Document


	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2024

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

Consolidated
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2024	4
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2024	5
	Five-Year Net Income Reconciliation and Key Metrics	6

Consolidated Property Casualty Insurance Operations

	Losses Incurred Detail	7
	Loss Ratio Detail	8
	Loss Claim Count Detail	9
	Direct Written Premiums by Risk State by Line of Business	10
	Quarterly Property Casualty Data – Commercial Lines	11
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	12
	Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2024	13
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2024	14

Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	15
	Quarterly Property Casualty Data – Commercial Lines	16
	Quarterly Property Casualty Data – Personal Lines	17
	Quarterly Property Casualty Data – Excess & Surplus Lines	18

Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	19
	The Cincinnati Life Insurance Company Statutory Statements of Income	20

Other
	Quarterly Data – Other	21

•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.


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

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	8,980	$	—	$	—	$	—	$	8,980
Life	—		—		404		—		—		404
Premiums ceded	—		(412)		(83)		—		—		(495)
Total earned premium	—		8,568		321		—		—		8,889
Investment income, net of expenses	122		715		190		—		(2)		1,025
Investment gains and losses, net	644		755		(7)		1		(2)		1,391
Fee revenues	—		12		5		—		—		17
Other revenues	15		9		—		9		(18)		15
Total revenues	$	781	$	10,059	$	509	$	10	$	(22)	$	11,337

Benefits & expenses
Losses & contract holders' benefits	$	—	$	5,461	$	358	$	—	$	—	$	5,819
Reinsurance recoveries	—		(25)		(57)		—		—		(82)
Underwriting, acquisition and insurance expenses	—		2,564		93		—		—		2,657
Interest expense	52		—		—		4		(3)		53
Other operating expenses	42		5		—		4		(19)		32
Total expenses	$	94	$	8,005	$	394	$	8	$	(22)	$	8,479

Income before income taxes	$	687	$	2,054	$	115	$	2	$	—	$	2,858

Provision (benefit) for income taxes
Current operating income	$	(60)	$	176	$	36	$	1	$	—	$	153
Capital gains/losses	136		161		(1)		—		—		296
Deferred	64		64		(11)		—		—		117
Total provision for income taxes	$	140	$	401	$	24	$	1	$	—	$	566

Net income - current year	$	547	$	1,653	$	91	$	1	$	—	$	2,292

Net income - prior year	$	544	$	1,222	$	75	$	2	$	—	$	1,843
*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.


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

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	2,386	$	—	$	—	$	—	$	2,386
Life	—		—		103		—		—		103
Premiums ceded	—		(102)		(22)		—		—		(124)
Total earned premium	—		2,284		81		—		—		2,365
Investment income, net of expenses	36		196		48		—		—		280
Investment gains and losses, net	20		(137)		2		1		(2)		(116)
Fee revenues	—		3		1		—		—		4
Other revenues	4		2		—		2		(3)		5
Total revenues	$	60	$	2,348	$	132	$	3	$	(5)	$	2,538

Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,259	$	96	$	—	$	—	$	1,355
Reinsurance recoveries	—		(4)		(21)		—		—		(25)
Underwriting, acquisition and insurance expenses	—		680		23		—		—		703
Interest expense	13		—		—		1		(1)		13
Other operating expenses	14		2		—		1		(4)		13
Total expenses	$	27	$	1,937	$	98	$	2	$	(5)	$	2,059

Income before income taxes	$	33	$	411	$	34	$	1	$	—	$	479

Provision (benefit) for income taxes
Current operating income	$	8	$	162	$	8	$	1	$	—	$	179
Capital gains/losses	4		(28)		1		—		—		(23)
Deferred	(24)		(55)		(3)		—		—		(82)
Total provision (benefit) for income taxes	$	(12)	$	79	$	6	$	1	$	—	$	74

Net income - current year	$	45	$	332	$	28	$	—	$	—	$	405

Net income - prior year	$	393	$	780	$	10	$	—	$	—	$	1,183
*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.


Cincinnati Financial Corporation
Five-Year Net Income Reconciliation and Key Metrics
(Dollars in millions except per share data)	Years ended December 31,
	2024			2023			2022			2021			2020
Net income (loss)	$	2,292		$	1,843		$	(487)		$	2,968		$	1,216
Less:
Investment gains and losses, net	1,391			1,127			(1,467)			2,409			865
Income tax on investment gains and losses	(296)			(236)			308			(506)			(182)
Investment gains and losses, after-tax	1,095			891			(1,159)			1,903			683

Non-GAAP operating income	$	1,197		$	952		$	672		$	1,065		$	533

Non-GAAP operating income: Five-year compound annual growth rate	11.5		%	11.6		%	8.1		%	15.8		%	(2.0)		%

Diluted per share data:
Net income (loss)	$	14.53		$	11.66		$	(3.06)		$	18.24		$	7.49
Less:
Investment gains and losses, net	8.82			7.13			(9.24)			14.80			5.33
Income tax on investment gains and losses	(1.87)			(1.50)			1.94			(3.11)			(1.12)
Investment gains and losses, after-tax	6.95			5.63			(7.30)			11.69			4.21

Non-GAAP operating income	$	7.58		$	6.03		$	4.24		$	6.55		$	3.28

Value creation ratio
Book value per share growth	15.6		%	15.0		%	(18.0)		%	21.9		%	10.7		%
Shareholder dividend declared as a percentage of beginning book value	4.2			4.5			3.4			3.8			4.0
Value creation ratio	19.8		%	19.5		%	(14.6)		%	25.7		%	14.7		%

Value creation ratio: Five-year average	13.0		%	15.2		%	11.2		%	18.7		%	16.5		%

Investment income, net of expenses	$	1,025		$	894		$	781		$	714		$	670
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

*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.


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 $5,000,000	$	19	$	18	$	31	$	—	$	38	$	24	$	43	$	36	$	31	$	79	$	49	$	103	$	68	$	141
Current accident year losses $2,000,000-$5,000,000	37		51		28		22		42		52		35		15		50		50		101		102		138		144
Large loss prior accident year reserve development	19		19		15		22		34		32		19		9		37		28		56		60		75		94
Total large losses incurred	$	75	$	88	$	74	$	44	$	114	$	108	$	97	$	60	$	118	$	157	$	206	$	265	$	281	$	379
Losses incurred but not reported	182		185		165		251		122		150		96		179		416		324		601		474		783		596
Other losses excluding catastrophe losses	653		711		741		677		665		639		675		641		1,418		1,267		2,129		1,906		2,782		2,571
Catastrophe losses	83		282		228		111		20		170		217		227		339		444		621		614		704		634
Total losses incurred	$	993	$	1,266	$	1,208	$	1,083	$	921	$	1,067	$	1,085	$	1,107	$	2,291	$	2,192	$	3,557	$	3,259	$	4,550	$	4,180
Commercial Lines
Current accident year losses greater than $5,000,000	$	9	$	11	$	31	$	—	$	33	$	18	$	28	$	30	$	31	$	58	$	42	$	76	$	51	$	109
Current accident year losses $2,000,000-$5,000,000	12		36		11		11		31		28		28		12		22		40		58		68		70		99
Large loss prior accident year reserve development	19		20		22		12		37		30		19		3		34		22		54		52		73		89
Total large losses incurred	$	40	$	67	$	64	$	23	$	101	$	76	$	75	$	45	$	87	$	120	$	154	$	196	$	194	$	297
Losses incurred but not reported	105		117		92		156		86		88		29		125		248		154		365		242		470		328
Other losses excluding catastrophe losses	328		337		384		368		338		336		384		335		752		719		1,089		1,055		1,417		1,393
Catastrophe losses	8		58		101		64		3		67		115		106		165		221		223		288		231		291
Total losses incurred	$	481	$	579	$	641	$	611	$	528	$	567	$	603	$	611	$	1,252	$	1,214	$	1,831	$	1,781	$	2,312	$	2,309
Personal Lines
Current accident year losses greater than $5,000,000	$	10	$	7	$	—	$	—	$	5	$	6	$	15	$	6	$	—	$	21	$	7	$	27	$	17	$	32
Current accident year losses $2,000,000-$5,000,000	25		13		15		11		11		24		7		3		26		10		39		34		64		45
Large loss prior accident year reserve development	—		(1)		(7)		10		(2)		2		1		6		3		7		2		9		2		7
Total large losses incurred	$	35	$	19	$	8	$	21	$	14	$	32	$	23	$	15	$	29	$	38	$	48	$	70	$	83	$	84
Losses incurred but not reported	22		33		31		22		5		7		26		27		53		53		86		60		108		65
Other losses excluding catastrophe losses	245		256		256		231		218		210		194		187		487		381		743		591		988		809
Catastrophe losses	(4)		178		129		50		21		71		93		113		179		206		357		277		353		298
Total losses incurred	$	298	$	486	$	424	$	324	$	258	$	320	$	336	$	342	$	748	$	678	$	1,234	$	998	$	1,532	$	1,256
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		—		4		—		4		—
Large loss prior accident year reserve development	—		—		—		—		(1)		—		(1)		—		—		(1)		—		(1)		—		(2)
Total large losses incurred	$	—	$	2	$	2	$	—	$	(1)	$	—	$	(1)	$	—	$	2	$	(1)	$	4	$	(1)	$	4	$	(2)
Losses incurred but not reported	28		12		17		30		16		16		20		27		47		47		59		63		87		79
Other losses excluding catastrophe losses	46		55		51		37		52		45		45		28		88		73		143		118		189		170
Catastrophe losses	2		2		3		1		1		(1)		2		1		4		3		6		2		8		3
Total losses incurred	$	76	$	71	$	73	$	68	$	68	$	60	$	66	$	56	$	141	$	122	$	212	$	182	$	288	$	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.


