.2	%	4.4	%	3.9	%	3.5	%	3.5	%	3.2	%
Losses incurred but not reported	5.1		(0.1	)	(1.1	)	1.0		(0.9	)	3.4		9.4		(0.4	)	(0.1	)	4.6		(0.1	)	4.2		1.2		2.8
Other losses excluding catastrophe losses	44.2		48.9		48.0		47.4		45.1		50.5		47.3		51.6		47.8		49.4		48.1		49.7		47.2		48.7
Catastrophe losses	9.4		6.4		9.7		13.1		7.9		10.0		10.0		8.8		11.4		9.4		9.7		9.6		9.6		9.1
Total loss ratio	61.2	%	60.4	%	59.7	%	64.9	%	54.3	%	65.6	%	71.0	%	64.6	%	62.3	%	67.8	%	61.6	%	67.0	%	61.5	%	63.8	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $1,000,000-$5,000,000	5.4		—		3.0		1.6		5.0		1.9		—		—		2.4		—		1.5		0.7		2.5		1.8
Large loss prior accident year reserve development	(2.7	)	2.7		1.5		1.2		(0.3	)	0.4		(0.2	)	(0.4	)	1.3		(0.3	)	1.8		(0.1	)	0.6		(0.1	)
Total large loss ratio	2.7	%	2.7	%	4.5	%	2.8	%	4.7	%	2.3	%	(0.2	)%	(0.4	)%	3.7	%	(0.3	)%	3.3	%	0.6	%	3.1	%	1.7	%
Losses incurred but not reported	14.4		(2.6	)	(4.5	)	0.8		13.5		4.3		4.5		(9.0	)	(1.9	)	(2.1	)	(2.2	)	0.1		2.4		3.6
Other losses excluding catastrophe losses	20.5		34.5		26.7		29.1		11.8		18.7		28.6		26.4		27.9		27.4		30.3		24.4		27.7		21.1
Catastrophe losses	0.4		1.0		0.5		0.2		0.7		0.5		1.0		1.8		0.3		1.4		0.6		1.1		0.5		1.0
Total loss ratio	38.0	%	35.6	%	27.2	%	32.9	%	30.7	%	25.8	%	33.9	%	18.8	%	30.0	%	26.4	%	32.0	%	26.2	%	33.7	%	27.4	%
*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 our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2019 Supplemental Financial Data



Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/19	9/30/19	6/30/19	3/31/19	12/31/18	9/30/18	6/30/18	3/31/18	6/30/19	6/30/18	9/30/19	9/30/18	12/31/19	12/31/18
Consolidated
Current accident year reported losses greater than $5,000,000	2	1	2	—	—	1	1	3	2	4	2	5	4	7
Current accident year reported losses $1,000,000 - $5,000,000	39	35	31	19	33	37	36	22	50	59	88	95	137	125
Prior accident year reported losses on large losses	9	18	13	10	9	8	9	24	24	35	44	44	55	56
Non-Catastrophe reported losses on large losses total	50	54	46	29	42	46	46	49	76	98	134	144	196	188
Commercial Lines
Current accident year reported losses greater than $5,000,000	2	1	2	—	—	1	1	2	2	3	2	4	4	5
Current accident year reported losses $1,000,000 - $5,000,000	27	27	23	12	25	33	30	15	35	46	64	77	100	100
Prior accident year reported losses on large losses	8	18	10	7	8	7	6	22	19	30	38	38	49	49
Non-Catastrophe reported losses on large losses total	37	46	35	19	33	41	37	39	56	79	104	119	153	154
Personal Lines
Current accident year reported losses greater than $5,000,000	—	—	—	—	—	—	—	1	—	1	—	1	—	2
Current accident year reported losses $1,000,000 - $5,000,000	8	8	6	6	7	3	6	7	12	13	21	17	30	21
Prior accident year reported losses on large losses	1	—	1	2	1	1	3	2	3	5	3	6	4	7
Non-Catastrophe reported losses on large losses total	9	8	7	8	8	4	9	10	15	19	24	24	34	30
Excess & Surplus Lines
Current accident year reported losses greater than $5,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Current accident year reported losses $1,000,000 - $5,000,000	4	—	2	1	1	1	—	—	3	—	3	1	7	4
Prior accident year reported losses on large losses	—	—	2	1	—	—	—	—	2	—	3	—	2	—
Non-Catastrophe reported losses on large losses total	4	—	4	2	1	1	—	—	5	—	6	1	9	4
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2019 Supplemental Financial Data



Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2019
(Dollars in millions)	Commercial Lines										Personal Lines						E & S		Consolidated				Comm'l Change %		Personal Change %		E & S Change %		Consol Change %
Risk State	Comm Casualty		Comm Property		Comm Auto		Workers' Comp		Other Comm		Personal Auto		Home Owner		Other Personal		All Lines		2019		2018
																			Total		Total
OH	$	160.0	$	151.6	$	102.0	$	—	$	42.8	$	129.9	$	117.0	$	36.5	$	19.7	$	759.5	$	731.0	5.8		0.2		18.3		3.9
IL	66.1		58.1		37.2		39.7		14.4		30.5		30.8		9.5		18.6		304.9		299.2		0.1		4.2		16.1		1.9
GA	43.8		51.1		33.6		11.8		16.3		57.8		53.4		13.5		20.7		302.0		288.6		4.4		2.8		19.9		4.6
PA	72.7		57.0		44.9		39.4		13.6		16.4		14.3		5.4		14.7		278.4		262.1		5.2		6.0		24.6		6.2
NC	53.5		64.8		28.0		14.3		14.3		36.7		35.2		9.9		13.9		270.6		266.9		1.0		(0.3	)	18.8		1.4
IN	54.3		54.8		34.7		22.0		14.9		29.2		33.1		7.5		14.2		264.7		269.0		(1.2	)	(4.4	)	9.6		(1.6	)
MI	44.7		44.8		25.7		14.6		12.3		34.5		26.9		5.8		8.2		217.5		228.2		1.8		(17.0	)	6.4		(4.7	)
TN	41.3		47.3		27.9		8.3		12.1		18.1		23.4		6.3		8.9		193.6		186.8		5.9		(4.6	)	19.1		3.6
NY	51.7		24.4		17.5		6.7		7.4		21.7		36.2		12.4		14.8		192.8		146.5		25.6		34.8		73.2		31.7
AL	27.7		38.6		19.2		1.0		9.2		27.3		36.4		7.2		11.5		178.1		170.8		7.5		(1.8	)	20.2		4.3
KY	29.0		39.1		25.0		3.7		9.2		26.5		27.6		6.4		7.0		173.5		172.1		5.3		(7.4	)	12.9		0.8
VA	36.9		36.6		28.9		16.7		13.3		14.9		13.7		4.7		6.2		171.9		163.4		5.0		4.6		14.1		5.2
TX	49.5		24.3		32.3		2.4		7.0		10.5		15.1		5.1		25.1		171.3		153.4		(0.1	)	89.1		17.1		11.7
MO	35.2		38.7		22.4		10.9		6.4		13.6		17.3		3.8		11.5		159.8		150.6		4.2		10.6		13.0		6.1
MN	29.3		31.3		11.3		9.5		6.1		18.5		21.1		5.7		9.8		142.6		133.3		12.6		(4.8	)	20.2		6.9
WI	28.4		28.5		15.3		23.1		6.8		10.5		10.9		4.3		8.3		136.1		131.2		1.5		7.1		27.0		3.8
FL	34.7		15.1		22.8		2.0		7.2		6.9		6.2		2.0		21.6		118.5		99.7		11.9		38.9		37.5		18.9
MD	20.4		15.5		17.3		8.2		5.5		17.7		13.4		3.8		4.6		106.4		101.9		1.5		7.3		29.1		4.3
AZ	23.9		16.1		18.3		6.1		3.3		8.5		7.4		3.0		5.8		92.4		79.9		15.9		6.3		55.8		15.6
AR	11.7		21.4		13.1		2.2		3.9		8.8		10.9		2.9		4.5		79.4		80.9		2.4		(12.3	)	11.1		(1.8	)
IA	17.0		21.4		8.7		11.6		5.4		4.9		5.9		1.5		2.5		78.9		80.2		(2.3	)	(0.9	)	18.0		(1.5	)
SC	13.5		14.4		10.6		2.7		3.4		12.2		10.8		2.0		5.8		75.4		78.9		(5.9	)	(5.6	)	16.4		(4.4	)
UT	19.2		13.5		13.3		1.4		3.4		9.5		6.2		1.5		6.1		74.1		68.0		10.2		4.7		12.6		9.1
OR	22.2		12.1		16.2		0.4		3.3		6.1		3.2		0.9		6.0		70.4		62.0		15.7		1.2		18.4		13.5
CO	17.4		9.2		14.3		1.0		2.6		1.7		3.9		0.6		11.7		62.4		60.0		(3.5	)	41.6		22.4		3.9
CA	1.1		0.7		1.3		3.1		0.4		11.6		33.6		9.0		1.6		62.4		40.2		67.2		55.2		23.7		55.3
MT	22.4		14.5		12.8		0.2		3.1		2.8		3.4		0.8		2.1		62.1		56.2		11.1		2.4		27.9		10.6
CT	7.9		6.6		3.2		3.2		1.2		15.2		14.8		4.9		2.8		59.8		49.5		18.4		21.4		37.5		20.9
KS	11.6		16.0		8.0		4.2		3.7		4.4		7.2		1.3		2.7		59.1		57.4		3.9		(0.7	)	10.7		3.2
ID	16.3		11.5		10.7		2.0		2.5		3.4		2.9		0.8		3.3		53.4		48.8		10.7		(5.7	)	30.8		9.3
WA	13.7		10.0		10.8		—		3.2		2.2		2.0		0.9		2.6		45.4		34.6		24.3		186.3		8.1		31.4
NE	9.6		12.3		6.3		5.0		2.6		0.8		1.3		0.3		2.9		41.1		41.9		(3.6	)	(1.3	)	17.6		(2.2	)
WV	9.1		9.9		8.5		1.2		1.3		—		0.4		0.1		3.6		34.1		33.1		1.4		0.5		13.5		2.6
NM	10.8		7.1		7.6		0.9		2.3		—		—		—		2.8		31.5		29.3		5.7		nm		28.1		7.4
VT	5.4		6.9		3.5		4.7		1.9		1.7		2.3		0.5		1.5		28.4		29.5		(3.8	)	7.4		(22.7	)	(3.5	)
NJ	2.2		1.4		1.6		1.7		0.9		3.2		4.6		2.2		2.6		20.4		12.2		65.0		58.4		125.5		67.3
DE	6.3		4.6		3.7		3.1		1.2		0.1		0.2		—		1.0		20.2		19.9		(0.8	)	nm		20.3		1.6
NH	4.3		3.6		2.5		2.2		1.1		1.9		2.4		0.6		1.2		19.8		19.3		(1.2	)	9.2		24.0		2.5
ND	5.3		4.9		3.1		—		1.2		0.9		1.0		0.3		0.8		17.5		16.6		5.3		7.5		(6.6	)	5.0
SD	3.9		4.6		2.3		2.1		1.3		—		—		—		1.0		15.2		13.5		11.2		(28.4	)	36.0		12.5
MA	1.6		1.0		0.8		0.6		0.2		1.8		4.5		1.2		0.8		12.5		4.7		193.9		163.3		102.0		167.6
WY	3.2		3.0		2.5		—		0.7		—		—		—		1.1		10.5		9.9		7.9		(47.4	)	1.0		7.1
DC	1.0		2.1		0.1		0.7		1.3		0.3		0.3		0.1		0.8		6.7		4.5		42.8		118.0		42.5		48.5
All Other States	2.5		1.8		2.8		2.0		1.5		0.1		0.3		—		2.3		13.3		12.1		3.5		nm		28.2		10.0
Total	$	1,142.3	$	1,052.2	$	732.6	$	296.6	$	275.7	$	623.3	$	661.5	$	185.2	$	319.2	$	5,288.6	$	4,997.8	5.1		4.6		21.7		9.2
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 *Total excludes our London-based global specialty underwriter known as Cincinnati Global and other direct, such as assigned risk pools.

