Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending March 31, 2011

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

Insurer Financial Strength	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	A+	–	A

Ratings are as of April 27, 2011, 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 with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.

Cincinnati Financial Corporation

Supplemental Financial Data

First Quarter 2011

	Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
Quick Reference	4
CFC and Subsidiaries Consolidation – Three Months Ended March 31, 2011	5
CFC Insurance Subsidiaries – Selected Balance Sheet Data	6
Investments	7
Consolidated Property Casualty Insurance Operations
Statutory Statements of Income	8
Consolidated Cincinnati Insurance Companies – Losses Incurred Detail	9
Consolidated Cincinnati Insurance Companies – Loss Ratio Detail	10
Consolidated Cincinnati Insurance Companies – Loss Claim Count Detail	11
Direct Written Premiums by Line of Business and State	12
Quarterly Property Casualty Data – Commercial Lines of Business	13
Quarterly Property Casualty Data – Personal Lines of Business	14
Loss and Loss Expense Analysis	15
Loss and Loss Expense Reserves	16
Reconciliation Data
Quarterly Property Casualty Data – Consolidated	17
Quarterly Property Casualty Data – Commercial Lines	18
Quarterly Property Casualty Data – Personal Lines	19
Quarterly Property Casualty Data – Excess & Surplus Lines	20
Life Insurance Operations
Statutory Statements of Income	21

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.

3

Cincinnati Financial Corporation

Quick Reference - First Quarter 2011

(all data shown is for the three months ended or as of March 31, 2011)

	3/31/2011		Year over year change %
Revenues:
Commercial lines net written premiums	$	588		0
Personal lines net written premiums		173		12
Excess & surplus lines net written premiums		18		38
Property casualty net written premiums		779		3
Life and accident and health net written premiums		43		6
Annuity net written premiums		60		(7	)
Life, annuity and accident and health net written premiums		103		(2	)
Commercial lines net earned premiums		540		3
Personal lines net earned premiums		190		9
Excess & surplus lines net earned premiums		15		36
Property casualty net earned premiums		745		5
Fee revenue		1		0
Life and accident and health net earned premiums		37		(5	)
Investment income		131		1
Realized gains on investments		12		50
Other revenue		3		50
Total revenues		929		5
Income:
Operating income	$	55		(13	)
Net realized investment gains and losses		7		40
Net income		62		(9	)
Per share (diluted):
Operating income	$	0.33		(15	)
Net realized investment gains and losses		0.05		67
Net income		0.38		(10	)
Book value		31.40		5
Weighted average shares – diluted		163,669,998	nm

	3/31/2011			Year over year change %
Benefits and expenses:
Commercial lines loss and loss expenses	$	374			6
Personal lines loss and loss expenses		141			26
Excess & surplus lines loss and loss expenses		15			50
Life and accident and health losses and policy benefits		45			7
Underwriting, acquisition and insurance expenses		261			(3	)
Other operating expenses		4			25
Interest expenses		13			(7	)
Total benefits & expenses		853			6
Income before income taxes		76			(11	)
Total income tax		14			(18	)
Balance Sheet:
Fixed maturity investments	$	8,536
Equity securities		3,100
Other invested assets		68
Total invested assets	$	11,704
Equity in net assets of subsidiaries	$	4,761
Loss and loss expense reserves	$	4,239
Total debt		839
Shareholders' equity		5,118
Key ratios:
Commercial lines GAAP combined ratio		104.0	%
Personal lines GAAP combined ratio		101.4
Excess & surplus lines GAAP combined ratio		133.0
Property casualty GAAP combined ratio		103.9
Commercial lines STAT combined ratio		102.1	%
Personal lines STAT combined ratio		104.4
Excess & surplus lines STAT combined ratio		130.4
Property casualty STAT combined ratio		103.3
Value creation ratio		2.9	%

4

Cincinnati Financial Corporation and Subsidiaries

Consolidated Statements of Income for the Three Months Ended March 31, 2011

(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues:
Premiums earned:
Property casualty	$	-		$	785		$	-		$	-	$	-		$	785
Life		-			-			48			-		-			48
Accident health		-			-			2			-		-			2
Premiums ceded		-			(40	)		(13	)		-		-			(53	)
Total earned premium		-			745			37			-		-			782
Investment income		10			88			33			-		-			131
Realized gain (loss) on investments		3			38			(29	)		-		-			12
Fee revenue		-			1			-			-		-			1
Other revenue		4			-			1			2		(4	)		3
Total revenues	$	17		$	872		$	42		$	2	$	(4	)	$	929
Benefits & expenses:
Losses & policy benefits	$	-		$	543		$	53		$	-	$	-		$	596
Reinsurance recoveries		-			(13	)		(8	)		-		-			(21	)
Underwriting, acquisition and insurance expenses		-			245			16			-		-			261
Other operating expenses		7			-			-			1		(4	)		4
Interest expense		13			-			-			-		-			13
Total expenses	$	20		$	775		$	61		$	1	$	(4	)	$	853
Income (loss) before income taxes	$	(3	)	$	97		$	(19	)	$	1	$	-		$	76
Provision (benefit) for income taxes:
Current operating income	$	(3	)	$	13		$	10		$	-	$	-		$	20
Capital gains/losses		1			13			(9	)		-		-			5
Deferred		(1	)		(3	)		(7	)		-		-			(11	)
Total provision (benefit) for income taxes	$	(3	)	$	23		$	(6	)	$	-	$	-		$	14
Operating income (loss)	$	(2	)	$	49		$	7		$	1	$	-		$	55
Net income (loss) - current year	$	-		$	74		$	(13	)	$	1	$	-		$	62
Net income - prior year	$	2		$	59		$	7		$	-	$	-		$	68

*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 Insurance Subsidiaries

Selected Balance Sheet Data

(In millions)	12/31/2011		9/30/2011		6/30/2011		3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Cincinnati Insurance Consolidated
Fixed maturities (fair value)	$	-	$	-	$	-	$	5,850		$	5,818		$	5,924		$	5,804		$	5,759
Equities (fair value)		-		-		-		2,203			2,175			1,928			1,862			2,013
Short-term investments (fair value)		-		-		-		-			-			-			-			-
Fixed maturities - pretax net unrealized gain (loss)		-		-		-		320			314			494			363			287
Equities - pretax net unrealized gain		-		-		-		670			604			476			457			635
Loss and loss expense reserves - STAT		-		-		-		3,788			3,756			3,799			3,781			3,689
Equity GAAP		-		-		-		4,721			4,656			4,652			4,429			4,506
Surplus - STAT		-		-		-		3,833			3,777			3,641			3,537			3,692
The Cincinnati Life Insurance Company
Fixed maturities (fair value)	$	-	$	-	$	-	$	2,449		$	2,315		$	1,867		$	1,859		$	2,055
Equities (fair value)		-		-		-		102			103			108			100			114
Short-term investments (fair value)		-		-		-		-			-			-			-			-
Fixed maturities - pretax net unrealized gain (loss)		-		-		-		149			148			215			154			110
Equities - pretax net unrealized gain (loss)		-		-		-		25			(4	)		1			(7	)		7
Equity - GAAP		-		-		-		756			748			775			729			700
Surplus - STAT		-		-		-		308			303			316			307			310
	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
Fixed maturities (fair value)	$	5,663	$	5,521	$	5,521	$	5,169		$	4,309		$	4,183		$	4,304		$	4,351
Equities (fair value)		1,910		2,477		2,477		2,247			2,432			3,210			3,537			4,186
Short-term investments (fair value)		5		10		10		11			19			162			-			51
Fixed maturities - pretax net unrealized gain (loss)		202		301		301		25			(108	)		(132	)		(33	)		39
Equities - pretax net unrealized gain		592		590		590		487			627			1,016			1,187			1,831
Loss and loss expense reserves - STAT		3,639		3,656		3,656		3,674			3,494			3,507			3,534			3,448
Equity GAAP		4,405		4,283		4,283		3,795			3,667			3,947			4,011			4,498
Surplus - STAT		3,648		3,472		3,472		3,241			3,360			3,687			3,650			4,027
The Cincinnati Life Insurance Company
Fixed maturities (fair value)	$	1,927	$	1,868	$	1,868	$	1,694		$	1,467		$	1,483		$	1,551		$	1,534
Equities (fair value)		108		119		119		103			122			200			265			307
Short-term investments (fair value)		-		1		1		1			-			-			-			-
Fixed maturities - pretax net unrealized gain (loss)		72		67		67		(43	)		(115	)		(79	)		(35	)		-
Equities - pretax net unrealized gain		1		11		11		(8	)		(7	)		61			92			127
Equity - GAAP		666		653		653		563			471			530			617			661
Short-term investments (fair value)		300		283		283		270			290			371			420			453

