8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report: February 5, 2014 (Date of earliest event reported)
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio	0-4604	31‑0746871
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
6200 S. Gilmore Road, Fairfield, Ohio		45014‑5141
(Address of principal executive offices)		(Zip Code)
Registrant’s telephone number, including area code: (513) 870-2000
N/A (Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Item 2.02 Results of Operations and Financial Condition.

On February 5, 2014, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2013 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On February 5, 2014, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference. This report should not be deemed an admission as to the materiality of any information contained in the news release or supplemental financial data.

In accordance with general instruction B.2 of Form 8-K, the information furnished in this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(c)     Exhibits

Exhibit 99.1 – News release dated February 5, 2014, “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2013 Results”

Exhibit 99.2 – Supplemental Financial Data for the period ending December 31, 2013 distributed February 5, 2014.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CINCINNATI FINANCIAL CORPORATION
Date: February 5, 2014	/S/Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Senior Vice President and Treasurer

EX-99.1

The Cincinnati Insurance Company nThe Cincinnati Indemnity Company The Cincinnati Casualty CompanynThe Cincinnati Specialty Underwriters Insurance Company The Cincinnati Life Insurance CompanynCFC Investment CompanynCSU Producer Resources Inc.

Investor Contact: Dennis E. McDaniel, 513-870-2768

CINF-IR@cinfin.com

Media Contact: Joan O. Shevchik, 513-603-5323

Media_Inquiries@cinfin.com

Cincinnati Financial Reports Fourth-Quarter and Full-Year 2013 Results

Cincinnati, February 5, 2014 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

• Fourth-quarter 2013 net income of $122 million, or 74 cents per share, compared with $192 million, or $1.17 per share, in the fourth quarter of 2012.

• Full-year 2013 net income of $517 million, or $3.12 per share, up 23 percent from $421 million, or $2.57, in 2012. Operating income of $463 million, or $2.80 per share, up 18 percent from $393 million, or $2.40 per share.

• $70 million decrease in fourth-quarter 2013 net income reflected the after-tax net effect of two primary items: $65 million decrease in the contribution from property casualty underwriting - primarily due to less benefit from favorable prior accident year reserve development – and a $6 million decrease from net realized investment gains.

• $37.21 book value per share at December 31, 2013, up 11.1 percent from December 31, 2012.

• 16.1 percent value creation ratio for full-year 2013, compared with 12.6 percent for 2012.

Financial Highlights

(In millions except per share data)	Three months ended December 31,						Twelve months ended December 31,
		2013		2012		% Change		2013		2012		% Change
Revenue Data
Earned premiums		$	1,025	$	917	12		$	3,902	$	3,522	11
Investment income, pretax		137		136		1		529		531		0
Total revenues		1,172		1,070		10		4,531		4,111		10
Income Statement Data
Net income		$	122	$	192	(36)		$	517	$	421	23
Net realized investment gains and losses		3		9		(67)		54		28		93
Operating income*		$	119	$	183	(35)		$	463	$	393	18
Per Share Data (diluted)
Net income		$	0.74	$	1.17	(37)		$	3.12	$	2.57	21
Net realized investment gains and losses		0.02		0.06		(67)		0.32		0.17		88
Operating income*		$	0.72	$	1.11	(35)		$	2.80	$	2.40	17
Book value								$	37.21	$	33.48	11
Cash dividend declared		$	0.42	$	0.4075	3		$	1.655	$	1.62	2
Weighted average shares outstanding		165.7		164.2		1		165.4		163.7		1

* The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures defines and reconciles measures presented in this release that are not based on U. S. Generally Accepted Accounting Principles.

** Forward-looking statements and related assumptions are subject to the risks outlined in the company’s safe harbor statement .

CINF 4Q13 Release 1

Insurance Operations Fourth-Quarter Highlights

• 93.9 percent fourth-quarter 2013 property casualty combined ratio, up from 81.9 percent for fourth-quarter 2012. Full-year 2013 property casualty combined ratio at 93.8%, with a 12 percent increase in net written premiums.

• 8 percent increase in fourth-quarter net written premiums, reflecting higher pricing and growth initiatives.

• $128 million fourth-quarter 2013 property casualty new business written premiums. Agencies appointed since the beginning of 2012 contributed $15 million or 12 percent to total fourth-quarter new business written premiums.

• 6 cents per share contribution from life insurance operating income to fourth-quarter results, up 1 cent from 2012.

Investment and Balance Sheet Highlights

• 1 percent or $1 million rise in fourth-quarter 2013 pretax investment income, including a 3 percent increase in stock portfolio dividends.

• 8 percent full-year rise in fair value of invested assets plus cash at December 31, 2013, including a 28 percent increase for the stock portfolio and a 1 percent increase for the bond portfolio.

• $1.532 billion parent company cash and marketable securities at year-end 2013, up 33 percent from a year ago.

Achieving Planned Results     

Steven J. Johnston, president and chief executive officer, commented: “Steady growth and improved core underwriting profitability of our insurance business contributed to full-year operating income of $463 million, our best result since 2007. Consolidated direct written premiums passed the $4.3 billion mark, on a pace to reach $5 billion by the end of 2015.

“Our long-term investment approach again produced satisfactory results. Pretax investment income rose to $137 million for the quarter, up slightly from last year’s fourth quarter when we benefited from dividend acceleration.”

Focusing on Underwriting Profitability

“Our ongoing initiatives to improve property casualty underwriting gained momentum in 2013, assisted by lower-than-average catastrophe losses. Our fourth-quarter and full-year combined ratios both came in at below 94 percent, a healthy result. While we continue to follow our consistent and prudent reserving approach, this quarter didn’t have the benefit we had in last year’s fourth quarter from high favorable development of reserves. Core underwriting improved substantially, as indicated by 4.0 percentage points of ratio improvement for full-year 2013 loss and loss expenses before catastrophe losses and reserve development for prior accident years.

“Double-digit growth of renewal premiums led the way to strong net written premium growth in 2013, and our agents provided another record year of new business. We successfully maintained commercial lines price increases averaging in the mid-single-digit range in the fourth-quarter and throughout 2013. Use of data analytics and modeling continue to increase our pricing precision and our confidence that we know the appropriate price for each piece of business when competing for accounts. We also have an advantage in our three-year commercial package policy, which reduces administrative burdens for agents and policyholders and supports stable commercial lines pricing.

“Our personal lines operation continues to make progress, producing a satisfactory 96.8 percent 2013 combined ratio. We are seeing benefits roll on from ongoing initiatives to increase our agency representation, geographic diversification and rate adequacy. Personal lines earned premiums in our smaller premium volume states, including several we’ve targeted for growth due to less catastrophe exposure, in aggregate rose 17 percent for the year, compared with a 6 percent increase in our four highest volume states.”

Maintaining Our Momentum

“The positive results we’re seeing now reflect diligent execution of deliberate growth and profitability strategies, and we expect further benefits to accrue over time.

“Looking out to the future, we have invested in associates with specialized knowledge in loss control and claims management, launching a robust program of property inspections. This effort benefits policyholders by identifying opportunities to prevent losses, while also identifying risk characteristics that increase the accuracy of our pricing matrix. We are ramping up inspections and internal expertise again in 2014.

“Using the same proven approach that improved results in our workers’ compensation and property lines of business in 2012 and 2013, multi-departmental task forces are taking a deep dive into areas where there is room to realize additional benefits. These initiatives have a long runway, and we believe they’ll strengthen our future performance.”

Confidence in the Future

“Our $13.5 billion investment portfolio, with over 30 percent in stocks, is also well positioned to perform over the long term. In 2013, the portfolio’s fair value rose 8 percent, with pretax unrealized gains rising 25 percent to $2.3 billion. Our value creation ratio of 16.1 percent outpaced our target range of averaging 10 to 13 percent over any five-year period. Working together, we are executing on our plans to deliver a great insurance experience to agents and policyholders and to deliver solid rewards for our shareholders, such as the 11 percent rise in book value during 2013 to $37.21 and dividend payments that have increased annually for 53 consecutive years.”

CINF 4Q13 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Operations

(In millions)	Three months ended December 31,								Twelve months ended December 31,
		2013			2012			% Change	2013			2012			% Change
Earned premiums		$	960		$	869		10	$	3,713		$	3,344		11
Fee revenues		1			2			(50)	4			6			(33)
Total revenues		961			871			10	3,717			3,350			11
Loss and loss expenses		601			433			39	2,301			2,137			8
Underwriting expenses		300			278			8	1,183			1,076			10
Underwriting profit		$	60		$	160		(63)	$	233		$	137		70
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		62.6		%	49.9		%	12.7	61.9		%	63.9		%	(2.0)
Underwriting expenses		31.3			32.0			(0.7)	31.9			32.2			(0.3)
Combined ratio		93.9		%	81.9		%	12.0	93.8		%	96.1		%	(2.3)
								% Change							% Change
Agency renewal written premiums		$	854		$	771		11	$	3,493		$	3,138		11
Agency new business written premiums		128			132			(3)	543			501			8
Other written premiums		(74		)	(66		)	(12)	(143		)	(157		)	9
Net written premiums		$	908		$	837		8	$	3,893		$	3,482		12
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		59.9		%	59.0		%	0.9	60.6		%	64.6		%	(4.0)
Current accident year catastrophe losses		3.5			3.4			0.1	5.4			11.1			(5.7)
Prior accident years before catastrophe losses		(0.5		)	(12.5		)	12.0	(3.3		)	(10.7		)	7.4
Prior accident years catastrophe losses		(0.3		)	0.0			(0.3)	(0.8		)	(1.1		)	0.3
Loss and loss expense ratio		62.6		%	49.9		%	12.7	61.9		%	63.9		%	(2.0)
Current accident year combined ratio before
catastrophe losses		91.2		%	91.0		%	0.2	92.5		%	96.8		%	(4.3)

• 8 percent and 12 percent growth in fourth-quarter and full-year 2013 property casualty net written premiums. Full‑year renewal written premiums increase of 11 percent reflects higher pricing and premium growth initiatives.

• $42 million increase to a record high $543 million in 2013 new business written by agencies. $31 million of the increase was from standard market property casualty new business produced by agencies appointed since the beginning of 2012 and $7 million from appointments before that, in addition to $4 million from excess and surplus lines.

• 1,450 agency relationships in 1,823 reporting locations marketing standard market property casualty insurance products at December 31, 2013, compared with 1,408 agency relationships in 1,758 reporting locations at year‑end 2012. During 2013, 96 new agency appointments were made.

• 12.0 percentage-point rise in fourth-quarter 2013 combined ratio, reflecting an 11.5 point difference between estimates of incurred but not reported (IBNR) losses and loss expenses for the two time periods.

• 2.3 percentage-point full-year combined ratio improvement. Benefits from natural catastrophe losses that were 5.4 points lower, better pricing and other underwriting and loss cost management efforts were partially offset by a 4.7 percentage-point increase from higher estimates of IBNR for noncatastrophe losses and loss expenses.

• 4.0 percentage-point improvement, to 60.6 percent, for full-year ratio of 2013 accident year losses and loss expenses before catastrophes.

• 0.8 and 4.1 percentage-point fourth-quarter and full-year 2013 benefit from favorable prior accident year reserve development of $8 million and $148 million, compared with 12.5 points and 11.8 points from $109 million and $396 million of development for the same periods of 2012. The lower fourth-quarter and full-year favorable reserve development was primarily due to higher estimates of IBNR losses and loss expenses in longer-tail lines of business.

• Slightly lower fourth-quarter and full-year underwriting expense ratios, largely reflecting expense management efforts and higher earned premiums.

CINF 4Q13 Release 3

Commercial Lines Insurance Operations

(In millions)	Three months ended December 31,								Twelve months ended December 31,
		2013			2012			% Change	2013			2012			% Change
Earned premiums		$	680		$	618		10	$	2,636		$	2,383		11
Fee revenues		1			2			(50)	3			4			(25)
Total revenues		681			620			10	2,639			2,387			11
Loss and loss expenses		411			307			34	1,596			1,420			12
Underwriting expenses		219			206			6	857			786			9
Underwriting profit		$	51		$	107		(52)	$	186		$	181		3
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		60.4		%	49.7		%	10.7	60.5		%	59.5		%	1.0
Underwriting expenses		32.3			33.2			(0.9)	32.5			33.0			(0.5)
Combined ratio		92.7		%	82.9		%	9.8	93.0		%	92.5		%	0.5
								% Change							% Change
Agency renewal written premiums		$	606		$	549		10	$	2,471		$	2,229		11
Agency new business written premiums		92			96			(4)	391			352			11
Other written premiums		(63		)	(57		)	(11)	(102		)	(122		)	16
Net written premiums		$	635		$	588		8	$	2,760		$	2,459		12
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		58.8		%	59.1		%	(0.3)	59.8		%	62.9		%	(3.1)
Current accident year catastrophe losses		2.3			3.0			(0.7)	4.3			8.9			(4.6)
Prior accident years before catastrophe losses		(0.1		)	(12.5		)	12.4	(3.0		)	(11.6		)	8.6
Prior accident years catastrophe losses		(0.6		)	0.1			(0.7)	(0.6		)	(0.7		)	0.1
Loss and loss expense ratio		60.4		%	49.7		%	10.7	60.5		%	59.5		%	1.0
Current accident year combined ratio before
catastrophe losses		91.1		%	92.3		%	(1.2)	92.3		%	95.9		%	(3.6)

• 8 percent and 12 percent growth in fourth-quarter and full-year 2013 commercial lines net written premiums, primarily due to higher renewal written premiums that reflect higher pricing and the effect of premium growth initiatives.

• $57 million and $242 million increase in fourth-quarter and full-year renewal written premiums, reflecting fourth‑quarter and full-year 2013 commercial lines pricing changes that increased on average in a mid-single-digit range in addition to rising insured exposures.

• $39 million rise in full-year new business written by agencies, reflecting recent-year growth initiatives, with double‑digit growth in 17 of the 39 states where we offer standard market commercial lines policies.

• 9.8 percentage-point rise in fourth-quarter 2013 combined ratio, reflecting an 8.5 point increase from higher estimates of IBNR losses and loss expenses.

• 0.5 percentage-point rise in full-year combined ratio, as a 4.5 point improvement from lower natural catastrophe losses was offset by a 6.4 point increase from higher estimates of IBNR for noncatastrophe losses and loss expenses.

• 3.1 percentage-point improvement, to 59.8 percent, for full-year ratio of 2013 accident year losses and loss expenses before catastrophes. Better pricing and ongoing effects from other recent-year claims and loss control initiatives drove the improvement.

• 0.7 and 3.6 percentage-point fourth-quarter and full-year 2013 benefit from favorable prior accident year reserve development of $5 million and $96 million, compared with 12.4 points and 12.3 points from $76 million and $292 million of development for the same periods of 2012.

CINF 4Q13 Release 4

Personal Lines Insurance Operations

(In millions)	Three months ended December 31,								Twelve months ended December 31,
		2013			2012			% Change	2013			2012			% Change
Earned premiums		$	249		$	226		10	$	961		$	868		11
Fee revenues		—			—			nm	1			2			(50)
Total revenues		249			226			10	962			870			11
Loss and loss expenses		177			116			53	639			652			(2)
Underwriting expenses		72			64			13	290			261			11
Underwriting profit (loss)		$	0		$	46		nm	$	33		$	(43	)	nm
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		71.4		%	51.5		%	19.9	66.6		%	75.2		%	(8.6)
Underwriting expenses		28.9			28.5			0.4	30.2			30.1			0.1
Combined ratio		100.3		%	80.0		%	20.3	96.8		%	105.3		%	(8.5)
								% Change							% Change
Agency renewal written premiums		$	224		$	203		10	$	928		$	836		11
Agency new business written premiums		24			27			(11)	110			111			(1)
Other written premiums		(9		)	(8		)	(13)	(33		)	(29		)	(14)
Net written premiums		$	239		$	222		8	$	1,005		$	918		9
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		62.6		%	59.4		%	3.2	61.9		%	68.2		%	(6.3)
Current accident year catastrophe losses		7.4			4.6			2.8	8.8			18.4			(9.6)
Prior accident years before catastrophe losses		1.1			(12.3		)	13.4	(3.0		)	(8.9		)	5.9
Prior accident years catastrophe losses		0.3			(0.2		)	0.5	(1.1		)	(2.5		)	1.4
Loss and loss expense ratio		71.4		%	51.5		%	19.9	66.6		%	75.2		%	(8.6)
Current accident year combined ratio before
catastrophe losses		91.5		%	87.9		%	3.6	92.1		%	98.3		%	(6.2)

• 8 percent and 9 percent growth in fourth-quarter and full-year 2013 personal lines net written premiums, driven by increases in renewal written premiums.

