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Published: 2024-04-25 16:07:47 ET

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EX-99.2 3 exhibit9921q24.htm EX-99.2 Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending March 31, 2024

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com


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

A.M. Best Company

Fitch Ratings

Moody's Investor Service

S&P Global Ratings

Cincinnati Financial Corporation

Corporate Debt

A-

BBB+

The Cincinnati Insurance Companies

Insurer Financial Strength

Property Casualty Group

Standard Market Subsidiaries:

A+

—

A+

The Cincinnati Insurance Company

A+

The Cincinnati Indemnity Company

A+

The Cincinnati Casualty Company

A+

Surplus Lines Subsidiary:

The Cincinnati Specialty Underwriters Insurance Company

A+

—

The Cincinnati Life Insurance Company

A+

—

A+

Ratings are as of April 24, 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 First-Quarter 2024 Supplemental Financial Data


	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending March 31, 2024

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

Consolidated

	CFC and Subsidiaries Consolidation – Three Months Ended March 31, 2024	4




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

	Quarterly Property Casualty Data – Commercial Lines	8
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	9
	Loss and Loss Expense Analysis – Three Months Ended March 31, 2024	10


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

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

Other
	Quarterly Data – Other	17

CINF First-Quarter 2024 Supplemental Financial Data

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.

Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management’s control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.

•Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management’s discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.

For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.

• Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.

•Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.

Other Measures

• Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company’s insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.

• Statutory accounting rules: For public reporting, insurance companies prepare financial statements in accordance with GAAP. However, insurers also must calculate certain data according to statutory accounting rules for insurance company regulation in the United States of America as defined in the NAIC’s Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments and differ from GAAP. Statutory data is publicly available, and various organizations use it to calculate aggregate industry data, study industry trends and compare insurance companies.

• Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium.

CINF First-Quarter 2024 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended March 31, 2024

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	2,086	$	—	$	—	$	—	$	2,086
Life	—		—		99		—		—		99
Premiums ceded	—		(94)		(20)		—		—		(114)
Total earned premium	—		1,992		79		—		—		2,071
Investment income, net of expenses	29		170		47		—		(1)		245
Investment gains and losses, net	137		477		(2)		—		—		612
Fee revenues	—		3		1		—		—		4
Other revenues	4		1		—		2		(4)		3
Total revenues	$	170	$	2,643	$	125	$	2	$	(5)	$	2,935

Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,269	$	94	$	—	$	—	$	1,363
Reinsurance recoveries	—		1		(15)		—		—		(14)
Underwriting, acquisition and insurance expenses	—		594		22		—		—		616
Interest expense	13		—		—		1		(1)		13
Other operating expenses	7		—		—		1		(4)		4
Total expenses	$	20	$	1,864	$	101	$	2	$	(5)	$	1,982

Income before income taxes	$	150	$	779	$	24	$	—	$	—	$	953

Provision (benefit) for income taxes
Current operating income (loss)	$	(25)	$	(49)	$	6	$	—	$	—	$	(68)
Capital gains/losses	29		100		—		—		—		129
Deferred	36		102		(1)		—		—		137
Total provision for income taxes	$	40	$	153	$	5	$	—	$	—	$	198

Net income - current year	$	110	$	626	$	19	$	—	$	—	$	755

Net income - prior year	$	124	$	82	$	19	$	—	$	—	$	225
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF First-Quarter 2024 Supplemental Financial Data


Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended													Six months ended			Nine months ended			Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24		12/31/23		9/30/23		6/30/23		3/31/23		6/30/24	6/30/23		9/30/24	9/30/23		12/31/24	12/31/23
Consolidated
Current accident year losses greater than $5 million				$	—	$	38	$	24	$	43	$	36		$	79		$	103		$	141
Current accident year losses $2 million - $5 million				22		42		52		35		15			50			102			144
Large loss prior accident year reserve development				22		34		32		19		9			28			60			94
Total large losses incurred				$	44	$	114	$	108	$	97	$	60		$	157		$	265		$	379
Losses incurred but not reported				251		122		150		96		179			324			474			596
Other losses excluding catastrophe losses				677		665		639		675		641			1,267			1,906			2,571
Catastrophe losses				111		20		170		217		227			444			614			634
Total losses incurred				$	1,083	$	921	$	1,067	$	1,085	$	1,107		$	2,192		$	3,259		$	4,180
Commercial Lines
Current accident year losses greater than $5 million				$	—	$	33	$	18	$	28	$	30		$	58		$	76		$	109
Current accident year losses $2 million - $5 million				11		31		28		28		12			40			68			99
Large loss prior accident year reserve development				12		37		30		19		3			22			52			89
Total large losses incurred				$	23	$	101	$	76	$	75	$	45		$	120		$	196		$	297
Losses incurred but not reported				156		86		88		29		125			154			242			328
Other losses excluding catastrophe losses				368		338		336		384		335			719			1,055			1,393
Catastrophe losses				64		3		67		115		106			221			288			291
Total losses incurred				$	611	$	528	$	567	$	603	$	611		$	1,214		$	1,781		$	2,309
Personal Lines
Current accident year losses greater than $5 million				$	—	$	5	$	6	$	15	$	6		$	21		$	27		$	32
Current accident year losses $2 million - $5 million				11		11		24		7		3			10			34			45
Large loss prior accident year reserve development				10		(2)		2		1		6			7			9			7
Total large losses incurred				$	21	$	14	$	32	$	23	$	15		$	38		$	70		$	84
Losses incurred but not reported				22		5		7		26		27			53			60			65
Other losses excluding catastrophe losses				231		218		210		194		187			381			591			809
Catastrophe losses				50		21		71		93		113			206			277			298
Total losses incurred				$	324	$	258	$	320	$	336	$	342		$	678		$	998		$	1,256
Excess & Surplus Lines
Current accident year losses greater than $5 million				$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—
Current accident year losses $2 million - $5 million				—		—		—		—		—			—			—			—
Large loss prior accident year reserve development				—		(1)		—		(1)		—			(1)			(1)			(2)
Total large losses incurred				$	—	$	(1)	$	—	$	(1)	$	—		$	(1)		$	(1)		$	(2)
Losses incurred but not reported				30		16		16		20		27			47			63			79
Other losses excluding catastrophe losses				37		52		45		45		28			73			118			170
Catastrophe losses				1		1		(1)		2		1			3			2			3
Total losses incurred				$	68	$	68	$	60	$	66	$	56		$	122		$	182		$	250
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF First-Quarter 2024 Supplemental Financial Data