6

Cincinnati Financial Corporation and Subsidiaries

Investments Results

(In millions)	Cost or		Gross unrealized				Fair
At March 31, 2011	amortized cost		gains		losses		value		OTTI in AOCI
Fixed maturities:
States, municipalities and political subdivisions	$	3,058	$	112	$	10	$	3,160	$	-
Convertibles and bonds with warrants attached		73		-		-		73		-
United States government		4		1		-		5		-
Government-sponsored enterprises		226		-		2		224		-
Foreign government		3		-		-		3		-
Corporate securities		4,669		408		6		5,071		-
Subtotal		8,033		521		18		8,536	$	-
Equity securities:
Common equities		2,149		858		11		2,996
Preferred equities		74		30		-		104
Subtotal		2,223		888		11		3,100	NA
Total	$	10,256	$	1,409	$	29	$	11,636
At December 31, 2010
Fixed maturities:
States, municipalities and political subdivisions	$	3,043	$	110	$	10	$	3,143	$	-
Convertibles and bonds with warrants attached		69		-		-		69		-
United States government		4		1		-		5		-
Government-sponsored enterprises		201		-		1		200		-
Foreign government		3		-		-		3		-
Short-term investments		-		-		-		-		-
Collateralized mortgage obligations		-		-		-		-		-
Corporate securities		4,568		404		9		4,963		-
Subtotal		7,888		515		20		8,383	$	-
Equity securities:
Common equities		2,211		757		28		2,940
Preferred equities		75		27		1		101
Subtotal		2,286		784		29		3,041	NA
Total	$	10,174	$	1,299	$	49	$	11,424

	At March 31,			At December 31,
	2011			2010
Weighted average yield-to-book value		5.4	%		5.5	%
Weighted average maturity	6.0		yrs	6.2		yrs
Effective duration	4.9		yrs	5.0		yrs

7

Consolidated Cincinnati Insurance Companies

Statutory Statements of Income

	For the Three Months Ended March 31,
(Dollars in millions)	2011			2010			Change			% Change
Underwriting income
Net premiums written	$	778		$	756		$	22			3
Unearned premiums increase		33			48			(15	)		(31	)
Earned premiums	$	745		$	708		$	37			5
Losses incurred	$	435		$	385		$	50			13
Allocated loss expenses incurred		45			43			2			5
Unallocated loss expenses incurred		50			47			3			6
Other underwriting expenses incurred		236			254			(18	)		(7	)
Workers compensation dividend incurred		14			3			11			367
Total underwriting deductions	$	780		$	732		$	48			7
Net underwriting losses	$	(35	)	$	(24	)	$	(11	)		(46	)
Investment income
Gross investment income earned	$	91		$	90		$	1			1
Net investment income earned		90			89			1			1
Net realized capital gains		22			2			20		nm
Net investment gains (excl. subs)	$	112		$	91		$	21			23
Dividend from subsidiary		-			-			-			-
Net investment gains (net of tax)	$	112		$	91		$	21			23
Other income	$	1		$	-		$	1		nm
Net income before federal income taxes	$	78		$	67		$	11			16
Federal and foreign income taxes incurred	$	13		$	17		$	(4	)		(24	)
Net income (statutory)	$	65		$	50		$	15			30

*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.

*Excludes CSU Producers Resources Inc.

8

Consolidated Cincinnati Insurance Companies

Losses Incurred Detail

(In millions)	Three months ended														Six months ended			Nine months ended			Twelve months ended
	12/31/11	9/30/11	6/30/11	3/31/11		12/31/10			9/30/10		6/30/10		3/31/10		6/30/11	6/30/10		9/30/11	9/30/10		12/31/11	12/31/10
Consolidated Loss Detail
New losses greater than $4,000,000				$	11	$	15		$	17	$	11	$	6		$	17		$	34		$	49
New losses $1,000,000-$4,000,000					50		43			36		29		35			64			100			142
New losses $250,000-$1,000,000					54		47			46		53		52			104			150			200
Case reserve development above $250,000					34		45			66		30		37			68			134			178
Large losses subtotal				$	149	$	150		$	165	$	123	$	130		$	253		$	418		$	569
IBNR incurred					32		18			16		11		12			23			41			59
Catastrophe losses incurred					41		5			28		100		15			114			143			148
Remaining incurred					213		184			228		239		228			468			694			876
Total losses incurred				$	435	$	357		$	437	$	473	$	385		$	858		$	1,296		$	1,652
Commercial Lines Loss Detail
New losses greater than $4,000,000				$	11	$	10		$	17	$	11	$	6		$	17		$	34		$	44
New losses $1,000,000-$4,000,000					40		38			28		22		32			54			82			120
New losses $250,000-$1,000,000					37		31			37		40		40			80			117			148
Case reserve development above $250,000					31		41			62		29		32			61			123			164
Large losses subtotal				$	119	$	120		$	144	$	102	$	110		$	212		$	356		$	476
IBNR incurred					24		19			10		7		9			17			27			45
Catastrophe losses incurred					26		5			17		57		10			66			84			89
Remaining incurred					131		97			141		152		152			304			444			542
Total losses incurred				$	300	$	241		$	312	$	318	$	281		$	599		$	911		$	1,152
Personal Lines Loss Detail
New losses greater than $4,000,000				$	-	$	5		$	-	$	-	$	-		$	-		$	-		$	5
New losses $1,000,000-$4,000,000					9		5			5		7		3			10			15			20
New losses $250,000-$1,000,000					14		14			7		10		10			20			27			41
Case reserve development above $250,000					3		3			4		1		3			4			8			11
Large losses subtotal				$	26	$	27		$	16	$	18	$	16		$	34		$	50		$	77
IBNR incurred					4		1			4		2		1			2			7			8
Catastrophe losses incurred					14		(1	)		11		43		5			48			59			58
Remaining incurred					80		86			84		83		75			159			243			328
Total losses incurred				$	124	$	113		$	115	$	146	$	97		$	243		$	359		$	471
Excess & Surplus Lines Loss Detail
New losses greater than $4,000,000				$	-	$	-		$	-	$	-	$	-		$	-		$	-		$	-
New losses $1,000,000-$4,000,000					1		-			3		-		-			-			3			3
New losses $250,000-$1,000,000					3		2			2		3		2			5			6			9
Case reserve development above $250,000					-		1			-		-		2			2			3			3
Large losses subtotal				$	4	$	3		$	5	$	3	$	4		$	7		$	12		$	15
IBNR incurred					4		(2	)		2		2		2			5			7			4
Catastrophe losses incurred					1		1			-		-		-			-			-			1
Remaining incurred					2		1			3		4		1			4			7			9
Total losses incurred				$	11	$	3		$	10	$	9	$	7		$	16		$	26		$	29

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

* 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.

