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Published: 2023-10-26 16:15:55 ET

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EX-99.2 3 exhibit9923q23.htm EX-99.2 Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending September 30, 2023

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 October 25, 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 Third-Quarter 2023 Supplemental Financial Data


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

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

Consolidated

	CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 2023	4
	CFC and Subsidiaries Consolidation – Three Months Ended September 30, 2023	5



Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	6
	Loss Ratio Detail	7
	Loss Claim Count Detail	8

	Quarterly Property Casualty Data – Commercial Lines	9
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	10
	Loss and Loss Expense Analysis – Nine Months Ended September 30, 2023	11
	Loss and Loss Expense Analysis – Three Months Ended September 30, 2023	12

Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	13
	Quarterly Property Casualty Data – Commercial Lines	14
	Quarterly Property Casualty Data – Personal Lines	15
	Quarterly Property Casualty Data – Excess & Surplus Lines	16

Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	17
	The Cincinnati Life Insurance Company Statutory Statements of Income	18

Other
	Quarterly Data – Other	19

CINF Third-Quarter 2023 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 Third-Quarter 2023 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2023

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	5,913	$	—	$	—	$	—	$	5,913
Life	—		—		293		—		—		293
Premiums ceded	—		(252)		(60)		—		—		(312)
Total earned premium	—		5,661		233		—		—		5,894
Investment income, net of expenses	75		443		137		—		—		655
Investment gains and losses, net	161		(76)		(1)		—		—		84
Fee revenues	—		8		8		—		—		16
Other revenues	11		4		—		5		(12)		8
Total revenues	$	247	$	6,040	$	377	$	5	$	(12)	$	6,657

Benefits & expenses
Losses & contract holders' benefits	$	—	$	4,000	$	289	$	—	$	—	$	4,289
Reinsurance recoveries	—		(160)		(59)		—		—		(219)
Underwriting, acquisition and insurance expenses	—		1,680		64		—		—		1,744
Interest expense	39		—		—		1		—		40
Other operating expenses	25		2		—		2		(12)		17
Total expenses	$	64	$	5,522	$	294	$	3	$	(12)	$	5,871

Income before income taxes	$	183	$	518	$	83	$	2	$	—	$	786

Provision (benefit) for income taxes
Current operating income (loss)	$	(39)	$	125	$	20	$	—	$	—	$	106
Capital gains/losses	34		(16)		—		—		—		18
Deferred	37		(33)		(2)		—		—		2
Total provision for income taxes	$	32	$	76	$	18	$	—	$	—	$	126

Net income - current year	$	151	$	442	$	65	$	2	$	—	$	660

Net income (loss) - prior year	$	(874)	$	(680)	$	51	$	3	$	—	$	(1,500)
*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 Third-Quarter 2023 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended September 30, 2023

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	2,054	$	—	$	—	$	—	$	2,054
Life	—		—		97		—		—		97
Premiums ceded	—		(97)		(21)		—		—		(118)
Total earned premium	—		1,957		76		—		—		2,033
Investment income, net of expenses	25		154		46		—		—		225
Investment gains and losses, net	(220)		(236)		—		—		—		(456)
Fee revenues	—		3		3		—		—		6
Other revenues	4		1		—		2		(4)		3
Total revenues	$	(191)	$	1,879	$	125	$	2	$	(4)	$	1,811

Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,302	$	92	$	—	$	—	$	1,394
Reinsurance recoveries	—		(41)		(21)		—		—		(62)
Underwriting, acquisition and insurance expenses	—		587		22		—		—		609
Interest expense	13		—		—		—		—		13
Other operating expenses	8		—		—		1		(4)		5
Total expenses	$	21	$	1,848	$	93	$	1	$	(4)	$	1,959

Income (loss) before income taxes	$	(212)	$	31	$	32	$	1	$	—	$	(148)

Provision (benefit) for income taxes
Current operating income	$	42	$	107	$	4	$	—	$	—	$	153
Capital gains/losses	(46)		(50)		—		—		—		(96)
Deferred	(44)		(65)		3		—		—		(106)
Total provision (benefit) for income taxes	$	(48)	$	(8)	$	7	$	—	$	—	$	(49)

Net income (loss) - current year	$	(164)	$	39	$	25	$	1	$	—	$	(99)

