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: October 24, 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 October 24, 2024, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Third-Quarter 2024 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On October 24, 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 October 24, 2024, titled "Cincinnati Financial Reports Third-Quarter 2024 Results"

Exhibit 99.2 — Supplemental Financial Data for the period ending September 30, 2024, distributed October 24, 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: October 24, 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 Third-Quarter 2024 Results

Cincinnati, October 24, 2024 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Third-quarter 2024 net income of $820 million, or $5.20 per share, compared with a net loss of $99 million, or $0.63 per share, in the third quarter of 2023, after recognizing a $645 million third-quarter 2024 after-tax increase in the fair value of equity securities still held.

•Third-quarter 2024 non-GAAP operating income* of $224 million, or $1.42 per share, compared with $261 million, or $1.66 per share, in the third quarter of last year. The decrease of $37 million, or 14%, was primarily due to an $86 million increase in after-tax catastrophe losses.

•$919 million increase in third-quarter 2024 net income, compared with third-quarter 2023, primarily due to the after-tax net effect of a $956 million increase in net investment gains.

•$88.32 book value per share at September 30, 2024, up $11.26 since year-end.

•17.8% value creation ratio for the first nine months of 2024, compared with 4.4% for the same period of 2023.

Financial Highlights


(Dollars in millions, except per share data)	Three months ended September 30,						Nine months ended September 30,
		2024		2023		% Change		2024		2023		% Change
Revenue Data
Earned premiums		$	2,297	$	2,033	13		$	6,524	$	5,894	11
Investment income, net of expenses		258		225		15		745		655		14
Total revenues		3,320		1,811		83		8,799		6,657		32
Income Statement Data
Net income (loss)		$	820	$	(99)	nm		$	1,887	$	660	186
Investment gains and losses, after-tax		596		(360)		nm		1,187		67		nm

Non-GAAP operating income*		$	224	$	261	(14)		$	700	$	593	18
Per Share Data (diluted)
Net income (loss)		$	5.20	$	(0.63)	nm		$	11.97	$	4.17	187
Investment gains and losses, after-tax		3.78		(2.29)		nm		7.53		0.42		nm

Non-GAAP operating income*		$	1.42	$	1.66	(14)		$	4.44	$	3.75	18

Book value								$	88.32	$	67.72	30
Cash dividend declared		$	0.81	$	0.75	8		$	2.43	$	2.25	8
Diluted weighted average share outstanding		157.7		156.9		1		157.7		158.2		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 3Q24 Release 1

Insurance Operations Highlights

•97.4% third-quarter 2024 property casualty combined ratio, increased from 94.4% for the third quarter of 2023.

•17% growth in third-quarter net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.

•$406 million third-quarter 2024 property casualty new business written premiums, up 30%. Agencies appointed since the beginning of 2023 contributed $41 million or 10% of total new business written premiums.

•$20 million third-quarter 2024 life insurance subsidiary net income, down $5 million compared with the third quarter of 2023, and 4% growth in third-quarter 2024 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•15% or $33 million increase in third-quarter 2024 pretax investment income, including a 21% increase in bond interest income and a 1% decrease in stock portfolio dividends.

•Three-month increase of 5% in fair value of total investments at September 30, 2024, including a 10% increase for the bond portfolio and a 1% decrease for the stock portfolio.

•$5.379 billion parent company cash and marketable securities at September 30, 2024, up 11% from year-end 2023.

Financial Strength to Serve Policyholders

Stephen M. Spray, president and chief executive officer, commented: “We responded to 20 weather-related catastrophes across the U.S. in the third quarter, including Hurricane Helene, which swept through 11 states at the end of September. Our hearts go out to these communities and their residents who are trying to put lives, homes and businesses back together. Confident in our financial strength, our field claims associates can shine, responding in person, paying claims and delivering fair, fast and empathetic service.

“Those catastrophes added 13 points to our combined ratio for the quarter, just above our 5-year third-quarter average of 12.2%, bringing our combined ratio to 97.4%. As evidence of our ongoing focus on increasing product and geographic diversification, fine-tuning pricing precision and applying our underwriting expertise, our nine-month underwriting profit improved 53%, growing to $228 million compared to $149 million for the first nine months of 2023. Our combined ratio for the year through September 30 is 96.5% – comfortably within our target long-term average range of 92% to 98%.

“Investment income for the third quarter also grew, rising 15% to $258 million, driven by a 21% increase in bond interest income. Our investment professionals regularly trim or exit equity positions as they work to keep our investment portfolio optimized to balance near-term income generation with long-term book value growth potential. During the quarter we had $959 million in net sales of equity securities and $672 million in net purchases of fixed-maturity securities. This does not signal a change to our investment strategy. We will continue to hold both significant equity and bond portfolios.”

Stability for Agents

“As we’ve visited with agents during the third quarter, they shared how they appreciate our responsiveness and our stability as we offer them options for new business opportunities even through the market turbulence of the past year. Our associates working with the independent agents who represent us are answering the call, crafting risk management solutions that showcase our expertise across every segment of our business.

“In the first nine months of 2024, property casualty net written premiums topped $7 billion, up 14% compared with the first nine-months last year – a new record. We continued to write healthy amounts of both new and renewal business, with commercial lines growing 8%, personal lines at 30% and excess and surplus lines at 15%.”

Value for Shareholders

“At September 30, our book value per share again reached a record high, increasing 15% since December 31, 2023, to $88.32. Consolidated cash and total investments climbed to nearly $30 billion. Our value creation ratio, which considers the dividends we pay as well as our growth in book value, was 17.8% for the first nine months – ahead of our 10% to 13% average annual target for this measure.”

CINF 3Q24 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results


(Dollars in millions)	Three months ended September 30,								Nine months ended September 30,
		2024			2023			% Change		2024			2023			% Change
Earned premiums		$	2,217		$	1,957		13		$	6,284		$	5,661		11
Fee revenues		3			3			0		9			8			13
Total revenues		2,220			1,960			13		6,293			5,669			11

Loss and loss expenses		1,499			1,261			19		4,181			3,840			9
Underwriting expenses		659			587			12		1,884			1,680			12
Underwriting profit		$	62		$	112		(45)		$	228		$	149		53

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		67.6		%	64.4		%	3.2		66.5		%	67.8		%	(1.3)
Underwriting expenses		29.8			30.0			(0.2)		30.0			29.7			0.3
Combined ratio		97.4		%	94.4		%	3.0		96.5		%	97.5		%	(1.0)

								% Change								% Change
Agency renewal written premiums		$	1,795		$	1,549		16		$	5,321		$	4,727		13
Agency new business written premiums		406			313			30		1,159			867			34


Other written premiums		92			95			(3)		520			532			(2)
Net written premiums		$	2,293		$	1,957		17		$	7,000		$	6,126		14

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		57.0		%	57.7		%	(0.7)		58.6		%	59.7		%	(1.1)
Current accident year catastrophe losses		13.8			9.4			4.4		11.2			11.9			(0.7)
Prior accident years before catastrophe losses		(2.4)			(2.4)			0.0		(2.2)			(3.2)			1.0
Prior accident years catastrophe losses		(0.8)			(0.3)			(0.5)		(1.1)			(0.6)			(0.5)
Loss and loss expense ratio		67.6		%	64.4		%	3.2		66.5		%	67.8		%	(1.3)

Current accident year combined ratio before catastrophe losses		86.8		%	87.7		%	(0.9)		88.6		%	89.4		%	(0.8)

•$336 million or 17% growth of third-quarter 2024 property casualty net written premiums, and nine-month growth of 14%, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The contribution to third-quarter growth from Cincinnati Re® and Cincinnati Global in total was 1 percentage point.

•$93 million or 30% increase in third-quarter 2024 new business premiums written by agencies. The growth included a $30 million increase in standard market property casualty production from agencies appointed since the beginning of 2023.

•245 new agency appointments in the first nine months of 2024, including 82 that market only our personal lines products.

•3.0 percentage-point third-quarter 2024 combined ratio increase, including an increase of 3.9 points from catastrophe losses.

•1.0 percentage-point nine-month 2024 combined ratio improvement, including a decrease of 1.2 points from lower catastrophe losses.

•3.2 percentage-point third-quarter 2024 benefit from favorable prior accident year reserve development of $71 million, compared with 2.7 points or $53 million for third-quarter 2023.

•3.3 percentage-point nine-month 2024 benefit from favorable prior accident year reserve development, compared with 3.8 points for the first nine months of 2023.

•1.1 percentage-point improvement, to 58.6%, for the nine-month 2024 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 1.1 points for the portion estimated as reserves for claims incurred but not reported (IBNR) and a decrease of 2.2 points for the case incurred portion.

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

CINF 3Q24 Release 3

Commercial Lines Insurance Results


(Dollars in millions)	Three months ended September 30,								Nine months ended September 30,
		2024			2023			% Change		2024			2023			% Change
Earned premiums		$	1,137		$	1,062		7		$	3,326		$	3,184		4
Fee revenues		1			1			0		3			3			0
Total revenues		1,138			1,063			7		3,329			3,187			4

Loss and loss expenses		706			680			4		2,171			2,136			2
Underwriting expenses		351			331			6		1,028			968			6
Underwriting profit		$	81		$	52		56		$	130		$	83		57

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		62.1		%	64.0		%	(1.9)		65.3		%	67.1		%	(1.8)
Underwriting expenses		30.9			31.2			(0.3)		30.9			30.4			0.5
Combined ratio		93.0		%	95.2		%	(2.2)		96.2		%	97.5		%	(1.3)

								% Change								% Change
Agency renewal written premiums		$	987		$	914		8		$	3,086		$	2,940		5
Agency new business written premiums		187			148			26		562			431			30
Other written premiums		(36)			(33)			(9)		(101)			(95)			(6)
Net written premiums		$	1,138		$	1,029		11		$	3,547		$	3,276		8

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		60.7		%	60.5		%	0.2		61.3		%	61.6		%	(0.3)
Current accident year catastrophe losses		5.8			6.8			(1.0)		7.5			9.5			(2.0)
Prior accident years before catastrophe losses		(4.0)			(3.2)			(0.8)		(2.9)			(3.9)			1.0
Prior accident years catastrophe losses		(0.4)			(0.1)			(0.3)		(0.6)			(0.1)			(0.5)
Loss and loss expense ratio		62.1		%	64.0		%	(1.9)		65.3		%	67.1		%	(1.8)

Current accident year combined ratio before catastrophe losses		91.6		%	91.7		%	(0.1)		92.2		%	92.0		%	0.2

•$109 million or 11% growth in third-quarter 2024 commercial lines net written premiums, including higher agency renewal and new business written premiums. Eight percent growth in nine-month net written premiums.

