Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending September 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 October 23, 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 Third-Quarter 2019 Supplemental Financial Data

1

	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending September 30, 2019
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 2019	4
	CFC and Subsidiaries Consolidation – Three Months Ended September 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 – Nine Months Ended September 30, 2019	11
	Loss and Loss Expense Analysis – Three Months Ended September 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 Third-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 Third-Quarter 2019 Supplemental Financial Data

3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2019
(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	4,116		$	—		$	—	$	—		$	4,116
Life	—			—			256			—		—			256
Premiums ceded	—			(156		)	(53		)	—		—			(209		)
Total earned premium	—			3,960			203			—		—			4,163
Investment income, net of expenses	52			312			114			—		—			478
Investment gains and losses, net	483			634			(4		)	—		—			1,113
Fee revenues	—			8			3			—		—			11
Other revenues	12			3			—			4		(12		)	7
Total revenues	$	547		$	4,917		$	316		$	4	$	(12	)	$	5,772
Benefits & expenses
Losses & contract holders' benefits	$	—		$	2,595		$	259		$	—				$	2,854
Reinsurance recoveries	—			(78		)	(48		)	—		—			(126		)
Underwriting, acquisition and insurance expenses	—			1,229			67			—		—			1,296
Interest expense	39			—			—			1		—			40
Other operating expenses	27			—			—			2		(12		)	17
Total expenses	$	66		$	3,746		$	278		$	3	$	(12	)	$	4,081
Income before income taxes	$	481		$	1,171		$	38		$	1	$	—		$	1,691
Provision for income taxes
Current operating income (loss)	$	(100	)	$	(55	)	$	5		$	—	$	—		$	(150	)
Capital gains/losses	102			133			(1		)	—		—			234
Deferred	94			138			4			—		—			236
Total provision for income taxes	$	96		$	216		$	8		$	—	$	—		$	320
Net income - current year	$	385		$	955		$	30		$	1	$	—		$	1,371
Net income - prior year	$	187		$	505		$	45		$	2	$	—		$	739
*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 Third-Quarter 2019 Supplemental Financial Data

4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended September 30, 2019
(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,438		$	—		$	—	$	—		$	1,438
Life	—			—			87			—		—			87
Premiums ceded	—			(62		)	(17		)	—		—			(79		)
Total earned premium	—			1,376			70			—		—			1,446
Investment income, net of expenses	18			105			38			—		—			161
Investment gains and losses, net	46			42			(2		)	—		—			86
Fee revenues	—			3			1			—		—			4
Other revenues	5			1			—			1		(4		)	3
Total revenues	$	69		$	1,527		$	107		$	1	$	(4	)	$	1,700
Benefits & expenses
Losses & contract holders' benefits	$	—		$	892		$	87		$	—	$	—		$	979
Reinsurance recoveries	—			(28		)	(19		)	—		—			(47		)
Underwriting, acquisition and insurance expenses	—			432			23			—		—			455
Interest expense	13			—			—			1		—			14
Other operating expenses	9			—			—			—		(4		)	5
Total expenses	$	22		$	1,296		$	91		$	1	$	(4	)	$	1,406
Income before income taxes	$	47		$	231		$	16		$	—	$	—		$	294
Provision for income taxes
Current operating income (loss)	$	(10	)	$	17		$	3		$	—	$	—		$	10
Capital gains/losses	10			9			(1		)	—		—			18
Deferred	7			9			2			—		—			18
Total provision for income taxes	$	7		$	35		$	4		$	—	$	—		$	46
Net income - current year	$	40		$	196		$	12		$	—	$	—		$	248
Net income - prior year	$	171		$	366		$	15		$	1	$	—		$	553
*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 Third-Quarter 2019 Supplemental Financial Data

5

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		$	(1	)	$	14		$	—	$	14		$	8		$	6	$	15		$	14		$	21		$	13		$	29		$	43
Current accident year losses $1 million - $5 million		76			53			37		54			70			62		32			90			94			166			164			218
Large loss prior accident year reserve development		33			5			16		21			10			4		34			21			38			54			48			69
Total large losses incurred		$	108		$	72		$	53	$	89		$	88		$	72	$	81		$	125		$	153		$	233		$	241		$	330
Losses incurred but not reported		(24		)	(14		)	47		23			(10		)	87		10			33			97			9			87			110
Other losses excluding catastrophe losses		566			547			493		451			482			433		520			1,039			953			1,606			1,435			1,886
Catastrophe losses		70			128			69		83			117			83		51			198			134			268			251			334
Total losses incurred		$	720		$	733		$	662	$	646		$	677		$	675	$	662		$	1,395		$	1,337		$	2,116		$	2,014		$	2,660
Commercial Lines
Current accident year losses greater than $5 million		$	(1	)	$	14		$	—	$	8		$	8		$	6	$	15		$	14		$	21		$	13		$	29		$	37
Current accident year losses $1 million - $5 million		56			41			26		47			62			51		22			68			73			124			135			182
Large loss prior accident year reserve development		32			3			13		24			11			1		29			16			30			48			41			65
Total large losses incurred		$	87		$	58		$	39	$	79		$	81		$	58	$	66		$	98		$	124		$	185		$	205		$	284
Losses incurred but not reported		(22		)	(7		)	43		18			(23		)	53		16			36			69			14			46			64
Other losses excluding catastrophe losses		314			320			286		266			284			247		325			605			572			919			856			1,122
Catastrophe losses		32			94			25		32			75			51		22			119			73			151			148			180
Total losses incurred		$	411		$	465		$	393	$	395		$	417		$	409	$	429		$	858		$	838		$	1,269		$	1,255		$	1,650
Personal Lines