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 $5,000,000	0.8	%	0.9	%	1.5	%	—	%	1.9	%	1.2	%	2.4	%	1.9	%	0.8	%	2.2	%	0.8	%	1.8	%	0.8	%	1.9	%
Current accident year losses $2,000,000-$5,000,000	1.5		2.3		1.4		1.1		2.1		2.7		1.9		0.8		1.2		1.3		1.6		1.8		1.6		1.9
Large loss prior accident year reserve development	0.9		0.8		0.7		1.1		1.7		1.6		1.0		0.5		0.9		0.8		0.9		1.1		0.9		1.2
Total large loss ratio	3.2	%	4.0	%	3.6	%	2.2	%	5.7	%	5.5	%	5.3	%	3.2	%	2.9	%	4.3	%	3.3	%	4.7	%	3.3	%	5.0	%
Losses incurred but not reported	8.0		8.4		8.0		12.6		6.2		7.6		5.2		9.7		10.2		8.7		9.6		8.4		9.1		7.8
Other losses excluding catastrophe losses	28.7		32.0		35.6		34.0		33.5		32.7		36.1		34.9		34.9		34.2		33.8		33.7		32.5		33.6
Catastrophe losses	3.6		12.7		11.0		5.6		1.0		8.7		11.6		12.3		8.3		12.0		9.9		10.8		8.2		8.3
Total loss ratio	43.5	%	57.1	%	58.2	%	54.4	%	46.4	%	54.5	%	58.2	%	60.1	%	56.3	%	59.2	%	56.6	%	57.6	%	53.1	%	54.7	%
Commercial Lines
Current accident year losses greater than $5,000,000	0.8	%	1.0	%	2.8	%	—	%	3.1	%	1.7	%	2.6	%	2.8	%	1.4	%	2.8	%	1.3	%	2.4	%	1.1	%	2.5	%
Current accident year losses $2,000,000-$5,000,000	1.0		3.2		1.0		1.0		2.8		2.6		2.7		1.1		1.0		1.9		1.7		2.1		1.5		2.3
Large loss prior accident year reserve development	1.6		1.7		2.0		1.1		3.4		2.8		1.8		0.3		1.6		1.0		1.6		1.6		1.7		2.1
Total large loss ratio	3.4	%	5.9	%	5.8	%	2.1	%	9.3	%	7.1	%	7.1	%	4.2	%	4.0	%	5.7	%	4.6	%	6.1	%	4.3	%	6.9	%
Losses incurred but not reported	9.1		10.3		8.3		14.4		8.0		8.3		2.7		11.8		11.3		7.2		11.0		7.6		10.5		7.7
Other losses excluding catastrophe losses	28.2		29.7		34.6		34.0		31.3		31.7		35.9		31.9		34.3		33.9		32.8		33.2		31.5		32.7
Catastrophe losses	0.7		5.1		9.1		6.0		0.3		6.3		10.8		10.0		7.6		10.4		6.7		9.0		5.2		6.8
Total loss ratio	41.4	%	51.0	%	57.8	%	56.5	%	48.9	%	53.4	%	56.5	%	57.9	%	57.2	%	57.2	%	55.1	%	55.9	%	51.5	%	54.1	%
Personal Lines
Current accident year losses greater than $5,000,000	1.4	%	1.1	%	—	%	—	%	1.0	%	1.1	%	3.0	%	1.3	%	—	%	2.2	%	0.4	%	1.8	%	0.7	%	1.6	%
Current accident year losses $2,000,000-$5,000,000	3.4		2.0		2.4		1.8		1.9		4.7		1.4		0.6		2.1		1.0		2.1		2.3		2.4		2.2
Large loss prior accident year reserve development	—		(0.2)		(1.1)		1.8		(0.4)		0.4		0.2		1.4		0.3		0.8		0.1		0.6		0.1		0.3
Total large loss ratio	4.8	%	2.9	%	1.3	%	3.6	%	2.5	%	6.2	%	4.6	%	3.3	%	2.4	%	4.0	%	2.6	%	4.7	%	3.2	%	4.1	%
Losses incurred but not reported	3.0		5.0		4.8		3.8		0.9		1.2		5.3		5.9		4.3		5.6		4.6		4.0		4.1		3.2
Other losses excluding catastrophe losses	33.7		37.6		40.5		39.4		38.7		39.9		39.4		40.2		39.9		39.7		39.0		39.9		37.6		39.5
Catastrophe losses	(0.4)		26.2		20.5		8.4		3.8		13.4		19.0		24.3		14.7		21.6		18.8		18.7		13.5		14.6
Total loss ratio	41.1	%	71.7	%	67.1	%	55.2	%	45.9	%	60.7	%	68.3	%	73.7	%	61.3	%	70.9	%	65.0	%	67.3	%	58.4	%	61.4	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $2,000,000-$5,000,000	—		1.3		1.3		—		—		—		—		—		0.7		—		0.9		—		0.7		—
Large loss prior accident year reserve development	—		—		—		—		(0.5)		—		(0.4)		(0.3)		—		(0.3)		—		(0.2)		—		(0.3)
Total large loss ratio	—	%	1.3	%	1.3	%	—	%	(0.5)	%	—	%	(0.4)	%	(0.3)	%	0.7	%	(0.3)	%	0.9	%	(0.2)	%	0.7	%	(0.3)	%
Losses incurred but not reported	16.9		7.1		11.6		21.6		10.9		11.9		15.2		21.3		16.4		18.0		13.2		15.9		14.2		14.6
Other losses excluding catastrophe losses	27.2		35.4		33.8		26.8		35.2		33.2		33.5		22.2		30.4		28.1		32.1		29.9		30.8		31.3
Catastrophe losses	1.0		1.5		1.9		0.5		0.6		(0.9)		1.3		1.1		1.2		1.2		1.3		0.5		1.2		0.5
Total loss ratio	45.1	%	45.3	%	48.6	%	48.9	%	46.2	%	44.2	%	49.6	%	44.3	%	48.7	%	47.0	%	47.5	%	46.1	%	46.9	%	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.


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 $5,000,000	1	3	5	—	5	4	6	5	5	11	8	15	10	22
Current accident year reported losses $2,000,000 - $5,000,000	14	18	11	8	17	19	11	5	19	16	37	35	49	49
Prior accident year reported losses on large losses	11	6	9	7	14	3	7	3	16	10	22	13	33	27
Non-Catastrophe reported losses on large losses total	26	27	25	15	36	26	24	13	40	37	67	63	92	98
Commercial Lines
Current accident year reported losses greater than $5,000,000	—	2	5	—	5	3	4	4	5	8	7	11	8	17
Current accident year reported losses $2,000,000 - $5,000,000	7	12	4	4	13	11	9	4	8	13	20	24	26	35
Prior accident year reported losses on large losses	11	6	9	4	14	3	7	2	13	9	19	12	30	26
Non-Catastrophe reported losses on large losses total	18	20	18	8	32	17	20	10	26	30	46	47	64	78
Personal Lines
Current accident year reported losses greater than $5,000,000	1	1	—	—	—	1	2	1	—	3	1	4	2	5
Current accident year reported losses $2,000,000 - $5,000,000	7	5	6	4	4	8	2	1	10	3	15	11	21	14
Prior accident year reported losses on large losses	—	—	—	3	—	—	—	1	3	1	3	1	3	1
Non-Catastrophe reported losses on large losses total	8	6	6	7	4	9	4	3	13	7	19	16	26	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	—	2	—	2	—
Prior accident year reported losses on large losses	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Non-Catastrophe reported losses on large losses total	—	1	1	—	—	—	—	—	1	—	2	—	2	—
*The sum of quarterly amounts may not equal the full year as each is computed independently.


Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2024
(Dollars in millions)	Commercial Lines										Personal Lines						E & S		Consolidated				Comm'l Change %	Personal Change %	E & S Change %	Consol Change %
Risk State	Comm Casualty		Comm Property		Comm Auto		Workers' Comp		Other Comm		Personal Auto		Home Owner		Other Personal		All Lines		2024		2023
																			Total		Total
OH	$	205.4	$	240.0	$	126.4	$	0.1	$	57.7	$	173.0	$	197.1	$	48.1	$	34.9	$	1,082.4	$	972.2	7.3	18.0	10.6	11.3
IL	80.6		92.7		42.2		27.5		20.7		75.7		88.7		21.8		43.9		493.7		421.0		8.3	32.5	18.0	17.3
NY	92.2		62.0		23.7		10.6		18.5		46.5		122.9		33.0		56.8		466.4		403.2		11.9	14.7	36.7	15.7
NC	71.4		117.7		43.0		13.2		24.9		46.0		60.8		14.2		25.9		417.2		354.3		13.7	31.6	5.6	17.8
GA	49.5		68.5		37.1		8.1		23.8		74.1		75.3		17.9		31.9		386.2		351.3		4.5	14.8	19.6	9.9
IN	73.0		80.9		44.3		19.6		20.9		41.9		53.7		11.2		22.3		367.9		319.1		12.8	22.1	11.9	15.3
TX	59.3		28.5		39.2		3.6		15.1		44.6		88.7		18.3		51.1		348.3		291.2		(3.3)	58.6	13.5	19.6
PA	83.6		76.8		45.6		22.7		17.6		23.8		30.2		8.7		29.5		338.6		316.0		3.2	24.4	10.0	7.2
MO	57.5		61.7		37.5		14.3		9.8		48.7		66.1		9.0		25.7		330.5		261.6		10.7	61.7	19.0	26.3
MI	52.0		61.6		31.8		9.6		16.4		43.4		43.0		9.2		22.5		289.5		249.4		6.3	38.8	16.4	16.1
TN	52.6		71.2		36.0		7.4		17.0		28.1		45.7		10.1		19.2		287.4		254.6		6.9	27.1	18.3	12.9
VA	59.0		54.2		38.3		12.4		20.0		24.6		30.5		9.3		13.8		262.1		223.6		11.8	37.7	12.0	17.2
CA	1.7		2.0		1.8		3.0		0.7		24.9		197.1		26.3		0.7		258.3		212.6		9.4	22.5	(49.4)	21.5
KY	41.9		54.4		33.5		4.1		15.2		36.0		41.0		7.9		14.8		248.7		215.5		7.9	28.1	32.5	15.4
AL	38.8		56.0		25.9		2.0		15.8		29.1		51.9		9.0		19.1		247.6		223.4		11.0	14.3	(3.6)	10.9
FL	35.9		16.2		28.4		2.5		14.6		10.9		40.3		17.5		37.3		203.8		210.3		(8.4)	6.9	(5.4)	(3.1)
WI	34.4		41.5		16.5		15.9		11.2		19.6		22.4		7.6		16.8		185.7		162.4		5.9	40.0	17.6	14.4
WA	30.8		22.1		20.8		—		7.6		29.9		24.6		6.7		15.3		157.8		113.4		16.1	85.3	48.0	39.2
MN	29.4		37.6		10.9		6.3		8.9		15.3		24.6		5.4		17.1		155.6		142.5		5.2	18.9	8.1	9.2
MD	24.3		21.7		17.6		6.2		7.9		25.8		30.8		9.2		9.3		152.7		131.6		5.7	38.3	(12.0)	16.1
AZ	27.6		22.4		18.0		3.2		7.4		21.9		25.5		8.2		13.5		147.6		118.0		6.7	70.4	15.3	25.1
CT	16.0		13.5		7.0		4.2		2.6		36.0		46.2		13.5		5.7		144.7		106.4		21.1	45.4	18.8	36.0
OR	41.9		24.0		26.4		0.3		7.5		10.5		8.6		2.0		17.5		138.7		114.7		13.1	61.5	33.8	20.9
MA	21.0		14.7		9.9		3.9		3.0		18.0		45.9		10.3		7.9		134.6		101.3		28.7	38.1	15.8	32.8
UT	24.7		21.9		16.7		2.4		6.2		18.4		18.0		2.8		17.0		128.0		106.6		11.2	53.2	3.1	20.0
KS	24.1		26.3		18.4		5.3		6.0		14.5		21.3		3.8		5.9		125.7		98.0		16.7	65.7	9.1	28.2
AR	20.1		30.8		22.5		2.8		5.6		12.5		18.2		3.8		8.8		125.2		106.3		12.5	35.3	9.9	17.8
CO	23.4		14.4		15.5		1.7		4.6		6.6		21.9		2.3		22.8		113.1		93.8		8.7	48.0	25.1	20.6
MT	34.0		29.1		18.7		0.5		5.7		4.4		10.1		1.3		8.3		112.2		97.0		10.8	35.9	39.7	15.6
SC	15.5		20.0		10.6		3.7		6.4		15.9		21.8		3.5		12.2		109.6		94.9		4.4	37.4	10.8	15.6
IA	18.4		26.1		8.9		5.5		8.0		9.3		12.6		2.1		6.6		97.6		86.6		1.8	59.2	15.9	12.7
NJ	15.0		12.5		6.4		4.0		3.6		11.6		19.1		8.2		10.9		91.4		74.3		19.1	28.9	18.2	23.0
ID	21.4		19.1		12.4		0.6		4.5		3.7		5.1		1.0		5.7		73.7		70.3		2.1	20.9	9.8	4.8
NE	13.9		16.5		11.0		3.4		3.3		0.5		1.3		0.2		7.5		57.5		54.5		5.3	(10.0)	13.5	5.6
WV	11.7		15.2		9.7		1.1		2.0		0.4		1.0		0.1		7.5		48.7		43.0		9.9	82.3	22.4	13.1
VT	8.3		10.0		4.6		3.7		3.3		2.6		5.0		0.8		3.6		41.8		37.4		6.4	22.0	46.1	11.9
NM	9.3		7.9		6.6		0.5		2.8		1.1		1.9		0.3		5.4		35.9		33.5		2.4	52.4	12.9	7.2
NH	6.4		7.2		3.7		1.6		1.9		3.6		5.9		1.6		2.6		34.3		30.8		3.3	34.5	2.4	11.5
DE	9.1		7.2		4.8		2.1		2.2		1.9		3.1		0.6		2.5		33.5		28.5		12.6	70.9	(4.9)	17.7
WY	7.0		6.8		5.0		—		1.5		0.3		1.7		0.2		3.2		25.8		21.6		17.2	47.1	19.5	19.7
SD	6.0		6.8		3.9		1.8		1.9		—		—		—		1.5		21.9		19.3		12.7	—	25.8	13.5
NV	1.5		1.4		2.4		0.7		0.4		6.0		5.1		1.9		2.3		21.7		10.2		97.4	118.3	131.6	113.0
DC	3.3		2.3		0.3		1.1		1.8		2.3		3.0		1.1		3.0		18.2		14.0		14.2	77.8	9.8	29.6
ND	3.6		5.0		2.5		—		1.7		1.1		1.5		0.4		1.4		17.4		17.8		(7.1)	14.2	13.8	(2.4)
RI	1.0		1.0		0.9		0.3		0.1		1.7		6.7		1.8		2.1		15.6		10.6		75.1	41.7	36.5	46.9
ME	1.1		0.9		0.4		0.2		0.4		2.0		5.7		0.9		0.9		12.4		7.3		(2.0)	145.3	15.5	69.2
All Other States	2.0		1.2		1.6		1.9		1.8		0.3		4.8		0.1		0.5		13.9		12.1		(4.9)	92.4	(40.4)	13.9
Total	$	1,561.0	$	1,631.8	$	949.3	$	245.4	$	440.3	$	1,069.2	$	1,656.1	$	373.4	$	694.9	$	8,621.2	$	7,438.0	8.2	30.5	15.0	15.5


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.