Consolidated Property Casualty
Loss Ratio Detail
	Three months ended													Six months ended			Nine months ended			Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24		12/31/23		9/30/23		6/30/23		3/31/23		6/30/24	6/30/23		9/30/24	9/30/23		12/31/24	12/31/23
Consolidated
Current accident year losses greater than $5 million				—	%	1.9	%	1.2	%	2.4	%	1.9	%		2.2	%		1.8	%		1.9	%
Current accident year losses $2 million - $5 million				1.1		2.1		2.7		1.9		0.8			1.3			1.8			1.9
Large loss prior accident year reserve development				1.1		1.7		1.6		1.0		0.5			0.8			1.1			1.2
Total large loss ratio				2.2	%	5.7	%	5.5	%	5.3	%	3.2	%		4.3	%		4.7	%		5.0	%
Losses incurred but not reported				12.6		6.2		7.6		5.2		9.7			8.7			8.4			7.8
Other losses excluding catastrophe losses				34.0		33.5		32.7		36.1		34.9			34.2			33.7			33.6
Catastrophe losses				5.6		1.0		8.7		11.6		12.3			12.0			10.8			8.3
Total loss ratio				54.4	%	46.4	%	54.5	%	58.2	%	60.1	%		59.2	%		57.6	%		54.7	%
Commercial Lines
Current accident year losses greater than $5 million				—	%	3.1	%	1.7	%	2.6	%	2.8	%		2.8	%		2.4	%		2.5	%
Current accident year losses $2 million - $5 million				1.0		2.8		2.6		2.7		1.1			1.9			2.1			2.3
Large loss prior accident year reserve development				1.1		3.4		2.8		1.8		0.3			1.0			1.6			2.1
Total large loss ratio				2.1	%	9.3	%	7.1	%	7.1	%	4.2	%		5.7	%		6.1	%		6.9	%
Losses incurred but not reported				14.4		8.0		8.3		2.7		11.8			7.2			7.6			7.7
Other losses excluding catastrophe losses				34.0		31.3		31.7		35.9		31.9			33.9			33.2			32.7
Catastrophe losses				6.0		0.3		6.3		10.8		10.0			10.4			9.0			6.8
Total loss ratio				56.5	%	48.9	%	53.4	%	56.5	%	57.9	%		57.2	%		55.9	%		54.1	%
Personal Lines
Current accident year losses greater than $5 million				—	%	1.0	%	1.1	%	3.0	%	1.3	%		2.2	%		1.8	%		1.6	%
Current accident year losses $2 million - $5 million				1.8		1.9		4.7		1.4		0.6			1.0			2.3			2.2
Large loss prior accident year reserve development				1.8		(0.4)		0.4		0.2		1.4			0.8			0.6			0.3
Total large loss ratio				3.6	%	2.5	%	6.2	%	4.6	%	3.3	%		4.0	%		4.7	%		4.1	%
Losses incurred but not reported				3.8		0.9		1.2		5.3		5.9			5.6			4.0			3.2
Other losses excluding catastrophe losses				39.4		38.7		39.9		39.4		40.2			39.7			39.9			39.5
Catastrophe losses				8.4		3.8		13.4		19.0		24.3			21.6			18.7			14.6
Total loss ratio				55.2	%	45.9	%	60.7	%	68.3	%	73.7	%		70.9	%		67.3	%		61.4	%
Excess & Surplus Lines
Current accident year losses greater than $5 million				—	%	—	%	—	%	—	%	—	%		—	%		—	%		—	%
Current accident year losses $2 million - $5 million				—		—		—		—		—			—			—			—
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)	%		(0.3)	%		(0.2)	%		(0.3)	%
Losses incurred but not reported				21.6		10.9		11.9		15.2		21.3			18.0			15.9			14.6
Other losses excluding catastrophe losses				26.8		35.2		33.2		33.5		22.2			28.1			29.9			31.3
Catastrophe losses				0.5		0.6		(0.9)		1.3		1.1			1.2			0.5			0.5
Total loss ratio				48.9	%	46.2	%	44.2	%	49.6	%	44.3	%		47.0	%		46.1	%		46.1	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF First-Quarter 2024 Supplemental Financial Data


Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23	9/30/23	6/30/23	3/31/23	6/30/24	6/30/23	9/30/24	9/30/23	12/31/24	12/31/23
Consolidated
Current accident year reported losses greater than $5 million				—	5	4	6	5		11		15		22
Current accident year reported losses $2 million - $5 million				8	17	19	11	5		16		35		49
Prior accident year reported losses on large losses				7	14	3	7	3		10		13		27
Non-Catastrophe reported losses on large losses total				15	36	26	24	13		37		63		98
Commercial Lines
Current accident year reported losses greater than $5 million				—	5	3	4	4		8		11		17
Current accident year reported losses $2 million - $5 million				4	13	11	9	4		13		24		35
Prior accident year reported losses on large losses				4	14	3	7	2		9		12		26
Non-Catastrophe reported losses on large losses total				8	32	17	20	10		30		47		78
Personal Lines
Current accident year reported losses greater than $5 million				—	—	1	2	1		3		4		5
Current accident year reported losses $2 million - $5 million				4	4	8	2	1		3		11		14
Prior accident year reported losses on large losses				3	—	—	—	1		1		1		1
Non-Catastrophe reported losses on large losses total				7	4	9	4	3		7		16		20
Excess & Surplus Lines
Current accident year reported losses greater than $5 million				—	—	—	—	—		—		—		—
Current accident year reported losses $2 million - $5 million				—	—	—	—	—		—		—		—
Prior accident year reported losses on large losses				—	—	—	—	—		—		—		—
Non-Catastrophe reported losses on large losses total				—	—	—	—	—		—		—		—
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2024 Supplemental Financial Data


Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Commercial casualty:
Net written premiums				$	417		$	361		$	331		$	378		$	404			$	782			$	1,114			$	1,475
Year over year change %- written premium				3		%	2		%	2		%	1		%	4		%		2		%		2		%		2		%
Earned premiums				$	365		$	366		$	365		$	373		$	377			$	750			$	1,115			$	1,481
Current accident year before catastrophe losses				73.6		%	69.6		%	68.3		%	70.5		%	72.6		%		71.6		%		70.5		%		70.3		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				0.1			14.0			—			(9.2)			(0.3)				(4.8)				(3.2)				1.0
Prior accident years catastrophe losses				—			—			—			—			—				—				—				—
Total loss and loss expense ratio				73.7		%	83.6		%	68.3		%	61.3		%	72.3		%		66.8		%		67.3		%		71.3		%
Commercial property:
Net written premiums				$	362		$	338		$	344		$	335		$	316			$	650			$	994			$	1,332
Year over year change %- written premium				15		%	14		%	11		%	9		%	6		%		7		%		9		%		10		%
Earned premiums				$	336		$	331		$	321		$	312		$	299			$	611			$	933			$	1,264
Current accident year before catastrophe losses				48.5		%	44.4		%	45.2		%	43.4		%	49.0		%		46.1		%		45.8		%		45.5		%
Current accident year catastrophe losses				21.3			5.0			23.0			35.0			34.7				34.9				30.8				24.0
Prior accident years before catastrophe losses				(4.2)			(3.2)			(2.8)			(1.5)			(7.8)				(4.6)				(4.0)				(3.8)
Prior accident years catastrophe losses				(2.5)			(2.6)			(0.5)			(1.4)			2.4				0.5				0.2				(0.6)
Total loss and loss expense ratio				63.1		%	43.6		%	64.9		%	75.5		%	78.3		%		76.9		%		72.8		%		65.1		%
Commercial auto:
Net written premiums				$	259		$	207		$	199		$	233		$	239			$	472			$	671			$	878
Year over year change %- written premium				8		%	3		%	3		%	3		%	1		%		2		%		2		%		2		%
Earned premiums				$	220		$	218		$	216		$	214		$	213			$	428			$	644			$	862
Current accident year before catastrophe losses				70.0		%	65.0		%	70.1		%	68.3		%	73.5		%		70.9		%		70.6		%		69.2		%
Current accident year catastrophe losses				1.6			(1.1)			(0.8)			6.7			0.9				3.8				2.3				1.5
Prior accident years before catastrophe losses				(0.8)			(2.6)			0.7			(1.4)			2.7				0.7				0.6				(0.2)
Prior accident years catastrophe losses				(0.1)			—			—			(0.3)			(1.5)				(1.0)				(0.6)				(0.5)
Total loss and loss expense ratio				70.7		%	61.3		%	70.0		%	73.3		%	75.6		%		74.4		%		72.9		%		70.0		%
Workers' compensation:
Net written premiums				$	79		$	57		$	57		$	65		$	82			$	147			$	203			$	260
Year over year change %- written premium				(4)		%	(11)		%	(5)		%	(6)		%	(5)		%		(5)		%		(5)		%		(6)		%
Earned premiums				$	61		$	65		$	66		$	72		$	74			$	146			$	212			$	277
Current accident year before catastrophe losses				91.5		%	87.2		%	90.3		%	90.0		%	83.2		%		86.5		%		87.7		%		87.6		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				(19.3)			(31.1)			(30.7)			(15.4)			(19.6)				(17.5)				(21.6)				(23.9)
Prior accident years catastrophe losses				—			—			—			—			—				—				—				—
Total loss and loss expense ratio				72.2		%	56.1		%	59.6		%	74.6		%	63.6		%		69.0		%		66.1		%		63.7		%
Other commercial:
Net written premiums				$	106		$	97		$	98		$	95		$	100			$	196			$	294			$	391
Year over year change %- written premium				6		%	5		%	3		%	2		%	15		%		9		%		7		%		7		%
Earned premiums				$	100		$	100		$	94		$	95		$	93			$	187			$	280			$	380
Current accident year before catastrophe losses				40.5		%	34.5		%	39.1		%	35.2		%	38.1		%		36.6		%		37.4		%		36.7		%
Current accident year catastrophe losses				0.1			—			0.2			0.1			—				0.1				0.1				0.1
Prior accident years before catastrophe losses				(2.8)			(4.0)			(5.8)			(0.8)			(2.5)				(1.6)				(3.0)				(3.3)
Prior accident years catastrophe losses				0.1			0.1			—			—			(0.1)				(0.1)				—				—
Total loss and loss expense ratio				37.9		%	30.6		%	33.5		%	34.5		%	35.5		%		35.0		%		34.5		%		33.5		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2024 Supplemental Financial Data


Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Personal auto:
Net written premiums				$	216		$	207		$	227		$	212		$	163			$	374			$	602			$	809
Year over year change %- written premium				33		%	31		%	27		%	20		%	16		%		18		%		21		%		24		%
Earned premiums				$	208		$	197		$	185		$	173		$	166			$	339			$	524			$	721
Current accident year before catastrophe losses				73.8		%	66.7		%	73.2		%	76.6		%	78.8		%		77.7		%		76.0		%		73.6		%
Current accident year catastrophe losses				3.4			(1.1)			(3.4)			8.9			4.2				6.6				3.1				1.9
Prior accident years before catastrophe losses				(1.9)			(1.3)			—			(4.1)			0.3				(1.9)				(1.2)				(1.3)
Prior accident years catastrophe losses				(0.7)			—			(0.1)			(0.7)			(2.7)				(1.7)				(1.1)				(0.8)
Total loss and loss expense ratio				74.6		%	64.3		%	69.7		%	80.7		%	80.6		%		80.7		%		76.8		%		73.4		%
Homeowner:
Net written premiums				$	303		$	298		$	339		$	330		$	222			$	552			$	890			$	1,188
Year over year change %- written premium				36		%	32		%	33		%	27		%	23		%		25		%		28		%		29		%
Earned premiums				$	303		$	289		$	271		$	251		$	232			$	484			$	755			$	1,044
Current accident year before catastrophe losses				46.9		%	42.2		%	45.0		%	47.4		%	46.5		%		46.9		%		46.3		%		45.1		%
Current accident year catastrophe losses				21.0			9.2			30.2			33.5			56.1				44.4				39.3				31.0
Prior accident years before catastrophe losses				(2.0)			(2.5)			(1.0)			0.7			(2.6)				(0.8)				(0.9)				(1.4)
Prior accident years catastrophe losses				(6.3)			(0.8)			(2.1)			(3.9)			(9.1)				(6.4)				(4.9)				(3.7)
Total loss and loss expense ratio				59.6		%	48.1		%	72.1		%	77.7		%	90.9		%		84.1		%		79.8		%		71.0		%
Other personal:
Net written premiums				$	76		$	74		$	80		$	87		$	63			$	151			$	231			$	305
Year over year change %- written premium				21		%	21		%	18		%	19		%	19		%		19		%		18		%		19		%
Earned premiums				$	77		$	74		$	71		$	69		$	66			$	134			$	205			$	279
Current accident year before catastrophe losses				57.4		%	48.3		%	55.7		%	56.7		%	58.9		%		57.7		%		57.1		%		54.7		%
Current accident year catastrophe losses				2.3			1.8			5.4			11.7			3.5				7.7				6.9				5.6
Prior accident years before catastrophe losses				(2.6)			2.2			1.0			2.3			(1.2)				0.6				0.7				1.1
Prior accident years catastrophe losses				(0.3)			(0.1)			(0.4)			0.7			1.3				1.0				0.5				0.3
Total loss and loss expense ratio				56.8		%	52.2		%	61.7		%	71.4		%	62.5		%		67.0		%		65.2		%		61.7		%

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Excess & Surplus:
Net written premiums				$	146		$	150		$	128		$	156		$	136			$	292			$	420			$	570
Year over year change %- written premium				7		%	23		%	6		%	16		%	10		%		13		%		11		%		14		%
Earned premiums				$	139		$	148		$	135		$	132		$	127			$	259			$	394			$	542
Current accident year before catastrophe losses				65.7		%	60.5		%	64.8		%	69.7		%	69.2		%		69.5		%		67.9		%		65.9		%
Current accident year catastrophe losses				0.9			0.5			(0.6)			1.4			1.5				1.4				0.8				0.7
Prior accident years before catastrophe losses				(1.7)			1.4			0.9			(4.7)			(6.2)				(5.4)				(3.3)				(2.0)
Prior accident years catastrophe losses				(0.4)			0.2			(0.2)			—			(0.3)				(0.1)				(0.2)				(0.1)
Total loss and loss expense ratio				64.5		%	62.6		%	64.9		%	66.4		%	64.2		%		65.4		%		65.2		%		64.5		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2024 Supplemental Financial Data



