Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending September 30, 2014

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com

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

Ratings are as of October 27, 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 Third-Quarter 2014 Supplemental Financial Data

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	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending September 30, 2014
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	Quick Reference	4
	CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 2014	5
	CFC and Subsidiaries Consolidation – Three Months Ended September 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 – Nine Months Ended September 30, 2014	15
	Loss and Loss Expense Analysis – Three Months Ended September 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

CINF Third-Quarter 2014 Supplemental Financial Data

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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 Third-Quarter 2014 Supplemental Financial Data

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Cincinnati Financial Corporation
Quick Reference					—	Third Quarter 2014
(all data shown is for the three months ended or as of September 30, 2014)
	9/30/2014		Year over year change %				9/30/2014			Year over year change %
Revenues:						Benefits and expenses:
Commercial lines net written premiums	$	704	(2	)		Commercial lines loss and loss expenses	$	428		2
Personal lines net written premiums	294		6			Personal lines loss and loss expenses	177			14
Excess & surplus lines net written premiums	39		15			Excess & surplus lines loss and loss expenses	17			0
Property casualty net written premiums	1,037		1			Life and health contract holders' benefits incurred	64			31
Life and accident and health net written premiums	52		4			Underwriting, acquisition and insurance expenses	319			2
Annuity net written premiums	8		1			Interest expenses	13			0
Life, annuity and accident and health net written premiums	60		4			Other operating expenses	3			0
Commercial lines net earned premiums	720		6			Total benefits & expenses	1,021			5
Personal lines net earned premiums	263		8			Income before income taxes	259			42
Excess & surplus lines net earned premiums	42		40			Total income tax	76			49
Property casualty net earned premiums	1,025		7
Fee revenue	3		50			Balance Sheet:
Life and accident and health net earned premiums	46		21
Investment income	138		4			Fixed maturity investments	$	9,522
Realized gains on investments	65		195			Equity securities	4,666
Other revenue	3		0			Other invested assets	67
Total revenues	1,280		11			Total invested assets	$	14,255
						Loss and loss expense reserves	$	4,435
						Life policy and investment contract reserves	2,484
Income:						Long-term debt and capital lease obligations	829
						Shareholders' equity	6,376
Operating income	$	140	21
Net realized investment gains and losses	43		187			Key ratios:
Net income	183		40
						Commercial lines GAAP combined ratio	90.7		%
						Personal lines GAAP combined ratio	95.0
						Excess & surplus lines GAAP combined ratio	70.2
						Property casualty GAAP combined ratio	91.0
Per share (diluted):
						Commercial lines STAT combined ratio	91.6		%
Operating income	$	0.85	21			Personal lines STAT combined ratio	93.7
Net realized investment gains and losses	0.26		189			Excess & surplus lines STAT combined ratio	75.8
Net income	1.11		41			Property casualty STAT combined ratio	91.3
Book value	39.01		10
Weighted average shares outstanding, in millions	165.0		0			Value creation ratio	1.8		%

CINF Third-Quarter 2014 Supplemental Financial Data

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Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2014
(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	3,142		$	—		$	—	$	(1	)	$	3,141
Life	—			—			186			—		—			186
Accident health	—			—			5			—		—			5
Premiums ceded	—			(132		)	(43		)	—		—			(175		)
Total earned premium	—			3,010			148			—		(1		)	3,157
Investment income	33			268			108			—		—			409
Realized gain on investments	26			69			6			—		—			101
Fee revenue	—			5			4			—		—			9
Other revenue	12			1			—			5		(11		)	7
Total revenues	$	71		$	3,353		$	266		$	5	$	(12	)	$	3,683
Benefits & expenses
Losses & policy benefits	$	—		$	2,032		$	228		$	—	$	(1	)	$	2,259
Reinsurance recoveries	—			(27		)	(52		)	—		1			(78		)
Underwriting, acquisition and insurance expenses	—			924			43			—		—			967
Interest expense	39			—			—			1		—			40
Other operating expenses	21			—			—			1		(12		)	10
Total expenses	$	60		$	2,929		$	219		$	2	$	(12	)	$	3,198
Income before income taxes	$	11		$	424		$	47		$	3	$	—		$	485
Provision (benefit) for income taxes
Current operating income	$	(9	)	$	85		$	(7	)	$	1	$	—		$	70
Capital gains/losses	9			25			2			—		—			36
Deferred	(4		)	3			22			—		—			21
Total provision (benefit) for income taxes	$	(4	)	$	113		$	17		$	1	$	—		$	127
Operating income (loss)	$	(2	)	$	267		$	26		$	2	$	—		$	293
Net income - current year	$	15		$	311		$	30		$	2	$	—		$	358
Net income - prior year	$	5		$	349		$	38		$	2	$	1		$	395
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Third-Quarter 2014 Supplemental Financial Data

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Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended September 30, 2014
(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,070		$	—		$	—	$	(1	)	$	1,069
Life	—			—			59			—		—			59
Accident health	—			—			2			—		—			2
Premiums ceded	—			(45		)	(14		)	—		—			(59		)
Total earned premium	—			1,025			47			—		(1		)	1,071
Investment income	12			90			36			—		—			138
Realized gain on investments	16			47			2			—		—			65
Fee revenue	—			2			1			—		—			3
Other revenue	5			—			—			2		(4		)	3
Total revenues	$	33		$	1,164		$	86		$	2	$	(5	)	$	1,280
Benefits & expenses
Losses & policy benefits	$	—		$	635		$	80		$	—	$	(1	)	$	714
Reinsurance recoveries	—			(13		)	(16		)	—		1			(28		)
Underwriting, acquisition and insurance expenses	—			310			9			—		—			319
Interest expense	12			—			—			1		—			13
Other operating expenses	7			—			—			—		(4		)	3
Total expenses	$	19		$	932		$	73		$	1	$	(4	)	$	1,021
Income (loss) before income taxes	$	14		$	232		$	13		$	1	$	(1	)	$	259
Provision (benefit) for income taxes
Current operating income	$	(3	)	$	51		$	(3	)	$	—	$	—		$	45
Capital gains/losses	5			17			1			—		—			23
Deferred	—			1			7			—		—			8
Total provision for income taxes	$	2		$	69		$	5		$	—	$	—		$	76
Operating income (loss)	$	1		$	133		$	7		$	1	$	(1	)	$	141
Net income (loss) - current year	$	12		$	163		$	8		$	1	$	(1	)	$	183
Net income - prior year	$	2		$	117		$	11		$	1	$	—		$	131
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Third-Quarter 2014 Supplemental Financial Data

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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)		$	6,344	$	6,215	$	6,111	$	6,094	$	6,039	$	5,994	$	6,083
Equities (fair value)		3,121		3,094		3,022		2,990		2,710		2,658		2,645
Fixed maturities - pretax net unrealized gain		379		414		361		312		344		359		532
Equities - pretax net unrealized gain		1,387		1,434		1,349		1,318		1,086		1,040		1,019
Loss and loss expense reserves - STAT		4,112		4,129		4,037		3,945		3,919		3,888		3,826
Equity - GAAP		5,480		5,481		5,384		5,324		5,188		5,143		5,288
Surplus - STAT		4,364		4,332		4,308		4,325		4,173		4,142		4,131
The Cincinnati Life Insurance Company
Fixed maturities (fair value)		$	3,102	$	3,091	$	2,989	$	2,946	$	2,906	$	2,900	$	2,979
Equities (fair value)		8		8		14		13		13		13		18
Fixed maturities - pretax net unrealized gain		195		225		186		148		169		181		285
Equities - pretax net unrealized gain		3		3		6		6		6		6		8
Equity - GAAP		893		901		867		833		835		828		869
Surplus - STAT		228		224		232		247		256		272		268

