8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report: February 2, 2009
(Date of earliest event reported)

CINCINNATI FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Ohio	0-4604	31-0746871
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6200 S. Gilmore Road, Fairfield, Ohio	45014-5141
(Address of principal executive offices)	(Zip Code)

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

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

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On February 5, 2009, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Profitable 2008 Fourth Quarter and Full Year,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On February 5, 2009, the company also distributed the attached information titled “Supplemental Financial Data,” furnished as Exhibit 99.2 hereto and incorporated herein by reference. This report should not be deemed an admission as to the materiality of any information contained in the news release or supplemental financial data.

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

On February 2, 2009, Cincinnati Financial Corporation issued the attached news release “Cincinnati Financial Corporation Board Declares 39¢ Quarterly Cash Dividend.” The news release is furnished as Exhibit 99.3 hereto and is incorporated herein by reference. This report should not be deemed an admission as to the materiality of any information contained in the news release.

Item 7.01 Regulation FD Disclosure.

On February 2, 2009, Cincinnati Financial Corporation issued the attached news release “Cincinnati Financial Corporation Subsidiaries Announce Appointments and Promotions.” The news release is furnished as Exhibit 99.4 hereto and is incorporated herein by reference. This report should not be deemed an admission as to the materiality of any information contained in the news release.

The information furnished in Item 7.01 of this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

Exhibit 99.1	—	News release dated February 5, 2009, “Cincinnati Financial Reports Profitable 2008 Fourth Quarter and Full Year”
Exhibit 99.2	—	Supplemental Financial Data dated February 5, 2009
Exhibit 99.3	—	News release dated February 2, 2009, titled “Cincinnati Financial Corporation Board Declares 39¢ Quarterly Cash Dividend”
Exhibit 99.4	—	News release dated February 2, 2009, titled “Cincinnati Financial Corporation Subsidiaries Announce Appointments and Promotions”

Signature

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

	CINCINNATI FINANCIAL CORPORATION
Date: February 5, 2009	/S/ Steven J. Johnston, FCAS, MAAA, CFA
	Steven J. Johnston, FCAS, MAAA, CFA
	Chief Financial Officer, Secretary and Treasurer

EX-99.1

Exhibit 99.1

	CINCINNATI FINANCIAL CORPORATION
	Investor Contact: Heather J. Wietzel, 513-870-2768 CINF-IR@cinfin.com Media Contact: Joan O. Shevchik, 513-603-5323 Media_Inquiries@cinfin.com

Cincinnati Financial Reports Profitable 2008 Fourth Quarter and Full Year

Cincinnati, February 5, 2009 — Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

• Fourth-quarter 2008 net income of $161 million, or 99 cents per share, compared with $187 million, or $1.11, in the 2007 fourth quarter; operating income* of $92 million, or 57 cents per share, compared with $179 million, or $1.07.

• Full-year 2008 net income of $429 million, or $2.62 per share, compared with $855 million, or $4.97, in 2007. Operating income of $344 million, or $2.10 per share, compared with $610 million, or $3.54, in 2007.

• $9 million fourth-quarter property casualty underwriting gain reduced full-year underwriting loss to $17 million. Loss reflected effects of weak insurance pricing throughout 2008 and more than seven-fold increase in catastrophe losses, net of reinsurance, to a record $203 million.

Financial Highlights

	Three months ended December 31,						Twelve months ended December 31,
(Dollars in millions except share data)	2008		2007		Change %		2008		2007		Change %
Revenue Highlights
Earned premiums	$	780	$	802	(2.7	)	$	3,136	$	3,250		(3.5	)
Investment income		125		157	(20.5	)		537		608		(11.6	)
Total revenues		1,018		977	4.2			3,824		4,259		(10.2	)
Income Statement Data
Net income	$	161	$	187	(13.9	)	$	429	$	855		(49.9	)
Net realized investment gains and losses		69		8	801.9			85		245		(65.4	)
Operating income*	$	92	$	179	(48.6	)	$	344	$	610		(43.7	)
Per Share Data (diluted)
Net income	$	0.99	$	1.11	(10.8	)	$	2.62	$	4.97		(47.3	)
Net realized investment gains and losses		0.42		0.04	950.0			0.52		1.43		(63.6	)
Operating income*	$	0.57	$	1.07	(46.7	)	$	2.10	$	3.54		(40.7	)
Book value							$	25.75	$	35.70		(27.9	)
Cash dividend declared	$	0.39	$	0.355	9.9		$	1.56	$	1.42		9.9
Weighted average shares outstanding		162,485,576		168,163,752	(3.4	)		163,362,409		172,167,452		(5.1	)

Insurance Operations Highlights

• 98.9 percent fourth-quarter 2008 property casualty combined ratio as net written premiums declined 1.0 percent. Full-year 2008 property casualty combined ratio at 100.6 percent, with 3.4 percent decline in net written premiums.

• 23.6 percent and 13.1 percent increase in new business written by agencies in the 2008 fourth quarter and full year, partially offsetting the effects of the very competitive insurance market and slowing economy.

• $14 million in net written premiums from excess and surplus lines operation launched in 2008.

• 24 cents per share contribution from life insurance operating income to full-year results, up 2 cents from 2007.

Investment and Balance Sheet Highlights

• $1.009 billion in cash and cash equivalents at year-end 2008, providing exceptional liquidity and capital flexibility.

• $25.75 book value, down from $28.87 at September 30 and $35.70 at year-end 2007 on lower investment values.

• Investment portfolio at year-end reflected application of investment guidelines revised in 2008 that increased diversification and reduced concentrations. Investment income declined in the fourth-quarter and full-year because of portfolio changes and lower dividends from holdings in the equity portfolio.

Outlook**

• Management sees strategies leading to rate of book value growth plus rate of dividend contribution, a measure of value creation, averaging 12 percent to 15 percent between 2010 and 2014. Dividend contribution rate defined as annual dividends declared as a percent of beginning shareholders’ equity.

*	The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures on Page 13 defines and reconciles measures presented in this release that are not based on Generally Accepted Accounting Principles or Statutory Accounting Principles.
**	Forward-looking statements and related assumptions are subject to the risks outlined in the company’s safe harbor statement (see Page 9).
nm	Not meaningful

Looking to a Strong Future

Kenneth W. Stecher, president and chief executive officer, said, “2008 was a tough year for our economy, our industry and our company. Our long-term perspective lets us address the immediate challenges while focusing on the major decisions that best position the company for success through all market cycles. We believe that this forward-looking view has consistently benefited our policyholders, agents, shareholders and associates.

“To measure our progress, we’re defining a value creation ratio that we believe captures the contribution of our insurance operations, the success of our investment strategy and the importance we place on paying cash dividends to shareholders. Between 2010 and 2014, we expect the total of our rate of growth in book value plus the rate of dividend contribution to average 12 percent to 15 percent. With the current economic and market uncertainty, we believe this ratio is an appropriate way to measure our long-term progress in creating value.”

Strategic Initiatives

Stecher added, “We were founded more than 50 years ago by independent agents who established the mission that continues to guide us — To grow profitably and enhance the ability of local independent insurance agents to deliver quality financial protection to the people and businesses they serve. To continue to achieve that objective, we have worked with our board of directors to identify actions that will position us for long-term success in three broad areas of strategic focus — preservation of capital, profitability and growth.

Stecher said, “First, we are addressing preservation of capital to sustain our capacity for growth of our insurance business. We ended 2008 with a healthy property casualty premium to surplus ratio of 0.9-to-1. All of our insurance subsidiaries continue to be highly rated, operating with a level of capital far exceeding regulatory requirements. We also can sustain our investment in the people and infrastructure needed to succeed in the future. Smart spending today means we’ll be even better prepared with strong, local market-based relationships when external conditions improve.

“As we stated on Monday, we’re working on a variety of initiatives, including the repositioning of our investment portfolio, to preserve our capital strength and liquidity. Additionally, we hold more than $1 billion of our assets at the parent company level, increasing our flexibility through all periods to maintain our cash dividend and to continue to invest in and expand our insurance operations.”

Stecher said, “Second, we are emphasizing business initiatives that support improved cash flow and profitability for the agencies that represent us and for our company.

“Several technology initiatives are well under way to improve critical efficiencies and streamline processes for our appointed agencies, allowing us to win an increasing share of their business. By the end of this year, we expect to make significant strides with deployment of a new commercial lines policy administration system; the groundwork for a major upgrade of our personal lines policy administration system; and a variety of online initiatives to serve agencies and policyholders. We’ll also sustain our reputation for superior claims service, improving processes with options such as allowing agents access to more detailed information on the status of pending claims.

“Other technology projects in process will improve our business data, supporting accurate underwriting, pricing and decisions. These will enhance our hallmark — local decision making based on the local knowledge and risk selection expertise we derive from our agents and from having a large network of field representatives who live and work in our agents’ communities.

“All of our initiatives seek to strengthen our relationships with agents, allowing them to serve clients faster and manage expenses better. We expect these efforts to contribute to our rank as the No. 1 or No. 2 carrier in agencies that have represented us for at least five years. In 2008, we again earned that rank in more than 75 percent of the agencies that have represented Cincinnati Insurance for more than five years. We are working to improve that rank again in 2009 and in each of the years that follow.”

Stecher added, “The third area of focus is adding to our property casualty premiums without significant concentration of risk or infrastructure expense. Expanding our geographic footprint and diversifying our premium sources should give us profitable growth while also reducing catastrophe exposure risk. With our entry into Texas during the fourth quarter of 2008, Cincinnati Insurance now is actively marketing our policies in 35 states, expanding our opportunities beyond the Midwest and South. We now have a sizeable presence in the western states — opening New Mexico and Washington in 2007, Utah in 2000, Idaho in 1999 and Montana in 1998. We plan to look next at taking the Cincinnati Insurance franchise to agencies in Colorado and Wyoming.

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“To diversify the sources of our premiums, we also continue to appoint new agencies in our current operating territories, adding 76 in 2008 and targeting at least 65 additional appointments in 2009. We are working to position our personal lines business for profitable future growth with rate and credit modifications and making personal lines policies available in new geographies to spread risk. Another source of premiums is our new excess and surplus lines operation, which ended the year on track with $14 million of written premiums and products available in 33 states.”

Factors Influencing 2009 Performance

Steven J. Johnston, FCAS, MAAA, CFA, chief financial officer, said, “When looking at our longer-term objectives, we believe over any five-year period our agency relationships and growth strategies can lead to a property casualty written premium growth rate that exceeds the industry average. We also believe our underwriting philosophy can generate a GAAP combined ratio over any five-year period that is consistently below 100 percent. Finally, we believe our investment philosophy can drive investment income growth and lead to a total return on our equity investment portfolio that exceeds the Standard & Poor’s 500’s five-year return.”

Johnston added, “Our view of the value we can create over the next five years relies on two assumptions about the external environment. First, we’re anticipating some firming of commercial insurance pricing during 2009. Second, we believe that the economy and financial markets can resume a growth track by the end of 2010.”

On 2008 results and the outlook for 2009, Johnston said, “In 2009, we believe our value creation ratio may be below our long-term target for several reasons. First, the weak economy is expected to continue to affect policyholders by deflating their business and personal insurable assets. Until the economy begins to recover, we also do not expect to see significant appreciation of our investments. Second, the lingering effects of soft insurance market pricing are expected to affect growth rates and earned premium levels into 2010, continuing to weaken loss ratios and hamper near-term profitability. Third, our property casualty written premium growth may lag as our growth initiatives need more time to reach their full contribution. Fourth, we continue to invest in our business, including technology, new states and process initiatives to create long-term value.

Johnston noted, “The diversification of the investment portfolio over the past year included sales of selected positions to lock in gains, reduce concentrations and increase liquidity. We expect to continue to make changes to the portfolio, as appropriate. Proceeds of sales are being reinvested in both fixed income and equity securities with yields that we believe are likely to be more secure. This may slow the return to growth in investment income although we believe year-over-year comparisons may turn positive in the second half of the year.”

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Consolidated Property Casualty Insurance Operations

(Dollars in millions; percent change given for dollar amounts	Three months ended December 31,									Twelve months ended December 31,
and point change given for ratios)	2008			2007			Change %			2008			2007			Change %
Earned premiums	$	747		$	777			(3.8	)	$	3,010		$	3,125			(3.7	)
Loss and loss expenses before catastrophe losses		490			397			23.5			1,853			1,806			2.6
Loss and loss expenses from catastrophe losses		(16	)		(2	)		(800.3	)		203			26			681.1
Total loss and loss expenses		474			395			20.1			2,056			1,832			12.2
Underwriting expenses		264			270			(2.1	)		971			989			(1.8	)
Underwriting profit (loss)	$	9		$	112			(92.3	)	$	(17	)	$	304		nm
Other business metrics:
Agency renewal written premiums	$	669		$	705			(5.0	)	$	2,828		$	2,960			(4.4	)
Agency new business written premiums		100			81			23.6			368			325			13.1
Net written premiums		717			724			(1.0	)		3,010			3,117			(3.4	)
							Points									Points
Ratios as a percent of earned premiums:
Loss and loss expenses		63.6	%		50.9	%		12.7			68.3	%		58.6	%		9.7
Underwriting expenses		35.3			34.7			0.6			32.3			31.7			0.6
Combined ratio		98.9	%		85.6	%		13.3			100.6	%		90.3	%		10.3
Other business metrics:
Contribution from catastrophe losses		(2.1	)		(0.2	)		(1.9	)		6.8			0.8			6.0
Contribution from prior period reserve development		(16.1	)		(15.3	)		(0.8	)		(10.7	)		(7.7	)		(3.0	)

• 1.0 percent and 3.4 percent declines in fourth-quarter and full-year 2008 property casualty net written premiums, reflecting disciplined underwriting in the midst of soft pricing and a weakening economy.

• $43 million rise to $368 million in 2008 new business written by agencies reflected the contribution from growth initiatives, with $29 million from agencies appointed since 2004 and $14 million from new excess and surplus lines capabilities.

• 0.9-to-1 ratio of net written premiums to property casualty statutory surplus for 2008 from 0.7-to-1 ratio for 2007.

• 1,133 agency relationships with 1,387 reporting locations marketing standard market property casualty insurance products at year-end 2008, up from 1,092 agency relationships with 1,327 reporting locations at year-end 2007.

• Full-year 2008 GAAP combined ratio was near breakeven despite record catastrophe losses. The effects of soft pricing and loss cost inflation were offset by higher savings from favorable development on prior year reserves.

• Previously announced pension plan settlement cost of $27 million included in fourth-quarter results. Consolidated property casualty cost of $25 million added 3.3 percentage points to the fourth-quarter 2008 combined ratio and 0.8 points for the full year. Transition from a defined benefit pension plan reduces company risk while providing flexible, company-sponsored 401(k) benefit to associates.

• 10.3 percentage point increase in full-year 2008 combined ratio reflected substantially higher catastrophe losses, the pension plan settlement cost, an uptick in larger commercial lines losses and the effects of lower prices due to soft market conditions and of normal loss cost inflation. These factors were partially offset by a higher level of savings from favorable development on prior period loss reserves.

• High prior period reserve development in the fourth quarters of both 2008 and 2007 reflected the more extensive actuarial review normally conducted in that period. Savings from favorable development remained high for full-year 2008 in part because of a refinement that redistributed $69 million of reserves for incurred but not yet reported losses from prior years to accident year 2008.

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• Positive catastrophe loss contribution for fourth quarter 2008 includes $15 million reduction in estimates of losses from catastrophe events earlier in 2008 and $1 million reduction in estimates of losses from prior year events.

(In millions, net of reinsurance)	Three months ended December 31,									Twelve months ended December 31,
	Commercial			Personal						Commercial			Personal
Dates	lines			lines			Total			lines			lines			Total
2008
First quarter catastrophes	$	(1	)	$	1		$	0		$	20		$	22		$	42
Second quarter catastrophes		(7	)		(4	)		(11	)		59			30			89
Third quarter catastrophes		1			(3	)		(2	)		25			45			70
Fourth quarter catastrophes		0			0			0			0			0			0
All other		(1	)		(1	)		(2	)		2			2			4
Development on 2007 and prior catastrophes		(1	)		0			(1	)		(3	)		1			(2	)
Calendar year incurred total	$	(9	)	$	(7	)	$	(16	)	$	103		$	100		$	203
2007
First quarter catastrophes	$	1		$	0		$	1		$	6		$	2		$	8
Second quarter catastrophes		0			1			1			4			5			9
Third quarter catastrophes		1			(2	)		(1	)		2			4			6
Fourth quarter catastrophes		0			0			0			0			0			0
All other		(4	)		1			(3	)		14			9			23
Development on 2006 and prior catastrophes		1			(1	)		0			(10	)		(10	)		(20	)
Calendar year incurred total	$	(1	)	$	(1	)	$	(2	)	$	16		$	10		$	26

• Finalized 2009 property casualty reinsurance program. Reinsurance premiums expected to be relatively stable in 2009 despite higher rates for some program components. Program designed to maintain balance between the cost of the program and the level of risk retained.

2009 Reinsurance Program

Treaties	Retention Summary	Comments
Property catastrophe	For any one event, retain losses of: • 100% of first $45 million • 33% between $45 million and $70 million • 19% between $70 million and $105 million • 7% to 20% for layers between $105 million and    $500 million	•   After reinsurance, our maximum exposure to a catastrophic event that caused $500 million in covered losses would be $118 million compared with $105 million in 2008. The largest catastrophe loss in our history was Hurricane Ike, estimated at $129 million before reinsurance at December 31, 2008.
Casualty per risk	For a single loss, retain:	•  Increased casualty treaty retention to $6 million
	• 100% of first $6 million	from $5 million
	• 0% between $6 million and $25 million
	• Obtain facultative reinsurance above $25    million
Property per risk	For a single loss, retain:	•  Increased property treaty retention to $5 million
	• 100% of first $5 million	from $4 million
	• 0% between $5 million and $25 million
	• Obtain facultative reinsurance above $25    million
Casualty third excess	Coverage of:	• No changes in 2009
	• $25 million excess of $25 million
Casualty fourth excess	Coverage of:	• No changes in 2009
	• $20 million excess of $50 million

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Insurance Segments Highlights

Commercial Lines Insurance Operations

(Dollars in millions; percent change given for dollar amounts	Three months ended December 31,									Twelve months ended December 31,
and point change given for ratios)	2008			2007			Change %			2008			2007			Change %
Earned premiums	$	573		$	601			(4.5	)	$	2,316		$	2,411			(3.9	)
Loss and loss expenses before catastrophe losses		367			310			18.4			1,401			1,378			1.6
Loss and loss expenses from catastrophe losses		(9	)		0		nm				103			16			522.5
Total loss and loss expenses		358			310			15.6			1,504			1,394			7.8
Underwriting expenses		204			215			(5.0	)		742			756			(1.8	)
Underwriting profit	$	11		$	76			(84.8	)	$	70		$	261			(73.0	)
Other business metrics:
Agency renewal written premiums	$	514		$	546			(5.9	)	$	2,156		$	2,271			(5.1	)
Agency new business written premiums		83			71			16.4			312			287			8.8
Net written premiums		552			562			(1.9	)		2,311			2,413			(4.2	)
							Points									Points
Ratios as a percent of earned premiums:
Loss and loss expenses		62.5	%		51.5	%		11.0			64.9	%		57.9	%		7.0
Underwriting expenses		35.6			35.8			(0.2	)		32.1			31.3			0.8
Combined ratio		98.1	%		87.3	%		10.8			97.0	%		89.2	%		7.8
Other business metrics:
Contribution from catastrophe losses		(1.5	)		0.0			(1.5	)		4.5			0.7			3.8
Contribution from prior period reserve development		(17.0	)		(17.0	)		0.0			(11.8	)		(8.4	)		(3.4	)

• 1.9 percent and 4.2 percent declines in fourth-quarter and full-year 2008 commercial lines net written premiums, primarily a result of weakening economy, soft pricing and disciplined underwriting.

