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: October 27, 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 October 27, 2015, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Third-Quarter 2015 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On October 27, 2015, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference.

This report should not be deemed an admission as to the materiality of any information contained in the news 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 October 27, 2015, “Cincinnati Financial Reports Third-Quarter 2015 Results”

Exhibit 99.2 – Supplemental Financial Data for the period ending September 30, 2015 distributed October 27, 2015.

Signature

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

	CINCINNATI FINANCIAL CORPORATION
Date: October 27, 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 Third-Quarter 2015 Results

Cincinnati, October 27, 2015 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

• Third-quarter 2015 net income of $174 million, or $1.05 per share, compared with $183 million, or $1.11 per share, in the third quarter of 2014.

• $32 million or 23 percent rise in operating income* to $172 million, or $1.04 per share, up from $140 million, or 85 cents per share, in the third quarter of last year.

• $9 million decrease in third-quarter 2015 net income, reflecting the after-tax net effect of two primary items: $41million reduction in net realized investment gains that offset $25million of improvement in the contribution from property casualty underwriting, including an unfavorable effect from natural catastrophe losses that were $9 million more for third-quarter 2015 compared with the same quarter a year ago.

• $38.77 book value per share at September 30, 2015, down $1.37 or 3 percent since December 31, 2014.

• Zero percent value creation ratio for the first nine months of 2015, compared with 8.4 percent for the same period of 2014.

Financial Highlights

(Dollars in millions except per share data)	Three months ended September 30,						Nine months ended September 30,
		2015		2014		% Change		2015		2014		% Change
Revenue Data
Earned premiums		$	1,127	$	1,071	5		$	3,332	$	3,157	6
Investment income, net of expenses		143		138		4		422		409		3
Total revenues		1,278		1,280		0		3,879		3,683		5
Income Statement Data
Net income		$	174	$	183	(5)		$	478	$	358	34
Realized investment gains, net		2		43		(95)		71		66		8
Operating income*		$	172	$	140	23		$	407	$	292	39
Per Share Data (diluted)
Net income		$	1.05	$	1.11	(5)		$	2.89	$	2.17	33
Realized investment gains, net		0.01		0.26		(96)		0.43		0.40		8
Operating income*		$	1.04	$	0.85	22		$	2.46	$	1.77	39
Book value								$	38.77	$	39.01	(1)
Cash dividend declared		$	0.46	$	0.44	5		$	1.38	$	1.32	5
Diluted weighted average shares outstanding		165.5		165.0		0		165.5		165.0		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 3Q15 Release 1

Insurance Operations Third-Quarter Highlights

• 87.8 percent third-quarter 2015 property casualty combined ratio, improved from 91.0 percent for third-quarter 2014.

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

• $138 million third-quarter 2015 property casualty new business written premiums, up $13 million or 10 percent. Agencies appointed since the beginning of 2014 contributed $11 million or 8 percent of total new business written premiums.

• 7 cents per share contribution from life insurance operating income, up 3 cents from third-quarter 2014.

Investment and Balance Sheet Highlights

• 4 percent or $5 million increase in third-quarter 2015 pretax investment income, including 6 percent growth for stock portfolio dividends and 3 percent growth for bond interest income.

• Three-month increase of less than 1 percent in fair value of total investments at September 30, 2015, including a 1 percent increase for the bond portfolio and a 4 percent decrease for the equity portfolio.

• $1.801 billion parent company cash and marketable securities at September 30, 2015, up approximately 1 percent from year-end 2014.

Property Casualty Underwriting Driving Results

Steven J. Johnston, president and chief executive officer, commented: “Operating income rose to $172 million, our best-ever third-quarter result, bolstered by underwriting profits as well as pretax investment income that increased 4 percent over last year’s third quarter.

“Property casualty insurance underwriting led our strong performance as positive trends seen in the second quarter continued. Underwriting profits before taxes rose to $133 million in the third quarter and $243 million for the nine months. Our combined ratio of 87.8 percent was our best quarterly result in 11 quarters, and the nine-month ratio of 92.5 percent was our best in seven years.

“Catastrophe losses contributed just 2.5 percentage points to the third-quarter combined ratio. Favorable development on our reserves for prior accident years before catastrophes provided a benefit of 4.3 percentage points, in line with historical long-term averages. Excluding catastrophe losses and prior accident year reserve development gives us our core underwriting results. At 89.6 percent, that ratio improved 2.2 points over last year’s third quarter.”

Maintaining Momentum

“Balancing profitability and growth takes determination and expertise. We continue to invest in the people and the tools we need to further enhance our ability to price each policy based on its individual characteristics. Our field marketing associates are armed with analytics that complement their experience, earned through an average of 20 years in the industry, giving them an ever increasing confidence when competing for our agencies’ best business.

“Net written premiums for the first nine months of 2015 grew 5 percent compared with the first nine months of 2014, reflecting modest overall pricing increases. We’re supporting the advantages of our local independent agencies through additional loss control sophistication, expansion of our Customer Care Center for small commercial policies and enhancements to our services for niche markets.

“Last month, we officially launched in New York our Executive Capstone™ suite of products for high net worth policyholders. During the third quarter, we appointed 14 new agencies to represent us in New York City and the surrounding area. Whether our agents are using Capstone or our Executive Classic™ policy, growth in the number of large personal lines accounts is a strong contributor to our nine-month personal lines new business premium growth rate of 24 percent.”

Focusing on a Long-Term Investment Strategy

“Equity markets sold off in the third quarter, pressuring market values at September 30. Those lower values are reflected in our total portfolio’s net unrealized gain position of $2.0 billion before taxes. The change in net unrealized gains contributed to a 3 percent decline in book value to $38.77 per share at September 30 compared with year-end 2014.

“We maintain a long-term perspective with our investment philosophy and aren’t swayed by periodic market volatility. Our insurance business continues to provide cash that we invest in high-quality bonds and dividend-paying stocks. We are poised to further benefit from these purchases when the markets rebound.”

CINF 3Q15 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)	Three months ended September 30,									Nine months ended September 30,
		2015			2014			% Change		2015			2014			% Change
Earned premiums		$	1,076		$	1,025		5		$	3,176		$	3,010		6
Fee revenues		2			2			0		6			5			20
Total revenues		1,078			1,027			5		3,182			3,015			6
Loss and loss expenses		613			622			(1	)	1,956			2,005			(2	)
Underwriting expenses		332			311			7		983			924			6
Underwriting profit		$	133		$	94		41		$	243		$	86		183
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		56.9		%	60.7		%	(3.8	)	61.5		%	66.6		%	(5.1	)
Underwriting expenses		30.9			30.3			0.6		31.0			30.7			0.3
Combined ratio		87.8		%	91.0		%	(3.2	)	92.5		%	97.3		%	(4.8	)
								% Change								% Change
Agency renewal written premiums		$	999		$	958		4		$	3,000		$	2,888		4
Agency new business written premiums		138			125			10		392			381			3
Other written premiums		(39		)	(46		)	15		(86		)	(113		)	24
Net written premiums		$	1,098		$	1,037		6		$	3,306		$	3,156		5
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		58.7		%	61.5		%	(2.8	)	60.8		%	62.8		%	(2.0	)
Current accident year catastrophe losses		2.6			1.6			1.0		5.1			7.7			(2.6	)
Prior accident years before catastrophe losses		(4.3		)	(2.0		)	(2.3	)	(4.0		)	(3.3		)	(0.7	)
Prior accident years catastrophe losses		(0.1		)	(0.4		)	0.3		(0.4		)	(0.6		)	0.2
Loss and loss expense ratio		56.9		%	60.7		%	(3.8	)	61.5		%	66.6		%	(5.1	)
Current accident year combined ratio before catastrophe   losses		89.6		%	91.8		%	(2.2	)	91.8		%	93.5		%	(1.7	)

• $61 million or 6 percent growth of third-quarter 2015 property casualty net written premiums and nine-month growth of 5 percent. The increases were largely due to price increases and a higher level of insured exposures.

• $13 million or 10 percent increase in third-quarter 2015 new business premiums written by agencies, largely due to contributions from new agency appointments. Nine-month new business premiums increased $11 million, including a $21 million increase from standard market property casualty production from agencies appointed since the beginning of 2014 and a $1 million increase for excess and surplus lines.

• 1,515agency relationships in 1,933 reporting locations marketing property casualty insurance products at September 30, 2015, compared with 1,466 agency relationships in 1,884 reporting locations at year-end 2014. During the first nine months of 2015, 85 new agency appointments were made.

• 3.2 and 4.8 percentage-point third-quarter and nine-month 2015 combined ratio improvement, including a third-quarter increase of 1.3 points and a nine-month decrease of 2.4 points for losses from natural catastrophes.

• 4.4 percentage-point third-quarter 2015 benefit from favorable prior accident year reserve development of $48 million, compared with 2.4 points or $25 million for third-quarter 2014.

• 4.4 percentage-point nine-month 2015 benefit from favorable prior accident year reserve development, slightly higher than the nine-month 2014 benefit of 3.9 points.

• 2.0 percentage-point improvement, to 60.8 percent, for the nine-month 2015 ratio of current accident year losses and loss expenses before catastrophes, reflecting overall higher pricing, 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.

• 0.6 and 0.3 percentage-point rise in the third-quarter and nine-month 2015 underwriting expense ratio, as strategic investments for profitable growth offset higher earned premiums and expense management efforts.

CINF 3Q15 Release 3

Commercial Lines Insurance Results

(Dollars in millions)	Three months ended September 30,									Nine months ended September 30,
		2015			2014			% Change		2015			2014			% Change
Earned premiums		$	757		$	720		5		$	2,235		$	2,126		5
Fee revenues		1			1			0		3			3			0
Total revenues		758			721			5		2,238			2,129			5
Loss and loss expenses		398			428			(7	)	1,289			1,358			(5	)
Underwriting expenses		239			226			6		705			674			5
Underwriting profit		$	121		$	67		81		$	244		$	97		152
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		52.4		%	59.4		%	(7.0	)	57.6		%	63.9		%	(6.3	)
Underwriting expenses		31.6			31.3			0.3		31.6			31.7			(0.1	)
Combined ratio		84.0		%	90.7		%	(6.7	)	89.2		%	95.6		%	(6.4	)
								% Change								% Change
Agency renewal written premiums		$	678		$	651		4		$	2,107		$	2,033		4
Agency new business written premiums		96			89			8		268			274			(2	)
Other written premiums		(31		)	(36		)	14		(62		)	(84		)	26
Net written premiums		$	743		$	704		6		$	2,313		$	2,223		4
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		56.6		%	61.3		%	(4.7	)	58.8		%	61.4		%	(2.6	)
Current accident year catastrophe losses		1.5			1.4			0.1		4.2			6.5			(2.3	)
Prior accident years before catastrophe losses		(5.6		)	(2.9		)	(2.7	)	(5.0		)	(3.5		)	(1.5	)
Prior accident years catastrophe losses		(0.1		)	(0.4		)	0.3		(0.4		)	(0.5		)	0.1
Loss and loss expense ratio		52.4		%	59.4		%	(7.0	)	57.6		%	63.9		%	(6.3	)
Current accident year combined ratio before catastrophe   losses		88.2		%	92.6		%	(4.4	)	90.4		%	93.1		%	(2.7	)

• $39 million or 6 percent increase in third-quarter 2015 commercial lines net written premiums, including higher renewal written premiums and growth in new business written premiums. Four percent increase in nine-month net written premiums.

• $27 million or 4 percent rise in third-quarter renewal written premiums with commercial lines renewal pricing increases averaging in the low-single-digit percent range.

