.

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.

2007 Second-Quarter Supplement


Cincinnati Financial Corporation
Quick Reference - Second Quarter 2007
(all data shown is for the three months ended or as of June 30, 2007)

(Based on reported data - see Pages 27-29 for adjusted data)

(Dollars in millions except share data)
Revenues:				Benefits and expenses:

Commercial lines net written premiums	$	613		Commercial lines loss and loss expenses	$	335
Year-over-year percentage change		1.7	%	Year-over-year percentage change		(8.7)	%
Personal lines net written premiums	$	197		Personal lines loss and loss expenses	$	120
Year-over-year percentage change		(6.8)	%	Year-over-year percentage change		(20.3)	%
Property casualty net written premiums	$	810		Property casualty loss and loss expenses	$	455
Year-over-year percentage change		(0.5)	%	Year-over-year percentage change		(12.1)	%
Commercial lines net earned premiums	$	607		Life and accident and health losses and policy benefits	$	35
Year-over-year percentage change		1.3	%	Year-over-year percentage change		22.1	%
Personal lines net earned premiums	$	180		Operating expenses	$	259
Year-over-year percentage change		(7.1)	%	Year-over-year percentage change		5.1	%
Property casualty net earned premiums	$	787		Interest expenses	$	13
Year-over-year percentage change		(0.8)	%	Year-over-year percentage change		(1.8)	%
Life and accident and health net earned premiums	$	35		Total expenses	$	762
Year-over-year percentage change		18.9	%	Year-over-year percentage change		(5.4)	%
Investment income	$	150		Income before income taxes	$	508
Year-over-year percentage change		5.0	%	Year-over-year percentage change		189.4	%
Realized gains on investments	$	293		Total income tax	$	157
Year-over-year percentage change		2,482.0	%	Year-over-year percentage change		265.8	%
Other income	$	5		Effective tax rate		30.9	%
Year-over-year percentage change		15.5	%
Total revenues	$	1,270		Ratios:
Year-over-year percentage change		29.4	%
				Commercial lines GAAP combined ratio		85.2	%
Income:				Personal lines GAAP combined ratio		99.9	%
				Property casualty GAAP combined ratio		88.6	%
Operating income	$	164
Year-over-year percentage change		29.5	%	Commercial lines STAT combined ratio		84.4	%
Net realized investment gains and losses	$	187		Personal lines STAT combined ratio		98.6	%
Year-over-year percentage change		3,022.2	%	Property casualty STAT combined ratio		87.7	%
Net income	$	351
Year-over-year percentage change		164.7	%	Return on equity based upon net income		20.7	%
				Return on equity based upon operating income		9.7	%
Per share (diluted):
				Balance Sheet:
Operating income	$	0.94
Year-over-year percentage change		30.6	%	Fixed maturity investments	$	5,891
Net realized investment gains and losses	$	1.08		Equity securities		7,650
Year-over-year percentage change		2,600.0	%	Short-term investments		101
Net income	$	2.02		Other invested assets		70
Year-over-year percentage change		165.8	%	Total invested assets	$	13,712
Book value	$	39.74
Year-over-year percentage change		13.5	%	Property casualty and life loss and loss expense reserves	$	3,953
Weighted average shares -- diluted		173,423,572		Total debt		840
Year-over-year percentage change		(0.9)	%	Shareholders equity		6,826

2007 Second-Quarter Supplement


Cincinnati Financial Corporation
Consolidated Statements of Income
	For the Three Months Ended June 30,							For the Six Months Ended June 30,
	2007		2006		Change		% Change	2007		2006		Change		% Change
Revenues:
Premiums earned:
Property casualty	$	829,606,651	$	827,658,862	$	1,947,789	0.24	$	1,656,897,309	$	1,643,701,590	$	13,195,719	0.80
Life		43,321,722		38,150,148		5,171,574	13.56		82,268,196		73,024,692		9,243,504	12.66
Accident health		1,605,439		1,505,451		99,988	6.64		3,364,290		3,239,348		124,942	3.86
Premiums ceded		(52,688,518)		(44,895,865)		(7,792,653)	17.36		(106,037,437)		(93,506,571)		(12,530,866)	13.40
Total premiums earned		821,845,294		822,418,596		(573,302)	(0.07)		1,636,492,358		1,626,459,059		10,033,299	0.62
Investment income		149,930,929		142,723,984		7,206,945	5.05		298,325,295		281,257,037		17,068,258	6.07
Realized gain on investments		292,255,060		11,318,913		280,936,147	2,482.01		354,433,292		671,549,813		(317,116,521)	(47.22)
Other income		5,864,907		5,076,762		788,145	15.52		11,553,775		9,374,272		2,179,503	23.25
Total revenues	$	1,269,896,190	$	981,538,255	$	288,357,935	29.38	$	2,300,804,720	$	2,588,640,181	$	(287,835,461)	(11.12)
Benefits & expenses:
Losses & policy benefits	$	548,496,253	$	591,893,064	$	(43,396,811)	(7.33)	$	1,063,528,068	$	1,115,454,928	$	(51,926,860)	(4.66)
Reinsurance recoveries		(58,815,190)		(46,075,717)		(12,739,473)	27.65		(89,624,119)		(68,351,356)		(21,272,763)	31.12
Commissions		159,707,198		156,229,167		3,478,031	2.23		329,859,970		321,954,129		7,905,841	2.46
Other operating expenses		85,314,154		79,143,480		6,170,674	7.80		169,354,833		159,296,845		10,057,988	6.31
Interest expense		12,883,633		13,122,241		(238,608)	(1.82)		25,976,556		25,962,535		14,021	0.05
Taxes, licenses & fees		18,953,280		14,354,449		4,598,831	32.04		38,896,211		38,619,901		276,310	0.72
Incr deferred acq expense		(7,039,022)		(7,484,427)		445,405	(5.95)		(22,693,713)		(21,943,540)		(750,173)	3.42
Other expenses		2,786,759		4,976,451		(2,189,692)	(44.00)		6,950,040		8,308,658		(1,358,618)	(16.35)
Total expenses	$	762,287,065	$	806,158,708	$	(43,871,643)	(5.44)	$	1,522,247,846	$	1,579,302,100	$	(57,054,254)	(3.61)
Income before income taxes	$	507,609,125	$	175,379,547	$	332,229,578	189.43	$	778,556,874	$	1,009,338,081	$	(230,781,207)	(22.86)
Provision for income taxes:
Current operating income	$	50,417,643	$	43,141,111	$	7,276,532	16.87	$	105,943,632	$	95,662,282	$	10,281,350	10.75
Realized investments gains and losses		105,361,189		5,332,924		100,028,265	1,875.67		126,420,231		244,982,108		(118,561,877)	(48.40)
Deferred		1,099,968		(5,581,248)		6,681,216	(119.71)		1,334,514		(15,779,762)		17,114,276	(108.46)
Total income taxes	$	156,878,800	$	42,892,787	$	113,986,013	265.75	$	233,698,377	$	324,864,628	$	(91,166,251)	(28.06)

Net income	$	350,730,325	$	132,486,760	$	218,243,565	164.73	$	544,858,497	$	684,473,453	$	(139,614,956)	(20.40)
Comprehensive net income	$	171,137,717	$	(86,182,691)	$	257,320,409	(298.58)	$	184,085,616	$	154,254,515	$	29,831,101	19.34
Operating income	$	163,836,454	$	126,500,771	$	37,335,683	29.51	$	316,845,436	$	257,905,748	$	58,939,688	22.85
Net realized investments gains and losses	$	186,893,871	$	5,985,989	$	180,907,882	3,022.19	$	228,013,061	$	426,567,705	$	(198,554,644)	(46.55)

Net income per share:
Operating income	$	0.95	$	0.73	$	0.22	30.14	$	1.84	$	1.49	$	0.35	23.49
Net realized investments gains and losses		1.09		0.04		1.05	2,625.00		1.32		2.45		(1.13)	(46.12)
Net income per share (basic)	$	2.04	$	0.77	$	1.27	164.94	$	3.16	$	3.94	$	(0.78)	(19.80)
Operating income	$	0.94	$	0.72	$	0.22	30.56	$	1.82	$	1.47	$	0.35	23.81
Net realized investments gains and losses		1.08		0.04		1.04	2,600.00		1.31		2.43		(1.12)	(46.09)
Net income per share (diluted)	$	2.02	$	0.76	$	1.26	165.79	$	3.13	$	3.90	$	(0.77)	(19.74)
Dividends per share:
Paid	$	0.355	$	0.335	$	0.02	5.97	$	0.690	$	0.640	$	0.05	7.81
Declared		0.355		0.335		0.02	5.97		0.710		0.670		0.04	5.97
Number of shares:
Weighted avg - basic		171,712,547		173,275,927		(1,563,380)	(0.90)		172,178,180		173,724,517		(1,546,337)	(0.89)
Weighted avg - diluted		173,423,572		175,022,367		(1,598,795)	(0.91)		173,871,612		175,615,017		(1,743,405)	(0.99)

2007 Second-Quarter Supplement


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2007

	Total		CFC		CIC GROUP		CLIC		CFC-I		CINFIN		ELIM
Revenues:
Premiums earned:
Property casualty	$	1,656,897,309	$	-	$	1,657,229,337	$	-	$	-	$	-	$	(332,028)
Life		82,268,196		-		-		82,268,196		-		-		-
Accident health		3,364,290		-		-		3,364,290		-		-		-
Premiums ceded		(106,037,437)		-		(86,198,579)		(19,838,858)		-		-		-
Total earned premium		1,636,492,358		-		1,571,030,758		65,793,628		-		-		(332,028)
Investment income		298,325,295		49,122,220		193,465,425		56,078,479		72,839		125,754		(539,422)
Realized gain on investments		354,433,292		82,625,866		207,210,519		51,868,589		-		(5,209)		12,733,527
Other income		11,553,775		4,951,291		3,651,137		2,319,751		5,458,578		1,235,720		(6,062,702)
Total revenues	$	2,300,804,720	$	136,699,377	$	1,975,357,839	$	176,060,447	$	5,531,417	$	1,356,265	$	5,799,375

Benefits & expenses:
Losses & policy benefits	$	1,063,528,068	$	-	$	982,523,609	$	82,105,936	$	-	$	-	$	(1,101,477)
Reinsurance recoveries		(89,624,119)		-		(69,477,125)		(20,146,994)		-		-		-
Commissions		329,859,970		47,500		311,799,584		18,012,886		-		-		-
Other operating expenses		169,354,833		9,502,629		147,892,691		15,550,427		2,146,605		345,996		(6,083,515)
Interest expense		25,976,556		24,516,479		-		-		1,470,946		-		(10,869)
Taxes, licenses & fees		38,896,211		613,513		36,332,300		1,826,053		30,067		94,278		-
Incr deferred acq expenses		(22,693,713)		-		(16,365,094)		(6,328,619)		-		-		-
Other expenses		6,950,040		-		6,949,932		108		-		-		-
Total expenses	$	1,522,247,846	$	34,680,121	$	1,399,655,897	$	91,019,797	$	3,647,618	$	440,274	$	(7,195,861)

Income before income taxes	$	778,556,874	$	102,019,256	$	575,701,942	$	85,040,650	$	1,883,799	$	915,991	$	12,995,236

Provision for income taxes:
Current operating income	$	105,943,632	$	(441,194)	$	106,361,563	$	3,432,897	$	729,755	$	317,345	$	(4,456,734)
Capital gains/losses		126,420,231		30,259,053		73,423,681		18,280,006		-		757		4,456,734
Deferred		1,334,514		765,519		(11,711,636)		7,742,997		(7,717)		(2,981)		4,548,332
Total income tax	$	233,698,377	$	30,583,378	$	168,073,608	$	29,455,900	$	722,038	$	315,121	$	4,548,332

Net income - current year	$	544,858,497	$	71,435,878	$	407,678,334	$	55,584,750	$	1,161,761	$	600,870	$	8,446,904

Net income - prior year	$	684,473,453	$	281,973,598	$	354,133,501	$	45,396,195	$	1,061,016	$	648,924	$	1,260,219