CINF Third-Quarter 2014 Supplemental Financial Data

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Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended September 30,									For the Nine Months Ended September 30,
(Dollars in millions)	2014		2013		Change			% Change		2014		2013		Change			% Change
Underwriting income
Net premiums written	$	1,037	$	1,031	$	6		1		$	3,156	$	2,985	$	171		6
Unearned premiums increase	12		77		(65		)	(84	)	146		232		(86		)	(37	)
Earned premiums	$	1,025	$	954	$	71		7		$	3,010	$	2,753	$	257		9
Losses incurred	$	512	$	493	$	19		4		$	1,690	$	1,441	$	249		17
Allocated loss expenses incurred	52		42		10			24		142		86		56			65
Unallocated loss expenses incurred	58		58		—			nm		173		173		—			nm
Other underwriting expenses incurred	313		307		6			2		924		891		33			4
Workers compensation dividend incurred	4		4		—			nm		12		12		—			nm
Total underwriting deductions	$	939	$	904	$	35		4		$	2,941	$	2,603	$	338		13
Net underwriting profit	$	86	$	50	$	36		72		$	69	$	150	$	(81	)	(54	)
Investment income
Gross investment income earned	$	92	$	91	$	1		1		$	276	$	268	$	8		3
Net investment income earned	91		89		2			2		272		263		9			3
Net realized capital gains	30		12		18			150		58		40		18			45
Net investment gains (net of tax)	$	121	$	101	$	20		20		$	330	$	303	$	27		9
Other income	$	2	$	1	$	1		100		$	5	$	4	$	1		25
Net income before federal income taxes	$	209	$	152	$	57		38		$	404	$	457	$	(53	)	(12	)
Federal and foreign income taxes incurred	$	49	$	43	$	6		14		$	89	$	124	$	(35	)	(28	)
Net income (statutory)	$	160	$	109	$	51		47		$	315	$	333	$	(18	)	(5	)
*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 Third-Quarter 2014 Supplemental Financial Data

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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		$	11		$	—		$	7		$	5		$	11		$	—	$	12		$	11		$	19		$	16			$	23
Current accident year losses $1,000,000-$5,000,000		51			52			23			58			48			31			31		74			62			125			110				167
Large loss prior accident year reserve development		(6		)	17			10			(8		)	3			24			23		27			47			21			52				44
Total large losses incurred		$	52		$	80		$	33		$	57		$	56		$	66		$	54	$	113		$	120		$	165		$	178			$	234
Losses incurred but not reported		17			(17		)	21			50			22			23			27		5			50			22			72				123
Other losses excluding catastrophe losses		432			436			427			358			361			349			344		863			694			1,295			1,054				1,412
Catastrophe losses		11			112			86			29			54			75			10		197			84			208			137				166
Total losses incurred		$	512		$	611		$	567		$	494		$	493		$	513		$	435	$	1,178		$	948		$	1,690		$	1,441			$	1,935
Commercial Lines
Current accident year losses greater than $5,000,000		$	7		$	11		$	—		$	7		$	5		$	11		$	—	$	12		$	11		$	19		$	16			$	23
Current accident year losses $1,000,000-$5,000,000		45			47			18			43			35			28			27		64			55			109			89				132
Large loss prior accident year reserve development		(7		)	15			10			(5		)	4			14			23		25			37			18			41				36
Total large losses incurred		$	45		$	73		$	28		$	45		$	44		$	53		$	50	$	101		$	103		$	146		$	146			$	191
Losses incurred but not reported		8			(35		)	22			35			41			28			22		(12		)	50			(4		)	91				125
Other losses excluding catastrophe losses		282			292			282			241			227			228			225		574			454			856			682				923
Catastrophe losses		7			59			58			10			36			45			2		116			46			123			82				93
Total losses incurred		$	342		$	389		$	390		$	331		$	348		$	354		$	299	$	779		$	653		$	1,121		$	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		6			4			4			14			12			3			3		8			6			14			19				32
Large loss prior accident year reserve development		2			2			—			(3		)	—			8			—		2			8			4			10				7
Total large losses incurred		$	8		$	6		$	4		$	11		$	12		$	11		$	3	$	10		$	14		$	18		$	29			$	39
Losses incurred but not reported		3			9			(5		)	9			(27		)	(5		)	—		4			(5		)	7			(32		)		(22		)
Other losses excluding catastrophe losses		144			138			138			116			130			109			113		276			222			420			349				466
Catastrophe losses		4			52			27			19			17			29			8		79			37			83			54				72
Total losses incurred		$	159		$	205		$	164		$	155		$	132		$	144		$	124	$	369		$	268		$	528		$	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			2				3
Large loss prior accident year reserve development		(1		)	—			—			—			(1		)	2			—		—			2			(1		)	1				1
Total large losses incurred		$	(1	)	$	1		$	1		$	1		$	—		$	2		$	1	$	2		$	3		$	1		$	3			$	4
Losses incurred but not reported		6			9			4			6			8			—			5		13			5			19			13				20
Other losses excluding catastrophe losses		6			6			7			1			4			12			6		13			18			19			23				23
Catastrophe losses		—			1			1			—			1			1			—		2			1			2			1				1
Total losses incurred		$	11		$	17		$	13		$	8		$	13		$	15		$	12	$	30		$	27		$	41		$	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 Third-Quarter 2014 Supplemental Financial Data

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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	%	1.1	%	—	%	0.7	%	0.6	%	1.2	%	—	%	0.6	%	0.6	%	0.6	%	0.6	%		0.6	%
Current accident year losses $1,000,000-$5,000,000		4.8		5.0		2.3		6.0		5.0		3.5		3.4		3.8		3.4		4.2		4.0			4.5
Large loss prior accident year reserve development		(0.5	)	1.7		1.1		(0.8	)	0.2		2.6		2.7		1.4		2.7		0.7		1.8			1.2
Total large losses incurred		5.0	%	7.8	%	3.4	%	5.9	%	5.8	%	7.3	%	6.1	%	5.8	%	6.7	%	5.5	%	6.4	%		6.3	%
Losses incurred but not reported		1.7		(1.6	)	2.2		5.3		2.2		2.5		3.1		0.2		2.8		0.8		2.6			3.3
Other losses excluding catastrophe losses		42.3		43.4		43.6		37.4		38.2		38.3		38.6		43.5		38.5		43.0		38.3			38.0
Catastrophe losses		1.0		11.1		8.7		3.0		5.5		8.2		1.1		9.9		4.7		6.9		5.0			4.5
Total losses incurred		50.0	%	60.7	%	57.9	%	51.6	%	51.7	%	56.3	%	48.9	%	59.4	%	52.7	%	56.2	%	52.3	%		52.1	%
Commercial Lines
Current accident year losses greater than $5,000,000		1.0	%	1.6	%	—	%	1.0	%	0.8	%	1.7	%	—	%	0.8	%	0.9	%	0.9	%	0.8	%		0.9	%
Current accident year losses $1,000,000-$5,000,000		5.9		6.5		2.6		6.2		5.1		4.4		4.2		4.6		4.3		5.1		4.5			5.0
Large loss prior accident year reserve development		(0.9	)	2.1		1.4		(0.7	)	0.5		2.2		3.7		1.8		2.8		0.9		2.2			1.4
Total large losses incurred		6.0	%	10.2	%	4.0	%	6.5	%	6.4	%	8.3	%	7.9	%	7.2	%	8.0	%	6.9	%	7.5	%		7.3	%
Losses incurred but not reported		1.1		(4.8	)	3.2		5.1		6.0		4.3		3.5		(0.9	)	3.9		(0.2	)	4.6			4.8
Other losses excluding catastrophe losses		39.6		41.0		40.6		35.6		33.6		35.4		35.6		40.8		35.7		40.2		34.8			35.0
Catastrophe losses		0.8		8.3		8.3		1.6		5.2		6.9		0.3		8.3		3.6		5.8		4.2			3.5
Total losses incurred		47.5	%	54.7	%	56.1	%	48.8	%	51.2	%	54.9	%	47.3	%	55.4	%	51.2	%	52.7	%	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		2.5		1.7		1.4		5.7		5.0		1.3		1.3		1.5		1.3		1.8		2.6			3.4
Large loss prior accident year reserve development		0.8		0.6		0.3		(1.2	)	(0.2	)	3.3		—		0.5		1.7		0.7		1.3			0.7
Total large losses incurred		3.3	%	2.3	%	1.7	%	4.5	%	4.8	%	4.6	%	1.3	%	2.0	%	3.0	%	2.5	%	3.9	%		4.1	%
Losses incurred but not reported		1.3		3.5		(2.0	)	3.9		(11.1	)	(2.2	)	0.1		0.8		(1.1	)	0.9		(4.5	)		(2.3	)
Other losses excluding catastrophe losses		54.1		53.6		54.5		46.6		53.6		45.8		48.9		54.0		47.4		54.1		49.1			48.5
Catastrophe losses		1.7		20.0		10.6		7.6		6.7		12.4		3.3		15.4		7.9		10.7		7.5			7.5
Total losses incurred		60.4	%	79.4	%	64.8	%	62.6	%	54.0	%	60.6	%	53.6	%	72.2	%	57.2	%	68.2	%	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		1.9		2.6			2.7
Large loss prior accident year reserve development		(1.3	)	—		(0.3	)	(0.1	)	(4.3	)	7.8		—		(0.1	)	4.0		(0.5	)	1.0			0.8
Total large losses incurred		(1.3	)%	3.1	%	2.9	%	3.2	%	(0.7	)%	7.8	%	4.2	%	3.0	%	6.0	%	1.4	%	3.6	%		3.5	%
Losses incurred but not reported		14.6		25.7		13.1		19.7		25.9		1.0		19.6		19.6		10.1		17.7		15.7			16.8
Other losses excluding catastrophe losses		15.3		15.1		21.6		3.5		15.9		41.4		22.9		18.3		32.5		17.1		26.6			20.3
Catastrophe losses		(0.7	)	2.7		3.0		(1.7	)	2.4		1.9		0.4		2.8		1.1		1.4		1.6			0.7
Total losses incurred		27.9	%	46.6	%	40.6	%	24.7	%	43.5	%	52.1	%	47.1	%	43.7	%	49.7	%	37.6	%	47.5	%		41.3	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF Third-Quarter 2014 Supplemental Financial Data