Net income (loss) - prior year	$	(211)	$	(229)	$	23	$	1	$	—	$	(416)
*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 Third-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended															Six months ended				Nine months ended				Twelve months ended
	12/31/23	9/30/23		6/30/23		3/31/23		12/31/22		9/30/22		6/30/22		3/31/22		6/30/23		6/30/22		9/30/23		9/30/22		12/31/23	12/31/22
Consolidated
Current accident year losses greater than $5 million		$	24	$	43	$	36	$	44	$	38	$	38	$	23	$	79	$	61	$	103	$	99		$	143
Current accident year losses $2 million - $5 million		52		35		15		19		41		36		39		50		75		102		116			135
Large loss prior accident year reserve development		32		19		9		(17)		16		22		9		28		31		60		47			30
Total large losses incurred		$	108	$	97	$	60	$	46	$	95	$	96	$	71	$	157	$	167	$	265	$	262		$	308
Losses incurred but not reported		150		96		179		136		131		74		36		324		110		474		241			377
Other losses excluding catastrophe losses		639		675		641		681		700		705		651		1,267		1,356		1,906		2,056			2,737
Catastrophe losses		170		217		227		134		246		208		24		444		232		614		478			612
Total losses incurred		$	1,067	$	1,085	$	1,107	$	997	$	1,172	$	1,083	$	782	$	2,192	$	1,865	$	3,259	$	3,037		$	4,034
Commercial Lines
Current accident year losses greater than $5 million		$	18	$	28	$	30	$	34	$	30	$	15	$	16	$	58	$	31	$	76	$	61		$	95
Current accident year losses $2 million - $5 million		28		28		12		8		29		29		37		40		66		68		95			103
Large loss prior accident year reserve development		30		19		3		(17)		14		22		7		22		29		52		43			26
Total large losses incurred		$	76	$	75	$	45	$	25	$	73	$	66	$	60	$	120	$	126	$	196	$	199		$	224
Losses incurred but not reported		88		29		125		108		97		61		38		154		99		242		196			304
Other losses excluding catastrophe losses		336		384		335		386		386		401		362		719		763		1,055		1,149			1,535
Catastrophe losses		67		115		106		96		44		124		11		221		135		288		179			275
Total losses incurred		$	567	$	603	$	611	$	615	$	600	$	652	$	471	$	1,214	$	1,123	$	1,781	$	1,723		$	2,338
Personal Lines
Current accident year losses greater than $5 million		$	6	$	15	$	6	$	10	$	8	$	23	$	7	$	21	$	30	$	27	$	38		$	48
Current accident year losses $2 million - $5 million		24		7		3		11		12		5		2		10		7		34		19			30
Large loss prior accident year reserve development		2		1		6		—		2		—		2		7		2		9		4			4
Total large losses incurred		$	32	$	23	$	15	$	21	$	22	$	28	$	11	$	38	$	39	$	70	$	61		$	82
Losses incurred but not reported		7		26		27		(2)		9		12		(14)		53		(2)		60		7			5
Other losses excluding catastrophe losses		210		194		187		190		185		187		176		381		363		591		548			738
Catastrophe losses		71		93		113		36		66		78		6		206		84		277		150			186
Total losses incurred		$	320	$	336	$	342	$	245	$	282	$	305	$	179	$	678	$	484	$	998	$	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)		—		(1)		—			—
Total large losses incurred		$	—	$	(1)	$	—	$	—	$	—	$	2	$	—	$	(1)	$	2	$	(1)	$	2		$	2
Losses incurred but not reported		16		20		27		30		25		1		12		47		13		63		38			68
Other losses excluding catastrophe losses		45		45		28		31		40		46		36		73		82		118		122			153
Catastrophe losses		(1)		2		1		2		(1)		2		1		3		3		2		2			4
Total losses incurred		$	60	$	66	$	56	$	63	$	64	$	51	$	49	$	122	$	100	$	182	$	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 Third-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty
Loss Ratio Detail
	Three months ended															Six months ended				Nine months ended				Twelve months ended
	12/31/23	9/30/23		6/30/23		3/31/23		12/31/22		9/30/22		6/30/22		3/31/22		6/30/23		6/30/22		9/30/23		9/30/22		12/31/23	12/31/22
Consolidated
Current accident year losses greater than $5 million		1.2	%	2.4	%	1.9	%	2.4	%	2.1	%	2.2	%	1.4	%	2.2	%	1.8	%	1.8	%	1.9	%		2.1	%
Current accident year losses $2 million - $5 million		2.7		1.9		0.8		1.1		2.3		2.2		2.4		1.3		2.3		1.8		2.3			2.0
Large loss prior accident year reserve development		1.6		1.0		0.5		(0.9)		0.9		1.3		0.6		0.8		0.9		1.1		0.9			0.4
Total large loss ratio		5.5	%	5.3	%	3.2	%	2.6	%	5.3	%	5.7	%	4.4	%	4.3	%	5.0	%	4.7	%	5.1	%		4.5	%
Losses incurred but not reported		7.6		5.2		9.7		7.6		7.2		4.4		2.2		8.7		3.3		8.4		4.7			5.5
Other losses excluding catastrophe losses		32.7		36.1		34.9		37.8		38.7		41.4		40.2		34.2		40.9		33.7		40.2			39.5
Catastrophe losses		8.7		11.6		12.3		7.4		13.6		12.3		1.5		12.0		7.0		10.8		9.3			8.8
Total loss ratio		54.5	%	58.2	%	60.1	%	55.4	%	64.8	%	63.8	%	48.3	%	59.2	%	56.2	%	57.6	%	59.3	%		58.3	%
Commercial Lines
Current accident year losses greater than $5 million		1.7	%	2.6	%	2.8	%	3.3	%	3.0	%	1.4	%	1.7	%	2.8	%	1.6	%	2.4	%	2.0	%		2.4	%
Current accident year losses $2 million - $5 million		2.6		2.7		1.1		0.7		2.8		3.0		3.8		1.9		3.3		2.1		3.3			2.6
Large loss prior accident year reserve development		2.8		1.8		0.3		(1.6)		1.3		2.2		0.7		1.0		1.5		1.6		1.4			0.6
Total large loss ratio		7.1	%	7.1	%	4.2	%	2.4	%	7.1	%	6.6	%	6.2	%	5.7	%	6.4	%	6.1	%	6.7	%		5.6	%
Losses incurred but not reported		8.3		2.7		11.8		10.4		9.4		6.1		4.0		7.2		5.1		7.6		6.6			7.6
Other losses excluding catastrophe losses		31.7		35.9		31.9		37.1		37.7		40.4		37.5		33.9		39.0		33.2		38.4			38.1
Catastrophe losses		6.3		10.8		10.0		9.3		4.2		12.5		1.2		10.4		6.9		9.0		6.0			6.8
Total loss ratio		53.4	%	56.5	%	57.9	%	59.2	%	58.4	%	65.6	%	48.9	%	57.2	%	57.4	%	55.9	%	57.7	%		58.1	%
Personal Lines
Current accident year losses greater than $5 million		1.1	%	3.0	%	1.3	%	2.1	%	1.9	%	5.7	%	1.7	%	2.2	%	3.7	%	1.8	%	3.1	%		2.8	%
Current accident year losses $2 million - $5 million		4.7		1.4		0.6		2.6		2.6		1.3		0.5		1.0		0.9		2.3		1.5			1.8
Large loss prior accident year reserve development		0.4		0.2		1.4		—		0.6		—		0.5		0.8		0.2		0.6		0.3			0.3
Total large loss ratio		6.2	%	4.6	%	3.3	%	4.7	%	5.1	%	7.0	%	2.7	%	4.0	%	4.8	%	4.7	%	4.9	%		4.9	%
Losses incurred but not reported		1.2		5.3		5.9		(0.3)		2.0		3.1		(3.6)		5.6		(0.2)		4.0		0.6			0.3
Other losses excluding catastrophe losses		39.9		39.4		40.2		42.8		43.0		44.8		44.0		39.7		44.5		39.9		44.0			43.7
Catastrophe losses		13.4		19.0		24.3		8.1		15.5		18.8		1.4		21.6		10.2		18.7		12.0			11.0
Total loss ratio		60.7	%	68.3	%	73.7	%	55.3	%	65.6	%	73.7	%	44.5	%	70.9	%	59.3	%	67.3	%	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)		—		(0.2)		—			—
Total large loss ratio		—	%	(0.4)	%	(0.3)	%	0.1	%	—	%	1.6	%	—	%	(0.3)	%	0.8	%	(0.2)	%	0.6	%		0.4	%
Losses incurred but not reported		11.9		15.2		21.3		24.4		20.0		0.7		10.6		18.0		5.4		15.9		10.5			14.0
Other losses excluding catastrophe losses		33.2		33.5		22.2		24.6		32.4		38.1		31.3		28.1		34.9		29.9		33.9			31.6
Catastrophe losses		(0.9)		1.3		1.1		1.3		(0.5)		1.1		1.1		1.2		1.1		0.5		0.6			0.8
Total loss ratio		44.2	%	49.6	%	44.3	%	50.4	%	51.9	%	41.5	%	43.0	%	47.0	%	42.2	%	46.1	%	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 Third-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23	12/31/22	9/30/22	6/30/22	3/31/22	6/30/23	6/30/22	9/30/23	9/30/22	12/31/23	12/31/22
Consolidated
Current accident year reported losses greater than $5 million		4	6	5	7	6	6	3	11	9	15	15		22
Current accident year reported losses $2 million - $5 million		19	11	5	13	15	15	15	16	28	35	42		51
Prior accident year reported losses on large losses		3	7	3	2	6	8	6	10	14	13	20		22
Non-Catastrophe reported losses on large losses total		26	24	13	22	27	29	24	37	51	63	77		95
Commercial Lines
Current accident year reported losses greater than $5 million		3	4	4	5	5	2	2	8	4	11	9		14
Current accident year reported losses $2 million - $5 million		11	9	4	6	12	12	14	13	24	24	35		39
Prior accident year reported losses on large losses		3	7	2	2	6	8	5	9	13	12	19		21
Non-Catastrophe reported losses on large losses total		17	20	10	13	23	22	21	30	41	47	63		74
Personal Lines
Current accident year reported losses greater than $5 million		1	2	1	2	1	4	1	3	5	4	6		8
Current accident year reported losses $2 million - $5 million		8	2	1	6	3	2	1	3	3	11	6		11
Prior accident year reported losses on large losses		—	—	1	—	—	—	1	1	1	1	1		1
Non-Catastrophe reported losses on large losses total		9	4	3	8	4	6	3	7	9	16	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 Third-Quarter 2023 Supplemental Financial Data


Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/23	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23	12/31/22
Commercial casualty:
Net written premiums		$	331		$	378		$	404		$	353		$	326		$	376		$	389		$	782		$	765		$	1,114		$	1,091			$	1,444
Year over year change %- written premium		2		%	1		%	4		%	11		%	10		%	11		%	7		%	2		%	9		%	2		%	9		%		10		%
Earned premiums		$	365		$	373		$	377		$	370		$	360		$	350		$	336		$	750		$	686		$	1,115		$	1,046			$	1,416
Current accident year before catastrophe losses		68.3		%	70.5		%	72.6		%	72.4		%	73.7		%	75.0		%	65.6		%	71.6		%	70.4		%	70.5		%	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			(3.2)			2.4				1.7
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		68.3		%	61.3		%	72.3		%	72.2		%	80.1		%	74.3		%	67.0		%	66.8		%	70.7		%	67.3		%	74.0		%		73.5		%
Commercial property:
Net written premiums		$	344		$	335		$	316		$	297		$	309		$	308		$	297		$	650		$	606		$	994		$	915			$	1,212
Year over year change %- written premium		11		%	9		%	6		%	10		%	11		%	12		%	11		%	7		%	12		%	9		%	12		%		11		%
Earned premiums		$	321		$	312		$	299		$	290		$	292		$	280		$	274		$	611		$	554		$	933		$	846			$	1,136
Current accident year before catastrophe losses		45.2		%	43.4		%	49.0		%	42.5		%	47.4		%	54.5		%	52.4		%	46.1		%	53.4		%	45.8		%	51.3		%		49.1		%
Current accident year catastrophe losses		23.0			35.0			34.7			38.3			14.7			44.4			5.1			34.9			24.9			30.8			21.4				25.7
Prior accident years before catastrophe losses		(2.8)			(1.5)			(7.8)			(0.5)			(6.7)			0.6			(2.4)			(4.6)			(0.8)			(4.0)			(2.9)				(2.2)
Prior accident years catastrophe losses		(0.5)			(1.4)			2.4			(2.2)			(1.4)			(3.0)			0.5			0.5			(1.3)			0.2			(1.3)				(1.6)
Total loss and loss expense ratio		64.9		%	75.5		%	78.3		%	78.1		%	54.0		%	96.5		%	55.6		%	76.9		%	76.2		%	72.8		%	68.5		%		71.0		%
Commercial auto:
Net written premiums		$	199		$	233		$	239		$	201		$	194		$	226		$	237		$	472		$	463		$	671		$	657			$	858
Year over year change %- written premium		3		%	3		%	1		%	4		%	6		%	5		%	6		%	2		%	5		%	2		%	6		%		5		%
Earned premiums		$	216		$	214		$	213		$	215		$	213		$	210		$	205		$	428		$	415		$	644		$	627			$	842
Current accident year before catastrophe losses		70.1		%	68.3		%	73.5		%	72.6		%	78.8		%	66.5		%	67.0		%	70.9		%	66.7		%	70.6		%	70.8		%		71.3		%
Current accident year catastrophe losses		(0.8)			6.7			0.9			(2.4)			3.3			5.1			0.9			3.8			3.1			2.3			3.1				1.7
Prior accident years before catastrophe losses		0.7			(1.4)			2.7			3.6			7.5			2.8			(0.7)			0.7			1.1			0.6			3.3				3.3
Prior accident years catastrophe losses		—			(0.3)			(1.5)			—			—			(0.5)			(2.1)			(1.0)			(1.3)			(0.6)			(0.9)				(0.6)
Total loss and loss expense ratio		70.0		%	73.3		%	75.6		%	73.8		%	89.6		%	73.9		%	65.1		%	74.4		%	69.6		%	72.9		%	76.3		%		75.7		%
Workers' compensation:
Net written premiums		$	57		$	65		$	82		$	64		$	60		$	69		$	86		$	147		$	154		$	203		$	214			$	278
Year over year change %- written premium		(5)		%	(6)		%	(5)		%	8		%	13		%	—		%	(2)		%	(5)		%	(2)		%	(5)		%	2		%		3		%
Earned premiums		$	66		$	72		$	74		$	75		$	73		$	68		$	67		$	146		$	136		$	212		$	209			$	284
Current accident year before catastrophe losses		90.3		%	90.0		%	83.2		%	76.0		%	80.3		%	83.5		%	84.5		%	86.5		%	84.0		%	87.7		%	82.7		%		80.9		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(30.7)			(15.4)			(19.6)			(27.0)			(21.5)			(25.9)			(14.3)			(17.5)			(20.2)			(21.6)			(20.6)				(22.3)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		59.6		%	74.6		%	63.6		%	49.0		%	58.8		%	57.6		%	70.2		%	69.0		%	63.8		%	66.1		%	62.1		%		58.6		%
Other commercial:
Net written premiums		$	98		$	95		$	100		$	92		$	95		$	93		$	87		$	196		$	180		$	294		$	275			$	367
Year over year change %- written premium		3		%	2		%	15		%	15		%	13		%	18		%	12		%	9		%	15		%	7		%	14		%		14		%
Earned premiums		$	94		$	95		$	93		$	90		$	90		$	86		$	80		$	187		$	165		$	280		$	256			$	346
Current accident year before catastrophe losses		39.1		%	35.2		%	38.1		%	33.3		%	37.7		%	37.3		%	38.2		%	36.6		%	37.7		%	37.4		%	37.7		%		36.6		%
Current accident year catastrophe losses		0.2			0.1			—			—			0.1			0.1			—			0.1			0.1			0.1			0.1				0.1
Prior accident years before catastrophe losses		(5.8)			(0.8)			(2.5)			(4.7)			(4.3)			(7.4)			(2.9)			(1.6)			(5.3)			(3.0)			(4.9)				(4.9)
Prior accident years catastrophe losses		—			—			(0.1)			—			—			—			—			(0.1)			—			—			—				—
Total loss and loss expense ratio		33.5		%	34.5		%	35.5		%	28.6		%	33.5		%	30.0		%	35.3		%	35.0		%	32.5		%	34.5		%	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 Third-Quarter 2023 Supplemental Financial Data


Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/23	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23	12/31/22
Personal auto:
Net written premiums		$	227		$	212		$	163		$	158		$	179		$	177		$	140		$	374		$	316		$	602		$	496			$	654
Year over year change %- written premium		27		%	20		%	16		%	12		%	8		%	7		%	3		%	18		%	5		%	21		%	6		%		8		%
Earned premiums		$	185		$	173		$	166		$	161		$	158		$	155		$	152		$	339		$	307		$	524		$	465			$	626
Current accident year before catastrophe losses		73.2		%	76.6		%	78.8		%	77.4		%	74.3		%	74.5		%	69.4		%	77.7		%	72.0		%	76.0		%	72.8		%		74.0		%
Current accident year catastrophe losses		(3.4)			8.9			4.2			(4.6)			15.9			6.1			1.4			6.6			3.7			3.1			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			(1.2)			1.9				1.6
Prior accident years catastrophe losses		(0.1)			(0.7)			(2.7)			—			(0.1)			(0.6)			(4.7)			(1.7)			(2.7)			(1.1)			(1.8)				(1.3)
Total loss and loss expense ratio		69.7		%	80.7		%	80.6		%	73.5		%	93.5		%	81.4		%	67.0		%	80.7		%	74.2		%	76.8		%	80.8		%		78.9		%
Homeowner:
Net written premiums		$	339		$	330		$	222		$	226		$	255		$	260		$	181		$	552		$	441		$	890		$	695			$	921
Year over year change %- written premium		33		%	27		%	23		%	20		%	19		%	23		%	16		%	25		%	20		%	28		%	20		%		20		%
Earned premiums		$	271		$	251		$	232		$	220		$	213		$	202		$	195		$	484		$	397		$	755		$	609			$	829
Current accident year before catastrophe losses		45.0		%	47.4		%	46.5		%	42.1		%	47.3		%	54.8		%	45.9		%	46.9		%	50.4		%	46.3		%	49.3		%		47.4		%
Current accident year catastrophe losses		30.2			33.5			56.1			22.4			20.9			38.6			13.0			44.4			26.1			39.3			24.3				23.8
Prior accident years before catastrophe losses		(1.0)			0.7			(2.6)			0.2			1.6			(2.5)			(8.7)			(0.8)			(5.5)			(0.9)			(3.0)				(2.2)
Prior accident years catastrophe losses		(2.1)			(3.9)			(9.1)			(1.5)			(3.8)			(5.2)			(7.2)			(6.4)			(6.2)			(4.9)			(5.4)				(4.3)
Total loss and loss expense ratio		72.1		%	77.7		%	90.9		%	63.2		%	66.0		%	85.7		%	43.0		%	84.1		%	64.8		%	79.8		%	65.2		%		64.7		%
Other personal:
Net written premiums		$	80		$	87		$	63		$	61		$	68		$	73		$	53		$	151		$	127		$	231		$	195			$	256
Year over year change %- written premium		18		%	19		%	19		%	15		%	21		%	18		%	15		%	19		%	18		%	18		%	19		%		18		%
Earned premiums		$	71		$	69		$	66		$	62		$	60		$	56		$	55		$	134		$	111		$	205		$	172			$	234
Current accident year before catastrophe losses		55.7		%	56.7		%	58.9		%	54.1		%	63.8		%	64.6		%	47.2		%	57.7		%	56.0		%	57.1		%	58.7		%		57.5		%
Current accident year catastrophe losses		5.4			11.7			3.5			(0.1)			10.8			5.2			0.9			7.7			3.1			6.9			5.8				4.2
Prior accident years before catastrophe losses		1.0			2.3			(1.2)			(4.4)			(15.7)			1.4			4.6			0.6			3.0			0.7			(3.5)				(3.8)
Prior accident years catastrophe losses		(0.4)			0.7			1.3			(0.1)			0.4			0.4			0.4			1.0			0.3			0.5			0.4				0.3
Total loss and loss expense ratio		61.7		%	71.4		%	62.5		%	49.5		%	59.3		%	71.6		%	53.1		%	67.0		%	62.4		%	65.2		%	61.4		%		58.2		%

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/23	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23	12/31/22
Excess & Surplus:
Net written premiums		$	128		$	156		$	136		$	122		$	121		$	135		$	124		$	292		$	259		$	420		$	380			$	502
Year over year change %- written premium		6		%	16		%	10		%	13		%	16		%	17		%	25		%	13		%	21		%	11		%	19		%		18		%
Earned premiums		$	135		$	132		$	127		$	124		$	125		$	124		$	112		$	259		$	236		$	394		$	361			$	485
Current accident year before catastrophe losses		64.8		%	69.7		%	69.2		%	66.4		%	74.8		%	59.5		%	61.8		%	69.5		%	60.6		%	67.9		%	65.4		%		65.7		%
Current accident year catastrophe losses		(0.6)			1.4			1.5			1.6			(0.4)			1.2			1.5			1.4			1.3			0.8			0.8				1.0
Prior accident years before catastrophe losses		0.9			(4.7)			(6.2)			3.8			(5.9)			(0.4)			(4.6)			(5.4)			(2.4)			(3.3)			(3.6)				(1.7)
Prior accident years catastrophe losses		(0.2)			—			(0.3)			(0.2)			(0.1)			(0.1)			(0.4)			(0.1)			(0.2)			(0.2)			(0.2)				(0.2)
Total loss and loss expense ratio		64.9		%	66.4		%	64.2		%	71.6		%	68.4		%	60.2		%	58.3		%	65.4		%	59.3		%	65.2		%	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 Third-Quarter 2023 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 nine months ended September 30, 2023
Commercial casualty	$	423	$	129	$	552	$	(32)	$	199	$	41	$	208	$	391	$	199	$	170	$	760
Commercial property	690		59		749		130		(124)		9		15		820		(124)		68		764
Commercial auto	362		62		424		(22)		55		13		46		340		55		75		470
Workers' compensation	94		23		117		26		3		3		32		120		3		26		149
Other commercial	76		13		89		56		7		4		67		132		7		17		156
Total commercial lines	1,645		286		1,931		158		140		70		368		1,803		140		356		2,299

Personal auto	310		64		374		(11)		30		9		28		299		30		73		402
Homeowners	524		53		577		41		(13)		6		34		565		(13)		59		611
Other personal	90		6		96		11		24		1		36		101		24		7		132
Total personal lines	924		123		1,047		41		41		16		98		965		41		139		1,145

Excess & surplus lines	93		43		136		35		63		33		131		128		63		76		267
Other	206		11		217		(22)		94		—		72		184		94		11		289
Total property casualty	$	2,868	$	463	$	3,331	$	212	$	338	$	119	$	669	$	3,080	$	338	$	582	$	4,000

Ceded loss and loss expense incurred for the nine months ended September 30, 2023
Commercial casualty	$	24	$	—	$	24	$	(17)	$	2	$	—	$	(15)	$	7	$	2	$	—	$	9
Commercial property	54		1		55		63		(32)		—		31		117		(32)		1		86
Commercial auto	1		—		1		—		—		—		—		1		—		—		1
Workers' compensation	7		—		7		2		—		—		2		9		—		—		9
Other commercial	7		—		7		49		2		—		51		56		2		—		58
Total commercial lines	93		1		94		97		(28)		—		69		190		(28)		1		163

Personal auto	2		—		2		(1)		(1)		—		(2)		1		(1)		—		—
Homeowners	13		—		13		8		(13)		—		(5)		21		(13)		—		8
Other personal	—		—		—		1		(2)		—		(1)		1		(2)		—		(1)
Total personal lines	15		—		15		8		(16)		—		(8)		23		(16)		—		7

