Cincinnati Financial (CINF) 8-K Results of Operations and Financial Condition

Cincinnati Financial Corporation

Supplemental Financial Data

for the Period Ending December 31, 2014

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com

Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	Betsy E. Ertel	Molly A. Grimm
513-870-2768	513-603-5323	513-870-2697

	A.M. Best	Fitch	Moody's	Standard &  Poor's
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, 2015, 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 2014 Supplemental Financial Data

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	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2014
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	Quick Reference	4
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2014	5
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2014	6
	5-Year Net Income Reconciliation	7
	CFC Insurance Subsidiaries – Selected Balance Sheet Data	8
Consolidated Property Casualty Insurance Operations
	Statutory Statements of Income	9
	Consolidated Cincinnati Insurance Companies – Losses Incurred Detail	10
	Consolidated Cincinnati Insurance Companies – Loss Ratio Detail	11
	Consolidated Cincinnati Insurance Companies – Loss Claim Count Detail	12
	Direct Written Premiums by Line of Business and State	13
	Quarterly Property Casualty Data – Commercial Lines	14
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	15
	Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2014	16
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2014	17
Reconciliation Data
	5-Year Property Casualty Data – Consolidated	18
	5-Year Property Casualty Data – Commercial Lines	19
	5-Year Property Casualty Data – Personal Lines	20
	5-Year Property Casualty Data – Excess & Surplus Lines	21
	Quarterly Property Casualty Data – Consolidated	22
	Quarterly Property Casualty Data – Commercial Lines	23
	Quarterly Property Casualty Data – Personal Lines	24
	Quarterly Property Casualty Data – Excess & Surplus Lines	25
Life Insurance Operations
	Statutory Statements of Income	26

CINF Fourth-Quarter 2014 Supplemental Financial Data

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Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules 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 and non-statutory 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 measures 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; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.

• Operating income: Operating income is calculated by excluding net realized investment gains and losses (defined as realized investment gains and losses after applicable federal and state income taxes) from net income. Management evaluates operating income to measure the success of pricing, rate and underwriting strategies. While realized investment gains (or losses) are integral to the company's insurance operations over the long term, the determination to realize investment gains or losses 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 can be recognized from certain changes in market values of securities without actual realization. Management believes that the level of realized 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 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 operating income so that all investors have what management believes to be a useful supplement to GAAP information.

• 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 non-GAAP measure is a useful supplement to GAAP information, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.

• Statutory accounting rules: For public reporting, insurance companies prepare financial statements in accordance with GAAP. However, insurers also must calculate certain data according to statutory accounting rules as defined in the NAIC's Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments. 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, 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. Earned premium, used in both statutory and GAAP accounting, is calculated ratably over the policy term. The difference between written and earned premium is unearned premium.

CINF Fourth-Quarter 2014 Supplemental Financial Data

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Cincinnati Financial Corporation
Quick Reference					—	Fourth Quarter 2014
(all data shown is for the three months ended or at December 31, 2014)
	12/31/2014		Year over year   change %				12/31/2014			Year over year change %
Revenues:						Benefits and expenses:
Commercial lines net written premiums	$	699	10			Commercial lines loss and loss expenses	$	454		10
Personal lines net written premiums	249		4			Personal lines loss and loss expenses	148			(16	)
Excess & surplus lines net written premiums	39		15			Excess & surplus lines loss and loss expenses	20			54
Property casualty net written premiums	$	987	9			Life and health contract holders' benefits incurred	53			(16	)
Life and accident and health net written premiums	$	55	5			Underwriting, acquisition and insurance expenses	334			3
Annuity net written premiums	9		(3	)		Interest expense	13			(7	)
Life, annuity and accident and health net written premiums	$	64	4			Other operating expenses	4			33
Commercial lines net earned premiums	730		7			Total benefits and expenses	$	1,026		2
Personal lines net earned premiums	$	266	7			Income before income taxes	236			41
Excess & surplus lines net earned premiums	39		26			Total income tax	69			53
Property casualty net earned premiums	$	1,035	8
Life and accident and health net earned premiums	51		(22	)		Balance Sheet:
Investment income	140		2
Realized investment gains, net	32		433			Fixed maturity securities	$	9,460
Fee revenue	3		50			Equity securities	4,858
Other revenue	1		(50	)		Other invested assets	68
Total revenues	1,262		8			Total investments	$	14,386
						Loss and loss expense reserves	$	4,485
						Life policy and investment contract reserves	2,497
Income:						Long-term debt and capital lease obligations	827
						Shareholders' equity	6,573
Operating income	$	148	24
Realized investment gains, net	19		533			Key ratios:
Net income	167		37
						Commercial lines GAAP combined ratio	93.6		%
						Personal lines GAAP combined ratio	83.7
						Excess & surplus lines GAAP combined ratio	77.8
						Property casualty GAAP combined ratio	90.4
Per share (diluted):
						Commercial lines STAT combined ratio	94.8		%
Operating income	$	0.89	24			Personal lines STAT combined ratio	85.1
Realized investment gains, net	0.13		550			Excess & surplus lines STAT combined ratio	80.4
Net income	1.02		38			Property casualty STAT combined ratio	91.8
Book value	40.14		8
Weighted average shares outstanding	165.3		0			Value creation ratio	4.0		%

CINF Fourth-Quarter 2014 Supplemental Financial Data

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Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2014
(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	4,221		$	—		$	—	$	—		$	4,221
Life	—			—			252			—		—			252
Accident health	—			—			7			—		—			7
Premiums ceded	—			(176		)	(61		)	—		—			(237		)
Total earned premium	—			4,045			198			—		—			4,243
Investment income	46			359			144			—		—			549
Realized investment gains, net	34			93			5			—		1			133
Fee revenue	—			6			6					—			12
Other revenue	16			2			—			6		(16		)	8
Total revenues	$	96		$	4,505		$	353		$	6	$	(15	)	$	4,945
Benefits & expenses
Losses & policy benefits	$	—		$	2,668		$	299		$	—	$	(1	)	$	2,966
Reinsurance recoveries	—			(41		)	(70		)	—		1			(110		)
Underwriting, acquisition and insurance expenses	—			1,238			63			—		—			1,301
Interest expense	52			—			—			1		—			53
Other operating expense	28			—			—			2		(16		)	14
Total expenses	$	80		$	3,865		$	292		$	3	$	(16	)	$	4,224
Income (loss) before income taxes	$	16		$	640		$	61		$	3	$	1		$	721
Provision (benefit) for income taxes
Current operating income	$	(11	)	$	127		$	(6	)	$	1	$	—		$	111
Capital gains/losses	12			35			1			—		—			48
Deferred	(6		)	17			26			—		—			37
Total provision (benefit) for income taxes	$	(5	)	$	179		$	21		$	1	$	—		$	196
Operating income (loss)	$	(1	)	$	403		$	36		$	2	$	—		$	440
Net income - current year	$	21		$	461		$	40		$	2	$	1		$	525
Net income - prior year	$	6		$	459		$	48		$	4	$	—		$	517
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Fourth-Quarter 2014 Supplemental Financial Data

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Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2014
(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,079		$	—		$	—	$	1		$	1,080
Life	—			—			66			—		—			66
Accident health	—			—			2			—		—			2
Premiums ceded	—			(44		)	(18		)	—		—			(62		)
Total earned premium	—			1,035			51			—		—			1,086
Investment income	13			91			36			—		—			140
Realized investment gains, net	8			24			(1		)	—		1			32
Fee revenue	—			1			2			—		—			3
Other revenue	4			1			—			1		(5		)	1
Total revenues	$	25		$	1,152		$	88		$	1	$	(4	)	$	1,262
Benefits & expenses
Losses & policy benefits	$	—		$	636		$	71		$	—	$	—		$	707
Reinsurance recoveries	—			(14		)	(18		)	—		—			(32		)
Underwriting, acquisition and insurance expenses	—			314			20			—		—			334
Interest expense	13			—			—			—		—			13
Other operating expenses	7			—			—			1		(4		)	4
Total expenses	$	20		$	936		$	73		$	1	$	(4	)	$	1,026
Income before income taxes	$	5		$	216		$	14		$	—	$	1		$	236
Provision (benefit) for income taxes
Current operating income	$	(2	)	$	41		$	1		$	—	$	—		$	40
Capital gains/losses	3			11			(1		)	—		—			13
Deferred	(2		)	14			4			—		—			16
Total provision (benefit) for income taxes	$	(1	)	$	66		$	4		$	—	$	—		$	69
Operating income	$	1		$	138		$	10		$	—	$	—		$	148
Net income - current year	$	6		$	150		$	10		$	—	$	1		$	167
Net income (loss) - prior year	$	1		$	110		$	10		$	2	$	(1	)	$	122
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Fourth-Quarter 2014 Supplemental Financial Data

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Cincinnati Financial Corporation
5-Year Net Income Reconciliation
(Dollars in millions except per share data)	Years ended December 31,
	2014			2013			2012			2011			2010
Net income	$	525		$	517		$	421		$	164		$	375
Net realized investment gains and losses	85			54			28			45			103
Operating income	440			463			393			119			272
Less catastrophe losses	(133		)	(112		)	(217		)	(261		)	(96		)
Operating income before catastrophe losses	$	573		$	575		$	610		$	380		$	368
Diluted per share data
Net income	$	3.18		$	3.12		$	2.57		$	1.01		$	2.30
Net realized investment gains and losses	0.52			0.32			0.17			0.28			0.63
Operating income	2.66			2.80			2.40			0.73			1.67
Less catastrophe losses	(0.81		)	(0.67		)	(1.33		)	(1.6		)	(0.59		)
Operating income before catastrophe losses	$	3.47		$	3.47		$	3.73		$	2.33		$	2.26
Value creation ratio
Book value per share growth	7.9		%	11.1		%	7.4		%	0.8		%	5.7		%
Shareholder dividend declared as a percentage of beginning book value	4.7			5.0			5.2			5.2			5.4
Value creation ratio	12.6		%	16.1		%	12.6		%	6.0		%	11.1		%
Investment income
Investment income, net of expenses	$	549		$	529		$	531		$	525		$	518
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF Fourth-Quarter 2014 Supplemental Financial Data

