8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report: July 27, 2022

(Date of earliest event reported)

CINCINNATI FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Ohio	0-4604		31-0746871
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)
6200 S. Gilmore Road	Fairfield,	Ohio	45014‑5141
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (513) 870-2000

N/A

(Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	CINF	Nasdaq Global Select Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§203.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐    Emerging growth company

☐    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On July 27, 2022, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Second-Quarter 2022 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On July 27, 2022, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference.

This report should not be deemed an admission as to the materiality of any information contained in the news releases or supplemental financial data.

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

Item 9.01 Financial Statements and Exhibits.

(c)     Exhibits

Exhibit 99.1 — News release dated July 27, 2022, titled "Cincinnati Financial Reports Second-Quarter 2022 Results"

Exhibit 99.2 — Supplemental Financial Data for the period ending June 30, 2022, distributed July 27, 2022.

Exhibit 104 – The cover page from this Current Report on Form 8-K, formatted as Inline XBRL

Signature

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

	CINCINNATI FINANCIAL CORPORATION
Date: July 27, 2022	/S/ Michael J. Sewell
	Michael J. Sewell, CPA
	Chief Financial Officer, Executive Vice President and Treasurer
	(Principal Accounting Officer)

EX-99.1

The Cincinnati Insurance Company nThe Cincinnati Indemnity Company The Cincinnati Casualty CompanynThe Cincinnati Specialty Underwriters Insurance Company The Cincinnati Life Insurance CompanynCFC Investment CompanynCSU Producer Resources Inc. Cincinnati Global Underwriting Ltd. n Cincinnati Global Underwriting Agency Ltd.

Investor Contact: Dennis E. McDaniel, 513-870-2768

CINF-IR@cinfin.com

Media Contact: Betsy E. Ertel, 513-603-5323

Media_Inquiries@cinfin.com

Cincinnati Financial Reports Second-Quarter 2022 Results

Cincinnati, July 27, 2022 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Second-quarter 2022 net loss of $808 million, or $5.06 per share, compared with net income of $703 million, or $4.31 per share, in the second quarter of 2021, after recognizing a $928 million second-quarter 2022 after-tax reduction in the fair value of equity securities still held.

•$188 million or 64% decrease in non-GAAP operating income* to $104 million, or 65 cents per share, compared with $292 million, or $1.79 per share, in the second quarter of last year.

•$1.511 billion decrease in second-quarter 2022 net income, compared with second-quarter 2021, primarily due to the after-tax net effect of a $1.323 billion decrease in net investment gains and a $216 million decrease in after-tax property casualty underwriting income.

•$66.30 book value per share at June 30, 2022, down $15.42 since year-end.

•Negative 17.2% value creation ratio for the first six months of 2022, compared with positive 11.6% for the same period of 2021.

Financial Highlights

(Dollars in millions, except per share data)	Three months ended June 30,						Six months ended June 30,
		2022		2021		% Change		2022		2021		% Change
Revenue Data
Earned premiums		$	1,773	$	1,593	11		$	3,463	$	3,137	10
Investment income, net of expenses		195		175		11		380		349		9
Total revenues		820		2,295		(64)		2,035		4,522		(55)
Income Statement Data
Net income (loss)		$	(808)	$	703	nm		$	(1,081)	$	1,323	nm
Investment gains and losses, after-tax		(912)		411		nm		(1,438)		809		nm
Non-GAAP operating income*		$	104	$	292	(64)		$	357	$	514	(31)
Per Share Data (diluted)
Net income (loss)		$	(5.06)	$	4.31	nm		$	(6.76)	$	8.13	nm
Investment gains and losses, after-tax		(5.71)		2.52		nm		(8.99)		4.97		nm
Non-GAAP operating income*		$	0.65	$	1.79	(64)		$	2.23	$	3.16	(29)
Book value								$	66.30	$	73.57	(10)
Cash dividend declared		$	0.69	$	0.63	10		$	1.38	$	1.26	10
Diluted weighted average shares outstanding		159.6		162.9		(2)		160.0		162.7		(2)

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

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

                                             CINF 2Q22 Release 1

Insurance Operations Highlights

•103.2% second-quarter 2022 property casualty combined ratio, up from 85.5% for the second quarter of 2021.

•15% growth in second-quarter net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.

•$286 million second-quarter 2022 property casualty new business written premiums, up 22%. Agencies appointed since the beginning of 2021 contributed $19 million or 7% of total new business written premiums.

•$21 million second-quarter 2022 life insurance subsidiary net income, up $7 million from the second quarter of 2021, and 8% growth in second-quarter 2022 term life insurance earned premiums.

Investment and Balance Sheet Highlights

•11% or $20 million increase in second-quarter 2022 pretax investment income, including a 20% increase for stock portfolio dividends and a 6% increase for bond interest income.

•Three-month decrease of 7% in fair value of total investments at June 30, 2022, including a 4% decrease for the bond portfolio and an 11% decrease for the stock portfolio.

•$4.399 billion parent company cash and marketable securities at June 30, 2022, down 13% from year-end 2021.

Taking Prudent Action

Steven J. Johnston, chairman and chief executive officer, commented: “Investment income increased nicely producing our main source of profits in the second quarter and bringing our total non-GAAP operating income to $357 million for the first half of the year.

“Our insurance business experienced an underwriting loss for the second quarter with a 103.2% combined ratio, resulting in part from an 8.5-point increase in catastrophe losses compared with second quarter 2021. While not the result of any single storm, our field claims teams and headquarters claims associates have been busy, responding to 22 declared catastrophes in the quarter. I’m proud of their efforts as they brought compassion and expertise to our agents and policyholders, quickly resolving claims and helping affected communities to move forward.

“We also took prudent reserving action in the quarter, reflecting elevated inflation in assorted forms and our belief that various pandemic effects have distorted paid loss cost trends. Slowed activity for many businesses, reduced driving and closed courts, which delayed progress on some litigated insurance claims, have all increased the uncertainty of ultimate losses.

“As a result, second-quarter 2022 incurred loss ratios for several lines of business are higher than in recent periods. Commercial umbrella coverages – part of our commercial casualty line of business – had a particularly large impact, despite representing only 7% of our full-year 2021 property casualty earned premiums. Commercial umbrella paid loss experience is inherently variable. Our commercial umbrella insurance coverages have a strong record of profitability.

“On a six-month basis, our insurance business remains profitable with a 96.7% combined ratio. We are optimistic that continuing to adjust our predictive models and staying focused on pricing segmentation can lead to improved results, allowing us to again produce a full-year combined ratio in the low- to mid-90s.”

Diversification Supports Growth

“Double-digit growth for each of our property casualty business segments in the second quarter led to 13% growth in net written premiums for the first six-months in total. Our personal lines operation grew as we acted on opportunities presented by disruptions in certain geographies. We believe we have the products, expertise and agency relationships to benefit from this disruption, and we can be selective in the accounts we add to our portfolio.

“This year, we’ve introduced our new small business program, CinergySM, to agents in Illinois, Indiana and Ohio, with additional states planned for the remainder of 2022. Agents continue to respond enthusiastically, praising the system’s ease of use and the ability to customize coverage for their small business clients.

“Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM also boosted growth, contributing 3 points and 1 point, respectively, to the six-month total, while also contributing meaningful amounts of underwriting profit. The Cincinnati Life Insurance Company had a strong first half of the year, increasing term insurance earned premiums 7% and reaching a record $31 million in operating income.”

Focused on a Long-Term Investment Strategy

“Continued downward pressure in both the equity and bond markets contributed to a decline in book value per share. Despite this movement, our total portfolio still holds nearly $4.7 billion in appreciated value before taxes.

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

                                             CINF 2Q22 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2022			2021			% Change		2022			2021			% Change
Earned premiums		$	1,697		$	1,514		12		$	3,315		$	2,989		11
Fee revenues		2			3			(33)		5			5			0
Total revenues		1,699			1,517			12		3,320			2,994			11
Loss and loss expenses		1,240			830			49		2,196			1,753			25
Underwriting expenses		511			466			10		1,011			887			14
Underwriting profit (loss)		$	(52)		$	221		nm		$	113		$	354		(68)
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		73.1		%	54.8		%	18.3		66.2		%	58.6		%	7.6
Underwriting expenses		30.1			30.7			(0.6)		30.5			29.7			0.8
Combined ratio		103.2		%	85.5		%	17.7		96.7		%	88.3		%	8.4
								% Change								% Change
Agency renewal written premiums		$	1,482		$	1,333		11		$	2,879		$	2,609		10
Agency new business written premiums		286			235			22		530			455			16
Other written premiums		196			146			34		454			343			32
Net written premiums		$	1,964		$	1,714		15		$	3,863		$	3,407		13
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		62.7		%	56.8		%	5.9		60.6		%	57.2		%	3.4
Current accident year catastrophe losses		13.8			5.8			8.0		8.6			9.1			(0.5)
Prior accident years before catastrophe losses		(2.0)			(5.9)			3.9		(1.6)			(5.7)			4.1
Prior accident years catastrophe losses		(1.4)			(1.9)			0.5		(1.4)			(2.0)			0.6
Loss and loss expense ratio		73.1		%	54.8		%	18.3		66.2		%	58.6		%	7.6
Current accident year combined ratio before   catastrophe losses		92.8		%	87.5		%	5.3		91.1		%	86.9		%	4.2

•$250 million or 15% growth of second-quarter 2022 property casualty net written premiums, and six-month growth of 13%, reflecting premium growth initiatives, price increases and a higher level of insured exposures. Cincinnati Re and Cincinnati Global in total contributed 4 percentage points to property casualty growth for both the second quarter and first six months of 2022.

•$51 million or 22% increase in second-quarter 2022 new business premiums written by agencies and a six-month increase of 16%. The second-quarter growth included a $12 million increase in standard market property casualty production from agencies appointed since the beginning of 2021.

•104 new agency appointments in the first six months of 2022, including 37 that market only our personal lines products.

•17.7 percentage-point second-quarter 2022 combined ratio increase, including an increase of 8.5 points from higher catastrophe losses and an increase of 3.7 points from higher commercial umbrella incurred losses.

•8.4 percentage-point six-month 2022 combined ratio increase, including an increase of 0.1 point from higher catastrophe losses and an increase of 3.2 points from higher commercial umbrella incurred losses.

•3.4 percentage-point second-quarter 2022 benefit from favorable prior accident year reserve development of $59 million, compared with 7.8 points or $119 million for second-quarter 2021.

•3.0 percentage-point six-month 2022 benefit from favorable prior accident year reserve development, compared with 7.7 points for the first six months of 2021.

•3.4 percentage-point increase, to 60.6%, for the six-month 2022 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 2.0 points in the ratio for commercial umbrella current accident year losses.

•0.6 percentage-point decrease in the second-quarter 2022 underwriting expense ratio, compared with the same period of 2021, primarily due to lower levels of profit-sharing commissions for agencies and related expenses.

