Exhibit 99.2

Cincinnati Financial Corporation
Supplemental Financial Data
September 30, 2008
Third Quarter

6200 South Gilmore Road
Fairfield, Ohio 45014-5141
www.cinfin.com

Investor Contact:	Media Contact:	Shareholder Contact:
Heather J. Wietzel	Joan O. Shevchik	Jerry L. Litton
(513) 870-2768	(513) 603-5323	(513) 870-2639

							Standard &
	A.M. Best		Fitch		Moody’s		Poor’s
Cincinnati Financial Corporation
Corporate Debt	aa-			A-		A3	BBB+
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
Standard Market Subsidiaries:		A++		—		A1		A+
The Cincinnati Insurance Company		A++	AA-			A1		A+
The Cincinnati Indemnity Company		A++	AA-			A1		A+
The Cincinnati Casualty Company		A++	AA-			A1		A+
Excess and Surplus Lines Subsidiary:
The Cincinnati Specialty Underwriters Insurance Company		A		—		—		—
The Cincinnati Life Insurance Company		A+	AA-			—		A+

Ratings are as of September 25, 2008, under negative review or outlook and always subject to change and/or affirmation. For the latest ratings, select Ratings tab on www.cinfin.com.

The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.

Cincinnati Financial Corporation
Supplemental Financial Data
Third Quarter 2008

		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures		3
Consolidated (Includes Cincinnati Specialty Underwriters Insurance Company (CSU))
	Quick Reference		4
	Consolidated Statements of Income		5
	CFC and Subsidiary Consolidation — Nine Months Ended September 30, 2008		6
	CFC and Subsidiary Consolidation — Three Months Ended September 30, 2008		7
	Consolidated Balance Sheets		8
	Quarterly Net Income Reconciliation		9
	Top Holdings — Common Stocks		10
	CFC Subsidiaries — Selected Balance Sheet Data		11
Property Casualty Insurance Group Operations (Excludes CSU)
	GAAP Statements of Income		12
	Statutory Statements of Income		13
	Statutory Quarterly Analysis — All Lines		14
	Statutory Quarterly Analysis — Commercial Lines		15
	Statutory Quarterly Analysis — Personal Lines		16
	Direct Written Premiums by Line of Business and State		17
	Quarterly Property Casualty Data — Commercial Lines of Business		18
	Quarterly Property Casualty Data — Personal Lines of Business		19
	Quarterly Detailed Loss Analysis		20
Reconciliation Data (Excludes CSU)
	Quarterly Property Casualty Data — All Lines		21
	Quarterly Property Casualty Data — Commercial Lines		22
	Quarterly Property Casualty Data — Personal Lines		23
Life Insurance Operations
	GAAP Statements of Income		24
	Statutory Statements of Income		25

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.

3

Cincinnati Financial Corporation
Quick Reference — Third Quarter 2008
(all data shown is for the three months ended or as of September 30, 2008)

(Based on reported data — see Pages 21-23 for adjusted data)

				Year over year
	9/30/2008			change %
Revenues:
Commercial lines net written premiums	$	538			(1.2	)
Personal lines net written premiums		184			(4.0	)
Excess & Surplus lines net written premiums		5		nm
Property casualty net written premiums		727			(1.3	)
Commercial lines net earned premiums		582			(3.0	)
Personal lines net earned premiums		167			(5.4	)
Excess & Surplus lines net earned premiums		2		nm
Property casualty net earned premiums		751			(3.3	)
Life and accident and health net earned premiums		30			(12.2	)
Investment income		130			(14.4	)
Realized gains on investments		272		nm
Other income		3			(8.0	)
Total revenues		1,186			20.8
Income:
Operating income	$	74			(35.4	)
Net realized investment gains and losses		173		nm
Net income (loss)		247			99.5
Per share (diluted):
Operating income	$	0.45			(31.8	)
Net realized investment gains and losses		1.05		nm
Net income (loss)		1.50			108.3
Book value		28.87			(25.0	)
Weighted average shares — diluted		164,242,185			(4.7	)
Benefits and expenses:
Commercial lines loss and loss expenses	$	371			(6.1	)
Personal lines loss and loss expenses		151			17.7
Excess & Surplus lines loss and loss expenses		1		nm
Life and accident and health losses and policy benefits		41			11.8
Operating expenses		253			1.5
Interest expenses		14			11.2
Total expenses		830			1.0
Net loss before income taxes		356			122.7
Total income tax benefit		109			202.9
Effective tax rate		30.6	%	nm
Ratios:
Commercial lines GAAP combined ratio		94.9	%
Personal lines GAAP combined ratio		122.5
Excess & Surplus lines GAAP combined ratio		201.5
Property casualty GAAP combined ratio		101.3
Commercial lines STAT combined ratio		97.3	%
Personal lines STAT combined ratio		120.6
Excess & Surplus lines STAT combined ratio		148.8
Property casualty STAT combined ratio		102.8
Return on equity based upon net income		21.0	%
Return on equity based upon operating income		6.3
Balance Sheet:
Fixed maturity investments	$	5,729
Equity securities		4,137
Short-term investments		212
Other invested assets		82
Total invested assets	$	10,160
Property casualty and life loss and loss expense reserves	$	5,719
Total debt		861
Shareholders’ equity		4,687

4

Cincinnati Financial Corporation
Consolidated Statements of Income

	For the Three Months Ended September 30,												For the Nine Months Ended September 30,
	2008			2007			Change			% Change			2008			2007			Change			% Change
Revenues:
Premiums earned:
Property Casualty	$	802,233,648		$	820,957,046		$	(18,723,398	)		(2.28	)	$	2,397,285,096		$	2,477,854,355		$	(80,569,259	)		(3.25	)
Life		40,729,802			42,395,592			(1,665,790	)		(3.93	)		125,439,013			124,663,788			775,225			0.62
Accident health		1,876,918			1,776,832			100,086			5.63			5,429,201			5,141,122			288,079			5.60
Premiums ceded		(64,230,406	)		(54,453,334	)		(9,777,072	)		17.95			(172,911,865	)		(160,490,771	)		(12,421,094	)		7.74
Total premiums earned		780,609,962			810,676,136			(30,066,174	)		(3.71	)		2,355,241,445			2,447,168,494			(91,927,049	)		(3.76	)
Investment income		130,110,465			152,051,554			(21,941,089	)		(14.43	)		412,167,203			450,376,849			(38,209,646	)		(8.48	)
Realized gain on investments		272,012,497			15,713,227			256,299,270		nm				28,295,897			370,146,519			(341,850,622	)		(92.36	)
Other income		3,072,121			3,339,995			(267,874	)		(8.02	)		10,658,100			14,893,770			(4,235,670	)		(28.44	)
Total revenues	$	1,185,805,045		$	981,780,912		$	204,024,133			20.78		$	2,806,362,645		$	3,282,585,632		$	(476,222,987	)		(14.51	)
Benefits & expenses:
Losses & policy benefits	$	653,976,246		$	585,951,417		$	68,024,829			11.61		$	1,864,946,329		$	1,649,479,484		$	215,466,845			13.06
Reinsurance recoveries		(91,680,527	)		(26,400,951	)		(65,279,576	)		247.26			(171,957,423	)		(116,025,070	)		(55,932,353	)		48.21
Commissions		129,965,480			136,051,090			(6,085,610	)		(4.47	)		427,548,120			465,911,059			(38,362,939	)		(8.23	)
Other operating expenses		108,248,235			90,099,173			18,149,062			20.14			292,445,587			266,394,046			26,051,541			9.78
Interest expense		14,149,207			12,726,648			1,422,559			11.18			39,391,454			38,703,204			688,250			1.78
Taxes, licenses & fees		16,288,308			17,904,979			(1,616,671	)		(9.03	)		52,438,158			56,801,190			(4,363,032	)		(7.68	)
Incr deferred acq expense		(1,001,796	)		5,679,866			(6,681,662	)		(117.64	)		(18,167,733	)		(17,013,847	)		(1,153,886	)		6.78
Total expenses	$	829,945,153		$	822,012,222		$	7,932,931			0.97		$	2,486,644,492		$	2,344,250,066		$	142,394,426			6.07
Income (loss) before income taxes	$	355,859,892		$	159,768,690		$	196,091,202			122.73		$	319,718,153		$	938,335,566		$	(618,617,413	)		(65.93	)
Provision for income taxes:
Current operating income	$	41,159,742		$	26,303,009		$	14,856,733			56.48		$	133,510,791		$	132,246,641		$	1,264,150			0.96
Realized investments gains and losses		98,674,151			5,992,647			92,681,504		nm				12,195,309			132,412,878			(120,217,569	)		(90.79	)
Deferred		(30,980,183	)		3,644,481			(34,624,664	)		(950.06	)		(93,828,914	)		4,978,995			(98,807,909	)		nm
Total income taxes	$	108,853,710		$	35,940,137		$	72,913,573			202.88		$	51,877,186		$	269,638,514		$	(217,761,328	)		(80.76	)
Net income	$	247,006,182		$	123,828,553		$	123,177,629			99.47		$	267,840,967		$	668,697,052		$	(400,856,085	)		(59.95	)
Comprehensive net income	$	40,798,778		$	(149,174,974	)	$	189,973,752			(127.35	)	$	(926,614,532	)	$	29,253,026		$	(955,867,558	)	nm
Operating income	$	73,667,836		$	114,107,975		$	(40,440,139	)		(35.44	)	$	251,740,379		$	430,953,411		$	(179,213,032	)		(41.59	)
Net realized investments gains and losses	$	173,338,346		$	9,720,580		$	163,617,766		nm			$	16,100,588		$	237,733,641		$	(221,633,053	)		(93.23	)
Net income per share:
Operating income	$	0.45		$	0.67		$	(0.22	)		(32.84	)	$	1.54		$	2.51		$	(0.97	)		(38.65	)
Net realized investments gains and losses		1.06			0.05			1.01		nm				0.10			1.38			(1.28	)		(92.75	)
Net income (loss) per share (basic)	$	1.51		$	0.72		$	0.79			109.72		$	1.64		$	3.89		$	(2.25	)		(57.84	)
Operating income	$	0.45		$	0.66		$	(0.21	)		(31.82	)	$	1.54		$	2.49		$	(0.95	)		(38.15	)
Net realized investments gains and losses		1.05			0.06			0.99		nm				0.10			1.37			(1.27	)		(92.70	)
Net income (loss) per share (diluted)	$	1.50		$	0.72		$	0.78			108.33		$	1.64		$	3.86		$	(2.22	)		(57.51	)
Dividends per share:
Paid	$	0.390		$	0.355		$	0.035			9.86		$	1.135		$	1.045		$	0.09			8.61
Declared	$	0.390		$	0.355		$	0.035			9.86		$	1.170		$	1.065		$	0.11			9.86
Number of shares:
Weighted avg — basic		164,146,095			171,068,956			(6,922,861	)		(4.05	)		163,404,320			171,804,376			(8,400,056	)		(4.89	)
Weighted avg — diluted		164,242,185			172,399,539			(8,157,354	)		(4.73	)		163,834,163			173,423,199			(9,589,036	)		(5.53	)

