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

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending September 30, 2020

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com

Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	Betsy E. Ertel	Brandon McIntosh
513-870-2768	513-603-5323	513-870-2696

	A.M. Best Company	Fitch Ratings	Moody's Investor Service	S&P Global Ratings
Cincinnati Financial Corporation
Corporate Debt	a	A-	A3	BBB+
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
Standard Market Subsidiaries:	A+	—	A1	A+
The Cincinnati Insurance Company	A+	A+	A1	A+
The Cincinnati Indemnity Company	A+	A+	A1	A+
The Cincinnati Casualty Company	A+	A+	A1	A+
Surplus Lines Subsidiary:
The Cincinnati Specialty Underwriters Insurance Company	A+	—	—	—
The Cincinnati Life Insurance Company	A+	A+	—	A+

Ratings are as of October 23, 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 Third-Quarter 2020 Supplemental Financial Data

1

	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending September 30, 2020
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 2020	4
	CFC and Subsidiaries Consolidation – Three Months Ended September 30, 2020	5
Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	6
	Loss Ratio Detail	7
	Loss Claim Count Detail	8
	Quarterly Property Casualty Data – Commercial Lines	9
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	10
	Loss and Loss Expense Analysis – Nine Months Ended September 30, 2020	11
	Loss and Loss Expense Analysis – Three Months Ended September 30, 2020	12
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	13
	Quarterly Property Casualty Data – Commercial Lines	14
	Quarterly Property Casualty Data – Personal Lines	15
	Quarterly Property Casualty Data – Excess & Surplus Lines	16
Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	17
	The Cincinnati Life Insurance Company Statutory Statements of Income	18
Other
	Quarterly Data – Other	19

CINF Third-Quarter 2020 Supplemental Financial Data

2

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

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

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

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

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

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

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

Other Measures

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

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

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

CINF Third-Quarter 2020 Supplemental Financial Data

3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2020
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	4,405	$	—	$	—	$	—	$	4,405
Life	—		—		273		—		—		273
Premiums ceded	—		(163)		(55)		—		—		(218)
Total earned premium	—		4,242		218		—		—		4,460
Investment income, net of expenses	58		322		118		—		—		498
Investment gains and losses, net	134		(237)		(29)		—		—		(132)
Fee revenues	—		7		1		—		—		8
Other revenues	11		4		—		4		(11)		8
Total revenues	$	203	$	4,338	$	308	$	4	$	(11)	$	4,842
Benefits & expenses
Losses & contract holders' benefits	$	—	$	3,048	$	270	$	—	$	—	$	3,318
Reinsurance recoveries	—		(40)		(46)		—		—		(86)
Underwriting, acquisition and insurance expenses	—		1,309		63		—		—		1,372
Interest expense	40		—		—		—		—		40
Other operating expenses	24		—		—		2		(11)		15
Total expenses	$	64	$	4,317	$	287	$	2	$	(11)	$	4,659
Income before income taxes	$	139	$	21	$	21	$	2	$	—	$	183
Provision (benefit) for income taxes
Current operating income (loss)	$	(10)	$	105	$	14	$	—	$	—	$	109
Capital gains/losses	28		(50)		(6)		—		—		(28)
Deferred	6		(67)		(4)		—		—		(65)
Total provision (benefit) for income taxes	$	24	$	(12)	$	4	$	—	$	—	$	16
Net income - current year	$	115	$	33	$	17	$	2	$	—	$	167
Net income - prior year	$	385	$	955	$	30	$	1	$	—	$	1,371
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.

CINF Third-Quarter 2020 Supplemental Financial Data

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Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended September 30, 2020
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	1,517	$	—	$	—	$	—	$	1,517
Life	—		—		90		—		—		90
Premiums ceded	—		(67)		(18)		—		—		(85)
Total earned premium	—		1,450		72		—		—		1,522
Investment income, net of expenses	20		107		40		—		—		167
Investment gains and losses, net	281		250		2		—		—		533
Fee revenues	—		2		—		—		—		2
Other revenues	4		2		—		1		(4)		3
Total revenues	$	305	$	1,811	$	114	$	1	$	(4)	$	2,227
Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,093	$	85	$	—	$	—	$	1,178
Reinsurance recoveries	—		(22)		(13)		—		—		(35)
Underwriting, acquisition and insurance expenses	—		432		20		—		—		452
Interest expense	13		—		—		—		—		13
Other operating expenses	8		—		—		1		(4)		5
Total expenses	$	21	$	1,503	$	92	$	1	$	(4)	$	1,613
Income before income taxes	$	284	$	308	$	22	$	—	$	—	$	614
Provision for income taxes
Current operating income (loss)	$	(41)	$	(20)	$	5	$	—	$	—	$	(56)
Capital gains/losses	58		52		1		—		—		111
Deferred	41		36		(2)		—		—		75
Total provision for income taxes	$	58	$	68	$	4	$	—	$	—	$	130
Net income - current year	$	226	$	240	$	18	$	—	$	—	$	484
Net income - prior year	$	40	$	196	$	12	$	—	$	—	$	248
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.

CINF Third-Quarter 2020 Supplemental Financial Data

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Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended																										Six months ended	Nine months ended	Twelve months ended
	12/31/20	9/30/20		6/30/20		3/31/20		12/31/19		9/30/19		6/30/19		3/31/19		6/30/20		6/30/19		9/30/20		9/30/19		12/31/20	12/31/19
Consolidated
Current accident year losses greater than $5 million		$	21	$	19	$	—	$	14	$	(1)	$	14	$	—	$	19	$	14	$	40	$	13		$	27
Current accident year losses $1 million - $5 million		46		53		50		77		76		53		37		103		90		149		166			243
Large loss prior accident year reserve development		(3)		7		26		(4)		33		5		16		33		21		30		54			50
Total large losses incurred		$	64	$	79	$	76	$	87	$	108	$	72	$	53	$	155	$	125	$	219	$	233		$	320
Losses incurred but not reported		38		134		79		41		(24)		(14)		47		213		33		251		9			50
Other losses excluding catastrophe losses		550		409		496		512		566		547		493		905		1,039		1,455		1,606			2,118
Catastrophe losses		261		226		123		42		70		128		69		349		198		611		268			309
Total losses incurred		$	913	$	848	$	774	$	682	$	720	$	733	$	662	$	1,622	$	1,395	$	2,536	$	2,116		$	2,797
Commercial Lines
Current accident year losses greater than $5 million		$	21	$	19	$	—	$	14	$	(1)	$	14	$	—	$	19	$	14	$	40	$	13		$	27
Current accident year losses $1 million - $5 million		20		45		36		62		56		41		26		81		68		100		124			185
Large loss prior accident year reserve development		(1)		5		22		1		32		3		13		27		16		27		48			49
Total large losses incurred		$	40	$	69	$	58	$	77	$	87	$	58	$	39	$	127	$	98	$	167	$	185		$	261
Losses incurred but not reported		60		72		58		12		(22)		(7)		43		130		36		190		14			26
Other losses excluding catastrophe losses		287		233		298		302		314		320		286		531		605		817		919			1,222
Catastrophe losses		125		119		82		(9)		32		94		25		201		119		327		151			142
Total losses incurred		$	512	$	493	$	496	$	382	$	411	$	465	$	393	$	989	$	858	$	1,501	$	1,269		$	1,651
Personal Lines
Current accident year losses greater than $5 million		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Current accident year losses $1 million - $5 million		21		8		12		11		20		10		10		20		19		42		39			51
Large loss prior accident year reserve development		(2)		2		5		(3)		(1)		1		2		7		3		4		2			(1)
Total large losses incurred		$	19	$	10	$	17	$	8	$	19	$	11	$	12	$	27	$	22	$	46	$	41		$	50
Losses incurred but not reported		(24)		41		24		17		—		(4)		4		65		—		41		(1)			17
Other losses excluding catastrophe losses		156		105		127		160		172		167		163		232		330		388		504			662
Catastrophe losses		81		89		38		33		23		34		45		127		79		208		101			135
Total losses incurred		$	232	$	245	$	206	$	218	$	214	$	208	$	224	$	451	$	431	$	683	$	645		$	864
Excess & Surplus Lines
Current accident year losses greater than $5 million		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Current accident year losses $1 million - $5 million		5		—		2		4		—		2		1		2		3		7		3			7
Large loss prior accident year reserve development		—		—		(1)		(2)		2		1		1		(1)		2		(1)		4			2
Total large losses incurred		$	5	$	—	$	1	$	2	$	2	$	3	$	2	$	1	$	5	$	6	$	7		$	9
Losses incurred but not reported		2		21		(3)		12		(2)		(3)		—		18		(3)		20		(4)			7
Other losses excluding catastrophe losses		24		20		29		14		25		18		19		50		36		74		61			76
Catastrophe losses		1		3		1		1		1		—		—		3		1		4		1			2
Total losses incurred		$	32	$	44	$	28	$	29	$	26	$	18	$	21	$	72	$	39	$	104	$	65		$	94
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.

