8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report: February 4, 2015 (Date of earliest event reported)
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio	0-4604	31‑0746871
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
6200 S. Gilmore Road, Fairfield, Ohio		45014‑5141
(Address of principal executive offices)		(Zip Code)
Registrant’s telephone number, including area code: (513) 870-2000
N/A (Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On February 4, 2015, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2014 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On February 4, 2015, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference. This report should not be deemed an admission as to the materiality of any information contained in the news release or supplemental financial data.

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

Item 9.01 Financial Statements and Exhibits.

(c)     Exhibits

Exhibit 99.1 – News release dated February 4, 2015, “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2014 Results”

Exhibit 99.2 – Supplemental Financial Data for the Period Ending December 31, 2014 distributed February 4, 2015.

Signature

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

	CINCINNATI FINANCIAL CORPORATION
Date: February 4, 2015	/S/Lisa A. Love
	Lisa A. Love
	Senior Vice President, General Counsel and Corporate Secretary

EX-99.1

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

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

CINF-IR@cinfin.com

Media Contact: Betsy E. Ertel, 513-603-5323

Media_Inquiries@cinfin.com

Cincinnati Financial Reports Fourth-Quarter and Full-Year 2014 Results

Cincinnati, February 4, 2015 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

• Fourth-quarter 2014 net income of $167 million, or $1.02 per share, compared with $122 million, or 74 cents per share, in the fourth quarter of 2013.

• Full-year 2014 net income of $525 million, or $3.18 per share, up 2 percent from $517 million, or $3.12, in 2013. Operating income of $440 million, or $2.66 per share, down 5 percent from $463 million, or $2.80 per share.

• $45 million or 37 percent increase in fourth-quarter 2014 net income reflected the after-tax net effect of two primary items: a $26 million improvement in the contribution from property casualty underwriting, reflecting a $26 million dollar favorable effect from lower natural catastrophe losses, and a $16 million increase from net realized investment gains.

• $40.14 book value per share at December 31, 2014, up 8 percent from December 31, 2013.

• 12.6 percent value creation ratio for full-year 2014, compared with 16.1 percent for 2013.

Financial Highlights

(In millions except per share data)	Three months ended December 31,						Twelve months ended December 31,
		2014		2013		% Change		2014		2013		% Change
Revenue Data
Earned premiums		$	1,086	$	1,025	6		$	4,243	$	3,902	9
Investment income, pretax		140		137		2		549		529		4
Total revenues		1,262		1,172		8		4,945		4,531		9
Income Statement Data
Net income		$	167	$	122	37		$	525	$	517	2
Realized investment gains, net		19		3		533		85		54		57
Operating income*		$	148	$	119	24		$	440	$	463	(5)
Per Share Data (diluted)
Net income		$	1.02	$	0.74	38		$	3.18	$	3.12	2
Realized investment gains, net		0.13		0.02		550		0.52		0.32		63
Operating income*		$	0.89	$	0.72	24		$	2.66	$	2.80	(5)
Book value								$	40.14	$	37.21	8
Cash dividend declared		$	0.44	$	0.42	5		$	1.76	$	1.655	6
Weighted average shares outstanding		165.3		165.7		0		165.1		165.4		0

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

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

CINF 4Q14 Release 1

Insurance Operations Fourth-Quarter Highlights

• 90.4 percent fourth-quarter 2014 property casualty combined ratio, improved from 93.9 percent for fourth-quarter 2013. Full-year 2014 property casualty combined ratio at 95.6%, with net written premiums up 6 percent.

• 9 percent increase in fourth-quarter net written premiums, reflecting higher pricing and growth initiatives.

• $122 million fourth-quarter 2014 property casualty new business written premiums. Agencies appointed since the beginning of 2013 contributed $10 million or 8 percent to total fourth-quarter new business written premiums.

• 6 cents per share contribution from life insurance operating income to fourth-quarter results, matching a year ago.

Investment and Balance Sheet Highlights

• 2 percent or $3 million rise in fourth-quarter 2014 pretax investment income, including a 6 percent increase in stock portfolio dividends.

• 7 percent full-year rise in fair value of invested assets plus cash at December 31, 2014, including an 11 percent increase for the stock portfolio and a 4 percent increase for the bond portfolio.

• $1.784 billion parent company cash and marketable securities at year-end 2014, up 16 percent from a year ago.

Book Value Reaches Record High

Steven J. Johnston, president and chief executive officer, commented: “Strong fourth-quarter net and operating income brought our 2014 full-year results essentially in line with full-year 2013. Positive contributions from both our insurance and investment operations increased our book value 8 percent to $40.14 per share at December 31, 2014. We finished the year with a value creation ratio of 12.6 percent, solidly within our long-term objective of a 10 percent to 13 percent annual average.

“After a stormy first-half, our property casualty insurance combined ratio improved 10 points during the second half. Our fourth-quarter combined ratio at 90.4 percent improved 3.5 points over last year’s fourth quarter, contributing to a satisfactory 95.6 percent ratio and $186 million of pretax underwriting gains for the year.

“Compared with 93.8 percent in 2013, the 2014 full-year ratio included a half-point increase from higher catastrophe losses and a full-point increase from higher weather-related losses that were not part of industry-designated catastrophe events. Our fourth-quarter and full-year combined ratios also included higher reserve estimates of losses and loss expenses incurred but not yet reported for our commercial casualty line of business. While our commercial casualty line achieved an underwriting profit in 2014, we felt it was prudent to record higher reserves for estimated losses in this line. Development for all lines in total remained favorable for the full year, as we continue to follow the same reserving practices that have resulted in an outstanding 26-year record of net favorable property casualty reserve development.”

Initiatives Drive Profitable Growth

“The pace of growth in our property casualty net written premiums ticked up to 9 percent in the fourth quarter. We believe our full-year growth of 6 percent is again ahead of the industry, reflecting our successful efforts to balance growth and profitability strategies. Our core combined ratio, which considers results before catastrophe losses and prior accident year reserve development, continued to improve this year to 92.3 percent. We are optimistic about our opportunities to continue finding the right balance between growth and profitability to create long-term value for shareholders.

“To accurately underwrite and price the business our independent agents produce, we continue efforts to maximize pricing sophistication while also inspecting more properties for both personal and commercial accounts. We’ll continue to segment our business through those pricing and risk selection actions, seeking to maintain our high retention rates on those policies we believe are most adequately priced. We’re confident that our initiatives in those areas are helping us determine the right price for each account.

“In addition, we are focused on solutions that help our agents attract and retain high-quality business. We are subdividing field territories to assure in-person service and deploying technology that increases ease of doing business. At the same time, we are improving and adding products to attract high net worth personal lines and targeted business clients, as well as surety and excess and surplus lines policyholders.”

Balance Sheet Shows Strength

“Our property casualty statutory surplus rose to $4.5 billion at December 31, indicating ample capacity to support our growth plans. A strong balance sheet gives us the flexibility to invest in our business while still paying shareholder dividends as a consistent, long-term strategy. The board of directors’ recent decision to increase the cash dividend demonstrates their confidence in the future success of our initiatives.”

CINF 4Q14 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Operations

(In millions)	Three months ended December 31,								Twelve months ended December 31,
		2014			2013			% Change	2014			2013			% Change
Earned premiums		$	1,035		$	960		8	$	4,045		$	3,713		9
Fee revenues		1			1			0	6			4			50
Total revenues		1,036			961			8	4,051			3,717			9
Loss and loss expenses		622			601			3	2,627			2,301			14
Underwriting expenses		314			300			5	1,238			1,183			5
Underwriting profit		$	100		$	60		67	$	186		$	233		(20)
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		60.1		%	62.6		%	(2.5)	65.0		%	61.9		%	3.1
Underwriting expenses		30.3			31.3			(1.0)	30.6			31.9			(1.3)
Combined ratio		90.4		%	93.9		%	(3.5)	95.6		%	93.8		%	1.8
								% Change							% Change
Agency renewal written premiums		$	906		$	854		6	$	3,794		$	3,493		9
Agency new business written premiums		122			128			(5)	503			543			(7)
Other written premiums		(41		)	(74		)	45	(154		)	(143		)	(8)
Net written premiums		$	987		$	908		9	$	4,143		$	3,893		6
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		58.3		%	59.9		%	(1.6)	61.7		%	60.6		%	1.1
Current accident year catastrophe losses		(0.2		)	3.5			(3.7)	5.7			5.4			0.3
Prior accident years before catastrophe losses		2.7			(0.5		)	3.2	(1.8		)	(3.3		)	1.5
Prior accident years catastrophe losses		(0.7		)	(0.3		)	(0.4)	(0.6		)	(0.8		)	0.2
Loss and loss expense ratio		60.1		%	62.6		%	(2.5)	65.0		%	61.9		%	3.1
Current accident year combined ratio before
catastrophe losses		88.6		%	91.2		%	(2.6)	92.3		%	92.5		%	(0.2)

• 9 percent and 6 percent growth in fourth-quarter and full-year 2014 property casualty net written premiums. Full‑year renewal written premiums increase of 9 percent reflects higher pricing, rising insured exposures and multi-year compounding effects of premium growth initiatives.

• 5 percent and 7 percent lower fourth-quarter and full-year 2014 new business premiums written by agencies, compared with a year ago – when full-year 2013 was at a record high. Key factors affecting the 2014 decrease included disciplined pricing and the impact of underwriting profitability initiatives, partially offset by contributions from new agency appointments and other growth initiatives. Full-year 2014 new business premiums, down $40 million in total, included a $20 million increase from standard market property casualty production from agencies appointed since the beginning of 2013 and an increase of $9 million for excess and surplus lines.

• 1,466 agency relationships in 1,884 reporting locations marketing standard market property casualty insurance products at December 31, 2014, compared with 1,450 agency relationships in 1,823 reporting locations at year‑end 2013. During 2014, 99 new agency appointments were made as planned.

• 3.5 percentage-point fourth-quarter 2014 combined ratio improvement, compared with a year ago, driven by a 4.1 point decrease for lower losses from natural catastrophes.

• 1.8 percentage-point rise in full-year 2014 combined ratio, compared with 2013, including 0.5 points from higher natural catastrophe losses, 1.0 point from higher noncatastrophe weather-related losses and 1.5 points from higher estimates of incurred but not reported (IBNR) losses and loss expenses for our commercial casualty line of business.

• 2.0 percentage-point fourth-quarter unfavorable effect and 2.4 points full-year 2014 favorable effect from prior accident year reserve development of $22 million and $98 million, compared with 0.8 points and 4.1 points favorable effects from $8 million and $148 million of development for the same periods of 2013. The less favorable fourth-quarter and full-year reserve development was primarily due to higher estimates of IBNR losses and loss expenses for our commercial casualty line of business.

CINF 4Q14 Release 3

• 1.1 percentage-point increase, to 61.7 percent, for the full-year 2014 ratio of current accident year losses and loss expenses before catastrophes, largely due to a 1.0 percentage-point rise in the ratio for noncatastrophe weather-related losses.

• 1.0 and 1.3 percentage-point improvement in the fourth-quarter and full-year underwriting expense ratios, largely due to higher earned premiums and ongoing expense management efforts.

CINF 4Q14 Release 4

Commercial Lines Insurance Operations

(In millions)	Three months ended December 31,								Twelve months ended December 31,
		2014			2013			% Change	2014			2013			% Change
Earned premiums		$	730		$	680		7	$	2,856		$	2,636		8
Fee revenues		1			1			0	4			3			33
Total revenues		731			681			7	2,860			2,639			8
Loss and loss expenses		454			411			10	1,812			1,596			14
Underwriting expenses		228			219			4	902			857			5
Underwriting profit		$	49		$	51		(4)	$	146		$	186		(22)
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		62.3		%	60.4		%	1.9	63.5		%	60.5		%	3.0
Underwriting expenses		31.3			32.3			(1.0)	31.6			32.5			(0.9)
Combined ratio		93.6		%	92.7		%	0.9	95.1		%	93.0		%	2.1
								% Change							% Change
Agency renewal written premiums		$	645		$	606		6	$	2,678		$	2,471		8
Agency new business written premiums		86			92			(7)	360			391			(8)
Other written premiums		(32		)	(63		)	49	(116		)	(102		)	(14)
Net written premiums		$	699		$	635		10	$	2,922		$	2,760		6
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		58.9		%	58.8		%	0.1	60.7		%	59.8		%	0.9
Current accident year catastrophe losses		(0.1		)	2.3			(2.4)	4.8			4.3			0.5
Prior accident years before catastrophe losses		4.4			(0.1		)	4.5	(1.5		)	(3.0		)	1.5
Prior accident years catastrophe losses		(0.9		)	(0.6		)	(0.3)	(0.5		)	(0.6		)	0.1
Loss and loss expense ratio		62.3		%	60.4		%	1.9	63.5		%	60.5		%	3.0
Current accident year combined ratio before
catastrophe losses		90.2		%	91.1		%	(0.9)	92.3		%	92.3		%	0.0

• 10 percent and 6 percent growth in fourth-quarter and full-year 2014 commercial lines net written premiums, primarily due to higher renewal written premiums that included the effects of higher pricing and rising insured exposures.

• $39 million and $207 million increase in fourth-quarter and full-year renewal written premiums, with fourth-quarter and full-year 2014 commercial lines pricing changes that increased on average in a low-single-digit range.

• $31 million or 8 percent lower full-year 2014 new business written by agencies, down from a record-high amount a year ago and reflecting an $18 million decrease for our workers’ compensation line of business.

• 0.9 percentage-point rise in fourth-quarter 2014 combined ratio, driven by 8.5 points from estimates of IBNR losses and loss expenses.

• 2.1 percentage-point rise in the full-year 2014 combined ratio, including 0.6 points from higher natural catastrophe losses, 1.0 point from noncatastrophe weather-related losses and 4.2 points from higher incurred losses and loss expenses for our largest commercial line of business, commercial casualty. That line, while profitable for the year 2014, experienced ratio increases of 1.6 points for paid losses and loss expenses for accident years three or more years ago in aggregate and 6.2 points for estimates of IBNR losses and loss expenses for all accident years in aggregate.

