8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report: April 24, 2014 (Date of earliest event reported)
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio	0-4604	31‑0746871
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
6200 S. Gilmore Road, Fairfield, Ohio		45014‑5141
(Address of principal executive offices)		(Zip Code)
Registrant’s telephone number, including area code: (513) 870-2000
N/A (Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On April 24, 2014, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports First-Quarter 2014 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On April 24, 2014, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference. This report should not be deemed an admission as to the materiality of any information contained in the news release or supplemental financial data.

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

Item 9.01 Financial Statements and Exhibits.

(c)     Exhibits

Exhibit 99.1 – News release dated April 24, 2014, “Cincinnati Financial Reports First-Quarter 2014 Results”

Exhibit 99.2 – Supplemental Financial Data for the period ending March 31, 2014 distributed April 24, 2014.

Signature

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

	CINCINNATI FINANCIAL CORPORATION
Date: April 24, 2014	/S/Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Senior Vice President and Treasurer

EX-99.1

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

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

CINF-IR@cinfin.com

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

Media_Inquiries@cinfin.com

Cincinnati Financial Reports First-Quarter 2014 Results

Cincinnati, April 24, 2014 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

• First-quarter 2014 net income of $91 million, or 55 cents per share, compared with $154 million, or 94 cents per share, in the first quarter of 2013.

• $77 million, or 46 cents per share operating income*, compared with $128 million, or 78 cents per share, in the 2013 first quarter.

• Lower first-quarter 2014 net income reflects the after-tax impact of two primary items: $1 million property casualty underwriting loss that includes $57 million of natural catastrophe losses with a 34 cent per-share impact, compared with the first-quarter 2013’s $51 million of underwriting profit and catastrophe impact of $7 million or 4 cents per share; plus a $12 million decrease from net realized investment gains.

• $37.73 book value per share at March 31, 2014, up 1 percent from December 31, 2013.

• 2.6 percent value creation ratio for the first three months of 2014, compared with 7.0 percent for the same period of 2013.

Financial Highlights

(In millions except per share data)	Three months ended March 31,
		2014		2013		% Change
Revenue Highlights
Earned premiums		$	1,027	$	931	10
Investment income, pretax		135		128		5
Total revenues		1,189		1,103		8
Income Statement Data
Net income		$	91	$	154	(41	)
Net realized investment gains and losses		14		26		(46	)
Operating income*		$	77	$	128	(40	)
Per Share Data (diluted)
Net income		$	0.55	$	0.94	(41	)
Net realized investment gains and losses		0.09		0.16		(44	)
Operating income*		$	0.46	$	0.78	(41	)
Book value		$	37.73	$	35.41	7
Cash dividend declared		$	0.44	$	0.4075	8
Weighted average shares outstanding		165.0		164.9		0

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

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

CINF 1Q14 Release 1

Insurance Operations First-Quarter Highlights

• 100.3 percent first-quarter 2014 property casualty combined ratio, increased from 91.2 percent for

first-quarter 2013.

• 7 percent increase in first-quarter net written premiums, reflecting higher pricing and planned growth from strategic initiatives.

• $123 million first-quarter 2014 property casualty new business written premiums, down $12 million. Agencies appointed since the beginning of 2013 contributed $5 million or 4 percent to total first-quarter new business written premiums.

• 6 cents per share contribution from life insurance operating income to first-quarter results, down 2 cents from 2013.

Investment and Balance Sheet Highlights

• 5 percent or $7 million rise in first-quarter 2014 pretax investment income, with higher stock portfolio dividends in addition to slightly higher interest income.

• 1 percent three-month rise in fair value of invested assets plus cash at March 31, 2014, including a 1 percent increase for both the equity portfolio and the bond portfolio.

• $1.591 billion parent company cash and marketable securities at March 31, 2014, up 4 percent from

year-end 2013.

Investment Income Leads Profitability

Steven J. Johnston, president and chief executive officer, commented: “Steady income from our investment portfolio offset a modest first-quarter underwriting loss as we helped policyholders recover from widespread severe winter weather. Pretax investment income rose 5 percent driven primarily by higher dividend income from our equity portfolio. Consolidated net operating income was $77 million or $.46 per share compared with $128 million or $.78 per share in last year’s first quarter, which was marked by unusually calm weather.

“Our first-quarter 2014 combined ratio of 100.3 percent included 8.9 percentage points of natural catastrophe losses, an increase of 3.5 points over our five-year first-quarter average. That 8.9 point effect was primarily from $76 million in pretax losses from extreme cold weather during the first week of January, and was within the estimated range previously announced. Losses caused by weather, but not part of a named catastrophe event for the industry, contributed 6.3 points to the first-quarter ratio this year compared with 2.7 points a year ago, partially masking ongoing profitability improvements from pricing precision initiatives, loss cost containment and expense management.”

Steady Growth

“We’re pleased with the progress of our growth initiatives and the premium increases reported by each of our property casualty segments. Consolidated first-quarter net written premiums grew 7 percent, driven primarily by higher pricing. Commercial lines pricing continued to rise on average at a mid-single-digit rate, though lower in that range than in the fourth quarter of 2013. Personal lines average increases also remained at mid-single-digit rates, while excess and surplus lines average pricing increases continued at high-single-digit rates.

“We are disciplined in our risk selection and pricing. Agents and underwriters work closely together to set the right price considering each account’s modeled rate and other risk attributes. To maintain the quality of our overall book and to help policyholders prevent losses, we’ll continue the property inspection program we began last year. In 2014, we plan to inspect nearly 130,000 new and renewal accounts.

“While our independent agency force and marketing territories continue to expand, the main driver for premium growth will come from the excellent relationships we develop with our agencies. As we gradually expand our agency force, we carefully balance our goals for long-term growth with the franchise value that our agents appreciate.

“We continue to provide our agents with tools to communicate the value of Cincinnati policies to the people and businesses in their communities. In the first quarter of 2014, we delivered a comprehensive personal lines sales proposal system to our agents and completed the deployment of CinciPak™, our package program for small business policies, to agents using our commercial policy processing system e-CLAS.”

Staying the Course

“We manage our business to create long-term value for shareholders, policyholders, agents and associates. Natural variability in any one quarter’s results is part of our insurance business and does not sway our confidence.

“Thanks in part to an increase in net unrealized gains in our equity and fixed-income portfolios, book value per share grew $0.52 to $37.73 for the quarter. The board of directors expressed confidence in our financial strength by again raising the indicated cash dividend in January. Our value creation ratio, which considers those dividends as well as growth in book value, was 2.6 percent for the first quarter. We look forward to adding to our value creation as the year progresses.”

CINF 1Q14 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Operations

(In millions)	Three months ended March 31,
	2014			2013			% Change
Earned premiums	$	979		$	889		10
Fee revenues	1			—			nm
Total revenues	980			889			10
Loss and loss expenses	676			524			29
Underwriting expenses	305			287			6
Underwriting (loss) profit	$	(1	)	$	78		nm
Ratios as a percent of earned premiums:							Pt. Change
Loss and loss expenses	69.1		%	59.0		%	10.1
Underwriting expenses	31.2			32.2			(1.0	)
Combined ratio	100.3		%	91.2		%	9.1
							% Change
Agency renewal written premiums	$	956		$	845		13
Agency new business written premiums	123			135			(9	)
Other written premiums	(42		)	(10		)	(320	)
Net written premiums	$	1,037		$	970		7
Ratios as a percent of earned premiums:							Pt. Change
Current accident year before catastrophe losses	62.3		%	58.1		%	4.2
Current accident year catastrophe losses	9.9			2.0			7.9
Prior accident years before catastrophe losses	(2.1		)	(0.3		)	(1.8	)
Prior accident years catastrophe losses	(1.0		)	(0.8		)	(0.2	)
Loss and loss expense ratio	69.1		%	59.0		%	10.1
Current accident year combined ratio before catastrophe losses	93.5		%	90.3		%	3.2

• $67 million or 7 percent increase in first-quarter 2014 property casualty net written premiums. Growth reflected the effects of initiatives for premium growth and higher pricing.

• $12 million or 9 percent decrease in first-quarter new business premiums written by agencies, reflecting our disciplined pricing and the effects of our underwriting profitability initiatives that offset positive contributions from new agency appointments and other growth initiatives.

• 1,450 agency relationships in 1,836 reporting locations marketing property casualty insurance products at March 31, 2014, compared with 1,439 agency relationships in 1,811 reporting locations at year-end 2013.

Twenty-seven new agency appointments were made during the first three months of 2014.

• 9.1 percentage-point first-quarter 2014 combined ratio increase, reflecting a 7.7-point increase in losses from weather-related natural catastrophes.

• 3.6 percentage-point first-quarter 2014 increase in the ratio for noncatastrophe weather-related losses.

• 1.7 percentage-point increase, to 62.3 percent, for the three-month 2014 ratio of accident year losses and loss expenses before catastrophes compared with the 12-month accident year 2013 ratio of 60.6 percent, largely due to higher noncatastrophe weather-related losses.

• 3.1 percentage-point first-quarter 2014 benefit from favorable prior accident year reserve development of $29 million, compared with 1.1 points or $10 million for first-quarter 2013.

• 1.0 percentage-point improvement in the first-quarter underwriting expense ratio, largely due to higher earned premiums and ongoing expense management efforts.

CINF 1Q14 Release 3

Commercial Lines Insurance Operations

(In millions)	Three months ended March 31,
	2014			2013			% Change
Earned premiums	$	692		$	631		10
Fee revenues	1			—			nm
Total revenues	693			631			10
Loss and loss expenses	469			365			28
Underwriting expenses	222			208			7
Underwriting profit	$	2		$	58		(97	)
Ratios as a percent of earned premiums:							Pt. Change
Loss and loss expenses	67.9		%	57.8		%	10.1
Underwriting expenses	32.0			33.0			(1.0	)
Combined ratio	99.9		%	90.8		%	9.1
							% Change
Agency renewal written premiums	$	713		$	631		13
Agency new business written premiums	90			97			(7	)
Other written premiums	(32		)	—			nm
Net written premiums	$	771		$	728		6
Ratios as a percent of earned premiums:							Pt. Change
Current accident year before catastrophe losses	59.4		%	58.6		%	0.8
Current accident year catastrophe losses	8.9			1.1			7.8
Prior accident years before catastrophe losses	0.0			(1.2		)	1.2
Prior accident years catastrophe losses	(0.4		)	(0.7		)	0.3
Loss and loss expense ratio	67.9		%	57.8		%	10.1
Current accident year combined ratio before catastrophe losses	91.4		%	91.6		%	(0.2	)

• $43 million or 6 percent increase in first-quarter 2014 commercial lines net written premiums, primarily due to premium growth initiatives and higher pricing.

