Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending September 30, 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

	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 October 26, 2011, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength 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

Third Quarter 2011

	Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
Quick Reference	4
CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 2011	5
CFC and Subsidiaries Consolidation – Three Months Ended September 30, 2011	6
CFC Insurance Subsidiaries – Selected Balance Sheet Data	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
Reconciliation Data
Quarterly Property Casualty Data – Consolidated	16
Quarterly Property Casualty Data – Commercial Lines	17
Quarterly Property Casualty Data – Personal Lines	18
Quarterly Property Casualty Data – Excess & Surplus Lines	19
Life Insurance Operations
Statutory Statements of Income	20

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.

Cincinnati Financial Corporation

Quick Reference - Third Quarter 2011

(all data shown is for the three months ended or as of September 30, 2011)

				Year over year
	9/30/2011			change %
Revenues:
Commercial lines net written premiums	$	547			7
Personal lines net written premiums		222			7
Excess & surplus lines net written premiums		22			29
Property casualty net written premiums		791			7
Life and accident and health net written premiums		44			3
Annuity net written premiums		18			(50	)
Life, annuity and accident and health net written premiums		62			(22	)
Commercial lines net earned premiums		557			2
Personal lines net earned premiums		193			6
Excess & surplus lines net earned premiums		19			36
Property casualty net earned premiums		769			3
Fee revenue		1			0
Life and accident and health net earned premiums		43			5
Investment income		130			2
Realized gains on investments		(2	)		(101	)
Other revenue		3			0
Total revenues		944			(12	)

Income:
Operating income	$	20			(64	)
Net realized investment gains and losses		(1	)	nm
Net income		19			(88	)

Per share (diluted):
Operating income	$	0.13			(62	)
Net realized investment gains and losses		(0.01	)	nm
Net income		0.12			(87	)
Book value		29.54			(4	)
Weighted average shares		163,085,974

				Year over year
	9/30/2011			change %
Benefits and expenses:
Commercial lines loss and loss expenses	$	429			11
Personal lines loss and loss expenses		168			27
Excess & surplus lines loss and loss expenses		12			(8	)
Life and accident and health losses and policy benefits		49			11
Underwriting, acquisition and insurance expenses		260			1
Other operating expenses		4			0
Interest expenses		13			0
Total benefits & expenses		933			10
Loss before income taxes		11			(95	)
Total income tax		(8	)	nm
Balance Sheet:
Fixed maturity investments	$	8,854
Equity securities		2,609
Other invested assets		66
Total invested assets	$	11,529
Equity in net assets of subsidiaries	$	4,564
Loss and loss expense reserves	$	4,521
Life policy reserves		2,179
Total debt		894
Shareholders' equity		4,786
Key ratios:
Commercial lines GAAP combined ratio		107.9	%
Personal lines GAAP combined ratio		119.7
Excess & surplus lines GAAP combined ratio		93.6
Property casualty GAAP combined ratio		110.6
Commercial lines STAT combined ratio		109.4	%
Personal lines STAT combined ratio		114.7
Excess & surplus lines STAT combined ratio		92.9
Property casualty STAT combined ratio		110.2
Value creation ratio		(3.4	)%

Cincinnati Financial Corporation

Consolidated Statements of Income for the Nine Months Ended September 30, 2011

(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues:
Premiums earned:
Property casualty	$	-		$	2,414		$	-		$	-	$	-		$	2,414
Life		-			-			157			-		-			157
Accident health		-			-			5			-		-			5
Premiums ceded		-			(170	)		(39	)		-		-			(209	)
Total earned premium		-			2,244			123			-		-			2,367
Investment income		30			262			101			-		-			393
Realized gain on investments		14			88			(26	)		1		-			77
Fee revenue		-			3			-			-		-			3
Other revenue		11			1			2			5		(11	)		8
Total revenues	$	55		$	2,598		$	200		$	6	$	(11	)	$	2,848
Benefits & expenses:
Losses & policy benefits	$	-		$	2,183		$	167		$	-	$	(4	)	$	2,346
Reinsurance recoveries		-			(285	)		(29	)		-		-			(314	)
Underwriting, acquisition and insurance expenses		-			723			49			-		-			772
Other operating expenses		19			-			-			3		(8	)		14
Interest expense		39			-			-			1		-			40
Total expenses	$	58		$	2,621		$	187		$	4	$	(12	)	$	2,858
Income (loss) before income taxes	$	(3	)	$	(23	)	$	13		$	2	$	1		$	(10	)
Provision (benefit) for income taxes:
Current operating income	$	(12	)	$	(40	)	$	16		$	-	$	-		$	(36	)
Capital gains/losses		5			31			(9	)		-		-			27
Deferred		1			(34	)		(1	)		1		-			(33	)
Total provision (benefit) for income taxes	$	(6	)	$	(43	)	$	6		$	1	$	-		$	(42	)
Operating income (loss)	$	(6	)	$	(37	)	$	24		$	-	$	1		$	(18	)
Net income - current year	$	3		$	20		$	7		$	1	$	1		$	32
Net income - prior year	$	5		$	222		$	23		$	1	$	-		$	251

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

Cincinnati Financial Corporation and Subsidiaries

Consolidated Statements of Income for the Three Months Ended September 30, 2011

(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues:
Premiums earned:
Property casualty	$	-		$	820		$	-		$	-	$	-		$	820
Life		-			-			55			-		-			55
Accident health		-			-			2			-		-			2
Premiums ceded		-			(51	)		(14	)		-		-			(65	)
Total earned premium		-			769			43			-		-			812
Investment income		10			86			34			-		-			130
Realized gain (loss) on investments		6			(7	)		(2	)		-		1			(2	)
Fee revenue		-			1			-			-		-			1
Other revenue		4			-			1			2		(4	)		3
Total revenues	$	20		$	849		$	76		$	2	$	(3	)	$	944
Benefits & expenses:
Losses & policy benefits	$	-		$	652		$	58		$	-	$	(1	)	$	709
Reinsurance recoveries		-			(44	)		(9	)		-		-			(53	)
Underwriting, acquisition and insurance expenses		-			242			18			-		-			260
Other operating expenses		5			-			-			1		(2	)		4
Interest expense		13			-			-			-		-			13
Total expenses	$	18		$	850		$	67		$	1	$	(3	)	$	933
Income (loss) before income taxes	$	2		$	(1	)	$	9		$	1	$	-		$	11
Provision (benefit) for income taxes:
Current operating income	$	(2	)	$	17		$	2		$	1	$	-		$	18
Capital gains/losses		2			(2	)		(1	)		-		-			(1	)
Deferred		(1	)		(26	)		2			-		-			(25	)
Total provision (benefit) for income taxes	$	(1	)	$	(11	)	$	3		$	1	$	-		$	(8	)
Operating income (loss)	$	(1	)	$	15		$	7		$	-	$	(1	)	$	20
Net income - current year	$	3		$	10		$	6		$	-	$	-		$	19
Net income - prior year	$	7		$	140		$	8		$	1	$	-		$	156

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

 

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)	$	-	$	5,975	$	5,954	$	5,850		$	5,818		$	5,924		$	5,804		$	5,759
Equities (fair value)		-		1,865		2,113		2,203			2,175			1,928			1,862			2,013
Short-term investments (fair value)		-		-		-		-			-			-			-			-
Fixed maturities - pretax net unrealized gain		-		439		388		320			314			494			363			287
Equities - pretax net unrealized gain		-		361		631		670			604			476			457			635
Loss and loss expense reserves - STAT		-		3,939		3,903		3,788			3,756			3,799			3,781			3,689
Equity GAAP		-		4,523		4,702		4,721			4,656			4,652			4,429			4,506
Surplus - STAT		-		3,513		3,743		3,833			3,777			3,641			3,537			3,692
The Cincinnati Life Insurance Company
Fixed maturities (fair value)	$	-	$	2,652	$	2,528	$	2,449		$	2,315		$	1,867		$	1,859		$	2,055
Equities (fair value)		-		28		37		102			103			108			100			114
Short-term investments (fair value)		-		-		-		-			-			-			-			-
Fixed maturities - pretax net unrealized gain		-		197		174		149			148			215			154			110
Equities - pretax net unrealized gain (loss)		-		12		19		25			(4	)		1			(7	)		7
Equity - GAAP		-		769		783		756			748			775			729			700
Surplus - STAT		-		268		309		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

