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Published: 2020-10-26 16:09:37 ET
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EX-99.2 3 exhibit9923q20.htm EX-99.2 Document

Cincinnati Financial Corporation
Supplemental Financial Data
for the period ending September 30, 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 Investor ServiceS&P Global Ratings
Cincinnati Financial Corporation
Corporate DebtaA-A3BBB+
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
      Standard Market Subsidiaries:A+—A1A+
             The Cincinnati Insurance CompanyA+A+A1A+
             The Cincinnati Indemnity CompanyA+A+A1A+
             The Cincinnati Casualty CompanyA+A+A1A+
      Surplus Lines Subsidiary:
             The Cincinnati Specialty Underwriters Insurance CompanyA+———
The Cincinnati Life Insurance CompanyA+A+—A+

Ratings are as of October 23, 2020, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.
The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.
CINF Third-Quarter 2020 Supplemental Financial Data
1

Cincinnati Financial Corporation
Supplemental Financial Data
for the period ending September 30, 2020
Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures3
Consolidated
CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 20204
CFC and Subsidiaries Consolidation – Three Months Ended September 30, 20205
Consolidated Property Casualty Insurance Operations
Losses Incurred Detail6
Loss Ratio Detail7
Loss Claim Count Detail8
Quarterly Property Casualty Data – Commercial Lines9
Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines10
Loss and Loss Expense Analysis – Nine Months Ended September 30, 202011
Loss and Loss Expense Analysis – Three Months Ended September 30, 202012
Reconciliation Data
Quarterly Property Casualty Data – Consolidated13
Quarterly Property Casualty Data – Commercial Lines14
Quarterly Property Casualty Data – Personal Lines15
Quarterly Property Casualty Data – Excess & Surplus Lines16
Statutory Statements of Income
Consolidated Cincinnati Insurance Companies Statutory Statements of Income17
The Cincinnati Life Insurance Company Statutory Statements of Income18
Other
Quarterly Data – Other19

CINF Third-Quarter 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 Third-Quarter 2020 Supplemental Financial Data
3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2020
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $4,405 $— $— $— $4,405 
    Life— — 273 — — 273 
    Premiums ceded— (163)(55)— — (218)
      Total earned premium— 4,242 218 — — 4,460 
  Investment income, net of expenses58 322 118 — — 498 
  Investment gains and losses, net134 (237)(29)— — (132)
  Fee revenues— 7 1 — — 8 
  Other revenues11 4 — 4 (11)8 
Total revenues$203 $4,338 $308 $4 $(11)$4,842 
Benefits & expenses
  Losses & contract holders' benefits$— $3,048 $270 $— $— $3,318 
  Reinsurance recoveries— (40)(46)— — (86)
  Underwriting, acquisition and insurance expenses— 1,309 63 — — 1,372 
  Interest expense40 — — — — 40 
  Other operating expenses24 — — 2 (11)15 
Total expenses$64 $4,317 $287 $2 $(11)$4,659 
Income before income taxes$139 $21 $21 $2 $— $183 
Provision (benefit) for income taxes
  Current operating income (loss)$(10)$105 $14 $— $— $109 
  Capital gains/losses28 (50)(6)— — (28)
  Deferred6 (67)(4)— — (65)
Total provision (benefit) for income taxes$24 $(12)$4 $— $— $16 
Net income - current year$115 $33 $17 $2 $— $167 
Net income - prior year$385 $955 $30 $1 $— $1,371 
*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 Third-Quarter 2020 Supplemental Financial Data
4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended September 30, 2020
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $1,517 $— $— $— $1,517 
    Life— — 90 — — 90 
    Premiums ceded— (67)(18)— — (85)
      Total earned premium— 1,450 72 — — 1,522 
  Investment income, net of expenses20 107 40 — — 167 
  Investment gains and losses, net281 250 2 — — 533 
  Fee revenues— 2 — — — 2 
  Other revenues4 2 — 1 (4)3 
Total revenues$305 $1,811 $114 $1 $(4)$2,227 
Benefits & expenses
  Losses & contract holders' benefits$— $1,093 $85 $— $— $1,178 
  Reinsurance recoveries— (22)(13)— — (35)
  Underwriting, acquisition and insurance expenses— 432 20 — — 452 
  Interest expense13 — — — — 13 
  Other operating expenses8 — — 1 (4)5 
Total expenses$21 $1,503 $92 $1 $(4)$1,613 
Income before income taxes$284 $308 $22 $— $— $614 
Provision for income taxes
  Current operating income (loss)$(41)$(20)$5 $— $— $(56)
  Capital gains/losses58 52 1 — — 111 
  Deferred41 36 (2)— — 75 
Total provision for income taxes$58 $68 $4 $— $— $130 
Net income - current year$226 $240 $18 $— $— $484 
Net income - prior year$40 $196 $12 $— $— $248 
*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 Third-Quarter 2020 Supplemental Financial Data
5

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 million$21 $19 $— $14 $(1)$14 $— $19 $14 $40 $13 $27 
Current accident year losses $1 million - $5 million46 53 50 77 76 53 37 103 90 149 166 243 
Large loss prior accident year reserve development(3)7 26 (4)33 5 16 33 21 30 54 50 
   Total large losses incurred$64 $79 $76 $87 $108 $72 $53 $155 $125 $219 $233 $320 
Losses incurred but not reported38 134 79 41 (24)(14)47 213 33 251 9 50 
Other losses excluding catastrophe losses550 409 496 512 566 547 493 905 1,039 1,455 1,606 2,118 
Catastrophe losses261 226 123 42 70 128 69 349 198 611 268 309 
   Total losses incurred$913 $848 $774 $682 $720 $733 $662 $1,622 $1,395 $2,536 $2,116 $2,797 
Commercial Lines
Current accident year losses greater than $5 million$21 $19 $— $14 $(1)$14 $— $19 $14 $40 $13 $27 
Current accident year losses $1 million - $5 million20 45 36 62 56 41 26 81 68 100 124 185 
Large loss prior accident year reserve development(1)5 22 1 32 3 13 27 16 27 48 49 
   Total large losses incurred$40 $69 $58 $77 $87 $58 $39 $127 $98 $167 $185 $261 
Losses incurred but not reported60 72 58 12 (22)(7)43 130 36 190 14 26 
Other losses excluding catastrophe losses287 233 298 302 314 320 286 531 605 817 919 1,222 
Catastrophe losses125 119 82 (9)32 94 25 201 119 327 151 142 
   Total losses incurred$512 $493 $496 $382 $411 $465 $393 $989 $858 $1,501 $1,269 $1,651 
Personal Lines
Current accident year losses greater than $5 million$— $— $— $— $— $— $— $— $— $— $— $— 
Current accident year losses $1 million - $5 million21 8 12 11 20 10 10 20 19 42 39 51 
Large loss prior accident year reserve development(2)2 5 (3)(1)1 2 7 3 4 2 (1)
   Total large losses incurred$19 $10 $17 $8 $19 $11 $12 $27 $22 $46 $41 $50 
Losses incurred but not reported(24)41 24 17 — (4)4 65 — 41 (1)17 
Other losses excluding catastrophe losses156 105 127 160 172 167 163 232 330 388 504 662 
Catastrophe losses81 89 38 33 23 34 45 127 79 208 101 135 
   Total losses incurred$232 $245 $206 $218 $214 $208 $224 $451 $431 $683 $645 $864 
Excess & Surplus Lines
Current accident year losses greater than $5 million$— $— $— $— $— $— $— $— $— $— $— $— 
Current accident year losses $1 million - $5 million5 — 2 4 — 2 1 2 3 7 3 7 
Large loss prior accident year reserve development— — (1)(2)2 1 1 (1)2 (1)4 2 
   Total large losses incurred$5 $— $1 $2 $2 $3 $2 $1 $5 $6 $7 $9 
Losses incurred but not reported2 21 (3)12 (2)(3)— 18 (3)20 (4)7 
Other losses excluding catastrophe losses24 20 29 14 25 18 19 50 36 74 61 76 
Catastrophe losses1 3 1 1 1 — — 3 1 4 1 2 
   Total losses incurred$32 $44 $28 $29 $26 $18 $21 $72 $39 $104 $65 $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 Third-Quarter 2020 Supplemental Financial Data
6