•$73 million or 8% increase in third-quarter renewal written premiums, with commercial lines average renewal pricing increases in the high-single-digit percent range.

•$39 million or 26% increase in third-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 third-quarter 2024 combined ratio improvement, including a decrease of 1.3 points from lower catastrophe losses.

•1.3 percentage-point nine-month 2024 combined ratio improvement, including a decrease of 2.5 points from lower catastrophe losses.

•4.4 percentage-point third-quarter 2024 benefit from favorable prior accident year reserve development of $50 million, compared with 3.3 points or $34 million for third-quarter 2023.

•3.5 percentage-point nine-month 2024 benefit from favorable prior accident year reserve development, compared with 4.0 points for the first nine months of 2023.

CINF 3Q24 Release 4

Personal Lines Insurance Results


(Dollars in millions)	Three months ended September 30,								Nine months ended September 30,
		2024			2023			% Change		2024			2023			% Change
Earned premiums		$	678		$	527		29		$	1,897		$	1,484		28
Fee revenues		2			1			100		4			3			33
Total revenues		680			528			29		1,901			1,487			28

Loss and loss expenses		553			368			50		1,421			1,138			25
Underwriting expenses		196			159			23		554			441			26
Underwriting profit (loss)		$	(69)		$	1		nm		$	(74)		$	(92)		20

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		81.5		%	69.8		%	11.7		74.9		%	76.7		%	(1.8)
Underwriting expenses		28.8			30.1			(1.3)		29.2			29.7			(0.5)
Combined ratio		110.3		%	99.9		%	10.4		104.1		%	106.4		%	(2.3)

								% Change								% Change
Agency renewal written premiums		$	695		$	542		28		$	1,870		$	1,471		27
Agency new business written premiums		165			122			35		450			307			47
Other written premiums		(28)			(18)			(56)		(74)			(55)			(35)
Net written premiums		$	832		$	646		29		$	2,246		$	1,723		30

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		54.0		%	56.3		%	(2.3)		55.4		%	58.3		%	(2.9)
Current accident year catastrophe losses		27.4			15.1			12.3		20.9			22.0			(1.1)
Prior accident years before catastrophe losses		0.9			(0.4)			1.3		0.3			(0.8)			1.1
Prior accident years catastrophe losses		(0.8)			(1.2)			0.4		(1.7)			(2.8)			1.1
Loss and loss expense ratio		81.5		%	69.8		%	11.7		74.9		%	76.7		%	(1.8)

Current accident year combined ratio before catastrophe losses		82.8		%	86.4		%	(3.6)		84.6		%	88.0		%	(3.4)

•$186 million or 29% growth in third-quarter 2024 personal lines net written premiums, including higher agency renewal written premiums that benefited from rate increases in the low-double-digit percent range. Cincinnati Private ClientSM third-quarter 2024 net written premiums from our agencies’ high net worth clients grew 35%, to $479 million. Thirty percent growth in nine-month net written premiums.

•$43 million or 35% increase in third-quarter 2024 new business premiums written by agencies, with the increase approximately half each in our Private Client and in our middle-market personal lines.

•10.4 percentage-point third-quarter 2024 combined ratio increase, including an increase of 12.7 points in the ratio for catastrophe losses.

•2.3 percentage-point nine-month 2024 combined ratio improvement, including no change in the ratio effect from higher catastrophe losses.

•0.1 percentage-point third-quarter 2024 unfavorable prior accident year reserve development of less than $1 million, compared with favorable development of 1.6 points or $8 million for third-quarter 2023.

•1.4 percentage-point nine-month 2024 benefit from favorable prior accident year reserve development, compared with 3.6 points for the first nine months of 2023.

CINF 3Q24 Release 5

Excess and Surplus Lines Insurance Results


(Dollars in millions)	Three months ended September 30,								Nine months ended September 30,
		2024			2023			% Change		2024			2023			% Change
Earned premiums		$	157		$	135		16		$	447		$	394		13
Fee revenues		—			1			(100)		2			2			0
Total revenues		157			136			15		449			396			13

Loss and loss expenses		107			87			23		299			257			16
Underwriting expenses		42			35			20		122			101			21
Underwriting profit		$	8		$	14		(43)		$	28		$	38		(26)

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		68.6		%	64.9		%	3.7		67.0		%	65.2		%	1.8
Underwriting expenses		26.7			25.6			1.1		27.3			25.7			1.6
Combined ratio		95.3		%	90.5		%	4.8		94.3		%	90.9		%	3.4

								% Change								% Change
Agency renewal written premiums		$	113		$	93		22		$	365		$	316		16
Agency new business written premiums		54			43			26		147			129			14
Other written premiums		(10)			(8)			(25)		(29)			(25)			(16)
Net written premiums		$	157		$	128		23		$	483		$	420		15

Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		64.2		%	64.8		%	(0.6)		64.6		%	67.9		%	(3.3)
Current accident year catastrophe losses		1.7			(0.6)			2.3		1.4			0.8			0.6
Prior accident years before catastrophe losses		2.9			0.9			2.0		1.0			(3.3)			4.3
Prior accident years catastrophe losses		(0.2)			(0.2)			0.0		0.0			(0.2)			0.2
Loss and loss expense ratio		68.6		%	64.9		%	3.7		67.0		%	65.2		%	1.8

Current accident year combined ratio before catastrophe losses		90.9		%	90.4		%	0.5		91.9		%	93.6		%	(1.7)

•$29 million or 23% growth in third-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. Fifteen percent growth in nine-month net written premiums.

•$11 million or 26% increase in third-quarter new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•4.8 percentage-point third-quarter 2024 combined ratio increase, including an increase of 2.3 points in the ratio for catastrophe losses and unfavorable reserve development on prior accident year loss and loss expenses before catastrophe losses that was partially offset by improved current accident year loss and loss expenses before catastrophe losses.

•3.4 percentage-point nine-month 2024 combined ratio increase, including an increase of 0.8 points in the ratio for catastrophe losses and unfavorable reserve development on prior accident year loss and loss expenses before catastrophe losses that was partially offset by improved current accident year results.

•$5 million of third-quarter 2024 unfavorable prior accident year reserve development, compared with less than $1 million of unfavorable development for third-quarter 2023.

•1.0 percentage-point nine-month 2024 unfavorable prior accident year reserve development, compared with 3.5 points of favorable development for the first nine months of 2023.

CINF 3Q24 Release 6

Life Insurance Subsidiary Results


(Dollars in millions)	Three months ended September 30,						Nine months ended September 30,
		2024		2023		% Change		2024		2023		% Change
Term life insurance		$	58	$	56	4		$	174	$	170	2
Whole life insurance		13		12		8		39		37		5
Universal life and other		9		8		13		27		26		4
Earned premiums		80		76		5		240		233		3
Investment income, net of expenses		48		46		4		142		137		4
Investment gains and losses, net		—		—		nm		(9)		(1)		nm
Fee revenues		1		3		(67)		4		8		(50)
Total revenues		129		125		3		377		377		0
Contract holders’ benefits incurred		79		71		11		226		230		(2)
Underwriting expenses incurred		24		22		9		70		64		9
Total benefits and expenses		103		93		11		296		294		1
Net income before income tax		26		32		(19)		81		83		(2)
Income tax provision		6		7		(14)		18		18		0
Net income of the life insurance subsidiary		$	20	$	25	(20)		$	63	$	65	(3)

•$4 million increase in third-quarter 2024 earned premiums, including a 4% increase for term life insurance, our largest life insurance product line.

•$2 million decrease in nine-month 2024 life insurance subsidiary net income, primarily due to increased investment losses from fixed-maturity securities partially offset by more favorable mortality experience.

•$138 million or 12% nine-month 2024 increase, to $1.262 billion, in GAAP shareholders’ equity for the life insurance subsidiary, primarily from net income and a decrease in unrealized investment losses on fixed-maturity securities.

CINF 3Q24 Release 7

Investment and Balance Sheet Highlights

Investments Results


(Dollars in millions)	Three months ended September 30,							Nine months ended September 30,
	2024			2023			% Change		2024			2023			% Change
Investment income, net of expenses	$	258		$	225		15		$	745		$	655		14
Investment interest credited to contract holders	(32)			(31)			(3)		(94)			(91)			(3)
Investment gains and losses, net	758			(456)			nm		1,507			84			nm
Investments profit (loss)	$	984		$	(262)		nm		$	2,158		$	648		233

Investment income:
Interest	$	187		$	154		21		$	529		$	441		20
Dividends	68			69			(1)		209			205			2
Other	7			5			40		18			18			0
Less investment expenses	4			3			33		11			9			22
Investment income, pretax	258			225			15		745			655			14
Less income taxes	44			37			19		125			106			18
Total investment income, after-tax	$	214		$	188		14		$	620		$	549		13

Investment returns:
Average invested assets plus cash and cash equivalents	$	29,107		$	25,490				$	28,447		$	25,025
Average yield pretax	3.55		%	3.53		%			3.49		%	3.49		%
Average yield after-tax	2.94			2.95					2.91			2.93
Effective tax rate	16.9			16.3					16.8			16.2
Fixed-maturity returns:
Average amortized cost	$	15,592		$	13,879				$	15,218		$	13,515
Average yield pretax	4.80		%	4.44		%			4.63		%	4.35		%
Average yield after-tax	3.93			3.66					3.80			3.59
Effective tax rate	18.1			17.6					18.0			17.4

•$33 million or 15% rise in third-quarter 2024 pretax investment income, including a 21% increase in interest income from fixed-maturity securities and a 1% decrease in equity portfolio dividends.