• 6 percent increase in full-year 2013 earned premiums in aggregate from our four highest volume states where we offer personal lines policies, while rising 17 percent for all other states in aggregate as we progress toward geographic diversification.

• 1 percent reduction in full-year 2013 new business written premium, declining as expected due to underwriting actions such as expanded use of higher deductibles and actual cash value loss settlement for older roofs.

• 20.3 percentage-point rise in fourth-quarter 2013 combined ratio, reflecting a 19.0 point increase from higher estimates of IBNR losses and loss expenses.

• 8.5 percentage-point full-year combined ratio improvement, including 8.2 points from lower natural catastrophe losses.

• 6.3 percentage-point improvement, to 61.9 percent, for full-year ratio of 2013 accident year losses and loss expenses before catastrophes, reflecting better pricing and ongoing effects from other recent-year initiatives, in addition to a 2.1 point reduction in the ratio for new losses of $250,000 or more per claim.

• 1.4 percentage-point fourth-quarter unfavorable effect from prior accident year reserve development of $3 million, driven by loss expenses, compared with 12.5 points from $29 million of favorable development for the fourth quarter of 2012. 4.1 percentage-point full-year 2013 benefit from favorable development of $39 million, compared with 11.4 points from $99 million of development for 2012, as 2013 ratios were higher for both IBNR and case‑basis experience for individual claims.

CINF 4Q13 Release 5

Excess and Surplus Lines Insurance Operations

(In millions)	Three months ended December 31,								Twelve months ended December 31,
		2013			2012			% Change	2013			2012			% Change
Earned premiums		$	31		$	25		24	$	116		$	93		25
Loss and loss expenses		13			10			30	66			65			2
Underwriting expenses		9			8			13	36			29			24
Underwriting profit (loss)		$	9		$	7		29	$	14		$	(1	)	nm
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		41.0		%	38.2		%	2.8	56.7		%	69.4		%	(12.7)
Underwriting expenses		29.4			33.3			(3.9)	31.1			31.6			(0.5)
Combined ratio		70.4		%	71.5		%	(1.1)	87.8		%	101.0		%	(13.2)
								% Change							% Change
Agency renewal written premiums		$	24		$	19		26	$	94		$	73		29
Agency new business written premiums		12			9			33	42			38			11
Other written premiums		(2		)	(1		)	(100)	(8		)	(6		)	(33)
Net written premiums		$	34		$	27		26	$	128		$	105		22
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		62.6		%	52.3		%	10.3	67.1		%	72.8		%	(5.7)
Current accident year catastrophe losses		(1.9		)	1.4			(3.3)	0.7			2.1			(1.4)
Prior accident years before catastrophe losses		(19.9		)	(15.3		)	(4.6)	(11.2		)	(5.6		)	(5.6)
Prior accident years catastrophe losses		0.2			(0.2		)	0.4	0.1			0.1			0.0
Loss and loss expense ratio		41.0		%	38.2		%	2.8	56.7		%	69.4		%	(12.7)
Current accident year combined ratio before
catastrophe losses		92.0		%	85.6		%	6.4	98.2		%	104.4		%	(6.2)

• 26 percent and 22 percent growth in fourth-quarter and full-year 2013 excess and surplus lines net written premiums, largely due to the opportunity to renew many accounts for the first time. Also contributing to growth were average full-year renewal price increases in a high-single-digit range.

• 11 percent increase in full-year 2013 new business written premiums, reflecting the benefit of additional excess and surplus lines field marketing representatives.

• 13.2 percentage-point combined ratio improvement for full-year 2013, largely due to lower current accident year losses and loss expenses before catastrophe losses and a larger benefit from favorable prior accident year reserve development.

• 5.7 percentage-point improvement, to 67.1 percent, for full-year ratio of 2013 accident year losses and loss expenses before catastrophes, including a 3.3 point reduction in the 2013 ratio for new losses of $250,000 or more per claim.

CINF 4Q13 Release 6

Life Insurance Operations

(In millions)	Three months ended December 31,						Twelve months ended December 31,
		2013		2012		% Change	2013		2012		% Change
Term life insurance		$	30	$	29	3	$	122	$	115	6
Universal life insurance		27		12		125	35		34		3
Other life insurance, annuity, and disability income products		8		7		14	32		29		10
Earned premiums		65		48		35	189		178		6
Investment income, net of expenses		36		35		3	140		138		1
Other income		1		—		nm	4		1		300
Total revenues, excluding realized investment gains and losses		102		83		23	333		317		5
Contract holders’ benefits		63		49		29	204		185		10
Operating expenses incurred		24		20		20	60		79		(24)
Total benefits and expenses		87		69		26	264		264		0
Net income before income tax and realized investment gains and losses		15		14		7	69		53		30
Income tax		6		5		20	25		19		32
Net income before realized investment gains and losses		$	9	$	9	0	$	44	$	34	29

• $11 million or 6 percent increase in full-year 2013 earned premiums, including a 6 percent increase for term life insurance, our largest life insurance product line. Fourth-quarter 2013 universal life insurance premiums rose due to unlocking of actuarial assumptions that increased the amortization of unearned front-end loads, with a corresponding increase to operating expenses as less expenses were deferred to future periods.

• $11 million decline to $38 million in full-year 2013 fixed annuity deposits received, slowing as planned. Cincinnati Life does not offer variable or indexed products.

• $10 million increase in full-year 2013 profit, primarily due to more favorable mortality experience and lower operating expenses as first-quarter 2012 included an actuarial adjustment that decreased reinsurance-related expenses deferred to future periods.

• $24 million or 3 percent full-year 2013 decline to $833 million in GAAP shareholders’ equity for The Cincinnati Life Insurance Company, reflecting a decrease in fair value of the fixed-maturity portfolio due to a rise in interest rates.

CINF 4Q13 Release 7

Investment Operations Highlights

(In millions)	Three months ended December 31,							Twelve months ended December 31,
	2013			2012			% Change	2013			2012			% Change
Total investment income, net of expenses, pretax	$	137		$	136		1	$	529		$	531		0
Investment interest credited to contract holders	(20		)	(20		)	0	(80		)	(82		)	2
Realized investment gains and losses summary:
Realized investment gains and losses	4			14			(71)	82			74			11
Change in fair value of securities with embedded derivatives	2			—			nm	3			1			200
Other-than-temporary impairment charges	—			(1		)	100	(2		)	(33		)	94
Total realized investment gains and losses	6			13			(54)	83			42			98
Investment operations profit	$	123		$	129		(5)	$	532		$	491		8
Investment income:
Interest	$	104		$	103		1	$	413		$	420		(2)
Dividends	35			34			3	122			115			6
Other	1			—			nm	3			3			0
Investment expenses	(3		)	(1		)	(200)	(9		)	(7		)	29
Total investment income, net of expenses, pretax	137			136			1	529			531			0
Income taxes	(33		)	(33		)	0	(128		)	(129		)	1
Total investment income, net of expenses, after-tax	$	104		$	103		1	$	401		$	402		0
Effective tax rate	23.9		%	23.7		%		24.1		%	24.2		%
Average invested assets plus cash and cash equivalents	$	13,290		$	12,108			$	12,833		$	11,847
Average yield pretax	4.12		%	4.49		%		4.12		%	4.48		%
Average yield after-tax	3.13			3.40				3.12			3.39
Effective fixed-maturity tax rate	27.2			26.9				27.1			26.9
Average fixed-maturity at amortized cost	$	8,595		$	8,228			$	8,455		$	8,153
Average fixed-maturity yield pretax	4.84		%	5.01		%		4.88		%	5.15		%
Average fixed-maturity yield after-tax	3.52			3.66				3.56			3.77

• 1 percent rise in fourth-quarter 2013 investment income, as continued dividend growth was accompanied by modest interest income growth. 4.12 percent fourth-quarter 2013 pretax average yield matched third-quarter 2013.

• $460 million or 25 percent full-year 2013 net increase in pretax unrealized investment portfolio gains, including an $849 million increase for the equity portfolio. $76 million of pretax net realized gains were from investment portfolio security sales or called bonds during 2013, including $64 million from the equity portfolio.

CINF 4Q13 Release 8

Balance Sheet Highlights

(In millions except per share data)	At December 31,			At December 31,
	2013			2012
Balance sheet data:
Invested assets	$	13,564		$	12,534
Total assets	17,662			16,548
Short-term debt	104			104
Long-term debt	790			790
Shareholders’ equity	6,070			5,453
Book value per share	37.21			33.48
Debt-to-total-capital ratio	12.8		%	14.1		%

• $13.997 billion in consolidated cash and invested assets at December 31, 2013, up 7 percent from $13.021 billion at year-end 2012.

• 1 million shares repurchased during the fourth quarter of 2013, at an average cost of $52.13.

• $9.169 billion bond portfolio at December 31, 2013, with an average rating of A2/A. Fair value increased $131 million or 1 percent during the fourth quarter of 2013.

• $4.327 billion equity portfolio was 31.9 percent of invested assets, including $1.854 billion in pretax net unrealized gains at December 31, 2013. $343 million or 9 percent fourth-quarter 2013 growth in fair value.

• $4.326 billion of statutory surplus for the property casualty insurance group at December 31, 2013, up $412 million from $3.914 billion at year-end 2012, after declaring $375 million in dividends to the parent company. The ratio of net written premiums to property casualty statutory surplus for the 12 months ended December 31, 2013, was 0.9-to-1, unchanged from year-end 2012.

• Value creation ratio of 16.1 percent for full-year 2013 included 8.5 percent from net income before net realized investment gains and 6.4 percent from investment portfolio realized gains and changes in unrealized gains.

For additional information or to register for our conference call webcast, please visit cinfin.com/investors.

Cincinnati Financial Corporation offers business, home and auto insurance, our main business, through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life and disability income insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.

Mailing Address:                    Street Address:

P.O. Box 145496                        6200 South Gilmore Road

Cincinnati, Ohio 45250-5496                Fairfield, Ohio 45014-5141

CINF 4Q13 Release 9

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2012 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 26.

Factors that could cause or contribute to such differences include, but are not limited to:

• Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns, environmental events, terrorism incidents or other causes

• Increased frequency and/or severity of claims

• Inadequate estimates or assumptions used for critical accounting estimates

• Recession or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies

• Declines in overall stock market values negatively affecting the company’s equity portfolio and book value

• Events resulting in capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:

◦ Significant or prolonged decline in the value of a particular security or group of securities and impairment of

the asset(s)

◦ Significant decline in investment income due to reduced or eliminated dividend payouts from a particular security or group of securities

◦ Significant rise in losses from surety and director and officer policies written for financial institutions or other insured entities

• Prolonged low interest rate environment or other factors that limit the company’s ability to generate growth in investment income or interest rate fluctuations that result in declining values of fixed-maturity investments, including declines in accounts in which we hold bank-owned life insurance contract assets

• Increased competition that could result in a significant reduction in the company’s premium volume

• Delays or performance inadequacies from ongoing development and implementation of underwriting and pricing methods or technology projects and enhancements expected to increase our pricing accuracy, underwriting profit and competitiveness

• Changing consumer insurance-buying habits and consolidation of independent insurance agencies that could alter our competitive advantages

• Inability to obtain adequate reinsurance on acceptable terms, amount of reinsurance purchased, financial strength of reinsurers and the potential for nonpayment or delay in payment by reinsurers

• Difficulties with technology or data security breaches, including cyber attacks, that could negatively affect our ability to conduct business and our relationships with agents, policyholders and others

• Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that segment could not achieve sustainable profitability

• Events or conditions that could weaken or harm the company’s relationships with its independent agencies and hamper opportunities to add new agencies, resulting in limitations on the company’s opportunities for growth, such as:

◦ Downgrades of the company’s financial strength ratings

◦ Concerns that doing business with the company is too difficult

◦ Perceptions that the company’s level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace

• Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:

◦ Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates

◦ Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules and regulations

◦ Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business

◦ Add assessments for guaranty funds, other insurance related assessments or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes

◦ Increase our provision for federal income taxes due to changes in tax law

◦ Increase our other expenses

◦ Limit our ability to set fair, adequate and reasonable rates

◦ Place us at a disadvantage in the marketplace

◦ Restrict our ability to execute our business model, including the way we compensate agents

• Adverse outcomes from litigation or administrative proceedings

• Events or actions, including unauthorized intentional circumvention of controls, that reduce the company’s future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002

• Unforeseen departure of certain executive officers or other key employees due to retirement, health or other causes that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others

• Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location

Further, the company’s insurance businesses are subject to the effects of changing social, economic and regulatory environments. Public and regulatory initiatives have included efforts to adversely influence and restrict premium rates, restrict the ability to cancel policies, impose underwriting standards and expand overall regulation. The company also is subject to public and regulatory initiatives that can affect the market value for its common stock, such as measures affecting corporate financial reporting and governance. The ultimate changes and eventual effects, if any, of these initiatives are uncertain.

* * *

CINF 4Q13 Release 10

Cincinnati Financial CorporationCondensed Consolidated Balance Sheets (unaudited)

(In millions except per share data)	December 31,			December 31,
	2013			2012
ASSETS
Investments
Fixed maturities, at fair value (amortized cost: 2013—$8,688; 2012—$8,222)	$	9,169		$	9,093
Equity securities, at fair value (cost: 2013—$2,473; 2012—$2,369)	4,327			3,373
Other invested assets	68			68
Total investments	13,564			12,534
Cash and cash equivalents	433			487
Investment income receivable	121			115
Finance receivable	85			75
Premiums receivable	1,346			1,214
Reinsurance recoverable	547			615
Prepaid reinsurance premiums	26			26
Deferred policy acquisition costs	565			470
Land, building and equipment, net, for company use (accumulated depreciation:      2013—$420; 2012—$397)	210			217
Other assets	73			61
Separate accounts	692			734
Total assets	$	17,662		$	16,548
LIABILITIES
Insurance reserves
Loss and loss expense reserves	$	4,311		$	4,230
Life policy and investment contract reserves	2,390			2,295
Unearned premiums	1,976			1,792
Other liabilities	611			660
Deferred income tax	673			453
Note payable	104			104
Long-term debt and capital lease obligations	835			827
Separate accounts	692			734
Total liabilities	11,592			11,095
SHAREHOLDERS' EQUITY
Common stock, par value—$2 per share; (authorized: 2013 and 2012—500 million shares;   issued and outstanding: 2013—198 million shares, 2012—197 million shares)	397			394
Paid-in capital	1,191			1,134
Retained earnings	4,268			4,021
Accumulated other comprehensive income	1,504			1,129
Treasury stock at cost (2013—35 million shares and 2012—34 million shares)	(1,290		)	(1,225		)
Total shareholders' equity	6,070			5,453
Total liabilities and shareholders' equity	$	17,662		$	16,548

CINF 4Q13 Release 11

Cincinnati Financial CorporationCondensed Consolidated Statements of Income (unaudited)

(In millions except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2013		2012		2013		2012
REVENUES
Earned premiums	$	1,025	$	917	$	3,902	$	3,522
Investment income, net of expenses	137		136		529		531
Realized investment gains and losses, net	6		13		83		42
Fee revenues	2		3		8		7
Other revenues	2		1		9		9
Total revenues	1,172		1,070		4,531		4,111
BENEFITS AND EXPENSES
Insurance losses and policyholder benefits	664		482		2,505		2,322
Underwriting, acquisition and insurance expenses	324		298		1,243		1,155
Interest expense	14		13		54		54
Other operating expenses	3		4		15		14
Total benefits and expenses	1,005		797		3,817		3,545
INCOME BEFORE INCOME TAXES	167		273		714		566
PROVISION FOR INCOME TAXES
Current	41		59		178		119
Deferred	4		22		19		26
Total provision for income taxes	45		81		197		145
NET INCOME	$	122	$	192	$	517	$	421
PER COMMON SHARE:
Net income—basic	$	0.75	$	1.18	$	3.16	$	2.59
Net income—diluted	0.74		1.17		3.12		2.57

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

(See attached tables for 2013 reconciliations; prior-period reconciliations available at cinfin.com/investors.)