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 million1.5 %1.4 %— %1.1 %(0.1)%1.1 %— %0.7 %0.5 %0.9 %0.3 %0.5 %
Current accident year losses $1 million - $5 million3.2 3.7 3.6 5.6 5.5 4.0 2.9 3.7 3.5 3.5 4.2 4.6 
Large loss prior accident year reserve development(0.3)0.5 1.9 (0.4)2.4 0.4 1.2 1.2 0.8 0.8 1.4 0.9 
   Total large loss ratio4.4 %5.6 %5.5 %6.3 %7.8 %5.5 %4.1 %5.6 %4.8 %5.2 %5.9 %6.0 %
Losses incurred but not reported2.6 9.6 5.7 3.0 (1.8)(1.1)3.7 7.6 1.3 5.9 0.2 0.9 
Other losses excluding catastrophe losses38.0 29.2 35.6 37.3 41.2 41.6 38.9 32.4 40.2 34.3 40.5 39.7 
Catastrophe losses18.0 16.1 8.9 3.0 5.1 9.7 5.5 12.5 7.7 14.4 6.8 5.8 
   Total loss ratio63.0 %60.5 %55.7 %49.6 %52.3 %55.7 %52.2 %58.1 %54.0 %59.8 %53.4 %52.4 %
Commercial Lines
Current accident year losses greater than $5 million2.5 %2.2 %— %1.7 %(0.1)%1.7 %— %1.1 %0.9 %1.5 %0.5 %0.8 %
Current accident year losses $1 million - $5 million2.3 5.1 4.1 7.0 6.8 5.0 3.3 4.6 4.1 3.9 5.1 5.6 
Large loss prior accident year reserve development(0.2)0.6 2.6 0.2 3.8 0.4 1.6 1.6 1.0 1.0 1.9 1.5 
   Total large loss ratio4.6 %7.9 %6.7 %8.9 %10.5 %7.1 %4.9 %7.3 %6.0 %6.4 %7.5 %7.9 %
Losses incurred but not reported6.9 8.3 6.8 1.5 (2.6)(0.9)5.4 7.5 2.2 7.3 0.6 0.8 
Other losses excluding catastrophe losses33.1 26.8 34.5 35.4 37.6 38.9 35.1 30.7 37.0 31.5 37.2 36.7 
Catastrophe losses14.5 13.6 9.5 (1.0)3.8 11.4 3.1 11.6 7.3 12.6 6.1 4.3 
   Total loss ratio59.1 %56.6 %57.5 %44.8 %49.3 %56.5 %48.5 %57.1 %52.5 %57.8 %51.4 %49.7 %
Personal Lines
Current accident year losses greater than $5 million— %— %— %— %— %— %— %— %— %— %— %— %
Current accident year losses $1 million - $5 million5.8 2.3 3.5 3.5 5.4 2.8 2.8 2.9 2.8 3.8 3.7 3.6 
Large loss prior accident year reserve development(0.7)0.5 1.3 (1.0)(0.2)0.3 0.6 0.9 0.4 0.4 0.2 (0.1)
   Total large loss ratio5.1 %2.8 %4.8 %2.5 %5.2 %3.1 %3.4 %3.8 %3.2 %4.2 %3.9 %3.5 %
Losses incurred but not reported(6.6)11.3 6.6 5.1 (0.1)(1.1)1.0 8.9 (0.1)3.7 (0.1)1.2 
Other losses excluding catastrophe losses42.5 28.8 35.3 44.2 48.9 48.0 47.4 32.2 47.8 35.6 48.1 47.2 
Catastrophe losses22.1 24.6 10.5 9.4 6.4 9.7 13.1 17.5 11.4 19.1 9.7 9.6 
   Total loss ratio63.1 %67.5 %57.2 %61.2 %60.4 %59.7 %64.9 %62.4 %62.3 %62.6 %61.6 %61.5 %
Excess & Surplus Lines
Current accident year losses greater than $5 million— %— %— %— %— %— %— %— %— %— %— %— %
Current accident year losses $1 million - $5 million6.4 — 2.6 5.4 — 3.0 1.6 1.3 2.4 3.0 1.5 2.5 
Large loss prior accident year reserve development0.1 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 ratio6.5 %0.1 %1.1 %2.7 %2.7 %4.5 %2.8 %0.6 %3.7 %2.6 %3.3 %3.1 %
Losses incurred but not reported2.6 27.2 (4.4)14.4 (2.6)(4.5)0.8 11.3 (1.9)8.4 (2.2)2.4 
Other losses excluding catastrophe losses29.5 25.8 37.8 20.5 34.5 26.7 29.1 31.9 27.9 31.0 30.3 27.7 
Catastrophe losses1.2 3.3 0.9 0.4 1.0 0.5 0.2 2.1 0.3 1.8 0.6 0.5 
   Total loss ratio39.8 %56.4 %35.4 %38.0 %35.6 %27.2 %32.9 %45.9 %30.0 %43.8 %32.0 %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 Third-Quarter 2020 Supplemental Financial Data
7