9

Cincinnati Insurance Companies

Loss Ratio Detail

	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/11	9/30/11	6/30/11	3/31/11			12/31/10			9/30/10			6/30/10			3/31/10			6/30/11	6/30/10			9/30/11	9/30/10			12/31/11	12/31/10
Consolidated Loss Ratio
New losses greater than $4,000,000					1.4	%		2.0	%		2.3	%		1.5	%		0.8	%			1.2	%			1.6	%			1.7	%
New losses $1,000,000-$4,000,000					6.7			5.7			4.8			4.0			4.9				4.6				4.6				4.9
New losses $250,000-$1,000,000					7.3			6.7			6.2			7.2			7.4				7.2				6.9				6.8
Case reserve development above $250,000					4.6			5.9			8.9			4.2			5.3				4.7				6.2				6.1
Large losses subtotal					20.0	%		20.3	%		22.2	%		16.9	%		18.4	%			17.7	%			19.3	%			19.5	%
IBNR incurred					4.4			2.5			2.3			1.6			1.7				1.6				1.8				2.0
Total catastrophe losses incurred					5.5			0.7			3.8			13.6			2.1				7.9				6.5				5.1
Remaining incurred					28.5			24.4			30.5			33.0			32.1				32.6				31.9				30.0
Total loss ratio					58.4	%		47.9	%		58.8	%		65.1	%		54.3	%			59.8	%			59.5	%			56.6	%
Commercial Lines Loss Ratio
New losses greater than $4,000,000					1.9	%		1.8	%		3.1	%		2.0	%		1.1	%			1.6	%			2.1	%			2.0	%
New losses $1,000,000-$4,000,000					7.5			7.0			5.1			4.1			6.1				5.1				5.1				5.6
New losses $250,000-$1,000,000					6.9			5.8			6.7			7.4			7.7				7.5				7.3				6.9
Case reserve development above $250,000					5.7			7.4			11.4			5.4			6.2				5.8				7.7				7.6
Large losses subtotal					22.0	%		22.0	%		26.3	%		18.9	%		21.1	%			20.0	%			22.2	%			22.1	%
IBNR incurred					4.4			3.3			1.9			1.3			1.8				1.6				1.7				2.1
Total catastrophe losses incurred					4.9			1.0			3.2			10.5			1.8				6.2				5.2				4.1
Remaining incurred					24.2			17.8			25.7			28.3			29.0				28.6				27.6				25.2
Total loss ratio					55.5	%		44.1	%		57.1	%		59.0	%		53.7	%			56.4	%			56.7	%			53.5	%
Personal Lines Loss Ratio
New losses greater than $4,000,000					0.0	%		2.7	%		0.0	%		0.0	%		0.0	%			0.0	%			0.0	%			0.7	%
New losses $1,000,000-$4,000,000					4.8			2.3			2.8			4.4			1.5				3.0				2.9				2.8
New losses $250,000-$1,000,000					7.1			7.8			4.0			5.6			5.5				5.6				5.0				5.7
Case reserve development above $250,000					1.7			1.8			2.0			0.6			1.9				1.2				1.5				1.6
Large losses subtotal					13.6	%		14.6	%		8.8	%		10.6	%		8.9	%			9.8	%			9.4	%			10.8	%
IBNR incurred					2.3			0.8			2.4			0.9			0.3				0.6				1.2				1.1
Total catastrophe losses incurred					7.4			(0.3	)		6.0			23.8			3.0				13.5				11.0				8.1
Remaining incurred					41.6			45.3			46.0			47.1			43.1				45.1				45.4				45.4
Total loss ratio					64.9	%		60.4	%		63.2	%		82.4	%		55.3	%			69.0	%			67.0	%			65.4	%
Excess & Surplus Lines Loss Ratio
New losses greater than $4,000,000					0.0	%		0.0	%		0.0	%		0.0	%		0.0	%			0.0	%			0.0	%			0.0	%
New losses $1,000,000-$4,000,000					0.0			0.0			19.4			0.0			0.0				0.0				7.1				5.1
New losses $250,000-$1,000,000					25.8			17.5			16.7			18.8			16.9				19.9				18.7				18.4
Case reserve development above $250,000					2.7			1.8			2.5			2.7			20.7				11.6				13.1				14.2
Large losses subtotal					28.5	%		19.3	%		38.6	%		21.5	%		37.6	%			31.5	%			38.9	%			37.7	%
IBNR incurred					26.1			(13.2	)		14.9			23.5			18.4				23.7				18.5				9.6
Total catastrophe losses incurred					2.8			(0.1	)		4.6			0.0			0.0				0.0				1.7				1.2
Remaining incurred					20.2			14.7			14.2			32.5			9.4				18.3				18.8				17.4
Total loss ratio					77.6	%		20.7	%		72.3	%		77.5	%		65.4	%			73.5	%			77.9	%			65.9	%

*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

Cincinnati Insurance Companies

Loss Claim Count Detail

	Three months ended													Six months ended			Nine months ended			Twelve months ended
	12/31/11	9/30/11	6/30/11	3/31/11		12/31/10		9/30/10		6/30/10		3/31/10		6/30/11	6/30/10		9/30/11	9/30/10		12/31/11	12/31/10
Consolidated Loss Claim Count
New losses greater than $4,000,000					2		3		3		2		1			3			6			9
New losses $1,000,000-$4,000,000					30		23		20		18		19			37			57			80
New losses $250,000-$1,000,000					122		123		112		117		123			240			352			475
Case reserve development above $250,000					68		71		101		73		77			143			237			308
Large losses total					222		220		236		210		220			423			652			872
Commercial Lines Loss Claim Count
New losses greater than $4,000,000					2		2		3		2		1			3			6			8
New losses $1,000,000-$4,000,000					24		20		15		12		17			29			44			64
New losses $250,000-$1,000,000					85		79		88		88		95			183			271			350
Case reserve development above $250,000					59		70		93		70		67			137			230			300
Large losses total					170		171		199		172		180			352			551			722
Personal Lines Loss Claim Count
New losses greater than $4,000,000					-		1		-		-		-			-			-			1
New losses $1,000,000-$4,000,000					6		3		3		6		2			8			11			14
New losses $250,000-$1,000,000					29		38		19		24		24			48			67			105
Case reserve development above $250,000					8		-		7		2		5			7			14			23
Large losses total					43		42		29		32		31			63			92			143
Excess & Surplus Lines Loss Claim Count
New losses greater than $4,000,000					-		-		-		-		-			-			-			-
New losses $1,000,000-$4,000,000					-		-		2		-		-			-			2			2
New losses $250,000-$1,000,000					8		6		5		5		4			9			14			20
Case reserve development above $250,000					1		1		1		1		5			6			7			8
Large losses total					9		7		8		6		9			15			23			30

The sum of quarterly amounts may not equal the full year as each is computed independently.

