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:  January 29, 2010

(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:

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

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

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

¨ 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 4, 2010, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2009 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On February 4, 2010, 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.

Item 5.02(d) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On February 1, 2010, Cincinnati Financial Corporation issued the attached news release “Cincinnati Financial Corporation Announces Addition to Board.”  The news release is furnished as Exhibit 99.3 hereto and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

On February 1, 2010, Cincinnati Financial Corporation issued the attached news release “Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend.” The news release is furnished as Exhibit 99.4 hereto and is incorporated herein by reference.

On February 1, 2010, Cincinnati Financial Corporation issued the attached news release “Cincinnati Financial Corporation Subsidiaries Announce Appointments and Promotions.” The news release is furnished as Exhibit 99.5 hereto and is incorporated herein by reference.

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.

Item 9.01 Financial Statements and Exhibits.

(c)       Exhibits

Exhibit 99.1– News release dated February 4, 2010, “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2009 Results”

Exhibit 99.2 – Supplemental Financial Data for the period ending December 31, 2009 distributed February 4, 2010.

Exhibit 99.3– News release dated February 1, 2010, titled “Cincinnati Financial Corporation Announces Addition to Board”

Exhibit 99.4– News release dated February 1, 2010, titled “Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend”

Exhibit 99.5– News release dated February 1, 2010, 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 4, 2010	/S/Steven J. Johnston
	Steven J. Johnston, FCAS, MAAA, CFA
	Chief Financial Officer, Senior Vice President, Secretary and Treasurer

EX-99.1

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

Cincinnati Financial Reports Fourth-Quarter and Full-Year 2009 Results

Cincinnati, February 4, 2010 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

· Fourth-quarter 2009 net income of $245 million, or $1.50 per share, compared with $161 million, or 99 cents per share, in the fourth quarter of 2008; operating income* of $86 million, or 53 cents per share, compared with $92 million, or 57 cents per share.

· Full-year 2009 net income of $432 million, or $2.65 per share, compared with $429 million, or $2.62, in 2008. Operating income of $215 million, or $1.32 per share, compared with $344 million, or $2.10, in 2008.

· $3 million increase in full-year 2009 net income reflected the after-tax net effect of three major contributing items: a $132 million increase from net realized investment gains, partially offset by a $48 million decrease from investment income and a $74 million decrease from property casualty underwriting results.

· $29.25 book value per share at December 31, 2009, up 13.6 percent for the year and 2.8 percent from September 30, 2009.

· Value creation ratio reached 19.7 percent for the year 2009, compared with negative 23.5 percent for the year 2008.

Financial Highlights

	Three months ended December 31,							Twelve months ended December 31,
(Dollars in millions except share data)	2009		2008		Change %			2009		2008		Change %
Revenue Highlights
Earned premiums	$	752	$	780		(3.6	)	$	3,054	$	3,136		(2.6	)
Investment income, pre-tax		131		125		4.7			501		537		(6.8	)
Total revenues		1,133		1,018		11.3			3,903		3,824		2.1
Income Statement Data
Net income	$	245	$	161		52.1		$	432	$	429		0.7
Net realized investment gains and losses		159		69		130.5			217		85		155.8
Operating income*	$	86	$	92		(6.6	)	$	215	$	344		(37.6	)
Per Share Data (diluted)
Net income	$	1.50	$	0.99		51.5		$	2.65	$	2.62		1.1
Net realized investment gains and losses		0.97		0.42		131.0			1.33		0.52		155.8
Operating income*	$	0.53	$	0.57		(7.0	)	$	1.32	$	2.10		(37.1	)
Book value								$	29.25	$	25.75		13.6
Cash dividend declared		0.395		0.39		1.3			1.57		1.56		0.6
Diluted weighted average shares outstanding		163,092,882		162,485,576		0.4			162,866,863		163,362,409		(0.3	)

Insurance Operations Highlights

· 98.6 percent fourth-quarter 2009 property casualty combined ratio as net written premiums declined 5.1 percent. Full-year 2009 property casualty combined ratio at 104.5 percent, with 3.3 percent decline in net written premiums.

· $94 million fourth-quarter and $405 million full-year 2009 property casualty new business written by agencies, down $6 million and up $37 million, respectively. The full-year increase included $25 million from standard market geographic expansion initiatives and $18 million from excess and surplus lines.

· 6 cents per share contribution from life insurance operating income to fourth-quarter results, down 4 cents from 2008. Full-year contribution to operating income from life insurance was 22 cents per share, down 2 cents.

Balance Sheet and Investment Highlights

· $29.25 book value, up 13.6 percent from $25.75 at December 31, 2008. Shareholders’ equity grew to $4.760 billion.

· Property casualty statutory surplus rose 8.6 percent to $3.648 billion.

· 13.1 percent year-over-year increase in cash plus invested assets at December 31, 2009.

· Investment income, after income tax effects, was nearly flat for the fourth quarter. Full-year 2009 declined 11.3 percent primarily due to prior period dividend decreases.

· Strong capital position includes financial flexibility from parent company cash and marketable securities of $997 million.

* The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures on Page 11 defines and reconciles measures presented in this release that are not based on Generally Accepted Accounting Principles.

** Forward-looking statements and related assumptions are subject to the risks outlined in the company’s safe harbor statement (see Page 8).

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Steady Progress

Kenneth W. Stecher, president and chief executive officer, commented, “The final quarter of 2009 marked Cincinnati Financial’s third consecutive quarter of increasing financial strength, with growth of total assets, invested assets and book value, as well as statutory surplus for both our property casualty insurance group and for our life insurance company. At year-end 2009, all of these measures reached substantially higher levels than those reported at year-end 2008, reflecting the success of our strategy to manage capital effectively and of our initiative to diversify our investment portfolio and rebalance it on an ongoing basis.

“We also are on track to resume favorable investment income comparisons, which were affected by shifts in asset allocations as we restructured the portfolio in 2008 and early 2009. Fourth-quarter pre-tax investment income grew 4.7 percent, a pace that tops any quarter since the fourth quarter of 2007. On the after-tax basis that we believe is appropriate for measuring investment income from the restructured portfolio, our fourth-quarter result was our best this year. We continue to refine our bond portfolio’s laddered maturities and continue to invest in equities, helping shield the portfolio from inflationary pressures.

“Sales of securities in the investment portfolio also provided the bulk of the net realized gains that added to fourth-quarter net income, taking full-year net income just above last year’s result. We harvested gains of $162 million as a result of the Wyeth/Pfizer merger and $26 million as a result of the Verisk initial public offering of stock, leaving a healthy $1.026 billion of unrealized gains in the portfolio at December 31.

Fourth-Quarter Underwriting Profits

“Property casualty insurance underwriting generated $10 million of pretax profits for the fourth quarter. Milder weather and improved personal lines pricing benefitted results, contributing to a $16 million fourth-quarter personal lines underwriting profit that was partially offset by $4 million of commercial lines underwriting loss. The property casualty combined ratio was 96.8 percent in the second half of 2009, improving the full-year ratio to 104.5 percent.

“Our commercial lines operation, which generate approximately 72 percent of our premium revenues, have been affected by lower insured exposures and soft pricing. The average change in renewal pricing for the fourth quarter narrowed to a very low single digit decline. We chose to compete for fewer new large commercial accounts due to stronger price competition that we believe leaves insufficient margin for underwriting profit. Our agents continue to help us evaluate the quality of each account, and we continue to increase our use of predictive analytics as a tool to assure adequate pricing.

“Close attention to underwriting and price adequacy, in addition to the weak economy, led to a 5.1 percent decline in net property casualty written premiums for the quarter and 3.3 percent for the year. New business rose 9.9 percent to $405 million, driven by growth from personal lines and excess and surplus lines. Our agents and staff have the discipline and skill to identify quality accounts, controlling near-term growth with the expectation that commercial pricing may not improve this year – but we aren’t standing still. We continue in 2010 to focus sharply on initiatives that position us for the future as marketplace conditions improve.

Agent-Centered Initiatives

“Because our relationships with local insurance agencies are our primary strategic advantage, we’re committed to increasing the efficiency and success of those independent businesses. This week, we delivered the next version of our personal lines policy administration system with easy navigation and convenient features. In 2010, we plan to deliver our new system for commercial package and auto policies to 19 more states. Agents in the 11 states that received this system in the fourth quarter of 2009 give it good reviews, appreciating its expanded billing and policy delivery options and real-time capabilities. These systems make it easier for agents to quote, issue and deliver Cincinnati policies. We’ll also continue work in 2010 on tools that make it easy for agents to compare our personal lines rates, and we’ll add to our current online policyholder services for their personal lines clients, providing the ability to view policies and print ID cards as well as pay company-billed premiums.

“Superior claims service is the Cincinnati advantage that our agents value most, and we worked in 2009 to strengthen that advantage. We added more workers’ compensation claims specialists in the field, and, effective January 2010, our headquarters staff began operating a workers’ compensation claim reporting center, designed to improve our response time and help policyholders act quickly to limit losses. In 2010, we also will add more loss control specialists to help manage risks that can lead to workers’ compensation and other types of losses.

“Other 2010 initiatives will expand operations into new territories and agencies, setting the stage for future premium growth while diversifying geographically to help manage catastrophe risk. Having entered Colorado and Wyoming in 2009 and Texas late in 2008, we’ll continue to develop our agency relationships in those states and research regulatory and competitive conditions in other states to evaluate our opportunities. We generally open a state for commercial lines first, starting a personal lines relationship as we gain more experience in the state. In New York, where our agents have marketed our commercial products since 1998, we are working to add personal lines product offerings in 2010, with timing being largely dependent on regulatory approval.  Over all states of operation, we’re targeting 65 new agency appointments in 2010, the same goal exceeded in 2009 with 87 appointments. We continue to select only agencies that are professionally managed, financially sound

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community leaders and to consider the marketing reach of each agency, an approach that in many areas allows for exclusivity in our agency representation.

“Finally, in 2010 we’ll continue our initiative to expand our excess and surplus lines business launched at the beginning of 2008. In its second full year of operation, Cincinnati Specialty Underwriters wrote $40 million of business and gave us new opportunities to write the standard market coverages for the same accounts. To meet agent needs, we expanded the lines of business in 2009 to include professional errors and omissions and excess liability. We plan in 2010 to make more excess and surplus products available and to increase our support for targeted standard market products, making them more attractive and easier for our agents to sell.

“Our long-term initiatives already are helping us manage risk and increase stability. We were able to negotiate a stronger 2010 reinsurance program at the same pricing as last year’s program as a result of our efforts in 2009 to diversify geographically, to manage catastrophe risk and to assure superior catastrophe claims handling by our own trained claims representatives. Our strong reinsurance program, strong reserves and prudent investment portfolio structure have historically protected our cash flow, allowing us to pay claims without ever having to sell an investment before we’re ready to do so. This approach continues to create shareholder value, as indicated in 2009, our 49th consecutive year of cash dividend increase.”

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Consolidated Property Casualty Insurance Operations

(Dollars in millions)	Three months ended December 31,									Twelve months ended December 31,
	2009			2008			Change %			2009			2008			Change %
Agency renewal written premiums	$	635		$	669			(5.0	)	$	2,665		$	2,828			(5.8	)
Agency new business written premiums		94			100			(6.3	)		405			368			9.9
Other written premiums		(49	)		(52	)		6.3			(159	)		(186	)		15.1
Net written premiums		680			717			(5.1	)		2,911			3,010			(3.3	)
Unearned premium change		33			30			8.3			-			-		nm
Earned premiums		713			747			(4.6	)		2,911			3,010			(3.3	)
Loss and loss expenses		464			474			(2.3	)		2,086			2,056			1.4
Underwriting expenses		239			264			(9.5	)		956			971			(1.5	)
Underwriting profit (loss)	$	10		$	9			18.9		$	(131	)	$	(17	)	nm
							Pt. Change									Pt. Change
Ratios as a percent of earned premiums:
Current accident year before catastrophe losses		77.0	%		81.7	%		(4.7	)		72.2	%		72.2	%		0.0
Current accident year catastrophe losses		(1.6	)		(2.0	)		0.4			5.9			6.8			(0.9	)
Prior accident years before catastrophe losses		(10.3	)		(16.0	)		5.7			(6.2	)		(10.7	)		4.5
Prior accident year catastrophe losses		(0.1	)		(0.1	)		0.0			(0.2	)		0.0			(0.2	)
Total loss and loss expenses		65.0			63.6			1.4			71.7			68.3			3.4
Underwriting expenses		33.6			35.3			(1.7	)		32.8			32.3			0.5
Combined ratio		98.6	%		98.9	%		(0.3	)		104.5	%		100.6	%		3.9
Contribution from catastrophe losses and prior years reserve development		(12.0	)		(18.1	)		6.1			(0.5	)		(3.9	)		3.4
Combined ratio before catastrophe losses and prior years reserve development		110.6	%		117.0	%		(6.4	)		105.0	%		104.5	%		0.5

· 5.1 percent and 3.3 percent declines in fourth-quarter and full-year 2009 property casualty net written premiums, reflecting the effects of insured exposure decreases, soft pricing and disciplined renewal underwriting.

· $37 million rise to $405 million in 2009 new business written by agencies reflected the contribution from new agency appointment and other growth initiatives in recent years. $26 million of the increase was from standard market property casualty new business produced by agencies appointed since 2005 and $18 million of the increase was from the excess and surplus lines operation that began in 2008. A growth initiative commencing in 2008 to market personal lines or significantly expand our personal lines product offerings and automation capabilities in seven states contributed $13 million in 2009 new business.

· 1,180 agency relationships with 1,463 reporting locations marketing standard market property casualty insurance products at December 31, 2009, up 47 or 4.1 percent and 76 or 5.5 percent, respectively, from year-end 2008.

· GAAP combined ratio for the second half of 2009 was a profitable 96.8 percent. Combined ratio of 112.1 percent for the first half of 2009 reflected 10.4 percentage points from the combined effect of catastrophe losses and prior accident year reserve development.

· Full-year 2009 GAAP combined ratio increased compared with 2008 primarily due to a lesser amount of favorable loss reserve development on prior year reserves. Fourth-quarter favorable development was $74 million, down $46 million.

The following table shows incurred catastrophe losses each quarter, as of December 31.

(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
2009
First quarter catastrophes	$	(1	)	$	0		$	(1	)	$	20		$	49	$	69
Second quarter catastrophes		(10	)		(2	)		(12	)		37			50		87
Third quarter catastrophes		3			(1	)		2			9			7		16
Fourth quarter catastrophes		0			0			0			0			0		0
Development on 2008 and prior catastrophes		(2	)		1			(1	)		(12	)		5		(7	)
Calendar year incurred total, net of reinsurance	$	(10	)	$	(2	)	$	(12	)	$	54		$	111	$	165
2008
First quarter catastrophes	$	(2	)	$	1		$	(1	)	$	20		$	22	$	42
Second quarter catastrophes		(7	)		(4	)		(11	)		61			30		91
Third quarter catastrophes		1			(4	)		(3	)		25			47		72
Fourth quarter catastrophes		0			0			0			0			0		0
Development on 2007 and prior catastrophes		(1	)		0			(1	)		(3	)		1		(2	)
Calendar year incurred total, net of reinsurance	$	(9	)	$	(7	)	$	(16	)	$	103		$	100	$	203

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Insurance Operations Highlights

Commercial Lines Insurance Operations

(Dollars in millions)	Three months ended December 31,									Twelve months ended December 31,
	2009			2008			Change %			2009			2008			Change %
Agency renewal written premiums	$	478		$	514			(6.9	)	$	2,013		$	2,156			(6.6	)
Agency new business written premiums		67			83			(19.5	)		298			312			(4.6	)
Other written premiums		(42	)		(45	)		6.2			(130	)		(157	)		16.8
Net written premiums		503			552			(8.8	)		2,181			2,311			(5.6	)
Unearned premium change		29			21			32.6			18			5			265.4
Earned premiums		532			573			(7.3	)		2,199			2,316			(5.1	)
Loss and loss expenses		356			358			(0.7	)		1,515			1,504			0.7
Underwriting expenses		180			204			(11.6	)		719			742			(3.1	)
Underwriting profit (loss)	$	(4	)	$	11		nm			$	(35	)	$	70		nm
							Pt. Change									Pt. Change
Ratios as a percent of earned premiums:
Current accident year before catastrophe losses		79.5	%		80.8	%		(1.3	)		72.5	%		72.1	%		0.4
Current accident year catastrophe losses		(1.5	)		(1.3	)		(0.2	)		3.0			4.6			(1.6	)
Prior accident years before catastrophe losses		(10.8	)		(16.8	)		6.0			(6.1	)		(11.7	)		5.6
Prior accident year catastrophe losses		(0.3	)		(0.2	)		(0.1	)		(0.5	)		(0.1	)		(0.4	)
Total loss and loss expenses		66.9			62.5			4.4			68.9			64.9			4.0
Underwriting expenses		33.9			35.6			(1.7	)		32.7			32.1			0.6
Combined ratio		100.8	%		98.1	%		2.7			101.6	%		97.0	%		4.6
Contribution from catastrophe losses and prior years reserve development		(12.6	)		(18.3	)		5.7			(3.6	)		(7.2	)		3.6
Combined ratio before catastrophe losses and prior years reserve development		113.4	%		116.4	%		(3.0	)		105.2	%		104.2	%		1.0

· 8.8 percent and 5.6 percent declines in fourth-quarter and full-year 2009 commercial lines net written premiums. Lower renewal premiums reflected modest pricing declines and economically-driven lower insured exposure levels such as business sales or payroll volume. New business premiums reflected decisions to decline business considered underpriced.