• $83 million in fourth-quarter 2008 new commercial lines business written directly by agencies, up 16.4 percent from $71 million in last year’s fourth quarter. Full-year 2008 new business rose 8.8 percent to $312 million from $287 million.

• 7.8 percentage point increase in full-year 2008 combined ratio. The uptick in larger commercial lines losses was primarily seen in new losses from directors and officers coverages. The effects of lower prices due to soft market conditions and of normal loss cost inflation were most significant in the commercial property, commercial auto and workers’ compensation business lines.

• Higher savings from prior period reserve development for the commercial lines segment was primarily due to reduced umbrella liability reserves, reflecting revised expectations for loss cost inflation. A claims mediation process that promotes earlier liability settlement resolution also contributed to commercial casualty business line results.

Personal Lines Insurance Operations

(Dollars in millions; percent change given for dollar amounts	Three months ended December 31,									Twelve months ended December 31,
and point change given for ratios)	2008			2007			Change %			2008			2007			Change %
Earned premiums	$	171		$	176			(2.9	)	$	689		$	714			(3.4	)
Loss and loss expenses before catastrophe losses		120			87			37.1			447			428			4.6
Loss and loss expenses from catastrophe losses		(7	)		(2	)		(308.2	)		100			10			958.8
Total loss and loss expenses		113			85			31.6			547			438			25.2
Underwriting expenses		58			55			6.6			224			233			(3.9	)
Underwriting profit (loss)	$	0		$	36		nm			$	(82	)	$	43		nm
Other business metrics:
Agency renewal direct written premiums	$	156		$	159			(2.3	)	$	672		$	690			(2.5	)
Agency new business direct written premiums		11			10			17.9			42			38			9.5
Net written premiums		159			162			(1.4	)		685			704			(2.7	)
							Points									Points
Ratios as a percent of earned premiums:
Loss and loss expenses		65.9	%		48.6	%		17.3			79.4	%		61.3	%		18.1
Underwriting expenses		34.1			31.1			3.0			32.5			32.6			(0.1	)
Combined ratio		100.0	%		79.7	%		20.3			111.9	%		93.9	%		18.0
Other business metrics:
Contribution from catastrophe losses		(4.1	)		(1.0	)		(3.1	)		14.5			1.3			13.2
Contribution from prior period reserve development		(13.2	)		(9.2	)		(4.0	)		(7.2	)		(5.7	)		(1.5	)

• 1.4 percent and 2.7 percent declines in fourth-quarter and full-year 2008 personal lines net written premiums. Higher new personal lines business partially offset lower policy counts and pricing changes that reduced premiums per policy. Full-year 2008 written and earned premiums included a $9 million reinsurance reinstatement premium to restore affected coverages following Hurricane Ike.

• $11 million in fourth-quarter 2008 personal lines new business written directly by agencies, up 17.9 percent from $10 million in last year’s fourth quarter. Full-year new business rose 9.5 percent to $42 million from $38 million.

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• 18.0 percentage point increase in full-year 2008 combined ratio primarily due to higher catastrophe losses. The effects of lower prices due to soft market conditions and of normal loss cost inflation primarily was seen in the homeowner business line, where rate tiers continue to be modified. Personal lines also benefited modestly from lower underwriting expenses.

Life Insurance Operations

(In millions)	Three months ended December 31,							Twelve months ended December 31,
	2008		2007		Change %			2008		2007		Change %
Written premiums	$	50	$	41		24.2		$	185	$	167		11.0
Earned premiums	$	33	$	25		30.6		$	126	$	125		0.8
Investment income, net of expenses		31		30		4.9			120		115		4.5
Other income		1		1		(35.6	)		2		4		(56.0	)
Total revenues, excluding realized investment gains and losses		65		56		15.8			248		244		1.5
Contract holders benefits		27		35		(23.3	)		142		133		6.2
Expenses		12		8		54.6			45		52		(12.8	)
Total benefits and expenses		39		43		(8.6	)		187		185		0.8
Net income before income tax and realized investment gains and losses		26		13		96.9			61		59		3.6
Income tax		9		4		110.3			21		20		6.5
Net income before realized investment gains and losses	$	17	$	9		90.4		$	40	$	39		2.1

• $185 million in total 2008 life insurance segment net written premiums. Written premiums include life insurance, annuity and accident and health premiums.

• 4.7 percent increase to $147 million in full-year 2008 written premiums for life insurance products, the largest component of segment premiums. Gain included 10.8 percent rise to $81 million in full-year 2008 term life insurance written premiums, reflecting marketing advantages of competitive, up-to-date products, personal service and policies backed by financial strength.

• 6.5 percent rise in face amount of life policies in force to $65.888 billion at year-end 2008, from $61.875 billion at year-end 2007.

• $1 million increase in full-year 2008 operating profit. Total benefits and expenses declined in the fourth quarter, reflecting refined actuarial calculations.

• During 2008, the LifeHorizons Termsetter portfolio was redesigned and a new 20-year term worksite product was introduced. These improvements supported opportunities to cross-sell life insurance products to clients of the independent agencies that sell Cincinnati’s property casualty insurance policies.

7

Investment and Balance Sheet Highlights

Investment Operations

(In millions)	Three months ended December 31,									Twelve months ended December 31,
	2008			2007			Change %			2008			2007			Change %
Investment income:
Interest	$	88		$	79			12.6		$	326		$	308			6.0
Dividends		35			75			(53.0	)		204			294			(30.5	)
Other		4			4			(6.1	)		14			15			(4.5	)
Investment expenses		(2	)		(1	)	nm				(7	)		(9	)		12.6
Total investment income, net of expenses		125			157			(20.5	)		537			608			(11.6	)
Investment interest credited to contract holders		(16	)		(17	)		7.9			(63	)		(59	)		(5.2	)
Realized investment gains and losses summary:
Realized investment gains and losses		245			38			535.9			686			409			67.6
Change in fair value of securities with embedded derivatives		(25	)		(12	)		(108.1	)		(38	)		(11	)		(243.8	)
Other-than-temporary impairment charges		(110	)		(14	)		(672.7	)		(510	)		(16	)	nm
Total realized investment gains and losses		110			12			804.7			138			382			(64.0	)
Investment operations income	$	219		$	152			43.5		$	612		$	931			(34.2	)

• 20.5 percent and 11.6 percent declines in fourth-quarter and full-year 2008 pretax net investment income. 30.5 percent decline in full-year dividend income due to dividend reductions by common and preferred holdings, including reductions during the year on positions subsequently sold or reduced.

• $110 million of fourth-quarter pretax realized investment gains included $245 million in net gains from investment sales and bond calls offsetting $110 million in other-than-temporary impairment charges and $25 million of fair value changes.

• Impairments of equity securities accounted for more than 65 percent of 2008 other-than-temporary impairment charges, reflecting the portfolio mix, the historic weighting in financial sector securities and the unprecedented decline in overall stock market values during 2008.

(Dollars in millions except share data)	At December 31,			At December 31,
	2008			2007
Balance sheet data
Invested assets	$	8,890		$	12,261
Total assets		13,369			16,637
Short-term debt		49			69
Long-term debt		791			791
Shareholders’ equity		4,182			5,929
Book value per share		25.75			35.70
Debt-to-capital ratio		16.7	%		12.7	%

	Three months ended December 31,						Twelve months ended December 31,
	2008			2007			2008			2007
Performance measures
Comprehensive loss	$	(449	)	$	(397	)	$	(1,375	)	$	(368	)
Return on equity, annualized		14.5	%		12.0	%		8.5	%		13.4	%
Return on equity, annualized, based on comprehensive loss		(40.5	)		(25.4	)		(27.2	)		(5.8	)

• $9.899 billion in cash and invested assets at December 31, 2008, compared with $10.507 billion at September 30, 2008, and $12.487 billion at December 31, 2007. Cash and equivalents of $1.009 billion at year-end, compared with $347 million at September 30, 2008, and $226 million at year-end 2007.

• $5.911 billion A3/A+-average rated bond portfolio at December 31, 2008, reflecting a diverse mix of taxable and tax-exempt securities.

• $2.896 billion equity portfolio was 32.6 percent of invested assets and included $819 million in pretax unrealized gains at December 31, 2008.

• Application of new investment parameters led to financial sector holdings at 12.4 percent of publicly traded common stocks portfolio at year-end 2008, down from 56.2 percent at year-end 2007.

• $3.360 billion estimate of statutory surplus for the property casualty insurance group at December 31, 2008, compared with $3.687 billion at September 30, 2008.

• No repurchases of common stock since mid year. Approximately 8.5 million shares remain authorized for repurchase.

8

For additional information or to register for this morning’s conference call webcast, please visit www.cinfin.com/investors.

Cincinnati Financial Corporation offers property and casualty insurance, our main business, through our three standard market companies, The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company. The Cincinnati Life Insurance Company markets life and disability insurance and annuities. The Cincinnati Specialty Underwriters Insurance Company provides excess and surplus lines property and casualty insurance. CSU Producer Resources Inc., our excess and surplus lines brokerage, serves the same local independent agencies that offer our standard market policies. CFC Investment Company offers commercial leasing and financing services. For additional information about the company, please visit www.cinfin.com.

Mailing Address:	Street Address:
P.O. Box 145496	6200 South Gilmore Road
Cincinnati, Ohio 45250-5496	Fairfield, Ohio 45014-5141

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2007 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 21, with updates to certain risk factors described in our Quarterly Report on Form 10-Q for the period ended June 30, 2008. Although we often review and update our forward-looking statements when events warrant, we caution our readers that we undertake no obligation to do so.

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

• Further decline in overall stock market values negatively affecting the company’s equity portfolio and book value

• Events, such as the credit crisis, followed by prolonged periods of economic instability, that lead to:

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

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

o Significant rise in losses from surety and director and officer policies written for financial institutions

• Recession or other economic conditions or regulatory, accounting or tax changes resulting in lower demand for insurance products

• Prolonged low interest rate environment or other factors that limit the company’s ability to generate growth in investment income or interest rate fluctuations that result in declining values of fixed-maturity investments

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

• Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns, environmental events, terrorism incidents or other causes

• Increased frequency and/or severity of claims

• Delays or inadequacies in the development, implementation, performance and benefits of technology projects and enhancements

• Ability to obtain adequate reinsurance on acceptable terms, amount of reinsurance purchased, financial strength of reinsurers and the potential for non-payment or delay in payment by reinsurers

• Increased competition that could result in a significant reduction in the company’s premium growth rate

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

o Multi-notch downgrades of the company’s financial strength ratings

o Concerns that doing business with the company is too difficult or

o Perceptions that the company’s level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace

• Underwriting and pricing methods adopted by competitors that could allow them to identify and flexibly price risks, which could decrease our competitive advantages

• Personal lines pricing and loss trends that lead management to conclude that this segment could not attain sustainable profitability, which could prevent the capitalization of policy acquisition costs

• Actions of insurance departments, state attorneys general or other regulatory agencies that:

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

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

o Increase our expenses

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

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

o Place us at a disadvantage in the marketplace

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

• Adverse outcomes from litigation or administrative proceedings

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

• Inaccurate estimates or assumptions used for critical accounting estimates

9

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

• Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location

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

Financial strength ratings are effective as of the date of this release, are under continuous review and are subject to change and/or affirmation. For the latest ratings, access Financial Strength Ratings at www.cinfin.com.

* * *

10

Cincinnati Financial Corporation
Consolidated Balance Sheets (unaudited)

(Dollars in millions except per share data)	December 31,			December 31,
	2008			2007
ASSETS
Investments
Fixed maturities, at fair value (amortized cost: 2008—$6,058; 2007—$5,783)	$	5,827		$	5,848
(includes securities pledged to creditors: 2008—$0; 2007—$745)
Equity securities, at fair value (cost: 2008—$2,077; 2007—$2,975)		2,896			6,249
Short-term investments, at fair value (amortized cost: 2008—$84; 2007—$101)		84			101
Other invested assets		83			63
Total investments		8,890			12,261
Cash and cash equivalents		1,009			226
Securities lending collateral invested		0			760
Investment income receivable		98			124
Finance receivable		71			92
Premiums receivable		1,059			1,107
Reinsurance receivable		759			754
Prepaid reinsurance premiums		15			13
Deferred policy acquisition costs		509			461
Deferred income tax		126			0
Land, building and equipment, net, for company use (accumulated depreciation:
2008—$297; 2007—$276)		236			239
Other assets		49			72
Separate accounts		548			528
Total assets	$	13,369		$	16,637
LIABILITIES
Insurance reserves
Loss and loss expense reserves	$	4,086		$	3,967
Life policy reserves		1,551			1,478
Unearned premiums		1,544			1,564
Securities lending payable		0			760
Other liabilities		618			574
Deferred income tax		0			977
Note payable		49			69
6.125% senior notes due 2034		371			371
6.9% senior debentures due 2028		28			28
6.92% senior debentures due 2028		392			392
Separate accounts		548			528
Total liabilities		9,187			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		1,069			1,049
Retained earnings		3,579			3,404
Accumulated other comprehensive income		347			2,151
Treasury stock at cost (2008—34 million shares, 2007—30 million shares)		(1,206	)		(1,068	)
Total shareholders’ equity		4,182			5,929
Total liabilities and shareholders’ equity	$	13,369		$	16,637

11

Cincinnati Financial Corporation
Consolidated Statements of Income (unaudited)

(In millions except per share data)	Three months ended December 31,					Twelve months ended December 31,
	2008			2007		2008			2007
REVENUES
Earned premiums
Property casualty	$	747		$	777	$	3,010		$	3,125
Life		33			25		126			125
Investment income, net of expenses		125			157		537			608
Realized investment gains and losses		110			12		138			382
Other income		3			6		13			19
Total revenues		1,018			977		3,824			4,259
BENEFITS AND EXPENSES
Insurance losses and policyholder benefits		500			430		2,193			1,963
Commissions		149			158		576			624
Other operating expenses		118			96		411			362
Taxes, licenses and fees		15			18		68			75
Increase in deferred policy acquisition costs		1			8		(17	)		(9	)
Interest expense		14			13		53			52
Total benefits and expenses		797			723		3,284			3,067
INCOME BEFORE INCOME TAXES		221			254		540			1,192
PROVISION (BENEFIT) FOR INCOME TAXES
Current		93			60		238			325
Deferred		(33	)		7		(127	)		12
Total provision for income taxes		60			67		111			337
NET INCOME	$	161		$	187	$	429		$	855
PER COMMON SHARE
Net income—basic	$	0.99		$	1.12	$	2.63		$	5.01
Net income—diluted	$	0.99		$	1.11	$	2.62		$	4.97

* * *

12

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

(See attached tables for 2008 reconciliations; prior-period reconciliations available at www.cinfin.com/investors.)

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

Management uses certain non-GAAP and non-statutory financial measures to evaluate its primary business areas — property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP measures may improve its understanding of trends in the underlying business and help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management’s control; 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 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.

13

Cincinnati Financial Corporation

Net Income Reconciliation

(In millions except per share data)	Three months ended		Twelve months ended
	December 31, 2008		December 31, 2008
Net income	$	161	$	429
Net realized investment gains and losses		69		85
Operating income		92		344
Less catastrophe losses		10		(132	)
Operating income before catastrophe losses	$	82	$	476
Diluted per share data:
Net income	$	0.99	$	2.62
Net realized investment gains and losses		0.42		0.52
Operating income		0.57		2.10
Less catastrophe losses		0.06		(0.81	)
Operating income before catastrophe losses	$	0.51	$	2.91

Property Casualty Reconciliation

(Dollars in millions)	Three months ended December 31, 2008
	Consolidated*			Commercial			Personal
Premiums:
Adjusted written premiums — statutory	$	730		$	565		$	159
Written premium adjustment		(13	)		(13	)		0
Reported written premiums — statutory		717			552			159
Unearned premiums change		30			21			12
Earned premiums	$	747		$	573		$	171
Statutory combined ratio :
Statutory combined ratio		100.2	%		99.0	%		102.1	%
Contribution from catastrophe losses		(2.1	)		(1.5	)		(4.1	)
Statutory combined ratio excluding catastrophe losses		102.3	%		100.5	%		106.2	%
Commission expense ratio		20.8	%		20.8	%		21.2	%
Other expense ratio		15.9			15.7			15.0
Statutory expense ratio		36.7	%		36.5	%		36.2	%
GAAP combined ratio:		98.9	%		98.1	%		100.0	%
Contribution from catastrophe losses		(2.1	)		(1.5	)		(4.1	)
GAAP combined ratio excluding catastrophe losses		101.0	%		99.6	%		104.1	%

(Dollars in millions)	Twelve months ended December 31, 2008
	Consolidated*			Commercial			Personal
Premiums:
Adjusted written premiums — statutory	$	3,040		$	2,341		$	685
Written premium adjustment		(30	)		(30	)		0
Reported written premiums — statutory		3,010			2,311			685
Unearned premiums change		0			5			4
Earned premiums	$	3,010		$	2,316		$	689
Statutory combined ratio :
Statutory combined ratio		100.4	%		96.6	%		111.6	%
Contribution from catastrophe losses		6.8			4.5			14.5
Statutory combined ratio excluding catastrophe losses		93.6	%		92.1	%		97.1	%
Commission expense ratio		18.4	%		18.0	%		19.5	%
Other expense ratio		13.7			13.7			12.7
Statutory expense ratio		32.1	%		31.7	%		32.2	%
GAAP combined ratio:		100.6	%		97.0	%		111.9	%
Contribution from catastrophe losses		6.8			4.5			14.5
GAAP combined ratio excluding catastrophe losses		93.8	%		92.5	%		97.4	%

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

* Consolidated property casualty data includes results from our excess and surplus line of business.

