Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report: July 25, 2024

(Date of earliest event reported)

CINCINNATI FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)


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

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

Registrant’s telephone number, including area code: (513) 870-2000

N/A

(Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:


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

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

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

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

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

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

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

☐ Emerging growth company

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

Item 2.02 Results of Operations and Financial Condition.

On July 25, 2024, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Second-Quarter 2024 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On July 25, 2024, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference.

This report should not be deemed an admission as to the materiality of any information contained in the news releases or supplemental financial data.

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

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 — News release dated July 25, 2024, titled "Cincinnati Financial Reports Second -Quarter 2024 Results"

Exhibit 99.2 — Supplemental Financial Data for the period ending June 30, 2024, distributed July 25, 2024.

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

Signature

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


			CINCINNATI FINANCIAL CORPORATION



Date: July 25, 2024			/S/ Michael J. Sewell
			Michael J. Sewell, CPA
			Chief Financial Officer, Executive Vice President and Treasurer
			(Principal Accounting Officer)


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

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

CINF-IR@cinfin.com

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

Media_Inquiries@cinfin.com

Cincinnati Financial Reports Second-Quarter 2024 Results

Cincinnati, July 25, 2024 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Second-quarter 2024 net income of $312 million, or $1.98 per share, compared with $534 million, or $3.38 per share, in the second quarter of 2023, after recognizing a $112 million second-quarter 2024 after-tax increase in the fair value of equity securities still held.

•$13 million or 7% increase in non-GAAP operating income* to $204 million, or $1.29 per share, compared with $191 million, or $1.21 per share, in the second quarter of last year.

•$222 million decrease in second-quarter 2024 net income, compared with second-quarter 2023, primarily due to the after-tax net effect of a $235 million decrease in net investment gains that was partially offset by a $17 million increase in after-tax investment income.

•$81.79 book value per share at June 30, 2024, up $4.73 since year-end.

•8.2% value creation ratio for the first six months of 2024, compared with 7.2% for the same period of 2023.

Financial Highlights


(Dollars in millions, except per share data)	Three months ended June 30,						Six months ended June 30,
		2024		2023		% Change		2024		2023		% Change
Revenue Data
Earned premiums		$	2,156	$	1,943	11		$	4,227	$	3,861	9
Investment income, net of expenses		242		220		10		487		430		13
Total revenues		2,544		2,605		(2)		5,479		4,846		13
Income Statement Data
Net income		$	312	$	534	(42)		$	1,067	$	759	41
Investment gains and losses, after-tax		108		343		(69)		591		427		38

Non-GAAP operating income*		$	204	$	191	7		$	476	$	332	43
Per Share Data (diluted)
Net income		$	1.98	$	3.38	(41)		$	6.77	$	4.80	41
Investment gains and losses, after-tax		0.69		2.17		(68)		3.75		2.70		39

Non-GAAP operating income*		$	1.29	$	1.21	7		$	3.02	$	2.10	44

Book value								$	81.79	$	70.33	16
Cash dividend declared		$	0.81	$	0.75	8		$	1.62	$	1.50	8
Diluted weighted average share outstanding		157.5		158.0		0		157.7		158.3		0

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

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

CINF 2Q24 Release 1

Insurance Operations Highlights

•98.5% second-quarter 2024 property casualty combined ratio, increased from 97.6% for the second quarter of 2023.

•14% growth in second-quarter net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.

•$407 million second-quarter 2024 property casualty new business written premiums, up 34%. Agencies appointed since the beginning of 2023 contributed $33 million or 8% of total new business written premiums.

•$24 million second-quarter 2024 life insurance subsidiary net income, up $3 million and including a 26% increase in non-GAAP operating income compared with the second quarter of 2023, and 2% growth in second-quarter 2024 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•10% or $22 million increase in second-quarter 2024 pretax investment income, including an 18% increase in bond interest income and a 1% decrease in stock portfolio dividends.

•Three-month increase of 2% in fair value of total investments at June 30, 2024, including a 2% increase for the bond portfolio and a 1% increase for the stock portfolio.

•$4.962 billion parent company cash and marketable securities at June 30, 2024, up 2% from year-end 2023.

Strong and Stable Operating Results

Stephen M. Spray, president and chief executive officer, commented: “Contributions from both our underwriting and investment operations helped us record strong non-GAAP operating income results, with year-over-year growth of 7% for the second quarter and 43% for the first six months of 2024. Notably, our life insurance subsidiary increased their contribution to non-GAAP operating income by 26% for the quarter.

“Turning to our property casualty insurance operations, our second-quarter combined ratio of 98.5% was up less than a point from last-year’s second quarter. On a six-month basis that ratio improved 3.1 points to 96.1%, compared to 99.2% for the same period of 2023.

“Current property casualty accident year results before catastrophe losses improving by 2.2 points for the quarter and 0.7 points for the first half give us even more reason for optimism as we look ahead to the end of the year.

“Our diversification efforts also continue to contribute to the recent stability we’ve achieved in our operating performance. Cincinnati Global Underwriting Ltd.SM and Cincinnati Re® both delivered excellent second-quarter results with combined ratios of 63.2% and 70.1%, respectively.”

Growing with Confidence

“The confidence we have in our pricing segmentation and risk selection, as well as our strong relationships with our premier independent agents, supports our belief that we are responsibly balancing growth and profitability.

“Second-quarter property casualty new business written premiums topped $400 million for the first time in any single quarter, growing 34% compared with last year. Total property casualty net written premiums saw double-digit growth for the first six months, increasing 13% compared with the first half of 2023 as pricing increases, higher levels of insured exposures and agency appointments accelerate.

“Renewal pricing remained robust with commercial, personal and excess & surplus lines seeing average renewal pricing increases in the high-single-digit percent range.”

Book Value Reaches New Record

“At June 30, our book value again reached a record high, increasing 6.1% since December 31, 2023. Consolidated cash and total investments also reached a new high, surpassing $27 billion.

“Our ample capital allows us to execute on our long-term strategies and, at the same time, pay dividends to shareholders. Our value creation ratio, which considers the dividends we pay as well as growth in book value, was 8.2% for the first half of 2024, closing in on our 10% to 13% average annual target for this measure.”

CINF 2Q24 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results


(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2024			2023			% Change		2024			2023			% Change
Earned premiums		$	2,075		$	1,863		11		$	4,067		$	3,704		10
Fee revenues		3			3			0		6			5			20
Total revenues		2,078			1,866			11		4,073			3,709			10

Loss and loss expenses		1,412			1,262			12		2,682			2,579			4
Underwriting expenses		631			557			13		1,225			1,093			12
Underwriting profit		$	35		$	47		(26)		$	166		$	37		349

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		68.1		%	67.7		%	0.4		66.0		%	69.7		%	(3.7)
Underwriting expenses		30.4			29.9			0.5		30.1			29.5			0.6
Combined ratio		98.5		%	97.6		%	0.9		96.1		%	99.2		%	(3.1)

								% Change								% Change
Agency renewal written premiums		$	1,843		$	1,643		12		$	3,526		$	3,178		11
Agency new business written premiums		407			303			34		753			554			36


Other written premiums		209			204			2		428			437			(2)
Net written premiums		$	2,459		$	2,150		14		$	4,707		$	4,169		13

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		57.8		%	60.5		%	(2.7)		59.5		%	60.8		%	(1.3)
Current accident year catastrophe losses		12.2			12.7			(0.5)		9.9			13.2			(3.3)
Prior accident years before catastrophe losses		(0.9)			(4.8)			3.9		(2.1)			(3.5)			1.4
Prior accident years catastrophe losses		(1.0)			(0.7)			(0.3)		(1.3)			(0.8)			(0.5)
Loss and loss expense ratio		68.1		%	67.7		%	0.4		66.0		%	69.7		%	(3.7)

Current accident year combined ratio before catastrophe losses		88.2		%	90.4		%	(2.2)		89.6		%	90.3		%	(0.7)

•$309 million or 14% growth of second-quarter 2024 property casualty net written premiums, and six-month growth of 13%, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The contribution to second-quarter growth from Cincinnati Re and Cincinnati Global in total was 1 percentage point.

•$104 million or 34% increase in second-quarter 2024 new business premiums written by agencies. The growth included a $28 million increase in standard market property casualty production from agencies appointed since the beginning of 2023.

•177 new agency appointments in the first six months of 2024, including 60 that market only our personal lines products.

•0.9 percentage-point second-quarter 2024 combined ratio increase, including a decrease of 0.8 points from catastrophe losses.

•3.1 percentage-point six-month 2024 combined ratio improvement, including a decrease of 3.8 points from lower catastrophe losses.

•1.9 percentage-point second-quarter 2024 benefit from favorable prior accident year reserve development of $40 million, compared with 5.5 points or $101 million for second-quarter 2023.

•3.4 percentage-point six-month 2024 benefit from favorable prior accident year reserve development, compared with 4.3 points for the first six months of 2023.

•1.3 percentage-point improvement, to 59.5%, for the six-month 2024 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.5 points for the portion estimated as reserves for claims incurred but not reported (IBNR) and a decrease of 1.8 points for the case incurred portion.

•0.6 percentage-point increase in the underwriting expense ratio for the first six months of 2024, compared with the same period of 2023, largely due to higher levels of profit-sharing commissions for agencies.

CINF 2Q24 Release 3

Commercial Lines Insurance Results


(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2024			2023			% Change		2024			2023			% Change
Earned premiums		$	1,107		$	1,066		4		$	2,189		$	2,122		3
Fee revenues		1			1			0		2			2			0
Total revenues		1,108			1,067			4		2,191			2,124			3

Loss and loss expenses		746			708			5		1,465			1,456			1
Underwriting expenses		352			326			8		677			637			6
Underwriting profit		$	10		$	33		(70)		$	49		$	31		58

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		67.4		%	66.4		%	1.0		67.0		%	68.6		%	(1.6)
Underwriting expenses		31.7			30.5			1.2		30.9			30.0			0.9
Combined ratio		99.1		%	96.9		%	2.2		97.9		%	98.6		%	(0.7)

								% Change								% Change
Agency renewal written premiums		$	1,023		$	985		4		$	2,099		$	2,026		4
Agency new business written premiums		193			149			30		375			283			33
Other written premiums		(30)			(28)			(7)		(65)			(62)			(5)
Net written premiums		$	1,186		$	1,106		7		$	2,409		$	2,247		7

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		60.0		%	60.3		%	(0.3)		61.5		%	62.1		%	(0.6)
Current accident year catastrophe losses		10.0			11.6			(1.6)		8.5			10.8			(2.3)
Prior accident years before catastrophe losses		(1.9)			(5.0)			3.1		(2.3)			(4.2)			1.9
Prior accident years catastrophe losses		(0.7)			(0.5)			(0.2)		(0.7)			(0.1)			(0.6)
Loss and loss expense ratio		67.4		%	66.4		%	1.0		67.0		%	68.6		%	(1.6)

Current accident year combined ratio before catastrophe losses		91.7		%	90.8		%	0.9		92.4		%	92.1		%	0.3

•$80 million or 7% growth in second-quarter 2024 commercial lines net written premiums, including higher agency renewal and new business written premiums. Seven percent growth in six-month net written premiums.

