Try our mobile app

Published: 2021-10-27 16:07:31 ET
<<<  go to CINF company page
EX-99.2 3 exhibit9923q21.htm EX-99.2 Document

Cincinnati Financial Corporation
Supplemental Financial Data
for the period ending September 30, 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 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 October 26, 2021, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.
The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.
CINF Third-Quarter 2021 Supplemental Financial Data
1

Cincinnati Financial Corporation
Supplemental Financial Data
for the period ending September 30, 2021
Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures3
Consolidated
CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 20214
CFC and Subsidiaries Consolidation – Three Months Ended September 30, 20215
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 – Nine Months Ended September 30, 202111
Loss and Loss Expense Analysis – Three Months Ended September 30, 202112
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 Third-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 Third-Quarter 2021 Supplemental Financial Data
3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2021
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $4,774 $— $— $— $4,774 
    Life— — 278 — — 278 
    Premiums ceded— (189)(57)— — (246)
      Total earned premium— 4,585 221 — — 4,806 
  Investment income, net of expenses64 339 125 — — 528 
  Investment gains and losses, net348 598 8 — — 954 
  Fee revenues— 8 3 — — 11 
  Other revenues12 2 — 5 (11)8 
Total revenues$424 $5,532 $357 $5 $(11)$6,307 
Benefits & expenses
  Losses & contract holders' benefits$— $2,822 $310 $— $— $3,132 
  Reinsurance recoveries— (81)(61)— — (142)
  Underwriting, acquisition and insurance expenses— 1,377 63 — — 1,440 
  Interest expense39 — — — — 39 
  Other operating expenses23 — — 2 (11)14 
Total expenses$62 $4,118 $312 $2 $(11)$4,483 
Income before income taxes$362 $1,414 $45 $3 $— $1,824 
Provision for income taxes
  Current operating income (loss)$(76)$30 $11 $— $— $(35)
  Capital gains/losses73 126 2 — — 201 
  Deferred72 113 (3)— — 182 
Total provision for income taxes$69 $269 $10 $— $— $348 
Net income - current year$293 $1,145 $35 $3 $— $1,476 
Net income - prior year$115 $33 $17 $2 $— $167 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Third-Quarter 2021 Supplemental Financial Data
4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended September 30, 2021
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $1,670 $— $— $— $1,670 
    Life— — 93 — — 93 
    Premiums ceded— (74)(20)— — (94)
      Total earned premium— 1,596 73 — — 1,669 
  Investment income, net of expenses21 116 42 — — 179 
  Investment gains and losses, net(57)(17)4 — — (70)
  Fee revenues— 3 1 — — 4 
  Other revenues4 — — 2 (3)3 
Total revenues$(32)$1,698 $120 $2 $(3)$1,785 
Benefits & expenses
  Losses & contract holders' benefits$— $1,041 $103 $— $— $1,144 
  Reinsurance recoveries— (53)(19)— — (72)
  Underwriting, acquisition and insurance expenses— 490 21 — — 511 
  Interest expense13 — — — — 13 
  Other operating expenses7 — — 1 (3)5 
Total expenses$20 $1,478 $105 $1 $(3)$1,601 
Income (loss) before income taxes$(52)$220 $15 $1 $— $184 
Provision (benefit) for income taxes
  Current operating income (loss)$12 $52 $5 $— $— $69 
  Capital gains/losses(12)(3)1 — — (14)
  Deferred(14)(8)(2)— — (24)
Total provision (benefit) for income taxes$(14)$41 $4 $— $— $31 
Net income (loss) - current year$(38)$179 $11 $1 $— $153 
Net income - prior year$226 $240 $18 $— $— $484 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Third-Quarter 2021 Supplemental Financial Data
5

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 million$14 $38 $5 $10 $21 $19 $— $43 $19 $57 $40 $50 
Current accident year losses $1 million - $5 million72 51 31 52 46 53 50 82 103 154 149 202 
Large loss prior accident year reserve development30 13 24 13 (3)7 26 37 33 67 30 42 
   Total large losses incurred$116 $102 $60 $75 $64 $79 $76 $162 $155 $278 $219 $294 
Losses incurred but not reported(13)(37)102 60 38 134 79 65 213 52 251 310 
Other losses excluding catastrophe losses514 577 451 454 550 409 496 1,028 905 1,542 1,455 1,909 
Catastrophe losses215 56 150 58 261 226 123 206 349 421 611 670 
   Total losses incurred$832 $698 $763 $647 $913 $848 $774 $1,461 $1,622 $2,293 $2,536 $3,183 
Commercial Lines
Current accident year losses greater than $5 million$4 $38 $5 $10 $21 $19 $— $43 $19 $47 $40 $50 
Current accident year losses $1 million - $5 million60 29 26 35 20 45 36 55 81 115 100 135 
Large loss prior accident year reserve development29 14 26 10 (1)5 22 40 27 69 27 36 
   Total large losses incurred$93 $81 $57 $55 $40 $69 $58 $138 $127 $231 $167 $221 
Losses incurred but not reported(35)(34)39 50 60 72 58 5 130 (30)190 240 
Other losses excluding catastrophe losses270 326 261 255 287 233 298 587 531 857 817 1,073 
Catastrophe losses30 27 35 23 125 119 82 62 201 92 327 350 
   Total losses incurred$358 $400 $392 $383 $512 $493 $496 $792 $989 $1,150 $1,501 $1,884 
Personal Lines
Current accident year losses greater than $5 million$10 $— $— $— $— $— $— $— $— $10 $— $— 
Current accident year losses $1 million - $5 million12 15 4 16 21 8 12 19 20 31 42 59 
Large loss prior accident year reserve development(1)(2)(1)2 (2)2 5 (3)7 (4)4 6 
   Total large losses incurred$21 $13 $3 $18 $19 $10 $17 $16 $27 $37 $46 $65 
Losses incurred but not reported— (4)41 (1)(24)41 24 37 65 37 41 39 
Other losses excluding catastrophe losses154 158 130 134 156 105 127 288 232 442 388 523 
Catastrophe losses69 39 74 8 81 89 38 113 127 182 208 216 
   Total losses incurred$244 $206 $248 $159 $232 $245 $206 $454 $451 $698 $683 $843 
Excess & Surplus Lines
Current accident year losses greater than $5 million$— $— $— $— $— $— $— $— $— $— $— $— 
Current accident year losses $1 million - $5 million— 7 1 1 5 — 2 8 2 8 7 8 
Large loss prior accident year reserve development2 1 (1)1 — — (1)— (1)2 (1)— 
   Total large losses incurred$2 $8 $— $2 $5 $— $1 $8 $1 $10 $6 $8 
Losses incurred but not reported22 1 22 11 2 21 (3)23 18 45 20 31 
Other losses excluding catastrophe losses23 34 15 21 24 20 29 49 50 72 74 95 
Catastrophe losses1 — 1 — 1 3 1 1 3 2 4 5 
   Total losses incurred$48 $43 $38 $34 $32 $44 $28 $81 $72 $129 $104 $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 Third-Quarter 2021 Supplemental Financial Data
6

