Exhibit 99.2

Cincinnati Financial Corporation
Supplemental Financial Data
March 31, 2009
First Quarter

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

Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	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	A3	BBB+
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
Standard Market Subsidiaries:	A+	—	A1	A+
The Cincinnati Insurance Company	A+	AA-	A1	A+
The Cincinnati Indemnity Company	A+	AA-	A1	A+
The Cincinnati Casualty Company	A+	AA-	A1	A+
Excess and Surplus Lines Subsidiary:
The Cincinnati Specialty Underwriters Insurance Company	A	—	—	—
The Cincinnati Life Insurance Company	A	AA-	—	A+

Ratings are as of April 29, 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.

Cincinnati Financial Corporation
Supplemental Financial Data
First Quarter 2009

	Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
Quick Reference	4
CFC Insurance and Subsidiaries Consolidation — Three Months Ended March 31, 2009	5
Quarterly Net Income Reconciliation	6
CFC Insurance Subsidiaries — Selected Balance Sheet Data	7
Consolidated Property Casualty Insurance Operations
(Includes Cincinnati Specialty Underwriters Insurance Company (CSU))
Statutory Statements of Income	8
Statutory Quarterly Analysis — Consolidated	9
Statutory Quarterly Analysis — Commercial Lines	10
Statutory Quarterly Analysis — Personal Lines	11
Direct Written Premiums by Line of Business and State	12
Quarterly Detailed Loss Analysis	13
Reconciliation Data
Quarterly Property Casualty Data — Consolidated	14
Quarterly Property Casualty Data — Commercial Lines	15
Quarterly Property Casualty Data — Personal Lines	16
Life Insurance Operations
Statutory Statements of Income	17

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.

2009 First-quarter Supplement

3

Cincinnati Financial Corporation
Quick Reference – First Quarter 2009
(all data shown is for the three months ended or as of March 31, 2009)

(Based on reported data — see Pages 14-16 for adjusted data)

				Year over year
	3/31/2009			change %
Revenues:
Commercial lines net written premiums	$	626			0.1
Personal lines net written premiums		145			(3.5	)
Excess & surplus lines net written premiums		7		nm
Property casualty net written premiums		778			0.3
Commercial lines net earned premiums		557			(3.1	)
Personal lines net earned premiums		171			(3.0	)
Excess & surplus lines net earned premiums		4		nm
Property casualty net earned premiums		732			(2.5	)
Life and accident and health net earned premiums		33			12.5
Investment income		124			(18.7	)
Realized gains on investments		(2	)		98.9
Other income		3			(18.0	)
Total revenues		890			26.5
Income:
Operating income	$	37			(65.7	)
Net realized investment gains and losses		(2	)		98.9
Net income		35		nm
Per share (diluted):
Operating income	$	0.23			(65.2	)
Net realized investment gains and losses		(0.01	)		98.9
Net income		0.22			nm
Book value		23.88			(28.5	)
Weighted average shares — diluted		162,663,625			(1.5	)
				Year over year
	3/31/2009			change %
Benefits and expenses:
Commercial lines loss and loss expenses	$	388			6.4
Personal lines loss and loss expenses		152			12.0
Excess & surplus lines loss and loss expenses		2		nm
Life and accident and health losses and policy benefits		39			9.0
Operating expenses		261			2.1
Interest expenses		14			10.2
Total expenses		856			6.5
Net income before income taxes		34			133.7
Total income tax benefit		(1	)		97.4
Effective tax rate		(4.54	)	nm
Ratios:
Commercial lines GAAP combined ratio		102.2	%
Personal lines GAAP combined ratio		120.7
Property casualty GAAP combined ratio		107.5
Commercial lines STAT combined ratio		99.0	%
Personal lines STAT combined ratio		123.9
Property casualty STAT combined ratio		105.1
Return on equity (annualized)		3.5	%
Balance Sheet:
Fixed maturity investments	$	6,479
Equity securities		2,302
Short-term investments		13
Other invested assets		82
Total invested assets	$	8,876
Loss and loss expense reserves	$	4,093
Total debt		839
Shareholders’ equity		3,881

2009 First-quarter Supplement

4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended March 31, 2009

(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		CINFIN			C-SUPR		ELIM			Total
Revenues:
Premiums earned:
Property Casualty	$	—		$	774		$	—		$	—	$	—		$	—	$	—		$	774
Life		—			—			43			—		—			—		—			43
Accident health		—			—			2			—		—			—		—			2
Premiums ceded		—			(42	)		(12	)		—		—			—		—			(54	)
Total earned premium		—			732			33			—		—			—		—			765
Investment income		9			85			30			—		—			—		—			124
Realized gain on investments		81			(55	)		(27	)		—		(1	)		—		—			(2	)
Other income		3			1			1			2		—			1		(5	)		3
Total revenues	$	93		$	763		$	37		$	2	$	(1	)	$	1	$	(5	)	$	890
Benefits & expenses:
Losses & policy benefits	$	—		$	536		$	50		$	—	$	—		$	—	$	(6	)	$	580
Reinsurance recoveries		—			7			(11	)		—		—			—		5			1
Commissions		—			146			7			—		—			—		(1	)		152
Other operating expenses		7			86			7			1		—			1		(3	)		99
Interest expense		13			—			—			1		—			—		—			14
Taxes, licenses & fees		—			16			1			—		—			—		—			17
Incr deferred acq expenses		—			(4	)		(3	)		—		—			—		—			(7	)
Total expenses	$	20		$	787		$	51		$	2	$	—		$	1	$	(5	)	$	856
Income (loss) before income taxes	$	73		$	(24	)	$	(14	)	$	—	$	(1	)	$	—	$	—		$	34
Provision for income taxes:
Current operating income	$	—		$	1		$	(3	)	$	—	$	—		$	—	$	—		$	(2	)
Capital gains/losses		28			(19	)		(9	)		—		—			—		—			—
Deferred		(4	)		(2	)		7			—		—			—		—			1
Total income tax	$	24		$	(20	)	$	(5	)	$	—	$	—		$	—	$	—		$	(1	)
Operating income (loss)	$	(4	)	$	32		$	9		$	—	$	—		$	—	$	—		$	37
Net income (loss) — current year	$	49		$	(4	)	$	(9	)	$	—	$	(1	)	$	—	$	—		$	35
Net (loss) income — prior year	$	(40	)	$	(4	)	$	2		$	—	$	—		$	—	$	—		$	(42	)

