INFINITY PROPERTY & CASUALTY CORPORATION Supplementary Financial Information June 30, 2018

Supplementary Financial Information Table of Contents Infinity Property and Casualty Corporation Page # Highlights GAAP Highlights 1 (a) Statutory Highlights 1 (b) Consolidated Earnings 2 (a) Footnotes to Consolidated Earnings 2 (b) Consolidated Balance Sheet 3 (a) Shareholders' Equity Progression 3 (b) Consolidated Statement of Cash Flows 4 Investment Portfolio 5 Insurance Operations Underwriting Results 6 State Detail Policies in Force 7 Gross Written Premium 8 Combined Ratios 9 Reconciliation of non-GAAP disclosures 10 Forward Looking Statements This financial release contains certain statements that may be deemed to be “forward‐looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe‐ harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this financial release not dealing with  historical results or current facts are forward‐looking and are based on estimates, assumptions, and projections. Statements which  include the words "assumes," "believes," "seeks," "expects," "may," "should," "intends," "likely," "targets," "plans," "anticipates,"  "estimates" or the negative version of those words and similar statements of a future or forward‐looking nature identify forward‐ looking statements. Examples of such forward‐looking statements include statements relating to expectations concerning market  conditions, premium  growth, earnings, investment performance, expected losses, rate changes and loss experience.  The primary events or circumstances that could cause actual results to differ materially from what we expect include  determinations with respect to reserve adequacy, realized gains or losses on the investment portfolio (including other‐than‐ temporary impairments for credit losses), loss cost trends and competitive conditions in our key Focus States. For a more detailed  discussion of some of the foregoing risks and uncertainties which could cause actual results to differ from those contained in the  forward‐looking statements, see Infinity’s filings with the Securities and Exchange Commission.

INFINITY PROPERTY & CASUALTY CORPORATION GAAP HIGHLIGHTS (in millions, except per share amounts and ratios) Incr/Decr Three months ended YTD YTD 3 months 6 months June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec 31, June 30, June 30, June 30, June 30, 2018 2018 2017 2017 2017 2017 2017 2018 2017 2018 2018 (as adjusted) (as adjusted) GAAP Info Total revenues $ 414.1 $ 388.8 $ 382.8 $ 380.7 $ 377.1 $ 377.6 $ 1,518.2 $ 802.8 $ 754.7 $ 37.0 $ 48.2 Revenue growth rate 9.8% 3.0% 6.4% EBIT (1) Including realized gains $ 39.0 $ 28.4 $ 41.1 $ 25.2 $ 10.3 $ 18.4 $ 95.0 $ 67.4 $ 28.6 $ 28.7 $ 38.8 Excluding realized gains $ 40.3 $ 31.3 $ 40.9 $ 25.6 $ 8.4 $ 17.9 $ 92.8 $ 71.6 $ 26.2 $ 31.9 $ 45.3 Pre-Tax Earnings (2) Including realized gains $ 35.4 $ 24.9 $ 37.6 $ 21.7 $ 6.8 $ 14.9 $ 80.9 $ 60.4 $ 21.6 $ 28.7 $ 38.8 Excluding realized gains $ 36.8 $ 27.8 $ 37.4 $ 22.1 $ 4.9 $ 14.4 $ 78.7 $ 64.6 $ 19.2 $ 31.9 $ 45.3 After-Tax Earnings (3) Including realized gains ("net earnings") $ 27.8 $ 20.1 $ 14.1 $ 15.0 $ 5.2 $ 10.5 $ 44.7 $ 47.9 $ 15.7 $ 22.6 $ 32.2 Excluding realized gains ("operating earnings $ 28.8 $ 22.3 $ 13.9 $ 15.3 $ 3.9 $ 10.2 $ 43.3 $ 51.2 $ 14.1 $ 24.9 $ 37.0 Net earnings per share (fully diluted) (3) $ 2.52 $ 1.82 $ 1.28 $ 1.35 $ 0.47 $ 0.94 $ 4.04 $ 4.34 $ 1.41 $ 2.05 $ 2.93 Net earnings excluding net realized gains (losses) on investments per share (fully $ 2.62 $ 2.03 $ 1.27 $ 1.38 $ 0.36 $ 0.91 $ 3.91 $ 4.64 $ 1.27 $ 2.26 $ 3.37 Total assets $ 2,582.2 $ 2,551.5 $ 2,474.5 $ 2,509.8 $ 2,453.3 $ 2,441.2 $ 2,474.5 $ 2,582.2 $ 2,453.3 $ 128.8 Total shareholders' equity $ 735.8 $ 717.9 $ 715.8 $ 714.8 $ 708.3 $ 705.2 $ 715.8 $ 735.8 $ 708.3 $ 27.5 Total shareholders' equity ex FAS 115 $ 752.6 $ 729.8 $ 696.6 $ 691.9 $ 689.8 $ 691.4 $ 696.6 $ 752.6 $ 689.8 $ 62.8 Total tangible shareholders' equity $ 660.6 $ 642.6 $ 640.5 $ 639.5 $ 633.0 $ 629.9 $ 640.5 $ 660.6 $ 633.0 $ 27.5 Annualized return on average GAAP equity (based on Net Earnings) 15.3% 11.2% 7.9% 8.4% 2.9% 6.0% 6.3% 13.2% 4.5% 12.4% 8.7% Annualized returns (based on operating earnings) Return on revenues 7.0% 5.7% 3.6% 4.0% 1.0% 2.7% 2.9% 6.4% 1.9% 5.9% 4.5% Return on average assets 4.5% 3.6% 2.2% 2.5% 0.6% 1.7% 1.8% 4.0% 1.2% 3.8% 2.9% Return on average GAAP equity 15.9% 12.5% 7.8% 8.6% 2.2% 5.8% 6.1% 14.1% 4.0% 13.6% 10.1% Return on average GAAP equity ex FAS 115 15.6% 12.5% 8.0% 8.8% 2.3% 5.9% 6.3% 14.1% 4.1% 13.3% 10.0% Shares outstanding used in book value calculation 10.942 10.942 10.935 10.968 11.043 11.053 10.935 10.942 11.043 (0.101) Book value per share $ 67.25 $ 65.61 $ 65.46 $ 65.17 $ 64.14 $ 63.80 $ 65.46 $ 67.25 $ 64.14 $ 3.11 Book value per share ex FAS 115 $ 68.78 $ 66.69 $ 63.70 $ 63.08 $ 62.46 $ 62.55 $ 63.70 $ 68.78 $ 62.46 $ 6.32 Loss and loss adjustment expense ratio 73.5% 74.7% 71.2% 76.3% 80.7% 79.3% 76.8% 74.1% 80.0% -7.1% -5.9% Underwriting expense ratio 17.8% 17.8% 18.9% 18.4% 18.7% 17.3% 18.3% 17.8% 18.0% -1.0% -0.3% Calendar year combined ratio 91.3% 92.6% 90.0% 94.6% 99.4% 96.6% 95.2% 91.9% 98.0% -8.1% -6.1% Senior Debt Rating (as of July 30, 2018) AM Best BBB (stable outlook) Standard & Poors BBB- (stable outlook) Moody's Baa3 (stable outlook) Notes: (1)Please refer to Note 1 on page 2(b). (2)Please refer to Note 1 on page 2(b). (3)Please refer to Note 1 on page 2(b). 1 (a)

INFINITY PROPERTY & CASUALTY CORPORATION STATUTORY HIGHLIGHTS ($ in millions) Incr/Decr Three months endedYTD YTD 3 months 6 months June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec 31, June 30, June 30, June 30, June 30, 2018 2018 2017 2017 2017 2017 2017 2018 2017 2018 2018 SAP Info Gross written premium $ 402.2 $ 421.6 $ 340.6 $ 362.2 $ 323.8 $ 370.7 $ 1,397.3 $ 823.8 $ 694.5 $ 78.4 $ 129.3 Gross written premium growth 24.2% 13.7% 18.6% Net written premium $ 399.2 $ 417.9 $ 335.9 $ 359.0 $ 323.8 $ 368.1 $ 1,386.9 $ 817.1 $ 691.9 75.4 125.2 Net written premium growth 23.3% 13.5% 18.1% Policyholder surplus (1) (2) $ 682.8 $ 666.3 $ 665.5 $ 672.3 $ 668.9 $ 668.8 $ 665.5 $ 682.8 $ 668.9 13.8 Net written premium to policyholder surplus (annualized) 2.3 2.5 2.0 2.1 1.9 2.2 2.1 2.4 2.1 0.3 Loss and loss adjustment expense ratio 73.8% 75.0% 71.4% 76.5% 80.9% 79.5% 77.1% 74.4% 80.2% -7.2% -5.9% Net underwriting expense ratio 16.0% 16.3% 16.7% 16.6% 17.0% 15.9% 16.5% 16.2% 16.4% -1.0% -0.2% Calendar year combined ratio (3) 89.8% 91.3% 88.2% 93.1% 97.9% 95.4% 93.6% 90.5% 96.6% -8.2% -6.1% Financial Strength Rating (as of July 30, 2018) AM Best A (stable outlook) Standard & Poors A- (stable outlook) Moody's A3 (stable outlook) Notes: (1) Policyholder surplus does not include the earned surplus of Infinity County Mutual Insurance Company (2) Dividends paid out of / (contributions to) insurance companies 16.8 16.8 18.5 18.5 14.5 14.5 66.0 33.5 29.0 (3) Excluding premium receivables charged off, including installment and other fee income. See page 6 for reconciliation to GAAP calendar year combined ratio. 1 (b)

INFINITY PROPERTY & CASUALTY CORPORATION CONSOLIDATED EARNINGS (in millions, except per share amounts and ratios) Incr/Decr Three months endedYTD YTD 3 months 6 months June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec 31, June 30, June 30, June 30, June 30, 2018 2018 2017 2017 2017 2017 2017 2018 2017 2018 2018 (as adjusted) (as adjusted) Revenues: Earned Premium (1) $ 374.3 $ 354.0 $ 345.9 $ 345.0 $ 339.1 $ 341.4 $ 1,371.3 $ 728.2 $ 680.5 $ 35.1 $ 47.7 Installment and other fee income 28.8 27.4 26.6 26.0 26.7 26.7 106.0 56.2 53.4 2.2 $ 2.9 Net investment income (2) 11.8 9.8 9.8 9.8 9.0 8.7 37.3 21.6 17.7 2.8 3.9 Net realized gains (losses) on investments (3) (1.3) (2.8) 0.3 (0.4) 1.9 0.5 2.2 (4.2) 2.4 (3.2) (6.6) Other income 0.5 0.4 0.4 0.4 0.4 0.3 1.4 0.9 0.7 0.1 0.3 Total revenues 414.1 388.8 382.8 380.7 377.1 377.6 1,518.2 802.8 754.7 37.0 48.2 Costs and