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 million0.9 %2.5 %0.3 %0.7 %1.5 %1.4 %— %1.4 %0.7 %1.2 %0.9 %0.9 %
Current accident year losses $1 million - $5 million4.5 3.4 2.2 3.6 3.2 3.7 3.6 2.8 3.7 3.4 3.5 3.6 
Large loss prior accident year reserve development1.9 0.9 1.6 0.9 (0.3)0.5 1.9 1.2 1.2 1.5 0.8 0.7 
   Total large loss ratio7.3 %6.8 %4.1 %5.2 %4.4 %5.6 %5.5 %5.4 %5.6 %6.1 %5.2 %5.2 %
Losses incurred but not reported(0.8)(2.4)6.9 4.1 2.6 9.6 5.7 2.2 7.6 1.1 5.9 5.5 
Other losses excluding catastrophe losses32.2 38.0 30.5 31.3 38.0 29.2 35.6 34.4 32.4 33.6 34.3 33.4 
Catastrophe losses13.4 3.7 10.2 4.0 18.0 16.1 8.9 6.9 12.5 9.2 14.4 11.8 
   Total loss ratio52.1 %46.1 %51.7 %44.6 %63.0 %60.5 %55.7 %48.9 %58.1 %50.0 %59.8 %55.9 %
Commercial Lines
Current accident year losses greater than $5 million0.5 %4.2 %0.6 %1.1 %2.5 %2.2 %— %2.4 %1.1 %1.7 %1.5 %1.4 %
Current accident year losses $1 million - $5 million6.5 3.2 2.9 4.0 2.3 5.1 4.1 3.1 4.6 4.2 3.9 4.0 
Large loss prior accident year reserve development3.1 1.4 3.0 1.1 (0.2)0.6 2.6 2.2 1.6 2.6 1.0 1.0 
   Total large loss ratio10.1 %8.8 %6.5 %6.2 %4.6 %7.9 %6.7 %7.7 %7.3 %8.5 %6.4 %6.4 %
Losses incurred but not reported(3.7)(3.6)4.3 5.7 6.9 8.3 6.8 0.3 7.5 (1.1)7.3 6.9 
Other losses excluding catastrophe losses29.0 35.7 29.4 29.0 33.1 26.8 34.5 32.6 30.7 31.4 31.5 30.8 
Catastrophe losses3.1 3.0 4.0 2.7 14.5 13.6 9.5 3.5 11.6 3.4 12.6 10.1 
   Total loss ratio38.5 %43.9 %44.2 %43.6 %59.1 %56.6 %57.5 %44.1 %57.1 %42.2 %57.8 %54.2 %
Personal Lines
Current accident year losses greater than $5 million2.6 %— %— %— %— %— %— %— %— %0.9 %— %— %
Current accident year losses $1 million - $5 million2.9 4.0 1.2 4.4 5.8 2.3 3.5 2.5 2.9 2.7 3.8 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 0.4 
   Total large loss ratio5.3 %3.5 %0.9 %5.0 %5.1 %2.8 %4.8 %2.2 %3.8 %3.2 %4.2 %4.4 %
Losses incurred but not reported(0.1)(1.1)11.0 (0.3)(6.6)11.3 6.6 4.9 8.9 3.2 3.7 2.7 
Other losses excluding catastrophe losses39.7 41.4 34.4 36.0 42.5 28.8 35.3 37.9 32.2 38.6 35.6 35.8 
Catastrophe losses17.7 10.3 19.6 2.1 22.1 24.6 10.5 14.9 17.5 15.9 19.1 14.7 
   Total loss ratio62.6 %54.1 %65.9 %42.8 %63.1 %67.5 %57.2 %59.9 %62.4 %60.9 %62.6 %57.6 %
Excess & Surplus Lines
Current accident year losses greater than $5 million— %— %— %— %— %— %— %— %— %— %— %— %
Current accident year losses $1 million - $5 million(0.1)7.5 1.2 1.1 6.4 — 2.6 4.5 1.3 2.8 3.0 2.5 
Large loss prior accident year reserve development1.9 1.3 (1.7)1.2 0.1 0.1 (1.5)(0.2)(0.7)0.6 (0.4)— 
   Total large loss ratio1.8 %8.8 %(0.5)%2.3 %6.5 %0.1 %1.1 %4.3 %0.6 %3.4 %2.6 %2.5 %
Losses incurred but not reported21.2 0.8 24.8 12.6 2.6 27.2 (4.4)12.3 11.3 15.5 8.4 9.5 
Other losses excluding catastrophe losses21.9 35.0 17.8 24.3 29.5 25.8 37.8 26.8 31.9 25.0 31.0 29.3 
Catastrophe losses0.2 0.4 1.0 0.4 1.2 3.3 0.9 0.7 2.1 0.5 1.8 1.4 
   Total loss ratio45.1 %45.0 %43.1 %39.6 %39.8 %56.4 %35.4 %44.1 %45.9 %44.4 %43.8 %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 Third-Quarter 2021 Supplemental Financial Data
7

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 million		3 6 1 2 2 2 — 7 2 9 5 7 
Current accident year reported losses
   $1 million - $5 million		44 35 24 37 34 28 27 59 55 106 85 117 
Prior accident year reported losses on
   large losses		22 12 20 14 13 9 20 32 27 55 41 49 
   Non-Catastrophe reported losses on
      large losses total		69 53 45 53 49 39 47 98 84 170 131 173 
Commercial Lines
Current accident year reported losses greater
   than $5 million		2 6 1 2 2 2 — 7 2 8 5 7 
Current accident year reported losses
   $1 million - $5 million		37 19 20 26 19 24 17 39 41 78 57 79 
Prior accident year reported losses on
   large losses		19 8 18 11 12 8 17 26 23 46 36 41 
   Non-Catastrophe reported losses on
      large losses total		58 33 39 39 33 34 34 72 66 132 98 127 
Personal Lines
Current accident year reported losses greater
   than $5 million		1 — — — — — — — — 1 — — 
Current accident year reported losses
   $1 million - $5 million		6 11 3 10 9 4 8 14 12 20 21 31 
Prior accident year reported losses on
   large losses		1 1 2 2 — — 3 3 3 4 3 5 
   Non-Catastrophe reported losses on
      large losses total		8 12 5 12 9 4 11 17 15 25 24 36 
Excess & Surplus Lines
Current accident year reported losses greater
   than $5 million		— — — — — — — — — — — — 
Current accident year reported losses
   $1 million - $5 million		1 5 1 1 6 — 2 6 2 8 7 7 
Prior accident year reported losses on
   large losses		2 3 — 1 1 1 — 3 1 5 2 3 
   Non-Catastrophe reported losses on
      large losses total		3 8 1 2 7 1 2 9 3 13 9 10 
*The sum of quarterly amounts may not equal the full year as each is computed independently.
CINF Third-Quarter 2021 Supplemental Financial Data
8