* 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

Agency Direct Written Premiums by Agency State by Line of Business for the Three Months Ended March 31, 2011

(Dollars in millions)	Commercial Lines														Personal Lines								Consolidated				Comm'l			Personal			E & S			Consol
Risk State	Comm Casualty		Comm Property		Comm Auto		Workers' Comp		Spec Packages		Surety & Exec Risk		Mach. &  Equipment		Personal Auto		Home Owner		Other  Personal		E & S Lines		2011 Total		2010 Total		Change  %			Change %			Change %			Change %
OH	$	33.2	$	22.4	$	15.0	$	-	$	5.0	$	5.9	$	1.4	$	25.8	$	19.0	$	7.2	$	2.3	$	136.9	$	138.7		(5.1	)		4.1			40.5			(1.3	)
IL		15.7		10.6		8.4		14.3		2.8		1.8		0.7		6.3		4.7		1.7		1.2		68.0		68.9		(3.5	)		9.8			3.2			(1.1	)
IN		13.2		10.0		6.8		7.8		2.0		1.4		0.7		6.5		6.1		1.6		1.6		57.8		52.8		8.2			11.1			29.8			9.4
PA		13.2		8.2		8.3		14.0		2.5		1.6		0.6		1.8		1.4		0.9		0.8		53.4		52.2		1.1			10.9			36.2			2.2
GA		6.5		5.3		4.7		3.3		1.9		1.5		0.3		7.8		7.2		2.2		1.0		41.6		41.4		(5.4	)		7.9			40.6			0.5
NC		7.9		6.6		5.4		5.2		3.8		1.7		0.4		3.5		2.5		1.2		0.5		38.9		35.7		1.8			52.1			47.5			8.9
MI		8.0		5.6		3.8		4.3		2.5		1.5		0.4		3.6		3.2		0.8		0.7		34.2		32.4		1.0			20.2			59.3			5.5
VA		7.6		6.2		5.1		5.1		1.3		1.4		0.3		2.1		1.7		0.6		0.6		32.1		35.4		(11.4	)		0.5			40.2			(9.3	)
KY		5.8		6.0		3.9		1.0		1.7		0.7		0.3		5.4		4.1		1.2		0.8		30.8		28.5		6.5			9.8			35.5			8.3
WI		6.9		4.3		3.0		8.3		1.0		0.9		0.4		1.8		1.7		0.7		0.3		29.4		30.7		(6.0	)		5.6			55.5			(4.1	)
TN		6.5		5.2		3.7		2.8		2.6		1.3		0.4		2.6		2.7		0.9		0.2		28.8		28.7		(3.0	)		15.4			(30.5	)		0.1
AL		4.3		5.4		2.2		0.2		2.3		0.7		0.3		3.8		5.9		1.4		0.6		27.0		24.2		11.6			9.0			94.5			11.7
FL		5.9		5.8		2.2		0.4		0.5		0.6		0.2		2.2		3.0		0.6		0.6		22.1		22.8		(2.8	)		(8.3	)		90.2			(3.1	)
IA		5.4		3.7		2.4		5.6		1.0		0.8		0.2		0.9		0.9		0.4		0.4		21.6		22.3		(4.9	)		16.6			0.7			(3.1	)
MN		5.6		4.2		2.5		2.2		1.0		0.6		0.4		1.8		1.7		0.5		0.5		20.9		21.3		(3.9	)		6.1			4.2			(2.0	)
MO		4.6		4.5		3.1		2.5		1.6		0.4		0.3		0.9		1.2		0.3		1.1		20.7		21.1		(7.0	)		17.0			101.0			(1.8	)
NY		6.7		2.3		2.6		0.7		0.4		0.4		0.2		-		-		-		0.2		13.5		14.6		(7.7	)		(8.8	)		38.9			(7.3	)
MD		3.5		1.8		3.1		2.2		0.4		0.4		0.1		0.3		0.5		0.1		0.3		12.8		12.1		3.9			26.9			21.8			5.6
KS		2.3		2.4		1.4		2.5		0.8		0.3		0.1		1.0		1.2		0.3		0.2		12.5		12.5		(2.8	)		5.9			110.3			(0.4	)
AR		2.0		2.9		1.7		1.0		1.3		0.3		0.2		0.8		0.9		0.3		0.4		11.7		11.2		(0.2	)		21.5			72.3			4.5
TX		3.7		3.0		2.5		0.5		0.1		0.2		0.2		-		-		-		1.3		11.6		6.8		66.1			21.0			110.9			70.1
AZ		2.6		1.9		1.8		0.6		0.2		0.3		0.2		0.4		0.4		0.1		0.3		8.8		8.7		(3.1	)		34.5			16.4			0.5
SC		2.2		1.8		1.4		0.8		0.5		0.5		0.1		0.5		0.3		0.2		0.2		8.5		9.4		(16.1	)		93.0			(20.3	)		(10.0	)
MT		3.2		1.4		1.8		-		0.3		0.2		0.1		0.4		0.3		0.1		0.1		7.9		7.7		(0.6	)		42.0			(3.7	)		2.4
NE		1.8		1.6		1.0		1.5		0.4		0.5		0.1		0.2		0.2		0.1		0.4		7.8		7.9		(3.8	)		8.5			113.6			(0.4	)
UT		2.3		1.3		1.5		-		0.1		0.4		0.1		1.0		0.4		0.1		0.3		7.6		7.0		(0.4	)		83.5			(16.3	)		9.1
ID		2.1		1.4		1.6		0.1		0.3		0.3		0.1		0.4		0.2		0.1		0.1		6.4		5.5		13.0			85.6			12.9			17.4
WV		1.5		1.2		1.2		0.4		0.6		0.2		0.1		-		0.1		0.1		0.4		5.6		5.4		3.2			3.2			25.6			4.5
VT		1.0		0.8		0.6		2.0		0.3		0.3		-		0.2		0.3		0.1		0.1		5.6		5.4		(0.4	)		70.3			29.6			4.3
ND		1.9		1.0		0.8		-		0.2		0.2		0.1		0.1		0.1		-		-		4.6		4.0		11.8			24.8			144.3			13.2
NH		0.8		0.6		0.3		0.9		0.2		0.4		-		0.2		0.2		0.1		0.2		3.8		3.4		7.6			36.2			21.5			11.2
CO		1.0		1.0		0.9		0.1		-		0.3		0.1		-		-		-		0.2		3.6		2.3		53.5			6.2			99.6			54.6
SD		0.7		0.6		0.4		1.0		0.1		0.1		-		-		-		-		0.1		3.1		2.6		16.7			103.1			391.2			18.9
WA		0.8		0.5		0.8		-		-		0.2		0.1		-		-		-		0.1		2.5		1.5		67.0		nm				119.8			69.2
NM		0.8		0.4		0.5		0.2		-		0.3		-		-		-		-		0.1		2.3		1.9		19.5		nm				(16.0	)		17.6
DE		0.5		0.5		0.4		0.4		0.1		0.1		-		-		-		-		-		1.9		2.3		(15.2	)		11.0		nm				(15.1	)
OR		0.3		0.1		0.2		-		-		0.0		-		-		-		-		-		0.7		-		499.6		nm			nm				536.7
WY		0.2		0.1		0.1		-		-		-		-		-		-		-		0.1		0.5		0.1		349.1			4.4			nm			354.7
CT		0.1		0.1		0.1		-		-		-		-		-		-		-		-		0.4		-		336.8			17.8		nm				337.7
All Other		0.5		0.6		0.5		0.9		-		0.4		-		-		-		-		-		3.2		3.6		(13.6	)		170.6		nm				(8.6	)
Total	$	192.8	$	143.0	$	107.8	$	92.8	$	39.7	$	29.1	$	9.3	$	82.3	$	72.0	$	23.7	$	18.7	$	811.3	$	793.3		(0.6	)		10.1			41.3			2.3
Other Direct		-		0.3		-		1.0		-		-		-		-		-		-		-		1.3		0.9		13.7			(155.9	)	nm				46.2
Total Direct	$	192.8	$	143.3	$	107.8	$	93.8	$	39.7	$	29.1	$	9.3	$	82.3	$	72.0	$	23.7	$	18.7	$	812.6	$	794.2		(0.6	)		10.3			41.3			2.3

Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts.