Current accident year losses greater than $5 million		$	—		$	—		$	—	$	6		$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	6
Current accident year losses $1 million - $5 million		20			10			10		4			7			11		10			19			21			39			28			32
Large loss prior accident year reserve development		(1		)	1			2		(3		)	(1		)	3		5			3			8			2			7			4
Total large losses incurred		$	19		$	11		$	12	$	7		$	6		$	14	$	15		$	22		$	29		$	41		$	35		$	42
Losses incurred but not reported		—			(4		)	4		(3		)	11			31		(1		)	—			30			(1		)	41			38
Other losses excluding catastrophe losses		172			167			163		154			172			157		167			330			324			504			496			650
Catastrophe losses		23			34			45		27			33			33		29			79			62			101			95			122
Total losses incurred		$	214		$	208		$	224	$	185		$	222		$	235	$	210		$	431		$	445		$	645		$	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			—			3			1			4
Large loss prior accident year reserve development		2			1			1		—			—			—		—			2			—			4			—			—
Total large losses incurred		$	2		$	3		$	2	$	3		$	1		$	—	$	—		$	5		$	—		$	7		$	1		$	4
Losses incurred but not reported		(2		)	(3		)	—		8			2			3		(5		)	(3		)	(2		)	(4		)	—			8
Other losses excluding catastrophe losses		25			18			19		8			11			17		14			36			31			61			42			50
Catastrophe losses		1			—			—		—			1			—		1			1			1			1			2			2
Total losses incurred		$	26		$	18		$	21	$	19		$	15		$	20	$	10		$	39		$	30		$	65		$	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 Third-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		(0.1	)%	1.1	%	—	%	1.1	%	0.7	%	0.4	%	1.3	%	0.5	%	0.8	%	0.3	%	0.8	%		0.9	%
Current accident year losses $1 million - $5 million		5.5		4.0		2.9		4.3		5.7		5.1		2.7		3.5		3.9		4.2		4.5			4.4
Large loss prior accident year reserve development		2.4		0.4		1.2		1.7		0.7		0.3		2.8		0.8		1.6		1.4		1.3			1.4
Total large loss ratio		7.8	%	5.5	%	4.1	%	7.1	%	7.1	%	5.8	%	6.8	%	4.8	%	6.3	%	5.9	%	6.6	%		6.7	%
Losses incurred but not reported		(1.8	)	(1.1	)	3.7		1.8		(0.8	)	7.1		0.8		1.3		4.0		0.2		2.4			2.2
Other losses excluding catastrophe losses		41.2		41.6		38.9		36.0		39.0		35.1		43.4		40.2		39.2		40.5		39.0			38.4
Catastrophe losses		5.1		9.7		5.5		6.6		9.5		6.8		4.2		7.7		5.5		6.8		6.9			6.8
Total loss ratio		52.3	%	55.7	%	52.2	%	51.5	%	54.8	%	54.8	%	55.2	%	54.0	%	55.0	%	53.4	%	54.9	%		54.1	%
Commercial Lines
Current accident year losses greater than $5 million		(0.1	)%	1.7	%	—	%	1.0	%	1.1	%	0.7	%	1.9	%	0.9	%	1.3	%	0.5	%	1.2	%		1.2	%
Current accident year losses $1 million - $5 million		6.8		5.0		3.3		5.6		7.7		6.2		2.9		4.1		4.6		5.1		5.6			5.6
Large loss prior accident year reserve development		3.8		0.4		1.6		3.0		1.3		0.2		3.6		1.0		1.8		1.9		1.7			2.0
Total large loss ratio		10.5	%	7.1	%	4.9	%	9.6	%	10.1	%	7.1	%	8.4	%	6.0	%	7.7	%	7.5	%	8.5	%		8.8	%
Losses incurred but not reported		(2.6	)	(0.9	)	5.4		2.2		(2.9	)	6.5		2.1		2.2		4.3		0.6		1.9			2.0
Other losses excluding catastrophe losses		37.6		38.9		35.1		32.9		35.3		30.4		41.1		37.0		35.7		37.2		35.6			34.9
Catastrophe losses		3.8		11.4		3.1		3.9		9.3		6.3		2.8		7.3		4.6		6.1		6.2			5.6
Total loss ratio		49.3	%	56.5	%	48.5	%	48.6	%	51.8	%	50.3	%	54.4	%	52.5	%	52.3	%	51.4	%	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		5.4		2.8		2.8		1.3		2.0		3.5		2.9		2.8		3.2		3.7		2.8			2.4
Large loss prior accident year reserve development		(0.2	)	0.3		0.6		(0.7	)	(0.3	)	0.8		1.7		0.4		1.2		0.2		0.7			0.4
Total large loss ratio		5.2	%	3.1	%	3.4	%	2.2	%	1.7	%	4.3	%	4.6	%	3.2	%	4.4	%	3.9	%	3.5	%		3.2	%
Losses incurred but not reported		(0.1	)	(1.1	)	1.0		(0.9	)	3.4		9.4		(0.4	)	(0.1	)	4.6		(0.1	)	4.2			2.8
Other losses excluding catastrophe losses		48.9		48.0		47.4		45.1		50.5		47.3		51.6		47.8		49.4		48.1		49.7			48.7
Catastrophe losses		6.4		9.7		13.1		7.9		10.0		10.0		8.8		11.4		9.4		9.7		9.6			9.1
Total loss ratio		60.4	%	59.7	%	64.9	%	54.3	%	65.6	%	71.0	%	64.6	%	62.3	%	67.8	%	61.6	%	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		—		1.5		0.7			1.8
Large loss prior accident year reserve development		2.7		1.5		1.2		(0.3	)	0.4		(0.2	)	(0.4	)	1.3		(0.3	)	1.8		(0.1	)		(0.1	)
Total large loss ratio		2.7	%	4.5	%	2.8	%	4.7	%	2.3	%	(0.2	)%	(0.4	)%	3.7	%	(0.3	)%	3.3	%	0.6	%		1.7	%
Losses incurred but not reported		(2.6	)	(4.5	)	0.8		13.5		4.3		4.5		(9.0	)	(1.9	)	(2.1	)	(2.2	)	0.1			3.6
Other losses excluding catastrophe losses		34.5		26.7		29.1		11.8		18.7		28.6		26.4		27.9		27.4		30.3		24.4			21.1
Catastrophe losses		1.0		0.5		0.2		0.7		0.5		1.0		1.8		0.3		1.4		0.6		1.1			1.0
Total loss ratio		35.6	%	27.2	%	32.9	%	30.7	%	25.8	%	33.9	%	18.8	%	30.0	%	26.4	%	32.0	%	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 Third-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		1	2	—	—	1	1	3	2	4	2	5		7
Current accident year reported losses    $1 million - $5 million		35	31	19	33	37	36	22	50	59	88	95		125
Prior accident year reported losses on    large losses		18	13	10	9	8	9	24	24	35	44	44		56
Non-Catastrophe reported losses on       large losses total		54	46	29	42	46	46	49	76	98	134	144		188
Commercial Lines
Current accident year reported losses greater    than $5 million		1	2	—	—	1	1	2	2	3	2	4		5
Current accident year reported losses    $1 million - $5 million		27	23	12	25	33	30	15	35	46	64	77		100
Prior accident year reported losses on    large losses		18	10	7	8	7	6	22	19	30	38	38		49
Non-Catastrophe reported losses on       large losses total		46	35	19	33	41	37	39	56	79	104	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		8	6	6	7	3	6	7	12	13	21	17		21
