Exhibit 99.2 2Q14



	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending June 30, 2014

		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3

Consolidated
	Quick Reference	4
	CFC and Subsidiaries Consolidation – Six Months Ended June 30, 2014	5
	CFC and Subsidiaries Consolidation – Three Months Ended June 30, 2014	6
	CFC Insurance Subsidiaries – Selected Balance Sheet Data	7

Consolidated Property Casualty Insurance Operations
	Statutory Statements of Income	8
	Consolidated Cincinnati Insurance Companies – Losses Incurred Detail	9
	Consolidated Cincinnati Insurance Companies – Loss Ratio Detail	10
	Consolidated Cincinnati Insurance Companies – Loss Claim Count Detail	11
	Direct Written Premiums by Line of Business and State	12
	Quarterly Property Casualty Data – Commercial Lines	13
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	14
	Loss and Loss Expense Analysis – Six Months Ended June 30, 2014	15
	Loss and Loss Expense Analysis – Three Months Ended June 30, 2014	16

Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	17
	Quarterly Property Casualty Data – Commercial Lines	18
	Quarterly Property Casualty Data – Personal Lines	19
	Quarterly Property Casualty Data – Excess & Surplus Lines	20

Life Insurance Operations
	Statutory Statements of Income	21



Cincinnati Financial Corporation
Quick Reference					—	Second Quarter 2014
(all data shown is for the three months ended or as of June 30, 2014)

	6/30/2014		Year over year change %				6/30/2014			Year over year change %
Revenues:						Benefits and expenses:

Commercial lines net written premiums	$	748	10			Commercial lines loss and loss expenses	$	461		16
Personal lines net written premiums	294		8			Personal lines loss and loss expenses	227			37
Excess & surplus lines net written premiums	40		21			Excess & surplus lines loss and loss expenses	19			6
Property casualty net written premiums	1,082		10			Life and health contract holders' benefits incurred	56			17
Life and accident and health net written premiums	54		4			Underwriting, acquisition and insurance expenses	328			7
Annuity net written premiums	12		17			Interest expenses	13			(7	)
Life, annuity and accident and health net written premiums	66		6			Other operating expenses	3			(25	)
Commercial lines net earned premiums	714		11			Total benefits & expenses	1,107			16
Personal lines net earned premiums	258		9			Income before income taxes	107			(28	)
Excess & surplus lines net earned premiums	34		21			Total income tax	23			(39	)
Property casualty net earned premiums	1,006		11
Fee revenue	3		0			Balance Sheet:
Life and accident and health net earned premiums	53		20
Investment income	136		4			Fixed maturity investments	$	9,383
Realized gains on investments	14		0			Equity securities	4,605
Other revenue	2		0			Other invested assets	72
Total revenues	1,214		10			Total invested assets	$	14,060

						Loss and loss expense reserves	$	4,444
						Life policy and investment contract reserves	2,454
Income:						Long-term debt and capital lease obligations	831
						Shareholders' equity	6,343
Operating income	$	75	(25	)
Net realized investment gains and losses	9		(10	)		Key ratios:
Net income	84		(24	)
						Commercial lines GAAP combined ratio	96.3		%
						Personal lines GAAP combined ratio	115.8
						Excess & surplus lines GAAP combined ratio	85.0
						Property casualty GAAP combined ratio	100.9
Per share (diluted):
						Commercial lines STAT combined ratio	95.0		%
Operating income	$	0.46	(25	)		Personal lines STAT combined ratio	114.3
Net realized investment gains and losses	0.05		0			Excess & surplus lines STAT combined ratio	86.1
Net income	0.51		(23	)		Property casualty STAT combined ratio	99.6
Book value	38.77		11
Weighted average shares outstanding, in millions	165.1		0			Value creation ratio	3.9		%



Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2014

(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	2,072		$	—		$	—	$	—		$	2,072
Life	—			—			127			—		—			127
Accident health	—			—			3			—		—			3
Premiums ceded	—			(87		)	(29		)	—		—			(116		)
Total earned premium	—			1,985			101			—		—			2,086
Investment income	21			178			72			—		—			271
Realized gain on investments	10			22			4			—		—			36
Fee revenue	—			3			3			—		—			6
Other revenue	7			1			—			3		(7		)	4
Total revenues	$	38		$	2,189		$	180		$	3	$	(7	)	$	2,403

Benefits & expenses
Losses & policy benefits	$	—		$	1,397		$	148		$	—	$	—		$	1,545
Reinsurance recoveries	—			(14		)	(36		)	—		—			(50		)
Underwriting, acquisition and insurance expenses	—			614			34			—		—			648
Interest expense	27			—			—			—		—			27
Other operating expenses	14			—			—			1		(8		)	7
Total expenses	$	41		$	1,997		$	146		$	1	$	(8	)	$	2,177

Income (loss) before income taxes	$	(3	)	$	192		$	34		$	2	$	1		$	226

Provision (benefit) for income taxes
Current operating income	$	(6	)	$	34		$	(4	)	$	1	$	—		$	25
Capital gains/losses	4			8			1			—		—			13
Deferred	(4		)	2			15			—		—			13
Total provision (benefit) for income taxes	$	(6	)	$	44		$	12		$	1	$	—		$	51

Operating income (loss)	$	(3	)	$	134		$	19		$	1	$	1		$	152

Net income - current year	$	3		$	148		$	22		$	1	$	1		$	175

Net income - prior year	$	3		$	232		$	27		$	1	$	1		$	264
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.



Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2014

(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,050		$	—		$	—	$	—		$	1,050
Life	—			—			66			—		—			66
Accident health	—			—			2			—		—			2
Premiums ceded	—			(44		)	(15		)	—		—			(59		)
Total earned premium	—			1,006			53			—		—			1,059
Investment income	10			89			37			—		—			136
Realized gain (loss) on investments	(3		)	14			3			—		—			14
Fee revenue	—			2			1			—		—			3
Other revenue	3			1			—			1		(3		)	2
Total revenues	$	10		$	1,112		$	94		$	1	$	(3	)	$	1,214

Benefits & expenses
Losses & policy benefits	$	—		$	718		$	68		$	—	$	—		$	786
Reinsurance recoveries	—			(11		)	(12		)	—		—			(23		)
Underwriting, acquisition and insurance expenses	—			309			19			—		—			328
Interest expense	13			—			—			—		—			13
Other operating expenses	6			—			—			—		(3		)	3
Total expenses	$	19		$	1,016		$	75		$	—	$	(3	)	$	1,107

Income (loss) before income taxes	$	(9	)	$	96		$	19		$	1	$	—		$	107

Provision (benefit) for income taxes
Current operating income	$	(2	)	$	16		$	(2	)	$	1	$	—		$	13
Capital gains/losses	(1		)	5			1			—		—			5
Deferred	(3		)	1			7			—		—			5
Total provision (benefit) for income taxes	$	(6	)	$	22		$	6		$	1	$	—		$	23

Operating income (loss)	$	(1	)	$	65		$	11		$	—	$	—		$	75

Net income (loss) - current year	$	(3	)	$	74		$	13		$	—	$	—		$	84

Net income (loss) - prior year	$	1		$	97		$	13		$	—	$	(1	)	$	110
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.