CINF Third-Quarter 2020 Supplemental Financial Data

6

Consolidated Property Casualty
Loss Ratio Detail
	Three months ended																										Six months ended	Nine months ended	Twelve months ended
	12/31/20	9/30/20		6/30/20		3/31/20		12/31/19		9/30/19		6/30/19		3/31/19		6/30/20		6/30/19		9/30/20		9/30/19		12/31/20	12/31/19
Consolidated
Current accident year losses greater than $5 million		1.5	%	1.4	%	—	%	1.1	%	(0.1)	%	1.1	%	—	%	0.7	%	0.5	%	0.9	%	0.3	%		0.5	%
Current accident year losses $1 million - $5 million		3.2		3.7		3.6		5.6		5.5		4.0		2.9		3.7		3.5		3.5		4.2			4.6
Large loss prior accident year reserve development		(0.3)		0.5		1.9		(0.4)		2.4		0.4		1.2		1.2		0.8		0.8		1.4			0.9
Total large loss ratio		4.4	%	5.6	%	5.5	%	6.3	%	7.8	%	5.5	%	4.1	%	5.6	%	4.8	%	5.2	%	5.9	%		6.0	%
Losses incurred but not reported		2.6		9.6		5.7		3.0		(1.8)		(1.1)		3.7		7.6		1.3		5.9		0.2			0.9
Other losses excluding catastrophe losses		38.0		29.2		35.6		37.3		41.2		41.6		38.9		32.4		40.2		34.3		40.5			39.7
Catastrophe losses		18.0		16.1		8.9		3.0		5.1		9.7		5.5		12.5		7.7		14.4		6.8			5.8
Total loss ratio		63.0	%	60.5	%	55.7	%	49.6	%	52.3	%	55.7	%	52.2	%	58.1	%	54.0	%	59.8	%	53.4	%		52.4	%
Commercial Lines
Current accident year losses greater than $5 million		2.5	%	2.2	%	—	%	1.7	%	(0.1)	%	1.7	%	—	%	1.1	%	0.9	%	1.5	%	0.5	%		0.8	%
Current accident year losses $1 million - $5 million		2.3		5.1		4.1		7.0		6.8		5.0		3.3		4.6		4.1		3.9		5.1			5.6
Large loss prior accident year reserve development		(0.2)		0.6		2.6		0.2		3.8		0.4		1.6		1.6		1.0		1.0		1.9			1.5
Total large loss ratio		4.6	%	7.9	%	6.7	%	8.9	%	10.5	%	7.1	%	4.9	%	7.3	%	6.0	%	6.4	%	7.5	%		7.9	%
Losses incurred but not reported		6.9		8.3		6.8		1.5		(2.6)		(0.9)		5.4		7.5		2.2		7.3		0.6			0.8
Other losses excluding catastrophe losses		33.1		26.8		34.5		35.4		37.6		38.9		35.1		30.7		37.0		31.5		37.2			36.7
Catastrophe losses		14.5		13.6		9.5		(1.0)		3.8		11.4		3.1		11.6		7.3		12.6		6.1			4.3
Total loss ratio		59.1	%	56.6	%	57.5	%	44.8	%	49.3	%	56.5	%	48.5	%	57.1	%	52.5	%	57.8	%	51.4	%		49.7	%
Personal Lines
Current accident year losses greater than $5 million		—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%		—	%
Current accident year losses $1 million - $5 million		5.8		2.3		3.5		3.5		5.4		2.8		2.8		2.9		2.8		3.8		3.7			3.6
Large loss prior accident year reserve development		(0.7)		0.5		1.3		(1.0)		(0.2)		0.3		0.6		0.9		0.4		0.4		0.2			(0.1)
Total large loss ratio		5.1	%	2.8	%	4.8	%	2.5	%	5.2	%	3.1	%	3.4	%	3.8	%	3.2	%	4.2	%	3.9	%		3.5	%
Losses incurred but not reported		(6.6)		11.3		6.6		5.1		(0.1)		(1.1)		1.0		8.9		(0.1)		3.7		(0.1)			1.2
Other losses excluding catastrophe losses		42.5		28.8		35.3		44.2		48.9		48.0		47.4		32.2		47.8		35.6		48.1			47.2
Catastrophe losses		22.1		24.6		10.5		9.4		6.4		9.7		13.1		17.5		11.4		19.1		9.7			9.6
Total loss ratio		63.1	%	67.5	%	57.2	%	61.2	%	60.4	%	59.7	%	64.9	%	62.4	%	62.3	%	62.6	%	61.6	%		61.5	%
Excess & Surplus Lines
Current accident year losses greater than $5 million		—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%		—	%
Current accident year losses $1 million - $5 million		6.4		—		2.6		5.4		—		3.0		1.6		1.3		2.4		3.0		1.5			2.5
Large loss prior accident year reserve development		0.1		0.1		(1.5)		(2.7)		2.7		1.5		1.2		(0.7)		1.3		(0.4)		1.8			0.6
Total large loss ratio		6.5	%	0.1	%	1.1	%	2.7	%	2.7	%	4.5	%	2.8	%	0.6	%	3.7	%	2.6	%	3.3	%		3.1	%
Losses incurred but not reported		2.6		27.2		(4.4)		14.4		(2.6)		(4.5)		0.8		11.3		(1.9)		8.4		(2.2)			2.4
Other losses excluding catastrophe losses		29.5		25.8		37.8		20.5		34.5		26.7		29.1		31.9		27.9		31.0		30.3			27.7
Catastrophe losses		1.2		3.3		0.9		0.4		1.0		0.5		0.2		2.1		0.3		1.8		0.6			0.5
Total loss ratio		39.8	%	56.4	%	35.4	%	38.0	%	35.6	%	27.2	%	32.9	%	45.9	%	30.0	%	43.8	%	32.0	%		33.7	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.

