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Published: 2024-02-06 00:00:00 ET
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EX-99.2 3 exhibit992q423.htm EX-99.2 Document

Cincinnati Financial Corporation
Supplemental Financial Data
for the Period Ending December 31, 2023

6200 South Gilmore Road
Fairfield, Ohio 45014-5141
cinfin.com
Investor Contact:Media Contact:Shareholder Contact:
Dennis E. McDanielBetsy E. ErtelBrandon McIntosh
513-870-2768513-603-5323513-870-2696
A.M. Best CompanyFitch RatingsMoody's Investors ServiceS&P Global Ratings
Cincinnati Financial Corporation
Corporate DebtaA-A3BBB+
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
      Standard Market Subsidiaries:A+—A1A+
             The Cincinnati Insurance CompanyA+A+A1A+
             The Cincinnati Indemnity CompanyA+A+A1A+
             The Cincinnati Casualty CompanyA+A+A1A+
      Surplus Lines Subsidiary:
             The Cincinnati Specialty Underwriters Insurance CompanyA+———
The Cincinnati Life Insurance CompanyA+A+—A+

Ratings are as of February 5, 2024, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.
The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.
CINF Fourth-Quarter 2023 Supplemental Financial Data
1

Cincinnati Financial Corporation
Supplemental Financial Data
Fourth Quarter 2023
Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
Consolidated
CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2023
CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2023
Five-Year Net Income Reconciliation and Key Metrics
Consolidated Property Casualty Insurance Operations
Losses Incurred Detail
Loss Ratio Detail
Loss Claim Count Detail
Direct Written Premiums by Risk State by Line of Business
Quarterly Property Casualty Data – Commercial Lines
Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines
Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2023
Loss and Loss Expense Analysis – Three Months Ended December 31, 2023
Reconciliation Data
Quarterly Property Casualty Data – Consolidated
Quarterly Property Casualty Data – Commercial Lines
Quarterly Property Casualty Data – Personal Lines
Quarterly Property Casualty Data – Excess & Surplus Lines
Statutory Statements of Income
Consolidated Cincinnati Insurance Companies Statutory Statements of Income
The Cincinnati Life Insurance Company Statutory Statements of Income
Other
Quarterly Data – Other

CINF Fourth-Quarter 2023 Supplemental Financial Data
2

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

CINF Fourth-Quarter 2023 Supplemental Financial Data
3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2023
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $7,976 $— $— $— $7,976 
    Life— — 394 — — 394 
    Premiums ceded— (331)(81)— — (412)
      Total earned premium— 7,645 313 — — 7,958 
  Investment income, net of expenses109 602 184 — (1)894 
  Investment gains and losses, net644 492 (9)— — 1,127 
  Fee revenues— 11 10 — — 21 
  Other revenues15 7 — 8 (17)13 
Total revenues$768 $8,757 $498 $8 $(18)$10,013 
Benefits & expenses
  Losses & contract holders' benefits$— $5,123 $391 $— $— $5,514 
  Reinsurance recoveries— (165)(75)— — (240)
  Underwriting, acquisition and insurance expenses— 2,297 87 — — 2,384 
  Interest expense52 — — 3 (1)54 
  Other operating expenses38 1 — 3 (17)25 
Total expenses$90 $7,256 $403 $6 $(18)$7,737 
Income before income taxes$678 $1,501 $95 $2 $— $2,276 
Provision (benefit) for income taxes
  Current operating income $(144)$88 $30 $— $— $(26)
  Capital gains/losses135 103 (2)— — 236 
  Deferred143 88 (8)— — 223 
Total provision for income taxes$134 $279 $20 $— $— $433 
Net income - current year$544 $1,222 $75 $2 $— $1,843 
Net income (loss) - prior year$(599)$43 $65 $4 $— $(487)
*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 Fourth-Quarter 2023 Supplemental Financial Data
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Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2023
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$— $2,063 $— $— $— $2,063 
    Life— — 101 — — 101 
    Premiums ceded— (79)(21)— — (100)
      Total earned premium— 1,984 80 — — 2,064 
  Investment income, net of expenses34 159 47 — (1)239 
  Investment gains and losses, net483 568 (8)— — 1,043 
  Fee revenues— 3 2 — — 5 
  Other revenues4 3 — 3 (5)5 
Total revenues$521 $2,717 $121 $3 $(6)$3,356 
Benefits & expenses
  Losses & contract holders' benefits$— $1,123 $102 $— $— $1,225 
  Reinsurance recoveries— (5)(16)— — (21)
  Underwriting, acquisition and insurance expenses— 617 23 — — 640 
  Interest expense13 — — 2 (1)14 
  Other operating expenses13 (1)— 1 (5)8 
Total expenses$26 $1,734 $109 $3 $(6)$1,866 
Income before income taxes$495 $983 $12 $— $— $1,490 
Provision (benefit) for income taxes
  Current operating income$(105)$(37)$10 $— $— $(132)
  Capital gains/losses101 119 (2)— — 218 
  Deferred106 121 (6)— — 221 
Total provision for income taxes$102 $203 $2 $— $— $307 
Net income - current year$393 $780 $10 $— $— $1,183 
Net income - prior year$275 $723 $14 $1 $— $1,013 
 *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 - prior year have been adjusted due to the adoption of an accounting standards update for long-duration contracts.

CINF Fourth-Quarter 2023 Supplemental Financial Data
5

Cincinnati Financial Corporation
Five-Year Net Income Reconciliation and Key Metrics
(Dollars in millions except per share data)Years ended December 31,
20232022202120202019
Net income (loss)$1,843 $(487)$2,968 $1,216 $1,997 
Less:
Investment gains and losses, net1,127 (1,467)2,409 865 1,650 
Income tax on investment gains and losses(236)308 (506)(182)(347)
Investment gains and losses, after-tax891 (1,159)1,903 683 1,303 
Non-GAAP operating income$952 $672 $1,065 $533 $694 
Non-GAAP operating income: Five-year compound annual growth rate11.6 %8.1 %15.8 %(2.0)%9.5 %
Diluted per share data:
Net income (loss)$11.66 $(3.06)$18.24 $7.49 $12.10 
Less:
Investment gains and losses, net7.13 (9.24)14.80 5.33 10.00 
Income tax on investment gains and losses(1.50)1.94 (3.11)(1.12)(2.10)
Investment gains and losses, after-tax5.63 (7.30)11.69 4.21 7.90 
Non-GAAP operating income$6.03 $4.24 $6.55 $3.28 $4.20 
Value creation ratio
Book value per share growth15.0 %(18.0)%21.9 %10.7 %25.9 %
Shareholder dividend declared as a percentage of beginning book value4.5 3.4 3.8 4.0 4.6 
Value creation ratio19.5 %(14.6)%25.7 %14.7 %30.5 %
Value creation ratio: Five-year average15.2 %11.2 %18.7 %16.5 %14.2 %
Investment income, net of expenses$894 $781 $714 $670 $646 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
*Includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.
*Net income (loss) and Net income (loss) per diluted share have been adjusted due to the adoption of an accounting standards update for long-duration contracts for 2022 and 2021.