CINF Fourth-Quarter 2019 Supplemental Financial Data



Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19			9/30/18			12/31/19			12/31/18
Commercial casualty:
Written premiums	$	269		$	263		$	296		$	303		$	251		$	251		$	291		$	287		$	599		$	578		$	862		$	829		$	1,131		$	1,080
Year over year change %-written premium	7		%	5		%	2		%	6		%	1		%	(2		)%	4		%	(3		)%	4		%	—		%	4		%	(1		)%	5		%	—		%
Earned premiums	$	280		$	277		$	277		$	268		$	270		$	268		$	272		$	265		$	545		$	537		$	822		$	805		$	1,102		$	1,075
Current accident year before catastrophe losses	67.5		%	66.1		%	67.4		%	66.7		%	66.8		%	64.5		%	66.8		%	67.9		%	67.0		%	67.3		%	66.7		%	66.4		%	66.9		%	66.5		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(4.8		)	(2.9		)	(9.3		)	(11.5		)	(6.1		)	(8.0		)	(5.2		)	1.7			(10.3		)	(1.8		)	(7.8		)	(3.9		)	(7.1		)	(4.4		)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	62.7		%	63.2		%	58.1		%	55.2		%	60.7		%	56.5		%	61.6		%	69.6		%	56.7		%	65.5		%	58.9		%	62.5		%	59.8		%	62.1		%
Commercial property:
Written premiums	$	246		$	245		$	247		$	247		$	223		$	232		$	240		$	237		$	494		$	477		$	739		$	709		$	985		$	932
Year over year change %-written premium	10		%	6		%	3		%	4		%	3		%	1		%	3		%	(1		)%	3		%	1		%	4		%	1		%	6		%	1		%
Earned premiums	$	249		$	241		$	234		$	234		$	232		$	229		$	231		$	228		$	468		$	459		$	709		$	688		$	958		$	920
Current accident year before catastrophe losses	50.3		%	49.4		%	49.0		%	51.5		%	52.7		%	40.7		%	45.8		%	58.6		%	50.3		%	52.2		%	50.0		%	48.3		%	50.1		%	49.4		%
Current accident year catastrophe losses	0.2			15.0			43.5			13.8			16.8			36.1			22.1			12.8			28.6			17.4			24.0			23.7			17.8			22.0
Prior accident years before catastrophe losses	(1.3		)	(1.1		)	0.8			1.9			(2.0		)	(1.0		)	(1.9		)	(6.4		)	1.3			(4.1		)	0.5			(3.1		)	0.1			(2.8		)
Prior accident years catastrophe losses	(2.6		)	(1.9		)	(3.6		)	(2.6		)	(2.5		)	(2.9		)	(1.2		)	(2.6		)	(3.0		)	(1.9		)	(2.7		)	(2.2		)	(2.7		)	(2.3		)
Total loss and loss expense ratio	46.6		%	61.4		%	89.7		%	64.6		%	65.0		%	72.9		%	64.8		%	62.4		%	77.2		%	63.6		%	71.8		%	66.7		%	65.3		%	66.3		%
Commercial auto:
Written premiums	$	175		$	176		$	196		$	188		$	163		$	160		$	182		$	177		$	384		$	359		$	560		$	519		$	735		$	682
Year over year change %-written premium	7		%	10		%	8		%	6		%	7		%	2		%	9		%	2		%	7		%	5		%	8		%	4		%	8		%	5		%
Earned premiums	$	183		$	179		$	175		$	170		$	169		$	168		$	166		$	161		$	345		$	327		$	524		$	495		$	707		$	664
Current accident year before catastrophe losses	68.1		%	67.8		%	70.5		%	74.5		%	71.3		%	73.5		%	75.8		%	80.6		%	72.5		%	78.2		%	70.9		%	76.6		%	70.2		%	75.3		%
Current accident year catastrophe losses	(0.3		)	1.5			1.4			0.3			0.1			0.1			2.1			0.2			0.9			1.1			1.1			0.8			0.7			0.6
Prior accident years before catastrophe losses	0.7			1.7			1.0			(6.7		)	4.4			1.8			3.3			(0.8		)	(2.9		)	1.3			(1.3		)	1.5			(0.8		)	2.2
Prior accident years catastrophe losses	—			(0.1		)	—			—			—			—			(0.1		)	(0.2		)	—			(0.1		)	(0.1		)	(0.1		)	—			(0.1		)
Total loss and loss expense ratio	68.5		%	70.9		%	72.9		%	68.1		%	75.8		%	75.4		%	81.1		%	79.8		%	70.5		%	80.5		%	70.6		%	78.8		%	70.1		%	78.0		%
Workers' compensation:
Written premiums	$	63		$	62		$	75		$	94		$	67		$	66		$	83		$	95		$	169		$	178		$	231		$	244		$	294		$	311
Year over year change %-written premium	(6		)%	(6		)%	(10		)%	(1		)%	(8		)%	(12		)%	5		%	(4		)%	(5		)%	—		%	(5		)%	(4		)%	(5		)%	(5		)%
Earned premiums	$	76		$	73		$	74		$	77		$	79		$	80		$	85		$	80		$	151		$	165		$	224		$	245		$	300		$	324
Current accident year before catastrophe losses	85.4		%	81.1		%	78.0		%	78.8		%	78.8		%	74.6		%	73.0		%	73.1		%	78.4		%	73.1		%	79.3		%	73.6		%	80.8		%	74.9		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(20.1		)	(27.0		)	(35.9		)	(20.1		)	(23.7		)	(10.8		)	(20.7		)	(16.1		)	(27.9		)	(18.5		)	(27.7		)	(16.0		)	(25.7		)	(17.9		)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	65.3		%	54.1		%	42.1		%	58.7		%	55.1		%	63.8		%	52.3		%	57.0		%	50.5		%	54.6		%	51.6		%	57.6		%	55.1		%	57.0		%
Other commercial:
Written premiums	$	66		$	70		$	65		$	64		$	57		$	65		$	60		$	58		$	129		$	118		$	199		$	183		$	265		$	240
Year over year change %-written premium	16		%	8		%	10		%	10		%	4		%	10		%	11		%	4		%	10		%	7		%	9		%	8		%	10		%	7		%
Earned premiums	$	64		$	64		$	63		$	61		$	61		$	60		$	58		$	56		$	124		$	114		$	188		$	174		$	252		$	235
Current accident year before catastrophe losses	38.2		%	34.3		%	33.7		%	38.0		%	38.5		%	33.2		%	38.2		%	37.8		%	35.8		%	38.0		%	35.4		%	36.3		%	36.0		%	37.0		%
Current accident year catastrophe losses	0.1			(0.2		)	0.3			0.4			0.2			0.3			1.7			0.3			0.3			1.0			0.1			0.8			0.1			0.6
Prior accident years before catastrophe losses	(3.3		)	(2.1		)	(1.9		)	(4.1		)	(9.1		)	(2.7		)	(14.8		)	(6.8		)	(3.0		)	(10.9		)	(2.7		)	(8.1		)	(2.8		)	(8.4		)
Prior accident years catastrophe losses	(0.3		)	0.8			—			0.2			1.0			(0.1		)	0.3			(0.3		)	0.1			—			0.3			—			0.2			0.2
Total loss and loss expense ratio	34.7		%	32.8		%	32.1		%	34.5		%	30.6		%	30.7		%	25.4		%	31.0		%	33.2		%	28.1		%	33.1		%	29.0		%	33.5		%	29.4		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2019 Supplemental Financial Data



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19			9/30/18			12/31/19			12/31/18
Personal auto:
Written premiums	$	141		$	166		$	173		$	140		$	141		$	169		$	172		$	140		$	313		$	312		$	479		$	481		$	620		$	622
Year over year change %-written premium	—		%	(2		)%	—		%	—		%	—		%	2		%	4		%	6		%	—		%	5		%	—		%	4		%	—		%	3		%
Earned premiums	$	155		$	156		$	155		$	155		$	155		$	155		$	153		$	151		$	310		$	304		$	466		$	459		$	621		$	614
Current accident year before catastrophe losses	70.8		%	70.2		%	73.8		%	76.2		%	72.6		%	77.9		%	78.7		%	81.2		%	75.0		%	80.0		%	73.4		%	79.2		%	72.7		%	77.6		%
Current accident year catastrophe losses	0.4			1.2			1.8			0.5			0.4			1.1			1.3			0.8			1.1			1.0			1.1			1.1			1.0			0.9
Prior accident years before catastrophe losses	(1.7		)	(2.0		)	(9.4		)	(3.3		)	(0.6		)	(2.1		)	(1.5		)	(4.3		)	(6.3		)	(2.9		)	(4.9		)	(2.6		)	(4.1		)	(2.1		)
Prior accident years catastrophe losses	—			(0.1		)	(0.2		)	—			—			—			(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)
Total loss and loss expense ratio	69.5		%	69.3		%	66.0		%	73.4		%	72.4		%	76.9		%	78.4		%	77.6		%	69.7		%	78.0		%	69.5		%	77.6		%	69.5		%	76.3		%
Homeowner:
Written premiums	$	152		$	173		$	176		$	130		$	141		$	162		$	164		$	121		$	306		$	285		$	479		$	447		$	631		$	588
Year over year change %-written premium	8		%	7		%	8		%	7		%	7		%	8		%	9		%	10		%	8		%	10		%	7		%	9		%	7		%	8		%
Earned premiums	$	157		$	154		$	149		$	147		$	146		$	142		$	139		$	136		$	296		$	275		$	450		$	417		$	607		$	563
Current accident year before catastrophe losses	55.7		%	60.9		%	53.1		%	51.9		%	42.6		%	49.8		%	57.7		%	55.8		%	52.5		%	56.7		%	55.3		%	54.4		%	55.5		%	51.3		%
Current accident year catastrophe losses	21.7			14.0			22.6			23.2			17.0			19.2			20.6			19.6			22.9			20.1			19.9			19.8			20.3			19.1
Prior accident years before catastrophe losses	(2.2		)	1.0			4.5			2.0			—			3.6			8.1			2.4			3.3			5.3			2.5			4.7			1.3			3.5
Prior accident years catastrophe losses	(0.5		)	(0.8		)	(2.2		)	5.7			0.5			1.0			1.6			0.1			1.7			0.9			0.9			0.9			0.5			0.8
Total loss and loss expense ratio	74.7		%	75.1		%	78.0		%	82.8		%	60.1		%	73.6		%	88.0		%	77.9		%	80.4		%	83.0		%	78.6		%	79.8		%	77.6		%	74.7		%
Other personal:
Written premiums	$	43		$	49		$	53		$	39		$	41		$	46		$	45		$	36		$	92		$	81		$	141		$	127		$	184		$	168
Year over year change %-written premium	5		%	7		%	15		%	10		%	14		%	15		%	7		%	16		%	13		%	11		%	11		%	12		%	10		%	13		%
Earned premiums	$	46		$	44		$	44		$	42		$	41		$	41		$	39		$	38		$	86		$	77		$	130		$	118		$	176		$	159
Current accident year before catastrophe losses	60.9		%	51.4		%	51.5		%	33.6		%	42.7		%	60.6		%	50.1		%	28.9		%	42.7		%	39.6		%	45.7		%	46.9		%	49.6		%	45.8		%
Current accident year catastrophe losses	2.9			4.3			4.7			5.6			4.7			9.7			3.0			4.0			5.1			3.6			4.8			5.7			4.3			5.4
Prior accident years before catastrophe losses	(5.9		)	(6.4		)	(7.7		)	(6.1		)	(6.9		)	(8.7		)	13.9			7.2			(6.9		)	10.6			(6.7		)	3.9			(6.5		)	1.1
Prior accident years catastrophe losses	(0.5		)	(0.7		)	0.4			0.1			0.1			0.1			0.2			(0.5		)	0.2			(0.2		)	(0.1		)	(0.1		)	(0.2		)	—
Total loss and loss expense ratio	57.4		%	48.6		%	48.9		%	33.2		%	40.6		%	61.7		%	67.2		%	39.6		%	41.1		%	53.6		%	43.7		%	56.4		%	47.2		%	52.3		%

