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Published: 2022-07-27 16:08:40 ET
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EX-99.2 3 exhibit9922q22.htm EX-99.2 Document

Cincinnati Financial Corporation
Supplemental Financial Data
for the period ending June 30, 2022

6200 South Gilmore Road
Fairfield, Ohio 45014-5141
cinfin.com
Investor Contact:Media Contact:Shareholder Contact:
Dennis E. McDanielBetsy E. ErtelBrandon McIntosh
513-870-2768513-603-5323513-870-2696

A.M. Best CompanyFitch RatingsMoody's Investor ServiceS&P Global Ratings
Cincinnati Financial Corporation
Corporate DebtaA-A3BBB+
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
      Standard Market Subsidiaries:A+—A1A+
             The Cincinnati Insurance CompanyA+A+A1A+
             The Cincinnati Indemnity CompanyA+A+A1A+
             The Cincinnati Casualty CompanyA+A+A1A+
      Surplus Lines Subsidiary:
             The Cincinnati Specialty Underwriters Insurance CompanyA+———
The Cincinnati Life Insurance CompanyA+A+—A+

Ratings are as of July 26, 2022, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.
The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.
CINF Second-Quarter 2022 Supplemental Financial Data
1

Cincinnati Financial Corporation
Supplemental Financial Data
for the period ending June 30, 2022
Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
Consolidated
CFC and Subsidiaries Consolidation – Six Months Ended June 30, 2022
CFC and Subsidiaries Consolidation – Three Months Ended June 30, 20225
Consolidated Property Casualty Insurance Operations
Losses Incurred Detail6
Loss Ratio Detail7
Loss Claim Count Detail8
Quarterly Property Casualty Data – Commercial Lines9
Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines10
Loss and Loss Expense Analysis – Six Months Ended June 30, 202211
Loss and Loss Expense Analysis – Three Months Ended June 30, 202212
Reconciliation Data
Quarterly Property Casualty Data – Consolidated13
Quarterly Property Casualty Data – Commercial Lines14
Quarterly Property Casualty Data – Personal Lines15
Quarterly Property Casualty Data – Excess & Surplus Lines16
Statutory Statements of Income
Consolidated Cincinnati Insurance Companies Statutory Statements of Income17
The Cincinnati Life Insurance Company Statutory Statements of Income18
Other
Quarterly Data – Other19

CINF Second-Quarter 2022 Supplemental Financial Data
2

Definitions of Non-GAAP Information and
Reconciliation to Comparable GAAP Measures
Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.
Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management’s control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.
•Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management’s discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.
For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.
•    Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.
•Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.
Other Measures
•    Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company’s insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.
•    Statutory accounting rules: For public reporting, insurance companies prepare financial statements in accordance with GAAP. However, insurers also must calculate certain data according to statutory accounting rules for insurance company regulation in the United States of America as defined in the NAIC’s Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments and differ from GAAP. Statutory data is publicly available, and various organizations use it to calculate aggregate industry data, study industry trends and compare insurance companies.
•    Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium.
CINF Second-Quarter 2022 Supplemental Financial Data
3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2022
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $3,447 $— $— $— $3,447 
    Life— — 186 — — 186 
    Premiums ceded— (132)(38)— — (170)
      Total earned premium— 3,315 148 — — 3,463 
  Investment income, net of expenses49 247 84 — — 380 
  Investment gains and losses, net(859)(961)— — — (1,820)
  Fee revenues— 5 2 — — 7 
  Other revenues8 2 — 3 (8)5 
Total revenues$(802)$2,608 $234 $3 $(8)$2,035 
Benefits & expenses
  Losses & contract holders' benefits$— $2,209 $205 $— $— $2,414 
  Reinsurance recoveries— (13)(53)— — (66)
  Underwriting, acquisition and insurance expenses— 1,011 42 — — 1,053 
  Interest expense26 — — — — 26 
  Other operating expenses16 — — 1 (8)9 
Total expenses$42 $3,207 $194 $1 $(8)$3,436 
Income (loss) before income taxes$(844)$(599)$40 $2 $— $(1,401)
Provision (benefit) for income taxes
  Current operating income$186 $256 $11 $— $— $453 
  Capital gains/losses(180)(202)— — — (382)
  Deferred(187)(202)(2)— — (391)
Total provision (benefit) for income taxes$(181)$(148)$9 $— $— $(320)
Net income (loss) - current year$(663)$(451)$31 $2 $— $(1,081)
Net income - prior year$331 $966 $24 $2 $— $1,323 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 2022 Supplemental Financial Data
4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2022
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $1,765 $— $— $— $1,765 
    Life— — 96 — — 96 
    Premiums ceded— (68)(20)— — (88)
      Total earned premium— 1,697 76 — — 1,773 
  Investment income, net of expenses26 127 42 — — 195 
  Investment gains and losses, net(567)(587)— — — (1,154)
  Fee revenues— 2 1 — — 3 
  Other revenues4 1 — 2 (4)3 
Total revenues$(537)$1,240 $119 $2 $(4)$820 
Benefits & expenses
  Losses & contract holders' benefits$— $1,241 $91 $— $— $1,332 
  Reinsurance recoveries— (1)(22)— — (23)
  Underwriting, acquisition and insurance expenses— 511 23 — — 534 
  Interest expense13 — — — — 13 
  Other operating expenses8 — — 1 (4)5 
Total expenses$21 $1,751 $92 $1 $(4)$1,861 
Income (loss) before income taxes$(558)$(511)$27 $1 $— $(1,041)
Provision (benefit) for income taxes
  Current operating income (loss)$122 $142 $8 $— $— $272 
  Capital gains/losses(119)(123)— — — (242)
  Deferred(122)(139)(2)— — (263)
Total provision (benefit) for income taxes$(119)$(120)$6 $— $— $(233)
Net income (loss) - current year$(439)$(391)$21 $1 $— $(808)
Net income - prior year$187 $500 $14 $2 $— $703 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 2022 Supplemental Financial Data
5

Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/229/30/226/30/223/31/2212/31/219/30/216/30/213/31/216/30/226/30/219/30/229/30/2112/31/2212/31/21
Consolidated
Current accident year losses greater than $5 million$38 $23 $55 $14 $38 $5 $61 $43 $57 $112 
Current accident year losses $1 million - $5 million77 82 103 72 51 31 159 82 154 257 
Large loss prior accident year reserve development38 25 28 30 13 24 63 37 67 95 
   Total large losses incurred$153 $130 $186 $116 $102 $60 $283 $162 $278 $464 
Losses incurred but not reported74 36 (71)(13)(37)102 110 65 52 (19)
Other losses excluding catastrophe losses648 592 520 514 577 451 1,240 1,028 1,542 2,062 
Catastrophe losses208 24 51 215 56 150 232 206 421 472 
   Total losses incurred$1,083 $782 $686 $832 $698 $763 $1,865 $1,461 $2,293 $2,979 
Commercial Lines
Current accident year losses greater than $5 million$15 $16 $50 $4 $38 $5 $31 $43 $47 $97 
Current accident year losses $1 million - $5 million53 67 70 60 29 26 120 55 115 185 
Large loss prior accident year reserve development36 21 27 29 14 26 57 40 69 96 
   Total large losses incurred$104 $104 $147 $93 $81 $57 $208 $138 $231 $378 
Losses incurred but not reported61 38 (53)(35)(34)39 99 5 (30)(83)
Other losses excluding catastrophe losses363 318 274 270 326 261 681 587 857 1,131 
Catastrophe losses124 11 24 30 27 35 135 62 92 116 
   Total losses incurred$652 $471 $392 $358 $400 $392 $1,123 $792 $1,150 $1,542 
Personal Lines
Current accident year losses greater than $5 million$23 $7 $5 $10 $— $— $30 $— $10 $15 
Current accident year losses $1 million - $5 million15 11 25 12 15 4 26 19 31 56 
Large loss prior accident year reserve development1 4 — (1)(2)(1)5 (3)(4)(4)
   Total large losses incurred$39 $22 $30 $21 $13 $3 $61 $16 $37 $67 
Losses incurred but not reported12 (14)(26)— (4)41 (2)37 37 11 
Other losses excluding catastrophe losses176 165 146 154 158 130 341 288 442 588 
Catastrophe losses78 6 16 69 39 74 84 113 182 198 
   Total losses incurred$305 $179 $166 $244 $206 $248 $484 $454 $698 $864 
Excess & Surplus Lines
Current accident year losses greater than $5 million$— $— $— $— $— $— $— $— $— $— 
Current accident year losses $1 million - $5 million9 4 8 — 7 1 13 8 8 16 
Large loss prior accident year reserve development1 — 1 2 1 (1)1 — 2 3 
   Total large losses incurred$10 $4 $9 $2 $8 $— $14 $8 $10 $19 
Losses incurred but not reported1 12 8 22 1 22 13 23 45 53 
Other losses excluding catastrophe losses38 32 25 23 34 15 70 49 72 97 
Catastrophe losses2 1 — 1 — 1 3 1 2 2 
   Total losses incurred$51 $49 $42 $48 $43 $38 $100 $81 $129 $171 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 2022 Supplemental Financial Data
6

Consolidated Property Casualty
Loss Ratio Detail
Three months endedSix months endedNine months endedTwelve months ended
12/31/229/30/226/30/223/31/2212/31/219/30/216/30/213/31/216/30/226/30/219/30/229/30/2112/31/2212/31/21
Consolidated
Current accident year losses greater than $5 million2.2 %1.4 %3.4 %0.9 %2.5 %0.3 %1.8 %1.4 %1.2 %1.8 %
Current accident year losses $1 million - $5 million4.6 5.1 6.4 4.5 3.4 2.2 4.8 2.8 3.4 4.2 
Large loss prior accident year reserve development2.2 1.5 1.8 1.9 0.9 1.6 1.9 1.2 1.5 1.5 
   Total large loss ratio9.0 %8.0 %11.6 %7.3 %6.8 %4.1 %8.5 %5.4 %6.1 %7.5 %
Losses incurred but not reported4.4 2.2 (4.4)(0.8)(2.4)6.9 3.3 2.2 1.1 (0.3)
Other losses excluding catastrophe losses38.1 36.6 32.5 32.2 38.0 30.5 37.4 34.4 33.6 33.4 
Catastrophe losses12.3 1.5 3.2 13.4 3.7 10.2 7.0 6.9 9.2 7.6 
   Total loss ratio63.8 %48.3 %42.9 %52.1 %46.1 %51.7 %56.2 %48.9 %50.0 %48.2 %
Commercial Lines
Current accident year losses greater than $5 million1.4 %1.7 %5.3 %0.5 %4.2 %0.6 %1.6 %2.4 %1.7 %2.6 %
Current accident year losses $1 million - $5 million5.3 6.9 7.3 6.5 3.2 2.9 6.1 3.1 4.2 5.0 
Large loss prior accident year reserve development3.7 2.1 2.8 3.1 1.4 3.0 2.9 2.2 2.6 2.7 
   Total large loss ratio10.4 %10.7 %15.4 %10.1 %8.8 %6.5 %10.6 %7.7 %8.5 %10.3 %
Losses incurred but not reported6.1 4.0 (5.7)(3.7)(3.6)4.3 5.1 0.3 (1.1)(2.3)
Other losses excluding catastrophe losses36.6 33.0 29.1 29.0 35.7 29.4 34.8 32.6 31.4 30.8 
Catastrophe losses12.5 1.2 2.6 3.1 3.0 4.0 6.9 3.5 3.4 3.2 
   Total loss ratio65.6 %48.9 %41.4 %38.5 %43.9 %44.2 %57.4 %44.1 %42.2 %42.0 %
Personal Lines
Current accident year losses greater than $5 million5.7 %1.7 %1.3 %2.6 %— %— %3.7 %— %0.9 %1.0 %
Current accident year losses $1 million - $5 million3.6 2.7 6.4 2.9 4.0 1.2 3.2 2.5 2.7 3.6 
Large loss prior accident year reserve development0.1 1.1 — (0.2)(0.5)(0.3)0.6 (0.3)(0.4)(0.2)
   Total large loss ratio9.4 %5.5 %7.7 %5.3 %3.5 %0.9 %7.5 %2.2 %3.2 %4.4 %
Losses incurred but not reported3.1 (3.6)(6.5)(0.1)(1.1)11.0 (0.2)4.9 3.2 0.7 
Other losses excluding catastrophe losses42.4 41.2 36.7 39.7 41.4 34.4 41.8 37.9 38.6 38.1 
Catastrophe losses18.8 1.4 4.1 17.7 10.3 19.6 10.2 14.9 15.9 12.8 
   Total loss ratio73.7 %44.5 %42.0 %62.6 %54.1 %65.9 %59.3 %59.9 %60.9 %56.0 %
Excess & Surplus Lines
Current accident year losses greater than $5 million— %— %— %— %— %— %— %— %— %— %
Current accident year losses $1 million - $5 million7.8 3.6 7.5 (0.1)7.5 1.2 5.8 4.5 2.8 4.1 
Large loss prior accident year reserve development0.4 0.3 0.8 1.9 1.3 (1.7)0.3 (0.2)0.6 0.6 
   Total large loss ratio8.2 %3.9 %8.3 %1.8 %8.8 %(0.5)%6.1 %4.3 %3.4 %4.7 %
Losses incurred but not reported0.7 10.6 7.9 21.2 0.8 24.8 5.4 12.3 15.5 13.4 
Other losses excluding catastrophe losses31.5 27.4 22.3 21.9 35.0 17.8 29.6 26.8 25.0 24.3 
Catastrophe losses1.1 1.1 0.8 0.2 0.4 1.0 1.1 0.7 0.5 0.6 
   Total loss ratio41.5 %43.0 %39.3 %45.1 %45.0 %43.1 %42.2 %44.1 %44.4 %43.0 %
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 2022 Supplemental Financial Data
7