Prior accident year reported losses on    large losses		—	1	2	1	1	3	2	3	5	3	6		7
Non-Catastrophe reported losses on       large losses total		8	7	8	8	4	9	10	15	19	24	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	—	3	1		4
Prior accident year reported losses on    large losses		—	2	1	—	—	—	—	2	—	3	—		—
Non-Catastrophe reported losses on       large losses total		—	4	2	1	1	—	—	5	—	6	1		4
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Third-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		$	263		$	296		$	303		$	251		$	251		$	291		$	287		$	599		$	578		$	862		$	829			$	1,080
Year over year change %- written premium		5		%	2		%	6		%	1		%	(2		)%	4		%	(3		)%	4		%	—		%	4		%	(1		)%		—		%
Earned premiums		$	277		$	277		$	268		$	270		$	268		$	272		$	265		$	545		$	537		$	822		$	805			$	1,075
Current accident year before catastrophe losses		66.1		%	67.4		%	66.7		%	66.8		%	64.5		%	66.8		%	67.9		%	67.0		%	67.3		%	66.7		%	66.4		%		66.5		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(2.9		)	(9.3		)	(11.5		)	(6.1		)	(8.0		)	(5.2		)	1.7			(10.3		)	(1.8		)	(7.8		)	(3.9		)		(4.4		)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		63.2		%	58.1		%	55.2		%	60.7		%	56.5		%	61.6		%	69.6		%	56.7		%	65.5		%	58.9		%	62.5		%		62.1		%
Commercial property:
Written premiums		$	245		$	247		$	247		$	223		$	232		$	240		$	237		$	494		$	477		$	739		$	709			$	932
Year over year change %- written premium		6		%	3		%	4		%	3		%	1		%	3		%	(1		)%	3		%	1		%	4		%	1		%		1		%
Earned premiums		$	241		$	234		$	234		$	232		$	229		$	231		$	228		$	468		$	459		$	709		$	688			$	920
Current accident year before catastrophe losses		49.4		%	49.0		%	51.5		%	52.7		%	40.7		%	45.8		%	58.6		%	50.3		%	52.2		%	50.0		%	48.3		%		49.4		%
Current accident year catastrophe losses		15.0			43.5			13.8			16.8			36.1			22.1			12.8			28.6			17.4			24.0			23.7				22.0
Prior accident years before catastrophe losses		(1.1		)	0.8			1.9			(2.0		)	(1.0		)	(1.9		)	(6.4		)	1.3			(4.1		)	0.5			(3.1		)		(2.8		)
Prior accident years catastrophe losses		(1.9		)	(3.6		)	(2.6		)	(2.5		)	(2.9		)	(1.2		)	(2.6		)	(3.0		)	(1.9		)	(2.7		)	(2.2		)		(2.3		)
Total loss and loss expense ratio		61.4		%	89.7		%	64.6		%	65.0		%	72.9		%	64.8		%	62.4		%	77.2		%	63.6		%	71.8		%	66.7		%		66.3		%
Commercial auto:
Written premiums		$	176		$	196		$	188		$	163		$	160		$	182		$	177		$	384		$	359		$	560		$	519			$	682
Year over year change %- written premium		10		%	8		%	6		%	7		%	2		%	9		%	2		%	7		%	5		%	8		%	4		%		5		%
Earned premiums		$	179		$	175		$	170		$	169		$	168		$	166		$	161		$	345		$	327		$	524		$	495			$	664
Current accident year before catastrophe losses		67.8		%	70.5		%	74.5		%	71.3		%	73.5		%	75.8		%	80.6		%	72.5		%	78.2		%	70.9		%	76.6		%		75.3		%
Current accident year catastrophe losses		1.5			1.4			0.3			0.1			0.1			2.1			0.2			0.9			1.1			1.1			0.8				0.6
Prior accident years before catastrophe losses		1.7			1.0			(6.7		)	4.4			1.8			3.3			(0.8		)	(2.9		)	1.3			(1.3		)	1.5				2.2
Prior accident years catastrophe losses		(0.1		)	—			—			—			—			(0.1		)	(0.2		)	—			(0.1		)	(0.1		)	(0.1		)		(0.1		)
Total loss and loss expense ratio		70.9		%	72.9		%	68.1		%	75.8		%	75.4		%	81.1		%	79.8		%	70.5		%	80.5		%	70.6		%	78.8		%		78.0		%
Workers' compensation:
Written premiums		$	62		$	75		$	94		$	67		$	66		$	83		$	95		$	169		$	178		$	231		$	244			$	311
Year over year change %- written premium		(6		)%	(10		)%	(1		)%	(8		)%	(12		)%	5		%	(4		)%	(5		)%	—		%	(5		)%	(4		)%		(5		)%
Earned premiums		$	73		$	74		$	77		$	79		$	80		$	85		$	80		$	151		$	165		$	224		$	245			$	324
Current accident year before catastrophe losses		81.1		%	78.0		%	78.8		%	78.8		%	74.6		%	73.0		%	73.1		%	78.4		%	73.1		%	79.3		%	73.6		%		74.9		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(27.0		)	(35.9		)	(20.1		)	(23.7		)	(10.8		)	(20.7		)	(16.1		)	(27.9		)	(18.5		)	(27.7		)	(16.0		)		(17.9		)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		54.1		%	42.1		%	58.7		%	55.1		%	63.8		%	52.3		%	57.0		%	50.5		%	54.6		%	51.6		%	57.6		%		57.0		%
Other commercial:
Written premiums		$	70		$	65		$	64		$	57		$	65		$	60		$	58		$	129		$	118		$	199		$	183			$	240
Year over year change %- written premium		8		%	10		%	10		%	4		%	10		%	11		%	4		%	10		%	7		%	9		%	8		%		7		%
Earned premiums		$	64		$	63		$	61		$	61		$	60		$	58		$	56		$	124		$	114		$	188		$	174			$	235
Current accident year before catastrophe losses		34.3		%	33.7		%	38.0		%	38.5		%	33.2		%	38.2		%	37.8		%	35.8		%	38.0		%	35.4		%	36.3		%		37.0		%
Current accident year catastrophe losses		(0.2		)	0.3			0.4			0.2			0.3			1.7			0.3			0.3			1.0			0.1			0.8				0.6
Prior accident years before catastrophe losses		(2.1		)	(1.9		)	(4.1		)	(9.1		)	(2.7		)	(14.8		)	(6.8		)	(3.0		)	(10.9		)	(2.7		)	(8.1		)		(8.4		)
Prior accident years catastrophe losses		0.8			—			0.2			1.0			(0.1		)	0.3			(0.3		)	0.1			—			0.3			—				0.2
Total loss and loss expense ratio		32.8		%	32.1		%	34.5		%	30.6		%	30.7		%	25.4		%	31.0		%	33.2		%	28.1		%	33.1		%	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 Third-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		$	166		$	173		$	140		$	141		$	169		$	172		$	140		$	313		$	312		$	479		$	481			$	622
Year over year change %- written premium		(2		)%	—		%	—		%	—		%	2		%	4		%	6		%	—		%	5		%	—		%	4		%		3		%