CINF Fourth-Quarter 2023 Supplemental Financial Data
6

Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Consolidated
Current accident year losses greater than $5,000,000$38 $24 $43 $36 $44 $38 $38 $23 $79 $61 $103 $99 $141 $143 
Current accident year losses $2,000,000-$5,000,00042 52 35 15 19 41 36 39 50 75 102 116 144 135 
Large loss prior accident year reserve development34 32 19 9 (17)16 22 9 28 31 60 47 94 30 
   Total large losses incurred$114 $108 $97 $60 $46 $95 $96 $71 $157 $167 $265 $262 $379 $308 
Losses incurred but not reported122 150 96 179 136 131 74 36 324 110 474 241 596 377 
Other losses excluding catastrophe losses665 639 675 641 681 700 705 651 1,267 1,356 1,906 2,056 2,571 2,737 
Catastrophe losses20 170 217 227 134 246 208 24 444 232 614 478 634 612 
   Total losses incurred$921 $1,067 $1,085 $1,107 $997 $1,172 $1,083 $782 $2,192 $1,865 $3,259 $3,037 $4,180 $4,034 
Commercial Lines
Current accident year losses greater than $5,000,000$33 $18 $28 $30 $34 $30 $15 $16 $58 $31 $76 $61 $109 $95 
Current accident year losses $2,000,000-$5,000,00031 28 28 12 8 29 29 37 40 66 68 95 99 103 
Large loss prior accident year reserve development37 30 19 3 (17)14 22 7 22 29 52 43 89 26 
   Total large losses incurred$101 $76 $75 $45 $25 $73 $66 $60 $120 $126 $196 $199 $297 $224 
Losses incurred but not reported86 88 29 125 108 97 61 38 154 99 242 196 328 304 
Other losses excluding catastrophe losses338 336 384 335 386 386 401 362 719 763 1,055 1,149 1,393 1,535 
Catastrophe losses3 67 115 106 96 44 124 11 221 135 288 179 291 275 
   Total losses incurred$528 $567 $603 $611 $615 $600 $652 $471 $1,214 $1,123 $1,781 $1,723 $2,309 $2,338 
Personal Lines
Current accident year losses greater than $5,000,000$5 $6 $15 $6 $10 $8 $23 $7 $21 $30 $27 $38 $32 $48 
Current accident year losses $2,000,000-$5,000,00011 24 7 3 11 12 5 2 10 7 34 19 45 30 
Large loss prior accident year reserve development(2)2 1 6 — 2 — 2 7 2 9 4 7 4 
   Total large losses incurred$14 $32 $23 $15 $21 $22 $28 $11 $38 $39 $70 $61 $84 $82 
Losses incurred but not reported5 7 26 27 (2)9 12 (14)53 (2)60 7 65 5 
Other losses excluding catastrophe losses218 210 194 187 190 185 187 176 381 363 591 548 809 738 
Catastrophe losses21 71 93 113 36 66 78 6 206 84 277 150 298 186 
   Total losses incurred$258 $320 $336 $342 $245 $282 $305 $179 $678 $484 $998 $766 $1,256 $1,011 
Excess & Surplus Lines
Current accident year losses greater than $5,000,000$— $— $— $— $— $— $— $— $— $— $— $— $— $— 
Current accident year losses $2,000,000-$5,000,000— — — — — — 2 — — 2 — 2 — 2 
Large loss prior accident year reserve development(1)— (1)— — — — — (1)— (1)— (2)— 
   Total large losses incurred$(1)$— $(1)$— $— $— $2 $— $(1)$2 $(1)$2 $(2)$2 
Losses incurred but not reported16 16 20 27 30 25 1 12 47 13 63 38 79 68 
Other losses excluding catastrophe losses52 45 45 28 31 40 46 36 73 82 118 122 170 153 
Catastrophe losses1 (1)2 1 2 (1)2 1 3 3 2 2 3 4 
   Total losses incurred$68 $60 $66 $56 $63 $64 $51 $49 $122 $100 $182 $164 $250 $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 Fourth-Quarter 2023 Supplemental Financial Data
7

Consolidated Property Casualty
Loss Ratio Detail
Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Consolidated
Current accident year losses greater than $5,000,0001.9 %1.2 %2.4 %1.9 %2.4 %2.1 %2.2 %1.4 %2.2 %1.8 %1.8 %1.9 %1.9 %2.1 %
Current accident year losses $2,000,000-$5,000,0002.1 2.7 1.9 0.8 1.1 2.3 2.2 2.4 1.3 2.3 1.8 2.3 1.9 2.0 
Large loss prior accident year reserve development1.7 1.6 1.0 0.5 (0.9)0.9 1.3 0.6 0.8 0.9 1.1 0.9 1.2 0.4 
   Total large loss ratio5.7 %5.5 %5.3 %3.2 %2.6 %5.3 %5.7 %4.4 %4.3 %5.0 %4.7 %5.1 %5.0 %4.5 %
Losses incurred but not reported6.2 7.6 5.2 9.7 7.6 7.2 4.4 2.2 8.7 3.3 8.4 4.7 7.8 5.5 
Other losses excluding catastrophe losses33.5 32.7 36.1 34.9 37.8 38.7 41.4 40.2 34.2 40.9 33.7 40.2 33.6 39.5 
Catastrophe losses1.0 8.7 11.6 12.3 7.4 13.6 12.3 1.5 12.0 7.0 10.8 9.3 8.3 8.8 
   Total loss ratio46.4 %54.5 %58.2 %60.1 %55.4 %64.8 %63.8 %48.3 %59.2 %56.2 %57.6 %59.3 %54.7 %58.3 %
Commercial Lines
Current accident year losses greater than $5,000,0003.1 %1.7 %2.6 %2.8 %3.3 %3.0 %1.4 %1.7 %2.8 %1.6 %2.4 %2.0 %2.5 %2.4 %
Current accident year losses $2,000,000-$5,000,0002.8 2.6 2.7 1.1 0.7 2.8 3.0 3.8 1.9 3.3 2.1 3.3 2.3 2.6 
Large loss prior accident year reserve development3.4 2.8 1.8 0.3 (1.6)1.3 2.2 0.7 1.0 1.5 1.6 1.4 2.1 0.6 
   Total large loss ratio9.3 %7.1 %7.1 %4.2 %2.4 %7.1 %6.6 %6.2 %5.7 %6.4 %6.1 %6.7 %6.9 %5.6 %
Losses incurred but not reported8.0 8.3 2.7 11.8 10.4 9.4 6.1 4.0 7.2 5.1 7.6 6.6 7.7 7.6 
Other losses excluding catastrophe losses31.3 31.7 35.9 31.9 37.1 37.7 40.4 37.5 33.9 39.0 33.2 38.4 32.7 38.1 
Catastrophe losses0.3 6.3 10.8 10.0 9.3 4.2 12.5 1.2 10.4 6.9 9.0 6.0 6.8 6.8 
   Total loss ratio48.9 %53.4 %56.5 %57.9 %59.2 %58.4 %65.6 %48.9 %57.2 %57.4 %55.9 %57.7 %54.1 %58.1 %
Personal Lines
Current accident year losses greater than $5,000,0001.0 %1.1 %3.0 %1.3 %2.1 %1.9 %5.7 %1.7 %2.2 %3.7 %1.8 %3.1 %1.6 %2.8 %
Current accident year losses $2,000,000-$5,000,0001.9 4.7 1.4 0.6 2.6 2.6 1.3 0.5 1.0 0.9 2.3 1.5 2.2 1.8 
Large loss prior accident year reserve development(0.4)0.4 0.2 1.4 — 0.6 — 0.5 0.8 0.2 0.6 0.3 0.3 0.3 
   Total large loss ratio2.5 %6.2 %4.6 %3.3 %4.7 %5.1 %7.0 %2.7 %4.0 %4.8 %4.7 %4.9 %4.1 %4.9 %
Losses incurred but not reported0.9 1.2 5.3 5.9 (0.3)2.0 3.1 (3.6)5.6 (0.2)4.0 0.6 3.2 0.3 
Other losses excluding catastrophe losses38.7 39.9 39.4 40.2 42.8 43.0 44.8 44.0 39.7 44.5 39.9 44.0 39.5 43.7 
Catastrophe losses3.8 13.4 19.0 24.3 8.1 15.5 18.8 1.4 21.6 10.2 18.7 12.0 14.6 11.0 
   Total loss ratio45.9 %60.7 %68.3 %73.7 %55.3 %65.6 %73.7 %44.5 %70.9 %59.3 %67.3 %61.5 %61.4 %59.9 %
Excess & Surplus Lines
Current accident year losses greater than $5,000,000— %— %— %— %— %— %— %— %— %— %— %— %— %— %
Current accident year losses $2,000,000-$5,000,000— — — — 0.1 — 1.6 — — 0.8 — 0.6 — 0.4 
Large loss prior accident year reserve development(0.5)— (0.4)(0.3)— — — — (0.3)— (0.2)— (0.3)— 
   Total large loss ratio(0.5)%— %(0.4)%(0.3)%0.1 %— %1.6 %— %(0.3)%0.8 %(0.2)%0.6 %(0.3)%0.4 %
Losses incurred but not reported10.9 11.9 15.2 21.3 24.4 20.0 0.7 10.6 18.0 5.4 15.9 10.5 14.6 14.0 
Other losses excluding catastrophe losses35.2 33.2 33.5 22.2 24.6 32.4 38.1 31.3 28.1 34.9 29.9 33.9 31.3 31.6 
Catastrophe losses0.6 (0.9)1.3 1.1 1.3 (0.5)1.1 1.1 1.2 1.1 0.5 0.6 0.5 0.8 
   Total loss ratio46.2 %44.2 %49.6 %44.3 %50.4 %51.9 %41.5 %43.0 %47.0 %42.2 %46.1 %45.6 %46.1 %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 Fourth-Quarter 2023 Supplemental Financial Data
8