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 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 and non-statutory 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 measures 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; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.

• Operating income: Operating income is calculated by excluding net realized investment gains and losses (defined as realized investment gains and losses after applicable federal and state income taxes) from net income. Management evaluates operating income to measure the success of pricing, rate and underwriting strategies. While realized investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses 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 can be recognized from certain changes in market values of securities without actual realization. Management believes that the level of realized 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.

CINF 4Q13 Release 12

For these reasons, many investors and shareholders consider 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 operating income so that all investors have what management believes to be a useful supplement to GAAP information.

• 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 non-GAAP measure is a useful supplement to GAAP information, 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 as defined in the NAIC’s Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments. 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, 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. Earned premium, used in both statutory and GAAP accounting, is calculated ratably over the policy term. The difference between written and earned premium is unearned premium.

CINF 4Q13 Release 13

Cincinnati Financial Corporation

Balance Sheet Reconciliation

(Per share data)	Three months ended December 31,						Twelve months ended December 31,
	2013			2012			2013			2012
Book value change per share:
Book value as originally reported December 31, 2011										$	31.16
Cumulative effect of a change in accounting for deferred
policy acquisition costs, net of tax										(0.13		)
Book value as adjusted December 31, 2011										$	31.03
Value creation per share data:
End of period book value - as originally reported	$	37.21		$	33.48		$	37.21		$	33.48
Less beginning of period book value - as originally reported	35.51			32.95			33.48			31.16
Change in book value - as originally reported	1.70			0.53			3.73			2.32
Dividend declared to shareholders	0.42			0.4075			1.655			1.62
Total contribution to value creation ratio	$	2.12		$	0.9375		$	5.385		$	3.94
Contribution to value creation ratio:
From change in book value*	4.8		%	1.6		%	11.1		%	7.4		%
From dividends declared to shareholders**	1.2			1.2			5.0			5.2
Value creation ratio	6.0		%	2.8		%	16.1		%	12.6		%
* Change in book value divided by the beginning of period book value as originally reported
** Dividend declared to shareholders divided by beginning of period book value as originally reported

Net Income Reconciliation
(In millions except per share data)	Three months ended December 31,						Twelve months ended December 31,
	2013			2012			2013			2012
Net income	$	122		$	192		$	517		$	421
Net realized investment gains and losses	3			9			54			28
Operating income	119			183			463			393
Less catastrophe losses	(20		)	(19		)	(112		)	(217		)
Operating income before catastrophe losses	$	139		$	202		$	575		$	610
Diluted per share data:
Net income	$	0.74		$	1.17		$	3.12		$	2.57
Net realized investment gains and losses	0.02			0.06			0.32			0.17
Operating income	0.72			1.11			2.80			2.40
Less catastrophe losses	(0.12		)	(0.12		)	(0.67		)	(1.33		)
Operating income before catastrophe losses	$	0.84		$	1.23		$	3.47		$	3.73

CINF 4Q13 Release 14

Cincinnati Financial Corporation

Property Casualty Operations Reconciliation
(In millions)	Three months ended December 31, 2013
	Consolidated				Commercial				Personal				E&S
Premiums:
Written premiums		$	908			$	635			$	239			$	34
Unearned premiums change		52				45				10				(3		)
Earned premiums		$	960			$	680			$	249			$	31
Statutory ratios:
Statutory combined ratio		95.4		%		94.4		%		101.5		%		70.9		%
Contribution from catastrophe losses		3.2				1.7				7.7				(1.7		)
Statutory combined ratio excluding catastrophe losses		92.2		%		92.7		%		93.8		%		72.6		%
Commission expense ratio		19.5		%		19.1		%		19.5		%		25.9		%
Other expense ratio		13.3				14.9				10.6				4.0
Statutory expense ratio		32.8		%		34.0		%		30.1		%		29.9		%
GAAP ratio:
GAAP combined ratio		93.9		%		92.7		%		100.3		%		70.4		%
Contribution from catastrophe losses		3.2				1.7				7.7				(1.7		)
Prior accident years before catastrophe losses		(0.5		)		(0.1		)		1.1				(19.9		)
GAAP combined ratio excluding catastrophe losses and prior
years reserve development		91.2		%		91.1		%		91.5		%		92.0		%
(In millions)	Twelve months ended December 31, 2013
	Consolidated				Commercial				Personal				E&S
Premiums:
Written premiums		$	3,893			$	2,760			$	1,005			$	128
Unearned premiums change		(180		)		(124		)		(44		)		(12		)
Earned premiums		$	3,713			$	2,636			$	961			$	116
Statutory ratios:
Statutory combined ratio		92.7		%		91.8		%		96.3		%		87.8		%
Contribution from catastrophe losses		4.6				3.7				7.7				0.8
Statutory combined ratio excluding catastrophe losses		88.1		%		88.1		%		88.6		%		87.0		%
Commission expense ratio		18.6		%		17.8		%		19.7		%		26.3		%
Other expense ratio		12.2				13.5				10.0				4.8
Statutory expense ratio		30.8		%		31.3		%		29.7		%		31.1		%
GAAP ratio:
GAAP combined ratio		93.8		%		93.0		%		96.8		%		87.8		%
Contribution from catastrophe losses		4.6				3.7				7.7				0.8
Prior accident years before catastrophe losses		(3.3		)		(3.0		)		(3.0		)		(11.2		)
GAAP combined ratio excluding catastrophe losses and prior
years reserve development		92.5		%		92.3		%		92.1		%		98.2		%

CINF 4Q13 Release 15

EX-99.2

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending December 31, 2013

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

www.cinfin.com

Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	Joan O. Shevchik	Molly A. Grimm
(513) 870-2768	(513) 603-5323	(513) 870-2697

	A.M. Best	Fitch	Moody's	Standard &  Poor's
Cincinnati Financial Corporation
Corporate Debt	a-	BBB+	A3	BBB
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
Standard Market Subsidiaries:
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 February 4, 2014, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.

The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.

CINF Fourth-Quarter 2013 Supplemental Financial Data

1

	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2013
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	Quick Reference	4
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2013	5
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2013	6
	5-Year Net Income Reconciliation	7
	CFC Insurance Subsidiaries – Selected Balance Sheet Data	8
Consolidated Property Casualty Insurance Operations
	Statutory Statements of Income	9
	Consolidated Cincinnati Insurance Companies – Losses Incurred Detail	10
	Consolidated Cincinnati Insurance Companies – Loss Ratio Detail	11
	Consolidated Cincinnati Insurance Companies – Loss Claim Count Detail	12
	Direct Written Premiums by Line of Business and State	13
	Quarterly Property Casualty Data – Commercial Lines	14
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	15
	Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2013	16
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2013	17
Reconciliation Data
	5-Year Property Casualty Data – Consolidated	18
	5-Year Property Casualty Data – Commercial Lines	19
	5-Year Property Casualty Data – Personal Lines	20
	5-Year Property Casualty Data – Excess & Surplus Lines	21
	Quarterly Property Casualty Data – Consolidated	22
	Quarterly Property Casualty Data – Commercial Lines	23
	Quarterly Property Casualty Data – Personal Lines	24
	Quarterly Property Casualty Data – Excess & Surplus Lines	25
Life Insurance Operations
	Statutory Statements of Income	26

CINF Fourth-Quarter 2013 Supplemental Financial Data

2

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules 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 and non-statutory 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 measures 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; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.

• Operating income: Operating income is calculated by excluding net realized investment gains and losses (defined as realized investment gains and losses after applicable federal and state income taxes) from net income. Management evaluates operating income to measure the success of pricing, rate and underwriting strategies. While realized investment gains (or losses) are integral to the company's insurance operations over the long term, the determination to realize investment gains or losses 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 can be recognized from certain changes in market values of securities without actual realization. Management believes that the level of realized 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 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 operating income so that all investors have what management believes to be a useful supplement to GAAP information.

• 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 non-GAAP measure is a useful supplement to GAAP information, 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 as defined in the NAIC's Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments. 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, 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. Earned premium, used in both statutory and GAAP accounting, is calculated ratably over the policy term. The difference between written and earned premium is unearned premium.

CINF Fourth-Quarter 2013 Supplemental Financial Data

3

Cincinnati Financial Corporation
Quick Reference - Fourth Quarter 2013
(all data shown is for the three months ended or as of December 31, 2013)
		12/31/2013	Year over year   change %				12/31/2013		Year over year change %
Revenues:					Benefits and expenses:
Commercial lines net written premiums	$	635	8		Commercial lines loss and loss expenses	$	411		34
Personal lines net written premiums		239	8		Personal lines loss and loss expenses		177		53
Excess & surplus lines net written premiums		34	26		Excess & surplus lines loss and loss expenses		13		30
Property casualty net written premiums		908	8		Life and health contract holders' benefits incurred		63		29
Life and accident and health net written premiums		53	0		Underwriting, acquisition and insurance expenses		324		9
Annuity net written premiums		9	18		Interest expense		14		8
Life, annuity and accident and health net written premiums		62	2		Other operating expenses		3		(25	)
Commercial lines net earned premiums		680	10		Total benefits and expenses		1,005		26
Personal lines net earned premiums		249	10		Income before income taxes		167		(39	)
Excess & surplus lines net earned premiums		31	24		Total income tax		45		(44	)
Property casualty net earned premiums		960	10
Life and accident and health net earned premiums		65	35		Balance Sheet:
Investment income		137	1
Realized gains on investments		6	(54	)	Fixed maturity securities	$	9,169
Fee revenue		2	(33	)	Equity securities		4,327
Other revenue		2	100		Other invested assets		68
Total revenues		1,172	10		Total investments	$	13,564
					Loss and loss expense reserves	$	4,311
					Life policy and investment contract reserves		2,390
Income:					Long-term debt and capital lease obligations		835
					Shareholders' equity		6,070
Operating income	$	119	(35	)
Net realized investment gains and losses		3	(67	)	Key ratios:
Net income		122	(36	)
					Commercial lines GAAP combined ratio		92.7	%
					Personal lines GAAP combined ratio		100.3
					Excess & surplus lines GAAP combined ratio		70.4
					Property casualty GAAP combined ratio		93.9
Per share (diluted):
					Commercial lines STAT combined ratio		94.4	%
Operating income	$	0.72	(35	)	Personal lines STAT combined ratio		101.5
Net realized investment gains and losses		0.02	(67	)	Excess & surplus lines STAT combined ratio		70.9
Net income		0.74	(37	)	Property casualty STAT combined ratio		95.4
Book value		37.21	11
Weighted average shares outstanding, in thousands		165,748	1		Value creation ratio		6.0	%

CINF Fourth-Quarter 2013 Supplemental Financial Data

4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2013
(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	3,914		$	—		$	—	$	(1	)	$	3,913
Life		—			—			242			—		—			242
Accident health		—			—			7			—		—			7
Premiums ceded		—			(201	)		(59	)		—		—			(260	)
Total earned premium		—			3,713			190			—		(1	)		3,902
Investment income		41			349			139			—		—			529
Realized gain on investments		21			55			6			1		—			83
Fee revenue		—			4			4					—			8
Other revenue		15			2			—			7		(15	)		9
Total revenues	$	77		$	4,123		$	339		$	8	$	(16	)	$	4,531
Benefits and expenses
Losses & policy benefits	$	—		$	2,335		$	266		$	—	$	(1	)	$	2,600
Reinsurance recoveries		—			(34	)		(62	)		—		1			(95	)
Underwriting, acquisition and insurance expenses		—			1,183			60			—		—			1,243
Interest expenses		53			—			—			1		—			54
Other operating expense		29			—			—			2		(16	)		15
Total expenses	$	82		$	3,484		$	264		$	3	$	(16	)	$	3,817
Income (loss) before income taxes	$	(5	)	$	639		$	75		$	5	$	—		$	714
Provision (benefit) for income taxes
Current operating income	$	(12	)	$	161		$	(1	)	$	1	$	—		$	149
Capital gains/losses		7			20			2			—		—			29
Deferred		(6	)		(1	)		26			—		—			19
Total provision (benefit) for income taxes	$	(11	)	$	180		$	27		$	1	$	—		$	197
Operating income (loss)	$	(8	)	$	424		$	44		$	3	$	—		$	463
Net income - current year	$	6		$	459		$	48		$	4	$	—		$	517
Net income (loss) - prior year	$	14		$	373		$	38		$	3	$	(7	)	$	421
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Fourth-Quarter 2013 Supplemental Financial Data

5

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2013
(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,011		$	—		$	—	$	(1	)	$	1,010
Life		—			—			81			—		—			81
Accident health		—			—			2			—		—			2
Premiums ceded		—			(51	)		(17	)		—		—			(68	)
Total earned premium		—			960			66			—		(1	)		1,025
Investment income		13			89			35			—		—			137
Realized gain on investments		1			2			2			1		—			6
Fee revenue		—			1			1			—		—			2
Other revenue		4			—			—			2		(4	)		2
Total revenues	$	18		$	1,052		$	104		$	3	$	(5	)	$	1,172
Benefits and expenses
Losses & policy benefits	$	—		$	601		$	76		$	—	$	—		$	677
Reinsurance recoveries		—			—			(13	)		—		—			(13	)
Underwriting, acquisition and insurance expenses		—			300			24			—		—			324
Interest expenses		14			—			—			—		—			14
Other operating expenses		6			—			—			1		(4	)		3
Total expenses	$	20		$	901		$	87		$	1	$	(4	)	$	1,005
Income before income taxes	$	(2	)	$	151		$	17		$	2	$	(1	)	$	167
Provision (benefit) for income taxes
Current operating income	$	(3	)	$	39		$	3		$	—	$	(1	)	$	38
Capital gains/losses		1			—			1			—		1			3
Deferred		(1	)		2			3			—		—			4
Total provision (benefit) for income taxes	$	(3	)	$	41		$	7		$	—	$	—		$	45
Operating income	$	1		$	108		$	9		$	1	$	—		$	119
Net income - current year	$	1		$	110		$	10		$	2	$	(1	)	$	122
Net income (loss) - prior year	$	11		$	178		$	9		$	1	$	(7	)	$	192
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Fourth-Quarter 2013 Supplemental Financial Data