•$38 million or 4% increase in second-quarter renewal written premiums, with commercial lines average renewal pricing increases near the low end of the high-single-digit percent range.

•$44 million or 30% increase in second-quarter 2024 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•2.2 percentage-point second-quarter 2024 combined ratio increase, including a decrease of 1.8 points from lower catastrophe losses.

•0.7 percentage-point six-month 2024 combined ratio improvement, including a decrease of 2.9 points from lower catastrophe losses.

•2.6 percentage-point second-quarter 2024 benefit from favorable prior accident year reserve development of $29 million, compared with 5.5 points or $59 million for second-quarter 2023.

•3.0 percentage-point six-month 2024 benefit from favorable prior accident year reserve development, compared with 4.3 points for the first six months of 2023.

CINF 2Q24 Release 4

Personal Lines Insurance Results


(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2024			2023			% Change		2024			2023			% Change
Earned premiums		$	631		$	493		28		$	1,219		$	957		27
Fee revenues		1			1			0		2			2			0
Total revenues		632			494			28		1,221			959			27

Loss and loss expenses		489			384			27		868			770			13
Underwriting expenses		185			146			27		358			282			27
Underwriting loss		$	(42)		$	(36)		(17)		$	(5)		$	(93)		95

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		77.6		%	77.9		%	(0.3)		71.2		%	80.5		%	(9.3)
Underwriting expenses		29.3			29.7			(0.4)		29.4			29.5			(0.1)
Combined ratio		106.9		%	107.6		%	(0.7)		100.6		%	110.0		%	(9.4)

								% Change								% Change
Agency renewal written premiums		$	681		$	541		26		$	1,175		$	929		26
Agency new business written premiums		163			106			54		285			185			54
Other written premiums		(25)			(18)			(39)		(46)			(37)			(24)
Net written premiums		$	819		$	629		30		$	1,414		$	1,077		31

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		54.9		%	58.9		%	(4.0)		56.2		%	59.4		%	(3.2)
Current accident year catastrophe losses		21.8			21.9			(0.1)		17.2			25.8			(8.6)
Prior accident years before catastrophe losses		1.8			(0.7)			2.5		0.0			(1.0)			1.0
Prior accident years catastrophe losses		(0.9)			(2.2)			1.3		(2.2)			(3.7)			1.5
Loss and loss expense ratio		77.6		%	77.9		%	(0.3)		71.2		%	80.5		%	(9.3)

Current accident year combined ratio before catastrophe losses		84.2		%	88.6		%	(4.4)		85.6		%	88.9		%	(3.3)

•$190 million or 30% growth in second-quarter 2024 personal lines net written premiums, including higher agency renewal written premiums that benefited from rate increases in the high-single-digit percent range and higher policy retention rates. Cincinnati Private ClientSM second-quarter 2024 net written premiums from our agencies’ high net worth clients grew 35%, to $472 million. Thirty-one percent growth in six-month net written premiums.

•$57 million or 54% increase in second-quarter 2024 new business premiums written by agencies, with approximately half of the increase occurring in middle-market personal lines and reflecting expanded use of enhanced pricing precision tools.

•0.7 percentage-point second-quarter 2024 combined ratio improvement, despite an increase of 1.2 points in the ratio for catastrophe losses.

•9.4 percentage-point six-month 2024 combined ratio improvement, including a decrease of 7.1 points from lower catastrophe losses.

•0.9 percentage-point second-quarter 2024 unfavorable prior accident year reserve development of $6 million, compared with favorable development of 2.9 points or $15 million for second-quarter 2023.

•2.2 percentage-point six-month 2024 benefit from favorable prior accident year reserve development, compared with 4.7 points for the first six months of 2023.

CINF 2Q24 Release 5

Excess and Surplus Lines Insurance Results


(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2024			2023			% Change		2024			2023			% Change
Earned premiums		$	151		$	132		14		$	290		$	259		12
Fee revenues		1			1			0		2			1			100
Total revenues		152			133			14		292			260			12

Loss and loss expenses		102			89			15		192			170			13
Underwriting expenses		42			33			27		80			66			21
Underwriting profit		$	8		$	11		(27)		$	20		$	24		(17)

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		67.5		%	66.4		%	1.1		66.0		%	65.4		%	0.6
Underwriting expenses		27.9			25.8			2.1		27.7			25.7			2.0
Combined ratio		95.4		%	92.2		%	3.2		93.7		%	91.1		%	2.6

								% Change								% Change
Agency renewal written premiums		$	139		$	117		19		$	252		$	223		13
Agency new business written premiums		51			48			6		93			86			8
Other written premiums		(10)			(9)			(11)		(19)			(17)			(12)
Net written premiums		$	180		$	156		15		$	326		$	292		12

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		64.0		%	69.7		%	(5.7)		64.8		%	69.5		%	(4.7)
Current accident year catastrophe losses		1.4			1.4			0.0		1.2			1.4			(0.2)
Prior accident years before catastrophe losses		1.6			(4.7)			6.3		0.0			(5.4)			5.4
Prior accident years catastrophe losses		0.5			0.0			0.5		0.0			(0.1)			0.1
Loss and loss expense ratio		67.5		%	66.4		%	1.1		66.0		%	65.4		%	0.6

Current accident year combined ratio before catastrophe losses		91.9		%	95.5		%	(3.6)		92.5		%	95.2		%	(2.7)

•$24 million or 15% growth in second-quarter 2024 excess and surplus lines net written premiums, including higher agency renewal written premiums that benefited from price increases averaging in the high-single-digit percent range. Twelve percent growth in six-month net written premiums.

•$3 million or 6% increase in second-quarter new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•3.2 percentage-point second-quarter 2024 combined ratio increase, primarily due to unfavorable reserve development on prior accident year loss and loss expenses that was partially offset by improved current accident year results.

•2.6 percentage-point six-month 2024 combined ratio increase, primarily due to unfavorable reserve development on prior accident year loss and loss expenses that was partially offset by improved current accident year results.

•$3 million of second-quarter 2024 unfavorable prior accident year reserve development, compared with $5 million of favorable development for second-quarter 2023.

•Less than 0.1 percentage-point six-month 2024 unfavorable prior accident year reserve development, compared with 5.5 points of favorable development for the first six months of 2023.

CINF 2Q24 Release 6

Life Insurance Subsidiary Results


(Dollars in millions)	Three months ended June 30,						Six months ended June 30,
		2024		2023		% Change		2024		2023		% Change
Term life insurance		$	59	$	58	2		$	116	$	114	2
Whole life insurance		13		13		0		26		25		4
Universal life and other		9		9		0		18		18		0
Earned premiums		81		80		1		160		157		2
Investment income, net of expenses		47		46		2		94		91		3
Investment gains and losses, net		(7)		(2)		(250)		(9)		(1)		nm
Fee revenues		2		3		(33)		3		5		(40)
Total revenues		123		127		(3)		248		252		(2)
Contract holders’ benefits incurred		68		78		(13)		147		159		(8)
Underwriting expenses incurred		24		22		9		46		42		10
Total benefits and expenses		92		100		(8)		193		201		(4)
Net income before income tax		31		27		15		55		51		8
Income tax provision		7		6		17		12		11		9
Net income of the life insurance subsidiary		$	24	$	21	14		$	43	$	40	8

•$1 million increase in second-quarter 2024 earned premiums, including a 2% increase for term life insurance, our largest life insurance product line.

•$3 million increase in six-month 2024 life insurance subsidiary net income, primarily due to more favorable impacts from the unlocking of interest rate and other actuarial assumptions, partially offset by increased investment losses from fixed-maturity securities.

•$97 million or 9% six-month 2024 increase, to $1.220 billion, in GAAP shareholders’ equity for the life insurance subsidiary, primarily from net income and the impact of an increase in market value discount rates on life policy and investment contract reserves.

CINF 2Q24 Release 7

Investment and Balance Sheet Highlights

Investments Results


(Dollars in millions)	Three months ended June 30,							Six months ended June 30,
	2024			2023			% Change		2024			2023			% Change
Investment income, net of expenses	$	242		$	220		10		$	487		$	430		13
Investment interest credited to contract holders	(31)			(30)			(3)		(62)			(60)			(3)
Investment gains and losses, net	137			434			(68)		749			540			39
Investments profit	$	348		$	624		(44)		$	1,174		$	910		29

Investment income:
Interest	$	173		$	147		18		$	342		$	287		19
Dividends	69			70			(1)		141			136			4
Other	4			6			(33)		11			13			(15)
Less investment expenses	4			3			33		7			6			17
Investment income, pretax	242			220			10		487			430			13
Less income taxes	40			35			14		81			69			17
Total investment income, after-tax	$	202		$	185		9		$	406		$	361		12

Investment returns:
Average invested assets plus cash and cash equivalents	$	27,824		$	25,114				$	27,495		$	25,001
Average yield pretax	3.48		%	3.50		%			3.54		%	3.44		%
Average yield after-tax	2.90			2.95					2.95			2.89
Effective tax rate	16.7			16.2					16.7			16.1
Fixed-maturity returns:
Average amortized cost	$	14,909		$	13,535				$	14,735		$	13,344
Average yield pretax	4.64		%	4.34		%			4.64		%	4.30		%
Average yield after-tax	3.81			3.59					3.81			3.55
Effective tax rate	17.9			17.4					17.9			17.4

•$22 million or 10% rise in second-quarter 2024 pretax investment income, including an 18% increase in interest income from fixed-maturity securities and a 1% decrease in equity portfolio dividends.

•$62 million second-quarter 2024 increase in pretax total investment gains, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.


(Dollars in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Investment gains and losses on equity securities sold, net	$	7	$	—	$	4	$	(4)
Unrealized gains and losses on equity securities still held, net	142		459		747		568
Investment gains and losses on fixed-maturity securities, net	(18)		(7)		(28)		(7)
Other	6		(18)		26		(17)
Subtotal - investment gains and losses reported in net income	137		434		749		540

Change in unrealized investment gains and losses - fixed maturities	(75)		(154)		(130)		9
Total	$	62	$	280	$	619	$	549

CINF 2Q24 Release 8

Balance Sheet Highlights


(Dollars in millions, except share data)	At June 30,				At December 31,
		2024				2023
Total investments		$	26,684			$	25,357
Total assets		34,802				32,769
Short-term debt		25				25
Long-term debt		790				790
Shareholders’ equity		12,777				12,098
Book value per share		81.79				77.06
Debt-to-total-capital ratio		6.0		%		6.3		%

•$27.455 billion in consolidated cash and total investments at June 30, 2024, an increase of 5% from $26.264 billion at year-end 2023.