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	$	385		$	364		$	391		$	417		$	361		$	331		$	378		$	404		$	808		$	782		$	1,172		$	1,114		$	1,557		$	1,475
Year over year change %-written premium	7		%	10		%	3		%	3		%	2		%	2		%	1		%	4		%	3		%	2		%	5		%	2		%	6		%	2		%
Earned premiums	$	390		$	381		$	372		$	365		$	366		$	365		$	373		$	377		$	737		$	750		$	1,118		$	1,115		$	1,508		$	1,481
Current accident year before catastrophe losses	72.9		%	74.1		%	69.6		%	73.6		%	69.6		%	68.3		%	70.5		%	72.6		%	71.6		%	71.6		%	72.5		%	70.5		%	72.6		%	70.3		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(0.3)			(0.4)			7.6			0.1			14.0			—			(9.2)			(0.3)			3.9			(4.8)			2.4			(3.2)			1.7			1.0
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	72.6		%	73.7		%	77.2		%	73.7		%	83.6		%	68.3		%	61.3		%	72.3		%	75.5		%	66.8		%	74.9		%	67.3		%	74.3		%	71.3		%
Commercial property:
Net written premiums	$	383		$	389		$	392		$	362		$	338		$	344		$	335		$	316		$	754		$	650		$	1,143		$	994		$	1,526		$	1,332
Year over year change %-written premium	13		%	13		%	17		%	15		%	14		%	11		%	9		%	6		%	16		%	7		%	15		%	9		%	15		%	10		%
Earned premiums	$	373		$	361		$	348		$	336		$	331		$	321		$	312		$	299		$	684		$	611		$	1,045		$	933		$	1,418		$	1,264
Current accident year before catastrophe losses	22.3		%	40.9		%	45.7		%	48.5		%	44.4		%	45.2		%	43.4		%	49.0		%	47.0		%	46.1		%	44.9		%	45.8		%	39.0		%	45.5		%
Current accident year catastrophe losses	7.7			16.7			28.9			21.3			5.0			23.0			35.0			34.7			25.2			34.9			22.3			30.8			18.4			24.0
Prior accident years before catastrophe losses	3.2			(7.8)			(3.9)			(4.2)			(3.2)			(2.8)			(1.5)			(7.8)			(4.0)			(4.6)			(5.4)			(4.0)			(3.1)			(3.8)
Prior accident years catastrophe losses	(2.6)			(1.3)			(2.1)			(2.5)			(2.6)			(0.5)			(1.4)			2.4			(2.3)			0.5			(1.9)			0.2			(2.1)			(0.6)
Total loss and loss expense ratio	30.6		%	48.5		%	68.6		%	63.1		%	43.6		%	64.9		%	75.5		%	78.3		%	65.9		%	76.9		%	59.9		%	72.8		%	52.2		%	65.1		%
Commercial auto:
Net written premiums	$	223		$	223		$	248		$	259		$	207		$	199		$	233		$	239		$	506		$	472		$	730		$	671		$	953		$	878
Year over year change %-written premium	8		%	12		%	6		%	8		%	3		%	3		%	3		%	1		%	7		%	2		%	9		%	2		%	9		%	2		%
Earned premiums	$	237		$	231		$	228		$	220		$	218		$	216		$	214		$	213		$	448		$	428		$	679		$	644		$	916		$	862
Current accident year before catastrophe losses	65.5		%	66.7		%	67.9		%	70.0		%	65.0		%	70.1		%	68.3		%	73.5		%	68.9		%	70.9		%	68.2		%	70.6		%	67.5		%	69.2		%
Current accident year catastrophe losses	(3.3)			2.2			4.4			1.6			(1.1)			(0.8)			6.7			0.9			3.0			3.8			2.7			2.3			1.2			1.5
Prior accident years before catastrophe losses	2.4			0.2			(3.8)			(0.8)			(2.6)			0.7			(1.4)			2.7			(2.4)			0.7			(1.5)			0.6			(0.5)			(0.2)
Prior accident years catastrophe losses	(0.2)			—			—			(0.1)			—			—			(0.3)			(1.5)			—			(1.0)			—			(0.6)			(0.1)			(0.5)
Total loss and loss expense ratio	64.4		%	69.1		%	68.5		%	70.7		%	61.3		%	70.0		%	73.3		%	75.6		%	69.5		%	74.4		%	69.4		%	72.9		%	68.1		%	70.0		%
Workers' compensation:
Net written premiums	$	54		$	56		$	55		$	79		$	57		$	57		$	65		$	82		$	134		$	147		$	190		$	203		$	244		$	260
Year over year change %-written premium	(5)		%	(2)		%	(15)		%	(4)		%	(11)		%	(5)		%	(6)		%	(5)		%	(9)		%	(5)		%	(6)		%	(5)		%	(6)		%	(6)		%
Earned premiums	$	60		$	61		$	59		$	61		$	65		$	66		$	72		$	74		$	120		$	146		$	182		$	212		$	242		$	277
Current accident year before catastrophe losses	87.9		%	88.2		%	86.5		%	91.5		%	87.2		%	90.3		%	90.0		%	83.2		%	89.0		%	86.5		%	88.8		%	87.7		%	88.5		%	87.6		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(44.4)			(26.7)			(46.9)			(19.3)			(31.1)			(30.7)			(15.4)			(19.6)			(32.9)			(17.5)			(30.8)			(21.6)			(34.2)			(23.9)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	43.5		%	61.5		%	39.6		%	72.2		%	56.1		%	59.6		%	74.6		%	63.6		%	56.1		%	69.0		%	58.0		%	66.1		%	54.3		%	63.7		%
Other commercial:
Net written premiums	$	98		$	106		$	100		$	106		$	97		$	98		$	95		$	100		$	207		$	196		$	312		$	294		$	410		$	391
Year over year change %-written premium	1		%	8		%	5		%	6		%	5		%	3		%	2		%	15		%	6		%	9		%	6		%	7		%	5		%	7		%
Earned premiums	$	100		$	103		$	100		$	100		$	100		$	94		$	95		$	93		$	200		$	187		$	302		$	280		$	402		$	380
Current accident year before catastrophe losses	47.9		%	50.5		%	40.7		%	40.5		%	34.5		%	39.1		%	35.2		%	38.1		%	40.6		%	36.6		%	43.9		%	37.4		%	44.9		%	36.7		%
Current accident year catastrophe losses	0.1			0.1			—			0.1			—			0.2			0.1			—			0.1			0.1			0.1			0.1			0.1			0.1
Prior accident years before catastrophe losses	—			0.4			0.2			(2.8)			(4.0)			(5.8)			(0.8)			(2.5)			(1.3)			(1.6)			(0.6)			(3.0)			(0.5)			(3.3)
Prior accident years catastrophe losses	—			(0.1)			0.1			0.1			0.1			—			—			(0.1)			0.1			(0.1)			—			—			—			—
Total loss and loss expense ratio	48.0		%	50.9		%	41.0		%	37.9		%	30.6		%	33.5		%	34.5		%	35.5		%	39.5		%	35.0		%	43.4		%	34.5		%	44.5		%	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.


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	$	270		$	296		$	283		$	216		$	207		$	227		$	212		$	163		$	499		$	374		$	795		$	602		$	1,065		$	809
Year over year change %-written premium	30		%	30		%	33		%	33		%	31		%	27		%	20		%	16		%	33		%	18		%	32		%	21		%	32		%	24		%
Earned premiums	$	258		$	242		$	224		$	208		$	197		$	185		$	173		$	166		$	432		$	339		$	674		$	524		$	932		$	721
Current accident year before catastrophe losses	70.0		%	68.7		%	73.3		%	73.8		%	66.7		%	73.2		%	76.6		%	78.8		%	73.5		%	77.7		%	71.8		%	76.0		%	71.3		%	73.6		%
Current accident year catastrophe losses	(3.6)			6.6			3.6			3.4			(1.1)			(3.4)			8.9			4.2			3.5			6.6			4.6			3.1			2.3			1.9
Prior accident years before catastrophe losses	4.0			1.5			5.3			(1.9)			(1.3)			—			(4.1)			0.3			1.9			(1.9)			1.7			(1.2)			2.4			(1.3)
Prior accident years catastrophe losses	—			—			(0.1)			(0.7)			—			(0.1)			(0.7)			(2.7)			(0.4)			(1.7)			(0.2)			(1.1)			(0.2)			(0.8)
Total loss and loss expense ratio	70.4		%	76.8		%	82.1		%	74.6		%	64.3		%	69.7		%	80.7		%	80.6		%	78.5		%	80.7		%	77.9		%	76.8		%	75.8		%	73.4		%
Homeowner:
Net written premiums	$	394		$	442		$	433		$	303		$	298		$	339		$	330		$	222		$	736		$	552		$	1,178		$	890		$	1,572		$	1,188
Year over year change %-written premium	32		%	30		%	31		%	36		%	32		%	33		%	27		%	23		%	33		%	25		%	32		%	28		%	32		%	29		%
Earned premiums	$	379		$	352		$	326		$	303		$	289		$	271		$	251		$	232		$	629		$	484		$	981		$	755		$	1,360		$	1,044
Current accident year before catastrophe losses	34.2		%	40.9		%	42.2		%	46.9		%	42.2		%	45.0		%	47.4		%	46.5		%	44.4		%	46.9		%	43.1		%	46.3		%	40.7		%	45.1		%
Current accident year catastrophe losses	2.6			47.4			38.5			21.0			9.2			30.2			33.5			56.1			30.1			44.4			36.3			39.3			26.9			31.0
Prior accident years before catastrophe losses	(1.3)			(1.4)			1.2			(2.0)			(2.5)			(1.0)			0.7			(2.6)			(0.3)			(0.8)			(0.7)			(0.9)			(0.9)			(1.4)
Prior accident years catastrophe losses	(3.1)			(1.7)			(1.7)			(6.3)			(0.8)			(2.1)			(3.9)			(9.1)			(4.0)			(6.4)			(3.1)			(4.9)			(3.1)			(3.7)
Total loss and loss expense ratio	32.4		%	85.2		%	80.2		%	59.6		%	48.1		%	72.1		%	77.7		%	90.9		%	70.2		%	84.1		%	75.6		%	79.8		%	63.6		%	71.0		%
Other personal:
Net written premiums	$	89		$	94		$	103		$	76		$	74		$	80		$	87		$	63		$	179		$	151		$	273		$	231		$	362		$	305
Year over year change %-written premium	20		%	18		%	18		%	21		%	21		%	18		%	19		%	19		%	19		%	19		%	18		%	18		%	19		%	19		%
Earned premiums	$	89		$	84		$	81		$	77		$	74		$	71		$	69		$	66		$	158		$	134		$	242		$	205		$	331		$	279
Current accident year before catastrophe losses	57.0		%	66.5		%	54.6		%	57.4		%	48.3		%	55.7		%	56.7		%	58.9		%	56.0		%	57.7		%	59.7		%	57.1		%	59.0		%	54.7		%
Current accident year catastrophe losses	14.0			4.1			5.3			2.3			1.8			5.4			11.7			3.5			3.8			7.7			3.9			6.9			6.6			5.6
Prior accident years before catastrophe losses	7.3			8.7			(5.8)			(2.6)			2.2			1.0			2.3			(1.2)			(4.3)			0.6			0.2			0.7			2.1			1.1
Prior accident years catastrophe losses	—			—			0.2			(0.3)			(0.1)			(0.4)			0.7			1.3			—			1.0			—			0.5			—			0.3
Total loss and loss expense ratio	78.3		%	79.3		%	54.3		%	56.8		%	52.2		%	61.7		%	71.4		%	62.5		%	55.5		%	67.0		%	63.8		%	65.2		%	67.7		%	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	$	171		$	157		$	180		$	146		$	150		$	128		$	156		$	136		$	326		$	292		$	483		$	420		$	654		$	570
Year over year change %-written premium	14		%	23		%	15		%	7		%	23		%	6		%	16		%	10		%	12		%	13		%	15		%	11		%	15		%	14		%
Earned premiums	$	168		$	157		$	151		$	139		$	148		$	135		$	132		$	127		$	290		$	259		$	447		$	394		$	615		$	542
Current accident year before catastrophe losses	63.1		%	64.2		%	64.0		%	65.7		%	60.5		%	64.8		%	69.7		%	69.2		%	64.8		%	69.5		%	64.6		%	67.9		%	64.2		%	65.9		%
Current accident year catastrophe losses	1.0			1.7			1.4			0.9			0.5			(0.6)			1.4			1.5			1.2			1.4			1.4			0.8			1.3			0.7
Prior accident years before catastrophe losses	2.3			2.9			1.6			(1.7)			1.4			0.9			(4.7)			(6.2)			—			(5.4)			1.0			(3.3)			1.4			(2.0)
Prior accident years catastrophe losses	0.1			(0.2)			0.5			(0.4)			0.2			(0.2)			—			(0.3)			—			(0.1)			—			(0.2)			—			(0.1)
Total loss and loss expense ratio	66.5		%	68.6		%	67.5		%	64.5		%	62.6		%	64.9		%	66.4		%	64.2		%	66.0		%	65.4		%	67.0		%	65.2		%	66.9		%	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.