6

Cincinnati Financial Corporation
5-Year Net Income Reconciliation
(Dollars in millions except per share data)	Years ended December 31,
	2013				2012				2011				2010				2009
Net income	$	517			$	421			$	164			$	375			$	431
Net realized investment gains and losses		54				28				45				103				217
Operating income		463				393				119				272				214
Less catastrophe losses		(112	)			(217	)			(261	)			(96	)			(107	)
Operating income before catastrophe losses	$	575			$	610			$	380			$	368			$	321
Diluted per share data
Net income	$	3.12			$	2.57			$	1.01			$	2.30			$	2.65
Net realized investment gains and losses		0.32				0.17				0.28				0.63				1.33
Operating income		2.80				2.40				0.73				1.67				1.32
Less catastrophe losses		(0.67	)			(1.33	)			(1.60	)			(0.59	)			(0.66	)
Operating income before catastrophe losses	$	3.47			$	3.73			$	2.33			$	2.26			$	1.98
Value creation ratio
Book value per share growth		11.1		%		7.4		%		0.8		%		5.7		%		13.6		%
Shareholder dividend declared as a percentage of beginning book value		5.0				5.2				5.2				5.4				6.1
Value creation ratio		16.1		%		12.6		%		6.0		%		11.1		%		19.7		%
Investment income
Investment income, net of expenses	$	529			$	531			$	525			$	518			$	501
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF Fourth-Quarter 2013 Supplemental Financial Data

7

Cincinnati Financial Corporation Insurance Subsidiaries
Selected Balance Sheet Data
(In millions)
	12/31/2013		9/30/2013		6/30/2013		3/31/2013		12/31/2012		9/30/2012		6/30/2012		3/31/2012
Cincinnati Insurance Consolidated
Fixed maturities (fair value)	$	6,080	$	6,039	$	5,994	$	6,083	$	6,030	$	6,082	$	6,067	$	6,004
Equities (fair value)		2,942		2,710		2,658		2,645		2,393		2,355		2,246		2,264
Fixed maturities - pretax net unrealized gain		312		344		359		532		551		566		502		482
Equities - pretax net unrealized gain		1,318		1,086		1,040		1,019		756		769		669		731
Loss and loss expense reserves - STAT		3,945		3,919		3,888		3,826		3,815		3,938		4,006		3,938
Equity - GAAP		5,324		5,188		5,143		5,288		5,056		4,965		4,794		4,864
Surplus - STAT		4,325		4,173		4,142		4,131		3,914		3,815		3,722		3,835
The Cincinnati Life Insurance Company
Fixed maturities (fair value)	$	2,946	$	2,906	$	2,900	$	2,979	$	2,953	$	2,911	$	2,821	$	2,736
Equities (fair value)		13		13		13		18		17		17		17		17
Fixed maturities - pretax net unrealized gain		148		169		181		285		291		289		242		223
Equities - pretax net unrealized gain		6		6		6		8		8		7		7		7
Equity - GAAP		833		835		828		869		857		850		811		792
Surplus - STAT		247		256		272		268		276		277		281		281

CINF Fourth-Quarter 2013 Supplemental Financial Data

8

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)	2013			2012			Change			% Change		2013		2012		Change			% Change
Underwriting income
Net premiums written	$	908		$	837		$	71		8		$	3,893	$	3,482	$	411		12
Unearned premiums increase		(52	)		(32	)		(20	)	(63	)		180		138		42		30
Earned premiums	$	960		$	869		$	91		10		$	3,713	$	3,344	$	369		11
Losses incurred	$	495		$	353		$	142		40		$	1,935	$	1,799	$	136		8
Allocated loss expenses incurred		45			30			15		50			131		143		(12	)	(8	)
Unallocated loss expenses incurred		61			51			10		20			235		196		39		20
Other underwriting expenses incurred		295			271			24		9			1,185		1,082		103		10
Workers compensation dividend incurred		5			5			—		nm			16		16		—		nm
Total underwriting deductions	$	901		$	710		$	191		27		$	3,502	$	3,236	$	266		8
Net underwriting profit	$	59		$	159		$	(100	)	(63	)	$	211	$	108	$	103		95
Investment income
Gross investment income earned	$	92		$	93		$	(1	)	(1	)	$	360	$	363	$	(3	)	(1	)
Net investment income earned		90			92			(2	)	(2	)		354		358		(4	)	(1	)
Net realized capital gains		1			7			(6	)	(86	)		40		13		27		208
Net investment gains (net of tax)	$	91		$	99		$	(8	)	(8	)	$	394	$	371	$	23		6
Other income	$	2		$	2		$	—		nm		$	5	$	6	$	(1	)	nm
Net income before federal income taxes	$	152		$	260		$	(108	)	(42	)	$	610	$	485	$	125		26
Federal and foreign income taxes incurred	$	37		$	75		$	(38	)	(51	)	$	162	$	132	$	30		23
Net income (statutory)	$	115		$	185		$	(70	)	(38	)	$	448	$	353	$	95		27
*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. *Excludes CSU Producer Resources Inc.

CINF Fourth-Quarter 2013 Supplemental Financial Data

9

`

Consolidated Cincinnati Insurance Companies
Losses Incurred Detail
(In millions)	Three months ended																						Six months ended					Nine months ended						Twelve months ended
	12/31/13			9/30/13			6/30/13			3/31/13		12/31/12			9/30/12			6/30/12			3/31/12		6/30/13			6/30/12		9/30/13			9/30/12			12/31/13			12/31/12
Consolidated
New losses greater than $4,000,000	$	19		$	16		$	13		$	34	$	32		$	21		$	4		$	10	$	47		$	15	$	63		$	36		$	82		$	68
New losses $1,000,000-$4,000,000		59			46			33			35		44			39			47			31		68			78		114			117			173			161
New losses $250,000-$1,000,000		58			52			48			56		53			50			58			43		104			102		156			152			214			205
Case reserve development above $250,000		84			60			75			48		68			60			55			67		123			122		183			182			267			250
Large losses subtotal	$	220		$	174		$	169		$	173	$	197		$	170		$	164		$	151	$	342		$	317	$	516		$	487		$	736		$	684
IBNR incurred		45			21			23			28		(22	)		(25	)		7			19		51			26		73			2			118			(20	)
Catastrophe losses incurred		29			53			74			10		26			62			146			89		84			233		137			295			166			321
Remaining incurred		200			245			247			224		152			242			234			187		471			421		715			662			915			814
Total losses incurred	$	494		$	493		$	513		$	435	$	353		$	449		$	551		$	446	$	948		$	997	$	1,441		$	1,446		$	1,935		$	1,799
Commercial Lines
New losses greater than $4,000,000	$	19		$	16		$	13		$	34	$	32		$	21		$	4		$	10	$	47		$	15	$	63		$	36		$	82		$	68
New losses $1,000,000-$4,000,000		47			31			29			30		36			30			33			24		59			56		90			86			137			122
New losses $250,000-$1,000,000		44			36			33			41		37			33			36			31		74			68		110			101			154			138
Case reserve development above $250,000		76			52			71			42		63			56			51			64		113			115		165			171			241			234
Large losses subtotal	$	186		$	135		$	146		$	147	$	168		$	140		$	124		$	129	$	293		$	254	$	428		$	394		$	614		$	562
IBNR incurred		30			40			28			23		1			(21	)		6			—		51			6		92			(14	)		122			(13	)
Catastrophe losses incurred		11			36			44			2		17			43			89			39		46			127		82			170			93			187
Remaining incurred		104			137			136			127		65			138			132			105		263			237		399			374			503			439
Total losses incurred	$	331		$	348		$	354		$	299	$	251		$	300		$	351		$	273	$	653		$	624	$	1,001		$	924		$	1,332		$	1,175
Personal Lines
New losses greater than $4,000,000	$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—	$	—		$	—	$	—		$	—		$	—		$	—
New losses $1,000,000-$4,000,000		11			14			2			4		8			9			13			5		6			18		20			27			31			35
New losses $250,000-$1,000,000		12			14			9			12		13			14			18			8		21			26		35			40			47			53
Case reserve development above $250,000		8			6			4			6		4			1			3			2		10			5		16			6			24			10
Large losses subtotal	$	31		$	34		$	15		$	22	$	25		$	24		$	34		$	15	$	37		$	49	$	71		$	73		$	102		$	98
IBNR incurred		8			(27	)		(5	)		—		(24	)		(10	)		(4	)		14		(5	)		11		(32	)		—			(24	)		(24	)
Catastrophe losses incurred		18			17			29			8		9			18			56			49		37			105		54			123			72			132
Remaining incurred		98			108			105			94		87			101			100			81		199			181		307			283			405			370
Total losses incurred	$	155		$	132		$	144		$	124	$	97		$	133		$	186		$	159	$	268		$	346	$	400		$	479		$	555		$	576
Excess & Surplus Lines
New losses greater than $4,000,000	$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—	$	—		$	—	$	—		$	—		$	—		$	—
New losses $1,000,000-$4,000,000		1			1			2			1		—			1			1			2		3			3		4			4			5			4
New losses $250,000-$1,000,000		2			2			6			3		3			3			4			4		9			8		11			11			13			14
Case reserve development above $250,000		—			2			—			—		1			2			1			1		—			3		2			5			2			6
Large losses subtotal	$	3		$	5		$	8		$	4	$	4		$	6		$	6		$	7	$	12		$	14	$	17		$	20		$	20		$	24
IBNR incurred		8			8			—			5		1			6			5			5		5			9		13			16			21			17
Catastrophe losses incurred		—			—			1			—		—			—			1			1		1			2		1			2			1			2
Remaining incurred		(3	)		—			6			3		—			3			2			1		9			3		9			5			6			5
Total losses incurred	$	8		$	13		$	15		$	12	$	5		$	15		$	14		$	14	$	27		$	28	$	40		$	43		$	48		$	48
*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. *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2013 Supplemental Financial Data

10

Consolidated Cincinnati Insurance Companies
Loss Ratio Detail
	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/13		9/30/13		6/30/13		3/31/13		12/31/12		9/30/12		6/30/12		3/31/12		6/30/13		6/30/12		9/30/13		9/30/12		12/31/13		12/31/12
Consolidated
New losses greater than $4,000,000	2.0	%	1.7	%	1.4	%	3.8	%	3.7	%	2.5	%	0.5	%	1.3	%	2.6	%	0.9	%	2.3	%	1.4	%	2.2	%	2.0	%
New losses $1,000,000-$4,000,000	6.2		4.9		3.7		3.9		5.0		4.6		5.7		3.9		3.8		4.8		4.1		4.7		4.7		4.8
New losses $250,000-$1,000,000	6.1		5.4		5.3		6.3		6.1		5.9		7.1		5.5		5.8		6.2		5.6		6.2		5.8		6.1
Case reserve development above $250,000	8.7		6.3		8.2		5.4		7.8		7.0		6.7		8.3		6.8		7.5		6.7		7.4		7.1		7.5
Large losses subtotal	23.0	%	18.3	%	18.6	%	19.4	%	22.6	%	20.0	%	20.0	%	19.0	%	19.0	%	19.4	%	18.7	%	19.7	%	19.8	%	20.4	%
IBNR incurred	4.7		2.3		2.5		3.2		(2.4)		(2.9)		0.9		2.3		2.8		1.6		2.6		0.1		3.2		(0.6)
Total catastrophe losses incurred	3.0		5.5		8.2		1.1		2.9		7.3		17.6		11.1		4.7		14.5		5.0		11.9		4.5		9.6
Remaining incurred	20.9		25.6		27.0		25.2		17.5		28.4		28.2		23.5		26.2		25.9		26.0		26.7		24.6		24.4
Total loss ratio	51.6	%	51.7	%	56.3	%	48.9	%	40.6	%	52.8	%	66.7	%	55.9	%	52.7	%	61.4	%	52.3	%	58.4	%	52.1	%	53.8	%
Commercial Lines
New losses greater than $4,000,000	2.8	%	2.4	%	1.9	%	5.4	%	5.3	%	3.4	%	0.7	%	1.9	%	3.7	%	1.3	%	3.2	%	2.0	%	3.1	%	2.9	%
New losses $1,000,000-$4,000,000	6.9		4.7		4.5		4.7		5.7		4.9		5.5		4.2		4.6		4.9		4.6		4.9		5.2		5.1
New losses $250,000-$1,000,000	6.5		5.2		5.2		6.5		5.9		5.5		6.2		5.5		5.8		5.9		5.6		5.8		5.8		5.8
Case reserve development above $250,000	11.2		7.5		11.1		6.7		10.1		9.3		8.7		11.2		8.9		9.9		8.4		9.7		9.2		9.8
Large losses subtotal	27.4	%	19.8	%	22.7	%	23.3	%	27.0	%	23.1	%	21.1	%	22.8	%	23.0	%	22.0	%	21.8	%	22.4	%	23.3	%	23.6	%
IBNR incurred	4.5		6.0		4.3		3.7		0.3		(3.4)		1.1		0.0		4.0		0.5		4.7		(0.8)		4.7		(0.5)
Total catastrophe losses incurred	1.6		5.2		6.9		0.3		2.7		7.1		15.1		6.8		3.6		11.0		4.2		9.6		3.5		7.8
Remaining incurred	15.3		20.2		21.0		20.0		10.5		22.7		22.3		18.4		20.6		20.5		20.4		21.2		19.1		18.4
Total loss ratio	48.8	%	51.2	%	54.9	%	47.3	%	40.5	%	49.5	%	59.6	%	48.0	%	51.2	%	54.0	%	51.1	%	52.4	%	50.6	%	49.3	%
Personal Lines
New losses greater than $4,000,000	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
New losses $1,000,000-$4,000,000	4.8		5.6		0.9		1.6		3.8		3.7		6.4		2.3		1.2		4.4		2.7		4.1		3.3		4.1
New losses $250,000-$1,000,000	4.7		5.5		3.8		5.4		5.9		6.1		8.4		4.0		4.6		6.2		4.9		6.2		4.8		6.1
Case reserve development above $250,000	2.6		3.0		1.6		2.4		2.1		0.5		1.2		0.9		2.0		1.1		2.3		0.9		2.4		1.2
Large losses subtotal	12.1	%	14.1	%	6.3	%	9.4	%	11.8	%	10.3	%	16.0	%	7.2	%	7.8	%	11.7	%	9.9	%	11.2	%	10.5	%	11.4	%
IBNR incurred	3.3		(11.1)		(2.2)		0.2		(10.8)		(4.6)		(1.6)		6.6		(1.1)		2.5		(4.5)		0.1		(2.4)		(2.8)
Total catastrophe losses incurred	7.6		6.7		12.4		3.3		3.5		8.8		26.2		23.3		7.9		24.8		7.5		19.3		7.5		15.2
Remaining incurred	39.6		44.3		44.1		40.7		38.8		46.2		46.6		39.1		42.6		42.8		43.1		44.0		42.2		42.6
Total loss ratio	62.6	%	54.0	%	60.6	%	53.6	%	43.3	%	60.7	%	87.2	%	76.2	%	57.2	%	81.8	%	56.0	%	74.6	%	57.8	%	66.4	%
Excess & Surplus Lines
New losses greater than $4,000,000	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
New losses $1,000,000-$4,000,000	3.3		3.6		7.8		4.2		0.0		4.3		4.4		11.1		6.1		7.7		5.2		6.5		4.7		4.7
New losses $250,000-$1,000,000	9.0		7.3		19.7		11.1		11.1		15.0		16.5		17.7		15.5		17.1		12.6		16.3		11.6		14.9
Case reserve development above $250,000	1.5		4.5		1.0		1.0		2.7		8.8		6.4		5.6		1.0		6.0		2.2		7.0		2.0		5.9
Large losses subtotal	13.8	%	15.4	%	28.5	%	16.3	%	13.8	%	28.1	%	27.3	%	34.4	%	22.6	%	30.8	%	20.0	%	29.8	%	18.3	%	25.5	%
IBNR incurred	21.6		26.9		1.1		17.0		6.0		25.9		21.0		22.2		8.9		21.6		15.3		23.2		17.0		18.5
Total catastrophe losses incurred	(1.7)		2.4		1.9		0.4		1.2		0.5		3.4		3.7		1.1		3.5		1.6		2.4		0.7		2.1
Remaining incurred	(9.0)		(1.2)		20.6		13.5		(1.5)		10.0		8.1		5.4		17.1		6.8		10.6		7.9		5.3		5.4
Total loss ratio	24.7	%	43.5	%	52.1	%	47.2	%	19.5	%	64.5	%	59.8	%	65.7	%	49.7	%	62.7	%	47.5	%	63.3	%	41.3	%	51.5	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF Fourth-Quarter 2013 Supplemental Financial Data

