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Published: 2021-04-28 00:00:00 ET

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EX-99.2 3 exhibit9921q21.htm EX-99.2 Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending March 31, 2021

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com


Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	Betsy E. Ertel	Brandon McIntosh
513-870-2768	513-603-5323	513-870-2696

A.M. Best Company

Fitch Ratings

Moody's Investor Service

S&P Global Ratings

Cincinnati Financial Corporation

Corporate Debt

A-

BBB+

The Cincinnati Insurance Companies

Insurer Financial Strength

Property Casualty Group

Standard Market Subsidiaries:

A+

—

A+

The Cincinnati Insurance Company

A+

The Cincinnati Indemnity Company

A+

The Cincinnati Casualty Company

A+

Surplus Lines Subsidiary:

The Cincinnati Specialty Underwriters Insurance Company

A+

—

The Cincinnati Life Insurance Company

A+

—

A+

Ratings are as of April 27, 2021, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.

The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.

CINF First-Quarter 2021 Supplemental Financial Data


	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending March 31, 2021

		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3

Consolidated

	CFC and Subsidiaries Consolidation – Three Months Ended March 31, 2021	4




Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	5
	Loss Ratio Detail	6
	Loss Claim Count Detail	7

	Quarterly Property Casualty Data – Commercial Lines	8
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	9
	Loss and Loss Expense Analysis – Three Months Ended March 31, 2021	10


Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	11
	Quarterly Property Casualty Data – Commercial Lines	12
	Quarterly Property Casualty Data – Personal Lines	13
	Quarterly Property Casualty Data – Excess & Surplus Lines	14

Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	15
	The Cincinnati Life Insurance Company Statutory Statements of Income	16

Other
	Quarterly Data – Other	17

CINF First-Quarter 2021 Supplemental Financial Data

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 First-Quarter 2021 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended March 31, 2021

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	1,530	$	—	$	—	$	—	$	1,530
Life	—		—		87		—		—		87
Premiums ceded	—		(55)		(18)		—		—		(73)
Total earned premium	—		1,475		69		—		—		1,544
Investment income, net of expenses	21		112		41		—		—		174
Investment gains and losses, net	173		331		—		—		—		504
Fee revenues	—		2		1		—		—		3
Other revenues	4		1		—		1		(4)		2
Total revenues	$	198	$	1,921	$	111	$	1	$	(4)	$	2,227

Benefits & expenses
Losses & contract holders' benefits	$	—	$	946	$	107	$	—	$	—	$	1,053
Reinsurance recoveries	—		(23)		(27)		—		—		(50)
Underwriting, acquisition and insurance expenses	—		421		18		—		—		439
Interest expense	13		—		—		—		—		13
Other operating expenses	7		—		—		1		(4)		4
Total expenses	$	20	$	1,344	$	98	$	1	$	(4)	$	1,459

Income before income taxes	$	178	$	577	$	13	$	—	$	—	$	768

Provision for income taxes
Current operating income (loss)	$	(40)	$	(33)	$	3	$	—	$	—	$	(70)
Capital gains/losses	36		70		—		—		—		106
Deferred	38		74		—		—		—		112
Total provision for income taxes	$	34	$	111	$	3	$	—	$	—	$	148

Net income - current year	$	144	$	466	$	10	$	—	$	—	$	620

Net income (loss) - prior year	$	(488)	$	(725)	$	(13)	$	—	$	—	$	(1,226)
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF First-Quarter 2021 Supplemental Financial Data


Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended													Six months ended			Nine months ended			Twelve months ended
	12/31/21	9/30/21	6/30/21	3/31/21		12/31/20		9/30/20		6/30/20		3/31/20		6/30/21	6/30/20		9/30/21	9/30/20		12/31/21	12/31/20
Consolidated
Current accident year losses greater than $5 million				$	5	$	10	$	21	$	19	$	—		$	19		$	40		$	50
Current accident year losses $1 million - $5 million				31		52		46		53		50			103			149			202
Large loss prior accident year reserve development				24		13		(3)		7		26			33			30			42
Total large losses incurred				$	60	$	75	$	64	$	79	$	76		$	155		$	219		$	294
Losses incurred but not reported				102		60		38		134		79			213			251			310
Other losses excluding catastrophe losses				451		454		550		409		496			905			1,455			1,909
Catastrophe losses				150		58		261		226		123			349			611			670
Total losses incurred				$	763	$	647	$	913	$	848	$	774		$	1,622		$	2,536		$	3,183
Commercial Lines
Current accident year losses greater than $5 million				$	5	$	10	$	21	$	19	$	—		$	19		$	40		$	50
Current accident year losses $1 million - $5 million				26		35		20		45		36			81			100			135
Large loss prior accident year reserve development				26		10		(1)		5		22			27			27			36
Total large losses incurred				$	57	$	55	$	40	$	69	$	58		$	127		$	167		$	221
Losses incurred but not reported				39		50		60		72		58			130			190			240
Other losses excluding catastrophe losses				261		255		287		233		298			531			817			1,073
Catastrophe losses				35		23		125		119		82			201			327			350
Total losses incurred				$	392	$	383	$	512	$	493	$	496		$	989		$	1,501		$	1,884
Personal Lines
Current accident year losses greater than $5 million				$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—
Current accident year losses $1 million - $5 million				4		16		21		8		12			20			42			59
Large loss prior accident year reserve development				(1)		2		(2)		2		5			7			4			6
Total large losses incurred				$	3	$	18	$	19	$	10	$	17		$	27		$	46		$	65
Losses incurred but not reported				41		(1)		(24)		41		24			65			41			39
Other losses excluding catastrophe losses				130		134		156		105		127			232			388			523
Catastrophe losses				74		8		81		89		38			127			208			216
Total losses incurred				$	248	$	159	$	232	$	245	$	206		$	451		$	683		$	843
Excess & Surplus Lines
Current accident year losses greater than $5 million				$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—
Current accident year losses $1 million - $5 million				1		1		5		—		2			2			7			8
Large loss prior accident year reserve development				(1)		1		—		—		(1)			(1)			(1)			—
Total large losses incurred				$	—	$	2	$	5	$	—	$	1		$	1		$	6		$	8
Losses incurred but not reported				22		11		2		21		(3)			18			20			31
Other losses excluding catastrophe losses				15		21		24		20		29			50			74			95
Catastrophe losses				1		—		1		3		1			3			4			5
Total losses incurred				$	38	$	34	$	32	$	44	$	28		$	72		$	104		$	139
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF First-Quarter 2021 Supplemental Financial Data