10

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	2	—	1	1	2	—	2	2	3	3		4
Current accident year reported claim count    $1,000,000 - $5,000,000		31	34	15	31	29	21	18	52	41	83	72		108
Prior accident year reported claim count on    large losses		13	10	8	10	5	14	20	18	35	26	41		47
Non-Catastrophe reported claim count on       large losses total		45	46	23	42	35	37	38	72	78	112	116		159
Commercial Lines
Current accident year reported claim count greater than $5,000,000		1	2	—	1	1	2	—	2	2	3	3		4
Current accident year reported claim count $1,000,000 - $5,000,000		24	30	11	20	21	18	14	43	34	68	56		80
Prior accident year reported claim count on large losses		11	9	7	10	4	12	17	17	30	23	35		42
Non-Catastrophe reported claim count on large losses total		36	41	18	31	26	32	31	62	66	94	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		6	3	3	10	7	3	3	7	6	13	14		25
Prior accident year reported claim count on large losses		2	1	1	—	1	—	3	1	3	3	5		4
Non-Catastrophe reported claim count on large losses total		8	4	4	10	8	3	6	8	9	16	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	—	1	2	1	2	2		3
Prior accident year reported claim count on large losses		—	—	—	—	—	2	—	—	2	—	1		1
Non-Catastrophe reported claim count on large losses total		1	1	1	1	1	2	1	2	3	2	3		4
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Third-Quarter 2014 Supplemental Financial Data

11

Consolidated Cincinnati Insurance Companies
Agency Direct Written Premiums by Agency State by Line of Business for the Nine Months Ended September 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	$	111.1	$	93.8	$	57.5	$	—	$	6.9	$	18.7	$	5.5	$	99.4	$	89.3		$	27.6		$	9.8	$	519.6	$	523.4	(2.9	)	2.4		9.6		(0.5	)
IL	48.6		40.4		23.0		42.4		5.3		5.7		2.6		25.0		23.8			6.7			8.2		231.7		228.2		0.1		2.3		38.1		1.6
IN	41.1		37.8		22.4		24.1		3.0		5.0		2.5		26.3		29.1			6.6			8.1		206.0		204.1		0.1		1.7		(3.7	)	0.5
PA	45.6		33.4		29.9		38.7		4.0		5.1		2.2		9.9		7.7			3.0			4.9		184.4		178.1		2.5		8.4		22.9		3.6
GA	28.1		27.6		20.1		10.4		4.2		5.4		1.4		29.9		31.3			8.2			6.8		173.4		162.3		8.0		5.9		0.5		6.8
NC	32.9		33.8		17.3		14.9		6.2		6.3		2.0		23.0		17.8			5.6			4.9		164.7		149.5		7.6		15.1		29.7		10.2
MI	34.0		26.2		16.8		16.1		3.9		5.6		2.1		29.4		21.8			3.8			4.9		164.6		149.6		6.9		16.8		5.5		10.0
TN	26.9		26.9		16.1		8.9		5.1		4.3		1.7		13.6		16.1			4.3			3.2		127.1		118.2		5.1		12.1		41.8		7.6
KY	19.9		24.6		14.3		2.8		2.8		2.3		1.3		21.2		20.1			4.8			3.6		117.7		113.7		2.6		5.5		(3.1	)	3.5
AL	19.2		23.5		9.1		1.0		5.0		3.2		1.3		15.5		25.5			5.3			5.5		114.1		103.4		12.3		5.5		33.9		10.3
VA	26.0		21.7		16.7		14.6		2.1		5.5		1.2		8.6		7.7			2.5			4.1		110.7		106.5		2.6		6.6		25.3		4.0
WI	23.4		18.7		11.4		24.5		1.9		2.7		1.7		6.9		7.3			2.8			2.7		104.0		105.7		(2.4	)	(0.2	)	19.9		(1.5	)
MN	22.3		17.0		8.5		7.6		1.6		2.3		1.1		13.4		13.5			4.1			3.3		94.7		89.3		2.2		13.2		23.7		6.3
TX	33.8		22.0		21.1		1.3		0.5		1.7		1.6		—		—			—			11.6		93.6		83.0		9.8		(11.2	)	39.3		12.7
MO	21.4		22.5		12.0		10.4		3.4		2.0		1.6		4.8		6.9			1.4			4.8		91.2		87.9		2.5		5.8		19.7		3.8
IA	14.3		15.1		6.4		15.0		1.4		3.4		1.2		3.8		4.5			1.4			1.7		68.2		71.4		(6.0	)	2.2		14.5		(4.5	)
MD	15.9		9.0		11.8		9.0		1.2		2.1		0.6		4.6		3.8			1.1			1.8		60.9		55.5		5.8		32.0		25.9		9.7
NY	23.4		11.5		8.7		2.3		0.4		2.2		0.9		2.7		1.2			0.3			2.0		55.6		54.3		(2.7	)	103.5		34.9		2.2
FL	17.9		13.2		6.1		0.9		0.3		1.6		0.4		4.9		4.9			1.1			3.9		55.2		55.3		10.1		(33.0	)	55.5		(0.5	)
AR	8.1		13.5		5.7		1.9		2.9		1.4		0.9		6.4		7.3			1.7			2.3		52.1		47.4		4.2		20.0		33.8		9.5
AZ	12.2		7.6		9.8		5.1		0.6		1.0		0.2		3.4		2.5			0.9			1.7		45.0		38.9		12.6		27.2		48.5		15.7
SC	9.4		8.5		6.3		2.8		1.6		1.5		0.4		6.0		4.0			1.1			1.7		43.3		40.1		1.4		29.5		29.2		8.3
KS	8.2		10.2		4.7		5.3		1.2		1.5		0.6		4.0		5.7			1.1			0.8		43.3		43.8		(1.6	)	1.5		(15.4	)	(1.2	)
UT	13.3		6.4		8.6		0.5		0.6		1.9		0.4		6.0		2.9			0.7			1.6		42.9		38.6		11.5		7.7		11.0		10.6
CO	11.8		7.3		8.0		0.4		0.1		0.9		0.5		—		0.2			—			3.6		32.8		26.0		20.7		11.3		98.5		26.0
MT	11.5		7.0		6.3		0.1		0.5		0.5		0.5		2.1		2.1			0.5			0.6		31.7		29.4		7.1		11.2		20.5		7.9
NE	7.0		7.3		3.6		7.1		0.7		1.1		0.5		0.6		0.9			0.2			1.5		30.5		28.2		6.0		2.7		47.5		7.2
ID	9.1		5.8		5.6		0.2		0.5		0.8		0.4		2.4		1.6			0.5			1.0		27.9		24.9		11.0		17.8		16.2		12.2
WV	7.1		6.8		5.3		1.9		0.8		0.5		0.4		—		0.4			0.1			2.2		25.5		24.7		2.0		(2.4	)	17.9		3.2
OR	6.3		4.0		4.4		0.1		—		1.0		0.4		1.1		0.5			0.2			2.9		20.9		12.6		63.2		142.5		43.4		64.5
VT	3.2		3.5		2.3		5.0		0.6		1.1		0.2		1.1		1.2			0.3			0.7		19.2		19.8		(4.6	)	4.0		6.9		(3.2	)
ND	6.5		4.5		3.4		—		0.7		0.7		0.3		0.6		0.7			0.2			0.2		17.8		17.8		(0.2	)	11.5		(9.7	)	0.5
WA	5.5		3.1		3.4		—		—		1.1		0.3		—		—			—			1.2		14.6		12.6		17.3		3.6		3.0		16.0
NH	3.0		2.4		1.3		2.5		0.4		0.4		0.2		1.4		1.3			0.4			0.5		13.8		13.6		5.2		(2.2	)	(23.8	)	2.0
NM	4.2		2.4		2.7		0.7		0.1		1.0		0.1		—		—			—			0.7		11.9		9.5		25.6		nm		40.3		26.4
SD	2.6		2.8		1.6		2.6		0.4		0.5		0.2		—		—			—			0.4		11.1		9.9		13.0		(83.3	)	4.3		12.4
DE	3.1		2.1		2.1		2.1		0.3		0.3		0.2		—		—			—			0.2		10.4		9.4		10.9		11.6		46.3		11.6
CT	2.8		2.4		1.5		0.9		0.1		0.2		0.2		0.2		0.2			0.1			0.3		8.9		5.3		60.4		nm		73.3		69.1
WY	1.6		1.6		0.8		—		—		0.2		0.1		—		—			—			0.4		4.7		3.8		27.0		1.1		20.3		26.2
All Other	4.1		1.9		2.8		4.7		0.4		1.2		0.3		0.1		(0.1		)	(0.1		)	1.1		16.4		14.9		10.7		25.1		(8.4	)	9.8
Total	$	746.4	$	629.8	$	419.4	$	288.8	$	71.7	$	103.9	$	40.2	$	378.3	$	363.7		$	98.5		$	121.4	$	3,262.1	$	3,110.6	3.6		6.4		21.4		4.9
Other Direct	—		2.0		3.5		5.1		—		—		—		7.4		0.2			—			—		18.2		13.8		43.0		18.6		nm		31.9
Total Direct	$	746.4	$	631.8	$	422.9	$	293.9	$	71.7	$	103.9	$	40.2	$385.7		$	363.9		$	98.5		$	121.4	$	3,280.3	$	3,124.4	3.7		6.5		21.4		5.0
*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 Third-Quarter 2014 Supplemental Financial Data