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 million		2 2 — 2 1 2 — 2 2 5 2 4 
Current accident year reported losses
$1 million - $5 million		34 28 27 39 35 31 19 55 50 85 88 137 
Prior accident year reported losses on
large losses		13 9 20 9 18 13 10 27 24 41 44 55 
   Non-Catastrophe reported losses on
large losses total		49 39 47 50 54 46 29 84 76 131 134 196 
Commercial Lines
Current accident year reported losses greater
than $5 million		2 2 — 2 1 2 — 2 2 5 2 4 
Current accident year reported losses
$1 million - $5 million		19 24 17 27 27 23 12 41 35 57 64 100 
Prior accident year reported losses on
large losses		12 8 17 8 18 10 7 23 19 36 38 49 
   Non-Catastrophe reported losses on
large losses total		33 34 34 37 46 35 19 66 56 98 104 153 
Personal Lines
Current accident year reported losses greater
than $5 million		— — — — — — — — — — — — 
Current accident year reported losses
$1 million - $5 million		9 4 8 8 8 6 6 12 12 21 21 30 
Prior accident year reported losses on
large losses		— — 3 1 — 1 2 3 3 3 3 4 
   Non-Catastrophe reported losses on
large losses total		9 4 11 9 8 7 8 15 15 24 24 34 
Excess & Surplus Lines
Current accident year reported losses greater
than $5 million		— — — — — — — — — — — — 
Current accident year reported losses
$1 million - $5 million		6 — 2 4 — 2 1 2 3 7 3 7 
Prior accident year reported losses on
large losses		1 1 — — — 2 1 1 2 2 3 2 
   Non-Catastrophe reported losses on
large losses total		7 1 2 4 — 4 2 3 5 9 6 9 
*The sum of quarterly amounts may not equal the full year as each is computed independently.
CINF Third-Quarter 2020 Supplemental Financial Data
8

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$269 $308 $341 $269 $263 $296 $303 $649 $599 $918 $862 $1,131 
Year over year change %- written premium2 %4 %13 %7 %5 %2 %6 %8 %4 %6 %4 %5 %
Earned premiums$290 $289 $289 $280 $277 $277 $268 $577 $545 $868 $822 $1,102 
Current accident year before catastrophe losses63.1 %62.6 %65.8 %67.5 %66.1 %67.4 %66.7 %64.1 %67.0 %63.8 %66.7 %66.9 %
Current accident year catastrophe losses— — — — — — — — — — — — 
Prior accident years before catastrophe losses(3.2)(7.5)(1.6)(4.8)(2.9)(9.3)(11.5)(4.5)(10.3)(4.1)(7.8)(7.1)
Prior accident years catastrophe losses— — — — — — — — — — — — 
   Total loss and loss expense ratio59.9 %55.1 %64.2 %62.7 %63.2 %58.1 %55.2 %59.6 %56.7 %59.7 %58.9 %59.8 %
Commercial property:
Written premiums$252 $260 $261 $246 $245 $247 $247 $521 $494 $773 $739 $985 
Year over year change %- written premium3 %5 %6 %10 %6 %3 %4 %5 %3 %5 %4 %6 %
Earned premiums$252 $254 $249 $249 $241 $234 $234 $504 $468 $755 $709 $958 
Current accident year before catastrophe losses53.0 %50.9 %47.8 %50.3 %49.4 %49.0 %51.5 %49.4 %50.3 %50.6 %50.0 %50.1 %
Current accident year catastrophe losses50.5 48.5 34.2 0.2 15.0 43.5 13.8 41.4 28.6 44.4 24.0 17.8 
Prior accident years before catastrophe losses(1.3)1.9 0.7 (1.3)(1.1)0.8 1.9 1.3 1.3 0.5 0.5 0.1 
Prior accident years catastrophe losses0.3 (2.0)(1.1)(2.6)(1.9)(3.6)(2.6)(1.6)(3.0)(1.0)(2.7)(2.7)
   Total loss and loss expense ratio102.5 %99.3 %81.6 %46.6 %61.4 %89.7 %64.6 %90.5 %77.2 %94.5 %71.8 %65.3 %
Commercial auto:
Written premiums$171 $205 $208 $175 $176 $196 $188 $413 $384 $584 $560 $735 
Year over year change %- written premium(3)%5 %11 %7 %10 %8 %6 %8 %7 %4 %8 %8 %
Earned premiums$189 $189 $185 $183 $179 $175 $170 $374 $345 $563 $524 $707 
Current accident year before catastrophe losses56.2 %64.2 %70.9 %68.1 %67.8 %70.5 %74.5 %67.5 %72.5 %63.7 %70.9 %70.2 %
Current accident year catastrophe losses0.4 2.2 1.2 (0.3)1.5 1.4 0.3 1.7 0.9 1.3 1.1 0.7 
Prior accident years before catastrophe losses5.5 (1.1)3.3 0.7 1.7 1.0 (6.7)1.1 (2.9)2.5 (1.3)(0.8)
Prior accident years catastrophe losses(0.1)— (0.2)— (0.1)— — (0.1)— (0.1)(0.1)— 
   Total loss and loss expense ratio62.0 %65.3 %75.2 %68.5 %70.9 %72.9 %68.1 %70.2 %70.5 %67.4 %70.6 %70.1 %
Workers' compensation:
Written premiums$51 $65 $92 $63 $62 $75 $94 $157 $169 $208 $231 $294 
Year over year change %- written premium(18)%(13)%(2)%(6)%(6)%(10)%(1)%(7)%(5)%(10)%(5)%(5)%
Earned premiums$64 $68 $75 $76 $73 $74 $77 $143 $151 $207 $224 $300 
Current accident year before catastrophe losses81.7 %81.8 %81.1 %85.4 %81.1 %78.0 %78.8 %81.4 %78.4 %81.5 %79.3 %80.8 %
Current accident year catastrophe losses— — — — — — — — — — — — 
Prior accident years before catastrophe losses(9.6)(27.8)(9.8)(20.1)(27.0)(35.9)(20.1)(18.3)(27.9)(15.7)(27.7)(25.7)
Prior accident years catastrophe losses— — — — — — — — — — — — 
   Total loss and loss expense ratio72.1 %54.0 %71.3 %65.3 %54.1 %42.1 %58.7 %63.1 %50.5 %65.8 %51.6 %55.1 %
Other commercial:
Written premiums$71 $70 $70 $66 $70 $65 $64 $140 $129 $211 $199 $265 
Year over year change %- written premium1 %8 %9 %16 %8 %10 %10 %9 %10 %6 %9 %10 %
Earned premiums$70 $70 $65 $64 $64 $63 $61 $135 $124 $205 $188 $252 
Current accident year before catastrophe losses36.0 %35.5 %39.1 %38.2 %34.3 %33.7 %38.0 %37.3 %35.8 %36.9 %35.4 %36.0 %
Current accident year catastrophe losses0.3 0.1 0.1 0.1 (0.2)0.3 0.4 0.1 0.3 0.2 0.1 0.1 
Prior accident years before catastrophe losses(0.7)(1.7)1.7 (3.3)(2.1)(1.9)(4.1)(0.1)(3.0)(0.3)(2.7)(2.8)
Prior accident years catastrophe losses(0.1)— 0.2 (0.3)0.8 — 0.2 0.1 0.1 — 0.3 0.2 
   Total loss and loss expense ratio35.5 %33.9 %41.1 %34.7 %32.8 %32.1 %34.5 %37.4 %33.2 %36.8 %33.1 %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 Third-Quarter 2020 Supplemental Financial Data
9