Expenses: Loss expenses (4) 231.6 228.3 207.9 223.2 233.0 230.5 894.6 459.9 463.5 (1.4) (3.6) Loss adjustment expenses (4) 43.6 36.3 38.3 40.0 40.6 40.2 159.1 79.9 80.8 3.0 (0.9) Commissions and other underwriting expenses 95.3 90.5 91.8 89.3 90.2 85.9 357.3 185.8 176.2 5.0 9.6 Interest expense 3.5 3.5 3.5 3.5 3.5 3.5 14.0 7.0 7.0 (0.0) (0.0) Corporate general and administrative expenses 3.7 4.7 2.9 2.2 2.4 2.3 9.8 8.4 4.7 1.2 3.7 Other expenses 0.9 0.5 0.8 0.8 0.5 0.3 2.5 1.4 0.8 0.4 0.6 Total costs and expenses 378.6 363.8 345.2 359.0 370.3 362.7 1,437.3 742.4 733.0 8.3 9.4 Earnings before income taxes 35.4 24.9 37.6 21.7 6.8 14.9 80.9 60.4 21.6 28.7 38.8 Provision for income taxes (5) 7.7 4.9 23.6 6.7 1.6 4.4 36.2 12.5 5.9 6.1 6.6 Net Earnings $ 27.8 $ 20.1 $ 14.1 $ 15.0 $ 5.2 $ 10.5 $ 44.7 $ 47.9 $ 15.7 $ 22.6 $ 32.2 Net Earnings excluding net realized gains (losses) on investments $ 28.8 $ 22.3 $ 13.9 $ 15.3 $ 3.9 $ 10.2 $ 43.3 51.2 14.1 $ 24.9 $ 37.0 Earnings per Common Share: Net Earnings Basic $ 2.54 $ 1.84 $ 1.29 $ 1.36 $ 0.47 $ 0.96 $ 4.07 $ 4.38 $ 1.43 $ 2.07 $ 2.95 Diluted $ 2.52 $ 1.82 $ 1.28 $ 1.35 $ 0.47 $ 0.94 $ 4.04 $ 4.34 $ 1.41 $ 2.05 $ 2.93 Net Earnings excluding net realized gains (losses) on investments (6)(7) Basic $ 2.64 $ 2.05 $ 1.27 $ 1.39 $ 0.36 $ 0.93 $ 3.94 $ 4.69 $ 1.28 $ 2.28 $ 3.41 Diluted $ 2.62 $ 2.03 $ 1.27 $ 1.38 $ 0.36 $ 0.91 $ 3.91 $ 4.64 $ 1.27 $ 2.26 $ 3.37 Average Number of Common Shares (8) Basic 10.9 10.9 10.9 11.0 11.0 11.0 11.0 10.9 11.0 (0.1) (0.1) Diluted 11.0 11.0 11.0 11.1 11.1 11.1 11.1 11.0 11.1 (0.1) (0.1) Operating Ratios (GAAP Basis) (9): Loss ratio 61.9% 64.5% 60.1% 64.7% 68.7% 67.5% 65.2% 63.1% 68.1% -6.8% -5.0% Loss adjustment expense ratio 11.7% 10.2% 11.1% 11.6% 12.0% 11.8% 11.6% 11.0% 11.9% -0.3% -0.9% Loss & LAE ratio 73.5% 74.7% 71.2% 76.3% 80.7% 79.3% 76.8% 74.1% 80.0% -7.1% -5.9% Expense ratio (incl Fee Income) 17.8% 17.8% 18.9% 18.4% 18.7% 17.3% 18.3% 17.8% 18.0% -1.0% -0.3% Combined ratio 91.3% 92.6% 90.0% 94.6% 99.4% 96.6% 95.2% 91.9% 98.0% -8.1% -6.1% Debt to Total Capital 27.2 27.7 27.8 27.8 28.0 28.1 27.8 27.2 28.0 (0.8) (0.8) Debt to Tangible Capital (7) 29.4 30.0 30.0 30.1 30.3 30.4 30.0 29.4 30.3 (0.9) (0.9) Fixed Coverage Ratio 10.4 7.6 10.9 6.7 2.8 4.9 6.3 9.0 3.8 7.6 5.1 Interest Coverage Ratio 11.1 8.1 11.7 7.2 2.9 5.2 6.8 9.6 4.1 8.2 5.5 Quarterly average investments (at cost) $ 1,651.4 $ 1,610.3 $ 1,583.0 $ 1,575.5 $ 1,556.7 $ 1,542.2 $ 1,563.7 $ 1,628.7 $ 1,550.9 $ 94.7 $ 77.8 GAAP book yield (gross of investment expenses) [annualized yield] 3.0% 2.6% 2.6% 2.6% 2.5% 2.4% 2.5% 2.8% 2.4% 0.5% 0.4% NM = not meaningful 2 (a)

INFINITY PROPERTY & CASUALTY CORPORATION FOOTNOTES TO CONSOLIDATED EARNINGS (in millions, except per share amounts and ratios) Incr/Decr Three months endedYTD YTD 3 months 6 months June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec 31, June 30, June 30, June 30, June 30, 2018 2018 2017 2017 2017 2017 2017 2018 2017 2018 2018 (as adjusted) (as adjusted) (1) Earned Premium Earned premium reduced by the following amounts for premiums to be returned to California poliycholders: $ - $ - $ - $ - $ 12.4 $ 3.8 $ 16.2 $ - $ 16.2 Please refer to Note 13 - Legal and Regulatory Procedures to the Consolidated Financial Statements in our 2017 Form 10K for more details on these two separate events. (2) Investment Income Detail Investment income gross of expenses $ 12.4 $ 10.3 $ 10.4 $ 10.3 $ 9.5 $ 9.3 $ 39.5 $ 22.7 $ 18.8 2.8 3.9 Investment expenses (0.6) (0.5) (0.6) (0.5) (0.5) (0.6) (2.2) (1.1) (1.1) (0.0) (0.0) Net Investment Income $ 11.8 $ 9.8 $ 9.8 $ 9.8 $ 9.0 $ 8.7 $ 37.3 $ 21.6 $ 17.7 2.8 3.9 (3) Realized gains (losses) detail Net realized gains (losses) from sale of securities, before impairment losses $ (0.6) $ 1.4 $ 3.3 $ (0.4) $ 1.9 $ 0.5 $ 5.3 $ 0.8 $ 2.4 (2.5) (1.6) Net holding period gains (losses) on equity securities (0.3) (2.6) (2.9) (0.3) Total other-than-temporary impairment (OTTI) losses (0.8) (1.5) (2.8) (0.1) - (0.0) (2.9) (2.2) $ (0.0) (0.8) (2.2) Non-credit portion in other comprehensive income 0.4 0.2 0.0 0.0 - 0.0 0.1 0.5 0.0 0.4 0.5 OTTI losses reclassified from other comprehensive income (0.1) (0.3) (0.3) - - - (0.3) (0.4) $ - (0.1) (0.4) Net impairment losses recognized in earnings (0.5) (1.6) (3.1) (0.0) $ - (0.0) (3.1) (2.0) $ (0.0) (0.5) (2.0) Total net realized gains (losses) on investments $ (1.3) $ (2.8) $ 0.3 $ (0.4) $ 1.9 $ 0.5 $ 2.2 $ (4.2) $ 2.4 $ (3.2) (3.7) (4) Favorable (Unfavorable) development on prior accident year loss and LAE incurred (pre-tax): $ 3.6 $ 8.9 $ 1.3 $ 4.1 $ 6.7 $ 6.4 $ 18.5 12.5 $ 13.1 (3.1) (0.6) Impact to net combined ratio -1.0% -2.5% -0.4% -1.2% -2.0% -1.9% -1.3% -1.7% -1.9% 1.0% 0.2% After-tax Impact to net earnings $ 0.26 $ 0.64 $ 0.07 $ 0.24 $ 0.40 $ 0.37 $ 1.09 $ 0.90 $ 0.77 $ (0.14) $ 0.13 After-tax Impact to net earnings excluding net realized gains (losses) on investments $ 0.26 $ 0.64 $ 0.07 $ 0.24 $ 0.40 $ 0.37 $ 1.09 $ 0.90 $ 0.77 $ (0.14) $ 0.13 (5) Income Tax Rate Reconciliation GAAP tax expense (21% for 2018 and 35% for 2017) $ 7.4 $ 5.2 $ 13.2 $ 7.6 $ 2.4 $ 5.2 $ 28.3 $ 12.7 $ 7.6 5.1 5.1 Tax exempt interest (0.2) (0.3) (0.6) (0.6) (0.6) (0.6) (2.4) (0.5) (1.2) 0.4 0.7 Dividend received deduction (0.1) (0.0) (0.1) (0.1) (0.1) (0.1) (0.5) (0.1) (0.2) 0.1 0.1 Adjustment to valuation allowance - - - - - - - - - - - Prior Period Tax Adjustment - - - - - - - - - - - Gain on sale - - - - - - - - - - - Deferred tax rate adjustment - - 10.2 - - - 10.2 - - - - Other 0.5 (0.1) 0.2 (0.2) (0.0) (0.1) (0.2) 0.5 (0.2) 0.6 0.6 Total GAAP tax expense $ 7.7 $ 4.9 $ 22.8 $ 6.7 $ 1.6 $ 4.4 $ 35.4 12.5 $ 5.9 6.1 6.6 Effective tax rate 21.6% 19.5% 62.6% 30.9% 23.4% 29.3% 44.7% 20.7% 27.5% -1.8% -6.7% Operating tax rate 21.6% 19.6% 60.7% 31.0% 18.9% 29.1% 31.1% 20.8% 26.5% 2.7% -5.8% (6) Impact of Retrospective Adoption of ASU 2014-09 Revenue from Contracts with Customers . Line items on the Statement of Earnings have been adjusted as follows: Fee Income $ 0.2 $ (0.0) $ 0.2 $ (0.2) $ 0.2 $ (0.0) Provision for income taxes 0.9 (0.0) 0.1 (0.1) 0.9 (0.0) Net Earnings $ (0.6) $ (0.0) $ 0.1 $ (0.1) $ (0.7) $ (0.0) Net Earnings Per Common Share - Basic $ (0.06) $ (0.00) $ 0.01 $ (0.01) $ (0.06) $ - Net Earnings Per Common Share - Diluted $ (0.06) $ (0.00) $ 0.01 $ (0.02) $ (0.06) $ - (7) Net Earnings excluding net realized gains (losses) on investments and Tangible Capital are Non-GAAP measures. Please see page 10 for a definition and reconcilation to the most comparable GAAP measure. (8) Shares Outstanding Calculation Average basic shares outstanding 10.920 10.915 10.922 10.993 11.006 10.998 10.984 10.917 10.998 (0.086) (0.081) Restricted stock not yet vested 0.011 0.008 0.006 0.017 0.036 0.033 0.022 0.010 0.033 (0.025) (0.024) Dilutive effect of performance share plan 0.088 0.086 0.058 0.052 0.041 0.096 0.062 0.087 0.096 0.047 (0.009) Average diluted shares outstanding 11.019 11.009 10.986 11.062 11.082 11.127 11.067 11.014 11.127 (0.064) (0.113) (9) Impact to Combined Ratio from Catastrophes Catastrophe losses (recoveries), pretax $ 1.4 $ (0.1) $ (0.9) $ 15.1 $ 1.7 $ 1.5 $ 17.4 $ 1.4 $ 3.2 (0.3) (1.9) Impact to net combined ratio 0.4% 0.0% -0.3% 4.4% 0.5% 0.5% 1.3% 0.2% 0.5% -0.1% -0.3% 2 (b)

INFINITY PROPERTY & CASUALTY CORPORATION CONSOLIDATED BALANCE SHEETS ($ in millions) June 30, March 31, Dec. 31, June 30, March 31, Dec. 31, Dec. 31, 2018 2018 2017 2018 2018 2017 2016 (as adjusted) (as adjusted) (as adjusted) ASSETS LIABILITIES Investments (1) Unpaid losses and loss adjustment expenses (2) $ 714.2 $ 701.0 $ 715.1 $ 685.5 Fixed maturities - at fair value $ 1,479.5 $ 1,497.9 $ 1,441.1 Unearned premium 716.5 691.5 627.6 614.3 (amortized cost $1,500.7, $1,512.9, $1,439.9, and $1,392.7) Long-term debt 273.9 273.9 273.8 273.6 Equity securities - at fair value 90.3 90.5 96.0 Commissions payable 16.4 15.8 16.7 16.2 (cost $66.0, $65.9, $68.8, and $77.0) Payable for securities purchased 4.0 40.4 