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 twelve months ended December 31, 2024
Commercial casualty	$	583	$	204	$	787	$	10	$	293	$	32	$	335	$	593	$	293	$	236	$	1,122
Commercial property	684		74		758		(111)		83		9		(19)		573		83		83		739
Commercial auto	462		87		549		5		52		17		74		467		52		104		623
Workers' compensation	124		31		155		(42)		24		—		(18)		82		24		31		137
Other commercial	123		20		143		16		19		9		44		139		19		29		187
Total commercial lines	1,976		416		2,392		(122)		471		67		416		1,854		471		483		2,808

Personal auto	510		97		607		38		32		27		97		548		32		124		704
Homeowners	699		96		795		29		12		30		71		728		12		126		866
Other personal	161		11		172		1		47		3		51		162		47		14		223
Total personal lines	1,370		204		1,574		68		91		60		219		1,438		91		264		1,793

Excess & surplus lines	177		70		247		35		89		53		177		212		89		123		424
Other	270		16		286		11		137		2		150		281		137		18		436
Total property casualty	$	3,793	$	706	$	4,499	$	(8)	$	788	$	182	$	962	$	3,785	$	788	$	888	$	5,461

Ceded loss and loss expense incurred for the twelve months ended December 31, 2024
Commercial casualty	$	(1)	$	1	$	—	$	(3)	$	4	$	—	$	1	$	(4)	$	4	$	1	$	1
Commercial property	26		1		27		(21)		(3)		(2)		(26)		5		(3)		(1)		1
Commercial auto	1		—		1		(1)		(1)		—		(2)		—		(1)		—		(1)
Workers' compensation	6		—		6		1		(2)		—		(1)		7		(2)		—		5
Other commercial	22		1		23		(15)		(1)		—		(16)		7		(1)		1		7
Total commercial lines	54		3		57		(39)		(3)		(2)		(44)		15		(3)		1		13

Personal auto	2		—		2		(1)		(2)		—		(3)		1		(2)		—		(1)
Homeowners	7		—		7		(4)		(2)		—		(6)		3		(2)		—		1
Other personal	—		—		—		—		(2)		—		(2)		—		(2)		—		(2)
Total personal lines	9		—		9		(5)		(6)		—		(11)		4		(6)		—		(2)

Excess & surplus lines	17		1		18		(6)		1		—		(5)		11		1		1		13
Other	33		1		34		(15)		(18)		—		(33)		18		(18)		1		1
Total property casualty	$	113	$	5	$	118	$	(65)	$	(26)	$	(2)	$	(93)	$	48	$	(26)	$	3	$	25

Net loss and loss expense incurred for the twelve months ended December 31, 2024
Commercial casualty	$	584	$	203	$	787	$	13	$	289	$	32	$	334	$	597	$	289	$	235	$	1,121
Commercial property	658		73		731		(90)		86		11		7		568		86		84		738
Commercial auto	461		87		548		6		53		17		76		467		53		104		624
Workers' compensation	118		31		149		(43)		26		—		(17)		75		26		31		132
Other commercial	101		19		120		31		20		9		60		132		20		28		180
Total commercial lines	1,922		413		2,335		(83)		474		69		460		1,839		474		482		2,795

Personal auto	508		97		605		39		34		27		100		547		34		124		705
Homeowners	692		96		788		33		14		30		77		725		14		126		865
Other personal	161		11		172		1		49		3		53		162		49		14		225
Total personal lines	1,361		204		1,565		73		97		60		230		1,434		97		264		1,795

Excess & surplus lines	160		69		229		41		88		53		182		201		88		122		411
Other	237		15		252		26		155		2		183		263		155		17		435
Total property casualty	$	3,680	$	701	$	4,381	$	57	$	814	$	184	$	1,055	$	3,737	$	814	$	885	$	5,436

*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.


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 December 31, 2024
Commercial casualty	$	148	$	51	$	199	$	(3)	$	74	$	16	$	87	$	145	$	74	$	67	$	286
Commercial property	161		19		180		(46)		(29)		5		(70)		115		(29)		24		110
Commercial auto	123		21		144		(4)		5		6		7		119		5		27		151
Workers' compensation	32		8		40		(14)		1		3		(10)		18		1		11		30
Other commercial	26		5		31		6		7		8		21		32		7		13		52
Total commercial lines	490		104		594		(61)		58		38		35		429		58		142		629

Personal auto	144		24		168		11		(10)		12		13		155		(10)		36		181
Homeowners	213		29		242		10		(136)		8		(118)		223		(136)		37		124
Other personal	33		3		36		12		18		1		31		45		18		4		67
Total personal lines	390		56		446		33		(128)		21		(74)		423		(128)		77		372

Excess & surplus lines	43		19		62		9		28		16		53		52		28		35		115
Other	80		6		86		20		36		1		57		100		36		7		143
Total property casualty	$	1,003	$	185	$	1,188	$	1	$	(6)	$	76	$	71	$	1,004	$	(6)	$	261	$	1,259

Ceded loss and loss expense incurred for the three months ended December 31, 2024
Commercial casualty	$	(2)	$	—	$	(2)	$	(2)	$	6	$	—	$	4	$	(4)	$	6	$	—	$	2
Commercial property	5		—		5		(5)		(2)		(2)		(9)		—		(2)		(2)		(4)
Commercial auto	—		—		—		—		(1)		—		(1)		—		(1)		—		(1)
Workers' compensation	3		—		3		1		—		—		1		4		—		—		4
Other commercial	3		—		3		2		(1)		—		1		5		(1)		—		4
Total commercial lines	9		—		9		(4)		2		(2)		(4)		5		2		(2)		5

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

Excess & surplus lines	4		—		4		(1)		—		—		(1)		3		—		—		3
Other	10		—		10		(5)		(7)		—		(12)		5		(7)		—		(2)
Total property casualty	$	25	$	—	$	25	$	(10)	$	(9)	$	(2)	$	(21)	$	15	$	(9)	$	(2)	$	4

Net loss and loss expense incurred for the three months ended December 31, 2024
Commercial casualty	$	150	$	51	$	201	$	(1)	$	68	$	16	$	83	$	149	$	68	$	67	$	284
Commercial property	156		19		175		(41)		(27)		7		(61)		115		(27)		26		114
Commercial auto	123		21		144		(4)		6		6		8		119		6		27		152
Workers' compensation	29		8		37		(15)		1		3		(11)		14		1		11		26
Other commercial	23		5		28		4		8		8		20		27		8		13		48
Total commercial lines	481		104		585		(57)		56		40		39		424		56		144		624

Personal auto	144		24		168		11		(9)		12		14		155		(9)		36		182
Homeowners	211		29		240		10		(135)		8		(117)		221		(135)		37		123
Other personal	33		3		36		12		20		1		33		45		20		4		69
Total personal lines	388		56		444		33		(124)		21		(70)		421		(124)		77		374

Excess & surplus lines	39		19		58		10		28		16		54		49		28		35		112
Other	70		6		76		25		43		1		69		95		43		7		145
Total property casualty	$	978	$	185	$	1,163	$	11	$	3	$	78	$	92	$	989	$	3	$	263	$	1,255

*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.



