Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending June 30, 2019

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	S&P
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 July 29, 2019, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.

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

CINF Second-Quarter 2019 Supplemental Financial Data

1

	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending June 30, 2019
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	CFC and Subsidiaries Consolidation – Six Months Ended June 30, 2019	4
	CFC and Subsidiaries Consolidation – Three Months Ended June 30, 2019	5
Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	6
	Loss Ratio Detail	7
	Loss Claim Count Detail	8
	Quarterly Property Casualty Data – Commercial Lines	9
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	10
	Loss and Loss Expense Analysis – Six Months Ended June 30, 2019	11
	Loss and Loss Expense Analysis – Three Months Ended June 30, 2019	12
Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	13
	Quarterly Property Casualty Data – Commercial Lines	14
	Quarterly Property Casualty Data – Personal Lines	15
	Quarterly Property Casualty Data – Excess & Surplus Lines	16
Statutory Statements of Income
	Consolidated Property Casualty Statutory Statements of Income	17
	Life Insurance Operations Statutory Statements of Income	18
Other
	Quarterly Data – Other	19

CINF Second-Quarter 2019 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 for insurance company regulation in the United States of America 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 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 results 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; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.

• Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold 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 are recognized from certain changes in market values of securities without actual realization. Management believes that the level of 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 non-GAAP 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 non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.

• Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.

• Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.

Other Measures

• 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 measure is useful, 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 for insurance company regulation in the United States of America as defined in the NAIC’s Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments and differ from GAAP. 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 in the U.S., 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. The difference between written and earned premium is unearned premium.

CINF Second-Quarter 2019 Supplemental Financial Data

3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2019
(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	2,678		$	—		$	—	$	—		$	2,678
Life	—			—			169			—		—			169
Premiums ceded	—			(94		)	(36		)	—		—			(130		)
Total earned premium	—			2,584			133			—		—			2,717
Investment income, net of expenses	34			207			76			—		—			317
Investment gains and losses, net	437			592			(2		)	—		—			1,027
Fee revenues	—			5			2			—		—			7
Other revenues	7			2			—			3		(8		)	4
Total revenues	$	478		$	3,390		$	209		$	3	$	(8	)	$	4,072
Benefits & expenses
Losses & contract holders' benefits	$	—		$	1,703		$	172		$	—				$	1,875
Reinsurance recoveries	—			(50		)	(29		)	—		—			(79		)
Underwriting, acquisition and insurance expenses	—			797			44			—		—			841
Interest expense	26			—			—			—		—			26
Other operating expenses	18			—			—			2		(8		)	12
Total expenses	$	44		$	2,450		$	187		$	2	$	(8	)	$	2,675
Income before income taxes	$	434		$	940		$	22		$	1	$	—		$	1,397
Provision for income taxes
Current operating income (loss)	$	(90	)	$	(72	)	$	2		$	—	$	—		$	(160	)
Capital gains/losses	92			124			—			—		—			216
Deferred	87			129			2			—		—			218
Total provision for income taxes	$	89		$	181		$	4		$	—	$	—		$	274
Net income - current year	$	345		$	759		$	18		$	1	$	—		$	1,123
Net income - prior year	$	16		$	139		$	30		$	1	$	—		$	186
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019.

CINF Second-Quarter 2019 Supplemental Financial Data

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Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2019
(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,369		$	—		$	—	$	—		$	1,369
Life	—			—			86			—		—			86
Premiums ceded	—			(52		)	(19		)	—		—			(71		)
Total earned premium	—			1,317			67			—		—			1,384
Investment income, net of expenses	18			104			38			—		—			160
Investment gains and losses, net	166			199			(1		)	—		—			364
Fee revenues	—			2			1			—		—			3
Other revenues	4			1			—			1		(4		)	2
Total revenues	$	188		$	1,623		$	105		$	1	$	(4	)	$	1,913
Benefits & expenses
Losses & contract holders' benefits	$	—		$	891		$	87		$	—	$	—		$	978
Reinsurance recoveries	—			(28		)	(14		)	—		—			(42		)
Underwriting, acquisition and insurance expenses	—			408			22			—		—			430
Interest expense	13			—			—			—		—			13
Other operating expenses	7			—			—			1		(4		)	4
Total expenses	$	20		$	1,271		$	95		$	1	$	(4	)	$	1,383
Income before income taxes	$	168		$	352		$	10		$	—	$	—		$	530
Provision for income taxes
Current operating income (loss)	$	(34	)	$	(16	)	$	1		$	—	$	—		$	(49	)
Capital gains/losses	35			42			—			—		—			77
Deferred	33			40			1			—		—			74
Total provision for income taxes	$	34		$	66		$	2		$	—	$	—		$	102
Net income - current year	$	134		$	286		$	8		$	—	$	—		$	428
Net income - prior year	$	53		$	146		$	17		$	1	$	—		$	217
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019.

CINF Second-Quarter 2019 Supplemental Financial Data

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Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended																		Six months ended						Nine months ended			Twelve months ended
	12/31/19	9/30/19	6/30/19			3/31/19		12/31/18			9/30/18			6/30/18		3/31/18			6/30/19			6/30/18			9/30/19	9/30/18		12/31/19	12/31/18
Consolidated
Current accident year losses greater than $5 million			$	14		$	—	$	14		$	8		$	6	$	15		$	14		$	21			$	29		$	43
Current accident year losses $1 million - $5 million			53			37		54			70			62		32			90			94				164			218
Large loss prior accident year reserve development			5			16		21			10			4		34			21			38				48			69
Total large losses incurred			$	72		$	53	$	89		$	88		$	72	$	81		$	125		$	153			$	241		$	330
Losses incurred but not reported			(14		)	47		23			(10		)	87		10			33			97				87			110
Other losses excluding catastrophe losses			547			493		451			482			433		520			1,039			953				1,435			1,886
Catastrophe losses			128			69		83			117			83		51			198			134				251			334
Total losses incurred			$	733		$	662	$	646		$	677		$	675	$	662		$	1,395		$	1,337			$	2,014		$	2,660
Commercial Lines
Current accident year losses greater than $5 million			$	14		$	—	$	8		$	8		$	6	$	15		$	14		$	21			$	29		$	37
Current accident year losses $1 million - $5 million			41			26		47			62			51		22			68			73				135			182
Large loss prior accident year reserve development			3			13		24			11			1		29			16			30				41			65
Total large losses incurred			$	58		$	39	$	79		$	81		$	58	$	66		$	98		$	124			$	205		$	284
Losses incurred but not reported			(7		)	43		18			(23		)	53		16			36			69				46			64
Other losses excluding catastrophe losses			320			286		266			284			247		325			605			572				856			1,122
Catastrophe losses			94			25		32			75			51		22			119			73				148			180
Total losses incurred			$	465		$	393	$	395		$	417		$	409	$	429		$	858		$	838			$	1,255		$	1,650
Personal Lines
Current accident year losses greater than $5 million			$	—		$	—	$	6		$	—		$	—	$	—		$	—		$	—			$	—		$	6
Current accident year losses $1 million - $5 million			10			10		4			7			11		10			19			21				28			32
Large loss prior accident year reserve development			1			2		(3		)	(1		)	3		5			3			8				7			4
Total large losses incurred			$	11		$	12	$	7		$	6		$	14	$	15		$	22		$	29			$	35		$	42
Losses incurred but not reported			(4		)	4		(3		)	11			31		(1		)	—			30				41			38
Other losses excluding catastrophe losses			167			163		154			172			157		167			330			324				496			650
Catastrophe losses			34			45		27			33			33		29			79			62				95			122
Total losses incurred			$	208		$	224	$	185		$	222		$	235	$	210		$	431		$	445			$	667		$	852
Excess & Surplus Lines
Current accident year losses greater than $5 million			$	—		$	—	$	—		$	—		$	—	$	—		$	—		$	—			$	—		$	—
Current accident year losses $1 million - $5 million			2			1		3			1			—		—			3			—				1			4
Large loss prior accident year reserve development			1			1		—			—			—		—			2			—				—			—
Total large losses incurred			$	3		$	2	$	3		$	1		$	—	$	—		$	5		$	—			$	1		$	4
Losses incurred but not reported			(3		)	—		8			2			3		(5		)	(3		)	(2		)		—			8
Other losses excluding catastrophe losses			18			19		8			11			17		14			36			31				42			50
Catastrophe losses			—			—		—			1			—		1			1			1				2			2
Total losses incurred			$	18		$	21	$	19		$	15		$	20	$	10		$	39		$	30			$	45		$	64
*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.
Consolidated property casualty data includes results from our Cincinnati Re operations and our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019.

