Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending December 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

	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 February 7, 2012, 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

Fourth Quarter 2011

		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3
Consolidated
	Quick Reference	4
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2011	5
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2011	6
	5-Year Net Income Reconciliation	7
	CFC Insurance Subsidiaries – Selected Balance Sheet Data	8
Consolidated Property Casualty Insurance Operations
	Statutory Statements of Income	9
	Consolidated Cincinnati Insurance Companies – Losses Incurred Detail	10
	Consolidated Cincinnati Insurance Companies – Loss Ratio Detail	11
	Consolidated Cincinnati Insurance Companies – Loss Claim Count Detail	12
	Direct Written Premiums by Line of Business and State	13
	Quarterly Property Casualty Data – Commercial Lines of Business	14
	Quarterly Property Casualty Data – Personal Lines of Business	15
	Loss and Loss Expense Analysis	16
Reconciliation Data
	5-Year Property Casualty Data – Consolidated	17
	5-Year Property Casualty Data – Commercial Lines	18
	5-Year Property Casualty Data – Personal Lines	19
	5-Year Property Casualty Data – Excess & Surplus Lines	20
	Quarterly Property Casualty Data – Consolidated	21
	Quarterly Property Casualty Data – Commercial Lines	22
	Quarterly Property Casualty Data – Personal Lines	23
	Quarterly Property Casualty Data – Excess & Surplus Lines	24
Life Insurance Operations
	Statutory Statements of Income	25

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

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

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

·	Operating income: Operating income is calculated by excluding net realized investment gains and losses (defined as realized investment gains and losses after applicable federal and state income taxes) from net income. Management evaluates operating income to measure the success of pricing, rate and underwriting strategies. While realized investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses in any period may be subject to management’s discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses can be recognized from certain changes in market values of securities without actual realization. Management believes that the level of realized investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.
	For these reasons, many investors and shareholders consider operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents operating income so that all investors have what management believes to be a useful supplement to GAAP information.
·	Statutory accounting rules: For public reporting, insurance companies prepare financial statements in accordance with GAAP. However, insurers also must calculate certain data according to statutory accounting rules as defined in the NAIC’s Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments. Statutory data is publicly available, and various organizations use it to calculate aggregate industry data, study industry trends and compare insurance companies.
·	Written premium: Under statutory accounting rules, property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. Earned premium, used in both statutory and GAAP accounting, is calculated ratably over the policy term. The difference between written and earned premium is unearned premium.

3

Cincinnati Financial Corporation

Quick Reference - Fourth Quarter 2011

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

	12/31/2011			Year over year change %
Revenues:
Commercial lines net written premiums	$	546			4
Personal lines net written premiums		196			7
Excess & surplus lines net written premiums		18			20
Property casualty net written premiums		760			5
Life and accident and health net written premiums		48			4
Annuity net written premiums		16			(67	)
Life, annuity and accident and health net written premiums		64			(32	)
Commercial lines net earned premiums		567			4
Personal lines net earned premiums		199			7
Excess & surplus lines net earned premiums		19			46
Property casualty net earned premiums		785			5
Fee revenue		1			0
Life and accident and health net earned premiums		42			11
Investment income		132			2
Realized gains on investments		(7	)		nm
Other revenue		2			(33	)
Total revenues		955			2
Income:
Operating income	$	139			23
Net realized investment gains and losses		(5	)		nm
Net income		134			6
Per share (diluted):
Operating income	$	0.86			23
Net realized investment gains and losses		(0.03	)		nm
Net income		0.83			8
Book value		31.16			1
Weighted average shares		162,679,294			(1	)

	12/31/2011			Year over year change %
Benefits and expenses:
Commercial lines loss and loss expenses	$	284			(11	)
Personal lines loss and loss expenses		145			12
Excess & surplus lines loss and loss expenses		8			33
Life and accident and health losses and policy benefits		51			24
Underwriting, acquisition and insurance expenses		264			6
Other operating expenses		3			(40	)
Interest expenses		14			0
Total benefits & expenses		769			1
Income before income taxes		186			7
Total income tax		52			8
Balance Sheet:
Fixed maturity investments	$	8,779
Equity securities		2,956
Other invested assets		66
Total invested assets	$	11,801
Equity in net assets of subsidiaries	$	4,798
Loss and loss expense reserves	$	4,339
Life policy reserves		2,214
Total debt		894
Shareholders' equity		5,055
Key ratios:
Commercial lines GAAP combined ratio		83.9	%
Personal lines GAAP combined ratio		99.5
Excess & surplus lines GAAP combined ratio		74.8
Property casualty GAAP combined ratio		87.6
Commercial lines STAT combined ratio		83.7	%
Personal lines STAT combined ratio		103.9
Excess & surplus lines STAT combined ratio		74.2
Property casualty STAT combined ratio		88.5
Value creation ratio		6.8	%

4

Cincinnati Financial Corporation

Consolidated Statements of Income for the Twelve Months Ended December 31, 2011

(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues:
Premiums earned:
Property casualty	$	-		$	3,248		$	-		$	-	$	-		$	3,248
Life		-			-			213			-		-			213
Accident health		-			-			7			-		-			7
Premiums ceded		-			(219	)		(55	)		-		-			(274	)
Total earned premium		-			3,029			165			-		-			3,194
Investment income		41			350			134			-		-			525
Realized gain (loss) on investments		15			72			(19	)		1		1			70
Fee revenue		-			4			-			-		-			4
Other revenue		14			2			2			7		(15	)		10
Total revenues	$	70		$	3,457		$	282		$	8	$	(14	)	$	3,803
Benefits & expenses:
Losses & policy benefits	$	-		$	2,613		$	232		$	-	$	(1	)	$	2,844
Reinsurance recoveries		-			(278	)		(43	)		-		1			(320	)
Underwriting, acquisition and insurance expenses		-			974			62			-		-			1,036
Other operating expenses		26			-			-			3		(16	)		13
Interest expense		53			-			-			1		-			54
Total expenses	$	79		$	3,309		$	251		$	4	$	(16	)	$	3,627
Income (loss) before income taxes	$	(9	)	$	148		$	31		$	4	$	2		$	176
Provision (benefit) for income taxes:
Current operating income	$	(5	)	$	(2	)	$	8		$	1	$	-		$	2
Capital gains/losses		5			25			(6	)		1		-			25
Deferred		(9	)		(19	)		10			1		-			(17	)
Total provision (benefit) for income taxes	$	(9	)	$	4		$	12		$	3	$	-		$	10
Operating income (loss)	$	(10	)	$	97		$	32		$	1	$	1		$	121
Net income - current year	$	-		$	144		$	19		$	1	$	2		$	166
Net income - prior year	$	4		$	333		$	38		$	1	$	1		$	377

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

5

Cincinnati Financial Corporation and Subsidiaries

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

(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues:
Premiums earned:
Property casualty	$	-		$	834		$	-		$	-	$	-		$	834
Life		-			-			56			-		-			56
Accident health		-			-			2			-		-			2
Premiums ceded		-			(49	)		(16	)		-		-			(65	)
Total earned premium		-			785			42			-		-			827
Investment income		11			88			33			-		-			132
Realized gain (loss) on investments		1			(16	)		7			-		1			(7	)
Fee revenue		-			1			-			-		-			1
Other revenue		3			1			-			2		(4	)		2
Total revenues	$	15		$	859		$	82		$	2	$	(3	)	$	955
Benefits & expenses:
Losses & policy benefits	$	-		$	424		$	65		$	-	$	(1	)	$	488
Reinsurance recoveries		-			13			(14	)		-		1			-
Underwriting, acquisition and insurance expenses		-			251			13			-		-			264
Other operating expenses		7			-			-			-		(4	)		3
Interest expense		14			-			-			-		-			14
Total expenses	$	21		$	688		$	64		$	-	$	(4	)	$	769
Income (loss) before income taxes	$	(6	)	$	171		$	18		$	2	$	1		$	186
Provision (benefit) for income taxes:
Current operating income	$	7		$	38		$	(8	)	$	1	$	-		$	38
Capital gains/losses		-			(6	)		3			1		-			(2	)
Deferred		(11	)		15			12			-		-			16
Total provision (benefit) for income taxes	$	(4	)	$	47		$	7		$	2	$	-		$	52
Operating income (loss)	$	(3	)	$	134		$	7		$	1	$	-		$	139
Net income - current year	$	(2	)	$	124		$	11		$	-	$	1		$	134
Net income - prior year	$	-		$	111		$	16		$	-	$	(1	)	$	126

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

6

Cincinnati Financial Corporation

5-Year Net Income Reconciliation

(Dollars in millions except per share data)	Years ended December 31,
	2011			2010			2009			2008			2007
Net income	$	166		$	377		$	432		$	429		$	855
Net realized investment gains and losses		45			103			217			85			245
Operating income		121			274			215			344			610
Less catastrophe losses		(261	)		(96	)		(107	)		(132	)		(17	)
Operating income before catastrophe losses	$	382		$	370		$	322		$	476		$	627
Diluted per share data
Net income	$	1.02		$	2.31		$	2.65		$	2.62		$	4.97
Net realized investment gains and losses		0.28			0.63			1.33			0.52			1.43
Operating income		0.74			1.68			1.32			2.10			3.54
Less catastrophe losses		(1.60	)		(0.59	)		(0.66	)		(0.81	)		(0.10	)
Operating income before catastrophe losses	$	2.34		$	2.27		$	1.98		$	2.91		$	3.64
Return on equity
Return on average equity		3.3	%		7.7	%		9.7	%		8.5	%		13.4	%
Value creation ratio
Book value per share growth		0.8	%		5.7	%		13.6	%		(27.9	)%		(9.3	)%
Shareholder dividend declared as a percentage of beginning book value		5.2			5.4			6.1			4.4			3.6
Value creation ratio		6.0	%		11.1	%		19.7	%		(23.5	)%		(5.7	)%
Investment income
Investment income, net of expenses	$	525		$	518		$	501		$	537		$	608