11

Consolidated Cincinnati Insurance Companies
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/13	9/30/13	6/30/13	3/31/13	12/31/12	9/30/12	6/30/12	3/31/12	6/30/13	6/30/12	9/30/13	9/30/12	12/31/13	12/31/12
Consolidated
New losses greater than $4,000,000	3	3	2	5	6	4	1	2	7	3	10	7	13	13
New losses $1,000,000-$4,000,000	33	28	21	21	28	27	29	19	42	48	70	75	103	103
New losses $250,000-$1,000,000	140	125	107	116	118	116	130	101	223	231	348	347	488	465
Case reserve development above $250,000	126	95	92	69	99	86	78	86	161	164	256	250	382	349
Large losses total	302	251	222	211	251	233	238	208	433	446	684	679	986	930
Commercial Lines
New losses greater than $4,000,000	3	3	2	5	6	4	1	2	7	3	10	7	13	13
New losses $1,000,000-$4,000,000	24	18	17	17	22	21	18	15	34	33	52	54	76	76
New losses $250,000-$1,000,000	106	85	74	86	82	78	77	70	160	147	245	225	351	307
Case reserve development above $250,000	114	77	83	56	86	79	64	81	139	145	216	224	330	310
Large losses total	247	183	176	164	196	182	160	168	340	328	523	510	770	706
Personal Lines
New losses greater than $4,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
New losses $1,000,000-$4,000,000	8	9	2	3	6	5	10	2	5	12	14	17	22	23
New losses $250,000-$1,000,000	27	34	19	24	29	31	44	21	43	65	77	96	104	125
Case reserve development above $250,000	11	15	8	12	11	3	8	4	20	12	35	15	46	26
Large losses total	46	58	29	39	46	39	62	27	68	89	126	128	172	174
Excess & Surplus Lines
New losses greater than $4,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
New losses $1,000,000-$4,000,000	1	1	2	1	—	1	1	2	3	3	4	4	5	4
New losses $250,000-$1,000,000	7	6	14	6	7	7	9	10	20	19	26	26	33	33
Case reserve development above $250,000	1	3	1	1	2	4	6	1	2	7	5	11	6	13
Large losses total	9	10	17	8	9	12	16	13	25	29	35	41	44	50
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2013 Supplemental Financial Data

12

Consolidated Cincinnati Insurance Companies
Agency Direct Written Premiums by Agency State by Line of Business for the Twelve Months Ended December 31, 2013
	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		Spec Packages		Mgmt Liab & Surety		Mach. & Equipment		Personal Auto		Home Owner		Other Personal		All Lines		2013		2012
																							Total		Total
OH	$	149.7	$	119.9	$	73.3	$	—	$	13.7	$	23.5	$	6.8	$	128.5	$	111.0	$	35.7	$	12.2	$	674.3	$	635.4		7.3			4.1			14.4			6.1
IL		62.4		48.9		29.7		57.6		13.2		7.8		3.6		32.5		29.1		8.6		8.2		301.6		288.3		4.0			5.6			12.5			4.6
IN		51.8		44.8		27.5		33.0		6.8		7.3		3.4		34.5		36.8		8.8		11.5		266.2		245.1		9.7			5.0			17.2			8.5
PA		54.9		40.3		35.6		49.6		7.8		6.8		2.7		12.0		9.5		4.0		5.4		228.6		209.8		7.8			14.4			24.6			8.8
GA		33.4		30.9		24.1		13.2		8.4		6.4		1.8		36.9		38.3		10.6		9.2		213.2		189.2		16.6			6.9			21.0			12.7
MI		41.2		29.0		19.8		21.4		10.0		6.9		2.6		33.0		25.8		4.9		6.2		200.8		173.1		11.6			24.9			23.6			15.9
NC		37.7		36.7		21.3		18.9		12.8		8.9		2.4		26.7		20.5		6.8		5.3		198.0		180.3		5.9			19.6			31.7			9.9
TN		30.5		29.4		19.9		12.6		10.0		5.4		2.0		16.0		18.3		5.2		3.2		152.5		129.5		17.4			18.3			22.3			17.7
KY		25.8		28.4		18.1		3.4		6.0		4.1		1.6		26.9		24.6		6.0		4.9		149.8		136.1		10.6			7.6			40.1			10.2
VA		32.1		26.2		21.1		19.7		5.0		7.1		1.6		10.6		9.5		3.2		4.6		140.7		132.1		7.8			0.1			10.6			6.6
AL		22.7		25.7		11.0		1.4		9.4		3.6		1.5		19.1		31.6		6.9		5.9		138.8		125.1		13.3			5.5			39.9			10.8
WI		29.0		22.6		14.0		33.0		4.0		3.5		2.1		8.9		9.3		3.7		3.2		133.3		122.5		10.4			1.7			0.2			8.6
MO		25.7		26.1		14.8		14.2		7.7		2.6		1.9		6.0		8.6		1.8		6.4		115.8		103.6		12.0			11.5			11.0			11.9
MN		25.6		20.5		10.2		10.4		3.5		2.7		1.5		15.6		15.3		4.8		3.4		113.5		98.3		12.1			22.8			13.5			15.3
TX		39.7		26.7		24.1		2.4		0.9		2.1		2.1		—		—		—		11.3		109.3		83.0		30.4			16.2			40.8			31.4
IA		20.1		18.1		9.4		21.9		3.7		3.4		1.4		4.9		5.6		1.9		1.8		92.2		84.1		11.0			3.0			2.4			9.7
MD		18.4		10.6		14.0		12.9		1.5		2.8		0.7		4.6		4.1		1.2		1.8		72.6		60.6		16.9			42.8			11.1			19.7
NY		32.8		15.2		12.1		2.4		1.1		2.9		1.2		1.8		0.8		0.2		1.9		72.4		64.0		8.8			nm			45.1			13.3
FL		20.0		15.3		7.4		1.3		0.5		1.8		0.6		7.8		11.3		2.0		3.5		71.5		75.1		(6.9	)		(2.2	)		7.8			(4.9	)
AR		9.6		15.1		7.2		2.9		5.9		1.3		1.1		7.0		7.8		2.0		2.2		62.1		54.2		10.6			28.9			4.4			14.8
KS		9.6		11.5		5.7		6.8		3.4		1.9		0.7		5.1		7.1		1.5		1.2		54.5		49.4		12.1			5.4			2.0			10.1
SC		12.4		10.4		8.3		3.8		2.7		2.3		0.6		6.2		4.0		1.2		2.0		53.9		44.4		13.2			54.5			66.7			21.4
AZ		15.0		8.4		11.6		4.6		1.0		1.4		0.6		3.7		2.7		1.0		1.6		51.6		43.1		19.4			24.5			6.7			19.7
UT		15.0		7.6		9.4		0.4		1.2		2.1		0.4		7.5		3.7		0.8		2.0		50.1		42.8		17.6			13.1			32.4			17.0
MT		14.0		8.0		7.2		0.1		1.1		0.7		0.6		2.6		2.4		0.6		0.7		38.0		33.0		14.5			15.4			92.3			15.5
NE		8.6		8.9		4.6		8.8		1.6		1.2		0.7		0.7		1.1		0.3		1.4		37.9		32.1		19.6			1.1			10.5			18.1
CO		12.1		8.5		7.7		0.5		0.1		1.4		0.6		—		0.3		—		2.3		33.5		23.4		39.7			(8.4	)		123.6			42.6
ID		10.4		6.8		6.1		0.3		0.9		1.0		0.5		2.8		1.8		0.5		1.4		32.5		29.0		7.2			25.0			105.2			12.1
WV		8.6		7.0		6.5		1.8		2.6		0.6		0.5		—		0.5		0.1		2.5		30.7		28.2		8.6			(5.4	)		17.0			9.0
VT		5.1		4.8		2.9		7.1		1.2		1.3		0.4		1.3		1.5		0.4		0.9		26.9		24.4		11.3			8.2			(8.2	)		10.2
ND		7.9		6.2		4.3		—		1.3		0.8		0.4		0.7		0.8		0.2		0.5		23.1		19.2		21.5			9.4			39.9			20.8
NH		3.4		3.8		1.6		2.7		0.7		0.6		0.2		1.8		1.8		0.6		0.9		18.1		15.0		23.7			8.7			47.6			20.8
WA		6.1		3.7		4.3		—		—		1.0		0.4		—		—		—		1.3		16.8		12.6		34.4			3.0			27.7			33.8
OR		5.1		3.3		3.2		0.1		—		0.8		0.3		0.7		0.3		0.1		2.5		16.4		8.9		81.9			nm			42.1			84.3
DE		3.7		3.1		2.4		2.8		0.4		0.3		0.3		—		—		—		0.3		13.3		11.9		11.6			5.9			87.6			12.7
SD		3.1		2.8		1.6		2.8		0.7		0.9		0.2		—		—		—		0.5		12.6		11.9		5.0			3.8			21.9			5.5
NM		4.5		2.3		2.6		0.7		0.1		1.7		0.1		—		—		—		0.5		12.5		10.7		16.7			(68.7	)		26.6			17.1
CT		2.5		2.4		1.3		0.6		0.1		0.2		0.2		—		—		—		0.2		7.5		4.0		105.4			(61.6	)		47.5			101.8
WY		1.9		2.0		0.9		—		—		0.3		0.1		—		—		—		0.5		5.7		4.4		32.0			(10.2	)		25.5			31.2
All Other		3.6		2.4		3.3		4.9		0.9		2.3		0.3		0.1		—		0.1		1.0		18.9		15.9		20.1			21.7			1.0			19.0
Total	$	915.7	$	744.3	$	510.1	$	381.0	$	151.9	$	133.7	$	50.7	$	466.5	$	445.8	$	125.7	$	136.3	$	4,061.7	$	3,653.9		11.3			9.6			22.4			11.2
Other Direct		—		1.7		4.1		5.0		—		—		—		8.3		0.2		—		—		19.3		5.3		109.9			nm			nm			264.2
Total Direct	$	915.7	$	746.0	$	514.2	$	386.0	$	151.9	$	133.7	$	50.7	$	474.8	$	446.0	$	125.7	$	136.3	$	4,081.0	$	3,659.2		11.4			10.5			22.4			11.5
*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

CINF Fourth-Quarter 2013 Supplemental Financial Data

13

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																															Six months ended								Nine months ended								Twelve months ended
	12/31/13			9/30/13				6/30/13				3/31/13				12/31/12				9/30/12				6/30/12				3/31/12				6/30/13				6/30/12				9/30/13				9/30/12				12/31/13				12/31/12
Commercial casualty:
Written premiums	$	206		$	232			$	222			$	237			$	189			$	200			$	202			$	202			$	459			$	404			$	691			$	604			$	897			$	793
Earned premiums		220			221				211				204				198				197				191				181				415				372				636				569				856				767
Current accident year before catastrophe losses		54.2	%		53.5		%		55.7		%		60.8		%		67.5		%		52.1		%		67.2		%		70.2		%		58.2		%		68.7		%		56.6		%		63.0		%		56.0		%		64.1		%
Current accident year catastrophe losses		—			—				—				—				—				—				—				—				—				—				—				—				—				—
Prior accident years before catastrophe losses		1.9			(8.4	)			(15.1	)			(11.5	)			(24.0	)			(12.9	)			(29.2	)			(26.7	)			(13.3	)			(28.0	)			(11.6	)			(22.8	)			(8.2	)			(23.1	)
Prior accident years catastrophe losses		—			—				—				—				—				—				—				—				—				—				—				—				—				—
Total loss and loss expense ratio		56.1	%		45.1		%		40.6		%		49.3		%		43.5		%		39.2		%		38.0		%		43.5		%		44.9		%		40.7		%		45.0		%		40.2		%		47.8		%		41.0		%
Commercial property:
Written premiums	$	157		$	186			$	164			$	166			$	136			$	150			$	146			$	141			$	330			$	287			$	516			$	437			$	673			$	573
Earned premiums		163			161				152				147				142				138				134				131				299				265				460				403				623				545
Current accident year before catastrophe losses		51.3	%		49.6		%		52.9		%		48.9		%		28.0		%		45.3		%		55.3		%		57.2		%		50.9		%		56.2		%		50.5		%		52.5		%		50.7		%		46.1		%
Current accident year catastrophe losses		9.0			19.1				28.4				2.8				10.4				29.6				56.7				31.4				15.8				44.3				17.0				39.2				14.9				31.7
Prior accident years before catastrophe losses		(2.5)			1.4				(6.0	)			2.0				(2.3	)			(2.1	)			(3.4	)			(4.4	)			(2.0	)			(4.0	)			(0.9	)			(3.3	)			(1.3	)			(3.1	)
Prior accident years catastrophe losses		(1.9)			(2.0	)			(3.2	)			(1.9	)			(2.1	)			(0.7	)			1.3				(5.8	)			(2.6	)			(2.2	)			(2.4	)			(1.7	)			(2.3	)			(1.8	)
Total loss and loss expense ratio		55.9	%		68.1		%		72.1		%		51.8		%		34.0		%		72.1		%		109.9		%		78.4		%		62.1		%		94.3		%		64.2		%		86.7		%		62.0		%		72.9		%
Commercial auto:
Written premiums	$	117		$	128			$	127			$	135			$	106			$	109			$	115			$	114			$	262			$	229			$	390			$	338			$	507			$	444
Earned premiums		124			124				117				114				111				108				106				101				231				207				355				315				479				426
Current accident year before catastrophe losses		70.6	%		64.3		%		76.3		%		59.6		%		66.2		%		71.1		%		71.8		%		73.9		%		68.1		%		72.8		%		66.7		%		72.2		%		67.8		%		70.7		%
Current accident year catastrophe losses		(0.1)			0.9				1.5				0.4				(0.2	)			0.8				3.2				1.4				1.0				2.4				0.9				1.8				0.7				1.3
Prior accident years before catastrophe losses		3.1			(0.4	)			(3.2	)			2.1				7.3				4.9				(1.8	)			(11.9	)			(0.7	)			(6.8	)			(0.5	)			(2.7	)			0.4				(0.1	)
Prior accident years catastrophe losses		—			(0.2	)			(0.3	)			(0.2	)			—				(0.2	)			(0.3	)			(0.5	)			(0.2	)			(0.4	)			(0.2	)			(0.3	)			(0.2	)			(0.2	)
Total loss and loss expense ratio		73.6	%		64.6		%		74.3		%		61.9		%		73.3		%		76.6		%		72.9		%		62.9		%		68.2		%		68.0		%		66.9		%		71.0		%		68.7		%		71.7		%
Workers' compensation:
Written premiums	$	86		$	90			$	85			$	113			$	84			$	78			$	86			$	93			$	198			$	179			$	288			$	257			$	374			$	341
Earned premiums		95			95				87				88				89				89				85				81				175				166				270				255				365				344
Current accident year before catastrophe losses		76.9	%		78.6		%		84.8		%		71.8		%		87.6		%		80.8		%		80.8		%		82.7		%		78.3		%		81.7		%		78.4		%		81.5		%		78.0		%		83.0		%
Current accident year catastrophe losses		—			—				—				—				—				—				—				—				—				—				—				—				—				—
Prior accident years before catastrophe losses		(0.5)			9.3				(17.8	)			(8.0	)			(26.2	)			(25.7	)			(14.3	)			(19.0	)			(12.9	)			(16.6	)			(5.1	)			(19.8	)			(3.9	)			(21.5	)
Prior accident years catastrophe losses		—			—				—				—				—				—				—				—				—				—				—				—				—				—
Total loss and loss expense ratio		76.4	%		87.9		%		67.0		%		63.8		%		61.4		%		55.1		%		66.5		%		63.7		%		65.4		%		65.1		%		73.3		%		61.7		%		74.1		%		61.5		%
Specialty package:
Written premiums	$	30		$	36			$	36			$	40			$	36			$	39			$	38			$	40			$	76			$	78			$	112			$	117			$	142			$	153
Earned premiums		36			38				37				39				39				37				37				38				76				75				114				112				150				151
Current accident year before catastrophe losses		45.0	%		56.2		%		80.0		%		73.5		%		57.5		%		56.7		%		72.8		%		66.4		%		76.7		%		69.6		%		69.9		%		65.3		%		63.9		%		63.4		%
Current accident year catastrophe losses		2.8			22.9				16.1				6.4				10.1				29.3				23.9				24.8				11.2				24.4				15.1				26.0				12.1				22.0
Prior accident years before catastrophe losses		5.2			9.0				(3.3	)			(2.5	)			(8.7	)			9.1				(3.0	)			(14.0	)			(2.8	)			(8.5	)			1.1				(2.7	)			2.1				(4.2	)
Prior accident years catastrophe losses		(2.4)			(0.1	)			(0.6	)			(3.4	)			9.3				(14.8	)			(0.2	)			(12.6	)			(2.0	)			(6.5	)			(1.4	)			(9.2	)			(1.6	)			(4.5	)
Total loss and loss expense ratio		50.6	%		88.0		%		92.2		%		74.0		%		68.2		%		80.3		%		93.5		%		64.6		%		83.1		%		79.0		%		84.7		%		79.4		%		76.5		%		76.7		%
Management liability and surety:
Written premiums	$	28		$	34			$	33			$	26			$	27			$	31			$	29			$	27			$	59			$	56			$	93			$	87			$	121			$	114
Earned premiums		30			30				30				29				29				28				27				27				59				54				89				82				119				111
Current accident year before catastrophe losses		54.4	%		57.1		%		60.1		%		44.5		%		57.7		%		60.4		%		72.1		%		49.2		%		52.4		%		60.9		%		54.0		%		60.7		%		54.1		%		59.9		%
Current accident year catastrophe losses		—			—				—				—				—				—				—				—				—				—				—				—				—				—
Prior accident years before catastrophe losses		(20.8)			(16.3	)			4.8				60.8				(23.9	)			(17.2	)			10.3				34.8				32.4				22.3				15.9				8.9				6.6				0.4
Prior accident years catastrophe losses		—			—				—				—				—				—				—				—				—				—				—				—				—				—
Total loss and loss expense ratio		33.6	%		40.8		%		64.9		%		105.3		%		33.8		%		43.2		%		82.4		%		84.0		%		84.8		%		83.2		%		69.9		%		69.6		%		60.7		%		60.3		%
Machinery and equipment:
Written premiums	$	12		$	13			$	11			$	11			$	10			$	12			$	10			$	9			$	22			$	19			$	35			$	31			$	47			$	41
Earned premiums		12			11				11				10				10				10				10				9				21				19				32				29				44				39
Current accident year before catastrophe losses		29.6	%		26.7		%		45.8		%		15.0		%		11.5		%		19.9		%		23.8		%		36.0		%		30.5		%		29.8		%		29.2		%		26.4		%		29.3		%		22.5		%
Current accident year catastrophe losses		—			—				—				—				—				—				—				—				—				—				—				—				—				—
Prior accident years before catastrophe losses		1.1			(1.1	)			(4.9	)			8.0				(4.1	)			(3.9	)			(2.5	)			3.2				1.5				0.4				0.6				(1.1	)			0.7				(1.9	)
Prior accident years catastrophe losses		—			—				—				—				—				—				—				—				—				—				—				—				—				—
Total loss and loss expense ratio		30.7	%		25.6		%		40.9		%		23.0		%		7.4		%		16.0		%		21.3		%		39.2		%		32.0		%		30.2		%		29.8		%		25.3		%		30.0		%		20.6		%
*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.

