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Published: 2021-07-28 16:07:02 ET
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EX-99.2 3 exhibit9922q21.htm EX-99.2 Document

Cincinnati Financial Corporation
Supplemental Financial Data
for the period ending June 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 July 27, 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 Second-Quarter 2021 Supplemental Financial Data
1

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

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2021
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $3,104 $— $— $— $3,104 
    Life— — 185 — — 185 
    Premiums ceded— (115)(37)— — (152)
      Total earned premium— 2,989 148 — — 3,137 
  Investment income, net of expenses43 223 83 — — 349 
  Investment gains and losses, net405 615 4 — — 1,024 
  Fee revenues— 5 2 — — 7 
  Other revenues8 2 — 3 (8)5 
Total revenues$456 $3,834 $237 $3 $(8)$4,522 
Benefits & expenses
  Losses & contract holders' benefits$— $1,781 $207 $— $— $1,988 
  Reinsurance recoveries— (28)(42)— — (70)
  Underwriting, acquisition and insurance expenses— 887 42 — — 929 
  Interest expense26 — — — — 26 
  Other operating expenses16 — — 1 (8)9 
Total expenses$42 $2,640 $207 $1 $(8)$2,882 
Income before income taxes$414 $1,194 $30 $2 $— $1,640 
Provision for income taxes
  Current operating income (loss)$(88)$(22)$6 $— $— $(104)
  Capital gains/losses85 129 1 — — 215 
  Deferred86 121 (1)— — 206 
Total provision for income taxes$83 $228 $6 $— $— $317 
Net income - current year$331 $966 $24 $2 $— $1,323 
Net income (loss) - prior year$(111)$(207)$(1)$2 $— $(317)
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 2021 Supplemental Financial Data
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Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2021
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $1,574 $— $— $— $1,574 
    Life— — 98 — — 98 
    Premiums ceded— (60)(19)— — (79)
      Total earned premium— 1,514 79 — — 1,593 
  Investment income, net of expenses22 111 42 — — 175 
  Investment gains and losses, net232 284 4 — — 520 
  Fee revenues— 3 1 — — 4 
  Other revenues4 1 — 2 (4)3 
Total revenues$258 $1,913 $126 $2 $(4)$2,295 
Benefits & expenses
  Losses & contract holders' benefits$— $835 $100 $— $— $935 
  Reinsurance recoveries— (5)(15)— — (20)
  Underwriting, acquisition and insurance expenses— 466 24 — — 490 
  Interest expense13 — — — — 13 
  Other operating expenses9 — — — (4)5 
Total expenses$22 $1,296 $109 $— $(4)$1,423 
Income before income taxes$236 $617 $17 $2 $— $872 
Provision for income taxes
  Current operating income (loss)$(48)$11 $3 $— $— $(34)
  Capital gains/losses49 59 1 — — 109 
  Deferred48 47 (1)— — 94 
Total provision for income taxes$49 $117 $3 $— $— $169 
Net income - current year$187 $500 $14 $2 $— $703 
Net income - prior year$377 $518 $12 $2 $— $909 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 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$38 $5 $10 $21 $19 $— $43 $19 $40 $50 
Current accident year losses $1 million - $5 million51 31 52 46 53 50 82 103 149 202 
Large loss prior accident year reserve development13 24 13 (3)7 26 37 33 30 42 
   Total large losses incurred$102 $60 $75 $64 $79 $76 $162 $155 $219 $294 
Losses incurred but not reported(37)102 60 38 134 79 65 213 251 310 
Other losses excluding catastrophe losses577 451 454 550 409 496 1,028 905 1,455 1,909 
Catastrophe losses56 150 58 261 226 123 206 349 611 670 
   Total losses incurred$698 $763 $647 $913 $848 $774 $1,461 $1,622 $2,536 $3,183 
Commercial Lines
Current accident year losses greater than $5 million$38 $5 $10 $21 $19 $— $43 $19 $40 $50 
Current accident year losses $1 million - $5 million29 26 35 20 45 36 55 81 100 135 
Large loss prior accident year reserve development14 26 10 (1)5 22 40 27 27 36 
   Total large losses incurred$81 $57 $55 $40 $69 $58 $138 $127 $167 $221 
Losses incurred but not reported(34)39 50 60 72 58 5 130 190 240 
Other losses excluding catastrophe losses326 261 255 287 233 298 587 531 817 1,073 
Catastrophe losses27 35 23 125 119 82 62 201 327 350 
   Total losses incurred$400 $392 $383 $512 $493 $496 $792 $989 $1,501 $1,884 
Personal Lines
Current accident year losses greater than $5 million$— $— $— $— $— $— $— $— $— $— 
Current accident year losses $1 million - $5 million15 4 16 21 8 12 19 20 42 59 
Large loss prior accident year reserve development(2)(1)2 (2)2 5 (3)7 4 6 
   Total large losses incurred$13 $3 $18 $19 $10 $17 $16 $27 $46 $65 
Losses incurred but not reported(4)41 (1)(24)41 24 37 65 41 39 
Other losses excluding catastrophe losses158 130 134 156 105 127 288 232 388 523 
Catastrophe losses39 74 8 81 89 38 113 127 208 216 
   Total losses incurred$206 $248 $159 $232 $245 $206 $454 $451 $683 $843 
Excess & Surplus Lines
