Cincinnati Financial Corporation

Supplemental Financial Data

February 8, 2006

Fourth Quarter

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

www.cinfin.com/investors

Investor Contact:		Media Contact:		Shareholder Contact:
Heather J. Wietzel		Joan O. Shevchik		Jerry L. Litton
(513) 870-2768		(513) 603-5323		(513) 870-2639
Cincinnati Financial Corporation
		A.M. Best	Fitch	Moody’s	Standard & Poor’s
Corporate Debt		aa-	A+	A2	A
The Cincinnati Insurance Companies
		A.M. Best	Fitch	Moody’s	Standard & Poor’s
Property Casualty Group		A++	--	Aa3	AA-
The Cincinnati Insurance Company		A++	AA	Aa3	AA-
The Cincinnati Indemnity Company		A++	AA	Aa3	AA-
The Cincinnati Casualty Company		A++	AA	Aa3	AA-
The Cincinnati Life Insurance Company		A+	AA	--	AA-
	Ratings are as of February 8, 2006, under continuing review and subject to change and/or affirmation.  For the latest ratings, select the Ratings tab on www.cinfin.com/investors.
	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 in the Annual Report on Form 10-K for 2004. The results of operations for interim periods should not be considered indicative of results to be expected for the full year.

	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2005
		Page	Status
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3	2/8/2006
Consolidated
	Quick Reference	4	2/8/2006
	Consolidated Statements of Income	5	2/8/2006
	CFC and Subsidiary Consolidation – Twelve Months Ended December 31, 2005	6	2/8/2006
	CFC and Subsidiary Consolidation – Twelve Months Ended December 31, 2004	7	2/8/2006
	CFC and Subsidiary Consolidation – Three Months Ended December 31, 2005	8	2/8/2006
	CFC and Subsidiary Consolidation – Three Months Ended December 31, 2004	9	2/8/2006
	Consolidated Balance Sheets	10	2/8/2006
	10-Year Net Income Reconciliation	11	2/8/2006
	Quarterly Net Income Reconciliation	12	2/8/2006
	Top Holdings -- Common Stocks	13	2/8/2006
Property Casualty Insurance Operations
	GAAP Statements of Income	14	2/8/2006
	Statutory Statements of Income	15	2/8/2006
	Statutory Quarterly Analysis – Consolidated	16	2/8/2006
	Statutory Quarterly Analysis – Commercial Lines	17	2/8/2006
	Statutory Quarterly Analysis – Personal Lines	18	2/8/2006
	Direct Written Premiums by Line of Business and State	19	2/8/2006
	Quarterly Property Casualty Data – Line of Business	20	2/8/2006
	Loss Reserve Development Impact - Line of Business	21	2/8/2006
	Reconciliation Data
	11-Year Property Casualty Data – Consolidated	22	2/8/2006
	6-Year Property Casualty Data – Commercial Lines	23	2/8/2006
	6-Year Property Casualty Data – Personal Lines	24	2/8/2006
	Quarterly Property Casualty Data – Consolidated	25	2/8/2006
	Quarterly Property Casualty Data – Commercial Lines	26	2/8/2006
	Quarterly Property Casualty Data – Personal Lines	27	2/8/2006
Life Insurance Operations
	GAAP Statements of Income	28	2/8/2006
	Statutory Statements of Income	29	2/8/2006
	Expenses as a Percentage of Premium	30	2/8/2006

2005 Fourth-Quarter Supplement

2

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

(See attached tables for 2005 and 2004 data, prior-period reconciliations available at www.cinfin.com/investors.)

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

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

·

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

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

·

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

·

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

·

Written premium adjustment – statutory basis only: In 2002, the company refined its estimation process for matching written premiums to policy effective dates, which added $117 million to 2002 written premiums. To better assess ongoing business trends, management may exclude this adjustment when analyzing trends in written premiums and statutory ratios that make use of written premiums.

·

Codification: Adoption of Codification of Statutory Accounting Principles was required for Ohio-based insurance companies effective January 1, 2001. The adoption of Codification changed the manner in which the company recognized statutory property casualty written premiums. As a result, 2001 statutory written premiums included $402 million to account for unbooked premiums related to policies with effective dates prior to January 1, 2001. To better assess ongoing business trends, management excludes this $402 million when analyzing written premiums and statutory ratios that make use of written premiums.

·

Life insurance gross written premiums: In analyzing the life insurance company’s gross written premiums, management excludes five larger, single-pay life insurance policies (bank-owned life insurance or BOLIs) written in 2004, 2002, 2000 and 1999 to focus on the trend in premiums written through the independent agency distribution channel.

·

One-time charges or adjustments: Management analyzes earnings and profitability excluding the impact of one-time items.

o

In 2003, as the result of a settlement negotiated with a vendor, pretax results included the recovery of $23 million of the $39 million one-time, pretax charge incurred in 2000.

o

In 2000, the company recorded a one-time charge of $39 million, pre-tax, to write down previously capitalized costs related to the development of software to process property casualty policies.

o

In 2000, the company earned $5 million in interest in the first quarter from a $303 million single-premium BOLI policy that was booked at the end of 1999 and segregated as a separate account effective April 1, 2000. Investment income and realized investment gains and losses from separate accounts generally accrue directly to the contract holder and, therefore, are not included in the company’s consolidated financials.

2005 Fourth-Quarter Supplement

3

Cincinnati Financial Corporation
Quick Reference - Fourth Quarter 2005
(all data shown is for the three months ended or as of December 31, 2005)
(Based on reported data - see Pages 25-27 for adjusted data)
(Dollars in millions except share data)
Revenues:				Benefits and expenses:
Commercial lines net written premiums	$	548		Commercial lines losses	$	294
Year-over-year percentage change		3.1	%	Year-over-year percentage change		12.5	%
Personal lines net written premiums	$	179		Personal lines losses	$	123
Year-over-year percentage change		(6.6)	%	Year-over-year percentage change		(14.3)	%
Property casualty net written premiums	$	727		Property casualty losses	$	417
Year-over-year percentage change		0.6	%	Year-over-year percentage change		3.3	%
Commercial lines net earned premiums	$	576		Life and accident and health losses and policy benefits	$	25
Year-over-year percentage change		4.6	%	Year-over-year percentage change		4.7	%
Personal lines net earned premiums	$	199		Operating expenses	$	251
Year-over-year percentage change		(1.9)	%	Year-over-year percentage change		7.4	%
Property casualty net earned premiums	$	775		Interest expenses	$	13
Year-over-year percentage change		2.8	%	Year-over-year percentage change		20.0	%
Life and accident and health net earned premiums	$	28		Total expenses	$	706
Year-over-year percentage change		18.0	%	Year-over-year percentage change		5.3	%
Investment income	$	136		Income before income taxes	$	261
Year-over-year percentage change		6.9	%	Year-over-year percentage change		(4.0)	%
Realized gains on investments	$	23		Total income tax	$	78
Year-over-year percentage change		(35.3)	%	Year-over-year percentage change		(1.4)	%
Other income	$	5		Effective tax rate		30.0	%
Year-over-year percentage change		139.0	%
Total revenues	$	967		Ratios:
Year-over-year percentage change		2.6	%
				Commercial lines GAAP combined ratio		82.1	%
Income:				Personal lines GAAP combined ratio		89.0	%
				Property casualty GAAP combined ratio		83.9	%
Operating income	$	167
Year-over-year percentage change		(0.9)	%	Commercial lines STAT combined ratio		84.3	%
Net realized investment gains and losses	$	16		Personal lines STAT combined ratio		90.1	%
Year-over-year percentage change		(34.2)	%	Property casualty STAT combined ratio		85.8	%
Net income	$	183
Year-over-year percentage change		(5.1)	%	Return on equity based upon net income (annualized)		9.8	%
				Return on equity based upon operating income (annualized)		8.5	%
Per share: (diluted)
				Balance Sheet:
Operating income	$	0.94
Year-over-year percentage change		(1.1)	%	Fixed maturity investments	$	5,477
Net realized investment gains and losses	$	0.09		Equity securities		7,106
Year-over-year percentage change		(35.7)	%	Short-term investments		74
Net income	$	1.03		Other invested assets		45
Year-over-year percentage change		(5.5)	%	Total invested assets	$	12,702
Book value	$	34.88
Year-over-year percentage change		(2.0)	%	Property casualty and life loss and loss expense reserves	$	3,661
Weighted average shares -- diluted	177,045,508			Total debt	$	791
Year-over-year percentage change		(0.5)	%	Shareholders equity	$	6,086

2005 Fourth-Quarter Supplement

4

Cincinnati Financial Corporation
Consolidated Statements of Income
	For the Three Months Ended December 31,							For the Twelve Months Ended December 31,
		2005		2004		Change	% Change		2005		2004		Change	% Change
Revenues:
Premiums earned:
Property casualty	$	818,784,982	$	796,026,913	$	22,758,069	2.86	$	3,237,013,369	$	3,094,021,327	$	142,992,042	4.62
Life		40,421,076		35,328,907		5,092,169	14.41		143,808,461		131,914,123		11,894,338	9.02
Accident health		1,617,668		1,548,848		68,820	4.44		6,347,605		6,070,818		276,787	4.56
Premiums ceded		(57,661,922)		(55,430,387)		(2,231,535)	(4.03)		(223,269,321)		(212,371,788)		(10,897,533)	(5.13)
Total premiums earned		803,161,804		777,474,281		25,687,523	3.30		3,163,900,114		3,019,634,480		144,265,634	4.78
Investment income		135,899,272		127,147,013		8,752,259	6.88		525,984,174		492,110,482		33,873,692	6.88
Realized gain on investments		23,074,193		35,619,540		(12,545,347)	(35.22)		60,715,922		90,755,763		(30,039,841)	(33.10)
Other income		4,608,018		1,928,075		2,679,943	139.00		16,722,246		11,853,963		4,868,283	41.07
Total revenues	$	966,743,287	$	942,168,909	$	24,574,378	2.61	$	3,767,322,456	$	3,614,354,688	$	152,967,768	4.23
Benefits & expenses:
Losses & policy benefits	$	448,396,642	$	425,908,128	$	22,488,514	5.28	$	2,076,864,037	$	2,051,279,302	$	25,584,735	1.25
Reinsurance recoveries		(6,977,992)		(4,038,772)		(2,939,220)	(72.78)		(165,516,591)		(205,027,514)		39,510,923	19.27
Commissions		150,815,497		146,936,631		3,878,866	2.64		627,048,255		615,395,682		11,652,573	1.89
Other operating expenses		76,263,586		68,212,612		8,050,974	11.80		289,555,517		260,112,814		29,442,703	11.32
Interest expense		12,500,619		10,415,145		2,085,474	20.02		51,484,731		37,888,009		13,596,722	35.89
Taxes, licenses & fees		19,473,481		19,711,761		(238,280)	(1.21)		71,538,216		74,565,576		(3,027,360)	(4.06)
Incr deferred acq expense		4,829,527		(878,715)		5,708,242	649.61		(18,748,605)		(30,352,129)		11,603,524	38.23
Other expenses		377,634		3,986,956		(3,609,322)	(90.53)		12,319,865		10,336,859		1,983,006	19.18
Total expenses	$	705,678,994	$	670,253,746	$	35,425,248	5.29	$	2,944,545,425	$	2,814,198,599	$	130,346,826	4.63
Income before income taxes	$	261,064,293	$	271,915,163	$	(10,850,870)	(3.99)	$	822,777,031	$	800,156,089	$	22,620,942	2.83
Provision for income taxes:
Current operating income	$	54,468,303	$	39,520,802	$	14,947,501	37.82	$	166,470,189	$	140,515,857	$	25,954,332	18.47
Current realized investments gains and losses		7,136,284		11,410,115		(4,273,831)	(37.46)		20,964,114		30,630,904		(9,666,790)	(31.56)
Deferred		16,787,610		28,538,158		(11,750,548)	(41.17)		33,372,538		44,988,008		(11,615,470)	(25.82)
Total income taxes	$	78,392,197	$	79,469,075	$	(1,076,878)	(1.36)	$	220,806,841	$	216,134,769	$	4,672,072	2.16
Net income	$	182,672,096	$	192,446,088	$	(9,773,992)	(5.08)	$	601,970,190	$	584,021,320	$	17,948,870	3.07
Comprehensive net income	$	154,099,150	$	253,376,211	$	(99,277,061)	(39.18)	$	115,273,375	$	286,803,356	$	(171,529,981)	(59.81)
Operating income	$	166,734,187	$	168,236,664	$	(1,502,477)	(0.89)	$	562,218,382	$	523,896,461	$	38,321,921	7.31
Net realized investments gains and losses	$	15,937,909	$	24,209,424	$	(8,271,515)	(34.17)	$	39,751,808	$	60,124,859	$	(20,373,051)	(33.88)
Net income per share:
Operating income	$	0.95	$	0.95	$	-	0.00	$	3.21	$	2.95	$	0.26	8.81
Net realized investments gains       and losses		0.09		0.15		(0.06)	(40.00)		0.23		0.35		(0.12)	(34.29)
Net income per share (basic)	$	1.04	$	1.10	$	(0.06)	(5.45)	$	3.44	$	3.30	$	0.14	4.24
Operating income	$	0.94	$	0.95	$	(0.01)	(1.05)	$	3.17	$	2.94	$	0.23	7.82
Net realized investments gains       and losses		0.09		0.14		(0.05)	(35.71)		0.23		0.34		(0.11)	(32.35)
Net income per share (diluted)	$	1.03	$	1.09	$	(0.06)	(5.50)	$	3.40	$	3.28	$	0.12	3.66
Dividends per share:
Paid	$	0.3050	$	0.2620	$	0.0430	16.41	$	1.1620	$	1.0240	$	0.1380	13.48
Declared	$	0.3050	$	0.2620	$	0.0430	16.41	$	1.2050	$	1.0380	$	0.1670	16.09
Number of shares:
Weighted avg - basic		174,671,340		175,945,513		(1,274,173)	(0.72)		175,062,669		176,476,722		(1,414,053)	(0.80)
Weighted avg - diluted		177,045,508		178,011,203		(965,695)	(0.54)		177,116,126		178,376,848		(1,260,722)	(0.71)