Earned premiums		$	156		$	155		$	155		$	155		$	155		$	153		$	151		$	310		$	304		$	466		$	459			$	614
Current accident year before catastrophe losses		70.2		%	73.8		%	76.2		%	72.6		%	77.9		%	78.7		%	81.2		%	75.0		%	80.0		%	73.4		%	79.2		%		77.6		%
Current accident year catastrophe losses		1.2			1.8			0.5			0.4			1.1			1.3			0.8			1.1			1.0			1.1			1.1				0.9
Prior accident years before catastrophe losses		(2.0		)	(9.4		)	(3.3		)	(0.6		)	(2.1		)	(1.5		)	(4.3		)	(6.3		)	(2.9		)	(4.9		)	(2.6		)		(2.1		)
Prior accident years catastrophe losses		(0.1		)	(0.2		)	—			—			—			(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)		(0.1		)
Total loss and loss expense ratio		69.3		%	66.0		%	73.4		%	72.4		%	76.9		%	78.4		%	77.6		%	69.7		%	78.0		%	69.5		%	77.6		%		76.3		%
Homeowner:
Written premiums		$	173		$	176		$	130		$	141		$	162		$	164		$	121		$	306		$	285		$	479		$	447			$	588
Year over year change %- written premium		7		%	8		%	7		%	7		%	8		%	9		%	10		%	8		%	10		%	7		%	9		%		8		%
Earned premiums		$	154		$	149		$	147		$	146		$	142		$	139		$	136		$	296		$	275		$	450		$	417			$	563
Current accident year before catastrophe losses		60.9		%	53.1		%	51.9		%	42.6		%	49.8		%	57.7		%	55.8		%	52.5		%	56.7		%	55.3		%	54.4		%		51.3		%
Current accident year catastrophe losses		14.0			22.6			23.2			17.0			19.2			20.6			19.6			22.9			20.1			19.9			19.8				19.1
Prior accident years before catastrophe losses		1.0			4.5			2.0			—			3.6			8.1			2.4			3.3			5.3			2.5			4.7				3.5
Prior accident years catastrophe losses		(0.8		)	(2.2		)	5.7			0.5			1.0			1.6			0.1			1.7			0.9			0.9			0.9				0.8
Total loss and loss expense ratio		75.1		%	78.0		%	82.8		%	60.1		%	73.6		%	88.0		%	77.9		%	80.4		%	83.0		%	78.6		%	79.8		%		74.7		%
Other personal:
Written premiums		$	49		$	53		$	39		$	41		$	46		$	45		$	36		$	92		$	81		$	141		$	127			$	168
Year over year change %- written premium		7		%	15		%	10		%	14		%	15		%	7		%	16		%	13		%	11		%	11		%	12		%		13		%
Earned premiums		$	44		$	44		$	42		$	41		$	41		$	39		$	38		$	86		$	77		$	130		$	118			$	159
Current accident year before catastrophe losses		51.4		%	51.5		%	33.6		%	42.7		%	60.6		%	50.1		%	28.9		%	42.7		%	39.6		%	45.7		%	46.9		%		45.8		%
Current accident year catastrophe losses		4.3			4.7			5.6			4.7			9.7			3.0			4.0			5.1			3.6			4.8			5.7				5.4
Prior accident years before catastrophe losses		(6.4		)	(7.7		)	(6.1		)	(6.9		)	(8.7		)	13.9			7.2			(6.9		)	10.6			(6.7		)	3.9				1.1
Prior accident years catastrophe losses		(0.7		)	0.4			0.1			0.1			0.1			0.2			(0.5		)	0.2			(0.2		)	(0.1		)	(0.1		)		—
Total loss and loss expense ratio		48.6		%	48.9		%	33.2		%	40.6		%	61.7		%	67.2		%	39.6		%	41.1		%	53.6		%	43.7		%	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		$	74		$	78		$	71		$	65		$	59		$	64		$	61		$	149		$	125		$	223		$	184			$	249
Year over year change %- written premium		25		%	22		%	16		%	20		%	16		%	5		%	15		%	19		%	10		%	21		%	12		%		14		%
Earned premiums		$	72		$	67		$	63		$	61		$	60		$	57		$	56		$	130		$	113		$	202		$	173			$	234
Current accident year before catastrophe losses		57.6		%	50.8		%	55.5		%	50.9		%	53.3		%	56.9		%	54.6		%	53.1		%	55.8		%	54.7		%	54.9		%		53.9		%
Current accident year catastrophe losses		0.6			0.7			0.3			0.8			0.9			1.0			1.8			0.5			1.4			0.5			1.2				1.1
Prior accident years before catastrophe losses		(6.0		)	(6.2		)	(4.2		)	(4.9		)	(11.3		)	(9.6		)	(17.2		)	(5.2		)	(13.3		)	(5.5		)	(12.6		)		(10.6		)
Prior accident years catastrophe losses		0.5			(0.2		)	(0.1		)	—			(0.3		)	0.2			0.1			(0.1		)	0.1			0.1			—				—
Total loss and loss expense ratio		52.7		%	45.1		%	51.5		%	46.8		%	42.6		%	48.5		%	39.3		%	48.3		%	44.0		%	49.8		%	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 Third-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 nine months ended September 30, 2019
Commercial casualty	$	348		$	137	$	485		$	(46	)	$	30		$	10		$	(6	)	$	302		$	30		$	147	$	479
Commercial property	447			42		489			43			4			2			49			490			4			44		538
Commercial auto	302			54		356			(1		)	17			(1		)	15			301			17			53		371
Workers' compensation	117			24		141			24			(33		)	—			(9		)	141			(33		)	24		132
Other commercial	48			10		58			9			1			(5		)	5			57			1			5		63
Total commercial lines	1,262			267		1,529			29			19			6			54			1,291			19			273		1,583
Personal auto	277			52		329			(11		)	4			4			(3		)	266			4			56		326
Homeowners	343			30		373			(6		)	1			(1		)	(6		)	337			1			29		367
Other personal	52			5		57			1			—			—			1			53			—			5		58
Total personal lines	672			87		759			(16		)	5			3			(8		)	656			5			90		751
Excess & surplus lines	50			24		74			27			(4		)	12			35			77			(4		)	36		109
Other	156			4		160			(22		)	14			—			(8		)	134			14			4		152
Total property casualty	$	2,140		$	382	$	2,522		$	18		$	34		$	21		$	73		$	2,158		$	34		$	403	$	2,595
Ceded loss and loss expense incurred for the nine months ended September 30, 2019
Commercial casualty	$	8		$	—	$	8		$	(13	)	$	(1	)	$	1		$	(13	)	$	(5	)	$	(1	)	$	1	$	(5	)
Commercial property	(2		)	—		(2		)	25			6			—			31			23			6			—		29
Commercial auto	—			—		—			1			—			—			1			1			—			—		1
Workers' compensation	8			—		8			8			—			—			8			16			—			—		16
Other commercial	1			—		1			—			—			—			—			1			—			—		1
Total commercial lines	15			—		15			21			5			1			27			36			5			1		42
Personal auto	4			—		4			(3		)	1			—			(2		)	1			1			—		2
Homeowners	22			—		22			(8		)				—			(8		)	14			—			—		14
Other personal	1			—		1			—			—			—			—			1			—			—		1