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19			9/30/18			12/31/19			12/31/18
Excess & Surplus:
Written premiums	$	80		$	74		$	78		$	71		$	65		$	59		$	64		$	61		$	149		$	125		$	223		$	184		$	303		$	249
Year over year change %-written premium	23		%	25		%	22		%	16		%	20		%	16		%	5		%	15		%	19		%	10		%	21		%	12		%	22		%	14		%
Earned premiums	$	76		$	72		$	67		$	63		$	61		$	60		$	57		$	56		$	130		$	113		$	202		$	173		$	278		$	234
Current accident year before catastrophe losses	54.3		%	57.6		%	50.8		%	55.5		%	50.9		%	53.3		%	56.9		%	54.6		%	53.1		%	55.8		%	54.7		%	54.9		%	54.6		%	53.9		%
Current accident year catastrophe losses	—			0.6			0.7			0.3			0.8			0.9			1.0			1.8			0.5			1.4			0.5			1.2			0.4			1.1
Prior accident years before catastrophe losses	(0.4		)	(6.0		)	(6.2		)	(4.2		)	(4.9		)	(11.3		)	(9.6		)	(17.2		)	(5.2		)	(13.3		)	(5.5		)	(12.6		)	(4.1		)	(10.6		)
Prior accident years catastrophe losses	0.5			0.5			(0.2		)	(0.1		)	—			(0.3		)	0.2			0.1			(0.1		)	0.1			0.1			—			0.2			—
Total loss and loss expense ratio	54.4		%	52.7		%	45.1		%	51.5		%	46.8		%	42.6		%	48.5		%	39.3		%	48.3		%	44.0		%	49.8		%	43.5		%	51.1		%	44.4		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2019 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, 2019
Commercial casualty	$	463	$	183	$	646	$	(43	)	$	34		$	17		$	8		$	420		$	34		$	200	$	654
Commercial property	602		56		658		69			8			4			81			671			8			60		739
Commercial auto	410		73		483		7			5			1			13			417			5			74		496
Workers' compensation	154		32		186		19			(26		)	2			(5		)	173			(26		)	34		181
Other commercial	66		14		80		9			(1		)	(2		)	6			75			(1		)	12		86
Total commercial lines	1,695		358		2,053		61			20			22			103			1,756			20			380		2,156

Personal auto	373		70		443		(8		)	(4		)	5			(7		)	365			(4		)	75		436
Homeowners	436		40		476		(18		)	22			1			5			418			22			41		481
Other personal	70		6		76		4			5			—			9			74			5			6		85
Total personal lines	879		116		995		(22		)	23			6			7			857			23			122		1,002

Excess & surplus lines	66		33		99		31			6			16			53			97			6			49		152
Other	201		6		207		(33		)	35			—			2			168			35			6		209
Total property casualty	$	2,841	$	513	$	3,354	$	37		$	84		$	44		$	165		$	2,878		$	84		$	557	$	3,519

Ceded loss and loss expense incurred for the twelve months ended December 31, 2019
Commercial casualty	$	15	$	—	$	15	$	(20	)	$	(1	)	$	1		$	(20	)	$	(5	)	$	(1	)	$	1	$	(5	)
Commercial property	3		—		3		106			5			—			111			109			5			—		114
Commercial auto	1		—		1		—			—			—			—			1			—			—		1
Workers' compensation	10		—		10		6			(1		)	—			5			16			(1		)	—		15
Other commercial	1		—		1		—			—			—			—			1			—			—		1
Total commercial lines	30		—		30		92			3			1			96			122			3			1		126

Personal auto	6		—		6		(2		)	1			—			(1		)	4			1			—		5
Homeowners	22		—		22		(11		)	—			—			(11		)	11			—			—		11
Other personal	1		—		1		—			—			—			—			1			—			—		1
Total personal lines	29		—		29		(13		)	1			—			(12		)	16			1			—		17

Excess & surplus lines	9		—		9		—			1			—			1			9			1			—		10
Other	25		1		26		(3		)	(9		)	—			(12		)	22			(9		)	1		14
Total property casualty	$	93	$	1	$	94	$	76		$	(4	)	$	1		$	73		$	169		$	(4	)	$	2	$	167

Net loss and loss expense incurred for the twelve months ended December 31, 2019
Commercial casualty	$	448	$	183	$	631	$	(23	)	$	35		$	16		$	28		$	425		$	35		$	199	$	659
Commercial property	599		56		655		(37		)	3			4			(30		)	562			3			60		625
Commercial auto	409		73		482		7			5			1			13			416			5			74		495
Workers' compensation	144		32		176		13			(25		)	2			(10		)	157			(25		)	34		166
Other commercial	65		14		79		9			(1		)	(2		)	6			74			(1		)	12		85
Total commercial lines	1,665		358		2,023		(31		)	17			21			7			1,634			17			379		2,030

Personal auto	367		70		437		(6		)	(5		)	5			(6		)	361			(5		)	75		431
Homeowners	414		40		454		(7		)	22			1			16			407			22			41		470
Other personal	69		6		75		4			5			—			9			73			5			6		84
Total personal lines	850		116		966		(9		)	22			6			19			841			22			122		985

Excess & surplus lines	57		33		90		31			5			16			52			88			5			49		142
Other	176		5		181		(30		)	44			—			14			146			44			5		195
Total property casualty	$	2,748	$	512	$	3,260	$	(39	)	$	88		$	43		$	92		$	2,709		$	88		$	555	$	3,352

*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 our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2019 Supplemental Financial Data



Consolidated Property Casualty Loss and Loss and 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, 2019
Commercial casualty	$	115	$	46	$	161	$	3		$	4		$	7	$	14		$	118		$	4		$	53	$	175
Commercial property	155		14		169		26			4			2		32			181			4			16		201
Commercial auto	108		19		127		8			(12		)	2		(2		)	116			(12		)	21		125
Workers' compensation	37		8		45		(5		)	7			2		4			32			7			10		49
Other commercial	18		4		22		—			(2		)	3		1			18			(2		)	7		23
Total commercial lines	433		91		524		32			1			16		49			465			1			107		573