5

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2008

	Total			CFC			CONSOL P&C			CLIC			CFC-I			CINFIN			C-SUPR			ELIM
Revenues:
Premiums earned:
Property Casualty	$	2,397,285,096		$	—		$	2,397,869,818		$	—		$	—		$	—		$	—		$	(584,722	)
Life		125,439,013			—			—			125,439,013			—			—			—			—
Accident health		5,429,201			—			—			5,429,201			—			—			—			—
Premiums ceded		(172,911,865	)		—			(134,953,001	)		(37,958,864	)		—			—			—			—
Total earned premium		2,355,241,445			—			2,262,916,817			92,909,350			—			—			—			(584,722	)
Investment income		412,167,203			56,157,915			266,951,430			88,259,571			343,612			158,394			36,435			259,846
Realized gain on investments		28,295,897			(140,733,165	)		103,452,621			(67,087,119	)		303,572			(771,978	)		—			133,131,966
Other income		10,658,100			9,432,048			2,891,422			1,324,832			6,152,450			1,749,922			422,132			(11,314,706	)
Total revenues	$	2,806,362,645		$	(75,143,202	)	$	2,636,212,290		$	115,406,634		$	6,799,634		$	1,136,338		$	458,567		$	121,492,384
Benefits & expenses:
Losses & policy benefits	$	1,864,946,329		$	—		$	1,720,187,487		$	148,219,872		$	—		$	—		$	—		$	(3,461,030	)
Reinsurance recoveries		(171,957,423	)		—			(138,305,695	)		(33,651,728	)		—			—			—			—
Commissions		427,548,120			82,500			409,018,691			18,869,061			—			—			—			(422,132	)
Other operating expenses		292,445,587			17,846,415			255,075,233			22,799,674			3,289,248			556,925			1,618,579			(8,740,487	)
Interest expense		39,391,454			37,320,192			409,404			—			2,155,714			—			—			(493,856	)
Taxes, licenses & fees		52,438,158			909,163			48,328,365			3,115,439			21,360			53,238			10,593			—
Incr deferred acq expenses		(18,167,733	)		—			(6,136,501	)		(12,031,232	)		—			—			—			—
Total expenses	$	2,486,644,492		$	56,158,270		$	2,288,576,984		$	147,321,086		$	5,466,322		$	610,163		$	1,629,172		$	(13,117,505	)
Income before income taxes	$	319,718,153		$	(131,301,472	)	$	347,635,306		$	(31,914,452	)	$	1,333,312		$	526,175		$	(1,170,605	)	$	134,609,889
Provision for income taxes:
Current operating income	$	133,510,791		$	1,708,490		$	157,817,524		$	20,039,654		$	374,110		$	563,776		$	(396,575	)	$	(46,596,188	)
Capital gains/losses		12,195,309			(50,291,608	)		39,515,163			(23,460,492	)		106,250			(270,192	)		—			46,596,188
Deferred		(93,828,914	)		(12,399,350	)		(120,411,810	)		(8,006,690	)		43,598			(159,588	)		(8,535	)		47,113,461
Total income tax	$	51,877,186		$	(60,982,468	)	$	76,920,877		$	(11,427,528	)	$	523,958		$	133,996		$	(405,110	)	$	47,113,461
Net income — current year	$	267,840,967		$	(70,319,004	)	$	270,714,429		$	(20,486,924	)	$	809,354		$	392,179		$	(765,495	)	$	87,496,428
Net income — prior year	$	668,687,052		$	97,796,824		$	495,854,570		$	63,772,452		$	1,696,452		$	932,933		$	—		$	8,633,821
Change in net income		-59.9	%		-171.9	%		-45.4	%		-132.1	%		-52.3	%		-58.0	%		N/A

6

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended September 30, 2008

	Total			CFC			CONSOL P&C			CLIC			CFC-I			CINFIN			C-SUPR			ELIM
Revenues:
Premiums earned:
Property Casualty	$	802,233,648		$	—		$	802,233,267		$	—		$	—		$	—		$	—		$	381
Life		40,729,802			—			—			40,729,802			—			—			—			—
Accident health		1,876,918			—			—			1,876,918			—			—			—			—
Premiums ceded		(64,230,406	)		—			(51,378,608	)		(12,851,798	)		—			—			—			—
Total earned premium		780,609,962			—			750,854,659			29,754,922			—			—			—			381
Investment income		130,110,465			15,270,883			83,848,139			29,944,299			127,849			8,785			7,583			902,927
Realized gain on investments		272,012,497			(71,774,086	)		255,938,231			(45,300,879	)		101,190			(213,700	)		—			133,261,741
Other income		3,072,121			3,669,066			1,070,011			(42,060	)		1,907,299			571,061			234,700			(4,337,956	)
Total revenues	$	1,185,805,045		$	(52,834,137	)	$	1,091,711,040		$	14,356,282		$	2,136,338		$	366,146		$	242,283		$	129,827,093
Benefits & expenses:
Losses & policy benefits	$	653,976,246		$	—		$	601,044,209		$	54,001,586		$	—		$	—		$	—		$	(1,069,549	)
Reinsurance recoveries		(91,680,527	)		—			(78,014,927	)		(13,477,282	)		—			—			—			(188,318	)
Commissions		129,965,480			27,500			123,832,174			6,340,506			—			—			—			(234,700	)
Other operating expenses		108,248,235			5,915,334			95,461,987			7,931,123			1,046,065			213,338			591,647			(2,911,259	)
Interest expense		14,149,207			13,224,344			171,257			—			753,606			—			—			—
Taxes, licenses & fees		16,288,308			303,055			14,898,322			1,065,416			2,730			16,250			2,535			—
Incr deferred acq expenses		(1,001,796	)		—			2,871,040			(3,872,836	)		—			—			—			—
Total expenses	$	829,945,153		$	19,470,233		$	760,264,062		$	51,988,513		$	1,802,401		$	229,588		$	594,182		$	(4,403,826	)
Income before income taxes	$	355,859,892		$	(72,304,370	)	$	331,446,978		$	(37,632,231	)	$	333,937		$	136,558		$	(351,899	)	$	134,230,919
Provision for income taxes:
Current operating income	$	41,159,742		$	(4,895,021	)	$	83,694,843		$	8,854,764		$	50,343		$	175,430		$	(124,429	)	$	(46,596,188	)
Capital gains/losses		98,674,151			(25,755,930	)		93,728,580			(15,855,308	)		35,416			(74,795	)		—			46,596,188
Deferred		(30,980,183	)		1,868,616			(73,637,772	)		(6,144,473	)		18,040			(68,666	)		3,251			46,980,821
Total income tax	$	108,853,710		$	(28,782,335	)	$	103,785,651		$	(13,145,017	)	$	103,799		$	31,969		$	(121,178	)	$	46,980,821
Net income — current year	$	247,006,182		$	(43,522,035	)	$	227,661,327		$	(24,487,214	)	$	230,138		$	104,589		$	(230,721	)	$	87,250,098
Net income — prior year	$	123,828,556		$	26,360,946		$	88,226,236		$	8,187,703		$	534,691		$	332,063		$	—		$	186,917
Change in net income		99.5	%		-265.1	%		158.0	%		-399.1	%		-57.0	%		-68.5	%		N/A

7

Cincinnati Financial Corporation
Consolidated Balance Sheets

	September 30,			December 31,
(Dollars in millions except per share data)	2008			2007
	(unaudited)
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2008—$5,943; 2007—$5,783) (includes securities pledged to creditors: 2008—$0; 2007—$745)	$	5,729		$	5,848
Equity securities, at fair value (cost: 2008—$2,400; 2007—$2,975)		4,137			6,249
Short-term investments, at fair value (amortized cost: 2008—$212; 2007—$101)		212			101
Other invested assets		82			63
Total investments		10,160			12,261
Cash and cash equivalents		347			226
Securities lending collateral invested		—			760
Investment income receivable		96			124
Finance receivable		74			92
Premiums receivable		1,103			1,107
Reinsurance receivable		846			754
Prepaid reinsurance premiums		13			13
Deferred policy acquisition costs		501			461
Land, building and equipment, net, for company use (accumulated depreciation: 2008—$290; 2007—$276)		235			239
Other assets		381			72
Separate accounts		547			528
Total assets	$	14,303		$	16,637
Liabilities
Insurance reserves
Losses and loss expense	$	4,166		$	3,967
Life policy reserves		1,553			1,478
Unearned premiums		1,583			1,564
Securities lending payable		—			760
Other liabilities		671			574
Deferred income tax		236			977
Notes payable		69			69
6.125% senior debenture due 2034		371			371
6.9% senior debenture due 2028		28			28
6.92% senior debenture due 2028		392			392
Separate accounts		547			528
Total liabilities		9,616			10,708
Shareholders’ equity
Common stock, par value—$2 per share; authorized: 2008—500 million shares, 2007—500 million shares; issued: 2008—196 million shares, 2007—196 million shares		393			393
Paid-in capital		1,063			1,049
Retained Earnings		3,482			3,404
Accumulated other comprehensive income		956			2,151
Treasury stock at cost (2008—34 million shares, 2007—30 million shares)		(1,207	)		(1,068	)
Total shareholders’ equity		4,687			5,929
Total liabilities and shareholders’ equity	$	14,303		$	16,637

8

Cincinnati Financial Corporation
Quarterly Net Income Reconciliation

	Three months ended																					Six months ended						Nine months ended						Twelve months ended
(In millions except per share data)	12/31/08	9/30/08			6/30/08			3/31/08			12/31/07		9/30/07			6/30/07			3/31/07			6/30/08			6/30/07			9/30/08			9/30/07			12/31/08	12/31/07
Net income (loss)		$	247		$	63		$	(42	)	$	187	$	124		$	351		$	194		$	21		$	545		$	268		$	669			$	855
Net realized investment gains and losses			173			(6	)		(151	)		8		10			187			41			(157	)		228			16			238				245
Operating income			74			69			109			179		114			164			153			178			317			252			431				610
Less catastrophe losses			(41	)		(74	)		(28	)		1		(9	)		(7	)		(2	)		(101	)		(9	)		(142	)		(18	)			(17	)
Operating income before catastrophe losses		$	115		$	143		$	137		$	178	$	123		$	171		$	155		$	279		$	326		$	394		$	449			$	627
Diluted per share data
Net income (loss)		$	1.50		$	0.38		$	(0.26	)	$	1.11	$	0.72		$	2.02		$	1.11		$	0.13		$	3.13		$	1.64		$	3.86			$	4.97
Net realized investment gains and losses			1.05			(0.04	)		(0.92	)		0.04		0.06			1.08			0.23			(0.95	)		1.31			0.10			1.37				1.43
Operating income			0.45			0.42			0.66			1.07		0.66			0.94			0.88			1.08			1.82			1.54			2.49				3.54
Less catastrophe losses			(0.25	)		(0.45	)		(0.17	)		0.01		(0.05	)		(0.04	)		(0.01	)		(0.62	)		(0.05	)		(0.87	)		(0.10	)			(0.10	)
Operating income before catastrophe losses		$	0.70		$	0.87		$	0.83		$	1.06	$	0.71		$	0.98		$	0.89		$	1.70		$	1.87		$	2.41		$	2.59			$	3.64

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.

9

Cincinnati Financial Corporation
Top Holdings — Common Stocks

	As of and for the nine months ended September 30, 2008
								Earned
			Fair		Percent of			dividend
(Dollars in millions)	Cost		value		fair value			income
The Procter & Gamble Company	$	206	$	524		13.3	%	$	9
Fifth Third Bancorp		29		348		8.8			45
Exxon Mobil Corporation		36		296		7.5			5
U.S. Bancorp		188		287		7.3			13
Johnson & Johnson		221		280		7.1			5
PNC Financial Services Group, Inc.		37		239		6.1			9
Wells Fargo & Company		92		194		4.9			6
Piedmont Natural Gas Company, Inc.		64		180		4.6			5
Wyeth		62		163		4.1			4
AllianceBernstein Holding L.P.		113		145		3.7			11
Chevron Corporation		56		109		2.8			3
General Electric Company		120		93		2.4			3
Pepsico, Inc.		72		83		2.1			1
Pfizer, Inc.		77		81		2.1			4
All other common stock holdings (33)		810		915		23.2			24
Total	$	2,183	$	3,937		100.0	%	$	147

