Cincinnati Financial Corporation
Supplemental Financial Data
September 30, 2006
Third 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 November 1, 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 2005. 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
	Third Quarter 2006
		Page	Status
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3	11/1/2006
Consolidated
	Quick Reference	4	11/1/2006
	Consolidated Statements of Income	5	11/1/2006
	CFC and Subsidiary Consolidation – Nine Months Ended September 30, 2006	6	11/1/2006
	CFC and Subsidiary Consolidation – Nine Months Ended September 30, 2005	7	11/1/2006
	CFC and Subsidiary Consolidation – Three Months Ended September 30, 2006	8	11/1/2006
	CFC and Subsidiary Consolidation – Three Months Ended September 30, 2005	9	11/1/2006
	Consolidated Balance Sheets	10	11/1/2006
	10-Year Net Income Reconciliation	11	11/1/2006
	Quarterly Net Income Reconciliation	12	11/1/2006
	Top Holdings -- Common Stocks	13	11/1/2006
Property Casualty Insurance Operations
	GAAP Statements of Income	14	11/1/2006
	Statutory Statements of Income	15	11/1/2006
	Statutory Quarterly Analysis – Consolidated	16	11/1/2006
	Statutory Quarterly Analysis – Commercial Lines	17	11/1/2006
	Statutory Quarterly Analysis – Personal Lines	18	11/1/2006
	Direct Written Premiums by Line of Business and State	19	11/1/2006
	Quarterly Property Casualty Data – Commercial Lines of Business	20	11/1/2006
	Quarterly Property Casualty Data – Personal Lines of Business	21	11/1/2006
Reconciliation Data
	10-Year Property Casualty Data – Consolidated	22	11/1/2006
	6-Year Property Casualty Data – Commercial Lines	23	11/1/2006
	6-Year Property Casualty Data – Personal Lines	24	11/1/2006
	Quarterly Property Casualty Data – Consolidated	25	11/1/2006
	Quarterly Property Casualty Data – Commercial Lines	26	11/1/2006
	Quarterly Property Casualty Data – Personal Lines	27	11/1/2006
Life Insurance Operations
	GAAP Statements of Income	28	11/1/2006
	Statutory Statements of Income	29	11/1/2006
	Expenses as a Percentage of Premium	30	11/1/2006

2006 Third-Quarter Supplement

2

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

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

Management uses certain non-GAAP and non-statutory financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments – 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 is calculated by excluding net realized investment gains and losses (defined as realized investment gains and losses after applicable federal and state income taxes) from net income. Management evaluates operating income to measure the success of pricing, rate and underwriting strategies. While realized investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses in any period may be subject to management’s discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses can be recognized from certain changes in market values of securities and embedded derivatives 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, property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. Earned premium, used in both statutory and GAAP accounting, is calculated ratably over the policy term. The difference between written and earned premium is unearned premium.

·

Written premium adjustment – statutory basis only: In 2002, the company refined its estimation process for matching property casualty 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.

○

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.

○

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.

○

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.

2006 Third-Quarter Supplement

3

Cincinnati Financial Corporation
Quick Reference - Third Quarter 2006
(all data shown is for the three months ended or as of September 30, 2006)
(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	$	582		Commercial lines loss and loss expenses	$	377
Year-over-year percentage change		6.5	%	Year-over-year percentage change		4.5	%
Personal lines net written premiums	$	198		Personal lines loss and loss expenses	$	139
Year-over-year percentage change		(8.0)	%	Year-over-year percentage change		(1.2)	%
Property casualty net written premiums	$	780		Property casualty loss and loss expenses	$	516
Year-over-year percentage change		2.4	%	Year-over-year percentage change		2.9	%
Commercial lines net earned premiums	$	602		Life and accident and health losses and policy benefits	$	33
Year-over-year percentage change		6.7	%	Year-over-year percentage change		21.2	%
Personal lines net earned premiums	$	189		Operating expenses	$	257
Year-over-year percentage change		(5.9)	%	Year-over-year percentage change		2.2	%
Property casualty net earned premiums	$	791		Interest expenses	$	13
Year-over-year percentage change		3.4	%	Year-over-year percentage change		1.6	%
Life and accident and health net earned premiums	$	28		Total expenses	$	819
Year-over-year percentage change		9.4	%	Year-over-year percentage change		3.3	%
Investment income	$	144		Income before income taxes	$	148
Year-over-year percentage change		7.5	%	Year-over-year percentage change		(2.4)	%
Realized gains on investments	$	0		Total income tax	$	33
Year-over-year percentage change		nm	%	Year-over-year percentage change		(5.2)	%
Other income	$	4		Effective tax rate		21.9	%
Year-over-year percentage change		(2.6)	%
Total revenues	$	967		Ratios:
Year-over-year percentage change		2.4	%
				Commercial lines GAAP combined ratio		93.4	%
Income:				Personal lines GAAP combined ratio		104.4	%
				Property casualty GAAP combined ratio		96.1	%
Operating income	$	115
Year-over-year percentage change		7.5	%	Commercial lines STAT combined ratio		94.1	%
Net realized investment gains and losses	$	0		Personal lines STAT combined ratio		104.0	%
Year-over-year percentage change		nm	%	Property casualty STAT combined ratio		96.4	%
Net income	$	115
Year-over-year percentage change		(1.6)	%	Return on equity based upon net income (annualized)		7.4	%
				Return on equity based upon operating income (annualized)		7.4	%
Per share: (diluted)
				Balance Sheet:
Operating income	$	0.66
Year-over-year percentage change		8.2	%	Fixed maturity investments	$	5,790
Net realized investment gains and losses	$	0.00		Equity securities		7,256
Year-over-year percentage change		nm	%	Other invested assets		58
Net income	$	0.66		Total invested assets	$	13,104
Year-over-year percentage change		0.0	%
Book value	$	37.32		Property casualty and life loss and loss expense reserves	$	3,878
Year-over-year percentage change		8.4	%	Total debt		840
Weighted average shares -- diluted	175,260,063			Shareholders equity		6,464
Year-over-year percentage change		(0.9)	%

2006 Third-Quarter Supplement

4

Cincinnati Financial Corporation
Consolidated Statements of Income
		For the Three Months Ended September 30,							For the Nine Months Ended September 30,
		2006		2005		Change	% Change		2006		2005		Change	% Change
Revenues:
Premiums earned:
Property casualty	$	832,224,817	$	816,434,954	$	15,789,863	1.93	$	2,475,926,407	$	$2,418,228,387	$	57,698,020	2.39
Life		36,294,277		33,816,806		2,477,471	7.33		109,318,969		103,387,385		5,931,584	5.74
Accident health		1,709,173		1,640,686		68,487	4.17		4,948,521		4,729,937		218,584	4.62
Premiums ceded		(51,268,668)		(61,598,673)		10,330,005	16.77		(144,775,239)		(165,607,399)		20,832,160	12.58
Total premiums earned		818,959,599		790,293,773		28,665,826	3.63		2,445,418,658		2,360,738,310		84,680,348	3.59
Investment income		143,775,266		133,715,046		10,060,220	7.52		425,032,304		390,084,902		34,947,402	8.96
Realized gain on investments		(172,581)		15,956,443		(16,129,024)	(101.08)		671,377,232		37,641,729		633,735,503	1,683.60
Other income		4,404,807		4,522,882		(118,075)	(2.61)		13,779,080		12,114,228		1,664,852	13.74
Total revenues	$	966,967,091	$	944,488,144	$	22,478,947	2.38	$	3,555,607,274	$	2,800,579,169	$	755,028,105	26.96
Benefits & expenses:
Losses & policy benefits	$	578,846,827	$	591,433,357	$	(12,586,530)	(2.13)	$	1,694,301,755	$	1,628,467,395	$	65,834,360	4.04
Reinsurance recoveries		(30,315,757)		(63,310,660)		32,994,903	52.12		(98,667,113)		(158,538,599)		59,871,486	37.76
Commissions		155,791,819		160,017,630		(4,225,811)	(2.64)		477,745,948		476,232,758		1,513,190	0.32
Other operating expenses		83,215,761		73,763,514		9,452,247	12.81		242,512,606		213,291,931		29,220,675	13.70
Interest expense		13,349,408		13,137,277		212,131	1.61		39,311,943		38,984,112		327,831	0.84
Taxes, licenses & fees		19,382,354		16,966,814		2,415,540	14.24		58,002,253		52,064,735		5,937,518	11.40
Incr deferred acq expense		(4,798,858)		(4,753,685)		(45,173)	(0.95)		(26,742,398)		(23,578,132)		(3,164,266)	(13.42)
Other expenses		3,789,308		5,906,680		(2,117,372)	(35.85)		12,097,966		11,942,231		155,735	1.30
Total expenses	$	819,260,862	$	793,160,927	$	26,099,935	3.29	$	2,398,562,960	$	2,238,866,431	$	159,696,529	7.13
Income before income taxes	$	147,706,229	$	151,327,217	$	(3,620,988)	(2.39)	$	1,157,044,314	$	561,712,738	$	595,331,576	105.99
Provision for income taxes:
Current operating income	$	23,097,937	$	12,662,082	$	10,435,855	82.42	$	118,760,218	$	112,001,886	$	6,758,332	6.03
Realized investments gains and losses		(89,965)		6,181,378		(6,271,343)	(101.46)		244,892,142		13,827,830		231,064,312	1,671.01
Deferred		9,386,153		15,338,400		(5,952,247)	(38.81)		(6,393,609)		16,584,928		(22,978,537)	(138.55)
Total income taxes	$	32,394,125	$	34,181,860	$	(1,787,735)	(5.23)	$	357,258,751	$	142,414,644	$	214,844,107	150.86
Net income	$	115,312,104	$	117,145,357	$	(1,833,253)	(1.56)	$	799,785,563	$	419,298,094	$	380,487,469	90.74
Comprehensive net income	$	455,185,004	$	(58,836,741)	$	514,021,755	(873.64)	$	609,439,522	$	(38,825,775)	$	648,265,297	(1,669.68)
Operating income	$	115,394,725	$	107,370,292	$	8,024,433	7.47	$	373,300,473	$	395,484,195	$	(22,183,722)	(5.61)
Net realized investments gains and losses	$	(82,615)	$	9,775,065	$	(9,857,680)	(100.85)	$	426,485,090	$	23,813,899	$	402,671,191	1,690.91
Net income per share:
Operating income	$	0.67	$	0.61	$	0.06	9.84	$	2.15	$	2.26	$	(0.11)	(4.87)
Net realized investments gains      and losses		0.00		0.06		(0.06)	(100.00)		2.46		0.13		2.33	1,792.31
Net income per share (basic)	$	0.67	$	0.67	$	0.00	0.00	$	4.61	$	2.39	$	2.22	92.89
Operating income	$	0.66	$	0.61	$	0.05	8.20	$	2.13	$	2.23	$	(0.10)	(4.48)
Net realized investments gains      and losses		0.00		0.05		(0.05)	(100.00)		2.43		0.14		2.29	1,635.71
Net income per share (diluted)	$	0.66	$	0.66	$	-	0.00	$	4.56	$	2.37	$	2.19	92.41
Dividends per share:
Paid	$	0.335	$	0.305	$	0.030	9.84	$	0.975	$	0.857	$	0.118	13.77
Declared	$	0.335	$	0.305	$	0.030	9.84	$	1.005	$	0.900	$	0.105	11.67
Number of shares:
Weighted avg - basic		173,224,254		174,811,150		(1,586,896)	(0.91)		173,555,925		175,194,545		(1,638,620)	(0.94)
Weighted avg - diluted		175,260,063		176,806,267		(1,546,204)	(0.87)		175,542,616		177,212,677		(1,670,061)	(0.94)