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Cincinnati Financial Corporation Insurance Subsidiaries
Selected Balance Sheet Data
(In millions)
	12/31/2014		9/30/2014		6/30/2014		3/31/2014		12/31/2013		9/30/2013		6/30/2013		3/31/2013
Cincinnati Insurance Consolidated
Fixed maturities (fair value)	$	6,260	$	6,344	$	6,215	$	6,111	$	6,094	$	6,039	$	5,994	$	6,083
Equities (fair value)	3,195		3,121		3,094		3,022		2,990		2,710		2,658		2,645
Fixed maturities - pretax net unrealized gain	366		379		414		361		312		344		359		532
Equities - pretax net unrealized gain	1,478		1,387		1,434		1,349		1,318		1,086		1,040		1,019
Loss and loss expense reserves - STAT	4,158		4,112		4,129		4,037		3,945		3,919		3,888		3,826
Equity - GAAP	5,594		5,480		5,481		5,384		5,324		5,188		5,143		5,288
Surplus - STAT	4,472		4,364		4,332		4,308		4,325		4,173		4,142		4,131
The Cincinnati Life Insurance Company
Fixed maturities (fair value)	$	3,126	$	3,102	$	3,091	$	2,989	$	2,946	$	2,906	$	2,900	$	2,979
Equities (fair value)	9		8		8		14		13		13		13		18
Fixed maturities - pretax net unrealized gain	197		195		225		186		148		169		181		285
Equities - pretax net unrealized gain	3		3		3		6		6		6		6		8
Equity - GAAP	904		893		901		867		833		835		828		869
Surplus - STAT	223		228		224		232		247		256		272		268

CINF Fourth-Quarter 2014 Supplemental Financial Data

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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)	2014			2013			Change			% Change		2014		2013		Change			% Change
Underwriting income
Net premiums written	$	987		$	908		$	79		9		$	4,143	$	3,893	$	250		6
Unearned premiums increase	(48		)	(52		)	4			(8	)	98		180		(82		)	(46	)
Earned premiums	$	1,035		$	960		$	75		8		$	4,045	$	3,713	$	332		9
Losses incurred	$	508		$	495		$	13		3		$	2,199	$	1,935	$	264		14
Allocated loss expenses incurred	58			45			13			29		200		131		69			53
Unallocated loss expenses incurred	56			61			(5		)	(8	)	228		235		(7		)	(3	)
Other underwriting expenses incurred	308			295			13			4		1,232		1,185		47			4
Workers compensation dividend incurred	4			5			(1		)	(20	)	16		16		—			—
Total underwriting deductions	$	934		$	901		$	33		4		$	3,875	$	3,502	$	373		11
Net underwriting profit	$	101		$	59		$	42		71		$	170	$	211	$	(41	)	(19	)
Investment income
Gross investment income earned	$	93		$	92		$	1		1		$	369	$	360	$	9		3
Net investment income earned	92			90			2			2		364		354		10			3
Net realized capital gains	11			1			10			nm		68		40		28			70
Net investment gains (net of tax)	$	103		$	91		$	12		13		$	432	$	394	$	38		10
Other income	$	1		$	2		$	(1	)	(50	)	$	6	$	5	$	1		20
Net income before federal income taxes	$	205		$	152		$	53		35		$	608	$	610	$	(2	)	—
Federal and foreign income taxes incurred	36			37			(1		)	(3	)	125		162		(37		)	(23	)
Net income (statutory)	$	169		$	115		$	54		47		$	483	$	448	$	35		8
*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 2014 Supplemental Financial Data

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`

Consolidated Cincinnati Insurance Companies
Losses Incurred Detail
(In millions)	Three months ended																							Six months ended						Nine months ended						Twelve months ended
	12/31/14			9/30/14			6/30/14			3/31/14			12/31/13			9/30/13			6/30/13			3/31/13		6/30/14			6/30/13			9/30/14			9/30/13			12/31/14			12/31/13
Consolidated
Current accident year losses greater than $5,000,000	$	12		$	7		$	11		$	—		$	7		$	5		$	11		$	—	$	12		$	11		$	19		$	16		$	30		$	23
Current accident year losses $1,000,000-$5,000,000	46			51			52			23			58			48			31			31		74			62			125			110			172			167
Large loss prior accident year reserve development	(14		)	(6		)	17			10			(8		)	3			24			23		27			47			21			52			7			44
Total large losses incurred	$	44		$	52		$	80		$	33		$	57		$	56		$	66		$	54	$	113		$	120		$	165		$	178		$	209		$	234
Losses incurred but not reported	112			17			(17		)	21			50			22			23			27		5			50			22			72			133			123
Other losses excluding catastrophe losses	365			432			436			427			358			361			349			344		863			694			1,295			1,054			1,660			1,412
Catastrophe losses	(13		)	11			112			86			29			54			75			10		197			84			208			137			197			166
Total losses incurred	$	508		$	512		$	611		$	567		$	494		$	493		$	513		$	435	$	1,178		$	948		$	1,690		$	1,441		$	2,199		$	1,935
Commercial Lines
Current accident year losses greater than $5,000,000	$	12		$	7		$	11		$	—		$	7		$	5		$	11		$	—	$	12		$	11		$	19		$	16		$	30		$	23
Current accident year losses $1,000,000-$5,000,000	39			45			47			18			43			35			28			27		64			55			109			89			149			132
Large loss prior accident year reserve development	(11		)	(7		)	15			10			(5		)	4			14			23		25			37			18			41			7			36
Total large losses incurred	$	40		$	45		$	73		$	28		$	45		$	44		$	53		$	50	$	101		$	103		$	146		$	146		$	186		$	191
Losses incurred but not reported	95			8			(35		)	22			35			41			28			22		(12		)	50			(4		)	91			90			125
Other losses excluding catastrophe losses	240			282			292			282			241			227			228			225		574			454			856			682			1,096			923
Catastrophe losses	(10		)	7			59			58			10			36			45			2		116			46			123			82			114			93
Total losses incurred	$	365		$	342		$	389		$	390		$	331		$	348		$	354		$	299	$	779		$	653		$	1,121		$	1,001		$	1,486		$	1,332
Personal Lines
Current accident year losses greater than $5,000,000	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	—
Current accident year losses $1,000,000-$5,000,000	6			6			4			4			14			12			3			3		8			6			14			19			20			32
Large loss prior accident year reserve development	(3		)	2			2			—			(3		)	—			8			—		2			8			4			10			1			7
Total large losses incurred	$	3		$	8		$	6		$	4		$	11		$	12		$	11		$	3	$	10		$	14		$	18		$	29		$	21		$	39
Losses incurred but not reported	12			3			9			(5		)	9			(27		)	(5		)	—		4			(5		)	7			(32		)	19			(22		)
Other losses excluding catastrophe losses	119			144			138			138			116			130			109			113		276			222			420			349			539			466
Catastrophe losses	(4		)	4			52			27			19			17			29			8		79			37			83			54			79			72
Total losses incurred	$	130		$	159		$	205		$	164		$	155		$	132		$	144		$	124	$	369		$	268		$	528		$	400		$	658		$	555
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	—
Current accident year losses $1,000,000-$5,000,000	1			—			1			1			1			1			—			1		2			1			2			2			3			3
Large loss prior accident year reserve development	—			(1		)	—			—			—			(1		)	2			—		—			2			(1		)	1			(1		)	1
Total large losses incurred	$	1		$	(1	)	$	1		$	1		$	1		$	—		$	2		$	1	$	2		$	3		$	1		$	3		$	2		$	4
Losses incurred but not reported	5			6			9			4			6			8			—			5		13			5			19			13			24			20
Other losses excluding catastrophe losses	6			6			6			7			1			4			12			6		13			18			19			23			25			23
Catastrophe losses	1			—			1			1			—			1			1			—		2			1			2			1			4			1
Total losses incurred	$	13		$	11		$	17		$	13		$	8		$	13		$	15		$	12	$	30		$	27		$	41		$	40		$	55		$	48
*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.

