8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report: February 3, 2016 (Date of earliest event reported)
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio	0-4604	31‑0746871
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
6200 S. Gilmore Road, Fairfield, Ohio		45014‑5141
(Address of principal executive offices)		(Zip Code)
Registrant’s telephone number, including area code: (513) 870-2000
N/A (Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On February 3, 2016, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2015 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On February 3, 2016, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference. This report should not be deemed an admission as to the materiality of any information contained in the news release or supplemental financial data.

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

Item 9.01 Financial Statements and Exhibits.

(c)     Exhibits

Exhibit 99.1 – News release dated February 3, 2016, “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2015 Results”

Exhibit 99.2 – Supplemental Financial Data for the Period Ending December 31, 2015 distributed February 3, 2016.

Signature

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

	CINCINNATI FINANCIAL CORPORATION
Date: February 3, 2016	/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 Fourth-Quarter and Full-Year 2015 Results

Cincinnati, February 3, 2016 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

• Fourth-quarter 2015 net income of $156 million, or 94 cents per share, compared with $167 million, or $1.02 per share, in the fourth quarter of 2014.

• Full-year 2015 net income of $634 million, or $3.83 per share, up 21 percent from $525 million, or $3.18, in 2014. Operating income of $589 million, or $3.56 per share, up 34 percent from $440 million, or $2.66 per share.

• $11 million decrease in fourth-quarter 2015 net income reflected the after-tax net effect of two primary items: $45 million reduction in net realized investment gains that offset $28 million of improvement in the contribution from property casualty underwriting. The underwriting improvement effect was partially offset by a $14 million unfavorable impact from natural catastrophe losses.

• $39.20 book value per share at December 31, 2015, down 94 cents or 2 percent since December 31, 2014.

• 3.4 percent value creation ratio for full-year 2015, compared with 12.6 percent for 2014.

Financial Highlights

(Dollars in millions except per share data)	Three months ended December 31,							Twelve months ended December 31,
		2015			2014		% Change		2015		2014		% Change
Revenue Data
Earned premiums		$	1,148		$	1,086	6		$	4,480	$	4,243	6
Investment income, net of expenses		150			140		7		572		549		4
Total revenues		1,263			1,262		0		5,142		4,945		4
Income Statement Data
Net income		$	156		$	167	(7)		$	634	$	525	21
Realized investment gains and losses, net		(26		)	19		nm		45		85		(47)
Operating income*		$	182		$	148	23		$	589	$	440	34
Per Share Data (diluted)
Net income		$	0.94		$	1.02	(8)		$	3.83	$	3.18	20
Realized investment gains and losses, net		(0.16		)	0.13		nm		0.27		0.52		(48)
Operating income*		$	1.10		$	0.89	24		$	3.56	$	2.66	34
Book value									$	39.20	$	40.14	(2)
Cash dividend declared		$	0.92		$	0.44	109		$	2.30	$	1.76	31
Diluted weighted average shares outstanding		165.7			165.3		0		165.6		165.1		0

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

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

CINF 4Q15 Release 1

Insurance Operations Fourth-Quarter Highlights

• 87.0 percent fourth-quarter 2015 property casualty combined ratio, improved from 90.4 percent for fourth-quarter 2014. Full-year 2015 property casualty combined ratio at 91.1%, with net written premiums up 5 percent.

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

• $140 million fourth-quarter 2015 property casualty new business written premiums. Agencies appointed since the beginning of 2014 contributed $12 million or 9 percent of total fourth-quarter new business written premiums.

• 6 cents per share contribution from life insurance operating income, matching a year ago.

Investment and Balance Sheet Highlights

• 7 percent or $10 million rise in fourth-quarter 2015 pretax investment income, including 14 percent growth for stock portfolio dividends and 4 percent growth for bond interest income.

• Less than 1 percent full-year increase in fair value of invested assets at December 31, 2015, including a 3 percent decrease for the stock portfolio and a 2 percent increase for the bond portfolio.

• $1.747 billion parent company cash and marketable securities at year-end 2015, down 2 percent from a year ago.

Achieving Planned Results

Steven J. Johnston, president and chief executive officer, commented: “Operating income for the fourth quarter rose 23 percent over last year’s result, bringing our full-year operating income to $589 million.

“Property casualty insurance underwriting was the key to our performance. Underwriting profits before taxes increased 43 percent for the quarter and 108 percent for the year. These strong overall results reflect the positive execution of our strategies to balance growth and profitability.

“The combined ratio of 87.0 percent for the fourth quarter improved 3.4 points over last year’s healthy result. Our 2015 full-year results surpassed those of the last seven years with a combined ratio of 91.1 percent, benefiting from sound underwriting judgment, lower catastrophe losses and steady favorable prior accident year reserve development. At the same time, our recent premium growth represents a solid achievement, including net written premium growth of 5 percent for the year.

“Our long-term investment approach continued to boost operating results. Pretax investment income rose to $150 million for the quarter and $572 million for the year, up 7 percent and 4 percent, respectively.”

Focusing on Profitable Growth

“We believe our full-year property casualty net written premium growth is again ahead of the industry average. Thanks to the success achieved by our associates and independent agency partners, we nearly reached our goal of $5 billion in direct written premiums by year-end 2015.

“Our growth initiatives are on track. New business for personal insurance rose 21 percent for the year, including an increase of $4 million from agencies’ high net worth clients. Cincinnati Re^SM, our reinsurance assumed operation which we began to expand in 2015, profitably increased full-year property casualty net written premiums by 1 percent.

“We continue to refine pricing precision on all accounts. Our ability to price on a policy-by-policy basis will support our efforts to maintain appropriate pricing as we navigate a challenging market environment in 2016. The right price, bolstered by our hallmarks of strong agency relationships and overwhelming claims service, will help our agents attract and retain high-quality business.”

Returning Capital to Shareholders

“Our property casualty statutory surplus, a healthy $4.4 billion at December 31, provides ample capacity to move forward with our growth plans. A strong balance sheet gives us the flexibility to invest in our business while still paying shareholder dividends as a consistent, long-term strategy. The board of directors’ recent actions to pay a special cash dividend at the end of 2015 and to increase our indicated annual dividend for the 56^th consecutive year demonstrates their confidence in our future.”

CINF 4Q15 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2015			2014			% Change	2015			2014			% Change
Earned premiums		$	1,095		$	1,035		6	$	4,271		$	4,045		6
Fee revenues		2			1			100	8			6			33
Total revenues		1,097			1,036			6	4,279			4,051			6
Loss and loss expenses		616			622			(1)	2,572			2,627			(2)
Underwriting expenses		338			314			8	1,321			1,238			7
Underwriting profit		$	143		$	100		43	$	386		$	186		108
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		56.3		%	60.1		%	(3.8)	60.2		%	65.0		%	(4.8)
Underwriting expenses		30.7			30.3			0.4	30.9			30.6			0.3
Combined ratio		87.0		%	90.4		%	(3.4)	91.1		%	95.6		%	(4.5)
								% Change							% Change
Agency renewal written premiums		$	925		$	906		2	$	3,925		$	3,794		3
Agency new business written premiums		140			122			15	532			503			6
Cincinnati Re net written premiums		33			—			nm	33			—			nm
Other written premiums		(43		)	(41		)	(5)	(129		)	(154		)	16
Net written premiums		$	1,055		$	987		7	$	4,361		$	4,143		5
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		58.9		%	58.3		%	0.6	60.4		%	61.7		%	(1.3)
Current accident year catastrophe losses		1.5			(0.2		)	1.7	4.1			5.7			(1.6)
Prior accident years before catastrophe losses		(3.8		)	2.7			(6.5)	(3.9		)	(1.8		)	(2.1)
Prior accident years catastrophe losses		(0.3		)	(0.7		)	0.4	(0.4		)	(0.6		)	0.2
Loss and loss expense ratio		56.3		%	60.1		%	(3.8)	60.2		%	65.0		%	(4.8)
Current accident year combined ratio before
catastrophe losses		89.6		%	88.6		%	1.0	91.3		%	92.3		%	(1.0)

• 7 percent and 5 percent growth in fourth-quarter and full-year 2015 property casualty net written premiums, including 3 percent and 1 percent from Cincinnati Re. The increase in premiums also reflects other growth initiatives, modest average price increases and a higher level of insured exposures.

• 15 percent and 6 percent increase in fourth-quarter and full-year 2015 new business premiums written by agencies, compared with a year ago, including 1 percent for each period from agencies’ high net worth clients. Full-year 2015 new business premiums, up $29 million in total, included a $27 million increase in standard market property casualty production from agencies appointed since the beginning of 2014 and a $5 million increase for excess and surplus lines.

• 1,526 agency relationships in 1,956 reporting locations marketing standard market property casualty insurance products at December 31, 2015, compared with 1,466 agency relationships in 1,884 reporting locations at year-end 2014. The 114 new agency appointments made during 2015 were slightly more than planned.

• 3.4 percentage-point fourth-quarter 2015 combined ratio improvement, driven by 6.5 points more benefit from prior accident year reserve development before catastrophes that offset an increase of 2.1 points for higher losses from natural catastrophes.

• 4.5 percentage-point improvement in full-year 2015 combined ratio, compared with 2014, including 1.4 points from lower natural catastrophe losses and 0.9 points from lower noncatastrophe weather-related losses.

• 4.1 and 4.3 percentage-point fourth-quarter and full-year 2015 benefit from favorable prior accident year reserve development of $44 million and $184 million, compared with 2.0 points or $22 million of unfavorable fourth-quarter 2014 development and 2.4 points or $98 million of favorable development for full-year 2014. The unfavorable development reported for the fourth-quarter of 2014 was primarily due to higher estimates of IBNR losses and loss expenses for our commercial casualty line of business.

CINF 4Q15 Release 3

• 1.3 percentage-point improvement, to 60.4 percent, for the full-year 2015 ratio of current accident year losses and loss expenses before catastrophes, largely due to lower noncatastrophe weather-related losses and a 0.5 point decrease in the ratio for current accident year losses of $1 million or more per claim.

• 0.3 percentage-point increase in the full-year 2015 underwriting expense ratio, as strategic investments for profitable growth offset higher earned premiums and expense management efforts.

CINF 4Q15 Release 4

Commercial Lines Insurance Results

(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2015			2014			% Change	2015			2014			% Change
Earned premiums		$	761		$	730		4	$	2,996		$	2,856		5
Fee revenues		1			1			0	4			4			0
Total revenues		762			731			4	3,000			2,860			5
Loss and loss expenses		419			454			(8)	1,708			1,812			(6)
Underwriting expenses		242			228			6	947			902			5
Underwriting profit		$	101		$	49		106	$	345		$	146		136
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		55.1		%	62.3		%	(7.2)	57.0		%	63.5		%	(6.5)
Underwriting expenses		31.7			31.3			0.4	31.6			31.6			0.0
Combined ratio		86.8		%	93.6		%	(6.8)	88.6		%	95.1		%	(6.5)
								% Change							% Change
Agency renewal written premiums		$	649		$	645		1	$	2,756		$	2,678		3
Agency new business written premiums		97			86			13	365			360			1
Other written premiums		(34		)	(32		)	(6)	(96		)	(116		)	17
Net written premiums		$	712		$	699		2	$	3,025		$	2,922		4
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		58.2		%	58.9		%	(0.7)	58.6		%	60.7		%	(2.1)
Current accident year catastrophe losses		1.4			(0.1		)	1.5	3.5			4.8			(1.3)
Prior accident years before catastrophe losses		(4.1		)	4.4			(8.5)	(4.7		)	(1.5		)	(3.2)
Prior accident years catastrophe losses		(0.4		)	(0.9		)	0.5	(0.4		)	(0.5		)	0.1
Loss and loss expense ratio		55.1		%	62.3		%	(7.2)	57.0		%	63.5		%	(6.5)
Current accident year combined ratio before
catastrophe losses		89.9		%	90.2		%	(0.3)	90.2		%	92.3		%	(2.1)

• 2 percent and 4 percent growth in fourth-quarter and full-year 2015 commercial lines net written premiums, reflecting growth initiatives, a higher level of insured exposures and price increases. Fourth-quarter and full-year 2015 commercial lines average renewal price increases at a percentage in the low-single-digit range.

• $5 million or 1 percent rise in full-year 2015 new business written by agencies, driven by production from agencies appointed since the beginning of 2014 that offset effects of a softening commercial insurance market.

• 6.8 percentage-point improvement in fourth-quarter 2015 combined ratio, driven by 8.5 points more benefit from prior accident year reserve development before catastrophes that offset an increase of 2.0 points for higher losses from natural catastrophes.

• 6.5 percentage-point improvement in the full-year 2015 combined ratio, including 1.2 points from lower natural catastrophe losses and 2.1 points from lower incurred losses and loss expenses for our largest commercial line of business, commercial casualty.

• 4.5 and 5.1 percentage-point fourth-quarter and full-year 2015 benefit from favorable prior accident year reserve development of $34 million and $154 million, compared with 3.5 points or $26 million of unfavorable fourth-quarter 2014 development and 2.0 points or $57 million of favorable development for full-year 2014.