Consolidated Cincinnati Insurance Companies

Statutory Statements of Income

	For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(Dollars in millions)	2011			2010			Change			% Change			2011			2010			Change			% Change
Underwriting income
Net premiums written	$	791		$	736		$	55			7		$	2,338		$	2,241		$	97			4
Unearned premiums increase		22			(7	)		29		nm				94			62			32			52
Earned premiums	$	769		$	743		$	26			3		$	2,244		$	2,179		$	65			3
Losses incurred	$	503		$	437		$	66			15		$	1,604		$	1,296		$	308			24
Allocated loss expenses incurred		49			44			5			11			145			127			18			14
Unallocated loss expenses incurred		56			51			5			10			149			137			12			9
Other underwriting expenses incurred		242			239			3			1			726			724			2			0
Workers compensation dividend incurred		4			3			1			33			11			10			1			10
Total underwriting deductions	$	854		$	774		$	80			10		$	2,635		$	2,294		$	341			15
Net underwriting losses	$	(85	)	$	(31	)	$	(54	)		(174	)	$	(391	)	$	(115	)	$	(276	)		(240	)
Investment income
Gross investment income earned	$	89		$	88		$	1			1		$	272		$	268		$	4			1
Net investment income earned		88			87			1			1			268			264			4			2
Net realized capital gains		(2	)		90			(92	)	nm				58			84			(26	)		31
Net investment gains (excl. subs)	$	86		$	177		$	(91	)		(51	)	$	326		$	348		$	(22	)		(6	)
Dividend from subsidiary		25			-			25		nm				25			-			25		nm
Net investment gains (net of tax)	$	111		$	177		$	(66	)		(37	)	$	351		$	348		$	3			1
Other income	$	2		$	1		$	1			100		$	4		$	3		$	1			33
Net income before federal income taxes	$	28		$	147		$	(119	)		(81	)	$	(36	)	$	236		$	(272	)	nm
Federal and foreign income taxes incurred	$	16		$	8		$	8			100		$	(42	)	$	34		$	(76	)	nm
Net income (statutory)	$	12		$	139		$	(127	)		(91	)	$	6		$	202		$	(196	)		(97	)

* 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.

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
New losses greater than $4,000,000		$	18		$	6	$	11	$	15		$	17	$	11	$	6	$	16	$	17	$	34	$	34		$	49
New losses $1,000,000-$4,000,000			45			33		50		43			36		29		35		83		64		128		100			142
New losses $250,000-$1,000,000			59			51		54		47			46		53		52		106		104		165		150			200
Case reserve development above $250,000			57			51		34		45			66		30		37		85		68		142		134			178
Large losses subtotal		$	179		$	141	$	149	$	150		$	165	$	123	$	130	$	290	$	253	$	469	$	418		$	569
IBNR incurred			-			18		32		18			16		11		12		51		23		51		41			59
Catastrophe losses incurred			90			289		41		5			28		100		15		330		114		419		143			148
Remaining incurred			234			218		213		184			228		239		228		430		468		664		694			876
Total losses incurred		$	503		$	666	$	435	$	357		$	437	$	473	$	385	$	1,101	$	858	$	1,603	$	1,296		$	1,652
Commercial Lines
New losses greater than $4,000,000		$	18		$	6	$	11	$	10		$	17	$	11	$	6	$	16	$	17	$	34	$	34		$	44
New losses $1,000,000-$4,000,000			40			30		40		38			28		22		32		70		54		110		82			120
New losses $250,000-$1,000,000			45			39		37		31			37		40		40		77		80		122		117			148
Case reserve development above $250,000			52			46		31		41			62		29		32		77		61		129		123			164
Large losses subtotal		$	155		$	121	$	119	$	120		$	144	$	102	$	110	$	240	$	212	$	395	$	356		$	476
IBNR incurred			1			11		24		19			10		7		9		35		17		36		27			45
Catastrophe losses incurred			58			157		26		5			17		57		10		183		66		241		84			89
Remaining incurred			130			124		131		97			141		152		152		255		304		385		444			542
Total losses incurred		$	344		$	413	$	300	$	241		$	312	$	318	$	281	$	713	$	599	$	1,057	$	911		$	1,152
Personal Lines
New losses greater than $4,000,000		$	-		$	-	$	-	$	5		$	-	$	-	$	-	$	-	$	-	$	-	$	-		$	5
New losses $1,000,000-$4,000,000			4			3		9		5			5		7		3		13		10		17		15			20
New losses $250,000-$1,000,000			11			10		14		14			7		10		10		23		20		35		27			41
Case reserve development above $250,000			4			4		3		3			4		1		3		7		4		11		8			11
Large losses subtotal		$	19		$	17	$	26	$	27		$	16	$	18	$	16	$	43	$	34	$	63	$	50		$	77
IBNR incurred			(3	)		4		4		1			4		2		1		9		2		6		7			8
Catastrophe losses incurred			32			131		14		(1	)		11		43		5		145		48		177		59			58
Remaining incurred			103			91		80		86			84		83		75		170		159		273		243			328
Total losses incurred		$	151		$	243	$	124	$	113		$	115	$	146	$	97	$	367	$	243	$	519	$	359		$	471
Excess & Surplus Lines
New losses greater than $4,000,000		$	-		$	-	$	-	$	-		$	-	$	-	$	-	$	-	$	-	$	-	$	-		$	-
New losses $1,000,000-$4,000,000			1			-		1		-			3		-		-		-		-		1		3			3
New losses $250,000-$1,000,000			3			2		3		2			2		3		2		6		5		8		6			9
Case reserve development above $250,000			1			1		-		1			-		-		2		1		2		2		3			3
Large losses subtotal		$	5		$	3	$	4	$	3		$	5	$	3	$	4	$	7	$	7	$	11	$	12		$	15
IBNR incurred			2			3		4		(2	)		2		2		2		7		5		9		7			4
Catastrophe losses incurred			-			1		1		1			-		-		-		2		-		1		-			1
Remaining incurred			1			3		2		1			3		4		1		5		4		6		7			9
Total losses incurred		$	8		$	10	$	11	$	3		$	10	$	9	$	7	$	21	$	16	$	27	$	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.