Change in net income		-20.4%		-74.7%		15.1%		22.4%		9.5%		-7.4%

2007 Second-Quarter Supplement


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2006

	Total		CFC		CIC GROUP		CLIC		CFC-I		CINFIN		ELIM
Revenues:
Premiums earned:
Property casualty	$	1,643,701,590	$	-	$	1,643,900,425	$	-	$	-	$	-	$	(198,835)
Life		73,024,692		-		-		73,024,692		-		-		-
Accident health		3,239,348		-		-		3,239,348		-		-		-
Premiums ceded		(93,506,571)		-		(73,273,421)		(20,233,150)		-		-		-
Total earned premium		1,626,459,059		-		1,570,627,004		56,030,890		-		-		(198,835)
Investment income		281,257,037		48,379,457		181,458,991		53,390,153		-		96,683		(2,068,247)
Realized gain on investments		671,549,813		411,203,252		215,730,423		42,583,970		-		9,564		2,022,604
Other income		9,374,272		5,024,564		1,781,510		1,804,280		5,582,477		1,152,205		(5,970,764)
Total revenues	$	2,588,640,181	$	464,607,273	$	1,969,597,928	$	153,809,293	$	5,582,477	$	1,258,452	$	(6,215,242)

Benefits & expenses:
Losses & policy benefits	$	1,115,454,928	$	-	$	1,041,018,485	$	75,537,920	$	-	$	-	$	(1,101,477)
Reinsurance recoveries		(68,351,356)		-		(51,374,280)		(16,977,076)		-		-		-
Commissions		321,954,129		-		304,718,355		17,235,774		-		-		-
Other operating expenses		159,296,845		9,385,213		139,710,448		12,906,309		2,887,219		266,040		(5,858,384)
Interest expense		25,962,535		25,537,141		392,450		-		1,227,123		-		(1,194,179)
Taxes, licenses & fees		38,619,901		495,764		36,627,893		1,750,889		(278,423)		23,778		-
Incr deferred acq expenses		(21,943,540)		-		(14,250,247)		(7,693,293)		-		-		-
Other expenses		8,308,658		-		8,308,549		109		-		-		-
Total expenses	$	1,579,302,100	$	35,418,118	$	1,465,151,653	$	82,760,632	$	3,835,919	$	289,818	$	(8,154,040)

Income before income taxes	$	1,009,338,081	$	429,189,155	$	504,446,275	$	71,048,661	$	1,746,558	$	968,634	$	1,938,798

Provision for income taxes:
Current operating income	$	95,662,282	$	(1,702,042)	$	91,031,427	$	5,353,299	$	665,871	$	313,727	$	-
Capital gains/losses		244,982,108		154,113,138		75,961,232		14,904,390		-		3,348		-
Deferred		(15,779,762)		(5,195,539)		(16,679,885)		5,394,777		19,671		2,635		678,579
Total income tax	$	324,864,628	$	147,215,557	$	150,312,774	$	25,652,466	$	685,542	$	319,710	$	678,579

Net income - current year	$	684,473,453	$	281,973,598	$	354,133,501	$	45,396,195	$	1,061,016	$	648,924	$	1,260,219

Net income - prior year	$	302,152,738	$	16,166,143	$	259,312,216	$	23,354,996	$	1,565,571	$	637,672	$	1,116,140

Change in net income		126.5%		1644.2%		36.6%		94.4%		-32.2%		1.8%

2007 Second-Quarter Supplement


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2007

	Total		CFC		CIC GROUP		CLIC		CFC-I		CINFIN		ELIM
Revenues:
Premiums earned:
Property casualty	$	829,606,651	$	-	$	829,657,090	$	-	$	-	$	-	$	(50,439)
Life		43,321,722		-		-		43,321,722		-		-		-
Accident health		1,605,439		-		-		1,605,439		-		-		-
Premiums ceded		(52,688,518)		-		(43,136,002)		(9,552,516)		-		-		-
Total earned premium		821,845,294		-		786,521,088		35,374,645		-		-		(50,439)
Investment income		149,930,929		25,220,671		96,856,271		27,765,895		72,229		65,310		(49,447)
Realized gain on investments		292,255,060		62,056,942		177,301,754		43,724,176				2,430		9,169,758
Other income		5,864,907		2,536,492		2,063,478		954,180		2,691,317		612,548		(2,993,108)
Total revenues	$	1,269,896,190	$	89,814,105	$	1,062,742,591	$	107,818,896	$	2,763,546	$	680,288	$	6,076,764

Benefits & expenses:
Losses & policy benefits	$	548,496,253	$	-	$	503,831,388	$	45,215,724	$	-	$	-	$	(550,859)
Reinsurance recoveries		(58,815,190)		-		(48,321,121)		(10,494,069)		-		-		-
Commissions		159,707,198		47,500		150,586,087		9,073,611		-		-		-
Other operating expenses		85,314,154		4,318,528		74,552,175		8,064,874		1,186,609		95,388		(2,903,420)
Interest expense		12,883,633		12,156,718		-		-		726,915		-		-
Taxes, licenses & fees		18,953,280		306,757		17,676,507		879,191		11,992		78,833		-
Incr deferred acq expenses		(7,039,022)		-		(4,646,840)		(2,392,182)		-		-		-
Other expenses		2,786,759		-		2,786,715		44		-		-		-
Total expenses	$	762,287,065	$	16,829,503	$	696,464,911	$	50,347,193	$	1,925,516	$	174,221	$	(3,454,279)

Income before income taxes	$	507,609,125	$	72,984,602	$	366,277,680	$	57,471,703	$	838,030	$	506,067	$	9,531,043

Provision for income taxes:
Current operating income	$	50,417,643	$	(2,079,722)	$	55,744,604	$	732,143	$	311,840	$	165,512	$	(4,456,734)
Capital gains/losses		105,361,189		22,704,380		62,790,613		15,409,462		-		-		4,456,734
Deferred		1,099,968		55,408		(5,956,260)		3,683,568		(19,296)		684		3,335,864
Total income tax	$	156,878,800	$	20,680,066	$	112,578,957	$	19,825,173	$	292,544	$	166,196	$	3,335,864

Net income - current year	$	350,730,325	$	52,304,536	$	253,698,723	$	37,646,530	$	545,486	$	339,871	$	6,195,179

Net income - prior year	$	132,486,760	$	12,267,109	$	108,251,853	$	10,332,529	$	741,701	$	323,216	$	570,352

Change in net income		164.7%		326.4%		134.4%		264.3%		-26.5%		5.2%

2007 Second-Quarter Supplement


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2006

	Total		CFC		CIC GROUP		CLIC		CFC-I		CINFIN		ELIM
Revenues:
Premiums earned:
Property casualty	$	827,658,862	$	-	$	827,663,672	$	-	$	-	$	-	$	(4,810)
Life		38,150,148		-		-		38,150,148		-		-		-
Accident health		1,505,451		-		-		1,505,451		-		-		-
Premiums ceded		(44,895,865)		-		(34,983,325)		(9,912,540)		-		-		-
Total earned premium		822,418,596		-		792,680,347		29,743,059		-		-		(4,810)
Investment income		142,723,984		24,703,035		92,143,031		27,114,967		-		52,081		(1,289,130)
Realized gain on investments		11,318,913		386,450		9,560,458		249,714		-		9,225		1,113,066
Other income		5,076,762		2,535,784		1,115,564		1,058,226		2,784,784		575,779		(2,993,375)
Total revenues	$	981,538,255	$	27,625,269	$	895,499,400	$	58,165,966	$	2,784,784	$	637,085	$	(3,174,249)

Benefits & expenses:
Losses & policy benefits	$	591,893,064	$	-	$	546,240,564	$	46,203,299	$	-	$	-	$	(550,799)
Reinsurance recoveries		(46,075,717)		-		(28,233,643)		(17,842,074)		-		-		-
Commissions		156,229,167		-		147,400,309		8,828,858		-		-		-
Other operating expenses		79,143,480		4,067,663		70,115,601		6,764,016		895,514		143,203		(2,842,517)
Interest expense		13,122,241		12,696,847		392,450		-		691,341		-		(658,397)
Taxes, licenses & fees		14,354,449		247,838		13,165,136		920,480		9,106		11,889		-
Incr deferred acq expenses		(7,484,427)		-		(4,733,539)		(2,750,888)		-		-		-
Other expenses		4,976,451		-		4,976,406		45		-		-		-
Total expenses	$	806,158,708	$	17,012,348	$	749,323,284	$	42,123,736	$	1,595,961	$	155,092	$	(4,051,713)

Income before income taxes	$	175,379,547	$	10,612,921	$	146,176,116	$	16,042,230	$	1,188,823	$	481,993	$	877,464

Provision for income taxes:
Current operating income	$	43,141,111	$	(2,812,998)	$	42,120,489	$	3,219,524	$	461,071	$	153,025	$	-
Capital gains/losses		5,332,924		1,565,910		3,676,147		87,400		-		3,467		-
Deferred		(5,581,248)		(407,100)		(7,872,373)		2,402,777		(13,949)		2,285		307,112
Total income tax	$	42,892,787	$	(1,654,188)	$	37,924,263	$	5,709,701	$	447,122	$	158,777	$	307,112

Net income - current year	$	132,486,760	$	12,267,109	$	108,251,853	$	10,332,529	$	741,701	$	323,216	$	570,352

Net income - prior year	$	157,796,333	$	7,705,244	$	135,510,300	$	12,940,413	$	717,806	$	354,928	$	567,642

Change in net income		-16.0%		59.2%		-20.1%		-20.2%		3.3%		-8.9%

2007 Second-Quarter Supplement


Cincinnati Financial Corporation
Consolidated Balance Sheets

(Dollars in millions except per share data)	June 30,	December 31,
	2007	2006
	(unaudited)
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2007—$5,910; 2006—$5,739)	$ 5,891	$ 5,805
Equity securities, at fair value (cost: 2007—$2,943; 2006—$2,621)	7,650	7,799
Short-term investments, at fair value (amortized cost: 2007—$101; 2006—$95)	101	95
Other invested assets	70	60
Total investments	13,712	13,759

Cash and cash equivalents	122	202
Securities lending collateral	976	-
Investment income receivable	124	121
Finance receivable	100	108
Premiums receivable	1,217	1,128
Reinsurance receivable	751	683
Prepaid reinsurance premiums	12	13
Deferred policy acquisition costs	479	453
Property and equipment, net, for company use (accumulated depreciation: 2007—$268; 2006—$261)	212	193
Other assets	51	58
Separate accounts	508	504
Total assets	$ 18,264	$ 17,222

Liabilities
Insurance reserves
Losses and loss expense	$ 3,953	$ 3,896
Life policy reserves	1,446	1,409
Unearned premiums	1,662	1,579
Securities lending payable	976	-
Other liabilities	619	533
Deferred income tax	1,434	1,653
Notes payable	49	49
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	508	504
Total liabilities	11,438	10,414

Shareholders' equity
Common stock, par value-$2 per share; authorized: 2007-500 million shares, 2006- 500 million shares; issued: 2007-196 million shares, 2006-196 million shares	392	391
Paid-in capital	1,035	1,015
Retained earnings	3,213	2,786
Accumulated other comprehensive income	3,013	3,379
Treasury stock at cost (2007—24 million shares, 2006—23 million shares)	(827)	(763)
Total shareholders' equity	6,826	6,808
Total liabilities and shareholders' equity	$ 18,264	$ 17,222

2007 Second-Quarter Supplement


Cincinnati Financial Corporation
10-Year Net Income Reconciliation

(Dollars in millions except per share data)	Years ended December 31,
	2006			2005			2004			2003			2002			2001			2000			1999			1998			1997

Net income	$	930		$	602		$	584		$	374		$	238		$	193		$	118		$	255		$	242		$	299
One-time item		-			-			-			15			-			-			(25)			-			-			-
Net income before one-time item		930			602			584			389			238			193			93			255			242			299
Net realized investment gains and losses		434			40			60			(27)			(62)			(17)			(2)			-			43			45
Operating income before one-time item		496			562			524			416			300			210			95			255			199			254
Less catastrophe losses		(113)			(82)			(96)			(63)			(57)			(42)			(33)			(24)			(61)			(17)
Operating income before catastrophe losses and one-time item	$	609		$	644		$	620		$	479		$	357		$	252		$	128		$	279		$	260		$	271