2005 Fourth-Quarter Supplement

5

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2005
	Total		CFC		CIC GROUP		CLIC		CFC-I		CINFIN		ELIM
Revenues:
Premiums earned:
Property casualty	$	3,237,013,369	$	0	$	3,237,519,279	$	0	$	0	$	0	$	(505,910)
Life		143,808,461		0		0		143,808,461		0		0		0
Accident health		6,347,605		0		0		6,347,605		0		0		0
Premiums ceded		(223,269,321)		0		(179,470,542)		(43,798,779)		0		0		0
Total earned premium		3,163,900,114		0		3,058,048,737		106,357,287		0		0		(505,910)
Investment income		525,984,174		89,320,917		337,906,534		99,323,763		816,858		145,299		(1,529,197)
Realized gain on investments		60,715,922		2,139,719		39,965,940		17,188,854		0		(78,963)		1,500,372
Other income		16,722,246		9,843,807		3,100,348		3,561,244		9,913,081		2,251,646		(11,947,880)
Total revenues	$	3,767,322,456	$	101,304,443	$	3,439,021,559	$	226,431,148	$	10,729,939	$	2,317,982	$	(12,482,615)
Benefits & expenses:
Losses & policy benefits	$	2,076,864,037	$	0	$	1,937,904,906	$	141,170,430	$	0	$	0	$	(2,211,299)
Reinsurance recoveries		(165,516,591)		0		(125,974,401)		(39,542,190)		0		0		0
Commissions		627,048,255		0		592,329,261		34,718,994		0		0		0
Other operating expenses		289,555,517		18,826,237		249,373,992		28,592,514		4,088,594		463,774		(11,789,594)
Interest expense		51,484,731		51,606,330		0		0		1,536,119		0		(1,657,718)
Taxes, licenses & fees		71,538,216		919,910		66,678,800		3,205,175		697,083		37,248		0
Incr deferred acq expenses		(18,748,605)		0		(4,700,131)		(14,048,474)		0		0		0
Other expenses		12,319,865		0		12,319,757		108		0		0		0
Total expenses	$	2,944,545,425	$	71,352,477	$	2,727,932,184	$	154,096,557	$	6,321,796	$	501,022	$	(15,658,611)
Income before income taxes	$	822,777,031	$	29,951,966	$	711,089,375	$	72,334,591	$	4,408,143	$	1,816,960	$	3,175,996
Provision for income taxes:
Current operating income	$	166,470,189	$	(27,417,773)	$	178,744,156	$	12,721,453	$	1,793,487	$	628,866	$	-
Current capital gains/losses		20,964,114		987,574		13,988,078		6,016,099		0		(27,637)		0
Deferred		33,372,538		19,611,570		6,783,359		6,314,644		(458,287)		9,653		1,111,599
Total income tax	$	220,806,841	$	(6,818,629)	$	199,515,593	$	25,052,196	$	1,335,200	$	610,882	$	1,111,599
Net income - current year	$	601,970,190	$	36,770,595	$	511,573,782	$	47,282,395	$	3,072,943	$	1,206,078	$	2,064,397
Net income - prior year	$	584,021,320	$	81,024,634	$	550,420,421	$	38,180,265	$	1,548,487	$	1,227,691	$	(88,380,178)
Change in net income		3.1%		-54.6%		-7.1%		23.8%		98.4%		-1.8%

2005 Fourth-Quarter Supplement

6

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for Twelve Months Ended December 31, 2004
	Total		CFC		CIC GROUP		CLIC		CFC-I		CINFIN		ELIM
Revenues:
Premiums earned:
Property casualty	$	3,094,021,327	$	0	$	3,094,363,660	$	0	$	0	$	0		($342,333)
Life		131,914,123		0		0		131,914,123		0		0		0
Accident health		6,070,818		0		0		6,070,818		0		0		0
Premiums ceded		(212,371,788)		0		(175,040,369)		(37,331,419)		0		0		0
Total earned premium		3,019,634,480		0		2,919,323,291		100,653,522		0		0		(342,333)
Investment income		492,110,482		110,006,380		288,700,233		90,814,991		1,674,100		104,971		809,807
Realized gain on investments		90,755,763		18,518,598		201,876,120		8,605,952		0		(7,939)		(138,236,968)
Other income		11,853,963		8,344,325		3,335,586		3,006,065		8,992,330		2,136,796		(13,961,139)
Total revenues	$	3,614,354,688	$	136,869,303	$	3,413,235,230	$	203,080,530	$	10,666,430	$	2,233,828	$	(151,730,633)
Benefits & expenses:
Losses & policy benefits	$	2,051,279,302	$	0	$	1,886,889,195	$	166,581,337	$	0	$	0	$	(2,191,230)
Reinsurance recoveries		(205,027,514)		0		(133,249,599)		(71,777,915)		0		0		0
Commissions		614,862,009		0		582,871,282		31,990,727		0		0		0
Other operating expenses		259,685,687		14,878,843		225,025,104		27,199,117		3,696,607		357,773		(11,471,757)
Interest expense		37,888,009		35,992,036		0		0		3,994,115		0		(2,098,142)
Taxes, licenses & fees		75,526,376		1,674,083		68,843,456		4,380,403		602,180		26,254		0
Incr deferred acq expenses		(30,352,129)		0		(19,420,541)		(10,931,588)		0		0		0
Other expenses		10,336,859		0		10,336,754		105		0		0		0
Total expenses	$	2,814,198,599	$	52,544,962	$	2,621,295,651	$	147,442,186	$	8,292,902	$	384,027	$	(15,761,129)
Income before income taxes	$	800,156,089	$	84,324,341	$	791,939,579	$	55,638,344	$	2,373,528	$	1,849,801	$	(135,969,504)
Provision for income taxes:
Current operating income	$	140,515,857	$	(21,771,177)	$	104,497,955	$	7,260,376	$	1,523,106	$	622,658	$	48,382,939
Current capital gains/losses		30,630,904		5,347,896		70,656,643		3,012,083		0		(2,779)		(48,382,939)
Deferred		44,988,008		19,722,988		66,364,560		7,185,620		(698,065)		2,231		(47,589,326)
Total income tax	$	216,134,769	$	3,299,707	$	241,519,158	$	17,458,079	$	825,041	$	622,110	$	(47,589,326)
Net income - current year	$	584,021,320	$	81,024,634	$	550,420,421	$	38,180,265	$	1,548,487	$	1,227,691	$	(88,380,178)
Net income - prior year	$	374,337,183	$	63,405,068	$	285,475,842	$	21,932,726	$	2,487,506	$	1,036,041	$	-
Change in net income		56.0%		27.8%		92.8%		74.1%		-37.7%		18.5%

2005 Fourth-Quarter Supplement

7

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Quarter Ended December 31, 2005
	Total		CFC		CIC GROUP		CLIC		CFC-I		CINFIN		ELIM
Revenues:
Premiums earned:
Property casualty	$	818,784,982	$	0	$	818,847,338	$	0	$	0	$	0	$	(62,356)
Life		40,421,076		0		0		40,421,076		0		0		0
Accident health		1,617,668		0		0		1,617,668		0		0		0
Premiums ceded		(57,661,922)		0		(43,810,668)		(13,851,254)		0		0		0
Total earned premium		803,161,804		0		775,036,670		28,187,490		0		0		(62,356)
Investment income		135,899,272		25,026,626		87,474,802		26,013,305		18,665		47,970		(2,682,096)
Realized gain on investments		23,074,193		1,296,380		11,828,897		9,832,034		0		315		116,567
Other income		4,608,018		525,388		651,450		1,015,456		2,638,547		562,192		(785,015)
Total revenues	$	966,743,287	$	26,848,394	$	874,991,819	$	65,048,285	$	2,657,212	$	610,477	$	(3,412,900)
Benefits & expenses:
Losses & policy benefits	$	448,396,642	$	0	$	436,006,402	$	12,945,476	$	0	$	0	$	(555,236)
Reinsurance recoveries		(6,977,992)		0		(18,802,810)		11,824,818		0		0		0
Commissions		150,815,497		0		141,873,514		8,941,983		0		0		0
Other operating expenses		76,263,586		3,123,394		63,922,981		10,732,035		1,236,646		145,601		(2,897,071)
Interest expense		12,500,619		12,603,698		0		0		496,806		0		(599,885)
Taxes, licenses & fees		19,473,481		1,498,619		17,660,389		32,729		272,244		9,500		0
Incr deferred acq expenses		4,829,527		0		9,111,122		(4,281,595)		0		0		0
Other expenses		377,634		0		377,634		0		0		0		0
Total expenses	$	705,678,994	$	17,225,711	$	650,149,232	$	40,195,446	$	2,005,696	$	155,101	$	(4,052,192)
Income before income taxes	$	261,064,293	$	9,622,683	$	224,842,587	$	24,852,839	$	651,516	$	455,376	$	639,292
Provision for income taxes:
Current operating income	$	54,468,303	$	(13,445,362)	$	63,736,999	$	3,623,075	$	405,488	$	148,103	$	0
Current capital gains/losses		7,136,284		379,862		3,313,516		3,441,212		0		1,694		0
Deferred		16,787,610		13,651,033		1,105,024		1,975,964		(175,692)		7,528		223,753
Total income tax	$	78,392,197	$	585,533	$	68,155,539	$	9,040,251	$	229,796	$	157,325	$	223,753
Net income - current year	$	182,672,096	$	9,037,150	$	156,687,048	$	15,812,588	$	421,720	$	298,051	$	415,539
Net income - prior year	$	192,446,086	$	12,997,334	$	163,551,413	$	14,214,169	$	760,129	$	333,062	$	589,979
Change in net income		-5.1%		-30.5%		-4.2%		11.2%		-44.5%		-10.5%