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$297 $338 $363 $287 $269 $308 $341 $701 $649 $998 $918 $1,205 
Year over year change %- written premium10 %10 %6 %7 %2 %4 %13 %8 %8 %9 %6 %7 %
Earned premiums$323 $312 $303 $297 $290 $289 $289 $615 $577 $938 $868 $1,165 
Current accident year before catastrophe losses61.9 %61.5 %64.5 %64.5 %63.1 %62.6 %65.8 %63.0 %64.1 %62.6 %63.8 %64.0 %
Current accident year catastrophe losses— — — — — — — — — — — — 
Prior accident years before catastrophe losses(16.1)(8.3)(2.2)(6.1)(3.2)(7.5)(1.6)(5.3)(4.5)(9.0)(4.1)(4.6)
Prior accident years catastrophe losses— — — — — — — — — — — — 
   Total loss and loss expense ratio45.8 %53.2 %62.3 %58.4 %59.9 %55.1 %64.2 %57.7 %59.6 %53.6 %59.7 %59.4 %
Commercial property:
Written premiums$278 $275 $267 $246 $252 $260 $261 $542 $521 $820 $773 $1,019 
Year over year change %- written premium10 %6 %2 %— %3 %5 %6 %4 %5 %6 %5 %3 %
Earned premiums$264 $259 $253 $255 $252 $254 $249 $512 $504 $776 $755 $1,010 
Current accident year before catastrophe losses41.6 %47.3 %53.8 %52.9 %53.0 %50.9 %47.8 %50.5 %49.4 %47.5 %50.6 %51.2 %
Current accident year catastrophe losses12.4 14.0 20.0 13.2 50.5 48.5 34.2 16.9 41.4 15.4 44.4 36.5 
Prior accident years before catastrophe losses(11.1)(1.1)(2.0)(2.4)(1.3)1.9 0.7 (1.5)1.3 (4.8)0.5 (0.3)
Prior accident years catastrophe losses(2.0)(3.8)(6.3)(2.5)0.3 (2.0)(1.1)(5.0)(1.6)(4.0)(1.0)(1.3)
   Total loss and loss expense ratio40.9 %56.4 %65.5 %61.2 %102.5 %99.3 %81.6 %60.9 %90.5 %54.1 %94.5 %86.1 %
Commercial auto:
Written premiums$183 $216 $223 $179 $171 $205 $208 $439 $413 $622 $584 $763 
Year over year change %- written premium7 %5 %7 %2 %(3)%5 %11 %6 %8 %7 %4 %4 %
Earned premiums$200 $198 $193 $192 $189 $189 $185 $391 $374 $591 $563 $755 
Current accident year before catastrophe losses63.7 %63.0 %63.1 %57.1 %56.2 %64.2 %70.9 %63.0 %67.5 %63.3 %63.7 %62.1 %
Current accident year catastrophe losses1.8 1.5 1.6 — 0.4 2.2 1.2 1.6 1.7 1.7 1.3 0.9 
Prior accident years before catastrophe losses(3.6)(6.0)(12.4)1.4 5.5 (1.1)3.3 (9.2)1.1 (7.3)2.5 2.3 
Prior accident years catastrophe losses(0.1)(0.2)(0.3)— (0.1)— (0.2)(0.2)(0.1)(0.2)(0.1)(0.1)
   Total loss and loss expense ratio61.8 %58.3 %52.0 %58.5 %62.0 %65.3 %75.2 %55.2 %70.2 %57.5 %67.4 %65.2 %
Workers' compensation:
Written premiums$53 $69 $88 $58 $51 $65 $92 $157 $157 $210 $208 $266 
Year over year change %- written premium4 %6 %(4)%(8)%(18)%(13)%(2)%— %(7)%1 %(10)%(10)%
Earned premiums$66 $68 $67 $64 $64 $68 $75 $135 $143 $201 $207 $271 
Current accident year before catastrophe losses82.3 %87.6 %76.6 %82.3 %81.7 %81.8 %81.1 %82.2 %81.4 %82.2 %81.5 %81.7 %
Current accident year catastrophe losses— — — — — — — — — — — — 
Prior accident years before catastrophe losses(10.5)(39.2)(37.9)(10.4)(9.6)(27.8)(9.8)(38.6)(18.3)(29.3)(15.7)(14.4)
Prior accident years catastrophe losses— — — — — — — — — — — — 
   Total loss and loss expense ratio71.8 %48.4 %38.7 %71.9 %72.1 %54.0 %71.3 %43.6 %63.1 %52.9 %65.8 %67.3 %
Other commercial:
Written premiums$84 $79 $78 $70 $71 $70 $70 $157 $140 $241 $211 $281 
Year over year change %- written premium18 %13 %11 %6 %1 %8 %9 %12 %9 %14 %6 %6 %
Earned premiums$77 $74 $70 $70 $70 $70 $65 $144 $135 $221 $205 $275 
Current accident year before catastrophe losses39.4 %38.0 %38.2 %38.5 %36.0 %35.5 %39.1 %38.1 %37.3 %38.6 %36.9 %37.3 %
Current accident year catastrophe losses0.4 0.1 — — 0.3 0.1 0.1 — 0.1 0.1 0.2 0.1 
Prior accident years before catastrophe losses(8.4)(11.2)(7.7)(2.8)(0.7)(1.7)1.7 (9.5)(0.1)(9.1)(0.3)(0.9)
Prior accident years catastrophe losses— — — 0.1 (0.1)— 0.2 — 0.1 — — — 
   Total loss and loss expense ratio31.4 %26.9 %30.5 %35.8 %35.5 %33.9 %41.1 %28.6 %37.4 %29.6 %36.8 %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 Third-Quarter 2021 Supplemental Financial Data
9