• $82 million or 13 percent rise in first-quarter renewal written premiums included commercial lines renewal pricing changes, increasing on average near the low end of the mid-single-digit range, in addition to rising insured exposures.

• $7 million or 7 percent decrease in first-quarter new business written by agencies, driven by a $6 million decrease for our workers’ compensation line of business.

• $32 million reduction in net written premium growth from other written premiums, reflecting a small decrease in premiums ceded to reinsurers that was offset by a less favorable adjustment, compared with the first quarter of 2013, for estimated direct written premiums of policies in effect but not yet processed.

• 9.1 percentage-point rise in first-quarter 2014 combined ratio, primarily due to a 8.1-point increase in losses from weather-related natural catastrophes.

• 3.0 percentage-point first-quarter 2014 increase in the ratio for noncatastrophe weather-related losses.

• 0.4 percentage-point first-quarter 2014 benefit from favorable prior accident year reserve development of $3 million, compared with 1.9 points or $12 million for first-quarter 2013.

CINF 1Q14 Release 4

Personal Lines Insurance Operations

(In millions)	Three months ended March 31,
	2014			2013			% Change
Earned premiums	$	254		$	231		10
Loss and loss expenses	188			141			33
Underwriting expenses	73			70			4
Underwriting (loss) profit	$	(7	)	$	20		nm
Ratios as a percent of earned premiums:							Pt. Change
Loss and loss expenses	74.1		%	61.3		%	12.8
Underwriting expenses	28.9			30.3			(1.4	)
Combined ratio	103.0		%	91.6		%	11.4
							% Change
Agency renewal written premiums	$	218		$	195		12
Agency new business written premiums	21			28			(25	)
Other written premiums	(8		)	(8		)	0
Net written premiums	$	231		$	215		7
Ratios as a percent of earned premiums:							Pt. Change
Current accident year before catastrophe losses	67.8		%	54.7		%	13.1
Current accident year catastrophe losses	13.3			4.8			8.5
Prior accident years before catastrophe losses	(4.5		)	3.1			(7.6	)
Prior accident years catastrophe losses	(2.5		)	(1.3		)	(1.2	)
Loss and loss expense ratio	74.1		%	61.3		%	12.8
Current accident year combined ratio before catastrophe losses	96.7		%	85.0		%	11.7

• $16 million or 7 percent increase in first-quarter 2014 personal lines net written premiums, largely due to higher renewal written premiums that reflect rate increases.

• $7 million or 25 percent decrease in first-quarter new business written by agencies, declining as expected due to underwriting actions such as expanded use of higher deductibles, age of roof limitations and more precise pricing.

• 11.4 percentage-point rise in first-quarter 2014 combined ratio, largely reflecting a 7.3-point increase in losses from weather-related natural catastrophes.

• 5.2 percentage-point first-quarter 2014 increase in the ratio for noncatastrophe weather-related losses.

• 7.0 percentage-point first-quarter 2014 benefit from favorable prior accident year reserve development of $17 million, compared with an unfavorable 1.8 points or $4 million for first-quarter 2013.

CINF 1Q14 Release 5

Excess and Surplus Lines Insurance Operations

(In millions)	Three months ended March 31,
	2014			2013			% Change
Earned premiums	$	33		$	27		22
Loss and loss expenses	19			18			6
Underwriting expenses	10			9			11
Underwriting profit	$	4		$	—		nm
Ratios as a percent of earned premiums:							Pt. Change
Loss and loss expenses	56.6		%	65.2		%	(8.6	)
Underwriting expenses	30.3			32.8			(2.5	)
Combined ratio	86.9		%	98.0		%	(11.1	)
							% Change
Agency renewal written premiums	$	25		$	19		32
Agency new business written premiums	12			10			20
Other written premiums	(2		)	(2		)	0
Net written premiums	$	35		$	27		30
Ratios as a percent of earned premiums:							Pt. Change
Current accident year before catastrophe losses	80.6		%	73.6		%	7.0
Current accident year catastrophe losses	3.0			0.1			2.9
Prior accident years before catastrophe losses	(27.1		)	(8.8		)	(18.3	)
Prior accident years catastrophe losses	0.1			0.3			(0.2	)
Loss and loss expense ratio	56.6		%	65.2		%	(8.6	)
Current accident year combined ratio before catastrophe losses	110.9		%	106.4		%	4.5

• $8 million or 30 percent growth in first-quarter 2014 excess and surplus lines net written premiums, with growth driven by renewal written premiums. Average renewal pricing increased in the high-single-digit range.

• 11.1 percentage-point combined ratio improvement for the first-quarter of 2014, primarily due to more favorable prior accident year reserve development.

• 3.4 percentage-point first-quarter 2014 increase in the ratio for noncatastrophe weather-related losses.

CINF 1Q14 Release 6

Life Insurance Operations

(In millions)	Three months ended March 31,
	2014		2013		% Change
Term life insurance	$	32	$	29	10
Universal life insurance	8		5		60
Other life insurance, annuity, and disability income products	8		8		0
Earned premiums	48		42		14
Investment income, net of expenses	35		35		0
Other income	2		1		100
Total revenues, excluding realized investment gains and losses	85		78		9
Contract holders’ benefits	56		44		27
Operating expenses incurred	15		13		15
Total benefits and expenses	71		57		25
Net income before income tax and realized investment gains and losses	14		21		(33	)
Income tax	5		7		(29	)
Net income before realized investment gains and losses	$	9	$	14	(36	)

• $6 million or 14 percent increase in three-month 2014 earned premiums, including a 10 percent increase for term life insurance, our largest life insurance product line.

• $2 million decline to $9 million in three-month 2014 fixed annuity deposits received. Cincinnati Life does not offer variable or indexed products.

• $5 million decrease in three-month 2014 profit, due in part to less favorable mortality experience.

• $34 million or 4 percent three-month 2014 increase to $867 million in GAAP shareholders’ equity for The Cincinnati Life Insurance Company, reflecting an increase in fair value of the fixed-maturity portfolio due to a slight decrease in interest rates.

CINF 1Q14 Release 7

Investment and Balance Sheet Highlights

Investment Operations

(In millions)	Three months ended March 31,
	2014			2013			% Change
Total investment income, net of expenses, pretax	$	135		$	128		5
Investment interest credited to contract holders	(21		)	(21		)	0
Realized investment gains and losses summary:
Realized investment gains and losses	24			42			(43	)
Change in fair value of securities with embedded derivatives	(1		)	1			nm
Other-than-temporary impairment charges	(1		)	(2		)	50
Total realized investment gains and losses	22			41			(46	)
Investment operations profit	$	136		$	148		(8	)
(In millions)	Three months ended March 31,
	2014			2013			% Change
Investment income:
Interest	$	104		$	102		2
Dividends	32			27			19
Other	1			1			0
Less investment expenses	(2		)	(2		)	0
Total investment income, net of expenses, pretax	135			128			5
Less income taxes	(32		)	(31		)	(3	)
Total investment income, net of expenses, after-tax	$	103		$	97		6
Effective tax rate	24.0		%	24.3		%
Average invested assets plus cash and cash equivalents	$	13,571		$	12,361
Average yield pretax	3.98		%	4.14		%
Average yield after-tax	3.04			3.14
Effective fixed-maturity tax rate	27.1		%	27.0		%
Average fixed-maturity at amortized cost	$	8,624		$	8,273
Average fixed-maturity yield pretax	4.82		%	4.93		%
Average fixed-maturity yield after-tax	3.52			3.60

• 5 percent rise in first-quarter 2014 pretax investment income, including 19 percent growth in equity portfolio dividends and 2 percent growth in interest income.

• $117 million or 5 percent first-quarter 2014 net increase in pretax unrealized investment portfolio gains, including a $29 million increase for the equity portfolio. $20 million of pretax net realized gains were from investment portfolio security sales or called bonds during the first quarter of 2014, including $18 million from the equity portfolio.

CINF 1Q14 Release 8

(In millions except share data)	At March 31,			At December 31,
	2014			2013
Balance sheet data:
Invested assets	$	13,678		$	13,564
Total assets	17,942			17,662
Short-term debt	104			104
Long-term debt	790			790
Shareholders’ equity	6,168			6,070
Book value per share	37.73			37.21
Debt-to-total-capital ratio	12.7		%	12.8		%

• $14.199 billion in consolidated cash and invested assets at March 31, 2014, up 1 percent from $13.997 billion at year-end 2013.

• $9.180 billion bond portfolio at March 31, 2014, with an average rating of A2/A. Fair value increased $59 million or 1 percent during the first quarter of 2014.

• $4.426 billion equity portfolio was 32.4 percent of invested assets, including $1.881 billion in pretax net unrealized gains at March 31, 2014. $51 million or 1 percent first-quarter 2014 growth in fair value.

• $4.308 billion of statutory surplus for the property casualty insurance group at March 31, 2014, down $18 million from $4.326 billion at year-end 2013, after declaring $100 million in dividends to the parent company. The ratio of net written premiums to property casualty statutory surplus for the 12 months ended March 31, 2014, was

0.9-to-1, unchanged from year-end 2013.

• Value creation ratio of 2.6 percent for first three months of 2014 included 1.3 percent from net income before net realized investment gains and 1.4 percent from investment portfolio realized gains and changes in unrealized gains.

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

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

Mailing Address:                    Street Address:

P.O. Box 145496                        6200 South Gilmore Road

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

CINF 1Q14 Release 9

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2013 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 31.