Consolidated Property Casualty Loss and Loss Expense Analysis

(Dollars in millions)							Change in		Change in		Change in		Total						Loss
	Paid		Paid loss		Total		case		IBNR		loss expense		change in		Case		IBNR		expense		Total
	losses		expense		paid		reserves		reserves		reserves		reserves		incurred		incurred		incurred		incurred
Gross loss and loss expense incurred for the three months ended March 31, 2024
Commercial casualty	$	133	$	50	$	183	$	20	$	66	$	3	$	89	$	153	$	66	$	53	$	272
Commercial property	176		21		197		(35)		49		(1)		13		141		49		20		210
Commercial auto	118		22		140		(8)		23		1		16		110		23		23		156
Workers' compensation	33		8		41		(19)		22		—		3		14		22		8		44
Other commercial	35		6		41		(6)		5		(1)		(2)		29		5		5		39
Total commercial lines	495		107		602		(48)		165		2		119		447		165		109		721

Personal auto	113		25		138		7		6		2		15		120		6		27		153
Homeowners	139		23		162		7		11		2		20		146		11		25		182
Other personal	34		3		37		1		6		—		7		35		6		3		44
Total personal lines	286		51		337		15		23		4		42		301		23		55		379

Excess & surplus lines	50		17		67		(10)		31		4		25		40		31		21		92
Other	58		2		60		(14)		31		—		17		44		31		2		77
Total property casualty	$	889	$	177	$	1,066	$	(57)	$	250	$	10	$	203	$	832	$	250	$	187	$	1,269

Ceded loss and loss expense incurred for the three months ended March 31, 2024
Commercial casualty	$	(1)	$	—	$	(1)	$	5	$	(1)	$	—	$	4	$	4	$	(1)	$	—	$	3
Commercial property	7		1		8		(8)		(2)		—		(10)		(1)		(2)		1		(2)
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	2		—		2		(1)		(1)		—		(2)		1		(1)		—		—
Other commercial	8		—		8		(7)		—		—		(7)		1		—		—		1
Total commercial lines	16		1		17		(11)		(4)		—		(15)		5		(4)		1		2

Personal auto	1		—		1		(1)		(1)		—		(2)		—		(1)		—		(1)
Homeowners	3		—		3		(1)		(1)		—		(2)		2		(1)		—		1
Other personal	—		—		—		—		—		—		—		—		—		—		—
Total personal lines	4		—		4		(2)		(2)		—		(4)		2		(2)		—		—

Excess & surplus lines	4		—		4		(2)		—		—		(2)		2		—		—		2
Other	4		—		4		(3)		(6)		—		(9)		1		(6)		—		(5)
Total property casualty	$	28	$	1	$	29	$	(18)	$	(12)	$	—	$	(30)	$	10	$	(12)	$	1	$	(1)

Net loss and loss expense incurred for the three months ended March 31, 2024
Commercial casualty	$	134	$	50	$	184	$	15	$	67	$	3	$	85	$	149	$	67	$	53	$	269
Commercial property	169		20		189		(27)		51		(1)		23		142		51		19		212
Commercial auto	118		22		140		(8)		23		1		16		110		23		23		156
Workers' compensation	31		8		39		(18)		23		—		5		13		23		8		44
Other commercial	27		6		33		1		5		(1)		5		28		5		5		38
Total commercial lines	479		106		585		(37)		169		2		134		442		169		108		719

Personal auto	112		25		137		8		7		2		17		120		7		27		154
Homeowners	136		23		159		8		12		2		22		144		12		25		181
Other personal	34		3		37		1		6		—		7		35		6		3		44
Total personal lines	282		51		333		17		25		4		46		299		25		55		379

Excess & surplus lines	46		17		63		(8)		31		4		27		38		31		21		90
Other	54		2		56		(11)		37		—		26		43		37		2		82
Total property casualty	$	861	$	176	$	1,037	$	(39)	$	262	$	10	$	233	$	822	$	262	$	186	$	1,270

*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF First-Quarter 2024 Supplemental Financial Data



Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Premiums
Agency renewal written premiums				$	1,683		$	1,534		$	1,549		$	1,643		$	1,535			$	3,178			$	4,727			$	6,261
Agency new business written premiums				346			310			313			303			251				554				867				1,177

Other written premiums				219			76			95			204			233				437				532				608
Net written premiums				$	2,248		$	1,920		$	1,957		$	2,150		$	2,019			$	4,169			$	6,126			$	8,046
Unearned premium change				(256)			64			—			(287)			(178)				(465)				(465)				(401)
Earned premiums				$	1,992		$	1,984		$	1,957		$	1,863		$	1,841			$	3,704			$	5,661			$	7,645
Year over year change %
Agency renewal written premiums				10		%	10		%	11		%	11		%	10		%		10		%		11		%		11		%
Agency new business written premiums				38			30			19			6			3				5				9				14