• 2.1 percentage-point improvement, to 58.6 percent, for the full-year 2015 ratio of current accident year losses and loss expenses before catastrophes, largely due to a 1.5 point decrease in the ratio for current accident year losses of $1 million or more per claim.

CINF 4Q15 Release 5

Personal Lines Insurance Results

(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2015			2014			% Change	2015			2014			% Change
Earned premiums		$	280		$	266		5	$	1,097		$	1,041		5
Fee revenues		1			0			0	3			2			50
Total revenues		281			266			6	1,100			1,043			5
Loss and loss expenses		184			148			24	789			740			7
Underwriting expenses		79			75			5	323			293			10
Underwriting (loss) profit		$	18		$	43		(58)	$	(12	)	$	10		nm
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		65.7		%	55.8		%	9.9	71.9		%	71.1		%	0.8
Underwriting expenses		28.3			27.9			0.4	29.4			28.1			1.3
Combined ratio		94.0		%	83.7		%	10.3	101.3		%	99.2		%	2.1
								% Change							% Change
Agency renewal written premiums		$	245		$	233		5	$	1,041		$	1,005		4
Agency new business written premiums		27			24			13	111			92			21
Other written premiums		(6		)	(8		)	25	(24		)	(29		)	17
Net written premiums		$	266		$	249		7	$	1,128		$	1,068		6
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		62.4		%	56.1		%	6.3	64.9		%	63.4		%	1.5
Current accident year catastrophe losses		2.0			(0.9		)	2.9	6.5			8.8			(2.3)
Prior accident years before catastrophe losses		1.5			1.1			0.4	0.8			(0.1		)	0.9
Prior accident years catastrophe losses		(0.2		)	(0.5		)	0.3	(0.3		)	(1.0		)	0.7
Loss and loss expense ratio		65.7		%	55.8		%	9.9	71.9		%	71.1		%	0.8
Current accident year combined ratio before
catastrophe losses		90.7		%	84.0		%	6.7	94.3		%	91.5		%	2.8

• 7 percent and 6 percent growth in fourth-quarter and full-year 2015 personal lines net written premiums, including growth in new business and higher renewal written premiums that benefited from rate increases.

• 3 percent increase in full-year 2015 earned premiums in aggregate from our five highest volume states where we offer personal lines policies and that represent approximately half of our personal lines premiums, while rising 8 percent for all other states in aggregate as we progress toward geographic diversification.

• 13 percent and 21 percent increase in fourth-quarter and full-year 2015 new business written premium, including increases of approximately $1 million and $4 million, respectively, from agencies’ high net worth clients.

• 10.3 percentage-point rise in fourth-quarter 2015 combined ratio, including 3.2 points from higher natural catastrophe losses and 6.3 points from higher current accident year losses and loss expenses before catastrophes, largely from our personal auto line of business.

• 2.1 percentage-point rise in the full-year 2015 combined ratio, including increases in the underwriting expense ratio and in the ratio for losses of $1 million or more per claim that offset decreases in ratios of 1.6 points from lower natural catastrophe losses and 1.7 points from lower noncatastrophe weather-related losses.

• 1.3 and 0.5 percentage-point fourth-quarter and full-year 2015 unfavorable prior accident year reserve development of $4 million and $5 million, compared with 0.6 points or $1 million of unfavorable fourth-quarter 2014 development and 1.1 points or $12 million of favorable development for full-year 2014.

• 1.5 percentage-point increase, to 64.9 percent, for the full-year 2015 ratio of current accident year losses and loss expenses before catastrophes, including a 2.2 point increase in the ratio for current accident year losses of $1 million or more per claim that offset lower noncatastrophe weather-related losses.

• 1.3 percentage-point increase in the full-year 2015 underwriting expense ratio, largely due to strategic investments such as staff additions to support expansion in high net worth markets.

CINF 4Q15 Release 6

Excess and Surplus Lines Insurance Results

(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2015			2014			% Change	2015			2014			% Change
Earned premiums		$	44		$	39		13	$	168		$	148		14
Fee revenues		—			—			—	1			—			nm
Total revenues		44			39			13	169			148			14
Loss and loss expenses		8			20			(60)	70			75			(7)
Underwriting expenses		14			11			27	48			43			12
Underwriting profit		$	22		$	8		175	$	51		$	30		70
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		18.9		%	49.0		%	(30.1)	41.9		%	50.5		%	(8.6)
Underwriting expenses		29.2			28.8			0.4	28.1			28.9			(0.8)
Combined ratio		48.1		%	77.8		%	(29.7)	70.0		%	79.4		%	(9.4)
								% Change							% Change
Agency renewal written premiums		$	31		$	28		11	$	128		$	111		15
Agency new business written premiums		16			12			33	56			51			10
Other written premiums		(3		)	(1		)	(200)	(9		)	(9		)	0
Net written premiums		$	44		$	39		13	$	175		$	153		14
Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		51.3		%	62.1		%	(10.8)	62.1		%	68.1		%	(6.0)
Current accident year catastrophe losses		0.2			2.9			(2.7)	0.5			1.8			(1.3)
Prior accident years before catastrophe losses		(32.5		)	(16.1		)	(16.4)	(20.6		)	(19.6		)	(1.0)
Prior accident years catastrophe losses		(0.1		)	0.1			(0.2)	(0.1		)	0.2			(0.3)
Loss and loss expense ratio		18.9		%	49.0		%	(30.1)	41.9		%	50.5		%	(8.6)
Current accident year combined ratio before
catastrophe losses		80.5		%	90.9		%	(10.4)	90.2		%	97.0		%	(6.8)

• 13 percent and 14 percent growth in fourth-quarter and full-year 2015 excess and surplus lines net written premiums, including average renewal price increases at a percentage near the high end of a low-single-digit range – down slightly from a mid-single-digit range in the third quarter of 2015.

• 10 percent increase in full-year 2015 new business written premiums, slowing from 21 percent in full-year 2014 as a result of careful underwriting in a highly competitive market.

• 29.7 percentage-point improvement in fourth-quarter 2015 combined ratio, largely due to 16.4 points more benefit from prior accident year reserve development before catastrophes.

• 9.4 percentage-point combined ratio improvement for full-year 2015, primarily due to improved experience in the ratio for current accident year losses and loss expenses before catastrophe losses.

CINF 4Q15 Release 7

Life Insurance Results

(Dollars in millions)	Three months ended December 31,						Twelve months ended December 31,
		2015		2014		% Change	2015		2014		% Change
Term life insurance		$	33	$	32	3	$	136	$	131	4
Universal life insurance		11		10		10	39		35		11
Other life insurance, annuity, and disability income   products		9		9		0	34		32		6
Earned premiums		53		51		4	209		198		6
Investment income, net of expenses		38		36		6	150		144		4
Other income		1		2		(50)	5		6		(17)
Total revenues, excluding realized investment gains   and losses		92		89		3	364		348		5
Contract holders’ benefits incurred		61		53		15	236		229		3
Underwriting expenses incurred		16		21		(24)	66		63		5
Total benefits and expenses		77		74		4	302		292		3
Net income before income tax and realized   investment gains, net		15		15		0	62		56		11
Income tax		5		5		0	22		20		10
Net income before realized investment gains, net		$	10	$	10	0	$	40	$	36	11

• $11 million or 6 percent increase in full-year 2015 earned premiums, including a 4 percent increase for term life insurance, our largest life insurance product line.

• $4 million increase in full-year 2015 profit, primarily due to more favorable mortality experience.

• $32 million or 4 percent full-year 2015 decrease to $872 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 the effects of rising interest rates and widening credit spreads.

CINF 4Q15 Release 8

Investment and Balance Sheet Highlights

Investment Results

(Dollars in millions)	Three months ended December 31,							Twelve months ended December 31,
	2015			2014			% Change	2015			2014			% Change
Investment income, net of expenses	$	150		$	140		7	$	572		$	549		4
Investment interest credited to contract holders’	(22		)	(21		)	(5)	(86		)	(83		)	(4)
Realized investment gains and losses, net	(40		)	32			(225)	70			133			(47)
Investment profit	$	88		$	151		(42)	$	556		$	599		(7)
Investment income:
Interest	$	109		$	105		4	$	428		$	417		3
Dividends	42			37			14	150			138			9
Other	1			—			nm	3			2			50
Less investment expenses	2			2			0	9			8			13
Investment income, pretax	150			140			7	572			549			4
Less income taxes	35			33			6	135			130			4
Total investment income, after-tax	$	115		$	107		7	$	437		$	419		4
Investment returns:
Effective tax rate	23.5		%	23.6		%		23.6		%	23.7		%
Average invested assets plus cash and cash       equivalents	$	14,525		$	14,229			$	14,515		$	13,951
Average yield pretax	4.13		%	3.94		%		3.94		%	3.94		%
Average yield after-tax	3.17			3.01				3.01			3.00
Fixed-maturity returns:
Effective tax rate	27.2		%	27.0		%		27.1		%	27.0		%
Average amortized cost	$	9,360		$	8,898			$	9,098		$	8,755
Average yield pretax	4.66		%	4.72		%		4.70		%	4.76		%
Average yield after-tax	3.39			3.45				3.43			3.48

• $10 million or 7 percent rise in fourth-quarter 2015 pretax investment income, including 14 percent growth in equity portfolio dividends and 4 percent growth in interest income.

• $40 million and $52 million fourth-quarter and full-year 2015 impact from other-than-temporary impairments to net realized investment gains and losses, compared with $23 million and $24 million for fourth-quarter and full-year 2014.

• $102 million or 5 percent fourth-quarter 2015 net increase in pretax net unrealized investment portfolio gains, including a $212 million increase for the equity portfolio. The fourth-quarter effect of net realized gains from investment portfolio security sales or called bonds was immaterial.

• $625 million or 23 percent full-year 2015 net decrease in pretax net unrealized investment portfolio gains, including a $362 million decrease for the equity portfolio. The total decrease included the effect of $121 million of pretax net realized gains from investment portfolio security sales or called bonds during full-year 2015, including $103 million from the equity portfolio.

CINF 4Q15 Release 9

Balance Sheet Highlights

(Dollars in millions except share data)	At December 31,			At December 31,
	2015			2014
Balance sheet data:
Total investments	$	14,423		$	14,386
Total assets	18,888			18,748
Short-term debt	35			49
Long-term debt	786			786
Shareholders’ equity	6,427			6,573
Book value per share	39.20			40.14
Debt-to-total-capital ratio	11.3		%	11.3		%

• $14.967 billion in consolidated cash and invested assets at December 31, 2015, down $10 million from $14.977 billion at year-end 2014.

• $9.650 billion bond portfolio at December 31, 2015, with an average rating of A2/A. Fair value decreased $106 million or 1 percent during the fourth quarter of 2015.

• $4.706 billion equity portfolio was 32.6 percent of total investments, including $1.768 billion in pretax net unrealized gains at December 31, 2015. Fourth-quarter 2015 increase in fair value of $180 million or 4 percent.

• $4.413 billion of statutory surplus for the property casualty insurance group at December 31, 2015, down $59 million from $4.472 billion at year-end 2014, after declaring $447 million in dividends to the parent company. The ratio of net written premiums to property casualty statutory surplus for the 12 months ended December 31, 2015, was 1.0-to-1, up from 0.9-to-1 at year-end 2014.

• Value creation ratio of 3.4 percent for full-year 2015 included contributions of 8.9 percentage points from net income before net realized investment gains, partially offset by unfavorable effects of investment portfolio realized gains and changes in unrealized gains of 2.6 points from our bond portfolio and 2.9 points from our stock portfolio.