14

EX-99.2

Exhibit 99.2

Cincinnati Financial Corporation
Supplemental Financial Data
Fourth Quarter 2008

	Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures		3
Consolidated
Quick Reference		4
Consolidated Statements of Income		5
CFC and Subsidiaries Consolidation — Twelve Months Ended December 31, 2008		6
CFC and Subsidiaries Consolidation — Three Months Ended December 31, 2008		7
Consolidated Balance Sheets		8
10-Year Net Income Reconciliation		9
Quarterly Net Income Reconciliation		10
CFC Subsidiaries — Selected Balance Sheet Data		11
Consolidated Property Casualty Insurance Operations (Includes Cincinnati Specialty Underwriters Insurance Company (CSU))
GAAP Statements of Income		12
Statutory Statements of Income		13
Statutory Quarterly Analysis — Consolidated		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
10-Year Property Casualty Data — Consolidated		21
6-Year Property Casualty Data — Commercial Lines		22
6-Year Property Casualty Data — Personal Lines		23
Quarterly Property Casualty Data — Consolidated		24
Quarterly Property Casualty Data — Commercial Lines		25
Quarterly Property Casualty Data — Personal Lines		26
Life Insurance Operations
GAAP Statements of Income		27
Statutory Statements of Income		28

Cincinnati Financial Corporation
Quick Reference — Fourth Quarter 2008
(all data shown is for the three months ended or as of December 31, 2008)

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

				Year over year
	12/31/2008			change %
Revenues:
Commercial lines net written premiums	$	552			(1.9	)
Personal lines net written premiums		159			(1.4	)
Excess & surplus lines net written premiums		6		nm
Property casualty net written premiums		717			(1.0	)
Commercial lines net earned premiums		573			(4.5	)
Personal lines net earned premiums		171			(2.9	)
Excess & surplus lines net earned premiums		3		nm
Property casualty net earned premiums		747			(3.8	)
Life and accident and health net earned premiums		33			30.6
Investment income		125			(20.5	)
Realized gains on investments		110			804.7
Other income		3			(30.3	)
Total revenues		1,018			4.2
Income:
Operating income	$	92			(48.6	)
Net realized investment gains and losses		69			801.9
Net income		161			(13.9	)
Per share (diluted):
Operating income	$	0.57			(46.7	)
Net realized investment gains and losses		0.42			950.0
Net income		0.99			(10.8	)
Book value		25.75			(27.9	)
Weighted average shares — diluted		162,485,576			(3.4	)
Benefits and expenses:
Commercial lines loss and loss expenses	$	358			15.6
Personal lines loss and loss expenses		113			31.6
Excess & surplus lines loss and loss expenses		2		nm
Life and accident and health losses and policy benefits		27			(23.3	)
Operating expenses		283			1.1
Interest expenses		14			10.1
Total expenses		797			10.3
Net loss before income taxes		221			(13.1	)
Total income tax benefit		60			(11.2	)
Effective tax rate		27.1		nm
Ratios:
Commercial lines GAAP combined ratio		98.1	%
Personal lines GAAP combined ratio		100.0
Property casualty GAAP combined ratio		98.9
Commercial lines STAT combined ratio		99.0	%
Personal lines STAT combined ratio		102.1
Property casualty STAT combined ratio		100.2
Return on equity based upon net income		14.5	%
Return on equity based upon operating income		8.3
Balance Sheet:
Fixed maturity investments	$	5,827
Equity securities		2,896
Short-term investments		84
Other invested assets		83
Total invested assets	$	8,890
Property casualty and life loss and loss expense reserves	$	5,637
Total debt		840
Shareholders’ equity		4,182

Cincinnati Financial Corporation
Consolidated Statements of Income

	For the Three Months Ended December 31,												For the Twelve Months Ended December 31,
(Dollars in millions except per share data)	2008			2007			Change			% Change			2008			2007			Change			% Change
Revenues:
Premiums earned:
Property Casualty	$	790		$	821		$	(31	)		3.8		$	3,187		$	3,299		$	(112	)		(3.4	)
Life		48			47			1			2.6			173			171			2			1.2
Accident health		2			2			—			(1.8	)		7			7			—			3.7
Premiums ceded		(59	)		(61	)		1			(2.4	)		(232	)		(228	)		(5	)		2.0
Total premiums earned		780			809			(28	)		(3.5	)		3,136			3,250			(114	)		(3.5	)
Investment income		125			157			(32	)		(20.6	)		537			608			(71	)		(11.6	)
Realized gain on investments		109			12			97			804.7			138			382			(245	)		(64.0	)
Other income		3			5			(1	)		(30.3	)		14			20			(6	)		(28.9	)
Total revenues	$	1,018		$	983		$	35			(3.5	)	$	3,824		$	4,259		$	(435	)		(10.2	)
Benefits & expenses:
Losses & policy benefits	$	487		$	461		$	26			5.7		$	2,352		$	2,110		$	242			11.5
Reinsurance recoveries		13			(31	)		44			(141.7	)		(159	)		(147	)		(12	)		8.0
Commissions		149			164			(16	)		(9.5	)		576			624			(47	)		(7.6	)
Other operating expenses		118			90			28			30.8			411			348			63			18.1
Interest expense		14			13			1			10.0			53			51			2			3.8
Taxes, licenses & fees		15			18			(3	)		(15.7	)		68			75			(7	)		(9.7	)
Incr deferred acq expense		1			8			(8	)		(91.4	)		(17	)		(9	)		(9	)		99.0
Other expenses		—			5			(5	)		—			—			14			(14	)		—
Total expenses	$	797		$	729		$	68			9.4		$	3,284		$	3,067		$	217			7.1
Income before income taxes	$	221		$	254		$	(33	)		(13.1	)	$	540		$	1,192		$	(652	)		(54.7	)
Provision for income taxes:
Current operating income	$	52		$	56		$	(4	)		(7.2	)	$	186		$	188		$	(3	)		(1.5	)
Realized investments gains and losses		40			4			36			809.6			53			137			(84	)		(61.5	)
Deferred		(33	)		7			(39	)		(590.5	)		(127	)		12			(138	)		nm
Total income taxes	$	60		$	67		$	(8	)		(11.2	)	$	112		$	337		$	(225	)		(66.8	)
Net income	$	161		$	187		$	(26	)		(13.9	)	$	429		$	855		$	(427	)		(49.9	)
Comprehensive net income	$	(449	)	$	(397	)	$	(52	)		13.1		$	(1,375	)	$	(368	)	$	(1,008	)		274.2
Operating income	$	92		$	179		$	(87	)		(48.6	)	$	344		$	610		$	(266	)		(43.7	)
Net realized investments gains and losses	$	69		$	8		$	61			801.8		$	85		$	245		$	(160	)		(65.4	)
Net income per share:
Operating income	$	0.57		$	1.07		$	(0.50	)		(46.7	)	$	2.11		$	3.57		$	(1.46	)		(40.9	)
Net realized investments gains and losses		0.42			0.05			0.37			740.0			0.52			1.44			(0.92	)		(63.9	)
Net income per share (basic)	$	0.99		$	1.12		$	(0.13	)		(11.6	)	$	2.63		$	5.01		$	(2.38	)		(47.5	)
Operating income	$	0.57		$	1.07		$	(0.50	)		(46.7	)	$	2.10		$	3.54		$	(1.44	)		(40.7	)
Net realized investments gains and losses		0.42			0.04			0.38			950.0			0.52			1.43			(0.91	)		(63.6	)
Net income per share (diluted)	$	0.99		$	1.11		$	(0.12	)		(10.8	)	$	2.62		$	4.97		$	(2.35	)		(47.3	)
Dividends per share:
Paid	$	0.39		$	0.36		$	0.04			9.9		$	1.53		$	1.40		$	0.13			8.9
Declared	$	0.39		$	0.36		$	0.04			9.9		$	1.56		$	1.42		$	0.14			9.9
Number of shares:
Weighted avg — basic		162,393,879			167,007,116			(4,613,237	)		(2.8	)		163,150,329			170,595,204			(7,444,875	)		(4.4	)
Weighted avg — diluted		162,485,576			168,163,752			(5,678,176	)		(3.4	)		163,362,409			172,167,452			(8,805,043	)		(5.1	)

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

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2008

(Dollars in millions)	Total			CFC			CONSOL P&C			CLIC			CFC-I			CINFIN			C-SUPR			ELIM
Revenues:
Premiums earned:
Property Casualty	$	3,187		$	—		$	3,188		$	—		$	—		$	—		$	—		$	(1	)
Life		173			—			—			173			—			—			—			—
Accident health		7			—			—			7			—			—			—			—
Premiums ceded		(232	)		—			(178	)		(54	)		—			—			—			—
Total earned premium		3,136			—			3,010			126			—			—			—			(1	)
Investment income		537			67			350			120			—			—			—			—
Realized gain on investments		138			54			41			(90	)		—			(1	)		—			133
Other income		14			13			4			2			8			2			1			(15	)
Total revenues	$	3,824		$	134		$	3,405		$	158		$	9		$	1		$	1		$	117
Benefits & expenses:
Losses & policy benefits	$	2,352		$	—		$	2,182		$	175		$	—		$	—		$	—		$	(5	)
Reinsurance recoveries		(159	)		—			(126	)		(33	)		—			—			—			—
Commissions		576			—			552			25			—			—			—			(1	)
Other operating expenses		411			24			356			34			4			1			3			(11	)
Interest expense		53			51			1			—			3			—			—			—
Taxes, licenses & fees		68			1			62			4			—			—			—			—
Incr deferred acq expenses		(17	)		—			—			(18	)		—			—			—			—
Total expenses	$	3,284		$	76		$	3,027		$	187		$	7		$	1		$	3		$	(17	)
Income before income taxes	$	540		$	58		$	378		$	(29	)	$	2		$	—		$	(2	)	$	134
Provision for income taxes:
Current operating income	$	186		$	3		$	194		$	34		$	1		$	1		$	(1	)	$	(47	)
Capital gains/losses		53			20			18			(31	)		—			—			—			47
Deferred		(127	)		(20	)		(139	)		(13	)		—			—			—			47
Total income tax	$	113		$	3		$	73		$	(11	)	$	1		$	1		$	(1	)	$	47
Net income — current year	$	428		$	56		$	305		$	(19	)	$	1		$	(1	)	$	(1	)	$	87
Net income — prior year	$	855		$	108		$	670		$	65		$	2		$	1		$	—		$	9
Change in net income		(50.0	)%		(48.5	)%		(54.5	)%		(128.5	)%		(56.8	)%		(169.6	)%		nm

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

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2008

(Dollars in millions)	Total			CFC			CONSOL P&C			CLIC			CFC-I			CINFIN			C-SUPR			ELIM
Revenues:
Premiums earned:
Property Casualty	$	790		$	—		$	790		$	—		$	—		$	—		$	—		$	—
Life		48			—			—			48			—			—			—			—
Accident health		2			—			—			2			—			—			—			—
Premiums ceded		(59	)		—			(43	)		(16	)		—			—			—			—
Total earned premium		780			—			747			33			—			—			—			—
Investment income		125			11			83			31			—			—			—			(1	)
Realized gain on investments		109			195			(62	)		(23	)		—			—			—			—
Other income		3			4			1			1			2			—			—			(4	)
Total revenues	$	1,018		$	210		$	769		$	42		$	2		$	—		$	—		$	(5	)
Benefits & expenses:
Losses & policy benefits	$	487		$	—		$	462		$	27		$	—		$	—		$	—		$	(1	)
Reinsurance recoveries		13			—			13			—			—			—			—			—
Commissions		149			—			143			6			—			—			—			—
Other operating expenses		118			6			101			11			1			—			1			(3	)
Interest expense		14			13			—			—			1			—			—			—
Taxes, licenses & fees		15			—			14			1			—			—			—			—
Incr deferred acq expenses		1			—			6			(5	)		—			—			—			—
Total expenses	$	797		$	20		$	739		$	39		$	2		$	—		$	1		$	(4	)
Income before income taxes	$	221		$	190		$	30		$	3		$	—		$	(1	)	$	(1	)	$	(1	)
Provision for income taxes:
Current operating income	$	52		$	2		$	37		$	14		$	—		$	—		$	—		$	—
Capital gains/losses		40			70			(21	)		(8	)		—			—			—			—
Deferred		(33	)		(8	)		(19	)		(5	)		—			—			—			—
Total income tax	$	60		$	64		$	(4	)	$	1		$	—		$	—		$	—		$	—
Net income — current year	$	161		$	126		$	34		$	2		$	—		$	—		$	(1	)	$	—
Net income — prior year	$	187		$	10		$	174		$	1		$	—		$	—		$	—		$	1
Change in net income		(13.9	)%		nm			(80.3	)%		49.5	%		(73.7	)%		(227.3	)%		nm

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

Cincinnati Financial Corporation
Consolidated Balance Sheets

	December 31,			December 31,
	2008			2007
(Dollars in millions except per share data)	(unaudited)
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2008—$6,058; 2007—$5,783)	$	5,827		$	5,848
(includes securities pledged to creditors: 2008—$0; 2007—$745)
Equity securities, at fair value (cost: 2008—$2,077; 2007—$2,975)		2,896			6,249
Short-term investments, at fair value (amortized cost: 2008—$84; 2007—$101)		84			101
Other invested assets		83			63
Total investments		8,890			12,261
Cash and cash equivalents		1,009			226
Securities lending collateral invested		—			760
Investment income receivable		98			124
Finance receivable		71			92
Premiums receivable		1,059			1,107
Reinsurance receivable		759			754
Prepaid reinsurance premiums		15			13
Deferred policy acquisition costs		509			461
Deferred income tax		126			—
Land, building and equipment, net, for company use (accumulated depreciation: 2008—$297; 2007—$276)		236			239
Other assets		49			72
Separate accounts		548			528
Total assets	$	13,369		$	16,637
Liabilities
Insurance reserves
Losses and loss expense	$	4,086		$	3,967
Life policy reserves		1,551			1,478
Unearned premiums		1,544			1,564
Securities lending payable		—			760
Other liabilities		618			574
Deferred income tax		—			977
Notes payable		49			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		548			528
Total liabilities		9,187			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		1,069			1,049
Retained Earnings		3,579			3,404
Accumulated other comprehensive income		347			2,151
Treasury stock at cost (2008—34 million shares, 2007—30 million shares)		(1,206	)		(1,068	)
Total shareholders’ equity		4,182			5,929
Total liabilities and shareholders’ equity	$	13,369		$	16,637

Cincinnati Financial Corporation
10-Year Net Income Reconciliation

	Years ended December 31,
(Dollars in millions except per share data)	2008			2007			2006			2005			2004			2003			2002			2001			2000			1999
Net income	$	429		$	855		$	930		$	602		$	584		$	374		$	238		$	193		$	118		$	255
One-time item		—			—			—			—			—			15			—			—			(25	)		—
Net income before one-time item		429			855			930			602			584			359			238			193			143			255
Net realized investment gains and losses		85			245			434			40			60			(27	)		(62	)		(17	)		(2	)		—
Operating income before one-time item		344			610			496			562			524			386			300			210			145			255
Less catastrophe losses		(132	)		(17	)		(113	)		(82	)		(96	)		(63	)		(57	)		(42	)		(33	)		(24	)
Operating income before catastrophe losses and one-time item	$	476		$	627		$	609		$	644		$	620		$	449		$	357		$	252		$	178		$	279
Diluted per share data
Net income	$	2.62		$	4.97		$	5.30		$	3.40		$	3.28		$	2.10		$	1.32		$	1.07		$	0.67		$	1.37
One-time item		—			—			—			—			—			0.09			—			—			(0.14	)		—
Net income before one-time item		2.62			4.97			5.30			3.40			3.28			2.01			1.32			1.07			0.81			1.37
Net realized investment gains and losses		0.52			1.43			2.48			0.23			0.34			(0.15	)		(0.35	)		(0.10	)		(0.01	)		—
Operating income before one-time item		2.10			3.54			2.82			3.17			2.94			2.16			1.67			1.17			0.82			1.37
Less catastrophe losses		(0.81	)		(0.10	)		(0.65	)		(0.46	)		(0.54	)		(0.35	)		(0.31	)		(0.23	)		(0.18	)		(0.13	)
Operating income before catastrophe losses and one-time item	$	2.91		$	3.64		$	3.47		$	3.63		$	3.48		$	2.51		$	1.98		$	1.40		$	1.00		$	1.50
Return on equity
Return on average equity		8.5	%		13.4	%		14.4	%		9.8	%		9.4	%		6.3	%		4.1	%		3.2	%		2.1	%		4.6	%
One-time item		—			—			—			—			—			(0.3	)		—			—			0.4			—
Return on average equity before one-time item		8.5	%		13.4	%		14.4	%		9.8	%		9.4	%		6.0	%		4.1	%		3.2	%		2.5	%		4.6	%
Return on equity based on comprehensive income
ROE based on comprehensive income		(27.2	)%		(5.8	)%		16.4	%		1.6	%		4.6	%		13.8	%		(4.0	)%		2.5	%		13.1	%		1.9	%
One-time item		—			—			—			—			—			(0.3	)		—			—			0.4			—
ROE based on comprehensive income before one-time item		(27.2	)%		(5.8	)%		16.4	%		1.6	%		4.6	%		13.5	%		(4.0	)%		2.5	%		13.5	%		1.9	%
Value creation ratio
Book value per share growth		(27.9	)%		(9.3	)%		12.9	%		(2.0	)%		1.4	%		11.7	%		(6.5	)%		(0.5	)%		11.4	%		-0.8	%
Shareholder dividend as a percentage of beginning book value		4.4			3.6			3.8			3.4			3.0			2.9			2.4			2.2			2.3			2.0
Value creation ratio		(23.5	)%		(5.7	)%		16.7	%		1.4	%		4.4	%		14.5	%		(4.1	)%		1.7	%		13.6	%		1.3	%
Investment income
Investment income, net of expenses	$	537		$	608		$	570		$	526		$	492		$	465		$	445		$	421		$	415		$	387
BOLI		—			—			—			—			—			—			—			—			(5	)		—
Investment income before BOLI	$	537		$	608		$	570		$	526		$	492		$	465		$	445		$	421		$	410		$	387

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

Cincinnati Financial Corporation
Quarterly Net Income Reconciliation

	Three months ended																						Six months ended						Nine months ended						Twelve months ended
(Dollars 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)	$	161	$	247		$	63		$	(42	)	$	187	$	124		$	351		$	194		$	21		$	545		$	268		$	669		$	429		$	855
Net realized investment gains and losses		69		173			(6	)		(151	)		8		10			187			41			(157	)		228			16			238			85			245
Operating income		92		74			69			109			179		114			164			153			178			317			252			431			344			610
Less catastrophe losses		10		(41	)		(74	)		(28	)		1		(9	)		(7	)		(2	)		(101	)		(9	)		(142	)		(18	)		(132	)		(17	)
Operating income before catastrophe losses	$	82	$	115		$	143		$	137		$	178	$	123		$	171		$	155		$	279		$	326		$	394		$	449		$	476		$	627
Diluted per share data
Net income (loss)	$	0.99	$	1.50		$	0.38		$	(0.26	)	$	1.11	$	0.72		$	2.02		$	1.11		$	0.13		$	3.13		$	1.64		$	3.86		$	2.62		$	4.97
Net realized investment gains and losses		0.42		1.05			(0.04	)		(0.92	)		0.04		0.06			1.08			0.23			(0.95	)		1.31			0.10			1.37			0.52			1.43
Operating income		0.57		0.45			0.42			0.66			1.07		0.66			0.94			0.88			1.08			1.82			1.54			2.49			2.10			3.54
Less catastrophe losses		0.06		(0.25	)		(0.45	)		(0.17	)		0.01		(0.05	)		(0.04	)		(0.01	)		(0.62	)		(0.05	)		(0.87	)		(0.10	)		(0.81	)		(0.10	)
Operating income before catastrophe losses	$	0.51	$	0.70		$	0.87		$	0.83		$	1.06	$	0.71		$	0.98		$	0.89		$	1.70		$	1.87		$	2.41		$	2.59		$	2.91		$	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.