10

Cincinnati Financial Corporation Subsidiaries
Selected Balance Sheet Data

(Dollars in millions)	12/31/2008		9/30/2008			6/30/2008			3/31/2008		12/31/2007		9/30/2007		6/30/2007			3/31/2007
Cincinnati Insurance Consolidated (including CSU)
Fixed maturities and equities (fair value)	$	—	$	7,556		$	7,841		$	8,628	$	8,940	$	9,586	$	9,850		$	9,837
Fixed maturities — pretax net unrealized gain (loss)		—		(132	)		(33	)		39		58		23		(30	)		44
Equities — pretax net unrealized gain (loss)		—		1,012			1,227			1,831		2,077		2,657		2,917			3,017
Loss and loss expense reserves — STAT		—		3,507			3,534			3,448		3,398		3,461		3,374			3,373
Equity GAAP		—		3,947			4,011			4,498		4,784		5,282		5,404			5,272
Surplus — STAT		—		3,687			3,650			4,027		4,307		4,782		4,937			4,741
The Cincinnati Life Insurance Company
Fixed maturities and equities (fair value)	$	—	$	1,683		$	1,816		$	1,841	$	1,887	$	1,952	$	1,922		$	1,938
Fixed maturities — pretax net unrealized gain (loss)		—		(79	)		(35	)		0		6		4		(4	)		20
Equities — pretax net unrealized gain (loss)		—		61			92			127		162		225		254			305
Equity — GAAP		—		530			617			661		685		724		730			739
Surplus — STAT		—		371			420			453		477		485		491			483
		12/31/2006		9/30/2006			6/30/2006			3/31/2006		12/31/2005		9/30/2005		6/30/2005			3/31/2005
Cincinnati Insurance Consolidated (including CSU)
Fixed maturities and equities (fair value)	$	9,882	$	9,393		$	8,987		$	9,261	$	8,947	$	8,833	$	8,802		$	8,710
Fixed maturities — pretax net unrealized gain (loss)		47		51			(55	)		2		50		86		152			99
Equities — pretax net unrealized gain (loss)		3,166		2,859			2,621			2,758		2,803		2,807		2,903			2,931
Loss and loss expense reserves — STAT		3,356		3,314			3,237			3,169		3,111		3,150		3,065			3,031
Equity GAAP		5,261		5,073			4,702			4,730		4,647		4,660		4,679			4,493
Surplus — STAT		4,723		4,607			4,342			4,334		4,220		4,224		4,180			4,065
The Cincinnati Life Insurance Company
Fixed maturities and equities (fair value)	$	1,916	$	1,893		$	1,803		$	1,827	$	1,788	$	1,797	$	1,748		$	1,688
Fixed maturities — pretax net unrealized gain (loss)		15		17			(17	)		6		31		45		70			53
Equities — pretax net unrealized gain (loss)		307		271			238			256		266		274		275			257
Equity — GAAP		719		688			652			666		651		348		655			622
Surplus — STAT		479		461			459			470		451		447		447			440

11

Consolidated Cincinnati Insurance Companies
GAAP Statements of Income

	For the Three Months Ended September 30,												For the Nine Months Ended September 30,
	2008			2007			Change			% Change			2008			2007			Change			% Change
Premiums earned:
Property casualty	$	802,233,267		$	820,959,014		$	(18,725,747	)		(2.28	)	$	2,397,869,818		$	2,478,188,351		$	(80,318,533	)		(3.24	)
Premiums ceded		(51,378,608	)		(44,158,148	)		(7,220,460	)		16.35			(134,953,001	)		(130,356,727	)		(4,596,274	)		3.53
Total premiums earned		750,854,659			776,800,866			(25,946,207	)		(3.34	)		2,262,916,817			2,347,831,624			(84,914,807	)		(3.62	)
Investment income		83,848,139			98,273,334			(14,425,195	)		(14.68	)		266,951,430			291,738,759			(24,787,329	)		(8.50	)
Realized gain on investments		255,938,231			(4,836,462	)		260,774,693		nm				103,452,621			202,374,057			(98,921,436	)		(48.88	)
Other income		1,070,011			(340,240	)		1,410,251			(414.49	)		2,891,422			3,310,897			(419,475	)		(12.67	)
Total revenues	$	1,091,711,040		$	869,897,498		$	221,813,542			25.50		$	2,636,212,290		$	2,845,255,337		$	(209,043,047	)		(7.35	)
Benefits & expenses:
Losses & policy benefits	$	601,044,209		$	540,738,841		$	60,305,368			11.15		$	1,720,187,487		$	1,523,262,450		$	196,925,037			12.93
Reinsurance recoveries		(78,014,927	)		(16,893,445	)		(61,121,482	)		361.81			(138,305,695	)		(86,370,570	)		(51,935,125	)		60.13
Commissions		123,832,174			127,709,961			(3,877,787	)		(3.04	)		409,018,691			439,509,545			(30,490,854	)		(6.94	)
Other operating expenses		95,461,987			79,527,546			15,934,441			20.04			255,075,233			234,370,169			20,705,064			8.83
Interest expense		171,257			—			171,257			—			409,404			—			409,404			—
Taxes, licenses & fees		14,898,322			16,645,686			(1,747,364	)		(10.50	)		48,328,365			52,977,986			(4,649,621	)		(8.78	)
Incr deferred acq expense		2,871,040			8,082,224			(5,211,184	)		(64.48	)		(6,136,501	)		(8,282,870	)		2,146,369			(25.91	)
Total expenses	$	760,264,062		$	755,810,813		$	4,453,249			0.59		$	2,288,576,984		$	2,155,466,710		$	133,110,274			6.18
Income before income taxes	$	331,446,978		$	114,086,685		$	217,360,293			190.52		$	347,635,306		$	689,788,627		$	(342,153,321	)		(49.60	)
Provision for income taxes:
Current operating income	$	83,694,843		$	30,444,664		$	53,250,179			174.91		$	157,817,524		$	136,806,227		$	21,011,297			15.36
Current realized investments gains and losses		93,728,580			(1,583,658	)		95,312,238		nm				39,515,163			71,840,023			(32,324,860	)		(45.00	)
Deferred		(73,637,772	)		(3,000,557	)		(70,637,215	)	nm				(120,411,810	)		(14,712,193	)		(105,699,617	)		718.45
Total income taxes	$	103,785,651		$	25,860,449		$	77,925,202			301.33		$	76,920,877		$	193,934,057		$	(117,013,180	)		(60.34	)
Net income	$	227,661,327		$	88,226,236		$	139,435,091			158.04		$	270,714,429		$	495,854,570		$	(225,140,141	)		(45.40	)

12

Cincinnati Insurance Group
Statutory Statements of Income

	For the Three Months Ended September 30,												For the Nine Months Ended September 30,
	2008			2007			Change			% Change			2008			2007		Change			% Change
Underwriting income
Net premiums written	$	722,149,621		$	736,354,821		$	(14,205,200	)		(1.93	)	$	2,284,369,929		$	2,392,327,271	$	(107,957,342	)		(4.51	)
Unearned premiums increase		(27,266,596	)		(40,446,047	)		13,179,451			(32.59	)		23,404,172			44,495,646		(21,091,474	)		(47.40	)
Earned premiums	$	749,416,216		$	776,800,868		$	(27,384,652	)		(3.53	)	$	2,260,965,757		$	2,347,831,625	$	(86,865,868	)		(3.70	)
Losses incurred	$	455,923,541		$	431,727,371		$	24,196,170			5.60		$	1,352,254,518		$	1,166,347,214	$	185,907,304			15.94
Allocated loss expenses incurred		18,674,251			44,377,048			(25,702,797	)		(57.92	)		88,302,910			133,163,852		(44,860,942	)		(33.69	)
Unallocated loss expenses incurred		47,818,830			47,740,977			77,853			0.16			139,838,754			137,380,815		2,457,939			1.79
Other underwriting expenses incurred		232,911,846			227,469,464			5,442,382			2.39			689,535,107			711,845,483		(22,310,376	)		(3.13	)
Workers compensation dividend incurred		3,215,144			2,649,865			565,279			21.33			4,620,246			8,052,312		(3,432,066	)		(42.62	)
Total underwriting deductions	$	758,543,612		$	753,964,725		$	4,578,887			0.61		$	2,274,551,535		$	2,156,789,676	$	117,761,859			5.46
Net underwriting gain	$	(9,127,395	)	$	22,836,143		$	(31,963,538	)		(139.97	)	$	(13,585,778	)	$	191,041,949	$	(204,627,727	)		(107.11	)
Investment income
Gross investment income earned	$	82,853,216		$	100,579,844		$	(17,726,628	)		(17.62	)	$	263,767,428		$	296,592,934	$	(32,825,506	)		(11.07	)
Net investment income earned		81,565,048			97,939,533			(16,374,485	)		(16.72	)		259,892,835			291,447,565		(31,554,730	)		(10.83	)
Net realized capital gains		172,046,155			959,585			171,086,570		nm				77,913,772			135,356,272		(57,442,500	)		(42.44	)
Net investment gains (excl. subs)	$	253,611,204		$	98,899,118		$	154,712,086			156.43		$	337,806,607		$	426,803,837	$	(88,997,230	)		(20.85	)
Dividend from subsidiary		—			—			—			—			—			—		—			—
Net investment gains	$	253,611,204		$	98,899,118		$	154,712,086			156.43		$	337,806,607		$	426,803,837	$	(88,997,230	)		(20.85	)
Other income	$	712,644		$	(514,171	)	$	1,226,815			(238.60	)	$	1,641,979		$	2,794,180	$	(1,152,201	)		(41.24	)
Net income before federal income taxes	$	245,196,452		$	121,221,090		$	123,975,362			102.27		$	325,862,808		$	620,639,966	$	(294,777,158	)		(47.50	)
Federal and foreign income taxes incurred	$	83,809,041		$	26,567,206		$	57,241,835			215.46		$	167,968,058		$	131,380,364	$	36,587,694			27.85
Net income (statutory)	$	161,387,412		$	94,653,884		$	66,733,528			70.50		$	157,894,750		$	489,259,602	$	(331,364,852	)		(67.73	)

* 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.

13

Cincinnati Insurance Group — All Lines
Statutory Quarterly Analysis
(Based on reported data — see Page 21 for adjusted data)

