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: April 26, 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 April 26, 2016, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports First-Quarter 2016 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On April 26, 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 releases or supplemental financial data.

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

Item 9.01 Financial Statements and Exhibits.

(c)     Exhibits

Exhibit 99.1 – News release dated April 26, 2016, “Cincinnati Financial Reports First-Quarter 2016 Results”

Exhibit 99.2 – Supplemental Financial Data for the period ending March 31, 2016 distributed April 26, 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: April 26, 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 First-Quarter 2016 Results

Cincinnati, April 26, 2016 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

• First-quarter 2016 net income of $188 million, or $1.13 per share, compared with $128 million, or 77 cents per share, in the first quarter of 2015.

• $51 million or 53 percent rise in operating income* to $148 million, or 89 cents per share, up from $97 million, or 59 cents per share, in the first quarter of last year.

• $60 million increase in first-quarter 2016 net income, reflecting the after-tax net effect of two primary items: $45million of improvement in the contribution from property casualty underwriting, including a favorable effect from natural catastrophe losses that were $6 million less for first-quarter 2016 compared with the same quarter a year ago; and a $9million increase in net realized investment gains.

• $40.96 book value per share at March 31, 2016, a record-high amount and up $1.76 or 4.5 percent since December 31, 2015.

• 5.7 percent value creation ratio for the first three months of 2016, compared with 1.3 percent for the same period of 2015.

Financial Highlights

(Dollars in millions except per share data)	Three months ended March 31,
		2016		2015		% Change
Revenue Data
Earned premiums		$	1,154	$	1,094	5
Investment income, net of expenses		145		139		4
Total revenues		1,364		1,285		6
Income Statement Data
Net income		$	188	$	128	47
Realized investment gains, net		40		31		29
Operating income*		$	148	$	97	53
Per Share Data (diluted)
Net income		$	1.13	$	0.77	47
Realized investment gains, net		0.24		0.18		33
Operating income*		$	0.89	$	0.59	51
Book value		$	40.96	$	40.22	2
Cash dividend declared		$	0.48	$	0.46	4
Diluted weighted average shares outstanding		166.0		165.6		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 1Q16 Release 1

Insurance Operations First-Quarter Highlights

• 91.4 percent first-quarter 2016 property casualty combined ratio, improved from 97.5 percent for first-quarter 2015.

• 8 percent growth in first-quarter net written premiums, largely reflecting premium growth initiatives.

• $125 million first-quarter 2016 property casualty new business written premiums, up 8 percent. Agencies appointed since the beginning of 2015 contributed $8 million or 6 percent of total new business written premiums.

• 6 cents per share contribution from life insurance operating income, up 1 cent from first-quarter 2015.

Investment and Balance Sheet Highlights

• 4 percent or $6 million increase in first-quarter 2016 pretax investment income, including 3 percent growth for stock portfolio dividends and 4 percent growth for bond interest income.

• Three-month increase of 3 percent in fair value of total investments at March 31, 2016, including a 5 percent increase for the stock portfolio and a 2 percent increase for the bond portfolio.

• $1.907 billion parent company cash and marketable securities at March 31, 2016, up 9 percent from year-end 2015.

Profits on the Rise

Steven J. Johnston, president and chief executive officer, commented: “Consolidated operating earnings increased 53 percent over the same quarter a year ago, reaching $148 million on steady contributions from our underwriting and investment operations. Pretax investment income rose $6 million in the first quarter as dividends from our equity portfolio increased 3 percent and bond interest income grew 4 percent.

“Turning to insurance operations, our combined ratio improved 6.1 points to 91.4 percent, compared with the first three months of 2015. A somewhat milder winter in our core geographic area, our continued focus on pricing precision and our steady approach to insurance reserves helped us reach $96 million in underwriting profit - our highest first-quarter underwriting profit in at least 10 years.”

Initiatives Gaining Momentum

“We’re pleased with the progress of our growth initiatives and the premium increases reported by each of our property casualty segments. Consolidated property casualty first-quarter net written premiums grew 8 percent, including higher average pricing. Commercial lines pricing continued to rise on average at a low-single-digit rate. Personal lines increases averaged mid-single-digit rates – up from the fourth quarter of 2015, while excess and surplus lines pricing increases averaged near the high end of the low-single-digit rate.

“The main driver for our growth continues to come from the excellent relationships we develop with our agencies. So far this year, we’ve appointed 26 agencies that sell most or all of our property casualty products.

“We’ve also appointed other agencies that only offer our personal lines products, especially those aimed at high net worth clients. The expansion of our high net worth product suite is on track and continues to be met with favorable results. In March, we appointed our first New Jersey agencies, opening our 40^th state.

“Cincinnati Re^SM, our reinsurance assumed division, has also enjoyed a favorable reception. While keeping our eye on profitability, Cincinnati Re contributed 2 percent of the total net written premiums for the quarter.

“All of these results are encouraging. However, we know that now is not the time to lose focus. The insurance marketplace remains challenging, and we are identifying areas of our business that can benefit from renewed study, such as commercial and personal auto. We have a proven program for success that we’ll apply to those lines of business, including: helping to promote safer driving through actions such as adding to the loss control resources we make available to our policyholders; implementing predictive model enhancements; and increasing rates where appropriate.”

Book Value Reaches Record High

“After a volatile start to the year, the investment markets have rebounded since February. That upward momentum resulted in a 14 percent first-quarter increase in pretax net unrealized investment portfolio gains.

“With both our insurance and investment operations producing favorable results, book value reached a record high of $40.96, an increase of 4.5 percent since the end of 2015, and consolidated cash and total investments again topped $15 billion. Our ample capital allows us to execute on our long-term strategies and, at the same time, continue to pay dividends to shareholders.

“Our value creation ratio, which considers the dividends we pay as well as growth in book value, was 5.7 percent for the first quarter, up from 1.3 percent for the same period one year ago.”

CINF 1Q16 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)	Three months ended March 31,
	2016			2015			% Change
Earned premiums	$	1,096		$	1,041		5
Fee revenues	2			2			0
Total revenues	1,098			1,043			5
Loss and loss expenses	661			689			(4	)
Underwriting expenses	341			327			4
Underwriting profit	$	96		$	27		256
Ratios as a percent of earned premiums:							Pt. Change
Loss and loss expenses	60.3		%	66.1		%	(5.8	)
Underwriting expenses	31.1			31.4			(0.3	)
Combined ratio	91.4		%	97.5		%	(6.1	)
							% Change
Agency renewal written premiums	$	1,028		$	983		5
Agency new business written premiums	125			116			8
Cincinnati Re net written premiums	19			—			nm
Other written premiums	(25		)	(33		)	24
Net written premiums	$	1,147		$	1,066		8
Ratios as a percent of earned premiums:							Pt. Change
Current accident year before catastrophe losses	62.2		%	63.1		%	(0.9	)
Current accident year catastrophe losses	3.7			5.2			(1.5	)
Prior accident years before catastrophe losses	(5.0		)	(1.1		)	(3.9	)
Prior accident years catastrophe losses	(0.6		)	(1.1		)	0.5
Loss and loss expense ratio	60.3		%	66.1		%	(5.8	)
Current accident year combined ratio before catastrophe losses	93.3		%	94.5		%	(1.2	)

• $81 million or 8 percent growth of first-quarter 2016 property casualty net written premiums, including 2 percent from Cincinnati Re. The increase in premiums also reflects other growth initiatives, modest average price increases and a higher level of insured exposures.

• $9 million or 8 percent increase in first-quarter 2016 new business premiums written by agencies, largely due to contributions from new agency appointments. The increase included an $8 million increase in standard market property casualty production from agencies appointed since the beginning of 2015.

• 1,551agency relationships in 1,993 reporting locations marketing property casualty insurance products at March 31, 2016, compared with 1,526 agency relationships in 1,956 reporting locations at year-end 2015. During the first three months of 2016, 26 new agency appointments were made for agencies that offer most or all of our property casualty insurance products.

• 6.1 percentage-point first-quarter 2016 combined ratio improvement, including a decrease of 1.0 points for losses from natural catastrophes.

• 5.6 percentage-point first-quarter 2016 benefit from favorable prior accident year reserve development of $62 million, compared with 2.2 points or $22 million for first-quarter 2015.

• 0.3 percentage-point improvement in the first-quarter underwriting expense ratio, as strategic investments for profitable growth were offset by higher earned premiums and expense management efforts.

