Try our mobile app

Published: 2022-02-15 16:08:05 ET
<<<  go to CINF company page
EX-99.2 3 exhibit992q421.htm EX-99.2 Document

Cincinnati Financial Corporation
Supplemental Financial Data
for the Period Ending December 31, 2021

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 Investors 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 February 14, 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 Fourth-Quarter 2021 Supplemental Financial Data
1

Cincinnati Financial Corporation
Supplemental Financial Data
Fourth Quarter 2021
Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
Consolidated
CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2021
CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2021
Five-Year Net Income Reconciliation and Key Metrics
Consolidated Property Casualty Insurance Operations
Losses Incurred Detail
Loss Ratio Detail
Loss Claim Count Detail
Direct Written Premiums by Risk State by Line of Business
Quarterly Property Casualty Data – Commercial Lines
Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines
Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2021
Loss and Loss Expense Analysis – Three Months Ended December 31, 2021
Reconciliation Data
Quarterly Property Casualty Data – Consolidated
Quarterly Property Casualty Data – Commercial Lines
Quarterly Property Casualty Data – Personal Lines
Quarterly Property Casualty Data – Excess & Surplus Lines
Statutory Statements of Income
Consolidated Cincinnati Insurance Companies Statutory Statements of Income
The Cincinnati Life Insurance Company Statutory Statements of Income
Other
Quarterly Data – Other

CINF Fourth-Quarter 2021 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 Fourth-Quarter 2021 Supplemental Financial Data
3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2021
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $6,439 $— $— $— $6,439 
    Life— — 374 — — 374 
    Premiums ceded— (255)(76)— — (331)
      Total earned premium— 6,184 298 — — 6,482 
  Investment income, net of expenses91 457 166 — — 714 
  Investment gains and losses, net1,058 1,340 11 — — 2,409 
  Fee revenues— 10 5 — — 15 
  Other revenues15 3 — 7 (15)10 
Total revenues$1,164 $7,994 $480 $7 $(15)$9,630 
Benefits & expenses
  Losses & contract holders' benefits$— $3,718 $423 $— $— $4,141 
  Reinsurance recoveries— (122)(83)— — (205)
  Underwriting, acquisition and insurance expenses— 1,867 84 — — 1,951 
  Interest expense53 — — — — 53 
  Other operating expenses32 — — 3 (15)20 
Total expenses$85 $5,463 $424 $3 $(15)$5,960 
Income before income taxes$1,079 $2,531 $56 $4 $— $3,670 
Provision (benefit) for income taxes
  Current operating income $(224)$(51)$14 $1 $— $(260)
  Capital gains/losses222 282 3 — — 507 
  Deferred219 263 (5)— — 477 
Total provision for income taxes$217 $494 $12 $1 $— $724 
Net income - current year$862 $2,037 $44 $3 $— $2,946 
Net income - prior year$453 $728 $32 $3 $— $1,216 
*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 Fourth-Quarter 2021 Supplemental Financial Data
4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2021
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $1,665 $— $— $— $1,665 
    Life— — 96 — — 96 
    Premiums ceded— (66)(19)— — (85)
      Total earned premium— 1,599 77 — — 1,676 
  Investment income, net of expenses27 118 41 — — 186 
  Investment gains and losses, net710 742 3 — — 1,455 
  Fee revenues— 2 2 — — 4 
  Other revenues3 1 — 2 (4)2 
Total revenues$740 $2,462 $123 $2 $(4)$3,323 
Benefits & expenses
  Losses & contract holders' benefits$— $896 $113 $— $— $1,009 
  Reinsurance recoveries— (41)(22)— — (63)
  Underwriting, acquisition and insurance expenses— 490 21 — — 511 
  Interest expense14 — — — — 14 
  Other operating expenses9 — — 1 (4)6 
Total expenses$23 $1,345 $112 $1 $(4)$1,477 
Income before income taxes$717 $1,117 $11 $1 $— $1,846 
Provision (benefit) for income taxes
  Current operating income$(148)$(81)$3 $1 $— $(225)
  Capital gains/losses149 156 1 — — 306 
  Deferred147 150 (2)— — 295 
Total provision for income taxes$148 $225 $2 $1 $— $376 
Net income - current year$569 $892 $9 $— $— $1,470 
Net income - prior year$338 $695 $15 $1 $— $1,049 
 *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 Fourth-Quarter 2021 Supplemental Financial Data
5

Cincinnati Financial Corporation
Five-Year Net Income Reconciliation and Key Metrics
(Dollars in millions except per share data)Years ended December 31,
20212020201920182017
Net income$2,946 $1,216 $1,997 $287 $1,045 
Less:
Investment gains and losses, net2,409 865 1,650 (402)148 
Income tax on investment gains and losses(506)(182)(347)84 (53)
Investment gains and losses, after-tax1,903 683 1,303 (318)95 
     Other non-recurring items— — — 56 495 
Non-GAAP operating income$1,043 $533 $694 $549 $455 
Non-GAAP operating income: Five-year compound annual growth rate15.3 %(2.0)%9.5 %3.5 %3.0 %
Diluted per share data:
Net income$18.10 $7.49 $12.10 $1.75 $6.29 
Less:
Investment gains and losses, net14.80 5.33 10.00 (2.44)0.89 
Income tax on investment gains and losses(3.11)(1.12)(2.10)0.50 (0.32)
Investment gains and losses, after-tax11.69 4.21 7.90 (1.94)0.57 
     Other non-recurring items— — — 0.34 2.98 
Non-GAAP operating income$6.41 $3.28 $4.20 $3.35 $2.74 
Value creation ratio
Book value per share growth21.9 %10.7 %25.9 %(4.3)%17.1 %
Shareholder dividend declared as a percentage of beginning book value3.8 4.0 4.6 4.2 5.8 
Value creation ratio25.7 %14.7 %30.5 %(0.1)%22.9 %
Value creation ratio: Five-year average18.7 %16.5 %14.2 %10.7 %13.9 %
Investment income, net of expenses$714 $670 $646 $619 $609 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
*Includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2021 Supplemental Financial Data
6

Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/219/30/216/30/213/31/2112/31/209/30/206/30/203/31/206/30/216/30/209/30/219/30/2012/31/2112/31/20
Consolidated
Current accident year losses greater than $5,000,000$55 $14 $38 $5 $10 $21 $19 $— $43 $19 $57 $40 $112 $50 
Current accident year losses $1,000,000-$5,000,000103 72 51 31 52 46 53 50 82 103 154 149 257 202 
Large loss prior accident year reserve development28 30 13 24 13 (3)7 26 37 33 67 30 95 42 
   Total large losses incurred$186 $116 $102 $60 $75 $64 $79 $76 $162 $155 $278 $219 $464 $294 
Losses incurred but not reported(71)(13)(37)102 60 38 134 79 65 213 52 251 (19)310 
Other losses excluding catastrophe losses520 514 577 451 454 550 409 496 1,028 905 1,542 1,455 2,062 1,909 
Catastrophe losses51 215 56 150 58 261 226 123 206 349 421 611 472 670 
   Total losses incurred$686 $832 $698 $763 $647 $913 $848 $774 $1,461 $1,622 $2,293 $2,536 $2,979 $3,183 
Commercial Lines
Current accident year losses greater than $5,000,000$50 $4 $38 $5 $10 $21 $19 $— $43 $19 $47 $40 $97 $50 
Current accident year losses $1,000,000-$5,000,00070 60 29 26 35 20 45 36 55 81 115 100 185 135 
Large loss prior accident year reserve development27 29 14 26 10 (1)5 22 40 27 69 27 96 36 
   Total large losses incurred$147 $93 $81 $57 $55 $40 $69 $58 $138 $127 $231 $167 $378 $221 
Losses incurred but not reported(53)(35)(34)39 50 60 72 58 5 130 (30)190 (83)240 
Other losses excluding catastrophe losses274 270 326 261 255 287 233 298 587 531 857 817 1,131 1,073 
Catastrophe losses24 30 27 35 23 125 119 82 62 201 92 327 116 350 
   Total losses incurred$392 $358 $400 $392 $383 $512 $493 $496 $792 $989 $1,150 $1,501 $1,542 $1,884 
Personal Lines
Current accident year losses greater than $5,000,000$5 $10 $— $— $— $— $— $— $— $— $10 $— $15 $— 
Current accident year losses $1,000,000-$5,000,00025 12 15 4 16 21 8 12 19 20 31 42 56 59 
Large loss prior accident year reserve development— (1)(2)(1)2 (2)2 5 (3)7 (4)4 (4)6 
   Total large losses incurred$30 $21 $13 $3 $18 $19 $10 $17 $16 $27 $37 $46 $67 $65 
Losses incurred but not reported(26)— (4)41 (1)(24)41 24 37 65 37 41 11 39 
Other losses excluding catastrophe losses146 154 158 130 134 156 105 127 288 232 442 388 588 523 
Catastrophe losses16 69 39 74 8 81 89 38 113 127 182 208 198 216 
   Total losses incurred$166 $244 $206 $248 $159 $232 $245 $206 $454 $451 $698 $683 $864 $843 
Excess & Surplus Lines
Current accident year losses greater than $5,000,000$— $— $— $— $— $— $— $— $— $— $— $— $— $— 
Current accident year losses $1,000,000-$5,000,0008 — 7 1 1 5 — 2 8 2 8 7 16 8 
Large loss prior accident year reserve development1 2 1 (1)1 — — (1)— (1)2 (1)3 — 
   Total large losses incurred$9 $2 $8 $— $2 $5 $— $1 $8 $1 $10 $6 $19 $8 
Losses incurred but not reported8 22 1 22 11 2 21 (3)23 18 45 20 53 31 
Other losses excluding catastrophe losses25 23 34 15 21 24 20 29 49 50 72 74 97 95 
Catastrophe losses— 1 — 1 — 1 3 1 1 3 2 4 2 5 
   Total losses incurred$42 $48 $43 $38 $34 $32 $44 $28 $81 $72 $129 $104 $171 $139 
*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 Fourth-Quarter 2021 Supplemental Financial Data
7

