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

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending June 30, 2022

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com

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

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

Ratings are as of July 26, 2022, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.

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

CINF Second-Quarter 2022 Supplemental Financial Data

1

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

CINF Second-Quarter 2022 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 Second-Quarter 2022 Supplemental Financial Data

3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2022
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	3,447	$	—	$	—	$	—	$	3,447
Life	—		—		186		—		—		186
Premiums ceded	—		(132)		(38)		—		—		(170)
Total earned premium	—		3,315		148		—		—		3,463
Investment income, net of expenses	49		247		84		—		—		380
Investment gains and losses, net	(859)		(961)		—		—		—		(1,820)
Fee revenues	—		5		2		—		—		7
Other revenues	8		2		—		3		(8)		5
Total revenues	$	(802)	$	2,608	$	234	$	3	$	(8)	$	2,035
Benefits & expenses
Losses & contract holders' benefits	$	—	$	2,209	$	205	$	—	$	—	$	2,414
Reinsurance recoveries	—		(13)		(53)		—		—		(66)
Underwriting, acquisition and insurance expenses	—		1,011		42		—		—		1,053
Interest expense	26		—		—		—		—		26
Other operating expenses	16		—		—		1		(8)		9
Total expenses	$	42	$	3,207	$	194	$	1	$	(8)	$	3,436
Income (loss) before income taxes	$	(844)	$	(599)	$	40	$	2	$	—	$	(1,401)
Provision (benefit) for income taxes
Current operating income	$	186	$	256	$	11	$	—	$	—	$	453
Capital gains/losses	(180)		(202)		—		—		—		(382)
Deferred	(187)		(202)		(2)		—		—		(391)
Total provision (benefit) for income taxes	$	(181)	$	(148)	$	9	$	—	$	—	$	(320)
Net income (loss) - current year	$	(663)	$	(451)	$	31	$	2	$	—	$	(1,081)
Net income - prior year	$	331	$	966	$	24	$	2	$	—	$	1,323
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Second-Quarter 2022 Supplemental Financial Data

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Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2022
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	1,765	$	—	$	—	$	—	$	1,765
Life	—		—		96		—		—		96
Premiums ceded	—		(68)		(20)		—		—		(88)
Total earned premium	—		1,697		76		—		—		1,773
Investment income, net of expenses	26		127		42		—		—		195
Investment gains and losses, net	(567)		(587)		—		—		—		(1,154)
Fee revenues	—		2		1		—		—		3
Other revenues	4		1		—		2		(4)		3
Total revenues	$	(537)	$	1,240	$	119	$	2	$	(4)	$	820
Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,241	$	91	$	—	$	—	$	1,332
Reinsurance recoveries	—		(1)		(22)		—		—		(23)
Underwriting, acquisition and insurance expenses	—		511		23		—		—		534
Interest expense	13		—		—		—		—		13
Other operating expenses	8		—		—		1		(4)		5
Total expenses	$	21	$	1,751	$	92	$	1	$	(4)	$	1,861
Income (loss) before income taxes	$	(558)	$	(511)	$	27	$	1	$	—	$	(1,041)
Provision (benefit) for income taxes
Current operating income (loss)	$	122	$	142	$	8	$	—	$	—	$	272
Capital gains/losses	(119)		(123)		—		—		—		(242)
Deferred	(122)		(139)		(2)		—		—		(263)
Total provision (benefit) for income taxes	$	(119)	$	(120)	$	6	$	—	$	—	$	(233)
Net income (loss) - current year	$	(439)	$	(391)	$	21	$	1	$	—	$	(808)
Net income - prior year	$	187	$	500	$	14	$	2	$	—	$	703
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Second-Quarter 2022 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
	12/31/22	9/30/22	6/30/22		3/31/22		12/31/21		9/30/21		6/30/21		3/31/21		6/30/22		6/30/21		9/30/22	9/30/21		12/31/22	12/31/21
Consolidated
Current accident year losses greater than $5 million			$	38	$	23	$	55	$	14	$	38	$	5	$	61	$	43		$	57		$	112
Current accident year losses $1 million - $5 million			77		82		103		72		51		31		159		82			154			257
Large loss prior accident year reserve development			38		25		28		30		13		24		63		37			67			95
Total large losses incurred			$	153	$	130	$	186	$	116	$	102	$	60	$	283	$	162		$	278		$	464
Losses incurred but not reported			74		36		(71)		(13)		(37)		102		110		65			52			(19)
Other losses excluding catastrophe losses			648		592		520		514		577		451		1,240		1,028			1,542			2,062
Catastrophe losses			208		24		51		215		56		150		232		206			421			472
Total losses incurred			$	1,083	$	782	$	686	$	832	$	698	$	763	$	1,865	$	1,461		$	2,293		$	2,979
Commercial Lines
Current accident year losses greater than $5 million			$	15	$	16	$	50	$	4	$	38	$	5	$	31	$	43		$	47		$	97
Current accident year losses $1 million - $5 million			53		67		70		60		29		26		120		55			115			185
Large loss prior accident year reserve development			36		21		27		29		14		26		57		40			69			96
Total large losses incurred			$	104	$	104	$	147	$	93	$	81	$	57	$	208	$	138		$	231		$	378
Losses incurred but not reported			61		38		(53)		(35)		(34)		39		99		5			(30)			(83)
Other losses excluding catastrophe losses			363		318		274		270		326		261		681		587			857			1,131
Catastrophe losses			124		11		24		30		27		35		135		62			92			116
Total losses incurred			$	652	$	471	$	392	$	358	$	400	$	392	$	1,123	$	792		$	1,150		$	1,542
Personal Lines
Current accident year losses greater than $5 million			$	23	$	7	$	5	$	10	$	—	$	—	$	30	$	—		$	10		$	15
Current accident year losses $1 million - $5 million			15		11		25		12		15		4		26		19			31			56
Large loss prior accident year reserve development			1		4		—		(1)		(2)		(1)		5		(3)			(4)			(4)
Total large losses incurred			$	39	$	22	$	30	$	21	$	13	$	3	$	61	$	16		$	37		$	67
Losses incurred but not reported			12		(14)		(26)		—		(4)		41		(2)		37			37			11
Other losses excluding catastrophe losses			176		165		146		154		158		130		341		288			442			588
Catastrophe losses			78		6		16		69		39		74		84		113			182			198
Total losses incurred			$	305	$	179	$	166	$	244	$	206	$	248	$	484	$	454		$	698		$	864
Excess & Surplus Lines
Current accident year losses greater than $5 million			$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—
Current accident year losses $1 million - $5 million			9		4		8		—		7		1		13		8			8			16
Large loss prior accident year reserve development			1		—		1		2		1		(1)		1		—			2			3
Total large losses incurred			$	10	$	4	$	9	$	2	$	8	$	—	$	14	$	8		$	10		$	19
Losses incurred but not reported			1		12		8		22		1		22		13		23			45			53
Other losses excluding catastrophe losses			38		32		25		23		34		15		70		49			72			97
Catastrophe losses			2		1		—		1		—		1		3		1			2			2
Total losses incurred			$	51	$	49	$	42	$	48	$	43	$	38	$	100	$	81		$	129		$	171
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Second-Quarter 2022 Supplemental Financial Data