CINF Second-Quarter 2019 Supplemental Financial Data

6

Consolidated Property Casualty
Loss Ratio Detail
	Three months ended														Six months ended				Nine months ended			Twelve months ended
	12/31/19	9/30/19	6/30/19		3/31/19		12/31/18		9/30/18		6/30/18		3/31/18		6/30/19		6/30/18		9/30/19	9/30/18		12/31/19	12/31/18
Consolidated
Current accident year losses greater than $5 million			1.1	%	—	%	1.1	%	0.7	%	0.4	%	1.3	%	0.5	%	0.8	%		0.8	%		0.9	%
Current accident year losses $1 million - $5 million			4.0		2.9		4.3		5.7		5.1		2.7		3.5		3.9			4.5			4.4
Large loss prior accident year reserve development			0.4		1.2		1.7		0.7		0.3		2.8		0.8		1.6			1.3			1.4
Total large loss ratio			5.5	%	4.1	%	7.1	%	7.1	%	5.8	%	6.8	%	4.8	%	6.3	%		6.6	%		6.7	%
Losses incurred but not reported			(1.1	)	3.7		1.8		(0.8	)	7.1		0.8		1.3		4.0			2.4			2.2
Other losses excluding catastrophe losses			41.6		38.9		36.0		39.0		35.1		43.4		40.2		39.2			39.0			38.4
Catastrophe losses			9.7		5.5		6.6		9.5		6.8		4.2		7.7		5.5			6.9			6.8
Total loss ratio			55.7	%	52.2	%	51.5	%	54.8	%	54.8	%	55.2	%	54.0	%	55.0	%		54.9	%		54.1	%
Commercial Lines
Current accident year losses greater than $5 million			1.7	%	—	%	1.0	%	1.1	%	0.7	%	1.9	%	0.9	%	1.3	%		1.2	%		1.2	%
Current accident year losses $1 million - $5 million			5.0		3.3		5.6		7.7		6.2		2.9		4.1		4.6			5.6			5.6
Large loss prior accident year reserve development			0.4		1.6		3.0		1.3		0.2		3.6		1.0		1.8			1.7			2.0
Total large loss ratio			7.1	%	4.9	%	9.6	%	10.1	%	7.1	%	8.4	%	6.0	%	7.7	%		8.5	%		8.8	%
Losses incurred but not reported			(0.9	)	5.4		2.2		(2.9	)	6.5		2.1		2.2		4.3			1.9			2.0
Other losses excluding catastrophe losses			38.9		35.1		32.9		35.3		30.4		41.1		37.0		35.7			35.6			34.9
Catastrophe losses			11.4		3.1		3.9		9.3		6.3		2.8		7.3		4.6			6.2			5.6
Total loss ratio			56.5	%	48.5	%	48.6	%	51.8	%	50.3	%	54.4	%	52.5	%	52.3	%		52.2	%		51.3	%
Personal Lines
Current accident year losses greater than $5 million			—	%	—	%	1.6	%	—	%	—	%	—	%	—	%	—	%		—	%		0.4	%
Current accident year losses $1 million - $5 million			2.8		2.8		1.3		2.0		3.5		2.9		2.8		3.2			2.8			2.4
Large loss prior accident year reserve development			0.3		0.6		(0.7	)	(0.3	)	0.8		1.7		0.4		1.2			0.7			0.4
Total large loss ratio			3.1	%	3.4	%	2.2	%	1.7	%	4.3	%	4.6	%	3.2	%	4.4	%		3.5	%		3.2	%
Losses incurred but not reported			(1.1	)	1.0		(0.9	)	3.4		9.4		(0.4	)	(0.1	)	4.6			4.2			2.8
Other losses excluding catastrophe losses			48.0		47.4		45.1		50.5		47.3		51.6		47.8		49.4			49.7			48.7
Catastrophe losses			9.7		13.1		7.9		10.0		10.0		8.8		11.4		9.4			9.6			9.1
Total loss ratio			59.7	%	64.9	%	54.3	%	65.6	%	71.0	%	64.6	%	62.3	%	67.8	%		67.0	%		63.8	%
Excess & Surplus Lines
Current accident year losses greater than $5 million			—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%		—	%		—	%
Current accident year losses $1 million - $5 million			3.0		1.6		5.0		1.9		—		—		2.4		—			0.7			1.8
Large loss prior accident year reserve development			1.5		1.2		(0.3	)	0.4		(0.2	)	(0.4	)	1.3		(0.3	)		(0.1	)		(0.1	)
Total large loss ratio			4.5	%	2.8	%	4.7	%	2.3	%	(0.2	)%	(0.4	)%	3.7	%	(0.3	)%		0.6	%		1.7	%
Losses incurred but not reported			(4.5	)	0.8		13.5		4.3		4.5		(9.0	)	(1.9	)	(2.1	)		0.1			3.6
Other losses excluding catastrophe losses			26.7		29.1		11.8		18.7		28.6		26.4		27.9		27.4			24.4			21.1
Catastrophe losses			0.5		0.2		0.7		0.5		1.0		1.8		0.3		1.4			1.1			1.0
Total loss ratio			27.2	%	32.9	%	30.7	%	25.8	%	33.9	%	18.8	%	30.0	%	26.4	%		26.2	%		27.4	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
Consolidated property casualty data includes results from our Cincinnati Re operations and our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019.