Consolidated Property Casualty
Loss Ratio Detail
Three months endedSix months endedNine months endedTwelve months ended
12/31/219/30/216/30/213/31/2112/31/209/30/206/30/203/31/206/30/216/30/209/30/219/30/2012/31/2112/31/20
Consolidated
Current accident year losses greater than $5,000,0003.4 %0.9 %2.5 %0.3 %0.7 %1.5 %1.4 %— %1.4 %0.7 %1.2 %0.9 %1.8 %0.9 %
Current accident year losses $1,000,000-$5,000,0006.4 4.5 3.4 2.2 3.6 3.2 3.7 3.6 2.8 3.7 3.4 3.5 4.2 3.6 
Large loss prior accident year reserve development1.8 1.9 0.9 1.6 0.9 (0.3)0.5 1.9 1.2 1.2 1.5 0.8 1.5 0.7 
   Total large loss ratio11.6 %7.3 %6.8 %4.1 %5.2 %4.4 %5.6 %5.5 %5.4 %5.6 %6.1 %5.2 %7.5 %5.2 %
Losses incurred but not reported(4.4)(0.8)(2.4)6.9 4.1 2.6 9.6 5.7 2.2 7.6 1.1 5.9 (0.3)5.5 
Other losses excluding catastrophe losses32.5 32.2 38.0 30.5 31.3 38.0 29.2 35.6 34.4 32.4 33.6 34.3 33.4 33.4 
Catastrophe losses3.2 13.4 3.7 10.2 4.0 18.0 16.1 8.9 6.9 12.5 9.2 14.4 7.6 11.8 
   Total loss ratio42.9 %52.1 %46.1 %51.7 %44.6 %63.0 %60.5 %55.7 %48.9 %58.1 %50.0 %59.8 %48.2 %55.9 %
Commercial Lines
Current accident year losses greater than $5,000,0005.3 %0.5 %4.2 %0.6 %1.1 %2.5 %2.2 %— %2.4 %1.1 %1.7 %1.5 %2.6 %1.4 %
Current accident year losses $1,000,000-$5,000,0007.3 6.5 3.2 2.9 4.0 2.3 5.1 4.1 3.1 4.6 4.2 3.9 5.0 4.0 
Large loss prior accident year reserve development2.8 3.1 1.4 3.0 1.1 (0.2)0.6 2.6 2.2 1.6 2.6 1.0 2.7 1.0 
   Total large loss ratio15.4 %10.1 %8.8 %6.5 %6.2 %4.6 %7.9 %6.7 %7.7 %7.3 %8.5 %6.4 %10.3 %6.4 %
Losses incurred but not reported(5.7)(3.7)(3.6)4.3 5.7 6.9 8.3 6.8 0.3 7.5 (1.1)7.3 (2.3)6.9 
Other losses excluding catastrophe losses29.1 29.0 35.7 29.4 29.0 33.1 26.8 34.5 32.6 30.7 31.4 31.5 30.8 30.8 
Catastrophe losses2.6 3.1 3.0 4.0 2.7 14.5 13.6 9.5 3.5 11.6 3.4 12.6 3.2 10.1 
   Total loss ratio41.4 %38.5 %43.9 %44.2 %43.6 %59.1 %56.6 %57.5 %44.1 %57.1 %42.2 %57.8 %42.0 %54.2 %
Personal Lines
Current accident year losses greater than $5,000,0001.3 %2.6 %— %— %— %— %— %— %— %— %0.9 %— %1.0 %— %
Current accident year losses $1,000,000-$5,000,0006.4 2.9 4.0 1.2 4.4 5.8 2.3 3.5 2.5 2.9 2.7 3.8 3.6 4.0 
Large loss prior accident year reserve development— (0.2)(0.5)(0.3)0.6 (0.7)0.5 1.3 (0.3)0.9 (0.4)0.4 (0.2)0.4 
   Total large loss ratio7.7 %5.3 %3.5 %0.9 %5.0 %5.1 %2.8 %4.8 %2.2 %3.8 %3.2 %4.2 %4.4 %4.4 %
Losses incurred but not reported(6.5)(0.1)(1.1)11.0 (0.3)(6.6)11.3 6.6 4.9 8.9 3.2 3.7 0.7 2.7 
Other losses excluding catastrophe losses36.7 39.7 41.4 34.4 36.0 42.5 28.8 35.3 37.9 32.2 38.6 35.6 38.1 35.8 
Catastrophe losses4.1 17.7 10.3 19.6 2.1 22.1 24.6 10.5 14.9 17.5 15.9 19.1 12.8 14.7 
   Total loss ratio42.0 %62.6 %54.1 %65.9 %42.8 %63.1 %67.5 %57.2 %59.9 %62.4 %60.9 %62.6 %56.0 %57.6 %
Excess & Surplus Lines
Current accident year losses greater than $5,000,000— %— %— %— %— %— %— %— %— %— %— %— %— %— %
Current accident year losses $1,000,000-$5,000,0007.5 (0.1)7.5 1.2 1.1 6.4 — 2.6 4.5 1.3 2.8 3.0 4.1 2.5 
Large loss prior accident year reserve development0.8 1.9 1.3 (1.7)1.2 0.1 0.1 (1.5)(0.2)(0.7)0.6 (0.4)0.6 — 
   Total large loss ratio8.3 %1.8 %8.8 %(0.5)%2.3 %6.5 %0.1 %1.1 %4.3 %0.6 %3.4 %2.6 %4.7 %2.5 %
Losses incurred but not reported7.9 21.2 0.8 24.8 12.6 2.6 27.2 (4.4)12.3 11.3 15.5 8.4 13.4 9.5 
Other losses excluding catastrophe losses22.3 21.9 35.0 17.8 24.3 29.5 25.8 37.8 26.8 31.9 25.0 31.0 24.3 29.3 
Catastrophe losses0.8 0.2 0.4 1.0 0.4 1.2 3.3 0.9 0.7 2.1 0.5 1.8 0.6 1.4 
   Total loss ratio39.3 %45.1 %45.0 %43.1 %39.6 %39.8 %56.4 %35.4 %44.1 %45.9 %44.4 %43.8 %43.0 %42.7 %
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF Fourth-Quarter 2021 Supplemental Financial Data
8

Consolidated Property Casualty
Loss Claim Count Detail
Three months endedSix months endedNine months endedTwelve months ended
12/31/219/30/216/30/213/31/2112/31/209/30/206/30/203/31/206/30/216/30/209/30/219/30/2012/31/2112/31/20
Consolidated
Current accident year reported losses greater
 than $5,000,000		7 3 6 1 2 2 2 — 7 2 9 5 17 7 
Current accident year reported losses
 $1,000,000 - $5,000,000		76 44 35 24 37 34 28 27 59 55 106 85 170 117 
Prior accident year reported losses on
   large losses		16 22 12 20 14 13 9 20 32 27 55 41 71 49 
   Non-Catastrophe reported losses on
      large losses total		99 69 53 45 53 49 39 47 98 84 170 131 258 173 
Commercial Lines
Current accident year reported losses greater
 than $5,000,000		7 2 6 1 2 2 2 — 7 2 8 5 15 7 
Current accident year reported losses
 $1,000,000 - $5,000,000		50 37 19 20 26 19 24 17 39 41 78 57 120 79 
Prior accident year reported losses on
   large losses		14 19 8 18 11 12 8 17 26 23 46 36 60 41 
   Non-Catastrophe reported losses on
      large losses total		71 58 33 39 39 33 34 34 72 66 132 98 195 127 
Personal Lines
Current accident year reported losses greater
 than $5,000,000		— 1 — — — — — — — — 1 — 2 — 
Current accident year reported losses
 $1,000,000 - $5,000,000		17 6 11 3 10 9 4 8 14 12 20 21 34 31 
Prior accident year reported losses on
   large losses		1 1 1 2 2 — — 3 3 3 4 3 5 5 
   Non-Catastrophe reported losses on
      large losses total		18 8 12 5 12 9 4 11 17 15 25 24 41 36 
Excess & Surplus Lines
Current accident year reported losses greater
 than $5,000,000		— — — — — — — — — — — — — — 
Current accident year reported losses
 $1,000,000 - $5,000,000		9 1 5 1 1 6 — 2 6 2 8 7 16 7 
Prior accident year reported losses on
   large losses		1 2 3 — 1 1 1 — 3 1 5 2 6 3 
   Non-Catastrophe reported losses on
      large losses total		10 3 8 1 2 7 1 2 9 3 13 9 22 10 
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2021 Supplemental Financial Data
9

  Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2021
(Dollars in millions)Commercial Lines Personal LinesE & SConsolidatedComm'l
Change
%		Personal
Change
% 		E & S
Change
% 		Consol
Change
%
Risk
State 		Comm
Casualty 		Comm
Property 		Comm
Auto 		Workers'
Comp		Other CommPersonal
Auto 		Home OwnerOther
Personal 		All
Lines 		20212020
TotalTotal
OH$181.2 $167.0 $113.3 $— $48.4 $125.8 $127.9 $39.4 $25.4 $828.2 $791.6 6.1 1.2 17.3 4.6 
IL71.9 63.3 39.7 34.9 16.6 34.1 39.4 12.3 25.6 337.8 315.5 4.5 10.6 21.0 7.1 
GA47.7 53.1 31.7 9.5 18.8 51.7 53.8 14.3 23.4 303.9 296.3 4.3 (3.0)25.4 2.6 
NC60.2 75.7 34.5 11.8 17.3 32.2 35.5 9.9 20.4 297.4 285.0 5.6 (3.4)28.1 4.3 
NY69.3 33.8 20.3 9.7 12.0 31.4 65.0 19.9 26.2 287.7 243.7 14.9 25.9 5.1 18.0 
PA77.0 58.8 42.8 28.6 15.5 16.0 17.3 5.9 19.6 281.4 268.9 3.6 3.2 21.7 4.7 
IN57.9 57.5 35.8 19.3 17.2 27.0 34.6 7.9 16.0 273.1 261.2 5.3 0.3 16.8 4.6 
TX58.3 26.3 37.5 2.8 10.0 16.4 28.6 8.2 36.6 224.7 196.3 8.1 22.2 30.8 14.5 
MI44.5 48.0 26.3 10.8 15.3 24.9 23.2 5.8 14.3 213.0 210.8 3.2 (10.7)41.5 1.0 
TN48.3 51.6 30.6 7.0 13.8 17.3 25.1 6.6 11.3 211.6 201.0 5.5 2.3 16.2 5.3 
VA45.3 37.5 30.9 15.2 15.8 14.3 16.2 5.2 9.0 189.2 176.8 6.4 3.5 39.0 7.1 
MO42.4 44.4 27.4 14.0 7.6 14.3 19.5 4.1 15.2 189.0 168.4 11.9 7.5 29.5 12.2 
AL33.0 40.7 22.3 1.5 11.7 22.6 35.1 7.0 14.7 188.5 178.7 9.3 (3.0)20.4 5.4 
KY33.4 40.6 28.2 3.6 10.8 22.6 25.4 5.9 10.0 180.5 172.3 7.5 (3.5)25.6 4.8 
FL42.1 14.1 30.3 2.5 9.5 10.1 14.9 6.5 28.5 158.7 137.1 8.3 46.3 16.5 15.7 
WI31.9 32.3 14.9 20.2 8.4 10.4 12.3 4.6 13.2 148.3 138.2 5.8 2.1 37.8 7.3 
MN31.1 33.7 10.6 7.3 7.8 13.0 18.4 5.0 13.2 140.0 138.5 4.3 (10.9)20.5 1.1 
MD23.0 15.5 17.4 7.3 7.3 16.0 14.5 4.3 6.3 111.6 105.3 9.3 (1.4)13.5 6.0 
CA2.4 1.1 1.8 2.9 0.6 13.7 73.3 11.6 1.5 108.9 77.6 14.8 43.6 15.9 40.3 
AZ27.5 17.8 18.1 5.1 5.5 8.0 8.9 3.3 10.6 104.8 95.7 6.6 5.6 46.7 9.4 
OR30.9 16.4 22.2 0.3 5.4 4.6 3.0 0.9 7.9 91.5 78.0 20.4 (8.2)24.1 17.4 
UT20.3 14.9 14.0 1.4 5.0 8.5 6.9 1.6 12.3 85.0 78.3 6.4 (1.4)41.0 8.5 
AR14.6 21.2 16.6 2.2 3.9 6.4 9.1 2.7 5.9 82.6 77.4 9.9 (6.0)21.1 6.6 
CT12.2 7.4 4.8 4.6 1.7 18.4 21.2 6.9 4.5 81.8 68.7 24.4 14.6 33.3 19.0 
IA19.9 21.2 8.3 8.4 6.4 4.1 5.5 1.4 3.9 79.1 76.5 4.1 (4.4)19.0 3.4 
SC14.8 16.1 11.6 2.3 4.1 9.4 9.9 1.9 8.3 78.4 75.3 8.4 (5.6)8.0 4.2 
MT26.4 18.3 14.9 0.5 4.1 2.9 3.6 0.9 3.8 75.4 67.1 12.5 3.4 33.8 12.4 
CO20.0 9.5 14.5 1.7 3.6 2.9 7.0 1.1 13.3 73.7 67.8 4.0 32.5 10.6 8.6 
KS15.7 18.5 11.2 4.3 4.0 4.1 7.0 1.3 4.0 70.0 63.6 11.3 3.3 17.1 10.1 
WA17.6 10.7 14.7 — 4.3 6.2 5.4 2.2 4.6 65.7 52.4 17.2 52.6 51.4 25.3 
ID20.8 15.4 12.6 1.6 2.9 2.7 3.1 0.7 4.3 64.3 55.4 18.2 (4.8)30.5 16.1 
NE11.9 13.2 8.1 5.0 2.9 0.6 1.1 0.3 3.4 46.6 43.7 6.7 (8.2)14.0 6.5 
NJ9.3 4.8 3.3 2.7 2.4 5.6 8.3 4.1 5.0 45.5 34.7 39.8 25.2 20.0 31.3 
MA7.2 5.3 2.8 2.1 1.2 5.8 13.9 3.8 3.0 45.0 25.4 97.7 66.4 22.3 77.4 
WV9.0 11.3 7.9 1.1 1.6 — 0.3 0.1 4.3 35.6 33.5 5.4 5.7 13.1 6.3 
NM10.5 7.4 8.1 0.8 2.8 — — — 3.7 33.3 34.2 (3.6)(16.8)7.7 (2.5)
VT7.1 7.3 4.0 4.5 2.3 1.8 2.8 0.6 1.8 32.2 30.4 6.0 9.8 (6.1)5.8 
NH5.3 4.9 2.8 2.0 1.5 2.1 2.6 0.8 1.6 23.5 21.2 11.1 4.0 43.9 11.0 
DE7.2 5.5 4.1 2.2 1.4 0.5 0.7 0.2 1.8 23.5 20.3 11.3 93.4 28.6 15.5 
ND4.6 5.4 2.7 — 1.3 0.9 1.0 0.4 1.0 17.3 17.4 (1.8)5.2 5.6 (0.5)
SD4.0 5.5 2.6 1.7 1.2 — — — 1.2 16.2 14.4 10.0 (93.7)45.7 12.0 
WY4.4 3.8 3.2 — 1.0 0.1 0.3 — 1.6 14.5 11.7 20.3 165.4 35.9 23.9 
DC2.5 1.0 0.2 0.7 1.6 0.7 0.8 0.3 1.2 8.8 7.2 16.8 44.8 (31.2)22.1 
OK0.8 0.3 0.5 0.8 0.2 — — — 0.6 3.1 3.5 (15.8)— 58.3 (11.2)
RI0.1 0.1 0.1 0.2 — 0.3 1.1 0.4 0.2 2.6 1.5 77.6 100.3 14.9 72.0 
All Other States3.2 1.2 1.9 1.6 1.9 0.5 1.3 0.3 2.4 14.4 11.3 13.8 nm19.0 27.1 
 Total$1,328.3 $1,159.2 $811.9 $267.0 $338.7 $610.9 $804.9 $220.6 $446.6 $5,987.9 $5,529.8 7.6 6.4 22.8 8.3 
*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. *nm - Not meaningful
*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.