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

2009 First-quarter Supplement

5

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)	12/31/09	9/30/09	6/30/09	3/31/09			12/31/08		9/30/08			6/30/08			3/31/08			6/30/09	6/30/08			9/30/09	9/30/08			12/31/09	12/31/08
Net income (loss)				$	35		$	161	$	247		$	63		$	(42	)		$	21			$	268			$	429
Net realized investment gains and losses					(2	)		69		173			(6	)		(151	)			(157	)			16				85
Operating income					37			92		74			69			109				178				252				344
Less catastrophe losses					(34	)		10		(41	)		(74	)		(28	)			(101	)			(142	)			(132	)
Operating income before catastrophe losses				$	71		$	82	$	115		$	143		$	137			$	279			$	394			$	476
Diluted per share data
Net income (loss)				$	0.22		$	0.99	$	1.50		$	0.38		$	(0.26	)		$	0.13			$	1.64			$	2.62
Net realized investment gains and losses					(0.01	)		0.42		1.05			(0.04	)		(0.92	)			(0.95	)			0.10				0.52
Operating income					0.23			0.57		0.45			0.42			0.66				1.08				1.54				2.10
Less catastrophe losses					(0.21	)		0.06		(0.25	)		(0.45	)		(0.17	)			(0.62	)			(0.87	)			(0.81	)
Operating income before catastrophe losses				$	0.44		$	0.51	$	0.70		$	0.87		$	0.83			$	1.70			$	2.41			$	2.91

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.

2009 First-quarter Supplement

6

Cincinnati Financial Corporation Insurance Subsidiaries
Selected Balance Sheet Data

(Dollars in millions)	12/31/2009		9/30/2009		6/30/2009			3/31/2009			12/31/2008			9/30/2008			6/30/2008			3/31/2008
Cincinnati Insurance Consolidated (including CSU)
Fixed maturities (fair value)								$	4,804		$	4,309		$	4,183		$	4,304		$	4,351
Equities (fair value)									1,986			2,432			3,210			3,537			4,226
Short-term investments (fair value)									13			19			162			—			51
Fixed maturities — pretax net unrealized gain (loss)									(36	)		(108	)		(132	)		(33	)		39
Equities — pretax net unrealized gain (loss)									347			627			1,012			1,227			1,831
Loss and loss expense reserves — STAT									3,555			3,494			3,507			3,534			3,448
Equity GAAP									3,512			3,667			3,947			4,011			4,498
Surplus — STAT									3,105			3,360			3,687			3,650			4,027
The Cincinnati Life Insurance Company
Fixed maturities (fair value)								$	1,534		$	1,467		$	1,483		$	1,551		$	1,534
Equities (fair value)									89			122			200			265			307
Short-term investments (fair value)									—			—			—			—			—
Fixed maturities — pretax net unrealized gain (loss)									(94	)		(115	)		(79	)		(35	)		—
Equities — pretax net unrealized gain (loss)									(27	)		(7	)		61			92			127
Equity — GAAP									454			471			530			617			661
Surplus — STAT									254			290			371			420			453
	12/31/2007		9/30/2007		6/30/2007			3/31/2007			12/31/2006			9/30/2006			6/30/2006			3/31/2006
Cincinnati Insurance Consolidated (including CSU)
Fixed maturities (fair value)	$	4,295	$	4,366	$	4,367		$	4,362		$	4,296		$	4,258		$	4,160		$	4,189
Equities (fair value)		4,595		5,201		5,411			5,472			5,494			5,134			4,827			4,946
Short-term investments (fair value)		50		19		72			3			92			—			—			126
Fixed maturities — pretax net unrealized gain (loss)		58		23		(30	)		44			47			51			(55	)		2
Equities — pretax net unrealized gain (loss)		2,077		2,657		2,917			3,017			3,166			2,859			2,621			2,758
Loss and loss expense reserves — STAT		3,398		3,461		3,374			3,373			3,356			3,314			3,237			3,169
Equity GAAP		4,784		5,282		5,404			5,272			5,261			5,073			4,702			4,730
Surplus — STAT		4,307		4,782		4,937			4,741			4,723			4,607			4,342			4,334
The Cincinnati Life Insurance Company
Fixed maturities (fair value)	$	1,465	$	1,475	$	1,415		$	1,384		$	1,381		$	1,399		$	1,344		$	1,338
Equities (fair value)		371		459		478			539			532			494			458			470
Short-term investments (fair value)		51		18		29			16			3			—			—			20
Fixed maturities — pretax net unrealized gain (loss)		6		4		(4	)		20			15			17			(17	)		6
Equities — pretax net unrealized gain (loss)		162		225		254			305			307			271			238			256
Equity — GAAP		685		724		730			739			719			688			652			666
Surplus — STAT		477		485		491			483			479			461			459			470

2009 First-quarter Supplement

7

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended March 31,
(Dollars in millions)	2009			2008			Change			% Change
Underwriting income
Net premiums written	$	778		$	776		$	2			0.3
Unearned premiums increase		46			25			21			89.3
Earned premiums		732			751			(19	)		(2.5	)
Losses incurred	$	457		$	418		$	39			9.3
Allocated loss expenses incurred		36			37			(1	)		(3.1	)
Unallocated loss expenses incurred		50			46			4			8.5
Other underwriting expenses incurred		236			233			3			1.3
Workers compensation dividend incurred		4			5			(1	)		(18.1	)
Total underwriting deductions	$	783		$	739		$	44			5.9
Net underwriting (loss) gain	$	(51	)	$	12		$	(63	)	nm
Investment income
Gross investment income earned	$	86		$	95		$	(9	)		(9.7	)
Net investment income earned		85			94			(9	)		(9.8	)
Net realized capital gains		(34	)		(91	)		57			(62.0	)
Net investment gains (excl. subs)	$	51		$	3		$	48		nm
Dividend from subsidiary		20			—			20		nm
Net investment gains (net of tax)	$	71		$	3		$	68		nm
Other income	$	1		$	1		$	—			(22.8	)
Net income before federal income taxes	$	21		$	16		$	5			31.5
Federal and foreign income taxes incurred	$	(1	)	$	68		$	(69	)	nm
Net income (loss) (statutory)	$	22		$	(52	)	$	74		nm

*	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.