CINF Third-Quarter 2020 Supplemental Financial Data

7

Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended														Six months ended	Nine months ended	Twelve months ended
	12/31/20	9/30/20	6/30/20	3/31/20	12/31/19	9/30/19	6/30/19	3/31/19	6/30/20	6/30/19	9/30/20	9/30/19	12/31/20	12/31/19
Consolidated
Current accident year reported losses greater than $5 million		2	2	—	2	1	2	—	2	2	5	2		4
Current accident year reported losses $1 million - $5 million		34	28	27	39	35	31	19	55	50	85	88		137
Prior accident year reported losses on large losses		13	9	20	9	18	13	10	27	24	41	44		55
Non-Catastrophe reported losses on large losses total		49	39	47	50	54	46	29	84	76	131	134		196
Commercial Lines
Current accident year reported losses greater than $5 million		2	2	—	2	1	2	—	2	2	5	2		4
Current accident year reported losses $1 million - $5 million		19	24	17	27	27	23	12	41	35	57	64		100
Prior accident year reported losses on large losses		12	8	17	8	18	10	7	23	19	36	38		49
Non-Catastrophe reported losses on large losses total		33	34	34	37	46	35	19	66	56	98	104		153
Personal Lines
Current accident year reported losses greater than $5 million		—	—	—	—	—	—	—	—	—	—	—		—
Current accident year reported losses $1 million - $5 million		9	4	8	8	8	6	6	12	12	21	21		30
Prior accident year reported losses on large losses		—	—	3	1	—	1	2	3	3	3	3		4
Non-Catastrophe reported losses on large losses total		9	4	11	9	8	7	8	15	15	24	24		34
Excess & Surplus Lines
Current accident year reported losses greater than $5 million		—	—	—	—	—	—	—	—	—	—	—		—
Current accident year reported losses $1 million - $5 million		6	—	2	4	—	2	1	2	3	7	3		7
Prior accident year reported losses on large losses		1	1	—	—	—	2	1	1	2	2	3		2
Non-Catastrophe reported losses on large losses total		7	1	2	4	—	4	2	3	5	9	6		9
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Third-Quarter 2020 Supplemental Financial Data

8

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																																						Six months ended	Nine months ended	Twelve months ended
	12/31/20	9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20	12/31/19
Commercial casualty:
Written premiums		$	269		$	308		$	341		$	269		$	263		$	296		$	303		$	649		$	599		$	918		$	862			$	1,131
Year over year change %- written premium		2		%	4		%	13		%	7		%	5		%	2		%	6		%	8		%	4		%	6		%	4		%		5		%
Earned premiums		$	290		$	289		$	289		$	280		$	277		$	277		$	268		$	577		$	545		$	868		$	822			$	1,102
Current accident year before catastrophe losses		63.1		%	62.6		%	65.8		%	67.5		%	66.1		%	67.4		%	66.7		%	64.1		%	67.0		%	63.8		%	66.7		%		66.9		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(3.2)			(7.5)			(1.6)			(4.8)			(2.9)			(9.3)			(11.5)			(4.5)			(10.3)			(4.1)			(7.8)				(7.1)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		59.9		%	55.1		%	64.2		%	62.7		%	63.2		%	58.1		%	55.2		%	59.6		%	56.7		%	59.7		%	58.9		%		59.8		%
Commercial property:
Written premiums		$	252		$	260		$	261		$	246		$	245		$	247		$	247		$	521		$	494		$	773		$	739			$	985
Year over year change %- written premium		3		%	5		%	6		%	10		%	6		%	3		%	4		%	5		%	3		%	5		%	4		%		6		%
Earned premiums		$	252		$	254		$	249		$	249		$	241		$	234		$	234		$	504		$	468		$	755		$	709			$	958
Current accident year before catastrophe losses		53.0		%	50.9		%	47.8		%	50.3		%	49.4		%	49.0		%	51.5		%	49.4		%	50.3		%	50.6		%	50.0		%		50.1		%
Current accident year catastrophe losses		50.5			48.5			34.2			0.2			15.0			43.5			13.8			41.4			28.6			44.4			24.0				17.8
Prior accident years before catastrophe losses		(1.3)			1.9			0.7			(1.3)			(1.1)			0.8			1.9			1.3			1.3			0.5			0.5				0.1
Prior accident years catastrophe losses		0.3			(2.0)			(1.1)			(2.6)			(1.9)			(3.6)			(2.6)			(1.6)			(3.0)			(1.0)			(2.7)				(2.7)
Total loss and loss expense ratio		102.5		%	99.3		%	81.6		%	46.6		%	61.4		%	89.7		%	64.6		%	90.5		%	77.2		%	94.5		%	71.8		%		65.3		%
Commercial auto:
Written premiums		$	171		$	205		$	208		$	175		$	176		$	196		$	188		$	413		$	384		$	584		$	560			$	735
Year over year change %- written premium		(3)		%	5		%	11		%	7		%	10		%	8		%	6		%	8		%	7		%	4		%	8		%		8		%
Earned premiums		$	189		$	189		$	185		$	183		$	179		$	175		$	170		$	374		$	345		$	563		$	524			$	707
Current accident year before catastrophe losses		56.2		%	64.2		%	70.9		%	68.1		%	67.8		%	70.5		%	74.5		%	67.5		%	72.5		%	63.7		%	70.9		%		70.2		%
Current accident year catastrophe losses		0.4			2.2			1.2			(0.3)			1.5			1.4			0.3			1.7			0.9			1.3			1.1				0.7
Prior accident years before catastrophe losses		5.5			(1.1)			3.3			0.7			1.7			1.0			(6.7)			1.1			(2.9)			2.5			(1.3)				(0.8)
Prior accident years catastrophe losses		(0.1)			—			(0.2)			—			(0.1)			—			—			(0.1)			—			(0.1)			(0.1)				—
Total loss and loss expense ratio		62.0		%	65.3		%	75.2		%	68.5		%	70.9		%	72.9		%	68.1		%	70.2		%	70.5		%	67.4		%	70.6		%		70.1		%
Workers' compensation:
Written premiums		$	51		$	65		$	92		$	63		$	62		$	75		$	94		$	157		$	169		$	208		$	231			$	294
Year over year change %- written premium		(18)		%	(13)		%	(2)		%	(6)		%	(6)		%	(10)		%	(1)		%	(7)		%	(5)		%	(10)		%	(5)		%		(5)		%
Earned premiums		$	64		$	68		$	75		$	76		$	73		$	74		$	77		$	143		$	151		$	207		$	224			$	300
Current accident year before catastrophe losses		81.7		%	81.8		%	81.1		%	85.4		%	81.1		%	78.0		%	78.8		%	81.4		%	78.4		%	81.5		%	79.3		%		80.8		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(9.6)			(27.8)			(9.8)			(20.1)			(27.0)			(35.9)			(20.1)			(18.3)			(27.9)			(15.7)			(27.7)				(25.7)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		72.1		%	54.0		%	71.3		%	65.3		%	54.1		%	42.1		%	58.7		%	63.1		%	50.5		%	65.8		%	51.6		%		55.1		%
Other commercial:
Written premiums		$	71		$	70		$	70		$	66		$	70		$	65		$	64		$	140		$	129		$	211		$	199			$	265
Year over year change %- written premium		1		%	8		%	9		%	16		%	8		%	10		%	10		%	9		%	10		%	6		%	9		%		10		%
Earned premiums		$	70		$	70		$	65		$	64		$	64		$	63		$	61		$	135		$	124		$	205		$	188			$	252
Current accident year before catastrophe losses		36.0		%	35.5		%	39.1		%	38.2		%	34.3		%	33.7		%	38.0		%	37.3		%	35.8		%	36.9		%	35.4		%		36.0		%
Current accident year catastrophe losses		0.3			0.1			0.1			0.1			(0.2)			0.3			0.4			0.1			0.3			0.2			0.1				0.1
Prior accident years before catastrophe losses		(0.7)			(1.7)			1.7			(3.3)			(2.1)			(1.9)			(4.1)			(0.1)			(3.0)			(0.3)			(2.7)				(2.8)
Prior accident years catastrophe losses		(0.1)			—			0.2			(0.3)			0.8			—			0.2			0.1			0.1			—			0.3				0.2
Total loss and loss expense ratio		35.5		%	33.9		%	41.1		%	34.7		%	32.8		%	32.1		%	34.5		%	37.4		%	33.2		%	36.8		%	33.1		%		33.5		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Third-Quarter 2020 Supplemental Financial Data