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$166 $169 $137 $141 $166 $173 $140 $306 $313 $472 $479 $620 
Year over year change %- written premium— %(2)%(2)%— %(2)%— %— %(2)%— %(1)%— %— %
Earned premiums$154 $154 $154 $155 $156 $155 $155 $308 $310 $462 $466 $621 
Current accident year before catastrophe losses48.5 %64.7 %69.4 %70.8 %70.2 %73.8 %76.2 %67.0 %75.0 %60.9 %73.4 %72.7 %
Current accident year catastrophe losses2.6 1.5 2.1 0.4 1.2 1.8 0.5 1.8 1.1 2.0 1.1 1.0 
Prior accident years before catastrophe losses0.5 (4.2)(8.1)(1.7)(2.0)(9.4)(3.3)(6.1)(6.3)(3.9)(4.9)(4.1)
Prior accident years catastrophe losses— (0.2)(0.4)— (0.1)(0.2)— (0.3)(0.1)(0.2)(0.1)(0.1)
   Total loss and loss expense ratio51.6 %61.8 %63.0 %69.5 %69.3 %66.0 %73.4 %62.4 %69.7 %58.8 %69.5 %69.5 %
Homeowner:
Written premiums$189 $197 $140 $152 $173 $176 $130 $337 $306 $526 $479 $631 
Year over year change %- written premium9 %12 %8 %8 %7 %8 %7 %10 %8 %10 %7 %7 %
Earned premiums$165 $163 $159 $157 $154 $149 $147 $322 $296 $487 $450 $607 
Current accident year before catastrophe losses48.2 %45.0 %53.5 %55.7 %60.9 %53.1 %51.9 %49.2 %52.5 %48.9 %55.3 %55.5 %
Current accident year catastrophe losses46.1 51.7 23.8 21.7 14.0 22.6 23.2 37.9 22.9 40.7 19.9 20.3 
Prior accident years before catastrophe losses1.7 4.5 (8.7)(2.2)1.0 4.5 2.0 (2.0)3.3 (0.8)2.5 1.3 
Prior accident years catastrophe losses(1.6)(0.1)(2.3)(0.5)(0.8)(2.2)5.7 (1.2)1.7 (1.3)0.9 0.5 
   Total loss and loss expense ratio94.4 %101.1 %66.3 %74.7 %75.1 %78.0 %82.8 %83.9 %80.4 %87.5 %78.6 %77.6 %
Other personal:
Written premiums$52 $57 $42 $43 $49 $53 $39 $99 $92 $151 $141 $184 
Year over year change %- written premium6 %8 %8 %5 %7 %15 %10 %8 %13 %7 %11 %10 %
Earned premiums$48 $47 $46 $46 $44 $44 $42 $93 $86 $141 $130 $176 
Current accident year before catastrophe losses49.6 %48.5 %50.5 %60.9 %51.4 %51.5 %33.6 %49.5 %42.7 %49.5 %45.7 %49.6 %
Current accident year catastrophe losses10.6 11.8 4.6 2.9 4.3 4.7 5.6 8.2 5.1 9.0 4.8 4.3 
Prior accident years before catastrophe losses(0.7)(1.4)6.3 (5.9)(6.4)(7.7)(6.1)2.4 (6.9)1.4 (6.7)(6.5)
Prior accident years catastrophe losses(0.2)(0.7)(0.6)(0.5)(0.7)0.4 0.1 (0.6)0.2 (0.5)(0.1)(0.2)
   Total loss and loss expense ratio59.3 %58.2 %60.8 %57.4 %48.6 %48.9 %33.2 %59.5 %41.1 %59.4 %43.7 %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$80 $91 $85 $80 $74 $78 $71 $176 $149 $256 $223 $303 
Year over year change %- written premium8 %17 %20 %23 %25 %22 %16 %18 %19 %15 %21 %22 %
Earned premiums$82 $78 $78 $76 $72 $67 $63 $156 $130 $238 $202 $278 
Current accident year before catastrophe losses58.5 %59.0 %55.7 %54.3 %57.6 %50.8 %55.5 %57.4 %53.1 %57.8 %54.7 %54.6 %
Current accident year catastrophe losses1.0 3.6 0.5 — 0.6 0.7 0.3 2.0 0.5 1.7 0.5 0.4 
Prior accident years before catastrophe losses(1.5)11.2 0.7 (0.4)(6.0)(6.2)(4.2)5.9 (5.2)3.4 (5.5)(4.1)
Prior accident years catastrophe losses0.2 (0.2)0.5 0.5 0.5 (0.2)(0.1)0.2 (0.1)0.1 0.1 0.2 
   Total loss and loss expense ratio58.2 %73.6 %57.4 %54.4 %52.7 %45.1 %51.5 %65.5 %48.3 %63.0 %49.8 %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 Third-Quarter 2020 Supplemental Financial Data
10