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

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

• Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance

• Inadequate estimates or assumptions used for critical accounting estimates

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

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

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

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

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

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

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

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

• Disruption of the insurance market caused by technology innovations, such as driverless cars, that could decrease consumer demand for insurance products

• Delays or performance inadequacies from ongoing development and implementation of underwriting and pricing methods, including telematics and other usage-based insurance methods, or technology projects and enhancements expected to increase our pricing accuracy, underwriting profit and competitiveness

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

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

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

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

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

◦ Downgrades of the company’s financial strength ratings

◦ Concerns that doing business with the company is too difficult

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

◦ Inability or unwillingness to nimbly develop and introduce coverage product updates and innovations that our competitors offer and consumers expect to find in the marketplace

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

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

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

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

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

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

◦ Increase our other expenses

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

CINF 1Q14 Release 10

◦ Place us at a disadvantage in the marketplace

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

• Adverse outcomes from litigation or administrative proceedings

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

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

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

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

* * *

CINF 1Q14 Release 11

Cincinnati Financial CorporationCondensed Consolidated Balance Sheets and Statements of Income (unaudited)

(Dollars in millions)	March 31,				December 31,
		2014				2013
Assets
Investments		$	13,678			$	13,564
Cash and cash equivalents		521				433
Premiums receivable		1,396				1,346
Reinsurance recoverable		546				547
Other assets		1,801				1,772
Total assets		$	17,942			$	17,662
Liabilities
Insurance reserves		$	6,810			$	6,701
Unearned premiums		2,035				1,976
Deferred income tax		721				673
Long-term debt and capital lease obligations		834				835
Other liabilities		1,374				1,407
Total liabilities		11,774				11,592
Shareholders’ Equity
Common stock and paid-in capital		1,588				1,588
Retained earnings		4,287				4,268
Accumulated other comprehensive income		1,578				1,504
Treasury stock		(1,285		)		(1,290		)
Total shareholders’ equity		6,168				6,070
Total liabilities and shareholders’ equity		$	17,942			$	17,662
(Dollars in millions except per share data)		Three months ended March 31,
		2014				2013
Revenues
Earned premiums		$	1,027			$	931
Investment income, net of expenses		135				128
Realized investment gains and losses, net		22				41
Other revenues		5				3
Total revenues		1,189				1,103
Benefits and Expenses
Insurance losses and policyholder benefits		732				568
Underwriting, acquisition and insurance expenses		320				300
Interest expense		14				13
Other operating expenses		4				5
Total benefits and expenses		1,070				886
Income Before Income Taxes		119				217
Provision for Income Taxes		28				63
Net Income		$	91			$	154
Per Common Share:
Net income—basic		$	0.56			$	0.95
Net income—diluted		0.55				0.94

CINF 1Q14 Release 12

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

(See attached tables for 2014 reconciliations; prior-period reconciliations available at cinfin.com/investors.)

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

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

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

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 1Q14 Release 13

Cincinnati Financial Corporation

Balance Sheet Reconciliation

(Dollars are per outstanding share)	Three months ended March 31,
	2014			2013
Value creation ratio:
End of period book value	$	37.73		$	35.41
Less beginning of period book value	37.21			33.48
Change in book value	0.52			1.93
Dividend declared to shareholders	0.44			0.4075
Total contribution to value creation ratio	$	0.96		$	2.3375
Contribution to value creation ratio:
From change in book value*	1.4		%	5.8		%
From dividends declared to shareholders**	1.2			1.2
Value creation ratio	2.6		%	7.0		%
* Change in book value divided by the beginning of period book value
** Dividend declared to shareholders divided by beginning of period book value

Net Income Reconciliation
(In millions except per share data)	Three months ended March 31,
	2014			2013
Net income	$	91		$	154
Net realized investment gains and losses	14			26
Operating income	77			128
Less catastrophe losses	(57		)	(7		)
Operating income before catastrophe losses	$	134		$	135
Diluted per share data:
Net income	$	0.55		$	0.94
Net realized investment gains and losses	0.09			0.16
Operating income	0.46			0.78
Less catastrophe losses	(0.34		)	(0.04		)
Operating income before catastrophe losses	$	0.80		$	0.82

CINF 1Q14 Release 14

Cincinnati Financial Corporation

Property Casualty Reconciliation
(In millions)	Three months ended March 31,
	Consolidated				Commercial				Personal				E&S
Premiums:
Written premiums		$	1,037			$	771			$	231			$	35
Unearned premiums change		(58		)		(79		)		23				(2		)
Earned premiums		$	979			$	692			$	254			$	33
Statutory ratios:
Statutory combined ratio		98.1		%		96.4		%		104.6		%		87.0		%
Contribution from catastrophe losses		8.9				8.5				10.8				3.1
Statutory combined ratio excluding catastrophe losses		89.2		%		87.9		%		93.8		%		83.9		%
Commission expense ratio		17.7		%		16.4		%		20.5		%		26.5		%
Other expense ratio		11.3				12.1				10.0				3.9
Statutory expense ratio		29.0		%		28.5		%		30.5		%		30.4		%
GAAP ratio:
GAAP combined ratio		100.3		%		99.9		%		103.0		%		86.9		%
Contribution from catastrophe losses		8.9				8.5				10.8				3.1
Prior accident years before catastrophe losses		(2.1		)		0.0				(4.5		)		(27.1		)
GAAP combined ratio excluding catastrophe losses and prior
years reserve development		93.5		%		91.4		%		96.7		%		110.9		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on dollar amounts in thousands.

CINF 1Q14 Release 15

EX-99.2

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending March 31, 2014

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:	A+	—	A1	A
The Cincinnati Insurance Company	A+	A+	A1	A
The Cincinnati Indemnity Company	A+	A+	A1	A
The Cincinnati Casualty Company	A+	A+	A1	A
Surplus Lines Subsidiary:
The Cincinnati Specialty Underwriters Insurance Company	A	—	—	—
The Cincinnati Life Insurance Company	A	A+	—	A

Ratings are as of April 23, 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 First-Quarter 2014 Supplemental Financial Data

1

	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending March 31, 2014
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	Quick Reference	4
	CFC and Subsidiaries Consolidation – Three Months Ended March 31, 2014	5
	CFC Insurance Subsidiaries – Selected Balance Sheet Data	6
Consolidated Property Casualty Insurance Operations
	Statutory Statements of Income	7
	Consolidated Cincinnati Insurance Companies – Losses Incurred Detail	8
	Consolidated Cincinnati Insurance Companies – Loss Ratio Detail	9
	Consolidated Cincinnati Insurance Companies – Loss Claim Count Detail	10
	Direct Written Premiums by Line of Business and State	11
	Quarterly Property Casualty Data – Commercial Lines	12
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	13
	Loss and Loss Expense Analysis – Three Months Ended March 31, 2014	14
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	15
	Quarterly Property Casualty Data – Commercial Lines	16
	Quarterly Property Casualty Data – Personal Lines	17
	Quarterly Property Casualty Data – Excess & Surplus Lines	18
Life Insurance Operations
	Statutory Statements of Income	19

CINF First-Quarter 2014 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 First-Quarter 2014 Supplemental Financial Data

3

Cincinnati Financial Corporation
Quick Reference					—	First Quarter 2014
(all data shown is for the three months ended or as of March 31, 2014)
	3/31/2014		Year over year change %				3/31/2014			Year over year change %
Revenues:						Benefits and expenses:
Commercial lines net written premiums	$	771	6			Commercial lines loss and loss expenses	$	469		28
Personal lines net written premiums	231		7			Personal lines loss and loss expenses	188			33
Excess & surplus lines net written premiums	35		30			Excess & surplus lines loss and loss expenses	19			6
Property casualty net written premiums	1,037		7			Life and health contract holders' benefits incurred	56			27
Life and accident and health net written premiums	51		4			Underwriting, acquisition and insurance expenses	320			7
Annuity net written premiums	9		(21	)		Interest expenses	14			8
Life, annuity and accident and health net written premiums	60		0			Other operating expenses	4			(20	)
Commercial lines net earned premiums	692		10			Total benefits & expenses	1,070			21
Personal lines net earned premiums	254		10			Income before income taxes	119			(45	)
Excess & surplus lines net earned premiums	33		22			Total income tax	28			(56	)
Property casualty net earned premiums	979		10
Fee revenue	3		200			Balance Sheet:
Life and accident and health net earned premiums	48		14
Investment income	135		5			Fixed maturity investments	$	9,180
Realized gains on investments	22		(46	)		Equity securities	4,426
Other revenue	2		0			Other invested assets	72
Total revenues	1,189		8			Total invested assets	$	13,678
						Loss and loss expense reserves	$	4,375
						Life policy and investment contract reserves	2,435
Income:						Long-term debt and capital lease obligations	834
						Shareholders' equity	6,168
Operating income	$	77	(40	)
Net realized investment gains and losses	14		(46	)		Key ratios:
Net income	91		(41	)
						Commercial lines GAAP combined ratio	99.9		%
						Personal lines GAAP combined ratio	103.0
						Excess & surplus lines GAAP combined ratio	86.9
						Property casualty GAAP combined ratio	100.3
Per share (diluted):
						Commercial lines STAT combined ratio	96.4		%
Operating income	$	0.46	(41	)		Personal lines STAT combined ratio	104.6
Net realized investment gains and losses	0.09		(44	)		Excess & surplus lines STAT combined ratio	87.0
Net income	0.55		(41	)		Property casualty STAT combined ratio	98.1
Book value	37.73		7
Weighted average shares outstanding, in millions	165.0		0			Value creation ratio	2.6		%