2006 Third-Quarter Supplement

5

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2006
	Total		CFC		CIC GROUP		CLIC		CFC-I		CINFIN		SELIM
Revenues:
Premiums earned:
Property casualty	$	2,475,926,407	$	0	$	$2,476,130,642	$	0	$	0	$	0	$	(204,235)
Life		109,318,969		0		0		109,318,969		0		0		0
Accident health		4,948,521		0		0		4,948,521		0		0		0
Premiums ceded		(144,775,239)		0		(114,086,242)		(30,688,997)		0		0		0
Total earned premium		2,445,418,658		0		2,362,044,400		83,578,493		0		0		(204,235)
Investment income		425,032,304		72,886,606		273,650,490		80,603,825		46,800		152,135		(2,307,553)
Realized gain on investments		671,377,232		408,476,440		218,522,618		42,327,225		(541,501)		13,974		2,578,476
Other income		13,779,080		7,562,069		2,543,187		2,559,919		8,325,040		1,752,535		(8,963,671)
Total revenues	$	3,555,607,274	$	488,925,115	$	2,856,760,695	$	209,069,462	$	7,830,339	$	1,918,644	$	(8,896,983)
Benefits & expenses:
Losses & policy benefits	$	1,694,301,755	$	0	$	1,577,665,678	$	118,288,412	$	0	$	0	$	(1,652,335)
Reinsurance recoveries		(98,667,113)		0		(71,961,815)		(26,705,298)		0		0		0
Commissions		477,745,948		0		452,075,295		25,670,653		0		0		0
Other operating expenses		242,512,606		14,648,994		212,430,180		19,784,207		3,954,490		395,698		(8,700,963)
Interest expense		39,311,943		38,152,316		392,450		0		1,961,356		0		(1,194,179)
Taxes, licenses & fees		58,002,253		867,522		55,196,080		2,144,949		(241,964)		35,667		0
Incr deferred acq expenses		(26,742,398)		0		(12,504,697)		(14,237,700)		0		0		0
Other expenses		12,097,966		0		12,097,857		108		0		0		0
Total expenses	$	2,398,562,960	$	53,668,832	$	2,225,391,028	$	124,945,331	$	5,673,882	$	431,365	$	(11,547,477)
Income before income taxes	$	1,157,044,314	$	435,256,283	$	631,369,667	$	84,124,131	$	2,156,457	$	1,487,279	$	2,650,494
Provision for income taxes:
Current operating income	$	118,760,218	$	(3,584,929)	$	115,636,895	$	5,319,857	$	909,580	$	478,815	$	-
Capital gains/losses		244,892,142		152,440,557		77,515,165		14,931,529		0		4,891		0
Deferred		(6,393,609)		(5,488,385)		(11,476,491)		9,777,623		(142,061)		8,032		927,673
Total income tax	$	357,258,751	$	143,367,243	$	181,675,569	$	30,029,009	$	767,519	$	491,738	$	927,673
Net income - current year	$	799,785,563	$	291,889,040	$	449,694,098	$	54,095,122	$	1,388,938	$	995,541	$	1,722,821
Net income - prior year	$	419,298,094	$	27,733,445	$	354,886,734	$	31,469,807	$	2,651,223	$	908,027	$	1,648,858
Change in net income		90.7%		952.5%		26.7%		71.9%		-47.6%		9.6%

2006 Third-Quarter Supplement

6

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2005
	Total		CFC		CIC GROUP		CLIC		CFC-I		CINFIN		ELIM
Revenues:
Premiums earned:
Property casualty	$	2,418,228,387	$	0	$	2,418,671,941	$	0	$	0	$	0	$	(443,554)
Life		103,387,385		0		0		103,387,385		0		0		0
Accident health		4,729,937		0		0		4,729,937		0		0		0
Premiums ceded		(165,607,399)		0		(135,659,874)		(29,947,525)		0		0		0
Total earned premium		2,360,738,310		0		2,283,012,067		78,169,797		0		0		(443,554)
Investment income		390,084,902		64,294,291		250,431,732		73,310,458		798,193		97,329		1,152,899
Realized gain on investments		37,641,729		843,339		28,137,043		7,356,820		0		(79,278)		1,383,805
Other income		12,114,228		9,318,419		2,448,898		2,545,788		7,274,534		1,689,454		(11,162,865)
Total revenues	$	2,800,579,169	$	74,456,049	$	2,564,029,740	$	161,382,863	$	8,072,727	$	1,707,505	$	(9,069,715)
Benefits & expenses:
Losses & policy benefits	$	1,628,467,395	$	0	$	1,501,898,504	$	128,224,954	$	0	$	0	$	(1,656,063)
Reinsurance recoveries		(158,538,599)		0		(107,171,591)		(51,367,008)		0		0		0
Commissions		476,232,758		0		450,455,747		25,777,011		0		0		0
Other operating expenses		213,291,931		15,702,843		185,451,011		17,860,479		2,851,948		318,173		(8,892,523)
Interest expense		38,984,112		39,002,632		0		0		1,039,313		0		(1,057,833)
Taxes, licenses & fees		52,064,735		(578,709)		49,018,411		3,172,446		424,839		27,748		0
Incr deferred acq expenses		(23,578,132)		0		(13,811,253)		(9,766,879)		0		0		0
Other expenses		11,942,231		0		11,942,123		108		0		0		0
Total expenses	$	2,238,866,431	$	54,126,766	$	2,077,782,952	$	113,901,111	$	4,316,100	$	345,921	$	(11,606,419)
Income before income taxes	$	561,712,738	$	20,329,283	$	486,246,788	$	47,481,752	$	3,756,627	$	1,361,584	$	2,536,704
Provision for income taxes:
Current operating income	$	112,001,886	$	(13,972,411)	$	115,007,157	$	9,098,378	$	1,387,999	$	480,763	$	-
Capital gains/losses		13,827,830		607,712		10,674,562		2,574,887		0		(29,331)		0
Deferred		16,584,928		5,960,537		5,678,335		4,338,680		(282,595)		2,125		887,846
Total income tax	$	142,414,644	$	(7,404,162)	$	131,360,054	$	16,011,945	$	1,105,404	$	453,557	$	887,846
Net income - current year	$	419,298,094	$	27,733,445	$	354,886,734	$	31,469,807	$	2,651,223	$	908,027	$	1,648,858
Net income - prior year	$	391,575,234	$	68,027,300	$	386,869,008	$	23,966,096	$	788,358	$	894,629		($88,970,157)
Change in net income		7.1%		-59.2%		-8.3%		31.3%		236.3%		1.5%

2006 Third-Quarter Supplement

7

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended September 30, 2006
	Total		CFC		CIC GROUP		CLIC		CFC-I		CINFIN		ELIM
Revenues:
Premiums earned:
Property casualty	$	832,224,817	$	0	$	832,230,217	$	0	$	0	$	0	$	(5,400)
Life		36,294,277		0		0		36,294,277		0		0		0
Accident health		1,709,173		0		0		1,709,173		0		0		0
Premiums ceded		(51,268,668)		0		(40,812,821)		(10,455,847)		0		0		0
Total earned premium		818,959,599		0		791,417,396		27,547,603		0		0		(5,400)
Investment income		143,775,267		24,507,149		92,191,499		27,213,672		46,800		55,452		(239,306)
Realized gain on investments		(172,581)		(2,726,812)		2,792,195		(256,745)		(541,501)		4,410		555,872
Other income		4,404,808		2,537,505		761,677		755,639		2,742,563		600,330		(2,992,907)
Total revenues	$	966,967,093	$	24,317,842	$	887,162,767	$	55,260,169	$	2,247,862	$	660,192	$	(2,681,741)
Benefits & expenses:
Losses & policy benefits	$	578,846,827	$	0	$	536,647,193	$	42,750,492	$	0	$	0	$	(550,858)
Reinsurance recoveries		(30,315,757)		0		(20,587,535)		(9,728,222)		0		0		0
Commissions		155,791,819		0		147,356,940		8,434,879		0		0		0
Other operating expenses		83,215,761		5,263,781		72,719,732		6,877,898		1,067,271		129,658		(2,842,579)
Interest expense		13,349,408		12,615,175		0		0		734,233		0		0
Taxes, licenses & fees		19,382,352		371,758		18,568,187		394,060		36,459		11,889		0
Incr deferred acq expenses		(4,798,858)		0		1,745,550		(6,544,407)		0		0		0
Other expenses		3,789,308		0		3,789,308		(1)		0		0		0
Total expenses	$	819,260,860	$	18,250,714	$	760,239,375	$	42,184,699	$	1,837,963	$	141,547	$	(3,393,437)
Income before income taxes	$	147,706,233	$	6,067,128	$	126,923,392	$	13,075,470	$	409,899	$	518,645	$	711,696
Provision for income taxes:
Current operating income	$	23,097,936	$	(1,882,887)	$	24,605,468	$	(33,442)	$	243,709	$	165,088	$	-
Capital gains/losses		(89,966)		(1,672,581)		1,553,933		27,139		0		1,543		0
Deferred		9,386,153		(292,846)		5,203,394		4,382,846		(161,732)		5,397		249,094
Total income tax	$	32,394,123	$	(3,848,314)	$	31,362,795	$	4,376,543	$	81,977	$	172,028	$	249,094
Net income - current year	$	115,312,110	$	9,915,442	$	95,560,597	$	8,698,927	$	327,922	$	346,617	$	462,602
Net income - prior year	$	117,145,356	$	11,567,302	$	95,574,518	$	8,114,811	$	1,085,652	$	270,355	$	532,718
Change in net income		-1.6%		-14.3%		0.0%		7.2%		-69.8%		28.2%