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)Change inChange inChange inTotalLoss
PaidPaid lossTotalcaseIBNRloss expensechange inCaseIBNRexpenseTotal
lossesexpensepaidreservesreservesreservesreservesincurredincurredincurredincurred
Gross loss and loss expense incurred for the nine months ended September 30, 2020
  Commercial casualty$264 $138 $402 $27 $75 $14 $116 $291 $75 $152 $518 
  Commercial property547 54 601 66 71 — 137 613 71 54 738 
  Commercial auto278 63 341 (13)53 (1)39 265 53 62 380 
  Workers' compensation109 26 135 (1)13 (7)5 108 13 19 140 
  Other commercial49 11 60 (12)4 25 17 37 4 36 77 
    Total commercial lines1,247 292 1,539 67 216 31 314 1,314 216 323 1,853 
  Personal auto220 59 279 (25)30 (9)(4)195 30 50 275 
  Homeowners314 42 356 49 21 1 71 363 21 43 427 
  Other personal48 5 53 10 20 — 30 58 20 5 83 
    Total personal lines582 106 688 34 71 (8)97 616 71 98 785 
  Excess & surplus lines53 29 82 38 19 17 74 91 19 46 156 
  Other130 5 135 6 113 — 119 136 113 5 254 
      Total property casualty$2,012 $432 $2,444 $145 $419 $40 $604 $2,157 $419 $472 $3,048 
Ceded loss and loss expense incurred for the nine months ended September 30, 2020
  Commercial casualty$1 $— $1 $(2)$— $— $(2)$(1)$— $— $(1)
  Commercial property62 1 63 (45)6 — (39)17 6 1 24 
  Commercial auto— — — — — — — — — — — 
  Workers' compensation8 — 8 (3)(2)— (5)5 (2)— 3 
  Other commercial3 — 3 — — — — 3 — — 3 
    Total commercial lines74 1 75 (50)4 — (46)24 4 1 29 
  Personal auto2 — 2 2 (1)— 1 4 (1)— 3 
  Homeowners3 — 3 (3)— — (3)— — — — 
  Other personal— — — — — — — — — — — 
    Total personal lines5 — 5 (1)(1)— (2)4 (1)— 3 
  Excess & surplus lines2 — 2 3 1 — 4 5 1 — 6 
  Other14 1 15 (11)(2)— (13)3 (2)1 2 
      Total property casualty$95 $2 $97 $(59)$2 $— $(57)$36 $2 $2 $40 
Net loss and loss expense incurred for the nine months ended September 30, 2020
  Commercial casualty$263 $138 $401 $29 $75 $14 $118 $292 $75 $152 $519 
  Commercial property485 53 538 111 65 — 176 596 65 53 714 
  Commercial auto278 63 341 (13)53 (1)39 265 53 62 380 
  Workers' compensation101 26 127 2 15 (7)10 103 15 19 137 
  Other commercial46 11 57 (12)4 25 17 34 4 36 74 
    Total commercial lines1,173 291 1,464 117 212 31 360 1,290 212 322 1,824 
  Personal auto218 59 277 (27)31 (9)(5)191 31 50 272 
  Homeowners311 42 353 52 21 1 74 363 21 43 427 
  Other personal48 5 53 10 20 — 30 58 20 5 83 
    Total personal lines577 106 683 35 72 (8)99 612 72 98 782 
  Excess & surplus lines51 29 80 35 18 17 70 86 18 46 150 
  Other116 4 120 17 115 — 132 133 115 4 252 
      Total property casualty$1,917 $430 $2,347 $204 $417 $40 $661 $2,121 $417 $470 $3,008 
*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 Third-Quarter 2020 Supplemental Financial Data
11

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)Change inChange inChange inTotalLoss
PaidPaid lossTotalcaseIBNRloss expensechange inCaseIBNRexpenseTotal
lossesexpensepaidreservesreservesreservesreservesincurredincurredincurredincurred
Gross loss and loss expense incurred for the three months ended September 30, 2020
  Commercial casualty$87 $51 $138 $— $27 $8 $35 $87 $27 $59 $173 
  Commercial property185 20 205 36 40 (14)62 221 40 6 267 
  Commercial auto85 19 104 8 2 3 13 93 2 22 117 
  Workers' compensation31 9 40 5 3 — 8 36 3 9 48 
  Other commercial12 4 16 2 — 9 11 14 — 13 27 
    Total commercial lines400 103 503 51 72 6 129 451 72 109 632 
  Personal auto72 19 91 1 (10)(2)(11)73 (10)17 80 
  Homeowners115 17 132 32 (2)(3)27 147 (2)14 159 
  Other personal15 2 17 6 6 — 12 21 6 2 29 
    Total personal lines202 38 240 39 (6)(5)28 241 (6)33 268 
  Excess & surplus lines15 10 25 18 2 5 25 33 2 15 50 
  Other41 1 42 14 87 — 101 55 87 1 143 
      Total property casualty$658 $152 $810 $122 $155 $6 $283 $780 $155 $158 $1,093 
Ceded loss and loss expense incurred for the three months ended September 30, 2020
  Commercial casualty$— $— $— $— $— $— $— $— $— $— $— 
  Commercial property18 — 18 (17)9 — (8)1 9 — 10 
  Commercial auto— — — — — — — — — — — 
  Workers' compensation3 — 3 (2)— — (2)1 — — 1 
  Other commercial1 — 1 — — — — 1 — — 1 
    Total commercial lines22 — 22 (19)9 — (10)3 9 — 12 
  Personal auto— — — — — — — — — — — 
  Homeowners2 — 2 (1)2 — 1 1 2 — 3 
  Other personal— — — — — — — — — — — 
    Total personal lines2 — 2 (1)2 — 1 1 2 — 3 
  Excess & surplus lines1 — 1 1 — — 1 2 — — 2 
  Other5 1 6 (4)3 — (1)1 3 1 5 
      Total property casualty$30 $1 $31 $(23)$14 $— $(9)$7 $14 $1 $22 
Net loss and loss expense incurred for the three months ended September 30, 2020
  Commercial casualty$87 $51 $138 $— $27 $8 $35 $87 $27 $59 $173 
  Commercial property167 20 187 53 31 (14)70 220 31 6 257 
  Commercial auto85 19 104 8 2 3 13 93 2 22 117 
  Workers' compensation28 9 37 7 3 — 10 35 3 9 47 
  Other commercial11 4 15 2 — 9 11 13 — 13 26 
    Total commercial lines378 103 481 70 63 6 139 448 63 109 620 
  Personal auto72 19 91 1 (10)(2)(11)73 (10)17 80 
  Homeowners113 17 130 33 (4)(3)26 146 (4)14 156 
  Other personal15 2 17 6 6 — 12 21 6 2 29 
    Total personal lines200 38 238 40 (8)(5)27 240 (8)33 265 
  Excess & surplus lines14 10 24 17 2 5 24 31 2 15 48 
  Other36 — 36 18 84 — 102 54 84 — 138 
      Total property casualty$628 $151 $779 $145 $141 $6 $292 $773 $141 $157 $1,071 
*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 Third-Quarter 2020 Supplemental Financial Data
12

