EX-99.2 3 exhibit9921q25.htm EX-99.2

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending March 31, 2025

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

A-

A3

BBB+

The Cincinnati Insurance Companies

Insurer Financial Strength

Property Casualty Group

Standard Market Subsidiaries:

A+

—

A1

A+

The Cincinnati Insurance Company

A+

A+

A1

A+

The Cincinnati Indemnity Company

A+

A+

A1

A+

The Cincinnati Casualty Company

A+

A+

A1

A+

Surplus Lines Subsidiary:

The Cincinnati Specialty Underwriters Insurance Company

A+

—

—

—

The Cincinnati Life Insurance Company

A+

A+

—

A+

Ratings are as of April 25, 2025, 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 2025 Supplemental Financial Data

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			Cincinnati Financial Corporation
			Supplemental Financial Data
			for the period ending March 31, 2025
						Page
			Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures			3
Consolidated
			CFC and Subsidiaries Consolidation – Three Months Ended March 31, 2025			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, 2025			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 2025 Supplemental Financial Data

2

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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 2025 Supplemental Financial Data

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Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended March 31, 2025
(Dollars in millions)			CFC			CONSOL P&C			CLIC			CFC-I			ELIM			Total
Revenues
Premiums earned:
Property casualty			$	—		$	2,437		$	—		$	—					$	2,437
Life			—			—			99			—			—			99
Premiums ceded			—			(173)			(19)			—			—			(192)
Total earned premium			—			2,264			80			—			—			2,344
Investment income, net of expenses			29			202			50			—			(1)			280
Investment gains and losses, net			(95)			29			(1)			—			—			(67)
Fee revenues			—			4			1			—			—			5
Other revenues			4			2			—			3			(5)			4
Total revenues			$	(62)		$	2,501		$	130		$	3		$	(6)		$	2,566
Benefits & expenses
Losses & contract holders' benefits			$	—		$	2,385		$	94		$	—		$	—		$	2,479
Reinsurance recoveries			—			(498)			(13)			—			—			(511)
Underwriting, acquisition and insurance expenses			—			679			23			—			—			702
Interest expense			13			—			—			1			(1)			13
Other operating expenses			14			1			—			1			(5)			11
Total expenses			$	27		$	2,567		$	104		$	2		$	(6)		$	2,694
Income (loss) before income taxes			$	(89)		$	(66)		$	26		$	1		$	—		$	(128)
Provision (benefit) for income taxes
Current operating income (loss)			$	20		$	(54)		$	6		$	—		$	—		$	(28)
Capital gains/losses			(20)			6			—			—			—			(14)
Deferred			(19)			24			(1)			—			—			4
Total provision for income taxes			$	(19)		$	(24)		$	5		$	—		$	—		$	(38)
Net income (loss) - current year			$	(70)		$	(42)		$	21		$	1		$	—		$	(90)
Net income - prior year			$	110		$	626		$	19		$	—		$	—		$	755
*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 2025 Supplemental Financial Data

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Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)			Three months ended																								Six months ended						Nine months ended						Twelve months ended
			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Consolidated
Current accident year losses greater than $5 million												$	26		$	19		$	18		$	31		$	—					$	31					$	49					$	68
Current accident year losses $2 million - $5 million												20			37			51			28			22						50						101						138
Large loss prior accident year reserve development												56			19			19			15			22						37						56						75
Total large losses incurred												$	102		$	75		$	88		$	74		$	44					$	118					$	206					$	281
Losses incurred but not reported												279			182			185			165			251						416						601						783
Other losses excluding catastrophe losses												688			653			711			741			677						1,418						2,129						2,782
Catastrophe losses												558			83			282			228			111						339						621						704
Total losses incurred												$	1,627		$	993		$	1,266		$	1,208		$	1,083					$	2,291					$	3,557					$	4,550
Commercial Lines
Current accident year losses greater than $5 million												$	7		$	9		$	11		$	31		$	—					$	31					$	42					$	51
Current accident year losses $2 million - $5 million												15			12			36			11			11						22						58						70
Large loss prior accident year reserve development												44			19			20			22			12						34						54						73
Total large losses incurred												$	66		$	40		$	67		$	64		$	23					$	87					$	154					$	194
Losses incurred but not reported												163			105			117			92			156						248						365						470
Other losses excluding catastrophe losses												318			328			337			384			368						752						1,089						1,417
Catastrophe losses												40			8			58			101			64						165						223						231
Total losses incurred												$	587		$	481		$	579		$	641		$	611					$	1,252					$	1,831					$	2,312
Personal Lines
Current accident year losses greater than $5 million												$	19		$	10		$	7		$	—		$	—					$	—					$	7					$	17
Current accident year losses $2 million - $5 million												5			25			13			15			11						26						39						64
Large loss prior accident year reserve development												12			—			(1)			(7)			10						3						2						2
Total large losses incurred												$	36		$	35		$	19		$	8		$	21					$	29					$	48					$	83
Losses incurred but not reported												74			22			33			31			22						53						86						108
Other losses excluding catastrophe losses												254			245			256			256			231						487						743						988
Catastrophe losses												405			(4)			178			129			50						179						357						353
Total losses incurred												$	769		$	298		$	486		$	424		$	324					$	748					$	1,234					$	1,532
Excess & Surplus Lines
Current accident year losses greater than $5 million												$	—		$	—		$	—		$	—		$	—					$	—					$	—					$	—
Current accident year losses $2 million - $5 million												—			—			2			2			—						2						4						4
Large loss prior accident year reserve development												—			—			—			—			—						—						—						—
Total large losses incurred												$	—		$	—		$	2		$	2		$	—					$	2					$	4					$	4
Losses incurred but not reported												46			28			12			17			30						47						59						87
Other losses excluding catastrophe losses												24			46			55			51			37						88						143						189
Catastrophe losses												—			2			2			3			1						4						6						8
Total losses incurred												$	70		$	76		$	71		$	73		$	68					$	141					$	212					$	288
*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.