CINF Fourth-Quarter 2014 Supplemental Financial Data

10

Consolidated Cincinnati Insurance Companies
Loss Ratio Detail
	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/14		9/30/14		6/30/14		3/31/14		12/31/13		9/30/13		6/30/13		3/31/13		6/30/14		6/30/13		9/30/14		9/30/13		12/31/14		12/31/13
Consolidated
Current accident year losses greater than $5,000,000	1.0	%	0.7	%	1.1	%	—	%	0.7	%	0.6	%	1.2	%	—	%	0.6	%	0.6	%	0.6	%	0.6	%	0.7	%	0.6	%
Current accident year losses $1,000,000-$5,000,000	4.7		4.8		5.0		2.3		6.0		5.0		3.5		3.4		3.8		3.4		4.2		4.0		4.3		4.5
Large loss prior accident year reserve development	(1.4	)	(0.5	)	1.7		1.1		(0.8	)	0.2		2.6		2.7		1.4		2.7		0.7		1.8		0.2		1.2
Total large losses incurred	4.3	%	5.0	%	7.8	%	3.4	%	5.9	%	5.8	%	7.3	%	6.1	%	5.8	%	6.7	%	5.5	%	6.4	%	5.2	%	6.3	%
Losses incurred but not reported	10.7		1.7		(1.6	)	2.2		5.3		2.2		2.5		3.1		0.2		2.8		0.8		2.6		3.3		3.3
Other losses excluding catastrophe losses	35.2		42.3		43.4		43.6		37.4		38.2		38.3		38.6		43.5		38.5		43.0		38.3		41.0		38.0
Catastrophe losses	(1.1	)	1.0		11.1		8.7		3.0		5.5		8.2		1.1		9.9		4.7		6.9		5.0		4.9		4.5
Total losses incurred	49.1	%	50.0	%	60.7	%	57.9	%	51.6	%	51.7	%	56.3	%	48.9	%	59.4	%	52.7	%	56.2	%	52.3	%	54.4	%	52.1	%
Commercial Lines
Current accident year losses greater than $5,000,000	1.5	%	1.0	%	1.6	%	—	%	1.0	%	0.8	%	1.7	%	—	%	0.8	%	0.9	%	0.9	%	0.8	%	1.0	%	0.9	%
Current accident year losses $1,000,000-$5,000,000	5.6		5.9		6.5		2.6		6.2		5.1		4.4		4.2		4.6		4.3		5.1		4.5		5.2		5.0
Large loss prior accident year reserve development	(1.5	)	(0.9	)	2.1		1.4		(0.7	)	0.5		2.2		3.7		1.8		2.8		0.9		2.2		0.3		1.4
Total large losses incurred	5.6	%	6.0	%	10.2	%	4.0	%	6.5	%	6.4	%	8.3	%	7.9	%	7.2	%	8.0	%	6.9	%	7.5	%	6.5	%	7.3	%
Losses incurred but not reported	12.8		1.1		(4.8	)	3.2		5.1		6.0		4.3		3.5		(0.9	)	3.9		(0.2	)	4.6		3.1		4.8
Other losses excluding catastrophe losses	32.6		39.6		41.0		40.6		35.6		33.6		35.4		35.6		40.8		35.7		40.2		34.8		38.4		35.0
Catastrophe losses	(1.1	)	0.8		8.3		8.3		1.6		5.2		6.9		0.3		8.3		3.6		5.8		4.2		4.0		3.5
Total losses incurred	49.9	%	47.5	%	54.7	%	56.1	%	48.8	%	51.2	%	54.9	%	47.3	%	55.4	%	51.2	%	52.7	%	51.1	%	52.0	%	50.6	%
Personal Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $1,000,000-$5,000,000	2.2		2.5		1.7		1.4		5.7		5.0		1.3		1.3		1.5		1.3		1.8		2.6		1.9		3.4
Large loss prior accident year reserve development	(1.1	)	0.8		0.6		0.3		(1.2	)	(0.2	)	3.3		—		0.5		1.7		0.7		1.3		0.1		0.7
Total large losses incurred	1.1	%	3.3	%	2.3	%	1.7	%	4.5	%	4.8	%	4.6	%	1.3	%	2.0	%	3.0	%	2.5	%	3.9	%	2.0	%	4.1	%
Losses incurred but not reported	4.5		1.3		3.5		(2.0	)	3.9		(11.1	)	(2.2	)	0.1		0.8		(1.1	)	0.9		(4.5	)	1.8		(2.3	)
Other losses excluding catastrophe losses	44.8		54.1		53.6		54.5		46.6		53.6		45.8		48.9		54.0		47.4		54.1		49.1		51.9		48.5
Catastrophe losses	(1.5	)	1.7		20.0		10.6		7.6		6.7		12.4		3.3		15.4		7.9		10.7		7.5		7.6		7.5
Total losses incurred	48.9	%	60.4	%	79.4	%	64.8	%	62.6	%	54.0	%	60.6	%	53.6	%	72.2	%	57.2	%	68.2	%	56.0	%	63.3	%	57.8	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $1,000,000-$5,000,000	3.3		—		3.1		3.2		3.3		3.6		—		4.2		3.1		2.0		1.9		2.6		2.3		2.7
Large loss prior accident year reserve development	(1.8	)	(1.3	)	—		(0.3	)	(0.1	)	(4.3	)	7.8		—		(0.1	)	4.0		(0.5	)	1.0		(0.9	)	0.8
Total large losses incurred	1.5	%	(1.3	)%	3.1	%	2.9	%	3.2	%	(0.7	)%	7.8	%	4.2	%	3.0	%	6.0	%	1.4	%	3.6	%	1.4	%	3.5	%
Losses incurred but not reported	12.4		14.6		25.7		13.1		19.7		25.9		1.0		19.6		19.6		10.1		17.7		15.7		16.4		16.8
Other losses excluding catastrophe losses	17.7		15.3		15.1		21.6		3.5		15.9		41.4		22.9		18.3		32.5		17.1		26.6		17.2		20.3
Catastrophe losses	2.9		(0.7	)	2.7		3.0		(1.7	)	2.4		1.9		0.4		2.8		1.1		1.4		1.6		1.8		0.7
Total losses incurred	34.5	%	27.9	%	46.6	%	40.6	%	24.7	%	43.5	%	52.1	%	47.1	%	43.7	%	49.7	%	37.6	%	47.5	%	36.8	%	41.3	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF Fourth-Quarter 2014 Supplemental Financial Data

11

Consolidated Cincinnati Insurance Companies
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/14	9/30/14	6/30/14	3/31/14	12/31/13	9/30/13	6/30/13	3/31/13	6/30/14	6/30/13	9/30/14	9/30/13	12/31/14	12/31/13
Consolidated
Current accident year reported claim count greater    than $5,000,000	2	1	2	—	1	1	2	—	2	2	3	3	5	4
Current accident year reported claim count    $1,000,000 - $5,000,000	31	31	34	15	31	29	21	18	52	41	83	72	120	108
Prior accident year reported claim count on    large losses	4	13	10	8	10	5	14	20	18	35	26	41	32	47
Non-Catastrophe reported claim count on       large losses total	37	45	46	23	42	35	37	38	72	78	112	116	157	159
Commercial Lines
Current accident year reported claim count greater than $5,000,000	2	1	2	—	1	1	2	—	2	2	3	3	5	4
Current accident year reported claim count $1,000,000 - $5,000,000	27	24	30	11	20	21	18	14	43	34	68	56	99	80
Prior accident year reported claim count on large losses	3	11	9	7	10	4	12	17	17	30	23	35	28	42
Non-Catastrophe reported claim count on large losses total	32	36	41	18	31	26	32	31	62	66	94	94	132	126
Personal Lines
Current accident year reported claim count greater than $5,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Current accident year reported claim count $1,000,000 - $5,000,000	3	6	3	3	10	7	3	3	7	6	13	14	18	25
Prior accident year reported claim count on large losses	—	2	1	1	—	1	—	3	1	3	3	5	3	4
Non-Catastrophe reported claim count on large losses total	3	8	4	4	10	8	3	6	8	9	16	19	21	29
Excess & Surplus Lines
Current accident year reported claim count greater than $5,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Current accident year reported claim count $1,000,000 - $5,000,000	1	1	1	1	1	1	—	1	2	1	2	2	3	3
Prior accident year reported claim count on large losses	1	—	—	—	—	—	2	—	—	2	—	1	1	1
Non-Catastrophe reported claim count on large losses total	2	1	1	1	1	1	2	1	2	3	2	3	4	4
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2014 Supplemental Financial Data

12

Consolidated Cincinnati Insurance Companies
Agency Direct Written Premiums by Agency State by Line of Business for the Twelve Months Ended December 31, 2014
	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		2014		2013
																	��			Total		Total
OH	$	150.2	$	125.8	$	77.1	$	—	$	38.9	$	128.2	$	115.2	$	36.2		$	13.2	$	684.8	$	674.3	1.6		1.6		7.8		1.7
IL	65.7		54.7		31.0		57.2		18.0		32.4		30.6		8.6			10.7		308.9		301.6		1.5		2.1		31.3		2.4
IN	53.3		48.6		29.1		31.2		14.0		34.0		37.8		8.7			11.4		268.1		266.2		0.5		0.6		(0.7	)	0.5
PA	60.1		44.0		37.9		48.4		14.5		13.0		10.3		4.0			6.4		238.6		228.6		3.7		7.1		21.5		4.5
GA	37.2		37.2		26.9		13.2		14.7		39.0		41.3		10.6			9.5		229.6		213.2		9.2		6.0		3.6		7.7
MI	45.6		35.3		22.1		22.4		15.7		39.0		29.4		5.1			6.6		221.2		200.8		7.8		15.5		6.3		10.2
NC	43.3		44.2		22.8		19.0		18.8		30.7		24.0		7.4			6.4		216.6		198.0		6.7		14.7		21.5		9.3
TN	34.4		34.6		21.3		11.2		14.6		17.6		20.8		5.5			4.3		164.3		152.5		5.8		11.0		35.7		7.8
KY	26.9		31.9		19.2		3.7		9.4		27.5		26.5		6.2			4.8		156.1		149.8		4.0		4.7		(4.2	)	4.0
AL	25.9		32.6		12.4		1.5		12.2		20.2		33.5		6.9			7.7		152.9		138.8		12.6		5.3		30.4		10.3
VA	34.1		28.3		21.8		19.0		11.9		11.4		10.2		3.3			5.3		145.3		140.7		2.0		6.9		14.5		3.3
WI	29.6		24.5		14.4		29.3		7.9		8.7		9.5		3.6			3.7		131.2		133.3		(2.2	)	(0.3	)	16.7		(1.5	)
TX	45.4		29.7		27.7		1.4		5.0		—		—		—			14.6		123.8		109.3		11.5		nm		30.8		13.5
MN	27.7		21.9		10.5		9.8		6.8		17.4		17.7		5.0			4.1		120.9		113.5		3.2		12.5		20.3		6.6
MO	27.6		30.0		15.4		13.0		9.1		6.4		9.3		1.9			6.9		119.6		115.8		2.3		6.2		8.5		3.2
IA	19.0		19.5		9.0		20.0		7.1		4.8		5.8		1.8			2.2		89.2		92.2		(4.5	)	0.9		20.2		(3.3	)
MD	20.1		11.2		15.5		11.7		4.8		6.3		5.1		1.5			2.3		78.5		72.6		4.1		30.4		23.0		8.2
NY	30.7		16.5		11.4		2.9		4.4		3.5		1.6		0.4			3.3		74.7		72.4		(2.9	)	nm		82.9		3.2
FL	24.0		17.3		8.2		1.5		3.1		5.9		5.2		1.2			5.1		71.5		71.5		15.3		(41.7	)	47.4		—
AR	10.4		18.4		7.2		2.5		6.5		8.3		9.5		2.3			2.8		67.9		62.1		4.3		19.5		27.2		9.2
SC	13.4		12.0		9.5		3.5		4.7		8.0		5.3		1.4			2.4		60.2		53.9		5.9		29.5		24.7		11.5
AZ	16.1		9.7		13.3		6.2		2.5		4.7		3.3		1.3			2.1		59.2		51.6		12.1		25.3		36.4		14.8
UT	17.5		8.5		10.6		0.6		3.5		8.0		4.0		0.9			2.3		55.9		50.1		12.8		7.9		11.8		11.6
KS	9.6		12.9		5.7		6.1		4.2		5.2		7.1		1.4			1.1		53.3		54.5		(2.8	)	0.1		4.4		(1.9	)
CO	15.2		9.4		10.3		0.8		2.0		—		0.3		—			4.3		42.3		33.5		22.2		13.3		87.6		26.6
MT	15.0		8.8		7.7		0.1		2.3		2.8		2.8		0.7			0.8		41.0		38.0		6.8		10.9		13.6		7.5
NE	9.0		9.8		4.5		9.4		2.8		0.7		1.1		0.3			1.9		39.5		37.9		3.1		(0.1	)	36.5		4.1
ID	12.0		7.6		6.9		0.2		2.3		3.2		2.1		0.6			1.5		36.4		32.5		11.6		18.0		5.0		12.3
WV	9.4		8.7		6.8		2.3		2.2		—		0.5		0.1			3.0		33.0		30.7		6.9		(1.8	)	13.9		7.3
OR	8.3		5.2		5.5		0.1		2.0		1.6		0.7		0.2			3.5		27.1		16.4		62.4		nm		42.4		63.8
VT	4.8		5.3		3.0		6.4		2.5		1.3		1.6		0.4			1.0		26.3		26.9		(3.1	)	2.2		9.7		(2.0	)
ND	8.1		6.1		4.1		—		2.0		0.8		0.9		0.3			0.4		22.7		23.1		(2.8	)	9.3		(11.1	)	(2.0	)
WA	7.2		4.2		4.8		—		1.9		—		—		—			1.6		19.7		16.8		16.9		nm		15.7		16.8
NH	3.8		3.9		1.7		3.0		1.2		1.8		1.8		0.6			0.8		18.6		18.1		4.4		(1.1	)	(13.6	)	2.3
NM	6.0		3.4		3.7		0.9		1.7		—		—		—			0.9		16.6		12.5		31.2		nm		56.3		32.4
DE	4.1		3.2		2.3		2.8		1.2		—		—		—			0.5		14.1		13.3		3.9		nm		64.4		5.4
SD	3.5		3.5		1.9		3.2		1.4		—		—		—			0.5		14.0		12.6		11.6		nm		2.9		11.1
CT	3.8		3.5		2.1		1.2		0.7		0.4		0.4		0.1			0.5		12.7		7.5		52.3		nm		86.3		65.1
WY	2.1		2.4		1.1		—		0.6		—		—		—			0.5		6.7		5.7		13.8		1.1		17.6		14.1
All Other	4.4		2.8		4.2		5.4		2.5		—		0.3		—			1.4		21.0		18.9		11.1		nm		(2.3	)	10.5
Total	$	984.5	$	837.1	$	550.6	$	371.1	$	281.6	$	492.8	$	475.5	$	128.5		$	162.3	$	4,284.0	$	4,061.7	4.8		5.7		19.1		5.5
Other Direct	—		2.6		4.4		8.2		—		9.7		0.2		—			—		25.1		19.3		40.9		16.0		nm		30.1
Total Direct	$	984.5	$	839.7	$	555.0	$	379.3	$	281.6	$	502.5	$	475.7	$	128.5		$	162.3	$	4,309.1	$	4,081.0	4.9		5.8		19.1		5.6
*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