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

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

Mailing Address:                    Street Address:

P.O. Box 145496                        6200 South Gilmore Road

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

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 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, assumptions or reliance on third-party data 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 fair 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

CINF 4Q15 Release 10

• 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, inadequate data developed internally or from third parties, 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 ceded reinsurance on acceptable terms, amount of reinsurance coverage purchased, financial strength of reinsurers and the potential for nonpayment or delay in payment by reinsurers

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

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

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

◦ Downgrades of the company’s financial strength ratings

◦ Concerns that doing business with the company is too difficult

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

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

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

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

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

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

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

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

◦ Increase our other expenses

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

◦ Place us at a disadvantage in the marketplace

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

• Adverse outcomes from litigation or administrative proceedings

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

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

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

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

* * *

CINF 4Q15 Release 11

Cincinnati Financial CorporationCondensed Consolidated Balance Sheets (unaudited)

(Dollars in millions except per share data)	December 31,			December 31,
	2015			2014
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2015—$9,324; 2014—$8,871)	$	9,650		$	9,460
Equity securities, at fair value (cost: 2015—$2,938; 2014—$2,728)	4,706			4,858
Other invested assets	67			68
Total investments	14,423			14,386
Cash and cash equivalents	544			591
Investment income receivable	129			123
Finance receivable	62			75
Premiums receivable	1,431			1,405
Reinsurance recoverable	542			545
Prepaid reinsurance premiums	54			29
Deferred policy acquisition costs	616			578
Land, building and equipment, net, for company use (accumulated depreciation:      2015—$459; 2014—$446)	185			194
Other assets	154			70
Separate accounts	748			752
Total assets	$	18,888		$	18,748
Liabilities
Insurance reserves
Loss and loss expense reserves	$	4,718		$	4,485
Life policy and investment contract reserves	2,583			2,497
Unearned premiums	2,201			2,082
Other liabilities	717			648
Deferred income tax	638			840
Note payable	35			49
Long-term debt and capital lease obligations	821			822
Separate accounts	748			752
Total liabilities	12,461			12,175
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2015 and 2014—500 million shares;     issued and outstanding: 2015 and 2014—198.3 million shares)	397			397
Paid-in capital	1,232			1,214
Retained earnings	4,762			4,505
Accumulated other comprehensive income	1,344			1,744
Treasury stock at cost (2015—34.4 million share and 2014—34.6 million shares)	(1,308		)	(1,287		)
Total shareholders' equity	6,427			6,573
Total liabilities and shareholders' equity	$	18,888		$	18,748

CINF 4Q15 Release 12

Cincinnati Financial CorporationCondensed Consolidated Statements of Income (unaudited)

(Dollars in millions except per share data)	Three months ended December 31,					Twelve months ended December 31,
	2015			2014		2015		2014
Revenues
Earned premiums	$	1,148		$	1,086	$	4,480	$	4,243
Investment income, net of expenses	150			140		572		549
Realized investment gains and losses, net	(40		)	32		70		133
Fee revenues	3			3		13		12
Other revenues	2			1		7		8
Total revenues	1,263			1,262		5,142		4,945
Benefits and Expenses
Insurance losses and contract holders’ benefits	677			675		2,808		2,856
Underwriting, acquisition and insurance expenses	354			334		1,387		1,301
Interest expense	13			13		53		53
Other operating expenses	3			4		13		14
Total benefits and expenses	1,047			1,026		4,261		4,224
Income Before Income Taxes	216			236		881		721
Provision for Income Taxes
Current	51			53		231		159
Deferred	9			16		16		37
Total provision for income taxes	60			69		247		196
Net Income	$	156		$	167	$	634	$	525
Per Common Share
Net income—basic	$	0.95		$	1.03	$	3.87	$	3.21
Net income—diluted	0.94			1.02		3.83		3.18

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

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

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

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

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

CINF 4Q15 Release 13

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

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

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

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

CINF 4Q15 Release 14

Cincinnati Financial Corporation

Balance Sheet Reconciliation

(Dollars are per share)	Three months ended December 31,						Twelve months ended December 31,
	2015			2014			2015			2014
Value creation ratio:
End of period book value	$	39.20		$	40.14		$	39.20		$	40.14
Less beginning of period book value	38.77			39.01			40.14			37.21
Change in book value	0.43			1.13			(0.94		)	2.93
Dividend declared to shareholders	0.92			0.44			2.30			1.76
Total value creation	$	1.35		$	1.57		$	1.36		$	4.69
Value creation ratio from change in book value*	1.1		%	2.9		%	(2.3		)%	7.9		%
Value creation ratio from dividends declared to    shareholders**	2.4			1.1			5.7			4.7
Value creation ratio	3.5		%	4.0		%	3.4		%	12.6		%
* Change in book value divided by the beginning of period book value
** Dividend declared to shareholders divided by beginning of period book value

Net Income Reconciliation
(Dollars in millions except per share data)	Three months ended December 31,					Twelve months ended December 31,
	2015			2014		2015			2014
Net income	$	156		$	167	$	634		$	525
Realized investment gains and losses, net	(26		)	19		45			85
Operating income	182			148		589			440
Less catastrophe losses	(9		)	6		(105		)	(133		)
Operating income before catastrophe losses	$	191		$	142	$	694		$	573
Diluted per share data:
Net income	$	0.94		$	1.02	$	3.83		$	3.18
Realized investment gains and losses, net	(0.16		)	0.13		0.27			0.52
Operating income	1.10			0.89		3.56			2.66
Less catastrophe losses	(0.05		)	0.04		(0.63		)	(0.81		)
Operating income before catastrophe losses	$	1.15		$	0.85	$	4.19		$	3.47

CINF 4Q15 Release 15

Cincinnati Financial Corporation

Property Casualty Operations Reconciliation
(Dollars in millions)	Three months ended December 31, 2015
	Consolidated*				Commercial				Personal				E&S
Premiums:
Written premiums		$	1,055			$	712			$	266			$	44
Unearned premiums change		40				49				14				0
Earned premiums		$	1,095			$	761			$	280			$	44
Statutory ratios:
Combined ratio		88.6		%		88.6		%		95.1		%		50.7		%
Contribution from catastrophe losses		1.2				1.0				1.8				0.1
Combined ratio excluding catastrophe losses		87.4		%		87.6		%		93.3		%		50.6		%
Commission expense ratio		19.7		%		19.5		%		17.9		%		28.8		%
Other underwriting expense ratio		12.6				14.0				11.5				3.0
Total expense ratio		32.3		%		33.5		%		29.4		%		31.8		%
GAAP ratios:
Combined ratio		87.0		%		86.8		%		94.0		%		48.1		%
Contribution from catastrophe losses		1.2				1.0				1.8				0.1
Prior accident years before catastrophe losses		(3.8		)		(4.1		)		1.5				(32.5		)
Current accident year combined ratio before catastrophe losses		89.6		%		89.9		%		90.7		%		80.5		%
(Dollars in millions)	Twelve months ended December 31, 2015
	Consolidated*				Commercial				Personal				E&S
Premiums:
Written premiums		$	4,361			$	3,025			$	1,128			$	175
Unearned premiums change		(90		)		(29		)		(31		)		(7		)
Earned premiums		$	4,271			$	2,996			$	1,097			$	168
Statutory ratios:
Combined ratio		90.6		%		88.3		%		100.0		%		71.9		%
Contribution from catastrophe losses		3.7				3.1				6.2				0.4
Combined ratio excluding catastrophe losses		86.9		%		85.2		%		93.8		%		71.5		%
Commission expense ratio		18.5		%		18.3		%		17.7		%		27.2		%
Other underwriting expense ratio		11.9				13.0				10.4				2.8
Total expense ratio		30.4		%		31.3		%		28.1		%		30.0		%
GAAP ratios:
Combined ratio		91.1		%		88.6		%		101.3		%		70.0		%
Contribution from catastrophe losses		3.7				3.1				6.2				0.4
Prior accident years before catastrophe losses		(3.9		)		(4.7		)		0.8				(20.6		)
Current accident year combined ratio before catastrophe losses		91.3		%		90.2		%		94.3		%		90.2		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on dollar amounts in thousands.
*Consolidated property casualty data includes results from our Cincinnati Re operations.

CINF 4Q15 Release 16

EX-99.2

Cincinnati Financial Corporation

Supplemental Financial Data

for the Period Ending December 31, 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-	A-	A3	BBB+
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
Standard Market Subsidiaries:	A+	—	A1	A+
The Cincinnati Insurance Company	A+	A+	A1	A+
The Cincinnati Indemnity Company	A+	A+	A1	A+
The Cincinnati Casualty Company	A+	A+	A1	A+
Surplus Lines Subsidiary:
The Cincinnati Specialty Underwriters Insurance Company	A+	—	—	—
The Cincinnati Life Insurance Company	A	A+	—	A+

Ratings are as of February 2, 2016, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.

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

CINF Fourth-Quarter 2015 Supplemental Financial Data

1

	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2015
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	Quick Reference	4
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2015	5
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2015	6
	5-Year Net Income Reconciliation	7
	CFC Insurance Subsidiaries – Selected Balance Sheet Data	8
Consolidated Property Casualty Insurance Operations
	Statutory Statements of Income	9
	Consolidated Cincinnati Insurance Companies – Losses Incurred Detail	10
	Consolidated Cincinnati Insurance Companies – Loss Ratio Detail	11
	Consolidated Cincinnati Insurance Companies – Loss Claim Count Detail	12
	Direct Written Premiums by Line of Business and State	13
	Quarterly Property Casualty Data – Commercial Lines	14
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	15
	Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2015	16
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2015	17
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	18
	Quarterly Property Casualty Data – Commercial Lines	19
	Quarterly Property Casualty Data – Personal Lines	20
	Quarterly Property Casualty Data – Excess & Surplus Lines	21
Life Insurance Operations
	Statutory Statements of Income	22

CINF Fourth-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 Fourth-Quarter 2015 Supplemental Financial Data

3

Cincinnati Financial Corporation
Quick Reference						—	Fourth Quarter 2015
(all data shown is for the three months ended or at December 31, 2015)
	12/31/2015			Year over year change %				12/31/2015			Year over year change %
Revenues:							Benefits and expenses:
Commercial lines net written premiums	$	712		2			Commercial lines loss and loss expenses	$	419		(8	)
Personal lines net written premiums	266			7			Personal lines loss and loss expenses	184			24
Excess & surplus lines net written premiums	44			13			Excess & surplus lines loss and loss expenses	8			(60	)
Cincinnati Re net written premiums	33			nm			Cincinnati Re loss and loss expenses	5			nm
Property casualty net written premiums	$	1,055		7			Life and health contract holders' benefits incurred	61			15
Life and accident and health net written premiums	$	57		3			Underwriting, acquisition and insurance expenses	354			6
Annuity net written premiums	9			7			Interest expenses	13			0
Life, annuity and accident and health net written premiums	$	66		4			Other operating expenses	3			(25	)
Commercial lines net earned premiums	$	761		4			Total benefits & expenses	$	1,047		2
Personal lines net earned premiums	280			5			Income before income taxes	216			(8	)
Excess & surplus lines net earned premiums	44			13			Total income tax	60			(13	)
Cincinnati Re net earned premiums	10			nm
Property casualty net earned premiums	$	1,095		6			Balance Sheet:
Life and accident and health net earned premiums	53			4
Investment income	150			7			Fixed maturity investments	$	9,650
Realized investment gains and losses, net	(40		)	nm			Equity securities	4,706
Fee revenue	3			0			Other investments	67
Other revenue	2			100			Total invested assets	$	14,423
Total revenues	1,263			0
							Loss and loss expense reserves	$	4,718
							Life policy and investment contract reserves	2,583
							Long-term debt and capital lease obligations	821
Income:							Shareholders' equity	6,427
Operating income	$	182		23			Key ratios:
Realized investment gains and losses, net	(26		)	nm
Net income	156			(7	)		Commercial lines GAAP combined ratio	86.8		%
							Personal lines GAAP combined ratio	94.0
							Excess & surplus lines GAAP combined ratio	48.1
							Property casualty GAAP combined ratio	87.0
Per share (diluted):
							Commercial lines STAT combined ratio	88.6		%
Operating income	$	1.10		24			Personal lines STAT combined ratio	95.1
Realized investment gains and losses, net	(0.16		)	nm			Excess & surplus lines STAT combined ratio	50.7
Net income	0.94			(8	)		Property casualty STAT combined ratio	88.6
Book value	39.20			(2	)
Weighted average shares outstanding	165.7			0			Value creation ratio	3.5		%

CINF Fourth-Quarter 2015 Supplemental Financial Data

4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2015
(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	4,425		$	—		$	—	$	—		$	4,425
Life	—			—			271			—		—			271
Premiums ceded	—			(154		)	(62		)	—		—			(216		)
Total earned premium	—			4,271			209			—		—			4,480
Investment income, net of expenses	53			369			150			—		—			572
Realized investment gains (losses), net	(19		)	84			1			1		3			70
Fee revenues	—			8			5			—		—			13
Other revenues	15			2			—			5		(15		)	7
Total revenues	$	49		$	4,734		$	365		$	6	$	(12	)	$	5,142
Benefits & expenses
Losses & contract holders' benefits	$	—		$	2,609		$	292		$	—	$	(1	)	$	2,900
Reinsurance recoveries	—			(37		)	(56		)	—		1			(92		)
Underwriting, acquisition and insurance expenses	—			1,321			66			—		—			1,387
Interest expense	52			—			—			1		—			53
Other operating expenses	28			—			—			1		(16		)	13
Total expenses	$	80		$	3,893		$	302		$	2	$	(16	)	$	4,261
Income (loss) before income taxes	$	(31	)	$	841		$	63		$	4	$	4		$	881
Provision (benefit) for income taxes
Current operating income	$	(6	)	$	216		$	(4	)	$	1	$	(1	)	$	206
Capital gains/losses	(6		)	30			—			—		1			25
Deferred	(10		)	—			25			—		1			16
Total provision (benefit) for income taxes	$	(22	)	$	246		$	21		$	1	$	1		$	247
Operating income	$	4		$	541		$	41		$	2	$	1		$	589
Net income (loss) - current year	$	(9	)	$	595		$	42		$	3	$	3		$	634
Net income - prior year	$	21		$	461		$	40		$	2	$	1		$	525
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Fourth-Quarter 2015 Supplemental Financial Data