Consolidated Property Casualty
Loss Ratio Detail
	Three months ended													Six months ended			Nine months ended			Twelve months ended
	12/31/21	9/30/21	6/30/21	3/31/21		12/31/20		9/30/20		6/30/20		3/31/20		6/30/21	6/30/20		9/30/21	9/30/20		12/31/21	12/31/20
Consolidated
Current accident year losses greater than $5 million				0.3	%	0.7	%	1.5	%	1.4	%	—	%		0.7	%		0.9	%		0.9	%
Current accident year losses $1 million - $5 million				2.2		3.6		3.2		3.7		3.6			3.7			3.5			3.6
Large loss prior accident year reserve development				1.6		0.9		(0.3)		0.5		1.9			1.2			0.8			0.7
Total large loss ratio				4.1	%	5.2	%	4.4	%	5.6	%	5.5	%		5.6	%		5.2	%		5.2	%
Losses incurred but not reported				6.9		4.1		2.6		9.6		5.7			7.6			5.9			5.5
Other losses excluding catastrophe losses				30.5		31.3		38.0		29.2		35.6			32.4			34.3			33.4
Catastrophe losses				10.2		4.0		18.0		16.1		8.9			12.5			14.4			11.8
Total loss ratio				51.7	%	44.6	%	63.0	%	60.5	%	55.7	%		58.1	%		59.8	%		55.9	%
Commercial Lines
Current accident year losses greater than $5 million				0.6	%	1.1	%	2.5	%	2.2	%	—	%		1.1	%		1.5	%		1.4	%
Current accident year losses $1 million - $5 million				2.9		4.0		2.3		5.1		4.1			4.6			3.9			4.0
Large loss prior accident year reserve development				3.0		1.1		(0.2)		0.6		2.6			1.6			1.0			1.0
Total large loss ratio				6.5	%	6.2	%	4.6	%	7.9	%	6.7	%		7.3	%		6.4	%		6.4	%
Losses incurred but not reported				4.3		5.7		6.9		8.3		6.8			7.5			7.3			6.9
Other losses excluding catastrophe losses				29.4		29.0		33.1		26.8		34.5			30.7			31.5			30.8
Catastrophe losses				4.0		2.7		14.5		13.6		9.5			11.6			12.6			10.1
Total loss ratio				44.2	%	43.6	%	59.1	%	56.6	%	57.5	%		57.1	%		57.8	%		54.2	%
Personal Lines
Current accident year losses greater than $5 million				—	%	—	%	—	%	—	%	—	%		—	%		—	%		—	%
Current accident year losses $1 million - $5 million				1.2		4.4		5.8		2.3		3.5			2.9			3.8			4.0
Large loss prior accident year reserve development				(0.3)		0.6		(0.7)		0.5		1.3			0.9			0.4			0.4
Total large loss ratio				0.9	%	5.0	%	5.1	%	2.8	%	4.8	%		3.8	%		4.2	%		4.4	%
Losses incurred but not reported				11.0		(0.3)		(6.6)		11.3		6.6			8.9			3.7			2.7
Other losses excluding catastrophe losses				34.4		36.0		42.5		28.8		35.3			32.2			35.6			35.8
Catastrophe losses				19.6		2.1		22.1		24.6		10.5			17.5			19.1			14.7
Total loss ratio				65.9	%	42.8	%	63.1	%	67.5	%	57.2	%		62.4	%		62.6	%		57.6	%
Excess & Surplus Lines
Current accident year losses greater than $5 million				—	%	—	%	—	%	—	%	—	%		—	%		—	%		—	%
Current accident year losses $1 million - $5 million				1.2		1.1		6.4		—		2.6			1.3			3.0			2.5
Large loss prior accident year reserve development				(1.7)		1.2		0.1		0.1		(1.5)			(0.7)			(0.4)			—
Total large loss ratio				(0.5)	%	2.3	%	6.5	%	0.1	%	1.1	%		0.6	%		2.6	%		2.5	%
Losses incurred but not reported				24.8		12.6		2.6		27.2		(4.4)			11.3			8.4			9.5
Other losses excluding catastrophe losses				17.8		24.3		29.5		25.8		37.8			31.9			31.0			29.3
Catastrophe losses				1.0		0.4		1.2		3.3		0.9			2.1			1.8			1.4
Total loss ratio				43.1	%	39.6	%	39.8	%	56.4	%	35.4	%		45.9	%		43.8	%		42.7	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF First-Quarter 2021 Supplemental Financial Data


Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/21	9/30/21	6/30/21	3/31/21	12/31/20	9/30/20	6/30/20	3/31/20	6/30/21	6/30/20	9/30/21	9/30/20	12/31/21	12/31/20
Consolidated
Current accident year reported losses greater than $5 million				1	2	2	2	—		2		5		7
Current accident year reported losses $1 million - $5 million				24	37	34	28	27		55		85		117
Prior accident year reported losses on large losses				20	14	13	9	20		27		41		49
Non-Catastrophe reported losses on large losses total				45	53	49	39	47		84		131		173
Commercial Lines
Current accident year reported losses greater than $5 million				1	2	2	2	—		2		5		7
Current accident year reported losses $1 million - $5 million				20	26	19	24	17		41		57		79
Prior accident year reported losses on large losses				18	11	12	8	17		23		36		41
Non-Catastrophe reported losses on large losses total				39	39	33	34	34		66		98		127
Personal Lines
Current accident year reported losses greater than $5 million				—	—	—	—	—		—		—		—
Current accident year reported losses $1 million - $5 million				3	10	9	4	8		12		21		31
Prior accident year reported losses on large losses				2	2	—	—	3		3		3		5
Non-Catastrophe reported losses on large losses total				5	12	9	4	11		15		24		36
Excess & Surplus Lines
Current accident year reported losses greater than $5 million				—	—	—	—	—		—		—		—
Current accident year reported losses $1 million - $5 million				1	1	6	—	2		2		7		7
Prior accident year reported losses on large losses				—	1	1	1	—		1		2		3
Non-Catastrophe reported losses on large losses total				1	2	7	1	2		3		9		10
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2021 Supplemental Financial Data


Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/21	9/30/21	6/30/21	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21	6/30/20			9/30/21	9/30/20			12/31/21	12/31/20
Commercial casualty:
Written premiums				$	363		$	287		$	269		$	308		$	341			$	649			$	918			$	1,205
Year over year change %- written premium				6		%	7		%	2		%	4		%	13		%		8		%		6		%		7		%
Earned premiums				$	303		$	297		$	290		$	289		$	289			$	577			$	868			$	1,165
Current accident year before catastrophe losses				64.5		%	64.5		%	63.1		%	62.6		%	65.8		%		64.1		%		63.8		%		64.0		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				(2.2)			(6.1)			(3.2)			(7.5)			(1.6)				(4.5)				(4.1)				(4.6)
Prior accident years catastrophe losses				—			—			—			—			—				—				—				—
Total loss and loss expense ratio				62.3		%	58.4		%	59.9		%	55.1		%	64.2		%		59.6		%		59.7		%		59.4		%
Commercial property:
Written premiums				$	267		$	246		$	252		$	260		$	261			$	521			$	773			$	1,019
Year over year change %- written premium				2		%	—		%	3		%	5		%	6		%		5		%		5		%		3		%
Earned premiums				$	253		$	255		$	252		$	254		$	249			$	504			$	755			$	1,010
Current accident year before catastrophe losses				53.8		%	52.9		%	53.0		%	50.9		%	47.8		%		49.4		%		50.6		%		51.2		%
Current accident year catastrophe losses				20.0			13.2			50.5			48.5			34.2				41.4				44.4				36.5
Prior accident years before catastrophe losses				(2.0)			(2.4)			(1.3)			1.9			0.7				1.3				0.5				(0.3)
Prior accident years catastrophe losses				(6.3)			(2.5)			0.3			(2.0)			(1.1)				(1.6)				(1.0)				(1.3)
Total loss and loss expense ratio				65.5		%	61.2		%	102.5		%	99.3		%	81.6		%		90.5		%		94.5		%		86.1		%
Commercial auto:
Written premiums				$	223		$	179		$	171		$	205		$	208			$	413			$	584			$	763
Year over year change %- written premium				7		%	2		%	(3)		%	5		%	11		%		8		%		4		%		4		%
Earned premiums				$	193		$	192		$	189		$	189		$	185			$	374			$	563			$	755
Current accident year before catastrophe losses				63.1		%	57.1		%	56.2		%	64.2		%	70.9		%		67.5		%		63.7		%		62.1		%
Current accident year catastrophe losses				1.6			—			0.4			2.2			1.2				1.7				1.3				0.9
Prior accident years before catastrophe losses				(12.4)			1.4			5.5			(1.1)			3.3				1.1				2.5				2.3
Prior accident years catastrophe losses				(0.3)			—			(0.1)			—			(0.2)				(0.1)				(0.1)				(0.1)
Total loss and loss expense ratio				52.0		%	58.5		%	62.0		%	65.3		%	75.2		%		70.2		%		67.4		%		65.2		%
Workers' compensation:
Written premiums				$	88		$	58		$	51		$	65		$	92			$	157			$	208			$	266
Year over year change %- written premium				(4)		%	(8)		%	(18)		%	(13)		%	(2)		%		(7)		%		(10)		%		(10)		%
Earned premiums				$	67		$	64		$	64		$	68		$	75			$	143			$	207			$	271
Current accident year before catastrophe losses				76.6		%	82.3		%	81.7		%	81.8		%	81.1		%		81.4		%		81.5		%		81.7		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				(37.9)			(10.4)			(9.6)			(27.8)			(9.8)				(18.3)				(15.7)				(14.4)
Prior accident years catastrophe losses				—			—			—			—			—				—				—				—
Total loss and loss expense ratio				38.7		%	71.9		%	72.1		%	54.0		%	71.3		%		63.1		%		65.8		%		67.3		%
Other commercial:
Written premiums				$	78		$	70		$	71		$	70		$	70			$	140			$	211			$	281
Year over year change %- written premium				11		%	6		%	1		%	8		%	9		%		9		%		6		%		6		%
Earned premiums				$	70		$	70		$	70		$	70		$	65			$	135			$	205			$	275
Current accident year before catastrophe losses				38.2		%	38.5		%	36.0		%	35.5		%	39.1		%		37.3		%		36.9		%		37.3		%
Current accident year catastrophe losses				—			—			0.3			0.1			0.1				0.1				0.2				0.1
Prior accident years before catastrophe losses				(7.7)			(2.8)			(0.7)			(1.7)			1.7				(0.1)				(0.3)				(0.9)
Prior accident years catastrophe losses				—			0.1			(0.1)			—			0.2				0.1				—				—
Total loss and loss expense ratio				30.5		%	35.8		%	35.5		%	33.9		%	41.1		%		37.4		%		36.8		%		36.5		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2021 Supplemental Financial Data


Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/21	9/30/21	6/30/21	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21	6/30/20			9/30/21	9/30/20			12/31/21	12/31/20
Personal auto:
Written premiums				$	136		$	139		$	166		$	169		$	137			$	306			$	472			$	611
Year over year change %- written premium				(1)		%	(1)		%	—		%	(2)		%	(2)		%		(2)		%		(1)		%		(2)		%
Earned premiums				$	152		$	153		$	154		$	154		$	154			$	308			$	462			$	615
Current accident year before catastrophe losses				66.1		%	46.6		%	48.5		%	64.7		%	69.4		%		67.0		%		60.9		%		57.3		%
Current accident year catastrophe losses				2.6			—			2.6			1.5			2.1				1.8				2.0				1.6
Prior accident years before catastrophe losses				(9.3)			2.6			0.5			(4.2)			(8.1)				(6.1)				(3.9)				(2.3)
Prior accident years catastrophe losses				(0.5)			—			—			(0.2)			(0.4)				(0.3)				(0.2)				(0.2)
Total loss and loss expense ratio				58.9		%	49.2		%	51.6		%	61.8		%	63.0		%		62.4		%		58.8		%		56.4		%
Homeowner:
Written premiums				$	156		$	167		$	189		$	197		$	140			$	337			$	526			$	693
Year over year change %- written premium				11		%	10		%	9		%	12		%	8		%		10		%		10		%		10		%
Earned premiums				$	174		$	171		$	165		$	163		$	159			$	322			$	487			$	658
Current accident year before catastrophe losses				51.6		%	45.2		%	48.2		%	45.0		%	53.5		%		49.2		%		48.9		%		47.9		%
Current accident year catastrophe losses				41.1			7.5			46.1			51.7			23.8				37.9				40.7				32.1
Prior accident years before catastrophe losses				(0.5)			3.2			1.7			4.5			(8.7)				(2.0)				(0.8)				0.3
Prior accident years catastrophe losses				(0.7)			0.2			(1.6)			(0.1)			(2.3)				(1.2)				(1.3)				(1.0)
Total loss and loss expense ratio				91.5		%	56.1		%	94.4		%	101.1		%	66.3		%		83.9		%		87.5		%		79.3		%
Other personal:
Written premiums				$	46		$	48		$	52		$	57		$	42			$	99			$	151			$	199
Year over year change %- written premium				10		%	12		%	6		%	8		%	8		%		8		%		7		%		8		%
Earned premiums				$	50		$	49		$	48		$	47		$	46			$	93			$	141			$	190
Current accident year before catastrophe losses				50.0		%	49.1		%	49.6		%	48.5		%	50.5		%		49.5		%		49.5		%		49.4		%
Current accident year catastrophe losses				3.6			(0.3)			10.6			11.8			4.6				8.2				9.0				6.6
Prior accident years before catastrophe losses				(3.8)			0.3			(0.7)			(1.4)			6.3				2.4				1.4				1.1
Prior accident years catastrophe losses				(1.5)			(0.4)			(0.2)			(0.7)			(0.6)				(0.6)				(0.5)				(0.4)
Total loss and loss expense ratio				48.3		%	48.7		%	59.3		%	58.2		%	60.8		%		59.5		%		59.4		%		56.7		%

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/21	9/30/21	6/30/21	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21	6/30/20			9/30/21	9/30/20			12/31/21	12/31/20
Excess & Surplus:
Written premiums				$	99		$	92		$	80		$	91		$	85			$	176			$	256			$	348
Year over year change %- written premium				16		%	15		%	8		%	17		%	20		%		18		%		15		%		15		%
Earned premiums				$	89		$	87		$	82		$	78		$	78			$	156			$	238			$	325
Current accident year before catastrophe losses				61.0		%	57.6		%	58.5		%	59.0		%	55.7		%		57.4		%		57.8		%		57.7		%
Current accident year catastrophe losses				1.3			0.4			1.0			3.6			0.5				2.0				1.7				1.3
Prior accident years before catastrophe losses				4.7			(1.5)			(1.5)			11.2			0.7				5.9				3.4				2.1
Prior accident years catastrophe losses				(0.3)			0.1			0.2			(0.2)			0.5				0.2				0.1				0.2
Total loss and loss expense ratio				66.7		%	56.6		%	58.2		%	73.6		%	57.4		%		65.5		%		63.0		%		61.3		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2021 Supplemental Financial Data