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
New losses greater than $4,000,000			2.3	%		0.8	%		1.4	%		2.0	%		2.3	%		1.5	%		0.8	%		1.1	%		1.2	%		1.5	%		1.6	%			1.7	%
New losses $1,000,000-$4,000,000			5.8			4.6			6.7			5.7			4.8			4.0			4.9			5.6			4.6			5.7			4.6				4.9
New losses $250,000-$1,000,000			7.7			7.0			7.3			6.7			6.2			7.2			7.4			7.2			7.2			7.4			6.9				6.8
Case reserve development above $250,000			7.5			6.9			4.6			5.9			8.9			4.2			5.3			5.8			4.7			6.3			6.2				6.1
Large losses subtotal			23.3	%		19.3	%		20.0	%		20.3	%		22.2	%		16.9	%		18.4	%		19.7	%		17.7	%		20.9	%		19.3	%			19.5	%
IBNR incurred			0.1			2.5			4.4			2.5			2.3			1.6			1.7			3.4			1.6			2.3			1.8				2.0
Total catastrophe losses incurred			11.7			39.6			5.5			0.7			3.8			13.6			2.1			22.3			7.9			18.7			6.5				5.1
Remaining incurred			30.3			29.8			28.5			24.4			30.5			33.0			32.1			29.2			32.6			29.6			31.9				30.0
Total loss ratio			65.4	%		91.2	%		58.4	%		47.9	%		58.8	%		65.1	%		54.3	%		74.6	%		59.8	%		71.5	%		59.5	%			56.6	%
Commercial Lines
New losses greater than $4,000,000			3.2	%		1.1	%		1.9	%		1.8	%		3.1	%		2.0	%		1.1	%		1.5	%		1.6	%		2.1	%		2.1	%			2.0	%
New losses $1,000,000-$4,000,000			7.3			5.5			7.5			7.0			5.1			4.1			6.1			6.5			5.1			6.8			5.1				5.6
New losses $250,000-$1,000,000			8.1			7.4			6.9			5.8			6.7			7.4			7.7			7.1			7.5			7.5			7.3				6.9
Case reserve development above $250,000			9.3			8.7			5.7			7.4			11.4			5.4			6.2			7.2			5.8			7.9			7.7				7.6
Large losses subtotal			27.9	%		22.7	%		22.0	%		22.0	%		26.3	%		18.9	%		21.1	%		22.3	%		20.0	%		24.3	%		22.2	%			22.1	%
IBNR incurred			0.2			2.0			4.4			3.3			1.9			1.3			1.8			3.3			1.6			2.2			1.7				2.1
Total catastrophe losses incurred			10.4			29.6			4.9			1.0			3.2			10.5			1.8			17.1			6.2			14.7			5.2				4.1
Remaining incurred			23.3			23.3			24.2			17.8			25.7			28.3			29.0			23.7			28.6			23.6			27.6				25.2
Total loss ratio			61.8	%		77.6	%		55.5	%		44.1	%		57.1	%		59.0	%		53.7	%		66.4	%		56.4	%		64.8	%		56.7	%			53.5	%
Personal Lines
New losses greater than $4,000,000			0.0	%		0.0	%		0.0	%		2.7	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%			0.7	%
New losses $1,000,000-$4,000,000			2.2			2.0			4.8			2.3			2.8			4.4			1.5			3.5			3.0			3.0			2.9				2.8
New losses $250,000-$1,000,000			6.0			5.4			7.1			7.8			4.0			5.6			5.5			6.2			5.6			6.1			5.0				5.7
Case reserve development above $250,000			1.9			2.3			1.7			1.8			2.0			0.6			1.9			2.0			1.2			2.0			1.5				1.6
Large losses subtotal			10.1	%		9.7	%		13.6	%		14.6	%		8.8	%		10.6	%		8.9	%		11.7	%		9.8	%		11.1	%		9.4	%			10.8	%
IBNR incurred			(1.5	)		2.4			2.3			0.8			2.4			0.9			0.3			2.3			0.6			1.0			1.2				1.1
Total catastrophe losses incurred			16.4			73.0			7.4			(0.3	)		6.0			23.8			3.0			39.2			13.5			31.4			11.0				8.1
Remaining incurred			53.5			50.6			41.6			45.3			46.0			47.1			43.1			46.0			45.1			48.6			45.4				45.4
Total loss ratio			78.5	%		135.7	%		64.9	%		60.4	%		63.2	%		82.4	%		55.3	%		99.2	%		69.0	%		92.1	%		67.0	%			65.4	%
Excess & Surplus Lines
New losses greater than $4,000,000			0.0	%		0.0	%		0.0	%		0.0	%		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			0.0			0.0			19.4			0.0			0.0			0.0			0.0			0.0			7.1				5.1
New losses $250,000-$1,000,000			13.5			12.4			25.8			17.5			16.7			18.8			16.9			18.7			19.9			16.8			18.7				18.4
Case reserve development above $250,000			9.3			2.5			2.7			1.8			2.5			2.7			20.7			2.6			11.6			5.1			13.1				14.2
Large losses subtotal			22.8	%		14.9	%		28.5	%		19.3	%		38.6	%		21.5	%		37.6	%		21.3	%		31.5	%		21.9	%		38.9	%			37.7	%
IBNR incurred			12.5			17.1			26.1			(13.2	)		14.9			23.5			18.4			21.3			23.7			18.1			18.5				9.6
Total catastrophe losses incurred			2.4			4.2			2.8			(0.1	)		4.6			0.0			0.0			3.6			0.0			3.1			1.7				1.2
Remaining incurred			3.4			13.4			20.2			14.7			14.2			32.5			9.4			16.6			18.3			11.8			18.8				17.4
Total loss ratio			41.1	%		49.6	%		77.6	%		20.7	%		72.3	%		77.5	%		65.4	%		62.8	%		73.5	%		54.9	%		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.

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
New losses greater than $4,000,000			3		1		2		3		3		2		1		3		3		6		6			9
New losses $1,000,000-$4,000,000			25		18		30		23		20		18		19		48		37		73		57			80
New losses $250,000-$1,000,000			129		122		122		123		112		117		123		244		240		373		352			475
Case reserve development above $250,000			84		81		68		71		101		73		77		149		143		233		237			308
Large losses total			241		222		222		220		236		210		220		444		423		685		652			872
Commercial Lines
New losses greater than $4,000,000			3		1		2		2		3		2		1		3		3		6		6			8
New losses $1,000,000-$4,000,000			21		15		24		20		15		12		17		39		29		60		44			64
New losses $250,000-$1,000,000			98		97		85		79		88		88		95		182		183		280		271			350
Case reserve development above $250,000			72		70		59		70		93		70		67		129		137		201		230			300
Large losses total			194		183		170		171		199		172		180		353		352		547		551			722
Personal Lines
New losses greater than $4,000,000			-		-		-		1		-		-		-		-		-		-		-			1
New losses $1,000,000-$4,000,000			4		3		6		3		3		6		2		9		8		13		11			14
New losses $250,000-$1,000,000			26		20		29		38		19		24		24		49		48		75		67			105
Case reserve development above $250,000			9		10		8		-		7		2		5		18		7		27		14			23
Large losses total			39		33		43		42		29		32		31		76		63		115		92			143
Excess & Surplus Lines
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			5		5		8		6		5		5		4		13		9		18		14			20
Case reserve development above $250,000			3		1		1		1		1		1		5		2		6		5		7			8
Large losses total			8		6		9		7		8		6		9		15		15		23		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.

Consolidated Cincinnati Insurance Companies

Agency Direct Written Premiums by Agency State by Line of Business for the Nine Months Ended September 30, 2011