CINF Fourth-Quarter 2014 Supplemental Financial Data

13

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/14			9/30/14			6/30/14			3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			6/30/14			6/30/13			9/30/14			9/30/13			12/31/14			12/31/13
Commercial casualty:
Written premiums	$	234		$	228		$	249		$	258		$	206		$	232		$	222		$	237		$	507		$	459		$	735		$	691		$	969		$	897
Earned premiums	243			237			234			224			220			221			211			204			458			415			695			636			938			856
Current accident year before catastrophe losses	59.2		%	60.2		%	61.7		%	56.3		%	54.2		%	53.5		%	55.7		%	60.8		%	59.1		%	58.2		%	59.4		%	56.6		%	59.4		%	56.0		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	12.1			(3.6		)	(10.5		)	3.6			1.9			(8.4		)	(15.1		)	(11.5		)	(3.6		)	(13.3		)	(3.6		)	(11.6		)	0.5			(8.2		)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	71.3		%	56.6		%	51.2		%	59.9		%	56.1		%	45.1		%	40.6		%	49.3		%	55.5		%	44.9		%	55.8		%	45.0		%	59.9		%	47.8		%
Commercial property:
Written premiums	$	192		$	194		$	197		$	193		$	157		$	186		$	164		$	166		$	390		$	330		$	584		$	516		$	776		$	673
Earned premiums	191			186			180			171			163			161			152			147			351			299			537			460			728			623
Current accident year before catastrophe losses	45.7		%	54.3		%	50.8		%	53.4		%	51.3		%	49.6		%	52.9		%	48.9		%	52.1		%	50.9		%	52.9		%	50.5		%	51.0		%	50.7		%
Current accident year catastrophe losses	0.5			5.2			25.8			27.7			9.0			19.1			28.4			2.8			26.7			15.8			19.3			17.0			14.3			14.9
Prior accident years before catastrophe losses	1.8			(3.1		)	(9.8		)	(0.6		)	(2.5		)	1.4			(6.0		)	2.0			(5.3		)	(2.0		)	(4.6		)	(0.9		)	(2.9		)	(1.3		)
Prior accident years catastrophe losses	(2.7		)	(1.3		)	(2.3		)	(0.9		)	(1.9		)	(2.0		)	(3.2		)	(1.9		)	(1.6		)	(2.6		)	(1.5		)	(2.4		)	(1.8		)	(2.3		)
Total loss and loss expense ratio	45.3		%	55.1		%	64.5		%	79.6		%	55.9		%	68.1		%	72.1		%	51.8		%	71.9		%	62.1		%	66.1		%	64.2		%	60.6		%	62.0		%
Commercial auto:
Written premiums	$	131		$	128		$	144		$	145		$	117		$	128		$	127		$	135		$	289		$	262		$	417		$	390		$	548		$	507
Earned premiums	137			133			132			126			124			124			117			114			258			231			391			355			528			479
Current accident year before catastrophe losses	65.6		%	69.1		%	72.1		%	68.0		%	70.6		%	64.3		%	76.3		%	59.6		%	70.0		%	68.1		%	69.8		%	66.7		%	68.7		%	67.8		%
Current accident year catastrophe losses	(0.1		)	(0.6		)	4.1			—			(0.1		)	0.9			1.5			0.4			2.1			1.0			1.2			0.9			0.9			0.7
Prior accident years before catastrophe losses	11.2			9.3			9.0			(0.2		)	3.1			(0.4		)	(3.2		)	2.1			4.5			(0.7		)	6.1			(0.5		)	7.4			0.4
Prior accident years catastrophe losses	—			—			—			(0.2		)	—			(0.2		)	(0.3		)	(0.2		)	(0.1		)	(0.2		)	(0.1		)	(0.2		)	(0.1		)	(0.2		)
Total loss and loss expense ratio	76.7		%	77.8		%	85.2		%	67.6		%	73.6		%	64.6		%	74.3		%	61.9		%	76.5		%	68.2		%	77.0		%	66.9		%	76.9		%	68.7		%
Workers' compensation:
Written premiums	$	81		$	86		$	92		$	106		$	86		$	90		$	85		$	113		$	198		$	198		$	284		$	288		$	365		$	374
Earned premiums	90			93			95			92			95			95			87			88			187			175			280			270			370			365
Current accident year before catastrophe losses	75.9		%	75.0		%	83.2		%	76.8		%	76.9		%	78.6		%	84.8		%	71.8		%	80.0		%	78.3		%	78.4		%	78.4		%	77.8		%	78.0		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(7.5		)	(16.1		)	(21.2		)	(10.3		)	(0.5		)	9.3			(17.8		)	(8.0		)	(15.8		)	(12.9		)	(15.9		)	(5.1		)	(13.9		)	(3.9		)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	68.4		%	58.9		%	62.0		%	66.5		%	76.4		%	87.9		%	67.0		%	63.8		%	64.2		%	65.4		%	62.5		%	73.3		%	63.9		%	74.1		%
Other commercial:
Written premiums	$	61		$	68		$	66		$	69		$	70		$	83		$	80		$	77		$	135		$	157		$	203		$	240		$	264		$	309
Earned premiums	69			71			73			79			78			79			78			78			152			156			223			235			292			313
Current accident year before catastrophe losses	58.5		%	50.2		%	59.6		%	46.7		%	46.4		%	52.4		%	68.1		%	54.7		%	52.9		%	61.4		%	52.0		%	58.4		%	53.4		%	55.3		%
Current accident year catastrophe losses	(2.7		)	2.0			17.8			17.9			1.3			10.9			7.8			3.1			17.9			5.5			12.8			7.3			9.2			5.8
Prior accident years before catastrophe losses	(13.8		)	(5.6		)	(4.2		)	3.5			(5.5		)	(2.1		)	(0.4		)	22.4			(0.2		)	11.0			(1.9		)	6.6			(4.8		)	3.8
Prior accident years catastrophe losses	(1.2		)	(0.8		)	0.8			(1.3		)	(1.1		)	(0.1		)	(0.3		)	(1.7		)	(0.3		)	(1.0		)	(0.5		)	(0.7		)	(0.7		)	(0.6		)
Total loss and loss expense ratio	40.8		%	45.8		%	74.0		%	66.8		%	41.1		%	61.1		%	75.2		%	78.5		%	70.3		%	76.9		%	62.4		%	71.6		%	57.1		%	64.3		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2014 Supplemental Financial Data