• $7 million or 8 percent increase in third-quarter 2015 new business written by agencies, with growth in each major commercial line of business. For the nine-month period, the 2 percent decrease largely reflected underwriting and pricing discipline in a competitive market environment.

• 6.7 and 6.4 percentage-point third-quarter and nine-month 2015 combined ratio improvement, including a third-quarter increase of 0.4 points and a nine-month decrease of 2.2 points for losses from natural catastrophes.

• 5.7 percentage-point third-quarter 2015 benefit from favorable prior accident year reserve development of $43 million, compared with 3.3 points or $24 million for third-quarter 2014.

• 5.4 percentage-point nine-month 2015 benefit from favorable prior accident year reserve development exceeded the nine-month 2014 benefit of 4.0 points.

• 2.6 percentage-point improvement, to 58.8 percent, for the nine-month 2015 ratio of current accident year losses and loss expenses before catastrophes, largely due to lower noncatastrophe weather-related losses and a 2.0 point decrease in the ratio for current accident year losses of $1 million or more per claim.

CINF 3Q15 Release 4

Personal Lines Insurance Results

(Dollars in millions)	Three months ended September 30,									Nine months ended September 30,
		2015			2014			% Change		2015			2014			% Change
Earned premiums		$	277		$	263		5		$	817		$	775		5
Fee revenues		1			1			0		2			2			0
Total revenues		278			264			5		819			777			5
Loss and loss expenses		198			177			12		605			592			2
Underwriting expenses		82			73			12		244			218			12
Underwriting (loss) profit		$	(2	)	$	14		nm		$	(30	)	$	(33	)	9
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		71.5		%	67.4		%	4.1		74.0		%	76.3		%	(2.3	)
Underwriting expenses		29.4			27.6			1.8		29.8			28.2			1.6
Combined ratio		100.9		%	95.0		%	5.9		103.8		%	104.5		%	(0.7	)
								% Change								% Change
Agency renewal written premiums		$	288		$	278		4		$	796		$	772		3
Agency new business written premiums		30			23			30		84			68			24
Other written premiums		(6		)	(7		)	14		(18		)	(21		)	14
Net written premiums		$	312		$	294		6		$	862		$	819		5
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		64.9		%	62.7		%	2.2		65.8		%	65.8		%	0.0
Current accident year catastrophe losses		5.7			2.6			3.1		8.0			12.2			(4.2	)
Prior accident years before catastrophe losses		1.0			2.7			(1.7	)	0.5			(0.5		)	1.0
Prior accident years catastrophe losses		(0.1		)	(0.6		)	0.5		(0.3		)	(1.2		)	0.9
Loss and loss expense ratio		71.5		%	67.4		%	4.1		74.0		%	76.3		%	(2.3	)
Current accident year combined ratio before catastrophe   losses		94.3		%	90.3		%	4.0		95.6		%	94.0		%	1.6

• $18 million or 6 percent increase in third-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 nine-month net written premiums.

• $7 million or 30 percent growth in third-quarter new business written by agencies, raising the nine-month growth rate to 24 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 toward our agencies. Approximately $1 million of third-quarter growth was from agencies’ high net worth clients.

• 5.9 percentage-point rise in the third-quarter 2015 combined ratio, primarily due to a increase of 3.6 points for losses from natural catastrophes.

• 0.7 percentage-point nine-month 2015 combined ratio improvement, including a decrease of 3.3 points for losses from natural catastrophes.

• 0.9 percentage-point third-quarter 2015 unfavorable prior accident year reserve development of $2 million, largely from personal umbrella claims, compared with 2.1 points from $5 million for the third-quarter 2014.

• 0.2 percentage-point nine-month 2015 unfavorable prior accident year reserve development of $1 million, primarily due to unfavorable development for our personal auto line of business.

• 65.8 percent nine-month 2015 ratio of current accident year losses and loss expenses before catastrophes matched the same period of 2014, reflecting lower noncatastrophe weather-related losses offset by a 2.7 point increase in the ratio for current accident year losses of $1 million or more per claim.

• 1.8 and 1.6 percentage-point third-quarter and nine-month 2015 increases in the underwriting expense ratio, largely due to strategic investments, such as staff additions to support expansion in high net worth markets, and changes in estimates related to allocations of deferred acquisition costs by segment.

CINF 3Q15 Release 5

Excess and Surplus Lines Insurance Results

(Dollars in millions)	Three months ended September 30,									Nine months ended September 30,
		2015			2014			% Change		2015			2014			% Change
Earned premiums		$	42		$	42		0		$	124		$	109		14
Fee revenues		—			—			nm		1			—			nm
Total revenues		42			42			0		125			109			15
Loss and loss expenses		17			17			0		62			55			13
Underwriting expenses		11			12			(8	)	34			32			6
Underwriting profit		$	14		$	13		8		$	29		$	22		32
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		41.9		%	41.8		%	0.1		50.1		%	51.0		%	(0.9	)
Underwriting expenses		28.0			28.4			(0.4	)	27.8			28.9			(1.1	)
Combined ratio		69.9		%	70.2		%	(0.3	)	77.9		%	79.9		%	(2.0	)
								% Change								% Change
Agency renewal written premiums		$	33		$	29		14		$	97		$	83		17
Agency new business written premiums		12			13			(8	)	40			39			3
Other written premiums		(2		)	(3		)	33		(6		)	(8		)	25
Net written premiums		$	43		$	39		10		$	131		$	114		15
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		56.9		%	57.8		%	(0.9	)	65.9		%	70.2		%	(4.3	)
Current accident year catastrophe losses		0.3			(0.7		)	1.0		0.7			1.4			(0.7	)
Prior accident years before catastrophe losses		(15.4		)	(15.4		)	0.0		(16.4		)	(20.8		)	4.4
Prior accident years catastrophe losses		0.1			0.1			0.0		(0.1		)	0.2			(0.3	)
Loss and loss expense ratio		41.9		%	41.8		%	0.1		50.1		%	51.0		%	(0.9	)
Current accident year combined ratio before catastrophe   losses		84.9		%	86.2		%	(1.3	)	93.7		%	99.1		%	(5.4	)

• $4 million or 10 percent increase in third-quarter 2015 excess and surplus lines net written premiums, reflecting higher renewal written premiums that benefited from rate increases averaging near the low end of the mid-single-digit range. Fifteen percent increase in nine-month net written premiums.

• $1 million or 8 percent decrease in third-quarter new business written by agencies, primarily due to writing fewer new large-premium accounts.

• 0.3 and 2.0 percentage-point third-quarter and nine-month 2015 combined ratio improvement driven by lower ratios for current accident year loss experience.

• 15.3 percentage-point third-quarter 2015 benefit from favorable prior accident year reserve development of $7 million, compared with 15.3 points from $6 million for third-quarter 2014.

• 16.5 percentage-point nine-month 2015 benefit from favorable prior accident year reserve development was less than the nine-month 2014 benefit of 20.6 points.

• 4.3 percentage-point improvement, to 65.9 percent, for the nine-month 2015 ratio of current accident year losses and loss expenses before catastrophes, including lower noncatastrophe weather-related losses and a 0.6 point increase in the ratio for current accident year losses of $1 million or more per claim.

CINF 3Q15 Release 6

Life Insurance Results

(Dollars in millions)	Three months ended September 30,							Nine months ended September 30,
		2015		2014		% Change		2015		2014		% Change
Term life insurance		$	34	$	34	0		$	103	$	99	4
Universal life insurance		9		5		80		28		25		12
Other life insurance, annuity, and disability income   products		8		7		14		25		23		9
Earned premiums		51		46		11		156		147		6
Investment income, net of expenses		38		36		6		112		108		4
Other income		2		1		100		4		4		0
Total revenues, excluding realized investment gains and losses		91		83		10		272		259		5
Contract holders’ benefits incurred		57		64		(11	)	175		176		(1	)
Underwriting expenses incurred		16		8		100		50		42		19
Total benefits and expenses		73		72		1		225		218		3
Net income before income tax and realized investment   gains, net		18		11		64		47		41		15
Income tax		7		4		75		17		15		13
Net income before realized investment gains, net		$	11	$	7	57		$	30	$	26	15

• $5 million or 11 percent increase in third-quarter 2015 earned premiums, including no change for term life insurance, our largest life insurance product line. For the first nine months of 2015, term life insurance earned premiums increased 4 percent. The unlocking of interest rates and other actuarial assumptions for our universal life insurance contracts during the third quarter of both 2015 and 2014 slowed the amortization of unearned front-end loads, reducing universal life premiums, with a corresponding decrease to operating expenses as more expenses were deferred to future periods. The unlocking impact to earned premiums and operating expenses was much more significant during the third quarter of 2014. For both third quarter periods, the impact to net income was minimal.

• $4 million increase in nine-month 2015 profit, primarily due to favorable mortality experience. Mortality experience was unfavorable for the first nine months of 2014.

• $7 million or 1 percent nine-month 2015 decrease to $897 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 rate spreads.

CINF 3Q15 Release 7

Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)	Three months ended September 30,								Nine months ended September 30,
	2015			2014			% Change		2015			2014			% Change
Investment income, net of expenses	$	143		$	138		4		$	422		$	409		3
Investment interest credited to contract holders’	(21		)	(21		)	0		(64		)	(62		)	(3	)
Realized investment gains, net	3			65			(95	)	110			101			9
Investments profit	$	125		$	182		(31	)	$	468		$	448		4
Investment income:
Interest	$	108		$	105		3		$	319		$	312		2
Dividends	37			35			6		108			101			7
Other	1			—			nm		2			2			0
Less investment expenses	3			2			0		7			6			17
Investment income, pretax	143			138			4		422			409			3
Less income taxes	34			32			6		100			97			3
Total investment income, after-tax	$	109		$	106		3		$	322		$	312		3
Investment returns:
Effective tax rate	23.7		%	23.3		%			23.7		%	23.7		%
Average invested assets plus cash and cash   equivalents	$	14,498		$	13,964				$	14,399		$	13,792
Average yield pretax	3.95		%	3.95		%			3.91		%	3.95		%
Average yield after-tax	3.01			3.04					2.98			3.02
Fixed-maturity returns:
Effective tax rate	27.1		%	26.6		%			27.1		%	27.0		%
Average amortized cost	$	9,347		$	8,822				$	9,133		$	8,781
Average yield pretax	4.62		%	4.76		%			4.66		%	4.74		%
Average yield after-tax	3.37			3.49					3.40			3.46

• $5 million or 4 percent rise in third-quarter 2015 pretax investment income, including 6 percent growth in equity portfolio dividends and 3 percent growth in interest income.

• $365 million or 15 percent third-quarter 2015 decrease in pretax net unrealized investment portfolio gains, including a $350 million decrease for the equity portfolio. The total decrease included the offsetting effect of $10 million of pretax net realized gains from investment portfolio security sales or called bonds during the third quarter of 2015, including $6 million from the equity portfolio.

CINF 3Q15 Release 8

Balance Sheet Highlights

(Dollars in millions except share data)	At September 30,			At December 31,
	2015			2014
Balance sheet data:
Total investments	$	14,426		$	14,386
Total assets	18,751			18,753
Short-term debt	35			49
Long-term debt	791			791
Shareholders’ equity	6,350			6,573
Book value per share	38.77			40.14
Debt-to-total-capital ratio	11.5		%	11.3		%

• $14.845 billion in consolidated cash and total investments at September 30, 2015, down 1 percent from $14.977 billion at year-end 2014.

• $9.756 billion bond portfolio at September 30, 2015, with an average rating of A2/A. Fair value increased $81 million or 1 percent during the third quarter of 2015, including $100 million in net purchases of fixed-maturity securities.