Other written premiums				(6)			27			(1)			4			(10)				(4)				(3)				—
Net written premiums				11			13			12			9			6				8				9				10
Paid losses and loss expenses
Losses paid				$	861		$	933		$	907		$	924		$	893			$	1,816			$	2,723			$	3,656
Loss expenses paid				176			158			151			157			153				311				462				620
Loss and loss expenses paid				$	1,037		$	1,091		$	1,058		$	1,081		$	1,046			$	2,127			$	3,185			$	4,276
Incurred losses and loss expenses
Loss and loss expense incurred				$	1,270		$	1,118		$	1,261		$	1,262		$	1,317			$	2,579			$	3,840			$	4,958
Loss and loss expenses paid as a % of incurred				81.7		%	97.6		%	83.9		%	85.7		%	79.4		%		82.5		%		82.9		%		86.2		%
Statutory combined ratio
Loss ratio				55.2		%	47.8		%	54.9		%	58.3		%	60.5		%		59.4		%		57.8		%		55.3		%
Loss adjustment expense ratio				9.6			10.3			10.3			9.7			11.6				10.7				10.6				10.5
Net underwriting expense ratio				27.5			31.3			29.1			27.7			27.5				27.6				28.1				28.8
US Statutory combined ratio				92.3		%	89.4		%	94.3		%	95.7		%	99.6		%		97.7		%		96.5		%		94.6		%
Contribution from catastrophe losses				6.1			1.8			8.7			12.3			12.7				12.5				11.2				8.8
Statutory combined ratio excl. catastrophe losses				86.2		%	87.6		%	85.6		%	83.4		%	86.9		%		85.2		%		85.3		%		85.8		%
GAAP combined ratio
GAAP combined ratio				93.6		%	87.5		%	94.4		%	97.6		%	100.7		%		99.2		%		97.5		%		94.9		%
Contribution from catastrophe losses				5.9			1.3			9.1			12.0			12.8				12.4				11.3				8.7
GAAP combined ratio excl. catastrophe losses				87.7		%	86.2		%	85.3		%	85.6		%	87.9		%		86.8		%		86.2		%		86.2		%
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. Statutory ratios exclude the results of Cincinnati Global. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF First-Quarter 2024 Supplemental Financial Data



Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Premiums
Agency renewal written premiums				$	1,076		$	936		$	914		$	985		$	1,041			$	2,026			$	2,940			$	3,876
Agency new business written premiums				182			153			148			149			134				283				431				584
Other written premiums				(35)			(29)			(33)			(28)			(34)				(62)				(95)				(124)
Net written premiums				$	1,223		$	1,060		$	1,029		$	1,106		$	1,141			$	2,247			$	3,276			$	4,336
Unearned premium change				(141)			20			33			(40)			(85)				(125)				(92)				(72)
Earned premiums				$	1,082		$	1,080		$	1,062		$	1,066		$	1,056			$	2,122			$	3,184			$	4,264
Year over year change %
Agency renewal written premiums				3		%	3		%	6		%	5		%	7		%		6		%		6		%		6		%
Agency new business written premiums				36			18			(1)			(10)			(14)				(12)				(8)				(3)
Other written premiums				(3)			6			(32)			(4)			(13)				(9)				(16)				(10)
Net written premiums				7			5			5			3			4				4				4				4
Paid losses and loss expenses
Losses paid				$	479		$	549		$	490		$	550		$	513			$	1,063			$	1,552			$	2,101
Loss expenses paid				106			93			92			96			97				193				285				379
Loss and loss expenses paid				$	585		$	642		$	582		$	646		$	610			$	1,256			$	1,837			$	2,480
Incurred losses and loss expenses
Loss and loss expense incurred				$	719		$	651		$	680		$	708		$	748			$	1,456			$	2,136			$	2,787
Loss and loss expenses paid as a % of incurred				81.4		%	98.6		%	85.6		%	91.2		%	81.6		%		86.3		%		86.0		%		89.0		%
Statutory combined ratio
Loss ratio				56.5		%	48.9		%	53.4		%	56.5		%	57.9		%		57.2		%		55.9		%		54.1		%
Loss adjustment expense ratio				9.9			11.4			10.6			9.9			12.9				11.4				11.2				11.2
Net underwriting expense ratio				27.4			32.6			31.8			29.4			27.7				28.5				29.5				30.3
Statutory combined ratio				93.8		%	92.9		%	95.8		%	95.8		%	98.5		%		97.1		%		96.6		%		95.6		%
Contribution from catastrophe losses				6.2			0.5			6.7			11.1			10.4				10.7				9.4				7.2
Statutory combined ratio excl. catastrophe losses				87.6		%	92.4		%	89.1		%	84.7		%	88.1		%		86.4		%		87.2		%		88.4		%
GAAP combined ratio
GAAP combined ratio				96.5		%	92.2		%	95.2		%	96.9		%	100.4		%		98.6		%		97.5		%		96.2		%
Contribution from catastrophe losses				6.2			0.5			6.7			11.1			10.4				10.7				9.4				7.2
GAAP combined ratio excl. catastrophe losses				90.3		%	91.7		%	88.5		%	85.8		%	90.0		%		87.9		%		88.1		%		89.0		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2024 Supplemental Financial Data