6

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

CINF Second-Quarter 2022 Supplemental Financial Data

7

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

CINF Second-Quarter 2022 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
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Commercial casualty:
Written premiums			$	376		$	389		$	317		$	297		$	338		$	363		$	765		$	701			$	998			$	1,315
Year over year change %- written premium			11		%	7		%	10		%	10		%	10		%	6		%	9		%	8		%		9		%		9		%
Earned premiums			$	350		$	336		$	332		$	323		$	312		$	303		$	686		$	615			$	938			$	1,270
Current accident year before catastrophe losses			75.0		%	65.6		%	63.3		%	61.9		%	61.5		%	64.5		%	70.4		%	63.0		%		62.6		%		62.8		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(0.7)			1.4			(10.5)			(16.1)			(8.3)			(2.2)			0.3			(5.3)				(9.0)				(9.4)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			74.3		%	67.0		%	52.8		%	45.8		%	53.2		%	62.3		%	70.7		%	57.7		%		53.6		%		53.4		%
Commercial property:
Written premiums			$	308		$	297		$	270		$	278		$	275		$	267		$	606		$	542			$	820			$	1,090
Year over year change %- written premium			12		%	11		%	10		%	10		%	6		%	2		%	12		%	4		%		6		%		7		%
Earned premiums			$	280		$	274		$	267		$	264		$	259		$	253		$	554		$	512			$	776			$	1,043
Current accident year before catastrophe losses			54.5		%	52.4		%	41.8		%	41.6		%	47.3		%	53.8		%	53.4		%	50.5		%		47.5		%		46.0		%
Current accident year catastrophe losses			44.4			5.1			13.9			12.4			14.0			20.0			24.9			16.9				15.4				15.0
Prior accident years before catastrophe losses			0.6			(2.4)			(6.0)			(11.1)			(1.1)			(2.0)			(0.8)			(1.5)				(4.8)				(5.1)
Prior accident years catastrophe losses			(3.0)			0.5			(4.8)			(2.0)			(3.8)			(6.3)			(1.3)			(5.0)				(4.0)				(4.2)
Total loss and loss expense ratio			96.5		%	55.6		%	44.9		%	40.9		%	56.4		%	65.5		%	76.2		%	60.9		%		54.1		%		51.7		%
Commercial auto:
Written premiums			$	226		$	237		$	194		$	183		$	216		$	223		$	463		$	439			$	622			$	816
Year over year change %- written premium			5		%	6		%	8		%	7		%	5		%	7		%	5		%	6		%		7		%		7		%
Earned premiums			$	210		$	205		$	203		$	200		$	198		$	193		$	415		$	391			$	591			$	794
Current accident year before catastrophe losses			66.5		%	67.0		%	67.5		%	63.7		%	63.0		%	63.1		%	66.7		%	63.0		%		63.3		%		64.4		%
Current accident year catastrophe losses			5.1			0.9			0.6			1.8			1.5			1.6			3.1			1.6				1.7				1.4
Prior accident years before catastrophe losses			2.8			(0.7)			0.2			(3.6)			(6.0)			(12.4)			1.1			(9.2)				(7.3)				(5.4)
Prior accident years catastrophe losses			(0.5)			(2.1)			0.3			(0.1)			(0.2)			(0.3)			(1.3)			(0.2)				(0.2)				(0.1)
Total loss and loss expense ratio			73.9		%	65.1		%	68.6		%	61.8		%	58.3		%	52.0		%	69.6		%	55.2		%		57.5		%		60.3		%
Workers' compensation:
Written premiums			$	69		$	86		$	59		$	53		$	69		$	88		$	154		$	157			$	210			$	269
Year over year change %- written premium			—		%	(2)		%	2		%	4		%	6		%	(4)		%	(2)		%	—		%		1		%		1		%
Earned premiums			$	68		$	67		$	67		$	66		$	68		$	67		$	136		$	135			$	201			$	268
Current accident year before catastrophe losses			83.5		%	84.5		%	79.8		%	82.3		%	87.6		%	76.6		%	84.0		%	82.2		%		82.2		%		81.6		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(25.9)			(14.3)			(10.5)			(10.5)			(39.2)			(37.9)			(20.2)			(38.6)				(29.3)				(24.7)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			57.6		%	70.2		%	69.3		%	71.8		%	48.4		%	38.7		%	63.8		%	43.6		%		52.9		%		56.9		%
Other commercial:
Written premiums			$	93		$	87		$	80		$	84		$	79		$	78		$	180		$	157			$	241			$	321
Year over year change %- written premium			18		%	12		%	14		%	18		%	13		%	11		%	15		%	12		%		14		%		14		%
Earned premiums			$	86		$	80		$	78		$	77		$	74		$	70		$	165		$	144			$	221			$	299
Current accident year before catastrophe losses			37.3		%	38.2		%	41.6		%	39.4		%	38.0		%	38.2		%	37.7		%	38.1		%		38.6		%		39.4		%
Current accident year catastrophe losses			0.1			—			(0.2)			0.4			0.1			—			0.1			—				0.1				—
Prior accident years before catastrophe losses			(7.4)			(2.9)			(8.9)			(8.4)			(11.2)			(7.7)			(5.3)			(9.5)				(9.1)				(9.1)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			30.0		%	35.3		%	32.5		%	31.4		%	26.9		%	30.5		%	32.5		%	28.6		%		29.6		%		30.3		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Second-Quarter 2022 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
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Personal auto:
Written premiums			$	177		$	140		$	141		$	165		$	166		$	136		$	316		$	302			$	467			$	608
