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: July 28, 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 July 28, 2015, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Second-Quarter 2015 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On July 28, 2015, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

On July 28, 2015, Cincinnati Financial Corporation issued the attached news release titled “The Cincinnati Insurance Company Adds Reinsurance Assumed Expertise,” furnished as Exhibit 99.3 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 releases 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 July 28, 2015, “Cincinnati Financial Reports Second-Quarter 2015 Results”

Exhibit 99.2 – Supplemental Financial Data for the period ending June 30, 2015 distributed July 28, 2015.

Exhibit 99.3 – News release dated July 28, 2015, “The Cincinnati Insurance Company Adds Reinsurance Assumed Expertise”

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: July 28, 2015	/S/Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Senior Vice President and Treasurer

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 Second-Quarter 2015 Results

Cincinnati, July 28, 2015 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

• Second-quarter 2015 net income of $176 million, or $1.06 per share, compared with $84 million, or 51 cents per share, in the second quarter of 2014.

• $63 million or 84 percent rise in operating income* to $138 million, or 83 cents per share, up from $75 million, or 46 cents per share, in the second quarter of last year.

• $92 million increase in second-quarter 2015 net income, reflecting the after-tax net effect of two primary items: $59million improvement in the contribution from property casualty underwriting, including a favorable effect of $23million from lower natural catastrophe losses; and a $29million increase from net realized investment gains.

• $39.60 book value per share at June 30, 2015, down 54 cents or 1 percent since December 31, 2014.

• 0.9 percent value creation ratio for the first six months of 2015, compared with 6.6 percent for the same period of 2014.

Financial Highlights

(Dollars in millions except per share data)	Three months ended June 30,						Six months ended June 30,
		2015		2014		% Change		2015		2014		% Change
Revenue Data
Earned premiums		$	1,111	$	1,059	5		$	2,205	$	2,086	6
Investment income, net of expenses		140		136		3		279		271		3
Total revenues		1,316		1,214		8		2,601		2,403		8
Income Statement Data
Net income		$	176	$	84	110		$	304	$	175	74
Realized investment gains, net		38		9		322		69		23		200
Operating income*		$	138	$	75	84		$	235	$	152	55
Per Share Data (diluted)
Net income		$	1.06	$	0.51	108		$	1.84	$	1.06	74
Realized investment gains, net		0.23		0.05		360		0.42		0.14		200
Operating income*		$	0.83	$	0.46	80		$	1.42	$	0.92	54
Book value								$	39.60	$	38.77	2
Cash dividend declared		$	0.46	$	0.44	5		$	0.92	$	0.88	5
Diluted weighted average shares outstanding		165.5		165.1		0		165.5		165.1		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 2Q15 Release 1

Insurance Operations Second-Quarter Highlights

• 92.4 percent second-quarter 2015 property casualty combined ratio, improved from 100.9 percent for

second-quarter 2014.

• 6 percent growth in second-quarter net written premiums, reflecting price increases and insured exposure growth.

• $138 million second-quarter 2015 property casualty new business written premiums, up $5 million. Agencies appointed since the beginning of 2014 contributed $9 million or 7 percent of total new business written premiums.

• 7 cents per share contribution from life insurance operating income, up 1 cent from second-quarter 2014.

Investment and Balance Sheet Highlights

• 3 percent or $4 million increase in second-quarter 2015 pretax investment income, including 3 percent growth for both stock portfolio dividends and bond interest income.

• Three-month increase of less than 1 percent in fair value of total investments plus cash at June 30, 2015, including a 1 percent increase for the bond portfolio and a 1 percent decrease for the equity portfolio.

• $1.787 billion parent company cash and marketable securities at June 30, 2015, up approximately $3 million from year-end 2014.

Improving Underwriting Results

Steven J. Johnston, president and chief executive officer, commented: “Operating income rose 84 percent and net income more than doubled last year’s second-quarter result. Property casualty insurance underwriting profits rose $90 million before taxes, taking net income to the highest level for any second quarter since 2007. Pretax income from our investment portfolio also contributed, growing 3 percent above the total reported for last year’s second quarter.

“A relatively quiet spring storm season helped our steady progress on insurance profitability initiatives shine through. Our second-quarter combined ratio improved to 92.4 percent – 8.5 points better than the same quarter a year ago. While roughly half of the improvement came from lower weather-related catastrophe losses, we attribute much of the remainder to the positive effects of further pricing precision and segmentation, continued use of data analytics, increasing staff expertise and our ongoing underwriting programs.

“Favorable prior accident year reserve releases for the quarter improved the combined ratio by 6.6 percentage points, essentially matching last year’s benefit. Based on our assessment of paid loss trends for our auto lines of business, we prudently increased loss reserves, mostly for the more subjective component of reserves known as IBNR, representing losses our policyholders have incurred but not yet reported. For auto claims that were reported to us, or case incurred claims, the good news is that we have achieved small decreases for two quarters in a row in the ratio for losses and loss expenses, which may indicate an improving trend.”

Continued Steady Growth

“The growth rate for our consolidated property casualty net written premiums rebounded, doubling our first-quarter 2015 pace. Total net written premiums grew by 4 percent for the first half of 2015 compared with the first half of 2014, reflecting the combined effects of modest pricing increases, strategic expansion of our independent agency force and overall insured exposure growth.

“Personal lines net written premiums rose 5 percent in the first half as the growth in personal lines new business accelerated to 20 percent. Agents are responding favorably to our broadened underwriting appetite and pricing changes. Together, we are successfully attracting more larger-sized personal lines accounts.”

Managing for Long-Term Value

“Rising interest rates pressured the bond markets in the second quarter. The lower market values at June 30 are reflected in our total portfolio’s net unrealized gain position, still exceptionally strong at $2.4 billion. The change in net unrealized gains contributed to a 1 percent decline in book value to $39.60 at June 30 compared with year-end 2014.

“Our long-term strategies include several advantages that support book value growth over time. First, our generally laddered bond portfolio allows us to capture higher yield as we reinvest proceeds from interest payments and bond redemptions. Second, our high-quality, dividend paying equity portfolio gives us steady dividend income and long-term capital appreciation potential. Finally and most importantly, our ongoing initiatives to drive premium growth and improve underwriting profitability of our property casualty insurance operations have been successful. We believe their impact will continue to benefit future periods. Our insurance business is in excellent shape to provide cash for investment, earnings that support our shareholder dividend and increase book value over time.”

CINF 2Q15 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)	Three months ended June 30,									Six months ended June 30,
		2015			2014			% Change		2015			2014			% Change
Earned premiums		$	1,059		$	1,006		5		$	2,100		$	1,985		6
Fee revenues		2			2			0		4			3			33
Total revenues		1,061			1,008			5		2,104			1,988			6
Loss and loss expenses		654			707			(7	)	1,343			1,383			(3	)
Underwriting expenses		324			308			5		651			613			6
Underwriting profit (loss)		$	83		$	(7	)	nm		$	110		$	(8	)	nm
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		61.8		%	70.2		%	(8.4	)	63.9		%	69.7		%	(5.8	)
Underwriting expenses		30.6			30.7			(0.1	)	31.0			30.9			0.1
Combined ratio		92.4		%	100.9		%	(8.5	)	94.9		%	100.6		%	(5.7	)
								% Change								% Change
Agency renewal written premiums		$	1,018		$	974		5		$	2,001		$	1,930		4
Agency new business written premiums		138			133			4		254			256			(1	)
Other written premiums		(14		)	(25		)	44		(47		)	(67		)	30
Net written premiums		$	1,142		$	1,082		6		$	2,208		$	2,119		4
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		60.9		%	64.8		%	(3.9	)	62.0		%	63.6		%	(1.6	)
Current accident year catastrophe losses		7.5			11.9			(4.4	)	6.3			10.9			(4.6	)
Prior accident years before catastrophe losses		(6.6		)	(6.0		)	(0.6	)	(3.9		)	(4.1		)	0.2
Prior accident years catastrophe losses		0.0			(0.5		)	0.5		(0.5		)	(0.7		)	0.2
Loss and loss expense ratio		61.8		%	70.2		%	(8.4	)	63.9		%	69.7		%	(5.8	)
Current accident year combined ratio before catastrophe   losses		91.5		%	95.5		%	(4.0	)	93.0		%	94.5		%	(1.5	)

• $60 million or 6 percent growth of second-quarter 2015 property casualty net written premiums and six-month growth of 4 percent. The increases were largely due to price increases and a higher level of insured exposures.

• $5 million or 4 percent increase in second-quarter 2015 new business premiums written by agencies, primarily due to contributions from new agency appointments. Six-month new business premiums decreased $2 million, although standard market property casualty production from agencies appointed since the beginning of 2014 increased $12 million and excess and surplus lines increased $2 million.

• 1,493 agency relationships in 1,913 reporting locations marketing property casualty insurance products at June 30, 2015, compared with 1,466 agency relationships in 1,884 reporting locations at year-end 2014. During the first six months of 2015, 53 new agency appointments were made.

• 8.5 and 5.7 percentage-point second-quarter and first-half 2015 combined ratio improvement, including decreases of 3.9 and 4.4 points for losses from natural catastrophes.

• 1.4 and 2.2 percentage-point second-quarter and first-half 2015 decrease in the ratio for noncatastrophe weather-related losses.

• 6.6 percentage-point second-quarter 2015 benefit from favorable prior accident year reserve development of $70 million, compared with 6.5 points or $66 million for second-quarter 2014.

• 3.9 percentage-point six-month 2015 benefit from favorable prior accident year reserve development before catastrophe losses, similar to the six-month 2014 benefit of 4.1 points.

• 1.6 percentage-point improvement, to 62.0 percent, for the six-month 2015 ratio of current accident year losses and loss expenses before catastrophes, largely due to lower noncatastrophe weather-related losses and a 0.7 point decrease in the ratio for current accident year losses of $1 million or more per claim.

• Negligible change from last year in the second-quarter and first-half 2015 underwriting expense ratio, reflecting higher earned premiums and ongoing expense management efforts.

CINF 2Q15 Release 3

Commercial Lines Insurance Results

(Dollars in millions)	Three months ended June 30,									Six months ended June 30,
		2015			2014			% Change		2015			2014			% Change
Earned premiums		$	745		$	714		4		$	1,478		$	1,406		5
Fee revenues		1			1			0		2			2			0
Total revenues		746			715			4		1,480			1,408			5
Loss and loss expenses		417			461			(10	)	891			930			(4	)
Underwriting expenses		232			226			3		466			448			4
Underwriting profit		$	97		$	28		246		$	123		$	30		310
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		56.0		%	64.5		%	(8.5	)	60.3		%	66.2		%	(5.9	)
Underwriting expenses		31.2			31.8			(0.6	)	31.6			31.9			(0.3	)
Combined ratio		87.2		%	96.3		%	(9.1	)	91.9		%	98.1		%	(6.2	)
								% Change								% Change
Agency renewal written premiums		$	699		$	669		4		$	1,429		$	1,382		3
Agency new business written premiums		93			95			(2	)	172			185			(7	)
Other written premiums		(5		)	(16		)	69		(31		)	(48		)	35
Net written premiums		$	787		$	748		5		$	1,570		$	1,519		3
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		58.7		%	63.4		%	(4.7	)	59.9		%	61.5		%	(1.6	)
Current accident year catastrophe losses		5.8			9.1			(3.3	)	5.6			9.0			(3.4	)
Prior accident years before catastrophe losses		(8.6		)	(7.5		)	(1.1	)	(4.6		)	(3.8		)	(0.8	)
Prior accident years catastrophe losses		0.1			(0.5		)	0.6		(0.6		)	(0.5		)	(0.1	)
Loss and loss expense ratio		56.0		%	64.5		%	(8.5	)	60.3		%	66.2		%	(5.9	)
Current accident year combined ratio before catastrophe   losses		89.9		%	95.2		%	(5.3	)	91.5		%	93.4		%	(1.9	)

• $39 million or 5 percent increase in second-quarter 2015 commercial lines net written premiums, as higher renewal written premiums offset lower new business written premiums. Three percent increase in six-month net written premiums.