• $4.526 billion equity portfolio was 31.4 percent of total investments, including $1.556 billion in pretax net unrealized gains at September 30, 2015. Third-quarter 2015 decrease in fair value of $208 million or 4 percent.

• $4.324 billion of statutory surplus for the property casualty insurance group at September 30, 2015, down $148 million from $4.472 billion at year-end 2014, after declaring $300 million in dividends to the parent company. The ratio of net written premiums to property casualty statutory surplus for the 12 months ended September 30, 2015, was 1.0-to-1, up from 0.9-to-1 at year-end 2014.

• $1.37 nine-month 2015 decrease in book value per share, including an addition of $2.48 from net income before realized gains that was offset by deductions of $1.38 from dividends declared to shareholders, $2.45 from investment portfolio realized gains and changes in unrealized gains and $0.02 from other items.

• Value creation ratio of zero percent for the first nine months of 2015, reflecting 6.1 percent from net income before net realized investment gains, which includes underwriting and investment income, and negative 6.1 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 3Q15 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 3Q15 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.

* * *

CINF 3Q15 Release 11

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

(Dollars in millions)					September 30,				December 31,
						2015				2014
Assets
Investments						$	14,426			$	14,386
Cash and cash equivalents						419				591
Premiums receivable						1,494				1,405
Reinsurance recoverable						552				545
Deferred policy acquisition costs						609				578
Other assets						1,251				1,248
Total assets						$	18,751			$	18,753
Liabilities
Insurance reserves						$	7,264			$	6,982
Unearned premiums						2,215				2,082
Deferred income tax						596				840
Long-term debt and capital lease obligations						826				827
Other liabilities						1,500				1,449
Total liabilities						12,401				12,180
Shareholders’ Equity
Common stock and paid-in capital						1,620				1,611
Retained earnings						4,756				4,505
Accumulated other comprehensive income						1,280				1,744
Treasury stock						(1,306		)		(1,287		)
Total shareholders' equity						6,350				6,573
Total liabilities and shareholders' equity						$	18,751			$	18,753
(Dollars in millions except per share data)	Three months ended September 30,					Nine months ended September 30,
	2015		2014			2015				2014
Revenues
Earned premiums	$	1,127	$	1,071		$	3,332			$	3,157
Investment income, net of expenses	143		138			422				409
Realized investment gains, net	3		65			110				101
Other revenues	5		6			15				16
Total revenues	1,278		1,280			3,879				3,683
Benefits and Expenses
Insurance losses and contract holders' benefits	670		686			2,131				2,181
Underwriting, acquisition and insurance expenses	348		319			1,033				967
Interest expense	14		13			40				40
Other operating expenses	3		3			10				10
Total benefits and expenses	1,035		1,021			3,214				3,198
Income Before Income Taxes	243		259			665				485
Provision for Income Taxes	69		76			187				127
Net Income	$	174	$	183		$	478			$	358
Per Common Share:
Net income—basic	$	1.06	$	1.12		$	2.91			$	2.19
Net income—diluted	1.05		1.11			2.89				2.17

CINF 3Q15 Release 12

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 3Q15 Release 13

Cincinnati Financial Corporation

Balance Sheet Reconciliation

(Dollars are per share)	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Value creation ratio:
End of period book value	$	38.77		$	39.01		$	38.77		$	39.01
Less beginning of period book value	39.60			38.77			40.14			37.21
Change in book value	(0.83		)	0.24			(1.37		)	1.80
Dividend declared to shareholders	0.46			0.44			1.38			1.32
Total value creation	$	(0.37	)	$	0.68		$	0.01		$	3.12
Value creation ratio from change in book value*	(2.1		)%	0.6		%	(3.4		)%	4.8		%
Value creation ratio from dividends declared to   shareholders**	1.2			1.2			3.4			3.6
Value creation ratio	(0.9		)%	1.8		%	0.0		%	8.4		%
* 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 September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Net income	$	174		$	183		$	478		$	358
Realized investment gains, net	2			43			71			66
Operating income	172			140			407			292
Less catastrophe losses	(17		)	(8		)	(96		)	(139		)
Operating income before catastrophe losses	189			148			$	503		$	431
Diluted per share data:
Net income	$	1.05		$	1.11		$	2.89		$	2.17
Realized investment gains, net	0.01			0.26			0.43			0.40
Operating income	1.04			0.85			2.46			1.77
Less catastrophe losses	(0.10		)	(0.05		)	(0.58		)	(0.84		)
Operating income before catastrophe losses	1.14			0.90			$	3.04		$	2.61

CINF 3Q15 Release 14

Cincinnati Financial Corporation

Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended September 30, 2015
	Consolidated				Commercial				Personal				E&S
Premiums:
Written premiums		$	1,098			$	743			$	312			$	43
Unearned premiums change		(22		)		14				(35		)		(1		)
Earned premiums		$	1,076			$	757			$	277			$	42
Statutory ratios:
Combined ratio		87.5		%		84.6		%		98.5		%		71.3		%
Contribution from catastrophe losses		2.5				1.4				5.6				0.4
Combined ratio excluding catastrophe losses		85.0		%		83.2		%		92.9		%		70.9		%
Commission expense ratio		18.8		%		19.1		%		16.8		%		26.8		%
Other underwriting expense ratio		11.8				13.1				10.2				2.6
Total expense ratio		30.6		%		32.2		%		27.0		%		29.4		%
GAAP ratios:
Combined ratio		87.8		%		84.0		%		100.9		%		69.9		%
Contribution from catastrophe losses		2.5				1.4				5.6				0.4
Prior accident years before catastrophe losses		(4.3		)		(5.6		)		1.0				(15.4		)
Current accident year combined ratio before catastrophe losses		89.6		%		88.2		%		94.3		%		84.9		%
(Dollars in millions)	Nine months ended September 30, 2015
	Consolidated				Commercial				Personal				E&S
Premiums:
Written premiums		$	3,306			$	2,313			$	862			$	131
Unearned premiums change		(130		)		(78		)		(45		)		(7		)
Earned premiums		$	3,176			$	2,235			$	817			$	124
Statutory ratios:
Combined ratio		91.3		%		88.2		%		101.7		%		79.6		%
Contribution from catastrophe losses		4.7				3.8				7.7				0.6
Combined ratio excluding catastrophe losses		86.6		%		84.4		%		94.0		%		79.0		%
Commission expense ratio		18.2		%		17.9		%		17.6		%		26.7		%
Other underwriting expense ratio		11.6				12.7				10.1				2.8
Total expense ratio		29.8		%		30.6		%		27.7		%		29.5		%
GAAP ratios:
Combined ratio		92.5		%		89.2		%		103.8		%		77.9		%
Contribution from catastrophe losses		4.7				3.8				7.7				0.6
Prior accident years before catastrophe losses		(4.0		)		(5.0		)		0.5				(16.4		)
Current accident year combined ratio before catastrophe losses		91.8		%		90.4		%		95.6		%		93.7		%
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 3Q15 Release 15

EX-99.2

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending September 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 October 26, 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 Third-Quarter 2015 Supplemental Financial Data

1

	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending September 30, 2015
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	Quick Reference	4
	CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 2015	5
	CFC and Subsidiaries Consolidation – Three Months Ended September 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 – Nine Months Ended September 30, 2015	15
	Loss and Loss Expense Analysis – Three Months Ended September 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 Third-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 Third-Quarter 2015 Supplemental Financial Data

3

Cincinnati Financial Corporation
Quick Reference					—	Third Quarter 2015
(all data shown is for the three months ended or as of September 30, 2015)
(Dollars in millions except per share data)	9/30/2015		Year over year change %				9/30/2015			Year over year change %
Revenues:						Benefits and expenses:
Commercial lines net written premiums	$	743	6			Commercial lines loss and loss expenses	$	398		(7	)
Personal lines net written premiums	312		6			Personal lines loss and loss expenses	198			12
Excess & surplus lines net written premiums	43		10			Excess & surplus lines loss and loss expenses	17			0
Property casualty net written premiums	1,098		6			Life and health contract holders' benefits incurred	57			(11	)
Life and accident and health net written premiums	53		4			Underwriting, acquisition and insurance expenses	348			9
Annuity net written premiums	9		5			Interest expenses	14			8
Life, annuity and accident and health net written premiums	62		4			Other operating expenses	3			0
Commercial lines net earned premiums	757		5			Total benefits & expenses	1,035			1
Personal lines net earned premiums	277		5			Income before income taxes	243			(6	)
Excess & surplus lines net earned premiums	42		0			Total income tax	69			(9	)
Property casualty net earned premiums	1,076		5
Fee revenue	4		33			Balance Sheet:
Life and accident and health net earned premiums	51		11
Investment income	143		4			Fixed maturity investments	$	9,756
Realized investment gains, net	3		(95	)		Equity securities	4,526
Other revenue	1		(67	)		Other investments	144
Total revenues	1,278		0			Total invested assets	$	14,426
						Loss and loss expense reserves	$	4,700
						Life policy and investment contract reserves	2,564
Income:						Long-term debt and capital lease obligations	826
						Shareholders' equity	6,350
Operating income	$	172	23
Realized investment gains, net	2		(95	)		Key ratios:
Net income	174		(5	)
						Commercial lines GAAP combined ratio	84.0		%
						Personal lines GAAP combined ratio	100.9
						Excess & surplus lines GAAP combined ratio	69.9
						Property casualty GAAP combined ratio	87.8
Per share (diluted):
						Commercial lines STAT combined ratio	84.6		%
Operating income	$	1.04	22			Personal lines STAT combined ratio	98.5
Realized investment gains, net	0.01		(96	)		Excess & surplus lines STAT combined ratio	71.3
Net income	1.05		(5	)		Property casualty STAT combined ratio	87.5
Book value	38.77		(1	)
Weighted average shares outstanding	165.5		0			Value creation ratio	(0.9		)%

CINF Third-Quarter 2015 Supplemental Financial Data

4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2015
(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	3,287		$	—		$	—	$	—		$	3,287
Life	—			—			200			—		—			200
Premiums ceded	—			(111		)	(44		)	—		—			(155		)
Total earned premium	—			3,176			156			—		—			3,332
Investment income, net of expenses	37			273			112			—		—			422
Realized investment gains, net	9			96			1			—		4			110
Fee revenues	—			6			4			—		—			10
Other revenues	11			1			—			4		(11		)	5
Total revenues	$	57		$	3,552		$	273		$	4	$	(7	)	$	3,879
Benefits & expenses
Losses & contract holders' benefits	$	—		$	1,986		$	214		$	—	$	(1	)	$	2,199
Reinsurance recoveries	—			(30		)	(39		)	—		1			(68		)
Underwriting, acquisition and insurance expenses	—			983			50			—		—			1,033
Interest expense	39			—			—			1		—			40
Other operating expenses	21			—			—			1		(12		)	10
Total expenses	$	60		$	2,939		$	225		$	2	$	(12	)	$	3,214
Income before income taxes	$	(3	)	$	613		$	48		$	2	$	5		$	665
Provision (benefit) for income taxes
Current operating income	$	(9	)	$	154		$	(3	)	$	1	$	(2	)	$	141
Capital gains/losses	3			34			1			—		1			39
Deferred	(4		)	(10		)	19			—		2			7
Total provision (benefit) for income taxes	$	(10	)	$	178		$	17		$	1	$	1		$	187
Operating income	$	1		$	373		$	31		$	1	$	1		$	407
Net income - current year	$	7		$	435		$	31		$	1	$	4		$	478
Net income - prior year	$	15		$	311		$	30		$	2	$	—		$	358
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Third-Quarter 2015 Supplemental Financial Data