9

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																																						Six months ended	Nine months ended	Twelve months ended
	12/31/20	9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20	12/31/19
Personal auto:
Written premiums		$	166		$	169		$	137		$	141		$	166		$	173		$	140		$	306		$	313		$	472		$	479			$	620
Year over year change %- written premium		—		%	(2)		%	(2)		%	—		%	(2)		%	—		%	—		%	(2)		%	—		%	(1)		%	—		%		—		%
Earned premiums		$	154		$	154		$	154		$	155		$	156		$	155		$	155		$	308		$	310		$	462		$	466			$	621
Current accident year before catastrophe losses		48.5		%	64.7		%	69.4		%	70.8		%	70.2		%	73.8		%	76.2		%	67.0		%	75.0		%	60.9		%	73.4		%		72.7		%
Current accident year catastrophe losses		2.6			1.5			2.1			0.4			1.2			1.8			0.5			1.8			1.1			2.0			1.1				1.0
Prior accident years before catastrophe losses		0.5			(4.2)			(8.1)			(1.7)			(2.0)			(9.4)			(3.3)			(6.1)			(6.3)			(3.9)			(4.9)				(4.1)
Prior accident years catastrophe losses		—			(0.2)			(0.4)			—			(0.1)			(0.2)			—			(0.3)			(0.1)			(0.2)			(0.1)				(0.1)
Total loss and loss expense ratio		51.6		%	61.8		%	63.0		%	69.5		%	69.3		%	66.0		%	73.4		%	62.4		%	69.7		%	58.8		%	69.5		%		69.5		%
Homeowner:
Written premiums		$	189		$	197		$	140		$	152		$	173		$	176		$	130		$	337		$	306		$	526		$	479			$	631
Year over year change %- written premium		9		%	12		%	8		%	8		%	7		%	8		%	7		%	10		%	8		%	10		%	7		%		7		%
Earned premiums		$	165		$	163		$	159		$	157		$	154		$	149		$	147		$	322		$	296		$	487		$	450			$	607
Current accident year before catastrophe losses		48.2		%	45.0		%	53.5		%	55.7		%	60.9		%	53.1		%	51.9		%	49.2		%	52.5		%	48.9		%	55.3		%		55.5		%
Current accident year catastrophe losses		46.1			51.7			23.8			21.7			14.0			22.6			23.2			37.9			22.9			40.7			19.9				20.3
Prior accident years before catastrophe losses		1.7			4.5			(8.7)			(2.2)			1.0			4.5			2.0			(2.0)			3.3			(0.8)			2.5				1.3
Prior accident years catastrophe losses		(1.6)			(0.1)			(2.3)			(0.5)			(0.8)			(2.2)			5.7			(1.2)			1.7			(1.3)			0.9				0.5
Total loss and loss expense ratio		94.4		%	101.1		%	66.3		%	74.7		%	75.1		%	78.0		%	82.8		%	83.9		%	80.4		%	87.5		%	78.6		%		77.6		%
Other personal:
Written premiums		$	52		$	57		$	42		$	43		$	49		$	53		$	39		$	99		$	92		$	151		$	141			$	184
Year over year change %- written premium		6		%	8		%	8		%	5		%	7		%	15		%	10		%	8		%	13		%	7		%	11		%		10		%
Earned premiums		$	48		$	47		$	46		$	46		$	44		$	44		$	42		$	93		$	86		$	141		$	130			$	176
Current accident year before catastrophe losses		49.6		%	48.5		%	50.5		%	60.9		%	51.4		%	51.5		%	33.6		%	49.5		%	42.7		%	49.5		%	45.7		%		49.6		%
Current accident year catastrophe losses		10.6			11.8			4.6			2.9			4.3			4.7			5.6			8.2			5.1			9.0			4.8				4.3
Prior accident years before catastrophe losses		(0.7)			(1.4)			6.3			(5.9)			(6.4)			(7.7)			(6.1)			2.4			(6.9)			1.4			(6.7)				(6.5)
Prior accident years catastrophe losses		(0.2)			(0.7)			(0.6)			(0.5)			(0.7)			0.4			0.1			(0.6)			0.2			(0.5)			(0.1)				(0.2)
Total loss and loss expense ratio		59.3		%	58.2		%	60.8		%	57.4		%	48.6		%	48.9		%	33.2		%	59.5		%	41.1		%	59.4		%	43.7		%		47.2		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																																						Six months ended	Nine months ended	Twelve months ended
	12/31/20	9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20	12/31/19
Excess & Surplus:
Written premiums		$	80		$	91		$	85		$	80		$	74		$	78		$	71		$	176		$	149		$	256		$	223			$	303
Year over year change %- written premium		8		%	17		%	20		%	23		%	25		%	22		%	16		%	18		%	19		%	15		%	21		%		22		%
Earned premiums		$	82		$	78		$	78		$	76		$	72		$	67		$	63		$	156		$	130		$	238		$	202			$	278
Current accident year before catastrophe losses		58.5		%	59.0		%	55.7		%	54.3		%	57.6		%	50.8		%	55.5		%	57.4		%	53.1		%	57.8		%	54.7		%		54.6		%
Current accident year catastrophe losses		1.0			3.6			0.5			—			0.6			0.7			0.3			2.0			0.5			1.7			0.5				0.4
Prior accident years before catastrophe losses		(1.5)			11.2			0.7			(0.4)			(6.0)			(6.2)			(4.2)			5.9			(5.2)			3.4			(5.5)				(4.1)
Prior accident years catastrophe losses		0.2			(0.2)			0.5			0.5			0.5			(0.2)			(0.1)			0.2			(0.1)			0.1			0.1				0.2
Total loss and loss expense ratio		58.2		%	73.6		%	57.4		%	54.4		%	52.7		%	45.1		%	51.5		%	65.5		%	48.3		%	63.0		%	49.8		%		51.1		%
*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.