• $30 million or 4 percent rise in second-quarter renewal written premiums with commercial lines renewal pricing increases averaging in the low-single-digit percent range.

• $2 million or 2 percent decrease in second-quarter 2015 new business written by agencies, reflecting underwriting and pricing discipline in a competitive market environment. For the six-month period, the decrease was 7 percent.

• 9.1 and 6.2 percentage-point second-quarter and first-half 2015 combined ratio improvement, including decreases of 2.7 and 3.5 points for losses from natural catastrophes.

• 1.2 and 1.8 percentage-point second-quarter and first-half 2015 decrease in the ratio for noncatastrophe weather-related losses.

• 8.5 percentage-point second-quarter 2015 benefit from favorable prior accident year reserve development of $63 million, compared with 8.0 points or $57 million for second-quarter 2014.

• 4.6 percentage-point six-month 2015 benefit from favorable prior accident year reserve development before catastrophe losses exceeded the six-month 2014 benefit of 3.8 points.

• 1.6 percentage-point improvement, to 59.9 percent, for the six-month 2015 ratio of current accident year losses and loss expenses before catastrophes, driven by lower noncatastrophe weather-related losses and a 1.6 point decrease in the ratio for current accident year losses of $1 million or more per claim.

CINF 2Q15 Release 4

Personal Lines Insurance Results

(Dollars in millions)	Three months ended June 30,									Six months ended June 30,
		2015			2014			% Change		2015			2014			% Change
Earned premiums		$	272		$	258		5		$	540		$	512		5
Fee revenues		—			1			(100	)	1			1			0
Total revenues		272			259			5		541			513			5
Loss and loss expenses		216			227			(5	)	407			415			(2	)
Underwriting expenses		81			72			13		162			145			12
Underwriting loss		$	(25	)	$	(40	)	38		$	(28	)	$	(47	)	40
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		79.6		%	87.7		%	(8.1	)	75.3		%	81.0		%	(5.7	)
Underwriting expenses		29.6			28.1			1.5		30.0			28.4			1.6
Combined ratio		109.2		%	115.8		%	(6.6	)	105.3		%	109.4		%	(4.1	)
								% Change								% Change
Agency renewal written premiums		$	285		$	276		3		$	508		$	494		3
Agency new business written premiums		30			24			25		54			45			20
Other written premiums		(6		)	(6		)	0		(12		)	(14		)	14
Net written premiums		$	309		$	294		5		$	550		$	525		5
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		65.9		%	67.1		%	(1.2	)	66.3		%	67.5		%	(1.2	)
Current accident year catastrophe losses		12.8			21.0			(8.2	)	9.2			17.2			(8.0	)
Prior accident years before catastrophe losses		1.1			0.2			0.9		0.2			(2.2		)	2.4
Prior accident years catastrophe losses		(0.2		)	(0.6		)	0.4		(0.4		)	(1.5		)	1.1
Loss and loss expense ratio		79.6		%	87.7		%	(8.1	)	75.3		%	81.0		%	(5.7	)
Current accident year combined ratio before catastrophe   losses		95.5		%	95.2		%	0.3		96.3		%	95.9		%	0.4

• $15 million or 5 percent increase in second-quarter 2015 personal lines net written premiums, including growth in new business and higher renewal written premiums that benefited from rate increases. Five percent increase in six-month net written premiums.

• $6 million or 25 percent growth in second-quarter new business written by agencies, raising the six-month growth rate to 20 percent. The strong growth in part reflected more larger-sized policy submissions due to broadened underwriting appetite and pricing changes, plus increased visibility of underwriters and marketing efforts directed towards our agencies.

• 6.6 and 4.1 percentage-point second-quarter and first-half 2015 combined ratio improvement, including decreases of 7.8 and 6.9 points for losses from natural catastrophes.

• 2.1 and 3.5 percentage-point second-quarter and first-half 2015 decrease in the ratio for noncatastrophe weather-related losses.

• 0.9 percentage-point second-quarter 2015 unfavorable prior accident year reserve development of $2 million, reflecting a $7 million personal auto reserve addition, compared with 0.4 points of benefit from favorable development of $1 million for second-quarter 2014.

• 0.2 percentage-point six-month 2015 benefit from favorable prior accident year reserve development was less than the six-month 2014 benefit of 3.7 points, primarily due to unfavorable development for our personal auto line of business.

• 1.2 percentage-point improvement, to 66.3 percent, for the six-month 2015 ratio of current accident year losses and loss expenses before catastrophes, reflecting lower noncatastrophe weather-related losses that were partially offset by a 2.6 point increase in the ratio for current accident year losses of $1 million or more per claim.

• 1.5 and 1.6 percentage-point second-quarter and first-half 2015 increases in the underwriting expense ratio, primarily due to changes in estimates related to allocations of deferred acquisition costs by segment.

CINF 2Q15 Release 5

Excess and Surplus Lines Insurance Results

(Dollars in millions)	Three months ended June 30,									Six months ended June 30,
		2015			2014			% Change		2015			2014			% Change
Earned premiums		$	42		$	34		24		$	82		$	67		22
Fee revenues		1			—			nm		1			—			nm
Total revenues		43			34			26		83			67			24
Loss and loss expenses		21			19			11		45			38			18
Underwriting expenses		11			10			10		23			20			15
Underwriting profit		$	11		$	5		120		$	15		$	9		67
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		49.6		%	57.0		%	(7.4	)	54.4		%	56.8		%	(2.4	)
Underwriting expenses		26.4			28.0			(1.6	)	27.7			29.1			(1.4	)
Combined ratio		76.0		%	85.0		%	(9.0	)	82.1		%	85.9		%	(3.8	)
								% Change								% Change
Agency renewal written premiums		$	34		$	29		17		$	64		$	54		19
Agency new business written premiums		15			14			7		28			26			8
Other written premiums		(3		)	(3		)	0		(4		)	(5		)	20
Net written premiums		$	46		$	40		15		$	88		$	75		17
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		69.3		%	75.4		%	(6.1	)	70.7		%	77.9		%	(7.2	)
Current accident year catastrophe losses		0.6			2.3			(1.7	)	0.9			2.6			(1.7	)
Prior accident years before catastrophe losses		(20.2		)	(21.3		)	1.1		(17.0		)	(24.1		)	7.1
Prior accident years catastrophe losses		(0.1		)	0.6			(0.7	)	(0.2		)	0.4			(0.6	)
Loss and loss expense ratio		49.6		%	57.0		%	(7.4	)	54.4		%	56.8		%	(2.4	)
Current accident year combined ratio before catastrophe   losses		95.7		%	103.4		%	(7.7	)	98.4		%	107.0		%	(8.6	)

• $6 million or 15 percent increase in second-quarter 2015 excess and surplus lines net written premiums, including growth in new business and higher renewal written premiums that benefited from rate increases averaging near the low end of the mid-single-digit range. Seventeen percent increase in six-month net written premiums.

• $1 million or 7 percent increase in second-quarter new business written by agencies, rising in part due to enhanced service to agencies provided by recent-quarter additions to our excess and surplus lines field staff.

• 9.0 and 3.8 percentage-point second-quarter and first-half 2015 combined ratio improvement driven by lower ratios for current accident year loss experience.

• 20.3 percentage-point second-quarter 2015 benefit from favorable prior accident year reserve development of $9 million, compared with 20.7 points or $8 million for second-quarter 2014.

• 17.0 percentage-point six-month 2015 benefit from favorable prior accident year reserve development before catastrophe losses was less than the six-month 2014 benefit of 24.1 points.

• 7.2 percentage-point improvement, to 70.7 percent, for the six-month 2015 ratio of current accident year losses and loss expenses before catastrophes, including a 1.9 point decrease in the ratio for current accident year losses of $1 million or more per claim.

CINF 2Q15 Release 6

Life Insurance Results

(Dollars in millions)	Three months ended June 30,							Six months ended June 30,
		2015		2014		% Change		2015		2014		% Change
Term life insurance		$	35	$	33	6		$	69	$	65	6
Universal life insurance		9		12		(25	)	19		20		(5	)
Other life insurance, annuity, and disability income   products		8		8		0		17		16		6
Earned premiums		52		53		(2	)	105		101		4
Investment income, net of expenses		37		37		0		74		72		3
Other income		1		1		0		2		3		(33	)
Total revenues, excluding realized investment gains and losses		90		91		(1	)	181		176		3
Contract holders’ benefits incurred		58		56		4		118		112		5
Underwriting expenses incurred		16		19		(16	)	34		34		0
Total benefits and expenses		74		75		(1	)	152		146		4
Net income before income tax and realized investment   gains, net		16		16		0		29		30		(3	)
Income tax		5		6		(17	)	10		11		(9	)
Net income before realized investment gains, net		$	11	$	10	10		$	19	$	19	0

• $1 million or 2 percent decrease in second-quarter 2015 earned premiums, including a 6 percent increase for term life insurance, our largest life insurance product line. Three- and six-month growth rates for term life were similar.

• $3 million decrease to $17 million in six-month 2015 fixed-annuity deposits received. Cincinnati Life does not offer variable or indexed annuities.

• $19 million in six-month 2015 profit, matching the same period in 2014. Mortality experience was favorable for the first six months of 2015.

• $9 million or 1 percent six-month 2015 decrease to $896 million in GAAP shareholders’ equity for The Cincinnati Life Insurance Company, largely reflecting a decrease in fair value of the fixed-maturity portfolio due to an increase in interest rates.

CINF 2Q15 Release 7

Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
	2015			2014			% Change		2015			2014			% Change
Investment income, net of expenses	$	140		$	136		3		$	279		$	271		3
Investment interest credited to contract holders’	(22		)	(20		)	(10	)	(43		)	(41		)	(5	)
Realized investment gains, net	60			14			329		107			36			197
Investments profit	$	178		$	130		37		$	343		$	266		29
Investment income:
Interest	$	106		$	103		3		$	211		$	207		2
Dividends	35			34			3		71			66			8
Other	1			1			0		1			2			(50	)
Less investment expenses	2			2			0		4			4			0
Investment income, before income taxes	140			136			3		279			271			3
Less income taxes	33			33			0		66			65			2
Total investment income	$	107		$	103		4		$	213		$	206		3
Investment returns:
Effective tax rate	23.9		%	23.8		%			23.7		%	23.9		%
Average invested assets plus cash and cash   equivalents	$	14,534		$	13,743				$	14,488		$	13,686
Average yield pretax	3.85		%	3.96		%			3.85		%	3.96		%
Average yield after-tax	2.94			3.00					2.94			3.10
Fixed-maturity returns:
Effective tax rate	27.2		%	27.1		%			27.1		%	27.1		%
Average amortized cost	$	9,143		$	8,664				$	9,085		$	8,679
Average yield pretax	4.64		%	4.76		%			4.65		%	4.77		%
Average yield after-tax	3.38			3.47					3.39			3.48

• $4 million or 3 percent rise in second-quarter 2015 pretax investment income, including 3 percent growth in equity portfolio dividends and 3 percent growth in interest income.

• $319 million or 12 percent second-quarter 2015 decrease in pretax net unrealized investment portfolio gains, including a $135 million decrease for the equity portfolio. The total decrease included the offsetting effect of $63 million of pretax net realized gains from investment portfolio security sales or called bonds during the second quarter of 2015, including $56 million from the equity portfolio.

CINF 2Q15 Release 8

Balance Sheet Highlights

(Dollars in millions except share data)	At June 30,			At December 31,
	2015			2014
Balance sheet data:
Total investments	$	14,551		$	14,386
Total assets	18,888			18,753
Short-term debt	49			49
Long-term debt	791			791
Shareholders’ equity	6,497			6,573
Book value per share	39.60			40.14
Debt-to-total-capital ratio	11.4		%	11.3		%

• $15.038 billion in consolidated cash and total investments at June 30, 2015, up less than 1 percent from $14.977 billion at year-end 2014.

• $9.675 billion bond portfolio at June 30, 2015, with an average rating of A2/A. Fair value increased $79 million or 1 percent during the second quarter of 2015, reflecting $243 million in net purchases of fixed-maturity securities.