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 (fair value)	$	4,309		$	4,183		$	4,304		$	4,351	$	4,295	$	4,366	$	4,367		$	4,362
Equities (fair value)		2,432			3,210			3,537			4,226		4,595		5,201		5,411			5,472
Short-term investments (fair value)		19			162			—			51		50		19		72			3
Fixed maturities — pretax net unrealized gain (loss)		(108	)		(132	)		(33	)		39		58		23		(30	)		44
Equities — pretax net unrealized gain (loss)		627			1,012			1,227			1,831		2,077		2,657		2,917			3,017
Loss and loss expense reserves — STAT		3,494			3,507			3,534			3,448		3,398		3,461		3,374			3,373
Equity GAAP		3,667			3,947			4,011			4,498		4,784		5,282		5,404			5,272
Surplus — STAT		3,360			3,687			3,650			4,027		4,307		4,782		4,937			4,741
The Cincinnati Life Insurance Company
Fixed maturities (fair value)	$	1,467		$	1,483		$	1,551		$	1,534	$	1,465	$	1,475	$	1,415		$	1,384
Equities (fair value)		122			200			265			307		371		459		478			539
Short-term investments (fair value)		—			—			—			—		51		18		29			16
Fixed maturities — pretax net unrealized gain (loss)		(115	)		(79	)		(35	)		—		6		4		(4	)		20
Equities — pretax net unrealized gain (loss)		(7	)		61			92			127		162		225		254			305
Equity — GAAP		471			530			617			661		685		724		730			739
Surplus — STAT		290			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 (fair value)	$	4,296		$	4,258		$	4,160		$	4,189	$	4,022	$	4,049	$	3,981		$	3,925
Equities (fair value)		5,494			5,134			4,827			4,946		4,851		4,785		4,821			4,785
Short-term investments (fair value)		92			—			—			126		74		—		—			—
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 (fair value)	$	1,381		$	1,399		$	1,344		$	1,338	$	1,331	$	1,340	$	1,294		$	1,273
Equities (fair value)		532			494			458			470		457		457		454			415
Short-term investments (fair value)		3			—			—			20		—		—		—			—
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

Consolidated Cincinnati Insurance Companies
GAAP Statements of Income

	For the Three Months Ended December 31,												For the Twelve Months Ended December 31,
(Dollars in millions)	2008			2007			Change			% Change			2008			2007			Change			% Change
Premiums earned:
Property casualty	$	790		$	821		$	(31	)		(3.8	)	$	3,188		$	3,299		$	(111	)		(3.4	)
Premiums ceded		(43	)		(44	)		1			(3.0	)		(178	)		(175	)		(3	)		1.9
Total premiums earned		747			777			(30	)		(3.8	)		3,010			3,125			(115	)		(3.7	)
Investment income		83			101			(18	)		(17.8	)		350			393			(43	)		(10.9	)
Realized gain on investments		(62	)		30			(92	)		308.4			41			232			(191	)		(82.2	)
Other income		1			1			—			(28.9	)		4			5			(1	)		(17.4	)
Total revenues	$	769		$	909		$	(140	)		(15.4	)	$	3,405		$	3,754		$	(349	)		(9.3	)
Benefits & expenses:
Losses & policy benefits	$	462		$	416		$	46			11.1		$	2,182		$	1,939		$	243			12.5
Reinsurance recoveries		13			(21	)		33			(161.6	)		(126	)		(107	)		(19	)		17.6
Commissions		143			159			(16	)		(10.1	)		552			598			(47	)		(7.8	)
Other operating expenses		101			77			24			30.7			356			303			53			17.7
Interest expense		—			—			—			—			1			—			1			—
Taxes, licenses & fees		14			17			(3	)		(18.0	)		62			70			(8	)		(11.0	)
Incr deferred acq expense		6			11			(5	)		(43.7	)		—			3			(3	)		(97.3	)
Other expenses		—			5			(5	)		—			—			14			(14	)		—
Total expenses	$	739		$	665		$	74			11.1		$	3,027		$	2,820		$	207			7.3
Income before income taxes	$	30		$	244		$	(214	)		(87.6	)	$	378		$	934		$	(556	)		(59.5	)
Provision for income taxes:
Current operating income	$	37		$	48		$	(11	)		(23.8	)	$	194		$	185		$	10			5.2
Current realized investments gains and losses		(21	)		11			(32	)		(298.6	)		18			83			(64	)		(77.9	)
Deferred		(19	)		11			(31	)		(266.5	)		(139	)		(3	)		(136	)		nm
Total income taxes	$	(4	)	$	70		$	(74	)		(105.5	)	$	73		$	264		$	(191	)		(72.3	)
Net income	$	34		$	174		$	(140	)		(80.3	)	$	305		$	670		$	(365	)		(54.5	)

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

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended December 31,												For the Twelve Months Ended December 31,
(Dollars in millions)	2008			2007			Change			% Change			2008			2007			Change			% Change
Underwriting income
Net premiums written	$	717		$	724		$	(7	)		(1.0	)	$	3,010		$	3,117		$	(107	)		(3.4	)
Unearned premiums increase		(30	)		(53	)		23			(43.0	)		(1	)		(8	)		8			(92.5	)
Earned premiums		747			777			(30	)		(3.8	)		3,010			3,125			(115	)		(3.7	)
Losses incurred	$	383		$	292		$	91			31.3		$	1,736		$	1,458		$	278			19.1
Allocated loss expenses incurred		26			63			(36	)		(57.9	)		115			196			(81	)		(41.2	)
Unallocated loss expenses incurred		65			41			24			(59.3	)		205			178			27			15.2
Other underwriting expenses incurred		259			261			(1	)		(0.6	)		956			973			(17	)		(1.7	)
Workers compensation dividend incurred		4			7			(3	)		(41.6	)		9			15			(6	)		(42.2	)
Total underwriting deductions	$	738		$	663		$	75			11.3		$	3,021		$	2,820		$	201			7.1
Net underwriting gain	$	9		$	114		$	(105	)		(91.8	)	$	(11	)	$	305		$	(316	)		(103.5	)
Investment income
Gross investment income earned	$	84		$	100		$	(16	)		(15.8	)	$	355		$	397		$	(42	)		(10.6	)
Net investment income earned		83			100			(18	)		(17.5	)		349			392			(43	)		(10.9	)
Net realized capital gains		(31	)		23			(53	)		(236.6	)		46			158			(112	)		(71.0	)
Net investment gains (excl. subs)	$	52		$	123		$	(71	)		(57.8	)	$	395		$	550		$	(155	)		(28.1	)
Dividend from subsidiary		—			—			—			—			—			—			—			—
Net investment gains	$	52		$	123		$	(71	)		(57.8	)	$	395		$	550		$	(155	)		(28.1	)
Other income	$	1		$	1		$	(1	)		(50.4	)	$	2		$	4		$	(2	)		(43.9	)
Net income before federal income taxes	$	62		$	238		$	(176	)		(74.0	)	$	387		$	859		$	(472	)		(55.0	)
Federal and foreign income taxes incurred	$	32		$	55		$	(23	)		(42.0	)	$	200		$	187		$	13			6.9
Net income (statutory)	$	30		$	183		$	(153	)		(83.7	)	$	187		$	672		$	(485	)		(72.2	)

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

Consolidated Cincinnati Insurance Companies — Consolidated
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	$	717		$	727		$	790		$	776		$	724		$	736		$	810		$	846		$	1,566		$	1,656		$	2,292		$	2,392		$	3,010		$	3,117
Net premiums earned	$	747		$	751		$	761		$	751		$	777		$	777		$	787		$	785		$	1,512		$	1,571		$	2,263		$	2,348		$	3,010		$	3,125
Losses paid	$	383		$	467		$	396		$	382		$	375		$	363		$	379		$	365		$	778		$	744		$	1,245		$	1,107		$	1,629		$	1,482
Loss reserve change		(1	)		(11	)		83			35			(84	)		69			(15	)		6			119			(10	)		108			59			107			(24	)
Total losses incurred	$	382		$	456		$	479		$	417		$	291		$	432		$	364		$	371		$	897		$	734		$	1,353		$	1,166		$	1,736		$	1,458
Allocated loss expense paid		39			35			32			25			36			30			34			31			58			65			93			94			131			131
Allocated loss expense reserve change		(12	)		(16	)		1			12			27			14			16			8			12			24			(4	)		39			(16	)		65
Total allocated loss expense incurred	$	27		$	19		$	33		$	37		$	63		$	44		$	50		$	39		$	70		$	89		$	89		$	133		$	115		$	196
Unallocated loss expense paid		62			47			43			43			47			44			41			46			86			87			133			131			195			178
Unallocated loss expense reserve change		3			1			3			3			(6	)		4			1			2			6			3			7			7			10			—
Total unallocated loss expense incurred	$	65		$	48		$	46		$	46		$	41		$	48		$	42		$	48		$	92		$	90		$	140		$	138		$	205		$	178
Underwriting expenses incurred		264			241			223			238			270			230			241			248			460			490			701			720			971			989
Underwriting profit (loss)	$	9		$	(13	)	$	(20	)	$	13		$	112		$	23		$	90		$	79		$	(7	)	$	168		$	(20	)	$	191		$	(17	)	$	304
Ratio Data
Loss ratio		51.2	%		60.8	%		63.0	%		55.6	%		37.5	%		55.6	%		46.3	%		47.3	%		59.3	%		46.8	%		59.8	%		49.7	%		57.7	%		46.7	%
Allocated loss expense ratio		3.5			2.5			4.3			5.0			8.1			5.7			6.3			5.0			4.6			5.7			3.9			5.7			3.8			6.3
Unallocated loss expense ratio		8.7			6.4			6.1			6.1			5.3			6.1			5.3			6.1			6.1			5.7			6.2			5.9			6.8			5.7
Net underwriting expense ratio		36.8			33.1			28.1			30.6			36.9			31.3			29.8			29.3			29.3			29.5			30.6			30.0			32.1			31.6
Statutory combined ratio		100.2	%		102.8	%		101.5	%		97.3	%		87.8	%		98.7	%		87.7	%		87.7	%		99.3	%		87.7	%		100.5	%		91.3	%		100.4	%		90.3	%
Statutory combined ratio excluding catastrophes		102.3	%		94.4	%		86.6	%		91.5	%		88.1	%		97.0	%		86.3	%		87.3	%		89.0	%		86.8	%		90.8	%		90.1	%		93.6	%		89.5	%
Loss Detail
New losses greater than $4,000,000	$	10		$	10		$	18		$	8		$	—		$	4		$	—		$	—		$	26		$	—		$	36		$	4		$	46		$	4
New losses $2,000,000-$4,000,000		19			17			25			14			36			50			17			22			39			39			56			88			75			125
New losses $1,000,000-$2,000,000		22			33			17			22			23			27			26			28			39			54			72			81			94			105
New losses $750,000-$1,000,000		12			14			13			9			13			9			9			10			21			19			35			28			48			41
New losses $500,000-$750,000		16			16			13			11			16			14			14			14			24			28			40			42			56			58
New losses $250,000-$500,000		35			33			27			29			29			24			22			25			57			47			90			70			124			99
Case reserve development above $250,000		82			59			54			49			69			50			49			53			103			102			162			152			245			221
Large losses subtotal	$	196		$	182		$	167		$	142		$	186		$	178		$	137		$	152		$	309		$	289		$	491		$	465		$	688		$	653
IBNR incurred		(16	)		(6	)		(6	)		6			(42	)		—			7			8			—			15			(6	)		15			(22	)		(28	)
Catastrophe losses incurred		(16	)		63			113			43			(2	)		13			11			3			156			15			219			28			203			26
Remaining incurred		218			217			205			226			149			241			209			208			432			415			649			658			867			807
Total losses incurred	$	382		$	456		$	479		$	417		$	291		$	432		$	364		$	371		$	897		$	734		$	1,353		$	1,166		$	1,736		$	1,458
Loss Ratio
New losses greater than $4,000,000		1.3	%		1.3	%		2.4	%		1.1	%		—	%		0.6	%		—	%		—	%		1.7	%		—	%		1.6	%		0.2	%		1.5	%		0.1	%
New losses $2,000,000-$4,000,000		2.5			2.2			3.3			1.9			4.7			6.4			2.1			2.8			2.6			2.5			2.5			3.8			2.5			4.0
New losses $1,000,000-$2,000,000		2.9			4.4			2.2			2.9			3.0			3.4			3.3			3.6			2.6			3.4			3.0			3.4			3.1			3.3
New losses $750,000-$1,000,000		1.6			1.9			1.7			1.1			1.7			1.2			1.2			1.3			1.4			1.2			1.6			1.2			1.6			1.3
New losses $500,000-$750,000		2.2			2.1			1.7			1.5			2.1			1.8			1.8			1.8			1.6			1.8			1.8			1.8			1.9			1.9
New losses $250,000-$500,000		4.6			4.4			3.6			3.9			3.7			3.1			2.8			3.1			3.7			3.0			4.0			3.0			4.1			3.2
Case reserve development above $250,000		11.0			7.9			7.1			6.5			8.7			6.4			6.2			6.7			6.9			6.5			7.2			6.4			8.1			7.1
Large losses subtotal		26.1	%		24.2	%		22.0	%		18.9	%		23.9	%		22.9	%		17.4	%		19.3	%		20.5	%		18.4	%		21.7	%		19.8	%		22.8	%		20.9	%
IBNR incurred		(2.1	)		(0.8	)		(0.9	)		0.8			(5.5	)		—			0.9			1.0			—			0.9			(0.3	)		0.6			(0.7	)		(0.9	)
Total catastrophe losses incurred		(2.1	)		8.4			14.9			5.7			(0.2	)		1.7			1.4			0.4			10.3			0.9			9.7			1.2			6.8			0.8
Remaining incurred		29.3			29.0			27.0			30.2			19.3			31.0			26.6			26.6			28.5			26.6			28.7			28.1			28.8			25.9
Total loss ratio		51.2	%		60.8	%		63.0	%		55.6	%		37.5	%		55.6	%		46.3	%		47.3	%		59.3	%		46.8	%		59.8	%		49.7	%		57.7	%		46.7	%
Loss Claim Count
New losses greater than $4,000,000		2			2			5			2			—			1			—			—			7			—			9			1			11			1
New losses $2,000,000-$4,000,000		7			6			8			5			12			16			5			7			13			12			19			28			26			40
New losses $1,000,000-$2,000,000		17			27			13			19			18			21			21			21			32			42			59			63			76			81
New losses $750,000-$1,000,000		14			17			15			10			16			11			11			12			25			23			42			34			56			50
New losses $500,000-$750,000		28			28			23			21			27			25			26			24			44			50			72			75			100			102
New losses $250,000-$500,000		105			100			84			87			88			75			67			72			171			139			271			214			376			302
Case reserve development above $250,000		146			102			84			81			112			93			82			93			165			175			267			268			413			380
Large losses total		319			282			232			225			273			242			212			229			457			441			739			683			1,058			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.