14

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/14			9/30/14			6/30/14			3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			6/30/14			6/30/13			9/30/14			9/30/13			12/31/14			12/31/13
Personal auto:
Written premiums	$	114		$	135		$	133		$	107		$	107		$	128		$	125		$	100		$	240		$	225		$	375		$	353		$	489		$	460
Earned premiums	122			121			117			116			115			112			109			107			233			216			354			328			476			443
Current accident year before catastrophe losses	70.2		%	73.9		%	80.5		%	79.5		%	73.2		%	71.7		%	85.4		%	66.9		%	80.1		%	76.3		%	77.9		%	74.7		%	76.0		%	74.3		%
Current accident year catastrophe losses	(1.2		)	1.1			4.9			0.5			0.4			1.3			1.4			1.4			2.7			1.4			2.2			1.4			1.3			1.1
Prior accident years before catastrophe losses	2.8			2.0			(1.7		)	(3.4		)	2.7			(0.4		)	(10.2		)	7.9			(2.6		)	(1.2		)	(1.0		)	(0.9		)	—			—
Prior accident years catastrophe losses	—			—			(0.2		)	(0.4		)	—			(0.4		)	(0.4		)	(0.3		)	(0.3		)	(0.4		)	(0.2		)	(0.4		)	(0.2		)	(0.3		)
Total loss and loss expense ratio	71.8		%	77.0		%	83.5		%	76.2		%	76.3		%	72.2		%	76.2		%	75.9		%	79.9		%	76.1		%	78.9		%	74.8		%	77.1		%	75.1		%
Homeowner:
Written premiums	$	107		$	123		$	128		$	98		$	105		$	118		$	116		$	89		$	226		$	205		$	349		$	323		$	456		$	428
Earned premiums	113			110			111			109			105			103			99			96			220			195			330			298			443			403
Current accident year before catastrophe losses	44.3		%	51.1		%	59.5		%	61.3		%	52.5		%	55.2		%	50.5		%	40.6		%	60.4		%	45.6		%	57.4		%	48.9		%	54.0		%	49.9		%
Current accident year catastrophe losses	(0.9		)	4.8			41.5			28.3			16.1			18.7			30.1			9.4			35.0			19.9			25.0			19.5			18.3			18.6
Prior accident years before catastrophe losses	(0.2		)	(0.7		)	3.6			(6.5		)	0.2			(3.2		)	(7.4		)	(0.7		)	(1.4		)	(4.1		)	(1.2		)	(3.8		)	(0.9		)	(2.8		)
Prior accident years catastrophe losses	(1.2		)	(1.2		)	(0.9		)	(5.4		)	0.6			(4.2		)	(2.0		)	(2.4		)	(3.2		)	(2.2		)	(2.6		)	(2.9		)	(2.2		)	(2.0		)
Total loss and loss expense ratio	42.0		%	54.0		%	103.7		%	77.7		%	69.4		%	66.5		%	71.2		%	46.9		%	90.8		%	59.2		%	78.6		%	61.7		%	69.2		%	63.7		%
Other personal:
Written premiums	$	28		$	36		$	33		$	26		$	27		$	32		$	32		$	26		$	59		$	58		$	95		$	90		$	123		$	117
Earned premiums	31			32			30			29			29			29			29			28			59			57			91			86			122			115
Current accident year before catastrophe losses	44.3		%	59.3		%	42.3		%	46.5		%	57.2		%	56.3		%	52.5		%	56.7		%	44.3		%	54.5		%	49.6		%	55.2		%	48.3		%	55.7		%
Current accident year catastrophe losses	0.5			0.4			7.9			7.8			3.1			5.5			4.3			1.5			7.8			2.9			5.2			3.8			4.0			3.6
Prior accident years before catastrophe losses	(1.3		)	17.3			(5.4		)	(1.9		)	(2.1		)	(39.8		)	(17.8		)	(1.5		)	(3.6		)	(9.5		)	3.8			(19.9		)	2.5			(15.4		)
Prior accident years catastrophe losses	(0.1		)	(0.4		)	(0.5		)	0.2			0.2			(1.6		)	(0.9		)	(1.2		)	(0.1		)	(1.1		)	(0.2		)	(1.3		)	(0.2		)	(0.9		)
Total loss and loss expense ratio	43.4		%	76.6		%	44.3		%	52.6		%	58.4		%	20.4		%	38.1		%	55.5		%	48.4		%	46.8		%	58.4		%	37.8		%	54.6		%	43.0		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/14			9/30/14			6/30/14			3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			6/30/14			6/30/13			9/30/14			9/30/13			12/31/14			12/31/13
Excess & Surplus:
Written premiums	$	39		$	39		$	40		$	35		$	34		$	34		$	33		$	27		$	75		$	60		$	114		$	94		$	153		$	128
Earned premiums	39			42			34			33			31			30			28			27			67			55			109			85			148			116
Current accident year before catastrophe losses	62.1		%	57.8		%	75.4		%	80.6		%	62.6		%	67.2		%	65.7		%	73.6		%	77.9		%	69.6		%	70.2		%	68.7		%	68.1		%	67.1		%
Current accident year catastrophe losses	2.9			(0.7		)	2.3			3.0			(1.9		)	3.4			0.9			0.1			2.6			0.6			1.4			1.6			1.8			0.7
Prior accident years before catastrophe losses	(16.1		)	(15.4		)	(21.3		)	(27.1		)	(19.9		)	(13.7		)	(0.7		)	(8.8		)	(24.1		)	(4.7		)	(20.8		)	(7.9		)	(19.6		)	(11.2		)
Prior accident years catastrophe losses	0.1			0.1			0.6			0.1			0.2			(0.9		)	1.0			0.3			0.4			0.6			0.2			0.1			0.2			0.1
Total loss and loss expense ratio	49.0		%	41.8		%	57.0		%	56.6		%	41.0		%	56.0		%	66.9		%	65.2		%	56.8		%	66.1		%	51.0		%	62.5		%	50.5		%	56.7		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently

CINF Fourth-Quarter 2014 Supplemental Financial Data

15

Cincinnati Insurance Companies Consolidated
Loss and Loss Expense Analysis
(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, 2014
Commercial casualty	$	325	$	146	$	471	$	4		$	77		$	24		$	105		$	329		$	77		$	170	$	576
Commercial property	420		36		456		15			(34		)	2			(17		)	435			(34		)	38		439
Commercial auto	298		51		349		34			18			8			60			332			18			59		409
Workers' compensation	196		39		235		(10		)	28			(1		)	17			186			28			38		252
Other commercial	172		31		203		(25		)	(3		)	(8		)	(36		)	147			(3		)	23		167
Total commercial lines	1,411		303		1,714		18			86			25			129			1,429			86			328		1,843
Personal auto	304		50		354		17			(2		)	1			16			321			(2		)	51		370
Homeowners	285		27		312		(6		)	3			(1		)	(4		)	279			3			26		308
Other personal	53		4		57		(1		)	11			—			10			52			11			4		67
Total personal lines	642		81		723		10			12			—			22			652			12			81		745
Commercial casualty & property	22		12		34		12			24			9			45			34			24			21		79
Total excess & surplus lines	22		12		34		12			24			9			45			34			24			21		79
Total property casualty	$	2,075	$	396	$	2,471	$	40		$	122		$	34		$	196		$	2,115		$	122		$	430	$	2,667
Ceded loss and loss expense incurred for the twelve months ended December 31, 2014
Commercial casualty	$	21	$	2	$	23	$	(11	)	$	4		$	(2	)	$	(9	)	$	10		$	4		$	—	$	14
Commercial property	2		—		2		(4		)	(2		)	—			(6		)	(2		)	(2		)	—		(4		)
Commercial auto	2		—		2		—			—			—			—			2			—			—		2
Workers' compensation	15		1		16		(1		)	—			—			(1		)	14			—			1		15
Other commercial	6		—		6		(2		)	—			—			(2		)	4			—			—		4
Total commercial lines	46		3		49		(18		)	2			(2		)	(18		)	28			2			1		31
Personal auto	2		—		2		1			—			—			1			3			—			—		3
Homeowners	3		—		3		(1		)	(1		)	—			(2		)	2			(1		)	—		1
Other personal	—		—		—		—			1			—			1			—			1			—		1
Total personal lines	5		—		5		—			—			—			—			5			—			—		5
Commercial casualty & property	3		1		4		(1		)	1			—			—			2			1			1		4
Total excess & surplus lines	3		1		4		(1		)	1			—			—			2			1			1		4
Total property casualty	$	54	$	4	$	58	$	(19	)	$	3		$	(2	)	$	(18	)	$	35		$	3		$	2	$	40
Net loss and loss expense incurred for the twelve months ended December 31, 2014
Commercial casualty	$	304	$	144	$	448	$	15		$	73		$	26		$	114		$	319		$	73		$	170	$	562
Commercial property	418		36		454		19			(32		)	2			(11		)	437			(32		)	38		443
Commercial auto	296		51		347		34			18			8			60			330			18			59		407
Workers' compensation	181		38		219		(9		)	28			(1		)	18			172			28			37		237
Other commercial	166		31		197		(23		)	(3		)	(8		)	(34		)	143			(3		)	23		163
Total commercial lines	1,365		300		1,665		36			84			27			147			1,401			84			327		1,812
Personal auto	302		50		352		16			(2		)	1			15			318			(2		)	51		367
Homeowners	282		27		309		(5		)	4			(1		)	(2		)	277			4			26		307
Other personal	53		4		57		(1		)	10			—			9			52			10			4		66
Total personal lines	637		81		718		10			12			—			22			647			12			81		740
Commercial casualty & property	19		11		30		13			23			9			45			32			23			20		75
Total excess & surplus lines	19		11		30		13			23			9			45			32			23			20		75
Total property casualty	$	2,021	$	392	$	2,413	$	59		$	119		$	36		$	214		$	2,080		$	119		$	428	$	2,627