5.6 13.9 Short-term investments - at fair value - - 2.5 Other liabilities 121.3 111.0 119.8 105.6 (amortized cost $0, $0, $2.5, and $2.9) TOTAL LIABILITIES 1,846.3 1,833.6 1,758.7 1,709.1 . Total investments 1,569.8 1,588.4 1,539.7 Cash and cash equivalents (1) 102.8 88.8 107.6 Accrued investment income 13.1 10.1 13.1 Agents' balances and premium receivable 584.2 557.2 508.0 Property and equipment (net of depreciation) 75.9 78.7 82.5 Prepaid reinsurance premium - 0.5 1.0 SHAREHOLDERS' EQUITY Recoverable from reinsurers 18.7 22.7 30.3 Common stock 21.9 21.9 21.9 21.8 Deferred policy acquisition costs 102.9 98.7 88.3 Additional paid-in capital 386.7 385.3 383.6 378.7 Current and deferred income taxes 19.2 9.1 10.5 Retained earnings 846.4 824.9 793.1 773.9 Receivable for securities sold 0.1 0.1 1.7 Accumulated other comprehensive income, net of tax (16.1) (11.2) 19.8 7.9 Other assets 20.3 21.9 16.6 Treasury stock, at cost (3) (503.1) (503.1) (502.5) (487.0) Goodwill 75.3 75.3 75.3 TOTAL SHAREHOLDERS' EQUITY 735.8 717.9 715.8 695.4 TOTAL LIABILITIES AND SHAREHOLDERS' TOTAL ASSETS$ 2,582.2 $ 2,551.5 $ 2,474.5 EQUITY $ 2,582.2 $ 2,551.5 $ 2,474.5 $ 2,404.5 Notes: Unrestricted cash and investments at the (1)holding company $ 180.4 $ 170.7 $ 171.0 (2) Net unpaid losses and loss adjustment expenses$ 695.7 $ 681.5 $ 683.5 $ 668.3 Ceded unpaid losses and loss adjustment expenses 18.6 19.5 31.6 17.1 (2) December 2016 - December 2017 updated for retrospective adoption of ASU 2014-09 Revenue Gross unpaid losses and loss adjustment expenses $ 714.2 $ 701.0 $ 715.1 $ 685.5 from Contracts with Customers. Agents' balances and premium receivable, current and deferred income taxes, other liabilities (unearned fees) and retained earnings have been adjusted. QTD Net paid losses & LAE $ 261.0 $ 266.6 $ 258.9 385.4 following amounts: QTD Gross paid losses & LAE $ 262.0 $ 278.6 $ 260.4 368.2 Agents' balances and premium receivable $ (0.1) Current and deferred income taxes $ 1.2 YTD Net paid losses & LAE $ 527.6 $ 266.6 $ 1,038.5 $ 1,083.7 Total assets $ 1.1 YTD Gross paid losses & LAE $ 540.7 $ 278.6 $ 1,024.1 $ 1,081.3 Other liabilities (unearned fees) $ 5.5 Retained earnings $ (4.5) (3) Shares repurchased during quarter - - 48,700 15,163 Total liablities and shareholders' equity $ 1.1 Shares surrendered during quarter - 5,030 - - Cumulative number of treasury shares 10,937,569 10,937,569 10,932,539 10,766,211 3 (a)

INFINITY PROPERTY & CASUALTY CORPORATION SHAREHOLDERS' EQUITY PROGRESSION ($ in millions) Three months endedYTD YTD June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec 31, June 30, June 30, 2018 2018 2017 2017 2017 2017 2017 2018 2017 (as adjusted) (as adjusted Shareholders' Equity Balance at Beginning of Period $ 717.9 $ 715.8 $ 714.8 $ 708.3 $ 705.2 $ 699.2 $ 699.2 $ 715.8 $ 699.2 Cumulative effect of change in accounting principle - (0.0) - - - (3.8) (3.8) (0.0) (3.8) Net earnings 27.8 20.1 14.1 15.0 5.2 10.5 44.7 47.9 15.7 Net change in postretirement benefit liability, net of tax (0.0) (0.0) (0.1) (0.0) (0.0) (0.0) (0.1) (0.0) (0.0) Change in unrealized gain (loss) on fixed maturity investments, net of tax (1) (5.0) (13.0) (3.9) 4.4 4.6 6.6 11.7 (18.0) 11.2 Change in non-credit component of impairment losses on fixed maturities, net of tax 0.1 0.2 0.2 0.0 0.1 0.0 0.3 0.2 0.1 Comprehensive income (loss) 22.9 7.3 10.3 19.3 9.8 17.1 56.6 30.1 23.1 Dividends paid to common shareholders (6.3) (6.3) (6.3) (6.4) (6.4) (6.4) (25.5) (12.7) (12.8) Shares issued and share-based compensation expense, including tax benefit 1.4 1.8 1.7 0.5 1.3 1.4 4.9 3.2 2.8 Acquisition of treasury stock - (0.6) (4.6) (6.9) (1.6) (2.3) (15.5) (0.6) (4.0) Shareholders' Equity Balance at End of Period $ 735.8 $ 717.9 $ 715.8 $ 714.8 $ 708.3 $ 705.2 $ 715.8 $ 735.8 $ 708.3 Notes: (1) The amounts for 2018 are for fixed maturities, only. (2) 2017 has been updated for the retrospective adoption of ASU 2014-09 Revenue from Contracts with Customers . Net earnings and Ending Shareholders' Equity Balances have been adjusted by the following amounts: Net earnings $ (0.6) $ (0.0) $ 0.1 $ (0.1) $ (0.7) (0.0) Shareholders' Equity Balance at End of Period $ (4.5) $ (3.8) $ (3.8) $ (3.9) $ (4.5) (7.8) 3 (b)