CINF Second-Quarter 2019 Supplemental Financial Data

7

Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/19	9/30/19	6/30/19	3/31/19	12/31/18	9/30/18	6/30/18	3/31/18	6/30/19	6/30/18	9/30/19	9/30/18	12/31/19	12/31/18
Consolidated
Current accident year reported losses greater    than $5 million			2	—	—	1	1	3	2	4		5		7
Current accident year reported losses    $1 million - $5 million			31	19	33	37	36	22	50	59		95		125
Prior accident year reported losses on    large losses			13	10	9	8	9	24	24	35		44		56
Non-Catastrophe reported losses on       large losses total			46	29	42	46	46	49	76	98		144		188
Commercial Lines
Current accident year reported losses greater    than $5 million			2	—	—	1	1	2	2	3		4		5
Current accident year reported losses    $1 million - $5 million			23	12	25	33	30	15	35	46		77		100
Prior accident year reported losses on    large losses			10	7	8	7	6	22	19	30		38		49
Non-Catastrophe reported losses on       large losses total			35	19	33	41	37	39	56	79		119		154
Personal Lines
Current accident year reported losses greater    than $5 million			—	—	—	—	—	1	—	1		1		2
Current accident year reported losses    $1 million - $5 million			6	6	7	3	6	7	12	13		17		21
Prior accident year reported losses on    large losses			1	2	1	1	3	2	3	5		6		7
Non-Catastrophe reported losses on       large losses total			7	8	8	4	9	10	15	19		24		30
Excess & Surplus Lines
Current accident year reported losses greater    than $5 million			—	—	—	—	—	—	—	—		—		—
Current accident year reported losses    $1 million - $5 million			2	1	1	1	—	—	3	—		1		4
Prior accident year reported losses on    large losses			2	1	—	—	—	—	2	—		—		—
Non-Catastrophe reported losses on       large losses total			4	2	1	1	—	—	5	—		1		4
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Second-Quarter 2019 Supplemental Financial Data

8

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/19	9/30/19	6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19	9/30/18			12/31/19	12/31/18
Commercial casualty:
Written premiums			$	296		$	303		$	251		$	251		$	291		$	287		$	599		$	578			$	829			$	1,080
Year over year change %- written premium			2		%	6		%	1		%	(2		)%	4		%	(3		)%	4		%	—		%		(1		)%		—		%
Earned premiums			$	277		$	268		$	270		$	268		$	272		$	265		$	545		$	537			$	805			$	1,075
Current accident year before catastrophe losses			67.4		%	66.7		%	66.8		%	64.5		%	66.8		%	67.9		%	67.0		%	67.3		%		66.4		%		66.5		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(9.3		)	(11.5		)	(6.1		)	(8.0		)	(5.2		)	1.7			(10.3		)	(1.8		)		(3.9		)		(4.4		)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			58.1		%	55.2		%	60.7		%	56.5		%	61.6		%	69.6		%	56.7		%	65.5		%		62.5		%		62.1		%
Commercial property:
Written premiums			$	247		$	247		$	223		$	232		$	240		$	237		$	494		$	477			$	709			$	932
Year over year change %- written premium			3		%	4		%	3		%	1		%	3		%	(1		)%	3		%	1		%		1		%		1		%
Earned premiums			$	234		$	234		$	232		$	229		$	231		$	228		$	468		$	459			$	688			$	920
Current accident year before catastrophe losses			49.0		%	51.5		%	52.7		%	40.7		%	45.8		%	58.6		%	50.3		%	52.2		%		48.3		%		49.4		%
Current accident year catastrophe losses			43.5			13.8			16.8			36.1			22.1			12.8			28.6			17.4				23.7				22.0
Prior accident years before catastrophe losses			0.8			1.9			(2.0		)	(1.0		)	(1.9		)	(6.4		)	1.3			(4.1		)		(3.1		)		(2.8		)
Prior accident years catastrophe losses			(3.6		)	(2.6		)	(2.5		)	(2.9		)	(1.2		)	(2.6		)	(3.0		)	(1.9		)		(2.2		)		(2.3		)
Total loss and loss expense ratio			89.7		%	64.6		%	65.0		%	72.9		%	64.8		%	62.4		%	77.2		%	63.6		%		66.7		%		66.3		%
Commercial auto:
Written premiums			$	196		$	188		$	163		$	160		$	182		$	177		$	384		$	359			$	519			$	682
Year over year change %- written premium			8		%	6		%	7		%	2		%	9		%	2		%	7		%	5		%		4		%		5		%
Earned premiums			$	175		$	170		$	169		$	168		$	166		$	161		$	345		$	327			$	495			$	664
Current accident year before catastrophe losses			70.5		%	74.5		%	71.3		%	73.5		%	75.8		%	80.6		%	72.5		%	78.2		%		76.6		%		75.3		%
Current accident year catastrophe losses			1.4			0.3			0.1			0.1			2.1			0.2			0.9			1.1				0.8				0.6
Prior accident years before catastrophe losses			1.0			(6.7		)	4.4			1.8			3.3			(0.8		)	(2.9		)	1.3				1.5				2.2
Prior accident years catastrophe losses			—			—			—			—			(0.1		)	(0.2		)	—			(0.1		)		(0.1		)		(0.1		)
Total loss and loss expense ratio			72.9		%	68.1		%	75.8		%	75.4		%	81.1		%	79.8		%	70.5		%	80.5		%		78.8		%		78.0		%
Workers' compensation:
Written premiums			$	75		$	94		$	67		$	66		$	83		$	95		$	169		$	178			$	244			$	311
Year over year change %- written premium			(10		)%	(1		)%	(8		)%	(12		)%	5		%	(4		)%	(5		)%	—		%		(4		)%		(5		)%
Earned premiums			$	74		$	77		$	79		$	80		$	85		$	80		$	151		$	165			$	245			$	324
Current accident year before catastrophe losses			78.0		%	78.8		%	78.8		%	74.6		%	73.0		%	73.1		%	78.4		%	73.1		%		73.6		%		74.9		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(35.9		)	(20.1		)	(23.7		)	(10.8		)	(20.7		)	(16.1		)	(27.9		)	(18.5		)		(16.0		)		(17.9		)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			42.1		%	58.7		%	55.1		%	63.8		%	52.3		%	57.0		%	50.5		%	54.6		%		57.6		%		57.0		%
Other commercial:
Written premiums			$	65		$	64		$	57		$	65		$	60		$	58		$	129		$	118			$	183			$	240
Year over year change %- written premium			10		%	10		%	4		%	10		%	11		%	4		%	10		%	7		%		8		%		7		%
Earned premiums			$	63		$	61		$	61		$	60		$	58		$	56		$	124		$	114			$	174			$	235
Current accident year before catastrophe losses			33.7		%	38.0		%	38.5		%	33.2		%	38.2		%	37.8		%	35.8		%	38.0		%		36.3		%		37.0		%
Current accident year catastrophe losses			0.3			0.4			0.2			0.3			1.7			0.3			0.3			1.0				0.8				0.6
Prior accident years before catastrophe losses			(1.9		)	(4.1		)	(9.1		)	(2.7		)	(14.8		)	(6.8		)	(3.0		)	(10.9		)		(8.1		)		(8.4		)
Prior accident years catastrophe losses			—			0.2			1.0			(0.1		)	0.3			(0.3		)	0.1			—				—				0.2
Total loss and loss expense ratio			32.1		%	34.5		%	30.6		%	30.7		%	25.4		%	31.0		%	33.2		%	28.1		%		29.0		%		29.4		%
*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 Second-Quarter 2019 Supplemental Financial Data