· Fourth-quarter and full-year 2009 GAAP combined ratio increased compared with 2008 primarily due to a lesser amount of favorable loss reserve development for prior year accident years.

· The effects of modestly lower prices due to soft market conditions combined with normal loss cost inflation continued, putting upward pressure on the combined ratio. Loss reserving practices remain consistent with the past.

Personal Lines Insurance Operations

(Dollars in millions)	Three months ended December 31,									Twelve months ended December 31,
	2009			2008			Change %			2009			2008			Change %
Agency renewal written premiums	$	153		$	156			(1.8	)	$	642		$	672			(4.5	)
Agency new business written premiums		20			11			76.7			75			42			80.6
Other written premiums		(6	)		(8	)		22.9			(26	)		(29	)		11.1
Net written premiums		167			159			4.7			691			685			0.9
Unearned premium change		5			12			(56.6	)		(6	)		4		nm
Earned premiums		172			171			0.5			685			689			(0.6	)
Loss and loss expenses		102			113			(9.6	)		551			547			0.7
Underwriting expenses		54			58			(6.5	)		215			224			(4.1	)
Underwriting profit (loss)	$	16		$	0		nm			$	(81	)	$	(82	)		1.9
							Pt. Change									Pt. Change
Ratios as a percent of earned premiums:
Current accident year before catastrophe losses		69.6	%		83.3	%		(13.7	)		70.9	%		72.2	%		(1.3	)
Current accident year catastrophe losses		(1.7	)		(4.2	)		2.5			15.4			14.4			1.0
Prior accident years before catastrophe losses		(9.0	)		(13.3	)		4.3			(6.6	)		(7.3	)		0.7
Prior accident year catastrophe losses		0.3			0.1			0.2			0.7			0.1			0.6
Total loss and loss expenses		59.2			65.9			(6.7	)		80.4			79.4			1.0
Underwriting expenses		31.7			34.1			(2.4	)		31.4			32.5			(1.1	)
Combined ratio		90.9	%		100.0	%		(9.1	)		111.8	%		111.9	%		(0.1	)
Contribution from catastrophe losses and prior years reserve development		(10.4	)		(17.4	)		7.0			9.5			7.2			2.3
Combined ratio before catastrophe losses and prior years reserve development		101.3	%		117.4	%		(16.1	)		102.3	%		104.7	%		(2.4	)

· 4.7 percent increase in fourth-quarter 2009 personal lines net written premiums, primarily due to improved pricing and strong new business growth. 37.7 percent of full-year 2009 new business increase came from seven states where we began in 2008 to market personal lines or significantly expanded our personal lines product offerings and automation capabilities.

· Fourth-quarter 2009 results reflect favorable development on prior accident year reserves and negligible catastrophe losses.

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Life Insurance Operations

(In millions)	Three months ended December 31,							Twelve months ended December 31,
	2009		2008		Change %			2009		2008		Change %
Earned premiums	$	39	$	33		18.8		$	143	$	126		13.0
Investment income, net of expenses		32		31		2.9			122		120		2.2
Other income		-		1		(155.0	)		-		2		(88.1	)
Total revenues, excluding realized investment gains and losses		71		65		9.5			265		248		7.0
Contract holders benefits		42		27		57.1			160		142		13.3
Underwriting expenses		15		12		20.8			50		45		9.1
Total benefits and expenses		57		39		45.5			210		187		12.3
Net income before income tax and realized investment gains and losses		14		26		(46.0	)		55		61		(9.2	)
Income tax		5		9		(46.0	)		19		21		(6.1	)
Net income before realized investment gains and losses	$	9	$	17		(45.9	)	$	36	$	40		(10.8	)

· 13.3 percent increase to $139 million in full-year 2009 earned premiums for life insurance products. Increase included 13.5 percent rise to $85 million in full-year 2009 term life insurance earned premiums, reflecting marketing advantages of competitive, up-to-date products, personal service and policies backed by financial strength. Earned premiums include life insurance, annuity and accident and health premiums.

· 6.0 percent rise in face amount of life policies in force to $69.815 billion at year-end 2009, from $65.888 billion at year-end 2008.

· Fixed annuity application-received count for 2009 was up nearly five-fold from 2008, primarily due to a competitive interest crediting rate compared to bank certificate of deposit rates. Total fixed annuity deposits received totaled $181 million compared with $34 million in 2008. We do not offer variable or indexed products.

· GAAP shareholders’ equity for The Cincinnati Life Insurance Company increased during 2009 by $195 million, or 41.4 percent, to $666 million. Net after-tax unrealized gains were up $130 million, including $122 million for the fixed-maturity portfolio.

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Investment and Balance Sheet Highlights

Investment Operations

	Three months ended December 31,									Twelve months ended December 31,
(In millions)	2009			2008			Change %			2009			2008			Change %
Investment income:
Interest	$	105		$	88			19.4		$	402		$	326			23.1
Dividends		27			35			(25.3	)		100			204			(50.8	)
Other		1			4			(71.1	)		7			14			(53.3	)
Investment expenses		(2	)		(2	)		9.5			(8	)		(7	)		(5.2	)
Total investment income, net of expenses, pre-tax		131			125			4.7			501			537			(6.8	)
Income taxes		(32	)		(25	)		(25.8	)		(118	)		(106	)		(11.5	)
Total investment income, net of expenses, after-tax	$	99		$	100			(0.6	)	$	383		$	431			(11.3	)
Effective tax rate		24.1	%		20.0	%					23.6	%		19.7	%
Average yield pre-tax		4.7	%		4.9	%					4.7	%		4.8	%
Average yield after-tax		3.6	%		3.9	%					3.6	%		3.9	%

	Three months ended December 31,									Twelve months ended December 31,
(In millions)	2009			2008			Change %			2009			2008			Change %
Total investment income, net of expenses, pre-tax	$	131		$	125			4.7		$	501		$	537			(6.8	)
Investment interest credited to contract holders		(18	)		(16	)		(17.2	)		(69	)		(63	)		(10.0	)
Realized investment gains and losses summary:
Realized investment gains and losses, net		261			245			6.7			440			686			(35.8	)
Change in fair value of securities with embedded derivatives		4			(25	)	nm				27			(38	)	nm
Other-than-temporary impairment charges		(18	)		(110	)		83.6			(131	)		(510	)		74.3
Total realized investment gains and losses, net		247			110			125.4			336			138			144.5
Investment operations income	$	360		$	219			64.1		$	768		$	612			25.5

· 0.6 percent decline in fourth-quarter 2009 after-tax net investment income, as higher interest income nearly offset late 2008 and early 2009 dividend reductions by equity security holdings. Fourth-quarter 2008 before-tax investment income included $3 million of amortization for previously impaired bonds, with none in fourth-quarter 2009 due to current accounting standards for impaired securities.

· $438 million full-year 2009 increase in pre-tax unrealized investment portfolio gains, including $571 million for the bond portfolio.

· $462 million in net gains from sales of equity securities were included in pre-tax realized investment gain for full-year 2009 as the company actively managed sector and issue diversification.

	At December 31,			At December 31,
(Dollars in millions except share data)	2009			2008
Balance sheet data
Invested assets	$	10,643		$	8,890
Total assets		14,440			13,369
Short-term debt		49			49
Long-term debt		790			791
Shareholders' equity		4,760			4,182
Book value per share		29.25			25.75
Debt-to-capital ratio		15.0	%		16.7	%

	Three months ended December 31,						Twelve months ended December 31,
	2009			2008			2009			2008
Performance measures
Value creation ratio		4.2	%		(9.5	)%		19.7	%		(23.5	)%

· $11.200 billion in cash and invested assets at December 31, 2009, up from $9.899 billion at December 31, 2008.

· $7.855 billion bond portfolio at December 31, 2009, with an average rating of A2/A and with a 2.4 percent rise in fair value during the fourth quarter of 2009.

· $2.701 billion equity portfolio was 25.4 percent of invested assets, including $685 million in pre-tax unrealized gains at December 31, 2009.

· $3.648 billion of statutory surplus for the property casualty insurance group at December 31, 2009, up from $3.360 billion at December 31, 2008. Ratio of net written premiums to property casualty statutory surplus for the 12 months ended December 31, 2009, of 0.80-to-1, improved from 0.89-to-1 for the 12 months ended December 31, 2008.

· Value creation ratio of 19.7 percent for the year 2009 includes 6.1 percent from shareholder dividends and 13.6 percent growth in book value per share.

7

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

Cincinnati Financial Corporation offers business, home and auto insurance, our main business, through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life and disability income insurance, annuities and surplus lines property and casualty insurance. 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 2008 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 25. Although we often review or 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:

· 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

· Inadequate estimates or assumptions used for critical accounting estimates

· Recession or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies

· Delays in adoption and implementation of underwriting and pricing methods that could increase our pricing accuracy, underwriting profit and competitiveness

· Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that segment could not achieve sustainable profitability

· Declines 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 or recession, that lead to:

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

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

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

· 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, including declines in accounts in which we hold bank-owned life insurance contract assets

· Increased competition that could result in a significant reduction in the company’s premium volume

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

· Inability 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

· 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:

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

° Concerns that doing business with the company is too difficult

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

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

· Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:

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

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

° Increase our expenses

° 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

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

° Place us at a disadvantage in the marketplace

° 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

· 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.

* * *

8

Cincinnati Financial Corporation

Consolidated Balance Sheets (unaudited)

	December 31,			December 31,
(In millions except per share data)	2009			2008
ASSETS
Investments
Fixed maturities, at fair value (amortized cost: 2009—$7,514; 2008—$6,058)	$	7,855		$	5,827
Equity securities, at fair value (cost: 2009—$2,016; 2008—$2,077)		2,701			2,896
Short-term investments, at fair value (amortized cost: 2009—$6; 2008—$84)		6			84
Other invested assets		81			83
Total investments		10,643			8,890
Cash and cash equivalents		557			1,009
Investment income receivable		118			98
Finance receivable		75			71
Premiums receivable		995			1,059
Reinsurance receivable		675			759
Prepaid reinsurance premiums		15			15
Deferred policy acquisition costs		481			509
Deferred income tax		-			126
Land, building and equipment, net, for company use (accumulated depreciation: 2009—$335; 2008—$297)		251			236
Other assets		45			49
Separate accounts		585			548
Total assets	$	14,440		$	13,369
LIABILITIES
Insurance reserves
Loss and loss expense reserves	$	4,142		$	4,086
Life policy reserves		1,783			1,551
Unearned premiums		1,509			1,544
Other liabilities		670			618
Deferred income tax		152			-
Note payable		49			49
6.125% senior notes due 2034		371			371
6.9% senior debentures due 2028		28			28
6.92% senior debentures due 2028		391			392
Separate accounts		585			548
Total liabilities		9,680			9,187
SHAREHOLDERS' EQUITY
Common stock, par value—$2 per share; (authorized: 2009—500 million shares, 2008—500 million shares; issued: 2009—196 million shares, 2008—196 million shares)		393			393
Paid-in capital		1,081			1,069
Retained earnings		3,862			3,579
Accumulated other comprehensive income		624			347
Treasury stock at cost (2009—34 million shares, 2008—34 million shares)		(1,200	)		(1,206	)
Total shareholders' equity		4,760			4,182
Total liabilities and shareholders' equity	$	14,440		$	13,369

9

Cincinnati Financial Corporation

Consolidated Statements of Income (unaudited)

(In millions except per share data)	Three months ended December 31,					Twelve months ended December 31,
	2009		2008			2009		2008
REVENUES
Earned premiums
Property casualty	$	713	$	747		$	2,911	$	3,010
Life		39		33			143		126
Investment income, net of expenses		131		125			501		537
Realized investment gains and losses		247		110			336		138
Other income		3		3			12		13
Total revenues		1,133		1,018			3,903		3,824
BENEFITS AND EXPENSES
Insurance losses and policyholder benefits		505		500			2,242		2,193
Underwriting, acquisition and insurance expenses		254		277			1,004		1,016
Other operating expenses		6		6			20		22
Interest expense		13		14			55		53
Total benefits and expenses		778		797			3,321		3,284
INCOME BEFORE INCOME TAXES		355		221			582		540
PROVISION (BENEFIT) FOR INCOME TAXES
Current		73		93			79		238
Deferred		37		(33	)		71		(127	)
Total provision for income taxes		110		60			150		111
NET INCOME	$	245	$	161		$	432	$	429
PER COMMON SHARE
Net income—basic	$	1.50	$	0.99		$	2.66	$	2.63
Net income—diluted	$	1.50	$	0.99		$	2.65	$	2.62

10

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

(See attached tables for 2009 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 to improve its understanding of trends in the underlying business and to 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.

11

Cincinnati Financial Corporation

Net Income Reconciliation

(In millions except per share data)	Three months ended		Twelve months ended
	December 31, 2009		December 31, 2009
Net income	$	245	$	432
Net realized investment gains and losses		159		217
Operating income		86		215
Less catastrophe losses		8		(107	)
Operating income before catastrophe losses	$	78	$	322
Diluted per share data:
Net income	$	1.50	$	2.65
Net realized investment gains and losses		0.97		1.33
Operating income		0.53		1.32
Less catastrophe losses		0.05		(0.66	)
Operating income before catastrophe losses	$	0.48	$	1.98

Property Casualty Reconciliation

(Dollars in millions)	Three months ended December 31, 2009
	Consolidated*			Commercial			Personal
Premiums:
Adjusted written premiums - statutory	$	693		$	516		$	167
Written premium adjustment		(13	)		(13	)		0
Reported written premiums - statutory		680			503			167
Unearned premiums change		33			29			5
Earned premiums	$	713		$	532		$	172
Statutory combined ratio:
Statutory combined ratio		99.1	%		102.0	%		89.4	%
Contribution from catastrophe losses		(1.7	)		(1.8	)		(1.4	)
Statutory combined ratio excluding catastrophe losses		100.8	%		103.8	%		90.8	%
Commission expense ratio		20.4	%		20.0	%		20.9	%
Other expense ratio		13.7			15.1			9.3
Statutory expense ratio		34.1	%		35.1	%		30.2	%
GAAP combined ratio:
GAAP combined ratio		98.6	%		100.8	%		90.9	%
Contribution from catastrophe losses		(1.7	)		(1.8	)		(1.4	)
Prior accident years before catastrophe losses		(10.3	)		(10.8	)		(9.0	)
GAAP combined ratio excluding catastrophe losses and prior years reserve development		110.6	%		113.4	%		101.3	%

(Dollars in millions)	Twelve months ended December 31, 2009
	Consolidated*			Commercial			Personal
Premiums:
Adjusted written premiums - statutory	$	2,919		$	2,190		$	690
Written premium adjustment		(8	)		(9	)		1
Reported written premiums - statutory		2,911			2,181			691
Unearned premiums change		-			18			(6	)
Earned premiums	$	2,911		$	2,199		$	685
Statutory combined ratio:
Statutory combined ratio		104.4	%		101.8	%		111.4	%
Contribution from catastrophe losses		5.7			2.5			16.1
Statutory combined ratio excluding catastrophe losses		98.7	%		99.3	%		95.3	%
Commission expense ratio		19.0	%		18.6	%		20.0	%
Other expense ratio		13.7			14.3			11.0
Statutory expense ratio		32.7	%		32.9	%		31.0	%
GAAP combined ratio:
GAAP combined ratio		104.5	%		101.6	%		111.8	%
Contribution from catastrophe losses		5.7			2.5			16.1
Prior accident years before catastrophe losses		(6.2	)		(6.1	)		(6.6	)
GAAP combined ratio excluding catastrophe losses and prior years reserve development		105.0	%		105.2	%		102.3	%

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 surplus line of business.

