Schedule II



Cincinnati Financial Corporation (parent company only)
Condensed Balance Sheets
(Dollars in millions)	At December 31,
	2014			2013
Assets
Investments
Fixed maturities, at fair value	$	69		$	75
Equity securities, at fair value	1,643			1,366
Other invested assets	37			32
Total investments	1,749			1,473
Cash and cash equivalents	72			91
Equity in net assets of subsidiaries	5,627			5,351
Investment income receivable	6			5
Land, building and equipment, net, for company use (accumulated depreciation: 2014—$112; 2013—$106)	144			148
Prepaid income tax	—			2
Other assets	23			24
Due from subsidiaries	107			114
Total assets	$	7,728		$	7,208
Liabilities
Dividends declared but unpaid	$	72		$	68
Deferred federal income tax	216			185
Long-term debt	791			790
Other liabilities	76			95
Total liabilities	1,155			1,138
Shareholders' Equity
Common stock	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	(1,287		)	(1,290		)
Total shareholders' equity	6,573			6,070
Total liabilities and shareholders' equity	$	7,728		$	7,208

This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8.

Schedule II (continued)



Cincinnati Financial Corporation (parent company only)
Condensed Statements of Income
(Dollars in millions)	Years ended December 31,
	2014			2013			2012
Revenues
Investment income, net of expenses	$	46		$	41		$	42
Realized investment gains, net	34			21			34
Other revenue	16			15			15
Total revenues	96			77			91
Expenses
Interest expense	52			53			53
Other expenses	28			29			27
Total expenses	80			82			80
Income (Loss) Before Income Taxes and Earnings of Subsidiaries	16			(5		)	11
Benefit for income taxes	(5		)	(11		)	(4		)
Net Income Before Earnings of Subsidiaries	21			6			15
Increase in equity of subsidiaries	504			511			406
Net Income	$	525		$	517		$	421

This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8.

Schedule II (continued)



Cincinnati Financial Corporation (parent company only)
Condensed Statements of Comprehensive Income
(Dollars in millions)	Years ended December 31,
	2014			2013			2012
Net Income	$	525		$	517		$	421
Other Comprehensive Income, Before Tax
Unrealized gains on investments available-for-sale	150			303			67
Unrealized gains on investments held by subsidiaries	367			240			361
Reclassification adjustment for (gains) included in net income	(34		)	(21		)	(34		)
Reclassification adjustment for (gains) included in net income on subsidiaries	(99		)	(62		)	(8		)
Unrealized gains (losses) on other	7			(1		)	5
Unrealized (losses) gains on other subsidiaries	(3		)	35			(26		)
Unrealized gains on investments available-for-sale, investments held by subsidiaries and other	388			494			365
Amortization of pension actuarial (loss) gain and prior service cost	(18		)	83			(13		)
Other comprehensive income before tax	370			577			352
Income taxes on above of other comprehensive income	130			202			124
Other comprehensive income, net of tax	240			375			228
Comprehensive Income	$	765		$	892		$	649

This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8.

Schedule II (continued)



Cincinnati Financial Corporation (parent company only)
Condensed Statements of Cash Flows
(Dollars in millions)	Years ended December 31,
	2014			2013			2012
Cash Flows From Operating Activities
Net income	$	525		$	517		$	421
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7			7			7
Realized investment gains, net	(34		)	(21		)	(34		)
Dividends from subsidiaries	400			378			300
Changes in:
Increase in equity of subsidiaries	(504		)	(511		)	(406		)
Investment income receivable	(1		)	(2		)	1
Current federal income taxes	3			12			(24		)
Deferred income tax	(6		)	(6		)	18
Other assets	20			(30		)	(2		)
Other liabilities	(14		)	39			7
Intercompany receivable for operations	22			(39		)	—
Net cash provided by operating activities	418			344			288

Cash Flows From Investing Activities
Sale of fixed maturities	—			—			114
Call or maturity of fixed maturities	4			23			13
Sale of equity securities	112			75			111
Purchase of fixed maturities	—			—			(1		)
Purchase of equity securities	(225		)	(179		)	(212		)
Investment in buildings and equipment, net	(2		)	(1		)	(1		)
Change in other invested assets, net	4			4			4
Return of capital from subsidiaries	—			22			—
Net cash (used) provided by investing activities	(107		)	(56		)	28

Cash Flows From Financing Activities
Payments on notes payable	(55		)	—			—
Payment of cash dividends to shareholders	(278		)	(263		)	(256		)
Purchase of treasury shares	(21		)	(52		)	—
Proceeds from stock options exercised	22			25			9
Net transfers to subsidiaries	—			—			(2		)
Other	2			3			3
Net cash used in financing activities	(330		)	(287		)	(246		)
Net change in cash and cash equivalents	(19		)	1			70
Cash and cash equivalents at beginning of year	91			90			20
Cash and cash equivalents at end of year	$	72		$	91		$	90

This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8.