Current accident year losses greater than $5 million$— $— $— $— $— $— $— $— $— $— 
Current accident year losses $1 million - $5 million7 1 1 5 — 2 8 2 7 8 
Large loss prior accident year reserve development1 (1)1 — — (1)— (1)(1)— 
   Total large losses incurred$8 $— $2 $5 $— $1 $8 $1 $6 $8 
Losses incurred but not reported1 22 11 2 21 (3)23 18 20 31 
Other losses excluding catastrophe losses34 15 21 24 20 29 49 50 74 95 
Catastrophe losses— 1 — 1 3 1 1 3 4 5 
   Total losses incurred$43 $38 $34 $32 $44 $28 $81 $72 $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 Second-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 million2.5 %0.3 %0.7 %1.5 %1.4 %— %1.4 %0.7 %0.9 %0.9 %
Current accident year losses $1 million - $5 million3.4 2.2 3.6 3.2 3.7 3.6 2.8 3.7 3.5 3.6 
Large loss prior accident year reserve development0.9 1.6 0.9 (0.3)0.5 1.9 1.2 1.2 0.8 0.7 
   Total large loss ratio6.8 %4.1 %5.2 %4.4 %5.6 %5.5 %5.4 %5.6 %5.2 %5.2 %
Losses incurred but not reported(2.4)6.9 4.1 2.6 9.6 5.7 2.2 7.6 5.9 5.5 
Other losses excluding catastrophe losses38.0 30.5 31.3 38.0 29.2 35.6 34.4 32.4 34.3 33.4 
Catastrophe losses3.7 10.2 4.0 18.0 16.1 8.9 6.9 12.5 14.4 11.8 
   Total loss ratio46.1 %51.7 %44.6 %63.0 %60.5 %55.7 %48.9 %58.1 %59.8 %55.9 %
Commercial Lines
Current accident year losses greater than $5 million4.2 %0.6 %1.1 %2.5 %2.2 %— %2.4 %1.1 %1.5 %1.4 %
Current accident year losses $1 million - $5 million3.2 2.9 4.0 2.3 5.1 4.1 3.1 4.6 3.9 4.0 
Large loss prior accident year reserve development1.4 3.0 1.1 (0.2)0.6 2.6 2.2 1.6 1.0 1.0 
   Total large loss ratio8.8 %6.5 %6.2 %4.6 %7.9 %6.7 %7.7 %7.3 %6.4 %6.4 %
Losses incurred but not reported(3.6)4.3 5.7 6.9 8.3 6.8 0.3 7.5 7.3 6.9 
Other losses excluding catastrophe losses35.7 29.4 29.0 33.1 26.8 34.5 32.6 30.7 31.5 30.8 
Catastrophe losses3.0 4.0 2.7 14.5 13.6 9.5 3.5 11.6 12.6 10.1 
   Total loss ratio43.9 %44.2 %43.6 %59.1 %56.6 %57.5 %44.1 %57.1 %57.8 %54.2 %
Personal Lines
Current accident year losses greater than $5 million— %— %— %— %— %— %— %— %— %— %
Current accident year losses $1 million - $5 million4.0 1.2 4.4 5.8 2.3 3.5 2.5 2.9 3.8 4.0 
Large loss prior accident year reserve development(0.5)(0.3)0.6 (0.7)0.5 1.3 (0.3)0.9 0.4 0.4 
   Total large loss ratio3.5 %0.9 %5.0 %5.1 %2.8 %4.8 %2.2 %3.8 %4.2 %4.4 %
Losses incurred but not reported(1.1)11.0 (0.3)(6.6)11.3 6.6 4.9 8.9 3.7 2.7 
Other losses excluding catastrophe losses41.4 34.4 36.0 42.5 28.8 35.3 37.9 32.2 35.6 35.8 
Catastrophe losses10.3 19.6 2.1 22.1 24.6 10.5 14.9 17.5 19.1 14.7 
   Total loss ratio54.1 %65.9 %42.8 %63.1 %67.5 %57.2 %59.9 %62.4 %62.6 %57.6 %
Excess & Surplus Lines
Current accident year losses greater than $5 million— %— %— %— %— %— %— %— %— %— %
Current accident year losses $1 million - $5 million7.5 1.2 1.1 6.4 — 2.6 4.5 1.3 3.0 2.5 
Large loss prior accident year reserve development1.3 (1.7)1.2 0.1 0.1 (1.5)(0.2)(0.7)(0.4)— 
   Total large loss ratio8.8 %(0.5)%2.3 %6.5 %0.1 %1.1 %4.3 %0.6 %2.6 %2.5 %
Losses incurred but not reported0.8 24.8 12.6 2.6 27.2 (4.4)12.3 11.3 8.4 9.5 
Other losses excluding catastrophe losses35.0 17.8 24.3 29.5 25.8 37.8 26.8 31.9 31.0 29.3 
Catastrophe losses0.4 1.0 0.4 1.2 3.3 0.9 0.7 2.1 1.8 1.4 
   Total loss ratio45.0 %43.1 %39.6 %39.8 %56.4 %35.4 %44.1 %45.9 %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 Second-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		6 1 2 2 2 — 7 2 5 7 
Current accident year reported losses
   $1 million - $5 million		35 24 37 34 28 27 59 55 85 117 
Prior accident year reported losses on
   large losses		12 20 14 13 9 20 32 27 41 49 
   Non-Catastrophe reported losses on
      large losses total		53 45 53 49 39 47 98 84 131 173 
Commercial Lines
Current accident year reported losses greater
   than $5 million		6 1 2 2 2 — 7 2 5 7 
Current accident year reported losses
   $1 million - $5 million		19 20 26 19 24 17 39 41 57 79 
Prior accident year reported losses on
   large losses		8 18 11 12 8 17 26 23 36 41 
   Non-Catastrophe reported losses on
      large losses total		33 39 39 33 34 34 72 66 98 127 
Personal Lines
Current accident year reported losses greater
   than $5 million		— — — — — — — — — — 
Current accident year reported losses
   $1 million - $5 million		11 3 10 9 4 8 14 12 21 31 
Prior accident year reported losses on
   large losses		1 2 2 — — 3 3 3 3 5 
   Non-Catastrophe reported losses on
      large losses total		12 5 12 9 4 11 17 15 24 36 
Excess & Surplus Lines
Current accident year reported losses greater
   than $5 million		— — — — — — — — — — 
Current accident year reported losses
   $1 million - $5 million		5 1 1 6 — 2 6 2 7 7 
Prior accident year reported losses on
   large losses		3 — 1 1 1 — 3 1 2 3 
   Non-Catastrophe reported losses on
      large losses total		8 1 2 7 1 2 9 3 9 10 
*The sum of quarterly amounts may not equal the full year as each is computed independently.