2006 Third-Quarter Supplement

8

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Tree Months Ended September 30, 2005
		Total		CFC		CIC GROUP		CLIC		CFC-I		CINFIN		ELIM
Revenues:
Premiums earned:
Property casualty	$	816,434,954	$	0	$	816,500,613	$	0	$	0	$	0	$	(65,659)
Life		33,816,806		0		0		33,816,806		0		0		0
Accident health		1,640,686		0		0		1,640,686		0		0		0
Premiums ceded		(61,598,673)		0		(51,311,141)		(10,287,532)		0		0		0
Total earned premium		790,293,773		0		765,189,472		25,169,960		0		0		(65,659)
Investment income		133,717,730		21,972,750		86,697,604		24,913,462		15,175		34,276		84,463
Realized gain on investments		15,956,443		2,927,373		12,669,320		(288,018)		0		(87,334)		735,102
Other income		4,520,198		3,417,095		797,963		951,468		2,532,634		576,653		(3,755,615)
Total revenues	$	944,488,144	$	28,317,218	$	865,354,359	$	50,746,872	$	2,547,809	$	523,595	$	(3,001,709)
Benefits & expenses:
Losses & policy benefits	$	591,433,357	$	0	$	542,942,994	$	49,044,146	$	0	$	0	$	(553,783)
Reinsurance recoveries		(63,310,660)		0		(41,513,881)		(21,796,779)		0		0		0
Commissions		160,017,630		0		151,232,688		8,784,942		0		0		0
Other operating expenses		73,788,697		5,799,521		63,480,451		6,596,022		694,285		107,367		(2,888,949)
Interest expense		13,137,277		13,152,236		0		0		363,583		0		(378,542)
Taxes, licenses & fees		16,941,631		(929,793)		16,707,845		1,021,334		132,745		9,500		0
Incr deferred acq expenses		(4,753,685)		0		230,422		(4,984,107)		0		0		0
Other expenses		5,906,680		0		5,906,680		0		0		0		0
Total expenses	$	793,160,927	$	18,021,964	$	738,987,199	$	38,665,558	$	1,190,613	$	116,867	$	(3,821,274)
Income before income taxes	$	151,327,217	$	10,295,254	$	126,367,160	$	12,081,314	$	1,357,196	$	406,728	$	819,565
Provision for income taxes:
Current operating income	$	12,662,082	$	(2,741,890)	$	12,002,070	$	2,852,503	$	385,645	$	163,754	$	-
Capital gains/losses		6,181,378		1,050,982		5,260,859		(100,806)		0		(29,657)		0
Deferred		15,338,400		418,860		13,529,713		1,214,805		(114,101)		2,276		286,847
Total income tax	$	34,181,860	$	(1,272,048)	$	30,792,642	$	3,966,502	$	271,544	$	136,373	$	286,847
Net income - current year	$	117,145,357	$	11,567,302	$	95,574,518	$	8,114,812	$	1,085,652	$	270,355	$	532,718
Net income - prior year	$	90,137,006	$	20,784,242	$	63,289,855	$	5,309,501	$	(642,790)	$	323,168	$	1,073,030
Change in net income		30.0%		-44.3%		51.0%		52.8%		-268.9%		-16.3%

2006 Third-Quarter Supplement

9

Cincinnati Financial Corporation
Consolidated Balance Sheets
(Dollars in millions except per share data)		September 30,		December 31,
		2006		2005
		(unaudited)
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2006—$5,719; 2005—$5,387)	$	5,790	$	5,476
Equity securities, at fair value (cost: 2006—$2,574; 2005—$2,128)		7,256		7,106
Short-term investments, at fair value (amortized cost: 2005—$75)		0		75
Other invested assets		58		45
Cash and cash equivalents		239		119
Securities lending collateral		1,016		0
Investment income receivable		115		118
Finance receivable		106		105
Premiums receivable		1,166		1,116
Reinsurance receivable		701		681
Prepaid reinsurance premiums		13		14
Deferred policy acquisition costs		458		428
Property and equipment, net, for company use (accumulated depreciation: 2006—$253; 2005—$232)		185		168
Other assets		63		66
Separate accounts		505		486
Total assets	$	17,671	$	16,003
Liabilities
Insurance reserves
Losses and loss expense	$	3,878	$	3,661
Life policy reserves		1,389		1,343
Unearned premiums		1,623		1,559
Securities lending payable		1,016		0
Other liabilities		459		455
Deferred income tax		1,497		1,622
Notes payable		49		0
6.125% senior debenture due 2034		371		371
6.90% senior debenture due 2028		28		28
6.92% senior debenture due 2028		392		392
Separate accounts		505		486
Total liabilities		11,207		9,917
Shareholders' equity
Common stock, par value-$2 per share; authorized: 2006-500 million shares, 2005-       500 million shares; issued: 2006-195 million shares, 2005-194 million shares		391		389
Paid-in capital		1,005		969
Retained earnings		2,714		2,088
Accumulated other comprehensive income		3,093		3,284
Treasury stock at cost (2006—22 million shares, 2005—20 million shares)		(739)		(644)
Total shareholders' equity		6,464		6,086
Total liabilities and shareholders' equity	$	17,671	$	16,003

2006 Third-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		$	1.07		$	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			0.34			(0.15)			(0.35)			(0.10)			(0.01)			0.00			0.23			0.26			0.16
Operating income before one-time item		3.17			2.94			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		$	3.48		$	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.

2006 Third-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
	12/31/06	9/30/06		6/30/06		3/31/06		12/31/05		9/30/05		6/30/05		3/31/05		6/30/06		6/30/05		9/30/06		9/30/05		12/31/06	12/31/05
Net income		$	115	$	132	$	552	$	183	$	117	$	158	$	144	$	684	$	302	$	800	$	419		$	602
One-time item			0		0		0		0		0		0		0		0		0		0		0			0
Net income before one-time item			115		132		552		183		117		158		144		684		302		800		419			602
Net realized investment gains and losses			0		6		421		16		10		8		6		426		14		427		24			40
Operating income before one-time item			115		126		131		167		107		150		138		258		288		373		395			562
Less catastrophe losses			(18)		(41)		(26)		(28)		(43)		(9)		(2)		(67)		(11)		(85)		(54)			(82)
Operating income before catastrophe losses and         one-time item		$	133	$	167	$	157	$	195	$	150	$	159	$	140	$	325	$	299	$	458	$	449		$	644
Diluted per share data
Net income		$	0.66	$	0.76	$	3.13	$	1.03	$	0.66	$	0.89	$	0.81	$	3.90	$	1.70	$	2.13	$	2.37		$	3.40
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
Net income before one-time item			0.66		0.76		3.13		1.03		0.66		0.89		0.81		3.90		1.70		2.13		2.37			3.40
Net realized investment gains and losses			0.00		0.04		2.39		0.09		0.05		0.05		0.03		2.43		0.08		2.43		0.14			0.23
Operating income before one-time item			0.66		0.72		0.74		0.94		0.61		0.84		0.78		1.47		1.62		4.56		2.23			3.17
Less catastrophe losses			(0.10)		(0.24)		(0.14)		(0.16)		(0.24)		(0.05)		(0.01)		(0.38)		(0.06)		(0.48)		(0.30)			(0.46)
Operating income before catastrophe losses and          one-time item		$	0.76	$	0.96	$	0.88	$	1.10	$	0.85	$	0.89	$	0.79	$	1.85	$	1.68	$	5.04	$	2.53		$	3.63
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.

2006 Third-Quarter Supplement

12

Cincinnati Financial Corporation
Top Holdings – Common Stocks
(Dollars in millions)	As of and for the nine months ended September 30, 2006
	Actual cost		Fair value		Percent of fair value		Earned dividend income
Fifth Third Bancorp	$	283	$	2,771	39.5	%	$	86
ExxonMobil Corporation		134		601	8.6			9
The Procter & Gamble Company		192		452	6.4			6
National City Corporation		172		359	5.1			11
PNC Financial Services Group, Inc.		62		341	4.8			7
Johnson & Johnson		194		234	3.3			4
AllianceBernstein Holding L.P.		60		228	3.2			9
Wyeth		62		225	3.2			3
U.S. Bancorp		140		222	3.2			7
Wells Fargo & Company		96		196	2.8			4
Piedmont Natural Gas Company, Inc.		64		143	2.0			4
FirstMerit Corporation		54		124	1.8			4
Sky Financial Group, Inc.		91		116	1.6			3
All other common stock holdings		754		1,020	14.5			22
Total	$	2,358	$	7,032	100.0	%	$	179

2006 Third-Quarter Supplement

13

Cincinnati Insurance Group
GAAP Statements of Income
		For the Three Months Ended September 30,							For the Nine Months Ended September 30,
		2006		2005		Change	% Change		2006		2005		Change	% Change
Revenues:
Premiums earned:
Property casualty	$	832,230,217	$	816,500,613	$	15,729,604	1.93	$	2,476,130,642	$	2,418,671,941	$	57,458,701	2.38
Life		0		0		0	NA		0		0		0	NA
Accident health		0		0		0	NA		0		0		0	NA
Premiums ceded		(40,812,821)		(51,311,141)		10,498,320	20.46		(114,086,242)		(135,659,874)		21,573,632	15.90
Total premiums earned		791,417,396		765,189,472		26,227,924	3.43		2,362,044,400		2,283,012,067		79,032,333	3.46
Investment income		92,191,499		86,697,604		5,493,895	6.34		273,650,490		250,431,732		23,218,758	9.27
Realized gain on investments		2,792,195		12,669,320		(9,877,125)	(77.96)		218,522,618		28,137,043		190,385,575	676.64
Other income		761,677		797,963		(36,286)	(4.55)		2,543,187		2,448,898		94,289	3.85
Total revenues	$	887,162,767	$	865,354,359	$	21,808,408	2.52	$	2,856,760,695	$	2,564,029,740	$	292,730,955	11.42
Benefits & expenses:
Losses & policy benefits	$	536,647,193	$	542,942,994	$	(6,295,801)	(1.16)	$	1,577,665,678	$	1,501,898,504	$	75,767,174	5.04
Reinsurance recoveries		(20,587,535)		(41,513,881)		20,926,346	50.41		(71,961,815)		(107,171,591)		35,209,776	32.85
Commissions		147,356,940		151,232,688		(3,875,748)	(2.56)		452,075,295		450,455,747		1,619,548	0.36
Other operating expenses		72,719,732		63,480,451		9,239,281	14.55		212,430,180		185,451,011		26,979,169	14.55
Interest expense		0		0		0	NA		392,450		0		392,450	NA
Taxes, licenses & fees		18,568,187		16,707,845		1,860,342	11.13		55,196,080		49,018,411		6,177,669	12.60
Incr deferred acq expense		1,745,550		230,422		1,515,128	657.54		(12,504,697)		(13,811,253)		1,306,556	9.46
Other expenses		3,789,308		5,906,680		(2,117,372)	(35.85)		12,097,857		11,942,123		155,734	1.30
Total expenses	$	760,239,375	$	738,987,199	$	21,252,176	2.88	$	2,225,391,028	$	2,077,782,952	$	147,608,076	7.10
Income before income taxes	$	126,923,392	$	126,367,160	$	556,232	0.44	$	631,369,667	$	486,246,788	$	145,122,879	29.85
Provision for income taxes:
Current operating income	$	24,605,468	$	12,002,070	$	12,603,398	105.01	$	115,636,895	$	115,007,157	$	629,738	0.55
Current realized investments gains and losses		1,553,933		5,260,859		(3,706,926)	(70.46)		77,515,165		10,674,562		66,840,603	626.17
Deferred		5,203,394		13,529,713		(8,326,319)	(61.54)		(11,476,491)		5,678,335		(17,154,826)	(302.11)
Total income taxes	$	31,362,795	$	30,792,642	$	570,153	1.85	$	181,675,569	$	131,360,054	$	50,315,515	38.30
Net income	$	95,560,597	$	95,574,518	$	(13,921)	(0.01)	$	446,694,098	$	354,886,734	$	94,807,364	26.71