•$1.255 billion third-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 September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Investment gains and losses on equity securities sold, net	$	24	$	(5)	$	146	$	2
Unrealized gains and losses on equity securities still held, net	817		(458)		1,446		99
Investment gains and losses on fixed-maturity securities, net	(86)		1		(114)		(6)
Other	3		6		29		(11)
Subtotal - investment gains and losses reported in net income	758		(456)		1,507		84

Change in unrealized investment gains and losses - fixed maturities	497		(369)		367		(360)
Total	$	1,255	$	(825)	$	1,874	$	(276)

CINF 3Q24 Release 8

Balance Sheet Highlights


(Dollars in millions, except share data)	At September 30,				At December 31,
		2024				2023
Total investments		$	28,104			$	25,357
Total assets		37,009				32,769
Short-term debt		25				25
Long-term debt		790				790
Shareholders’ equity		13,804				12,098
Book value per share		88.32				77.06
Debt-to-total-capital ratio		5.6		%		6.3		%

•$29.856 billion in consolidated cash and total investments at September 30, 2024, an increase of 14% from $26.264 billion at year-end 2023.

•$15.871 billion bond portfolio at September 30, 2024, with an average rating of A2/A. Fair value increased $1.462 billion during the third quarter of 2024, including $672 million in net purchases of fixed-maturity securities.

•$11.570 billion equity portfolio was 41.2% of total investments, including $7.536 billion in appreciated value before taxes at September 30, 2024. Third-quarter 2024 decrease in fair value of $64 million, including $959 million in net sales of equity securities.

•$6.53 third-quarter 2024 increase in book value per share, including an addition of $1.43 from net income before investment gains, $6.33 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities that were partially offset by $0.42 for other items and $0.81 from dividends declared to shareholders.

•Value creation ratio of 17.8% for the first nine months of 2024, including 5.8% from net income before investment gains, which includes underwriting and investment income, and 12.0% 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 3Q24 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:

•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

•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-

CINF 3Q24 Release 10

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

•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 3Q24 Release 11

* * *

CINF 3Q24 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets and Statements of Income (unaudited)


(Dollars in millions)					September 30,		December 31,
					2024		2023
Assets
Investments					$	28,104	$	25,357
Cash and cash equivalents					1,752		907

Premiums receivable					3,012		2,592
Reinsurance recoverable					548		651
Deferred policy acquisition costs					1,241		1,093
Other assets					2,352		2,169
Total assets					$	37,009	$	32,769

Liabilities
Insurance reserves					$	12,997	$	12,118
Unearned premiums					4,874		4,119
Deferred income tax					1,600		1,324
Long-term debt and lease obligations					849		849
Other liabilities					2,885		2,261
Total liabilities					23,205		20,671

Shareholders’ Equity
Common stock and paid-in capital					1,879		1,834
Retained earnings					14,591		13,084
Accumulated other comprehensive loss					(150)		(435)
Treasury stock					(2,516)		(2,385)
Total shareholders' equity					13,804		12,098
Total liabilities and shareholders' equity					$	37,009	$	32,769

(Dollars in millions, except per share data)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Revenues
Earned premiums	$	2,297	$	2,033	$	6,524	$	5,894
Investment income, net of expenses	258		225		745		655
Investment gains and losses, net	758		(456)		1,507		84
Other revenues	7		9		23		24
Total revenues	3,320		1,811		8,799		6,657

Benefits and Expenses
Insurance losses and contract holders' benefits	1,578		1,332		4,407		4,070
Underwriting, acquisition and insurance expenses	683		609		1,954		1,744
Interest expense	13		13		40		40
Other operating expenses	6		5		19		17
Total benefits and expenses	2,280		1,959		6,420		5,871

Income (Loss) Before Income Taxes	1,040		(148)		2,379		786

Provision (Benefit) for Income Taxes	220		(49)		492		126

Net Income (Loss)	$	820	$	(99)	$	1,887	$	660

Per Common Share:
Net income (loss)—basic	$	5.25	$	(0.63)	$	12.06	$	4.20
Net income (loss)—diluted	5.20		(0.63)		11.97		4.17

CINF 3Q24 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 3Q24 Release 14

Cincinnati Financial Corporation


Net Income Reconciliation

(Dollars in millions, except per share data)	Three months ended September 30,					Nine months ended September 30,
		2024		2023			2024		2023
Net income (loss)		$	820	$	(99)		$	1,887	$	660
Less:
Investment gains and losses, net		758		(456)			1,507		84
Income tax on investment gains and losses		(162)		96			(320)		(17)
Investment gains and losses, after-tax		596		(360)			1,187		67

Non-GAAP operating income		$	224	$	261		$	700	$	593

Diluted per share data:
Net income (loss)		$	5.20	$	(0.63)		$	11.97	$	4.17
Less:
Investment gains and losses, net		4.80		(2.90)			9.55		0.53
Income tax on investment gains and losses		(1.02)		0.61			(2.02)		(0.11)
Investment gains and losses, after-tax		3.78		(2.29)			7.53		0.42

Non-GAAP operating income		$	1.42	$	1.66		$	4.44	$	3.75


Life Insurance Reconciliation

(Dollars in millions)	Three months ended September 30,					Nine months ended September 30,
		2024		2023			2024		2023
Net income of the life insurance subsidiary		$	20	$	25		$	63	$	65
Investment gains and losses, net		—		—			(9)		(1)
Income tax on investment gains and losses		—		—			(2)		—
Non-GAAP operating income		20		25			70		66

Investment income, net of expenses		(48)		(46)			(142)		(137)
Investment income credited to contract holders		32		31			94		91
Income tax excluding tax on investment gains and losses, net		6		7			20		18
Life insurance segment profit		$	10	$	17		$	42	$	38

CINF 3Q24 Release 15


Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended September 30, 2024
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	2,293		$	1,138		$	832		$	157		$	166
Unearned premiums change		(76)			(1)			(154)			—			79
Earned premiums		$	2,217		$	1,137		$	678		$	157		$	245

Underwriting profit (loss)		$	62		$	81		$	(69)		$	8		$	42

(Dollars in millions)	Nine months ended September 30, 2024
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	7,000		$	3,547		$	2,246		$	483		$	724
Unearned premiums change		(716)			(221)			(349)			(36)			(110)
Earned premiums		$	6,284		$	3,326		$	1,897		$	447		$	614

Underwriting profit (loss)		$	228		$	130		$	(74)		$	28		$	144

(Dollars in millions)	Three months ended September 30, 2023
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	1,957		$	1,029		$	646		$	128		$	154
Unearned premiums change		—			33			(119)			7			79
Earned premiums		$	1,957		$	1,062		$	527		$	135		$	233

Underwriting profit		$	112		$	52		$	1		$	14		$	45

(Dollars in millions)	Nine months ended September 30, 2023
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	6,126		$	3,276		$	1,723		$	420		$	707
Unearned premiums change		(465)			(92)			(239)			(26)			(108)
Earned premiums		$	5,661		$	3,184		$	1,484		$	394		$	599

Underwriting profit (loss)		$	149		$	83		$	(92)		$	38		$	120

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 3Q24 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 September 30,							Nine months ended September 30,
		2024			2023				2024			2023





Value creation ratio:
End of period book value*		$	88.32		$	67.72			$	88.32		$	67.72
Less beginning of period book value		81.79			70.33				77.06			67.01
Change in book value		6.53			(2.61)				11.26			0.71
Dividend declared to shareholders		0.81			0.75				2.43			2.25
Total value creation		$	7.34		$	(1.86)			$	13.69		$	2.96

Value creation ratio from change in book value**		8.0		%	(3.7)		%		14.6		%	1.1		%
Value creation ratio from dividends declared to shareholders***		1.0			1.1				3.2			3.3
Value creation ratio		9.0		%	(2.6)		%		17.8		%	4.4		%

* 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 3Q24 Release 17

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending September 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 October 23, 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 Third-Quarter 2024 Supplemental Financial Data


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

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

Consolidated

	CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 2024	4
	CFC and Subsidiaries Consolidation – Three Months Ended September 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 – Nine Months Ended September 30, 2024	11
	Loss and Loss Expense Analysis – Three Months Ended September 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 Third-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 Third-Quarter 2024 Supplemental Financial Data


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

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	6,594	$	—	$	—	$	—	$	6,594
Life	—		—		301		—		—		301
Premiums ceded	—		(310)		(61)		—		—		(371)
Total earned premium	—		6,284		240		—		—		6,524
Investment income, net of expenses	86		519		142		—		(2)		745
Investment gains and losses, net	624		892		(9)		—		—		1,507
Fee revenues	—		9		4		—		—		13
Other revenues	11		7		—		7		(15)		10
Total revenues	$	721	$	7,711	$	377	$	7	$	(17)	$	8,799

Benefits & expenses
Losses & contract holders' benefits	$	—	$	4,202	$	262	$	—	$	—	$	4,464
Reinsurance recoveries	—		(21)		(36)		—		—		(57)
Underwriting, acquisition and insurance expenses	—		1,884		70		—		—		1,954
Interest expense	39		—		—		3		(2)		40
Other operating expenses	28		3		—		3		(15)		19
Total expenses	$	67	$	6,068	$	296	$	6	$	(17)	$	6,420

Income before income taxes	$	654	$	1,643	$	81	$	1	$	—	$	2,379

Provision (benefit) for income taxes
Current operating income (loss)	$	(68)	$	14	$	28	$	—	$	—	$	(26)
Capital gains/losses	132		189		(2)		—		—		319
Deferred	88		119		(8)		—		—		199
Total provision for income taxes	$	152	$	322	$	18	$	—	$	—	$	492

Net income - current year	$	502	$	1,321	$	63	$	1	$	—	$	1,887

Net income - prior year	$	151	$	442	$	65	$	2	$	—	$	660
*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 Third-Quarter 2024 Supplemental Financial Data


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

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	2,338	$	—	$	—	$	—	$	2,338
Life	—		—		101		—		—		101
Premiums ceded	—		(121)		(21)		—		—		(142)
Total earned premium	—		2,217		80		—		—		2,297
Investment income, net of expenses	28		182		48		—		—		258
Investment gains and losses, net	352		406		—		—		—		758
Fee revenues	—		3		1		—		—		4
Other revenues	3		3		—		3		(6)		3
Total revenues	$	383	$	2,811	$	129	$	3	$	(6)	$	3,320

Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,518	$	92	$	—	$	—	$	1,610
Reinsurance recoveries	—		(19)		(13)		—		—		(32)
Underwriting, acquisition and insurance expenses	—		659		24		—		—		683
Interest expense	13		—		—		1		(1)		13
Other operating expenses	9		1		—		1		(5)		6
Total expenses	$	22	$	2,159	$	103	$	2	$	(6)	$	2,280

