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

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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