2005 Fourth-Quarter Supplement

8

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Quarter Ended December 31, 2004
	Total		CFC		CIC GROUP		CLIC		CFC-I		CINFIN		ELIM
Revenues:
Premiums earned:
Property casualty	$	796,026,913	$	0	$	796,083,976	$	0	$	0	$	0	$	(57,063)
Life		35,328,907		0		0		35,328,907		0		0		0
Accident health		1,548,847		0		0		1,548,847		0		0		0
Premiums ceded		(55,430,387)		0		(42,449,185)		(12,981,202)		0		0		0
Total earned premium		777,474,280		0		753,634,791		23,896,552		0		0		(57,063)
Investment income		127,147,012		23,994,074		80,171,608		23,196,029		439,971		45,842		(700,512)
Realized gain on investments		35,619,539		1,292,260		25,835,084		8,341,285		0		394		150,516
Other income		1,928,076		501,955		899,846		707,262		2,380,145		559,373		(3,120,505)
Total revenues	$	942,168,907	$	25,788,289	$	860,541,329	$	56,141,128	$	2,820,116	$	605,609	$	(3,727,564)
Benefits & expenses:
Losses & policy benefits	$	425,908,129	$	0	$	387,295,740	$	39,155,396	$	0	$	0	$	(543,007)
Reinsurance recoveries		(4,038,772)		0		11,447,151		(15,485,923)		0		0		0
Commissions		146,402,958		0		137,890,627		8,512,331		0		0		0
Other operating expenses		67,785,485		1,998,941		58,252,750		8,929,507		1,329,843		102,523		(2,828,079)
Interest expense		10,415,144		11,625,760		0		0		53,523		0		(1,264,139)
Taxes, licenses & fees		20,672,561		417,081		18,681,830		1,293,673		273,413		6,564		0
Incr deferred acq expenses		(878,716)		0		4,997,582		(5,876,298)		0		0		0
Other expenses		3,986,955		0		3,986,955		0		0		0		0
Total expenses	$	670,253,744	$	14,041,782	$	622,552,635	$	36,528,686	$	1,656,779	$	109,087	$	(4,635,225)
Income before income taxes	$	271,915,163	$	11,746,507	$	237,988,694	$	19,612,442	$	1,163,337	$	496,522	$	907,661
Provision for income taxes:
Current operating income	$	39,520,804	$	1,233,050	$	40,402,260	$	(1,923,788)	$	(300,608)	$	162,570		($52,680)
Current capital gains/losses		11,410,115		(50,948)		8,488,796		2,919,449		0		138		52,680
Deferred		28,538,158		(2,432,929)		25,546,225		4,402,612		703,816		752		317,682
Total income tax	$	79,469,077	$	(1,250,827)	$	74,437,281	$	5,398,273	$	403,208	$	163,460	$	317,682
Net income - current year	$	192,446,086	$	12,997,334	$	163,551,413	$	14,214,169	$	760,129	$	333,062	$	589,979
Net income - prior year	$	129,676,577	$	15,091,475	$	106,365,598	$	7,481,429	$	473,813	$	264,262	$	-
Change in net income		48.4%		-13.9%		53.8%		90.0%		60.4%		26.0%

2005 Fourth-Quarter Supplement

9

Cincinnati Financial Corporation
Consolidated Balance Sheets
(Dollars in millions except per share data)		December 31,		December 31,
		2005		2004
		(unaudited)
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2005—$5,388; 2004—$4,780)	$	5,476	$	5,070
Equity securities, at fair value (cost: 2005—$2,128; 2004—$1,945)		7,106		7,498
Short-term investments, at fair value (cost: 2005—$75; 2004—$71)		75		71
Other invested assets		45		38
Cash		119		306
Investment income receivable		118		107
Finance receivable		105		95
Premiums receivable		1,116		1,119
Reinsurance receivable		681		680
Prepaid reinsurance premiums		14		15
Deferred policy acquisition costs		428		400
Property and equipment, net, for company use (accumulated depreciation:  2005—$232; 2004—$206)		168		156
Other assets		66		75
Separate accounts		486		477
Total assets	$	16,003	$	16,107
Liabilities
Insurance reserves
Losses and loss expense	$	3,661	$	3,549
Life policy reserves		1,343		1,194
Unearned premiums		1,559		1,539
Other liabilities		455		474
Deferred income tax		1,622		1,834
6.125% senior debenture due 2034		371		371
6.90% senior debenture due 2028		28		420
6.92% senior debenture due 2028		392		0
Separate accounts		486		477
Total liabilities		9,917		9,858
Shareholders' equity
Common stock, par value-$2 per share; authorized: 2005-500 million shares, 2004-       200 million shares; issued: 2005-194 million shares, 2004-185 million shares		389		370
Paid-in capital		969		618
Retained earnings		2,088		2,057
Accumulated other comprehensive income-unrealized gains on investments and derivatives		3,284		3,787
Treasury stock at cost (2005—20 million shares, 2004—18 million shares)		(644)		(583)
Total shareholders' equity		6,086		6,249
Total liabilities and shareholders' equity	$	16,003	$	16,107

2005 Fourth-Quarter Supplement

10

Cincinnati Financial Corporation
10-Year Net Income Reconciliation
(Dollars in millions except per share data)	Years ended December 31,
	2005			2004			2003			2002			2001			2000			1999			1998			1997			1996
Net income	$	602		$	584		$	374		$	238		$	193		$	118		$	255		$	242		$	299		$	224
One-time item		0			0			15			0			0			(25)			0			0			0			0
Net income before one-time item		602			584			359			238			193			143			255			242			299			224
Net realized investment gains and losses		40			60			(27)			(62)			(17)			(2)			0			43			45			31
Operating income before one-time item		562			524			386			300			210			145			255			199			254			193
Less catastrophe losses		(82)			(96)			(63)			(57)			(42)			(33)			(24)			(61)			(17)			(42)
Operating income before catastrophe losses and        one-time item	$	644		$	620		$	449		$	357		$	252		$	178		$	279		$	260		$	271		$	235
Diluted per share data
Net income	$	3.40		$	3.28		$	2.10		$	1.32		$	1.08		$	0.67		$	1.37		$	1.28		$	1.61		$	1.17
One-time item		0.00			0.00			0.09			0.00			0.00			(0.14)			0.00			0.00			0.00			0.00
Net income before one-time item		3.40			3.28			2.01			1.32			1.07			0.81			1.37			1.28			1.61			1.17
Net realized investment gains and losses		0.23			0.35			(0.15)			(0.34)			(0.10)			(0.01)			0.00			0.23			0.26			0.16
Operating income before one-time item		3.17			2.93			2.16			1.67			1.17			0.82			1.37			1.05			1.35			1.01
Less catastrophe losses		(0.46)			(0.54)			(0.35)			(0.31)			(0.23)			(0.18)			(0.13)			(0.32)			(0.13)			(0.33)
Operating income before catastrophe losses and         one-time item	$	3.63		$	3.47		$	2.51		$	1.98		$	1.40		$	1.00		$	1.50		$	1.37		$	1.49		$	1.35
Return on equity
Return on average equity		9.8	%		9.4	%		6.3	%		4.1	%		3.2	%		2.1	%		4.6	%		4.7	%		7.6	%		7.7	%
One-time item		0.0			0.0			(0.3)			0.0			0.0			0.4			0.0			0.0			0.0			0.0
Return on average equity before one-time item		9.8	%		9.4	%		6.0	%		4.1	%		3.2	%		2.5	%		4.6	%		4.7	%		7.6	%		7.7	%
Return on equity based on comprehensive income
ROE based on comprehensive income		1.6	%		4.6	%		13.8	%		(4.0)	%		2.5	%		13.1	%		1.9	%		19.6	%		42.6	%		20.3	%
One-time item		0.0			0.0			(0.3)			0.0			0.0			0.4			0.0			0.0			0.0			0.0
ROE based on comprehensive income before          one-time item		1.6	%		4.6	%		13.5	%		(4.0)	%		2.5	%		13.5	%		1.9	%		19.6	%		42.6	%		20.3	%
Investment income, net of expenses	$	526		$	492		$	465		$	445		$	421		$	415		$	387		$	368		$	349		$	327
BOLI		0			0			0			0			0			(5)			0			0			0			0
Investment income before BOLI	$	526		$	492		$	465		$	445		$	421		$	410		$	387		$	368		$	349		$	327
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

2005 Fourth-Quarter Supplement

11

Cincinnati Financial Corporation
Quarterly Net Income Reconciliation
(In millions except per share data)	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/2005		9/30/2005		6/30/2005		3/31/2005		12/31/2004		9/30/2004		6/30/2004		3/31/2004		6/30/2005		6/30/2004		9/30/2005		9/30/2004		12/31/2005		12/31/2004
Net income	$	183	$	117	$	158	$	144	$	192	$	90	$	155	$	146	$	302	$	301	$	419	$	392	$	602	$	584
One-time item		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Net income before one-time item		183		117		158		144		192		90		155		146		302		301		419		392		602		584
Net realized investment gains and losses		16		10		8		6		24		(5)		36		4		14		40		24		36		40		60
Operating income before one-time item		167		107		150		138		168		95		119		142		288		261		395		356		562		524
Less catastrophe losses		(28)		(43)		(9)		(2)		(10)		(56)		(30)		0		(11)		(30)		(54)		(86)		(82)		(96)
Operating income before catastrophe losses and         one-time item	$	195	$	150	$	159	$	140	$	178	$	151	$	149	$	142	$	299	$	291	$	449	$	442	$	644	$	620
Diluted per share data
Net income	$	1.03	$	0.66	$	0.89	$	0.81	$	1.09	$	0.50	$	0.87	$	0.82	$	1.70	$	1.77	$	2.37	$	2.19	$	3.40	$	3.28
One-time item		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Net income before one-time item		1.03		0.66		0.89		0.81		1.09		0.50		0.87		0.82		1.70		1.77		2.37		2.19		3.40		3.28
Net realized investment gains and losses		0.09		0.05		0.05		0.03		0.14		(0.03)		0.20		0.03		0.08		0.24		0.14		0.20		0.23		0.35
Operating income before one-time item		0.94		0.61		0.84		0.78		0.95		0.53		0.67		0.79		1.62		1.53		2.23		1.99		3.17		2.93
Less catastrophe losses		(0.16)		(0.24)		(0.05)		(0.01)		(0.06)		(0.31)		(0.17)		0.00		(0.06)		(0.18)		(0.30)		(0.48)		(0.46)		(0.54)
Operating income before catastrophe losses and          one-time item	$	1.10	$	0.85	$	0.89	$	0.79	$	1.10	$	0.84	$	0.84	$	0.79	$	1.68	$	1.71	$	2.53	$	2.47	$	3.63	$	3.47
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.

2005 Fourth-Quarter Supplement

12

Cincinnati Financial Corporation
Top Holdings – Common Stocks
(Dollars in millions)	As of and for the twelve months ended December 31, 2005
	Actual cost		Fair value		Percent of fair value		Earned dividend income
Fifth Third Bancorp	$	283	$	2,745	39.6	%	$	106
ALLTEL Corporation		117		801	11.6			20
ExxonMobil Corporation		133		503	7.3			10
The Procter & Gamble Company		105		335	4.8			6
National City Corporation		171		329	4.7			14
PNC Financial Services Group, Inc.		62		291	4.2			10
Wyeth		62		204	2.9			4
Alliance Capital Management Holding L.P.		53		179	2.6			9
U.S. Bancorp		113		172	2.5			7
Wells Fargo & Company		66		139	2.0			5
FirstMerit Corporation		54		139	2.0			6
Johnson & Johnson		115		139	2.0			3
Piedmont Natural Gas Company, Inc.		62		134	1.9			4
Sky Financial Group, Inc.		91		130	1.9			4
All other common stock holdings		474		696	10.0			22
Total	$	1,961	$	6,936	100.0	%	$	230

2005 Fourth-Quarter Supplement

13

Cincinnati Insurance Group
GAAP Statements of Income
	For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
	2005		2004			Change		% Change	2005		2004		Change		% Change
Revenues:
Premiums earned:
Property casualty	$	818,847,338		$	796,083,976	$	22,763,362	2.86	$	3,237,519,279	$	3,094,363,660	$	143,155,619	4.63
Life		0			0		0	NA		0		0		0	NA
Accident health		0			0		0	NA		0		0		0	NA
Premiums ceded		(43,810,668)			(42,449,185)		(1,361,483)	(3.21)		(179,470,542)		(175,040,369)		(4,430,173)	(2.53)
Total premiums earned		775,036,670			753,634,791		21,401,879	2.84		3,058,048,737		2,919,323,291		138,725,446	4.75
Investment income		87,474,802			80,171,608		7,303,194	9.11		337,906,534		288,700,233		49,206,301	17.04
Realized gain on investments		11,828,897			25,835,084		(14,006,187)	(54.21)		39,965,940		201,876,120		(161,910,180)	(80.20)
Other income		651,450			899,846		(248,396)	(27.60)		3,100,348		3,335,586		(235,238)	(7.05)
Total revenues	$	874,991,819		$	860,541,329	$	14,450,490	1.68	$	3,439,021,559	$	3,413,235,230	$	25,786,329	0.76
Benefits & expenses:
Losses & policy benefits	$	436,006,402		$	387,295,740	$	48,710,662	12.58	$	1,937,904,906	$	1,886,889,195	$	51,015,711	2.70
Reinsurance recoveries		(18,802,810)			11,447,151		(30,249,961)	(264.26)		(125,974,401)		(133,249,599)		7,275,198	5.46
Commissions		141,873,514			137,890,627		3,982,887	2.89		592,329,261		582,871,282		9,457,979	1.62
Other operating expenses		63,922,981			58,252,750		5,670,231	9.73		249,373,992		225,025,104		24,348,888	10.82
Interest expense		0			0		0	NA		0		0		0	NA
Taxes, licenses & fees		17,660,389			18,681,830		(1,021,441)	(5.47)		66,678,800		68,843,456		(2,164,656)	(3.14)
Incr deferred acq expense		9,111,122			4,997,582		4,113,540	82.31		(4,700,131)		(19,420,541)		14,720,410	75.80
Other expenses		377,634			3,986,955		(3,609,321)	(90.53)		12,319,757		10,336,754		1,983,003	19.18
Total expenses	$	650,149,232		$	622,552,635	$	27,596,597	4.43	$	2,727,932,184	$	2,621,295,651	$	106,636,533	4.07
Income before income taxes	$	224,842,587		$	237,988,694	$	(13,146,107)	(5.52)	$	711,089,375	$	791,939,579	$	(80,850,204)	(10.21)
Provision for income taxes:
Current operating income	$	63,736,999		$	40,402,260	$	23,334,739	57.76	$	178,744,156	$	104,497,955	$	74,246,201	71.05
Current realized investments gains and losses		3,313,516			8,488,796		(5,175,280)	(60.97)		13,988,078		70,656,643		(56,668,565)	(80.20)
Deferred		1,105,024			25,546,225		(24,441,201)	(95.67)		6,783,359		66,364,560		(59,581,201)	(89.78)
Total income taxes	$	68,155,539		$	74,437,281	$	(6,281,742)	(8.44)	$	199,515,593	$	241,519,158	$	(42,003,565)	(17.39)
Net income	$	156,687,048		$	163,551,413	$	(6,864,365)	(4.20)	$	511,573,782	$	550,420,421	$	(38,846,639)	(7.06)