CINF Fourth-Quarter 2013 Supplemental Financial Data

14

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																																Six months ended								Nine months ended								Twelve months ended
	12/31/13				9/30/13				6/30/13				3/31/13				12/31/12				9/30/12				6/30/12				3/31/12				6/30/13				6/30/12				9/30/13				9/30/12				12/31/13				12/31/12
Personal auto:
Written premiums	$	107			$	128			$	125			$	100			$	102			$	117			$	115			$	91			$	225			$	206			$	353			$	323			$	460			$	425
Earned premiums		115				112				109				107				105				101				100				98				216				198				328				299				443				404
Current accident year before catastrophe losses		73.2		%		71.7		%		85.4		%		66.9		%		71.6		%		68.2		%		78.0		%		73.5		%		76.3		%		75.8		%		74.7		%		73.2		%		74.3		%		72.8		%
Current accident year catastrophe losses		0.4				1.3				1.4				1.4				(0.3	)			(3.1	)			9.7				5.1				1.4				7.4				1.4				3.9				1.1				2.8
Prior accident years before catastrophe losses		2.7				(0.4	)			(10.2	)			7.9				1.4				(5.2	)			(4.7	)			(8.1	)			(1.2	)			(6.4	)			(0.9	)			(6.0	)			—				(4.1	)
Prior accident years catastrophe losses		—				(0.4	)			(0.4	)			(0.3	)			(0.1	)			(0.3	)			(0.7	)			(0.8	)			(0.4	)			(0.8	)			(0.4	)			(0.6	)			(0.3	)			(0.5	)
Total loss and loss expense ratio		76.3		%		72.2		%		76.2		%		75.9		%		72.6		%		59.6		%		82.3		%		69.7		%		76.1		%		76.0		%		74.8		%		70.5		%		75.1		%		71.0		%
Homeowner:
Written premiums	$	105			$	118			$	116			$	89			$	93			$	105			$	103			$	77			$	205			$	180			$	323			$	285			$	428			$	378
Earned premiums		105				103				99				96				92				90				87				84				195				171				298				261				403				353
Current accident year before catastrophe losses		52.5		%		55.2		%		50.5		%		40.6		%		52.1		%		80.7		%		74.0		%		63.0		%		45.6		%		68.6		%		48.9		%		72.8		%		49.9		%		67.4		%
Current accident year catastrophe losses		16.1				18.7				30.1				9.4				10.4				28.1				59.2				60.4				19.9				59.8				19.5				48.9				18.6				38.8
Prior accident years before catastrophe losses		0.2				(3.2	)			(7.4	)			(0.7	)			(17.3	)			(11.9	)			(6.0	)			(2.9	)			(4.1	)			(4.5	)			(3.8	)			(7.1	)			(2.8	)			(9.7	)
Prior accident years catastrophe losses		0.6				(4.2	)			(2.0	)			(2.4	)			(0.4	)			(4.9	)			(5.7	)			(9.8	)			(2.2	)			(7.7	)			(2.9	)			(6.8	)			(2.0	)			(5.1	)
Total loss and loss expense ratio		69.4		%		66.5		%		71.2		%		46.9		%		44.8		%		92.0		%		121.5		%		110.7		%		59.2		%		116.2		%		61.7		%		107.8		%		63.7		%		91.4		%
Other personal:
Written premiums	$	27			$	32			$	32			$	26			$	27			$	31			$	32			$	25			$	58			$	57			$	90			$	88			$	117			$	115
Earned premiums		29				29				29				28				29				28				27				27				57				54				86				82				115				111
Current accident year before catastrophe losses		57.2		%		56.3		%		52.5		%		56.7		%		38.6		%		46.2		%		68.6		%		63.1		%		54.5		%		65.9		%		55.2		%		59.2		%		55.7		%		53.8		%
Current accident year catastrophe losses		3.1				5.5				4.3				1.5				4.5				18.4				6.0				11.7				2.9				8.8				3.8				12.1				3.6				10.1
Prior accident years before catastrophe losses		(2.1	)			(39.8	)			(17.8	)			(1.5	)			(46.1	)			(30.4	)			6.2				(22.1	)			(9.5	)			(7.8	)			(19.9	)			(15.5	)			(15.4	)			(23.5	)
Prior accident years catastrophe losses		0.2				(1.6	)			(0.9	)			(1.2	)			(0.2	)			(1.2	)			(1.2	)			(3.1	)			(1.1	)			(2.1	)			(1.3	)			(1.8	)			(0.9	)			(1.4	)
Total loss and loss expense ratio		58.4		%		20.4		%		38.1		%		55.5		%		(3.2	)	%		33.0		%		79.6		%		49.6		%		46.8		%		64.8		%		37.8		%		54.0		%		43.0		%		39.0		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																																Six months ended								Nine months ended								Twelve months ended
	12/31/13				9/30/13				6/30/13				3/31/13				12/31/12				9/30/12				6/30/12				3/31/12				6/30/13				6/30/12				9/30/13				9/30/12				12/31/13				12/31/12
Excess & Surplus:
Written premiums	$	34			$	34			$	33			$	27			$	27			$	27			$	27			$	24			$	60			$	51			$	94			$	78			$	128			$	105
Earned premiums		31				30				28				27				25				25				22				21				55				43				85				68				116				93
Current accident year before catastrophe losses		62.6		%		67.2		%		65.7		%		73.6		%		52.3		%		87.5		%		74.6		%		78.3		%		69.6		%		76.4		%		68.7		%		80.4		%		67.1		%		72.8		%
Current accident year catastrophe losses		(1.9	)			3.4				0.9				0.1				1.4				1.4				3.2				2.4				0.6				2.8				1.6				2.3				0.7				2.1
Prior accident years before catastrophe losses		(19.9	)			(13.7	)			(0.7	)			(8.8	)			(15.3	)			(6.0	)			0.7				(0.4	)			(4.7	)			0.2				(7.9	)			(2.0	)			(11.2	)			(5.6	)
Prior accident years catastrophe losses		0.2				(0.9	)			1.0				0.3				(0.2	)			(0.7	)			0.3				1.3				0.6				0.7				0.1				0.2				0.1				0.1
Total loss and loss expense ratio		41.0		%		56.0		%		66.9		%		65.2		%		38.2		%		82.2		%		78.8		%		81.6		%		66.1		%		80.1		%		62.5		%		80.9		%		56.7		%		69.4		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year     as each is computed independently

CINF Fourth-Quarter 2013 Supplemental Financial Data

15

Cincinnati Insurance Companies Consolidated
Loss and Loss Expense Analysis
(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, 2013
Commercial casualty	$	264	$	140	$	404	$	(26	)	$	45		$	(7	)	$	12		$	238		$	45		$	133	$	416
Commercial property		354		30		384		(9	)		8			—			(1	)		345			8			30		383
Commercial auto		264		45		309		13			5			3			21			277			5			48		330
Workers' compensation		204		43		247		(12	)		49			(2	)		35			192			49			41		282
Specialty packages		138		18		156		(57	)		5			(2	)		(54	)		81			5			16		102
Surety and executive risk		53		17		70		18			(4	)		(6	)		8			71			(4	)		11		78
Machinery and equipment		12		—		12		—			2			—			2			12			2			—		14
Total commercial lines		1,289		293		1,582		(73	)		110			(14	)		23			1,216			110			279		1,605
Personal auto		270		47		317		38			(8	)		9			39			308			(8	)		56		356
Homeowners		247		26		273		(2	)		(12	)		(2	)		(16	)		245			(12	)		24		257
Other personal		46		5		51		7			(10	)		—			(3	)		53			(10	)		5		48
Total personal lines		563		78		641		43			(30	)		7			20			606			(30	)		85		661
Total excess & surplus lines		26		11		37		4			20			7			31			30			20			18		68
Total property casualty	$	1,878	$	382	$	2,260	$	(26	)	$	100		$	—		$	74		$	1,852		$	100		$	382	$	2,334
Ceded loss and loss expense incurred for the twelve months ended December 31, 2013
Commercial casualty	$	5	$	10	$	15	$	(8	)	$	(3	)	$	3		$	(8	)	$	(3	)	$	(3	)	$	13	$	7
Commercial property		16		1		17		(16	)		(4	)		—			(20	)		—			(4	)		1		(3	)
Commercial auto		—		—		—		1			—			—			1			1			—			—		1
Workers' compensation		11		—		11		1			(1	)		—			—			12			(1	)		—		11
Specialty packages		31		1		32		(44	)		(1	)		—			(45	)		(13	)		(1	)		1		(13	)
Surety and executive risk		8		1		9		(3	)		—			—			(3	)		5			—			1		6
Machinery and equipment		—		—		—		—			—			—			—			—			—			—		—
Total commercial lines		71		13		84		(69	)		(9	)		3			(75	)		2			(9	)		16		9
Personal auto		1		—		1		23			(1	)		—			22			24			(1	)		—		23
Homeowners		2		—		2		3			(5	)		—			(2	)		5			(5	)		—		—
Other personal		—		—		—		—			(1	)		—			(1	)		—			(1	)		—		(1	)
Total personal lines		3		—		3		26			(7	)		—			19			29			(7	)		—		22
Total excess & surplus lines		2		—		2		—			—			—			—			2			—			—		2
Total property casualty	$	76	$	13	$	89	$	(43	)	$	(16	)	$	3		$	(56	)	$	33		$	(16	)	$	16	$	33
Net loss and loss expense incurred for the twelve months ended December 31, 2013
Commercial casualty	$	259	$	130	$	389	$	(18	)	$	48		$	(10	)	$	20		$	241		$	48		$	120	$	409
Commercial property		338		29		367		7			12			—			19			345			12			29		386
Commercial auto		264		45		309		12			5			3			20			276			5			48		329
Workers' compensation		193		43		236		(13	)		50			(2	)		35			180			50			41		271
Specialty packages		107		17		124		(13	)		6			(2	)		(9	)		94			6			15		115
Surety and executive risk		45		16		61		21			(4	)		(6	)		11			66			(4	)		10		72
Machinery and equipment		12		—		12		—			2			—			2			12			2			—		14
Total commercial lines		1,218		280		1,498		(4	)		119			(17	)		98			1,214			119			263		1,596
Personal auto		269		47		316		15			(7	)		9			17			284			(7	)		56		333
Homeowners		245		26		271		(5	)		(7	)		(2	)		(14	)		240			(7	)		24		257
Other personal		46		5		51		7			(9	)		—			(2	)		53			(9	)		5		49
Total personal lines		560		78		638		17			(23	)		7			1			577			(23	)		85		639
Total excess & surplus lines		24		11		35		4			20			7			31			28			20			18		66
Total property casualty	$	1,802	$	369	$	2,171	$	17		$	116		$	(3	)	$	130		$	1,819		$	116		$	366	$	2,301