CINF 1Q16 Release 3

Commercial Lines Insurance Results

(Dollars in millions)	Three months ended March 31,
	2016			2015			% Change
Earned premiums	$	760		$	733		4
Fee revenues	1			1			0
Total revenues	761			734			4
Loss and loss expenses	469			474			(1	)
Underwriting expenses	242			234			3
Underwriting profit	$	50		$	26		92
Ratios as a percent of earned premiums:							Pt. Change
Loss and loss expenses	61.7		%	64.7		%	(3.0	)
Underwriting expenses	31.9			31.9			0.0
Combined ratio	93.6		%	96.6		%	(3.0	)
							% Change
Agency renewal written premiums	$	758		$	730		4
Agency new business written premiums	87			79			10
Other written premiums	(18		)	(26		)	31
Net written premiums	$	827		$	783		6
Ratios as a percent of earned premiums:							Pt. Change
Current accident year before catastrophe losses	61.5		%	61.3		%	0.2
Current accident year catastrophe losses	4.0			5.3			(1.3	)
Prior accident years before catastrophe losses	(3.2		)	(0.6		)	(2.6	)
Prior accident years catastrophe losses	(0.6		)	(1.3		)	0.7
Loss and loss expense ratio	61.7		%	64.7		%	(3.0	)
Current accident year combined ratio before catastrophe losses	93.4		%	93.2		%	0.2

• $44 million or 6 percent increase in first-quarter 2016 commercial lines net written premiums, including higher renewal written premiums and growth in new business written premiums.

• $28 million or 4 percent rise in first-quarter renewal written premiums with commercial lines renewal pricing increases averaging in the low-single-digit percent range.

• $8 million or 10 percent increase in first-quarter 2016 new business written by agencies, with growth in each major commercial line of business.

• 3.0 percentage-point first-quarter 2016 combined ratio improvement, including a decrease of 0.6 points for losses from natural catastrophes.

• 3.8 percentage-point first-quarter 2016 benefit from favorable prior accident year reserve development of $29 million, compared with 1.9 points or $14 million for first-quarter 2015.

CINF 1Q16 Release 4

Personal Lines Insurance Results

(Dollars in millions)	Three months ended March 31,
	2016			2015			% Change
Earned premiums	$	283		$	268		6
Fee revenues	1			1			0
Total revenues	284			269			6
Loss and loss expenses	173			191			(9	)
Underwriting expenses	83			81			2
Underwriting profit (loss)	$	28		$	(3	)	nm
Ratios as a percent of earned premiums:							Pt. Change
Loss and loss expenses	60.9		%	71.0		%	(10.1	)
Underwriting expenses	29.2			30.4			(1.2	)
Combined ratio	90.1		%	101.4		%	(11.3	)
							% Change
Agency renewal written premiums	$	236		$	223		6
Agency new business written premiums	25			24			4
Other written premiums	(5		)	(6		)	17
Net written premiums	$	256		$	241		6
Ratios as a percent of earned premiums:							Pt. Change
Current accident year before catastrophe losses	63.5		%	66.8		%	(3.3	)
Current accident year catastrophe losses	3.8			5.6			(1.8	)
Prior accident years before catastrophe losses	(5.6		)	(0.7		)	(4.9	)
Prior accident years catastrophe losses	(0.8		)	(0.7		)	(0.1	)
Loss and loss expense ratio	60.9		%	71.0		%	(10.1	)
Current accident year combined ratio before catastrophe losses	92.7		%	97.2		%	(4.5	)

• $15 million or 6 percent increase in first-quarter 2016 personal lines net written premiums, primarily due to higher renewal written premiums that benefited from rate increases.

• $1 million or 4 percent growth in first-quarter new business written by agencies, driven by an increase of approximately $1 million from agencies’ high net worth clients.

• 11.3 percentage-point first-quarter 2016 combined ratio improvement, including a decrease of 1.9 points for losses from natural catastrophes.

• 6.4 percentage-point first-quarter 2016 favorable prior accident year reserve development of $18 million, compared with 1.4 points from $3 million for first-quarter 2015.

CINF 1Q16 Release 5

Excess and Surplus Lines Insurance Results

(Dollars in millions)	Three months ended March 31,
	2016			2015			% Change
Earned premiums	$	43		$	40		8
Loss and loss expenses	13			24			(46	)
Underwriting expenses	13			12			8
Underwriting profit	$	17		$	4		325
Ratios as a percent of earned premiums:							Pt. Change
Loss and loss expenses	31.7		%	59.4		%	(27.7	)
Underwriting expenses	29.4			28.9			0.5
Combined ratio	61.1		%	88.3		%	(27.2	)
							% Change
Agency renewal written premiums	$	34		$	30		13
Agency new business written premiums	13			13			0
Other written premiums	(2		)	(1		)	(100	)
Net written premiums	$	45		$	42		7
Ratios as a percent of earned premiums:							Pt. Change
Current accident year before catastrophe losses	63.1		%	72.1		%	(9.0	)
Current accident year catastrophe losses	0.4			1.2			(0.8	)
Prior accident years before catastrophe losses	(31.6		)	(13.6		)	(18.0	)
Prior accident years catastrophe losses	(0.2		)	(0.3		)	0.1
Loss and loss expense ratio	31.7		%	59.4		%	(27.7	)
Current accident year combined ratio before catastrophe losses	92.5		%	101.0		%	(8.5	)

• $3 million or 7 percent increase in first-quarter 2016 excess and surplus lines net written premiums, reflecting higher renewal written premiums that benefited from rate increases averaging near the high end of the low-single-digit range.

• Less than $1 million increase in first-quarter new business written by agencies, reflecting careful underwriting in a highly competitive market.

• 27.2 percentage-point first-quarter 2016 combined ratio improvement, reflecting lower ratios for current accident year loss experience and more favorable prior accident year reserve development.

• 31.8 percentage-point first-quarter 2016 benefit from favorable prior accident year reserve development of $14 million, compared with 13.9 points from $5 million for first-quarter 2015.

CINF 1Q16 Release 6

Life Insurance Results

(Dollars in millions)	Three months ended March 31,
	2016		2015		% Change
Term life insurance	$	37	$	34	9
Universal life insurance	11		10		10
Other life insurance, annuity, and disability income products	10		9		11
Earned premiums	58		53		9
Investment income, net of expenses	39		37		5
Other income	1		1		0
Total revenues, excluding realized investment gains and losses	98		91		8
Contract holders’ benefits incurred	63		60		5
Underwriting expenses incurred	19		18		6
Total benefits and expenses	82		78		5
Net income before income tax and realized investment gains, net	16		13		23
Income tax	6		5		20
Net income before realized investment gains, net	$	10	$	8	25

• $5 million or 9 percent increase in first-quarter 2016 earned premiums, including a 9 percent increase for term life insurance, our largest life insurance product line.

• $2 million increase in three-month 2016 profit, primarily due to strong revenue growth for both earned premiums and investment income.

• $39 million or 4 percent three-month 2016 increase to $911 million in GAAP shareholders’ equity for The Cincinnati Life Insurance Company, largely reflecting an increase in fair value of the fixed-maturity portfolio due to the effects of lower interest rates.

CINF 1Q16 Release 7

Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)	Three months ended March 31,
	2016			2015			% Change
Investment income, net of expenses	$	145		$	139		4
Investment interest credited to contract holders’	(22		)	(21		)	(5	)
Realized investment gains, net	61			47			30
Investments profit	$	184		$	165		12
Investment income:
Interest	$	109		$	105		4
Dividends	37			36			3
Other	1			—			nm
Less investment expenses	2			2			0
Investment income, pretax	145			139			4
Less income taxes	35			33			6
Total investment income, after-tax	$	110		$	106		4
Investment returns:
Effective tax rate	23.8		%	23.6		%
Average invested assets plus cash and cash equivalents	$	14,851		$	14,435
Average yield pretax	3.91		%	3.85		%
Average yield after-tax	2.96			2.94
Fixed-maturity returns:
Effective tax rate	27.3		%	27.0		%
Average amortized cost	$	9,383		$	8,929
Average yield pretax	4.65		%	4.70		%
Average yield after-tax	3.38			3.43

• $6 million or 4 percent rise in first-quarter 2016 pretax investment income, including 3 percent growth in equity portfolio dividends and 4 percent growth in interest income.

• $290 million or 14 percent first-quarter 2016 increase in pretax net unrealized investment portfolio gains, including a $174 million increase for the equity portfolio. The total increase included the offsetting effect of $63 million of pretax net realized gains from investment portfolio security sales or called bonds during the first quarter of 2016, including $61 million from the equity portfolio.

CINF 1Q16 Release 8

Balance Sheet Highlights

(Dollars in millions except share data)	At March 31,			At December 31,
	2016			2015
Balance sheet data:
Total investments	$	14,889		$	14,423
Total assets	19,447			18,888
Short-term debt	35			35
Long-term debt	786			786
Shareholders’ equity	6,735			6,427
Book value per share	40.96			39.20
Debt-to-total-capital ratio	10.9		%	11.3		%

• $15.502 billion in consolidated cash and total investments at March 31, 2016, up 4 percent from $14.967 billion at year-end 2015.

• $9.884 billion bond portfolio at March 31, 2016, with an average rating of A2/A. Fair value increased $234 million or 2 percent during the first quarter of 2016, including $114 million in net purchases of fixed-maturity securities.

• $4.941 billion equity portfolio was 33.2 percent of total investments, including $1.942 billion in pretax net unrealized gains at March 31, 2016. First-quarter 2016 increase in fair value of $235 million or 5 percent.

• $4.534 billion of statutory surplus for the property casualty insurance group at March 31, 2016, up $121 million from $4.413 billion at year-end 2015, after declaring $100 million in dividends to the parent company. For the 12 months ended March 31, 2016, the ratio of net written premiums to surplus was 1.0-to-1, matching year-end 2015.