Personal auto	96		18		114		3			(8		)	1		(4		)	99			(8		)	19		110
Homeowners	93		10		103		(12		)	21			2		11			81			21			12		114
Other personal	18		1		19		3			5			—		8			21			5			1		27
Total personal lines	207		29		236		(6		)	18			3		15			201			18			32		251

Excess & surplus lines	16		9		25		4			10			4		18			20			10			13		43
Other	45		2		47		(11		)	21			—		10			34			21			2		57
Total property casualty	$	701	$	131	$	832	$	19		$	50		$	23	$	92		$	720		$	50		$	154	$	924

Ceded loss and loss expense incurred for the three months ended December 31, 2019
Commercial casualty	$	7	$	—	$	7	$	(7	)	$	—		$	—	$	(7	)	$	—		$	—		$	—	$	—
Commercial property	5		—		5		81			(1		)	—		80			86			(1		)	—		85
Commercial auto	1		—		1		(1		)	—			—		(1		)	—			—			—		—
Workers' compensation	2		—		2		(2		)	(1		)	—		(3		)	—			(1		)	—		(1		)
Other commercial	—		—		—		—			—			—		—			—			—			—		—
Total commercial lines	15		—		15		71			(2		)	—		69			86			(2		)	—		84

Personal auto	2		—		2		1			—			—		1			3			—			—		3
Homeowners	—		—		—		(3		)	—			—		(3		)	(3		)	—			—		(3		)
Other personal	—		—		—		—			—			—		—			—			—			—		—
Total personal lines	2		—		2		(2		)	—			—		(2		)	—			—			—		—

Excess & surplus lines	2		—		2		(1		)	—			—		(1		)	2			—			—		2
Other	5		—		5		4			(6		)	—		(2		)	9			(6		)	—		3
Total property casualty	$	24	$	—	$	24	$	72		$	(8	)	$	—	$	64		$	97		$	(8	)	$	—	$	89

Net loss and loss expense incurred for the three months ended December 31, 2019
Commercial casualty	$	108	$	46	$	154	$	10		$	4		$	7	$	21		$	118		$	4		$	53	$	175
Commercial property	150		14		164		(55		)	5			2		(48		)	95			5			16		116
Commercial auto	107		19		126		9			(12		)	2		(1		)	116			(12		)	21		125
Workers' compensation	35		8		43		(3		)	8			2		7			32			8			10		50
Other commercial	18		4		22		—			(2		)	3		1			18			(2		)	7		23
Total commercial lines	418		91		509		(39		)	3			16		(20		)	379			3			107		489

Personal auto	94		18		112		2			(8		)	1		(5		)	96			(8		)	19		107
Homeowners	93		10		103		(9		)	21			2		14			84			21			12		117
Other personal	18		1		19		3			5			—		8			21			5			1		27
Total personal lines	205		29		234		(4		)	18			3		17			201			18			32		251

Excess & surplus lines	14		9		23		5			10			4		19			18			10			13		41
Other	40		2		42		(15		)	27			—		12			25			27			2		54
Total property casualty	$	677	$	131	$	808	$	(53	)	$	58		$	23	$	28		$	623		$	58		$	154	$	835

*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 our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2019 Supplemental Financial Data




Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19			9/30/18			12/31/19			12/31/18
Premiums
Agency renewal written premiums	$	1,084		$	1,119		$	1,186		$	1,130		$	1,037		$	1,088		$	1,150		$	1,083		$	2,316		$	2,233		$	3,435		$	3,321		$	4,519		$	4,358
Agency new business written premiums	193			192			212			181			158			154			181			159			393			340			585			494			778			652
Other written premiums	31			40			78			70			(18		)	4			18			16			148			34			188			38			219			20
Net written premiums	$	1,308		$	1,351		$	1,476		$	1,381		$	1,177		$	1,246		$	1,349		$	1,258		$	2,857		$	2,607		$	4,208		$	3,853		$	5,516		$	5,030
Unearned premium change	66			25			(159		)	(114		)	76			(9		)	(119		)	(58		)	(273		)	(177		)	(248		)	(186		)	(182		)	(110		)
Earned premiums	$	1,374		$	1,376		$	1,317		$	1,267		$	1,253		$	1,237		$	1,230		$	1,200		$	2,584		$	2,430		$	3,960		$	3,667		$	5,334		$	4,920
Year over year change %
Agency renewal written premiums	5		%	3		%	3		%	4		%	5		%	2		%	6		%	2		%	4		%	4		%	3		%	3		%	4		%	4		%
Agency new business written premiums	22			25			17			14			5			(2		)	10			4			16			7			18			4			19			4
Other written premiums	nm			nm			333			338			(125		)	131			13			(24		)	335			(8		)	395			58			nm			25
Net written premiums	11			8			9			10			4			3			6			2			10			4			9			4			10			4
Paid losses and loss expenses
Losses paid	$	677		$	703		$	677		$	692		$	606		$	585		$	586		$	579		$	1,369		$	1,165		$	2,072		$	1,750		$	2,748		$	2,356
Loss expenses paid	131			127			121			132			127			120			109			135			253			244			380			364			512			491
Loss and loss expenses paid	$	808		$	830		$	798		$	824		$	733		$	705		$	695		$	714		$	1,622		$	1,409		$	2,452		$	2,114		$	3,260		$	2,847
Incurred losses and loss expenses
Loss and loss expense incurred	$	835		$	864		$	863		$	790		$	798		$	813		$	821		$	791		$	1,653		$	1,612		$	2,517		$	2,425		$	3,352		$	3,223
Loss and loss expenses paid as a % of incurred	96.8		%	96.1		%	92.5		%	104.3		%	91.9		%	86.7		%	84.7		%	90.3		%	98.1		%	87.4		%	97.4		%	87.2		%	97.3		%	88.3		%
Statutory combined ratio
Loss ratio	49.6		%	52.1		%	55.7		%	52.5		%	51.5		%	54.8		%	54.9		%	55.2		%	54.1		%	55.0		%	53.4		%	54.9		%	52.5		%	54.1		%
Loss adjustment expense ratio	11.3			11.0			9.9			10.1			12.2			10.9			11.8			10.8			10.1			11.3			10.4			11.2			10.6			11.4
Net underwriting expense ratio	32.1			31.2			29.3			28.9			31.8			31.0			29.1			30.4			29.1			29.8			29.8			30.2			30.3			30.5
US Statutory combined ratio	93.0		%	94.3		%	94.9		%	91.5		%	95.5		%	96.7		%	95.8		%	96.4		%	93.3		%	96.1		%	93.6		%	96.3		%	93.4		%	96.0		%
Contribution from catastrophe losses	3.3			5.3			10.0			5.8			7.0			9.7			7.1			4.4			7.9			5.8			7.1			7.1			6.0			7.1
Statutory combined ratio excl. catastrophe losses	89.7		%	89.0		%	84.9		%	85.7		%	88.5		%	87.0		%	88.7		%	92.0		%	85.4		%	90.3		%	86.5		%	89.2		%	87.4		%	88.9		%
GAAP combined ratio
GAAP combined ratio	91.6		%	94.2		%	96.5		%	93.0		%	93.9		%	96.8		%	97.2		%	97.9		%	94.8		%	97.5		%	94.6		%	97.3		%	93.8		%	96.4		%
Contribution from catastrophe losses	3.3			5.3			10.0			5.8			7.0			9.7			7.1			4.4			7.9			5.8			7.1			7.1			6.0			7.1
GAAP combined ratio excl. catastrophe losses	88.3		%	88.9		%	86.5		%	87.2		%	86.9		%	87.1		%	90.1		%	93.5		%	86.9		%	91.7		%	87.5		%	90.2		%	87.8		%	89.3		%
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. nm - Not meaningful Statutory ratios exclude the results of our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Fourth-Quarter 2019 Supplemental Financial Data




Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19			9/30/18			12/31/19			12/31/18
Premiums
Agency renewal written premiums	$	719		$	713		$	767		$	799		$	694		$	702		$	758		$	771		$	1,566		$	1,529		$	2,279		$	2,231		$	2,998		$	2,925
Agency new business written premiums	129			124			137			120			101			94			118			104			257			222			381			316			510			417
Other written premiums	(29		)	(21		)	(25		)	(23		)	(34		)	(22		)	(20		)	(21		)	(48		)	(41		)	(69		)	(63		)	(98		)	(97		)
Net written premiums	$	819		$	816		$	879		$	896		$	761		$	774		$	856		$	854		$	1,775		$	1,710		$	2,591		$	2,484		$	3,410		$	3,245
Unearned premium change	33			18			(56		)	(86		)	50			31			(44		)	(64		)	(142		)	(108		)	(124		)	(77		)	(91		)	(27		)
Earned premiums	$	852		$	834		$	823		$	810		$	811		$	805		$	812		$	790		$	1,633		$	1,602		$	2,467		$	2,407		$	3,319		$	3,218
Year over year change %
Agency renewal written premiums	4		%	2		%	1		%	4		%	3		%	(1		)%	4		%	—		%	2		%	2		%	2		%	1		%	2		%	2		%
Agency new business written premiums	28			32			16			15			5			(5		)	19			1			16			10			21			5			22			5
Other written premiums	15			5			(25		)	(10		)	(55		)	21			(33		)	(110		)	(17		)	(64		)	(10		)	(19		)	(1		)	(29		)
Net written premiums	8			5			3			5			2			(1		)	5			(1		)	4			2			4			1			5			1
Paid losses and loss expenses
Losses paid	$	418		$	417		$	394		$	436		$	377		$	370		$	350		$	371		$	830		$	722		$	1,247		$	1,092		$	1,665		$	1,469
Loss expenses paid	91			89			85			92			90			84			77			96			178			173			266			257			358			347
Loss and loss expenses paid	$	509		$	506		$	479		$	528		$	467		$	454		$	427		$	467		$	1,008		$	895		$	1,513		$	1,349		$	2,023		$	1,816
Incurred losses and loss expenses
Loss and loss expense incurred	$	489		$	510		$	550		$	481		$	505		$	515		$	510		$	519		$	1,031		$	1,029		$	1,541		$	1,544		$	2,030		$	2,049
Loss and loss expenses paid as a % of incurred	104.1		%	99.2		%	87.1		%	109.8		%	92.5		%	88.2		%	83.7		%	90.0		%	97.8		%	87.0		%	98.2		%	87.4		%	99.7		%	88.6		%
Statutory combined ratio
Loss ratio	44.8		%	49.3		%	56.5		%	48.5		%	48.6		%	51.8		%	50.3		%	54.4		%	52.5		%	52.3		%	51.5		%	52.1		%	49.7		%	51.3		%
Loss adjustment expense ratio	12.6			11.9			10.3			10.9			13.7			12.1			12.6			11.2			10.6			11.9			11.0			12.0			11.5			12.4
Net underwriting expense ratio	32.8			32.7			30.2			28.9			32.7			32.8			30.0			30.5			29.6			30.3			30.6			31.1			31.1			31.4
Statutory combined ratio	90.2		%	93.9		%	97.0		%	88.3		%	95.0		%	96.7		%	92.9		%	96.1		%	92.7		%	94.5		%	93.1		%	95.2		%	92.3		%	95.1		%
Contribution from catastrophe losses	(0.7		)	4.1			11.7			3.3			4.2			9.5			6.5			2.9			7.5			4.7			6.4			6.3			4.5			5.8
Statutory combined ratio excl. catastrophe losses	90.9		%	89.8		%	85.3		%	85.0		%	90.8		%	87.2		%	86.4		%	93.2		%	85.2		%	89.8		%	86.7		%	88.9		%	87.8		%	89.3		%
GAAP combined ratio
GAAP combined ratio	88.8		%	93.4		%	98.6		%	90.8		%	93.4		%	95.9		%	94.2		%	98.3		%	94.7		%	96.2		%	94.3		%	96.1		%	92.9		%	95.4		%
Contribution from catastrophe losses	(0.7		)	4.1			11.7			3.3			4.2			9.5			6.5			2.9			7.5			4.7			6.4			6.3			4.5			5.8
GAAP combined ratio excl. catastrophe losses	89.5		%	89.3		%	86.9		%	87.5		%	89.2		%	86.4		%	87.7		%	95.4		%	87.2		%	91.5		%	87.9		%	89.8		%	88.4		%	89.6		%
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. nm - Not meaningful *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 2019 Supplemental Financial Data




Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19			9/30/18			12/31/19			12/31/18
Premiums
Agency renewal written premiums	$	309		$	356		$	365		$	282		$	293		$	342		$	342		$	264		$	647		$	606		$	1,003		$	948		$	1,312		$	1,241
Agency new business written premiums	36			40			47			35			38			42			46			39			82			85			122			127			158			165
Other written premiums	(9		)	(8		)	(10		)	(8		)	(8		)	(7		)	(7		)	(6		)	(18		)	(13		)	(26		)	(20		)	(35		)	(28		)
Net written premiums	$	336		$	388		$	402		$	309		$	323		$	377		$	381		$	297		$	711		$	678		$	1,099		$	1,055		$	1,435		$	1,378
Unearned premium change	22			(34		)	(54		)	35			19			(39		)	(50		)	28			(19		)	(22		)	(53		)	(61		)	(31		)	(42		)
Earned premiums	$	358		$	354		$	348		$	344		$	342		$	338		$	331		$	325		$	692		$	656		$	1,046		$	994		$	1,404		$	1,336
Year over year change %
Agency renewal written premiums	5		%	4		%	7		%	7		%	7		%	8		%	8		%	8		%	7		%	8		%	6		%	8		%	6		%	7		%
Agency new business written premiums	(5		)	(5		)	2			(10		)	(3		)	(2		)	2			15			(4		)	8			(4		)	4			(4		)	2
Other written premiums	(13		)	(14		)	(43		)	(33		)	(60		)	(17		)	(17		)	—			(38		)	(8		)	(30		)	(11		)	(25		)	(22		)
Net written premiums	4			3			6			4			5			6			7			9			5			8			4			7			4			6
Paid losses and loss expenses
Losses paid	$	205		$	221		$	217		$	209		$	207		$	199		$	210		$	187		$	426		$	396		$	647		$	595		$	850		$	802
Loss expenses paid	29			29			27			31			28			28			25			32			58			56			87			84			116			112
Loss and loss expenses paid	$	234		$	250		$	244		$	240		$	235		$	227		$	235		$	219		$	484		$	452		$	734		$	679		$	966		$	914
Incurred losses and loss expenses
Loss and loss expense incurred	$	251		$	244		$	240		$	250		$	216		$	249		$	269		$	238		$	490		$	507		$	734		$	756		$	985		$	972
Loss and loss expenses paid as a % of incurred	93.2		%	102.0		%	101.7		%	96.0		%	108.8		%	91.2		%	87.4		%	92.0		%	98.8		%	89.2		%	100.0		%	89.8		%	98.1		%	94.0		%
Statutory combined ratio
Loss ratio	61.2		%	60.4		%	59.7		%	64.9		%	54.3		%	65.6		%	71.0		%	64.5		%	62.3		%	67.7		%	61.6		%	67.0		%	61.5		%	63.8		%
Loss adjustment expense ratio	9.0			8.8			9.2			7.6			9.0			8.1			10.1			8.8			8.4			9.5			8.5			9.0			8.7			9.0
Net underwriting expense ratio	30.7			28.2			27.3			30.7			29.8			26.9			26.6			31.3			28.8			28.7			28.6			28.0			29.1			28.4
Statutory combined ratio	100.9		%	97.4		%	96.2		%	103.2		%	93.1		%	100.6		%	107.7		%	104.6		%	99.5		%	105.9		%	98.7		%	104.0		%	99.3		%	101.2		%
Contribution from catastrophe losses	9.7			6.7			10.0			13.3			8.2			10.2			10.2			8.9			11.6			9.6			10.0			9.8			9.9			9.4
Statutory combined ratio excl. catastrophe losses	91.2		%	90.7		%	86.2		%	89.9		%	84.9		%	90.4		%	97.5		%	95.7		%	87.9		%	96.3		%	88.7		%	94.2		%	89.4		%	91.8		%
GAAP combined ratio
GAAP combined ratio	99.3		%	99.6		%	98.9		%	101.3		%	91.7		%	103.0		%	110.1		%	103.2		%	100.1		%	106.7		%	99.9		%	105.4		%	99.8		%	101.9		%
Contribution from catastrophe losses	9.7			6.7			10.0			13.3			8.2			10.2			10.2			8.9			11.6			9.6			10.0			9.8			9.9			9.4
GAAP combined ratio excl. catastrophe losses	89.6		%	92.9		%	88.9		%	88.0		%	83.5		%	92.8		%	99.9		%	94.3		%	88.5		%	97.1		%	89.9		%	95.6		%	89.9		%	92.5		%
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. nm - Not meaningful *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 2019 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
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19			9/30/18			12/31/19			12/31/18
Premiums
Agency renewal written premiums	$	56		$	50		$	54		$	49		$	50		$	44		$	50		$	48		$	103		$	98		$	153		$	142		$	209		$	192
Agency new business written premiums	28			28			28			26			19			18			17			16			54			33			82			51			110			70
Other written premiums	(4		)	(4		)	(4		)	(4		)	(4		)	(3		)	(3		)	(3		)	(8		)	(6		)	(12		)	(9		)	(16		)	(13		)
Net written premiums	$	80		$	74		$	78		$	71		$	65		$	59		$	64		$	61		$	149		$	125		$	223		$	184		$	303		$	249
Unearned premium change	(4		)	(2		)	(11		)	(8		)	(4		)	1			(7		)	(5		)	(19		)	(12		)	(21		)	(11		)	(25		)	(15		)
Earned premiums	$	76		$	72		$	67		$	63		$	61		$	60		$	57		$	56		$	130		$	113		$	202		$	173		$	278		$	234
Year over year change %
Agency renewal written premiums	12		%	14		%	8		%	2		%	25		%	13		%	16		%	20		%	5		%	18		%	8		%	16		%	9		%	19		%
Agency new business written premiums	47			56			65			63			19			20			(19		)	—			64			(11		)	61			(2		)	57			3
Other written premiums	—			(33		)	(33		)	(33		)	(100		)	—			—			—			(33		)	—			(33		)	—			(23		)	(18		)
Net written premiums	23			25			22			16			20			16			5			15			19			10			21			12			22			14
Paid losses and loss expenses
Losses paid	$	14		$	16		$	10		$	18		$	13		$	10		$	14		$	9		$	28		$	23		$	43		$	33		$	57		$	46
Loss expenses paid	9			8			7			8			8			7			6			7			15			13			23			20			33			28
Loss and loss expenses paid	$	23		$	24		$	17		$	26		$	21		$	17		$	20		$	16		$	43		$	36		$	66		$	53		$	90		$	74
Incurred losses and loss expenses
Loss and loss expense incurred	$	41		$	39		$	29		$	33		$	29		$	25		$	29		$	21		$	62		$	50		$	101		$	75		$	142		$	104
Loss and loss expenses paid as a % of incurred	56.1		%	63.2		%	53.5		%	78.8		%	72.4		%	68.0		%	69.0		%	76.2		%	68.8		%	72.0		%	65.3		%	70.7		%	63.4		%	71.2		%
Statutory combined ratio
Loss ratio	38.0		%	35.6		%	27.2		%	32.9		%	30.7		%	25.8		%	33.9		%	18.8		%	30.0		%	26.5		%	32.0		%	26.2		%	33.7		%	27.4		%
Loss adjustment expense ratio	16.4			17.1			17.9			18.6			16.1			16.8			14.6			20.5			18.3			17.5			17.9			17.3			17.4			17.0
Net underwriting expense ratio	29.1			29.6			28.5			28.5			29.3			30.5			28.7			28.0			28.4			28.3			28.8			29.0			28.9			29.1
Statutory combined ratio	83.5		%	82.3		%	73.6		%	80.0		%	76.1		%	73.1		%	77.2		%	67.3		%	76.7		%	72.3		%	78.7		%	72.5		%	80.0		%	73.5		%
Contribution from catastrophe losses	0.5			1.1			0.5			0.2			0.8			0.6			1.2			1.9			0.4			1.5			0.6			1.2			0.6			1.1
Statutory combined ratio excl. catastrophe losses	83.0		%	81.2		%	73.1		%	79.8		%	75.3		%	72.5		%	76.0		%	65.4		%	76.3		%	70.8		%	78.1		%	71.3		%	79.4		%	72.4		%
GAAP combined ratio
GAAP combined ratio	82.9		%	83.2		%	76.1		%	83.5		%	75.4		%	72.0		%	77.6		%	68.8		%	79.7		%	73.3		%	80.9		%	72.8		%	81.5		%	73.5		%
Contribution from catastrophe losses	0.5			1.1			0.5			0.2			0.8			0.6			1.2			1.9			0.4			1.5			0.6			1.2			0.6			1.1
GAAP combined ratio excl. catastrophe losses	82.4		%	82.1		%	75.6		%	83.3		%	74.6		%	71.4		%	76.4		%	66.9		%	79.3		%	71.8		%	80.3		%	71.6		%	80.9		%	72.4		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *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 2019 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)	2019			2018			Change			% Change		2019			2018			Change			% Change
Underwriting income
Net premiums written	$	1,272		$	1,177		$	95		8		$	5,376		$	5,030		$	346		7
Unearned premium change	(64		)	(76		)	12			16		191			110			81			74
Earned premiums	$	1,336		$	1,253		$	83		7		$	5,185		$	4,920		$	265		5

Losses incurred	$	662		$	646		$	16		2		$	2,720		$	2,660		$	60		2
Defense and cost containment expenses incurred	74			80			(6		)	(8	)	278			308			(30		)	(10	)
Adjusting and other expenses incurred	77			72			5			7		274			255			19			7
Other underwriting expenses incurred	406			371			35			9		1,618			1,524			94			6
Workers compensation dividend incurred	3			3			—			—		12			12			—			0
Total underwriting deductions	$	1,222		$	1,172		$	50		4		$	4,902		$	4,759		$	143		3