Total personal lines	27			—		27			(11		)	1			—			(10		)	16			1			—		17
Excess & surplus lines	7			—		7			1			1			—			2			7			1			—		8
Other	20			1		21			(7		)	(3		)	—			(10		)	13			(3		)	1		11
Total property casualty	$	69		$	1	$	70		$	4		$	4		$	1		$	9		$	72		$	4		$	2	$	78
Net loss and loss expense incurred for the nine months ended September 30, 2019
Commercial casualty	$	340		$	137	$	477		$	(33	)	$	31		$	9		$	7		$	307		$	31		$	146	$	484
Commercial property	449			42		491			18			(2		)	2			18			467			(2		)	44		509
Commercial auto	302			54		356			(2		)	17			(1		)	14			300			17			53		370
Workers' compensation	109			24		133			16			(33		)	—			(17		)	125			(33		)	24		116
Other commercial	47			10		57			9			1			(5		)	5			56			1			5		62
Total commercial lines	1,247			267		1,514			8			14			5			27			1,255			14			272		1,541
Personal auto	273			52		325			(8		)	3			4			(1		)	265			3			56		324
Homeowners	321			30		351			2			1			(1		)	2			323			1			29		353
Other personal	51			5		56			1			—			—			1			52			—			5		57
Total personal lines	645			87		732			(5		)	4			3			2			640			4			90		734
Excess & surplus lines	43			24		67			26			(5		)	12			33			70			(5		)	36		101
Other	136			3		139			(15		)	17			—			2			121			17			3		141
Total property casualty	$	2,071		$	381	$	2,452		$	14		$	30		$	20		$	64		$	2,086		$	30		$	401	$	2,517
*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 Third-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 September 30, 2019
Commercial casualty	$	98		$	44	$	142		$	24		$	1		$	9	$	34		$	122		$	1		$	53	$	176
Commercial property	164			14		178			18			(40		)	—		(22		)	182			(40		)	14		156
Commercial auto	104			18		122			11			(6		)	1		6			115			(6		)	19		128
Workers' compensation	39			9		48			15			(11		)	—		4			54			(11		)	9		52
Other commercial	15			3		18			—			2			1		3			15			2			4		21
Total commercial lines	420			88		508			68			(54		)	11		25			488			(54		)	99		533
Personal auto	90			17		107			1			(2		)	1		—			91			(2		)	18		107
Homeowners	120			10		130			(12		)	(11		)	1		(22		)	108			(11		)	11		108
Other personal	17			2		19			—			4			—		4			17			4			2		23
Total personal lines	227			29		256			(11		)	(9		)	2		(18		)	216			(9		)	31		238
Excess & surplus lines	20			9		29			12			(2		)	4		14			32			(2		)	13		43
Other	58			1		59			(10		)	29			—		19			48			29			1		78
Total property casualty	$	725		$	127	$	852		$	59		$	(36	)	$	17	$	40		$	784		$	(36	)	$	144	$	892
Ceded loss and loss expense incurred for the three months ended September 30, 2019
Commercial casualty	$	(2	)	$	—	$	(2	)	$	3		$	(1	)	$	1	$	3		$	1		$	(1	)	$	1	$	1
Commercial property	(1		)	—		(1		)	23			(15		)	—		8			22			(15		)	—		7
Commercial auto	—			—		—			1			—			—		1			1			—			—		1
Workers' compensation	4			—		4			9			—			—		9			13			—			—		13
Other commercial	1			—		1			—			—			—		—			1			—			—		1
Total commercial lines	2			—		2			36			(16		)	1		21			38			(16		)	1		23
Personal auto	1			—		1			(1		)	—			—		(1		)	—			—			—		—
Homeowners	7			—		7			(8		)	(6		)	—		(14		)	(1		)	(6		)	—		(7		)
Other personal	1			—		1			—			—			—		—			1			—			—		1
Total personal lines	9			—		9			(9		)	(6		)	—		(15		)	—			(6		)	—		(6		)
Excess & surplus lines	4			—		4			—			1			—		1			3			1			—		4
Other	7			—		7			(2		)	2			—		—			5			2			—		7
Total property casualty	$	22		$	—	$	22		$	25		$	(19	)	$	1	$	7		$	46		$	(19	)	$	1	$	28
Net loss and loss expense incurred for the three months ended September 30, 2019
Commercial casualty	$	100		$	44	$	144		$	21		$	2		$	8	$	31		$	121		$	2		$	52	$	175
Commercial property	165			14		179			(5		)	(25		)	—		(30		)	160			(25		)	14		149
Commercial auto	104			18		122			10			(6		)	1		5			114			(6		)	19		127
Workers' compensation	35			9		44			6			(11		)	—		(5		)	41			(11		)	9		39
Other commercial	14			3		17			—			2			1		3			14			2			4		20
Total commercial lines	418			88		506			32			(38		)	10		4			450			(38		)	98		510
Personal auto	89			17		106			2			(2		)	1		1			91			(2		)	18		107
Homeowners	113			10		123			(4		)	(5		)	1		(8		)	109			(5		)	11		115
Other personal	16			2		18			—			4			—		4			16			4			2		22
Total personal lines	218			29		247			(2		)	(3		)	2		(3		)	216			(3		)	31		244
Excess & surplus lines	16			9		25			12			(3		)	4		13			29			(3		)	13		39
Other	51			1		52			(8		)	27			—		19			43			27			1		71
Total property casualty	$	703		$	127	$	830		$	34		$	(17	)	$	16	$	33		$	738		$	(17	)	$	143	$	864
*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 Third-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		$	1,119		$	1,186		$	1,130		$	1,037		$	1,088		$	1,150		$	1,083		$	2,316		$	2,233		$	3,435		$	3,321			$	4,358
Agency new business written premiums		192			212			181			158			154			181			159			393			340			585			494				652
Other written premiums		40			78			70			(18		)	4			18			16			148			34			188			38				20
Net written premiums		$	1,351		$	1,476		$	1,381		$	1,177		$	1,246		$	1,349		$	1,258		$	2,857		$	2,607		$	4,208		$	3,853			$	5,030
Unearned premium change		25			(159		)	(114		)	76			(9		)	(119		)	(58		)	(273		)	(177		)	(248		)	(186		)		(110		)
Earned premiums		$	1,376		$	1,317		$	1,267		$	1,253		$	1,237		$	1,230		$	1,200		$	2,584		$	2,430		$	3,960		$	3,667			$	4,920
Year over year change %
Agency renewal written premiums		3		%	3		%	4		%	5		%	2		%	6		%	2		%	4		%	4		%	3		%	3		%		4		%
Agency new business written premiums		25			17			14			5			(2		)	10			4			16			7			18			4				4
