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Published: 2023-07-27 16:07:27 ET
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EX-99.2 3 exhibit9922q23.htm EX-99.2 Document

Cincinnati Financial Corporation
Supplemental Financial Data
for the period ending June 30, 2023

6200 South Gilmore Road
Fairfield, Ohio 45014-5141
cinfin.com
Investor Contact:Media Contact:Shareholder Contact:
Dennis E. McDanielBetsy E. ErtelBrandon McIntosh
513-870-2768513-603-5323513-870-2696

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

Ratings are as of July 26, 2023, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.
The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.
CINF Second-Quarter 2023 Supplemental Financial Data
1

Cincinnati Financial Corporation
Supplemental Financial Data
for the period ending June 30, 2023
Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
Consolidated
CFC and Subsidiaries Consolidation – Six Months Ended June 30, 2023
CFC and Subsidiaries Consolidation – Three Months Ended June 30, 20235
Consolidated Property Casualty Insurance Operations
Losses Incurred Detail6
Loss Ratio Detail7
Loss Claim Count Detail8
Quarterly Property Casualty Data – Commercial Lines9
Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines10
Loss and Loss Expense Analysis – Six Months Ended June 30, 202311
Loss and Loss Expense Analysis – Three Months Ended June 30, 202312
Reconciliation Data
Quarterly Property Casualty Data – Consolidated13
Quarterly Property Casualty Data – Commercial Lines14
Quarterly Property Casualty Data – Personal Lines15
Quarterly Property Casualty Data – Excess & Surplus Lines16
Statutory Statements of Income
Consolidated Cincinnati Insurance Companies Statutory Statements of Income17
The Cincinnati Life Insurance Company Statutory Statements of Income18
Other
Quarterly Data – Other19

CINF Second-Quarter 2023 Supplemental Financial Data
2

Definitions of Non-GAAP Information and
Reconciliation to Comparable GAAP Measures
Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.
Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management’s control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.
•Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management’s discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.
For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.
•    Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.
•Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.
Other Measures
•    Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company’s insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.
•    Statutory accounting rules: For public reporting, insurance companies prepare financial statements in accordance with GAAP. However, insurers also must calculate certain data according to statutory accounting rules for insurance company regulation in the United States of America as defined in the NAIC’s Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments and differ from GAAP. Statutory data is publicly available, and various organizations use it to calculate aggregate industry data, study industry trends and compare insurance companies.
•    Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium.
CINF Second-Quarter 2023 Supplemental Financial Data
3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2023
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $3,859 $— $— $— $3,859 
    Life— — 196 — — 196 
    Premiums ceded— (155)(39)— — (194)
      Total earned premium— 3,704 157 — — 3,861 
  Investment income, net of expenses50 289 91 — — 430 
  Investment gains and losses, net381 160 (1)— — 540 
  Fee revenues— 5 5 — — 10 
  Other revenues7 3 — 3 (8)5 
Total revenues$438 $4,161 $252 $3 $(8)$4,846 
Benefits & expenses
  Losses & contract holders' benefits$— $2,698 $197 $— $— $2,895 
  Reinsurance recoveries— (119)(38)— — (157)
  Underwriting, acquisition and insurance expenses— 1,093 42 — — 1,135 
  Interest expense26 — — 1 — 27 
  Other operating expenses17 2 — 1 (8)12 
Total expenses$43 $3,674 $201 $2 $(8)$3,912 
Income before income taxes$395 $487 $51 $1 $— $934 
Provision (benefit) for income taxes
  Current operating income (loss)$(81)$18 $16 $— $— $(47)
  Capital gains/losses80 34 — — — 114 
  Deferred81 32 (5)— — 108 
Total provision for income taxes$80 $84 $11 $— $— $175 
Net income - current year$315 $403 $40 $1 $— $759 
Net income (loss) - prior year$(663)$(451)$28 $2 $— $(1,084)
*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.
CLIC and Total Net income (loss) - prior year have been adjusted due to the adoption of an accounting standards update for long-duration contracts.
CINF Second-Quarter 2023 Supplemental Financial Data
4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2023
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $1,940 $— $— $— $1,940 
    Life— — 100 — — 100 
    Premiums ceded— (77)(20)— — (97)
      Total earned premium— 1,863 80 — — 1,943 
  Investment income, net of expenses26 148 46 — — 220 
  Investment gains and losses, net234 202 (2)— — 434 
  Fee revenues— 3 3 — — 6 
  Other revenues3 2 — 1 (4)2 
Total revenues$263 $2,218 $127 $1 $(4)$2,605 
Benefits & expenses
  Losses & contract holders' benefits$— $1,323 $100 $— $— $1,423 
  Reinsurance recoveries— (61)(22)— — (83)
  Underwriting, acquisition and insurance expenses— 557 22 — — 579 
  Interest expense13 — — — — 13 
  Other operating expenses9 2 — — (4)7 
Total expenses$22 $1,821 $100 $— $(4)$1,939 
Income before income taxes$241 $397 $27 $1 $— $666 
Provision (benefit) for income taxes
  Current operating income (loss)$(50)$(1)$10 $— $— $(41)
  Capital gains/losses49 43 — — — 92 
  Deferred51 34 (4)— — 81 
Total provision (benefit) for income taxes$50 $76 $6 $— $— $132 
Net income - current year$191 $321 $21 $1 $— $534 
Net income (loss) - prior year$(439)$(391)$11 $1 $— $(818)
*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.
CLIC and Total Net income (loss) - prior year have been adjusted due to the adoption of an accounting standards update for long-duration contracts.
CINF Second-Quarter 2023 Supplemental Financial Data
5

Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Consolidated
Current accident year losses greater than $5 million$43 $36 $44 $38 $38 $23 $79 $61 $99 $143 
Current accident year losses $2 million - $5 million35 15 19 41 36 39 50 75 116 135 
Large loss prior accident year reserve development19 9 (17)16 22 9 28 31 47 30 
   Total large losses incurred$97 $60 $46 $95 $96 $71 $157 $167 $262 $308 
Losses incurred but not reported96 179 136 131 74 36 324 110 241 377 
Other losses excluding catastrophe losses675 641 681 700 705 651 1,267 1,356 2,056 2,737 
Catastrophe losses217 227 134 246 208 24 444 232 478 612 
   Total losses incurred$1,085 $1,107 $997 $1,172 $1,083 $782 $2,192 $1,865 $3,037 $4,034 
Commercial Lines
Current accident year losses greater than $5 million$28 $30 $34 $30 $15 $16 $58 $31 $61 $95 
Current accident year losses $2 million - $5 million28 12 8 29 29 37 40 66 95 103 
Large loss prior accident year reserve development19 3 (17)14 22 7 22 29 43 26 
   Total large losses incurred$75 $45 $25 $73 $66 $60 $120 $126 $199 $224 
Losses incurred but not reported29 125 108 97 61 38 154 99 196 304 
Other losses excluding catastrophe losses384 335 386 386 401 362 719 763 1,149 1,535 
Catastrophe losses115 106 96 44 124 11 221 135 179 275 
   Total losses incurred$603 $611 $615 $600 $652 $471 $1,214 $1,123 $1,723 $2,338 
Personal Lines
Current accident year losses greater than $5 million$15 $6 $10 $8 $23 $7 $21 $30 $38 $48 
Current accident year losses $2 million - $5 million7 3 11 12 5 2 10 7 19 30 
Large loss prior accident year reserve development1 6 — 2 — 2 7 2 4 4 
   Total large losses incurred$23 $15 $21 $22 $28 $11 $38 $39 $61 $82 
Losses incurred but not reported26 27 (2)9 12 (14)53 (2)7 5 
Other losses excluding catastrophe losses194 187 190 185 187 176 381 363 548 738 
Catastrophe losses93 113 36 66 78 6 206 84 150 186 
   Total losses incurred$336 $342 $245 $282 $305 $179 $678 $484 $766 $1,011 
Excess & Surplus Lines
Current accident year losses greater than $5 million$— $— $— $— $— $— $— $— $— $— 
Current accident year losses $2 million - $5 million— — — — 2 — — 2 2 2 
Large loss prior accident year reserve development(1)— — — — — (1)— — — 
   Total large losses incurred$(1)$— $— $— $2 $— $(1)$2 $2 $2 
Losses incurred but not reported20 27 30 25 1 12 47 13 38 68 
Other losses excluding catastrophe losses45 28 31 40 46 36 73 82 122 153 
Catastrophe losses2 1 2 (1)2 1 3 3 2 4 
   Total losses incurred$66 $56 $63 $64 $51 $49 $122 $100 $164 $227 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 2023 Supplemental Financial Data
6

Consolidated Property Casualty
Loss Ratio Detail
Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Consolidated
Current accident year losses greater than $5 million2.4 %1.9 %2.4 %2.1 %2.2 %1.4 %2.2 %1.8 %1.9 %2.1 %
Current accident year losses $2 million - $5 million1.9 0.8 1.1 2.3 2.2 2.4 1.3 2.3 2.3 2.0 
Large loss prior accident year reserve development1.0 0.5 (0.9)0.9 1.3 0.6 0.8 0.9 0.9 0.4 
   Total large loss ratio5.3 %3.2 %2.6 %5.3 %5.7 %4.4 %4.3 %5.0 %5.1 %4.5 %
Losses incurred but not reported5.2 9.7 7.6 7.2 4.4 2.2 8.7 3.3 4.7 5.5 
Other losses excluding catastrophe losses36.1 34.9 37.8 38.7 41.4 40.2 34.2 40.9 40.2 39.5 
Catastrophe losses11.6 12.3 7.4 13.6 12.3 1.5 12.0 7.0 9.3 8.8 
   Total loss ratio58.2 %60.1 %55.4 %64.8 %63.8 %48.3 %59.2 %56.2 %59.3 %58.3 %
Commercial Lines
Current accident year losses greater than $5 million2.6 %2.8 %3.3 %3.0 %1.4 %1.7 %2.8 %1.6 %2.0 %2.4 %
Current accident year losses $2 million - $5 million2.7 1.1 0.7 2.8 3.0 3.8 1.9 3.3 3.3 2.6 
Large loss prior accident year reserve development1.8 0.3 (1.6)1.3 2.2 0.7 1.0 1.5 1.4 0.6 
   Total large loss ratio7.1 %4.2 %2.4 %7.1 %6.6 %6.2 %5.7 %6.4 %6.7 %5.6 %
Losses incurred but not reported2.7 11.8 10.4 9.4 6.1 4.0 7.2 5.1 6.6 7.6 
Other losses excluding catastrophe losses35.9 31.9 37.1 37.7 40.4 37.5 33.9 39.0 38.4 38.1 
Catastrophe losses10.8 10.0 9.3 4.2 12.5 1.2 10.4 6.9 6.0 6.8 
   Total loss ratio56.5 %57.9 %59.2 %58.4 %65.6 %48.9 %57.2 %57.4 %57.7 %58.1 %
Personal Lines
Current accident year losses greater than $5 million3.0 %1.3 %2.1 %1.9 %5.7 %1.7 %2.2 %3.7 %3.1 %2.8 %
Current accident year losses $2 million - $5 million1.4 0.6 2.6 2.6 1.3 0.5 1.0 0.9 1.5 1.8 
Large loss prior accident year reserve development0.2 1.4 — 0.6 — 0.5 0.8 0.2 0.3 0.3 
   Total large loss ratio4.6 %3.3 %4.7 %5.1 %7.0 %2.7 %4.0 %4.8 %4.9 %4.9 %
Losses incurred but not reported5.3 5.9 (0.3)2.0 3.1 (3.6)5.6 (0.2)0.6 0.3 
Other losses excluding catastrophe losses39.4 40.2 42.8 43.0 44.8 44.0 39.7 44.5 44.0 43.7 
Catastrophe losses19.0 24.3 8.1 15.5 18.8 1.4 21.6 10.2 12.0 11.0 
   Total loss ratio68.3 %73.7 %55.3 %65.6 %73.7 %44.5 %70.9 %59.3 %61.5 %59.9 %
Excess & Surplus Lines
Current accident year losses greater than $5 million— %— %— %— %— %— %— %— %— %— %
Current accident year losses $2 million - $5 million— — 0.1 — 1.6 — — 0.8 0.6 0.4 
Large loss prior accident year reserve development(0.4)(0.3)— — — — (0.3)— — — 
   Total large loss ratio(0.4)%(0.3)%0.1 %— %1.6 %— %(0.3)%0.8 %0.6 %0.4 %
Losses incurred but not reported15.2 21.3 24.4 20.0 0.7 10.6 18.0 5.4 10.5 14.0 
Other losses excluding catastrophe losses33.5 22.2 24.6 32.4 38.1 31.3 28.1 34.9 33.9 31.6 
Catastrophe losses1.3 1.1 1.3 (0.5)1.1 1.1 1.2 1.1 0.6 0.8 
   Total loss ratio49.6 %44.3 %50.4 %51.9 %41.5 %43.0 %47.0 %42.2 %45.6 %46.8 %
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 2023 Supplemental Financial Data
7