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)			$	6,215	$	6,111	$	6,094	$	6,039	$	5,994	$	6,083
Equities (fair value)			3,094		3,022		2,990		2,710		2,658		2,645
Fixed maturities - pretax net unrealized gain			414		361		312		344		359		532
Equities - pretax net unrealized gain			1,434		1,349		1,318		1,086		1,040		1,019
Loss and loss expense reserves - STAT			4,129		4,037		3,945		3,919		3,888		3,826
Equity - GAAP			5,481		5,384		5,324		5,188		5,143		5,288
Surplus - STAT			4,332		4,308		4,325		4,173		4,142		4,131

The Cincinnati Life Insurance Company
Fixed maturities (fair value)			$	3,091	$	2,989	$	2,946	$	2,906	$	2,900	$	2,979
Equities (fair value)			8		14		13		13		13		18
Fixed maturities - pretax net unrealized gain			225		186		148		169		181		285
Equities - pretax net unrealized gain			3		6		6		6		6		8
Equity - GAAP			901		867		833		835		828		869
Surplus - STAT			224		232		247		256		272		268



Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended June 30,										For the Six Months Ended June 30,
(Dollars in millions)	2014			2013		Change			% Change		2014			2013		Change			% Change
Underwriting income
Net premiums written	$	1,082		$	984	$	98		10		$	2,119		$	1,954	$	165		8
Unearned premiums increase	76			74		2			3		134			155		(21		)	(14	)
Earned premiums	$	1,006		$	910	$	96		11		$	1,985		$	1,799	$	186		10

Losses incurred	$	612		$	513	$	99		19		$	1,178		$	948	$	230		24
Allocated loss expenses incurred	39			10		29			nm		90			44		46			nm
Unallocated loss expenses incurred	56			60		(4		)	(7	)	115			115		—			—
Other underwriting expenses incurred	314			297		17			6		611			584		27			5
Workers compensation dividend incurred	4			4		—			—		8			8		—			—

Total underwriting deductions	$	1,025		$	884	$	141		16		$	2,002		$	1,699	$	303		18
Net underwriting profit (loss)	$	(19	)	$	26	$	(45	)	nm		$	(17	)	$	100	$	(117	)	nm

Investment income
Gross investment income earned	$	93		$	90	$	3		3		$	184		$	177	$	7		4
Net investment income earned	91			88		3			3		181			174		7			4
Net realized capital gains	22			9		13			nm		28			28		—			nm
Net investment gains (net of tax)	$	113		$	97	$	16		16		$	209		$	202	$	7		3

Other income	$	1		$	3	$	(2	)	(67	)	$	3		$	3	$	—		—

Net income before federal income taxes	$	95		$	126	$	(31	)	(25	)	$	195		$	305	$	(110	)	(36	)
Federal and foreign income taxes incurred	$	23		$	39	$	(16	)	(41	)	$	40		$	81	$	(41	)	(51	)
Net income (statutory)	$	72		$	87	$	(15	)	(17	)	$	155		$	224	$	(69	)	(31	)
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.



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			$	11		$	—		$	7		$	5		$	11		$	—	$	12		$	11			$	16			$	23
Current accident year losses $1,000,000-$5,000,000			52			23			58			48			31			31		74			62				110				167
Large loss prior accident year reserve development			17			10			(8		)	3			24			23		27			47				52				44
Total large losses incurred			$	80		$	33		$	57		$	56		$	66		$	54	$	113		$	120			$	178			$	234
Losses incurred but not reported			(17		)	21			50			22			23			27		5			50				72				123
Other losses excluding catastrophe losses			436			427			358			362			349			344		863			694				1,054				1,412
Catastrophe losses			112			86			29			53			75			10		197			84				137				166
Total losses incurred			$	611		$	567		$	494		$	493		$	513		$	435	$	1,178		$	948			$	1,441			$	1,935
Commercial Lines
Current accident year losses greater than $5,000,000			$	11		$	—		$	7		$	5		$	11		$	—	$	12		$	11			$	16			$	23
Current accident year losses $1,000,000-$5,000,000			47			18			43			35			28			27		64			55				89				132
Large loss prior accident year reserve development			15			10			(5		)	4			14			23		25			37				41				36
Total large losses incurred			$	73		$	28		$	45		$	44		$	53		$	50	$	101		$	103			$	146			$	191
Losses incurred but not reported			(35		)	22			35			41			28			22		(12		)	50				91				125
Other losses excluding catastrophe losses			292			282			241			227			228			225		574			454				682				923
Catastrophe losses			59			58			10			36			45			2		116			46				82				93
Total losses incurred			$	389		$	390		$	331		$	348		$	354		$	299	$	779		$	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			4			14			12			3			3		8			6				19				32
Large loss prior accident year reserve development			2			—			(3		)	—			8			—		2			8				10				7
Total large losses incurred			$	6		$	4		$	11		$	12		$	11		$	3	$	10		$	14			$	29			$	39
Losses incurred but not reported			9			(5		)	9			(27		)	(5		)	—		4			(5		)		(32		)		(22		)
Other losses excluding catastrophe losses			138			138			116			131			109			113		276			222				349				466
Catastrophe losses			52			27			19			16			29			8		79			37				54				72
Total losses incurred			$	205		$	164		$	155		$	132		$	144		$	124	$	369		$	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			1				2				3
Large loss prior accident year reserve development			—			—			—			(1		)	2			—		—			2				1				1
Total large losses incurred			$	1		$	1		$	1		$	—		$	2		$	1	$	2		$	3			$	3			$	4
Losses incurred but not reported			9			4			6			8			—			5		13			5				13				20
Other losses excluding catastrophe losses			6			7			1			4			12			6		13			18				23				23
Catastrophe losses			1			1			—			1			1			—		2			1				1				1
Total losses incurred			$	17		$	13		$	8		$	13		$	15		$	12	$	30		$	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.



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			1.1	%	—	%	0.7	%	0.6	%	1.2	%	—	%	0.6	%	0.6	%		0.6	%		0.6	%
Current accident year losses $1,000,000-$5,000,000			5.0		2.3		6.0		5.0		3.5		3.4		3.8		3.4			4.0			4.5
Large loss prior accident year reserve development			1.7		1.1		(0.8	)	0.2		2.6		2.7		1.4		2.7			1.8			1.2
Total large losses incurred			7.8	%	3.4	%	5.9	%	5.8	%	7.3	%	6.1	%	5.8	%	6.7	%		6.4	%		6.3	%
Losses incurred but not reported			(1.6	)	2.2		5.3		2.2		2.5		3.1		0.2		2.8			2.6			3.3
Other losses excluding catastrophe losses			43.4		43.6		37.4		38.2		38.3		38.6		43.5		38.5			38.3			38.0
Catastrophe losses			11.1		8.7		3.0		5.5		8.2		1.1		9.9		4.7			5.0			4.5
Total losses incurred			60.7	%	57.9	%	51.6	%	51.7	%	56.3	%	48.9	%	59.4	%	52.7	%		52.3	%		52.1	%
Commercial Lines
Current accident year losses greater than $5,000,000			1.6	%	—	%	1.0	%	0.8	%	1.7	%	—	%	0.8	%	0.9	%		0.8	%		0.9	%
Current accident year losses $1,000,000-$5,000,000			6.5		2.6		6.2		5.1		4.4		4.2		4.6		4.3			4.5			5.0
Large loss prior accident year reserve development			2.1		1.4		(0.7	)	0.5		2.2		3.7		1.8		2.8			2.2			1.4
Total large losses incurred			10.2	%	4.0	%	6.5	%	6.4	%	8.3	%	7.9	%	7.2	%	8.0	%		7.5	%		7.3	%
Losses incurred but not reported			(4.8	)	3.2		5.1		6.0		4.3		3.5		(0.9	)	3.9			4.6			4.8
Other losses excluding catastrophe losses			41.0		40.6		35.6		33.6		35.4		35.6		40.8		35.7			34.8			35.0
Catastrophe losses			8.3		8.3		1.6		5.2		6.9		0.3		8.3		3.6			4.2			3.5
Total losses incurred			54.7	%	56.1	%	48.8	%	51.2	%	54.9	%	47.3	%	55.4	%	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			1.7		1.4		5.7		5.0		1.3		1.3		1.5		1.3			2.6			3.4
Large loss prior accident year reserve development			0.6		0.3		(1.2	)	(0.2	)	3.3		—		0.5		1.7			1.3			0.7
Total large losses incurred			2.3	%	1.7	%	4.5	%	4.8	%	4.6	%	1.3	%	2.0	%	3.0	%		3.9	%		4.1	%
Losses incurred but not reported			3.5		(2.0	)	3.9		(11.1	)	(2.2	)	0.1		0.8		(1.1	)		(4.5	)		(2.3	)
Other losses excluding catastrophe losses			53.6		54.5		46.6		53.6		45.8		48.9		54.0		47.4			49.1			48.5
Catastrophe losses			20.0		10.6		7.6		6.7		12.4		3.3		15.4		7.9			7.5			7.5
Total losses incurred			79.4	%	64.8	%	62.6	%	54.0	%	60.6	%	53.6	%	72.2	%	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			3.1		3.2		3.3		3.6		—		4.2		3.1		2.0			2.6			2.7
Large loss prior accident year reserve development			—		(0.3	)	(0.1	)	(4.3	)	7.8		—		(0.1	)	4.0			1.0			0.8
Total large losses incurred			3.1	%	2.9	%	3.2	%	(0.7	)%	7.8	%	4.2	%	3.0	%	6.0	%		3.6	%		3.5	%
Losses incurred but not reported			25.7		13.1		19.7		25.9		1.0		19.6		19.6		10.1			15.7			16.8
Other losses excluding catastrophe losses			15.1		21.6		3.5		15.9		41.4		22.9		18.3		32.5			26.6			20.3
Catastrophe losses			2.7		3.0		(1.7	)	2.4		1.9		0.4		2.8		1.1			1.6			0.7
Total losses incurred			46.6	%	40.6	%	24.7	%	43.5	%	52.1	%	47.1	%	43.7	%	49.7	%		47.5	%		41.3	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.