Consolidated Property Casualty
Loss Claim Count Detail
Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Consolidated
Current accident year reported losses greater
 than $5,000,000		5 4 6 5 7 6 6 3 11 9 15 15 22 22 
Current accident year reported losses
 $2,000,000 - $5,000,000		17 19 11 5 13 15 15 15 16 28 35 42 49 51 
Prior accident year reported losses on
   large losses		14 3 7 3 2 6 8 6 10 14 13 20 27 22 
   Non-Catastrophe reported losses on
      large losses total		36 26 24 13 22 27 29 24 37 51 63 77 98 95 
Commercial Lines
Current accident year reported losses greater
 than $5,000,000		5 3 4 4 5 5 2 2 8 4 11 9 17 14 
Current accident year reported losses
 $2,000,000 - $5,000,000		13 11 9 4 6 12 12 14 13 24 24 35 35 39 
Prior accident year reported losses on
   large losses		14 3 7 2 2 6 8 5 9 13 12 19 26 21 
   Non-Catastrophe reported losses on
      large losses total		32 17 20 10 13 23 22 21 30 41 47 63 78 74 
Personal Lines
Current accident year reported losses greater
 than $5,000,000		— 1 2 1 2 1 4 1 3 5 4 6 5 8 
Current accident year reported losses
 $2,000,000 - $5,000,000		4 8 2 1 6 3 2 1 3 3 11 6 14 11 
Prior accident year reported losses on
   large losses		— — — 1 — — — 1 1 1 1 1 1 1 
   Non-Catastrophe reported losses on
      large losses total		4 9 4 3 8 4 6 3 7 9 16 13 20 20 
Excess & Surplus Lines
Current accident year reported losses greater
 than $5,000,000		— — — — — — — — — — — — — — 
Current accident year reported losses
 $2,000,000 - $5,000,000		— — — — 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 Fourth-Quarter 2023 Supplemental Financial Data
9

  Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2023
(Dollars in millions)Commercial Lines Personal LinesE & SConsolidatedComm'l
Change
%		Personal
Change
% 		E & S
Change
% 		Consol
Change
%
Risk
State 		Comm
Casualty 		Comm
Property 		Comm
Auto 		Workers'
Comp		Other CommPersonal
Auto 		Home OwnerOther
Personal 		All
Lines 		20232022
TotalTotal
OH$194.7 $212.0 $123.4 $0.1 $56.5 $148.0 $161.0 $45.3 $31.6 $972.2 $879.1 7.9 15.3 11.7 10.6 
IL74.2 77.8 38.9 31.3 21.2 56.7 65.9 17.9 37.2 421.0 371.4 1.9 38.6 19.0 13.4 
NY85.5 49.6 21.1 10.4 18.4 38.8 108.6 29.3 41.6 403.2 346.2 8.2 21.9 36.7 16.5 
NC66.6 98.9 37.4 12.4 22.5 35.3 44.9 11.7 24.6 354.3 325.1 7.7 12.4 9.3 9.0 
GA52.4 60.8 33.2 9.0 23.6 63.5 65.7 16.5 26.7 351.3 324.2 3.1 16.5 4.6 8.4 
IN65.3 67.4 38.7 20.8 19.5 33.6 44.4 9.6 19.9 319.1 295.7 4.7 18.2 2.5 7.9 
PA81.8 69.2 43.9 26.4 17.5 19.1 23.9 7.4 26.9 316.0 302.1 1.7 19.5 6.4 4.6 
TX61.8 28.7 39.5 4.1 16.5 30.6 52.1 12.9 45.0 291.2 262.5 (1.4)44.2 3.3 10.9 
MO53.4 53.2 32.4 14.9 9.5 30.1 39.7 6.8 21.6 261.6 217.9 7.8 58.3 19.7 20.0 
TN52.8 62.9 33.3 7.4 15.8 21.7 35.8 8.5 16.3 254.6 228.4 6.0 25.1 25.0 11.5 
MI49.5 54.5 28.7 11.2 17.4 30.5 30.8 7.5 19.3 249.4 227.3 3.7 28.1 7.9 9.8 
VA52.8 47.4 33.6 13.1 17.4 18.2 21.7 6.9 12.3 223.6 206.1 5.0 19.8 18.3 8.5 
AL35.5 48.7 23.7 2.0 14.9 26.3 44.1 8.3 19.8 223.4 203.3 7.0 15.5 7.5 9.9 
KY39.0 48.5 31.6 3.9 15.1 27.6 31.8 6.8 11.3 215.5 194.9 6.8 18.9 13.2 10.6 
CA1.4 1.1 2.0 3.2 0.7 22.3 155.8 24.7 1.3 212.6 176.7 (12.1)22.4 (10.4)20.3 
FL43.0 15.6 31.4 3.6 13.0 11.5 36.4 16.3 39.4 210.3 195.9 (4.9)29.7 14.8 7.4 
WI32.8 37.0 15.9 16.2 10.9 13.4 16.1 5.9 14.2 162.4 156.4 (1.7)22.2 10.9 3.8 
MN29.0 33.5 10.4 6.6 9.0 13.1 20.2 4.8 15.8 142.5 143.4 (6.5)10.1 12.1 (0.6)
MD23.2 18.9 15.9 7.1 8.3 19.3 21.1 7.2 10.6 131.6 118.5 0.8 25.5 36.6 11.0 
AZ25.4 20.7 16.9 3.9 6.6 12.4 14.7 5.5 11.7 118.0 114.6 (4.9)35.6 (11.0)2.9 
OR37.8 19.7 23.9 0.4 6.7 6.6 5.2 1.4 13.1 114.7 104.4 5.3 39.8 19.1 9.8 
WA28.6 15.8 19.3 — 6.4 15.3 13.5 4.3 10.3 113.4 90.4 13.7 56.5 34.2 25.4 
UT23.3 18.1 15.2 1.9 6.2 12.1 11.4 2.1 16.4 106.6 97.9 0.7 33.9 12.0 8.9 
CT13.8 11.2 5.3 3.3 2.2 24.0 31.4 10.4 4.8 106.4 90.6 11.8 22.0 3.1 17.4 
AR17.7 27.3 20.2 2.3 5.2 9.0 13.2 3.3 8.0 106.3 93.5 8.9 28.3 17.3 13.6 
MA16.7 9.8 7.3 4.7 2.3 12.9 32.7 8.1 6.8 101.3 69.9 33.0 55.5 0.5 45.0 
KS21.9 22.1 14.4 4.8 5.4 8.3 13.1 2.5 5.4 98.0 84.2 7.7 48.9 24.2 16.4 
MT31.8 24.7 17.1 0.3 5.5 3.9 6.7 1.1 6.0 97.0 86.9 8.8 30.7 18.1 11.6 
SC16.6 18.1 10.4 3.5 5.4 11.8 15.4 2.8 11.0 94.9 87.5 (3.4)30.8 25.4 8.4 
CO22.2 11.3 15.1 1.6 4.6 4.9 14.3 1.7 18.2 93.8 86.1 (1.1)38.6 15.8 8.9 
IA19.7 23.7 8.2 6.5 7.6 5.6 8.0 1.6 5.7 86.6 84.9 (3.9)30.5 16.3 1.9 
NJ13.2 10.3 5.0 2.7 3.8 8.8 14.5 6.9 9.2 74.3 57.0 23.8 30.3 63.9 30.4 
ID22.7 17.2 12.1 1.0 3.9 2.8 4.4 0.9 5.2 70.3 70.6 (3.0)20.6 1.0 (0.4)
NE13.2 15.2 9.1 4.8 3.3 0.6 1.4 0.3 6.6 54.5 50.3 5.2 10.2 35.5 8.4 
WV10.3 13.4 9.2 1.2 2.0 0.2 0.6 0.1 6.1 43.0 39.0 8.7 67.8 15.0 10.4 
VT7.8 9.1 4.0 4.0 3.0 2.2 4.0 0.7 2.5 37.4 35.8 3.2 18.8 (12.0)4.5 
NM9.0 7.5 6.4 0.7 2.9 0.7 1.3 0.2 4.8 33.5 35.9 (12.4)189.2 (1.4)(6.7)
NH6.0 6.9 3.3 2.0 1.8 2.7 4.2 1.2 2.6 30.8 25.2 18.5 27.8 32.9 22.0 
DE8.3 6.1 4.4 2.3 1.5 1.1 1.8 0.4 2.6 28.5 25.1 6.8 64.1 32.2 13.3 
WY6.2 5.5 4.3 — 1.3 0.2 1.2 0.2 2.7 21.6 17.8 14.3 89.2 51.4 21.5 
SD5.6 6.3 2.9 1.5 1.8 — — — 1.2 19.3 18.9 1.7 — 11.5 2.3 
ND4.2 5.2 2.5 — 2.0 1.0 1.3 0.4 1.3 17.8 18.8 (7.5)7.2 (2.3)(5.2)
DC2.8 1.9 0.3 1.1 1.5 1.3 1.6 0.6 2.7 14.0 13.2 (7.2)61.9 361.6 5.9 
RI0.3 0.5 0.4 0.5 0.1 1.2 4.4 1.5 1.6 10.6 5.9 51.3 65.5 67.6 79.6 
NV0.8 0.7 1.0 0.4 0.4 2.2 2.6 1.1 1.0 10.2 7.1 (4.0)113.1 4.8 43.5 
ME1.1 0.7 0.3 0.7 0.3 0.6 2.4 0.4 0.7 7.3 4.0 27.8 267.5 32.2 85.4 
All Other States2.9 0.9 1.6 1.7 1.5 0.2 2.5 — 0.9 12.1 11.4 5.4 18.9 (14.4)6.3 
 Total$1,484.7 $1,415.7 $875.3 $261.4 $422.9 $811.9 $1,247.8 $314.0 $604.4 $7,438.0 $6,702.0 4.3 25.2 14.4 11.2 
*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. *nm - Not meaningful
*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.