• $1.76 three-month 2016 increase in book value per share, including additions of $0.90 from net income before realized gains and $1.39 from investment portfolio realized gains and changes in unrealized gains that were partially offset by deductions of $0.48 from dividends declared to shareholders and $0.05 from other items.

• Value creation ratio of 5.7 percent for the first three months of 2016, reflecting 2.3 percent from net income before net realized investment gains, which includes underwriting and investment income, and 3.6 percent from investment portfolio realized gains and changes in unrealized gains.

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

About Cincinnati Financial

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

Mailing Address:                        Street Address:

P.O. Box 145496                        6200 South Gilmore Road

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

CINF 1Q16 Release 9

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2015 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 26.

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

• 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

CINF 1Q16 Release 10

◦ 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 1Q16 Release 11

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

(Dollars in millions)	March 31,				December 31,
		2016				2015
Assets
Investments		$	14,889			$	14,423
Cash and cash equivalents		613				544
Premiums receivable		1,468				1,431
Reinsurance recoverable		532				542
Deferred policy acquisition costs		618				616
Other assets		1,327				1,332
Total assets		$	19,447			$	18,888
Liabilities
Insurance reserves		$	7,405			$	7,301
Unearned premiums		2,248				2,201
Deferred income tax		751				638
Long-term debt and capital lease obligations		825				821
Other liabilities		1,483				1,500
Total liabilities		12,712				12,461
Shareholders’ Equity
Common stock and paid-in capital		1,627				1,629
Retained earnings		4,871				4,762
Accumulated other comprehensive income		1,531				1,344
Treasury stock		(1,294		)		(1,308		)
Total shareholders' equity		6,735				6,427
Total liabilities and shareholders' equity		$	19,447			$	18,888
(Dollars in millions except per share data)		Three months ended March 31,
		2016				2015
Revenues
Earned premiums		$	1,154			$	1,094
Investment income, net of expenses		145				139
Realized investment gains, net		61				47
Other revenues		4				5
Total revenues		1,364				1,285
Benefits and Expenses
Insurance losses and contract holders' benefits		724				749
Underwriting, acquisition and insurance expenses		360				345
Interest expense		13				13
Other operating expenses		2				4
Total benefits and expenses		1,099				1,111
Income Before Income Taxes		265				174
Provision for Income Taxes		77				46
Net Income		$	188			$	128
Per Common Share:
Net income—basic		$	1.14			$	0.78
Net income—diluted		1.13				0.77

CINF 1Q16 Release 12

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

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

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

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

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

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

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

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

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

CINF 1Q16 Release 13

Cincinnati Financial Corporation

Balance Sheet Reconciliation

(Dollars are per share)	Three months ended March 31,
	2016			2015
Value creation ratio:
End of period book value	$	40.96		$	40.22
Less beginning of period book value	39.20			40.14
Change in book value	1.76			0.08
Dividend declared to shareholders	0.48			0.46
Total value creation	$	2.24		$	0.54
Value creation ratio from change in book value*	4.5		%	0.2		%
Value creation ratio from dividends declared to shareholders**	1.2			1.1
Value creation ratio	5.7		%	1.3		%
* 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 March 31,
	2016			2015
Net income	$	188		$	128
Realized investment gains, net	40			31
Operating income	148			97
Less catastrophe losses	(22		)	(28		)
Operating income before catastrophe losses	$	170		$	125
Diluted per share data:
Net income	$	1.13		$	0.77
Realized investment gains, net	0.24			0.18
Operating income	0.89			0.59
Less catastrophe losses	(0.13		)	(0.17		)
Operating income before catastrophe losses	$	1.02		$	0.76

CINF 1Q16 Release 14

Cincinnati Financial Corporation

Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended March 31, 2016
	Consolidated*				Commercial				Personal				E&S
Premiums:
Written premiums		$	1,147			$	827			$	256			$	45
Unearned premiums change		(51		)		(67		)		27				(2		)
Earned premiums		$	1,096			$	760			$	283			$	43
Statutory ratios:
Combined ratio		90.2		%		91.4		%		92.0		%		62.0		%
Contribution from catastrophe losses		3.1				3.4				3.0				0.2
Combined ratio excluding catastrophe losses		87.1		%		88.0		%		89.0		%		61.8		%
Commission expense ratio		18.0		%		17.1		%		19.1		%		27.9		%
Other underwriting expense ratio		11.9				12.6				12.0				2.4
Total expense ratio		29.9		%		29.7		%		31.1		%		30.3		%
GAAP ratios:
Combined ratio		91.4		%		93.6		%		90.1		%		61.1		%
Contribution from catastrophe losses		3.1				3.4				3.0				0.2
Prior accident years before catastrophe losses		(5.0		)		(3.2		)		(5.6		)		(31.6		)
Current accident year combined ratio before catastrophe losses		93.3		%		93.4		%		92.7		%		92.5		%
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 1Q16 Release 15

EX-99.2

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending March 31, 2016

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com

Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	Betsy E. Ertel	Brandon McIntosh
513-870-2768	513-603-5323	513-870-2696

	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 April 25, 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 First-Quarter 2016 Supplemental Financial Data

1

	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending March 31, 2016
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	Quick Reference	4
	CFC and Subsidiaries Consolidation – Three Months Ended March 31, 2016	5
	CFC Insurance Subsidiaries – Selected Balance Sheet Data	6
Consolidated Property Casualty Insurance Operations
	Statutory Statements of Income	7
	Consolidated Cincinnati Insurance Companies – Losses Incurred Detail	8
	Consolidated Cincinnati Insurance Companies – Loss Ratio Detail	9
	Consolidated Cincinnati Insurance Companies – Loss Claim Count Detail	10
	Direct Written Premiums by Risk State by Line of Business	11
	Quarterly Property Casualty Data – Commercial Lines	12
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	13
	Loss and Loss Expense Analysis – Three Months Ended March 31, 2016	14
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	15
	Quarterly Property Casualty Data – Commercial Lines	16
	Quarterly Property Casualty Data – Personal Lines	17
	Quarterly Property Casualty Data – Excess & Surplus Lines	18
Life Insurance Operations
	Statutory Statements of Income	19

CINF First-Quarter 2016 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 First-Quarter 2016 Supplemental Financial Data

3

Cincinnati Financial Corporation
Quick Reference					—	First Quarter 2016
(all data shown is for the three months ended or as of March 31, 2016)
(Dollars in millions except per share data)	3/31/2016		Year over year change %				3/31/2016			Year over year change %
Revenues:						Benefits and expenses:
Commercial lines net written premiums	$	827	6			Commercial lines loss and loss expenses	$	469		(1	)
Personal lines net written premiums	256		6			Personal lines loss and loss expenses	173			(9	)
Excess & surplus lines net written premiums	45		7			Excess & surplus lines loss and loss expenses	13			(46	)
Cincinnati Re net written premiums	19		nm			Cincinnati Re loss and loss expenses	6			nm
Property casualty net written premiums	$	1,147	8			Life and health contract holders' benefits incurred	63			5
Life and accident and health net written premiums	$	58	7			Underwriting, acquisition and insurance expenses	360			4
Annuity net written premiums	12		49			Interest expenses	13			0
Life, annuity and accident and health net written premiums	$	70	12			Other operating expenses	2			(50	)
Commercial lines net earned premiums	$	760	4			Total benefits & expenses	$	1,099		(1	)
Personal lines net earned premiums	283		6			Income before income taxes	265			52
Excess & surplus lines net earned premiums	43		8			Total income tax	77			67
Cincinnati Re net earned premiums	10		nm
Property casualty net earned premiums	$	1,096	5			Balance Sheet:
Life and accident and health net earned premiums	58		9
Investment income	145		4			Fixed maturity investments	$	9,884
Realized investment gains and losses, net	61		30			Equity securities	4,941
Fee revenue	3		0			Other investments	64
Other revenue	1		(50	)		Total invested assets	$	14,889
Total revenues	1,364		6
						Loss and loss expense reserves	$	4,804
						Life policy and investment contract reserves	2,601
						Long-term debt and capital lease obligations	825
Income:						Shareholders' equity	6,735
Operating income	$	148	53			Key ratios:
Realized investment gains and losses, net	40		29
Net income	188		47			Commercial lines GAAP combined ratio	93.6		%
						Personal lines GAAP combined ratio	90.1
						Excess & surplus lines GAAP combined ratio	61.1
						Property casualty GAAP combined ratio	91.4
Per share (diluted):
						Commercial lines STAT combined ratio	91.4		%
Operating income	$	0.89	51			Personal lines STAT combined ratio	92.0
Realized investment gains and losses, net	0.24		33			Excess & surplus lines STAT combined ratio	62.0
Net income	1.13		47			Property casualty STAT combined ratio	90.2
Book value	40.96		2
Weighted average shares outstanding	166.0		0			Value creation ratio	5.7		%