12

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		$	228		$	249		$	258		$	206		$	232		$	222		$	237		$	507		$	459		$	735		$	691			$	897
Earned premiums		237			234			224			220			221			211			204			458			415			695			636				856
Current accident year before catastrophe losses		60.2		%	61.7		%	56.3		%	54.2		%	53.5		%	55.7		%	60.8		%	59.1		%	58.2		%	59.4		%	56.6		%		56.0		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(3.6		)	(10.5		)	3.6			1.9			(8.4		)	(15.1		)	(11.5		)	(3.6		)	(13.3		)	(3.6		)	(11.6		)		(8.2		)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		56.6		%	51.2		%	59.9		%	56.1		%	45.1		%	40.6		%	49.3		%	55.5		%	44.9		%	55.8		%	45.0		%		47.8		%
Commercial property:
Written premiums		$	194		$	197		$	193		$	157		$	186		$	164		$	166		$	390		$	330		$	584		$	516			$	673
Earned premiums		186			180			171			163			161			152			147			351			299			537			460				623
Current accident year before catastrophe losses		54.3		%	50.8		%	53.4		%	51.3		%	49.6		%	52.9		%	48.9		%	52.1		%	50.9		%	52.9		%	50.5		%		50.7		%
Current accident year catastrophe losses		5.2			25.8			27.7			9.0			19.1			28.4			2.8			26.7			15.8			19.3			17.0				14.9
Prior accident years before catastrophe losses		(3.1		)	(9.8		)	(0.6		)	(2.5		)	1.4			(6.0		)	2.0			(5.3		)	(2.0		)	(4.6		)	(0.9		)		(1.3		)
Prior accident years catastrophe losses		(1.3		)	(2.3		)	(0.9		)	(1.9		)	(2.0		)	(3.2		)	(1.9		)	(1.6		)	(2.6		)	(1.5		)	(2.4		)		(2.3		)
Total loss and loss expense ratio		55.1		%	64.5		%	79.6		%	55.9		%	68.1		%	72.1		%	51.8		%	71.9		%	62.1		%	66.1		%	64.2		%		62.0		%
Commercial auto:
Written premiums		$	128		$	144		$	145		$	117		$	128		$	127		$	135		$	289		$	262		$	417		$	390			$	507
Earned premiums		133			132			126			124			124			117			114			258			231			391			355				479
Current accident year before catastrophe losses		69.1		%	72.1		%	68.0		%	70.6		%	64.3		%	76.3		%	59.6		%	70.0		%	68.1		%	69.8		%	66.7		%		67.8		%
Current accident year catastrophe losses		(0.6		)	4.1			—			(0.1		)	0.9			1.5			0.4			2.1			1.0			1.2			0.9				0.7
Prior accident years before catastrophe losses		9.3			9.0			(0.2		)	3.1			(0.4		)	(3.2		)	2.1			4.5			(0.7		)	6.1			(0.5		)		0.4
Prior accident years catastrophe losses		—			—			(0.2		)	—			(0.2		)	(0.3		)	(0.2		)	(0.1		)	(0.2		)	(0.1		)	(0.2		)		(0.2		)
Total loss and loss expense ratio		77.8		%	85.2		%	67.6		%	73.6		%	64.6		%	74.3		%	61.9		%	76.5		%	68.2		%	77.0		%	66.9		%		68.7		%
Workers' compensation:
Written premiums		$	86		$	92		$	106		$	86		$	90		$	85		$	113		$	198		$	198		$	284		$	288			$	374
Earned premiums		93			95			92			95			95			87			88			187			175			280			270				365
Current accident year before catastrophe losses		75.0		%	83.2		%	76.8		%	76.9		%	78.6		%	84.8		%	71.8		%	80.0		%	78.3		%	78.4		%	78.4		%		78.0		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(16.1		)	(21.2		)	(10.3		)	(0.5		)	9.3			(17.8		)	(8.0		)	(15.8		)	(12.9		)	(15.9		)	(5.1		)		(3.9		)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		58.9		%	62.0		%	66.5		%	76.4		%	87.9		%	67.0		%	63.8		%	64.2		%	65.4		%	62.5		%	73.3		%		74.1		%
Specialty package:
Written premiums		$	19		$	21		$	27		$	30		$	36		$	36		$	40		$	48		$	76		$	67		$	112			$	142
Earned premiums		27			30			36			36			38			37			39			66			76			93			114				150
Current accident year before catastrophe losses		63.7		%	76.0		%	63.9		%	45.0		%	56.2		%	80.0		%	73.5		%	69.5		%	76.7		%	67.8		%	69.9		%		63.9		%
Current accident year catastrophe losses		5.3			42.2			39.9			2.8			22.9			16.1			6.4			40.9			11.2			30.7			15.1				12.1
Prior accident years before catastrophe losses		(3.3		)	(13.0		)	(6.0		)	5.2			9.0			(3.3		)	(2.5		)	(9.2		)	(2.8		)	(7.5		)	1.1				2.1
Prior accident years catastrophe losses		(2.1		)	1.9			(3.0		)	(2.4		)	(0.1		)	(0.6		)	(3.4		)	(0.7		)	(2.0		)	(1.1		)	(1.4		)		(1.6		)
Total loss and loss expense ratio		63.6		%	107.1		%	94.8		%	50.6		%	88.0		%	92.2		%	74.0		%	100.5		%	83.1		%	89.9		%	84.7		%		76.5		%
Management liability and surety:
Written premiums		$	36		$	32		$	30		$	28		$	34		$	33		$	26		$	62		$	59		$	98		$	93			$	121
Earned premiums		32			31			31			30			30			30			29			62			59			94			89				119
Current accident year before catastrophe losses		50.9		%	58.0		%	37.4		%	54.4		%	57.1		%	60.1		%	44.5		%	47.7		%	52.4		%	48.7		%	54.0		%		54.1		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(12.4		)	5.8			19.8			(20.8		)	(16.3		)	4.8			60.8			12.8			32.4			4.3			15.9				6.6
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		38.5		%	63.8		%	57.2		%	33.6		%	40.8		%	64.9		%	105.3		%	60.5		%	84.8		%	53.0		%	69.9		%		60.7		%
Machinery and equipment:
Written premiums		$	13		$	13		$	12		$	12		$	13		$	11		$	11		$	25		$	22		$	38		$	35			$	47
Earned premiums		12			12			12			12			11			11			10			24			21			36			32				44
Current accident year before catastrophe losses		18.5		%	18.2		%	20.9		%	29.6		%	26.7		%	45.8		%	15.0		%	19.6		%	30.5		%	19.2		%	29.2		%		29.3		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		7.1			(7.0		)	(11.0		)	1.1			(1.1		)	(4.9		)	8.0			(9.0		)	1.5			(3.5		)	0.6				0.7
Prior accident years catastrophe losses		—						—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		25.6		%	11.2		%	9.9		%	30.7		%	25.6		%	40.9		%	23.0		%	10.6		%	32.0		%	15.7		%	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 Third-Quarter 2014 Supplemental Financial Data