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	$	1,759		$	1,795		$	1,843		$	1,683		$	1,534		$	1,549		$	1,643		$	1,535		$	3,526		$	3,178		$	5,321		$	4,727		$	7,080		$	6,261
Agency new business written premiums	382			406			407			346			310			313			303			251			753			554			1,159			867			1,541			1,177

Other written premiums	102			92			209			219			76			95			204			233			428			437			520			532			622			608
Net written premiums	$	2,243		$	2,293		$	2,459		$	2,248		$	1,920		$	1,957		$	2,150		$	2,019		$	4,707		$	4,169		$	7,000		$	6,126		$	9,243		$	8,046
Unearned premium change	41			(76)			(384)			(256)			64			—			(287)			(178)			(640)			(465)			(716)			(465)			(675)			(401)
Earned premiums	$	2,284		$	2,217		$	2,075		$	1,992		$	1,984		$	1,957		$	1,863		$	1,841		$	4,067		$	3,704		$	6,284		$	5,661		$	8,568		$	7,645
Year over year change %
Agency renewal written premiums	15		%	16		%	12		%	10		%	10		%	11		%	11		%	10		%	11		%	10		%	13		%	11		%	13		%	11		%
Agency new business written premiums	23			30			34			38			30			19			6			3			36			5			34			9			31			14

Other written premiums	34			(3)			2			(6)			27			(1)			4			(10)			(2)			(4)			(2)			(3)			2			—
Net written premiums	17			17			14			11			13			12			9			6			13			8			14			9			15			10
Paid losses and loss expenses
Losses paid	$	978		$	946		$	893		$	861		$	933		$	907		$	924		$	893		$	1,755		$	1,816		$	2,701		$	2,723		$	3,680		$	3,656
Loss expenses paid	185			168			174			176			158			151			157			153			349			311			517			462			701			620
Loss and loss expenses paid	$	1,163		$	1,114		$	1,067		$	1,037		$	1,091		$	1,058		$	1,081		$	1,046		$	2,104		$	2,127		$	3,218		$	3,185		$	4,381		$	4,276
Incurred losses and loss expenses
Loss and loss expense incurred	$	1,255		$	1,499		$	1,412		$	1,270		$	1,118		$	1,261		$	1,262		$	1,317		$	2,682		$	2,579		$	4,181		$	3,840		$	5,436		$	4,958
Loss and loss expenses paid as a % of incurred	92.7		%	74.3		%	75.6		%	81.7		%	97.6		%	83.9		%	85.7		%	79.4		%	78.4		%	82.5		%	77.0		%	82.9		%	80.6		%	86.2		%
Statutory combined ratio
Loss ratio	43.2		%	58.3		%	59.1		%	55.2		%	47.8		%	54.9		%	58.3		%	60.5		%	57.2		%	59.4		%	57.6		%	57.8		%	53.8		%	55.3		%
Loss adjustment expense ratio	11.8			11.0			10.1			9.6			10.3			10.3			9.7			11.6			9.8			10.7			10.2			10.6			10.6			10.5
Net underwriting expense ratio	30.2			28.5			27.7			27.5			31.3			29.1			27.7			27.5			27.6			27.6			27.9			28.1			28.5			28.8
US Statutory combined ratio	85.2		%	97.8		%	96.9		%	92.3		%	89.4		%	94.3		%	95.7		%	99.6		%	94.6		%	97.7		%	95.7		%	96.5		%	92.9		%	94.6		%
Contribution from catastrophe losses	2.8			13.4			11.6			6.1			1.8			8.7			12.3			12.7			8.9			12.5			10.5			11.2			8.4			8.8
Statutory combined ratio excl. catastrophe losses	82.4		%	84.4		%	85.3		%	86.2		%	87.6		%	85.6		%	83.4		%	86.9		%	85.7		%	85.2		%	85.2		%	85.3		%	84.5		%	85.8		%
GAAP combined ratio
GAAP combined ratio	84.7		%	97.4		%	98.5		%	93.6		%	87.5		%	94.4		%	97.6		%	100.7		%	96.1		%	99.2		%	96.5		%	97.5		%	93.4		%	94.9		%
Contribution from catastrophe losses	4.0			13.0			11.2			5.9			1.3			9.1			12.0			12.8			8.6			12.4			10.1			11.3			8.5			8.7
GAAP combined ratio excl. catastrophe losses	80.7		%	84.4		%	87.3		%	87.7		%	86.2		%	85.3		%	85.6		%	87.9		%	87.5		%	86.8		%	86.4		%	86.2		%	84.9		%	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.



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	$	1,001		$	987		$	1,023		$	1,076		$	936		$	914		$	985		$	1,041		$	2,099		$	2,026		$	3,086		$	2,940		$	4,087		$	3,876
Agency new business written premiums	179			187			193			182			153			148			149			134			375			283			562			431			741			584
Other written premiums	(37)			(36)			(30)			(35)			(29)			(33)			(28)			(34)			(65)			(62)			(101)			(95)			(138)			(124)
Net written premiums	$	1,143		$	1,138		$	1,186		$	1,223		$	1,060		$	1,029		$	1,106		$	1,141		$	2,409		$	2,247		$	3,547		$	3,276		$	4,690		$	4,336
Unearned premium change	17			(1)			(79)			(141)			20			33			(40)			(85)			(220)			(125)			(221)			(92)			(204)			(72)
Earned premiums	$	1,160		$	1,137		$	1,107		$	1,082		$	1,080		$	1,062		$	1,066		$	1,056		$	2,189		$	2,122		$	3,326		$	3,184		$	4,486		$	4,264
Year over year change %
Agency renewal written premiums	7		%	8		%	4		%	3		%	3		%	6		%	5		%	7		%	4		%	6		%	5		%	6		%	5		%	6		%
Agency new business written premiums	17			26			30			36			18			(1)			(10)			(14)			33			(12)			30			(8)			27			(3)
Other written premiums	(28)			(9)			(7)			(3)			6			(32)			(4)			(13)			(5)			(9)			(6)			(16)			(11)			(10)
Net written premiums	8			11			7			7			5			5			3			4			7			4			8			4			8			4
Paid losses and loss expenses
Losses paid	$	481		$	500		$	460		$	479		$	549		$	490		$	550		$	513		$	941		$	1,063		$	1,440		$	1,552		$	1,922		$	2,101
Loss expenses paid	104			102			103			106			93			92			96			97			207			193			311			285			413			379
Loss and loss expenses paid	$	585		$	602		$	563		$	585		$	642		$	582		$	646		$	610		$	1,148		$	1,256		$	1,751		$	1,837		$	2,335		$	2,480
Incurred losses and loss expenses
Loss and loss expense incurred	$	624		$	706		$	746		$	719		$	651		$	680		$	708		$	748		$	1,465		$	1,456		$	2,171		$	2,136		$	2,795		$	2,787
Loss and loss expenses paid as a % of incurred	93.8		%	85.3		%	75.5		%	81.4		%	98.6		%	85.6		%	91.2		%	81.6		%	78.4		%	86.3		%	80.7		%	86.0		%	83.5		%	89.0		%
Statutory combined ratio
Loss ratio	41.4		%	51.0		%	57.8		%	56.5		%	48.9		%	53.4		%	56.5		%	57.9		%	57.2		%	57.2		%	55.1		%	55.9		%	51.5		%	54.1		%
Loss adjustment expense ratio	12.4			11.1			9.6			9.9			11.4			10.6			9.9			12.9			9.7			11.4			10.2			11.2			10.8			11.2
Net underwriting expense ratio	31.4			31.2			29.9			27.4			32.6			31.8			29.4			27.7			28.7			28.5			29.4			29.5			29.9			30.3
Statutory combined ratio	85.2		%	93.3		%	97.3		%	93.8		%	92.9		%	95.8		%	95.8		%	98.5		%	95.6		%	97.1		%	94.7		%	96.6		%	92.2		%	95.6		%
Contribution from catastrophe losses	0.9			5.4			9.3			6.2			0.5			6.7			11.1			10.4			7.8			10.7			6.9			9.4			5.4			7.2
Statutory combined ratio excl. catastrophe losses	84.3		%	87.9		%	88.0		%	87.6		%	92.4		%	89.1		%	84.7		%	88.1		%	87.8		%	86.4		%	87.8		%	87.2		%	86.8		%	88.4		%
GAAP combined ratio
GAAP combined ratio	84.5		%	93.0		%	99.1		%	96.5		%	92.2		%	95.2		%	96.9		%	100.4		%	97.9		%	98.6		%	96.2		%	97.5		%	93.2		%	96.2		%
Contribution from catastrophe losses	0.9			5.4			9.3			6.2			0.5			6.7			11.1			10.4			7.8			10.7			6.9			9.4			5.4			7.2
GAAP combined ratio excl. catastrophe losses	83.6		%	87.6		%	89.8		%	90.3		%	91.7		%	88.5		%	85.8		%	90.0		%	90.1		%	87.9		%	89.3		%	88.1		%	87.8		%	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.