CINF First-Quarter 2016 Supplemental Financial Data

4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended March 31, 2016
(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,134		$	—		$	—	$	—		$	1,134
Life	—			—			69			—		—			69
Premiums ceded	—			(38		)	(13		)	—		—			(51		)
Total earned premium	—			1,096			58			—		—			1,154
Investment income, net of expenses	12			94			39			—		—			145
Realized investment gains, net	17			44			—			—		—			61
Fee revenues	—			2			1			—		—			3
Other revenues	4			—			—			1		(4		)	1
Total revenues	$	33		$	1,236		$	98		$	1	$	(4	)	$	1,364
Benefits & expenses
Losses & contract holders' benefits	$	—		$	658		$	76		$	—	$	—		$	734
Reinsurance recoveries	—			3			(13		)	—		—			(10		)
Underwriting, acquisition and insurance expenses	—			341			19			—		—			360
Interest expense	13			—			—			—		—			13
Other operating expenses	6			—			—			—		(4		)	2
Total expenses	$	19		$	1,002		$	82		$	—	$	(4	)	$	1,099
Income before income taxes	$	14		$	234		$	16		$	1	$	—		$	265
Provision (benefit) for income taxes
Current operating income	$	(3	)	$	51		$	(4	)	$	—	$	—		$	44
Capital gains/losses	6			15			—			—		—			21
Deferred	(1		)	3			10			—		—			12
Total provision for income taxes	$	2		$	69		$	6		$	—	$	—		$	77
Operating income	$	1		$	136		$	10		$	1	$	—		$	148
Net income - current year	$	12		$	165		$	10		$	1	$	—		$	188
Net income - prior year	$	—		$	115		$	10		$	1	$	2		$	128
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF First-Quarter 2016 Supplemental Financial Data

5

Cincinnati Financial Corporation Insurance Subsidiaries
Selected Balance Sheet Data
(Dollars in millions)
	12/31/2016	9/30/2016	6/30/2016	3/31/2016		12/31/2015		9/30/2015		6/30/2015		3/31/2015
Cincinnati Insurance Consolidated
Fixed maturities (fair value)				$	6,607	$	6,435	$	6,472	$	6,435	$	6,325
Equities (fair value)				3,222		3,101		2,961		3,108		3,108
Fixed maturities - pretax net unrealized gain				301		234		283		280		387
Equities - pretax net unrealized gain				1,302		1,203		1,063		1,297		1,397
Loss and loss expense reserves - STAT				4,480		4,382		4,366		4,357		4,302
Equity - GAAP				5,655		5,444		5,397		5,485		5,593
Surplus - STAT				4,534		4,413		4,324		4,419		4,436
The Cincinnati Life Insurance Company
Fixed maturities (fair value)				$	3,215	$	3,154	$	3,221	$	3,176	$	3,199
Equities (fair value)				9		9		9		8		9
Fixed maturities - pretax net unrealized gain				124		76		133		151		220
Equities - pretax net unrealized gain				4		4		4		3		4
Equity - GAAP				911		872		897		896		927
Surplus - STAT				207		208		215		217		219

CINF First-Quarter 2016 Supplemental Financial Data

6

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended March 31,
(Dollars in millions)	2016		2015		Change			% Change
Underwriting income
Net premiums written	$	1,147	$	1,066	$	81		8
Unearned premiums increase	51		25		26			104
Earned premiums	$	1,096	$	1,041	$	55		5
Losses incurred	$	551	$	567	$	(16	)	(3	)
Defense and cost containment expenses incurred	48		60		(12		)	(20	)
Adjusting and other expenses incurred	62		62		—			—
Other underwriting expenses incurred	339		316		23			7
Workers compensation dividend incurred	4		3		1			33
Total underwriting deductions	$	1,004	$	1,008	$	(4	)	—
Net underwriting profit	$	92	$	33	$	59		179
Investment income
Gross investment income earned	$	98	$	93	$	5		5
Net investment income earned	97		91		6			7
Net realized capital gains	31		26		5			19
Net investment gains (net of tax)	$	128	$	117	$	11		9
Other income	$	1	$	1	$	—		—
Net income before federal income taxes	$	221	$	151	$	70		46
Federal and foreign income taxes incurred	$	54	$	31	$	23		74
Net income (statutory)	$	167	$	120	$	47		39
*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 First-Quarter 2016 Supplemental Financial Data

7

Consolidated Cincinnati Insurance Companies
Losses Incurred Detail
(Dollars in millions)	Three months ended																	Six months ended			Nine months ended			Twelve months ended
	12/31/16	9/30/16	6/30/16	3/31/16			12/31/15			9/30/15			6/30/15			3/31/15		6/30/16	6/30/15		9/30/16	9/30/15		12/31/16	12/31/15
Consolidated
Current accident year losses greater than $5,000,000				$	—		$	4		$	8		$	5		$	12		$	17		$	25		$	29
Current accident year losses $1,000,000-$5,000,000				42			57			43			24			37			61			104			161
Large loss prior accident year reserve development				—			(3		)	19			(4		)	15			11			30			27
Total large losses incurred				$	42		$	58		$	70		$	25		$	64		$	89		$	159		$	217
Losses incurred but not reported				73			20			(31		)	38			43			81			50			70
Other losses excluding catastrophe losses				402			406			441			417			418			835			1,276			1,682
Catastrophe losses				33			12			24			78			42			120			144			156
Total losses incurred				$	550		$	496		$	504		$	558		$	567		$	1,125		$	1,629		$	2,125
Commercial Lines
Current accident year losses greater than $5,000,000				$	—		$	4		$	8		$	5		$	12		$	17		$	25		$	29
Current accident year losses $1,000,000-$5,000,000				36			48			26			14			24			38			64			112
Large loss prior accident year reserve development				(1		)	(3		)	17			(4		)	15			11			28			25
Total large losses incurred				$	35		$	49		$	51		$	15		$	51		$	66		$	117		$	166
Losses incurred but not reported				64			20			(17		)	17			31			48			31			51
Other losses excluding catastrophe losses				255			253			277			274			272			546			823			1,076
Catastrophe losses				25			7			9			43			29			72			81			88
Total losses incurred				$	379		$	329		$	320		$	349		$	383		$	732		$	1,052		$	1,381
Personal Lines
Current accident year losses greater than $5,000,000				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Current accident year losses $1,000,000-$5,000,000				6			8			15			10			12			22			37			45
Large loss prior accident year reserve development				1			—			—			—			—			—			—			—
Total large losses incurred				$	7		$	8		$	15		$	10		$	12		$	22		$	37		$	45
Losses incurred but not reported				11			9			(12		)	14			7			21			9			18
Other losses excluding catastrophe losses				133			141			155			136			134			270			425			566
Catastrophe losses				8			4			15			34			13			47			62			66
Total losses incurred				$	159		$	162		$	173		$	194		$	166		$	360		$	533		$	695
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			3			4
Large loss prior accident year reserve development				—			1			2			—			—			—			2			3
Total large losses incurred				$	—		$	2		$	4		$	—		$	1		$	1		$	5		$	7
Losses incurred but not reported				(2		)	(8		)	(2		)	7			5			12			10			2
Other losses excluding catastrophe losses				9			7			9			7			12			19			28			35
Catastrophe losses				—			—			—			1			—			1			1			1
Total losses incurred				$	7		$	1		$	11		$	15		$	18		$	33		$	44		$	45
*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 First-Quarter 2016 Supplemental Financial Data