Net underwriting profit	$	114		$	81		$	33		41		$	283		$	161		$	122		76

Investment income
Gross investment income earned	$	108		$	106		$	2		2		$	419		$	407		$	12		3
Net investment income earned	106			104			2			2		411			400			11			3
Net realized capital gains and losses, net	(7		)	17			(24		)	nm		(3		)	98			(101		)	nm
Net investment gains	$	99		$	121		$	(22	)	(18	)	$	408		$	498		$	(90	)	(18	)

Other income	$	2		$	2		$	—		—		$	8		$	9		$	(1	)	(11	)

Net income before federal income taxes	$	215		$	204		$	11		5		$	699		$	668		$	31		5
Federal and foreign income taxes incurred	44			34			10			29		117			(28		)	145			nm
Net income (statutory)	$	171		$	170		$	1		1		$	582		$	696		$	(114	)	(16	)

Policyholders' surplus - statutory	$	5,621		$	4,919		$	702		14		$	5,621		$	4,919		$	702		14

Fixed maturities at amortized cost - statutory	$	7,424		$	7,150		$	274		4		$	7,424		$	7,150		$	274		4
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *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 2019 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)	2019			2018			Change			% Change		2019			2018			Change			% Change
Net premiums written	$	80		$	77		$	3		4		$	313		$	294		$	19		6
Net investment income	41			39			2			5		160			157			3			2
Amortization of interest maintenance reserve	—			1			(1		)	(100	)	1			3			(2		)	(67	)
Commissions and expense allowances on reinsurance ceded	2			2			—			—		5			5			—			—
Income from fees associated with separate accounts	1			1			—			—		4			4			—			—
Total revenues	$	124		$	120		$	4		3		$	483		$	463		$	20		4

Death benefits and matured endowments	$	37		$	38		$	(1	)	(3	)	$	139		$	114		$	25		22
Annuity benefits	21			28			(7		)	(25	)	89			101			(12		)	(12	)
Disability benefits and benefits under accident and health contracts	1			1			—			—		2			2			—			—
Surrender benefits and group conversions	5			6			(1		)	(17	)	20			27			(7		)	(26	)
Interest and adjustments on deposit-type contract funds	2			2			—			—		9			9			—			—
Increase in aggregate reserves for life and accident and health contracts	25			25			—			—		102			103			(1		)	(1	)
Total benefit expenses	$	91		$	100		$	(9	)	(9	)	$	361		$	356		$	5		1

Commissions	$	13		$	14		$	(1	)	(7	)	$	52		$	52		$	—		—
General insurance expenses and taxes	12			13			(1		)	(8	)	52			50			2			4
Increase in loading on deferred and uncollected premiums	(5		)	—			(5		)	nm		(7		)	1			(8		)	nm
Net transfers from Separate Accounts	(2		)	(2		)	—			—		(8		)	(2		)	(6		)	(300	)
Total underwriting expenses	$	18		$	25		$	(7	)	(28	)	$	89		$	101		$	(12	)	(12	)

Federal and foreign income tax provision	4			3			1			33		9			2			7			350

Net gain from operations before capital gains or (losses)	$	11		$	(8	)	$	19		nm		$	24		$	4		$	20		nm

Gains and losses net of capital gains tax, net	(3		)	(4		)	1			25		(5		)	(4		)	(1		)	(25	)

Net income (loss) - statutory	$	8		$	(12	)	$	20		nm		$	19		$	—		$	19		nm

Policyholders' surplus - statutory	$	204		$	191		$	13		7		$	204		$	191		$	13		7

Fixed maturities at amortized cost - statutory	$	3,454		$	3,384		$	70		2		$	3,454		$	3,384		$	70		2
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *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 2019 Supplemental Financial Data



Quarterly Data - Other

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19			9/30/18			12/31/19			12/31/18
Cincinnati Re:
Written premiums	$	36		$	35		$	73		$	84		$	28		$	36		$	48		$	46		$	157		$	94		$	192		$	130		$	228		$	158
Year over year change %- written premium	29		%	(3		)%	52		%	83		%	33		%	50		%	20		%	15		%	67		%	18		%	48		%	25		%	44		%	26		%
Earned premiums	$	50		$	48		$	46		$	40		$	39		$	34		$	30		$	29		$	86		$	59		$	134		$	93		$	184		$	132
Current accident year before catastrophe losses	43.9		%	55.6		%	51.3		%	54.3		%	47.4		%	42.5		%	50.0		%	53.4		%	52.7		%	51.6		%	53.7		%	48.3		%	51.1		%	48.0		%
Current accident year catastrophe losses	20.5			17.3			—			—			63.9			23.7			—			—			—			—			6.3			8.8			10.1			24.9
Prior accident years before catastrophe losses	2.2			1.2			(3.7		)	6.2			13.2			2.3			(5.8		)	(9.3		)	0.9			(7.5		)	1.0			(3.9		)	1.3			1.1
Prior accident years catastrophe losses	0.2			(7.9		)	8.7			(0.3		)	(0.6		)	0.8			(0.1		)	(0.3		)	4.5			(0.2		)	—			0.2			0.1			—
Total loss and loss expense ratio	66.8		%	66.2		%	56.3		%	60.2		%	123.9		%	69.3		%	44.1		%	43.8		%	58.1		%	43.9		%	61.0		%	53.4		%	62.6		%	74.0		%

Cincinnati Global:
Written premiums	$	37		$	38		$	44		$	21		—			—			—			—			$	65		—			$	103		—			$	140		—
Earned premiums	38			68			33			10			—			—			—			—			43			—			111			—			149			—
Current accident year before catastrophe losses	39.6		%	44.6		%	75.5		%	103.9		%	—			—			—			—			82.6		%	—			59.3		%	—			54.3		%	—
Current accident year catastrophe losses	4.8			19.4			9.8			—			—			—			—			—			7.3			—			14.7			—			12.2			—
Prior accident years before catastrophe losses	(0.2		)	(2.9		)	(8.5		)	(84.0		)	—			—			—			—			(27.3		)	—			(12.3		)	—			(9.2		)	—
Prior accident years catastrophe losses	9.1			(4.2		)	(22.5		)	4.3			—			—			—			—			(15.8		)	—			(8.7		)	—			(4.2		)	—
Total loss and loss expense ratio	53.3		%	56.9		%	54.3		%	24.2		%	—			—			—			—			46.8		%	—			53.0		%	—			53.1		%	—

Noninsurance operations:
Interest and fees on loans and leases	$	1		$	1		$	1		$	2		$	—		$	2		$	1		$	1		$	3		$	2		$	4		$	4		$	5		$	4
Other revenue	1			2			1			—			1			—			—			—			1			—			3			—			4			1
Interest expense	13			14			13			13			13			14			13			13			26			26			40			40			53			53
Operating expense	6			5			4			8			6			3			3			4			12			7			17			10			23			16
Total noninsurance operations loss	$	(17	)	$	(16	)	$	(15	)	$	(19	)	$	(18	)	$	(15	)	$	(15	)	$	(16	)	$	(34	)	$	(31	)	$	(50	)	$	(46	)	$	(67	)	$	(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.
*Cincinnati Global, our London-based global specialty underwriter, was acquired on February 28, 2019. Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

CINF Fourth-Quarter 2019 Supplemental Financial Data



Ohio	0-4604		31-0746871
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)

6200 S. Gilmore Road	Fairfield,	Ohio	45014‑5141
(Address of principal executive offices)			(Zip Code)



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



	CINCINNATI FINANCIAL CORPORATION



Date: February 5, 2020	/S/Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Senior Vice President and Treasurer (Principal Accounting Officer)


☐	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))


☐	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.