5

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended September 30, 2015
(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,113		$	—		$	—	$	—		$	1,113
Life	—			—			67			—		—			67
Premiums ceded	—			(37		)	(16		)	—		—			(53		)
Total earned premium	—			1,076			51			—		—			1,127
Investment income, net of expenses	13			92			38			—		—			143
Realized investment gains, net	—			4			(1		)	—		—			3
Fee revenues	—			2			2			—		—			4
Other revenues	4			—			—			1		(4		)	1
Total revenues	$	17		$	1,174		$	90		$	1	$	(4	)	$	1,278
Benefits & expenses
Losses & contract holders' benefits	$	—		$	620		$	70		$	—	$	(1	)	$	689
Reinsurance recoveries	—			(7		)	(13		)	—		1			(19		)
Underwriting, acquisition and insurance expenses	—			332			16			—		—			348
Interest expense	13			—			—			1		—			14
Other operating expenses	7			—			—			—		(4		)	3
Total expenses	$	20		$	945		$	73		$	1	$	(4	)	$	1,035
Income before income taxes	$	(3	)	$	229		$	17		$	—	$	—		$	243
Provision (benefit) for income taxes
Current operating income	$	(5	)	$	69		$	—		$	—	$	(1	)	$	63
Capital gains/losses	—			1			—			—		—			1
Deferred	1			(2		)	6			—		—			5
Total provision (benefit) for income taxes	$	(4	)	$	68		$	6		$	—	$	(1	)	$	69
Operating income	$	1		$	158		$	12		$	—	$	1		$	172
Net income - current year	$	1		$	161		$	11		$	—	$	1		$	174
Net income (loss) - prior year	$	12		$	163		$	8		$	1	$	(1	)	$	183
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Third-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)		$	6,472	$	6,435	$	6,325	$	6,260	$	6,344	$	6,215	$	6,111
Equities (fair value)		2,961		3,108		3,108		3,195		3,121		3,094		3,022
Fixed maturities - pretax net unrealized gain		283		280		387		366		379		414		361
Equities - pretax net unrealized gain		1,063		1,297		1,397		1,478		1,387		1,434		1,349
Loss and loss expense reserves - STAT		4,366		4,357		4,302		4,158		4,112		4,129		4,037
Equity - GAAP		5,397		5,485		5,593		5,594		5,480		5,481		5,384
Surplus - STAT		4,324		4,419		4,436		4,472		4,364		4,332		4,308
The Cincinnati Life Insurance Company
Fixed maturities (fair value)		$	3,221	$	3,176	$	3,199	$	3,126	$	3,102	$	3,091	$	2,989
Equities (fair value)		9		8		9		9		8		8		14
Fixed maturities - pretax net unrealized gain		133		151		220		197		195		225		186
Equities - pretax net unrealized gain		4		3		4		3		3		3		6
Equity - GAAP		897		896		927		904		893		901		867
Surplus - STAT		215		217		219		223		228		224		232

CINF Third-Quarter 2015 Supplemental Financial Data

7

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended September 30,									For the Nine Months Ended September 30,
(Dollars in millions)	2015		2014		Change			% Change		2015		2014		Change			% Change
Underwriting income
Net premiums written	$	1,098	$	1,037	$	61		6		$	3,306	$	3,156	$	150		5
Unearned premiums increase	22		12		10			83		130		146		(16		)	(11	)
Earned premiums	$	1,076	$	1,025	$	51		5		$	3,176	$	3,010	$	166		6
Losses incurred	$	504	$	512	$	(8	)	(2	)	$	1,629	$	1,690	$	(61	)	(4	)
Allocated loss expenses incurred	53		52		1			2		152		142		10			7
Unallocated loss expenses incurred	56		58		(2		)	(3	)	175		173		2			1
Other underwriting expenses incurred	332		313		19			6		975		924		51			6
Workers compensation dividend incurred	4		4		—			—		11		12		(1		)	(8	)
Total underwriting deductions	$	949	$	939	$	10		1		$	2,942	$	2,941	$	1		—
Net underwriting profit	$	127	$	86	$	41		48		$	234	$	69	$	165		239
Investment income
Gross investment income earned	$	95	$	92	$	3		3		$	282	$	276	$	6		2
Net investment income earned	93		91		2			2		277		272		5			2
Net realized capital gains	3		30		(27		)	(90	)	63		58		5			9
Net investment gains (net of tax)	$	96	$	121	$	(25	)	(21	)	$	340	$	330	$	10		3
Other income	$	2	$	2	$	—		—		$	5	$	5	$	—		—
Net income before federal income taxes	$	225	$	209	$	16		8		$	579	$	404	$	175		43
Federal and foreign income taxes incurred	$	67	$	49	$	18		37		$	151	$	89	$	62		70
Net income (statutory)	$	158	$	160	$	(2	)	(1	)	$	428	$	315	$	113		36
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the   appropriate regulatory bodies.

CINF Third-Quarter 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		$	8		$	5		$	12	$	12		$	7		$	11		$	—		$	17	$	12		$	25	$	19			$	30
Current accident year losses $1,000,000-$5,000,000		43			24			37		46			51			52			23			61		74			104		125				172
Large loss prior accident year reserve development		19			(4		)	15		(14		)	(6		)	17			10			11		27			30		21				7
Total large losses incurred		$	70		$	25		$	64	$	44		$	52		$	80		$	33		$	89	$	113		$	159	$	165			$	209
Losses incurred but not reported		(31		)	38			43		112			17			(17		)	21			81		5			50		22				133
Other losses excluding catastrophe losses		441			417			418		365			432			436			427			835		863			1,276		1,295				1,660
Catastrophe losses		24			78			42		(13		)	11			112			86			120		197			144		208				197
Total losses incurred		$	504		$	558		$	567	$	508		$	512		$	611		$	567		$	1,125	$	1,178		$	1,629	$	1,690			$	2,199
Commercial Lines
Current accident year losses greater than $5,000,000		$	8		$	5		$	12	$	12		$	7		$	11		$	—		$	17	$	12		$	25	$	19			$	30
Current accident year losses $1,000,000-$5,000,000		26			14			24		39			45			47			18			38		64			64		109				149
Large loss prior accident year reserve development		17			(4		)	15		(11		)	(7		)	15			10			11		25			28		18				7
Total large losses incurred		$	51		$	15		$	51	$	40		$	45		$	73		$	28		$	66	$	101		$	117	$	146			$	186
Losses incurred but not reported		(17		)	17			31		95			8			(35		)	22			48		(12		)	31		(4		)		90
Other losses excluding catastrophe losses		277			274			272		240			282			292			282			546		574			823		856				1,096
Catastrophe losses		9			43			29		(10		)	7			59			58			72		116			81		123				114
Total losses incurred		$	320		$	349		$	383	$	365		$	342		$	389		$	390		$	732	$	779		$	1,052	$	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		15			10			12		6			6			4			4			22		8			37		14				20
Large loss prior accident year reserve development		—			—			—		(3		)	2			2			—			—		2			—		4				1
Total large losses incurred		$	15		$	10		$	12	$	3		$	8		$	6		$	4		$	22	$	10		$	37	$	18			$	21
Losses incurred but not reported		(12		)	14			7		12			3			9			(5		)	21		4			9		7				19
Other losses excluding catastrophe losses		155			136			134		119			144			138			138			270		276			425		420				539
Catastrophe losses		15			34			13		(4		)	4			52			27			47		79			62		83				79
Total losses incurred		$	173		$	194		$	166	$	130		$	159		$	205		$	164		$	360	$	369		$	533	$	528			$	658
Excess & Surplus Lines
Current accident year losses greater than $5,000,000		$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—	$	—		$	—	$	—			$	—
Current accident year losses $1,000,000-$5,000,000		2			—			1		1			—			1			1			1		2			3		2				3
Large loss prior accident year reserve development		2			—			—		—			(1		)	—			—			—		—			2		(1		)		(1		)
Total large losses incurred		$	4		$	—		$	1	$	1		$	(1	)	$	1		$	1		$	1	$	2		$	5	$	1			$	2
Losses incurred but not reported		(2		)	7			5		5			6			9			4			12		13			10		19				24
Other losses excluding catastrophe losses		9			7			12		6			6			6			7			19		13			28		19				25
Catastrophe losses		—			1			—		1			—			1			1			1		2			1		2				4
Total losses incurred		$	11		$	15		$	18	$	13		$	11		$	17		$	13		$	33	$	30		$	44	$	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 Third-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		0.7	%	0.5	%	1.0	%	1.0	%	0.7	%	1.1	%	—	%	0.8	%	0.6	%	0.8	%	0.6	%		0.7	%
Current accident year losses $1,000,000-$5,000,000		4.1		2.1		3.6		4.7		4.8		5.0		2.3		2.9		3.8		3.3		4.2			4.3
Large loss prior accident year reserve development		1.7		(0.3	)	1.4		(1.4	)	(0.5	)	1.7		1.1		0.5		1.4		0.9		0.7			0.2
Total large loss ratio		6.5	%	2.3	%	6.0	%	4.3	%	5.0	%	7.8	%	3.4	%	4.2	%	5.8	%	5.0	%	5.5	%		5.2	%
Losses incurred but not reported		(2.9	)	3.6		4.2		10.7		1.7		(1.6	)	2.2		3.9		0.2		1.6		0.8			3.3
Other losses excluding catastrophe losses		40.9		39.6		40.1		35.2		42.3		43.4		43.6		39.8		43.5		40.2		43.0			41.0
Catastrophe losses		2.3		7.3		4.1		(1.1	)	1.0		11.1		8.7		5.7		9.9		4.5		6.9			4.9
Total loss ratio		46.8	%	52.8	%	54.4	%	49.1	%	50.0	%	60.7	%	57.9	%	53.6	%	59.4	%	51.3	%	56.2	%		54.4	%
Commercial Lines
Current accident year losses greater than $5,000,000		1.0	%	0.7	%	1.6	%	1.5	%	1.0	%	1.6	%	—	%	1.2	%	0.8	%	1.1	%	0.9	%		1.0	%
Current accident year losses $1,000,000-$5,000,000		3.7		1.7		3.3		5.6		5.9		6.5		2.6		2.6		4.6		2.9		5.1			5.2
Large loss prior accident year reserve development		2.3		(0.5	)	2.0		(1.5	)	(0.9	)	2.1		1.4		0.7		1.8		1.3		0.9			0.3
Total large loss ratio		7.0	%	1.9	%	6.9	%	5.6	%	6.0	%	10.2	%	4.0	%	4.5	%	7.2	%	5.3	%	6.9	%		6.5	%
Losses incurred but not reported		(2.4	)	2.2		4.3		12.8		1.1		(4.8	)	3.2		3.2		(0.9	)	1.3		(0.2	)		3.1
Other losses excluding catastrophe losses		36.3		37.0		37.1		32.6		39.6		41.0		40.6		37.0		40.8		36.8		40.2			38.4
Catastrophe losses		1.3		5.8		4.0		(1.1	)	0.8		8.3		8.3		4.9		8.3		3.7		5.8			4.0
Total loss ratio		42.2	%	46.9	%	52.3	%	49.9	%	47.5	%	54.7	%	56.1	%	49.6	%	55.4	%	47.1	%	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		5.2		3.5		4.5		2.2		2.5		1.7		1.4		4.1		1.5		4.5		1.8			1.9
Large loss prior accident year reserve development		(0.2	)	0.1		—		(1.1	)	0.8		0.6		0.3		—		0.5		—		0.7			0.1
Total large loss ratio		5.0	%	3.6	%	4.5	%	1.1	%	3.3	%	2.3	%	1.7	%	4.1	%	2.0	%	4.5	%	2.5	%		2.0	%
Losses incurred but not reported		(4.2	)	5.1		2.7		4.5		1.3		3.5		(2.0	)	3.9		0.8		1.1		0.9			1.8
Other losses excluding catastrophe losses		56.3		50.0		49.9		44.8		54.1		53.6		54.5		49.8		54.0		52.0		54.1			51.9
Catastrophe losses		5.4		12.5		4.9		(1.5	)	1.7		20.0		10.6		8.7		15.4		7.6		10.7			7.6
Total loss ratio		62.5	%	71.2	%	62.0	%	48.9	%	60.4	%	79.4	%	64.8	%	66.5	%	72.2	%	65.2	%	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		4.8		—		2.5		3.3		—		3.1		3.2		1.2		3.1		2.5		1.9			2.3
Large loss prior accident year reserve development		5.0		—		—		(1.8	)	(1.3	)	—		(0.3	)	—		(0.1	)	1.7		(0.5	)		(0.9	)
Total large loss ratio		9.8	%	—	%	2.5	%	1.5	%	(1.3	)%	3.1	%	2.9	%	1.2	%	3.0	%	4.2	%	1.4	%		1.4	%
Losses incurred but not reported		(4.4	)	18.3		11.8		12.4		14.6		25.7		13.1		15.1		19.6		8.4		17.7			16.4
Other losses excluding catastrophe losses		21.2		17.5		29.9		17.7		15.3		15.1		21.6		23.5		18.3		22.7		17.1			17.2
Catastrophe losses		0.3		0.4		0.8		2.9		(0.7	)	2.7		3.0		0.6		2.8		0.5		1.4			1.8
Total loss ratio		26.9	%	36.2	%	45.0	%	34.5	%	27.9	%	46.6	%	40.6	%	40.4	%	43.7	%	35.8	%	37.6	%		36.8	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF Third-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	1	2	2	1	2	—	3	2	4	3		5
Current accident year reported losses    $1,000,000 - $5,000,000		28	14	27	31	31	34	15	42	52	74	83		120
Prior accident year reported losses on    large losses		6	9	15	4	13	10	8	27	18	35	26		32
Non-Catastrophe reported losses on       large losses total		35	24	44	37	45	46	23	72	72	113	112		157
Commercial Lines
Current accident year reported losses greater than $5,000,000		1	1	2	2	1	2	—	3	2	4	3		5
Current accident year reported losses $1,000,000 - $5,000,000		17	9	18	27	24	30	11	26	43	46	68		99
Prior accident year reported losses on large losses		5	9	14	3	11	9	7	26	17	32	23		28
Non-Catastrophe reported losses on large losses total		23	19	34	32	36	41	18	55	62	82	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		9	5	8	3	6	3	3	15	7	25	13		18
Prior accident year reported losses on large losses		—	—	1	—	2	1	1	1	1	1	3		3
Non-Catastrophe reported losses on large losses total		9	5	9	3	8	4	4	16	8	26	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		2	—	1	1	1	1	1	1	2	3	2		3
Prior accident year reported losses on large losses		1	—	—	1	—	—	—	—	—	2	—		1
Non-Catastrophe reported losses on large losses total		3	—	1	2	1	1	1	1	2	5	2		4
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Third-Quarter 2015 Supplemental Financial Data