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

7

Cincinnati Financial Corporation 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)	$	5,917	$	5,975	$	5,954	$	5,850		$	5,818		$	5,924		$	5,804		$	5,759
Equities (fair value)		2,131		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		461		439		388		320			314			494			363			287
Equities - pretax net unrealized gain		594		361		631		670			604			476			457			635
Loss and loss expense reserves - STAT		3,906		4,013		3,971		3,853			3,811			3,850			3,822			3,720
Equity GAAP		4,756		4,523		4,702		4,721			4,656			4,652			4,429			4,506
Surplus - STAT		3,747		3,513		3,743		3,833			3,777			3,641			3,537			3,692
The Cincinnati Life Insurance Company
Fixed maturities (fair value)	$	2,629	$	2,652	$	2,528	$	2,449		$	2,315		$	1,867		$	1,859		$	2,055
Equities (fair value)		16		28		37		102			103			108			100			114
Short-term investments (fair value)		-		-		-		-			-			-			-			-
Fixed maturities - pretax net unrealized gain		195		197		174		149			148			215			154			110
Equities - pretax net unrealized gain (loss)		6		12		19		25			(4	)		1			(7	)		7
Equity - GAAP		774		769		783		756			748			775			729			700
Surplus - STAT		281		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		3,661		3,673		3,673		3,686			3,498			3,509			3,535			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

8

Consolidated Cincinnati Insurance Companies

Statutory Statements of Income

	For the Three Months Ended December 31,												For the Twelve Months Ended December 31,
(Dollars in millions)	2011			2010			Change			% Change			2011			2010			Change			% Change
Underwriting income
Net premiums written	$	760		$	721		$	39			5		$	3,099		$	2,963		$	136			5
Unearned premiums increase		(25	)		(24	)		(1	)		(4	)		69			39			30			77
Earned premiums	$	785		$	745		$	40			5		$	3,030		$	2,924		$	106			4
Losses incurred	$	346		$	356		$	(10	)		(3	)	$	1,950		$	1,652		$	298			18
Allocated loss expenses incurred		48			50			(2	)		(4	)		193			178			15			8
Unallocated loss expenses incurred		43			48			(5	)		(10	)		192			185			7			4
Other underwriting expenses incurred		245			236			9			4			971			960			11			1
Workers compensation dividend incurred		5			4			1			25			16			14			2			14
Total underwriting deductions	$	687		$	694		$	(7	)		(1	)	$	3,322		$	2,989		$	333			11
Net underwriting losses	$	98		$	51		$	47			92		$	(292	)	$	(65	)	$	(227	)		(349	)
Investment income
Gross investment income earned	$	90		$	91		$	(1	)		(1	)	$	362		$	360		$	2			1
Net investment income earned		90			90			—			0			357			355			2			1
Net realized capital gains		(10	)		6			(16	)		nm			49			90			(41	)		(46	)
Net investment gains (excl. subs)	$	80		$	96		$	(16	)		(17	)	$	406		$	445		$	(39	)		(9	)
Dividend from subsidiary		—			—			—			nm			25			—			25			nm
Net investment gains (net of tax)	$	80		$	96		$	(16	)		(17	)	$	431		$	445		$	(14	)		(3	)
Other income	$	2		$	1		$	1			100		$	6		$	4		$	2			50
Net income before federal income taxes	$	180		$	148		$	32			22		$	145		$	384		$	(239	)		(62	)
Federal and foreign income taxes incurred	$	38		$	19		$	19			100		$	(4	)	$	53		$	(57	)		nm
Net income (statutory)	$	142		$	129		$	13			10		$	149		$	331		$	(182	)		(55	)

* 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.

9

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	$	21		$	18		$	6	$	11	$	15		$	17	$	11	$	6	$	16	$	17	$	34	$	34	$	56	$	49
New losses $1,000,000-$4,000,000		47			44			33		49		43			36		29		35		83		64		127		100		173		142
New losses $250,000-$1,000,000		53			59			51		54		47			46		53		52		106		104		165		150		217		200
Case reserve development above $250,000		68			57			51		34		45			66		30		37		85		68		142		134		210		178
Large losses subtotal	$	189		$	178		$	141	$	148	$	150		$	165	$	123	$	130	$	290	$	253	$	468	$	418	$	656	$	569
IBNR incurred		(11	)		-			18		32		18			16		11		12		51		23		51		41		39		59
Catastrophe losses incurred		(25	)		90			289		41		5			28		100		15		330		114		419		143		395		148
Remaining incurred		194			234			218		213		184			228		239		228		430		468		664		694		859		876
Total losses incurred	$	347		$	502		$	666	$	434	$	357		$	437	$	473	$	385	$	1,101	$	858	$	1,602	$	1,296	$	1,949	$	1,652
Commercial Lines
New losses greater than $4,000,000	$	21		$	18		$	6	$	11	$	10		$	17	$	11	$	6	$	16	$	17	$	34	$	34	$	56	$	44
New losses $1,000,000-$4,000,000		38			40			30		40		38			28		22		32		70		54		110		82		148		120
New losses $250,000-$1,000,000		35			45			39		37		31			37		40		40		77		80		122		117		156		148
Case reserve development above $250,000		58			52			46		31		41			62		29		32		77		61		129		123		187		164
Large losses subtotal	$	152		$	155		$	121	$	119	$	120		$	144	$	102	$	110	$	240	$	212	$	395	$	356	$	547	$	476
IBNR incurred		(5	)		1			11		24		19			10		7		9		35		17		36		27		31		45
Catastrophe losses incurred		(18	)		58			157		26		5			17		57		10		183		66		241		84		223		89
Remaining incurred		101			130			124		131		97			141		152		152		255		304		385		444		486		542
Total losses incurred	$	230		$	344		$	413	$	300	$	241		$	312	$	318	$	281	$	713	$	599	$	1,057	$	911	$	1,287	$	1,152
Personal Lines
New losses greater than $4,000,000	$	-		$	-		$	-	$	-	$	5		$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	5
New losses $1,000,000-$4,000,000		9			4			3		9		5			5		7		3		13		10		17		15		25		20
New losses $250,000-$1,000,000		13			11			10		14		14			7		10		10		23		20		35		27		48		41
Case reserve development above $250,000		8			4			4		3		3			4		1		3		7		4		11		8		19		11
Large losses subtotal	$	30		$	19		$	17	$	26	$	27		$	16	$	18	$	16	$	43	$	34	$	63	$	50	$	92	$	77
IBNR incurred		(4	)		(3	)		4		4		1			4		2		1		9		2		6		7		1		8
Catastrophe losses incurred		(6	)		32			131		14		(1	)		11		43		5		145		48		177		59		171		58
Remaining incurred		90			103			91		80		86			84		83		75		170		159		273		243		364		328
Total losses incurred	$	110		$	151		$	243	$	124	$	113		$	115	$	146	$	97	$	367	$	243	$	519	$	359	$	628	$	471
Excess & Surplus Lines
New losses greater than $4,000,000	$	-		$	-		$	-	$	-	$	-		$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
New losses $1,000,000-$4,000,000		-			-			-		-		-			3		-		-		-		-		-		3		-		3
New losses $250,000-$1,000,000		5			3			2		3		2			2		3		2		6		5		8		6		13		9
Case reserve development above $250,000		2			1			1		-		1			-		-		2		1		2		2		3		4		3
Large losses subtotal	$	7		$	4		$	3	$	3	$	3		$	5	$	3	$	4	$	7	$	7	$	10	$	12	$	17	$	15
IBNR incurred		(2	)		2			3		4		(2	)		2		2		2		7		5		9		7		7		4
Catastrophe losses incurred		(1	)		-			1		1		1			-		-		-		2		-		1		-		1		1
Remaining incurred		3			1			3		2		1			3		4		1		5		4		6		7		9		9
Total losses incurred	$	7		$	7		$	10	$	10	$	3		$	10	$	9	$	7	$	21	$	16	$	26	$	26	$	34	$	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.