	Three months ended																						Six months ended						Nine months ended						Twelve months ended
(Dollars in millions)	12/31/08	9/30/08			6/30/08			3/31/08			12/31/07			9/30/07			6/30/07			3/31/07			6/30/08			6/30/07			9/30/08			9/30/07			12/31/08	12/31/07
Net premiums written		$	722		$	788		$	776		$	724		$	736		$	810		$	846		$	1,562		$	1,656		$	2,284		$	2,393			$	3,117
Net premiums earned		$	749		$	760		$	751		$	777		$	777		$	786		$	785		$	1,512		$	1,571		$	2,261		$	2,348			$	3,125
Losses paid		$	467		$	396		$	383		$	375		$	363		$	380		$	364		$	778		$	744		$	1,244		$	1,107			$	1,481
Loss reserve change			(11	)		83			35			(83	)		69			(16	)		6			119			(9	)		108			60				(24	)
Total losses incurred		$	456		$	479		$	418		$	292		$	432		$	364		$	370		$	897		$	735		$	1,352		$	1,167			$	1,457
Allocated loss expense paid			35			32			25			37			29			33			32			58			65			93			94				131
Allocated loss expense reserve change			(16	)		—			12			26			15			16			8			12			24			(4	)		39				65
Total allocated loss expense incurred		$	19		$	32		$	37		$	63		$	44		$	49		$	40		$	70		$	89		$	89		$	133			$	196
Unallocated loss expense paid			47			44			43			46			44			41			46			86			87			133			132				178
Unallocated loss expense reserve change			—			2			4			(6	)		4			1			2			6			3			7			6				2
Total unallocated loss expense incurred		$	47		$	46		$	47		$	40		$	48		$	42		$	48		$	92		$	90		$	140		$	138			$	180
Underwriting expenses incurred			236			221			237			267			230			242			249			458			489			694			719				988
Underwriting profit (loss)		$	(9	)	$	(18	)	$	12		$	115		$	23		$	89		$	78		$	(5	)	$	168		$	(14	)	$	191			$	304
Ratio Data
Loss ratio			60.8	%		63.0	%		55.5	%		37.5	%		55.6	%		46.3	%		47.2	%		59.3	%		46.8	%		59.8	%		49.7	%			46.7	%
Allocated loss expense ratio			2.5			4.3			5.0			8.1			5.7			6.3			5.0			4.6			5.7			3.9			5.7				6.3
Unallocated loss expense ratio			6.4			6.0			6.1			5.3			6.1			5.3			6.1			6.1			5.7			6.2			5.8				5.7
Net underwriting expense ratio			32.7			28.1			30.6			37.0			31.3			29.8			29.4			29.3			29.5			30.4			30.1				31.7
Statutory combined ratio			102.4	%		101.4	%		97.2	%		87.9	%		98.7	%		87.7	%		87.7	%		99.3	%		87.7	%		100.3	%		91.3	%			90.4	%
Statutory combined ratio excluding catastrophes			94.0	%		86.5	%		91.5	%		88.1	%		97.0	%		86.3	%		87.3	%		89.0	%		86.8	%		90.6	%		90.1	%			89.5	%
Loss Detail
New losses greater than $4,000,000		$	10		$	18		$	8		$	—		$	—		$	—		$	—		$	26		$	—		$	36		$	—			$	—
New losses $2,000,000—$4,000,000			17			25			14			36			54			17			22			39			39			56			93				129
New losses $1,000,000—$2,000,000			33			13			22			24			26			26			28			39			54			72			80				104
New losses $750,000—$1,000,000			14			14			9			13			9			9			10			21			19			35			28				41
New losses $500,000—$750,000			16			23			12			16			14			15			15			24			30			40			44				60
New losses $250,000—$500,000			33			20			29			29			24			22			23			57			45			90			69				98
Case reserve development above $250,000			59			54			48			68			50			48			53			103			101			162			151				219
Large losses subtotal		$	182		$	167		$	142		$	186		$	177		$	137		$	151		$	309		$	288		$	491		$	465			$	651
IBNR incurred			(6	)		(6	)		6			(43	)		—			7			7			—			15			(6	)		15				(25	)
Catastrophe losses incurred			63			113			43			(2	)		13			11			3			156			15			219			28				26
Remaining incurred			217			205			227			151			242			209			210			431			417			648			659				805
Total losses incurred		$	456		$	479		$	418		$	292		$	432		$	364		$	371		$	896		$	735		$	1,352		$	1,167			$	1,457
Loss Ratio
New losses greater than $4,000,000			1.3	%		2.4	%		1.1	%		—	%		—	%		—	%		—	%		1.7	%		—	%		1.6	%		—	%			—	%
New losses $2,000,000—$4,000,000			2.2			3.3			1.9			4.6			6.9			2.2			2.8			2.6			2.5			2.5			4.0				4.1
New losses $1,000,000—$2,000,000			4.4			2.2			2.9			3.1			3.3			3.3			3.6			2.6			3.4			3.2			3.4				3.3
New losses $750,000—$1,000,000			1.9			1.7			1.2			1.7			1.2			1.1			1.3			1.4			1.2			1.6			1.2				1.3
New losses $500,000—$750,000			2.1			1.7			1.6			2.1			1.8			1.9			1.9			1.6			1.9			1.8			1.9				1.9
New losses $250,000—$500,000			4.4			3.6			3.9			3.7			3.1			2.8			2.9			3.7			2.9			4.0			2.9				3.1
Case reserve development above $250,000			8.0			7.1			6.4			8.8			6.4			6.1			6.8			6.9			6.4			7.1			6.4				7.0
Large losses subtotal			24.3	%		22.0	%		18.9	%		23.9	%		22.8	%		17.4	%		19.2	%		20.5	%		18.3	%		21.8	%		19.8	%			20.9	%
IBNR incurred			(0.8	)		(0.9	)		0.8			(5.5	)		—			0.9			1.0			—			0.9			(0.3	)		0.6				(0.9	)
Total catastrophe losses incurred			8.4			14.9			5.7			(0.2	)		1.7			1.4			0.4			10.3			0.9			9.7			1.2				0.8
Remaining incurred			28.9			27.0			30.1			19.3			31.0			26.6			26.6			28.5			26.7			28.6			28.1				25.9
Total loss ratio			60.8	%		63.0	%		55.5	%		37.5	%		55.5	%		46.3	%		47.2	%		59.3	%		46.8	%		59.8	%		49.7	%			46.6	%
Loss Claim Count
New losses greater than $4,000,000			2			4			2			—			1			—			—			7			—			9			1				1
New losses $2,000,000—$4,000,000			6			9			5			12			16			5			7			13			12			19			28				40
New losses $1,000,000—$2,000,000			27			13			19			18			21			21			21			32			42			59			63				81
New losses $750,000—$1,000,000			17			15			10			16			11			11			12			25			23			42			34				50
New losses $500,000—$750,000			28			23			21			27			25			26			24			44			50			72			75				102
New losses $250,000—$500,000			100			84			87			88			75			67			72			171			139			271			214				302
Case reserve development above $250,000			102			84			81			112			93			82			93			165			175			267			268				380
Large losses total			282			232			225			273			242			212			229			457			441			739			683				956

*	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.

14

Cincinnati Insurance Group — Commercial Lines
Statutory Quarterly Analysis
(Based on reported data — see Page 22 for adjusted data)

	Three months ended																						Six months ended						Nine months ended						Twelve months ended
(Dollars in millions)	12/31/08	9/30/08			6/30/08			3/31/08			12/31/07			9/30/07			6/30/07			3/31/07			6/30/08			6/30/07			9/30/08			9/30/07			12/31/08	12/31/07
Net premiums written		$	538		$	597		$	625		$	562		$	544		$	613		$	693		$	1,222		$	1,306		$	1,759		$	1,851			$	2,413
Net premiums earned		$	582		$	586		$	574		$	601		$	600		$	606		$	604		$	1,161		$	1,210		$	1,743		$	1,810			$	2,411
Losses paid		$	326		$	280		$	266		$	272		$	253		$	270		$	259		$	546		$	530		$	871		$	783			$	1,055
Loss reserve change			(3	)		67			32			(53	)		66			(12	)		23			100			11			97			77				23
Total losses incurred		$	323		$	347		$	298		$	219		$	319		$	258		$	282		$	646		$	541		$	968		$	860			$	1,078
Allocated loss expense paid			31			28			22			33			26			30			28			50			58			82			84				117
Allocated loss expense reserve change			(15	)		1			12			27			16			16			8			13			24			(3	)		40				67
Total allocated loss expense incurred		$	16		$	29		$	34		$	60		$	42		$	46		$	36		$	63		$	82		$	79		$	124			$	184
Unallocated loss expense paid			34			31			30			34			31			30			33			61			63			95			94				128
Unallocated loss expense reserve change			(1	)		1			3			(3	)		4			1			3			4			4			4			8				5
Total unallocated loss expense incurred		$	33		$	32		$	33		$	31		$	35		$	31		$	36		$	65		$	67		$	99		$	102			$	133
Underwriting expenses incurred			180			166			186			215			170			179			193			352			371			532			541				757
Underwriting profit (loss)		$	30		$	12		$	23		$	76		$	34		$	92		$	57		$	35		$	149		$	65		$	183			$	259
Ratio Data
Loss ratio			55.4	%		59.2	%		52.0	%		36.4	%		53.2	%		42.6	%		46.8	%		55.6	%		44.7	%		55.5	%		47.5	%			44.8	%
Allocated loss expense ratio			2.7			5.0			5.9			9.9			7.0			7.6			6.0			5.4			6.8			4.5			6.8				7.6
Unallocated loss expense ratio			5.7			5.5			5.7			5.2			5.8			5.1			5.9			5.7			5.5			5.7			5.6				5.5
Net underwriting expense ratio			33.5			27.8			29.7			38.2			31.2			29.1			27.8			28.8			28.4			30.2			29.3				31.4
Statutory combined ratio			97.3	%		97.5	%		93.3	%		89.7	%		97.2	%		84.4	%		86.5	%		95.5	%		85.4	%		95.9	%		89.2	%			89.3	%
Statutory combined ratio excluding catastrophes			93.3	%		86.2	%		89.4	%		89.7	%		97.1	%		83.6	%		84.7	%		87.8	%		84.1	%		89.5	%		88.3	%			88.6	%
Loss Detail
New losses greater than $4,000,000		$	5		$	18		$	8		$	—		$	—		$	—		$	—		$	26		$	—		$	31		$	—			$	—
New losses $2,000,000—$4,000,000			17			25			14			34			47			13			22			40			35			56			81				116
New losses $1,000,000—$2,000,000			26			15			18			19			25			23			23			33			46			60			71				90
New losses $750,000—$1,000,000			12			11			8			11			8			6			9			19			15			31			23				34
New losses $500,000—$750,000			14			12			9			14			11			12			12			20			24			34			34				49
New losses $250,000—$500,000			25			22			23			21			18			16			18			45			34			70			53				73
Case reserve development above $250,000			57			51			44			60			45			46			49			96			95			153			140				200
Large losses subtotal		$	156		$	154		$	124		$	159		$	154		$	116		$	133		$	279		$	249		$	435		$	402			$	562
IBNR incurred			(7	)		(8	)		6			(29	)		—			6			7			(2	)		14			(10	)		16				(12	)
Catastrophe losses incurred			23			66			22			—			1			5			10			89			16			112			17				16
Remaining incurred			151			135			146			89			164			131			132			280			262			431			425				511
Total losses incurred		$	323		$	347		$	298		$	219		$	319		$	258		$	282		$	646		$	541		$	968		$	860			$	1,077
Loss Ratio
New losses greater than $4,000,000			0.9	%		3.1	%		1.4	%		—	%		0.1	%		—	%		—	%		2.3	%		—	%		1.8	%		0.1	%			—	%
New losses $2,000,000—$4,000,000			2.9			4.3			2.5			5.7			7.8			2.1			3.6			3.4			2.9			3.2			4.5				4.7
New losses $1,000,000—$2,000,000			4.5			2.5			3.2			3.2			4.2			3.8			3.8			2.9			3.8			3.4			3.9				3.7
New losses $750,000—$1,000,000			2.1			1.9			1.3			1.8			1.3			1.0			1.5			1.6			1.2			1.8			1.3				1.4
New losses $500,000—$750,000			2.3			2.0			1.5			2.2			1.8			2.0			2.0			1.7			2.0			1.9			1.9				2.0
New losses $250,000—$500,000			4.3			3.8			4.0			3.4			3.0			2.6			2.8			3.9			2.7			4.0			2.9				2.9
Case reserve development above $250,000			9.8			8.7			7.8			10.1			7.5			7.6			8.1			8.3			7.8			8.8			7.6				8.3
Large losses subtotal			26.8	%		26.3	%		21.7	%		26.4	%		25.7	%		19.1	%		21.8	%		24.0	%		20.4	%		24.9	%		22.2	%			23.2	%
IBNR incurred			(1.3	)		(1.4	)		1.0			(4.8	)		—			1.0			1.2			(0.2	)		1.1			(0.6	)		0.8				(0.5	)
Total catastrophe losses incurred			4.0			11.3			3.9			—			0.2			0.8			1.8			7.6			1.3			6.4			0.9				0.7
Remaining incurred			25.9			23.0			25.4			14.8			27.3			21.7			22.0			24.2			21.9			24.8			23.6				21.4
Total loss ratio			55.4	%		59.2	%		52.0	%		36.4	%		53.2	%		42.6	%		46.8	%		55.6	%		44.7	%		55.5	%		47.5	%			44.7	%
Loss Claim Count
New losses greater than $4,000,000			1			4			2			—			1			—			—			6			—			7			1				1
New losses $2,000,000—$4,000,000			6			9			5			11			14			4			7			14			11			20			25				36
New losses $1,000,000—$2,000,000			21			12			16			14			20			19			17			28			36			49			56				70
New losses $750,000—$1,000,000			15			13			9			13			9			7			11			22			18			37			27				40
New losses $500,000—$750,000			24			21			16			23			20			21			20			37			41			61			61				84
New losses $250,000—$500,000			74			67			68			64			57			49			57			135			106			209			163				227
Case reserve development above $250,000			95			76			74			96			80			75			85			150			160			245			240				336
Large losses total			236			202			190			221			201			175			197			392			372			628			573				794

*	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.