2005 Fourth-Quarter Supplement

14

Cincinnati Insurance Group
Statutory Statements of Income
	For the Three Months Ended December 30,						For the Twelve Months Ended December 30,
	2005		2004			% Change	2005		2004		% Change
Underwriting income
Net premiums written	$	727,352,851		$	723,303,469	1.56	$	3,076,183,237	$	2,996,998,798		3.30
Unearned premiums increase		(47,683,819)			(30,331,322)			18,134,500		77,675,507
Earned premiums		775,036,669			753,634,791	4.35		3,058,048,736		2,919,323,291		5.42
Losses incurred	$	347,956,479		$	313,493,677	(2.35)	$	1,505,591,684	$	1,452,305,592		1.65
Allocated loss expenses incurred		24,759,130			37,151,856	8.91		140,414,792		145,635,246		6.61
Unallocated loss expenses incurred		44,487,984			48,097,359	17.18		165,924,030		155,698,759		12.86
Other underwriting expenses incurred		229,664,310			218,816,538	6.93		904,044,694		867,477,159		3.97
Workers compensation dividend incurred		2,929,147			3,417,156	56.54		10,419,002		11,018,544		(1.47)
Total underwriting deductions	$	649,797,050		$	620,976,586	2.10	$	2,726,394,201	$	2,632,135,299		3.25
Net underwriting gain (loss)	$	125,239,620		$	132,658,205	159.48	$	331,654,535	$	287,187,992		33.58
Investment income
Gross investment income earned	$	88,571,374		$	81,482,851	10.46	$	342,024,786	$	292,477,572		20.12
Net investment income earned		87,471,982			80,172,733	11.01		337,903,713		288,700,234		20.10
Net realized capital gains		25,531,923			12,994,834	N/A		57,290,802		194,326,520		(82.49)
Net investment gains (excl. subs)	$	113,003,906		$	93,167,567	30.25	$	395,194,516	$	483,026,754		(27.62)
Dividend from subsidiary
Net investment gains	$	113,003,906		$	93,167,567	30.25	$	395,194,516	$	483,026,754		(27.62)
Other income	$	(189,887)		$	321,046	N/A	$	(2,192,258)	$	4,033,375		N/A
Net income before federal income taxes	$	238,053,638		$	226,146,819	39.49	$	724,656,793	$	774,248,121		(11.22)
Federal and foreign income taxes incurred	$	67,050,515		$	48,891,055	(31.24)	$	192,732,234	$	175,154,598		(0.46)
Net income (statutory)	$	171,003,123		$	177,255,764	68.30	$	531,924,559	$	599,093,523		(14.44)
* 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.

2005 Fourth-Quarter Supplement

15

Cincinnati Insurance Group - Consolidated
Statutory Quarterly Analysis
(Based on reported data - see Page 25 for adjusted data)
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/05			9/30/05			6/30/05			3/31/05			12/31/04			9/30/04			6/30/04			3/31/04			6/30/05			6/30/04			9/30/05			9/30/04			12/31/05		12/31/04
Net premiums written	$	727		$	761		$	791		$	797		$	723		$	750		$	734		$	790		$	1,588		$	1,524		$	2,349		$	2,274		$	3,076		$	2,997
Net premiums earned		775			765			765			753			754			733			717			716			1,518			1,432			2,283			2,166			3,058			2,919
Losses paid		378			348			336			345			381			360			328			298			681			625			1,029			985			1,407			1,366
Loss reserve change		(30)			72			23			33			(67)			70			40			43			56			83			129			154			99			86
Total losses incurred	$	348		$	420		$	359		$	378		$	314		$	430		$	368		$	341		$	737		$	708		$	1,158		$	1,139		$	1,506		$	1,452
Allocated loss expense paid		32			30			29			25			31			27			26			26			54			52			84			78			116			110
Allocated loss expense reserve change		(7)			10			10			11			6			10			11			10			21			20			31			30			24			36
Total allocated loss expense incurred	$	25		$	40		$	39		$	36		$	37		$	37		$	37		$	36		$	75		$	72		$	116		$	108		$	140		$	146
Unallocated loss expense paid		46			38			37			34			46			32			36			32			71			68			108			100			155			146
Unallocated loss expense reserve change		(2)			3			0			10			2			3			1			4			10			5			13			8			11			10
Total unallocated loss expense incurred	$	44		$	41		$	37		$	44		$	48		$	35		$	37		$	36		$	81		$	73		$	121		$	108		$	166		$	156
Underwriting expenses incurred		233			237			234			212			222			220			218			218			445			436			682			656			914			878
Underwriting profit (loss)	$	125		$	27		$	96		$	83		$	133		$	11		$	57		$	85		$	180		$	143		$	206		$	155		$	332		$	287
Loss Detail
Losses $1 million or more	$	38		$	27		$	28		$	43		$	12		$	27		$	17		$	42		$	71		$	59		$	98		$	86		$	136		$	97
Losses $250 thousand to $1 million		36			35			36			32			33			29			46			39			68			85			104			113			139			146
Development and case reserve increases    of $250,000 or more		54			39			40			36			44			35			42			31			76			73			114			109			168			153
Large losses subtotal	$	128		$	101		$	104		$	111		$	89		$	91		$	105		$	112		$	215		$	217		$	316		$	308		$	443		$	396
IBNR incurred		(58)			20			14			13			18			12			17			13			27			29			47			41			(11)			59
Catastrophe losses incurred		44			66			15			2			16			86			46			1			17			47			83			133			127			149
Remaining incurred		234			234			226			252			190			241			201			215			478			416			712			657			947			848
Total losses incurred	$	348		$	420		$	359		$	378		$	313		$	430		$	369		$	341		$	737		$	709		$	1,158		$	1,139		$	1,506		$	1,452
Ratio Data
Loss ratio		44.9	%		54.9	%		46.9	%		50.3	%		41.6	%		58.7	%		51.3	%		47.6	%		48.6	%		49.4	%		50.7	%		52.6	%		49.2	%		49.8	%
Allocated loss expense ratio		3.2			5.3			5.2			4.7			4.9			5.1			5.0			4.9			5.0			5.0			5.1			5.0			4.6			5.0
Unallocated loss expense ratio		5.7			5.3			4.8			5.8			6.4			4.7			5.1			5.0			5.3			5.1			5.3			5.0			5.4			5.3
Net underwriting expense ratio		32.0			31.1			29.6			26.6			30.7			29.4			29.7			27.6			28.1			28.6			29.0			28.9			29.7			29.3
Statutory combined ratio		85.8	%		96.6	%		86.5	%		87.4	%		83.6	%		97.9	%		91.1	%		85.1	%		87.0	%		88.1	%		90.1	%		91.5	%		89.0	%		89.4	%
Statutory combined ratio excluding       catastrophes		80.2	%		88.0	%		84.6	%		87.1	%		81.6	%		86.2	%		84.7	%		85.0	%		85.8	%		84.8	%		86.5	%		85.3	%		84.9	%		84.3	%
Loss Ratio
Losses $1 million or more		5.0	%		3.6	%		3.6	%		5.7	%		1.5	%		3.6	%		2.3	%		5.9	%		4.7	%		4.1	%		4.3	%		4.0	%		4.5	%		3.3	%
Losses $250 thousand to $1 million		4.5			4.6			4.8			4.3			4.4			3.9			6.4			5.4			4.5			5.9			4.5			5.2			4.5			5.0
Development and case reserve increases    of $250,000 or more		6.9			5.1			5.2			4.7			5.9			4.9			5.8			4.3			5.0			5.1			5.0			5.0			5.5			5.2
Large losses subtotal		16.4	%		13.2	%		13.6	%		14.7	%		11.8	%		12.4	%		14.5	%		15.6	%		14.2	%		15.1	%		13.8	%		14.2	%		14.5	%		13.5	%
IBNR incurred		(7.4)			2.5			1.8			1.8			2.4			1.6			2.3			1.7			1.8			2.0			2.0			1.9			(0.4)			2.0
Total catastrophe losses incurred		5.6			8.6			1.9			0.3			2.1			11.8			6.5			0.1			1.1			3.3			3.6			6.1			4.1			5.1
Remaining incurred		30.3			30.6			29.6			33.5			25.3			32.9			28.0			30.0			31.5			29.1			31.2			30.4			31.0			29.0
Total loss ratio		44.9	%		54.9	%		46.9	%		50.3	%		41.6	%		58.7	%		51.3	%		47.4	%		48.6	%		49.5	%		50.7	%		52.6	%		49.2	%		49.6	%
Loss Claim Count
Losses $1 million or more		24			21			17			15			9			17			11			27			32			38			53			55			77			64
Losses $250 thousand to $1 million		92			81			93			73			84			76			103			91			166			194			247			270			339			354
Development and case reserve increases    of $250,000 or more		100			72			61			67			79			76			70			59			128			129			200			205			300			284
Large losses total		216			174			171			155			172			169			184			177			326			361			500			530			716			702
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.  Ratios are calculated based on whole dollar amounts.
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.