• 3.5 percentage-point fourth-quarter unfavorable effect and 2.0 points full-year 2014 favorable effect from prior accident year reserve development of $26 million and $58 million, compared with 0.7 points and 3.6 points favorable effects from $5 million and $96 million of development for the same periods of 2013. The less favorable fourth-quarter and full-year reserve development was primarily due to estimates of IBNR losses and loss expenses for our commercial casualty line of business.

• 0.9 percentage-point increase, to 60.7 percent, for the full-year 2014 ratio of current accident year losses and loss expenses before catastrophes, largely due to a 1.0 point rise in the ratio for noncatastrophe weather-related losses and a 0.3 point increase in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q14 Release 5

Personal Lines Insurance Operations

(In millions)	Three months ended December 31,								Twelve months ended December 31,
		2014			2013			% Change	2014			2013			% Change
Earned premiums		$	266		$	249		7	$	1,041		$	961		8
Fee revenues		0			0			0	2			1			100
Total revenues		266			249			7	1,043			962			8
Loss and loss expenses		148			177			(16)	740			639			16
Underwriting expenses		75			72			4	293			290			1
Underwriting profit		$	43		$	0		nm	$	10		$	33		(70)
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		55.8		%	71.4		%	(15.6)	71.1		%	66.6		%	4.5
Underwriting expenses		27.9			28.9			(1.0)	28.1			30.2			(2.1)
Combined ratio		83.7		%	100.3		%	(16.6)	99.2		%	96.8		%	2.4
								% Change							% Change
Agency renewal written premiums		$	233		$	224		4	$	1,005		$	928		8
Agency new business written premiums		24			24			0	92			110			(16)
Other written premiums		(8		)	(9		)	11	(29		)	(33		)	12
Net written premiums		$	249		$	239		4	$	1,068		$	1,005		6
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		56.1		%	62.6		%	(6.5)	63.4		%	61.9		%	1.5
Current accident year catastrophe losses		(0.9		)	7.4			(8.3)	8.8			8.8			0.0
Prior accident years before catastrophe losses		1.1			1.1			0.0	(0.1		)	(3.0		)	2.9
Prior accident years catastrophe losses		(0.5		)	0.3			(0.8)	(1.0		)	(1.1		)	0.1
Loss and loss expense ratio		55.8		%	71.4		%	(15.6)	71.1		%	66.6		%	4.5
Current accident year combined ratio before
catastrophe losses		84.0		%	91.5		%	(7.5)	91.5		%	92.1		%	(0.6)

• 4 percent and 6 percent growth in fourth-quarter and full-year 2014 personal lines net written premiums, driven by increases in renewal written premiums.

• 4 percent increase in full-year 2014 earned premiums in aggregate from our four highest volume states where we offer personal lines policies and that represent approximately half of our personal lines premiums, while rising 13 percent for all other states in aggregate as we progress toward geographic diversification.

• 16 percent lower full-year 2014 new business written premium, declining as expected due to underwriting actions such as higher premium rates and expanded use of higher deductibles, age of roof limitations and more precise pricing.

• 16.6 percentage-point improvement in fourth-quarter 2014 combined ratio, including 9.1 points from lower natural catastrophe losses.

• 2.4 percentage-point rise in the full-year 2014 combined ratio, including 1.4 points from higher noncatastrophe weather-related losses and a 3.0 point rise from less favorable prior accident year reserve development.

• 0.6 percentage-point fourth-quarter unfavorable effect and 1.1 points full-year 2014 favorable effect from prior accident year reserve development of $1 million and $12 million, compared with effects of 1.4 points unfavorable and 4.1 points favorable from $3 million and $39 million of development for the same periods of 2013.

• 1.5 percentage-point increase, to 63.4 percent, for the full-year 2014 ratio of current accident year losses and loss expenses before catastrophes, largely due to a 1.4 percentage-point rise in the ratio for noncatastrophe weather-related losses.

CINF 4Q14 Release 6

Excess and Surplus Lines Insurance Operations

(In millions)	Three months ended December 31,								Twelve months ended December 31,
		2014			2013			% Change	2014			2013			% Change
Earned premiums		$	39		$	31		26	$	148		$	116		28
Loss and loss expenses		20			13			54	75			66			14
Underwriting expenses		11			9			22	43			36			19
Underwriting profit		$	8		$	9		(11)	$	30		$	14		114
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		49.0		%	41.0		%	8.0	50.5		%	56.7		%	(6.2)
Underwriting expenses		28.8			29.4			(0.6)	28.9			31.1			(2.2)
Combined ratio		77.8		%	70.4		%	7.4	79.4		%	87.8		%	(8.4)
								% Change							% Change
Agency renewal written premiums		$	28		$	24		17	$	111		$	94		18
Agency new business written premiums		12			12			0	51			42			21
Other written premiums		(1		)	(2		)	50	(9		)	(8		)	(13)
Net written premiums		$	39		$	34		15	$	153		$	128		20
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		62.1		%	62.6		%	(0.5)	68.1		%	67.1		%	1.0
Current accident year catastrophe losses		2.9			(1.9		)	4.8	1.8			0.7			1.1
Prior accident years before catastrophe losses		(16.1		)	(19.9		)	3.8	(19.6		)	(11.2		)	(8.4)
Prior accident years catastrophe losses		0.1			0.2			(0.1)	0.2			0.1			0.1
Loss and loss expense ratio		49.0		%	41.0		%	8.0	50.5		%	56.7		%	(6.2)
Current accident year combined ratio before
catastrophe losses		90.9		%	92.0		%	(1.1)	97.0		%	98.2		%	(1.2)

• 15 percent and 20 percent growth in fourth-quarter and full-year 2014 excess and surplus lines net written premiums, largely due to the opportunity to renew many accounts for the first time. Also contributing to growth were average fourth-quarter and full-year 2014 renewal price increases in a mid-single-digit range.

• 21 percent increase in full-year 2014 new business written premiums, rising in part due to enhanced service to agencies provided by a larger staff of excess and surplus lines field marketing representatives.

• 8.4 percentage-point combined ratio improvement for full-year 2014, primarily due to a larger benefit from favorable prior accident year reserve development.

CINF 4Q14 Release 7

Life Insurance Operations

(In millions)	Three months ended December 31,						Twelve months ended December 31,
		2014		2013		% Change	2014		2013		% Change
Term life insurance		$	32	$	30	7	$	131	$	122	7
Universal life insurance		10		27		(63)	35		35		0
Other life insurance, annuity, and disability income   products		9		8		13	32		32		0
Earned premiums		51		65		(22)	198		189		5
Investment income, net of expenses		36		36		0	144		140		3
Other income		2		1		100	6		4		50
Total revenues, excluding realized investment gains   and losses		89		102		(13)	348		333		5
Contract holders’ benefits incurred		53		63		(16)	229		204		12
Operating expenses incurred		21		24		(13)	63		60		5
Total benefits and expenses		74		87		(15)	292		264		11
Net income before income tax and realized   investment gains and losses		15		15		0	56		69		(19)
Income tax		5		6		(17)	20		25		(20)
Net income before realized investment gains and   losses		$	10	$	9	11	$	36	$	44	(18)

• $9 million or 5 percent increase in full-year 2014 earned premiums, including a 7 percent increase for term life insurance, our largest life insurance product line.

• $1 million decline to $37 million in full-year 2014 fixed annuity deposits received, slowing as planned. Cincinnati Life does not offer variable or indexed products.

• $8 million decrease in full-year 2014 profit, primarily due to less favorable mortality experience.

• $72 million or 9 percent full-year 2014 increase to $904 million in GAAP shareholders’ equity for The Cincinnati Life Insurance Company, largely reflecting net income and an increase in the fair value of the fixed-maturity portfolio due to a decrease in interest rates.

CINF 4Q14 Release 8

Investment and Balance Sheet Highlights

Investment Operations

(In millions)	Three months ended December 31,							Twelve months ended December 31,
	2014			2013			% Change	2014			2013			% Change
Investment income, net of expenses	$	140		$	137		2	$	549		$	529		4
Investment interest credited to contract holders	(21		)	(20		)	(5)	(83		)	(80		)	(4)
Realized investment gains, net	32			6			433	133			83			60
Investment operations profit, pretax	$	151		$	123		23	$	599		$	532		13
Investment income:
Interest	$	105		$	104		1	$	417		$	413		1
Dividends	37			35			6	138			122			13
Other	—			1			(100)	2			3			(33)
Less investment expenses	2			3			0	8			9			(11)
Total investment income, net of expenses, pretax	140			137			2	549			529			4
Less income taxes	33			33			0	130			128			2
Investment income, net of expenses, after-tax	$	107		$	104		3	$	419		$	401		4
Investment returns:
Effective tax rate	23.6		%	23.9		%		23.7		%	24.1		%
Average invested assets plus cash and cash       equivalents	$	14,229		$	13,289			$	13,951		$	12,832
Average yield pretax	3.94		%	4.12		%		3.94		%	4.12		%
Average yield after-tax	3.01			3.13				3.00			3.13
Fixed-maturity returns:
Effective tax rate	27.0		%	27.2		%		27.0		%	27.1		%
Average amortized cost	$	8,898		$	8,570			$	8,755		$	8,430
Average yield pretax	4.72		%	4.85		%		4.76		%	4.90		%
Average yield after-tax	3.45			3.53				3.48			3.57

• $3 million or 2 percent rise in fourth-quarter 2014 investment income, including 6 percent growth in equity portfolio dividends and 1 percent growth in interest income.

• $152 million or 6 percent fourth-quarter 2014 net increase in pretax net unrealized investment portfolio gains, including a $161 million increase for the equity portfolio. The total increase included the offsetting effect of $53 million of pretax net realized gains from investment portfolio security sales or called bonds during the fourth quarter of 2014, including $43 million from the equity portfolio.

CINF 4Q14 Release 9

Balance Sheet Highlights

(In millions except per share data)	At December 31,			At December 31,
	2014			2013
Balance sheet data:
Invested assets	$	14,386		$	13,564
Total assets	18,753			17,662
Short-term debt	49			104
Long-term debt	791			790
Shareholders’ equity	6,573			6,070
Book value per share	40.14			37.21
Debt-to-total-capital ratio	11.3		%	12.8		%

• $14.977 billion in consolidated cash and invested assets at December 31, 2014, up 7 percent from $13.997 billion at year-end 2013.

• $9.460 billion bond portfolio at December 31, 2014, with an average rating of A2/A. Fair value decreased $62 million or 1 percent during the fourth quarter of 2014.

• $4.858 billion equity portfolio was 33.8 percent of invested assets, including $2.130 billion in pretax net unrealized gains at December 31, 2014. $192 million or 4 percent fourth-quarter 2014 growth in fair value.

• $4.472 billion of statutory surplus for the property casualty insurance group at December 31, 2014, up $146 million from $4.326 billion at year-end 2013, after declaring $400 million in dividends to the parent company. The ratio of net written premiums to property casualty statutory surplus for the 12 months ended December 31, 2014, was 0.9-to-1, unchanged from year-end 2013.

• Value creation ratio of 12.6 percent for full-year 2014 included 7.2 percent from net income before net realized investment gains and 5.5 percent from investment portfolio realized gains and changes in unrealized gains.

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

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

Mailing Address:                    Street Address:

P.O. Box 145496                        6200 South Gilmore Road

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

Safe Harbor Statement

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

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

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

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

• Inadequate estimates or assumptions used for critical accounting estimates

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

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

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

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

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

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

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

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

CINF 4Q14 Release 10

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

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

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

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

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

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

• Inability of our subsidiaries to pay dividends consistent with current or past levels

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

◦ Downgrades of the company’s financial strength ratings

◦ Concerns that doing business with the company is too difficult

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

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

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

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

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

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

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

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

◦ Increase our other expenses

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

◦ Place us at a disadvantage in the marketplace

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

• Adverse outcomes from litigation or administrative proceedings

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

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

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

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

* * *

CINF 4Q14 Release 11

Cincinnati Financial CorporationCondensed Consolidated Balance Sheets (unaudited)

(In millions except per share data)	December 31,			December 31,
	2014			2013
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2014—$8,871; 2013—$8,638)	$	9,460		$	9,121
Equity securities, at fair value (cost: 2014—$2,728; 2013—$2,523)	4,858			4,375
Other invested assets	68			68
Total investments	14,386			13,564
Cash and cash equivalents	591			433
Investment income receivable	123			121
Finance receivable	75			85
Premiums receivable	1,405			1,346
Reinsurance recoverable	545			547
Prepaid reinsurance premiums	29			26
Deferred policy acquisition costs	578			565
Land, building and equipment, net, for company use (accumulated depreciation:      2014—$446; 2013—$420)	194			210
Other assets	75			73
Separate accounts	752			692
Total assets	$	18,753		$	17,662
Liabilities
Insurance reserves
Loss and loss expense reserves	$	4,485		$	4,311
Life policy and investment contract reserves	2,497			2,390
Unearned premiums	2,082			1,976
Other liabilities	648			611
Deferred income tax	840			673
Note payable	49			104
Long-term debt and capital lease obligations	827			835
Separate accounts	752			692
Total liabilities	12,180			11,592
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2014 and 2013—500 million shares;     issued and outstanding: 2014 and 2013—198.3 million shares)	397			397
Paid-in capital	1,214			1,191
Retained earnings	4,505			4,268
Accumulated other comprehensive income	1,744			1,504
Treasury stock at cost (2014—34.6 million share and 2013—35.2 million shares)	(1,287		)	(1,290		)
Total shareholders' equity	6,573			6,070
Total liabilities and shareholders' equity	$	18,753		$	17,662

CINF 4Q14 Release 12

Cincinnati Financial CorporationCondensed Consolidated Statements of Income (unaudited)