12

EX-99.2

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending December 31, 2009

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

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

Ratings are as of February 4, 2010, 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

Fourth Quarter 2009

	Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
Quick Reference	4
CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2009	5
CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2009	6
10-Year Net Income Reconciliation	7
Quarterly Net Income Reconciliation	8
CFC Insurance Subsidiaries – Selected Balance Sheet Data	9
Consolidated Property Casualty Insurance Operations
(Includes Cincinnati Specialty Underwriters Insurance Company (CSU))
Statutory Statements of Income	10
Statutory Quarterly Analysis – Consolidated	11
Statutory Quarterly Analysis – Commercial Lines	12
Statutory Quarterly Analysis – Personal Lines	13
Direct Written Premiums by Line of Business and State	14
Quarterly Property Casualty Data – Commercial Lines of Business	15
Quarterly Property Casualty Data – Personal Lines of Business	16
Quarterly Detailed Loss Analysis	17
Loss and Loss Expense Analysis	18
Reconciliation Data
10-Year Property Casualty Data – Consolidated	19
6-Year Property Casualty Data – Commercial Lines	20
6-Year Property Casualty Data – Personal Lines	21
Quarterly Property Casualty Data – Consolidated	22
Quarterly Property Casualty Data – Commercial Lines	23
Quarterly Property Casualty Data – Personal Lines	24
Life Insurance Operations
Statutory Statements of Income	25

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

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

Management uses certain non-GAAP and non-statutory financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP measures to improve its understanding of trends in the underlying business and to 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.

3

Cincinnati Financial Corporation

Quick Reference - Fourth Quarter 2009

(all data shown is for the three months ended or as of December 31, 2009)

(Based on reported data - see Pages 22-24 for adjusted data)

	12/31/2009		Year over year change %				12/31/2009			Year over year change %
Revenues:						Benefits and expenses:
Commercial lines net written premiums	$	503		(8.8	)	Commercial lines loss and loss expenses	$	356			(0.7	)
Personal lines net written premiums		167		4.7		Personal lines loss and loss expenses		102			(9.6	)
Surplus lines net written premiums		10		88.7		Surplus lines loss and loss expenses		5			76.9
Property casualty net written premiums		680		(5.1	)	Life and accident and health losses and policy benefits		42			57.1
Commercial lines net earned premiums		532		(7.3	)	Underwriting, acquisition and insurance expenses		254			414.7
Personal lines net earned premiums		172		0.5		Operating expenses		6		nm
Surplus lines net earned premiums		9		255.6		Interest expenses		13			(3.9	)
Property casualty net earned premiums		713		(4.6	)	Total expenses		778			(2.4	)
Life and accident and health net earned premiums		39		18.8		Net income before income taxes		355			60.7
Investment income		131		4.7		Total income tax		110			83.8
Realized gains on investments		247		125.4
Other income		3		(12.7	)	Ratios:
Total revenues		1,133		11.3
						Commercial lines GAAP combined ratio		100.8	%
Income:						Personal lines GAAP combined ratio		90.9
						Property casualty GAAP combined ratio		98.6
Operating income	$	86		(6.6	)
Net realized investment gains and losses		159		130.5		Commercial lines STAT combined ratio		102.0	%
Net income		245		52.1		Personal lines STAT combined ratio		89.4
						Property casualty STAT combined ratio		99.1
Per share (diluted):
						Balance Sheet:
Operating income	$	0.53		(7.0	)
Net realized investment gains and losses		0.97		131.0		Fixed maturity investments	$	7,855
Net income		1.50		51.5		Equity securities		2,701
Book value		29.25		13.6		Short-term investments		6
Weighted average shares – diluted		163,092,882		0.4		Other invested assets		81
						Total invested assets	$	10,643
						Loss and loss expense reserves	$	4,141
						Total debt		839
						Shareholders' equity		4,760

4

Cincinnati Financial Corporation and Subsidiaries

Consolidated Statements of Income for the Twelve Months Ended December 31, 2009

(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		CINFIN			C-SUPR			ELIM			Total
Revenues:
Premiums earned:
Property Casualty	$	-		$	3,080		$	-		$	-	$	-		$	-		$	-		$	3,080
Life		-			-			188			-		-			-			-			188
Accident health		-			-			8			-		-			-			-			8
Premiums ceded		-			(169	)		(53	)		-		-			-			-			(222	)
Total earned premium		-			2,911			143			-		-			-			-			3,054
Investment income		41			336			122			-		-			-			1			501
Realized gain on investments		135			223			(20	)		-		(1	)		-			-			336
Other income		15			5			-			7		-			10			(25	)		12
Total revenues	$	191		$	3,475		$	245		$	7	$	(1	)	$	10		$	(24	)	$	3,903
Benefits & expenses:
Losses & policy benefits	$	-		$	2,150		$	201		$	-	$	-		$	-		$	(5	)	$	2,346
Reinsurance recoveries		-			(64	)		(41	)		-		-			-			-			(104	)
Underwriting, acquisition and insurance expenses		-			955			49			-		-			-			-			1,004
Other operating expenses		26			-			-			4		-			10			(21	)		20
Interest expense		52			1			-			3		-			-			-			55
Total expenses	$	78		$	3,042		$	210		$	7	$	-		$	10		$	(26	)	$	3,321
Income (loss) before income taxes	$	113		$	433		$	35		$	-	$	(1	)	$	-		$	2		$	582
Provision (benefit) for income taxes:
Current operating income	$	(39	)	$	1		$	(2	)	$	-	$	-		$	-		$	-		$	(40	)
Capital gains/losses		47			79			(7	)		-		-			-			-			119
Deferred		24			25			21			-		-			-			-			71
Total provision for income taxes	$	32		$	105		$	12		$	-	$	-		$	-		$	-		$	150
Operating income (loss)	$	(8	)	$	184		$	35		$	-	$	-		$	-		$	2		$	215
Net income (loss) - current year	$	80		$	328		$	22		$	-	$	(1	)	$	-		$	2		$	432
Net income (loss) - prior year	$	56		$	305		$	(19	)	$	1	$	(1	)	$	(1	)	$	87		$	428

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

5

Cincinnati Financial Corporation and Subsidiaries

Consolidated Statements of Income for the Three Months Ended December 31, 2009

(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		CINFIN		C-SUPR		ELIM			Total
Revenues:
Premiums earned:
Property Casualty	$	-		$	753		$	-		$	-	$	-	$	-	$	-		$	753
Life		-			-			54			-		-		-		-			54
Accident health		-			-			2			-		-		-		-			2
Premiums ceded		-			(40	)		(17	)		-		-		-		-			(57	)
Total earned premium		-			713			39			-		-		-		-			752
Investment income		10			88			32			-		-		-		-			131
Realized gain on investments		48			187			12			-		-		-		-			247
Other income		4			1			-			2		-		7		(11	)		3
Total revenues	$	62		$	990		$	84		$	2	$	-	$	7	$	(11	)	$	1,133
Benefits & expenses:
Losses & policy benefits	$	-		$	453		$	54		$	-	$	-	$	-	$	13		$	520
Reinsurance recoveries		-			11			(12	)		-		-		-		(14	)		(15	)
Underwriting, acquisition and insurance expenses		-			239			15			-		-		-		-			254
Other operating expenses		7			-			-			1		-		7		(10	)		6
Interest expense		13			-			-			-		-		-		-			13
Total expenses	$	20		$	703		$	57		$	1	$	-	$	7	$	(11	)	$	778
Income before income taxes	$	42		$	287		$	27		$	1	$	-	$	-	$	-		$	355
Provision (benefit) for income taxes:
Current operating income	$	(24	)	$	8		$	1		$	-	$	-	$	-	$	-		$	(15	)
Capital gains/losses		17			67			4			-		-		-		-			88
Deferred		21			12			4			-		-		-		-			37
Total provision for income taxes	$	13		$	87		$	9		$	-	$	-	$	-	$	-		$	110
Operating income (loss)	$	(2	)	$	79		$	9		$	-	$	-	$	-	$	-		$	86
Net income - current year	$	29		$	200		$	17		$	-	$	-	$	-	$	-		$	245
Net income - prior year	$	126		$	34		$	2		$	-	$	-	$	-	$	-		$	161

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

6

Cincinnati Financial Corporation

10-Year Net Income Reconciliation

(Dollars in millions except per share data)	Years ended December 31,
	2009			2008			2007			2006			2005			2004			2003			2002			2001			2000
Net income	$	432		$	429		$	855		$	930		$	602		$	584		$	374		$	238		$	193		$	118
One-time item		-			-			-			-			-			-			15			-			-			(25	)
Net income before one-time item		432			429			855			930			602			584			359			238			193			143
Net realized investment gains and losses		217			85			245			434			40			60			(27	)		(62	)		(17	)		(2	)
Operating income before one-time item		215			344			610			496			562			524			386			300			210			145
Less catastrophe losses		(107	)		(132	)		(17	)		(113	)		(82	)		(96	)		(63	)		(57	)		(42	)		(33	)
Operating income before catastrophe losses and one-time item	$	322		$	476		$	627		$	609		$	644		$	620		$	449		$	357		$	252		$	178
Diluted per share data
Net income	$	2.65		$	2.62		$	4.97		$	5.30		$	3.40		$	3.28		$	2.10		$	1.32		$	1.07		$	0.67
One-time item		-			-			-			-			-			-			0.09			-			-			(0.14	)
Net income before one-time item		2.65			2.62			4.97			5.30			3.40			3.28			2.01			1.32			1.07			0.81
Net realized investment gains and losses		1.33			0.52			1.43			2.48			0.23			0.34			(0.15	)		(0.35	)		(0.10	)		(0.01	)
Operating income before one-time item		1.32			2.10			3.54			2.82			3.17			2.94			2.16			1.67			1.17			0.82
Less catastrophe losses		(0.66	)		(0.81	)		(0.10	)		(0.65	)		(0.46	)		(0.54	)		(0.35	)		(0.31	)		(0.23	)		(0.18	)
Operating income before catastrophe losses and one-time item	$	1.98		$	2.91		$	3.64		$	3.47		$	3.63		$	3.48		$	2.51		$	1.98		$	1.40		$	1.00
Return on equity
Return on average equity		9.7	%		8.5	%		13.4	%		14.4	%		9.8	%		9.4	%		6.3	%		4.1	%		3.2	%		2.1	%
One-time item		-			-			-			-			-			-			(0.3	)		-			-			0.4
Return on average equity before one-time item		9.7	%		8.5	%		13.4	%		14.4	%		9.8	%		9.4	%		6.0	%		4.1	%		3.2	%		2.5	%
Return on equity based on comprehensive income
ROE based on comprehensive income		18.2	%		(27.2	)%		(5.8	)%		16.4	%		1.6	%		4.6	%		13.8	%		(4.0	)%		2.5	%		13.1	%
One-time item		-			-			-			-			-			-			(0.3	)		-			-			0.4
ROE based on comprehensive income before one-time item		18.2	%		(27.2	)%		(5.8	)%		16.4	%		1.6	%		4.6	%		13.5	%		(4.0	)%		2.5	%		13.5	%
Value creation ratio
Book value per share growth		13.6	%		(27.9	)%		(9.3	)%		12.9	%		(2.0	)%		1.4	%		11.7	%		(6.5	)%		(0.5	)%		11.4	%
Shareholder dividend as a percentage of beginning book value		6.1			4.4			3.6			3.8			3.4			3.0			2.9			2.4			2.2			2.3
Value creation ratio		19.7	%		(23.5	)%		(5.7	)%		16.7	%		1.4	%		4.4	%		14.5	%		(4.1	)%		1.7	%		13.6	%
Investment income
Investment income, net of expenses	$	501		$	537		$	608		$	570		$	526		$	492		$	465		$	445		$	421		$	415
BOLI		-			-			-			-			-			-			-			-			-			(5	)
Investment income before BOLI	$	501		$	537		$	608		$	570		$	526		$	492		$	465		$	445		$	421		$	410

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

7

Cincinnati Financial Corporation

Quarterly Net Income Reconciliation

(Dollars in millions except per share data)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	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)	$	245	$	171		$	(19	)	$	35		$	161	$	247		$	63		$	(42	)	$	17		$	21		$	187		$	268		$	432		$	429
Net realized investment gains and losses		159		75			(14	)		(2	)		69		173			(6	)		(151	)		(15	)		(157	)		58			16			217			85
Operating income (loss)		86		96			(5	)		37			92		74			69			109			32			178			129			252			215			344
Less catastrophe losses		8		(4	)		(77	)		(34	)		10		(41	)		(74	)		(28	)		(111	)		(101	)		(115	)		(142	)		(107	)		(132	)
Operating income before catastrophe losses	$	78	$	100		$	72		$	71		$	82	$	115		$	143		$	137		$	143		$	279		$	244		$	394		$	322		$	476
Diluted per share data
Net income (loss)	$	1.50	$	1.05		$	(0.12	)	$	0.22		$	0.99	$	1.50		$	0.38		$	(0.26	)	$	0.10		$	0.13		$	1.15		$	1.64		$	2.65		$	2.62
Net realized investment gains and losses		0.97		0.46			(0.09	)		(0.01	)		0.42		1.05			(0.04	)		(0.92	)		(0.10	)		(0.95	)		0.36			0.10			1.33			0.52
Operating income (loss)		0.53		0.59			(0.03	)		0.23			0.57		0.45			0.42			0.66			0.20			1.08			0.79			1.54			1.32			2.10
Less catastrophe losses		0.05		(0.03	)		(0.47	)		(0.21	)		0.06		(0.25	)		(0.45	)		(0.17	)		(0.68	)		(0.62	)		(0.71	)		(0.87	)		(0.66	)		(0.81	)
Operating income before catastrophe losses	$	0.48	$	0.62		$	0.44		$	0.44		$	0.51	$	0.70		$	0.87		$	0.83		$	0.88		$	1.70		$	1.50		$	2.41		$	1.98		$	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.

8

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)	$	5,663	$	5,521	$	5,169		$	4,804		$	4,309		$	4,183		$	4,304		$	4,351
Equities (fair value)		1,910		2,477		2,247			1,986			2,432			3,210			3,537			4,226
Short-term investments (fair value)		5		10		11			13			19			162			-			51
Fixed maturities - pretax net unrealized gain (loss)		242		301		25			(36	)		(108	)		(132	)		(33	)		39
Equities - pretax net unrealized gain		592		594		487			347			627			1,012			1,227			1,831
Loss and loss expense reserves - STAT		3,639		3,656		3,674			3,555			3,494			3,507			3,534			3,448
Equity GAAP		4,405		4,283		3,795			3,512			3,667			3,947			4,011			4,498
Surplus - STAT		3,648		3,472		3,241			3,105			3,360			3,687			3,650			4,027
The Cincinnati Life Insurance Company
Fixed maturities (fair value)	$	1,927	$	1,868	$	1,694		$	1,534		$	1,467		$	1,483		$	1,551		$	1,534
Equities (fair value)		108		123		103			89			122			200			265			307
Short-term investments (fair value)		-		1		1			-			-			-			-			-
Fixed maturities - pretax net unrealized gain (loss)		72		67		(43	)		(94	)		(115	)		(79	)		(35	)		-
Equities - pretax net unrealized gain (loss)		1		11		(8	)		(27	)		(7	)		61			92			127
Equity - GAAP		666		653		563			454			471			530			617			661
Surplus - STAT		300		283		270			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		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

9

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)	2009			2008			Change			% Change			2009			2008			Change			% Change
Underwriting income
Net premiums written	$	680		$	717		$	(37	)		(5.1	)	$	2,911		$	3,009		$	(98	)		(3.2	)
Unearned premiums increase		(33	)		(30	)		(2	)		8.3			-			(1	)		1		nm
Earned premiums	$	713		$	747		$	(34	)		(4.6	)	$	2,911		$	3,010		$	(99	)		(3.3	)
Losses incurred	$	356		$	383		$	(27	)		(7.0	)	$	1,706		$	1,736		$	(30	)		(1.7	)
Allocated loss expenses incurred		53			26			27			100.5			183			115			68			58.7
Unallocated loss expenses incurred		55			65			(11	)		(16.2	)		197			205			(9	)		(4.3	)
Other underwriting expenses incurred		227			259			(32	)		(12.3	)		936			956			(20	)		(2.1	)
Workers compensation dividend incurred		4			4			-		nm				17			9			8			96.9
Total underwriting deductions	$	695		$	738		$	(43	)		(5.9	)	$	3,039		$	3,021		$	18			0.6
Net underwriting gain (loss)	$	18		$	9		$	8			87.9		$	(128	)	$	(11	)	$	(117	)	nm
Investment income
Gross investment income earned	$	91		$	84		$	7			7.8		$	346		$	355		$	(9	)		(2.4	)
Net investment income earned		90			83			7			8.4			341			349			(8	)		(2.4	)
Net realized capital gains		127			(31	)		157		nm				143			46			97			211.2
Net investment gains (excl. subs)	$	217		$	52		$	164			318.3		$	484		$	395		$	89			22.4
Dividend from subsidiary		-			-			-			-			-			-			-			-
Net investment gains (net of tax)	$	217		$	52		$	164			318.3		$	484		$	395		$	89			22.4
Other income	$	(9	)	$	1		$	(9	)	nm			$	(5	)	$	2		$	(7	)	nm
Net income before federal income taxes	$	226		$	62		$	163			265.5		$	351		$	386		$	(35	)		(8.8	)
Federal and foreign income taxes incurred	$	7		$	45		$	(38	)		(84.9	)	$	1		$	212		$	(211	)		(99.6	)
Net income (statutory)	$	219		$	17		$	201		nm			$	350		$	174		$	176			100.3

*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.

