EX-99.2 3 exhibit992q413.htm EXHIBIT Exhibit 99.2 Q4 13


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
26