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$165 $166 $136 $139 $166 $169 $137 $302 $306 $467 $472 $611 
Year over year change %- written premium— %(2)%(1)%(1)%— %(2)%(2)%(1)%(2)%(1)%(1)%(2)%
Earned premiums$153 $152 $152 $153 $154 $154 $154 $305 $308 $457 $462 $615 
Current accident year before catastrophe losses65.8 %64.5 %66.1 %46.6 %48.5 %64.7 %69.4 %65.3 %67.0 %65.5 %60.9 %57.3 %
Current accident year catastrophe losses5.3 1.7 2.6 — 2.6 1.5 2.1 2.2 1.8 3.2 2.0 1.6 
Prior accident years before catastrophe losses(0.4)(5.5)(9.3)2.6 0.5 (4.2)(8.1)(7.5)(6.1)(5.1)(3.9)(2.3)
Prior accident years catastrophe losses(0.1)(0.2)(0.5)— — (0.2)(0.4)(0.3)(0.3)(0.3)(0.2)(0.2)
   Total loss and loss expense ratio70.6 %60.5 %58.9 %49.2 %51.6 %61.8 %63.0 %59.7 %62.4 %63.3 %58.8 %56.4 %
Homeowner:
Written premiums$214 $211 $156 $167 $189 $197 $140 $367 $337 $581 $526 $693 
Year over year change %- written premium13 %7 %11 %10 %9 %12 %8 %9 %10 %10 %10 %10 %
Earned premiums$184 $178 $174 $171 $165 $163 $159 $352 $322 $536 $487 $658 
Current accident year before catastrophe losses42.3 %50.2 %51.6 %45.2 %48.2 %45.0 %53.5 %50.9 %49.2 %47.9 %48.9 %47.9 %
Current accident year catastrophe losses36.8 20.7 41.1 7.5 46.1 51.7 23.8 30.8 37.9 32.9 40.7 32.1 
Prior accident years before catastrophe losses(1.0)0.9 (0.5)3.2 1.7 4.5 (8.7)0.2 (2.0)(0.2)(0.8)0.3 
Prior accident years catastrophe losses— (0.5)(0.7)0.2 (1.6)(0.1)(2.3)(0.6)(1.2)(0.4)(1.3)(1.0)
   Total loss and loss expense ratio78.1 %71.3 %91.5 %56.1 %94.4 %101.1 %66.3 %81.3 %83.9 %80.2 %87.5 %79.3 %
Other personal:
Written premiums$56 $62 $46 $48 $52 $57 $42 $108 $99 $164 $151 $199 
Year over year change %- written premium8 %9 %10 %12 %6 %8 %8 %9 %8 %9 %7 %8 %
Earned premiums$51 $52 $50 $49 $48 $47 $46 $101 $93 $153 $141 $190 
Current accident year before catastrophe losses53.8 %45.9 %50.0 %49.1 %49.6 %48.5 %50.5 %48.0 %49.5 %49.9 %49.5 %49.4 %
Current accident year catastrophe losses4.5 3.9 3.6 (0.3)10.6 11.8 4.6 3.7 8.2 4.0 9.0 6.6 
Prior accident years before catastrophe losses(0.9)(8.6)(3.8)0.3 (0.7)(1.4)6.3 (6.2)2.4 (4.4)1.4 1.1 
Prior accident years catastrophe losses(0.4)0.4 (1.5)(0.4)(0.2)(0.7)(0.6)(0.6)(0.6)(0.5)(0.5)(0.4)
   Total loss and loss expense ratio57.0 %41.6 %48.3 %48.7 %59.3 %58.2 %60.8 %44.9 %59.5 %49.0 %59.4 %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$104 $115 $99 $92 $80 $91 $85 $214 $176 $318 $256 $348 
Year over year change %- written premium30 %26 %16 %15 %8 %17 %20 %22 %18 %24 %15 %15 %
Earned premiums$105 $95 $89 $87 $82 $78 $78 $184 $156 $289 $238 $325 
Current accident year before catastrophe losses62.6 %62.0 %61.0 %57.6 %58.5 %59.0 %55.7 %61.5 %57.4 %61.9 %57.8 %57.7 %
Current accident year catastrophe losses0.4 0.4 1.3 0.4 1.0 3.6 0.5 0.8 2.0 0.7 1.7 1.3 
Prior accident years before catastrophe losses3.3 (1.5)4.7 (1.5)(1.5)11.2 0.7 1.5 5.9 2.1 3.4 2.1 
Prior accident years catastrophe losses(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 ratio66.2 %61.0 %66.7 %56.6 %58.2 %73.6 %57.4 %63.7 %65.5 %64.6 %63.0 %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 Third-Quarter 2021 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 nine months ended September 30, 2021
  Commercial casualty$273 $132 $405 $95 $(18)$43 $120 $368 $(18)$175 $525 
  Commercial property396 54 450 (28)5 (11)(34)368 5 43 416 
  Commercial auto271 56 327 24 8 (21)11 295 8 35 338 
  Workers' compensation96 23 119 34 (33)(4)(3)130 (33)19 116 
  Other commercial43 9 52 11 (3)7 15 54 (3)16 67 
    Total commercial lines1,079 274 1,353 136 (41)14 109 1,215 (41)288 1,462 
  Personal auto228 52 280 6 9 (7)8 234 9 45 288 
  Homeowners277 43 320 30 68 3 101 307 68 46 421 
  Other personal53 5 58 12 4 1 17 65 4 6 75 
    Total personal lines558 100 658 48 81 (3)126 606 81 97 784 
  Excess & surplus lines62 31 93 21 48 27 96 83 48 58 189 
  Other161 8 169 (1)217 2 218 160 217 10 387 
      Total property casualty$1,860 $413 $2,273 $204 $305 $40 $549 $2,064 $305 $453 $2,822 
Ceded loss and loss expense incurred for the nine months ended September 30, 2021
  Commercial casualty$(3)$— $(3)$23 $(1)$3 $25 $20 $(1)$3 $22 
  Commercial property26 2 28 (27)(5)— (32)(1)(5)2 (4)
  Commercial auto— — — (1)— — (1)(1)— — (1)
  Workers' compensation6 — 6 5 (1)— 4 11 (1)— 10 
  Other commercial1 — 1 — — — — 1 — — 1 
    Total commercial lines30 2 32 — (7)3 (4)30 (7)5 28 
  Personal auto1 — 1 (2)— — (2)(1)— — (1)
  Homeowners(11)— (11)2 — (1)1 (9)— (1)(10)
  Other personal— — — — — — — — — — — 
    Total personal lines(10)— (10)— — (1)(1)(10)— (1)(11)
  Excess & surplus lines3 — 3 (5)3 1 (1)(2)3 1 2 
  Other11 — 11 4 47 — 51 15 47 — 62 
      Total property casualty$34 $2 $36 $(1)$43 $3 $45 $33 $43 $5 $81 
Net loss and loss expense incurred for the nine months ended September 30, 2021
  Commercial casualty$276 $132 $408 $72 $(17)$40 $95 $348 $(17)$172 $503 
  Commercial property370 52 422 (1)10 (11)(2)369 10 41 420 
  Commercial auto271 56 327 25 8 (21)12 296 8 35 339 
  Workers' compensation90 23 113 29 (32)(4)(7)119 (32)19 106 
  Other commercial42 9 51 11 (3)7 15 53 (3)16 66 
    Total commercial lines1,049 272 1,321 136 (34)11 113 1,185 (34)283 1,434 
  Personal auto227 52 279 8 9 (7)10 235 9 45 289 
  Homeowners288 43 331 28 68 4 100 316 68 47 431 
  Other personal53 5 58 12 4 1 17 65 4 6 75 
    Total personal lines568 100 668 48 81 (2)127 616 81 98 795 
  Excess & surplus lines59 31 90 26 45 26 97 85 45 57 187 
  Other150 8 158 (5)170 2 167 145 170 10 325 
      Total property casualty$1,826 $411 $2,237 $205 $262 $37 $504 $2,031 $262 $448 $2,741 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Third-Quarter 2021 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 September 30, 2021
  Commercial casualty$71 $46 $117 $63 $(12)$2 $53 $134 $(12)$48 $170 
  Commercial property113 22 135 (11)(18)(6)(35)102 (18)16 100 
  Commercial auto93 20 113 17 (5)(2)10 110 (5)18 123 
  Workers' compensation29 8 37 16 (4)(1)11 45 (4)7 48 
  Other commercial15 3 18 2 (1)5 6 17 (1)8 24 
    Total commercial lines321 99 420 87 (40)(2)45 408 (40)97 465 
  Personal auto88 18 106 3 1 (2)2 91 1 16 108 
  Homeowners109 20 129 14 9 (1)22 123 9 19 151 
  Other personal20 2 22 7 1 — 8 27 1 2 30 
    Total personal lines217 40 257 24 11 (3)32 241 11 37 289 
  Excess & surplus lines19 12 31 4 23 10 37 23 23 22 68 
  Other59 3 62 — 156 1 157 59 156 4 219 
      Total property casualty$616 $154 $770 $115 $150 $6 $271 $731 $150 $160 $1,041 
Ceded loss and loss expense incurred for the three months ended September 30, 2021
  Commercial casualty$— $— $— $19 $— $3 $22 $19 $— $3 $22 
  Commercial property(8)1 (7)1 (2)— (1)(7)(2)1 (8)
  Commercial auto— — — — — — — — — — — 
  Workers' compensation1 — 1 (1)— — (1)— — — — 
  Other commercial— — — — — — — — — — — 
    Total commercial lines(7)1 (6)19 (2)3 20 12 (2)4 14 
  Personal auto1 — 1 — — — — 1 — — 1 
  Homeowners8 — 8 (3)2 — (1)5 2 — 7 
  Other personal— — — — — — — — — — — 
    Total personal lines9 — 9 (3)2 — (1)6 2 — 8 
  Excess & surplus lines1 — 1 (4)1 — (3)(3)1 — (2)
  Other1 — 1 6 26 — 32 7 26 — 33 
      Total property casualty$4 $1 $5 $18 $27 $3 $48 $22 $27 $4 $53 
Net loss and loss expense incurred for the three months ended September 30, 2021
  Commercial casualty$71 $46 $117 $44 $(12)$(1)$31 $115 $(12)$45 $148 
  Commercial property121 21 142 (12)(16)(6)(34)109 (16)15 108 
  Commercial auto93 20 113 17 (5)(2)10 110 (5)18 123 
  Workers' compensation28 8 36 17 (4)(1)12 45 (4)7 48 
  Other commercial15 3 18 2 (1)5 6 17 (1)8 24 
    Total commercial lines328 98 426 68 (38)(5)25 396 (38)93 451 
  Personal auto87 18 105 3 1 (2)2 90 1 16 107 
  Homeowners101 20 121 17 7 (1)23 118 7 19 144 
  Other personal20 2 22 7 1 — 8 27 1 2 30 
    Total personal lines208 40 248 27 9 (3)33 235 9 37 281 
  Excess & surplus lines18 12 30 8 22 10 40 26 22 22 70 
  Other58 3 61 (6)130 1 125 52 130 4 186 
      Total property casualty$612 $153 $765 $97 $123 $3 $223 $709 $123 $156 $988 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Third-Quarter 2021 Supplemental Financial Data
12