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	$	625		$	695		$	681		$	494		$	486		$	542		$	541		$	388		$	1,175		$	929		$	1,870		$	1,471		$	2,495		$	1,957
Agency new business written premiums	154			165			163			122			109			122			106			79			285			185			450			307			604			416
Other written premiums	(26)			(28)			(25)			(21)			(16)			(18)			(18)			(19)			(46)			(37)			(74)			(55)			(100)			(71)
Net written premiums	$	753		$	832		$	819		$	595		$	579		$	646		$	629		$	448		$	1,414		$	1,077		$	2,246		$	1,723		$	2,999		$	2,302
Unearned premium change	(27)			(154)			(188)			(7)			(19)			(119)			(136)			16			(195)			(120)			(349)			(239)			(376)			(258)
Earned premiums	$	726		$	678		$	631		$	588		$	560		$	527		$	493		$	464		$	1,219		$	957		$	1,897		$	1,484		$	2,623		$	2,044
Year over year change %
Agency renewal written premiums	29		%	28		%	26		%	27		%	24		%	24		%	24		%	17		%	26		%	20		%	27		%	22		%	27		%	22		%
Agency new business written premiums	41			35			54			54			45			51			20			52			54			32			47			39			45			41
Other written premiums	(63)			(56)			(39)			(11)			30			(13)			(13)			(73)			(24)			(37)			(35)			(28)			(41)			(8)
Net written premiums	30			29			30			33			30			29			23			20			31			22			30			24			30			26
Paid losses and loss expenses
Losses paid	$	388		$	355		$	335		$	282		$	277		$	324		$	298		$	288		$	618		$	585		$	973		$	909		$	1,361		$	1,185
Loss expenses paid	56			46			51			51			45			39			44			40			102			85			148			123			204			168
Loss and loss expenses paid	$	444		$	401		$	386		$	333		$	322		$	363		$	342		$	328		$	720		$	670		$	1,121		$	1,032		$	1,565		$	1,353
Incurred losses and loss expenses
Loss and loss expense incurred	$	374		$	553		$	489		$	379		$	304		$	368		$	384		$	386		$	868		$	770		$	1,421		$	1,138		$	1,795		$	1,442
Loss and loss expenses paid as a % of incurred	118.7		%	72.5		%	78.9		%	87.9		%	105.9		%	98.6		%	89.1		%	85.0		%	82.9		%	87.0		%	78.9		%	90.7		%	87.2		%	93.8		%
Statutory combined ratio
Loss ratio	41.1		%	71.7		%	67.1		%	55.2		%	45.9		%	60.7		%	68.3		%	73.6		%	61.3		%	70.9		%	65.0		%	67.3		%	58.4		%	61.4		%
Loss adjustment expense ratio	10.4			9.8			10.5			9.3			8.4			9.2			9.6			9.6			9.9			9.6			9.9			9.4			10.0			9.2
Net underwriting expense ratio	28.5			25.8			25.2			29.6			30.0			26.3			25.5			30.0			27.1			27.4			26.6			27.0			27.1			27.7
Statutory combined ratio	80.0		%	107.3		%	102.8		%	94.1		%	84.3		%	96.2		%	103.4		%	113.2		%	98.3		%	107.9		%	101.5		%	103.7		%	95.5		%	98.3		%
Contribution from catastrophe losses	0.2			26.6			20.9			8.8			4.2			13.9			19.7			24.7			15.0			22.1			19.2			19.2			13.9			15.1
Statutory combined ratio excl. catastrophe losses	79.8		%	80.7		%	81.9		%	85.3		%	80.1		%	82.3		%	83.7		%	88.5		%	83.3		%	85.8		%	82.3		%	84.5		%	81.6		%	83.2		%
GAAP combined ratio
GAAP combined ratio	80.2		%	110.3		%	106.9		%	93.9		%	84.7		%	99.9		%	107.6		%	112.5		%	100.6		%	110.0		%	104.1		%	106.4		%	97.5		%	100.4		%
Contribution from catastrophe losses	0.2			26.6			20.9			8.8			4.2			13.9			19.7			24.7			15.0			22.1			19.2			19.2			13.9			15.1
GAAP combined ratio excl. catastrophe losses	80.0		%	83.7		%	86.0		%	85.1		%	80.5		%	86.0		%	87.9		%	87.8		%	85.6		%	87.9		%	84.9		%	87.2		%	83.6		%	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.



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	$	133		$	113		$	139		$	113		$	112		$	93		$	117		$	106		$	252		$	223		$	365		$	316		$	498		$	428
Agency new business written premiums	49			54			51			42			48			43			48			38			93			86			147			129			196			177
Other written premiums	(11)			(10)			(10)			(9)			(10)			(8)			(9)			(8)			(19)			(17)			(29)			(25)			(40)			(35)
Net written premiums	$	171		$	157		$	180		$	146		$	150		$	128		$	156		$	136		$	326		$	292		$	483		$	420		$	654		$	570
Unearned premium change	(3)			—			(29)			(7)			(2)			7			(24)			(9)			(36)			(33)			(36)			(26)			(39)			(28)
Earned premiums	$	168		$	157		$	151		$	139		$	148		$	135		$	132		$	127		$	290		$	259		$	447		$	394		$	615		$	542
Year over year change %
Agency renewal written premiums	19		%	22		%	19		%	7		%	18		%	—		%	6		%	13		%	13		%	9		%	16		%	6		%	16		%	9		%
Agency new business written premiums	2			26			6			11			45			26			45			6			8			25			14			25			11			30
Other written premiums	(10)			(25)			(11)			(13)			(67)			(33)			(13)			(33)			(12)			(21)			(16)			(25)			(14)			(35)
Net written premiums	14			23			15			7			23			6			16			10			12			13			15			11			15			14
Paid losses and loss expenses
Losses paid	$	39		$	34		$	41		$	46		$	34		$	33		$	29		$	28		$	86		$	56		$	121		$	90		$	160		$	124
Loss expenses paid	19			17			16			17			17			16			14			12			34			27			49			43			69			59
Loss and loss expenses paid	$	58		$	51		$	57		$	63		$	51		$	49		$	43		$	40		$	120		$	83		$	170		$	133		$	229		$	183
Incurred losses and loss expenses
Loss and loss expense incurred	$	112		$	107		$	102		$	90		$	93		$	87		$	89		$	81		$	192		$	170		$	299		$	257		$	411		$	350
Loss and loss expenses paid as a % of incurred	51.8		%	47.7		%	55.9		%	70.0		%	54.8		%	56.3		%	48.3		%	49.4		%	62.5		%	48.8		%	56.9		%	51.8		%	55.7		%	52.3		%
Statutory combined ratio
Loss ratio	45.1		%	45.2		%	48.6		%	48.9		%	46.2		%	44.2		%	49.6		%	44.3		%	48.7		%	47.0		%	47.5		%	46.1		%	46.8		%	46.1		%
Loss adjustment expense ratio	21.4			23.4			19.0			15.6			16.5			20.6			16.9			19.9			17.4			18.4			19.5			19.1			20.0			18.4
Net underwriting expense ratio	27.3			26.7			26.0			26.0			27.7			26.6			24.3			24.4			26.0			24.4			26.2			25.1			26.5			25.7
Statutory combined ratio	93.8		%	95.3		%	93.6		%	90.5		%	90.4		%	91.4		%	90.8		%	88.6		%	92.1		%	89.8		%	93.2		%	90.3		%	93.3		%	90.2		%
Contribution from catastrophe losses	1.1			1.5			1.9			0.5			0.7			(0.8)			1.4			1.2			1.2			1.3			1.4			0.6			1.3			0.6
Statutory combined ratio excl. catastrophe losses	92.7		%	93.8		%	91.7		%	90.0		%	89.7		%	92.2		%	89.4		%	87.4		%	90.9		%	88.5		%	91.8		%	89.7		%	92.0		%	89.6		%
GAAP combined ratio
GAAP combined ratio	93.1		%	95.3		%	95.4		%	91.9		%	89.8		%	90.5		%	92.2		%	89.9		%	93.7		%	91.1		%	94.3		%	90.9		%	94.0		%	90.6		%
Contribution from catastrophe losses	1.1			1.5			1.9			0.5			0.7			(0.8)			1.4			1.2			1.2			1.3			1.4			0.6			1.3			0.6
GAAP combined ratio excl. catastrophe losses	92.0		%	93.8		%	93.5		%	91.4		%	89.1		%	91.3		%	90.8		%	88.7		%	92.5		%	89.8		%	92.9		%	90.3		%	92.7		%	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.