2009 First-quarter Supplement

8

Consolidated Cincinnati Insurance Companies — All Lines
Statutory Quarterly Analysis
(Based on reported data — see Page 14 for adjusted data)

				Three months ended															Six months ended				Nine months ended				Twelve months ended
(Dollars in millions)	12/31/09	9/30/09	6/30/09	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08			6/30/09	6/30/08			9/30/09	9/30/08			12/31/09	12/31/08
Net premiums written				$	778		$	717		$	727		$	790		$	776			$	1,566			$	2,292			$	3,010
Net premiums earned				$	732		$	747		$	751		$	761		$	751			$	1,512			$	2,263			$	3,010
Losses paid				$	401		$	383		$	467		$	396		$	383			$	778			$	1,245			$	1,629
Loss reserve change					56			(1	)		(11	)		83			35				119				108				107
Total losses incurred				$	457		$	382		$	456		$	479		$	418			$	897			$	1,353			$	1,736
Allocated loss expense paid					30			39			35			32			25				58				93				131
Allocated loss expense reserve change					6			(12	)		(16	)		1			12				12				(4	)			(16	)
Total allocated loss expense incurred				$	36		$	27		$	19		$	33		$	37			$	70			$	89			$	115
Unallocated loss expense paid					48			62			47			43			43				86				133				195
Unallocated loss expense reserve change					2			3			1			3			3				6				7				10
Total unallocated loss expense incurred				$	50		$	65		$	48		$	46		$	46			$	92			$	140			$	205
Underwriting expenses incurred					240			264			241			223			238				460				701				971
Underwriting (loss) profit				$	(51	)	$	9		$	(13	)	$	(20	)	$	12			$	(7	)		$	(20	)		$	(17	)
Ratio Data
Loss ratio					62.5	%		51.2	%		60.8	%		63.0	%		55.6	%			59.3	%			59.8	%			57.7	%
Allocated loss expense ratio					4.9			3.5			2.5			4.3			5.0				4.6				3.9				3.8
Unallocated loss expense ratio					6.8			8.7			6.4			6.1			6.1				6.1				6.2				6.8
Net underwriting expense ratio					30.9			36.8			33.1			28.1			30.6				29.3				30.6				32.1
Statutory combined ratio					105.1	%		100.2	%		102.8	%		101.5	%		97.3	%			99.3	%			100.5	%			100.4	%
Statutory combined ratio excluding catastrophes					97.9	%		102.3	%		94.4	%		86.6	%		91.5	%			89.0	%			90.8	%			93.6	%
Loss Detail
New losses greater than $4,000,000				$	9		$	10		$	10		$	18		$	—			$	26			$	36			$	46
New losses $2,000,000-$4,000,000					17			19			17			25			22				39				56				75
New losses $1,000,000-$2,000,000					11			22			33			17			22				39				72				94
New losses $750,000-$1,000,000					11			12			14			13			9				21				35				48
New losses $500,000-$750,000					16			16			16			13			11				24				40				56
New losses $250,000-$500,000					35			35			33			27			29				57				90				124
Case reserve development above $250,000					56			82			59			54			49				103				162				245
Large losses subtotal				$	155		$	196		$	182		$	167		$	142			$	309			$	491			$	688
IBNR incurred					18			(16	)		(6	)		(6	)		6				—				(6	)			(22	)
Catastrophe losses incurred					53			(16	)		63			113			43				156				219				203
Remaining incurred					231			218			217			205			227				432				649				867
Total losses incurred				$	457		$	382		$	456		$	479		$	418			$	897			$	1,353			$	1,736
Loss Ratio
New losses greater than $4,000,000					1.3	%		1.3	%		1.3	%		2.4	%		—	%			1.7	%			1.6	%			1.5	%
New losses $2,000,000-$4,000,000					2.4			2.5			2.2			3.3			2.9				2.6				2.5				2.5
New losses $1,000,000-$2,000,000					1.4			2.9			4.4			2.2			2.9				2.6				3.0				3.1
New losses $750,000-$1,000,000					1.5			1.6			1.9			1.7			1.1				1.4				1.6				1.6
New losses $500,000-$750,000					2.1			2.2			2.1			1.7			1.5				1.6				1.8				1.9
New losses $250,000-$500,000					4.8			4.6			4.4			3.6			3.9				3.7				4.0				4.1
Case reserve development above $250,000					7.6			11.0			7.9			7.1			6.5				6.9				7.2				8.1
Large losses subtotal					21.1	%		26.1	%		24.2	%		22.0	%		18.9	%			20.5	%			21.7	%			22.8	%
IBNR incurred					2.5			(2.1	)		(0.8	)		(0.9	)		0.8				—				(0.3	)			(0.7	)
Total catastrophe losses incurred					7.2			(2.1	)		8.4			14.9			5.7				10.3				9.7				6.8
Remaining incurred					31.7			29.3			29.0			27.0			30.2				28.5				28.7				28.8
Total loss ratio					62.5	%		51.2	%		60.8	%		63.0	%		55.6	%			59.3	%			59.8	%			57.7	%
Loss Claim Count
New losses greater than $4,000,000					2			2			2			5			2				7				9				11
New losses $2,000,000-$4,000,000					7			7			6			8			5				13				19				26
New losses $1,000,000-$2,000,000					9			17			27			13			19				32				59				76
New losses $750,000-$1,000,000					13			14			17			15			10				25				42				56
New losses $500,000-$750,000					28			28			28			23			21				44				72				100
New losses $250,000-$500,000					108			105			100			84			87				171				271				376
Case reserve development above $250,000					89			146			102			84			81				165				267				413
Large losses total					256			319			282			232			225				457				739				1,058

*	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.

2009 First-quarter Supplement

9

Consolidated Cincinnati Insurance Companies — Commercial Lines
Statutory Quarterly Analysis
(Based on reported data — see Page 15 for adjusted data)