CINF Fourth-Quarter 2023 Supplemental Financial Data
10

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Commercial casualty:
Net written premiums$361 $331 $378 $404 $353 $326 $376 $389 $782 $765 $1,114 $1,091 $1,475 $1,444 
Year over year change %-written premium 2 %2 %1 %4 %11 %10 %11 %7 %2 %9 %2 %9 %2 %10 %
Earned premiums$366 $365 $373 $377 $370 $360 $350 $336 $750 $686 $1,115 $1,046 $1,481 $1,416 
Current accident year before catastrophe losses69.6 %68.3 %70.5 %72.6 %72.4 %73.7 %75.0 %65.6 %71.6 %70.4 %70.5 %71.6 %70.3 %71.8 %
Current accident year catastrophe losses— — — — — — — — — — — — — — 
Prior accident years before catastrophe losses14.0 — (9.2)(0.3)(0.2)6.4 (0.7)1.4 (4.8)0.3 (3.2)2.4 1.0 1.7 
Prior accident years catastrophe losses— — — — — — — — — — — — — — 
   Total loss and loss expense ratio83.6 %68.3 %61.3 %72.3 %72.2 %80.1 %74.3 %67.0 %66.8 %70.7 %67.3 %74.0 %71.3 %73.5 %
Commercial property:
Net written premiums$338 $344 $335 $316 $297 $309 $308 $297 $650 $606 $994 $915 $1,332 $1,212 
Year over year change %-written premium14 %11 %9 %6 %10 %11 %12 %11 %7 %12 %9 %12 %10 %11 %
Earned premiums$331 $321 $312 $299 $290 $292 $280 $274 $611 $554 $933 $846 $1,264 $1,136 
Current accident year before catastrophe losses44.4 %45.2 %43.4 %49.0 %42.5 %47.4 %54.5 %52.4 %46.1 %53.4 %45.8 %51.3 %45.5 %49.1 %
Current accident year catastrophe losses5.0 23.0 35.0 34.7 38.3 14.7 44.4 5.1 34.9 24.9 30.8 21.4 24.0 25.7 
Prior accident years before catastrophe losses(3.2)(2.8)(1.5)(7.8)(0.5)(6.7)0.6 (2.4)(4.6)(0.8)(4.0)(2.9)(3.8)(2.2)
Prior accident years catastrophe losses(2.6)(0.5)(1.4)2.4 (2.2)(1.4)(3.0)0.5 0.5 (1.3)0.2 (1.3)(0.6)(1.6)
   Total loss and loss expense ratio43.6 %64.9 %75.5 %78.3 %78.1 %54.0 %96.5 %55.6 %76.9 %76.2 %72.8 %68.5 %65.1 %71.0 %
Commercial auto:
Net written premiums$207 $199 $233 $239 $201 $194 $226 $237 $472 $463 $671 $657 $878 $858 
Year over year change %-written premium3 %3 %3 %1 %4 %6 %5 %6 %2 %5 %2 %6 %2 %5 %
Earned premiums$218 $216 $214 $213 $215 $213 $210 $205 $428 $415 $644 $627 $862 $842 
Current accident year before catastrophe losses65.0 %70.1 %68.3 %73.5 %72.6 %78.8 %66.5 %67.0 %70.9 %66.7 %70.6 %70.8 %69.2 %71.3 %
Current accident year catastrophe losses(1.1)(0.8)6.7 0.9 (2.4)3.3 5.1 0.9 3.8 3.1 2.3 3.1 1.5 1.7 
Prior accident years before catastrophe losses(2.6)0.7 (1.4)2.7 3.6 7.5 2.8 (0.7)0.7 1.1 0.6 3.3 (0.2)3.3 
Prior accident years catastrophe losses— — (0.3)(1.5)— — (0.5)(2.1)(1.0)(1.3)(0.6)(0.9)(0.5)(0.6)
   Total loss and loss expense ratio61.3 %70.0 %73.3 %75.6 %73.8 %89.6 %73.9 %65.1 %74.4 %69.6 %72.9 %76.3 %70.0 %75.7 %
Workers' compensation:
Net written premiums$57 $57 $65 $82 $64 $60 $69 $86 $147 $154 $203 $214 $260 $278 
Year over year change %-written premium(11)%(5)%(6)%(5)%8 %13 %— %(2)%(5)%(2)%(5)%2 %(6)%3 %
Earned premiums$65 $66 $72 $74 $75 $73 $68 $67 $146 $136 $212 $209 $277 $284 
Current accident year before catastrophe losses87.2 %90.3 %90.0 %83.2 %76.0 %80.3 %83.5 %84.5 %86.5 %84.0 %87.7 %82.7 %87.6 %80.9 %
Current accident year catastrophe losses— — — — — — — — — — — — — — 
Prior accident years before catastrophe losses(31.1)(30.7)(15.4)(19.6)(27.0)(21.5)(25.9)(14.3)(17.5)(20.2)(21.6)(20.6)(23.9)(22.3)
Prior accident years catastrophe losses— — — — — — — — — — — — — — 
   Total loss and loss expense ratio56.1 %59.6 %74.6 %63.6 %49.0 %58.8 %57.6 %70.2 %69.0 %63.8 %66.1 %62.1 %63.7 %58.6 %
Other commercial:
Net written premiums$97 $98 $95 $100 $92 $95 $93 $87 $196 $180 $294 $275 $391 $367 
Year over year change %-written premium5 %3 %2 %15 %15 %13 %18 %12 %9 %15 %7 %14 %7 %14 %
Earned premiums$100 $94 $95 $93 $90 $90 $86 $80 $187 $165 $280 $256 $380 $346 
Current accident year before catastrophe losses34.5 %39.1 %35.2 %38.1 %33.3 %37.7 %37.3 %38.2 %36.6 %37.7 %37.4 %37.7 %36.7 %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 0.1 
Prior accident years before catastrophe losses(4.0)(5.8)(0.8)(2.5)(4.7)(4.3)(7.4)(2.9)(1.6)(5.3)(3.0)(4.9)(3.3)(4.9)
Prior accident years catastrophe losses0.1 — — (0.1)— — — — (0.1)— — — — — 
   Total loss and loss expense ratio30.6 %33.5 %34.5 %35.5 %28.6 %33.5 %30.0 %35.3 %35.0 %32.5 %34.5 %32.9 %33.5 %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 Fourth-Quarter 2023 Supplemental Financial Data
11


Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Personal auto:
Net written premiums$207 $227 $212 $163 $158 $179 $177 $140 $374 $316 $602 $496 $809 $654 
Year over year change %-written premium31 %27 %20 %16 %12 %8 %7 %3 %18 %5 %21 %6 %24 %8 %
Earned premiums$197 $185 $173 $166 $161 $158 $155 $152 $339 $307 $524 $465 $721 $626 
Current accident year before catastrophe losses66.7 %73.2 %76.6 %78.8 %77.4 %74.3 %74.5 %69.4 %77.7 %72.0 %76.0 %72.8 %73.6 %74.0 %
Current accident year catastrophe losses(1.1)(3.4)8.9 4.2 (4.6)15.9 6.1 1.4 6.6 3.7 3.1 7.9 1.9 4.6 
Prior accident years before catastrophe losses(1.3)— (4.1)0.3 0.7 3.4 1.4 0.9 (1.9)1.2 (1.2)1.9 (1.3)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)(0.8)(1.3)
   Total loss and loss expense ratio64.3 %69.7 %80.7 %80.6 %73.5 %93.5 %81.4 %67.0 %80.7 %74.2 %76.8 %80.8 %73.4 %78.9 %
Homeowner:
Net written premiums$298 $339 $330 $222 $226 $255 $260 $181 $552 $441 $890 $695 $1,188 $921 
Year over year change %-written premium32 %33 %27 %23 %20 %19 %23 %16 %25 %20 %28 %20 %29 %20 %
Earned premiums$289 $271 $251 $232 $220 $213 $202 $195 $484 $397 $755 $609 $1,044 $829 
Current accident year before catastrophe losses42.2 %45.0 %47.4 %46.5 %42.1 %47.3 %54.8 %45.9 %46.9 %50.4 %46.3 %49.3 %45.1 %47.4 %
Current accident year catastrophe losses9.2 30.2 33.5 56.1 22.4 20.9 38.6 13.0 44.4 26.1 39.3 24.3 31.0 23.8 
Prior accident years before catastrophe losses(2.5)(1.0)0.7 (2.6)0.2 1.6 (2.5)(8.7)(0.8)(5.5)(0.9)(3.0)(1.4)(2.2)
Prior accident years catastrophe losses(0.8)(2.1)(3.9)(9.1)(1.5)(3.8)(5.2)(7.2)(6.4)(6.2)(4.9)(5.4)(3.7)(4.3)
   Total loss and loss expense ratio48.1 %72.1 %77.7 %90.9 %63.2 %66.0 %85.7 %43.0 %84.1 %64.8 %79.8 %65.2 %71.0 %64.7 %
Other personal:
Net written premiums$74 $80 $87 $63 $61 $68 $73 $53 $151 $127 $231 $195 $305 $256 
Year over year change %-written premium21 %18 %19 %19 %15 %21 %18 %15 %19 %18 %18 %19 %19 %18 %
Earned premiums$74 $71 $69 $66 $62 $60 $56 $55 $134 $111 $205 $172 $279 $234 
Current accident year before catastrophe losses48.3 %55.7 %56.7 %58.9 %54.1 %63.8 %64.6 %47.2 %57.7 %56.0 %57.1 %58.7 %54.7 %57.5 %
Current accident year catastrophe losses1.8 5.4 11.7 3.5 (0.1)10.8 5.2 0.9 7.7 3.1 6.9 5.8 5.6 4.2 
Prior accident years before catastrophe losses2.2 1.0 2.3 (1.2)(4.4)(15.7)1.4 4.6 0.6 3.0 0.7 (3.5)1.1 (3.8)
Prior accident years catastrophe losses(0.1)(0.4)0.7 1.3 (0.1)0.4 0.4 0.4 1.0 0.3 0.5 0.4 0.3 0.3 
   Total loss and loss expense ratio52.2 %61.7 %71.4 %62.5 %49.5 %59.3 %71.6 %53.1 %67.0 %62.4 %65.2 %61.4 %61.7 %58.2 %
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Excess & Surplus:
Net written premiums$150 $128 $156 $136 $122 $121 $135 $124 $292 $259 $420 $380 $570 $502 
Year over year change %-written premium23 %6 %16 %10 %13 %16 %17 %25 %13 %21 %11 %19 %14 %18 %
Earned premiums$148 $135 $132 $127 $124 $125 $124 $112 $259 $236 $394 $361 $542 $485 
Current accident year before catastrophe losses60.5 %64.8 %69.7 %69.2 %66.4 %74.8 %59.5 %61.8 %69.5 %60.6 %67.9 %65.4 %65.9 %65.7 %
Current accident year catastrophe losses0.5 (0.6)1.4 1.5 1.6 (0.4)1.2 1.5 1.4 1.3 0.8 0.8 0.7 1.0 
Prior accident years before catastrophe losses1.4 0.9 (4.7)(6.2)3.8 (5.9)(0.4)(4.6)(5.4)(2.4)(3.3)(3.6)(2.0)(1.7)
Prior accident years catastrophe losses0.2 (0.2)— (0.3)(0.2)(0.1)(0.1)(0.4)(0.1)(0.2)(0.2)(0.2)(0.1)(0.2)
   Total loss and loss expense ratio62.6 %64.9 %66.4 %64.2 %71.6 %68.4 %60.2 %58.3 %65.4 %59.3 %65.2 %62.4 %64.5 %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 Fourth-Quarter 2023 Supplemental Financial Data
12

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)Change inChange inChange inTotalLoss
PaidPaid lossTotalcaseIBNRloss expensechange inCaseIBNRexpenseTotal
lossesexpensepaidreservesreservesreservesreservesincurredincurredincurredincurred
Gross loss and loss expense incurred for the twelve months ended December 31, 2023
  Commercial casualty$606 $173 $779 $(51)$267 $70 $286 $555 $267 $243 $1,065 
  Commercial property896 77 973 61 (140)10 (69)957 (140)87 904 
  Commercial auto496 83 579 (32)45 12 25 464 45 95 604 
  Workers' compensation133 31 164 (3)20 3 20 130 20 34 184 
  Other commercial112 17 129 45 10 3 58 157 10 20 187 
    Total commercial lines2,243 381 2,624 20 202 98 320 2,263 202 479 2,944 
  Personal auto422 86 508 — 10 9 19 422 10 95 527 
  Homeowners657 73 730 27 (16)9 20 684 (16)82 750 
  Other personal126 9 135 2 33 1 36 128 33 10 171 
    Total personal lines1,205 168 1,373 29 27 19 75 1,234 27 187 1,448 
  Excess & surplus lines131 59 190 58 80 41 179 189 80 100 369 
Other283 14 297 (21)86 — 65 262 86 14 362 
      Total property casualty$3,862 $622 $4,484 $86 $395 $158 $639 $3,948 $395 $780 $5,123 
Ceded loss and loss expense incurred for the twelve months ended December 31, 2023
  Commercial casualty$31 $1 $32 $(25)$1 $— $(24)$6 $1 $1 $8 
  Commercial property78 1 79 35 (33)— 2 113 (33)1 81 
  Commercial auto1 — 1 — — — — 1 — — 1 
  Workers' compensation10 — 10 (4)1 — (3)6 1 — 7 
  Other commercial22 — 22 36 2 — 38 58 2 — 60 
    Total commercial lines142 2 144 42 (29)— 13 184 (29)2 157 
  Personal auto2 — 2 (2)(1)— (3)— (1)— (1)
  Homeowners17 — 17 5 (14)— (9)22 (14)— 8 
  Other personal1 — 1 — (2)— (2)1 (2)— (1)
    Total personal lines20 — 20 3 (17)— (14)23 (17)— 6 
  Excess & surplus lines7 — 7 10 2 — 12 17 2 — 19 
Other37 — 37 (17)(37)— (54)20 (37)— (17)
      Total property casualty$206 $2 $208 $38 $(81)$— $(43)$244 $(81)$2 $165 
Net loss and loss expense incurred for the twelve months ended December 31, 2023
  Commercial casualty$575 $172 $747 $(26)$266 $70 $310 $549 $266 $242 $1,057 
  Commercial property818 76 894 26 (107)10 (71)844 (107)86 823 
  Commercial auto495 83 578 (32)45 12 25 463 45 95 603 
  Workers' compensation123 31 154 1 19 3 23 124 19 34 177 
  Other commercial90 17 107 9 8 3 20 99 8 20 127 
    Total commercial lines2,101 379 2,480 (22)231 98 307 2,079 231 477 2,787 
  Personal auto420 86 506 2 11 9 22 422 11 95 528 
  Homeowners640 73 713 22 (2)9 29 662 (2)82 742 
  Other personal125 9 134 2 35 1 38 127 35 10 172 
    Total personal lines1,185 168 1,353 26 44 19 89 1,211 44 187 1,442 
  Excess & surplus lines124 59 183 48 78 41 167 172 78 100 350 
Other246 14 260 (4)123 — 119 242 123 14 379 
      Total property casualty$3,656 $620 $4,276 $48 $476 $158 $682 $3,704 $476 $778 $4,958 
*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 Fourth-Quarter 2023 Supplemental Financial Data
13