2005 Fourth-Quarter Supplement

16

Cincinnati Insurance Group - Commercial Lines
Statutory Quarterly Analysis
(Based on reported data - see Page 26 for adjusted data)
(Dollars in millions)	Three months ended																									Six months ended							Nine months ended							Twelve months ended
			12/31/05			9/30/05			6/30/05			3/31/05			12/31/04			9/30/04			6/30/04			3/31/04			6/30/05			6/30/04				9/30/05			9/30/04				12/21/05			12/31/04
Net premiums written		$	548		$	546		$	567		$	629		$	532		$	532		$	512		$	610		$	1,195		$	1,122		$		1,741		$	1,654		$		2,290		$	2,186
Net premiums earned			576			564			563			551			551			537			520			518			1,114			1,038				1,678			1,575				2,254			2,126
Losses paid			256			228			214			219			246			228			203			193			434			396				662			624				918			870
Loss reserve change			(19)			67			32			51			(45)			50			21			28			84			49				151			98				132			54
Total losses incurred		$	237		$	295		$	246		$	270		$	201		$	278		$	224		$	221		$	518		$	445		$		813		$	722		$		1,050		$	924
Allocated loss expense paid			28			27			26			22			27			24			23			23			48			46				75			70				103			97
Allocated loss expense reserve change			(1)			9			10			10			2			9			10			9			20			19				29			28				28			30
Total allocated loss expense incurred		$	27		$	36		$	36		$	32		$	29		$	33		$	33		$	32		$	68		$	65		$		104		$	98		$		131		$	127
Unallocated loss expense paid			31			26			25			22			30			21			23			21			48			45				73			65				105			95
Unallocated loss expense reserve change			(1)			3			1			10			3			2			1			3			11			3				13			5				12			8
Total unallocated loss expense incurred		$	30		$	29		$	26		$	32		$	33		$	23		$	24		$	24		$	59		$	48		$		87		$	70		$		117		$	103
Underwriting expenses incurred			182			173			165			156			166			159			155			163			321			318				493			477				675			643
Underwriting profit (loss)		$	100		$	31		$	90		$	61		$	122		$	44		$	84		$	78		$	148		$	162		$		181		$	208		$		281		$	329
Loss Detail
Losses $1 million or more		$	31		$	24		$	26		$	43		$	8		$	23		$	14		$	35		$	68		$	49		$		93		$	72		$		124		$	80
Losses $250 thousand to $1 million			28			26			29			22			23			19			33			28			51			61				77			80				105			103
Development and case reserve increases    of $250,000 or more			47			35			38			29			38			32			36			27			67			63				103			95				149			133
Large losses subtotal		$	106		$	86		$	93		$	94		$	69		$	74		$	83		$	90		$	186		$	173		$		272		$	247		$		378		$	316
IBNR incurred			(36)			17			12			12			26			11			14			11			24			26				41			36				6			63
Catastrophe losses incurred			14			53			2			6			7			48			15			1			9			16				62			64				76			72
Remaining incurred			153			139			139			159			99			145			112			118			298			230				437			375				590			473
Total losses incurred		$	237		$	295		$	246		$	271		$	201		$	278		$	224		$	220		$	517		$	445		$		813		$	722		$		1,050		$	924
Ratio Data
Loss ratio			41.1	%		52.4	%		43.8	%		49.1	%		36.5	%		51.7	%		43.1	%		42.6	%		46.4	%		42.8	%			48.4	%		45.9	%			46.6	%		43.4	%
Allocated loss expense ratio			4.7			6.5			6.4			5.8			5.3			6.2			6.2			6.2			6.1			6.2				6.2			6.2				5.8			6.0
Unallocated loss expense ratio			5.3			5.1			4.6			5.9			6.0			4.2			4.6			4.7			5.2			4.6				5.2			4.5				5.2			4.9
Net underwriting expense ratio			33.2			31.6			29.1			24.7			31.2			29.9			30.2			26.8			26.8			28.3				28.3			28.8				29.5			29.4
Statutory combined ratio			84.3	%		95.5	%		83.9	%		85.5	%		79.0	%		92.0	%		84.1	%		80.3	%		84.5	%		81.9	%			88.1	%		85.4	%			87.1	%		83.7	%
Statutory combined ratio excluding       catastrophes			81.9	%		86.0	%		83.5	%		84.4	%		77.8	%		83.0	%		81.1	%		80.1	%		83.8	%		80.4	%			84.5	%		81.3	%			83.7	%		80.3	%
Loss Ratio
Losses $1 million or more			5.4	%		4.3	%		4.5	%		7.8	%		1.5	%		4.3	%		2.6	%		6.8	%		6.1	%		4.7	%			5.5	%		4.6	%			5.5	%		3.8	%
Losses $250 thousand to $1 million			4.8			4.7			5.2			3.9			4.2			3.6			6.3			5.4			4.5			5.8				4.6			5.1				4.6			4.9
Development and case reserve increases    of $250,000 or more			8.1			6.3			6.8			5.3			6.8			5.9			7.0			5.2			6.0			6.1				6.1			6.0				6.6			6.2
Large losses subtotal			18.3	%		15.2	%		16.5	%		17.0	%		12.5	%		13.8	%		15.9	%		17.4	%		16.6	%		16.6	%			16.2	%		15.7	%			16.8	%		14.9	%
IBNR incurred			(6.1)			2.9			2.2			2.2			4.8			2.0			2.8			2.2			2.2			2.5				2.4			2.3				0.2			3.0
Total catastrophe losses incurred			2.4			9.5			0.4			1.1			1.3			9.0			2.9			0.2			0.8			1.6				3.7			4.1				3.4			3.4
Remaining incurred			26.5			24.7			24.7			28.8			17.9			26.9			21.5			22.8			26.8			22.2				26.1			23.8				26.2			22.3
Total loss ratio			41.1	%		52.4	%		43.8	%		49.1	%		36.5	%		51.7	%		43.1	%		42.6	%		46.4	%		42.9	%			48.4	%		45.9	%			46.6	%		43.6	%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
NM - Not meaningful

2005 Fourth-Quarter Supplement

17

Cincinnati Insurance Group - Personal Lines
Statutory Quarterly Analysis
(Based on reported data - see Page 27 for adjusted data)
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/05			9/30/05			6/30/05			3/31/05			12/31/04			9/30/04			6/30/04			3/31/04			6/30/05			6/30/04			9/30/05			9/30/04			12/31/05		12/31/04
Net premiums written	$	179		$	215		$	224		$	168		$	191		$	217		$	222		$	180		$	393		$	402		$	608		$	620		$	786		$	811
Net premiums earned		199			201			202			202			203			196			197			197			404			394			605			590			804			793
Losses paid		122			120			122			126			134			132			125			105			247			229			367			362			489			496
Loss reserve change		(11)			5			(9)			(18)			(22)			21			19			15			(27)			34			(22)			54			(33)			33
Total losses incurred	$	111		$	125		$	113		$	108		$	112		$	153		$	144		$	120		$	220		$	263		$	345		$	416		$	456		$	529
Allocated loss expense paid		4			3			3			3			4			3			3			3			6			6			9			9			13			13
Allocated loss expense reserve change		(6)			1			1			1			4			1			1			1			1			1			2			2			(4)			6
Total allocated loss expense incurred	$	(2)		$	4		$	4		$	4		$	8		$	4		$	4		$	4		$	7		$	7		$	11		$	11		$	9		$	19
Unallocated loss expense paid		15			12			12			12			16			11			12			11			23			23			35			34			50			50
Unallocated loss expense reserve change		(1)			0			(1)			0			(1)			1			1			1			(1)			2			0			3			(1)			2
Total unallocated loss expense incurred	$	14		$	12		$	11		$	12		$	15		$	12		$	13		$	12		$	22		$	25		$	35		$	37		$	49		$	52
Underwriting expenses incurred		51			64			69			56			56			61			63			55			125			118			189			179			239			236
Underwriting profit (loss)	$	25		$	(4)		$	5		$	22		$	12		$	(34)		$	(27)		$	6		$	30		$	(19)		$	26		$	(53)		$	51		$	(43)
Loss Detail
Losses $1 million or more	$	7		$	3		$	2		$	0		$	3		$	3		$	3		$	7		$	2		$	10		$	5		$	13		$	13		$	17
Losses $250 thousand to $1 million		8			9			8			10			10			9			13			11			18			24			27			33			34			43
Development and case reserve increases    of $250,000 or more		7			3			2			7			7			5			5			4			9			9			12			14			19			21
Large losses subtotal	$	22		$	15		$	12		$	17		$	20		$	17		$	21		$	22		$	29		$	43		$	44		$	60		$	66		$	81
IBNR incurred		(22)			3			1			1			(8)			1			2			1			3			3			6			4			(17)			(4)
Catastrophe losses incurred		30			13			12			(4)			9			38			31			0			8			31			21			68			51			77
Remaining incurred		81			94			87			93			92			97			89			97			180			186			274			283			356			375
Total losses incurred	$	111		$	125		$	112		$	107		$	113		$	153		$	143		$	120		$	220		$	263		$	345		$	415		$	456		$	529
Ratio Data
Loss ratio		55.9	%		62.2	%		55.6	%		53.3	%		55.3	%		78.0	%		73.0	%		60.6	%		54.4	%		66.8	%		57.0	%		70.5	%		56.7	%		66.7	%
Allocated loss expense ratio		(1.2)			2.0			1.8			1.8			3.9			1.9			1.8			1.7			1.8			1.8			1.9			1.8			1.1			2.3
Unallocated loss expense ratio		7.0			6.1			5.5			5.7			7.4			6.3			6.7			6.0			5.6			6.3			5.8			6.3			6.1			6.6
Net underwriting expense ratio		28.4			29.7			30.7			33.2			29.4			28.2			28.6			30.4			31.8			29.4			31.0			28.9			30.4			29.0
Statutory combined ratio		90.1	%		99.9	%		93.6	%		94.0	%		96.0	%		114.4	%		110.1	%		98.7	%		93.6	%		104.3	%		95.7	%		107.5	%		94.3	%		104.6	%
Statutory combined ratio excluding       catastrophes		75.2	%		93.6	%		87.4	%		96.0	%		91.8	%		95.1	%		94.4	%		98.9	%		91.5	%		96.5	%		92.2	%		96.0	%		88.0	%		94.9	%
Loss Ratio
Losses $1 million or more		3.6	%		1.5	%		1.1	%		0.0	%		1.7	%		1.7	%		1.5	%		3.7	%		0.6	%		2.6	%		0.9	%		2.3	%		1.6	%		2.1	%
Losses $250 thousand to $1 million		3.9			4.3			3.7			5.2			4.9			4.7			6.7			5.4			4.4			6.0			4.4			5.6			4.3			5.4
Development and case reserve increases    of $250,000 or more		3.5			1.7			1.0			3.2			3.3			2.4			2.7			2.0			2.1			2.4			2.0			2.4			2.4			2.6
Large losses subtotal		11.0	%		7.6	%		5.8	%		8.4	%		9.9	%		8.8	%		10.9	%		11.1	%		7.1	%		11.0	%		7.3	%		10.3	%		8.2	%		10.1	%
IBNR incurred		(11.2)			1.4			0.6			0.7			(3.9)			0.6			1.1			0.6			0.7			0.8			0.9			0.7			(2.1)			(0.5)
Total catastrophe losses incurred		14.9			6.2			6.2			(2.0)			4.2			19.3			15.7			(0.2)			2.1			7.8			3.5			11.6			6.3			9.7
Remaining incurred		41.2			46.9			42.9			46.2			45.2			49.4			45.3			49.1			44.5			47.2			45.3			48.0			44.3			47.2
Total loss ratio		55.9	%		62.2	%		55.5	%		53.3	%		55.4	%		78.1	%		73.0	%		60.6	%		54.4	%		66.8	%		57.0	%		70.6	%		56.7	%		66.5	%
Dollar amounts shown are rounded to millions, certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
NM - Not meaningful

2005 Fourth-Quarter Supplement

18

Cincinnati Insurance Group
Direct Written Premiums by Line of Business for the Twelve Months Ended December 31, 2005
(Dollars in millions)
Comm		12/31/05		12/31/04
Home-		Pers		Comm		Multi-		Work		Other		All		Agency		Agency		Percent
State	owner		Auto		Auto		Peril		Comp		Liability		Other		Direct		Direct		Change
AL	$	20.5	$	16.8	$	8.2	$	23.7	$	1.2	$	12.3	$	9.0	$	91.7	$	83.6	9.7
AZ		0.1		-		8.8		8.3		0.3		6.7		2.3		26.5		23.4	13.2
AR		3.3		3.5		6.2		14.2		4.7		8.1		4.9		44.9		45.3	(1.0)
DE		-		-		0.1		0.1		0.5		0.2		-		0.9		0.3	200.1
FL		15.3		12.6		12.7		21.5		3.0		24.5		17.1		106.7		90.3	18.1
GA		23.9		32.6		17.4		30.8		10.0		16.5		13.6		144.8		133.8	8.2
IL		19.1		30.6		34.8		77.1		59.6		45.1		34.3		300.6		300.9	(0.1)
IN		28.1		36.0		28.2		57.3		28.9		29.6		21.9		230.0		235.9	(2.5)
IA		4.5		5.6		10.2		22.8		20.9		14.9		9.5		88.4		85.1	3.9
KS		7.2		6.1		4.3		9.7		5.3		4.4		3.9		40.9		41.8	(2.0)
KY		14.0		22.0		15.0		26.3		3.4		15.7		11.4		107.8		102.7	5.0
MD		1.1		-		9.6		7.9		9.4		9.0		3.3		40.3		35.7	13.1
MI		19.7		18.0		21.5		51.0		22.7		23.4		16.0		172.3		183.6	(6.2)
MN		5.7		8.8		11.5		25.5		6.8		17.6		9.7		85.6		83.5	2.6
MO		5.5		4.4		11.8		29.2		13.2		11.0		9.2		84.3		89.2	(5.5)
MT		0.1		0.1		6.7		9.7		0.1		5.9		3.5		26.1		24.5	6.8
NE		1.9		2.3		4.3		8.2		8.3		5.2		3.2		33.4		30.3	10.1
NY		-		-		8.8		13.9		1.9		15.6		3.6		43.8		34.3	27.7
NC		1.5		2.7		23.2		46.3		20.5		23.5		15.3		133.0		119.3	11.5
OH		94.0		165.1		83.9		165.0		-		112.4		74.2		694.6		705.0	(1.5)
PA		6.0		8.7		32.1		52.7		51.9		25.4		18.3		195.1		185.5	5.2
SC		-		-		9.9		15.1		4.2		7.8		4.4		41.4		36.0	14.9
TN		7.7		8.5		16.3		27.9		10.6		16.9		10.2		98.1		93.9	4.5
VT		0.8		1.0		3.0		5.3		6.2		3.1		2.5		21.9		20.0	9.5
VA		8.0		11.2		22.6		37.0		18.3		19.4		13.9		130.4		129.3	0.9
WV		0.9		-		5.9		9.5		-		4.5		3.5		24.3		21.7	12.1
WI		8.7		13.3		14.6		29.1		24.6		18.6		12.2		121.1		119.4	1.5
All Other		1.5		1.9		15.6		23.0		10.6		16.7		11.6		80.9		68.9	17.7
Total Agency Direct	$	299.1	$	411.8	$	447.2	$	848.1	$	347.1	$	514.0	$	342.5	$	3,209.8	$	3,123.2	2.8
Other Direct		4.1		1.2		0.8		0.8		10.4		0.6		3.6		21.5		18.0	19.4
Total Direct	$	303.2	$	413.0	$	448.0	$	848.9	$	357.5	$	514.6	$	346.1	$	3,231.3	$	3,141.2	2.9