Consolidated Cincinnati Insurance Companies — 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	$	552		$	538		$	597		$	625		$	562		$	544		$	613		$	693		$	1,222		$	1,306		$	1,759		$	1,851		$	2,311		$	2,413
Net premiums earned	$	573		$	582		$	586		$	574		$	601		$	600		$	606		$	604		$	1,161		$	1,210		$	1,743		$	1,810		$	2,316		$	2,411
Losses paid	$	262		$	326		$	280		$	266		$	272		$	253		$	270		$	259		$	546		$	530		$	871		$	783		$	1,133		$	1,054
Loss reserve change		26			(3	)		67			32			(53	)		66			(12	)		23			100			11			97			77			123			23
Total losses incurred	$	288		$	323		$	347		$	298		$	219		$	319		$	258		$	282		$	646		$	541		$	968		$	860		$	1,256		$	1,077
Allocated loss expense paid		35			31			28			22			33			26			30			28			50			58			82			84			116			117
Allocated loss expense reserve change		(13	)		(15	)		1			12			27			16			16			8			13			24			(3	)		40			(16	)		67
Total allocated loss expense incurred	$	22		$	16		$	29		$	34		$	60		$	42		$	46		$	36		$	63		$	82		$	79		$	124		$	100		$	184
Unallocated loss expense paid		42			34			31			30			34			31			30			33			61			63			95			94			137			128
Unallocated loss expense reserve change		7			(1	)		1			3			(3	)		4			1			3			4			4			4			8			10			5
Total unallocated loss expense incurred	$	49		$	33		$	32		$	33		$	31		$	35		$	31		$	36		$	65		$	67		$	99		$	102		$	147		$	133
Underwriting expenses incurred		204			180			166			186			215			170			179			193			352			371			532			541			742			756
Underwriting profit (loss)	$	10		$	30		$	12		$	23		$	76		$	34		$	92		$	57		$	35		$	149		$	65		$	183		$	71		$	261
Ratio Data
Loss ratio		50.3	%		55.4	%		59.2	%		52.0	%		36.4	%		53.2	%		42.6	%		46.8	%		55.6	%		44.7	%		55.5	%		47.5	%		54.2	%		44.7	%
Allocated loss expense ratio		3.8			2.7			5.0			5.9			9.9			7.0			7.6			5.9			5.4			6.8			4.5			6.8			4.3			7.6
Unallocated loss expense ratio		8.4			5.7			5.5			5.7			5.2			5.7			5.1			5.9			5.7			5.5			5.7			5.6			6.4			5.5
Net underwriting expense ratio		36.5			33.5			27.8			29.7			38.2			31.3			29.1			27.9			28.8			28.4			30.2			29.3			31.7			31.4
Statutory combined ratio		99.0	%		97.3	%		97.5	%		93.3	%		89.7	%		97.2	%		84.4	%		86.5	%		95.5	%		85.4	%		95.9	%		89.2	%		96.6	%		89.2	%
Statutory combined ratio excluding catastrophes		100.5	%		93.3	%		86.2	%		89.4	%		89.7	%		97.1	%		83.6	%		84.7	%		87.8	%		84.1	%		89.5	%		88.3	%		92.2	%		88.5	%
Loss Detail
New losses greater than $4,000,000	$	10		$	5		$	18		$	8		$	—		$	—		$	—		$	—		$	26		$	—		$	31		$	—		$	41		$	—
New losses $2,000,000-$4,000,000		19			17			25			14			34			47			13			22			40			35			56			81			75			116
New losses $1,000,000-$2,000,000		18			26			15			18			19			25			23			23			33			46			60			71			78			90
New losses $750,000-$1,000,000		10			12			11			8			11			8			6			9			19			15			31			23			41			34
New losses $500,000-$750,000		11			14			12			9			14			11			12			12			20			24			34			34			45			49
New losses $250,000-$500,000		28			25			22			23			21			18			16			18			45			34			70			53			98			73
Case reserve development above $250,000		76			57			51			44			60			45			46			49			96			95			153			140			229			200
Large losses subtotal	$	172		$	156		$	154		$	124		$	159		$	154		$	116		$	133		$	279		$	249		$	435		$	402		$	607		$	562
IBNR incurred		(12	)		(7	)		(8	)		6			(29	)		—			6			7			(2	)		14			(10	)		16			(22	)		(12	)
Catastrophe losses incurred		(9	)		23			66			22			—			1			5			10			89			16			112			17			103			16
Remaining incurred		137			151			135			146			89			164			131			132			280			262			431			425			568			511
Total losses incurred	$	288		$	323		$	347		$	298		$	219		$	319		$	258		$	282		$	646		$	541		$	968		$	860		$	1,256		$	1,077
Loss Ratio
New losses greater than $4,000,000		1.8	%		0.9	%		3.1	%		1.4	%		—	%		0.1	%		—	%		—	%		2.3	%		—	%		1.8	%		0.1	%		1.8	%		—	%
New losses $2,000,000-$4,000,000		3.2			2.9			4.3			2.5			5.7			7.8			2.1			3.6			3.4			2.9			3.2			4.5			3.2			4.7
New losses $1,000,000-$2,000,000		3.1			4.5			2.5			3.2			3.2			4.2			3.8			3.8			2.9			3.8			3.4			3.9			3.4			3.7
New losses $750,000-$1,000,000		1.7			2.1			1.9			1.3			1.8			1.3			1.0			1.5			1.6			1.2			1.8			1.3			1.8			1.4
New losses $500,000-$750,000		2.0			2.3			2.0			1.5			2.2			1.8			2.0			2.0			1.7			2.0			1.9			1.9			2.0			2.0
New losses $250,000-$500,000		4.9			4.3			3.8			4.0			3.4			3.0			2.6			2.8			3.9			2.7			4.0			2.9			4.2			2.9
Case reserve development above $250,000		13.2			9.8			8.7			7.8			10.1			7.5			7.6			8.1			8.3			7.8			8.8			7.6			9.9			8.3
Large losses subtotal		29.9	%		26.8	%		26.3	%		21.7	%		26.4	%		25.7	%		19.1	%		21.8	%		24.0	%		20.4	%		24.9	%		22.2	%		26.3	%		23.1	%
IBNR incurred		(2.1	)		(1.3	)		(1.4	)		1.0			(4.8	)		—			1.0			1.2			(0.2	)		1.1			(0.6	)		0.8			(0.9	)		(0.5	)
Total catastrophe losses incurred		(1.5	)		4.0			11.3			3.9			—			0.1			0.8			1.8			7.7			1.3			6.4			0.9			4.5			0.7
Remaining incurred		24.0			25.9			23.0			25.4			14.8			27.3			21.7			22.0			24.2			21.9			24.8			23.6			24.3			21.4
Total loss ratio		50.3	%		55.4	%		59.2	%		52.0	%		36.4	%		53.1	%		42.6	%		46.8	%		55.7	%		44.7	%		55.5	%		47.5	%		54.2	%		44.7	%
Loss Claim Count
New losses greater than $4,000,000		2			1			4			2			—			1			—			—			6			—			7			1			9			1
New losses $2,000,000-$4,000,000		7			6			9			5			11			14			4			7			14			11			20			25			27			36
New losses $1,000,000-$2,000,000		14			21			12			16			14			20			19			17			28			36			49			56			63			70
New losses $750,000-$1,000,000		11			15			13			9			13			9			7			11			22			18			37			27			48			40
New losses $500,000-$750,000		19			24			21			16			23			20			21			20			37			41			61			61			80			84
New losses $250,000-$500,000		85			74			67			68			64			57			49			57			135			106			209			163			294			227
Case reserve development above $250,000		129			95			76			74			96			80			75			85			150			160			245			240			374			336
Large losses total		267			236			202			190			221			201			175			197			392			372			628			573			895			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.

Consolidated Cincinnati Insurance Companies — 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	$	160		$	184		$	191		$	150		$	162		$	192		$	197		$	153		$	341		$	350		$	525		$	542		$	685		$	704
Net premiums earned	$	171		$	167		$	174		$	177		$	176		$	177		$	180		$	181		$	351		$	361		$	518		$	538		$	689		$	714
Losses paid	$	123		$	141		$	116		$	116		$	103		$	110		$	110		$	105		$	232		$	214		$	373		$	324		$	496		$	426
Loss reserve change		(31	)		(8	)		16			3			(30	)		3			(4	)		(17	)		19			(20	)		11			(17	)		(20	)		(47	)
Total losses incurred	$	92		$	133		$	132		$	119		$	73		$	113		$	106		$	88		$	251		$	194		$	384		$	307		$	476		$	379
Allocated loss expense paid		4			4			4			3			4			3			3			4			7			7			11			10			15			14
Allocated loss expense reserve change		1			(1	)		(1	)		—			(1	)		(1	)		—			—			—			—			(1	)		(1	)		(1	)		(2	)
Total allocated loss expense incurred	$	5		$	3		$	3		$	3		$	3		$	2		$	3		$	4		$	7		$	7		$	10		$	9		$	14		$	12
Unallocated loss expense paid		19			13			13			13			12			13			11			13			25			24			38			38			57			50
Unallocated loss expense reserve change		(3	)		1			1			1			(3	)		—			—			(1	)		2			(1	)		3			(2	)		1			(3	)
Total unallocated loss expense incurred	$	16		$	14		$	14		$	14		$	9		$	13		$	11		$	12		$	27		$	23		$	41		$	36		$	58		$	47
Underwriting expenses incurred		58			56			55			51			55			60			63			56			106			118			162			178			224			233
Underwriting profit (loss)	$	—		$	(39	)	$	(30	)	$	(10	)	$	36		$	(11	)	$	(3	)	$	21		$	(40	)	$	19		$	(79	)	$	8		$	(83	)	$	43
Ratio Data
Loss ratio		53.6	%		79.7	%		75.6	%		67.4	%		41.3	%		63.8	%		58.6	%		48.9	%		71.5	%		53.8	%		74.1	%		57.1	%		69.0	%		53.2	%
Allocated loss expense ratio		2.7			1.8			1.9			1.9			1.8			1.4			1.9			1.8			1.9			1.9			1.9			1.7			2.1			1.7
Unallocated loss expense ratio		9.6			8.7			7.9			7.4			5.5			7.3			6.2			6.6			7.6			6.3			8.0			6.7			8.3			6.4
Net underwriting expense ratio		36.2			30.4			28.9			34.1			32.8			31.1			31.9			36.2			31.2			33.8			30.9			32.8			32.2			32.8
Statutory combined ratio		102.1	%		120.6	%		114.3	%		110.8	%		81.4	%		103.6	%		98.6	%		93.5	%		112.2	%		95.8	%		114.9	%		98.3	%		111.6	%		94.1	%
Statutory combined ratio excluding catastrophes		106.2	%		96.8	%		87.3	%		99.2	%		82.4	%		96.6	%		95.1	%		97.6	%		92.9	%		96.1	%		94.2	%		96.2	%		97.1	%		92.8	%
Loss Detail
New losses greater than $4,000,000	$	—		$	5		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	5		$	—		$	5		$	—
New losses $2,000,000-$4,000,000		—			—			—			—			2			7			4			—			—			4			—			11			—			13
New losses $1,000,000-$2,000,000		4			6			2			4			5			1			3			5			5			8			12			10			16			14
New losses $750,000-$1,000,000		3			2			2			1			2			1			3			1			3			4			4			6			7			7
New losses $500,000-$750,000		5			2			1			3			2			3			3			3			4			6			6			8			11			11
New losses $250,000-$500,000		7			8			5			6			8			6			6			5			12			11			20			17			26			25
Case reserve development above $250,000		6			2			3			4			8			5			2			4			7			6			9			12			16			19
Large losses subtotal	$	25		$	25		$	13		$	18		$	27		$	23		$	21		$	18		$	31		$	39		$	56		$	64		$	81		$	89
IBNR incurred		(4	)		2			2			—			(14	)		—			1			—			2			1			4			—			—			(13	)
Catastrophe losses incurred		(7	)		40			47			21			(2	)		12			6			(7	)		67			(1	)		107			11			100			10
Remaining incurred		78			66			70			80			62			78			78			77			151			155			217			232			295			293
Total losses incurred	$	92		$	133		$	132		$	119		$	73		$	113		$	106		$	88		$	251		$	194		$	384		$	307		$	476		$	379
Loss Ratio
New losses greater than $4,000,000		—	%		3.0	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		1.0	%		0.1	%		0.7	%		—	%
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		2.4			3.8			1.1			2.1			2.8			0.8			1.7			3.0			1.6			2.3			2.3			1.8			2.3			2.0
New losses $750,000-$1,000,000		1.5			1.0			1.1			0.4			1.1			0.9			1.7			0.7			0.8			1.1			0.8			1.1			1.0			1.0
New losses $500,000-$750,000		2.9			1.3			0.7			1.5			1.1			1.6			1.7			1.9			1.1			1.8			1.2			1.5			1.6			1.5
New losses $250,000-$500,000		3.9			4.8			3.0			3.6			4.5			3.2			3.3			3.0			3.3			3.1			3.8			3.1			3.8			3.6
Case reserve development above $250,000		3.8			1.4			1.5			2.5			4.4			2.7			1.2			2.2			1.9			1.8			1.7			2.1			2.3			2.7
Large losses subtotal		14.5	%		15.3	%		7.5	%		10.0	%		15.1	%		13.2	%		11.8	%		10.6	%		8.7	%		11.2	%		10.8	%		11.8	%		11.7	%		12.6	%
IBNR incurred		(2.3	)		1.0			0.9			0.2			(7.8	)		—			0.4			—			0.6			0.2			0.7			0.1			—			(1.8	)
Total catastrophe losses incurred		(4.1	)		23.8			27.0			11.6			(1.0	)		7.0			3.5			(4.1	)		19.3			(0.3	)		20.7			2.1			14.5			1.3
Remaining incurred		45.5			39.6			40.2			45.6			35.0			43.6			42.9			42.4			42.9			42.7			41.9			43.1			42.8			41.1
Total loss ratio		53.6	%		79.7	%		75.6	%		67.4	%		41.3	%		63.8	%		58.6	%		48.9	%		71.5	%		53.8	%		74.1	%		57.1	%		69.0	%		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			3			4
New losses $1,000,000-$2,000,000		3			6			1			3			4			1			2			4			4			6			10			7			7			11
New losses $750,000-$1,000,000		3			2			2			1			3			2			4			1			3			5			5			7			14			10
New losses $500,000-$750,000		9			4			2			5			4			5			5			4			7			9			11			14			51			18
New losses $250,000-$500,000		20			26			17			19			24			18			18			15			36			33			62			51			28			75
Case reserve development above $250,000		17			7			8			7			16			13			7			8			15			15			22			28			79			44
Large losses total		52			46			30			35			52			41			37			32			65			69			111			110			182			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.

Consolidated Cincinnati Insurance Companies
Agency Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2008

(Dollars in millions)	Standard Market																					E&S						Standard Market						Consolidated
	Commercial															Personal								Consolidated				Commercial			Personal			Total
	Comm		Comm		Comm		Workers’			Specialty		Surety &		Mach. &		Pers		Home		Other		Casualty		2008		2007		Change			Change			Change
Risk State	Casualty		Prop		Auto		Comp			Packages		Exec Risk		Equip		Auto		Owner		Personal		& Prop		Total		Total		%			%			%
AL	$	19.2	$	17.1	$	8.0	$	1.4		$	7.8	$	2.0	$	0.9	$	16.3	$	25.2	$	5.2	$	0.2	$	103.3	$	100.6		(1.8	)		8.3			2.7
AZ		13.1		6.4		10.8		0.4			1.0		0.9		0.8		0.1		0.3		0.1		0.2		34.0		32.3		4.5			49.4			5.5
AR		10.4		10.1		6.3		5.2			3.9		1.4		0.5		2.5		2.8		0.8		0.1		44.1		42.9		3.5			(2.1	)		2.9
DE		1.4		1.3		0.7		1.7			0.2		0.1		0.1		—		—		—		—		5.5		4.5		21.8		nm				21.8
FL		28.8		24.4		11.7		2.2			2.6		3.0		0.9		11.5		18.1		3.4		—		106.5		123.2		(12.3	)		(16.1	)		(13.5	)
GA		26.2		20.1		17.3		13.4			7.1		6.9		0.9		30.1		28.0		7.8		1.5		159.2		160.7		(5.2	)		3.3			(0.9	)
ID		10.2		4.7		4.9		0.3			0.8		1.0		0.3		—		—		—		—		22.3		20.9		6.6		nm				6.6
IL		68.9		45.5		30.4		62.8			13.6		8.2		2.9		23.4		19.2		6.2		2.5		283.5		291.5		(4.2	)		(0.5	)		(2.7	)
IN		47.0		36.4		23.0		29.3			7.8		7.8		2.2		26.8		26.1		7.0		2.8		216.3		222.3		(5.5	)		0.3			(2.7	)
IA		20.0		14.9		9.6		25.5			4.4		2.7		1.2		3.4		4.0		1.8		0.1		87.5		88.0		0.8			(11.7	)		(0.6	)
KS		7.1		7.9		4.6		8.5			3.1		1.4		0.4		4.1		5.4		1.2		—		43.7		44.0		4.0			(13.1	)		(0.8	)
KY		21.5		19.9		14.9		3.6			5.5		3.7		1.0		19.8		15.8		4.2		—		109.8		106.9		2.1			3.8			2.7
MD		13.7		6.1		10.1		12.3			1.0		1.6		0.4		0.1		1.6		0.5		0.1		47.3		49.2		(4.7	)		18.9			(3.7	)
MI		34.0		21.7		15.0		19.5			11.8		6.4		1.8		10.8		14.4		3.2		0.7		139.4		150.9		(7.8	)		(9.0	)		(7.6	)
MN		22.7		15.8		8.6		8.4			3.3		2.6		1.2		5.9		5.3		2.9		0.3		76.9		83.4		(9.1	)		(3.8	)		(7.8	)
MO		23.6		18.7		13.4		18.6			5.2		2.6		1.2		2.5		4.1		0.9		0.3		91.2		96.9		(6.6	)		(1.8	)		(5.9	)
MT		14.1		6.6		6.5		0.1			0.9		0.5		0.4		0.5		0.5		0.1		—		30.5		30.6		(3.9	)		511.1			(0.5	)
NE		6.5		5.5		3.4		8.4			1.3		1.0		0.4		0.8		1.0		0.3		—		28.8		29.7		(2.1	)		(13.2	)		(3.0	)
NH		2.7		1.7		1.2		2.3			0.7		0.7		0.2		0.7		0.7		0.4		—		11.2		11.8		(4.4	)		(7.4	)		(4.8	)
NM		1.8		0.5		0.9		0.4			—		0.2		—		—		—		—		—		3.8		0.3	nm			nm			nm
NY		29.2		8.1		10.0		2.0			1.4		2.9		0.6		—		—		—		—		54.1		59.0		(8.2	)	nm				(8.3	)
NC		40.6		30.8		21.3		29.1			12.9		9.0		1.6		1.2		2.0		2.6		0.7		151.8		153.5		(2.1	)		15.6			(1.1	)
ND		5.3		4.1		2.5		—			0.9		0.7		0.2		0.5		0.5		0.2		—		14.8		14.3		5.2			(14.0	)		3.5
OH		150.6		91.1		67.0		(0.4	)		22.3		24.2		5.0		126.9		91.4		30.6		3.2		611.8		630.3		(4.2	)		(2.4	)		(2.9	)
PA		46.2		28.8		28.1		52.7			9.3		6.4		1.7		7.4		6.1		3.3		0.1		190.2		194.8		(2.1	)		(5.5	)		(2.3	)
SC		13.7		9.3		8.0		6.2			2.6		2.8		0.3		—		0.1		0.2		—		43.2		44.9		(4.0	)		8.0			(4.0	)
SD		4.3		2.8		2.1		4.3			0.4		0.7		0.2		—		—		—		—		14.7		15.1		(2.7	)	nm				(3.0	)
TN		23.4		18.3		14.0		12.3			8.6		5.1		1.1		8.2		8.9		3.1		0.1		103.1		106.2		(4.3	)		2.3			(2.9	)
TX		0.9		1.3		0.8		1.8			—		0.4		—		—		—		—		—		5.2		5.3		(2.8	)	nm				(2.6	)
UT		13.2		5.0		6.4		—			0.7		1.7		0.4		0.1		0.1		—		0.2		27.8		23.2		18.4		nm				19.7
VT		5.0		4.0		2.8		7.3			1.0		0.9		0.3		0.7		1.0		0.3		—		23.3		24.2		(4.1	)		(2.2	)		(3.5	)
VA		32.2		24.1		20.6		21.4			5.1		5.7		1.2		9.1		8.0		2.9		0.4		130.7		137.2		(5.1	)		(5.0	)		(4.7	)
WA		0.7		0.3		0.5		—			—		0.1		—		—		—		—		—		1.6		0.4		259.3		nm				292.7
WV		7.5		5.2		5.4		0.2			2.3		1.0		0.3		—		0.7		0.2		0.2		22.9		25.4		(9.8	)		(22.7	)		(9.6	)
WI		26.5		17.2		11.6		25.7			4.6		2.8		1.6		8.7		7.5		3.3		0.7		110.1		114.7		(4.8	)		(3.4	)		(4.0	)
All Other		4.2		2.7		2.6		4.3			0.2		1.3		0.1		—		0.3		—		—		15.8		14.7		7.5			7.9			7.4
Total	$	796.4	$	538.3	$	405.2	$	391.1		$	154.3	$	120.3	$	32.2	$	322.2	$	298.8	$	92.9	$	14.4	$	3,166.3	$	3,253.6		(3.5	)		(1.7	)		(2.7	)
Other Direct		—		1.7		—		7.5			—		—		—		—		2.4		—		—		11.6		15.7		(11.4	)		(55.5	)		(26.1	)
Total Direct	$	796.4	$	540.0	$	405.2	$	398.6		$	154.3	$	120.3	$	32.2	$	322.2	$	301.2	$	92.9	$	14.4	$	3,177.9	$	3,269.3		(3.6	)		(2.1	)		(2.8	)