9

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/19	9/30/19	6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19	9/30/18			12/31/19	12/31/18
Personal auto:
Written premiums			$	173		$	140		$	141		$	169		$	172		$	140		$	313		$	312			$	481			$	622
Year over year change %- written premium			—		%	—		%	—		%	2		%	4		%	6		%	—		%	5		%		4		%		3		%
Earned premiums			$	155		$	155		$	155		$	155		$	153		$	151		$	310		$	304			$	459			$	614
Current accident year before catastrophe losses			73.8		%	76.2		%	72.6		%	77.9		%	78.7		%	81.2		%	75.0		%	80.0		%		79.2		%		77.6		%
Current accident year catastrophe losses			1.8			0.5			0.4			1.1			1.3			0.8			1.1			1.0				1.1				0.9
Prior accident years before catastrophe losses			(9.4		)	(3.3		)	(0.6		)	(2.1		)	(1.5		)	(4.3		)	(6.3		)	(2.9		)		(2.6		)		(2.1		)
Prior accident years catastrophe losses			(0.2		)	—			—			—			(0.1		)	(0.1		)	(0.1		)	(0.1		)		(0.1		)		(0.1		)
Total loss and loss expense ratio			66.0		%	73.4		%	72.4		%	76.9		%	78.4		%	77.6		%	69.7		%	78.0		%		77.6		%		76.3		%
Homeowner:
Written premiums			$	176		$	130		$	141		$	162		$	164		$	121		$	306		$	285			$	447			$	588
Year over year change %- written premium			8		%	7		%	7		%	8		%	9		%	10		%	8		%	10		%		9		%		8		%
Earned premiums			$	149		$	147		$	146		$	142		$	139		$	136		$	296		$	275			$	417			$	563
Current accident year before catastrophe losses			53.1		%	51.9		%	42.6		%	49.8		%	57.7		%	55.8		%	52.5		%	56.7		%		54.4		%		51.3		%
Current accident year catastrophe losses			22.6			23.2			17.0			19.2			20.6			19.6			22.9			20.1				19.8				19.1
Prior accident years before catastrophe losses			4.5			2.0			—			3.6			8.1			2.4			3.3			5.3				4.7				3.5
Prior accident years catastrophe losses			(2.2		)	5.7			0.5			1.0			1.6			0.1			1.7			0.9				0.9				0.8
Total loss and loss expense ratio			78.0		%	82.8		%	60.1		%	73.6		%	88.0		%	77.9		%	80.4		%	83.0		%		79.8		%		74.7		%
Other personal:
Written premiums			$	53		$	39		$	41		$	46		$	45		$	36		$	92		$	81			$	127			$	168
Year over year change %- written premium			15		%	10		%	14		%	15		%	7		%	16		%	13		%	11		%		12		%		13		%
Earned premiums			$	44		$	42		$	41		$	41		$	39		$	38		$	86		$	77			$	118			$	159
Current accident year before catastrophe losses			51.5		%	33.6		%	42.7		%	60.6		%	50.1		%	28.9		%	42.7		%	39.6		%		46.9		%		45.8		%
Current accident year catastrophe losses			4.7			5.6			4.7			9.7			3.0			4.0			5.1			3.6				5.7				5.4
Prior accident years before catastrophe losses			(7.7		)	(6.1		)	(6.9		)	(8.7		)	13.9			7.2			(6.9		)	10.6				3.9				1.1
Prior accident years catastrophe losses			0.4			0.1			0.1			0.1			0.2			(0.5		)	0.2			(0.2		)		(0.1		)		—
Total loss and loss expense ratio			48.9		%	33.2		%	40.6		%	61.7		%	67.2		%	39.6		%	41.1		%	53.6		%		56.4		%		52.3		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/19	9/30/19	6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19	9/30/18			12/31/19	12/31/18
Excess & Surplus:
Written premiums			$	78		$	71		$	65		$	59		$	64		$	61		$	149		$	125			$	184			$	249
Year over year change %- written premium			22		%	16		%	20		%	16		%	5		%	15		%	19		%	10		%		12		%		14		%
Earned premiums			$	67		$	63		$	61		$	60		$	57		$	56		$	130		$	113			$	173			$	234
Current accident year before catastrophe losses			50.8		%	55.5		%	50.9		%	53.3		%	56.9		%	54.6		%	53.1		%	55.8		%		54.9		%		53.9		%
Current accident year catastrophe losses			0.7			0.3			0.8			0.9			1.0			1.8			0.5			1.4				1.2				1.1
Prior accident years before catastrophe losses			(6.2		)	(4.2		)	(4.9		)	(11.3		)	(9.6		)	(17.2		)	(5.2		)	(13.3		)		(12.6		)		(10.6		)
Prior accident years catastrophe losses			(0.2		)	(0.1		)	—			(0.3		)	0.2			0.1			(0.1		)	0.1				—				—
Total loss and loss expense ratio			45.1		%	51.5		%	46.8		%	42.6		%	48.5		%	39.3		%	48.3		%	44.0		%		43.5		%		44.4		%
*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 Second-Quarter 2019 Supplemental Financial Data