12

Quarterly Property Casualty Data - Commercial Lines

				Three months ended															Six months ended				Nine months ended				Twelve months ended
(Dollars in millions)	12/31/11	9/30/11	6/30/11	3/31/11			12/31/10			9/30/10			6/30/10			3/31/10			6/30/11	6/30/10			9/30/11	9/30/10			12/31/11	12/31/10
Commercial casualty:
Written premiums				$	189		$	166		$	161		$	168		$	191			$	359			$	520			$	686
Earned premiums					172			175			182			172			164				336				518				693
Loss and loss expenses incurred					80			87			104			82			96				178				282				369
Loss and loss expenses ratio					46.5	%		49.6	%		56.5	%		48.3	%		58.3	%			53.2	%			54.4	%			53.2	%
Contribution from catastrophe losses					-			-			-			-			-				-				-				-
Contribution from prior period reserve development					(32.3	)		(50.5	)		(18.5	)		(25.3	)		(12.7	)			(19.2	)			(18.9	)			(26.9	)
Loss and loss expenses before catastrophe losses and prior period reserve development					78.8	%		100.1	%		75.0	%		73.6	%		71.0	%			72.4	%			73.3	%			80.1	%
Commercial property:
Written premiums				$	132		$	126		$	122		$	124		$	129			$	253			$	375			$	497
Earned premiums					126			124			123			121			121				242				365				489
Loss and loss expenses incurred					115			69			87			109			86				195				282				351
Loss and loss expenses ratio					91.4	%		55.7	%		70.8	%		90.1	%		71.0	%			80.5	%			77.3	%			71.8	%
Contribution from catastrophe losses					18.6			2.3			9.0			36.7			8.3				22.5				18.0				14.0
Contribution from prior period reserve development					11.4			(0.9	)		-			(5.5	)		(1.8	)			(3.7	)			(2.4	)			(2.0	)
Loss and loss expenses before catastrophe losses and prior period reserve development					61.4	%		54.3	%		61.8	%		58.9	%		64.5	%			61.7	%			61.7	%			59.8	%
Commercial auto:
Written premiums				$	107		$	92		$	91		$	99		$	103			$	202			$	293			$	385
Earned premiums					96			97			96			96			95				191				287				384
Loss and loss expenses incurred					50			53			59			70			58				128				187				240
Loss and loss expenses ratio					52.2	%		55.1	%		61.3	%		72.9	%		61.0	%			67.0	%			65.1	%			62.6	%
Contribution from catastrophe losses					(0.1	)		0.4			(0.5	)		4.2			(1.0	)			1.6				0.9				0.8
Contribution from prior period reserve development					(24.6	)		(20.8	)		(5.3	)		(1.0	)		(7.1	)			(4.0	)			(4.4	)			(8.5	)
Loss and loss expenses before catastrophe losses and prior period reserve development					76.9	%		75.5	%		67.1	%		69.7	%		69.1	%			69.4	%			68.6	%			70.3	%
Workers' compensation:
Written premiums				$	90		$	75		$	68		$	72		$	95			$	167			$	235			$	310
Earned premiums					76			81			77			79			74				153				230				311
Loss and loss expenses incurred					70			67			86			72			67				139				225				292
Loss and loss expenses ratio					91.5	%		82.8	%		112.2	%		89.9	%		91.4	%			90.6	%			97.8	%			93.9	%
Contribution from catastrophe losses					-			-			-			-			-				-				-				-
Contribution from prior period reserve development					(4.1	)		(9.8	)		(15.3	)		(13.3	)		(11.9	)			(12.6	)			(13.5	)			(12.6	)
Loss and loss expenses before catastrophe losses and prior period reserve development					95.6	%		92.6	%		127.5	%		103.2	%		103.3	%			103.2	%			111.3	%			106.5	%
Specialty package:
Written premiums				$	37		$	37		$	37		$	36		$	39			$	75			$	112			$	149
Earned premiums					37			37			38			37			37				74				112				149
Loss and loss expenses incurred					32			13			33			32			33				65				98				111
Loss and loss expenses ratio					85.5	%		34.9	%		89.1	%		85.6	%		89.0	%			87.3	%			87.9	%			74.8	%
Contribution from catastrophe losses					7.7			6.9			18.7			20.2			1.1				10.8				13.4				11.9
Contribution from prior period reserve development					13.6			(19.4	)		9.4			(3.5	)		10.0				3.2				5.3				(0.8	)
Loss and loss expenses before catastrophe losses and prior period reserve development					64.2	%		47.4	%		61.0	%		68.9	%		77.9	%			73.3	%			69.2	%			63.7	%
Surety and executive risk:
Written premiums				$	24		$	23		$	23		$	24		$	23			$	47			$	70			$	93
Earned premiums					25			28			22			25			24				49				71				95
Loss and loss expenses incurred					24			29			17			8			13				21				38				67
Loss and loss expenses ratio					96.1	%		119.5	%		73.9	%		36.2	%		51.1	%			43.6	%			53.2	%			69.9	%
Contribution from catastrophe losses					-			-			-			-			-				-				-				-
Contribution from prior period reserve development					41.4			43.8			(17.3	)		(17.7	)		4.0				(6.9	)			(10.2	)			3.4
Loss and loss expenses before catastrophe losses and prior period reserve development					54.7	%		75.7	%		91.2	%		53.9	%		47.1	%			50.5	%			63.4	%			66.5	%
Machinery and equipment:
Written premiums				$	9		$	9		$	9		$	9		$	8			$	17			$	26			$	35
Earned premiums					8			8			9			8			8				16				25				33
Loss and loss expenses incurred					3			1			1			5			-				5				6				7
Loss and loss expense ratio					36.9	%		17.7	%		11.9	%		51.9	%		6.1	%			29.3	%			23.4	%			21.9	%
Contribution from catastrophe losses					0.2			(0.3	)		(1.7	)		1.8			(1.0	)			0.4				(0.3	)			(0.3	)
Contribution from prior period reserve development					8.5			(3.3	)		(6.8	)		1.9			(17.2	)			(7.5	)			(7.3	)			(6.3	)
Loss and loss expenses before catastrophe losses and prior period reserve development					28.2	%		21.3	%		20.4	%		48.2	%		24.3	%			36.4	%			31.0	%			28.5	%

*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.