                                             CINF 2Q22 Release 3

Commercial Lines Insurance Results

(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2022			2021			% Change		2022			2021			% Change
Earned premiums		$	994		$	911		9		$	1,956		$	1,797		9
Fee revenues		1			1			0		2			2			0
Total revenues		995			912			9		1,958			1,799			9
Loss and loss expenses		750			480			56		1,336			983			36
Underwriting expenses		307			287			7		608			541			12
Underwriting profit (loss)		$	(62)		$	145		nm		$	14		$	275		(95)
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		75.5		%	52.8		%	22.7		68.3		%	54.7		%	13.6
Underwriting expenses		30.8			31.4			(0.6)		31.1			30.1			1.0
Combined ratio		106.3		%	84.2		%	22.1		99.4		%	84.8		%	14.6
								% Change								% Change
Agency renewal written premiums		$	934		$	852		10		$	1,904		$	1,750		9
Agency new business written premiums		165			146			13		321			291			10
Other written premiums		(27)			(21)			(29)		(57)			(45)			(27)
Net written premiums		$	1,072		$	977		10		$	2,168		$	1,996		9
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		64.8		%	57.9		%	6.9		63.0		%	58.9		%	4.1
Current accident year catastrophe losses		13.6			4.3			9.3		7.7			5.2			2.5
Prior accident years before catastrophe losses		(1.9)			(8.3)			6.4		(1.8)			(7.9)			6.1
Prior accident years catastrophe losses		(1.0)			(1.1)			0.1		(0.6)			(1.5)			0.9
Loss and loss expense ratio		75.5		%	52.8		%	22.7		68.3		%	54.7		%	13.6
Current accident year combined ratio before   catastrophe losses		95.6		%	89.3		%	6.3		94.1		%	89.0		%	5.1

•$95 million or 10% growth in second-quarter 2022 commercial lines net written premiums, primarily due to higher agency renewal written premiums. Nine percent growth in six-month net written premiums.

•$82 million or 10% increase in second-quarter renewal written premiums, with commercial lines average renewal pricing increases in the mid-single-digit percent range.

•$19 million or 13% increase in second-quarter 2022 new business written by agencies and a 10% six-month increase, as we continue to carefully underwrite each policy in a highly competitive market.

•22.1 percentage-point second-quarter 2022 combined ratio increase, including an increase of 9.4 points from higher catastrophe losses and an increase of 5.4 points from higher commercial umbrella current accident year losses.

•14.6 percentage-point six-month 2022 combined ratio increase, including an increase of 3.4 points from higher catastrophe losses and an increase of 3.4 points from higher commercial umbrella current accident year losses.

•2.9 percentage-point second-quarter 2022 benefit from favorable prior accident year reserve development of $29 million, compared with 9.4 points or $86 million for second-quarter 2021.

•2.4 percentage-point six-month 2022 benefit from favorable prior accident year reserve development, compared with 9.4 points for the first six months of 2021.

                                             CINF 2Q22 Release 4

Personal Lines Insurance Results

(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2022			2021			% Change		2022			2021			% Change
Earned premiums		$	413		$	382		8		$	815		$	758		8
Fee revenues		1			1			0		2			2			0
Total revenues		414			383			8		817			760			8
Loss and loss expenses		339			241			41		554			514			8
Underwriting expenses		124			113			10		247			220			12
Underwriting profit (loss)		$	(49)		$	29		nm		$	16		$	26		(38)
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		82.1		%	63.0		%	19.1		68.0		%	67.8		%	0.2
Underwriting expenses		30.0			29.7			0.3		30.2			29.0			1.2
Combined ratio		112.1		%	92.7		%	19.4		98.2		%	96.8		%	1.4
								% Change								% Change
Agency renewal written premiums		$	438		$	397		10		$	771		$	699		10
Agency new business written premiums		88			53			66		140			99			41
Other written premiums		(16)			(11)			(45)		(27)			(21)			(29)
Net written premiums		$	510		$	439		16		$	884		$	777		14
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		63.5		%	55.3		%	8.2		59.3		%	56.3		%	3.0
Current accident year catastrophe losses		21.9			10.9			11.0		14.5			15.7			(1.2)
Prior accident years before catastrophe losses		(0.5)			(2.9)			2.4		(1.8)			(3.7)			1.9
Prior accident years catastrophe losses		(2.8)			(0.3)			(2.5)		(4.0)			(0.5)			(3.5)
Loss and loss expense ratio		82.1		%	63.0		%	19.1		68.0		%	67.8		%	0.2
Current accident year combined ratio before   catastrophe losses		93.5		%	85.0		%	8.5		89.5		%	85.3		%	4.2

•$71 million or 16% growth in second-quarter 2022 personal lines net written premiums, including higher renewal written premiums that benefited from rate increases. Second-quarter 2022 net written premiums from our agencies’ high net worth clients grew 46%, to $259 million. Fourteen percent growth in six-month personal lines net written premiums.

•$35 million or 66% increase in second-quarter 2022 new business premiums written by agencies, including expanded use of enhanced pricing precision tools and an increase of $12 million from excess and surplus lines homeowner policies. The high net worth portion of increases in new business written premiums was $33 million for the second quarter and $38 million for the six-month period.

•19.4 percentage-point second-quarter 2022 combined ratio increase, including an increase of 8.5 points from higher catastrophe losses and an increase of 8.2 points from higher current accident year loss and loss expenses that includes estimates for rising economic inflation for our personal auto and homeowner lines of business.

•1.4 percentage-point six-month 2022 combined ratio increase, including a decrease of 4.7 points from higher catastrophe losses and an increase of 3.0 points from higher current accident year loss and loss expenses reflecting an inflationary environment.

•3.3 percentage-point second-quarter 2022 benefit from favorable prior accident year reserve development of $14 million, compared with 3.2 points or $12 million for second-quarter 2021.

•5.8 percentage-point six-month 2022 benefit from favorable prior accident year reserve development, compared with 4.2 points for the first six months of 2021.

                                             CINF 2Q22 Release 5

Excess and Surplus Lines Insurance Results

(Dollars in millions)	Three months ended June 30,								Six months ended June 30,
		2022			2021			% Change		2022			2021			% Change
Earned premiums		$	124		$	95		31		$	236		$	184		28
Fee revenues		—			1			(100)		1			1			0
Total revenues		124			96			29		237			185			28
Loss and loss expenses		74			58			28		140			117			20
Underwriting expenses		31			28			11		62			50			24
Underwriting profit		$	19		$	10		90		$	35		$	18		94
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Loss and loss expenses		60.2		%	61.0		%	(0.8)		59.3		%	63.7		%	(4.4)
Underwriting expenses		24.9			28.5			(3.6)		26.2			27.0			(0.8)
Combined ratio		85.1		%	89.5		%	(4.4)		85.5		%	90.7		%	(5.2)
								% Change								% Change
Agency renewal written premiums		$	110		$	84		31		$	204		$	160		28
Agency new business written premiums		33			36			(8)		69			65			6
Other written premiums		(8)			(5)			(60)		(14)			(11)			(27)
Net written premiums		$	135		$	115		17		$	259		$	214		21
Ratios as a percent of earned premiums:								Pt. Change								Pt. Change
Current accident year before catastrophe losses		59.5		%	62.0		%	(2.5)		60.6		%	61.5		%	(0.9)
Current accident year catastrophe losses		1.2			0.4			0.8		1.3			0.8			0.5
Prior accident years before catastrophe losses		(0.4)			(1.5)			1.1		(2.4)			1.5			(3.9)
Prior accident years catastrophe losses		(0.1)			0.1			(0.2)		(0.2)			(0.1)			(0.1)
Loss and loss expense ratio		60.2		%	61.0		%	(0.8)		59.3		%	63.7		%	(4.4)
Current accident year combined ratio before   catastrophe losses		84.4		%	90.5		%	(6.1)		86.8		%	88.5		%	(1.7)

•$20 million or 17% growth in second-quarter 2022 excess and surplus lines net written premiums, including higher renewal written premiums that benefited from price increases averaging in the high-single-digit percent range. Twenty-one percent growth in six-month net written premiums.

•$3 million or 8% decrease in second-quarter new business written by agencies, reflecting a highly competitive market particularly for larger policies.

•4.4 percentage-point second-quarter 2022 combined ratio improvement and a 5.2 percentage-point improvement for the six-month period. The combined ratios included increases for losses from catastrophes of 0.6 points for the second quarter and 0.4 points for the six-month period.

•0.5 percentage-point second-quarter 2022 benefit from favorable prior accident year reserve development of $1 million, compared with 1.4 points or $1 million for second-quarter 2021.

•2.6 percentage-point six-month 2022 benefit from favorable prior accident year reserve development, compared with 1.4 points of unfavorable development for the first six months of 2021.

                                             CINF 2Q22 Release 6

Life Insurance Subsidiary Results

(Dollars in millions)	Three months ended June 30,						Six months ended June 30,
		2022		2021		% Change		2022		2021		% Change
Term life insurance		$	56	$	52	8		$	110	$	103	7
Whole life insurance		12		11		9		23		22		5
Universal life and other		8		16		(50)		15		23		(35)
Earned premiums		76		79		(4)		148		148		0
Investment income, net of expenses		42		42		0		84		83		1
Investment gains and losses, net		—		4		(100)		—		4		(100)
Fee revenues		1		1		0		2		2		0
Total revenues		119		126		(6)		234		237		(1)
Contract holders’ benefits incurred		69		85		(19)		152		165		(8)
Underwriting expenses incurred		23		24		(4)		42		42		0
Total benefits and expenses		92		109		(16)		194		207		(6)
Net income before income tax		27		17		59		40		30		33
Income tax provision		6		3		100		9		6		50
Net income of the life insurance subsidiary		$	21	$	14	50		$	31	$	24	29

•$3 million or 4% decrease in second-quarter 2022 earned premiums, including an 8% increase for term life insurance, our largest life insurance product line. Second-quarter 2021 universal life earned premiums were favorably impacted by the unlocking of interest rate and other actuarial assumptions.

•$7 million increase in six-month 2022 life insurance subsidiary net income, primarily from more favorable impacts from the unlocking of interest rate and other actuarial assumptions, partially offset by lower investment gains.

•$339 million or 24% six-month 2022 decrease, to $1.053 billion, in GAAP shareholders’ equity for the life insurance subsidiary, primarily from a decrease in unrealized investment gains on fixed-maturity securities.

                                             CINF 2Q22 Release 7

Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)	Three months ended June 30,							Six months ended June 30,
	2022			2021			% Change		2022			2021			% Change
Investment income, net of expenses	$	195		$	175		11		$	380		$	349		9
Investment interest credited to contract holders	(28)			(27)			(4)		(55)			(53)			(4)
Investment gains and losses, net	(1,154)			520			nm		(1,820)			1,024			nm
Investments profit (loss)	$	(987)		$	668		nm		$	(1,495)		$	1,320		nm
Investment income:
Interest	$	124		$	117		6		$	247		$	235		5
Dividends	72			60			20		137			118			16
Other	2			1			100		3			3			0
Less investment expenses	3			3			0		7			7			0
Investment income, pretax	195			175			11		380			349			9
Less income taxes	31			27			15		60			54			11
Total investment income, after-tax	$	164		$	148		11		$	320		$	295		8
Investment returns:
Average invested assets plus cash and cash    equivalents	$	23,918		$	22,619				$	24,255		$	22,259
Average yield pretax	3.26		%	3.09		%			3.13		%	3.14		%
Average yield after-tax	2.74			2.62					2.64			2.65
Effective tax rate	15.9			15.5					15.8			15.5
Fixed-maturity returns:
Average amortized cost	$	12,414		$	11,653				$	12,364		$	11,570
Average yield pretax	4.00		%	4.02		%			4.00		%	4.06		%
Average yield after-tax	3.31			3.35					3.32			3.38
Effective tax rate	17.1			16.7					17.0			16.7

•$20 million or 11% rise in second-quarter 2022 pretax investment income, including a 20% increase in equity portfolio dividends and a 6% increase in interest income from fixed-maturity securities.