CINF Second-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$338 $363 $287 $269 $308 $341 $701 $649 $918 $1,205 
Year over year change %- written premium10 %6 %7 %2 %4 %13 %8 %8 %6 %7 %
Earned premiums$312 $303 $297 $290 $289 $289 $615 $577 $868 $1,165 
Current accident year before catastrophe losses61.5 %64.5 %64.5 %63.1 %62.6 %65.8 %63.0 %64.1 %63.8 %64.0 %
Current accident year catastrophe losses— — — — — — — — — — 
Prior accident years before catastrophe losses(8.3)(2.2)(6.1)(3.2)(7.5)(1.6)(5.3)(4.5)(4.1)(4.6)
Prior accident years catastrophe losses— — — — — — — — — — 
   Total loss and loss expense ratio53.2 %62.3 %58.4 %59.9 %55.1 %64.2 %57.7 %59.6 %59.7 %59.4 %
Commercial property:
Written premiums$275 $267 $246 $252 $260 $261 $542 $521 $773 $1,019 
Year over year change %- written premium6 %2 %— %3 %5 %6 %4 %5 %5 %3 %
Earned premiums$259 $253 $255 $252 $254 $249 $512 $504 $755 $1,010 
Current accident year before catastrophe losses47.3 %53.8 %52.9 %53.0 %50.9 %47.8 %50.5 %49.4 %50.6 %51.2 %
Current accident year catastrophe losses14.0 20.0 13.2 50.5 48.5 34.2 16.9 41.4 44.4 36.5 
Prior accident years before catastrophe losses(1.1)(2.0)(2.4)(1.3)1.9 0.7 (1.5)1.3 0.5 (0.3)
Prior accident years catastrophe losses(3.8)(6.3)(2.5)0.3 (2.0)(1.1)(5.0)(1.6)(1.0)(1.3)
   Total loss and loss expense ratio56.4 %65.5 %61.2 %102.5 %99.3 %81.6 %60.9 %90.5 %94.5 %86.1 %
Commercial auto:
Written premiums$216 $223 $179 $171 $205 $208 $439 $413 $584 $763 
Year over year change %- written premium5 %7 %2 %(3)%5 %11 %6 %8 %4 %4 %
Earned premiums$198 $193 $192 $189 $189 $185 $391 $374 $563 $755 
Current accident year before catastrophe losses63.0 %63.1 %57.1 %56.2 %64.2 %70.9 %63.0 %67.5 %63.7 %62.1 %
Current accident year catastrophe losses1.5 1.6 — 0.4 2.2 1.2 1.6 1.7 1.3 0.9 
Prior accident years before catastrophe losses(6.0)(12.4)1.4 5.5 (1.1)3.3 (9.2)1.1 2.5 2.3 
Prior accident years catastrophe losses(0.2)(0.3)— (0.1)— (0.2)(0.2)(0.1)(0.1)(0.1)
   Total loss and loss expense ratio58.3 %52.0 %58.5 %62.0 %65.3 %75.2 %55.2 %70.2 %67.4 %65.2 %
Workers' compensation:
Written premiums$69 $88 $58 $51 $65 $92 $157 $157 $208 $266 
Year over year change %- written premium6 %(4)%(8)%(18)%(13)%(2)%— %(7)%(10)%(10)%
Earned premiums$68 $67 $64 $64 $68 $75 $135 $143 $207 $271 
Current accident year before catastrophe losses87.6 %76.6 %82.3 %81.7 %81.8 %81.1 %82.2 %81.4 %81.5 %81.7 %
Current accident year catastrophe losses— — — — — — — — — — 
Prior accident years before catastrophe losses(39.2)(37.9)(10.4)(9.6)(27.8)(9.8)(38.6)(18.3)(15.7)(14.4)
Prior accident years catastrophe losses— — — — — — — — — — 
   Total loss and loss expense ratio48.4 %38.7 %71.9 %72.1 %54.0 %71.3 %43.6 %63.1 %65.8 %67.3 %
Other commercial:
Written premiums$79 $78 $70 $71 $70 $70 $157 $140 $211 $281 
Year over year change %- written premium13 %11 %6 %1 %8 %9 %12 %9 %6 %6 %
Earned premiums$74 $70 $70 $70 $70 $65 $144 $135 $205 $275 
Current accident year before catastrophe losses38.0 %38.2 %38.5 %36.0 %35.5 %39.1 %38.1 %37.3 %36.9 %37.3 %
Current accident year catastrophe losses0.1 — — 0.3 0.1 0.1 — 0.1 0.2 0.1 
Prior accident years before catastrophe losses(11.2)(7.7)(2.8)(0.7)(1.7)1.7 (9.5)(0.1)(0.3)(0.9)
Prior accident years catastrophe losses— — 0.1 (0.1)— 0.2 — 0.1 — — 
   Total loss and loss expense ratio26.9 %30.5 %35.8 %35.5 %33.9 %41.1 %28.6 %37.4 %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 Second-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$166 $136 $139 $166 $169 $137 $302 $306 $472 $611 
Year over year change %- written premium(2)%(1)%(1)%— %(2)%(2)%(1)%(2)%(1)%(2)%
Earned premiums$152 $152 $153 $154 $154 $154 $305 $308 $462 $615 
Current accident year before catastrophe losses64.5 %66.1 %46.6 %48.5 %64.7 %69.4 %65.3 %67.0 %60.9 %57.3 %
Current accident year catastrophe losses1.7 2.6 — 2.6 1.5 2.1 2.2 1.8 2.0 1.6 
Prior accident years before catastrophe losses(5.5)(9.3)2.6 0.5 (4.2)(8.1)(7.5)(6.1)(3.9)(2.3)
Prior accident years catastrophe losses(0.2)(0.5)— — (0.2)(0.4)(0.3)(0.3)(0.2)(0.2)
   Total loss and loss expense ratio60.5 %58.9 %49.2 %51.6 %61.8 %63.0 %59.7 %62.4 %58.8 %56.4 %
