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Published: 2021-02-10 16:09:46 ET
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EX-99.2 3 exhibit992q420.htm EX-99.2 Document

Cincinnati Financial Corporation
Supplemental Financial Data
for the Period Ending December 31, 2020

6200 South Gilmore Road
Fairfield, Ohio 45014-5141
cinfin.com

Investor Contact:Media Contact:Shareholder Contact:
Dennis E. McDanielBetsy E. ErtelBrandon McIntosh
513-870-2768513-603-5323513-870-2696

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

Ratings are as of February 9, 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 Fourth-Quarter 2020 Supplemental Financial Data
1


Cincinnati Financial Corporation
Supplemental Financial Data
Fourth Quarter 2020
Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
Consolidated
CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2020
CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2020
5-Year Net Income Reconciliation
Consolidated Property Casualty Insurance Operations
Losses Incurred Detail
Loss Ratio Detail
Loss Claim Count Detail
Direct Written Premiums by Risk State by Line of Business
Quarterly Property Casualty Data – Commercial Lines
Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines
Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2020
Loss and Loss Expense Analysis – Three Months Ended December 31, 2020
Reconciliation Data
Quarterly Property Casualty Data – Consolidated
Quarterly Property Casualty Data – Commercial Lines
Quarterly Property Casualty Data – Personal Lines
Quarterly Property Casualty Data – Excess & Surplus Lines
Statutory Statements of Income
Consolidated Cincinnati Insurance Companies Statutory Statements of Income
The Cincinnati Life Insurance Company Statutory Statements of Income
Other
Quarterly Data – Other

CINF Fourth-Quarter 2020 Supplemental Financial Data
2

Definitions of Non-GAAP Information and
Reconciliation to Comparable GAAP Measures
Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.
Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management’s control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.
•Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management’s discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.
For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.
•    Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.
•Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.

Other Measures
•    Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company’s insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.
•    Statutory accounting rules: For public reporting, insurance companies prepare financial statements in accordance with GAAP. However, insurers also must calculate certain data according to statutory accounting rules for insurance company regulation in the United States of America as defined in the NAIC’s Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments and differ from GAAP. Statutory data is publicly available, and various organizations use it to calculate aggregate industry data, study industry trends and compare insurance companies.
•    Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium.

CINF Fourth-Quarter 2020 Supplemental Financial Data
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Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2020
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $5,908 $— $— $— $5,908 
    Life— — 362 — — 362 
    Premiums ceded— (217)(73)— — (290)
      Total earned premium— 5,691 289 — — 5,980 
  Investment income, net of expenses81 431 158 — — 670 
  Investment gains and losses, net556 336 (27)— — 865 
  Fee revenues— 9 2 — — 11 
  Other revenues15 5 — 6 (16)10 
Total revenues$652 $6,472 $422 $6 $(16)$7,536 
Benefits & expenses
  Losses & contract holders' benefits$— $3,883 $359 $— $— $4,242 
  Reinsurance recoveries— (46)(62)— — (108)
  Underwriting, acquisition and insurance expenses— 1,744 85 — — 1,829 
  Interest expense54 — — — — 54 
  Other operating expenses34 — — 2 (16)20 
Total expenses$88 $5,581 $382 $2 $(16)$6,037 
Income before income taxes$564 $891 $40 $4 $— $1,499 
Provision (benefit) for income taxes
  Current operating income $(97)$44 $18 $1 $— $(34)
  Capital gains/losses117 70 (6)— — 181 
  Deferred91 49 (4)— — 136 
Total provision for income taxes$111 $163 $8 $1 $— $283 
Net income - current year$453 $728 $32 $3 $— $1,216 
Net income - prior year$583 $1,373 $39 $2 $— $1,997 
*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, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2020 Supplemental Financial Data
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Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2020
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $1,503 $— $— $— $1,503 
    Life— — 89 — — 89 
    Premiums ceded— (54)(18)— — (72)
      Total earned premium— 1,449 71 — — 1,520 
  Investment income, net of expenses23 109 40 — — 172 
  Investment gains and losses, net422 573 2 — — 997 
  Fee revenues— 2 1 — — 3 
  Other revenues4 1 — 2 (5)2 
Total revenues$449 $2,134 $114 $2 $(5)$2,694 
Benefits & expenses
  Losses & contract holders' benefits$— $835 $89 $— $— $924 
  Reinsurance recoveries— (6)(16)— — (22)
  Underwriting, acquisition and insurance expenses— 435 22 — — 457 
  Interest expense14 — — — — 14 
  Other operating expenses10 — — — (5)5 
Total expenses$24 $1,264 $95 $— $(5)$1,378 
Income before income taxes$425 $870 $19 $2 $— $1,316 
Provision (benefit) for income taxes
  Current operating income$(87)$(61)$4 $1 $— $(143)
  Capital gains/losses89 120 — — — 209 
  Deferred85 116 — — — 201 
Total provision for income taxes$87 $175 $4 $1 $— $267 
Net income - current year$338 $695 $15 $1 $— $1,049 
Net income - prior year$199 $418 $9 $— $— $626 
 *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, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2020 Supplemental Financial Data
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Cincinnati Financial Corporation
5-Year Net Income Reconciliation
(Dollars in millions except per share data)Years ended December 31,
20202019201820172016
Net income$1,216 $1,997 $287 $1,045 $591 
Less:
Investment gains and losses, net865 1,650 (402)148 124 
Income tax on investment gains and losses(182)(347)84 (53)(44)
Investment gains and losses, after-tax683 1,303 (318)95 80 
     Other non-recurring items— — 56 495 — 
Non-GAAP operating income$533 $694 $549 $455 $511 
Diluted per share data:
Net income$7.49 $12.10 $1.75 $6.29 $3.55 
Less:
Investment gains and losses, net5.33 10.00 (2.44)0.89 0.74 
Income tax on investment gains and losses(1.12)(2.10)0.50 (0.32)(0.26)
Investment gains and losses, after-tax4.21 7.90 (1.94)0.57 0.48 
     Other non-recurring items— — 0.34 2.98 — 
Non-GAAP operating income$3.28 $4.20 $3.35 $2.74 $3.07 
Value creation ratio
Book value per share growth10.7 %25.9 %(4.3)%17.1 %9.6 %
Shareholder dividend declared as a percentage of beginning book value4.0 4.6 4.2 5.8 4.9 
Value creation ratio14.7 %30.5 %(0.1)%22.9 %14.5 %
Investment income
Investment income, net of expenses$670 $646 $619 $609 $595 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
*Includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2020 Supplemental Financial Data
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Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Consolidated
Current accident year losses greater than $5,000,000$10 $21 $19 $— $14 $(1)$14 $— $19 $14 $40 $13 $50 $27 
Current accident year losses $1,000,000-$5,000,00052 46 53 50 77 76 53 37 103 90 149 166 202 243 
Large loss prior accident year reserve development13 (3)7 26 (4)33 5 16 33 21 30 54 42 50 
   Total large losses incurred$75 $64 $79 $76 $87 $108 $72 $53 $155 $125 $219 $233 $294 $320 
Losses incurred but not reported60 38 134 79 41 (24)(14)47 213 33 251 9 310 50 
Other losses excluding catastrophe losses454 550 409 496 512 566 547 493 905 1,039 1,455 1,606 1,909 2,118 
Catastrophe losses58 261 226 123 42 70 128 69 349 198 611 268 670 309 
   Total losses incurred$647 $913 $848 $774 $682 $720 $733 $662 $1,622 $1,395 $2,536 $2,116 $3,183 $2,797 
Commercial Lines
Current accident year losses greater than $5,000,000$10 $21 $19 $— $14 $(1)$14 $— $19 $14 $40 $13 $50 $27 
Current accident year losses $1,000,000-$5,000,00035 20 45 36 62 56 41 26 81 68 100 124 135 185 
Large loss prior accident year reserve development10 (1)5 22 1 32 3 13 27 16 27 48 36 49 
   Total large losses incurred$55 $40 $69 $58 $77 $87 $58 $39 $127 $98 $167 $185 $221 $261 
Losses incurred but not reported50 60 72 58 12 (22)(7)43 130 36 190 14 240 26 
Other losses excluding catastrophe losses255 287 233 298 302 314 320 286 531 605 817 919 1,073 1,222 
Catastrophe losses23 125 119 82 (9)32 94 25 201 119 327 151 350 142 
   Total losses incurred$383 $512 $493 $496 $382 $411 $465 $393 $989 $858 $1,501 $1,269 $1,884 $1,651 
Personal Lines
Current accident year losses greater than $5,000,000$— $— $— $— $— $— $— $— $— $— $— $— $— $— 
Current accident year losses $1,000,000-$5,000,00016 21 8 12 11 20 10 10 20 19 42 39 59 51 
Large loss prior accident year reserve development2 (2)2 5 (3)(1)1 2 7 3 4 2 6 (1)
   Total large losses incurred$18 $19 $10 $17 $8 $19 $11 $12 $27 $22 $46 $41 $65 $50 
Losses incurred but not reported(1)(24)41 24 17 — (4)4 65 — 41 (1)39 17 
Other losses excluding catastrophe losses134 156 105 127 160 172 167 163 232 330 388 504 523 662 
Catastrophe losses8 81 89 38 33 23 34 45 127 79 208 101 216 135 
   Total losses incurred$159 $232 $245 $206 $218 $214 $208 $224 $451 $431 $683 $645 $843 $864 
Excess & Surplus Lines
Current accident year losses greater than $5,000,000$— $— $— $— $— $— $— $— $— $— $— $— $— $— 
Current accident year losses $1,000,000-$5,000,0001 5 — 2 4 — 2 1 2 3 7 3 8 7 
Large loss prior accident year reserve development1 — — (1)(2)2 1 1 (1)2 (1)4 — 2 
   Total large losses incurred$2 $5 $— $1 $2 $2 $3 $2 $1 $5 $6 $7 $8 $9 
Losses incurred but not reported11 2 21 (3)12 (2)(3)— 18 (3)20 (4)31 7 
Other losses excluding catastrophe losses21 24 20 29 14 25 18 19 50 36 74 61 95 76 
Catastrophe losses— 1 3 1 1 1 — — 3 1 4 1 5 2 
   Total losses incurred$34 $32 $44 $28 $29 $26 $18 $21 $72 $39 $104 $65 $139 $94 
*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, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2020 Supplemental Financial Data
7