2006 Third-Quarter Supplement

14

Cincinnati Insurance Group
Statutory Statements of Income
		For the Three Months Ended September 30,					For the Nine Months Ended September 30,
		2006		2005	% Change		2006		2005	% Change
Underwriting income
Net premiums written	$	779,850,450	$	761,322,000	2.43	$	2,422,859,784	$	2,348,830,386	3.15
Unearned premiums increase		(11,566,946)		(3,867,472)			60,815,381		65,818,319
Earned premiums		791,417,397		765,189,472	3.43		2,362,044,403		2,283,012,067	3.46
Losses incurred	$	433,550,671	$	420,377,700	3.13	$	1,261,577,990	$	1,157,635,205	8.98
Allocated loss expenses incurred		39,943,837		40,348,512	(1.00)		111,441,487		115,655,662	(3.64)
Unallocated loss expenses incurred		42,565,137		40,702,901	4.58		132,684,385		121,436,046	9.26
Other underwriting expenses incurred		240,710,680		234,156,444	2.80		701,823,238		674,380,383	4.07
Workers compensation dividend incurred		2,457,033		2,353,786	4.39		12,207,419		7,489,855	62.99
Total underwriting deductions	$	759,227,358	$	737,939,344	2.88	$	2,219,734,519	$	2,076,597,151	6.89
Net underwriting gain (loss)	$	32,190,038	$	27,250,128	18.13	$	142,309,885	$	206,414,916	(31.06)
Investment income
Gross investment income earned	$	93,222,475	$	87,831,257	6.14	$	277,045,152	$	253,453,408	9.31
Net investment income earned		92,191,500		86,697,354	6.34		273,650,490		250,431,731	9.27
Net realized capital gains		778,019		9,825,710	(92.08)		141,848,878		31,758,879	346.64
Net investment gains (excl. subs)	$	92,969,519	$	96,523,064	(3.68)	$	415,499,368	$	282,190,610	47.24
Dividend from subsidiary		14,000,000					14,000,000
Net investment gains	$	106,969,519	$	96,523,064	10.82	$	429,499,368	$	282,190,610	52.20
Other income	$	424,108	$	(2,772,932)	N/A	$	1,869,864	$	(2,002,370)	N/A
Net income before federal income taxes	$	139,583,665	$	121,000,261	15.36	$	573,679,116	$	486,603,155	17.89
Federal and foreign income taxes incurred	$	23,941,392	$	17,262,929	38.69	$	113,163,358	$	125,681,719	(9.96)
Net income (statutory)	$	115,642,273	$	103,737,331	11.48	$	460,515,758	$	360,921,436	27.59
* 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.

2006 Third-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
	12/31/06	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05			6/30/05			3/31/05			6/30/06			6/30/05			9/30/06			9/30/05			12/31/06	12/31/05
Net premiums written		$	780		$	814		$	829		$	727		$	761		$	791		$	797		$	1,643		$	1,588		$	2,423		$	2,349			$	3,076
Net premiums earned			791			793			778			775			765			765			753			1,571			1,518			2,362			2,283				3,058
Losses paid			367			380			347			378			348			336			345			727			681			1,094			1,029				1,407
Loss reserve change			66			60			42			(30)			72			23			33			101			57			167			129				99
Total losses incurred		$	433		$	440		$	389		$	348		$	420		$	359		$	378		$	828		$	738		$	1,261		$	1,158			$	1,506
Allocated loss expense paid			33			31			27			32			30			29			25			59			54			91			84				116
Allocated loss expense reserve change			7			7			5			(7)			10			11			11			13			21			20			31				24
Total allocated loss expense incurred		$	40		$	38		$	32		$	25		$	40		$	40		$	36		$	72		$	75		$	111		$	115			$	140
Unallocated loss expense paid			40			39			40			46			38			37			34			78			71			118			108				155
Unallocated loss expense reserve change			3			2			10			(2)			3			0			10			12			10			15			13				11
Total unallocated loss expense incurred		$	43		$	41		$	50		$	44		$	41		$	37		$	44		$	90		$	81		$	133		$	121			$	166
Underwriting expenses incurred			243			232			240			233			237			234			212			471			446			714			682				914
Underwriting profit (loss)		$	32		$	42		$	67		$	125		$	27		$	95		$	83		$	110		$	178		$	142		$	207			$	332
Loss Detail
Losses $1 million or more		$	60		$	46		$	32		$	38		$	27		$	28		$	43		$	79		$	70		$	139		$	98			$	137
Losses $250 thousand to $1 million			49			48			38			36			35			37			32			86			69			135			104				139
Development and case reserve increases   of $250,000 or more			50			52			49			54			38			40			36			102			76			151			115				168
Large losses subtotal		$	159		$	146		$	119		$	128		$	100		$	105		$	111		$	267		$	215		$	425		$	317			$	444
IBNR incurred			11			(5)			6			(58)			20			13			13			1			27			12			47				(11)
Catastrophe losses incurred			27			64			40			44			66			14			2			103			17			130			83				127
Remaining incurred			236			234			223			234			233			226			252			457			478			694			711				946
Total losses incurred		$	433		$	439		$	388		$	348		$	419		$	358		$	378		$	828		$	737		$	1,261		$	1,158			$	1,506
Ratio Data
Loss ratio			54.8	%		55.4	%		50.0	%		44.9	%		54.9	%		46.9	%		50.3	%		52.7	%		48.6	%		53.4	%		50.7	%			49.2	%
Allocated loss expense ratio			5.0			4.8			4.3			3.2			5.3			5.2			4.7			4.6			5.0			4.7			5.1				4.6
Unallocated loss expense ratio			5.4			5.1			6.4			5.7			5.3			4.8			5.8			5.7			5.3			5.6			5.3				5.4
Net underwriting expense ratio			31.2			28.4			28.9			32.0			31.1			29.6			26.6			28.7			28.0			29.5			29.0		`		29.7
Statutory combined ratio			96.4	%		93.7	%		89.6	%		85.8	%		96.6	%		86.5	%		87.4	%		91.7	%		86.9	%		93.2	%		90.1	%			88.9	%
Statutory combined ratio excluding       catastrophes			92.9	%		85.7	%		84.6	%		80.2	%		88.0	%		84.6	%		87.1	%		85.1	%		85.8	%		87.7	%		86.5	%			84.9	%
Loss Ratio
Losses $1 million or more			7.6	%		6.0	%		4.2	%		5.0	%		3.6	%		3.6	%		5.7	%		5.1	%		4.7	%		5.9	%		4.3	%			4.5	%
Losses $250 thousand to $1 million			6.2			6.0			4.9			4.5			4.6			4.8			4.3			5.5			4.5			5.7			4.5				4.5
Development and case reserve increases    of $250,000 or more			6.3			7.4			6.4			6.9			5.1			5.2			4.7			6.9			5.0			6.4			5.0				5.5
Large losses subtotal			20.1	%		19.4	%		15.5	%		16.4	%		13.3	%		13.6	%		14.7	%		17.5	%		14.2	%		18.0	%		13.8	%			14.5	%
IBNR incurred			1.3			1.3			0.8			(7.4)			2.5			1.8			1.8			1.1			1.8			0.5			2.0				(0.4)
Total catastrophe losses incurred			3.5			8.0			5.0			5.6			8.6			1.9			0.3			6.5			1.1			5.5			3.6				4.1
Remaining incurred			29.9			26.7			28.6			30.3			30.6			29.6			33.5			27.6			31.5			29.4			31.2				31.0
Total loss ratio			54.8	%		55.4	%		49.9	%		44.9	%		55.0	%		46.9	%		50.3	%		52.7	%		48.6	%		53.4	%		50.6	%			49.2	%
Loss Claim Count
Losses $1 million or more			32			26			14			24			21			17			15			40			32			72			53				77
Losses $250 thousand to $1 million			103			88			95			92			81			93			73			183			166			286			247				339
Development and case reserve increases   of $250,000 or more			104			85			85			100			72			61			67			170			128			274			200				300
Large losses total			239			199			194			216			174			171			155			393			326			632			500				716
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 defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