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$1,244 $1,333 $1,276 $1,145 $1,153 $1,244 $1,198 $2,609 $2,442 $3,853 $3,595 $4,740 
   Agency new business written premiums230 235 220 185 189 210 215 455 425 685 614 799 
   Other written premiums64 146 197 64 51 105 105 343 210 407 261 325 
   Net written premiums $1,538 $1,714 $1,693 $1,394 $1,393 $1,559 $1,518 $3,407 $3,077 $4,945 $4,470 $5,864 
   Unearned premium change58 (200)(218)55 57 (156)(129)(418)(285)(360)(228)(173)
   Earned premiums$1,596 $1,514 $1,475 $1,449 $1,450 $1,403 $1,389 $2,989 $2,792 $4,585 $4,242 $5,691 
Year over year change %
   Agency renewal written premiums8 %7 %7 %6 %3 %5 %6 %7 %5 %7 %5 %5 %
   Agency new business written premiums22 12 2 (4)(2)(1)19 7 8 12 5 3 
   Other written premiums25 39 88 106 28 35 50 63 42 56 39 48 
   Net written premiums 10 10 12 7 3 6 10 11 8 11 6 6 
Paid losses and loss expenses
   Losses paid$612 $649 $564 $690 $628 $624 $663 $1,214 $1,289 $1,826 $1,917 $2,607 
   Loss expenses paid153 118 141 146 151 127 154 258 279 411 430 576 
   Loss and loss expenses paid$765 $767 $705 $836 $779 $751 $817 $1,472 $1,568 $2,237 $2,347 $3,183 
Incurred losses and loss expenses
   Loss and loss expense incurred$988 $830 $923 $829 $1,071 $1,007 $930 $1,753 $1,937 $2,741 $3,008 $3,837 
   Loss and loss expenses paid as a % of incurred77.4 %92.4 %76.4 %100.8 %72.7 %74.6 %87.7 %84.0 %80.9 %81.6 %78.0 %83.0 %
Statutory combined ratio
   Loss ratio51.3 %47.0 %52.0 %44.5 %59.8 %60.4 %56.1 %49.4 %58.2 %50.1 %58.8 %55.1 %
   Loss adjustment expense ratio10.1 8.9 11.0 12.9 11.3 11.6 11.3 10.0 11.5 10.0 11.4 11.8 
   Net underwriting expense ratio31.1 29.2 26.7 31.2 30.2 28.8 29.2 28.0 29.0 28.9 29.3 29.8 
   US Statutory combined ratio92.5 %85.1 %89.7 %88.6 %101.3 %100.8 %96.6 %87.4 %98.7 %89.0 %99.5 %96.7 %
   Contribution from catastrophe losses12.9 4.6 10.1 3.6 16.0 15.8 9.3 7.3 12.6 9.2 13.7 11.2 
   Statutory combined ratio excl. catastrophe losses79.6 %80.5 %79.6 %85.0 %85.3 %85.0 %87.3 %80.1 %86.1 %79.8 %85.8 %85.5 %
GAAP combined ratio
   GAAP combined ratio92.6 %85.5 %91.2 %87.3 %103.6 %103.1 %98.5 %88.3 %100.8 %89.8 %101.8 %98.1 %
   Contribution from catastrophe losses14.2 3.9 10.4 4.7 18.3 16.5 9.1 7.1 12.8 9.6 14.7 12.1 
   GAAP combined ratio excl. catastrophe losses78.4 %81.6 %80.8 %82.6 %85.3 %86.6 %89.4 %81.2 %88.0 %80.2 %87.1 %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 data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.
Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.
CINF Third-Quarter 2021 Supplemental Financial Data
13