(Dollars in millions)							Commercial Lines								Personal Lines								Consolidated				Comm'l			Personal			E & S			Consol
Risk	Comm		Comm		Comm		Workers'		Spec		Surety &		Mach. &		Personal		Home		Other		E & S		2011		2010		Change			Change			Change			Change
State	Casualty		Property		Auto		Comp		Packages		Exec Risk		Equipment		Auto		Owner		Personal		Lines		Total		Total		%			%			%			%
OH	$	96.6	$	72.2	$	46.4	$	-	$	15.3	$	17.8	$	4.3	$	95.7	$	71.9	$	25.1	$	7.6	$	452.6	$	434.8		3.4			4.0			39.5			4.1
IL		42.5		32.7		20.4		37.9		8.8		6.1		2.5		22.6		17.7		5.8		4.3		201.2		192.6		2.8			9.4			13.2			4.5
IN		33.4		27.8		16.5		19.3		6.1		5.1		2.0		24.1		23.1		6.1		5.9		169.3		156.9		6.0			10.9			21.4			7.9
PA		34.5		23.5		23.4		36.5		7.8		4.9		1.7		6.4		5.0		2.8		2.5		149.0		143.4		2.9			10.4			29.8			3.9
GA		18.9		16.9		13.1		8.4		6.1		4.5		0.9		25.6		23.9		7.1		4.1		129.4		125.1		(0.1	)		6.6			28.9			3.5
NC		23.5		21.4		14.5		13.7		10.9		6.1		1.5		12.4		8.9		4.0		2.4		119.6		110.0		1.5			41.8			34.5			8.6
MI		23.7		16.2		10.8		12.2		7.3		4.6		1.4		12.8		12.4		2.8		2.6		106.9		98.7		4.0			20.0			26.0			8.3
KY		15.9		17.9		10.9		2.3		4.7		2.4		0.9		19.0		14.8		4.1		2.3		95.2		89.6		4.0			8.7			26.1			6.3
VA		21.5		18.1		14.1		13.0		3.8		4.5		1.2		7.5		6.3		2.3		1.9		94.1		94.3		(1.3	)		2.2			25.8			(0.3	)
TN		17.8		16.5		11.4		6.8		7.6		4.4		1.2		8.8		9.4		3.2		1.2		88.2		82.1		4.5			17.0			7.9			7.3
WI		18.6		13.2		8.0		19.6		2.8		2.2		1.3		7.0		6.2		2.7		1.7		83.2		81.0		1.7			5.3			25.0			2.8
AL		12.6		14.3		5.8		0.6		6.3		1.8		0.8		13.3		20.7		4.7		2.4		83.2		78.3		3.6			7.2			58.2			6.3
MO		15.7		15.3		10.0		8.8		4.7		1.9		1.0		3.5		4.8		1.1		2.8		69.5		67.3		0.0			18.7			35.0			3.2
FL		16.9		16.0		6.3		0.8		1.4		1.6		0.7		6.8		9.0		1.8		2.0		63.3		65.4		(1.6	)		(9.8	)		35.5			(3.2	)
MN		15.4		12.6		6.6		5.7		2.6		1.7		1.0		6.9		6.4		1.8		1.9		62.6		58.0		5.3			14.1			33.1			8.0
IA		14.2		10.9		6.5		14.1		3.0		2.9		1.1		3.5		3.5		1.4		1.0		62.2		63.3		(4.7	)		15.9			39.0			(1.8	)
TX		15.3		12.0		9.4		1.9		0.7		1.0		0.9		-		-		-		5.4		46.5		30.2		51.4			62.4			79.9			54.2
NY		22.3		7.6		8.4		1.9		1.0		2.1		0.6		-		-		0.6		0.7		45.2		45.8		(2.6	)	nm				9.3			(1.2	)
MD		10.0		5.9		8.4		7.0		1.0		1.8		0.4		1.1		1.8		0.5		1.1		39.1		36.0		6.0			42.0			7.7			8.4
KS		6.0		6.9		3.7		6.0		2.5		1.2		0.4		3.7		4.6		1.1		0.5		36.5		37.2		(4.9	)		6.1			54.9			(1.7	)
AR		6.0		8.6		4.2		2.2		4.1		1.5		0.5		3.0		3.3		1.0		1.2		35.7		33.7		0.8			23.3			41.7			5.8
SC		7.5		5.9		4.4		2.7		1.7		1.5		0.2		1.9		1.4		0.5		0.6		28.3		29.2		(8.2	)		56.8			(17.8	)		(3.1	)
UT		8.3		4.0		4.7		0.1		0.6		2.2		0.3		3.9		1.6		0.3		0.9		26.8		23.3		6.0			69.9			(2.2	)		15.2
AZ		7.9		5.2		6.7		1.2		0.6		0.8		0.4		1.3		1.1		0.4		1.0		26.6		24.0		6.0			49.6			55.0			10.6
MT		8.4		5.3		4.7		-		0.8		0.4		0.4		1.5		1.3		0.3		0.3		23.5		23.4		(2.5	)		26.7			(3.5	)		0.5
NE		4.9		4.5		2.5		4.4		1.1		1.0		0.3		0.6		0.7		0.2		0.8		20.9		21.0		(3.0	)		5.5			111.9			(0.3	)
ID		6.1		4.2		4.1		0.1		0.6		0.9		0.3		1.4		0.8		0.2		0.5		19.2		16.7		9.7			62.3			36.9			14.8
WV		4.3		3.8		3.7		1.2		1.6		0.7		0.3		-		0.5		0.1		1.3		17.6		16.3		6.4			(1.3	)		35.3			7.9
VT		3.0		2.6		2.0		4.4		0.6		0.9		0.2		0.9		0.9		0.3		0.4		16.3		15.9		(1.7	)		25.8			50.2			2.1
CO		3.9		3.7		2.9		0.3		-		0.6		0.3		-		0.2		-		0.5		12.3		7.7		61.8			7.1			48.9			60.0
ND		4.1		2.9		2.2		-		0.8		0.7		0.2		0.5		0.5		0.1		0.2		12.2		11.0		9.9			15.6			26.4			10.6
NH		2.2		1.7		1.0		1.9		0.5		0.7		0.1		0.8		0.8		0.3		0.4		10.5		9.4		8.2			30.0			22.6			12.2
WA		3.0		1.5		2.1		-		-		0.4		0.2		-		-		-		0.7		7.8		4.8		60.5			(37.4	)		81.0			62.2
SD		1.8		1.5		1.1		2.0		0.4		0.4		0.1		-		-		-		0.3		7.6		7.0		9.2			13.2			17.3			9.5
DE		2.0		1.5		1.5		1.7		0.3		0.2		0.1		-		-		-		-		7.3		6.8		8.4			8.2		nm				8.4
NM		2.0		1.0		1.1		0.5		0.2		0.7		-		-		-		-		0.3		5.8		5.5		6.4		nm				11.1			6.7
OR		1.2		0.7		0.9		0.1		-		0.3		0.1		-		-		-		0.5		3.7		0.3	nm			nm			nm			nm
WY		1.0		0.7		0.4		-		-		0.1		-		-		-		-		0.3		2.5		1.0		157.8			5.5			206.0			159.4
CT		0.4		0.4		0.3		0.2		-		0.1		-		-		-		0.1		0.1		1.6		0.4		234.3			15.0		nm				241.3
All Other		2.0		1.9		1.6		2.9		0.1		1.1		0.1		-		0.1		-		0.3		10.2		9.3		7.2			26.6		nm				10.1
Total	$	555.2	$	439.4	$	307.0	$	242.4	$	118.4	$	93.5	$	30.0	$	296.2	$	263.6	$	83.1	$	64.7	$	2,493.3	$	2,356.7		3.7			9.7			34.2			5.8
Other Direct		-		0.8		-		2.1		-		-		-		0.1		0.2		-		-		3.2		3.2		(2.7	)		33.0		nm				(0.9	)
Total Direct	$	555.2	$	440.2	$	307.0	$	244.5	$	118.4	$	93.5	$	30.0	$	296.3	$	263.8	$	83.1	$	64.7	$	2,496.5	$	2,359.9		3.7			9.7			34.2			5.8

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.