Consolidated Property Casualty
Loss Claim Count Detail
Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Consolidated
Current accident year reported losses greater
   than $5 million		6 5 7 6 6 3 11 9 15 22 
Current accident year reported losses
   $2 million - $5 million		11 5 13 15 15 15 16 28 42 51 
Prior accident year reported losses on
   large losses		7 3 2 6 8 6 10 14 20 22 
   Non-Catastrophe reported losses on
      large losses total		24 13 22 27 29 24 37 51 77 95 
Commercial Lines
Current accident year reported losses greater
   than $5 million		4 4 5 5 2 2 8 4 9 14 
Current accident year reported losses
   $2 million - $5 million		9 4 6 12 12 14 13 24 35 39 
Prior accident year reported losses on
   large losses		7 2 2 6 8 5 9 13 19 21 
   Non-Catastrophe reported losses on
      large losses total		20 10 13 23 22 21 30 41 63 74 
Personal Lines
Current accident year reported losses greater
   than $5 million		2 1 2 1 4 1 3 5 6 8 
Current accident year reported losses
   $2 million - $5 million		2 1 6 3 2 1 3 3 6 11 
Prior accident year reported losses on
   large losses		— 1 — — — 1 1 1 1 1 
   Non-Catastrophe reported losses on
      large losses total		4 3 8 4 6 3 7 9 13 20 
Excess & Surplus Lines
Current accident year reported losses greater
   than $5 million		— — — — — — — — — — 
Current accident year reported losses
   $2 million - $5 million		— — 1 — 1 — — 1 1 1 
Prior accident year reported losses on
   large losses		— — — — — — — — — — 
   Non-Catastrophe reported losses on
      large losses total		— — 1 — 1 — — 1 1 1 
*The sum of quarterly amounts may not equal the full year as each is computed independently.
CINF Second-Quarter 2023 Supplemental Financial Data
8

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Commercial casualty:
Net written premiums$378 $404 $353 $326 $376 $389 $782 $765 $1,091 $1,444 
Year over year change %- written premium1 %4 %11 %10 %11 %7 %2 %9 %9 %10 %
Earned premiums$373 $377 $370 $360 $350 $336 $750 $686 $1,046 $1,416 
Current accident year before catastrophe losses70.5 %72.6 %72.4 %73.7 %75.0 %65.6 %71.6 %70.4 %71.6 %71.8 %
Current accident year catastrophe losses— — — — — — — — — — 
Prior accident years before catastrophe losses(9.2)(0.3)(0.2)6.4 (0.7)1.4 (4.8)0.3 2.4 1.7 
Prior accident years catastrophe losses— — — — — — — — — — 
   Total loss and loss expense ratio61.3 %72.3 %72.2 %80.1 %74.3 %67.0 %66.8 %70.7 %74.0 %73.5 %
Commercial property:
Net written premiums$335 $316 $297 $309 $308 $297 $650 $606 $915 $1,212 
Year over year change %- written premium9 %6 %10 %11 %12 %11 %7 %12 %12 %11 %
Earned premiums$312 $299 $290 $292 $280 $274 $611 $554 $846 $1,136 
Current accident year before catastrophe losses43.4 %49.0 %42.5 %47.4 %54.5 %52.4 %46.1 %53.4 %51.3 %49.1 %
Current accident year catastrophe losses35.0 34.7 38.3 14.7 44.4 5.1 34.9 24.9 21.4 25.7 
Prior accident years before catastrophe losses(1.5)(7.8)(0.5)(6.7)0.6 (2.4)(4.6)(0.8)(2.9)(2.2)
Prior accident years catastrophe losses(1.4)2.4 (2.2)(1.4)(3.0)0.5 0.5 (1.3)(1.3)(1.6)
   Total loss and loss expense ratio75.5 %78.3 %78.1 %54.0 %96.5 %55.6 %76.9 %76.2 %68.5 %71.0 %
Commercial auto:
Net written premiums$233 $239 $201 $194 $226 $237 $472 $463 $657 $858 
Year over year change %- written premium3 %1 %4 %6 %5 %6 %2 %5 %6 %5 %
Earned premiums$214 $213 $215 $213 $210 $205 $428 $415 $627 $842 
Current accident year before catastrophe losses68.3 %73.5 %72.6 %78.8 %66.5 %67.0 %70.9 %66.7 %70.8 %71.3 %
Current accident year catastrophe losses6.7 0.9 (2.4)3.3 5.1 0.9 3.8 3.1 3.1 1.7 
Prior accident years before catastrophe losses(1.4)2.7 3.6 7.5 2.8 (0.7)0.7 1.1 3.3 3.3 
Prior accident years catastrophe losses(0.3)(1.5)— — (0.5)(2.1)(1.0)(1.3)(0.9)(0.6)
   Total loss and loss expense ratio73.3 %75.6 %73.8 %89.6 %73.9 %65.1 %74.4 %69.6 %76.3 %75.7 %
Workers' compensation:
Net written premiums$65 $82 $64 $60 $69 $86 $147 $154 $214 $278 
Year over year change %- written premium(6)%(5)%8 %13 %— %(2)%(5)%(2)%2 %3 %
Earned premiums$72 $74 $75 $73 $68 $67 $146 $136 $209 $284 
Current accident year before catastrophe losses90.0 %83.2 %76.0 %80.3 %83.5 %84.5 %86.5 %84.0 %82.7 %80.9 %
Current accident year catastrophe losses— — — — — — — — — — 
Prior accident years before catastrophe losses(15.4)(19.6)(27.0)(21.5)(25.9)(14.3)(17.5)(20.2)(20.6)(22.3)
Prior accident years catastrophe losses— — — — — — — — — — 
   Total loss and loss expense ratio74.6 %63.6 %49.0 %58.8 %57.6 %70.2 %69.0 %63.8 %62.1 %58.6 %
Other commercial:
Net written premiums$95 $100 $92 $95 $93 $87 $196 $180 $275 $367 
Year over year change %- written premium2 %15 %15 %13 %18 %12 %9 %15 %14 %14 %
Earned premiums$95 $93 $90 $90 $86 $80 $187 $165 $256 $346 
Current accident year before catastrophe losses35.2 %38.1 %33.3 %37.7 %37.3 %38.2 %36.6 %37.7 %37.7 %36.6 %
Current accident year catastrophe losses0.1 — — 0.1 0.1 — 0.1 0.1 0.1 0.1 
Prior accident years before catastrophe losses(0.8)(2.5)(4.7)(4.3)(7.4)(2.9)(1.6)(5.3)(4.9)(4.9)
Prior accident years catastrophe losses— (0.1)— — — — (0.1)— — — 
   Total loss and loss expense ratio34.5 %35.5 %28.6 %33.5 %30.0 %35.3 %35.0 %32.5 %32.9 %31.8 %
*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.
CINF Second-Quarter 2023 Supplemental Financial Data
9