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$1,153 $1,244 $1,198 $1,084 $1,119 $1,186 $1,130 $2,442 $2,316 $3,595 $3,435 $4,519 
   Agency new business written premiums189 210 215 193 192 212 181 425 393 614 585 778 
   Other written premiums51 105 105 31 40 78 70 210 148 261 188 219 
   Net written premiums $1,393 $1,559 $1,518 $1,308 $1,351 $1,476 $1,381 $3,077 $2,857 $4,470 $4,208 $5,516 
   Unearned premium change57 (156)(129)66 25 (159)(114)(285)(273)(228)(248)(182)
   Earned premiums$1,450 $1,403 $1,389 $1,374 $1,376 $1,317 $1,267 $2,792 $2,584 $4,242 $3,960 $5,334 
Year over year change %
   Agency renewal written premiums3 %5 %6 %5 %3 %3 %4 %5 %4 %5 %3 %4 %
   Agency new business written premiums(2)(1)19 22 25 17 14 8 16 5 18 19 
   Other written premiums28 35 50 nmnm333 338 42 335 39 395 nm
   Net written premiums 3 6 10 11 8 9 10 8 10 6 9 10 
Paid losses and loss expenses
   Losses paid$628 $624 $663 $677 $703 $677 $692 $1,289 $1,369 $1,917 $2,072 $2,748 
   Loss expenses paid151 127 154 131 127 121 132 279 253 430 380 512 
   Loss and loss expenses paid$779 $751 $817 $808 $830 $798 $824 $1,568 $1,622 $2,347 $2,452 $3,260 
Incurred losses and loss expenses
   Loss and loss expense incurred$1,071 $1,007 $930 $835 $864 $863 $790 $1,937 $1,653 $3,008 $2,517 $3,352 
   Loss and loss expenses paid as a % of incurred72.7 %74.6 %87.7 %96.8 %96.1 %92.5 %104.3 %80.9 %98.1 %78.0 %97.4 %97.3 %
Statutory combined ratio
   Loss ratio59.8 %60.4 %56.1 %49.6 %52.1 %55.7 %52.5 %58.2 %54.1 %58.8 %53.4 %52.5 %
   Loss adjustment expense ratio11.3 11.6 11.3 11.3 11.0 9.9 10.1 11.5 10.1 11.4 10.4 10.6 
   Net underwriting expense ratio30.2 28.8 29.2 32.1 31.2 29.3 28.9 29.0 29.1 29.3 29.8 30.3 
   US Statutory combined ratio101.3 %100.8 %96.6 %93.0 %94.3 %94.9 %91.5 %98.7 %93.3 %99.5 %93.6 %93.4 %
   Contribution from catastrophe losses16.0 15.8 9.3 2.9 4.9 10.5 5.8 12.6 8.2 13.7 7.1 6.0 
   Statutory combined ratio excl. catastrophe losses85.3 %85.0 %87.3 %90.1 %89.4 %84.4 %85.7 %86.1 %85.1 %85.8 %86.5 %87.4 %
GAAP combined ratio
   GAAP combined ratio103.6 %103.1 %98.5 %91.6 %94.2 %96.5 %93.0 %100.8 %94.8 %101.8 %94.6 %93.8 %
   Contribution from catastrophe losses18.3 16.5 9.1 3.3 5.3 10.0 5.8 12.8 7.9 14.7 7.1 6.0 
   GAAP combined ratio excl. catastrophe losses85.3 %86.6 %89.4 %88.3 %88.9 %86.5 %87.2 %88.0 %86.9 %87.1 %87.5 %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 Third-Quarter 2020 Supplemental Financial Data
13

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$727 $794 $842 $719 $713 $767 $799 $1,636 $1,566 $2,363 $2,279 $2,998 
   Agency new business written premiums114 134 154 129 124 137 120 288 257 402 381 510 
   Other written premiums(27)(20)(24)(29)(21)(25)(23)(44)(48)(71)(69)(98)
   Net written premiums $814 $908 $972 $819 $816 $879 $896 $1,880 $1,775 $2,694 $2,591 $3,410 
   Unearned premium change51 (38)(109)33 18 (56)(86)(147)(142)(96)(124)(91)
   Earned premiums$865 $870 $863 $852 $834 $823 $810 $1,733 $1,633 $2,598 $2,467 $3,319 
Year over year change %
   Agency renewal written premiums2 %4 %5 %4 %2 %1 %4 %4 %2 %4 %2 %2 %
   Agency new business written premiums(8)(2)28 28 32 16 15 12 16 6 21 22 
   Other written premiums(29)20 (4)15 5 (25)(10)8 (17)(3)(10)(1)
   Net written premiums — 3 8 8 5 3 5 6 4 4 4 5 
Paid losses and loss expenses
   Losses paid$378 $367 $426 $418 $417 $394 $436 $795 $830 $1,173 $1,247 $1,665 
   Loss expenses paid103 86 103 91 89 85 92 189 178 291 266 358 
   Loss and loss expenses paid$481 $453 $529 $509 $506 $479 $528 $984 $1,008 $1,464 $1,513 $2,023 
Incurred losses and loss expenses
   Loss and loss expense incurred$620 $596 $608 $489 $510 $550 $481 $1,204 $1,031 $1,824 $1,541 $2,030 
   Loss and loss expenses paid as a % of incurred77.6 %76.0 %87.0 %104.1 %99.2 %87.1 %109.8 %81.7 %97.8 %80.3 %98.2 %99.7 %
Statutory combined ratio
   Loss ratio59.1 %56.7 %57.5 %44.8 %49.3 %56.5 %48.5 %57.0 %52.5 %57.8 %51.5 %49.7 %
   Loss adjustment expense ratio12.5 11.8 12.9 12.6 11.9 10.3 10.9 12.4 10.6 12.4 11.0 11.5 
   Net underwriting expense ratio32.0 28.6 28.9 32.8 32.7 30.2 28.9 28.8 29.6 29.7 30.6 31.1 
   Statutory combined ratio103.6 %97.1 %99.3 %90.2 %93.9 %97.0 %88.3 %98.2 %92.7 %99.9 %93.1 %92.3 %
   Contribution from catastrophe losses14.8 14.0 9.8 (0.7)4.1 11.7 3.3 11.9 7.5 12.9 6.4 4.5 
   Statutory combined ratio excl. catastrophe losses88.8 %83.1 %89.5 %90.9 %89.8 %85.3 %85.0 %86.3 %85.2 %87.0 %86.7 %87.8 %
GAAP combined ratio
   GAAP combined ratio102.4 %99.1 %102.5 %88.8 %93.4 %98.6 %90.8 %100.8 %94.7 %101.3 %94.3 %92.9 %
   Contribution from catastrophe losses14.8 14.0 9.8 (0.7)4.1 11.7 3.3 11.9 7.5 12.9 6.4 4.5 
   GAAP combined ratio excl. catastrophe losses87.6 %85.1 %92.7 %89.5 %89.3 %86.9 %87.5 %88.9 %87.2 %88.4 %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 Third-Quarter 2020 Supplemental Financial Data
14