Consolidated Property Casualty
Loss Claim Count Detail
Three months endedSix months endedNine months endedTwelve months ended
12/31/229/30/226/30/223/31/2212/31/219/30/216/30/213/31/216/30/226/30/219/30/229/30/2112/31/2212/31/21
Consolidated
Current accident year reported losses greater
   than $5 million		6 3 7 3 6 1 9 7 9 17 
Current accident year reported losses
   $1 million - $5 million		47 51 76 44 35 24 97 59 106 170 
Prior accident year reported losses on
   large losses		28 28 16 22 12 20 56 32 55 71 
   Non-Catastrophe reported losses on
      large losses total		81 82 99 69 53 45 162 98 170 258 
Commercial Lines
Current accident year reported losses greater
   than $5 million		2 2 7 2 6 1 4 7 8 15 
Current accident year reported losses
   $1 million - $5 million		31 39 50 37 19 20 69 39 78 120 
Prior accident year reported losses on
   large losses		25 24 14 19 8 18 49 26 46 60 
   Non-Catastrophe reported losses on
      large losses total		58 65 71 58 33 39 122 72 132 195 
Personal Lines
Current accident year reported losses greater
   than $5 million		4 1 — 1 — — 5 — 1 2 
Current accident year reported losses
   $1 million - $5 million		9 8 17 6 11 3 17 14 20 34 
Prior accident year reported losses on
   large losses		2 3 1 1 1 2 5 3 4 5 
   Non-Catastrophe reported losses on
      large losses total		15 12 18 8 12 5 27 17 25 41 
Excess & Surplus Lines
Current accident year reported losses greater
   than $5 million		— — — — — — — — — — 
Current accident year reported losses
   $1 million - $5 million		7 4 9 1 5 1 11 6 8 16 
Prior accident year reported losses on
   large losses		1 1 1 2 3 — 2 3 5 6 
   Non-Catastrophe reported losses on
      large losses total		8 5 10 3 8 1 13 9 13 22 
*The sum of quarterly amounts may not equal the full year as each is computed independently.
CINF Second-Quarter 2022 Supplemental Financial Data
8

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/229/30/226/30/223/31/2212/31/219/30/216/30/213/31/216/30/226/30/219/30/229/30/2112/31/2212/31/21
Commercial casualty:
Written premiums$376 $389 $317 $297 $338 $363 $765 $701 $998 $1,315 
Year over year change %- written premium11 %7 %10 %10 %10 %6 %9 %8 %9 %9 %
Earned premiums$350 $336 $332 $323 $312 $303 $686 $615 $938 $1,270 
Current accident year before catastrophe losses75.0 %65.6 %63.3 %61.9 %61.5 %64.5 %70.4 %63.0 %62.6 %62.8 %
Current accident year catastrophe losses— — — — — — — — — — 
Prior accident years before catastrophe losses(0.7)1.4 (10.5)(16.1)(8.3)(2.2)0.3 (5.3)(9.0)(9.4)
Prior accident years catastrophe losses— — — — — — — — — — 
   Total loss and loss expense ratio74.3 %67.0 %52.8 %45.8 %53.2 %62.3 %70.7 %57.7 %53.6 %53.4 %
Commercial property:
Written premiums$308 $297 $270 $278 $275 $267 $606 $542 $820 $1,090 
Year over year change %- written premium12 %11 %10 %10 %6 %2 %12 %4 %6 %7 %
Earned premiums$280 $274 $267 $264 $259 $253 $554 $512 $776 $1,043 
Current accident year before catastrophe losses54.5 %52.4 %41.8 %41.6 %47.3 %53.8 %53.4 %50.5 %47.5 %46.0 %
Current accident year catastrophe losses44.4 5.1 13.9 12.4 14.0 20.0 24.9 16.9 15.4 15.0 
Prior accident years before catastrophe losses0.6 (2.4)(6.0)(11.1)(1.1)(2.0)(0.8)(1.5)(4.8)(5.1)
Prior accident years catastrophe losses(3.0)0.5 (4.8)(2.0)(3.8)(6.3)(1.3)(5.0)(4.0)(4.2)
   Total loss and loss expense ratio96.5 %55.6 %44.9 %40.9 %56.4 %65.5 %76.2 %60.9 %54.1 %51.7 %
Commercial auto:
Written premiums$226 $237 $194 $183 $216 $223 $463 $439 $622 $816 
Year over year change %- written premium5 %6 %8 %7 %5 %7 %5 %6 %7 %7 %
Earned premiums$210 $205 $203 $200 $198 $193 $415 $391 $591 $794 
Current accident year before catastrophe losses66.5 %67.0 %67.5 %63.7 %63.0 %63.1 %66.7 %63.0 %63.3 %64.4 %
Current accident year catastrophe losses5.1 0.9 0.6 1.8 1.5 1.6 3.1 1.6 1.7 1.4 
Prior accident years before catastrophe losses2.8 (0.7)0.2 (3.6)(6.0)(12.4)1.1 (9.2)(7.3)(5.4)
Prior accident years catastrophe losses(0.5)(2.1)0.3 (0.1)(0.2)(0.3)(1.3)(0.2)(0.2)(0.1)
   Total loss and loss expense ratio73.9 %65.1 %68.6 %61.8 %58.3 %52.0 %69.6 %55.2 %57.5 %60.3 %
Workers' compensation:
Written premiums$69 $86 $59 $53 $69 $88 $154 $157 $210 $269 
Year over year change %- written premium— %(2)%2 %4 %6 %(4)%(2)%— %1 %1 %
Earned premiums$68 $67 $67 $66 $68 $67 $136 $135 $201 $268 
Current accident year before catastrophe losses83.5 %84.5 %79.8 %82.3 %87.6 %76.6 %84.0 %82.2 %82.2 %81.6 %
Current accident year catastrophe losses— — — — — — — — — — 
Prior accident years before catastrophe losses(25.9)(14.3)(10.5)(10.5)(39.2)(37.9)(20.2)(38.6)(29.3)(24.7)
Prior accident years catastrophe losses— — — — — — — — — — 
   Total loss and loss expense ratio57.6 %70.2 %69.3 %71.8 %48.4 %38.7 %63.8 %43.6 %52.9 %56.9 %
Other commercial:
Written premiums$93 $87 $80 $84 $79 $78 $180 $157 $241 $321 
Year over year change %- written premium18 %12 %14 %18 %13 %11 %15 %12 %14 %14 %
Earned premiums$86 $80 $78 $77 $74 $70 $165 $144 $221 $299 
Current accident year before catastrophe losses37.3 %38.2 %41.6 %39.4 %38.0 %38.2 %37.7 %38.1 %38.6 %39.4 %
Current accident year catastrophe losses0.1 — (0.2)0.4 0.1 — 0.1 — 0.1 — 
Prior accident years before catastrophe losses(7.4)(2.9)(8.9)(8.4)(11.2)(7.7)(5.3)(9.5)(9.1)(9.1)
Prior accident years catastrophe losses— — — — — — — — — — 
   Total loss and loss expense ratio30.0 %35.3 %32.5 %31.4 %26.9 %30.5 %32.5 %28.6 %29.6 %30.3 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
CINF Second-Quarter 2022 Supplemental Financial Data
9