CINF Fourth-Quarter 2013 Supplemental Financial Data

16

Cincinnati Insurance Companies Consolidated
Loss and Loss Expense Analysis
(In millions)					Paid				Change in			Change in			Change in			Total									Loss
		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, 2013
Commercial casualty	$	79		$	42	$	121	$	(26	)	$	23		$	4		$	1		$	53		$	23		$	46	$	122
Commercial property		94			7		101		(18	)		7			—			(11	)		76			7			7		90
Commercial auto		70			13		83		6			1			1			8			76			1			14		91
Workers' compensation		51			11		62		8			5			4			17			59			5			15		79
Specialty packages		25			4		29		(20	)		1			—			(19	)		5			1			4		10
Surety and executive risk		18			5		23		1			(9	)		(2	)		(10	)		19			(9	)		3		13
Machinery and equipment		3			—		3		—			2			—			2			3			2			—		5
Total commercial lines		340			82		422		(49	)		30			7			(12	)		291			30			89		410
Personal auto		73			12		85		6			(8	)		3			1			79			(8	)		15		86
Homeowners		58			6		64		(5	)		15			—			10			53			15			6		74
Other personal		11			2		13		(1	)		4			—			3			10			4			2		16
Total personal lines		142			20		162		—			11			3			14			142			11			23		176
Total excess & surplus lines		9			3		12		(6	)		7			2			3			3			7			5		15
Total property casualty	$	491		$	105	$	596	$	(55	)	$	48		$	12		$	5		$	436		$	48		$	117	$	601
Ceded loss and loss expense incurred for the three months ended December 31, 2013
Commercial casualty	$	(4	)	$	6	$	2	$	(3	)	$	(4	)	$	3		$	(4	)	$	(7	)	$	(4	)	$	9	$	(2	)
Commercial property		7			—		7		(7	)		—			—			(7	)		—			—			—		—
Commercial auto		—			—		—		(1	)		—			—			(1	)		(1	)		—			—		(1	)
Workers' compensation		3			—		3		6			(1	)		—			5			9			(1	)		—		8
Specialty packages		3			—		3		(12	)		—			—			(12	)		(9	)		—			—		(9	)
Surety and executive risk		4			1		5		(2	)		—			—			(2	)		2			—			1		3
Machinery and equipment		—			—		—		—			—			—			—			—			—			—		—
Total commercial lines		13			7		20		(19	)		(5	)		3			(21	)		(6	)		(5	)		10		(1	)
Personal auto		—			—		—		—			(1	)		—			(1	)		—			(1	)		—		(1	)
Homeowners		1			—		1		—			—			—			—			1			—			—		1
Other personal		—			—		—		—			(1	)		—			(1	)		—			(1	)		—		(1	)
Total personal lines		1			—		1		—			(2	)		—			(2	)		1			(2	)		—		(1	)
Total excess & surplus lines		—			—		—		1			1			—			2			1			1			—		2
Total property casualty	$	14		$	7	$	21	$	(18	)	$	(6	)	$	3		$	(21	)	$	(4	)	$	(6	)	$	10	$	—
Net loss and loss expense incurred for the three months ended December 31, 2013
Commercial casualty	$	83		$	36	$	119	$	(23	)	$	27		$	1		$	5		$	60		$	27		$	37	$	124
Commercial property		87			7		94		(11	)		7			—			(4	)		76			7			7		90
Commercial auto		70			13		83		7			1			1			9			77			1			14		92
Workers' compensation		48			11		59		2			6			4			12			50			6			15		71
Specialty packages		22			4		26		(8	)		1			—			(7	)		14			1			4		19
Surety and executive risk		14			4		18		3			(9	)		(2	)		(8	)		17			(9	)		2		10
Machinery and equipment		3			—		3		—			2			—			2			3			2			—		5
Total commercial lines		327			75		402		(30	)		35			4			9			297			35			79		411
Personal auto		73			12		85		6			(7	)		3			2			79			(7	)		15		87
Homeowners		57			6		63		(5	)		15			—			10			52			15			6		73
Other personal		11			2		13		(1	)		5			—			4			10			5			2		17
Total personal lines		141			20		161		—			13			3			16			141			13			23		177
Total excess & surplus lines		9			3		12		(7	)		6			2			1			2			6			5		13
Total property casualty	$	477		$	98	$	575	$	(37	)	$	54		$	9		$	26		$	440		$	54		$	107	$	601

CINF Fourth-Quarter 2013 Supplemental Financial Data

17

Consolidated Cincinnati Insurance Companies
5-Year Property Casualty Data - All Lines
(Dollars in millions)	Years ended December 31,
	2013				2012				2011				2010				2009
Premiums*
Adjusted written premiums – statutory	$	3,869			$	3,467			$	3,105			$	2,952			$	2,919
Written premium adjustment – statutory		24				15				(7	)			11				(8	)
Reported written premiums – statutory		3,893				3,482				3,098				2,963				2,911
Unearned premium change		(180	)			(138	)			(69	)			(39	)			—
Earned premiums (GAAP)	$	3,713			$	3,344			$	3,029			$	2,924			$	2,911
Year-over-year growth rate:
Adjusted written premiums – statutory		12		%		12		%		5		%		1		%		(4	)	%
Written premiums – statutory		12		%		12		%		5		%		2		%		(3	)	%
Earned premiums		11		%		10		%		4		%		—		%		(3	)	%
Statutory combined ratio*
Reported statutory combined ratio		92.7		%		95.4		%		108.9		%		101.8		%		104.4		%
Less catastrophe losses		4.6				10.0				13.3				5.1				5.7
Statutory combined ratio excluding catastrophe losses		88.1		%		85.4		%		95.6		%		96.7		%		98.7		%
Reported commission expense ratio		18.6		%		18.9		%		18.6		%		18.7		%		19.0		%
Reported other expense ratio		12.2				12.6				13.3				14.2				13.7
Reported statutory expense ratio		30.8		%		31.5		%		31.9		%		32.9		%		32.7		%
GAAP combined ratio
GAAP combined ratio		93.8		%		96.1		%		109.3		%		101.8		%		104.5		%
Written premiums to surplus
Written premiums to statutory surplus ratio		0.900				0.890				0.826				0.784				0.798
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. nm - Not meaningful * Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate      regulatory bodies.

CINF Fourth-Quarter 2013 Supplemental Financial Data

18

Consolidated Cincinnati Insurance Companies
5-Year Property Casualty Data - Commercial Lines
(Dollars in millions)	Years ended December 31,
	2013				2012				2011				2010				2009
Premiums*
Adjusted written premiums – statutory	$	2,736			$	2,444			$	2,225			$	2,144			$	2,190
Written premium adjustment – statutory		24				15				(7	)			11				(9	)
Reported written premiums – statutory		2,760				2,459			$	2,218			$	2,155			$	2,181
Unearned premium change		(124	)			(76	)			(21	)			(1	)			18
Earned premiums (GAAP)	$	2,636			$	2,383			$	2,197			$	2,154			$	2,199
Year-over-year growth rate:
Adjusted written premiums – statutory		13		%		10		%		4		%		(2	)	%		(6	)	%
Written premiums – statutory		12		%		11		%		3		%		(1	)	%		(6	)	%
Earned premiums		11		%		8		%		2		%		(2	)	%		(5	)	%
Statutory combined ratio*
Reported statutory combined ratio		91.8		%		92.1		%		104.2		%		99.6		%		101.8		%
Less catastrophe losses		3.7				8.2				10.4				4.1				2.5
Statutory combined ratio excluding catastrophe losses		88.1		%		83.9		%		93.8		%		95.5		%		99.3		%
GAAP combined ratio
GAAP combined ratio		93.0		%		92.5		%		104.8		%		99.4		%		101.7		%
Dollar amounts shown are rounded to million; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. nm - Not meaningful * Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate      regulatory bodies.

CINF Fourth-Quarter 2013 Supplemental Financial Data

19

Consolidated Cincinnati Insurance Companies
5-Year Property Casualty Data - Personal Lines
(Dollars in millions)	Years ended December 31,
	2013				2012				2011				2010				2009
Premiums*
Adjusted written premiums – statutory	$	1,005			$	918			$	801			$	750			$	690
Written premium adjustment – statutory		—				—				—				—				1
Reported written premiums – statutory		1,005				918			$	801			$	750			$	691
Unearned premium change		(44	)			(50	)			(39	)			(29	)			(6	)
Earned premiums (GAAP)	$	961			$	868			$	762			$	721			$	685
Year-over-year growth rate:
Adjusted written premiums – statutory		9		%		15		%		7		%		9		%		1		%
Written premiums – statutory		9		%		15		%		7		%		9		%		1		%
Earned premiums		11		%		14		%		6		%		5		%		(1	)	%
Statutory combined ratio*
Reported statutory combined ratio		96.3		%		104.0		%		124.2		%		107.1		%		111.4		%
Less catastrophe losses		7.7				15.9				22.7				8.1				16.1
Statutory combined ratio excluding catastrophe losses		88.6		%		88.1		%		101.5		%		99.0		%		95.3		%
GAAP combined ratio
GAAP combined ratio		96.8		%		105.3		%		124.0		%		107.8		%		111.9		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. nm - Not meaningful * Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate        regulatory bodies.

CINF Fourth-Quarter 2013 Supplemental Financial Data

20

Consolidated Cincinnati Insurance Companies
5-Year Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Years ended December 31,
	2013				2012				2011				2010				2009
Premiums*
Adjusted written premiums – statutory	$	128			$	105			$	79			$	58			$	39
Written premium adjustment – statutory		—				—				—				—				—
Reported written premiums – statutory	$	128				105				79				58				39
Unearned premium change		(12	)			(12	)			(9	)			(9	)			(12	)
Earned premiums (GAAP)	$	116			$	93			$	70			$	49			$	27
Year-over-year growth rate:
Adjusted written premiums – statutory		22		%		33		%		36		%		49		%		179		%
Written premiums – statutory		22		%		33		%		36		%		49		%		179		%
Earned premiums		25		%		33		%		43		%		81		%		440		%
Statutory combined ratio*
Reported statutory combined ratio		87.8		%		100.8		%		90.8		%		118.9		%		129.1		%
Less catastrophe losses		0.8				2.2				2.2				1.2				0.2
Statutory combined ratio excluding catastrophe losses		87.0		%		98.6		%		88.6		%		117.7		%		128.9		%
GAAP combined ratio
GAAP combined ratio		87.8		%		101.0		%		92.2		%		117.2		%		145.5		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. 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. *Excludes CSU Producers Resources Inc.

CINF Fourth-Quarter 2013 Supplemental Financial Data

21

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																																Six months ended								Nine months ended								Twelve months ended
	12/31/13				9/30/13				6/30/13				3/31/13				12/31/12				9/30/12				6/30/12				3/31/12				6/30/13				6/30/12				9/30/13				9/30/12				12/31/13				12/31/12
Premiums
Agency renewal written premiums	$	854			$	915			$	879			$	845			$	771			$	807			$	798			$	762			$	1,724			$	1,560			$	2,639			$	2,367				3,493			$	3,138
Agency new business written premiums		128				141				139				135				132				130				131				108				274				239				415				369				543				501
Other written premiums		(74	)			(25	)			(34	)			(10	)			(66	)			(38	)			(26	)			(27	)			(44	)			(53	)			(69	)			(91	)			(143	)			(157	)
Reported written premiums – statutory*	$	908			$	1,031			$	984			$	970			$	837			$	899			$	903			$	843			$	1,954			$	1,746			$	2,985			$	2,645				3,893			$	3,482
Unearned premium change		52				(77	)			(74	)			(81	)			32				(48	)			(77	)			(45	)			(155	)			(122	)			(232	)			(170	)			(180	)			(138	)
Earned premiums	$	960			$	954			$	910			$	889			$	869			$	851			$	826			$	798			$	1,799			$	1,624			$	2,753			$	2,475				3,713			$	3,344
Year over year change %
Agency renewal written premiums		11		%		13		%		10		%		11		%		8		%		11		%		11		%		8		%		11		%		9		%		11		%		10		%		11		%		9		%
Agency new business written premiums		(3	)			8				6				25				28				13				12				6				15				9				12				10				8				15
Other written premiums		(12	)			34				(31	)			63				(20	)			30				61				13				17				45				24				40				9				24
Reported written premiums – statutory*		8				15				9				15				10				14				18				8				12				13				13				13				12				12
Paid losses and loss expenses
Losses paid	$	477			$	470			$	431			$	424			$	459			$	507			$	475			$	415			$	855			$	890			$	1,325			$	1,399				1,802			$	1,858
Loss expenses paid		98				92				90				89				96				88				97				90				179				189				271				275				369				371
Loss and loss expenses paid	$	575			$	562			$	521			$	513			$	555			$	595			$	572			$	505			$	1,034			$	1,079			$	1,596			$	1,674				2,171			$	2,229
Statutory combined ratio
Loss ratio		51.6		%		51.7		%		56.3		%		48.9		%		40.6		%		52.8		%		66.7		%		55.9		%		52.7		%		61.4		%		52.3		%		58.4		%		52.1		%		53.8		%
Allocated loss expense ratio		4.7				4.4				1.1				3.9				3.4				3.7				4.5				5.5				2.4				5.0				3.1				4.6				3.5				4.3
Unallocated loss expense ratio		6.3				6.1				6.6				6.2				5.9				5.2				6.3				6.1				6.4				6.3				6.3				5.9				6.3				5.8
Net underwriting expense ratio		32.8				30.1				30.6				29.9				33.0				31.8				30.2				31.3				30.3				30.7				30.3				31.1				30.8				31.5
Statutory combined ratio		95.4		%		92.3		%		94.6		%		88.9		%		82.9		%		93.5		%		107.7		%		98.8		%		91.8		%		103.4		%		92.0		%		100.0		%		92.7		%		95.4		%
Contribution from catastrophe losses		3.2				5.7				8.3				1.2				3.4				8.0				17.8				11.1				4.8				14.6				5.1				12.3				4.6				10.0
Statutory combined ratio excl. catastrophe losses		92.2		%		86.6		%		86.3		%		87.7		%		79.5		%		85.5		%		89.9		%		87.7		%		87.0		%		88.8		%		86.9		%		87.7		%		88.1		%		85.4		%
Commission expense ratio		19.5		%		18.5		%		18.5		%		17.9		%		20.4		%		18.4		%		18.1		%		18.9		%		18.2		%		18.5		%		18.3		%		18.5		%		18.6		%		18.9		%
Other expense ratio		13.3				11.6				12.1				12.0				12.6				13.4				12.1				12.4				12.1				12.2				12.0				12.6				12.2				12.6
Statutory expense ratio		32.8		%		30.1		%		30.6		%		29.9		%		33.0		%		31.8		%		30.2		%		31.3		%		30.3		%		30.7		%		30.3		%		31.1		%		30.8		%		31.5		%
GAAP combined ratio
GAAP combined ratio		93.9		%		93.7		%		96.4		%		91.2		%		81.9		%		94.8		%		109.5		%		99.1		%		93.9		%		104.4		%		93.8		%		101.1		%		93.8		%		96.1		%
Contribution from catastrophe losses		3.2				5.7				8.3				1.2				3.4				8.0				17.8				11.1				4.8				14.6				5.1				12.3				4.6				10.0
GAAP combined ratio excl. catastrophe losses		90.7		%		88.0		%		88.1		%		90.0		%		78.5		%		86.8		%		91.7		%		88.0		%		89.1		%		89.8		%		88.7		%		88.8		%		89.2		%		86.1		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as     each is computed independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2013 Supplemental Financial Data