• $4.734 billion equity portfolio was 32.5 percent of total investments, including $1.906 billion in pretax net unrealized gains at June 30, 2015. Second-quarter 2015 decrease in fair value of $55 million or 1 percent.

• $4.419 billion of statutory surplus for the property casualty insurance group at June 30, 2015, down $53 million from $4.472 billion at year-end 2014, after declaring $200 million in dividends to the parent company. The ratio of net written premiums to property casualty statutory surplus for the 12 months ended June 30, 2015, was 1.0-to-1, up from 0.9-to-1 at year-end 2014.

• Value creation ratio of 0.9 percent for the first six months of 2015, reflecting 3.5 percent from net income before net realized investment gains, which includes underwriting and investment income, and negative 2.5 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.

About Cincinnati Financial

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

CINF 2Q15 Release 9

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 2014 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 33.

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

• 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

CINF 2Q15 Release 10

◦ 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.

* * *

Cincinnati Financial CorporationCondensed Consolidated Balance Sheets and Statements of Income (unaudited)

(Dollars in millions)					June 30,				December 31,
						2015				2014
Assets
Investments						$	14,551			$	14,386
Cash and cash equivalents						487				591
Premiums receivable						1,509				1,405
Reinsurance recoverable						535				545
Deferred policy acquisition costs						600				578
Other assets						1,206				1,248
Total assets						$	18,888			$	18,753
Liabilities
Insurance reserves						$	7,234			$	6,982
Unearned premiums						2,191				2,082
Deferred income tax						717				840
Long-term debt and capital lease obligations						823				827
Other liabilities						1,426				1,449
Total liabilities						12,391				12,180
Shareholders’ Equity
Common stock and paid-in capital						1,613				1,611
Retained earnings						4,658				4,505
Accumulated other comprehensive income						1,514				1,744
Treasury stock						(1,288		)		(1,287		)
Total shareholders’ equity						6,497				6,573
Total liabilities and shareholders’ equity						$	18,888			$	18,753
(Dollars in millions except per share data)	Three months ended June 30,					Six months ended June 30,
	2015		2014			2015				2014
Revenues
Earned premiums	$	1,111	$	1,059		$	2,205			$	2,086
Investment income, net of expenses	140		136			279				271
Realized investment gains, net	60		14			107				36
Other revenues	5		5			10				10
Total revenues	1,316		1,214			2,601				2,403
Benefits and Expenses
Insurance losses and contract holders' benefits	712		763			1,461				1,495
Underwriting, acquisition and insurance expenses	340		328			685				648
Interest expense	13		13			26				27
Other operating expenses	3		3			7				7
Total benefits and expenses	1,068		1,107			2,179				2,177
Income Before Income Taxes	248		107			422				226
Provision for Income Taxes	72		23			118				51
Net Income	$	176	$	84		$	304			$	175
Per Common Share:
Net income—basic	$	1.07	$	0.51		$	1.85			$	1.07
Net income—diluted	1.06		0.51			1.84				1.06

CINF 2Q15 Release 11

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

(See attached tables for reconciliations; additional 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.

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 2Q15 Release 12

Cincinnati Financial Corporation

Balance Sheet Reconciliation

(Dollars are per share)	Three months ended June 30,						Six months ended June 30,
	2015			2014			2015			2014
Value creation ratio:
End of period book value	$	39.60		$	38.77		$	39.60		$	38.77
Less beginning of period book value	40.22			37.73			40.14			37.21
Change in book value	(0.62		)	1.04			(0.54		)	1.56
Dividend declared to shareholders	0.46			0.44			0.92			0.88
Total value creation	$	(0.16	)	$	1.48		$	0.38		$	2.44
Value creation ratio from change in book value*	(1.5		)%	2.7		%	(1.4		)%	4.2		%
Value creation ratio from dividends declared to   shareholders**	1.1			1.2			2.3			2.4
Value creation ratio	(0.4		)%	3.9		%	0.9		%	6.6		%
* 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
(Dollars in millions except per share data)	Three months ended June 30,						Six months ended June 30,
	2015			2014			2015			2014
Net income	$	176		$	84		$	304		$	175
Realized investment gains, net	38			9			69			23
Operating income	138			75			235			152
Less catastrophe losses	(51		)	(74		)	(79		)	(131		)
Operating income before catastrophe losses	189			149			$	314		$	283
Diluted per share data:
Net income	$	1.06		$	0.51		$	1.84		$	1.06
Realized investment gains, net	0.23			0.05			0.42			0.14
Operating income	0.83			0.46			1.42			0.92
Less catastrophe losses	(0.31		)	(0.45		)	(0.48		)	(0.79		)
Operating income before catastrophe losses	1.14			0.91			$	1.90		$	1.71

CINF 2Q15 Release 13

Cincinnati Financial Corporation

Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended June 30, 2015
	Consolidated				Commercial				Personal				E&S
Premiums:
Written premiums		$	1,142			$	787			$	309			$	46
Unearned premiums change		(83		)		(42		)		(37		)		(4		)
Earned premiums		$	1,059			$	745			$	272			$	42
Statutory ratios:
Combined ratio		90.7		%		85.9		%		105.8		%		78.7		%
Contribution from catastrophe losses		7.5				5.9				12.6				0.5
Combined ratio excluding catastrophe losses		83.2		%		80.0		%		93.2		%		78.2		%
Commission expense ratio		17.9		%		17.8		%		17.0		%		26.7		%
Other underwriting expense ratio		11.0				12.1				9.2				2.4
Total expense ratio		28.9		%		29.9		%		26.2		%		29.1		%
GAAP ratios:
Combined ratio		92.4		%		87.2		%		109.2		%		76.0		%
Contribution from catastrophe losses		7.5				5.9				12.6				0.5
Prior accident years before catastrophe losses		(6.6		)		(8.6		)		1.1				(20.2		)
Current accident year combined ratio before catastrophe losses		91.5		%		89.9		%		95.5		%		95.7		%
(Dollars in millions)	Six months ended June 30, 2015
	Consolidated				Commercial				Personal				E&S
Premiums:
Written premiums		$	2,208			$	1,570			$	550			$	88
Unearned premiums change		(108		)		(92		)		(10		)		(6		)
Earned premiums		$	2,100			$	1,478			$	540			$	82
Statutory ratios:
Combined ratio		93.3		%		90.2		%		103.3		%		83.9		%
Contribution from catastrophe losses		5.8				5.0				8.8				0.7
Combined ratio excluding catastrophe losses		87.5		%		85.2		%		94.5		%		83.2		%
Commission expense ratio		17.9		%		17.3		%		18.0		%		26.7		%
Other underwriting expense ratio		11.5				12.6				10.0				2.8
Total expense ratio		29.4		%		29.9		%		28.0		%		29.5		%
GAAP ratios:
Combined ratio		94.9		%		91.9		%		105.3		%		82.1		%
Contribution from catastrophe losses		5.8				5.0				8.8				0.7
Prior accident years before catastrophe losses		(3.9		)		(4.6		)		0.2				(17.0		)
Current accident year combined ratio before catastrophe losses		93.0		%		91.5		%		96.3		%		98.4		%
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 2Q15 Release 14

EX-99.2

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending June 30, 2015

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com

Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	Betsy E. Ertel	Molly A. Grimm
513-870-2768	513-603-5323	513-870-2697

	A.M. Best	Fitch	Moody's	Standard &  Poor's
Cincinnati Financial Corporation
Corporate Debt	a-	BBB+	A3	BBB+
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
Standard Market Subsidiaries:
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 July 27, 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 Second-Quarter 2015 Supplemental Financial Data

1

	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending June 30, 2015
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	Quick Reference	4
	CFC and Subsidiaries Consolidation – Six Months Ended June 30, 2015	5
	CFC and Subsidiaries Consolidation – Three Months Ended June 30, 2015	6
	CFC Insurance Subsidiaries – Selected Balance Sheet Data	7
Consolidated Property Casualty Insurance Operations
	Statutory Statements of Income	8
	Consolidated Cincinnati Insurance Companies – Losses Incurred Detail	9
	Consolidated Cincinnati Insurance Companies – Loss Ratio Detail	10
	Consolidated Cincinnati Insurance Companies – Loss Claim Count Detail	11
	Direct Written Premiums by Risk State by Line of Business	12
	Quarterly Property Casualty Data – Commercial Lines	13
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	14
	Loss and Loss Expense Analysis – Six Months Ended June 30, 2015	15
	Loss and Loss Expense Analysis – Three Months Ended June 30, 2015	16
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	17
	Quarterly Property Casualty Data – Commercial Lines	18
	Quarterly Property Casualty Data – Personal Lines	19
	Quarterly Property Casualty Data – Excess & Surplus Lines	20
Life Insurance Operations
	Statutory Statements of Income	21

CINF Second-Quarter 2015 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 Second-Quarter 2015 Supplemental Financial Data

3

Cincinnati Financial Corporation
Quick Reference					—	Second Quarter 2015
(all data shown is for the three months ended or as of June 30, 2015)
(Dollars in millions except per share data)	6/30/2015		Year over year change %				6/30/2015			Year over year change %
Revenues:						Benefits and expenses:
Commercial lines net written premiums	$	787	5			Commercial lines loss and loss expenses	$	417		(10	)
Personal lines net written premiums	309		5			Personal lines loss and loss expenses	216			(5	)
Excess & surplus lines net written premiums	46		15			Excess & surplus lines loss and loss expenses	21			11
Property casualty net written premiums	1,142		6			Life and health contract holders' benefits incurred	58			4
Life and accident and health net written premiums	56		4			Underwriting, acquisition and insurance expenses	340			4
Annuity net written premiums	9		(26	)		Interest expenses	13			0
Life, annuity and accident and health net written premiums	65		(1	)		Other operating expenses	3			0
Commercial lines net earned premiums	745		4			Total benefits & expenses	1,068			(4	)
Personal lines net earned premiums	272		5			Income before income taxes	248			132
Excess & surplus lines net earned premiums	42		24			Total income tax	72			213
Property casualty net earned premiums	1,059		5
Fee revenue	3		0			Balance Sheet:
Life and accident and health net earned premiums	52		(2	)
Investment income	140		3			Fixed maturity investments	$	9,675
Realized investment gains, net	60		329			Equity securities	4,734
Other revenue	2		0			Other investments	142
Total revenues	1,316		8			Total invested assets	$	14,551
						Loss and loss expense reserves	$	4,691
						Life policy and investment contract reserves	2,543
Income:						Long-term debt and capital lease obligations	823
						Shareholders' equity	6,497
Operating income	$	138	84
Realized investment gains, net	38		322			Key ratios:
Net income	176		110
						Commercial lines GAAP combined ratio	87.2		%
						Personal lines GAAP combined ratio	109.2
						Excess & surplus lines GAAP combined ratio	76.0
						Property casualty GAAP combined ratio	92.4
Per share (diluted):
						Commercial lines STAT combined ratio	85.9		%
Operating income	$	0.83	80			Personal lines STAT combined ratio	105.8
Realized investment gains, net	0.23		360			Excess & surplus lines STAT combined ratio	78.7
Net income	1.06		108			Property casualty STAT combined ratio	90.7
Book value	39.60		2
Weighted average shares outstanding	165.5		0			Value creation ratio	(0.4		)%