2006 Third-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
	12/31/06	9/30/06		6/30/06			3/31/06			12/31/05			9/30/05			6/30/05			3/31/05			6/30/06			6/30/05			9/30/06			9/30/05			12/31/06	12/31/05
Net premiums written		$	582	$	603		$	668		$	548		$	546		$	567		$	629		$	1,271		$	1,195		$	1,852		$	1,741				$	2,290
Net premiums earned			602		599			582			576			564			563			551			1,181			1,114			1,783			1,678					2,254
Losses paid			247		251			234			256			228			214			219			485			434			732			662					918
Loss reserve change			63		53			53			(19)			67			32			51			105			84			168			151					132
Total losses incurred		$	310	$	304		$	287		$	237		$	295		$	246		$	270		$	590		$	518		$	901		$	813				$	1,050
Allocated loss expense paid			30		28			24			28			27			26			22			52			48			81			75					103
Allocated loss expense reserve change			7		6			5			(1)			9			10			10			12			20			19			29					28
Total allocated loss expense incurred		$	37	$	34		$	29		$	27		$	36		$	36		$	32		$	64		$	68		$	100		$	104				$	131
Unallocated loss expense paid			27		27			28			31			26			25			22			54			48			81			73					105
Unallocated loss expense reserve change			3		3			10			(1)			3			1			10			13			11			15			13					12
Total unallocated loss expense incurred		$	30	$	30		$	38		$	30		$	29		$	26		$	32		$	67		$	59		$	97		$	86				$	117
Underwriting expenses incurred			185		172			179			182			173			165			156			349			321			536			493					675
Underwriting profit (loss)		$	40	$	59		$	49		$	100		$	31		$	90		$	61		$	111		$	148		$	150		$	182				$	281
Loss Detail
Losses $1 million or more		$	51	$	40		$	30		$	31		$	24		$	26		$	43		$	70		$	68		$	121		$	93				$	124
Losses $250 thousand to $1 million			37		39			28			28			26			29			22			67			51			104			77					105
Development and case reserve increases   of $250,000 or more			45		45			44			47			35			38			29			90			67			135			103					149
Large losses subtotal		$	133	$	124		$	102		$	106		$	85		$	93		$	94		$	227		$	186		$	360		$	273				$	378
IBNR incurred			10		(6)			6			(36)			17			12			12			0			24			10			41					6
Catastrophe losses incurred			14		34			30			14			53			2			6			63			9			77			62					76
Remaining incurred			153		152			149			153			139			139			159			300			298			454			437					590
Total losses incurred		$	310	$	304		$	287		$	237		$	294		$	246		$	271		$	590		$	517		$	901		$	813				$	1,050
Ratio Data
Loss ratio			51.5		50.7	%		49.2	%		41.1	%		52.4	%		43.8	%		49.1	%		50.0	%		46.5	%		50.5	%		48.4	%				46.6	%
Allocated loss expense ratio			6.0		5.7			5.1			4.7			6.5			6.4			5.8			5.4			6.1			5.6			6.2					5.8
Unallocated loss expense ratio			5.0		4.9			6.5			5.3			5.1			4.6			5.9			5.7			5.2			5.4			5.2					5.2
Net underwriting expense ratio			31.6		28.3			26.8			33.2			31.6			29.1			24.7			27.5			26.8			28.8			28.3					29.5
Statutory combined ratio			94.1		89.6	%		87.6	%		84.3	%		95.6	%		83.9	%		85.5	%		88.6	%		84.6	%		90.3	%		88.1	%				87.1	%
Statutory combined ratio excluding       catastrophes			91.7		84.0	%		82.5	%		81.9	%		86.0	%		83.5	%		84.4	%		83.3	%		83.8	%		86.0	%		84.5	%				83.7	%
Loss Ratio
Losses $1 million or more			8.5		6.6	%		5.2	%		5.4	%		4.3	%		4.5	%		7.8	%		5.9	%		6.1	%		6.8	%		5.5	%				5.5	%
Losses $250 thousand to $1 million			6.1		6.5			4.8			4.8			4.7			5.2			3.9			5.7			4.5			5.8			4.6					4.6
Development and case reserve increases    of $250,000 or more			7.5		7.6			7.6			8.1			6.3			6.8			5.3			7.6			6.0			7.6			6.1					6.6
Large losses subtotal			22.1		20.7	%		17.6	%		18.3	%		15.3	%		16.5	%		17.0	%		19.2	%		16.6	%		20.2	%		16.2	%				16.7	%
IBNR incurred			1.7		(1.0)			1.0			(6.1)			2.9			2.2			2.2			0.0			2.2			0.6			2.4					0.2
Total catastrophe losses incurred			2.4		5.6			5.1			2.4			9.5			0.4			1.1			5.3			0.8			4.3			3.7					3.4
Remaining incurred			25.4		25.4			25.6			26.5			24.7			24.7			28.8			25.5			26.8			25.5			26.1					26.2
Total loss ratio			51.5		50.7	%		49.3	%		41.1	%		52.4	%		43.8	%		49.1	%		50.0	%		46.4	%		50.5	%		48.4	%				46.5	%
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
* Statutory data prepared in accordance with statutory accounting rules defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

2006 Third-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
	12/31/06	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05			6/30/05			3/31/05			6/30/06			6/30/05			9/30/06			9/30/05			12/31/06	12/31/05
Net premiums written		$	198		$	211		$	161		$	179		$	215		$	224		$	168		$	372		$	393		$	570		$	608				$	786
Net premiums earned			189			194			196			199			201			202			202			390			404			579			605					804
Losses paid			119			129			113			122			120			122			126			242			247			362			367					489
Loss reserve change			3			7			(11)			(11)			5			(9)			(18)			(4)			(27)			(1)			(22)					(33)
Total losses incurred		$	122		$	136		$	102		$	111		$	125		$	113		$	108		$	238		$	220		$	361		$	345				$	456
Allocated loss expense paid			3			3			3			4			3			3			3			7			6			10			9					13
Allocated loss expense reserve change			1			1			0			(6)			1			1			1			1			1			1			2					(4)
Total allocated loss expense incurred		$	4		$	4		$	3		$	(2)		$	4		$	4		$	4		$	8		$	7		$	11		$	11				$	9
Unallocated loss expense paid			12			12			12			15			12			12			12			24			23			36			35					50
Unallocated loss expense reserve change			1			(1)			0			(1)			0			(1)			0			(1)			(1)			0			0					(1)
Total unallocated loss expense incurred		$	13		$	11		$	12		$	14		$	12		$	11		$	12		$	23		$	22		$	36		$	35				$	49
Underwriting expenses incurred			58			60			61			51			64			69			56			122			125			179			189					239
Underwriting profit (loss)		$	(8)		$	(17)		$	18		$	25		$	(4)		$	5		$	22		$	(1)		$	30		$	(8)		$	25				$	51
Loss Detail
Losses $1 million or more		$	10		$	6		$	2		$	7		$	3		$	2		$	0		$	9		$	2		$	18		$	5				$	13
Losses $250 thousand to $1 million			12			9			10			8			9			8			10			19			18			31			27					34
Development and case reserve increases   of $250,000 or more			4			7			5			7			3			2			7			12			9			16			12					19
Large losses subtotal		$	26		$	22		$	17		$	22		$	15		$	12		$	17		$	40		$	29		$	65		$	44				$	66
IBNR incurred			1			1			0			(22)			3			1			1			1			3			1			6					(17)
Catastrophe losses incurred			13			30			10			30			13			12			(4)			40			8			54			21					51
Remaining incurred			82			82			74			81			94			87			93			157			180			241			274					356
Total losses incurred		$	122		$	135		$	101		$	111		$	125		$	112		$	107		$	238		$	220		$	361		$	345				$	456
Ratio Data
Loss ratio			65.1	%		70.0	%		52.2	%		55.9	%		62.2	%		55.6	%		53.3	%		61.1	%		54.4	%		62.4	%		57.0	%				56.7	%
Allocated loss expense ratio			1.9			2.1			1.7			(1.2)			2.0			1.8			1.8			1.9			1.8			2.0			1.9					1.1
Unallocated loss expense ratio			6.6			5.8			6.2			7.0			6.1			5.5			5.7			6.0			5.6			6.1			5.8					6.1
Net underwriting expense ratio			30.4			28.5			38.0			28.4			29.7			30.7			33.2			32.6			31.8			31.8			31.0					30.4
Statutory combined ratio			104.0	%		106.4	%		98.1	%		90.1	%		100.0	%		93.6	%		94.0	%		101.6	%		93.6	%		102.3	%		95.7	%				94.3	%
Statutory combined ratio excluding       catastrophes			97.0	%		90.8	%		93.1	%		75.2	%		93.6	%		87.4	%		96.0	%		91.3	%		91.5	%		93.1	%		92.2	%				88.0	%
Loss Ratio
Losses $1 million or more			5.0	%		3.5	%		1.2	%		3.6	%		1.5	%		1.1	%		0.0	%		2.3	%		0.6	%		3.2	%		0.9	%				1.6	%
Losses $250 thousand to $1 million			6.4			4.4			5.3			3.9			4.3			3.7			5.2			4.9			4.4			5.4			4.4					4.3
Development and case reserve increases    of $250,000 or more			2.1			3.5			2.8			3.5			1.7			1.0			3.2			3.1			2.1			2.8			2.0					2.4
Large losses subtotal			13.6	%		11.4	%		9.3	%		11.0	%		7.5	%		5.8	%		8.4	%		10.3	%		7.1	%		11.4	%		7.3	%				8.3	%
IBNR incurred			0.1			0.7			0.0			(11.2)			1.4			0.6			0.7			0.3			0.7			0.3			0.9					(2.1)
Total catastrophe losses incurred			7.1			15.6			5.0			14.9			6.2			6.2			(2.0)			10.3			2.1			9.2			3.5					6.3
Remaining incurred			44.4			42.3			38.0			41.2			46.9			42.9			46.2			40.2			44.5			41.5			45.3					44.3
Total loss ratio			65.1	%		70.0	%		52.3	%		55.9	%		62.0	%		55.5	%		53.3	%		61.1	%		54.4	%		62.4	%		57.0	%				56.8	%
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 defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