Year over year change %- written premium			7		%	3		%	1		%	—		%	(2)		%	(1)		%	5		%	(1)		%		(1)		%		(1)		%
Earned premiums			$	155		$	152		$	152		$	153		$	152		$	152		$	307		$	305			$	457			$	609
Current accident year before catastrophe losses			74.5		%	69.4		%	62.3		%	65.8		%	64.5		%	66.1		%	72.0		%	65.3		%		65.5		%		64.7		%
Current accident year catastrophe losses			6.1			1.4			0.2			5.3			1.7			2.6			3.7			2.2				3.2				2.4
Prior accident years before catastrophe losses			1.4			0.9			(4.4)			(0.4)			(5.5)			(9.3)			1.2			(7.5)				(5.1)				(4.9)
Prior accident years catastrophe losses			(0.6)			(4.7)			0.3			(0.1)			(0.2)			(0.5)			(2.7)			(0.3)				(0.3)				(0.1)
Total loss and loss expense ratio			81.4		%	67.0		%	58.4		%	70.6		%	60.5		%	58.9		%	74.2		%	59.7		%		63.3		%		62.1		%
Homeowner:
Written premiums			$	260		$	181		$	188		$	214		$	211		$	156		$	441		$	367			$	581			$	769
Year over year change %- written premium			23		%	16		%	13		%	13		%	7		%	11		%	20		%	9		%		10		%		11		%
Earned premiums			$	202		$	195		$	190		$	184		$	178		$	174		$	397		$	352			$	536			$	726
Current accident year before catastrophe losses			54.8		%	45.9		%	38.0		%	42.3		%	50.2		%	51.6		%	50.4		%	50.9		%		47.9		%		45.4		%
Current accident year catastrophe losses			38.6			13.0			10.9			36.8			20.7			41.1			26.1			30.8				32.9				27.1
Prior accident years before catastrophe losses			(2.5)			(8.7)			(4.4)			(1.0)			0.9			(0.5)			(5.5)			0.2				(0.2)				(1.3)
Prior accident years catastrophe losses			(5.2)			(7.2)			(1.4)			—			(0.5)			(0.7)			(6.2)			(0.6)				(0.4)				(0.7)
Total loss and loss expense ratio			85.7		%	43.0		%	43.1		%	78.1		%	71.3		%	91.5		%	64.8		%	81.3		%		80.2		%		70.5		%
Other personal:
Written premiums			$	73		$	53		$	53		$	56		$	62		$	46		$	127		$	108			$	164			$	217
Year over year change %- written premium			18		%	15		%	10		%	8		%	9		%	10		%	18		%	9		%		9		%		9		%
Earned premiums			$	56		$	55		$	54		$	51		$	52		$	50		$	111		$	101			$	153			$	207
Current accident year before catastrophe losses			64.6		%	47.2		%	45.8		%	53.8		%	45.9		%	50.0		%	56.0		%	48.0		%		49.9		%		48.9		%
Current accident year catastrophe losses			5.2			0.9			0.2			4.5			3.9			3.6			3.1			3.7				4.0				3.0
Prior accident years before catastrophe losses			1.4			4.6			5.0			(0.9)			(8.6)			(3.8)			3.0			(6.2)				(4.4)				(1.9)
Prior accident years catastrophe losses			0.4			0.4			(1.4)			(0.4)			0.4			(1.5)			0.3			(0.6)				(0.5)				(0.8)
Total loss and loss expense ratio			71.6		%	53.1		%	49.6		%	57.0		%	41.6		%	48.3		%	62.4		%	44.9		%		49.0		%		49.2		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Excess & Surplus:
Written premiums			$	135		$	124		$	108		$	104		$	115		$	99		$	259		$	214			$	318			$	426
Year over year change %- written premium			17		%	25		%	17		%	30		%	26		%	16		%	21		%	22		%		24		%		22		%
Earned premiums			$	124		$	112		$	109		$	105		$	95		$	89		$	236		$	184			$	289			$	398
Current accident year before catastrophe losses			59.5		%	61.8		%	56.0		%	62.6		%	62.0		%	61.0		%	60.6		%	61.5		%		61.9		%		60.3		%
Current accident year catastrophe losses			1.2			1.5			0.6			0.4			0.4			1.3			1.3			0.8				0.7				0.6
Prior accident years before catastrophe losses			(0.4)			(4.6)			1.2			3.3			(1.5)			4.7			(2.4)			1.5				2.1				1.9
Prior accident years catastrophe losses			(0.1)			(0.4)			0.3			(0.1)			0.1			(0.3)			(0.2)			(0.1)				(0.1)				—
Total loss and loss expense ratio			60.2		%	58.3		%	58.1		%	66.2		%	61.0		%	66.7		%	59.3		%	63.7		%		64.6		%		62.8		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Second-Quarter 2022 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 six months ended June 30, 2022
Commercial casualty	$	265	$	93	$	358	$	53	$	57	$	10	$	120	$	318	$	57	$	103	$	478
Commercial property	327		33		360		2		42		11		55		329		42		44		415
Commercial auto	231		43		274		11		4		(2)		13		242		4		41		287
Workers' compensation	67		16		83		(12)		19		(2)		5		55		19		14		88
Other commercial	47		7		54		1		6		6		13		48		6		13		67
Total commercial lines	937		192		1,129		55		128		23		206		992		128		215		1,335
Personal auto	170		42		212		5		12		(2)		15		175		12		40		227
Homeowners	207		26		233		19		(4)		—		15		226		(4)		26		248
Other personal	54		3		57		15		(3)		—		12		69		(3)		3		69
Total personal lines	431		71		502		39		5		(2)		42		470		5		69		544
Excess & surplus lines	57		24		81		50		13		18		81		107		13		42		162
Other	115		8		123		5		41		(1)		45		120		41		7		168
Total property casualty	$	1,540	$	295	$	1,835	$	149	$	187	$	38	$	374	$	1,689	$	187	$	333	$	2,209
Ceded loss and loss expense incurred for the six months ended June 30, 2022