11

Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Nine Months Ended September 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	$	116.7	$	98.5	$	59.4	$	—	$	27.4	$	100.6	$	86.3	$	27.3	$	10.6	$	526.8	$	519.6	3.2		(1.0	)	7.9		1.6
IL	50.0		42.5		22.4		39.3		11.1		24.9		23.8		6.7		9.5		230.2		231.7		(1.7	)	(0.2	)	15.3		(0.7	)
IN	43.0		40.9		24.3		23.6		10.0		26.5		28.5		6.6		8.6		212.0		206.0		3.8		(1.0	)	6.0		2.4
PA	47.7		35.2		30.1		37.0		9.4		10.3		8.3		3.1		6.1		187.2		184.4		0.4		4.8		24.0		1.5
GA	29.6		30.6		20.9		10.1		10.2		31.7		33.4		8.3		7.6		182.4		173.4		4.1		5.8		12.6		5.1
MI	35.2		28.3		18.1		15.1		8.8		35.4		25.0		4.1		5.6		175.6		164.6		0.8		17.2		15.4		6.7
NC	34.7		38.4		17.8		14.4		11.0		26.0		21.5		6.1		5.2		175.1		164.7		2.4		15.5		8.9		6.3
TN	29.2		29.7		17.3		8.6		8.7		15.1		17.4		4.5		3.5		134.0		127.1		3.9		8.9		9.5		5.4
KY	21.1		26.1		14.9		2.5		4.9		21.7		20.8		4.9		4.2		121.1		117.7		2.5		2.8		10.4		2.9
AL	20.0		24.7		9.6		0.7		7.0		16.2		26.4		5.3		5.9		115.8		114.1		(0.4	)	3.5		6.2		1.5
VA	26.1		22.7		16.2		14.0		8.4		9.2		8.1		2.6		4.0		111.3		110.7		(0.5	)	6.3		(1.8	)	0.6
MN	24.8		19.1		9.0		9.8		4.3		14.3		14.8		4.4		3.9		104.4		94.7		10.7		8.0		18.2		10.1
WI	23.7		19.6		11.3		22.6		5.5		7.0		7.3		2.9		2.4		102.3		104.0		(1.9	)	0.9		(10.4	)	(1.6	)
TX	36.5		21.7		21.9		0.9		4.0		—		—		—		13.0		98.0		93.6		3.6		228.3		12.3		4.7
MO	23.2		24.7		12.3		11.2		5.2		5.3		7.2		1.5		5.0		95.6		91.2		4.3		6.7		7.4		4.8
IA	14.2		15.3		6.2		13.4		4.9		3.9		4.4		1.3		1.9		65.5		68.2		(5.0	)	(0.5	)	8.8		(4.0	)
MD	16.2		9.6		12.3		9.8		3.2		6.1		4.8		1.4		1.8		65.2		60.9		3.1		29.8		0.8		7.2
NY	24.6		13.0		8.9		2.3		3.0		3.5		1.8		0.5		2.0		59.6		55.6		4.9		39.3		2.0		7.4
AR	8.7		15.8		5.6		1.9		4.1		7.4		8.3		1.9		2.2		55.9		52.1		5.1		14.8		(1.9	)	7.7
FL	19.6		12.7		7.1		0.9		2.4		3.3		1.0		0.5		4.9		52.4		55.2		6.0		(55.6	)	28.1		(4.6	)
SC	10.1		9.4		6.3		2.3		3.2		7.4		5.2		1.3		2.3		47.5		43.3		2.5		24.7		34.6		9.4
UT	14.9		7.5		8.9		0.4		2.8		6.4		3.4		0.8		2.3		47.4		42.9		9.2		11.6		37.9		10.9
AZ	12.8		7.6		8.9		4.3		2.3		4.4		3.1		1.2		2.2		46.8		45.0		(1.9	)	27.4		35.6		4.0
KS	8.8		11.2		4.7		5.4		2.7		3.8		5.7		1.1		1.1		44.5		43.3		3.5		(2.3	)	53.2		2.9
CO	13.2		7.6		8.8		0.6		1.7		—		0.3		—		4.8		37.0		32.8		10.4		18.4		34.6		13.1
MT	13.6		8.0		7.2		0.1		1.3		2.2		2.4		0.6		0.7		36.1		31.7		14.8		6.9		16.1		13.6
NE	8.0		8.3		4.4		8.0		1.9		0.6		0.9		0.2		1.4		33.7		30.5		13.0		0.4		(3.7	)	11.5
ID	10.5		6.6		5.8		0.2		1.6		2.6		1.8		0.5		1.2		30.8		27.9		9.8		13.9		10.8		10.5
OR	8.9		5.3		5.5		0.1		1.5		2.0		1.0		0.3		3.6		28.2		20.9		32.0		91.3		26.0		36.1
WV	8.6		7.2		5.4		1.3		1.1		—		0.4		0.1		2.4		26.5		25.5		3.8		(9.3	)	9.2		4.0
VT	3.6		3.9		2.2		4.4		1.7		1.1		1.2		0.3		0.7		19.1		19.2		(1.1	)	3.5		2.0		(0.4	)
ND	6.2		4.7		3.2		—		1.2		0.6		0.7		0.2		0.3		17.1		17.8		(4.7	)	(1.3	)	(21.2	)	(4.7	)
WA	6.0		3.5		3.9		—		1.3		—		—		—		1.4		16.1		14.6		9.1		(200.7	)	23.0		10.2
NM	6.1		3.3		3.6		0.9		1.3		—		—		—		0.7		15.9		11.9		35.2		13.3		(6.1	)	32.7
NH	3.1		2.7		1.6		2.3		0.7		1.4		1.3		0.4		0.5		14.0		13.8		2.4		(0.1	)	(0.8	)	1.7
CT	3.3		3.1		2.2		1.0		0.6		1.0		0.8		0.3		0.6		12.9		8.9		24.2		400.7		75.8		44.7
DE	4.1		2.6		2.6		2.2		0.8		—		—		—		0.4		12.7		10.4		20.9		(84.6	)	53.3		21.6
SD	2.4		2.7		1.4		2.1		0.9		—		—		—		0.5		10.0		11.1		(10.7	)	(90.2	)	(5.6	)	(10.5	)
WY	1.8		1.8		0.9		—		0.4		—		—		—		0.7		5.6		4.7		16.2		6.9		20.6		16.6
All Other	3.6		1.8		2.9		5.2		1.7		—		—		—		0.8		16.0		16.4		0.6		132.1		43.2		(3.1	)
Total	$	794.4	$	677.9	$	436.0	$	278.9	$	184.2	$	401.9	$	377.3	$	101.2	$	136.5	$	3,388.3	$	3,262.1	3.1		4.8		12.8		3.9
Other Direct	—		1.6		3.2		5.3		—		8.0		0.1		—		—		18.2		18.2		(3.2	)	6.9		nm		1.0
Total Direct	$	794.4	$	679.5	$	439.2	$	284.2	$	184.2	$	409.9	$	377.4	$	101.2	$	136.5	$	3,406.5	$	3,280.3	3.1		4.8		12.8		3.9
*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. *nm - Not meaningful