Consolidated Property Casualty Loss and Loss Expense Analysis

(Dollars in millions)							Change in		Change in		Change in		Total						Loss
	Paid		Paid loss		Total		case		IBNR		loss expense		change in		Case		IBNR		expense		Total
	losses		expense		paid		reserves		reserves		reserves		reserves		incurred		incurred		incurred		incurred
Gross loss and loss expense incurred for the three months ended March 31, 2021
Commercial casualty	$	94	$	47	$	141	$	7	$	15	$	36	$	58	$	101	$	15	$	83	$	199
Commercial property	141		18		159		(28)		38		(4)		6		113		38		14		165
Commercial auto	82		20		102		9		8		(19)		(2)		91		8		1		100
Workers' compensation	33		8		41		13		(26)		1		(12)		46		(26)		9		29
Other commercial	14		3		17		1		3		—		4		15		3		3		21
Total commercial lines	364		96		460		2		38		14		54		366		38		110		514

Personal auto	66		17		83		(2)		14		(6)		6		64		14		11		89
Homeowners	84		13		97		10		52		—		62		94		52		13		159
Other personal	13		2		15		—		9		—		9		13		9		2		24
Total personal lines	163		32		195		8		75		(6)		77		171		75		26		272

Excess & surplus lines	21		11		32		(4)		22		10		28		17		22		21		60
Other	54		2		56		(2)		45		1		44		52		45		3		100
Total property casualty	$	602	$	141	$	743	$	4	$	180	$	19	$	203	$	606	$	180	$	160	$	946

Ceded loss and loss expense incurred for the three months ended March 31, 2021
Commercial casualty	$	—	$	—	$	—	$	11	$	(1)	$	(1)	$	9	$	11	$	(1)	$	(1)	$	9
Commercial property	32		—		32		(30)		(3)		—		(33)		2		(3)		—		(1)
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	2		—		2		1		—		—		1		3		—		—		3
Other commercial	—		—		—		—		—		—		—		—		—		—		—
Total commercial lines	34		—		34		(18)		(4)		(1)		(23)		16		(4)		(1)		11

Personal auto	—		—		—		(1)		—		—		(1)		(1)		—		—		(1)
Homeowners	1		—		1		(1)		—		—		(1)		—		—		—		—
Other personal	—		—		—		—		—		—		—		—		—		—		—
Total personal lines	1		—		1		(2)		—		—		(2)		(1)		—		—		(1)

Excess & surplus lines	—		—		—		1		—		—		1		1		—		—		1
Other	3		—		3		—		9		—		9		3		9		—		12
Total property casualty	$	38	$	—	$	38	$	(19)	$	5	$	(1)	$	(15)	$	19	$	5	$	(1)	$	23

Net loss and loss expense incurred for the three months ended March 31, 2021
Commercial casualty	$	94	$	47	$	141	$	(4)	$	16	$	37	$	49	$	90	$	16	$	84	$	190
Commercial property	109		18		127		2		41		(4)		39		111		41		14		166
Commercial auto	82		20		102		9		8		(19)		(2)		91		8		1		100
Workers' compensation	31		8		39		12		(26)		1		(13)		43		(26)		9		26
Other commercial	14		3		17		1		3		—		4		15		3		3		21
Total commercial lines	330		96		426		20		42		15		77		350		42		111		503

Personal auto	66		17		83		(1)		14		(6)		7		65		14		11		90
Homeowners	83		13		96		11		52		—		63		94		52		13		159
Other personal	13		2		15		—		9		—		9		13		9		2		24
Total personal lines	162		32		194		10		75		(6)		79		172		75		26		273

Excess & surplus lines	21		11		32		(5)		22		10		27		16		22		21		59
Other	51		2		53		(2)		36		1		35		49		36		3		88
Total property casualty	$	564	$	141	$	705	$	23	$	175	$	20	$	218	$	587	$	175	$	161	$	923

*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 First-Quarter 2021 Supplemental Financial Data



Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/21	9/30/21	6/30/21	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21	6/30/20			9/30/21	9/30/20			12/31/21	12/31/20
Premiums
Agency renewal written premiums				$	1,276		$	1,145		$	1,153		$	1,244		$	1,198			$	2,442			$	3,595			$	4,740
Agency new business written premiums				220			185			189			210			215				425				614				799

Other written premiums				197			64			51			105			105				210				261				325
Net written premiums				$	1,693		$	1,394		$	1,393		$	1,559		$	1,518			$	3,077			$	4,470			$	5,864
Unearned premium change				(218)			55			57			(156)			(129)				(285)				(228)				(173)
Earned premiums				$	1,475		$	1,449		$	1,450		$	1,403		$	1,389			$	2,792			$	4,242			$	5,691
Year over year change %
Agency renewal written premiums				7		%	6		%	3		%	5		%	6		%		5		%		5		%		5		%
Agency new business written premiums				2			(4)			(2)			(1)			19				8				5				3