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Personal auto:
Net written premiums$212 $163 $158 $179 $177 $140 $374 $316 $496 $654 
Year over year change %- written premium20 %16 %12 %8 %7 %3 %18 %5 %6 %8 %
Earned premiums$173 $166 $161 $158 $155 $152 $339 $307 $465 $626 
Current accident year before catastrophe losses76.6 %78.8 %77.4 %74.3 %74.5 %69.4 %77.7 %72.0 %72.8 %74.0 %
Current accident year catastrophe losses8.9 4.2 (4.6)15.9 6.1 1.4 6.6 3.7 7.9 4.6 
Prior accident years before catastrophe losses(4.1)0.3 0.7 3.4 1.4 0.9 (1.9)1.2 1.9 1.6 
Prior accident years catastrophe losses(0.7)(2.7)— (0.1)(0.6)(4.7)(1.7)(2.7)(1.8)(1.3)
   Total loss and loss expense ratio80.7 %80.6 %73.5 %93.5 %81.4 %67.0 %80.7 %74.2 %80.8 %78.9 %
Homeowner:
Net written premiums$330 $222 $226 $255 $260 $181 $552 $441 $695 $921 
Year over year change %- written premium27 %23 %20 %19 %23 %16 %25 %20 %20 %20 %
Earned premiums$251 $232 $220 $213 $202 $195 $484 $397 $609 $829 
Current accident year before catastrophe losses47.4 %46.5 %42.1 %47.3 %54.8 %45.9 %46.9 %50.4 %49.3 %47.4 %
Current accident year catastrophe losses33.5 56.1 22.4 20.9 38.6 13.0 44.4 26.1 24.3 23.8 
Prior accident years before catastrophe losses0.7 (2.6)0.2 1.6 (2.5)(8.7)(0.8)(5.5)(3.0)(2.2)
Prior accident years catastrophe losses(3.9)(9.1)(1.5)(3.8)(5.2)(7.2)(6.4)(6.2)(5.4)(4.3)
   Total loss and loss expense ratio77.7 %90.9 %63.2 %66.0 %85.7 %43.0 %84.1 %64.8 %65.2 %64.7 %
Other personal:
Net written premiums$87 $63 $61 $68 $73 $53 $151 $127 $195 $256 
Year over year change %- written premium19 %19 %15 %21 %18 %15 %19 %18 %19 %18 %
Earned premiums$69 $66 $62 $60 $56 $55 $134 $111 $172 $234 
Current accident year before catastrophe losses56.7 %58.9 %54.1 %63.8 %64.6 %47.2 %57.7 %56.0 %58.7 %57.5 %
Current accident year catastrophe losses11.7 3.5 (0.1)10.8 5.2 0.9 7.7 3.1 5.8 4.2 
Prior accident years before catastrophe losses2.3 (1.2)(4.4)(15.7)1.4 4.6 0.6 3.0 (3.5)(3.8)
Prior accident years catastrophe losses0.7 1.3 (0.1)0.4 0.4 0.4 1.0 0.3 0.4 0.3 
   Total loss and loss expense ratio71.4 %62.5 %49.5 %59.3 %71.6 %53.1 %67.0 %62.4 %61.4 %58.2 %
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Excess & Surplus:
Net written premiums$156 $136 $122 $121 $135 $124 $292 $259 $380 $502 
Year over year change %- written premium16 %10 %13 %16 %17 %25 %13 %21 %19 %18 %
Earned premiums$132 $127 $124 $125 $124 $112 $259 $236 $361 $485 
Current accident year before catastrophe losses69.7 %69.2 %66.4 %74.8 %59.5 %61.8 %69.5 %60.6 %65.4 %65.7 %
Current accident year catastrophe losses1.4 1.5 1.6 (0.4)1.2 1.5 1.4 1.3 0.8 1.0 
Prior accident years before catastrophe losses(4.7)(6.2)3.8 (5.9)(0.4)(4.6)(5.4)(2.4)(3.6)(1.7)
Prior accident years catastrophe losses— (0.3)(0.2)(0.1)(0.1)(0.4)(0.1)(0.2)(0.2)(0.2)
   Total loss and loss expense ratio66.4 %64.2 %71.6 %68.4 %60.2 %58.3 %65.4 %59.3 %62.4 %64.8 %
*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.
CINF Second-Quarter 2023 Supplemental Financial Data
10