•$14.409 billion bond portfolio at June 30, 2024, with an average rating of A2/A. Fair value increased $325 million during the second quarter of 2024, including $397 million in net purchases of fixed-maturity securities.

•$11.634 billion equity portfolio was 43.6% of total investments, including $7.356 billion in appreciated value before taxes at June 30, 2024. Second-quarter 2024 increase in fair value of $77 million, including $51 million in net sales of equity securities.

•$0.96 second-quarter 2024 increase in book value per share, including an addition of $1.30 from net income before investment gains, $0.29 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities and $0.18 for other items that were partially offset by $0.81 from dividends declared to shareholders.

•Value creation ratio of 8.2% for the first six months of 2024, including 4.0% from net income before investment gains, which includes underwriting and investment income, and 3.9% from investment portfolio net investment gains and changes in unrealized gains for fixed-maturity securities.

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

About Cincinnati Financial

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

Mailing Address: Street Address:

P.O. Box 145496 6200 South Gilmore Road

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

CINF 2Q24 Release 9

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2023 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.

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

•Ongoing developments concerning business interruption insurance claims and litigation related to the COVID-19 pandemic that affect our estimates of losses and loss adjustment expenses or our ability to reasonably estimate such losses, such as:

•The continuing duration of the pandemic and governmental actions to limit the spread of the virus that may produce additional economic losses

•The number of policyholders that will ultimately submit claims or file lawsuits

•The lack of submitted proofs of loss for allegedly covered claims

•Judicial rulings in similar litigation involving other companies in the insurance industry

•Differences in state laws and developing case law

•Litigation trends, including varying legal theories advanced by policyholders

•Whether and to what degree any class of policyholders may be certified

•The inherent unpredictability of litigation

•Effects of any future pandemic, or the resurgence of the COVID-19 pandemic, that could affect results for reasons such as:

•Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book value

•An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses

•An unusually high level of insurance losses, including risk of court decisions extending business interruption insurance in commercial property coverage forms to cover claims for pure economic loss related to such pandemic

•Decreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity

•Inability of our workforce, agencies or vendors to perform necessary business functions

•Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns (whether as a result of global climate change or otherwise), environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes

•Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance, due to inflationary trends or other causes

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

•Declines in overall stock market values negatively affecting our equity portfolio and book value

•Interest rate fluctuations or other factors that could significantly affect:

•Our ability to generate growth in investment income

•Values of our fixed-maturity investments, including accounts in which we hold bank-owned life insurance contract assets

•Our traditional life policy reserves

•Domestic and global events, such as Russia’s invasion of Ukraine, war in the Middle East and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:

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

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

•Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati Global

•Our inability to manage Cincinnati Global or other subsidiaries to produce related business opportunities and growth prospects for our ongoing operations

CINF 2Q24 Release 10

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

•Ineffective information technology systems or discontinuing to develop and implement improvements in technology may impact our success and profitability

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

•Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, cyberattacks, remote working capabilities, and/or outsourcing relationships and third-party operations and data security

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

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

•Intense competition, and the impact of innovation, technological change and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitability

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

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

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

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

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

•Downgrades of our financial strength ratings

•Concerns that doing business with us is too difficult

•Perceptions that our level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace

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

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

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

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

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

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

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

•Increase our other expenses

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

•Place us at a disadvantage in the marketplace

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

•Adverse outcomes from litigation or administrative proceedings, including effects of social inflation and third-party litigation funding on the size of litigation awards

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

CINF 2Q24 Release 11

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

•Our inability, or the inability of our independent agents, to attract and retain personnel in a competitive labor market, impacting the customer experience and altering our competitive advantages

•Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location or work effectively in a remote environment

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

* * *

CINF 2Q24 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets and Statements of Income (unaudited)


(Dollars in millions)					June 30,		December 31,
					2024		2023
Assets
Investments					$	26,684	$	25,357
Cash and cash equivalents					771		907

Premiums receivable					3,091		2,592
Reinsurance recoverable					546		651
Deferred policy acquisition costs					1,229		1,093
Other assets					2,481		2,169
Total assets					$	34,802	$	32,769

Liabilities
Insurance reserves					$	12,521	$	12,118
Unearned premiums					4,826		4,119
Deferred income tax					1,465		1,324
Long-term debt and lease obligations					849		849
Other liabilities					2,364		2,261
Total liabilities					22,025		20,671

Shareholders’ Equity
Common stock and paid-in capital					1,863		1,834
Retained earnings					13,897		13,084
Accumulated other comprehensive loss					(470)		(435)
Treasury stock					(2,513)		(2,385)
Total shareholders' equity					12,777		12,098
Total liabilities and shareholders' equity					$	34,802	$	32,769

(Dollars in millions, except per share data)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Revenues
Earned premiums	$	2,156	$	1,943	$	4,227	$	3,861
Investment income, net of expenses	242		220		487		430
Investment gains and losses, net	137		434		749		540
Other revenues	9		8		16		15
Total revenues	2,544		2,605		5,479		4,846

Benefits and Expenses
Insurance losses and contract holders' benefits	1,480		1,340		2,829		2,738
Underwriting, acquisition and insurance expenses	655		579		1,271		1,135
Interest expense	14		13		27		27
Other operating expenses	9		7		13		12
Total benefits and expenses	2,158		1,939		4,140		3,912

Income Before Income Taxes	386		666		1,339		934

Provision for Income Taxes	74		132		272		175

Net Income	$	312	$	534	$	1,067	$	759

Per Common Share:
Net income—basic	$	1.99	$	3.40	$	6.82	$	4.83
Net income—diluted	1.98		3.38		6.77		4.80

CINF 2Q24 Release 13

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

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

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

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

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

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

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

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

CINF 2Q24 Release 14

Cincinnati Financial Corporation


Net Income Reconciliation

(Dollars in millions, except per share data)	Three months ended June 30,					Six months ended June 30,
		2024		2023			2024		2023
Net income		$	312	$	534		$	1,067	$	759
Less:
Investment gains and losses, net		137		434			749		540
Income tax on investment gains and losses		(29)		(91)			(158)		(113)
Investment gains and losses, after-tax		108		343			591		427

Non-GAAP operating income		$	204	$	191		$	476	$	332

Diluted per share data:
Net income		$	1.98	$	3.38		$	6.77	$	4.80
Less:
Investment gains and losses, net		0.87		2.74			4.75		3.41
Income tax on investment gains and losses		(0.18)		(0.57)			(1.00)		(0.71)
Investment gains and losses, after-tax		0.69		2.17			3.75		2.70

Non-GAAP operating income		$	1.29	$	1.21		$	3.02	$	2.10


Life Insurance Reconciliation

(Dollars in millions)	Three months ended June 30,					Six months ended June 30,
		2024		2023			2024		2023
Net income of the life insurance subsidiary		$	24	$	21		$	43	$	40
Investment gains and losses, net		(7)		(2)			(9)		(1)
Income tax on investment gains and losses		(2)		—			(2)		—
Non-GAAP operating income		29		23			50		41

Investment income, net of expenses		(47)		(46)			(94)		(91)
Investment income credited to contract holders		31		30			62		60
Income tax excluding tax on investment gains and losses, net		9		6			14		11
Life insurance segment profit		$	22	$	13		$	32	$	21

CINF 2Q24 Release 15


Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended June 30, 2024
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	2,459		$	1,186		$	819		$	180		$	274
Unearned premiums change		(384)			(79)			(188)			(29)			(88)
Earned premiums		$	2,075		$	1,107		$	631		$	151		$	186

Underwriting profit (loss)		$	35		$	10		$	(42)		$	8		$	59

(Dollars in millions)	Six months ended June 30, 2024
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	4,707		$	2,409		$	1,414		$	326		$	558
Unearned premiums change		(640)			(220)			(195)			(36)			(189)
Earned premiums		$	4,067		$	2,189		$	1,219		$	290		$	369

Underwriting profit (loss)		$	166		$	49		$	(5)		$	20		$	102

(Dollars in millions)	Three months ended June 30, 2023
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	2,150		$	1,106		$	629		$	156		$	259
Unearned premiums change		(287)			(40)			(136)			(24)			(87)
Earned premiums		$	1,863		$	1,066		$	493		$	132		$	172

Underwriting profit (loss)		$	47		$	33		$	(36)		$	11		$	39

(Dollars in millions)	Six months ended June 30, 2023
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	4,169		$	2,247		$	1,077		$	292		$	553
Unearned premiums change		(465)			(125)			(120)			(33)			(187)
Earned premiums		$	3,704		$	2,122		$	957		$	259		$	366

Underwriting profit (loss)		$	37		$	31		$	(93)		$	24		$	75

Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *Included in Other are the results of Cincinnati Re and Cincinnati Global.