CINF First-Quarter 2014 Supplemental Financial Data

4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended March 31, 2014
(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,022		$	—		$	—	$	—		$	1,022
Life	—			—			61			—		—			61
Accident health	—			—			1			—		—			1
Premiums ceded	—			(43		)	(14		)	—		—			(57		)
Total earned premium	—			979			48			—		—			1,027
Investment income	11			89			35			—		—			135
Realized gain on investments	13			8			1			—		—			22
Fee revenue	—			1			2			—		—			3
Other revenue	4			—			—			2		(4		)	2
Total revenues	$	28		$	1,077		$	86		$	2	$	(4	)	$	1,189
Benefits & expenses
Losses & policy benefits	$	—		$	679		$	80		$	—	$	—		$	759
Reinsurance recoveries	—			(3		)	(24		)	—		—			(27		)
Underwriting, acquisition and insurance expenses	—			305			15			—		—			320
Other operating expenses	8			—			—			1		(5		)	4
Interest expense	14			—			—			—		—			14
Total expenses	$	22		$	981		$	71		$	1	$	(5	)	$	1,070
Income before income taxes	$	6		$	96		$	15		$	1	$	1		$	119
Provision (benefit) for income taxes
Current operating income	$	(4	)	$	18		$	(2	)	$	—				$	12
Capital gains/losses	5			3			—			—					8
Deferred	(1		)	1			8			—					8
Total provision for income taxes	$	—		$	22		$	6		$	—	$	—		$	28
Operating income (loss)	$	(2	)	$	69		$	8		$	1	$	1		$	77
Net income - current year	$	6		$	74		$	9		$	1	$	1		$	91
Net income - prior year	$	2		$	135		$	14		$	1	$	2		$	154
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF First-Quarter 2014 Supplemental Financial Data

5

Cincinnati Financial Corporation Insurance Subsidiaries
Selected Balance Sheet Data
(In millions)
	12/31/2014	9/30/2014	6/30/2014	3/31/2014		12/31/2013		9/30/2013		6/30/2013		3/31/2013
Cincinnati Insurance Consolidated
Fixed maturities (fair value)				$	6,111	$	6,094	$	6,039	$	5,994	$	6,083
Equities (fair value)				3,022		2,990		2,710		2,658		2,645
Fixed maturities - pretax net unrealized gain				361		312		344		359		532
Equities - pretax net unrealized gain				1,349		1,318		1,086		1,040		1,019
Loss and loss expense reserves - STAT				4,037		3,945		3,919		3,888		3,826
Equity - GAAP				5,384		5,324		5,188		5,143		5,288
Surplus - STAT				4,308		4,325		4,173		4,142		4,131
The Cincinnati Life Insurance Company
Fixed maturities (fair value)				$	2,989	$	2,946	$	2,906	$	2,900	$	2,979
Equities (fair value)				14		13		13		13		18
Fixed maturities - pretax net unrealized gain				186		148		169		181		285
Equities - pretax net unrealized gain				6		6		6		6		8
Equity - GAAP				867		833		835		828		869
Surplus - STAT				232		247		256		272		268

CINF First-Quarter 2014 Supplemental Financial Data

6

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended March 31,
(Dollars in millions)	2014		2013		Change			% Change
Underwriting income
Net premiums written	$	1,037	$	970	$	67		7
Unearned premiums increase	58		81		(23		)	(28	)
Earned premiums	$	979	$	889	$	90		10
Losses incurred	$	567	$	435	$	132		30
Allocated loss expenses incurred	51		34		17			50
Unallocated loss expenses incurred	59		55		4			7
Other underwriting expenses incurred	297		287		10			4
Workers compensation dividend incurred	4		4		—			5
Total underwriting deductions	$	978	$	815	$	163		20
Net underwriting profit	$	1	$	74	$	(73	)	(98	)
Investment income
Gross investment income earned	$	91	$	87	$	4		5
Net investment income earned	90		86		4			5
Net realized capital gains	6		19		(13		)	(70	)
Net investment gains (net of tax)	$	96	$	105	$	(9	)	(9	)
Other income	$	2	$	—	$	2		nm
Net income before federal income taxes	$	99	$	179	$	(80	)	(45	)
Federal and foreign income taxes incurred	$	17	$	42	$	(25	)	(60	)
Net income (statutory)	$	82	$	137	$	(55	)	(40	)
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the   appropriate regulatory bodies.

CINF First-Quarter 2014 Supplemental Financial Data

7

Consolidated Cincinnati Insurance Companies
Losses Incurred Detail
(In millions)	Three months ended																	Six months ended				Nine months ended				Twelve months ended
	12/31/14	9/30/14	6/30/14	3/31/14			12/31/13			9/30/13			6/30/13			3/31/13		6/30/14	6/30/13			9/30/14	9/30/13			12/31/14	12/31/13
Consolidated
Current accident year losses greater than $5,000,000				$	—		$	7		$	5		$	11		$	—		$	11			$	16			$	23
Current accident year losses $1,000,000-$5,000,000				23			57			48			32			30			62				110				167
Large loss prior accident year reserve development				10			(8		)	3			26			24			49				53				45
Total large losses incurred				$	33		$	56		$	56		$	69		$	54		$	122			$	179			$	235
Losses incurred but not reported				21			51			22			23			27			51				72				124
Other losses excluding catastrophe losses				427			358			362			346			344			691				1,053				1,410
Catastrophe losses				86			29			53			75			10			84				137				166
Total losses incurred				$	567		$	494		$	493		$	513		$	435		$	948			$	1,441			$	1,935
Commercial Lines
Current accident year losses greater than $5,000,000				$	—		$	7		$	5		$	11		$	—		$	11			$	16			$	23
Current accident year losses $1,000,000-$5,000,000				18			42			35			29			26			55				89				131
Large loss prior accident year reserve development				10			(5		)	4			14			24			37				42				38
Total large losses incurred				$	28		$	44		$	44		$	54		$	50		$	103			$	147			$	192
Losses incurred but not reported				22			36			41			28			22			50				91				127
Other losses excluding catastrophe losses				282			241			227			227			225			454				681				920
Catastrophe losses				58			10			36			45			2			46				82				93
Total losses incurred				$	390		$	331		$	348		$	354		$	299		$	653			$	1,001			$	1,332
Personal Lines
Current accident year losses greater than $5,000,000				$	—		$	—		$	—		$	—		$	—		$	—			$	—			$	—
Current accident year losses $1,000,000-$5,000,000				4			14			12			3			3			6				19				33
Large loss prior accident year reserve development				—			(3		)	—			10			—			10				10				6
Total large losses incurred				$	4		$	11		$	12		$	13		$	3		$	16			$	29			$	39
Losses incurred but not reported				(5		)	9			(27		)	(5		)	—			(4		)		(32		)		(22		)
Other losses excluding catastrophe losses				138			116			131			107			113			219				349				466
Catastrophe losses				27			19			16			29			8			37				54				72
Total losses incurred				$	164		$	155		$	132		$	144		$	124		$	268			$	400			$	555
Excess & Surplus Lines
Current accident year losses greater than $5,000,000				$	—		$	—		$	—		$	—		$	—		$	—			$	—			$	—
Current accident year losses $1,000,000-$5,000,000				1			1			1			—			1			1				2				3
Large loss prior accident year reserve development				—			—			(1		)	2			—			2				1				1
Total large losses incurred				$	1		$	1		$	—		$	2		$	1		$	3			$	3			$	4
Losses incurred but not reported				4			6			8			—			5			5				13				19
Other losses excluding catastrophe losses				7			1			4			12			6			18				23				24
Catastrophe losses				1			—			1			1			—			1				1				1
Total losses incurred				$	13		$	8		$	13		$	15		$	12		$	27			$	40			$	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.

CINF First-Quarter 2014 Supplemental Financial Data

8

Consolidated Cincinnati Insurance Companies
Loss Ratio Detail
	Three months ended													Six months ended			Nine months ended			Twelve months ended
	12/31/14	9/30/14	6/30/14	3/31/14		12/31/13		9/30/13		6/30/13		3/31/13		6/30/14	6/30/13		9/30/14	9/30/13		12/31/14	12/31/13
Consolidated
Current accident year losses greater than $5,000,000				—	%	0.7	%	0.6	%	1.2	%	—	%		0.6	%		0.6	%		0.6	%
Current accident year losses $1,000,000-$5,000,000				2.3		6.0		5.0		3.5		3.4			3.4			4.0			4.5
Large loss prior accident year reserve development				1.1		(0.9	)	0.3		2.9		2.6			2.7			1.9			1.2
Total large losses incurred				3.4	%	5.8	%	5.9	%	7.6	%	6.0	%		6.7	%		6.5	%		6.3	%
Losses incurred but not reported				2.2		5.4		2.3		2.6		3.1			2.8			2.6			3.3
Other losses excluding catastrophe losses				43.6		37.4		38.0		37.9		38.7			38.5			38.2			38.0
Catastrophe losses				8.7		3.0		5.5		8.2		1.1			4.7			5.0			4.5
Total losses incurred				57.9	%	51.6	%	51.7	%	56.3	%	48.9	%		52.7	%		52.3	%		52.1	%
Commercial Lines
Current accident year losses greater than $5,000,000				—	%	1.0	%	0.8	%	1.7	%	—	%		0.9	%		0.8	%		0.9	%
Current accident year losses $1,000,000-$5,000,000				2.6		6.2		5.1		4.4		4.2			4.3			4.5			5.0
Large loss prior accident year reserve development				1.4		(0.7	)	0.7		2.1		3.7			2.9			2.2			1.4
Total large losses incurred				4.0	%	6.5	%	6.6	%	8.2	%	7.9	%		8.1	%		7.5	%		7.3	%
Losses incurred but not reported				3.2		5.1		6.0		4.3		3.5			3.9			4.6			4.8
Other losses excluding catastrophe losses				40.6		35.6		33.4		35.5		35.6			35.6			34.8			35.0
Catastrophe losses				8.3		1.6		5.2		6.9		0.3			3.6			4.2			3.5
Total losses incurred				56.1	%	48.8	%	51.2	%	54.9	%	47.3	%		51.2	%		51.1	%		50.6	%
Personal Lines
Current accident year losses greater than $5,000,000				—	%	—	%	—	%	—	%	—	%		—	%		—	%		—	%
Current accident year losses $1,000,000-$5,000,000				1.4		5.7		5.0		1.3		1.3			1.3			2.6			3.4
Large loss prior accident year reserve development				0.3		(1.2	)	(0.2	)	4.2		—			2.2			1.3			0.7
Total large losses incurred				1.7	%	4.5	%	4.8	%	5.5	%	1.3	%		3.5	%		3.9	%		4.1	%
Losses incurred but not reported				(2.0	)	3.9		(11.1	)	(2.2	)	0.1			(1.1	)		(4.5	)		(2.3	)
Other losses excluding catastrophe losses				54.5		46.6		53.6		44.9		48.9			46.9			49.1			48.5
Catastrophe losses				10.6		7.6		6.7		12.4		3.3			7.9			7.5			7.5
Total losses incurred				64.8	%	62.6	%	54.0	%	60.6	%	53.6	%		57.2	%		56.0	%		57.8	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000				—	%	—	%	—	%	—	%	—	%		—	%		—	%		—	%
Current accident year losses $1,000,000-$5,000,000				3.2		3.3		3.6		—		4.2			2.0			2.6			2.7
Large loss prior accident year reserve development				(0.3	)	(0.1	)	(4.3	)	7.8		—			4.0			1.0			0.7
Total large losses incurred				2.9	%	3.2	%	(0.7	)%	7.8	%	4.2	%		6.0	%		3.6	%		3.4	%
Losses incurred but not reported				13.1		19.7		25.9		1.0		19.6			10.1			15.7			16.8
Other losses excluding catastrophe losses				21.6		3.5		15.9		41.4		22.9			32.5			26.6			20.4
Catastrophe losses				3.0		(1.7	)	2.4		1.9		0.4			1.1			1.6			0.7
Total losses incurred				40.6	%	24.7	%	43.5	%	52.1	%	47.1	%		49.7	%		47.5	%		41.3	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF First-Quarter 2014 Supplemental Financial Data