(In millions except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2014		2013		2014		2013
Revenues
Earned premiums	$	1,086	$	1,025	$	4,243	$	3,902
Investment income, net of expenses	140		137		549		529
Realized investment gains, net	32		6		133		83
Fee revenues	3		2		12		8
Other revenues	1		2		8		9
Total revenues	1,262		1,172		4,945		4,531
Benefits and Expenses
Insurance losses and policyholder benefits	675		664		2,856		2,505
Underwriting, acquisition and insurance expenses	334		324		1,301		1,243
Interest expense	13		14		53		54
Other operating expenses	4		3		14		15
Total benefits and expenses	1,026		1,005		4,224		3,817
Income Before Income Taxes	236		167		721		714
Provision for Income Taxes
Current	53		41		159		178
Deferred	16		4		37		19
Total provision for income taxes	69		45		196		197
Net Income	$	167	$	122	$	525	$	517
Per Common Share
Net income—basic	$	1.03	$	0.75	$	3.21	$	3.16
Net income—diluted	1.02		0.74		3.18		3.12

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

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

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

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

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

CINF 4Q14 Release 13

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 4Q14 Release 14

Cincinnati Financial Corporation

Balance Sheet Reconciliation

(Dollars are per outstanding share)	Three months ended December 31,						Twelve months ended December 31,
	2014			2013			2014			2013
Value creation ratio:
End of period book value	$	40.14		$	37.21		$	40.14		$	37.21
Less beginning of period book value	39.01			35.51			37.21			33.48
Change in book value	1.13			1.70			2.93			3.73
Dividend declared to shareholders	0.44			0.42			1.76			1.655
Total contribution to value creation ratio	$	1.57		$	2.12		$	4.69		$	5.385
Contribution to value creation ratio:
From change in book value*	2.9		%	4.8		%	7.9		%	11.1		%
From dividends declared to shareholders**	1.1			1.2			4.7			5.0
Value creation ratio	4.0		%	6.0		%	12.6		%	16.1		%
* Change in book value divided by the beginning of period book value
** Dividend declared to shareholders divided by beginning of period book value

Net Income Reconciliation
(In millions except per share data)	Three months ended December 31,						Twelve months ended December 31,
	2014			2013			2014			2013
Net income	$	167		$	122		$	525		$	517
Realized investment gains, net	19			3			85			54
Operating income	148			119			440			463
Less catastrophe losses	6			(20		)	(133		)	(112		)
Operating income before catastrophe losses	142			139			573			575
Less noncatastrophe weather losses	(11		)	(10		)	(109		)	(75		)
Operating income before catastrophe and noncatastrophe      weather losses	$	153		$	149		$	682		$	650
Diluted per share data:
Net income	$	1.02		$	0.74		$	3.18		$	3.12
Realized investment gains, net	0.13			0.02			0.52			0.32
Operating income	0.89			0.72			2.66			2.80
Less catastrophe losses	0.04			(0.12		)	(0.81		)	(0.67		)
Operating income before catastrophe losses	0.85			0.84			3.47			3.47
Less noncatastrophe weather losses	(0.07		)	(0.06		)	(0.66		)	(0.45		)
Operating income before catastrophe and noncatastrophe      weather losses	$	0.92		$	0.90		$	4.13		$	3.92

CINF 4Q14 Release 15

Cincinnati Financial Corporation

Property Casualty Operations Reconciliation
(In millions)	Three months ended December 31, 2014
	Consolidated				Commercial				Personal				E&S
Premiums:
Written premiums		$	987			$	699			$	249			$	39
Unearned premiums change		48				31				17				0
Earned premiums		$	1,035			$	730			$	266			$	39
Statutory ratios:
Combined ratio		91.8		%		94.8		%		85.1		%		80.4		%
Contribution from catastrophe losses		(0.9		)		(1.0		)		(1.4		)		3.0
Combined ratio excluding catastrophe losses		92.7		%		95.8		%		86.5		%		77.4		%
Commission expense ratio		19.2		%		18.9		%		19.0		%		26.6		%
Other underwriting expense ratio		12.5				13.6				10.3				4.8
Total expense ratio		31.7		%		32.5		%		29.3		%		31.4		%
GAAP ratios:
Combined ratio		90.4		%		93.6		%		83.7		%		77.8		%
Contribution from catastrophe losses		(0.9		)		(1.0		)		(1.4		)		3.0
Prior accident years before catastrophe losses		2.7				4.4				1.1				(16.1		)
Current accident year combined ratio before catastrophe losses		88.6		%		90.2		%		84.0		%		90.9		%
(In millions)	Twelve months ended December 31, 2014
	Consolidated				Commercial				Personal				E&S
Premiums:
Written premiums		$	4,143			$	2,922			$	1,068			$	153
Unearned premiums change		(98		)		(66		)		(27		)		(5		)
Earned premiums		$	4,045			$	2,856			$	1,041			$	148
Statutory ratios:
Combined ratio		95.1		%		94.3		%		99.1		%		81.8		%
Contribution from catastrophe losses		5.1				4.3				7.8				2.0
Combined ratio excluding catastrophe losses		90.0		%		90.0		%		91.3		%		79.8		%
Commission expense ratio		18.4		%		18.0		%		18.3		%		27.0		%
Other underwriting expense ratio		11.7				12.8				9.7				4.3
Total expense ratio		30.1		%		30.8		%		28.0		%		31.3		%
GAAP ratios:
Combined ratio		95.6		%		95.1		%		99.2		%		79.4		%
Contribution from catastrophe losses		5.1				4.3				7.8				2.0
Prior accident years before catastrophe losses		(1.8		)		(1.5		)		(0.1		)		(19.6		)
Current accident year combined ratio before catastrophe losses		92.3		%		92.3		%		91.5		%		97.0		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on dollar amounts in thousands.

CINF 4Q14 Release 16

EX-99.2

Cincinnati Financial Corporation

Supplemental Financial Data

for the Period Ending December 31, 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-	A-	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 February 4, 2015, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.

The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.

CINF Fourth-Quarter 2014 Supplemental Financial Data

1

	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2014
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	Quick Reference	4
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2014	5
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2014	6
	5-Year Net Income Reconciliation	7
	CFC Insurance Subsidiaries – Selected Balance Sheet Data	8
Consolidated Property Casualty Insurance Operations
	Statutory Statements of Income	9
	Consolidated Cincinnati Insurance Companies – Losses Incurred Detail	10
	Consolidated Cincinnati Insurance Companies – Loss Ratio Detail	11
	Consolidated Cincinnati Insurance Companies – Loss Claim Count Detail	12
	Direct Written Premiums by Line of Business and State	13
	Quarterly Property Casualty Data – Commercial Lines	14
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	15
	Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2014	16
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2014	17
Reconciliation Data
	5-Year Property Casualty Data – Consolidated	18
	5-Year Property Casualty Data – Commercial Lines	19
	5-Year Property Casualty Data – Personal Lines	20
	5-Year Property Casualty Data – Excess & Surplus Lines	21
	Quarterly Property Casualty Data – Consolidated	22
	Quarterly Property Casualty Data – Commercial Lines	23
	Quarterly Property Casualty Data – Personal Lines	24
	Quarterly Property Casualty Data – Excess & Surplus Lines	25
Life Insurance Operations
	Statutory Statements of Income	26

CINF Fourth-Quarter 2014 Supplemental Financial Data

2

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

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

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

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

For these reasons, many investors and shareholders consider operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents operating income so that all investors have what management believes to be a useful supplement to GAAP information.

• Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company's insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this non-GAAP measure is a useful supplement to GAAP information, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.

• Statutory accounting rules: For public reporting, insurance companies prepare financial statements in accordance with GAAP. However, insurers also must calculate certain data according to statutory accounting rules as defined in the NAIC's Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments. Statutory data is publicly available, and various organizations use it to calculate aggregate industry data, study industry trends and compare insurance companies.

• Written premium: Under statutory accounting rules, property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. Earned premium, used in both statutory and GAAP accounting, is calculated ratably over the policy term. The difference between written and earned premium is unearned premium.

CINF Fourth-Quarter 2014 Supplemental Financial Data

3

Cincinnati Financial Corporation
Quick Reference					—	Fourth Quarter 2014
(all data shown is for the three months ended or at December 31, 2014)
	12/31/2014		Year over year   change %				12/31/2014			Year over year change %
Revenues:						Benefits and expenses:
Commercial lines net written premiums	$	699	10			Commercial lines loss and loss expenses	$	454		10
Personal lines net written premiums	249		4			Personal lines loss and loss expenses	148			(16	)
Excess & surplus lines net written premiums	39		15			Excess & surplus lines loss and loss expenses	20			54
Property casualty net written premiums	$	987	9			Life and health contract holders' benefits incurred	53			(16	)
Life and accident and health net written premiums	$	55	5			Underwriting, acquisition and insurance expenses	334			3
Annuity net written premiums	9		(3	)		Interest expense	13			(7	)
Life, annuity and accident and health net written premiums	$	64	4			Other operating expenses	4			33
Commercial lines net earned premiums	730		7			Total benefits and expenses	$	1,026		2
Personal lines net earned premiums	$	266	7			Income before income taxes	236			41
Excess & surplus lines net earned premiums	39		26			Total income tax	69			53
Property casualty net earned premiums	$	1,035	8
Life and accident and health net earned premiums	51		(22	)		Balance Sheet:
Investment income	140		2
Realized investment gains, net	32		433			Fixed maturity securities	$	9,460
Fee revenue	3		50			Equity securities	4,858
Other revenue	1		(50	)		Other invested assets	68
Total revenues	1,262		8			Total investments	$	14,386
						Loss and loss expense reserves	$	4,485
						Life policy and investment contract reserves	2,497
Income:						Long-term debt and capital lease obligations	827
						Shareholders' equity	6,573
Operating income	$	148	24
Realized investment gains, net	19		533			Key ratios:
Net income	167		37
						Commercial lines GAAP combined ratio	93.6		%
						Personal lines GAAP combined ratio	83.7
						Excess & surplus lines GAAP combined ratio	77.8
						Property casualty GAAP combined ratio	90.4
Per share (diluted):
						Commercial lines STAT combined ratio	94.8		%
Operating income	$	0.89	24			Personal lines STAT combined ratio	85.1
Realized investment gains, net	0.13		550			Excess & surplus lines STAT combined ratio	80.4
Net income	1.02		38			Property casualty STAT combined ratio	91.8
Book value	40.14		8
Weighted average shares outstanding	165.3		0			Value creation ratio	4.0		%

CINF Fourth-Quarter 2014 Supplemental Financial Data

4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2014
(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	4,221		$	—		$	—	$	—		$	4,221
Life	—			—			252			—		—			252
Accident health	—			—			7			—		—			7
Premiums ceded	—			(176		)	(61		)	—		—			(237		)
Total earned premium	—			4,045			198			—		—			4,243
Investment income	46			359			144			—		—			549
Realized investment gains, net	34			93			5			—		1			133
Fee revenue	—			6			6					—			12
Other revenue	16			2			—			6		(16		)	8
Total revenues	$	96		$	4,505		$	353		$	6	$	(15	)	$	4,945
Benefits & expenses
Losses & policy benefits	$	—		$	2,668		$	299		$	—	$	(1	)	$	2,966
Reinsurance recoveries	—			(41		)	(70		)	—		1			(110		)
Underwriting, acquisition and insurance expenses	—			1,238			63			—		—			1,301
Interest expense	52			—			—			1		—			53
Other operating expense	28			—			—			2		(16		)	14
Total expenses	$	80		$	3,865		$	292		$	3	$	(16	)	$	4,224
Income (loss) before income taxes	$	16		$	640		$	61		$	3	$	1		$	721
Provision (benefit) for income taxes
Current operating income	$	(11	)	$	127		$	(6	)	$	1	$	—		$	111
Capital gains/losses	12			35			1			—		—			48
Deferred	(6		)	17			26			—		—			37
Total provision (benefit) for income taxes	$	(5	)	$	179		$	21		$	1	$	—		$	196
Operating income (loss)	$	(1	)	$	403		$	36		$	2	$	—		$	440
Net income - current year	$	21		$	461		$	40		$	2	$	1		$	525
Net income - prior year	$	6		$	459		$	48		$	4	$	—		$	517
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Fourth-Quarter 2014 Supplemental Financial Data

5

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2014
(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,079		$	—		$	—	$	1		$	1,080
Life	—			—			66			—		—			66
Accident health	—			—			2			—		—			2
Premiums ceded	—			(44		)	(18		)	—		—			(62		)
Total earned premium	—			1,035			51			—		—			1,086
Investment income	13			91			36			—		—			140
Realized investment gains, net	8			24			(1		)	—		1			32
Fee revenue	—			1			2			—		—			3
Other revenue	4			1			—			1		(5		)	1
Total revenues	$	25		$	1,152		$	88		$	1	$	(4	)	$	1,262
Benefits & expenses
Losses & policy benefits	$	—		$	636		$	71		$	—	$	—		$	707
Reinsurance recoveries	—			(14		)	(18		)	—		—			(32		)
Underwriting, acquisition and insurance expenses	—			314			20			—		—			334
Interest expense	13			—			—			—		—			13
Other operating expenses	7			—			—			1		(4		)	4
Total expenses	$	20		$	936		$	73		$	1	$	(4	)	$	1,026
Income before income taxes	$	5		$	216		$	14		$	—	$	1		$	236
Provision (benefit) for income taxes
Current operating income	$	(2	)	$	41		$	1		$	—	$	—		$	40
Capital gains/losses	3			11			(1		)	—		—			13
Deferred	(2		)	14			4			—		—			16
Total provision (benefit) for income taxes	$	(1	)	$	66		$	4		$	—	$	—		$	69
Operating income	$	1		$	138		$	10		$	—	$	—		$	148
Net income - current year	$	6		$	150		$	10		$	—	$	1		$	167
Net income (loss) - prior year	$	1		$	110		$	10		$	2	$	(1	)	$	122
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Fourth-Quarter 2014 Supplemental Financial Data