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Consolidated Property Casualty
Loss Ratio Detail
			Three months ended																								Six months ended						Nine months ended						Twelve months ended
			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Consolidated
Current accident year losses greater than $5 million												1.2		%	0.8		%	0.9		%	1.5		%	—		%				0.8		%				0.8		%				0.8		%
Current accident year losses $2 million - $5 million												0.9			1.5			2.3			1.4			1.1						1.2						1.6						1.6
Large loss prior accident year reserve development												2.4			0.9			0.8			0.7			1.1						0.9						0.9						0.9
Total large loss ratio												4.5		%	3.2		%	4.0		%	3.6		%	2.2		%				2.9		%				3.3		%				3.3		%
Losses incurred but not reported												12.3			8.0			8.4			8.0			12.6						10.2						9.6						9.1
Other losses excluding catastrophe losses												30.4			28.7			32.0			35.6			34.0						34.9						33.8						32.5
Catastrophe losses												24.6			3.6			12.7			11.0			5.6						8.3						9.9						8.2
Total loss ratio												71.8		%	43.5		%	57.1		%	58.2		%	54.4		%				56.3		%				56.6		%				53.1		%
Commercial Lines
Current accident year losses greater than $5 million												0.6		%	0.8		%	1.0		%	2.8		%	—		%				1.4		%				1.3		%				1.1		%
Current accident year losses $2 million - $5 million												1.2			1.0			3.2			1.0			1.0						1.0						1.7						1.5
Large loss prior accident year reserve development												3.8			1.6			1.7			2.0			1.1						1.6						1.6						1.7
Total large loss ratio												5.6		%	3.4		%	5.9		%	5.8		%	2.1		%				4.0		%				4.6		%				4.3		%
Losses incurred but not reported												13.9			9.1			10.3			8.3			14.4						11.3						11.0						10.5
Other losses excluding catastrophe losses												26.8			28.2			29.7			34.6			34.0						34.3						32.8						31.5
Catastrophe losses												3.4			0.7			5.1			9.1			6.0						7.6						6.7						5.2
Total loss ratio												49.7		%	41.4		%	51.0		%	57.8		%	56.5		%				57.2		%				55.1		%				51.5		%
Personal Lines
Current accident year losses greater than $5 million												2.8		%	1.4		%	1.1		%	—		%	—		%				—		%				0.4		%				0.7		%
Current accident year losses $2 million - $5 million												0.7			3.4			2.0			2.4			1.8						2.1						2.1						2.4
Large loss prior accident year reserve development												1.8			—			(0.2)			(1.1)			1.8						0.3						0.1						0.1
Total large loss ratio												5.3		%	4.8		%	2.9		%	1.3		%	3.6		%				2.4		%				2.6		%				3.2		%
Losses incurred but not reported												10.5			3.0			5.0			4.8			3.8						4.3						4.6						4.1
Other losses excluding catastrophe losses												36.4			33.7			37.6			40.5			39.4						39.9						39.0						37.6
Catastrophe losses												57.9			(0.4)			26.2			20.5			8.4						14.7						18.8						13.5
Total loss ratio												110.1		%	41.1		%	71.7		%	67.1		%	55.2		%				61.3		%				65.0		%				58.4		%
Excess & Surplus Lines
Current accident year losses greater than $5 million												—		%	—		%	—		%	—		%	—		%				—		%				—		%				—		%
Current accident year losses $2 million - $5 million												—			—			1.3			1.3			—						0.7						0.9						0.7
Large loss prior accident year reserve development												—			—			—			—			—						—						—						—
Total large loss ratio												—		%	—		%	1.3		%	1.3		%	—		%				0.7		%				0.9		%				0.7		%
Losses incurred but not reported												28.1			16.9			7.1			11.6			21.6						16.4						13.2						14.2
Other losses excluding catastrophe losses												14.8			27.2			35.4			33.8			26.8						30.4						32.1						30.8
Catastrophe losses												0.2			1.0			1.5			1.9			0.5						1.2						1.3						1.2
Total loss ratio												43.1		%	45.1		%	45.3		%	48.6		%	48.9		%				48.7		%				47.5		%				46.9		%
*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.