Homeowner:
Written premiums$211 $156 $167 $189 $197 $140 $367 $337 $526 $693 
Year over year change %- written premium7 %11 %10 %9 %12 %8 %9 %10 %10 %10 %
Earned premiums$178 $174 $171 $165 $163 $159 $352 $322 $487 $658 
Current accident year before catastrophe losses50.2 %51.6 %45.2 %48.2 %45.0 %53.5 %50.9 %49.2 %48.9 %47.9 %
Current accident year catastrophe losses20.7 41.1 7.5 46.1 51.7 23.8 30.8 37.9 40.7 32.1 
Prior accident years before catastrophe losses0.9 (0.5)3.2 1.7 4.5 (8.7)0.2 (2.0)(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)(1.3)(1.0)
   Total loss and loss expense ratio71.3 %91.5 %56.1 %94.4 %101.1 %66.3 %81.3 %83.9 %87.5 %79.3 %
Other personal:
Written premiums$62 $46 $48 $52 $57 $42 $108 $99 $151 $199 
Year over year change %- written premium9 %10 %12 %6 %8 %8 %9 %8 %7 %8 %
Earned premiums$52 $50 $49 $48 $47 $46 $101 $93 $141 $190 
Current accident year before catastrophe losses45.9 %50.0 %49.1 %49.6 %48.5 %50.5 %48.0 %49.5 %49.5 %49.4 %
Current accident year catastrophe losses3.9 3.6 (0.3)10.6 11.8 4.6 3.7 8.2 9.0 6.6 
Prior accident years before catastrophe losses(8.6)(3.8)0.3 (0.7)(1.4)6.3 (6.2)2.4 1.4 1.1 
Prior accident years catastrophe losses0.4 (1.5)(0.4)(0.2)(0.7)(0.6)(0.6)(0.6)(0.5)(0.4)
   Total loss and loss expense ratio41.6 %48.3 %48.7 %59.3 %58.2 %60.8 %44.9 %59.5 %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$115 $99 $92 $80 $91 $85 $214 $176 $256 $348 
Year over year change %- written premium26 %16 %15 %8 %17 %20 %22 %18 %15 %15 %
Earned premiums$95 $89 $87 $82 $78 $78 $184 $156 $238 $325 
Current accident year before catastrophe losses62.0 %61.0 %57.6 %58.5 %59.0 %55.7 %61.5 %57.4 %57.8 %57.7 %
Current accident year catastrophe losses0.4 1.3 0.4 1.0 3.6 0.5 0.8 2.0 1.7 1.3 
Prior accident years before catastrophe losses(1.5)4.7 (1.5)(1.5)11.2 0.7 1.5 5.9 3.4 2.1 
Prior accident years catastrophe losses0.1 (0.3)0.1 0.2 (0.2)0.5 (0.1)0.2 0.1 0.2 
   Total loss and loss expense ratio61.0 %66.7 %56.6 %58.2 %73.6 %57.4 %63.7 %65.5 %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 Second-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 six months ended June 30, 2021
  Commercial casualty$202 $86 $288 $32 $(6)$41 $67 $234 $(6)$127 $355 
  Commercial property283 32 315 (16)23 (6)1 267 23 26 316 
  Commercial auto178 36 214 6 13 (18)1 184 13 18 215 
  Workers' compensation67 15 82 18 (29)(3)(14)85 (29)12 68 
  Other commercial28 5 33 9 (1)2 10 37 (1)7 43 
    Total commercial lines758 174 932 49 — 16 65 807 — 190 997 
  Personal auto141 33 174 4 8 (5)7 145 8 28 181 
  Homeowners168 24 192 15 58 5 78 183 58 29 270 
  Other personal33 3 36 5 4 — 9 38 4 3 45 
    Total personal lines342 60 402 24 70 — 94 366 70 60 496 
  Excess & surplus lines42 19 61 18 24 17 59 60 24 36 120 
  Other103 5 108 (1)60 1 60 102 60 6 168 
      Total property casualty$1,245 $258 $1,503 $90 $154 $34 $278 $1,335 $154 $292 $1,781 
Ceded loss and loss expense incurred for the six months ended June 30, 2021
  Commercial casualty$(3)$— $(3)$4 $— $(1)$3 $1 $— $(1)$— 
  Commercial property35 — 35 (27)(4)— (31)8 (4)— 4 
  Commercial auto— — — (1)— — (1)(1)— — (1)
  Workers' compensation5 — 5 5 — — 5 10 — — 10 
  Other commercial1 — 1 — — — — 1 — — 1 
    Total commercial lines38 — 38 (19)(4)(1)(24)19 (4)(1)14 
  Personal auto1 — 1 (2)— — (2)(1)— — (1)
  Homeowners(19)— (19)4 (2)— 2 (15)(2)— (17)
  Other personal— — — — — — — — — — — 
    Total personal lines(18)— (18)2 (2)— — (16)(2)— (18)
  Excess & surplus lines2 — 2 (1)2 — 1 1 2 — 3 
  Other9 — 9 — 20 — 20 9 20 — 29 
      Total property casualty$31 $— $31 $(18)$16 $(1)$(3)$13 $16 $(1)$28 
Net loss and loss expense incurred for the six months ended June 30, 2021
  Commercial casualty$205 $86 $291 $28 $(6)$42 $64 $233 $(6)$128 $355 
  Commercial property248 32 280 11 27 (6)32 259 27 26 312 
  Commercial auto178 36 214 7 13 (18)2 185 13 18 216 
  Workers' compensation62 15 77 13 (29)(3)(19)75 (29)12 58 
  Other commercial27 5 32 9 (1)2 10 36 (1)7 42 
    Total commercial lines720 174 894 68 4 17 89 788 4 191 983 
  Personal auto140 33 173 6 8 (5)9 146 8 28 182 
  Homeowners187 24 211 11 60 5 76 198 60 29 287 