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/229/30/226/30/223/31/2212/31/219/30/216/30/213/31/216/30/226/30/219/30/229/30/2112/31/2212/31/21
Personal auto:
Written premiums$177 $140 $141 $165 $166 $136 $316 $302 $467 $608 
Year over year change %- written premium7 %3 %1 %— %(2)%(1)%5 %(1)%(1)%(1)%
Earned premiums$155 $152 $152 $153 $152 $152 $307 $305 $457 $609 
Current accident year before catastrophe losses74.5 %69.4 %62.3 %65.8 %64.5 %66.1 %72.0 %65.3 %65.5 %64.7 %
Current accident year catastrophe losses6.1 1.4 0.2 5.3 1.7 2.6 3.7 2.2 3.2 2.4 
Prior accident years before catastrophe losses1.4 0.9 (4.4)(0.4)(5.5)(9.3)1.2 (7.5)(5.1)(4.9)
Prior accident years catastrophe losses(0.6)(4.7)0.3 (0.1)(0.2)(0.5)(2.7)(0.3)(0.3)(0.1)
   Total loss and loss expense ratio81.4 %67.0 %58.4 %70.6 %60.5 %58.9 %74.2 %59.7 %63.3 %62.1 %
Homeowner:
Written premiums$260 $181 $188 $214 $211 $156 $441 $367 $581 $769 
Year over year change %- written premium23 %16 %13 %13 %7 %11 %20 %9 %10 %11 %
Earned premiums$202 $195 $190 $184 $178 $174 $397 $352 $536 $726 
Current accident year before catastrophe losses54.8 %45.9 %38.0 %42.3 %50.2 %51.6 %50.4 %50.9 %47.9 %45.4 %
Current accident year catastrophe losses38.6 13.0 10.9 36.8 20.7 41.1 26.1 30.8 32.9 27.1 
Prior accident years before catastrophe losses(2.5)(8.7)(4.4)(1.0)0.9 (0.5)(5.5)0.2 (0.2)(1.3)
Prior accident years catastrophe losses(5.2)(7.2)(1.4)— (0.5)(0.7)(6.2)(0.6)(0.4)(0.7)
   Total loss and loss expense ratio85.7 %43.0 %43.1 %78.1 %71.3 %91.5 %64.8 %81.3 %80.2 %70.5 %
Other personal:
Written premiums$73 $53 $53 $56 $62 $46 $127 $108 $164 $217 
Year over year change %- written premium18 %15 %10 %8 %9 %10 %18 %9 %9 %9 %
Earned premiums$56 $55 $54 $51 $52 $50 $111 $101 $153 $207 
Current accident year before catastrophe losses64.6 %47.2 %45.8 %53.8 %45.9 %50.0 %56.0 %48.0 %49.9 %48.9 %
Current accident year catastrophe losses5.2 0.9 0.2 4.5 3.9 3.6 3.1 3.7 4.0 3.0 
Prior accident years before catastrophe losses1.4 4.6 5.0 (0.9)(8.6)(3.8)3.0 (6.2)(4.4)(1.9)
Prior accident years catastrophe losses0.4 0.4 (1.4)(0.4)0.4 (1.5)0.3 (0.6)(0.5)(0.8)
   Total loss and loss expense ratio71.6 %53.1 %49.6 %57.0 %41.6 %48.3 %62.4 %44.9 %49.0 %49.2 %
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/229/30/226/30/223/31/2212/31/219/30/216/30/213/31/216/30/226/30/219/30/229/30/2112/31/2212/31/21
Excess & Surplus:
Written premiums$135 $124 $108 $104 $115 $99 $259 $214 $318 $426 
Year over year change %- written premium17 %25 %17 %30 %26 %16 %21 %22 %24 %22 %
Earned premiums$124 $112 $109 $105 $95 $89 $236 $184 $289 $398 
Current accident year before catastrophe losses59.5 %61.8 %56.0 %62.6 %62.0 %61.0 %60.6 %61.5 %61.9 %60.3 %
Current accident year catastrophe losses1.2 1.5 0.6 0.4 0.4 1.3 1.3 0.8 0.7 0.6 
Prior accident years before catastrophe losses(0.4)(4.6)1.2 3.3 (1.5)4.7 (2.4)1.5 2.1 1.9 
Prior accident years catastrophe losses(0.1)(0.4)0.3 (0.1)0.1 (0.3)(0.2)(0.1)(0.1)— 
   Total loss and loss expense ratio60.2 %58.3 %58.1 %66.2 %61.0 %66.7 %59.3 %63.7 %64.6 %62.8 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
CINF Second-Quarter 2022 Supplemental Financial Data
10