10

Consolidated Cincinnati Insurance Companies - Consolidated

Statutory Quarterly Analysis

(Based on reported data - see Page 22 for adjusted data)

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	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	$	680		$	730		$	723		$	778		$	717		$	727		$	790		$	776		$	1,501		$	1,566		$	2,231		$	2,292		$	2,911		$	3,010
Net premiums earned	$	713		$	733		$	733		$	732		$	747		$	751		$	761		$	751		$	1,465		$	1,512		$	2,198		$	2,263		$	2,911		$	3,010
Losses paid	$	381		$	390		$	412		$	401		$	383		$	467		$	396		$	383		$	813		$	778		$	1,203		$	1,245		$	1,584		$	1,629
Loss reserve change		(25	)		(22	)		112			56			(1	)		(11	)		83			35			169			119			147			108			122			107
Total losses incurred	$	356		$	368		$	524		$	457		$	382		$	456		$	479		$	418		$	982		$	897		$	1,350		$	1,353		$	1,706		$	1,736
Allocated loss expense paid		42			37			42			30			39			35			32			25			71			58			108			93			150			131
Allocated loss expense reserve change		11			8			7			6			(12	)		(16	)		1			12			14			12			22			(4	)		33			(16	)
Total allocated loss expense incurred	$	53		$	45		$	49		$	36		$	27		$	19		$	33		$	37		$	85		$	70		$	130		$	89		$	183		$	115
Unallocated loss expense paid		54			46			42			48			62			47			43			43			91			86			137			133			190			195
Unallocated loss expense reserve change		1			-			4			2			3			1			3			3			5			6			6			7			7			10
Total unallocated loss expense incurred	$	55		$	46		$	46		$	50		$	65		$	48		$	46		$	46		$	96		$	92		$	143		$	140		$	197		$	205
Underwriting expenses incurred		231			250			232			240			264			241			223			238			472			460			721			701			953			971
Underwriting (loss) profit	$	18		$	24		$	(118	)	$	(51	)	$	9		$	(13	)	$	(20	)	$	12		$	(170	)	$	(7	)	$	(146	)	$	(20	)	$	(128	)	$	(17	)
Ratio Data
Loss ratio		49.9	%		50.2	%		71.6	%		62.5	%		51.2	%		60.8	%		63.0	%		55.6	%		67.0	%		59.3	%		61.4	%		59.8	%		58.6	%		57.7	%
Allocated loss expense ratio		7.4			6.1			6.7			4.9			3.5			2.5			4.3			5.0			5.8			4.6			5.9			3.9			6.3			3.8
Unallocated loss expense ratio		7.7			6.4			6.3			6.8			8.7			6.4			6.1			6.1			6.6			6.1			6.5			6.2			6.8			6.8
Net underwriting expense ratio		34.1			34.2			32.0			30.9			36.8			33.1			28.1			30.6			31.4			29.3			32.4			30.6			32.7			32.1
Statutory combined ratio		99.1	%		96.9	%		116.6	%		105.1	%		100.2	%		102.8	%		101.5	%		97.3	%		110.8	%		99.3	%		106.2	%		100.5	%		104.4	%		100.4	%
Statutory combined ratio excluding catastrophes		100.8	%		96.0	%		100.5	%		97.9	%		102.3	%		94.4	%		86.6	%		91.5	%		99.2	%		89.0	%		98.1	%		90.8	%		98.7	%		93.6	%
Loss Detail
New losses greater than $4,000,000	$	9		$	18		$	20		$	9		$	10		$	10		$	18		$	-		$	30		$	26		$	48		$	36		$	57		$	46
New losses $1,000,000-$4,000,000		37			43			39			28			41			50			42			44			67			78			110			128			147			169
New losses $250,000-$1,000,000		48			55			47			62			63			63			53			49			109			102			164			165			212			228
Case reserve development above $250,000		89			51			70			56			82			59			54			49			125			103			177			162			265			245
Large losses subtotal	$	183		$	167		$	176		$	155		$	196		$	182		$	167		$	142		$	331		$	309		$	499		$	491		$	681		$	688
IBNR incurred		19			12			39			18			(16	)		(6	)		(6	)		6			57			-			69			(6	)		89			(22	)
Catastrophe losses incurred		(12	)		7			118			53			(16	)		63			113			43			171			156			177			219			165			203
Remaining incurred		166			182			191			231			218			217			205			227			423			432			605			649			771			867
Total losses incurred	$	356		$	368		$	524		$	457		$	382		$	456		$	479		$	418		$	982		$	897		$	1,350		$	1,353		$	1,706		$	1,736
Loss Ratio
New losses greater than $4,000,000		1.3	%		2.5	%		2.8	%		1.3	%		1.3	%		1.3	%		2.4	%		0.0	%		2.0	%		1.7	%		2.2	%		1.6	%		2.0	%		1.5	%
New losses $1,000,000-$4,000,000		5.2			5.9			5.3			3.8			5.4			6.6			5.5			5.8			4.5			5.2			5.0			5.5			5.1			5.6
New losses $250,000-$1,000,000		6.7			7.5			6.4			8.4			8.4			8.4			7.0			6.5			7.5			6.7			7.4			7.4			7.3			7.6
Case reserve development above $250,000		12.4			7.0			9.6			7.6			11.0			7.9			7.1			6.5			8.5			6.9			8.0			7.2			9.0			8.1
Large losses subtotal		25.6	%		22.9	%		24.1	%		21.1	%		26.1	%		24.2	%		22.0	%		18.8	%		22.5	%		20.5	%		22.6	%		21.7	%		23.4	%		22.8	%
IBNR incurred		2.7			1.7			5.3			2.5			(2.1	)		(0.8	)		(0.9	)		0.8			3.9			0.0			3.2			(0.3	)		3.0			(0.7	)
Total catastrophe losses incurred		(1.7	)		0.9			16.1			7.2			(2.1	)		8.4			14.9			5.7			11.6			10.3			8.1			9.7			5.7			6.8
Remaining incurred		23.3			24.7			26.1			31.7			29.3			29.0			27.0			30.2			29.0			28.5			27.5			28.7			26.5			28.8
Total loss ratio		49.9	%		50.2	%		71.6	%		62.5	%		51.2	%		60.8	%		63.0	%		55.5	%		67.0	%		59.3	%		61.4	%		59.8	%		58.6	%		57.7	%
Loss Claim Count
New losses greater than $4,000,000		2			4			4			2			2			2			5			2			6			7			10			9			12			11
New losses $1,000,000-$4,000,000		19			26			22			16			24			33			21			24			38			45			64			78			83			102
New losses $250,000-$1,000,000		107			130			114			149			147			145			122			118			263			240			393			385			500			532
Case reserve development above $250,000		122			81			108			89			146			102			84			81			197			165			278			267			400			413
Large losses total		250			241			248			256			319			282			232			225			504			457			745			739			995			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.

11

Consolidated Cincinnati Insurance Companies - Commercial Lines

Statutory Quarterly Analysis

(Based on reported data - see Page 23 for adjusted data)

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	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	$	503		$	528		$	524		$	626		$	552		$	538		$	597		$	625		$	1,149		$	1,222		$	1,678		$	1,759		$	2,181		$	2,311
Net premiums earned	$	532		$	555		$	556		$	557		$	573		$	582		$	586		$	574		$	1,112		$	1,161		$	1,667		$	1,743		$	2,199		$	2,316
Losses paid	$	267		$	267		$	275		$	271		$	262		$	326		$	280		$	266		$	546		$	546		$	813		$	871		$	1,080		$	1,133
Loss reserve change		-			(11	)		92			50			26			(3	)		67			32			142			100			131			97			131			123
Total losses incurred	$	267		$	256		$	367		$	321		$	288		$	323		$	347		$	298		$	688		$	646		$	944		$	968		$	1,211		$	1,256
Allocated loss expense paid		38			33			39			26			35			31			28			22			64			50			97			82			134			116
Allocated loss expense reserve change		9			7			5			6			(13	)		(15	)		1			12			11			13			18			(3	)		27			(16	)
Total allocated loss expense incurred	$	47		$	40		$	44		$	32		$	22		$	16		$	29		$	34		$	75		$	63		$	115		$	79		$	161		$	100
Unallocated loss expense paid		38			33			28			34			42			34			31			30			62			61			95			95			134			137
Unallocated loss expense reserve change		4			-			3			2			7			(1	)		1			3			5			4			5			4			9			10
Total unallocated loss expense incurred	$	42		$	33		$	31		$	36		$	49		$	33		$	32		$	33		$	67		$	65		$	100		$	99		$	143		$	147
Underwriting expenses incurred		177			188			170			183			204			180			166			186			353			352			541			532			718			742
Underwriting (loss) profit	$	(1	)	$	38		$	(56	)	$	(15	)	$	10		$	30		$	12		$	23		$	(71	)	$	35		$	(33	)	$	65		$	(34	)	$	71
Ratio Data
Loss ratio		50.2	%		46.2	%		66.0	%		57.6	%		50.3	%		55.4	%		59.2	%		52.0	%		61.8	%		55.6	%		56.7	%		55.5	%		55.1	%		54.2	%
Allocated loss expense ratio		8.7			7.1			7.8			5.8			3.8			2.7			5.0			5.9			6.8			5.4			6.9			4.5			7.3			4.3
Unallocated loss expense ratio		7.9			6.0			5.7			6.4			8.4			5.7			5.5			5.7			6.0			5.7			6.0			5.7			6.5			6.4
Net underwriting expense ratio		35.1			35.6			32.5			29.2			36.5			33.5			27.8			29.7			30.8			28.8			32.2			30.2			32.9			31.7
Statutory combined ratio		102.0	%		94.9	%		112.0	%		99.0	%		99.0	%		97.3	%		97.5	%		93.3	%		105.4	%		95.5	%		101.8	%		95.9	%		101.8	%		96.6	%
Statutory combined ratio excluding catastrophes		103.8	%		96.1	%		101.7	%		96.5	%		100.5	%		93.3	%		86.2	%		89.4	%		99.0	%		87.8	%		98.0	%		89.5	%		99.3	%		92.2	%
Loss Detail
New losses greater than $4,000,000	$	9		$	13		$	21		$	9		$	10		$	5		$	18		$	-		$	30		$	26		$	43		$	31		$	52		$	41
New losses $1,000,000-$4,000,000		34			33			37			26			37			43			40			40			62			73			96			116			130			153
New losses $250,000-$1,000,000		35			44			38			47			49			51			45			40			86			84			129			135			164			184
Case reserve development above $250,000		83			49			63			51			76			57			51			44			114			96			163			153			245			229
Large losses subtotal	$	161		$	139		$	159		$	133		$	172		$	156		$	154		$	124		$	292		$	279		$	431		$	435		$	591		$	607
IBNR incurred		28			11			38			18			(12	)		(7	)		(8	)		6			56			(2	)		67			(10	)		95			(22	)
Catastrophe losses incurred		(10	)		(7	)		57			14			(9	)		23			66			22			71			89			64			112			55			103
Remaining incurred		88			113			113			156			137			151			135			146			269			280			382			431			470			568
Total losses incurred	$	267		$	256		$	367		$	321		$	288		$	323		$	347		$	298		$	688		$	646		$	944		$	968		$	1,211		$	1,256
Loss Ratio
New losses greater than $4,000,000		1.7	%		2.4	%		3.7	%		1.7	%		1.8	%		0.9	%		3.1	%		0.0	%		2.7	%		2.3	%		2.6	%		1.8	%		2.4	%		1.8	%
New losses $1,000,000-$4,000,000		6.4			6.1			6.5			4.7			6.3			7.4			6.8			7.1			5.6			6.3			5.8			6.6			5.9			6.6
New losses $250,000-$1,000,000		6.5			7.8			7.0			8.4			8.6			8.7			7.7			6.8			7.7			7.2			7.8			7.7			7.5			8.0
Case reserve development above $250,000		15.5			8.8			11.4			9.1			13.2			9.8			8.7			7.8			10.3			8.3			9.8			8.8			11.1			9.9
Large losses subtotal		30.1	%		25.1	%		28.6	%		23.9	%		29.9	%		26.8	%		26.3	%		21.7	%		26.3	%		24.0	%		26.0	%		24.9	%		26.9	%		26.3	%
IBNR incurred		5.3			2.0			6.7			3.3			(2.1	)		(1.3	)		(1.4	)		1.0			5.0			(0.2	)		4.0			(0.6	)		4.3			(0.9	)
Total catastrophe losses incurred		(1.8	)		(1.2	)		10.3			2.5			(1.5	)		4.0			11.3			3.9			6.4			7.7			3.8			6.4			2.5			4.5
Remaining incurred		16.6			20.3			20.4			27.9			24.0			25.9			23.0			25.4			24.1			24.2			22.9			24.8			21.4			24.3
Total loss ratio		50.2	%		46.2	%		66.0	%		57.6	%		50.3	%		55.4	%		59.2	%		52.0	%		61.8	%		55.7	%		56.7	%		55.5	%		55.1	%		54.2	%
Loss Claim Count
New losses greater than $4,000,000		2			3			4			2			2			1			4			2			6			4			9			7			11			9
New losses $1,000,000-$4,000,000		17			20			19			15			21			27			21			21			34			36			54			69			71			90
New losses $250,000-$1,000,000		77			101			92			112			115			113			101			93			204			227			305			307			382			422
Case reserve development above $250,000		108			74			93			77			129			95			76			74			170			206			244			245			352			374
Large losses total		204			198			208			206			267			236			202			190			414			473			612			628			816			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.