5

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2015
(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,138		$	—		$	—	$	—		$	1,138
Life	—			—			71			—		—			71
Premiums ceded	—			(43		)	(18		)	—		—			(61		)
Total earned premium	—			1,095			53			—		—			1,148
Investment income, net of expenses	16			96			38			—		—			150
Realized investment gains (losses), net	(28		)	(12		)	—			1		(1		)	(40		)
Fee revenues	—			2			1			—		—			3
Other revenues	4			1			—			1		(4		)	2
Total revenues	$	(8	)	$	1,182		$	92		$	2	$	(5	)	$	1,263
Benefits & expenses
Losses & contract holders' benefits	$	—		$	623		$	78		$	—	$	—		$	701
Reinsurance recoveries	—			(7		)	(17		)	—		—			(24		)
Underwriting, acquisition and insurance expenses	—			338			16			—		—			354
Interest expense	13			—			—			—		—			13
Other operating expenses	7			—			—			—		(4		)	3
Total expenses	$	20		$	954		$	77		$	—	$	(4	)	$	1,047
Income (loss) before income taxes	$	(28	)	$	228		$	15		$	2	$	(1	)	$	216
Provision (benefit) for income taxes
Current operating income	$	3		$	62		$	(1	)	$	—	$	1		$	65
Capital gains/losses	(9		)	(4		)	(1		)	—		—			(14		)
Deferred	(6		)	10			6			—		(1		)	9
Total provision (benefit) for income taxes	$	(12	)	$	68		$	4		$	—	$	—		$	60
Operating income	$	3		$	168		$	10		$	1	$	—		$	182
Net income (loss) - current year	$	(16	)	$	160		$	11		$	2	$	(1	)	$	156
Net income - prior year	$	6		$	150		$	10		$	—	$	1		$	167
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Fourth-Quarter 2015 Supplemental Financial Data

6

Cincinnati Financial Corporation
5-Year Net Income Reconciliation
(Dollars in millions except per share data)	Years ended December 31,
	2015			2014			2013			2012			2011
Net income	$	634		$	525		$	517		$	421		$	164
Realized investment gains and losses, net	45			85			54			28			45
Operating income	589			440			463			393			119
Less catastrophe losses	(105		)	(133		)	(112		)	(217		)	(261		)
Operating income before catastrophe losses	$	694		$	573		$	575		$	610		$	380
Diluted per share data
Net income	$	3.83		$	3.18		$	3.12		$	2.57		$	1.01
Realized investment gains and losses, net	0.27			0.52			0.32			0.17			0.28
Operating income	3.56			2.66			2.80			2.4			0.73
Less catastrophe losses	(0.63		)	(0.81		)	(0.67		)	(1.33		)	(1.6		)
Operating income before catastrophe losses	$	4.19		$	3.47		$	3.47		$	3.73		$	2.33
Value creation ratio
Book value per share growth	(2.3		)%	7.9		%	11.1		%	7.4		%	0.8		%
Shareholder dividend declared as a percentage of beginning book value	5.7			4.7			5			5.2			5.2
Value creation ratio	3.4		%	12.6		%	16.1		%	12.6		%	6		%
Investment income
Investment income, net of expenses	$	572		$	549		$	529		$	531		$	525
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF Fourth-Quarter 2015 Supplemental Financial Data

7

Cincinnati Financial Corporation Insurance Subsidiaries
Selected Balance Sheet Data
(Dollars in millions)
	12/31/2015		9/30/2015		6/30/2015		3/31/2015		12/31/2014		9/30/2014		6/30/2014		3/31/2014
Cincinnati Insurance Consolidated
Fixed maturities (fair value)	$	6,435	$	6,472	$	6,435	$	6,325	$	6,260	$	6,344	$	6,215	$	6,111
Equities (fair value)	3,101		2,961		3,108		3,108		3,195		3,121		3,094		3,022
Fixed maturities - pretax net unrealized gain	234		283		280		387		366		379		414		361
Equities - pretax net unrealized gain	1,203		1,063		1,297		1,397		1,478		1,387		1,434		1,349
Loss and loss expense reserves - STAT	4,382		4,366		4,357		4,302		4,158		4,112		4,129		4,037
Shareholders' equity - GAAP	5,444		5,397		5,485		5,593		5,594		5,480		5,481		5,384
Policyholders' Surplus - STAT	4,413		4,324		4,419		4,436		4,472		4,364		4,332		4,308
The Cincinnati Life Insurance Company
Fixed maturities (fair value)	$	3,154	$	3,221	$	3,176	$	3,199	$	3,126	$	3,102	$	3,091	$	2,989
Equities (fair value)	9		9		8		9		9		8		8		14
Fixed maturities - pretax net unrealized gain	76		133		151		220		197		195		225		186
Equities - pretax net unrealized gain	4		4		3		4		3		3		3		6
Shareholders' equity - GAAP	872		897		896		927		904		893		901		867
Policyholders' Surplus - STAT	208		215		217		219		223		228		224		232

CINF Fourth-Quarter 2015 Supplemental Financial Data

8

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended December 31,											For the Twelve Months Ended December 31,
(Dollars in millions)	2015			2014			Change			% Change		2015		2014		Change			% Change
Underwriting income
Net premiums written	$	1,055		$	987		$	68		7		$	4,361	$	4,143	$	218		5
Unearned premiums increase (decrease)	(40		)	(48		)	8			(17	)	90		98		(8		)	(8	)
Earned premiums	$	1,095		$	1,035		$	60		6		$	4,271	$	4,045	$	226		6
Losses incurred	$	496		$	508		$	(12	)	(2	)	$	2,125	$	2,199	$	(74	)	(3	)
Allocated loss expenses incurred	62			58			4			7		214		200		14			7
Unallocated loss expenses incurred	58			56			2			4		233		228		5			2
Other underwriting expenses incurred	336			308			28			9		1,311		1,232		79			6
Workers compensation dividend incurred	4			4			—			—		15		16		(1		)	(6	)
Total underwriting deductions	$	956		$	934		$	22		2		$	3,898	$	3,875	$	23		1
Net underwriting profit	$	139		$	101		$	38		38		$	373	$	170	$	203		119
Investment income
Gross investment income earned	$	97		$	93		$	4		4		$	379	$	369	$	10		3
Net investment income earned	96			92			4			4		373		364		9			2
Realized capital gains and losses, net	(13		)	11			(24		)	(218	)	49		68		(19		)	(28	)
Net investment gains (net of tax)	$	83		$	103		$	(20	)	(19	)	$	422	$	432	$	(10	)	(2	)
Other income	$	2		$	1		$	1		100		$	7	$	6	$	1		17
Net income before federal income taxes	$	224		$	205		$	19		9		$	802	$	608	$	194		32
Federal and foreign income taxes incurred	54			36			18			50		204		125		79			63
Net income (statutory)	$	170		$	169		$	1		1		$	598	$	483	$	115		24
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the   appropriate regulatory bodies.

CINF Fourth-Quarter 2015 Supplemental Financial Data

9

`

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	$	4		$	8		$	5		$	12	$	12		$	7		$	11		$	—		$	17	$	12		$	25	$	19		$	29	$	30
Current accident year losses $1,000,000-$5,000,000	57			43			24			37		46			51			52			23			61		74			104		125			161		172
Large loss prior accident year reserve development	(3		)	19			(4		)	15		(14		)	(6		)	17			10			11		27			30		21			27		7
Total large losses incurred	$	58		$	70		$	25		$	64	$	44		$	52		$	80		$	33		$	89	$	113		$	159	$	165		$	217	$	209
Losses incurred but not reported	20			(31		)	38			43		112			17			(17		)	21			81		5			50		22			70		133
Other losses excluding catastrophe losses	406			441			417			418		365			432			436			427			835		863			1,276		1,295			1,682		1,660
Catastrophe losses	12			24			78			42		(13		)	11			112			86			120		197			144		208			156		197
Total losses incurred	$	496		$	504		$	558		$	567	$	508		$	512		$	611		$	567		$	1,125	$	1,178		$	1,629	$	1,690		$	2,125	$	2,199
Commercial Lines
Current accident year losses greater than $5,000,000	$	4		$	8		$	5		$	12	$	12		$	7		$	11		$	—		$	17	$	12		$	25	$	19		$	29	$	30
Current accident year losses $1,000,000-$5,000,000	48			26			14			24		39			45			47			18			38		64			64		109			112		149
Large loss prior accident year reserve development	(3		)	17			(4		)	15		(11		)	(7		)	15			10			11		25			28		18			25		7
Total large losses incurred	$	49		$	51		$	15		$	51	$	40		$	45		$	73		$	28		$	66	$	101		$	117	$	146		$	166	$	186
Losses incurred but not reported	20			(17		)	17			31		95			8			(35		)	22			48		(12		)	31		(4		)	51		90
Other losses excluding catastrophe losses	253			277			274			272		240			282			292			282			546		574			823		856			1,076		1,096
Catastrophe losses	7			9			43			29		(10		)	7			59			58			72		116			81		123			88		114
Total losses incurred	$	329		$	320		$	349		$	383	$	365		$	342		$	389		$	390		$	732	$	779		$	1,052	$	1,121		$	1,381	$	1,486
Personal Lines
Current accident year losses greater than $5,000,000	$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—	$	—		$	—	$	—		$	—	$	—
Current accident year losses $1,000,000-$5,000,000	8			15			10			12		6			6			4			4			22		8			37		14			45		20
Large loss prior accident year reserve development	—			—			—			—		(3		)	2			2			—			—		2			—		4			—		1
Total large losses incurred	$	8		$	15		$	10		$	12	$	3		$	8		$	6		$	4		$	22	$	10		$	37	$	18		$	45	$	21
Losses incurred but not reported	9			(12		)	14			7		12			3			9			(5		)	21		4			9		7			18		19
Other losses excluding catastrophe losses	141			155			136			134		119			144			138			138			270		276			425		420			566		539
Catastrophe losses	4			15			34			13		(4		)	4			52			27			47		79			62		83			66		79
Total losses incurred	$	162		$	173		$	194		$	166	$	130		$	159		$	205		$	164		$	360	$	369		$	533	$	528		$	695	$	658
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—	$	—		$	—	$	—		$	—	$	—
Current accident year losses $1,000,000-$5,000,000	1			2			—			1		1			—			1			1			1		2			3		2			4		3
Large loss prior accident year reserve development	1			2			—			—		—			(1		)	—			—			—		—			2		(1		)	3		(1		)
Total large losses incurred	$	2		$	4		$	—		$	1	$	1		$	(1	)	$	1		$	1		$	1	$	2		$	5	$	1		$	7	$	2
Losses incurred but not reported	(8		)	(2		)	7			5		5			6			9			4			12		13			10		19			2		24
Other losses excluding catastrophe losses	7			9			7			12		6			6			6			7			19		13			28		19			35		25
Catastrophe losses	—			—			1			—		1			—			1			1			1		2			1		2			1		4
Total losses incurred	$	1		$	11		$	15		$	18	$	13		$	11		$	17		$	13		$	33	$	30		$	44	$	41		$	45	$	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 Fourth-Quarter 2015 Supplemental Financial Data