INFINITY PROPERTY & CASUALTY CORPORATION CONSOLIDATED STATEMENTS OF CASHFLOWS ($ in millions) Incr/Decr Three months endedYTD YTD 3 months 6 months June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec 31, June 30, June 30, June 30, June 30, 2018 2018 2017 2017 2017 2017 2017 2018 2017 2018 2018 (as adjusted) (as adjusted) Operating Activities: Net earnings: $ 27.8 $ 20.1 $ 14.1 $ 15.0 $ 5.2 $ 10.5 $ 44.7 $ 47.9 $ 15.7 $ 22.6 $ 32.2 Adjustments: Depreciation 3.4 3.7 4.0 4.0 4.1 4.2 16.3 7.1 8.3 (0.7) (1.2) Amortization 3.7 4.8 5.0 5.4 5.7 5.3 21.5 8.5 11.0 (2.0) (2.5) Net realized (gains) losses on investments 1.3 2.8 (0.3) 0.4 (1.9) (0.5) (2.2) 4.2 (2.4) 3.2 6.6 (Gain) loss on disposal of property and equipment 0.0 0.0 0.1 0.0 (0.0) (0.0) 0.0 0.0 (0.0) 0.0 0.0 Share-based compensation expense 1.4 1.7 1.6 0.4 1.2 1.4 4.6 3.1 2.6 0.2 0.5 Activity related to rabbi trust 0.0 (0.0) 0.0 0.1 0.1 0.1 0.2 0.0 0.1 (0.0) (0.1) Change in accrued investment income (3.0) 3.0 (0.7) 1.1 (1.2) 0.2 (0.6) (0.0) (1.0) (1.8) 1.0 Change in agents' balances and premium receivable (27.0) (49.2) 1.1 (11.1) 14.2 (17.1) (13.0) (76.2) (2.9) (41.1) (73.3) Change in reinsurance receivables 4.5 8.2 8.0 (18.3) (1.3) 0.9 (10.7) 12.7 (0.4) 5.8 13.1 Change in deferred policy acquisition costs (4.2) (10.4) 3.1 (1.0) 3.7 (3.0) 2.8 (14.6) 0.7 (7.9) (15.3) Change in other assets (7.7) (0.8) 17.7 0.3 (8.7) (4.5) 4.7 (8.5) (13.2) 1.0 4.7 Change in unpaid losses and loss adjustment expenses 13.2 (14.1) (14.2) 28.2 22.2 (6.5) 29.6 (0.9) 15.6 (8.9) (16.5) Change in unearned premium 25.0 63.9 (9.9) 14.0 (17.8) 26.9 13.2 88.9 9.1 42.8 79.8 Change in other liabilities 10.9 (9.8) (7.7) 12.1 4.8 5.6 14.7 1.1 10.4 6.1 (9.3) Net cash provided by (used in) operating activities 49.3 23.9 21.8 50.5 30.1 23.5 126.0 73.3 53.7 19.2 19.6 Investing Activities: Purchases of: Fixed maturities (139.6) (403.5) (78.1) (136.8) (155.0) (120.8) (490.7) (543.1) (275.8) 15.4 (267.2) Equity securities - - - - - (1.9) (1.9) - (1.9) - 1.9 Short-term investments - - - (2.6) (0.4) - (3.0) - (0.4) 0.4 0.4 Property and equipment (0.6) (0.3) (2.0) (1.0) (0.7) (0.9) (4.6) (0.9) (1.6) 0.1 0.7 Maturities and redemptions of fixed maturities 32.9 32.5 36.8 73.4 65.2 43.3 218.6 65.4 108.5 (32.3) (43.1) Maturities and redemptions of short-term investments - - - 0.4 0.5 - 0.9 - 0.5 (0.5) (0.5) Proceeds from sales of: Fixed maturities 78.5 328.1 29.0 44.2 81.5 37.7 192.4 406.5 119.2 (3.0) 287.4 Equity securities - 5.0 9.0 - 5.0 2.0 16.0 5.0 7.0 (5.0) (2.0) Short-term investments - 2.5 - - - 2.4 2.4 2.5 2.4 - 0.1 Property and equipment - - (0.0) 0.0 0.0 0.0 0.0 - 0.0 (0.0) (0.0) Net cash provided by (used in) investing activities (28.8) (35.7) (5.2) (22.4) (4.0) (38.2) (69.8) (64.5) (42.2) (24.8) (22.4) Financing Activities: Proceeds from stock options exercised and - 0.1 0.1 0.1 0.1 0.1 0.3 0.1 0.1 (0.1) (0.1) Change in restricted cash related to planned redemption of debt - - - - - - - - - - - Principal payments under capital lease obligations (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.5) (0.3) (0.3) (0.0) (0.0) Acquisition of treasury stock - (0.6) (4.9) (6.9) (1.5) (2.3) (15.5) (0.6) (3.7) 1.5 3.2 Dividends paid to shareholders (6.3) (6.3) (6.3) (6.4) (6.4) (6.4) (25.5) (12.7) (12.8) 0.1 0.1 Net cash provided by (used in) financing activities (6.5) (7.0) (11.3) (13.3) (7.9) (8.8) (41.3) (13.5) (16.7) 1.4 3.2 Net Increase (Decrease) in Cash and Cash Equivalents 14.0 (18.8) 5.2 14.7 18.2 (23.4) 14.8 (4.8) (5.2) (4.2) 0.4 Cash and cash equivalents at beginning of period 88.8 107.6 102.4 87.6 69.4 92.8 92.8 107.6 92.8 19.4 14.8 Cash and Cash Equivalents at End of Period $ 102.8 $ 88.8 $ 107.6 $ 102.4 $ 87.6 $ 69.4 $ 107.6 $ 102.8 $ 87.6 $ 15.2 $ 15.2 Notes: (1) 2017 has been updated for the retrospective adoption of ASU 2014-09 Revenue from Contracts with Customers . 4