13

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		$	135		$	133		$	107		$	107		$	128		$	125		$	100		$	240		$	225		$	375		$	353			$	460
Earned premiums		121			117			116			115			112			109			107			233			216			354			328				443
Current accident year before catastrophe losses		73.9		%	80.5		%	79.5		%	73.2		%	71.7		%	85.4		%	66.9		%	80.1		%	76.3		%	77.9		%	74.7		%		74.3		%
Current accident year catastrophe losses		1.1			4.9			0.5			0.4			1.3			1.4			1.4			2.7			1.4			2.2			1.4				1.1
Prior accident years before catastrophe losses		2.0			(1.7		)	(3.4		)	2.7			(0.4		)	(10.2		)	7.9			(2.6		)	(1.2		)	(1.0		)	(0.9		)		—
Prior accident years catastrophe losses		—			(0.2		)	(0.4		)	—			(0.4		)	(0.4		)	(0.3		)	(0.3		)	(0.4		)	(0.2		)	(0.4		)		(0.3		)
Total loss and loss expense ratio		77.0		%	83.5		%	76.2		%	76.3		%	72.2		%	76.2		%	75.9		%	79.9		%	76.1		%	78.9		%	74.8		%		75.1		%
Homeowner:
Written premiums		$	123		$	128		$	98		$	105		$	118		$	116		$	89		$	226		$	205		$	349		$	323			$	428
Earned premiums		110			111			109			105			103			99			96			220			195			330			298				403
Current accident year before catastrophe losses		51.1		%	59.5		%	61.3		%	52.5		%	55.2		%	50.5		%	40.6		%	60.4		%	45.6		%	57.4		%	48.9		%		49.9		%
Current accident year catastrophe losses		4.8			41.5			28.3			16.1			18.7			30.1			9.4			35.0			19.9			25.0			19.5				18.6
Prior accident years before catastrophe losses		(0.7		)	3.6			(6.5		)	0.2			(3.2		)	(7.4		)	(0.7		)	(1.4		)	(4.1		)	(1.2		)	(3.8		)		(2.8		)
Prior accident years catastrophe losses		(1.2		)	(0.9		)	(5.4		)	0.6			(4.2		)	(2.0		)	(2.4		)	(3.2		)	(2.2		)	(2.6		)	(2.9		)		(2.0		)
Total loss and loss expense ratio		54.0		%	103.7		%	77.7		%	69.4		%	66.5		%	71.2		%	46.9		%	90.8		%	59.2		%	78.6		%	61.7		%		63.7		%
Other personal:
Written premiums		$	36		$	33		$	26		$	27		$	32		$	32		$	26		$	59		$	58		$	95		$	90			$	117
Earned premiums		32			30			29			29			29			29			28			59			57			91			86				115
Current accident year before catastrophe losses		59.3		%	42.3		%	46.5		%	57.2		%	56.3		%	52.5		%	56.7		%	44.3		%	54.5		%	49.6		%	55.2		%		55.7		%
Current accident year catastrophe losses		0.4			7.9			7.8			3.1			5.5			4.3			1.5			7.8			2.9			5.2			3.8				3.6
Prior accident years before catastrophe losses		17.3			(5.4		)	(1.9		)	(2.1		)	(39.8		)	(17.8		)	(1.5		)	(3.6		)	(9.5		)	3.8			(19.9		)		(15.4		)
Prior accident years catastrophe losses		(0.4		)	(0.5		)	0.2			0.2			(1.6		)	(0.9		)	(1.2		)	(0.1		)	(1.1		)	(0.2		)	(1.3		)		(0.9		)
Total loss and loss expense ratio		76.6		%	44.3		%	52.6		%	58.4		%	20.4		%	38.1		%	55.5		%	48.4		%	46.8		%	58.4		%	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		$	39		$	40		$	35		$	34		$	34		$	33		$	27		$	75		$	60		$	114		$	94			$	128
Earned premiums		42			34			33			31			30			28			27			67			55			109			85				116
Current accident year before catastrophe losses		57.8		%	75.4		%	80.6		%	62.6		%	67.2		%	65.7		%	73.6		%	77.9		%	69.6		%	70.2		%	68.7		%		67.1		%
Current accident year catastrophe losses		(0.7		)	2.3			3.0			(1.9		)	3.4			0.9			0.1			2.6			0.6			1.4			1.6				0.7
Prior accident years before catastrophe losses		(15.4		)	(21.3		)	(27.1		)	(19.9		)	(13.7		)	(0.7		)	(8.8		)	(24.1		)	(4.7		)	(20.8		)	(7.9		)		(11.2		)
Prior accident years catastrophe losses		0.1			0.6			0.1			0.2			(0.9		)	1.0			0.3			0.4			0.6			0.2			0.1				0.1
Total loss and loss expense ratio		41.8		%	57.0		%	56.6		%	41.0		%	56.0		%	66.9		%	65.2		%	56.8		%	66.1		%	51.0		%	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 Third-Quarter 2014 Supplemental Financial Data

14

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 nine months ended September 30, 2014
Commercial casualty	$	255	$	109	$	364	$	25		$	4		$	8		$	37		$	280		$	4		$	117		$	401
Commercial property	321		27		348		52			(45		)	—			7			373			(45		)	27			355
Commercial auto	219		37		256		23			18			6			47			242			18			43			303
Workers' compensation	150		29		179		(11		)	24			(4		)	9			139			24			25			188
Specialty packages	74		13		87		10			(11		)	(3		)	(4		)	84			(11		)	10			83
Management liability and surety	50		12		62		(29		)	11			3			(15		)	21			11			15			47
Machinery and equipment	7		1		8		2			(5		)	—			(3		)	9			(5		)	1			5
Total commercial lines	1,076		228		1,304		72			(4		)	10			78			1,148			(4		)	238			1,382
Personal auto	221		37		258		14			6			3			23			235			6			40			281
Homeowners	232		21		253		10			(4		)	—			6			242			(4		)	21			259
Other personal	39		3		42		6			5			—			11			45			5			3			53
Total personal lines	492		61		553		30			7			3			40			522			7			64			593
Commercial casualty & property	14		9		23		8			19			6			33			22			19			15			56
Total excess & surplus lines	14		9		23		8			19			6			33			22			19			15			56
Total property casualty	$	1,582	$	298	$	1,880	$	110		$	22		$	19		$	151		$	1,692		$	22		$	317		$	2,031
Ceded loss and loss expense incurred for the nine months ended September 30, 2014
Commercial casualty	$	17	$	1	$	18	$	(6	)	$	3		$	(2	)	$	(5	)	$	11		$	3		$	(1	)	$	13
Commercial property	1		—		1		—			(1		)	—			(1		)	1			(1		)	—			—
Commercial auto	2		—		2		—			—			—			—			2			—			—			2
Workers' compensation	12		1		13		(1		)	1			—			—			11			1			1			13
Specialty packages	1		—		1		(1		)	—			—			(1		)	—			—			—			—
Management liability and surety	3		—		3		(7		)	—			—			(7		)	(4		)	—			—			(4		)
Machinery and equipment	—		—		—		—			—			—			—			—			—			—			—
Total commercial lines	36		2		38		(15		)	3			(2		)	(14		)	21			3			—			24
Personal auto	1		—		1		—			—			—			—			1			—			—			1
Homeowners	2		—		2		(1		)	(1		)	—			(2		)	1			(1		)	—			—
Other personal	—		—		—		—			—			—			—			—			—			—			—
Total personal lines	3		—		3		(1		)	(1		)	—			(2		)	2			(1		)	—			1
Commercial casualty & property	1		—		1		—			—			—			—			1			—			—			1
Total excess & surplus lines	1		—		1		—			—			—			—			1			—			—			1
Total property casualty	$	40	$	2	$	42	$	(16	)	$	2		$	(2	)	$	(16	)	$	24		$	2		$	—		$	26
Net loss and loss expense incurred for the nine months ended September 30, 2014
Commercial casualty	$	238	$	108	$	346	$	31		$	1		$	10		$	42		$	269		$	1		$	118		$	388
Commercial property	320		27		347		52			(44		)	—			8			372			(44		)	27			355
Commercial auto	217		37		254		23			18			6			47			240			18			43			301
Workers' compensation	138		28		166		(10		)	23			(4		)	9			128			23			24			175
Specialty packages	73		13		86		11			(11		)	(3		)	(3		)	84			(11		)	10			83
Management liability and surety	47		12		59		(22		)	11			3			(8		)	25			11			15			51
Machinery and equipment	7		1		8		2			(5		)	—			(3		)	9			(5		)	1			5
Total commercial lines	1,040		226		1,266		87			(7		)	12			92			1,127			(7		)	238			1,358
Personal auto	220		37		257		14			6			3			23			234			6			40			280
Homeowners	230		21		251		11			(3		)	—			8			241			(3		)	21			259
Other personal	39		3		42		6			5			—			11			45			5			3			53
Total personal lines	489		61		550		31			8			3			42			520			8			64			592
Commercial casualty & property	13		9		22		8			19			6			33			21			19			15			55
Total excess & surplus lines	13		9		22		8			19			6			33			21			19			15			55
Total property casualty	$	1,542	$	296	$	1,838	$	126		$	20		$	21		$	167		$	1,668		$	20		$	317		$	2,005