10

Consolidated Cincinnati Insurance Companies
Loss Ratio Detail
	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/15		9/30/15		6/30/15		3/31/15		12/31/14		9/30/14		6/30/14		3/31/14		6/30/15		6/30/14		9/30/15		9/30/14		12/31/15		12/31/14
Consolidated
Current accident year losses greater than $5,000,000	0.5	%	0.7	%	0.5	%	1.0	%	1.0	%	0.7	%	1.1	%	—	%	0.8	%	0.6	%	0.8	%	0.6	%	0.7	%	0.7	%
Current accident year losses $1,000,000-$5,000,000	5.2		4.1		2.1		3.6		4.7		4.8		5.0		2.3		2.9		3.8		3.3		4.2		3.8		4.3
Large loss prior accident year reserve development	(0.2	)	1.7		(0.3	)	1.4		(1.4	)	(0.5	)	1.7		1.1		0.5		1.4		0.9		0.7		0.6		0.2
Total large loss ratio	5.5	%	6.5	%	2.3	%	6.0	%	4.3	%	5.0	%	7.8	%	3.4	%	4.2	%	5.8	%	5.0	%	5.5	%	5.1	%	5.2	%
Losses incurred but not reported	1.9		(2.9	)	3.6		4.2		10.7		1.7		(1.6	)	2.2		3.9		0.2		1.6		0.8		1.6		3.3
Other losses excluding catastrophe losses	36.9		40.9		39.6		40.1		35.2		42.3		43.4		43.6		39.8		43.5		40.2		43.0		39.5		41.0
Catastrophe losses	1.0		2.3		7.3		4.1		(1.1	)	1.0		11.1		8.7		5.7		9.9		4.5		6.9		3.6		4.9
Total loss ratio	45.3	%	46.8	%	52.8	%	54.4	%	49.1	%	50.0	%	60.7	%	57.9	%	53.6	%	59.4	%	51.3	%	56.2	%	49.8	%	54.4	%
Commercial Lines
Current accident year losses greater than $5,000,000	0.7	%	1.0	%	0.7	%	1.6	%	1.5	%	1.0	%	1.6	%	—	%	1.2	%	0.8	%	1.1	%	0.9	%	1.0	%	1.0	%
Current accident year losses $1,000,000-$5,000,000	6.2		3.7		1.7		3.3		5.6		5.9		6.5		2.6		2.6		4.6		2.9		5.1		3.7		5.2
Large loss prior accident year reserve development	(0.4	)	2.3		(0.5	)	2.0		(1.5	)	(0.9	)	2.1		1.4		0.7		1.8		1.3		0.9		0.8		0.3
Total large loss ratio	6.5	%	7.0	%	1.9	%	6.9	%	5.6	%	6.0	%	10.2	%	4.0	%	4.5	%	7.2	%	5.3	%	6.9	%	5.5	%	6.5	%
Losses incurred but not reported	2.8		(2.4	)	2.2		4.3		12.8		1.1		(4.8	)	3.2		3.2		(0.9	)	1.3		(0.2	)	1.7		3.1
Other losses excluding catastrophe losses	33.1		36.3		37.0		37.1		32.6		39.6		41.0		40.6		37.0		40.8		36.8		40.2		35.9		38.4
Catastrophe losses	0.9		1.3		5.8		4.0		(1.1	)	0.8		8.3		8.3		4.9		8.3		3.7		5.8		3.0		4.0
Total loss ratio	43.3	%	42.2	%	46.9	%	52.3	%	49.9	%	47.5	%	54.7	%	56.1	%	49.6	%	55.4	%	47.1	%	52.7	%	46.1	%	52.0	%
Personal Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $1,000,000-$5,000,000	3.1		5.2		3.5		4.5		2.2		2.5		1.7		1.4		4.1		1.5		4.5		1.8		4.1		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	3.1	%	5.0	%	3.6	%	4.5	%	1.1	%	3.3	%	2.3	%	1.7	%	4.1	%	2.0	%	4.5	%	2.5	%	4.1	%	2.0	%
Losses incurred but not reported	3.1		(4.2	)	5.1		2.7		4.5		1.3		3.5		(2.0	)	3.9		0.8		1.1		0.9		1.6		1.8
Other losses excluding catastrophe losses	49.9		56.3		50.0		49.9		44.8		54.1		53.6		54.5		49.8		54.0		52.0		54.1		51.6		51.9
Catastrophe losses	1.6		5.4		12.5		4.9		(1.5	)	1.7		20.0		10.6		8.7		15.4		7.6		10.7		6.0		7.6
Total loss ratio	57.7	%	62.5	%	71.2	%	62.0	%	48.9	%	60.4	%	79.4	%	64.8	%	66.5	%	72.2	%	65.2	%	68.2	%	63.3	%	63.3	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $1,000,000-$5,000,000	2.3		4.8		—		2.5		3.3		—		3.1		3.2		1.2		3.1		2.5		1.9		2.4		2.3
Large loss prior accident year reserve development	1.5		5.0		—		—		(1.8	)	(1.3	)	—		(0.3	)	—		(0.1	)	1.7		(0.5	)	1.7		(0.9	)
Total large loss ratio	3.8	%	9.8	%	—	%	2.5	%	1.5	%	(1.3	)%	3.1	%	2.9	%	1.2	%	3.0	%	4.2	%	1.4	%	4.1	%	1.4	%
Losses incurred but not reported	(19.5	)	(4.4	)	18.3		11.8		12.4		14.6		25.7		13.1		15.1		19.6		8.4		17.7		1.0		16.4
Other losses excluding catastrophe losses	16.8		21.2		17.5		29.9		17.7		15.3		15.1		21.6		23.5		18.3		22.7		17.1		21.2		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		0.4		1.8
Total loss ratio	1.1	%	26.9	%	36.2	%	45.0	%	34.5	%	27.9	%	46.6	%	40.6	%	40.4	%	43.7	%	35.8	%	37.6	%	26.7	%	36.8	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF Fourth-Quarter 2015 Supplemental Financial Data

11

Consolidated Cincinnati Insurance Companies
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/15	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	1	2	2	1	2	—	3	2	4	3	5	5
Current accident year reported losses    $1,000,000 - $5,000,000	37	28	14	27	31	31	34	15	42	52	74	83	112	120
Prior accident year reported losses on    large losses	8	6	9	15	4	13	10	8	27	18	35	26	46	32
Non-Catastrophe reported losses on       large losses total	46	35	24	44	37	45	46	23	72	72	113	112	163	157
Commercial Lines
Current accident year reported losses greater than $5,000,000	1	1	1	2	2	1	2	—	3	2	4	3	5	5
Current accident year reported losses $1,000,000 - $5,000,000	29	17	9	18	27	24	30	11	26	43	46	68	77	99
Prior accident year reported losses on large losses	6	5	9	14	3	11	9	7	26	17	32	23	41	28
Non-Catastrophe reported losses on large losses total	36	23	19	34	32	36	41	18	55	62	82	94	123	132
Personal Lines
Current accident year reported losses greater than $5,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Current accident year reported losses $1,000,000 - $5,000,000	7	9	5	8	3	6	3	3	15	7	25	13	31	18
Prior accident year reported losses on large losses	1	—	—	1	—	2	1	1	1	1	1	3	2	3
Non-Catastrophe reported losses on large losses total	8	9	5	9	3	8	4	4	16	8	26	16	33	21
Excess & Surplus Lines
Current accident year reported losses greater than $5,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Current accident year reported losses $1,000,000 - $5,000,000	1	2	—	1	1	1	1	1	1	2	3	2	4	3
Prior accident year reported losses on large losses	1	1	—	—	1	—	—	—	—	—	2	—	3	1
Non-Catastrophe reported losses on large losses total	2	3	—	1	2	1	1	1	1	2	5	2	7	4
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2015 Supplemental Financial Data

12

Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 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	$	153.5	$	130.0	$	78.9	$	—	$	35.3	$	130.1	$	112.0	$	35.9	$	14.0	$	689.7	$	684.8	1.7		(0.6	)	7.1		0.9
IL	66.6		57.1		30.8		53.9		14.1		31.9		30.9		8.6		12.4		306.3		308.9		(1.8	)	(0.3	)	15.1		(0.8	)
IN	55.6		52.4		32.0		30.4		13.0		34.4		37.2		8.6		11.8		275.4		268.1		3.5		(0.5	)	4.1		2.3
PA	62.0		46.5		38.8		47.0		12.1		13.5		10.9		4.0		8.0		242.8		238.6		0.8		4.0		22.9		1.8
GA	39.3		40.1		27.6		13.2		13.3		41.7		43.1		10.7		10.6		239.6		229.6		3.4		5.0		10.8		4.3
MI	47.1		38.7		23.7		20.3		12.2		47.4		33.4		5.6		8.2		236.6		221.2		0.7		17.5		24.0		7.0
NC	46.1		50.0		23.6		18.6		14.0		34.5		28.7		7.9		7.2		230.6		216.6		2.8		14.6		12.9		6.5
TN	37.0		38.3		22.4		10.5		11.2		19.5		22.1		5.9		4.9		171.8		164.3		2.8		8.4		13.7		4.5
KY	28.8		34.1		19.8		3.4		7.2		28.1		27.1		6.4		5.4		160.3		156.1		2.4		2.3		14.0		2.7
AL	26.9		34.2		13.0		1.2		9.0		21.1		34.5		7.0		7.6		154.5		152.9		(0.4	)	3.3		(1.6	)	1.0
VA	34.1		30.0		21.5		18.4		10.8		12.2		10.8		3.5		5.3		146.6		145.3		(0.2	)	6.3		(1.0	)	0.9
MN	29.9		24.1		11.2		11.9		5.6		18.5		19.5		5.3		4.7		130.7		120.9		7.8		7.7		17.1		8.1
TX	47.6		29.4		29.4		1.3		5.0		—		—		—		17.3		130.0		123.8		3.2		(14.6	)	17.8		5.0
WI	29.7		25.1		14.1		28.0		6.9		9.0		9.5		3.8		3.5		129.6		131.2		(1.9	)	2.0		(4.2	)	(1.3	)
MO	29.5		32.5		15.9		14.0		6.7		7.1		9.8		2.0		7.4		124.9		119.6		3.7		7.6		6.5		4.5
MD	21.1		12.6		16.3		12.6		4.1		8.3		6.5		1.8		2.4		85.7		78.5		5.2		28.7		6.2		9.1
IA	18.2		19.5		8.8		18.1		5.6		4.9		5.7		1.7		2.2		84.7		89.2		(5.9	)	(0.6	)	0.9		(5.0	)
NY	31.8		18.1		12.0		2.8		4.1		4.7		3.0		0.9		3.5		80.9		74.7		4.3		57.7		7.0		8.3
AR	11.0		20.2		7.1		2.6		5.1		9.6		10.7		2.6		2.8		71.7		67.9		2.4		13.5		(0.9	)	5.5
FL	25.2		16.2		9.3		1.5		3.0		4.4		1.4		0.7		6.9		68.6		71.5		2.3		(47.8	)	33.1		(4.0	)
SC	14.8		13.0		10.0		3.3		4.1		9.7		6.8		1.7		3.0		66.4		60.2		5.1		23.4		25.8		10.4
AZ	17.3		10.0		12.4		5.5		2.7		5.9		4.2		1.6		2.7		62.3		59.2		0.4		25.3		23.6		5.2
UT	19.8		9.5		11.0		0.4		3.4		8.5		4.6		1.0		3.1		61.3		55.9		7.9		9.6		39.0		9.6
KS	10.4		13.9		5.8		6.5		3.3		4.9		7.3		1.4		1.5		55.0		53.3		4.1		(1.2	)	20.4		3.1
CO	16.8		9.8		11.9		0.8		2.2		0.1		0.4		—		5.7		47.7		42.3		10.3		23.6		33.2		12.7
MT	17.2		10.4		8.7		0.1		2.2		2.9		3.0		0.7		1.1		46.3		41.0		13.8		5.7		30.6		12.9
NE	10.0		10.8		5.3		9.9		2.4		0.7		1.1		0.3		1.9		42.4		39.5		8.2		1.2		0.2		7.4
ID	13.2		8.7		7.4		0.3		2.1		3.5		2.4		0.7		1.6		39.9		36.4		9.0		11.5		11.7		9.5
OR	11.9		7.0		7.4		0.1		2.0		2.8		1.3		0.4		4.4		37.3		27.1		35.1		79.3		23.8		37.8
WV	10.2		9.1		6.8		1.4		1.5		—		0.4		0.1		3.1		32.6		33.0		(1.6	)	(9.5	)	5.4		(1.1	)
VT	5.2		5.9		2.7		5.4		2.4		1.4		1.6		0.4		1.1		26.1		26.3		(2.4	)	5.1		16.9		(0.8	)
ND	8.0		6.3		4.1		—		1.3		0.8		0.9		0.3		0.4		22.1		22.7		(2.7	)	(1.0	)	(10.9	)	(2.7	)
WA	7.8		4.7		5.3		—		1.7		—		—		—		1.8		21.3		19.7		7.8		(65.0	)	12.9		8.2
NM	8.0		4.3		4.4		1.0		1.9		—		—		—		0.9		20.5		16.6		25.0		(10.2	)	5.1		23.9
NH	4.1		3.5		2.0		2.8		1.0		1.8		1.8		0.5		0.6		18.1		18.6		(2.3	)	(0.5	)	(14.4	)	(2.4	)
CT	4.6		4.2		2.7		1.4		0.9		1.6		1.4		0.5		0.8		18.1		12.7		21.4		289.7		77.8		42.7
DE	5.0		3.3		3.3		3.0		1.0		—		—		—		0.7		16.3		14.1		16.0		(81.5	)	17.7		16.0
SD	3.3		3.5		1.7		2.6		1.1		—		—		—		0.6		12.8		14.0		(9.2	)	0.4		11.9		(8.4	)
WY	2.4		2.6		1.2		—		0.8		—		—		—		0.7		7.7		6.7		14.3		7.0		17.2		14.6
All Other	4.5		2.5		4.9		6.4		1.6		—		0.1		—		1.5		21.5		21.0		1.8		7.3		28.8		3.0
Total	$	1,035.5	$	892.1	$	575.2	$	360.6	$	237.9	$	525.5	$	494.1	$	132.5	$	183.3	$	4,436.7	$	4,284.0	2.5		5.0		12.9		3.6
Other Direct	—		2.3		4.0		7.8		—		10.2		0.2		—		—		24.5		25.1		(6.6	)	4.3		nm		(2.3	)
Total Direct	$	1,035.5	$	894.4	$	579.2	$	368.4	$	237.9	$	535.7	$	494.3	$	132.5	$	183.3	$	4,461.2	$	4,309.1	2.5		5.0		12.9		3.5
*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. *nm - Not meaningful