•$1.764 billion second-quarter 2022 decrease in pretax total investment gains, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.

(Dollars in millions)	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Investment gains and losses on equity securities sold, net	$	5	$	—	$	37	$	6
Unrealized gains and losses on equity securities still held, net	(1,175)		489		(1,882)		974
Investment gains and losses on fixed-maturity securities, net	—		9		3		12
Other	16		22		22		32
Subtotal - investment gains and losses reported in net income	(1,154)		520		(1,820)		1,024
Change in unrealized investment gains and losses - fixed maturities	(610)		132		(1,356)		(64)
Total	$	(1,764)	$	652	$	(3,176)	$	960

                                             CINF 2Q22 Release 8

Balance Sheet Highlights

(Dollars in millions, except share data)	At June 30,				At December 31,
		2022				2021
Total investments		$	21,834			$	24,666
Total assets		29,192				31,387
Short-term debt		44				54
Long-term debt		789				789
Shareholders’ equity		10,553				13,105
Book value per share		66.30				81.72
Debt-to-total-capital ratio		7.3		%		6.0		%

•$22.932 billion in consolidated cash and total investments at June 30, 2022, a decrease of 11% from $25.805 billion at year-end 2021.

•$11.933 billion bond portfolio at June 30, 2022, with an average rating of A3/A. Fair value decreased $443 million during the second quarter of 2022, including $131 million in net purchases of fixed-maturity securities.

•$9.510 billion equity portfolio was 43.6% of total investments, including $5.305 billion in appreciated value before taxes at June 30, 2022. Second-quarter 2022 decrease in fair value of $1.165 billion, including $6 million in net purchases of equity securities.

•$9.13 second-quarter 2022 decrease in book value per share, including an addition of $0.65 from net income before investment gains that was offset by $8.84 from investment portfolio net investment losses or changes in unrealized gains for fixed-maturity securities, $0.25 for other items and $0.69 from dividends declared to shareholders.

•Value creation ratio of negative 17.2% for the first six months of 2022, including positive 2.7% from net income before investment gains, which includes underwriting and investment income, and negative 19.4% from investment portfolio net investment losses and changes in unrealized gains for fixed-maturity securities.

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

About Cincinnati Financial

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

Mailing Address:                        Street Address:

P.O. Box 145496                        6200 South Gilmore Road

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

                                             CINF 2Q22 Release 9

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2021 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 32.

Factors that could cause or contribute to such differences include, but are not limited to:

•Effects of the COVID-19 pandemic that could affect results for reasons such as:

•Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book value

•An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses

•An unusually high level of insurance losses, including risk of legislation or court decisions extending business interruption insurance in commercial property coverage forms to cover claims for pure economic loss related to the COVID-19 pandemic

•Decreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity

•Inability of our workforce, agencies or vendors to perform necessary business functions

•Ongoing developments concerning business interruption insurance claims and litigation related to the COVID-19 pandemic that affect our estimates of losses and loss adjustment expenses or our ability to reasonably estimate such losses, such as:

•The continuing duration of the pandemic and governmental actions to limit the spread of the virus that may produce additional economic losses

•The number of policyholders that will ultimately submit claims or file lawsuits

•The lack of submitted proofs of loss for allegedly covered claims

•Judicial rulings in similar litigation involving other companies in the insurance industry

•Differences in state laws and developing case law

•Litigation trends, including varying legal theories advanced by policyholders

•Whether and to what degree any class of policyholders may be certified

•The inherent unpredictability of litigation

•Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns (whether as a result of global climate change or otherwise), environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes

•Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance, due to inflationary trends or other causes

•Inadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimates

•Declines in overall stock market values negatively affecting our equity portfolio and book value

•Prolonged low interest rate environment or other factors that limit our ability to generate growth in investment income or interest rate fluctuations that result in declining values of fixed-maturity investments, including declines in accounts in which we hold bank-owned life insurance contract assets

•Domestic and global events, such as Russia’s invasion of Ukraine, resulting in capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:

•Significant or prolonged decline in the fair value of a particular security or group of securities and impairment of the asset(s)

•Significant decline in investment income due to reduced or eliminated dividend payouts from a particular security or group of securities

•Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities

•Our inability to manage Cincinnati Global or other subsidiaries to produce related business opportunities and growth prospects for our ongoing operations

•Recession, prolonged elevated inflation or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies

•Ineffective information technology systems or discontinuing to develop and implement improvements in technology may impact our success and profitability

                                             CINF 2Q22 Release 10

•Difficulties with technology or data security breaches, including cyberattacks, that could negatively affect our or our agents’ ability to conduct business; disrupt our relationships with agents, policyholders and others; cause reputational damage, mitigation expenses and data loss and expose us to liability under federal and state laws

•Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, cyberattacks, remote working capabilities, and/or outsourcing relationships and third-party operations and data security

•Disruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance products

•Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing methods, including telematics and other usage-based insurance methods, or technology projects and enhancements expected to increase our pricing accuracy, underwriting profit and competitiveness

•Intense competition, and the impact of innovation, technological change and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our ability to maintain or increase our business volumes and profitability

•Changing consumer insurance-buying habits and consolidation of independent insurance agencies could alter our competitive advantages

•Inability to obtain adequate ceded reinsurance on acceptable terms, amount of reinsurance coverage purchased, financial strength of reinsurers and the potential for nonpayment or delay in payment by reinsurers

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

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

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

•Downgrades of our financial strength ratings

•Concerns that doing business with us is too difficult

•Perceptions that our level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace

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

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

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

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

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

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

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

•Increase our other expenses

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

•Place us at a disadvantage in the marketplace

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

•Adverse outcomes from litigation or administrative proceedings, including effects of social inflation on the size of litigation awards

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

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

                                             CINF 2Q22 Release 11

•Our inability, or the inability of our independent agents, to attract and retain personnel in a competitive labor market, impacting the customer experience and altering our competitive advantages

•Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location or work effectively in a remote environment

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

* * *

                                             CINF 2Q22 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets and Statements of Income (unaudited)

(Dollars in millions)					June 30,		December 31,
					2022		2021
Assets
Investments					$	21,834	$	24,666
Cash and cash equivalents					1,098		1,139
Premiums receivable					2,484		2,053
Reinsurance recoverable					531		570
Deferred policy acquisition costs					1,045		905
Other assets					2,200		2,054
Total assets					$	29,192	$	31,387
Liabilities
Insurance reserves					$	10,710	$	10,319
Unearned premiums					3,867		3,271
Deferred income tax					1,069		1,744
Long-term debt and lease obligations					841		843
Other liabilities					2,152		2,105
Total liabilities					18,639		18,282
Shareholders’ Equity
Common stock and paid-in capital					1,764		1,753
Retained earnings					11,324		12,625
Accumulated other comprehensive income					(423)		648
Treasury stock					(2,112)		(1,921)
Total shareholders' equity					10,553		13,105
Total liabilities and shareholders' equity					$	29,192	$	31,387
(Dollars in millions, except per share data)	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Revenues
Earned premiums	$	1,773	$	1,593	$	3,463	$	3,137
Investment income, net of expenses	195		175		380		349
Investment gains and losses, net	(1,154)		520		(1,820)		1,024
Other revenues	6		7		12		12
Total revenues	820		2,295		2,035		4,522
Benefits and Expenses
Insurance losses and contract holders' benefits	1,309		915		2,348		1,918
Underwriting, acquisition and insurance expenses	534		490		1,053		929
Interest expense	13		13		26		26
Other operating expenses	5		5		9		9
Total benefits and expenses	1,861		1,423		3,436		2,882
Income (Loss) Before Income Taxes	(1,041)		872		(1,401)		1,640
Provision (Benefit) for Income Taxes	(233)		169		(320)		317
Net Income (Loss)	$	(808)	$	703	$	(1,081)	$	1,323
Per Common Share:
Net income (loss)—basic	$	(5.06)	$	4.36	$	(6.76)	$	8.21
Net income (loss)—diluted	(5.06)		4.31		(6.76)		8.13

                                             CINF 2Q22 Release 13

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

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

Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules 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.

                                             CINF 2Q22 Release 14

Cincinnati Financial Corporation

Net Income Reconciliation
(Dollars in millions, except per share data)	Three months ended June 30,					Six months ended June 30,
		2022		2021			2022		2021
Net income (loss)		$	(808)	$	703		$	(1,081)	$	1,323
Less:
Investment gains and losses, net		(1,154)		520			(1,820)		1,024
Income tax on investment gains and losses		242		(109)			382		(215)
Investment gains and losses, after-tax		(912)		411			(1,438)		809
Non-GAAP operating income		$	104	$	292		$	357	$	514
Diluted per share data:
Net income (loss)		$	(5.06)	$	4.31		$	(6.76)	$	8.13
Less:
Investment gains and losses, net		(7.23)		3.19			(11.37)		6.29
Income tax on investment gains and losses		1.52		(0.67)			2.38		(1.32)
Investment gains and losses, after-tax		(5.71)		2.52			(8.99)		4.97
Non-GAAP operating income		$	0.65	$	1.79		$	2.23	$	3.16

Life Insurance Reconciliation
(Dollars in millions)	Three months ended June 30,					Six months ended June 30,
		2022		2021			2022		2021
Net income of the life insurance subsidiary		$	21	$	14		$	31	$	24
Investment gains and losses, net		—		4			—		4
Income tax on investment gains and losses		—		1			—		1
Non-GAAP operating income		21		11			31		21
Investment income, net of expenses		(42)		(42)			(84)		(83)
Investment income credited to contract holders		28		27			55		53
Income tax excluding tax on investment gains and losses, net		6		2			9		5
Life insurance segment profit (loss)		$	13	$	(2)		$	11	$	(4)

                                             CINF 2Q22 Release 15

Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended June 30, 2022
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	1,964		$	1,072		$	510		$	135		$	247
Unearned premiums change		(267)			(78)			(97)			(11)			(81)
Earned premiums		$	1,697		$	994		$	413		$	124		$	166
Underwriting profit (loss)		$	(52)		$	(62)		$	(49)		$	19		$	40
(Dollars in millions)	Six months ended June 30, 2022
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Written premiums		$	3,863		$	2,168		$	884		$	259		$	552
Unearned premiums change		(548)			(212)			(69)			(23)			(244)
Earned premiums		$	3,315		$	1,956		$	815		$	236		$	308
Underwriting profit		$	113		$	14		$	16		$	35		$	48
(Dollars in millions)	Three months ended June 30, 2021
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	1,714		$	977		$	439		$	115		$	183
Unearned premiums change		(200)			(66)			(57)			(20)			(57)
Earned premiums		$	1,514		$	911		$	382		$	95		$	126
Underwriting profit		$	221		$	145		$	29		$	10		$	37
(Dollars in millions)	Six months ended June 30, 2021
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Written premiums		$	3,407		$	1,996		$	777		$	214		$	420
Unearned premiums change		(418)			(199)			(19)			(30)			(170)
Earned premiums		$	2,989		$	1,797		$	758		$	184		$	250
Underwriting profit		$	354		$	275		$	26		$	18		$	35
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *Included in Other are the results of Cincinnati Re and Cincinnati Global.