Diluted per share data
Net income	$	5.30		$	3.40		$	3.28		$	2.10		$	1.32		$	1.07		$	0.67		$	1.37		$	1.28		$	1.61
One-time item		-			-			-			0.09			-			-			(0.14)			-			-			-
Net income before one-time item		5.30			3.40			3.28			2.01			1.32			1.07			0.81			1.37			1.28			1.61
Net realized investment gains and losses		2.48			0.23			0.34			(0.15)			(0.35)			(0.10)			(0.01)			-			0.23			0.26
Operating income before one-time item		2.82			3.17			2.94			2.16			1.67			1.17			0.82			1.37			1.05			1.35
Less catastrophe losses		(0.65)			(0.46)			(0.54)			(0.35)			(0.31)			(0.23)			(0.18)			(0.13)			(0.32)			(0.13)
Operating income before catastrophe losses and one-time item	$	3.47		$	3.63		$	3.48		$	2.51		$	1.98		$	1.40		$	1.00		$	1.50		$	1.37		$	1.48

Return on equity
Return on average equity		14.4	%		9.8	%		9.4	%		6.3	%		4.1	%		3.2	%		2.1	%		4.6	%		4.7	%		7.6	%
One-time item		-			-			-			(0.3)			-			-			0.4			-			-			-
Return on average equity before one-time item		14.4	%		9.8	%		9.4	%		6.0	%		4.1	%		3.2	%		2.5	%		4.6	%		4.7	%		7.6	%

Return on equity based on comprehensive income
ROE based on comprehensive income		16.4	%		1.6	%		4.6	%		13.8	%		(4.0)	%		2.5	%		13.1	%		1.9	%		19.6	%		42.6	%
One-time item		-			-			-			(0.3)			-			-			0.4			-			-			-
ROE based on comprehensive income before one-time item		16.4	%		1.6	%		4.6	%		13.5	%		(4.0)	%		2.5	%		13.5	%		1.9	%		19.6	%		42.6	%

Investment income
Investment income, net of expenses	$	570		$	526		$	492		$	465		$	445		$	421		$	415		$	387		$	368		$	349
BOLI		-			-			-			-			-			-			(5)			-			-			-
Investment income before BOLI	$	570		$	526		$	492		$	465		$	445		$	421		$	410		$	387		$	368		$	349

*Dollar amounts shown are rounded to millions: certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

2007 Second-Quarter Supplement


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
	12/31/07	9/30/07	6/30/07		3/31/07		12/31/06		9/30/06		6/30/06		3/31/06		6/30/07		6/30/06		9/30/07	9/30/06		12/31/07	12/31/06

Net income			$	351	$	194	$	130	$	115	$	132	$	552	$	545	$	684		$	800		$	930
Net realized investment gains and losses				187		41		8		-		6		421		228		426			427			434
Operating income				164		153		122		115		126		131		317		258			373			496
Less catastrophe losses				(7)		(2)		(29)		(18)		(41)		(26)		(9)		(67)			(85)			(113)
Operating income before catastrophe losses			$	171	$	155	$	151	$	133	$	167	$	157	$	326	$	325		$	458		$	609

Diluted per share data
Net income			$	2.02	$	1.11	$	0.75	$	0.66	$	0.76	$	3.13	$	3.13	$	3.90		$	4.56		$	5.30
Net realized investment gains and losses				1.08		0.23		0.05		-		0.04		2.39		1.31		2.43			2.43			2.48
Operating income				0.94		0.88		0.70		0.66		0.72		0.74		1.82		1.47			2.13			2.82
Less catastrophe losses				(0.04)		(0.01)		(0.16)		(0.10)		(0.24)		(0.14)		(0.05)		(0.38)			(0.48)			(0.65)
Operating income before catastrophe losses			$	0.98	$	0.89	$	0.86	$	0.76	$	0.96	$	0.88	$	1.87	$	1.85		$	2.61		$	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.

2007 Second-Quarter Supplement


Cincinnati Financial Corporation
Top Holdings – Common Stocks

(Dollars in millions)	As of and for six months ended June 30, 2007
	Actual cost		Fair value		Percent of fair value		Earned dividend income


Fifth Third Bancorp	$	283	$	2,894	39.1	%	$	61
The Procter & Gamble Company		206		460	6.2			5
Exxon Mobil Corporation		58		433	5.9			5
National City Corporation		172		327	4.4			8
PNC Financial Services Group, Inc.		62		337	4.6			6
AllianceBernstein Holding L.P.		100		328	4.4			8
U.S. Bancorp		253		326	4.4			7
Wyeth		62		254	3.4			2
Johnson & Johnson		218		247	3.3			3
Wells Fargo & Company		107		201	2.7			3
Huntington Bancshares Inc (Sky Financial Group)*		140		168	2.3			3
Piedmont Natural Gas Company, Inc.		64		139	1.9			3
Wachovia Corp		146		137	1.9			2
General Electric Co.		106		120	1.6			2
Chevron Corporation		56		112	1.5			1
All other common stock holdings		661		917	12.4			14
Total	$	2,694	$	7,400	100.0	%	$	133

* As of June 30, 2007, we held 2,288,203 shares of Huntington Bancshares Incorporated (NASDAQ: HBAN) and 4,661,018 shares of
Sky Financial Group, Inc. (Nasdaq: SKYF). On July 1, 2007, Huntington completed its merger with Sky Financial. Under the terms of
the agreement, we received 1,098 shares of Huntington common stock and a cash payment of $3,023 for each share of Sky Financial we
owned on June 29, 2007.

2007 Second-Quarter Supplement


Cincinnati Financial Corporation Subsidiaries
Selected Balance Sheet Data
(Dollars in millions)		12/31/2007		9/30/2007		6/30/2007		3/31/2007		12/31/2006		9/30/2006		6/30/2006		3/31/2006
Cincinnati Insurance Property Casualty Group
Fixed Maturities and Equities (Fair Value)					$	9,778	$	9,834	$	9,790	$	9,393	$	8,987	$	9,135
Fixed Maturities - Pretax Net Unrealized Gain (Loss)						(30)		44		47		51		(55)		2
Equities - Pretax Net Unrealized Gain (Loss)						2,917		3,017		3,166		2,859		2,621		2,758
Loss and Loss Expense Reserves - STAT						3,374		3,373		3,356		3,314		3,237		3,169
Surplus - (STAT)						4,937		4,741		4,750		4,607		4,342		4,334

The Cincinnati Life Insurance Company
Fixed Maturities and Equities (Fair Value)					$	1,893	$	1,922	$	1,913	$	1,893	$	1,803	$	1,808
Fixed Maturities - Pretax Net Unrealized Gain (Loss)						(4)		20		15		17		(17)		6
Equities - Pretax Net Unrealized Gain (Loss)						254		305		307		271		238		256
Retained Earnings - GAAP						730		739		719		688		652		666
Surplus - STAT						491		483		479		461		459		470

		12/31/2005		9/30/2005		6/30/2005		3/31/2005		12/31/2004		9/30/2004		6/30/2004		3/31/2004
Cincinnati Insurance Property Casualty Group
Fixed Maturities and Equities (Fair Value)	$	8,873	$	8,833	$	8,802	$	8,710	$	8,806	$	8,523	$	6,599	$	6,882
Fixed Maturities - Pretax Net Unrealized Gain (Loss)		50		86		152		99		188		158		84		190
Equities - Pretax Net Unrealized Gain (Loss)		2,803		2,807		2,903		2,931		3,135		1,746		1,740		1,924
Loss and Loss Expense Reserves - STAT		3,111		3,150		3,065		3,031		2,977		3,036		2,952		2,901
Surplus - (STAT)		4,220		4,224		4,180		4,065		4,196		4,037		2,871		2,791

The Cincinnati Life Insurance Company
Fixed Maturities and Equities (Fair Value)	$	1,788	$	1,797	$	1,748	$	1,688	$	1,637	$	1,695	$	1,637	$	1,652
Fixed Maturities - Pretax Net Unrealized Gain (Loss)		31		45		70		53		82		76		49		94
Equities - Pretax Net Unrealized Gain (Loss)		266		274		275		257		274		261		252		266
Retained Earnings - GAAP		651		348		655		622		639		612		584		610
Surplus - STAT		451		447		447		440		439		409		401		395

2007 Second-Quarter Supplement


Cincinnati Insurance Group
GAAP Statements of Income


		2007		2006		Change	% Change		2007		2006		Change	% Change
Revenues:
Premiums earned:
Property casualty	$	829,657,090	$	827,663,672	$	1,993,418	0.24	$	1,657,229,337	$	1,643,900,425	$	13,328,912	0.81
Life		-		-		-	-		-		-		-	-
Accident health		-		-		-	-		-		-		-	-
Premiums ceded		(43,136,002)		(34,983,325)		(8,152,677)	23.30		(86,198,579)		(73,273,421)		(12,925,158)	17.64
Total premiums earned		786,521,088		792,680,347		(6,159,259)	(0.78)		1,571,030,758		1,570,627,004		403,754	0.03
Investment income		96,856,271		92,143,031		4,713,240	5.12		193,465,425		181,458,991		12,006,434	6.62
Realized gain on investments		177,301,754		9,560,458		167,741,296	1,754.53		207,210,519		215,730,423		(8,519,904)	(3.95)
Other income		2,063,478		1,115,564		947,914	84.97		3,651,137		1,781,510		1,869,627	104.95
Total revenues	$	1,062,742,591	$	895,499,400	$	167,243,191	18.68	$	1,975,357,839	$	1,969,597,928	$	5,759,911	0.29

Benefits & expenses:
Losses & policy benefits	$	503,831,388	$	546,240,564	$	(42,409,176)	(7.76)	$	982,523,609	$	1,041,018,485	$	(58,494,876)	(5.62)
Reinsurance recoveries		(48,321,121)		(28,233,643)		(20,087,478)	71.15		(69,477,125)		(51,374,280)		(18,102,845)	35.24
Commissions		150,586,087		147,400,309		3,185,778	2.16		311,799,584		304,718,355		7,081,229	2.32
Other operating expenses		74,552,175		70,115,601		4,436,574	6.33		147,892,691		139,710,448		8,182,243	5.86
Interest expense		-		392,450		(392,450)	-		-		392,450		(392,450)	-
Taxes, licenses & fees		17,676,507		13,165,136		4,511,371	34.27		36,332,300		36,627,893		(295,593)	(0.81)
Incr deferred acq expense		(4,646,840)		(4,733,539)		86,699	(1.83)		(16,365,094)		(14,250,247)		(2,114,847)	14.84
Other expenses		2,786,715		4,976,406		(2,189,691)	(44.00)		6,949,932		8,308,549		(1,358,617)	(16.35)
Total expenses	$	696,464,911	$	749,323,284	$	(52,858,373)	(7.05)	$	1,399,655,897	$	1,465,151,653	$	(65,495,756)	(4.47)
Income before income taxes	$	366,277,680	$	146,176,116	$	220,101,564	150.57	$	575,701,942	$	504,446,275	$	71,255,667	14.13

Provision for income taxes:
Current operating income	$	55,744,604	$	42,120,489	$	13,624,115	32.35	$	106,361,563	$	91,031,427	$	15,330,136	16.84
Current realized investments gains and losses		62,790,613		3,676,147		59,114,466	1,608.06		73,423,681		75,961,232		(2,537,551)	(3.34)
Deferred		(5,956,260)		(7,872,373)		1,916,113	(24.34)		(11,711,636)		(16,679,885)		4,968,249	(29.79)
Total income taxes	$	112,578,957	$	37,924,263	$	74,654,694	196.85	$	168,073,608	$	150,312,774	$	17,760,834	11.82

Net income	$	253,698,723	$	108,251,853	$	145,446,870	134.36	$	407,628,334	$	354,133,501	$	53,494,833	15.11

2007 Second-Quarter Supplement


Cincinnati Insurance Group
Statutory Statements of Income

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
		2007		2006	% Change		2007		2006	% Change
Underwriting income
Net premiums written	$	810,172,700	$	814,234,256	(0.50)	$	1,655,972,450	$	1,643,009,334	0.79
Unearned premiums increase		23,651,614		21,553,909	9.73		84,941,693		72,382,327	17.35
Earned premiums		786,521,086		792,680,347	(0.78)		1,571,030,756		1,570,627,007	0.03