10

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		2.8	%		2.3	%		0.8	%		1.4	%		2.0	%		2.3	%		1.5	%		0.8	%		1.1	%		1.2	%		1.5	%		1.6	%		1.9	%		1.7	%
New losses $1,000,000-$4,000,000		5.7			5.8			4.6			6.7			5.7			4.8			4.0			4.9			5.6			4.6			5.7			4.6			5.7			4.9
New losses $250,000-$1,000,000		6.6			7.7			7.0			7.3			6.7			6.2			7.2			7.4			7.2			7.2			7.4			6.9			7.2			6.8
Case reserve development above $250,000		8.7			7.5			6.9			4.6			5.9			8.9			4.2			5.3			5.8			4.7			6.3			6.2			6.9			6.1
Large losses subtotal		23.8	%		23.3	%		19.3	%		20.0	%		20.3	%		22.2	%		16.9	%		18.4	%		19.7	%		17.7	%		20.9	%		19.3	%		21.7	%		19.5	%
IBNR incurred		(1.2	)		0.1			2.5			4.4			2.5			2.3			1.6			1.7			3.4			1.6			2.3			1.8			1.4			2.0
Total catastrophe losses incurred		(3.0	)		11.7			39.6			5.5			0.7			3.8			13.6			2.1			22.3			7.9			18.7			6.5			13.1			5.1
Remaining incurred		24.5			30.3			29.8			28.5			24.4			30.5			33.0			32.1			29.2			32.6			29.6			31.9			28.2			30.0
Total loss ratio		44.1	%		65.4	%		91.2	%		58.4	%		47.9	%		58.8	%		65.1	%		54.3	%		74.6	%		59.8	%		71.5	%		59.5	%		64.4	%		56.6	%
Commercial Lines
New losses greater than $4,000,000		3.9	%		3.2	%		1.1	%		1.9	%		1.8	%		3.1	%		2.0	%		1.1	%		1.5	%		1.6	%		2.1	%		2.1	%		2.6	%		2.0	%
New losses $1,000,000-$4,000,000		6.5			7.3			5.5			7.5			7.0			5.1			4.1			6.1			6.5			5.1			6.8			5.1			6.7			5.6
New losses $250,000-$1,000,000		6.0			8.1			7.4			6.9			5.8			6.7			7.4			7.7			7.1			7.5			7.5			7.3			7.1			6.9
Case reserve development above $250,000		10.3			9.3			8.7			5.7			7.4			11.4			5.4			6.2			7.2			5.8			7.9			7.7			8.5			7.6
Large losses subtotal		26.7	%		27.9	%		22.7	%		22.0	%		22.0	%		26.3	%		18.9	%		21.1	%		22.3	%		20.0	%		24.3	%		22.2	%		24.9	%		22.1	%
IBNR incurred		(0.8	)		0.2			2.0			4.4			3.3			1.9			1.3			1.8			3.3			1.6			2.2			1.7			1.4			2.1
Total catastrophe losses incurred		(3.2	)		10.4			29.6			4.9			1.0			3.2			10.5			1.8			17.1			6.2			14.7			5.2			10.2			4.1
Remaining incurred		17.8			23.3			23.3			24.2			17.8			25.7			28.3			29.0			23.7			28.6			23.6			27.6			22.1			25.2
Total loss ratio		40.5	%		61.8	%		77.6	%		55.5	%		44.1	%		57.1	%		59.0	%		53.7	%		66.4	%		56.4	%		64.8	%		56.7	%		58.6	%		53.5	%
Personal Lines
New losses greater than $4,000,000		0.0	%		0.0	%		0.0	%		0.0	%		2.7	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.7	%
New losses $1,000,000-$4,000,000		3.9			2.2			2.0			4.8			2.3			2.8			4.4			1.5			3.5			3.0			3.0			2.9			3.3			2.8
New losses $250,000-$1,000,000		6.9			6.0			5.4			7.1			7.8			4.0			5.6			5.5			6.2			5.6			6.1			5.0			6.3			5.7
Case reserve development above $250,000		4.2			1.9			2.3			1.7			1.8			2.0			0.6			1.9			2.0			1.2			2.0			1.5			2.5			1.6
Large losses subtotal		15.0	%		10.1	%		9.7	%		13.6	%		14.6	%		8.8	%		10.6	%		8.9	%		11.7	%		9.8	%		11.1	%		9.4	%		12.1	%		10.8	%
IBNR incurred		(1.6	)		(1.5	)		2.4			2.3			0.8			2.4			0.9			0.3			2.3			0.6			1.0			1.2			0.3			1.1
Total catastrophe losses incurred		(3.0	)		16.4			73.0			7.4			(0.3	)		6.0			23.8			3.0			39.2			13.5			31.4			11.0			22.5			8.1
Remaining incurred		44.7			53.5			50.6			41.6			45.3			46.0			47.1			43.1			46.0			45.1			48.6			45.4			47.6			45.4
Total loss ratio		55.1	%		78.5	%		135.7	%		64.9	%		60.4	%		63.2	%		82.4	%		55.3	%		99.2	%		69.0	%		92.1	%		67.0	%		82.5	%		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	%		0.0	%		0.0	%
New losses $1,000,000-$4,000,000		0.0			0.0			0.0			0.0			0.0			19.4			0.0			0.0			0.0			0.0			0.0			7.1			0.0			5.1
New losses $250,000-$1,000,000		22.6			13.5			12.4			25.8			17.5			16.7			18.8			16.9			18.7			19.9			16.8			18.7			18.4			18.4
Case reserve development above $250,000		7.6			9.3			2.5			2.7			1.8			2.5			2.7			20.7			2.6			11.6			5.1			13.1			5.8			14.2
Large losses subtotal		30.2	%		22.8	%		14.9	%		28.5	%		19.3	%		38.6	%		21.5	%		37.6	%		21.3	%		31.5	%		21.9	%		38.9	%		24.2	%		37.7	%
IBNR incurred		(10.4	)		12.5			17.1			26.1			(13.2	)		14.9			23.5			18.4			21.3			23.7			18.1			18.5			10.1			9.6
Total catastrophe losses incurred		(0.4	)		2.4			4.2			2.8			(0.1	)		4.6			0.0			0.0			3.6			0.0			3.1			1.7			2.2			1.2
Remaining incurred		14.5			3.4			13.4			20.2			14.7			14.2			32.5			9.4			16.6			18.3			11.8			18.8			12.5			17.4
Total loss ratio		33.9	%		41.1	%		49.6	%		77.6	%		20.7	%		72.3	%		77.5	%		65.4	%		62.8	%		73.5	%		54.9	%		77.9	%		49.0	%		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.

11

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		4		3		1		2		3		3		2		1		3		3		6		6		10		9
New losses $1,000,000-$4,000,000		23		25		18		30		23		20		18		19		48		37		73		57		96		80
New losses $250,000-$1,000,000		115		129		122		122		123		112		117		123		244		240		373		352		488		475
Case reserve development above $250,000		108		84		81		68		71		101		73		77		149		143		233		237		341		308
Large losses total		250		241		222		222		220		236		210		220		444		423		685		652		935		872
Commercial Lines
New losses greater than $4,000,000		4		3		1		2		2		3		2		1		3		3		6		6		10		8
New losses $1,000,000-$4,000,000		18		21		15		24		20		15		12		17		39		29		60		44		78		64
New losses $250,000-$1,000,000		76		98		97		85		79		88		88		95		182		183		280		271		356		350
Case reserve development above $250,000		90		72		70		59		70		93		70		67		129		137		201		230		291		300
Large losses total		188		194		183		170		171		199		172		180		353		352		547		551		735		722
Personal Lines
New losses greater than $4,000,000		-		-		-		-		1		-		-		-		-		-		-		-		-		1
New losses $1,000,000-$4,000,000		5		4		3		6		3		3		6		2		9		8		13		11		18		14
New losses $250,000-$1,000,000		31		26		20		29		38		19		24		24		49		48		75		67		106		105
Case reserve development above $250,000		15		9		10		8		-		7		2		5		18		7		27		14		42		23
Large losses total		51		39		33		43		42		29		32		31		76		63		115		92		166		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		8		5		5		8		6		5		5		4		13		9		18		14		26		20
Case reserve development above $250,000		3		3		1		1		1		1		1		5		2		6		5		7		8		8
Large losses total		11		8		6		9		7		8		6		9		15		15		23		23		34		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.