CINF Second-Quarter 2015 Supplemental Financial Data

4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2015
(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	2,174		$	—		$	—	$	—		$	2,174
Life	—			—			133			—		—			133
Premiums ceded	—			(74		)	(28		)	—		—			(102		)
Total earned premium	—			2,100			105			—		—			2,205
Investment income, net of expenses	24			181			74			—		—			279
Realized investment gains, net	9			92			2			—		4			107
Fee revenues	—			4			2			—		—			6
Other revenues	7			1			—			3		(7		)	4
Total revenues	$	40		$	2,378		$	183		$	3	$	(3	)	$	2,601
Benefits & expenses
Losses & contract holders' benefits	$	—		$	1,366		$	144		$	—	$	—		$	1,510
Reinsurance recoveries	—			(23		)	(26		)	—		—			(49		)
Underwriting, acquisition and insurance expenses	—			651			34			—		—			685
Interest expense	26			—			—			—		—			26
Other operating expenses	14			—			—			1		(8		)	7
Total expenses	$	40		$	1,994		$	152		$	1	$	(8	)	$	2,179
Income before income taxes	$	—		$	384		$	31		$	2	$	5		$	422
Provision (benefit) for income taxes
Current operating income	$	(4	)	$	85		$	(3	)	$	1	$	(1	)	$	78
Capital gains/losses	3			33			1			—		1			38
Deferred	(5		)	(8		)	13			—		2			2
Total provision (benefit) for income taxes	$	(6	)	$	110		$	11		$	1	$	2		$	118
Operating income	$	—		$	215		$	19		$	1	$	—		$	235
Net income - current year	$	6		$	274		$	20		$	1	$	3		$	304
Net income - prior year	$	3		$	148		$	22		$	1	$	1		$	175
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Second-Quarter 2015 Supplemental Financial Data

5

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2015
(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,096		$	—		$	—	$	—		$	1,096
Life	—			—			68			—		—			68
Premiums ceded	—			(37		)	(16		)	—		—			(53		)
Total earned premium	—			1,059			52			—		—			1,111
Investment income, net of expenses	12			91			37			—		—			140
Realized investment gains, net	8			50			1			—		1			60
Fee revenues	—			2			1			—		—			3
Other revenues	3			1			—			2		(4		)	2
Total revenues	$	23		$	1,203		$	91		$	2	$	(3	)	$	1,316
Benefits & expenses
Losses & contract holders' benefits	$	—		$	676		$	72		$	—	$	—		$	748
Reinsurance recoveries	—			(22		)	(14		)	—		—			(36		)
Underwriting, acquisition and insurance expenses	—			324			16			—		—			340
Interest expense	13			—			—			—		—			13
Other operating expenses	6			—			—			1		(4		)	3
Total expenses	$	19		$	978		$	74		$	1	$	(4	)	$	1,068
Income before income taxes	$	4		$	225		$	17		$	1	$	1		$	248
Provision (benefit) for income taxes
Current operating income	$	(4	)	$	52		$	—		$	1	$	(1	)	$	48
Capital gains/losses	3			18			1			—		—			22
Deferred	(1		)	(4		)	6			—		1			2
Total provision (benefit) for income taxes	$	(2	)	$	66		$	7		$	1	$	—		$	72
Operating income	$	1		$	127		$	10		$	—	$	—		$	138
Net income - current year	$	6		$	159		$	10		$	—	$	1		$	176
Net income (loss) - prior year	$	(3	)	$	74		$	13		$	—	$	—		$	84
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Second-Quarter 2015 Supplemental Financial Data

6

Cincinnati Financial Corporation Insurance Subsidiaries
Selected Balance Sheet Data
(Dollars in millions)
	12/31/2015	9/30/2015	6/30/2015		3/31/2015		12/31/2014		9/30/2014		6/30/2014		3/31/2014
Cincinnati Insurance Consolidated
Fixed maturities (fair value)			$	6,435	$	6,325	$	6,260	$	6,344	$	6,215	$	6,111
Equities (fair value)			3,108		3,108		3,195		3,121		3,094		3,022
Fixed maturities - pretax net unrealized gain			280		387		366		379		414		361
Equities - pretax net unrealized gain			1,297		1,397		1,478		1,387		1,434		1,349
Loss and loss expense reserves - STAT			4,357		4,302		4,158		4,112		4,129		4,037
Equity - GAAP			5,485		5,593		5,594		5,480		5,481		5,384
Surplus - STAT			4,419		4,436		4,472		4,364		4,332		4,308
The Cincinnati Life Insurance Company
Fixed maturities (fair value)			$	3,176	$	3,199	$	3,126	$	3,102	$	3,091	$	2,989
Equities (fair value)			8		9		9		8		8		14
Fixed maturities - pretax net unrealized gain			151		220		197		195		225		186
Equities - pretax net unrealized gain			3		4		3		3		3		6
Equity - GAAP			896		927		904		893		901		867
Surplus - STAT			217		219		223		228		224		232

CINF Second-Quarter 2015 Supplemental Financial Data

7

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended June 30,										For the Six Months Ended June 30,
(Dollars in millions)	2015		2014			Change			% Change		2015		2014			Change			% Change
Underwriting income
Net premiums written	$	1,142	$	1,082		$	60		6		$	2,208	$	2,119		$	89		4
Unearned premiums increase	83		76			7			9		108		134			(26		)	(19	)
Earned premiums	$	1,059	$	1,006		$	53		5		$	2,100	$	1,985		$	115		6
Losses incurred	$	558	$	612		$	(54	)	(9	)	$	1,125	$	1,178		$	(53	)	(4	)
Allocated loss expenses incurred	39		39			—			—		99		90			9			10
Unallocated loss expenses incurred	57		56			1			2		119		115			4			3
Other underwriting expenses incurred	327		314			13			4		643		611			32			5
Workers compensation dividend incurred	3		4			(1		)	(25	)	7		8			(1		)	(13	)
Total underwriting deductions	$	984	$	1,025		$	(41	)	(4	)	$	1,993	$	2,002		$	(9	)	—
Net underwriting profit (loss)	$	75	$	(19	)	$	94		nm		$	107	$	(17	)	$	124		nm
Investment income
Gross investment income earned	$	94	$	93		$	1		1		$	186	$	184		$	2		1
Net investment income earned	92		91			1			1		183		181			2			1
Net realized capital gains	34		22			12			55		60		28			32			114
Net investment gains (net of tax)	$	126	$	113		$	13		12		$	243	$	209		$	34		16
Other income	$	2	$	1		$	1		100		$	4	$	3		$	1		33
Net income before federal income taxes	$	203	$	95		$	108		114		$	354	$	195		$	159		82
Federal and foreign income taxes incurred	$	53	$	23		$	30		130		$	84	$	40		$	44		110
Net income (statutory)	$	150	$	72		$	78		108		$	270	$	155		$	115		74
*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 Second-Quarter 2015 Supplemental Financial Data

8

Consolidated Cincinnati Insurance Companies
Losses Incurred Detail
(Dollars in millions)	Three months ended																			Six months ended					Nine months ended				Twelve months ended
	12/31/15	9/30/15	6/30/15			3/31/15		12/31/14			9/30/14			6/30/14			3/31/14			6/30/15		6/30/14			9/30/15	9/30/14			12/31/15	12/31/14
Consolidated
Current accident year losses greater than $5,000,000			$	5		$	12	$	12		$	7		$	11		$	—		$	17	$	12			$	19			$	30
Current accident year losses $1,000,000-$5,000,000			24			37		46			51			52			23			61		74				125				172
Large loss prior accident year reserve development			(4		)	15		(14		)	(6		)	17			10			11		27				21				7
Total large losses incurred			$	25		$	64	$	44		$	52		$	80		$	33		$	89	$	113			$	165			$	209
Losses incurred but not reported			38			43		112			17			(17		)	21			81		5				22				133
Other losses excluding catastrophe losses			417			418		365			432			436			427			835		863				1,295				1,660
Catastrophe losses			78			42		(13		)	11			112			86			120		197				208				197
Total losses incurred			$	558		$	567	$	508		$	512		$	611		$	567		$	1,125	$	1,178			$	1,690			$	2,199
Commercial Lines
Current accident year losses greater than $5,000,000			$	5		$	12	$	12		$	7		$	11		$	—		$	17	$	12			$	19			$	30
Current accident year losses $1,000,000-$5,000,000			14			24		39			45			47			18			38		64				109				149
Large loss prior accident year reserve development			(4		)	15		(11		)	(7		)	15			10			11		25				18				7
Total large losses incurred			$	15		$	51	$	40		$	45		$	73		$	28		$	66	$	101			$	146			$	186
Losses incurred but not reported			17			31		95			8			(35		)	22			48		(12		)		(4		)		90
Other losses excluding catastrophe losses			274			272		240			282			292			282			546		574				856				1,096
Catastrophe losses			43			29		(10		)	7			59			58			72		116				123				114
Total losses incurred			$	349		$	383	$	365		$	342		$	389		$	390		$	732	$	779			$	1,121			$	1,486
Personal Lines
Current accident year losses greater than $5,000,000			$	—		$	—	$	—		$	—		$	—		$	—		$	—	$	—			$	—			$	—
Current accident year losses $1,000,000-$5,000,000			10			12		6			6			4			4			22		8				14				20
Large loss prior accident year reserve development			—			—		(3		)	2			2			—			—		2				4				1
Total large losses incurred			$	10		$	12	$	3		$	8		$	6		$	4		$	22	$	10			$	18			$	21
Losses incurred but not reported			14			7		12			3			9			(5		)	21		4				7				19
Other losses excluding catastrophe losses			136			134		119			144			138			138			270		276				420				539
Catastrophe losses			34			13		(4		)	4			52			27			47		79				83				79
Total losses incurred			$	194		$	166	$	130		$	159		$	205		$	164		$	360	$	369			$	528			$	658
Excess & Surplus Lines
Current accident year losses greater than $5,000,000			$	—		$	—	$	—		$	—		$	—		$	—		$	—	$	—			$	—			$	—
Current accident year losses $1,000,000-$5,000,000			—			1		1			—			1			1			1		2				2				3
Large loss prior accident year reserve development			—			—		—			(1		)	—			—			—		—				(1		)		(1		)
Total large losses incurred			$	—		$	1	$	1		$	(1	)	$	1		$	1		$	1	$	2			$	1			$	2
Losses incurred but not reported			7			5		5			6			9			4			12		13				19				24
Other losses excluding catastrophe losses			7			12		6			6			6			7			19		13				19				25
Catastrophe losses			1			—		1			—			1			1			1		2				2				4
Total losses incurred			$	15		$	18	$	13		$	11		$	17		$	13		$	33	$	30			$	41			$	55
*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 Second-Quarter 2015 Supplemental Financial Data