15

Cincinnati Insurance Group — Personal Lines
Statutory Quarterly Analysis
(Based on reported data — see Page 23 for adjusted data)

								Three months ended															Six months ended						Nine months ended						Twelve months ended
(Dollars in millions)	12/31/08	9/30/08			6/30/08			3/31/08			12/31/07			9/30/07			6/30/07			3/31/07			6/30/08			6/30/07			9/30/08			9/30/07			12/31/08	12/31/07
Net premiums written		$	184		$	191		$	150		$	162		$	192		$	197		$	153		$	341		$	350		$	525		$	542			$	704
Net premiums earned		$	167		$	174		$	177		$	176		$	177		$	180		$	181		$	351		$	361		$	518		$	538			$	714
Losses paid		$	141		$	116		$	116		$	103		$	110		$	110		$	105		$	232		$	214		$	373		$	324			$	426
Loss reserve change			(8	)		16			3			(30	)		3			(4	)		(17	)		19			(20	)		11			(17	)			(47	)
Total losses incurred		$	133		$	132		$	119		$	73		$	113		$	106		$	88		$	251		$	194		$	384		$	307			$	379
Allocated loss expense paid			4			4			3			4			3			3			4			7			7			11			10				14
Allocated loss expense reserve change			(1	)		(1	)		—			(1	)		(1	)		—			—			—			—			(1	)		(1	)			(2	)
Total allocated loss expense incurred		$	3		$	3		$	3		$	3		$	2		$	3		$	4		$	7		$	7		$	10		$	9			$	12
Unallocated loss expense paid			13			13			13			12			13			11			13			25			24			38			38				50
Unallocated loss expense reserve change			1			1			1			(3	)		—			—			(1	)		2			(1	)		3			(2	)			(3	)
Total unallocated loss expense incurred		$	14		$	14		$	14		$	9		$	13		$	11		$	12		$	27		$	23		$	41		$	36			$	47
Underwriting expenses incurred			56			55			51			52			60			63			56			106			118			162			178				231
Underwriting profit (loss)		$	(39	)	$	(30	)	$	(10	)	$	39		$	(11	)	$	(3	)	$	21		$	(40	)	$	19		$	(79	)	$	8			$	45
Ratio Data
Loss ratio			79.7	%		75.6	%		67.4	%		41.3	%		63.8	%		58.6	%		48.9	%		71.5	%		53.8	%		74.1	%		57.1	%			53.2	%
Allocated loss expense ratio			1.8			1.9			1.9			1.8			1.4			1.9			1.8			1.9			1.9			1.9			1.7				1.7
Unallocated loss expense ratio			8.6			7.9			7.4			5.5			7.3			6.2			6.6			7.6			6.4			7.9			6.7				6.4
Net underwriting expense ratio			30.4			29.0			34.1			32.8			31.1			31.9			36.2			31.2			33.7			30.9			32.8				32.8
Statutory combined ratio			120.5	%		114.4	%		110.8	%		81.4	%		103.6	%		98.6	%		93.5	%		112.2	%		95.8	%		114.8	%		98.3	%			94.1	%
Statutory combined ratio excluding catastrophes			96.8	%		87.3	%		99.2	%		82.4	%		96.6	%		95.1	%		97.6	%		92.9	%		96.1	%		94.2	%		96.2	%			92.8	%
Loss Detail
New losses greater than $4,000,000		$	5		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	5		$	—			$	—
New losses $2,000,000—$4,000,000			—			—			—			2			7			4			—			—			4			—			11				13
New losses $1,000,000—$2,000,000			6			2			4			5			1			3			5			5			8			12			10				14
New losses $750,000—$1,000,000			2			2			1			2			1			3			1			3			4			4			6				7
New losses $500,000—$750,000			2			1			3			2			3			3			3			4			6			6			8				11
New losses $250,000—$500,000			8			5			6			8			6			6			5			12			11			20			17				25
Case reserve development above $250,000			2			3			4			8			5			2			4			7			6			9			12				19
Large losses subtotal		$	25		$	13		$	18		$	27		$	23		$	21		$	18		$	31		$	39		$	56		$	64			$	89
IBNR incurred			2			2			—			(14	)		—			1			—			2			1			4			—				(13	)
Catastrophe losses incurred			40			47			21			(2	)		12			6			(7	)		67			(1	)		107			11				10
Remaining incurred			66			70			80			62			78			78			77			151			155			216			232				293
Total losses incurred		$	133		$	132		$	119		$	73		$	113		$	106		$	88		$	251		$	194		$	383		$	307			$	379
Loss Ratio
New losses greater than $4,000,000			3.0	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		1.0	%		0.1	%			—	%
New losses $2,000,000—$4,000,000			—			—			—			1.0			4.0			2.2			—			—			1.1			—			2.1				1.8
New losses $1,000,000—$2,000,000			3.8			1.1			2.1			2.8			0.8			1.7			3.0			1.6			2.3			2.3			1.8				2.0
New losses $750,000—$1,000,000			1.0			1.1			0.4			1.1			0.9			1.7			0.7			0.8			1.1			0.9			1.1				1.0
New losses $500,000—$750,000			1.3			0.7			1.5			1.1			1.6			1.7			1.9			1.1			1.8			1.2			1.5				1.5
New losses $250,000—$500,000			4.8			3.0			3.6			4.5			3.2			3.3			3.0			3.3			3.1			3.8			3.1				3.6
Case reserve development above $250,000			1.4			1.5			2.5			4.4			2.7			1.2			2.2			1.9			1.8			1.7			2.1				2.7
Large losses subtotal			15.3	%		7.5	%		10.0	%		15.1	%		13.2	%		11.8	%		10.6	%		8.7	%		11.2	%		10.9	%		11.8	%			12.6	%
IBNR incurred			1.0			0.9			0.2			(7.8	)		—			0.4			—			0.6			0.2			0.7			0.1				(1.8	)
Total catastrophe losses incurred			23.8			27.0			11.6			(1.0	)		7.0			3.5			(4.1	)		19.3			(0.3	)		20.7			2.1				1.3
Remaining incurred			39.6			40.2			45.6			35.0			43.6			42.9			42.4			42.9			42.7			41.9			43.1				41.1
Total loss ratio			79.7	%		75.6	%		67.4	%		41.3	%		63.8	%		58.6	%		48.9	%		71.5	%		53.8	%		74.2	%		57.1	%			53.2	%
Loss Claim Count
New losses greater than $4,000,000			1			—			—			—			—			—			—			—			—			1			—				—
New losses $2,000,000—$4,000,000			—			—			—			1			2			1			—			—			1			—			3				4
New losses $1,000,000—$2,000,000			6			1			3			4			1			2			4			4			6			10			7				11
New losses $750,000—$1,000,000			2			2			1			3			2			4			1			3			5			5			7				10
New losses $500,000—$750,000			4			2			5			4			5			5			4			7			9			11			14				18
New losses $250,000—$500,000			26			17			19			24			18			18			15			36			33			62			51				75
Case reserve development above $250,000			7			8			7			16			13			7			8			15			15			22			28				44
Large losses total			46			30			35			52			41			37			32			65			69			111			110				162

*	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.

16

Cincinnati Insurance Group
Direct Written Premiums by Risk State by Line of Business for the Nine Months Ended September 30, 2008

(Dollars in millions)

																						9/30/2008		9/30/2007		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	$	15.4	$	12.4	$	6.2	$	1.0		$	5.8	$	1.4	$	0.5	$	12.6	$	19.1	$	4.0	$	78.5	$	74.7		1.5			9.6			5.0
AZ		9.5		4.9		8.0		0.3			0.7		0.6		0.5		0.0		0.2		0.1		24.9		24.3		2.2			8.7			2.4
AR		7.8		7.8		5.0		4.1			3.1		1.1		0.4		1.9		2.2		0.6		34.1		32.4		6.6			(1.4	)		5.3
DE		1.2		0.9		0.6		1.4			0.1		0.1		0.1		0.0		0.0		0.0		4.5		3.4		28.9		nm				31.3
FL		23.2		18.9		9.3		1.6			2.1		2.4		0.7		9.0		13.9		2.6		83.7		96.2		(10.1	)		(18.9	)		(13.0	)
GA		20.5		15.6		13.7		10.3			5.6		5.2		0.6		23.0		21.2		5.9		121.7		123.2		(3.5	)		2.1			(1.2	)
ID		8.0		3.4		4.0		0.2			0.6		0.9		0.2		0.0		0.0		0.0		17.3		15.5		11.6		nm				11.7
IL		52.0		34.0		22.9		43.9			10.2		6.6		2.0		18.0		14.7		4.9		209.1		218.8		(5.3	)		(0.3	)		(4.5	)
IN		35.7		27.8		17.7		22.3			5.9		6.1		1.6		20.5		19.8		5.2		162.7		171.6		(7.4	)		1.0			(5.2	)
IA		15.0		11.0		7.4		19.5			3.5		2.3		1.0		2.7		3.1		1.4		66.8		68.5		(1.3	)		(11.6	)		(2.5	)
KS		5.8		6.3		3.7		7.2			2.2		1.2		0.3		3.2		4.2		0.9		35.1		35.6		2.7			(12.4	)		(1.4	)
KY		15.9		14.9		11.3		3.0			4.1		2.4		0.7		15.2		12.0		3.2		82.7		82.1		(1.2	)		4.4			0.7
MD		10.6		4.8		7.6		9.7			0.8		1.2		0.3		0.0		1.2		0.4		36.5		36.6		(0.6	)		15.6			(0.1	)
MI		25.2		15.8		10.9		13.1			8.7		4.3		1.3		8.3		10.9		2.4		100.9		112.1		(9.8	)		(10.7	)		(10.0	)
MN		17.6		11.5		6.8		6.5			2.3		1.8		0.9		4.6		4.1		2.6		58.7		65.7		(12.2	)		(3.8	)		(10.7	)
MO		18.9		13.9		9.7		14.0			3.7		2.0		0.7		1.9		3.1		0.7		68.6		73.9		(7.4	)		(4.8	)		(7.1	)
MT		11.4		5.1		5.3		0.1			0.7		0.4		0.3		0.3		0.4		0.1		24.1		23.5		(0.4	)		415.0			2.4
NE		5.3		3.9		2.6		6.5			0.9		0.9		0.3		0.6		0.7		0.2		21.9		22.1		0.3			(17.4	)		(1.0	)
NH		2.0		1.2		1.0		1.9			0.5		0.5		0.1		0.5		0.5		0.3		8.6		9.9		(12.7	)		(11.8	)		(12.9	)
NM		1.4		0.4		0.7		0.1			0.0		0.1		0.0		0.0		0.0		0.0		2.8		0.1	nm			nm			nm
NY		22.4		6.0		7.8		1.6			0.9		2.2		0.4		0.0		0.0		0.0		41.4		46.1		(10.3	)	nm				(10.2	)
NC		30.6		23.2		16.5		22.8			9.7		6.9		1.2		0.9		1.4		2.0		115.2		117.9		(2.5	)		7.8			(2.3	)
ND		4.0		2.9		2.0		(0.0	)		0.6		0.5		0.2		0.3		0.3		0.1		11.1		10.9		3.6			(19.9	)		1.4
OH		110.5		68.8		50.1		(0.4	)		16.0		19.1		3.6		98.3		70.2		23.1		459.3		481.2		(6.2	)		(2.1	)		(4.5	)
PA		34.6		21.6		21.8		41.8			7.4		5.1		1.3		5.7		4.6		2.5		146.5		151.6		(3.1	)		(6.1	)		(3.4	)
SC		10.4		6.9		6.0		5.1			1.9		2.1		0.3		0.0		0.1		0.2		32.9		33.8		(2.7	)		2.9			(2.8	)
SD		3.5		2.3		1.9		3.8			0.3		0.4		0.1		0.0		0.0		0.0		12.2		12.1		0.8		nm				1.1
TN		18.2		13.8		11.3		10.0			6.4		3.9		0.8		6.3		6.8		2.4		79.9		82.2		(3.8	)		2.1			(2.7	)
UT		10.3		3.8		5.0		0.0			0.4		1.5		0.3		0.0		0.0		0.0		21.4		17.4		23.0		nm				22.9
VT		3.7		2.9		2.3		5.5			0.6		0.7		0.2		0.6		0.7		0.2		17.3		17.9		(3.2	)		(6.2	)		(3.4	)
VA		24.9		18.6		16.5		16.8			3.8		4.0		0.9		6.9		6.1		2.2		100.8		106.9		(5.6	)		(6.3	)		(5.7	)
WA		0.5		0.2		0.2		0.0			0.0		0.0		0.0		0.0		0.0		0.0		1.0		0.3		190.4		nm				221.1
WV		5.4		3.7		4.1		(0.0	)		1.7		0.8		0.2		0.0		0.6		0.2		16.7		19.1		(12.4	)		(19.8	)		(12.6	)
WI		20.8		13.6		9.0		20.8			3.3		2.2		1.3		6.8		5.8		2.6		86.3		89.7		(4.1	)		(2.7	)		(3.8	)
All Other		3.8		3.1		2.5		5.0			0.2		1.2		0.1		0.0		0.2		0.0		16.2		15.2		6.6			7.5			6.4
Total	$	606.0	$	406.0	$	311.5	$	299.5		$	115.3	$	92.1	$	23.5	$	248.2	$	228.2	$	70.8	$	2,401.2	$	2,492.6		(4.1	)		(2.1	)		(3.7	)
Other Direct		0.0		1.5		0.0		5.9			0.0		0.0		0.0		0.0		2.3		0.0		9.8		12.3		(4.6	)		(48.4	)		(20.3	)
Total Direct	$	606.0	$	407.5	$	311.5	$	305.4		$	115.3	$	92.1	$	23.5	$	248.2	$	230.5	$	70.8	$	2,411.0	$	2,504.9		(4.1	)		(2.4	)		(3.7	)