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Consolidated Property Casualty
Loss Claim Count Detail
			Three months ended																								Six months ended						Nine months ended						Twelve months ended
			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Consolidated
Current accident year reported losses greater    than $5 million												3			1			3			5			—						5						8						10
Current accident year reported losses    $2 million - $5 million												7			14			18			11			8						19						37						49
Prior accident year reported losses on    large losses												15			11			6			9			7						16						22						33
Non-Catastrophe reported losses on       large losses total												25			26			27			25			15						40						67						92
Commercial Lines
Current accident year reported losses greater    than $5 million												1			—			2			5			—						5						7						8
Current accident year reported losses    $2 million - $5 million												5			7			12			4			4						8						20						26
Prior accident year reported losses on    large losses												11			11			6			9			4						13						19						30
Non-Catastrophe reported losses on       large losses total												17			18			20			18			8						26						46						64
Personal Lines
Current accident year reported losses greater    than $5 million												2			1			1			—			—						—						1						2
Current accident year reported losses    $2 million - $5 million												2			7			5			6			4						10						15						21
Prior accident year reported losses on    large losses												4			—			—			—			3						3						3						3
Non-Catastrophe reported losses on       large losses total												8			8			6			6			7						13						19						26
Excess & Surplus Lines
Current accident year reported losses greater    than $5 million												—			—			—			—			—						—						—						—
Current accident year reported losses    $2 million - $5 million												—			—			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.

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Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)			Three months ended																								Six months ended						Nine months ended						Twelve months ended
			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Commercial casualty:
Net written premiums												$	443		$	385		$	364		$	391		$	417					$	808					$	1,172					$	1,557
Year over year change %- written premium												6		%	7		%	10		%	3		%	3		%				3		%				5		%				6		%
Earned premiums												$	387		$	390		$	381		$	372		$	365					$	737					$	1,118					$	1,508
Current accident year before catastrophe losses												72.8		%	72.9		%	74.1		%	69.6		%	73.6		%				71.6		%				72.5		%				72.6		%
Current accident year catastrophe losses												—			—			—			—			—						—						—						—
Prior accident years before catastrophe losses												(0.3)			(0.3)			(0.4)			7.6			0.1						3.9						2.4						1.7
Prior accident years catastrophe losses												—			—			—			—			—						—						—						—
Total loss and loss expense ratio												72.5		%	72.6		%	73.7		%	77.2		%	73.7		%				75.5		%				74.9		%				74.3		%
Commercial property:
Net written premiums												$	411		$	383		$	389		$	392		$	362					$	754					$	1,143					$	1,526
Year over year change %- written premium												14		%	13		%	13		%	17		%	15		%				16		%				15		%				15		%
Earned premiums												$	389		$	373		$	361		$	348		$	336					$	684					$	1,045					$	1,418
Current accident year before catastrophe losses												43.5		%	22.3		%	40.9		%	45.7		%	48.5		%				47.0		%				44.9		%				39.0		%
Current accident year catastrophe losses												13.3			7.7			16.7			28.9			21.3						25.2						22.3						18.4
Prior accident years before catastrophe losses												(5.3)			3.2			(7.8)			(3.9)			(4.2)						(4.0)						(5.4)						(3.1)
Prior accident years catastrophe losses												(3.6)			(2.6)			(1.3)			(2.1)			(2.5)						(2.3)						(1.9)						(2.1)
Total loss and loss expense ratio												47.9		%	30.6		%	48.5		%	68.6		%	63.1		%				65.9		%				59.9		%				52.2		%
Commercial auto:
Net written premiums												$	283		$	223		$	223		$	248		$	259					$	506					$	730					$	953
Year over year change %- written premium												9		%	8		%	12		%	6		%	8		%				7		%				9		%				9		%
Earned premiums												$	241		$	237		$	231		$	228		$	220					$	448					$	679					$	916
Current accident year before catastrophe losses												68.6		%	65.5		%	66.7		%	67.9		%	70.0		%				68.9		%				68.2		%				67.5		%
Current accident year catastrophe losses												1.8			(3.3)			2.2			4.4			1.6						3.0						2.7						1.2
Prior accident years before catastrophe losses												2.9			2.4			0.2			(3.8)			(0.8)						(2.4)						(1.5)						(0.5)
Prior accident years catastrophe losses												(0.1)			(0.2)			—			—			(0.1)						—						—						(0.1)
Total loss and loss expense ratio												73.2		%	64.4		%	69.1		%	68.5		%	70.7		%				69.5		%				69.4		%				68.1		%
Workers' compensation:
Net written premiums												$	79		$	54		$	56		$	55		$	79					$	134					$	190					$	244
Year over year change %- written premium												—		%	(5)		%	(2)		%	(15)		%	(4)		%				(9)		%				(6)		%				(6)		%
Earned premiums												$	61		$	60		$	61		$	59		$	61					$	120					$	182					$	242
Current accident year before catastrophe losses												95.5		%	87.9		%	88.2		%	86.5		%	91.5		%				89.0		%				88.8		%				88.5		%
Current accident year catastrophe losses												—			—			—			—			—						—						—						—
Prior accident years before catastrophe losses												(18.6)			(44.4)			(26.7)			(46.9)			(19.3)						(32.9)						(30.8)						(34.2)
Prior accident years catastrophe losses												—			—			—			—			—						—						—						—
Total loss and loss expense ratio												76.9		%	43.5		%	61.5		%	39.6		%	72.2		%				56.1		%				58.0		%				54.3		%
Other commercial:
Net written premiums												$	109		$	98		$	106		$	100		$	106					$	207					$	312					$	410
Year over year change %- written premium												3		%	1		%	8		%	5		%	6		%				6		%				6		%				5		%
Earned premiums												$	101		$	100		$	103		$	100		$	100					$	200					$	302					$	402
Current accident year before catastrophe losses												45.8		%	47.9		%	50.5		%	40.7		%	40.5		%				40.6		%				43.9		%				44.9		%
Current accident year catastrophe losses												0.1			0.1			0.1			—			0.1						0.1						0.1						0.1
Prior accident years before catastrophe losses												(2.2)			—			0.4			0.2			(2.8)						(1.3)						(0.6)						(0.5)
Prior accident years catastrophe losses												—			—			(0.1)			0.1			0.1						0.1						—						—
Total loss and loss expense ratio												43.7		%	48.0		%	50.9		%	41.0		%	37.9		%				39.5		%				43.4		%				44.5		%
*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 2025 Supplemental Financial Data