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)Change inChange inChange inTotalLoss
PaidPaid lossTotalcaseIBNRloss expensechange inCaseIBNRexpenseTotal
lossesexpensepaidreservesreservesreservesreservesincurredincurredincurredincurred
Gross loss and loss expense incurred for the three months ended December 31, 2023
  Commercial casualty$183 $43 $226 $(19)$68 $30 $79 $164 $68 $73 $305 
  Commercial property206 18 224 (69)(17)2 (84)137 (17)20 140 
  Commercial auto134 21 155 (10)(10)(1)(21)124 (10)20 134 
  Workers' compensation39 9 48 (28)16 (1)(13)11 16 8 35 
  Other commercial36 4 40 (12)4 — (8)24 4 4 32 
    Total commercial lines598 95 693 (138)61 30 (47)460 61 125 646 
  Personal auto112 22 134 11 (19)(1)(9)123 (19)21 125 
  Homeowners134 20 154 (14)(3)2 (15)120 (3)22 139 
  Other personal36 3 39 (9)8 — (1)27 8 3 38 
    Total personal lines282 45 327 (12)(14)1 (25)270 (14)46 302 
  Excess & surplus lines38 17 55 23 17 8 48 61 17 25 103 
Other76 3 79 1 (8)— (7)77 (8)3 72 
      Total property casualty$994 $160 $1,154 $(126)$56 $39 $(31)$868 $56 $199 $1,123 
Ceded loss and loss expense incurred for the three months ended December 31, 2023
  Commercial casualty$8 $1 $9 $(9)$(1)$— $(10)$(1)$(1)$1 $(1)
  Commercial property23 — 23 (28)— — (28)(5)— — (5)
  Commercial auto— — — — — — — — — — — 
  Workers' compensation3 — 3 (5)1 — (4)(2)1 — (1)
  Other commercial15 1 16 (13)(1)— (14)2 (1)1 2 
    Total commercial lines49 2 51 (55)(1)— (56)(6)(1)2 (5)
  Personal auto1 — 1 (1)(1)— (2)— (1)— (1)
  Homeowners4 — 4 (3)(1)— (4)1 (1)— — 
  Other personal— — — (1)— — (1)(1)— — (1)
    Total personal lines5 — 5 (5)(2)— (7)— (2)— (2)
  Excess & surplus lines4 — 4 5 1 — 6 9 1 — 10 
Other3 — 3 (2)1 — (1)1 1 — 2 
      Total property casualty$61 $2 $63 $(57)$(1)$— $(58)$4 $(1)$2 $5 
Net loss and loss expense incurred for the three months ended December 31, 2023
  Commercial casualty$175 $42 $217 $(10)$69 $30 $89 $165 $69 $72 $306 
  Commercial property183 18 201 (41)(17)2 (56)142 (17)20 145 
  Commercial auto134 21 155 (10)(10)(1)(21)124 (10)20 134 
  Workers' compensation36 9 45 (23)15 (1)(9)13 15 8 36 
  Other commercial21 3 24 1 5 — 6 22 5 3 30 
    Total commercial lines549 93 642 (83)62 30 9 466 62 123 651 
  Personal auto111 22 133 12 (18)(1)(7)123 (18)21 126 
  Homeowners130 20 150 (11)(2)2 (11)119 (2)22 139 
  Other personal36 3 39 (8)8 — — 28 8 3 39 
    Total personal lines277 45 322 (7)(12)1 (18)270 (12)46 304 
  Excess & surplus lines34 17 51 18 16 8 42 52 16 25 93 
Other73 3 76 3 (9)— (6)76 (9)3 70 
      Total property casualty$933 $158 $1,091 $(69)$57 $39 $27 $864 $57 $197 $1,118 
*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 Fourth-Quarter 2023 Supplemental Financial Data
14

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Premiums
   Agency renewal written premiums$1,534 $1,549 $1,643 $1,535 $1,396 $1,390 $1,482 $1,397 $3,178 $2,879 $4,727 $4,269 $6,261 $5,665 
   Agency new business written premiums310 313 303 251 238 264 286 244 554 530 867 794 1,177 1,032 
   Other written premiums76 95 204 233 60 96 196 258 437 454 532 550 608 610 
   Net written premiums $1,920 $1,957 $2,150 $2,019 $1,694 $1,750 $1,964 $1,899 $4,169 $3,863 $6,126 $5,613 $8,046 $7,307 
   Unearned premium change64 — (287)(178)106 59 (267)(281)(465)(548)(465)(489)(401)(383)
   Earned premiums$1,984 $1,957 $1,863 $1,841 $1,800 $1,809 $1,697 $1,618 $3,704 $3,315 $5,661 $5,124 $7,645 $6,924 
Year over year change %
   Agency renewal written premiums10 %11 %11 %10 %13 %12 %11 %9 %10 %10 %11 %11 %11 %11 %
   Agency new business written premiums30 19 6 3 12 15 22 11 5 16 9 16 14 15 
   Other written premiums27 (1)4 (10)(29)50 34 31 (4)32 (3)35 — 24 
   Net written premiums 13 12 9 6 10 14 15 12 8 13 9 14 10 13 
Paid losses and loss expenses
   Losses paid$933 $907 $924 $893 $803 $804 $755 $733 $1,816 $1,489 $2,723 $2,293 $3,656 $3,096 
   Loss expenses paid158 151 157 153 154 144 137 157 311 293 462 437 620 591 
   Loss and loss expenses paid$1,091 $1,058 $1,081 $1,046 $957 $948 $892 $890 $2,127 $1,782 $3,185 $2,730 $4,276 $3,687 
Incurred losses and loss expenses
   Loss and loss expense incurred$1,118 $1,261 $1,262 $1,317 $1,172 $1,348 $1,240 $956 $2,579 $2,196 $3,840 $3,544 $4,958 $4,716 
   Loss and loss expenses paid as a % of incurred97.6 %83.9 %85.7 %79.4 %81.7 %70.3 %71.9 %93.1 %82.5 %81.1 %82.9 %77.0 %86.2 %78.2 %
Statutory combined ratio
   Loss ratio47.8 %54.9 %58.3 %60.5 %56.3 %64.1 %64.8 %48.4 %59.4 %56.7 %57.8 %59.3 %55.3 %58.5 %
   Loss adjustment expense ratio10.3 10.3 9.7 11.6 9.9 10.0 9.5 10.9 10.7 10.2 10.6 10.1 10.5 10.1 
   Net underwriting expense ratio31.3 29.1 27.7 27.5 30.6 29.3 28.1 28.7 27.6 28.4 28.1 28.7 28.8 29.1 
   US Statutory combined ratio89.4 %94.3 %95.7 %99.6 %96.8 %103.4 %102.4 %88.0 %97.7 %95.3 %96.5 %98.1 %94.6 %97.7 %
   Contribution from catastrophe losses1.8 8.7 12.3 12.7 7.6 13.0 13.0 1.7 12.5 7.5 11.2 9.4 8.8 8.9 
   Statutory combined ratio excl. catastrophe losses87.6 %85.6 %83.4 %86.9 %89.2 %90.4 %89.4 %86.3 %85.2 %87.8 %85.3 %88.7 %85.8 %88.8 %
GAAP combined ratio
   GAAP combined ratio87.5 %94.4 %97.6 %100.7 %94.9 %103.9 %103.2 %89.9 %99.2 %96.7 %97.5 %99.2 %94.9 %98.1 %
   Contribution from catastrophe losses1.3 9.1 12.0 12.8 7.8 13.9 12.4 1.8 12.4 7.2 11.3 9.5 8.7 9.2 
   GAAP combined ratio excl. catastrophe losses86.2 %85.3 %85.6 %87.9 %87.1 %90.0 %90.8 %88.1 %86.8 %89.5 %86.2 %89.7 %86.2 %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 Fourth-Quarter 2023 Supplemental Financial Data
15