Excess & surplus lines	3		—		3		5		2		—		7		8		2		—		10
Other	34		—		34		(14)		(40)		—		(54)		20		(40)		—		(20)
Total property casualty	$	145	$	1	$	146	$	96	$	(82)	$	—	$	14	$	241	$	(82)	$	1	$	160

Net loss and loss expense incurred for the nine months ended September 30, 2023
Commercial casualty	$	399	$	129	$	528	$	(15)	$	197	$	41	$	223	$	384	$	197	$	170	$	751
Commercial property	636		58		694		67		(92)		9		(16)		703		(92)		67		678
Commercial auto	361		62		423		(22)		55		13		46		339		55		75		469
Workers' compensation	87		23		110		24		3		3		30		111		3		26		140
Other commercial	69		13		82		7		5		4		16		76		5		17		98
Total commercial lines	1,552		285		1,837		61		168		70		299		1,613		168		355		2,136

Personal auto	308		64		372		(10)		31		9		30		298		31		73		402
Homeowners	511		53		564		33		—		6		39		544		—		59		603
Other personal	90		6		96		10		26		1		37		100		26		7		133
Total personal lines	909		123		1,032		33		57		16		106		942		57		139		1,138

Excess & surplus lines	90		43		133		30		61		33		124		120		61		76		257
Other	172		11		183		(8)		134		—		126		164		134		11		309
Total property casualty	$	2,723	$	462	$	3,185	$	116	$	420	$	119	$	655	$	2,839	$	420	$	581	$	3,840

*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 Third-Quarter 2023 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 September 30, 2023
Commercial casualty	$	121	$	44	$	165	$	(1)	$	71	$	10	$	80	$	120	$	71	$	54	$	245
Commercial property	219		18		237		(32)		(8)		3		(37)		187		(8)		21		200
Commercial auto	121		19		140		(5)		10		5		10		116		10		24		150
Workers' compensation	32		7		39		—		(3)		1		(2)		32		(3)		8		37
Other commercial	28		4		32		50		(1)		1		50		78		(1)		5		82
Total commercial lines	521		92		613		12		69		20		101		533		69		112		714

Personal auto	108		19		127		(7)		3		5		1		101		3		24		128
Homeowners	192		18		210		3		(21)		3		(15)		195		(21)		21		195
Other personal	28		2		30		14		—		—		14		42		—		2		44
Total personal lines	328		39		367		10		(18)		8		—		338		(18)		47		367

Excess & surplus lines	34		16		50		14		15		13		42		48		15		29		92
Other	70		4		74		(11)		65		1		55		59		65		5		129
Total property casualty	$	953	$	151	$	1,104	$	25	$	131	$	42	$	198	$	978	$	131	$	193	$	1,302

Ceded loss and loss expense incurred for the three months ended September 30, 2023
Commercial casualty	$	—	$	—	$	—	$	—	$	(4)	$	—	$	(4)	$	—	$	(4)	$	—	$	(4)
Commercial property	24		—		24		(33)		—		—		(33)		(9)		—		—		(9)
Commercial auto	—		—		—		(1)		—		—		(1)		(1)		—		—		(1)
Workers' compensation	1		—		1		(4)		—		—		(4)		(3)		—		—		(3)
Other commercial	6		—		6		46		(1)		—		45		52		(1)		—		51
Total commercial lines	31		—		31		8		(5)		—		3		39		(5)		—		34

Personal auto	1		—		1		(1)		—		—		(1)		—		—		—		—
Homeowners	3		—		3		(3)		(1)		—		(4)		—		(1)		—		(1)
Other personal	—		—		—		—		—		—		—		—		—		—		—
Total personal lines	4		—		4		(4)		(1)		—		(5)		—		(1)		—		(1)

Excess & surplus lines	1		—		1		3		1		—		4		4		1		—		5
Other	10		—		10		(5)		(2)		—		(7)		5		(2)		—		3
Total property casualty	$	46	$	—	$	46	$	2	$	(7)	$	—	$	(5)	$	48	$	(7)	$	—	$	41

Net loss and loss expense incurred for the three months ended September 30, 2023
Commercial casualty	$	121	$	44	$	165	$	(1)	$	75	$	10	$	84	$	120	$	75	$	54	$	249
Commercial property	195		18		213		1		(8)		3		(4)		196		(8)		21		209
Commercial auto	121		19		140		(4)		10		5		11		117		10		24		151
Workers' compensation	31		7		38		4		(3)		1		2		35		(3)		8		40
Other commercial	22		4		26		4		—		1		5		26		—		5		31
Total commercial lines	490		92		582		4		74		20		98		494		74		112		680

Personal auto	107		19		126		(6)		3		5		2		101		3		24		128
Homeowners	189		18		207		6		(20)		3		(11)		195		(20)		21		196
Other personal	28		2		30		14		—		—		14		42		—		2		44
Total personal lines	324		39		363		14		(17)		8		5		338		(17)		47		368

Excess & surplus lines	33		16		49		11		14		13		38		44		14		29		87
Other	60		4		64		(6)		67		1		62		54		67		5		126
Total property casualty	$	907	$	151	$	1,058	$	23	$	138	$	42	$	203	$	930	$	138	$	193	$	1,261

*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 Third-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/23	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23	12/31/22
Premiums
Agency renewal written premiums		$	1,549		$	1,643		$	1,535		$	1,396		$	1,390		$	1,482		$	1,397		$	3,178		$	2,879		$	4,727		$	4,269			$	5,665
Agency new business written premiums		313			303			251			238			264			286			244			554			530			867			794				1,032

Other written premiums		95			204			233			60			96			196			258			437			454			532			550				610
Net written premiums		$	1,957		$	2,150		$	2,019		$	1,694		$	1,750		$	1,964		$	1,899		$	4,169		$	3,863		$	6,126		$	5,613			$	7,307
Unearned premium change		—			(287)			(178)			106			59			(267)			(281)			(465)			(548)			(465)			(489)				(383)
Earned premiums		$	1,957		$	1,863		$	1,841		$	1,800		$	1,809		$	1,697		$	1,618		$	3,704		$	3,315		$	5,661		$	5,124			$	6,924
Year over year change %
Agency renewal written premiums		11		%	11		%	10		%	13		%	12		%	11		%	9		%	10		%	10		%	11		%	11		%		11		%
Agency new business written premiums		19			6			3			12			15			22			11			5			16			9			16				15