13

Quarterly Property Casualty Data - Personal Lines

				Three months ended															Six months ended				Nine months ended				Twelve months ended
(Dollars in millions)	12/31/11	9/30/11	6/30/11	3/31/11			12/31/10			9/30/10			6/30/10			3/31/10			6/30/11	6/30/10			9/30/11	9/30/10			12/31/11	12/31/10
Personal auto:
Written premiums				$	82		$	84		$	98		$	97		$	73			$	170			$	268			$	352
Earned premiums					89			87			86			83			81				164				250				337
Loss and loss expenses incurred					57			68			59			61			47				108				167				235
Loss and loss expenses ratio					63.8	%		78.6	%		68.1	%		73.6	%		58.2	%			66.0	%			66.7	%			69.8	%
Contribution from catastrophe losses					0.9			(0.1	)		0.1			4.0			(0.1	)			2.0				1.3				1.0
Contribution from prior period reserve development					(5.7	)		(2.5	)		(0.4	)		(1.4	)		(4.7	)			(3.0	)			(2.1	)			(2.2	)
Loss and loss expenses before catastrophe losses and prior period reserve development					68.6	%		81.2	%		68.4	%		71.0	%		63.0	%			67.0	%			67.5	%			71.0	%
Homeowner:
Written premiums				$	68		$	75		$	83		$	81		$	60			$	141			$	224			$	299
Earned premiums					76			75			72			72			70				142				214				289
Loss and loss expenses incurred					69			55			61			89			53				142				203				258
Loss and loss expenses ratio					90.3	%		72.1	%		84.5	%		123.8	%		76.0	%			100.2	%			94.9	%			89.0	%
Contribution from catastrophe losses					16.3			(0.9	)		13.4			52.8			6.9				30.1				24.5				17.9
Contribution from prior period reserve development					(3.2	)		(6.9	)		(3.0	)		(0.6	)		1.6				0.5				(0.7	)			(2.3	)
Loss and loss expenses before catastrophe losses and prior period reserve development					77.2	%		79.9	%		74.1	%		71.6	%		67.5	%			69.6	%			71.1	%			73.4	%
Other personal:
Written premiums				$	23		$	28		$	27		$	26		$	22			$	48			$	75			$	99
Earned premiums					25			24			24			24			23				47				71				95
Loss and loss expenses incurred					15			7			12			13			12				25				37				44
Loss and loss expenses ratio					61.2	%		32.1	%		50.3	%		53.0	%		51.5	%			52.3	%			51.6	%			46.6	%
Contribution from catastrophe losses					3.0			0.9			4.3			5.3			2.8				4.1				4.2				3.3
Contribution from prior period reserve development					1.5			(30.1	)		(24.5	)		(22.0	)		(7.8	)			(14.9	)			(18.2	)			(21.3	)
Loss and loss expenses before catastrophe losses and prior period reserve development					56.7	%		61.3	%		70.5	%		69.7	%		56.5	%			63.1	%			65.6	%			64.6	%

*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.

14

Cincinnati Insurance Companies Consolidated

Loss and Loss Expense Analysis

													Change in
(In millions)	Paid losses		Paid loss expense		Total paid		Change in case reserves			Change in IBNR reserves			loss  expense reserves			Total reserves			Case incurred			IBNR incurred			Loss   expense incurred		Total incurred
Gross loss and loss expense incurred at March 31, 2011
Commercial casualty	$	67	$	29	$	96	$	(28	)	$	18		$	-		$	(10	)	$	39		$	18		$	29	$	86
Commercial property		77		11		88		14			16			2			32			91			16			13		120
Commercial auto		64		10		74		(18	)		(4	)		(2	)		(24	)		46			(4	)		8		50
Workers' compensation		53		11		64		8			-			-			8			61			-			11		72
Specialty packages		24		5		29		2			1			-			3			26			1			5		32
Surety and executive risk		13		3		16		(3	)		5			5			7			10			5			8		23
Machinery and equipment		2		-		2		1			-			-			1			3			-			-		3
Total commercial lines		300		69		369		(24	)		36			5			17			276			36			74		386
Personal auto		53		8		61		(4	)		(1	)		1			(4	)		49			(1	)		9		57
Homeowners		47		7		54		8			6			1			15			55			6			8		69
Other personal		9		1		10		2			3			-			5			11			3			1		15
Total personal lines		109		16		125		6			8			2			16			115			8			18		141
Commercial casualty & property		4		1		5		3			4			3			10			7			4			4		15
Total excess & surplus lines		4		1		5		3			4			3			10			7			4			4		15
Total property casualty	$	413	$	86	$	499	$	(15	)	$	48		$	9		$	43		$	398		$	48		$	96	$	542
Ceded loss and loss expense incurred at March 31, 2011
Commercial casualty	$	1	$	-	$	1	$	4		$	1		$	-		$	5		$	5		$	1		$	-	$	6
Commercial property		3		-		3		2			-			-			2			5			-			-		5
Commercial auto		-		-		-		-			-			-			-			-			-			-		-
Workers' compensation		2		-		2		-			-			-			-			2			-			-		2
Specialty packages		-		-		-		-			-			-			-			-			-			-		-
Surety and executive risk		4		-		4		(5	)		-			-			(5	)		(1	)		-			-		(1	)
Machinery and equipment		-		-		-		-			-			-			-			-			-			-		-
Total commercial lines		10		-		10		1			1			-			2			11			1			-		12
Personal auto		-		-		-		-			-			-			-			-			-			-		-
Homeowners		-		-		-		-			-			-			-			-			-			-		-
Other personal		-		-		-		-			-			-			-			-			-			-		-
Total personal lines		-		-		-		-			-			-			-			-			-			-		-
Commercial casualty & property		-		-		-		-			-			-			-			-			-			-		-
Total excess & surplus lines		-		-		-		-			-			-			-			-			-			-		-
Total property casualty	$	10	$	-	$	10	$	1		$	1		$	-		$	2		$	11		$	1		$	-	$	12
Net loss and loss expense incurred at March 31, 2011
Commercial casualty	$	66	$	29	$	95	$	(32	)	$	17		$	-		$	(15	)	$	34		$	17		$	29	$	80
Commercial property		74		11		85		12			16			2			30			86			16			13		115
Commercial auto		64		10		74		(18	)		(4	)		(2	)		(24	)		46			(4	)		8		50
Workers' compensation		51		11		62		8			-			-			8			59			-			11		70
Specialty packages		24		5		29		2			1			-			3			26			1			5		32
Surety and executive risk		9		3		12		2			5			5			12			11			5			8		24
Machinery and equipment		2		-		2		1			-			-			1			3			-			-		3
Total commercial lines		290		69		359		(25	)		35			5			15			265			35			74		374
Personal auto		53		8		61		(4	)		(1	)		1			(4	)		49			(1	)		9		57
Homeowners		47		7		54		8			6			1			15			55			6			8		69
Other personal		9		1		10		2			3			-			5			11			3			1		15
Total personal lines		109		16		125		6			8			2			16			115			8			18		141
Commercial casualty & property		4		1		5		3			4			3			10			7			4			4		15
Total excess & surplus lines		4		1		5		3			4			3			10			7			4			4		15
Total property casualty	$	403	$	86	$	489	$	(16	)	$	47		$	10		$	41		$	387		$	47		$	96	$	530

15

Cincinnati Insurance Companies Consolidated

Loss and Loss Expense Reserves

(In millions)	Loss reserves					Loss		Total
	Case		IBNR			expense		gross		Percent
At March 31,	reserves		reserves			reserves		reserves		of total
2011
Commercial casualty	$	938	$	339		$	532	$	1,809		48.3	%
Commercial property		143		28			35		206		5.5
Commercial auto		240		37			58		335		8.9
Workers' compensation		484		465			147		1,096		29.3
Specialty packages		82		3			11		96		2.6
Surety and executive risk		127		7			62		196		5.2
Machinery and equipment		2		3			1		6		0.2
Total	$	2,016	$	882		$	846	$	3,744		100.0	%
Personal auto	$	123	$	(2	)	$	28	$	149		40.5	%
Homeowner		81		27			18		126		34.1
Other personal		38		46			10		94		25.4
Total	$	242	$	71		$	56	$	369		100.0	%
Excess and surplus lines	$	31	$	15		$	20	$	66
At December 31,
2010
Commercial casualty	$	966	$	321		$	533	$	1,820		48.8	%
Commercial property		130		13			32		175		4.7
Commercial auto		258		41			60		359		9.6
Workers' compensation		476		465			147		1,088		29.2
Specialty packages		80		2			10		92		2.5
Surety and executive risk		130		2			57		189		5.1
Machinery and equipment		1		3			1		5		0.1
Total	$	2,041	$	847		$	840	$	3,728		100.0	%
Personal auto	$	126	$	(1	)	$	28	$	153		43.4	%
Homeowner		73		21			17		111		31.4
Other personal		37		43			9		89		25.2
Total	$	236	$	63		$	54	$	353		100.0	%
Excess and surplus lines	$	29	$	10		$	17	$	56