8

Consolidated Cincinnati Insurance Companies
Loss Ratio Detail
	Three months ended													Six months ended			Nine months ended			Twelve months ended
	12/31/16	9/30/16	6/30/16	3/31/16		12/31/15		9/30/15		6/30/15		3/31/15		6/30/16	6/30/15		9/30/16	9/30/15		12/31/16	12/31/15
Consolidated
Current accident year losses greater than $5,000,000				—	%	0.5	%	0.7	%	0.5	%	1.0	%		0.8	%		0.8	%		0.7	%
Current accident year losses $1,000,000-$5,000,000				3.8		5.2		4.1		2.1		3.6			2.9			3.3			3.8
Large loss prior accident year reserve development				—		(0.2	)	1.7		(0.3	)	1.4			0.5			0.9			0.6
Total large loss ratio				3.8	%	5.5	%	6.5	%	2.3	%	6.0	%		4.2	%		5.0	%		5.1	%
Losses incurred but not reported				6.6		1.9		(2.9	)	3.6		4.2			3.9			1.6			1.6
Other losses excluding catastrophe losses				36.8		36.9		40.9		39.6		40.1			39.8			40.2			39.5
Catastrophe losses				3.0		1.0		2.3		7.3		4.1			5.7			4.5			3.6
Total loss ratio				50.2	%	45.3	%	46.8	%	52.8	%	54.4	%		53.6	%		51.3	%		49.8	%
Commercial Lines
Current accident year losses greater than $5,000,000				—	%	0.7	%	1.0	%	0.7	%	1.6	%		1.2	%		1.1	%		1.0	%
Current accident year losses $1,000,000-$5,000,000				4.8		6.2		3.7		1.7		3.3			2.6			2.9			3.7
Large loss prior accident year reserve development				(0.2	)	(0.4	)	2.3		(0.5	)	2.0			0.7			1.3			0.8
Total large loss ratio				4.6	%	6.5	%	7.0	%	1.9	%	6.9	%		4.5	%		5.3	%		5.5	%
Losses incurred but not reported				8.4		2.8		(2.4	)	2.2		4.3			3.2			1.3			1.7
Other losses excluding catastrophe losses				33.6		33.1		36.3		37.0		37.1			37.0			36.8			35.9
Catastrophe losses				3.3		0.9		1.3		5.8		4.0			4.9			3.7			3.0
Total loss ratio				49.9	%	43.3	%	42.2	%	46.9	%	52.3	%		49.6	%		47.1	%		46.1	%
Personal Lines
Current accident year losses greater than $5,000,000				—	%	—	%	—	%	—	%	—	%		—	%		—	%		—	%
Current accident year losses $1,000,000-$5,000,000				1.9		3.1		5.2		3.5		4.5			4.1			4.5			4.1
Large loss prior accident year reserve development				0.5		—		(0.2	)	0.1		—			—			—			—
Total large loss ratio				2.4	%	3.1	%	5.0	%	3.6	%	4.5	%		4.1	%		4.5	%		4.1	%
Losses incurred but not reported				3.8		3.1		(4.2	)	5.1		2.7			3.9			1.1			1.6
Other losses excluding catastrophe losses				47.1		49.9		56.3		50.0		49.9			49.8			52.0			51.6
Catastrophe losses				2.9		1.6		5.4		12.5		4.9			8.7			7.6			6.0
Total loss ratio				56.2	%	57.7	%	62.5	%	71.2	%	62.0	%		66.5	%		65.2	%		63.3	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000				—	%	—	%	—	%	—	%	—	%		—	%		—	%		—	%
Current accident year losses $1,000,000-$5,000,000				—		2.3		4.8		—		2.5			1.2			2.5			2.4
Large loss prior accident year reserve development				(0.4	)	1.5		5.0		—		—			—			1.7			1.7
Total large loss ratio				(0.4	)%	3.8	%	9.8	%	—	%	2.5	%		1.2	%		4.2	%		4.1	%
Losses incurred but not reported				(5.4	)	(19.5	)	(4.4	)	18.3		11.8			15.1			8.4			1.0
Other losses excluding catastrophe losses				20.8		16.8		21.2		17.5		29.9			23.5			22.7			21.2
Catastrophe losses				0.1		—		0.3		0.4		0.8			0.6			0.5			0.4
Total loss ratio				15.1	%	1.1	%	26.9	%	36.2	%	45.0	%		40.4	%		35.8	%		26.7	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF First-Quarter 2016 Supplemental Financial Data

9

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

CINF First-Quarter 2016 Supplemental Financial Data

10

Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Three Months Ended March 31, 2016
	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		2016		2015
																			Total		Total
OH	$	41.5	$	34.9	$	22.2	$	—	$	8.8	$	27.8	$	22.3	$	7.8	$	3.6	$	168.9	$	160.5	8.1		0.4		4.5		5.2
IL	18.5		15.0		9.0		14.6		3.7		6.9		6.4		1.8		3.9		79.8		77.1		5.4		(3.2	)	3.2		3.6
IN	17.5		14.9		9.5		10.5		3.1		7.4		7.6		1.8		2.7		75.0		71.9		5.5		—		12.2		4.4
PA	16.9		12.9		11.0		14.1		2.9		3.3		2.4		1.0		1.9		66.4		64.4		2.7		—		24.9		2.9
GA	11.0		9.8		7.6		3.7		3.1		10.7		9.9		2.6		3.7		62.1		57.7		6.0		7.6		33.2		7.9
NC	12.7		14.0		6.3		5.4		3.0		8.4		6.9		2.0		1.7		60.4		55.2		9.5		9.5		5.3		9.4
MI	11.3		9.8		6.2		5.9		2.7		12.6		7.5		1.2		1.6		58.8		54.5		5.5		15.1		(23.4	)	7.7
TN	11.9		11.3		5.6		2.9		2.7		4.6		5.3		1.3		1.3		46.9		42.9		9.4		7.7		17.7		9.2
KY	8.0		9.8		6.0		0.8		1.8		6.4		6.0		1.4		1.2		41.4		39.6		4.8		3.7		3.6		4.4
WI	10.1		7.7		4.4		9.1		1.8		1.8		2.0		0.8		1.0		38.7		36.4		6.2		3.9		23.7		6.3
VA	9.1		8.4		5.7		5.2		2.5		2.9		2.2		0.7		1.1		37.8		37.3		1.3		5.4		(15.1	)	1.4
AL	6.9		8.7		3.7		0.1		2.0		5.2		7.3		1.5		1.7		37.1		37.5		(3.3	)	3.1		(10.6	)	(1.3	)
MN	9.1		6.3		3.2		4.1		1.3		4.1		4.0		0.9		1.6		34.6		34.6		(0.9	)	(2.2	)	36.4		—
MO	7.6		8.4		4.4		4.1		1.3		1.6		2.2		0.5		2.0		32.1		30.5		3.6		13.9		11.4		5.3
TX	11.6		6.5		7.4		0.5		1.2		—		—		—		3.7		30.9		29.6		5.7		132.9		(7.6	)	3.9
MD	5.6		3.0		3.8		2.9		0.8		2.3		1.7		0.5		0.8		21.4		20.0		3.8		24.5		7.3		7.7
NY	7.8		4.4		2.6		1.3		0.7		1.6		1.3		0.6		—		20.3		17.2		10.0		121.4		(104.5	)	17.4
AR	3.4		5.6		2.2		0.6		1.3		2.5		2.6		0.7		0.7		19.6		17.8		10.9		8.6		47.9		11.2
IA	4.7		4.4		1.9		4.3		1.1		1.0		1.1		0.3		0.4		19.2		20.3		(5.6	)	0.2		(31.8	)	(5.7	)
FL	7.2		4.2		2.3		0.3		0.6		1.0		0.4		0.2		1.8		18.0		17.4		0.9		8.0		23.1		3.4
AZ	4.9		3.1		2.9		1.7		0.9		1.5		1.1		0.4		0.8		17.3		15.8		9.6		9.6		0.9		9.1
UT	5.5		2.6		3.5		0.1		1.0		2.2		1.1		0.3		0.9		17.2		15.7		8.4		6.9		22.6		8.8
KS	3.7		4.4		2.2		2.3		0.8		1.1		1.4		0.3		0.7		16.9		16.4		1.7		(2.5	)	55.5		2.6
SC	3.1		2.9		2.4		0.9		0.6		2.6		1.8		0.4		1.0		15.7		13.8		11.0		19.1		(3.8	)	12.4
MT	5.5		2.9		3.1		—		0.4		0.6		0.6		0.2		0.2		13.5		12.7		7.8		(3.4	)	(10.6	)	6.2
CO	4.7		2.7		3.1		0.1		0.5		—		0.1		—		1.7		12.9		10.7		16.6		103.9		42.3		19.8
NE	2.6		3.1		1.4		2.7		0.5		0.2		0.2		0.1		0.6		11.4		11.5		(0.7	)	(0.1	)	(5.1	)	(1.0	)
ID	3.7		1.9		2.1		0.1		0.6		0.8		0.5		0.1		0.4		10.2		10.0		2.8		2.9		8.8		3.0
OR	2.9		1.8		1.9		—		0.6		0.9		0.4		0.1		1.2		9.8		8.1		18.9		55.7		0.4		20.5
WV	2.5		2.4		1.9		0.4		0.4		—		0.1		—		0.7		8.4		9.0		(6.7	)	2.7		(2.8	)	(6.2	)
ND	3.0		1.7		1.4		—		0.3		0.2		0.2		0.1		0.1		7.0		7.1		(2.0	)	12.6		38.3		(1.0	)
NM	2.4		1.5		2.0		0.1		0.4		—		—		—		0.1		6.5		5.4		19.6		34.7		(3.4	)	18.9
WA	2.2		1.5		1.7		—		0.4		—		—		—		0.4		6.2		5.5		12.0		(100.0	)	(0.9	)	11.1
VT	1.1		1.4		0.6		1.6		0.6		0.3		0.3		0.1		0.2		6.2		6.3		(4.2	)	15.8		32.8		(0.9	)
DE	1.7		1.3		0.9		1.1		0.3		—		—		—		0.2		5.5		4.4		21.6		nm		44.6		22.4
NH	1.2		1.0		0.5		1.1		0.3		0.4		0.3		0.1		0.2		5.1		5.2		(0.4	)	5.1		(9.1	)	0.1
CT	1.1		1.0		0.4		0.4		0.2		0.6		0.6		0.2		0.2		4.7		3.5		13.0		312.0		3.4		43.2
SD	0.8		1.1		0.6		0.9		0.4		—		—		—		0.1		3.9		3.8		5.1		nm		0.5		4.9
WY	0.8		0.7		0.4		—		0.1		—		—		—		0.1		2.1		1.8		16.7		31.6		24.3		17.1
NJ	0.3		0.1		0.1		0.6		—		—		—		—		—		1.1		1.0		45.8		nm		289.8		56.7
All Other	1.1		0.5		0.6		1.7		—		0.2		0.3		—		0.6		5.0		4.6		5.9		(37.7	)	26.0		6.9
Total	$	287.2	$	239.6	$	158.7	$	106.2	$	55.7	$	123.7	$	108.1	$	30.0	$	46.8	$	1,156.0	$	1,094.7	5.4		5.9		6.9		5.6
Other Direct	—		0.6		0.9		1.3		—		2.4		—		—		—		5.2		5.8		(15.5	)	(4.7	)	nm		(10.8	)
Total Direct	$	287.2	$	240.2	$	159.6	$	107.5	$	55.7	$	126.1	$	108.1	$	30.0	$	46.8	$	1,161.2	$	1,100.5	5.4		5.8		6.9		5.5
*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 First-Quarter 2016 Supplemental Financial Data