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Premiums
Agency renewal written premiums				$	494		$	486		$	542		$	541		$	388			$	929			$	1,471			$	1,957
Agency new business written premiums				122			109			122			106			79				185				307				416
Other written premiums				(21)			(16)			(18)			(18)			(19)				(37)				(55)				(71)
Net written premiums				$	595		$	579		$	646		$	629		$	448			$	1,077			$	1,723			$	2,302
Unearned premium change				(7)			(19)			(119)			(136)			16				(120)				(239)				(258)
Earned premiums				$	588		$	560		$	527		$	493		$	464			$	957			$	1,484			$	2,044
Year over year change %
Agency renewal written premiums				27		%	24		%	24		%	24		%	17		%		20		%		22		%		22		%
Agency new business written premiums				54			45			51			20			52				32				39				41
Other written premiums				(11)			30			(13)			(13)			(73)				(37)				(28)				(8)
Net written premiums				33			30			29			23			20				22				24				26
Paid losses and loss expenses
Losses paid				$	282		$	277		$	324		$	298		$	288			$	585			$	909			$	1,185
Loss expenses paid				51			45			39			44			40				85				123				168
Loss and loss expenses paid				$	333		$	322		$	363		$	342		$	328			$	670			$	1,032			$	1,353
Incurred losses and loss expenses
Loss and loss expense incurred				$	379		$	304		$	368		$	384		$	386			$	770			$	1,138			$	1,442
Loss and loss expenses paid as a % of incurred				87.9		%	105.9		%	98.6		%	89.1		%	85.0		%		87.0		%		90.7		%		93.8		%
Statutory combined ratio
Loss ratio				55.2		%	45.9		%	60.7		%	68.3		%	73.6		%		70.9		%		67.3		%		61.4		%
Loss adjustment expense ratio				9.3			8.4			9.2			9.6			9.6				9.6				9.4				9.2
Net underwriting expense ratio				29.6			30.0			26.3			25.5			30.0				27.4				27.0				27.7
Statutory combined ratio				94.1		%	84.3		%	96.2		%	103.4		%	113.2		%		107.9		%		103.7		%		98.3		%
Contribution from catastrophe losses				8.8			4.2			13.9			19.7			24.7				22.1				19.2				15.1
Statutory combined ratio excl. catastrophe losses				85.3		%	80.1		%	82.3		%	83.7		%	88.5		%		85.8		%		84.5		%		83.2		%
GAAP combined ratio
GAAP combined ratio				93.9		%	84.7		%	99.9		%	107.6		%	112.5		%		110.0		%		106.4		%		100.4		%
Contribution from catastrophe losses				8.8			4.2			13.9			19.7			24.7				22.1				19.2				15.1
GAAP combined ratio excl. catastrophe losses				85.1		%	80.5		%	86.0		%	87.9		%	87.8		%		87.9		%		87.2		%		85.3		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2024 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
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Premiums
Agency renewal written premiums				$	113		$	112		$	93		$	117		$	106			$	223			$	316			$	428
Agency new business written premiums				42			48			43			48			38				86				129				177
Other written premiums				(9)			(10)			(8)			(9)			(8)				(17)				(25)				(35)
Net written premiums				$	146		$	150		$	128		$	156		$	136			$	292			$	420			$	570
Unearned premium change				(7)			(2)			7			(24)			(9)				(33)				(26)				(28)
Earned premiums				$	139		$	148		$	135		$	132		$	127			$	259			$	394			$	542
Year over year change %
Agency renewal written premiums				7		%	18		%	—		%	6		%	13		%		9		%		6		%		9		%
Agency new business written premiums				11			45			26			45			6				25				25				30
Other written premiums				(13)			(67)			(33)			(13)			(33)				(21)				(25)				(35)
Net written premiums				7			23			6			16			10				13				11				14
Paid losses and loss expenses
Losses paid				$	46		$	34		$	33		$	29		$	28			$	56			$	90			$	124
Loss expenses paid				17			17			16			14			12				27				43				59
Loss and loss expenses paid				$	63		$	51		$	49		$	43		$	40			$	83			$	133			$	183
Incurred losses and loss expenses
Loss and loss expense incurred				$	90		$	93		$	87		$	89		$	81			$	170			$	257			$	350
Loss and loss expenses paid as a % of incurred				70.0		%	54.8		%	56.3		%	48.3		%	49.4		%		48.8		%		51.8		%		52.3		%
Statutory combined ratio
Loss ratio				48.9		%	46.2		%	44.2		%	49.6		%	44.3		%		47.0		%		46.1		%		46.1		%
Loss adjustment expense ratio				15.6			16.5			20.6			16.9			19.9				18.4				19.1				18.4
Net underwriting expense ratio				26.0			27.7			26.6			24.3			24.4				24.4				25.1				25.7
Statutory combined ratio				90.5		%	90.4		%	91.4		%	90.8		%	88.6		%		89.8		%		90.3		%		90.2		%
Contribution from catastrophe losses				0.5			0.7			(0.8)			1.4			1.2				1.3				0.6				0.6
Statutory combined ratio excl. catastrophe losses				90.0		%	89.7		%	92.2		%	89.4		%	87.4		%		88.5		%		89.7		%		89.6		%
GAAP combined ratio
GAAP combined ratio				91.9		%	89.8		%	90.5		%	92.2		%	89.9		%		91.1		%		90.9		%		90.6		%
Contribution from catastrophe losses				0.5			0.7			(0.8)			1.4			1.2				1.3				0.6				0.6
GAAP combined ratio excl. catastrophe losses				91.4		%	89.1		%	91.3		%	90.8		%	88.7		%		89.8		%		90.3		%		90.0		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2024 Supplemental Financial Data


Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended March 31,
(Dollars in millions)		2024		2023		Change		% Change
Underwriting income
Net premiums written		$	2,166	$	1,955	$	211	11
Unearned premium change		222		158		64		41
Earned premiums		$	1,944	$	1,797	$	147	8