2005 Fourth-Quarter Supplement

19

Cincinnati Insurance Group
Quarterly Property Casualty Data - By Line of Business
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/05			9/30/05			6/30/05			3/31/05			12/31/04			9/30/04			6/30/04			3/31/04			6/30/05			6/30/04			9/30/05			9/30/04			12/31/05			12/31/04
Commercial multi-peril:
Written premiums	$	195		$	189		$	203		$	222		$	188		$	186		$	178		$	214		$	425		$	392		$	614		$	578		$	809		$	767
Earned premiums		201			196			202			197			195			187			182			186			399			368			594		$	556			796			751
Loss and loss expenses ratio		15.8	%		78.3	%		57.3	%		72.2	%		62.6	%		72.4	%		56.8	%		57.7	%		64.7	%		57.2	%		69.2	%		62.4	%		55.7	%		62.4	%
Less catastrophe loss ratio		4.6			24.9			0.9			2.6			1.4			23.0			6.6			(0.7)			1.8			2.9			9.4			9.6			8.2			7.5
Loss and loss expenses    excluding catastrophe loss ratio		11.2	%		53.4	%		56.4	%		69.6	%		61.2	%		49.4	%		50.2	%		58.4	%		62.9	%		54.3	%		59.8	%		52.8	%		47.5	%		54.9	%
Workers compensation:
Written premiums	$	80		$	76		$	83		$	99		$	75		$	73		$	76		$	97		$	182		$	173		$	258		$	245		$	338		$	320
Earned premiums		85			82			82			79			80			80			78			75			161			153			244			233			328			313
Loss and loss expenses ratio		136.0	%		73.5	%		77.1	%		76.5	%		82.8	%		79.1	%		69.2	%		90.6	%		76.8	%		79.7	%		75.7	%		79.5	%		91.3	%		80.3	%
Less catastrophe loss ratio		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Loss and loss expenses    excluding catastrophe loss ratio		136.0	%		73.5	%		77.1	%		76.5	%		82.8	%		79.1	%		69.2	%		90.6	%		76.8	%		79.7	%		75.7	%		79.5	%		91.3	%		80.3	%
Commercial auto:
Written premiums	$	107		$	107		$	111		$	122		$	108		$	113		$	111		$	126		$	233		$	237		$	340		$	350		$	447		$	458
Earned premiums		116			114			113			113			115			114			111			110			226			221			340			335			456			450
Loss and loss expenses ratio		61.7	%		60.6	%		58.8	%		57.9	%		51.9	%		59.6	%		53.1	%		44.7	%		58.4	%		48.9	%		59.1	%		52.6	%		59.8	%		52.4	%
Less Catastrophe loss ratio		0.0			0.1			0.2			0.0			0.3			1.0			0.5			(0.5)			0.1			0.0			0.1			0.3			0.1			0.3
Loss and loss expenses    excluding catastrophe loss ratio		61.7	%		60.5	%		58.6	%		57.9	%		51.6	%		58.6	%		52.6	%		45.2	%		58.3	%		48.9	%		59.0	%		52.3	%		59.7	%		52.1	%
Other liability:
Written premiums	$	111		$	113		$	111		$	123		$	106		$	105		$	101		$	113		$	234		$	214		$	347		$	319		$	458		$	424
Earned premiums		115			112			109			106			107			103			98			94			215			193			327			296			442			402
Loss and loss expenses ratio		46.9	%		43.7	%		39.3	%		39.1	%		(0.1)	%		37.2	%		45.9	%		34.4	%		39.2	%		40.2	%		40.8	%		39.2	%		42.4	%		28.8	%
Less catastrophe loss ratio		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Loss and loss expenses    excluding catastrophe loss ratio		46.9	%		43.7	%		39.3	%		39.1	%		(0.1)	%		37.2	%		45.9	%		34.4	%		39.2	%		40.2	%		40.8	%		39.2	%		42.4	%		28.8	%
Personal auto:
Written premiums	$	90		$	112		$	119		$	89		$	103		$	122		$	125		$	102		$	208		$	228		$	320		$	350		$	410		$	453
Earned premiums		105			108			110			111			113		$	113			112			113			220			225			328			338			433			451
Loss and loss expenses ratio		53.5	%		65.2	%		61.5	%		60.6	%		71.2	%		63.9	%		62.9	%		66.3	%		61.0	%		64.6	%		62.4	%		64.4	%		60.2	%		66.1	%
Less catastrophe loss ratio		0.4			0.5			1.1			0.2			0.6			1.4			2.3			(0.2)			0.6			1.0			0.6			1.1			0.5			1.0
Loss and loss expenses    excluding catastrophe loss ratio		53.1	%		64.7	%		60.4	%		60.4	%		70.6	%		62.5	%		60.6	%		66.5	%		60.4	%		63.6	%		61.8	%		63.3	%		59.7	%		65.1	%
Homeowner:
Written premiums	$	68		$	81		$	81		$	59		$	67		$	73		$	74		$	59		$	141		$	133		$	222		$	206		$	290		$	273
Earned premiums		72			72			71			70			68			62			64			64			141			128			213			191			285			259
Loss and loss expenses ratio		81.8	%		78.2	%		73.3	%		64.0	%		68.6	%		130.7	%		119.1	%		68.8	%		68.7	%		94.0	%		71.9	%		106.0	%		74.5	%		96.1	%
Less catastrophe loss ratio		40.0			15.2			15.6			(7.2)			10.1			55.8			43.1			(0.1)			4.3			21.5			8.0			32.7			16.1			26.8
Loss and loss expenses    excluding catastrophe loss ratio		41.8	%		63.0	%		57.7	%		71.2	%		58.5	%		74.9	%		76.0	%		68.9	%		64.4	%		72.5	%		63.9	%		73.3	%		58.4	%		69.3	%
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.

2005 Fourth-Quarter Supplement

20

Cincinnati Insurance Group
Loss Reserve Development Impact by Line of Business
	Commercial	Workers	Commercial	Other	Personal		All
	multi-peril	compensation	auto	liability	auto	Homeowner	lines
As of December 31, 2005
Impact on loss and loss expense ratio	(7.7%)	13.3%	(5.3%)	(18.4%)	(1.6%)	(1.0%)	(5.2%)
As of December 31, 2004
Impact on loss and loss expense ratio	0.6%	4.9%	(10.5%)	(32.5%)	0.2%	(2.2%)	(6.7%)
As of December 31, 2003
Impact on loss and loss expense ratio	2.0%	4.3%	(8.8%)	(23.0%)	2.1%	(3.1%)	(3.0%)

2005 Fourth-Quarter Supplement

21

Cincinnati Insurance Group
11-Year Property Casualty Data - Consolidated
(Dollars in millions)	Years ended December 31,
	2005			2004			2003			2002			2001			2000			1999			1998			1997			1996			1995
Premiums
Adjusted written premiums (statutory)*	$	3,097		$	3,026		$	2,789		$	2,496		$	2,188		$	1,936		$	1,681		$	1,558		$	1,472		$	1,384		$	1,296
Codification		0			0			0			0			402			(55)			0			0			0			0			0
Written premium adjustment -- statutory only		(21)			(29)			26			117			0			0			0			0			0			0			0
Reported written premiums (statutory)**		3,076			2,997			2,815			2,613			2,590			1,881			1,681			1,558			1,472			1,384			1,296
Unearned premiums change		(18)			(78)			(162)			(220)			(517)			(53)			(23)			(15)			(18)			(17)			(33)
Earned premiums (GAAP)	$	3,058		$	2,919		$	2,653		$	2,393		$	2,073		$	1,828		$	1,658		$	1,543		$	1,454		$	1,367		$	1,263
Year-over-year growth rate:
Adjusted written premiums (statutory)		2.3	%		8.5	%		11.7	%		14.1	%		13.0	%		15.2	%		7.9	%		5.8	%		6.4	%		6.8	%		8.8	%
Written premiums (statutory)		2.6	%		6.5	%		7.7	%		0.9	%		37.7	%		11.9	%		7.9	%		5.8	%		6.4	%		6.8	%		8.8	%
Earned premiums		4.8	%		10.0	%		10.9	%		15.4	%		13.4	%		10.3	%		7.5	%		6.1	%		6.4	%		8.2	%		7.9	%
Statutory combined ratio
Reported statutory combined ratio*		89.0	%		89.4	%		94.2	%		98.4	%		99.5	%		112.5	%		100.4	%		104.2	%		98.3	%		103.5	%		99.9	%
Codification		0.0			0.0			0.0			0.0			4.1			(0.9)			0.0			0.0			0.0			0.0			0.0
Written premium adjustment -- statutory only		nm			nm			nm			1.2			0.0			0.0			0.0			0.0			0.0			0.0			0.0
One-time item		0.0			0.0			0.8			0.0			0.0			(1.7)			0.0			0.0			0.0			0.0			0.0
Statutory combined ratio (adjusted)		89.0	%		89.4	%		95.0	%		99.6	%		103.6	%		109.9	%		100.4	%		104.2	%		98.3	%		103.5	%		99.9	%
Less catastrophe losses		4.1			5.1			3.6			3.6			3.1			2.7			2.5			6.1
Statutory combined ratio excluding      catastrophe losses (adjusted)		84.9	%		84.3	%		91.4	%		96.0	%		100.5	%		107.2	%		97.9	%		98.1	%
Reported commission expense ratio*		19.2	%		19.2	%		17.6	%		15.9	%		13.9	%		17.4	%		17.4	%		17.6	%
Codification		0.0			0.0			0.0			0.0			2.6			(0.5)			0.0			0.0
Written premium adjustment -- statutory only		nm			nm			nm			0.8			0.0			0.0			0.0			0.0
One-time item		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Commission expense ratio (adjusted)		19.2	%		19.2	%		17.6	%		16.7	%		16.5	%		16.9	%		17.4	%		17.6	%
Reported other expense ratio*		10.5	%		10.1	%		8.9	%		9.6	%		8.7	%		12.6	%		11.4	%		11.9	%
Codification		0.0			0.0			0.0			0.0			1.5			(0.4)			0.0			0.0
Written premium adjustment -- statutory only		nm			nm			nm			0.4			0.0			0.0			0.0			0.0
One-time item		0.0			0.0			0.8			0.0			0.0			(1.7)			0.0			0.0
Other expense ratio (adjusted)		10.5	%		10.1	%		9.7	%		10.0	%		10.2	%		10.5	%		11.4	%		11.9	%
Reported statutory expense ratio*		29.7	%		29.3	%		26.5	%		25.5	%		22.6	%		30.0	%		28.8	%		29.5	%
Codification		0.0			0.0			0.0			0.0			4.1			(0.9)			0.0			0.0
Written premium adjustment -- statutory only		nm			nm			nm			1.2			0.0			0.0			0.0			0.0
One-time item		0.0			0.0			0.8			0.0			0.0			(1.7)			0.0			0.0
Statutory expense ratio (adjusted)		29.7	%		29.3	%		27.3	%		26.7	%		26.7	%		27.4	%		28.8	%		29.5	%
GAAP combined ratio
GAAP combined ratio		89.2	%		89.8	%		94.7	%		99.7	%		104.9	%		112.8	%		100.2	%		104.3	%		98.4	%		103.6	%		100.1	%
One-time item		0.0			0.0			0.8			0.0			0.0			(2.1)			0.0			0.0			0.0			0.0			0.0
GAAP combined ratio before one-time item		89.2	%		89.8	%		95.5	%		99.7	%		104.9	%		110.7	%		100.2	%		104.3	%		98.4	%		103.6	%		100.1	%
Written premiums to surplus
Adjusted premiums to statutory surplus ratio		0.739			0.721			1.002			1.067			0.864
Written premium adjustment		(0.005)			(0.007)			0.010			0.050			0.159
Reported premiums to statutory surplus ratio		0.734			0.714			1.012			1.117			1.023
Dollar Amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
nm - Not meaningful
*Statutory date prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
**Prior to 2001, property casualty written premiums were recognized as they were billed throughout the policy period.  Effective January 1, 2001, written premiums have been
recognized on an annualized basis at the effective date of the policy.  Written premiums for 2000 were reclassified to conform with the 2001 presentation; information was not readily
available to reclassify earlier year statutory data.  The growth rates in written premiums between 1999 and 2000 are overstated because 1999 premiums are shown on a billed basis.