Other written premiums		nm			333			338			(125		)	131			13			(24		)	335			(8		)	395			58				25
Net written premiums		8			9			10			4			3			6			2			10			4			9			4				4
Paid losses and loss expenses
Losses paid		$	703		$	677		$	692		$	606		$	585		$	586		$	579		$	1,369		$	1,165		$	2,072		$	1,750			$	2,356
Loss expenses paid		127			121			132			127			120			109			135			253			244			380			364				491
Loss and loss expenses paid		$	830		$	798		$	824		$	733		$	705		$	695		$	714		$	1,622		$	1,409		$	2,452		$	2,114			$	2,847
Incurred losses and loss expenses
Loss and loss expense incurred		$	864		$	863		$	790		$	798		$	813		$	821		$	791		$	1,653		$	1,612		$	2,517		$	2,425			$	3,223
Loss and loss expenses paid as a % of incurred		96.1		%	92.5		%	104.3		%	91.9		%	86.7		%	84.7		%	90.3		%	98.1		%	87.4		%	97.4		%	87.2		%		88.3		%
Statutory combined ratio
Loss ratio		52.1		%	55.7		%	52.5		%	51.5		%	54.8		%	54.9		%	55.2		%	54.1		%	55.0		%	53.4		%	54.9		%		54.1		%
Loss adjustment expense ratio		11.0			9.9			10.1			12.2			10.9			11.8			10.8			10.1			11.3			10.4			11.2				11.4
Net underwriting expense ratio		31.2			29.3			28.9			31.8			31.0			29.1			30.4			29.1			29.8			29.8			30.2				30.5
US Statutory combined ratio		94.3		%	94.9		%	91.5		%	95.5		%	96.7		%	95.8		%	96.4		%	93.3		%	96.1		%	93.6		%	96.3		%		96.0		%
Contribution from catastrophe losses		5.3			10.0			5.8			7.0			9.7			7.1			4.4			7.9			5.8			7.1			7.1				7.1
Statutory combined ratio excl. catastrophe losses		89.0		%	84.9		%	85.7		%	88.5		%	87.0		%	88.7		%	92.0		%	85.4		%	90.3		%	86.5		%	89.2		%		88.9		%
GAAP combined ratio
GAAP combined ratio		94.2		%	96.5		%	93.0		%	93.9		%	96.8		%	97.2		%	97.9		%	94.8		%	97.5		%	94.6		%	97.3		%		96.4		%
Contribution from catastrophe losses		5.3			10.0			5.8			7.0			9.7			7.1			4.4			7.9			5.8			7.1			7.1				7.1
GAAP combined ratio excl. catastrophe losses		88.9		%	86.5		%	87.2		%	86.9		%	87.1		%	90.1		%	93.5		%	86.9		%	91.7		%	87.5		%	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 Third-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		$	713		$	767		$	799		$	694		$	702		$	758		$	771		$	1,566		$	1,529		$	2,279		$	2,231			$	2,925
Agency new business written premiums		124			137			120			101			94			118			104			257			222			381			316				417
Other written premiums		(21		)	(25		)	(23		)	(34		)	(22		)	(20		)	(21		)	(48		)	(41		)	(69		)	(63		)		(97		)
Net written premiums		$	816		$	879		$	896		$	761		$	774		$	856		$	854		$	1,775		$	1,710		$	2,591		$	2,484			$	3,245
Unearned premium change		18			(56		)	(86		)	50			31			(44		)	(64		)	(142		)	(108		)	(124		)	(77		)		(27		)
Earned premiums		$	834		$	823		$	810		$	811		$	805		$	812		$	790		$	1,633		$	1,602		$	2,467		$	2,407			$	3,218
Year over year change %
Agency renewal written premiums		2		%	1		%	4		%	3		%	(1		)%	4		%	—		%	2		%	2		%	2		%	1		%		2		%
Agency new business written premiums		32			16			15			5			(5		)	19			1			16			10			21			5				5
Other written premiums		5			(25		)	(10		)	(55		)	21			(33		)	(110		)	(17		)	(64		)	(10		)	(19		)		(29		)
Net written premiums		5			3			5			2			(1		)	5			(1		)	4			2			4			1				1
Paid losses and loss expenses
Losses paid		$	417		$	394		$	436		$	377		$	370		$	350		$	371		$	830		$	722		$	1,247		$	1,092			$	1,469
Loss expenses paid		89			85			92			90			84			77			96			178			173			266			257				347
Loss and loss expenses paid		$	506		$	479		$	528		$	467		$	454		$	427		$	467		$	1,008		$	895		$	1,513		$	1,349			$	1,816
Incurred losses and loss expenses
Loss and loss expense incurred		$	510		$	550		$	481		$	505		$	515		$	510		$	519		$	1,031		$	1,029		$	1,541		$	1,544			$	2,049
Loss and loss expenses paid as a % of incurred		99.2		%	87.1		%	109.8		%	92.5		%	88.2		%	83.7		%	90.0		%	97.8		%	87.0		%	98.2		%	87.4		%		88.6		%
Statutory combined ratio
Loss ratio		49.3		%	56.5		%	48.5		%	48.6		%	51.8		%	50.3		%	54.4		%	52.5		%	52.3		%	51.5		%	52.1		%		51.3		%
Loss adjustment expense ratio		11.9			10.3			10.9			13.7			12.1			12.6			11.2			10.6			11.9			11.0			12.0				12.4
Net underwriting expense ratio		32.7			30.2			28.9			32.7			32.8			30.0			30.5			29.6			30.3			30.6			31.1				31.4
Statutory combined ratio		93.9		%	97.0		%	88.3		%	95.0		%	96.7		%	92.9		%	96.1		%	92.7		%	94.5		%	93.1		%	95.2		%		95.1		%
Contribution from catastrophe losses		4.1			11.7			3.3			4.2			9.5			6.5			2.9			7.5			4.7			6.4			6.3				5.8
Statutory combined ratio excl. catastrophe losses		89.8		%	85.3		%	85.0		%	90.8		%	87.2		%	86.4		%	93.2		%	85.2		%	89.8		%	86.7		%	88.9		%		89.3		%
GAAP combined ratio
GAAP combined ratio		93.4		%	98.6		%	90.8		%	93.4		%	95.9		%	94.2		%	98.3		%	94.7		%	96.2		%	94.3		%	96.1		%		95.4		%
Contribution from catastrophe losses		4.1			11.7			3.3			4.2			9.5			6.5			2.9			7.5			4.7			6.4			6.3				5.8
GAAP combined ratio excl. catastrophe losses		89.3		%	86.9		%	87.5		%	89.2		%	86.4		%	87.7		%	95.4		%	87.2		%	91.5		%	87.9		%	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 Third-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		$	356		$	365		$	282		$	293		$	342		$	342		$	264		$	647		$	606		$	1,003		$	948			$	1,241
Agency new business written premiums		40			47			35			38			42			46			39			82			85			122			127				165
Other written premiums		(8		)	(10		)	(8		)	(8		)	(7		)	(7		)	(6		)	(18		)	(13		)	(26		)	(20		)		(28		)
Net written premiums		$	388		$	402		$	309		$	323		$	377		$	381		$	297		$	711		$	678		$	1,099		$	1,055			$	1,378