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$366 $387 $294 $309 $356 $365 $282 $681 $647 $1,047 $1,003 $1,312 
   Agency new business written premiums51 44 34 36 40 47 35 78 82 129 122 158 
   Other written premiums(10)(8)(9)(9)(8)(10)(8)(17)(18)(27)(26)(35)
   Net written premiums $407 $423 $319 $336 $388 $402 $309 $742 $711 $1,149 $1,099 $1,435 
   Unearned premium change(40)(59)40 22 (34)(54)35 (19)(19)(59)(53)(31)
   Earned premiums$367 $364 $359 $358 $354 $348 $344 $723 $692 $1,090 $1,046 $1,404 
Year over year change %
   Agency renewal written premiums3 %6 %4 %5 %4 %7 %7 %5 %7 %4 %6 %6 %
   Agency new business written premiums28 (6)(3)(5)(5)2 (10)(5)(4)6 (4)(4)
   Other written premiums(25)20 (13)(13)(14)(43)(33)6 (38)(4)(30)(25)
   Net written premiums 5 5 3 4 3 6 4 4 5 5 4 4 
Paid losses and loss expenses
   Losses paid$200 $203 $173 $205 $221 $217 $209 $376 $426 $577 $647 $850 
   Loss expenses paid38 30 40 29 29 27 31 69 58 106 87 116 
   Loss and loss expenses paid$238 $233 $213 $234 $250 $244 $240 $445 $484 $683 $734 $966 
Incurred losses and loss expenses
   Loss and loss expense incurred$265 $286 $231 $251 $244 $240 $250 $517 $490 $782 $734 $985 
   Loss and loss expenses paid as a % of incurred89.8 %81.5 %92.2 %93.2 %102.0 %101.7 %96.0 %86.1 %98.8 %87.3 %100.0 %98.1 %
Statutory combined ratio
   Loss ratio63.1 %67.5 %57.2 %61.2 %60.4 %59.7 %64.9 %62.4 %62.3 %62.6 %61.6 %61.5 %
   Loss adjustment expense ratio8.9 11.4 6.9 9.0 8.8 9.2 7.6 9.1 8.4 9.1 8.5 8.7 
   Net underwriting expense ratio26.9 29.4 32.1 30.7 28.2 27.3 30.7 30.6 28.8 29.3 28.6 29.1 
   Statutory combined ratio98.9 %108.3 %96.2 %100.9 %97.4 %96.2 %103.2 %102.1 %99.5 %101.0 %98.7 %99.3 %
   Contribution from catastrophe losses22.5 25.1 10.7 9.7 6.7 10.0 13.3 17.9 11.6 19.5 10.0 9.9 
   Statutory combined ratio excl. catastrophe losses76.4 %83.2 %85.5 %91.2 %90.7 %86.2 %89.9 %84.2 %87.9 %81.5 %88.7 %89.4 %
GAAP combined ratio
   GAAP combined ratio100.7 %112.3 %94.3 %99.3 %99.6 %98.9 %101.3 %103.4 %100.1 %102.5 %99.9 %99.8 %
   Contribution from catastrophe losses22.5 25.1 10.7 9.7 6.7 10.0 13.3 17.9 11.6 19.5 10.0 9.9 
   GAAP combined ratio excl. catastrophe losses78.2 %87.2 %83.6 %89.6 %92.9 %88.9 %88.0 %85.5 %88.5 %83.0 %89.9 %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 Third-Quarter 2020 Supplemental Financial Data
15

Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Premiums
   Agency renewal written premiums$60 $63 $62 $56 $50 $54 $49 $125 $103 $185 $153 $209 
   Agency new business written premiums24 32 27 28 28 28 26 59 54 83 82 110 
   Other written premiums(4)(4)(4)(4)(4)(4)(4)(8)(8)(12)(12)(16)
   Net written premiums $80 $91 $85 $80 $74 $78 $71 $176 $149 $256 $223 $303 
   Unearned premium change2 (13)(7)(4)(2)(11)(8)(20)(19)(18)(21)(25)
   Earned premiums$82 $78 $78 $76 $72 $67 $63 $156 $130 $238 $202 $278 
Year over year change %
   Agency renewal written premiums20 %17 %27 %12 %14 %8 %2 %21 %5 %21 %8 %9 %
   Agency new business written premiums(14)14 4 47 56 65 63 9 64 1 61 57 
   Other written premiums— — — — (33)(33)(33)— (33)— (33)(23)
   Net written premiums 8 17 20 23 25 22 16 18 19 15 21 22 
Paid losses and loss expenses
   Losses paid$14 $14 $23 $14 $16 $10 $18 $37 $28 $51 $43 $57 
   Loss expenses paid10 9 9 9 8 7 8 19 15 29 23 33 
   Loss and loss expenses paid$24 $23 $32 $23 $24 $17 $26 $56 $43 $80 $66 $90 
Incurred losses and loss expenses
   Loss and loss expense incurred$48 $57 $45 $41 $39 $29 $33 $102 $62 $150 $101 $142 
   Loss and loss expenses paid as a % of incurred50.0 %40.4 %71.1 %56.1 %63.2 %53.5 %78.8 %54.9 %68.8 %53.3 %65.3 %63.4 %
Statutory combined ratio
   Loss ratio39.8 %56.4 %35.4 %38.0 %35.6 %27.2 %32.9 %45.9 %30.0 %43.8 %32.0 %33.7 %
   Loss adjustment expense ratio18.5 17.2 22.0 16.4 17.1 17.9 18.6 19.5 18.3 19.2 17.9 17.4 
   Net underwriting expense ratio29.6 26.6 28.8 29.1 29.6 28.5 28.5 27.7 28.4 28.3 28.8 28.9 
   Statutory combined ratio87.9 %100.2 %86.2 %83.5 %82.3 %73.6 %80.0 %93.1 %76.7 %91.3 %78.7 %80.0 %
   Contribution from catastrophe losses1.2 3.4 1.0 0.5 1.1 0.5 0.2 2.2 0.4 1.8 0.6 0.6 
   Statutory combined ratio excl. catastrophe losses86.7 %96.8 %85.2 %83.0 %81.2 %73.1 %79.8 %90.9 %76.3 %89.5 %78.1 %79.4 %
GAAP combined ratio
   GAAP combined ratio86.7 %102.0 %89.1 %82.9 %83.2 %76.1 %83.5 %95.5 %79.7 %92.5 %80.9 %81.5 %
   Contribution from catastrophe losses1.2 3.4 1.0 0.5 1.1 0.5 0.2 2.2 0.4 1.8 0.6 0.6 
   GAAP combined ratio excl. catastrophe losses85.5 %98.6 %88.1 %82.4 %82.1 %75.6 %83.3 %93.3 %79.3 %90.7 %80.3 %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 Third-Quarter 2020 Supplemental Financial Data
16