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			2	—	1	1	2	—	2	2		3		4
Current accident year reported claim count $1,000,000 - $5,000,000			34	15	31	29	21	18	52	41		72		108
Prior accident year reported claim count on large losses			10	8	10	5	14	20	18	35		41		47
Non-Catastrophe reported claim count on large losses subtotal			46	23	42	35	37	38	72	78		116		159
Commercial Lines
Current accident year reported claim count greater than $5,000,000			2	—	1	1	2	—	2	2		3		4
Current accident year reported claim count $1,000,000 - $5,000,000			30	11	20	21	18	14	43	34		56		80
Prior accident year reported claim count on large losses			9	7	10	4	12	17	17	30		35		42
Non-Catastrophe reported claim count on large losses subtotal			41	18	31	26	32	31	62	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	3	10	7	3	3	7	6		14		25
Prior accident year reported claim count on large losses			1	1	—	1	—	3	1	3		5		4
Non-Catastrophe reported claim count on large losses subtotal			4	4	10	8	3	6	8	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	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	1	2	1	2	3		3		4
*The sum of quarterly amounts may not equal the full year as each is computed independently.



Consolidated Cincinnati Insurance Companies
Agency Direct Written Premiums by Agency State by Line of Business for the Six Months Ended June 30, 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	$	79.7	$	65.2	$	40.8	$	—	$	5.1		$	12.0	$	3.8	$	63.1	$	56.4	$	17.8		$	7.1	$	351.0	$	345.5	1.3		2.3		14.2		1.9
IL	34.0		27.7		16.0		29.8		3.7			3.6		1.8		16.2		15.0		4.3			5.7		157.8		150.7		4.1		2.9		34.3		4.7
IN	28.2		25.4		15.7		16.8		2.1			3.2		1.7		16.6		18.5		4.3			5.3		137.8		133.2		3.1		2.4		(0.5	)	2.7
PA	31.6		22.2		21.0		28.6		3.0			3.5		1.4		6.5		4.9		2.0			3.0		127.7		121.0		4.9		8.9		12.5		5.5
GA	18.9		18.4		13.6		7.2		3.0			3.4		1.0		19.3		20.3		5.3			4.6		115.0		105.6		11.7		5.1		8.8		8.9
MI	22.1		17.4		11.5		11.3		2.9			3.6		1.4		19.5		14.4		2.5			3.3		109.9		98.2		9.2		18.7		4.8		12.0
NC	21.2		21.6		11.6		10.4		4.6			4.0		1.3		14.4		11.2		3.7			3.3		107.3		96.2		9.2		15.5		36.2		11.5
TN	18.6		17.2		11.6		6.3		3.8			2.8		1.1		8.7		10.4		2.8			2.0		85.3		77.8		7.3		12.8		64.7		9.6
AL	13.8		16.7		6.3		0.6		3.4			2.0		0.9		9.9		16.3		3.4			3.7		77.0		66.3		22.0		5.3		58.3		16.2
KY	13.3		15.7		10.0		2.0		2.1			1.4		0.8		13.6		12.6		3.1			2.3		76.9		73.8		4.0		5.7		(6.7	)	4.3
VA	17.9		14.7		11.5		10.3		1.4			3.6		0.8		5.4		4.8		1.6			2.8		74.8		70.5		5.0		6.8		31.4		6.1
WI	16.8		12.4		8.5		17.8		1.4			1.7		1.1		4.3		4.7		1.8			1.9		72.4		72.2		0.3		(1.0	)	13.7		0.4
MN	16.2		11.6		6.0		5.1		1.1			1.5		0.7		8.4		8.5		1.8			1.9		62.8		58.3		6.7		9.0		22.2		7.8
TX	22.4		14.9		14.8		0.7		0.4			1.1		1.1		—		—		—			6.9		62.3		55.1		10.6		(11.2	)	37.6		13.1
MO	14.7		15.0		8.1		6.9		2.4			1.3		1.0		3.1		4.4		1.0			3.2		61.1		57.8		4.1		7.1		31.1		5.7
IA	10.1		9.2		4.5		9.8		1.0			1.8		0.6		2.4		2.8		0.9			1.1		44.2		45.8		(4.8	)	1.3		12.2		(3.7	)
MD	10.3		5.7		7.8		6.0		0.7			1.1		0.4		2.9		2.3		0.7			1.3		39.2		35.6		6.2		33.8		33.2		10.4
FL	12.9		9.0		4.1		0.5		0.2			0.9		0.3		3.6		4.7		0.9			2.2		39.3		35.5		20.8		(16.3	)	44.0		10.4
NY	16.5		7.7		6.1		1.7		0.3			1.6		0.6		1.7		0.7		0.2			1.4		38.5		38.1		(4.0	)	nm		37.4		0.8
AR	5.4		8.6		3.8		1.4		2.2			0.8		0.5		4.2		4.9		1.1			1.3		34.2		30.6		8.3		22.1		17.9		12.5
KS	5.9		6.9		3.4		3.8		0.9			1.0		0.4		2.7		3.6		0.7			0.5		29.8		27.8		8.3		3.7		8.5		7.2
AZ	7.9		5.2		6.3		3.2		0.4			0.7		0.1		2.3		1.6		0.6			1.3		29.6		24.3		18.7		29.0		52.3		21.4
UT	8.6		3.9		5.9		0.3		0.5			1.1		0.2		3.8		1.8		0.4			0.9		27.4		24.2		17.2		7.9		2.0		14.4
SC	5.7		5.1		4.1		2.0		1.3			0.9		0.2		3.9		2.5		0.7			1.1		27.5		24.5		5.8		29.7		38.5		12.3
CO	8.4		4.9		5.4		0.2		0.1			0.6		0.4		—		0.1		—			2.3		22.4		16.0		35.4		25.0		82.9		39.0
MT	7.9		4.3		4.4		0.1		0.4			0.3		0.3		1.3		1.3		0.3			0.4		21.0		18.8		11.9		11.0		8.8		11.7
NE	4.4		4.8		2.4		4.0		0.6			0.8		0.3		0.4		0.6		0.1			1.1		19.5		18.8		1.1		3.6		57.8		3.3
ID	6.6		3.8		4.1		0.1		0.4			0.5		0.3		1.5		1.0		0.3			0.7		19.3		17.1		11.9		17.5		20.9		13.0
WV	5.3		4.5		3.8		1.7		0.6			0.3		0.3		—		0.3		0.1			1.4		18.3		16.4		10.5		2.9		24.3		11.3
OR	3.9		2.7		3.0		0.1		—			0.7		0.3		0.6		0.3		0.1			1.8		13.5		7.6		79.6		nm		46.0		78.1
VT	2.2		2.1		1.6		3.6		0.5			0.7		0.1		0.7		0.7		0.2			0.5		12.9		13.1		(2.7	)	3.7		17.2		(1.3	)
ND	4.7		3.0		2.6		—		0.4			0.4		0.2		0.4		0.4		0.1			0.2		12.4		12.2		0.5		10.8		32.4		1.6
WA	3.5		2.3		2.4		—		—			0.6		0.2		—		—		—			0.7		9.7		7.4		32.1		7.9		22.2		31.3
NH	2.0		1.5		1.0		1.9		0.3			0.3		0.1		0.9		0.8		0.3			0.3		9.4		8.8		10.0		(2.1	)	1.1		6.8
NM	3.1		1.6		2.0		0.6		0.1			0.8		—		—		—		—			0.4		8.6		6.5		32.0		nm		53.3		33.0
SD	1.7		2.0		1.0		1.7		0.3			0.3		0.1		—		—		—			0.3		7.4		6.8		7.1		(98.0	)	3.9		6.8
DE	2.0		1.4		1.2		1.1		0.2			0.2		0.1		—		—		—			0.2		6.4		5.4		17.0		20.8		51.0		17.7
CT	1.8		1.5		0.6		0.6		—			0.1		0.1		0.1		0.1		—			0.2		5.1		2.9		71.2		nm		0.0		72.3
WY	1.2		1.1		0.6		—		—			0.1		—		—		—		—			0.2		3.2		2.3		38.5		12.8		63.7		40.1
All Other	2.7		1.2		1.6		3.0		(0.1		)	1.0		0.3		0.1		0.3		(0.2		)	0.9		10.8		9.0		19.5		(2.1	)	(18.2	)	16.8
Total	$	514.1	$	420.1	$	290.7	$	201.2	$	51.7		$	66.3	$	26.3	$	242.5	$	233.2	$	62.9		$	79.7	$	2,188.7	$	2,037.7	6.9		6.8		24.0		7.4
Other Direct	—		1.1		2.4		2.7		—			—		—		5.0		0.1		—			—		11.3		9.0		31.1		22.9		nm		26.7
Total Direct	$	514.1	$	421.2	$	293.1	$	203.9	$	51.7		$	66.3	$	26.3	$247.5		$	233.3	$	62.9		$	79.7	$	2,200.0	$	2,046.7	7.0		6.9		24.0		7.5
Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. nm - Not meaningful