Unearned premium change		(34		)	(54		)	35			19			(39		)	(50		)	28			(19		)	(22		)	(53		)	(61		)		(42		)
Earned premiums		$	354		$	348		$	344		$	342		$	338		$	331		$	325		$	692		$	656		$	1,046		$	994			$	1,336
Year over year change %
Agency renewal written premiums		4		%	7		%	7		%	7		%	8		%	8		%	8		%	7		%	8		%	6		%	8		%		7		%
Agency new business written premiums		(5		)	2			(10		)	(3		)	(2		)	2			15			(4		)	8			(4		)	4				2
Other written premiums		(14		)	(43		)	(33		)	(60		)	(17		)	(17		)	—			(38		)	(8		)	(30		)	(11		)		(22		)
Net written premiums		3			6			4			5			6			7			9			5			8			4			7				6
Paid losses and loss expenses
Losses paid		$	221		$	217		$	209		$	207		$	199		$	210		$	187		$	426		$	396		$	647		$	595			$	802
Loss expenses paid		29			27			31			28			28			25			32			58			56			87			84				112
Loss and loss expenses paid		$	250		$	244		$	240		$	235		$	227		$	235		$	219		$	484		$	452		$	734		$	679			$	914
Incurred losses and loss expenses
Loss and loss expense incurred		$	244		$	240		$	250		$	216		$	249		$	269		$	238		$	490		$	507		$	734		$	756			$	972
Loss and loss expenses paid as a % of incurred		102.0		%	101.7		%	96.0		%	108.8		%	91.2		%	87.4		%	92.0		%	98.8		%	89.2		%	100.0		%	89.8		%		94.0		%
Statutory combined ratio
Loss ratio		60.4		%	59.7		%	64.9		%	54.3		%	65.6		%	71.0		%	64.5		%	62.3		%	67.7		%	61.6		%	67.0		%		63.8		%
Loss adjustment expense ratio		8.8			9.2			7.6			9.0			8.1			10.1			8.8			8.4			9.5			8.5			9.0				9.0
Net underwriting expense ratio		28.2			27.3			30.7			29.8			26.9			26.6			31.3			28.8			28.7			28.6			28.0				28.4
Statutory combined ratio		97.4		%	96.2		%	103.2		%	93.1		%	100.6		%	107.7		%	104.6		%	99.5		%	105.9		%	98.7		%	104.0		%		101.2		%
Contribution from catastrophe losses		6.7			10.0			13.3			8.2			10.2			10.2			8.9			11.6			9.6			10.0			9.8				9.4
Statutory combined ratio excl. catastrophe losses		90.7		%	86.2		%	89.9		%	84.9		%	90.4		%	97.5		%	95.7		%	87.9		%	96.3		%	88.7		%	94.2		%		91.8		%
GAAP combined ratio
GAAP combined ratio		99.6		%	98.9		%	101.3		%	91.7		%	103.0		%	110.1		%	103.2		%	100.1		%	106.7		%	99.9		%	105.4		%		101.9		%
Contribution from catastrophe losses		6.7			10.0			13.3			8.2			10.2			10.2			8.9			11.6			9.6			10.0			9.8				9.4
GAAP combined ratio excl. catastrophe losses		92.9		%	88.9		%	88.0		%	83.5		%	92.8		%	99.9		%	94.3		%	88.5		%	97.1		%	89.9		%	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.

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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
	12/31/19	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		$	50		$	54		$	49		$	50		$	44		$	50		$	48		$	103		$	98		$	153		$	142			$	192
Agency new business written premiums		28			28			26			19			18			17			16			54			33			82			51				70
Other written premiums		(4		)	(4		)	(4		)	(4		)	(3		)	(3		)	(3		)	(8		)	(6		)	(12		)	(9		)		(13		)
Net written premiums		$	74		$	78		$	71		$	65		$	59		$	64		$	61		$	149		$	125		$	223		$	184			$	249
Unearned premium change		(2		)	(11		)	(8		)	(4		)	1			(7		)	(5		)	(19		)	(12		)	(21		)	(11		)		(15		)
Earned premiums		$	72		$	67		$	63		$	61		$	60		$	57		$	56		$	130		$	113		$	202		$	173			$	234
Year over year change %
Agency renewal written premiums		14		%	8		%	2		%	25		%	13		%	16		%	20		%	5		%	18		%	8		%	16		%		19		%
Agency new business written premiums		56			65			63			19			20			(19		)	—			64			(11		)	61			(2		)		3
Other written premiums		(33		)	(33		)	(33		)	(100		)	—			—			—			(33		)	—			(33		)	—				(18		)
Net written premiums		25			22			16			20			16			5			15			19			10			21			12				14
Paid losses and loss expenses
Losses paid		$	16		$	10		$	18		$	13		$	10		$	14		$	9		$	28		$	23		$	43		$	33			$	46
Loss expenses paid		8			7			8			8			7			6			7			15			13			23			20				28
Loss and loss expenses paid		$	24		$	17		$	26		$	21		$	17		$	20		$	16		$	43		$	36		$	66		$	53			$	74
Incurred losses and loss expenses
Loss and loss expense incurred		$	39		$	29		$	33		$	29		$	25		$	29		$	21		$	62		$	50		$	101		$	75			$	104
Loss and loss expenses paid as a % of incurred		63.2		%	53.5		%	78.8		%	72.4		%	68.0		%	69.0		%	76.2		%	68.8		%	72.0		%	65.3		%	70.7		%		71.2		%
Statutory combined ratio
Loss ratio		35.6		%	27.2		%	32.9		%	30.7		%	25.8		%	33.9		%	18.8		%	30.0		%	26.5		%	32.0		%	26.2		%		27.4		%
Loss adjustment expense ratio		17.1			17.9			18.6			16.1			16.8			14.6			20.5			18.3			17.5			17.9			17.3				17.0
Net underwriting expense ratio		29.6			28.5			28.5			29.3			30.5			28.7			28.0			28.4			28.3			28.8			29.0				29.1
Statutory combined ratio		82.3		%	73.6		%	80.0		%	76.1		%	73.1		%	77.2		%	67.3		%	76.7		%	72.3		%	78.7		%	72.5		%		73.5		%
Contribution from catastrophe losses		1.1			0.5			0.2			0.8			0.6			1.2			1.9			0.4			1.5			0.6			1.2				1.1
Statutory combined ratio excl. catastrophe losses		81.2		%	73.1		%	79.8		%	75.3		%	72.5		%	76.0		%	65.4		%	76.3		%	70.8		%	78.1		%	71.3		%		72.4		%
GAAP combined ratio
GAAP combined ratio		83.2		%	76.1		%	83.5		%	75.4		%	72.0		%	77.6		%	68.8		%	79.7		%	73.3		%	80.9		%	72.8		%		73.5		%
Contribution from catastrophe losses		1.1			0.5			0.2			0.8			0.6			1.2			1.9			0.4			1.5			0.6			1.2				1.1
GAAP combined ratio excl. catastrophe losses		82.1		%	75.6		%	83.3		%	74.6		%	71.4		%	76.4		%	66.9		%	79.3		%	71.8		%	80.3		%	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 September 30,											For the Nine Months Ended September 30,
(Dollars in millions)	2019			2018			Change			% Change		2019		2018			Change			% Change