Consolidated Property Casualty
Loss Ratio Detail
Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Consolidated
Current accident year losses greater than $5,000,0000.7 %1.5 %1.4 %— %1.1 %(0.1)%1.1 %— %0.7 %0.5 %0.9 %0.3 %0.9 %0.5 %
Current accident year losses $1,000,000-$5,000,0003.6 3.2 3.7 3.6 5.6 5.5 4.0 2.9 3.7 3.5 3.5 4.2 3.6 4.6 
Large loss prior accident year reserve development0.9 (0.3)0.5 1.9 (0.4)2.4 0.4 1.2 1.2 0.8 0.8 1.4 0.7 0.9 
   Total large loss ratio5.2 %4.4 %5.6 %5.5 %6.3 %7.8 %5.5 %4.1 %5.6 %4.8 %5.2 %5.9 %5.2 %6.0 %
Losses incurred but not reported4.1 2.6 9.6 5.7 3.0 (1.8)(1.1)3.7 7.6 1.3 5.9 0.2 5.5 0.9 
Other losses excluding catastrophe losses31.3 38.0 29.2 35.6 37.3 41.2 41.6 38.9 32.4 40.2 34.3 40.5 33.4 39.7 
Catastrophe losses4.0 18.0 16.1 8.9 3.0 5.1 9.7 5.5 12.5 7.7 14.4 6.8 11.8 5.8 
   Total loss ratio44.6 %63.0 %60.5 %55.7 %49.6 %52.3 %55.7 %52.2 %58.1 %54.0 %59.8 %53.4 %55.9 %52.4 %
Commercial Lines
Current accident year losses greater than $5,000,0001.1 %2.5 %2.2 %— %1.7 %(0.1)%1.7 %— %1.1 %0.9 %1.5 %0.5 %1.4 %0.8 %
Current accident year losses $1,000,000-$5,000,0004.0 2.3 5.1 4.1 7.0 6.8 5.0 3.3 4.6 4.1 3.9 5.1 4.0 5.6 
Large loss prior accident year reserve development1.1 (0.2)0.6 2.6 0.2 3.8 0.4 1.6 1.6 1.0 1.0 1.9 1.0 1.5 
   Total large loss ratio6.2 %4.6 %7.9 %6.7 %8.9 %10.5 %7.1 %4.9 %7.3 %6.0 %6.4 %7.5 %6.4 %7.9 %
Losses incurred but not reported5.7 6.9 8.3 6.8 1.5 (2.6)(0.9)5.4 7.5 2.2 7.3 0.6 6.9 0.8 
Other losses excluding catastrophe losses29.0 33.1 26.8 34.5 35.4 37.6 38.9 35.1 30.7 37.0 31.5 37.2 30.8 36.7 
Catastrophe losses2.7 14.5 13.6 9.5 (1.0)3.8 11.4 3.1 11.6 7.3 12.6 6.1 10.1 4.3 
   Total loss ratio43.6 %59.1 %56.6 %57.5 %44.8 %49.3 %56.5 %48.5 %57.1 %52.5 %57.8 %51.4 %54.2 %49.7 %
Personal Lines
Current accident year losses greater than $5,000,000— %— %— %— %— %— %— %— %— %— %— %— %— %— %
Current accident year losses $1,000,000-$5,000,0004.4 5.8 2.3 3.5 3.5 5.4 2.8 2.8 2.9 2.8 3.8 3.7 4.0 3.6 
Large loss prior accident year reserve development0.6 (0.7)0.5 1.3 (1.0)(0.2)0.3 0.6 0.9 0.4 0.4 0.2 0.4 (0.1)
   Total large loss ratio5.0 %5.1 %2.8 %4.8 %2.5 %5.2 %3.1 %3.4 %3.8 %3.2 %4.2 %3.9 %4.4 %3.5 %
Losses incurred but not reported(0.3)(6.6)11.3 6.6 5.1 (0.1)(1.1)1.0 8.9 (0.1)3.7 (0.1)2.7 1.2 
Other losses excluding catastrophe losses36.0 42.5 28.8 35.3 44.2 48.9 48.0 47.4 32.2 47.8 35.6 48.1 35.8 47.2 
Catastrophe losses2.1 22.1 24.6 10.5 9.4 6.4 9.7 13.1 17.5 11.4 19.1 9.7 14.7 9.6 
   Total loss ratio42.8 %63.1 %67.5 %57.2 %61.2 %60.4 %59.7 %64.9 %62.4 %62.3 %62.6 %61.6 %57.6 %61.5 %
Excess & Surplus Lines
Current accident year losses greater than $5,000,000— %— %— %— %— %— %— %— %— %— %— %— %— %— %
Current accident year losses $1,000,000-$5,000,0001.1 6.4 — 2.6 5.4 — 3.0 1.6 1.3 2.4 3.0 1.5 2.5 2.5 
Large loss prior accident year reserve development1.2 0.1 0.1 (1.5)(2.7)2.7 1.5 1.2 (0.7)1.3 (0.4)1.8 — 0.6 
   Total large loss ratio2.3 %6.5 %0.1 %1.1 %2.7 %2.7 %4.5 %2.8 %0.6 %3.7 %2.6 %3.3 %2.5 %3.1 %
Losses incurred but not reported12.6 2.6 27.2 (4.4)14.4 (2.6)(4.5)0.8 11.3 (1.9)8.4 (2.2)9.5 2.4 
Other losses excluding catastrophe losses24.3 29.5 25.8 37.8 20.5 34.5 26.7 29.1 31.9 27.9 31.0 30.3 29.3 27.7 
Catastrophe losses0.4 1.2 3.3 0.9 0.4 1.0 0.5 0.2 2.1 0.3 1.8 0.6 1.4 0.5 
   Total loss ratio39.6 %39.8 %56.4 %35.4 %38.0 %35.6 %27.2 %32.9 %45.9 %30.0 %43.8 %32.0 %42.7 %33.7 %
*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, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2020 Supplemental Financial Data
8