Commercial casualty	$	5	$	—	$	5	$	(14)	$	1	$	—	$	(13)	$	(9)	$	1	$	—	$	(8)
Commercial property	11		1		12		(18)		(1)		—		(19)		(7)		(1)		1		(7)
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	6		—		6		(5)		—		—		(5)		1		—		—		1
Other commercial	10		—		10		2		1		—		3		12		1		—		13
Total commercial lines	32		1		33		(35)		1		—		(34)		(3)		1		1		(1)
Personal auto	1		—		1		(1)		(1)		—		(2)		—		(1)		—		(1)
Homeowners	(2)		—		(2)		(5)		(1)		(1)		(7)		(7)		(1)		(1)		(9)
Other personal	—		—		—		—		—		—		—		—		—		—		—
Total personal lines	(1)		—		(1)		(6)		(2)		(1)		(9)		(7)		(2)		(1)		(10)
Excess & surplus lines	11		—		11		11		(1)		1		11		22		(1)		1		22
Other	9		1		10		5		(13)		—		(8)		14		(13)		1		2
Total property casualty	$	51	$	2	$	53	$	(25)	$	(15)	$	—	$	(40)	$	26	$	(15)	$	2	$	13
Net loss and loss expense incurred for the six months ended June 30, 2022
Commercial casualty	$	260	$	93	$	353	$	67	$	56	$	10	$	133	$	327	$	56	$	103	$	486
Commercial property	316		32		348		20		43		11		74		336		43		43		422
Commercial auto	231		43		274		11		4		(2)		13		242		4		41		287
Workers' compensation	61		16		77		(7)		19		(2)		10		54		19		14		87
Other commercial	37		7		44		(1)		5		6		10		36		5		13		54
Total commercial lines	905		191		1,096		90		127		23		240		995		127		214		1,336
Personal auto	169		42		211		6		13		(2)		17		175		13		40		228
Homeowners	209		26		235		24		(3)		1		22		233		(3)		27		257
Other personal	54		3		57		15		(3)		—		12		69		(3)		3		69
Total personal lines	432		71		503		45		7		(1)		51		477		7		70		554
Excess & surplus lines	46		24		70		39		14		17		70		85		14		41		140
Other	106		7		113		—		54		(1)		53		106		54		6		166
Total property casualty	$	1,489	$	293	$	1,782	$	174	$	202	$	38	$	414	$	1,663	$	202	$	331	$	2,196
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Second-Quarter 2022 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 June 30, 2022
Commercial casualty	$	141	$	45	$	186	$	66	$	1	$	3	$	70	$	207	$	1	$	48	$	256
Commercial property	160		15		175		11		72		5		88		171		72		20		263
Commercial auto	119		20		139		10		6		—		16		129		6		20		155
Workers' compensation	28		7		35		3		5		(4)		4		31		5		3		39
Other commercial	27		4		31		(8)		4		2		(2)		19		4		6		29
Total commercial lines	475		91		566		82		88		6		176		557		88		97		742
Personal auto	87		19		106		9		11		—		20		96		11		19		126
Homeowners	111		12		123		19		25		2		46		130		25		14		169
Other personal	25		1		26		17		(3)		—		14		42		(3)		1		40
Total personal lines	223		32		255		45		33		2		80		268		33		34		335
Excess & surplus lines	30		11		41		35		—		13		48		65		—		24		89
Other	60		3		63		(9)		22		(1)		12		51		22		2		75
Total property casualty	$	788	$	137	$	925	$	153	$	143	$	20	$	316	$	941	$	143	$	157	$	1,241
Ceded loss and loss expense incurred for the three months ended June 30, 2022
Commercial casualty	$	5	$	—	$	5	$	(11)	$	1	$	—	$	(10)	$	(6)	$	1	$	—	$	(5)
Commercial property	13		—		13		(19)		—		—		(19)		(6)		—		—		(6)
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	2		—		2		(1)		(1)		—		(2)		1		(1)		—		—
Other commercial	9		—		9		(6)		—		—		(6)		3		—		—		3
Total commercial lines	29		—		29		(37)		—		—		(37)		(8)		—		—		(8)
Personal auto	—		—		—		—		—		—		—		—		—		—		—
Homeowners	(1)		—		(1)		(4)		1		—		(3)		(5)		1		—		(4)
Other personal	—		—		—		—		—		—		—		—		—		—		—
Total personal lines	(1)		—		(1)		(4)		1		—		(3)		(5)		1		—		(4)
Excess & surplus lines	3		—		3		15		(3)		—		12		18		(3)		—		15
Other	2		—		2		2		(6)		—		(4)		4		(6)		—		(2)
Total property casualty	$	33	$	—	$	33	$	(24)	$	(8)	$	—	$	(32)	$	9	$	(8)	$	—	$	1
Net loss and loss expense incurred for the three months ended June 30, 2022
Commercial casualty	$	136	$	45	$	181	$	77	$	—	$	3	$	80	$	213	$	—	$	48	$	261
Commercial property	147		15		162		30		72		5		107		177		72		20		269
Commercial auto	119		20		139		10		6		—		16		129		6		20		155
Workers' compensation	26		7		33		4		6		(4)		6		30		6		3		39
Other commercial	18		4		22		(2)		4		2		4		16		4		6		26
Total commercial lines	446		91		537		119		88		6		213		565		88		97		750
Personal auto	87		19		106		9		11		—		20		96		11		19		126
Homeowners	112		12		124		23		24		2		49		135		24		14		173
Other personal	25		1		26		17		(3)		—		14		42		(3)		1		40
Total personal lines	224		32		256		49		32		2		83		273		32		34		339
Excess & surplus lines	27		11		38		20		3		13		36		47		3		24		74
Other	58		3		61		(11)		28		(1)		16		47		28		2		77
Total property casualty	$	755	$	137	$	892	$	177	$	151	$	20	$	348	$	932	$	151	$	157	$	1,240
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Second-Quarter 2022 Supplemental Financial Data