Quarterly Property Casualty Data - Commercial 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
Commercial casualty:
Written premiums		$	175		$	177		$	189		$	166		$	161		$	168		$	191		$	366		$	359		$	541		$	520			$	686
Earned premiums			180			180			172			175			182			172			164			352			336			532			518				693
Current accident year before catastrophe losses			64.1	%		66.0	%		78.8	%		100.3	%		75.0	%		73.6	%		71.0	%		72.3	%		72.4	%		69.5	%		73.3	%			80.1	%
Current accident year catastrophe losses			-			-			-			-			-			-			-			-			-			-			-				-
Prior accident years before catastrophe losses			(26.7	)		(27.2	)		(32.3	)		(50.5	)		(18.5	)		(25.3	)		(12.7	)		(29.7	)		(19.2	)		(28.7	)		(18.9	)			(26.9	)
Prior accident years catastrophe losses			-			-			-			-			-			-			-			-			-			-			-				-
Total loss and loss expense ratio			37.4	%		38.8	%		46.5	%		49.8	%		56.5	%		48.3	%		58.3	%		42.6	%		53.2	%		40.8	%		54.4	%			53.2	%
Commercial property:
Written premiums		$	132		$	123		$	132		$	122		$	122		$	124		$	129		$	255		$	253		$	387		$	375			$	497
Earned premiums			128			115			126			124			123			121			121			241			242			369			365				489
Current accident year before catastrophe losses			77.6	%		76.8	%		64.8	%		54.6	%		60.5	%		56.5	%		62.2	%		70.5	%		59.4	%		73.0	%		59.7	%			58.4	%
Current accident year catastrophe losses			33.8			78.8			15.2			2.0			10.3			39.1			10.6			45.6			24.8			41.5			20.0				15.4
Prior accident years before catastrophe losses			(4.9	)		(1.7	)		8.0			(1.2	)		1.3			(3.1	)		0.5			3.4			(1.4	)		0.5			(0.4	)			(0.6	)
Prior accident years catastrophe losses			3.7			1.1			3.4			0.3			(1.3	)		(2.4	)		(2.3	)		2.3			(2.3	)		2.8			(2.0	)			(1.4	)
Total loss and loss expense ratio			110.2	%		155.0	%		91.4	%		55.7	%		70.8	%		90.1	%		71.0	%		121.8	%		80.5	%		117.8	%		77.3	%			71.8	%
Commercial auto:
Written premiums		$	96		$	102		$	107		$	92		$	91		$	99		$	103		$	209		$	202		$	305		$	293			$	385
Earned premiums			100			96			96			97			96			96			95			192			191			292			287				384
Current accident year before catastrophe losses			67.8	%		72.6	%		76.5	%		75.5	%		67.1	%		69.5	%		68.1	%		74.5	%		68.8	%		72.2	%		68.2	%			70.0	%
Current accident year catastrophe losses			2.5			6.2			0.3			0.4			(0.5	)		4.4			-			3.3			2.2			3.0			1.3				1.1
Prior accident years before catastrophe losses			3.5			(11.0	)		(24.2	)		(20.8	)		(5.3	)		(0.8	)		(6.1	)		(17.6	)		(3.4	)		(10.3	)		(4.0	)			(8.2	)
Prior accident years catastrophe losses			(0.1	)		(0.1	)		(0.4	)		-			-			(0.2	)		(1.0	)		(0.2	)		(0.6	)		(0.2	)		(0.4	)			(0.3	)
Total loss and loss expense ratio			73.7	%		67.7	%		52.2	%		55.1	%		61.3	%		72.9	%		61.0	%		60.0	%		67.0	%		64.7	%		65.1	%			62.6	%
Workers' compensation:
Written premiums		$	71		$	73		$	90		$	75		$	68		$	72		$	95		$	163		$	167		$	234		$	235			$	310
Earned premiums			78			81			76			81			77			79			74			157			153			235			230				311
Current accident year before catastrophe losses			119.2	%		108.5	%		95.6	%		92.5	%		127.5	%		103.2	%		103.3	%		102.3	%		103.2	%		107.9	%		111.3	%			106.5	%
Current accident year catastrophe losses			-			-			-			-			-			-			-			-			-			-			-				-
Prior accident years before catastrophe losses			(28.4	)		(28.9	)		(4.1	)		(9.8	)		(15.3	)		(13.3	)		(11.9	)		(16.9	)		(12.6	)		(20.7	)		(13.5	)			(12.6	)
Prior accident years catastrophe losses			-			-			-			-			-			-			-			-			-			-			-				-
Total loss and loss expense ratio			90.8	%		79.6	%		91.5	%		82.7	%		112.2	%		89.9	%		91.4	%		85.4	%		90.6	%		87.2	%		97.8	%			93.9	%
Specialty package:
Written premiums		$	36		$	27		$	37		$	37		$	37		$	36		$	39		$	64		$	75		$	100		$	112			$	149
Earned premiums			36			27			37			37			38			37			37			64			74			100			112				149
Current accident year before catastrophe losses			91.6	%		93.8	%		62.7	%		47.1	%		60.8	%		66.1	%		70.5	%		75.7	%		68.2	%		81.5	%		65.8	%			61.1	%
Current accident year catastrophe losses			25.7			223.8			9.2			7.2			18.9			23.0			8.5			99.4			15.9			72.7			16.8				14.5
Prior accident years before catastrophe losses			19.6			1.8			15.1			(19.1	)		9.6			(0.7	)		17.4			9.5			8.3			13.2			8.7				1.8
Prior accident years catastrophe losses			(0.9	)		(0.7	)		(1.5	)		(0.3	)		(0.2	)		(2.8	)		(7.4	)		(1.1	)		(5.1	)		(1.1	)		(3.4	)			(2.6	)
Total loss and loss expense ratio			136.0	%		318.7	%		85.5	%		34.9	%		89.1	%		85.6	%		89.0	%		183.5	%		87.3	%		166.3	%		87.9	%			74.8	%
Surety and executive risk:
Written premiums		$	28		$	26		$	24		$	23		$	23		$	24		$	23		$	50		$	47		$	78		$	70			$	93
Earned premiums			26			25			25			24			22			25			24			50			49			76			71				95
Current accident year before catastrophe losses			54.7	%		47.9	%		54.7	%		75.7	%		91.2	%		53.9	%		47.1	%		51.3	%		50.5	%		52.4	%		63.4	%			66.5	%
Current accident year catastrophe losses			-			-			-			-			-			-			-			-			-			-			-				-
Prior accident years before catastrophe losses			32.5			19.4			41.4			43.8			(17.3	)		(17.7	)		4.0			30.2			(6.9	)		31.0			(10.2	)			3.4
Prior accident years catastrophe losses			-			-			-			-			-			-			-			-			-			-			-				-
Total loss and loss expense ratio			87.2	%		67.3	%		96.1	%		119.5	%		73.9	%		36.2	%		51.1	%		81.5	%		43.6	%		83.4	%		53.2	%			69.9	%
Machinery and equipment:
Written premiums		$	9		$	9		$	9		$	9		$	9		$	9		$	9		$	18		$	17		$	27		$	26			$	35
Earned premiums			9			9			8			8			9			8			8			17			16			26			25				33
Current accident year before catastrophe losses			38.7	%		32.0	%		28.2	%		21.4	%		20.4	%		48.3	%		23.0	%		30.1	%		35.8	%		33.1	%		30.6	%			28.2	%
Current accident year catastrophe losses			2.4			0.2			0.2			(0.3	)		(1.7	)		1.7			0.3			0.2			1.0			0.9			0.1				-
Prior accident years before catastrophe losses			(1.6	)		6.9			8.5			(3.3	)		(6.8	)		1.8			(15.9	)		7.7			(6.9	)		4.5			(6.9	)			(6.0	)
Prior accident years catastrophe losses			-			-			-			-			-			0.1			(1.3	)		-			(0.6	)		-			(0.4	)			(0.3	)
Total loss and loss expense ratio			39.5	%		39.1	%		36.9	%		17.8	%		11.9	%		51.9	%		6.1	%		38.0	%		29.3	%		38.5	%		23.4	%			21.9	%

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

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
Personal auto:
Written premiums		$	107		$	104		$	82		$	84		$	98		$	97		$	73		$	186		$	170		$	293		$	268			$	352
Earned premiums			94			90			89			87			86			83			81			179			164			273			250				337
Current accident year before catastrophe losses			66.6	%		67.3	%		68.2	%		81.0	%		68.3	%		70.8	%		62.8	%		67.7	%		66.8	%		67.4	%		67.3	%			70.9	%
Current accident year catastrophe losses			1.5			10.3			1.3			-			0.2			4.2			0.1			5.8			2.2			4.3			1.5				1.1
Prior accident years before catastrophe losses			1.7			(5.0	)		(5.3	)		(2.4	)		(0.3	)		(1.2	)		(4.5	)		(5.1	)		(2.8	)		(2.8	)		(1.9	)			(2.1	)
Prior accident years catastrophe losses			(0.1	)		(0.1	)		(0.4	)		(0.1	)		(0.1	)		(0.2	)		(0.2	)		(0.2	)		(0.2	)		(0.2	)		(0.2	)			(0.1	)
Total loss and loss expense ratio			69.7	%		72.5	%		63.8	%		78.5	%		68.1	%		73.6	%		58.2	%		68.2	%		66.0	%		68.7	%		66.7	%			69.8	%
Homeowner:
Written premiums		$	87		$	78		$	68		$	75		$	83		$	81		$	60		$	146		$	141		$	233		$	224			$	299
Earned premiums			74			66			76			74			72			72			70			142			142			216			214				289
Current accident year before catastrophe losses			86.2	%		97.8	%		71.4	%		78.0	%		72.0	%		70.2	%		67.2	%		83.6	%		68.6	%		84.5	%		69.8	%			72.0	%
Current accident year catastrophe losses			40.3			175.4			22.1			0.9			15.5			54.2			7.2			92.7			30.9			74.7			25.8				19.3
Prior accident years before catastrophe losses			(6.1	)		(0.5	)		2.6			(5.0	)		(0.9	)		0.8			1.9			1.1			1.3			(1.4	)		0.6				(0.9	)
Prior accident years catastrophe losses			(1.8	)		(0.1	)		(5.8	)		(1.8	)		(2.1	)		(1.4	)		(0.3	)		(3.1	)		(0.8	)		(2.7	)		(1.3	)			(1.4	)
Total loss and loss expense ratio			118.6	%		272.6	%		90.3	%		72.1	%		84.5	%		123.8	%		76.0	%		174.3	%		100.0	%		155.1	%		94.9	%			89.0	%
Other personal:
Written premiums		$	28		$	28		$	23		$	24		$	27		$	26		$	22		$	51		$	48		$	79		$	75			$	99
Earned premiums			25			24			25			24			24			24			23			49			47			74			71				95
Current accident year before catastrophe losses			87.0	%		88.2	%		55.9	%		60.9	%		70.1	%		69.1	%		56.1	%		71.9	%		62.6	%		77.0	%		65.1	%			64.1	%
Current accident year catastrophe losses			10.4			34.5			3.8			1.3			4.7			5.9			3.2			19.0			4.6			16.1			4.7				3.8
Prior accident years before catastrophe losses			(36.4	)		(18.4	)		2.3			(29.7	)		(24.1	)		(21.4	)		(7.4	)		(7.9	)		(14.4	)		(17.6	)		(17.7	)			(20.8	)
Prior accident years catastrophe losses			(0.6	)		(0.5	)		(0.8	)		(0.4	)		(0.4	)		(0.6	)		(0.4	)		(0.6	)		(0.5	)		(0.6	)		(0.5	)			(0.5	)
Total loss and loss expense ratio			60.4	%		103.8	%		61.2	%		32.1	%		50.3	%		53.0	%		51.5	%		82.4	%		52.3	%		74.9	%		51.6	%			46.6	%

* 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.