Losses incurred		$	1,073	$	1,086	$	(13)	(1)
Defense and cost containment expenses incurred		79		101		(22)		(22)
Adjusting and other expenses incurred		106		108		(2)		(2)
Other underwriting expenses incurred		594		536		58		11
Workers compensation dividend incurred		2		2		—		—
Total underwriting deductions		$	1,854	$	1,833	$	21	1

Net underwriting profit (loss)		$	90	$	(36)	$	126	nm

Investment income
Gross investment income earned		$	158	$	143	$	15	10
Net investment income earned		156		141		15		11
Net realized capital gains and losses, net		37		(26)		63		nm
Net investment gains (net of tax)		$	193	$	115	$	78	68

Other income		$	2	$	2	$	—	—

Net income before federal income taxes		$	285	$	81	$	204	252
Federal and foreign income taxes incurred		28		3		25		nm
Net income (statutory)		$	257	$	78	$	179	229

Policyholders' surplus - statutory		$	7,738	$	6,443	$	1,295	20

Fixed maturities at amortized cost - statutory		$	10,295	$	9,131	$	1,164	13
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2024 Supplemental Financial Data


The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended March 31,
(Dollars in millions)		2024		2023		Change		% Change
Net premiums written		$	85	$	86	$	(1)	(1)
Net investment income		47		46		1		2

Commissions and expense allowances on reinsurance ceded		1		1		—		—
Income from fees associated with separate accounts		1		2		(1)		(50)
Total revenues		$	134	$	135	$	(1)	(1)

Death benefits and matured endowments		$	43	$	43	$	—	—
Annuity benefits		40		39		1		3

Surrender benefits and group conversions		8		7		1		14
Interest and adjustments on deposit-type contract funds		2		2		—		—
Increase in aggregate reserves for life and accident and health contracts		(12)		(9)		(3)		(33)
Total benefit expenses		$	81	$	82	$	(1)	(1)

Commissions		$	12	$	12	$	—	—
General insurance expenses and taxes		14		12		2		17
Increase in loading on deferred and uncollected premiums		1		1		—		—
Net transfers from separate accounts		—		(2)		2		100

Total underwriting expenses		$	27	$	23	$	4	17

Federal and foreign income taxes incurred		6		7		(1)		(14)

Net gain from operations before capital gains and losses		$	20	$	23	$	(3)	(13)

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

Net income (statutory)		$	18	$	23	$	(5)	(22)

Policyholders' surplus - statutory		$	431	$	345	$	86	25

Fixed maturities at amortized cost - statutory		$	3,897	$	3,855	$	42	1
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2024 Supplemental Financial Data



Quarterly Data - Other

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/24	9/30/24	6/30/24	3/31/24			12/31/23			9/30/23			6/30/23			3/31/23			6/30/24	6/30/23			9/30/24	9/30/23			12/31/24	12/31/23
Cincinnati Re:
Net written premiums				$	202		$	66		$	85		$	177		$	230			$	407			$	492			$	558
Year over year change %- written premium				(12)		%	(1)		%	(1)		%	—		%	(9)		%		(6)		%		(5)		%		(5)		%
Earned premiums				$	135		$	123		$	134		$	122		$	150			$	272			$	406			$	529
Current accident year before catastrophe losses				63.0		%	42.6		%	51.5		%	57.8		%	45.2		%		50.9		%		51.1		%		49.1		%
Current accident year catastrophe losses				—			2.0			11.5			1.8			0.3				1.0				4.4				3.9
Prior accident years before catastrophe losses				(10.4)			4.6			(7.9)			(17.1)			6.0				(4.4)				(5.5)				(3.2)
Prior accident years catastrophe losses				—			1.0			2.0			1.9			1.7				1.8				1.9				1.7
Total loss and loss expense ratio				52.6		%	50.2		%	57.1		%	44.4		%	53.2		%		49.3		%		51.9		%		51.5		%

Cincinnati Global:
Net written premiums				$	82		$	65		$	69		$	82		$	64			$	146			$	215			$	280
Year over year change %- written premium				28		%	23		%	21		%	19		%	25		%		22		%		21		%		22		%
Earned premiums				$	48		$	73		$	99		$	50		$	44			$	94			$	193			$	266
Current accident year before catastrophe losses				48.2		%	24.6		%	34.1		%	61.7		%	35.3		%		49.3		%		41.5		%		36.9		%
Current accident year catastrophe losses				—			(8.4)			18.2			1.1			11.1				5.8				12.1				6.5
Prior accident years before catastrophe losses				(19.7)			(1.0)			(3.4)			(9.7)			0.8				(4.7)				(4.0)				(3.2)
Prior accident years catastrophe losses				(5.9)			(2.7)			(0.2)			2.5			2.4				2.4				1.1				—
Total loss and loss expense ratio				22.6		%	12.5		%	48.7		%	55.6		%	49.6		%		52.8		%		50.7		%		40.2		%

Noninsurance operations:
Interest and fees on loans and leases				$	2		3			2			1			2				$	3			$	5			$	8
Other revenue				1			2			1			1			1				2				3				5
Interest expense				13			14			13			13			14				27				40				54
Operating expenses				4			8			5			7			5				12				17				25
Total noninsurance operations loss				$	(14)		$	(17)		$	(15)		$	(18)		$	(16)			$	(34)			$	(49)			$	(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 First-Quarter 2024 Supplemental Financial Data