				Three months ended															Six months ended				Nine months ended				Twelve months ended
(Dollars in millions)	12/31/09	9/30/09	6/30/09	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08			6/30/09	6/30/08			9/30/09	9/30/08			12/31/09	12/31/08
Net premiums written				$	626		$	552		$	538		$	597		$	625			$	1,222			$	1,759			$	2,311
Net premiums earned				$	557		$	573		$	582		$	586		$	574			$	1,161			$	1,743			$	2,316
Losses paid				$	271		$	262		$	326		$	280		$	266			$	546			$	871			$	1,133
Loss reserve change					50			26			(3	)		67			32				100				97				123
Total losses incurred				$	321		$	288		$	323		$	347		$	298			$	646			$	968			$	1,256
Allocated loss expense paid					26			35			31			28			22				50				82				116
Allocated loss expense reserve change					6			(13	)		(15	)		1			12				13				(3	)			(16	)
Total allocated loss expense incurred				$	32		$	22		$	16		$	29		$	34			$	63			$	79			$	100
Unallocated loss expense paid					34			42			34			31			30				61				95				137
Unallocated loss expense reserve change					2			7			(1	)		1			3				4				4				10
Total unallocated loss expense incurred				$	36		$	49		$	33		$	32		$	33			$	65			$	99			$	147
Underwriting expenses incurred					183			204			180			166			186				352				532				742
Underwriting (loss) profit				$	(15	)	$	10		$	30		$	12		$	23			$	35			$	65			$	71
Ratio Data
Loss ratio					57.6	%		50.3	%		55.4	%		59.2	%		52.0	%			55.6	%			55.5	%			54.2	%
Allocated loss expense ratio					5.8			3.8			2.7			5.0			5.9				5.4				4.5				4.3
Unallocated loss expense ratio					6.4			8.4			5.7			5.5			5.7				5.7				5.7				6.4
Net underwriting expense ratio					29.2			36.5			33.5			27.8			29.7				28.8				30.2				31.7
Statutory combined ratio					99.0	%		99.0	%		97.3	%		97.5	%		93.3	%			95.5	%			95.9	%			96.6	%
Statutory combined ratio excluding catastrophes					96.5	%		100.5	%		93.3	%		86.2	%		89.4	%			87.8	%			89.5	%			92.2	%
Loss Detail
New losses greater than $4,000,000				$	9		$	10		$	5		$	18		$	—			$	26			$	31			$	41
New losses $2,000,000-$4,000,000					17			19			17			25			22				40				56				75
New losses $1,000,000-$2,000,000					9			18			26			15			18				33				60				78
New losses $750,000-$1,000,000					9			10			12			11			8				19				31				41
New losses $500,000-$750,000					12			11			14			12			9				20				34				45
New losses $250,000-$500,000					26			28			25			22			23				45				70				98
Case reserve development above $250,000					51			76			57			51			44				96				153				229
Large losses subtotal				$	133		$	172		$	156		$	154		$	124			$	279			$	435			$	607
IBNR incurred					18			(12	)		(7	)		(8	)		6				(2	)			(10	)			(22	)
Catastrophe losses incurred					14			(9	)		23			66			22				89				112				103
Remaining incurred					156			137			151			135			146				280				431				568
Total losses incurred				$	321		$	288		$	323		$	347		$	298			$	646			$	968			$	1,256
Loss Ratio
New losses greater than $4,000,000					1.7	%		1.8	%		0.9	%		3.1	%		—				2.3	%			1.8	%			1.8	%
New losses $2,000,000-$4,000,000					3.1			3.2			2.9			4.3			3.9				3.4				3.2				3.2
New losses $1,000,000-$2,000,000					1.6			3.1			4.5			2.5			3.2				2.9				3.4				3.4
New losses $750,000-$1,000,000					1.6			1.7			2.1			1.9			1.3				1.6				1.8				1.8
New losses $500,000-$750,000					2.1			2.0			2.3			2.0			1.5				1.7				1.9				2.0
New losses $250,000-$500,000					4.7			4.9			4.3			3.8			4.0				3.9				4.0				4.2
Case reserve development above $250,000					9.1			13.2			9.8			8.7			7.8				8.3				8.8				9.9
Large losses subtotal					23.9	%		29.9	%		26.8	%		26.3	%		21.7	%			24.0	%			24.9	%			26.3	%
IBNR incurred					3.3			(2.1	)		(1.3	)		(1.4	)		1.0				(0.2	)			(0.6	)			(0.9	)
Total catastrophe losses incurred					2.5			(1.5	)		4.0			11.3			3.9				7.7				6.4				4.5
Remaining incurred					27.9			24.0			25.9			23.0			25.4				24.2				24.8				24.3
Total loss ratio					57.6	%		50.3	%		55.4	%		59.2	%		52.0	%			55.7	%			55.5	%			54.2	%
Loss Claim Count
New losses greater than $4,000,000					2			2			1			4			2				4				7				9
New losses $2,000,000-$4,000,000					7			7			6			9			5				14				20				27
New losses $1,000,000-$2,000,000					8			14			21			12			16				22				49				63
New losses $750,000-$1,000,000					10			11			15			13			9				21				37				48
New losses $500,000-$750,000					21			19			24			21			16				40				61				80
New losses $250,000-$500,000					81			85			74			67			68				166				209				294
Case reserve development above $250,000					77			129			95			76			74				206				245				374
Large losses total					206			267			236			202			190				473				628				895

*	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.

2009 First-quarter Supplement

10

Consolidated Cincinnati Insurance Companies — Personal Lines
Statutory Quarterly Analysis
(Based on reported data — see Page 16 for adjusted data)