CINF Fourth-Quarter 2021 Supplemental Financial Data
10

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/219/30/216/30/213/31/2112/31/209/30/206/30/203/31/206/30/216/30/209/30/219/30/2012/31/2112/31/20
Commercial casualty:
Written premiums$317 $297 $338 $363 $287 $269 $308 $341 $701 $649 $998 $918 $1,315 $1,205 
Year over year change %-written premium 10 %10 %10 %6 %7 %2 %4 %13 %8 %8 %9 %6 %9 %7 %
Earned premiums$332 $323 $312 $303 $297 $290 $289 $289 $615 $577 $938 $868 $1,270 $1,165 
Current accident year before catastrophe losses63.3 %61.9 %61.5 %64.5 %64.5 %63.1 %62.6 %65.8 %63.0 %64.1 %62.6 %63.8 %62.8 %64.0 %
Current accident year catastrophe losses— — — — — — — — — — — — — — 
Prior accident years before catastrophe losses(10.5)(16.1)(8.3)(2.2)(6.1)(3.2)(7.5)(1.6)(5.3)(4.5)(9.0)(4.1)(9.4)(4.6)
Prior accident years catastrophe losses— — — — — — — — — — — — — — 
   Total loss and loss expense ratio52.8 %45.8 %53.2 %62.3 %58.4 %59.9 %55.1 %64.2 %57.7 %59.6 %53.6 %59.7 %53.4 %59.4 %
Commercial property:
Written premiums$270 $278 $275 $267 $246 $252 $260 $261 $542 $521 $820 $773 $1,090 $1,019 
Year over year change %-written premium10 %10 %6 %2 %— %3 %5 %6 %4 %5 %6 %5 %7 %3 %
Earned premiums$267 $264 $259 $253 $255 $252 $254 $249 $512 $504 $776 $755 $1,043 $1,010 
Current accident year before catastrophe losses41.8 %41.6 %47.3 %53.8 %52.9 %53.0 %50.9 %47.8 %50.5 %49.4 %47.5 %50.6 %46.0 %51.2 %
Current accident year catastrophe losses13.9 12.4 14.0 20.0 13.2 50.5 48.5 34.2 16.9 41.4 15.4 44.4 15.0 36.5 
Prior accident years before catastrophe losses(6.0)(11.1)(1.1)(2.0)(2.4)(1.3)1.9 0.7 (1.5)1.3 (4.8)0.5 (5.1)(0.3)
Prior accident years catastrophe losses(4.8)(2.0)(3.8)(6.3)(2.5)0.3 (2.0)(1.1)(5.0)(1.6)(4.0)(1.0)(4.2)(1.3)
   Total loss and loss expense ratio44.9 %40.9 %56.4 %65.5 %61.2 %102.5 %99.3 %81.6 %60.9 %90.5 %54.1 %94.5 %51.7 %86.1 %
Commercial auto:
Written premiums$194 $183 $216 $223 $179 $171 $205 $208 $439 $413 $622 $584 $816 $763 
Year over year change %-written premium8 %7 %5 %7 %2 %(3)%5 %11 %6 %8 %7 %4 %7 %4 %
Earned premiums$203 $200 $198 $193 $192 $189 $189 $185 $391 $374 $591 $563 $794 $755 
Current accident year before catastrophe losses67.5 %63.7 %63.0 %63.1 %57.1 %56.2 %64.2 %70.9 %63.0 %67.5 %63.3 %63.7 %64.4 %62.1 %
Current accident year catastrophe losses0.6 1.8 1.5 1.6 — 0.4 2.2 1.2 1.6 1.7 1.7 1.3 1.4 0.9 
Prior accident years before catastrophe losses0.2 (3.6)(6.0)(12.4)1.4 5.5 (1.1)3.3 (9.2)1.1 (7.3)2.5 (5.4)2.3 
Prior accident years catastrophe losses0.3 (0.1)(0.2)(0.3)— (0.1)— (0.2)(0.2)(0.1)(0.2)(0.1)(0.1)(0.1)
   Total loss and loss expense ratio68.6 %61.8 %58.3 %52.0 %58.5 %62.0 %65.3 %75.2 %55.2 %70.2 %57.5 %67.4 %60.3 %65.2 %
Workers' compensation:
Written premiums$59 $53 $69 $88 $58 $51 $65 $92 $157 $157 $210 $208 $269 $266 
Year over year change %-written premium2 %4 %6 %(4)%(8)%(18)%(13)%(2)%— %(7)%1 %(10)%1 %(10)%
Earned premiums$67 $66 $68 $67 $64 $64 $68 $75 $135 $143 $201 $207 $268 $271 
Current accident year before catastrophe losses79.8 %82.3 %87.6 %76.6 %82.3 %81.7 %81.8 %81.1 %82.2 %81.4 %82.2 %81.5 %81.6 %81.7 %
Current accident year catastrophe losses— — — — — — — — — — — — — — 
Prior accident years before catastrophe losses(10.5)(10.5)(39.2)(37.9)(10.4)(9.6)(27.8)(9.8)(38.6)(18.3)(29.3)(15.7)(24.7)(14.4)
Prior accident years catastrophe losses— — — — — — — — — — — — — — 
   Total loss and loss expense ratio69.3 %71.8 %48.4 %38.7 %71.9 %72.1 %54.0 %71.3 %43.6 %63.1 %52.9 %65.8 %56.9 %67.3 %
Other commercial:
Written premiums$80 $84 $79 $78 $70 $71 $70 $70 $157 $140 $241 $211 $321 $281 
Year over year change %-written premium14 %18 %13 %11 %6 %1 %8 %9 %12 %9 %14 %6 %14 %6 %
Earned premiums$78 $77 $74 $70 $70 $70 $70 $65 $144 $135 $221 $205 $299 $275 
Current accident year before catastrophe losses41.6 %39.4 %38.0 %38.2 %38.5 %36.0 %35.5 %39.1 %38.1 %37.3 %38.6 %36.9 %39.4 %37.3 %
Current accident year catastrophe losses(0.2)0.4 0.1 — — 0.3 0.1 0.1 — 0.1 0.1 0.2 — 0.1 
Prior accident years before catastrophe losses(8.9)(8.4)(11.2)(7.7)(2.8)(0.7)(1.7)1.7 (9.5)(0.1)(9.1)(0.3)(9.1)(0.9)
Prior accident years catastrophe losses— — — — 0.1 (0.1)— 0.2 — 0.1 — — — — 
   Total loss and loss expense ratio32.5 %31.4 %26.9 %30.5 %35.8 %35.5 %33.9 %41.1 %28.6 %37.4 %29.6 %36.8 %30.3 %36.5 %
*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 Fourth-Quarter 2021 Supplemental Financial Data
11


Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/219/30/216/30/213/31/2112/31/209/30/206/30/203/31/206/30/216/30/209/30/219/30/2012/31/2112/31/20
Personal auto:
Written premiums$141 $165 $166 $136 $139 $166 $169 $137 $302 $306 $467 $472 $608 $611 
Year over year change %-written premium1 %— %(2)%(1)%(1)%— %(2)%(2)%(1)%(2)%(1)%(1)%(1)%(2)%
Earned premiums$152 $153 $152 $152 $153 $154 $154 $154 $305 $308 $457 $462 $609 $615 
Current accident year before catastrophe losses62.3 %65.8 %64.5 %66.1 %46.6 %48.5 %64.7 %69.4 %65.3 %67.0 %65.5 %60.9 %64.7 %57.3 %
Current accident year catastrophe losses0.2 5.3 1.7 2.6 — 2.6 1.5 2.1 2.2 1.8 3.2 2.0 2.4 1.6 
Prior accident years before catastrophe losses(4.4)(0.4)(5.5)(9.3)2.6 0.5 (4.2)(8.1)(7.5)(6.1)(5.1)(3.9)(4.9)(2.3)
Prior accident years catastrophe losses0.3 (0.1)(0.2)(0.5)— — (0.2)(0.4)(0.3)(0.3)(0.3)(0.2)(0.1)(0.2)
   Total loss and loss expense ratio58.4 %70.6 %60.5 %58.9 %49.2 %51.6 %61.8 %63.0 %59.7 %62.4 %63.3 %58.8 %62.1 %56.4 %
Homeowner:
Written premiums$188 $214 $211 $156 $167 $189 $197 $140 $367 $337 $581 $526 $769 $693 
Year over year change %-written premium13 %13 %7 %11 %10 %9 %12 %8 %9 %10 %10 %10 %11 %10 %
Earned premiums$190 $184 $178 $174 $171 $165 $163 $159 $352 $322 $536 $487 $726 $658 
Current accident year before catastrophe losses38.0 %42.3 %50.2 %51.6 %45.2 %48.2 %45.0 %53.5 %50.9 %49.2 %47.9 %48.9 %45.4 %47.9 %
Current accident year catastrophe losses10.9 36.8 20.7 41.1 7.5 46.1 51.7 23.8 30.8 37.9 32.9 40.7 27.1 32.1 
Prior accident years before catastrophe losses(4.4)(1.0)0.9 (0.5)3.2 1.7 4.5 (8.7)0.2 (2.0)(0.2)(0.8)(1.3)0.3 
Prior accident years catastrophe losses(1.4)— (0.5)(0.7)0.2 (1.6)(0.1)(2.3)(0.6)(1.2)(0.4)(1.3)(0.7)(1.0)
   Total loss and loss expense ratio43.1 %78.1 %71.3 %91.5 %56.1 %94.4 %101.1 %66.3 %81.3 %83.9 %80.2 %87.5 %70.5 %79.3 %
Other personal:
Written premiums$53 $56 $62 $46 $48 $52 $57 $42 $108 $99 $164 $151 $217 $199 
Year over year change %-written premium10 %8 %9 %10 %12 %6 %8 %8 %9 %8 %9 %7 %9 %8 %
Earned premiums$54 $51 $52 $50 $49 $48 $47 $46 $101 $93 $153 $141 $207 $190 
Current accident year before catastrophe losses45.8 %53.8 %45.9 %50.0 %49.1 %49.6 %48.5 %50.5 %48.0 %49.5 %49.9 %49.5 %48.9 %49.4 %
Current accident year catastrophe losses0.2 4.5 3.9 3.6 (0.3)10.6 11.8 4.6 3.7 8.2 4.0 9.0 3.0 6.6 
Prior accident years before catastrophe losses5.0 (0.9)(8.6)(3.8)0.3 (0.7)(1.4)6.3 (6.2)2.4 (4.4)1.4 (1.9)1.1 
Prior accident years catastrophe losses(1.4)(0.4)0.4 (1.5)(0.4)(0.2)(0.7)(0.6)(0.6)(0.6)(0.5)(0.5)(0.8)(0.4)
   Total loss and loss expense ratio49.6 %57.0 %41.6 %48.3 %48.7 %59.3 %58.2 %60.8 %44.9 %59.5 %49.0 %59.4 %49.2 %56.7 %
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/219/30/216/30/213/31/2112/31/209/30/206/30/203/31/206/30/216/30/209/30/219/30/2012/31/2112/31/20
Excess & Surplus:
Written premiums$108 $104 $115 $99 $92 $80 $91 $85 $214 $176 $318 $256 $426 $348 
Year over year change %-written premium17 %30 %26 %16 %15 %8 %17 %20 %22 %18 %24 %15 %22 %15 %
Earned premiums$109 $105 $95 $89 $87 $82 $78 $78 $184 $156 $289 $238 $398 $325 
Current accident year before catastrophe losses56.0 %62.6 %62.0 %61.0 %57.6 %58.5 %59.0 %55.7 %61.5 %57.4 %61.9 %57.8 %60.3 %57.7 %
Current accident year catastrophe losses0.6 0.4 0.4 1.3 0.4 1.0 3.6 0.5 0.8 2.0 0.7 1.7 0.6 1.3 
Prior accident years before catastrophe losses1.2 3.3 (1.5)4.7 (1.5)(1.5)11.2 0.7 1.5 5.9 2.1 3.4 1.9 2.1 
Prior accident years catastrophe losses0.3 (0.1)0.1 (0.3)0.1 0.2 (0.2)0.5 (0.1)0.2 (0.1)0.1 — 0.2 
   Total loss and loss expense ratio58.1 %66.2 %61.0 %66.7 %56.6 %58.2 %73.6 %57.4 %63.7 %65.5 %64.6 %63.0 %62.8 %61.3 %
*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 Fourth-Quarter 2021 Supplemental Financial Data
12

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 twelve months ended December 31, 2021
  Commercial casualty$405 $178 $583 $100 $(30)$48 $118 $505 $(30)$226 $701 
  Commercial property521 70 591 15 (46)(8)(39)536 (46)62 552 
  Commercial auto380 76 456 28 10 (16)22 408 10 60 478 
  Workers' compensation129 31 160 40 (30)(5)5 169 (30)26 165 
  Other commercial64 12 76 7 (4)16 19 71 (4)28 95 
    Total commercial lines1,499 367 1,866 190 (100)35 125 1,689 (100)402 1,991 
  Personal auto316 70 386 6 (3)(8)(5)322 (3)62 381 
  Homeowners386 57 443 (1)53 1 53 385 53 58 496 
  Other personal74 7 81 23 (3)— 20 97 (3)7 101 
    Total personal lines776 134 910 28 47 (7)68 804 47 127 978 
  Excess & surplus lines79 43 122 45 56 37 138 124 56 80 260 
Other256 13 269 44 175 1 220 300 175 14 489 
      Total property casualty$2,610 $557 $3,167 $307 $178 $66 $551 $2,917 $178 $623 $3,718 
Ceded loss and loss expense incurred for the twelve months ended December 31, 2021
  Commercial casualty$14 $1 $15 $10 $(2)$— $8 $24 $(2)$1 $23 
  Commercial property29 5 34 (16)(4)(1)(21)13 (4)4 13 
  Commercial auto— — — (1)— — (1)(1)— — (1)
  Workers' compensation8 — 8 6 (2)— 4 14 (2)— 12 
  Other commercial3 — 3 — 1 — 1 3 1 — 4 
    Total commercial lines54 6 60 (1)(7)(1)(9)53 (7)5 51 
  Personal auto2 — 2 (2)2 — — — 2 — 2 
  Homeowners(6)— (6)(8)(1)(1)(10)(14)(1)(1)(16)
  Other personal— — — — — — — — — — — 
    Total personal lines(4)— (4)(10)1 (1)(10)(14)1 (1)(14)
  Excess & surplus lines4 — 4 2 3 1 6 6 3 1 10 
Other13 — 13 16 46 — 62 29 46 — 75 
      Total property casualty$67 $6 $73 $7 $43 $(1)$49 $74 $43 $5 $122 
Net loss and loss expense incurred for the twelve months ended December 31, 2021
  Commercial casualty$391 $177 $568 $90 $(28)$48 $110 $481 $(28)$225 $678 
  Commercial property492 65 557 31 (42)(7)(18)523 (42)58 539 
  Commercial auto380 76 456 29 10 (16)23 409 10 60 479 
  Workers' compensation121 31 152 34 (28)(5)1 155 (28)26 153 
  Other commercial61 12 73 7 (5)16 18 68 (5)28 91 
    Total commercial lines1,445 361 1,806 191 (93)36 134 1,636 (93)397 1,940 
  Personal auto314 70 384 8 (5)(8)(5)322 (5)62 379 
  Homeowners392 57 449 7 54 2 63 399 54 59 512 
  Other personal74 7 81 23 (3)— 20 97 (3)7 101 
    Total personal lines780 134 914 38 46 (6)78 818 46 128 992 
  Excess & surplus lines75 43 118 43 53 36 132 118 53 79 250 
Other243 13 256 28 129 1 158 271 129 14 414 
      Total property casualty$2,543 $551 $3,094 $300 $135 $67 $502 $2,843 $135 $618 $3,596 
*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 Fourth-Quarter 2021 Supplemental Financial Data
13