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			$	249		$	258		$	206		$	232		$	222		$	237		$	507		$	459			$	691			$	897
Earned premiums			234			224			220			221			211			204			458			415				636				856
Current accident year before catastrophe losses			61.7		%	56.3		%	54.2		%	53.5		%	55.7		%	60.8		%	59.1		%	58.2		%		56.6		%		56.0		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(10.5		)	3.6			1.9			(8.4		)	(15.1		)	(11.5		)	(3.6		)	(13.3		)		(11.6		)		(8.2		)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			51.2		%	59.9		%	56.1		%	45.1		%	40.6		%	49.3		%	55.5		%	44.9		%		45.0		%		47.8		%
Commercial property:
Written premiums			$	197		$	193		$	157		$	186		$	164		$	166		$	390		$	330			$	516			$	673
Earned premiums			180			171			163			161			152			147			351			299				460				623
Current accident year before catastrophe losses			50.8		%	53.4		%	51.3		%	49.6		%	52.9		%	48.9		%	52.1		%	50.9		%		50.5		%		50.7		%
Current accident year catastrophe losses			25.8			27.7			9.0			19.1			28.4			2.8			26.7			15.8				17.0				14.9
Prior accident years before catastrophe losses			(9.8		)	(0.6		)	(2.5		)	1.4			(6.0		)	2.0			(5.3		)	(2.0		)		(0.9		)		(1.3		)
Prior accident years catastrophe losses			(2.3		)	(0.9		)	(1.9		)	(2.0		)	(3.2		)	(1.9		)	(1.6		)	(2.6		)		(2.4		)		(2.3		)
Total loss and loss expense ratio			64.5		%	79.6		%	55.9		%	68.1		%	72.1		%	51.8		%	71.9		%	62.1		%		64.2		%		62.0		%
Commercial auto:
Written premiums			$	144		$	145		$	117		$	128		$	127		$	135		$	289		$	262			$	390			$	507
Earned premiums			132			126			124			124			117			114			258			231				355				479
Current accident year before catastrophe losses			72.1		%	68.0		%	70.6		%	64.3		%	76.3		%	59.6		%	70.0		%	68.1		%		66.7		%		67.8		%
Current accident year catastrophe losses			4.1			—			(0.1		)	0.9			1.5			0.4			2.1			1.0				0.9				0.7
Prior accident years before catastrophe losses			9.0			(0.2		)	3.1			(0.4		)	(3.2		)	2.1			4.5			(0.7		)		(0.5		)		0.4
Prior accident years catastrophe losses			—			(0.2		)	—			(0.2		)	(0.3		)	(0.2		)	(0.1		)	(0.2		)		(0.2		)		(0.2		)
Total loss and loss expense ratio			85.2		%	67.6		%	73.6		%	64.6		%	74.3		%	61.9		%	76.5		%	68.2		%		66.9		%		68.7		%
Workers' compensation:
Written premiums			$	92		$	106		$	86		$	90		$	85		$	113		$	198		$	198			$	288			$	374
Earned premiums			95			92			95			95			87			88			187			175				270				365
Current accident year before catastrophe losses			83.2		%	76.8		%	76.9		%	78.6		%	84.8		%	71.8		%	80.0		%	78.3		%		78.4		%		78.0		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(21.2		)	(10.3		)	(0.5		)	9.3			(17.8		)	(8.0		)	(15.8		)	(12.9		)		(5.1		)		(3.9		)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			62.0		%	66.5		%	76.4		%	87.9		%	67.0		%	63.8		%	64.2		%	65.4		%		73.3		%		74.1		%
Specialty package:
Written premiums			$	21		$	27		$	30		$	36		$	36		$	40		$	48		$	76			$	112			$	142
Earned premiums			30			36			36			38			37			39			66			76				114				150
Current accident year before catastrophe losses			76.0		%	63.9		%	45.0		%	56.2		%	80.0		%	73.5		%	69.5		%	76.7		%		69.9		%		63.9		%
Current accident year catastrophe losses			42.2			39.9			2.8			22.9			16.1			6.4			40.9			11.2				15.1				12.1
Prior accident years before catastrophe losses			(13.0		)	(6.0		)	5.2			9.0			(3.3		)	(2.5		)	(9.2		)	(2.8		)		1.1				2.1
Prior accident years catastrophe losses			1.9			(3.0		)	(2.4		)	(0.1		)	(0.6		)	(3.4		)	(0.7		)	(2.0		)		(1.4		)		(1.6		)
Total loss and loss expense ratio			107.1		%	94.8		%	50.6		%	88.0		%	92.2		%	74.0		%	100.5		%	83.1		%		84.7		%		76.5		%
Management liability and surety:
Written premiums			$	32		$	30		$	28		$	34		$	33		$	26		$	62		$	59			$	93			$	121
Earned premiums			31			31			30			30			30			29			62			59				89				119
Current accident year before catastrophe losses			58.0		%	37.4		%	54.4		%	57.1		%	60.1		%	44.5		%	47.7		%	52.4		%		54.0		%		54.1		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			5.8			19.8			(20.8		)	(16.3		)	4.8			60.8			12.8			32.4				15.9				6.6
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			63.8		%	57.2		%	33.6		%	40.8		%	64.9		%	105.3		%	60.5		%	84.8		%		69.9		%		60.7		%
Machinery and equipment:
Written premiums			$	13		$	12		$	12		$	13		$	11		$	11		$	25		$	22			$	35			$	47
Earned premiums			12			12			12			11			11			10			24			21				32				44
Current accident year before catastrophe losses			18.2		%	20.9		%	29.6		%	26.7		%	45.8		%	15.0		%	19.6		%	30.5		%		29.2		%		29.3		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(7.0		)	(11.0		)	1.1			(1.1		)	(4.9		)	8.0			(9.0		)	1.5				0.6				0.7
Prior accident years catastrophe losses						—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			11.2		%	9.9		%	30.7		%	25.6		%	40.9		%	23.0		%	10.6		%	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.