12

Consolidated Cincinnati Insurance Companies

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

(Dollars in millions)	Commercial Lines														Personal Lines						E&S		Consolidated				Comm'l			Personal			E & S			Consol
Risk	Comm		Comm		Comm		Workers'		Spec		Surety &		Mach. &		Personal		Home		Other		All		2011		2010		Change			Change			Change			Change
State	Casualty		Property		Auto		Comp		Packages		Exec Risk		Equipment		Auto		Owner		Personal		Lines		Total		Total		%			%			%			%
OH	$	126.2	$	93.6	$	62.4	$	-	$	20.2	$	22.7	$	5.7	$	123.9	$	95.0	$	33.2	$	9.6	$	592.5	$	581.2		(0.1	)		3.8			32.7			1.9
IL		55.6		42.1		27.6		53.7		12.0		7.4		3.2		29.5		23.5		7.6		5.2		267.3		260.4		0.6			9.4			12.1			2.7
IN		43.4		36.1		21.9		25.7		8.0		7.1		2.6		31.5		30.9		8.1		7.9		223.1		207.5		5.7			10.3			20.4			7.5
PA		45.9		31.3		30.5		46.3		10.1		6.2		2.2		8.6		6.8		3.8		3.3		195.0		184.4		5.0			10.9			19.3			5.8
GA		24.9		22.6		17.3		10.9		7.7		5.9		1.4		33.4		31.8		9.3		5.2		170.5		164.6		0.7			6.4			17.1			3.5
NC		32.2		29.3		19.2		18.0		14.2		8.2		2.1		17.1		12.3		5.4		3.0		161.2		149.0		1.7			37.0			31.1			8.1
MI		32.4		22.4		14.9		16.9		10.0		6.4		2.0		17.7		17.0		3.9		3.4		147.0		134.0		5.2			22.7			24.1			9.7
KY		21.2		22.8		14.5		3.1		6.2		4.0		1.2		24.7		19.8		5.4		3.0		125.9		118.2		4.5			8.6			27.7			6.5
VA		28.6		23.1		19.5		17.0		4.8		6.3		1.5		9.8		8.4		3.1		2.7		124.8		123.2		0.4			2.7			27.4			1.3
TN		22.4		21.4		14.4		8.6		10.1		5.5		1.5		11.5		12.3		4.2		1.6		113.5		105.6		4.6			16.9			10.5			7.5
AL		16.6		19.7		8.4		1.0		8.7		2.6		1.1		17.3		27.5		6.2		3.5		112.5		103.7		7.2			7.3			67.6			8.4
WI		24.0		17.0		10.5		24.5		4.0		2.9		1.7		8.9		8.2		3.6		2.4		107.7		104.4		2.1			5.1			30.2			3.2
MO		20.5		20.7		12.8		11.9		6.4		2.4		1.5		4.7		6.6		1.5		4.2		93.3		90.7		(0.4	)		17.4			29.5			2.8
MN		19.5		16.9		8.0		7.6		3.5		2.5		1.4		9.0		8.6		3.2		2.3		82.5		75.0		6.3			20.4			25.9			10.0
IA		18.3		14.3		8.7		19.3		4.0		3.4		1.3		4.4		4.7		1.8		1.3		81.6		82.2		(3.5	)		14.9			54.3			(0.8	)
FL		21.4		20.0		8.1		1.3		1.7		2.2		0.9		8.8		11.7		2.3		2.5		80.9		83.5		(1.6	)		(9.0	)		32.2			(3.0	)
TX		20.8		16.3		12.7		2.3		0.8		1.5		1.3		-		-		-		6.5		62.1		40.4		51.3			nm			77.8			53.6
NY		28.3		10.5		11.0		2.7		1.2		2.8		0.8		-		0.1		0.6		1.0		58.9		57.9		0.4			nm			26.1			1.7
MD		13.0		7.6		11.2		9.8		1.3		2.3		0.5		1.6		2.4		0.8		1.3		51.7		47.5		5.9			46.8			4.6			8.7
AR		7.9		11.7		5.4		3.0		5.5		1.8		0.8		4.0		4.6		1.4		1.6		47.7		44.1		3.2			25.8			33.1			8.0
KS		7.3		8.7		4.5		7.4		3.2		1.7		0.6		4.7		6.0		1.4		0.7		46.4		45.9		(1.2	)		6.7			36.4			1.2
SC		10.7		8.2		6.7		3.5		2.3		2.0		0.4		2.6		1.9		0.7		0.8		39.8		39.8		(4.6	)		50.3			(9.6	)		—
UT		10.5		5.5		6.1		0.1		0.8		2.5		0.4		5.6		2.4		0.4		1.2		35.5		30.4		7.1			64.2			4.5			16.6
`		10.5		6.7		9.0		1.6		0.9		1.1		0.5		1.8		1.6		0.6		1.3		35.4		31.5		8.2			44.6			50.5			12.5
MT		10.7		6.7		5.8		-		1.1		0.6		0.5		2.0		1.7		0.4		0.4		29.8		29.1		(0.7	)		25.2			17.2			2.4
NE		6.3		6.1		3.1		6.3		1.4		1.3		0.5		0.7		1.0		0.3		0.9		28.0		27.5		0.0			4.7			72.5			1.7
ID		7.8		5.5		5.1		0.1		0.8		1.1		0.4		1.8		1.1		0.3		0.5		24.6		21.8		7.3			57.0			32.0			12.5
WV		6.2		5.4		4.9		1.5		2.2		1.3		0.4		-		0.6		0.1		1.8		24.4		22.1		9.6			(3.4	)		31.9			10.6
VT		4.6		3.7		2.6		5.9		1.0		1.3		0.3		1.1		1.3		0.4		0.7		22.8		23.0		(4.5	)		21.1			39.6			(1.0	)
CO		5.8		5.3		4.1		0.4		-		0.9		0.4		-		0.3		-		0.6		17.7		11.6		54.4			12.3			30.4			52.4
ND		5.3		4.1		2.9		-		1.2		0.8		0.3		0.6		0.6		0.2		0.3		16.2		14.8		8.4			12.7			32.4			9.1
NH		2.9		2.2		1.2		2.7		0.6		0.9		0.2		1.0		1.1		0.4		0.5		13.7		12.4		7.5			27.5			11.8			10.9
DE		2.7		2.6		1.8		2.6		0.3		0.3		0.2		-		-		-		-		10.6		9.8		7.6			7.7			nm			7.6
WA		3.8		2.0		2.7		-		-		0.5		0.2		-		-		-		1.0		10.3		7.6		34.5			29.4			53.3			36.0
SD		2.3		2.0		1.4		2.4		0.5		0.8		0.2		-		-		-		0.3		9.9		9.1		7.7			7.2			23.4			8.1
NM		2.7		1.3		1.6		0.8		0.2		1.0		0.1		-		-		-		0.4		8.0		7.4		9.0			87.4			(18.1	)		7.4
OR		1.5		0.8		1.2		0.1		-		0.4		0.1		-		-		-		0.7		4.7		0.6		nm			26.4			nm			nm
WY		1.6		1.3		0.6		-		-		0.2		0.1		-		-		-		0.3		4.0		1.7		128.4			6.4			254.5			133.9
CT		0.5		0.5		0.5		0.3		-		0.1		-		-		-		0.1		0.1		2.2		0.5		303.5			7.8			nm			307.1
All Other		2.6		2.4		2.2		3.9		0.6		1.5		0.1		-		0.1		-		0.3		13.7		12.0		12.4			16.5			nm			14.6
Total	$	729.8	$	580.5	$	406.9	$	322.6	$	157.8	$	124.0	$	40.4	$	388.6	$	351.6	$	110.4	$	84.5	$	3,297.3	$	3,116.4		3.7			9.8			30.8			5.8
Other Direct		-		1.0		-		3.4		-		-		-		0.1		0.2		-		-		4.7		4.4		6.0			18.6			nm			6.7
Total Direct	$	729.8	$	581.5	$	406.9	$	326.0	$	157.8	$	124.0	$	40.4	$	388.7	$	351.8	$	110.4	$	84.5	$	3,302.0	$	3,120.8		3.7			9.8			30.8			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.

13

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	$	169		$	175		$	177		$	189		$	166		$	161		$	168		$	191		$	366		$	359		$	541		$	520		$	710		$	686
Earned premiums		179			180			180			172			175			182			172			164			352			336			532			518			711			693
Current accident year before catastrophe losses		70.4	%		64.1	%		66.0	%		78.8	%		100.3	%		75.0	%		73.6	%		71.0	%		72.3	%		72.4	%		69.5	%		73.3	%		69.7	%		80.1	%
Current accident year catastrophe losses		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Prior accident years before catastrophe losses		11.6			(26.7	)		(27.2	)		(32.3	)		(50.5	)		(18.5	)		(25.3	)		(12.7	)		(29.7	)		(19.2	)		(28.7	)		(18.9	)		(18.5	)		(26.9	)
Prior accident years catastrophe losses		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Total loss and loss expense ratio		82.0	%		37.4	%		38.8	%		46.5	%		49.8	%		56.5	%		48.3	%		58.3	%		42.6	%		53.2	%		40.8	%		54.4	%		51.2	%		53.2	%
Commercial property:
Written premiums	$	125		$	132		$	123		$	132		$	122		$	122		$	124		$	129		$	255		$	253		$	387		$	375		$	512		$	497
Earned premiums		128			128			115			126			124			123			121			121			241			242			369			365			497			489
Current accident year before catastrophe losses		31.1	%		77.6	%		76.8	%		64.8	%		54.6	%		60.5	%		56.5	%		62.2	%		70.5	%		59.4	%		73.0	%		59.7	%		62.1	%		58.4	%
Current accident year catastrophe losses		(5.3	)		33.8			78.8			15.2			2.0			10.3			39.1			10.6			45.6			24.8			41.5			20.0			29.4			15.4
Prior accident years before catastrophe losses		(17.5	)		(4.9	)		(1.7	)		8.0			(1.2	)		1.3			(3.1	)		0.5			3.4			(1.4	)		0.5			(0.4	)		(4.1	)		(0.6	)
Prior accident years catastrophe losses		(5.3	)		3.7			1.1			3.4			0.3			(1.3	)		(2.4	)		(2.3	)		2.3			(2.3	)		2.8			(2.0	)		0.7			(1.4	)
Total loss and loss expense ratio		3.0	%		110.2	%		155.0	%		91.4	%		55.7	%		70.8	%		90.1	%		71.0	%		121.8	%		80.5	%		117.8	%		77.3	%		88.1	%		71.8	%
Commercial auto:
Written premiums	$	100		$	96		$	102		$	107		$	92		$	91		$	99		$	103		$	209		$	202		$	305		$	293		$	405		$	385
Earned premiums		102			100			96			96			97			96			96			95			192			191			292			287			394			384
Current accident year before catastrophe losses		81.3	%		67.8	%		72.6	%		76.5	%		75.5	%		67.1	%		69.5	%		68.1	%		74.5	%		68.8	%		72.2	%		68.2	%		74.5	%		70.0	%
Current accident year catastrophe losses		(1.5	)		2.5			6.2			0.3			0.4			(0.5	)		4.4			-			3.3			2.2			3.0			1.3			1.9			1.1
Prior accident years before catastrophe losses		3.1			3.5			(11.0	)		(24.2	)		(20.8	)		(5.3	)		(0.8	)		(6.1	)		(17.6	)		(3.4	)		(10.3	)		(4.0	)		(6.9	)		(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	)		(0.2	)		(0.3	)
Total loss and loss expense ratio		82.9	%		73.7	%		67.7	%		52.2	%		55.1	%		61.3	%		72.9	%		61.0	%		60.0	%		67.0	%		64.7	%		65.1	%		69.3	%		62.6	%
Workers' compensation:
Written premiums	$	78		$	71		$	73		$	90		$	75		$	68		$	72		$	95		$	163		$	167		$	234		$	235		$	312		$	310
Earned premiums		83			78			81			76			81			77			79			74			157			153			235			230			318			311
Current accident year before catastrophe losses		64.5	%		119.2	%		108.5	%		95.6	%		92.5	%		127.5	%		103.2	%		103.3	%		102.3	%		103.2	%		107.9	%		111.3	%		96.6	%		106.5	%
Current accident year catastrophe losses		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Prior accident years before catastrophe losses		(58.2	)		(28.4	)		(28.9	)		(4.1	)		(9.8	)		(15.3	)		(13.3	)		(11.9	)		(16.9	)		(12.6	)		(20.7	)		(13.5	)		(30.5	)		(12.6	)
Prior accident years catastrophe losses		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Total loss and loss expense ratio		6.3	%		90.8	%		79.6	%		91.5	%		82.7	%		112.2	%		89.9	%		91.4	%		85.4	%		90.6	%		87.2	%		97.8	%		66.1	%		93.9	%
Specialty package:
Written premiums	$	37		$	36		$	27		$	37		$	37		$	37		$	36		$	39		$	64		$	75		$	100		$	112		$	137		$	149
Earned premiums		38			36			27			37			37			38			37			37			64			74			100			112			138			149
Current accident year before catastrophe losses		42.8	%		91.6	%		93.8	%		62.7	%		47.1	%		60.8	%		66.1	%		70.5	%		75.7	%		68.2	%		81.5	%		65.8	%		70.9	%		61.1	%
Current accident year catastrophe losses		(3.0	)		25.7			223.8			9.2			7.2			18.9			23.0			8.5			99.4			15.9			72.7			16.8			51.8			14.5
Prior accident years before catastrophe losses		(20.6	)		19.6			1.8			15.1			(19.1	)		9.6			(0.7	)		17.4			9.5			8.3			13.2			8.7			3.9			1.8
Prior accident years catastrophe losses		0.8			(0.9	)		(0.7	)		(1.5	)		(0.3	)		(0.2	)		(2.8	)		(7.4	)		(1.1	)		(5.1	)		(1.1	)		(3.4	)		(0.6	)		(2.6	)
Total loss and loss expense ratio		20.0	%		136.0	%		318.7	%		85.5	%		34.9	%		89.1	%		85.6	%		89.0	%		183.5	%		87.3	%		166.3	%		87.9	%		126.0	%		74.8	%
Surety and executive risk:
Written premiums	$	26		$	28		$	26		$	24		$	23		$	23		$	24		$	23		$	50		$	47		$	78		$	70		$	104		$	93
Earned premiums		27			26			25			25			24			22			25			24			50			49			76			71			103			95
Current accident year before catastrophe losses		96.4	%		54.7	%		47.9	%		54.7	%		75.7	%		91.2	%		53.9	%		47.1	%		51.3	%		50.5	%		52.4	%		63.4	%		63.7	%		66.5	%
Current accident year catastrophe losses		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Prior accident years before catastrophe losses		38.8			32.5			19.4			41.4			43.8			(17.3	)		(17.7	)		4.0			30.2			(6.9	)		31.0			(10.2	)		33.0			3.4
Prior accident years catastrophe losses		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Total loss and loss expense ratio		135.2	%		87.2	%		67.3	%		96.1	%		119.5	%		73.9	%		36.2	%		51.1	%		81.5	%		43.6	%		83.4	%		53.2	%		96.7	%		69.9	%
Machinery and equipment:
Written premiums	$	11		$	9		$	9		$	9		$	9		$	9		$	9		$	9		$	18		$	17		$	27		$	26		$	38		$	35
Earned premiums		10			9			9			8			8			9			8			8			17			16			26			25			36			33
Current accident year before catastrophe losses		10.0	%		38.7	%		32.0	%		28.2	%		21.4	%		20.4	%		48.3	%		23.0	%		30.1	%		35.8	%		33.1	%		30.6	%		26.9	%		28.2	%
Current accident year catastrophe losses		(2.3	)		2.4			0.2			0.2			(0.3	)		(1.7	)		1.7			0.3			0.2			1.0			0.9			0.1			0.1			-
Prior accident years before catastrophe losses		(7.8	)		(1.6	)		6.9			8.5			(3.3	)		(6.8	)		1.8			(15.9	)		7.7			(6.9	)		4.5			(6.9	)		1.2			(6.0	)
Prior accident years catastrophe losses		-			-			-			-			-			-			0.1			(1.3	)		-			(0.6	)		-			(0.4	)		-			(0.3	)
Total loss and loss expense ratio		(0.1	)%		39.5	%		39.1	%		36.9	%		17.8	%		11.9	%		51.9	%		6.1	%		38.0	%		29.3	%		38.5	%		23.4	%		28.2	%		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.