Losses incurred	$	363,866,807	$	439,338,289	(17.18)	$	734,619,843	$	828,027,319	(11.28)
Allocated loss expenses incurred		49,710,496		38,264,131	29.91		88,786,803		71,497,650	24.18
Unallocated loss expenses incurred		41,932,964		40,404,510	3.78		89,639,838		90,119,248	(0.53)
Other underwriting expenses incurred		239,633,680		226,727,213	5.69		484,376,019		461,112,558	5.05
Workers compensation dividend incurred		1,753,283		5,832,528	(69.94)		5,402,447		9,750,386	(44.59)

Total underwriting deductions	$	696,897,230	$	750,566,672	(7.15)	$	1,402,824,950	$	1,460,507,160	(3.95)
Net underwriting gain (loss)	$	89,623,856	$	42,113,675	112.81	$	168,205,806	$	110,119,846	52.75

Investment income
Gross investment income earned	$	98,166,059	$	93,464,237	5.03	$	196,013,090	$	183,620,102	6.75
Net investment income earned		96,878,773		92,031,641	5.27		193,508,032		181,256,416	6.76
Net realized capital gains		114,837,505		6,827,130	1,582.08		134,396,687		141,070,859	(4.73)
Net investment gains (excl. subs)	$	211,716,278	$	98,858,771	114.16	$	327,904,719	$	322,327,275	1.73
Dividend from subsidiary		-		-	-		-		-	-
Net investment gains	$	211,716,278	$	98,858,771	114.16	$	327,904,719	$	322,327,275	1.73


Other income	$	1,791,815	$	1,138,050	57.45	$	3,308,351	$	1,647,064	100.86

Net income before federal income taxes	$	303,131,950	$	142,110,496	113.31	$	499,418,876	$	434,094,186	15.05
Federal and foreign income taxes incurred	$	55,061,836	$	41,083,409	34.02	$	104,813,158	$	89,221,966	17.47
Net income (statutory)	$	248,070,114	$	101,027,087	145.55	$	394,605,718	$	344,872,220	14.42
* 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.

2007 Second-Quarter Supplement


Cincinnati Insurance Group - Consolidated
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
	12/31/07	9/30/07	6/30/07			3/31/07			12/31/06			9/30/06			6/30/06			3/31/06			6/30/07			6/30/06			9/30/07	9/30/06			12/31/07	12/31/06
Net premiums written			$	810		$	846		$	755		$	780		$	814		$	829		$	1,656		$	1,643			$	2,423				$	3,178
Net premiums earned			$	787		$	785		$	802		$	791		$	793		$	778		$	1,571		$	1,571			$	2,362				$	3,164

Losses paid			$	380		$	365		$	375		$	366		$	379		$	345		$	744		$	727			$	1,094				$	1,469
Loss reserve change				(16)			6			4			66			60			42			(9)			101				167					172
Total losses incurred			$	364		$	371		$	379		$	432		$	439		$	387		$	735		$	828			$	1,261				$	1,641
Allocated loss expense paid				34			31			37			33			31			28			65			59				91					127
Allocated loss expense reserve change				16			8			35			8			7			6			24			13				20					56
Total allocated loss expense incurred			$	50		$	39		$	72		$	41		$	38		$	34		$	89		$	72			$	111				$	183
Unallocated loss expense paid				41			46			49			39			39			40			86			78				117					167
Unallocated loss expense= reserve change				1			2			2			4			3			10			3			12				15					17
Total unallocated loss expense incurred			$	42		$	48		$	51		$	43		$	42		$	50		$	89		$	90			$	132				$	184
Underwriting expenses incurred				242			248			251			243			232			240			490			471				715					965
Underwriting profit (loss)			$	90		$	79		$	49		$	32		$	42		$	67		$	168		$	110			$	143				$	191

Loss Detail
Losses $1 million or more			$	43		$	50		$	63		$	61		$	46		$	32		$	93		$	79			$	139				$	203
Losses $250 thousand to $1 million				46			48			43			49			48			38			92			86				135					178
Development and case reserve increases of $250,000 or more				49			53			64			49			52			49			102			102				151					215
Large losses subtotal			$	138		$	151		$	170		$	159		$	146		$	119		$	287		$	267			$	425				$	596
IBNR incurred				7			7			(57)			11			(5)			6			15			1				11					(47)
Catastrophe losses incurred				11			3			44			27			64			39			15			103				131					175
Remaining incurred				208			210			222			235			234			223			418			457				694					917
Total losses incurred			$	364		$	371		$	379		$	432		$	439		$	387		$	735		$	828			$	1,261				$	1,641

Ratio Data
Loss ratio				46.3	%		47.2	%		47.2	%		54.8	%		55.4	%		49.9	%		46.8	%		52.7	%			53.4	%				51.9	%
Allocated loss expense ratio				6.3			5.0			9.0			5.0			4.8			4.3			5.6			4.6				4.7					5.8
Unallocated loss expense ratio				5.3			6.1			6.4			5.4			5.1			6.4			5.7			5.7				5.6					5.8
Net underwriting expense ratio				29.8			29.4			33.3			31.2			28.4			29.0			29.6			28.7				29.5					30.4
Statutory combined ratio				87.7	%		87.7	%		95.9	%		96.4	%		93.7	%		89.6	%		87.7	%		91.7	%			93.2	%				93.9	%
Statutory combined ratio excluding catastrophes				86.3	%		87.3	%		90.4	%		92.9	%		85.7	%		84.6	%		86.8	%		85.1	%			87.7	%				88.4	%

Loss Ratio
Losses $1 million or more				5.4	%		6.4	%		7.9	%		7.6	%		6.0	%		4.2	%		5.9	%		5.1	%			5.9	%				6.4	%
Losses $250 thousand to $1 million				5.8			6.0			5.3			6.2			6.0			4.9			5.9			5.5				5.7					5.6
Development and case reserve increases of $250,000 or more				6.2			6.8			8.0			6.3			7.4			6.3			6.5			6.9				6.4					6.8
Large losses subtotal				17.4	%		19.2	%		21.2	%		20.1	%		19.4	%		15.4	%		18.3	%		17.5	%			18.0	%				18.8	%
IBNR incurred				0.9			1.0			(7.2)			1.3			1.3			0.8			0.9			1.1				0.5					(1.4)
Total catastrophe losses incurred				1.4			0.4			5.5			3.5			8.0			5.0			0.9			6.5				5.5					5.5
Remaining incurred				26.6			26.6			27.7			29.9			26.7			28.7			26.7			27.6				29.4					29.0
Total loss ratio				46.3	%		47.2	%		47.2	%		54.8	%		55.4	%		49.9	%		46.8	%		52.7	%			53.4	%				51.9	%

Loss Claim Count
Losses $1 million or more				26			28			33			32			26			14			54			40				72					105
Losses $250 thousand to $1 million				104			108			97			103			88			95			212			183				286					383
Development and case reserve increases of $250,000 or more				82			93			94			104			85			85			175			170				274					368
Large losses total				212			229			224			239			199			194			441			393				632					856
*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 rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

2007 Second-Quarter Supplement


Cincinnati Insurance Group - Commercial Lines
Statutory Quarterly Analysis
(Based on reported data - see Page 28 for adjusted data)
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/07	9/30/07	6/30/07			3/31/07			12/31/06			9/30/06			6/30/06			3/31/06			6/30/07			6/30/06			9/30/07	9/30/06			12/31/07	12/31/06
Net premiums written			$	613		$	693		$	589		$	582		$	603		$	668		$	1,306		$	1,271			$	1,853				$	2,442
Net premiums earned			$	607		$	604		$	619		$	602		$	599		$	582		$	1,210		$	1,181			$	1,783				$	2,402

Losses paid			$	270		$	260		$	256		$	247		$	251		$	233		$	530		$	485			$	732				$	988
Loss reserve change				(12)			23			5			63			53			53			11			105				168					174
Total losses incurred			$	258		$	283		$	261		$	310		$	304		$	286		$	541		$	590			$	900				$	1,162
Allocated loss expense paid				30			28			33			30			28			24			58			52				81					114
Allocated loss expense reserve change				16			8			37			7			6			5			24			12				19					56
Total allocated loss expense incurred			$	46		$	36		$	70		$	37		$	34		$	29		$	82		$	64			$	100				$	170
Unallocated loss expense paid				30			32			34			27			27			28			62			54				81					116
Unallocated loss expense reserve change				1			3			3			3			3			10			4			13				15					18
Total unallocated loss expense incurred			$	31		$	35		$	37		$	30		$	30		$	38		$	66		$	67			$	96				$	134
Underwriting expenses incurred				179			193			194			185			172			179			372			349				536					727
Underwriting profit (loss)			$	93		$	57		$	57		$	40		$	59		$	50		$	149		$	111			$	151				$	209

Loss Detail
Losses $1 million or more			$	36		$	45		$	59		$	51		$	40		$	30		$	81		$	70			$	121				$	180
Losses $250 thousand to $1 million				34			38			35			37			39			28			71			67				104					139
Development and case reserve increases of $250,000 or more				46			49			58			45			45			44			95			90				135					193
Large losses subtotal			$	116		$	132		$	152		$	133		$	124		$	102		$	247		$	227			$	360				$	512
IBNR incurred				6			7			(45)			10			(6)			6			14			-				10					(36)
Catastrophe losses incurred				5			10			11			14			34			29			16			63				77					89
Remaining incurred				131			134			143			153			152			149			264			300				453					597
Total losses incurred			$	258		$	283		$	261		$	310		$	304		$	286		$	541		$	590			$	900				$	1,162

Ratio Data
Loss ratio				42.6	%		46.8	%		42.2	%		51.5	%		50.7	%		49.2	%		44.7	%		50.0	%			50.5	%				48.4	%
Allocated loss expense ratio				7.6			5.9			11.3			6.0			5.7			5.1			6.8			5.4				5.6					7.1
Unallocated loss expense ratio				5.1			6.0			6.0			5.0			4.9			6.5			5.5			5.7				5.4					5.5
Net underwriting expense ratio				29.1			27.8			32.9			31.6			28.3			26.7			28.4			27.5				28.8					29.8
Statutory combined ratio				84.4	%		86.5	%		92.4	%		94.1	%		89.6	%		87.5	%		85.4	%		88.6	%			90.3	%				90.8	%
Statutory combined ratio excluding catastrophes				83.6	%		84.7	%		90.5	%		91.7	%		84.0	%		82.4	%		84.1	%		83.3	%			86.0	%				87.1	%

Loss Ratio
Losses $1 million or more				5.9	%		7.4	%		9.6	%		8.5	%		6.6	%		5.2	%		6.7	%		5.9	%			6.8	%				7.5	%
Losses $250 thousand to $1 million				5.6			6.2			5.6			6.1			6.5			4.8			5.9			5.7				5.8					5.8
Development and case reserve increases of $250,000 or more				7.6			8.2			9.4			7.5			7.5			7.6			7.9			7.6				7.6					8.0
Large losses subtotal				19.1	%		21.8	%		24.6	%		22.1	%		20.6	%		17.6	%		20.5	%		19.2	%			20.2	%				21.3	%
IBNR incurred				1.0			1.2			(7.3)			1.7			(1.0)			1.0			1.1			-				0.6					(1.5)
Total catastrophe losses incurred				0.8			1.8			1.9			2.3			5.6			5.1			1.3			5.3				4.3					3.7
Remaining incurred				21.7			22.0			23.0			25.4			25.5			25.5			21.8			25.5				25.4					24.9
Total loss ratio				42.6	%		46.8	%		42.2	%		51.5	%		50.7	%		49.2	%		44.7	%		50.0	%			50.5	%				48.4	%
*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 appropriated regulatory bodies.