6

Cincinnati Financial Corporation
5-Year Net Income Reconciliation
(Dollars in millions except per share data)	Years ended December 31,
	2014			2013			2012			2011			2010
Net income	$	525		$	517		$	421		$	164		$	375
Net realized investment gains and losses	85			54			28			45			103
Operating income	440			463			393			119			272
Less catastrophe losses	(133		)	(112		)	(217		)	(261		)	(96		)
Operating income before catastrophe losses	$	573		$	575		$	610		$	380		$	368
Diluted per share data
Net income	$	3.18		$	3.12		$	2.57		$	1.01		$	2.30
Net realized investment gains and losses	0.52			0.32			0.17			0.28			0.63
Operating income	2.66			2.80			2.40			0.73			1.67
Less catastrophe losses	(0.81		)	(0.67		)	(1.33		)	(1.6		)	(0.59		)
Operating income before catastrophe losses	$	3.47		$	3.47		$	3.73		$	2.33		$	2.26
Value creation ratio
Book value per share growth	7.9		%	11.1		%	7.4		%	0.8		%	5.7		%
Shareholder dividend declared as a percentage of beginning book value	4.7			5.0			5.2			5.2			5.4
Value creation ratio	12.6		%	16.1		%	12.6		%	6.0		%	11.1		%
Investment income
Investment income, net of expenses	$	549		$	529		$	531		$	525		$	518
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF Fourth-Quarter 2014 Supplemental Financial Data

7

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)	$	6,260	$	6,344	$	6,215	$	6,111	$	6,094	$	6,039	$	5,994	$	6,083
Equities (fair value)	3,195		3,121		3,094		3,022		2,990		2,710		2,658		2,645
Fixed maturities - pretax net unrealized gain	366		379		414		361		312		344		359		532
Equities - pretax net unrealized gain	1,478		1,387		1,434		1,349		1,318		1,086		1,040		1,019
Loss and loss expense reserves - STAT	4,158		4,112		4,129		4,037		3,945		3,919		3,888		3,826
Equity - GAAP	5,594		5,480		5,481		5,384		5,324		5,188		5,143		5,288
Surplus - STAT	4,472		4,364		4,332		4,308		4,325		4,173		4,142		4,131
The Cincinnati Life Insurance Company
Fixed maturities (fair value)	$	3,126	$	3,102	$	3,091	$	2,989	$	2,946	$	2,906	$	2,900	$	2,979
Equities (fair value)	9		8		8		14		13		13		13		18
Fixed maturities - pretax net unrealized gain	197		195		225		186		148		169		181		285
Equities - pretax net unrealized gain	3		3		3		6		6		6		6		8
Equity - GAAP	904		893		901		867		833		835		828		869
Surplus - STAT	223		228		224		232		247		256		272		268

CINF Fourth-Quarter 2014 Supplemental Financial Data

8

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended December 31,											For the Twelve Months Ended December 31,
(Dollars in millions)	2014			2013			Change			% Change		2014		2013		Change			% Change
Underwriting income
Net premiums written	$	987		$	908		$	79		9		$	4,143	$	3,893	$	250		6
Unearned premiums increase	(48		)	(52		)	4			(8	)	98		180		(82		)	(46	)
Earned premiums	$	1,035		$	960		$	75		8		$	4,045	$	3,713	$	332		9
Losses incurred	$	508		$	495		$	13		3		$	2,199	$	1,935	$	264		14
Allocated loss expenses incurred	58			45			13			29		200		131		69			53
Unallocated loss expenses incurred	56			61			(5		)	(8	)	228		235		(7		)	(3	)
Other underwriting expenses incurred	308			295			13			4		1,232		1,185		47			4
Workers compensation dividend incurred	4			5			(1		)	(20	)	16		16		—			—
Total underwriting deductions	$	934		$	901		$	33		4		$	3,875	$	3,502	$	373		11
Net underwriting profit	$	101		$	59		$	42		71		$	170	$	211	$	(41	)	(19	)
Investment income
Gross investment income earned	$	93		$	92		$	1		1		$	369	$	360	$	9		3
Net investment income earned	92			90			2			2		364		354		10			3
Net realized capital gains	11			1			10			nm		68		40		28			70
Net investment gains (net of tax)	$	103		$	91		$	12		13		$	432	$	394	$	38		10
Other income	$	1		$	2		$	(1	)	(50	)	$	6	$	5	$	1		20
Net income before federal income taxes	$	205		$	152		$	53		35		$	608	$	610	$	(2	)	—
Federal and foreign income taxes incurred	36			37			(1		)	(3	)	125		162		(37		)	(23	)
Net income (statutory)	$	169		$	115		$	54		47		$	483	$	448	$	35		8
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the   appropriate regulatory bodies.

CINF Fourth-Quarter 2014 Supplemental Financial Data

9

`

Consolidated Cincinnati Insurance Companies
Losses Incurred Detail
(In millions)	Three months ended																							Six months ended						Nine months ended						Twelve months ended
	12/31/14			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	$	12		$	7		$	11		$	—		$	7		$	5		$	11		$	—	$	12		$	11		$	19		$	16		$	30		$	23
Current accident year losses $1,000,000-$5,000,000	46			51			52			23			58			48			31			31		74			62			125			110			172			167
Large loss prior accident year reserve development	(14		)	(6		)	17			10			(8		)	3			24			23		27			47			21			52			7			44
Total large losses incurred	$	44		$	52		$	80		$	33		$	57		$	56		$	66		$	54	$	113		$	120		$	165		$	178		$	209		$	234
Losses incurred but not reported	112			17			(17		)	21			50			22			23			27		5			50			22			72			133			123
Other losses excluding catastrophe losses	365			432			436			427			358			361			349			344		863			694			1,295			1,054			1,660			1,412
Catastrophe losses	(13		)	11			112			86			29			54			75			10		197			84			208			137			197			166
Total losses incurred	$	508		$	512		$	611		$	567		$	494		$	493		$	513		$	435	$	1,178		$	948		$	1,690		$	1,441		$	2,199		$	1,935
Commercial Lines
Current accident year losses greater than $5,000,000	$	12		$	7		$	11		$	—		$	7		$	5		$	11		$	—	$	12		$	11		$	19		$	16		$	30		$	23
Current accident year losses $1,000,000-$5,000,000	39			45			47			18			43			35			28			27		64			55			109			89			149			132
Large loss prior accident year reserve development	(11		)	(7		)	15			10			(5		)	4			14			23		25			37			18			41			7			36
Total large losses incurred	$	40		$	45		$	73		$	28		$	45		$	44		$	53		$	50	$	101		$	103		$	146		$	146		$	186		$	191
Losses incurred but not reported	95			8			(35		)	22			35			41			28			22		(12		)	50			(4		)	91			90			125
Other losses excluding catastrophe losses	240			282			292			282			241			227			228			225		574			454			856			682			1,096			923
Catastrophe losses	(10		)	7			59			58			10			36			45			2		116			46			123			82			114			93
Total losses incurred	$	365		$	342		$	389		$	390		$	331		$	348		$	354		$	299	$	779		$	653		$	1,121		$	1,001		$	1,486		$	1,332
Personal Lines
Current accident year losses greater than $5,000,000	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	—
Current accident year losses $1,000,000-$5,000,000	6			6			4			4			14			12			3			3		8			6			14			19			20			32
Large loss prior accident year reserve development	(3		)	2			2			—			(3		)	—			8			—		2			8			4			10			1			7
Total large losses incurred	$	3		$	8		$	6		$	4		$	11		$	12		$	11		$	3	$	10		$	14		$	18		$	29		$	21		$	39
Losses incurred but not reported	12			3			9			(5		)	9			(27		)	(5		)	—		4			(5		)	7			(32		)	19			(22		)
Other losses excluding catastrophe losses	119			144			138			138			116			130			109			113		276			222			420			349			539			466
Catastrophe losses	(4		)	4			52			27			19			17			29			8		79			37			83			54			79			72
Total losses incurred	$	130		$	159		$	205		$	164		$	155		$	132		$	144		$	124	$	369		$	268		$	528		$	400		$	658		$	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			—			1		2			1			2			2			3			3
Large loss prior accident year reserve development	—			(1		)	—			—			—			(1		)	2			—		—			2			(1		)	1			(1		)	1
Total large losses incurred	$	1		$	(1	)	$	1		$	1		$	1		$	—		$	2		$	1	$	2		$	3		$	1		$	3		$	2		$	4
Losses incurred but not reported	5			6			9			4			6			8			—			5		13			5			19			13			24			20
Other losses excluding catastrophe losses	6			6			6			7			1			4			12			6		13			18			19			23			25			23
Catastrophe losses	1			—			1			1			—			1			1			—		2			1			2			1			4			1
Total losses incurred	$	13		$	11		$	17		$	13		$	8		$	13		$	15		$	12	$	30		$	27		$	41		$	40		$	55		$	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 Fourth-Quarter 2014 Supplemental Financial Data

10

Consolidated Cincinnati Insurance Companies
Loss Ratio Detail
	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/14		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	1.0	%	0.7	%	1.1	%	—	%	0.7	%	0.6	%	1.2	%	—	%	0.6	%	0.6	%	0.6	%	0.6	%	0.7	%	0.6	%
Current accident year losses $1,000,000-$5,000,000	4.7		4.8		5.0		2.3		6.0		5.0		3.5		3.4		3.8		3.4		4.2		4.0		4.3		4.5
Large loss prior accident year reserve development	(1.4	)	(0.5	)	1.7		1.1		(0.8	)	0.2		2.6		2.7		1.4		2.7		0.7		1.8		0.2		1.2
Total large losses incurred	4.3	%	5.0	%	7.8	%	3.4	%	5.9	%	5.8	%	7.3	%	6.1	%	5.8	%	6.7	%	5.5	%	6.4	%	5.2	%	6.3	%
Losses incurred but not reported	10.7		1.7		(1.6	)	2.2		5.3		2.2		2.5		3.1		0.2		2.8		0.8		2.6		3.3		3.3
Other losses excluding catastrophe losses	35.2		42.3		43.4		43.6		37.4		38.2		38.3		38.6		43.5		38.5		43.0		38.3		41.0		38.0
Catastrophe losses	(1.1	)	1.0		11.1		8.7		3.0		5.5		8.2		1.1		9.9		4.7		6.9		5.0		4.9		4.5
Total losses incurred	49.1	%	50.0	%	60.7	%	57.9	%	51.6	%	51.7	%	56.3	%	48.9	%	59.4	%	52.7	%	56.2	%	52.3	%	54.4	%	52.1	%
Commercial Lines
Current accident year losses greater than $5,000,000	1.5	%	1.0	%	1.6	%	—	%	1.0	%	0.8	%	1.7	%	—	%	0.8	%	0.9	%	0.9	%	0.8	%	1.0	%	0.9	%
Current accident year losses $1,000,000-$5,000,000	5.6		5.9		6.5		2.6		6.2		5.1		4.4		4.2		4.6		4.3		5.1		4.5		5.2		5.0
Large loss prior accident year reserve development	(1.5	)	(0.9	)	2.1		1.4		(0.7	)	0.5		2.2		3.7		1.8		2.8		0.9		2.2		0.3		1.4
Total large losses incurred	5.6	%	6.0	%	10.2	%	4.0	%	6.5	%	6.4	%	8.3	%	7.9	%	7.2	%	8.0	%	6.9	%	7.5	%	6.5	%	7.3	%
Losses incurred but not reported	12.8		1.1		(4.8	)	3.2		5.1		6.0		4.3		3.5		(0.9	)	3.9		(0.2	)	4.6		3.1		4.8
Other losses excluding catastrophe losses	32.6		39.6		41.0		40.6		35.6		33.6		35.4		35.6		40.8		35.7		40.2		34.8		38.4		35.0
Catastrophe losses	(1.1	)	0.8		8.3		8.3		1.6		5.2		6.9		0.3		8.3		3.6		5.8		4.2		4.0		3.5
Total losses incurred	49.9	%	47.5	%	54.7	%	56.1	%	48.8	%	51.2	%	54.9	%	47.3	%	55.4	%	51.2	%	52.7	%	51.1	%	52.0	%	50.6	%
Personal Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $1,000,000-$5,000,000	2.2		2.5		1.7		1.4		5.7		5.0		1.3		1.3		1.5		1.3		1.8		2.6		1.9		3.4
Large loss prior accident year reserve development	(1.1	)	0.8		0.6		0.3		(1.2	)	(0.2	)	3.3		—		0.5		1.7		0.7		1.3		0.1		0.7
Total large losses incurred	1.1	%	3.3	%	2.3	%	1.7	%	4.5	%	4.8	%	4.6	%	1.3	%	2.0	%	3.0	%	2.5	%	3.9	%	2.0	%	4.1	%
Losses incurred but not reported	4.5		1.3		3.5		(2.0	)	3.9		(11.1	)	(2.2	)	0.1		0.8		(1.1	)	0.9		(4.5	)	1.8		(2.3	)
Other losses excluding catastrophe losses	44.8		54.1		53.6		54.5		46.6		53.6		45.8		48.9		54.0		47.4		54.1		49.1		51.9		48.5
Catastrophe losses	(1.5	)	1.7		20.0		10.6		7.6		6.7		12.4		3.3		15.4		7.9		10.7		7.5		7.6		7.5
Total losses incurred	48.9	%	60.4	%	79.4	%	64.8	%	62.6	%	54.0	%	60.6	%	53.6	%	72.2	%	57.2	%	68.2	%	56.0	%	63.3	%	57.8	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $1,000,000-$5,000,000	3.3		—		3.1		3.2		3.3		3.6		—		4.2		3.1		2.0		1.9		2.6		2.3		2.7
Large loss prior accident year reserve development	(1.8	)	(1.3	)	—		(0.3	)	(0.1	)	(4.3	)	7.8		—		(0.1	)	4.0		(0.5	)	1.0		(0.9	)	0.8
Total large losses incurred	1.5	%	(1.3	)%	3.1	%	2.9	%	3.2	%	(0.7	)%	7.8	%	4.2	%	3.0	%	6.0	%	1.4	%	3.6	%	1.4	%	3.5	%
Losses incurred but not reported	12.4		14.6		25.7		13.1		19.7		25.9		1.0		19.6		19.6		10.1		17.7		15.7		16.4		16.8
Other losses excluding catastrophe losses	17.7		15.3		15.1		21.6		3.5		15.9		41.4		22.9		18.3		32.5		17.1		26.6		17.2		20.3
Catastrophe losses	2.9		(0.7	)	2.7		3.0		(1.7	)	2.4		1.9		0.4		2.8		1.1		1.4		1.6		1.8		0.7
Total losses incurred	34.5	%	27.9	%	46.6	%	40.6	%	24.7	%	43.5	%	52.1	%	47.1	%	43.7	%	49.7	%	37.6	%	47.5	%	36.8	%	41.3	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF Fourth-Quarter 2014 Supplemental Financial Data