2006 Third-Quarter Supplement

18

Cincinnati Insurance Group
Direct Written Premiums by Line of Business for the Nine Months Ended September 30, 2006
(Dollars in millions)
																					09/30/2006		9/30/2005
		Comm		Comm	Comm			Workers'	Specialty		Surety &			Mach. &	Pers		Home		Other		Agency		Agency		Change
State		Casualty		Prop	Auto			Comp	Packages		Exec Risk			Equip	Auto		Owner			Personal	Direct		Direct		%
AL	$	14.5	$	9.0	$	6.3	$	1.1	$	5.0	$	1.1	$	0.4	$	12.4	$	16.1	$	3.4	$	69.3	$	67.8	2.3
AZ		9.2		4.4		7.3		0.4		0.8		0.5		0.3		0.0		0.1		0.1		23.1		21.1	9.5
AR		8.5		7.6		5.3		4.4		2.8		0.8		0.3		2.1		2.3		0.6		34.7		34.8	0.1
DE		0.5		0.3		0.5		1.2		0.0		0.1		0.0		0.0		0.0		0.0		2.6		0.6	352.8
FL		28.8		16.8		10.2		2.6		3.0		1.8		0.5		9.8		15.2		2.9		91.6		80.6	13.5
GA		20.5		14.9		14.8		9.3		4.9		5.4		0.5		24.7		20.4		4.9		120.3		112.4	7.0
ID		5.4		2.7		3.5		0.0		0.7		0.5		0.2		0.0		0.0		0.0		13.0		11.4	13.9
IL		63.7		36.6		27.0		44.9		9.7		6.6		2.1		20.2		14.7		4.7		230.2		225.3	2.2
IN		40.7		30.2		21.9		24.6		6.0		5.5		1.8		23.1		20.4		5.0		179.2		180.1	(0.5)
IA		17.4		11.5		7.4		18.0		3.3		2.0		1.1		3.7		3.4		1.5		69.3		68.6	1.2
KS		5.5		5.8		3.7		5.1		2.1		1.1		0.3		4.1		5.0		1.0		33.7		33.2	2.1
KY		15.6		14.1		11.2		2.9		3.6		1.9		0.7		15.9		11.2		3.0		80.1		80.2	0.1
MD		10.5		4.4		7.8		9.0		0.8		1.1		0.2		0.0		1.0		0.4		35.2		29.7	18.4
MI		32.9		20.6		15.0		14.9		10.1		4.0		1.4		11.2		12.9		2.6		125.6		128.0	(2.0)
MN		21.9		11.7		8.3		5.8		2.8		1.8		0.8		5.5		4.3		2.4		65.3		66.4	(1.6)
MO		20.1		13.9		9.1		13.4		4.0		1.5		0.8		2.5		3.6		0.7		69.6		65.2	6.9
MT		9.5		4.8		5.7		0.0		0.7		0.2		0.2		0.0		0.1		0.0		21.2		19.7	7.7
NE		6.0		3.9		3.0		6.6		1.2		0.8		0.3		1.1		1.0		0.3		24.2		26.4	(8.7)
NH		2.3		1.6		1.2		2.0		0.5		0.4		0.1		0.7		0.6		0.3		9.7		9.2	5.9
NY		20.6		5.1		7.5		2.0		0.8		2.3		0.3		0.0		0.0		0.0		38.6		33.4	15.9
NC		31.2		21.4		19.1		20.2		8.5		6.1		1.0		1.1		1.3		2.0		111.9		102.3	9.3
ND		2.9		2.4		2.0		0.0		0.6		0.5		0.2		0.5		0.5		0.2		9.8		10.7	(8.4)
OH		125.4		74.2		59.5		(0.3)		15.8		18.9		3.5		112.1		71.6		22.9		503.6		528.0	(4.6)
PA		36.3		22.3		24.0		42.3		6.9		4.7		1.3		6.2		4.8		2.5		151.3		149.5	1.1
SC		10.5		6.4		6.1		3.7		1.8		2.2		0.2		0.0		0.0		0.2		31.1		28.4	9.6
SD		3.5		2.2		1.7		3.5		0.4		0.3		0.1		0.0		0.0		0.0		11.7		9.6	22.3
TN		19.5		13.0		13.0		9.8		6.2		3.6		0.8		6.1		6.2		2.1		80.3		75.2	6.8
UT		6.2		2.3		3.1		0.0		0.2		1.1		0.2		0.0		0.0		0.0		13.1		8.9	49.5
VT		3.9		2.6		2.4		5.5		0.6		0.4		0.1		0.7		0.6		0.2		17.0		15.9	8.6
VA		28.2		19.9		19.0		17.8		3.8		4.0		0.8		8.2		6.4		2.2		110.3		100.5	9.5
WV		7.0		4.6		4.9		0.0		1.7		0.6		0.3		0.0		0.7		0.2		20.0		19.1	4.6
WI		24.4		14.5		10.7		20.3		3.6		1.8		1.3		8.5		6.2		2.6		93.9		96.2	(2.5)
All Other		4.8		2.7		2.6		3.8		0.0		0.9		0.1		0.0		0.1		0.0		15.0		12.1	19.6
Total Agency Direct	$	657.9	$	408.4	$	344.8	$	294.8	$	112.9	$	84.5	$	22.2	$	280.4	$	230.7	$	68.9	$	2,505.5	$	2,450.5	2.2
Other Direct		0.9		1.6		0.7		7.0		0.3		0.0		-		0.8		2.2		1.3		14.8		16.6	(9.6)
Total Direct	$	658.8	$	410.0	$	345.5	$	301.8	$	113.2	$	84.5	$	22.2	$	281.2	$	232.9	$	70.2	$	2,520.3	$	2,467.1	2.2

2006 Third-Quarter Supplement

19

Cincinnati Insurance Group
Quarterly Property Casualty Data - By Commercial Lines of Business
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/06	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05			6/30/05			3/31/05			6/30/06			6/30/05			9/30/06			9/30/05			12/31/06	12/31/05
Commercial casualty:
Written premiums		$	196		$	209		$	228		$	189		$	183		$	191		$	217		$	437		$	409		$	634		$	590			$	779
Earned premiums			207			208			197			195			193			190			183			405			373			613			564				759
Loss and loss expense ratio			49.4	%		50.3	%		51.3	%		5.1	%		49.3	%		55.5	%		51.1	%		51.6	%		53.9	%		50.8	%		51.8	%			39.8	%
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
Loss and loss expense   excluding catastrophe loss ratio			49.4	%		50.3	%		51.3	%		5.1	%		49.3	%		55.5	%		51.1	%		51.6	%		53.9	%		50.8	%		51.8	%			39.8	%
Commercial property:
Written premiums		$	126		$	122		$	134		$	115		$	113		$	122		$	126		$	256		$	248		$	381		$	361			$	476
Earned premiums			123			123			121			120			113			118			116			244			234			367		$	347				467
Loss and loss expense ratio			54.9	%		57.0	%		72.6	%		52.8	%		94.3	%		43.0	%		68.8	%		64.2	%		55.5	%		61.0	%		68.2	%			64.2	%
Less catastrophe loss ratio			9.9			15.9			22.7			11.2			44.0			1.2			4.0			19.3			2.6			16.1			16.1				14.9
Loss and loss expense   excluding catastrophe loss ratio			45.0	%		41.1	%		49.9	%		41.6	%		50.3	%		41.8	%		64.8	%		44.9	%		52.9	%		44.9	%		52.1	%			49.3	%
Commercial auto:
Written premiums		$	105		$	115		$	126		$	107		$	107		$	111		$	122		$	240		$	233		$	345		$	341			$	448
Earned premiums			113			112			112			117			115			113			113			224			225			337			340				457
Loss and loss expense ratio			72.8	%		59.1	%		57.7	%		61.5	%		60.6	%		59.0	%		57.9	%		57.4	%		59.0	%		62.5	%		59.6	%			60.1	%
Less catastrophe loss ratio			(0.5)			3.1			0.6			0.0			0.2			0.2			0.0			1.9			0.1			1.0			0.2				0.1
Loss and loss expense   excluding catastrophe loss ratio			73.3	%		56.0	%		57.1	%		61.5	%		60.4	%		58.8	%		57.9	%		55.5	%		58.9	%		61.5	%		59.4	%			60.0	%
Workers' compensation:
Written premiums		$	85		$	91		$	111		$	80		$	75		$	83		$	100		$	203		$	183		$	288		$	258			$	338
Earned premiums			93			90			88			85			82			82			79			178			161			271			244				328
Loss and loss expense ratio			90.3	%		82.6	%		78.5	%		134.2	%		74.0	%		77.1	%		76.5	%		80.8	%		76.8	%		84.1	%		75.9	%			90.9	%
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
Loss and loss expense   excluding catastrophe loss ratio			90.3	%		82.6	%		78.5	%		134.2	%		74.0	%		77.1	%		76.5	%		80.8	%		76.8	%		84.1	%		75.9	%			90.9	%
Specialty packages:
Written premiums		$	35		$	34		$	40		$	32		$	35		$	34		$	37		$	74		$	71		$	109		$	105			$	138
Earned premiums			35			35			36			34			34			34			34			71			68			106			103				137
Loss and loss expense ratio			74.2	%		84.0	%		64.3	%		53.4	%		69.9	%		57.2	%		87.8	%		73.1	%		72.4	%		73.5	%		71.5	%			67.0	%
Less catastrophe loss ratio			7.1			29.2			3.6			4.6			9.9			1.8			4.4			16.2			3.1			13.3			5.4				5.2
Loss and loss expenses   excluding catastrophe loss ratio			67.1	%		54.8	%		60.7	%		48.8	%		60.0	%		55.4	%		83.4	%		56.9	%		69.3	%		60.2	%		66.1	%			61.8	%
Surety and executive risk:
Written premiums		$	28		$	24		$	22		$	21		$	25		$	18		$	20		$	46		$	38		$	74		$	63			$	85
Earned premiums			24			24			21			21			21			19			19			45			38			69			59				80
Loss and loss expense ratio			47.3	%		92.4	%		26.4	%		69.2	%		31.5	%		7.4	%		26.4	%		60.1	%		16.9	%		55.6	%		22.0	%			34.2	%
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
Loss and loss expense   excluding catastrophe loss ratio			47.3	%		92.4	%		26.4	%		69.2	%		31.5	%		7.4	%		26.4	%		60.1	%		16.9	%		55.6	%		22.0	%			34.2	%
Machinery and equipment:
Written premiums		$	7		$	8		$	7		$	6		$	7		$	6		$	7		$	15		$	13		$	22		$	20			$	26
Earned premiums			7			7			7			6			7			6			7			14			13			20			19				26
Loss and loss expense ratio			45.2	%		27.4	%		32.2	%		31.6	%		21.5	%		24.1	%		12.3	%		29.6	%		18.1	%		34.8	%		19.3	%			22.4	%
Less catastrophe loss ratio			2.1			0.0			0.0			(0.1)			0.2			0.3			(0.6)			0.1			(0.2)			0.8			0.0				(0.1)
Loss and loss expense   excluding catastrophe loss ratio			43.1	%		27.4	%		32.2	%		31.7	%		21.3	%		23.8	%		12.9	%		29.5	%		18.3	%		34.0	%		19.3	%			22.5	%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not
equal the full year as each is computed independently.