There were no direct written premiums for Excess and Surplus during 2007

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
Commercial casualty:
Written premiums	$	183		$	171		$	199		$	211		$	189		$	179		$	218		$	245		$	410		$	462		$	582		$	641		$	764		$	830
Earned premiums		183			197			194			190			204			205			209			209			384			418			580			623			763			827
Loss and loss expenses ratio		23.9	%		44.4	%		39.8	%		58.3	%		32.0	%		63.7	%		54.6	%		53.5	%		48.9	%		54.2	%		47.4	%		57.4	%		41.7	%		51.1	%
Less catastrophe loss ratio		—			—			—			—			—			—			—			—			—			—			—			—			—			—
Loss and loss expenses excluding catastrophe loss ratio		23.9	%		44.4	%		39.8	%		58.3	%		32.0	%		63.7	%		54.6	%		53.5	%		48.9	%		54.2	%		47.4	%		57.4	%		41.7	%		51.1	%
Commercial property:
Written premiums	$	117		$	117		$	124		$	124		$	116		$	120		$	125		$	138		$	247		$	263		$	364		$	383		$	481		$	499
Earned premiums		122			120			123			122			124			125			125			123			244			248			364			373			487			497
Loss and loss expenses ratio		47.2	%		70.0	%		97.6	%		75.5	%		32.9	%		61.5	%		45.8	%		53.6	%		86.6	%		49.7	%		81.1	%		53.7	%		72.6	%		48.5	%
Less catastrophe loss ratio		(5.3	)		15.6			38.0			16.5			—			(1.4	)		3.2			6.9			27.3			5.0			23.4			2.9			16.2			2.2
Loss and loss expenses excluding catastrophe loss ratio		52.5	%		54.4	%		59.6	%		59.0	%		32.9	%		62.9	%		42.6	%		46.7	%		59.3	%		44.7	%		57.7	%		50.8	%		56.4	%		46.3	%
Commercial auto:
Written premiums	$	94		$	93		$	108		$	107		$	100		$	92		$	112		$	124		$	215		$	236		$	308		$	329		$	402		$	429
Earned premiums		103			103			104			101			110			108			110			113			205			223			308			331			411			440
Loss and loss expenses ratio		94.8	%		63.2	%		67.5	%		63.4	%		60.3	%		66.9	%		62.9	%		64.6	%		65.5	%		63.4	%		64.7	%		64.5	%		72.3	%		63.5	%
Less catastrophe loss ratio		(0.8	)		0.1			3.4			(0.4	)		(0.2	)		0.4			—			(0.2	)		1.5			—			1.0			0.1			0.6			—
Loss and loss expenses excluding catastrophe loss ratio		95.6	%		63.1	%		64.1	%		63.8	%		60.5	%		66.5	%		62.9	%		64.8	%		64.0	%		63.4	%		63.7	%		64.4	%		71.7	%		63.5	%
Workers’ compensation:
Written premiums	$	89		$	84		$	95		$	114		$	88		$	84		$	92		$	113		$	209		$	206		$	292		$	289		$	382		$	378
Earned premiums		93			93			94			94			93			94			95			92			189			187			282			280			375			373
Loss and loss expenses ratio		128.2	%		90.9	%		78.3	%		64.8	%		113.6	%		82.0	%		66.8	%		76.5	%		71.5	%		71.5	%		77.9	%		75.0	%		90.4	%		84.6	%
Less catastrophe loss ratio		—			—			—			—			—			—			—			—			—			—			—			—			—			—
Loss and loss expenses excluding catastrophe loss ratio		128.2	%		90.9	%		78.3	%		64.8	%		113.6	%		82.0	%		66.8	%		76.5	%		71.5	%		71.5	%		77.9	%		75.0	%		90.4	%		84.6	%
Specialty package:
Written premiums	$	37		$	36		$	36		$	37		$	36		$	34		$	36		$	41		$	73		$	77		$	109		$	111		$	145		$	146
Earned premiums		36			35			36			35			36			36			37			36			72			73			107			109			144			146
Loss and loss expenses ratio		40.6	%		80.2	%		109.7	%		63.4	%		41.9	%		76.7	%		49.9	%		69.6	%		86.8	%		59.6	%		84.6	%		65.3	%		73.5	%		59.4	%
Less catastrophe loss ratio		(3.8	)		12.2			43.9			8.1			0.6			6.2			2.6			7.0			26.2			4.7			21.5			5.2			15.2			4.1
Loss and loss expenses excluding catastrophe loss ratio		44.4	%		68.0	%		65.8	%		55.3	%		41.3	%		70.5	%		47.3	%		62.6	%		60.6	%		54.9	%		63.1	%		60.1	%		58.3	%		55.3	%
Surety and executive risk:
Written premiums	$	24		$	29		$	28		$	25		$	26		$	28		$	23		$	25		$	54		$	48		$	82		$	76		$	107		$	102
Earned premiums		28			27			28			25			27			25			24			24			53			47			80			73			107			100
Loss and loss expenses ratio		76.5	%		73.6	%		92.0	%		45.9	%		55.7	%		36.5	%		49.3	%		24.0	%		70.1	%		36.7	%		71.3	%		36.7	%		72.6	%		41.8	%
Less catastrophe loss ratio		—			—			—			—			—			—			—			—			—			—			—			—			—			—
Loss and loss expenses excluding catastrophe loss ratio		76.5	%		73.6	%		92.0	%		45.9	%		55.7	%		36.5	%		49.3	%		24.0	%		70.1	%		36.7	%		71.3	%		36.7	%		72.6	%		41.8	%
Machinery and equipment:
Written premiums	$	8		$	8		$	7		$	7		$	7		$	7		$	7		$	7		$	14		$	14		$	22		$	22		$	30		$	29
Earned premiums		8			7			7			7			7			7			7			7			14			14			22			21			29			28
Loss and loss expense ratio		50.4	%		32.4	%		34.1	%		53.3	%		27.8	%		34.7	%		20.4	%		28.2	%		43.6	%		24.3	%		39.8	%		27.8	%		42.5	%		27.8	%
Less catastrophe loss ratio		(0.2	)		2.8			1.0			—			(0.8	)		1.3			—			(1.6	)		0.6			(0.8	)		1.3			(0.1	)		0.9			(0.3	)
Loss and loss expense excluding catastrophe loss ratio		50.6	%		29.6	%		33.1	%		53.3	%		28.6	%		33.4	%		20.4	%		29.8	%		43.0	%		25.1	%		38.5	%		27.9	%		41.6	%		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.

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
Personal auto:
Written premiums	$	73		$	88		$	89		$	69		$	75		$	92		$	93		$	72		$	158		$	164		$	246		$	256		$	320		$	332
Earned premiums		80			81			82			83			83			85			86			88			164			174			245			259			325			342
Loss and loss expenses ratio		81.0	%		63.7	%		56.8	%		67.6	%		65.3	%		67.7	%		67.6	%		66.5	%		62.2	%		67.1	%		62.7	%		67.3	%		67.2	%		66.8	%
Less catastrophe loss ratio		(1.6	)		1.7			3.1			1.7			(0.3	)		0.7			(0.3	)		(2.3	)		2.4			(1.3	)		2.2			(0.6	)		1.2			(0.6	)
Loss and loss expenses excluding catastrophe loss ratio		82.6	%		62.0	%		53.7	%		65.9	%		65.6	%		67.0	%		67.9	%		68.8	%		59.8	%		68.4	%		60.5	%		67.9	%		66.0	%		67.4	%
Homeowner:
Written premiums	$	65		$	72		$	79		$	60		$	66		$	77		$	80		$	61		$	139		$	141		$	212		$	218		$	277		$	284
Earned premiums		69			64			71			72			71			70			72			71			143			143			208			214			277			285
Loss and loss expenses ratio		52.9	%		122.8	%		130.7	%		91.4	%		36.6	%		82.7	%		66.9	%		50.0	%		110.9	%		58.5	%		114.6	%		66.5	%		99.2	%		59.0	%
Less catastrophe loss ratio		(8.5	)		54.5			60.0			25.2			(2.3	)		15.6			8.3			(7.5	)		42.5			0.4			46.2			5.4			32.5			3.5
Loss and loss expenses excluding catastrophe loss ratio		61.4	%		68.3	%		70.7	%		66.2	%		38.9	%		67.1	%		58.6	%		57.5	%		68.4	%		58.1	%		68.4	%		61.1	%		66.7	%		55.5	%
Other personal:
Written premiums	$	21		$	24		$	23		$	21		$	21		$	23		$	24		$	20		$	44		$	44		$	67		$	67		$	88		$	88
Earned premiums		22			22			21			22			22			22			22			22			44			43			65			65			87			87
Loss and loss expenses ratio		51.8	%		91.5	%		43.2	%		62.2	%		24.1	%		57.9	%		62.8	%		43.4	%		52.9	%		53.1	%		65.8	%		54.7	%		62.2	%		47.0	%
Less catastrophe loss ratio		0.4			14.5			8.0			4.1			0.6			3.7			3.5			(0.1	)		6.0			1.3			8.9			2.0			6.7			1.7
Loss and loss expenses excluding catastrophe loss ratio		51.4	%		77.0	%		35.2	%		58.1	%		23.5	%		54.2	%		59.3	%		43.5	%		46.9	%		51.8	%		56.9	%		52.7	%		55.5	%		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.

Consolidated Cincinnati Insurance Companies
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	$	610		$	564		$	532		$	467		$	515		$	558		$	484		$	472		$	999		$	956		$	1,564		$	1,514		$	2,173		$	2,029
Loss and loss expenses — prior AY’s		(121	)		(104	)		(87	)		(9	)		(118	)		(47	)		(40	)		(17	)		(96	)		(57	)		(200	)		(105	)		(320	)		(222	)
Catastrophes — current AY		(17	)		62			113			47			(1	)		15			15			16			160			30			222			47			205			45
Catastrophes — prior AY’s		1			1			—			(4	)		(1	)		(2	)		(4	)		(13	)		(4	)		(17	)		(3	)		(19	)		(2	)		(20	)
Total	$	473		$	523		$	558		$	501		$	395		$	524		$	455		$	458		$	1,059		$	912		$	1,583		$	1,437		$	2,056		$	1,832
Ratio to Earned Premiums
Loss and loss expenses :
Loss and loss expenses — current AY		81.9	%		75.1	%		69.9	%		62.2	%		66.3	%		71.9	%		61.6	%		60.2	%		66.0	%		60.9	%		69.0	%		64.5	%		72.2	%		64.9	%
Loss and loss expenses — prior AY’s		(16.2	)		(13.8	)		(11.4	)		(1.3	)		(15.2	)		(6.2	)		(5.1	)		(2.3	)		(6.3	)		(3.6	)		(8.8	)		(4.5	)		(10.7	)		(7.1	)
Catastrophes — current AY		(2.2	)		8.3			14.8			6.1			(0.1	)		2.0			1.9			2.1			10.6			1.9			9.8			2.0			6.8			1.4
Catastrophes — prior AY’s		0.1			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		63.6	%		69.7	%		73.3	%		66.6	%		50.9	%		67.4	%		57.9	%		58.3	%		70.0	%		58.1	%		69.9	%		61.1	%		68.3	%		58.6	%
Commercial Lines
Loss and loss expenses:
Loss and loss expenses — current AY	$	464		$	436		$	416		$	354		$	412		$	433		$	370		$	356		$	770		$	726		$	1,207		$	1,158		$	1,671		$	1,570
Loss and loss expenses — prior AY’s		(97	)		(88	)		(74	)		(11	)		(102	)		(38	)		(40	)		(12	)		(85	)		(52	)		(173	)		(90	)		(270	)		(192	)
Catastrophes — current AY		(9	)		23			66			25			—			5			8			12			92			20			115			26			106			25
Catastrophes — prior AY’s		—			—			—			(3	)		—			(4	)		(3	)		(2	)		(3	)		(5	)		(3	)		(9	)		(3	)		(9	)
Total	$	358		$	371		$	408		$	365		$	310		$	396		$	335		$	354		$	774		$	689		$	1,146		$	1,085		$	1,504		$	1,394
Ratio to Earned Premiums
Loss and loss expenses:
Loss and loss expenses — current AY		81.0	%		74.9	%		71.1	%		61.6	%		68.5	%		72.2	%		61.0	%		59.0	%		66.4	%		60.0	%		69.2	%		63.9	%		72.1	%		65.2	%
Loss and loss expenses — prior AY’s		(17.0	)		(15.0	)		(12.6	)		(1.9	)		(17.0	)		(6.4	)		(6.6	)		(2.1	)		(7.3	)		(4.2	)		(9.9	)		(4.9	)		(11.7	)		(8.0	)
Catastrophes — current AY		(1.5	)		4.0			11.2			4.5			—			0.9			1.4			2.2			7.9			1.8			6.6			1.5			4.6			1.1
Catastrophes — prior AY’s		—			—			0.1			(0.6	)		—			(0.7	)		(0.5	)		(0.4	)		(0.3	)		(0.4	)		(0.2	)		(0.6	)		(0.1	)		(0.4	)
Total		62.5	%		63.8	%		69.7	%		63.6	%		51.4	%		66.0	%		55.3	%		58.7	%		66.7	%		57.2	%		65.7	%		59.9	%		64.9	%		57.9	%
Personal Lines
Loss and loss expenses:
Loss and loss expenses — current AY	$	143		$	127		$	115		$	113		$	103		$	125		$	114		$	116		$	228		$	230		$	355		$	356		$	498		$	459
Loss and loss expenses — prior AY’s		(23	)		(16	)		(13	)		2			(16	)		(9	)		—			(5	)		(11	)		(5	)		(27	)		(15	)		(51	)		(30	)
Catastrophes — current AY		(8	)		39			47			22			(1	)		10			7			4			68			10			107			21			99			20
Catastrophes — prior AY’s		1			1			—			(1	)		(1	)		2			(1	)		(11	)		(1	)		(12	)		—			(10	)		1			(11	)
Total	$	113		$	151		$	149		$	136		$	85		$	128		$	120		$	104		$	284		$	223		$	435		$	352		$	547		$	438
Ratio to Earned Premiums
Loss and loss expenses:
Loss and loss expenses — current AY		83.7	%		75.9	%		65.6	%		64.1	%		58.5	%		70.5	%		63.3	%		64.3	%		64.8	%		64.1	%		68.4	%		66.1	%		72.2	%		64.3	%
Loss and loss expenses — prior AY’s		(13.7	)		(9.6	)		(7.2	)		1.0			(8.9	)		(5.1	)		(0.1	)		(2.9	)		(3.1	)		(1.5	)		(5.1	)		(2.8	)		(7.3	)		(4.3	)
Catastrophes — current AY		(4.6	)		23.3			27.0			11.9			(0.7	)		5.9			3.8			2.0			19.6			2.9			20.7			3.9			14.4			2.8
Catastrophes — prior AY’s		0.5			0.5			—			(0.3	)		(0.3	)		1.1			(0.3	)		(6.1	)		(0.3	)		(3.5	)		—			(1.8	)		0.1			(1.5	)
Total		65.9	%		90.1	%		85.4	%		76.7	%		48.6	%		72.4	%		66.7	%		57.3	%		81.0	%		62.0	%		84.0	%		65.4	%		79.4	%		61.3	%

* 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.

Consolidated Cincinnati Insurance Companies
10-Year Property Casualty Data — Consolidated

	Years ended December 31,
(Dollars in millions)	2008			2007			2006			2005			2004			2003			2002			2001			2000			1999
Premiums
Adjusted written premiums — statutory*	$	3,040		$	3,149		$	3,172		$	3,097		$	3,026		$	2,789		$	2,496		$	2,188		$	1,936		$	1,681
Codification		—			—			—			—			—			—			—			402			(55	)		—
Written premium adjustment — statutory		(30	)		(32	)		6			(21	)		(29	)		26			117			—			—			—
Reported written premiums — statutory**		3,010			3,117			3,178			3,076			2,997			2,815			2,613			2,590			1,881			1,681
Unearned premium change		—			8			(14	)		(18	)		(78	)		(162	)		(222	)		(517	)		(53	)		(23	)
Earned premiums (GAAP)	$	3,010		$	3,125		$	3,164		$	3,058		$	2,919		$	2,653		$	2,391		$	2,073		$	1,828		$	1,658
Year-over-year growth rate:
Adjusted written premiums — statutory		(3.5	)%		(0.7	)%		2.4	%		2.3	%		8.5	%		11.7	%		14.0	%		13.0	%		15.2	%	7.9		%
Written premiums — statutory		(3.4	)%		(1.9	)%		3.3	%		2.6	%		6.5	%		7.7	%		0.9	%		37.7	%		11.9	%	7.9		%
Earned premiums		(3.7	)%		(1.2	)%		3.5	%		4.8	%		10.0	%		11.0	%		15.3	%		13.4	%		10.3	%	7.5		%
Statutory combined ratio
Reported statutory combined ratio*		100.4	%		90.3	%		93.9	%		89.0	%		89.4	%		94.2	%		98.4	%		99.5	%		112.5	%		100.4	%
Codification		—			—			—			—			—			—			—			4.1			(0.9	)		—
Written premium adjustment — statutory	nm			nm			nm			nm			nm			nm				1.2			—			—			—
One-time item		—			—			—			—			—			0.8			—			—			(1.7	)		—
Statutory combined ratio (adjusted)		100.4	%		90.3	%		93.9	%		89.0	%		89.4	%		95.0	%		99.6	%		103.6	%		109.9	%		100.4	%
Less catastrophe losses		6.8			0.8			5.5			4.1			5.1			3.6			3.6			3.1			2.7			2.5
Statutory combined ratio excluding catastrophe losses (adjusted)		93.6	%		89.5	%		88.4	%		84.9	%		84.3	%		91.4	%		96.0	%		100.5	%		107.2	%		97.9	%
Reported commission expense ratio*		18.4	%		19.2	%		18.7	%		19.3	%		19.2	%		17.6	%		15.9	%		13.9	%		17.4	%		17.4	%
Codification		—			—			—			—			—			—			—			2.6			(0.5	)		—
Written premium adjustment - statutory	nm			nm			nm			nm			nm			nm				0.8			—			—			—
One-time item		—			—			—			—			—			—			—			—			—			—
Commission expense ratio (adjusted)		18.4	%		19.2	%		18.7	%		19.3	%		19.2	%		17.6	%		16.7	%		16.5	%		16.9	%		17.4	%
Reported other expense ratio*		13.7	%		12.5	%		11.7	%		10.5	%		10.1	%		8.9	%		9.6	%		8.7	%		12.6	%		11.4	%
Codification		—			—			—			—			—			—			—			1.5			(0.4	)		—
Written premium adjustment — statutory	nm			nm			nm			nm			nm			nm				0.4			—			—			—
One-time item		—			—			—			—			—			0.8			—			—			(1.7	)		—
Other expense ratio (adjusted)		13.7	%		12.5	%		11.7	%		10.5	%		10.1	%		9.7	%		10.0	%		10.2	%		10.5	%		11.4	%
Reported statutory expense ratio*		32.1	%		31.7	%		30.4	%		29.8	%		29.3	%		26.5	%		25.5	%		22.6	%		30.0	%		28.8	%
Codification		—			—			—			—			—			—			—			4.1			(0.9	)		—
Written premium adjustment — statutory	nm			nm			nm			nm			nm			nm				1.2			—			—			—
One-time item		—			—			—			—			—			0.8			—			—			(1.7	)		—
Statutory expense ratio (adjusted)		32.1	%		31.7	%		30.4	%		29.8	%		29.3	%		27.3	%		26.7	%		26.7	%		27.4	%		28.8	%
GAAP combined ratio
GAAP combined ratio		100.6	%		90.3	%		94.3	%		89.2	%		89.8	%		94.7	%		99.7	%		104.9	%		112.8	%		100.2	%
One-time item		—			—			—			—			—			0.8			—			—			(2.1	)		—
GAAP combined ratio before one-time item		100.6	%		90.3	%		94.3	%		89.2	%		89.8	%		95.5	%		99.7	%		104.9	%		110.7	%		100.2	%
Written premiums to surplus
Adjusted premiums to statutory surplus ratio		0.905			0.731			0.668			0.739			0.721			1.002			1.067			0.864
Written premium adjustment		(0.009	)		(0.007	)		0.001			(0.005	)		(0.007	)		0.010			0.050			0.159
Reported premiums to statutory surplus ratio		0.896			0.724			0.669			0.734			0.714			1.012			1.117			1.023

*	Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
*	nm — Not meaningful
*	Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.
**	Prior to 2001, property casualty written premiums were recognized as they were billed throughout the policy period. Effective January 1, 2001, written premiums have been recognized on an annualized basis at the effective date of the policy. Written premiums for 2000 were reclassified to conform with the 2001 presentation; information was not readily available to reclassify earlier year statutory data. The growth rates in written premiums between 1999 and 2000 are overstated because 1999 premiums are shown on a billed basis.