Other written premiums				88			106			28			35			50				42				39				48
Net written premiums				12			7			3			6			10				8				6				6
Paid losses and loss expenses
Losses paid				$	564		$	690		$	628		$	624		$	663			$	1,289			$	1,917			$	2,607
Loss expenses paid				141			146			151			127			154				279				430				576
Loss and loss expenses paid				$	705		$	836		$	779		$	751		$	817			$	1,568			$	2,347			$	3,183
Incurred losses and loss expenses
Loss and loss expense incurred				$	923		$	829		$	1,071		$	1,007		$	930			$	1,937			$	3,008			$	3,837
Loss and loss expenses paid as a % of incurred				76.4		%	100.8		%	72.7		%	74.6		%	87.7		%		80.9		%		78.0		%		83.0		%
Statutory combined ratio
Loss ratio				52.0		%	44.5		%	59.8		%	60.4		%	56.1		%		58.2		%		58.8		%		55.1		%
Loss adjustment expense ratio				11.0			12.9			11.3			11.6			11.3				11.5				11.4				11.8
Net underwriting expense ratio				26.7			31.2			30.2			28.8			29.2				29.0				29.3				29.8
US Statutory combined ratio				89.7		%	88.6		%	101.3		%	100.8		%	96.6		%		98.7		%		99.5		%		96.7		%
Contribution from catastrophe losses				10.1			3.6			16.0			15.8			9.3				12.6				13.7				11.2
Statutory combined ratio excl. catastrophe losses				79.6		%	85.0		%	85.3		%	85.0		%	87.3		%		86.1		%		85.8		%		85.5		%
GAAP combined ratio
GAAP combined ratio				91.2		%	87.3		%	103.6		%	103.1		%	98.5		%		100.8		%		101.8		%		98.1		%
Contribution from catastrophe losses				10.4			4.7			18.3			16.5			9.1				12.8				14.7				12.1
GAAP combined ratio excl. catastrophe losses				80.8		%	82.6		%	85.3		%	86.6		%	89.4		%		88.0		%		87.1		%		86.0		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory ratios exclude the results of Cincinnati Global. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF First-Quarter 2021 Supplemental Financial Data



Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/21	9/30/21	6/30/21	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21	6/30/20			9/30/21	9/30/20			12/31/21	12/31/20
Premiums
Agency renewal written premiums				$	898		$	759		$	727		$	794		$	842			$	1,636			$	2,363			$	3,122
Agency new business written premiums				145			113			114			134			154				288				402				515
Other written premiums				(24)			(32)			(27)			(20)			(24)				(44)				(71)				(103)
Net written premiums				$	1,019		$	840		$	814		$	908		$	972			$	1,880			$	2,694			$	3,534
Unearned premium change				(133)			38			51			(38)			(109)				(147)				(96)				(58)
Earned premiums				$	886		$	878		$	865		$	870		$	863			$	1,733			$	2,598			$	3,476
Year over year change %
Agency renewal written premiums				7		%	6		%	2		%	4		%	5		%		4		%		4		%		4		%
Agency new business written premiums				(6)			(12)			(8)			(2)			28				12				6				1
Other written premiums				—			(10)			(29)			20			(4)				8				(3)				(5)
Net written premiums				5			3			—			3			8				6				4				4
Paid losses and loss expenses
Losses paid				$	330		$	408		$	378		$	367		$	426			$	795			$	1,173			$	1,581
Loss expenses paid				96			98			103			86			103				189				291				388
Loss and loss expenses paid				$	426		$	506		$	481		$	453		$	529			$	984			$	1,464			$	1,969
Incurred losses and loss expenses
Loss and loss expense incurred				$	503		$	512		$	620		$	596		$	608			$	1,204			$	1,824			$	2,336
Loss and loss expenses paid as a % of incurred				84.7		%	98.8		%	77.6		%	76.0		%	87.0		%		81.7		%		80.3		%		84.3		%
Statutory combined ratio
Loss ratio				44.3		%	43.6		%	59.1		%	56.7		%	57.5		%		57.0		%		57.8		%		54.2		%
Loss adjustment expense ratio				12.4			14.8			12.5			11.8			12.9				12.4				12.4				13.0
Net underwriting expense ratio				26.2			32.0			32.0			28.6			28.9				28.8				29.7				30.3
Statutory combined ratio				82.9		%	90.4		%	103.6		%	97.1		%	99.3		%		98.2		%		99.9		%		97.5		%
Contribution from catastrophe losses				4.2			3.1			14.8			14.0			9.8				11.9				12.9				10.4
Statutory combined ratio excl. catastrophe losses				78.7		%	87.3		%	88.8		%	83.1		%	89.5		%		86.3		%		87.0		%		87.1		%
GAAP combined ratio
GAAP combined ratio				85.4		%	89.2		%	102.4		%	99.1		%	102.5		%		100.8		%		101.3		%		98.3		%
Contribution from catastrophe losses				4.2			3.1			14.8			14.0			9.8				11.9				12.9				10.4
GAAP combined ratio excl. catastrophe losses				81.2		%	86.1		%	87.6		%	85.1		%	92.7		%		88.9		%		88.4		%		87.9		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2021 Supplemental Financial Data