2006 Third-Quarter Supplement

20

Cincinnati Insurance Group
Quarterly Property Casualty Data - By Personal Lines of Business
(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/06	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05			6/30/05			3/31/05			6/30/06			6/30/05			9/30/06			9/30/05			12/31/06	12/31/05
Personal auto:
Written premiums		$	96		$	104		$	79		$	89		$	112		$	119		$	89		$	184		$	208		$	279		$	321			$	409
Earned premiums			95			98			101			104			108			110			111			199			221			294			329				433
Loss and loss expense ratio			60.6	%		68.8	%		60.1	%		54.0	%		65.0	%		61.0	%		60.4	%		62.9	%		60.1	%		62.2	%		61.7	%			59.9	%
Less catastrophe loss ratio			1.4			3.6			0.8			0.6			0.4			1.1			0.2			2.2			0.6			2.0			0.5				0.6
Loss and loss expense   excluding catastrophe loss ratio			59.2	%		65.2	%		59.3	%		53.4	%		64.6	%		59.9	%		60.2	%		60.7	%		59.5	%		60.2	%		61.2	%			59.3	%
Homeowner:
Written premiums		$	79		$	83		$	62		$	67		$	81		$	81		$	59		$	144		$	140		$	224		$	221			$	288
Earned premiums			72			74			73			71			72			70			69			146			139			219			211				282
Loss and loss expense ratio			93.9	%		89.2	%		64.0	%		83.4	%		78.0	%		75.0	%		64.6	%		78.7	%		70.3	%		83.7	%		72.9	%			75.6	%
Less catastrophe loss ratio			15.0			33.1			11.1			43.2			15.2			14.7			(6.1)			22.1			4.4			19.8			8.0				16.9
Loss and loss expense   excluding catastrophe loss ratio			78.9	%		56.1	%		52.9	%		40.2	%		62.8	%		60.3	%		70.7	%		56.6	%		65.9	%		63.9	%		64.9	%			58.7	%
Other personal:
Written premiums		$	23		$	24		$	20		$	21		$	23		$	24		$	20		$	44		$	45		$	67		$	68			$	89
Earned premiums			22			22			22			22			23			22			22			45			45			66			67				89
Loss and loss expense ratio			63.3	%		72.5	%		47.4	%		37.0	%		58.0	%		32.6	%		49.5	%		63.9	%		37.2	%		63.9	%		47.1	%			44.6	%
Less Catastrophe loss ratio			5.2			10.8			3.8			2.0			5.0			1.0			3.9			7.3			2.5			6.6			3.3				3.0
Loss and loss expense   excluding catastrophe loss ratio			58.1	%		61.7	%		43.6	%		35.0	%		53.0	%		31.6	%		45.6	%		56.6	%		34.7	%		57.3	%		43.8	%			41.6	%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not
equal the full year as each is computed independently.

2006 Third-Quarter Supplement

21

	Cincinnati Insurance Group
	10-Year Property Casualty Data - Consolidated
(Dollars in millions)	Years ended December 31,
	2005			2004			2003			2002			2001			2000			1999			1998			1997			1996
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
Codification		0			0			0			0			402			(55)			0			0			0			0
Written premium adjustment -- statutory only		(21)			(29)			26			117			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
Unearned premiums change		(18)			(78)			(162)			(222)			(517)			(53)			(23)			(15)			(18)			(17)
Earned premiums (GAAP)	$	3,058		$	2,919		$	2,653		$	2,391		$	2,073		$	1,828		$	1,658		$	1,543		$	1,454		$	1,367
Year-over-year growth rate:
Adjusted written premiums (statutory)		2.3	%		8.5	%		11.7	%		14.0	%		13.0	%		15.2	%		7.9	%		5.8	%		6.4	%		6.8	%
Written premiums (statutory)		2.6	%		6.5	%		7.7	%		0.9	%		37.7	%		11.9	%		7.9	%		5.8	%		6.4	%		6.8	%
Earned premiums		4.8	%		10.0	%		11.0	%		15.3	%		13.4	%		10.3	%		7.5	%		6.1	%		6.4	%		8.2	%
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	%
Codification		0.0			0.0			0.0			0.0			4.1			(0.9)			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
One-time item		0.0			0.0			0.8			0.0			0.0			(1.7)			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	%
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	%
One-time item		0.0			0.0			0.8			0.0			0.0			(2.1)			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	%
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 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.

2006 Third-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)			(184)			(374)			(43)
Earned premiums (GAAP)	$	2,254		$	2,126		$	1,908		$	1,721		$	1,453		$	1,232
Year-over-year growth rate:
Adjusted written premiums (statutory)		4.4	%		10.0	%		11.9	%		15.8	%		16.9	%		20.5	%
Written premiums (statutory)		4.7	%		7.6	%		6.6	%		4.2	%		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.

2006 Third-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	%		12.0	%		9.8	%		4.6	%		5.0	%
Written premiums (statutory)		(3.0)	%		3.4	%		10.8	%		(7.2)	%		26.1	%		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.

2006 Third-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
	12/31/06	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05			6/30/05			3/31/05			6/30/06			6/30/05			9/30/06			9/30/05			12/31/06	12/31/05
Premiums
Adjusted written premiums (statutory)		$	787		$	804		$	796		$	765		$	764		$	780		$	787		$	1,600		$	1,567		$	2,387		$	2,332			$	3,097
Written premium adjustment –       statutory only			(7)			10			33			(38)			(3)			10			10			43			20			36			17				(21)
Reported written premiums (statutory)*		$	780		$	814		$	829		$	727		$	761		$	790		$	797		$	1,643		$	1,587		$	2,423		$	2,349			$	3,076
Unearned premiums change			11			(21)			(51)			48			4			(25)			(44)			(72)			(73)			(60)			(66)				(19)
Earned premiums		$	791		$	793		$	778		$	775		$	765		$	765		$	753		$	1,571		$	1,518		$	2,362		$	2,283			$	3,058
Statutory combined ratio
Reported statutory combined ratio*			96.4	%		93.7	%		89.6	%		85.8	%		96.6	%		86.6	%		87.3	%		91.7	%		86.9	%		93.2	%		90.1	%			89.0	%
Written premium adjustment –       statutory only			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
Adjusted statutory combined ratio			96.4	%		93.7	%		89.6	%		85.8	%		96.6	%		86.6	%		87.3	%		91.7	%		86.9	%		93.2	%		90.1	%			89.0	%
Less catastrophe losses			3.5			8.0			5.0			5.6			8.6			2.0			0.3			6.5			1.1			5.5			3.6				4.1
Adjusted statutory combined ratio        excluding catastrophe losses			92.9	%		85.7	%		84.6	%		80.2	%		88.0	%		84.6	%		87.0	%		85.2	%		85.8	%		87.7	%		86.5	%			84.9	%
Reported commission expense ratio*			19.3	%		17.6	%		18.1	%		20.4	%		20.3	%		19.3	%		16.8	%		17.9	%		18.0	%		18.3	%		18.8	%			19.2	%
Written premium adjustment –       statutory only			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
Adjusted commission expense ratio			19.3	%		17.6	%		18.1	%		20.4	%		20.3	%		19.3	%		16.8	%		17.9	%		18.0	%		18.3	%		18.8	%			19.2	%
Reported other expense ratio*			11.9	%		10.8	%		10.8	%		11.6	%		10.8	%		10.3	%		9.8	%		10.8	%		10.0	%		11.2	%		10.2	%			10.5	%
Written premium adjustment –       statutory only			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
Adjusted other expense ratio			11.9	%		10.8	%		10.8	%		11.6	%		10.8	%		10.3	%		9.8	%		10.8	%		10.0	%		11.2	%		10.2	%			10.5	%
Reported statutory expense ratio*			31.2	%		28.4	%		28.9	%		32.0	%		31.1	%		29.6	%		26.6	%		28.7	%		28.0	%		29.5	%		29.0	%			29.7	%
Written premium adjustment –       statutory only			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
Adjusted statutory expense ratio			31.2	%		28.4	%		28.9	%		32.0	%		31.1	%		29.6	%		26.6	%		28.7	%		28.0	%		29.5	%		29.0	%			29.7	%
GAAP combined ratio
GAAP combined ratio			96.1	%		94.5	%		92.0	%		83.9	%		96.6	%		87.5	%		88.9	%		93.3	%		88.2	%		94.2	%		91.0	%			89.2	%
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
GAAP combined ratio before one-time item			96.1	%		94.5	%		92.0	%		83.9	%		96.6	%		87.5	%		88.9	%		93.3	%		88.2	%		94.2	%		91.0	%			89.2	%
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.

2006 Third-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
	12/31/06	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05			6/30/05			3/31/05			6/30/06			6/30/05			9/30/06			9/30/05			12/31/06	12/31/05
Premiums
Adjusted written premiums (statutory)		$	589		$	593		$	635		$	584		$	547		$	557		$	617		$	1,228		$	1,174		$	1,817		$	1,721			$	2,306
Written premium adjustment --       statutory only			(7)			10			33			(36)			(1)			9			12			43			21			36			20				(16)
Reported written premiums (statutory)*		$	582		$	603		$	668		$	548		$	546		$	566		$	629		$	1,271		$	1,195		$	1,853		$	1,741			$	2,290
Unearned premiums change			20			(4)			(86)			28			18			(3)			(78)			(90)			(81)			(69)			(63)				(36)
Earned premiums		$	602		$	599		$	582		$	576		$	564		$	563		$	551		$	1,181		$	1,114		$	1,783		$	1,678			$	2,254
Statutory combined ratio
Reported statutory combined ratio*			94.1	%		89.6	%		87.5	%		84.3	%		95.5	%		83.9	%		85.5	%		88.6	%		84.6	%		90.3	%		88.1	%			87.1	%
Written premium adjustment --       statutory only			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
Adjusted statutory combined ratio			94.1	%		89.6	%		87.5	%		84.3	%		95.5	%		83.9	%		85.5	%		88.6	%		84.6	%		90.3	%		88.1	%			87.1	%
Less catastrophe losses			2.3			5.6			5.1			2.4			9.5			0.4			1.1			5.3			0.8			4.3			3.6				3.4
Adjusted statutory combined ratio       excluding catastrophe losses			91.8	%		84.0	%		82.4	%		81.9	%		86.0	%		83.5	%		84.4	%		83.3	%		83.8	%		86.0	%		84.5	%			83.7	%
GAAP combined ratio
GAAP combined ratio			93.4	%		90.3	%		90.5	%		82.1	%		95.2	%		84.8	%		87.5	%		90.4	%		86.1	%		91.4	%		89.2	%			87.4	%
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
GAAP combined ratio before one-time item			93.4	%		90.3	%		90.5	%		82.1	%		95.2	%		84.8	%		87.5	%		90.4	%		86.1	%		91.4	%		89.2	%			87.4	%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not
equal the full year as each is computed independently.
nm - Not meaningful
*   Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