CINF Fourth-Quarter 2015 Supplemental Financial Data

13

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/15			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	$	238		$	247		$	274		$	266		$	234		$	228		$	249		$	258		$	540		$	507		$	787		$	735		$	1,025		$	969
Earned premiums	257			257			252			244			243			237			234			224			496			458			753			695			1,010			938
Current accident year before catastrophe losses	61.5		%	53.6		%	59.6		%	59.2		%	59.2		%	60.2		%	61.7		%	56.3		%	59.4		%	59.1		%	57.4		%	59.4		%	58.5		%	59.4		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(10.6		)	(6.2		)	(9.1		)	1.1			12.1			(3.6		)	(10.5		)	3.6			(4.1		)	(3.6		)	(4.8		)	(3.6		)	(6.3		)	0.5
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—						—
Total loss and loss expense ratio	50.9		%	47.4		%	50.5		%	60.3		%	71.3		%	56.6		%	51.2		%	59.9		%	55.3		%	55.5		%	52.6		%	55.8		%	52.2		%	59.9		%
Commercial property:
Written premiums	$	203		$	218		$	218		$	206		$	192		$	194		$	197		$	193		$	424		$	390		$	642		$	584		$	845		$	776
Earned premiums	211			205			201			196			191			186			180			171			399			351			604			537			815			728
Current accident year before catastrophe losses	44.1		%	47.0		%	42.1		%	53.6		%	45.7		%	54.3		%	50.8		%	53.4		%	47.8		%	52.1		%	47.5		%	52.9		%	46.6		%	51.0		%
Current accident year catastrophe losses	5.0			5.2			19.6			16.7			0.5			5.2			25.8			27.7			18.2			26.7			13.8			19.3			11.5			14.3
Prior accident years before catastrophe losses	3.0			(0.2		)	(2.0		)	(1.9		)	1.8			(3.1		)	(9.8		)	(0.6		)	(2.0		)	(5.3		)	(1.4		)	(4.6		)	(0.3		)	(2.9		)
Prior accident years catastrophe losses	(1.3		)	0.3			0.1			(3.8		)	(2.7		)	(1.3		)	(2.3		)	(0.9		)	(1.8		)	(1.6		)	(1.1		)	(1.5		)	(1.1		)	(1.8		)
Total loss and loss expense ratio	50.8		%	52.3		%	59.8		%	64.6		%	45.3		%	55.1		%	64.5		%	79.6		%	62.2		%	71.9		%	58.8		%	66.1		%	56.7		%	60.6		%
Commercial auto:
Written premiums	$	140		$	137		$	149		$	149		$	131		$	128		$	144		$	145		$	298		$	289		$	435		$	417		$	575		$	548
Earned premiums	145			141			139			136			137			133			132			126			275			258			416			391			561			528
Current accident year before catastrophe losses	71.2		%	71.4		%	75.8		%	72.3		%	65.6		%	69.1		%	72.1		%	68.0		%	74.1		%	70.0		%	73.1		%	69.8		%	72.6		%	68.7		%
Current accident year catastrophe losses	0.1			—			1.3			—			(0.1		)	(0.6		)	4.1			—			0.7			2.1			0.5			1.2			0.4			0.9
Prior accident years before catastrophe losses	3.0			3.2			8.3			8.6			11.2			9.3			9.0			(0.2		)	8.4			4.5			6.6			6.1			5.7			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		)	(0.1		)
Total loss and loss expense ratio	74.3		%	74.5		%	85.2		%	80.8		%	76.7		%	77.8		%	85.2		%	67.6		%	83.0		%	76.5		%	80.1		%	77.0		%	78.6		%	76.9		%
Workers' compensation:
Written premiums	$	81		$	83		$	89		$	104		$	81		$	86		$	92		$	106		$	193		$	198		$	276		$	284		$	357		$	365
Earned premiums	91			93			90			93			90			93			95			92			183			187			276			280			367			370
Current accident year before catastrophe losses	73.2		%	71.1		%	77.6		%	71.5		%	75.9		%	75.0		%	83.2		%	76.8		%	74.5		%	80.0		%	73.4		%	78.4		%	73.3		%	77.8		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(14.0		)	(26.4		)	(44.8		)	(16.1		)	(7.5		)	(16.1		)	(21.2		)	(10.3		)	(30.3		)	(15.8		)	(29.0		)	(15.9		)	(25.3		)	(13.9		)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	59.2		%	44.7		%	32.8		%	55.4		%	68.4		%	58.9		%	62.0		%	66.5		%	44.2		%	64.2		%	44.4		%	62.5		%	48.0		%	63.9		%
Other commercial:
Written premiums	$	50		$	60		$	55		$	58		$	61		$	68		$	66		$	69		$	113		$	135		$	173		$	203		$	223		$	264
Earned premiums	57			61			61			64			69			71			73			79			125			152			186			223			243			292
Current accident year before catastrophe losses	37.3		%	45.9		%	42.7		%	54.4		%	58.5		%	50.2		%	59.6		%	46.7		%	48.6		%	52.9		%	47.7		%	52.0		%	45.3		%	53.4		%
Current accident year catastrophe losses	0.4			1.2			3.4			9.7			(2.7		)	2.0			17.8			17.9			6.6			17.9			4.9			12.8			3.8			9.2
Prior accident years before catastrophe losses	(2.9		)	(9.8		)	(13.6		)	(0.2		)	(13.8		)	(5.6		)	(4.2		)	3.5			(6.7		)	(0.2		)	(7.7		)	(1.9		)	(6.6		)	(4.8		)
Prior accident years catastrophe losses	(0.7		)	(2.1		)	1.2			(2.6		)	(1.2		)	(0.8		)	0.8			(1.3		)	(0.7		)	(0.3		)	(1.2		)	(0.5		)	(1.1		)	(0.7		)
Total loss and loss expense ratio	34.1		%	35.2		%	33.7		%	61.3		%	40.8		%	45.8		%	74.0		%	66.8		%	47.8		%	70.3		%	43.7		%	62.4		%	41.4		%	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 Fourth-Quarter 2015 Supplemental Financial Data

14

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/15			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	$	124		$	144		$	142		$	114		$	114		$	135		$	133		$	107		$	256		$	240		$	400		$	375		$	524		$	489
Earned premiums	130			128			125			123			122			121			117			116			248			233			376			354			506			476
Current accident year before catastrophe losses	76.6		%	74.5		%	79.7		%	81.6		%	70.2		%	73.9		%	80.5		%	79.5		%	80.8		%	80.1		%	78.6		%	77.9		%	78.1		%	76.0		%
Current accident year catastrophe losses	0.7			0.6			2.3			0.2			(1.2		)	1.1			4.9			0.5			1.2			2.7			1.0			2.2			0.9			1.3
Prior accident years before catastrophe losses	2.3			1.2			5.8			3.0			2.8			2.0			(1.7		)	(3.4		)	4.4			(2.6		)	3.3			(1.0		)	3.0			—
Prior accident years catastrophe losses	(0.1		)	(0.1		)	(0.1		)	(0.2		)	—			—			(0.2		)	(0.4		)	(0.3		)	(0.3		)	(0.2		)	(0.2		)	(0.1		)	(0.2		)
Total loss and loss expense ratio	79.5		%	76.2		%	87.7		%	84.6		%	71.8		%	77.0		%	83.5		%	76.2		%	86.1		%	79.9		%	82.7		%	78.9		%	81.9		%	77.1		%
Homeowner:
Written premiums	$	112		$	132		$	132		$	98		$	107		$	123		$	128		$	98		$	230		$	226		$	362		$	349		$	474		$	456
Earned premiums	118			117			114			114			113			110			111			109			228			220			345			330			463			443
Current accident year before catastrophe losses	50.2		%	52.8		%	52.9		%	55.5		%	44.3		%	51.1		%	59.5		%	61.3		%	54.1		%	60.4		%	53.7		%	57.4		%	52.8		%	54.0		%
Current accident year catastrophe losses	3.9			12.6			25.6			12.3			(0.9		)	4.8			41.5			28.3			19.0			35.0			16.8			25.0			13.5			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		)	(2.1		)	(0.9		)
Prior accident years catastrophe losses	(0.5		)	(0.1		)	(0.3		)	(1.2		)	(1.2		)	(1.2		)	(0.9		)	(5.4		)	(0.7		)	(3.2		)	(0.5		)	(2.6		)	(0.5		)	(2.2		)
Total loss and loss expense ratio	53.6		%	64.3		%	75.8		%	61.5		%	42.0		%	54.0		%	103.7		%	77.7		%	68.7		%	90.8		%	67.2		%	78.6		%	63.7		%	69.2		%
Other personal:
Written premiums	$	30		$	36		$	35		$	29		$	28		$	36		$	33		$	26		$	64		$	59		$	100		$	95		$	130		$	123
Earned premiums	32			32			33			31			31			32			30			29			64			59			96			91			128			122
Current accident year before catastrophe losses	49.9		%	70.1		%	58.2		%	49.6		%	44.3		%	59.3		%	42.3		%	46.5		%	53.9		%	44.3		%	59.4		%	49.6		%	57.0		%	48.3		%
Current accident year catastrophe losses	0.3			1.2			8.4			2.8			0.5			0.4			7.9			7.8			5.6			7.8			4.1			5.2			3.2			4.0
Prior accident years before catastrophe losses	4.1			7.6			(4.9		)	1.1			(1.3		)	17.3			(5.4		)	(1.9		)	(1.9		)	(3.6		)	1.3			3.8			2.0			2.5
Prior accident years catastrophe losses	(0.1		)	(0.1		)	—			(0.8		)	(0.1		)	(0.4		)	(0.5		)	0.2			(0.4		)	(0.1		)	(0.3		)	(0.2		)	(0.3		)	(0.2		)
Total loss and loss expense ratio	54.2		%	78.8		%	61.7		%	52.7		%	43.4		%	76.6		%	44.3		%	52.6		%	57.2		%	48.4		%	64.5		%	58.4		%	61.9		%	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	$	44		$	43		$	46		$	42		$	39		$	39		$	40		$	35		$	88		$	75		$	131		$	114		$	175		$	153
Earned premiums	44			42			42			40			39			42			34			33			82			67			124			109			168			148
Current accident year before catastrophe losses	51.3		%	56.9		%	69.3		%	72.1		%	62.1		%	57.8		%	75.4		%	80.6		%	70.7		%	77.9		%	65.9		%	70.2		%	62.1		%	68.1		%
Current accident year catastrophe losses	0.2			0.3			0.6			1.2			2.9			(0.7		)	2.3			3.0			0.9			2.6			0.7			1.4			0.5			1.8
Prior accident years before catastrophe losses	(32.5		)	(15.4		)	(20.2		)	(13.6		)	(16.1		)	(15.4		)	(21.3		)	(27.1		)	(17.0		)	(24.1		)	(16.4		)	(20.8		)	(20.6		)	(19.6		)
Prior accident years catastrophe losses	(0.1		)	0.1			(0.1		)	(0.3		)	0.1			0.1			0.6			0.1			(0.2		)	0.4			(0.1		)	0.2			(0.1		)	0.2
Total loss and loss expense ratio	18.9		%	41.9		%	49.6		%	59.4		%	49.0		%	41.8		%	57.0		%	56.6		%	54.4		%	56.8		%	50.1		%	51.0		%	41.9		%	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 Fourth-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 twelve months ended December 31, 2015
Commercial casualty	$	264	$	142	$	406	$	102		$	(8	)	$	22		$	116		$	366		$	(8	)	$	164	$	522
Commercial property	416		36		452		(11		)	32			3			24			405			32			39		476
Commercial auto	338		54		392		32			8			12			52			370			8			66		444
Workers' compensation	181		37		218		(22		)	(1		)	(2		)	(25		)	159			(1		)	35		193
Other commercial	117		21		138		(49		)	6			4			(39		)	68			6			25		99
Total commercial lines	1,316		290		1,606		52			37			39			128			1,368			37			329		1,734
Personal auto	329		57		386		16			13			7			36			345			13			64		422
Homeowners	260		26		286		6			1			1			8			266			1			27		294
Other personal	60		4		64		7			8			—			15			67			8			4		79
Total personal lines	649		87		736		29			22			8			59			678			22			95		795
Excess & surplus lines	28		16		44		14			1			10			25			42			1			26		69
Cincinnati Re	—		—		—		—			10			—			10			—			10			—		10
Total property casualty	$	1,993	$	393	$	2,386	$	95		$	70		$	57		$	222		$	2,088		$	70		$	450	$	2,608
Ceded loss and loss expense incurred for the twelve months ended December 31, 2015
Commercial casualty	$	—	$	—	$	—	$	(2	)	$	(4	)	$	—		$	(6	)	$	(2	)	$	(4	)	$	—	$	(6	)
Commercial property	9		1		10		3			—			—			3			12			—			1		13
Commercial auto	—		—		—		3			—			1			4			3			—			1		4
Workers' compensation	13		1		14		5			(3		)	1			3			18			(3		)	2		17
Other commercial	7		—		7		(9		)	—			—			(9		)	(2		)	—			—		(2		)
Total commercial lines	29		2		31		—			(7		)	2			(5		)	29			(7		)	4		26
Personal auto	2		—		2		1			4			—			5			3			4			—		7
Homeowners	3		—		3		(2		)	(1		)	—			(3		)	1			(1		)	—		—
Other personal	—		—		—		—			(1		)	—			(1		)	—			(1		)	—		(1		)
Total personal lines	5		—		5		(1		)	2			—			1			4			2			—		6
Excess & surplus lines	1		—		1		(1		)	(2		)	1			(2		)	—			(2		)	1		(1		)
Cincinnati Re	—		—		—		—			5			—			5			—			5			—		5
Total property casualty	$	35	$	2	$	37	$	(2	)	$	(2	)	$	3		$	(1	)	$	33		$	(2	)	$	5	$	36
Net loss and loss expense incurred for the twelve months ended December 31, 2015
Commercial casualty	$	264	$	142	$	406	$	104		$	(4	)	$	22		$	122		$	368		$	(4	)	$	164	$	528
Commercial property	407		35		442		(14		)	32			3			21			393			32			38		463
Commercial auto	338		54		392		29			8			11			48			367			8			65		440
Workers' compensation	168		36		204		(27		)	2			(3		)	(28		)	141			2			33		176
Other commercial	110		21		131		(40		)	6			4			(30		)	70			6			25		101
Total commercial lines	1,287		288		1,575		52			44			37			133			1,339			44			325		1,708
Personal auto	327		57		384		15			9			7			31			342			9			64		415
Homeowners	257		26		283		8			2			1			11			265			2			27		294
Other personal	60		4		64		7			9			—			16			67			9			4		80
Total personal lines	644		87		731		30			20			8			58			674			20			95		789
Excess & surplus lines	27		16		43		15			3			9			27			42			3			25		70
Cincinnati Re	—		—		—		—			5			—			5			—			5			—		5
Total property casualty	$	1,958	$	391	$	2,349	$	97		$	72		$	54		$	223		$	2,055		$	72		$	445	$	2,572