Cincinnati Insurance Companies Consolidated

Loss and Loss Expense Analysis

(In millions)													Change in			Total
			Paid				Change in			Change in			loss			change									Loss
	Paid		loss		Total		case			IBNR			expense			in			Case			IBNR			expense		Total
	losses		expense		paid		reserves			reserves			reserves			reserves			incurred			incurred			incurred		incurred
Gross loss and loss expense incurred at September 30, 2011
Commercial casualty	$	196	$	85	$	281	$	(75	)	$	24		$	(10	)	$	(61	)	$	121		$	24		$	75	$	220
Commercial property		310		34		344		124			51			11			186			434			51			45		530
Commercial auto		181		27		208		(6	)		(5	)		(3	)		(14	)		175			(5	)		24		194
Workers' compensation		167		30		197		8			6			(1	)		13			175			6			29		210
Specialty packages		140		17		157		41			18			21			80			181			18			38		237
Surety and executive risk		46		8		54		(5	)		4			12			11			41			4			20		65
Machinery and equipment		7		1		8		1			1			-			2			8			1			1		10
Total commercial lines		1,047		202		1,249		88			99			30			217			1,135			99			232		1,466
Personal auto		172		20		192		1			1			2			4			173			1			22		196
Homeowners		327		31		358		25			42			5			72			352			42			36		430
Other personal		44		4		48		4			10			1			15			48			10			5		63
Total personal lines		543		55		598		30			53			8			91			573			53			63		689
Commercial casualty & property		12		3		15		8			9			3			20			20			9			6		35
Total excess & surplus lines		12		3		15		8			9			3			20			20			9			6		35
Total property casualty	$	1,602	$	260	$	1,862	$	126		$	161		$	41		$	328		$	1,728		$	161		$	301	$	2,190
Ceded loss and loss expense incurred at September 30, 2011
Commercial casualty	$	4	$	1	$	5	$	(2	)	$	-		$	-		$	(2	)	$	2		$	-		$	1	$	3
Commercial property		45		2		47		36			13			-			49			81			13			2		96
Commercial auto		3		-		3		1			1			-			2			4			1			-		5
Workers' compensation		7		-		7		(1	)		(1	)		-			(2	)		6			(1	)		-		5
Specialty packages		34		-		34		25			11			-			36			59			11			-		70
Surety and executive risk		12		2		14		(13	)		-			-			(13	)		(1	)		-			2		1
Machinery and equipment		-		-		-		-			-			-			-			-			-			-		-
Total commercial lines		105		5		110		46			24			-			70			151			24			5		180
Personal auto		4		1		5		2			2			-			4			6			2			1		9
Homeowners		47		3		50		28			17			-			45			75			17			3		95
Other personal		4		-		4		2			1			-			3			6			1			-		7
Total personal lines		55		4		59		32			20			-			52			87			20			4		111
Commercial casualty & property		-		-		-		-			1			-			1			-			1			-		1
Total excess & surplus lines		-		-		-		-			1			-			1			-			1			-		1
Total property casualty	$	160	$	9	$	169	$	78		$	45		$	-		$	123		$	238		$	45		$	9	$	292
Net loss and loss expense incurred at September 30, 2011
Commercial casualty	$	192	$	84	$	276	$	(73	)	$	24		$	(10	)	$	(59	)	$	119		$	24		$	74	$	217
Commercial property		265		32		297		88			38			11			137			353			38			43		434
Commercial auto		178		27		205		(7	)		(6	)		(3	)		(16	)		171			(6	)		24		189
Workers' compensation		160		30		190		9			7			(1	)		15			169			7			29		205
Specialty packages		106		17		123		16			7			21			44			122			7			38		167
Surety and executive risk		34		6		40		8			4			12			24			42			4			18		64
Machinery and equipment		7		1		8		1			1			-			2			8			1			1		10
Total commercial lines		942		197		1,139		42			75			30			147			984			75			227		1,286
Personal auto		168		19		187		(1	)		(1	)		2			-			167			(1	)		21		187
Homeowners		280		28		308		(3	)		25			5			27			277			25			33		335
Other personal		40		4		44		2			9			1			12			42			9			5		56
Total personal lines		488		51		539		(2	)		33			8			39			486			33			59		578
Commercial casualty & property		12		3		15		8			8			3			19			20			8			6		34
Total excess & surplus lines		12		3		15		8			8			3			19			20			8			6		34
Total property casualty	$	1,442	$	251	$	1,693	$	48		$	116		$	41		$	205		$	1,490		$	116		$	292	$	1,898

Consolidated Cincinnati Insurance Companies

Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/11	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		$	730		$	717		$	708		$	648		$	677		$	685		$	682		$	1,425		$	1,367		$	2,155		$	2,044			$	2,692
Agency new business written premiums			115			117			102			107			109			106			92			219			198			334			307				414
Other written premiums			(54	)		(66	)		(31	)		(33	)		(50	)		(42	)		(18	)		(97	)		(60	)		(151	)		(110	)			(143	)
Reported written premiums – statutory*		$	791		$	768		$	779		$	722		$	736		$	749		$	756		$	1,547		$	1,505		$	2,338		$	2,241			$	2,963
Unearned premium change			(22	)		(38	)		(34	)		23			7			(21	)		(48	)		(72	)		(69	)		(94	)		(62	)			(39	)
Earned premiums		$	769		$	730		$	745		$	745		$	743		$	728		$	708		$	1,475		$	1,436		$	2,244		$	2,179			$	2,924
Year over year change %
Agency renewal written premiums			8	%		5	%		4	%		2	%		1	%		3	%		(2	) %		4	%		0	%		5	%		1	%			1	%
Agency new business written premiums			6			10			11			14			2			(1	)		(5	)		11			(3	)		9			(1	)			2
Other written premiums			(8	)		(57	)		(72	)		33			(9	)		16			(29	)		(62	)		6			(37	)		0				10
Reported written premiums – statutory*			7			3			3			6			1			4			(3	)		3			0			4			0				2
Paid losses and loss expenses
Losses paid		$	481		$	560		$	404		$	400		$	421		$	382		$	334		$	964		$	716		$	1,442		$	1,137			$	1,537
Loss expenses paid			85			82			85			93			84			72			80			166			151			251			235				328
Loss and loss expenses paid		$	566		$	642		$	489		$	493		$	505		$	454		$	414		$	1,130		$	867		$	1,693		$	1,372			$	1,865
Statutory combined ratio
Loss ratio			65.4	%		91.2	%		58.4	%		47.7	%		58.8	%		65.1	%		54.3	%		74.6	%		59.8	%		71.5	%		59.5	%			56.5	%
Allocated loss expense ratio			6.4			7.0			6.0			6.7			5.9			5.7			6.0			6.5			5.8			6.4			5.9				6.1
Unallocated loss expense ratio			7.3			5.9			6.7			6.5			6.9			5.2			6.7			6.3			6.0			6.7			6.2				6.3
Net underwriting expense ratio			31.1			31.3			32.2			33.3			32.9			31.3			34.1			31.8			32.7			31.5			32.8				32.9
Statutory combined ratio			110.2	%		135.4	%		103.3	%		94.2	%		104.5	%		107.3	%		101.1	%		119.2	%		104.3	%		116.1	%		104.4	%			101.8	%
Contribution from catastrophe losses			12.0			39.8			5.5			0.7			3.8			13.6			2.1			22.5			8.0			18.9			6.5				5.1
Statutory combined ratio excluding catastrophe losses			98.2	%		95.6	%		97.8	%		93.5	%		100.7	%		93.7	%		99.0	%		96.7	%		96.3	%		97.2	%		97.9	%			96.7	%
Commission expense ratio			18.2	%		18.2	%		18.4	%		19.9	%		18.7	%		17.9	%		18.4	%		18.3	%		18.1	%		18.2	%		18.3	%			18.7	%
Other expense ratio			12.9			13.1			13.8			13.4			14.2			13.4			15.7			13.5			14.6			13.3			14.5				14.2
Statutory expense ratio			31.1	%		31.3	%		32.2	%		33.3	%		32.9	%		31.3	%		34.1	%		31.8	%		32.7	%		31.5	%		32.8	%			32.9	%
GAAP combined ratio
GAAP combined ratio			110.6	%		136.6	%		103.9	%		93.1	%		103.9	%		107.6	%		102.6	%		120.1	%		105.2	%		116.8	%		104.7	%			101.7	%
Contribution from catastrophe losses			12.0			39.8			5.5			0.7			3.8			13.6			2.1			22.5			8.0			18.9			6.5				5.1
GAAP combined ratio excluding catastrophe losses			98.6	%		96.8	%		98.4	%		92.4	%		100.1	%		94.0	%		100.5	%		97.6	%		97.2	%		97.9	%		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.