CINF Third-Quarter 2020 Supplemental Financial Data

10

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)										Change in			Change in			Change in			Total									Loss
			Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
			losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the nine months ended September 30, 2020
Commercial casualty	$	264		$	138		$	402		$	27		$	75		$	14		$	116		$	291		$	75		$	152		$	518
Commercial property	547			54			601			66			71			—			137			613			71			54			738
Commercial auto	278			63			341			(13)			53			(1)			39			265			53			62			380
Workers' compensation	109			26			135			(1)			13			(7)			5			108			13			19			140
Other commercial	49			11			60			(12)			4			25			17			37			4			36			77
Total commercial lines	1,247			292			1,539			67			216			31			314			1,314			216			323			1,853
Personal auto	220			59			279			(25)			30			(9)			(4)			195			30			50			275
Homeowners	314			42			356			49			21			1			71			363			21			43			427
Other personal	48			5			53			10			20			—			30			58			20			5			83
Total personal lines	582			106			688			34			71			(8)			97			616			71			98			785
Excess & surplus lines	53			29			82			38			19			17			74			91			19			46			156
Other	130			5			135			6			113			—			119			136			113			5			254
Total property casualty	$	2,012		$	432		$	2,444		$	145		$	419		$	40		$	604		$	2,157		$	419		$	472		$	3,048
Ceded loss and loss expense incurred for the nine months ended September 30, 2020
Commercial casualty	$	1		$	—		$	1		$	(2)		$	—		$	—		$	(2)		$	(1)		$	—		$	—		$	(1)
Commercial property	62			1			63			(45)			6			—			(39)			17			6			1			24
Commercial auto	—			—			—			—			—			—			—			—			—			—			—
Workers' compensation	8			—			8			(3)			(2)			—			(5)			5			(2)			—			3
Other commercial	3			—			3			—			—			—			—			3			—			—			3
Total commercial lines	74			1			75			(50)			4			—			(46)			24			4			1			29
Personal auto	2			—			2			2			(1)			—			1			4			(1)			—			3
Homeowners	3			—			3			(3)			—			—			(3)			—			—			—			—
Other personal	—			—			—			—			—			—			—			—			—			—			—
Total personal lines	5			—			5			(1)			(1)			—			(2)			4			(1)			—			3
Excess & surplus lines	2			—			2			3			1			—			4			5			1			—			6
Other	14			1			15			(11)			(2)			—			(13)			3			(2)			1			2
Total property casualty	$	95		$	2		$	97		$	(59)		$	2		$	—		$	(57)		$	36		$	2		$	2		$	40
Net loss and loss expense incurred for the nine months ended September 30, 2020
Commercial casualty	$	263		$	138		$	401		$	29		$	75		$	14		$	118		$	292		$	75		$	152		$	519
Commercial property	485			53			538			111			65			—			176			596			65			53			714
Commercial auto	278			63			341			(13)			53			(1)			39			265			53			62			380
Workers' compensation	101			26			127			2			15			(7)			10			103			15			19			137
Other commercial	46			11			57			(12)			4			25			17			34			4			36			74
Total commercial lines	1,173			291			1,464			117			212			31			360			1,290			212			322			1,824
Personal auto	218			59			277			(27)			31			(9)			(5)			191			31			50			272
Homeowners	311			42			353			52			21			1			74			363			21			43			427
Other personal	48			5			53			10			20			—			30			58			20			5			83
Total personal lines	577			106			683			35			72			(8)			99			612			72			98			782
Excess & surplus lines	51			29			80			35			18			17			70			86			18			46			150
Other	116			4			120			17			115			—			132			133			115			4			252
Total property casualty	$	1,917		$	430		$	2,347		$	204		$	417		$	40		$	661		$	2,121		$	417		$	470		$	3,008
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.

CINF Third-Quarter 2020 Supplemental Financial Data

11

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)										Change in			Change in			Change in			Total									Loss
			Paid			Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
			losses			expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the three months ended September 30, 2020
Commercial casualty	$	87		$	51		$	138		$	—		$	27		$	8		$	35		$	87		$	27		$	59		$	173
Commercial property	185			20			205			36			40			(14)			62			221			40			6			267
Commercial auto	85			19			104			8			2			3			13			93			2			22			117
Workers' compensation	31			9			40			5			3			—			8			36			3			9			48
Other commercial	12			4			16			2			—			9			11			14			—			13			27
Total commercial lines	400			103			503			51			72			6			129			451			72			109			632
Personal auto	72			19			91			1			(10)			(2)			(11)			73			(10)			17			80
Homeowners	115			17			132			32			(2)			(3)			27			147			(2)			14			159
Other personal	15			2			17			6			6			—			12			21			6			2			29
Total personal lines	202			38			240			39			(6)			(5)			28			241			(6)			33			268
Excess & surplus lines	15			10			25			18			2			5			25			33			2			15			50
Other	41			1			42			14			87			—			101			55			87			1			143
Total property casualty	$	658		$	152		$	810		$	122		$	155		$	6		$	283		$	780		$	155		$	158		$	1,093
Ceded loss and loss expense incurred for the three months ended September 30, 2020
Commercial casualty	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Commercial property	18			—			18			(17)			9			—			(8)			1			9			—			10
Commercial auto	—			—			—			—			—			—			—			—			—			—			—
Workers' compensation	3			—			3			(2)			—			—			(2)			1			—			—			1
Other commercial	1			—			1			—			—			—			—			1			—			—			1
Total commercial lines	22			—			22			(19)			9			—			(10)			3			9			—			12
Personal auto	—			—			—			—			—			—			—			—			—			—			—
Homeowners	2			—			2			(1)			2			—			1			1			2			—			3
Other personal	—			—			—			—			—			—			—			—			—			—			—
Total personal lines	2			—			2			(1)			2			—			1			1			2			—			3
Excess & surplus lines	1			—			1			1			—			—			1			2			—			—			2
Other	5			1			6			(4)			3			—			(1)			1			3			1			5
Total property casualty	$	30		$	1		$	31		$	(23)		$	14		$	—		$	(9)		$	7		$	14		$	1		$	22
Net loss and loss expense incurred for the three months ended September 30, 2020
Commercial casualty	$	87		$	51		$	138		$	—		$	27		$	8		$	35		$	87		$	27		$	59		$	173
Commercial property	167			20			187			53			31			(14)			70			220			31			6			257
Commercial auto	85			19			104			8			2			3			13			93			2			22			117
Workers' compensation	28			9			37			7			3			—			10			35			3			9			47
Other commercial	11			4			15			2			—			9			11			13			—			13			26
Total commercial lines	378			103			481			70			63			6			139			448			63			109			620
Personal auto	72			19			91			1			(10)			(2)			(11)			73			(10)			17			80
Homeowners	113			17			130			33			(4)			(3)			26			146			(4)			14			156
Other personal	15			2			17			6			6			—			12			21			6			2			29
Total personal lines	200			38			238			40			(8)			(5)			27			240			(8)			33			265
Excess & surplus lines	14			10			24			17			2			5			24			31			2			15			48
Other	36			—			36			18			84			—			102			54			84			—			138
Total property casualty	$	628		$	151		$	779		$	145		$	141		$	6		$	292		$	773		$	141		$	157		$	1,071
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.