				Three months ended															Six months ended				Nine months ended				Twelve months ended
(Dollars in millions)	12/31/09	9/30/09	6/30/09	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08			6/30/09	6/30/08			9/30/09	9/30/08			12/31/09	12/31/08
Net premiums written				$	145		$	160		$	184		$	191		$	150			$	341			$	525			$	685
Net premiums earned				$	171		$	171		$	167		$	174		$	177			$	351			$	518			$	689
Losses paid				$	130		$	123		$	141		$	116		$	116			$	232			$	373			$	496
Loss reserve change					4			(31	)		(8	)		16			3				19				11				(20	)
Total losses incurred				$	134		$	92		$	133		$	132		$	119			$	251			$	384			$	476
Allocated loss expense paid					3			4			4			4			3				7				11				15
Allocated loss expense reserve change					—			1			(1	)		(1	)		—				—				(1	)			(1	)
Total allocated loss expense incurred				$	3		$	5		$	3		$	3		$	3			$	7			$	10			$	14
Unallocated loss expense paid					15			19			13			13			13				25				38				57
Unallocated loss expense reserve change					—			(3	)		1			1			1				2				3				1
Total unallocated loss expense incurred				$	15		$	16		$	14		$	14		$	14			$	27			$	41			$	58
Underwriting expenses incurred					51			58			56			55			51				106				162				224
Underwriting loss				$	(32	)	$	—		$	(39	)	$	(30	)	$	(10	)		$	(40	)		$	(79	)		$	(83	)
Ratio Data
Loss ratio					78.3	%		53.6	%		79.7	%		75.6	%		67.4	%			71.5	%			74.1	%			69.0	%
Allocated loss expense ratio					1.9			2.7			1.8			1.9			1.9				1.9				1.9				2.1
Unallocated loss expense ratio					8.3			9.6			8.7			7.9			7.4				7.6				8.0				8.3
Net underwriting expense ratio					35.4			36.2			30.4			28.9			34.1				31.2				30.9				32.2
Statutory combined ratio					123.9	%		102.1	%		120.6	%		114.3	%		110.8	%			112.2	%			114.9	%			111.6	%
Statutory combined ratio excluding catastrophes					101.3	%		106.2	%		96.8	%		87.3	%		99.2	%			92.9	%			94.2	%			97.1	%
Loss Detail
New losses greater than $4,000,000				$	—		$	—		$	5		$	—		$	—			$	—			$	5			$	5
New losses $2,000,000-$4,000,000					—			—			—			—			—				—				—				—
New losses $1,000,000-$2,000,000					1			4			6			2			4				5				12				16
New losses $750,000-$1,000,000					2			3			2			2			1				3				4				7
New losses $500,000-$750,000					4			5			2			1			3				4				6				11
New losses $250,000-$500,000					9			7			8			5			6				12				20				26
Case reserve development above $250,000					5			6			2			3			4				7				9				16
Large losses subtotal				$	21		$	25		$	25		$	13		$	18			$	31			$	56			$	81
IBNR incurred					(1	)		(4	)		2			2			—				2				4				—
Catastrophe losses incurred					39			(7	)		40			47			21				67				107				100
Remaining incurred					75			78			66			70			80				151				217				295
Total losses incurred				$	134		$	92		$	133		$	132		$	119			$	251			$	384			$	476
Loss Ratio
New losses greater than $4,000,000					—	%		—	%		3.0	%		—	%		—	%			—	%			1.0	%			0.7	%
New losses $2,000,000-$4,000,000					—			—			—			—			—				—				—				—
New losses $1,000,000-$2,000,000					0.8			2.4			3.8			1.1			2.1				1.6				2.3				2.3
New losses $750,000-$1,000,000					1.4			1.5			1.0			1.1			0.4				0.8				0.8				1.0
New losses $500,000-$750,000					2.2			2.9			1.3			0.7			1.5				1.1				1.2				1.6
New losses $250,000-$500,000					5.0			3.9			4.8			3.0			3.6				3.3				3.8				3.8
Case reserve development above $250,000					3.0			3.8			1.4			1.5			2.5				1.9				1.7				2.3
Large losses subtotal					12.4	%		14.5	%		15.3	%		7.5	%		10.0	%			8.7	%			10.8	%			11.7	%
IBNR incurred					(0.6	)		(2.3	)		1.0			0.9			0.2				0.6				0.7				—
Total catastrophe losses incurred					22.6			(4.1	)		23.8			27.0			11.6				19.3				20.7				14.5
Remaining incurred					43.9			45.5			39.6			40.2			45.6				42.9				41.9				42.8
Total loss ratio					78.3	%		53.6	%		79.7	%		75.6	%		67.4	%			71.5	%			74.1	%			69.0	%
Loss Claim Count
New losses greater than $4,000,000					—			—			1			—			—				—				1				—
New losses $2,000,000-$4,000,000					—			—			—			—			—				—				—				3
New losses $1,000,000-$2,000,000					1			3			6			1			3				4				10				7
New losses $750,000-$1,000,000					3			3			2			2			1				6				5				14
New losses $500,000-$750,000					7			9			4			2			5				16				11				51
New losses $250,000-$500,000					27			20			26			17			19				47				62				28
Case reserve development above $250,000					12			17			7			8			7				29				22				79
Large losses total					50			52			46			30			35				102				111				182

*	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.

2009 First-quarter Supplement

11

Consolidated Cincinnati Insurance Companies
Agency Direct Written Premiums by Risk State by Line of Business for the Three Months Ended March 31, 2009