9

Consolidated Cincinnati Insurance Companies
Loss Ratio Detail
	Three months ended														Six months ended				Nine months ended			Twelve months ended
	12/31/15	9/30/15	6/30/15		3/31/15		12/31/14		9/30/14		6/30/14		3/31/14		6/30/15		6/30/14		9/30/15	9/30/14		12/31/15	12/31/14
Consolidated
Current accident year losses greater than $5,000,000			0.5	%	1.0	%	1.0	%	0.7	%	1.1	%	—	%	0.8	%	0.6	%		0.6	%		0.7	%
Current accident year losses $1,000,000-$5,000,000			2.1		3.6		4.7		4.8		5.0		2.3		2.9		3.8			4.2			4.3
Large loss prior accident year reserve development			(0.3	)	1.4		(1.4	)	(0.5	)	1.7		1.1		0.5		1.4			0.7			0.2
Total large loss ratio			2.3	%	6.0	%	4.3	%	5.0	%	7.8	%	3.4	%	4.2	%	5.8	%		5.5	%		5.2	%
Losses incurred but not reported			3.6		4.2		10.7		1.7		(1.6	)	2.2		3.9		0.2			0.8			3.3
Other losses excluding catastrophe losses			39.6		40.1		35.2		42.3		43.4		43.6		39.8		43.5			43.0			41.0
Catastrophe losses			7.3		4.1		(1.1	)	1.0		11.1		8.7		5.7		9.9			6.9			4.9
Total loss ratio			52.8	%	54.4	%	49.1	%	50.0	%	60.7	%	57.9	%	53.6	%	59.4	%		56.2	%		54.4	%
Commercial Lines
Current accident year losses greater than $5,000,000			0.7	%	1.6	%	1.5	%	1.0	%	1.6	%	—	%	1.2	%	0.8	%		0.9	%		1.0	%
Current accident year losses $1,000,000-$5,000,000			1.7		3.3		5.6		5.9		6.5		2.6		2.6		4.6			5.1			5.2
Large loss prior accident year reserve development			(0.5	)	2.0		(1.5	)	(0.9	)	2.1		1.4		0.7		1.8			0.9			0.3
Total large loss ratio			1.9	%	6.9	%	5.6	%	6.0	%	10.2	%	4.0	%	4.5	%	7.2	%		6.9	%		6.5	%
Losses incurred but not reported			2.2		4.3		12.8		1.1		(4.8	)	3.2		3.2		(0.9	)		(0.2	)		3.1
Other losses excluding catastrophe losses			37.0		37.1		32.6		39.6		41.0		40.6		37.0		40.8			40.2			38.4
Catastrophe losses			5.8		4.0		(1.1	)	0.8		8.3		8.3		4.9		8.3			5.8			4.0
Total loss ratio			46.9	%	52.3	%	49.9	%	47.5	%	54.7	%	56.1	%	49.6	%	55.4	%		52.7	%		52.0	%
Personal Lines
Current accident year losses greater than $5,000,000			—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%		—	%		—	%
Current accident year losses $1,000,000-$5,000,000			3.5		4.5		2.2		2.5		1.7		1.4		4.1		1.5			1.8			1.9
Large loss prior accident year reserve development			0.1		—		(1.1	)	0.8		0.6		0.3		—		0.5			0.7			0.1
Total large loss ratio			3.6	%	4.5	%	1.1	%	3.3	%	2.3	%	1.7	%	4.1	%	2.0	%		2.5	%		2.0	%
Losses incurred but not reported			5.1		2.7		4.5		1.3		3.5		(2.0	)	3.9		0.8			0.9			1.8
Other losses excluding catastrophe losses			50.0		49.9		44.8		54.1		53.6		54.5		49.8		54.0			54.1			51.9
Catastrophe losses			12.5		4.9		(1.5	)	1.7		20.0		10.6		8.7		15.4			10.7			7.6
Total loss ratio			71.2	%	62.0	%	48.9	%	60.4	%	79.4	%	64.8	%	66.5	%	72.2	%		68.2	%		63.3	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000			—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%		—	%		—	%
Current accident year losses $1,000,000-$5,000,000			—		2.5		3.3		—		3.1		3.2		1.2		3.1			1.9			2.3
Large loss prior accident year reserve development			—		—		(1.8	)	(1.3	)	—		(0.3	)	—		(0.1	)		(0.5	)		(0.9	)
Total large loss ratio			—	%	2.5	%	1.5	%	(1.3	)%	3.1	%	2.9	%	1.2	%	3.0	%		1.4	%		1.4	%
Losses incurred but not reported			18.3		11.8		12.4		14.6		25.7		13.1		15.1		19.6			17.7			16.4
Other losses excluding catastrophe losses			17.5		29.9		17.7		15.3		15.1		21.6		23.5		18.3			17.1			17.2
Catastrophe losses			0.4		0.8		2.9		(0.7	)	2.7		3.0		0.6		2.8			1.4			1.8
Total loss ratio			36.2	%	45.0	%	34.5	%	27.9	%	46.6	%	40.6	%	40.4	%	43.7	%		37.6	%		36.8	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF Second-Quarter 2015 Supplemental Financial Data

10

Consolidated Cincinnati Insurance Companies
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/15	9/30/15	6/30/15	3/31/15	12/31/14	9/30/14	6/30/14	3/31/14	6/30/15	6/30/14	9/30/15	9/30/14	12/31/15	12/31/14
Consolidated
Current accident year reported losses greater    than $5,000,000			1	2	2	1	2	—	3	2		3		5
Current accident year reported losses    $1,000,000 - $5,000,000			14	27	31	31	34	15	42	52		83		120
Prior accident year reported losses on    large losses			9	15	4	13	10	8	27	18		26		32
Non-Catastrophe reported losses on       large losses total			24	44	37	45	46	23	72	72		112		157
Commercial Lines
Current accident year reported losses greater than $5,000,000			1	2	2	1	2	—	3	2		3		5
Current accident year reported losses $1,000,000 - $5,000,000			9	18	27	24	30	11	26	43		68		99
Prior accident year reported losses on large losses			9	14	3	11	9	7	26	17		23		28
Non-Catastrophe reported losses on large losses total			19	34	32	36	41	18	55	62		94		132
Personal Lines
Current accident year reported losses greater than $5,000,000			—	—	—	—	—	—	—	—		—		—
Current accident year reported losses $1,000,000 - $5,000,000			5	8	3	6	3	3	15	7		13		18
Prior accident year reported losses on large losses			—	1	—	2	1	1	1	1		3		3
Non-Catastrophe reported losses on large losses total			5	9	3	8	4	4	16	8		16		21
Excess & Surplus Lines
Current accident year reported losses greater than $5,000,000			—	—	—	—	—	—	—	—		—		—
Current accident year reported losses $1,000,000 - $5,000,000			—	1	1	1	1	1	1	2		2		3
Prior accident year reported losses on large losses			—	—	1	—	—	—	—	—		—		1
Non-Catastrophe reported losses on large losses total			—	1	2	1	1	1	1	2		2		4
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Second-Quarter 2015 Supplemental Financial Data

11

Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Six Months Ended June 30, 2015
	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		2015		2014
																			Total		Total
OH	$	84.7	$	69.2	$	42.0	$	—	$	18.9	$	63.7	$	54.4	$	17.6	$	7.5	$	358.0	$	351.0	4.4		(1.2	)	5.1		2.2
IL	35.1		28.1		15.7		27.8		7.4		16.0		15.0		4.3		6.5		155.9		157.8		(2.2	)	(0.5	)	16.4		(1.2	)
IN	29.7		27.3		16.6		16.9		6.8		16.7		18.0		4.1		5.4		141.5		137.8		3.3		(1.6	)	3.5		1.9
PA	32.7		23.5		21.3		27.4		6.1		6.8		5.4		2.1		4.3		129.6		127.7		(0.1	)	6.3		39.1		1.5
GA	20.3		20.0		14.0		7.1		6.7		20.3		21.8		5.4		5.4		121.0		115.0		4.2		5.5		18.2		5.3
MI	22.8		19.0		11.6		10.4		6.1		23.1		16.1		2.7		4.1		115.9		109.9		(0.5	)	14.8		23.8		5.3
NC	22.1		24.0		12.0		9.5		6.9		16.6		13.5		4.0		3.4		112.0		107.3		(0.2	)	16.6		2.5		4.4
TN	19.6		19.1		11.4		5.0		5.9		9.5		11.3		3.0		2.2		87.0		85.3		(0.5	)	8.7		4.1		1.9
KY	14.2		16.7		10.1		2.0		3.3		13.9		12.9		3.1		2.7		78.9		76.9		2.0		2.5		13.2		2.5
AL	14.2		17.4		6.8		0.5		4.6		10.4		16.9		3.4		4.1		78.3		77.0		(0.4	)	3.8		8.0		1.7
VA	18.3		15.8		11.6		9.5		5.1		5.9		5.1		1.6		2.7		75.6		74.8		—		7.5		(2.9	)	1.0
MN	18.2		13.2		6.5		7.0		2.7		9.2		9.3		2.6		2.5		71.2		62.8		12.7		12.2		32.6		13.2
WI	17.1		12.9		8.2		16.5		3.5		4.5		4.6		1.8		1.5		70.6		72.4		(2.7	)	1.0		(18.5	)	(2.6	)
TX	23.5		14.4		14.7		0.7		2.2		—		—		—		8.4		63.9		62.3		0.2		(39.8	)	21.7		2.6
MO	15.3		16.0		7.9		7.6		3.3		3.3		4.6		1.0		3.6		62.6		61.1		1.7		5.3		9.1		2.6
MD	10.7		6.4		8.0		6.5		1.9		3.9		3.1		0.9		1.5		42.9		39.2		4.9		31.5		16.9		9.4
IA	10.0		9.9		4.3		8.5		3.0		2.4		2.8		0.8		1.1		42.8		44.2		(3.5	)	(1.0	)	4.0		(3.0	)
NY	17.2		8.6		6.4		1.6		1.9		2.3		1.1		0.3		1.4		40.8		38.5		3.7		42.4		—		6.1
AR	5.6		9.7		3.8		1.3		2.8		5.0		5.6		1.3		1.4		36.5		34.2		1.8		15.3		9.4		6.2
FL	13.4		8.6		4.8		0.6		1.5		2.3		0.7		0.4		3.3		35.6		39.3		4.1		(63.4	)	49.9		(9.1	)
AZ	8.6		4.7		5.9		3.2		1.5		3.0		2.1		0.8		1.8		31.6		29.6		0.7		31.0		38.1		7.0
UT	9.2		4.9		6.3		0.2		1.9		4.2		2.2		0.5		1.5		30.9		27.4		9.3		14.3		54.4		11.9
SC	6.2		5.7		4.1		1.8		2.2		4.8		3.2		0.9		1.6		30.5		27.5		3.7		25.2		41.0		10.8
KS	6.2		7.3		3.4		3.9		1.9		2.5		3.6		0.7		0.7		30.2		29.8		1.5		(3.2	)	56.2		1.4
CO	9.3		5.1		6.0		0.4		1.0		—		0.2		—		3.2		25.2		22.4		9.5		14.1		40.0		12.7
MT	9.4		4.9		4.9		—		0.9		1.3		1.5		0.3		0.4		23.6		21.0		13.5		9.1		(9.5	)	12.4
NE	5.2		5.5		2.7		5.0		1.3		0.4		0.5		0.1		1.0		21.7		19.5		14.2		(1.3	)	(10.7	)	11.9
ID	7.1		4.2		4.2		0.1		1.1		1.7		1.1		0.3		0.8		20.6		19.3		5.2		14.5		2.9		6.4
OR	5.6		3.5		3.8		0.1		1.1		1.3		0.6		0.2		2.5		18.7		13.5		32.4		102.4		40.1		38.7
WV	5.5		4.6		3.7		1.1		0.7		—		0.2		0.1		1.5		17.4		18.3		(4.9	)	(14.8	)	3.7		(4.4	)
VT	2.5		2.3		1.4		3.2		1.0		0.7		0.7		0.2		0.4		12.4		12.9		(3.7	)	1.8		(17.9	)	(3.6	)
ND	4.7		3.3		2.3		—		0.7		0.4		0.4		0.1		0.2		12.1		12.4		(1.6	)	2.1		(31.7	)	(1.9	)
NM	4.3		2.2		2.5		0.6		0.8		—		—		—		0.4		10.8		8.6		25.8		(35.0	)	9.1		25.0
WA	3.6		2.5		2.5		—		1.0		—		—		—		0.9		10.5		9.7		6.4		(200.7	)	26.4		7.8
NH	2.1		1.8		1.1		1.8		0.3		0.9		0.8		0.3		0.3		9.4		9.4		1.0		(1.9	)	(6.4	)	0.1
CT	2.1		2.1		1.2		0.8		0.4		0.5		0.5		0.2		0.3		8.1		5.1		39.2		664.4		81.7		59.1
DE	2.7		1.6		1.5		1.1		0.5		—		—		—		0.2		7.6		6.4		19.4		(100.0	)	60.5		20.4
SD	1.5		1.8		1.0		1.5		0.5		—		—		—		0.3		6.6		7.4		(9.7	)	67.2		(5.6	)	(9.6	)
WY	1.3		1.2		0.7		—		0.3		—		—		—		0.3		3.8		3.2		18.9		23.5		11.0		18.3
All Other	2.7		1.1		1.7		3.6		1.1		—		—		—		0.6		10.8		10.8		1.0		20.9		25.4		2.3
Total	$	544.5	$	450.1	$	298.6	$	194.8	$	120.8	$	257.5	$	239.8	$	65.1	$	91.9	$	2,263.1	$	2,188.7	2.4		4.4		15.4		3.4
Other Direct	—		1.0		2.2		3.6		—		5.6		0.1		—		—		12.5		11.3		9.3		11.0		nm		10.0
Total Direct	$	544.5	$	451.1	$	300.8	$	198.4	$	120.8	$263.1		$	239.9	$	65.1	$	91.9	$	2,275.6	$	2,200.0	2.5		4.5		15.4		3.4
*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 Second-Quarter 2015 Supplemental Financial Data