CINF Third-Quarter 2020 Supplemental Financial Data

12

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																																						Six months ended	Nine months ended	Twelve months ended
	12/31/20	9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20	12/31/19
Premiums
Agency renewal written premiums		$	1,153		$	1,244		$	1,198		$	1,084		$	1,119		$	1,186		$	1,130		$	2,442		$	2,316		$	3,595		$	3,435			$	4,519
Agency new business written premiums		189			210			215			193			192			212			181			425			393			614			585				778
Other written premiums		51			105			105			31			40			78			70			210			148			261			188				219
Net written premiums		$	1,393		$	1,559		$	1,518		$	1,308		$	1,351		$	1,476		$	1,381		$	3,077		$	2,857		$	4,470		$	4,208			$	5,516
Unearned premium change		57			(156)			(129)			66			25			(159)			(114)			(285)			(273)			(228)			(248)				(182)
Earned premiums		$	1,450		$	1,403		$	1,389		$	1,374		$	1,376		$	1,317		$	1,267		$	2,792		$	2,584		$	4,242		$	3,960			$	5,334
Year over year change %
Agency renewal written premiums		3		%	5		%	6		%	5		%	3		%	3		%	4		%	5		%	4		%	5		%	3		%		4		%
Agency new business written premiums		(2)			(1)			19			22			25			17			14			8			16			5			18				19
Other written premiums		28			35			50			nm			nm			333			338			42			335			39			395				nm
Net written premiums		3			6			10			11			8			9			10			8			10			6			9				10
Paid losses and loss expenses
Losses paid		$	628		$	624		$	663		$	677		$	703		$	677		$	692		$	1,289		$	1,369		$	1,917		$	2,072			$	2,748
Loss expenses paid		151			127			154			131			127			121			132			279			253			430			380				512
Loss and loss expenses paid		$	779		$	751		$	817		$	808		$	830		$	798		$	824		$	1,568		$	1,622		$	2,347		$	2,452			$	3,260
Incurred losses and loss expenses
Loss and loss expense incurred		$	1,071		$	1,007		$	930		$	835		$	864		$	863		$	790		$	1,937		$	1,653		$	3,008		$	2,517			$	3,352
Loss and loss expenses paid as a % of incurred		72.7		%	74.6		%	87.7		%	96.8		%	96.1		%	92.5		%	104.3		%	80.9		%	98.1		%	78.0		%	97.4		%		97.3		%
Statutory combined ratio
Loss ratio		59.8		%	60.4		%	56.1		%	49.6		%	52.1		%	55.7		%	52.5		%	58.2		%	54.1		%	58.8		%	53.4		%		52.5		%
Loss adjustment expense ratio		11.3			11.6			11.3			11.3			11.0			9.9			10.1			11.5			10.1			11.4			10.4				10.6
Net underwriting expense ratio		30.2			28.8			29.2			32.1			31.2			29.3			28.9			29.0			29.1			29.3			29.8				30.3
US Statutory combined ratio		101.3		%	100.8		%	96.6		%	93.0		%	94.3		%	94.9		%	91.5		%	98.7		%	93.3		%	99.5		%	93.6		%		93.4		%
Contribution from catastrophe losses		16.0			15.8			9.3			2.9			4.9			10.5			5.8			12.6			8.2			13.7			7.1				6.0
Statutory combined ratio excl. catastrophe losses		85.3		%	85.0		%	87.3		%	90.1		%	89.4		%	84.4		%	85.7		%	86.1		%	85.1		%	85.8		%	86.5		%		87.4		%
GAAP combined ratio
GAAP combined ratio		103.6		%	103.1		%	98.5		%	91.6		%	94.2		%	96.5		%	93.0		%	100.8		%	94.8		%	101.8		%	94.6		%		93.8		%
Contribution from catastrophe losses		18.3			16.5			9.1			3.3			5.3			10.0			5.8			12.8			7.9			14.7			7.1				6.0
GAAP combined ratio excl. catastrophe losses		85.3		%	86.6		%	89.4		%	88.3		%	88.9		%	86.5		%	87.2		%	88.0		%	86.9		%	87.1		%	87.5		%		87.8		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. *nm - Not meaningful *Statutory ratios exclude the results of Cincinnati Global, which was acquired on February 28, 2019. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Third-Quarter 2020 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
	12/31/20	9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20	12/31/19
Premiums
Agency renewal written premiums		$	727		$	794		$	842		$	719		$	713		$	767		$	799		$	1,636		$	1,566		$	2,363		$	2,279			$	2,998
Agency new business written premiums		114			134			154			129			124			137			120			288			257			402			381				510
Other written premiums		(27)			(20)			(24)			(29)			(21)			(25)			(23)			(44)			(48)			(71)			(69)				(98)
Net written premiums		$	814		$	908		$	972		$	819		$	816		$	879		$	896		$	1,880		$	1,775		$	2,694		$	2,591			$	3,410
Unearned premium change		51			(38)			(109)			33			18			(56)			(86)			(147)			(142)			(96)			(124)				(91)
Earned premiums		$	865		$	870		$	863		$	852		$	834		$	823		$	810		$	1,733		$	1,633		$	2,598		$	2,467			$	3,319
Year over year change %
Agency renewal written premiums		2		%	4		%	5		%	4		%	2		%	1		%	4		%	4		%	2		%	4		%	2		%		2		%
Agency new business written premiums		(8)			(2)			28			28			32			16			15			12			16			6			21				22
Other written premiums		(29)			20			(4)			15			5			(25)			(10)			8			(17)			(3)			(10)				(1)
Net written premiums		—			3			8			8			5			3			5			6			4			4			4				5
Paid losses and loss expenses
Losses paid		$	378		$	367		$	426		$	418		$	417		$	394		$	436		$	795		$	830		$	1,173		$	1,247			$	1,665
Loss expenses paid		103			86			103			91			89			85			92			189			178			291			266				358
Loss and loss expenses paid		$	481		$	453		$	529		$	509		$	506		$	479		$	528		$	984		$	1,008		$	1,464		$	1,513			$	2,023
Incurred losses and loss expenses
Loss and loss expense incurred		$	620		$	596		$	608		$	489		$	510		$	550		$	481		$	1,204		$	1,031		$	1,824		$	1,541			$	2,030
Loss and loss expenses paid as a % of incurred		77.6		%	76.0		%	87.0		%	104.1		%	99.2		%	87.1		%	109.8		%	81.7		%	97.8		%	80.3		%	98.2		%		99.7		%
Statutory combined ratio
Loss ratio		59.1		%	56.7		%	57.5		%	44.8		%	49.3		%	56.5		%	48.5		%	57.0		%	52.5		%	57.8		%	51.5		%		49.7		%
Loss adjustment expense ratio		12.5			11.8			12.9			12.6			11.9			10.3			10.9			12.4			10.6			12.4			11.0				11.5
Net underwriting expense ratio		32.0			28.6			28.9			32.8			32.7			30.2			28.9			28.8			29.6			29.7			30.6				31.1
Statutory combined ratio		103.6		%	97.1		%	99.3		%	90.2		%	93.9		%	97.0		%	88.3		%	98.2		%	92.7		%	99.9		%	93.1		%		92.3		%
Contribution from catastrophe losses		14.8			14.0			9.8			(0.7)			4.1			11.7			3.3			11.9			7.5			12.9			6.4				4.5
Statutory combined ratio excl. catastrophe losses		88.8		%	83.1		%	89.5		%	90.9		%	89.8		%	85.3		%	85.0		%	86.3		%	85.2		%	87.0		%	86.7		%		87.8		%
GAAP combined ratio
GAAP combined ratio		102.4		%	99.1		%	102.5		%	88.8		%	93.4		%	98.6		%	90.8		%	100.8		%	94.7		%	101.3		%	94.3		%		92.9		%
Contribution from catastrophe losses		14.8			14.0			9.8			(0.7)			4.1			11.7			3.3			11.9			7.5			12.9			6.4				4.5
GAAP combined ratio excl. catastrophe losses		87.6		%	85.1		%	92.7		%	89.5		%	89.3		%	86.9		%	87.5		%	88.9		%	87.2		%	88.4		%	87.9		%		88.4		%
*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 Third-Quarter 2020 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
	12/31/20	9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20	12/31/19
Premiums
Agency renewal written premiums		$	366		$	387		$	294		$	309		$	356		$	365		$	282		$	681		$	647		$	1,047		$	1,003			$	1,312
Agency new business written premiums		51			44			34			36			40			47			35			78			82			129			122				158
Other written premiums		(10)			(8)			(9)			(9)			(8)			(10)			(8)			(17)			(18)			(27)			(26)				(35)
Net written premiums		$	407		$	423		$	319		$	336		$	388		$	402		$	309		$	742		$	711		$	1,149		$	1,099			$	1,435
Unearned premium change		(40)			(59)			40			22			(34)			(54)			35			(19)			(19)			(59)			(53)				(31)
Earned premiums		$	367		$	364		$	359		$	358		$	354		$	348		$	344		$	723		$	692		$	1,090		$	1,046			$	1,404
Year over year change %
Agency renewal written premiums		3		%	6		%	4		%	5		%	4		%	7		%	7		%	5		%	7		%	4		%	6		%		6		%
Agency new business written premiums		28			(6)			(3)			(5)			(5)			2			(10)			(5)			(4)			6			(4)				(4)
Other written premiums		(25)			20			(13)			(13)			(14)			(43)			(33)			6			(38)			(4)			(30)				(25)
Net written premiums		5			5			3			4			3			6			4			4			5			5			4				4
Paid losses and loss expenses
Losses paid		$	200		$	203		$	173		$	205		$	221		$	217		$	209		$	376		$	426		$	577		$	647			$	850
Loss expenses paid		38			30			40			29			29			27			31			69			58			106			87				116
Loss and loss expenses paid		$	238		$	233		$	213		$	234		$	250		$	244		$	240		$	445		$	484		$	683		$	734			$	966
Incurred losses and loss expenses
Loss and loss expense incurred		$	265		$	286		$	231		$	251		$	244		$	240		$	250		$	517		$	490		$	782		$	734			$	985
Loss and loss expenses paid as a % of incurred		89.8		%	81.5		%	92.2		%	93.2		%	102.0		%	101.7		%	96.0		%	86.1		%	98.8		%	87.3		%	100.0		%		98.1		%
Statutory combined ratio
Loss ratio		63.1		%	67.5		%	57.2		%	61.2		%	60.4		%	59.7		%	64.9		%	62.4		%	62.3		%	62.6		%	61.6		%		61.5		%
Loss adjustment expense ratio		8.9			11.4			6.9			9.0			8.8			9.2			7.6			9.1			8.4			9.1			8.5				8.7
Net underwriting expense ratio		26.9			29.4			32.1			30.7			28.2			27.3			30.7			30.6			28.8			29.3			28.6				29.1
Statutory combined ratio		98.9		%	108.3		%	96.2		%	100.9		%	97.4		%	96.2		%	103.2		%	102.1		%	99.5		%	101.0		%	98.7		%		99.3		%
Contribution from catastrophe losses		22.5			25.1			10.7			9.7			6.7			10.0			13.3			17.9			11.6			19.5			10.0				9.9
Statutory combined ratio excl. catastrophe losses		76.4		%	83.2		%	85.5		%	91.2		%	90.7		%	86.2		%	89.9		%	84.2		%	87.9		%	81.5		%	88.7		%		89.4		%
GAAP combined ratio
GAAP combined ratio		100.7		%	112.3		%	94.3		%	99.3		%	99.6		%	98.9		%	101.3		%	103.4		%	100.1		%	102.5		%	99.9		%		99.8		%
Contribution from catastrophe losses		22.5			25.1			10.7			9.7			6.7			10.0			13.3			17.9			11.6			19.5			10.0				9.9
GAAP combined ratio excl. catastrophe losses		78.2		%	87.2		%	83.6		%	89.6		%	92.9		%	88.9		%	88.0		%	85.5		%	88.5		%	83.0		%	89.9		%		89.9		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. *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.