12

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Premiums
Agency renewal written premiums			$	1,482		$	1,397		$	1,238		$	1,244		$	1,333		$	1,276		$	2,879		$	2,609			$	3,853			$	5,091
Agency new business written premiums			286			244			212			230			235			220			530			455				685				897
Other written premiums			196			258			84			64			146			197			454			343				407				491
Net written premiums			$	1,964		$	1,899		$	1,534		$	1,538		$	1,714		$	1,693		$	3,863		$	3,407			$	4,945			$	6,479
Unearned premium change			(267)			(281)			65			58			(200)			(218)			(548)			(418)				(360)				(295)
Earned premiums			$	1,697		$	1,618		$	1,599		$	1,596		$	1,514		$	1,475		$	3,315		$	2,989			$	4,585			$	6,184
Year over year change %
Agency renewal written premiums			11		%	9		%	8		%	8		%	7		%	7		%	10		%	7		%		7		%		7		%
Agency new business written premiums			22			11			15			22			12			2			16			7				12				12
Other written premiums			34			31			31			25			39			88			32			63				56				51
Net written premiums			15			12			10			10			10			12			13			11				11				10
Paid losses and loss expenses
Losses paid			$	755		$	733		$	718		$	612		$	649		$	564		$	1,489		$	1,214			$	1,826			$	2,543
Loss expenses paid			137			157			139			153			118			141			293			258				411				551
Loss and loss expenses paid			$	892		$	890		$	857		$	765		$	767		$	705		$	1,782		$	1,472			$	2,237			$	3,094
Incurred losses and loss expenses
Loss and loss expense incurred			$	1,240		$	956		$	855		$	988		$	830		$	923		$	2,196		$	1,753			$	2,741			$	3,596
Loss and loss expenses paid as a % of incurred			71.9		%	93.1		%	100.2		%	77.4		%	92.4		%	76.4		%	81.1		%	84.0		%		81.6		%		86.0		%
Statutory combined ratio
Loss ratio			64.8		%	48.4		%	42.6		%	51.3		%	47.0		%	52.0		%	56.7		%	49.4		%		50.1		%		48.2		%
Loss adjustment expense ratio			9.5			10.9			10.9			10.1			8.9			11.0			10.2			10.0				10.0				10.2
Net underwriting expense ratio			28.1			28.7			31.5			31.1			29.2			26.7			28.4			28.0				28.9				29.5
US Statutory combined ratio			102.4		%	88.0		%	85.0		%	92.5		%	85.1		%	89.7		%	95.3		%	87.4		%		89.0		%		87.9		%
Contribution from catastrophe losses			13.0			1.7			2.8			12.9			4.6			10.1			7.5			7.3				9.2				7.6
Statutory combined ratio excl. catastrophe losses			89.4		%	86.3		%	82.2		%	79.6		%	80.5		%	79.6		%	87.8		%	80.1		%		79.8		%		80.3		%
GAAP combined ratio
GAAP combined ratio			103.2		%	89.9		%	84.2		%	92.6		%	85.5		%	91.2		%	96.7		%	88.3		%		89.8		%		88.3		%
Contribution from catastrophe losses			12.4			1.8			3.6			14.2			3.9			10.4			7.2			7.1				9.6				8.0
GAAP combined ratio excl. catastrophe losses			90.8		%	88.1		%	80.6		%	78.4		%	81.6		%	80.8		%	89.5		%	81.2		%		80.2		%		80.3		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed  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. Statutory ratios exclude the results of Cincinnati Global. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Second-Quarter 2022 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
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Premiums
Agency renewal written premiums			$	934		$	970		$	809		$	775		$	852		$	898		$	1,904		$	1,750			$	2,525			$	3,334
Agency new business written premiums			165			156			135			145			146			145			321			291				436				571
Other written premiums			(27)			(30)			(24)			(25)			(21)			(24)			(57)			(45)				(70)				(94)
Net written premiums			$	1,072		$	1,096		$	920		$	895		$	977		$	1,019		$	2,168		$	1,996			$	2,891			$	3,811
Unearned premium change			(78)			(134)			27			35			(66)			(133)			(212)			(199)				(164)				(137)
Earned premiums			$	994		$	962		$	947		$	930		$	911		$	886		$	1,956		$	1,797			$	2,727			$	3,674
Year over year change %
Agency renewal written premiums			10		%	8		%	7		%	7		%	7		%	7		%	9		%	7		%		7		%		7		%
Agency new business written premiums			13			8			19			27			9			(6)			10			1				8				11
Other written premiums			(29)			(25)			25			7			(5)			—			(27)			(2)				1				9
Net written premiums			10			8			10			10			8			5			9			6				7				8
Paid losses and loss expenses
Losses paid			$	446		$	458		$	396		$	328		$	391		$	330		$	905		$	720			$	1,049			$	1,445
Loss expenses paid			91			100			89			98			78			96			191			174				272				361
Loss and loss expenses paid			$	537		$	558		$	485		$	426		$	469		$	426		$	1,096		$	894			$	1,321			$	1,806