CINF Third-Quarter 2014 Supplemental Financial Data

15

Cincinnati Insurance Companies Consolidated
Loss and Loss Expense Analysis
(In millions)							Change in			Change in			Change in			Total									Loss
	Paid		Paid loss		Total		case			IBNR			loss expense			change in			Case			IBNR			expense		Total
	losses		expense		paid		reserves			reserves			reserves			reserves			incurred			incurred			incurred		incurred
Gross loss and loss expense incurred for the three months ended September 30, 2014
Commercial casualty	$	97	$	37	$	134	$	(7	)	$	7		$	9		$	9		$	90		$	7		$	46	$	143
Commercial property	114		8		122		(1		)	(18		)	—			(19		)	113			(18		)	8		103
Commercial auto	78		12		90		10			2			3			15			88			2			15		105
Workers' compensation	45		9		54		1			1			1			3			46			1			10		57
Specialty packages	26		4		30		(9		)	(4		)	(1		)	(14		)	17			(4		)	3		16
Management liability and surety	12		4		16		(8		)	3			—			(5		)	4			3			4		11
Machinery and equipment	3		1		4		—			(1		)	—			(1		)	3			(1		)	1		3
Total commercial lines	375		75		450		(14		)	(10		)	12			(12		)	361			(10		)	87		438
Personal auto	74		12		86		8			(1		)	1			8			82			(1		)	13		94
Homeowners	81		7		88		(17		)	(10		)	(2		)	(29		)	64			(10		)	5		59
Other personal	16		1		17		4			4			—			8			20			4			1		25
Total personal lines	171		20		191		(5		)	(7		)	(1		)	(13		)	166			(7		)	19		178
Commercial casualty & property	6		3		9		—			6			3			9			6			6			6		18
Total excess & surplus lines	6		3		9		—			6			3			9			6			6			6		18
Total property casualty	$	552	$	98	$	650	$	(19	)	$	(11	)	$	14		$	(16	)	$	533		$	(11	)	$	112	$	634
Ceded loss and loss expense incurred for the three months ended September 30, 2014
Commercial casualty	$	2	$	1	$	3	$	6		$	—		$	—		$	6		$	8		$	—		$	1	$	9
Commercial property	—		—		—		1			—			—			1			1			—			—		1
Commercial auto	1		—		1		—			—			—			—			1			—			—		1
Workers' compensation	3		1		4		(2		)	—			—			(2		)	1			—			1		2
Specialty packages	—		—		—		(1		)	—			—			(1		)	(1		)	—			—		(1		)
Management liability and surety	1		—		1		(3		)	—			—			(3		)	(2		)	—			—		(2		)
Machinery and equipment	—		—		—		—			—			—			—			—			—			—		—
Total commercial lines	7		2		9		1			—			—			1			8			—			2		10
Personal auto	—		—		—		—			—			—			—			—			—			—		—
Homeowners	1		—		1		—			—			—			—			1			—			—		1
Other personal	—		—		—		—			—			—			—			—			—			—		—
Total personal lines	1		—		1		—			—			—			—			1			—			—		1
Commercial casualty & property	1		—		1		—			—			—			—			1			—			—		1
Total excess & surplus lines	1		—		1		—			—			—			—			1			—			—		1
Total property casualty	$	9	$	2	$	11	$	1		$	—		$	—		$	1		$	10		$	—		$	2	$	12
Net loss and loss expense incurred for the three months ended September 30, 2014
Commercial casualty	$	95	$	36	$	131	$	(13	)	$	7		$	9		$	3		$	82		$	7		$	45	$	134
Commercial property	114		8		122		(2		)	(18		)	—			(20		)	112			(18		)	8		102
Commercial auto	77		12		89		10			2			3			15			87			2			15		104
Workers' compensation	42		8		50		3			1			1			5			45			1			9		55
Specialty packages	26		4		30		(8		)	(4		)	(1		)	(13		)	18			(4		)	3		17
Management liability and surety	11		4		15		(5		)	3			—			(2		)	6			3			4		13
Machinery and equipment	3		1		4		—			(1		)	—			(1		)	3			(1		)	1		3
Total commercial lines	368		73		441		(15		)	(10		)	12			(13		)	353			(10		)	85		428
Personal auto	74		12		86		8			(1		)	1			8			82			(1		)	13		94
Homeowners	80		7		87		(17		)	(10		)	(2		)	(29		)	63			(10		)	5		58
Other personal	16		1		17		4			4			—			8			20			4			1		25
Total personal lines	170		20		190		(5		)	(7		)	(1		)	(13		)	165			(7		)	19		177
Commercial casualty & property	5		3		8		—			6			3			9			5			6			6		17
Total excess & surplus lines	5		3		8		—			6			3			9			5			6			6		17
Total property casualty	$	543	$	96	$	639	$	(20	)	$	(11	)	$	14		$	(17	)	$	523		$	(11	)	$	110	$	622

CINF Third-Quarter 2014 Supplemental Financial Data

16

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		$	958		$	974		$	956		$	854		$	915		$	879		$	845		$	1,930		$	1,724		$	2,888		$	2,639			$	3,493
Agency new business written premiums		125			133			123			128			141			139			135			256			274			381			415				543
Other written premiums		(46		)	(25		)	(42		)	(74		)	(25		)	(34		)	(10		)	(67		)	(44		)	(113		)	(69		)		(143		)
Reported written premiums – statutory*		$	1,037		$	1,082		$	1,037		$	908		$	1,031		$	984		$	970		$	2,119		$	1,954		$	3,156		$	2,985			$	3,893
Unearned premium change		(12		)	(76		)	(58		)	52			(77		)	(74		)	(81		)	(134		)	(155		)	(146		)	(232		)		(180		)
Earned premiums		$	1,025		$	1,006		$	979		$	960		$	954		$	910		$	889		$	1,985		$	1,799		$	3,010		$	2,753			$	3,713
Year over year change %
Agency renewal written premiums		5		%	11		%	13		%	11		%	13		%	10		%	11		%	12		%	11		%	9		%	11		%		11		%
Agency new business written premiums		(11		)	(4		)	(9		)	(3		)	8			6			25			(7		)	15			(8		)	12				8
Other written premiums		(84		)	26			(320		)	(12		)	34			(31		)	63			(52		)	17			(64		)	24				9
Reported written premiums – statutory*		1			10			7			8			15			9			15			8			12			6			13				12
Paid losses and loss expenses
Losses paid		$	543		$	517		$	484		$	477		$	470		$	431		$	424		$	1,001		$	855		$	1,543		$	1,325			$	1,802
Loss expenses paid		96			98			100			98			92			90			89			198			179			295			271				369
Loss and loss expenses paid		$	639		$	615		$	584		$	575		$	562		$	521		$	513		$	1,199		$	1,034		$	1,838		$	1,596			$	2,171
Statutory combined ratio
Loss ratio		50.0		%	60.7		%	57.9		%	51.6		%	51.7		%	56.3		%	48.9		%	59.4		%	52.7		%	56.2		%	52.3		%		52.1		%
DCC expense ratio		5.1			3.9			5.2			4.7			4.4			1.1			3.9			4.5			2.4			4.7			3.1				3.5
AO expense ratio		5.6			5.6			6.0			6.3			6.1			6.6			6.2			5.8			6.4			5.7			6.3				6.3
Net underwriting expense ratio		30.6			29.4			29.0			32.8			30.1			30.6			29.9			29.2			30.3			29.7			30.3				30.8
Statutory combined ratio		91.3		%	99.6		%	98.1		%	95.4		%	92.3		%	94.6		%	88.9		%	98.9		%	91.8		%	96.3		%	92.0		%		92.7		%
Contribution from catastrophe losses		1.2			11.4			8.9			3.2			5.7			8.3			1.2			10.2			4.8			7.1			5.1				4.6
Statutory combined ratio excl. catastrophe losses		90.1		%	88.2		%	89.2		%	92.2		%	86.6		%	86.3		%	87.7		%	88.7		%	87.0		%	89.2		%	86.9		%		88.1		%
Commission expense ratio		18.9		%	17.9		%	17.7		%	19.5		%	18.5		%	18.5		%	17.9		%	17.8		%	18.2		%	18.1		%	18.3		%		18.6		%
Other expense ratio		11.7			11.5			11.3			13.3			11.6			12.1			12.0			11.4			12.1			11.6			12.0				12.2
Statutory expense ratio		30.6		%	29.4		%	29.0		%	32.8		%	30.1		%	30.6		%	29.9		%	29.2		%	30.3		%	29.7		%	30.3		%		30.8		%
GAAP combined ratio
GAAP combined ratio		91.0		%	100.9		%	100.3		%	93.9		%	93.7		%	96.4		%	91.2		%	100.6		%	93.9		%	97.3		%	93.8		%		93.8		%
Contribution from catastrophe losses		1.2			11.4			8.9			3.2			5.7			8.3			1.2			10.2			4.8			7.1			5.1				4.6
GAAP combined ratio excl. catastrophe losses		89.8		%	89.5		%	91.4		%	90.7		%	88.0		%	88.1		%	90.0		%	90.4		%	89.1		%	90.2		%	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 Third-Quarter 2014 Supplemental Financial Data