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Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																																						Six months ended	Nine months ended	Twelve months ended
	12/31/20	9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20	12/31/19
Premiums
Agency renewal written premiums		$	60		$	63		$	62		$	56		$	50		$	54		$	49		$	125		$	103		$	185		$	153			$	209
Agency new business written premiums		24			32			27			28			28			28			26			59			54			83			82				110
Other written premiums		(4)			(4)			(4)			(4)			(4)			(4)			(4)			(8)			(8)			(12)			(12)				(16)
Net written premiums		$	80		$	91		$	85		$	80		$	74		$	78		$	71		$	176		$	149		$	256		$	223			$	303
Unearned premium change		2			(13)			(7)			(4)			(2)			(11)			(8)			(20)			(19)			(18)			(21)				(25)
Earned premiums		$	82		$	78		$	78		$	76		$	72		$	67		$	63		$	156		$	130		$	238		$	202			$	278
Year over year change %
Agency renewal written premiums		20		%	17		%	27		%	12		%	14		%	8		%	2		%	21		%	5		%	21		%	8		%		9		%
Agency new business written premiums		(14)			14			4			47			56			65			63			9			64			1			61				57
Other written premiums		—			—			—			—			(33)			(33)			(33)			—			(33)			—			(33)				(23)
Net written premiums		8			17			20			23			25			22			16			18			19			15			21				22
Paid losses and loss expenses
Losses paid		$	14		$	14		$	23		$	14		$	16		$	10		$	18		$	37		$	28		$	51		$	43			$	57
Loss expenses paid		10			9			9			9			8			7			8			19			15			29			23				33
Loss and loss expenses paid		$	24		$	23		$	32		$	23		$	24		$	17		$	26		$	56		$	43		$	80		$	66			$	90
Incurred losses and loss expenses
Loss and loss expense incurred		$	48		$	57		$	45		$	41		$	39		$	29		$	33		$	102		$	62		$	150		$	101			$	142
Loss and loss expenses paid as a % of incurred		50.0		%	40.4		%	71.1		%	56.1		%	63.2		%	53.5		%	78.8		%	54.9		%	68.8		%	53.3		%	65.3		%		63.4		%
Statutory combined ratio
Loss ratio		39.8		%	56.4		%	35.4		%	38.0		%	35.6		%	27.2		%	32.9		%	45.9		%	30.0		%	43.8		%	32.0		%		33.7		%
Loss adjustment expense ratio		18.5			17.2			22.0			16.4			17.1			17.9			18.6			19.5			18.3			19.2			17.9				17.4
Net underwriting expense ratio		29.6			26.6			28.8			29.1			29.6			28.5			28.5			27.7			28.4			28.3			28.8				28.9
Statutory combined ratio		87.9		%	100.2		%	86.2		%	83.5		%	82.3		%	73.6		%	80.0		%	93.1		%	76.7		%	91.3		%	78.7		%		80.0		%
Contribution from catastrophe losses		1.2			3.4			1.0			0.5			1.1			0.5			0.2			2.2			0.4			1.8			0.6				0.6
Statutory combined ratio excl. catastrophe losses		86.7		%	96.8		%	85.2		%	83.0		%	81.2		%	73.1		%	79.8		%	90.9		%	76.3		%	89.5		%	78.1		%		79.4		%
GAAP combined ratio
GAAP combined ratio		86.7		%	102.0		%	89.1		%	82.9		%	83.2		%	76.1		%	83.5		%	95.5		%	79.7		%	92.5		%	80.9		%		81.5		%
Contribution from catastrophe losses		1.2			3.4			1.0			0.5			1.1			0.5			0.2			2.2			0.4			1.8			0.6				0.6
GAAP combined ratio excl. catastrophe losses		85.5		%	98.6		%	88.1		%	82.4		%	82.1		%	75.6		%	83.3		%	93.3		%	79.3		%	90.7		%	80.3		%		80.9		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. *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.