Incurred losses and loss expenses
Loss and loss expense incurred			$	750		$	586		$	506		$	451		$	480		$	503		$	1,336		$	983			$	1,434			$	1,940
Loss and loss expenses paid as a % of incurred			71.6		%	95.2		%	95.8		%	94.5		%	97.7		%	84.7		%	82.0		%	90.9		%		92.1		%		93.1		%
Statutory combined ratio
Loss ratio			65.5		%	48.9		%	41.4		%	38.5		%	43.9		%	44.3		%	57.4		%	44.1		%		42.2		%		42.0		%
Loss adjustment expense ratio			9.9			12.0			12.0			10.0			8.8			12.4			10.9			10.6				10.4				10.8
Net underwriting expense ratio			29.1			28.3			32.7			33.2			29.9			26.2			28.7			28.0				29.6				30.4
Statutory combined ratio			104.5		%	89.2		%	86.1		%	81.7		%	82.6		%	82.9		%	97.0		%	82.7		%		82.2		%		83.2		%
Contribution from catastrophe losses			12.6			1.4			2.7			3.3			3.2			4.2			7.1			3.7				3.6				3.4
Statutory combined ratio excl. catastrophe losses			91.9		%	87.8		%	83.4		%	78.4		%	79.4		%	78.7		%	89.9		%	79.0		%		78.6		%		79.8		%
GAAP combined ratio
GAAP combined ratio			106.3		%	92.3		%	85.2		%	80.6		%	84.2		%	85.4		%	99.4		%	84.8		%		83.4		%		83.8		%
Contribution from catastrophe losses			12.6			1.4			2.7			3.3			3.2			4.2			7.1			3.7				3.6				3.4
GAAP combined ratio excl. catastrophe losses			93.7		%	90.9		%	82.5		%	77.3		%	81.0		%	81.2		%	92.3		%	81.1		%		79.8		%		80.4		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed  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 Second-Quarter 2022 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
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Premiums
Agency renewal written premiums			$	438		$	333		$	342		$	393		$	397		$	302		$	771		$	699			$	1,092			$	1,434
Agency new business written premiums			88			52			50			53			53			46			140			99				152				202
Other written premiums			(16)			(11)			(10)			(11)			(11)			(10)			(27)			(21)				(32)				(42)
Net written premiums			$	510		$	374		$	382		$	435		$	439		$	338		$	884		$	777			$	1,212			$	1,594
Unearned premium change			(97)			28			14			(47)			(57)			38			(69)			(19)				(66)				(52)
Earned premiums			$	413		$	402		$	396		$	388		$	382		$	376		$	815		$	758			$	1,146			$	1,542
Year over year change %
Agency renewal written premiums			10		%	10		%	8		%	7		%	3		%	3		%	10		%	3		%		4		%		5		%
Agency new business written premiums			66			13			11			4			20			35			41			27				18				16
Other written premiums			(45)			(10)			(25)			(10)			(38)			(11)			(29)			(24)				(19)				(20)
Net written premiums			16			11			8			7			4			6			14			5				5				6
Paid losses and loss expenses
Losses paid			$	224		$	208		$	212		$	208		$	198		$	162		$	432		$	360			$	568			$	780
Loss expenses paid			32			40			34			40			29			32			71			60				100				134
Loss and loss expenses paid			$	256		$	248		$	246		$	248		$	227		$	194		$	503		$	420			$	668			$	914
Incurred losses and loss expenses
Loss and loss expense incurred			$	339		$	215		$	197		$	281		$	241		$	273		$	554		$	514			$	795			$	992
Loss and loss expenses paid as a % of incurred			75.5		%	115.3		%	124.9		%	88.3		%	94.2		%	71.1		%	90.8		%	81.7		%		84.0		%		92.1		%
Statutory combined ratio
Loss ratio			73.7		%	44.5		%	42.0		%	62.6		%	54.1		%	65.9		%	59.3		%	60.0		%		60.9		%		56.0		%
Loss adjustment expense ratio			8.4			9.0			7.9			9.7			8.9			6.7			8.7			7.8				8.5				8.4
Net underwriting expense ratio			26.4			32.2			30.9			28.2			27.2			30.7			28.8			28.7				28.5				29.1
Statutory combined ratio			108.5		%	85.7		%	80.8		%	100.5		%	90.2		%	103.3		%	96.8		%	96.5		%		97.9		%		93.5		%
Contribution from catastrophe losses			19.1			1.7			4.6			20.0			10.6			19.8			10.5			15.2				16.8				13.7
Statutory combined ratio excl. catastrophe losses			89.4		%	84.0		%	76.2		%	80.5		%	79.6		%	83.5		%	86.3		%	81.3		%		81.1		%		79.8		%
GAAP combined ratio
GAAP combined ratio			112.1		%	83.9		%	80.0		%	102.7		%	92.7		%	101.1		%	98.2		%	96.8		%		98.8		%		94.0		%
Contribution from catastrophe losses			19.1			1.7			4.6			20.0			10.6			19.8			10.5			15.2				16.8				13.7
GAAP combined ratio excl. catastrophe losses			93.0		%	82.2		%	75.4		%	82.7		%	82.1		%	81.3		%	87.7		%	81.6		%		82.0		%		80.3		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed  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 Second-Quarter 2022 Supplemental Financial Data