Income before income taxes	$	361	$	652	$	26	$	1	$	—	$	1,040

Provision (benefit) for income taxes
Current operating income (loss)	$	(19)	$	19	$	9	$	—	$	—	$	9
Capital gains/losses	75		87		—		—		—		162
Deferred	26		26		(3)		—		—		49
Total provision for income taxes	$	82	$	132	$	6	$	—	$	—	$	220

Net income - current year	$	279	$	520	$	20	$	1	$	—	$	820

Net income (loss) - prior year	$	(164)	$	39	$	25	$	1	$	—	$	(99)
*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 Third-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		$	18	$	31	$	—	$	38	$	24	$	43	$	36	$	31	$	79	$	49	$	103		$	141
Current accident year losses $2 million - $5 million		51		28		22		42		52		35		15		50		50		101		102			144
Large loss prior accident year reserve development		19		15		22		34		32		19		9		37		28		56		60			94
Total large losses incurred		$	88	$	74	$	44	$	114	$	108	$	97	$	60	$	118	$	157	$	206	$	265		$	379
Losses incurred but not reported		185		165		251		122		150		96		179		416		324		601		474			596
Other losses excluding catastrophe losses		711		741		677		665		639		675		641		1,418		1,267		2,129		1,906			2,571
Catastrophe losses		282		228		111		20		170		217		227		339		444		621		614			634
Total losses incurred		$	1,266	$	1,208	$	1,083	$	921	$	1,067	$	1,085	$	1,107	$	2,291	$	2,192	$	3,557	$	3,259		$	4,180
Commercial Lines
Current accident year losses greater than $5 million		$	11	$	31	$	—	$	33	$	18	$	28	$	30	$	31	$	58	$	42	$	76		$	109
Current accident year losses $2 million - $5 million		36		11		11		31		28		28		12		22		40		58		68			99
Large loss prior accident year reserve development		20		22		12		37		30		19		3		34		22		54		52			89
Total large losses incurred		$	67	$	64	$	23	$	101	$	76	$	75	$	45	$	87	$	120	$	154	$	196		$	297
Losses incurred but not reported		117		92		156		86		88		29		125		248		154		365		242			328
Other losses excluding catastrophe losses		337		384		368		338		336		384		335		752		719		1,089		1,055			1,393
Catastrophe losses		58		101		64		3		67		115		106		165		221		223		288			291
Total losses incurred		$	579	$	641	$	611	$	528	$	567	$	603	$	611	$	1,252	$	1,214	$	1,831	$	1,781		$	2,309
Personal Lines
Current accident year losses greater than $5 million		$	7	$	—	$	—	$	5	$	6	$	15	$	6	$	—	$	21	$	7	$	27		$	32
Current accident year losses $2 million - $5 million		13		15		11		11		24		7		3		26		10		39		34			45
Large loss prior accident year reserve development		(1)		(7)		10		(2)		2		1		6		3		7		2		9			7
Total large losses incurred		$	19	$	8	$	21	$	14	$	32	$	23	$	15	$	29	$	38	$	48	$	70		$	84
Losses incurred but not reported		33		31		22		5		7		26		27		53		53		86		60			65
Other losses excluding catastrophe losses		256		256		231		218		210		194		187		487		381		743		591			809
Catastrophe losses		178		129		50		21		71		93		113		179		206		357		277			298
Total losses incurred		$	486	$	424	$	324	$	258	$	320	$	336	$	342	$	748	$	678	$	1,234	$	998		$	1,256
Excess & Surplus Lines
Current accident year losses greater than $5 million		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Current accident year losses $2 million - $5 million		2		2		—		—		—		—		—		2		—		4		—			—
Large loss prior accident year reserve development		—		—		—		(1)		—		(1)		—		—		(1)		—		(1)			(2)
Total large losses incurred		$	2	$	2	$	—	$	(1)	$	—	$	(1)	$	—	$	2	$	(1)	$	4	$	(1)		$	(2)
Losses incurred but not reported		12		17		30		16		16		20		27		47		47		59		63			79
Other losses excluding catastrophe losses		55		51		37		52		45		45		28		88		73		143		118			170
Catastrophe losses		2		3		1		1		(1)		2		1		4		3		6		2			3
Total losses incurred		$	71	$	73	$	68	$	68	$	60	$	66	$	56	$	141	$	122	$	212	$	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 Third-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		0.9	%	1.5	%	—	%	1.9	%	1.2	%	2.4	%	1.9	%	0.8	%	2.2	%	0.8	%	1.8	%		1.9	%
Current accident year losses $2 million - $5 million		2.3		1.4		1.1		2.1		2.7		1.9		0.8		1.2		1.3		1.6		1.8			1.9
Large loss prior accident year reserve development		0.8		0.7		1.1		1.7		1.6		1.0		0.5		0.9		0.8		0.9		1.1			1.2
Total large loss ratio		4.0	%	3.6	%	2.2	%	5.7	%	5.5	%	5.3	%	3.2	%	2.9	%	4.3	%	3.3	%	4.7	%		5.0	%
Losses incurred but not reported		8.4		8.0		12.6		6.2		7.6		5.2		9.7		10.2		8.7		9.6		8.4			7.8
Other losses excluding catastrophe losses		32.0		35.6		34.0		33.5		32.7		36.1		34.9		34.9		34.2		33.8		33.7			33.6
Catastrophe losses		12.7		11.0		5.6		1.0		8.7		11.6		12.3		8.3		12.0		9.9		10.8			8.3
Total loss ratio		57.1	%	58.2	%	54.4	%	46.4	%	54.5	%	58.2	%	60.1	%	56.3	%	59.2	%	56.6	%	57.6	%		54.7	%
Commercial Lines
Current accident year losses greater than $5 million		1.0	%	2.8	%	—	%	3.1	%	1.7	%	2.6	%	2.8	%	1.4	%	2.8	%	1.3	%	2.4	%		2.5	%
Current accident year losses $2 million - $5 million		3.2		1.0		1.0		2.8		2.6		2.7		1.1		1.0		1.9		1.7		2.1			2.3
Large loss prior accident year reserve development		1.7		2.0		1.1		3.4		2.8		1.8		0.3		1.6		1.0		1.6		1.6			2.1
Total large loss ratio		5.9	%	5.8	%	2.1	%	9.3	%	7.1	%	7.1	%	4.2	%	4.0	%	5.7	%	4.6	%	6.1	%		6.9	%
Losses incurred but not reported		10.3		8.3		14.4		8.0		8.3		2.7		11.8		11.3		7.2		11.0		7.6			7.7
Other losses excluding catastrophe losses		29.7		34.6		34.0		31.3		31.7		35.9		31.9		34.3		33.9		32.8		33.2			32.7
Catastrophe losses		5.1		9.1		6.0		0.3		6.3		10.8		10.0		7.6		10.4		6.7		9.0			6.8
Total loss ratio		51.0	%	57.8	%	56.5	%	48.9	%	53.4	%	56.5	%	57.9	%	57.2	%	57.2	%	55.1	%	55.9	%		54.1	%
Personal Lines
Current accident year losses greater than $5 million		1.1	%	—	%	—	%	1.0	%	1.1	%	3.0	%	1.3	%	—	%	2.2	%	0.4	%	1.8	%		1.6	%
Current accident year losses $2 million - $5 million		2.0		2.4		1.8		1.9		4.7		1.4		0.6		2.1		1.0		2.1		2.3			2.2
Large loss prior accident year reserve development		(0.2)		(1.1)		1.8		(0.4)		0.4		0.2		1.4		0.3		0.8		0.1		0.6			0.3
Total large loss ratio		2.9	%	1.3	%	3.6	%	2.5	%	6.2	%	4.6	%	3.3	%	2.4	%	4.0	%	2.6	%	4.7	%		4.1	%
Losses incurred but not reported		5.0		4.8		3.8		0.9		1.2		5.3		5.9		4.3		5.6		4.6		4.0			3.2
Other losses excluding catastrophe losses		37.6		40.5		39.4		38.7		39.9		39.4		40.2		39.9		39.7		39.0		39.9			39.5
Catastrophe losses		26.2		20.5		8.4		3.8		13.4		19.0		24.3		14.7		21.6		18.8		18.7			14.6
Total loss ratio		71.7	%	67.1	%	55.2	%	45.9	%	60.7	%	68.3	%	73.7	%	61.3	%	70.9	%	65.0	%	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		1.3		—		—		—		—		—		0.7		—		0.9		—			—
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	%	1.3	%	—	%	(0.5)	%	—	%	(0.4)	%	(0.3)	%	0.7	%	(0.3)	%	0.9	%	(0.2)	%		(0.3)	%
Losses incurred but not reported		7.1		11.6		21.6		10.9		11.9		15.2		21.3		16.4		18.0		13.2		15.9			14.6
Other losses excluding catastrophe losses		35.4		33.8		26.8		35.2		33.2		33.5		22.2		30.4		28.1		32.1		29.9			31.3
Catastrophe losses		1.5		1.9		0.5		0.6		(0.9)		1.3		1.1		1.2		1.2		1.3		0.5			0.5
Total loss ratio		45.3	%	48.6	%	48.9	%	46.2	%	44.2	%	49.6	%	44.3	%	48.7	%	47.0	%	47.5	%	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 Third-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		3	5	—	5	4	6	5	5	11	8	15		22
Current accident year reported losses $2 million - $5 million		18	11	8	17	19	11	5	19	16	37	35		49
Prior accident year reported losses on large losses		6	9	7	14	3	7	3	16	10	22	13		27
Non-Catastrophe reported losses on large losses total		27	25	15	36	26	24	13	40	37	67	63		98
Commercial Lines
Current accident year reported losses greater than $5 million		2	5	—	5	3	4	4	5	8	7	11		17
Current accident year reported losses $2 million - $5 million		12	4	4	13	11	9	4	8	13	20	24		35
Prior accident year reported losses on large losses		6	9	4	14	3	7	2	13	9	19	12		26
Non-Catastrophe reported losses on large losses total		20	18	8	32	17	20	10	26	30	46	47		78
Personal Lines
Current accident year reported losses greater than $5 million		1	—	—	—	1	2	1	—	3	1	4		5
Current accident year reported losses $2 million - $5 million		5	6	4	4	8	2	1	10	3	15	11		14
Prior accident year reported losses on large losses		—	—	3	—	—	—	1	3	1	3	1		1
Non-Catastrophe reported losses on large losses total		6	6	7	4	9	4	3	13	7	19	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	—	—	—	—	—	1	—	2	—		—
Prior accident year reported losses on large losses		—	—	—	—	—	—	—	—	—	—	—		—
Non-Catastrophe reported losses on large losses total		1	1	—	—	—	—	—	1	—	2	—		—
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Third-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		$	364		$	391		$	417		$	361		$	331		$	378		$	404		$	808		$	782		$	1,172		$	1,114			$	1,475
Year over year change %- written premium		10		%	3		%	3		%	2		%	2		%	1		%	4		%	3		%	2		%	5		%	2		%		2		%
Earned premiums		$	381		$	372		$	365		$	366		$	365		$	373		$	377		$	737		$	750		$	1,118		$	1,115			$	1,481