16

Consolidated Cincinnati Insurance Companies

Quarterly Property Casualty Data - Consolidated

	Three months ended																		Six months ended				Nine months ended				Twelve months ended
(Dollars in millions)	12/31/11	9/30/11	6/30/11	3/31/11			12/31/10			9/30/10			6/30/10			3/31/10			6/30/11	6/30/10			9/30/11	9/30/10			12/31/11	12/31/10
Premiums
Agency renewal written premiums				$	708		$	648		$	677		$	685		$	682			$	1,367			$	2,044			$	2,692
Agency new business written premiums					102			107			109			106			92				198				307				414
Other written premiums					(31	)		(33	)		(50	)		(42	)		(18	)			(60	)			(110	)			(143	)
Reported written premiums – statutory*				$	779		$	722		$	736		$	749		$	756			$	1,505			$	2,241			$	2,963
Unearned premium change					(34	)		23			7			(21	)		(48	)			(69	)			(62	)			(39	)
Earned premiums				$	745		$	745		$	743		$	728		$	708			$	1,436			$	2,179			$	2,924
Year over year change %
Agency renewal written premiums					4	%		2	%		1	%		3	%		(2	) %			0	%			1	%			1	%
Agency new business written premiums					11			14			2			(1	)		(5	)			(3	)			(1	)			2
Other written premiums					(72	)		33			(9	)		16			(29	)			6				0				10
Reported written premiums – statutory*					3			6			1			4			(3	)			0				0				2
Paid losses and loss expenses
Losses paid				$	404		$	400		$	421		$	382		$	334			$	716			$	1,137			$	1,537
Loss expenses paid					85			93			84			72			80				151				235				328
Loss and loss expenses paid				$	489		$	493		$	505		$	454		$	414			$	867			$	1,372			$	1,865
Statutory combined ratio
Loss ratio					58.4	%		47.7	%		58.8	%		65.1	%		54.3	%			59.8	%			59.5	%			56.5	%
Allocated loss expense ratio					6.0			6.7			5.9			5.7			6.0				5.8				5.9				6.1
Unallocated loss expense ratio					6.7			6.5			6.9			5.2			6.7				6.0				6.2				6.3
Net underwriting expense ratio					32.2			33.3			32.9			31.3			34.1				32.7				32.8				32.9
Statutory combined ratio					103.3	%		94.2	%		104.5	%		107.3	%		101.1	%			104.3	%			104.4	%			101.8	%
Contribution from catastrophe losses					5.5			0.7			3.8			13.6			2.1				8.0				6.5				5.1
Statutory combined ratio excluding catastrophe losses					97.8	%		93.5	%		100.7	%		93.7	%		99.0	%			96.3	%			97.9	%			96.7	%
Commission expense ratio					18.4	%		19.9	%		18.7	%		17.9	%		18.4	%			18.1	%			18.3	%			18.7	%
Other expense ratio					13.8			13.4			14.2			13.4			15.7				14.6				14.5				14.2
Statutory expense ratio					32.2	%		33.3	%		32.9	%		31.3	%		34.1	%			32.7	%			32.8	%			32.9	%
GAAP combined ratio
GAAP combined ratio					103.9	%		93.1	%		103.9	%		107.6	%		102.6	%			105.2	%			104.7	%			101.7	%
Contribution from catastrophe losses					5.5			0.7			3.8			13.6			2.1				8.0				6.5				5.1
GAAP combined ratio excluding catastrophe losses					98.4	%		92.4	%		100.1	%		94.0	%		100.5	%			97.2	%			98.2	%			96.6	%

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

* nm - Not meaningful

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

17

Consolidated Cincinnati Insurance Companies

Quarterly Property Casualty Data - Commercial Lines

	Three months ended																		Six months ended				Nine months ended				Twelve months ended
(Dollars in millions)	12/31/11	9/30/11	6/30/11	3/31/11			12/31/10			9/30/10			6/30/10			3/31/10			6/30/11	6/30/10			9/30/11	9/30/10			12/31/11	12/31/10
Premiums
Agency renewal written premiums				$	542		$	474		$	479		$	492		$	533			$	1,025			$	1,504			$	1,978
Agency new business written premiums					71			76			74			73			66				139				213				289
Other written premiums					(25	)		(26	)		(42	)		(33	)		(11	)			(44	)			(86	)			(112	)
Reported written premiums – statutory*				$	588		$	524		$	511		$	532		$	588			$	1,120			$	1,631			$	2,155
Unearned premium change					(48	)		22			36			6			(65	)			(59	)			(23	)			(1	)
Earned premiums				$	540		$	546		$	547		$	538		$	523			$	1,061			$	1,608			$	2,154
Year over year change %
Agency renewal written premiums					2	%		(1	) %		(2	) %		1	%		(4	) %			(2	) %			(2	) %			(2	) %
Agency new business written premiums					8			13			(3	)		(8	)		(13	)			(10	)			(8	)			(3	)
Other written premiums					(127	)		38			(14	)		23			(57	)			14				2				14
Reported written premiums – statutory*					0			4			(3	)		2			(6	)			(3	)			(3	)			(1	)
Paid losses and loss expenses
Losses paid				$	290		$	284		$	290		$	266		$	230			$	497			$	786			$	1,070
Loss expenses paid					69			75			65			58			63				120				186				261
Loss and loss expenses paid				$	359		$	359		$	355		$	324		$	293			$	617			$	972			$	1,331
Statutory combined ratio
Loss ratio					55.5	%		44.2	%		57.1	%		59.0	%		53.8	%			56.4	%			56.7	%			53.5	%
Allocated loss expense ratio					7.0			7.9			6.9			6.5			7.1				6.8				6.8				7.1
Unallocated loss expense ratio					6.7			6.4			6.7			4.8			6.6				5.7				6.0				6.1
Net underwriting expense ratio					32.9			33.4			34.8			31.7			31.9				31.8				32.7				32.9
Statutory combined ratio					102.1	%		91.9	%		105.5	%		102.0	%		99.3	%			100.7	%			102.2	%			99.6	%
Contribution from catastrophe losses					4.9			1.0			3.2			10.4			1.8				6.2				5.2				4.1
Statutory combined ratio excluding catastrophe losses					97.2	%		90.9	%		102.3	%		91.6	%		97.5	%			94.5	%			97.0	%			95.5	%
Commission expense ratio					18.5	%		19.0	%		19.0	%		17.6	%		17.2	%			17.4	%			17.9	%			18.1	%
Other expense ratio					14.4			14.4			15.8			14.1			14.7				14.4				14.8				14.8
Statutory expense ratio					32.9	%		33.4	%		34.8	%		31.7	%		31.9	%			31.8	%			32.7	%			32.9	%
GAAP combined ratio
GAAP combined ratio					104.0	%		90.6	%		103.4	%		101.7	%		102.1	%			101.9	%			102.4	%			99.4	%
Contribution from catastrophe losses					4.9			1.0			3.2			10.4			1.8				6.2				5.2				4.1
GAAP combined ratio excluding catastrophe losses					99.1	%		89.6	%		100.2	%		91.3	%		100.3	%			95.7	%			97.2	%			95.3	%