Consolidated Cincinnati Insurance Companies
6-Year Property Casualty Data — Commercial Lines

	Years ended December 31,
(Dollars in millions)	2008			2007			2006			2005			2004			2003
Premiums
Adjusted written premiums — statutory*	$	2,341		$	2,444		$	2,435		$	2,306		$	2,209		$	2,009
Written premium adjustment — statutory		(30	)		(31	)		7			(16	)		(23	)		22
Reported written premiums — statutory	$	2,311		$	2,413		$	2,442		$	2,290		$	2,186		$	2,031
Unearned premium change		5			(2	)		(40	)		(36	)		(60	)		(123	)
Earned premiums (GAAP)	$	2,316		$	2,411		$	2,402		$	2,254		$	2,126		$	1,908
Year-over-year growth rate:
Adjusted written premiums — statutory		(4.2	)%		0.4	%		5.6	%		4.4	%		10.0	%		11.9	%
Written premiums — statutory		(4.2	)%		(1.2	)%		6.7	%		4.7	%		7.6	%		6.6	%
Earned premiums		(3.9	)%		0.4	%		6.6	%		6.0	%		11.4	%		10.8	%
Statutory combined ratio
Reported statutory combined ratio*		96.6	%		89.2	%		90.8	%		87.1	%		83.7	%		90.9	%
One-time item		—			—			—			—			—			0.7
Statutory combined ratio (adjusted)		96.6	%		89.2	%		90.8	%		87.1	%		83.7	%		91.6	%
Less catastrophe losses		4.5			0.7			3.7			3.4			3.4			2.2
Statutory combined ratio excluding catastrophe losses (adjusted)		92.1	%		88.5	%		87.1	%		83.7	%		80.3	%		89.4	%
GAAP combined ratio
GAAP combined ratio		97.0	%		89.2	%		91.3	%		87.4	%		84.1	%		91.3	%
One-time item		—			—			—			—			—			0.8
GAAP combined ratio before one-time item		97.0	%		89.2	%		91.3	%		87.4	%		84.1	%		92.1	%

*	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.

Consolidated Cincinnati Insurance Companies
6-Year Property Casualty Data — Personal Lines

							Years ended December 31,
(Dollars in millions)	2008			2007			2006			2005			2004			2003
Premiums
Adjusted written premiums – statutory*	$	685		$	705		$	737		$	791		$	817		$	780
Written premium adjustment – statutory		—			(1	)		(1	)		(5	)		(6	)		4
Reported written premiums – statutory	$	685		$	704		$	736		$	786		$	811		$	784
Unearned premium change		4			10			26			18			(18	)		(39	)
Earned premiums (GAAP)	$	689		$	714		$	762		$	804		$	793		$	745
Year-over-year growth rate:
Adjusted written premiums – statutory		(2.8	)%		(4.3	)%		(6.8	)%		(3.2	)%		4.7	%		12.0	%
Written premiums – statutory		(2.7	)%		(4.4	)%		(6.4	)%		(3.1	)%		3.4	%		10.8	%
Earned premiums		(3.5	)%		(6.3	)%		(5.2	)%		1.4	%		6.4	%		11.2	%
Statutory combined ratio
Reported statutory combined ratio*		111.6	%		94.1	%		103.6	%		94.3	%		104.6	%		102.9	%
One-time item		—			—			—			—			—			1.0
Statutory combined ratio (adjusted)		111.6	%		94.1	%		103.6	%		94.3	%		104.6	%		103.9	%
Less catastrophe losses		14.5			1.3			11.3			6.3			9.7			7.3
Statutory combined ratio excluding catastrophe losses (adjusted)		97.1	%		92.8	%		92.3	%		88.0	%		94.9	%		96.6	%
GAAP combined ratio
GAAP combined ratio		111.9	%		93.9	%		103.6	%		94.4	%		105.0	%		103.6	%
One-time item		—			—			—			—			—			1.1
GAAP combined ratio before one-time item		111.9	%		93.9	%		103.6	%		94.4	%		105.0	%		104.7	%

*	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.

Consolidated Cincinnati Insurance Companies
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	$	669		$	687		$	739		$	733		$	705		$	732		$	761		$	762		$	1,471		$	1,523		$	2,159		$	2,255		$	2,828		$	2,960
Agency new business written premiums		100			92			100			76			81			82			81			81			176			162			267			244			368			325
Ceded written premiums		(41	)		(49	)		(37	)		(38	)		(41	)		(41	)		(39	)		(38	)		(75	)		(77	)		(124	)		(118	)		(165	)		(159	)
Other written premiums		2			4			1			2			4			6			5			6			3			11			7			17			9			22
Written premium adjustment – statutory		(13	)		(8	)		(12	)		3			(25	)		(43	)		2			35			(9	)		37			(17	)		(6	)		(30	)		(31	)
Reported written premiums – statutory*	$	717		$	727		$	790		$	776		$	724		$	736		$	810		$	846		$	1,566		$	1,656		$	2,292		$	2,392		$	3,010		$	3,117
Unearned premium change		30			24			(29	)		(25	)		53			41			(23	)		(61	)		(54	)		(85	)		(29	)		(44	)		—			8
Earned premiums	$	747		$	751		$	761		$	751		$	777		$	777		$	787		$	785		$	1,512		$	1,571		$	2,263		$	2,348		$	3,010		$	3,125
Year over year change %
Agency renewal written premiums		(5.1	)%		(6.1	)%		(3.0	)%		(3.7	)%		(3.5	)%		1.6	%		3.3	%		1.9	%		(3.4	)%		2.6	%		(4.3	)%		2.3	%		(4.5)	%		0.8	%
Agency new business written premiums		23.6			12.1			22.8			(6.3	)		(8.3	)		(15.9	)		(13.3	)		4.8			8.3			(5.2	)		9.6			(9.1	)		13.1			(8.9	)
Ceded written premiums		0.3			20.3			(4.6	)		(1.1	)		7.3			12.6			29.3			17.5			(2.9	)		23.2			5.1			19.4			3.8			16.0
Other written premiums		(50.6	)		(39.1	)		(74.6	)		(71.8	)		(9.5	)		31.6			61.3			60.6			(73.1	)		60.9			(61.6	)		49.6			(59.3	)		32.0
Written premium adjustment – statutory		(48.0	)		(81.6	)		(900.0	)		(91.5	)		(18.0	)		521.4			(85.7	)		7.3			(124.3	)		(15.1	)		161.5			(117.8	)		(4.8	)		(616.4	)
Reported written premiums – statutory*		(1.0	)		(1.3	)		(2.5	)		(8.3	)		(4.1	)		(5.6	)		(0.5	)		2.1			(5.4	)		0.8			(4.2	)		(1.3	)		(3.4	)		(1.9	)
Statutory combined ratio
Statutory combined ratio		100.2	%		102.8	%		101.5	%		97.2	%		87.9	%		98.7	%		87.7	%		87.7	%		99.4	%		87.7	%		100.5	%		91.3	%		100.4	%		90.3	%
Contribution from catastrophe losses		(2.1	)		8.4			14.9			5.7			(0.2	)		1.7			1.4			0.4			10.3			0.9			9.7			1.2			6.8			0.8
Statutory combined ratio excluding catastrophe losses		102.3	%		94.4	%		86.6	%		91.5	%		88.1	%		97.0	%		86.3	%		87.3	%		89.1	%		86.8	%		90.8	%		90.1	%		93.6	%		89.5	%
Commission expense ratio		20.8	%		17.7	%		17.4	%		17.7	%		23.1	%		18.1	%		18.1	%		18.0	%		17.5	%		18.0	%		17.6	%		18.0	%		18.4	%		19.2	%
Other expense ratio		15.9			15.4			10.7			12.9			13.9			13.2			11.7			11.4			11.8			11.6			12.8			12.1			13.7			12.4
Statutory expense ratio		36.7	%		33.1	%		28.1	%		30.6	%		37.0	%		31.3	%		29.8	%		29.4	%		29.3	%		29.6	%		30.4	%		30.1	%		32.1	%		31.6	%
GAAP combined ratio
GAAP combined ratio		98.9	%		101.2	%		103.5	%		98.6	%		85.6	%		97.3	%		88.6	%		89.6	%		101.1	%		89.1	%		101.1	%		91.8	%		100.6	%		90.3	%
Contribution from catastrophe losses		(2.1	)		8.4			14.9			5.7			(0.2	)		1.7			1.4			0.4			10.3			0.9			9.7			1.2			6.8			0.8
GAAP combined ratio excluding catastrophe losses		101.0	%		92.8	%		88.6	%		92.9	%		85.8	%		95.6	%		87.2	%		89.2	%		90.8	%		88.2	%		91.4	%		90.6	%		93.8	%		89.5	%

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

Consolidated Cincinnati Insurance Companies
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	$	514		$	502		$	552		$	588		$	546		$	544		$	569		$	612		$	1,140		$	1,181		$	1,642		$	1,725		$	2,156		$	2,271
Agency new business written premiums		83			77			87			66			71			72			71			72			153			143			229			216			312			287
Ceded written premiums		(23	)		(46	)		(31	)		(32	)		(34	)		(32	)		(32	)		(31	)		(63	)		(62	)		(109	)		(94	)		(131	)		(128	)
Other written premiums		(9	)		13			1			—			3			4			3			4			1			7			14			11			4			14
Written premium adjustment — statutory		(13	)		(8	)		(12	)		3			(24	)		(44	)		2			36			(9	)		37			(17	)		(7	)		(30	)		(31	)
Reported written premiums — statutory*	$	552		$	538		$	597		$	625		$	562		$	544		$	613		$	693		$	1,222		$	1,306		$	1,759		$	1,851		$	2,311		$	2,413
Unearned premium change		21			44			(11	)		(51	)		39			56			(7	)		(89	)		(61	)		(96	)		(16	)		(41	)		5			(2	)
Earned premiums	$	573		$	582		$	586		$	574		$	601		$	600		$	606		$	604		$	1,161		$	1,210		$	1,743		$	1,810		$	2,316		$	2,411
Year over year change %
Agency renewal written premiums		(5.9	)%		(7.7	)%		(2.9	)%		(4.0	)%		(3.4	)%		3.5	%		7.4	%		3.9	%		(3.5	)%		5.6	%		(4.8	)%		4.9	%		(5.1	)%		2.8	%
Agency new business written premiums		16.4			6.0			21.2			(8.3	)		(10.5	)		(18.3	)		(16.9	)		2.7			6.4			(8.1	)		6.3			(11.8	)		8.8			(11.5	)
Ceded written premiums		(33.0	)		43.6			(1.6	)		2.8			11.6			9.5			24.1			10.9			0.6			17.3			15.1			14.5			2.4			13.7
Other written premiums		(391.7	)		250.5			(73.4	)		(99.4	)		(27.0	)		(3.6	)		12.3			37.2			(89.2	)		26.2			25.0			14.3			(66.5	)		1.7
Written premium adjustment — statutory		(45.8	)		(81.6	)		(900.0	)		(91.5	)		(18.1	)		530.2			(84.7	)		5.8			(124.3	)		(14.7	)		161.7			(117.8	)		(1.6	)		(526.2	)
Reported written premiums — statutory*		(1.9	)		(1.2	)		(2.7	)		(9.8	)		(4.6	)		(6.4	)		1.7			3.8			(6.5	)		2.8			(4.9	)		(0.1	)		(4.2	)		(1.2	)
Statutory combined ratio
Statutory combined ratio		99.0	%		97.3	%		97.5	%		93.3	%		89.7	%		97.2	%		84.4	%		86.5	%		95.5	%		85.4	%		95.9	%		89.2	%		96.6	%		89.2	%
Contribution from catastrophe losses		(1.5	)		4.0			11.3			3.9			—			0.1			0.8			1.8			7.7			1.3			6.4			0.9			4.5			0.7
Statutory combined ratio excluding catastrophe losses		100.5	%		93.3	%		86.2	%		89.4	%		89.7	%		97.1	%		83.6	%		84.7	%		87.8	%		84.1	%		89.5	%		88.3	%		92.1	%		88.5	%
Commission expense ratio		20.8	%		18.1	%		16.9	%		16.5	%		23.1	%		18.2	%		17.7	%		16.7	%		16.7	%		17.2	%		17.1	%		17.5	%		18.0	%		18.8	%
Other expense ratio		15.7			15.4			10.9			13.2			15.1			13.1			11.4			11.2			12.1			11.3			13.1			11.8			13.7			12.6
Statutory expense ratio		36.5	%		33.5	%		27.8	%		29.7	%		38.2	%		31.3	%		29.1	%		27.9	%		28.8	%		28.5	%		30.2	%		29.3	%		31.7	%		31.4	%
GAAP combined ratio
GAAP combined ratio		98.1	%		94.9	%		99.9	%		95.0	%		87.3	%		95.4	%		85.2	%		88.9	%		97.4	%		87.0	%		96.6	%		89.8	%		97.0	%		89.2	%
Contribution from catastrophe losses		(1.5	)		4.0			11.3			3.9			—			0.1			0.8			1.8			7.7			1.3			6.4			0.9			4.5			0.7
GAAP combined ratio excluding catastrophe losses		99.6	%		90.9	%		88.6	%		91.1	%		87.3	%		95.3	%		84.4	%		87.1	%		89.7	%		85.7	%		90.2	%		88.9	%		92.5	%		88.5	%

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

Consolidated Cincinnati Insurance Companies
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	$	156		$	185		$	186		$	146		$	159		$	188		$	192		$	150		$	332		$	343		$	517		$	531		$	672		$	690
Agency new business written premiums		11			11			10			8			10			10			10			9			19			18			30			28			42			38
Ceded written premiums		(8	)		(13	)		(6	)		(6	)		(7	)		(8	)		(7	)		(8	)		(12	)		(15	)		(26	)		(23	)		(33	)		(30	)
Other written premiums		—			1			1			2			1			2			2			2			2			4			4			6			4			7
Written premium adjustment — statutory		—			—			—			—			(1	)		—			—			—			—			—			—			—			—			(1	)
Reported written premiums — statutory*	$	159		$	184		$	191		$	150		$	162		$	192		$	197		$	153		$	341		$	350		$	525		$	542		$	685		$	704
Unearned premium change		12			(17	)		(17	)		27			14			(15	)		(17	)		28			10			11			(7	)		(4	)		4			10
Earned premiums	$	171		$	167		$	174		$	177		$	176		$	177		$	180		$	181		$	351		$	361		$	518		$	538		$	689		$	714
Year over year change %
Agency renewal written premiums		(2.3	)%		(1.6	)%		(3.3	)%		(2.8	)%		(3.9	)%		(3.4	)%		(7.1	)%		(5.6	)%		(3.1	)%		(6.5	)%		(2.5	)%		(5.4	)%		(2.5	)%		(5.1	)%
Agency new business written premiums		17.9			11.8			7.7			(0.5	)		12.1			7.0			26.5			25.4			3.9			26.0			6.7			18.6			9.5			16.9
Ceded written premiums		7.0			61.4			(17.3	)		(17.2	)		(9.1	)		26.5			56.4			56.4			(17.3	)		56.4			11.0			44.1			10.1			26.6
Other written premiums		(64.9	)		(37.3	)		(76.2	)		(0.4	)		117.4			276.1			265.9			187.1			(43.3	)		227.0			(41.3	)		242.4			(45.4	)		211.2
Written premium adjustment — statutory		(100.0	)		(100.0	)		—			(100.0	)		(17.0	)		(92.9	)		(100.0	)		(100.9	)		(100.0	)		(98.4	)		(100.0	)		(102.0	)		(100.0	)		(5.1	)
Reported written premiums — statutory*		(1.4	)		(4.0	)		(3.0	)		(2.0	)		(2.3	)		(3.1	)		(6.8	)		(5.1	)		(2.6	)		(6.1	)		(3.1	)		(5.1	)		(2.7	)		(4.4	)
Statutory combined ratio
Statutory combined ratio		102.1	%		120.6	%		114.3	%		110.8	%		81.4	%		103.6	%		98.6	%		93.5	%		112.2	%		95.8	%		114.9	%		98.3	%		111.6	%		94.1	%
Contribution from catastrophe losses		(4.1	)		23.8			27.0			11.6			(1.0	)		7.0			3.5			(4.1	)		19.3			(0.3	)		20.7			2.1			14.5			1.3
Statutory combined ratio excluding catastrophe losses		106.2	%		96.8	%		87.3	%		99.2	%		82.4	%		96.6	%		95.1	%		97.6	%		92.9	%		96.1	%		94.2	%		96.2	%		97.1	%		92.8	%
Commission expense ratio		21.2	%		16.4	%		18.6	%		22.3	%		22.8	%		17.6	%		19.3	%		23.8	%		20.2	%		21.2	%		18.9	%		20.6	%		19.5	%		19.9	%
Other expense ratio		15.0			14.0			10.3			11.8			10.0			13.5			12.6			12.4			11.0			12.6			12.0			12.2			12.7			12.9
Statutory expense ratio		36.2	%		30.4	%		28.9	%		34.1	%		32.8	%		31.1	%		31.9	%		36.2	%		31.2	%		33.8	%		30.9	%		32.8	%		32.2	%		32.8	%
GAAP combined ratio
GAAP combined ratio		100.0	%		122.5	%		115.3	%		110.1	%		79.7	%		103.8	%		99.9	%		92.0	%		112.7	%		96.0	%		115.9	%		98.6	%		111.9	%		93.9	%
Contribution from catastrophe losses		(4.1	)		23.8			27.0			11.6			(1.0	)		7.0			3.5			(4.1	)		19.3			(0.3	)		20.7			2.1			14.5			1.3
GAAP combined ratio excluding catastrophe losses		104.1	%		98.7	%		88.3	%		98.5	%		80.7	%		96.8	%		96.4	%		96.1	%		93.4	%		96.3	%		95.2	%		96.5	%		97.4	%		92.6	%