                                             CINF 2Q22 Release 16

Cincinnati Financial Corporation

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.

•    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.

Value Creation Ratio Calculations

(Dollars are per share)	Three months ended June 30,							Six months ended June 30,
		2022			2021				2022			2021
Value creation ratio:
End of period book value*		$	66.30		$	73.57			$	66.30		$	73.57
Less beginning of period book value		75.43			69.16				81.72			67.04
Change in book value		(9.13)			4.41				(15.42)			6.53
Dividend declared to shareholders		0.69			0.63				1.38			1.26
Total value creation		$	(8.44)		$	5.04			$	(14.04)		$	7.79
Value creation ratio from change in book value**		(12.1)		%	6.4		%		(18.9)		%	9.7		%
Value creation ratio from dividends declared to   shareholders***		0.9			0.9				1.7			1.9
Value creation ratio		(11.2)		%	7.3		%		(17.2)		%	11.6		%
* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding
** Change in book value divided by the beginning of period book value
*** Dividend declared to shareholders divided by beginning of period book value

                                             CINF 2Q22 Release 17

EX-99.2

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending June 30, 2022

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 Company	Fitch Ratings	Moody's Investor Service	S&P Global Ratings
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 26, 2022, 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 2022 Supplemental Financial Data

1

	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending June 30, 2022
		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	CFC and Subsidiaries Consolidation – Six Months Ended June 30, 2022	4
	CFC and Subsidiaries Consolidation – Three Months Ended June 30, 2022	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, 2022	11
	Loss and Loss Expense Analysis – Three Months Ended June 30, 2022	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 Cincinnati Insurance Companies Statutory Statements of Income	17
	The Cincinnati Life Insurance Company Statutory Statements of Income	18
Other
	Quarterly Data – Other	19

CINF Second-Quarter 2022 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 2022 Supplemental Financial Data

3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2022
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	3,447	$	—	$	—	$	—	$	3,447
Life	—		—		186		—		—		186
Premiums ceded	—		(132)		(38)		—		—		(170)
Total earned premium	—		3,315		148		—		—		3,463
Investment income, net of expenses	49		247		84		—		—		380
Investment gains and losses, net	(859)		(961)		—		—		—		(1,820)
Fee revenues	—		5		2		—		—		7
Other revenues	8		2		—		3		(8)		5
Total revenues	$	(802)	$	2,608	$	234	$	3	$	(8)	$	2,035
Benefits & expenses
Losses & contract holders' benefits	$	—	$	2,209	$	205	$	—	$	—	$	2,414
Reinsurance recoveries	—		(13)		(53)		—		—		(66)
Underwriting, acquisition and insurance expenses	—		1,011		42		—		—		1,053
Interest expense	26		—		—		—		—		26
Other operating expenses	16		—		—		1		(8)		9
Total expenses	$	42	$	3,207	$	194	$	1	$	(8)	$	3,436
Income (loss) before income taxes	$	(844)	$	(599)	$	40	$	2	$	—	$	(1,401)
Provision (benefit) for income taxes
Current operating income	$	186	$	256	$	11	$	—	$	—	$	453
Capital gains/losses	(180)		(202)		—		—		—		(382)
Deferred	(187)		(202)		(2)		—		—		(391)
Total provision (benefit) for income taxes	$	(181)	$	(148)	$	9	$	—	$	—	$	(320)
Net income (loss) - current year	$	(663)	$	(451)	$	31	$	2	$	—	$	(1,081)
Net income - prior year	$	331	$	966	$	24	$	2	$	—	$	1,323
*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 Cincinnati Global.

CINF Second-Quarter 2022 Supplemental Financial Data

4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2022
(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	1,765	$	—	$	—	$	—	$	1,765
Life	—		—		96		—		—		96
Premiums ceded	—		(68)		(20)		—		—		(88)
Total earned premium	—		1,697		76		—		—		1,773
Investment income, net of expenses	26		127		42		—		—		195
Investment gains and losses, net	(567)		(587)		—		—		—		(1,154)
Fee revenues	—		2		1		—		—		3
Other revenues	4		1		—		2		(4)		3
Total revenues	$	(537)	$	1,240	$	119	$	2	$	(4)	$	820
Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,241	$	91	$	—	$	—	$	1,332
Reinsurance recoveries	—		(1)		(22)		—		—		(23)
Underwriting, acquisition and insurance expenses	—		511		23		—		—		534
Interest expense	13		—		—		—		—		13
Other operating expenses	8		—		—		1		(4)		5
Total expenses	$	21	$	1,751	$	92	$	1	$	(4)	$	1,861
Income (loss) before income taxes	$	(558)	$	(511)	$	27	$	1	$	—	$	(1,041)
Provision (benefit) for income taxes
Current operating income (loss)	$	122	$	142	$	8	$	—	$	—	$	272
Capital gains/losses	(119)		(123)		—		—		—		(242)
Deferred	(122)		(139)		(2)		—		—		(263)
Total provision (benefit) for income taxes	$	(119)	$	(120)	$	6	$	—	$	—	$	(233)
Net income (loss) - current year	$	(439)	$	(391)	$	21	$	1	$	—	$	(808)
Net income - prior year	$	187	$	500	$	14	$	2	$	—	$	703
*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 Cincinnati Global.

CINF Second-Quarter 2022 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
	12/31/22	9/30/22	6/30/22		3/31/22		12/31/21		9/30/21		6/30/21		3/31/21		6/30/22		6/30/21		9/30/22	9/30/21		12/31/22	12/31/21
Consolidated
Current accident year losses greater than $5 million			$	38	$	23	$	55	$	14	$	38	$	5	$	61	$	43		$	57		$	112
Current accident year losses $1 million - $5 million			77		82		103		72		51		31		159		82			154			257
Large loss prior accident year reserve development			38		25		28		30		13		24		63		37			67			95
Total large losses incurred			$	153	$	130	$	186	$	116	$	102	$	60	$	283	$	162		$	278		$	464
Losses incurred but not reported			74		36		(71)		(13)		(37)		102		110		65			52			(19)
Other losses excluding catastrophe losses			648		592		520		514		577		451		1,240		1,028			1,542			2,062
Catastrophe losses			208		24		51		215		56		150		232		206			421			472
Total losses incurred			$	1,083	$	782	$	686	$	832	$	698	$	763	$	1,865	$	1,461		$	2,293		$	2,979
Commercial Lines
Current accident year losses greater than $5 million			$	15	$	16	$	50	$	4	$	38	$	5	$	31	$	43		$	47		$	97
Current accident year losses $1 million - $5 million			53		67		70		60		29		26		120		55			115			185
Large loss prior accident year reserve development			36		21		27		29		14		26		57		40			69			96
Total large losses incurred			$	104	$	104	$	147	$	93	$	81	$	57	$	208	$	138		$	231		$	378
Losses incurred but not reported			61		38		(53)		(35)		(34)		39		99		5			(30)			(83)
Other losses excluding catastrophe losses			363		318		274		270		326		261		681		587			857			1,131
Catastrophe losses			124		11		24		30		27		35		135		62			92			116
Total losses incurred			$	652	$	471	$	392	$	358	$	400	$	392	$	1,123	$	792		$	1,150		$	1,542
Personal Lines
Current accident year losses greater than $5 million			$	23	$	7	$	5	$	10	$	—	$	—	$	30	$	—		$	10		$	15
Current accident year losses $1 million - $5 million			15		11		25		12		15		4		26		19			31			56
Large loss prior accident year reserve development			1		4		—		(1)		(2)		(1)		5		(3)			(4)			(4)
Total large losses incurred			$	39	$	22	$	30	$	21	$	13	$	3	$	61	$	16		$	37		$	67
Losses incurred but not reported			12		(14)		(26)		—		(4)		41		(2)		37			37			11
Other losses excluding catastrophe losses			176		165		146		154		158		130		341		288			442			588
Catastrophe losses			78		6		16		69		39		74		84		113			182			198
Total losses incurred			$	305	$	179	$	166	$	244	$	206	$	248	$	484	$	454		$	698		$	864
Excess & Surplus Lines
Current accident year losses greater than $5 million			$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—
Current accident year losses $1 million - $5 million			9		4		8		—		7		1		13		8			8			16
Large loss prior accident year reserve development			1		—		1		2		1		(1)		1		—			2			3
Total large losses incurred			$	10	$	4	$	9	$	2	$	8	$	—	$	14	$	8		$	10		$	19
Losses incurred but not reported			1		12		8		22		1		22		13		23			45			53
Other losses excluding catastrophe losses			38		32		25		23		34		15		70		49			72			97
Catastrophe losses			2		1		—		1		—		1		3		1			2			2
Total losses incurred			$	51	$	49	$	42	$	48	$	43	$	38	$	100	$	81		$	129		$	171
*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 Cincinnati Global.