Current accident year before catastrophe losses		74.1		%	69.6		%	73.6		%	69.6		%	68.3		%	70.5		%	72.6		%	71.6		%	71.6		%	72.5		%	70.5		%		70.3		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(0.4)			7.6			0.1			14.0			—			(9.2)			(0.3)			3.9			(4.8)			2.4			(3.2)				1.0
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		73.7		%	77.2		%	73.7		%	83.6		%	68.3		%	61.3		%	72.3		%	75.5		%	66.8		%	74.9		%	67.3		%		71.3		%
Commercial property:
Net written premiums		$	389		$	392		$	362		$	338		$	344		$	335		$	316		$	754		$	650		$	1,143		$	994			$	1,332
Year over year change %- written premium		13		%	17		%	15		%	14		%	11		%	9		%	6		%	16		%	7		%	15		%	9		%		10		%
Earned premiums		$	361		$	348		$	336		$	331		$	321		$	312		$	299		$	684		$	611		$	1,045		$	933			$	1,264
Current accident year before catastrophe losses		40.9		%	45.7		%	48.5		%	44.4		%	45.2		%	43.4		%	49.0		%	47.0		%	46.1		%	44.9		%	45.8		%		45.5		%
Current accident year catastrophe losses		16.7			28.9			21.3			5.0			23.0			35.0			34.7			25.2			34.9			22.3			30.8				24.0
Prior accident years before catastrophe losses		(7.8)			(3.9)			(4.2)			(3.2)			(2.8)			(1.5)			(7.8)			(4.0)			(4.6)			(5.4)			(4.0)				(3.8)
Prior accident years catastrophe losses		(1.3)			(2.1)			(2.5)			(2.6)			(0.5)			(1.4)			2.4			(2.3)			0.5			(1.9)			0.2				(0.6)
Total loss and loss expense ratio		48.5		%	68.6		%	63.1		%	43.6		%	64.9		%	75.5		%	78.3		%	65.9		%	76.9		%	59.9		%	72.8		%		65.1		%
Commercial auto:
Net written premiums		$	223		$	248		$	259		$	207		$	199		$	233		$	239		$	506		$	472		$	730		$	671			$	878
Year over year change %- written premium		12		%	6		%	8		%	3		%	3		%	3		%	1		%	7		%	2		%	9		%	2		%		2		%
Earned premiums		$	231		$	228		$	220		$	218		$	216		$	214		$	213		$	448		$	428		$	679		$	644			$	862
Current accident year before catastrophe losses		66.7		%	67.9		%	70.0		%	65.0		%	70.1		%	68.3		%	73.5		%	68.9		%	70.9		%	68.2		%	70.6		%		69.2		%
Current accident year catastrophe losses		2.2			4.4			1.6			(1.1)			(0.8)			6.7			0.9			3.0			3.8			2.7			2.3				1.5
Prior accident years before catastrophe losses		0.2			(3.8)			(0.8)			(2.6)			0.7			(1.4)			2.7			(2.4)			0.7			(1.5)			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		69.1		%	68.5		%	70.7		%	61.3		%	70.0		%	73.3		%	75.6		%	69.5		%	74.4		%	69.4		%	72.9		%		70.0		%
Workers' compensation:
Net written premiums		$	56		$	55		$	79		$	57		$	57		$	65		$	82		$	134		$	147		$	190		$	203			$	260
Year over year change %- written premium		(2)		%	(15)		%	(4)		%	(11)		%	(5)		%	(6)		%	(5)		%	(9)		%	(5)		%	(6)		%	(5)		%		(6)		%
Earned premiums		$	61		$	59		$	61		$	65		$	66		$	72		$	74		$	120		$	146		$	182		$	212			$	277
Current accident year before catastrophe losses		88.2		%	86.5		%	91.5		%	87.2		%	90.3		%	90.0		%	83.2		%	89.0		%	86.5		%	88.8		%	87.7		%		87.6		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(26.7)			(46.9)			(19.3)			(31.1)			(30.7)			(15.4)			(19.6)			(32.9)			(17.5)			(30.8)			(21.6)				(23.9)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		61.5		%	39.6		%	72.2		%	56.1		%	59.6		%	74.6		%	63.6		%	56.1		%	69.0		%	58.0		%	66.1		%		63.7		%
Other commercial:
Net written premiums		$	106		$	100		$	106		$	97		$	98		$	95		$	100		$	207		$	196		$	312		$	294			$	391
Year over year change %- written premium		8		%	5		%	6		%	5		%	3		%	2		%	15		%	6		%	9		%	6		%	7		%		7		%
Earned premiums		$	103		$	100		$	100		$	100		$	94		$	95		$	93		$	200		$	187		$	302		$	280			$	380
Current accident year before catastrophe losses		50.5		%	40.7		%	40.5		%	34.5		%	39.1		%	35.2		%	38.1		%	40.6		%	36.6		%	43.9		%	37.4		%		36.7		%
Current accident year catastrophe losses		0.1			—			0.1			—			0.2			0.1			—			0.1			0.1			0.1			0.1				0.1
Prior accident years before catastrophe losses		0.4			0.2			(2.8)			(4.0)			(5.8)			(0.8)			(2.5)			(1.3)			(1.6)			(0.6)			(3.0)				(3.3)
Prior accident years catastrophe losses		(0.1)			0.1			0.1			0.1			—			—			(0.1)			0.1			(0.1)			—			—				—
Total loss and loss expense ratio		50.9		%	41.0		%	37.9		%	30.6		%	33.5		%	34.5		%	35.5		%	39.5		%	35.0		%	43.4		%	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 Third-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		$	296		$	283		$	216		$	207		$	227		$	212		$	163		$	499		$	374		$	795		$	602			$	809
Year over year change %- written premium		30		%	33		%	33		%	31		%	27		%	20		%	16		%	33		%	18		%	32		%	21		%		24		%
Earned premiums		$	242		$	224		$	208		$	197		$	185		$	173		$	166		$	432		$	339		$	674		$	524			$	721
Current accident year before catastrophe losses		68.7		%	73.3		%	73.8		%	66.7		%	73.2		%	76.6		%	78.8		%	73.5		%	77.7		%	71.8		%	76.0		%		73.6		%
Current accident year catastrophe losses		6.6			3.6			3.4			(1.1)			(3.4)			8.9			4.2			3.5			6.6			4.6			3.1				1.9
Prior accident years before catastrophe losses		1.5			5.3			(1.9)			(1.3)			—			(4.1)			0.3			1.9			(1.9)			1.7			(1.2)				(1.3)
Prior accident years catastrophe losses		—			(0.1)			(0.7)			—			(0.1)			(0.7)			(2.7)			(0.4)			(1.7)			(0.2)			(1.1)				(0.8)
Total loss and loss expense ratio		76.8		%	82.1		%	74.6		%	64.3		%	69.7		%	80.7		%	80.6		%	78.5		%	80.7		%	77.9		%	76.8		%		73.4		%
Homeowner:
Net written premiums		$	442		$	433		$	303		$	298		$	339		$	330		$	222		$	736		$	552		$	1,178		$	890			$	1,188
Year over year change %- written premium		30		%	31		%	36		%	32		%	33		%	27		%	23		%	33		%	25		%	32		%	28		%		29		%
Earned premiums		$	352		$	326		$	303		$	289		$	271		$	251		$	232		$	629		$	484		$	981		$	755			$	1,044
Current accident year before catastrophe losses		40.9		%	42.2		%	46.9		%	42.2		%	45.0		%	47.4		%	46.5		%	44.4		%	46.9		%	43.1		%	46.3		%		45.1		%
Current accident year catastrophe losses		47.4			38.5			21.0			9.2			30.2			33.5			56.1			30.1			44.4			36.3			39.3				31.0
Prior accident years before catastrophe losses		(1.4)			1.2			(2.0)			(2.5)			(1.0)			0.7			(2.6)			(0.3)			(0.8)			(0.7)			(0.9)				(1.4)
Prior accident years catastrophe losses		(1.7)			(1.7)			(6.3)			(0.8)			(2.1)			(3.9)			(9.1)			(4.0)			(6.4)			(3.1)			(4.9)				(3.7)
Total loss and loss expense ratio		85.2		%	80.2		%	59.6		%	48.1		%	72.1		%	77.7		%	90.9		%	70.2		%	84.1		%	75.6		%	79.8		%		71.0		%
Other personal:
Net written premiums		$	94		$	103		$	76		$	74		$	80		$	87		$	63		$	179		$	151		$	273		$	231			$	305
Year over year change %- written premium		18		%	18		%	21		%	21		%	18		%	19		%	19		%	19		%	19		%	18		%	18		%		19		%
Earned premiums		$	84		$	81		$	77		$	74		$	71		$	69		$	66		$	158		$	134		$	242		$	205			$	279
Current accident year before catastrophe losses		66.5		%	54.6		%	57.4		%	48.3		%	55.7		%	56.7		%	58.9		%	56.0		%	57.7		%	59.7		%	57.1		%		54.7		%
Current accident year catastrophe losses		4.1			5.3			2.3			1.8			5.4			11.7			3.5			3.8			7.7			3.9			6.9				5.6
Prior accident years before catastrophe losses		8.7			(5.8)			(2.6)			2.2			1.0			2.3			(1.2)			(4.3)			0.6			0.2			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		79.3		%	54.3		%	56.8		%	52.2		%	61.7		%	71.4		%	62.5		%	55.5		%	67.0		%	63.8		%	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		$	157		$	180		$	146		$	150		$	128		$	156		$	136		$	326		$	292		$	483		$	420			$	570
Year over year change %- written premium		23		%	15		%	7		%	23		%	6		%	16		%	10		%	12		%	13		%	15		%	11		%		14		%
Earned premiums		$	157		$	151		$	139		$	148		$	135		$	132		$	127		$	290		$	259		$	447		$	394			$	542
Current accident year before catastrophe losses		64.2		%	64.0		%	65.7		%	60.5		%	64.8		%	69.7		%	69.2		%	64.8		%	69.5		%	64.6		%	67.9		%		65.9		%
Current accident year catastrophe losses		1.7			1.4			0.9			0.5			(0.6)			1.4			1.5			1.2			1.4			1.4			0.8				0.7
Prior accident years before catastrophe losses		2.9			1.6			(1.7)			1.4			0.9			(4.7)			(6.2)			—			(5.4)			1.0			(3.3)				(2.0)
Prior accident years catastrophe losses		(0.2)			0.5			(0.4)			0.2			(0.2)			—			(0.3)			—			(0.1)			—			(0.2)				(0.1)
Total loss and loss expense ratio		68.6		%	67.5		%	64.5		%	62.6		%	64.9		%	66.4		%	64.2		%	66.0		%	65.4		%	67.0		%	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 Third-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 nine months ended September 30, 2024
Commercial casualty	$	435	$	153	$	588	$	12	$	219	$	16	$	247	$	447	$	219	$	169	$	835
Commercial property	523		55		578		(65)		112		5		52		458		112		60		630
Commercial auto	339		66		405		9		48		10		67		348		48		76		472
Workers' compensation	91		24		115		(27)		23		(3)		(7)		64		23		21		108
Other commercial	98		15		113		10		11		1		22		108		11		16		135
Total commercial lines	1,486		313		1,799		(61)		413		29		381		1,425		413		342		2,180