17

Cincinnati Insurance Group
Quarterly Property Casualty Data — By Commercial Lines of Business

	Three months ended																						Six months ended						Nine months ended						Twelve months ended
(Dollars in millions)	12/31/08	9/30/08			6/30/08			3/31/08			12/31/07			9/30/07			6/30/07			3/31/07			6/30/08			6/30/07			9/30/08			9/30/07			12/31/08	12/31/07
Commercial casualty:
Written premiums		$	171		$	199		$	211		$	189		$	179		$	218		$	245		$	410		$	462		$	582		$	641			$	830
Earned premiums			197			194			190			204			205			209			209			384			418			580			623				827
Loss and loss expenses ratio			44.4	%		39.8	%		58.3	%		32.0	%		63.7	%		54.6	%		53.5	%		48.9	%		54.2	%		47.4	%		57.4	%			51.1	%
Less catastrophe loss ratio			—			—			—			—			—			—			—			—			—			—			—				—
Loss and loss expenses excluding catastrophe loss ratio			44.4	%		39.8	%		58.3	%		32.0	%		63.7	%		54.6	%		53.5	%		48.9	%		54.2	%		47.4	%		57.4	%			51.1	%
Commercial property:
Written premiums		$	117		$	124		$	124		$	116		$	120		$	125		$	138		$	247		$	263		$	364		$	383			$	499
Earned premiums			120			123			122			124			125			125			123			244			248			364			373				497
Loss and loss expenses ratio			70.0	%		97.6	%		75.5	%		32.9	%		61.5	%		45.8	%		53.6	%		86.6	%		49.7	%		81.1	%		53.7	%			48.5	%
Less catastrophe loss ratio			15.6			38.0			16.5			—			(1.4	)		3.2			6.9			27.3			5.0			23.4			2.9				2.2
Loss and loss expenses excluding catastrophe loss ratio			54.4	%		59.6	%		59.0	%		32.9	%		62.9	%		42.6	%		46.7	%		59.3	%		44.7	%		57.7	%		50.8	%			46.3	%
Commercial auto:
Written premiums		$	93		$	108		$	107		$	100		$	92		$	112		$	124		$	215		$	236		$	308		$	329			$	429
Earned premiums			103			104			101			110			108			110			113			205			223			308			331				440
Loss and loss expenses ratio			63.2	%		67.5	%		63.4	%		60.3	%		66.9	%		62.9	%		64.6	%		65.5	%		63.4	%		64.7	%		64.5	%			63.5	%
Less catastrophe loss ratio			0.1			3.4			(0.4	)		(0.2	)		0.4			—			(0.2	)		1.5			—			1.0			0.1				—
Loss and loss expenses excluding catastrophe loss ratio			63.1	%		64.1	%		63.8	%		60.5	%		66.5	%		62.9	%		64.8	%		64.0	%		63.4	%		63.7	%		64.4	%			63.5	%
Workers’ compensation:
Written premiums		$	84		$	95		$	114		$	88		$	84		$	92		$	113		$	209		$	206		$	292		$	289			$	378
Earned premiums			93			94			94			93			94			95			92			189			187			282			280				373
Loss and loss expenses ratio			90.9	%		78.3	%		64.8	%		113.6	%		82.0	%		66.8	%		76.5	%		71.5	%		71.5	%		77.9	%		75.0	%			84.6	%
Less catastrophe loss ratio			—			—			—			—			—			—			—			—			—			—			—				—
Loss and loss expenses excluding catastrophe loss ratio			90.9	%		78.3	%		64.8	%		113.6	%		82.0	%		66.8	%		76.5	%		71.5	%		71.5	%		77.9	%		75.0	%			84.6	%
Specialty package:
Written premiums		$	36		$	36		$	37		$	36		$	34		$	36		$	41		$	73		$	77		$	109		$	111			$	146
Earned premiums			35			36			35			36			36			37			36			72			73			107			109				146
Loss and loss expenses ratio			80.2	%		109.7	%		63.4	%		41.9	%		76.7	%		49.9	%		69.6	%		86.8	%		59.6	%		84.6	%		65.3	%			59.4	%
Less catastrophe loss ratio			12.2			43.9			8.1			0.6			6.2			2.6			7.0			26.2			4.7			21.5			5.2				4.1
Loss and loss expenses excluding catastrophe loss ratio			68.0	%		65.8	%		55.3	%		41.3	%		70.5	%		47.3	%		62.6	%		60.6	%		54.9	%		63.1	%		60.1	%			55.3	%
Surety and executive risk:
Written premiums		$	29		$	28		$	25		$	26		$	28		$	23		$	25		$	54		$	48		$	82		$	76			$	102
Earned premiums			27			28			25			27			25			24			24			53			47			80			73				100
Loss and loss expenses ratio			73.6	%		92.0	%		45.9	%		55.7	%		36.5	%		49.3	%		24.0	%		70.1	%		36.7	%		71.3	%		36.7	%			41.8	%
Less catastrophe loss ratio			—			—			—			—			—			—			—			—			—			—			—				—
Loss and loss expenses excluding catastrophe loss ratio			73.6	%		92.0	%		45.9	%		55.7	%		36.5	%		49.3	%		24.0	%		70.1	%		36.7	%		71.3	%		36.7	%			41.8	%
Machinery and equipment:
Written premiums		$	8		$	7		$	7		$	7		$	7		$	7		$	7		$	14		$	14		$	22		$	22			$	29
Earned premiums			7			7			7			7			7			7			7			14			14			22			21				28
Loss and loss expense ratio			32.4	%		34.1	%		53.3	%		27.8	%		34.7	%		20.4	%		28.2	%		43.6	%		24.3	%		39.8	%		27.8	%			27.8	%
Less catastrophe loss ratio			2.8			1.0			—			(0.8	)		1.3			—			(1.6	)		0.6			(0.8	)		1.3			(0.1	)			(0.3	)
Loss and loss expense excluding catastrophe loss ratio			29.6	%		33.1	%		53.3	%		28.6	%		33.4	%		20.4	%		29.8	%		43.0	%		25.1	%		38.5	%		27.9	%			28.1	%

* Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

18

Cincinnati Insurance Group
Quarterly Property Casualty Data — By Personal Lines of Business

	Three months ended																						Six months ended						Nine months ended						Twelve months ended
(Dollars in millions)	12/31/08	9/30/08			6/30/08			3/31/08			12/31/07			9/30/07			6/30/07			3/31/07			6/30/08			6/30/07			9/30/08			9/30/07			12/31/08	12/31/07
Personal auto:
Written premiums		$	88		$	89		$	69		$	75		$	92		$	93		$	72		$	158		$	164		$	246		$	256			$	332
Earned premiums			81			82			83			83			85			86			88			164			174			245			259				342
Loss and loss expenses ratio			63.7	%		56.8	%		67.6	%		65.3	%		67.7	%		67.6	%		66.5	%		62.2	%		67.1	%		62.7	%		67.3	%			66.8	%
Less catastrophe loss ratio			1.7			3.1			1.7			(0.3	)		0.7			(0.3	)		(2.3	)		2.4			(1.3	)		2.2			(0.6	)			(0.6	)
Loss and loss expenses excluding catastrophe loss ratio			62.0	%		53.7	%		65.9	%		65.6	%		67.0	%		67.9	%		68.8	%		59.8	%		68.4	%		60.5	%		67.9	%			67.4	%
Homeowner:
Written premiums		$	72		$	79		$	60		$	66		$	77		$	80		$	61		$	139		$	141		$	212		$	218			$	284
Earned premiums			64			71			72			71			70			72			71			143			143			208			214				285
Loss and loss expenses ratio			122.8	%		130.7	%		91.4	%		36.6	%		82.7	%		66.9	%		50.0	%		110.9	%		58.5	%		114.6	%		66.5	%			59.0	%
Less catastrophe loss ratio			54.5			60.0			25.2			(2.3	)		15.6			8.3			(7.5	)		42.5			0.4			46.2			5.4				3.5
Loss and loss expenses excluding catastrophe loss ratio			68.3	%		70.7	%		66.2	%		38.9	%		67.1	%		58.6	%		57.5	%		68.4	%		58.1	%		68.4	%		61.1	%			55.5	%
Other personal:
Written premiums		$	24		$	23		$	21		$	21		$	23		$	24		$	20		$	44		$	44		$	67		$	67			$	88
Earned premiums			22			21			22			22			22			22			22			44			43			65			65				87
Loss and loss expenses ratio			91.5	%		43.2	%		62.2	%		24.1	%		57.9	%		62.8	%		43.4	%		52.9	%		53.1	%		65.8	%		54.7	%			47.0	%
Less Catastrophe loss ratio			14.5			8.0			4.1			0.6			3.7			3.5			(0.1	)		6.0			1.3			8.9			2.0				1.7
Loss and loss expenses excluding catastrophe loss ratio			77.0	%		35.2	%		58.1	%		23.5	%		54.2	%		59.3	%		43.5	%		46.9	%		51.8	%		56.9	%		52.7	%			45.3	%

* 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.