11

Consolidated Cincinnati Insurance Companies
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/14	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	2	—	1	1	2	—	2	2	3	3	5	4
Current accident year reported claim count    $1,000,000 - $5,000,000	31	31	34	15	31	29	21	18	52	41	83	72	120	108
Prior accident year reported claim count on    large losses	4	13	10	8	10	5	14	20	18	35	26	41	32	47
Non-Catastrophe reported claim count on       large losses total	37	45	46	23	42	35	37	38	72	78	112	116	157	159
Commercial Lines
Current accident year reported claim count greater than $5,000,000	2	1	2	—	1	1	2	—	2	2	3	3	5	4
Current accident year reported claim count $1,000,000 - $5,000,000	27	24	30	11	20	21	18	14	43	34	68	56	99	80
Prior accident year reported claim count on large losses	3	11	9	7	10	4	12	17	17	30	23	35	28	42
Non-Catastrophe reported claim count on large losses total	32	36	41	18	31	26	32	31	62	66	94	94	132	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	6	3	3	10	7	3	3	7	6	13	14	18	25
Prior accident year reported claim count on large losses	—	2	1	1	—	1	—	3	1	3	3	5	3	4
Non-Catastrophe reported claim count on large losses total	3	8	4	4	10	8	3	6	8	9	16	19	21	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	—	1	2	1	2	2	3	3
Prior accident year reported claim count on large losses	1	—	—	—	—	—	2	—	—	2	—	1	1	1
Non-Catastrophe reported claim count on large losses total	2	1	1	1	1	1	2	1	2	3	2	3	4	4
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2014 Supplemental Financial Data

12

Consolidated Cincinnati Insurance Companies
Agency Direct Written Premiums by Agency State by Line of Business for the Twelve Months Ended December 31, 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		Other Comm		Personal Auto		Home Owner		Other Personal		All Lines		2014		2013
																			Total		Total
OH	$	150.2	$	125.8	$	77.1	$	—	$	38.9	$	128.2	$	115.2	$	36.2	$	13.2	$	684.8	$	674.3	1.6		1.6		7.8		1.7
IL	65.7		54.7		31.0		57.2		18.0		32.4		30.6		8.6		10.7		308.9		301.6		1.5		2.1		31.3		2.4
IN	53.3		48.6		29.1		31.2		14.0		34.0		37.8		8.7		11.4		268.1		266.2		0.5		0.6		(0.7	)	0.5
PA	60.1		44.0		37.9		48.4		14.5		13.0		10.3		4.0		6.4		238.6		228.6		3.7		7.1		21.5		4.5
GA	37.2		37.2		26.9		13.2		14.7		39.0		41.3		10.6		9.5		229.6		213.2		9.2		6.0		3.6		7.7
MI	45.6		35.3		22.1		22.4		15.7		39.0		29.4		5.1		6.6		221.2		200.8		7.8		15.5		6.3		10.2
NC	43.3		44.2		22.8		19.0		18.8		30.7		24.0		7.4		6.4		216.6		198.0		6.7		14.7		21.5		9.3
TN	34.4		34.6		21.3		11.2		14.6		17.6		20.8		5.5		4.3		164.3		152.5		5.8		11.0		35.7		7.8
KY	26.9		31.9		19.2		3.7		9.4		27.5		26.5		6.2		4.8		156.1		149.8		4.0		4.7		(4.2	)	4.0
AL	25.9		32.6		12.4		1.5		12.2		20.2		33.5		6.9		7.7		152.9		138.8		12.6		5.3		30.4		10.3
VA	34.1		28.3		21.8		19.0		11.9		11.4		10.2		3.3		5.3		145.3		140.7		2.0		6.9		14.5		3.3
WI	29.6		24.5		14.4		29.3		7.9		8.7		9.5		3.6		3.7		131.2		133.3		(2.2	)	(0.3	)	16.7		(1.5	)
TX	45.4		29.7		27.7		1.4		5.0		—		—		—		14.6		123.8		109.3		11.5		nm		30.8		13.5
MN	27.7		21.9		10.5		9.8		6.8		17.4		17.7		5.0		4.1		120.9		113.5		3.2		12.5		20.3		6.6
MO	27.6		30.0		15.4		13.0		9.1		6.4		9.3		1.9		6.9		119.6		115.8		2.3		6.2		8.5		3.2
IA	19.0		19.5		9.0		20.0		7.1		4.8		5.8		1.8		2.2		89.2		92.2		(4.5	)	0.9		20.2		(3.3	)
MD	20.1		11.2		15.5		11.7		4.8		6.3		5.1		1.5		2.3		78.5		72.6		4.1		30.4		23.0		8.2
NY	30.7		16.5		11.4		2.9		4.4		3.5		1.6		0.4		3.3		74.7		72.4		(2.9	)	nm		82.9		3.2
FL	24.0		17.3		8.2		1.5		3.1		5.9		5.2		1.2		5.1		71.5		71.5		15.3		(41.7	)	47.4		—
AR	10.4		18.4		7.2		2.5		6.5		8.3		9.5		2.3		2.8		67.9		62.1		4.3		19.5		27.2		9.2
SC	13.4		12.0		9.5		3.5		4.7		8.0		5.3		1.4		2.4		60.2		53.9		5.9		29.5		24.7		11.5
AZ	16.1		9.7		13.3		6.2		2.5		4.7		3.3		1.3		2.1		59.2		51.6		12.1		25.3		36.4		14.8
UT	17.5		8.5		10.6		0.6		3.5		8.0		4.0		0.9		2.3		55.9		50.1		12.8		7.9		11.8		11.6
KS	9.6		12.9		5.7		6.1		4.2		5.2		7.1		1.4		1.1		53.3		54.5		(2.8	)	0.1		4.4		(1.9	)
CO	15.2		9.4		10.3		0.8		2.0		—		0.3		—		4.3		42.3		33.5		22.2		13.3		87.6		26.6
MT	15.0		8.8		7.7		0.1		2.3		2.8		2.8		0.7		0.8		41.0		38.0		6.8		10.9		13.6		7.5
NE	9.0		9.8		4.5		9.4		2.8		0.7		1.1		0.3		1.9		39.5		37.9		3.1		(0.1	)	36.5		4.1
ID	12.0		7.6		6.9		0.2		2.3		3.2		2.1		0.6		1.5		36.4		32.5		11.6		18.0		5.0		12.3
WV	9.4		8.7		6.8		2.3		2.2		—		0.5		0.1		3.0		33.0		30.7		6.9		(1.8	)	13.9		7.3
OR	8.3		5.2		5.5		0.1		2.0		1.6		0.7		0.2		3.5		27.1		16.4		62.4		nm		42.4		63.8
VT	4.8		5.3		3.0		6.4		2.5		1.3		1.6		0.4		1.0		26.3		26.9		(3.1	)	2.2		9.7		(2.0	)
ND	8.1		6.1		4.1		—		2.0		0.8		0.9		0.3		0.4		22.7		23.1		(2.8	)	9.3		(11.1	)	(2.0	)
WA	7.2		4.2		4.8		—		1.9		—		—		—		1.6		19.7		16.8		16.9		nm		15.7		16.8
NH	3.8		3.9		1.7		3.0		1.2		1.8		1.8		0.6		0.8		18.6		18.1		4.4		(1.1	)	(13.6	)	2.3
NM	6.0		3.4		3.7		0.9		1.7		—		—		—		0.9		16.6		12.5		31.2		nm		56.3		32.4
DE	4.1		3.2		2.3		2.8		1.2		—		—		—		0.5		14.1		13.3		3.9		nm		64.4		5.4
SD	3.5		3.5		1.9		3.2		1.4		—		—		—		0.5		14.0		12.6		11.6		nm		2.9		11.1
CT	3.8		3.5		2.1		1.2		0.7		0.4		0.4		0.1		0.5		12.7		7.5		52.3		nm		86.3		65.1
WY	2.1		2.4		1.1		—		0.6		—		—		—		0.5		6.7		5.7		13.8		1.1		17.6		14.1
All Other	4.4		2.8		4.2		5.4		2.5		—		0.3		—		1.4		21.0		18.9		11.1		nm		(2.3	)	10.5
Total	$	984.5	$	837.1	$	550.6	$	371.1	$	281.6	$	492.8	$	475.5	$	128.5	$	162.3	$	4,284.0	$	4,061.7	4.8		5.7		19.1		5.5
Other Direct	—		2.6		4.4		8.2		—		9.7		0.2		—		—		25.1		19.3		40.9		16.0		nm		30.1
Total Direct	$	984.5	$	839.7	$	555.0	$	379.3	$	281.6	$	502.5	$	475.7	$	128.5	$	162.3	$	4,309.1	$	4,081.0	4.9		5.8		19.1		5.6
*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. *nm - Not meaningful

CINF Fourth-Quarter 2014 Supplemental Financial Data

13

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/14			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	$	234		$	228		$	249		$	258		$	206		$	232		$	222		$	237		$	507		$	459		$	735		$	691		$	969		$	897
Earned premiums	243			237			234			224			220			221			211			204			458			415			695			636			938			856
Current accident year before catastrophe losses	59.2		%	60.2		%	61.7		%	56.3		%	54.2		%	53.5		%	55.7		%	60.8		%	59.1		%	58.2		%	59.4		%	56.6		%	59.4		%	56.0		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	12.1			(3.6		)	(10.5		)	3.6			1.9			(8.4		)	(15.1		)	(11.5		)	(3.6		)	(13.3		)	(3.6		)	(11.6		)	0.5			(8.2		)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	71.3		%	56.6		%	51.2		%	59.9		%	56.1		%	45.1		%	40.6		%	49.3		%	55.5		%	44.9		%	55.8		%	45.0		%	59.9		%	47.8		%
Commercial property:
Written premiums	$	192		$	194		$	197		$	193		$	157		$	186		$	164		$	166		$	390		$	330		$	584		$	516		$	776		$	673
Earned premiums	191			186			180			171			163			161			152			147			351			299			537			460			728			623
Current accident year before catastrophe losses	45.7		%	54.3		%	50.8		%	53.4		%	51.3		%	49.6		%	52.9		%	48.9		%	52.1		%	50.9		%	52.9		%	50.5		%	51.0		%	50.7		%
Current accident year catastrophe losses	0.5			5.2			25.8			27.7			9.0			19.1			28.4			2.8			26.7			15.8			19.3			17.0			14.3			14.9
Prior accident years before catastrophe losses	1.8			(3.1		)	(9.8		)	(0.6		)	(2.5		)	1.4			(6.0		)	2.0			(5.3		)	(2.0		)	(4.6		)	(0.9		)	(2.9		)	(1.3		)
Prior accident years catastrophe losses	(2.7		)	(1.3		)	(2.3		)	(0.9		)	(1.9		)	(2.0		)	(3.2		)	(1.9		)	(1.6		)	(2.6		)	(1.5		)	(2.4		)	(1.8		)	(2.3		)
Total loss and loss expense ratio	45.3		%	55.1		%	64.5		%	79.6		%	55.9		%	68.1		%	72.1		%	51.8		%	71.9		%	62.1		%	66.1		%	64.2		%	60.6		%	62.0		%
Commercial auto:
Written premiums	$	131		$	128		$	144		$	145		$	117		$	128		$	127		$	135		$	289		$	262		$	417		$	390		$	548		$	507
Earned premiums	137			133			132			126			124			124			117			114			258			231			391			355			528			479
Current accident year before catastrophe losses	65.6		%	69.1		%	72.1		%	68.0		%	70.6		%	64.3		%	76.3		%	59.6		%	70.0		%	68.1		%	69.8		%	66.7		%	68.7		%	67.8		%
Current accident year catastrophe losses	(0.1		)	(0.6		)	4.1			—			(0.1		)	0.9			1.5			0.4			2.1			1.0			1.2			0.9			0.9			0.7
Prior accident years before catastrophe losses	11.2			9.3			9.0			(0.2		)	3.1			(0.4		)	(3.2		)	2.1			4.5			(0.7		)	6.1			(0.5		)	7.4			0.4
Prior accident years catastrophe losses	—			—			—			(0.2		)	—			(0.2		)	(0.3		)	(0.2		)	(0.1		)	(0.2		)	(0.1		)	(0.2		)	(0.1		)	(0.2		)
Total loss and loss expense ratio	76.7		%	77.8		%	85.2		%	67.6		%	73.6		%	64.6		%	74.3		%	61.9		%	76.5		%	68.2		%	77.0		%	66.9		%	76.9		%	68.7		%
Workers' compensation:
Written premiums	$	81		$	86		$	92		$	106		$	86		$	90		$	85		$	113		$	198		$	198		$	284		$	288		$	365		$	374
Earned premiums	90			93			95			92			95			95			87			88			187			175			280			270			370			365
Current accident year before catastrophe losses	75.9		%	75.0		%	83.2		%	76.8		%	76.9		%	78.6		%	84.8		%	71.8		%	80.0		%	78.3		%	78.4		%	78.4		%	77.8		%	78.0		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(7.5		)	(16.1		)	(21.2		)	(10.3		)	(0.5		)	9.3			(17.8		)	(8.0		)	(15.8		)	(12.9		)	(15.9		)	(5.1		)	(13.9		)	(3.9		)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	68.4		%	58.9		%	62.0		%	66.5		%	76.4		%	87.9		%	67.0		%	63.8		%	64.2		%	65.4		%	62.5		%	73.3		%	63.9		%	74.1		%
Other commercial:
Written premiums	$	61		$	68		$	66		$	69		$	70		$	83		$	80		$	77		$	135		$	157		$	203		$	240		$	264		$	309
Earned premiums	69			71			73			79			78			79			78			78			152			156			223			235			292			313
Current accident year before catastrophe losses	58.5		%	50.2		%	59.6		%	46.7		%	46.4		%	52.4		%	68.1		%	54.7		%	52.9		%	61.4		%	52.0		%	58.4		%	53.4		%	55.3		%
Current accident year catastrophe losses	(2.7		)	2.0			17.8			17.9			1.3			10.9			7.8			3.1			17.9			5.5			12.8			7.3			9.2			5.8
Prior accident years before catastrophe losses	(13.8		)	(5.6		)	(4.2		)	3.5			(5.5		)	(2.1		)	(0.4		)	22.4			(0.2		)	11.0			(1.9		)	6.6			(4.8		)	3.8
Prior accident years catastrophe losses	(1.2		)	(0.8		)	0.8			(1.3		)	(1.1		)	(0.1		)	(0.3		)	(1.7		)	(0.3		)	(1.0		)	(0.5		)	(0.7		)	(0.7		)	(0.6		)
Total loss and loss expense ratio	40.8		%	45.8		%	74.0		%	66.8		%	41.1		%	61.1		%	75.2		%	78.5		%	70.3		%	76.9		%	62.4		%	71.6		%	57.1		%	64.3		%
*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.