CINF 2Q24 Release 16

Cincinnati Financial Corporation

Other Measures

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

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

Value Creation Ratio Calculations


(Dollars are per share)	Three months ended June 30,							Six months ended June 30,
		2024			2023				2024			2023





Value creation ratio:
End of period book value*		$	81.79		$	70.33			$	81.79		$	70.33
Less beginning of period book value		80.83			68.33				77.06			67.01
Change in book value		0.96			2.00				4.73			3.32
Dividend declared to shareholders		0.81			0.75				1.62			1.50
Total value creation		$	1.77		$	2.75			$	6.35		$	4.82

Value creation ratio from change in book value**		1.2		%	2.9		%		6.1		%	5.0		%
Value creation ratio from dividends declared to shareholders***		1.0			1.1				2.1			2.2
Value creation ratio		2.2		%	4.0		%		8.2		%	7.2		%

* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding
** Change in book value divided by the beginning of period book value
*** Dividend declared to shareholders divided by beginning of period book value

CINF 2Q24 Release 17

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending June 30, 2024

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-

BBB+

The Cincinnati Insurance Companies

Insurer Financial Strength

Property Casualty Group

Standard Market Subsidiaries:

A+

—

A+

The Cincinnati Insurance Company

A+

The Cincinnati Indemnity Company

A+

The Cincinnati Casualty Company

A+

Surplus Lines Subsidiary:

The Cincinnati Specialty Underwriters Insurance Company

A+

—

The Cincinnati Life Insurance Company

A+

—

A+

Ratings are as of July 24, 2024, 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 2024 Supplemental Financial Data


	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending June 30, 2024

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

Consolidated

	CFC and Subsidiaries Consolidation – Six Months Ended June 30, 2024	4
	CFC and Subsidiaries Consolidation – Three Months Ended June 30, 2024	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, 2024	11
	Loss and Loss Expense Analysis – Three Months Ended June 30, 2024	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 2024 Supplemental Financial Data

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

Other Measures

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

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

CINF Second-Quarter 2024 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2024

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	4,256	$	—	$	—	$	—	$	4,256
Life	—		—		200		—		—		200
Premiums ceded	—		(189)		(40)		—		—		(229)
Total earned premium	—		4,067		160		—		—		4,227
Investment income, net of expenses	58		337		94		—		(2)		487
Investment gains and losses, net	272		486		(9)		—		—		749
Fee revenues	—		6		3		—		—		9
Other revenues	8		4		—		4		(9)		7
Total revenues	$	338	$	4,900	$	248	$	4	$	(11)	$	5,479

Benefits & expenses
Losses & contract holders' benefits	$	—	$	2,684	$	170	$	—	$	—	$	2,854
Reinsurance recoveries	—		(2)		(23)		—		—		(25)
Underwriting, acquisition and insurance expenses	—		1,225		46		—		—		1,271
Interest expense	26		—		—		2		(1)		27
Other operating expenses	19		2		—		2		(10)		13
Total expenses	$	45	$	3,909	$	193	$	4	$	(11)	$	4,140

Income before income taxes	$	293	$	991	$	55	$	—	$	—	$	1,339

Provision (benefit) for income taxes
Current operating income (loss)	$	(49)	$	(5)	$	19	$	—	$	—	$	(35)
Capital gains/losses	57		102		(2)		—		—		157
Deferred	62		93		(5)		—		—		150
Total provision for income taxes	$	70	$	190	$	12	$	—	$	—	$	272

Net income - current year	$	223	$	801	$	43	$	—	$	—	$	1,067

Net income - prior year	$	315	$	403	$	40	$	1	$	—	$	759
*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 2024 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2024

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	2,170	$	—	$	—	$	—	$	2,170
Life	—		—		101		—		—		101
Premiums ceded	—		(95)		(20)		—		—		(115)
Total earned premium	—		2,075		81		—		—		2,156
Investment income, net of expenses	29		167		47		—		(1)		242
Investment gains and losses, net	135		9		(7)		—		—		137
Fee revenues	—		3		2		—		—		5
Other revenues	4		3		—		2		(5)		4
Total revenues	$	168	$	2,257	$	123	$	2	$	(6)	$	2,544

Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,415	$	76	$	—	$	—	$	1,491
Reinsurance recoveries	—		(3)		(8)		—		—		(11)
Underwriting, acquisition and insurance expenses	—		631		24		—		—		655
Interest expense	13		—		—		1		—		14
Other operating expenses	12		2		—		1		(6)		9
Total expenses	$	25	$	2,045	$	92	$	2	$	(6)	$	2,158

Income before income taxes	$	143	$	212	$	31	$	—	$	—	$	386

Provision (benefit) for income taxes
Current operating income	$	(24)	$	44	$	13	$	—	$	—	$	33
Capital gains/losses	28		2		(2)		—		—		28
Deferred	26		(9)		(4)		—		—		13
Total provision for income taxes	$	30	$	37	$	7	$	—	$	—	$	74

Net income - current year	$	113	$	175	$	24	$	—	$	—	$	312

Net income - prior year	$	191	$	321	$	21	$	1	$	—	$	534
*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 2024 Supplemental Financial Data


Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended														Six months ended				Nine months ended			Twelve months ended
	12/31/24	9/30/24	6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		3/31/23		6/30/24		6/30/23		9/30/24	9/30/23		12/31/24	12/31/23
Consolidated
Current accident year losses greater than $5 million			$	31	$	—	$	38	$	24	$	43	$	36	$	31	$	79		$	103		$	141
Current accident year losses $2 million - $5 million			28		22		42		52		35		15		50		50			102			144
Large loss prior accident year reserve development			15		22		34		32		19		9		37		28			60			94
Total large losses incurred			$	74	$	44	$	114	$	108	$	97	$	60	$	118	$	157		$	265		$	379
Losses incurred but not reported			165		251		122		150		96		179		416		324			474			596
Other losses excluding catastrophe losses			741		677		665		639		675		641		1,418		1,267			1,906			2,571
Catastrophe losses			228		111		20		170		217		227		339		444			614			634
Total losses incurred			$	1,208	$	1,083	$	921	$	1,067	$	1,085	$	1,107	$	2,291	$	2,192		$	3,259		$	4,180
Commercial Lines
Current accident year losses greater than $5 million			$	31	$	—	$	33	$	18	$	28	$	30	$	31	$	58		$	76		$	109
Current accident year losses $2 million - $5 million			11		11		31		28		28		12		22		40			68			99
Large loss prior accident year reserve development			22		12		37		30		19		3		34		22			52			89
Total large losses incurred			$	64	$	23	$	101	$	76	$	75	$	45	$	87	$	120		$	196		$	297
Losses incurred but not reported			92		156		86		88		29		125		248		154			242			328
Other losses excluding catastrophe losses			384		368		338		336		384		335		752		719			1,055			1,393
Catastrophe losses			101		64		3		67		115		106		165		221			288			291
Total losses incurred			$	641	$	611	$	528	$	567	$	603	$	611	$	1,252	$	1,214		$	1,781		$	2,309
Personal Lines
Current accident year losses greater than $5 million			$	—	$	—	$	5	$	6	$	15	$	6	$	—	$	21		$	27		$	32
Current accident year losses $2 million - $5 million			15		11		11		24		7		3		26		10			34			45
Large loss prior accident year reserve development			(7)		10		(2)		2		1		6		3		7			9			7
Total large losses incurred			$	8	$	21	$	14	$	32	$	23	$	15	$	29	$	38		$	70		$	84
Losses incurred but not reported			31		22		5		7		26		27		53		53			60			65
Other losses excluding catastrophe losses			256		231		218		210		194		187		487		381			591			809
Catastrophe losses			129		50		21		71		93		113		179		206			277			298
Total losses incurred			$	424	$	324	$	258	$	320	$	336	$	342	$	748	$	678		$	998		$	1,256
Excess & Surplus Lines
Current accident year losses greater than $5 million			$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—
Current accident year losses $2 million - $5 million			2		—		—		—		—		—		2		—			—			—
Large loss prior accident year reserve development			—		—		(1)		—		(1)		—		—		(1)			(1)			(2)
Total large losses incurred			$	2	$	—	$	(1)	$	—	$	(1)	$	—	$	2	$	(1)		$	(1)		$	(2)
Losses incurred but not reported			17		30		16		16		20		27		47		47			63			79
Other losses excluding catastrophe losses			51		37		52		45		45		28		88		73			118			170
Catastrophe losses			3		1		1		(1)		2		1		4		3			2			3
Total losses incurred			$	73	$	68	$	68	$	60	$	66	$	56	$	141	$	122		$	182		$	250
*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 2024 Supplemental Financial Data


Consolidated Property Casualty
Loss Ratio Detail
	Three months ended														Six months ended				Nine months ended			Twelve months ended
	12/31/24	9/30/24	6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		3/31/23		6/30/24		6/30/23		9/30/24	9/30/23		12/31/24	12/31/23
Consolidated
Current accident year losses greater than $5 million			1.5	%	—	%	1.9	%	1.2	%	2.4	%	1.9	%	0.8	%	2.2	%		1.8	%		1.9	%
Current accident year losses $2 million - $5 million			1.4		1.1		2.1		2.7		1.9		0.8		1.2		1.3			1.8			1.9
Large loss prior accident year reserve development			0.7		1.1		1.7		1.6		1.0		0.5		0.9		0.8			1.1			1.2
Total large loss ratio			3.6	%	2.2	%	5.7	%	5.5	%	5.3	%	3.2	%	2.9	%	4.3	%		4.7	%		5.0	%
Losses incurred but not reported			8.0		12.6		6.2		7.6		5.2		9.7		10.2		8.7			8.4			7.8
Other losses excluding catastrophe losses			35.6		34.0		33.5		32.7		36.1		34.9		34.9		34.2			33.7			33.6
Catastrophe losses			11.0		5.6		1.0		8.7		11.6		12.3		8.3		12.0			10.8			8.3
Total loss ratio			58.2	%	54.4	%	46.4	%	54.5	%	58.2	%	60.1	%	56.3	%	59.2	%		57.6	%		54.7	%
Commercial Lines
Current accident year losses greater than $5 million			2.8	%	—	%	3.1	%	1.7	%	2.6	%	2.8	%	1.4	%	2.8	%		2.4	%		2.5	%
Current accident year losses $2 million - $5 million			1.0		1.0		2.8		2.6		2.7		1.1		1.0		1.9			2.1			2.3
Large loss prior accident year reserve development			2.0		1.1		3.4		2.8		1.8		0.3		1.6		1.0			1.6			2.1
Total large loss ratio			5.8	%	2.1	%	9.3	%	7.1	%	7.1	%	4.2	%	4.0	%	5.7	%		6.1	%		6.9	%
Losses incurred but not reported			8.3		14.4		8.0		8.3		2.7		11.8		11.3		7.2			7.6			7.7
Other losses excluding catastrophe losses			34.6		34.0		31.3		31.7		35.9		31.9		34.3		33.9			33.2			32.7
Catastrophe losses			9.1		6.0		0.3		6.3		10.8		10.0		7.6		10.4			9.0			6.8
Total loss ratio			57.8	%	56.5	%	48.9	%	53.4	%	56.5	%	57.9	%	57.2	%	57.2	%		55.9	%		54.1	%
Personal Lines
Current accident year losses greater than $5 million			—	%	—	%	1.0	%	1.1	%	3.0	%	1.3	%	—	%	2.2	%		1.8	%		1.6	%
Current accident year losses $2 million - $5 million			2.4		1.8		1.9		4.7		1.4		0.6		2.1		1.0			2.3			2.2
Large loss prior accident year reserve development			(1.1)		1.8		(0.4)		0.4		0.2		1.4		0.3		0.8			0.6			0.3
Total large loss ratio			1.3	%	3.6	%	2.5	%	6.2	%	4.6	%	3.3	%	2.4	%	4.0	%		4.7	%		4.1	%
Losses incurred but not reported			4.8		3.8		0.9		1.2		5.3		5.9		4.3		5.6			4.0			3.2
Other losses excluding catastrophe losses			40.5		39.4		38.7		39.9		39.4		40.2		39.9		39.7			39.9			39.5
Catastrophe losses			20.5		8.4		3.8		13.4		19.0		24.3		14.7		21.6			18.7			14.6
Total loss ratio			67.1	%	55.2	%	45.9	%	60.7	%	68.3	%	73.7	%	61.3	%	70.9	%		67.3	%		61.4	%
Excess & Surplus Lines
Current accident year losses greater than $5 million			—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%		—	%		—	%
Current accident year losses $2 million - $5 million			1.3		—		—		—		—		—		0.7		—			—			—
Large loss prior accident year reserve development			—		—		(0.5)		—		(0.4)		(0.3)		—		(0.3)			(0.2)			(0.3)
Total large loss ratio			1.3	%	—	%	(0.5)	%	—	%	(0.4)	%	(0.3)	%	0.7	%	(0.3)	%		(0.2)	%		(0.3)	%
Losses incurred but not reported			11.6		21.6		10.9		11.9		15.2		21.3		16.4		18.0			15.9			14.6
Other losses excluding catastrophe losses			33.8		26.8		35.2		33.2		33.5		22.2		30.4		28.1			29.9			31.3
Catastrophe losses			1.9		0.5		0.6		(0.9)		1.3		1.1		1.2		1.2			0.5			0.5
Total loss ratio			48.6	%	48.9	%	46.2	%	44.2	%	49.6	%	44.3	%	48.7	%	47.0	%		46.1	%		46.1	%
*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 2024 Supplemental Financial Data


Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23	3/31/23	6/30/24	6/30/23	9/30/24	9/30/23	12/31/24	12/31/23
Consolidated
Current accident year reported losses greater than $5 million			5	—	5	4	6	5	5	11		15		22
Current accident year reported losses $2 million - $5 million			11	8	17	19	11	5	19	16		35		49
Prior accident year reported losses on large losses			9	7	14	3	7	3	16	10		13		27
Non-Catastrophe reported losses on large losses total			25	15	36	26	24	13	40	37		63		98
Commercial Lines
Current accident year reported losses greater than $5 million			5	—	5	3	4	4	5	8		11		17
Current accident year reported losses $2 million - $5 million			4	4	13	11	9	4	8	13		24		35
Prior accident year reported losses on large losses			9	4	14	3	7	2	13	9		12		26
Non-Catastrophe reported losses on large losses total			18	8	32	17	20	10	26	30		47		78
Personal Lines
Current accident year reported losses greater than $5 million			—	—	—	1	2	1	—	3		4		5
Current accident year reported losses $2 million - $5 million			6	4	4	8	2	1	10	3		11		14
Prior accident year reported losses on large losses			—	3	—	—	—	1	3	1		1		1
Non-Catastrophe reported losses on large losses total			6	7	4	9	4	3	13	7		16		20
Excess & Surplus Lines
Current accident year reported losses greater than $5 million			—	—	—	—	—	—	—	—		—		—
Current accident year reported losses $2 million - $5 million			1	—	—	—	—	—	1	—		—		—
Prior accident year reported losses on large losses			—	—	—	—	—	—	—	—		—		—
Non-Catastrophe reported losses on large losses total			1	—	—	—	—	—	1	—		—		—
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Second-Quarter 2024 Supplemental Financial Data


Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24			3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24			6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Commercial casualty:
Net written premiums			$	391		$	417		$	361		$	331		$	378		$	404		$	808		$	782			$	1,114			$	1,475
Year over year change %- written premium			3		%	3		%	2		%	2		%	1		%	4		%	3		%	2		%		2		%		2		%
Earned premiums			$	372		$	365		$	366		$	365		$	373		$	377		$	737		$	750			$	1,115			$	1,481
Current accident year before catastrophe losses			69.6		%	73.6		%	69.6		%	68.3		%	70.5		%	72.6		%	71.6		%	71.6		%		70.5		%		70.3		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			7.6			0.1			14.0			—			(9.2)			(0.3)			3.9			(4.8)				(3.2)				1.0
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			77.2		%	73.7		%	83.6		%	68.3		%	61.3		%	72.3		%	75.5		%	66.8		%		67.3		%		71.3		%
Commercial property:
Net written premiums			$	392		$	362		$	338		$	344		$	335		$	316		$	754		$	650			$	994			$	1,332
Year over year change %- written premium			17		%	15		%	14		%	11		%	9		%	6		%	16		%	7		%		9		%		10		%
Earned premiums			$	348		$	336		$	331		$	321		$	312		$	299		$	684		$	611			$	933			$	1,264
Current accident year before catastrophe losses			45.7		%	48.5		%	44.4		%	45.2		%	43.4		%	49.0		%	47.0		%	46.1		%		45.8		%		45.5		%
Current accident year catastrophe losses			28.9			21.3			5.0			23.0			35.0			34.7			25.2			34.9				30.8				24.0
Prior accident years before catastrophe losses			(3.9)			(4.2)			(3.2)			(2.8)			(1.5)			(7.8)			(4.0)			(4.6)				(4.0)				(3.8)
Prior accident years catastrophe losses			(2.1)			(2.5)			(2.6)			(0.5)			(1.4)			2.4			(2.3)			0.5				0.2				(0.6)
Total loss and loss expense ratio			68.6		%	63.1		%	43.6		%	64.9		%	75.5		%	78.3		%	65.9		%	76.9		%		72.8		%		65.1		%
Commercial auto:
Net written premiums			$	248		$	259		$	207		$	199		$	233		$	239		$	506		$	472			$	671			$	878
Year over year change %- written premium			6		%	8		%	3		%	3		%	3		%	1		%	7		%	2		%		2		%		2		%
Earned premiums			$	228		$	220		$	218		$	216		$	214		$	213		$	448		$	428			$	644			$	862
Current accident year before catastrophe losses			67.9		%	70.0		%	65.0		%	70.1		%	68.3		%	73.5		%	68.9		%	70.9		%		70.6		%		69.2		%
Current accident year catastrophe losses			4.4			1.6			(1.1)			(0.8)			6.7			0.9			3.0			3.8				2.3				1.5
Prior accident years before catastrophe losses			(3.8)			(0.8)			(2.6)			0.7			(1.4)			2.7			(2.4)			0.7				0.6				(0.2)
Prior accident years catastrophe losses			—			(0.1)			—			—			(0.3)			(1.5)			—			(1.0)				(0.6)				(0.5)
Total loss and loss expense ratio			68.5		%	70.7		%	61.3		%	70.0		%	73.3		%	75.6		%	69.5		%	74.4		%		72.9		%		70.0		%
Workers' compensation:
Net written premiums			$	55		$	79		$	57		$	57		$	65		$	82		$	134		$	147			$	203			$	260
Year over year change %- written premium			(15)		%	(4)		%	(11)		%	(5)		%	(6)		%	(5)		%	(9)		%	(5)		%		(5)		%		(6)		%
Earned premiums			$	59		$	61		$	65		$	66		$	72		$	74		$	120		$	146			$	212			$	277
Current accident year before catastrophe losses			86.5		%	91.5		%	87.2		%	90.3		%	90.0		%	83.2		%	89.0		%	86.5		%		87.7		%		87.6		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(46.9)			(19.3)			(31.1)			(30.7)			(15.4)			(19.6)			(32.9)			(17.5)				(21.6)				(23.9)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			39.6		%	72.2		%	56.1		%	59.6		%	74.6		%	63.6		%	56.1		%	69.0		%		66.1		%		63.7		%
Other commercial:
Net written premiums			$	100		$	106		$	97		$	98		$	95		$	100		$	207		$	196			$	294			$	391
Year over year change %- written premium			5		%	6		%	5		%	3		%	2		%	15		%	6		%	9		%		7		%		7		%
Earned premiums			$	100		$	100		$	100		$	94		$	95		$	93		$	200		$	187			$	280			$	380
Current accident year before catastrophe losses			40.7		%	40.5		%	34.5		%	39.1		%	35.2		%	38.1		%	40.6		%	36.6		%		37.4		%		36.7		%
Current accident year catastrophe losses			—			0.1			—			0.2			0.1			—			0.1			0.1				0.1				0.1
Prior accident years before catastrophe losses			0.2			(2.8)			(4.0)			(5.8)			(0.8)			(2.5)			(1.3)			(1.6)				(3.0)				(3.3)
Prior accident years catastrophe losses			0.1			0.1			0.1			—			—			(0.1)			0.1			(0.1)				—				—
Total loss and loss expense ratio			41.0		%	37.9		%	30.6		%	33.5		%	34.5		%	35.5		%	39.5		%	35.0		%		34.5		%		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 Second-Quarter 2024 Supplemental Financial Data


Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24			3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24			6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Personal auto:
Net written premiums			$	283		$	216		$	207		$	227		$	212		$	163		$	499		$	374			$	602			$	809
Year over year change %- written premium			33		%	33		%	31		%	27		%	20		%	16		%	33		%	18		%		21		%		24		%
Earned premiums			$	224		$	208		$	197		$	185		$	173		$	166		$	432		$	339			$	524			$	721
Current accident year before catastrophe losses			73.3		%	73.8		%	66.7		%	73.2		%	76.6		%	78.8		%	73.5		%	77.7		%		76.0		%		73.6		%
Current accident year catastrophe losses			3.6			3.4			(1.1)			(3.4)			8.9			4.2			3.5			6.6				3.1				1.9
Prior accident years before catastrophe losses			5.3			(1.9)			(1.3)			—			(4.1)			0.3			1.9			(1.9)				(1.2)				(1.3)
Prior accident years catastrophe losses			(0.1)			(0.7)			—			(0.1)			(0.7)			(2.7)			(0.4)			(1.7)				(1.1)				(0.8)
Total loss and loss expense ratio			82.1		%	74.6		%	64.3		%	69.7		%	80.7		%	80.6		%	78.5		%	80.7		%		76.8		%		73.4		%
Homeowner:
Net written premiums			$	433		$	303		$	298		$	339		$	330		$	222		$	736		$	552			$	890			$	1,188
Year over year change %- written premium			31		%	36		%	32		%	33		%	27		%	23		%	33		%	25		%		28		%		29		%
Earned premiums			$	326		$	303		$	289		$	271		$	251		$	232		$	629		$	484			$	755			$	1,044
Current accident year before catastrophe losses			42.2		%	46.9		%	42.2		%	45.0		%	47.4		%	46.5		%	44.4		%	46.9		%		46.3		%		45.1		%
Current accident year catastrophe losses			38.5			21.0			9.2			30.2			33.5			56.1			30.1			44.4				39.3				31.0
Prior accident years before catastrophe losses			1.2			(2.0)			(2.5)			(1.0)			0.7			(2.6)			(0.3)			(0.8)				(0.9)				(1.4)
Prior accident years catastrophe losses			(1.7)			(6.3)			(0.8)			(2.1)			(3.9)			(9.1)			(4.0)			(6.4)				(4.9)				(3.7)
Total loss and loss expense ratio			80.2		%	59.6		%	48.1		%	72.1		%	77.7		%	90.9		%	70.2		%	84.1		%		79.8		%		71.0		%
Other personal:
Net written premiums			$	103		$	76		$	74		$	80		$	87		$	63		$	179		$	151			$	231			$	305
Year over year change %- written premium			18		%	21		%	21		%	18		%	19		%	19		%	19		%	19		%		18		%		19		%
Earned premiums			$	81		$	77		$	74		$	71		$	69		$	66		$	158		$	134			$	205			$	279
Current accident year before catastrophe losses			54.6		%	57.4		%	48.3		%	55.7		%	56.7		%	58.9		%	56.0		%	57.7		%		57.1		%		54.7		%
Current accident year catastrophe losses			5.3			2.3			1.8			5.4			11.7			3.5			3.8			7.7				6.9				5.6
Prior accident years before catastrophe losses			(5.8)			(2.6)			2.2			1.0			2.3			(1.2)			(4.3)			0.6				0.7				1.1
Prior accident years catastrophe losses			0.2			(0.3)			(0.1)			(0.4)			0.7			1.3			—			1.0				0.5				0.3
Total loss and loss expense ratio			54.3		%	56.8		%	52.2		%	61.7		%	71.4		%	62.5		%	55.5		%	67.0		%		65.2		%		61.7		%