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)Change inChange inChange inTotalLoss
PaidPaid lossTotalcaseIBNRloss expensechange inCaseIBNRexpenseTotal
lossesexpensepaidreservesreservesreservesreservesincurredincurredincurredincurred
Gross loss and loss expense incurred for the six months ended June 30, 2022
  Commercial casualty$265 $93 $358 $53 $57 $10 $120 $318 $57 $103 $478 
  Commercial property327 33 360 2 42 11 55 329 42 44 415 
  Commercial auto231 43 274 11 4 (2)13 242 4 41 287 
  Workers' compensation67 16 83 (12)19 (2)5 55 19 14 88 
  Other commercial47 7 54 1 6 6 13 48 6 13 67 
    Total commercial lines937 192 1,129 55 128 23 206 992 128 215 1,335 
  Personal auto170 42 212 5 12 (2)15 175 12 40 227 
  Homeowners207 26 233 19 (4)— 15 226 (4)26 248 
  Other personal54 3 57 15 (3)— 12 69 (3)3 69 
    Total personal lines431 71 502 39 5 (2)42 470 5 69 544 
  Excess & surplus lines57 24 81 50 13 18 81 107 13 42 162 
  Other115 8 123 5 41 (1)45 120 41 7 168 
      Total property casualty$1,540 $295 $1,835 $149 $187 $38 $374 $1,689 $187 $333 $2,209 
Ceded loss and loss expense incurred for the six months ended June 30, 2022
  Commercial casualty$5 $— $5 $(14)$1 $— $(13)$(9)$1 $— $(8)
  Commercial property11 1 12 (18)(1)— (19)(7)(1)1 (7)
  Commercial auto— — — — — — — — — — — 
  Workers' compensation6 — 6 (5)— — (5)1 — — 1 
  Other commercial10 — 10 2 1 — 3 12 1 — 13 
    Total commercial lines32 1 33 (35)1 — (34)(3)1 1 (1)
  Personal auto1 — 1 (1)(1)— (2)— (1)— (1)
  Homeowners(2)— (2)(5)(1)(1)(7)(7)(1)(1)(9)
  Other personal— — — — — — — — — — — 
    Total personal lines(1)— (1)(6)(2)(1)(9)(7)(2)(1)(10)
  Excess & surplus lines11 — 11 11 (1)1 11 22 (1)1 22 
  Other9 1 10 5 (13)— (8)14 (13)1 2 
      Total property casualty$51 $2 $53 $(25)$(15)$— $(40)$26 $(15)$2 $13 
Net loss and loss expense incurred for the six months ended June 30, 2022
  Commercial casualty$260 $93 $353 $67 $56 $10 $133 $327 $56 $103 $486 
  Commercial property316 32 348 20 43 11 74 336 43 43 422 
  Commercial auto231 43 274 11 4 (2)13 242 4 41 287 
  Workers' compensation61 16 77 (7)19 (2)10 54 19 14 87 
  Other commercial37 7 44 (1)5 6 10 36 5 13 54 
    Total commercial lines905 191 1,096 90 127 23 240 995 127 214 1,336 
  Personal auto169 42 211 6 13 (2)17 175 13 40 228 
  Homeowners209 26 235 24 (3)1 22 233 (3)27 257 
  Other personal54 3 57 15 (3)— 12 69 (3)3 69 
    Total personal lines432 71 503 45 7 (1)51 477 7 70 554 
  Excess & surplus lines46 24 70 39 14 17 70 85 14 41 140 
  Other106 7 113 — 54 (1)53 106 54 6 166 
      Total property casualty$1,489 $293 $1,782 $174 $202 $38 $414 $1,663 $202 $331 $2,196 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 2022 Supplemental Financial Data
11

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)Change inChange inChange inTotalLoss
PaidPaid lossTotalcaseIBNRloss expensechange inCaseIBNRexpenseTotal
lossesexpensepaidreservesreservesreservesreservesincurredincurredincurredincurred
Gross loss and loss expense incurred for the three months ended June 30, 2022
  Commercial casualty$141 $45 $186 $66 $1 $3 $70 $207 $1 $48 $256 
  Commercial property160 15 175 11 72 5 88 171 72 20 263 
  Commercial auto119 20 139 10 6 — 16 129 6 20 155 
  Workers' compensation28 7 35 3 5 (4)4 31 5 3 39 
  Other commercial27 4 31 (8)4 2 (2)19 4 6 29 
    Total commercial lines475 91 566 82 88 6 176 557 88 97 742 
  Personal auto87 19 106 9 11 — 20 96 11 19 126 
  Homeowners111 12 123 19 25 2 46 130 25 14 169 
  Other personal25 1 26 17 (3)— 14 42 (3)1 40 
    Total personal lines223 32 255 45 33 2 80 268 33 34 335 
  Excess & surplus lines30 11 41 35 — 13 48 65 — 24 89 
  Other60 3 63 (9)22 (1)12 51 22 2 75 
      Total property casualty$788 $137 $925 $153 $143 $20 $316 $941 $143 $157 $1,241 
Ceded loss and loss expense incurred for the three months ended June 30, 2022
  Commercial casualty$5 $— $5 $(11)$1 $— $(10)$(6)$1 $— $(5)
  Commercial property13 — 13 (19)— — (19)(6)— — (6)
  Commercial auto— — — — — — — — — — — 
  Workers' compensation2 — 2 (1)(1)— (2)1 (1)— — 
  Other commercial9 — 9 (6)— — (6)3 — — 3 
    Total commercial lines29 — 29 (37)— — (37)(8)— — (8)
  Personal auto— — — — — — — — — — — 
  Homeowners(1)— (1)(4)1 — (3)(5)1 — (4)
  Other personal— — — — — — — — — — — 
    Total personal lines(1)— (1)(4)1 — (3)(5)1 — (4)
  Excess & surplus lines3 — 3 15 (3)— 12 18 (3)— 15 
  Other2 — 2 2 (6)— (4)4 (6)— (2)
      Total property casualty$33 $— $33 $(24)$(8)$— $(32)$9 $(8)$— $1 
Net loss and loss expense incurred for the three months ended June 30, 2022
  Commercial casualty$136 $45 $181 $77 $— $3 $80 $213 $— $48 $261 
  Commercial property147 15 162 30 72 5 107 177 72 20 269 
  Commercial auto119 20 139 10 6 — 16 129 6 20 155 
  Workers' compensation26 7 33 4 6 (4)6 30 6 3 39 
  Other commercial18 4 22 (2)4 2 4 16 4 6 26 
    Total commercial lines446 91 537 119 88 6 213 565 88 97 750 
  Personal auto87 19 106 9 11 — 20 96 11 19 126 
  Homeowners112 12 124 23 24 2 49 135 24 14 173 
  Other personal25 1 26 17 (3)— 14 42 (3)1 40 
    Total personal lines224 32 256 49 32 2 83 273 32 34 339 
  Excess & surplus lines27 11 38 20 3 13 36 47 3 24 74 
  Other58 3 61 (11)28 (1)16 47 28 2 77 
      Total property casualty$755 $137 $892 $177 $151 $20 $348 $932 $151 $157 $1,240 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 2022 Supplemental Financial Data
12