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)Change inChange inChange inTotalLoss
PaidPaid lossTotalcaseIBNRloss expensechange inCaseIBNRexpenseTotal
lossesexpensepaidreservesreservesreservesreservesincurredincurredincurredincurred
Gross loss and loss expense incurred for the six months ended June 30, 2023
  Commercial casualty$302 $85 $387 $(31)$128 $31 $128 $271 $128 $116 $515 
  Commercial property471 41 512 163 (115)5 53 634 (115)46 565 
  Commercial auto242 43 285 (17)44 8 35 225 44 51 320 
  Workers' compensation62 16 78 26 6 2 34 88 6 18 112 
  Other commercial47 9 56 6 8 3 17 53 8 12 73 
    Total commercial lines1,124 194 1,318 147 71 49 267 1,271 71 243 1,585 
  Personal auto202 45 247 (4)27 3 26 198 27 48 273 
  Homeowners332 36 368 38 7 3 48 370 7 39 416 
  Other personal62 4 66 (3)25 1 23 59 25 5 89 
    Total personal lines596 85 681 31 59 7 97 627 59 92 778 
  Excess & surplus lines59 27 86 20 48 21 89 79 48 48 175 
  Other136 6 142 (11)29 — 18 125 29 6 160 
      Total property casualty$1,915 $312 $2,227 $187 $207 $77 $471 $2,102 $207 $389 $2,698 
Ceded loss and loss expense incurred for the six months ended June 30, 2023
  Commercial casualty$24 $— $24 $(17)$7 $— $(10)$7 $7 $— $14 
  Commercial property30 1 31 96 (32)— 64 126 (32)1 95 
  Commercial auto— — — 1 — — 1 1 — — 1 
  Workers' compensation5 — 5 6 — — 6 11 — — 11 
  Other commercial2 — 2 3 3 — 6 5 3 — 8 
    Total commercial lines61 1 62 89 (22)— 67 150 (22)1 129 
  Personal auto1 — 1 (1)— — (1)— — — — 
  Homeowners10 — 10 11 (12)— (1)21 (12)— 9 
  Other personal— — — 1 (2)— (1)1 (2)— (1)
    Total personal lines11 — 11 11 (14)— (3)22 (14)— 8 
  Excess & surplus lines3 — 3 2 — — 2 5 — — 5 
  Other24 — 24 (9)(38)— (47)15 (38)— (23)
      Total property casualty$99 $1 $100 $93 $(74)$— $19 $192 $(74)$1 $119 
Net loss and loss expense incurred for the six months ended June 30, 2023
  Commercial casualty$278 $85 $363 $(14)$121 $31 $138 $264 $121 $116 $501 
  Commercial property441 40 481 67 (83)5 (11)508 (83)45 470 
  Commercial auto242 43 285 (18)44 8 34 224 44 51 319 
  Workers' compensation57 16 73 20 6 2 28 77 6 18 101 
  Other commercial45 9 54 3 5 3 11 48 5 12 65 
    Total commercial lines1,063 193 1,256 58 93 49 200 1,121 93 242 1,456 
  Personal auto201 45 246 (3)27 3 27 198 27 48 273 
  Homeowners322 36 358 27 19 3 49 349 19 39 407 
  Other personal62 4 66 (4)27 1 24 58 27 5 90 
    Total personal lines585 85 670 20 73 7 100 605 73 92 770 
  Excess & surplus lines56 27 83 18 48 21 87 74 48 48 170 
  Other112 6 118 (2)67 — 65 110 67 6 183 
      Total property casualty$1,816 $311 $2,127 $94 $281 $77 $452 $1,910 $281 $388 $2,579 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 2023 Supplemental Financial Data
11

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)Change inChange inChange inTotalLoss
PaidPaid lossTotalcaseIBNRloss expensechange inCaseIBNRexpenseTotal
lossesexpensepaidreservesreservesreservesreservesincurredincurredincurredincurred
Gross loss and loss expense incurred for the three months ended June 30, 2023
  Commercial casualty$153 $43 $196 $15 $19 $7 $41 $168 $19 $50 $237 
  Commercial property257 20 277 37 (49)5 (7)294 (49)25 270 
  Commercial auto114 21 135 2 21 1 24 116 21 22 159 
  Workers' compensation33 8 41 10 10 (2)18 43 10 6 59 
  Other commercial24 4 28 6 5 (2)9 30 5 2 37 
    Total commercial lines581 96 677 70 6 9 85 651 6 105 762 
  Personal auto103 23 126 2 12 — 14 105 12 23 140 
  Homeowners175 19 194 — (2)2 — 175 (2)21 194 
  Other personal27 2 29 5 14 1 20 32 14 3 49 
    Total personal lines305 44 349 7 24 3 34 312 24 47 383 
  Excess & surplus lines31 15 46 16 21 9 46 47 21 24 92 
  Other66 3 69 6 12 (1)17 72 12 2 86 
      Total property casualty$983 $158 $1,141 $99 $63 $20 $182 $1,082 $63 $178 $1,323 
Ceded loss and loss expense incurred for the three months ended June 30, 2023
  Commercial casualty$7 $— $7 $4 $(1)$— $3 $11 $(1)$— $10 
  Commercial property21 — 21 16 (3)— 13 37 (3)— 34 
  Commercial auto— — — 1 — — 1 1 — — 1 
  Workers' compensation2 — 2 3 — — 3 5 — — 5 
  Other commercial1 — 1 3 — — 3 4 — — 4 
    Total commercial lines31 — 31 27 (4)— 23 58 (4)— 54 
  Personal auto1 — 1 — — — — 1 — — 1 
  Homeowners6 — 6 (7)(1)— (8)(1)(1)— (2)
  Other personal— — — — — — — — — — — 
    Total personal lines7 — 7 (7)(1)— (8)— (1)— (1)
  Excess & surplus lines2 1 3 — — — — 2 — 1 3 
  Other19 — 19 (9)(5)— (14)10 (5)— 5 
      Total property casualty$59 $1 $60 $11 $(10)$— $1 $70 $(10)$1 $61 
Net loss and loss expense incurred for the three months ended June 30, 2023
  Commercial casualty$146 $43 $189 $11 $20 $7 $38 $157 $20 $50 $227 
  Commercial property236 20 256 21 (46)5 (20)257 (46)25 236 
  Commercial auto114 21 135 1 21 1 23 115 21 22 158 
  Workers' compensation31 8 39 7 10 (2)15 38 10 6 54 
  Other commercial23 4 27 3 5 (2)6 26 5 2 33 
    Total commercial lines550 96 646 43 10 9 62 593 10 105 708 
  Personal auto102 23 125 2 12 — 14 104 12 23 139 
  Homeowners169 19 188 7 (1)2 8 176 (1)21 196 
  Other personal27 2 29 5 14 1 20 32 14 3 49 
    Total personal lines298 44 342 14 25 3 42 312 25 47 384 
  Excess & surplus lines29 14 43 16 21 9 46 45 21 23 89 
  Other47 3 50 15 17 (1)31 62 17 2 81 
      Total property casualty$924 $157 $1,081 $88 $73 $20 $181 $1,012 $73 $177 $1,262 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.
CINF Second-Quarter 2023 Supplemental Financial Data
12