9

Consolidated Cincinnati Insurance Companies
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/14	9/30/14	6/30/14	3/31/14	12/31/13	9/30/13	6/30/13	3/31/13	6/30/14	6/30/13	9/30/14	9/30/13	12/31/14	12/31/13
Consolidated
Current accident year reported claim count greater    than $5,000,000				—	1	1	2	—		2		3		4
Current accident year reported claim count    $1,000,000 - $5,000,000				15	31	29	21	18		41		72		108
Prior accident year reported claim count on    large losses				8	10	5	14	20		35		41		47
Non-Catastrophe reported claim count on       large losses subtotal				23	42	35	37	38		78		116		159
Commercial Lines
Current accident year reported claim count greater than $5,000,000				—	1	1	2	—		2		3		4
Current accident year reported claim count $1,000,000 - $5,000,000				11	20	21	18	14		34		56		80
Prior accident year reported claim count on large losses				7	10	4	12	17		30		35		42
Non-Catastrophe reported claim count on large losses subtotal				18	31	26	32	31		66		94		126
Personal Lines
Current accident year reported claim count greater than $5,000,000				—	—	—	—	—		—		—		—
Current accident year reported claim count $1,000,000 - $5,000,000				3	10	7	3	3		6		14		25
Prior accident year reported claim count on large losses				1	—	1	—	3		3		5		4
Non-Catastrophe reported claim count on large losses subtotal				4	10	8	3	6		9		19		29
Excess & Surplus Lines
Current accident year reported claim count greater than $5,000,000				—	—	—	—	—		—		—		—
Current accident year reported claim count $1,000,000 - $5,000,000				1	1	1	—	1		1		2		3
Prior accident year reported claim count on large losses				—	—	—	2	—		2		1		1
Non-Catastrophe reported claim count on large losses subtotal				1	1	1	2	1		3		3		4
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2014 Supplemental Financial Data

10

Consolidated Cincinnati Insurance Companies
Agency Direct Written Premiums by Agency State by Line of Business for the Three Months Ended March 31, 2014
	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		2014		2013
																								Total		Total
OH	$	39.4	$	30.3	$	19.8	$	—	$	2.5	$	5.8	$	2.0	$	27.1	$	23.8		$	8.0	$	3.3	$	162.0	$	160.3	0.7		2.5		12.5		1.6
IL	17.1		13.7		8.5		16.2		1.9		1.7		0.8		7.2		6.5			2.0		2.9		78.5		75.3		3.1		3.0		44.8		4.2
IN	16.1		13.1		9.1		9.2		1.3		1.6		0.8		7.3		7.9			2.0		2.6		71.0		69.9		0.2		2.3		(1.3	)	0.6
PA	16.7		11.4		11.2		16.0		1.4		1.6		0.7		3.1		2.3			0.9		1.1		66.4		63.4		4.0		9.6		14.1		4.7
GA	9.9		8.6		6.9		3.7		1.7		2.0		0.5		8.9		9.2			2.5		2.1		56.0		51.7		11.7		4.3		(1.5	)	8.3
NC	10.8		11.1		5.8		5.7		2.9		1.9		0.7		6.7		5.1			1.7		1.4		53.8		48.0		10.6		13.5		46.4		12.1
MI	10.9		8.7		5.4		5.7		1.6		1.8		0.7		9.0		6.4			1.1		1.6		52.9		49.0		2.8		18.9		6.5		7.4
TN	9.2		8.3		4.8		3.2		2.1		1.1		0.6		4.0		4.5			1.2		1.0		40.0		38.3		0.5		12.7		89.8		4.5
VA	10.1		7.8		5.5		5.9		0.8		1.8		0.4		2.4		2.0			0.7		1.3		38.7		37.1		4.0		2.3		25.2		4.3
KY	7.1		8.1		5.5		1.0		1.2		0.7		0.4		6.1		5.6			1.4		0.8		37.9		36.0		6.3		6.3		(22.2	)	5.5
WI	9.3		6.8		4.2		9.9		0.7		0.9		0.6		1.7		1.9			0.8		0.8		37.6		38.4		(2.8	)	(1.0	)	31.0		(2.0	)
AL	6.7		8.7		3.4		0.3		2.0		1.0		0.5		4.4		7.2			1.5		1.9		37.6		32.0		21.6		3.9		105.9		17.1
MN	8.1		5.2		2.9		3.1		0.7		0.8		0.3		3.5		3.6			0.8		1.0		30.0		29.5		(2.8	)	14.6		21.7		2.0
MO	7.3		7.6		4.1		3.3		1.4		0.4		0.6		1.3		1.8			0.4		1.7		29.9		29.5		(1.0	)	6.6		40.9		1.6
TX	10.4		7.0		7.0		0.4		0.3		0.5		0.5		—		—			—		3.0		29.1		25.0		14.3		nm		42.7		16.5
IA	5.6		4.8		2.3		4.8		0.5		0.9		0.2		1.0		1.1			0.4		0.5		22.1		23.6		(7.4	)	(1.3	)	19.2		(6.2	)
FL	5.6		4.8		1.8		0.4		0.1		0.4		0.1		1.8		2.6			0.5		0.8		18.9		18.3		9.2		(9.6	)	18.9		4.1
MD	4.6		2.7		3.9		2.8		0.4		0.6		0.2		1.4		1.1			0.3		0.6		18.6		17.6		0.3		30.4		68.0		5.3
KS	3.5		4.0		2.1		2.9		0.4		0.5		0.2		1.1		1.5			0.3		0.4		16.9		15.8		7.4		0.6		1.2		6.1
AR	2.7		4.3		1.9		0.6		1.3		0.4		0.3		1.9		2.2			0.5		0.5		16.6		14.8		7.3		23.3		23.1		11.8
NY	6.5		3.4		2.6		0.8		0.2		0.5		0.2		0.7		0.2			0.1		0.4		15.6		16.8		(11.4	)	163.6		27.4		(6.6	)
AZ	4.0		2.8		3.1		1.4		0.3		0.4		0.2		1.1		0.8			0.3		0.6		15.0		12.6		16.6		33.6		46.6		19.8
UT	4.5		2.2		2.8		0.1		0.2		0.4		0.1		2.0		0.9			0.2		0.4		13.8		11.9		18.6		10.5		8.9		16.4
SC	2.9		2.1		2.0		0.9		0.7		0.4		0.1		1.8		1.1			0.3		0.5		12.8		12.3		(4.0	)	32.0		65.6		5.2
MT	4.4		2.0		2.3		—		0.2		0.2		0.2		0.6		0.6			0.1		0.1		10.7		9.5		12.7		8.1		60.5		12.6
CO	3.9		2.6		2.9		0.2		0.1		0.2		0.2		—		0.1			—		0.8		11.0		6.7		62.3		nm		81.9		63.5
NE	2.3		2.6		1.2		2.0		0.3		0.6		0.2		0.2		0.3			0.1		0.7		10.5		9.7		2.2		4.5		117.4		6.6
ID	3.5		1.8		2.1		0.1		0.2		0.3		0.1		0.7		0.4			0.1		0.2		9.5		8.2		15.6		23.4		72.2		17.5
WV	2.6		2.3		2.0		0.7		0.3		0.2		0.1		—		0.1			—		0.6		8.9		8.0		11.8		nm		25.6		12.4
ND	2.8		1.5		1.6		—		0.2		0.3		0.1		0.2		0.2			—		0.1		7.0		7.0		(1.6	)	9.8		95.6		(0.5	)
VT	1.1		1.1		0.8		2.1		0.3		0.3		0.1		0.3		0.3			0.1		0.2		6.7		7.2		(6.6	)	(7.6	)	(12.5	)	(6.8	)
WA	2.2		1.1		1.4		—		—		0.3		0.1		—		—			—		0.3		5.4		3.8		41.0		nm		102.5		43.5
OR	1.6		1.1		1.1		—		—		0.3		0.1		0.3		0.1			—		0.7		5.3		3.0		81.8		176.1		50.7		82.3
NH	1.1		0.8		0.6		1.1		0.2		0.1		0.1		0.4		0.3			0.1		0.2		5.0		4.3		21.4		(1.2	)	1.6		16.2
NM	1.8		0.8		1.1		0.1		—		0.3		—		—		—			—		0.2		4.3		3.3		27.5		nm		88.9		29.6
SD	0.9		1.0		0.5		0.9		0.2		0.1		0.1		—		—			—		0.1		3.8		3.5		9.3		nm		(4.2	)	8.6
DE	1.0		0.7		0.8		0.6		0.1		0.1		0.1		—		—			—		0.1		3.5		2.1		66.1		nm		213.1		68.0
CT	1.0		0.7		0.3		0.3		—		—		0.1		—		—			—		0.1		2.5		1.3		113.9		nm		15.5		103.5
WY	0.6		0.5		0.2		—		—		—		—		—		—			—		—		1.3		1.1		27.6		nm		(6.8	)	26.0
All Other	1.5		0.9		0.7		1.4		—		0.5		—		0.1		(0.1		)	—		0.8		5.8		5.1		3.8		29.5		(39.1	)	2.0
Total	$	261.3	$	209.0	$	146.2	$	107.8	$	28.7	$	31.9	$	13.3	$	108.3	$	101.6		$	28.4	$	36.4	$	1,072.9	$	1,010.9	5.1		6.9		27.5		6.1
Other Direct	—		0.3		1.1		1.3		—		—		—		2.4		0.1			—		—		5.2		4.2		14.9		25.6		nm		20.9
Total Direct	$	261.3	$	209.3	$	147.3	$	109.1	$	28.7	$	31.9	$	13.3	$110.7		$	101.7		$	28.4	$	36.4	$	1,078.1	$	1,015.1	5.1		7.1		27.5		6.2
*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 First-Quarter 2014 Supplemental Financial Data