CINF Second-Quarter 2022 Supplemental Financial Data

6

Consolidated Property Casualty
Loss Ratio Detail
	Three months ended														Six months ended				Nine months ended			Twelve months ended
	12/31/22	9/30/22	6/30/22		3/31/22		12/31/21		9/30/21		6/30/21		3/31/21		6/30/22		6/30/21		9/30/22	9/30/21		12/31/22	12/31/21
Consolidated
Current accident year losses greater than $5 million			2.2	%	1.4	%	3.4	%	0.9	%	2.5	%	0.3	%	1.8	%	1.4	%		1.2	%		1.8	%
Current accident year losses $1 million - $5 million			4.6		5.1		6.4		4.5		3.4		2.2		4.8		2.8			3.4			4.2
Large loss prior accident year reserve development			2.2		1.5		1.8		1.9		0.9		1.6		1.9		1.2			1.5			1.5
Total large loss ratio			9.0	%	8.0	%	11.6	%	7.3	%	6.8	%	4.1	%	8.5	%	5.4	%		6.1	%		7.5	%
Losses incurred but not reported			4.4		2.2		(4.4)		(0.8)		(2.4)		6.9		3.3		2.2			1.1			(0.3)
Other losses excluding catastrophe losses			38.1		36.6		32.5		32.2		38.0		30.5		37.4		34.4			33.6			33.4
Catastrophe losses			12.3		1.5		3.2		13.4		3.7		10.2		7.0		6.9			9.2			7.6
Total loss ratio			63.8	%	48.3	%	42.9	%	52.1	%	46.1	%	51.7	%	56.2	%	48.9	%		50.0	%		48.2	%
Commercial Lines
Current accident year losses greater than $5 million			1.4	%	1.7	%	5.3	%	0.5	%	4.2	%	0.6	%	1.6	%	2.4	%		1.7	%		2.6	%
Current accident year losses $1 million - $5 million			5.3		6.9		7.3		6.5		3.2		2.9		6.1		3.1			4.2			5.0
Large loss prior accident year reserve development			3.7		2.1		2.8		3.1		1.4		3.0		2.9		2.2			2.6			2.7
Total large loss ratio			10.4	%	10.7	%	15.4	%	10.1	%	8.8	%	6.5	%	10.6	%	7.7	%		8.5	%		10.3	%
Losses incurred but not reported			6.1		4.0		(5.7)		(3.7)		(3.6)		4.3		5.1		0.3			(1.1)			(2.3)
Other losses excluding catastrophe losses			36.6		33.0		29.1		29.0		35.7		29.4		34.8		32.6			31.4			30.8
Catastrophe losses			12.5		1.2		2.6		3.1		3.0		4.0		6.9		3.5			3.4			3.2
Total loss ratio			65.6	%	48.9	%	41.4	%	38.5	%	43.9	%	44.2	%	57.4	%	44.1	%		42.2	%		42.0	%
Personal Lines
Current accident year losses greater than $5 million			5.7	%	1.7	%	1.3	%	2.6	%	—	%	—	%	3.7	%	—	%		0.9	%		1.0	%
Current accident year losses $1 million - $5 million			3.6		2.7		6.4		2.9		4.0		1.2		3.2		2.5			2.7			3.6
Large loss prior accident year reserve development			0.1		1.1		—		(0.2)		(0.5)		(0.3)		0.6		(0.3)			(0.4)			(0.2)
Total large loss ratio			9.4	%	5.5	%	7.7	%	5.3	%	3.5	%	0.9	%	7.5	%	2.2	%		3.2	%		4.4	%
Losses incurred but not reported			3.1		(3.6)		(6.5)		(0.1)		(1.1)		11.0		(0.2)		4.9			3.2			0.7
Other losses excluding catastrophe losses			42.4		41.2		36.7		39.7		41.4		34.4		41.8		37.9			38.6			38.1
Catastrophe losses			18.8		1.4		4.1		17.7		10.3		19.6		10.2		14.9			15.9			12.8
Total loss ratio			73.7	%	44.5	%	42.0	%	62.6	%	54.1	%	65.9	%	59.3	%	59.9	%		60.9	%		56.0	%
Excess & Surplus Lines
Current accident year losses greater than $5 million			—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%		—	%		—	%
Current accident year losses $1 million - $5 million			7.8		3.6		7.5		(0.1)		7.5		1.2		5.8		4.5			2.8			4.1
Large loss prior accident year reserve development			0.4		0.3		0.8		1.9		1.3		(1.7)		0.3		(0.2)			0.6			0.6
Total large loss ratio			8.2	%	3.9	%	8.3	%	1.8	%	8.8	%	(0.5)	%	6.1	%	4.3	%		3.4	%		4.7	%
Losses incurred but not reported			0.7		10.6		7.9		21.2		0.8		24.8		5.4		12.3			15.5			13.4
Other losses excluding catastrophe losses			31.5		27.4		22.3		21.9		35.0		17.8		29.6		26.8			25.0			24.3
Catastrophe losses			1.1		1.1		0.8		0.2		0.4		1.0		1.1		0.7			0.5			0.6
Total loss ratio			41.5	%	43.0	%	39.3	%	45.1	%	45.0	%	43.1	%	42.2	%	44.1	%		44.4	%		43.0	%
*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 Cincinnati Global.

CINF Second-Quarter 2022 Supplemental Financial Data

7

Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/22	9/30/22	6/30/22	3/31/22	12/31/21	9/30/21	6/30/21	3/31/21	6/30/22	6/30/21	9/30/22	9/30/21	12/31/22	12/31/21
Consolidated
Current accident year reported losses greater    than $5 million			6	3	7	3	6	1	9	7		9		17
Current accident year reported losses    $1 million - $5 million			47	51	76	44	35	24	97	59		106		170
Prior accident year reported losses on    large losses			28	28	16	22	12	20	56	32		55		71
Non-Catastrophe reported losses on       large losses total			81	82	99	69	53	45	162	98		170		258
Commercial Lines
Current accident year reported losses greater    than $5 million			2	2	7	2	6	1	4	7		8		15
Current accident year reported losses    $1 million - $5 million			31	39	50	37	19	20	69	39		78		120
Prior accident year reported losses on    large losses			25	24	14	19	8	18	49	26		46		60
Non-Catastrophe reported losses on       large losses total			58	65	71	58	33	39	122	72		132		195
Personal Lines
Current accident year reported losses greater    than $5 million			4	1	—	1	—	—	5	—		1		2
Current accident year reported losses    $1 million - $5 million			9	8	17	6	11	3	17	14		20		34
Prior accident year reported losses on    large losses			2	3	1	1	1	2	5	3		4		5
Non-Catastrophe reported losses on       large losses total			15	12	18	8	12	5	27	17		25		41
Excess & Surplus Lines
Current accident year reported losses greater    than $5 million			—	—	—	—	—	—	—	—		—		—
Current accident year reported losses    $1 million - $5 million			7	4	9	1	5	1	11	6		8		16
Prior accident year reported losses on    large losses			1	1	1	2	3	—	2	3		5		6
Non-Catastrophe reported losses on       large losses total			8	5	10	3	8	1	13	9		13		22
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Second-Quarter 2022 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
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Commercial casualty:
Written premiums			$	376		$	389		$	317		$	297		$	338		$	363		$	765		$	701			$	998			$	1,315
Year over year change %- written premium			11		%	7		%	10		%	10		%	10		%	6		%	9		%	8		%		9		%		9		%
Earned premiums			$	350		$	336		$	332		$	323		$	312		$	303		$	686		$	615			$	938			$	1,270
Current accident year before catastrophe losses			75.0		%	65.6		%	63.3		%	61.9		%	61.5		%	64.5		%	70.4		%	63.0		%		62.6		%		62.8		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(0.7)			1.4			(10.5)			(16.1)			(8.3)			(2.2)			0.3			(5.3)				(9.0)				(9.4)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			74.3		%	67.0		%	52.8		%	45.8		%	53.2		%	62.3		%	70.7		%	57.7		%		53.6		%		53.4		%
Commercial property:
Written premiums			$	308		$	297		$	270		$	278		$	275		$	267		$	606		$	542			$	820			$	1,090
Year over year change %- written premium			12		%	11		%	10		%	10		%	6		%	2		%	12		%	4		%		6		%		7		%
Earned premiums			$	280		$	274		$	267		$	264		$	259		$	253		$	554		$	512			$	776			$	1,043
Current accident year before catastrophe losses			54.5		%	52.4		%	41.8		%	41.6		%	47.3		%	53.8		%	53.4		%	50.5		%		47.5		%		46.0		%
Current accident year catastrophe losses			44.4			5.1			13.9			12.4			14.0			20.0			24.9			16.9				15.4				15.0
Prior accident years before catastrophe losses			0.6			(2.4)			(6.0)			(11.1)			(1.1)			(2.0)			(0.8)			(1.5)				(4.8)				(5.1)
Prior accident years catastrophe losses			(3.0)			0.5			(4.8)			(2.0)			(3.8)			(6.3)			(1.3)			(5.0)				(4.0)				(4.2)
Total loss and loss expense ratio			96.5		%	55.6		%	44.9		%	40.9		%	56.4		%	65.5		%	76.2		%	60.9		%		54.1		%		51.7		%
Commercial auto:
Written premiums			$	226		$	237		$	194		$	183		$	216		$	223		$	463		$	439			$	622			$	816
Year over year change %- written premium			5		%	6		%	8		%	7		%	5		%	7		%	5		%	6		%		7		%		7		%
Earned premiums			$	210		$	205		$	203		$	200		$	198		$	193		$	415		$	391			$	591			$	794
Current accident year before catastrophe losses			66.5		%	67.0		%	67.5		%	63.7		%	63.0		%	63.1		%	66.7		%	63.0		%		63.3		%		64.4		%
Current accident year catastrophe losses			5.1			0.9			0.6			1.8			1.5			1.6			3.1			1.6				1.7				1.4
Prior accident years before catastrophe losses			2.8			(0.7)			0.2			(3.6)			(6.0)			(12.4)			1.1			(9.2)				(7.3)				(5.4)
Prior accident years catastrophe losses			(0.5)			(2.1)			0.3			(0.1)			(0.2)			(0.3)			(1.3)			(0.2)				(0.2)				(0.1)
Total loss and loss expense ratio			73.9		%	65.1		%	68.6		%	61.8		%	58.3		%	52.0		%	69.6		%	55.2		%		57.5		%		60.3		%
Workers' compensation:
Written premiums			$	69		$	86		$	59		$	53		$	69		$	88		$	154		$	157			$	210			$	269
Year over year change %- written premium			—		%	(2)		%	2		%	4		%	6		%	(4)		%	(2)		%	—		%		1		%		1		%
Earned premiums			$	68		$	67		$	67		$	66		$	68		$	67		$	136		$	135			$	201			$	268
Current accident year before catastrophe losses			83.5		%	84.5		%	79.8		%	82.3		%	87.6		%	76.6		%	84.0		%	82.2		%		82.2		%		81.6		%
Current accident year catastrophe losses			—			—			—			—			—			—			—			—				—				—
Prior accident years before catastrophe losses			(25.9)			(14.3)			(10.5)			(10.5)			(39.2)			(37.9)			(20.2)			(38.6)				(29.3)				(24.7)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			57.6		%	70.2		%	69.3		%	71.8		%	48.4		%	38.7		%	63.8		%	43.6		%		52.9		%		56.9		%
Other commercial:
Written premiums			$	93		$	87		$	80		$	84		$	79		$	78		$	180		$	157			$	241			$	321
Year over year change %- written premium			18		%	12		%	14		%	18		%	13		%	11		%	15		%	12		%		14		%		14		%
Earned premiums			$	86		$	80		$	78		$	77		$	74		$	70		$	165		$	144			$	221			$	299
Current accident year before catastrophe losses			37.3		%	38.2		%	41.6		%	39.4		%	38.0		%	38.2		%	37.7		%	38.1		%		38.6		%		39.4		%
Current accident year catastrophe losses			0.1			—			(0.2)			0.4			0.1			—			0.1			—				0.1				—
Prior accident years before catastrophe losses			(7.4)			(2.9)			(8.9)			(8.4)			(11.2)			(7.7)			(5.3)			(9.5)				(9.1)				(9.1)
Prior accident years catastrophe losses			—			—			—			—			—			—			—			—				—				—
Total loss and loss expense ratio			30.0		%	35.3		%	32.5		%	31.4		%	26.9		%	30.5		%	32.5		%	28.6		%		29.6		%		30.3		%
*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.