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Premiums
   Agency renewal written premiums$1,643 $1,535 $1,396 $1,390 $1,482 $1,397 $3,178 $2,879 $4,269 $5,665 
   Agency new business written premiums303 251 238 264 286 244 554 530 794 1,032 
   Other written premiums204 233 60 96 196 258 437 454 550 610 
   Net written premiums $2,150 $2,019 $1,694 $1,750 $1,964 $1,899 $4,169 $3,863 $5,613 $7,307 
   Unearned premium change(287)(178)106 59 (267)(281)(465)(548)(489)(383)
   Earned premiums$1,863 $1,841 $1,800 $1,809 $1,697 $1,618 $3,704 $3,315 $5,124 $6,924 
Year over year change %
   Agency renewal written premiums11 %10 %13 %12 %11 %9 %10 %10 %11 %11 %
   Agency new business written premiums6 3 12 15 22 11 5 16 16 15 
   Other written premiums4 (10)(29)50 34 31 (4)32 35 24 
   Net written premiums 9 6 10 14 15 12 8 13 14 13 
Paid losses and loss expenses
   Losses paid$924 $893 $803 $804 $755 $733 $1,816 $1,489 $2,293 $3,096 
   Loss expenses paid157 153 154 144 137 157 311 293 437 591 
   Loss and loss expenses paid$1,081 $1,046 $957 $948 $892 $890 $2,127 $1,782 $2,730 $3,687 
Incurred losses and loss expenses
   Loss and loss expense incurred$1,262 $1,317 $1,172 $1,348 $1,240 $956 $2,579 $2,196 $3,544 $4,716 
   Loss and loss expenses paid as a % of incurred85.7 %79.4 %81.7 %70.3 %71.9 %93.1 %82.5 %81.1 %77.0 %78.2 %
Statutory combined ratio
   Loss ratio58.3 %60.5 %56.3 %64.1 %64.8 %48.4 %59.4 %56.7 %59.3 %58.5 %
   Loss adjustment expense ratio9.7 11.6 9.9 10.0 9.5 10.9 10.7 10.2 10.1 10.1 
   Net underwriting expense ratio27.7 27.5 30.6 29.3 28.1 28.7 27.6 28.4 28.7 29.1 
   US Statutory combined ratio95.7 %99.6 %96.8 %103.4 %102.4 %88.0 %97.7 %95.3 %98.1 %97.7 %
   Contribution from catastrophe losses12.3 12.7 7.6 13.0 13.0 1.7 12.5 7.5 9.4 8.9 
   Statutory combined ratio excl. catastrophe losses83.4 %86.9 %89.2 %90.4 %89.4 %86.3 %85.2 %87.8 %88.7 %88.8 %
GAAP combined ratio
   GAAP combined ratio97.6 %100.7 %94.9 %103.9 %103.2 %89.9 %99.2 %96.7 %99.2 %98.1 %
   Contribution from catastrophe losses12.0 12.8 7.8 13.9 12.4 1.8 12.4 7.2 9.5 9.2 
   GAAP combined ratio excl. catastrophe losses85.6 %87.9 %87.1 %90.0 %90.8 %88.1 %86.8 %89.5 %89.7 %88.9 %
*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. Statutory ratios exclude the results of Cincinnati Global.
Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.
CINF Second-Quarter 2023 Supplemental Financial Data
13

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Premiums
   Agency renewal written premiums$985 $1,041 $908 $860 $934 $970 $2,026 $1,904 $2,764 $3,672 
   Agency new business written premiums149 134 130 149 165 156 283 321 470 600 
   Other written premiums(28)(34)(31)(25)(27)(30)(62)(57)(82)(113)
   Net written premiums $1,106 $1,141 $1,007 $984 $1,072 $1,096 $2,247 $2,168 $3,152 $4,159 
   Unearned premium change(40)(85)33 44 (78)(134)(125)(212)(168)(135)
   Earned premiums$1,066 $1,056 $1,040 $1,028 $994 $962 $2,122 $1,956 $2,984 $4,024 
Year over year change %
   Agency renewal written premiums5 %7 %12 %11 %10 %8 %6 %9 %9 %10 %
   Agency new business written premiums(10)(14)(4)3 13 8 (12)10 8 5 
   Other written premiums(4)(13)(29)— (29)(25)(9)(27)(17)(20)
   Net written premiums 3 4 9 10 10 8 4 9 9 9 
Paid losses and loss expenses
   Losses paid$550 $513 $432 $491 $446 $458 $1,063 $905 $1,396 $1,829 
   Loss expenses paid96 97 97 93 91 100 193 191 285 382 
   Loss and loss expenses paid$646 $610 $529 $584 $537 $558 $1,256 $1,096 $1,681 $2,211 
Incurred losses and loss expenses
   Loss and loss expense incurred$708 $748 $715 $710 $750 $586 $1,456 $1,336 $2,046 $2,761 
   Loss and loss expenses paid as a % of incurred91.2 %81.6 %74.0 %82.3 %71.6 %95.2 %86.3 %82.0 %82.2 %80.1 %
Statutory combined ratio
   Loss ratio56.5 %57.9 %59.2 %58.4 %65.5 %48.9 %57.2 %57.4 %57.8 %58.1 %
   Loss adjustment expense ratio9.9 12.9 9.6 10.7 9.9 12.0 11.4 10.9 10.8 10.5 
   Net underwriting expense ratio29.4 27.7 31.3 31.2 29.1 28.3 28.5 28.7 29.5 29.9 
   Statutory combined ratio95.8 %98.5 %100.1 %100.3 %104.5 %89.2 %97.1 %97.0 %98.1 %98.5 %
   Contribution from catastrophe losses11.1 10.4 9.6 4.5 12.6 1.4 10.7 7.1 6.2 7.0 
   Statutory combined ratio excl. catastrophe losses84.7 %88.1 %90.5 %95.8 %91.9 %87.8 %86.4 %89.9 %91.9 %91.5 %
GAAP combined ratio
   GAAP combined ratio96.9 %100.4 %98.9 %99.0 %106.3 %92.3 %98.6 %99.4 %99.3 %99.2 %
   Contribution from catastrophe losses11.1 10.4 9.6 4.5 12.6 1.4 10.7 7.1 6.2 7.0 
   GAAP combined ratio excl. catastrophe losses85.8 %90.0 %89.3 %94.5 %93.7 %90.9 %87.9 %92.3 %93.1 %92.2 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed
 independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
CINF Second-Quarter 2023 Supplemental Financial Data
14