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/229/30/226/30/223/31/2212/31/219/30/216/30/213/31/216/30/226/30/219/30/229/30/2112/31/2212/31/21
Premiums
   Agency renewal written premiums$1,482 $1,397 $1,238 $1,244 $1,333 $1,276 $2,879 $2,609 $3,853 $5,091 
   Agency new business written premiums286 244 212 230 235 220 530 455 685 897 
   Other written premiums196 258 84 64 146 197 454 343 407 491 
   Net written premiums $1,964 $1,899 $1,534 $1,538 $1,714 $1,693 $3,863 $3,407 $4,945 $6,479 
   Unearned premium change(267)(281)65 58 (200)(218)(548)(418)(360)(295)
   Earned premiums$1,697 $1,618 $1,599 $1,596 $1,514 $1,475 $3,315 $2,989 $4,585 $6,184 
Year over year change %
   Agency renewal written premiums11 %9 %8 %8 %7 %7 %10 %7 %7 %7 %
   Agency new business written premiums22 11 15 22 12 2 16 7 12 12 
   Other written premiums34 31 31 25 39 88 32 63 56 51 
   Net written premiums 15 12 10 10 10 12 13 11 11 10 
Paid losses and loss expenses
   Losses paid$755 $733 $718 $612 $649 $564 $1,489 $1,214 $1,826 $2,543 
   Loss expenses paid137 157 139 153 118 141 293 258 411 551 
   Loss and loss expenses paid$892 $890 $857 $765 $767 $705 $1,782 $1,472 $2,237 $3,094 
Incurred losses and loss expenses
   Loss and loss expense incurred$1,240 $956 $855 $988 $830 $923 $2,196 $1,753 $2,741 $3,596 
   Loss and loss expenses paid as a % of incurred71.9 %93.1 %100.2 %77.4 %92.4 %76.4 %81.1 %84.0 %81.6 %86.0 %
Statutory combined ratio
   Loss ratio64.8 %48.4 %42.6 %51.3 %47.0 %52.0 %56.7 %49.4 %50.1 %48.2 %
   Loss adjustment expense ratio9.5 10.9 10.9 10.1 8.9 11.0 10.2 10.0 10.0 10.2 
   Net underwriting expense ratio28.1 28.7 31.5 31.1 29.2 26.7 28.4 28.0 28.9 29.5 
   US Statutory combined ratio102.4 %88.0 %85.0 %92.5 %85.1 %89.7 %95.3 %87.4 %89.0 %87.9 %
   Contribution from catastrophe losses13.0 1.7 2.8 12.9 4.6 10.1 7.5 7.3 9.2 7.6 
   Statutory combined ratio excl. catastrophe losses89.4 %86.3 %82.2 %79.6 %80.5 %79.6 %87.8 %80.1 %79.8 %80.3 %
GAAP combined ratio
   GAAP combined ratio103.2 %89.9 %84.2 %92.6 %85.5 %91.2 %96.7 %88.3 %89.8 %88.3 %
   Contribution from catastrophe losses12.4 1.8 3.6 14.2 3.9 10.4 7.2 7.1 9.6 8.0 
   GAAP combined ratio excl. catastrophe losses90.8 %88.1 %80.6 %78.4 %81.6 %80.8 %89.5 %81.2 %80.2 %80.3 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed
 independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.
Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.
CINF Second-Quarter 2022 Supplemental Financial Data
13

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/229/30/226/30/223/31/2212/31/219/30/216/30/213/31/216/30/226/30/219/30/229/30/2112/31/2212/31/21
Premiums
   Agency renewal written premiums$934 $970 $809 $775 $852 $898 $1,904 $1,750 $2,525 $3,334 
   Agency new business written premiums165 156 135 145 146 145 321 291 436 571 
   Other written premiums(27)(30)(24)(25)(21)(24)(57)(45)(70)(94)
   Net written premiums $1,072 $1,096 $920 $895 $977 $1,019 $2,168 $1,996 $2,891 $3,811 
   Unearned premium change(78)(134)27 35 (66)(133)(212)(199)(164)(137)
   Earned premiums$994 $962 $947 $930 $911 $886 $1,956 $1,797 $2,727 $3,674 
Year over year change %
   Agency renewal written premiums10 %8 %7 %7 %7 %7 %9 %7 %7 %7 %
   Agency new business written premiums13 8 19 27 9 (6)10 1 8 11 
   Other written premiums(29)(25)25 7 (5)— (27)(2)1 9 
   Net written premiums 10 8 10 10 8 5 9 6 7 8 
Paid losses and loss expenses
   Losses paid$446 $458 $396 $328 $391 $330 $905 $720 $1,049 $1,445 
   Loss expenses paid91 100 89 98 78 96 191 174 272 361 
   Loss and loss expenses paid$537 $558 $485 $426 $469 $426 $1,096 $894 $1,321 $1,806 
Incurred losses and loss expenses
   Loss and loss expense incurred$750 $586 $506 $451 $480 $503 $1,336 $983 $1,434 $1,940 
   Loss and loss expenses paid as a % of incurred71.6 %95.2 %95.8 %94.5 %97.7 %84.7 %82.0 %90.9 %92.1 %93.1 %
Statutory combined ratio
   Loss ratio65.5 %48.9 %41.4 %38.5 %43.9 %44.3 %57.4 %44.1 %42.2 %42.0 %
   Loss adjustment expense ratio9.9 12.0 12.0 10.0 8.8 12.4 10.9 10.6 10.4 10.8 
   Net underwriting expense ratio29.1 28.3 32.7 33.2 29.9 26.2 28.7 28.0 29.6 30.4 
   Statutory combined ratio104.5 %89.2 %86.1 %81.7 %82.6 %82.9 %97.0 %82.7 %82.2 %83.2 %
   Contribution from catastrophe losses12.6 1.4 2.7 3.3 3.2 4.2 7.1 3.7 3.6 3.4 
   Statutory combined ratio excl. catastrophe losses91.9 %87.8 %83.4 %78.4 %79.4 %78.7 %89.9 %79.0 %78.6 %79.8 %
GAAP combined ratio
   GAAP combined ratio106.3 %92.3 %85.2 %80.6 %84.2 %85.4 %99.4 %84.8 %83.4 %83.8 %
   Contribution from catastrophe losses12.6 1.4 2.7 3.3 3.2 4.2 7.1 3.7 3.6 3.4 
   GAAP combined ratio excl. catastrophe losses93.7 %90.9 %82.5 %77.3 %81.0 %81.2 %92.3 %81.1 %79.8 %80.4 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed
 independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
CINF Second-Quarter 2022 Supplemental Financial Data
14