14

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	$	92		$	107		$	104		$	82		$	84		$	98		$	97		$	73		$	186		$	170		$	293		$	268		$	385		$	352
Earned premiums		95			94			90			89			87			86			83			81			179			164			273			250			368			337
Current accident year before catastrophe losses		103.4	%		66.6	%		67.3	%		68.2	%		81.0	%		68.3	%		70.8	%		62.8	%		67.7	%		66.8	%		67.4	%		67.3	%		76.7	%		70.9	%
Current accident year catastrophe losses		(0.9	)		1.5			10.3			1.3			-			0.2			4.2			0.1			5.8			2.2			4.3			1.5			3.0			1.1
Prior accident years before catastrophe losses		4.8			1.7			(5.0	)		(5.3	)		(2.4	)		(0.3	)		(1.2	)		(4.5	)		(5.1	)		(2.8	)		(2.8	)		(1.9	)		(0.8	)		(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	)		(0.2	)		(0.1	)
Total loss and loss expense ratio		107.3	%		69.7	%		72.5	%		63.8	%		78.5	%		68.1	%		73.6	%		58.2	%		68.2	%		66.0	%		68.7	%		66.7	%		78.7	%		69.8	%
Homeowner:
Written premiums	$	79		$	87		$	78		$	68		$	75		$	83		$	81		$	60		$	146		$	141		$	233		$	224		$	312		$	299
Earned premiums		78			74			66			76			74			72			72			70			142			142			216			214			294			289
Current accident year before catastrophe losses		62.8	%		86.2	%		97.8	%		71.4	%		78.0	%		72.0	%		70.2	%		67.2	%		83.6	%		68.6	%		84.5	%		69.8	%		78.7	%		72.0	%
Current accident year catastrophe losses		(5.3	)		40.3			175.4			22.1			0.9			15.5			54.2			7.2			92.7			30.9			74.7			25.8			53.6			19.3
Prior accident years before catastrophe losses		(13.3	)		(6.1	)		(0.5	)		2.6			(5.0	)		(0.9	)		0.8			1.9			1.1			1.3			(1.4	)		0.6			(4.5	)		(0.9	)
Prior accident years catastrophe losses		(0.2	)		(1.8	)		(0.1	)		(5.8	)		(1.8	)		(2.1	)		(1.4	)		(0.3	)		(3.1	)		(0.8	)		(2.7	)		(1.3	)		(2.0	)		(1.4	)
Total loss and loss expense ratio		44.0	%		118.6	%		272.6	%		90.3	%		72.1	%		84.5	%		123.8	%		76.0	%		174.3	%		100.0	%		155.1	%		94.9	%		125.8	%		89.0	%
Other personal:
Written premiums	$	25		$	28		$	28		$	23		$	24		$	27		$	26		$	22		$	51		$	48		$	79		$	75		$	104		$	99
Earned premiums		26			25			24			25			24			24			24			23			49			47			74			71			100			95
Current accident year before catastrophe losses		52.7	%		87.0	%		88.2	%		55.9	%		60.9	%		70.1	%		69.1	%		56.1	%		71.9	%		62.6	%		77.0	%		65.1	%		70.7	%		64.1	%
Current accident year catastrophe losses		(0.8	)		10.4			34.5			3.8			1.3			4.7			5.9			3.2			19.0			4.6			16.1			4.7			11.7			3.8
Prior accident years before catastrophe losses		(18.8	)		(36.4	)		(18.4	)		2.3			(29.7	)		(24.1	)		(21.4	)		(7.4	)		(7.9	)		(14.4	)		(17.6	)		(17.7	)		(17.9	)		(20.8	)
Prior accident years catastrophe losses		(0.1	)		(0.6	)		(0.5	)		(0.8	)		(0.4	)		(0.4	)		(0.6	)		(0.4	)		(0.6	)		(0.5	)		(0.6	)		(0.5	)		(0.5	)		(0.5	)
Total loss and loss expense ratio		33.0	%		60.4	%		103.8	%		61.2	%		32.1	%		50.3	%		53.0	%		51.5	%		82.4	%		52.3	%		74.9	%		51.6	%		64.0	%		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.

15

Cincinnati Insurance Companies Consolidated

Loss and Loss Expense Analysis

													Change in			Total
			Paid				Change in			Change in			loss			change									Loss
	Paid		loss		Total		case			IBNR			expense			in			Case			IBNR			expense			Total
(In millions)	losses		expense		paid		reserves			reserves			reserves			reserves			incurred			incurred			incurred			incurred
Gross loss and loss expense incurred at December 31, 2011
Commercial casualty	$	275	$	129	$	404	$	(91	)	$	43		$	3		$	(45	)	$	184		$	43		$	132		$	359
Commercial property		423		29		452		60			22			4			86			483			22			33			538
Commercial auto		246		37		283		3			(11	)		2			(6	)		249			(11	)		39			277
Workers' compensation		219		46		265		(10	)		(1	)		(39	)		(50	)		209			(1	)		7			215
Specialty packages		174		19		193		21			7			22			50			195			7			41			243
Surety and executive risk		64		18		82		(4	)		3			20			19			60			3			38			101
Machinery and equipment		10		1		11		-			-			-			-			10			-			1			11
Total commercial lines		1,411		279		1,690		(21	)		63			12			54			1,390			63			291			1,744
Personal auto		235		38		273		2			(2	)		24			24			237			(2	)		62			297
Homeowners		397		28		425		4			19			9			32			401			19			37			457
Other personal		58		4		62		5			9			(4	)		10			63			9			-			72
Total personal lines		690		70		760		11			26			29			66			701			26			99			826
Commercial casualty & property		15		5		20		15			7			3			25			30			7			8			45
Total excess & surplus lines		15		5		20		15			7			3			25			30			7			8			45
Total property casualty	$	2,116	$	354	$	2,470	$	5		$	96		$	44		$	145		$	2,121		$	96		$	398		$	2,615
Ceded loss and loss expense incurred at December 31, 2011
Commercial casualty	$	8	$	1	$	9	$	(14	)	$	-		$	-		$	(14	)	$	(6	)	$	-		$	1		$	(5	)
Commercial property		65		2		67		27			7			-			34			92			7			2			101
Commercial auto		3		-		3		-			-			-			-			3			-			-			3
Workers' compensation		9		-		9		(3	)		(1	)		-			(4	)		6			(1	)		-			5
Specialty packages		39		1		40		24			4			-			28			63			4			1			68
Surety and executive risk		14		2		16		(14	)		-			-			(14	)		-			-			2			2
Machinery and equipment		-		-		-		-			-			-			-			-			-			-			-
Total commercial lines		138		6		144		20			10			-			30			158			10			6			174
Personal auto		6		1		7		-			1			-			1			6			1			1			8
Homeowners		68		4		72		3			13			-			16			71			13			4			88
Other personal		5		1		6		-			1			-			1			5			1			1			7
Total personal lines		79		6		85		3			15			-			18			82			15			6			103
Commercial casualty & property		-		-		-		1			2			-			3			1			2			-			3
Total excess & surplus lines		-		-		-		1			2			-			3			1			2			-			3
Total property casualty	$	217	$	12	$	229	$	24		$	27		$	-		$	51		$	241		$	27		$	12		$	280
Net loss and loss expense incurred at December 31, 2011
\	$	267	$	128	$	395	$	(77	)	$	43		$	3		$	(31	)	$	190		$	43		$	131		$	364
Commercial property		358		27		385		33			15			4			52			391			15			31			437
Commercial auto		243		37		280		3			(11	)		2			(6	)		246			(11	)		39			274
Workers' compensation		210		46		256		(7	)		-			(39	)		(46	)		203			-			7			210
Specialty packages		135		18		153		(3	)		3			22			22			132			3			40			175
Surety and executive risk		50		16		66		10			3			20			33			60			3			36			99
Machinery and equipment		10		1		11		-			-			-			-			10			-			1			11
Total commercial lines		1,273		273		1,546		(41	)		53			12			24			1,232			53			285			1,570
Personal auto		229		37		266		2			(3	)		24			23			231			(3	)		61			289
Homeowners		329		24		353		1			6			9			16			330			6			33			369
Other personal		53		3		56		5			8			(4	)		9			58			8			(1	)		65
Total personal lines		611		64		675		8			11			29			48			619			11			93			723
Commercial casualty & property		15		5		20		14			5			3			22			29			5			8			42
Total excess & surplus lines		15		5		20		14			5			3			22			29			5			8			42
Total property casualty	$	1,899	$	342	$	2,241	$	(19	)	$	69		$	44		$	94		$	1,880		$	69		$	386		$	2,335