19

Cincinnati Insurance Group
Quarterly Detailed Loss Analysis

	Three months ended																						Six months ended						Nine months ended						Twelve months ended
(Dollars in millions)	12/31/08	9/30/08			6/30/08			3/31/08			12/31/07			9/30/07			6/30/07			3/31/07			6/30/08			6/30/07			9/30/08			9/30/07			12/31/08	12/31/07
All Lines
Loss and loss expenses:
Loss and loss expenses — current AY		$	563		$	531		$	467		$	515		$	558		$	484		$	472		$	998		$	956		$	1,562		$	1,514			$	2,029
Loss and loss expenses — prior AY’s			(103	)		(87	)		(9	)		(118	)		(47	)		(40	)		(17	)		(96	)		(57	)		(200	)		(105	)			(222	)
Catastrophes — current AY			62			113			47			(1	)		15			15			16			160			30			222			47				45
Catastrophes — prior AY’s			1			—			(4	)		(1	)		(2	)		(4	)		(13	)		(4	)		(17	)		(3	)		(19	)			(20	)
Total		$	523		$	557		$	501		$	395		$	524		$	455		$	458		$	1,058		$	912		$	1,581		$	1,437			$	1,832
Ratio to Earned Premiums
Loss and loss expenses:
Loss and loss expenses — current AY			75.2	%		69.8	%		62.2	%		66.3	%		71.9	%		61.6	%		60.2	%		66.0	%		60.9	%		69.0	%		64.5	%			64.9	%
Loss and loss expenses — prior AY’s			(13.8	)		(11.4	)		(1.3	)		(15.2	)		(6.2	)		(5.1	)		(2.3	)		(6.3	)		(3.6	)		(8.8	)		(4.5	)			(7.1	)
Catastrophes — current AY			8.3			14.8			6.2			(0.1	)		2.0			1.9			2.1			10.6			1.9			9.8			2.0				1.3
Catastrophes — prior AY’s			0.1			0.1			(0.5	)		(0.1	)		(0.3	)		(0.5	)		(1.7	)		(0.3	)		(1.1	)		(0.1	)		(0.9	)			(0.6	)
Total			69.8	%		73.3	%		66.6	%		50.9	%		67.4	%		57.9	%		58.3	%		70.0	%		58.1	%		69.9	%		61.1	%			58.5	%
Commercial Lines
Loss and loss expenses:
Loss and loss expenses — current AY		$	436		$	416		$	354		$	412		$	433		$	370		$	356		$	770		$	726		$	1,207		$	1,158			$	1,570
Loss and loss expenses — prior AY’s			(88	)		(74	)		(11	)		(102	)		(38	)		(40	)		(12	)		(85	)		(52	)		(173	)		(90	)			(192	)
Catastrophes — current AY			23			66			25			—			5			8			12			92			20			115			26				25
Catastrophes — prior AY’s			—			—			(3	)		—			(4	)		(3	)		(2	)		(3	)		(5	)		(3	)		(9	)			(9	)
Total		$	371		$	408		$	365		$	310		$	396		$	335		$	354		$	774		$	689		$	1,146		$	1,085			$	1,394
Ratio to Earned Premiums
Loss and loss expenses:
Loss and loss expenses — current AY			74.9	%		71.1	%		61.6	%		68.5	%		72.2	%		61.0	%		59.0	%		66.4	%		60.0	%		69.2	%		63.9	%			65.2	%
Loss and loss expenses — prior AY’s			(15.0	)		(12.6	)		(1.9	)		(17.0	)		(6.4	)		(6.6	)		(2.1	)		(7.3	)		(4.2	)		(9.9	)		(4.9	)			(8.0	)
Catastrophes — current AY			4.0			11.2			4.5			—			0.9			1.4			2.2			7.9			1.8			6.6			1.5				1.0
Catastrophes — prior AY’s			—			0.1			(0.6	)		—			(0.7	)		(0.5	)		(0.4	)		(0.3	)		(0.4	)		(0.2	)		(0.6	)			(0.4	)
Total			63.8	%		69.7	%		63.6	%		51.4	%		66.0	%		55.3	%		58.7	%		66.7	%		57.2	%		65.7	%		59.9	%			57.8	%
Personal Lines
Loss and loss expenses:
Loss and loss expenses — current AY		$	127		$	115		$	113		$	103		$	125		$	114		$	116		$	228		$	230		$	355		$	356			$	459
Loss and loss expenses — prior AY’s			(16	)		(13	)		2			(16	)		(9	)		—			(5	)		(11	)		(5	)		(27	)		(15	)			(30	)
Catastrophes — current AY			39			47			22			(1	)		10			7			4			68			10			107			21				20
Catastrophes — prior AY’s			1			—			(1	)		(1	)		2			(1	)		(11	)		(1	)		(12	)		—			(10	)			(11	)
Total		$	151		$	149		$	136		$	85		$	128		$	120		$	104		$	284		$	223		$	435		$	352			$	438
Ratio to Earned Premiums
Loss and loss expenses:
Loss and loss expenses — current AY			75.9	%		65.6	%		64.1	%		58.5	%		70.5	%		63.3	%		64.3	%		64.8	%		64.1	%		66.1	%		66.1	%			64.4	%
Loss and loss expenses — prior AY’s			(9.6	)		(7.2	)		1.0			(8.9	)		(5.1	)		(0.1	)		(2.9	)		(3.1	)		(1.5	)		(5.1	)		(2.8	)			(4.2	)
Catastrophes — current AY			23.3			27.0			11.9			(0.7	)		5.9			3.8			2.0			19.6			2.9			20.7			3.9				2.7
Catastrophes — prior AY’s			0.5			—			(0.3	)		(0.3	)		1.1			(0.3	)		(6.1	)		(0.3	)		(3.5	)		—			(1.8	)			(1.5	)
Total			90.1	%		85.4	%		76.7	%		48.6	%		72.4	%		66.7	%		57.3	%		81.0	%		62.0	%		84.0	%		65.4	%			61.4	%

20

Cincinnati Insurance Group
Quarterly Property Casualty Data — All Lines

	Three months ended																						Six months ended						Nine months ended						Twelve months ended
(Dollars in millions)	12/31/08	9/30/08			6/30/08			3/31/08			12/31/07			9/30/07			6/30/07			3/31/07			6/30/08			6/30/07			9/30/08			9/30/07			12/31/08	12/31/07
Premiums
Agency renewal written premiums		$	687		$	739		$	733		$	705		$	732		$	761		$	762		$	1,472		$	1,523		$	2,159		$	2,255			$	2,960
Agency new business written premiums			88			97			75			81			82			81			81			172			162			259			244				325
Ceded written premiums			(49	)		(37	)		(37	)		(41	)		(41	)		(39	)		(38	)		(75	)		(77	)		(124	)		(118	)			(159	)
Other written premiums			4			1			2			4			6			5			6			3			11			7			17				22
Written premium adjustment — statutory only			(8	)		(12	)		3			(25	)		(43	)		2			35			(9	)		37			(17	)		(6	)			(31	)
Reported written premiums (statutory)*		$	722		$	788		$	776		$	724		$	736		$	810		$	846		$	1,563		$	1,656		$	2,284		$	2,392			$	3,117
Unearned premiums change			27			(28	)		(25	)		53			41			(23	)		(61	)		(51	)		(85	)		(23	)		(42	)			7
Earned premiums		$	749		$	760		$	751		$	777		$	777		$	787		$	785		$	1,512		$	1,571		$	2,261		$	2,350			$	3,124
Year over year change %
Agency renewal written premiums			(6.1	)%		(3.0	)%		(3.7	)%		(3.5	)%		1.6	%		3.3	%		1.9	%		(3.4	)%		2.6	%		(4.3	)%		2.3	%			0.8	%
Agency new business written premiums			6.7			19.6			(7.5	)		(8.3	)		(15.9	)		(13.3	)		4.8			6.1			(5.2	)		6.3			(9.1	)			(8.9	)
Ceded written premiums			20.3			(4.6	)		(1.1	)		7.3			12.6			29.3			17.5			(2.9	)		23.2			5.1			19.4				16.0
Other written premiums			(39.1	)		(74.6	)		(71.8	)		(9.5	)		31.6			61.3			60.6			(73.1	)		60.9			(61.6	)		49.6				32.0
Written premium adjustment — statutory only			(81.6	)		(900.0	)		(91.5	)		(18.0	)		521.4			(85.7	)		7.3			(124.3	)		(15.1	)		161.5			(117.8	)			(616.4	)
Reported written premiums (statutory)*			(1.9	)		(2.8	)		(8.4	)		(4.1	)		(5.6	)		(0.5	)		2.1			(5.7	)		0.8			(4.5	)		(1.3	)			(1.9	)
Statutory combined ratio
Statutory combined ratio			102.4	%		101.5	%		97.2	%		87.8	%		98.7	%		87.7	%		87.7	%		99.5	%		87.7	%		100.3	%		91.3	%			90.3	%
Less catastrophe losses			8.4			14.9			5.7			(0.3	)		1.7			1.4			0.4			10.3			0.9			9.7			1.2				0.8
Statutory combined ratio excluding catastrophe losses			94.0	%		86.6	%		91.5	%		88.1	%		97.0	%		86.3	%		87.3	%		89.2	%		86.8	%		90.6	%		90.1	%			89.5	%
Commission expense ratio			17.7	%		17.4	%		17.7	%		23.1	%		18.1	%		18.1	%		18.0	%		17.5	%		18.0	%		17.6	%		18.0	%			19.2	%
Other expense ratio			15.0			10.7			12.9			13.9			13.2			11.7			11.4			11.8			11.6			12.8			12.1				12.5
Statutory expense ratio			32.7	%		28.1	%		30.6	%		37.0	%		31.3	%		29.8	%		29.4	%		29.3	%		29.6	%		30.4	%		30.1	%			31.7	%
GAAP combined ratio
GAAP combined ratio			101.2	%		103.5	%		98.6	%		85.6	%		97.3	%		88.6	%		89.6	%		101.1	%		89.1	%		101.1	%		91.8	%			90.3	%

*	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.

Cincinnati Insurance Group
Quarterly Property Casualty Data — Commercial Lines

	Three months ended																						Six months ended						Nine months ended						Twelve months ended
(Dollars in millions)	12/31/08	9/30/08			6/30/08			3/31/08			12/31/07			9/30/07			6/30/07			3/31/07			6/30/08			6/30/07			9/30/08			9/30/07			12/31/08	12/31/07
Premiums
Agency renewal written premiums		$	502		$	552		$	588		$	546		$	544		$	569		$	612		$	1,140		$	1,181		$	1,642		$	1,725			$	2,271
Agency new business written premiums			77			87			66			71			72			71			72			153			143			229			216				287
Ceded written premiums			(46	)		(31	)		(32	)		(34	)		(32	)		(32	)		(31	)		(63	)		(62	)		(109	)		(94	)			(128	)
Other written premiums			13			1			—			3			4			3			4			1			7			14			11				14
Written premium adjustment — statutory only			(8	)		(12	)		3			(24	)		(44	)		2			36			(9	)		37			(17	)		(7	)			(31	)
Reported written premiums (statutory)*		$	538		$	597		$	625		$	562		$	544		$	613		$	693		$	1,222		$	1,306		$	1,759		$	1,851			$	2,413
Unearned premiums change			44			(11	)		(51	)		39			56			(6	)		(89	)		(61	)		(96	)		(16	)		(41	)			(2	)
Earned premiums		$	582		$	586		$	574		$	601		$	600		$	607		$	604		$	1,161		$	1,210		$	1,743		$	1,810			$	2,411
Year over year change %
Agency renewal written premiums			(7.7	)%		(2.9	)%		(4.0	)%		(3.4	)%		3.5	%		7.4	%		3.9	%		(3.5	)%		5.6	%		(4.8	)%		4.9	%			2.8	%
Agency new business written premiums			6.0			21.2			(8.3	)		(10.5	)		(18.3	)		(16.9	)		2.7			6.4			(8.1	)		6.3			(11.8	)			(11.5	)
Ceded written premiums			43.6			(1.6	)		2.8			11.6			9.5			24.1			10.9			0.6			17.3			15.1			14.5				13.7
Other written premiums			250.5			(73.4	)		(99.4	)		(27.0	)		(3.6	)		12.3			37.2			(89.2	)		26.2			25.0			14.3				1.7
Written premium adjustment — statutory only			(81.6	)		(900.0	)		(91.5	)		(18.1	)		530.2			(84.7	)		5.8			(124.3	)		(14.7	)		161.7			(117.8	)			(526.2	)
Reported written premiums (statutory)*			(1.2	)		(2.7	)		(9.8	)		(4.6	)		(6.4	)		1.7			3.8			(6.5	)		2.8			(4.9	)		(0.1	)			(1.2	)
Statutory combined ratio
Statutory combined ratio			97.3	%		97.7	%		93.3	%		89.7	%		97.3	%		84.4	%		86.5	%		95.6	%		85.4	%		95.9	%		89.2	%			89.2	%
Less catastrophe losses			4.0			11.3			3.9			—			0.2			0.8			1.8			7.6			1.3			6.4			0.9				0.6
Statutory combined ratio excluding catastrophe losses			93.3	%		86.4	%		89.4	%		89.7	%		97.1	%		83.6	%		84.7	%		88.0	%		84.1	%		89.5	%		88.3	%			88.6	%
Commission expense ratio			18.1	%		16.9	%		16.5	%		23.1	%		18.2	%		17.7	%		16.7	%		16.7	%		17.2	%		17.1	%		17.5	%			18.8	%
Other expense ratio			15.4			10.9			13.2			15.1			13.1			11.4			11.2			12.1			11.3			13.1			11.8				12.6
Statutory expense ratio			33.5	%		27.8	%		29.7	%		38.2	%		31.3	%		29.1	%		27.9	%		28.8	%		28.5	%		30.2	%		29.3	%			31.4	%
GAAP combined ratio
GAAP combined ratio			94.9	%		99.9	%		95.0	%		87.3	%		95.4	%		85.2	%		88.9	%		97.4	%		87.0	%		96.6	%		89.8	%			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.