Consolidated Property Casualty
Loss Claim Count Detail
Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Consolidated
Current accident year reported losses greater
than $5,000,000		2 2 2 — 2 1 2 — 2 2 5 2 7 4 
Current accident year reported losses
$1,000,000 - $5,000,000		37 34 28 27 39 35 31 19 55 50 85 88 117 137 
Prior accident year reported losses on
large losses		14 13 9 20 9 18 13 10 27 24 41 44 49 55 
   Non-Catastrophe reported losses on
large losses total		53 49 39 47 50 54 46 29 84 76 131 134 173 196 
Commercial Lines
Current accident year reported losses greater
than $5,000,000		2 2 2 — 2 1 2 — 2 2 5 2 7 4 
Current accident year reported losses
$1,000,000 - $5,000,000		26 19 24 17 27 27 23 12 41 35 57 64 79 100 
Prior accident year reported losses on
large losses		11 12 8 17 8 18 10 7 23 19 36 38 41 49 
   Non-Catastrophe reported losses on
large losses total		39 33 34 34 37 46 35 19 66 56 98 104 127 153 
Personal Lines
Current accident year reported losses greater
than $5,000,000		— — — — — — — — — — — — — — 
Current accident year reported losses
$1,000,000 - $5,000,000		10 9 4 8 8 8 6 6 12 12 21 21 31 30 
Prior accident year reported losses on
large losses		2 — — 3 1 — 1 2 3 3 3 3 5 4 
   Non-Catastrophe reported losses on
large losses total		12 9 4 11 9 8 7 8 15 15 24 24 36 34 
Excess & Surplus Lines
Current accident year reported losses greater
than $5,000,000		— — — — — — — — — — — — — — 
Current accident year reported losses
$1,000,000 - $5,000,000		1 6 — 2 4 — 2 1 2 3 7 3 7 7 
Prior accident year reported losses on
large losses		1 1 1 — — — 2 1 1 2 2 3 3 2 
   Non-Catastrophe reported losses on
large losses total		2 7 1 2 4 — 4 2 3 5 9 6 10 9 
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2020 Supplemental Financial Data
9

  Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2020
(Dollars in millions)Commercial Lines Personal LinesE & SConsolidatedComm'l
Change
%		Personal
Change
% 		E & S
Change
% 		Consol
Change
%
Risk
State 		Comm
Casualty 		Comm
Property 		Comm
Auto 		Workers'
Comp		Other CommPersonal
Auto 		Home OwnerOther
Personal 		All
Lines 		20202019
TotalTotal
OH$170.3 $159.1 $107.1 $— $43.8 $128.7 $123.2 $37.7 $21.7 $791.6 $759.5 5.2 2.2 10.1 4.2 
IL68.4 60.9 37.4 35.5 14.5 32.3 34.7 10.7 21.1 315.5 304.9 0.6 9.6 13.4 3.5 
GA44.8 51.7 30.8 10.8 15.9 54.7 54.9 14.0 18.7 296.3 302.0 (1.7)(0.9)(9.6)(1.9)
NC57.0 71.0 32.2 13.4 15.2 34.8 35.6 9.9 15.9 285.0 270.6 8.0 (1.8)14.3 5.3 
PA72.6 54.2 42.2 32.3 13.6 16.4 15.8 5.7 16.1 268.9 278.4 (5.6)4.9 9.1 (3.4)
IN53.7 55.1 35.2 18.8 15.5 27.9 33.8 7.5 13.7 261.2 264.7 (1.4)(0.7)(4.1)(1.3)
NY60.7 29.6 19.0 7.7 9.3 26.8 49.4 16.2 25.0 243.7 192.8 17.3 31.4 69.2 26.4 
MI43.8 46.3 25.7 10.6 14.0 29.2 25.2 5.9 10.1 210.8 217.5 (1.2)(10.2)23.9 (3.0)
TN44.1 49.5 29.5 7.7 12.6 17.7 23.8 6.4 9.7 201.0 193.6 4.8 0.2 9.6 3.8 
TX54.6 24.2 35.3 2.5 8.1 13.6 22.9 7.1 28.0 196.3 171.3 7.9 41.7 11.6 14.5 
AL29.8 38.8 20.5 1.2 9.5 24.1 35.6 7.0 12.2 178.7 178.1 4.4 (6.1)6.3 0.3 
VA41.4 36.9 28.7 15.0 13.9 14.6 14.9 4.9 6.5 176.8 171.9 2.6 3.2 5.7 2.8 
KY31.7 38.8 25.2 3.3 9.5 23.8 26.0 6.0 8.0 172.3 173.5 2.4 (7.7)13.7 (0.6)
MO36.5 41.6 23.9 12.5 6.8 13.4 18.0 3.9 11.8 168.4 159.8 6.8 2.0 1.9 5.4 
MN29.1 31.0 11.3 8.4 7.0 15.6 19.9 5.3 10.9 138.5 142.6 (0.9)(9.9)11.8 (2.9)
WI29.7 29.6 14.8 20.8 7.0 10.6 11.7 4.4 9.6 138.2 136.1 (0.3)4.0 15.1 1.4 
FL41.1 13.9 26.4 2.2 7.6 8.2 9.9 3.4 24.4 137.1 118.5 11.3 43.3 13.2 15.7 
MD21.2 14.8 15.6 6.9 6.0 16.9 14.5 3.9 5.5 105.3 106.4 (3.6)1.5 20.1 (0.9)
AZ25.1 15.9 19.1 5.5 3.8 8.0 8.0 3.1 7.2 95.7 92.4 2.5 1.5 24.3 3.6 
UT19.5 13.8 13.1 1.5 4.2 9.1 6.7 1.6 8.8 78.3 74.1 2.8 0.7 43.7 5.7 
OR26.2 13.1 19.3 0.2 3.6 5.3 3.0 0.9 6.4 78.0 70.4 15.3 (10.0)5.4 10.8 
CA2.3 0.8 1.5 2.6 0.4 12.5 46.3 9.9 1.3 77.6 62.4 15.9 26.5 (19.6)24.2 
AR12.0 21.5 13.9 2.0 3.8 7.1 9.5 2.7 4.9 77.4 79.4 1.8 (14.5)9.2 (2.4)
IA17.5 20.2 8.7 9.5 5.8 4.5 5.6 1.5 3.2 76.5 78.9 (3.8)(6.5)31.3 (3.1)
SC13.5 15.4 10.3 2.6 3.4 10.4 10.1 1.9 7.7 75.3 75.4 1.3 (10.4)32.1 (0.2)
CT9.5 6.6 4.0 3.3 1.3 16.9 18.0 5.8 3.3 68.7 59.8 11.4 16.6 20.7 14.9 
CO19.5 9.6 14.5 1.1 2.9 2.1 5.3 0.8 12.0 67.8 62.4 6.9 33.7 2.5 8.7 
MT23.6 15.8 14.0 0.2 3.4 2.8 3.6 0.8 2.9 67.1 62.1 7.6 2.5 34.1 7.9 
KS14.2 16.2 9.6 4.4 3.8 4.0 6.7 1.3 3.4 63.6 59.1 10.8 (7.4)24.0 7.4 
ID17.4 12.4 11.1 1.7 2.5 3.2 3.0 0.8 3.3 55.4 53.4 5.2 (2.6)1.0 3.9 
WA15.8 9.8 11.7 — 3.0 4.0 3.7 1.4 3.0 52.4 45.4 6.9 78.2 16.2 15.4 
NE10.6 12.8 7.4 4.9 2.8 0.7 1.2 0.3 3.0 43.7 41.1 7.9 (7.4)4.2 6.7 
NJ6.3 3.4 2.7 1.9 1.8 4.6 6.6 3.2 4.2 34.7 20.4 107.7 43.0 59.4 69.7 
NM11.4 7.4 8.4 1.0 2.6 — — — 3.4 34.2 31.5 7.5 106.0 20.9 8.8 
WV8.8 9.7 8.3 1.2 1.3 — 0.3 0.1 3.8 33.5 34.1 (2.2)(13.5)4.8 (1.6)
VT6.5 7.3 3.6 4.3 2.1 1.7 2.5 0.5 1.9 30.4 28.4 5.4 6.7 30.9 6.9 
MA4.3 1.4 1.6 1.4 0.7 3.4 8.4 2.3 1.9 25.4 12.5 122.8 89.0 138.2 103.6 
NH4.6 4.4 2.5 2.3 1.1 2.0 2.5 0.7 1.1 21.2 19.8 8.9 7.4 (11.3)7.3 
DE6.2 5.1 3.5 2.1 1.2 0.3 0.4 0.1 1.4 20.3 20.2 (3.7)151.1 32.1 0.4 
ND4.6 5.2 3.1 — 1.4 0.9 1.0 0.3 0.9 17.4 17.5 (1.4)(1.4)17.3 (0.6)
SD3.6 4.5 2.4 1.7 1.4 — — — 0.8 14.4 15.2 (4.1)83.9 (15.9)(4.9)
WY3.5 3.4 2.6 — 0.9 — 0.1 — 1.2 11.7 10.5 8.8 nm12.6 10.6 
DC1.7 1.0 0.2 0.7 1.5 0.5 0.5 0.1 1.0 7.2 6.7 (2.0)55.9 25.0 7.5 
NV0.6 0.4 0.9 0.5 0.3 0.2 0.2 0.1 0.4 3.6 2.5 20.9 nm44.1 41.5 
OK1.2 0.6 0.4 0.5 0.3 — — — 0.5 3.5 2.8 29.7 — 9.5 26.3 
All Other States1.3 1.0 1.6 1.4 1.0 0.2 0.7 0.1 1.9 9.2 8.0 2.7 153.5 24.2 14.4 
 Total$1,221.8 $1,085.7 $760.8 $268.1 $292.1 $613.7 $723.7 $200.2 $363.7 $5,529.8 $5,288.6 3.7 4.6 13.9 4.6 
*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. *nm - Not meaningful
*Total excludes Cincinnati Global and other direct, such as assigned risk pools.