12

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/15	9/30/15	6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15	9/30/14			12/31/15	12/31/14
Commercial casualty:
Written premiums			$	274		$	266		$	234		$	228		$	249		$	258		$	540		$	507			$	735			$	969
Earned premiums			252			244			243			237			234			224			496			458				695				938
Current accident year before catastrophe losses			59.6		%	59.2		%	59.2		%	60.2		%	61.7		%	56.3		%	59.4		%	59.1		%		59.4		%		59.4		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(9.1		)	1.1			12.1			(3.6		)	(10.5		)	3.6			(4.1		)	(3.6		)		(3.6		)		0.5
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			50.5		%	60.3		%	71.3		%	56.6		%	51.2		%	59.9		%	55.3		%	55.5		%		55.8		%		59.9		%
Commercial property:
Written premiums			$	218		$	206		$	192		$	194		$	197		$	193		$	424		$	390			$	584			$	776
Earned premiums			201			196			191			186			180			171			399			351				537				728
Current accident year before catastrophe losses			42.1		%	53.6		%	45.7		%	54.3		%	50.8		%	53.4		%	47.8		%	52.1		%		52.9		%		51.0		%
Current accident year catastrophe losses			19.6			16.7			0.5			5.2			25.8			27.7			18.2			26.7				19.3				14.3
Prior accident years before catastrophe losses			(2.0		)	(1.9		)	1.8			(3.1		)	(9.8		)	(0.6		)	(2.0		)	(5.3		)		(4.6		)		(2.9		)
Prior accident years catastrophe losses			0.1			(3.8		)	(2.7		)	(1.3		)	(2.3		)	(0.9		)	(1.8		)	(1.6		)		(1.5		)		(1.8		)
Total loss and loss expense ratio			59.8		%	64.6		%	45.3		%	55.1		%	64.5		%	79.6		%	62.2		%	71.9		%		66.1		%		60.6		%
Commercial auto:
Written premiums			$	149		$	149		$	131		$	128		$	144		$	145		$	298		$	289			$	417			$	548
Earned premiums			139			136			137			133			132			126			275			258				391				528
Current accident year before catastrophe losses			75.8		%	72.3		%	65.6		%	69.1		%	72.1		%	68.0		%	74.1		%	70.0		%		69.8		%		68.7		%
Current accident year catastrophe losses			1.3			—			(0.1		)	(0.6		)	4.1			—			0.7			2.1				1.2				0.9
Prior accident years before catastrophe losses			8.3			8.6			11.2			9.3			9.0			(0.2		)	8.4			4.5				6.1				7.4
Prior accident years catastrophe losses			(0.2		)	(0.1		)	—			—			—			(0.2		)	(0.2		)	(0.1		)		(0.1		)		(0.1		)
Total loss and loss expense ratio			85.2		%	80.8		%	76.7		%	77.8		%	85.2		%	67.6		%	83.0		%	76.5		%		77.0		%		76.9		%
Workers' compensation:
Written premiums			$	89		$	104		$	81		$	86		$	92		$	106		$	193		$	198			$	284			$	365
Earned premiums			90			93			90			93			95			92			183			187				280				370
Current accident year before catastrophe losses			77.6		%	71.5		%	75.9		%	75.0		%	83.2		%	76.8		%	74.5		%	80.0		%		78.4		%		77.8		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(44.8		)	(16.1		)	(7.5		)	(16.1		)	(21.2		)	(10.3		)	(30.3		)	(15.8		)		(15.9		)		(13.9		)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			32.8		%	55.4		%	68.4		%	58.9		%	62.0		%	66.5		%	44.2		%	64.2		%		62.5		%		63.9		%
Other commercial:
Written premiums			$	55		$	58		$	61		$	68		$	66		$	69		$	113		$	135			$	203			$	264
Earned premiums			61			64			69			71			73			79			125			152				223				292
Current accident year before catastrophe losses			42.7		%	54.4		%	58.5		%	50.2		%	59.6		%	46.7		%	48.6		%	52.9		%		52.0		%		53.4		%
Current accident year catastrophe losses			3.4			9.7			(2.7		)	2.0			17.8			17.9			6.6			17.9				12.8				9.2
Prior accident years before catastrophe losses			(13.6		)	(0.2		)	(13.8		)	(5.6		)	(4.2		)	3.5			(6.7		)	(0.2		)		(1.9		)		(4.8		)
Prior accident years catastrophe losses			1.2			(2.6		)	(1.2		)	(0.8		)	0.8			(1.3		)	(0.7		)	(0.3		)		(0.5		)		(0.7		)
Total loss and loss expense ratio			33.7		%	61.3		%	40.8		%	45.8		%	74.0		%	66.8		%	47.8		%	70.3		%		62.4		%		57.1		%
*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.

CINF Second-Quarter 2015 Supplemental Financial Data

13

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/15	9/30/15	6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15	9/30/14			12/31/15	12/31/14
Personal auto:
Written premiums			$	142		$	114		$	114		$	135		$	133		$	107		$	256		$	240			$	375			$	489
Earned premiums			125			123			122			121			117			116			248			233				354				476
Current accident year before catastrophe losses			79.7		%	81.6		%	70.2		%	73.9		%	80.5		%	79.5		%	80.8		%	80.1		%		77.9		%		76.0		%
Current accident year catastrophe losses			2.3			0.2			(1.2		)	1.1			4.9			0.5			1.2			2.7				2.2				1.3
Prior accident years before catastrophe losses			5.8			3.0			2.8			2.0			(1.7		)	(3.4		)	4.4			(2.6		)		(1.0		)		—
Prior accident years catastrophe losses			(0.1		)	(0.2		)	—			—			(0.2		)	(0.4		)	(0.3		)	(0.3		)		(0.2		)		(0.2		)
Total loss and loss expense ratio			87.7		%	84.6		%	71.8		%	77.0		%	83.5		%	76.2		%	86.1		%	79.9		%		78.9		%		77.1		%
Homeowner:
Written premiums			$	132		$	98		$	107		$	123		$	128		$	98		$	230		$	226			$	349			$	456
Earned premiums			114			114			113			110			111			109			228			220				330				443
Current accident year before catastrophe losses			52.9		%	55.5		%	44.3		%	51.1		%	59.5		%	61.3		%	54.1		%	60.4		%		57.4		%		54.0		%
Current accident year catastrophe losses			25.6			12.3			(0.9		)	4.8			41.5			28.3			19.0			35.0				25.0				18.3
Prior accident years before catastrophe losses			(2.4		)	(5.1		)	(0.2		)	(0.7		)	3.6			(6.5		)	(3.7		)	(1.4		)		(1.2		)		(0.9		)
Prior accident years catastrophe losses			(0.3		)	(1.2		)	(1.2		)	(1.2		)	(0.9		)	(5.4		)	(0.7		)	(3.2		)		(2.6		)		(2.2		)
Total loss and loss expense ratio			75.8		%	61.5		%	42.0		%	54.0		%	103.7		%	77.7		%	68.7		%	90.8		%		78.6		%		69.2		%
Other personal:
Written premiums			$	35		$	29		$	28		$	36		$	33		$	26		$	64		$	59			$	95			$	123
Earned premiums			33			31			31			32			30			29			64			59				91				122
Current accident year before catastrophe losses			58.2		%	49.6		%	44.3		%	59.3		%	42.3		%	46.5		%	53.9		%	44.3		%		49.6		%		48.3		%
Current accident year catastrophe losses			8.4			2.8			0.5			0.4			7.9			7.8			5.6			7.8				5.2				4.0
Prior accident years before catastrophe losses			(4.9		)	1.1			(1.3		)	17.3			(5.4		)	(1.9		)	(1.9		)	(3.6		)		3.8				2.5
Prior accident years catastrophe losses			0.0			(0.8		)	(0.1		)	(0.4		)	(0.5		)	0.2			(0.4		)	(0.1		)		(0.2		)		(0.2		)
Total loss and loss expense ratio			61.7		%	52.7		%	43.4		%	76.6		%	44.3		%	52.6		%	57.2		%	48.4		%		58.4		%		54.6		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/15	9/30/15	6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15	9/30/14			12/31/15	12/31/14
Excess & Surplus:
Written premiums			$	46		$	42		$	39		$	39		$	40		$	35		$	88		$	75			$	114			$	153
Earned premiums			42			40			39			42			34			33			82			67				109				148
Current accident year before catastrophe losses			69.3		%	72.1		%	62.1		%	57.8		%	75.4		%	80.6		%	70.7		%	77.9		%		70.2		%		68.1		%
Current accident year catastrophe losses			0.6			1.2			2.9			(0.7		)	2.3			3.0			0.9			2.6				1.4				1.8
Prior accident years before catastrophe losses			(20.2		)	(13.6		)	(16.1		)	(15.4		)	(21.3		)	(27.1		)	(17.0		)	(24.1		)		(20.8		)		(19.6		)
Prior accident years catastrophe losses			(0.1		)	(0.3		)	0.1			0.1			0.6			0.1			(0.2		)	0.4				0.2				0.2
Total loss and loss expense ratio			49.6		%	59.4		%	49.0		%	41.8		%	57.0		%	56.6		%	54.4		%	56.8		%		51.0		%		50.5		%
*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 Second-Quarter 2015 Supplemental Financial Data

14

Cincinnati Insurance Companies Consolidated
Loss and Loss Expense Analysis
(Dollars in millions)									Change in			Change in			Change in			Total									Loss
	Paid			Paid loss		Total			case			IBNR			loss expense			change in			Case			IBNR			expense		Total
	losses			expense		paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred		incurred
Gross loss and loss expense incurred for the six months ended June 30, 2015
Commercial casualty	$	124		$	70	$	194		$	54		$	18		$	9		$	81		$	178		$	18		$	79	$	275
Commercial property	209			18		227			32			4			—			36			241			4			18		263
Commercial auto	154			27		181			7			29			12			48			161			29			39		229
Workers' compensation	90			19		109			(12		)	(1		)	(8		)	(21		)	78			(1		)	11		88
Other commercial	65			11		76			(18		)	(1		)	2			(17		)	47			(1		)	13		59
Total commercial lines	642			145		787			63			49			15			127			705			49			160		914
Personal auto	155			29		184			3			22			5			30			158			22			34		214
Homeowners	123			13		136			21			1			(1		)	21			144			1			12		157
Other personal	28			2		30			1			6			—			7			29			6			2		37
Total personal lines	306			44		350			25			29			4			58			331			29			48		408
Commercial casualty & property	12			8		20			8			12			4			24			20			12			12		44
Total excess & surplus lines	12			8		20			8			12			4			24			20			12			12		44
Total property casualty	$	960		$	197	$	1,157		$	96		$	90		$	23		$	209		$	1,056		$	90		$	220	$	1,366
Ceded loss and loss expense incurred for the six months ended June 30, 2015
Commercial casualty	$	2		$	2	$	4		$	(4	)	$	1		$	—		$	(3	)	$	(2	)	$	1		$	2	$	1
Commercial property	—			—		—			17			—			—			17			17			—			—		17
Commercial auto	—			—		—			1			—			—			1			1			—			—		1
Workers' compensation	5			—		5			1			(1		)	—			—			6			(1		)	—		5
Other commercial	3			—		3			(4		)	—			—			(4		)	(1		)	—			—		(1		)
Total commercial lines	10			2		12			11			—			—			11			21			—			2		23
Personal auto	1			—		1			(1		)	—			—			(1		)	—			—			—		—
Homeowners	1			—		1			—			—			—			—			1			—			—		1
Other personal	—			—		—			—			—			—			—			—			—			—		—
Total personal lines	2			—		2			(1		)	—			—			(1		)	1			—			—		1
Commercial casualty & property	(1		)	—		(1		)	1			(1		)	—			—			—			(1		)	—		(1		)
Total excess & surplus lines	(1		)	—		(1		)	1			(1		)	—			—			—			(1		)	—		(1		)
Total property casualty	$	11		$	2	$	13		$	11		$	(1	)	$	—		$	10		$	22		$	(1	)	$	2	$	23
Net loss and loss expense incurred for the six months ended June 30, 2015
Commercial casualty	$	122		$	68	$	190		$	58		$	17		$	9		$	84		$	180		$	17		$	77	$	274
Commercial property	209			18		227			15			4			—			19			224			4			18		246
Commercial auto	154			27		181			6			29			12			47			160			29			39		228
Workers' compensation	85			19		104			(13		)	—			(8		)	(21		)	72			—			11		83
Other commercial	62			11		73			(14		)	(1		)	2			(13		)	48			(1		)	13		60
Total commercial lines	632			143		775			52			49			15			116			684			49			158		891
Personal auto	154			29		183			4			22			5			31			158			22			34		214
Homeowners	122			13		135			21			1			(1		)	21			143			1			12		156
Other personal	28			2		30			1			6			—			7			29			6			2		37
Total personal lines	304			44		348			26			29			4			59			330			29			48		407
Commercial casualty & property	13			8		21			7			13			4			24			20			13			12		45
Total excess & surplus lines	13			8		21			7			13			4			24			20			13			12		45
Total property casualty	$	949		$	195	$	1,144		$	85		$	91		$	23		$	199		$	1,034		$	91		$	218	$	1,343