	Standard Market																				E&S						Standard Market						*Consolidated
	Commercial														Personal						Commercial		Consolidated				Commercial			Personal			Total
(Dollars in millions)	Comm		Comm		Comm		Workers’		Specialty		Surety &		Mach. &		Pers		Home		Other		Casualty		2009		2008		Change			Change			Change
Risk State	Casualty		Prop		Auto		Comp		Packages		Exec Risk		Equip		Auto		Owner		Personal		& Prop		Total		Total		%			%			%
AL	$	4.5	$	4.8	$	1.9	$	0.2	$	2.2	$	0.7	$	0.1	$	3.5	$	5.5	$	1.2	$	0.1	$	24.7	$	24.0		3.9			1.1			3.0
AZ		2.9		1.6		2.3		0.5		0.2		0.2		0.3		0.2		0.2		0.1		0.1		8.5		9.8		(18.4	)		399.5			(13.6	)
AR		2.5		2.4		1.7		1.4		1.0		0.4		0.1		0.7		0.8		0.2		0.1		11.3		11.1		0.7			3.0			2.3
DE		0.4		0.2		0.2		0.7		0.1		0.1		—		—		—		—		—		1.5		1.1		32.3			nm			32.3
FL		6.5		6.6		2.8		0.5		0.7		0.5		0.3		2.8		4.5		0.9		—		26.1		29.8		(15.0	)		(7.8	)		(12.9	)
GA		7.4		5.6		5.5		3.8		1.9		1.8		0.3		7.0		6.2		1.9		0.6		41.9		40.4		2.9			1.7			3.7
ID		2.4		1.3		1.5		0.1		0.3		0.3		0.1		—		—		—		—		5.9		5.9		(0.4	)	nm				0.3
IL		18.0		12.4		9.0		15.0		3.7		1.7		0.7		5.1		3.8		1.5		0.9		71.7		73.8		(4.2	)		(0.2	)		(2.8	)
IN		13.1		10.9		8.1		8.7		2.4		1.5		1.0		5.7		5.0		1.5		0.8		58.8		57.9		1.4			(2.6	)		1.5
IA		5.8		4.0		2.9		7.8		1.1		0.8		0.3		0.7		0.7		0.4		0.1		24.4		22.4		10.7			(12.1	)		9.1
KS		2.6		2.5		1.2		3.1		0.8		0.5		0.1		0.8		1.0		0.3		0.1		13.0		11.9		13.2			(9.5	)		9.2
KY		5.5		5.7		3.7		1.0		1.6		1.1		0.2		4.4		3.3		1.0		0.4		27.8		26.5		3.9			2.7			4.9
MD		4.1		1.5		2.9		2.7		0.4		0.2		0.1		0.1		0.4		0.1		0.2		12.7		11.5		8.0			21.9			10.0
MI		8.4		5.7		3.7		4.8		3.0		1.5		0.4		2.5		2.7		0.7		0.2		33.7		33.3		0.5			(1.6	)		0.8
MN		6.2		4.7		2.6		2.1		1.0		0.7		0.4		1.3		1.2		1.1		0.3		21.5		20.9		0.7			4.8			2.6
MO		5.4		5.2		3.1		3.6		1.6		0.8		0.3		0.6		0.9		0.2		0.4		22.1		23.8		(10.1	)		10.5			(7.2	)
MT		4.4		1.8		1.9		—		0.3		0.1		0.1		0.2		0.2		—		0.1		9.1		8.8		(2.3	)		872.5			2.6
NE		1.7		1.6		1.0		2.2		0.4		0.3		0.1		0.2		0.2		0.1		—		8.0		7.6		5.4			(3.8	)		5.2
NH		0.7		0.4		0.3		0.8		0.2		0.1		—		0.1		0.1		0.1		0.1		2.9		3.1		(7.7	)		(13.9	)		(6.8	)
NM		0.5		0.3		0.3		0.2		—		0.1		—		—		—		—		0.1		1.4		0.4		218.0			nm			237.7
NY		7.4		2.1		2.8		0.8		0.3		0.3		0.2		—		—		—		0.1		13.8		11.3		21.5			(25.5	)		22.0
NC		9.6		6.6		6.0		7.2		3.2		2.0		0.4		0.7		0.8		0.7		0.3		37.5		36.5		(0.9	)		76.6			2.6
ND		1.8		0.8		0.8		—		0.2		0.2		0.1		0.1		0.1		—		—		4.0		4.1		(2.3	)		(10.6	)		(2.5	)
OH		44.0		24.3		15.6		—		4.3		6.6		1.3		24.7		16.9		6.8		1.0		145.5		149.2		(0.9	)		(7.3	)		(2.7	)
PA		13.4		8.2		8.0		14.6		2.4		1.3		0.5		1.5		1.1		0.8		0.3		52.0		53.7		(3.4	)		(2.9	)		(2.9	)
SC		2.8		1.4		1.6		1.5		0.7		0.5		0.1		—		—		—		0.2		8.9		10.1		(14.9	)		80.8			(12.3	)
SD		1.2		0.8		0.5		1.4		0.1		0.1		—		—		—		—		—		4.2		4.3		(1.1	)		(0.2	)		(0.9	)
TN		6.9		5.3		3.7		3.0		2.5		0.9		0.3		1.9		1.9		0.7		0.2		27.3		26.7		2.0			(0.2	)		2.5
TX		0.3		0.4		0.3		0.4		—		0.1		—		—		—		—		—		1.4		1.8		(18.2	)	nm				(16.0	)
UT		3.2		1.4		1.7		—		0.2		0.4		0.2		0.2		0.1		—		0.4		7.8		6.4		10.4		nm				20.7
VT		1.3		1.2		0.8		1.5		0.3		0.2		0.1		0.1		0.2		0.1		0.1		5.8		5.3		9.2			(14.3	)		9.5
VA		9.7		6.7		6.0		5.6		1.3		1.7		0.3		1.9		1.5		0.6		0.2		35.5		36.2		(2.7	)		(1.1	)		(1.9	)
WA		0.4		0.2		0.2		—		—		—		—		—		—		—		—		0.8		0.2		474.2		nm				474.2
WV		2.1		1.2		1.3		0.2		0.7		0.2		0.1		—		0.1		0.1		0.2		6.2		6.0		0.9			(3.6	)		3.6
WI		8.1		5.1		3.6		9.6		1.1		0.8		0.5		1.7		1.4		0.7		0.2		32.6		31.7		4.0			(6.0	)		3.1
Alal l Other		1.2		0.9		1.0		1.1		—		0.5		—		—		0.1		—		—		4.7		4.2		16.8			(34.2	)		15.6
Total	$	216.2	$	145.4	$	110.4	$	106.1	$	40.2	$	28.8	$	8.7	$	68.7	$	60.7	$	21.8	$	7.6	$	814.8	$	811.7		(0.1	)		(1.9	)		0.4
Other Direct		—		0.5		—		1.0		—		—		—		—		1.1		—		—		2.5		4.4		(50.8	)		(23.4	)		(42.2	)
Total Direct	$	216.2	$	145.9	$	110.4	$	107.1	$	40.2	$	28.8	$	8.7	$	68.7	$	61.8	$	21.8	$	7.6	$	817.3	$	816.1		(0.3	)		(2.1	)		0.1

	Excess and Surplus direct premiums written were $7.6 million and $1.0 million for the quarter ended March 31, 2009 and 2008, respectively.
*	Consolidated change consists of commercial lines, personal lines and E&S.
	Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts.

2009 First-quarter Supplement

12

Consolidated Cincinnati Insurance Companies
Quarterly Detailed Loss Analysis

				Three months ended															Six months ended				Nine months ended				Twelve months ended
(Dollars in millions)	12/31/09	9/30/09	6/30/09	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08			6/30/09	6/30/08			9/30/09	9/30/08			12/31/09	12/31/08
All Lines
Loss and loss expenses:
Loss and loss expenses — current AY				$	482		$	610		$	564		$	532		$	467			$	999			$	1,565			$	2,174
Loss and loss expenses — prior AY’s					9			(120	)		(103	)		(87	)		(9	)			(95	)			(199	)			(318	)
Catastrophes — current AY					55			(17	)		62			113			47				160				222				205
Catastrophes — prior AY’s					(2	)		1			2			—			(4	)			(4	)			(2	)			(1	)
Total				$	544		$	474		$	525		$	558		$	501			$	1,060			$	1,586			$	2,060
Ratio to Earned Premiums
Loss and loss expenses :
Loss and loss expenses — current AY					65.8	%		81.9	%		75.1	%		69.9	%		62.2	%			66.1	%			69.2	%			72.2	%
Loss and loss expenses — prior AY’s					1.2			(16.2	)		(13.8	)		(11.4	)		(1.2	)			(6.3	)			(8.8	)			(10.6	)
Catastrophes — current AY					7.5			(2.2	)		8.3			14.8			6.2				10.6				9.8				6.8
Catastrophes — prior AY’s					(0.3	)		0.1			0.1			0.1			(0.5	)			(0.3	)			(0.2	)			—
Total					74.2	%		63.6	%		69.7	%		73.3	%		66.7	%			70.1	%			70.0	%			68.4	%
Commercial Lines
Loss and loss expenses:
Loss and loss expenses — current AY				$	363		$	464		$	436		$	416		$	354			$	770			$	1,207			$	1,671
Loss and loss expenses — prior AY’s					11			(97	)		(87	)		(74	)		(11	)			(84	)			(171	)			(268	)
Catastrophes — current AY					17			(9	)		23			66			25				92				115				106
Catastrophes — prior AY’s					(3	)		—			1			—			(3	)			(3	)			(2	)			(2	)
Total				$	388		$	358		$	373		$	408		$	365			$	775			$	1,149			$	1,507
Ratio to Earned Premiums
Loss and loss expenses:
Loss and loss expenses — current AY					65.2	%		80.9	%		75.0	%		71.1	%		61.6	%			66.3	%			69.2	%			72.2	%
Loss and loss expenses — prior AY’s					2.1			(17.0	)		(15.0	)		(12.6	)		(1.9	)			(7.1	)			(9.7	)			(11.6	)
Catastrophes — current AY					3.1			(1.5	)		4.0			11.2			4.5				8.0				6.7				4.6
Catastrophes — prior AY’s					(0.6	)		—			0.1			0.1			(0.6	)			(0.3	)			(0.2	)			(0.1	)
Total					69.8	%		62.4	%		64.0	%		69.7	%		63.6	%			66.9	%			66.0	%			65.1	%
Personal Lines
Loss and loss expenses:
Loss and loss expenses — current AY				$	115		$	143		$	127		$	115		$	113			$	228			$	356			$	499
Loss and loss expenses — prior AY’s					(2	)		(23	)		(16	)		(13	)		2				(11	)			(28	)			(51	)
Catastrophes — current AY					38			(8	)		39			47			22				68				107				99
Catastrophes — prior AY’s					1			1			1			—			(1	)			(1	)			—				1
Total				$	152		$	113		$	151		$	149		$	136			$	284			$	435			$	548
Ratio to Earned Premiums
Loss and loss expenses:
Loss and loss expenses — current AY					67.4	%		83.8	%		75.6	%		65.6	%		64.1	%			65.4	%			68.6	%			72.4	%
Loss and loss expenses — prior AY’s					(1.4	)		(13.7	)		(9.4	)		(7.2	)		1.0				(3.2	)			(5.4	)			(7.3	)
Catastrophes — current AY					22.0			(4.7	)		23.3			27.0			11.9				19.5				20.7				14.4
Catastrophes — prior AY’s					0.6			0.5			0.5			0.0			(0.3	)			(0.5	)			0.1				0.1
Total					88.6	%		65.9	%		90.0	%		85.4	%		76.7	%			81.2	%			84.0	%			79.6	%