CINF Fourth-Quarter 2020 Supplemental Financial Data
10


Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Commercial casualty:
Written premiums$287 $269 $308 $341 $269 $263 $296 $303 $649 $599 $918 $862 $1,205 $1,131 
Year over year change %-written premium 7 %2 %4 %13 %7 %5 %2 %6 %8 %4 %6 %4 %7 %5 %
Earned premiums$297 $290 $289 $289 $280 $277 $277 $268 $577 $545 $868 $822 $1,165 $1,102 
Current accident year before catastrophe losses64.5 %63.1 %62.6 %65.8 %67.5 %66.1 %67.4 %66.7 %64.1 %67.0 %63.8 %66.7 %64.0 %66.9 %
Current accident year catastrophe losses— — — — — — — — — — — — — — 
Prior accident years before catastrophe losses(6.1)(3.2)(7.5)(1.6)(4.8)(2.9)(9.3)(11.5)(4.5)(10.3)(4.1)(7.8)(4.6)(7.1)
Prior accident years catastrophe losses— — — — — — — — — — — — — — 
   Total loss and loss expense ratio58.4 %59.9 %55.1 %64.2 %62.7 %63.2 %58.1 %55.2 %59.6 %56.7 %59.7 %58.9 %59.4 %59.8 %
Commercial property:
Written premiums$246 $252 $260 $261 $246 $245 $247 $247 $521 $494 $773 $739 $1,019 $985 
Year over year change %-written premium— %3 %5 %6 %10 %6 %3 %4 %5 %3 %5 %4 %3 %6 %
Earned premiums$255 $252 $254 $249 $249 $241 $234 $234 $504 $468 $755 $709 $1,010 $958 
Current accident year before catastrophe losses52.9 %53.0 %50.9 %47.8 %50.3 %49.4 %49.0 %51.5 %49.4 %50.3 %50.6 %50.0 %51.2 %50.1 %
Current accident year catastrophe losses13.2 50.5 48.5 34.2 0.2 15.0 43.5 13.8 41.4 28.6 44.4 24.0 36.5 17.8 
Prior accident years before catastrophe losses(2.4)(1.3)1.9 0.7 (1.3)(1.1)0.8 1.9 1.3 1.3 0.5 0.5 (0.3)0.1 
Prior accident years catastrophe losses(2.5)0.3 (2.0)(1.1)(2.6)(1.9)(3.6)(2.6)(1.6)(3.0)(1.0)(2.7)(1.3)(2.7)
   Total loss and loss expense ratio61.2 %102.5 %99.3 %81.6 %46.6 %61.4 %89.7 %64.6 %90.5 %77.2 %94.5 %71.8 %86.1 %65.3 %
Commercial auto:
Written premiums$179 $171 $205 $208 $175 $176 $196 $188 $413 $384 $584 $560 $763 $735 
Year over year change %-written premium2 %(3)%5 %11 %7 %10 %8 %6 %8 %7 %4 %8 %4 %8 %
Earned premiums$192 $189 $189 $185 $183 $179 $175 $170 $374 $345 $563 $524 $755 $707 
Current accident year before catastrophe losses57.1 %56.2 %64.2 %70.9 %68.1 %67.8 %70.5 %74.5 %67.5 %72.5 %63.7 %70.9 %62.1 %70.2 %
Current accident year catastrophe losses— 0.4 2.2 1.2 (0.3)1.5 1.4 0.3 1.7 0.9 1.3 1.1 0.9 0.7 
Prior accident years before catastrophe losses1.4 5.5 (1.1)3.3 0.7 1.7 1.0 (6.7)1.1 (2.9)2.5 (1.3)2.3 (0.8)
Prior accident years catastrophe losses— (0.1)— (0.2)— (0.1)— — (0.1)— (0.1)(0.1)(0.1)— 
   Total loss and loss expense ratio58.5 %62.0 %65.3 %75.2 %68.5 %70.9 %72.9 %68.1 %70.2 %70.5 %67.4 %70.6 %65.2 %70.1 %
Workers' compensation:
Written premiums$58 $51 $65 $92 $63 $62 $75 $94 $157 $169 $208 $231 $266 $294 
Year over year change %-written premium(8)%(18)%(13)%(2)%(6)%(6)%(10)%(1)%(7)%(5)%(10)%(5)%(10)%(5)%
Earned premiums$64 $64 $68 $75 $76 $73 $74 $77 $143 $151 $207 $224 $271 $300 
Current accident year before catastrophe losses82.3 %81.7 %81.8 %81.1 %85.4 %81.1 %78.0 %78.8 %81.4 %78.4 %81.5 %79.3 %81.7 %80.8 %
Current accident year catastrophe losses— — — — — — — — — — — — — — 
Prior accident years before catastrophe losses(10.4)(9.6)(27.8)(9.8)(20.1)(27.0)(35.9)(20.1)(18.3)(27.9)(15.7)(27.7)(14.4)(25.7)
Prior accident years catastrophe losses— — — — — — — — — — — — — — 
   Total loss and loss expense ratio71.9 %72.1 %54.0 %71.3 %65.3 %54.1 %42.1 %58.7 %63.1 %50.5 %65.8 %51.6 %67.3 %55.1 %
Other commercial:
Written premiums$70 $71 $70 $70 $66 $70 $65 $64 $140 $129 $211 $199 $281 $265 
Year over year change %-written premium6 %1 %8 %9 %16 %8 %10 %10 %9 %10 %6 %9 %6 %10 %
Earned premiums$70 $70 $70 $65 $64 $64 $63 $61 $135 $124 $205 $188 $275 $252 
Current accident year before catastrophe losses38.5 %36.0 %35.5 %39.1 %38.2 %34.3 %33.7 %38.0 %37.3 %35.8 %36.9 %35.4 %37.3 %36.0 %
Current accident year catastrophe losses— 0.3 0.1 0.1 0.1 (0.2)0.3 0.4 0.1 0.3 0.2 0.1 0.1 0.1 
Prior accident years before catastrophe losses(2.8)(0.7)(1.7)1.7 (3.3)(2.1)(1.9)(4.1)(0.1)(3.0)(0.3)(2.7)(0.9)(2.8)
Prior accident years catastrophe losses0.1 (0.1)— 0.2 (0.3)0.8 — 0.2 0.1 0.1 — 0.3 — 0.2 
   Total loss and loss expense ratio35.8 %35.5 %33.9 %41.1 %34.7 %32.8 %32.1 %34.5 %37.4 %33.2 %36.8 %33.1 %36.5 %33.5 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
CINF Fourth-Quarter 2020 Supplemental Financial Data
11



Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Personal auto:
Written premiums$139 $166 $169 $137 $141 $166 $173 $140 $306 $313 $472 $479 $611 $620 
Year over year change %-written premium(1)%— %(2)%(2)%— %(2)%— %— %(2)%— %(1)%— %(2)%— %
Earned premiums$153 $154 $154 $154 $155 $156 $155 $155 $308 $310 $462 $466 $615 $621 
Current accident year before catastrophe losses46.6 %48.5 %64.7 %69.4 %70.8 %70.2 %73.8 %76.2 %67.0 %75.0 %60.9 %73.4 %57.3 %72.7 %
Current accident year catastrophe losses— 2.6 1.5 2.1 0.4 1.2 1.8 0.5 1.8 1.1 2.0 1.1 1.6 1.0 
Prior accident years before catastrophe losses2.6 0.5 (4.2)(8.1)(1.7)(2.0)(9.4)(3.3)(6.1)(6.3)(3.9)(4.9)(2.3)(4.1)
Prior accident years catastrophe losses— — (0.2)(0.4)— (0.1)(0.2)— (0.3)(0.1)(0.2)(0.1)(0.2)(0.1)
   Total loss and loss expense ratio49.2 %51.6 %61.8 %63.0 %69.5 %69.3 %66.0 %73.4 %62.4 %69.7 %58.8 %69.5 %56.4 %69.5 %
Homeowner:
Written premiums$167 $189 $197 $140 $152 $173 $176 $130 $337 $306 $526 $479 $693 $631 
Year over year change %-written premium10 %9 %12 %8 %8 %7 %8 %7 %10 %8 %10 %7 %10 %7 %
Earned premiums$171 $165 $163 $159 $157 $154 $149 $147 $322 $296 $487 $450 $658 $607 
Current accident year before catastrophe losses45.2 %48.2 %45.0 %53.5 %55.7 %60.9 %53.1 %51.9 %49.2 %52.5 %48.9 %55.3 %47.9 %55.5 %
Current accident year catastrophe losses7.5 46.1 51.7 23.8 21.7 14.0 22.6 23.2 37.9 22.9 40.7 19.9 32.1 20.3 
Prior accident years before catastrophe losses3.2 1.7 4.5 (8.7)(2.2)1.0 4.5 2.0 (2.0)3.3 (0.8)2.5 0.3 1.3 
Prior accident years catastrophe losses0.2 (1.6)(0.1)(2.3)(0.5)(0.8)(2.2)5.7 (1.2)1.7 (1.3)0.9 (1.0)0.5 
   Total loss and loss expense ratio56.1 %94.4 %101.1 %66.3 %74.7 %75.1 %78.0 %82.8 %83.9 %80.4 %87.5 %78.6 %79.3 %77.6 %
Other personal:
Written premiums$48 $52 $57 $42 $43 $49 $53 $39 $99 $92 $151 $141 $199 $184 
Year over year change %-written premium12 %6 %8 %8 %5 %7 %15 %10 %8 %13 %7 %11 %8 %10 %
Earned premiums$49 $48 $47 $46 $46 $44 $44 $42 $93 $86 $141 $130 $190 $176 
Current accident year before catastrophe losses49.1 %49.6 %48.5 %50.5 %60.9 %51.4 %51.5 %33.6 %49.5 %42.7 %49.5 %45.7 %49.4 %49.6 %
Current accident year catastrophe losses(0.3)10.6 11.8 4.6 2.9 4.3 4.7 5.6 8.2 5.1 9.0 4.8 6.6 4.3 
Prior accident years before catastrophe losses0.3 (0.7)(1.4)6.3 (5.9)(6.4)(7.7)(6.1)2.4 (6.9)1.4 (6.7)1.1 (6.5)
Prior accident years catastrophe losses(0.4)(0.2)(0.7)(0.6)(0.5)(0.7)0.4 0.1 (0.6)0.2 (0.5)(0.1)(0.4)(0.2)
   Total loss and loss expense ratio48.7 %59.3 %58.2 %60.8 %57.4 %48.6 %48.9 %33.2 %59.5 %41.1 %59.4 %43.7 %56.7 %47.2 %
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Excess & Surplus:
Written premiums$92 $80 $91 $85 $80 $74 $78 $71 $176 $149 $256 $223 $348 $303 
Year over year change %-written premium15 %8 %17 %20 %23 %25 %22 %16 %18 %19 %15 %21 %15 %22 %
Earned premiums$87 $82 $78 $78 $76 $72 $67 $63 $156 $130 $238 $202 $325 $278 
Current accident year before catastrophe losses57.6 %58.5 %59.0 %55.7 %54.3 %57.6 %50.8 %55.5 %57.4 %53.1 %57.8 %54.7 %57.7 %54.6 %
Current accident year catastrophe losses0.4 1.0 3.6 0.5 — 0.6 0.7 0.3 2.0 0.5 1.7 0.5 1.3 0.4 
Prior accident years before catastrophe losses(1.5)(1.5)11.2 0.7 (0.4)(6.0)(6.2)(4.2)5.9 (5.2)3.4 (5.5)2.1 (4.1)
Prior accident years catastrophe losses0.1 0.2 (0.2)0.5 0.5 0.5 (0.2)(0.1)0.2 (0.1)0.1 0.1 0.2 0.2 
   Total loss and loss expense ratio56.6 %58.2 %73.6 %57.4 %54.4 %52.7 %45.1 %51.5 %65.5 %48.3 %63.0 %49.8 %61.3 %51.1 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2020 Supplemental Financial Data
12


Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)Change inChange inChange inTotalLoss
PaidPaid lossTotalcaseIBNRloss expensechange inCaseIBNRexpenseTotal
lossesexpensepaidreservesreservesreservesreservesincurredincurredincurredincurred
Gross loss and loss expense incurred for the twelve months ended December 31, 2020
  Commercial casualty$368 $187 $555 $18 $84 $31 $133 $386 $84 $218 $688 
  Commercial property713 73 786 (1)107 5 111 712 107 78 897 
  Commercial auto379 81 460 (18)51 (1)32 361 51 80 492 
  Workers' compensation145 33 178 (1)18 (5)12 144 18 28 190 
  Other commercial63 15 78 (16)8 34 26 47 8 49 104 
    Total commercial lines1,668 389 2,057 (18)268 64 314 1,650 268 453 2,371 
  Personal auto299 76 375 (28)10 (9)(27)271 10 67 348 
  Homeowners407 61 468 32 16 — 48 439 16 61 516 
  Other personal69 7 76 11 21 — 32 80 21 7 108 
    Total personal lines775 144 919 15 47 (9)53 790 47 135 972 
  Excess & surplus lines78 39 117 41 30 22 93 119 30 61 210 
Other195 7 202 22 106 — 128 217 106 7 330 
      Total property casualty$2,716 $579 $3,295 $60 $451 $77 $588 $2,776 $451 $656 $3,883 
Ceded loss and loss expense incurred for the twelve months ended December 31, 2020
  Commercial casualty$2 $— $2 $(6)$(1)$1 $(6)$(4)$(1)$1 $(4)
  Commercial property71 1 72 (47)3 — (44)24 3 1 28 
  Commercial auto1 — 1 — — — — 1 — — 1 
  Workers' compensation10 — 10 — (3)— (3)10 (3)— 7 
  Other commercial3 — 3 — — — — 3 — — 3 
    Total commercial lines87 1 88 (53)(1)1 (53)34 (1)2 35 
  Personal auto2 — 2 2 (3)— (1)4 (3)— 1 
  Homeowners(5)1 (4)(2)— — (2)(7)— 1 (6)
  Other personal— — — — — — — — — — — 
    Total personal lines(3)1 (2)— (3)— (3)(3)(3)1 (5)
  Excess & surplus lines5 — 5 4 2 — 6 9 2 — 11 
Other20 1 21 (12)(3)(1)(16)8 (3)— 5 
      Total property casualty$109 $3 $112 $(61)$(5)$— $(66)$48 $(5)$3 $46 
Net loss and loss expense incurred for the twelve months ended December 31, 2020
  Commercial casualty$366 $187 $553 $24 $85 $30 $139 $390 $85 $217 $692 
  Commercial property642 72 714 46 104 5 155 688 104 77 869 
  Commercial auto378 81 459 (18)51 (1)32 360 51 80 491 
  Workers' compensation135 33 168 (1)21 (5)15 134 21 28 183 
  Other commercial60 15 75 (16)8 34 26 44 8 49 101 
    Total commercial lines1,581 388 1,969 35 269 63 367 1,616 269 451 2,336 
  Personal auto297 76 373 (30)13 (9)(26)267 13 67 347 
  Homeowners412 60 472 34 16 — 50 446 16 60 522 
  Other personal69 7 76 11 21 — 32 80 21 7 108 
    Total personal lines778 143 921 15 50 (9)56 793 50 134 977 
  Excess & surplus lines73 39 112 37 28 22 87 110 28 61 199 
Other175 6 181 34 109 1 144 209 109 7 325 
      Total property casualty$2,607 $576 $3,183 $121 $456 $77 $654 $2,728 $456 $653 $3,837 
*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, which was acquired on February 28, 2019.