2005 Fourth-Quarter Supplement

22

Cincinnati Insurance Group
6-Year Property Casualty Data - Commercial Lines
(Dollars in millions)	Years ended December 31,
	2005			2004			2003			2002			2001			2000
Premiums
Adjusted written premiums (statutory)*	$	2,306		$	2,209		$	2,009		$	1,795		$	1,551		$	1,326
Codification		0			0			0			0			276			(51)
Written premium adjustment – statutory only		(16)			(23)			22			110			0			0
Reported written premiums (statutory)**	$	2,290		$	2,186		$	2,031		$	1,905		$	1,827		$	1,275
Unearned premiums change		(36)			(60)			(123)			(182)			(374)			(43)
Earned premiums (GAAP)	$	2,254		$	2,126		$	1,908		$	1,723		$	1,453		$	1,232
Year-over-year growth rate:
Adjusted written premiums (statutory)		4.4	%		10.0	%		11.9	%		15.7	%		17.0	%		20.5	%
Written premiums (statutory)		4.8	%		7.6	%		6.6	%		4.3	%		43.3	%		15.9	%
Earned premiums		6.0	%		11.4	%		10.8	%		18.6	%		17.9	%		13.2	%
Statutory combined ratio
Reported statutory combined ratio*		87.1	%		83.7	%		90.9	%		95.3	%		96.7	%		117.2	%
Codification		0.0			0.0			0.0			0.0			4.0			(1.2)
Written premium adjustment – statutory only		nm			nm			nm			1.5			0.0			0.0
One-time item		0.0			0.0			0.7			0.0			0.0			(1.6)
Statutory combined ratio (adjusted)		87.1	%		83.7	%		91.6	%		96.8	%		100.7	%		114.4	%
Less catastrophe losses		3.4			3.4			2.2			2.3			1.9			1.5
Statutory combined ratio excluding      catastrophe losses (adjusted)		83.7	%		80.3	%		89.4	%		94.5	%		98.8	%		112.9	%
GAAP combined ratio
GAAP combined ratio		87.4	%		84.1	%		91.3	%		96.6	%		101.7	%		117.2	%
One-time item		0.0			0.0			0.8			0.0			0.0			(2.0)
GAAP combined ratio before one-time item		87.4	%		84.1	%		92.1	%		96.6	%		101.7	%		115.2	%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
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.
** Prior to 2001, property casualty written premiums were recognized as they were billed throughout the policy period.  Effective January 1, 2001,
written premiums have been recognized on an annualized basis at the effective date of the policy.  Written premiums for 2000 were reclassified to
conform with the 2001 presentation; information was not readily available to reclassify earlier year statutory data.  The growth rates in written premiums
between 1999 and 2000 are overstated because 1999 premiums are shown on a billed basis.

2005 Fourth-Quarter Supplement

23

Cincinnati Insurance Group
6-Year Property Casualty Data - Personal Lines
(Dollars in millions)	Years ended December 31,
	2005			2004			2003			2002			2001			2000
Premiums
Adjusted written premiums (statutory)*	$	791		$	817		$	780		$	701		$	637		$	610
Codification		0			0			0			0			126			(4)
Written premium adjustment – statutory only		(5)			(6)			4			7			0			0
Reported written premiums (statutory)**	$	786		$	811		$	784		$	708		$	763		$	606
Unearned premiums change		18			(18)			(39)			(38)			(143)			(10)
Earned premiums (GAAP)	$	804		$	793		$	745		$	670		$	620		$	596
Year-over-year growth rate:
Adjusted written premiums (statutory)		(3.2)	%		4.7	%		11.3	%		10.0	%		4.4	%		5.0	%
Written premiums (statutory)		(3.1)	%		3.4	%		10.7	%		(7.2)	%		25.9	%		4.3	%
Earned premiums		1.4	%		6.4	%		11.2	%		8.1	%		4.0	%		4.6	%
Statutory combined ratio
Reported statutory combined ratio*		94.3	%		104.6	%		102.9	%		106.5	%		105.9	%		110.6	%
Codification		0.0			0.0			0.0			0.0			4.6			(0.2)
Written premium adjustment – statutory only		nm			nm			nm			0.3			0.0			0.0
One-time item		0.0			0.0			1.0			0.0			0.0			(2.0)
Statutory combined ratio (adjusted)		94.3	%		104.6	%		103.9	%		106.8	%		110.5	%		108.4	%
Less catastrophe losses		6.3			9.7			7.3			7.1			5.8			5.4
Statutory combined ratio excluding      catastrophe losses (adjusted)		88.0	%		94.9	%		96.6	%		99.7	%		104.7	%		103.0	%
GAAP combined ratio
GAAP combined ratio		94.4	%		105.0	%		103.6	%		107.6	%		112.4	%		110.4	%
One-time item		0.0			0.0			1.1			0.0			0.0			(2.4)
GAAP combined ratio before one-time item		94.4	%		105.0	%		104.7	%		107.6	%		112.4	%		108.0	%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.  Ratios are calculated based on whole dollar amounts.
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.
**Prior to 2001, property casualty written premiums were recognized as they were billed throughout the policy period.  Effective January 1, 2001, written
premiums have been recognized on an annualized basis at the effective date of the policy.  Written premiums for 2000 were reclassified to conform with
the 2001 presentation; information was not readily available to reclassify earlier year statutory data.  The growth rates in written premiums between 1999
and 2000 are overstated because 1999 premiums are shown on a billed basis.

2005 Fourth-Quarter Supplement

24

Cincinnati Insurance Group
Quarterly Property Casualty Data - Consolidated
(Dollars in millions)	Three months ended																									Six months ended						Nine months ended						Twelve months ended
	12/31/05			9/30/05		6/30/05					3/31/05			12/31/04			9/30/04			6/30/04			3/31/04			6/30/05			6/30/04			9/30/05			9/30/04			12/31/05			12/31/04
Premiums
Adjusted written premiums (statutory)	$	765		$	764			$	781		$	787		$	748		$	750		$	761		$	767		$	1,568		$	1,528		$	2,332		$	2,278		$	3,097		$	3,026
Written premium adjustment –       statutory only		(38)			(3)				10			10			(25)			0			(27)			23			20			(4)			17			(4)			(21)			(29)
Reported written premiums (statutory) *	$	727		$	761			$	791		$	797		$	723		$	750		$	734		$	790		$	1,588		$	1,524		$	2,349		$	2,274		$	3,076		$	2,997
Unearned premiums change		48			4				(26)			(44)			31			(17)			(17)			(74)			(70)			(92)			(66)			(108)			(18)			(78)
Earned premiums	$	775		$	765			$	765		$	753		$	754		$	733		$	717		$	716		$	1,518		$	1,432		$	2,283		$	2,166		$	3,058		$	2,919
Statutory combined ratio
Reported statutory combined ratio*		85.8	%		96.6		%		86.6	%		87.4	%		83.6	%		97.9	%		91.2	%		85.1	%		86.9	%		88.1	%		90.1	%		91.4	%		89.0	%		89.4	%
Written premium adjustment –       statutory only		nm			nm				nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm
One-time item		0.0			0.0				0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Adjusted statutory combined ratio		85.8	%		96.6		%		86.6	%		87.4	%		83.6	%		97.9	%		91.2	%		85.1	%		86.9	%		88.1	%		90.1	%		91.4	%		89.0	%		89.4	%
Less catastrophe losses		5.6			8.6				2.0			0.3			2.0			11.7			6.5			0.1			1.1			3.3			3.6			6.1			4.1			5.1
Adjusted statutory combined ratio        excluding catastrophe losses		80.2	%		88.0		%		84.6	%		87.1	%		81.6	%		86.2	%		84.7	%		85.0	%		85.8	%		84.8	%		86.5	%		85.3	%		84.9	%		84.3	%
Reported commission expense ratio*		20.4	%		20.3		%		19.3	%		16.8	%		19.7	%		19.9	%		18.9	%		18.3	%		18.0	%		18.6	%		18.8	%		19.0	%		19.2	%		19.2	%
Written premium adjustment –       statutory only		nm			nm				nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm
One-time item		0.0			0.0				0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Adjusted commission expense ratio		20.4	%		20.3		%		19.3	%		16.8	%		19.7	%		19.9	%		18.9	%		18.3	%		18.0	%		18.6	%		18.8	%		19.0	%		19.2	%		19.2	%
Reported other expense ratio*		11.6	%		10.8		%		10.3	%		9.8	%		11.0	%		9.5	%		10.8	%		9.3	%		10.0	%		10.0	%		10.2	%		9.8	%		10.5	%		10.1	%
Written premium adjustment –       statutory only		nm			nm				nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm
One-time item		0.0			0.0				0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Adjusted other expense ratio		11.6	%		10.8		%		10.3	%		9.8	%		11.0	%		9.5	%		10.8	%		9.3	%		10.0	%		10.0	%		10.2	%		9.8	%		10.5	%		10.1	%
Reported statutory expense ratio*		32.0	%		31.1		%		29.6	%		26.6	%		30.7	%		29.4	%		29.7	%		27.6	%		28.0	%		28.6	%		29.0	%		28.9	%		29.7	%		29.3	%
Written premium adjustment –       statutory only		nm			nm				nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm
One-time item		0.0			0.0				0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Adjusted statutory expense ratio		32.0	%		31.1		%		29.6	%		26.6	%		30.7	%		29.4	%		29.7	%		27.6	%		28.0	%		28.6	%		29.0	%		28.9	%		29.7	%		29.3	%
GAAP combined ratio
GAAP combined ratio		83.9	%		96.6		%		87.5	%		88.9	%		82.6	%		97.8	%		91.9	%		87.1	%		88.2	%		89.5	%		91.0	%		92.3	%		89.2	%		89.8	%
One-time item		0.0			0.0				0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
GAAP combined ratio before one-time item		83.9	%		96.6		%		87.5	%		88.9	%		82.6	%		97.8	%		91.9	%		87.1	%		88.2	%		89.5	%		91.0	%		92.3	%		89.2	%		89.8	%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts
may not equal the full year as each is computed independently.
nm - Not meaningful
* Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

2005 Fourth-Quarter Supplement

25

Cincinnati Insurance Group
Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/05			9/30/05			6/30/05			3/31/05			12/31/04			9/30/04			6/30/04			3/31/04			6/30/05			6/30/04			9/30/05			9/30/04			12/31/05			12/31/04
Premiums
Adjusted written premiums (statutory)	$	584		$	547		$	557		$	617		$	555		$	530		$	537		$	587		$	1,174		$	1,124		$	1,721		$	1,656		$	2,306		$	2,209
Written premium adjustment --       statutory only		(36)			(1)			9			12			(23)			2			(25)			23			21			(2)			20			(2)			(16)			(23)
Reported written premiums (statutory)*	$	548		$	546		$	566		$	629		$	532		$	532		$	512		$	610		$	1,195		$	1,122		$	1,741		$	1,654		$	2,290		$	2,186
Unearned premiums change		28			18			(3)			(78)			19			5			8			(91)			(81)			(84)			(63)			(79)			(36)			(60)
Earned premiums	$	576		$	564		$	563		$	551		$	551		$	537		$	520		$	519		$	1,114		$	1,038		$	1,678		$	1,575		$	2,254		$	2,126
Statutory combined ratio
Reported statutory combined ratio*		84.3	%		95.5	%		83.9	%		85.5	%		79.1	%		92.0	%		84.1	%		80.3	%		84.6	%		82.0	%		88.1	%		85.4	%		87.1	%		83.7	%
Written premium adjustment --       statutory only		nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm
One-time item		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Adjusted statutory combined ratio		84.3	%		95.5	%		83.9	%		85.5	%		79.1	%		92.0	%		84.1	%		80.3	%		84.6	%		82.0	%		88.1	%		85.4	%		87.1	%		83.7	%
Less catastrophe losses		2.4			9.5			0.4			1.1			1.3			9.0			3.0			0.2			0.8			1.6			3.6			4.1			3.4			3.4
Adjusted statutory combined ratio       excluding catastrophe losses		81.9	%		86.0	%		83.5	%		84.4	%		77.8	%		83.0	%		81.1	%		80.1	%		83.8	%		80.4	%		84.5	%		81.3	%		83.7	%		80.3	%
GAAP combined ratio
GAAP combined ratio		82.1	%		95.2	%		84.8	%		87.5	%		78.2	%		91.4	%		84.4	%		82.6	%		86.1	%		83.5	%		89.2	%		86.2	%		87.4	%		84.1	%
One-time item		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
GAAP combined ratio before one time item		82.1	%		95.2	%		84.8	%		87.5	%		78.2	%		91.4	%		84.4	%		82.6	%		86.1	%		83.5	%		89.2	%		86.2	%		87.4	%		84.1	%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not
equal the full year as each is computed independently.
nm - Not meaningful
*   Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