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			$	133		$	107		$	107		$	128		$	125		$	100		$	240		$	225			$	353			$	460
Earned premiums			117			116			115			112			109			107			233			216				328				443
Current accident year before catastrophe losses			80.5		%	79.5		%	73.2		%	71.7		%	85.4		%	66.9		%	80.1		%	76.3		%		74.7		%		74.3		%
Current accident year catastrophe losses			4.9			0.5			0.4			1.3			1.4			1.4			2.7			1.4				1.4				1.1
Prior accident years before catastrophe losses			(1.7		)	(3.4		)	2.7			(0.4		)	(10.2		)	7.9			(2.6		)	(1.2		)		(0.9		)		—
Prior accident years catastrophe losses			(0.2		)	(0.4		)	—			(0.4		)	(0.4		)	(0.3		)	(0.3		)	(0.4		)		(0.4		)		(0.3		)
Total loss and loss expense ratio			83.5		%	76.2		%	76.3		%	72.2		%	76.2		%	75.9		%	79.9		%	76.1		%		74.8		%		75.1		%
Homeowner:
Written premiums			$	128		$	98		$	105		$	118		$	116		$	89		$	226		$	205			$	323			$	428
Earned premiums			111			109			105			103			99			96			220			195				298				403
Current accident year before catastrophe losses			59.5		%	61.3		%	52.5		%	55.2		%	50.5		%	40.6		%	60.4		%	45.6		%		48.9		%		49.9		%
Current accident year catastrophe losses			41.5			28.3			16.1			18.7			30.1			9.4			35.0			19.9				19.5				18.6
Prior accident years before catastrophe losses			3.6			(6.5		)	0.2			(3.2		)	(7.4		)	(0.7		)	(1.4		)	(4.1		)		(3.8		)		(2.8		)
Prior accident years catastrophe losses			(0.9		)	(5.4		)	0.6			(4.2		)	(2.0		)	(2.4		)	(3.2		)	(2.2		)		(2.9		)		(2.0		)
Total loss and loss expense ratio			103.7		%	77.7		%	69.4		%	66.5		%	71.2		%	46.9		%	90.8		%	59.2		%		61.7		%		63.7		%
Other personal:
Written premiums			$	33		$	26		$	27		$	32		$	32		$	26		$	59		$	58			$	90			$	117
Earned premiums			30			29			29			29			29			28			59			57				86				115
Current accident year before catastrophe losses			42.3		%	46.5		%	57.2		%	56.3		%	52.5		%	56.7		%	44.3		%	54.5		%		55.2		%		55.7		%
Current accident year catastrophe losses			7.9			7.8			3.1			5.5			4.3			1.5			7.8			2.9				3.8				3.6
Prior accident years before catastrophe losses			(5.4		)	(1.9		)	(2.1		)	(39.8		)	(17.8		)	(1.5		)	(3.6		)	(9.5		)		(19.9		)		(15.4		)
Prior accident years catastrophe losses			(0.5		)	0.2			0.2			(1.6		)	(0.9		)	(1.2		)	(0.1		)	(1.1		)		(1.3		)		(0.9		)
Total loss and loss expense ratio			44.3		%	52.6		%	58.4		%	20.4		%	38.1		%	55.5		%	48.4		%	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			$	40		$	35		$	34		$	34		$	33		$	27		$	75		$	60			$	94			$	128
Earned premiums			34			33			31			30			28			27			67			55				85				116
Current accident year before catastrophe losses			75.4		%	80.6		%	62.6		%	67.2		%	65.7		%	73.6		%	77.9		%	69.6		%		68.7		%		67.1		%
Current accident year catastrophe losses			2.3			3.0			(1.9		)	3.4			0.9			0.1			2.6			0.6				1.6				0.7
Prior accident years before catastrophe losses			(21.3		)	(27.1		)	(19.9		)	(13.7		)	(0.7		)	(8.8		)	(24.1		)	(4.7		)		(7.9		)		(11.2		)
Prior accident years catastrophe losses			0.6			0.1			0.2			(0.9		)	1.0			0.3			0.4			0.6				0.1				0.1
Total loss and loss expense ratio			57.0		%	56.6		%	41.0		%	56.0		%	66.9		%	65.2		%	56.8		%	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



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 six months ended June 30, 2014
Commercial casualty	$	158	$	72	$	230	$	32		$	(3	)	$	(1	)	$	28		$	190		$	(3	)	$	71		$	258
Commercial property	207		19		226		53			(27		)	—			26			260			(27		)	19			252
Commercial auto	141		25		166		13			16			3			32			154			16			28			198
Workers' compensation	105		20		125		(12		)	23			(5		)	6			93			23			15			131
Specialty packages	48		9		57		19			(7		)	(2		)	10			67			(7		)	7			67
Management liability and surety	38		8		46		(21		)	8			3			(10		)	17			8			11			36
Machinery and equipment	4		—		4		2			(4		)	—			(2		)	6			(4		)	—			2
Total commercial lines	701		153		854		86			6			(2		)	90			787			6			151			944

Personal auto	147		25		172		6			7			2			15			153			7			27			187
Homeowners	151		14		165		27			6			2			35			178			6			16			200
Other personal	23		2		25		2			1			—			3			25			1			2			28
Total personal lines	321		41		362		35			14			4			53			356			14			45			415

Commercial casualty & property	8		6		14		8			13			3			24			16			13			9			38
Total excess & surplus lines	8		6		14		8			13			3			24			16			13			9			38
Total property casualty	$	1,030	$	200	$	1,230	$	129		$	33		$	5		$	167		$	1,159		$	33		$	205		$	1,397

Ceded loss and loss expense incurred for the six months ended June 30, 2014
Commercial casualty	$	15	$	—	$	15	$	(12	)	$	3		$	(2	)	$	(11	)	$	3		$	3		$	(2	)	$	4
Commercial property	1		—		1		(1		)	(1		)	—			(2		)	—			(1		)	—			(1		)
Commercial auto	1		—		1		—			—			—			—			1			—			—			1
Workers' compensation	9		—		9		1			1			—			2			10			1			—			11
Specialty packages	1		—		1		—			—			—			—			1			—			—			1
Management liability and surety	2		—		2		(4		)	—			—			(4		)	(2		)	—			—			(2		)
Machinery and equipment	—		—		—		—			—			—			—			—			—			—			—
Total commercial lines	29		—		29		(16		)	3			(2		)	(15		)	13			3			(2		)	14