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24			3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24			6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Excess & Surplus:
Net written premiums			$	180		$	146		$	150		$	128		$	156		$	136		$	326		$	292			$	420			$	570
Year over year change %- written premium			15		%	7		%	23		%	6		%	16		%	10		%	12		%	13		%		11		%		14		%
Earned premiums			$	151		$	139		$	148		$	135		$	132		$	127		$	290		$	259			$	394			$	542
Current accident year before catastrophe losses			64.0		%	65.7		%	60.5		%	64.8		%	69.7		%	69.2		%	64.8		%	69.5		%		67.9		%		65.9		%
Current accident year catastrophe losses			1.4			0.9			0.5			(0.6)			1.4			1.5			1.2			1.4				0.8				0.7
Prior accident years before catastrophe losses			1.6			(1.7)			1.4			0.9			(4.7)			(6.2)			—			(5.4)				(3.3)				(2.0)
Prior accident years catastrophe losses			0.5			(0.4)			0.2			(0.2)			—			(0.3)			—			(0.1)				(0.2)				(0.1)
Total loss and loss expense ratio			67.5		%	64.5		%	62.6		%	64.9		%	66.4		%	64.2		%	66.0		%	65.4		%		65.2		%		64.5		%
*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 Second-Quarter 2024 Supplemental Financial Data



Consolidated Property Casualty Loss and Loss Expense Analysis

(Dollars in millions)							Change in		Change in		Change in		Total						Loss
	Paid		Paid loss		Total		case		IBNR		loss expense		change in		Case		IBNR		expense		Total
	losses		expense		paid		reserves		reserves		reserves		reserves		incurred		incurred		incurred		incurred
Gross loss and loss expense incurred for the six months ended June 30, 2024
Commercial casualty	$	273	$	100	$	373	$	64	$	115	$	7	$	186	$	337	$	115	$	107	$	559
Commercial property	346		39		385		(43)		95		9		61		303		95		48		446
Commercial auto	218		44		262		8		38		4		50		226		38		48		312
Workers' compensation	63		16		79		(34)		27		(4)		(11)		29		27		12		68
Other commercial	63		10		73		8		10		(10)		8		71		10		—		81
Total commercial lines	963		209		1,172		3		285		6		294		966		285		215		1,466

Personal auto	238		51		289		25		18		6		49		263		18		57		338
Homeowners	310		46		356		29		46		11		86		339		46		57		442
Other personal	76		5		81		(6)		12		1		7		70		12		6		88
Total personal lines	624		102		726		48		76		18		142		672		76		120		868

Excess & surplus lines	100		35		135		(2)		49		17		64		98		49		52		199
Other	126		6		132		(16)		35		—		19		110		35		6		151
Total property casualty	$	1,813	$	352	$	2,165	$	33	$	445	$	41	$	519	$	1,846	$	445	$	393	$	2,684

Ceded loss and loss expense incurred for the six months ended June 30, 2024
Commercial casualty	$	(5)	$	1	$	(4)	$	9	$	(1)	$	(1)	$	7	$	4	$	(1)	$	—	$	3
Commercial property	12		—		12		(17)		(1)		—		(18)		(5)		(1)		—		(6)
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	3		—		3		(1)		(1)		—		(2)		2		(1)		—		1
Other commercial	12		1		13		(11)		1		—		(10)		1		1		1		3
Total commercial lines	22		2		24		(20)		(2)		(1)		(23)		2		(2)		1		1

Personal auto	1		—		1		(1)		(1)		—		(2)		—		(1)		—		(1)
Homeowners	5		—		5		(3)		(1)		—		(4)		2		(1)		—		1
Other personal	—		—		—		—		—		—		—		—		—		—		—
Total personal lines	6		—		6		(4)		(2)		—		(6)		2		(2)		—		—

Excess & surplus lines	14		1		15		(8)		—		—		(8)		6		—		1		7
Other	16		—		16		(7)		(15)		—		(22)		9		(15)		—		(6)
Total property casualty	$	58	$	3	$	61	$	(39)	$	(19)	$	(1)	$	(59)	$	19	$	(19)	$	2	$	2

Net loss and loss expense incurred for the six months ended June 30, 2024
Commercial casualty	$	278	$	99	$	377	$	55	$	116	$	8	$	179	$	333	$	116	$	107	$	556
Commercial property	334		39		373		(26)		96		9		79		308		96		48		452
Commercial auto	218		44		262		8		38		4		50		226		38		48		312
Workers' compensation	60		16		76		(33)		28		(4)		(9)		27		28		12		67
Other commercial	51		9		60		19		9		(10)		18		70		9		(1)		78
Total commercial lines	941		207		1,148		23		287		7		317		964		287		214		1,465

Personal auto	237		51		288		26		19		6		51		263		19		57		339
Homeowners	305		46		351		32		47		11		90		337		47		57		441
Other personal	76		5		81		(6)		12		1		7		70		12		6		88
Total personal lines	618		102		720		52		78		18		148		670		78		120		868

Excess & surplus lines	86		34		120		6		49		17		72		92		49		51		192
Other	110		6		116		(9)		50		—		41		101		50		6		157
Total property casualty	$	1,755	$	349	$	2,104	$	72	$	464	$	42	$	578	$	1,827	$	464	$	391	$	2,682

*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 2024 Supplemental Financial Data


Consolidated Property Casualty Loss and Loss Expense Analysis


(Dollars in millions)							Change in		Change in		Change in		Total						Loss
	Paid		Paid loss		Total		case		IBNR		loss expense		change in		Case		IBNR		expense		Total
	losses		expense		paid		reserves		reserves		reserves		reserves		incurred		incurred		incurred		incurred
Gross loss and loss expense incurred for the three months ended June 30, 2024
Commercial casualty	$	140	$	50	$	190	$	44	$	48	$	4	$	96	$	184	$	48	$	54	$	286
Commercial property	170		18		188		(8)		46		9		47		162		46		27		235
Commercial auto	99		22		121		17		16		2		35		116		16		24		156
Workers' compensation	30		8		38		(16)		5		(3)		(14)		14		5		5		24
Other commercial	28		5		33		14		6		(9)		11		42		6		(4)		44
Total commercial lines	467		103		570		51		121		3		175		518		121		106		745

Personal auto	125		26		151		18		12		4		34		143		12		30		185
Homeowners	171		23		194		22		35		10		67		193		35		33		261
Other personal	42		2		44		(7)		6		1		—		35		6		3		44
Total personal lines	338		51		389		33		53		15		101		371		53		66		490

Excess & surplus lines	51		16		67		9		18		12		39		60		18		28		106
Other	69		4		73		(2)		3		—		1		67		3		4		74
Total property casualty	$	925	$	174	$	1,099	$	91	$	195	$	30	$	316	$	1,016	$	195	$	204	$	1,415

Ceded loss and loss expense incurred for the three months ended June 30, 2024
Commercial casualty	$	(4)	$	—	$	(4)	$	3	$	—	$	—	$	3	$	(1)	$	—	$	—	$	(1)
Commercial property	5		—		5		(9)		1		—		(8)		(4)		1		—		(3)
Commercial auto	1		—		1		—		—		—		—		1		—		—		1
Workers' compensation	1		—		1		—		(1)		—		(1)		1		(1)		—		—
Other commercial	4		—		4		(3)		1		—		(2)		1		1		—		2
Total commercial lines	7		—		7		(9)		1		—		(8)		(2)		1		—		(1)

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

Excess & surplus lines	10		—		10		(6)		—		—		(6)		4		—		—		4
Other	12		—		12		(5)		(8)		—		(13)		7		(8)		—		(1)
Total property casualty	$	32	$	—	$	32	$	(23)	$	(6)	$	—	$	(29)	$	9	$	(6)	$	—	$	3

Net loss and loss expense incurred for the three months ended June 30, 2024
Commercial casualty	$	144	$	50	$	194	$	41	$	48	$	4	$	93	$	185	$	48	$	54	$	287
Commercial property	165		18		183		1		45		9		55		166		45		27		238
Commercial auto	98		22		120		17		16		2		35		115		16		24		155
Workers' compensation	29		8		37		(16)		6		(3)		(13)		13		6		5		24
Other commercial	24		5		29		17		5		(9)		13		41		5		(4)		42
Total commercial lines	460		103		563		60		120		3		183		520		120		106		746

Personal auto	124		26		150		19		12		4		35		143		12		30		185
Homeowners	169		23		192		24		35		10		69		193		35		33		261
Other personal	42		2		44		(7)		5		1		(1)		35		5		3		43
Total personal lines	335		51		386		36		52		15		103		371		52		66		489

Excess & surplus lines	41		16		57		15		18		12		45		56		18		28		102
Other	57		4		61		3		11		—		14		60		11		4		75
Total property casualty	$	893	$	174	$	1,067	$	114	$	201	$	30	$	345	$	1,007	$	201	$	204	$	1,412

*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 2024 Supplemental Financial Data



Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24			3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24			6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Premiums
Agency renewal written premiums			$	1,843		$	1,683		$	1,534		$	1,549		$	1,643		$	1,535		$	3,526		$	3,178			$	4,727			$	6,261
Agency new business written premiums			407			346			310			313			303			251			753			554				867				1,177