CINF Fourth-Quarter 2014 Supplemental Financial Data

16

Cincinnati Insurance Companies Consolidated
Loss and Loss Expense Analysis
(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, 2014
Commercial casualty	$	70	$	37	$	107	$	(21	)	$	73		$	16		$	68		$	49		$	73		$	53		$	175
Commercial property	99		9		108		(37		)	11			2			(24		)	62			11			11			84
Commercial auto	79		14		93		11			—			2			13			90			—			16			106
Workers' compensation	46		10		56		1			4			3			8			47			4			13			64
Other commercial	41		5		46		(8		)	2			(8		)	(14		)	33			2			(3		)	32
Total commercial lines	335		75		410		(54		)	90			15			51			281			90			90			461
Personal auto	83		13		96		3			(8		)	(2		)	(7		)	86			(8		)	11			89
Homeowners	53		6		59		(16		)	7			(1		)	(10		)	37			7			5			49
Other personal	14		1		15		(7		)	6			—			(1		)	7			6			1			14
Total personal lines	150		20		170		(20		)	5			(3		)	(18		)	130			5			17			152
Commercial casualty & property	8		3		11		4			5			3			12			12			5			6			23
Total excess & surplus lines	8		3		11		4			5			3			12			12			5			6			23
Total property casualty	$	493	$	98	$	591	$	(70	)	$	100		$	15		$	45		$	423		$	100		$	113		$	636
Ceded loss and loss expense incurred for the three months ended December 31, 2014
Commercial casualty	$	4	$	1	$	5	$	(5	)	$	1		$	—		$	(4	)	$	(1	)	$	1		$	1		$	1
Commercial property	1		—		1		(4		)	(1		)	—			(5		)	(3		)	(1		)	—			(4		)
Commercial auto	—		—		—		—			—			—			—			—			—			—			—
Workers' compensation	3		—		3		—			(1		)	—			(1		)	3			(1		)	—			2
Other commercial	2		—		2		6			—			—			6			8			—			—			8
Total commercial lines	10		1		11		(3		)	(1		)	—			(4		)	7			(1		)	1			7
Personal auto	1		—		1		1			—			—			1			2			—			—			2
Homeowners	1		—		1		—			—			—			—			1			—			—			1
Other personal	—		—		—		—			1			—			1			—			1			—			1
Total personal lines	2		—		2		1			1			—			2			3			1			—			4
Commercial casualty & property	2		1		3		(1		)	1			—			—			1			1			1			3
Total excess & surplus lines	2		1		3		(1		)	1			—			—			1			1			1			3
Total property casualty	$	14	$	2	$	16	$	(3	)	$	1		$	—		$	(2	)	$	11		$	1		$	2		$	14
Net loss and loss expense incurred for the three months ended December 31, 2014
Commercial casualty	$	66	$	36	$	102	$	(16	)	$	72		$	16		$	72		$	50		$	72		$	52		$	174
Commercial property	98		9		107		(33		)	12			2			(19		)	65			12			11			88
Commercial auto	79		14		93		11			—			2			13			90			—			16			106
Workers' compensation	43		10		53		1			5			3			9			44			5			13			62
Other commercial	39		5		44		(14		)	2			(8		)	(20		)	25			2			(3		)	24
Total commercial lines	325		74		399		(51		)	91			15			55			274			91			89			454
Personal auto	82		13		95		2			(8		)	(2		)	(8		)	84			(8		)	11			87
Homeowners	52		6		58		(16		)	7			(1		)	(10		)	36			7			5			48
Other personal	14		1		15		(7		)	5			—			(2		)	7			5			1			13
Total personal lines	148		20		168		(21		)	4			(3		)	(20		)	127			4			17			148
Commercial casualty & property	6		2		8		5			4			3			12			11			4			5			20
Total excess & surplus lines	6		2		8		5			4			3			12			11			4			5			20
Total property casualty	$	479	$	96	$	575	$	(67	)	$	99		$	15		$	47		$	412		$	99		$	111		$	622

CINF Fourth-Quarter 2014 Supplemental Financial Data

17

Consolidated Cincinnati Insurance Companies
5-Year Property Casualty Data - All Lines
(Dollars in millions)	Years ended December 31,
	2014			2013			2012			2011			2010
Premiums*
Adjusted written premiums – statutory	$	4,156		$	3,869		$	3,467		$	3,105		$	2,952
Written premium adjustment – statutory	(13		)	24			15			(7		)	11
Reported written premiums – statutory	4,143			3,893			3,482			3,098			2,963
Unearned premium change	(98		)	(180		)	(138		)	(69		)	(39		)
Earned premiums (GAAP)	$	4,045		$	3,713		$	3,344		$	3,029		$	2,924
Year-over-year growth rate:
Adjusted written premiums – statutory	7		%	12		%	12		%	5		%	1		%
Written premiums – statutory	6		%	12		%	12		%	5		%	2		%
Earned premiums	9		%	11		%	10		%	4		%	—		%
Statutory ratios*
Reported combined ratio	95.1		%	92.7		%	95.4		%	108.9		%	101.8		%
Less catastrophe losses	5.1			4.6			10.0			13.3			5.1
Combined ratio excluding catastrophe losses	90.0		%	88.1		%	85.4		%	95.6		%	96.7		%
Reported commission expense ratio	18.4		%	18.6		%	18.9		%	18.6		%	18.7		%
Reported other underwriting expense ratio	11.7			12.2			12.6			13.3			14.2
Reported expense ratio	30.1		%	30.8		%	31.5		%	31.9		%	32.9		%
GAAP combined ratio
GAAP combined ratio	95.6		%	93.8		%	96.1		%	109.3		%	101.8		%
Written premiums to surplus
Written premiums to statutory surplus ratio	0.926			0.900			0.890			0.826			0.784
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. 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 2014 Supplemental Financial Data

18

Consolidated Cincinnati Insurance Companies
5-Year Property Casualty Data - Commercial Lines
(Dollars in millions)	Years ended December 31,
	2014			2013			2012			2011			2010
Premiums*
Adjusted written premiums – statutory	$	2,935		$	2,736		$	2,444		$	2,225		$	2,144
Written premium adjustment – statutory	(13		)	24			15			(7		)	11
Reported written premiums – statutory	2,922			2,760			2,459			2,218			2,155
Unearned premium change	(66		)	(124		)	(76		)	(21		)	(1		)
Earned premiums (GAAP)	$	2,856		$	2,636		$	2,383		$	2,197		$	2,154
Year-over-year growth rate:
Adjusted written premiums – statutory	7		%	13		%	10		%	4		%	(2		)%
Written premiums – statutory	6		%	12		%	11		%	3		%	(1		)%
Earned premiums	8		%	11		%	8		%	2		%	(2		)%
Statutory combined ratio*
Reported combined ratio	94.3		%	91.8		%	92.1		%	104.2		%	99.6		%
Less catastrophe losses	4.3			3.7			8.2			10.4			4.1
Combined ratio excluding catastrophe losses	90.0		%	88.1		%	83.9		%	93.8		%	95.5		%
GAAP combined ratio
GAAP combined ratio	95.1		%	93.0		%	92.5		%	104.8		%	99.4		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. 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 2014 Supplemental Financial Data

19

Consolidated Cincinnati Insurance Companies
5-Year Property Casualty Data - Personal Lines
(Dollars in millions)	Years ended December 31,
	2014			2013			2012			2011			2010
Premiums*
Adjusted written premiums – statutory	$	1,068		$	1,005		$	918		$	801		$	750
Written premium adjustment – statutory	—			—			—			—			—
Reported written premiums – statutory	1,068			1,005			918			801			750
Unearned premium change	(27		)	(44		)	(50		)	(39		)	(29		)
Earned premiums (GAAP)	$	1,041		$	961		$	868		$	762		$	721
Year-over-year growth rate:
Adjusted written premiums – statutory	6		%	9		%	15		%	7		%	9		%
Written premiums – statutory	6		%	9		%	15		%	7		%	9		%
Earned premiums	8		%	11		%	14		%	6		%	5		%
Statutory combined ratio*
Reported combined ratio	99.1		%	96.3		%	104.0		%	124.2		%	107.1		%
Less catastrophe losses	7.8			7.7			15.9			22.7			8.1
Combined ratio excluding catastrophe losses	91.3		%	88.6		%	88.1		%	101.5		%	99.0		%
GAAP combined ratio
GAAP combined ratio	99.2		%	96.8		%	105.3		%	124.0		%	107.8		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. 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 2014 Supplemental Financial Data

20

Consolidated Cincinnati Insurance Companies
5-Year Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Years ended December 31,
	2014			2013			2012			2011			2010
Premiums*
Adjusted written premiums – statutory	$	153		$	128		$	105		$	79		$	58
Written premium adjustment – statutory	—			—			—			—			—
Reported written premiums – statutory	153			128			105			79			58
Unearned premium change	(5		)	(12		)	(12		)	(9		)	(9		)
Earned premiums (GAAP)	$	148		$	116		$	93		$	70		$	49
Year-over-year growth rate:
Adjusted written premiums – statutory	20		%	22		%	33		%	36		%	49		%
Written premiums – statutory	20		%	22		%	33		%	36		%	49		%
Earned premiums	28		%	25		%	33		%	43		%	81		%
Statutory combined ratio*
Reported combined ratio	81.8		%	87.8		%	100.8		%	90.8		%	118.9		%
Less catastrophe losses	2.0			0.8			2.2			2.2			1.2
Combined ratio excluding catastrophe losses	79.8		%	87.0		%	98.6		%	88.6		%	117.7		%
GAAP combined ratio
GAAP combined ratio	79.4		%	87.8		%	101.0		%	92.2		%	117.2		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. 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 2014 Supplemental Financial Data