CINF Fourth-Quarter 2020 Supplemental Financial Data
13


Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)Change inChange inChange inTotalLoss
PaidPaid lossTotalcaseIBNRloss expensechange inCaseIBNRexpenseTotal
lossesexpensepaidreservesreservesreservesreservesincurredincurredincurredincurred
Gross loss and loss expense incurred for the three months ended December 31, 2020
  Commercial casualty$104 $49 $153 $(9)$9 $18 $18 $95 $9 $67 $171 
  Commercial property166 19 185 (66)35 5 (26)100 35 24 159 
  Commercial auto100 19 119 (5)(2)— (7)95 (2)19 112 
  Workers' compensation36 7 43 — 5 2 7 36 5 9 50 
  Other commercial14 4 18 (4)4 8 8 10 4 12 26 
    Total commercial lines420 98 518 (84)51 33 — 336 51 131 518 
  Personal auto79 17 96 (3)(20)— (23)76 (20)17 73 
  Homeowners94 18 112 (16)(5)— (21)78 (5)18 91 
  Other personal20 2 22 1 1 — 2 21 1 2 24 
    Total personal lines193 37 230 (18)(24)— (42)175 (24)37 188 
  Excess & surplus lines25 10 35 3 10 5 18 28 10 15 53 
Other65 2 67 14 (5)— 9 79 (5)2 76 
      Total property casualty$703 $147 $850 $(85)$32 $38 $(15)$618 $32 $185 $835 
Ceded loss and loss expense incurred for the three months ended December 31, 2020
  Commercial casualty$1 $— $1 $(4)$— $1 $(3)$(3)$— $1 $(2)
  Commercial property8 — 8 (2)(3)— (5)6 (3)— 3 
  Commercial auto— — — — — — — — — — — 
  Workers' compensation3 — 3 3 (1)— 2 6 (1)— 5 
  Other commercial— — — — — — — — — — — 
    Total commercial lines12 — 12 (3)(4)1 (6)9 (4)1 6 
  Personal auto1 — 1 — (2)— (2)1 (2)— (1)
  Homeowners(8)1 (7)1 — — 1 (7)— 1 (6)
  Other personal— — — — — — — — — — — 
    Total personal lines(7)1 (6)1 (2)— (1)(6)(2)1 (7)
  Excess & surplus lines3 — 3 1 — — 1 4 — — 4 
Other5 — 5 (1)(1)— (2)4 (1)— 3 
      Total property casualty$13 $1 $14 $(2)$(7)$1 $(8)$11 $(7)$2 $6 
Net loss and loss expense incurred for the three months ended December 31, 2020
  Commercial casualty$103 $49 $152 $(5)$9 $17 $21 $98 $9 $66 $173 
  Commercial property158 19 177 (64)38 5 (21)94 38 24 156 
  Commercial auto100 19 119 (5)(2)— (7)95 (2)19 112 
  Workers' compensation33 7 40 (3)6 2 5 30 6 9 45 
  Other commercial14 4 18 (4)4 8 8 10 4 12 26 
    Total commercial lines408 98 506 (81)55 32 6 327 55 130 512 
  Personal auto78 17 95 (3)(18)— (21)75 (18)17 74 
  Homeowners102 17 119 (17)(5)— (22)85 (5)17 97 
  Other personal20 2 22 1 1 — 2 21 1 2 24 
    Total personal lines200 36 236 (19)(22)— (41)181 (22)36 195 
  Excess & surplus lines22 10 32 2 10 5 17 24 10 15 49 
Other60 2 62 15 (4)— 11 75 (4)2 73 
      Total property casualty$690 $146 $836 $(83)$39 $37 $(7)$607 $39 $183 $829 
*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, which was acquired on February 28, 2019.
CINF Fourth-Quarter 2020 Supplemental Financial Data
14



Quarterly Property Casualty Data - Consolidated
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Premiums
   Agency renewal written premiums$1,145 $1,153 $1,244 $1,198 $1,084 $1,119 $1,186 $1,130 $2,442 $2,316 $3,595 $3,435 $4,740 $4,519 
   Agency new business written premiums185 189 210 215 193 192 212 181 425 393 614 585 799 778 
   Other written premiums64 51 105 105 31 40 78 70 210 148 261 188 325 219 
   Net written premiums $1,394 $1,393 $1,559 $1,518 $1,308 $1,351 $1,476 $1,381 $3,077 $2,857 $4,470 $4,208 $5,864 $5,516 
   Unearned premium change55 57 (156)(129)66 25 (159)(114)(285)(273)(228)(248)(173)(182)
   Earned premiums$1,449 $1,450 $1,403 $1,389 $1,374 $1,376 $1,317 $1,267 $2,792 $2,584 $4,242 $3,960 $5,691 $5,334 
Year over year change %
   Agency renewal written premiums6 %3 %5 %6 %5 %3 %3 %4 %5 %4 %5 %3 %5 %4 %
   Agency new business written premiums(4)(2)(1)19 22 25 17 14 8 16 5 18 3 19 
   Other written premiums106 28 35 50 nmnm333 338 42 335 39 395 48 nm
   Net written premiums 7 3 6 10 11 8 9 10 8 10 6 9 6 10 
Paid losses and loss expenses
   Losses paid$690 $628 $624 $663 $677 $703 $677 $692 $1,289 $1,369 $1,917 $2,072 $2,607 $2,748 
   Loss expenses paid146 151 127 154 131 127 121 132 279 253 430 380 576 512 
   Loss and loss expenses paid$836 $779 $751 $817 $808 $830 $798 $824 $1,568 $1,622 $2,347 $2,452 $3,183 $3,260 
Incurred losses and loss expenses
   Loss and loss expense incurred$829 $1,071 $1,007 $930 $835 $864 $863 $790 $1,937 $1,653 $3,008 $2,517 $3,837 $3,352 
   Loss and loss expenses paid as a % of incurred100.8 %72.7 %74.6 %87.7 %96.8 %96.1 %92.5 %104.3 %80.9 %98.1 %78.0 %97.4 %83.0 %97.3 %
Statutory combined ratio
   Loss ratio44.5 %59.8 %60.4 %56.1 %49.6 %52.1 %55.7 %52.5 %58.2 %54.1 %58.8 %53.4 %55.1 %52.5 %
   Loss adjustment expense ratio12.9 11.3 11.6 11.3 11.3 11.0 9.9 10.1 11.5 10.1 11.4 10.4 11.8 10.6 
   Net underwriting expense ratio31.2 30.2 28.8 29.2 32.1 31.2 29.3 28.9 29.0 29.1 29.3 29.8 29.8 30.3 
   US Statutory combined ratio88.6 %101.3 %100.8 %96.6 %93.0 %94.3 %94.9 %91.5 %98.7 %93.3 %99.5 %93.6 %96.7 %93.4 %
   Contribution from catastrophe losses3.6 16.0 15.8 9.3 2.9 4.9 10.5 5.8 12.6 8.2 13.7 7.1 11.2 6.0 
   Statutory combined ratio excl. catastrophe losses85.0 %85.3 %85.0 %87.3 %90.1 %89.4 %84.4 %85.7 %86.1 %85.1 %85.8 %86.5 %85.5 %87.4 %
GAAP combined ratio
   GAAP combined ratio87.3 %103.6 %103.1 %98.5 %91.6 %94.2 %96.5 %93.0 %100.8 %94.8 %101.8 %94.6 %98.1 %93.8 %
   Contribution from catastrophe losses4.7 18.3 16.5 9.1 3.3 5.3 10.0 5.8 12.8 7.9 14.7 7.1 12.1 6.0 
   GAAP combined ratio excl. catastrophe losses82.6 %85.3 %86.6 %89.4 %88.3 %88.9 %86.5 %87.2 %88.0 %86.9 %87.1 %87.5 %86.0 %87.8 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*nm - Not meaningful
*Statutory ratios exclude the results of Cincinnati Global, which was acquired on February 28, 2019.
*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Fourth-Quarter 2020 Supplemental Financial Data
15


Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Premiums
   Agency renewal written premiums$759 $727 $794 $842 $719 $713 $767 $799 $1,636 $1,566 $2,363 $2,279 $3,122 $2,998 
   Agency new business written premiums113 114 134 154 129 124 137 120 288 257 402 381 515 510 
   Other written premiums(32)(27)(20)(24)(29)(21)(25)(23)(44)(48)(71)(69)(103)(98)
   Net written premiums$840 $814 $908 $972 $819 $816 $879 $896 $1,880 $1,775 $2,694 $2,591 $3,534 $3,410 
   Unearned premium change38 51 (38)(109)33 18 (56)(86)(147)(142)(96)(124)(58)(91)
   Earned premiums$878 $865 $870 $863 $852 $834 $823 $810 $1,733 $1,633 $2,598 $2,467 $3,476 $3,319 
Year over year change %
   Agency renewal written premiums6 %2 %4 %5 %4 %2 %1 %4 %4 %2 %4 %2 %4 %2 %
   Agency new business written premiums(12)(8)(2)28 28 32 16 15 12 16 6 21 1 22 
   Other written premiums(10)(29)20 (4)15 5 (25)(10)8 (17)(3)(10)(5)(1)
   Net written premiums3 — 3 8 8 5 3 5 6 4 4 4 4 5 
Paid losses and loss expenses
   Losses paid$408 $378 $367 $426 $418 $417 $394 $436 $795 $830 $1,173 $1,247 $1,581 $1,665 
   Loss expenses paid98 103 86 103 91 89 85 92 189 178 291 266 388 358 
   Loss and loss expenses paid$506 $481 $453 $529 $509 $506 $479 $528 $984 $1,008 $1,464 $1,513 $1,969 $2,023 
Incurred losses and loss expenses
   Loss and loss expense incurred$512 $620 $596 $608 $489 $510 $550 $481 $1,204 $1,031 $1,824 $1,541 $2,336 $2,030 
   Loss and loss expenses paid as a % of incurred98.8 %77.6 %76.0 %87.0 %104.1 %99.2 %87.1 %109.8 %81.7 %97.8 %80.3 %98.2 %84.3 %99.7 %
Statutory combined ratio
   Loss ratio43.6 %59.1 %56.7 %57.5 %44.8 %49.3 %56.5 %48.5 %57.0 %52.5 %57.8 %51.5 %54.2 %49.7 %
   Loss adjustment expense ratio14.8 12.5 11.8 12.9 12.6 11.9 10.3 10.9 12.4 10.6 12.4 11.0 13.0 11.5 
   Net underwriting expense ratio32.0 32.0 28.6 28.9 32.8 32.7 30.2 28.9 28.8 29.6 29.7 30.6 30.3 31.1 
   Statutory combined ratio90.4 %103.6 %97.1 %99.3 %90.2 %93.9 %97.0 %88.3 %98.2 %92.7 %99.9 %93.1 %97.5 %92.3 %
   Contribution from catastrophe losses3.1 14.8 14.0 9.8 (0.7)4.1 11.7 3.3 11.9 7.5 12.9 6.4 10.4 4.5 
   Statutory combined ratio excl. catastrophe losses87.3 %88.8 %83.1 %89.5 %90.9 %89.8 %85.3 %85.0 %86.3 %85.2 %87.0 %86.7 %87.1 %87.8 %
GAAP combined ratio
   GAAP combined ratio89.2 %102.4 %99.1 %102.5 %88.8 %93.4 %98.6 %90.8 %100.8 %94.7 %101.3 %94.3 %98.3 %92.9 %
   Contribution from catastrophe losses3.1 14.8 14.0 9.8 (0.7)4.1 11.7 3.3 11.9 7.5 12.9 6.4 10.4 4.5 
   GAAP combined ratio excl. catastrophe losses86.1 %87.6 %85.1 %92.7 %89.5 %89.3 %86.9 %87.5 %88.9 %87.2 %88.4 %87.9 %87.9 %88.4 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2020 Supplemental Financial Data
16


Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Premiums
   Agency renewal written premiums$317 $366 $387 $294 $309 $356 $365 $282 $681 $647 $1,047 $1,003 $1,364 $1,312 
   Agency new business written premiums45 51 44 34 36 40 47 35 78 82 129 122 174 158 
   Other written premiums(8)(10)(8)(9)(9)(8)(10)(8)(17)(18)(27)(26)(35)(35)
   Net written premiums$354 $407 $423 $319 $336 $388 $402 $309 $742 $711 $1,149 $1,099 $1,503 $1,435 
   Unearned premium change19 (40)(59)40 22 (34)(54)35 (19)(19)(59)(53)(40)(31)
   Earned premiums$373 $367 $364 $359 $358 $354 $348 $344 $723 $692 $1,090 $1,046 $1,463 $1,404 
Year over year change %
   Agency renewal written premiums3 %3 %6 %4 %5 %4 %7 %7 %5 %7 %4 %6 %4 %6 %
   Agency new business written premiums25 28 (6)(3)(5)(5)2 (10)(5)(4)6 (4)10 (4)
   Other written premiums11 (25)20 (13)(13)(14)(43)(33)6 (38)(4)(30)— (25)
   Net written premiums5 5 5 3 4 3 6 4 4 5 5 4 5 4 
Paid losses and loss expenses
   Losses paid$200 $200 $203 $173 $205 $221 $217 $209 $376 $426 $577 $647 $778 $850 
   Loss expenses paid36 38 30 40 29 29 27 31 69 58 106 87 143 116 
   Loss and loss expenses paid$236 $238 $233 $213 $234 $250 $244 $240 $445 $484 $683 $734 $921 $966 
Incurred losses and loss expenses
   Loss and loss expense incurred$195 $265 $286 $231 $251 $244 $240 $250 $517 $490 $782 $734 $977 $985 
   Loss and loss expenses paid as a % of incurred121.0 %89.8 %81.5 %92.2 %93.2 %102.0 %101.7 %96.0 %86.1 %98.8 %87.3 %100.0 %94.3 %98.1 %
Statutory combined ratio
   Loss ratio42.8 %63.1 %67.5 %57.2 %61.2 %60.4 %59.7 %64.9 %62.4 %62.3 %62.6 %61.6 %57.6 %61.5 %
   Loss adjustment expense ratio9.5 8.9 11.4 6.9 9.0 8.8 9.2 7.6 9.1 8.4 9.1 8.5 9.2 8.7 
   Net underwriting expense ratio30.6 26.9 29.4 32.1 30.7 28.2 27.3 30.7 30.6 28.8 29.3 28.6 29.6 29.1 
   Statutory combined ratio82.9 %98.9 %108.3 %96.2 %100.9 %97.4 %96.2 %103.2 %102.1 %99.5 %101.0 %98.7 %96.4 %99.3 %
   Contribution from catastrophe losses3.4 22.5 25.1 10.7 9.7 6.7 10.0 13.3 17.9 11.6 19.5 10.0 15.4 9.9 
   Statutory combined ratio excl. catastrophe losses79.5 %76.4 %83.2 %85.5 %91.2 %90.7 %86.2 %89.9 %84.2 %87.9 %81.5 %88.7 %81.0 %89.4 %
GAAP combined ratio
   GAAP combined ratio81.3 %100.7 %112.3 %94.3 %99.3 %99.6 %98.9 %101.3 %103.4 %100.1 %102.5 %99.9 %97.1 %99.8 %
   Contribution from catastrophe losses3.4 22.5 25.1 10.7 9.7 6.7 10.0 13.3 17.9 11.6 19.5 10.0 15.4 9.9 
   GAAP combined ratio excl. catastrophe losses77.9 %78.2 %87.2 %83.6 %89.6 %92.9 %88.9 %88.0 %85.5 %88.5 %83.0 %89.9 %81.7 %89.9 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2020 Supplemental Financial Data
17


Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Premiums
   Agency renewal written premiums$69 $60 $63 $62 $56 $50 $54 $49 $125 $103 $185 $153 $254 $209 
   Agency new business written premiums27 24 32 27 28 28 28 26 59 54 83 82 110 110 
   Other written premiums(4)(4)(4)(4)(4)(4)(4)(4)(8)(8)(12)(12)(16)(16)
   Net written premiums$92 $80 $91 $85 $80 $74 $78 $71 $176 $149 $256 $223 $348 $303 
   Unearned premium change(5)2 (13)(7)(4)(2)(11)(8)(20)(19)(18)(21)(23)(25)
   Earned premiums$87 $82 $78 $78 $76 $72 $67 $63 $156 $130 $238 $202 $325 $278 
Year over year change %
   Agency renewal written premiums23 %20 %17 %27 %12 %14 %8 %2 %21 %5 %21 %8 %22 %9 %
   Agency new business written premiums(4)(14)14 4 47 56 65 63 9 64 1 61 — 57 
   Other written premiums— — — — — (33)(33)(33)— (33)— (33)— (23)
   Net written premiums15 8 17 20 23 25 22 16 18 19 15 21 15 22 
Paid losses and loss expenses
   Losses paid$22 $14 $14 $23 $14 $16 $10 $18 $37 $28 $51 $43 $73 $57 
   Loss expenses paid10 10 9 9 9 8 7 8 19 15 29 23 39 33 
   Loss and loss expenses paid$32 $24 $23 $32 $23 $24 $17 $26 $56 $43 $80 $66 $112 $90 
Incurred losses and loss expenses
   Loss and loss expense incurred$49 $48 $57 $45 $41 $39 $29 $33 $102 $62 $150 $101 $199 $142 
   Loss and loss expenses paid as a % of incurred65.3 %50.0 %40.4 %71.1 %56.1 %63.2 %53.5 %78.8 %54.9 %68.8 %53.3 %65.3 %56.3 %63.4 %
Statutory combined ratio
   Loss ratio39.6 %39.8 %56.4 %35.4 %38.0 %35.6 %27.2 %32.9 %45.9 %30.0 %43.8 %32.0 %42.7 %33.7 %
   Loss adjustment expense ratio17.0 18.5 17.2 22.0 16.4 17.1 17.9 18.6 19.5 18.3 19.2 17.9 18.6 17.4 
   Net underwriting expense ratio28.3 29.6 26.6 28.8 29.1 29.6 28.5 28.5 27.7 28.4 28.3 28.8 28.3 28.9 
   Statutory combined ratio84.9 %87.9 %100.2 %86.2 %83.5 %82.3 %73.6 %80.0 %93.1 %76.7 %91.3 %78.7 %89.6 %80.0 %
   Contribution from catastrophe losses0.5 1.2 3.4 1.0 0.5 1.1 0.5 0.2 2.2 0.4 1.8 0.6 1.5 0.6 
   Statutory combined ratio excl. catastrophe losses84.4 %86.7 %96.8 %85.2 %83.0 %81.2 %73.1 %79.8 %90.9 %76.3 %89.5 %78.1 %88.1 %79.4 %
GAAP combined ratio
   GAAP combined ratio83.2 %86.7 %102.0 %89.1 %82.9 %83.2 %76.1 %83.5 %95.5 %79.7 %92.5 %80.9 %90.0 %81.5 %
   Contribution from catastrophe losses0.5 1.2 3.4 1.0 0.5 1.1 0.5 0.2 2.2 0.4 1.8 0.6 1.5 0.6 
   GAAP combined ratio excl. catastrophe losses82.7 %85.5 %98.6 %88.1 %82.4 %82.1 %75.6 %83.3 %93.3 %79.3 %90.7 %80.3 %88.5 %80.9 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2020 Supplemental Financial Data
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Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
For the Three Months Ended December 31,For the Twelve Months Ended December 31,
(Dollars in millions)20202019Change% Change20202019Change% Change
Underwriting income
Net premiums written$1,346 $1,272 $74 6 $5,687 $5,376 $311 6 
Unearned premium change(61)(64)3 5 164 191 (27)(14)
Earned premiums$1,407 $1,336 $71 5 $5,523 $5,185 $338 7 
Losses incurred$627 $662 $(35)(5)$3,046 $2,720 $326 12 
Defense and cost containment expenses incurred103 74 29 39 346 278 68 24 
Adjusting and other expenses incurred78 77 1 1 305 274 31 11 
Other underwriting expenses incurred418 406 12 3 1,684 1,618 66 4 
Workers compensation dividend incurred3 3 — — 10 12 (2)(17)
Total underwriting deductions$1,229 $1,222 $7 1 $5,391 $4,902 $489 10 
Net underwriting profit $178 $114 $64 56 $132 $283 $(151)(53)
Investment income
Gross investment income earned$116 $108 $8 7 $432 $419 $13 3 
Net investment income earned112 106 6 6 423 411 12 3 
Realized capital gains and losses, net1 (7)8 nm(9)(3)(6)(200)
Net investment gains $113 $99 $14 14 $414 $408 $6 1 
Other income$1 $2 $(1)(50)$4 $8 $(4)(50)
Net income before federal income taxes$292 $215 $77 36 $550 $699 $(149)(21)
Federal and foreign income taxes incurred55 44 11 25 92 117 (25)(21)
Net income (statutory)$237 $171 $66 39 $458 $582 $(124)(21)
Policyholders' surplus - statutory**$5,836 $5,620 $216 4 $5,836 $5,620 $216 4 
Fixed maturities at amortized cost - statutory$7,540 $7,424 $116 2 $7,540 $7,424 $116 2 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
**Current year policyholders' surplus amount subject to change.

CINF Fourth-Quarter 2020 Supplemental Financial Data
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The Cincinnati Life Insurance Company
Statutory Statements of Income
For the Three Months Ended December 31,For the Twelve Months Ended December 31,
(Dollars in millions)20202019Change% Change20202019Change% Change
Net premiums written$83 $80 $3 4 $324 $313 $11 4 
Net investment income42 41 1 2 166 160 6 4 
Amortization of interest maintenance reserve1 — 1 nm1 1 — — 
Commissions and expense allowances on reinsurance ceded1 2 (1)(50)4 5 (1)(20)
Income from fees associated with separate accounts— 1 (1)(100)2 4 (2)(50)
Total revenues$127 $124 $3 2 $497 $483 $14 3 
Death benefits and matured endowments$39 $37 $2 5 $145 $139 $6 4 
Annuity benefits16 21 (5)(24)65 89 (24)(27)
Disability benefits and benefits under accident and health contracts1 1 — — 2 2 — — 
Surrender benefits and group conversions5 5 — — 24 20 4 20 
Interest and adjustments on deposit-type contract funds2 2 — — 8 9 (1)(11)
Increase in aggregate reserves for life and accident and health contracts23 25 (2)(8)86 102 (16)(16)
Total benefit expenses$86 $91 $(5)(5)$330 $361 $(31)(9)
Commissions$13 $13 $— — $49 $52 $(3)(6)
General insurance expenses and taxes13 12 1 8 50 52 (2)(4)
Increase in loading on deferred and uncollected premiums5 (5)10 nm9 (7)16 nm
Net transfers from Separate Accounts(3)(2)(1)(50)(12)(8)(4)(50)
Total underwriting expenses$28 $18 $10 56 $96 $89 $7 8 
Federal and foreign income tax provision 4 4 — — 15 9 6 67 
Net gain from operations before capital gains or losses$9 $11 $(2)(18)$56 $24 $32 133 
Gains and losses net of capital gains tax, net2 (3)5 nm(29)(5)(24)(480)
Net income - statutory$11 $8 $3 38 $27 $19 $8 42 
Policyholders' surplus - statutory**$241 $204 $37 18 $241 $204 $37 18 
Fixed maturities at amortized cost - statutory$3,496 $3,454 $42 1 $3,496 $3,454 $42 1 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
**Current year policyholders' surplus amount subject to change.

    
CINF Fourth-Quarter 2020 Supplemental Financial Data
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Quarterly Data - Other
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Cincinnati Re:
Written premiums$59 $54 $84 $105 $36 $35 $73 $84 $189 $157 $242 $192 $302 $228 
Year over year change %- written premium64 %52 %15 %25 %29 %(3)%52 %83 %20 %67 %26 %48 %32 %44 %
Earned premiums$69 $71 $57 $62 $50 $48 $46 $40 $119 $86 $190 $134 $259 $184 
Current accident year before catastrophe losses57.2 %56.1 %79.6 %47.6 %43.9 %55.6 %51.3 %54.3 %63.0 %52.7 %60.4 %53.7 %59.6 %51.1 %
Current accident year catastrophe losses15.4 22.3 — — 20.5 17.3 — — — — 8.4 6.3 10.2 10.1 
Prior accident years before catastrophe losses1.2 5.5 (0.6)3.1 2.2 1.2 (3.7)6.2 1.3 0.9 2.8 1.0 2.4 1.3 
Prior accident years catastrophe losses— (8.6)(0.1)6.3 0.2 (7.9)8.7 (0.3)3.2 4.5 (1.2)— (0.9)0.1 
Total loss and loss expense ratio73.8 %75.3 %78.9 %57.0 %66.8 %66.2 %56.3 %60.2 %67.5 %58.1 %70.4 %61.0 %71.3 %62.6 %
Cincinnati Global:
Written premiums$49 $38 $53 $37 $37 $38 $44 $21 $90 $65 $129 $103 $177 $140 
Year over year change %- written premium32 %— %20 %76 %38 %25 %26 %
Earned premiums42 65 34 27 38 68 33 10 61 $43 126 $111 168 $149 
Current accident year before catastrophe losses23.7 %62.9 %49.6 %63.7 %39.6 %44.6 %75.5 %103.9 %55.6 %82.6 %59.4 %59.3 %50.4 %54.3 %
Current accident year catastrophe losses58.8 68.7 42.4 — 4.8 19.4 9.8 — 24.1 7.3 46.9 14.7 49.9 12.2 
Prior accident years before catastrophe losses(11.9)(0.1)(27.9)(19.5)(0.2)(2.9)(8.5)(84.0)(24.2)(27.3)(11.8)(12.3)(11.9)(9.2)
Prior accident years catastrophe losses(19.5)(0.1)1.0 (3.2)9.1 (4.2)(22.5)4.3 (0.8)(15.8)(0.4)(8.7)(5.2)(4.2)
Total loss and loss expense ratio51.1 %131.4 %65.1 %41.0 %53.3 %56.9 %54.3 %24.2 %54.7 %46.8 %94.1 %53.0 %83.2 %53.1 %
Noninsurance operations:
Interest and fees on loans and leases$2 $1 $2 $1 $1 $1 $1 $2 $3 $3 $4 $4 $6 $5 
Other revenue— 2 1 1 1 2 1 — 2 1 4 3 4 4 
Interest expense14 13 14 13 13 14 13 13 27 26 40 40 54 53 
Operating expense5 5 5 5 6 5 4 8 10 12 15 17 20 23 
Total noninsurance operations loss$(17)$(15)$(16)$(16)$(17)$(16)$(15)$(19)$(32)$(34)$(47)$(50)$(64)$(67)
*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.
*Cincinnati Global was acquired on February 28, 2019. Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

CINF Fourth-Quarter 2020 Supplemental Financial Data
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