16

Consolidated Cincinnati Insurance Companies

5-Year Property Casualty Data - All Lines

(Dollars in millions)	Years ended December 31,
	2011			2010			2009			2008			2007
Premiums
Adjusted written premiums – statutory*	$	3,105		$	2,952		$	2,919		$	3,040		$	3,149
Written premium adjustment – statutory		(7	)		11			(8	)		(30	)		(32	)
Reported written premiums – statutory**		3,098			2,963			2,911			3,010			3,117
Unearned premium change		(69	)		(39	)		-			-			8
Earned premiums (GAAP)	$	3,029		$	2,924		$	2,911		$	3,010		$	3,125
Year-over-year growth rate:
Adjusted written premiums – statutory		5	%		1	%		(4	)%		(3	)%		(1	)%
Written premiums – statutory		5	%		2	%		(3	)%		(3	)%		(2	)%
Earned premiums		4	%		-	%		(3	)%		(4	)%		(1	)%
Statutory combined ratio
Reported statutory combined ratio*		108.9	%		101.8	%		104.4	%		100.4	%		90.3	%
Less catastrophe losses		13.3			5.1			5.7			6.8			0.8
Statutory combined ratio excluding catastrophe losses		95.6	%		96.7	%		98.7	%		93.6	%		89.5	%
Reported commission expense ratio*		18.6	%		18.7	%		19.0	%		18.4	%		19.2	%
Reported other expense ratio*		13.3			14.2			13.7			13.7			12.5
Reported statutory expense ratio*		31.9	%		32.9	%		32.7	%		32.1	%		31.7	%
GAAP combined ratio
GAAP combined ratio		109.2	%		101.7	%		104.5	%		100.6	%		90.3	%
Written premiums to surplus
Adjusted premiums to statutory surplus ratio		0.828			0.781			0.800			0.905			0.731
Written premium adjustment		(0.002	)		0.003			(0.002	)		(0.009	)		(0.007	)
Reported premiums to statutory surplus ratio		0.826			0.784			0.798			0.896			0.724

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

*nm - Not meaningful

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

17

Consolidated Cincinnati Insurance Companies

5-Year Property Casualty Data - Commercial Lines

(Dollars in millions)	Years ended December 31,
	2011			2010			2009			2008			2007
Premiums
Adjusted written premiums – statutory*	$	2,225		$	2,144		$	2,190		$	2,341		$	2,444
Written premium adjustment – statutory		(7	)		11			(9	)		(30	)		(31	)
Reported written premiums – statutory	$	2,218		$	2,155		$	2,181		$	2,311		$	2,413
Unearned premium change		(21	)		(1	)		18			5			(2	)
Earned premiums (GAAP)	$	2,197		$	2,154		$	2,199		$	2,316		$	2,411
Year-over-year growth rate:
Adjusted written premiums – statutory		4	%		(2	)%		(6	)%		(4	)%		0	%
Written premiums – statutory		3	%		(1	)%		(6	)%		(4	)%		(1	)%
Earned premiums		2	%		(2	)%		(5	)%		(4	)%		0	%
Statutory combined ratio
Reported statutory combined ratio*		104.2	%		99.6	%		101.8	%		96.6	%		89.2	%
Less catastrophe losses		10.4			4.1			2.5			4.5			0.7
Statutory combined ratio excluding catastrophe losses (adjusted)		93.8	%		95.5	%		99.3	%		92.1	%		88.5	%
GAAP combined ratio
GAAP combined ratio		104.7	%		99.4	%		101.6	%		97.0	%		89.2	%

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

*nm - Not meaningful

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

18

Consolidated Cincinnati Insurance Companies

5-Year Property Casualty Data - Personal Lines

(Dollars in millions)	Years ended December 31,
	2011			2010			2009			2008			2007
Premiums
Adjusted written premiums – statutory*	$	801		$	750		$	690		$	685		$	705
Written premium adjustment – statutory		-			-			1			-			(1	)
Reported written premiums – statutory	$	801		$	750		$	691		$	685		$	704
Unearned premium change		(39	)		(29	)		(6	)		4			10
Earned premiums (GAAP)	$	762		$	721		$	685		$	689		$	714
Year-over-year growth rate:
Adjusted written premiums – statutory		7	%		9	%		1	%		(3	)%		(4	)%
Written premiums – statutory		7	%		9	%		1	%		(3	)%		(4	)%
Earned premiums		6	%		5	%		(1	)%		(4	)%		(6	)%
Statutory combined ratio
Reported statutory combined ratio*		124.2	%		107.1	%		111.4	%		111.6	%		94.1	%
Less catastrophe losses		22.7			8.1			16.1			14.5			1.3
Statutory combined ratio excluding catastrophe losses (adjusted)		101.5	%		99.0	%		95.3	%		97.1	%		92.8	%
GAAP combined ratio
GAAP combined ratio		123.9	%		107.7	%		111.8	%		111.9	%		93.9	%

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

*nm - Not meaningful

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

19

Consolidated Cincinnati Insurance Companies

5-Year Property Casualty Data - Excess & Surplus Lines 

(Dollars in millions)	Years ended December 31,
	2011			2010			2009			2008			2007
Premiums
Adjusted written premiums – statutory*	$	79		$	58		$	39		$	14		$
Written premium adjustment – statutory		-			-			-			-
Reported written premiums – statutory	$	79		$	58		$	39		$	14		$
Unearned premium change		(9	)		(9	)		(12	)		(9	)
Earned premiums (GAAP)	$	70		$	49		$	27		$	5		$
Year-over-year growth rate:
Adjusted written premiums – statutory		36	%		49	%		179	%		na%			%
Written premiums – statutory		36	%		49	%		179	%		na%			%
Earned premiums		43	%		81	%		440	%		na%			%
Statutory combined ratio
Reported statutory combined ratio*		90.8	%		118.9	%		129.1	%		190.6	%		%
Less catastrophe losses		2.2			1.2			0.2			0.4
Statutory combined ratio excluding catastrophe losses (adjusted)		88.6	%		117.7	%		128.9	%		190.2	%		%
GAAP combined ratio
GAAP combined ratio		92.2	%		115.4	%		154.9	%		266.0	%		%

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

*nm - Not meaningful

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

*Excludes CSU Producers Resources Inc.