CINF Third-Quarter 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		$	247		$	274		$	266		$	234		$	228		$	249		$	258		$	540		$	507		$	787		$	735			$	969
Earned premiums		257			252			244			243			237			234			224			496			458			753			695				938
Current accident year before catastrophe losses		53.6		%	59.6		%	59.2		%	59.2		%	60.2		%	61.7		%	56.3		%	59.4		%	59.1		%	57.4		%	59.4		%		59.4		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(6.2		)	(9.1		)	1.1			12.1			(3.6		)	(10.5		)	3.6			(4.1		)	(3.6		)	(4.8		)	(3.6		)		0.5
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		47.4		%	50.5		%	60.3		%	71.3		%	56.6		%	51.2		%	59.9		%	55.3		%	55.5		%	52.6		%	55.8		%		59.9		%
Commercial property:
Written premiums		$	218		$	218		$	206		$	192		$	194		$	197		$	193		$	424		$	390		$	642		$	584			$	776
Earned premiums		205			201			196			191			186			180			171			399			351			604			537				728
Current accident year before catastrophe losses		47.0		%	42.1		%	53.6		%	45.7		%	54.3		%	50.8		%	53.4		%	47.8		%	52.1		%	47.5		%	52.9		%		51.0		%
Current accident year catastrophe losses		5.2			19.6			16.7			0.5			5.2			25.8			27.7			18.2			26.7			13.8			19.3				14.3
Prior accident years before catastrophe losses		(0.2		)	(2.0		)	(1.9		)	1.8			(3.1		)	(9.8		)	(0.6		)	(2.0		)	(5.3		)	(1.4		)	(4.6		)		(2.9		)
Prior accident years catastrophe losses		0.3			0.1			(3.8		)	(2.7		)	(1.3		)	(2.3		)	(0.9		)	(1.8		)	(1.6		)	(1.1		)	(1.5		)		(1.8		)
Total loss and loss expense ratio		52.3		%	59.8		%	64.6		%	45.3		%	55.1		%	64.5		%	79.6		%	62.2		%	71.9		%	58.8		%	66.1		%		60.6		%
Commercial auto:
Written premiums		$	137		$	149		$	149		$	131		$	128		$	144		$	145		$	298		$	289		$	435		$	417			$	548
Earned premiums		141			139			136			137			133			132			126			275			258			416			391				528
Current accident year before catastrophe losses		71.4		%	75.8		%	72.3		%	65.6		%	69.1		%	72.1		%	68.0		%	74.1		%	70.0		%	73.1		%	69.8		%		68.7		%
Current accident year catastrophe losses		—			1.3			—			(0.1		)	(0.6		)	4.1			—			0.7			2.1			0.5			1.2				0.9
Prior accident years before catastrophe losses		3.2			8.3			8.6			11.2			9.3			9.0			(0.2		)	8.4			4.5			6.6			6.1				7.4
Prior accident years catastrophe losses		(0.1		)	(0.2		)	(0.1		)	—			—			—			(0.2		)	(0.2		)	(0.1		)	(0.1		)	(0.1		)		(0.1		)
Total loss and loss expense ratio		74.5		%	85.2		%	80.8		%	76.7		%	77.8		%	85.2		%	67.6		%	83.0		%	76.5		%	80.1		%	77.0		%		76.9		%
Workers' compensation:
Written premiums		$	83		$	89		$	104		$	81		$	86		$	92		$	106		$	193		$	198		$	276		$	284			$	365
Earned premiums		93			90			93			90			93			95			92			183			187			276			280				370
Current accident year before catastrophe losses		71.1		%	77.6		%	71.5		%	75.9		%	75.0		%	83.2		%	76.8		%	74.5		%	80.0		%	73.4		%	78.4		%		77.8		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(26.4		)	(44.8		)	(16.1		)	(7.5		)	(16.1		)	(21.2		)	(10.3		)	(30.3		)	(15.8		)	(29.0		)	(15.9		)		(13.9		)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		44.7		%	32.8		%	55.4		%	68.4		%	58.9		%	62.0		%	66.5		%	44.2		%	64.2		%	44.4		%	62.5		%		63.9		%
Other commercial:
Written premiums		$	60		$	55		$	58		$	61		$	68		$	66		$	69		$	113		$	135		$	173		$	203			$	264
Earned premiums		61			61			64			69			71			73			79			125			152			186			223				292
Current accident year before catastrophe losses		45.9		%	42.7		%	54.4		%	58.5		%	50.2		%	59.6		%	46.7		%	48.6		%	52.9		%	47.7		%	52.0		%		53.4		%
Current accident year catastrophe losses		1.2			3.4			9.7			(2.7		)	2.0			17.8			17.9			6.6			17.9			4.9			12.8				9.2
Prior accident years before catastrophe losses		(9.8		)	(13.6		)	(0.2		)	(13.8		)	(5.6		)	(4.2		)	3.5			(6.7		)	(0.2		)	(7.7		)	(1.9		)		(4.8		)
Prior accident years catastrophe losses		(2.1		)	1.2			(2.6		)	(1.2		)	(0.8		)	0.8			(1.3		)	(0.7		)	(0.3		)	(1.2		)	(0.5		)		(0.7		)
Total loss and loss expense ratio		35.2		%	33.7		%	61.3		%	40.8		%	45.8		%	74.0		%	66.8		%	47.8		%	70.3		%	43.7		%	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 Third-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		$	144		$	142		$	114		$	114		$	135		$	133		$	107		$	256		$	240		$	400		$	375			$	489
Earned premiums		128			125			123			122			121			117			116			248			233			376			354				476
Current accident year before catastrophe losses		74.5		%	79.7		%	81.6		%	70.2		%	73.9		%	80.5		%	79.5		%	80.8		%	80.1		%	78.6		%	77.9		%		76.0		%
Current accident year catastrophe losses		0.6			2.3			0.2			(1.2		)	1.1			4.9			0.5			1.2			2.7			1.0			2.2				1.3
Prior accident years before catastrophe losses		1.2			5.8			3.0			2.8			2.0			(1.7		)	(3.4		)	4.4			(2.6		)	3.3			(1.0		)		—
Prior accident years catastrophe losses		(0.1		)	(0.1		)	(0.2		)	—			—			(0.2		)	(0.4		)	(0.3		)	(0.3		)	(0.2		)	(0.2		)		(0.2		)
Total loss and loss expense ratio		76.2		%	87.7		%	84.6		%	71.8		%	77.0		%	83.5		%	76.2		%	86.1		%	79.9		%	82.7		%	78.9		%		77.1		%
Homeowner:
Written premiums		$	132		$	132		$	98		$	107		$	123		$	128		$	98		$	230		$	226		$	362		$	349			$	456
Earned premiums		117			114			114			113			110			111			109			228			220			345			330				443
Current accident year before catastrophe losses		52.8		%	52.9		%	55.5		%	44.3		%	51.1		%	59.5		%	61.3		%	54.1		%	60.4		%	53.7		%	57.4		%		54.0		%
Current accident year catastrophe losses		12.6			25.6			12.3			(0.9		)	4.8			41.5			28.3			19.0			35.0			16.8			25.0				18.3
Prior accident years before catastrophe losses		(1.0		)	(2.4		)	(5.1		)	(0.2		)	(0.7		)	3.6			(6.5		)	(3.7		)	(1.4		)	(2.8		)	(1.2		)		(0.9		)
Prior accident years catastrophe losses		(0.1		)	(0.3		)	(1.2		)	(1.2		)	(1.2		)	(0.9		)	(5.4		)	(0.7		)	(3.2		)	(0.5		)	(2.6		)		(2.2		)
Total loss and loss expense ratio		64.3		%	75.8		%	61.5		%	42.0		%	54.0		%	103.7		%	77.7		%	68.7		%	90.8		%	67.2		%	78.6		%		69.2		%
Other personal:
Written premiums		$	36		$	35		$	29		$	28		$	36		$	33		$	26		$	64		$	59		$	100		$	95			$	123
Earned premiums		32			33			31			31			32			30			29			64			59			96			91				122
Current accident year before catastrophe losses		70.1		%	58.2		%	49.6		%	44.3		%	59.3		%	42.3		%	46.5		%	53.9		%	44.3		%	59.4		%	49.6		%		48.3		%
Current accident year catastrophe losses		1.2			8.4			2.8			0.5			0.4			7.9			7.8			5.6			7.8			4.1			5.2				4.0
Prior accident years before catastrophe losses		7.6			(4.9		)	1.1			(1.3		)	17.3			(5.4		)	(1.9		)	(1.9		)	(3.6		)	1.3			3.8				2.5
Prior accident years catastrophe losses		(0.1		)	0.0			(0.8		)	(0.1		)	(0.4		)	(0.5		)	0.2			(0.4		)	(0.1		)	(0.3		)	(0.2		)		(0.2		)
Total loss and loss expense ratio		78.8		%	61.7		%	52.7		%	43.4		%	76.6		%	44.3		%	52.6		%	57.2		%	48.4		%	64.5		%	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		$	43		$	46		$	42		$	39		$	39		$	40		$	35		$	88		$	75		$	131		$	114			$	153
Earned premiums		42			42			40			39			42			34			33			82			67			124			109				148
Current accident year before catastrophe losses		56.9		%	69.3		%	72.1		%	62.1		%	57.8		%	75.4		%	80.6		%	70.7		%	77.9		%	65.9		%	70.2		%		68.1		%
Current accident year catastrophe losses		0.3			0.6			1.2			2.9			(0.7		)	2.3			3.0			0.9			2.6			0.7			1.4				1.8
Prior accident years before catastrophe losses		(15.4		)	(20.2		)	(13.6		)	(16.1		)	(15.4		)	(21.3		)	(27.1		)	(17.0		)	(24.1		)	(16.4		)	(20.8		)		(19.6		)
Prior accident years catastrophe losses		0.1			(0.1		)	(0.3		)	0.1			0.1			0.6			0.1			(0.2		)	0.4			(0.1		)	0.2				0.2
Total loss and loss expense ratio		41.9		%	49.6		%	59.4		%	49.0		%	41.8		%	57.0		%	56.6		%	54.4		%	56.8		%	50.1		%	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 Third-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 nine months ended September 30, 2015
Commercial casualty	$	182		$	103	$	285	$	82		$	16		$	13		$	111		$	264		$	16		$	116	$	396
Commercial property	317			27		344		22			2			—			24			339			2			27		368
Commercial auto	241			40		281		27			14			14			55			268			14			54		336
Workers' compensation	135			27		162		(16		)	(10		)	(3		)	(29		)	119			(10		)	24		133
Other commercial	96			16		112		(35		)	2			1			(32		)	61			2			17		80
Total commercial lines	971			213		1,184		80			24			25			129			1,051			24			238		1,313
Personal auto	238			42		280		8			20			9			37			246			20			51		317
Homeowners	204			19		223		18			(10		)	—			8			222			(10		)	19		231
Other personal	46			3		49		8			6			(1		)	13			54			6			2		62
Total personal lines	488			64		552		34			16			8			58			522			16			72		610
Commercial casualty & property	21			12		33		12			10			6			28			33			10			18		61
Total excess & surplus lines	21			12		33		12			10			6			28			33			10			18		61
Total property casualty	$	1,480		$	289	$	1,769	$	126		$	50		$	39		$	215		$	1,606		$	50		$	328	$	1,984
Ceded loss and loss expense incurred for the nine months ended September 30, 2015
Commercial casualty	$	(1	)	$	1	$	—	$	(2	)	$	1		$	—		$	(1	)	$	(3	)	$	1		$	1	$	(1	)
Commercial property	1			—		1		14			(1		)	—			13			15			(1		)	—		14
Commercial auto	—			—		—		3			—			—			3			3			—			—		3
Workers' compensation	8			—		8		2			(1		)	—			1			10			(1		)	—		9
Other commercial	7			—		7		(8		)	—			—			(8		)	(1		)	—			—		(1		)
Total commercial lines	15			1		16		9			(1		)	—			8			24			(1		)	1		24
Personal auto	2			—		2		(1		)	4			—			3			1			4			—		5
Homeowners	2			—		2		(2		)	—			—			(2		)	—			—			—		—
Other personal	—			—		—		—			—			—			—			—			—			—		—
Total personal lines	4			—		4		(3		)	4			—			1			1			4			—		5
Commercial casualty & property	1			—		1		(1		)	(1		)	—			(2		)	—			(1		)	—		(1		)
Total excess & surplus lines	1			—		1		(1		)	(1		)	—			(2		)	—			(1		)	—		(1		)
Total property casualty	$	20		$	1	$	21	$	5		$	2		$	—		$	7		$	25		$	2		$	1	$	28
Net loss and loss expense incurred for the nine months ended September 30, 2015
Commercial casualty	$	183		$	102	$	285	$	84		$	15		$	13		$	112		$	267		$	15		$	115	$	397
Commercial property	316			27		343		8			3			—			11			324			3			27		354
Commercial auto	241			40		281		24			14			14			52			265			14			54		333
Workers' compensation	127			27		154		(18		)	(9		)	(3		)	(30		)	109			(9		)	24		124
Other commercial	89			16		105		(27		)	2			1			(24		)	62			2			17		81
Total commercial lines	956			212		1,168		71			25			25			121			1,027			25			237		1,289
Personal auto	236			42		278		9			16			9			34			245			16			51		312
Homeowners	202			19		221		20			(10		)	—			10			222			(10		)	19		231
Other personal	46			3		49		8			6			(1		)	13			54			6			2		62
Total personal lines	484			64		548		37			12			8			57			521			12			72		605
Commercial casualty & property	20			12		32		13			11			6			30			33			11			18		62
Total excess & surplus lines	20			12		32		13			11			6			30			33			11			18		62
Total property casualty	$	1,460		$	288	$	1,748	$	121		$	48		$	39		$	208		$	1,581		$	48		$	327	$	1,956