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Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)			Three months ended																								Six months ended						Nine months ended						Twelve months ended
			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Personal auto:
Net written premiums												$	266		$	270		$	296		$	283		$	216					$	499					$	795					$	1,065
Year over year change %- written premium												23		%	30		%	30		%	33		%	33		%				33		%				32		%				32		%
Earned premiums												$	271		$	258		$	242		$	224		$	208					$	432					$	674					$	932
Current accident year before catastrophe losses												71.2		%	70.0		%	68.7		%	73.3		%	73.8		%				73.5		%				71.8		%				71.3		%
Current accident year catastrophe losses												3.0			(3.6)			6.6			3.6			3.4						3.5						4.6						2.3
Prior accident years before catastrophe losses												(0.8)			4.0			1.5			5.3			(1.9)						1.9						1.7						2.4
Prior accident years catastrophe losses												(0.3)			—			—			(0.1)			(0.7)						(0.4)						(0.2)						(0.2)
Total loss and loss expense ratio												73.1		%	70.4		%	76.8		%	82.1		%	74.6		%				78.5		%				77.9		%				75.8		%
Homeowner:
Net written premiums												$	320		$	394		$	442		$	433		$	303					$	736					$	1,178					$	1,572
Year over year change %- written premium												6		%	32		%	30		%	31		%	36		%				33		%				32		%				32		%
Earned premiums												$	338		$	379		$	352		$	326		$	303					$	629					$	981					$	1,360
Current accident year before catastrophe losses												53.4		%	34.2		%	40.9		%	42.2		%	46.9		%				44.4		%				43.1		%				40.7		%
Current accident year catastrophe losses												122.5			2.6			47.4			38.5			21.0						30.1						36.3						26.9
Prior accident years before catastrophe losses												(2.0)			(1.3)			(1.4)			1.2			(2.0)						(0.3)						(0.7)						(0.9)
Prior accident years catastrophe losses												(3.5)			(3.1)			(1.7)			(1.7)			(6.3)						(4.0)						(3.1)						(3.1)
Total loss and loss expense ratio												170.4		%	32.4		%	85.2		%	80.2		%	59.6		%				70.2		%				75.6		%				63.6		%
Other personal:
Net written premiums												$	86		$	89		$	94		$	103		$	76					$	179					$	273					$	362
Year over year change %- written premium												13		%	20		%	18		%	18		%	21		%				19		%				18		%				19		%
Earned premiums												$	89		$	89		$	84		$	81		$	77					$	158					$	242					$	331
Current accident year before catastrophe losses												76.2		%	57.0		%	66.5		%	54.6		%	57.4		%				56.0		%				59.7		%				59.0		%
Current accident year catastrophe losses												1.1			14.0			4.1			5.3			2.3						3.8						3.9						6.6
Prior accident years before catastrophe losses												3.7			7.3			8.7			(5.8)			(2.6)						(4.3)						0.2						2.1
Prior accident years catastrophe losses												(0.4)			—			—			0.2			(0.3)						—						—						—
Total loss and loss expense ratio												80.6		%	78.3		%	79.3		%	54.3		%	56.8		%				55.5		%				63.8		%				67.7		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)			Three months ended																								Six months ended						Nine months ended						Twelve months ended
			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Excess & Surplus:
Net written premiums												$	168		$	171		$	157		$	180		$	146					$	326					$	483					$	654
Year over year change %- written premium												15		%	14		%	23		%	15		%	7		%				12		%				15		%				15		%
Earned premiums												$	162		$	168		$	157		$	151		$	139					$	290					$	447					$	615
Current accident year before catastrophe losses												65.6		%	63.1		%	64.2		%	64.0		%	65.7		%				64.8		%				64.6		%				64.2		%
Current accident year catastrophe losses												0.8			1.0			1.7			1.4			0.9						1.2						1.4						1.3
Prior accident years before catastrophe losses												(5.0)			2.3			2.9			1.6			(1.7)						—						1.0						1.4
Prior accident years catastrophe losses												(0.5)			0.1			(0.2)			0.5			(0.4)						—						—						—
Total loss and loss expense ratio												60.9		%	66.5		%	68.6		%	67.5		%	64.5		%				66.0		%				67.0		%				66.9		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2025 Supplemental Financial Data