20

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	$	712		$	730		$	717		$	708		$	648		$	677		$	685		$	682		$	1,425		$	1,367		$	2,155		$	2,044		$	2,867		$	2,692
Agency new business written premiums		103			115			117			102			107			109			106			92			219			198			334			307			437			414
Other written premiums		(55	)		(54	)		(66	)		(31	)		(33	)		(50	)		(42	)		(18	)		(97	)		(60	)		(151	)		(110	)		(206	)		(143	)
Reported written premiums – statutory*	$	760		$	791		$	768		$	779		$	722		$	736		$	749		$	756		$	1,547		$	1,505		$	2,338		$	2,241		$	3,098		$	2,963
Unearned premium change		25			(22	)		(38	)		(34	)		23			7			(21	)		(48	)		(72	)		(69	)		(94	)		(62	)		(69	)		(39	)
Earned premiums	$	785		$	769		$	730		$	745		$	745		$	743		$	728		$	708		$	1,475		$	1,436		$	2,244		$	2,179		$	3,029		$	2,924
Year over year change %
Agency renewal written premiums		10	%		8	%		5	%		4	%		2	%		1	%		3	%		(2	)%		4	%		0	%		5	%		1	%		7	%		1	%
Agency new business written premiums		(4	)		6			10			11			14			2			(1	)		(5	)		11			(3	)		9			(1	)		6			2
Other written premiums		(67	)		(8	)		(57	)		(72	)		33			(9	)		16			(29	)		(62	)		6			(37	)		0			(44	)		10
Reported written premiums – statutory*		5			7			3			3			6			1			4			(3	)		3			0			4			0			5			2
Paid losses and loss expenses
Losses paid	$	455		$	481		$	560		$	404		$	400		$	421		$	382		$	334		$	964		$	716		$	1,442		$	1,137		$	1,899		$	1,537
Loss expenses paid		90			85			82			85			93			84			72			80			166			151			251			235			342			328
Loss and loss expenses paid	$	545		$	566		$	642		$	489		$	493		$	505		$	454		$	414		$	1,130		$	867		$	1,693		$	1,372		$	2,241		$	1,865
Statutory combined ratio
Loss ratio		44.0	%		65.4	%		91.2	%		58.4	%		47.7	%		58.8	%		65.1	%		54.3	%		74.6	%		59.8	%		71.5	%		59.5	%		64.4	%		56.5	%
Allocated loss expense ratio		6.2			6.4			7.0			6.0			6.7			5.9			5.7			6.0			6.5			5.8			6.4			5.9			6.3			6.1
Unallocated loss expense ratio		5.4			7.3			5.9			6.7			6.5			6.9			5.2			6.7			6.3			6.0			6.7			6.2			6.3			6.3
Net underwriting expense ratio		32.9			31.1			31.3			32.2			33.3			32.9			31.3			34.1			31.8			32.7			31.5			32.8			31.9			32.9
Statutory combined ratio		88.5	%		110.2	%		135.4	%		103.3	%		94.2	%		104.5	%		107.3	%		101.1	%		119.2	%		104.3	%		116.1	%		104.4	%		108.9	%		101.8	%
Contribution from catastrophe losses		(2.8	)		12.0			39.8			5.5			0.7			3.8			13.6			2.1			22.5			8.0			18.9			6.5			13.3			5.1
Statutory combined ratio excluding catastrophe losses		91.3	%		98.2	%		95.6	%		97.8	%		93.5	%		100.7	%		93.7	%		99.0	%		96.7	%		96.3	%		97.2	%		97.9	%		95.6	%		96.7	%
Commission expense ratio		19.5	%		18.2	%		18.2	%		18.4	%		19.9	%		18.7	%		17.9	%		18.4	%		18.3	%		18.1	%		18.2	%		18.3	%		18.6	%		18.7	%
Other expense ratio		13.4			12.9			13.1			13.8			13.4			14.2			13.4			15.7			13.5			14.6			13.3			14.5			13.3			14.2
Statutory expense ratio		32.9	%		31.1	%		31.3	%		32.2	%		33.3	%		32.9	%		31.3	%		34.1	%		31.8	%		32.7	%		31.5	%		32.8	%		31.9	%		32.9	%
GAAP combined ratio
GAAP combined ratio		87.6	%		110.6	%		136.6	%		103.9	%		93.1	%		103.9	%		107.6	%		102.6	%		120.1	%		105.2	%		116.8	%		104.7	%		109.2	%		101.7	%
Contribution from catastrophe losses		(2.8	)		12.0			39.8			5.5			0.7			3.8			13.6			2.1			22.5			8.0			18.9			6.5			13.3			5.1
GAAP combined ratio excluding catastrophe losses		90.4	%		98.6	%		96.8	%		98.4	%		92.4	%		100.1	%		94.0	%		100.5	%		97.6	%		97.2	%		97.9	%		98.2	%		95.9	%		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.

21

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	$	514		$	507		$	500		$	542		$	474		$	479		$	492		$	533		$	1,042		$	1,025		$	1,549		$	1,504		$	2,063		$	1,978
Agency new business written premiums		74			81			81			71			76			74			73			66			152			139			233			213			307			289
Other written premiums		(42	)		(41	)		(44	)		(25	)		(26	)		(42	)		(33	)		(11	)		(69	)		(44	)		(110	)		(86	)		(152	)		(112	)
Reported written premiums – statutory*	$	546		$	547		$	537		$	588		$	524		$	511		$	532		$	588		$	1,125		$	1,120		$	1,672		$	1,631		$	2,218		$	2,155
Unearned premium change		21			10			(4	)		(48	)		22			36			6			(65	)		(52	)		(59	)		(42	)		(23	)		(21	)		(1	)
Earned premiums	$	567		$	557		$	533		$	540		$	546		$	547		$	538		$	523		$	1,073		$	1,061		$	1,630		$	1,608		$	2,197		$	2,154
Year over year change %
Agency renewal written premiums		8	%		6	%		2	%		2	%		(1	)%		(2	)%		1	%		(4	)%		2	%		(2	)%		3	%		(2	)%		4	%		(2	)%
Agency new business written premiums		(3	)		9			11			8			13			(3	)		(8	)		(13	)		9			(10	)		9			(8	)		6			(3	)
Other written premiums		(62	)		2			(33	)		(127	)		38			(14	)		23			(57	)		(57	)		14			(28	)		2			(36	)		14
Reported written premiums – statutory*		4			7			1			0			4			(3	)		2			(6	)		0			(3	)		3			(3	)		3			(1	)
Paid losses and loss expenses
Losses paid	$	329		$	326		$	327		$	290		$	284		$	290		$	266		$	230		$	618		$	497		$	942		$	786		$	1,273		$	1,070
Loss expenses paid		75			65			63			69			75			65			58			63			131			120			197			186			271			261
Loss and loss expenses paid	$	404		$	391		$	390		$	359		$	359		$	355		$	324		$	293		$	749		$	617		$	1,139		$	972		$	1,544		$	1,331
Statutory combined ratio
Loss ratio		40.6	%		61.8	%		77.5	%		55.5	%		44.2	%		57.1	%		59.0	%		53.8	%		66.4	%		56.4	%		64.8	%		56.7	%		58.5	%		53.5	%
Allocated loss expense ratio		7.7			7.7			8.9			7.0			7.9			6.9			6.5			7.1			8.0			6.8			7.9			6.8			7.9			7.1
Unallocated loss expense ratio		1.8			7.3			4.4			6.7			6.4			6.7			4.8			6.6			5.5			5.7			6.1			6.0			5.0			6.1
Net underwriting expense ratio		33.6			32.6			32.2			32.9			33.4			34.8			31.7			31.9			32.6			31.8			32.6			32.7			32.8			32.9
Statutory combined ratio		83.7	%		109.4	%		123.0	%		102.1	%		91.9	%		105.5	%		102.0	%		99.3	%		112.5	%		100.7	%		111.4	%		102.2	%		104.2	%		99.6	%
Contribution from catastrophe losses		(2.9	)		10.7			29.7			4.9			1.0			3.2			10.4			1.8			17.2			6.2			14.9			5.2			10.4			4.1
Statutory combined ratio excluding catastrophe losses		86.6	%		98.7	%		93.3	%		97.2	%		90.9	%		102.3	%		91.6	%		97.5	%		95.3	%		94.5	%		96.5	%		97.0	%		93.8	%		95.5	%
Commission expense ratio		18.9	%		18.1	%		17.7	%		18.5	%		19.0	%		19.0	%		17.6	%		17.2	%		18.1	%		17.4	%		18.1	%		17.9	%		18.3	%		18.1	%
Other expense ratio		14.7			14.5			14.5			14.4			14.4			15.8			14.1			14.7			14.5			14.4			14.5			14.8			14.5			14.8
Statutory expense ratio		33.6	%		32.6	%		32.2	%		32.9	%		33.4	%		34.8	%		31.7	%		31.9	%		32.6	%		31.8	%		32.6	%		32.7	%		32.8	%		32.9	%
GAAP combined ratio
GAAP combined ratio		83.9	%		107.9	%		124.2	%		104.0	%		90.6	%		103.4	%		101.7	%		102.1	%		114.0	%		101.9	%		111.9	%		102.4	%		104.7	%		99.4	%
Contribution from catastrophe losses		(2.9	)		10.7			29.7			4.9			1.0			3.2			10.4			1.8			17.2			6.2			14.9			5.2			10.4			4.1
GAAP combined ratio excluding catastrophe losses		86.8	%		97.2	%		94.5	%		99.1	%		89.6	%		100.2	%		91.3	%		100.3	%		96.8	%		95.7	%		97.0	%		97.2	%		94.3	%		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.