INFINITY PROPERTY & CASUALTY CORPORATION INVESTMENT PORTFOLIO ($ in millions) Fair Value Pre-tax Pre-tax Option Fair Value Pre-tax Pre-tax Option June 30, % of Book Market Adj. Dec. 31, % of Book Market Adj. 2018 Total Yield Yield Duration 2017 Total Yield Yield Duration Fixed Maturities NAIC Rating 1 $ 1,149.1 68.7% 2.6% 3.0% 4.1 $ 1,176.1 71.4% 2.2% 2.3% 3.4 NAIC Rating 2 210.5 12.6% 3.4% 3.8% 3.6 130.6 7.9% 3.0% 2.8% 2.9 Total investment grade 1,359.6 81.3% 2.8% 3.1% 4.1 1,306.7 79.3% 2.3% 2.3% 3.3 Non-investment grade (NAIC Rating 3-6) 119.9 7.2% 5.3% 5.4% 3.7 134.4 8.2% 5.1% 4.4% 3.3 Total fixed maturities 1,479.5 88.5% 3.0% 3.3% 4.0 1,441.1 87.5% 2.6% 2.5% 3.3 Cash and cash equivalents 102.8 6.1% 107.6 6.5% Equities 90.3 5.4% 96.0 5.8% Short-term investments - 0.0% 2.5 0.2% Total Cash and Investments $ 1,672.7 100.0% $ 1,647.2 100.0% Unrealized Gain (Loss): Fixed maturities - at amortized cost 1,500.7 $ 1,439.9 Fixed maturities - at fair value 1,479.5 1,441.1 Unrealized gain (loss) (21.2) 1.2 Equities - at cost 68.8 Equities - at fair value 96.0 Unrealized gain (loss) 27.2 Short-term investments - at cost - 2.5 Short-term investments - at fair value - 2.5 Unrealized gain (loss) - (0.0) Total Unrealized Gain (Loss) (21.2) 28.4 Fixed Maturities U.S. governments & agencies $ 130.6 7.8% 2.1% 2.6% 2.8 $ 60.5 3.7% 1.6% 2.0% 2.9 Foreign governments 0.8 0.0% 4.2% 4.1% 5.8 State and municipals 341.7 20.4% 2.3% 2.3% 4.1 494.2 30.0% 1.9% 1.8% 3.0 MBS, ABS and CMO: Residential mortgage-backed securities ("RMBS") 298.5 17.8% 3.0% 3.5% 5.6 351.0 21.3% 2.8% 2.9% 4.3 Commercial mortgage-backed securities ("CMBS") 68.4 4.1% 2.8% 3.2% 3.7 30.6 1.9% 1.8% 3.0% 3.6 Asset backed securities ("ABS"): Auto loans 39.8 2.4% 2.8% 3.2% 3.1 29.4 1.8% 2.2% 2.3% 2.2 Credit card receivables 24.5 1.5% 2.4% 2.9% 2.6 22.6 1.4% 2.2% 2.2% 3.6 Equipment leases 6.0 0.4% 2.6% 2.8% 1.8 5.0 0.3% 2.3% 2.3% 1.8 Collateralized Loan Obligation ("CLO") 49.7 3.0% 3.3% 3.7% 5.4 All other ABS 14.3 0.9% 3.8% 4.0% 4.1 5.5 0.3% 3.1% 3.1% 4.4 Total ABS 134.2 8.0% 3.0% 3.4% 3.9 62.4 3.8% 2.3% 2.3% 2.8 Total MBS, ABS and CMO 501.1 30.0% 3.0% 3.4% 4.9 444.0 27.0% 2.6% 2.8% 4.1 Corporates(1) Investment grade 385.6 23.1% 3.1% 3.6% 3.3 309.4 18.8% 2.7% 2.6% 2.8 Non-investment grade 119.6 7.2% 5.3% 5.4% 3.7 133.0 8.1% 5.1% 4.4% 3.3 505.2 30.2% 3.6% 4.0% 3.4 442.4 26.9% 3.4% 3.1% 2.9 Total 1,479.5 88.5% 3.0% 3.3% 4.0 1,441.1 87.5% 2.6% 2.5% 3.3 (1) Classification in investment grade or non-investment grade category is based on the middle of Standard and Poor's, Moody's or Fitch's ratings if all three ratings are available. 5

INFINITY PROPERTY & CASUALTY CORPORATION INSURANCE UNDERWRITING RESULTS ($ in millions) Incr/Decr Three months ended YTD YTD 3 months 6 months June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec 31, June 30, June 30, June 30, June 30, 2018 2018 2017 2017 2017 2017 2017 2018 2017 2018 2018 (as adjusted) (as adjusted) GAAP Results Net written premium $ 399.2 $ 417.9 $ 335.9 $ 359.0 $ 323.8 $ 368.1 $ 1,386.9 $ 817.1 $ 691.9 $ 75.4 $ 125.2 Net earned premium 374.3 354.0 345.9 345.0 339.1 341.4 1,371.3 728.2 680.5 35.1 47.7 Loss expenses 231.6 228.3 207.9 223.2 233.0 230.5 894.6 459.9 463.5 (1.4) (3.6) Loss adjustment expenses 43.6 36.3 38.3 40.0 40.6 40.2 159.1 79.9 80.8 3.0 (0.9) Commission and other underwriting expenses (1) 95.3 90.5 91.8 89.3 90.2 85.9 357.3 185.8 176.2 5.0 9.6 Underwriting income (loss) $ 3.8 $ (1.1) $ 7.9 $ (7.5) $ (24.7) $ (15.2) $ (39.6) $ 2.7 $ (40.0) $ 28.5 $ 42.6 Installment and other fee income (2) 28.8 27.4 26.6 26.0 26.7 26.7 106.0 56.2 53.4 2.2 2.9 Underwriting income (loss) after considering fee income $ 32.6 $ 26.3 $ 34.4 $ 18.5 $ 1.9 $ 11.5 66.3 $ 58.9 $ 13.4 30.7 45.5 Operating Ratios: Loss ratio 61.9% 64.5% 60.1% 64.7% 68.7% 67.5% 65.2% 63.1% 68.1% -6.8% -5.0% Loss adjustment expense