2007 Second-Quarter Supplement


Cincinnati Insurance Group - Personal Lines
Statutory Quarterly Analysis
(Based on reported data - see Page 29 for adjusted data)
(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/07	9/30/07	6/30/07			3/31/07			12/31/06			9/30/06			6/30/06			3/31/06			6/30/07			6/30/06			9/30/07	9/30/06			12/31/07	12/31/06
Net premiums written			$	197		$	153		$	166		$	198		$	211		$	161		$	350		$	372			$	570			$	736
Net premiums earned			$	180		$	181		$	183		$	189		$	194		$	196		$	361		$	390			$	579			$	762
Losses paid			$	110		$	105		$	119		$	119		$	128		$	112		$	214		$	242			$	362			$	481
Loss reserve change				(4)			(17)			(1)			3			7			(11)			(20)			(4)				(1)				(2)
Total losses incurred			$	106		$	88		$	118		$	122		$	135		$	101		$	194		$	238			$	361			$	479
Allocated loss expense paid				4			3			4			3			3			4			7			7				10				13
Allocated loss expense reserve change							-			(2)			1			1			1			-			1				1				-
Total allocated loss expense incurred			$	4		$	3		$	2		$	4		$	4		$	5		$	7		$	8			$	11			$	13
Unallocated loss expense paid				11			14			15			12			12			12			24			24				36				51
Unallocated loss expense reserve change				-			(1)			(1)			1			-			-			(1)			(1)				-				(1)
Total unallocated loss expense incurred			$	11		$	13		$	14		$	13		$	12		$	12		$	23		$	23			$	36			$	50
Underwriting expenses incurred				63			55			57			58			60			61			118			122				179				238
Underwriting profit (loss)			$	(3)		$	22		$	(8)		$	(8)		$	(17)		$	17		$	19		$	(1)			$	(8)			$	(18)

Loss Detail
Losses $1 million or more			$	7		$	5		$	4		$	10		$	6		$	2		$	12		$	9			$	18			$	23
Losses $250 thousand to $1 million				12			10			8			12			9			10			21			19				31				39
Development and case reserve increases of $250,000 or more				3			4			6			4			7			5			7			12				16				22
Large losses subtotal			$	22		$	19		$	18		$	26		$	22		$	17		$	40		$	40			$	65			$	84
IBNR incurred				1			-			(12)			1			1			-			1			1				1				(11)
Catastrophe losses incurred				6			(7)			33			13			30			10			(1)			40				54				86
Remaining incurred				77			76			79			82			82			74			154			157				241				320
Total losses incurred			$	106		$	88		$	118		$	122		$	135		$	101		$	194		$	238			$	361			$	479

Ratio Data
Loss ratio				58.6	%		48.9	%		64.4	%		65.1	%		70.0	%		52.2	%		53.8	%		61.1	%			62.4	%			62.9	%
Allocated loss expense ratio				1.9			1.8			1.2			1.9			2.1			1.7			1.8			1.9				2.0				1.7
Unallocated loss expense ratio				6.2			6.6			7.8			6.6			5.8			6.2			6.4			6.0				6.1				6.6
Net underwriting expense ratio				31.8			36.2			34.3			30.4			28.5			38.0			33.7			32.6				31.8				32.4
Statutory combined ratio				98.5	%		93.5	%		107.7	%		104.0	%		106.4	%		98.1	%		95.7	%		101.6	%			102.3	%			103.6	%
Statutory combined ratio excluding catastrophes				95.1	%		97.6	%		89.8	%		96.9	%		90.8	%		93.1	%		96.1	%		91.3	%			93.1	%			92.3	%

Loss Ratio
Losses $1 million or more				3.8	%		3.0	%		2.2	%		5.0	%		3.5	%		1.2	%		3.4	%		2.3	%			3.2	%			3.0	%
Losses $250 thousand to $1 million				6.4			5.4			4.5			6.4			4.4			5.3			5.9			4.9				5.4				5.2
Development and case increases of $250,000 or more				1.5			2.2			3.4			2.1			3.5			2.7			1.8			3.1				2.8				2.9
Large losses subtotal				11.7	%		10.6	%		10.1	%		13.5	%		11.4	%		9.2	%		11.1	%		10.3	%			11.4	%			11.1	%
IBNR incurred				0.4			-			(6.8)			0.1			0.7			-			0.2			0.3				0.3				(1.5)
Total catastrophe losses incurred				3.5			(4.1)			17.9			7.1			15.6			5.0			(0.3)			10.3				9.2				11.3
Remaining incurred				43.0			42.4			43.2			44.4			42.3			38.0			42.8			40.2				41.5				42.0
Total loss ratio				58.6	%		48.9	%		64.4	%		65.1	%		70.0	%		52.2	%		53.8	%		61.1	%			62.4	%			62.9	%

*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.

2007 Second-Quarter Supplement


Cincinnati Insurance Group
Direct Written Premiums by Risk State by Line of Business for the Six Months Ended June 30, 2007
(Dollars in millions)
																					6/30/2007		6/30/2006		Commercial	Personal	Total
	Comm		Comm		Comm		Workers'		Specialty		Surety &		Mach. &		Pers		Home		Other		Agency		Agency		Change	Change	Change
Risk State	Casualty		Prop		Auto		Comp		Packages		Exec Risk		Equip		Auto		Owner		Personal		Direct		Direct		%	%	%

AL	$	11.4	$	8.6	$	4.2	$	0.4	$	3.6	$	1.0	$	0.2	$	7.6	$	11.0	$	2.3	$	50.3	$	45.6	20.0	(0.9)	10.3
AZ		7.0		3.3		4.8		0.2		0.5		0.4		0.2		-		0.1		0.1		16.6		15.5	7.2	-	7.1
AR		5.4		4.5		3.3		2.6		1.9		0.7		0.2		1.3		1.4		0.4		21.7		23.0	(5.6)	(6.1)	(5.7)
DE		0.4		0.3		0.3		1.1		-		-		-		-		-		-		2.1		1.4	50.0	-	50.0
FL		20.6		13.8		7.4		0.9		1.8		1.2		0.5		6.5		14.5		1.9		69.1		60.2	11.3	22.5	14.8
GA		15.5		10.2		11.5		7.6		3.6		3.3		0.4		15.6		12.9		3.4		84.0		80.3	9.2	(2.1)	4.6
ID		4.5		1.9		2.6		-		0.6		0.6		0.1		-		-		-		10.3		9.1	13.2	-	13.2
IL		43.7		24.3		18.0		31.3		6.7		4.2		1.5		11.7		9.2		3.2		153.8		158.4	(2.0)	(7.3)	(2.9)
IN		28.6		21.0		14.5		16.2		4.3		3.3		1.2		13.0		12.2		3.2		117.5		124.2	(3.5)	(11.0)	(5.4)
IA		11.6		6.6		4.9		12.9		2.4		1.2		0.6		2.1		2.0		0.9		45.2		44.0	4.1	(7.4)	2.7
KS		4.5		4.2		2.3		3.9		1.8		0.7		0.2		2.3		3.0		0.6		23.5		22.9	7.3	(9.2)	2.6
KY		11.7		10.0		7.0		2.1		2.5		1.2		0.5		9.3		7.1		1.9		53.3		52.2	7.0	(6.2)	2.1
MD		8.0		3.1		5.2		6.1		0.6		0.8		0.2		-		0.6		0.2		24.8		21.9	13.7	-	13.2
MI		19.6		12.7		8.9		9.7		6.3		2.8		0.8		6.7		7.4		1.6		76.5		86.0	(11.4)	(9.8)	(11.0)
MN		15.4		9.3		6.2		5.2		2.2		1.3		0.5		3.4		2.9		2.1		48.5		45.4	8.7	(1.2)	6.8
MO		15.5		10.5		6.2		10.2		2.8		0.9		0.5		1.4		2.1		0.4		50.5		46.5	11.2	(15.2)	8.6
MT		7.6		3.6		3.9		0.1		0.5		0.2		0.2		-		0.1		-		16.2		14.2	14.2	-	14.1
NE		3.6		2.8		2.0		3.9		0.8		0.6		0.2		0.5		0.6		0.2		15.2		17.1	(10.3)	(18.8)	(11.1)
NH		1.5		1.0		0.8		1.5		0.4		0.3		0.1		0.4		0.4		0.2		6.6		6.5	-	11.1	1.5
NY		19.7		4.2		5.3		1.5		0.7		1.8		0.3		-		-		-		33.5		25.4	31.9	-	31.9
NC		23.9		15.1		12.9		15.2		6.4		3.6		0.7		0.5		0.7		1.3		80.3		72.6	11.5	(10.7)	10.6
ND		2.5		1.5		1.3		-		0.4		0.4		0.1		0.3		0.3		0.1		6.9		6.5	6.9	-	6.2
OH		91.7		49.7		38.7		(0.4)		11.1		11.2		2.3		64.8		44.7		14.9		328.7		340.6	(1.0)	(7.4)	(3.5)
PA		27.3		15.6		16.8		30.1		5.2		3.3		0.9		4.0		3.2		1.6		108.0		106.1	1.7	2.3	1.8
SC		7.6		5.1		4.3		3.1		1.4		1.6		0.2		-		-		0.1		23.4		21.6	8.4	-	8.3
SD		2.6		1.6		1.3		2.9		0.3		0.3		0.1		-		-		-		9.1		8.0	13.8	-	13.8
TN		14.9		9.8		9.1		7.3		4.6		2.1		0.5		4.1		4.4		1.5		58.3		54.6	5.9	11.1	6.8
UT		5.7		2.0		2.7		-		0.2		1.0		0.2		-		-		-		11.8		7.6	55.3	-	55.3
VT		2.5		2.0		1.6		4.0		0.5		0.3		0.1		0.4		0.4		0.1		11.9		12.0	-	(10.0)	(0.8)
VA		19.1		13.4		13.2		13.4		2.6		2.3		0.5		4.8		3.9		1.4		74.6		75.3	(0.3)	(4.7)	(0.9)
WV		4.8		3.3		3.2		-		1.2		0.4		0.1		-		0.4		0.1		13.5		12.2	12.1	(16.7)	10.7
WI		16.8		9.9		6.9		16.1		2.4		1.3		0.8		4.6		3.6		1.6		64.0		68.7	(5.7)	(12.5)	(6.8)
All Other		3.2		2.6		1.9		2.5		0.2		0.7		0.3		0.5		0.1		0.1		12.1		10.5	12.9	75.0	15.2
Total	$	478.4	$	287.5	$	233.2	$	211.6	$	80.5	$	55.0	$	15.2	$	165.8	$	149.2	$	45.4	$	1,721.8	$	1,696.1	3.3	(4.8)	1.5
Other Direct		0.5		0.8		0.4		3.4		0.1		-		-		0.4		1.7		0.9		8.2		9.9	(30.7)	25.0	(17.2)
Total Direct	$	478.9	$	288.3	$	233.6	$	215.0	$	80.6	$	55.0	$	15.2	$	166.2	$	150.9	$	46.3	$	1,730.0	$	1,706.0	3.1	(4.6)	1.4

2007 Second-Quarter Supplement


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
	12/31/07	9/30/07	6/30/07			3/31/07			12/31/06			9/30/06			6/30/06			3/31/06			6/30/07			6/30/06			9/30/07	9/30/06			12/31/07	12/31/06
Commercial casualty:
Written premiums			$	218		$	245		$	204		$	196		$	209		$	228		$	462		$	437			$	634			$	838
Earned premiums				209			209			219			207			208			197			418			405				613				831
Loss and loss expenses ratio				55.0	%		53.5	%		58.8	%		49.4	%		51.8	%		51.3	%		54.2	%		51.6	%			50.8	%			53.0	%
Less catastrophe loss ratio				-			-			-			-			-			-			-			-				-				-
Loss and loss expenses excluding catastrophe loss ratio				55.0	%		53.5	%		58.8	%		49.4	%		51.8	%		51.3	%		54.2	%		51.6	%			50.8	%			53.0	%

Commercial property:
Written premiums			$	125		$	138		$	124		$	126		$	122		$	134		$	263		$	256			$	381			$	505
Earned premiums				125			123			123			123			123			121			248			244				367				491
Loss and loss expenses ratio				45.9	%		53.6	%		47.0	%		54.9	%		55.8	%		72.6	%		49.7	%		64.2	%			61.0	%			57.5	%
Less catastrophe loss ratio				3.2			6.9			7.1			9.9			15.9			22.7			5.0			19.3				16.1				13.9
Loss and loss expenses excluding catastrophe loss ratio				42.7	%		46.7	%		39.9	%		45.0	%		39.9	%		49.9	%		44.7	%		44.9	%			44.9	%			43.6	%