Personal auto	1		—		1		—			—			—			—			1			—			—			1
Homeowners	1		—		1		(1		)	(1		)	—			(2		)	—			(1		)	—			(1		)
Other personal	—		—		—		—			—			—			—			—			—			—			—
Total personal lines	2		—		2		(1		)	(1		)	—			(2		)	1			(1		)	—			—

Commercial casualty & property	—		—		—		—			—			—			—			—			—			—			—
Total excess & surplus lines	—		—		—		—			—			—			—			—			—			—			—
Total property casualty	$	31	$	—	$	31	$	(17	)	$	2		$	(2	)	$	(17	)	$	14		$	2		$	(2	)	$	14

Net loss and loss expense incurred for the six months ended June 30, 2014
Commercial casualty	$	143	$	72	$	215	$	44		$	(6	)	$	1		$	39		$	187		$	(6	)	$	73		$	254
Commercial property	206		19		225		54			(26		)	—			28			260			(26		)	19			253
Commercial auto	140		25		165		13			16			3			32			153			16			28			197
Workers' compensation	96		20		116		(13		)	22			(5		)	4			83			22			15			120
Specialty packages	47		9		56		19			(7		)	(2		)	10			66			(7		)	7			66
Management liability and surety	36		8		44		(17		)	8			3			(6		)	19			8			11			38
Machinery and equipment	4		—		4		2			(4		)	—			(2		)	6			(4		)	—			2
Total commercial lines	672		153		825		102			3			—			105			774			3			153			930

Personal auto	146		25		171		6			7			2			15			152			7			27			186
Homeowners	150		14		164		28			7			2			37			178			7			16			201
Other personal	23		2		25		2			1			—			3			25			1			2			28
Total personal lines	319		41		360		36			15			4			55			355			15			45			415

Commercial casualty & property	8		6		14		8			13			3			24			16			13			9			38
Total excess & surplus lines	8		6		14		8			13			3			24			16			13			9			38
Total property casualty	$	999	$	200	$	1,199	$	146		$	31		$	7		$	184		$	1,145		$	31		$	207		$	1,383



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 June 30, 2014
Commercial casualty	$	89	$	36	$	125	$	33		$	(34	)	$	1		$	—		$	122		$	(34	)	$	37	$	125
Commercial property	108		10		118		9			(8		)	(4		)	(3		)	117			(8		)	6		115
Commercial auto	71		13		84		15			13			1			29			86			13			14		113
Workers' compensation	52		10		62		(6		)	13			(3		)	4			46			13			7		66
Specialty packages	26		4		30		7			(3		)	(1		)	3			33			(3		)	3		33
Management liability and surety	14		4		18		(4		)	4			1			1			10			4			5		19
Machinery and equipment	2		—		2		—			(1		)	—			(1		)	2			(1		)	—		1
Total commercial lines	362		77		439		54			(16		)	(5		)	33			416			(16		)	72		472

Personal auto	73		12		85		5			7			1			13			78			7			13		98
Homeowners	84		7		91		7			17			1			25			91			17			8		116
Other personal	11		1		12		3			(2		)	—			1			14			(2		)	1		13
Total personal lines	168		20		188		15			22			2			39			183			22			22		227

Commercial casualty & property	3		3		6		4			9			—			13			7			9			3		19
Total excess & surplus lines	3		3		6		4			9			—			13			7			9			3		19
Total property casualty	$	533	$	100	$	633	$	73		$	15		$	(3	)	$	85		$	606		$	15		$	97	$	718

Ceded loss and loss expense incurred for the three months ended June 30, 2014
Commercial casualty	$	7	$	—	$	7	$	(3	)	$	—		$	—		$	(3	)	$	4		$	—		$	—	$	4
Commercial property	—		—		—		—			(1		)	—			(1		)	—			(1		)	—		(1		)
Commercial auto	1		—		1		—			—			—			—			1			—			—		1
Workers' compensation	6		—		6		—			1			—			1			6			1			—		7
Specialty packages	1		—		1		—			—			—			—			1			—			—		1
Management liability and surety	2		—		2		(3		)	—			—			(3		)	(1		)	—			—		(1		)
Machinery and equipment	—		—		—		—			—			—			—			—			—			—		—
Total commercial lines	17		—		17		(6		)	—			—			(6		)	11			—			—		11

Personal auto	1		—		1		—			—			—			—			1			—			—		1
Homeowners	—		—		—		—			(1		)	—			(1		)	—			(1		)	—		(1		)
Other personal	—		—		—		—			—			—			—			—			—			—		—
Total personal lines	1		—		1		—			(1		)	—			(1		)	1			(1		)	—		—

Commercial casualty & property	—		—		—		—			—			—			—			—			—			—		—
Total excess & surplus lines	—		—		—		—			—			—			—			—			—			—		—
Total property casualty	$	18	$	—	$	18	$	(6	)	$	(1	)	$	—		$	(7	)	$	12		$	(1	)	$	—	$	11

Net loss and loss expense incurred for the three months ended June 30, 2014
Commercial casualty	$	82	$	36	$	118	$	36		$	(34	)	$	1		$	3		$	118		$	(34	)	$	37	$	121
Commercial property	108		10		118		9			(7		)	(4		)	(2		)	117			(7		)	6		116
Commercial auto	70		13		83		15			13			1			29			85			13			14		112
Workers' compensation	46		10		56		(6		)	12			(3		)	3			40			12			7		59
Specialty packages	25		4		29		7			(3		)	(1		)	3			32			(3		)	3		32
Management liability and surety	12		4		16		(1		)	4			1			4			11			4			5		20
Machinery and equipment	2		—		2		—			(1		)	—			(1		)	2			(1		)	—		1
Total commercial lines	345		77		422		60			(16		)	(5		)	39			405			(16		)	72		461

Personal auto	72		12		84		5			7			1			13			77			7			13		97
Homeowners	84		7		91		7			18			1			26			91			18			8		117
Other personal	11		1		12		3			(2		)	—			1			14			(2		)	1		13
Total personal lines	167		20		187		15			23			2			40			182			23			22		227

Commercial casualty & property	3		3		6		4			9			—			13			7			9			3		19
Total excess & surplus lines	3		3		6		4			9			—			13			7			9			3		19
Total property casualty	$	515	$	100	$	615	$	79		$	16		$	(3	)	$	92		$	594		$	16		$	97	$	707



Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/14	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			$	974		$	956		$	854		$	915		$	879		$	845		$	1,930		$	1,724			$	2,639			$	3,493
Agency new business written premiums			133			123			128			141			139			135			256			274				415				543
Other written premiums			(25		)	(42		)	(74		)	(25		)	(34		)	(10		)	(67		)	(44		)		(69		)		(143		)
Reported written premiums – statutory*			$	1,082		$	1,037		$	908		$	1,031		$	984		$	970		$	2,119		$	1,954			$	2,985			$	3,893
Unearned premium change			(76		)	(58		)	52			(77		)	(74		)	(81		)	(134		)	(155		)		(232		)		(180		)
Earned premiums			$	1,006		$	979		$	960		$	954		$	910		$	889		$	1,985		$	1,799			$	2,753			$	3,713
Year over year change %
Agency renewal written premiums			11		%	13		%	11		%	13		%	10		%	11		%	12		%	11		%		11		%		11		%
Agency new business written premiums			(4		)	(9		)	(3		)	8			6			25			(7		)	15				12				8
Other written premiums			26			(320		)	(12		)	34			(31		)	63			(52		)	17				24				9
Reported written premiums – statutory*			10			7			8			15			9			15			8			12				13				12
Paid losses and loss expenses
Losses paid			$	517		$	484		$	477		$	470		$	431		$	424		$	1,001		$	855			$	1,325			$	1,802
Loss expenses paid			98			100			98			92			90			89			198			179				271				369
Loss and loss expenses paid			$	615		$	584		$	575		$	562		$	521		$	513		$	1,199		$	1,034			$	1,596			$	2,171
Statutory combined ratio
Loss ratio			60.7		%	57.9		%	51.6		%	51.7		%	56.3		%	48.9		%	59.4		%	52.7		%		52.3		%		52.1		%
DCC expense ratio			3.9			5.2			4.7			4.4			1.1			3.9			4.5			2.4				3.1				3.5
AO expense ratio			5.6			6.0			6.3			6.1			6.6			6.2			5.8			6.4				6.3				6.3
Net underwriting expense ratio			29.4			29.0			32.8			30.1			30.6			29.9			29.2			30.3				30.3				30.8
Statutory combined ratio			99.6		%	98.1		%	95.4		%	92.3		%	94.6		%	88.9		%	98.9		%	91.8		%		92.0		%		92.7		%
Contribution from catastrophe losses			11.4			8.9			3.2			5.7			8.3			1.2			10.2			4.8				5.1				4.6
Statutory combined ratio excl. catastrophe losses			88.2		%	89.2		%	92.2		%	86.6		%	86.3		%	87.7		%	88.7		%	87.0		%		86.9		%		88.1		%
Commission expense ratio			17.9		%	17.7		%	19.5		%	18.5		%	18.5		%	17.9		%	17.8		%	18.2		%		18.3		%		18.6		%
Other expense ratio			11.5			11.3			13.3			11.6			12.1			12.0			11.4			12.1				12.0				12.2
Statutory expense ratio			29.4		%	29.0		%	32.8		%	30.1		%	30.6		%	29.9		%	29.2		%	30.3		%		30.3		%		30.8		%
GAAP combined ratio
GAAP combined ratio			100.9		%	100.3		%	93.9		%	93.7		%	96.4		%	91.2		%	100.6		%	93.9		%		93.8		%		93.8		%
Contribution from catastrophe losses			11.4			8.9			3.2			5.7			8.3			1.2			10.2			4.8				5.1				4.6
GAAP combined ratio excl. catastrophe losses			89.5		%	91.4		%	90.7		%	88.0		%	88.1		%	90.0		%	90.4		%	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.



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			$	669		$	713		$	606		$	632		$	602		$	631		$	1,382		$	1,233			$	1,865			$	2,471
Agency new business written premiums			95			90			92			102			100			97			185			197				299				391
Other written premiums			(16		)	(32		)	(63		)	(15		)	(24		)	—			(48		)	(24		)		(39		)		(102		)
Reported written premiums – statutory*			$	748		$	771		$	635		$	719		$	678		$	728		$	1,519		$	1,406			$	2,125			$	2,760
Unearned premium change			(34		)	(79		)	45			(39		)	(33		)	(97		)	(113		)	(130		)		(169		)		(124		)
Earned premiums			$	714		$	692		$	680		$	680		$	645		$	631		$	1,406		$	1,276			$	1,956			$	2,636
Year over year change %
Agency renewal written premiums			11		%	13		%	10		%	13		%	9		%	11		%	12		%	10		%		11		%		11		%
Agency new business written premiums			(4		)	(7		)	(4		)	13			10			29			(6		)	19				17				11
Other written premiums			33			nm			(11		)	46			(41		)	100			(100		)	35				40				16
Reported written premiums – statutory*			10			6			8			16			8			16			8			12				14				12
Paid losses and loss expenses
Losses paid			$	347		$	327		$	327		$	306		$	286		$	297		$	674		$	585			$	891			$	1,218
Loss expenses paid			75			76			75			70			68			68			151			135				205				280
Loss and loss expenses paid			$	422		$	403		$	402		$	376		$	354		$	365		$	825		$	720			$	1,096			$	1,498
Statutory combined ratio
Loss ratio			54.7		%	56.1		%	48.8		%	51.1		%	54.9		%	47.3		%	55.4		%	51.2		%		51.2		%		50.6		%
DCC expense ratio			4.6			6.4			5.3			5.1			0.6			4.3			5.5			2.5				3.4				3.9
AO expense ratio			5.2			5.4			6.3			5.7			6.4			6.2			5.3			6.2				6.0				6.1
Net underwriting expense ratio			30.5			28.5			34.0			30.8			31.5			29.0			29.5			30.2				30.4				31.2
Statutory combined ratio			95.0		%	96.4		%	94.4		%	92.7		%	93.4		%	86.8		%	95.7		%	90.1		%		91.0		%		91.8		%
Contribution from catastrophe losses			8.6			8.5			1.7			5.4			7.1			0.4			8.5			3.8				4.4				3.7
Statutory combined ratio excl. catastrophe losses			86.4		%	87.9		%	92.7		%	87.3		%	86.3		%	86.4		%	87.2		%	86.3		%		86.6		%		88.1		%
Commission expense ratio			17.7		%	16.4		%	19.1		%	18.0		%	17.9		%	16.5		%	17.0		%	17.2		%		17.4		%		17.8		%
Other expense ratio			12.8			12.1			14.9			12.8			13.6			12.5			12.5			13.0				13.0				13.5
Statutory expense ratio			30.5		%	28.5		%	34.0		%	30.8		%	31.5		%	29.0		%	29.5		%	30.2		%		30.4		%		31.3		%
GAAP combined ratio
GAAP combined ratio			96.3		%	99.9		%	92.7		%	93.7		%	94.9		%	90.8		%	98.1		%	92.9		%		93.2		%		93.0		%
Contribution from catastrophe losses			8.6			8.5			1.7			5.4			7.1			0.4			8.5			3.8				4.4				3.7
GAAP combined ratio excl. catastrophe losses			87.7		%	91.4		%	91.0		%	88.3		%	87.8		%	90.4		%	89.6		%	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.



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			$	276		$	218		$	224		$	258		$	251		$	195		$	494		$	446			$	704			$	928
Agency new business written premiums			24			21			24			28			30			28			45			58				86				110
Other written premiums			(6		)	(8		)	(9		)	(8		)	(8		)	(8		)	(14		)	(16		)		(24		)		(33		)
Reported written premiums – statutory*			$	294		$	231		$	239		$	278		$	273		$	215		$	525		$	488			$	766			$	1,005
Unearned premium change			(36		)	23			10			(34		)	(36		)	16			(13		)	(20		)		(54		)		(44		)
Earned premiums			$	258		$	254		$	249		$	244		$	237		$	231		$	512		$	468			$	712			$	961
Year over year change %
Agency renewal written premiums			10		%	12		%	10		%	12		%	11		%	11		%	11		%	11		%		11		%		11		%
Agency new business written premiums			(20		)	(25		)	(11		)	(10		)	3			17			(22		)	9				2				(1		)
Other written premiums			25			0			(13		)	11			(33		)	(33		)	13			(33		)		(14		)		(14		)
Reported written premiums – statutory*			8			7			8			10			9			11			8			10				10				9
Paid losses and loss expenses
Losses paid			$	167		$	152		$	141		$	158		$	141		$	122		$	319		$	261			$	419			$	560
Loss expenses paid			20			21			20			19			19			19			41			39				58				78
Loss and loss expenses paid			$	187		$	173		$	161		$	177		$	160		$	141		$	360		$	300			$	477			$	638
Statutory combined ratio
Loss ratio			79.4		%	64.8		%	62.6		%	54.1		%	60.6		%	53.6		%	72.2		%	57.2		%		56.0		%		57.8		%
DCC expense ratio			1.6			1.6			1.9			2.1			1.5			1.4			1.6			1.5				1.7				1.7
AO expense ratio			6.7			7.7			6.9			7.5			7.4			6.3			7.2			6.8				7.1				7.0
Net underwriting expense ratio			26.6			30.5			30.1			28.4			28.5			32.8			28.3			30.4				29.7				29.8
Statutory combined ratio			114.3		%	104.6		%	101.5		%	92.1		%	98.0		%	94.1		%	109.3		%	95.9		%		94.5		%		96.3		%
Contribution from catastrophe losses			20.4			10.8			7.7			7.0			12.6			3.5			15.7			8.1				7.7				7.7
Statutory combined ratio excl. catastrophe losses			93.9		%	93.8		%	93.8		%	85.1		%	85.4		%	90.6		%	93.6		%	87.8		%		86.8		%		88.6		%
Commission expense ratio			17.4		%	20.5		%	19.5		%	19.0		%	19.0		%	21.7		%	18.8		%	20.2		%		19.7		%		19.7		%
Other expense ratio			9.2			10.0			10.6			9.4			9.5			11.1			9.5			10.2				10.0				10.0
Statutory expense ratio			26.6		%	30.5		%	30.1		%	28.4		%	28.5		%	32.8		%	28.3		%	30.4		%		29.7		%		29.7		%
GAAP combined ratio
GAAP combined ratio			115.8		%	103.0		%	100.3		%	94.5		%	100.4		%	91.6		%	109.4		%	96.1		%		95.5		%		96.8		%
Contribution from catastrophe losses			20.4			10.8			7.7			7.0			12.6			3.5			15.7			8.1				7.7				7.7
GAAP combined ratio excl. catastrophe losses			95.4		%	92.2		%	92.6		%	87.5		%	87.8		%	88.1		%	93.7		%	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.