11

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended														Six months ended			Nine months ended			Twelve months ended
	12/31/14	9/30/14	6/30/14	3/31/14			12/31/13		9/30/13		6/30/13		3/31/13		6/30/14	6/30/13		9/30/14	9/30/13		12/31/14	12/31/13
Commercial casualty:
Written premiums				$	258		206		232		222		237			459			691			897
Earned premiums				224			220		221		211		204			415			636			856
Current accident year before catastrophe losses				56.3		%	54.2	%	53.5	%	55.7	%	60.8	%		58.2	%		56.6	%		56.0	%
Current accident year catastrophe losses				—			—		—		—		—			—			—			—
Prior accident years before catastrophe losses				3.6			1.9		(8.4	)	(15.1	)	(11.5	)		(13.3	)		(11.6	)		(8.2	)
Prior accident years catastrophe losses				—			—		—		—		—			—			—			—
Total loss and loss expense ratio				59.9		%	56.1	%	45.1	%	40.6	%	49.3	%		44.9	%		45.0	%		47.8	%
Commercial property:
Written premiums				$	193		157		186		164		166			330			516			673
Earned premiums				171			163		161		152		147			299			460			623
Current accident year before catastrophe losses				53.4		%	51.3	%	49.6	%	52.9	%	48.9	%		50.9	%		50.5	%		50.7	%
Current accident year catastrophe losses				27.7			9.0		19.1		28.4		2.8			15.8			17.0			14.9
Prior accident years before catastrophe losses				(0.6		)	(2.5	)	1.4		(6.0	)	2.0			(2.0	)		(0.9	)		(1.3	)
Prior accident years catastrophe losses				(0.9		)	(1.9	)	(2.0	)	(3.2	)	(1.9	)		(2.6	)		(2.4	)		(2.3	)
Total loss and loss expense ratio				79.6		%	55.9	%	68.1	%	72.1	%	51.8	%		62.1	%		64.2	%		62.0	%
Commercial auto:
Written premiums				$	145		117		128		127		135			262			390			507
Earned premiums				126			124		124		117		114			231			355			479
Current accident year before catastrophe losses				68.0		%	70.6	%	64.3	%	76.3	%	59.6	%		68.1	%		66.7	%		67.8	%
Current accident year catastrophe losses				—			(0.1	)	0.9		1.5		0.4			1.0			0.9			0.7
Prior accident years before catastrophe losses				(0.2		)	3.1		(0.4	)	(3.2	)	2.1			(0.7	)		(0.5	)		0.4
Prior accident years catastrophe losses				(0.2		)	—		(0.2	)	(0.3	)	(0.2	)		(0.2	)		(0.2	)		(0.2	)
Total loss and loss expense ratio				67.6		%	73.6	%	64.6	%	74.3	%	61.9	%		68.2	%		66.9	%		68.7	%
Workers' compensation:
Written premiums				$	106		86		90		85		113			198			288			374
Earned premiums				92			95		95		87		88			175			270			365
Current accident year before catastrophe losses				76.8		%	76.9	%	78.6	%	84.8	%	71.8	%		78.3	%		78.4	%		78.0	%
Current accident year catastrophe losses				—			—		—		—		—			—			—			—
Prior accident years before catastrophe losses				(10.3		)	(0.5	)	9.3		(17.8	)	(8.0	)		(12.9	)		(5.1	)		(3.9	)
Prior accident years catastrophe losses				—			—		—		—		—			—			—			—
Total loss and loss expense ratio				66.5		%	76.4	%	87.9	%	67.0	%	63.8	%		65.4	%		73.3	%		74.1	%
Specialty package:
Written premiums				$	27		30		36		36		40			76			112			142
Earned premiums				36			36		38		37		39			76			114			150
Current accident year before catastrophe losses				63.9		%	45.0	%	56.2	%	80.0	%	73.5	%		76.7	%		69.9	%		63.9	%
Current accident year catastrophe losses				39.9			2.8		22.9		16.1		6.4			11.2			15.1			12.1
Prior accident years before catastrophe losses				(6.0		)	5.2		9.0		(3.3	)	(2.5	)		(2.8	)		1.1			2.1
Prior accident years catastrophe losses				(3.0		)	(2.4	)	(0.1	)	(0.6	)	(3.4	)		(2.0	)		(1.4	)		(1.6	)
Total loss and loss expense ratio				94.8		%	50.6	%	88.0	%	92.2	%	74.0	%		83.1	%		84.7	%		76.5	%
Management liability and surety:
Written premiums				$	30		28		34		33		26			59			93			121
Earned premiums				31			30		30		30		29			59			89			119
Current accident year before catastrophe losses				37.4		%	54.4	%	57.1	%	60.1	%	44.5	%		52.4	%		54.0	%		54.1	%
Current accident year catastrophe losses				—			—		—		—		—			—			—			—
Prior accident years before catastrophe losses				19.8			(20.8	)	(16.3	)	4.8		60.8			32.4			15.9			6.6
Prior accident years catastrophe losses				—			—		—		—		—			—			—			—
Total loss and loss expense ratio				57.2		%	33.6	%	40.8	%	64.9	%	105.3	%		84.8	%		69.9	%		60.7	%
Machinery and equipment:
Written premiums				$	12		12		13		11		11			22			35			47
Earned premiums				12			12		11		11		10			21			32			44
Current accident year before catastrophe losses				20.9		%	29.6	%	26.7	%	45.8	%	15.0	%		30.5	%		29.2	%		29.3	%
Current accident year catastrophe losses				—			—		—		—		—			—			—			—
Prior accident years before catastrophe losses				(11.0		)	1.1		(1.1	)	(4.9	)	8.0			1.5			0.6			0.7
Prior accident years catastrophe losses				—			—		—		—		—			—			—			—
Total loss and loss expense ratio				9.9		%	30.7	%	25.6	%	40.9	%	23.0	%		32.0	%		29.8	%		30.0	%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2014 Supplemental Financial Data

12

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/14	9/30/14	6/30/14	3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			6/30/14	6/30/13			9/30/14	9/30/13			12/31/14	12/31/13
Personal auto:
Written premiums				$	107		$	107		$	128		$	125		$	100			$	225			$	353			$	460
Earned premiums				116			115			112			109			107				216				328				443
Current accident year before catastrophe losses				79.5		%	73.2		%	71.7		%	85.4		%	66.9		%		76.3		%		74.7		%		74.3		%
Current accident year catastrophe losses				0.5			0.4			1.3			1.4			1.4				1.4				1.4				1.1
Prior accident years before catastrophe losses				(3.4		)	2.7			(0.4		)	(10.2		)	7.9				(1.2		)		(0.9		)		—
Prior accident years catastrophe losses				(0.4		)	—			(0.4		)	(0.4		)	(0.3		)		(0.4		)		(0.4		)		(0.3		)
Total loss and loss expense ratio				76.2		%	76.3		%	72.2		%	76.2		%	75.9		%		76.1		%		74.8		%		75.1		%
Homeowner:
Written premiums				$	98		$	105		$	118		$	116		$	89			$	205			$	323			$	428
Earned premiums				109			105			103			99			96				195				298				403
Current accident year before catastrophe losses				61.3		%	52.5		%	55.2		%	50.5		%	40.6		%		45.6		%		48.9		%		49.9		%
Current accident year catastrophe losses				28.3			16.1			18.7			30.1			9.4				19.9				19.5				18.6
Prior accident years before catastrophe losses				(6.5		)	0.2			(3.2		)	(7.4		)	(0.7		)		(4.1		)		(3.8		)		(2.8		)
Prior accident years catastrophe losses				(5.4		)	0.6			(4.2		)	(2.0		)	(2.4		)		(2.2		)		(2.9		)		(2.0		)
Total loss and loss expense ratio				77.7		%	69.4		%	66.5		%	71.2		%	46.9		%		59.2		%		61.7		%		63.7		%
Other personal:
Written premiums				$	26		$	27		$	32		$	32		$	26			$	58			$	90			$	117
Earned premiums				29			29			29			29			28				57				86				115
Current accident year before catastrophe losses				46.5		%	57.2		%	56.3		%	52.5		%	56.7		%		54.5		%		55.2		%		55.7		%
Current accident year catastrophe losses				7.8			3.1			5.5			4.3			1.5				2.9				3.8				3.6
Prior accident years before catastrophe losses				(1.9		)	(2.1		)	(39.8		)	(17.8		)	(1.5		)		(9.5		)		(19.9		)		(15.4		)
Prior accident years catastrophe losses				0.2			0.2			(1.6		)	(0.9		)	(1.2		)		(1.1		)		(1.3		)		(0.9		)
Total loss and loss expense ratio				52.6		%	58.4		%	20.4		%	38.1		%	55.5		%		46.8		%		37.8		%		43.0		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/14	9/30/14	6/30/14	3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			6/30/14	6/30/13			9/30/14	9/30/13			12/31/14	12/31/13
Excess & Surplus:
Written premiums				$	35		$	34		$	34		$	33		$	27			$	60			$	94			$	128
Earned premiums				33			31			30			28			27				55				85				116
Current accident year before catastrophe losses				80.6		%	62.6		%	67.2		%	65.7		%	73.6		%		69.6		%		68.7		%		67.1		%
Current accident year catastrophe losses				3.0			(1.9		)	3.4			0.9			0.1				0.6				1.6				0.7
Prior accident years before catastrophe losses				(27.1		)	(19.9		)	(13.7		)	(0.7		)	(8.8		)		(4.7		)		(7.9		)		(11.2		)
Prior accident years catastrophe losses				0.1			0.2			(0.9		)	1.0			0.3				0.6				0.1				0.1
Total loss and loss expense ratio				56.6		%	41.0		%	56.0		%	66.9		%	65.2		%		66.1		%		62.5		%		56.7		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently

CINF First-Quarter 2014 Supplemental Financial Data

13

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 three months ended March 31, 2014
Commercial casualty	$	69	$	36	$	105	$	(1	)	$	31		$	(2	)	$	28		$	68		$	31		$	34		$	133
Commercial property	99		9		108		44			(19		)	4			29			143			(19		)	13			137
Commercial auto	70		12		82		(2		)	3			2			3			68			3			14			85
Workers' compensation	53		10		63		(6		)	10			(2		)	2			47			10			8			65
Specialty packages	22		5		27		12			(4		)	(1		)	7			34			(4		)	4			34
Management liability and surety	24		4		28		(17		)	4			2			(11		)	7			4			6			17
Machinery and equipment	2		—		2		2			(3		)	—			(1		)	4			(3		)	—			1
Total commercial lines	339		76		415		32			22			3			57			371			22			79			472
Personal auto	74		13		87		1			—			1			2			75			—			14			89
Homeowners	67		7		74		20			(11		)	1			10			87			(11		)	8			84
Other personal	12		1		13		(1		)	3			—			2			11			3			1			15
Total personal lines	153		21		174		20			(8		)	2			14			173			(8		)	23			188
Commercial casualty & property	5		3		8		4			4			3			11			9			4			6			19
Total excess & surplus lines	5		3		8		4			4			3			11			9			4			6			19
Total property casualty	$	497	$	100	$	597	$	56		$	18		$	8		$	82		$	553		$	18		$	108		$	679
Ceded loss and loss expense incurred for the three months ended March 31, 2014
Commercial casualty	$	8	$	—	$	8	$	(9	)	$	3		$	(2	)	$	(8	)	$	(1	)	$	3		$	(2	)	$	—
Commercial property	1		—		1		(1		)	—			—			(1		)	—			—			—			—
Commercial auto	—		—		—		—			—			—			—			—			—			—			—
Workers' compensation	3		—		3		1			—			—			1			4			—			—			4
Specialty packages	—		—		—		—			—			—			—			—			—			—			—
Management liability and surety	—		—		—		(1		)	—			—			(1		)	(1		)	—			—			(1		)
Machinery and equipment	—		—		—		—			—			—			—			—			—			—			—
Total commercial lines	12		—		12		(10		)	3			(2		)	(9		)	2			3			(2		)	3
Personal auto	—		—		—		—			—			—			—			—			—			—			—
Homeowners	1		—		1		(1		)	—			—			(1		)	—			—			—			—
Other personal	—		—		—		—			—			—			—			—			—			—			—
Total personal lines	1		—		1		(1		)	—			—			(1		)	—			—			—			—
Commercial casualty & property	—		—		—		—			—			—			—			—			—			—			—
Total excess & surplus lines	—		—		—		—			—			—			—			—			—			—			—
Total property casualty	$	13	$	—	$	13	$	(11	)	$	3		$	(2	)	$	(10	)	$	2		$	3		$	(2	)	$	3
Net loss and loss expense incurred for the three months ended March 31, 2014
Commercial casualty	$	61	$	36	$	97	$	8		$	28		$	—		$	36		$	69		$	28		$	36		$	133
Commercial property	98		9		107		45			(19		)	4			30			143			(19		)	13			137
Commercial auto	70		12		82		(2		)	3			2			3			68			3			14			85
Workers' compensation	50		10		60		(7		)	10			(2		)	1			43			10			8			61
Specialty packages	22		5		27		12			(4		)	(1		)	7			34			(4		)	4			34
Management liability and surety	24		4		28		(16		)	4			2			(10		)	8			4			6			18
Machinery and equipment	2		—		2		2			(3		)	—			(1		)	4			(3		)	—			1
Total commercial lines	327		76		403		42			19			5			66			369			19			81			469
Personal auto	74		13		87		1			—			1			2			75			—			14			89
Homeowners	66		7		73		21			(11		)	1			11			87			(11		)	8			84
Other personal	12		1		13		(1		)	3			—			2			11			3			1			15
Total personal lines	152		21		173		21			(8		)	2			15			173			(8		)	23			188
Commercial casualty & property	5		3		8		4			4			3			11			9			4			6			19
Total excess & surplus lines	5		3		8		4			4			3			11			9			4			6			19
Total property casualty	$	484	$	100	$	584	$	67		$	15		$	10		$	92		$	551		$	15		$	110		$	676

CINF First-Quarter 2014 Supplemental Financial Data

14

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Consolidated
	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/14	9/30/14	6/30/14	3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			6/30/14	6/30/13			9/30/14	9/30/13			12/31/14	12/31/13
Premiums
Agency renewal written premiums				$	956		$	854		$	915		$	879		$	845			$	1,724			$	2,639			$	3,493
Agency new business written premiums				123			128			141			139			135				274				415				543
Other written premiums				(42		)	(74		)	(25		)	(34		)	(10		)		(44		)		(69		)		(143		)
Reported written premiums – statutory*				$	1,037		$	908		$	1,031		$	984		$	970			$	1,954			$	2,985			$	3,893
Unearned premium change				(58		)	52			(77		)	(74		)	(81		)		(155		)		(232		)		(180		)
Earned premiums				$	979		$	960		$	954		$	910		$	889			$	1,799			$	2,753			$	3,713
Year over year change %
Agency renewal written premiums				13		%	11		%	13		%	10		%	11		%		11		%		11		%		11		%
Agency new business written premiums				(9		)	(3		)	8			6			25				15				12				8
Other written premiums				(320		)	(12		)	34			(31		)	63				17				24				9
Reported written premiums – statutory*				7			8			15			9			15				12				13				12
Paid losses and loss expenses
Losses paid				$	484		$	477		$	470		$	431		$	424			$	855			$	1,325			$	1,802
Loss expenses paid				100			98			92			90			89				179				271				369
Loss and loss expenses paid				$	584		$	575		$	562		$	521		$	513			$	1,034			$	1,596			$	2,171
Statutory combined ratio
Loss ratio				57.9		%	51.6		%	51.7		%	56.3		%	48.9		%		52.7		%		52.3		%		52.1		%
DCC expense ratio				5.2			4.7			4.4			1.1			3.9				2.4				3.1				3.5
AO expense ratio				6.0			6.3			6.1			6.6			6.2				6.4				6.3				6.3
Net underwriting expense ratio				29.0			32.8			30.1			30.6			29.9				30.3				30.3				30.8
Statutory combined ratio				98.1		%	95.4		%	92.3		%	94.6		%	88.9		%		91.8		%		92.0		%		92.7		%
Contribution from catastrophe losses				8.9			3.2			5.7			8.3			1.2				4.8				5.1				4.6
Statutory combined ratio excl. catastrophe losses				89.2		%	92.2		%	86.6		%	86.3		%	87.7		%		87.0		%		86.9		%		88.1		%
Commission expense ratio				17.7		%	19.5		%	18.5		%	18.5		%	17.9		%		18.2		%		18.3		%		18.6		%
Other expense ratio				11.3			13.3			11.6			12.1			12.0				12.1				12.0				12.2
Statutory expense ratio				29.0		%	32.8		%	30.1		%	30.6		%	29.9		%		30.3		%		30.3		%		30.8		%
GAAP combined ratio
GAAP combined ratio				100.3		%	93.9		%	93.7		%	96.4		%	91.2		%		93.9		%		93.8		%		93.8		%
Contribution from catastrophe losses				8.9			3.2			5.7			8.3			1.2				4.8				5.1				4.6
GAAP combined ratio excl. catastrophe losses				91.4		%	90.7		%	88.0		%	88.1		%	90.0		%		89.1		%		88.7		%		89.2		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2014 Supplemental Financial Data