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$775 $852 $898 $759 $727 $794 $842 $1,750 $1,636 $2,525 $2,363 $3,122 
   Agency new business written premiums145 146 145 113 114 134 154 291 288 436 402 515 
   Other written premiums(25)(21)(24)(32)(27)(20)(24)(45)(44)(70)(71)(103)
   Net written premiums $895 $977 $1,019 $840 $814 $908 $972 $1,996 $1,880 $2,891 $2,694 $3,534 
   Unearned premium change35 (66)(133)38 51 (38)(109)(199)(147)(164)(96)(58)
   Earned premiums$930 $911 $886 $878 $865 $870 $863 $1,797 $1,733 $2,727 $2,598 $3,476 
Year over year change %
   Agency renewal written premiums7 %7 %7 %6 %2 %4 %5 %7 %4 %7 %4 %4 %
   Agency new business written premiums27 9 (6)(12)(8)(2)28 1 12 8 6 1 
   Other written premiums7 (5)— (10)(29)20 (4)(2)8 1 (3)(5)
   Net written premiums 10 8 5 3 — 3 8 6 6 7 4 4 
Paid losses and loss expenses
   Losses paid$328 $391 $330 $408 $378 $367 $426 $720 $795 $1,049 $1,173 $1,581 
   Loss expenses paid98 78 96 98 103 86 103 174 189 272 291 388 
   Loss and loss expenses paid$426 $469 $426 $506 $481 $453 $529 $894 $984 $1,321 $1,464 $1,969 
Incurred losses and loss expenses
   Loss and loss expense incurred$451 $480 $503 $512 $620 $596 $608 $983 $1,204 $1,434 $1,824 $2,336 
   Loss and loss expenses paid as a % of incurred94.5 %97.7 %84.7 %98.8 %77.6 %76.0 %87.0 %90.9 %81.7 %92.1 %80.3 %84.3 %
Statutory combined ratio
   Loss ratio38.5 %43.9 %44.3 %43.6 %59.1 %56.7 %57.5 %44.1 %57.0 %42.2 %57.8 %54.2 %
   Loss adjustment expense ratio10.0 8.8 12.4 14.8 12.5 11.8 12.9 10.6 12.4 10.4 12.4 13.0 
   Net underwriting expense ratio33.2 29.9 26.2 32.0 32.0 28.6 28.9 28.0 28.8 29.6 29.7 30.3 
   Statutory combined ratio81.7 %82.6 %82.9 %90.4 %103.6 %97.1 %99.3 %82.7 %98.2 %82.2 %99.9 %97.5 %
   Contribution from catastrophe losses3.3 3.2 4.2 3.1 14.8 14.0 9.8 3.7 11.9 3.6 12.9 10.4 
   Statutory combined ratio excl. catastrophe losses78.4 %79.4 %78.7 %87.3 %88.8 %83.1 %89.5 %79.0 %86.3 %78.6 %87.0 %87.1 %
GAAP combined ratio
   GAAP combined ratio80.6 %84.2 %85.4 %89.2 %102.4 %99.1 %102.5 %84.8 %100.8 %83.4 %101.3 %98.3 %
   Contribution from catastrophe losses3.3 3.2 4.2 3.1 14.8 14.0 9.8 3.7 11.9 3.6 12.9 10.4 
   GAAP combined ratio excl. catastrophe losses77.3 %81.0 %81.2 %86.1 %87.6 %85.1 %92.7 %81.1 %88.9 %79.8 %88.4 %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 Third-Quarter 2021 Supplemental Financial Data
14