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			$	29		$	25		$	24		$	25		$	26		$	19		$	54		$	45			$	70			$	94
Agency new business written premiums			14			12			12			11			9			10			26			19				30				42
Other written premiums			(3		)	(2		)	(2		)	(2		)	(2		)	(2		)	(5		)	(4		)		(6		)		(8		)
Reported written premiums – statutory*			$	40		$	35		$	34		$	34		$	33		$	27		$	75		$	60			$	94			$	128
Unearned premium change			(6		)	(2		)	(3		)	(4		)	(5		)	—			(8		)	(5		)		(9		)		(12		)
Earned premiums			$	34		$	33		$	31		$	30		$	28		$	27		$	67		$	55			$	85			$	116
Year over year change %
Agency renewal written premiums			12		%	32		%	26		%	32		%	37		%	19		%	20		%	29		%		30		%		29		%
Agency new business written premiums			56			20			33			22			(18		)	11			37			(5		)		3				11
Other written premiums			(50		)	0			(100		)	(100		)	33			(100		)	(25		)	0				(20		)		(33		)
Reported written premiums – statutory*			21			30			26			26			22			13			25			18				21				22
Paid losses and loss expenses
Losses paid			$	3		$	5		$	9		$	6		$	4		$	5		$	8		$	9			$	15			$	24
Loss expenses paid			3			3			3			3			3			2			6			5				8				11
Loss and loss expenses paid			$	6		$	8		$	12		$	9		$	7		$	7		$	14		$	14			$	23			$	35
Statutory combined ratio
Loss ratio			46.6		%	40.6		%	24.7		%	43.5		%	52.1		%	47.2		%	43.7		%	49.7		%		47.4		%		41.3		%
DCC expense ratio			6.5			8.4			12.1			7.0			9.3			11.9			7.4			10.6				9.4				10.1
AO expense ratio			3.9			7.6			4.2			5.5			5.5			6.1			5.7			5.8				5.7				5.3
Net underwriting expense ratio			29.1			30.4			29.9			30.9			30.9			33.3			29.7			32.0				31.6				31.1
Statutory combined ratio			86.1		%	87.0		%	70.9		%	86.9		%	97.8		%	98.5		%	86.5		%	98.1		%		94.1		%		87.8		%
Contribution from catastrophe losses			2.9			3.1			(1.7		)	2.5			1.9			0.4			3.0			1.2				1.7				0.8
Statutory combined ratio excl. catastrophe losses			83.2		%	83.9		%	72.6		%	84.4		%	95.9		%	98.1		%	83.5		%	96.9		%		92.4		%		87.0		%
Commission expense ratio			25.8		%	26.5		%	25.9		%	26.3		%	26.3		%	26.9		%	26.1		%	26.6		%		26.5		%		26.3		%
Other expense ratio			3.3			3.9			4.0			4.6			4.6			6.4			3.6			5.4				5.1				4.8
Statutory expense ratio			29.1		%	30.4		%	29.9		%	30.9		%	30.9		%	33.3		%	29.7		%	32.0		%		31.6		%		31.1		%
GAAP combined ratio
GAAP combined ratio			85.0		%	86.9		%	70.4		%	86.7		%	98.7		%	98.0		%	85.9		%	98.4		%		94.2		%		87.8		%
Contribution from catastrophe losses			2.9			3.1			(1.7		)	2.5			1.9			0.4			3.0			1.2				1.7				0.8
GAAP combined ratio excl. catastrophe losses			82.1		%	83.8		%	72.1		%	84.2		%	96.8		%	97.6		%	82.9		%	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.



The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended June 30,											For the Six Months Ended June 30,
(Dollars in millions)	2014			2013			Change			% Change		2014			2013			Change			% Change
Net premiums written	$	65		$	61		$	4		7		$	123		$	119		$	4		3
Net investment income	37			36			1			3		74			71			3			4
Amortization of interest maintenance reserve	2			1			1			100		2			1			1			100
Commissions and expense allowances on reinsurance ceded	1			1			—			—		3			3			—			—
Income from fees associated with Separate Accounts	2			1			1			100		3			2			1			50
Total revenues	$	107		$	100		$	7		7		$	205		$	196		$	9		5

Death benefits and matured endowments	$	22		$	17		$	5		29		$	48		$	36		$	12		33
Annuity benefits	16			11			5			45		30			26			4			15
Disability benefits and benefits under accident and health contracts	1			1			—			—		1			1			—			—
Surrender benefits and group conversions	6			5			1			20		11			12			(1		)	(8	)
Interest and adjustments on deposit-type contract funds	3			3			—			—		5			5			—			—
Increase in aggregate reserves for life and accident and health contracts	47			44			3			7		88			82			6			7
Payments on supplementary contracts with life contingencies	—			—			—			nm		—			—			—			nm
Total benefit expenses	$	95		$	81		$	14		17		$	183		$	162		$	21		13

Commissions	$	10		$	9		$	1		11		$	19		$	19		$	—		—
General insurance expenses and taxes	10			11			(1		)	(9	)	20			22			(2		)	(9	)
Increase in loading on deferred and uncollected premiums	(2		)	(2		)	—			—		(3		)	(4		)	1			(25	)
Net transfers from Separate Accounts	(4		)	—			(4		)	nm		(4		)	—			(4		)	nm
Other deductions	—			—			—			nm		—			—			—			nm
Total operating expenses	$	14		$	18		$	(4	)	(22	)	$	32		$	37		$	(5	)	(14	)

Federal and foreign income tax benefit	(1		)	—			(1		)	nm		(3		)	—			(3		)	nm

Net income (loss) from operations before realized capital gains	$	(1	)	$	1		$	(2	)	nm		$	(7	)	$	(3	)	$	(4	)	133

Net realized gains net of capital gains tax	—			1			(1		)	(100	)	—			1			(1		)	(100	)

Net income (loss) (statutory)	$	(1	)	$	2		$	(3	)	nm		$	(7	)	$	(2	)	$	(5	)	250
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.



Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	Betsy E. Ertel	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