Commercial auto:
Written premiums			$	112		$	124		$	105		$	105		$	114		$	126		$	236		$	240			$	345			$	450
Earned premiums				110			113			116			113			112			112			223			224				337				453
Loss and loss expenses ratio				62.0	%		64.6	%		58.5	%		72.8	%		57.0	%		57.7	%		63.4	%		57.4	%			62.5	%			61.5	%
Less catastrophe loss ratio				-			(0.2)			0.6			(0.5)			3.1			0.6			-			1.9				1.0				0.9
Loss and loss expenses excluding catastrophe loss ratio				62.0	%		64.8	%		57.9	%		73.3	%		53.9	%		57.1	%		63.4	%		55.5	%			61.5	%			60.6	%

Workers' compensation:
Written premiums			$	92		$	113		$	91		$	85		$	91		$	111		$	206		$	203			$	288			$	379
Earned premiums				95			92			95			93			90			88			187			178				271				366
Loss and loss expenses ratio				66.8	%		76.5	%		89.3	%		90.3	%		83.1	%		78.6	%		71.5	%		80.8	%			84.1	%			85.4	%
Less catastrophe loss ratio				-			-			-			-			-			-			-			-				-				-
Loss and loss expenses excluding catastrophe loss ratio				66.8	%		76.5	%		89.3	%		90.3	%		83.1	%		78.6	%		71.5	%		80.8	%			84.1	%			85.4	%

Specialty package:
Written premiums			$	36		$	41		$	35		$	35		$	34		$	40		$	77		$	74			$	109			$	144
Earned premiums				37			36			35			35			35			36			73			71				106				141
Loss and loss expenses ratio				49.9	%		69.6	%		44.9	%		74.2	%		82.1	%		64.3	%		59.6	%		73.1	%			73.5	%			66.3	%
Less Catastrophe loss ratio				2.6			7.0			5.8			7.1			29.2			3.6			4.7			16.2				13.3				11.4
Loss and loss expenses excluding catastrophe loss ratio				47.3	%		62.6	%		39.1	%		67.1	%		52.9	%		60.7	%		54.9	%		56.9	%			60.2	%			54.9	%

Surety and executive risk:
Written premiums			$	23		$	25		$	23		$	28		$	25		$	22		$	48		$	46			$	74			$	97
Earned premiums				24			24			24			24			24			21			47			45				69				93
Loss and loss expenses ratio				49.2	%		24.0	%		36.3	%		47.3	%		89.6	%		26.5	%		36.7	%		60.1	%			55.6	%			50.7	%
Less catastrophe loss ratio				-			-			-			-			-			-			-			-				-				-
Loss and loss expenses excluding catastrophe loss ratio				49.2	%		24.0	%		36.3	%		47.3	%		89.6	%		26.5	%		36.7	%		60.1	%			55.6	%			50.7	%

Machinery and equipment:
Written premiums			$	7		$	7		$	7		$	7		$	8		$	7		$	14		$	15			$	22			$	29
Earned premiums				7			7			7			7			7			7			14			14				20				27
Loss and loss expense ratio				20.5	%		28.2	%		62.4	%		45.2	%		27.0	%		32.2	%		24.4	%		29.5	%			34.8	%			42.0	%
Less catastrophe loss ratio				-			(1.6)			(0.5)			2.1			-			-			(0.8)			-				0.8				0.4
Loss and loss expense excluding catastrophe loss ratio				20.5	%		29.8	%		62.9	%		43.1	%		27.0	%		32.2	%		25.1	%		29.5	%			34.0	%			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.

2007 Second-Quarter Supplement


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
	12/31/07	9/30/07	6/30/07			3/31/07			12/31/06			9/30/06			6/30/06			3/31/06			6/30/07			6/30/06			9/30/07	9/30/06			12/31/07	12/31/06
Personal auto:
Written premiums			$	93		$	72		$	79		$	96		$	104		$	79		$	165		$	184			$	279			$	359
Earned premiums				86			88			91			95			98			101			174			199				294				385
Loss and loss expenses ratio				67.6	%		66.5	%		74.3	%		60.6	%		65.8	%		60.1	%		67.1	%		62.9	%			62.2	%			65.0	%
Less catastrophe loss ratio				(0.3)			(2.3)			5.7			1.4			3.6			0.8			(1.3)			2.2				2.0			0	2.8
Loss and loss expenses excluding catastrophe loss ratio				67.9	%		68.8	%		68.6	%		59.2	%		62.2	%		59.3	%		68.4	%		60.7	%			60.2	%			62.2	%

Homeowner:
Written premiums			$	80		$	61		$	66		$	79		$	83		$	62		$	141		$	144			$	224			$	290
Earned premiums				72			71			70			72			73			73			144			146				219				289
Loss and loss expenses ratio				66.8	%		50.0	%		80.8	%		93.9	%		93.1	%		64.0	%		58.5	%		78.6	%			83.7	%			83.0	%
Less catastrophe loss ratio				8.2			(7.5)			36.0			15.0			33.1			11.1			0.4			22.1				19.8				23.7
Loss and loss expenses excluding catastrophe loss ratio				58.6	%		57.5	%		44.8	%		78.9	%		60.0	%		52.9	%		58.1	%		56.5	%			63.9	%			59.3	%

Other personal:
Written premiums			$	24		$	20		$	21		$	23		$	24		$	20		$	44		$	44			$	67			$	87
Earned premiums				22			22			22			22			22			22			44			45				66				88
Loss and loss expenses ratio				62.8	%		43.4	%		45.6	%		63.3	%		80.9	%		47.4	%		53.1	%		64.2	%			63.9	%			59.4	%
Less Catastrophe loss ratio				2.6			(0.1)			9.9			5.2			10.8			3.8			1.2			7.4				6.6				7.4
Loss and loss expenses excluding catastrophe loss ratio				60.2	%		43.5	%		35.7	%		58.1	%		70.1	%		43.6	%		51.9	%		56.8	%			57.3	%			52.0	%

*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.

2007 Second-Quarter Supplement


Cincinnati Insurance Company
Quarterly Detailed Loss Analysis

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/07	9/30/07	6/30/07			3/31/07			12/31/06			9/30/06			6/30/06			3/31/06			6/30/07			6/30/06			9/30/07	9/30/06			12/31/07	12/31/06
All Lines
Loss and loss expenses:
Loss and loss expenses - current AY			$	484		$	472		$	539		$	526		$	468		$	414		$	956		$	882			$	1,406			$	1,947
Loss and loss expenses - prior AY's				(40)			(18)			(81)			(37)			(13)			18			(58)			5				(32)				(113)
Catastrophes - current AY				15			17			42			29			67			38			31			105				134				176
Catastrophes - prior AY's				(4)			(13)			2			(2)			(3)			1			(17)			(2)				(4)				(2)
Total			$	455		$	458		$	502		$	516		$	519		$	471		$	912		$	990			$	1,504			$	2,008
Ratios to Earned Premium
Loss and loss expenses :
Loss and loss expenses - current AY				61.6	%		60.2	%		67.2	%		66.4	%		59.1	%		53.2	%		60.9	%		56.2	%			59.5	%			61.6	%
Loss and loss expenses - prior AY's				(5.1)			(2.3)			(10.1)			(4.7)			(1.7)			2.4			(3.7)			0.3				(1.4)				(3.6)
Catastrophes - current AY				1.9			2.1			5.2			3.7			8.5			4.9			2.0			6.7				5.7				5.6
Catastrophes - prior AY's				(0.5)			(1.7)			0.2			(0.2)			(0.5)			0.2			(1.1)			(0.2)				(0.2)				(0.1)
Total				57.9	%		58.3	%		62.5	%		65.2	%		65.4	%		60.7	%		58.1	%		63.0	%			63.6	%			63.5	%

Commercial Lines
Loss and loss expenses:
Loss and loss expenses - current AY			$	370		$	357		$	421		$	396		$	349		$	310		$	727		$	659			$	1,053			$	1,476
Loss and loss expenses - prior AY's				(40)			(13)			(64)			(33)			(15)			14			(53)			(1)				(34)				(98)
Catastrophes - current AY				8			13			9			15			35			28			21			63				78				87
Catastrophes - prior AY's				(3)			(3)			2			(1)			(1)			1			(6)			-				(1)				1
Total			$	335		$	354		$	368		$	377		$	368		$	353		$	689		$	721			$	1,096			$	1,466
Ratios to Earned Premium
Loss and loss expenses:
Loss and loss expenses - current AY				60.9	%		59.0	%		68.1	%		65.6	%		58.3	%		53.3	%		60.0	%		55.8	%			58.9	%			61.4	%
Loss and loss expenses - prior AY's				(6.5)			(2.1)			(10.3)			(5.5)			(2.5)			2.5			(4.3)			0.0				(1.9)				(4.1)
Catastrophes - current AY				1.4			2.2			1.5			2.6			5.9			4.8			1.8			5.4				4.4				3.6
Catastrophes - prior AY's				(0.5)			(0.4)			0.3			(0.2)			(0.4)			0.2			(0.5)			(0.1)				(0.1)				-
Total				55.3	%		58.7	%		59.6	%		62.5	%		61.3	%		60.8	%		57.0	%		61.1	%			61.3	%			60.9	%

Personal Lines
Loss and loss expenses:
Loss and loss expenses - current AY			$	114		$	115		$	118		$	130		$	119		$	104		$	229		$	223			$	352			$	471
Loss and loss expenses - prior AY's				-			(5)			(17)			(4)			2			4			(5)			6				2				(15)
Catastrophes - current AY				7			4			33			14			32			10			10			42				57				89
Catastrophes - prior AY's				(1)			(10)			-			(1)			(2)			-			(11)			(2)				(3)				(3)
Total			$	120		$	104		$	134		$	139		$	151		$	118		$	223		$	269			$	408			$	542
Ratios to Earned Premium
Loss and loss expenses:
Loss and loss expenses - current AY				63.3	%		64.4	%		64.9	%		68.7	%		61.5	%		53.1	%		63.8	%		57.3	%			60.8	%			61.9	%
Loss and loss expenses - prior AY's				-			(3.0)			(9.4)			(2.2)			0.8			2.0			(1.5)			1.4				0.3				(2.0)
Catastrophes - current AY				3.8			2.0			18.2			7.4			16.4			5.1			2.9			10.7				9.8				11.7
Catastrophes - prior AY's				(0.3)			(6.1)			(0.3)			(0.3)			(0.8)			(0.1)			(3.2)			(0.4)				(0.5)				(0.4)
Total				66.8	%		57.3	%		73.4	%		73.6	%		77.9	%		60.1	%		62.0	%		69.0	%			70.4	%			71.2	%

2007 Second-Quarter Supplement


Cincinnati Insurance Group
10-Year Property Casualty Data - Consolidated

(Dollars in millions)	Years ended December 31,
	2006			2005			2004			2003			2002			2001			2000			1999			1998			1997
Premiums
Adjusted written premiums (statutory)*	$	3,172		$	3,097		$	3,026		$	2,789		$	2,496		$	2,188		$	1,936		$	1,681		$	1,558		$	1,472
Codification		-			-			-			-			-			402			(55)			-			-			-
Written premium adjustment -- statutory only		6			(21)			(29)			26			117			-			-			-			-			-
Reported written premiums (statutory)**		3,178			3,076			2,997			2,815			2,613			2,590			1,881			1,681			1,558			1,472
Unearned premiums change		(14)			(18)			(78)			(162)			(222)			(517)			(53)			(23)			(15)			(18)
Earned premiums (GAAP)	$	3,164		$	3,058		$	2,919		$	2,653		$	2,391		$	2,073		$	1,828		$	1,658		$	1,543		$	1,454

Year-over-year growth rate:
Adjusted written premiums (statutory)		2.4	%		2.3	%		8.5	%		11.7	%		14.0	%		13.0	%		15.2	%		7.9	%		5.8	%		6.4	%
Written premiums (statutory)		3.3	%		2.6	%		6.5	%		7.7	%		0.9	%		37.7	%		11.9	%		7.9	%		5.8	%		6.4	%
Earned premiums		3.5	%		4.8	%		10.0	%		11.0	%		15.3	%		13.4	%		10.3	%		7.5	%		6.1	%		6.4	%