11

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/16	9/30/16	6/30/16	3/31/16			12/31/15			9/30/15			6/30/15			3/31/15			6/30/16	6/30/15			9/30/16	9/30/15			12/31/16	12/31/15
Commercial casualty:
Written premiums				$	285		$	238		$	247		$	274		$	266			$	540			$	787			$	1,025
Earned premiums				257			257			257			252			244				496				753				1,010
Current accident year before catastrophe losses				60.2		%	61.5		%	53.6		%	59.6		%	59.2		%		59.4		%		57.4		%		58.5		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				(1.2		)	(10.6		)	(6.2		)	(9.1		)	1.1				(4.1		)		(4.8		)		(6.3		)
Prior accident years catastrophe losses				—			—			—			—			—				—				—
Total loss and loss expense ratio				59.0		%	50.9		%	47.4		%	50.5		%	60.3		%		55.3		%		52.6		%		52.2		%
Commercial property:
Written premiums				$	225		$	203		$	218		$	218		$	206			$	424			$	642			$	845
Earned premiums				214			211			205			201			196				399				604				815
Current accident year before catastrophe losses				51.4		%	44.1		%	47.0		%	42.1		%	53.6		%		47.8		%		47.5		%		46.6		%
Current accident year catastrophe losses				13.6			5.0			5.2			19.6			16.7				18.2				13.8				11.5
Prior accident years before catastrophe losses				(1.7		)	3.0			(0.2		)	(2.0		)	(1.9		)		(2.0		)		(1.4		)		(0.3		)
Prior accident years catastrophe losses				(2.2		)	(1.3		)	0.3			0.1			(3.8		)		(1.8		)		(1.1		)		(1.1		)
Total loss and loss expense ratio				61.1		%	50.8		%	52.3		%	59.8		%	64.6		%		62.2		%		58.8		%		56.7		%
Commercial auto:
Written premiums				$	158		$	140		$	137		$	149		$	149			$	298			$	435			$	575
Earned premiums				144			145			141			139			136				275				416				561
Current accident year before catastrophe losses				77.5		%	71.2		%	71.4		%	75.8		%	72.3		%		74.1		%		73.1		%		72.6		%
Current accident year catastrophe losses				0.6			0.1			—			1.3			—				0.7				0.5				0.4
Prior accident years before catastrophe losses				5.7			3.0			3.2			8.3			8.6				8.4				6.6				5.7
Prior accident years catastrophe losses				(0.1		)	—			(0.1		)	(0.2		)	(0.1		)		(0.2		)		(0.1		)		(0.1		)
Total loss and loss expense ratio				83.7		%	74.3		%	74.5		%	85.2		%	80.8		%		83.0		%		80.1		%		78.6		%
Workers' compensation:
Written premiums				$	105		$	81		$	83		$	89		$	104			$	193			$	276			$	357
Earned premiums				89			91			93			90			93				183				276				367
Current accident year before catastrophe losses				73.3		%	73.2		%	71.1		%	77.6		%	71.5		%		74.5		%		73.4		%		73.3		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				(14.5		)	(14.0		)	(26.4		)	(44.8		)	(16.1		)		(30.3		)		(29.0		)		(25.3		)
Prior accident years catastrophe losses				—			—			—			—			—				—				—				—
Total loss and loss expense ratio				58.8		%	59.2		%	44.7		%	32.8		%	55.4		%		44.2		%		44.4		%		48.0		%
Other commercial:
Written premiums				$	54		$	50		$	60		$	55		$	58			$	113			$	173			$	223
Earned premiums				56			57			61			61			64				125				186				243
Current accident year before catastrophe losses				46.3		%	37.3		%	45.9		%	42.7		%	54.4		%		48.6		%		47.7		%		45.3		%
Current accident year catastrophe losses				0.6			0.4			1.2			3.4			9.7				6.6				4.9				3.8
Prior accident years before catastrophe losses				(22.9		)	(2.9		)	(9.8		)	(13.6		)	(0.2		)		(6.7		)		(7.7		)		(6.6		)
Prior accident years catastrophe losses				0.2			(0.7		)	(2.1		)	1.2			(2.6		)		(0.7		)		(1.2		)		(1.1		)
Total loss and loss expense ratio				24.2		%	34.1		%	35.2		%	33.7		%	61.3		%		47.8		%		43.7		%		41.4		%
*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.

CINF First-Quarter 2016 Supplemental Financial Data

12

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/16	9/30/16	6/30/16	3/31/16			12/31/15			9/30/15			6/30/15			3/31/15			6/30/16	6/30/15			9/30/16	9/30/15			12/31/16	12/31/15
Personal auto:
Written premiums				$	123		$	124		$	144		$	142		$	114			$	256			$	400			$	524
Earned premiums				131			130			128			125			123				248				376				506
Current accident year before catastrophe losses				79.1		%	76.6		%	74.5		%	79.7		%	81.6		%		80.8		%		78.6		%		78.1		%
Current accident year catastrophe losses				1.0			0.7			0.6			2.3			0.2				1.2				1.0				0.9
Prior accident years before catastrophe losses				(6.3		)	2.3			1.2			5.8			3.0				4.4				3.3				3.0
Prior accident years catastrophe losses				(0.3		)	(0.1		)	(0.1		)	(0.1		)	(0.2		)		(0.3		)		(0.2		)		(0.1		)
Total loss and loss expense ratio				73.5		%	79.5		%	76.2		%	87.7		%	84.6		%		86.1		%		82.7		%		81.9		%
Homeowner:
Written premiums				$	103		$	112		$	132		$	132		$	98			$	230			$	362			$	474
Earned premiums				119			118			117			114			114				228				345				463
Current accident year before catastrophe losses				51.5		%	50.2		%	52.8		%	52.9		%	55.5		%		54.1		%		53.7		%		52.8		%
Current accident year catastrophe losses				6.4			3.9			12.6			25.6			12.3				19.0				16.8				13.5
Prior accident years before catastrophe losses				(5.2		)	—			(1.0		)	(2.4		)	(5.1		)		(3.7		)		(2.8		)		(2.1		)
Prior accident years catastrophe losses				(1.6		)	(0.5		)	(0.1		)	(0.3		)	(1.2		)		(0.7		)		(0.5		)		(0.5		)
Total loss and loss expense ratio				51.1		%	53.6		%	64.3		%	75.8		%	61.5		%		68.7		%		67.2		%		63.7		%
Other personal:
Written premiums				$	30		$	30		$	36		$	35		$	29			$	64			$	100			$	130
Earned premiums				33			32			32			33			31				64				96				128
Current accident year before catastrophe losses				44.2		%	49.9		%	70.1		%	58.2		%	49.6		%		53.9		%		59.4		%		57.0		%
Current accident year catastrophe losses				5.8			0.3			1.2			8.4			2.8				5.6				4.1				3.2
Prior accident years before catastrophe losses				(4.6		)	4.1			7.6			(4.9		)	1.1				(1.9		)		1.3				2.0
Prior accident years catastrophe losses				0.3			(0.1		)	(0.1		)	—			(0.8		)		(0.4		)		(0.3		)		(0.3		)
Total loss and loss expense ratio				45.7		%	54.2		%	78.8		%	61.7		%	52.7		%		57.2		%		64.5		%		61.9		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/16	9/30/16	6/30/16	3/31/16			12/31/15			9/30/15			6/30/15			3/31/15			6/30/16	6/30/15			9/30/16	9/30/15			12/31/16	12/31/15
Excess & Surplus:
Written premiums				$	45		$	44		$	43		$	46		$	42			$	88			$	131			$	175
Earned premiums				43			44			42			42			40				82				124				168
Current accident year before catastrophe losses				63.1		%	51.3		%	56.9		%	69.3		%	72.1		%		70.7		%		65.9		%		62.1		%
Current accident year catastrophe losses				0.3			0.2			0.3			0.6			1.2				0.9				0.7				0.5
Prior accident years before catastrophe losses				(31.5		)	(32.5		)	(15.4		)	(20.2		)	(13.6		)		(17.0		)		(16.4		)		(20.6		)
Prior accident years catastrophe losses				(0.2		)	(0.1		)	0.1			(0.1		)	(0.3		)		(0.2		)		(0.1		)		(0.1		)
Total loss and loss expense ratio				31.7		%	18.9		%	41.9		%	49.6		%	59.4		%		54.4		%		50.1		%		41.9		%
*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 First-Quarter 2016 Supplemental Financial Data