CINF Fourth-Quarter 2014 Supplemental Financial Data

14

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/14			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	$	114		$	135		$	133		$	107		$	107		$	128		$	125		$	100		$	240		$	225		$	375		$	353		$	489		$	460
Earned premiums	122			121			117			116			115			112			109			107			233			216			354			328			476			443
Current accident year before catastrophe losses	70.2		%	73.9		%	80.5		%	79.5		%	73.2		%	71.7		%	85.4		%	66.9		%	80.1		%	76.3		%	77.9		%	74.7		%	76.0		%	74.3		%
Current accident year catastrophe losses	(1.2		)	1.1			4.9			0.5			0.4			1.3			1.4			1.4			2.7			1.4			2.2			1.4			1.3			1.1
Prior accident years before catastrophe losses	2.8			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		)	(0.2		)	(0.3		)
Total loss and loss expense ratio	71.8		%	77.0		%	83.5		%	76.2		%	76.3		%	72.2		%	76.2		%	75.9		%	79.9		%	76.1		%	78.9		%	74.8		%	77.1		%	75.1		%
Homeowner:
Written premiums	$	107		$	123		$	128		$	98		$	105		$	118		$	116		$	89		$	226		$	205		$	349		$	323		$	456		$	428
Earned premiums	113			110			111			109			105			103			99			96			220			195			330			298			443			403
Current accident year before catastrophe losses	44.3		%	51.1		%	59.5		%	61.3		%	52.5		%	55.2		%	50.5		%	40.6		%	60.4		%	45.6		%	57.4		%	48.9		%	54.0		%	49.9		%
Current accident year catastrophe losses	(0.9		)	4.8			41.5			28.3			16.1			18.7			30.1			9.4			35.0			19.9			25.0			19.5			18.3			18.6
Prior accident years before catastrophe losses	(0.2		)	(0.7		)	3.6			(6.5		)	0.2			(3.2		)	(7.4		)	(0.7		)	(1.4		)	(4.1		)	(1.2		)	(3.8		)	(0.9		)	(2.8		)
Prior accident years catastrophe losses	(1.2		)	(1.2		)	(0.9		)	(5.4		)	0.6			(4.2		)	(2.0		)	(2.4		)	(3.2		)	(2.2		)	(2.6		)	(2.9		)	(2.2		)	(2.0		)
Total loss and loss expense ratio	42.0		%	54.0		%	103.7		%	77.7		%	69.4		%	66.5		%	71.2		%	46.9		%	90.8		%	59.2		%	78.6		%	61.7		%	69.2		%	63.7		%
Other personal:
Written premiums	$	28		$	36		$	33		$	26		$	27		$	32		$	32		$	26		$	59		$	58		$	95		$	90		$	123		$	117
Earned premiums	31			32			30			29			29			29			29			28			59			57			91			86			122			115
Current accident year before catastrophe losses	44.3		%	59.3		%	42.3		%	46.5		%	57.2		%	56.3		%	52.5		%	56.7		%	44.3		%	54.5		%	49.6		%	55.2		%	48.3		%	55.7		%
Current accident year catastrophe losses	0.5			0.4			7.9			7.8			3.1			5.5			4.3			1.5			7.8			2.9			5.2			3.8			4.0			3.6
Prior accident years before catastrophe losses	(1.3		)	17.3			(5.4		)	(1.9		)	(2.1		)	(39.8		)	(17.8		)	(1.5		)	(3.6		)	(9.5		)	3.8			(19.9		)	2.5			(15.4		)
Prior accident years catastrophe losses	(0.1		)	(0.4		)	(0.5		)	0.2			0.2			(1.6		)	(0.9		)	(1.2		)	(0.1		)	(1.1		)	(0.2		)	(1.3		)	(0.2		)	(0.9		)
Total loss and loss expense ratio	43.4		%	76.6		%	44.3		%	52.6		%	58.4		%	20.4		%	38.1		%	55.5		%	48.4		%	46.8		%	58.4		%	37.8		%	54.6		%	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		$	39		$	40		$	35		$	34		$	34		$	33		$	27		$	75		$	60		$	114		$	94		$	153		$	128
Earned premiums	39			42			34			33			31			30			28			27			67			55			109			85			148			116
Current accident year before catastrophe losses	62.1		%	57.8		%	75.4		%	80.6		%	62.6		%	67.2		%	65.7		%	73.6		%	77.9		%	69.6		%	70.2		%	68.7		%	68.1		%	67.1		%
Current accident year catastrophe losses	2.9			(0.7		)	2.3			3.0			(1.9		)	3.4			0.9			0.1			2.6			0.6			1.4			1.6			1.8			0.7
Prior accident years before catastrophe losses	(16.1		)	(15.4		)	(21.3		)	(27.1		)	(19.9		)	(13.7		)	(0.7		)	(8.8		)	(24.1		)	(4.7		)	(20.8		)	(7.9		)	(19.6		)	(11.2		)
Prior accident years catastrophe losses	0.1			0.1			0.6			0.1			0.2			(0.9		)	1.0			0.3			0.4			0.6			0.2			0.1			0.2			0.1
Total loss and loss expense ratio	49.0		%	41.8		%	57.0		%	56.6		%	41.0		%	56.0		%	66.9		%	65.2		%	56.8		%	66.1		%	51.0		%	62.5		%	50.5		%	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 Fourth-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 twelve months ended December 31, 2014
Commercial casualty	$	325	$	146	$	471	$	4		$	77		$	24		$	105		$	329		$	77		$	170	$	576
Commercial property	420		36		456		15			(34		)	2			(17		)	435			(34		)	38		439
Commercial auto	298		51		349		34			18			8			60			332			18			59		409
Workers' compensation	196		39		235		(10		)	28			(1		)	17			186			28			38		252
Other commercial	172		31		203		(25		)	(3		)	(8		)	(36		)	147			(3		)	23		167
Total commercial lines	1,411		303		1,714		18			86			25			129			1,429			86			328		1,843
Personal auto	304		50		354		17			(2		)	1			16			321			(2		)	51		370
Homeowners	285		27		312		(6		)	3			(1		)	(4		)	279			3			26		308
Other personal	53		4		57		(1		)	11			—			10			52			11			4		67
Total personal lines	642		81		723		10			12			—			22			652			12			81		745
Commercial casualty & property	22		12		34		12			24			9			45			34			24			21		79
Total excess & surplus lines	22		12		34		12			24			9			45			34			24			21		79
Total property casualty	$	2,075	$	396	$	2,471	$	40		$	122		$	34		$	196		$	2,115		$	122		$	430	$	2,667
Ceded loss and loss expense incurred for the twelve months ended December 31, 2014
Commercial casualty	$	21	$	2	$	23	$	(11	)	$	4		$	(2	)	$	(9	)	$	10		$	4		$	—	$	14
Commercial property	2		—		2		(4		)	(2		)	—			(6		)	(2		)	(2		)	—		(4		)
Commercial auto	2		—		2		—			—			—			—			2			—			—		2
Workers' compensation	15		1		16		(1		)	—			—			(1		)	14			—			1		15
Other commercial	6		—		6		(2		)	—			—			(2		)	4			—			—		4
Total commercial lines	46		3		49		(18		)	2			(2		)	(18		)	28			2			1		31
Personal auto	2		—		2		1			—			—			1			3			—			—		3
Homeowners	3		—		3		(1		)	(1		)	—			(2		)	2			(1		)	—		1
Other personal	—		—		—		—			1			—			1			—			1			—		1
Total personal lines	5		—		5		—			—			—			—			5			—			—		5
Commercial casualty & property	3		1		4		(1		)	1			—			—			2			1			1		4
Total excess & surplus lines	3		1		4		(1		)	1			—			—			2			1			1		4
Total property casualty	$	54	$	4	$	58	$	(19	)	$	3		$	(2	)	$	(18	)	$	35		$	3		$	2	$	40
Net loss and loss expense incurred for the twelve months ended December 31, 2014
Commercial casualty	$	304	$	144	$	448	$	15		$	73		$	26		$	114		$	319		$	73		$	170	$	562
Commercial property	418		36		454		19			(32		)	2			(11		)	437			(32		)	38		443
Commercial auto	296		51		347		34			18			8			60			330			18			59		407
Workers' compensation	181		38		219		(9		)	28			(1		)	18			172			28			37		237
Other commercial	166		31		197		(23		)	(3		)	(8		)	(34		)	143			(3		)	23		163
Total commercial lines	1,365		300		1,665		36			84			27			147			1,401			84			327		1,812
Personal auto	302		50		352		16			(2		)	1			15			318			(2		)	51		367
Homeowners	282		27		309		(5		)	4			(1		)	(2		)	277			4			26		307
Other personal	53		4		57		(1		)	10			—			9			52			10			4		66
Total personal lines	637		81		718		10			12			—			22			647			12			81		740
Commercial casualty & property	19		11		30		13			23			9			45			32			23			20		75
Total excess & surplus lines	19		11		30		13			23			9			45			32			23			20		75
Total property casualty	$	2,021	$	392	$	2,413	$	59		$	119		$	36		$	214		$	2,080		$	119		$	428	$	2,627

CINF Fourth-Quarter 2014 Supplemental Financial Data

16

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 December 31, 2014
Commercial casualty	$	70	$	37	$	107	$	(21	)	$	73		$	16		$	68		$	49		$	73		$	53		$	175
Commercial property	99		9		108		(37		)	11			2			(24		)	62			11			11			84
Commercial auto	79		14		93		11			—			2			13			90			—			16			106
Workers' compensation	46		10		56		1			4			3			8			47			4			13			64
Other commercial	41		5		46		(8		)	2			(8		)	(14		)	33			2			(3		)	32
Total commercial lines	335		75		410		(54		)	90			15			51			281			90			90			461
Personal auto	83		13		96		3			(8		)	(2		)	(7		)	86			(8		)	11			89
Homeowners	53		6		59		(16		)	7			(1		)	(10		)	37			7			5			49
Other personal	14		1		15		(7		)	6			—			(1		)	7			6			1			14
Total personal lines	150		20		170		(20		)	5			(3		)	(18		)	130			5			17			152
Commercial casualty & property	8		3		11		4			5			3			12			12			5			6			23
Total excess & surplus lines	8		3		11		4			5			3			12			12			5			6			23
Total property casualty	$	493	$	98	$	591	$	(70	)	$	100		$	15		$	45		$	423		$	100		$	113		$	636
Ceded loss and loss expense incurred for the three months ended December 31, 2014
Commercial casualty	$	4	$	1	$	5	$	(5	)	$	1		$	—		$	(4	)	$	(1	)	$	1		$	1		$	1
Commercial property	1		—		1		(4		)	(1		)	—			(5		)	(3		)	(1		)	—			(4		)
Commercial auto	—		—		—		—			—			—			—			—			—			—			—
Workers' compensation	3		—		3		—			(1		)	—			(1		)	3			(1		)	—			2
Other commercial	2		—		2		6			—			—			6			8			—			—			8
Total commercial lines	10		1		11		(3		)	(1		)	—			(4		)	7			(1		)	1			7
Personal auto	1		—		1		1			—			—			1			2			—			—			2
Homeowners	1		—		1		—			—			—			—			1			—			—			1
Other personal	—		—		—		—			1			—			1			—			1			—			1
Total personal lines	2		—		2		1			1			—			2			3			1			—			4
Commercial casualty & property	2		1		3		(1		)	1			—			—			1			1			1			3
Total excess & surplus lines	2		1		3		(1		)	1			—			—			1			1			1			3
Total property casualty	$	14	$	2	$	16	$	(3	)	$	1		$	—		$	(2	)	$	11		$	1		$	2		$	14
Net loss and loss expense incurred for the three months ended December 31, 2014
Commercial casualty	$	66	$	36	$	102	$	(16	)	$	72		$	16		$	72		$	50		$	72		$	52		$	174
Commercial property	98		9		107		(33		)	12			2			(19		)	65			12			11			88
Commercial auto	79		14		93		11			—			2			13			90			—			16			106
Workers' compensation	43		10		53		1			5			3			9			44			5			13			62
Other commercial	39		5		44		(14		)	2			(8		)	(20		)	25			2			(3		)	24
Total commercial lines	325		74		399		(51		)	91			15			55			274			91			89			454
Personal auto	82		13		95		2			(8		)	(2		)	(8		)	84			(8		)	11			87
Homeowners	52		6		58		(16		)	7			(1		)	(10		)	36			7			5			48
Other personal	14		1		15		(7		)	5			—			(2		)	7			5			1			13
Total personal lines	148		20		168		(21		)	4			(3		)	(20		)	127			4			17			148
Commercial casualty & property	6		2		8		5			4			3			12			11			4			5			20
Total excess & surplus lines	6		2		8		5			4			3			12			11			4			5			20
Total property casualty	$	479	$	96	$	575	$	(67	)	$	99		$	15		$	47		$	412		$	99		$	111		$	622