*	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.
*	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 December 31,												For the Twelve Months Ended December 31,
(Dollars in millions)	2008			2007			Change			% Change			2008			2007			Change			% Change
Revenues:
Premiums earned:
Life	$	48		$	47		$	1			2.6		$	173		$	171		$	2			1.2
Accident health		2			2			—			(1.8	)		7			7			—			3.7
Premiums ceded		(16	)		(23	)		7			(28.6	)		(54	)		(53	)		(1	)		2.3
Total premiums earned		33			25			8			30.6			126			125			1			0.8
Investment income		31			30			1			4.9			120			115			5			4.5
Realized investment gains and losses		(23	)		(12	)		(11	)		97.8			(90	)		40			(130	)		(323.4	)
Other income		1			1			—			(35.8	)		2			4			(2	)		(56.0	)
Total revenues	$	42		$	45		$	(2	)		(5.4	)	$	158		$	284		$	(126	)		(44.5	)
Benefits & expenses:
Losses & policy benefits	$	27		$	46		$	(19	)		(41.9	)	$	175		$	174		$	1			0.7
Reinsurance recoveries		—			(11	)		11			103.2			(33	)		(40	)		7			(17.3	)
Commissions		6			(1	)		7			(605.8	)		25			25			—			(0.9	)
Other operating expenses		11			11			—			(2.9	)		34			35			(1	)		(2.6	)
Interest expense		—			—			—			—			—			—			—			—
Taxes, licenses & fees		1			1			—			21.1			4			4			1			14.5
Incr deferred acq expense		(5	)		(3	)		(3	)		(97.1	)		(18	)		(12	)		(6	)		52.2
Incr deferred acq expense		—			—			—			—			—			—			—			—
Total expenses	$	39		$	43		$	(4	)		(8.6	)	$	187		$	185		$	2			0.8
Income before income taxes	$	3		$	1		$	1			89.8		$	(29	)	$	99		$	(128	)		(129.4	)
Provision for income taxes:
Current	$	14		$	3		$	11			354.1		$	34		$	8		$	27			348.6
Current capital gains/losses		(8	)		(4	)		(4	)		98.4			(31	)		14			(46	)		(321.0	)
Deferred		(5	)		1			(6	)		(578.7	)		(13	)		12			(25	)		(210.6	)
Total income taxes	$	1		$	—		$	1			354.8		$	(11	)	$	34		$	(44	)		(131.1	)
Net income	$	2		$	1		$	1			49.5		$	(19	)	$	65		$	(84	)		(128.5	)

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

The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended December 31,												For the Twelve Months Ended December 31,
(Dollars in millions)	2008			2007			Change			% Change			2008			2007			Change			% Change
Net premiums written	$	48		$	38		$	10			26.0		$	177		$	158		$	19			12.0
Net investment income		31			30			1			4.9			120			114			5			4.5
Amortization of interest maintenance reserve		—			—			—			(59.9	)		(2	)		(1	)		(1	)		(73.7	)
Commissions and expense allowances on reinsurance ceded		2			3			—			(4.3	)		8			9			(1	)		(10.4	)
Income from fees associated with Separate Accounts		1			1			—			(35.8	)		2			4			(2	)		(56.0	)
Total revenues	$	82		$	71		$	11			15.1		$	305		$	285		$	20			7.0
Death benefits and matured endowments	$	12		$	8		$	4			47.0		$	46		$	35		$	11			29.9
Annuity benefits		12			8			4			56.3			34			37			(3	)		(7.7	)
Disability benefits and benefits under accident and health contracts		1			—			—			47.7			3			2			1			24.9
Surrender benefits and group conversions		6			6			—			2.9			24			23			—			0.8
Interest and adjustments on deposit-type contract funds		3			3			—			0.8			11			10			2			18.8
Increase in aggregate reserves for life and accident and health contracts		25			24			1			4.1			102			96			6			6.4
Payments on supplementary contracts with life contingencies		—			—			—			(4.2	)		—			—			—			(4.4	)
Total benefit expenses	$	59		$	49		$	10			19.5		$	220		$	203		$	16			8.1
Commissions	$	9		$	8		$	1			7.9		$	33		$	34		$	(1	)		(3.3	)
General insurance expenses and taxes		10			10			—			3.7			39			39			—			(0.1	)
Increase in loading on deferred and uncollected premiums		(1	)		(1	)		—			(21.5	)		(3	)		(6	)		3			45.3
Net transfers to or (from) Separate Accounts		—			—			—			—			—			—			—			—
Other deductions		—			—			—			—			—			—			—			0.9
Total operating expenses	$	18		$	17		$	1			5.1		$	69		$	67		$	2			2.6
Federal and Foreign Income Taxes Incurred		14			3			11			359.4			34			7			26			351.7
Net gain from operations before realized capital gains or (losses)	$	(9	)	$	1		$	(11	)		(841.5	)	$	(18	)	$	7		$	(24	)		(355.1	)
Net realized gains or (losses) net of capital gains tax		(13	)		(5	)		(8	)		(161.4	)		(53	)		32			(85	)		(262.2	)
Net Income (Statutory)	$	(22	)	$	(4	)	$	(18	)		(502.1	)	$	(70	)	$	39		$	(109	)		(278.4	)

*	Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
*	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 Financial Corporation
Supplemental Financial Data
December 31, 2008
Fourth 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

a

A

-

A

3

BBB

+

The Cincinnati Insurance Companies

Insurer Financial Strength

Property Casualty Group

Standard Market Subsidiaries:

A

+

—

A

1

A

+

The Cincinnati Insurance Company

A

+

AA

-

A

1

A

+

The Cincinnati Indemnity Company

A

+

AA

-

A

1

A

+

The Cincinnati Casualty Company

A

+

AA

-

A

1

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 February 5, 2009, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength Ratings 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.

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. Management uses these measures when analyzing both GAAP and non-GAAP measures may improve its understanding of trends in the underlying business and help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management’s control; 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 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.

EX-99.3

Exhibit 99.3

CINCINNATI FINANCIAL CORPORATION

Investor Contact: Heather J. Wietzel
513-870-2768
CINF-IR@cinfin.com

Media Contact: Joan O. Shevchik
513-603-5323
Media_Inquiries@cinfin.com

Cincinnati Financial Corporation Board Declares 39¢ Quarterly Cash Dividend
•     Board expresses confidence in capital position and business plan, highlighting
exceptional liquidity reflected in cash balance slightly above $1 billion
•     Full-year 2008 financial results to be announced February 5

Cincinnati, February 2, 2009 — Cincinnati Financial Corporation (Nasdaq: CINF) today announced that the board of directors voted at its regular meeting on January 30, 2009, to pay a first-quarter cash dividend of 39 cents per share, unchanged from the prior four quarters. The dividend is payable April 15, 2009, to shareholders of record on March 20, 2009. At this level, the indicated annual dividend is $1.56 per share. The company had 162,411,529 shares outstanding at December 31, 2008.

Chairman John J. Schiff, Jr., CPCU, commented, “A long-term perspective governs all of our major decisions — with the goal of benefiting our policyholders, agents, shareholders and associates over time. The ongoing instability of the financial markets highlights the value of operating in an open and consistent way, building a cushion of financial strength over a period of years. In responding to current economic pressures, we are confident in the steps we have taken to protect our capital.

“In view of current economic and market conditions, the board chose to continue for later discussion the potential for an increase in the 2009 dividend payout level,” Schiff said, “The board is cognizant that Cincinnati Financial stands among the top tier of U.S. dividend-paying companies, with a long, uninterrupted history of annual dividend increases that we believe only 11 other companies can claim. While there is merit to sustaining that record, the first priority of the board and management is to assure continued financial strength as the company enters 2009 so that we can reward shareholders over the long term.”

President and Chief Executive Officer Kenneth W. Stecher, added, “Our consistent cash flows and prudent cash balances continue to create exceptional liquidity. At January 31, we had slightly more than $1 billion in cash and cash equivalents on hand. That gives us the flexibility to help build value for shareholders by investing where we see potential for both current income and long-term return. Our low debt leverage also enhances flexibility. Our $795 million of long-term debt isn’t due until 2028 and 2032 and we have only $49 million in short-term borrowings on a $75 million line of credit. In addition, we have a second, untapped line of credit with availability of $150 million.

“At year-end 2008, we estimate book value was approximately $25.75. Our year-end consolidated cash and invested assets totaled $9.9 billion, including $2.7 billion of common stock holdings, compared with $10.5 billion, including $3.9 billion of common stock holdings, at September 30, 2008, and $12.5 billion, including $6.0 billion of common stock holdings, at year-end 2007.

“Further, our insurance appetite remains strong. All of our insurance subsidiaries continue to be highly rated, operating with a level of capital far exceeding regulatory requirements. We ended 2008 with a healthy property casualty premium-to-surplus ratio of 0.9 to 1, allowing us the flexibility to reduce risk by expanding our operations into new geographies and product areas. Plus, we hold more than $1 billion of our assets at the parent company level, increasing our flexibility through all periods to continue to invest in and expand our insurance operations while maintaining our cash dividend.”

Stecher said, “Preserving this high level of capital and liquidity remains a key objective. In mid-summer, we began applying new investment guidelines that increased portfolio diversification, reducing single issue and sector concentrations. Our year-end 2008 portfolio, fully detailed today in our regular online portfolio listing, shows how we have positioned the portfolio for reduced volatility going forward. As a result, despite economic and market disruptions that led to unprecedented market value declines, our equity portfolio suffered less than the broader indices

during the fourth quarter and full year of 2008. It continues to hold up well in the challenging environment we have experienced since the beginning of 2009.

“At year-end, our financial sector holdings were 12.4 percent of our $2.7 billion publicly traded common stock portfolio, below the Standard & Poor’s 500 weighting, and significantly lower than our 56.2 percent financial sector weighting at year-end 2007. Among other changes, we reduced our Fifth Third Bancorp holding to approximately 12 million shares at year-end 2008. Following Fifth Third’s further reduction of its dividend payout in December 2008, we sold the remainder of our holding in January for an additional capital gain.”

Stecher noted, “In addition to equities, our portfolio includes highly rated taxable and tax-exempt fixed maturity and short-term investments valued at $5.8 billion at year-end 2008, virtually unchanged from year-end 2007. This bond portfolio’s value continues to exceed our insurance liabilities. It contains less than 1 percent, or approximately $43 million book value, of collateralized mortgage obligations we obtained in the termination of a securities lending program. We own no other mortgage-related securities nor any other derivative products.”

Stecher concluded, “As the disruptions of the financial market have pressured short-term results for our company and others, we have continued to look to the long term. On Thursday, we will provide a thorough look at our financial results for 2008. We also will share our perspective on Cincinnati’s long-term potential to create value for shareholders by continuing to act on strategic initiatives that further our mission: to grow profitability and enhance the ability of local independent agents to deliver quality financial protection to the people and businesses they serve.”

Cincinnati Financial plans to report fourth-quarter and year-end 2008 results on Thursday, February 5. A conference call to discuss the results will be held at 11:00 a.m. EST on that day. Details regarding the Internet broadcast of the conference call are available on www.cinfin.com/investors. The company today posted a listing of its fixed-maturity and equity portfolio as of year-end 2008 on its Web site at www.cinfin.com/investors.

Cincinnati Financial Corporation offers property and casualty insurance, our main business, through our three standard market companies, The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company. The Cincinnati Life Insurance Company markets life and disability insurance and annuities. The Cincinnati Specialty Underwriters Insurance Company provides excess and surplus lines property and casualty insurance. CSU Producer Resources Inc., our excess and surplus lines brokerage, serves the same local independent agencies that offer our standard market policies. CFC Investment Company offers commercial leasing and financing services. For additional information about the company, please visit www.cinfin.com.

Mailing Address:	Street Address:
P.O. Box 145496	6200 South Gilmore Road
Cincinnati, Ohio 45250-5496	Fairfield, Ohio 45014-5141

Safe Harbor Statement

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2007 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 21, with updates to certain risk factors described in our Quarterly Report on Form 10-Q for the period ended June 30, 2008. Although we often review and update our forward-looking statements when events warrant, we caution our readers that we undertake no obligation to do so.

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

• Further decline in overall stock market values negatively affecting the company’s equity portfolio and book value

• Events, such as the credit crisis, followed by prolonged periods of economic instability, that lead to:

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

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

o Significant rise in losses from surety and director and officer policies written for financial institutions

• Recession or other economic conditions or regulatory, accounting or tax changes resulting in lower demand for insurance products

• Prolonged low interest rate environment or other factors that limit the company’s ability to generate growth in investment income or interest rate fluctuations that result in declining values of fixed-maturity investments

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

• Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns, environmental events, terrorism incidents or other causes

• Increased frequency and/or severity of claims

• Delays or inadequacies in the development, implementation, performance and benefits of technology projects and enhancements

• Ability to obtain adequate reinsurance on acceptable terms, amount of reinsurance purchased, financial strength of reinsurers and the potential for non-payment or delay in payment by reinsurers

• Increased competition that could result in a significant reduction in the company’s premium growth rate

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

o Multi-notch downgrades of the company’s financial strength ratings

o Concerns that doing business with the company is too difficult or

o Perceptions that the company’s level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace

• Underwriting and pricing methods adopted by competitors that could allow them to identify and flexibly price risks, which could decrease our competitive advantages

• Personal lines pricing and loss trends that lead management to conclude that this segment could not attain sustainable profitability, which could prevent the capitalization of policy acquisition costs

• Actions of insurance departments, state attorneys general or other regulatory agencies that:

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

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

o Increase our expenses

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

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

o Place us at a disadvantage in the marketplace

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

• Adverse outcomes from litigation or administrative proceedings

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

• Inaccurate estimates or assumptions used for critical accounting estimates

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

• Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location

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

Financial strength ratings are effective as of the date of this release, are under continuous review and are subject to change and/or affirmation. For the latest ratings, access Financial Strength Ratings at www.cinfin.com.

* * *

EX-99.4

Exhibit 99.4

CINCINNATI FINANCIAL CORPORATION

Investor Contact: Heather J. Wietzel
513-870-2768
CINF-IR@cinfin.com

Media Contact: Joan O. Shevchik
513-603-5323
Media_Inquiries@cinfin.com

Cincinnati Financial Corporation Subsidiaries Announce Appointments and Promotions
• Subsidiary Directors, Officers and Counsel

Cincinnati, February 2, 2009 — Cincinnati Financial Corporation (Nasdaq:CINF) announced today that boards of its subsidiary companies appointed directors, officers and counsel at their regular meetings on January 30, 2009.

Senior Vice President and Chief Financial Officer Steven J. Johnston, FCAS, MAAA, CFA, was named to the boards of all subsidiaries. Senior Vice Presidents Martin F. Hollenbeck, CFA, CPCU, and Martin J. Mullen, CPCU, were named to the boards of all insurance subsidiaries, and Hollenbeck was additionally named to the board of CFC Investment Company. Senior Vice Presidents Donald J. Doyle, Jr., CPCU, AIM, and Charles P. Stoneburner II, CPCU, AIM, were named to the boards of all property casualty insurance subsidiaries.

The board also acted on other business, affirming the corporate governance guidelines, the code of ethics for senior financial officers, the code of conduct for all company associates and board committee charters, which are reviewed annually by the respective committees as stipulated in the governance guidelines.

Boards of subsidiary companies made the following promotions and new or additional appointments of officers and counsel:

Property Casualty Insurance — Standard Market:
The Cincinnati Insurance Company
The Cincinnati Casualty Company
The Cincinnati Indemnity Company

Senior Vice President:
Martin F. Hollenbeck, CFA, CPCU — Investments

Vice Presidents:
William J. Geier, CPCU, CLU, ChFC, FLMI, AIM, HIAA — Information Technology
Douglas W. Stang, FCAS, MAAA — Staff Underwriting
Brian K. Wood, CPCU, AIM — Personnel

Assistant Vice Presidents:
William M. Clevidence, CIC — Sales & Marketing
Michael K. Dockery — Information Security
Rodney M. French, CPCU, AIM, ARe — Commercial Lines
Sharon K. Larrick — Staff Underwriting
Stephen M. Spray — Excess & Surplus Lines
Gerald L. Varney — Purchasing/Fleet

Secretaries:
Robert E. Bernard, CPCU, AIM — Personal Lines
Glenn W. Koch, CPCU, AIM — Commercial Lines
Philip D. Motz — Information Technology
James D. Ogle, CPCU, AIC — Headquarters Claims
Stephen G. Stockwell, CPCU, AMIM — Commercial Lines
Sean P. Sweeney, CPCU, PMP — Information Technology
Daniel R. Walsh — Headquarters Claims

Assistant Secretaries:
Brian K. Baker, CPCU, AIM, AIC — Field Claims
William L. Gregory, SCLA — Headquarters Claims
Molly A. Grimm — Shareholder Services
George A. Grossenbaugh, SCLA — Special Investigation Unit
Ronald C. Klimkowski, CIC, AIC — Sales & Marketing
Kenneth P. Mikkelson, CPCU, ALCM — Loss Control
C. Kathleen Saurber, CPCU — Staff Underwriting

Associate Counsel:
J. Richard Brown
Louis M. DeMarco

Property Casualty Insurance — Excess & Surplus Lines:
The Cincinnati Specialty Underwriters Insurance Company:
Martin F. Hollenbeck*
Stephen M. Spray*

The Cincinnati Life Insurance Company:
Martin F. Hollenbeck*
William J. Geier*
Brian K. Wood*
Roger A. Brown, FSA, MAAA, Assistant Vice President — Actuarial
Michael K. Dockery*
Gerald L. Varney*
Philip D. Motz*
Sean P. Sweeney*
Mona J. Day, Assistant Secretary — Life Field Services
J. Richard Brown*
Louis M. DeMarco*

Financial Services:
CSU Producer Resources Inc.
Stephen M. Spray*

* Title as listed above

Cincinnati Financial Corporation offers property and casualty insurance, our main business, through our three standard market companies, The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company. The Cincinnati Life Insurance Company markets life and disability insurance and annuities. The Cincinnati Specialty Underwriters Insurance Company provides excess and surplus lines property and casualty insurance. CSU Producer Resources Inc., our excess and surplus lines brokerage, serves the same local independent agencies that offer our standard market policies. CFC Investment Company offers commercial leasing and financing services. For additional information about the company, please visit www.cinfin.com.

Mailing Address:	Street Address:
P.O. Box 145496	6200 South Gilmore Road
Cincinnati, Ohio 45250-5496	Fairfield, Ohio 45014-5141

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