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 December 31, 2021
  Commercial casualty$133 $47 $180 $5 $(13)$4 $(4)$138 $(13)$51 $176 
  Commercial property126 15 141 43 (51)3 (5)169 (51)18 136 
  Commercial auto108 20 128 4 3 5 12 112 3 25 140 
  Workers' compensation32 8 40 6 3 — 9 38 3 8 49 
  Other commercial21 3 24 (4)(1)9 4 17 (1)12 28 
    Total commercial lines420 93 513 54 (59)21 16 474 (59)114 529 
  Personal auto87 18 105 — (12)(1)(13)87 (12)17 92 
  Homeowners109 14 123 (31)(15)(2)(48)78 (15)12 75 
  Other personal21 2 23 11 (7)— 4 32 (7)2 27 
    Total personal lines217 34 251 (20)(34)(3)(57)197 (34)31 194 
  Excess & surplus lines18 12 30 24 8 9 41 42 8 21 71 
Other95 4 99 44 (41)— 3 139 (41)4 102 
      Total property casualty$750 $143 $893 $102 $(126)$27 $3 $852 $(126)$170 $896 
Ceded loss and loss expense incurred for the three months ended December 31, 2021
  Commercial casualty$17 $1 $18 $(14)$— $(3)$(17)$3 $— $(2)$1 
  Commercial property2 3 5 10 1 — 11 12 1 3 16 
  Commercial auto— — — — — — — — — — — 
  Workers' compensation3 — 3 2 (2)— — 5 (2)— 3 
  Other commercial2 — 2 — 1 — 1 2 1 — 3 
    Total commercial lines24 4 28 (2)— (3)(5)22 — 1 23 
  Personal auto1 — 1 — 2 — 2 1 2 — 3 
  Homeowners4 — 4 (9)(1)— (10)(5)(1)— (6)
  Other personal— — — — — — — — — — — 
    Total personal lines5 — 5 (9)1 — (8)(4)1 — (3)
  Excess & surplus lines1 — 1 6 1 — 7 7 1 — 8 
Other2 — 2 12 (1)— 11 14 (1)— 13 
      Total property casualty$32 $4 $36 $7 $1 $(3)$5 $39 $1 $1 $41 
Net loss and loss expense incurred for the three months ended December 31, 2021
  Commercial casualty$116 $46 $162 $19 $(13)$7 $13 $135 $(13)$53 $175 
  Commercial property124 12 136 33 (52)3 (16)157 (52)15 120 
  Commercial auto108 20 128 4 3 5 12 112 3 25 140 
  Workers' compensation29 8 37 4 5 — 9 33 5 8 46 
  Other commercial19 3 22 (4)(2)9 3 15 (2)12 25 
    Total commercial lines396 89 485 56 (59)24 21 452 (59)113 506 
  Personal auto86 18 104 — (14)(1)(15)86 (14)17 89 
  Homeowners105 14 119 (22)(14)(2)(38)83 (14)12 81 
  Other personal21 2 23 11 (7)— 4 32 (7)2 27 
    Total personal lines212 34 246 (11)(35)(3)(49)201 (35)31 197 
  Excess & surplus lines17 12 29 18 7 9 34 35 7 21 63 
Other93 4 97 32 (40)— (8)125 (40)4 89 
      Total property casualty$718 $139 $857 $95 $(127)$30 $(2)$813 $(127)$169 $855 
*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 Fourth-Quarter 2021 Supplemental Financial Data
14

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/219/30/216/30/213/31/2112/31/209/30/206/30/203/31/206/30/216/30/209/30/219/30/2012/31/2112/31/20
Premiums
   Agency renewal written premiums$1,238 $1,244 $1,333 $1,276 $1,145 $1,153 $1,244 $1,198 $2,609 $2,442 $3,853 $3,595 $5,091 $4,740 
   Agency new business written premiums212 230 235 220 185 189 210 215 455 425 685 614 897 799 
   Other written premiums84 64 146 197 64 51 105 105 343 210 407 261 491 325 
   Net written premiums $1,534 $1,538 $1,714 $1,693 $1,394 $1,393 $1,559 $1,518 $3,407 $3,077 $4,945 $4,470 $6,479 $5,864 
   Unearned premium change65 58 (200)(218)55 57 (156)(129)(418)(285)(360)(228)(295)(173)
   Earned premiums$1,599 $1,596 $1,514 $1,475 $1,449 $1,450 $1,403 $1,389 $2,989 $2,792 $4,585 $4,242 $6,184 $5,691 
Year over year change %
   Agency renewal written premiums8 %8 %7 %7 %6 %3 %5 %6 %7 %5 %7 %5 %7 %5 %
   Agency new business written premiums15 22 12 2 (4)(2)(1)19 7 8 12 5 12 3 
   Other written premiums31 25 39 88 106 28 35 50 63 42 56 39 51 48 
   Net written premiums 10 10 10 12 7 3 6 10 11 8 11 6 10 6 
Paid losses and loss expenses
   Losses paid$718 $612 $649 $564 $690 $628 $624 $663 $1,214 $1,289 $1,826 $1,917 $2,543 $2,607 
   Loss expenses paid139 153 118 141 146 151 127 154 258 279 411 430 551 576 
   Loss and loss expenses paid$857 $765 $767 $705 $836 $779 $751 $817 $1,472 $1,568 $2,237 $2,347 $3,094 $3,183 
Incurred losses and loss expenses
   Loss and loss expense incurred$855 $988 $830 $923 $829 $1,071 $1,007 $930 $1,753 $1,937 $2,741 $3,008 $3,596 $3,837 
   Loss and loss expenses paid as a % of incurred100.2 %77.4 %92.4 %76.4 %100.8 %72.7 %74.6 %87.7 %84.0 %80.9 %81.6 %78.0 %86.0 %83.0 %
Statutory combined ratio
   Loss ratio42.6 %51.3 %47.0 %52.0 %44.5 %59.8 %60.4 %56.1 %49.4 %58.2 %50.1 %58.8 %48.2 %55.1 %
   Loss adjustment expense ratio10.9 10.1 8.9 11.0 12.9 11.3 11.6 11.3 10.0 11.5 10.0 11.4 10.2 11.8 
   Net underwriting expense ratio31.5 31.1 29.2 26.7 31.2 30.2 28.8 29.2 28.0 29.0 28.9 29.3 29.5 29.8 
   US Statutory combined ratio85.0 %92.5 %85.1 %89.7 %88.6 %101.3 %100.8 %96.6 %87.4 %98.7 %89.0 %99.5 %87.9 %96.7 %
   Contribution from catastrophe losses2.8 12.9 4.6 10.1 3.6 16.0 15.8 9.3 7.3 12.6 9.2 13.7 7.6 11.2 
   Statutory combined ratio excl. catastrophe losses82.2 %79.6 %80.5 %79.6 %85.0 %85.3 %85.0 %87.3 %80.1 %86.1 %79.8 %85.8 %80.3 %85.5 %
GAAP combined ratio
   GAAP combined ratio84.2 %92.6 %85.5 %91.2 %87.3 %103.6 %103.1 %98.5 %88.3 %100.8 %89.8 %101.8 %88.3 %98.1 %
   Contribution from catastrophe losses3.6 14.2 3.9 10.4 4.7 18.3 16.5 9.1 7.1 12.8 9.6 14.7 8.0 12.1 
   GAAP combined ratio excl. catastrophe losses80.6 %78.4 %81.6 %80.8 %82.6 %85.3 %86.6 %89.4 %81.2 %88.0 %80.2 %87.1 %80.3 %86.0 %
*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 ratios exclude the results of Cincinnati Global.
*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.


CINF Fourth-Quarter 2021 Supplemental Financial Data
15

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/219/30/216/30/213/31/2112/31/209/30/206/30/203/31/206/30/216/30/209/30/219/30/2012/31/2112/31/20
Premiums
   Agency renewal written premiums$809 $775 $852 $898 $759 $727 $794 $842 $1,750 $1,636 $2,525 $2,363 $3,334 $3,122 
   Agency new business written premiums135 145 146 145 113 114 134 154 291 288 436 402 571 515 
   Other written premiums(24)(25)(21)(24)(32)(27)(20)(24)(45)(44)(70)(71)(94)(103)
   Net written premiums$920 $895 $977 $1,019 $840 $814 $908 $972 $1,996 $1,880 $2,891 $2,694 $3,811 $3,534 
   Unearned premium change27 35 (66)(133)38 51 (38)(109)(199)(147)(164)(96)(137)(58)
   Earned premiums$947 $930 $911 $886 $878 $865 $870 $863 $1,797 $1,733 $2,727 $2,598 $3,674 $3,476 
Year over year change %
   Agency renewal written premiums7 %7 %7 %7 %6 %2 %4 %5 %7 %4 %7 %4 %7 %4 %
   Agency new business written premiums19 27 9 (6)(12)(8)(2)28 1 12 8 6 11 1 
   Other written premiums25 7 (5)— (10)(29)20 (4)(2)8 1 (3)9 (5)
   Net written premiums10 10 8 5 3 — 3 8 6 6 7 4 8 4 
Paid losses and loss expenses
   Losses paid$396 $328 $391 $330 $408 $378 $367 $426 $720 $795 $1,049 $1,173 $1,445 $1,581 
   Loss expenses paid89 98 78 96 98 103 86 103 174 189 272 291 361 388 
   Loss and loss expenses paid$485 $426 $469 $426 $506 $481 $453 $529 $894 $984 $1,321 $1,464 $1,806 $1,969 
Incurred losses and loss expenses
   Loss and loss expense incurred$506 $451 $480 $503 $512 $620 $596 $608 $983 $1,204 $1,434 $1,824 $1,940 $2,336 
   Loss and loss expenses paid as a % of incurred95.8 %94.5 %97.7 %84.7 %98.8 %77.6 %76.0 %87.0 %90.9 %81.7 %92.1 %80.3 %93.1 %84.3 %
Statutory combined ratio
   Loss ratio41.4 %38.5 %43.9 %44.3 %43.6 %59.1 %56.7 %57.5 %44.1 %57.0 %42.2 %57.8 %42.0 %54.2 %
   Loss adjustment expense ratio12.0 10.0 8.8 12.4 14.8 12.5 11.8 12.9 10.6 12.4 10.4 12.4 10.8 13.0 
   Net underwriting expense ratio32.7 33.2 29.9 26.2 32.0 32.0 28.6 28.9 28.0 28.8 29.6 29.7 30.4 30.3 
   Statutory combined ratio86.1 %81.7 %82.6 %82.9 %90.4 %103.6 %97.1 %99.3 %82.7 %98.2 %82.2 %99.9 %83.2 %97.5 %
   Contribution from catastrophe losses2.7 3.3 3.2 4.2 3.1 14.8 14.0 9.8 3.7 11.9 3.6 12.9 3.4 10.4 
   Statutory combined ratio excl. catastrophe losses83.4 %78.4 %79.4 %78.7 %87.3 %88.8 %83.1 %89.5 %79.0 %86.3 %78.6 %87.0 %79.8 %87.1 %
GAAP combined ratio
   GAAP combined ratio85.2 %80.6 %84.2 %85.4 %89.2 %102.4 %99.1 %102.5 %84.8 %100.8 %83.4 %101.3 %83.8 %98.3 %
   Contribution from catastrophe losses2.7 3.3 3.2 4.2 3.1 14.8 14.0 9.8 3.7 11.9 3.6 12.9 3.4 10.4 
   GAAP combined ratio excl. catastrophe losses82.5 %77.3 %81.0 %81.2 %86.1 %87.6 %85.1 %92.7 %81.1 %88.9 %79.8 %88.4 %80.4 %87.9 %
*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 Fourth-Quarter 2021 Supplemental Financial Data
16