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Premiums
   Agency renewal written premiums$936 $914 $985 $1,041 $908 $860 $934 $970 $2,026 $1,904 $2,940 $2,764 $3,876 $3,672 
   Agency new business written premiums153 148 149 134 130 149 165 156 283 321 431 470 584 600 
   Other written premiums(29)(33)(28)(34)(31)(25)(27)(30)(62)(57)(95)(82)(124)(113)
   Net written premiums$1,060 $1,029 $1,106 $1,141 $1,007 $984 $1,072 $1,096 $2,247 $2,168 $3,276 $3,152 $4,336 $4,159 
   Unearned premium change20 33 (40)(85)33 44 (78)(134)(125)(212)(92)(168)(72)(135)
   Earned premiums$1,080 $1,062 $1,066 $1,056 $1,040 $1,028 $994 $962 $2,122 $1,956 $3,184 $2,984 $4,264 $4,024 
Year over year change %
   Agency renewal written premiums3 %6 %5 %7 %12 %11 %10 %8 %6 %9 %6 %9 %6 %10 %
   Agency new business written premiums18 (1)(10)(14)(4)3 13 8 (12)10 (8)8 (3)5 
   Other written premiums6 (32)(4)(13)(29)— (29)(25)(9)(27)(16)(17)(10)(20)
   Net written premiums5 5 3 4 9 10 10 8 4 9 4 9 4 9 
Paid losses and loss expenses
   Losses paid$549 $490 $550 $513 $432 $491 $446 $458 $1,063 $905 $1,552 $1,396 $2,101 $1,829 
   Loss expenses paid93 92 96 97 97 93 91 100 193 191 285 285 379 382 
   Loss and loss expenses paid$642 $582 $646 $610 $529 $584 $537 $558 $1,256 $1,096 $1,837 $1,681 $2,480 $2,211 
Incurred losses and loss expenses
   Loss and loss expense incurred$651 $680 $708 $748 $715 $710 $750 $586 $1,456 $1,336 $2,136 $2,046 $2,787 $2,761 
   Loss and loss expenses paid as a % of incurred98.6 %85.6 %91.2 %81.6 %74.0 %82.3 %71.6 %95.2 %86.3 %82.0 %86.0 %82.2 %89.0 %80.1 %
Statutory combined ratio
   Loss ratio48.9 %53.4 %56.5 %57.9 %59.2 %58.4 %65.5 %48.9 %57.2 %57.4 %55.9 %57.8 %54.1 %58.1 %
   Loss adjustment expense ratio11.4 10.6 9.9 12.9 9.6 10.7 9.9 12.0 11.4 10.9 11.2 10.8 11.2 10.5 
   Net underwriting expense ratio32.6 31.8 29.4 27.7 31.3 31.2 29.1 28.3 28.5 28.7 29.5 29.5 30.3 29.9 
   Statutory combined ratio92.9 %95.8 %95.8 %98.5 %100.1 %100.3 %104.5 %89.2 %97.1 %97.0 %96.6 %98.1 %95.6 %98.5 %
   Contribution from catastrophe losses0.5 6.7 11.1 10.4 9.6 4.5 12.6 1.4 10.7 7.1 9.4 6.2 7.2 7.0 
   Statutory combined ratio excl. catastrophe losses92.4 %89.1 %84.7 %88.1 %90.5 %95.8 %91.9 %87.8 %86.4 %89.9 %87.2 %91.9 %88.4 %91.5 %
GAAP combined ratio
   GAAP combined ratio92.2 %95.2 %96.9 %100.4 %98.9 %99.0 %106.3 %92.3 %98.6 %99.4 %97.5 %99.3 %96.2 %99.2 %
   Contribution from catastrophe losses0.5 6.7 11.1 10.4 9.6 4.5 12.6 1.4 10.7 7.1 9.4 6.2 7.2 7.0 
   GAAP combined ratio excl. catastrophe losses91.7 %88.5 %85.8 %90.0 %89.3 %94.5 %93.7 %90.9 %87.9 %92.3 %88.1 %93.1 %89.0 %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 Fourth-Quarter 2023 Supplemental Financial Data
16

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Premiums
   Agency renewal written premiums$486 $542 $541 $388 $393 $437 $438 $333 $929 $771 $1,471 $1,208 $1,957 $1,601 
   Agency new business written premiums109 122 106 79 75 81 88 52 185 140 307 221 416 296 
   Other written premiums(16)(18)(18)(19)(23)(16)(16)(11)(37)(27)(55)(43)(71)(66)
   Net written premiums$579 $646 $629 $448 $445 $502 $510 $374 $1,077 $884 $1,723 $1,386 $2,302 $1,831 
   Unearned premium change(19)(119)(136)16 (2)(71)(97)28 (120)(69)(239)(140)(258)(142)
   Earned premiums$560 $527 $493 $464 $443 $431 $413 $402 $957 $815 $1,484 $1,246 $2,044 $1,689 
Year over year change %
   Agency renewal written premiums24 %24 %24 %17 %15 %11 %10 %10 %20 %10 %22 %11 %22 %12 %
   Agency new business written premiums45 51 20 52 50 53 66 13 32 41 39 45 41 47 
   Other written premiums30 (13)(13)(73)(130)(45)(45)(10)(37)(29)(28)(34)(8)(57)
   Net written premiums30 29 23 20 16 15 16 11 22 14 24 14 26 15 
Paid losses and loss expenses
   Losses paid$277 $324 $298 $288 $247 $246 $224 $208 $585 $432 $909 $679 $1,185 $926 
   Loss expenses paid45 39 44 40 39 35 32 40 85 71 123 106 168 145 
   Loss and loss expenses paid$322 $363 $342 $328 $286 $281 $256 $248 $670 $503 $1,032 $785 $1,353 $1,071 
Incurred losses and loss expenses
   Loss and loss expense incurred$304 $368 $384 $386 $288 $324 $339 $215 $770 $554 $1,138 $878 $1,442 $1,166 
   Loss and loss expenses paid as a % of incurred105.9 %98.6 %89.1 %85.0 %99.3 %86.7 %75.5 %115.3 %87.0 %90.8 %90.7 %89.4 %93.8 %91.9 %
Statutory combined ratio
   Loss ratio45.9 %60.7 %68.3 %73.6 %55.3 %65.6 %73.7 %44.5 %70.9 %59.3 %67.3 %61.5 %61.4 %59.9 %
   Loss adjustment expense ratio8.4 9.2 9.6 9.6 9.7 9.6 8.4 9.0 9.6 8.7 9.4 9.0 9.2 9.2 
   Net underwriting expense ratio30.0 26.3 25.5 30.0 30.6 26.7 26.4 32.2 27.4 28.8 27.0 28.0 27.7 28.6 
   Statutory combined ratio84.3 %96.2 %103.4 %113.2 %95.6 %101.9 %108.5 %85.7 %107.9 %96.8 %103.7 %98.5 %98.3 %97.7 %
   Contribution from catastrophe losses4.2 13.9 19.7 24.7 8.7 15.9 19.1 1.7 22.1 10.5 19.2 12.4 15.1 11.4 
   Statutory combined ratio excl. catastrophe losses80.1 %82.3 %83.7 %88.5 %86.9 %86.0 %89.4 %84.0 %85.8 %86.3 %84.5 %86.1 %83.2 %86.3 %
GAAP combined ratio
   GAAP combined ratio84.7 %99.9 %107.6 %112.5 %95.7 %104.5 %112.1 %83.9 %110.0 %98.2 %106.4 %100.4 %100.4 %99.2 %
   Contribution from catastrophe losses4.2 13.9 19.7 24.7 8.7 15.9 19.1 1.7 22.1 10.5 19.2 12.4 15.1 11.4 
   GAAP combined ratio excl. catastrophe losses80.5 %86.0 %87.9 %87.8 %87.0 %88.6 %93.0 %82.2 %87.9 %87.7 %87.2 %88.0 %85.3 %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 Fourth-Quarter 2023 Supplemental Financial Data
17

Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Premiums
   Agency renewal written premiums$112 $93 $117 $106 $95 $93 $110 $94 $223 $204 $316 $297 $428 $392 
   Agency new business written premiums48 43 48 38 33 34 33 36 86 69 129 103 177 136 
   Other written premiums(10)(8)(9)(8)(6)(6)(8)(6)(17)(14)(25)(20)(35)(26)
   Net written premiums$150 $128 $156 $136 $122 $121 $135 $124 $292 $259 $420 $380 $570 $502 
   Unearned premium change(2)7 (24)(9)2 4 (11)(12)(33)(23)(26)(19)(28)(17)
   Earned premiums$148 $135 $132 $127 $124 $125 $124 $112 $259 $236 $394 $361 $542 $485 
Year over year change %
   Agency renewal written premiums18 %— %6 %13 %9 %22 %31 %24 %9 %28 %6 %26 %9 %21 %
   Agency new business written premiums45 26 45 6 22 6 (8)24 25 6 25 6 30 10 
   Other written premiums(67)(33)(13)(33)— (50)(60)— (21)(27)(25)(33)(35)(24)
   Net written premiums23 6 16 10 13 16 17 25 13 21 11 19 14 18 
Paid losses and loss expenses
   Losses paid$34 $33 $29 $28 $22 $29 $27 $19 $56 $46 $90 $74 $124 $95 
   Loss expenses paid17 16 14 12 14 13 11 12 27 24 43 36 59 50 
   Loss and loss expenses paid$51 $49 $43 $40 $36 $42 $38 $31 $83 $70 $133 $110 $183 $145 
Incurred losses and loss expenses
   Loss and loss expense incurred$93 $87 $89 $81 $89 $86 $74 $66 $170 $140 $257 $226 $350 $315 
   Loss and loss expenses paid as a % of incurred54.8 %56.3 %48.3 %49.4 %40.4 %48.8 %51.4 %47.0 %48.8 %50.0 %51.8 %48.7 %52.3 %46.0 %
Statutory combined ratio
   Loss ratio46.2 %44.2 %49.6 %44.3 %50.5 %51.9 %41.5 %43.0 %47.0 %42.2 %46.1 %45.6 %46.1 %46.8 %
   Loss adjustment expense ratio16.5 20.6 16.9 19.9 21.1 16.5 18.7 15.2 18.4 17.1 19.1 16.9 18.4 18.0 
   Net underwriting expense ratio27.7 26.6 24.3 24.4 27.1 27.5 26.1 27.1 24.4 26.5 25.1 26.8 25.7 26.9 
   Statutory combined ratio90.4 %91.4 %90.8 %88.6 %98.7 %95.9 %86.3 %85.3 %89.8 %85.8 %90.3 %89.3 %90.2 %91.7 %
   Contribution from catastrophe losses0.7 (0.8)1.4 1.2 1.4 (0.5)1.1 1.1 1.3 1.1 0.6 0.6 0.6 0.8 
   Statutory combined ratio excl. catastrophe losses89.7 %92.2 %89.4 %87.4 %97.3 %96.4 %85.2 %84.2 %88.5 %84.7 %89.7 %88.7 %89.6 %90.9 %
GAAP combined ratio
   GAAP combined ratio89.8 %90.5 %92.2 %89.9 %96.3 %93.9 %85.1 %85.9 %91.1 %85.5 %90.9 %88.4 %90.6 %90.4 %
   Contribution from catastrophe losses0.7 (0.8)1.4 1.2 1.4 (0.5)1.1 1.1 1.3 1.1 0.6 0.6 0.6 0.8 
   GAAP combined ratio excl. catastrophe losses89.1 %91.3 %90.8 %88.7 %94.9 %94.4 %84.0 %84.8 %89.8 %84.4 %90.3 %87.8 %90.0 %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 Fourth-Quarter 2023 Supplemental Financial Data
18