Statutory combined ratio
Reported statutory combined ratio*		93.9	%		89.0			89.4	%		94.2	%		98.4	%		99.5	%		112.5	%		100.4	%		104.2	%		98.3	%
Codification		-			-			-			-			-			4.1			(0.9)			-			-			-
Written premium adjustment -- statutory only		nm			nm			nm			nm			1.2			-			-			-			-			-
One-time item		-			-			-			0.8			-			-			(1.7)			-			-			-
Statutory combined ratio (adjusted)		93.9	%		89.0	%		89.4	%		95.0	%		99.6	%		103.6	%		109.9	%		100.4	%		104.2	%		98.3	%
Less catastrophe losses		5.5			4.1			5.1			3.6			3.6			3.1			2.7			2.5			6.1
Statutory combined ratio excluding catastrophe losses (adjusted)		88.4	%		84.9	%		84.3	%		91.4	%		96.0	%		100.5	%		107.2	%		97.9	%		98.1	%

Reported commission expense ratio*		18.7	%		19.3	%		19.2	%		17.6	%		15.9	%		13.9	%		17.4	%		17.4	%		17.6	%
Codification		-			-			-			-			-			2.6			(0.5)			-			-
Written premium adjustment -- statutory only		nm			nm			nm			nm			0.8			-			-			-			-
One-time item		-			-			-			-			-			-			-			-			-
Commission expense ratio (adjusted)		18.7	%		19.3	%		19.2	%		17.6	%		16.7	%		16.5	%		16.9	%		17.4	%		17.6	%

Reported other expense ratio*		11.7	%		10.5	%		10.1	%		8.9	%		9.6	%		8.7	%		12.6	%		11.4	%		11.9	%
Codification		-			-			-			-			-			1.5			(0.4)			-			-
Written premium adjustment -- statutory only		nm			nm			nm			nm			0.4			-			-			-			-
One-time item		-			-			-			0.8			-			-			(1.7)			-			-
Other expense ratio (adjusted)		11.7	%		10.5	%		10.1	%		9.7	%		10.0	%		10.2	%		10.5	%		11.4	%		11.9	%

Reported statutory expense ratio*		30.4	%		29.8	%		29.3	%		26.5	%		25.5	%		22.6	%		30.0	%		28.8	%		29.5	%
Codification		-			-			-			-			-			4.1			(0.9)			-			-
Written premium adjustment -- statutory only		nm			nm			nm			nm			1.2			-			-			-			-
One-time item		-			-			-			0.8			-			-			(1.7)			-			-
Statutory expense ratio (adjusted)		30.4	%		29.8	%		29.3	%		27.3	%		26.7	%		26.7	%		27.4	%		28.8	%		29.5	%

GAAP combined ratio
GAAP combined ratio		94.3	%		89.2	%		89.8	%		94.7	%		99.7	%		104.9	%		112.8	%		100.2	%		104.3	%		98.4	%
One-time item		-			-			-			0.8			-			-			(2.1)			-			-			-
GAAP combined ratio before one-time item		94.3	%		89.2	%		89.8	%		95.5	%		99.7	%		104.9	%		110.7	%		100.2	%		104.3	%		98.4	%

Written premiums to surplus
Adjusted premiums to statutory surplus ratio		0.672			0.739			0.721			1.002			1.067			0.864
Written premium adjustment		0.001			(0.005)			(0.007)			0.010			0.050			0.159
Reported premiums to statutory surplus ratio		0.673			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 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.

2007 Second-Quarter Supplement


Cincinnati Insurance Group
6-Year Property Casualty Data - Commercial Lines

(Dollars in millions)	Years ended December 31,
	2006			2005			2004			2003			2002			2001
Premiums
Adjusted written premiums (statutory)*	$	2,435		$	2,306		$	2,209		$	2,009		$	1,795		$	1,551
Codification		-			-			-			-			-			276
Written premium adjustment – statutory only		7			(16)			(23)			22			110			-
Reported written premiums (statutory)	$	2,442		$	2,290		$	2,186		$	2,031		$	1,905		$	1,827
Unearned premiums change		(40)			(36)			(60)			(123)			(184)			(374)
Earned premiums (GAAP)	$	2,402		$	2,254		$	2,126		$	1,908		$	1,721		$	1,453

Year-over-year growth rate:
Adjusted written premiums (statutory)		5.6	%		4.4	%		10.0	%		11.9	%		15.8	%		16.9	%
Written premiums (statutory)		6.6	%		4.8	%		7.6	%		6.6	%		4.2	%		43.3	%
Earned premiums		6.6	%		6.0	%		11.4	%		10.8	%		18.6	%		17.9	%

Statutory combined ratio
Reported statutory combined ratio*		90.8	%		87.1	%		83.7	%		90.9	%		95.3	%		96.7	%
Codification		-			-			-			-			-			4.0
Written premium adjustment – statutory only		nm			nm			nm			nm			1.5			-
One-time item		-			-			-			0.7			-			-
Statutory combined ratio (adjusted)		90.8	%		87.1	%		83.7	%		91.6	%		96.8	%		100.7	%
Less catastrophe losses		3.7			3.4			3.4			2.2			2.3			1.9
Statutory combined ratio excluding catastrophe losses (adjusted)		87.1	%		83.7	%		80.3	%		89.4	%		94.5	%		98.8	%

GAAP combined ratio
GAAP combined ratio		91.3	%		87.4	%		84.1	%		91.3	%		96.6	%		101.7	%
One-time item		-			-			-			0.8			-			-
GAAP combined ratio before one-time item		91.3	%		87.4	%		84.1	%		92.1	%		96.6	%		101.7	%
*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.

2007 Second-Quarter Supplement


Cincinnati Insurance Group
6-Year Property Casualty Data - Personal Lines

(Dollars in millions)	Years ended December 31,
	2006			2005			2004			2003			2002			2001
Premiums
Adjusted written premiums (statutory)*	$	737		$	791		$	817		$	780		$	701		$	637
Codification		-			-			-			-			-			126
Written premium adjustment – statutory only		(1)			(5)			(6)			4			7			-
Reported written premiums (statutory)	$	736		$	786		$	811		$	784		$	708		$	763
Unearned premiums change		26			18			(18)			(39)			(38)			(143)
Earned premiums (GAAP)	$	762		$	804		$	793		$	745		$	670		$	620

Year-over-year growth rate:
Adjusted written premiums (statutory)		(6.8)	%		(3.2)	%		4.7	%		12.0	%		9.8	%		4.6	%
Written premiums (statutory)		(6.4)	%		(3.1)	%		3.4	%		10.8	%		(7.2)	%		26.1	%
Earned premiums		(5.2)	%		1.4	%		6.4	%		11.2	%		8.1	%		4.0	%

Statutory combined ratio
Reported statutory combined ratio*		103.6	%		94.3	%		104.6	%		102.9	%		106.5	%		105.9	%
Codification		-			-			-			-			-			4.6
Written premium adjustment – statutory only		nm			nm			nm			nm			0.3			-
One-time item		-			-			-			1.0			-			-
Statutory combined ratio (adjusted)		103.6	%		94.3	%		104.6	%		103.9	%		106.8	%		110.5	%
Less catastrophe losses		11.3			6.3			9.7			7.3			7.1			5.8
Statutory combined ratio excluding catastrophe losses (adjusted)		92.3	%		88.0	%		94.9	%		96.6	%		99.7	%		104.7	%

GAAP combined ratio
GAAP combined ratio		103.6	%		94.4	%		105.0	%		103.6	%		107.6	%		112.4	%
One-time item		-			-			-			1.1			-			-
GAAP combined ratio before one-time item		103.6	%		94.4	%		105.0	%		104.7	%		107.6	%		112.4	%

*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.

2007 Second-Quarter Supplement


Cincinnati Insurance Group
Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/07	9/30/07	6/30/07			3/31/07			12/31/06			9/30/06			6/30/06			3/31/06			6/30/07			6/30/06			9/30/07	9/30/06			12/31/07	12/31/06
Premiums
Adjusted written premiums (statutory)			$	808		$	811		$	785		$	787		$	804		$	796		$	1,619		$	1,600			$	2,387			$	3,172
Written premium adjustment – statutory only				2			35			(30)			(7)			10			33			37			43				36				6
Reported written premiums (statutory)*			$	810		$	846		$	755		$	780		$	814		$	829		$	1,656		$	1,643			$	2,423			$	3,178
Unearned premiums change				(23)			(61)			47			11			(21)			(51)			(85)			(72)				(60)				(14)
Earned premiums			$	787		$	785		$	802		$	791		$	793		$	778		$	1,571		$	1,571			$	2,363			$	3,164

Statutory combined ratio
Statutory combined ratio				87.7	%		87.7	%		95.9	%		96.4	%		93.7	%		89.6	%		87.7	%		91.7	%			93.2	%			93.9	%
Less catastrophe losses				1.4			0.4			5.5			3.5			8.0			5.0			0.9			6.5				5.5				5.5
Statutory combined ratio excluding catastrophe losses				86.3	%		87.3	%		90.4	%		92.9	%		85.7	%		84.6	%		86.8	%		85.2	%			87.7	%			88.4	%

Commission expense ratio				18.1	%		18.0	%		19.9	%		19.3	%		17.6	%		18.2	%		18.0	%		17.9	%			18.3	%			18.7	%
Other expense ratio				11.7	%		11.4	%		13.4	%		11.9	%		10.8	%		10.8	%		11.6	%		10.8	%			11.2	%			11.7	%
Statutory expense ratio				29.8	%		29.4	%		33.3	%		31.2	%		28.4	%		29.0	%		29.6	%		28.7	%			29.5	%			30.4	%

GAAP combined ratio
GAAP combined ratio				88.6	%		89.6	%		94.5	%		96.1	%		94.5	%		92.0	%		89.1	%		93.3	%			94.2	%			94.3	%

*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts
may not equal the full year as each is computed independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

2007 Second-Quarter Supplement


Cincinnati Insurance Group
Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/07	9/30/07	6/30/07			3/31/07			12/31/06			9/30/06			6/30/06			3/31/06			6/30/07			6/30/06			9/30/07	9/30/06			12/31/07	12/31/06
Premiums
Adjusted written premiums (statutory)			$	611		$	658		$	618		$	589		$	593		$	635		$	1,269		$	1,228			$	1,817			$	2,435
Written premium adjustment -- statutory only				2			35			(29)			(7)			10			33			37			43				36				7
Reported written premiums (statutory) *			$	613		$	693		$	589		$	582		$	603		$	668		$	1,306		$	1,271			$	1,853			$	2,442
Unearned premiums change				(6)			(89)			30			20			(4)			(86)			(96)			(90)				(69)				(40)
Earned premiums			$	607		$	604		$	619		$	602		$	599		$	582		$	1,210		$	1,181			$	1,784			$	2,402

Statutory combined ratio
Statutory combined ratio				84.4	%		86.5	%		92.4	%		94.1	%		89.6	%		87.5	%		85.4	%		88.6	%			90.3	%			90.8	%
Less catastrophe losses				0.8			1.8			1.9			2.3			5.6			5.1			1.3			5.3				4.3				3.7
Statutory combined ratio excluding catastrophe losses				83.6	%		84.7	%		90.5	%		91.8	%		84.0	%		82.4	%		84.1	%		83.3	%			86.0	%			87.1	%

GAAP combined ratio
GAAP combined ratio				85.2	%		88.9	%		91.1	%		93.4	%		90.3	%		90.5	%		87.0	%		90.4	%			91.4	%			91.3	%

*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is
computed independently.
*nm - Not meaningful
*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

2007 Second-Quarter Supplement


Cincinnati Insurance Group
Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																				Six months ended						Nine months ended				Twelve months ended
	12/31/07	9/30/07	6/30/07			3/31/07			12/31/06			9/30/06			6/30/06			3/31/06			6/30/07			6/30/06			9/30/07	9/30/06			12/31/07	12/31/06
Premiums
Adjusted written premiums (statutory)			$	197		$	153		$	167		$	198		$	211		$	161		$	350		$	372			$	570			$	737
Written premium adjustment -- statutory only				-			-			(1)			-			-			-			-			-				-				(1)
Reported written premiums (statutory)*			$	197		$	153		$	166		$	198		$	211		$	161		$	350		$	372			$	570			$	736
Unearned premiums change				(17)			28			17			(9)			(17)			35			11			18				9				26
Earned premiums			$	180		$	181		$	183		$	189		$	194		$	196		$	361		$	390			$	579			$	762

Statutory combined ratio
Statutory combined ratio				98.6	%		93.5	%		107.7	%		104.0	%		106.4	%		98.1	%		95.8	%		101.6	%			102.3	%			103.6	%
Less catastrophe losses				3.5			(4.1)			17.9			7.1			15.6			5.0			(0.3)			10.3				9.2				11.3
Statutory combined ratio excluding catastrophe losses				95.1	%		97.6	%		89.8	%		96.9	%		90.8	%		93.1	%		96.1	%		91.3	%			93.1	%			92.3	%

GAAP combined ratio
GAAP combined ratio				99.9	%		92.0	%		106.0	%		104.4	%		107.6	%		96.4	%		96.0	%		102.0	%			102.8	%			103.6	%

*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
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.