2005 Fourth-Quarter Supplement

26

Cincinnati Insurance Group
Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/2005			9/30/2005			6/30/2005			3/31/2005			12/31/2004			9/30/2004			6/30/2004			3/31/2004			6/30/2005			6/30/2004			9/30/2005			9/30/2004			12/31/2005			12/31/2004
Premiums
Adjusted written premiums (statutory)	$	181		$	217		$	223		$	170		$	194		$	218		$	224		$	180		$	393		$	404		$	611		$	623		$	791		$	817
Written premium adjustment --       statutory only		(2)			(2)			1			(2)			(3)			(1)			(2)			0			(1)			(2)			(3)			(3)			(5)			(6)
Reported written premiums (statutory) *	$	179		$	215		$	224		$	168		$	191		$	217		$	222		$	180		$	392		$	402		$	608		$	620		$	786		$	811
Unearned premiums change		20			(14)			(22)			34			12			(21)			(25)			17			8			(8)			(3)			(30)			17			(18)
Earned premiums	$	199		$	201		$	202		$	202		$	203		$	196		$	197		$	197		$	404		$	394		$	605		$	590		$	804		$	793
Statutory combined ratio
Reported statutory combined ratio*		90.1	%		99.9	%		93.6	%		94.0	%		96.0	%		114.4	%		110.1	%		98.7	%		93.7	%		104.3	%		95.7	%		107.6	%		94.3	%		104.6	%
Written premium adjustment --       statutory only		nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm			nm
One-time item		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Adjusted statutory combined ratio		90.1	%		99.9	%		93.6	%		94.0	%		96.0	%		114.4	%		110.1	%		98.7	%		93.7	%		104.3	%		95.7	%		107.6	%		94.3	%		104.6	%
Less catastrophe losses		14.9			6.3			6.2			2.0			4.2			19.3			15.7			0.0			2.1			7.8			3.5			11.6			6.3			0.1
Adjusted statutory combined ratio       excluding catastrophe losses		75.2	%		93.6	%		87.4	%		96.0	%		91.8	%		95.1	%		94.4	%		98.9	%		91.6	%		96.5	%		92.2	%		96.0	%		88.0	%		94.9	%
GAAP combined ratio
GAAP combined ratio		89.0	%		100.5	%		95.3	%		92.7	%		94.5	%		115.4	%		111.6	%		98.8	%		94.0	%		105.2	%		96.1	%		108.6	%		94.4	%		105.0	%
One-time item		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
GAAP combined ratio before        one-time item		89.0	%		100.5	%		95.3	%		92.7	%		94.5	%		115.4	%		111.6	%		98.8	%		94.0	%		105.2	%		96.1	%		108.6	%		94.4	%		105.0	%
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.

2005 Fourth-Quarter Supplement

27

The Cincinnati Life Insurance Company
GAAP Statements of Income
		For the three months ended December 31,							For the twelve months ended December 31,
		2005		2004		Change	% Change		2005		2004		Change	% Change
Revenues:
Premiums earned:
Property casualty	$	-	$	-	$	-	NA	$	-	$	-	$	-	NA
Life		40,421,076		35,328,907		5,092,169	14.41		143,808,461		131,914,123		11,894,338	9.02
Accident health		1,617,668		1,548,848		68,820	4.44		6,347,605		6,070,818		276,787	4.56
Premiums ceded		(13,851,254)		(12,981,202)		(870,052)	(6.70)		(43,798,779)		(37,331,419)		(6,467,360)	(17.32)
Total premiums earned		28,187,490		23,896,553		4,290,937	17.96		106,357,287		100,653,522		5,703,765	5.67
Investment income		26,013,305		23,196,029		2,817,276	12.15		99,323,763		90,814,991		8,508,772	9.37
Realized investment gains and losses		9,832,034		8,341,285		1,490,749	17.87		17,188,854		8,605,952		8,582,902	99.73
Other income		1,015,456		707,262		308,194	43.58		3,561,244		3,006,065		555,179	18.47
Total revenues	$	65,048,285	$	56,141,129	$	8,907,156	15.87	$	226,431,148	$	203,080,530	$	23,350,618	11.50
Benefits & expenses:
Losses & policy benefits	$	12,945,476	$	39,155,396	$	(26,209,920)	(66.94)	$	141,170,430	$	166,581,337	$	(25,410,907)	(15.25)
Reinsurance recoveries		11,824,818		(15,485,923)		27,310,741	176.36		(39,542,190)		(71,777,915)		32,235,725	44.91
Commissions		8,941,983		9,046,004		(104,021)	(1.15)		34,718,994		32,524,400		2,194,594	6.75
Other operating expenses		10,732,035		9,299,513		1,432,522	15.40		28,592,514		27,569,123		1,023,391	3.71
Interest expense		0		0		0	NA		0		0		0	NA
Taxes, licenses & fees		32,729		389,994		(357,265)	(91.61)		3,205,175		3,476,724		(271,549)	(7.81)
Incr deferred acq expense		(4,281,595)		(5,876,298)		1,594,703	27.14		(14,048,474)		(10,931,588)		(3,116,886)	(28.51)
Other expenses		0		0		0	NA		108		105		3	2.86
Total expenses	$	40,195,446	$	36,528,686	$	3,666,760	10.04	$	154,096,557	$	147,442,186	$	6,654,371	4.51
Income before income taxes	$	24,852,839	$	19,612,443	$	5,240,396	26.72	$	72,334,591	$	55,638,344	$	16,696,247	30.01
Provision for income taxes:
Current	$	3,623,075	$	(1,923,788)	$	5,546,863	288.33	$	12,721,453	$	7,260,376	$	5,461,077	75.22
Current capital gains/losses		3,441,212		2,919,449		521,763	17.87		6,016,099		3,012,083		3,004,016	99.73
Deferred		1,975,964		4,402,612		(2,426,648)	(55.12)		6,314,644		7,185,620		(870,976)	(12.12)
Total income taxes	$	9,040,251	$	5,398,273	$	3,641,978	67.47	$	25,052,196	$	17,458,079	$	7,594,117	43.50
Net income	$	15,812,588	$	14,214,170	$	1,598,418	11.25	$	47,282,395	$	38,180,265	$	9,102,130	23.84

2005 Fourth-Quarter Supplement

28

The Cincinnati Life Insurance Company
Statutory Statements of Income
	For the three months ended December 31,					For the twelve months ended December 31,
	2005		2004		% Change	2005		2004		% Change
Net premiums written	$	40,102,012.51	$	56,253,801.59	(28.71)	$	193,851,091.12	$	176,021,937.61	10.13
Net investment income		26,013,305.01		23,196,029.03	12.15		99,323,763.13		90,814,991.43	9.37
Amortization of interest maintenance reserve		867,345.47		213,045.50	307.12		3,969,372.47		715,634.00	454.67
Commissions and expense allowances on reinsurance ceded		2,710,463.17		4,610,351.61	(41.21)		11,472,367.37		17,019,447.95	(32.59)
Income from fees associated with Separate Accounts		1,015,455.73		707,262.20	43.58		3,561,243.62		3,006,065.40	18.47
Total revenues	$	70,708,581.89	$	84,980,489.93	(16.79)	$	312,177,837.71	$	287,578,076.39	8.55
Death benefits and matured endowments	$	6,791,497.13	$	7,313,006.73	(7.13)	$	32,409,588.56	$	29,492,330.75	9.89
Annuity benefits		5,013,543.26		3,825,059.60	31.07		21,805,168.25		20,572,260.41	5.99
Disability benefits and benefits under accident and health contracts		491,221.18		782,359.32	(37.21)		1,537,587.34		2,404,472.50	(36.05)
Surrender benefits and group conversions		4,068,367.42		4,395,918.05	(7.45)		18,979,140.70		18,184,977.45	4.37
Interest and adjustments on deposit-type contract funds		2,762,911.31		2,805,929.05	(1.53)		10,249,422.47		9,585,677.82	6.92
Increase in aggregate reserves for life and accident and health contracts		27,180,937.40		42,530,257.77	(36.09)		142,678,482.19		113,462,954.89	25.75
Payments on supplementary contracts with life contingencies		75,111.03		85,232.10	(11.87)		295,734.61		365,707.00	(19.13)
Total benefit expenses	$	46,383,588.73	$	61,737,762.62	(24.87)	$	227,955,124.12	$	194,068,380.82	17.46
Commissions	$	8,458,360.00	$	8,512,331.04	(0.63)	$	34,235,371.40	$	31,990,726.79	7.02
General insurance expenses and taxes		9,135,839.82		7,513,430.49	21.59		33,177,815.06		29,856,763.69	11.12
Increase in loading on deferred and uncollected premiums		(107,202.40)		63,851.00	(267.89)		(4,680,691.38)		(3,067,512.00)	(52.59)
Net transfers to or (from) Separate Accounts		(413,266.70)		0.00	N/A		(413,266.70)		0.00	N/A
Other deductions		0.00		0.00	N/A		107.96		105.49	2.34
Total operating expenses	$	17,073,730.72	$	16,089,612.53	6.12	$	62,319,336.34	$	58,780,083.97	6.02
Federal and Foreign Income Taxes Incurred		2,717,237.03		(380,319.54)	814.46		11,990,488.03		8,794,680.46	36.34
Net gain from operations before realized capital gains or (losses)	$	4,534,025.41	$	7,533,434.32	(39.81)	$	9,912,889.22	$	25,934,931.14	(61.78)
Net realized gains or (losses) net of capital gains tax		10,768,633.52		3,387,167.69	217.92		11,089,183.35		2,337,449.99	374.41
Net Income (Statutory)	$	15,302,658.93	$	10,920,602.01	40.13	$	21,002,072.57	$	28,272,381.13	(25.72)
* 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.

2005 Fourth-Quarter Supplement

29

The Cincinnati Life Insurance Company
Expenses as a Percentage of Premium
	(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
		12/31/2005			9/30/2005			6/30/2005			3/31/2005			12/31/2004			9/30/2004			6/30/2004			3/31/2004			6/30/2005			6/30/2004			9/30/2005			9/30/2004			12/31/2005			12/31/2004
	Gross Written Premiums	$	57		$	66		$	64		$	62		$	74		$	54		$	59		$	43		$	126		$	102		$	192		$	156		$	249		$	230
	Bank Owned Life Insurance (BOLI)    Adjustment		0			0			0			0			(10)			0			0			0			0			0			0			0			0			(10)
	Adjusted Gross Written Premiums	$	57		$	66		$	64		$	62		$	64		$	54		$	59		$	43		$	126		$	102		$	192		$	156		$	249		$	220
	Insurance Expense	$	8		$	7		$	7		$	7		$	6		$	6		$	6		$	7		$	14		$	13		$	21		$	19		$	29		$	25
	Expense Ratio		14.4	%		10.3	%		10.7	%		10.9	%		8.4	%		11.5	%		10.9	%		15.3	%		10.8	%		12.7	%		10.8	%		12.3	%		11.7	%		11.1	%
	Expense Ratio based on Adjusted    Gross Written Premium		14.4	%		10.3	%		10.7	%		10.9	%		9.4	%		11.5	%		10.9	%		15.3	%		10.8	%		12.7	%		10.8	%		12.3	%		11.7	%		11.6	%
	(Dollars in millions)	Years ended December 31,
		2005			2004			2003			2002			2001			2000			1999
	Gross Written Premiums	$	249		$	230		$	173		$	244		$	122		$	157		$	421
	Bank Owned Life Insurance (BOLI)    Adjustment		0			(10)			0			(34)			0			(20)			(303)
	Adjusted Gross Written Premiums	$	249		$	220		$	173		$	210		$	122		$	137		$	118
	Insurance Expense	$	29		$	25		$	25		$	27		$	25		$	20		$	19
	Expense Ratio		11.7	%		11.1	%		14.8	%		10.9	%		20.6	%		12.9	%		4.7	%
	Expense Ratio based on Adjusted    Gross Written Premium		11.7	%		11.6	%		14.8	%		12.6	%		20.6	%		14.8	%		15.7	%
	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.

2005 Fourth-Quarter Supplement

30