10

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)									Change in			Change in			Change in			Total									Loss
	Paid			Paid loss		Total			case			IBNR			loss expense			change in			Case			IBNR			expense		Total
	losses			expense		paid			reserves			reserves			reserves			reserves			incurred			incurred			incurred		incurred
Gross loss and loss expense incurred for the six months ended June 30, 2019
Commercial casualty	$	250		$	93	$	343		$	(70	)	$	29		$	1		$	(40	)	$	180		$	29		$	94	$	303
Commercial property	283			28		311			25			44			2			71			308			44			30		382
Commercial auto	198			36		234			(12		)	23			(2		)	9			186			23			34		243
Workers' compensation	78			15		93			9			(22		)	—			(13		)	87			(22		)	15		80
Other commercial	33			7		40			9			(1		)	(6		)	2			42			(1		)	1		42
Total commercial lines	842			179		1,021			(39		)	73			(5		)	29			803			73			174		1,050
Personal auto	187			35		222			(12		)	6			3			(3		)	175			6			38		219
Homeowners	223			20		243			6			12			(2		)	16			229			12			18		259
Other personal	35			3		38			1			(4		)	—			(3		)	36			(4		)	3		35
Total personal lines	445			58		503			(5		)	14			1			10			440			14			59		513
Excess & surplus lines	30			15		45			15			(2		)	8			21			45			(2		)	23		66
Other	98			3		101			(12		)	(15		)	—			(27		)	86			(15		)	3		74
Total property casualty	$	1,415		$	255	$	1,670		$	(41	)	$	70		$	4		$	33		$	1,374		$	70		$	259	$	1,703
Ceded loss and loss expense incurred for the six months ended June 30, 2019
Commercial casualty	$	10		$	—	$	10		$	(16	)	$	—		$	—		$	(16	)	$	(6	)	$	—		$	—	$	(6	)
Commercial property	(1		)	—		(1		)	2			21			—			23			1			21			—		22
Commercial auto	—			—		—			—			—			—			—			—			—			—		—
Workers' compensation	4			—		4			(1		)	—			—			(1		)	3			—			—		3
Other commercial	—			—		—			—			—			—			—			—			—			—		—
Total commercial lines	13			—		13			(15		)	21			—			6			(2		)	21			—		19
Personal auto	3			—		3			(2		)	1			—			(1		)	1			1			—		2
Homeowners	15			—		15			—			6			—			6			15			6			—		21
Other personal	—			—		—			—			—			—			—			—			—			—		—
Total personal lines	18			—		18			(2		)	7			—			5			16			7			—		23
Excess & surplus lines	3			—		3			1			—			—			1			4			—			—		4
Other	13			1		14			(5		)	(5		)	—			(10		)	8			(5		)	1		4
Total property casualty	$	47		$	1	$	48		$	(21	)	$	23		$	—		$	2		$	26		$	23		$	1	$	50
Net loss and loss expense incurred for the six months ended June 30, 2019
Commercial casualty	$	240		$	93	$	333		$	(54	)	$	29		$	1		$	(24	)	$	186		$	29		$	94	$	309
Commercial property	284			28		312			23			23			2			48			307			23			30		360
Commercial auto	198			36		234			(12		)	23			(2		)	9			186			23			34		243
Workers' compensation	74			15		89			10			(22		)	—			(12		)	84			(22		)	15		77
Other commercial	33			7		40			9			(1		)	(6		)	2			42			(1		)	1		42
Total commercial lines	829			179		1,008			(24		)	52			(5		)	23			805			52			174		1,031
Personal auto	184			35		219			(10		)	5			3			(2		)	174			5			38		217
Homeowners	208			20		228			6			6			(2		)	10			214			6			18		238
Other personal	35			3		38			1			(4		)	—			(3		)	36			(4		)	3		35
Total personal lines	427			58		485			(3		)	7			1			5			424			7			59		490
Excess & surplus lines	27			15		42			14			(2		)	8			20			41			(2		)	23		62
Other	85			2		87			(7		)	(10		)	—			(17		)	78			(10		)	2		70
Total property casualty	$	1,368		$	254	$	1,622		$	(20	)	$	47		$	4		$	31		$	1,348		$	47		$	258	$	1,653
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019.

CINF Second-Quarter 2019 Supplemental Financial Data

11

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)							Change in			Change in			Change in			Total									Loss
	Paid		Paid loss		Total		case			IBNR			loss expense			change in			Case			IBNR			expense			Total
	losses		expense		paid		reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred for the three months ended June 30, 2019
Commercial casualty	$	100	$	45	$	145	$	(7	)	$	16		$	(2	)	$	7		$	93		$	16		$	43		$	152
Commercial property	144		14		158		47			23			2			72			191			23			16			230
Commercial auto	96		17		113		(2		)	12			4			14			94			12			21			127
Workers' compensation	40		7		47		8			(21		)	(1		)	(14		)	48			(21		)	6			33
Other commercial	16		4		20		7			(1		)	(5		)	1			23			(1		)	(1		)	21
Total commercial lines	396		87		483		53			29			(2		)	80			449			29			85			563
Personal auto	89		16		105		—			(3		)	2			(1		)	89			(3		)	18			104
Homeowners	118		10		128		(5		)	(3		)	3			(5		)	113			(3		)	13			123
Other personal	19		1		20		(2		)	3			—			1			17			3			1			21
Total personal lines	226		27		253		(7		)	(3		)	5			(5		)	219			(3		)	32			248
Excess & surplus lines	10		7		17		15			(3		)	4			16			25			(3		)	11			33
Other	67		2		69		(20		)	(2		)	—			(22		)	47			(2		)	2			47
Total property casualty	$	699	$	123	$	822	$	41		$	21		$	7		$	69		$	740		$	21		$	130		$	891
Ceded loss and loss expense incurred for the three months ended June 30, 2019
Commercial casualty	$	—	$	—	$	—	$	(9	)	$	—		$	—		$	(9	)	$	(9	)	$	—		$	—		$	(9	)
Commercial property	1		—		1		—			21			—			21			1			21			—			22
Commercial auto	—		—		—		—			—			—			—			—			—			—			—
Workers' compensation	2		—		2		(2		)	—			—			(2		)	—			—			—			—
Other commercial	—		—		—		—			—			—			—			—			—			—			—
Total commercial lines	3		—		3		(11		)	21			—			10			(8		)	21			—			13
Personal auto	—		—		—		—			1			—			1			—			1			—			1
Homeowners	7		—		7		(8		)	8			—			—			(1		)	8			—			7
Other personal	—		—		—		—			—			—			—			—			—			—			—
Total personal lines	7		—		7		(8		)	9			—			1			(1		)	9			—			8
Excess & surplus lines	1		—		1		3			—			—			3			4			—			—			4
Other	12		1		13		(4		)	(6		)	—			(10		)	8			(6		)	1			3
Total property casualty	$	23	$	1	$	24	$	(20	)	$	24		$	—		$	4		$	3		$	24		$	1		$	28
Net loss and loss expense incurred for the three months ended June 30, 2019
Commercial casualty	$	100	$	45	$	145	$	2		$	16		$	(2	)	$	16		$	102		$	16		$	43		$	161
Commercial property	143		14		157		47			2			2			51			190			2			16			208
Commercial auto	96		17		113		(2		)	12			4			14			94			12			21			127
Workers' compensation	38		7		45		10			(21		)	(1		)	(12		)	48			(21		)	6			33
Other commercial	16		4		20		7			(1		)	(5		)	1			23			(1		)	(1		)	21
Total commercial lines	393		87		480		64			8			(2		)	70			457			8			85			550
Personal auto	89		16		105		—			(4		)	2			(2		)	89			(4		)	18			103
Homeowners	111		10		121		3			(11		)	3			(5		)	114			(11		)	13			116
Other personal	19		1		20		(2		)	3			—			1			17			3			1			21
Total personal lines	219		27		246		1			(12		)	5			(6		)	220			(12		)	32			240
Excess & surplus lines	9		7		16		12			(3		)	4			13			21			(3		)	11			29
Other	55		1		56		(16		)	4			—			(12		)	39			4			1			44
Total property casualty	$	676	$	122	$	798	$	61		$	(3	)	$	7		$	65		$	737		$	(3	)	$	129		$	863
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019.