13

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 March 31, 2016
Commercial casualty	$	60	$	39	$	99	$	19		$	32		$	—		$	51		$	79		$	32		$	39	$	150
Commercial property	98		9		107		(6		)	19			10			23			92			19			19		130
Commercial auto	83		15		98		7			12			4			23			90			12			19		121
Workers' compensation	44		9		53		(10		)	8			2			—			34			8			11		53
Other commercial	19		5		24		(13		)	—			(2		)	(15		)	6			—			3		9
Total commercial lines	304		77		381		(3		)	71			14			82			301			71			91		463
Personal auto	87		16		103		(3		)	8			(10		)	(5		)	84			8			6		98
Homeowners	51		7		58		—			3			—			3			51			3			7		61
Other personal	14		1		15		(1		)	1			(1		)	(1		)	13			1			—		14
Total personal lines	152		24		176		(4		)	12			(11		)	(3		)	148			12			13		173
Excess & surplus lines	6		5		11		3			(2		)	2			3			9			(2		)	7		14
Cincinnati Re	—		—		—		1			7			—			8			1			7			—		8
Total property casualty	$	462	$	106	$	568	$	(3	)	$	88		$	5		$	90		$	459		$	88		$	111	$	658
Ceded loss and loss expense incurred for the three months ended March 31, 2016
Commercial casualty	$	—	$	—	$	—	$	—		$	(3	)	$	1		$	(2	)	$	—		$	(3	)	$	1	$	(2	)
Commercial property	—		—		—		—			—			—			—			—			—			—		—
Commercial auto	—		—		—		—			—			—			—			—			—			—		—
Workers' compensation	3		1		4		(1		)	(2		)	—			(3		)	2			(2		)	1		1
Other commercial	1		—		1		(6		)	—			—			(6		)	(5		)	—			—		(5		)
Total commercial lines	4		1		5		(7		)	(5		)	1			(11		)	(3		)	(5		)	2		(6		)
Personal auto	1		—		1		—			—			—			—			1			—			—		1
Homeowners	—		—		—		—			—			—			—			—			—			—		—
Other personal	—		—		—		—			(1		)	—			(1		)	—			(1		)	—		(1		)
Total personal lines	1		—		1		—			(1		)	—			(1		)	1			(1		)	—		—
Excess & surplus lines	—		—		—		—			1			—			1			—			1			—		1
Cincinnati Re	—		—		—		—			2			—			2			—			2			—		2
Total property casualty	$	5	$	1	$	6	$	(7	)	$	(3	)	$	1		$	(9	)	$	(2	)	$	(3	)	$	2	$	(3	)
Net loss and loss expense incurred for the three months ended March 31, 2016
Commercial casualty	$	60	$	39	$	99	$	19		$	35		$	(1	)	$	53		$	79		$	35		$	38	$	152
Commercial property	98		9		107		(6		)	19			10			23			92			19			19		130
Commercial auto	83		15		98		7			12			4			23			90			12			19		121
Workers' compensation	41		8		49		(9		)	10			2			3			32			10			10		52
Other commercial	18		5		23		(7		)	—			(2		)	(9		)	11			—			3		14
Total commercial lines	300		76		376		4			76			13			93			304			76			89		469
Personal auto	86		16		102		(3		)	8			(10		)	(5		)	83			8			6		97
Homeowners	51		7		58		—			3			—			3			51			3			7		61
Other personal	14		1		15		(1		)	2			(1		)	—			13			2			—		15
Total personal lines	151		24		175		(4		)	13			(11		)	(2		)	147			13			13		173
Excess & surplus lines	6		5		11		3			(3		)	2			2			9			(3		)	7		13
Cincinnati Re	—		—		—		1			5			—			6			1			5			—		6
Total property casualty	$	457	$	105	$	562	$	4		$	91		$	4		$	99		$	461		$	91		$	109	$	661

CINF First-Quarter 2016 Supplemental Financial Data

14

Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/16	9/30/16	6/30/16	3/31/16			12/31/15			9/30/15			6/30/15			3/31/15			6/30/16	6/30/15			9/30/16	9/30/15			12/31/16	12/31/15
Premiums
Agency renewal written premiums				$	1,028		$	925		$	999		$	1,018		$	983			$	2,001			$	3,000			$	3,925
Agency new business written premiums				125			140			138			138			116				254				392				532
Cincinnati Re net written premiums				19			33			—			—			—				—				—				33
Other written premiums				(25		)	(43		)	(39		)	(14		)	(33		)		(47		)		(86		)		(129		)
Net written premiums – statutory*				$	1,147		$	1,055		$	1,098		$	1,142		$	1,066			$	2,208			$	3,306			$	4,361
Unearned premium change				(51		)	40			(22		)	(83		)	(25		)		(108		)		(130		)		(90		)
Earned premiums				$	1,096		$	1,095		$	1,076		$	1,059		$	1,041			$	2,100			$	3,176			$	4,271
Year over year change %
Agency renewal written premiums				5		%	2		%	4		%	5		%	3		%		4		%		4		%		3		%
Agency new business written premiums				8			15			10			4			(6		)		(1		)		3				6
Cincinnati Re net written premiums				—			—			—			—			—				—				—				—
Other written premiums				24			(5		)	15			44			21				30				24				16
Net written premiums – statutory*				8			7			6			6			3				4				5				5
Paid losses and loss expenses
Losses paid				$	457		$	498		$	511		$	501		$	448			$	949			$	1,460			$	1,958
Loss expenses paid				105			103			93			97			98				195				288				391
Loss and loss expenses paid				$	562		$	601		$	604		$	598		$	546			$	1,144			$	1,748			$	2,349
Incurred losses and loss expenses
Loss and loss expense incurred				$	661		$	616		$	613		$	654		$	689			$	1,343			$	1,956			$	2,572
Loss and loss expenses paid as a % of incurred				85.0		%	97.6		%	98.5		%	91.4		%	79.2		%		85.2		%		89.4		%		91.3		%
Statutory combined ratio
Loss ratio				50.2		%	45.3		%	46.8		%	52.7		%	54.4		%		53.6		%		51.3		%		49.8		%
Loss adjustment expense ratio				10.1			11.0			10.1			9.1			11.7				10.3				10.2				10.4
Net underwriting expense ratio				29.9			32.3			30.6			28.9			30.0				29.4				29.8				30.4
Statutory combined ratio				90.2		%	88.6		%	87.5		%	90.7		%	96.1		%		93.3		%		91.3		%		90.6		%
Contribution from catastrophe losses				3.1			1.2			2.5			7.5			4.1				5.8				4.7				3.7
Statutory combined ratio excl. catastrophe losses				87.1		%	87.4		%	85.0		%	83.2		%	92.0		%		87.5		%		86.6		%		86.9		%
GAAP combined ratio
GAAP combined ratio				91.4		%	87.0		%	87.8		%	92.4		%	97.5		%		94.9		%		92.5		%		91.1		%
Contribution from catastrophe losses				3.1			1.2			2.5			7.5			4.1				5.8				4.7				3.7
GAAP combined ratio excl. catastrophe losses				88.3		%	85.8		%	85.3		%	84.9		%	93.4		%		89.1		%		87.8		%		87.4		%
*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 First-Quarter 2016 Supplemental Financial Data

15

Cincinnati Insurance Companies
Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/16	9/30/16	6/30/16	3/31/16			12/31/15			9/30/15			6/30/15			3/31/15			6/30/16	6/30/15			9/30/16	9/30/15			12/31/16	12/31/15
Premiums
Agency renewal written premiums				$	758		$	649		$	678		$	699		$	730			$	1,429			$	2,107			$	2,756
Agency new business written premiums				87			97			96			93			79				172				268				365
Other written premiums				(18		)	(34		)	(31		)	(5		)	(26		)		(31		)		(62		)		(96		)
Net written premiums – statutory*				$	827		$	712		$	743		$	787		$	783			$	1,570			$	2,313			$	3,025
Unearned premium change				(67		)	49			14			(42		)	(50		)		(92		)		(78		)		(29		)
Earned premiums				$	760		$	761		$	757		$	745		$	733			$	1,478			$	2,235			$	2,996
Year over year change %
Agency renewal written premiums				4		%	1		%	4		%	4		%	2		%		3		%		4		%		3		%
Agency new business written premiums				10			13			8			(2		)	(12		)		(7		)		(2		)		1
Other written premiums				31			(6		)	14			69			19				35				26				17
Net written premiums – statutory*				6			2			6			5			2				3				4				4
Paid losses and loss expenses
Losses paid				$	300		$	331		$	324		$	329		$	303			$	632			$	956			$	1,287
Loss expenses paid				76			76			68			71			73				144				212				288
Loss and loss expenses paid				$	376		$	407		$	392		$	400		$	376			$	776			$	1,168			$	1,575
Incurred losses and loss expenses
Loss and loss expense incurred				$	469		$	419		$	398		$	417		$	474			$	891			$	1,289			$	1,708
Loss and loss expenses paid as a % of incurred				80.2		%	97.1		%	98.5		%	95.9		%	79.3		%		87.1		%		90.6		%		92.2		%
Statutory combined ratio
Loss ratio				49.9		%	43.3		%	42.2		%	46.9		%	52.2		%		49.6		%		47.1		%		46.1		%
Loss adjustment expense ratio				11.8			11.8			10.2			9.1			12.5				10.7				10.5				10.9
Net underwriting expense ratio				29.7			33.5			32.2			29.9			29.9				29.9				30.6				31.3
Statutory combined ratio				91.4		%	88.6		%	84.6		%	85.9		%	94.6		%		90.2		%		88.2		%		88.3		%
Contribution from catastrophe losses				3.4			1.0			1.4			5.9			4.0				5.0				3.8				3.1
Statutory combined ratio excl. catastrophe losses				88.0		%	87.6		%	83.2		%	80.0		%	90.6		%		85.2		%		84.4		%		85.2		%
GAAP combined ratio
GAAP combined ratio				93.6		%	86.8		%	84.0		%	87.2		%	96.6		%		91.9		%		89.2		%		88.6		%
Contribution from catastrophe losses				3.4			1.0			1.4			5.9			4.0				5.0				3.8				3.1
GAAP combined ratio excl. catastrophe losses				90.2		%	85.8		%	82.6		%	81.3		%	92.6		%		86.9		%		85.4		%		85.5		%
*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 First-Quarter 2016 Supplemental Financial Data