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$393 $397 $302 $317 $366 $387 $294 $699 $681 $1,092 $1,047 $1,364 
   Agency new business written premiums53 53 46 45 51 44 34 99 78 152 129 174 
   Other written premiums(11)(11)(10)(8)(10)(8)(9)(21)(17)(32)(27)(35)
   Net written premiums $435 $439 $338 $354 $407 $423 $319 $777 $742 $1,212 $1,149 $1,503 
   Unearned premium change(47)(57)38 19 (40)(59)40 (19)(19)(66)(59)(40)
   Earned premiums$388 $382 $376 $373 $367 $364 $359 $758 $723 $1,146 $1,090 $1,463 
Year over year change %
   Agency renewal written premiums7 %3 %3 %3 %3 %6 %4 %3 %5 %4 %4 %4 %
   Agency new business written premiums4 20 35 25 28 (6)(3)27 (5)18 6 10 
   Other written premiums(10)(38)(11)11 (25)20 (13)(24)6 (19)(4)— 
   Net written premiums 7 4 6 5 5 5 3 5 4 5 5 5 
Paid losses and loss expenses
   Losses paid$208 $198 $162 $200 $200 $203 $173 $360 $376 $568 $577 $778 
   Loss expenses paid40 29 32 36 38 30 40 60 69 100 106 143 
   Loss and loss expenses paid$248 $227 $194 $236 $238 $233 $213 $420 $445 $668 $683 $921 
Incurred losses and loss expenses
   Loss and loss expense incurred$281 $241 $273 $195 $265 $286 $231 $514 $517 $795 $782 $977 
   Loss and loss expenses paid as a % of incurred88.3 %94.2 %71.1 %121.0 %89.8 %81.5 %92.2 %81.7 %86.1 %84.0 %87.3 %94.3 %
Statutory combined ratio
   Loss ratio62.6 %54.1 %65.9 %42.8 %63.1 %67.5 %57.2 %60.0 %62.4 %60.9 %62.6 %57.6 %
   Loss adjustment expense ratio9.7 8.9 6.7 9.5 8.9 11.4 6.9 7.8 9.1 8.5 9.1 9.2 
   Net underwriting expense ratio28.2 27.2 30.7 30.6 26.9 29.4 32.1 28.7 30.6 28.5 29.3 29.6 
   Statutory combined ratio100.5 %90.2 %103.3 %82.9 %98.9 %108.3 %96.2 %96.5 %102.1 %97.9 %101.0 %96.4 %
   Contribution from catastrophe losses20.0 10.6 19.8 3.4 22.5 25.1 10.7 15.2 17.9 16.8 19.5 15.4 
   Statutory combined ratio excl. catastrophe losses80.5 %79.6 %83.5 %79.5 %76.4 %83.2 %85.5 %81.3 %84.2 %81.1 %81.5 %81.0 %
GAAP combined ratio
   GAAP combined ratio102.7 %92.7 %101.1 %81.3 %100.7 %112.3 %94.3 %96.8 %103.4 %98.8 %102.5 %97.1 %
   Contribution from catastrophe losses20.0 10.6 19.8 3.4 22.5 25.1 10.7 15.2 17.9 16.8 19.5 15.4 
   GAAP combined ratio excl. catastrophe losses82.7 %82.1 %81.3 %77.9 %78.2 %87.2 %83.6 %81.6 %85.5 %82.0 %83.0 %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 Third-Quarter 2021 Supplemental Financial Data
15

Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/219/30/216/30/213/31/2112/31/209/30/206/30/203/31/206/30/216/30/209/30/219/30/2012/31/2112/31/20
Premiums
   Agency renewal written premiums$76 $84 $76 $69 $60 $63 $62 $160 $125 $236 $185 $254 
   Agency new business written premiums32 36 29 27 24 32 27 65 59 97 83 110 
   Other written premiums(4)(5)(6)(4)(4)(4)(4)(11)(8)(15)(12)(16)
   Net written premiums $104 $115 $99 $92 $80 $91 $85 $214 $176 $318 $256 $348 
   Unearned premium change1 (20)(10)(5)2 (13)(7)(30)(20)(29)(18)(23)
   Earned premiums$105 $95 $89 $87 $82 $78 $78 $184 $156 $289 $238 $325 
Year over year change %
   Agency renewal written premiums27 %33 %23 %23 %20 %17 %27 %28 %21 %28 %21 %22 %
   Agency new business written premiums33 13 7 (4)(14)14 4 10 9 17 1 — 
   Other written premiums— (25)(50)— — — — (38)— (25)— — 
   Net written premiums 30 26 16 15 8 17 20 22 18 24 15 15 
Paid losses and loss expenses
   Losses paid$18 $19 $21 $22 $14 $14 $23 $40 $37 $59 $51 $73 
   Loss expenses paid12 8 11 10 10 9 9 19 19 31 29 39 
   Loss and loss expenses paid$30 $27 $32 $32 $24 $23 $32 $59 $56 $90 $80 $112 
Incurred losses and loss expenses
   Loss and loss expense incurred$70 $58 $59 $49 $48 $57 $45 $117 $102 $187 $150 $199 
   Loss and loss expenses paid as a % of incurred42.9 %46.6 %54.2 %65.3 %50.0 %40.4 %71.1 %50.4 %54.9 %48.1 %53.3 %56.3 %
Statutory combined ratio
   Loss ratio45.1 %45.0 %43.1 %39.6 %39.8 %56.4 %35.4 %44.1 %45.9 %44.5 %43.8 %42.7 %
   Loss adjustment expense ratio21.0 16.0 23.6 17.0 18.5 17.2 22.0 19.6 19.5 20.1 19.2 18.6 
   Net underwriting expense ratio29.7 31.1 26.4 28.3 29.6 26.6 28.8 29.0 27.7 29.2 28.3 28.3 
   Statutory combined ratio95.8 %92.1 %93.1 %84.9 %87.9 %100.2 %86.2 %92.7 %93.1 %93.8 %91.3 %89.6 %
   Contribution from catastrophe losses0.3 0.5 1.0 0.5 1.2 3.4 1.0 0.7 2.2 0.6 1.8 1.5 
   Statutory combined ratio excl. catastrophe losses95.5 %91.6 %92.1 %84.4 %86.7 %96.8 %85.2 %92.0 %90.9 %93.2 %89.5 %88.1 %
GAAP combined ratio
   GAAP combined ratio94.1 %89.5 %92.0 %83.2 %86.7 %102.0 %89.1 %90.7 %95.5 %91.9 %92.5 %90.0 %
   Contribution from catastrophe losses0.3 0.5 1.0 0.5 1.2 3.4 1.0 0.7 2.2 0.6 1.8 1.5 
   GAAP combined ratio excl. catastrophe losses93.8 %89.0 %91.0 %82.7 %85.5 %98.6 %88.1 %90.0 %93.3 %91.3 %90.7 %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 Third-Quarter 2021 Supplemental Financial Data
16