12

Consolidated Cincinnati Insurance Companies - Personal Lines

Statutory Quarterly Analysis

(Based on reported data - see Page 24 for adjusted data)

(Dollars in millions)	Three months ended																									Six months ended						Nine months ended						Twelve months ended
		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		$	167		$	190		$	190		$	145		$	160		$	184		$	191		$	150		$	334		$	341		$	524		$	525		$	691		$	685
Net premiums earned		$	172		$	170		$	172		$	171		$	171		$	167		$	174		$	177		$	343		$	351		$	513		$	518		$	685		$	689
Losses paid		$	112		$	121		$	137		$	130		$	123		$	141		$	116		$	116		$	267		$	232		$	389		$	373		$	501		$	496
Loss reserve change			(27	)		(14	)		18			4			(31	)		(8	)		16			3			22			19			7			11			(20	)		(20	)
Total losses incurred		$	85		$	107		$	155		$	134		$	92		$	133		$	132		$	119		$	289		$	251		$	396		$	384		$	481		$	476
Allocated loss expense paid			5			4			4			3			4			4			4			3			7			7			11			11			15			15
Allocated loss expense reserve change			-			-			-			-			1			(1	)		(1	)		-			-			-			-			(1	)		1			(1	)
Total allocated loss expense incurred		$	5		$	4		$	4		$	3		$	5		$	3		$	3		$	3		$	7		$	7		$	11		$	10		$	16		$	14
Unallocated loss expense paid			14			14			14			15			19			13			13			13			28			25			41			38			56			57
Unallocated loss expense reserve change			(2	)		-			1			-			(3	)		1			1			1			-			2			1			3			(2	)		1
Total unallocated loss expense incurred		$	12		$	14		$	15		$	15		$	16		$	14		$	14		$	14		$	28		$	27		$	42		$	41		$	54		$	58
Underwriting expenses incurred			50			56			56			51			58			56			55			51			108			106			163			162			214			224
Underwriting loss		$	20		$	(11	)	$	(58	)	$	(32	)	$	-		$	(39	)	$	(30	)	$	(10	)	$	(89	)	$	(40	)	$	(100	)	$	(79	)	$	(80	)	$	(83	)
Ratio Data
Loss ratio			49.4	%		63.1	%		90.1	%		78.3	%		53.6	%		79.7	%		75.6	%		67.4	%		84.2	%		71.5	%		77.1	%		74.1	%		70.2	%		69.0	%
Allocated loss expense ratio			2.7			2.4			2.4			1.9			2.7			1.8			1.9			1.9			2.2			1.9			2.2			1.9			2.4			2.1
Unallocated loss expense ratio			7.1			7.8			8.2			8.3			9.6			8.7			7.9			7.4			8.3			7.6			8.1			8.0			7.8			8.3
Net underwriting expense ratio			30.2			29.5			29.8			35.4			36.2			30.4			28.9			34.1			32.1			31.2			31.2			30.9			31.0			32.2
Statutory combined ratio			89.4	%		102.8	%		130.5	%		123.9	%		102.1	%		120.6	%		114.3	%		110.8	%		126.8	%		112.2	%		118.7	%		114.9	%		111.3	%		111.6	%
Statutory combined ratio excluding catastrophes			90.8	%		94.9	%		95.1	%		101.3	%		106.2	%		96.8	%		87.3	%		99.2	%		97.8	%		92.9	%		96.7	%		94.2	%		95.3	%		97.1	%
Loss Detail
New losses greater than $4,000,000		$	-		$	5		$	-		$	-		$	-		$	5		$	-		$	-		$	-		$	-		$	5		$	5		$	5		$	5
New losses $1,000,000-$4,000,000			3			10			3			1			4			6			2			4			5			5			15			12			17			16
New losses $250,000-$1,000,000			13			12			8			15			15			12			8			10			22			19			34			30			48			44
Case reserve development above $250,000			5			2			7			5			6			2			3			4			12			7			14			9			19			16
Large losses subtotal		$	21		$	29		$	18		$	21		$	25		$	25		$	13		$	18		$	39		$	31		$	68		$	56		$	89		$	81
IBNR incurred			(10	)		-			-			(1	)		(4	)		2			2			-			(1	)		2			(1	)		4			(11	)		-
Catastrophe losses incurred			(2	)		13			61			39			(7	)		40			47			21			100			67			113			107			111			100
Remaining incurred			76			65			76			75			78			66			70			80			151			151			216			217			292			295
Total losses incurred		$	85		$	107		$	155		$	134		$	92		$	133		$	132		$	119		$	289		$	251		$	396		$	384		$	481		$	476
Loss Ratio
New losses greater than $4,000,000			0.0	%		2.9	%		0.0	%		0.0	%		0.0	%		3.0	%		0.0	%		0.0	%		0.0	%		0.0	%		1.0	%		1.0	%		0.7	%		0.7	%
New losses $1,000,000-$4,000,000			1.6			5.7			1.9			0.8			2.4			3.8			1.1			2.1			1.4			1.6			2.8			2.3			2.5			2.3
New losses $250,000-$1,000,000			7.5			7.0			4.8			8.6			8.3			7.1			4.8			5.5			6.7			5.2			6.7			5.8			6.9			6.4
Case reserve development above $250,000			3.2			1.3			3.7			3.0			3.8			1.4			1.5			2.5			3.3			1.9			2.7			1.7			2.9			2.3
Large losses subtotal			12.3	%		16.9	%		10.4	%		12.4	%		14.5	%		15.3	%		7.5	%		10.1	%		11.4	%		8.7	%		13.2	%		10.8	%		13.0	%		11.7	%
IBNR incurred			(5.7	)		(0.2	)		0.1			(0.6	)		(2.3	)		1.0			0.9			0.2			(0.3	)		0.6			(0.3	)		0.7			(1.6	)		0.0
Total catastrophe losses incurred			(1.4	)		7.9			35.4			22.6			(4.1	)		23.8			27.0			11.6			29.0			19.3			22.0			20.7			16.1			14.5
Remaining incurred			44.2			38.5			44.2			43.9			45.5			39.6			40.2			45.6			44.1			42.9			42.2			41.9			42.7			42.8
Total loss ratio			49.4	%		63.1	%		90.1	%		78.3	%		53.6	%		79.7	%		75.6	%		67.5	%		84.2	%		71.5	%		77.1	%		74.1	%		70.2	%		69.0	%
Loss Claim Count
New losses greater than $4,000,000			-			1			-			-			-			1			-			-			-			-			1			1			1			1
New losses $1,000,000-$4,000,000			2			6			3			1			3			6			1			3			4			4			10			10			12			13
New losses $250,000-$1,000,000			29			29			22			37			32			32			21			25			59			69			88			78			117			110
Case reserve development above $250,000			13			7			15			12			17			7			8			7			27			29			34			22			47			39
Large losses total			44			43			40			50			52			46			30			35			90			102			133			111			177			163

*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.

13

Consolidated Cincinnati Insurance Companies

Agency Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2009

(Dollars in millions)	Standard Market																				Surplus Lines						Standard Market						*Consolidated
	Commercial Lines														Personal Lines						Commercial		Consolidated				Commercial			Personal			Total
	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	$	17.6	$	17.9	$	7.9	$	1.0	$	8.3	$	2.4	$	0.8	$	16.3	$	25.3	$	5.5	$	1.0	$	104.0	$	103.3		(0.9	)		0.8			0.6
AZ		10.4		6.3		9.8		0.8		1.0		0.9		0.5		0.7		0.7		0.3		0.3		31.7		34.0		(11.0	)		270.0			(6.7	)
AR		8.9		10.2		5.7		3.7		4.2		1.8		0.5		2.7		3.0		1.0		0.8		42.5		44.1		(7.6	)		9.5			(3.7	)
CO		0.5		0.5		0.5		0.3		-		0.2		-		-		0.2		-		0.1		2.4		2.0		25.0			3.4			25.1
DE		2.1		1.4		1.3		2.5		0.3		0.1		0.1		-		-		-		-		7.8		5.5		42.6			219.7			42.6
FL		22.6		22.4		9.2		1.1		2.0		2.3		0.9		10.4		16.1		3.0		0.1		90.2		106.5		(17.7	)		(10.5	)		(15.3	)
GA		24.1		21.0		17.5		11.5		7.5		6.6		1.1		30.6		27.9		8.3		3.1		159.1		159.2		(2.9	)		1.4			(0.1	)
ID		9.2		4.9		5.1		0.2		0.8		1.1		0.3		0.3		0.2		0.1		0.2		22.5		22.3		(2.7	)	nm				0.9
IL		60.5		44.0		28.4		51.6		13.4		6.9		3.1		24.6		19.2		6.6		3.8		262.2		283.5		(10.4	)		3.3			(7.5	)
IN		42.1		35.9		22.3		26.3		8.4		6.9		2.4		27.0		25.4		7.1		4.9		208.7		216.3		(6.1	)		(0.6	)		(3.5	)
IA		19.5		14.9		9.5		22.6		4.4		2.8		1.3		3.4		3.6		1.7		0.4		84.1		87.5		(4.2	)		(5.3	)		(4.0	)
KS		7.4		8.4		4.4		8.2		3.2		1.8		0.5		4.2		5.2		1.2		0.4		45.0		43.7		2.8			(0.4	)		3.0
KY		20.8		21.1		13.4		3.3		5.9		4.0		1.0		20.7		16.0		4.5		1.5		112.2		109.8		(0.9	)		3.9			2.2
MD		13.2		6.6		10.9		9.8		1.2		1.4		0.4		0.3		1.7		0.6		0.8		46.9		47.3		(3.6	)		19.9			(1.0	)
MI		30.7		21.7		13.9		14.8		11.9		6.4		1.9		11.4		13.9		3.3		2.2		132.2		139.4		(8.0	)		0.3			(5.2	)
MN		19.6		16.0		8.2		6.9		3.4		2.5		1.3		6.3		5.5		3.3		1.4		74.4		76.9		(7.4	)		7.1			(3.2	)
MO		20.8		19.9		13.5		14.1		6.0		3.0		1.3		3.1		4.6		1.1		2.0		89.4		91.2		(5.6	)		15.6			(1.9	)
MT		12.3		7.0		6.7		0.1		1.0		0.5		0.5		1.1		1.0		0.2		0.3		30.9		30.5		(3.7	)		96.0			1.2
NE		6.0		5.7		3.2		7.0		1.4		0.9		0.5		0.8		0.9		0.3		0.3		27.1		28.8		(7.0	)		(4.0	)		(5.8	)
NH		2.7		1.9		1.3		2.4		0.8		0.6		0.1		0.6		0.7		0.3		0.3		11.7		11.2		3.0			(0.4	)		4.5
NM		2.6		1.0		1.4		0.6		0.1		0.7		0.1		-		-		-		0.2		6.8		3.8		69.8			8.1			74.7
NY		30.7		9.4		11.7		2.4		1.3		2.8		0.7		-		-		-		0.5		59.6		54.1		9.2			(0.1	)		10.1
NC		32.4		27.4		20.0		24.4		13.1		7.7		1.8		5.9		5.3		3.4		1.9		143.4		151.8		(12.6	)		146.7			(5.5	)
ND		4.9		3.8		2.6		-		0.9		0.7		0.3		0.5		0.5		0.2		0.1		14.4		14.8		(3.6	)		2.7			(2.5	)
OH		139.3		90.0		61.0		-		20.9		23.0		5.1		119.8		85.1		31.4		5.4		580.6		611.8		(5.8	)		(5.1	)		(5.1	)
PA		43.4		29.1		27.8		46.2		9.5		5.7		1.8		7.2		5.8		3.5		1.4		181.5		190.2		(5.6	)		(2.2	)		(4.6	)
SC		11.3		8.1		6.8		4.9		2.4		2.4		0.4		0.5		0.4		0.3		0.6		38.1		43.2		(15.2	)		280.5			(11.7	)
SD		3.5		2.2		1.6		3.4		0.5		0.7		0.1		-		-		-		0.1		12.2		14.7		(17.8	)		(12.9	)		(17.2	)
TN		21.3		18.8		13.2		9.6		9.1		4.9		1.2		8.6		8.9		3.3		1.1		100.0		103.1		(5.7	)		3.0			(3.0	)
TX		5.3		5.5		3.0		1.8		0.3		0.5		0.4		-		-		-		0.8		17.7		5.2		224.0			94.7			239.8
UT		11.4		5.6		6.4		0.1		0.6		2.3		0.4		1.4		0.5		0.1		1.1		30.0		27.8		(2.1	)	nm				7.8
VT		4.8		4.1		2.9		5.5		1.1		0.9		0.3		0.7		0.9		0.3		0.4		21.8		23.3		(8.2	)		(4.5	)		(6.5	)
VA		28.8		22.5		18.0		17.2		4.9		6.3		1.3		9.1		7.6		3.0		1.4		120.3		130.7		(10.1	)		(1.4	)		(8.0	)
WA		2.2		1.0		1.3		-		-		0.2		0.1		-		-		-		0.4		5.1		1.6		194.2			16.6			220.7
WV		7.6		5.1		4.7		0.8		2.4		1.2		0.4		-		0.6		0.2		1.0		23.8		22.9		0.9			(8.1	)		3.9
WI		25.6		16.3		11.2		24.6		4.3		2.5		1.7		8.3		7.0		3.4		1.5		106.4		110.1		(4.2	)		(4.1	)		(3.4	)
WY		0.9		0.2		0.1		-		-		0.1		-		-		-		-		-		1.4		0.9		52.6			32.2			52.4
All Other		2.8		2.5		2.8		3.9		0.3		1.4		0.1		-		0.1		-		-		13.7		12.9		6.5			6.5			6.5
Total	$	729.7	$	540.3	$	389.5	$	333.7	$	156.8	$	117.4	$	34.6	$	326.6	$	294.2	$	97.3	$	41.6	$	3,061.7	$	3,166.3		(5.6	)		0.6			(3.3	)
Other Direct		-		1.3		-		3.5		-		-		-		-		2.3		-		-		7.2		11.6		(47.4	)		(2.1	)		(38.2	)
Total Direct	$	729.7	$	541.6	$	389.5	$	337.2	$	156.8	$	117.4	$	34.6	$	326.6	$	296.5	$	97.3	$	41.6	$	3,068.9	$	3,177.9		(5.7	)		0.6			(3.4	)

Surplus direct premiums written were $41.6 million and $14.4 million for the twelve months ended December 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.

14

Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	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
Commercial casualty:
Written premiums	$	156		$	168		$	171		$	209		$	183		$	171		$	199		$	211		$	379		$	410		$	548		$	582		$	704		$	764
Earned premiums		166			180			180			187			183			196			194			190			366			384			546			580			712			763
Loss and loss expenses ratio		64.7	%		45.0	%		54.2	%		55.2	%		23.9	%		44.4	%		39.8	%		58.3	%		54.7	%		48.9	%		51.5	%		47.4	%		54.6	%		41.7	%
Less catastrophe loss ratio		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Loss and loss expenses excluding catastrophe loss ratio		64.7	%		45.0	%		54.2	%		55.2	%		23.9	%		44.4	%		39.8	%		58.3	%		54.7	%		48.9	%		51.5	%		47.4	%		54.6	%		41.7	%
Commercial property:
Written premiums	$	115		$	124		$	113		$	132		$	117		$	117		$	124		$	124		$	245		$	247		$	370		$	364		$	485		$	481
Earned premiums		122			122			120			121			122			120			123			122			241			244			362			364			485			487
Loss and loss expenses ratio		34.9	%		42.8	%		88.3	%		69.0	%		47.2	%		70.0	%		97.6	%		75.5	%		78.6	%		86.6	%		66.6	%		81.1	%		58.6	%		72.6	%
Less catastrophe loss ratio		(5.1	)		0.6			23.5			7.4			(5.3	)		15.6			38.0			16.5			15.4			27.3			10.4			23.4			6.6			16.2
Loss and loss expenses excluding catastrophe loss ratio		40.0	%		42.2	%		64.8	%		61.6	%		52.5	%		54.4	%		59.6	%		59.0	%		63.2	%		59.3	%		56.2	%		57.7	%		52.1	%		56.4	%
Commercial auto:
Written premiums	$	93		$	92		$	94		$	110		$	94		$	93		$	108		$	107		$	204		$	215		$	296		$	308		$	388		$	402
Earned premiums		98			99			98			99			103			103			104			101			197			205			296			308			394			411
Loss and loss expenses ratio		69.3	%		67.9	%		62.5	%		59.7	%		94.8	%		63.2	%		67.5	%		63.4	%		61.1	%		65.5	%		63.4	%		64.7	%		64.9	%		72.3	%
Less catastrophe loss ratio		0.4			(0.8	)		3.3			(0.1	)		(0.8	)		0.1			3.4			(0.4	)		1.6			1.5			0.8			1.0			0.7			0.6
Loss and loss expenses excluding catastrophe loss ratio		68.9	%		68.7	%		59.2	%		59.8	%		95.6	%		63.1	%		64.1	%		63.8	%		59.5	%		64.0	%		62.6	%		63.7	%		64.2	%		71.7	%
Workers' compensation:
Written premiums	$	71		$	69		$	79		$	104		$	89		$	84		$	95		$	114		$	183		$	209		$	252		$	293		$	323		$	382
Earned premiums		74			82			88			83			93			93			94			94			171			189			253			282			326			375
Loss and loss expenses ratio		137.1	%		110.2	%		130.2	%		117.5	%		128.2	%		90.9	%		78.3	%		64.8	%		124.0	%		71.5	%		119.5	%		77.9	%		123.5	%		90.4	%
Less catastrophe loss ratio		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Loss and loss expenses excluding catastrophe loss ratio		137.1	%		110.2	%		130.2	%		117.5	%		128.2	%		90.9	%		78.3	%		64.8	%		124.0	%		71.5	%		119.5	%		77.9	%		123.5	%		90.4	%
Specialty package:
Written premiums	$	37		$	38		$	35		$	38		$	37		$	36		$	36		$	37		$	73		$	73		$	110		$	109		$	148		$	145
Earned premiums		37			37			37			35			36			35			36			35			72			72			110			107			147			144
Loss and loss expenses ratio		40.5	%		33.5	%		114.3	%		96.0	%		40.6	%		80.2	%		109.7	%		63.4	%		105.4	%		86.8	%		81.0	%		84.6	%		70.6	%		73.5	%
Less catastrophe loss ratio		(10.2	)		(18.2	)		68.8			13.7			(3.8	)		12.2			43.9			8.1			41.9			26.2			21.5			21.5			13.4			15.2
Loss and loss expenses excluding catastrophe loss ratio		50.7	%		51.7	%		45.5	%		82.3	%		44.4	%		68.0	%		65.8	%		55.3	%		63.5	%		60.6	%		59.5	%		63.1	%		57.2	%		58.3	%
Surety and executive risk:
Written premiums	$	23		$	28		$	25		$	25		$	24		$	29		$	28		$	25		$	50		$	54		$	78		$	82		$	101		$	107
Earned premiums		27			27			25			25			28			27			28			25			50			53			77			80			104			107
Loss and loss expenses ratio		95.7	%		85.6	%		67.0	%		30.3	%		76.5	%		73.6	%		92.0	%		45.9	%		48.8	%		70.1	%		61.7	%		71.3	%		70.5	%		72.6	%
Less catastrophe loss ratio		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Loss and loss expenses excluding catastrophe loss ratio		95.7	%		85.6	%		67.0	%		30.3	%		76.5	%		73.6	%		92.0	%		45.9	%		48.8	%		70.1	%		61.7	%		71.3	%		70.5	%		72.6	%
Machinery and equipment:
Written premiums	$	8		$	9		$	7		$	8		$	8		$	8		$	7		$	7		$	15		$	14		$	24		$	22		$	32		$	30
Earned premiums		8			8			8			7			8			7			7			7			15			14			23			22			31			29
Loss and loss expense ratio		(47.6	)%		38.4	%		39.7	%		59.3	%		50.4	%		32.4	%		34.1	%		53.3	%		49.3	%		43.6	%		45.6	%		39.8	%		21.6	%		42.5	%
Less catastrophe loss ratio		(3.5	)		(0.1	)		1.2			4.5			(0.2	)		2.8			1.0			-			2.8			0.6			1.8			1.3			0.5			0.9
Loss and loss expense excluding catastrophe loss ratio		(44.1	)%		38.5	%		38.5	%		54.8	%		50.6	%		29.6	%		33.1	%		53.3	%		46.5	%		43.0	%		43.8	%		38.5	%		21.1	%		41.6	%