CINF Fourth-Quarter 2014 Supplemental Financial Data

17

Consolidated Cincinnati Insurance Companies
5-Year Property Casualty Data - All Lines
(Dollars in millions)	Years ended December 31,
	2014			2013			2012			2011			2010
Premiums*
Adjusted written premiums – statutory	$	4,156		$	3,869		$	3,467		$	3,105		$	2,952
Written premium adjustment – statutory	(13		)	24			15			(7		)	11
Reported written premiums – statutory	4,143			3,893			3,482			3,098			2,963
Unearned premium change	(98		)	(180		)	(138		)	(69		)	(39		)
Earned premiums (GAAP)	$	4,045		$	3,713		$	3,344		$	3,029		$	2,924
Year-over-year growth rate:
Adjusted written premiums – statutory	7		%	12		%	12		%	5		%	1		%
Written premiums – statutory	6		%	12		%	12		%	5		%	2		%
Earned premiums	9		%	11		%	10		%	4		%	—		%
Statutory ratios*
Reported combined ratio	95.1		%	92.7		%	95.4		%	108.9		%	101.8		%
Less catastrophe losses	5.1			4.6			10.0			13.3			5.1
Combined ratio excluding catastrophe losses	90.0		%	88.1		%	85.4		%	95.6		%	96.7		%
Reported commission expense ratio	18.4		%	18.6		%	18.9		%	18.6		%	18.7		%
Reported other underwriting expense ratio	11.7			12.2			12.6			13.3			14.2
Reported expense ratio	30.1		%	30.8		%	31.5		%	31.9		%	32.9		%
GAAP combined ratio
GAAP combined ratio	95.6		%	93.8		%	96.1		%	109.3		%	101.8		%
Written premiums to surplus
Written premiums to statutory surplus ratio	0.926			0.900			0.890			0.826			0.784
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. nm - Not meaningful * Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate      regulatory bodies.

CINF Fourth-Quarter 2014 Supplemental Financial Data

18

Consolidated Cincinnati Insurance Companies
5-Year Property Casualty Data - Commercial Lines
(Dollars in millions)	Years ended December 31,
	2014			2013			2012			2011			2010
Premiums*
Adjusted written premiums – statutory	$	2,935		$	2,736		$	2,444		$	2,225		$	2,144
Written premium adjustment – statutory	(13		)	24			15			(7		)	11
Reported written premiums – statutory	2,922			2,760			2,459			2,218			2,155
Unearned premium change	(66		)	(124		)	(76		)	(21		)	(1		)
Earned premiums (GAAP)	$	2,856		$	2,636		$	2,383		$	2,197		$	2,154
Year-over-year growth rate:
Adjusted written premiums – statutory	7		%	13		%	10		%	4		%	(2		)%
Written premiums – statutory	6		%	12		%	11		%	3		%	(1		)%
Earned premiums	8		%	11		%	8		%	2		%	(2		)%
Statutory combined ratio*
Reported combined ratio	94.3		%	91.8		%	92.1		%	104.2		%	99.6		%
Less catastrophe losses	4.3			3.7			8.2			10.4			4.1
Combined ratio excluding catastrophe losses	90.0		%	88.1		%	83.9		%	93.8		%	95.5		%
GAAP combined ratio
GAAP combined ratio	95.1		%	93.0		%	92.5		%	104.8		%	99.4		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. nm - Not meaningful * Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate      regulatory bodies.

CINF Fourth-Quarter 2014 Supplemental Financial Data

19

Consolidated Cincinnati Insurance Companies
5-Year Property Casualty Data - Personal Lines
(Dollars in millions)	Years ended December 31,
	2014			2013			2012			2011			2010
Premiums*
Adjusted written premiums – statutory	$	1,068		$	1,005		$	918		$	801		$	750
Written premium adjustment – statutory	—			—			—			—			—
Reported written premiums – statutory	1,068			1,005			918			801			750
Unearned premium change	(27		)	(44		)	(50		)	(39		)	(29		)
Earned premiums (GAAP)	$	1,041		$	961		$	868		$	762		$	721
Year-over-year growth rate:
Adjusted written premiums – statutory	6		%	9		%	15		%	7		%	9		%
Written premiums – statutory	6		%	9		%	15		%	7		%	9		%
Earned premiums	8		%	11		%	14		%	6		%	5		%
Statutory combined ratio*
Reported combined ratio	99.1		%	96.3		%	104.0		%	124.2		%	107.1		%
Less catastrophe losses	7.8			7.7			15.9			22.7			8.1
Combined ratio excluding catastrophe losses	91.3		%	88.6		%	88.1		%	101.5		%	99.0		%
GAAP combined ratio
GAAP combined ratio	99.2		%	96.8		%	105.3		%	124.0		%	107.8		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. nm - Not meaningful * Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate      regulatory bodies.

CINF Fourth-Quarter 2014 Supplemental Financial Data

20

Consolidated Cincinnati Insurance Companies
5-Year Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Years ended December 31,
	2014			2013			2012			2011			2010
Premiums*
Adjusted written premiums – statutory	$	153		$	128		$	105		$	79		$	58
Written premium adjustment – statutory	—			—			—			—			—
Reported written premiums – statutory	153			128			105			79			58
Unearned premium change	(5		)	(12		)	(12		)	(9		)	(9		)
Earned premiums (GAAP)	$	148		$	116		$	93		$	70		$	49
Year-over-year growth rate:
Adjusted written premiums – statutory	20		%	22		%	33		%	36		%	49		%
Written premiums – statutory	20		%	22		%	33		%	36		%	49		%
Earned premiums	28		%	25		%	33		%	43		%	81		%
Statutory combined ratio*
Reported combined ratio	81.8		%	87.8		%	100.8		%	90.8		%	118.9		%
Less catastrophe losses	2.0			0.8			2.2			2.2			1.2
Combined ratio excluding catastrophe losses	79.8		%	87.0		%	98.6		%	88.6		%	117.7		%
GAAP combined ratio
GAAP combined ratio	79.4		%	87.8		%	101.0		%	92.2		%	117.2		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. nm - Not meaningful * Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate      regulatory bodies.

CINF Fourth-Quarter 2014 Supplemental Financial Data

21

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/14			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	$	906		$	958		$	974		$	956		$	854		$	915		$	879		$	845		$	1,930		$	1,724		$	2,888		$	2,639		$	3,794		$	3,493
Agency new business written premiums	122			125			133			123			128			141			139			135			256			274			381			415			503			543
Other written premiums	(41		)	(46		)	(25		)	(42		)	(74		)	(25		)	(34		)	(10		)	(67		)	(44		)	(113		)	(69		)	(154		)	(143		)
Reported written premiums – statutory*	$	987		$	1,037		$	1,082		$	1,037		$	908		$	1,031		$	984		$	970		$	2,119		$	1,954		$	3,156		$	2,985		$	4,143		$	3,893
Unearned premium change	48			(12		)	(76		)	(58		)	52			(77		)	(74		)	(81		)	(134		)	(155		)	(146		)	(232		)	(98		)	(180		)
Earned premiums	$	1,035		$	1,025		$	1,006		$	979		$	960		$	954		$	910		$	889		$	1,985		$	1,799		$	3,010		$	2,753		$	4,045		$	3,713
Year over year change %
Agency renewal written premiums	6		%	5		%	11		%	13		%	11		%	13		%	10		%	11		%	12		%	11		%	9		%	11		%	9		%	11		%
Agency new business written premiums	(5		)	(11		)	(4		)	(9		)	(3		)	8			6			25			(7		)	15			(8		)	12			(7		)	8
Other written premiums	45			(84		)	26			(320		)	(12		)	34			(31		)	63			(52		)	17			(64		)	24			(8		)	9
Reported written premiums – statutory*	9			1			10			7			8			15			9			15			8			12			6			13			6			12
Paid losses and loss expenses
Losses paid	$	478		$	543		$	517		$	484		$	477		$	470		$	431		$	424		$	1,001		$	855		$	1,543		$	1,325		$	2,021		$	1,802
Loss expenses paid	98			96			98			100			98			92			90			89			198			179			295			271			392			369
Loss and loss expenses paid	$	576		$	639		$	615		$	584		$	575		$	562		$	521		$	513		$	1,199		$	1,034		$	1,838		$	1,596		$	2,413		$	2,171
Statutory combined ratio
Loss ratio	49.0		%	50.0		%	60.7		%	57.9		%	51.6		%	51.7		%	56.3		%	48.9		%	59.4		%	52.7		%	56.2		%	52.3		%	54.4		%	52.1		%
DCC expense ratio	5.7			5.1			3.9			5.2			4.7			4.4			1.1			3.9			4.5			2.4			4.7			3.1			5.0			3.5
AO expense ratio	5.4			5.6			5.6			6.0			6.3			6.1			6.6			6.2			5.8			6.4			5.7			6.3			5.6			6.3
Net underwriting expense ratio	31.7			30.6			29.4			29.0			32.8			30.1			30.6			29.9			29.2			30.3			29.7			30.3			30.1			30.8
Statutory combined ratio	91.8		%	91.3		%	99.6		%	98.1		%	95.4		%	92.3		%	94.6		%	88.9		%	98.9		%	91.8		%	96.3		%	92.0		%	95.1		%	92.7		%
Contribution from catastrophe losses	(0.9		)	1.2			11.4			8.9			3.2			5.7			8.3			1.2			10.2			4.8			7.1			5.1			5.1			4.6
Statutory combined ratio excl. catastrophe losses	92.7		%	90.1		%	88.2		%	89.2		%	92.2		%	86.6		%	86.3		%	87.7		%	88.7		%	87.0		%	89.2		%	86.9		%	90.0		%	88.1		%
Commission expense ratio	19.2		%	18.9		%	17.9		%	17.7		%	19.5		%	18.5		%	18.5		%	17.9		%	17.8		%	18.2		%	18.1		%	18.3		%	18.4		%	18.6		%
Other expense ratio	12.5			11.7			11.5			11.3			13.3			11.6			12.1			12.0			11.4			12.1			11.6			12.0			11.7			12.2
Statutory expense ratio	31.7		%	30.6		%	29.4		%	29.0		%	32.8		%	30.1		%	30.6		%	29.9		%	29.2		%	30.3		%	29.7		%	30.3		%	30.1		%	30.8		%
GAAP combined ratio
GAAP combined ratio	90.4		%	91.0		%	100.9		%	100.3		%	93.9		%	93.7		%	96.4		%	91.2		%	100.6		%	93.9		%	97.3		%	93.8		%	95.6		%	93.8		%
Contribution from catastrophe losses	(0.9		)	1.2			11.4			8.9			3.2			5.7			8.3			1.2			10.2			4.8			7.1			5.1			5.1			4.6
GAAP combined ratio excl. catastrophe losses	91.3		%	89.8		%	89.5		%	91.4		%	90.7		%	88.0		%	88.1		%	90.0		%	90.4		%	89.1		%	90.2		%	88.7		%	90.5		%	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 Fourth-Quarter 2014 Supplemental Financial Data

22

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/14			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	$	645		$	651		$	669		$	713		$	606		$	632		$	602		$	631		$	1,382		$	1,233		$	2,033		$	1,865		$	2,678		$	2,471
Agency new business written premiums	86			89			95			90			92			102			100			97			185			197			274			299			360			391
Other written premiums	(32		)	(36		)	(16		)	(32		)	(63		)	(15		)	(24		)	—			(48		)	(24		)	(84		)	(39		)	(116		)	(102		)
Reported written premiums – statutory*	$	699		$	704		$	748		$	771		$	635		$	719		$	678		$	728		$	1,519		$	1,406		$	2,223		$	2,125		$	2,922		$	2,760
Unearned premium change	31			16			(34		)	(79		)	45			(39		)	(33		)	(97		)	(113		)	(130		)	(97		)	(169		)	(66		)	(124		)
Earned premiums	$	730		$	720		$	714		$	692		$	680		$	680		$	645		$	631		$	1,406		$	1,276		$	2,126		$	1,956		$	2,856		$	2,636
Year over year change %
Agency renewal written premiums	6		%	3		%	11		%	13		%	10		%	13		%	9		%	11		%	12		%	10		%	9		%	11		%	8		%	11		%
Agency new business written premiums	(7		)	(13		)	(4		)	(7		)	(4		)	13			10			29			(6		)	19			(8		)	17			(8		)	11
Other written premiums	49			(140		)	33			nm			(11		)	46			(41		)	100			(100		)	35			(115		)	40			(14		)	16
Reported written premiums – statutory*	10			(2		)	10			6			8			16			8			16			8			12			5			14			6			12
Paid losses and loss expenses
Losses paid	$	325		$	368		$	347		$	327		$	327		$	306		$	286		$	297		$	674		$	585		$	1,041		$	891		$	1,366		$	1,218
Loss expenses paid	75			74			75			76			75			70			68			68			151			135			226			205			300			280
Loss and loss expenses paid	$	400		$	442		$	422		$	403		$	402		$	376		$	354		$	365		$	825		$	720		$	1,267		$	1,096		$	1,666		$	1,498
Statutory combined ratio
Loss ratio	49.9		%	47.5		%	54.7		%	56.1		%	48.8		%	51.1		%	54.9		%	47.3		%	55.4		%	51.2		%	52.8		%	51.2		%	52.0		%	50.6		%
DCC expense ratio	6.9			6.2			4.6			6.4			5.3			5.1			0.6			4.3			5.5			2.5			5.7			3.4			6.1			3.9
AO expense ratio	5.5			5.7			5.2			5.4			6.3			5.7			6.4			6.2			5.3			6.2			5.4			6.0			5.4			6.1
Net underwriting expense ratio	32.5			32.2			30.5			28.5			34.0			30.8			31.5			29.0			29.5			30.2			30.3			30.4			30.8			31.2
Statutory combined ratio	94.8		%	91.6		%	95.0		%	96.4		%	94.4		%	92.7		%	93.4		%	86.8		%	95.7		%	90.1		%	94.2		%	91.0		%	94.3		%	91.8		%
Contribution from catastrophe losses	(1.0		)	1.0			8.6			8.5			1.7			5.4			7.1			0.4			8.5			3.8			6.0			4.4			4.3			3.7
Statutory combined ratio excl. catastrophe losses	95.8		%	90.6		%	86.4		%	87.9		%	92.7		%	87.3		%	86.3		%	86.4		%	87.2		%	86.3		%	88.2		%	86.6		%	90.0		%	88.1		%
Commission expense ratio	18.9		%	19.0		%	17.7		%	16.4		%	19.1		%	18.0		%	17.9		%	16.5		%	17.0		%	17.2		%	17.7		%	17.4		%	18.0		%	17.8		%
Other expense ratio	13.6			13.2			12.8			12.1			14.9			12.8			13.6			12.5			12.5			13.0			12.6			13.0			12.8			13.5
Statutory expense ratio	32.5		%	32.2		%	30.5		%	28.5		%	34.0		%	30.8		%	31.5		%	29.0		%	29.5		%	30.2		%	30.3		%	30.4		%	30.8		%	31.3		%
GAAP combined ratio
GAAP combined ratio	93.6		%	90.7		%	96.3		%	99.9		%	92.7		%	93.7		%	94.9		%	90.8		%	98.1		%	92.9		%	95.6		%	93.2		%	95.1		%	93.0		%
Contribution from catastrophe losses	(1.0		)	1.0			8.6			8.5			1.7			5.4			7.1			0.4			8.5			3.8			6.0			4.4			4.3			3.7
GAAP combined ratio excl. catastrophe losses	94.6		%	89.7		%	87.7		%	91.4		%	91.0		%	88.3		%	87.8		%	90.4		%	89.6		%	89.1		%	89.6		%	88.8		%	90.8		%	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 Fourth-Quarter 2014 Supplemental Financial Data