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

* nm - Not meaningful

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

18

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
	12/31/11	9/30/11	6/30/11	3/31/11			12/31/10			9/30/10			6/30/10			3/31/10			6/30/11	6/30/10			9/30/11	9/30/10			12/31/11	12/31/10
Premiums
Agency renewal written premiums				$	156		$	166		$	189		$	187		$	143			$	330			$	519			$	685
Agency new business written premiums					22			23			25			24			18				42				67				90
Other written premiums					(5	)		(6	)		(6	)		(7	)		(6	)			(13	)			(19	)			(25	)
Reported written premiums – statutory*				$	173		$	183		$	208		$	204		$	155			$	359			$	567			$	750
Unearned premium change					17			3			(26	)		(25	)		19				(6	)			(32	)			(29	)
Earned premiums				$	190		$	186		$	182		$	179		$	174			$	353			$	535			$	721
Year over year change %
Agency renewal written premiums					9	%		8	%		7	%		6	%		4	%			5	%			6	%			7	%
Agency new business written premiums					22			15			19			26			29				24				22				20
Other written premiums					17			0			25			(40	)		0				0				10				4
Reported written premiums – statutory*					12			10			9			7			7				7				8				9
Paid losses and loss expenses
Losses paid				$	109		$	116		$	128		$	114		$	103			$	217			$	345			$	461
Loss expenses paid					15			17			17			14			17				30				48				65
Loss and loss expenses paid				$	124		$	133		$	145		$	128		$	120			$	247			$	393			$	526
Statutory combined ratio
Loss ratio					64.9	%		60.5	%		63.2	%		82.4	%		55.3	%			69.0	%			67.0	%			65.4	%
Allocated loss expense ratio					2.3			2.5			1.9			2.0			1.9				2.0				1.9				2.1
Unallocated loss expense ratio					6.9			6.9			7.2			6.7			7.2				6.9				7.1				6.9
Net underwriting expense ratio					30.3			32.6			28.4			30.1			42.1				35.3				32.8				32.7
Statutory combined ratio					104.4	%		102.5	%		100.7	%		121.2	%		106.5	%			113.2	%			108.8	%			107.1	%
Contribution from catastrophe losses					7.4			(0.3	)		6.0			23.8			3.0				13.6				11.0				8.1
Statutory combined ratio excluding catastrophe losses					97.0	%		102.8	%		94.7	%		97.4	%		103.5	%			99.6	%			97.8	%			99.0	%
Commission expense ratio					17.9	%		21.7	%		17.1	%		18.1	%		22.4	%			20.0	%			19.0	%			19.6	%
Other expense ratio					12.4			10.9			11.3			12.0			19.7				15.3				13.8				13.1
Statutory expense ratio					30.3	%		32.6	%		28.4	%		30.1	%		42.1	%			35.3	%			32.8	%			32.7	%
GAAP combined ratio
GAAP combined ratio					101.4	%		101.9	%		103.4	%		123.4	%		102.5	%			113.1	%			109.8	%			107.7	%
Contribution from catastrophe losses					7.4			(0.3	)		6.0			23.8			3.0				13.6				11.0				8.1
GAAP combined ratio excluding catastrophe losses					94.0	%		102.2	%		97.4	%		99.6	%		99.5	%			99.5	%			98.8	%			99.6	%

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

* nm - Not meaningful

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

19

Consolidated Cincinnati Insurance Companies

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/11	9/30/11	6/30/11	3/31/11			12/31/10			9/30/10			6/30/10			3/31/10			6/30/11	6/30/10			9/30/11	9/30/10			12/31/11	12/31/10
Premiums
Agency renewal written premiums				$	10		$	8		$	9		$	7		$	6			$	12			$	21			$	29
Agency new business written premiums					9			8			9			10			8				18				27				35
Other written premiums					(1	)		(1	)		(2	)		(2	)		(1	)			(3	)			(5	)			(6	)
Reported written premiums – statutory*				$	18		$	15		$	16		$	15		$	13			$	27			$	43			$	58
Unearned premium change					(3	)		(1	)		(3	)		(4	)		(2	)			(5	)			(8	)			(9	)
Earned premiums				$	15		$	14		$	13		$	11		$	11			$	22			$	35			$	49
Year over year change %
Agency renewal written premiums					67	%		100	%		200	%		200	%		500	%			500	%			320	%			190	%
Agency new business written premiums					13			14			0			25			14				13				8				9
Other written premiums					0			0		nm			nm				0				(200	)			(400	)			(100	)
Reported written premiums – statutory*					38			50			33			40			86				59				48				49
Paid losses and loss expenses
Losses paid				$	4		$	1		$	3		$	1		$	1			$	2			$	5			$	6
Loss expenses paid					1			1			1			0			0				1				2				2
Loss and loss expenses paid				$	5		$	2		$	4		$	1		$	1			$	3			$	7			$	8
Statutory combined ratio
Loss ratio					77.6	%		20.8	%		72.3	%		81.5	%		65.4	%			73.5	%			73.1	%			58.1	%
Allocated loss expense ratio					19.1			16.1			23.5			20.4			21.0				20.7				21.8				20.1
Unallocated loss expense ratio					6.1			2.7			7.9			6.5			5.1				5.8				6.5				5.5
Net underwriting expense ratio					27.6			39.0			30.8			33.5			38.5				35.8				33.9				35.2
Statutory combined ratio					130.4	%		78.6	%		134.5	%		141.9	%		130.0	%			135.8	%			135.3	%			118.9	%
Contribution from catastrophe losses					2.8			(0.1	)		4.6			0.0			0.0				0.0				1.7				1.2
Statutory combined ratio excluding catastrophe losses					127.6	%		78.7	%		129.9	%		141.9	%		130.0	%			135.8	%			133.6	%			117.7	%
Commission expense ratio					22.2	%		30.7	%		27.0	%		26.0	%		28.2	%			27.0	%			27.0	%			27.9	%
Other expense ratio					5.4			8.3			3.8			7.5			10.3				8.8				6.9				7.3
Statutory expense ratio					27.6	%		39.0	%		30.8	%		33.5	%		38.5	%			35.8	%			33.9	%			35.2	%
GAAP combined ratio
GAAP combined ratio					133.0	%		75.3	%		129.8	%		137.5	%		127.1	%			132.4	%			131.4	%			115.4	%
Contribution from catastrophe losses					2.8			(0.1	)		4.6			0.0			0.0				0.0				1.7				1.2
GAAP combined ratio excluding catastrophe losses					130.2	%		75.4	%		125.2	%		137.5	%		127.1	%			132.4	%			129.7	%			114.2	%

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

* nm - Not meaningful

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

* Statutory data does not include CSU Producers Resources Inc.

20

The Cincinnati Life Insurance Company

Statutory Statements of Income

	For the Three Months Ended March 31,
(Dollars in millions)	2011			2010			Change			% Change
Net premiums written	$	102		$	104		$	(2	)		(2	)
Net investment income		34			33			1			3
Amortization of interest maintenance reserve		-			(1	)		1		nm
Commissions and expense allowances on reinsurance ceded		2			2			-		nm
Income from fees associated with Separate Accounts		1			1			-		nm
Total revenues	$	139		$	139		$	-		nm
Death benefits and matured endowments	$	16		$	13		$	3			23
Annuity benefits		13			9			4			44
Disability benefits and benefits under accident and health contracts		-			1			(1	)	nm
Surrender benefits and group conversions		6			5			1			20
Interest and adjustments on deposit-type contract funds		3			3			-		nm
Increase in aggregate reserves for life and accident and health contracts		77			84			(7	)		(8	)
Total benefit expenses	$	115		$	115		$	-		nm
Commissions	$	12		$	12		$	-		nm
General insurance expenses and taxes		10			10			-		nm
Increase in loading on deferred and uncollected premiums		-			(1	)		1		nm
Total operating expenses	$	22		$	21		$	1			5
Federal and foreign income tax benefit		8			(4	)		12		nm
Net gain from operations before realized capital gains	$	(6	)	$	7		$	(13	)	nm
Net realized gains net of capital gains tax		(20	)		2			(22	)	nm
Net income (loss) (statutory)	$	(26	)	$	9		$	(35	)	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.

21