Other written premiums			209			219			76			95			204			233			428			437				532				608
Net written premiums			$	2,459		$	2,248		$	1,920		$	1,957		$	2,150		$	2,019		$	4,707		$	4,169			$	6,126			$	8,046
Unearned premium change			(384)			(256)			64			—			(287)			(178)			(640)			(465)				(465)				(401)
Earned premiums			$	2,075		$	1,992		$	1,984		$	1,957		$	1,863		$	1,841		$	4,067		$	3,704			$	5,661			$	7,645
Year over year change %
Agency renewal written premiums			12		%	10		%	10		%	11		%	11		%	10		%	11		%	10		%		11		%		11		%
Agency new business written premiums			34			38			30			19			6			3			36			5				9				14

Other written premiums			2			(6)			27			(1)			4			(10)			(2)			(4)				(3)				—
Net written premiums			14			11			13			12			9			6			13			8				9				10
Paid losses and loss expenses
Losses paid			$	893		$	861		$	933		$	907		$	924		$	893		$	1,755		$	1,816			$	2,723			$	3,656
Loss expenses paid			174			176			158			151			157			153			349			311				462				620
Loss and loss expenses paid			$	1,067		$	1,037		$	1,091		$	1,058		$	1,081		$	1,046		$	2,104		$	2,127			$	3,185			$	4,276
Incurred losses and loss expenses
Loss and loss expense incurred			$	1,412		$	1,270		$	1,118		$	1,261		$	1,262		$	1,317		$	2,682		$	2,579			$	3,840			$	4,958
Loss and loss expenses paid as a % of incurred			75.6		%	81.7		%	97.6		%	83.9		%	85.7		%	79.4		%	78.4		%	82.5		%		82.9		%		86.2		%
Statutory combined ratio
Loss ratio			59.1		%	55.2		%	47.8		%	54.9		%	58.3		%	60.5		%	57.2		%	59.4		%		57.8		%		55.3		%
Loss adjustment expense ratio			10.1			9.6			10.3			10.3			9.7			11.6			9.8			10.7				10.6				10.5
Net underwriting expense ratio			27.7			27.5			31.3			29.1			27.7			27.5			27.6			27.6				28.1				28.8
US Statutory combined ratio			96.9		%	92.3		%	89.4		%	94.3		%	95.7		%	99.6		%	94.6		%	97.7		%		96.5		%		94.6		%
Contribution from catastrophe losses			11.6			6.1			1.8			8.7			12.3			12.7			8.9			12.5				11.2				8.8
Statutory combined ratio excl. catastrophe losses			85.3		%	86.2		%	87.6		%	85.6		%	83.4		%	86.9		%	85.7		%	85.2		%		85.3		%		85.8		%
GAAP combined ratio
GAAP combined ratio			98.5		%	93.6		%	87.5		%	94.4		%	97.6		%	100.7		%	96.1		%	99.2		%		97.5		%		94.9		%
Contribution from catastrophe losses			11.2			5.9			1.3			9.1			12.0			12.8			8.6			12.4				11.3				8.7
GAAP combined ratio excl. catastrophe losses			87.3		%	87.7		%	86.2		%	85.3		%	85.6		%	87.9		%	87.5		%	86.8		%		86.2		%		86.2		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Second-Quarter 2024 Supplemental Financial Data



Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24			3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24			6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Premiums
Agency renewal written premiums			$	1,023		$	1,076		$	936		$	914		$	985		$	1,041		$	2,099		$	2,026			$	2,940			$	3,876
Agency new business written premiums			193			182			153			148			149			134			375			283				431				584
Other written premiums			(30)			(35)			(29)			(33)			(28)			(34)			(65)			(62)				(95)				(124)
Net written premiums			$	1,186		$	1,223		$	1,060		$	1,029		$	1,106		$	1,141		$	2,409		$	2,247			$	3,276			$	4,336
Unearned premium change			(79)			(141)			20			33			(40)			(85)			(220)			(125)				(92)				(72)
Earned premiums			$	1,107		$	1,082		$	1,080		$	1,062		$	1,066		$	1,056		$	2,189		$	2,122			$	3,184			$	4,264
Year over year change %
Agency renewal written premiums			4		%	3		%	3		%	6		%	5		%	7		%	4		%	6		%		6		%		6		%
Agency new business written premiums			30			36			18			(1)			(10)			(14)			33			(12)				(8)				(3)
Other written premiums			(7)			(3)			6			(32)			(4)			(13)			(5)			(9)				(16)				(10)
Net written premiums			7			7			5			5			3			4			7			4				4				4
Paid losses and loss expenses
Losses paid			$	460		$	479		$	549		$	490		$	550		$	513		$	941		$	1,063			$	1,552			$	2,101
Loss expenses paid			103			106			93			92			96			97			207			193				285				379
Loss and loss expenses paid			$	563		$	585		$	642		$	582		$	646		$	610		$	1,148		$	1,256			$	1,837			$	2,480
Incurred losses and loss expenses
Loss and loss expense incurred			$	746		$	719		$	651		$	680		$	708		$	748		$	1,465		$	1,456			$	2,136			$	2,787
Loss and loss expenses paid as a % of incurred			75.5		%	81.4		%	98.6		%	85.6		%	91.2		%	81.6		%	78.4		%	86.3		%		86.0		%		89.0		%
Statutory combined ratio
Loss ratio			57.8		%	56.5		%	48.9		%	53.4		%	56.5		%	57.9		%	57.2		%	57.2		%		55.9		%		54.1		%
Loss adjustment expense ratio			9.6			9.9			11.4			10.6			9.9			12.9			9.7			11.4				11.2				11.2
Net underwriting expense ratio			29.9			27.4			32.6			31.8			29.4			27.7			28.7			28.5				29.5				30.3
Statutory combined ratio			97.3		%	93.8		%	92.9		%	95.8		%	95.8		%	98.5		%	95.6		%	97.1		%		96.6		%		95.6		%
Contribution from catastrophe losses			9.3			6.2			0.5			6.7			11.1			10.4			7.8			10.7				9.4				7.2
Statutory combined ratio excl. catastrophe losses			88.0		%	87.6		%	92.4		%	89.1		%	84.7		%	88.1		%	87.8		%	86.4		%		87.2		%		88.4		%
GAAP combined ratio
GAAP combined ratio			99.1		%	96.5		%	92.2		%	95.2		%	96.9		%	100.4		%	97.9		%	98.6		%		97.5		%		96.2		%
Contribution from catastrophe losses			9.3			6.2			0.5			6.7			11.1			10.4			7.8			10.7				9.4				7.2
GAAP combined ratio excl. catastrophe losses			89.8		%	90.3		%	91.7		%	88.5		%	85.8		%	90.0		%	90.1		%	87.9		%		88.1		%		89.0		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2024 Supplemental Financial Data



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24			3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24			6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Premiums
Agency renewal written premiums			$	681		$	494		$	486		$	542		$	541		$	388		$	1,175		$	929			$	1,471			$	1,957
Agency new business written premiums			163			122			109			122			106			79			285			185				307				416
Other written premiums			(25)			(21)			(16)			(18)			(18)			(19)			(46)			(37)				(55)				(71)
Net written premiums			$	819		$	595		$	579		$	646		$	629		$	448		$	1,414		$	1,077			$	1,723			$	2,302
Unearned premium change			(188)			(7)			(19)			(119)			(136)			16			(195)			(120)				(239)				(258)
Earned premiums			$	631		$	588		$	560		$	527		$	493		$	464		$	1,219		$	957			$	1,484			$	2,044
Year over year change %
Agency renewal written premiums			26		%	27		%	24		%	24		%	24		%	17		%	26		%	20		%		22		%		22		%
Agency new business written premiums			54			54			45			51			20			52			54			32				39				41
Other written premiums			(39)			(11)			30			(13)			(13)			(73)			(24)			(37)				(28)				(8)
Net written premiums			30			33			30			29			23			20			31			22				24				26
Paid losses and loss expenses
Losses paid			$	335		$	282		$	277		$	324		$	298		$	288		$	618		$	585			$	909			$	1,185
Loss expenses paid			51			51			45			39			44			40			102			85				123				168
Loss and loss expenses paid			$	386		$	333		$	322		$	363		$	342		$	328		$	720		$	670			$	1,032			$	1,353
Incurred losses and loss expenses
Loss and loss expense incurred			$	489		$	379		$	304		$	368		$	384		$	386		$	868		$	770			$	1,138			$	1,442
Loss and loss expenses paid as a % of incurred			78.9		%	87.9		%	105.9		%	98.6		%	89.1		%	85.0		%	82.9		%	87.0		%		90.7		%		93.8		%
Statutory combined ratio
Loss ratio			67.1		%	55.2		%	45.9		%	60.7		%	68.3		%	73.6		%	61.3		%	70.9		%		67.3		%		61.4		%
Loss adjustment expense ratio			10.5			9.3			8.4			9.2			9.6			9.6			9.9			9.6				9.4				9.2
Net underwriting expense ratio			25.2			29.6			30.0			26.3			25.5			30.0			27.1			27.4				27.0				27.7
Statutory combined ratio			102.8		%	94.1		%	84.3		%	96.2		%	103.4		%	113.2		%	98.3		%	107.9		%		103.7		%		98.3		%
Contribution from catastrophe losses			20.9			8.8			4.2			13.9			19.7			24.7			15.0			22.1				19.2				15.1
Statutory combined ratio excl. catastrophe losses			81.9		%	85.3		%	80.1		%	82.3		%	83.7		%	88.5		%	83.3		%	85.8		%		84.5		%		83.2		%
GAAP combined ratio
GAAP combined ratio			106.9		%	93.9		%	84.7		%	99.9		%	107.6		%	112.5		%	100.6		%	110.0		%		106.4		%		100.4		%
Contribution from catastrophe losses			20.9			8.8			4.2			13.9			19.7			24.7			15.0			22.1				19.2				15.1
GAAP combined ratio excl. catastrophe losses			86.0		%	85.1		%	80.5		%	86.0		%	87.9		%	87.8		%	85.6		%	87.9		%		87.2		%		85.3		%
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 2024 Supplemental Financial Data



Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24			3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24			6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Premiums
Agency renewal written premiums			$	139		$	113		$	112		$	93		$	117		$	106		$	252		$	223			$	316			$	428
Agency new business written premiums			51			42			48			43			48			38			93			86				129				177
Other written premiums			(10)			(9)			(10)			(8)			(9)			(8)			(19)			(17)				(25)				(35)
Net written premiums			$	180		$	146		$	150		$	128		$	156		$	136		$	326		$	292			$	420			$	570
Unearned premium change			(29)			(7)			(2)			7			(24)			(9)			(36)			(33)				(26)				(28)
Earned premiums			$	151		$	139		$	148		$	135		$	132		$	127		$	290		$	259			$	394			$	542
Year over year change %
Agency renewal written premiums			19		%	7		%	18		%	—		%	6		%	13		%	13		%	9		%		6		%		9		%
Agency new business written premiums			6			11			45			26			45			6			8			25				25				30
Other written premiums			(11)			(13)			(67)			(33)			(13)			(33)			(12)			(21)				(25)				(35)
Net written premiums			15			7			23			6			16			10			12			13				11				14
Paid losses and loss expenses
Losses paid			$	41		$	46		$	34		$	33		$	29		$	28		$	86		$	56			$	90			$	124
Loss expenses paid			16			17			17			16			14			12			34			27				43				59
Loss and loss expenses paid			$	57		$	63		$	51		$	49		$	43		$	40		$	120		$	83			$	133			$	183
Incurred losses and loss expenses
Loss and loss expense incurred			$	102		$	90		$	93		$	87		$	89		$	81		$	192		$	170			$	257			$	350
Loss and loss expenses paid as a % of incurred			55.9		%	70.0		%	54.8		%	56.3		%	48.3		%	49.4		%	62.5		%	48.8		%		51.8		%		52.3		%
Statutory combined ratio
Loss ratio			48.6		%	48.9		%	46.2		%	44.2		%	49.6		%	44.3		%	48.7		%	47.0		%		46.1		%		46.1		%
Loss adjustment expense ratio			19.0			15.6			16.5			20.6			16.9			19.9			17.4			18.4				19.1				18.4
Net underwriting expense ratio			26.0			26.0			27.7			26.6			24.3			24.4			26.0			24.4				25.1				25.7
Statutory combined ratio			93.6		%	90.5		%	90.4		%	91.4		%	90.8		%	88.6		%	92.1		%	89.8		%		90.3		%		90.2		%
Contribution from catastrophe losses			1.9			0.5			0.7			(0.8)			1.4			1.2			1.2			1.3				0.6				0.6
Statutory combined ratio excl. catastrophe losses			91.7		%	90.0		%	89.7		%	92.2		%	89.4		%	87.4		%	90.9		%	88.5		%		89.7		%		89.6		%
GAAP combined ratio
GAAP combined ratio			95.4		%	91.9		%	89.8		%	90.5		%	92.2		%	89.9		%	93.7		%	91.1		%		90.9		%		90.6		%
Contribution from catastrophe losses			1.9			0.5			0.7			(0.8)			1.4			1.2			1.2			1.3				0.6				0.6
GAAP combined ratio excl. catastrophe losses			93.5		%	91.4		%	89.1		%	91.3		%	90.8		%	88.7		%	92.5		%	89.8		%		90.3		%		90.0		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2024 Supplemental Financial Data


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)	2024		2023		Change		% Change	2024		2023		Change		% Change
Underwriting income
Net premiums written	$	2,392	$	2,068	$	324	16	$	4,558	$	4,023	$	535	13
Unearned premium change	365		255		110		43	587		413		174		42
Earned premiums	$	2,027	$	1,813	$	214	12	$	3,971	$	3,610	$	361	10

Losses incurred	$	1,199	$	1,058	$	141	13	$	2,272	$	2,144	$	128	6
Defense and cost containment expenses incurred	93		76		17		22	172		177		(5)		(3)
Adjusting and other expenses incurred	110		101		9		9	216		209		7		3
Other underwriting expenses incurred	662		570		92		16	1,256		1,106		150		14
Workers compensation dividend incurred	1		1		—		—	3		3		—		—
Total underwriting deductions	$	2,065	$	1,806	$	259	14	$	3,919	$	3,639	$	280	8

Net underwriting profit (loss)	$	(38)	$	7	$	(45)	nm	$	52	$	(29)	$	81	nm

Investment income
Gross investment income earned	$	156	$	137	$	19	14	$	314	$	280	$	34	12
Net investment income earned	154		135		19		14	310		276		34		12
Net realized capital gains and losses, net	11		(24)		35		nm	48		(50)		98		nm
Net investment gains (net of tax)	$	165	$	111	$	54	49	$	358	$	226	$	132	58

Other income	$	1	$	1	$	—	—	$	3	$	3	$	—	—

Net income before federal income taxes	$	128	$	119	$	9	8	$	413	$	200	$	213	107
Federal and foreign income taxes incurred	31		32		(1)		(3)	59		35		24		69
Net income (statutory)	$	97	$	87	$	10	11	$	354	$	165	$	189	115

Policyholders' surplus - statutory	$	7,732	$	6,612	$	1,120	17	$	7,732	$	6,612	$	1,120	17

Fixed maturities at amortized cost - statutory	$	10,703	$	9,439	$	1,264	13	$	10,703	$	9,439	$	1,264	13
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2024 Supplemental Financial Data


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)	2024		2023		Change		% Change	2024		2023		Change		% Change
Net premiums written	$	94	$	97	$	(3)	(3)	$	179	$	183	$	(4)	(2)
Net investment income	47		45		2		4	94		91		3		3

Commissions and expense allowances on reinsurance ceded	1		1		—		—	2		2		—		—
Income from fees associated with separate accounts	2		3		(1)		(33)	3		5		(2)		(40)
Total revenues	$	144	$	146	$	(2)	(1)	$	278	$	281	$	(3)	(1)

Death benefits and matured endowments	$	42	$	36	$	6	17	$	85	$	79	$	6	8
Annuity benefits	28		35		(7)		(20)	68		74		(6)		(8)
Disability benefits and benefits under accident and health contracts	1		1		—		—	1		1		—		—
Surrender benefits and group conversions	9		7		2		29	17		14		3		21
Interest and adjustments on deposit-type contract funds	—		2		(2)		(100)	2		4		(2)		(50)
Increase in aggregate reserves for life and accident and health contracts	(5)		2		(7)		nm	(17)		(7)		(10)		(143)
Total benefit expenses	$	75	$	83	$	(8)	(10)	$	156	$	165	$	(9)	(5)

Commissions	$	13	$	13	$	—	—	$	25	$	25	$	—	—
General insurance expenses and taxes	16		15		1		7	30		27		3		11
Increase in loading on deferred and uncollected premiums	(1)		—		(1)		nm	—		1		(1)		(100)
Net transfers from separate accounts	(3)		(1)		(2)		(200)	(3)		(3)		—		—

Total underwriting expenses	$	25	$	27	$	(2)	(7)	$	52	$	50	$	2	4

Federal and foreign income taxes incurred	11		9		2		22	17		16		1		6

Net gain from operations before capital gains and losses	$	33	$	27	$	6	22	$	53	$	50	$	3	6

Gains and losses net of capital gains tax, net	(7)		(3)		(4)		(133)	(9)		(3)		(6)		(200)

Net income (statutory)	$	26	$	24	$	2	8	$	44	$	47	$	(3)	(6)

Policyholders' surplus - statutory	$	460	$	371	$	89	24	$	460	$	371	$	89	24

Fixed maturities at amortized cost - statutory	$	3,878	$	3,863	$	15	—	$	3,878	$	3,863	$	15	—
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2024 Supplemental Financial Data



Quarterly Data - Other

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24			3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24			6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Cincinnati Re:
Net written premiums			$	207		$	202		$	66		$	85		$	177		$	230		$	409		$	407			$	492			$	558
Year over year change %- written premium			17		%	(12)		%	(1)		%	(1)		%	—		%	(9)		%	—		%	(6)		%		(5)		%		(5)		%
Earned premiums			$	138		$	135		$	123		$	134		$	122		$	150		$	273		$	272			$	406			$	529
Current accident year before catastrophe losses			49.6		%	63.0		%	42.6		%	51.5		%	57.8		%	45.2		%	56.3		%	50.9		%		51.1		%		49.1		%
Current accident year catastrophe losses			2.4			—			2.0			11.5			1.8			0.3			1.2			1.0				4.4				3.9
Prior accident years before catastrophe losses			(0.8)			(10.4)			4.6			(7.9)			(17.1)			6.0			(5.6)			(4.4)				(5.5)				(3.2)
Prior accident years catastrophe losses			(4.7)			—			1.0			2.0			1.9			1.7			(2.4)			1.8				1.9				1.7
Total loss and loss expense ratio			46.5		%	52.6		%	50.2		%	57.1		%	44.4		%	53.2		%	49.5		%	49.3		%		51.9		%		51.5		%

Cincinnati Global:
Net written premiums			$	67		$	82		$	65		$	69		$	82		$	64		$	149		$	146			$	215			$	280
Year over year change %- written premium			(18)		%	28		%	23		%	21		%	19		%	25		%	2		%	22		%		21		%		22		%
Earned premiums			$	48		$	48		$	73		$	99		$	50		$	44		$	96		$	94			$	193			$	266
Current accident year before catastrophe losses			47.9		%	48.2		%	24.6		%	34.1		%	61.7		%	35.3		%	48.1		%	49.3		%		41.5		%		36.9		%
Current accident year catastrophe losses			—			—			(8.4)			18.2			1.1			11.1			—			5.8				12.1				6.5
Prior accident years before catastrophe losses			(21.2)			(19.7)			(1.0)			(3.4)			(9.7)			0.8			(20.4)			(4.7)				(4.0)				(3.2)
Prior accident years catastrophe losses			(4.4)			(5.9)			(2.7)			(0.2)			2.5			2.4			(5.2)			2.4				1.1				—
Total loss and loss expense ratio			22.3		%	22.6		%	12.5		%	48.7		%	55.6		%	49.6		%	22.5		%	52.8		%		50.7		%		40.2		%

Noninsurance operations:
Interest and fees on loans and leases			$	2		$	2		$	3		$	2		$	1		$	2		$	4		$	3			$	5			$	8
Other revenue			2			1			2			1			1			1			3			2				3				5
Interest expense			14			13			14			13			13			14			27			27				40				54
Operating expenses			9			4			8			5			7			5			13			12				17				25
Total noninsurance operations loss			$	(19)		$	(14)		$	(17)		$	(15)		$	(18)		$	(16)		$	(33)		$	(34)			$	(49)			$	(66)

*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 2024 Supplemental Financial Data

Cover Page Cover Page	Jul. 25, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 25, 2024
Entity Registrant Name	CINCINNATI FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	OH
Entity File Number	0-4604
Entity Tax Identification Number	31-0746871
Entity Address, Address Line One	6200 S. Gilmore Road
Entity Address, City or Town	Fairfield,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45014‑5141
City Area Code	513
Local Phone Number	870-2000
Title of 12(b) Security	Common stock
Trading Symbol	CINF
Security Exchange Name	NASDAQ
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000020286
Amendment Flag	false

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