2007 Second-Quarter Supplement


The Cincinnati Life Insurance Company
GAAP Statements of Income

	For the Three Months Ended June 30,							For the Six Months Ended June 30,
	2007		2006		Change		% Change	2007		2006		Change		% Change
Revenues:
Premiums earned:
Property casualty	$	-	$	-	$	-	-	$	-	$	-	$	-	-
Life		43,321,722		38,150,148		5,171,574	13.56		82,268,196		73,024,692		9,243,504	12.66
Accident health		1,605,439		1,505,451		99,988	6.64		3,364,290		3,239,348		124,942	3.86
Premiums ceded		(9,552,516)		(9,912,540)		360,024	(3.63)		(19,838,858)		(20,233,150)		394,292	(1.95)
Total premiums earned		35,374,645		29,743,059		5,631,586	18.93		65,793,628		56,030,890		9,762,738	17.42
Investment income		27,765,895		27,114,967		650,928	2.40		56,078,479		53,390,153		2,688,326	5.04
Realized investment gains and losses		43,724,176		249,714		43,474,462	17,409.70		51,868,589		42,583,970		9,284,619	21.80
Other income		954,180		1,058,226		(104,046)	(9.83)		2,319,751		1,804,280		515,471	28.57
Total revenues	$	107,818,896	$	58,165,966	$	49,652,930	85.36	$	176,060,447	$	153,809,293	$	22,251,154	14.47


Benefits & expenses:
Losses & policy benefits	$	45,215,724	$	46,203,300	$	(987,576)	(2.14)	$	82,105,936	$	75,537,920	$	6,568,016	8.69
Reinsurance recoveries		(10,494,069)		(17,842,074)		7,348,005	(41.18)		(20,146,994)		(16,977,076)		(3,169,918)	18.67
Commissions		9,073,611		8,828,858		244,753	2.77		18,012,886		17,235,774		777,112	4.51
Other operating expenses		8,064,874		6,764,016		1,300,858	19.23		15,550,427		12,906,309		2,644,118	20.49
Interest expense		-		-		-	-		-		-		-	-
Taxes, licenses & fees		879,191		920,480		(41,289)	(4.49)		1,826,053		1,750,889		75,164	4.29
Incr deferred acq expense		(2,392,182)		(2,750,888)		358,706	(13.04)		(6,328,619)		(7,693,293)		1,364,674	(17.74)
Other expenses		44		45		(1)	(2.22)		108		109		(1)	(0.92)
Total expenses	$	50,347,193	$	42,123,737	$	8,223,456	19.52	$	91,019,797	$	82,760,632	$	8,259,165	9.98


Income before income taxes	$	57,471,703	$	16,042,229	$	41,429,474	258.25	$	85,040,650	$	71,048,661	$	13,991,989	19.69

Provision for income taxes:
Current	$	732,143	$	3,219,524	$	(2,487,381)	(77.26)	$	3,432,897	$	5,353,299	$	(1,920,402)	(35.87)
Current capital gains/losses		15,409,462		87,400		15,322,062	17,530.96		18,280,006		14,904,390		3,375,616	22.65
Deferred		3,683,568		2,402,777		1,280,791	53.30		7,742,997		5,394,777		2,348,220	43.53
Total income taxes	$	19,825,173	$	5,709,701	$	14,115,472	247.22	$	29,455,900	$	25,652,466	$	3,803,434	14.83

Net income	$	37,646,530	$	10,332,528	$	27,314,002	264.35	$	55,584,750	$	45,396,195	$	10,188,555	22.44

2007 Second-Quarter Supplement


The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2007		2006	% Change		2007		2006	% Change

Net premiums written	$	42,506,686	$	39,137,737	8.61	$	82,947,704	$	77,446,206	7.10
Net investment income		27,770,844		27,114,966	2.42		56,088,420		53,390,153	5.05
Amortization of interest maintenance reserve		(29,278)		45,868	(163.83)		(10,992)		82,450	(113.33)
Commissions and expense allowances on reinsurance ceded		2,556,893		1,937,705	31.95		4,518,982		3,944,305	14.57
Income from fees associated with Separate Accounts		954,180		1,058,226	(9.83)		2,319,751		1,804,280	28.57
Total revenues	$	73,759,325	$	69,294,503	6.44	$	145,863,865	$	136,667,393	6.73

Death benefits and matured endowments	$	10,021,052	$	10,198,198	(1.74)	$	17,046,832	$	20,638,449	(17.40)
Annuity benefits		9,205,429		8,319,768	10.65		17,651,674		16,155,742	9.26
Disability benefits and benefits under accident and health contracts		599,829		534,747	12.17		992,416		658,777	50.65
Surrender benefits and group conversions		6,200,000		4,409,286	40.61		11,072,348		11,792,038	(6.10)
Interest and adjustments on deposit-type contract funds		1,697,632		1,903,705	(10.82)		4,399,276		4,754,857	(7.48)
Increase in aggregate reserves for life and accident and health contracts		27,858,492		23,805,463	17.03		54,986,222		45,356,446	21.23
Payments on supplementary contracts with life contingencies		81,492		78,606	3.67		172,013		154,084	11.64
Total benefit expenses	$	55,663,926	$	49,249,774	13.02	$	106,320,781	$	99,510,393	6.84

Commissions	$	8,898,611	$	8,729,108	1.94	$	17,732,886	$	17,036,274	4.09
General insurance expenses and taxes		9,654,999		8,332,438	15.87		19,481,284		16,727,747	16.46
Increase in loading on deferred and uncollected premiums		(2,432,746)		(1,618,597)	50.30		(3,811,320)		(2,972,289)	28.23
Net transfers to or (from) Separate Accounts		(215,913)		(211,220)	2.22		(215,913)		(211,220)	2.22
Other deductions		45		45	(0.04)		108		109	(0.59)
Total operating expenses	$	15,904,996	$	15,231,774	4.42	$	33,187,045	$	30,580,620	8.52

Federal and Foreign Income Taxes Incurred		949,482		2,914,410	(67.42)		3,560,686		4,803,602	(25.87)

Net gain from operations before realized capital gains or (losses)	$	1,240,921	$	1,898,546	(34.64)	$	2,795,353	$	1,772,778	57.68

Net realized gains or (losses) net of capital gains tax		28,916,326		0	N/A		34,727,877		27,697,576	25.38

Net Income (Statutory)	$	30,157,247	$	1,898,546	1,488.44	$	37,523,230	$	29,470,354	27.33

*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.

2007 Second-Quarter Supplement


The Cincinnati Life Insurance Company
Statutory Expenses as a Percentage of Premium

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended				Twelve months ended
	12/31/07			09/30/07			06/30/07			03/31/07			12/31/06			09/30/06			06/30/06			03/31/06			06/30/07			06/30/06			09/30/07	09/30/06			12/31/07	12/31/06
Gross Written Premiums							$	54		$	53		$	54		$	50		$	51		$	50		$	107		$	101			$	152			$	206
Bank Owned Life Insurance (BOLI) Adjustment								-			-			-			-			-			-			-			-				-				-
Adjusted Gross Written Premiums							$	54		$	53		$	54		$	50		$	51		$	50		$	107		$	101			$	152			$	206

Insurance Expense							$	9		$	9		$	10		$	7		$	7		$	7		$	18		$	14			$	21			$	31

Expense Ratio								16.7	%		17.7	%		17.8	%		14.7	%		13.5	%		14.5	%		16.8	%		14.0	%			14.0	%			15.0	%
Expense Ratio based on Adjusted Gross Written Premium								16.7	%		17.7	%		17.8	%		14.7	%		13.5	%		14.5	%		16.8	%		14.0	%			14.0	%			15.0	%



(Dollars in millions)	Years ended December 31,
	2006			2005			2004			2003			2002			2001			2000
Gross Written Premiums	$	206		$	249		$	230		$	173		$	244		$	122		$	157
Bank Owned Life Insurance (BOLI) Adjustment		-			-			(10)			-			(34)			-			(20)
Adjusted Gross Written Premiums	$	206		$	249		$	220		$	173		$	210		$	122		$	137

Insurance Expense	$	31		$	29		$	25		$	25		$	27		$	25		$	20

Expense Ratio		15.0	%		11.7	%		11.1	%		14.8	%		10.9	%		20.6	%		12.9	%
Expense Ratio based on Adjusted Gross Written Premium		15.0	%		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.*

2007 Second-Quarter Supplement


Cincinnati Financial Corporation
Supplemental Financial Data
June 30, 2007
Second 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++	na	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	na	AA-


	Ratings are as of August 7, 2007, 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 2006. The results of operations for interim periods should not be considered indicative of results to be expected for the full year. Certain 2006 interim period data has been updated to correct rounding differences.


	Cincinnati Financial Corporation
	Supplemental Financial Data
	Second Quarter 2007
		Page	Status
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3	8/7/2007

Consolidated
	Quick Reference	4	8/7/2007
	Consolidated Statements of Income	5	8/7/2007
	CFC and Subsidiary Consolidation – Six Months Ended June 30, 2007	6	8/7/2007
	CFC and Subsidiary Consolidation – Six Months Ended June 30, 2006	7	8/7/2007
	CFC and Subsidiary Consolidation – Three Months Ended June 30, 2007	8	8/7/2007
	CFC and Subsidiary Consolidation – Three Months Ended June 30, 2006	9	8/7/2007
	Consolidated Balance Sheets	10	8/7/2007
	10-Year Net Income Reconciliation	11	8/7/2007
	Quarterly Net Income Reconciliation	12	8/7/2007
	Top Holdings – Common Stocks	13	8/7/2007
	CFC Subsidiaries – Selected Quarterly Balance Sheet Data	14	8/7/2007

Property Casualty Insurance Operations
	GAAP Statements of Income	15	8/7/2007
	Statutory Statements of Income	16	8/7/2007
	Statutory Quarterly Analysis – Consolidated	17	8/7/2007
	Statutory Quarterly Analysis – Commercial Lines	18	8/7/2007
	Statutory Quarterly Analysis – Personal Lines	19	8/7/2007
	Direct Written Premiums by Line of Business and State	20	8/7/2007
	Quarterly Property Casualty Data – Commercial Lines of Business	21	8/7/2007
	Quarterly Property Casualty Data – Personal Lines of Business	22	8/7/2007
	Quarterly Detailed Loss Analysis	23	8/7/2007

Reconciliation Data
	10-Year Property Casualty Data – Consolidated	24	8/7/2007
	6-Year Property Casualty Data – Commercial Lines	25	8/7/2007
	6-Year Property Casualty Data – Personal Lines	26	8/7/2007
	Quarterly Property Casualty Data – Consolidated	27	8/7/2007
	Quarterly Property Casualty Data – Commercial Lines	28	8/7/2007
	Quarterly Property Casualty Data – Personal Lines	29	8/7/2007

Life Insurance Operations
	GAAP Statements of Income	30	8/7/2007
	Statutory Statements of Income	31	8/7/2007
	Expenses as a Percentage of Premium	32	8/7/2007