* 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.

2009 First-quarter Supplement

13

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)	12/31/09	9/30/09	6/30/09	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08			6/30/09	6/30/08			9/30/09	9/30/08			12/31/09	12/31/08
Premiums
Agency renewal written premiums				$	695		$	669		$	687		$	739		$	733			$	1,471			$	2,159			$	2,828
Agency new business written premiums					97			100			92			100			76				176				267				368
Ceded written premiums					(39	)		(41	)		(49	)		(37	)		(38	)			(75	)			(124	)			(165	)
Other written premiums					2			2			4			1			2				3				7				9
Written premium adjustment — statutory					23			(13	)		(7	)		(12	)		3				(9	)			(17	)			(30	)
Reported written premiums — statutory*				$	778		$	717		$	727		$	790		$	776			$	1,566			$	2,292			$	3,010
Unearned premium change					(46	)		30			24			(29	)		(25	)			(54	)			(29	)			—
Earned premiums				$	732		$	747		$	751		$	761		$	751			$	1,512			$	2,263			$	3,010
Year over year change %
Agency renewal written premiums					(5.2	)%		(5.1	)%		(6.1	)%		(3.0	)%		(3.7	)%			(3.4	)%			(4.3	)%			(4.5	)%
Agency new business written premiums					28.9			23.6			12.1			22.8			(6.3	)			8.3				9.6				13.1
Ceded written premiums					4.6			0.3			20.3			(4.6	)		(1.1	)			(2.9	)			5.1				3.8
Other written premiums					32.5			(50.6	)		(39.1	)		(74.6	)		(71.8	)			(73.1	)			(61.6	)			(59.3	)
Written premium adjustment — statutory					661.2			(48.0	)		(81.6	)		(900.0	)		(91.5	)			(124.3	)			161.5				(4.8	)
Reported written premiums — statutory*					0.3			(1.0	)		(1.3	)		(2.5	)		(8.3	)			(5.4	)			(4.2	)			(3.4	)
Statutory combined ratio
Statutory combined ratio					105.1	%		100.2	%		102.8	%		101.5	%		97.2	%			99.4	%			100.5	%			100.4	%
Contribution from catastrophe losses					7.2			(2.1	)		8.4			14.9			5.7				10.3				9.7				6.8
Statutory combined ratio excluding catastrophe losses					97.9	%		102.3	%		94.4	%		86.6	%		91.5	%			89.1	%			90.8	%			93.6	%
Commission expense ratio					17.7	%		20.8	%		17.7	%		17.4	%		17.7	%			17.5	%			17.6	%			18.4	%
Other expense ratio					13.2			15.9			15.4			10.7			12.9				11.8				12.8				13.7
Statutory expense ratio					30.9	%		36.7	%		33.1	%		28.1	%		30.6	%			29.3	%			30.4	%			32.1	%
GAAP combined ratio
GAAP combined ratio					107.5	%		98.9	%		101.2	%		103.5	%		98.6	%			101.1	%			101.1	%			100.6	%
Contribution from catastrophe losses					7.2			(2.1	)		8.4			14.9			5.7				10.3				9.7				6.8
GAAP combined ratio excluding catastrophe losses					100.3	%		101.0	%		92.8	%		88.6	%		92.9	%			90.8	%			91.4	%			93.8	%