21

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/14			9/30/14			6/30/14			3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			6/30/14			6/30/13			9/30/14			9/30/13			12/31/14			12/31/13
Premiums
Agency renewal written premiums	$	906		$	958		$	974		$	956		$	854		$	915		$	879		$	845		$	1,930		$	1,724		$	2,888		$	2,639		$	3,794		$	3,493
Agency new business written premiums	122			125			133			123			128			141			139			135			256			274			381			415			503			543
Other written premiums	(41		)	(46		)	(25		)	(42		)	(74		)	(25		)	(34		)	(10		)	(67		)	(44		)	(113		)	(69		)	(154		)	(143		)
Reported written premiums – statutory*	$	987		$	1,037		$	1,082		$	1,037		$	908		$	1,031		$	984		$	970		$	2,119		$	1,954		$	3,156		$	2,985		$	4,143		$	3,893
Unearned premium change	48			(12		)	(76		)	(58		)	52			(77		)	(74		)	(81		)	(134		)	(155		)	(146		)	(232		)	(98		)	(180		)
Earned premiums	$	1,035		$	1,025		$	1,006		$	979		$	960		$	954		$	910		$	889		$	1,985		$	1,799		$	3,010		$	2,753		$	4,045		$	3,713
Year over year change %
Agency renewal written premiums	6		%	5		%	11		%	13		%	11		%	13		%	10		%	11		%	12		%	11		%	9		%	11		%	9		%	11		%
Agency new business written premiums	(5		)	(11		)	(4		)	(9		)	(3		)	8			6			25			(7		)	15			(8		)	12			(7		)	8
Other written premiums	45			(84		)	26			(320		)	(12		)	34			(31		)	63			(52		)	17			(64		)	24			(8		)	9
Reported written premiums – statutory*	9			1			10			7			8			15			9			15			8			12			6			13			6			12
Paid losses and loss expenses
Losses paid	$	478		$	543		$	517		$	484		$	477		$	470		$	431		$	424		$	1,001		$	855		$	1,543		$	1,325		$	2,021		$	1,802
Loss expenses paid	98			96			98			100			98			92			90			89			198			179			295			271			392			369
Loss and loss expenses paid	$	576		$	639		$	615		$	584		$	575		$	562		$	521		$	513		$	1,199		$	1,034		$	1,838		$	1,596		$	2,413		$	2,171
Statutory combined ratio
Loss ratio	49.0		%	50.0		%	60.7		%	57.9		%	51.6		%	51.7		%	56.3		%	48.9		%	59.4		%	52.7		%	56.2		%	52.3		%	54.4		%	52.1		%
DCC expense ratio	5.7			5.1			3.9			5.2			4.7			4.4			1.1			3.9			4.5			2.4			4.7			3.1			5.0			3.5
AO expense ratio	5.4			5.6			5.6			6.0			6.3			6.1			6.6			6.2			5.8			6.4			5.7			6.3			5.6			6.3
Net underwriting expense ratio	31.7			30.6			29.4			29.0			32.8			30.1			30.6			29.9			29.2			30.3			29.7			30.3			30.1			30.8
Statutory combined ratio	91.8		%	91.3		%	99.6		%	98.1		%	95.4		%	92.3		%	94.6		%	88.9		%	98.9		%	91.8		%	96.3		%	92.0		%	95.1		%	92.7		%
Contribution from catastrophe losses	(0.9		)	1.2			11.4			8.9			3.2			5.7			8.3			1.2			10.2			4.8			7.1			5.1			5.1			4.6
Statutory combined ratio excl. catastrophe losses	92.7		%	90.1		%	88.2		%	89.2		%	92.2		%	86.6		%	86.3		%	87.7		%	88.7		%	87.0		%	89.2		%	86.9		%	90.0		%	88.1		%
Commission expense ratio	19.2		%	18.9		%	17.9		%	17.7		%	19.5		%	18.5		%	18.5		%	17.9		%	17.8		%	18.2		%	18.1		%	18.3		%	18.4		%	18.6		%
Other expense ratio	12.5			11.7			11.5			11.3			13.3			11.6			12.1			12.0			11.4			12.1			11.6			12.0			11.7			12.2
Statutory expense ratio	31.7		%	30.6		%	29.4		%	29.0		%	32.8		%	30.1		%	30.6		%	29.9		%	29.2		%	30.3		%	29.7		%	30.3		%	30.1		%	30.8		%
GAAP combined ratio
GAAP combined ratio	90.4		%	91.0		%	100.9		%	100.3		%	93.9		%	93.7		%	96.4		%	91.2		%	100.6		%	93.9		%	97.3		%	93.8		%	95.6		%	93.8		%
Contribution from catastrophe losses	(0.9		)	1.2			11.4			8.9			3.2			5.7			8.3			1.2			10.2			4.8			7.1			5.1			5.1			4.6
GAAP combined ratio excl. catastrophe losses	91.3		%	89.8		%	89.5		%	91.4		%	90.7		%	88.0		%	88.1		%	90.0		%	90.4		%	89.1		%	90.2		%	88.7		%	90.5		%	89.2		%
*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 2014 Supplemental Financial Data

22

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/14			9/30/14			6/30/14			3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			6/30/14			6/30/13			9/30/14			9/30/13			12/31/14			12/31/13
Premiums
Agency renewal written premiums	$	645		$	651		$	669		$	713		$	606		$	632		$	602		$	631		$	1,382		$	1,233		$	2,033		$	1,865		$	2,678		$	2,471
Agency new business written premiums	86			89			95			90			92			102			100			97			185			197			274			299			360			391
Other written premiums	(32		)	(36		)	(16		)	(32		)	(63		)	(15		)	(24		)	—			(48		)	(24		)	(84		)	(39		)	(116		)	(102		)
Reported written premiums – statutory*	$	699		$	704		$	748		$	771		$	635		$	719		$	678		$	728		$	1,519		$	1,406		$	2,223		$	2,125		$	2,922		$	2,760
Unearned premium change	31			16			(34		)	(79		)	45			(39		)	(33		)	(97		)	(113		)	(130		)	(97		)	(169		)	(66		)	(124		)
Earned premiums	$	730		$	720		$	714		$	692		$	680		$	680		$	645		$	631		$	1,406		$	1,276		$	2,126		$	1,956		$	2,856		$	2,636
Year over year change %
Agency renewal written premiums	6		%	3		%	11		%	13		%	10		%	13		%	9		%	11		%	12		%	10		%	9		%	11		%	8		%	11		%
Agency new business written premiums	(7		)	(13		)	(4		)	(7		)	(4		)	13			10			29			(6		)	19			(8		)	17			(8		)	11
Other written premiums	49			(140		)	33			nm			(11		)	46			(41		)	100			(100		)	35			(115		)	40			(14		)	16
Reported written premiums – statutory*	10			(2		)	10			6			8			16			8			16			8			12			5			14			6			12
Paid losses and loss expenses
Losses paid	$	325		$	368		$	347		$	327		$	327		$	306		$	286		$	297		$	674		$	585		$	1,041		$	891		$	1,366		$	1,218
Loss expenses paid	75			74			75			76			75			70			68			68			151			135			226			205			300			280
Loss and loss expenses paid	$	400		$	442		$	422		$	403		$	402		$	376		$	354		$	365		$	825		$	720		$	1,267		$	1,096		$	1,666		$	1,498
Statutory combined ratio
Loss ratio	49.9		%	47.5		%	54.7		%	56.1		%	48.8		%	51.1		%	54.9		%	47.3		%	55.4		%	51.2		%	52.8		%	51.2		%	52.0		%	50.6		%
DCC expense ratio	6.9			6.2			4.6			6.4			5.3			5.1			0.6			4.3			5.5			2.5			5.7			3.4			6.1			3.9
AO expense ratio	5.5			5.7			5.2			5.4			6.3			5.7			6.4			6.2			5.3			6.2			5.4			6.0			5.4			6.1
Net underwriting expense ratio	32.5			32.2			30.5			28.5			34.0			30.8			31.5			29.0			29.5			30.2			30.3			30.4			30.8			31.2
Statutory combined ratio	94.8		%	91.6		%	95.0		%	96.4		%	94.4		%	92.7		%	93.4		%	86.8		%	95.7		%	90.1		%	94.2		%	91.0		%	94.3		%	91.8		%
Contribution from catastrophe losses	(1.0		)	1.0			8.6			8.5			1.7			5.4			7.1			0.4			8.5			3.8			6.0			4.4			4.3			3.7
Statutory combined ratio excl. catastrophe losses	95.8		%	90.6		%	86.4		%	87.9		%	92.7		%	87.3		%	86.3		%	86.4		%	87.2		%	86.3		%	88.2		%	86.6		%	90.0		%	88.1		%
Commission expense ratio	18.9		%	19.0		%	17.7		%	16.4		%	19.1		%	18.0		%	17.9		%	16.5		%	17.0		%	17.2		%	17.7		%	17.4		%	18.0		%	17.8		%
Other expense ratio	13.6			13.2			12.8			12.1			14.9			12.8			13.6			12.5			12.5			13.0			12.6			13.0			12.8			13.5
Statutory expense ratio	32.5		%	32.2		%	30.5		%	28.5		%	34.0		%	30.8		%	31.5		%	29.0		%	29.5		%	30.2		%	30.3		%	30.4		%	30.8		%	31.3		%
GAAP combined ratio
GAAP combined ratio	93.6		%	90.7		%	96.3		%	99.9		%	92.7		%	93.7		%	94.9		%	90.8		%	98.1		%	92.9		%	95.6		%	93.2		%	95.1		%	93.0		%
Contribution from catastrophe losses	(1.0		)	1.0			8.6			8.5			1.7			5.4			7.1			0.4			8.5			3.8			6.0			4.4			4.3			3.7
GAAP combined ratio excl. catastrophe losses	94.6		%	89.7		%	87.7		%	91.4		%	91.0		%	88.3		%	87.8		%	90.4		%	89.6		%	89.1		%	89.6		%	88.8		%	90.8		%	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 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 2014 Supplemental Financial Data