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)	2024		2023		Change		% Change	2024		2023		Change		% Change
Underwriting income
Net premiums written	$	2,166	$	1,855	$	311	17	$	8,940	$	7,766	$	1,174	15
Unearned premium change	(50)		(56)		6		11	643		387		256		66
Earned premiums	$	2,216	$	1,911	$	305	16	$	8,297	$	7,379	$	918	12

Losses incurred	$	957	$	913	$	44	5	$	4,460	$	4,076	$	384	9
Defense and cost containment expenses incurred	140		101		39		39	427		366		61		17
Adjusting and other expenses incurred	122		95		27		28	455		409		46		11
Other underwriting expenses incurred	653		581		72		12	2,539		2,235		304		14
Workers compensation dividend incurred	2		1		1		100	6		5		1		20
Total underwriting deductions	$	1,874	$	1,691	$	183	11	$	7,887	$	7,091	$	796	11

Net underwriting profit	$	342	$	220	$	122	55	$	410	$	288	$	122	42

Investment income
Gross investment income earned	$	195	$	153	$	42	27	$	679	$	577	$	102	18
Net investment income earned	191		149		42		28	669		568		101		18
Realized capital gains and losses, net	67		9		58		644	400		(67)		467		nm
Net investment gains	$	258	$	158	$	100	63	$	1,069	$	501	$	568	113

Other income	$	2	$	2	$	—	—	$	7	$	6	$	1	17

Net income before federal income taxes	$	602	$	380	$	222	58	$	1,486	$	795	$	691	87
Federal and foreign income taxes incurred	99		71		28		39	182		153		29		19
Net income (statutory)	$	503	$	309	$	194	63	$	1,304	$	642	$	662	103

Policyholders' surplus - statutory**	$	8,603	$	7,294	$	1,309	18	$	8,603	$	7,294	$	1,309	18

Fixed maturities at amortized cost - statutory	$	12,237	$	9,922	$	2,315	23	$	12,237	$	9,922	$	2,315	23
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.


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)	2024		2023		Change		% Change	2024		2023		Change		% Change
Net premiums written	$	91	$	87	$	4	5	$	359	$	360	$	(1)	—
Net investment income	50		47		3		6	192		185		7		4

Commissions and expense allowances on reinsurance ceded	1		2		(1)		(50)	4		5		(1)		(20)
Income from fees associated with separate accounts	1		3		(2)		(67)	5		10		(5)		(50)
Total revenues	$	143	$	139	$	4	3	$	560	$	560	$	—	—

Death benefits and matured endowments	$	46	$	44	$	2	5	$	172	$	166	$	6	4
Annuity benefits	21		37		(16)		(43)	118		145		(27)		(19)
Disability benefits and benefits under accident and health contracts	—		1		(1)		(100)	2		2		—		—
Surrender benefits and group conversions	9		6		3		50	35		27		8		30
Interest and adjustments on deposit-type contract funds	2		1		1		100	6		7		(1)		(14)
Increase in aggregate reserves for life and accident and health contracts	2		(7)		9		nm	(18)		(10)		(8)		(80)

Total benefit expenses	$	80	$	82	$	(2)	(2)	$	315	$	337	$	(22)	(7)

Commissions	$	12	$	12	$	—	—	$	49	$	49	$	—	—
General insurance expenses and taxes	17		16		1		6	62		57		5		9
Increase in loading on deferred and uncollected premiums	(2)		—		(2)		nm	—		(1)		1		100
Net transfers from Separate Accounts	(3)		(3)		—		—	(6)		(9)		3		33

Total underwriting expenses	$	24	$	25	$	(1)	(4)	$	105	$	96	$	9	9

Federal and foreign income tax provision	11		10		1		10	35		29		6		21

Net gain from operations before capital gains or losses	$	28	$	22	$	6	27	$	105	$	98	$	7	7

Gains and losses net of capital gains tax, net	1		(5)		6		nm	(9)		(8)		(1)		(13)

Net income - statutory	$	29	$	17	$	12	71	$	96	$	90	$	6	7

Policyholders' surplus - statutory**	$	508	$	414	$	94	23	$	508	$	414	$	94	23

Fixed maturities at amortized cost - statutory	$	3,884	$	3,896	$	(12)	—	$	3,884	$	3,896	$	(12)	—
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. *Current year policyholders' surplus amount subject to change.



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:
Written premiums	$	99		$	89		$	207		$	202		$	66		$	85		$	177		$	230		$	409		$	407		$	498		$	492		$	597		$	558
Year over year change %- written premium	50		%	5		%	17		%	(12)		%	(1)		%	(1)		%	—		%	(9)		%	—		%	(6)		%	1		%	(5)		%	7		%	(5)		%
Earned premiums	$	162		$	138		$	138		$	135		$	123		$	134		$	122		$	150		$	273		$	272		$	411		$	406		$	573		$	529









Current accident year before catastrophe losses	37.6		%	52.5		%	49.6		%	63.0		%	42.6		%	51.5		%	57.8		%	45.2		%	56.3		%	50.9		%	55.0		%	51.1		%	50.0		%	49.1		%
Current accident year catastrophe losses	29.1			30.2			2.4			—			2.0			11.5			1.8			0.3			1.2			1.0			11.0			4.4			16.1			3.9
Prior accident years before catastrophe losses	0.7			(10.1)			(0.8)			(10.4)			4.6			(7.9)			(17.1)			6.0			(5.6)			(4.4)			(7.1)			(5.5)			(4.9)			(3.2)
Prior accident years catastrophe losses	—			(2.5)			(4.7)			—			1.0			2.0			1.9			1.7			(2.4)			1.8			(2.4)			1.9			(1.7)			1.7
Total loss and loss expense ratio	67.4		%	70.1		%	46.5		%	52.6		%	50.2		%	57.1		%	44.4		%	53.2		%	49.5		%	49.3		%	56.5		%	51.9		%	59.5		%	51.5		%

Cincinnati Global:
Written premiums	$	77		$	77		$	67		$	82		$	65		$	69		$	82		$	64		$	149		$	146		$	226		$	215		$	303		$	280
Year over year change %- written premium	18		%	12		%	(18)		%	28		%	23		%	21		%	19		%	25		%	2		%	22		%	5		%	21		%	8		%	22		%
Earned premiums	$	68		$	107		$	48		$	48		$	73		$	99		$	50		$	44		$	96		$	94		$	203		$	193		$	271		$	266
Current accident year before catastrophe losses	20.6		%	31.6		%	47.9		%	48.2		%	24.6		%	34.1		%	61.7		%	35.3		%	48.1		%	49.3		%	39.4		%	41.5		%	34.7		%	36.9		%
Current accident year catastrophe losses	47.1			9.6			—			—			(8.4)			18.2			1.1			11.1			—			5.8			5.0			12.1			15.6			6.5
Prior accident years before catastrophe losses	(10.4)			(3.8)			(21.2)			(19.7)			(1.0)			(3.4)			(9.7)			0.8			(20.4)			(4.7)			(11.7)			(4.0)			(11.4)			(3.2)
Prior accident years catastrophe losses	(3.4)			(3.6)			(4.4)			(5.9)			(2.7)			(0.2)			2.5			2.4			(5.2)			2.4			(4.3)			1.1			(4.1)			—
Total loss and loss expense ratio	53.9		%	33.8		%	22.3		%	22.6		%	12.5		%	48.7		%	55.6		%	49.6		%	22.5		%	52.8		%	28.4		%	50.7		%	34.8		%	40.2		%

Noninsurance operations:
Interest and fees on loans and leases	$	2		$	3		$	2		$	2		$	3		$	2		$	1		$	2		$	4		$	3		$	7		$	5		$	9		$	8
Other revenue	3			—			2			1			2			1			1			1			3			2			3			3			6			5
Interest expense	13			13			14			13			14			13			13			14			27			27			40			40			53			54
Operating expense	13			6			9			4			8			5			7			5			13			12			19			17			32			25
Total noninsurance operations loss	$	(21)		$	(16)		$	(19)		$	(14)		$	(17)		$	(15)		$	(18)		$	(16)		$	(33)		$	(34)		$	(49)		$	(49)		$	(70)		$	(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.


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