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

15

Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	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
Personal auto:
Written premiums	$	77		$	90		$	89		$	68		$	73		$	88		$	89		$	69		$	157		$	158		$	246		$	246		$	324		$	320
Earned premiums		80			80			80			79			80			81			82			83			159			164			239			245			319			325
Loss and loss expenses ratio		71.8	%		64.9	%		75.7	%		63.6	%		81.0	%		63.7	%		56.8	%		67.6	%		69.7	%		62.2	%		68.1	%		62.7	%		69.0	%		67.2	%
Less catastrophe loss ratio		(0.8< /font>	)		0.6			3.1			0.3			(1.6	)		1.7			3.1			1.7			1.7			2.4			1.4			2.2			0.8			1.2
Loss and loss expenses excluding catastrophe loss ratio		72.6	%		64.3	%		72.6	%		63.3	%		82.6	%		62.0	%		53.7	%		65.9	%		68.0	%		59.8	%		66.7	%		60.5	%		68.2	%		66.0	%
Homeowner:
Written premiums	$	68		$	75		$	76		$	56		$	65		$	72		$	79		$	60		$	132		$	139		$	208		$	212		$	275		$	277
Earned premiums		69			68			70			70			69			64			71			72			140			143			207			208			276			277
Loss and loss expenses ratio		53.0	%		96.4	%		147.8	%		132.9	%		52.9	%		122.8	%		130.7	%		91.4	%		140.3	%		110.9	%		126.0	%		114.6	%		107.8	%		99.2	%
Less catastrophe loss ratio		(2.6< /font>	)		18.0			77.6			51.5			(8.5	)		54.5			60.0			25.2			64.5			42.5			49.4			46.2			36.4< /font>			32.5
Loss and loss expenses excluding catastrophe loss ratio		55.6	%		78.4	%		70.2	%		81.4	%		61.4	%		68.3	%		70.7	%		66.2	%		75.8	%		68.4	%		76.6	%		68.4	%		71.4	%		66.7	%
Other personal:
Written premiums	$	22		$	25		$	25		$	21		$	21		$	24		$	23		$	21		$	45		$	44		$	70		$	67		$	92		$	88
Earned premiums		23			22			22			22			22			22			21			22			44			44			67			65			90			87
Loss and loss expenses ratio		33.8	%		33.8	%		42.6	%		37.8	%		51.8	%		91.5	%		43.2	%		62.2	%		40.2	%		52.9	%		38.0	%		65.8	%		36.9	%		62.2	%
Less catastrophe loss ratio		0.5			3.4			18.7			11.0			0.4			14.5			8.0			4.1			14.8			6.0			11.0			8.9			8.3			6.7
Loss and loss expenses excluding catastrophe loss ratio		33.3	%		30.4	%		23.9	%		26.8	%		51.4	%		77.0	%		35.2	%		58.1	%		25.4	%		46.9	%		27.0	%		56.9	%		28.6	%		55.5	%

*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.

16

Consolidated Cincinnati Insurance Companies

Quarterly Detailed Loss Analysis

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	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	$	549		$	542		$	529		$	482		$	610		$	566		$	532		$	467		$	1,010		$	999		$	1,553		$	1,563		$	2,102		$	2,175
Loss and loss expenses - prior AY's		(73	)		(89	)		(27	)		9			(120	)		(107	)		(87	)		(9	)		(18	)		(96	)		(107	)		(201	)		(181	)		(320	)
Catastrophes - current AY		(11	)		8			120			55			(17	)		59			113			47			175			160			183			220			172			203
Catastrophes - prior AY's		(1	)		(2	)		(2	)		(2	)		1			3			-			(4	)		(4	)		(4	)		(6	)		(1	)		(7	)		-
Total	$	464		$	459		$	620		$	544		$	474		$	521		$	558		$	501		$	1,163		$	1,059		$	1,623		$	1,581		$	2,086		$	2,058
Ratio to Earned Premiums
Loss and loss expenses :
Loss and loss expenses - current AY		77.0	%		73.9	%		72.1	%		65.8	%		81.7	%		75.3	%		69.7	%		62.2	%		69.0	%		66.0	%		70.6	%		69.1	%		72.2	%		72.2	%
Loss and loss expenses - prior AY's		(10.3	)		(12.1	)		(3.7	)		1.2			(16.2	)		(14.0	)		(11.3	)		(1.2	)		(1.2	)		(6.3	)		(4.9	)		(8.9	)		(6.2	)		(10.7	)
Catastrophes - current AY		(1.6	)		1.2			16.3			7.5			(2.0	)		8.0			15.0			6.2			11.9			10.5			8.4			9.7			5.9			6.8
Catastrophes - prior AY's		(0.1	)		(0.3	)		(0.2	)		(0.3	)		0.1			0.4			(0.1	)		(0.5	)		(0.3	)		(0.2	)		(0.3	)		0.0			(0.2	)		0.0
Total		65.0	%		62.7	%		84.5	%		74.2	%		63.6	%		69.7	%		73.3	%		66.7	%		79.4	%		70.0	%		73.8	%		69.9	%		71.7	%		68.3	%
Commercial Lines
Loss and loss expenses:
Loss and loss expenses - current AY	$	423		$	407		$	403		$	363		$	464		$	437		$	416		$	354		$	766		$	770		$	1,173		$	1,208		$	1,596		$	1,672
Loss and loss expenses - prior AY's		(57	)		(71	)		(18	)		11			(97	)		(89	)		(74	)		(11	)		(7	)		(85	)		(78	)		(174	)		(135	)		(270	)
Catastrophes - current AY		(8	)		(4	)		61			17			(9	)		22			66			25			78			92			74			114			66			105
Catastrophes - prior AY's		(2	)		(3	)		(4	)		(3	)		-			1			-			(3	)		(7	)		(3	)		(10	)		(2	)		(12	)		(2	)
Total	$	356		$	329		$	442		$	388		$	358		$	371		$	408		$	365		$	830		$	774		$	1,159		$	1,146		$	1,515		$	1,505
Ratio to Earned Premiums
Loss and loss expenses:
Loss and loss expenses - current AY		79.5	%		73.3	%		72.5	%		65.2	%		80.8	%		75.0	%		70.8	%		61.6	%		68.8	%		66.4	%		70.4	%		69.3	%		72.5	%		72.1	%
Loss and loss expenses - prior AY's		(10.8	)		(12.8	)		(3.2	)		2.1			(16.8	)		(15.2	)		(12.4	)		(1.9	)		(0.6	)		(7.3	)		(4.6	)		(10.0	)		(6.1	)		(11.7	)
Catastrophes - current AY		(1.5	)		(0.6	)		10.9			3.1			(1.3	)		3.8			11.4			4.5			7.0			7.9			4.4			6.5			3.0			4.6
Catastrophes - prior AY's		(0.3	)		(0.6	)		(0.7	)		(0.6	)		(0.2	)		0.2			(0.1	)		(0.6	)		(0.6	)		(0.3	)		(0.6	)		(0.1	)		(0.5	)		(0.1	)
Total		66.9	%		59.3	%		79.5	%		69.8	%		62.5	%		63.8	%		69.7	%		63.6	%		74.6	%		66.7	%		69.6	%		65.7	%		68.9	%		64.9	%
Personal Lines
Loss and loss expenses:
Loss and loss expenses - current AY	$	120		$	130		$	121		$	115		$	143		$	128		$	114		$	113		$	237		$	228		$	366		$	356		$	486		$	499
Loss and loss expenses - prior AY's		(16	)		(18	)		(9	)		(2	)		(23	)		(17	)		(12	)		2			(12	)		(11	)		(29	)		(28	)		(45	)		(51	)
Catastrophes - current AY		(3	)		12			59			38			(8	)		38			47			22			97			68			109			106			106			98
Catastrophes - prior AY's		1			1			2			1			1			2			-			(1	)		3			(1	)		4			1			4			2
Total	$	102		$	125		$	173		$	152		$	113		$	151		$	149		$	136		$	325		$	284		$	450		$	435		$	551		$	548
Ratio to Earned Premiums
Loss and loss expenses:
Loss and loss expenses - current AY		69.6	%		76.1	%		70.9	%		67.4	%		83.3	%		76.3	%		65.6	%		64.1	%		69.0	%		64.8	%		71.3	%		68.6	%		70.9	%		72.2	%
Loss and loss expenses - prior AY's		(9.0	)		(10.7	)		(5.4	)		(1.4	)		(13.3	)		(10.0	)		(7.2	)		1.0			(3.4	)		(3.1	)		(5.8	)		(5.3	)		(6.6	)		(7.3	)
Catastrophes - current AY		(1.7	)		7.3			34.3			22.0			(4.2	)		22.9			27.0			11.9			28.1			19.4			21.2			20.6			15.4			14.4
Catastrophes - prior AY's		0.3			0.6			1.1			0.6			0.1			0.9			0.0			(0.3	)		0.9			(0.1	)		0.8			0.1			0.7			0.1
Total		59.2	%		73.3	%		100.9	%		88.6	%		65.9	%		90.1	%		85.4	%		76.7	%		94.6	%		81.0	%		87.5	%		84.0	%		80.4	%		79.4	%

17

Consolidated Cincinnati Insurance Companies

10-Year Property Casualty Data - Consolidated

(Dollars in millions)	Years ended December 31,
	2009			2008			2007			2006			2005			2004			2003			2002			2001			2000
Premiums
Adjusted written premiums – statutory*	$	2,919		$	3,040		$	3,149		$	3,172		$	3,097		$	3,026		$	2,789		$	2,496		$	2,188		$	1,936
Codification		-			-			-			-			-			-			-			-			402			(55	)
Written premium adjustment – statutory		(8	)		(30	)		(32	)		6			(21	)		(29	)		26			117			-			-
Reported written premiums – statutory**		2,911			3,010			3,117			3,178			3,076			2,997			2,815			2,613			2,590			1,881
Unearned premium change		-			-			8			(14	)		(18	)		(78	)		(162	)		(222	)		(517	)		(53	)
Earned premiums (GAAP)	$	2,911		$	3,010		$	3,125		$	3,164		$	3,058		$	2,919		$	2,653		$	2,391		$	2,073		$	1,828
Year-over-year growth rate:
Adjusted written premiums – statutory		(4.0	)%		(3.5	)%		(0.7	)%		2.4	%		2.3	%		8.5	%		11.7	%		14.0	%		13.0	%		15.2	%
Written premiums – statutory		(3.3	)%		(3.4	)%		(1.9	)%		3.3	%		2.6	%		6.5	%		7.7	%		0.9	%		37.7	%		11.9	%
Earned premiums		(3.3	)%		(3.7	)%		(1.2	)%		3.5	%		4.8	%		10.0	%		11.0	%		15.3	%		13.4	%		10.3	%
Statutory combined ratio
Reported statutory combined ratio*		104.4	%		100.4	%		90.3	%		93.9	%		89.0	%		89.4	%		94.2	%		98.4	%		99.5	%		112.5	%
Codification		-			-			-			-			-			-			-			-			4.1			(0.9	)
Written premium adjustment – statutory	nm			nm			nm			nm			nm			nm			nm				1.2			-			-
One-time item		-			-			-			-			-			-			0.8			-			-			(1.7	)
Statutory combined ratio (adjusted)		104.4	%		100.4	%		90.3	%		93.9	%		89.0	%		89.4	%		95.0	%		99.6	%		103.6	%		109.9	%
Less catastrophe losses		5.7			6.8			0.8			5.5			4.1			5.1			3.6			3.6			3.1			2.7
Statutory combined ratio excluding catastrophe losses (adjusted)		98.7	%		93.6	%		89.5	%		88.4	%		84.9	%		84.3	%		91.4	%		96.0	%		100.5	%		107.2	%
Reported commission expense ratio*		19.0	%		18.4	%		19.2	%		18.7	%		19.3	%		19.2	%		17.6	%		15.9	%		13.9	%		17.4	%
Codification		-			-			-			-			-			-			-			-			2.6			(0.5	)
Written premium adjustment – statutory	nm			nm			nm			nm			nm			nm			nm				0.8			-			-
Commission expense ratio (adjusted)		19.0	%		18.4	%		19.2	%		18.7	%		19.3	%		19.2	%		17.6	%		16.7	%		16.5	%		16.9	%
Reported other expense ratio*		13.7	%		13.7	%		12.5	%		11.7	%		10.5	%		10.1	%		8.9	%		9.6	%		8.7	%		12.6	%
Codification		-			-			-			-			-			-			-			-			1.5			(0.4	)
Written premium adjustment – statutory	nm			nm			nm			nm			nm			nm			nm				0.4			-			-
One-time item		-			-			-			-			-			-			0.8			-			-			(1.7	)
Other expense ratio (adjusted)		13.7	%		13.7	%		12.5	%		11.7	%		10.5	%		10.1	%		9.7	%		10.0	%		10.2	%		10.5	%
Reported statutory expense ratio*		32.7	%		32.1	%		31.7	%		30.4	%		29.8	%		29.3	%		26.5	%		25.5	%		22.6	%		30.0	%
Codification		-			-			-			-			-			-			-			-			4.1			(0.9	)
Written premium adjustment – statutory	nm			nm			nm			nm			nm			nm			nm				1.2			-			-
One-time item		-			-			-			-			-			-			0.8			-			-			(1.7	)
Statutory expense ratio (adjusted)		32.7	%		32.1	%		31.7	%		30.4	%		29.8	%		29.3	%		27.3	%		26.7	%		26.7	%		27.4	%
GAAP combined ratio
GAAP combined ratio		104.5	%		100.6	%		90.3	%		94.3	%		89.2	%		89.8	%		94.7	%		99.7	%		104.9	%		112.8	%
One-time item		-			-			-			-			-			-			0.8			-			-			(2.1	)
GAAP combined ratio before one-time item		104.5	%		100.6	%		90.3	%		94.3	%		89.2	%		89.8	%		95.5	%		99.7	%		104.9	%		110.7	%
Written premiums to surplus
Adjusted premiums to statutory surplus ratio		0.800			0.905			0.731			0.668			0.739			0.721			1.002			1.067			0.864
Written premium adjustment		(0.002	)		(0.009	)		(0.007	)		0.001			(0.005	)		(0.007	)		0.010			0.050			0.159
Reported premiums to statutory surplus ratio		0.798			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.