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(Dollars in millions)20202019Change% Change20202019Change% Change
Underwriting income (loss)
Net premiums written$1,354 $1,312 $42 3 $4,341 $4,104 $237 6 
Unearned premium change(31)4 (35)nm225 255 (30)(12)
Earned premiums$1,385 $1,308 $77 6 $4,116 $3,849 $267 7 
Losses incurred$829 $682 $147 22 $2,419 $2,058 $361 18 
Defense and cost containment expenses incurred79 72 7 10 243 204 39 19 
Adjusting and other expenses incurred77 72 5 7 227 197 30 15 
Other underwriting expenses incurred406 406 — — 1,266 1,212 54 4 
Workers compensation dividend incurred2 3 (1)(33)7 9 (2)(22)
     Total underwriting deductions$1,393 $1,235 $158 13 $4,162 $3,680 $482 13 
Net underwriting profit (loss)$(8)$73 $(81)nm$(46)$169 $(215)nm
Investment income
Gross investment income earned$105 $107 $(2)(2)$316 $311 $5 2 
Net investment income earned103 104 (1)(1)311 305 6 2 
Net realized capital gains and losses, net28 (1)29 nm(10)4 (14)nm
     Net investment gains (net of tax)$131 $103 $28 27 $301 $309 $(8)(3)
     Other income $1 $2 $(1)(50)$3 $6 $(3)(50)
Net income before federal income taxes$124 $178 $(54)(30)$258 $484 $(226)(47)
Federal and foreign income taxes incurred20 25 (5)(20)37 73 (36)(49)
     Net income (statutory)$104 $153 $(49)(32)$221 $411 $(190)(46)
Policyholders' surplus - statutory$5,372 $5,419 $(47)(1)$5,372 $5,419 $(47)(1)
Fixed maturities at amortized cost - statutory$7,513 $7,390 $123 2 $7,513 $7,390 $123 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.
    
CINF Third-Quarter 2020 Supplemental Financial Data
17

The Cincinnati Life Insurance Company
Statutory Statements of Income
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(Dollars in millions)20202019Change% Change20202019Change% Change
Net premiums written$79 $78 $1 1 $241 $233 $8 3 
Net investment income41 40 1 3 124 119 5 4 
Amortization of interest maintenance reserve— — — — — 1 (1)nm
Commissions and expense allowances on reinsurance ceded1 1 — — 3 3 — — 
Income from fees associated with separate accounts1 1 — — 2 3 (1)(33)
Total revenues$122 $120 $2 2 $370 $359 $11 3 
Death benefits and matured endowments$38 $31 $7 23 $106 $102 $4 4 
Annuity benefits14 19 (5)(26)49 68 (19)(28)
Disability benefits and benefits under accident and health contracts— — — — 1 1 — — 
Surrender benefits and group conversions8 5 3 60 19 15 4 27 
Interest and adjustments on deposit-type contract funds2 3 (1)(33)6 7 (1)(14)
Increase in aggregate reserves for life and accident and health contracts5 25 (20)(80)63 77 (14)(18)
Total benefit expenses$67 $83 $(16)(19)$244 $270 $(26)(10)
Commissions$11 $13 $(2)(15)$36 $39 $(3)(8)
General insurance expenses and taxes12 13 (1)(8)37 40 (3)(8)
Increase in loading on deferred and uncollected premiums(1)— (1)nm4 (2)6 nm
Net transfers from separate accounts(5)(3)(2)(67)(9)(6)(3)(50)
Total underwriting expenses$17 $23 $(6)(26)$68 $71 $(3)(4)
Federal and foreign income taxes incurred5 2 3 150 11 5 6 120 
Net gain from operations before capital gains and losses$33 $12 $21 175 $47 $13 $34 262 
Gains and losses net of capital gains tax, net— (3)3 100 (31)(2)(29)nm
Net income (statutory)$33 $9 $24 267 $16 $11 $5 45 
Policyholders' surplus - statutory$238 $196 42 21 $238 $196 $42 21 
Fixed maturities at amortized cost - statutory$3,471 $3,401 $70 2 $3,471 $3,401 $70 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.
CINF Third-Quarter 2020 Supplemental Financial Data
18

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$54 $84 $105 $36 $35 $73 $84 $189 $157 $242 $192 $228 
   Year over year change %- written premium52 %15 %25 %29 %(3)%52 %83 %20 %67 %26 %48 %44 %
Earned premiums$71 $57 $62 $50 $48 $46 $40 $119 $86 $190 $134 $184 
Current accident year before catastrophe losses56.1 %79.6 %47.6 %43.9 %55.6 %51.3 %54.3 %63.0 %52.7 %60.4 %53.7 %51.1 %
Current accident year catastrophe losses22.3 — — 20.5 17.3 — — — — 8.4 6.3 10.1 
Prior accident years before catastrophe losses5.5 (0.6)3.1 2.2 1.2 (3.7)6.2 1.3 0.9 2.8 1.0 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)— 0.1 
   Total loss and loss expense ratio75.3 %78.9 %57.0 %66.8 %66.2 %56.3 %60.2 %67.5 %58.1 %70.4 %61.0 %62.6 %
Cincinnati Global:
Written premiums$38 $53 $37 $37 $38 $44 $21 $90 $65 $129 $103 $140 
   Year over year change %- written premium— %20 %76 %38 %25 %
Earned premiums$65 $34 $27 $38 $68 $33 $10 $61 $43 $126 $111 $149 
Current accident year before catastrophe losses62.9 %49.6 %63.7 %39.6 %44.6 %75.5 %103.9 %55.6 %82.6 %59.4 %59.3 %54.3 %
Current accident year catastrophe losses68.7 42.4 — 4.8 19.4 9.8 — 24.1 7.3 46.9 14.7 12.2 
Prior accident years before catastrophe losses(0.1)(27.9)(19.5)(0.2)(2.9)(8.5)(84.0)(24.2)(27.3)(11.8)(12.3)(9.2)
Prior accident years catastrophe losses(0.1)1.0 (3.2)9.1 (4.2)(22.5)4.3 (0.8)(15.8)(0.4)(8.7)(4.2)
   Total loss and loss expense ratio131.4 %65.1 %41.0 %53.3 %56.9 %54.3 %24.2 %54.7 %46.8 %94.1 %53.0 %53.1 %
Noninsurance operations:
Interest and fees on loans and leases$1 $2 $1 $1 $1 $1 $2 $3 $3 $4 $4 $5 
Other revenue2 1 1 1 2 1 — 2 1 4 3 4 
Interest expense13 14 13 13 14 13 13 27 26 40 40 53 
Operating expenses5 5 5 6 5 4 8 10 12 15 17 23 
  Total noninsurance operations loss$(15)$(16)$(16)$(17)$(16)$(15)$(19)$(32)$(34)$(47)$(50)$(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 Third-Quarter 2020 Supplemental Financial Data
19