15

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
	12/31/14	9/30/14	6/30/14	3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			6/30/14	6/30/13			9/30/14	9/30/13			12/31/14	12/31/13
Premiums
Agency renewal written premiums				$	713		$	606		$	632		$	602		$	631			$	1,233			$	1,865			$	2,471
Agency new business written premiums				90			92			102			100			97				197				299				391
Other written premiums				(32		)	(63		)	(15		)	(24		)	—				(24		)		(39		)		(102		)
Reported written premiums – statutory*				$	771		$	635		$	719		$	678		$	728			$	1,406			$	2,125			$	2,760
Unearned premium change				(79		)	45			(39		)	(33		)	(97		)		(130		)		(169		)		(124		)
Earned premiums				$	692		$	680		$	680		$	645		$	631			$	1,276			$	1,956			$	2,636
Year over year change %
Agency renewal written premiums				13		%	10		%	13		%	9		%	11		%		10		%		11		%		11		%
Agency new business written premiums				(7		)	(4		)	13			10			29				19				17				11
Other written premiums				nm			(11		)	46			(41		)	100				35				40				16
Reported written premiums – statutory*				6			8			16			8			16				12				14				12
Paid losses and loss expenses
Losses paid				$	327		$	327		$	306		$	286		$	297			$	585			$	891			$	1,218
Loss expenses paid				76			75			70			68			68				135				205				280
Loss and loss expenses paid				$	403		$	402		$	376		$	354		$	365			$	720			$	1,096			$	1,498
Statutory combined ratio
Loss ratio				56.1		%	48.8		%	51.1		%	54.9		%	47.3		%		51.2		%		51.2		%		50.6		%
DCC expense ratio				6.4			5.3			5.1			0.6			4.3				2.5				3.4				3.9
AO expense ratio				5.4			6.3			5.7			6.4			6.2				6.2				6.0				6.1
Net underwriting expense ratio				28.5			34.0			30.8			31.5			29.0				30.2				30.4				31.2
Statutory combined ratio				96.4		%	94.4		%	92.7		%	93.4		%	86.8		%		90.1		%		91.0		%		91.8		%
Contribution from catastrophe losses				8.5			1.7			5.4			7.1			0.4				3.8				4.4				3.7
Statutory combined ratio excl. catastrophe losses				87.9		%	92.7		%	87.3		%	86.3		%	86.4		%		86.3		%		86.6		%		88.1		%
Commission expense ratio				16.4		%	19.1		%	18.0		%	17.9		%	16.5		%		17.2		%		17.4		%		17.8		%
Other expense ratio				12.1			14.9			12.8			13.6			12.5				13.0				13.0				13.5
Statutory expense ratio				28.5		%	34.0		%	30.8		%	31.5		%	29.0		%		30.2		%		30.4		%		31.3		%
GAAP combined ratio
GAAP combined ratio				99.9		%	92.7		%	93.7		%	94.9		%	90.8		%		92.9		%		93.2		%		93.0		%
Contribution from catastrophe losses				8.5			1.7			5.4			7.1			0.4				3.8				4.4				3.7
GAAP combined ratio excl. catastrophe losses				91.4		%	91.0		%	88.3		%	87.8		%	90.4		%		89.1		%		88.8		%		89.3		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not  equal the full year as each is computed independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2014 Supplemental Financial Data

16

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
	12/31/14	9/30/14	6/30/14	3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			6/30/14	6/30/13			9/30/14	9/30/13			12/31/14	12/31/13
Premiums
Agency renewal written premiums				$	218		$	224		$	258		$	251		$	195			$	446			$	704			$	928
Agency new business written premiums				21			24			28			30			28				58				86				110
Other written premiums				(8		)	(9		)	(8		)	(8		)	(8		)		(16		)		(24		)		(33		)
Reported written premiums – statutory*				$	231		$	239		$	278		$	273		$	215			$	488			$	766			$	1,005
Unearned premium change				23			10			(34		)	(36		)	16				(20		)		(54		)		(44		)
Earned premiums				$	254		$	249		$	244		$	237		$	231			$	468			$	712			$	961
Year over year change %
Agency renewal written premiums				12		%	10		%	12		%	11		%	11		%		11		%		11		%		11		%
Agency new business written premiums				(25		)	(11		)	(10		)	3			17				9				2				(1		)
Other written premiums				0			(13		)	11			(33		)	(33		)		(33		)		(14		)		(14		)
Reported written premiums – statutory*				7			8			10			9			11				10				10				9
Paid losses and loss expenses
Losses paid				$	152		$	141		$	158		$	141		$	122			$	261			$	419			$	560
Loss expenses paid				21			20			19			19			19				39				58				78
Loss and loss expenses paid				$	173		$	161		$	177		$	160		$	141			$	300			$	477			$	638
Statutory combined ratio
Loss ratio				64.8		%	62.6		%	54.1		%	60.6		%	53.6		%		57.2		%		56.0		%		57.8		%
DCC expense ratio				1.6			1.9			2.1			1.5			1.4				1.5				1.7				1.7
AO expense ratio				7.7			6.9			7.5			7.4			6.3				6.8				7.1				7.0
Net underwriting expense ratio				30.5			30.1			28.4			28.5			32.8				30.4				29.7				29.8
Statutory combined ratio				104.6		%	101.5		%	92.1		%	98.0		%	94.1		%		95.9		%		94.5		%		96.3		%
Contribution from catastrophe losses				10.8			7.7			7.0			12.6			3.5				8.1				7.7				7.7
Statutory combined ratio excl. catastrophe losses				93.8		%	93.8		%	85.1		%	85.4		%	90.6		%		87.8		%		86.8		%		88.6		%
Commission expense ratio				20.5		%	19.5		%	19.0		%	19.0		%	21.7		%		20.2		%		19.7		%		19.7		%
Other expense ratio				10.0			10.6			9.4			9.5			11.1				10.2				10.0				10.0
Statutory expense ratio				30.5		%	30.1		%	28.4		%	28.5		%	32.8		%		30.4		%		29.7		%		29.7		%
GAAP combined ratio
GAAP combined ratio				103.0		%	100.3		%	94.5		%	100.4		%	91.6		%		96.1		%		95.5		%		96.8		%
Contribution from catastrophe losses				10.8			7.7			7.0			12.6			3.5				8.1				7.7				7.7
GAAP combined ratio excl. catastrophe losses				92.2		%	92.6		%	87.5		%	87.8		%	88.1		%		88.0		%		87.8		%		89.1		%
*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 First-Quarter 2014 Supplemental Financial Data

17

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
	12/31/14	9/30/14	6/30/14	3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			6/30/14	6/30/13			9/30/14	9/30/13			12/31/14	12/31/13
Premiums
Agency renewal written premiums				$	25		$	24		$	25		$	26		$	19			$	45			$	70			$	94
Agency new business written premiums				12			12			11			9			10				19				30				42
Other written premiums				(2		)	(2		)	(2		)	(2		)	(2		)		(4		)		(6		)		(8		)
Reported written premiums – statutory*				$	35		$	34		$	34		$	33		$	27			$	60			$	94			$	128
Unearned premium change				(2		)	(3		)	(4		)	(5		)	—				(5		)		(9		)		(12		)
Earned premiums				$	33		$	31		$	30		$	28		$	27			$	55			$	85			$	116
Year over year change %
Agency renewal written premiums				32		%	26		%	32		%	37		%	19		%		29		%		30		%		29		%
Agency new business written premiums				20			33			22			(18		)	11				(5		)		3				11
Other written premiums				0			(100		)	(100		)	33			(100		)		0				(20		)		(33		)
Reported written premiums – statutory*				30			26			26			22			13				18				21				22
Paid losses and loss expenses
Losses paid				$	5		$	9		$	6		$	4		$	5			$	9			$	15			$	24
Loss expenses paid				3			3			3			3			2				5				8				11
Loss and loss expenses paid				$	8		$	12		$	9		$	7		$	7			$	14			$	23			$	35
Statutory combined ratio
Loss ratio				40.6		%	24.7		%	43.5		%	52.1		%	47.2		%		49.7		%		47.4		%		41.3		%
DCC expense ratio				8.4			12.1			7.0			9.3			11.9				10.6				9.4				10.1
AO expense ratio				7.6			4.2			5.5			5.5			6.1				5.8				5.7				5.3
Net underwriting expense ratio				30.4			29.9			30.9			30.9			33.3				32.0				31.6				31.1
Statutory combined ratio				87.0		%	70.9		%	86.9		%	97.8		%	98.5		%		98.1		%		94.1		%		87.8		%
Contribution from catastrophe losses				3.1			(1.7		)	2.5			1.9			0.4				1.2				1.7				0.8
Statutory combined ratio excl. catastrophe losses				83.9		%	72.6		%	84.4		%	95.9		%	98.1		%		96.9		%		92.4		%		87.0		%
Commission expense ratio				26.5		%	25.9		%	26.3		%	26.3		%	26.9		%		26.6		%		26.5		%		26.3		%
Other expense ratio				3.9			4.0			4.6			4.6			6.4				5.4				5.1				4.8
Statutory expense ratio				30.4		%	29.9		%	30.9		%	30.9		%	33.3		%		32.0		%		31.6		%		31.1		%
GAAP combined ratio
GAAP combined ratio				86.9		%	70.4		%	86.7		%	98.7		%	98.0		%		98.4		%		94.2		%		87.8		%
Contribution from catastrophe losses				3.1			(1.7		)	2.5			1.9			0.4				1.2				1.7				0.8
GAAP combined ratio excl. catastrophe losses				83.8		%	72.1		%	84.2		%	96.8		%	97.6		%		97.2		%		92.5		%		87.0		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not  equal the full year as each is computed independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2014 Supplemental Financial Data

18

The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended March 31,
(Dollars in millions)	2014			2013			Change			% Change
Net premiums written	$	58		$	58		$	—		—
Net investment income	36			35			1			3
Amortization of interest maintenance reserve	—			—			—			nm
Commissions and expense allowances on reinsurance ceded	2			2			—			—
Income from fees associated with Separate Accounts	2			1			1			116
Total revenues	$	98		$	96		$	2		2
Death benefits and matured endowments	$	26		$	19		$	7		40
Annuity benefits	13			15			(2		)	(9	)
Disability benefits and benefits under accident and health contracts	1			—			1			67
Surrender benefits and group conversions	5			7			(2		)	(30	)
Interest and adjustments on deposit-type contract funds	3			2			1			18
Increase in aggregate reserves for life and accident and health contracts	40			38			2			6
Payments on supplementary contracts with life contingencies	—			—			—			nm
Total benefit expenses	$	88		$	81		$	7		9
Commissions	$	9		$	10		$	(1	)	(6	)
General insurance expenses and taxes	10			11			(1		)	(5	)
Increase in loading on deferred and uncollected premiums	(1		)	(2		)	1			34
Net transfers from Separate Accounts	—			—			—			nm
Other deductions	—			—			—			nm
Total operating expenses	$	18		$	19		$	(1	)	(3	)
Federal and foreign income tax benefit	(3		)	—			(3		)	nm
Net loss from operations before realized capital gains	$	(5	)	$	(4	)	$	(1	)	(56	)
Net realized gains net of capital gains tax	—			—			—			nm
Net loss (statutory)	$	(5	)	$	(4	)	$	(1	)	(50	)
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the   appropriate regulatory bodies.

CINF First-Quarter 2014 Supplemental Financial Data

19