CINF Fourth-Quarter 2015 Supplemental Financial Data

16

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 December 31, 2015
Commercial casualty	$	82	$	39		$	121	$	20		$	(24	)	$	9		$	5		$	102		$	(24	)	$	48		$	126
Commercial property	99		9			108		(33		)	30			3			—			66			30			12			108
Commercial auto	97		14			111		5			(6		)	(2		)	(3		)	102			(6		)	12			108
Workers' compensation	46		10			56		(6		)	9			1			4			40			9			11			60
Other commercial	21		5			26		(14		)	4			3			(7		)	7			4			8			19
Total commercial lines	345		77			422		(28		)	13			14			(1		)	317			13			91			421
Personal auto	91		15			106		8			(7		)	(2		)	(1		)	99			(7		)	13			105
Homeowners	56		7			63		(12		)	11			1			—			44			11			8			63
Other personal	14		1			15		(1		)	2			1			2			13			2			2			17
Total personal lines	161		23			184		(5		)	6			—			1			156			6			23			185
Excess & surplus lines	7		4			11		2			(9		)	4			(3		)	9			(9		)	8			8
Cincinnati Re	—		—			—		—			10			—			10			—			10			—			10
Total property casualty	$	506	$	100		$	606	$	(33	)	$	29		$	14		$	10		$	473		$	29		$	114		$	616
Ceded loss and loss expense incurred for the three months ended December 31, 2015
Commercial casualty	$	1	$	(1	)	$	—	$	—		$	(5	)	$	—		$	(5	)	$	1		$	(5	)	$	(1	)	$	(5	)
Commercial property	8		1			9		(11		)	1			—			(10		)	(3		)	1			1			(1		)
Commercial auto	—		—			—		—			—			1			1			—			—			1			1
Workers' compensation	5		1			6		3			(2		)	1			2			8			(2		)	2			8
Other commercial	—		—			—		(1		)	—			—			(1		)	(1		)	—			—			(1		)
Total commercial lines	14		1			15		(9		)	(6		)	2			(13		)	5			(6		)	3			2
Personal auto	—		—			—		2			—			—			2			2			—			—			2
Homeowners	1		—			1		—			(1		)	—			(1		)	1			(1		)	—			—
Other personal	—		—			—		—			(1		)	—			(1		)	—			(1		)	—			(1		)
Total personal lines	1		—			1		2			(2		)	—			—			3			(2		)	—			1
Excess & surplus lines	—		—			—		—			(1		)	1			—			—			(1		)	1			—
Cincinnati Re	—		—			—		—			5			—			5			—			5			—			5
Total property casualty	$	15	$	1		$	16	$	(7	)	$	(4	)	$	3		$	(8	)	$	8		$	(4	)	$	4		$	8
Net loss and loss expense incurred for the three months ended December 31, 2015
Commercial casualty	$	81	$	40		$	121	$	20		$	(19	)	$	9		$	10		$	101		$	(19	)	$	49		$	131
Commercial property	91		8			99		(22		)	29			3			10			69			29			11			109
Commercial auto	97		14			111		5			(6		)	(3		)	(4		)	102			(6		)	11			107
Workers' compensation	41		9			50		(9		)	11			—			2			32			11			9			52
Other commercial	21		5			26		(13		)	4			3			(6		)	8			4			8			20
Total commercial lines	331		76			407		(19		)	19			12			12			312			19			88			419
Personal auto	91		15			106		6			(7		)	(2		)	(3		)	97			(7		)	13			103
Homeowners	55		7			62		(12		)	12			1			1			43			12			8			63
Other personal	14		1			15		(1		)	3			1			3			13			3			2			18
Total personal lines	160		23			183		(7		)	8			—			1			153			8			23			184
Excess & surplus lines	7		4			11		2			(8		)	3			(3		)	9			(8		)	7			8
Cincinnati Re	—		—			—		—			5			—			5			—			5			—			5
Total property casualty	$	498	$	103		$	601	$	(24	)	$	24		$	15		$	15		$	474		$	24		$	118		$	616

CINF Fourth-Quarter 2015 Supplemental Financial Data

17

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/15			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	$	925		$	999		$	1,018		$	983		$	906		$	958		$	974		$	956		$	2,001		$	1,930		$	3,000		$	2,888		$	3,925		$	3,794
Agency new business written premiums	140			138			138			116			122			125			133			123			254			256			392			381			532			503
Other written premiums	(10		)	(39		)	(14		)	(33		)	(41		)	(46		)	(25		)	(42		)	(47		)	(67		)	(86		)	(113		)	(96		)	(154		)
Net written premiums – statutory*	$	1,055		$	1,098		$	1,142		$	1,066		$	987		$	1,037		$	1,082		$	1,037		$	2,208		$	2,119		$	3,306		$	3,156		$	4,361		$	4,143
Unearned premium change	40			(22		)	(83		)	(25		)	48			(12		)	(76		)	(58		)	(108		)	(134		)	(130		)	(146		)	(90		)	(98		)
Earned premiums	$	1,095		$	1,076		$	1,059		$	1,041		$	1,035		$	1,025		$	1,006		$	979		$	2,100		$	1,985		$	3,176		$	3,010		$	4,271		$	4,045
Year over year change %
Agency renewal written premiums	2		%	4		%	5		%	3		%	6		%	5		%	11		%	13		%	4		%	12		%	4		%	9		%	3		%	9		%
Agency new business written premiums	15			10			4			(6		)	(5		)	(11		)	(4		)	(9		)	(1		)	(7		)	3			(8		)	6			(7		)
Other written premiums	76			15			44			21			45			(84		)	26			(320		)	30			(52		)	24			(64		)	38			(8		)
Net written premiums – statutory*	7			6			6			3			9			1			10			7			4			8			5			6			5			6
Paid losses and loss expenses
Losses paid	$	498		$	511		$	501		$	448		$	478		$	543		$	517		$	484		$	949		$	1,001		$	1,460		$	1,543		$	1,958		$	2,021
Loss expenses paid	103			93			97			98			98			96			98			100			195			198			288			295			391			392
Loss and loss expenses paid	$	601		$	604		$	598		$	546		$	576		$	639		$	615		$	584		$	1,144		$	1,199		$	1,748		$	1,838		$	2,349		$	2,413
Incurred losses and loss expenses
Loss and loss expense incurred	$	616		$	613		$	654		$	689		$	622		$	622		$	707		$	676		$	1,343		$	1,383		$	1,956		$	2,005		$	2,572		$	2,627
Loss and loss expenses paid as a % of incurred	97.6		%	98.5		%	91.4		%	79.2		%	92.6		%	102.7		%	87.0		%	86.4		%	85.2		%	86.7		%	89.4		%	91.7		%	91.3		%	91.9		%
Statutory combined ratio
Loss ratio	45.3		%	46.8		%	52.7		%	54.4		%	49.0		%	50.0		%	60.7		%	57.9		%	53.6		%	59.4		%	51.3		%	56.2		%	49.8		%	54.4		%
Loss adjustment expense ratio	11.0			10.1			9.1			11.7			11.1			10.7			9.5			11.2			10.3			10.3			10.2			10.4			10.4			10.6
Net underwriting expense ratio	32.3			30.6			28.9			30.0			31.7			30.6			29.4			29.0			29.4			29.2			29.8			29.7			30.4			30.1
Statutory combined ratio	88.6		%	87.5		%	90.7		%	96.1		%	91.8		%	91.3		%	99.6		%	98.1		%	93.3		%	98.9		%	91.3		%	96.3		%	90.6		%	95.1		%
Contribution from catastrophe losses	1.2			2.5			7.5			4.1			(0.9		)	1.2			11.4			8.9			5.8			10.2			4.7			7.1			3.7			5.1
Statutory combined ratio excl. catastrophe losses	87.4		%	85.0		%	83.2		%	92.0		%	92.7		%	90.1		%	88.2		%	89.2		%	87.5		%	88.7		%	86.6		%	89.2		%	86.9		%	90.0		%
GAAP combined ratio
GAAP combined ratio	87.0		%	87.8		%	92.4		%	97.5		%	90.4		%	91.0		%	100.9		%	100.3		%	94.9		%	100.6		%	92.5		%	97.3		%	91.1		%	95.6		%
Contribution from catastrophe losses	1.2			2.5			7.5			4.1			(0.9		)	1.2			11.4			8.9			5.8			10.2			4.7			7.1			3.7			5.1
GAAP combined ratio excl. catastrophe losses	85.8		%	85.3		%	84.9		%	93.4		%	91.3		%	89.8		%	89.5		%	91.4		%	89.1		%	90.4		%	87.8		%	90.2		%	87.4		%	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 Fourth-Quarter 2015 Supplemental Financial Data

18

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/15			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	$	649		$	678		$	699		$	730		$	645		$	651		$	669		$	713		$	1,429		$	1,382		$	2,107		$	2,033		$	2,756		$	2,678
Agency new business written premiums	97			96			93			79			86			89			95			90			172			185			268			274			365			360
Other written premiums	(34		)	(31		)	(5		)	(26		)	(32		)	(36		)	(16		)	(32		)	(31		)	(48		)	(62		)	(84		)	(96		)	(116		)
Net written premiums – statutory*	$	712		$	743		$	787		$	783		$	699		$	704		$	748		$	771		$	1,570		$	1,519		$	2,313		$	2,223		$	3,025		$	2,922
Unearned premium change	49			14			(42		)	(50		)	31			16			(34		)	(79		)	(92		)	(113		)	(78		)	(97		)	(29		)	(66		)
Earned premiums	$	761		$	757		$	745		$	733		$	730		$	720		$	714		$	692		$	1,478		$	1,406		$	2,235		$	2,126		$	2,996		$	2,856
Year over year change %
Agency renewal written premiums	1		%	4		%	4		%	2		%	6		%	3		%	11		%	13		%	3		%	12		%	4		%	9		%	3		%	8		%
Agency new business written premiums	13			8			(2		)	(12		)	(7		)	(13		)	(4		)	(7		)	(7		)	(6		)	(2		)	(8		)	1			(8		)
Other written premiums	(6		)	14			69			19			49			(140		)	33			nm			35			(100		)	26			(115		)	17			(14		)
Net written premiums – statutory*	2			6			5			2			10			(2		)	10			6			3			8			4			5			4			6
Paid losses and loss expenses
Losses paid	$	331		$	324		$	329		$	303		$	325		$	368		$	347		$	327		$	632		$	674		$	956		$	1,041		$	1,287		$	1,366
Loss expenses paid	76			68			71			73			75			74			75			76			144			151			212			226			288			300
Loss and loss expenses paid	$	407		$	392		$	400		$	376		$	400		$	442		$	422		$	403		$	776		$	825		$	1,168		$	1,267		$	1,575		$	1,666
Incurred losses and loss expenses
Loss and loss expense incurred	$	419		$	398		$	417		$	474		$	454		$	428		$	461		$	469		$	891		$	930		$	1,289		$	1,358		$	1,708		$	1,812
Loss and loss expenses paid as a % of incurred	97.1		%	98.5		%	95.9		%	79.3		%	88.1		%	103.3		%	91.5		%	85.9		%	87.1		%	88.7		%	90.6		%	93.3		%	92.2		%	91.9		%
Statutory combined ratio
Loss ratio	43.3		%	42.2		%	46.9		%	52.2		%	49.9		%	47.5		%	54.7		%	56.1		%	49.6		%	55.4		%	47.1		%	52.8		%	46.1		%	52.0		%
Loss adjustment expense ratio	11.8			10.2			9.1			12.5			12.4			11.9			9.8			11.8			10.7			10.8			10.5			11.1			10.9			11.5
Net underwriting expense ratio	33.5			32.2			29.9			29.9			32.5			32.2			30.5			28.5			29.9			29.5			30.6			30.3			31.3			30.8
Statutory combined ratio	88.6		%	84.6		%	85.9		%	94.6		%	94.8		%	91.6		%	95.0		%	96.4		%	90.2		%	95.7		%	88.2		%	94.2		%	88.3		%	94.3		%
Contribution from catastrophe losses	1.0			1.4			5.9			4.0			(1.0		)	1.0			8.6			8.5			5.0			8.5			3.8			6.0			3.1			4.3
Statutory combined ratio excl. catastrophe losses	87.6		%	83.2		%	80.0		%	90.6		%	95.8		%	90.6		%	86.4		%	87.9		%	85.2		%	87.2		%	84.4		%	88.2		%	85.2		%	90.0		%
GAAP combined ratio
GAAP combined ratio	86.8		%	84.0		%	87.2		%	96.6		%	93.6		%	90.7		%	96.3		%	99.9		%	91.9		%	98.1		%	89.2		%	95.6		%	88.6		%	95.1		%
Contribution from catastrophe losses	1.0			1.4			5.9			4.0			(1.0		)	1.0			8.6			8.5			5.0			8.5			3.8			6.0			3.1			4.3
GAAP combined ratio excl. catastrophe losses	85.8		%	82.6		%	81.3		%	92.6		%	94.6		%	89.7		%	87.7		%	91.4		%	86.9		%	89.6		%	85.4		%	89.6		%	85.5		%	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 Fourth-Quarter 2015 Supplemental Financial Data