17

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		$	651		$	669		$	713		$	606		$	632		$	602		$	631		$	1,382		$	1,233		$	2,033		$	1,865			$	2,471
Agency new business written premiums		89			95			90			92			102			100			97			185			197			274			299				391
Other written premiums		(36		)	(16		)	(32		)	(63		)	(15		)	(24		)	—			(48		)	(24		)	(84		)	(39		)		(102		)
Reported written premiums – statutory*		$	704		$	748		$	771		$	635		$	719		$	678		$	728		$	1,519		$	1,406		$	2,223		$	2,125			$	2,760
Unearned premium change		16			(34		)	(79		)	45			(39		)	(33		)	(97		)	(113		)	(130		)	(97		)	(169		)		(124		)
Earned premiums		$	720		$	714		$	692		$	680		$	680		$	645		$	631		$	1,406		$	1,276		$	2,126		$	1,956			$	2,636
Year over year change %
Agency renewal written premiums		3		%	11		%	13		%	10		%	13		%	9		%	11		%	12		%	10		%	9		%	11		%		11		%
Agency new business written premiums		(13		)	(4		)	(7		)	(4		)	13			10			29			(6		)	19			(8		)	17				11
Other written premiums		(140		)	33			nm			(11		)	46			(41		)	100			(100		)	35			(115		)	40				16
Reported written premiums – statutory*		(2		)	10			6			8			16			8			16			8			12			5			14				12
Paid losses and loss expenses
Losses paid		$	368		$	347		$	327		$	327		$	306		$	286		$	297		$	674		$	585		$	1,041		$	891			$	1,218
Loss expenses paid		74			75			76			75			70			68			68			151			135			226			205				280
Loss and loss expenses paid		$	442		$	422		$	403		$	402		$	376		$	354		$	365		$	825		$	720		$	1,267		$	1,096			$	1,498
Statutory combined ratio
Loss ratio		47.5		%	54.7		%	56.1		%	48.8		%	51.1		%	54.9		%	47.3		%	55.4		%	51.2		%	52.8		%	51.2		%		50.6		%
DCC expense ratio		6.2			4.6			6.4			5.3			5.1			0.6			4.3			5.5			2.5			5.7			3.4				3.9
AO expense ratio		5.7			5.2			5.4			6.3			5.7			6.4			6.2			5.3			6.2			5.4			6.0				6.1
Net underwriting expense ratio		32.2			30.5			28.5			34.0			30.8			31.5			29.0			29.5			30.2			30.3			30.4				31.2
Statutory combined ratio		91.6		%	95.0		%	96.4		%	94.4		%	92.7		%	93.4		%	86.8		%	95.7		%	90.1		%	94.2		%	91.0		%		91.8		%
Contribution from catastrophe losses		1.0			8.6			8.5			1.7			5.4			7.1			0.4			8.5			3.8			6.0			4.4				3.7
Statutory combined ratio excl. catastrophe losses		90.6		%	86.4		%	87.9		%	92.7		%	87.3		%	86.3		%	86.4		%	87.2		%	86.3		%	88.2		%	86.6		%		88.1		%
Commission expense ratio		19.0		%	17.7		%	16.4		%	19.1		%	18.0		%	17.9		%	16.5		%	17.0		%	17.2		%	17.7		%	17.4		%		17.8		%
Other expense ratio		13.2			12.8			12.1			14.9			12.8			13.6			12.5			12.5			13.0			12.6			13.0				13.5
Statutory expense ratio		32.2		%	30.5		%	28.5		%	34.0		%	30.8		%	31.5		%	29.0		%	29.5		%	30.2		%	30.3		%	30.4		%		31.3		%
GAAP combined ratio
GAAP combined ratio		90.7		%	96.3		%	99.9		%	92.7		%	93.7		%	94.9		%	90.8		%	98.1		%	92.9		%	95.6		%	93.2		%		93.0		%
Contribution from catastrophe losses		1.0			8.6			8.5			1.7			5.4			7.1			0.4			8.5			3.8			6.0			4.4				3.7
GAAP combined ratio excl. catastrophe losses		89.7		%	87.7		%	91.4		%	91.0		%	88.3		%	87.8		%	90.4		%	89.6		%	89.1		%	89.6		%	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 Third-Quarter 2014 Supplemental Financial Data

18

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		$	278		$	276		$	218		$	224		$	258		$	251		$	195		$	494		$	446		$	772		$	704			$	928
Agency new business written premiums		23			24			21			24			28			30			28			45			58			68			86				110
Other written premiums		(7		)	(6		)	(8		)	(9		)	(8		)	(8		)	(8		)	(14		)	(16		)	(21		)	(24		)		(33		)
Reported written premiums – statutory*		$	294		$	294		$	231		$	239		$	278		$	273		$	215		$	525		$	488		$	819		$	766			$	1,005
Unearned premium change		(31		)	(36		)	23			10			(34		)	(36		)	16			(13		)	(20		)	(44		)	(54		)		(44		)
Earned premiums		$	263		$	258		$	254		$	249		$	244		$	237		$	231		$	512		$	468		$	775		$	712			$	961
Year over year change %
Agency renewal written premiums		8		%	10		%	12		%	10		%	12		%	11		%	11		%	11		%	11		%	10		%	11		%		11		%
Agency new business written premiums		(18		)	(20		)	(25		)	(11		)	(10		)	3			17			(22		)	9			(21		)	2				(1		)
Other written premiums		13			25			0			(13		)	11			(33		)	(33		)	13			(33		)	13			(14		)		(14		)
Reported written premiums – statutory*		6			8			7			8			10			9			11			8			10			7			10				9
Paid losses and loss expenses
Losses paid		$	170		$	167		$	152		$	141		$	158		$	141		$	122		$	319		$	261		$	489		$	419			$	560
Loss expenses paid		19			20			21			20			19			19			19			41			39			60			58				78
Loss and loss expenses paid		$	189		$	187		$	173		$	161		$	177		$	160		$	141		$	360		$	300		$	549		$	477			$	638
Statutory combined ratio
Loss ratio		60.5		%	79.4		%	64.8		%	62.6		%	54.1		%	60.6		%	53.6		%	72.2		%	57.2		%	68.2		%	56.0		%		57.8		%
DCC expense ratio		1.4			1.6			1.6			1.9			2.1			1.5			1.4			1.6			1.5			1.5			1.7				1.7
AO expense ratio		5.5			6.7			7.7			6.9			7.5			7.4			6.3			7.2			6.8			6.6			7.1				7.0
Net underwriting expense ratio		26.3			26.6			30.5			30.1			28.4			28.5			32.8			28.3			30.4			27.6			29.7				29.8
Statutory combined ratio		93.7		%	114.3		%	104.6		%	101.5		%	92.1		%	98.0		%	94.1		%	109.3		%	95.9		%	103.9		%	94.5		%		96.3		%
Contribution from catastrophe losses		2.0			20.4			10.8			7.7			7.0			12.6			3.5			15.7			8.1			11.0			7.7				7.7
Statutory combined ratio excl. catastrophe losses		91.7		%	93.9		%	93.8		%	93.8		%	85.1		%	85.4		%	90.6		%	93.6		%	87.8		%	92.9		%	86.8		%		88.6		%
Commission expense ratio		17.0		%	17.4		%	20.5		%	19.5		%	19.0		%	19.0		%	21.7		%	18.8		%	20.2		%	18.2		%	19.7		%		19.7		%
Other expense ratio		9.3			9.2			10.0			10.6			9.4			9.5			11.1			9.5			10.2			9.4			10.0				10.0
Statutory expense ratio		26.3		%	26.6		%	30.5		%	30.1		%	28.4		%	28.5		%	32.8		%	28.3		%	30.4		%	27.6		%	29.7		%		29.7		%
GAAP combined ratio
GAAP combined ratio		95.0		%	115.8		%	103.0		%	100.3		%	94.5		%	100.4		%	91.6		%	109.4		%	96.1		%	104.5		%	95.5		%		96.8		%
Contribution from catastrophe losses		2.0			20.4			10.8			7.7			7.0			12.6			3.5			15.7			8.1			11.0			7.7				7.7
GAAP combined ratio excl. catastrophe losses		93.0		%	95.4		%	92.2		%	92.6		%	87.5		%	87.8		%	88.1		%	93.7		%	88.0		%	93.5		%	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.