  Other personal33 3 36 5 4 — 9 38 4 3 45 
    Total personal lines360 60 420 22 72 — 94 382 72 60 514 
  Excess & surplus lines40 19 59 19 22 17 58 59 22 36 117 
  Other94 5 99 (1)40 1 40 93 40 6 139 
      Total property casualty$1,214 $258 $1,472 $108 $138 $35 $281 $1,322 $138 $293 $1,753 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 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 June 30, 2021
  Commercial casualty$108 $38 $146 $24 $(21)$6 $9 $132 $(21)$44 $155 
  Commercial property143 14 157 12 (16)(2)(6)155 (16)12 151 
  Commercial auto96 16 112 (3)5 1 3 93 5 17 115 
  Workers' compensation34 7 41 6 (3)(4)(1)40 (3)3 40 
  Other commercial14 3 17 8 (5)1 4 22 (5)4 21 
    Total commercial lines395 78 473 47 (40)2 9 442 (40)80 482 
  Personal auto75 16 91 7 (6)— 1 82 (6)16 92 
  Homeowners83 11 94 5 7 5 17 88 7 16 111 
  Other personal20 2 22 4 (5)— (1)24 (5)2 21 
    Total personal lines178 29 207 16 (4)5 17 194 (4)34 224 
  Excess & surplus lines21 8 29 22 2 7 31 43 2 15 60 
  Other48 3 51 1 16 1 18 49 16 4 69 
      Total property casualty$642 $118 $760 $86 $(26)$15 $75 $728 $(26)$133 $835 
Ceded loss and loss expense incurred for the three months ended June 30, 2021
  Commercial casualty$(3)$— $(3)$(8)$— $— $(8)$(11)$— $— $(11)
  Commercial property4 — 4 2 (1)— 1 6 (1)— 5 
  Commercial auto— — — — — — — — — — — 
  Workers' compensation3 — 3 4 — — 4 7 — — 7 
  Other commercial— — — 1 — — 1 1 — — 1 
    Total commercial lines4 — 4 (1)(1)— (2)3 (1)— 2 
  Personal auto— — — — — — — — — — — 
  Homeowners(20)— (20)5 (1)— 4 (15)(1)— (16)
  Other personal— — — (1)— — (1)(1)— — (1)
    Total personal lines(20)— (20)4 (1)— 3 (16)(1)— (17)
  Excess & surplus lines2 — 2 (1)1 — — 1 1 — 2 
  Other7 — 7 — 11 — 11 7 11 — 18 
      Total property casualty$(7)$— $(7)$2 $10 $— $12 $(5)$10 $— $5 
Net loss and loss expense incurred for the three months ended June 30, 2021
  Commercial casualty$111 $38 $149 $32 $(21)$6 $17 $143 $(21)$44 $166 
  Commercial property139 14 153 10 (15)(2)(7)149 (15)12 146 
  Commercial auto96 16 112 (3)5 1 3 93 5 17 115 
  Workers' compensation31 7 38 2 (3)(4)(5)33 (3)3 33 
  Other commercial14 3 17 7 (5)1 3 21 (5)4 20 
    Total commercial lines391 78 469 48 (39)2 11 439 (39)80 480 
  Personal auto75 16 91 7 (6)— 1 82 (6)16 92 
  Homeowners103 11 114 — 8 5 13 103 8 16 127 
  Other personal20 2 22 5 (5)— — 25 (5)2 22 
    Total personal lines198 29 227 12 (3)5 14 210 (3)34 241 
  Excess & surplus lines19 8 27 23 1 7 31 42 1 15 58 
  Other41 3 44 1 5 1 7 42 5 4 51 
      Total property casualty$649 $118 $767 $84 $(36)$15 $63 $733 $(36)$133 $830 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 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$1,333 $1,276 $1,145 $1,153 $1,244 $1,198 $2,609 $2,442 $3,595 $4,740 
   Agency new business written premiums235 220 185 189 210 215 455 425 614 799 
   Other written premiums146 197 64 51 105 105 343 210 261 325 
   Net written premiums $1,714 $1,693 $1,394 $1,393 $1,559 $1,518 $3,407 $3,077 $4,470 $5,864 
   Unearned premium change(200)(218)55 57 (156)(129)(418)(285)(228)(173)
   Earned premiums$1,514 $1,475 $1,449 $1,450 $1,403 $1,389 $2,989 $2,792 $4,242 $5,691 
Year over year change %
   Agency renewal written premiums7 %7 %6 %3 %5 %6 %7 %5 %5 %5 %
   Agency new business written premiums12 2 (4)(2)(1)19 7 8 5 3 
   Other written premiums39 88 106 28 35 50 63 42 39 48 
   Net written premiums 10 12 7 3 6 10 11 8 6 6 
Paid losses and loss expenses
   Losses paid$649 $564 $690 $628 $624 $663 $1,214 $1,289 $1,917 $2,607 
   Loss expenses paid118 141 146 151 127 154 258 279 430 576 
   Loss and loss expenses paid$767 $705 $836 $779 $751 $817 $1,472 $1,568 $2,347 $3,183 
Incurred losses and loss expenses
   Loss and loss expense incurred$830 $923 $829 $1,071 $1,007 $930 $1,753 $1,937 $3,008 $3,837 
   Loss and loss expenses paid as a % of incurred92.4 %76.4 %100.8 %72.7 %74.6 %87.7 %84.0 %80.9 %78.0 %83.0 %
Statutory combined ratio
   Loss ratio47.0 %52.0 %44.5 %59.8 %60.4 %56.1 %49.4 %58.2 %58.8 %55.1 %
   Loss adjustment expense ratio8.9 11.0 12.9 11.3 11.6 11.3 10.0 11.5 11.4 11.8 