18

Consolidated Cincinnati Insurance Companies

6-Year Property Casualty Data - Commercial Lines

(Dollars in millions)	Years ended December 31,
	2009			2008			2007			2006			2005			2004
Premiums
Adjusted written premiums – statutory*	$	2,190		$	2,341		$	2,444		$	2,435		$	2,306		$	2,209
Written premium adjustment – statutory		(9	)		(30	)		(31	)		7			(16	)		(23	)
Reported written premiums – statutory	$	2,181		$	2,311		$	2,413		$	2,442		$	2,290		$	2,186
Unearned premium change		18			5			(2	)		(40	)		(36	)		(60	)
Earned premiums (GAAP)	$	2,199		$	2,316		$	2,411		$	2,402		$	2,254		$	2,126
Year-over-year growth rate:
Adjusted written premiums – statutory		(6.5	)%		(4.2	)%		0.4	%		5.6	%		4.4	%		10.0	%
Written premiums – statutory		(5.6	)%		(4.2	)%		(1.2	)%		6.7	%		4.7	%		7.6	%
Earned premiums		(5.1	)%		(3.9	)%		0.4	%		6.6	%		6.0	%		11.4	%
Statutory combined ratio
Reported statutory combined ratio*		101.8	%		96.6	%		89.2	%		90.8	%		87.1	%		83.7	%
Less catastrophe losses		2.5			4.5			0.7			3.7			3.4			3.4
Statutory combined ratio excluding catastrophe losses (adjusted)		99.3	%		92.1	%		88.5	%		87.1	%		83.7	%		80.3	%
GAAP combined ratio
GAAP combined ratio		101.6	%		97.0	%		89.2	%		91.3	%		87.4	%		84.1	%

*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.

19

Consolidated Cincinnati Insurance Companies

6-Year Property Casualty Data - Personal Lines

(Dollars in millions)	Years ended December 31,
	2009			2008			2007			2006			2005			2004
Premiums
Adjusted written premiums – statutory*	$	690		$	685		$	705		$	737		$	791		$	817
Written premium adjustment – statutory		1			-			(1	)		(1	)		(5	)		(6	)
Reported written premiums – statutory	$	691		$	685		$	704		$	736		$	786		$	811
Unearned premium change		(6	)		4			10			26			18			(18	)
Earned premiums (GAAP)	$	685		$	689		$	714		$	762		$	804		$	793
Year-over-year growth rate:
Adjusted written premiums – statutory		0.7	%		(2.8	)%		(4.3	)%		(6.8	)%		(3.2	)%		4.7	%
Written premiums – statutory		0.9	%		(2.7	)%		(4.3	)%		(6.4	)%		(3.1	)%		3.4	%
Earned premiums		(0.6	)%		(3.5	)%		(6.3	)%		(5.2	)%		1.4	%		6.4	%
Statutory combined ratio
Reported statutory combined ratio*		111.4	%		111.6	%		94.1	%		103.6	%		94.3	%		104.6	%
Less catastrophe losses		16.1			14.5			1.3			11.3			6.3			9.7
Statutory combined ratio excluding catastrophe losses (adjusted)		95.3	%		97.1	%		92.8	%		92.3	%		88.0	%		94.9	%
GAAP combined ratio
GAAP combined ratio		111.8	%		111.9	%		93.9	%		103.6	%		94.4	%		105.0	%

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

 *nm - - Not meaningful

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

20

Cincinnati Insurance Group (Excludes CSU)

Loss and Loss Expense Analysis

(In millions)			Paid										Loss												Loss
	Paid		loss		Total		Case			IBNR			expense			Total			Case			IBNR			expense		Total
	losses		expense		paid		reserves			reserves			reserves			reserves			incurred			incurred			incurred		incurred
Gross loss and loss expense incurred at December 31, 2009
Commercial casualty	$	267	$	126	$	394	$	(2	)	$	(18	)	$	14		$	(6	)	$	265		$	(18	)	$	140	$	388
Commercial property		326		46		372		(51	)		9			(1	)		(43	)		276			9			45		329
Commercial auto		228		40		268		(10	)		(1	)		(1	)		(12	)		218			(1	)		39		256
Workers' compensation		244		40		284		7			105			17			129			250			105			57		413
Specialty packages		90		17		107		(6	)		4			-			(2	)		84			4			17		105
Surety and executive risk		55		11		66		(1	)		2			5			6			55			2			16		72
Machinery and equipment		8		1		9		(2	)		-			-			(2	)		6			-			1		7
Total commercial lines		1,218		282		1,500		(64	)		100			34			70			1,154			100			316		1,570
Personal auto		202		30		233		(11	)		(1	)		-			(11	)		192			(1	)		30		221
Homeowners		273		35		308		(10	)		9			1			-			262			9			36		308
Other personal		46		6		51		(8	)		(10	)		(2	)		(21	)		37			(10	)		4		31
Total personal lines		521		71		592		(30	)		(2	)		(1	)		(32	)		491			(2	)		70		559
Total property casualty group	$	1,739	$	353	$	2,092	$	(94	)	$	98		$	33		$	38		$	1,645		$	98		$	386	$	2,129
Ceded loss and loss expense incurred at December 31, 2009
Commercial casualty	$	42	$	9	$	51	$	(41	)	$	(9	)	$	(1	)	$	(52	)	$	1		$	(9	)	$	8	$	(1	)
Commercial property		65		1		67		(25	)		4			-			(22	)		40			4			1		45
Commercial auto		2		-		2		(2	)		-			-			(2	)		-			-			-		-
Workers' compensation		13		1		14		(6	)		3			-			(4	)		7			3			1		10
Specialty packages		2		-		2		(1	)		1			-			(1	)		1			1			-		2
Surety and executive risk		14		2		16		(17	)		-			-			(17	)		(3	)		-			2		(1	)
Machinery and equipment		-		-		-		-			-			-			-			-			-			-		-
Total commercial lines		138		13		151		(93	)		(2	)		(1	)		(96	)		45			(2	)		12		55
Personal auto		1		-		1		-			-			-			-			1			-			-		1
Homeowners		17		-		17		(10	)		3			-			(8	)		7			3			-		10
Other personal		1		-		1		(1	)		(3	)		-			(4	)		-			(3	)		-		(3	)
Total personal lines		19		-		19		(11	)		-			-			(11	)		8			-			-		7
Total property casualty group	$	157	$	13	$	170	$	(104	)	$	(2	)	$	(1	)	$	(108	)	$	53		$	(2	)	$	12	$	62
Net loss and loss expense incurred at December 31, 2009
Commercial casualty	$	225	$	117	$	343	$	39		$	(9	)	$	15		$	46		$	265		$	(9	)	$	133	$	389
Commercial property		261		45		306		(25	)		5			(1	)		(22	)		236			5			43		284
Commercial auto		227		40		267		(9	)		(1	)		(1	)		(11	)		218			(1	)		39		256
Workers' compensation		231		40		270		13			103			17			133			244			103			57		403
Specialty packages		88		17		105		(5	)		4			-			(1	)		83			4			17		104
Surety and executive risk		42		9		51		16			2			5			22			58			2			14		73
Machinery and equipment		7		1		8		(2	)		-			-			(2	)		6			-			1		7
Total commercial lines		1,080		268		1,349		28			102			35			166			1,109			102			303		1,515
Personal auto		202		30		232		(11	)		(1	)		-			(11	)		191			(1	)		30		220
Homeowners		255		35		290		-			6			1			8			255			6			36		298
Other personal		44		6		50		(8	)		(7	)		(2	)		(17	)		37			(7	)		4		33
Total personal lines		501		71		572		(18	)		(2	)		-			(21	)		483			(2	)		70		551
Total property casualty group	$	1,582	$	339	$	1,921	$	10		$	101		$	35		$	145		$	1,592		$	101		$	374	$	2,066

*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

21

Consolidated Cincinnati Insurance Companies

Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	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	$	635		$	669		$	666		$	695		$	669		$	687		$	738		$	733		$	1,361		$	1,472		$	2,030		$	2,159		$	2,665		$	2,828
Agency new business written premiums		94			107			107			97			100			93			100			76			204			175			311			268			405			368
Ceded written premiums		(39	)		(42	)		(40	)		(39	)		(42	)		(50	)		(37	)		(38	)		(79	)		(75	)		(122	)		(125	)		(161	)		(165	)
Other written premiums		2			2			2			2			2			4			1			2			5			3			7			7			9			9
Written premium adjustment – statutory		(13	)		(6	)		(12	)		23			(13	)		(7	)		(12	)		3			11			(9	)		5			(17	)		(8	)		(30	)
Reported written premiums – statutory*	$	680		$	730		$	723		$	778		$	717		$	727		$	790		$	776		$	1,501		$	1,566		$	2,231		$	2,292		$	2,911		$	3,010
Unearned premium change		33			3			10			(46	)		30			24			(29	)		(25	)		(36	)		(54	)		(33	)		(30	)		-			-
Earned premiums	$	713		$	733		$	733		$	732		$	747		$	751		$	761		$	751		$	1,465		$	1,512		$	2,198		$	2,262		$	2,911		$	3,010
Year over year change %
Agency renewal written premiums		(5.0	)%		(2.7	)%		(9.8	)%		(5.2	)%		(5.1	)%		(6.1	)%		(3.0	)%		(3.7	)%		(7.6	)%		(3.4	)%		(6.0	)%		(4.3	)%		(5.8	)%		(4.5	)%
Agency new business written premiums		(6.3	)		15.4			7.3			28.9			23.9			12.4			22.8			(6.3	)		16.6			8.3			16.0			9.8			9.9			13.4
Ceded written premiums		(7.2	)		(14.6	)		7.1			4.6			1.0			20.8			(4.6	)		(1.1	)		5.8			(2.9	)		(2.4	)		5.4			(3.6	)		4.2
Other written premiums		(8.7	)		(31.5	)		81.6			32.5			(50.6	)		(39.1	)		(74.6	)		(71.8	)		53.5			(73.1	)		7.9			(61.6	)		3.7			(59.3	)
Written premium adjustment – statutory		(3.8	)		(20.3	)		(0.3	)		661.2			(48.0	)		(81.6	)		(900.0	)		(91.5	)		(220.8	)		(124.3	)		(126.5	)		161.5			(73.3	)		(4.8	)
Reported written premiums – statutory*		(5.1	)		0.5			(8.5	)		0.3			(1.0	)		(1.3	)		(2.5	)		(8.3	)		(4.2	)		(5.4	)		(2.7	)		(4.2	)		(3.3	)		(3.4	)
Statutory combined ratio
Statutory combined ratio		99.1	%		96.9	%		116.6	%		105.1	%		100.2	%		102.8	%		101.5	%		97.2	%		110.8	%		99.4	%		106.2	%		100.5	%		104.4	%		100.4	%
Contribution from catastrophe losses		(1.7	)		0.9			16.1			7.2			(2.1	)		8.4			14.9			5.7			11.6			10.3			8.1			9.7			5.7			6.8
Statutory combined ratio excluding catastrophe losses		100.8	%		96.0	%		100.5	%		97.9	%		102.3	%		94.4	%		86.6	%		91.5	%		99.2	%		89.1	%		98.1	%		90.8	%		98.7	%		93.6	%
Commission expense ratio		20.4	%		20.1	%		18.2	%		17.7	%		20.8	%		17.7	%		17.4	%		17.7	%		17.9	%		17.5	%		18.7	%		17.6	%		19.0	%		18.4	%
Other expense ratio		13.7			14.1			13.8			13.2			15.9			15.4			10.7			12.9			13.5			11.8			13.7			12.8			13.7			13.7
Statutory expense ratio		34.1	%		34.2	%		32.0	%		30.9	%		36.7	%		33.1	%		28.1	%		30.6	%		31.4	%		29.3	%		32.4	%		30.4	%		32.7	%		32.1	%
GAAP combined ratio
GAAP combined ratio		98.6	%		95.1	%		116.6	%		107.5	%		98.9	%		101.3	%		103.5	%		98.6	%		112.1	%		101.1	%		106.4	%		101.0	%		104.5	%		100.6	%
Contribution from catastrophe losses		(1.7	)		0.9			16.1			7.2			(2.1	)		8.4			14.9			5.7			11.6			10.3			8.1			9.7			5.7			6.8
GAAP combined ratio excluding catastrophe losses		100.3	%		94.2	%		100.5	%		100.3	%		101.0	%		92.9	%		88.6	%		92.9	%		100.5	%		90.8	%		98.3	%		91.3	%		98.8	%		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.

22

Consolidated Cincinnati Insurance Companies

Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	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	$	478		$	489		$	488		$	557		$	514		$	502		$	552		$	588		$	1,045		$	1,140		$	1,535		$	1,642		$	2,013		$	2,156
Agency new business written premiums		67			76			79			76			83			77			87			66			155			153			231			229			298			312
Ceded written premiums		(31	)		(32	)		(32	)		(31	)		(23	)		(46	)		(31	)		(32	)		(64	)		(63	)		(96	)		(109	)		(127	)		(131	)
Other written premiums		2			2			1			1			(9	)		13			1			-			3			1			4			14			6			4
Written premium adjustment – statutory		(13	)		(6	)		(12	)		23			(13	)		(8	)		(12	)		3			11			(9	)		4			(17	)		(9	)		(30	)
Reported written premiums – statutory*	$	503		$	528		$	524		$	626		$	552		$	538		$	597		$	625		$	1,149		$	1,222		$	1,678		$	1,759		$	2,181		$	2,311
Unearned premium change		29			27			32			(69	)		21			44			(11	)		(51	)		(37	)		(61	)		(11	)		(16	)		18			5
Earned premiums	$	532		$	555		$	556		$	557		$	573		$	582		$	586		$	574		$	1,112		$	1,161		$	1,667		$	1,743		$	2,199		$	2,316
Year over year change %
Agency renewal written premiums		(6.9	)%		(2.5	)%		(11.6	)%		(5.2	)%		(5.9	)%		(7.7	)%		(2.9	)%		(4.0	)%		(8.3	)%		(3.5	)%		(6.5	)%		(4.8	)%		(6.6	)%		(5.1	)%
Agency new business written premiums		(19.5	)		(0.4	)		(8.9	)		14.9			16.4			6.0			21.2			(8.3	)		1.4			6.4			0.8			6.3			(4.6	)		8.8
Ceded written premiums		34.4			(29.2	)		3.2			0.2			(33.0	)		43.6			(1.6	)		2.8			1.7			0.6			(11.4	)		15.1			(3.4	)		2.4
Other written premiums		(116.5	)		(88.4	)		49.2		nm				(391.7	)		250.5			(73.4	)		(99.4	)		227.4			(89.2	)		(70.3	)		25.0			18.1			(66.5	)
Written premium adjustment – statutory		0.0			(18.8	)		4.2			666.7			(45.8	)		(81.6	)		(900.0	)		(91.5	)		(216.7	)		(124.3	)		(123.5	)		161.7			(70.0	)		(1.6	)
Reported written premiums – statutory*		(8.8	)		(1.8	)		(12.2	)		0.1			(1.9	)		(1.2	)		(2.7	)		(9.8	)		(5.9	)		(6.5	)		(4.7	)		(4.9	)		(5.6	)		(4.2	)
Statutory combined ratio
Statutory combined ratio		102.0	%		94.9	%		112.0	%		99.0	%		99.0	%		97.3	%		97.5	%		93.3	%		105.4	%		95.5	%		101.8	%		95.9	%		101.8	%		96.6	%
Contribution from catastrophe losses		(1.8	)		(1.2	)		10.2			2.5			(1.5	)		4.0			11.3			3.9			6.4			7.7			3.8			6.4			2.5			4.5
Statutory combined ratio excluding catastrophe losses		103.8	%		96.1	%		101.8	%		96.5	%		100.5	%		93.3	%		86.2	%		89.4	%		99.0	%		87.8	%		98.0	%		89.5	%		99.3	%		92.1	%
Commission expense ratio		20.0	%		20.3	%		18.1	%		16.4	%		20.8	%		18.1	%		16.9	%		16.5	%		17.2	%		16.7	%		18.2	%		17.1	%		18.6	%		18.0	%
Other expense ratio		15.1			15.3			14.4			12.8			15.7			15.4			10.9			13.2			13.5			12.1			14.0			13.1			14.3			13.7
Statutory expense ratio		35.1	%		35.6	%		32.5	%		29.2	%		36.5	%		33.5	%		27.8	%		29.7	%		30.7	%		28.8	%		32.2	%		30.2	%		32.9	%		31.7	%
GAAP combined ratio
GAAP combined ratio		100.8	%		92.4	%		110.9	%		102.2	%		98.1	%		94.9	%		99.9	%		95.0	%		106.6	%		97.4	%		101.9	%		96.6	%		101.6	%		97.0	%
Contribution from catastrophe losses		(1.8	)		(1.2	)		10.2			2.5			(1.5	)		4.0			11.3			3.9			6.4			7.7			3.8			6.4			2.5			4.5
GAAP combined ratio excluding catastrophe losses		102.6	%		93.6	%		100.7	%		99.7	%		99.6	%		90.9	%		88.6	%		91.1	%		100.2	%		89.7	%		98.1	%		90.2	%		99.1	%		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.