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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		$	29		$	25		$	24		$	25		$	26		$	19		$	54		$	45		$	83		$	70			$	94
Agency new business written premiums		13			14			12			12			11			9			10			26			19			39			30				42
Other written premiums		(3		)	(3		)	(2		)	(2		)	(2		)	(2		)	(2		)	(5		)	(4		)	(8		)	(6		)		(8		)
Reported written premiums – statutory*		$	39		$	40		$	35		$	34		$	34		$	33		$	27		$	75		$	60		$	114		$	94			$	128
Unearned premium change		3			(6		)	(2		)	(3		)	(4		)	(5		)	—			(8		)	(5		)	(5		)	(9		)		(12		)
Earned premiums		$	42		$	34		$	33		$	31		$	30		$	28		$	27		$	67		$	55		$	109		$	85			$	116
Year over year change %
Agency renewal written premiums		16		%	12		%	32		%	26		%	32		%	37		%	19		%	20		%	29		%	19		%	30		%		29		%
Agency new business written premiums		18			56			20			33			22			(18		)	11			37			(5		)	30			3				11
Other written premiums		(50		)	(50		)	0			(100		)	(100		)	33			(100		)	(25		)	0			(33		)	(20		)		(33		)
Reported written premiums – statutory*		15			21			30			26			26			22			13			25			18			21			21				22
Paid losses and loss expenses
Losses paid		$	5		$	3		$	5		$	9		$	6		$	4		$	5		$	8		$	9		$	13		$	15			$	24
Loss expenses paid		3			3			3			3			3			3			2			6			5			9			8				11
Loss and loss expenses paid		$	8		$	6		$	8		$	12		$	9		$	7		$	7		$	14		$	14		$	22		$	23			$	35
Statutory combined ratio
Loss ratio		27.9		%	46.6		%	40.6		%	24.7		%	43.5		%	52.1		%	47.2		%	43.7		%	49.7		%	37.6		%	47.4		%		41.3		%
DCC expense ratio		9.5			6.5			8.4			12.1			7.0			9.3			11.9			7.4			10.6			8.2			9.4				10.1
AO expense ratio		4.4			3.9			7.6			4.2			5.5			5.5			6.1			5.7			5.8			5.2			5.7				5.3
Net underwriting expense ratio		34.0			29.1			30.4			29.9			30.9			30.9			33.3			29.7			32.0			31.2			31.6				31.1
Statutory combined ratio		75.8		%	86.1		%	87.0		%	70.9		%	86.9		%	97.8		%	98.5		%	86.5		%	98.1		%	82.2		%	94.1		%		87.8		%
Contribution from catastrophe losses		(0.6		)	2.9			3.1			(1.7		)	2.5			1.9			0.4			3.0			1.2			1.6			1.7				0.8
Statutory combined ratio excl. catastrophe losses		76.4		%	83.2		%	83.9		%	72.6		%	84.4		%	95.9		%	98.1		%	83.5		%	96.9		%	80.6		%	92.4		%		87.0		%
Commission expense ratio		29.1		%	25.8		%	26.5		%	25.9		%	26.3		%	26.3		%	26.9		%	26.1		%	26.6		%	27.2		%	26.5		%		26.3		%
Other expense ratio		4.9			3.3			3.9			4.0			4.6			4.6			6.4			3.6			5.4			4.0			5.1				4.8
Statutory expense ratio		34.0		%	29.1		%	30.4		%	29.9		%	30.9		%	30.9		%	33.3		%	29.7		%	32.0		%	31.2		%	31.6		%		31.1		%
GAAP combined ratio
GAAP combined ratio		70.2		%	85.0		%	86.9		%	70.4		%	86.7		%	98.7		%	98.0		%	85.9		%	98.4		%	79.9		%	94.2		%		87.8		%
Contribution from catastrophe losses		(0.6		)	2.9			3.1			(1.7		)	2.5			1.9			0.4			3.0			1.2			1.6			1.7				0.8
GAAP combined ratio excl. catastrophe losses		70.8		%	82.1		%	83.8		%	72.1		%	84.2		%	96.8		%	97.6		%	82.9		%	97.2		%	78.3		%	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 Third-Quarter 2014 Supplemental Financial Data

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The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended September 30,											For the Nine Months Ended September 30,
(Dollars in millions)	2014			2013			Change			% Change		2014			2013			Change			% Change
Net premiums written	$	59		$	56		$	3		5		$	182		$	176		$	6		3
Net investment income	37			36			1			3		111			107			4			4
Amortization of interest maintenance reserve	1			1			—			0		3			1			2			200
Commissions and expense allowances on reinsurance ceded	1			1			—			0		4			4			—			0
Income from fees associated with Separate Accounts	2			1			1			100		4			3			1			33
Total revenues	$	100		$	95		$	5		5		$	304		$	291		$	13		4
Death benefits and matured endowments	$	25		$	19		$	6		32		$	73		$	55		$	18		33
Annuity benefits	17			12			5			42		47			37			10			27
Disability benefits and benefits under accident and health contracts	—			1			(1		)	(100	)	1			1			—			0
Surrender benefits and group conversions	6			6			—			0		17			18			(1		)	(6	)
Interest and adjustments on deposit-type contract funds	3			3			—			0		8			8			—			0
Increase in aggregate reserves for life and accident and health contracts	40			55			(15		)	(27	)	128			138			(10		)	(7	)
Payments on supplementary contracts with life contingencies	—			—			—			nm		—			—			—			nm
Total benefit expenses	$	91		$	96		$	(5	)	(5	)	$	274		$	257		$	17		7
Commissions	$	10		$	9		$	1		11		$	28		$	29		$	(1	)	(3	)
General insurance expenses and taxes	10			10			—			0		30			32			(2		)	(6	)
Increase in loading on deferred and uncollected premiums	(1		)	—			(1		)	nm		(4		)	(5		)	1			20
Net transfers from Separate Accounts	(2		)	—			(2		)	nm		(6		)	—			(6		)	nm
Other deductions	—			—			—			nm		—			—			—			nm
Total operating expenses	$	17		$	19		$	(2	)	(11	)	$	48		$	56		$	(8	)	(14	)
Federal and foreign income tax benefit	(3		)	(5		)	2			40		(6		)	(4		)	(2		)	(50	)
Net loss from operations before realized capital gains	$	(5	)	$	(15	)	$	10		67		$	(12	)	$	(18	)	$	6		33
Net realized gains net of capital gains tax	—			—			—			nm		—			1			(1		)	(100	)
Net loss (statutory)	$	(5	)	$	(15	)	$	10		67		$	(12	)	$	(17	)	$	5		29
*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 Third-Quarter 2014 Supplemental Financial Data

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