CINF Third-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 September 30, 2015
Commercial casualty	$	58		$	33		$	91		$	28		$	(2	)	$	4		$	30		$	86		$	(2	)	$	37		$	121
Commercial property	108			9			117			(10		)	(2		)	—			(12		)	98			(2		)	9			105
Commercial auto	87			13			100			20			(15		)	2			7			107			(15		)	15			107
Other commercial	45			8			53			(4		)	(9		)	5			(8		)	41			(9		)	13			45
Specialty packages	31			5			36			(17		)	3			(1		)	(15		)	14			3			4			21
Total commercial lines	329			68			397			17			(25		)	10			2			346			(25		)	78			399
Personal auto	83			13			96			5			(2		)	4			7			88			(2		)	17			103
Homeowners	81			6			87			(3		)	(11		)	1			(13		)	78			(11		)	7			74
Other personal	18			1			19			7			—			(1		)	6			25			—			—			25
Total personal lines	182			20			202			9			(13		)	4			—			191			(13		)	24			202
Commercial casualty & property	9			4			13			4			(2		)	2			4			13			(2		)	6			17
Total excess & surplus lines	9			4			13			4			(2		)	2			4			13			(2		)	6			17
Total property casualty	$	520		$	92		$	612		$	30		$	(40	)	$	16		$	6		$	550		$	(40	)	$	108		$	618
Ceded loss and loss expense incurred for the three months ended September 30, 2015
Commercial casualty	$	(3	)	$	(1	)	$	(4	)	$	3		$	—		$	—		$	3		$	—		$	—		$	(1	)	$	(1	)
Commercial property	1			—			1			(2		)	(1		)	—			(3		)	(1		)	(1		)	—			(2		)
Commercial auto	—			—			—			2			—			—			2			2			—			—			2
Workers' compensation	3			—			3			1			—			—			1			4			—			—			4
Other commercial	4			—			4			(4		)	—			—			(4		)	—			—			—			—
Total commercial lines	5			(1		)	4			—			(1		)	—			(1		)	5			(1		)	(1		)	3
Personal auto	1			—			1			—			4			—			4			1			4			—			5
Homeowners	1			—			1			(2		)	—			—			(2		)	(1		)	—			—			(1		)
Other personal	—			—			—			—			—			—			—			—			—			—			—
Total personal lines	2			—			2			(2		)	4			—			2			—			4			—			4
Commercial casualty & property	2			—			2			(2		)	—			—			(2		)	—			—			—			—
Total excess & surplus lines	2			—			2			(2		)	—			—			(2		)	—			—			—			—
Total property casualty	$	9		$	(1	)	$	8		$	(4	)	$	3		$	—		$	(1	)	$	5		$	3		$	(1	)	$	7
Net loss and loss expense incurred for the three months ended September 30, 2015
Commercial casualty	$	61		$	34		$	95		$	26		$	(2	)	$	4		$	28		$	87		$	(2	)	$	38		$	123
Commercial property	107			9			116			(7		)	(1		)	—			(8		)	100			(1		)	9			108
Commercial auto	87			13			100			18			(15		)	2			5			105			(15		)	15			105
Workers' compensation	42			8			50			(5		)	(9		)	5			(9		)	37			(9		)	13			41
Other commercial	27			5			32			(13		)	3			(1		)	(11		)	14			3			4			21
Total commercial lines	324			69			393			19			(24		)	10			5			343			(24		)	79			398
Personal auto	82			13			95			5			(6		)	4			3			87			(6		)	17			98
Homeowners	80			6			86			(1		)	(11		)	1			(11		)	79			(11		)	7			75
Other personal	18			1			19			7			—			(1		)	6			25			—			—			25
Total personal lines	180			20			200			11			(17		)	4			(2		)	191			(17		)	24			198
Commercial casualty & property	7			4			11			6			(2		)	2			6			13			(2		)	6			17
Total excess & surplus lines	7			4			11			6			(2		)	2			6			13			(2		)	6			17
Total property casualty	$	511		$	93		$	604		$	36		$	(43	)	$	16		$	9		$	547		$	(43	)	$	109		$	613

CINF Third-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		$	999		$	1,018		$	983		$	906		$	958		$	974		$	956		$	2,001		$	1,930		$	3,000		$	2,888			$	3,794
Agency new business written premiums		138			138			116			122			125			133			123			254			256			392			381				503
Other written premiums		(39		)	(14		)	(33		)	(41		)	(46		)	(25		)	(42		)	(47		)	(67		)	(86		)	(113		)		(154		)
Net written premiums – statutory*		$	1,098		$	1,142		$	1,066		$	987		$	1,037		$	1,082		$	1,037		$	2,208		$	2,119		$	3,306		$	3,156			$	4,143
Unearned premium change		(22		)	(83		)	(25		)	48			(12		)	(76		)	(58		)	(108		)	(134		)	(130		)	(146		)		(98		)
Earned premiums		$	1,076		$	1,059		$	1,041		$	1,035		$	1,025		$	1,006		$	979		$	2,100		$	1,985		$	3,176		$	3,010			$	4,045
Year over year change %
Agency renewal written premiums		4		%	5		%	3		%	6		%	5		%	11		%	13		%	4		%	12		%	4		%	9		%		9		%
Agency new business written premiums		10			4			(6		)	(5		)	(11		)	(4		)	(9		)	(1		)	(7		)	3			(8		)		(7		)
Other written premiums		15			44			21			45			(84		)	26			(320		)	30			(52		)	24			(64		)		(8		)
Net written premiums – statutory*		6			6			3			9			1			10			7			4			8			5			6				6
Paid losses and loss expenses
Losses paid		$	511		$	501		$	448		$	478		$	543		$	517		$	484		$	949		$	1,001		$	1,460		$	1,543			$	2,021
Loss expenses paid		93			97			98			98			96			98			100			195			198			288			295				392
Loss and loss expenses paid		$	604		$	598		$	546		$	576		$	639		$	615		$	584		$	1,144		$	1,199		$	1,748		$	1,838			$	2,413
Incurred losses and loss expenses
Loss and loss expense incurred		$	613		$	654		$	689		$	622		$	622		$	707		$	676		$	1,343		$	1,383		$	1,956		$	2,005			$	2,627
Loss and loss expenses paid as a % of incurred		98.5		%	91.4		%	79.2		%	92.6		%	102.7		%	87.0		%	86.4		%	85.2		%	86.7		%	89.4		%	91.7		%		91.9		%
Statutory combined ratio
Loss ratio		46.8		%	52.7		%	54.4		%	49.0		%	50.0		%	60.7		%	57.9		%	53.6		%	59.4		%	51.3		%	56.2		%		54.4		%
Loss adjustment expense ratio		10.1			9.1			11.7			11.1			10.7			9.5			11.2			10.3			10.3			10.2			10.4				10.6
Net underwriting expense ratio		30.6			28.9			30.0			31.7			30.6			29.4			29.0			29.4			29.2			29.8			29.7				30.1
Statutory combined ratio		87.5		%	90.7		%	96.1		%	91.8		%	91.3		%	99.6		%	98.1		%	93.3		%	98.9		%	91.3		%	96.3		%		95.1		%
Contribution from catastrophe losses		2.5			7.5			4.1			(0.9		)	1.2			11.4			8.9			5.8			10.2			4.7			7.1				5.1
Statutory combined ratio excl. catastrophe losses		85.0		%	83.2		%	92.0		%	92.7		%	90.1		%	88.2		%	89.2		%	87.5		%	88.7		%	86.6		%	89.2		%		90.0		%
GAAP combined ratio
GAAP combined ratio		87.8		%	92.4		%	97.5		%	90.4		%	91.0		%	100.9		%	100.3		%	94.9		%	100.6		%	92.5		%	97.3		%		95.6		%
Contribution from catastrophe losses		2.5			7.5			4.1			(0.9		)	1.2			11.4			8.9			5.8			10.2			4.7			7.1				5.1
GAAP combined ratio excl. catastrophe losses		85.3		%	84.9		%	93.4		%	91.3		%	89.8		%	89.5		%	91.4		%	89.1		%	90.4		%	87.8		%	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 Third-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		$	678		$	699		$	730		$	645		$	651		$	669		$	713		$	1,429		$	1,382		$	2,107		$	2,033			$	2,678
Agency new business written premiums		96			93			79			86			89			95			90			172			185			268			274				360
Other written premiums		(31		)	(5		)	(26		)	(32		)	(36		)	(16		)	(32		)	(31		)	(48		)	(62		)	(84		)		(116		)
Net written premiums – statutory*		$	743		$	787		$	783		$	699		$	704		$	748		$	771		$	1,570		$	1,519		$	2,313		$	2,223			$	2,922
Unearned premium change		14			(42		)	(50		)	31			16			(34		)	(79		)	(92		)	(113		)	(78		)	(97		)		(66		)
Earned premiums		$	757		$	745		$	733		$	730		$	720		$	714		$	692		$	1,478		$	1,406		$	2,235		$	2,126			$	2,856
Year over year change %
Agency renewal written premiums		4		%	4		%	2		%	6		%	3		%	11		%	13		%	3		%	12		%	4		%	9		%		8		%
Agency new business written premiums		8			(2		)	(12		)	(7		)	(13		)	(4		)	(7		)	(7		)	(6		)	(2		)	(8		)		(8		)
Other written premiums		14			69			19			49			(140		)	33			nm			35			(100		)	26			(115		)		(14		)
Net written premiums – statutory*		6			5			2			10			(2		)	10			6			3			8			4			5				6
Paid losses and loss expenses
Losses paid		$	324		$	329		$	303		$	325		$	368		$	347		$	327		$	632		$	674		$	956		$	1,041			$	1,366
Loss expenses paid		68			71			73			75			74			75			76			144			151			212			226				300
Loss and loss expenses paid		$	392		$	400		$	376		$	400		$	442		$	422		$	403		$	776		$	825		$	1,168		$	1,267			$	1,666
Incurred losses and loss expenses
Loss and loss expense incurred		$	398		$	417		$	474		$	454		$	428		$	461		$	469		$	891		$	930		$	1,289		$	1,358			$	1,812
Loss and loss expenses paid as a % of incurred		98.5		%	95.9		%	79.3		%	88.1		%	103.3		%	91.5		%	85.9		%	87.1		%	88.7		%	90.6		%	93.3		%		91.9		%
Statutory combined ratio
Loss ratio		42.2		%	46.9		%	52.2		%	49.9		%	47.5		%	54.7		%	56.1		%	49.6		%	55.4		%	47.1		%	52.8		%		52.0		%
Loss adjustment expense ratio		10.2			9.1			12.5			12.4			11.9			9.8			11.8			10.7			10.8			10.5			11.1				11.5
Net underwriting expense ratio		32.2			29.9			29.9			32.5			32.2			30.5			28.5			29.9			29.5			30.6			30.3				30.8
Statutory combined ratio		84.6		%	85.9		%	94.6		%	94.8		%	91.6		%	95.0		%	96.4		%	90.2		%	95.7		%	88.2		%	94.2		%		94.3		%
Contribution from catastrophe losses		1.4			5.9			4.0			(1.0		)	1.0			8.6			8.5			5.0			8.5			3.8			6.0				4.3
Statutory combined ratio excl. catastrophe losses		83.2		%	80.0		%	90.6		%	95.8		%	90.6		%	86.4		%	87.9		%	85.2		%	87.2		%	84.4		%	88.2		%		90.0		%
GAAP combined ratio
GAAP combined ratio		84.0		%	87.2		%	96.6		%	93.6		%	90.7		%	96.3		%	99.9		%	91.9		%	98.1		%	89.2		%	95.6		%		95.1		%
Contribution from catastrophe losses		1.4			5.9			4.0			(1.0		)	1.0			8.6			8.5			5.0			8.5			3.8			6.0				4.3
GAAP combined ratio excl. catastrophe losses		82.6		%	81.3		%	92.6		%	94.6		%	89.7		%	87.7		%	91.4		%	86.9		%	89.6		%	85.4		%	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 Third-Quarter 2015 Supplemental Financial Data