CINF Second-Quarter 2019 Supplemental Financial Data

12

Consolidated Property Casualty
Quarterly Property Casualty Data
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/19	9/30/19	6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19	9/30/18			12/31/19	12/31/18
Premiums
Agency renewal written premiums			$	1,186		$	1,130		$	1,037		$	1,088		$	1,150		$	1,083		$	2,316		$	2,233			$	3,321			$	4,358
Agency new business written premiums			212			181			158			154			181			159			393			340				494				652
Other written premiums			78			70			(18		)	4			18			16			148			34				38				20
Net written premiums			$	1,476		$	1,381		$	1,177		$	1,246		$	1,349		$	1,258		$	2,857		$	2,607			$	3,853			$	5,030
Unearned premium change			(159		)	(114		)	76			(9		)	(119		)	(58		)	(273		)	(177		)		(186		)		(110		)
Earned premiums			$	1,317		$	1,267		$	1,253		$	1,237		$	1,230		$	1,200		$	2,584		$	2,430			$	3,667			$	4,920
Year over year change %
Agency renewal written premiums			3		%	4		%	5		%	2		%	6		%	2		%	4		%	4		%		3		%		4		%
Agency new business written premiums			17			14			5			(2		)	10			4			16			7				4				4
Other written premiums			333			338			(125		)	131			13			(24		)	335			(8		)		58				25
Net written premiums			9			10			4			3			6			2			10			4				4				4
Paid losses and loss expenses
Losses paid			$	677		$	692		$	606		$	585		$	586		$	579		$	1,369		$	1,165			$	1,750			$	2,356
Loss expenses paid			121			132			127			120			109			135			253			244				364				491
Loss and loss expenses paid			$	798		$	824		$	733		$	705		$	695		$	714		$	1,622		$	1,409			$	2,114			$	2,847
Incurred losses and loss expenses
Loss and loss expense incurred			$	863		$	790		$	798		$	813		$	821		$	791		$	1,653		$	1,612			$	2,425			$	3,223
Loss and loss expenses paid as a % of incurred			92.5		%	104.3		%	91.9		%	86.7		%	84.7		%	90.3		%	98.1		%	87.4		%		87.2		%		88.3		%
Statutory combined ratio
Loss ratio			55.7		%	52.5		%	51.5		%	54.8		%	54.9		%	55.2		%	54.1		%	55.0		%		54.9		%		54.1		%
Loss adjustment expense ratio			9.9			10.1			12.2			10.9			11.8			10.8			10.1			11.3				11.2				11.4
Net underwriting expense ratio			29.3			28.9			31.8			31.0			29.1			30.4			29.1			29.8				30.2				30.5
US Statutory combined ratio			94.9		%	91.5		%	95.5		%	96.7		%	95.8		%	96.4		%	93.3		%	96.1		%		96.3		%		96.0		%
Contribution from catastrophe losses			10.0			5.8			7.0			9.7			7.1			4.4			7.9			5.8				7.1				7.1
Statutory combined ratio excl. catastrophe losses			84.9		%	85.7		%	88.5		%	87.0		%	88.7		%	92.0		%	85.4		%	90.3		%		89.2		%		88.9		%
GAAP combined ratio
GAAP combined ratio			96.5		%	93.0		%	93.9		%	96.8		%	97.2		%	97.9		%	94.8		%	97.5		%		97.3		%		96.4		%
Contribution from catastrophe losses			10.0			5.8			7.0			9.7			7.1			4.4			7.9			5.8				7.1				7.1
GAAP combined ratio excl. catastrophe losses			86.5		%	87.2		%	86.9		%	87.1		%	90.1		%	93.5		%	86.9		%	91.7		%		90.2		%		89.3		%
*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 ratios exclude the results of our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Second-Quarter 2019 Supplemental Financial Data

13

Cincinnati Insurance Companies
Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/19	9/30/19	6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19	9/30/18			12/31/19	12/31/18
Premiums
Agency renewal written premiums			$	767		$	799		$	694		$	702		$	758		$	771		$	1,566		$	1,529			$	2,231			$	2,925
Agency new business written premiums			137			120			101			94			118			104			257			222				316				417
Other written premiums			(25		)	(23		)	(34		)	(22		)	(20		)	(21		)	(48		)	(41		)		(63		)		(97		)
Net written premiums			$	879		$	896		$	761		$	774		$	856		$	854		$	1,775		$	1,710			$	2,484			$	3,245
Unearned premium change			(56		)	(86		)	50			31			(44		)	(64		)	(142		)	(108		)		(77		)		(27		)
Earned premiums			$	823		$	810		$	811		$	805		$	812		$	790		$	1,633		$	1,602			$	2,407			$	3,218
Year over year change %
Agency renewal written premiums			1		%	4		%	3		%	(1		)%	4		%	—		%	2		%	2		%		1		%		2		%
Agency new business written premiums			16			15			5			(5		)	19			1			16			10				5				5
Other written premiums			(25		)	(10		)	(55		)	21			(33		)	(110		)	(17		)	(64		)		(19		)		(29		)
Net written premiums			3			5			2			(1		)	5			(1		)	4			2				1				1
Paid losses and loss expenses
Losses paid			$	394		$	436		$	377		$	370		$	350		$	371		$	830		$	722			$	1,092			$	1,469
Loss expenses paid			85			92			90			84			77			96			178			173				257				347
Loss and loss expenses paid			$	479		$	528		$	467		$	454		$	427		$	467		$	1,008		$	895			$	1,349			$	1,816
Incurred losses and loss expenses
Loss and loss expense incurred			$	550		$	481		$	505		$	515		$	510		$	519		$	1,031		$	1,029			$	1,544			$	2,049
Loss and loss expenses paid as a % of incurred			87.1		%	109.8		%	92.5		%	88.2		%	83.7		%	90.0		%	97.8		%	87.0		%		87.4		%		88.6		%
Statutory combined ratio
Loss ratio			56.5		%	48.5		%	48.6		%	51.8		%	50.3		%	54.4		%	52.5		%	52.3		%		52.1		%		51.3		%
Loss adjustment expense ratio			10.3			10.9			13.7			12.1			12.6			11.2			10.6			11.9				12.0				12.4
Net underwriting expense ratio			30.2			28.9			32.7			32.8			30.0			30.5			29.6			30.3				31.1				31.4
Statutory combined ratio			97.0		%	88.3		%	95.0		%	96.7		%	92.9		%	96.1		%	92.7		%	94.5		%		95.2		%		95.1		%
Contribution from catastrophe losses			11.7			3.3			4.2			9.5			6.5			2.9			7.5			4.7				6.3				5.8
Statutory combined ratio excl. catastrophe losses			85.3		%	85.0		%	90.8		%	87.2		%	86.4		%	93.2		%	85.2		%	89.8		%		88.9		%		89.3		%
GAAP combined ratio
GAAP combined ratio			98.6		%	90.8		%	93.4		%	95.9		%	94.2		%	98.3		%	94.7		%	96.2		%		96.1		%		95.4		%
Contribution from catastrophe losses			11.7			3.3			4.2			9.5			6.5			2.9			7.5			4.7				6.3				5.8
GAAP combined ratio excl. catastrophe losses			86.9		%	87.5		%	89.2		%	86.4		%	87.7		%	95.4		%	87.2		%	91.5		%		89.8		%		89.6		%
*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 Second-Quarter 2019 Supplemental Financial Data