Other written premiums		(1)			4			(10)			(29)			50			34			31			(4)			32			(3)			35				24
Net written premiums		12			9			6			10			14			15			12			8			13			9			14				13
Paid losses and loss expenses
Losses paid		$	907		$	924		$	893		$	803		$	804		$	755		$	733		$	1,816		$	1,489		$	2,723		$	2,293			$	3,096
Loss expenses paid		151			157			153			154			144			137			157			311			293			462			437				591
Loss and loss expenses paid		$	1,058		$	1,081		$	1,046		$	957		$	948		$	892		$	890		$	2,127		$	1,782		$	3,185		$	2,730			$	3,687
Incurred losses and loss expenses
Loss and loss expense incurred		$	1,261		$	1,262		$	1,317		$	1,172		$	1,348		$	1,240		$	956		$	2,579		$	2,196		$	3,840		$	3,544			$	4,716
Loss and loss expenses paid as a % of incurred		83.9		%	85.7		%	79.4		%	81.7		%	70.3		%	71.9		%	93.1		%	82.5		%	81.1		%	82.9		%	77.0		%		78.2		%
Statutory combined ratio
Loss ratio		54.9		%	58.3		%	60.5		%	56.3		%	64.1		%	64.8		%	48.4		%	59.4		%	56.7		%	57.8		%	59.3		%		58.5		%
Loss adjustment expense ratio		10.3			9.7			11.6			9.9			10.0			9.5			10.9			10.7			10.2			10.6			10.1				10.1
Net underwriting expense ratio		29.1			27.7			27.5			30.6			29.3			28.1			28.7			27.6			28.4			28.1			28.7				29.1
US Statutory combined ratio		94.3		%	95.7		%	99.6		%	96.8		%	103.4		%	102.4		%	88.0		%	97.7		%	95.3		%	96.5		%	98.1		%		97.7		%
Contribution from catastrophe losses		8.7			12.3			12.7			7.6			13.0			13.0			1.7			12.5			7.5			11.2			9.4				8.9
Statutory combined ratio excl. catastrophe losses		85.6		%	83.4		%	86.9		%	89.2		%	90.4		%	89.4		%	86.3		%	85.2		%	87.8		%	85.3		%	88.7		%		88.8		%
GAAP combined ratio
GAAP combined ratio		94.4		%	97.6		%	100.7		%	94.9		%	103.9		%	103.2		%	89.9		%	99.2		%	96.7		%	97.5		%	99.2		%		98.1		%
Contribution from catastrophe losses		9.1			12.0			12.8			7.8			13.9			12.4			1.8			12.4			7.2			11.3			9.5				9.2
GAAP combined ratio excl. catastrophe losses		85.3		%	85.6		%	87.9		%	87.1		%	90.0		%	90.8		%	88.1		%	86.8		%	89.5		%	86.2		%	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 Third-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/23	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23	12/31/22
Premiums
Agency renewal written premiums		$	914		$	985		$	1,041		$	908		$	860		$	934		$	970		$	2,026		$	1,904		$	2,940		$	2,764			$	3,672
Agency new business written premiums		148			149			134			130			149			165			156			283			321			431			470				600
Other written premiums		(33)			(28)			(34)			(31)			(25)			(27)			(30)			(62)			(57)			(95)			(82)				(113)
Net written premiums		$	1,029		$	1,106		$	1,141		$	1,007		$	984		$	1,072		$	1,096		$	2,247		$	2,168		$	3,276		$	3,152			$	4,159
Unearned premium change		33			(40)			(85)			33			44			(78)			(134)			(125)			(212)			(92)			(168)				(135)
Earned premiums		$	1,062		$	1,066		$	1,056		$	1,040		$	1,028		$	994		$	962		$	2,122		$	1,956		$	3,184		$	2,984			$	4,024
Year over year change %
Agency renewal written premiums		6		%	5		%	7		%	12		%	11		%	10		%	8		%	6		%	9		%	6		%	9		%		10		%
Agency new business written premiums		(1)			(10)			(14)			(4)			3			13			8			(12)			10			(8)			8				5
Other written premiums		(32)			(4)			(13)			(29)			—			(29)			(25)			(9)			(27)			(16)			(17)				(20)
Net written premiums		5			3			4			9			10			10			8			4			9			4			9				9
Paid losses and loss expenses
Losses paid		$	490		$	550		$	513		$	432		$	491		$	446		$	458		$	1,063		$	905		$	1,552		$	1,396			$	1,829
Loss expenses paid		92			96			97			97			93			91			100			193			191			285			285				382
Loss and loss expenses paid		$	582		$	646		$	610		$	529		$	584		$	537		$	558		$	1,256		$	1,096		$	1,837		$	1,681			$	2,211
Incurred losses and loss expenses
Loss and loss expense incurred		$	680		$	708		$	748		$	715		$	710		$	750		$	586		$	1,456		$	1,336		$	2,136		$	2,046			$	2,761
Loss and loss expenses paid as a % of incurred		85.6		%	91.2		%	81.6		%	74.0		%	82.3		%	71.6		%	95.2		%	86.3		%	82.0		%	86.0		%	82.2		%		80.1		%
Statutory combined ratio
Loss ratio		53.4		%	56.5		%	57.9		%	59.2		%	58.4		%	65.5		%	48.9		%	57.2		%	57.4		%	55.9		%	57.8		%		58.1		%
Loss adjustment expense ratio		10.6			9.9			12.9			9.6			10.7			9.9			12.0			11.4			10.9			11.2			10.8				10.5
Net underwriting expense ratio		31.8			29.4			27.7			31.3			31.2			29.1			28.3			28.5			28.7			29.5			29.5				29.9
Statutory combined ratio		95.8		%	95.8		%	98.5		%	100.1		%	100.3		%	104.5		%	89.2		%	97.1		%	97.0		%	96.6		%	98.1		%		98.5		%
Contribution from catastrophe losses		6.7			11.1			10.4			9.6			4.5			12.6			1.4			10.7			7.1			9.4			6.2				7.0
Statutory combined ratio excl. catastrophe losses		89.1		%	84.7		%	88.1		%	90.5		%	95.8		%	91.9		%	87.8		%	86.4		%	89.9		%	87.2		%	91.9		%		91.5		%
GAAP combined ratio
GAAP combined ratio		95.2		%	96.9		%	100.4		%	98.9		%	99.0		%	106.3		%	92.3		%	98.6		%	99.4		%	97.5		%	99.3		%		99.2		%
Contribution from catastrophe losses		6.7			11.1			10.4			9.6			4.5			12.6			1.4			10.7			7.1			9.4			6.2				7.0
GAAP combined ratio excl. catastrophe losses		88.5		%	85.8		%	90.0		%	89.3		%	94.5		%	93.7		%	90.9		%	87.9		%	92.3		%	88.1		%	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 Third-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/23	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23	12/31/22
Premiums
Agency renewal written premiums		$	542		$	541		$	388		$	393		$	437		$	438		$	333		$	929		$	771		$	1,471		$	1,208			$	1,601
Agency new business written premiums		122			106			79			75			81			88			52			185			140			307			221				296
Other written premiums		(18)			(18)			(19)			(23)			(16)			(16)			(11)			(37)			(27)			(55)			(43)				(66)