16

Cincinnati Insurance Companies
Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/16	9/30/16	6/30/16	3/31/16			12/31/15			9/30/15			6/30/15			3/31/15			6/30/16	6/30/15			9/30/16	9/30/15			12/31/16	12/31/15
Premiums
Agency renewal written premiums				$	236		$	245		$	288		$	285		$	223			$	508			$	796			$	1,041
Agency new business written premiums				25			27			30			30			24				54				84				111
Other written premiums				(5		)	(6		)	(6		)	(6		)	(6		)		(12		)		(18		)		(24		)
Net written premiums – statutory*				$	256		$	266		$	312		$	309		$	241			$	550			$	862			$	1,128
Unearned premium change				27			14			(35		)	(37		)	27				(10		)		(45		)		(31		)
Earned premiums				$	283		$	280		$	277		$	272		$	268			$	540			$	817			$	1,097
Year over year change %
Agency renewal written premiums				6		%	5		%	4		%	3		%	2		%		3		%		3		%		4		%
Agency new business written premiums				4			13			30			25			14				20				24				21
Other written premiums				17			25			14			—			25				14				14				17
Net written premiums – statutory*				6			7			6			5			4				5				5				6
Paid losses and loss expenses
Losses paid				$	151		$	160		$	180		$	165		$	139			$	304			$	484			$	644
Loss expenses paid				24			23			20			22			22				44				64				87
Loss and loss expenses paid				$	175		$	183		$	200		$	187		$	161			$	348			$	548			$	731
Incurred losses and loss expenses
Loss and loss expense incurred				$	173		$	184		$	198		$	216		$	191			$	407			$	605			$	789
Loss and loss expenses paid as a % of incurred				101.2		%	99.5		%	101.0		%	86.6		%	84.3		%		85.5		%		90.6		%		92.6		%
Statutory combined ratio
Loss ratio				56.2		%	57.7		%	62.5		%	71.1		%	61.9		%		66.6		%		65.2		%		63.3		%
Loss adjustment expense ratio				4.7			8.0			9.0			8.5			9.1				8.8				8.8				8.6
Net underwriting expense ratio				31.1			29.4			27.0			26.2			30.4				28.0				27.7				28.1
Statutory combined ratio				92.0		%	95.1		%	98.5		%	105.8		%	101.4		%		103.4		%		101.7		%		100.0		%
Contribution from catastrophe losses				3.0			1.8			5.6			12.6			4.9				8.8				7.7				6.2
Statutory combined ratio excl. catastrophe losses				89.0		%	93.3		%	92.9		%	93.2		%	96.5		%		94.6		%		94.0		%		93.8		%
GAAP combined ratio
GAAP combined ratio				90.1		%	94.0		%	100.9		%	109.2		%	101.4		%		105.3		%		103.8		%		101.3		%
Contribution from catastrophe losses				3.0			1.8			5.6			12.6			4.9				8.8				7.7				6.2
GAAP combined ratio excl. catastrophe losses				87.1		%	92.2		%	95.3		%	96.6		%	96.5		%		96.5		%		96.1		%		95.1		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed  independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2016 Supplemental Financial Data

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Cincinnati Insurance Companies
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/16	9/30/16	6/30/16	3/31/16			12/31/15			9/30/15			6/30/15			3/31/15			6/30/16	6/30/15			9/30/16	9/30/15			12/31/16	12/31/15
Premiums
Agency renewal written premiums				$	34		$	31		$	33		$	34		$	30			$	64			$	97			$	128
Agency new business written premiums				13			16			12			15			13				28				40				56
Other written premiums				(2		)	(3		)	(2		)	(3		)	(1		)		(4		)		(6		)		(9		)
Net written premiums – statutory*				$	45		$	44		$	43		$	46		$	42			$	88			$	131			$	175
Unearned premium change				(2		)	—			(1		)	(4		)	(2		)		(6		)		(7		)		(7		)
Earned premiums				$	43		$	44		$	42		$	42		$	40			$	82			$	124			$	168
Year over year change %
Agency renewal written premiums				13		%	11		%	14		%	17		%	20		%		19		%		17		%		15		%
Agency new business written premiums				—			33			(8		)	7			8				8				3				10
Other written premiums				(100		)	(200		)	33			—			50				20				25				—
Net written premiums – statutory*				7			13			10			15			20				17				15				14
Paid losses and loss expenses
Losses paid				$	6		$	6		$	8		$	8		$	5			$	13			$	21			$	27
Loss expenses paid				5			5			4			3			4				7				11				16
Loss and loss expenses paid				$	11		$	11		$	12		$	11		$	9			$	20			$	32			$	43
Incurred losses and loss expenses
Loss and loss expense incurred				$	13		$	8		$	17		$	21		$	24			$	45			$	62			$	70
Loss and loss expenses paid as a % of incurred				84.6		%	137.5		%	70.6		%	52.4		%	37.5		%		44.4		%		51.6		%		61.4		%
Statutory combined ratio
Loss ratio				15.1		%	1.1		%	26.9		%	36.1		%	44.9		%		40.4		%		35.8		%		26.7		%
Loss adjustment expense ratio				16.6			17.8			15.0			13.5			14.5				14.0				14.3				15.2
Net underwriting expense ratio				30.3			31.8			29.4			29.1			29.9				29.5				29.5				30.0
Statutory combined ratio				62.0		%	50.7		%	71.3		%	78.7		%	89.3		%		83.9		%		79.6		%		71.9		%
Contribution from catastrophe losses				0.2			0.1			0.4			0.5			0.9				0.7				0.6				0.4
Statutory combined ratio excl. catastrophe losses				61.8		%	50.6		%	70.9		%	78.2		%	88.4		%		83.2		%		79.0		%		71.5		%
GAAP combined ratio
GAAP combined ratio				61.1		%	48.1		%	69.9		%	76.0		%	88.3		%		82.1		%		77.9		%		70.0		%
Contribution from catastrophe losses				0.2			0.1			0.4			0.5			0.9				0.7				0.6				0.4
GAAP combined ratio excl. catastrophe losses				60.9		%	48.0		%	69.5		%	75.5		%	87.4		%		81.4		%		77.3		%		69.6		%
*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 First-Quarter 2016 Supplemental Financial Data

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The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended March 31,
(Dollars in millions)	2016			2015			Change			% Change
Net premiums written	$	69		$	61		$	8		13
Net investment income	40			38			2			5
Amortization of interest maintenance reserve	1			1			—			—
Commissions and expense allowances on reinsurance ceded	1			1			—			—
Income from fees associated with Separate Accounts	1			1			—			—
Total revenues	$	112		$	102		$	10		10
Death benefits and matured endowments	$	29		$	25		$	4		16
Annuity benefits	18			15			3			20
Surrender benefits and group conversions	5			4			1			25
Interest and adjustments on deposit-type contract funds	3			3			—			—
Increase in aggregate reserves for life and accident and health contracts	41			40			1			3
Total benefit expenses	$	96		$	87		$	9		10
Commissions	$	9		$	9		$	—		—
General insurance expenses and taxes	11			10			1			10
Increase in loading on deferred and uncollected premiums	—			1			(1		)	100
Net transfers from Separate Accounts	(2		)	—			(2		)	nm
Total underwriting expenses	$	18		$	20		$	(2	)	(10	)
Federal and foreign income tax benefit	(2		)	(3		)	1			33
Net loss from operations before realized capital gains	$	—		$	(2	)	$	2		100
Realized gains and losses net of capital gains tax, net	2			—			2			nm
Net income (loss) (statutory)	$	2		$	(2	)	$	4		nm
*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 First-Quarter 2016 Supplemental Financial Data

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