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/229/30/226/30/223/31/2212/31/219/30/216/30/213/31/216/30/226/30/219/30/229/30/2112/31/2212/31/21
Premiums
   Agency renewal written premiums$438 $333 $342 $393 $397 $302 $771 $699 $1,092 $1,434 
   Agency new business written premiums88 52 50 53 53 46 140 99 152 202 
   Other written premiums(16)(11)(10)(11)(11)(10)(27)(21)(32)(42)
   Net written premiums $510 $374 $382 $435 $439 $338 $884 $777 $1,212 $1,594 
   Unearned premium change(97)28 14 (47)(57)38 (69)(19)(66)(52)
   Earned premiums$413 $402 $396 $388 $382 $376 $815 $758 $1,146 $1,542 
Year over year change %
   Agency renewal written premiums10 %10 %8 %7 %3 %3 %10 %3 %4 %5 %
   Agency new business written premiums66 13 11 4 20 35 41 27 18 16 
   Other written premiums(45)(10)(25)(10)(38)(11)(29)(24)(19)(20)
   Net written premiums 16 11 8 7 4 6 14 5 5 6 
Paid losses and loss expenses
   Losses paid$224 $208 $212 $208 $198 $162 $432 $360 $568 $780 
   Loss expenses paid32 40 34 40 29 32 71 60 100 134 
   Loss and loss expenses paid$256 $248 $246 $248 $227 $194 $503 $420 $668 $914 
Incurred losses and loss expenses
   Loss and loss expense incurred$339 $215 $197 $281 $241 $273 $554 $514 $795 $992 
   Loss and loss expenses paid as a % of incurred75.5 %115.3 %124.9 %88.3 %94.2 %71.1 %90.8 %81.7 %84.0 %92.1 %
Statutory combined ratio
   Loss ratio73.7 %44.5 %42.0 %62.6 %54.1 %65.9 %59.3 %60.0 %60.9 %56.0 %
   Loss adjustment expense ratio8.4 9.0 7.9 9.7 8.9 6.7 8.7 7.8 8.5 8.4 
   Net underwriting expense ratio26.4 32.2 30.9 28.2 27.2 30.7 28.8 28.7 28.5 29.1 
   Statutory combined ratio108.5 %85.7 %80.8 %100.5 %90.2 %103.3 %96.8 %96.5 %97.9 %93.5 %
   Contribution from catastrophe losses19.1 1.7 4.6 20.0 10.6 19.8 10.5 15.2 16.8 13.7 
   Statutory combined ratio excl. catastrophe losses89.4 %84.0 %76.2 %80.5 %79.6 %83.5 %86.3 %81.3 %81.1 %79.8 %
GAAP combined ratio
   GAAP combined ratio112.1 %83.9 %80.0 %102.7 %92.7 %101.1 %98.2 %96.8 %98.8 %94.0 %
   Contribution from catastrophe losses19.1 1.7 4.6 20.0 10.6 19.8 10.5 15.2 16.8 13.7 
   GAAP combined ratio excl. catastrophe losses93.0 %82.2 %75.4 %82.7 %82.1 %81.3 %87.7 %81.6 %82.0 %80.3 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed
 independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
CINF Second-Quarter 2022 Supplemental Financial Data
15

Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/229/30/226/30/223/31/2212/31/219/30/216/30/213/31/216/30/226/30/219/30/229/30/2112/31/2212/31/21
Premiums
   Agency renewal written premiums$110 $94 $87 $76 $84 $76 $204 $160 $236 $323 
   Agency new business written premiums33 36 27 32 36 29 69 65 97 124 
   Other written premiums(8)(6)(6)(4)(5)(6)(14)(11)(15)(21)
   Net written premiums $135 $124 $108 $104 $115 $99 $259 $214 $318 $426 
   Unearned premium change(11)(12)1 1 (20)(10)(23)(30)(29)(28)
   Earned premiums$124 $112 $109 $105 $95 $89 $236 $184 $289 $398 
Year over year change %
   Agency renewal written premiums31 %24 %26 %27 %33 %23 %28 %28 %28 %27 %
   Agency new business written premiums(8)24 — 33 13 7 6 10 17 13 
   Other written premiums(60)— (50)— (25)(50)(27)(38)(25)(31)
   Net written premiums 17 25 17 30 26 16 21 22 24 22 
Paid losses and loss expenses
   Losses paid$27 $19 $17 $18 $19 $21 $46 $40 $59 $75 
   Loss expenses paid11 12 12 12 8 11 24 19 31 43 
   Loss and loss expenses paid$38 $31 $29 $30 $27 $32 $70 $59 $90 $118 
Incurred losses and loss expenses
   Loss and loss expense incurred$74 $66 $63 $70 $58 $59 $140 $117 $187 $250 
   Loss and loss expenses paid as a % of incurred51.4 %47.0 %46.0 %42.9 %46.6 %54.2 %50.0 %50.4 %48.1 %47.2 %
Statutory combined ratio
   Loss ratio41.5 %43.0 %39.3 %45.1 %45.0 %43.1 %42.2 %44.1 %44.5 %43.0 %
   Loss adjustment expense ratio18.7 15.2 18.8 21.0 16.0 23.6 17.1 19.6 20.1 19.8 
   Net underwriting expense ratio26.1 27.1 27.7 29.7 31.1 26.4 26.5 29.0 29.2 28.8 
   Statutory combined ratio86.3 %85.3 %85.8 %95.8 %92.1 %93.1 %85.8 %92.7 %93.8 %91.6 %
   Contribution from catastrophe losses1.1 1.1 0.9 0.3 0.5 1.0 1.1 0.7 0.6 0.6 
   Statutory combined ratio excl. catastrophe losses85.2 %84.2 %84.9 %95.5 %91.6 %92.1 %84.7 %92.0 %93.2 %91.0 %
GAAP combined ratio
   GAAP combined ratio85.1 %85.9 %83.2 %94.1 %89.5 %92.0 %85.5 %90.7 %91.9 %89.5 %
   Contribution from catastrophe losses1.1 1.1 0.9 0.3 0.5 1.0 1.1 0.7 0.6 0.6 
   GAAP combined ratio excl. catastrophe losses84.0 %84.8 %82.3 %93.8 %89.0 %91.0 %84.4 %90.0 %91.3 %88.9 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed
 independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
CINF Second-Quarter 2022 Supplemental Financial Data
16