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/21	9/30/21	6/30/21	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21	6/30/20			9/30/21	9/30/20			12/31/21	12/31/20
Premiums
Agency renewal written premiums				$	302		$	317		$	366		$	387		$	294			$	681			$	1,047			$	1,364
Agency new business written premiums				46			45			51			44			34				78				129				174
Other written premiums				(10)			(8)			(10)			(8)			(9)				(17)				(27)				(35)
Net written premiums				$	338		$	354		$	407		$	423		$	319			$	742			$	1,149			$	1,503
Unearned premium change				38			19			(40)			(59)			40				(19)				(59)				(40)
Earned premiums				$	376		$	373		$	367		$	364		$	359			$	723			$	1,090			$	1,463
Year over year change %
Agency renewal written premiums				3		%	3		%	3		%	6		%	4		%		5		%		4		%		4		%
Agency new business written premiums				35			25			28			(6)			(3)				(5)				6				10
Other written premiums				(11)			11			(25)			20			(13)				6				(4)				—
Net written premiums				6			5			5			5			3				4				5				5
Paid losses and loss expenses
Losses paid				$	162		$	200		$	200		$	203		$	173			$	376			$	577			$	778
Loss expenses paid				32			36			38			30			40				69				106				143
Loss and loss expenses paid				$	194		$	236		$	238		$	233		$	213			$	445			$	683			$	921
Incurred losses and loss expenses
Loss and loss expense incurred				$	273		$	195		$	265		$	286		$	231			$	517			$	782			$	977
Loss and loss expenses paid as a % of incurred				71.1		%	121.0		%	89.8		%	81.5		%	92.2		%		86.1		%		87.3		%		94.3		%
Statutory combined ratio
Loss ratio				65.9		%	42.8		%	63.1		%	67.5		%	57.2		%		62.4		%		62.6		%		57.6		%
Loss adjustment expense ratio				6.7			9.5			8.9			11.4			6.9				9.1				9.1				9.2
Net underwriting expense ratio				30.7			30.6			26.9			29.4			32.1				30.6				29.3				29.6
Statutory combined ratio				103.3		%	82.9		%	98.9		%	108.3		%	96.2		%		102.1		%		101.0		%		96.4		%
Contribution from catastrophe losses				19.8			3.4			22.5			25.1			10.7				17.9				19.5				15.4
Statutory combined ratio excl. catastrophe losses				83.5		%	79.5		%	76.4		%	83.2		%	85.5		%		84.2		%		81.5		%		81.0		%
GAAP combined ratio
GAAP combined ratio				101.1		%	81.3		%	100.7		%	112.3		%	94.3		%		103.4		%		102.5		%		97.1		%
Contribution from catastrophe losses				19.8			3.4			22.5			25.1			10.7				17.9				19.5				15.4
GAAP combined ratio excl. catastrophe losses				81.3		%	77.9		%	78.2		%	87.2		%	83.6		%		85.5		%		83.0		%		81.7		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2021 Supplemental Financial Data



Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/21	9/30/21	6/30/21	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21	6/30/20			9/30/21	9/30/20			12/31/21	12/31/20
Premiums
Agency renewal written premiums				$	76		$	69		$	60		$	63		$	62			$	125			$	185			$	254
Agency new business written premiums				29			27			24			32			27				59				83				110
Other written premiums				(6)			(4)			(4)			(4)			(4)				(8)				(12)				(16)
Net written premiums				$	99		$	92		$	80		$	91		$	85			$	176			$	256			$	348
Unearned premium change				(10)			(5)			2			(13)			(7)				(20)				(18)				(23)
Earned premiums				$	89		$	87		$	82		$	78		$	78			$	156			$	238			$	325
Year over year change %
Agency renewal written premiums				23		%	23		%	20		%	17		%	27		%		21		%		21		%		22		%
Agency new business written premiums				7			(4)			(14)			14			4				9				1				—
Other written premiums				(50)			—			—			—			—				—				—				—
Net written premiums				16			15			8			17			20				18				15				15
Paid losses and loss expenses
Losses paid				$	21		$	22		$	14		$	14		$	23			$	37			$	51			$	73
Loss expenses paid				11			10			10			9			9				19				29				39
Loss and loss expenses paid				$	32		$	32		$	24		$	23		$	32			$	56			$	80			$	112
Incurred losses and loss expenses
Loss and loss expense incurred				$	59		$	49		$	48		$	57		$	45			$	102			$	150			$	199
Loss and loss expenses paid as a % of incurred				54.2		%	65.3		%	50.0		%	40.4		%	71.1		%		54.9		%		53.3		%		56.3		%
Statutory combined ratio
Loss ratio				43.1		%	39.6		%	39.8		%	56.4		%	35.4		%		45.9		%		43.8		%		42.7		%
Loss adjustment expense ratio				23.6			17.0			18.5			17.2			22.0				19.5				19.2				18.6
Net underwriting expense ratio				26.4			28.3			29.6			26.6			28.8				27.7				28.3				28.3
Statutory combined ratio				93.1		%	84.9		%	87.9		%	100.2		%	86.2		%		93.1		%		91.3		%		89.6		%
Contribution from catastrophe losses				1.0			0.5			1.2			3.4			1.0				2.2				1.8				1.5
Statutory combined ratio excl. catastrophe losses				92.1		%	84.4		%	86.7		%	96.8		%	85.2		%		90.9		%		89.5		%		88.1		%
GAAP combined ratio
GAAP combined ratio				92.0		%	83.2		%	86.7		%	102.0		%	89.1		%		95.5		%		92.5		%		90.0		%
Contribution from catastrophe losses				1.0			0.5			1.2			3.4			1.0				2.2				1.8				1.5
GAAP combined ratio excl. catastrophe losses				91.0		%	82.7		%	85.5		%	98.6		%	88.1		%		93.3		%		90.7		%		88.5		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2021 Supplemental Financial Data


Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended March 31,
(Dollars in millions)		2021		2020		Change		% Change
Underwriting income
Net premiums written		$	1,652	$	1,481	$	171	12
Unearned premium change		209		119		90		76
Earned premiums		$	1,443	$	1,362	$	81	6