2006 Third-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
	12/31/06	9/30/06			6/30/06			3/31/0			12/31/05			9/30/05			6/30/05			3/31/05			6/30/06			6/30/05			9/30/06			9/30/05			12/31/06	12/31/05
Premiums
Adjusted written premiums (statutory)		$	198		$	211		$	161		$	181		$	217		$	223		$	170		$	372		$	393		$	570		$	611			$	791
Written premium adjustment --       statutory only			0			0			0			(2)			(2)			1			(2)			0			(1)			0			(3)				(5)
Reported written premiums (statutory)*		$	198		$	211		$	161		$	179		$	215		$	224		$	168		$	372		$	392		$	570		$	608			$	786
Unearned premiums change			(9)			(17)			35			20			(14)			(22)			34			18			8			9			(3)				17
Earned premiums		$	189		$	194		$	196		$	199		$	201		$	202		$	202		$	390		$	404		$	579		$	605			$	804
Statutory combined ratio
Reported statutory combined ratio*			104.0	%		106.4	%		98.1	%		90.1	%		99.9	%		93.6	%		94.0	%		101.6	%		93.7	%		102.3	%		95.7	%			94.3	%
Written premium adjustment --       statutory only			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
Adjusted statutory combined ratio			104.0	%		106.4	%		98.1	%		90.1	%		99.9	%		93.6	%		94.0	%		101.6	%		93.7	%		102.3	%		95.7	%			94.3	%
Less catastrophe losses			7.0			15.6			5.0			14.9			6.3			6.2			2.0			10.3			2.1			9.2			3.5				6.3
Adjusted statutory combined ratio       excluding catastrophe losses			97.0	%		90.8	%		93.1	%		75.2	%		93.6	%		87.4	%		96.0	%		91.3	%		91.6	%		93.1	%		92.2	%			88.0	%
GAAP combined ratio
GAAP combined ratio			104.4	%		107.6	%		96.4	%		89.0	%		100.5	%		95.3	%		92.7	%		102.0	%		94.0	%		102.8	%		96.1	%			94.4	%
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
GAAP combined ratio before one-time item			104.4	%		107.6	%		96.4	%		89.0	%		100.5	%		95.3	%		92.7	%		102.0	%		94.0	%		102.8	%		96.1	%			94.4	%
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.

2006 Third-Quarter Supplement

27

The Cincinnati Life Insurance Company
GAAP Statements of Income
		For the three months ended September 30,							For the nine months ended September 30,
		2006		2005		Change	% Change		2006		2005		Change	% Change
Revenues:
Premiums earned:
Property casualty	$	0	$	0	$	0	NA	$	0	$	0	$	0	NA
Life		36,294,277		33,816,806		2,477,471	7.33		109,318,969		103,387,385		5,931,584	5.74
Accident health		1,709,173		1,640,686		68,487	4.17		4,948,521		4,729,937		218,584	4.62
Premiums ceded		(10,455,847)		(10,287,532)		(168,315)	(1.64)		(30,688,997)		(29,947,525)		(741,472)	(2.48)
Total premiums earned		27,547,603		25,169,960		2,377,643	9.45		83,578,493		78,169,797		5,408,696	6.92
Investment income		27,213,672		24,913,462		2,300,210	9.23		80,603,825		73,310,458		7,293,367	9.95
Realized investment gains and losses		(256,745)		(288,018)		31,273	10.86		42,327,225		7,356,820		34,970,405	475.35
Other income		755,639		951,468		(195,829)	(20.58)		2,559,919		2,545,788		14,131	0.56
Total revenues	$	55,260,169	$	50,746,872	$	4,513,297	8.89	$	209,069,462	$	161,382,863	$	47,686,599	29.55
Benefits & expenses:
Losses & policy benefits	$	42,750,492	$	49,044,146	$	(6,293,654)	(12.83)	$	118,288,412	$	128,224,954	$	(9,936,542)	(7.75)
Reinsurance recoveries		(9,728,222)		(21,796,779)		12,068,557	55.37		(26,705,298)		(51,367,008)		24,661,710	48.01
Commissions		8,434,879		8,784,942		(350,063)	(3.98)		25,670,653		25,777,011		(106,358)	(0.41)
Other operating expenses		6,877,898		6,596,022		281,876	4.27		19,784,207		17,860,479		1,923,728	10.77
Interest expense		0		0		0	NA		0		0		0	NA
Taxes, licenses & fees		394,060		1,021,334		(627,274)	(61.42)		2,144,949		3,172,446		(1,027,497)	(32.39)
Incr deferred acq expense		(6,544,407)		(4,984,107)		(1,560,300)	(31.31)		(14,237,700)		(9,766,879)		(4,470,821)	(45.78)
Other expenses		(1)		0		(1)	NA		108		108		0	0.00
Total expenses	$	42,184,699	$	38,665,558	$	3,519,141	9.10	$	124,945,331	$	113,901,111	$	11,044,220	9.70
Income before income taxes	$	13,075,470	$	12,081,314	$	994,156	8.23	$	84,124,131	$	47,481,752	$	36,642,379	77.17
Provision for income taxes:
Current	$	(33,442)	$	2,852,503	$	(2,885,945)	(101.17)	$	5,319,857	$	9,098,378	$	(3,778,521)	(41.53)
Current capital gains/losses		27,139		(100,806)		127,945	126.92		14,931,529		2,574,887		12,356,642	479.89
Deferred		4,382,846		1,214,805		3,168,041	260.79		9,777,623		4,338,680		5,438,943	125.36
Total income taxes	$	4,376,543	$	3,966,502	$	410,041	10.34	$	30,029,009	$	16,011,945	$	14,017,064	87.54
Net income	$	8,698,927	$	8,114,812	$	584,115	7.20	$	54,095,122	$	31,469,807	$	22,625,315	71.90

2006 Third-Quarter Supplement

28

The Cincinnati Life Insurance Company
Statutory Statements of Income
		For the three months ended September 30,					For the nine months ended September 30,
		2006		2005	% Change		2006		2005	% Change
Net premiums written	$	37,886,042	$	53,439,050	(29.10)	$	115,332,247	$	153,749,079	(24.99)
Net investment income		27,213,672		24,913,462	9.23		80,603,825		73,310,458	9.95
Amortization of interest maintenance reserve		17,827		1,422,108	(98.75)		100,277		3,102,027	(96.77)
Commissions and expense allowances on reinsurance ceded		1,834,459		2,309,463	(20.57)		5,778,763		8,761,904	(34.05)
Income from fees associated with Separate Accounts		755,639		951,468	(20.58)		2,559,919		2,545,788	0.56
Total revenues	$	67,707,638	$	83,035,551	(18.46)	$	204,375,031	$	241,469,256	(15.36)
Death benefits and matured endowments	$	9,459,133	$	10,595,563	(10.73)	$	30,097,582	$	25,618,091	17.49
Annuity benefits		10,463,908		9,024,180	15.95		26,619,650		16,791,625	58.53
Disability benefits and benefits under accident and health contracts		556,563		484,157	14.96		1,215,340		1,046,366	16.15
Surrender benefits and group conversions		4,468,607		5,407,125	(17.36)		16,260,645		14,910,773	9.05
Interest and adjustments on deposit-type contract funds		2,259,707		2,463,402	(8.27)		7,014,565		7,486,511	(6.30)
Increase in aggregate reserves for life and accident and health contracts		26,543,268		37,868,789	(29.91)		71,899,714		115,497,545	(37.75)
Payments on supplementary contracts with life contingencies		77,577		73,218	5.95		231,661		220,624	5.00
Total benefit expenses	$	53,828,763	$	65,916,433	(18.34)	$	153,339,156	$	181,571,535	(15.55)
Commissions	$	8,319,379	$	8,784,942	(5.30)	$	25,355,653	$	25,777,011	(1.63)
General insurance expenses and taxes		7,487,053		8,223,280	(8.95)		24,214,800		24,041,975	0.72
Increase in loading on deferred and uncollected premiums		(1,506,574)		(768,211)	(96.11)		(4,478,863)		(4,573,489)	2.07
Net transfers to or (from) Separate Accounts					N/A		(211,220)			N/A
Other deductions					N/A		109		108	0.63
Total operating expenses	$	14,299,858	$	16,240,011	(11.95)	$	44,880,478	$	45,245,606	(0.81)
Federal and Foreign Income Taxes Incurred		219,114		2,696,011	(91.87)		5,022,716		9,273,251	(45.84)
Net gain from operations before realized capital gains or (losses)	$	(640,097)	$	(1,816,904)	64.77	$	1,132,681	$	5,378,864	(78.94)
Net realized gains or (losses) net of capital gains tax		(57,569)		(1,000,054)	94.24		27,640,006		320,550	8522.69
Net Income (Statutory)	$	(697,666)	$	(2,816,958)	75.23	$	28,772,687	$	5,699,414	404.84
* 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.

2006 Third-Quarter Supplement

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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
	12/31/06			09/30/06			06/30/06			03/31/06			12/31/05			09/30/05			06/30/05			03/31/05			06/30/06			06/30/05			09/30/06			09/30/05			12/31/06	12/31/05
Gross Written Premiums				$	50		$	51		$	50		$	57		$	66		$	64		$	62		$	101		$	126		$	152		$	192			$	249
Bank Owned Life Insurance (BOLI)   Adjustment					0			0			0			0			0			0			0			0			0			0			0				0
Adjusted Gross Written Premiums				$	50		$	51		$	50		$	57		$	66		$	64		$	62		$	101		$	126		$	152		$	192			$	249
Insurance Expense				$	7		$	7		$	7		$	8		$	7		$	7		$	7		$	14		$	14		$	23		$	21			$	29
Expense Ratio					14.7	%		13.5	%		14.5	%		14.4	%		10.3	%		10.7	%		10.9	%		14.0	%		10.8	%		14.9	%		10.8	%			11.7	%
Expense Ratio based on Adjusted    Gross Written Premium					14.7	%		13.5	%		14.5	%		14.4	%		10.3	%		10.7	%		10.9	%		14.0	%		10.8	%		14.9	%		10.8	%			11.7	%
(Dollars in millions)	Years ended December 31,
	2005			2004			2003			2002			2001			2000
Gross Written Premiums	$	249		$	230		$	173		$	244		$	122		$	157
Bank Owned Life Insurance (BOLI)   Adjustment		0			(10)			0			(34)			0			(20)
Adjusted Gross Written Premiums	$	249		$	220		$	173		$	210		$	122		$	137
Insurance Expense	$	29		$	25		$	25		$	27		$	25		$	20
Expense Ratio		11.7	%		11.1	%		14.8	%		10.9	%		20.6	%		12.9	%
Expense Ratio based on Adjusted    Gross Written Premium		11.7	%		11.6	%		14.8	%		12.6	%		20.6	%		14.8	%
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.

2006 Third-Quarter Supplement

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