19

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/15			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	$	245		$	288		$	285		$	223		$	233		$	278		$	276		$	218		$	508		$	494		$	796		$	772		$	1,041		$	1,005
Agency new business written premiums	27			30			30			24			24			23			24			21			54			45			84			68			111			92
Other written premiums	(6		)	(6		)	(6		)	(6		)	(8		)	(7		)	(6		)	(8		)	(12		)	(14		)	(18		)	(21		)	(24		)	(29		)
Net written premiums – statutory*	$	266		$	312		$	309		$	241		$	249		$	294		$	294		$	231		$	550		$	525		$	862		$	819		$	1,128		$	1,068
Unearned premium change	14			(35		)	(37		)	27			17			(31		)	(36		)	23			(10		)	(13		)	(45		)	(44		)	(31		)	(27		)
Earned premiums	$	280		$	277		$	272		$	268		$	266		$	263		$	258		$	254		$	540		$	512		$	817		$	775		$	1,097		$	1,041
Year over year change %
Agency renewal written premiums	5		%	4		%	3		%	2		%	4		%	8		%	10		%	12		%	3		%	11		%	3		%	10		%	4		%	8		%
Agency new business written premiums	13			30			25			14			—			(18		)	(20		)	(25		)	20			(22		)	24			(21		)	21			(16		)
Other written premiums	25			14			—			25			11			13			25			—			14			13			14			13			17			12
Net written premiums – statutory*	7			6			5			4			4			6			8			7			5			8			5			7			6			6
Paid losses and loss expenses
Losses paid	$	160		$	180		$	165		$	139		$	147		$	170		$	167		$	152		$	304		$	319		$	484		$	489		$	644		$	636
Loss expenses paid	23			20			22			22			21			19			20			21			44			41			64			60			87			81
Loss and loss expenses paid	$	183		$	200		$	187		$	161		$	168		$	189		$	187		$	173		$	348		$	360		$	548		$	549		$	731		$	717
Incurred losses and loss expenses
Loss and loss expense incurred	$	184		$	198		$	216		$	191		$	148		$	177		$	227		$	188		$	407		$	415		$	605		$	592		$	789		$	740
Loss and loss expenses paid as a % of incurred	99.5		%	101.0		%	86.6		%	84.3		%	113.5		%	106.8		%	82.4		%	92.0		%	85.5		%	86.7		%	90.6		%	92.7		%	92.6		%	96.9		%
Statutory combined ratio
Loss ratio	57.7		%	62.5		%	71.1		%	61.9		%	48.9		%	60.5		%	79.4		%	64.8		%	66.6		%	72.2		%	65.2		%	68.2		%	63.3		%	63.3		%
Loss adjustment expense ratio	8.0			9.0			8.5			9.1			6.9			6.9			8.3			9.3			8.8			8.8			8.8			8.1			8.6			7.8
Net underwriting expense ratio	29.4			27.0			26.2			30.4			29.3			26.3			26.6			30.5			28.0			28.3			27.7			27.6			28.1			28.0
Statutory combined ratio	95.1		%	98.5		%	105.8		%	101.4		%	85.1		%	93.7		%	114.3		%	104.6		%	103.4		%	109.3		%	101.7		%	103.9		%	100.0		%	99.1		%
Contribution from catastrophe losses	1.8			5.6			12.6			4.9			(1.4		)	2.0			20.4			10.8			8.8			15.7			7.7			11.0			6.2			7.8
Statutory combined ratio excl. catastrophe losses	93.3		%	92.9		%	93.2		%	96.5		%	86.5		%	91.7		%	93.9		%	93.8		%	94.6		%	93.6		%	94.0		%	92.9		%	93.8		%	91.3		%
GAAP combined ratio
GAAP combined ratio	94.0		%	100.9		%	109.2		%	101.4		%	83.7		%	95.0		%	115.8		%	103.0		%	105.3		%	109.4		%	103.8		%	104.5		%	101.3		%	99.2		%
Contribution from catastrophe losses	1.8			5.6			12.6			4.9			(1.4		)	2.0			20.4			10.8			8.8			15.7			7.7			11.0			6.2			7.8
GAAP combined ratio excl. catastrophe losses	92.2		%	95.3		%	96.6		%	96.5		%	85.1		%	93.0		%	95.4		%	92.2		%	96.5		%	93.7		%	96.1		%	93.5		%	95.1		%	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 Fourth-Quarter 2015 Supplemental Financial Data

20

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/15			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	$	31		$	33		$	34		$	30		$	28		$	29		$	29		$	25		$	64		$	54		$	97		$	83		$	128		$	111
Agency new business written premiums	16			12			15			13			12			13			14			12			28			26			40			39			56			51
Other written premiums	(3		)	(2		)	(3		)	(1		)	(1		)	(3		)	(3		)	(2		)	(4		)	(5		)	(6		)	(8		)	(9		)	(9		)
Net written premiums – statutory*	$	44		$	43		$	46		$	42		$	39		$	39		$	40		$	35		$	88		$	75		$	131		$	114		$	175		$	153
Unearned premium change	—			(1		)	(4		)	(2		)	—			3			(6		)	(2		)	(6		)	(8		)	(7		)	(5		)	(7		)	(5		)
Earned premiums	$	44		$	42		$	42		$	40		$	39		$	42		$	34		$	33		$	82		$	67		$	124		$	109		$	168		$	148
Year over year change %
Agency renewal written premiums	11		%	14		%	17		%	20		%	17		%	16		%	12		%	32		%	19		%	20		%	17		%	19		%	15		%	18		%
Agency new business written premiums	33			(8		)	7			8			—			18			56			20			8			37			3			30			10			21
Other written premiums	(200		)	33			—			50			50			(50		)	(50		)	—			20			(25		)	25			(33		)	—			(13		)
Net written premiums – statutory*	13			10			15			20			15			15			21			30			17			25			15			21			14			20
Paid losses and loss expenses
Losses paid	$	6		$	8		$	8		$	5		$	6		$	5		$	3		$	5		$	13		$	8		$	21		$	13		$	27		$	19
Loss expenses paid	5			4			3			4			2			3			3			3			7			6			11			9			16			11
Loss and loss expenses paid	$	11		$	12		$	11		$	9		$	8		$	8		$	6		$	8		$	20		$	14		$	32		$	22		$	43		$	30
Incurred losses and loss expenses
Loss and loss expense incurred	$	8		$	17		$	21		$	24		$	20		$	17		$	19		$	19		$	45		$	38		$	62		$	55		$	70		$	75
Loss and loss expenses paid as a % of incurred	137.5		%	70.6		%	52.4		%	37.5		%	40.0		%	47.1		%	31.6		%	42.1		%	44.4		%	36.8		%	51.6		%	40.0		%	61.4		%	40.0		%
Statutory combined ratio
Loss ratio	1.1		%	26.9		%	36.1		%	44.9		%	34.4		%	27.9		%	46.6		%	40.6		%	40.4		%	43.7		%	35.8		%	37.6		%	26.7		%	36.8		%
Loss adjustment expense ratio	17.8			15.0			13.5			14.5			14.6			13.9			10.4			0.1			14.0			13.1			14.3			13.4			15.2			13.7
Net underwriting expense ratio	31.8			29.4			29.1			29.9			31.4			34.0			29.1			30.4			29.5			29.7			29.5			31.2			30.0			31.3
Statutory combined ratio	50.7		%	71.3		%	78.7		%	89.3		%	80.4		%	75.8		%	86.1		%	71.1		%	83.9		%	86.5		%	79.6		%	82.2		%	71.9		%	81.8		%
Contribution from catastrophe losses	0.1			0.4			0.5			0.9			3.0			(0.6		)	2.9			3.1			0.7			3.0			0.6			1.6			0.4			2.0
Statutory combined ratio excl. catastrophe losses	50.6		%	70.9		%	78.2		%	88.4		%	77.4		%	76.4		%	83.2		%	68.0		%	83.2		%	83.5		%	79.0		%	80.6		%	71.5		%	79.8		%
GAAP combined ratio
GAAP combined ratio	48.1		%	69.9		%	76.0		%	88.3		%	77.8		%	70.2		%	85.0		%	86.9		%	82.1		%	85.9		%	77.9		%	79.9		%	70.0		%	79.4		%
Contribution from catastrophe losses	0.1			0.4			0.5			0.9			3.0			(0.6		)	2.9			3.1			0.7			3.0			0.6			1.6			0.4			2.0
GAAP combined ratio excl. catastrophe losses	48.0		%	69.5		%	75.5		%	87.4		%	74.8		%	70.8		%	82.1		%	83.8		%	81.4		%	82.9		%	77.3		%	78.3		%	69.6		%	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 Fourth-Quarter 2015 Supplemental Financial Data

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The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended December 31,											For the Twelve Months Ended December 31,
(Dollars in millions)	2015			2014			Change			% Change		2015			2014			Change			% Change
Net premiums written	$	65		$	62		$	3		5		$	250		$	244		$	6		2
Net investment income	39			37			2			5		154			148			6			4
Amortization of interest maintenance reserve	1			2			(1		)	(50	)	4			5			(1		)	(20	)
Commissions and expense allowances on reinsurance ceded	2			2			—			0		6			6			—			0
Income from fees associated with Separate Accounts	2			2			—			0		6			6			—			0
Total revenues	$	109		$	105		$	4		4		$	420		$	409		$	11		3
Death benefits and matured endowments	$	32		$	25		$	7		28		$	101		$	98		$	3		3
Annuity benefits	20			15			5			33		64			62			2			3
Disability benefits and benefits under accident and health contracts	—			1			(1		)	(100	)	2			2			—			0
Surrender benefits and group conversions	4			5			(1		)	(20	)	17			22			(5		)	(23	)
Interest and adjustments on deposit-type contract funds	2			2			—			0		10			10			—			0
Increase in aggregate reserves for life and accident and health contracts	40			41			(1		)	(2	)	164			169			(5		)	(3	)
Total benefit expenses	$	98		$	89		$	9		10		$	358		$	363		$	(5	)	(1	)
Commissions	$	10		$	9		$	1		11		$	38		$	37		$	1		3
General insurance expenses and taxes	11			10			1			10		42			40			2			5
Increase in loading on deferred and uncollected premiums	1			(1		)	2			200		—			(5		)	5			(100	)
Net transfers from Separate Accounts	(7		)	—			(7		)	nm		(7		)	(6		)	(1		)	17
Total underwriting expenses	$	15		$	18		$	(3	)	(17	)	$	73		$	66		$	7		11
Federal and foreign income tax benefit	(2		)	(1		)	(1		)	100		(6		)	(7		)	1			(14	)
Net loss from operations before realized capital gains	$	(2	)	$	(1	)	$	(1	)	100		$	(5	)	$	(13	)	$	8		(62	)
Realized gains and losses net of capital gains tax, net	(3		)	(6		)	3			(50	)	(6		)	(6		)	—			0
Net loss (statutory)	$	(5	)	$	(7	)	$	2		(29	)	$	(11	)	$	(19	)	$	8		(42	)
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the   appropriate regulatory bodies.

CINF Fourth-Quarter 2015 Supplemental Financial Data

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