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
	12/31/11	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		$	507		$	500		$	542		$	474		$	479		$	492		$	533		$	1,042		$	1,025		$	1,549		$	1,504			$	1,978
Agency new business written premiums			81			81			71			76			74			73			66			152			139			233			213				289
Other written premiums			(41	)		(44	)		(25	)		(26	)		(42	)		(33	)		(11	)		(69	)		(44	)		(110	)		(86	)			(112	)
Reported written premiums – statutory*		$	547		$	537		$	588		$	524		$	511		$	532		$	588		$	1,125		$	1,120		$	1,672		$	1,631			$	2,155
Unearned premium change			10			(4	)		(48	)		22			36			6			(65	)		(52	)		(59	)		(42	)		(23	)			(1	)
Earned premiums		$	557		$	533		$	540		$	546		$	547		$	538		$	523		$	1,073		$	1,061		$	1,630		$	1,608			$	2,154
Year over year change %
Agency renewal written premiums			6	%		2	%		2	%		(1	) %		(2	) %		1	%		(4	) %		2	%		(2	) %		3	%		(2	) %			(2	) %
Agency new business written premiums			9			11			8			13			(3	)		(8	)		(13	)		9			(10	)		9			(8	)			(3	)
Other written premiums			2			(33	)		(127	)		38			(14	)		23			(57	)		(57	)		14			(28	)		2				14
Reported written premiums – statutory*			7			1			0			4			(3	)		2			(6	)		0			(3	)		3			(3	)			(1	)
Paid losses and loss expenses
Losses paid		$	326		$	327		$	290		$	284		$	290		$	266		$	230		$	618		$	497		$	942		$	786			$	1,070
Loss expenses paid			65			63			69			75			65			58			63			131			120			197			186				261
Loss and loss expenses paid		$	391		$	390		$	359		$	359		$	355		$	324		$	293		$	749		$	617		$	1,139		$	972			$	1,331
Statutory combined ratio
Loss ratio			61.8	%		77.5	%		55.5	%		44.2	%		57.1	%		59.0	%		53.8	%		66.4	%		56.4	%		64.8	%		56.7	%			53.5	%
Allocated loss expense ratio			7.7			8.9			7.0			7.9			6.9			6.5			7.1			8.0			6.8			7.9			6.8				7.1
Unallocated loss expense ratio			7.3			4.4			6.7			6.4			6.7			4.8			6.6			5.5			5.7			6.1			6.0				6.1
Net underwriting expense ratio			32.6			32.2			32.9			33.4			34.8			31.7			31.9			32.6			31.8			32.6			32.7				32.9
Statutory combined ratio			109.4	%		123.0	%		102.1	%		91.9	%		105.5	%		102.0	%		99.3	%		112.5	%		100.7	%		111.4	%		102.2	%			99.6	%
Contribution from catastrophe losses			10.7			29.7			4.9			1.0			3.2			10.4			1.8			17.2			6.2			14.9			5.2				4.1
Statutory combined ratio excluding catastrophe losses			98.7	%		93.3	%		97.2	%		90.9	%		102.3	%		91.6	%		97.5	%		95.3	%		94.5	%		96.5	%		97.0	%			95.5	%
Commission expense ratio			18.1	%		17.7	%		18.5	%		19.0	%		19.0	%		17.6	%		17.2	%		18.1	%		17.4	%		18.1	%		17.9	%			18.1	%
Other expense ratio			14.5			14.5			14.4			14.4			15.8			14.1			14.7			14.5			14.4			14.5			14.8				14.8
Statutory expense ratio			32.6	%		32.2	%		32.9	%		33.4	%		34.8	%		31.7	%		31.9	%		32.6	%		31.8	%		32.6	%		32.7	%			32.9	%
GAAP combined ratio
GAAP combined ratio			107.9	%		124.2	%		104.0	%		90.6	%		103.4	%		101.7	%		102.1	%		114.0	%		101.9	%		111.9	%		102.4	%			99.4	%
Contribution from catastrophe losses			10.7			29.7			4.9			1.0			3.2			10.4			1.8			17.2			6.2			14.9			5.2				4.1
GAAP combined ratio excluding catastrophe losses			97.2	%		94.5	%		99.1	%		89.6	%		100.2	%		91.3	%		100.3	%		96.8	%		95.7	%		97.0	%		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.

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		$	209		$	205		$	156		$	166		$	189		$	187		$	143		$	361		$	330		$	570		$	519			$	685
Agency new business written premiums			25			26			22			23			25			24			18			48			42			73			67				90
Other written premiums			(12	)		(21	)		(5	)		(6	)		(6	)		(7	)		(6	)		(26	)		(13	)		(38	)		(19	)			(25	)
Reported written premiums – statutory*		$	222		$	210		$	173		$	183		$	208		$	204		$	155		$	383		$	359		$	605		$	567			$	750
Unearned premium change			(29	)		(30	)		17			3			(26	)		(25	)		19			(13	)		(6	)		(42	)		(32	)			(29	)
Earned premiums		$	193		$	180		$	190		$	186		$	182		$	179		$	174		$	370		$	353		$	563		$	535			$	721
Year over year change %
Agency renewal written premiums			11	%		10	%		9	%		8	%		7	%		6	%		4	%		9	%		5	%		10	%		6	%			7	%
Agency new business written premiums			0			8			22			15			19			26			29			14			24			9			22				20
Other written premiums			(100	)		(200	)		17			0			25			(40	)		0			(100	)		0			(100	)		10				4
Reported written premiums – statutory*			7			3			12			10			9			7			7			7			7			7			8				9
Paid losses and loss expenses
Losses paid		$	151		$	229		$	109		$	116		$	128		$	114		$	103		$	338		$	217		$	488		$	345			$	461
Loss expenses paid			18			18			15			17			17			14			17			33			30			51			48				65
Loss and loss expenses paid		$	169		$	247		$	124		$	133		$	145		$	128		$	120		$	371		$	247		$	539		$	393			$	526
Statutory combined ratio
Loss ratio			78.4	%		135.7	%		64.9	%		60.5	%		63.2	%		82.4	%		55.3	%		99.3	%		69.0	%		92.2	%		67.0	%			65.4	%
Allocated loss expense ratio			1.9			3.0			2.3			2.5			1.9			2.0			1.9			2.6			2.0			2.4			1.9				2.1
Unallocated loss expense ratio			7.0			10.7			6.9			6.9			7.2			6.7			7.2			8.8			6.9			8.2			7.1				6.9
Net underwriting expense ratio			27.4			29.0			30.3			32.6			28.4			30.1			42.1			29.5			35.3			28.7			32.8				32.7
Statutory combined ratio			114.7	%		178.4	%		104.4	%		102.5	%		100.7	%		121.2	%		106.5	%		140.2	%		113.2	%		131.5	%		108.8	%			107.1	%
Contribution from catastrophe losses			16.8			73.4			7.4			(0.3	)		6.0			23.8			3.0			39.4			13.6			31.7			11.0				8.1
Statutory combined ratio excluding catastrophe losses			97.9	%		105.0	%		97.0	%		102.8	%		94.7	%		97.4	%		103.5	%		100.8	%		99.6	%		99.8	%		97.8	%			99.0	%
Commission expense ratio			17.6	%		18.7	%		17.9	%		21.7	%		17.1	%		18.1	%		22.4	%		18.3	%		20.0	%		18.1	%		19.0	%			19.6	%
Other expense ratio			9.8			10.3			12.4			10.9			11.3			12.0			19.7			11.2			15.3			10.7			13.8				13.1
Statutory expense ratio			27.4	%		29.0	%		30.3	%		32.6	%		28.4	%		30.1	%		42.1	%		29.5	%		35.3	%		28.8	%		32.8	%			32.7	%
GAAP combined ratio
GAAP combined ratio			119.7	%		179.2	%		101.4	%		101.9	%		103.4	%		123.4	%		102.5	%		139.2	%		113.1	%		132.6	%		109.8	%			107.7	%
Contribution from catastrophe losses			16.8			73.4			7.4			(0.3	)		6.0			23.8			3.0			39.4			13.6			31.7			11.0				8.1
GAAP combined ratio excluding catastrophe losses			102.9	%		105.8	%		94.0	%		102.2	%		97.4	%		99.6	%		99.5	%		99.8	%		99.5	%		100.9	%		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.