14

Cincinnati Insurance Companies
Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/19	9/30/19	6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19	9/30/18			12/31/19	12/31/18
Premiums
Agency renewal written premiums			$	365		$	282		$	293		$	342		$	342		$	264		$	647		$	606			$	948			$	1,241
Agency new business written premiums			47			35			38			42			46			39			82			85				127				165
Other written premiums			(10		)	(8		)	(8		)	(7		)	(7		)	(6		)	(18		)	(13		)		(20		)		(28		)
Net written premiums			$	402		$	309		$	323		$	377		$	381		$	297		$	711		$	678			$	1,055			$	1,378
Unearned premium change			(54		)	35			19			(39		)	(50		)	28			(19		)	(22		)		(61		)		(42		)
Earned premiums			$	348		$	344		$	342		$	338		$	331		$	325		$	692		$	656			$	994			$	1,336
Year over year change %
Agency renewal written premiums			7		%	7		%	7		%	8		%	8		%	8		%	7		%	8		%		8		%		7		%
Agency new business written premiums			2			(10		)	(3		)	(2		)	2			15			(4		)	8				4				2
Other written premiums			(43		)	(33		)	(60		)	(17		)	(17		)	—			(38		)	(8		)		(11		)		(22		)
Net written premiums			6			4			5			6			7			9			5			8				7				6
Paid losses and loss expenses
Losses paid			$	217		$	209		$	207		$	199		$	210		$	187		$	426		$	396			$	595			$	802
Loss expenses paid			27			31			28			28			25			32			58			56				84				112
Loss and loss expenses paid			$	244		$	240		$	235		$	227		$	235		$	219		$	484		$	452			$	679			$	914
Incurred losses and loss expenses
Loss and loss expense incurred			$	240		$	250		$	216		$	249		$	269		$	238		$	490		$	507			$	756			$	972
Loss and loss expenses paid as a % of incurred			101.7		%	96.0		%	108.8		%	91.2		%	87.4		%	92.0		%	98.8		%	89.2		%		89.8		%		94.0		%
Statutory combined ratio
Loss ratio			59.7		%	64.9		%	54.3		%	65.6		%	71.0		%	64.5		%	62.3		%	67.7		%		67.0		%		63.8		%
Loss adjustment expense ratio			9.2			7.6			9.0			8.1			10.1			8.8			8.4			9.5				9.0				9.0
Net underwriting expense ratio			27.3			30.7			29.8			26.9			26.6			31.3			28.8			28.7				28.0				28.4
Statutory combined ratio			96.2		%	103.2		%	93.1		%	100.6		%	107.7		%	104.6		%	99.5		%	105.9		%		104.0		%		101.2		%
Contribution from catastrophe losses			10.0			13.3			8.2			10.2			10.2			8.9			11.6			9.6				9.8				9.4
Statutory combined ratio excl. catastrophe losses			86.2		%	89.9		%	84.9		%	90.4		%	97.5		%	95.7		%	87.9		%	96.3		%		94.2		%		91.8		%
GAAP combined ratio
GAAP combined ratio			98.9		%	101.3		%	91.7		%	103.0		%	110.1		%	103.2		%	100.1		%	106.7		%		105.4		%		101.9		%
Contribution from catastrophe losses			10.0			13.3			8.2			10.2			10.2			8.9			11.6			9.6				9.8				9.4
GAAP combined ratio excl. catastrophe losses			88.9		%	88.0		%	83.5		%	92.8		%	99.9		%	94.3		%	88.5		%	97.1		%		95.6		%		92.5		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed  independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2019 Supplemental Financial Data

15

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
	12/31/19	9/30/19	6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19	9/30/18			12/31/19	12/31/18
Premiums
Agency renewal written premiums			$	54		$	49		$	50		$	44		$	50		$	48		$	103		$	98			$	142			$	192
Agency new business written premiums			28			26			19			18			17			16			54			33				51				70
Other written premiums			(4		)	(4		)	(4		)	(3		)	(3		)	(3		)	(8		)	(6		)		(9		)		(13		)
Net written premiums			$	78		$	71		$	65		$	59		$	64		$	61		$	149		$	125			$	184			$	249
Unearned premium change			(11		)	(8		)	(4		)	1			(7		)	(5		)	(19		)	(12		)		(11		)		(15		)
Earned premiums			$	67		$	63		$	61		$	60		$	57		$	56		$	130		$	113			$	173			$	234
Year over year change %
Agency renewal written premiums			8		%	2		%	25		%	13		%	16		%	20		%	5		%	18		%		16		%		19		%
Agency new business written premiums			65			63			19			20			(19		)	—			64			(11		)		(2		)		3
Other written premiums			(33		)	(33		)	(100		)	—			—			—			(33		)	—				—				(18		)
Net written premiums			22			16			20			16			5			15			19			10				12				14
Paid losses and loss expenses
Losses paid			$	10		$	18		$	13		$	10		$	14		$	9		$	28		$	23			$	33			$	46
Loss expenses paid			7			8			8			7			6			7			15			13				20				28
Loss and loss expenses paid			$	17		$	26		$	21		$	17		$	20		$	16		$	43		$	36			$	53			$	74
Incurred losses and loss expenses
Loss and loss expense incurred			$	29		$	33		$	29		$	25		$	29		$	21		$	62		$	50			$	75			$	104
Loss and loss expenses paid as a % of incurred			53.5		%	78.8		%	72.4		%	68.0		%	69.0		%	76.2		%	68.8		%	72.0		%		70.7		%		71.2		%
Statutory combined ratio
Loss ratio			27.2		%	32.9		%	30.7		%	25.8		%	33.9		%	18.8		%	30.0		%	26.5		%		26.2		%		27.4		%
Loss adjustment expense ratio			17.9			18.6			16.1			16.8			14.6			20.5			18.3			17.5				17.3				17.0
Net underwriting expense ratio			28.5			28.5			29.3			30.5			28.7			28.0			28.4			28.3				29.0				29.1
Statutory combined ratio			73.6		%	80.0		%	76.1		%	73.1		%	77.2		%	67.3		%	76.7		%	72.3		%		72.5		%		73.5		%
Contribution from catastrophe losses			0.5			0.2			0.8			0.6			1.2			1.9			0.4			1.5				1.2				1.1
Statutory combined ratio excl. catastrophe losses			73.1		%	79.8		%	75.3		%	72.5		%	76.0		%	65.4		%	76.3		%	70.8		%		71.3		%		72.4		%
GAAP combined ratio
GAAP combined ratio			76.1		%	83.5		%	75.4		%	72.0		%	77.6		%	68.8		%	79.7		%	73.3		%		72.8		%		73.5		%
Contribution from catastrophe losses			0.5			0.2			0.8			0.6			1.2			1.9			0.4			1.5				1.2				1.1
GAAP combined ratio excl. catastrophe losses			75.6		%	83.3		%	74.6		%	71.4		%	76.4		%	66.9		%	79.3		%	71.8		%		71.6		%		72.4		%
*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.