CINF Second-Quarter 2015 Supplemental Financial Data

15

Cincinnati Insurance Companies Consolidated
Loss and Loss Expense Analysis
(Dollars in millions)									Change in			Change in			Change in			Total									Loss
	Paid		Paid loss			Total			case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses		expense			paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the three months ended June 30, 2015
Commercial casualty	$	73	$	36		$	109		$	21		$	3		$	(5	)	$	19		$	94		$	3		$	31		$	128
Commercial property	113		8			121			5			13			(2		)	16			118			13			6			137
Commercial auto	76		13			89			3			17			9			29			79			17			22			118
Other commercial	45		9			54			(5		)	(13		)	(2		)	(20		)	40			(13		)	7			34
Specialty packages	28		5			33			(9		)	—			(4		)	(13		)	19			—			1			20
Total commercial lines	335		71			406			15			20			(4		)	31			350			20			67			437
Personal auto	78		14			92			1			15			2			18			79			15			16			110
Homeowners	76		7			83			4			—			(1		)	3			80			—			6			86
Other personal	11		1			12			2			6			—			8			13			6			1			20
Total personal lines	165		22			187			7			21			1			29			172			21			23			216
Commercial casualty & property	8		4			12			1			8			2			11			9			8			6			23
Total excess & surplus lines	8		4			12			1			8			2			11			9			8			6			23
Total property casualty	$	508	$	97		$	605		$	23		$	49		$	(1	)	$	71		$	531		$	49		$	96		$	676
Ceded loss and loss expense incurred for the three months ended June 30, 2015
Commercial casualty	$	2	$	1		$	3		$	(2	)	$	—		$	—		$	(2	)	$	—		$	—		$	1		$	1
Commercial property	—		—			—			18			—			—			18			18			—			—			18
Commercial auto	—		—			—			—			—			—			—			—			—			—			—
Workers' compensation	2		—			2			1			(1		)	—			—			3			(1		)	—			2
Other commercial	2		—			2			(3		)	—			—			(3		)	(1		)	—			—			(1		)
Total commercial lines	6		1			7			14			(1		)	—			13			20			(1		)	1			20
Personal auto	—		(1		)	(1		)	—			—			—			—			—			—			(1		)	(1		)
Homeowners	1		—			1			—			—			—			—			1			—			—			1
Other personal	—		—			—			—			—			—			—			—			—			—			—
Total personal lines	1		(1		)	—			—			—			—			—			1			—			(1		)	—
Commercial casualty & property	—		—			—			1			1			—			2			1			1			—			2
Total excess & surplus lines	—		—			—			1			1			—			2			1			1			—			2
Total property casualty	$	7	$	—		$	7		$	15		$	—		$	—		$	15		$	22		$	—		$	—		$	22
Net loss and loss expense incurred for the three months ended June 30, 2015
Commercial casualty	$	71	$	35		$	106		$	23		$	3		$	(5	)	$	21		$	94		$	3		$	30		$	127
Commercial property	113		8			121			(13		)	13			(2		)	(2		)	100			13			6			119
Commercial auto	76		13			89			3			17			9			29			79			17			22			118
Workers' compensation	43		9			52			(6		)	(12		)	(2		)	(20		)	37			(12		)	7			32
Other commercial	26		5			31			(6		)	—			(4		)	(10		)	20			—			1			21
Total commercial lines	329		70			399			1			21			(4		)	18			330			21			66			417
Personal auto	78		15			93			1			15			2			18			79			15			17			111
Homeowners	75		7			82			4			—			(1		)	3			79			—			6			85
Other personal	11		1			12			2			6			—			8			13			6			1			20
Total personal lines	164		23			187			7			21			1			29			171			21			24			216
Commercial casualty & property	8		4			12			—			7			2			9			8			7			6			21
Total excess & surplus lines	8		4			12			—			7			2			9			8			7			6			21
Total property casualty	$	501	$	97		$	598		$	8		$	49		$	(1	)	$	56		$	509		$	49		$	96		$	654

CINF Second-Quarter 2015 Supplemental Financial Data

16

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/15	9/30/15	6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15	9/30/14			12/31/15	12/31/14
Premiums
Agency renewal written premiums			$	1,018		$	983		$	906		$	958		$	974		$	956		$	2,001		$	1,930			$	2,888			$	3,794
Agency new business written premiums			138			116			122			125			133			123			254			256				381				503
Other written premiums			(14		)	(33		)	(41		)	(46		)	(25		)	(42		)	(47		)	(67		)		(113		)		(154		)
Net written premiums – statutory*			$	1,142		$	1,066		$	987		$	1,037		$	1,082		$	1,037		$	2,208		$	2,119			$	3,156			$	4,143
Unearned premium change			(83		)	(25		)	48			(12		)	(76		)	(58		)	(108		)	(134		)		(146		)		(98		)
Earned premiums			$	1,059		$	1,041		$	1,035		$	1,025		$	1,006		$	979		$	2,100		$	1,985			$	3,010			$	4,045
Year over year change %
Agency renewal written premiums			5		%	3		%	6		%	5		%	11		%	13		%	4		%	12		%		9		%		9		%
Agency new business written premiums			4			(6		)	(5		)	(11		)	(4		)	(9		)	(1		)	(7		)		(8		)		(7		)
Other written premiums			44			21			45			(84		)	26			(320		)	30			(52		)		(64		)		(8		)
Net written premiums – statutory*			6			3			9			1			10			7			4			8				6				6
Paid losses and loss expenses
Losses paid			$	501		$	448		$	478		$	543		$	517		$	484		$	949		$	1,001			$	1,543			$	2,021
Loss expenses paid			97			98			98			96			98			100			195			198				295				392
Loss and loss expenses paid			$	598		$	546		$	576		$	639		$	615		$	584		$	1,144		$	1,199			$	1,838			$	2,413
Incurred losses and loss expenses
Loss and loss expense incurred			$	654		$	689		$	622		$	622		$	707		$	676		$	1,343		$	1,383			$	2,005			$	2,627
Loss and loss expenses paid as a % of incurred			91.4		%	79.2		%	92.6		%	102.7		%	87.0		%	86.4		%	85.2		%	86.7		%		91.7		%		91.9		%
Statutory combined ratio
Loss ratio			52.7		%	54.4		%	49.0		%	50.0		%	60.7		%	57.9		%	53.6		%	59.4		%		56.2		%		54.4		%
Loss adjustment expense ratio			9.1			11.7			11.1			10.7			9.5			11.2			10.3			10.3				10.4				10.6
Net underwriting expense ratio			28.9			30.0			31.7			30.6			29.4			29.0			29.4			29.2				29.7				30.1
Statutory combined ratio			90.7		%	96.1		%	91.8		%	91.3		%	99.6		%	98.1		%	93.3		%	98.9		%		96.3		%		95.1		%
Contribution from catastrophe losses			7.5			4.1			(0.9		)	1.2			11.4			8.9			5.8			10.2				7.1				5.1
Statutory combined ratio excl. catastrophe losses			83.2		%	92.0		%	92.7		%	90.1		%	88.2		%	89.2		%	87.5		%	88.7		%		89.2		%		90.0		%
GAAP combined ratio
GAAP combined ratio			92.4		%	97.5		%	90.4		%	91.0		%	100.9		%	100.3		%	94.9		%	100.6		%		97.3		%		95.6		%
Contribution from catastrophe losses			7.5			4.1			(0.9		)	1.2			11.4			8.9			5.8			10.2				7.1				5.1
GAAP combined ratio excl. catastrophe losses			84.9		%	93.4		%	91.3		%	89.8		%	89.5		%	91.4		%	89.1		%	90.4		%		90.2		%		90.5		%
*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 Second-Quarter 2015 Supplemental Financial Data

17

Cincinnati Insurance Companies
Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/15	9/30/15	6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15	9/30/14			12/31/15	12/31/14
Premiums
Agency renewal written premiums			$	699		$	730		$	645		$	651		$	669		$	713		$	1,429		$	1,382			$	2,033			$	2,678
Agency new business written premiums			93			79			86			89			95			90			172			185				274				360
Other written premiums			(5		)	(26		)	(32		)	(36		)	(16		)	(32		)	(31		)	(48		)		(84		)		(116		)
Net written premiums – statutory*			$	787		$	783		$	699		$	704		$	748		$	771		$	1,570		$	1,519			$	2,223			$	2,922
Unearned premium change			(42		)	(50		)	31			16			(34		)	(79		)	(92		)	(113		)		(97		)		(66		)
Earned premiums			$	745		$	733		$	730		$	720		$	714		$	692		$	1,478		$	1,406			$	2,126			$	2,856
Year over year change %
Agency renewal written premiums			4		%	2		%	6		%	3		%	11		%	13		%	3		%	12		%		9		%		8		%
Agency new business written premiums			(2		)	(12		)	(7		)	(13		)	(4		)	(7		)	(7		)	(6		)		(8		)		(8		)
Other written premiums			69			19			49			(140		)	33			nm			35			(100		)		(115		)		(14		)
Net written premiums – statutory*			5			2			10			(2		)	10			6			3			8				5				6
Paid losses and loss expenses
Losses paid			$	329		$	303		$	325		$	368		$	347		$	327		$	632		$	674			$	1,041			$	1,366
Loss expenses paid			71			73			75			74			75			76			144			151				226				300
Loss and loss expenses paid			$	400		$	376		$	400		$	442		$	422		$	403		$	776		$	825			$	1,267			$	1,666
Incurred losses and loss expenses
Loss and loss expense incurred			$	417		$	474		$	454		$	428		$	461		$	469		$	891		$	930			$	1,358			$	1,812
Loss and loss expenses paid as a % of incurred			95.9		%	79.3		%	88.1		%	103.3		%	91.5		%	85.9		%	87.1		%	88.7		%		93.3		%		91.9		%
Statutory combined ratio
Loss ratio			46.9		%	52.2		%	49.9		%	47.5		%	54.7		%	56.1		%	49.6		%	55.4		%		52.8		%		52.0		%
Loss adjustment expense ratio			9.1			12.5			12.4			11.9			9.8			11.8			10.7			10.8				11.1				11.5
Net underwriting expense ratio			29.9			29.9			32.5			32.2			30.5			28.5			29.9			29.5				30.3				30.8
Statutory combined ratio			85.9		%	94.6		%	94.8		%	91.6		%	95.0		%	96.4		%	90.2		%	95.7		%		94.2		%		94.3		%
Contribution from catastrophe losses			5.9			4.0			(1.0		)	1.0			8.6			8.5			5.0			8.5				6.0				4.3
Statutory combined ratio excl. catastrophe losses			80.0		%	90.6		%	95.8		%	90.6		%	86.4		%	87.9		%	85.2		%	87.2		%		88.2		%		90.0		%
GAAP combined ratio
GAAP combined ratio			87.2		%	96.6		%	93.6		%	90.7		%	96.3		%	99.9		%	91.9		%	98.1		%		95.6		%		95.1		%
Contribution from catastrophe losses			5.9			4.0			(1.0		)	1.0			8.6			8.5			5.0			8.5				6.0				4.3
GAAP combined ratio excl. catastrophe losses			81.3		%	92.6		%	94.6		%	89.7		%	87.7		%	91.4		%	86.9		%	89.6		%		89.6		%		90.8		%
*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 Second-Quarter 2015 Supplemental Financial Data