23

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/14			9/30/14			6/30/14			3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			6/30/14			6/30/13			9/30/14			9/30/13			12/31/14			12/31/13
Premiums
Agency renewal written premiums	$	233		$	278		$	276		$	218		$	224		$	258		$	251		$	195		$	494		$	446		$	772		$	704		$	1,005		$	928
Agency new business written premiums	24			23			24			21			24			28			30			28			45			58			68			86			92			110
Other written premiums	(8		)	(7		)	(6		)	(8		)	(9		)	(8		)	(8		)	(8		)	(14		)	(16		)	(21		)	(24		)	(29		)	(33		)
Reported written premiums – statutory*	$	249		$	294		$	294		$	231		$	239		$	278		$	273		$	215		$	525		$	488		$	819		$	766		$	1,068		$	1,005
Unearned premium change	17			(31		)	(36		)	23			10			(34		)	(36		)	16			(13		)	(20		)	(44		)	(54		)	(27		)	(44		)
Earned premiums	$	266		$	263		$	258		$	254		$	249		$	244		$	237		$	231		$	512		$	468		$	775		$	712		$	1,041		$	961
Year over year change %
Agency renewal written premiums	4		%	8		%	10		%	12		%	10		%	12		%	11		%	11		%	11		%	11		%	10		%	11		%	8		%	11		%
Agency new business written premiums	0			(18		)	(20		)	(25		)	(11		)	(10		)	3			17			(22		)	9			(21		)	2			(16		)	(1		)
Other written premiums	11			13			25			0			(13		)	11			(33		)	(33		)	13			(33		)	13			(14		)	12			(14		)
Reported written premiums – statutory*	4			6			8			7			8			10			9			11			8			10			7			10			6			9
Paid losses and loss expenses
Losses paid	$	147		$	170		$	167		$	152		$	141		$	158		$	141		$	122		$	319		$	261		$	489		$	419		$	636		$	560
Loss expenses paid	21			19			20			21			20			19			19			19			41			39			60			58			81			78
Loss and loss expenses paid	$	168		$	189		$	187		$	173		$	161		$	177		$	160		$	141		$	360		$	300		$	549		$	477		$	717		$	638
Statutory combined ratio
Loss ratio	48.9		%	60.5		%	79.4		%	64.8		%	62.6		%	54.1		%	60.6		%	53.6		%	72.2		%	57.2		%	68.2		%	56.0		%	63.3		%	57.8		%
DCC expense ratio	1.8			1.4			1.6			1.6			1.9			2.1			1.5			1.4			1.6			1.5			1.5			1.7			1.6			1.7
AO expense ratio	5.1			5.5			6.7			7.7			6.9			7.5			7.4			6.3			7.2			6.8			6.6			7.1			6.2			7.0
Net underwriting expense ratio	29.3			26.3			26.6			30.5			30.1			28.4			28.5			32.8			28.3			30.4			27.6			29.7			28.0			29.8
Statutory combined ratio	85.1		%	93.7		%	114.3		%	104.6		%	101.5		%	92.1		%	98.0		%	94.1		%	109.3		%	95.9		%	103.9		%	94.5		%	99.1		%	96.3		%
Contribution from catastrophe losses	(1.4		)	2.0			20.4			10.8			7.7			7.0			12.6			3.5			15.7			8.1			11.0			7.7			7.8			7.7
Statutory combined ratio excl. catastrophe losses	86.5		%	91.7		%	93.9		%	93.8		%	93.8		%	85.1		%	85.4		%	90.6		%	93.6		%	87.8		%	92.9		%	86.8		%	91.3		%	88.6		%
Commission expense ratio	19.0		%	17.0		%	17.4		%	20.5		%	19.5		%	19.0		%	19.0		%	21.7		%	18.8		%	20.2		%	18.2		%	19.7		%	18.3		%	19.7		%
Other expense ratio	10.3			9.3			9.2			10.0			10.6			9.4			9.5			11.1			9.5			10.2			9.4			10.0			9.7			10.0
Statutory expense ratio	29.3		%	26.3		%	26.6		%	30.5		%	30.1		%	28.4		%	28.5		%	32.8		%	28.3		%	30.4		%	27.6		%	29.7		%	28.0		%	29.7		%
GAAP combined ratio
GAAP combined ratio	83.7		%	95.0		%	115.8		%	103.0		%	100.3		%	94.5		%	100.4		%	91.6		%	109.4		%	96.1		%	104.5		%	95.5		%	99.2		%	96.8		%
Contribution from catastrophe losses	(1.4		)	2.0			20.4			10.8			7.7			7.0			12.6			3.5			15.7			8.1			11.0			7.7			7.8			7.7
GAAP combined ratio excl. catastrophe losses	85.1		%	93.0		%	95.4		%	92.2		%	92.6		%	87.5		%	87.8		%	88.1		%	93.7		%	88.0		%	93.5		%	87.8		%	91.4		%	89.1		%
*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 2014 Supplemental Financial Data

24

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/14			9/30/14			6/30/14			3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			6/30/14			6/30/13			9/30/14			9/30/13			12/31/14			12/31/13
Premiums
Agency renewal written premiums	$	28		$	29		$	29		$	25		$	24		$	25		$	26		$	19		$	54		$	45		$	83		$	70		$	111		$	94
Agency new business written premiums	12			13			14			12			12			11			9			10			26			19			39			30			51			42
Other written premiums	(1		)	(3		)	(3		)	(2		)	(2		)	(2		)	(2		)	(2		)	(5		)	(4		)	(8		)	(6		)	(9		)	(8		)
Reported written premiums – statutory*	$	39		$	39		$	40		$	35		$	34		$	34		$	33		$	27		$	75		$	60		$	114		$	94		$	153		$	128
Unearned premium change	—			3			(6		)	(2		)	(3		)	(4		)	(5		)	—			(8		)	(5		)	(5		)	(9		)	(5		)	(12		)
Earned premiums	$	39		$	42		$	34		$	33		$	31		$	30		$	28		$	27		$	67		$	55		$	109		$	85		$	148		$	116
Year over year change %
Agency renewal written premiums	17		%	16		%	12		%	32		%	26		%	32		%	37		%	19		%	20		%	29		%	19		%	30		%	18		%	29		%
Agency new business written premiums	0			18			56			20			33			22			(18		)	11			37			(5		)	30			3			21			11
Other written premiums	50			(50		)	(50		)	0			(100		)	(100		)	33			(100		)	(25		)	0			(33		)	(20		)	(13		)	(33		)
Reported written premiums – statutory*	15			15			21			30			26			26			22			13			25			18			21			21			20			22
Paid losses and loss expenses
Losses paid	$	6		$	5		$	3		$	5		$	9		$	6		$	4		$	5		$	8		$	9		$	13		$	15		$	19		$	24
Loss expenses paid	2			3			3			3			3			3			3			2			6			5			9			8			11			11
Loss and loss expenses paid	$	8		$	8		$	6		$	8		$	12		$	9		$	7		$	7		$	14		$	14		$	22		$	23		$	30		$	35
Statutory combined ratio
Loss ratio	34.4		%	27.9		%	46.6		%	40.6		%	24.7		%	43.5		%	52.1		%	47.2		%	43.7		%	49.7		%	37.6		%	47.4		%	36.8		%	41.3		%
DCC expense ratio	7.4			9.5			6.5			8.4			12.1			7.0			9.3			11.9			7.4			10.6			8.2			9.4			8.0			10.1
AO expense ratio	7.2			4.4			3.9			7.6			4.2			5.5			5.5			6.1			5.7			5.8			5.2			5.7			5.7			5.3
Net underwriting expense ratio	31.4			34.0			29.1			30.4			29.9			30.9			30.9			33.3			29.7			32.0			31.2			31.6			31.3			31.1
Statutory combined ratio	80.4		%	75.8		%	86.1		%	87.0		%	70.9		%	86.9		%	97.8		%	98.5		%	86.5		%	98.1		%	82.2		%	94.1		%	81.8		%	87.8		%
Contribution from catastrophe losses	3.0			(0.6		)	2.9			3.1			(1.7		)	2.5			1.9			0.4			3.0			1.2			1.6			1.7			2.0			0.8
Statutory combined ratio excl. catastrophe losses	77.4		%	76.4		%	83.2		%	83.9		%	72.6		%	84.4		%	95.9		%	98.1		%	83.5		%	96.9		%	80.6		%	92.4		%	79.8		%	87.0		%
Commission expense ratio	26.6		%	29.1		%	25.8		%	26.5		%	25.9		%	26.3		%	26.3		%	26.9		%	26.1		%	26.6		%	27.2		%	26.5		%	27.0		%	26.3		%
Other expense ratio	4.8			4.9			3.3			3.9			4.0			4.6			4.6			6.4			3.6			5.4			4.0			5.1			4.3			4.8
Statutory expense ratio	31.4		%	34.0		%	29.1		%	30.4		%	29.9		%	30.9		%	30.9		%	33.3		%	29.7		%	32.0		%	31.2		%	31.6		%	31.3		%	31.1		%
GAAP combined ratio
GAAP combined ratio	77.8		%	70.2		%	85.0		%	86.9		%	70.4		%	86.7		%	98.7		%	98.0		%	85.9		%	98.4		%	79.9		%	94.2		%	79.4		%	87.8		%
Contribution from catastrophe losses	3.0			(0.6		)	2.9			3.1			(1.7		)	2.5			1.9			0.4			3.0			1.2			1.6			1.7			2.0			0.8
GAAP combined ratio excl. catastrophe losses	74.8		%	70.8		%	82.1		%	83.8		%	72.1		%	84.2		%	96.8		%	97.6		%	82.9		%	97.2		%	78.3		%	92.5		%	77.4		%	87.0		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not   equal the full year as each is computed independently. *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 2014 Supplemental Financial Data

25

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)	2014			2013			Change			% Change		2014			2013			Change			% Change
Net premiums written	$	62		$	60		$	2		3		$	244		$	235		$	9		4
Net investment income	37			36			1			3		148			143			5			3
Amortization of interest maintenance reserve	2			1			1			100		5			2			3			150
Commissions and expense allowances on reinsurance ceded	2			2			—			0		6			6			—			0
Income from fees associated with Separate Accounts	2			1			1			100		6			5			1			20
Total revenues	$	105		$	100		$	5		5		$	409		$	391		$	18		5
Death benefits and matured endowments	$	25		$	19		$	6		32		$	98		$	74		$	24		32
Annuity benefits	15			13			2			15		62			51			11			22
Disability benefits and benefits under accident and health contracts	1			1			—			0		2			2			—			0
Surrender benefits and group conversions	5			4			1			25		22			22			—			0
Interest and adjustments on deposit-type contract funds	2			3			(1		)	(33	)	10			10			—			0
Increase in aggregate reserves for life and accident and health contracts	41			42			(1		)	(2	)	169			180			(11		)	(6	)
Payments on supplementary contracts with life contingencies	—			—			—			nm		—			—			—			nm
Total benefit expenses	$	89		$	82		$	7		9		$	363		$	339		$	24		7
Commissions	$	9		$	10		$	(1	)	(10	)	$	37		$	39		$	(2	)	(5	)
General insurance expenses and taxes	10			10			—			0		40			43			(3		)	(7	)
Increase in loading on deferred and uncollected premiums	(1		)	(3		)	2			(67	)	(5		)	(8		)	3			(38	)
Net transfers from Separate Accounts	—			—			—			nm		(6		)	—			(6		)	nm
Other deductions	—			—			—			nm		—			—			—			nm
Total operating expenses	$	18		$	17		$	1		6		$	66		$	74		$	(8	)	(11	)
Federal and foreign income tax (benefit)	(1		)	3			(4		)	nm		(7		)	(1		)	(6		)	600
Net loss from operations before realized capital gains	$	(1	)	$	(2	)	$	1		(50	)	$	(13	)	$	(21	)	$	8		(38	)
Net realized gains net of capital gains tax	(6		)	—			(6		)	nm		(6		)	1			(7		)	(700	)
Net loss (statutory)	$	(7	)	$	(2	)	$	(5	)	250		$	(19	)	$	(20	)	$	1		(5	)
*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 2014 Supplemental Financial Data

26