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Dollars in millions)20222021Change% Change20222021Change% Change
Underwriting income
Net premiums written$1,895 $1,667 $228 14 $3,743 $3,319 $424 13 
Unearned premium change242 185 57 31 504 394 110 28 
Earned premiums$1,653 $1,482 $171 12 $3,239 $2,925 $314 11 
Losses incurred$1,071 $697 $374 54 $1,838 $1,447 $391 27 
Defense and cost containment expenses incurred70 54 16 30 147 134 13 10 
Adjusting and other expenses incurred87 77 10 13 183 156 27 17 
Other underwriting expenses incurred530 484 46 10 1,059 923 136 15 
Workers compensation dividend incurred1 2 (1)(50)3 4 (1)(25)
     Total underwriting deductions$1,759 $1,314 $445 34 $3,230 $2,664 $566 21 
Net underwriting profit (loss)$(106)$168 $(274)nm$9 $261 $(252)(97)
Investment income
Gross investment income earned$125 $116 $9 8 $249 $225 $24 11 
Net investment income earned122 113 9 8 244 220 24 11 
Net realized capital gains and losses, net13 10 3 30 12 7 5 71 
     Net investment gains (net of tax)$135 $123 $12 10 $256 $227 $29 13 
     Other income $1 $1 $— — $3 $3 $— — 
Net income before federal income taxes$30 $292 $(262)(90)$268 $491 $(223)(45)
Federal and foreign income taxes incurred7 61 (54)(89)36 91 (55)(60)
     Net income (statutory)$23 $231 $(208)(90)$232 $400 $(168)(42)
Policyholders' surplus - statutory$6,179 $6,464 $(285)(4)$6,179 $6,464 $(285)(4)
Fixed maturities at amortized cost - statutory$8,347 $7,881 $466 6 $8,347 $7,881 $466 6 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
    
CINF Second-Quarter 2022 Supplemental Financial Data
17

The Cincinnati Life Insurance Company
Statutory Statements of Income
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Dollars in millions)20222021Change% Change20222021Change% Change
Net premiums written$84 $85 $(1)(1)$164 $172 $(8)(5)
Net investment income43 45 (2)(4)86 88 (2)(2)
Amortization of interest maintenance reserve— 1 (1)(100)— 1 (1)(100)
Commissions and expense allowances on reinsurance ceded1 1 — — 2 2 — — 
Income from fees associated with separate accounts1 1 — — 2 1 1 100 
Total revenues$129 $133 $(4)(3)$254 $264 $(10)(4)
Death benefits and matured endowments$35 $36 $(1)(3)$92 $85 $7 8 
Annuity benefits14 17 (3)(18)31 31 — — 
Disability benefits and benefits under accident and health contracts— — — — — 1 (1)(100)
Surrender benefits and group conversions5 5 — — 11 13 (2)(15)
Interest and adjustments on deposit-type contract funds2 2 — — 4 3 1 33 
Increase in aggregate reserves for life and accident and health contracts16 32 (16)(50)29 55 (26)(47)
Total benefit expenses$72 $92 $(20)(22)$167 $188 $(21)(11)
Commissions$12 $12 $— — $25 $24 $1 4 
General insurance expenses and taxes16 14 2 14 29 26 3 12 
Increase in loading on deferred and uncollected premiums(2)1 (3)nm1 4 (3)(75)
Net transfers from separate accounts— (3)3 (100)(10)(3)(7)(233)
Total underwriting expenses$26 $24 $2 8 $45 $51 $(6)(12)
Federal and foreign income taxes incurred7 5 2 40 10 7 3 43 
Net gain from operations before capital gains and losses$24 $12 $12 100 $32 $18 $14 78 
Gains and losses net of capital gains tax, net(1)1 (2)nm(1)1 (2)nm
Net income (statutory)$23 $13 $10 77 $31 $19 $12 63 
Policyholders' surplus - statutory$297 $253 44 17 $297 $253 $44 17 
Fixed maturities at amortized cost - statutory$3,794 $3,676 $118 3 $3,794 $3,676 $118 3 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
CINF Second-Quarter 2022 Supplemental Financial Data
18

Quarterly Data - Other
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/229/30/226/30/223/31/2212/31/219/30/216/30/213/31/216/30/226/30/219/30/229/30/2112/31/2212/31/21
Cincinnati Re:
Written premiums$178 $254 $72 $57 $136 $196 $432 $332 $389 $461 
   Year over year change %- written premium31 %30 %22 %6 %62 %87 %30 %76 %61 %53 %
Earned premiums$122 $110 $102 $104 $94 $92 $232 $186 $290 $392 
Current accident year before catastrophe losses49.6 %50.6 %61.7 %52.8 %48.5 %42.1 %50.0 %45.4 %48.0 %51.6 %
Current accident year catastrophe losses6.5 — (1.7)78.6 (1.7)35.4 3.4 16.7 39.0 28.3 
Prior accident years before catastrophe losses(4.8)10.9 2.4 (6.8)6.4 3.0 2.6 4.7 0.6 1.1 
Prior accident years catastrophe losses1.1 5.2 0.3 6.4 (0.1)— 3.1 (0.1)2.2 1.7 
   Total loss and loss expense ratio52.4 %66.7 %62.7 %131.0 %53.1 %80.5 %59.1 %66.7 %89.8 %82.7 %
Cincinnati Global:
Written premiums$69 $51 $52 $47 $47 $41 $120 $88 $135 $187 
   Year over year change %- written premium47 %24 %6 %24 %(11)%11 %36 %(2)%5 %6 %
Earned premiums$44 $32 $45 $69 $32 $32 $76 $64 $133 $178 
Current accident year before catastrophe losses53.2 %38.3 %39.4 %35.3 %54.4 %30.9 %47.0 %42.9 %39.0 %39.1 %
Current accident year catastrophe losses0.1 16.3 33.6 30.3 27.5 55.8 6.9 41.3 35.7 35.1 
Prior accident years before catastrophe losses(15.4)4.1 (16.9)(4.7)(23.4)(12.0)(7.2)(17.8)(11.1)(12.5)
Prior accident years catastrophe losses(9.7)(9.0)(2.0)12.2 (54.0)(31.0)(9.4)(42.7)(14.4)(11.2)
   Total loss and loss expense ratio28.2 %49.7 %54.1 %73.1 %4.5 %43.7 %37.3 %23.7 %49.2 %50.5 %
Noninsurance operations:
Interest and fees on loans and leases$2 $1 $2 $2 $2 $1 $3 $3 $5 $7 
Other revenue1 1 — 1 1 1 2 2 3 3 
Interest expense13 13 14 13 13 13 26 26 39 53 
Operating expenses5 4 6 5 5 4 9 9 14 20 
  Total noninsurance operations loss$(15)$(15)$(18)$(15)$(15)$(15)$(30)$(30)$(45)$(63)
*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.
CINF Second-Quarter 2022 Supplemental Financial Data
19