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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		$	288		$	285		$	223		$	233		$	278		$	276		$	218		$	508		$	494		$	796		$	772			$	1,005
Agency new business written premiums		30			30			24			24			23			24			21			54			45			84			68				92
Other written premiums		(6		)	(6		)	(6		)	(8		)	(7		)	(6		)	(8		)	(12		)	(14		)	(18		)	(21		)		(29		)
Net written premiums – statutory*		$	312		$	309		$	241		$	249		$	294		$	294		$	231		$	550		$	525		$	862		$	819			$	1,068
Unearned premium change		(35		)	(37		)	27			17			(31		)	(36		)	23			(10		)	(13		)	(45		)	(44		)		(27		)
Earned premiums		$	277		$	272		$	268		$	266		$	263		$	258		$	254		$	540		$	512		$	817		$	775			$	1,041
Year over year change %
Agency renewal written premiums		4		%	3		%	2		%	4		%	8		%	10		%	12		%	3		%	11		%	3		%	10		%		8		%
Agency new business written premiums		30			25			14			0			(18		)	(20		)	(25		)	20			(22		)	24			(21		)		(16		)
Other written premiums		14			—			25			11			13			25			—			14			13			14			13				12
Net written premiums – statutory*		6			5			4			4			6			8			7			5			8			5			7				6
Paid losses and loss expenses
Losses paid		$	180		$	165		$	139		$	147		$	170		$	167		$	152		$	304		$	319		$	484		$	489			$	636
Loss expenses paid		20			22			22			21			19			20			21			44			41			64			60				81
Loss and loss expenses paid		$	200		$	187		$	161		$	168		$	189		$	187		$	173		$	348		$	360		$	548		$	549			$	717
Incurred losses and loss expenses
Loss and loss expense incurred		$	198		$	216		$	191		$	148		$	177		$	227		$	188		$	407		$	415		$	605		$	592			$	740
Loss and loss expenses paid as a % of incurred		101.0		%	86.6		%	84.3		%	113.5		%	106.8		%	82.4		%	92.0		%	85.5		%	86.7		%	90.6		%	92.7		%		96.9		%
Statutory combined ratio
Loss ratio		62.5		%	71.1		%	61.9		%	48.9		%	60.5		%	79.4		%	64.8		%	66.6		%	72.2		%	65.2		%	68.2		%		63.3		%
Loss adjustment expense ratio		9.0			8.5			9.1			6.9			6.9			8.3			9.3			8.8			8.8			8.8			8.1				7.8
Net underwriting expense ratio		27.0			26.2			30.4			29.3			26.3			26.6			30.5			28.0			28.3			27.7			27.6				28.0
Statutory combined ratio		98.5		%	105.8		%	101.4		%	85.1		%	93.7		%	114.3		%	104.6		%	103.3		%	109.3		%	101.7		%	103.9		%		99.1		%
Contribution from catastrophe losses		5.6			12.6			4.9			(1.4		)	2.0			20.4			10.8			8.8			15.7			7.7			11.0				7.8
Statutory combined ratio excl. catastrophe losses		92.9		%	93.2		%	96.5		%	86.5		%	91.7		%	93.9		%	93.8		%	94.5		%	93.6		%	94.0		%	92.9		%		91.3		%
GAAP combined ratio
GAAP combined ratio		100.9		%	109.2		%	101.4		%	83.7		%	95.0		%	115.8		%	103.0		%	105.3		%	109.4		%	103.8		%	104.5		%		99.2		%
Contribution from catastrophe losses		5.6			12.6			4.9			(1.4		)	2.0			20.4			10.8			8.8			15.7			7.7			11.0				7.8
GAAP combined ratio excl. catastrophe losses		95.3		%	96.6		%	96.5		%	85.1		%	93.0		%	95.4		%	92.2		%	96.5		%	93.7		%	96.1		%	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 Third-Quarter 2015 Supplemental Financial Data

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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		$	33		$	34		$	30		$	28		$	29		$	29		$	25		$	64		$	54		$	97		$	83			$	111
Agency new business written premiums		12			15			13			12			13			14			12			28			26			40			39				51
Other written premiums		(2		)	(3		)	(1		)	(1		)	(3		)	(3		)	(2		)	(4		)	(5		)	(6		)	(8		)		(9		)
Net written premiums – statutory*		$	43		$	46		$	42		$	39		$	39		$	40		$	35		$	88		$	75		$	131		$	114			$	153
Unearned premium change		(1		)	(4		)	(2		)	0			3			(6		)	(2		)	(6		)	(8		)	(7		)	(5		)		(5		)
Earned premiums		$	42		$	42		$	40		$	39		$	42		$	34		$	33		$	82		$	67		$	124		$	109			$	148
Year over year change %
Agency renewal written premiums		14		%	17		%	20		%	17		%	16		%	12		%	32		%	19		%	20		%	17		%	19		%		18		%
Agency new business written premiums		(8		)	7			8			0			18			56			20			8			37			3			30				21
Other written premiums		33			—			50			50			(50		)	(50		)	0			20			(25		)	25			(33		)		(13		)
Net written premiums – statutory*		10			15			20			15			15			21			30			17			25			15			21				20
Paid losses and loss expenses
Losses paid		$	8		$	8		$	5		$	6		$	5		$	3		$	5		$	13		$	8		$	21		$	13			$	19
Loss expenses paid		4			3			4			2			3			3			3			7			6			11			9				11
Loss and loss expenses paid		$	12		$	11		$	9		$	8		$	8		$	6		$	8		$	20		$	14		$	32		$	22			$	30
Incurred losses and loss expenses
Loss and loss expense incurred		$	17		$	21		$	24		$	20		$	17		$	19		$	19		$	45		$	38		$	62		$	55			$	75
Loss and loss expenses paid as a % of incurred		70.6		%	52.4		%	37.5		%	40.0		%	47.1		%	31.6		%	42.1		%	44.4		%	36.8		%	51.6		%	40.0		%		40.0		%
Statutory combined ratio
Loss ratio		26.9		%	36.1		%	44.9		%	34.4		%	27.9		%	46.6		%	40.6		%	40.4		%	43.7		%	35.8		%	37.6		%		36.8		%
Loss adjustment expense ratio		15.0			13.5			14.5			14.6			13.9			10.4			0.1			14.0			13.1			14.3			13.4				13.7
Net underwriting expense ratio		29.4			29.1			29.9			31.4			34.0			29.1			30.4			29.5			29.7			29.5			31.2				31.3
Statutory combined ratio		71.3		%	78.7		%	89.3		%	80.4		%	75.8		%	86.1		%	71.1		%	83.9		%	86.5		%	79.6		%	82.2		%		81.8		%
Contribution from catastrophe losses		0.4			0.5			0.9			3.0			(0.6		)	2.9			3.1			0.7			3.0			0.6			1.6				2.0
Statutory combined ratio excl. catastrophe losses		70.9		%	78.2		%	88.4		%	77.4		%	76.4		%	83.2		%	68.0		%	83.2		%	83.5		%	79.0		%	80.6		%		79.8		%
GAAP combined ratio
GAAP combined ratio		69.9		%	76.0		%	88.3		%	77.8		%	70.2		%	85.0		%	86.9		%	82.1		%	85.9		%	77.9		%	79.9		%		79.4		%
Contribution from catastrophe losses		0.4			0.5			0.9			3.0			(0.6		)	2.9			3.1			0.7			3.0			0.6			1.6				2.0
GAAP combined ratio excl. catastrophe losses		69.5		%	75.5		%	87.4		%	74.8		%	70.8		%	82.1		%	83.8		%	81.4		%	82.9		%	77.3		%	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 Third-Quarter 2015 Supplemental Financial Data

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The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended September 30,											For the Nine Months Ended September 30,
(Dollars in millions)	2015			2014			Change			% Change		2015			2014			Change			% Change
Net premiums written	$	61		$	59		$	2		3		$	186		$	182		$	4		2
Net investment income	38			37			1			3		114			111			3			3
Amortization of interest maintenance reserve	1			1			—			—		3			3			—			—
Commissions and expense allowances on reinsurance ceded	1			1			—			—		4			4			—			—
Income from fees associated with Separate Accounts	2			2			—			—		4			4			—			—
Total revenues	$	103		$	100		$	3		3		$	311		$	304		$	7		2
Death benefits and matured endowments	$	23		$	25		$	(2	)	(8	)	$	69		$	73		$	(4	)	(5	)
Annuity benefits	14			17			(3		)	(18	)	44			47			(3		)	(6	)
Disability benefits and benefits under accident and health contracts	1			—			1			nm		2			1			1			100
Surrender benefits and group conversions	5			6			(1		)	(17	)	13			17			(4		)	(24	)
Interest and adjustments on deposit-type contract funds	2			3			(1		)	(33	)	8			8			—			—
Increase in aggregate reserves for life and accident and health contracts	40			40			—			—		124			128			(4		)	(3	)
Total benefit expenses	$	85		$	91		$	(6	)	(7	)	$	260		$	274		$	(14	)	(5	)
Commissions	$	9		$	10		$	(1	)	(10	)	$	28		$	28		$	—		—
General insurance expenses and taxes	10			10			—			—		31			30			1			3
Increase in loading on deferred and uncollected premiums	—			(1		)	1			100		(1		)	(4		)	3			75
Net transfers from Separate Accounts	—			(2		)	2			100		—			(6		)	6			100
Total underwriting expenses	$	19		$	17		$	2		12		$	58		$	48		$	10		21
Federal and foreign income tax benefit	(1		)	(3		)	2			67		(4		)	(6		)	2			33
Net loss from operations before realized capital gains	$	—		$	(5	)	$	5		100		$	(3	)	$	(12	)	$	9		75
Net realized gains net of capital gains tax	(2		)	—			(2		)	nm		(3		)	—			(3		)	nm
Net loss (statutory)	$	(2	)	$	(5	)	$	3		60		$	(6	)	$	(12	)	$	6		50
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the   appropriate regulatory bodies.

CINF Third-Quarter 2015 Supplemental Financial Data

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