Underwriting income
Net premiums written	$	1,312		$	1,246		$	66		5		$	4,104	$	3,853		$	251		7
Unearned premium change	4			9			(5		)	(56	)	255		186			69			37
Earned premiums	$	1,308		$	1,237		$	71		6		$	3,849	$	3,667		$	182		5
Losses incurred	$	682		$	677		$	5		1		$	2,058	$	2,014		$	44		2
Defense and cost containment expenses incurred	72			70			2			3		204		228			(24		)	(11	)
Adjusting and other expenses incurred	72			66			6			9		197		183			14			8
Other underwriting expenses incurred	406			384			22			6		1,212		1,153			59			5
Workers compensation dividend incurred	3			3			—			—		9		9			—			—
Total underwriting deductions	$	1,235		$	1,200		$	35		3		$	3,680	$	3,587		$	93		3
Net underwriting profit	$	73		$	37		$	36		97		$	169	$	80		$	89		111
Investment income
Gross investment income earned	$	107		$	100		$	7		7		$	311	$	301		$	10		3
Net investment income earned	104			98			6			6		305		296			9			3
Net realized capital gains and losses, net	(1		)	44			(45		)	nm		4		81			(77		)	(95	)
Net investment gains (net of tax)	$	103		$	142		$	(39	)	(27	)	$	309	$	377		$	(68	)	(18	)
Other income	$	2		$	3		$	(1	)	(33	)	$	6	$	7		$	(1	)	(14	)
Net income before federal income taxes	$	178		$	182		$	(4	)	(2	)	$	484	$	464		$	20		4
Federal and foreign income taxes incurred	25			(109		)	134			nm		73		(62		)	135			nm
Net income (statutory)	$	153		$	291		$	(138	)	(47	)	$	411	$	526		$	(115	)	(22	)
Policyholders' surplus - statutory	$	5,419		$	5,299		$	120		2		$	5,419	$	5,299		$	120		2
Fixed maturities at amortized cost - statutory	$	7,390		$	7,184		$	206		3		$	7,390	$	7,184		$	206		3
*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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The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the Three Months Ended September 30,											For the Nine Months Ended September 30,
(Dollars in millions)	2019			2018			Change			% Change		2019			2018			Change			% Change
Net premiums written	$	78		$	72		$	6		8		$	233		$	217		$	16		7
Net investment income	40			39			1			3		119			118			1			1
Amortization of interest maintenance reserve	—			1			(1		)	(100	)	1			2			(1		)	(50	)
Commissions and expense allowances on reinsurance ceded	1			—			1			nm		3			3			—			—
Income from fees associated with separate accounts	1			1			—			—		3			3			—			—
Total revenues	$	120		$	113		$	7		6		$	359		$	343		$	16		5
Death benefits and matured endowments	$	31		$	27		$	4		15		$	102		$	76		$	26		34
Annuity benefits	19			24			(5		)	(21	)	68			73			(5		)	(7	)
Disability benefits and benefits under accident and health contracts	—			—			—			—		1			1			—			—
Surrender benefits and group conversions	5			9			(4		)	(44	)	15			21			(6		)	(29	)
Interest and adjustments on deposit-type contract funds	3			2			1			50		7			7			—			—
Increase in aggregate reserves for life and accident and health contracts	25			20			5			25		77			78			(1		)	(1	)
Total benefit expenses	$	83		$	82		$	1		1		$	270		$	256		$	14		5
Commissions	$	13		$	14		$	(1	)	(7	)	$	39		$	38		$	1		3
General insurance expenses and taxes	13			13			—			—		40			37			3			8
Increase in loading on deferred and uncollected premiums	—			(1		)	1			(100	)	(2		)	1			(3		)	nm
Net transfers from separate accounts	(3		)	—			(3		)	nm		(6		)	—			(6		)	nm
Total underwriting expenses	$	23		$	26		$	(3	)	(12	)	$	71		$	76		$	(5	)	(7	)
Federal and foreign income tax benefit	2			(2		)	4			nm		5			(1		)	6			nm
Net gain from operations before capital gains and losses	$	12		$	7		$	5		71		$	13		$	12		$	1		8
Gains and losses net of capital gains tax, net	(3		)	—			(3		)	nm		(2		)	—			(2		)	nm
Net income (statutory)	$	9		$	7		$	2		29		$	11		$	12		$	(1	)	(8	)
Policyholders' surplus - statutory	$	196		$	205		(9		)	(4	)	$	196		$	205		$	(9	)	(4	)
Fixed maturities at amortized cost - statutory	3,401			3,359			42			1		3,401			3,359			42			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		$	73		$	117		$	105		$	28		$	36		$	48		$	46		$	222		$	94		$	295		$	130			$	158
Year over year change %- written premium		103		%	144		%	128		%	33		%	50		%	20		%	15		%	136		%	18		%	127		%	25		%		26		%
Earned premiums		$	116		79			$	50		$	39		$	34		$	30		$	29		$	129		$	59		$	245		$	93			$	132
Current accident year before catastrophe losses		49.2		%	61.3		%	64.8		%	47.4		%	42.5		%	50.0		%	53.4		%	62.7		%	51.6		%	56.2		%	48.3		%		48.0		%
Current accident year catastrophe losses		18.5			4.0			—			63.9			23.7			—			—			2.5			—			10.1			8.8				24.9
Prior accident years before catastrophe losses		(1.2		)	(5.7		)	(13.0		)	13.2			2.3			(5.8		)	(9.3		)	(8.6		)	(7.5		)	(5.0		)	(3.9		)		1.1
Prior accident years catastrophe losses		(5.7		)	(4.1		)	0.7			(0.6		)	0.8			(0.1		)	(0.3		)	(2.3		)	(0.2		)	(3.9		)	0.2				—
Total loss and loss expense ratio		60.8		%	55.5		%	52.5		%	123.9		%	69.3		%	44.1		%	43.8		%	54.3		%	43.9		%	57.4		%	53.4		%		74.0		%
Noninsurance operations:
Interest and fees on loans and leases		$	1		$	1		$	2		$	—		$	2		$	1		$	1		$	3		$	2		$	4		$	4			$	4
Other revenues		2			1			—			1			—			—			—			1			—			3			—				1
Interest expense		14			13			13			13			14			13			13			26			26			40			40				53
Operating expenses		5			4			8			6			3			3			4			12			7			17			10				16
Total noninsurance operations loss		$	(16	)	$	(15	)	$	(19	)	$	(18	)	$	(15	)	$	(15	)	$	(16	)	(34		)	$	(31	)	$	(50	)	$	(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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