CINF Second-Quarter 2022 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
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Personal auto:
Written premiums			$	177		$	140		$	141		$	165		$	166		$	136		$	316		$	302			$	467			$	608
Year over year change %- written premium			7		%	3		%	1		%	—		%	(2)		%	(1)		%	5		%	(1)		%		(1)		%		(1)		%
Earned premiums			$	155		$	152		$	152		$	153		$	152		$	152		$	307		$	305			$	457			$	609
Current accident year before catastrophe losses			74.5		%	69.4		%	62.3		%	65.8		%	64.5		%	66.1		%	72.0		%	65.3		%		65.5		%		64.7		%
Current accident year catastrophe losses			6.1			1.4			0.2			5.3			1.7			2.6			3.7			2.2				3.2				2.4
Prior accident years before catastrophe losses			1.4			0.9			(4.4)			(0.4)			(5.5)			(9.3)			1.2			(7.5)				(5.1)				(4.9)
Prior accident years catastrophe losses			(0.6)			(4.7)			0.3			(0.1)			(0.2)			(0.5)			(2.7)			(0.3)				(0.3)				(0.1)
Total loss and loss expense ratio			81.4		%	67.0		%	58.4		%	70.6		%	60.5		%	58.9		%	74.2		%	59.7		%		63.3		%		62.1		%
Homeowner:
Written premiums			$	260		$	181		$	188		$	214		$	211		$	156		$	441		$	367			$	581			$	769
Year over year change %- written premium			23		%	16		%	13		%	13		%	7		%	11		%	20		%	9		%		10		%		11		%
Earned premiums			$	202		$	195		$	190		$	184		$	178		$	174		$	397		$	352			$	536			$	726
Current accident year before catastrophe losses			54.8		%	45.9		%	38.0		%	42.3		%	50.2		%	51.6		%	50.4		%	50.9		%		47.9		%		45.4		%
Current accident year catastrophe losses			38.6			13.0			10.9			36.8			20.7			41.1			26.1			30.8				32.9				27.1
Prior accident years before catastrophe losses			(2.5)			(8.7)			(4.4)			(1.0)			0.9			(0.5)			(5.5)			0.2				(0.2)				(1.3)
Prior accident years catastrophe losses			(5.2)			(7.2)			(1.4)			—			(0.5)			(0.7)			(6.2)			(0.6)				(0.4)				(0.7)
Total loss and loss expense ratio			85.7		%	43.0		%	43.1		%	78.1		%	71.3		%	91.5		%	64.8		%	81.3		%		80.2		%		70.5		%
Other personal:
Written premiums			$	73		$	53		$	53		$	56		$	62		$	46		$	127		$	108			$	164			$	217
Year over year change %- written premium			18		%	15		%	10		%	8		%	9		%	10		%	18		%	9		%		9		%		9		%
Earned premiums			$	56		$	55		$	54		$	51		$	52		$	50		$	111		$	101			$	153			$	207
Current accident year before catastrophe losses			64.6		%	47.2		%	45.8		%	53.8		%	45.9		%	50.0		%	56.0		%	48.0		%		49.9		%		48.9		%
Current accident year catastrophe losses			5.2			0.9			0.2			4.5			3.9			3.6			3.1			3.7				4.0				3.0
Prior accident years before catastrophe losses			1.4			4.6			5.0			(0.9)			(8.6)			(3.8)			3.0			(6.2)				(4.4)				(1.9)
Prior accident years catastrophe losses			0.4			0.4			(1.4)			(0.4)			0.4			(1.5)			0.3			(0.6)				(0.5)				(0.8)
Total loss and loss expense ratio			71.6		%	53.1		%	49.6		%	57.0		%	41.6		%	48.3		%	62.4		%	44.9		%		49.0		%		49.2		%
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Excess & Surplus:
Written premiums			$	135		$	124		$	108		$	104		$	115		$	99		$	259		$	214			$	318			$	426
Year over year change %- written premium			17		%	25		%	17		%	30		%	26		%	16		%	21		%	22		%		24		%		22		%
Earned premiums			$	124		$	112		$	109		$	105		$	95		$	89		$	236		$	184			$	289			$	398
Current accident year before catastrophe losses			59.5		%	61.8		%	56.0		%	62.6		%	62.0		%	61.0		%	60.6		%	61.5		%		61.9		%		60.3		%
Current accident year catastrophe losses			1.2			1.5			0.6			0.4			0.4			1.3			1.3			0.8				0.7				0.6
Prior accident years before catastrophe losses			(0.4)			(4.6)			1.2			3.3			(1.5)			4.7			(2.4)			1.5				2.1				1.9
Prior accident years catastrophe losses			(0.1)			(0.4)			0.3			(0.1)			0.1			(0.3)			(0.2)			(0.1)				(0.1)				—
Total loss and loss expense ratio			60.2		%	58.3		%	58.1		%	66.2		%	61.0		%	66.7		%	59.3		%	63.7		%		64.6		%		62.8		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Second-Quarter 2022 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, 2022
Commercial casualty	$	265	$	93	$	358	$	53	$	57	$	10	$	120	$	318	$	57	$	103	$	478
Commercial property	327		33		360		2		42		11		55		329		42		44		415
Commercial auto	231		43		274		11		4		(2)		13		242		4		41		287
Workers' compensation	67		16		83		(12)		19		(2)		5		55		19		14		88
Other commercial	47		7		54		1		6		6		13		48		6		13		67
Total commercial lines	937		192		1,129		55		128		23		206		992		128		215		1,335
Personal auto	170		42		212		5		12		(2)		15		175		12		40		227
Homeowners	207		26		233		19		(4)		—		15		226		(4)		26		248
Other personal	54		3		57		15		(3)		—		12		69		(3)		3		69
Total personal lines	431		71		502		39		5		(2)		42		470		5		69		544
Excess & surplus lines	57		24		81		50		13		18		81		107		13		42		162
Other	115		8		123		5		41		(1)		45		120		41		7		168
Total property casualty	$	1,540	$	295	$	1,835	$	149	$	187	$	38	$	374	$	1,689	$	187	$	333	$	2,209
Ceded loss and loss expense incurred for the six months ended June 30, 2022
Commercial casualty	$	5	$	—	$	5	$	(14)	$	1	$	—	$	(13)	$	(9)	$	1	$	—	$	(8)
Commercial property	11		1		12		(18)		(1)		—		(19)		(7)		(1)		1		(7)
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	6		—		6		(5)		—		—		(5)		1		—		—		1
Other commercial	10		—		10		2		1		—		3		12		1		—		13
Total commercial lines	32		1		33		(35)		1		—		(34)		(3)		1		1		(1)
Personal auto	1		—		1		(1)		(1)		—		(2)		—		(1)		—		(1)
Homeowners	(2)		—		(2)		(5)		(1)		(1)		(7)		(7)		(1)		(1)		(9)
Other personal	—		—		—		—		—		—		—		—		—		—		—
Total personal lines	(1)		—		(1)		(6)		(2)		(1)		(9)		(7)		(2)		(1)		(10)
Excess & surplus lines	11		—		11		11		(1)		1		11		22		(1)		1		22
Other	9		1		10		5		(13)		—		(8)		14		(13)		1		2
Total property casualty	$	51	$	2	$	53	$	(25)	$	(15)	$	—	$	(40)	$	26	$	(15)	$	2	$	13
Net loss and loss expense incurred for the six months ended June 30, 2022
Commercial casualty	$	260	$	93	$	353	$	67	$	56	$	10	$	133	$	327	$	56	$	103	$	486
Commercial property	316		32		348		20		43		11		74		336		43		43		422
Commercial auto	231		43		274		11		4		(2)		13		242		4		41		287
Workers' compensation	61		16		77		(7)		19		(2)		10		54		19		14		87
Other commercial	37		7		44		(1)		5		6		10		36		5		13		54
Total commercial lines	905		191		1,096		90		127		23		240		995		127		214		1,336
Personal auto	169		42		211		6		13		(2)		17		175		13		40		228
Homeowners	209		26		235		24		(3)		1		22		233		(3)		27		257
Other personal	54		3		57		15		(3)		—		12		69		(3)		3		69
Total personal lines	432		71		503		45		7		(1)		51		477		7		70		554
Excess & surplus lines	46		24		70		39		14		17		70		85		14		41		140
Other	106		7		113		—		54		(1)		53		106		54		6		166
Total property casualty	$	1,489	$	293	$	1,782	$	174	$	202	$	38	$	414	$	1,663	$	202	$	331	$	2,196
*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 Cincinnati Global.

CINF Second-Quarter 2022 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, 2022
Commercial casualty	$	141	$	45	$	186	$	66	$	1	$	3	$	70	$	207	$	1	$	48	$	256
Commercial property	160		15		175		11		72		5		88		171		72		20		263
Commercial auto	119		20		139		10		6		—		16		129		6		20		155
Workers' compensation	28		7		35		3		5		(4)		4		31		5		3		39
Other commercial	27		4		31		(8)		4		2		(2)		19		4		6		29
Total commercial lines	475		91		566		82		88		6		176		557		88		97		742
Personal auto	87		19		106		9		11		—		20		96		11		19		126
Homeowners	111		12		123		19		25		2		46		130		25		14		169
Other personal	25		1		26		17		(3)		—		14		42		(3)		1		40
Total personal lines	223		32		255		45		33		2		80		268		33		34		335
Excess & surplus lines	30		11		41		35		—		13		48		65		—		24		89
Other	60		3		63		(9)		22		(1)		12		51		22		2		75
Total property casualty	$	788	$	137	$	925	$	153	$	143	$	20	$	316	$	941	$	143	$	157	$	1,241
Ceded loss and loss expense incurred for the three months ended June 30, 2022
Commercial casualty	$	5	$	—	$	5	$	(11)	$	1	$	—	$	(10)	$	(6)	$	1	$	—	$	(5)
Commercial property	13		—		13		(19)		—		—		(19)		(6)		—		—		(6)
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	2		—		2		(1)		(1)		—		(2)		1		(1)		—		—
Other commercial	9		—		9		(6)		—		—		(6)		3		—		—		3
Total commercial lines	29		—		29		(37)		—		—		(37)		(8)		—		—		(8)
Personal auto	—		—		—		—		—		—		—		—		—		—		—
Homeowners	(1)		—		(1)		(4)		1		—		(3)		(5)		1		—		(4)
Other personal	—		—		—		—		—		—		—		—		—		—		—
Total personal lines	(1)		—		(1)		(4)		1		—		(3)		(5)		1		—		(4)
Excess & surplus lines	3		—		3		15		(3)		—		12		18		(3)		—		15
Other	2		—		2		2		(6)		—		(4)		4		(6)		—		(2)
Total property casualty	$	33	$	—	$	33	$	(24)	$	(8)	$	—	$	(32)	$	9	$	(8)	$	—	$	1
Net loss and loss expense incurred for the three months ended June 30, 2022
Commercial casualty	$	136	$	45	$	181	$	77	$	—	$	3	$	80	$	213	$	—	$	48	$	261
Commercial property	147		15		162		30		72		5		107		177		72		20		269
Commercial auto	119		20		139		10		6		—		16		129		6		20		155
Workers' compensation	26		7		33		4		6		(4)		6		30		6		3		39
Other commercial	18		4		22		(2)		4		2		4		16		4		6		26
Total commercial lines	446		91		537		119		88		6		213		565		88		97		750
Personal auto	87		19		106		9		11		—		20		96		11		19		126
Homeowners	112		12		124		23		24		2		49		135		24		14		173
Other personal	25		1		26		17		(3)		—		14		42		(3)		1		40
Total personal lines	224		32		256		49		32		2		83		273		32		34		339
Excess & surplus lines	27		11		38		20		3		13		36		47		3		24		74
Other	58		3		61		(11)		28		(1)		16		47		28		2		77
Total property casualty	$	755	$	137	$	892	$	177	$	151	$	20	$	348	$	932	$	151	$	157	$	1,240
*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 Cincinnati Global.