15

Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Premiums
Agency renewal written premiums			$	110		$	94		$	87		$	76		$	84		$	76		$	204		$	160			$	236			$	323
Agency new business written premiums			33			36			27			32			36			29			69			65				97				124
Other written premiums			(8)			(6)			(6)			(4)			(5)			(6)			(14)			(11)				(15)				(21)
Net written premiums			$	135		$	124		$	108		$	104		$	115		$	99		$	259		$	214			$	318			$	426
Unearned premium change			(11)			(12)			1			1			(20)			(10)			(23)			(30)				(29)				(28)
Earned premiums			$	124		$	112		$	109		$	105		$	95		$	89		$	236		$	184			$	289			$	398
Year over year change %
Agency renewal written premiums			31		%	24		%	26		%	27		%	33		%	23		%	28		%	28		%		28		%		27		%
Agency new business written premiums			(8)			24			—			33			13			7			6			10				17				13
Other written premiums			(60)			—			(50)			—			(25)			(50)			(27)			(38)				(25)				(31)
Net written premiums			17			25			17			30			26			16			21			22				24				22
Paid losses and loss expenses
Losses paid			$	27		$	19		$	17		$	18		$	19		$	21		$	46		$	40			$	59			$	75
Loss expenses paid			11			12			12			12			8			11			24			19				31				43
Loss and loss expenses paid			$	38		$	31		$	29		$	30		$	27		$	32		$	70		$	59			$	90			$	118
Incurred losses and loss expenses
Loss and loss expense incurred			$	74		$	66		$	63		$	70		$	58		$	59		$	140		$	117			$	187			$	250
Loss and loss expenses paid as a % of incurred			51.4		%	47.0		%	46.0		%	42.9		%	46.6		%	54.2		%	50.0		%	50.4		%		48.1		%		47.2		%
Statutory combined ratio
Loss ratio			41.5		%	43.0		%	39.3		%	45.1		%	45.0		%	43.1		%	42.2		%	44.1		%		44.5		%		43.0		%
Loss adjustment expense ratio			18.7			15.2			18.8			21.0			16.0			23.6			17.1			19.6				20.1				19.8
Net underwriting expense ratio			26.1			27.1			27.7			29.7			31.1			26.4			26.5			29.0				29.2				28.8
Statutory combined ratio			86.3		%	85.3		%	85.8		%	95.8		%	92.1		%	93.1		%	85.8		%	92.7		%		93.8		%		91.6		%
Contribution from catastrophe losses			1.1			1.1			0.9			0.3			0.5			1.0			1.1			0.7				0.6				0.6
Statutory combined ratio excl. catastrophe losses			85.2		%	84.2		%	84.9		%	95.5		%	91.6		%	92.1		%	84.7		%	92.0		%		93.2		%		91.0		%
GAAP combined ratio
GAAP combined ratio			85.1		%	85.9		%	83.2		%	94.1		%	89.5		%	92.0		%	85.5		%	90.7		%		91.9		%		89.5		%
Contribution from catastrophe losses			1.1			1.1			0.9			0.3			0.5			1.0			1.1			0.7				0.6				0.6
GAAP combined ratio excl. catastrophe losses			84.0		%	84.8		%	82.3		%	93.8		%	89.0		%	91.0		%	84.4		%	90.0		%		91.3		%		88.9		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed  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 Second-Quarter 2022 Supplemental Financial Data