22

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	$	185		$	209		$	205		$	156		$	166		$	189		$	187		$	143		$	361		$	330		$	570		$	519		$	755		$	685
Agency new business written premiums		22			25			26			22			23			25			24			18			48			42			73			67			95			90
Other written premiums		(11	)		(12	)		(21	)		(5	)		(6	)		(6	)		(7	)		(6	)		(26	)		(13	)		(38	)		(19	)		(49	)		(25	)
Reported written premiums – statutory*	$	196		$	222		$	210		$	173		$	183		$	208		$	204		$	155		$	383		$	359		$	605		$	567		$	801		$	750
Unearned premium change		3			(29	)		(30	)		17			3			(26	)		(25	)		19			(13	)		(6	)		(42	)		(32	)		(39	)		(29	)
Earned premiums	$	199		$	193		$	180		$	190		$	186		$	182		$	179		$	174		$	370		$	353		$	563		$	535		$	762		$	721
Year over year change %
Agency renewal written premiums		11	%		11	%		10	%		9	%		8	%		7	%		6	%		4	%		9	%		5	%		10	%		6	%		10	%		7	%
Agency new business written premiums		(4	)		0			8			22			15			19			26			29			14			24			9			22			6			20
Other written premiums		(83	)		(100	)		(200	)		17			0			25			(40	)		0			(100	)		0			(100	)		10			(96	)		4
Reported written premiums – statutory*		7			7			3			12			10			9			7			7			7			7			7			8			7			9
Paid losses and loss expenses
Losses paid	$	122		$	151		$	229		$	109		$	116		$	128		$	114		$	103		$	338		$	217		$	488		$	345		$	611		$	461
Loss expenses paid		14			18			18			15			17			17			14			17			33			30			51			48			66			65
Loss and loss expenses paid	$	136		$	169		$	247		$	124		$	133		$	145		$	128		$	120		$	371		$	247		$	539		$	393		$	677		$	526
Statutory combined ratio
Loss ratio		55.1	%		78.4	%		135.7	%		64.9	%		60.5	%		63.2	%		82.4	%		55.3	%		99.3	%		69.0	%		92.2	%		67.0	%		82.5	%		65.4	%
Allocated loss expense ratio		1.8			1.9			3.0			2.3			2.5			1.9			2.0			1.9			2.6			2.0			2.4			1.9			2.2			2.1
Unallocated loss expense ratio		16.0			7.0			10.7			6.9			6.9			7.2			6.7			7.2			8.8			6.9			8.2			7.1			10.2			6.9
Net underwriting expense ratio		31.0			27.4			29.0			30.3			32.6			28.4			30.1			42.1			29.5			35.3			28.7			32.8			29.3			32.7
Statutory combined ratio		103.9	%		114.7	%		178.4	%		104.4	%		102.5	%		100.7	%		121.2	%		106.5	%		140.2	%		113.2	%		131.5	%		108.8	%		124.2	%		107.1	%
Contribution from catastrophe losses		(2.7	)		16.8			73.4			7.4			(0.3	)		6.0			23.8			3.0			39.4			13.6			31.7			11.0			22.7			8.1
Statutory combined ratio excluding catastrophe losses		106.6	%		97.9	%		105.0	%		97.0	%		102.8	%		94.7	%		97.4	%		103.5	%		100.8	%		99.6	%		99.8	%		97.8	%		101.5	%		99.0	%
Commission expense ratio		20.4	%		17.6	%		18.7	%		17.9	%		21.7	%		17.1	%		18.1	%		22.4	%		18.3	%		20.0	%		18.1	%		19.0	%		18.6	%		19.6	%
Other expense ratio		10.6			9.8			10.3			12.4			10.9			11.3			12.0			19.7			11.2			15.3			10.7			13.8			10.7			13.1
Statutory expense ratio		31.0	%		27.4	%		29.0	%		30.3	%		32.6	%		28.4	%		30.1	%		42.1	%		29.5	%		35.3	%		28.8	%		32.8	%		29.3	%		32.7	%
GAAP combined ratio
GAAP combined ratio		99.5	%		119.7	%		179.2	%		101.4	%		101.9	%		103.4	%		123.4	%		102.5	%		139.2	%		113.1	%		132.6	%		109.8	%		123.9	%		107.7	%
Contribution from catastrophe losses		(2.7	)		16.8			73.4			7.4			(0.3	)		6.0			23.8			3.0			39.4			13.6			31.7			11.0			22.7			8.1
GAAP combined ratio excluding catastrophe losses		102.2	%		102.9	%		105.8	%		94.0	%		102.2	%		97.4	%		99.6	%		99.5	%		99.8	%		99.5	%		100.9	%		98.8	%		101.2	%		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.

23

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	$	13		$	14		$	12		$	10		$	8		$	9		$	6		$	6		$	22		$	12		$	36		$	21		$	49		$	29
Agency new business written premiums		7			9			10			9			8			10			9			8			19			17			28			27			35			35
Other written premiums		(2	)		(1	)		(1	)		(1	)		(1	)		(2	)		(2	)		(1	)		(2	)		(3	)		(3	)		(5	)		(5	)		(6	)
Reported written premiums – statutory*	$	18		$	22		$	21		$	18		$	15		$	17		$	13		$	13		$	39		$	26		$	61		$	43		$	79		$	58
Unearned premium change		1			(3	)		(4	)		(3	)		(2	)		(3	)		(2	)		(2	)		(7	)		(4	)		(10	)		(7	)		(9	)		(9	)
Earned premiums	$	19		$	19		$	17		$	15		$	13		$	14		$	11		$	11		$	32		$	22		$	51		$	36		$	70		$	49
Year over year change %
Agency renewal written premiums		63	%		56	%		100	%		67	%		100	%		200	%		200	%		500	%		83	%		500	%		71	%		320	%		69	%		190	%
Agency new business written premiums		(13	)		(10	)		11			13			14			0			13			14			12			13			4			8			0			9
Other written premiums		(100	)		50			50			0			0			nm			nm			0			33			nm			40			(400	)		17			(100	)
Reported written premiums – statutory*		20			29			62			38			50			33			30			86			50			53			42			48			36			49
Paid losses and loss expenses
Losses paid	$	3		$	3		$	4		$	4		$	1		$	3		$	1		$	1		$	8		$	2		$	12		$	5		$	15		$	6
Loss expenses paid		2			2			1			1			1			1			0			0			2			1			3			2			5			2
Loss and loss expenses paid	$	5		$	5		$	5		$	5		$	2		$	4		$	1		$	1		$	10		$	3		$	15		$	7		$	20		$	8
Statutory combined ratio
Loss ratio		33.9	%		41.1	%		49.6	%		77.6	%		20.8	%		72.3	%		81.5	%		65.4	%		62.8	%		73.5	%		54.8	%		73.1	%		48.9	%		58.1	%
Allocated loss expense ratio		5.6			11.2			(12.8	)		19.1			16.1			23.5			20.4			21.0			2.2			20.7			5.5			21.8			5.5			20.1
Unallocated loss expense ratio		2.9			9.9			4.7			6.1			2.7			7.9			6.5			5.1			5.3			5.8			7.0			6.5			5.9			5.5
Net underwriting expense ratio		31.8			30.7			31.6			27.6			39.0			30.8			33.5			38.5			29.8			35.8			30.1			33.9			30.5			35.2
Statutory combined ratio		74.2	%		92.9	%		73.1	%		130.4	%		78.6	%		134.5	%		141.9	%		130.0	%		100.1	%		135.8	%		97.4	%		135.3	%		90.8	%		118.9	%
Contribution from catastrophe losses		(0.3	)		2.5			4.4			2.8			(0.1	)		4.6			5.6			0.0			3.6			2.7			3.2			1.7			2.2			1.2
Statutory combined ratio excluding catastrophe losses		74.5	%		90.4	%		68.7	%		127.6	%		78.7	%		129.9	%		136.3	%		130.0	%		96.5	%		133.1	%		94.2	%		133.6	%		88.6	%		117.7	%
Commission expense ratio		26.0	%		25.1	%		24.5	%		22.2	%		30.7	%		27.0	%		26.0	%		28.2	%		23.5	%		27.0	%		24.1	%		27.0	%		24.5	%		27.9	%
Other expense ratio		5.8			5.6			7.1			5.4			8.3			3.8			7.5			10.3			6.3			8.8			6.0			6.9			6.0			7.3
Statutory expense ratio		31.8	%		30.7	%		31.6	%		27.6	%		39.0	%		30.8	%		33.5	%		38.5	%		29.8	%		35.8	%		30.1	%		33.9	%		30.5	%		35.2	%
GAAP combined ratio
GAAP combined ratio		74.8	%		93.6	%		74.7	%		133.0	%		75.3	%		129.8	%		137.5	%		127.1	%		102.1	%		132.4	%		99.0	%		131.4	%		92.2	%		115.4	%
Contribution from catastrophe losses		(0.3	)		2.5			4.4			2.8			(0.1	)		4.6			5.6			0.0			3.6			2.7			3.2			1.7			2.2			1.2
GAAP combined ratio excluding catastrophe losses		75.1	%		91.1	%		70.3	%		130.2	%		75.4	%		125.2	%		131.9	%		127.1	%		98.5	%		129.7	%		95.8	%		129.7	%		90.0	%		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.

24

The Cincinnati Life Insurance Company

Statutory Statements of Income

	For the Three Months Ended December 31,												For the Twelve Months Ended December 31,
(Dollars in millions)	2011			2010			Change			% Change			2011			2010			Change			% Change
Net premiums written	$	63		$	93		$	(30	)		(32	)	$	300		$	369		$	(69	)		(19	)
Net investment income		34			33			1			3			138			134			4			3
Amortization of interest maintenance reserve		-			-			-			-			-			(2	)		2			nm
Commissions and expense allowances on reinsurance ceded		2			2			-			0			7			7			-			0
Income from fees associated with Separate Accounts		-			1			(1	)		nm			2			2			-			0
Total revenues	$	99		$	129		$	(30	)		(23	)	$	447		$	510		$	(63	)		(12	)
Death benefits and matured endowments	$	19		$	17		$	2			12		$	66		$	57		$	9			16
Annuity benefits		14			10			4			40			51			38			13			34
Disability benefits and benefits under accident and health contracts		-			1			(1	)		nm			(1	)		2			(3	)		nm
Surrender benefits and group conversions		6			5			1			20			25			23			2			9
Interest and adjustments on deposit-type contract funds		3			3			-			0			11			11			-			0
Increase in aggregate reserves for life and accident and health contracts		39			74			(35	)		(47	)		215			296			(81	)		(27	)
Payments on supplementary contracts with life contingencies		-			-			-			-			-			-			-			-
Total benefit expenses	$	81		$	110		$	(29	)		(26	)	$	367		$	427		$	(60	)		(14	)
Commissions	$	10		$	12		$	(2	)		(17	)	$	41		$	46		$	(5	)		(11	)
General insurance expenses and taxes		10			9			1			11			41			38			3			8
Increase in loading on deferred and uncollected premiums		(1	)		(1	)		-			0			(6	)		(6	)		-			0
Net transfers from Separate Accounts		(2	)		-			(2	)		nm			(2	)		(2	)		-			0
Other deductions		-			-			-			-			-			-			-			-
Total operating expenses	$	17		$	20		$	(3	)		(15	)	$	74		$	76		$	(2	)		(3	)
Federal and foreign income tax benefit		(7	)		(1	)		(6	)		(600	)		6			(6	)		12			nm
Net gain (loss) from operations before realized capital gains	$	8		$	-		$	8			nm		$	-		$	13		$	(13	)		nm
Net realized gains (losses) net of capital gains tax		5			-			5			nm			(13	)		2			(15	)		nm
Net income (loss) (statutory)	$	13		$	-		$	13			nm		$	(13	)	$	15		$	(28	)		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

25