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Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
	For the Three Months Ended June 30,									For the Six Months Ended June 30,
(Dollars in millions)	2019		2018		Change			% Change		2019		2018		Change			% Change
Underwriting income
Net premiums written	$	1,431	$	1,349	$	82		6		$	2,792	$	2,607	$	185		7
Unearned premium change	147		119		28			24		251		177		74			42
Earned premiums	$	1,284	$	1,230	$	54		4		$	2,541	$	2,430	$	111		5
Losses incurred	$	716	$	675	$	41		6		$	1,376	$	1,337	$	39		3
Defense and cost containment expenses incurred	60		76		(16		)	(21	)	132		158		(26		)	(16	)
Adjusting and other expenses incurred	70		70		—			—		125		117		8			7
Other underwriting expenses incurred	416		390		26			7		806		769		37			5
Workers compensation dividend incurred	3		2		1			50		6		6		—			—
Total underwriting deductions	$	1,265	$	1,213	$	52		4		$	2,445	$	2,387	$	58		2
Net underwriting profit	$	19	$	17	$	2		12		$	96	$	43	$	53		123
Investment income
Gross investment income earned	$	102	$	101	$	1		1		$	204	$	201	$	3		1
Net investment income earned	101		100		1			1		201		198		3			2
Net realized capital gains and losses, net	2		4		(2		)	(50	)	5		37		(32		)	(86	)
Net investment gains (net of tax)	$	103	$	104	$	(1	)	(1	)	$	206	$	235	$	(29	)	(12	)
Other income	$	2	$	1	$	1		100		$	4	$	4	$	—		—
Net income before federal income taxes	$	124	$	122	$	2		2		$	306	$	282	$	24		9
Federal and foreign income taxes incurred	24		26		(2		)	(8	)	48		47		1			2
Net income (statutory)	$	100	$	96	$	4		4		$	258	$	235	$	23		10
Policyholders' surplus - statutory	$	5,325	$	5,030	$	295		6		$	5,325	$	5,030	$	295		6
Fixed maturities at amortized cost - statutory	$	7,291	$	7,111	$	180		3		$	7,291	$	7,111	$	180		3

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The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended June 30,											For the Six Months Ended June 30,
(Dollars in millions)	2019			2018			Change			% Change		2019			2018		Change			% Change
Net premiums written	$	83		$	77		$	6		8		$	155		$	145	$	10		7
Net investment income	40			40			—			—		79			79		—			—
Amortization of interest maintenance reserve	—			—			—			nm		1			1		—			—
Commissions and expense allowances on reinsurance ceded	1			2			(1		)	(50	)	2			3		(1		)	(33	)
Income from fees associated with separate accounts	1			1			—			—		2			2		—			—
Total revenues	$	125		$	120		$	5		4		$	239		$	230	$	9		4
Death benefits and matured endowments	$	38		$	22		$	16		73		$	71		$	49	$	22		45
Annuity benefits	25			22			3			14		49			49		—			—
Disability benefits and benefits under accident and health contracts	—			—			—			nm		1			1		—			—
Surrender benefits and group conversions	5			6			(1		)	(17	)	10			12		(2		)	(17	)
Interest and adjustments on deposit-type contract funds	2			3			(1		)	(33	)	4			5		(1		)	(20	)
Increase in aggregate reserves for life and accident and health contracts	28			36			(8		)	(22	)	52			58		(6		)	(10	)
Total benefit expenses	$	98		$	89		$	9		10		$	187		$	174	$	13		7
Commissions	$	13		$	13		$	—		—		$	26		$	24	$	2		8
General insurance expenses and taxes	14			11			3			27		27			24		3			13
Increase in loading on deferred and uncollected premiums	(2		)	(1		)	(1		)	(100	)	(2		)	2		(4		)	nm
Net transfers from separate accounts	(2		)	—			(2		)	nm		(3		)	—		(3		)	nm
Total underwriting expenses	$	23		$	23		$	—		—		$	48		$	50	$	(2	)	(4	)
Federal and foreign income tax benefit	2			3			(1		)	(33	)	3			1		2			200
Net gain from operations before capital gains and losses	$	2		$	5		$	(3	)	(60	)	$	1		$	5	$	(4	)	(80	)
Gains and losses net of capital gains tax, net	1			—			1			nm		1			—		1			nm
Net income (statutory)	$	3		$	5		$	(2	)	(40	)	$	2		$	5	$	(3	)	(60	)
Policyholders' surplus - statutory	$	188		$	199		(11		)	(6	)	$	188		$	199	$	(11	)	(6	)
Fixed maturities at amortized cost - statutory	3,351			3,334			17			1		3,351			3,334		17			1
*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.

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Quarterly Data - Other
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/19	9/30/19	6/30/19			3/31/19			12/31/18			9/30/18			6/30/18			3/31/18			6/30/19			6/30/18			9/30/19	9/30/18			12/31/19	12/31/18
Insurance:
Written premiums			$	117		$	105		$	28		$	36		$	48		$	46		$	222		$	94			$	130			$	158
Year over year change %- written premium			144		%	128		%	33		%	50		%	20		%	15		%	136		%	18		%		25		%		26		%
Earned premiums			79			$	50		$	39		$	34		$	30		$	29		$	129		$	59			$	93			$	132
Current accident year before catastrophe losses			61.3		%	64.8		%	47.4		%	42.5		%	50.0		%	53.4		%	62.7		%	51.6		%		48.3		%		48.0		%
Current accident year catastrophe losses			4.0			—			63.9			23.7			—			—			2.5			—				8.8				24.9
Prior accident years before catastrophe losses			(5.7		)	(13.0		)	13.2			2.3			(5.8		)	(9.3		)	(8.6		)	(7.5		)		(3.9		)		1.1
Prior accident years catastrophe losses			(4.1		)	0.7			(0.6		)	0.8			(0.1		)	(0.3		)	(2.3		)	(0.2		)		0.2				—
Total loss and loss expense ratio			55.5		%	52.5		%	123.9		%	69.3		%	44.1		%	43.8		%	54.3		%	43.9		%		53.4		%		74.0		%
Noninsurance operations:
Interest and fees on loans and leases			$	1		$	2		$	—		$	2		$	1		$	1		$	3		$	2			$	4			$	4
Other revenues			1			—			1			—			—			—			1			—				—				1
Interest expense			13			13			13			14			13			13			26			26				40				53
Operating expenses			4			8			6			3			3			4			12			7				10				16
Total noninsurance operations loss			$	(15	)	$	(19	)	$	(18	)	$	(15	)	$	(15	)	$	(16	)	(34		)	$	(31	)		$	(46	)		$	(64	)
*Dollar amounts shown are in conformity with GAAP and 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.
Insurance data includes results from our Cincinnati Re operations and our London-based global specialty underwriter known as Cincinnati Global, which was acquired on February 28, 2019. Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

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