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Premiums
   Agency renewal written premiums$541 $388 $393 $437 $438 $333 $929 $771 $1,208 $1,601 
   Agency new business written premiums106 79 75 81 88 52 185 140 221 296 
   Other written premiums(18)(19)(23)(16)(16)(11)(37)(27)(43)(66)
   Net written premiums $629 $448 $445 $502 $510 $374 $1,077 $884 $1,386 $1,831 
   Unearned premium change(136)16 (2)(71)(97)28 (120)(69)(140)(142)
   Earned premiums$493 $464 $443 $431 $413 $402 $957 $815 $1,246 $1,689 
Year over year change %
   Agency renewal written premiums24 %17 %15 %11 %10 %10 %20 %10 %11 %12 %
   Agency new business written premiums20 52 50 53 66 13 32 41 45 47 
   Other written premiums(13)(73)(130)(45)(45)(10)(37)(29)(34)(57)
   Net written premiums 23 20 16 15 16 11 22 14 14 15 
Paid losses and loss expenses
   Losses paid$298 $288 $247 $246 $224 $208 $585 $432 $679 $926 
   Loss expenses paid44 40 39 35 32 40 85 71 106 145 
   Loss and loss expenses paid$342 $328 $286 $281 $256 $248 $670 $503 $785 $1,071 
Incurred losses and loss expenses
   Loss and loss expense incurred$384 $386 $288 $324 $339 $215 $770 $554 $878 $1,166 
   Loss and loss expenses paid as a % of incurred89.1 %85.0 %99.3 %86.7 %75.5 %115.3 %87.0 %90.8 %89.4 %91.9 %
Statutory combined ratio
   Loss ratio68.3 %73.6 %55.3 %65.6 %73.7 %44.5 %70.9 %59.3 %61.5 %59.9 %
   Loss adjustment expense ratio9.6 9.6 9.7 9.6 8.4 9.0 9.6 8.7 9.0 9.2 
   Net underwriting expense ratio25.5 30.0 30.6 26.7 26.4 32.2 27.4 28.8 28.0 28.6 
   Statutory combined ratio103.4 %113.2 %95.6 %101.9 %108.5 %85.7 %107.9 %96.8 %98.5 %97.7 %
   Contribution from catastrophe losses19.7 24.7 8.7 15.9 19.1 1.7 22.1 10.5 12.4 11.4 
   Statutory combined ratio excl. catastrophe losses83.7 %88.5 %86.9 %86.0 %89.4 %84.0 %85.8 %86.3 %86.1 %86.3 %
GAAP combined ratio
   GAAP combined ratio107.6 %112.5 %95.7 %104.5 %112.1 %83.9 %110.0 %98.2 %100.4 %99.2 %
   Contribution from catastrophe losses19.7 24.7 8.7 15.9 19.1 1.7 22.1 10.5 12.4 11.4 
   GAAP combined ratio excl. catastrophe losses87.9 %87.8 %87.0 %88.6 %93.0 %82.2 %87.9 %87.7 %88.0 %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 data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
CINF Second-Quarter 2023 Supplemental Financial Data
15

Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Premiums
   Agency renewal written premiums$117 $106 $95 $93 $110 $94 $223 $204 $297 $392 
   Agency new business written premiums48 38 33 34 33 36 86 69 103 136 
   Other written premiums(9)(8)(6)(6)(8)(6)(17)(14)(20)(26)
   Net written premiums $156 $136 $122 $121 $135 $124 $292 $259 $380 $502 
   Unearned premium change(24)(9)2 4 (11)(12)(33)(23)(19)(17)
   Earned premiums$132 $127 $124 $125 $124 $112 $259 $236 $361 $485 
Year over year change %
   Agency renewal written premiums6 %13 %9 %22 %31 %24 %9 %28 %26 %21 %
   Agency new business written premiums45 6 22 6 (8)24 25 6 6 10 
   Other written premiums(13)(33)— (50)(60)— (21)(27)(33)(24)
   Net written premiums 16 10 13 16 17 25 13 21 19 18 
Paid losses and loss expenses
   Losses paid$29 $28 $22 $29 $27 $19 $56 $46 $74 $95 
   Loss expenses paid14 12 14 13 11 12 27 24 36 50 
   Loss and loss expenses paid$43 $40 $36 $42 $38 $31 $83 $70 $110 $145 
Incurred losses and loss expenses
   Loss and loss expense incurred$89 $81 $89 $86 $74 $66 $170 $140 $226 $315 
   Loss and loss expenses paid as a % of incurred48.3 %49.4 %40.4 %48.8 %51.4 %47.0 %48.8 %50.0 %48.7 %46.0 %
Statutory combined ratio
   Loss ratio49.6 %44.3 %50.5 %51.9 %41.5 %43.0 %47.0 %42.2 %45.6 %46.8 %
   Loss adjustment expense ratio16.9 19.9 21.1 16.5 18.7 15.2 18.4 17.1 16.9 18.0 
   Net underwriting expense ratio24.3 24.4 27.1 27.5 26.1 27.1 24.4 26.5 26.8 26.9 
   Statutory combined ratio90.8 %88.6 %98.7 %95.9 %86.3 %85.3 %89.8 %85.8 %89.3 %91.7 %
   Contribution from catastrophe losses1.4 1.2 1.4 (0.5)1.1 1.1 1.3 1.1 0.6 0.8 
   Statutory combined ratio excl. catastrophe losses89.4 %87.4 %97.3 %96.4 %85.2 %84.2 %88.5 %84.7 %88.7 %90.9 %
GAAP combined ratio
   GAAP combined ratio92.2 %89.9 %96.3 %93.9 %85.1 %85.9 %91.1 %85.5 %88.4 %90.4 %
   Contribution from catastrophe losses1.4 1.2 1.4 (0.5)1.1 1.1 1.3 1.1 0.6 0.8 
   GAAP combined ratio excl. catastrophe losses90.8 %88.7 %94.9 %94.4 %84.0 %84.8 %89.8 %84.4 %87.8 %89.6 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed
 independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
CINF Second-Quarter 2023 Supplemental Financial Data
16