23

Consolidated Cincinnati Insurance Companies

Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	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	$	153		$	177		$	176		$	137		$	156		$	185		$	186		$	146		$	313		$	332		$	490		$	517		$	642		$	672
Agency new business written premiums		20			21			19			14			11			11			10			8			34			19			55			30			75			42
Ceded written premiums		(6	)		(9	)		(7	)		(7	)		(8	)		(13	)		(6	)		(6	)		(15	)		(12	)		(24	)		(26	)		(31	)		(33	)
Other written premiums		-			1			1			1			-			1			1			2			2			2			3			4			4			4
Written premium adjustment – statutory		-			-			-			-			-			-			-			-			-			-			-			-			1			-
Reported written premiums – statutory*	$	167		$	190		$	191		$	145		$	159		$	184		$	191		$	150		$	334		$	341		$	524		$	525		$	691		$	685
Unearned premium change		5			(20	)		(19	)		26			12			(17	)		(17	)		27			9			10			(11	)		(7	)		(6	)		4
Earned premiums	$	172		$	170		$	172		$	171		$	171		$	167		$	174		$	177		$	343		$	351		$	513		$	518		$	685		$	689
Year over year change %
Agency renewal written premiums		(1.8	)%		(4.7	)%		(5.3	)%		(6.0	)%		(2.3	)%		(1.6	)%		(3.3	)%		(2.8	)%		(5.6	)%		(3.1	)%		(5.3	)%		(2.5	)%		(4.5	)%		(2.5	)%
Agency new business written premiums		76.7			90.9			85.0			67.2			18.0			11.9			7.7			(0.5	)		76.9			3.9			82.0			6.7			80.6			9.6
Ceded written premiums		(8.0	)		(35.9	)		20.2			23.1			7.0			61.4			(17.3	)		(17.2	)		21.6			(17.3	)		(8.5	)		11.0			(8.4	)		10.1
Other written premiums		8.8			(30.4	)		128.2			(50.0	)		(64.9	)		(37.3	)		(76.2	)		(0.4	)		(7.6	)		(43.3	)		(16.0	)		(41.3	)		(13.2	)		(45.4	)
Written premium adjustment – statutory		0.0			0.0			0.0			0.0			(100.0	)		(100.0	)		0.0			(100.0	)		0.0			(100.0	)		0.0			(100.0	)		0.0			(100.0	)
Reported written premiums – statutory*		4.7			3.2			(0.4	)		(3.5	)		(1.4	)		(4.0	)		(3.0	)		(2.0	)		(1.8	)		(2.6	)		(0.1	)		(3.1	)		0.9			(2.7	)
Statutory combined ratio
Statutory combined ratio		89.4	%		102.8	%		130.5	%		123.9	%		102.1	%		120.6	%		114.3	%		110.8	%		126.8	%		112.2	%		118.7	%		114.9	%		111.4	%		111.6	%
Contribution from catastrophe losses		(1.4	)		7.9			35.4			22.6			(4.1	)		23.8			27.0			11.6			29.0			19.3			22.0			20.7			16.1			14.5
Statutory combined ratio excluding catastrophe losses		90.8	%		94.9	%		95.1	%		101.3	%		106.2	%		96.8	%		87.3	%		99.2	%		97.8	%		92.9	%		96.7	%		94.2	%		95.3	%		97.1	%
Commission expense ratio		20.9	%		19.1	%		18.0	%		22.5	%		21.2	%		16.4	%		18.6	%		22.3	%		20.0	%		20.2	%		19.6	%		18.9	%		20.0	%		19.5	%
Other expense ratio		9.3			10.4			11.7			12.9			15.0			14.0			10.3			11.8			12.2			11.0			11.6			12.0			11.0			12.7
Statutory expense ratio		30.2	%		29.5	%		29.7	%		35.4	%		36.2	%		30.4	%		28.9	%		34.1	%		32.2	%		31.2	%		31.2	%		30.9	%		31.0	%		32.2	%
GAAP combined ratio
GAAP combined ratio		90.9	%		102.3	%		133.2	%		120.7	%		100.0	%		122.5	%		115.3	%		110.1	%		126.9	%		112.7	%		118.7	%		115.9	%		111.8	%		111.9	%
Contribution from catastrophe losses		(1.4	)		7.9			35.4			22.6			(4.1	)		23.8			27.0			11.6			29.0			19.3			22.0			20.7			16.1			14.5
GAAP combined ratio excluding catastrophe losses		92.3	%		94.4	%		97.8	%		98.1	%		104.1	%		98.7	%		88.3	%		98.5	%		97.9	%		93.4	%		96.7	%		95.2	%		95.7	%		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.

24

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)	2009			2008			Change			% Change			2009			2008			Change			% Change
Net premiums written	$	110		$	48		$	62			129.4		$	338		$	177		$	161			91.1
Net investment income		33			31			2			6.6			126			120			7			5.6
Amortization of interest maintenance reserve		(2	)		-			(2	)	nm				(6	)		(2	)		(5	)		(258.9	)
Commissions and expense allowances on reinsurance ceded		2			2			-		nm				7			8			(1	)		(8.3	)
Income from fees associated with Separate Accounts		-			1			(1	)		(103.0	)		1			2			(1	)		(70.4	)
Total revenues	$	144		$	82		$	62			76.3		$	466		$	305		$	161			52.9
Death benefits and matured endowments	$	11		$	12		$	(1	)		(11.2	)	$	53		$	46		$	7			15.2
Annuity benefits		7			12			(5	)		(39.2	)		30			34			(4	)		(11.9	)
Disability benefits and benefits under accident and health contracts		-			1			(1	)		(38.9	)		2			3			(1	)		(20.2	)
Surrender benefits and group conversions		6			6			-		nm				21			24			(3	)		(11.3	)
Interest and adjustments on deposit-type contract funds		3			3			-		nm				11			11			-		nm
Increase in aggregate reserves for life and accident and health contracts		92			25			67			267.5			275			102			173			169.3
Total benefit expenses	$	119		$	59		$	60			102.2		$	392		$	220		$	173			78.4
Commissions	$	12		$	9		$	4			44.2		$	43		$	33		$	10			29.4
General insurance expenses and taxes		9			10			(1	)		(12.7	)		36			39			(3	)		(8.2	)
Increase in loading on deferred and uncollected premiums		(1	)		(1	)		-		nm				(5	)		(3	)		(2	)		(68.2	)
Net transfers to or (from) Separate Accounts		-			-			-		nm				(4	)		-			(4	)	nm
Total operating expenses	$	21		$	18		$	2			11.2		$	69		$	69		$	-		nm
Federal and foreign income taxes incurred (benefit)		(1	)		14			(14	)	nm				(6	)		34			(39	)	nm
Net gain from operations before realized capital gains or (losses)	$	5		$	(9	)	$	14		nm			$	11		$	(17	)	$	28		nm
Net realized gains or (losses) net of capital gains tax		11			(13	)		24		nm				4			(53	)		57		nm
Net income (loss) (statutory)	$	16		$	(22	)	$	37		nm			$	15		$	(70	)	$	85		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.

25

  

EX-99.3

CINCINNATI  FINANCIAL  CORPORATION   Investor Contact: Dennis E. McDaniel 513-870-2768 CINF-IR@cinfin.com Media Contact: Joan O. Shevchik 513-603-5323 Media_Inquiries@cinfin.com

Cincinnati Financial Corporation Announces Addition to Board

Cincinnati, February 1, 2010 – Cincinnati Financial Corporation (Nasdaq: CINF) – The Cincinnati Financial board of directors, at its regular meeting on January 29, 2010, added a fourteenth seat to the board, appointing  Linda W. Clement-Holmes to fill the seat effective February 1, 2010. She also will serve on the audit committee.

Clement-Holmes is senior vice president, Global Diversity and Global Business Services, for The Procter & Gamble Company. She joined P&G as a systems analyst and, through her 27-year career, has moved through positions of expanding responsibility in IT and Global Business Services. She has led numerous breakthrough initiatives in IT systems management and organizational development. She earned a Bachelor of Science in Industrial Management and Computer Science degree from Purdue University. She has served on a number of advisory boards including: Conference Board-Council of Chief Information Officers, IT Senior Management Forum, National Urban League, Jack & Jill of America, Cincinnati Black Data Processing Association, Victory Neighborhood Services and 4C (Comprehensive Community Child Care).

John J. Schiff, Jr., CPCU, chairman of the board, commented: “Linda’s expertise in strategic technology management complements the diverse strengths of our current directors, rounding out our board and supporting our goal to create value for shareholders.”

In accordance with the company’s governance guidelines, Clement-Holmes will stand for re-election by shareholders at the annual meeting of shareholders on May 1, 2010. Other nominees on the slate for terms to expire in 2013 are continuing directors: Gregory T. Bier, CPA (Ret), Douglas S. Skidmore and Larry R. Webb, CPCU. Vice Chairman of the Board James E. Benoski, whose term also is expiring, will not stand for re-election. Benoski, age 71, was president, chief operating officer, chief insurance officer of the company until July 2008. As previously announced, he retired from active employment in January 2009. He continues as a director on all subsidiary boards.

Cincinnati Financial plans to report fourth-quarter and year-end 2009 results on Thursday, February 4. 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.

Cincinnati Financial Corporation offers business, home and auto insurance, our main business, through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life and disability income insurance, annuities and surplus lines property and casualty insurance. 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

1

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 2008 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 25. Although we often review or 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:

·   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

·   Inadequate estimates or assumptions used for critical accounting estimates

·   Recession or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies

·   Delays in adoption and implementation of underwriting and pricing methods that could increase our pricing accuracy, underwriting profit and competitiveness

·   Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that segment could not achieve sustainable profitability

·   Declines 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 or recession, that lead to:

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

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

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

·   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, including declines in accounts in which we hold bank-owned life insurance contract assets

·   Increased competition that could result in a significant reduction in the company’s premium volume

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

·   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

·   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:

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

° Concerns that doing business with the company is too difficult

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

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

·   Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:

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

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

° Increase our expenses

° 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

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

° Place us at a disadvantage in the marketplace

° 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

·   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. 

* * *

2

EX-99.4

  CINCINNATI  FINANCIAL  CORPORATION   Investor Contact: Dennis E. McDaniel  513-870-2768 CINF-IR@cinfin.com   Media Contact: Joan O. Shevchik 513-603-5323 Media_Inquiries@cinfin.com

Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend

Cincinnati, February 1, 2010 – Cincinnati Financial Corporation (Nasdaq: CINF) today announced that at its regular meeting on January 29, 2010, the board of directors declared  a 39.5 cents per share regular quarterly cash dividend payable April 15, 2010, to shareholders of record as of March 24, 2010. Following the increase in the regular dividend rate with the August 14, 2009, dividend declaration, the indicated annual dividend is $1.58 per share. Cash dividends declared during 2009 totaling $1.57 per share marked the 49th consecutive year of increasing the company’s annual cash dividend.

Kenneth W. Stecher, president and chief executive officer, commented, “The board considers company performance prospects and current financial strength as part of its quarterly evaluation of opportunities to return capital to shareholders. Declaring the regular dividend demonstrates their confidence in the company’s strategy and its execution by management and our associates, who continue to work closely with the independent agents that represent The Cincinnati Insurance Companies. Collectively, we are focused on increasing shareholder value over the long term by investing now to profitably grow our insurance business, while also rewarding shareholders in the near term through cash dividends.”

Cincinnati Financial plans to report fourth-quarter and year-end 2009 results on Thursday, February 4. 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.

Cincinnati Financial Corporation offers business, home and auto insurance, our main business, through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life and disability income insurance, annuities and surplus lines property and casualty insurance. 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

1

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 2008 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 25. Although we often review or 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:

· 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

· Inadequate estimates or assumptions used for critical accounting estimates

· Recession or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies

· Delays in adoption and implementation of underwriting and pricing methods that could increase our pricing accuracy, underwriting profit and competitiveness

· Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that segment could not achieve sustainable profitability

· Declines 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 or recession, that lead to:

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

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

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

· 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, including declines in accounts in which we hold bank-owned life insurance contract assets

· Increased competition that could result in a significant reduction in the company’s premium volume

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

· 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

· 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:

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

° Concerns that doing business with the company is too difficult

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

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

· Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:

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

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

° Increase our expenses

° 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

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

° Place us at a disadvantage in the marketplace

° 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

· 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.

* * *

2

EX-99.5

CINCINNATI  FINANCIAL  CORPORATION    Investor Contact: Dennis E. McDaniel  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 1, 2010 – Cincinnati Financial Corporation (Nasdaq:CINF) announced today that boards of its subsidiary companies appointed directors, officers and counsel at their regular meetings on January 29, 2010.

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

Property Casualty Insurance – Standard Market:

The Cincinnati Insurance Company

The Cincinnati Casualty Company

The Cincinnati Indemnity Company

Promoted to Vice President:

Scott A. Gilliam – Government Relations Officer

Debra K. Smith – Commercial Lines

Stephen M. Spray – Target Markets

James E. Streicher, CPCU, AIM, AIT, ARe, ASLI – Personal Lines

Scott L. Unger – Bond & Executive Risk

Promoted to Assistant Vice President:

Beth A. Adkins – Corporate Accounting

M. Cathleen Cloud, CPCU, AIM – Commercial Lines

Michael W. Klenk – Commercial Lines

David U. Neville, CPCU, AIM, API, ARe – Personal Lines

James D. Ogle, CPCU, AIC – Headquarters Claims

Henry C. Schmidt III, AIM – Personal Lines

Blake D. Slater – Corporate Accounting

Promoted to Secretary:

Matthew R. Barton, CPCU, AIM, ARe, ARM, AU – Commercial Lines

Kimberly A. Beckman, PMP – Information Technology

John B. Boylan, CPCU, APA – Premium Audit

Jason B. Couch, AFSB, RPLU – Bond & Executive Risk

Michael J. Donges, CPCU – Web Content Management

Brent A. Hardesty III, CPCU, CIA, CISA, AIAF – Internal Audit

J. Michael Hennigan – Headquarters Claims

Derek J. Rice, AIM – Learning & Development

New Appointments to Assistant Secretary:

B. Scott Albaugh, CPCU, AIM – Commercial Lines

Scott R. Boden, AFSB – Bond & Executive Risk

John L. Crow – Headquarters Claims

Steven D. Dorr – Bond & Executive Risk

Richard J. Dugan, AIC – Headquarters Claims

Constance S. Hennigan, CPCU, AIC, AIM, RPLU – Headquarters Claims

Anthony P. Vallone, CIPP – Information Security

New Appointments to Associate Counsel:

Thomas C. Hogan

Paul J. Johnson

Joseph A. McGee

Property Casualty Insurance – Excess & Surplus Lines:

The Cincinnati Specialty Underwriters Insurance Company:

Promoted to Secretary:

Scott E. Hintze, CPCU, AIM, ASLI, AU, CIC, CRM

Marc J. Schambow, CPCU, AIM, ASLI

New Appointments to Assistant Secretary:

Dawn S. Chapel, CPCU, APA, ARe, ASLI, AU

Michael T. Luebbe, CPCU, AIM

The Cincinnati Life Insurance Company:

Promoted to Vice President:

Roger A. Brown, FSA, MAAA, Vice President – Actuarial

Scott A. Gilliam*

Promoted to Secretary:

Kimberly A. Beckman*

Brent A. Hardesty III*

New Appointments to Assistant Secretary:

C. Elaine Mackey, FSA, MAAA, Assistant Secretary – Actuarial

Anthony P. Vallone*

New Appointments to Associate Counsel:

Thomas C. Hogan*

Paul J. Johnson*

Joseph A. McGee*

CFC Investment Company:

Promoted to Assistant Vice President:

Blake D. Slater*

*Title as listed above

Cincinnati Financial Corporation offers business, home and auto insurance, our main business, through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life and disability income insurance, annuities and surplus lines property and casualty insurance. 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

***