23

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/14			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	$	233		$	278		$	276		$	218		$	224		$	258		$	251		$	195		$	494		$	446		$	772		$	704		$	1,005		$	928
Agency new business written premiums	24			23			24			21			24			28			30			28			45			58			68			86			92			110
Other written premiums	(8		)	(7		)	(6		)	(8		)	(9		)	(8		)	(8		)	(8		)	(14		)	(16		)	(21		)	(24		)	(29		)	(33		)
Reported written premiums – statutory*	$	249		$	294		$	294		$	231		$	239		$	278		$	273		$	215		$	525		$	488		$	819		$	766		$	1,068		$	1,005
Unearned premium change	17			(31		)	(36		)	23			10			(34		)	(36		)	16			(13		)	(20		)	(44		)	(54		)	(27		)	(44		)
Earned premiums	$	266		$	263		$	258		$	254		$	249		$	244		$	237		$	231		$	512		$	468		$	775		$	712		$	1,041		$	961
Year over year change %
Agency renewal written premiums	4		%	8		%	10		%	12		%	10		%	12		%	11		%	11		%	11		%	11		%	10		%	11		%	8		%	11		%
Agency new business written premiums	0			(18		)	(20		)	(25		)	(11		)	(10		)	3			17			(22		)	9			(21		)	2			(16		)	(1		)
Other written premiums	11			13			25			0			(13		)	11			(33		)	(33		)	13			(33		)	13			(14		)	12			(14		)
Reported written premiums – statutory*	4			6			8			7			8			10			9			11			8			10			7			10			6			9
Paid losses and loss expenses
Losses paid	$	147		$	170		$	167		$	152		$	141		$	158		$	141		$	122		$	319		$	261		$	489		$	419		$	636		$	560
Loss expenses paid	21			19			20			21			20			19			19			19			41			39			60			58			81			78
Loss and loss expenses paid	$	168		$	189		$	187		$	173		$	161		$	177		$	160		$	141		$	360		$	300		$	549		$	477		$	717		$	638
Statutory combined ratio
Loss ratio	48.9		%	60.5		%	79.4		%	64.8		%	62.6		%	54.1		%	60.6		%	53.6		%	72.2		%	57.2		%	68.2		%	56.0		%	63.3		%	57.8		%
DCC expense ratio	1.8			1.4			1.6			1.6			1.9			2.1			1.5			1.4			1.6			1.5			1.5			1.7			1.6			1.7
AO expense ratio	5.1			5.5			6.7			7.7			6.9			7.5			7.4			6.3			7.2			6.8			6.6			7.1			6.2			7.0
Net underwriting expense ratio	29.3			26.3			26.6			30.5			30.1			28.4			28.5			32.8			28.3			30.4			27.6			29.7			28.0			29.8
Statutory combined ratio	85.1		%	93.7		%	114.3		%	104.6		%	101.5		%	92.1		%	98.0		%	94.1		%	109.3		%	95.9		%	103.9		%	94.5		%	99.1		%	96.3		%
Contribution from catastrophe losses	(1.4		)	2.0			20.4			10.8			7.7			7.0			12.6			3.5			15.7			8.1			11.0			7.7			7.8			7.7
Statutory combined ratio excl. catastrophe losses	86.5		%	91.7		%	93.9		%	93.8		%	93.8		%	85.1		%	85.4		%	90.6		%	93.6		%	87.8		%	92.9		%	86.8		%	91.3		%	88.6		%
Commission expense ratio	19.0		%	17.0		%	17.4		%	20.5		%	19.5		%	19.0		%	19.0		%	21.7		%	18.8		%	20.2		%	18.2		%	19.7		%	18.3		%	19.7		%
Other expense ratio	10.3			9.3			9.2			10.0			10.6			9.4			9.5			11.1			9.5			10.2			9.4			10.0			9.7			10.0
Statutory expense ratio	29.3		%	26.3		%	26.6		%	30.5		%	30.1		%	28.4		%	28.5		%	32.8		%	28.3		%	30.4		%	27.6		%	29.7		%	28.0		%	29.7		%
GAAP combined ratio
GAAP combined ratio	83.7		%	95.0		%	115.8		%	103.0		%	100.3		%	94.5		%	100.4		%	91.6		%	109.4		%	96.1		%	104.5		%	95.5		%	99.2		%	96.8		%
Contribution from catastrophe losses	(1.4		)	2.0			20.4			10.8			7.7			7.0			12.6			3.5			15.7			8.1			11.0			7.7			7.8			7.7
GAAP combined ratio excl. catastrophe losses	85.1		%	93.0		%	95.4		%	92.2		%	92.6		%	87.5		%	87.8		%	88.1		%	93.7		%	88.0		%	93.5		%	87.8		%	91.4		%	89.1		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not   equal the full year as each is computed independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2014 Supplemental Financial Data

24

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/14			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	$	28		$	29		$	29		$	25		$	24		$	25		$	26		$	19		$	54		$	45		$	83		$	70		$	111		$	94
Agency new business written premiums	12			13			14			12			12			11			9			10			26			19			39			30			51			42
Other written premiums	(1		)	(3		)	(3		)	(2		)	(2		)	(2		)	(2		)	(2		)	(5		)	(4		)	(8		)	(6		)	(9		)	(8		)
Reported written premiums – statutory*	$	39		$	39		$	40		$	35		$	34		$	34		$	33		$	27		$	75		$	60		$	114		$	94		$	153		$	128
Unearned premium change	—			3			(6		)	(2		)	(3		)	(4		)	(5		)	—			(8		)	(5		)	(5		)	(9		)	(5		)	(12		)
Earned premiums	$	39		$	42		$	34		$	33		$	31		$	30		$	28		$	27		$	67		$	55		$	109		$	85		$	148		$	116
Year over year change %
Agency renewal written premiums	17		%	16		%	12		%	32		%	26		%	32		%	37		%	19		%	20		%	29		%	19		%	30		%	18		%	29		%
Agency new business written premiums	0			18			56			20			33			22			(18		)	11			37			(5		)	30			3			21			11
Other written premiums	50			(50		)	(50		)	0			(100		)	(100		)	33			(100		)	(25		)	0			(33		)	(20		)	(13		)	(33		)
Reported written premiums – statutory*	15			15			21			30			26			26			22			13			25			18			21			21			20			22
Paid losses and loss expenses
Losses paid	$	6		$	5		$	3		$	5		$	9		$	6		$	4		$	5		$	8		$	9		$	13		$	15		$	19		$	24
Loss expenses paid	2			3			3			3			3			3			3			2			6			5			9			8			11			11
Loss and loss expenses paid	$	8		$	8		$	6		$	8		$	12		$	9		$	7		$	7		$	14		$	14		$	22		$	23		$	30		$	35
Statutory combined ratio
Loss ratio	34.4		%	27.9		%	46.6		%	40.6		%	24.7		%	43.5		%	52.1		%	47.2		%	43.7		%	49.7		%	37.6		%	47.4		%	36.8		%	41.3		%
DCC expense ratio	7.4			9.5			6.5			8.4			12.1			7.0			9.3			11.9			7.4			10.6			8.2			9.4			8.0			10.1
AO expense ratio	7.2			4.4			3.9			7.6			4.2			5.5			5.5			6.1			5.7			5.8			5.2			5.7			5.7			5.3
Net underwriting expense ratio	31.4			34.0			29.1			30.4			29.9			30.9			30.9			33.3			29.7			32.0			31.2			31.6			31.3			31.1
Statutory combined ratio	80.4		%	75.8		%	86.1		%	87.0		%	70.9		%	86.9		%	97.8		%	98.5		%	86.5		%	98.1		%	82.2		%	94.1		%	81.8		%	87.8		%
Contribution from catastrophe losses	3.0			(0.6		)	2.9			3.1			(1.7		)	2.5			1.9			0.4			3.0			1.2			1.6			1.7			2.0			0.8
Statutory combined ratio excl. catastrophe losses	77.4		%	76.4		%	83.2		%	83.9		%	72.6		%	84.4		%	95.9		%	98.1		%	83.5		%	96.9		%	80.6		%	92.4		%	79.8		%	87.0		%
Commission expense ratio	26.6		%	29.1		%	25.8		%	26.5		%	25.9		%	26.3		%	26.3		%	26.9		%	26.1		%	26.6		%	27.2		%	26.5		%	27.0		%	26.3		%
Other expense ratio	4.8			4.9			3.3			3.9			4.0			4.6			4.6			6.4			3.6			5.4			4.0			5.1			4.3			4.8
Statutory expense ratio	31.4		%	34.0		%	29.1		%	30.4		%	29.9		%	30.9		%	30.9		%	33.3		%	29.7		%	32.0		%	31.2		%	31.6		%	31.3		%	31.1		%
GAAP combined ratio
GAAP combined ratio	77.8		%	70.2		%	85.0		%	86.9		%	70.4		%	86.7		%	98.7		%	98.0		%	85.9		%	98.4		%	79.9		%	94.2		%	79.4		%	87.8		%
Contribution from catastrophe losses	3.0			(0.6		)	2.9			3.1			(1.7		)	2.5			1.9			0.4			3.0			1.2			1.6			1.7			2.0			0.8
GAAP combined ratio excl. catastrophe losses	74.8		%	70.8		%	82.1		%	83.8		%	72.1		%	84.2		%	96.8		%	97.6		%	82.9		%	97.2		%	78.3		%	92.5		%	77.4		%	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 Fourth-Quarter 2014 Supplemental Financial Data

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The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended December 31,											For the Twelve Months Ended December 31,
(Dollars in millions)	2014			2013			Change			% Change		2014			2013			Change			% Change
Net premiums written	$	62		$	60		$	2		3		$	244		$	235		$	9		4
Net investment income	37			36			1			3		148			143			5			3
Amortization of interest maintenance reserve	2			1			1			100		5			2			3			150
Commissions and expense allowances on reinsurance ceded	2			2			—			0		6			6			—			0
Income from fees associated with Separate Accounts	2			1			1			100		6			5			1			20
Total revenues	$	105		$	100		$	5		5		$	409		$	391		$	18		5
Death benefits and matured endowments	$	25		$	19		$	6		32		$	98		$	74		$	24		32
Annuity benefits	15			13			2			15		62			51			11			22
Disability benefits and benefits under accident and health contracts	1			1			—			0		2			2			—			0
Surrender benefits and group conversions	5			4			1			25		22			22			—			0
Interest and adjustments on deposit-type contract funds	2			3			(1		)	(33	)	10			10			—			0
Increase in aggregate reserves for life and accident and health contracts	41			42			(1		)	(2	)	169			180			(11		)	(6	)
Payments on supplementary contracts with life contingencies	—			—			—			nm		—			—			—			nm
Total benefit expenses	$	89		$	82		$	7		9		$	363		$	339		$	24		7
Commissions	$	9		$	10		$	(1	)	(10	)	$	37		$	39		$	(2	)	(5	)
General insurance expenses and taxes	10			10			—			0		40			43			(3		)	(7	)
Increase in loading on deferred and uncollected premiums	(1		)	(3		)	2			(67	)	(5		)	(8		)	3			(38	)
Net transfers from Separate Accounts	—			—			—			nm		(6		)	—			(6		)	nm
Other deductions	—			—			—			nm		—			—			—			nm
Total operating expenses	$	18		$	17		$	1		6		$	66		$	74		$	(8	)	(11	)
Federal and foreign income tax (benefit)	(1		)	3			(4		)	nm		(7		)	(1		)	(6		)	600
Net loss from operations before realized capital gains	$	(1	)	$	(2	)	$	1		(50	)	$	(13	)	$	(21	)	$	8		(38	)
Net realized gains net of capital gains tax	(6		)	—			(6		)	nm		(6		)	1			(7		)	(700	)
Net loss (statutory)	$	(7	)	$	(2	)	$	(5	)	250		$	(19	)	$	(20	)	$	1		(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 Fourth-Quarter 2014 Supplemental Financial Data

26