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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, 2025
Commercial casualty						$	113					$	54					$	167					$	17					$	79					$	13					$	109					$	130					$	79					$	67					$	276
Commercial property						135						20						155						(34)						66						3						35						101						66						23						190
Commercial auto						116						23						139						(5)						36						7						38						111						36						30						177
Workers' compensation						30						7						37						(7)						9						9						11						23						9						16						48
Other commercial						23						5						28						—						11						7						18						23						11						12						46
Total commercial lines						417						109						526						(29)						201						39						211						388						201						148						737
Personal auto						138						31						169						3						21						6						30						141						21						37						199
Homeowners						626						30						656						126						207						7						340						752						207						37						996
Other personal						41						3						44						12						24						—						36						53						24						3						80
Total personal lines						805						64						869						141						252						13						406						946						252						77						1,275
Excess & surplus lines						41						18						59						(12)						46						11						45						29						46						29						104
Other						156						5						161						29						78						1						108						185						78						6						269
Total property casualty						$	1,419					$	196					$	1,615					$	129					$	577					$	64					$	770					$	1,548					$	577					$	260					$	2,385
Ceded loss and loss expense incurred for the three months ended March 31, 2025
Commercial casualty						$	—					$	—					$	—					$	(3)					$	(1)					$	—					$	(4)					$	(3)					$	(1)					$	—					$	(4)
Commercial property						10						—						10						(14)						9						—						(5)						(4)						9						—						5
Commercial auto						—						—						—						—						—						—						—						—						—						—						—
Workers' compensation						—						—						—						—						—						—						—						—						—						—						—
Other commercial						4						—						4						(2)						(1)						—						(3)						2						(1)						—						1
Total commercial lines						14						—						14						(19)						7						—						(12)						(5)						7						—						2
Personal auto						1						—						1						—						—						—						—						1						—						—						1
Homeowners						193						—						193						109						118						—						227						302						118						—						420
Other personal						2						—						2						2						4						—						6						4						4						—						8
Total personal lines						196						—						196						111						122						—						233						307						122						—						429
Excess & surplus lines						1						—						1						4						—						—						4						5						—						—						5
Other						5						—						5						(1)						58						—						57						4						58						—						62
Total property casualty						$	216					$	—					$	216					$	95					$	187					$	—					$	282					$	311					$	187					$	—					$	498
Net loss and loss expense incurred for the three months ended March 31, 2025
Commercial casualty						$	113					$	54					$	167					$	20					$	80					$	13					$	113					$	133					$	80					$	67					$	280
Commercial property						125						20						145						(20)						57						3						40						105						57						23						185
Commercial auto						116						23						139						(5)						36						7						38						111						36						30						177
Workers' compensation						30						7						37						(7)						9						9						11						23						9						16						48
Other commercial						19						5						24						2						12						7						21						21						12						12						45
Total commercial lines						403						109						512						(10)						194						39						223						393						194						148						735
Personal auto						137						31						168						3						21						6						30						140						21						37						198
Homeowners						433						30						463						17						89						7						113						450						89						37						576
Other personal						39						3						42						10						20						—						30						49						20						3						72
Total personal lines						609						64						673						30						130						13						173						639						130						77						846
Excess & surplus lines						40						18						58						(16)						46						11						41						24						46						29						99
Other						151						5						156						30						20						1						51						181						20						6						207
Total property casualty						$	1,203					$	196					$	1,399					$	34					$	390					$	64					$	488					$	1,237					$	390					$	260					$	1,887
*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 2025 Supplemental Financial Data

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Quarterly Property Casualty Data - Consolidated
(Dollars in millions)			Three months ended																								Six months ended						Nine months ended						Twelve months ended
			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Premiums
Agency renewal written premiums												$	1,912		$	1,759		$	1,795		$	1,843		$	1,683					$	3,526					$	5,321					$	7,080
Agency new business written premiums												383			382			406			407			346						753						1,159						1,541
Other written premiums												200			102			92			209			219						428						520						622
Net written premiums												$	2,495		$	2,243		$	2,293		$	2,459		$	2,248					$	4,707					$	7,000					$	9,243
Unearned premium change												(231)			41			(76)			(384)			(256)						(640)						(716)						(675)
Earned premiums												$	2,264		$	2,284		$	2,217		$	2,075		$	1,992					$	4,067					$	6,284					$	8,568
Year over year change %
Agency renewal written premiums												14		%	15		%	16		%	12		%	10		%				11		%				13		%				13		%
Agency new business written premiums												11			23			30			34			38						36						34						31
Other written premiums												(9)			34			(3)			2			(6)						(2)						(2)						2
Net written premiums												11			17			17			14			11						13						14						15
Paid losses and loss expenses
Losses paid												$	1,203		$	978		$	946		$	893		$	861					$	1,755					$	2,701					$	3,680
Loss expenses paid												196			185			168			174			176						349						517						701
Loss and loss expenses paid												$	1,399		$	1,163		$	1,114		$	1,067		$	1,037					$	2,104					$	3,218					$	4,381
Incurred losses and loss expenses
Loss and loss expense incurred												$	1,887		$	1,255		$	1,499		$	1,412		$	1,270					$	2,682					$	4,181					$	5,436
Loss and loss expenses paid as a % of incurred												74.1		%	92.7		%	74.3		%	75.6		%	81.7		%				78.4		%				77.0		%				80.6		%
Statutory combined ratio
Loss ratio												72.4		%	43.2		%	58.3		%	59.1		%	55.2		%				57.2		%				57.6		%				53.8		%
Loss adjustment expense ratio												11.7			11.8			11.0			10.1			9.6						9.8						10.2						10.6
Net underwriting expense ratio												28.2			30.2			28.5			27.7			27.5						27.6						27.9						28.5
US Statutory combined ratio												112.3		%	85.2		%	97.8		%	96.9		%	92.3		%				94.6		%				95.7		%				92.9		%
Contribution from catastrophe losses												25.2			2.8			13.4			11.6			6.1						8.9						10.5						8.4
Statutory combined ratio excl. catastrophe losses												87.1		%	82.4		%	84.4		%	85.3		%	86.2		%				85.7		%				85.2		%				84.5		%
GAAP combined ratio
GAAP combined ratio												113.3		%	84.7		%	97.4		%	98.5		%	93.6		%				96.1		%				96.5		%				93.4		%
Contribution from catastrophe losses												25.0			4.0			13.0			11.2			5.9						8.6						10.1						8.5
GAAP combined ratio excl. catastrophe losses												88.3		%	80.7		%	84.4		%	87.3		%	87.7		%				87.5		%				86.4		%				84.9		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed  independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF First-Quarter 2025 Supplemental Financial Data