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Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended September 30,													For the Nine Months Ended September 30,
(Dollars in millions)	2020		2019		Change		% Change	2020		2019		Change		% Change
Underwriting income (loss)
Net premiums written	$	1,354	$	1,312	$	42	3	$	4,341	$	4,104	$	237	6
Unearned premium change	(31)		4		(35)		nm	225		255		(30)		(12)
Earned premiums	$	1,385	$	1,308	$	77	6	$	4,116	$	3,849	$	267	7
Losses incurred	$	829	$	682	$	147	22	$	2,419	$	2,058	$	361	18
Defense and cost containment expenses incurred	79		72		7		10	243		204		39		19
Adjusting and other expenses incurred	77		72		5		7	227		197		30		15
Other underwriting expenses incurred	406		406		—		—	1,266		1,212		54		4
Workers compensation dividend incurred	2		3		(1)		(33)	7		9		(2)		(22)
Total underwriting deductions	$	1,393	$	1,235	$	158	13	$	4,162	$	3,680	$	482	13
Net underwriting profit (loss)	$	(8)	$	73	$	(81)	nm	$	(46)	$	169	$	(215)	nm
Investment income
Gross investment income earned	$	105	$	107	$	(2)	(2)	$	316	$	311	$	5	2
Net investment income earned	103		104		(1)		(1)	311		305		6		2
Net realized capital gains and losses, net	28		(1)		29		nm	(10)		4		(14)		nm
Net investment gains (net of tax)	$	131	$	103	$	28	27	$	301	$	309	$	(8)	(3)
Other income	$	1	$	2	$	(1)	(50)	$	3	$	6	$	(3)	(50)
Net income before federal income taxes	$	124	$	178	$	(54)	(30)	$	258	$	484	$	(226)	(47)
Federal and foreign income taxes incurred	20		25		(5)		(20)	37		73		(36)		(49)
Net income (statutory)	$	104	$	153	$	(49)	(32)	$	221	$	411	$	(190)	(46)
Policyholders' surplus - statutory	$	5,372	$	5,419	$	(47)	(1)	$	5,372	$	5,419	$	(47)	(1)
Fixed maturities at amortized cost - statutory	$	7,513	$	7,390	$	123	2	$	7,513	$	7,390	$	123	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.

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The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended September 30,													For the Nine Months Ended September 30,
(Dollars in millions)	2020		2019		Change		% Change	2020		2019		Change		% Change
Net premiums written	$	79	$	78	$	1	1	$	241	$	233	$	8	3
Net investment income	41		40		1		3	124		119		5		4
Amortization of interest maintenance reserve	—		—		—		—	—		1		(1)		nm
Commissions and expense allowances on reinsurance ceded	1		1		—		—	3		3		—		—
Income from fees associated with separate accounts	1		1		—		—	2		3		(1)		(33)
Total revenues	$	122	$	120	$	2	2	$	370	$	359	$	11	3
Death benefits and matured endowments	$	38	$	31	$	7	23	$	106	$	102	$	4	4
Annuity benefits	14		19		(5)		(26)	49		68		(19)		(28)
Disability benefits and benefits under accident and health contracts	—		—		—		—	1		1		—		—
Surrender benefits and group conversions	8		5		3		60	19		15		4		27
Interest and adjustments on deposit-type contract funds	2		3		(1)		(33)	6		7		(1)		(14)
Increase in aggregate reserves for life and accident and health contracts	5		25		(20)		(80)	63		77		(14)		(18)
Total benefit expenses	$	67	$	83	$	(16)	(19)	$	244	$	270	$	(26)	(10)
Commissions	$	11	$	13	$	(2)	(15)	$	36	$	39	$	(3)	(8)
General insurance expenses and taxes	12		13		(1)		(8)	37		40		(3)		(8)
Increase in loading on deferred and uncollected premiums	(1)		—		(1)		nm	4		(2)		6		nm
Net transfers from separate accounts	(5)		(3)		(2)		(67)	(9)		(6)		(3)		(50)
Total underwriting expenses	$	17	$	23	$	(6)	(26)	$	68	$	71	$	(3)	(4)
Federal and foreign income taxes incurred	5		2		3		150	11		5		6		120
Net gain from operations before capital gains and losses	$	33	$	12	$	21	175	$	47	$	13	$	34	262
Gains and losses net of capital gains tax, net	—		(3)		3		100	(31)		(2)		(29)		nm
Net income (statutory)	$	33	$	9	$	24	267	$	16	$	11	$	5	45
Policyholders' surplus - statutory	$	238	$	196	42		21	$	238	$	196	$	42	21
Fixed maturities at amortized cost - statutory	$	3,471	$	3,401	$	70	2	$	3,471	$	3,401	$	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.

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Quarterly Data - Other
(Dollars in millions)	Three months ended																																						Six months ended	Nine months ended	Twelve months ended
	12/31/20	9/30/20			6/30/20			3/31/20			12/31/19			9/30/19			6/30/19			3/31/19			6/30/20			6/30/19			9/30/20			9/30/19			12/31/20	12/31/19
Cincinnati Re:
Written premiums		$	54		$	84		$	105		$	36		$	35		$	73		$	84		$	189		$	157		$	242		$	192			$	228
Year over year change %- written premium		52		%	15		%	25		%	29		%	(3)		%	52		%	83		%	20		%	67		%	26		%	48		%		44		%
Earned premiums		$	71		$	57		$	62		$	50		$	48		$	46		$	40		$	119		$	86		$	190		$	134			$	184
Current accident year before catastrophe losses		56.1		%	79.6		%	47.6		%	43.9		%	55.6		%	51.3		%	54.3		%	63.0		%	52.7		%	60.4		%	53.7		%		51.1		%
Current accident year catastrophe losses		22.3			—			—			20.5			17.3			—			—			—			—			8.4			6.3				10.1
Prior accident years before catastrophe losses		5.5			(0.6)			3.1			2.2			1.2			(3.7)			6.2			1.3			0.9			2.8			1.0				1.3
Prior accident years catastrophe losses		(8.6)			(0.1)			6.3			0.2			(7.9)			8.7			(0.3)			3.2			4.5			(1.2)			—				0.1
Total loss and loss expense ratio		75.3		%	78.9		%	57.0		%	66.8		%	66.2		%	56.3		%	60.2		%	67.5		%	58.1		%	70.4		%	61.0		%		62.6		%
Cincinnati Global:
Written premiums		$	38		$	53		$	37		$	37		$	38		$	44		$	21		$	90		$	65		$	129		$	103			$	140
Year over year change %- written premium		—		%	20		%	76		%													38		%				25		%
Earned premiums		$	65		$	34		$	27		$	38		$	68		$	33		$	10		$	61		$	43		$	126		$	111			$	149
Current accident year before catastrophe losses		62.9		%	49.6		%	63.7		%	39.6		%	44.6		%	75.5		%	103.9		%	55.6		%	82.6		%	59.4		%	59.3		%		54.3		%
Current accident year catastrophe losses		68.7			42.4			—			4.8			19.4			9.8			—			24.1			7.3			46.9			14.7				12.2
Prior accident years before catastrophe losses		(0.1)			(27.9)			(19.5)			(0.2)			(2.9)			(8.5)			(84.0)			(24.2)			(27.3)			(11.8)			(12.3)				(9.2)
Prior accident years catastrophe losses		(0.1)			1.0			(3.2)			9.1			(4.2)			(22.5)			4.3			(0.8)			(15.8)			(0.4)			(8.7)				(4.2)
Total loss and loss expense ratio		131.4		%	65.1		%	41.0		%	53.3		%	56.9		%	54.3		%	24.2		%	54.7		%	46.8		%	94.1		%	53.0		%		53.1		%
Noninsurance operations:
Interest and fees on loans and leases		$	1		$	2		$	1		$	1		$	1		$	1		$	2		$	3		$	3		$	4		$	4			$	5
Other revenue		2			1			1			1			2			1			—			2			1			4			3				4
Interest expense		13			14			13			13			14			13			13			27			26			40			40				53
Operating expenses		5			5			5			6			5			4			8			10			12			15			17				23
Total noninsurance operations loss		$	(15)		$	(16)		$	(16)		$	(17)		$	(16)		$	(15)		$	(19)		$	(32)		$	(34)		$	(47)		$	(50)			$	(67)
*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 was acquired on February 28, 2019. Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

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