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Dollars in millions)20232022Change% Change20232022Change% Change
Underwriting income
Net premiums written$2,068 $1,895 $173 9 $4,023 $3,743 $280 7 
Unearned premium change255 242 13 5 413 504 (91)(18)
Earned premiums$1,813 $1,653 $160 10 $3,610 $3,239 $371 11 
Losses incurred$1,058 $1,071 $(13)(1)$2,144 $1,838 $306 17 
Defense and cost containment expenses incurred76 70 6 9 177 147 30 20 
Adjusting and other expenses incurred101 87 14 16 209 183 26 14 
Other underwriting expenses incurred570 530 40 8 1,106 1,059 47 4 
Workers compensation dividend incurred1 1 — — 3 3 — — 
     Total underwriting deductions$1,806 $1,759 $47 3 $3,639 $3,230 $409 13 
Net underwriting profit (loss)$7 $(106)$113 nm$(29)$9 $(38)nm
Investment income
Gross investment income earned$137 $125 $12 10 $280 $249 $31 12 
Net investment income earned135 122 13 11 276 244 32 13 
Net realized capital gains and losses, net(24)13 (37)nm(50)12 (62)nm
     Net investment gains (net of tax)$111 $135 $(24)(18)$226 $256 $(30)(12)
     Other income $1 $1 $— — $3 $3 $— — 
Net income before federal income taxes$119 $30 $89 297 $200 $268 $(68)(25)
Federal and foreign income taxes incurred32 7 25 357 35 36 (1)(3)
     Net income (statutory)$87 $23 $64 278 $165 $232 $(67)(29)
Policyholders' surplus - statutory$6,612 $6,179 $433 7 $6,612 $6,179 $433 7 
Fixed maturities at amortized cost - statutory$9,439 $8,347 $1,092 13 $9,439 $8,347 $1,092 13 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
    
CINF Second-Quarter 2023 Supplemental Financial Data
17

The Cincinnati Life Insurance Company
Statutory Statements of Income
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Dollars in millions)20232022Change% Change20232022Change% Change
Net premiums written$97 $84 $13 15 $183 $164 $19 12 
Net investment income45 43 2 5 91 86 5 6 
Commissions and expense allowances on reinsurance ceded1 1 — — 2 2 — — 
Income from fees associated with separate accounts3 1 2 200 5 2 3 150 
Total revenues$146 $129 $17 13 $281 $254 $27 11 
Death benefits and matured endowments$36 $35 $1 3 $79 $92 $(13)(14)
Annuity benefits35 14 21 150 74 31 43 139 
Disability benefits and benefits under accident and health contracts1 — 1 nm1 — 1 nm
Surrender benefits and group conversions7 5 2 40 14 11 3 27 
Interest and adjustments on deposit-type contract funds2 2 — — 4 4 — — 
Increase in aggregate reserves for life and accident and health contracts2 16 (14)(88)(7)29 (36)nm
Total benefit expenses$83 $72 $11 15 $165 $167 $(2)(1)
Commissions$13 $12 $1 8 $25 $25 $— — 
General insurance expenses and taxes15 16 (1)(6)27 29 (2)(7)
Increase in loading on deferred and uncollected premiums— (2)2 (100)1 1 — — 
Net transfers from separate accounts(1)— (1)nm(3)(10)7 70 
Total underwriting expenses$27 $26 $1 4 $50 $45 $5 11 
Federal and foreign income taxes incurred9 7 2 29 16 10 6 60 
Net gain from operations before capital gains and losses$27 $24 $3 13 $50 $32 $18 56 
Gains and losses net of capital gains tax, net(3)(1)(2)— (3)(1)(2)200 
Net income (statutory)$24 $23 $1 4 $47 $31 $16 52 
Policyholders' surplus - statutory$371 $297 74 25 $371 $297 $74 25 
Fixed maturities at amortized cost - statutory$3,863 $3,794 $69 2 $3,863 $3,794 $69 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 Second-Quarter 2023 Supplemental Financial Data
18

Quarterly Data - Other
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Cincinnati Re:
Net written premiums$177 $230 $67 $86 $178 $254 $407 $432 $518 $585 
   Year over year change %- written premium— %(9)%(7)%51 %31 %30 %(6)%30 %33 %27 %
Earned premiums$122 $150 $137 $151 $122 $110 $272 $232 $383 $520 
Current accident year before catastrophe losses57.8 %45.2 %44.4 %45.4 %49.6 %50.6 %50.9 %50.0 %48.3 %47.2 %
Current accident year catastrophe losses1.8 0.3 (5.2)75.0 6.5 — 1.0 3.4 31.7 21.9 
Prior accident years before catastrophe losses(17.1)6.0 6.9 (9.9)(4.8)10.9 (4.4)2.6 (2.4)0.1 
Prior accident years catastrophe losses1.9 1.7 0.7 (0.6)1.1 5.2 1.8 3.1 1.6 1.4 
   Total loss and loss expense ratio44.4 %53.2 %46.8 %109.9 %52.4 %66.7 %49.3 %59.1 %79.2 %70.6 %
Cincinnati Global:
Net written premiums$82 $64 $53 $57 $69 $51 $146 $120 $177 $230 
   Year over year change %- written premium19 %25 %2 %21 %47 %24 %22 %36 %31 %23 %
Earned premiums$50 $44 $56 $74 $44 $32 $94 $76 $150 $206 
Current accident year before catastrophe losses61.7 %35.3 %28.6 %45.6 %53.2 %38.3 %49.3 %47.0 %46.3 %41.4 %
Current accident year catastrophe losses1.1 11.1 1.4 48.6 0.1 16.3 5.8 6.9 27.6 20.5 
Prior accident years before catastrophe losses(9.7)0.8 (13.3)4.6 (15.4)4.1 (4.7)(7.2)(1.4)(4.6)
Prior accident years catastrophe losses2.5 2.4 11.6 (14.5)(9.7)(9.0)2.4 (9.4)(11.9)(5.5)
   Total loss and loss expense ratio55.6 %49.6 %28.3 %84.3 %28.2 %49.7 %52.8 %37.3 %60.6 %51.8 %
Noninsurance operations:
Interest and fees on loans and leases$1 $2 $2 $2 $2 $1 $3 $3 $5 $7 
Other revenue1 1 1 — 1 1 2 2 2 3 
Interest expense13 14 13 14 13 13 27 26 40 53 
Operating expenses7 5 10 4 5 4 12 9 13 23 
  Total noninsurance operations loss$(18)$(16)$(20)$(16)$(15)$(15)$(34)$(30)$(46)$(66)
*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.
CINF Second-Quarter 2023 Supplemental Financial Data
19