22

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																																Six months ended								Nine months ended								Twelve months ended
	12/31/13				9/30/13				6/30/13				3/31/13				12/31/12				9/30/12				6/30/12				3/31/12				6/30/13				6/30/12				9/30/13				9/30/12				12/31/13				12/31/12
Premiums
Agency renewal written premiums	$	606			$	632			$	602			$	631			$	549			$	557			$	552			$	571			$	1,233			$	1,123			$	1,865			$	1,680			$	2,471			$	2,229
Agency new business written premiums		92				102				100				97				96				90				91				75				197				166				299				256				391				352
Other written premiums		(63	)			(15	)			(24	)			—				(57	)			(28	)			(17	)			(20	)			(24	)			(37	)			(39	)			(65	)			(102	)			(122	)
Reported written premiums – statutory*	$	635			$	719			$	678			$	728			$	588			$	619			$	626			$	626			$	1,406			$	1,252			$	2,125			$	1,871			$	2,760			$	2,459
Unearned premium change		45				(39	)			(33	)			(97	)			30				(12	)			(36	)			(58	)			(130	)			(94	)			(169	)			(106	)			(124	)			(76	)
Earned premiums	$	680			$	680			$	645			$	631			$	618			$	607			$	590			$	568			$	1,276			$	1,158			$	1,956			$	1,765			$	2,636			$	2,383
Year over year change %
Agency renewal written premiums		10		%		13		%		9		%		11		%		7		%		10		%		10		%		5		%		10		%		8		%		11		%		8		%		11		%		8		%
Agency new business written premiums		(4	)			13				10				29				30				11				12				6				19				9				17				10				11				15
Other written premiums		(11	)			46				(41	)			100				(36	)			32				61				20				35				46				40				41				16				20
Reported written premiums – statutory*		8				16				8				16				8				13				17				6				12				11				14				12				12				11
Paid losses and loss expenses
Losses paid	$	327			$	306			$	286			$	297			$	321			$	331			$	320			$	282			$	585			$	602			$	891			$	937			$	1,218			$	1,258
Loss expenses paid		75				70				68				68				72				67				74				74				135				149				205				216				280				288
Loss and loss expenses paid	$	402			$	376			$	354			$	365			$	393			$	398			$	394			$	356			$	720			$	751			$	1,096			$	1,153			$	1,498			$	1,546
Statutory combined ratio
Loss ratio		48.8		%		51.1		%		54.9		%		47.3		%		40.5		%		49.5		%		59.6		%		48.0		%		51.2		%		54.0		%		51.2		%		52.4		%		50.6		%		49.3		%
Allocated loss expense ratio		5.3				5.1				0.6				4.3				3.6				4.0				5.0				6.8				2.5				5.8				3.4				5.2				3.9				4.7
Unallocated loss expense ratio		6.3				5.7				6.4				6.2				5.6				4.5				5.5				6.3				6.2				5.9				6.0				5.4				6.1				5.5
Net underwriting expense ratio		34.0				30.8				31.5				29.0				34.4				33.1				31.7				31.3				30.2				31.5				30.4				32.0				31.2				32.6
Statutory combined ratio		94.4		%		92.7		%		93.4		%		86.8		%		84.1		%		91.1		%		101.8		%		92.4		%		90.1		%		97.2		%		91.0		%		95.0		%		91.8		%		92.1		%
Contribution from catastrophe losses		1.7				5.4				7.1				0.4				3.1				7.5				15.2				6.8				3.8				11.2				4.4				9.9				3.7				8.2
Statutory combined ratio excl. catastrophe losses		92.7		%		87.3		%		86.3		%		86.4		%		81.0		%		83.6		%		86.6		%		85.6		%		86.3		%		86.0		%		86.6		%		85.1		%		88.1		%		83.9		%
Commission expense ratio		19.1		%		18.0		%		17.9		%		16.5		%		20.2		%		18.3		%		17.8		%		17.9		%		17.2		%		17.8		%		17.4		%		18.0		%		17.8		%		18.5		%
Other expense ratio		14.9				12.8				13.6				12.5				14.2				14.8				13.9				13.4				13.0				13.7				13.0				14.0				13.5				14.1
Statutory expense ratio		34.0		%		30.8		%		31.5		%		29.0		%		34.4		%		33.1		%		31.7		%		31.3		%		30.2		%		31.5		%		30.4		%		32.0		%		31.3		%		32.6		%
GAAP combined ratio
GAAP combined ratio		92.7		%		93.7		%		94.9		%		90.8		%		82.9		%		90.2		%		103.5		%		94.2		%		92.9		%		98.9		%		93.2		%		95.9		%		93.0		%		92.5		%
Contribution from catastrophe losses		1.7				5.4				7.1				0.4				3.1				7.5				15.2				6.8				3.8				11.2				4.4				9.9				3.7				8.2
GAAP combined ratio excl. catastrophe losses		91.0		%		88.3		%		87.8		%		90.4		%		79.8		%		82.7		%		88.3		%		87.4		%		89.1		%		87.7		%		88.8		%		86.0		%		89.3		%		84.3		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as     each is computed independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2013 Supplemental Financial Data

23

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																															Six months ended								Nine months ended								Twelve months ended
	12/31/13			9/30/13				6/30/13				3/31/13				12/31/12				9/30/12				6/30/12				3/31/12				6/30/13				6/30/12				9/30/13				9/30/12				12/31/13				12/31/12
Premiums
Agency renewal written premiums	$	224		$	258			$	251			$	195			$	203			$	231			$	227			$	175			$	446			$	402			$	704			$	633			$	928			$	836
Agency new business written premiums		24			28				30				28				27				31				29				24				58				53				86				84				110				111
Other written premiums		(9)			(8	)			(8	)			(8	)			(8	)			(9	)			(6	)			(6	)			(16	)			(12	)			(24	)			(21	)			(33	)			(29	)
Reported written premiums – statutory*	$	239		$	278			$	273			$	215			$	222			$	253			$	250			$	193			$	488			$	443			$	766			$	696			$	1,005			$	918
Unearned premium change		10			(34	)			(36	)			16				4				(34	)			(36	)			16				(20	)			(20	)			(54	)			(54	)			(44	)			(50	)
Earned premiums	$	249		$	244			$	237			$	231			$	226			$	219			$	214			$	209			$	468			$	423			$	712			$	642			$	961			$	868
Year over year change %
Agency renewal written premiums		10	%		12		%		11		%		11		%		10		%		11		%		11		%		12		%		11		%		11		%		11		%		11		%		11		%		11		%
Agency new business written premiums		(11)			(10	)			3				17				23				24				12				9				9				10				2				15				(1	)			17
Other written premiums		(13)			11				(33	)			(33	)			27				25				71				(20	)			(33	)			54				(14	)			45				(14	)			41
Reported written premiums – statutory*		8			10				9				11				13				14				19				12				10				16				10				15				9				15
Paid losses and loss expenses
Losses paid	$	141		$	158			$	141			$	122			$	133			$	169			$	151			$	130			$	261			$	280			$	419			$	450			$	560			$	583
Loss expenses paid		20			19				19				19				22				19				21				15				39				37				58				54				78				76
Loss and loss expenses paid	$	161		$	177			$	160			$	141			$	155			$	188			$	172			$	145			$	300			$	317			$	477			$	504			$	638			$	659
Statutory combined ratio
Loss ratio		62.6	%		54.1		%		60.6		%		53.6		%		43.3		%		60.7		%		87.2		%		76.2		%		57.2		%		81.8		%		56.0		%		74.6		%		57.8		%		66.4		%
Allocated loss expense ratio		1.9			2.1				1.5				1.4				1.7				1.9				1.9				1.8				1.5				1.8				1.7				1.8				1.7				1.8
Unallocated loss expense ratio		6.9			7.5				7.4				6.3				6.5				6.9				8.8				5.6				6.8				7.2				7.1				7.2				7.0				7.0
Net underwriting expense ratio		30.1			28.4				28.5				32.8				29.2				28.8				26.5				31.2				30.4				28.6				29.7				28.6				29.8				28.8
Statutory combined ratio		101.5	%		92.1		%		98.0		%		94.1		%		80.7		%		98.3		%		124.4		%		114.8		%		95.9		%		119.4		%		94.5		%		112.2		%		96.3		%		104.0		%
Contribution from catastrophe losses		7.7			7.0				12.6				3.5				4.4				10.2				26.6				23.5				8.1				25.0				7.7				19.9				7.7				15.9
Statutory combined ratio excl. catastrophe losses		93.8	%		85.1		%		85.4		%		90.6		%		76.3		%		88.1		%		97.8		%		91.3		%		87.8		%		94.4		%		86.8		%		92.3		%		88.6		%		88.1		%
Commission expense ratio		19.5	%		19.0		%		19.0		%		21.7		%		20.4		%		17.9		%		18.2		%		21.3		%		20.2		%		19.6		%		19.7		%		18.9		%		19.7		%		19.3		%
Other expense ratio		10.6			9.4				9.5				11.1				8.8				10.9				8.3				9.9				10.2				9.0				10.0				9.7				10.0				9.5
Statutory expense ratio		30.1	%		28.4		%		28.5		%		32.8		%		29.2		%		28.8		%		26.5		%		31.2		%		30.4		%		28.6		%		29.7		%		28.6		%		29.7		%		28.8		%
GAAP combined ratio
GAAP combined ratio		100.3	%		94.5		%		100.4		%		91.6		%		80.0		%		105.7		%		126.1		%		110.9		%		96.1		%		118.6		%		95.5		%		114.2		%		96.8		%		105.3		%
Contribution from catastrophe losses		7.7			7.0				12.6				3.5				4.4				10.2				26.6				23.5				8.1				25.0				7.7				19.9				7.7				15.9
GAAP combined ratio excl. catastrophe losses		92.6	%		87.5		%		87.8		%		88.1		%		75.6		%		95.5		%		99.5		%		87.4		%		88.0		%		93.6		%		87.8		%		94.3		%		89.1		%		89.4		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as     each is computed independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2013 Supplemental Financial Data

24

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																																Six months ended								Nine months ended								Twelve months ended
	12/31/13				9/30/13				6/30/13				3/31/13				12/31/12				9/30/12				6/30/12				3/31/12				6/30/13				6/30/12				9/30/13				9/30/12				12/31/13				12/31/12
Premiums
Agency renewal written premiums	$	24			$	25			$	26			$	19			$	19			$	19			$	19			$	16			$	45			$	35			$	70			$	54			$	94			$	73
Agency new business written premiums		12				11				9				10				9				9				11				9				19				20				30				29				42				38
Other written premiums		(2	)			(2	)			(2	)			(2	)			(1	)			(1	)			(3	)			(1	)			(4	)			(4	)			(6	)			(5	)			(8	)			(6	)
Reported written premiums – statutory*	$	34			$	34			$	33			$	27			$	27			$	27			$	27			$	24			$	60			$	51			$	94			$	78			$	128			$	105
Unearned premium change		(3	)			(4	)			(5	)			—				(2	)			(2	)			(5	)			(3	)			(5	)			(8	)			(9	)			(10	)			(12	)			(12	)
Earned premiums	$	31			$	30			$	28			$	27			$	25			$	25			$	22			$	21			$	55			$	43			$	85			$	68			$	116			$	93
Year over year change %
Agency renewal written premiums		26		%		32		%		37		%		19		%		46		%		36		%		58		%		60		%		29		%		59		%		30		%		50		%		29		%		49		%
Agency new business written premiums		33				22				(18	)			11				29				0				10				0				(5	)			5				3				4				11				9
Other written premiums		(100	)			(100	)			33				(100	)			50				0				(200	)			0				0				(100	)			(20	)			(67	)			(33	)			(20	)
Reported written premiums – statutory*		26				26				22				13				50				23				29				33				18				31				21				28				22				33
Paid losses and loss expenses
Losses paid	$	9			$	6			$	4			$	5			$	5			$	5			$	4			$	3			$	9			$	7			$	15			$	12			$	24			$	17
Loss expenses paid		3				3				3				2				2				2				2				1				5				3				8				5				11				7
Loss and loss expenses paid	$	12			$	9			$	7			$	7			$	7			$	7			$	6			$	4			$	14			$	10			$	23			$	17			$	35			$	24
Statutory combined ratio
Loss ratio		24.7		%		43.5		%		52.1		%		47.2		%		19.5		%		64.5		%		59.8		%		65.7		%		49.7		%		62.7		%		47.4		%		63.3		%		41.3		%		51.5		%
Allocated loss expense ratio		12.1				7.0				9.3				11.9				14.0				11.9				15.1				10.6				10.6				12.8				9.4				12.6				10.1				13.0
Unallocated loss expense ratio		4.2				5.5				5.5				6.1				4.7				5.8				3.9				5.3				5.8				4.6				5.7				5.0				5.3				4.9
Net underwriting expense ratio		29.9				30.9				30.9				33.3				32.3				30.9				30.6				31.9				32.0				31.2				31.6				31.1				31.1				31.4
Statutory combined ratio		70.9		%		86.9		%		97.8		%		98.5		%		70.5		%		113.1		%		109.4		%		113.5		%		98.1		%		111.3		%		94.1		%		112.0		%		87.8		%		100.8		%
Contribution from catastrophe losses		(1.7)				2.5				1.9				0.4				1.2				0.7				3.5				3.7				1.2				3.5				1.7				2.5				0.8				2.2
Statutory combined ratio excl. catastrophe losses		72.6		%		84.4		%		95.9		%		98.1		%		69.3		%		112.4		%		105.9		%		109.8		%		96.9		%		107.8		%		92.4		%		109.5		%		87.0		%		98.6		%
Commission expense ratio		25.9		%		26.3		%		26.3		%		26.9		%		26.4		%		25.4		%		25.3		%		26.5		%		26.6		%		25.8		%		26.5		%		25.7		%		26.3		%		25.9		%
Other expense ratio		4.0				4.6				4.6				6.4				5.9				5.5				5.3				5.4				5.4				5.4				5.1				5.4				4.8				5.5
Statutory expense ratio		29.9		%		30.9		%		30.9		%		33.3		%		32.3		%		30.9		%		30.6		%		31.9		%		32.0		%		31.2		%		31.6		%		31.1		%		31.1		%		31.4		%
GAAP combined ratio
GAAP combined ratio		70.4		%		86.7		%		98.7		%		98.0		%		71.5		%		111.5		%		110.7		%		113.6		%		98.4		%		112.1		%		94.2		%		111.9		%		87.8		%		101.0		%
Contribution from catastrophe losses		(1.7)				2.5				1.9				0.4				1.2				0.7				3.5				3.7				1.2				3.5				1.7				2.5				0.8				2.2
GAAP combined ratio excl. catastrophe losses		72.1		%		84.2		%		96.8		%		97.6		%		70.3		%		110.8		%		107.2		%		109.9		%		97.2		%		108.6		%		92.5		%		109.4		%		87.0		%		98.8		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as     each is computed independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2013 Supplemental Financial Data

25

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)	2013			2012			Change			% Change		2013			2012			Change			% Change
Net premiums written	$	60		$	58		$	2		3		$	235		$	242		$	(7	)	(3	)
Net investment income		36			36			—		nm			143			141			2		1
Amortization of interest maintenance reserve		1			1			—		nm			2			2			—		nm
Commissions and expense allowances on reinsurance ceded		2			2			—		nm			6			7			(1	)	nm
Income from fees associated with Separate Accounts		1			—			1		nm			5			1			4		nm
Total Revenues	$	100		$	97		$	3		3		$	391		$	393		$	(2	)	0
Death benefits and matured endowments	$	19		$	15		$	4		27		$	74		$	69		$	5		7
Annuity benefits		13			16			(3	)	(19	)		51			52			(1	)	(2	)
Disability benefits and benefits under accident and health contracts		1			1			—		nm			2			2			—		nm
Surrender benefits and group conversions		4			6			(2	)	33			22			23			(1	)	(4	)
Interest and adjustments on deposit-type contract funds		3			3			—		nm			10			12			(2	)	nm
Increase in aggregate reserves for life and accident and health contracts		42			35			7		20			180			156			24		15
Total Benefit Expenses	$	82		$	76		$	6		8		$	339		$	314		$	25		8
Commissions	$	10		$	10		$	—		nm		$	39		$	39		$	—		nm
General insurance expenses and taxes		10			10			—		nm			43			41			2		5
Increase in loading on deferred and uncollected premiums		(3	)		2			(5	)	nm			(8	)		(1	)		(7	)	nm
Net transfers from Separate Accounts		—			—			—		nm			—			—			—		nm
Total Operating Expenses	$	17		$	22		$	(5	)	(23	)	$	74		$	79		$	(5	)	(6	)
Federal and foreign income tax (benefit)		3			—			3		nm			(1	)		(1	)		—		nm
Net loss from operations before realized capital gains	$	(2	)	$	(1	)	$	(1	)	nm		$	(21	)	$	1		$	(22	)	nm
Net realized gains net of capital gains tax		—			3			(3	)	nm			1			4			(3	)	nm
Net income (loss) (statutory)	$	(2	)	$	2		$	(4	)	nm		$	(20	)	$	5		$	(25	)	nm
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2013 Supplemental Financial Data

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