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(Dollars in millions)20212020Change% Change20212020Change% Change
Underwriting income
Net premiums written$1,491 $1,354 $137 10 $4,810 $4,341 $469 11 
Unearned premium change(36)(31)(5)(16)358 225 133 59 
Earned premiums$1,527 $1,385 $142 10 $4,452 $4,116 $336 8 
Losses incurred$783 $829 $(46)(6)$2,230 $2,419 $(189)(8)
Defense and cost containment expenses incurred76 79 (3)(4)210 243 (33)(14)
Adjusting and other expenses incurred80 77 3 4 236 227 9 4 
Other underwriting expenses incurred464 406 58 14 1,387 1,266 121 10 
Workers compensation dividend incurred(1)2 (3)nm3 7 (4)(57)
     Total underwriting deductions$1,402 $1,393 $9 1 $4,066 $4,162 $(96)(2)
Net underwriting profit (loss)$125 $(8)$133 nm$386 $(46)$432 nm
Investment income
Gross investment income earned$118 $105 $13 12 $343 $316 $27 9 
Net investment income earned117 103 14 14 337 311 26 8 
Net realized capital gains and losses, net1 28 (27)(96)8 (10)18 nm
     Net investment gains (net of tax)$118 $131 $(13)(10)$345 $301 $44 15 
     Other income $1 $1 $— — $4 $3 $1 33 
Net income before federal income taxes$244 $124 $120 97 $735 $258 $477 185 
Federal and foreign income taxes incurred44 20 24 120 135 37 98 265 
     Net income (statutory)$200 $104 $96 92 $600 $221 $379 171 
Policyholders' surplus - statutory$6,559 $5,372 $1,187 22 $6,559 $5,372 $1,187 22 
Fixed maturities at amortized cost - statutory$8,075 $7,513 $562 7 $8,075 $7,513 $562 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.
    
CINF Third-Quarter 2021 Supplemental Financial Data
17

The Cincinnati Life Insurance Company
Statutory Statements of Income
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(Dollars in millions)20212020Change% Change20212020Change% Change
Net premiums written$83 $79 $4 5 $255 $241 $14 6 
Net investment income47 41 6 15 135 124 11 9 
Amortization of interest maintenance reserve1 — 1 nm2 — 2 nm
Commissions and expense allowances on reinsurance ceded1 1 — — 3 3 — — 
Income from fees associated with separate accounts1 1 — — 2 2 — — 
Total revenues$133 $122 $11 9 $397 $370 $27 7 
Death benefits and matured endowments$44 $38 $6 16 $129 $106 $23 22 
Annuity benefits15 14 1 7 46 49 (3)(6)
Disability benefits and benefits under accident and health contracts— — — — 1 1 — — 
Surrender benefits and group conversions7 8 (1)(13)20 19 1 5 
Interest and adjustments on deposit-type contract funds2 2 — — 5 6 (1)(17)
Increase in aggregate reserves for life and accident and health contracts21 5 16 320 76 63 13 21 
Total benefit expenses$89 $67 $22 33 $277 $244 $33 14 
Commissions$13 $11 $2 18 $37 $36 $1 3 
General insurance expenses and taxes14 12 2 17 40 37 3 8 
Increase in loading on deferred and uncollected premiums1 (1)2 nm5 4 1 25 
Net transfers from separate accounts— (5)5 nm(3)(9)6 67 
Total underwriting expenses$28 $17 $11 65 $79 $68 $11 16 
Federal and foreign income taxes incurred5 5 — — 12 11 1 9 
Net gain from operations before capital gains and losses$11 $33 $(22)(67)$29 $47 $(18)(38)
Gains and losses net of capital gains tax, net— — — — 1 (31)32 nm
Net income (statutory)$11 $33 $(22)(67)$30 $16 $14 88 
Policyholders' surplus - statutory$261 $238 23 10 $261 $238 $23 10 
Fixed maturities at amortized cost - statutory$3,668 $3,471 $197 6 $3,668 $3,471 $197 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 Third-Quarter 2021 Supplemental Financial Data
18

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$57 $136 $196 $59 $54 $84 $105 $332 $189 $389 $242 $302 
   Year over year change %- written premium6 %62 %87 %64 %52 %15 %25 %76 %20 %61 %26 %32 %
Earned premiums$104 $94 $92 $69 $71 $57 $62 $186 $119 $290 $190 $259 
Current accident year before catastrophe losses52.8 %48.5 %42.1 %57.2 %56.1 %79.6 %47.6 %45.4 %63.0 %48.0 %60.4 %59.6 %
Current accident year catastrophe losses78.6 (1.7)35.4 15.4 22.3 — — 16.7 — 39.0 8.4 10.2 
Prior accident years before catastrophe losses(6.8)6.4 3.0 1.2 5.5 (0.6)3.1 4.7 1.3 0.6 2.8 2.4 
Prior accident years catastrophe losses6.4 (0.1)— — (8.6)(0.1)6.3 (0.1)3.2 2.2 (1.2)(0.9)
   Total loss and loss expense ratio131.0 %53.1 %80.5 %73.8 %75.3 %78.9 %57.0 %66.7 %67.5 %89.8 %70.4 %71.3 %
Cincinnati Global:
Written premiums$47 $47 $41 $49 $38 $53 $37 $88 $90 $135 $129 $177 
   Year over year change %- written premium24 %(11)%11 %32 %— %20 %76 %(2)%38 %5 %25 %26 %
Earned premiums$69 $32 $32 $42 $65 $34 $27 $64 $61 $133 $126 $168 
Current accident year before catastrophe losses35.3 %54.4 %30.9 %23.7 %62.9 %49.6 %63.7 %42.9 %55.6 %39.0 %59.4 %50.4 %
Current accident year catastrophe losses30.3 27.5 55.8 58.8 68.7 42.4 — 41.3 24.1 35.7 46.9 49.9 
Prior accident years before catastrophe losses(4.7)(23.4)(12.0)(11.9)(0.1)(27.9)(19.5)(17.8)(24.2)(11.1)(11.8)(11.9)
Prior accident years catastrophe losses12.2 (54.0)(31.0)(19.5)(0.1)1.0 (3.2)(42.7)(0.8)(14.4)(0.4)(5.2)
   Total loss and loss expense ratio73.1 %4.5 %43.7 %51.1 %131.4 %65.1 %41.0 %23.7 %54.7 %49.2 %94.1 %83.2 %
Noninsurance operations:
Interest and fees on loans and leases$2 $2 $1 $2 $1 $2 $1 $3 $3 $5 $4 $6 
Other revenue1 1 1 — 2 1 1 2 2 3 4 4 
Interest expense13 13 13 14 13 14 13 26 27 39 40 54 
Operating expenses5 5 4 5 5 5 5 9 10 14 15 20 
  Total noninsurance operations loss$(15)$(15)$(15)$(17)$(15)$(16)$(16)$(30)$(32)$(45)$(47)$(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 Third-Quarter 2021 Supplemental Financial Data
19