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/219/30/216/30/213/31/2112/31/209/30/206/30/203/31/206/30/216/30/209/30/219/30/2012/31/2112/31/20
Premiums
   Agency renewal written premiums$342 $393 $397 $302 $317 $366 $387 $294 $699 $681 $1,092 $1,047 $1,434 $1,364 
   Agency new business written premiums50 53 53 46 45 51 44 34 99 78 152 129 202 174 
   Other written premiums(10)(11)(11)(10)(8)(10)(8)(9)(21)(17)(32)(27)(42)(35)
   Net written premiums$382 $435 $439 $338 $354 $407 $423 $319 $777 $742 $1,212 $1,149 $1,594 $1,503 
   Unearned premium change14 (47)(57)38 19 (40)(59)40 (19)(19)(66)(59)(52)(40)
   Earned premiums$396 $388 $382 $376 $373 $367 $364 $359 $758 $723 $1,146 $1,090 $1,542 $1,463 
Year over year change %
   Agency renewal written premiums8 %7 %3 %3 %3 %3 %6 %4 %3 %5 %4 %4 %5 %4 %
   Agency new business written premiums11 4 20 35 25 28 (6)(3)27 (5)18 6 16 10 
   Other written premiums(25)(10)(38)(11)11 (25)20 (13)(24)6 (19)(4)(20)— 
   Net written premiums8 7 4 6 5 5 5 3 5 4 5 5 6 5 
Paid losses and loss expenses
   Losses paid$212 $208 $198 $162 $200 $200 $203 $173 $360 $376 $568 $577 $780 $778 
   Loss expenses paid34 40 29 32 36 38 30 40 60 69 100 106 134 143 
   Loss and loss expenses paid$246 $248 $227 $194 $236 $238 $233 $213 $420 $445 $668 $683 $914 $921 
Incurred losses and loss expenses
   Loss and loss expense incurred$197 $281 $241 $273 $195 $265 $286 $231 $514 $517 $795 $782 $992 $977 
   Loss and loss expenses paid as a % of incurred124.9 %88.3 %94.2 %71.1 %121.0 %89.8 %81.5 %92.2 %81.7 %86.1 %84.0 %87.3 %92.1 %94.3 %
Statutory combined ratio
   Loss ratio42.0 %62.6 %54.1 %65.9 %42.8 %63.1 %67.5 %57.2 %60.0 %62.4 %60.9 %62.6 %56.0 %57.6 %
   Loss adjustment expense ratio7.9 9.7 8.9 6.7 9.5 8.9 11.4 6.9 7.8 9.1 8.5 9.1 8.4 9.2 
   Net underwriting expense ratio30.9 28.2 27.2 30.7 30.6 26.9 29.4 32.1 28.7 30.6 28.5 29.3 29.1 29.6 
   Statutory combined ratio80.8 %100.5 %90.2 %103.3 %82.9 %98.9 %108.3 %96.2 %96.5 %102.1 %97.9 %101.0 %93.5 %96.4 %
   Contribution from catastrophe losses4.6 20.0 10.6 19.8 3.4 22.5 25.1 10.7 15.2 17.9 16.8 19.5 13.7 15.4 
   Statutory combined ratio excl. catastrophe losses76.2 %80.5 %79.6 %83.5 %79.5 %76.4 %83.2 %85.5 %81.3 %84.2 %81.1 %81.5 %79.8 %81.0 %
GAAP combined ratio
   GAAP combined ratio80.0 %102.7 %92.7 %101.1 %81.3 %100.7 %112.3 %94.3 %96.8 %103.4 %98.8 %102.5 %94.0 %97.1 %
   Contribution from catastrophe losses4.6 20.0 10.6 19.8 3.4 22.5 25.1 10.7 15.2 17.9 16.8 19.5 13.7 15.4 
   GAAP combined ratio excl. catastrophe losses75.4 %82.7 %82.1 %81.3 %77.9 %78.2 %87.2 %83.6 %81.6 %85.5 %82.0 %83.0 %80.3 %81.7 %
*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 Fourth-Quarter 2021 Supplemental Financial Data
17

Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/219/30/216/30/213/31/2112/31/209/30/206/30/203/31/206/30/216/30/209/30/219/30/2012/31/2112/31/20
Premiums
   Agency renewal written premiums$87 $76 $84 $76 $69 $60 $63 $62 $160 $125 $236 $185 $323 $254 
   Agency new business written premiums27 32 36 29 27 24 32 27 65 59 97 83 124 110 
   Other written premiums(6)(4)(5)(6)(4)(4)(4)(4)(11)(8)(15)(12)(21)(16)
   Net written premiums$108 $104 $115 $99 $92 $80 $91 $85 $214 $176 $318 $256 $426 $348 
   Unearned premium change1 1 (20)(10)(5)2 (13)(7)(30)(20)(29)(18)(28)(23)
   Earned premiums$109 $105 $95 $89 $87 $82 $78 $78 $184 $156 $289 $238 $398 $325 
Year over year change %
   Agency renewal written premiums26 %27 %33 %23 %23 %20 %17 %27 %28 %21 %28 %21 %27 %22 %
   Agency new business written premiums0 33 13 7 (4)(14)14 4 10 9 17 1 13 — 
   Other written premiums(50)— (25)(50)— — — — (38)— (25)— (31)— 
   Net written premiums17 30 26 16 15 8 17 20 22 18 24 15 22 15 
Paid losses and loss expenses
   Losses paid$17 $18 $19 $21 $22 $14 $14 $23 $40 $37 $59 $51 $75 $73 
   Loss expenses paid12 12 8 11 10 10 9 9 19 19 31 29 43 39 
   Loss and loss expenses paid$29 $30 $27 $32 $32 $24 $23 $32 $59 $56 $90 $80 $118 $112 
Incurred losses and loss expenses
   Loss and loss expense incurred$63 $70 $58 $59 $49 $48 $57 $45 $117 $102 $187 $150 $250 $199 
   Loss and loss expenses paid as a % of incurred46.0 %42.9 %46.6 %54.2 %65.3 %50.0 %40.4 %71.1 %50.4 %54.9 %48.1 %53.3 %47.2 %56.3 %
Statutory combined ratio
   Loss ratio39.3 %45.1 %45.0 %43.1 %39.6 %39.8 %56.4 %35.4 %44.1 %45.9 %44.5 %43.8 %43.0 %42.7 %
   Loss adjustment expense ratio18.8 21.0 16.0 23.6 17.0 18.5 17.2 22.0 19.6 19.5 20.1 19.2 19.8 18.6 
   Net underwriting expense ratio27.7 29.7 31.1 26.4 28.3 29.6 26.6 28.8 29.0 27.7 29.2 28.3 28.8 28.3 
   Statutory combined ratio85.8 %95.8 %92.1 %93.1 %84.9 %87.9 %100.2 %86.2 %92.7 %93.1 %93.8 %91.3 %91.6 %89.6 %
   Contribution from catastrophe losses0.9 0.3 0.5 1.0 0.5 1.2 3.4 1.0 0.7 2.2 0.6 1.8 0.6 1.5 
   Statutory combined ratio excl. catastrophe losses84.9 %95.5 %91.6 %92.1 %84.4 %86.7 %96.8 %85.2 %92.0 %90.9 %93.2 %89.5 %91.0 %88.1 %
GAAP combined ratio
   GAAP combined ratio83.2 %94.1 %89.5 %92.0 %83.2 %86.7 %102.0 %89.1 %90.7 %95.5 %91.9 %92.5 %89.5 %90.0 %
   Contribution from catastrophe losses0.9 0.3 0.5 1.0 0.5 1.2 3.4 1.0 0.7 2.2 0.6 1.8 0.6 1.5 
   GAAP combined ratio excl. catastrophe losses82.3 %93.8 %89.0 %91.0 %82.7 %85.5 %98.6 %88.1 %90.0 %93.3 %91.3 %90.7 %88.9 %88.5 %
*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.
*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 Fourth-Quarter 2021 Supplemental Financial Data
18