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Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)			Three months ended																								Six months ended						Nine months ended						Twelve months ended
			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Premiums
Agency renewal written premiums												$	1,152		$	1,001		$	987		$	1,023		$	1,076					$	2,099					$	3,086					$	4,087
Agency new business written premiums												203			179			187			193			182						375						562						741
Other written premiums												(30)			(37)			(36)			(30)			(35)						(65)						(101)						(138)
Net written premiums												$	1,325		$	1,143		$	1,138		$	1,186		$	1,223					$	2,409					$	3,547					$	4,690
Unearned premium change												(146)			17			(1)			(79)			(141)						(220)						(221)						(204)
Earned premiums												$	1,179		$	1,160		$	1,137		$	1,107		$	1,082					$	2,189					$	3,326					$	4,486
Year over year change %
Agency renewal written premiums												7		%	7		%	8		%	4		%	3		%				4		%				5		%				5		%
Agency new business written premiums												12			17			26			30			36						33						30						27
Other written premiums												14			(28)			(9)			(7)			(3)						(5)						(6)						(11)
Net written premiums												8			8			11			7			7						7						8						8
Paid losses and loss expenses
Losses paid												$	403		$	481		$	500		$	460		$	479					$	941					$	1,440					$	1,922
Loss expenses paid												109			104			102			103			106						207						311						413
Loss and loss expenses paid												$	512		$	585		$	602		$	563		$	585					$	1,148					$	1,751					$	2,335
Incurred losses and loss expenses
Loss and loss expense incurred												$	735		$	624		$	706		$	746		$	719					$	1,465					$	2,171					$	2,795
Loss and loss expenses paid as a % of incurred												69.7		%	93.8		%	85.3		%	75.5		%	81.4		%				78.4		%				80.7		%				83.5		%
Statutory combined ratio
Loss ratio												49.7		%	41.4		%	51.0		%	57.8		%	56.5		%				57.2		%				55.1		%				51.5		%
Loss adjustment expense ratio												12.6			12.4			11.1			9.6			9.9						9.7						10.2						10.8
Net underwriting expense ratio												26.9			31.4			31.2			29.9			27.4						28.7						29.4						29.9
Statutory combined ratio												89.2		%	85.2		%	93.3		%	97.3		%	93.8		%				95.6		%				94.7		%				92.2		%
Contribution from catastrophe losses												3.6			0.9			5.4			9.3			6.2						7.8						6.9						5.4
Statutory combined ratio excl. catastrophe losses												85.6		%	84.3		%	87.9		%	88.0		%	87.6		%				87.8		%				87.8		%				86.8		%
GAAP combined ratio
GAAP combined ratio												91.9		%	84.5		%	93.0		%	99.1		%	96.5		%				97.9		%				96.2		%				93.2		%
Contribution from catastrophe losses												3.6			0.9			5.4			9.3			6.2						7.8						6.9						5.4
GAAP combined ratio excl. catastrophe losses												88.3		%	83.6		%	87.6		%	89.8		%	90.3		%				90.1		%				89.3		%				87.8		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed  independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