   Net underwriting expense ratio29.2 26.7 31.2 30.2 28.8 29.2 28.0 29.0 29.3 29.8 
   US Statutory combined ratio85.1 %89.7 %88.6 %101.3 %100.8 %96.6 %87.4 %98.7 %99.5 %96.7 %
   Contribution from catastrophe losses4.6 10.1 3.6 16.0 15.8 9.3 7.3 12.6 13.7 11.2 
   Statutory combined ratio excl. catastrophe losses80.5 %79.6 %85.0 %85.3 %85.0 %87.3 %80.1 %86.1 %85.8 %85.5 %
GAAP combined ratio
   GAAP combined ratio85.5 %91.2 %87.3 %103.6 %103.1 %98.5 %88.3 %100.8 %101.8 %98.1 %
   Contribution from catastrophe losses3.9 10.4 4.7 18.3 16.5 9.1 7.1 12.8 14.7 12.1 
   GAAP combined ratio excl. catastrophe losses81.6 %80.8 %82.6 %85.3 %86.6 %89.4 %81.2 %88.0 %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 ratios exclude the results of Cincinnati Global.
Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.
CINF Second-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$852 $898 $759 $727 $794 $842 $1,750 $1,636 $2,363 $3,122 
   Agency new business written premiums146 145 113 114 134 154 291 288 402 515 
   Other written premiums(21)(24)(32)(27)(20)(24)(45)(44)(71)(103)
   Net written premiums $977 $1,019 $840 $814 $908 $972 $1,996 $1,880 $2,694 $3,534 
   Unearned premium change(66)(133)38 51 (38)(109)(199)(147)(96)(58)
   Earned premiums$911 $886 $878 $865 $870 $863 $1,797 $1,733 $2,598 $3,476 
Year over year change %
   Agency renewal written premiums7 %7 %6 %2 %4 %5 %7 %4 %4 %4 %
   Agency new business written premiums9 (6)(12)(8)(2)28 1 12 6 1 
   Other written premiums(5)— (10)(29)20 (4)(2)8 (3)(5)
   Net written premiums 8 5 3 — 3 8 6 6 4 4 
Paid losses and loss expenses
   Losses paid$391 $330 $408 $378 $367 $426 $720 $795 $1,173 $1,581 
   Loss expenses paid78 96 98 103 86 103 174 189 291 388 
   Loss and loss expenses paid$469 $426 $506 $481 $453 $529 $894 $984 $1,464 $1,969 
Incurred losses and loss expenses
   Loss and loss expense incurred$480 $503 $512 $620 $596 $608 $983 $1,204 $1,824 $2,336 
   Loss and loss expenses paid as a % of incurred97.7 %84.7 %98.8 %77.6 %76.0 %87.0 %90.9 %81.7 %80.3 %84.3 %
Statutory combined ratio
   Loss ratio43.9 %44.3 %43.6 %59.1 %56.7 %57.5 %44.1 %57.0 %57.8 %54.2 %
   Loss adjustment expense ratio8.8 12.4 14.8 12.5 11.8 12.9 10.6 12.4 12.4 13.0 
   Net underwriting expense ratio29.9 26.2 32.0 32.0 28.6 28.9 28.0 28.8 29.7 30.3 
   Statutory combined ratio82.6 %82.9 %90.4 %103.6 %97.1 %99.3 %82.7 %98.2 %99.9 %97.5 %
   Contribution from catastrophe losses3.2 4.2 3.1 14.8 14.0 9.8 3.7 11.9 12.9 10.4 
   Statutory combined ratio excl. catastrophe losses79.4 %78.7 %87.3 %88.8 %83.1 %89.5 %79.0 %86.3 %87.0 %87.1 %
GAAP combined ratio
   GAAP combined ratio84.2 %85.4 %89.2 %102.4 %99.1 %102.5 %84.8 %100.8 %101.3 %98.3 %
   Contribution from catastrophe losses3.2 4.2 3.1 14.8 14.0 9.8 3.7 11.9 12.9 10.4 
   GAAP combined ratio excl. catastrophe losses81.0 %81.2 %86.1 %87.6 %85.1 %92.7 %81.1 %88.9 %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 Second-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$397 $302 $317 $366 $387 $294 $699 $681 $1,047 $1,364 
   Agency new business written premiums53 46 45 51 44 34 99 78 129 174 
   Other written premiums(11)(10)(8)(10)(8)(9)(21)(17)(27)(35)
   Net written premiums $439 $338 $354 $407 $423 $319 $777 $742 $1,149 $1,503 
   Unearned premium change(57)38 19 (40)(59)40 (19)(19)(59)(40)
   Earned premiums$382 $376 $373 $367 $364 $359 $758 $723 $1,090 $1,463 
Year over year change %
   Agency renewal written premiums3 %3 %3 %3 %6 %4 %3 %5 %4 %4 %
   Agency new business written premiums20 35 25 28 (6)(3)27 (5)6 10 
   Other written premiums(38)(11)11 (25)20 (13)(24)6 (4)— 
   Net written premiums 4 6 5 5 5 3 5 4 5 5 
Paid losses and loss expenses
   Losses paid$198 $162 $200 $200 $203 $173 $360 $376 $577 $778 
   Loss expenses paid29 32 36 38 30 40 60 69 106 143 
   Loss and loss expenses paid$227 $194 $236 $238 $233 $213 $420 $445 $683 $921 
Incurred losses and loss expenses
   Loss and loss expense incurred$241 $273 $195 $265 $286 $231 $514 $517 $782 $977 
   Loss and loss expenses paid as a % of incurred94.2 %71.1 %121.0 %89.8 %81.5 %92.2 %81.7 %86.1 %87.3 %94.3 %
Statutory combined ratio