CINF Second-Quarter 2022 Supplemental Financial Data

12

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Premiums
Agency renewal written premiums			$	1,482		$	1,397		$	1,238		$	1,244		$	1,333		$	1,276		$	2,879		$	2,609			$	3,853			$	5,091
Agency new business written premiums			286			244			212			230			235			220			530			455				685				897
Other written premiums			196			258			84			64			146			197			454			343				407				491
Net written premiums			$	1,964		$	1,899		$	1,534		$	1,538		$	1,714		$	1,693		$	3,863		$	3,407			$	4,945			$	6,479
Unearned premium change			(267)			(281)			65			58			(200)			(218)			(548)			(418)				(360)				(295)
Earned premiums			$	1,697		$	1,618		$	1,599		$	1,596		$	1,514		$	1,475		$	3,315		$	2,989			$	4,585			$	6,184
Year over year change %
Agency renewal written premiums			11		%	9		%	8		%	8		%	7		%	7		%	10		%	7		%		7		%		7		%
Agency new business written premiums			22			11			15			22			12			2			16			7				12				12
Other written premiums			34			31			31			25			39			88			32			63				56				51
Net written premiums			15			12			10			10			10			12			13			11				11				10
Paid losses and loss expenses
Losses paid			$	755		$	733		$	718		$	612		$	649		$	564		$	1,489		$	1,214			$	1,826			$	2,543
Loss expenses paid			137			157			139			153			118			141			293			258				411				551
Loss and loss expenses paid			$	892		$	890		$	857		$	765		$	767		$	705		$	1,782		$	1,472			$	2,237			$	3,094
Incurred losses and loss expenses
Loss and loss expense incurred			$	1,240		$	956		$	855		$	988		$	830		$	923		$	2,196		$	1,753			$	2,741			$	3,596
Loss and loss expenses paid as a % of incurred			71.9		%	93.1		%	100.2		%	77.4		%	92.4		%	76.4		%	81.1		%	84.0		%		81.6		%		86.0		%
Statutory combined ratio
Loss ratio			64.8		%	48.4		%	42.6		%	51.3		%	47.0		%	52.0		%	56.7		%	49.4		%		50.1		%		48.2		%
Loss adjustment expense ratio			9.5			10.9			10.9			10.1			8.9			11.0			10.2			10.0				10.0				10.2
Net underwriting expense ratio			28.1			28.7			31.5			31.1			29.2			26.7			28.4			28.0				28.9				29.5
US Statutory combined ratio			102.4		%	88.0		%	85.0		%	92.5		%	85.1		%	89.7		%	95.3		%	87.4		%		89.0		%		87.9		%
Contribution from catastrophe losses			13.0			1.7			2.8			12.9			4.6			10.1			7.5			7.3				9.2				7.6
Statutory combined ratio excl. catastrophe losses			89.4		%	86.3		%	82.2		%	79.6		%	80.5		%	79.6		%	87.8		%	80.1		%		79.8		%		80.3		%
GAAP combined ratio
GAAP combined ratio			103.2		%	89.9		%	84.2		%	92.6		%	85.5		%	91.2		%	96.7		%	88.3		%		89.8		%		88.3		%
Contribution from catastrophe losses			12.4			1.8			3.6			14.2			3.9			10.4			7.2			7.1				9.6				8.0
GAAP combined ratio excl. catastrophe losses			90.8		%	88.1		%	80.6		%	78.4		%	81.6		%	80.8		%	89.5		%	81.2		%		80.2		%		80.3		%
*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 data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Second-Quarter 2022 Supplemental Financial Data

13

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Premiums
Agency renewal written premiums			$	934		$	970		$	809		$	775		$	852		$	898		$	1,904		$	1,750			$	2,525			$	3,334
Agency new business written premiums			165			156			135			145			146			145			321			291				436				571
Other written premiums			(27)			(30)			(24)			(25)			(21)			(24)			(57)			(45)				(70)				(94)
Net written premiums			$	1,072		$	1,096		$	920		$	895		$	977		$	1,019		$	2,168		$	1,996			$	2,891			$	3,811
Unearned premium change			(78)			(134)			27			35			(66)			(133)			(212)			(199)				(164)				(137)
Earned premiums			$	994		$	962		$	947		$	930		$	911		$	886		$	1,956		$	1,797			$	2,727			$	3,674
Year over year change %
Agency renewal written premiums			10		%	8		%	7		%	7		%	7		%	7		%	9		%	7		%		7		%		7		%
Agency new business written premiums			13			8			19			27			9			(6)			10			1				8				11
Other written premiums			(29)			(25)			25			7			(5)			—			(27)			(2)				1				9
Net written premiums			10			8			10			10			8			5			9			6				7				8
Paid losses and loss expenses
Losses paid			$	446		$	458		$	396		$	328		$	391		$	330		$	905		$	720			$	1,049			$	1,445
Loss expenses paid			91			100			89			98			78			96			191			174				272				361
Loss and loss expenses paid			$	537		$	558		$	485		$	426		$	469		$	426		$	1,096		$	894			$	1,321			$	1,806
Incurred losses and loss expenses
Loss and loss expense incurred			$	750		$	586		$	506		$	451		$	480		$	503		$	1,336		$	983			$	1,434			$	1,940
Loss and loss expenses paid as a % of incurred			71.6		%	95.2		%	95.8		%	94.5		%	97.7		%	84.7		%	82.0		%	90.9		%		92.1		%		93.1		%
Statutory combined ratio
Loss ratio			65.5		%	48.9		%	41.4		%	38.5		%	43.9		%	44.3		%	57.4		%	44.1		%		42.2		%		42.0		%
Loss adjustment expense ratio			9.9			12.0			12.0			10.0			8.8			12.4			10.9			10.6				10.4				10.8
Net underwriting expense ratio			29.1			28.3			32.7			33.2			29.9			26.2			28.7			28.0				29.6				30.4
Statutory combined ratio			104.5		%	89.2		%	86.1		%	81.7		%	82.6		%	82.9		%	97.0		%	82.7		%		82.2		%		83.2		%
Contribution from catastrophe losses			12.6			1.4			2.7			3.3			3.2			4.2			7.1			3.7				3.6				3.4
Statutory combined ratio excl. catastrophe losses			91.9		%	87.8		%	83.4		%	78.4		%	79.4		%	78.7		%	89.9		%	79.0		%		78.6		%		79.8		%
GAAP combined ratio
GAAP combined ratio			106.3		%	92.3		%	85.2		%	80.6		%	84.2		%	85.4		%	99.4		%	84.8		%		83.4		%		83.8		%
Contribution from catastrophe losses			12.6			1.4			2.7			3.3			3.2			4.2			7.1			3.7				3.6				3.4
GAAP combined ratio excl. catastrophe losses			93.7		%	90.9		%	82.5		%	77.3		%	81.0		%	81.2		%	92.3		%	81.1		%		79.8		%		80.4		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed  independently. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2022 Supplemental Financial Data

14

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Premiums
Agency renewal written premiums			$	438		$	333		$	342		$	393		$	397		$	302		$	771		$	699			$	1,092			$	1,434
Agency new business written premiums			88			52			50			53			53			46			140			99				152				202
Other written premiums			(16)			(11)			(10)			(11)			(11)			(10)			(27)			(21)				(32)				(42)
Net written premiums			$	510		$	374		$	382		$	435		$	439		$	338		$	884		$	777			$	1,212			$	1,594
Unearned premium change			(97)			28			14			(47)			(57)			38			(69)			(19)				(66)				(52)
Earned premiums			$	413		$	402		$	396		$	388		$	382		$	376		$	815		$	758			$	1,146			$	1,542
Year over year change %
Agency renewal written premiums			10		%	10		%	8		%	7		%	3		%	3		%	10		%	3		%		4		%		5		%
Agency new business written premiums			66			13			11			4			20			35			41			27				18				16
Other written premiums			(45)			(10)			(25)			(10)			(38)			(11)			(29)			(24)				(19)				(20)
Net written premiums			16			11			8			7			4			6			14			5				5				6
Paid losses and loss expenses
Losses paid			$	224		$	208		$	212		$	208		$	198		$	162		$	432		$	360			$	568			$	780
Loss expenses paid			32			40			34			40			29			32			71			60				100				134
Loss and loss expenses paid			$	256		$	248		$	246		$	248		$	227		$	194		$	503		$	420			$	668			$	914
Incurred losses and loss expenses
Loss and loss expense incurred			$	339		$	215		$	197		$	281		$	241		$	273		$	554		$	514			$	795			$	992
Loss and loss expenses paid as a % of incurred			75.5		%	115.3		%	124.9		%	88.3		%	94.2		%	71.1		%	90.8		%	81.7		%		84.0		%		92.1		%
Statutory combined ratio
Loss ratio			73.7		%	44.5		%	42.0		%	62.6		%	54.1		%	65.9		%	59.3		%	60.0		%		60.9		%		56.0		%
Loss adjustment expense ratio			8.4			9.0			7.9			9.7			8.9			6.7			8.7			7.8				8.5				8.4
Net underwriting expense ratio			26.4			32.2			30.9			28.2			27.2			30.7			28.8			28.7				28.5				29.1
Statutory combined ratio			108.5		%	85.7		%	80.8		%	100.5		%	90.2		%	103.3		%	96.8		%	96.5		%		97.9		%		93.5		%
Contribution from catastrophe losses			19.1			1.7			4.6			20.0			10.6			19.8			10.5			15.2				16.8				13.7
Statutory combined ratio excl. catastrophe losses			89.4		%	84.0		%	76.2		%	80.5		%	79.6		%	83.5		%	86.3		%	81.3		%		81.1		%		79.8		%
GAAP combined ratio
GAAP combined ratio			112.1		%	83.9		%	80.0		%	102.7		%	92.7		%	101.1		%	98.2		%	96.8		%		98.8		%		94.0		%
Contribution from catastrophe losses			19.1			1.7			4.6			20.0			10.6			19.8			10.5			15.2				16.8				13.7
GAAP combined ratio excl. catastrophe losses			93.0		%	82.2		%	75.4		%	82.7		%	82.1		%	81.3		%	87.7		%	81.6		%		82.0		%		80.3		%
*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 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 2022 Supplemental Financial Data