Cincinnati Insurance Group
Quarterly Property Casualty Data — Personal Lines

								Three months ended																Six months ended						Nine months ended						Twelve months ended
(Dollars in millions)	12/31/08	9/30/08			6/30/08				3/31/08			12/31/07			9/30/07			6/30/07			3/31/07			6/30/08			6/30/07			9/30/08			9/30/07			12/31/08	12/31/07
Premiums
Agency renewal written premiums		$	185		$	186			$	146		$	159		$	188		$	192		$	150		$	332		$	343		$	517		$	530			$	690
Agency new business written premiums			11			10				8			10			10			10			9			19			18			30			28				38
Ceded written premiums			(13	)		(6	)			(6	)		(7	)		(8	)		(7	)		(8	)		(12	)		(15	)		(26	)		(23	)			(30	)
Other written premiums			1			1				2			1			2			2			2			2			4			4			6				7
Written premium adjustment — statutory only			—			—				—			(1	)		—			—			—			—			—			—			—				(1	)
Reported written premiums (statutory)*		$	184		$	191			$	150		$	162		$	192		$	197		$	153		$	341		$	350		$	525		$	541			$	704
Unearned premiums change			(17	)		(17	)			27			14			(15	)		(17	)		28			10			11			(7	)		(3	)			10
Earned premiums		$	167		$	174			$	177		$	176		$	177		$	180		$	181		$	351		$	361		$	518		$	538			$	714
Year over year change %
Agency renewal written premiums			(1.6	)%		(3.3	)%			(2.8	)%		(3.9	)%		(3.4	)%		(7.1	)%		(5.6	)%		(3.1	)%		(6.5	)%		(2.5	)%		(5.4	)%			(5.1	)%
Agency new business written premiums			11.8			7.7				(0.5	)		12.1			7.0			26.5			25.4			3.9			26.0			6.7			18.6				16.9
Ceded written premiums			61.4			(17.3	)			(17.2	)		(9.1	)		26.5			56.4			56.4			(17.3	)		56.4			11.0			44.1				26.6
Other written premiums			(37.3	)		(76.2	)			(0.4	)		117.4			276.1			265.9			187.1			(43.3	)		227.0			(41.3	)		242.4				211.2
Written premium adjustment — statutory only			(100.0	)		—				(100.0	)		(17.0	)		(92.9	)		(100.0	)		(100.9	)		(100.0	)		(98.4	)		(100.0	)		(102.0	)			(5.1	)
Reported written premiums (statutory)*			(4.0	)		(3.0	)			(2.0	)		(2.3	)		(3.1	)		(6.8	)		(5.1	)		(2.6	)		(6.1	)		(3.1	)		(5.1	)			(4.4	)
Statutory combined ratio
Statutory combined ratio			120.6	%		114.3	%			110.8	%		81.4	%		103.6	%		98.6	%		93.5	%		112.2	%		95.8	%		114.9	%		98.3	%			94.1	%
Less catastrophe losses			23.8			27.0				11.6			(1.0	)		7.0			3.5			(4.1	)		19.3			(0.3	)		20.7			2.1				1.3
Statutory combined ratio excluding catastrophe losses			96.8	%		87.3	%			99.2	%		82.4	%		96.6	%		95.1	%		97.6	%		92.9	%		96.1	%		94.2	%		96.2	%			92.8	%
Commission expense ratio			16.4	%		18.6	%			22.3	%		22.8	%		17.6	%		19.3	%		23.8	%		20.2	%		21.2	%		18.9	%		20.6	%			19.9	%
Other expense ratio			14.0			10.3				11.8			10.0			13.5			12.6			12.4			11.0			12.6			12.0			12.2				12.9
Statutory expense ratio			30.4	%		28.9	%			34.1	%		32.8	%		31.1	%		31.9	%		36.2	%		31.2	%		33.8	%		30.9	%		32.8	%			32.8	%
GAAP combined ratio
GAAP combined ratio			122.5	%		115.3	%			110.1	%		79.7	%		103.8	%		99.9	%		92.0	%		112.7	%		96.0	%		115.9	%		98.6	%			93.9	%

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

The Cincinnati Life Insurance Company
GAAP Statements of Income

	For the Three Months Ended September 30,												For the Nine Months Ended September 30,
	2008			2007			Change			% Change			2008			2007			Change			% Change
Revenues:
Premiums earned:
Life	$	40,729,802		$	42,395,592		$	(1,665,790	)		(3.93	)	$	125,439,013		$	124,663,788		$	775,225			0.62
Accident health		1,876,918			1,776,832			100,086			5.63			5,429,201			5,141,122			288,079			5.60
Premiums ceded		(12,851,798	)		(10,295,186	)		(2,556,612	)		24.83			(37,958,864	)		(30,134,044	)		(7,824,820	)		25.97
Total premiums earned		29,754,922			33,877,238			(4,122,316	)		(12.17	)		92,909,350			99,670,866			(6,761,516	)		(6.78	)
Investment income		29,944,299			28,515,819			1,428,480			5.01			88,259,571			84,594,298			3,665,273			4.33
Realized investment gains and losses		(45,300,879	)		(117,732	)		(45,183,147	)	nm				(67,087,119	)		51,750,857			(118,837,976	)		(229.63	)
Other income		(42,060	)		1,141,955			(1,184,015	)		(103.68	)		1,324,832			3,461,706			(2,136,874	)		(61.73	)
Total revenues	$	14,356,282		$	63,417,280		$	(49,060,998	)		(77.36	)	$	115,406,634		$	239,477,727		$	(124,071,093	)		(51.81	)
Benefits & expenses:
Losses & policy benefits	$	54,001,586		$	45,763,373		$	8,238,213			18.00		$	148,219,872		$	127,869,309		$	20,350,563			15.92
Reinsurance recoveries		(13,477,282	)		(9,507,506	)		(3,969,776	)		(41.75	)		(33,651,728	)		(29,654,500	)		(3,997,228	)		13.48
Commissions		6,340,506			8,388,628			(2,048,122	)		(24.42	)		18,869,061			26,401,514			(7,532,453	)		(28.53	)
Other operating expenses		7,931,123			7,831,539			99,584			1.27			22,799,674			23,382,074			(582,400	)		(2.49	)
Taxes, licenses & fees		1,065,416			930,560			134,856			14.49			3,115,439			2,756,613			358,826			13.02
Incr deferred acq expense		(3,872,836	)		(2,402,358	)		(1,470,478	)		(61.21	)		(12,031,232	)		(8,730,977	)		(3,300,255	)		37.80
Total expenses	$	51,988,513		$	51,004,236		$	984,277			1.93		$	147,321,086		$	142,024,033		$	5,297,053			3.73
Income before income taxes	$	(37,632,231	)	$	12,413,044		$	(50,045,275	)		(403.17	)	$	(31,914,452	)	$	97,453,694		$	(129,368,146	)		(132.75	)
Provision for income taxes:
Current	$	8,854,764		$	1,076,018		$	7,778,746			722.92		$	20,039,654		$	4,508,915		$	15,530,739			344.45
Current capital gains/losses		(15,855,308	)		(22,206	)		(15,833,102	)	nm				(23,460,492	)		18,257,800			(41,718,292	)		(228.50	)
Deferred		(6,144,473	)		3,171,530			(9,316,003	)		(293.74	)		(8,006,690	)		10,914,527			(18,921,217	)		(173.36	)
Total income taxes	$	(13,145,017	)	$	4,225,342		$	(17,370,359	)		(411.10	)	$	(11,427,528	)	$	33,681,242		$	(45,108,770	)		(133.93	)
Net income	$	(24,487,214	)	$	8,187,702		$	(32,674,916	)		(399.07	)	$	(20,486,924	)	$	63,772,452		$	(84,259,376	)		(132.13	)

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The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended September 30,												For the Nine Months Ended September 30,
	2008			2007			Change			% Change			2008			2007			Change			% Change
Net premiums written	$	42,316,142		$	36,952,328		$	5,363,814			14.52		$	128,951,950		$	119,900,032		$	9,051,918			7.55
Net investment income		29,944,298			28,518,609			1,425,689			5.00			88,259,909			84,607,029			3,652,880			4.32
Amortization of interest maintenance reserve		(776,347	)		(716,933	)		(59,414	)		(8.29	)		(1,306,983	)		(727,925	)		(579,058	)		(79.55	)
Commissions and expense allowances on reinsurance ceded		1,802,472			1,945,861			(143,389	)		(7.37	)		5,638,577			6,464,843			(826,266	)		(12.78	)
Income from fees associated with Separate Accounts		(42,059	)		1,141,955			(1,184,014	)		(103.68	)		1,324,832			3,461,706			(2,136,874	)		(61.73	)
Total revenues	$	73,244,506		$	67,841,820		$	5,402,686			7.96		$	222,868,285		$	213,705,685		$	9,162,600			4.29
Death benefits and matured endowments	$	12,870,280		$	10,205,681		$	2,664,599			26.11		$	34,007,859		$	27,252,513		$	6,755,346			24.79
Annuity benefits		8,349,420			11,176,827			(2,827,407	)		(25.30	)		21,625,252			28,828,501			(7,203,249	)		(24.99	)
Disability benefits and benefits under accident and health contracts		667,540			638,935			28,605			4.48			1,932,660			1,631,352			301,308			18.47
Surrender benefits and group conversions		5,463,519			6,406,696			(943,177	)		(14.72	)		17,494,817			17,479,044			15,773			0.09
Interest and adjustments on deposit-type contract funds		2,857,794			2,322,816			534,978			23.03			8,504,910			6,722,093			1,782,817			26.52
Increase in aggregate reserves for life and accident and health contracts		24,577,586			16,724,962			7,852,624			46.95			76,893,912			71,711,184			5,182,728			7.23
Payments on supplementary contracts with life contingencies		82,228			86,811			(4,583	)		(5.28	)		247,152			258,824			(11,672	)		(4.51	)
Total benefit expenses	$	54,868,367		$	47,562,728		$	7,305,639			15.36		$	160,706,562		$	153,883,511		$	6,823,051			4.43
Commissions	$	8,067,352		$	8,283,629		$	(216,277	)		(2.61	)	$	24,280,763		$	26,016,514		$	(1,735,751	)		(6.67	)
General insurance expenses and taxes		9,548,814			9,797,137			(248,323	)		(2.53	)		28,883,743			29,278,421			(394,678	)		(1.35	)
Increase in loading on deferred and uncollected premiums		(646,621	)		(1,525,841	)		879,220			57.62			(2,569,023	)		(5,337,160	)		2,768,137			51.87
Net transfers to or (from) Separate Accounts		—			—			—			—			—			(215,913	)		215,913			—
Other deductions		(27	)		—			(27	)		—			109			108			1			0.93
Total operating expenses	$	16,969,518		$	16,554,925		$	414,593			2.50		$	50,595,592		$	49,741,970		$	853,622			1.72
Federal and Foreign Income Taxes Incurred		8,727,715			886,409			7,841,306			884.61			19,853,997			4,447,095			15,406,902			346.45
Net gain from operations before realized capital gains or (losses)	$	(7,321,094	)	$	2,837,758		$	(10,158,852	)		(357.99	)	$	(8,287,866	)	$	5,633,109		$	(13,920,975	)		(247.13	)
Net realized gains or (losses) net of capital gains tax		(25,346,502	)		2,604,683			(27,951,185	)	nm				(39,669,636	)		37,332,560			(77,002,196	)		(206.26	)
Net Income (Statutory)	$	(32,667,596	)	$	5,442,441		$	(38,110,037	)		(700.24	)	$	(47,957,502	)	$	42,965,669		$	(90,923,171	)		(211.62	)

* Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

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