16

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended June 30,							For the Six Months Ended June 30,
(Dollars in millions)	2022		2021		Change		% Change	2022		2021		Change		% Change
Underwriting income
Net premiums written	$	1,895	$	1,667	$	228	14	$	3,743	$	3,319	$	424	13
Unearned premium change	242		185		57		31	504		394		110		28
Earned premiums	$	1,653	$	1,482	$	171	12	$	3,239	$	2,925	$	314	11
Losses incurred	$	1,071	$	697	$	374	54	$	1,838	$	1,447	$	391	27
Defense and cost containment expenses incurred	70		54		16		30	147		134		13		10
Adjusting and other expenses incurred	87		77		10		13	183		156		27		17
Other underwriting expenses incurred	530		484		46		10	1,059		923		136		15
Workers compensation dividend incurred	1		2		(1)		(50)	3		4		(1)		(25)
Total underwriting deductions	$	1,759	$	1,314	$	445	34	$	3,230	$	2,664	$	566	21
Net underwriting profit (loss)	$	(106)	$	168	$	(274)	nm	$	9	$	261	$	(252)	(97)
Investment income
Gross investment income earned	$	125	$	116	$	9	8	$	249	$	225	$	24	11
Net investment income earned	122		113		9		8	244		220		24		11
Net realized capital gains and losses, net	13		10		3		30	12		7		5		71
Net investment gains (net of tax)	$	135	$	123	$	12	10	$	256	$	227	$	29	13
Other income	$	1	$	1	$	—	—	$	3	$	3	$	—	—
Net income before federal income taxes	$	30	$	292	$	(262)	(90)	$	268	$	491	$	(223)	(45)
Federal and foreign income taxes incurred	7		61		(54)		(89)	36		91		(55)		(60)
Net income (statutory)	$	23	$	231	$	(208)	(90)	$	232	$	400	$	(168)	(42)
Policyholders' surplus - statutory	$	6,179	$	6,464	$	(285)	(4)	$	6,179	$	6,464	$	(285)	(4)
Fixed maturities at amortized cost - statutory	$	8,347	$	7,881	$	466	6	$	8,347	$	7,881	$	466	6
*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 June 30,							For the Six Months Ended June 30,
(Dollars in millions)	2022		2021		Change		% Change	2022		2021		Change		% Change
Net premiums written	$	84	$	85	$	(1)	(1)	$	164	$	172	$	(8)	(5)
Net investment income	43		45		(2)		(4)	86		88		(2)		(2)
Amortization of interest maintenance reserve	—		1		(1)		(100)	—		1		(1)		(100)
Commissions and expense allowances on reinsurance ceded	1		1		—		—	2		2		—		—
Income from fees associated with separate accounts	1		1		—		—	2		1		1		100
Total revenues	$	129	$	133	$	(4)	(3)	$	254	$	264	$	(10)	(4)
Death benefits and matured endowments	$	35	$	36	$	(1)	(3)	$	92	$	85	$	7	8
Annuity benefits	14		17		(3)		(18)	31		31		—		—
Disability benefits and benefits under accident and health contracts	—		—		—		—	—		1		(1)		(100)
Surrender benefits and group conversions	5		5		—		—	11		13		(2)		(15)
Interest and adjustments on deposit-type contract funds	2		2		—		—	4		3		1		33
Increase in aggregate reserves for life and accident and health contracts	16		32		(16)		(50)	29		55		(26)		(47)
Total benefit expenses	$	72	$	92	$	(20)	(22)	$	167	$	188	$	(21)	(11)
Commissions	$	12	$	12	$	—	—	$	25	$	24	$	1	4
General insurance expenses and taxes	16		14		2		14	29		26		3		12
Increase in loading on deferred and uncollected premiums	(2)		1		(3)		nm	1		4		(3)		(75)
Net transfers from separate accounts	—		(3)		3		(100)	(10)		(3)		(7)		(233)
Total underwriting expenses	$	26	$	24	$	2	8	$	45	$	51	$	(6)	(12)
Federal and foreign income taxes incurred	7		5		2		40	10		7		3		43
Net gain from operations before capital gains and losses	$	24	$	12	$	12	100	$	32	$	18	$	14	78
Gains and losses net of capital gains tax, net	(1)		1		(2)		nm	(1)		1		(2)		nm
Net income (statutory)	$	23	$	13	$	10	77	$	31	$	19	$	12	63
Policyholders' surplus - statutory	$	297	$	253	44		17	$	297	$	253	$	44	17
Fixed maturities at amortized cost - statutory	$	3,794	$	3,676	$	118	3	$	3,794	$	3,676	$	118	3
*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
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Cincinnati Re:
Written premiums			$	178		$	254		$	72		$	57		$	136		$	196		$	432		$	332			$	389			$	461
Year over year change %- written premium			31		%	30		%	22		%	6		%	62		%	87		%	30		%	76		%		61		%		53		%
Earned premiums			$	122		$	110		$	102		$	104		$	94		$	92		$	232		$	186			$	290			$	392
Current accident year before catastrophe losses			49.6		%	50.6		%	61.7		%	52.8		%	48.5		%	42.1		%	50.0		%	45.4		%		48.0		%		51.6		%
Current accident year catastrophe losses			6.5			—			(1.7)			78.6			(1.7)			35.4			3.4			16.7				39.0				28.3
Prior accident years before catastrophe losses			(4.8)			10.9			2.4			(6.8)			6.4			3.0			2.6			4.7				0.6				1.1
Prior accident years catastrophe losses			1.1			5.2			0.3			6.4			(0.1)			—			3.1			(0.1)				2.2				1.7
Total loss and loss expense ratio			52.4		%	66.7		%	62.7		%	131.0		%	53.1		%	80.5		%	59.1		%	66.7		%		89.8		%		82.7		%
Cincinnati Global:
Written premiums			$	69		$	51		$	52		$	47		$	47		$	41		$	120		$	88			$	135			$	187
Year over year change %- written premium			47		%	24		%	6		%	24		%	(11)		%	11		%	36		%	(2)		%		5		%		6		%
Earned premiums			$	44		$	32		$	45		$	69		$	32		$	32		$	76		$	64			$	133			$	178
Current accident year before catastrophe losses			53.2		%	38.3		%	39.4		%	35.3		%	54.4		%	30.9		%	47.0		%	42.9		%		39.0		%		39.1		%
Current accident year catastrophe losses			0.1			16.3			33.6			30.3			27.5			55.8			6.9			41.3				35.7				35.1
Prior accident years before catastrophe losses			(15.4)			4.1			(16.9)			(4.7)			(23.4)			(12.0)			(7.2)			(17.8)				(11.1)				(12.5)
Prior accident years catastrophe losses			(9.7)			(9.0)			(2.0)			12.2			(54.0)			(31.0)			(9.4)			(42.7)				(14.4)				(11.2)
Total loss and loss expense ratio			28.2		%	49.7		%	54.1		%	73.1		%	4.5		%	43.7		%	37.3		%	23.7		%		49.2		%		50.5		%
Noninsurance operations:
Interest and fees on loans and leases			$	2		$	1		$	2		$	2		$	2		$	1		$	3		$	3			$	5			$	7
Other revenue			1			1			—			1			1			1			2			2				3				3
Interest expense			13			13			14			13			13			13			26			26				39				53
Operating expenses			5			4			6			5			5			4			9			9				14				20
Total noninsurance operations loss			$	(15)		$	(15)		$	(18)		$	(15)		$	(15)		$	(15)		$	(30)		$	(30)			$	(45)			$	(63)
*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

CINF Second-Quarter 2022 Supplemental Financial Data

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