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
For the Three Months Ended December 31,For the Twelve Months Ended December 31,
(Dollars in millions)20212020Change% Change20212020Change% Change
Underwriting income
Net premiums written$1,482 $1,346 $136 10 $6,292 $5,687 $605 11 
Unearned premium change(72)(61)(11)18 286 164 122 74 
Earned premiums$1,554 $1,407 $147 10 $6,006 $5,523 $483 9 
Losses incurred$661 $627 $34 5 $2,891 $3,046 $(155)(5)
Defense and cost containment expenses incurred83 103 (20)(19)293 346 (53)(15)
Adjusting and other expenses incurred86 78 8 10 322 305 17 6 
Other underwriting expenses incurred465 418 47 11 1,852 1,684 168 10 
Workers compensation dividend incurred2 3 (1)(33)5 10 (5)(50)
Total underwriting deductions$1,297 $1,229 $68 6 $5,363 $5,391 $(28)(1)
Net underwriting profit $257 $178 $79 44 $643 $132 $511 387 
Investment income
Gross investment income earned$150 $116 $34 29 $493 $432 $61 14 
Net investment income earned147 112 35 31 484 423 61 14 
Realized capital gains and losses, net1 1 — — 9 (9)18 nm
Net investment gains $148 $113 $35 31 $493 $414 $79 19 
Other income$1 $1 $— — $5 $4 $1 25 
Net income before federal income taxes$406 $292 $114 39 $1,141 $550 $591 107 
Federal and foreign income taxes incurred71 55 16 29 206 92 114 124 
Net income (statutory)$335 $237 $98 41 $935 $458 $477 104 
Policyholders' surplus - statutory**$7,247 $5,838 $1,409 24 $7,247 $5,838 $1,409 24 
Fixed maturities at amortized cost - statutory$8,204 $7,540 $664 9 $8,204 $7,540 $664 9 
*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.
**Current year policyholders' surplus amount subject to change.

CINF Fourth-Quarter 2021 Supplemental Financial Data
19

The Cincinnati Life Insurance Company
Statutory Statements of Income
For the Three Months Ended December 31,For the Twelve Months Ended December 31,
(Dollars in millions)20212020Change% Change20212020Change% Change
Net premiums written$87 $83 $4 5 $342 $324 $18 6 
Net investment income46 42 4 10 181 166 15 9 
Amortization of interest maintenance reserve1 1 — 0 3 1 2 200 
Commissions and expense allowances on reinsurance ceded2 1 1 100 5 4 1 25 
Income from fees associated with separate accounts1 — 1 nm3 2 1 50 
Total revenues$137 $127 $10 8 $534 $497 $37 7 
Death benefits and matured endowments$53 $39 $14 36 $182 $145 $37 26 
Annuity benefits20 16 4 25 66 65 1 2 
Disability benefits and benefits under accident and health contracts1 1 — — 2 2 — — 
Surrender benefits and group conversions6 5 1 20 26 24 2 8 
Interest and adjustments on deposit-type contract funds1 2 (1)(50)6 8 (2)(25)
Increase in aggregate reserves for life and accident and health contracts17 23 (6)(26)93 86 7 8 
Total benefit expenses$98 $86 $12 14 $375 $330 $45 14 
Commissions$13 $13 $— — $50 $49 $1 2 
General insurance expenses and taxes13 13 — 0 53 50 3 6 
Increase in loading on deferred and uncollected premiums— 5 (5)(100)5 9 (4)(44)
Net transfers from Separate Accounts(3)(3)— — (6)(12)6 50 
Total underwriting expenses$23 $28 $(5)(18)$102 $96 $6 6 
Federal and foreign income tax provision 5 4 1 25 17 15 2 13 
Net gain from operations before capital gains or losses$11 $9 $2 22 $40 $56 $(16)(29)
Gains and losses net of capital gains tax, net— 2 (2)(100)1 (29)30 nm
Net income - statutory$11 $11 $— — $41 $27 $14 52 
Policyholders' surplus - statutory**$270 $241 $29 12 $270 $241 $29 12 
Fixed maturities at amortized cost - statutory$3,733 $3,496 $237 7 $3,733 $3,496 $237 7 
*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.
**Current year policyholders' surplus amount subject to change.

    
CINF Fourth-Quarter 2021 Supplemental Financial Data
20

Quarterly Data - Other
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/219/30/216/30/213/31/2112/31/209/30/206/30/203/31/206/30/216/30/209/30/219/30/2012/31/2112/31/20
Cincinnati Re:
Written premiums$72 $57 $136 $196 $59 $54 $84 $105 $332 $189 $389 $242 $461 $302 
Year over year change %- written premium22 %6 %62 %87 %64 %52 %15 %25 %76 %20 %61 %26 %53 %32 %
Earned premiums$102 $104 $94 $92 $69 $71 $57 $62 $186 $119 $290 $190 $392 $259 
Current accident year before catastrophe losses61.7 %52.8 %48.5 %42.1 %57.2 %56.1 %79.6 %47.6 %45.4 %63.0 %48.0 %60.4 %51.6 %59.6 %
Current accident year catastrophe losses(1.7)78.6 (1.7)35.4 15.4 22.3 — — 16.7 — 39.0 8.4 28.3 10.2 
Prior accident years before catastrophe losses2.4 (6.8)6.4 3.0 1.2 5.5 (0.6)3.1 4.7 1.3 0.6 2.8 1.1 2.4 
Prior accident years catastrophe losses0.3 6.4 (0.1)— — (8.6)(0.1)6.3 (0.1)3.2 2.2 (1.2)1.7 (0.9)
Total loss and loss expense ratio62.7 %131.0 %53.1 %80.5 %73.8 %75.3 %78.9 %57.0 %66.7 %67.5 %89.8 %70.4 %82.7 %71.3 %
Cincinnati Global:
Written premiums$52 $47 $47 $41 $49 $38 $53 $37 $88 $90 $135 $129 $187 $177 
Year over year change %- written premium6 %24 %(11)%11 %32 %— %20 %76 %(2)%38 %5 %25 %6 %26 %
Earned premiums$45 $69 $32 $32 $42 $65 $34 $27 $64 $61 $133 $126 $178 $168 
Current accident year before catastrophe losses39.4 %35.3 %54.4 %30.9 %23.7 %62.9 %49.6 %63.7 %42.9 %55.6 %39.0 %59.4 %39.1 %50.4 %
Current accident year catastrophe losses33.6 30.3 27.5 55.8 58.8 68.7 42.4 — 41.3 24.1 35.7 46.9 35.1 49.9 
Prior accident years before catastrophe losses(16.9)(4.7)(23.4)(12.0)(11.9)(0.1)(27.9)(19.5)(17.8)(24.2)(11.1)(11.8)(12.5)(11.9)
Prior accident years catastrophe losses(2.0)12.2 (54.0)(31.0)(19.5)(0.1)1.0 (3.2)(42.7)(0.8)(14.4)(0.4)(11.2)(5.2)
Total loss and loss expense ratio54.1 %73.1 %4.5 %43.7 %51.1 %131.4 %65.1 %41.0 %23.7 %54.7 %49.2 %94.1 %50.5 %83.2 %
Noninsurance operations:
Interest and fees on loans and leases$2 $2 $2 $1 $2 $1 $2 $1 $3 $3 $5 $4 $7 $6 
Other revenue— 1 1 1 — 2 1 1 2 2 3 4 3 4 
Interest expense14 13 13 13 14 13 14 13 26 27 39 40 53 54 
Operating expense6 5 5 4 5 5 5 5 9 10 14 15 20 20 
Total noninsurance operations loss$(18)$(15)$(15)$(15)$(17)$(15)$(16)$(16)$(30)$(32)$(45)$(47)$(63)$(64)
*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 Fourth-Quarter 2021 Supplemental Financial Data
21