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
For the Three Months Ended December 31,For the Twelve Months Ended December 31,
(Dollars in millions)20232022Change% Change20232022Change% Change
Underwriting income
Net premiums written$1,855 $1,641 $214 13 $7,766 $7,077 $689 10 
Unearned premium change(56)(103)47 46 387 359 28 8 
Earned premiums$1,911 $1,744 $167 10 $7,379 $6,718 $661 10 
Losses incurred$913 $983 $(70)(7)$4,076 $3,931 $145 4 
Defense and cost containment expenses incurred101 78 23 29 366 303 63 21 
Adjusting and other expenses incurred95 96 (1)(1)409 375 34 9 
Other underwriting expenses incurred581 500 81 16 2,235 2,054 181 9 
Workers compensation dividend incurred1 1 — — 5 6 (1)(17)
Total underwriting deductions$1,691 $1,658 $33 2 $7,091 $6,669 $422 6 
Net underwriting profit $220 $86 $134 156 $288 $49 $239 488 
Investment income
Gross investment income earned$153 $133 $20 15 $577 $511 $66 13 
Net investment income earned149 130 19 15 568 500 68 14 
Realized capital gains and losses, net9 8 1 13 (67)49 (116)nm
Net investment gains $158 $138 $20 14 $501 $549 $(48)(9)
Other income$2 $2 $— — $6 $7 $(1)(14)
Net income before federal income taxes$380 $226 $154 68 $795 $605 $190 31 
Federal and foreign income taxes incurred71 38 33 87 153 59 94 159 
Net income (statutory)$309 $188 $121 64 $642 $546 $96 18 
Policyholders' surplus - statutory**$7,294 $6,512 $782 12 $7,294 $6,512 $782 12 
Fixed maturities at amortized cost - statutory$9,922 $8,753 $1,169 13 $9,922 $8,753 $1,169 13 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
**Current year policyholders' surplus amount subject to change.

CINF Fourth-Quarter 2023 Supplemental Financial Data
19

The Cincinnati Life Insurance Company
Statutory Statements of Income
For the Three Months Ended December 31,For the Twelve Months Ended December 31,
(Dollars in millions)20232022Change% Change20232022Change% Change
Net premiums written$87 $85 $2 2 $360 $335 $25 7 
Net investment income47 44 3 7 185 174 11 6 
Commissions and expense allowances on reinsurance ceded2 2 — — 5 5 — — 
Income from fees associated with separate accounts3 — 3 nm10 4 6 150 
Total revenues$139 $131 $8 6 $560 $518 $42 8 
Death benefits and matured endowments$44 $41 $3 7 $166 $172 $(6)(3)
Annuity benefits37 31 6 19 145 80 65 81 
Disability benefits and benefits under accident and health contracts1 1 — — 2 2 — — 
Surrender benefits and group conversions6 5 1 20 27 24 3 13 
Interest and adjustments on deposit-type contract funds1 1 — — 7 6 1 17 
Increase in aggregate reserves for life and accident and health contracts(7)7 (14)nm(10)52 (62)nm
Total benefit expenses$82 $86 $(4)(5)$337 $336 $1 — 
Commissions$12 $12 $— — $49 $50 $(1)(2)
General insurance expenses and taxes16 14 2 14 57 55 2 4 
Increase in loading on deferred and uncollected premiums— 1 (1)(100)(1)2 (3)nm
Net transfers from Separate Accounts(3)(5)2 40 (9)(15)6 40 
Total underwriting expenses$25 $22 $3 14 $96 $92 $4 4 
Federal and foreign income tax provision 10 7 3 43 29 24 5 21 
Net gain from operations before capital gains or losses$22 $16 $6 38 $98 $66 $32 48 
Gains and losses net of capital gains tax, net(5)(1)(4)(400)(8)(2)(6)(300)
Net income - statutory$17 $15 $2 13 $90 $64 $26 41 
Policyholders' surplus - statutory**$414 $326 $88 27 $414 $326 $88 27 
Fixed maturities at amortized cost - statutory$3,896 $3,838 $58 2 $3,896 $3,838 $58 2 
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
**Current year policyholders' surplus amount subject to change.

    
CINF Fourth-Quarter 2023 Supplemental Financial Data
20

Quarterly Data - Other
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/239/30/236/30/233/31/2312/31/229/30/226/30/223/31/226/30/236/30/229/30/239/30/2212/31/2312/31/22
Cincinnati Re:
Written premiums$66 $85 $177 $230 $67 $86 $178 $254 $407 $432 $492 $518 $558 $585 
Year over year change %- written premium(1)%(1)%— %(9)%(7)%51 %31 %30 %(6)%30 %(5)%33 %(5)%27 %
Earned premiums$123 $134 $122 $150 $137 $151 $122 $110 $272 $232 $406 $383 $529 $520 
Current accident year before catastrophe losses42.6 %51.5 %57.8 %45.2 %44.4 %45.4 %49.6 %50.6 %50.9 %50.0 %51.1 %48.3 %49.1 %47.2 %
Current accident year catastrophe losses2.0 11.5 1.8 0.3 (5.2)75.0 6.5 — 1.0 3.4 4.4 31.7 3.9 21.9 
Prior accident years before catastrophe losses4.6 (7.9)(17.1)6.0 6.9 (9.9)(4.8)10.9 (4.4)2.6 (5.5)(2.4)(3.2)0.1 
Prior accident years catastrophe losses1.0 2.0 1.9 1.7 0.7 (0.6)1.1 5.2 1.8 3.1 1.9 1.6 1.7 1.4 
Total loss and loss expense ratio50.2 %57.1 %44.4 %53.2 %46.8 %109.9 %52.4 %66.7 %49.3 %59.1 %51.9 %79.2 %51.5 %70.6 %
Cincinnati Global:
Written premiums$65 $69 $82 $64 $53 $57 $69 $51 $146 $120 $215 $177 $280 $230 
Year over year change %- written premium23 %21 %19 %25 %2 %21 %47 %24 %22 %36 %21 %31 %22 %23 %
Earned premiums$73 $99 $50 $44 $56 $74 $44 $32 $94 $76 $193 $150 $266 $206 
Current accident year before catastrophe losses24.6 %34.1 %61.7 %35.3 %28.6 %45.6 %53.2 %38.3 %49.3 %47.0 %41.5 %46.3 %36.9 %41.4 %
Current accident year catastrophe losses(8.4)18.2 1.1 11.1 1.4 48.6 0.1 16.3 5.8 6.9 12.1 27.6 6.5 20.5 
Prior accident years before catastrophe losses(1.0)(3.4)(9.7)0.8 (13.3)4.6 (15.4)4.1 (4.7)(7.2)(4.0)(1.4)(3.2)(4.6)
Prior accident years catastrophe losses(2.7)(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 ratio12.5 %48.7 %55.6 %49.6 %28.3 %84.3 %28.2 %49.7 %52.8 %37.3 %50.7 %60.6 %40.2 %51.8 %
Noninsurance operations:
Interest and fees on loans and leases$3 $2 $1 $2 $2 $2 $2 $1 $3 $3 $5 $5 $8 $7 
Other revenue2 1 1 1 1 — 1 1 2 2 3 2 5 3 
Interest expense14 13 13 14 13 14 13 13 27 26 40 40 54 53 
Operating expense8 5 7 5 10 4 5 4 12 9 17 13 25 23 
Total noninsurance operations loss$(17)$(15)$(18)$(16)$(20)$(16)$(15)$(15)$(34)$(30)$(49)$(46)$(66)$(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 Fourth-Quarter 2023 Supplemental Financial Data
21