   Loss ratio54.1 %65.9 %42.8 %63.1 %67.5 %57.2 %60.0 %62.4 %62.6 %57.6 %
   Loss adjustment expense ratio8.9 6.7 9.5 8.9 11.4 6.9 7.8 9.1 9.1 9.2 
   Net underwriting expense ratio27.2 30.7 30.6 26.9 29.4 32.1 28.7 30.6 29.3 29.6 
   Statutory combined ratio90.2 %103.3 %82.9 %98.9 %108.3 %96.2 %96.5 %102.1 %101.0 %96.4 %
   Contribution from catastrophe losses10.6 19.8 3.4 22.5 25.1 10.7 15.2 17.9 19.5 15.4 
   Statutory combined ratio excl. catastrophe losses79.6 %83.5 %79.5 %76.4 %83.2 %85.5 %81.3 %84.2 %81.5 %81.0 %
GAAP combined ratio
   GAAP combined ratio92.7 %101.1 %81.3 %100.7 %112.3 %94.3 %96.8 %103.4 %102.5 %97.1 %
   Contribution from catastrophe losses10.6 19.8 3.4 22.5 25.1 10.7 15.2 17.9 19.5 15.4 
   GAAP combined ratio excl. catastrophe losses82.1 %81.3 %77.9 %78.2 %87.2 %83.6 %81.6 %85.5 %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 Second-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$84 $76 $69 $60 $63 $62 $160 $125 $185 $254 
   Agency new business written premiums36 29 27 24 32 27 65 59 83 110 
   Other written premiums(5)(6)(4)(4)(4)(4)(11)(8)(12)(16)
   Net written premiums $115 $99 $92 $80 $91 $85 $214 $176 $256 $348 
   Unearned premium change(20)(10)(5)2 (13)(7)(30)(20)(18)(23)
   Earned premiums$95 $89 $87 $82 $78 $78 $184 $156 $238 $325 
Year over year change %
   Agency renewal written premiums33 %23 %23 %20 %17 %27 %28 %21 %21 %22 %
   Agency new business written premiums13 7 (4)(14)14 4 10 9 1 — 
   Other written premiums(25)(50)— — — — (38)— — — 
   Net written premiums 26 16 15 8 17 20 22 18 15 15 
Paid losses and loss expenses
   Losses paid$19 $21 $22 $14 $14 $23 $40 $37 $51 $73 
   Loss expenses paid8 11 10 10 9 9 19 19 29 39 
   Loss and loss expenses paid$27 $32 $32 $24 $23 $32 $59 $56 $80 $112 
Incurred losses and loss expenses
   Loss and loss expense incurred$58 $59 $49 $48 $57 $45 $117 $102 $150 $199 
   Loss and loss expenses paid as a % of incurred46.6 %54.2 %65.3 %50.0 %40.4 %71.1 %50.4 %54.9 %53.3 %56.3 %
Statutory combined ratio
   Loss ratio45.0 %43.1 %39.6 %39.8 %56.4 %35.4 %44.1 %45.9 %43.8 %42.7 %
   Loss adjustment expense ratio16.0 23.6 17.0 18.5 17.2 22.0 19.6 19.5 19.2 18.6 
   Net underwriting expense ratio31.1 26.4 28.3 29.6 26.6 28.8 29.0 27.7 28.3 28.3 
   Statutory combined ratio92.1 %93.1 %84.9 %87.9 %100.2 %86.2 %92.7 %93.1 %91.3 %89.6 %
   Contribution from catastrophe losses0.5 1.0 0.5 1.2 3.4 1.0 0.7 2.2 1.8 1.5 
   Statutory combined ratio excl. catastrophe losses91.6 %92.1 %84.4 %86.7 %96.8 %85.2 %92.0 %90.9 %89.5 %88.1 %
GAAP combined ratio
   GAAP combined ratio89.5 %92.0 %83.2 %86.7 %102.0 %89.1 %90.7 %95.5 %92.5 %90.0 %
   Contribution from catastrophe losses0.5 1.0 0.5 1.2 3.4 1.0 0.7 2.2 1.8 1.5 
   GAAP combined ratio excl. catastrophe losses89.0 %91.0 %82.7 %85.5 %98.6 %88.1 %90.0 %93.3 %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 Second-Quarter 2021 Supplemental Financial Data
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Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Dollars in millions)20212020Change% Change20212020Change% Change
Underwriting income
Net premiums written$1,667 $1,506 $161 11 $3,319 $2,987 $332 11 
Unearned premium change185 137 48 35 394 256 138 54 
Earned premiums$1,482 $1,369 $113 8 $2,925 $2,731 $194 7 
Losses incurred$697 $826 $(129)(16)$1,447 $1,590 $(143)(9)
Defense and cost containment expenses incurred54 83 (29)(35)134 164 (30)(18)
Adjusting and other expenses incurred77 76 1 1 156 150 6 4 
Other underwriting expenses incurred484 430 54 13 923 860 63 7 
Workers compensation dividend incurred2 2 — — 4 5 (1)(20)
     Total underwriting deductions$1,314 $1,417 $(103)(7)$2,664 $2,769 $(105)(4)
Net underwriting profit (loss)$168 $(48)$216 nm$261 $(38)$299 nm
Investment income
Gross investment income earned$116 $106 $10 9 $225 $211 $14 7 
Net investment income earned113 105 8 8 220 208 12 6 
Net realized capital gains and losses, net10 8 2 25 7 (38)45 nm
     Net investment gains (net of tax)$123 $113 $10 9 $227 $170 $57 34 
     Other income $1 $1 $— — $3 $3 $— — 
Net income before federal income taxes$292 $65 $227 349 $491 $134 $357 266 