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		$	14		$	12		$	10		$	8		$	9		$	6		$	6		$	22		$	12		$	36		$	21			$	29
Agency new business written premiums			9			10			9			8			10			9			8			19			17			28			27				35
Other written premiums			(1	)		(1	)		(1	)		(1	)		(2	)		(2	)		(1	)		(2	)		(3	)		(3	)		(5	)			(6	)
Reported written premiums – statutory*		$	22		$	21		$	18		$	15		$	17		$	13		$	13		$	39		$	26		$	61		$	43			$	58
Unearned premium change			(3	)		(4	)		(3	)		(1	)		(3	)		(2	)		(2	)		(7	)		(4	)		(10	)		(7	)			(9	)
Earned premiums		$	19		$	17		$	15		$	14		$	14		$	11		$	11		$	32		$	22		$	51		$	36			$	49
Year over year change %
Agency renewal written premiums			56			100	%		67	%		100	%		200	%		200	%		500	%		83	%		500	%		71			320	%			190	%
Agency new business written premiums			(10	)		11			13			14			0			13			14			12			13			4			8				9
Other written premiums			50			50			0			0		nm			nm				0			33		nm				40			(400	)			(100	)
Reported written premiums – statutory*			29			62			38			50			33			30			86			50			53			42			48				49
Paid losses and loss expenses
Losses paid		$	3		$	4		$	4		$	1		$	3		$	1		$	1		$	8		$	2		$	12		$	5			$	6
Loss expenses paid			2			1			1			1			1			0			0			2			1			3			2				2
Loss and loss expenses paid		$	5		$	5		$	5		$	2		$	4		$	1		$	1		$	10		$	3		$	15		$	7			$	8
Statutory combined ratio
Loss ratio			41.1	%		49.6	%		77.6	%		20.8	%		72.3	%		81.5	%		65.4	%		62.8	%		73.5	%		54.8	%		73.1	%			58.1	%
Allocated loss expense ratio			11.2			(12.8	)		19.1			16.1			23.5			20.4			21.0			2.2			20.7			5.5			21.8				20.1
Unallocated loss expense ratio			9.9			4.7			6.1			2.7			7.9			6.5			5.1			5.3			5.8			7.0			6.5				5.5
Net underwriting expense ratio			30.7			31.6			27.6			39.0			30.8			33.5			38.5			29.8			35.8			30.1			33.9				35.2
Statutory combined ratio			92.9	%		73.1	%		130.4	%		78.6	%		134.5	%		141.9	%		130.0	%		100.1	%		135.8	%		97.4	%		135.3	%			118.9	%
Contribution from catastrophe losses			2.5			4.4			2.8			(0.1	)		4.6			5.6			0.0			3.6			2.7			3.2			1.7				1.2
Statutory combined ratio excluding catastrophe losses			90.4	%		68.7	%		127.6	%		78.7	%		129.9	%		136.3	%		130.0	%		96.5	%		133.1	%		94.2	%		133.6	%			117.7	%
Commission expense ratio			25.1	%		24.5	%		22.2	%		30.7	%		27.0	%		26.0	%		28.2	%		23.5	%		27.0	%		24.1	%		27.0	%			27.9	%
Other expense ratio			5.6			7.1			5.4			8.3			3.8			7.5			10.3			6.3			8.8			6.0			6.9				7.3
Statutory expense ratio			30.7	%		31.6	%		27.6	%		39.0	%		30.8	%		33.5	%		38.5	%		29.8	%		35.8	%		30.1	%		33.9	%			35.2	%
GAAP combined ratio
GAAP combined ratio			93.6	%		74.7	%		133.0	%		75.3	%		129.8	%		137.5	%		127.1	%		102.1	%		132.4	%		99.0	%		131.4	%			115.4	%
Contribution from catastrophe losses			2.5			4.4			2.8			(0.1	)		4.6			5.6			0.0			3.6			2.7			3.2			1.7				1.2
GAAP combined ratio excluding catastrophe losses			91.1	%		70.3	%		130.2	%		75.4	%		125.2	%		131.9	%		127.1	%		98.5	%		129.7	%		95.8	%		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.

The Cincinnati Life Insurance Company

Statutory Statements of Income

	For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(Dollars in millions)	2011			2010			Change			% Change			2011			2010			Change			% Change
Net premiums written	$	60		$	78		$	(18	)		(23	)	$	237		$	275		$	(37	)		(14	)
Net investment income		34			33			1			3			104			101			3			3
Amortization of interest maintenance reserve		-			(1	)		1		nm				-			(2	)		2		nm
Commissions and expense allowances on reinsurance ceded		2			2			-			0			5			5			-			0
Income from fees associated with Separate Accounts		1			-			1		nm				2			1			1			100
Total revenues	$	97		$	112		$	(15	)		(13	)	$	348		$	380		$	(31	)		(8	)
Death benefits and matured endowments	$	17		$	15		$	2			13		$	47		$	41		$	6			15
Annuity benefits		11			10			1			10			37			27			10			37
Disability benefits and benefits under accident and health contracts		(1	)		1			(2	)	nm				(1	)		2			(3	)	nm
Surrender benefits and group conversions		7			6			1			17			19			17			1			12
Interest and adjustments on deposit-type contract funds		3			3			-			0			8			8			-			0
Increase in aggregate reserves for life and accident and health contracts		41			60			(19	)		(32	)		176			222			(46	)		(21	)
Payments on supplementary contracts with life contingencies		-			-			-			0			-			-			-			0
Total benefit expenses	$	78		$	95		$	(17	)		(18	)	$	286		$	317		$	(32	)		(10	)
Commissions	$	9		$	11		$	(2	)		(18	)	$	31		$	35		$	(3	)		(11	)
General insurance expenses and taxes		10			10			-			0			31			28			2			11
Increase in loading on deferred and uncollected premiums		(2	)		(2	)		-			0			(5	)		(5	)		-			0
Net transfers from Separate Accounts		-			(2	)		2		nm				-			(2	)		2		nm
Other deductions		-			-			-			0			-			-			-			0
Total operating expenses	$	17		$	17		$	-			0		$	57		$	56		$	1			2
Federal and foreign income tax benefit		1			(3	)		4		nm				13			(6	)		19		nm
Net gain (loss) from operations before realized capital gains	$	1		$	3		$	(2	)		(67	)	$	(8	)	$	13		$	(21	)	nm
Net realized gains (losses) net of capital gains tax		(1	)		-			(1	)	nm				(18	)		1			(20	)	nm
Net income (loss) (statutory)	$	-		$	3		$	(3	)	nm			$	(26	)	$	14		$	(40	)	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.