Personal auto	367		73		440		27		42		15		84		394		42		88		524
Homeowners	486		67		553		18		148		23		189		504		148		90		742
Other personal	127		8		135		(11)		29		2		20		116		29		10		155
Total personal lines	980		148		1,128		34		219		40		293		1,014		219		188		1,421

Excess & surplus lines	135		50		185		27		61		37		125		162		61		87		310
Other	189		10		199		(9)		101		—		92		180		101		10		291
Total property casualty	$	2,790	$	521	$	3,311	$	(9)	$	794	$	106	$	891	$	2,781	$	794	$	627	$	4,202

Ceded loss and loss expense incurred for the nine months ended September 30, 2024
Commercial casualty	$	1	$	1	$	2	$	(1)	$	(2)	$	—	$	(3)	$	—	$	(2)	$	1	$	(1)
Commercial property	21		—		21		(16)		(1)		—		(17)		5		(1)		—		4
Commercial auto	1		—		1		(1)		—		—		(1)		—		—		—		—
Workers' compensation	4		—		4		—		(2)		—		(2)		4		(2)		—		2
Other commercial	19		1		20		(17)		1		—		(16)		2		1		1		4
Total commercial lines	46		2		48		(35)		(4)		—		(39)		11		(4)		2		9

Personal auto	1		—		1		(1)		(1)		—		(2)		—		(1)		—		(1)
Homeowners	6		—		6		(4)		(1)		—		(5)		2		(1)		—		1
Other personal	—		—		—		—		—		—		—		—		—		—		—
Total personal lines	7		—		7		(5)		(2)		—		(7)		2		(2)		—		—

Excess & surplus lines	14		1		15		(5)		1		—		(4)		9		1		1		11
Other	22		1		23		(10)		(12)		—		(22)		12		(12)		1		1
Total property casualty	$	89	$	4	$	93	$	(55)	$	(17)	$	—	$	(72)	$	34	$	(17)	$	4	$	21

Net loss and loss expense incurred for the nine months ended September 30, 2024
Commercial casualty	$	434	$	152	$	586	$	13	$	221	$	16	$	250	$	447	$	221	$	168	$	836
Commercial property	502		55		557		(49)		113		5		69		453		113		60		626
Commercial auto	338		66		404		10		48		10		68		348		48		76		472
Workers' compensation	87		24		111		(27)		25		(3)		(5)		60		25		21		106
Other commercial	79		14		93		27		10		1		38		106		10		15		131
Total commercial lines	1,440		311		1,751		(26)		417		29		420		1,414		417		340		2,171

Personal auto	366		73		439		28		43		15		86		394		43		88		525
Homeowners	480		67		547		22		149		23		194		502		149		90		741
Other personal	127		8		135		(11)		29		2		20		116		29		10		155
Total personal lines	973		148		1,121		39		221		40		300		1,012		221		188		1,421

Excess & surplus lines	121		49		170		32		60		37		129		153		60		86		299
Other	167		9		176		1		113		—		114		168		113		9		290
Total property casualty	$	2,701	$	517	$	3,218	$	46	$	811	$	106	$	963	$	2,747	$	811	$	623	$	4,181

*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 Third-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 September 30, 2024
Commercial casualty	$	162	$	53	$	215	$	(52)	$	105	$	9	$	62	$	110	$	105	$	62	$	277
Commercial property	177		16		193		(22)		17		(4)		(9)		155		17		12		184
Commercial auto	122		21		143		1		9		7		17		123		9		28		160
Workers' compensation	28		8		36		7		(4)		1		4		35		(4)		9		40
Other commercial	34		5		39		2		1		11		14		36		1		16		53
Total commercial lines	523		103		626		(64)		128		24		88		459		128		127		714

Personal auto	129		22		151		2		24		9		35		131		24		31		186
Homeowners	176		21		197		(10)		102		11		103		166		102		32		300
Other personal	51		3		54		(5)		18		—		13		46		18		3		67
Total personal lines	356		46		402		(13)		144		20		151		343		144		66		553

Excess & surplus lines	34		17		51		28		12		20		60		62		12		37		111
Other	63		4		67		7		65		1		73		70		65		5		140
Total property casualty	$	976	$	170	$	1,146	$	(42)	$	349	$	65	$	372	$	934	$	349	$	235	$	1,518

Ceded loss and loss expense incurred for the three months ended September 30, 2024
Commercial casualty	$	6	$	—	$	6	$	(9)	$	(1)	$	—	$	(10)	$	(3)	$	(1)	$	—	$	(4)
Commercial property	9		—		9		—		—		—		—		9		—		—		9
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	1		—		1		1		—		—		1		2		—		—		2
Other commercial	7		1		8		(6)		(1)		—		(7)		1		(1)		1		1
Total commercial lines	23		1		24		(14)		(2)		—		(16)		9		(2)		1		8

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

Excess & surplus lines	—		—		—		3		1		—		4		3		1		—		4
Other	6		1		7		(3)		3		—		—		3		3		1		7
Total property casualty	$	30	$	2	$	32	$	(15)	$	2	$	—	$	(13)	$	15	$	2	$	2	$	19

Net loss and loss expense incurred for the three months ended September 30, 2024
Commercial casualty	$	156	$	53	$	209	$	(43)	$	106	$	9	$	72	$	113	$	106	$	62	$	281
Commercial property	168		16		184		(22)		17		(4)		(9)		146		17		12		175
Commercial auto	122		21		143		1		9		7		17		123		9		28		160
Workers' compensation	27		8		35		6		(4)		1		3		33		(4)		9		38
Other commercial	27		4		31		8		2		11		21		35		2		15		52
Total commercial lines	500		102		602		(50)		130		24		104		450		130		126		706

Personal auto	129		22		151		2		24		9		35		131		24		31		186
Homeowners	175		21		196		(9)		102		11		104		166		102		32		300
Other personal	51		3		54		(5)		18		—		13		46		18		3		67
Total personal lines	355		46		401		(12)		144		20		152		343		144		66		553

Excess & surplus lines	34		17		51		25		11		20		56		59		11		37		107
Other	57		3		60		10		62		1		73		67		62		4		133
Total property casualty	$	946	$	168	$	1,114	$	(27)	$	347	$	65	$	385	$	919	$	347	$	233	$	1,499

*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 Third-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		$	1,795		$	1,843		$	1,683		$	1,534		$	1,549		$	1,643		$	1,535		$	3,526		$	3,178		$	5,321		$	4,727			$	6,261
Agency new business written premiums		406			407			346			310			313			303			251			753			554			1,159			867				1,177

Other written premiums		92			209			219			76			95			204			233			428			437			520			532				608
Net written premiums		$	2,293		$	2,459		$	2,248		$	1,920		$	1,957		$	2,150		$	2,019		$	4,707		$	4,169		$	7,000		$	6,126			$	8,046
Unearned premium change		(76)			(384)			(256)			64			—			(287)			(178)			(640)			(465)			(716)			(465)				(401)
Earned premiums		$	2,217		$	2,075		$	1,992		$	1,984		$	1,957		$	1,863		$	1,841		$	4,067		$	3,704		$	6,284		$	5,661			$	7,645
Year over year change %
Agency renewal written premiums		16		%	12		%	10		%	10		%	11		%	11		%	10		%	11		%	10		%	13		%	11		%		11		%
Agency new business written premiums		30			34			38			30			19			6			3			36			5			34			9				14