Federal and foreign income taxes incurred61 12 49 408 91 17 74 435 
     Net income (statutory)$231 $53 $178 336 $400 $117 $283 242 
Policyholders' surplus - statutory$6,464 $5,155 $1,309 25 $6,464 $5,155 $1,309 25 
Fixed maturities at amortized cost - statutory$7,881 $7,418 $463 6 $7,881 $7,418 $463 6 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
    
CINF Second-Quarter 2021 Supplemental Financial Data
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The Cincinnati Life Insurance Company
Statutory Statements of Income
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Dollars in millions)20212020Change% Change20212020Change% Change
Net premiums written$85 $85 $— — $172 $162 $10 6 
Net investment income45 40 5 13 88 83 5 6 
Amortization of interest maintenance reserve1 — 1 nm1 — 1 nm
Commissions and expense allowances on reinsurance ceded1 1 — — 2 2 — — 
Income from fees associated with separate accounts1 1 — — 1 1 — — 
Total revenues$133 $127 $6 5 $264 $248 $16 6 
Death benefits and matured endowments$36 $37 $(1)(3)$85 $68 $17 25 
Annuity benefits17 13 4 31 31 35 (4)(11)
Disability benefits and benefits under accident and health contracts— — — — 1 1 — — 
Surrender benefits and group conversions5 5 — — 13 11 2 18 
Interest and adjustments on deposit-type contract funds2 2 — — 3 4 (1)(25)
Increase in aggregate reserves for life and accident and health contracts32 37 (5)(14)55 58 (3)(5)
Total benefit expenses$92 $94 $(2)(2)$188 $177 $11 6 
Commissions$12 $12 $— — $24 $25 $(1)(4)
General insurance expenses and taxes14 12 2 17 26 25 1 4 
Increase in loading on deferred and uncollected premiums1 (3)4 nm4 5 (1)(20)
Net transfers from separate accounts(3)(4)1 25 (3)(4)1 25 
Total underwriting expenses$24 $17 $7 41 $51 $51 $— — 
Federal and foreign income taxes incurred5 5 — — 7 6 1 17 
Net gain from operations before capital gains and losses$12 $11 $1 9 $18 $14 $4 29 
Gains and losses net of capital gains tax, net1 2 (1)50 1 (31)32 nm
Net income (loss) (statutory)$13 $13 $— — $19 $(17)$36 nm
Policyholders' surplus - statutory$253 $208 45 22 $253 $208 $45 22 
Fixed maturities at amortized cost - statutory$3,676 $3,456 $220 6 $3,676 $3,456 $220 6 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
CINF Second-Quarter 2021 Supplemental Financial Data
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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$136 $196 $59 $54 $84 $105 $332 $189 $242 $302 
   Year over year change %- written premium62 %87 %64 %52 %15 %25 %76 %20 %26 %32 %
Earned premiums$94 $92 $69 $71 $57 $62 $186 $119 $190 $259 
Current accident year before catastrophe losses48.5 %42.1 %57.2 %56.1 %79.6 %47.6 %45.4 %63.0 %60.4 %59.6 %
Current accident year catastrophe losses(1.7)35.4 15.4 22.3 — — 16.7 — 8.4 10.2 
Prior accident years before catastrophe losses6.4 3.0 1.2 5.5 (0.6)3.1 4.7 1.3 2.8 2.4 
Prior accident years catastrophe losses(0.1)— — (8.6)(0.1)6.3 (0.1)3.2 (1.2)(0.9)
   Total loss and loss expense ratio53.1 %80.5 %73.8 %75.3 %78.9 %57.0 %66.7 %67.5 %70.4 %71.3 %
Cincinnati Global:
Written premiums$47 $41 $49 $38 $53 $37 $88 $90 $129 $177 
   Year over year change %- written premium(11)%11 %32 %— %20 %76 %(2)%38 %25 %26 %
Earned premiums$32 $32 $42 $65 $34 $27 $64 $61 $126 $168 
Current accident year before catastrophe losses54.4 %30.9 %23.7 %62.9 %49.6 %63.7 %42.9 %55.6 %59.4 %50.4 %
Current accident year catastrophe losses27.5 55.8 58.8 68.7 42.4 — 41.3 24.1 46.9 49.9 
Prior accident years before catastrophe losses(23.4)(12.0)(11.9)(0.1)(27.9)(19.5)(17.8)(24.2)(11.8)(11.9)
Prior accident years catastrophe losses(54.0)(31.0)(19.5)(0.1)1.0 (3.2)(42.7)(0.8)(0.4)(5.2)
   Total loss and loss expense ratio4.5 %43.7 %51.1 %131.4 %65.1 %41.0 %23.7 %54.7 %94.1 %83.2 %
Noninsurance operations:
Interest and fees on loans and leases$2 $1 $2 $1 $2 $1 $3 $3 $4 $6 
Other revenue1 1 — 2 1 1 2 2 4 4 
Interest expense13 13 14 13 14 13 26 27 40 54 
Operating expenses5 4 5 5 5 5 9 10 15 20 
  Total noninsurance operations loss$(15)$(15)$(17)$(15)$(16)$(16)$(30)$(32)$(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 Second-Quarter 2021 Supplemental Financial Data
19