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Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)			Three months ended																								Six months ended						Nine months ended						Twelve months ended
			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Premiums
Agency renewal written premiums												$	634		$	625		$	695		$	681		$	494					$	1,175					$	1,870					$	2,495
Agency new business written premiums												127			154			165			163			122						285						450						604
Other written premiums												(89)			(26)			(28)			(25)			(21)						(46)						(74)						(100)
Net written premiums												$	672		$	753		$	832		$	819		$	595					$	1,414					$	2,246					$	2,999
Unearned premium change												26			(27)			(154)			(188)			(7)						(195)						(349)						(376)
Earned premiums												$	698		$	726		$	678		$	631		$	588					$	1,219					$	1,897					$	2,623
Year over year change %
Agency renewal written premiums												28		%	29		%	28		%	26		%	27		%				26		%				27		%				27		%
Agency new business written premiums												4			41			35			54			54						54						47						45
Other written premiums												(324)			(63)			(56)			(39)			(11)						(24)						(35)						(41)
Net written premiums												13			30			29			30			33						31						30						30
Paid losses and loss expenses
Losses paid												$	609		$	388		$	355		$	335		$	282					$	618					$	973					$	1,361
Loss expenses paid												64			56			46			51			51						102						148						204
Loss and loss expenses paid												$	673		$	444		$	401		$	386		$	333					$	720					$	1,121					$	1,565
Incurred losses and loss expenses
Loss and loss expense incurred												$	846		$	374		$	553		$	489		$	379					$	868					$	1,421					$	1,795
Loss and loss expenses paid as a % of incurred												79.6		%	118.7		%	72.5		%	78.9		%	87.9		%				82.9		%				78.9		%				87.2		%
Statutory combined ratio
Loss ratio												110.1		%	41.1		%	71.7		%	67.1		%	55.2		%				61.3		%				65.0		%				58.4		%
Loss adjustment expense ratio												11.0			10.4			9.8			10.5			9.3						9.9						9.9						10.0
Net underwriting expense ratio												31.2			28.5			25.8			25.2			29.6						27.1						26.6						27.1
Statutory combined ratio												152.3		%	80.0		%	107.3		%	102.8		%	94.1		%				98.3		%				101.5		%				95.5		%
Contribution from catastrophe losses												58.7			0.2			26.6			20.9			8.8						15.0						19.2						13.9
Statutory combined ratio excl. catastrophe losses												93.6		%	79.8		%	80.7		%	81.9		%	85.3		%				83.3		%				82.3		%				81.6		%
GAAP combined ratio
GAAP combined ratio												151.3		%	80.2		%	110.3		%	106.9		%	93.9		%				100.6		%				104.1		%				97.5		%
Contribution from catastrophe losses												58.7			0.2			26.6			20.9			8.8						15.0						19.2						13.9
GAAP combined ratio excl. catastrophe losses												92.6		%	80.0		%	83.7		%	86.0		%	85.1		%				85.6		%				84.9		%				83.6		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed  independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

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Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)			Three months ended																								Six months ended						Nine months ended						Twelve months ended
			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Premiums
Agency renewal written premiums												$	126		$	133		$	113		$	139		$	113					$	252					$	365					$	498
Agency new business written premiums												53			49			54			51			42						93						147						196
Other written premiums												(11)			(11)			(10)			(10)			(9)						(19)						(29)						(40)
Net written premiums												$	168		$	171		$	157		$	180		$	146					$	326					$	483					$	654
Unearned premium change												(6)			(3)			—			(29)			(7)						(36)						(36)						(39)
Earned premiums												$	162		$	168		$	157		$	151		$	139					$	290					$	447					$	615
Year over year change %
Agency renewal written premiums												12		%	19		%	22		%	19		%	7		%				13		%				16		%				16		%
Agency new business written premiums												26			2			26			6			11						8						14						11
Other written premiums												(22)			(10)			(25)			(11)			(13)						(12)						(16)						(14)
Net written premiums												15			14			23			15			7						12						15						15
Paid losses and loss expenses
Losses paid												$	40		$	39		$	34		$	41		$	46					$	86					$	121					$	160
Loss expenses paid												18			19			17			16			17						34						49						69
Loss and loss expenses paid												$	58		$	58		$	51		$	57		$	63					$	120					$	170					$	229
Incurred losses and loss expenses
Loss and loss expense incurred												$	99		$	112		$	107		$	102		$	90					$	192					$	299					$	411
Loss and loss expenses paid as a % of incurred												58.6		%	51.8		%	47.7		%	55.9		%	70.0		%				62.5		%				56.9		%				55.7		%
Statutory combined ratio
Loss ratio												43.1		%	45.1		%	45.2		%	48.6		%	48.9		%				48.7		%				47.5		%				46.8		%
Loss adjustment expense ratio												17.8			21.4			23.4			19.0			15.6						17.4						19.5						20.0
Net underwriting expense ratio												25.5			27.3			26.7			26.0			26.0						26.0						26.2						26.5
Statutory combined ratio												86.4		%	93.8		%	95.3		%	93.6		%	90.5		%				92.1		%				93.2		%				93.3		%
Contribution from catastrophe losses												0.3			1.1			1.5			1.9			0.5						1.2						1.4						1.3
Statutory combined ratio excl. catastrophe losses												86.1		%	92.7		%	93.8		%	91.7		%	90.0		%				90.9		%				91.8		%				92.0		%
GAAP combined ratio
GAAP combined ratio												88.3		%	93.1		%	95.3		%	95.4		%	91.9		%				93.7		%				94.3		%				94.0		%
Contribution from catastrophe losses												0.3			1.1			1.5			1.9			0.5						1.2						1.4						1.3
GAAP combined ratio excl. catastrophe losses												88.0		%	92.0		%	93.8		%	93.5		%	91.4		%				92.5		%				92.9		%				92.7		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed  independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