15

Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Premiums
Agency renewal written premiums			$	110		$	94		$	87		$	76		$	84		$	76		$	204		$	160			$	236			$	323
Agency new business written premiums			33			36			27			32			36			29			69			65				97				124
Other written premiums			(8)			(6)			(6)			(4)			(5)			(6)			(14)			(11)				(15)				(21)
Net written premiums			$	135		$	124		$	108		$	104		$	115		$	99		$	259		$	214			$	318			$	426
Unearned premium change			(11)			(12)			1			1			(20)			(10)			(23)			(30)				(29)				(28)
Earned premiums			$	124		$	112		$	109		$	105		$	95		$	89		$	236		$	184			$	289			$	398
Year over year change %
Agency renewal written premiums			31		%	24		%	26		%	27		%	33		%	23		%	28		%	28		%		28		%		27		%
Agency new business written premiums			(8)			24			—			33			13			7			6			10				17				13
Other written premiums			(60)			—			(50)			—			(25)			(50)			(27)			(38)				(25)				(31)
Net written premiums			17			25			17			30			26			16			21			22				24				22
Paid losses and loss expenses
Losses paid			$	27		$	19		$	17		$	18		$	19		$	21		$	46		$	40			$	59			$	75
Loss expenses paid			11			12			12			12			8			11			24			19				31				43
Loss and loss expenses paid			$	38		$	31		$	29		$	30		$	27		$	32		$	70		$	59			$	90			$	118
Incurred losses and loss expenses
Loss and loss expense incurred			$	74		$	66		$	63		$	70		$	58		$	59		$	140		$	117			$	187			$	250
Loss and loss expenses paid as a % of incurred			51.4		%	47.0		%	46.0		%	42.9		%	46.6		%	54.2		%	50.0		%	50.4		%		48.1		%		47.2		%
Statutory combined ratio
Loss ratio			41.5		%	43.0		%	39.3		%	45.1		%	45.0		%	43.1		%	42.2		%	44.1		%		44.5		%		43.0		%
Loss adjustment expense ratio			18.7			15.2			18.8			21.0			16.0			23.6			17.1			19.6				20.1				19.8
Net underwriting expense ratio			26.1			27.1			27.7			29.7			31.1			26.4			26.5			29.0				29.2				28.8
Statutory combined ratio			86.3		%	85.3		%	85.8		%	95.8		%	92.1		%	93.1		%	85.8		%	92.7		%		93.8		%		91.6		%
Contribution from catastrophe losses			1.1			1.1			0.9			0.3			0.5			1.0			1.1			0.7				0.6				0.6
Statutory combined ratio excl. catastrophe losses			85.2		%	84.2		%	84.9		%	95.5		%	91.6		%	92.1		%	84.7		%	92.0		%		93.2		%		91.0		%
GAAP combined ratio
GAAP combined ratio			85.1		%	85.9		%	83.2		%	94.1		%	89.5		%	92.0		%	85.5		%	90.7		%		91.9		%		89.5		%
Contribution from catastrophe losses			1.1			1.1			0.9			0.3			0.5			1.0			1.1			0.7				0.6				0.6
GAAP combined ratio excl. catastrophe losses			84.0		%	84.8		%	82.3		%	93.8		%	89.0		%	91.0		%	84.4		%	90.0		%		91.3		%		88.9		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed  independently. *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 2022 Supplemental Financial Data

16

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)	2022		2021		Change		% Change	2022		2021		Change		% Change
Underwriting income
Net premiums written	$	1,895	$	1,667	$	228	14	$	3,743	$	3,319	$	424	13
Unearned premium change	242		185		57		31	504		394		110		28
Earned premiums	$	1,653	$	1,482	$	171	12	$	3,239	$	2,925	$	314	11
Losses incurred	$	1,071	$	697	$	374	54	$	1,838	$	1,447	$	391	27
Defense and cost containment expenses incurred	70		54		16		30	147		134		13		10
Adjusting and other expenses incurred	87		77		10		13	183		156		27		17
Other underwriting expenses incurred	530		484		46		10	1,059		923		136		15
Workers compensation dividend incurred	1		2		(1)		(50)	3		4		(1)		(25)
Total underwriting deductions	$	1,759	$	1,314	$	445	34	$	3,230	$	2,664	$	566	21
Net underwriting profit (loss)	$	(106)	$	168	$	(274)	nm	$	9	$	261	$	(252)	(97)
Investment income
Gross investment income earned	$	125	$	116	$	9	8	$	249	$	225	$	24	11
Net investment income earned	122		113		9		8	244		220		24		11
Net realized capital gains and losses, net	13		10		3		30	12		7		5		71
Net investment gains (net of tax)	$	135	$	123	$	12	10	$	256	$	227	$	29	13
Other income	$	1	$	1	$	—	—	$	3	$	3	$	—	—
Net income before federal income taxes	$	30	$	292	$	(262)	(90)	$	268	$	491	$	(223)	(45)
Federal and foreign income taxes incurred	7		61		(54)		(89)	36		91		(55)		(60)
Net income (statutory)	$	23	$	231	$	(208)	(90)	$	232	$	400	$	(168)	(42)
Policyholders' surplus - statutory	$	6,179	$	6,464	$	(285)	(4)	$	6,179	$	6,464	$	(285)	(4)
Fixed maturities at amortized cost - statutory	$	8,347	$	7,881	$	466	6	$	8,347	$	7,881	$	466	6
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Second-Quarter 2022 Supplemental Financial Data

17

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)	2022		2021		Change		% Change	2022		2021		Change		% Change
Net premiums written	$	84	$	85	$	(1)	(1)	$	164	$	172	$	(8)	(5)
Net investment income	43		45		(2)		(4)	86		88		(2)		(2)
Amortization of interest maintenance reserve	—		1		(1)		(100)	—		1		(1)		(100)
Commissions and expense allowances on reinsurance ceded	1		1		—		—	2		2		—		—
Income from fees associated with separate accounts	1		1		—		—	2		1		1		100
Total revenues	$	129	$	133	$	(4)	(3)	$	254	$	264	$	(10)	(4)
Death benefits and matured endowments	$	35	$	36	$	(1)	(3)	$	92	$	85	$	7	8
Annuity benefits	14		17		(3)		(18)	31		31		—		—
Disability benefits and benefits under accident and health contracts	—		—		—		—	—		1		(1)		(100)
Surrender benefits and group conversions	5		5		—		—	11		13		(2)		(15)
Interest and adjustments on deposit-type contract funds	2		2		—		—	4		3		1		33
Increase in aggregate reserves for life and accident and health contracts	16		32		(16)		(50)	29		55		(26)		(47)
Total benefit expenses	$	72	$	92	$	(20)	(22)	$	167	$	188	$	(21)	(11)
Commissions	$	12	$	12	$	—	—	$	25	$	24	$	1	4
General insurance expenses and taxes	16		14		2		14	29		26		3		12
Increase in loading on deferred and uncollected premiums	(2)		1		(3)		nm	1		4		(3)		(75)
Net transfers from separate accounts	—		(3)		3		(100)	(10)		(3)		(7)		(233)
Total underwriting expenses	$	26	$	24	$	2	8	$	45	$	51	$	(6)	(12)
Federal and foreign income taxes incurred	7		5		2		40	10		7		3		43
Net gain from operations before capital gains and losses	$	24	$	12	$	12	100	$	32	$	18	$	14	78
Gains and losses net of capital gains tax, net	(1)		1		(2)		nm	(1)		1		(2)		nm
Net income (statutory)	$	23	$	13	$	10	77	$	31	$	19	$	12	63
Policyholders' surplus - statutory	$	297	$	253	44		17	$	297	$	253	$	44	17
Fixed maturities at amortized cost - statutory	$	3,794	$	3,676	$	118	3	$	3,794	$	3,676	$	118	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.

CINF Second-Quarter 2022 Supplemental Financial Data

18

Quarterly Data - Other
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/22	9/30/22	6/30/22			3/31/22			12/31/21			9/30/21			6/30/21			3/31/21			6/30/22			6/30/21			9/30/22	9/30/21			12/31/22	12/31/21
Cincinnati Re:
Written premiums			$	178		$	254		$	72		$	57		$	136		$	196		$	432		$	332			$	389			$	461
Year over year change %- written premium			31		%	30		%	22		%	6		%	62		%	87		%	30		%	76		%		61		%		53		%
Earned premiums			$	122		$	110		$	102		$	104		$	94		$	92		$	232		$	186			$	290			$	392
Current accident year before catastrophe losses			49.6		%	50.6		%	61.7		%	52.8		%	48.5		%	42.1		%	50.0		%	45.4		%		48.0		%		51.6		%
Current accident year catastrophe losses			6.5			—			(1.7)			78.6			(1.7)			35.4			3.4			16.7				39.0				28.3
Prior accident years before catastrophe losses			(4.8)			10.9			2.4			(6.8)			6.4			3.0			2.6			4.7				0.6				1.1
Prior accident years catastrophe losses			1.1			5.2			0.3			6.4			(0.1)			—			3.1			(0.1)				2.2				1.7
Total loss and loss expense ratio			52.4		%	66.7		%	62.7		%	131.0		%	53.1		%	80.5		%	59.1		%	66.7		%		89.8		%		82.7		%
Cincinnati Global:
Written premiums			$	69		$	51		$	52		$	47		$	47		$	41		$	120		$	88			$	135			$	187
Year over year change %- written premium			47		%	24		%	6		%	24		%	(11)		%	11		%	36		%	(2)		%		5		%		6		%
Earned premiums			$	44		$	32		$	45		$	69		$	32		$	32		$	76		$	64			$	133			$	178
Current accident year before catastrophe losses			53.2		%	38.3		%	39.4		%	35.3		%	54.4		%	30.9		%	47.0		%	42.9		%		39.0		%		39.1		%
Current accident year catastrophe losses			0.1			16.3			33.6			30.3			27.5			55.8			6.9			41.3				35.7				35.1
Prior accident years before catastrophe losses			(15.4)			4.1			(16.9)			(4.7)			(23.4)			(12.0)			(7.2)			(17.8)				(11.1)				(12.5)
Prior accident years catastrophe losses			(9.7)			(9.0)			(2.0)			12.2			(54.0)			(31.0)			(9.4)			(42.7)				(14.4)				(11.2)
Total loss and loss expense ratio			28.2		%	49.7		%	54.1		%	73.1		%	4.5		%	43.7		%	37.3		%	23.7		%		49.2		%		50.5		%
Noninsurance operations:
Interest and fees on loans and leases			$	2		$	1		$	2		$	2		$	2		$	1		$	3		$	3			$	5			$	7
Other revenue			1			1			—			1			1			1			2			2				3				3
Interest expense			13			13			14			13			13			13			26			26				39				53
Operating expenses			5			4			6			5			5			4			9			9				14				20
Total noninsurance operations loss			$	(15)		$	(15)		$	(18)		$	(15)		$	(15)		$	(15)		$	(30)		$	(30)			$	(45)			$	(63)
*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.
*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

CINF Second-Quarter 2022 Supplemental Financial Data

19

XML

Cover Page Cover Page	Jul. 27, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 27, 2022
Entity Registrant Name	CINCINNATI FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	OH
Entity File Number	0-4604
Entity Tax Identification Number	31-0746871
Entity Address, Address Line One	6200 S. Gilmore Road
Entity Address, City or Town	Fairfield,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45014‑5141
City Area Code	513
Local Phone Number	870-2000
Title of 12(b) Security	Common stock
Trading Symbol	CINF
Security Exchange Name	NASDAQ
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000020286
Amendment Flag	false