Losses incurred		$	750	$	764	$	(14)	(2)
Defense and cost containment expenses incurred		80		81		(1)		(1)
Adjusting and other expenses incurred		79		74		5		7
Other underwriting expenses incurred		439		430		9		2
Workers compensation dividend incurred		2		3		(1)		(33)
Total underwriting deductions		$	1,350	$	1,352	$	(2)	—

Net underwriting profit		$	93	$	10	$	83	nm

Investment income
Gross investment income earned		$	109	$	105	$	4	4
Net investment income earned		107		103		4		4
Net realized capital gains and losses, net		(3)		(46)		43		93
Net investment gains (net of tax)		$	104	$	57	$	47	82

Other income		$	2	$	2	$	—	—

Net income before federal income taxes		$	199	$	69	$	130	188
Federal and foreign income taxes incurred		30		5		25		500
Net income (statutory)		$	169	$	64	$	105	164

Policyholders' surplus - statutory		$	6,101	$	4,740	$	1,361	29

Fixed maturities at amortized cost - statutory		$	7,589	$	7,346	$	243	3
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 First-Quarter 2021 Supplemental Financial Data


The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended March 31,
(Dollars in millions)		2021		2020		Change		% Change
Net premiums written		$	87	$	77	$	10	13
Net investment income		43		43		—		—

Commissions and expense allowances on reinsurance ceded		1		1		—		—

Total revenues		$	131	$	121	$	10	8

Death benefits and matured endowments		$	49	$	31	$	18	58
Annuity benefits		14		22		(8)		(36)
Disability benefits and benefits under accident and health contracts		1		1		—		—
Surrender benefits and group conversions		8		6		2		33
Interest and adjustments on deposit-type contract funds		1		2		(1)		(50)
Increase in aggregate reserves for life and accident and health contracts		23		21		2		10
Total benefit expenses		$	96	$	83	$	13	16

Commissions		$	12	$	13	$	(1)	(8)
General insurance expenses and taxes		12		13		(1)		(8)
Increase in loading on deferred and uncollected premiums		3		8		(5)		(63)


Total underwriting expenses		$	27	$	34	$	(7)	(21)

Federal and foreign income taxes incurred		2		1		1		100

Net gain from operations before capital gains and losses		$	6	$	3	$	3	100

Gains and losses net of capital gains tax, net		—		(33)		33		100

Net income (statutory)		$	6	$	(30)	$	36	nm

Policyholders' surplus - statutory		$	242	$	201	$	41	20

Fixed maturities at amortized cost - statutory		$	3,627	$	3,468	$	159	5
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 First-Quarter 2021 Supplemental Financial Data



Quarterly Data - Other

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/21	9/30/21	6/30/21	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			6/30/21	6/30/20			9/30/21	9/30/20			12/31/21	12/31/20








Cincinnati Re:
Written premiums				$	196		$	59		$	54		$	84		$	105			$	189			$	242			$	302
Year over year change %- written premium				87		%	64		%	52		%	15		%	25		%		20		%		26		%		32		%
Earned premiums				$	92		$	69		$	71		$	57		$	62			$	119			$	190			$	259









Current accident year before catastrophe losses				42.1		%	57.2		%	56.1		%	79.6		%	47.6		%		63.0		%		60.4		%		59.6		%
Current accident year catastrophe losses				35.4			15.4			22.3			—			—				—				8.4				10.2
Prior accident years before catastrophe losses				3.0			1.2			5.5			(0.6)			3.1				1.3				2.8				2.4
Prior accident years catastrophe losses				—			—			(8.6)			(0.1)			6.3				3.2				(1.2)				(0.9)
Total loss and loss expense ratio				80.5		%	73.8		%	75.3		%	78.9		%	57.0		%		67.5		%		70.4		%		71.3		%







Cincinnati Global:
Written premiums				$	41		$	49		$	38		$	53		$	37			$	90			$	129			$	177
Year over year change %- written premium				11		%	32		%	—		%	20		%	76		%		38		%		25		%		26		%
Earned premiums				$	32		$	42		$	65		$	34		$	27			$	61			$	126			$	168
Current accident year before catastrophe losses				30.9		%	23.7		%	62.9		%	49.6		%	63.7		%		55.6		%		59.4		%		50.4		%
Current accident year catastrophe losses				55.8			58.8			68.7			42.4			—				24.1				46.9				49.9
Prior accident years before catastrophe losses				(12.0)			(11.9)			(0.1)			(27.9)			(19.5)				(24.2)				(11.8)				(11.9)
Prior accident years catastrophe losses				(31.0)			(19.5)			(0.1)			1.0			(3.2)				(0.8)				(0.4)				(5.2)
Total loss and loss expense ratio				43.7		%	51.1		%	131.4		%	65.1		%	41.0		%		54.7		%		94.1		%		83.2		%

Noninsurance operations:
Interest and fees on loans and leases				$	1		$	2		$	1		$	2		$	1			$	3			$	4			$	6
Other revenue				1			—			2			1			1				2				4				4
Interest expense				13			14			13			14			13				27				40				54
Operating expenses				4			5			5			5			5				10				15				20
Total noninsurance operations loss				$	(15)		$	(17)		$	(15)		$	(16)		$	(16)			$	(32)			$	(47)			$	(64)

*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

CINF First-Quarter 2021 Supplemental Financial Data