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

2009 First-quarter Supplement

14

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)	12/31/09	9/30/09	6/30/09	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08			6/30/09	6/30/08			9/30/09	9/30/08			12/31/09	12/31/08
Premiums
Agency renewal written premiums				$	557		$	514		$	502		$	552		$	588			$	1,140			$	1,642			$	2,156
Agency new business written premiums					76			83			77			87			66				153				229				312
Ceded written premiums					(31	)		(23	)		(46	)		(31	)		(32	)			(63	)			(109	)			(131	)
Other written premiums					1			(9	)		13			1			—				1				14				4
Written premium adjustment — statutory					23			(13	)		(8	)		(12	)		3				(9	)			(17	)			(30	)
Reported written premiums — statutory*				$	626		$	552		$	538		$	597		$	625			$	1,222			$	1,759			$	2,311
Unearned premium change					(69	)		21			44			(11	)		(51	)			(61	)			(16	)			5
Earned premiums				$	557		$	573		$	582		$	586		$	574			$	1,161			$	1,743			$	2,316
Year over year change %
Agency renewal written premiums					(5.2	)%		(5.9	)%		(7.7	)%		(2.9	)%		(4.0	)%			(3.5	)%			(4.8	)%			(5.1	)%
Agency new business written premiums					14.9			16.4			6.0			21.2			(8.3	)			6.4				6.3				8.8
Ceded written premiums					0.2			(33.0	)		43.6			(1.6	)		2.8				0.6				15.1				2.4
Other written premiums				nm				(391.7	)		250.5			(73.4	)		(99.4	)			(89.2	)			25.0				(66.5	)
Written premium adjustment — statutory					666.7			(45.8	)		(81.6	)		(900.0	)		(91.5	)			(124.3	)			161.7				(1.6	)
Reported written premiums — statutory*					0.1			(1.9	)		(1.2	)		(2.7	)		(9.8	)			(6.5	)			(4.9	)			(4.2	)
Statutory combined ratio
Statutory combined ratio					99.0	%		99.0	%		97.3	%		97.5	%		93.3	%			95.5	%			95.9	%			96.6	%
Contribution from catastrophe losses					2.5			(1.5	)		4.0			11.3			3.9				7.7				6.4				4.5
Statutory combined ratio excluding catastrophe losses					96.5	%		100.5	%		93.3	%		86.2	%		89.4	%			87.8	%			89.5	%			92.1	%
Commission expense ratio					16.4	%		20.8	%		18.1	%		16.9	%		16.5	%			16.7	%			17.1	%			18.0	%
Other expense ratio					12.8			15.7			15.4			10.9			13.2				12.1				13.1				13.7
Statutory expense ratio					29.2	%		36.5	%		33.5	%		27.8	%		29.7	%			28.8	%			30.2	%			31.7	%
GAAP combined ratio
GAAP combined ratio					102.2	%		98.1	%		94.9	%		99.9	%		95.0	%			97.4	%			96.6	%			97.0	%
Contribution from catastrophe losses					2.5			(1.5	)		4.0			11.3			3.9				7.7				6.4				4.5
GAAP combined ratio excluding catastrophe losses					99.7	%		99.6	%		90.9	%		88.6	%		91.1	%			89.7	%			90.2	%			92.5	%

*	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.

2009 First-quarter Supplement

15

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)	12/31/09	9/30/09	6/30/09	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08			6/30/09	6/30/08			9/30/09	9/30/08			12/31/09	12/31/08
Premiums
Agency renewal written premiums				$	137		$	156		$	185		$	186		$	146			$	332			$	517			$	672
Agency new business written premiums					14			11			11			10			8				19				30				42
Ceded written premiums					(7	)		(8	)		(13	)		(6	)		(6	)			(12	)			(26	)			(33	)
Other written premiums					1			—			1			1			2				2				4				4
Written premium adjustment — statutory					—			—			—			—			—				—				—				—
Reported written premiums — statutory*				$	145		$	158		$	184		$	191		$	150			$	341			$	525			$	685
Unearned premium change					26			13			(17	)		(17	)		27				10				(7	)			4
Earned premiums				$	171		$	171		$	167		$	174		$	177			$	351			$	518			$	689
Year over year change %
Agency renewal written premiums					(6.0	)%		(2.3	)%		(1.6	)%		(3.3	)%		(2.8	)%			(3.1	)%			(2.5	)%			(2.5	)%
Agency new business written premiums					67.2			17.9			11.8			7.7			(0.5	)			3.9				6.7				9.5
Ceded written premiums					23.1			7.0			61.4			(17.3	)		(17.2	)			(17.3	)			11.0				10.1
Other written premiums					(50.0	)		(64.9	)		(37.3	)		(76.2	)		(0.4	)			(43.3	)			(41.3	)			(45.4	)
Written premium adjustment — statutory					—			(100.0	)		(100.0	)		—			(100.0	)			(100.0	)			(100.0	)			(100.0	)
Reported written premiums — statutory*					(3.5	)		(1.4	)		(4.0	)		(3.0	)		(2.0	)			(2.6	)			(3.1	)			(2.7	)
Statutory combined ratio
Statutory combined ratio					123.9	%		102.1	%		120.6	%		114.3	%		110.8	%			112.2	%			114.9	%			111.6	%
Contribution from catastrophe losses					22.6			(4.1	)		23.8			27.0			11.6				19.3				20.7				14.5
Statutory combined ratio excluding catastrophe losses					101.3	%		106.2	%		96.8	%		87.3	%		99.2	%			92.9	%			94.2	%			97.1	%
Commission expense ratio					22.5	%		21.2	%		16.4	%		18.6	%		22.3	%			20.2	%			18.9	%			19.5	%
Other expense ratio					12.9			15.0			14.0			10.3			11.8				11.0				12.0				12.7
Statutory expense ratio					35.4	%		36.2	%		30.4	%		28.9	%		34.1	%			31.2	%			30.9	%			32.2	%
GAAP combined ratio
GAAP combined ratio					120.7	%		100.0	%		122.5	%		115.3	%		110.1	%			112.7	%			115.9	%			111.9	%
Contribution from catastrophe losses					22.6			(4.1	)		23.8			27.0			11.6				19.3				20.7				14.5
GAAP combined ratio excluding catastrophe losses					98.1	%		104.1	%		98.7	%		88.3	%		98.5	%			93.4	%			95.2	%			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. 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

2009 First-quarter Supplement

16

The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended March 31,
(Dollars in millions)	2009			2008			Change			% Change
Net premiums written	$	48		$	42		$	6			15.3
Net investment income		30			29			1			2.7
Amortization of interest maintenance reserve		(2	)		—			(2	)	nm
Commissions and expense allowances on reinsurance ceded		2			2			—			(9.3	)
Income from fees associated with Separate Accounts		1			1			—			(43.5	)
Total revenues	$	79		$	74		$	5			7.2
Death benefits and matured endowments	$	17		$	11		$	6			58.4
Annuity benefits		10			7			3			31.0
Disability benefits and benefits under accident and health contracts		—			1			(1	)	nm
Surrender benefits and group conversions		5			6			(1	)		(10.7	)
Interest and adjustments on deposit-type contract funds		3			3			—			(4.8	)
Increase in aggregate reserves for life and accident and health contracts		28			22			6			23.2
Payments on supplementary contracts with life contingencies		—			—			—		nm
Total benefit expenses	$	63		$	50		$	13			25.9
Commissions	$	8		$	8		$	—			2.2
General insurance expenses and taxes		9			9			—			(5.8	)
Increase in loading on deferred and uncollected premiums		—			—			—		nm
Net transfers to or (from) Separate Accounts		(2	)		—			(2	)	nm
Other deductions		—			—			—		nm
Total operating expenses	$	15		$	17		$	(2	)		(14.5	)
Federal and foreign income taxes incurred		(3	)		8			(11	)	nm
Net gain from operations before realized capital gains or (losses)	$	4		$	(1	)	$	5		nm
Net realized gains or (losses) net of capital gains tax		(6	)		(7	)		1			5.2
Net loss (statutory)	$	(2	)	$	(8	)	$	6			77.5

*	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.

2009 First-quarter Supplement

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