Net written premiums		$	646		$	629		$	448		$	445		$	502		$	510		$	374		$	1,077		$	884		$	1,723		$	1,386			$	1,831
Unearned premium change		(119)			(136)			16			(2)			(71)			(97)			28			(120)			(69)			(239)			(140)				(142)
Earned premiums		$	527		$	493		$	464		$	443		$	431		$	413		$	402		$	957		$	815		$	1,484		$	1,246			$	1,689
Year over year change %
Agency renewal written premiums		24		%	24		%	17		%	15		%	11		%	10		%	10		%	20		%	10		%	22		%	11		%		12		%
Agency new business written premiums		51			20			52			50			53			66			13			32			41			39			45				47
Other written premiums		(13)			(13)			(73)			(130)			(45)			(45)			(10)			(37)			(29)			(28)			(34)				(57)
Net written premiums		29			23			20			16			15			16			11			22			14			24			14				15
Paid losses and loss expenses
Losses paid		$	324		$	298		$	288		$	247		$	246		$	224		$	208		$	585		$	432		$	909		$	679			$	926
Loss expenses paid		39			44			40			39			35			32			40			85			71			123			106				145
Loss and loss expenses paid		$	363		$	342		$	328		$	286		$	281		$	256		$	248		$	670		$	503		$	1,032		$	785			$	1,071
Incurred losses and loss expenses
Loss and loss expense incurred		$	368		$	384		$	386		$	288		$	324		$	339		$	215		$	770		$	554		$	1,138		$	878			$	1,166
Loss and loss expenses paid as a % of incurred		98.6		%	89.1		%	85.0		%	99.3		%	86.7		%	75.5		%	115.3		%	87.0		%	90.8		%	90.7		%	89.4		%		91.9		%
Statutory combined ratio
Loss ratio		60.7		%	68.3		%	73.6		%	55.3		%	65.6		%	73.7		%	44.5		%	70.9		%	59.3		%	67.3		%	61.5		%		59.9		%
Loss adjustment expense ratio		9.2			9.6			9.6			9.7			9.6			8.4			9.0			9.6			8.7			9.4			9.0				9.2
Net underwriting expense ratio		26.3			25.5			30.0			30.6			26.7			26.4			32.2			27.4			28.8			27.0			28.0				28.6
Statutory combined ratio		96.2		%	103.4		%	113.2		%	95.6		%	101.9		%	108.5		%	85.7		%	107.9		%	96.8		%	103.7		%	98.5		%		97.7		%
Contribution from catastrophe losses		13.9			19.7			24.7			8.7			15.9			19.1			1.7			22.1			10.5			19.2			12.4				11.4
Statutory combined ratio excl. catastrophe losses		82.3		%	83.7		%	88.5		%	86.9		%	86.0		%	89.4		%	84.0		%	85.8		%	86.3		%	84.5		%	86.1		%		86.3		%
GAAP combined ratio
GAAP combined ratio		99.9		%	107.6		%	112.5		%	95.7		%	104.5		%	112.1		%	83.9		%	110.0		%	98.2		%	106.4		%	100.4		%		99.2		%
Contribution from catastrophe losses		13.9			19.7			24.7			8.7			15.9			19.1			1.7			22.1			10.5			19.2			12.4				11.4
GAAP combined ratio excl. catastrophe losses		86.0		%	87.9		%	87.8		%	87.0		%	88.6		%	93.0		%	82.2		%	87.9		%	87.7		%	87.2		%	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 Third-Quarter 2023 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
	12/31/23	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23	12/31/22
Premiums
Agency renewal written premiums		$	93		$	117		$	106		$	95		$	93		$	110		$	94		$	223		$	204		$	316		$	297			$	392
Agency new business written premiums		43			48			38			33			34			33			36			86			69			129			103				136
Other written premiums		(8)			(9)			(8)			(6)			(6)			(8)			(6)			(17)			(14)			(25)			(20)				(26)
Net written premiums		$	128		$	156		$	136		$	122		$	121		$	135		$	124		$	292		$	259		$	420		$	380			$	502
Unearned premium change		7			(24)			(9)			2			4			(11)			(12)			(33)			(23)			(26)			(19)				(17)
Earned premiums		$	135		$	132		$	127		$	124		$	125		$	124		$	112		$	259		$	236		$	394		$	361			$	485
Year over year change %
Agency renewal written premiums		—		%	6		%	13		%	9		%	22		%	31		%	24		%	9		%	28		%	6		%	26		%		21		%
Agency new business written premiums		26			45			6			22			6			(8)			24			25			6			25			6				10
Other written premiums		(33)			(13)			(33)			—			(50)			(60)			—			(21)			(27)			(25)			(33)				(24)
Net written premiums		6			16			10			13			16			17			25			13			21			11			19				18
Paid losses and loss expenses
Losses paid		$	33		$	29		$	28		$	22		$	29		$	27		$	19		$	56		$	46		$	90		$	74			$	95
Loss expenses paid		16			14			12			14			13			11			12			27			24			43			36				50
Loss and loss expenses paid		$	49		$	43		$	40		$	36		$	42		$	38		$	31		$	83		$	70		$	133		$	110			$	145
Incurred losses and loss expenses
Loss and loss expense incurred		$	87		$	89		$	81		$	89		$	86		$	74		$	66		$	170		$	140		$	257		$	226			$	315
Loss and loss expenses paid as a % of incurred		56.3		%	48.3		%	49.4		%	40.4		%	48.8		%	51.4		%	47.0		%	48.8		%	50.0		%	51.8		%	48.7		%		46.0		%
Statutory combined ratio
Loss ratio		44.2		%	49.6		%	44.3		%	50.5		%	51.9		%	41.5		%	43.0		%	47.0		%	42.2		%	46.1		%	45.6		%		46.8		%
Loss adjustment expense ratio		20.6			16.9			19.9			21.1			16.5			18.7			15.2			18.4			17.1			19.1			16.9				18.0
Net underwriting expense ratio		26.6			24.3			24.4			27.1			27.5			26.1			27.1			24.4			26.5			25.1			26.8				26.9
Statutory combined ratio		91.4		%	90.8		%	88.6		%	98.7		%	95.9		%	86.3		%	85.3		%	89.8		%	85.8		%	90.3		%	89.3		%		91.7		%
Contribution from catastrophe losses		(0.8)			1.4			1.2			1.4			(0.5)			1.1			1.1			1.3			1.1			0.6			0.6				0.8
Statutory combined ratio excl. catastrophe losses		92.2		%	89.4		%	87.4		%	97.3		%	96.4		%	85.2		%	84.2		%	88.5		%	84.7		%	89.7		%	88.7		%		90.9		%
GAAP combined ratio
GAAP combined ratio		90.5		%	92.2		%	89.9		%	96.3		%	93.9		%	85.1		%	85.9		%	91.1		%	85.5		%	90.9		%	88.4		%		90.4		%
Contribution from catastrophe losses		(0.8)			1.4			1.2			1.4			(0.5)			1.1			1.1			1.3			1.1			0.6			0.6				0.8
GAAP combined ratio excl. catastrophe losses		91.3		%	90.8		%	88.7		%	94.9		%	94.4		%	84.0		%	84.8		%	89.8		%	84.4		%	90.3		%	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 Third-Quarter 2023 Supplemental Financial Data


Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended September 30,							For the Nine Months Ended September 30,
(Dollars in millions)	2023		2022		Change		% Change	2023		2022		Change		% Change
Underwriting income
Net premiums written	$	1,888	$	1,693	$	195	12	$	5,911	$	5,436	$	475	9
Unearned premium change	30		(42)		72		nm	443		462		(19)		(4)
Earned premiums	$	1,858	$	1,735	$	123	7	$	5,468	$	4,974	$	494	10

Losses incurred	$	1,019	$	1,110	$	(91)	(8)	$	3,163	$	2,948	$	215	7
Defense and cost containment expenses incurred	88		78		10		13	265		225		40		18
Adjusting and other expenses incurred	105		96		9		9	314		279		35		13
Other underwriting expenses incurred	548		495		53		11	1,654		1,554		100		6
Workers compensation dividend incurred	1		2		(1)		—	4		5		(1)		—
Total underwriting deductions	$	1,761	$	1,781	$	(20)	(1)	$	5,400	$	5,011	$	389	8

Net underwriting profit (loss)	$	97	$	(46)	$	143	nm	$	68	$	(37)	$	105	nm

Investment income
Gross investment income earned	$	144	$	129	$	15	12	$	424	$	378	$	46	12
Net investment income earned	143		126		17		13	419		370		49		13
Net realized capital gains and losses, net	(26)		29		(55)		nm	(76)		41		(117)		nm
Net investment gains (net of tax)	$	117	$	155	$	(38)	(25)	$	343	$	411	$	(68)	(17)

Other income	$	1	$	2	$	(1)	(50)	$	4	$	5	$	(1)	(20)

Net income before federal income taxes	$	215	$	111	$	104	94	$	415	$	378	$	37	10
Federal and foreign income taxes incurred	47		(15)		62		nm	82		21		61		290
Net income (statutory)	$	168	$	126	$	42	33	$	333	$	357	$	(24)	(7)

Policyholders' surplus - statutory	$	6,506	$	5,985	$	521	9	$	6,506	$	5,985	$	521	9

Fixed maturities at amortized cost - statutory	$	9,630	$	8,581	$	1,049	12	$	9,630	$	8,581	$	1,049	12
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2023 Supplemental Financial Data


The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended September 30,							For the Nine Months Ended September 30,
(Dollars in millions)	2023		2022		Change		% Change	2023		2022		Change		% Change
Net premiums written	$	90	$	86	$	4	5	$	273	$	250	$	23	9
Net investment income	47		44		3		7	138		130		8		6

Commissions and expense allowances on reinsurance ceded	1		1		—		—	3		3		—		—
Income from fees associated with separate accounts	2		2		—		—	7		4		3		75
Total revenues	$	140	$	133	$	7	5	$	421	$	387	$	34	9

Death benefits and matured endowments	$	43	$	39	$	4	10	$	122	$	131	$	(9)	(7)
Annuity benefits	34		18		16		89	108		49		59		120
Disability benefits and benefits under accident and health contracts	—		1		(1)		(100)	1		1		—		—
Surrender benefits and group conversions	7		8		(1)		(13)	21		19		2		11
Interest and adjustments on deposit-type contract funds	2		1		1		100	6		5		1		20
Increase in aggregate reserves for life and accident and health contracts	4		16		(12)		(75)	(3)		45		(48)		nm
Total benefit expenses	$	90	$	83	$	7	8	$	255	$	250	$	5	2

Commissions	$	12	$	13	$	(1)	(8)	$	37	$	38	$	(1)	(3)
General insurance expenses and taxes	14		12		2		17	41		41		—		—
Increase in loading on deferred and uncollected premiums	(2)		—		(2)		nm	(1)		1		(2)		nm
Net transfers from separate accounts	(3)		—		(3)		nm	(6)		(10)		4		40

Total underwriting expenses	$	21	$	25	$	(4)	(16)	$	71	$	70	$	1	1

Federal and foreign income taxes incurred	3		7		(4)		(57)	19		17		2		12

Net gain from operations before capital gains and losses	$	26	$	18	$	8	44	$	76	$	50	$	26	52

Gains and losses net of capital gains tax, net	—		—		—		—	(3)		(1)		(2)		(2)

Net income (statutory)	$	26	$	18	$	8	44	$	73	$	49	$	24	49

Policyholders' surplus - statutory	$	395	$	313	82		26	$	395	$	313	$	82	26

Fixed maturities at amortized cost - statutory	$	3,886	$	3,822	$	64	2	$	3,886	$	3,822	$	64	2
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Third-Quarter 2023 Supplemental Financial Data



Quarterly Data - Other

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/23	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23	12/31/22








Cincinnati Re:
Net written premiums		$	85		$	177		$	230		$	67		$	86		$	178		$	254		$	407		$	432		$	492		$	518			$	585
Year over year change %- written premium		(1)		%	—		%	(9)		%	(7)		%	51		%	31		%	30		%	(6)		%	30		%	(5)		%	33		%		27		%
Earned premiums		$	134		$	122		$	150		$	137		$	151		$	122		$	110		$	272		$	232		$	406		$	383			$	520









Current accident year before catastrophe losses		51.5		%	57.8		%	45.2		%	44.4		%	45.4		%	49.6		%	50.6		%	50.9		%	50.0		%	51.1		%	48.3		%		47.2		%
Current accident year catastrophe losses		11.5			1.8			0.3			(5.2)			75.0			6.5			—			1.0			3.4			4.4			31.7				21.9
Prior accident years before catastrophe losses		(7.9)			(17.1)			6.0			6.9			(9.9)			(4.8)			10.9			(4.4)			2.6			(5.5)			(2.4)				0.1
Prior accident years catastrophe losses		2.0			1.9			1.7			0.7			(0.6)			1.1			5.2			1.8			3.1			1.9			1.6				1.4
Total loss and loss expense ratio		57.1		%	44.4		%	53.2		%	46.8		%	109.9		%	52.4		%	66.7		%	49.3		%	59.1		%	51.9		%	79.2		%		70.6		%







Cincinnati Global:
Net written premiums		$	69		$	82		$	64		$	53		$	57		$	69		$	51		$	146		$	120		$	215		$	177			$	230
Year over year change %- written premium		21		%	19		%	25		%	2		%	21		%	47		%	24		%	22		%	36		%	21		%	31		%		23		%
Earned premiums		$	99		$	50		$	44		$	56		$	74		$	44		$	32		$	94		$	76		$	193		$	150			$	206
Current accident year before catastrophe losses		34.1		%	61.7		%	35.3		%	28.6		%	45.6		%	53.2		%	38.3		%	49.3		%	47.0		%	41.5		%	46.3		%		41.4		%
Current accident year catastrophe losses		18.2			1.1			11.1			1.4			48.6			0.1			16.3			5.8			6.9			12.1			27.6				20.5
Prior accident years before catastrophe losses		(3.4)			(9.7)			0.8			(13.3)			4.6			(15.4)			4.1			(4.7)			(7.2)			(4.0)			(1.4)				(4.6)
Prior accident years catastrophe losses		(0.2)			2.5			2.4			11.6			(14.5)			(9.7)			(9.0)			2.4			(9.4)			1.1			(11.9)				(5.5)
Total loss and loss expense ratio		48.7		%	55.6		%	49.6		%	28.3		%	84.3		%	28.2		%	49.7		%	52.8		%	37.3		%	50.7		%	60.6		%		51.8		%

Noninsurance operations:
Interest and fees on loans and leases		$	2		$	1		$	2		$	2		$	2		$	2		$	1		$	3		$	3		$	5		$	5			$	7
Other revenue		1			1			1			1			—			1			1			2			2			3			2				3
Interest expense		13			13			14			13			14			13			13			27			26			40			40				53
Operating expenses		5			7			5			10			4			5			4			12			9			17			13				23
Total noninsurance operations loss		$	(15)		$	(18)		$	(16)		$	(20)		$	(16)		$	(15)		$	(15)		$	(34)		$	(30)		$	(49)		$	(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 Third-Quarter 2023 Supplemental Financial Data