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Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
						For the Three Months Ended March 31,
(Dollars in millions)															2025			2024			Change			% Change
Underwriting income
Net premiums written															$	2,420		$	2,166		$	254		12
Unearned premium change															220			222			(2)			(1)
Earned premiums															$	2,200		$	1,944		$	256		13
Losses incurred															$	1,592		$	1,073		$	519		48
Defense and cost containment expenses incurred															126			79			47			59
Adjusting and other expenses incurred															132			106			26			25
Other underwriting expenses incurred															681			594			87			15
Workers compensation dividend incurred															1			2			(1)			(50)
Total underwriting deductions															$	2,532		$	1,854		$	678		37
Net underwriting profit (loss)															$	(332)		$	90		$	(422)		nm
Investment income
Gross investment income earned															$	184		$	158		$	26		16
Net investment income earned															181			156			25			16
Net realized capital gains and losses, net															—			37			(37)			(100)
Net investment gains (net of tax)															$	181		$	193		$	(12)		(6)
Other income															$	2		$	2		$	—		—
Net income (loss) before federal income taxes															$	(149)		$	285		$	(434)		nm
Federal and foreign income taxes incurred															(62)			28			(90)			nm
Net income (loss) (statutory)															$	(87)		$	257		$	(344)		nm
Policyholders' surplus - statutory															$	8,553		$	7,738		$	815		11
Fixed maturities at amortized cost - statutory															$	12,508		$	10,295		$	2,213		21
*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.

    

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The Cincinnati Life Insurance Company
Statutory Statements of Income
						For the Three Months Ended March 31,
(Dollars in millions)															2025			2024			Change			% Change
Net premiums written															$	79		$	85		$	(6)		(7)
Net investment income															50			47			3			6
Commissions and expense allowances on reinsurance ceded															1			1			—			—
Income from fees associated with separate accounts															1			1			—			—
Total revenues															$	131		$	134		$	(3)		(2)
Death benefits and matured endowments															$	56		$	43		$	13		30
Annuity benefits															23			40			(17)			(43)
Surrender benefits and group conversions															10			8			2			25
Interest and adjustments on deposit-type contract funds															2			2			—			—
Increase in aggregate reserves for life and accident and health contracts															(9)			(12)			3			25
Total benefit expenses															$	82		$	81		$	1		1
Commissions															$	12		$	12		$	—		—
General insurance expenses and taxes															15			14			1			7
Increase in loading on deferred and uncollected premiums															3			1			2			200
Net transfers from separate accounts															(8)			—			(8)			nm
Total underwriting expenses															$	22		$	27		$	(5)		(19)
Federal and foreign income taxes incurred															6			6			—			—
Net gain from operations before capital gains and losses															$	21		$	20		$	1		5
Gains and losses net of capital gains tax, net															(1)			(2)			1			50
Net income (statutory)															$	20		$	18		$	2		11
Policyholders' surplus - statutory															$	527		$	431		$	96		22
Fixed maturities at amortized cost - statutory															$	3,828		$	3,897		$	(69)		(2)
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

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Quarterly Data - Other
(Dollars in millions)			Three months ended																								Six months ended						Nine months ended						Twelve months ended
			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Cincinnati Re:
Net written premiums												$	255		$	99		$	89		$	207		$	202					$	409					$	498					$	597
Year over year change %- written premium												26		%	50		%	5		%	17		%	(12)		%				—		%				1		%				7		%
Earned premiums												$	161		$	162		$	138		$	138		$	135					$	273					$	411					$	573
Current accident year before catastrophe losses												46.6		%	37.6		%	52.5		%	49.6		%	63.0		%				56.3		%				55.0		%				50.0		%
Current accident year catastrophe losses												66.3			29.1			30.2			2.4			—						1.2						11.0						16.1
Prior accident years before catastrophe losses												(4.5)			0.7			(10.1)			(0.8)			(10.4)						(5.6)						(7.1)						(4.9)
Prior accident years catastrophe losses												(2.4)			—			(2.5)			(4.7)			—						(2.4)						(2.4)						(1.7)
Total loss and loss expense ratio												106.0		%	67.4		%	70.1		%	46.5		%	52.6		%				49.5		%				56.5		%				59.5		%
Cincinnati Global:
Net written premiums												$	75		$	77		$	77		$	67		$	82					$	149					$	226					$	303
Year over year change %- written premium												(9)		%	18		%	12		%	(18)		%	28		%				2		%				5		%				8		%
Earned premiums												$	64		$	68		$	107		$	48		$	48					$	96					$	203					$	271
Current accident year before catastrophe losses												39.3		%	20.6		%	31.6		%	47.9		%	48.2		%				48.1		%				39.4		%				34.7		%
Current accident year catastrophe losses												31.4			47.1			9.6			—			—						—						5.0						15.6
Prior accident years before catastrophe losses												(0.2)			(10.4)			(3.8)			(21.2)			(19.7)						(20.4)						(11.7)						(11.4)
Prior accident years catastrophe losses												(13.9)			(3.4)			(3.6)			(4.4)			(5.9)						(5.2)						(4.3)						(4.1)
Total loss and loss expense ratio												56.6		%	53.9		%	33.8		%	22.3		%	22.6		%				22.5		%				28.4		%				34.8		%
Noninsurance operations:
Interest and fees on loans and leases												$	3		$	2		$	3		$	2		$	2					$	4					$	7					$	9
Other revenue												1			3			—			2			1						3						3						6
Interest expense												13			13			13			14			13						27						40						53
Operating expenses												11			13			6			9			4						13						19						32
Total noninsurance operations loss												$	(20)		$	(21)		$	(16)		$	(19)		$	(14)					$	(33)					$	(49)					$	(70)
*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.

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