Other written premiums		(3)			2			(6)			27			(1)			4			(10)			(2)			(4)			(2)			(3)				—
Net written premiums		17			14			11			13			12			9			6			13			8			14			9				10
Paid losses and loss expenses
Losses paid		$	946		$	893		$	861		$	933		$	907		$	924		$	893		$	1,755		$	1,816		$	2,701		$	2,723			$	3,656
Loss expenses paid		168			174			176			158			151			157			153			349			311			517			462				620
Loss and loss expenses paid		$	1,114		$	1,067		$	1,037		$	1,091		$	1,058		$	1,081		$	1,046		$	2,104		$	2,127		$	3,218		$	3,185			$	4,276
Incurred losses and loss expenses
Loss and loss expense incurred		$	1,499		$	1,412		$	1,270		$	1,118		$	1,261		$	1,262		$	1,317		$	2,682		$	2,579		$	4,181		$	3,840			$	4,958
Loss and loss expenses paid as a % of incurred		74.3		%	75.6		%	81.7		%	97.6		%	83.9		%	85.7		%	79.4		%	78.4		%	82.5		%	77.0		%	82.9		%		86.2		%
Statutory combined ratio
Loss ratio		58.3		%	59.1		%	55.2		%	47.8		%	54.9		%	58.3		%	60.5		%	57.2		%	59.4		%	57.6		%	57.8		%		55.3		%
Loss adjustment expense ratio		11.0			10.1			9.6			10.3			10.3			9.7			11.6			9.8			10.7			10.2			10.6				10.5
Net underwriting expense ratio		28.5			27.7			27.5			31.3			29.1			27.7			27.5			27.6			27.6			27.9			28.1				28.8
US Statutory combined ratio		97.8		%	96.9		%	92.3		%	89.4		%	94.3		%	95.7		%	99.6		%	94.6		%	97.7		%	95.7		%	96.5		%		94.6		%
Contribution from catastrophe losses		13.4			11.6			6.1			1.8			8.7			12.3			12.7			8.9			12.5			10.5			11.2				8.8
Statutory combined ratio excl. catastrophe losses		84.4		%	85.3		%	86.2		%	87.6		%	85.6		%	83.4		%	86.9		%	85.7		%	85.2		%	85.2		%	85.3		%		85.8		%
GAAP combined ratio
GAAP combined ratio		97.4		%	98.5		%	93.6		%	87.5		%	94.4		%	97.6		%	100.7		%	96.1		%	99.2		%	96.5		%	97.5		%		94.9		%
Contribution from catastrophe losses		13.0			11.2			5.9			1.3			9.1			12.0			12.8			8.6			12.4			10.1			11.3				8.7
GAAP combined ratio excl. catastrophe losses		84.4		%	87.3		%	87.7		%	86.2		%	85.3		%	85.6		%	87.9		%	87.5		%	86.8		%	86.4		%	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 Third-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		$	987		$	1,023		$	1,076		$	936		$	914		$	985		$	1,041		$	2,099		$	2,026		$	3,086		$	2,940			$	3,876
Agency new business written premiums		187			193			182			153			148			149			134			375			283			562			431				584
Other written premiums		(36)			(30)			(35)			(29)			(33)			(28)			(34)			(65)			(62)			(101)			(95)				(124)
Net written premiums		$	1,138		$	1,186		$	1,223		$	1,060		$	1,029		$	1,106		$	1,141		$	2,409		$	2,247		$	3,547		$	3,276			$	4,336
Unearned premium change		(1)			(79)			(141)			20			33			(40)			(85)			(220)			(125)			(221)			(92)				(72)
Earned premiums		$	1,137		$	1,107		$	1,082		$	1,080		$	1,062		$	1,066		$	1,056		$	2,189		$	2,122		$	3,326		$	3,184			$	4,264
Year over year change %
Agency renewal written premiums		8		%	4		%	3		%	3		%	6		%	5		%	7		%	4		%	6		%	5		%	6		%		6		%
Agency new business written premiums		26			30			36			18			(1)			(10)			(14)			33			(12)			30			(8)				(3)
Other written premiums		(9)			(7)			(3)			6			(32)			(4)			(13)			(5)			(9)			(6)			(16)				(10)
Net written premiums		11			7			7			5			5			3			4			7			4			8			4				4
Paid losses and loss expenses
Losses paid		$	500		$	460		$	479		$	549		$	490		$	550		$	513		$	941		$	1,063		$	1,440		$	1,552			$	2,101
Loss expenses paid		102			103			106			93			92			96			97			207			193			311			285				379
Loss and loss expenses paid		$	602		$	563		$	585		$	642		$	582		$	646		$	610		$	1,148		$	1,256		$	1,751		$	1,837			$	2,480
Incurred losses and loss expenses
Loss and loss expense incurred		$	706		$	746		$	719		$	651		$	680		$	708		$	748		$	1,465		$	1,456		$	2,171		$	2,136			$	2,787
Loss and loss expenses paid as a % of incurred		85.3		%	75.5		%	81.4		%	98.6		%	85.6		%	91.2		%	81.6		%	78.4		%	86.3		%	80.7		%	86.0		%		89.0		%
Statutory combined ratio
Loss ratio		51.0		%	57.8		%	56.5		%	48.9		%	53.4		%	56.5		%	57.9		%	57.2		%	57.2		%	55.1		%	55.9		%		54.1		%
Loss adjustment expense ratio		11.1			9.6			9.9			11.4			10.6			9.9			12.9			9.7			11.4			10.2			11.2				11.2
Net underwriting expense ratio		31.2			29.9			27.4			32.6			31.8			29.4			27.7			28.7			28.5			29.4			29.5				30.3
Statutory combined ratio		93.3		%	97.3		%	93.8		%	92.9		%	95.8		%	95.8		%	98.5		%	95.6		%	97.1		%	94.7		%	96.6		%		95.6		%
Contribution from catastrophe losses		5.4			9.3			6.2			0.5			6.7			11.1			10.4			7.8			10.7			6.9			9.4				7.2
Statutory combined ratio excl. catastrophe losses		87.9		%	88.0		%	87.6		%	92.4		%	89.1		%	84.7		%	88.1		%	87.8		%	86.4		%	87.8		%	87.2		%		88.4		%
GAAP combined ratio
GAAP combined ratio		93.0		%	99.1		%	96.5		%	92.2		%	95.2		%	96.9		%	100.4		%	97.9		%	98.6		%	96.2		%	97.5		%		96.2		%
Contribution from catastrophe losses		5.4			9.3			6.2			0.5			6.7			11.1			10.4			7.8			10.7			6.9			9.4				7.2
GAAP combined ratio excl. catastrophe losses		87.6		%	89.8		%	90.3		%	91.7		%	88.5		%	85.8		%	90.0		%	90.1		%	87.9		%	89.3		%	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 Third-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		$	695		$	681		$	494		$	486		$	542		$	541		$	388		$	1,175		$	929		$	1,870		$	1,471			$	1,957
Agency new business written premiums		165			163			122			109			122			106			79			285			185			450			307				416
Other written premiums		(28)			(25)			(21)			(16)			(18)			(18)			(19)			(46)			(37)			(74)			(55)				(71)
Net written premiums		$	832		$	819		$	595		$	579		$	646		$	629		$	448		$	1,414		$	1,077		$	2,246		$	1,723			$	2,302
Unearned premium change		(154)			(188)			(7)			(19)			(119)			(136)			16			(195)			(120)			(349)			(239)				(258)
Earned premiums		$	678		$	631		$	588		$	560		$	527		$	493		$	464		$	1,219		$	957		$	1,897		$	1,484			$	2,044
Year over year change %
Agency renewal written premiums		28		%	26		%	27		%	24		%	24		%	24		%	17		%	26		%	20		%	27		%	22		%		22		%
Agency new business written premiums		35			54			54			45			51			20			52			54			32			47			39				41
Other written premiums		(56)			(39)			(11)			30			(13)			(13)			(73)			(24)			(37)			(35)			(28)				(8)
Net written premiums		29			30			33			30			29			23			20			31			22			30			24				26
Paid losses and loss expenses
Losses paid		$	355		$	335		$	282		$	277		$	324		$	298		$	288		$	618		$	585		$	973		$	909			$	1,185
Loss expenses paid		46			51			51			45			39			44			40			102			85			148			123				168
Loss and loss expenses paid		$	401		$	386		$	333		$	322		$	363		$	342		$	328		$	720		$	670		$	1,121		$	1,032			$	1,353
Incurred losses and loss expenses
Loss and loss expense incurred		$	553		$	489		$	379		$	304		$	368		$	384		$	386		$	868		$	770		$	1,421		$	1,138			$	1,442
Loss and loss expenses paid as a % of incurred		72.5		%	78.9		%	87.9		%	105.9		%	98.6		%	89.1		%	85.0		%	82.9		%	87.0		%	78.9		%	90.7		%		93.8		%
Statutory combined ratio
Loss ratio		71.7		%	67.1		%	55.2		%	45.9		%	60.7		%	68.3		%	73.6		%	61.3		%	70.9		%	65.0		%	67.3		%		61.4		%
Loss adjustment expense ratio		9.8			10.5			9.3			8.4			9.2			9.6			9.6			9.9			9.6			9.9			9.4				9.2
Net underwriting expense ratio		25.8			25.2			29.6			30.0			26.3			25.5			30.0			27.1			27.4			26.6			27.0				27.7
Statutory combined ratio		107.3		%	102.8		%	94.1		%	84.3		%	96.2		%	103.4		%	113.2		%	98.3		%	107.9		%	101.5		%	103.7		%		98.3		%
Contribution from catastrophe losses		26.6			20.9			8.8			4.2			13.9			19.7			24.7			15.0			22.1			19.2			19.2				15.1
Statutory combined ratio excl. catastrophe losses		80.7		%	81.9		%	85.3		%	80.1		%	82.3		%	83.7		%	88.5		%	83.3		%	85.8		%	82.3		%	84.5		%		83.2		%
GAAP combined ratio
GAAP combined ratio		110.3		%	106.9		%	93.9		%	84.7		%	99.9		%	107.6		%	112.5		%	100.6		%	110.0		%	104.1		%	106.4		%		100.4		%
Contribution from catastrophe losses		26.6			20.9			8.8			4.2			13.9			19.7			24.7			15.0			22.1			19.2			19.2				15.1
GAAP combined ratio excl. catastrophe losses		83.7		%	86.0		%	85.1		%	80.5		%	86.0		%	87.9		%	87.8		%	85.6		%	87.9		%	84.9		%	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 Third-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		$	113		$	139		$	113		$	112		$	93		$	117		$	106		$	252		$	223		$	365		$	316			$	428
Agency new business written premiums		54			51			42			48			43			48			38			93			86			147			129				177
Other written premiums		(10)			(10)			(9)			(10)			(8)			(9)			(8)			(19)			(17)			(29)			(25)				(35)
Net written premiums		$	157		$	180		$	146		$	150		$	128		$	156		$	136		$	326		$	292		$	483		$	420			$	570
Unearned premium change		—			(29)			(7)			(2)			7			(24)			(9)			(36)			(33)			(36)			(26)				(28)
Earned premiums		$	157		$	151		$	139		$	148		$	135		$	132		$	127		$	290		$	259		$	447		$	394			$	542
Year over year change %
Agency renewal written premiums		22		%	19		%	7		%	18		%	—		%	6		%	13		%	13		%	9		%	16		%	6		%		9		%
Agency new business written premiums		26			6			11			45			26			45			6			8			25			14			25				30
Other written premiums		(25)			(11)			(13)			(67)			(33)			(13)			(33)			(12)			(21)			(16)			(25)				(35)
Net written premiums		23			15			7			23			6			16			10			12			13			15			11				14
Paid losses and loss expenses
Losses paid		$	34		$	41		$	46		$	34		$	33		$	29		$	28		$	86		$	56		$	121		$	90			$	124
Loss expenses paid		17			16			17			17			16			14			12			34			27			49			43				59
Loss and loss expenses paid		$	51		$	57		$	63		$	51		$	49		$	43		$	40		$	120		$	83		$	170		$	133			$	183
Incurred losses and loss expenses
Loss and loss expense incurred		$	107		$	102		$	90		$	93		$	87		$	89		$	81		$	192		$	170		$	299		$	257			$	350
Loss and loss expenses paid as a % of incurred		47.7		%	55.9		%	70.0		%	54.8		%	56.3		%	48.3		%	49.4		%	62.5		%	48.8		%	56.9		%	51.8		%		52.3		%
Statutory combined ratio
Loss ratio		45.2		%	48.6		%	48.9		%	46.2		%	44.2		%	49.6		%	44.3		%	48.7		%	47.0		%	47.5		%	46.1		%		46.1		%
Loss adjustment expense ratio		23.4			19.0			15.6			16.5			20.6			16.9			19.9			17.4			18.4			19.5			19.1				18.4
Net underwriting expense ratio		26.7			26.0			26.0			27.7			26.6			24.3			24.4			26.0			24.4			26.2			25.1				25.7
Statutory combined ratio		95.3		%	93.6		%	90.5		%	90.4		%	91.4		%	90.8		%	88.6		%	92.1		%	89.8		%	93.2		%	90.3		%		90.2		%
Contribution from catastrophe losses		1.5			1.9			0.5			0.7			(0.8)			1.4			1.2			1.2			1.3			1.4			0.6				0.6
Statutory combined ratio excl. catastrophe losses		93.8		%	91.7		%	90.0		%	89.7		%	92.2		%	89.4		%	87.4		%	90.9		%	88.5		%	91.8		%	89.7		%		89.6		%
GAAP combined ratio
GAAP combined ratio		95.3		%	95.4		%	91.9		%	89.8		%	90.5		%	92.2		%	89.9		%	93.7		%	91.1		%	94.3		%	90.9		%		90.6		%
Contribution from catastrophe losses		1.5			1.9			0.5			0.7			(0.8)			1.4			1.2			1.2			1.3			1.4			0.6				0.6
GAAP combined ratio excl. catastrophe losses		93.8		%	93.5		%	91.4		%	89.1		%	91.3		%	90.8		%	88.7		%	92.5		%	89.8		%	92.9		%	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 Third-Quarter 2024 Supplemental Financial Data


Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended September 30,							For the Nine Months Ended September 30,
(Dollars in millions)	2024		2023		Change		% Change	2024		2023		Change		% Change
Underwriting income
Net premiums written	$	2,216	$	1,888	$	328	17	$	6,774	$	5,911	$	863	15
Unearned premium change	106		30		76		253	693		443		250		56
Earned premiums	$	2,110	$	1,858	$	252	14	$	6,081	$	5,468	$	613	11

Losses incurred	$	1,231	$	1,019	$	212	21	$	3,503	$	3,163	$	340	11
Defense and cost containment expenses incurred	115		88		27		31	287		265		22		8
Adjusting and other expenses incurred	117		105		12		11	333		314		19		6
Other underwriting expenses incurred	630		548		82		15	1,886		1,654		232		14
Workers compensation dividend incurred	1		1		—		—	4		4		—		—
Total underwriting deductions	$	2,094	$	1,761	$	333	19	$	6,013	$	5,400	$	613	11

Net underwriting profit	$	16	$	97	$	(81)	(84)	$	68	$	68	$	—	—

Investment income
Gross investment income earned	$	170	$	144	$	26	18	$	484	$	424	$	60	14
Net investment income earned	168		143		25		17	478		419		59		14
Net realized capital gains and losses, net	285		(26)		311		nm	333		(76)		409		nm
Net investment gains (net of tax)	$	453	$	117	$	336	287	$	811	$	343	$	468	136

Other income	$	2	$	1	$	1	100	$	5	$	4	$	1	25

Net income before federal income taxes	$	471	$	215	$	256	119	$	884	$	415	$	469	113
Federal and foreign income taxes incurred	24		47		(23)		(49)	83		82		1		1
Net income (statutory)	$	447	$	168	$	279	166	$	801	$	333	$	468	141

Policyholders' surplus - statutory	$	8,258	$	6,506	$	1,752	27	$	8,258	$	6,506	$	1,752	27

Fixed maturities at amortized cost - statutory	$	11,714	$	9,630	$	2,084	22	$	11,714	$	9,630	$	2,084	22
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 Third-Quarter 2024 Supplemental Financial Data


The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended September 30,							For the Nine Months Ended September 30,
(Dollars in millions)	2024		2023		Change		% Change	2024		2023		Change		% Change
Net premiums written	$	89	$	90	$	(1)	(1)	$	268	$	273	$	(5)	(2)
Net investment income	48		47		1		2	142		138		4		3

Commissions and expense allowances on reinsurance ceded	1		1		—		—	3		3		—		—
Income from fees associated with separate accounts	1		2		(1)		(50)	4		7		(3)		(43)
Total revenues	$	139	$	140	$	(1)	(1)	$	417	$	421	$	(4)	(1)

Death benefits and matured endowments	$	41	$	43	$	(2)	(5)	$	126	$	122	$	4	3
Annuity benefits	29		34		(5)		(15)	97		108		(11)		(10)
Disability benefits and benefits under accident and health contracts	1		—		1		nm	2		1		1		100
Surrender benefits and group conversions	9		7		2		29	26		21		5		24
Interest and adjustments on deposit-type contract funds	2		2		—		—	4		6		(2)		(33)
Increase in aggregate reserves for life and accident and health contracts	(3)		4		(7)		nm	(20)		(3)		(17)		(567)
Total benefit expenses	$	79	$	90	$	(11)	(12)	$	235	$	255	$	(20)	(8)

Commissions	$	12	$	12	$	—	—	$	37	$	37	$	—	—
General insurance expenses and taxes	15		14		1		7	45		41		4		10
Increase in loading on deferred and uncollected premiums	2		(2)		4		nm	2		(1)		3		nm
Net transfers from separate accounts	—		(3)		3		100	(3)		(6)		3		50

Total underwriting expenses	$	29	$	21	$	8	38	$	81	$	71	$	10	14

Federal and foreign income taxes incurred	7		3		4		133	24		19		5		26

Net gain from operations before capital gains and losses	$	24	$	26	$	(2)	(8)	$	77	$	76	$	1	1

Gains and losses net of capital gains tax, net	(1)		—		(1)		nm	(10)		(3)		(7)		(233)

Net income (statutory)	$	23	$	26	$	(3)	(12)	$	67	$	73	$	(6)	(8)

Policyholders' surplus - statutory	$	482	$	395	$	87	22	$	482	$	395	$	87	22

Fixed maturities at amortized cost - statutory	$	3,847	$	3,886	$	(39)	(1)	$	3,847	$	3,886	$	(39)	(1)
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 Third-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		$	89		$	207		$	202		$	66		$	85		$	177		$	230		$	409		$	407		$	498		$	492			$	558
Year over year change %- written premium		5		%	17		%	(12)		%	(1)		%	(1)		%	—		%	(9)		%	—		%	(6)		%	1		%	(5)		%		(5)		%
Earned premiums		$	138		$	138		$	135		$	123		$	134		$	122		$	150		$	273		$	272		$	411		$	406			$	529
Current accident year before catastrophe losses		52.5		%	49.6		%	63.0		%	42.6		%	51.5		%	57.8		%	45.2		%	56.3		%	50.9		%	55.0		%	51.1		%		49.1		%
Current accident year catastrophe losses		30.2			2.4			—			2.0			11.5			1.8			0.3			1.2			1.0			11.0			4.4				3.9
Prior accident years before catastrophe losses		(10.1)			(0.8)			(10.4)			4.6			(7.9)			(17.1)			6.0			(5.6)			(4.4)			(7.1)			(5.5)				(3.2)
Prior accident years catastrophe losses		(2.5)			(4.7)			—			1.0			2.0			1.9			1.7			(2.4)			1.8			(2.4)			1.9				1.7
Total loss and loss expense ratio		70.1		%	46.5		%	52.6		%	50.2		%	57.1		%	44.4		%	53.2		%	49.5		%	49.3		%	56.5		%	51.9		%		51.5		%

Cincinnati Global:
Net written premiums		$	77		$	67		$	82		$	65		$	69		$	82		$	64		$	149		$	146		$	226		$	215			$	280
Year over year change %- written premium		12		%	(18)		%	28		%	23		%	21		%	19		%	25		%	2		%	22		%	5		%	21		%		22		%
Earned premiums		$	107		$	48		$	48		$	73		$	99		$	50		$	44		$	96		$	94		$	203		$	193			$	266
Current accident year before catastrophe losses		31.6		%	47.9		%	48.2		%	24.6		%	34.1		%	61.7		%	35.3		%	48.1		%	49.3		%	39.4		%	41.5		%		36.9		%
Current accident year catastrophe losses		9.6			—			—			(8.4)			18.2			1.1			11.1			—			5.8			5.0			12.1				6.5
Prior accident years before catastrophe losses		(3.8)			(21.2)			(19.7)			(1.0)			(3.4)			(9.7)			0.8			(20.4)			(4.7)			(11.7)			(4.0)				(3.2)
Prior accident years catastrophe losses		(3.6)			(4.4)			(5.9)			(2.7)			(0.2)			2.5			2.4			(5.2)			2.4			(4.3)			1.1				—
Total loss and loss expense ratio		33.8		%	22.3		%	22.6		%	12.5		%	48.7		%	55.6		%	49.6		%	22.5		%	52.8		%	28.4		%	50.7		%		40.2		%

Noninsurance operations:
Interest and fees on loans and leases		$	3		$	2		$	2		$	3		$	2		$	1		$	2		$	4		$	3		$	7		$	5			$	8
Other revenue		—			2			1			2			1			1			1			3			2			3			3				5
Interest expense		13			14			13			14			13			13			14			27			27			40			40				54
Operating expenses		6			9			4			8			5			7			5			13			12			19			17				25
Total noninsurance operations loss		$	(16)		$	(19)		$	(14)		$	(17)		$	(15)		$	(18)		$	(16)		$	(33)		$	(34)		$	(49)		$	(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 Third-Quarter 2024 Supplemental Financial Data

Cover Page Cover Page	Oct. 24, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 24, 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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