18

Cincinnati Insurance Companies
Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/15	9/30/15	6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15	9/30/14			12/31/15	12/31/14
Premiums
Agency renewal written premiums			$	285		$	223		$	233		$	278		$	276		$	218		$	508		$	494			$	772			$	1,005
Agency new business written premiums			30			24			24			23			24			21			54			45				68				92
Other written premiums			(6		)	(6		)	(8		)	(7		)	(6		)	(8		)	(12		)	(14		)		(21		)		(29		)
Net written premiums – statutory*			$	309		$	241		$	249		$	294		$	294		$	231		$	550		$	525			$	819			$	1,068
Unearned premium change			(37		)	27			17			(31		)	(36		)	23			(10		)	(13		)		(44		)		(27		)
Earned premiums			$	272		$	268		$	266		$	263		$	258		$	254		$	540		$	512			$	775			$	1,041
Year over year change %
Agency renewal written premiums			3		%	2		%	4		%	8		%	10		%	12		%	3		%	11		%		10		%		8		%
Agency new business written premiums			25			14			0			(18		)	(20		)	(25		)	20			(22		)		(21		)		(16		)
Other written premiums			—			25			11			13			25			—			14			13				13				12
Net written premiums – statutory*			5			4			4			6			8			7			5			8				7				6
Paid losses and loss expenses
Losses paid			$	165		$	139		$	147		$	170		$	167		$	152		$	304		$	319			$	489			$	636
Loss expenses paid			22			22			21			19			20			21			44			41				60				81
Loss and loss expenses paid			$	187		$	161		$	168		$	189		$	187		$	173		$	348		$	360			$	549			$	717
Incurred losses and loss expenses
Loss and loss expense incurred			$	216		$	191		$	148		$	177		$	227		$	188		$	407		$	415			$	592			$	740
Loss and loss expenses paid as a % of incurred			86.6		%	84.3		%	113.5		%	106.8		%	82.4		%	92.0		%	85.5		%	86.7		%		92.7		%		96.9		%
Statutory combined ratio
Loss ratio			71.1		%	61.9		%	48.9		%	60.5		%	79.4		%	64.8		%	66.6		%	72.2		%		68.2		%		63.3		%
Loss adjustment expense ratio			8.5			9.1			6.9			6.9			8.3			9.3			8.8			8.8				8.1				7.8
Net underwriting expense ratio			26.2			30.4			29.3			26.3			26.6			30.5			28.0			28.3				27.6				28.0
Statutory combined ratio			105.8		%	101.4		%	85.1		%	93.7		%	114.3		%	104.6		%	103.3		%	109.3		%		103.9		%		99.1		%
Contribution from catastrophe losses			12.6			4.9			(1.4		)	2.0			20.4			10.8			8.8			15.7				11.0				7.8
Statutory combined ratio excl. catastrophe losses			93.2		%	96.5		%	86.5		%	91.7		%	93.9		%	93.8		%	94.5		%	93.6		%		92.9		%		91.3		%
GAAP combined ratio
GAAP combined ratio			109.2		%	101.4		%	83.7		%	95.0		%	115.8		%	103.0		%	105.3		%	109.4		%		104.5		%		99.2		%
Contribution from catastrophe losses			12.6			4.9			(1.4		)	2.0			20.4			10.8			8.8			15.7				11.0				7.8
GAAP combined ratio excl. catastrophe losses			96.6		%	96.5		%	85.1		%	93.0		%	95.4		%	92.2		%	96.5		%	93.7		%		93.5		%		91.4		%
*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 Second-Quarter 2015 Supplemental Financial Data

19

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
	12/31/15	9/30/15	6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15	9/30/14			12/31/15	12/31/14
Premiums
Agency renewal written premiums			$	34		$	30		$	28		$	29		$	29		$	25		$	64		$	54			$	83			$	111
Agency new business written premiums			15			13			12			13			14			12			28			26				39				51
Other written premiums			(3		)	(1		)	(1		)	(3		)	(3		)	(2		)	(4		)	(5		)		(8		)		(9		)
Net written premiums – statutory*			$	46		$	42		$	39		$	39		$	40		$	35		$	88		$	75			$	114			$	153
Unearned premium change			(4		)	(2		)	0			3			(6		)	(2		)	(6		)	(8		)		(5		)		(5		)
Earned premiums			$	42		$	40		$	39		$	42		$	34		$	33		$	82		$	67			$	109			$	148
Year over year change %
Agency renewal written premiums			17		%	20		%	17		%	16		%	12		%	32		%	19		%	20		%		19		%		18		%
Agency new business written premiums			7			8			0			18			56			20			8			37				30				21
Other written premiums			—			50			50			(50		)	(50		)	0			20			(25		)		(33		)		(13		)
Net written premiums – statutory*			15			20			15			15			21			30			17			25				21				20
Paid losses and loss expenses
Losses paid			$	8		$	5		$	6		$	5		$	3		$	5		$	13		$	8			$	13			$	19
Loss expenses paid			3			4			2			3			3			3			7			6				9				11
Loss and loss expenses paid			$	11		$	9		$	8		$	8		$	6		$	8		$	20		$	14			$	22			$	30
Incurred losses and loss expenses
Loss and loss expense incurred			$	21		$	24		$	20		$	17		$	19		$	19		$	45		$	38			$	55			$	75
Loss and loss expenses paid as a % of incurred			52.4		%	37.5		%	40.0		%	47.1		%	31.6		%	42.1		%	44.4		%	36.8		%		40.0		%		40.0		%
Statutory combined ratio
Loss ratio			36.1		%	44.9		%	34.4		%	27.9		%	46.6		%	40.6		%	40.4		%	43.7		%		37.6		%		36.8		%
Loss adjustment expense ratio			13.5			14.5			14.6			13.9			10.4			0.1			14.0			13.1				13.4				13.7
Net underwriting expense ratio			29.1			29.9			31.4			34.0			29.1			30.4			29.5			29.7				31.2				31.3
Statutory combined ratio			78.7		%	89.3		%	80.4		%	75.8		%	86.1		%	71.1		%	83.9		%	86.5		%		82.2		%		81.8		%
Contribution from catastrophe losses			0.5			0.9			3.0			(0.6		)	2.9			3.1			0.7			3.0				1.6				2.0
Statutory combined ratio excl. catastrophe losses			78.2		%	88.4		%	77.4		%	76.4		%	83.2		%	68.0		%	83.2		%	83.5		%		80.6		%		79.8		%
GAAP combined ratio
GAAP combined ratio			76.0		%	88.3		%	77.8		%	70.2		%	85.0		%	86.9		%	82.1		%	85.9		%		79.9		%		79.4		%
Contribution from catastrophe losses			0.5			0.9			3.0			(0.6		)	2.9			3.1			0.7			3.0				1.6				2.0
GAAP combined ratio excl. catastrophe losses			75.5		%	87.4		%	74.8		%	70.8		%	82.1		%	83.8		%	81.4		%	82.9		%		78.3		%		77.4		%
*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 Second-Quarter 2015 Supplemental Financial Data

20

The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended June 30,											For the Six Months Ended June 30,
(Dollars in millions)	2015			2014			Change			% Change		2015			2014			Change			% Change
Net premiums written	$	64		$	65		$	(1	)	(2	)	$	125		$	123		$	2		2
Net investment income	38			37			1			3		76			74			2			3
Amortization of interest maintenance reserve	1			2			(1		)	(50	)	2			2			—			—
Commissions and expense allowances on reinsurance ceded	2			1			1			100		3			3			—			—
Income from fees associated with Separate Accounts	1			2			(1		)	(50	)	2			3			(1		)	(33	)
Total revenues	$	106		$	107		$	(1	)	(1	)	$	208		$	205		$	3		1
Death benefits and matured endowments	$	21		$	22		$	(1	)	(5	)	$	46		$	48		$	(2	)	(4	)
Annuity benefits	15			16			(1		)	(6	)	30			30			—			—
Disability benefits and benefits under accident and health contracts	1			1			—			—		1			1			—			—
Surrender benefits and group conversions	4			6			(2		)	(33	)	8			11			(3		)	(27	)
Interest and adjustments on deposit-type contract funds	3			3			—			—		5			5			—			—
Increase in aggregate reserves for life and accident and health contracts	44			47			(3		)	(6	)	85			88			(3		)	(3	)
Payments on supplementary contracts with life contingencies	—			—			—			nm		—			—			—			nm
Total benefit expenses	$	88		$	95		$	(7	)	(7	)	$	175		$	183		$	(8	)	(4	)
Commissions	$	10		$	10		$	—		—		$	18		$	19		$	(1	)	(5	)
General insurance expenses and taxes	11			10			1			10		21			20			1			5
Increase in loading on deferred and uncollected premiums	(2		)	(2		)	—			—		—			(3		)	3			100
Net transfers from Separate Accounts	—			(4		)	4			100		—			(4		)	4			100
Other deductions	—			—			—			nm		—			—			—			nm
Total underwriting expenses	$	19		$	14		$	5		36		$	39		$	32		$	7		22
Federal and foreign income tax benefit	(1		)	(1		)	—			—		(3		)	(3		)	—			—
Net loss from operations before realized capital gains	$	—		$	(1	)	$	1		100		$	(3	)	$	(7	)	$	4		57
Net realized gains net of capital gains tax	(1		)	—			(1		)	nm		(1		)	—			(1		)	nm
Net loss (statutory)	$	(1	)	$	(1	)	$	—		—		$	(4	)	$	(7	)	$	3		43
*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 Second-Quarter 2015 Supplemental Financial Data

21

EX-99.3

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

The Cincinnati Insurance Company Adds

Reinsurance Assumed Expertise

Cincinnati, July 28, 2015 - Cincinnati Financial Corporation (Nasdaq: CINF) announced that John A. Davis and Paul B. LeStourgeon joined The Cincinnati Insurance Company, adding expertise to the newly expanded reinsurance assumed initiative known as Cincinnati Re^SM. Davis and LeStourgeon report to James W.B. Hole, managing director, head of Cincinnati Re.

Davis, managing director, head of casualty reinsurance, will oversee the strategic direction, underwriting and marketing of the company’s casualty reinsurance assumed portfolio. A 20-year veteran of the reinsurance industry, Davis most recently served as head of North American casualty treaty reinsurance for Endurance Reinsurance and has held senior underwriting roles at Partner Re and ACE Tempest Reinsurance. He holds a Bachelor of Science in Finance from Providence College.

LeStourgeon, managing director, head of reinsurance analytics, will drive the reinsurance assumed actuarial and catastrophe modeling analytics. He has been in the reinsurance industry for more than 20 years focused on actuarial consulting, pricing and financial modeling. LeStourgeon is a Fellow of the Casualty Actuarial Society, a Chartered Financial Analyst (CFA) and a Chartered Enterprise Risk Analyst (CERA). He holds a Bachelor of Science in Economics and Mathematics from Duke University and a Master of Business Administration from Temple University.

James Hole, managing director, head of Cincinnati Re, commented, “John and Paul both possess skills that complement our current team. The depth of their reinsurance experience and broad industry knowledge will help us realize profitable long-term opportunities as we focus on building relationships and maintaining underwriting discipline.”

In April, the company announced the expansion of its reinsurance assumed operations - a relatively small line of business for the company since the 1990s. Reinsurance assumed adds diversified risk, and the company’s high-quality, diversifying counterparty credit makes it well positioned to build the business slowly over time, focusing on opportunities that will benefit shareholders over the long term.

About Cincinnati Financial

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 1454966200 South Gilmore Road

Cincinnati, Ohio 45250-5496Fairfield, 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 2014 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 33.

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

• 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.

* * *