ratio 11.7% 10.2% 11.1% 11.6% 12.0% 11.8% 11.6% 11.0% 11.9% -0.3% -0.9% Loss & LAE ratio 73.5% 74.7% 71.2% 76.3% 80.7% 79.3% 76.8% 74.1% 80.0% -7.1% -5.9% Expense ratio 17.8% 17.8% 18.9% 18.4% 18.7% 17.3% 18.3% 17.8% 18.0% -1.0% -0.3% Combined Ratio 91.3% 92.6% 90.0% 94.6% 99.4% 96.6% 95.2% 91.9% 98.0% -8.1% -6.1% Statutory Results Net written premium $ 399.2 $ 417.9 $ 335.9 $ 359.0 $ 323.8 $ 368.1 $ 1,386.9 $ 817.1 $ 691.9 $ 75.4 $ 125.2 Net earned premium 374.3 354.0 345.9 345.0 339.1 341.4 1,371.3 728.2 680.5 35.1 47.7 Loss expenses 231.5 228.3 207.9 223.1 233.0 230.5 894.5 459.8 463.5 (1.5) (3.6) Loss adjustment expenses 44.5 37.2 39.1 40.8 41.4 41.0 162.4 81.7 82.5 3.1 (0.7) Commission and other underwriting expenses (1) 90.5 92.3 78.5 81.8 78.0 82.3 320.7 182.8 160.4 12.5 22.4 Underwriting income (loss) $ 7.7 $ (3.8) $ 20.3 $ (0.8) $ (13.3) $ (12.4) $ (6.3) $ 3.9 $ (25.8) $ 21.0 $ 29.7 Installment and other fee income 26.6 24.1 22.3 22.3 23.0 23.9 91.5 50.7 46.9 3.7 3.8 Underwriting income (loss) after considering fee income $ 34.3 $ 20.3 $ 42.5 $ 21.5 $ 9.6 $ 11.5 $ 85.1 $ 54.6 $ 21.1 $ 24.7 $ 33.5 Operating Ratios: Loss ratio 61.9% 64.5% 60.1% 64.7% 68.7% 67.5% 65.2% 63.1% 68.1% -6.8% -5.0% Loss adjustment expense ratio 11.9% 10.5% 11.3% 11.8% 12.2% 12.0% 11.8% 11.2% 12.1% -0.3% -0.9% Loss & LAE Ratio 73.8% 75.0% 71.4% 76.5% 80.9% 79.5% 77.1% 74.4% 80.2% -7.2% -5.9% Gross expense ratio 22.7% 22.1% 23.4% 22.8% 24.1% 22.4% 23.1% 22.4% 23.2% -1.4% -0.8% Combined Ratio 96.4% 97.1% 94.8% 99.3% 105.0% 101.9% 100.2% 96.7% 103.4% -8.6% -6.7% Fee income -6.7% -5.8% -6.6% -6.2% -7.1% -6.5% -6.6% -6.2% -6.8% 0.4% 0.6% Combined Ratio Including Fee Income 89.8% 91.3% 88.2% 93.1% 97.9% 95.4% 93.6% 90.5% 96.6% -8.2% -6.1% Net expense ratio (including fee income) 16.0% 16.3% 16.7% 16.6% 17.0% 15.9% 16.5% 16.2% 16.4% -1.0% -0.2% NM = Not Meaningful Notes: (1) Stat-to-GAAP Reconciliation of commission and other underwriting expenses Stat commission and other underwriting expenses $ 90.5 $ 92.3 $ 78.5 $ 81.8 $ 78.0 $ 82.3 $ 320.7 $ 182.8 $ 160.4 Plus: Premium receivables charged off 5.2 3.6 5.1 3.9 4.2 2.6 15.8 8.8 6.7 Less: Deferred acquisition costs (4.2) (10.4) 3.1 (1.0) 3.7 (3.0) 2.8 (14.6) 0.7 Other Stat-to-GAAP adjustments 3.8 5.0 5.0 4.6 4.3 4.0 18.0 8.8 8.3 GAAP commission and other underwriting expenses $ 95.3 $ 90.5 $ 91.8 $ 89.3 $ 90.2 $ 85.9 $ 357.3 $ 185.8 $ 176.2 (2) See Note (6) on page 2(b) 6

INFINITY PROPERTY & CASUALTY CORPORATION POLICIES IN FORCE DETAIL Incr/Decr from % Incr/Decr from June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, March 31, June 30, March 31, June 30, 2018 2018 2017 2017 2017 2017 2018 2017 2018 2017 PERSONAL AUTO 731,604 712,893 683,802 687,251 697,005 706,783 18,711 34,599 2.6% 5.0% COMMERCIAL AUTO 60,971 58,708 56,818 55,935 55,214 53,756 2,263 5,757 3.9% 10.4% CLASSIC COLLECTOR 40,610 41,009 41,118 41,268 41,442 41,547 (399) (832) -1.0% -2.0% TOTAL ALL LINES 833,185 812,610 781,738 784,454 793,661 802,086 20,575 39,524 2.5% 5.0% Policy Mix Personal Auto - 6 Month 31.3% 32.3% 32.5% 32.9% 32.3% 31.1% -1.1% -1.0% Personal Auto - 12 Month 68.7% 67.7% 67.5% 67.1% 67.7% 68.9% 1.1% 1.0% Commercial Auto - 6 Month 7.3% 7.1% 7.0% 6.8% 6.7% 6.7% 0.2% 0.5% Commercial Auto - 12 Month 92.7% 92.9% 93.0% 93.2% 93.3% 93.3% -0.2% -0.5% 7

INFINITY PROPERTY & CASUALTY CORPORATION GROSS WRITTEN PREMIUM ($ in millions) Three Months ended YTD Twelve Months Ended *Adjusted June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2018 2018 2017 2017 2017 2017 2018 2017 2017 2016 2016 2015 2014 PERSONAL AUTO $ 349.4 $ 370.2 $ 296.9 $ 319.2 $ 276.9 $ 324.4 $ 719.6 $ 601.3 $ 1,217.4 $ 1,223.8 $ 1,240.0 $ 1,246.5 $ 1,237.8 Growth Rate 26.2% 14.1% 19.7% -1.8% -1.8% -0.5% 0.7% -0.3% COMMERCIAL AUTO $ 47.7 $ 47.7 $ 40.2 $ 38.6 $ 41.8 $ 42.8 $ 95.5 $ 84.6 $ 163.4 $ 143.7 $ 145.3 $ 126.0 $ 108.6 Growth Rate 14.2% 11.6% 12.9% 12.5% 14.0% 15.3% 16.0% 27.4% CLASSIC COLLECTOR $ 5.1 $ 3.7 $ 3.5 $ 4.4 $ 5.1 $ 3.6 $ 8.7 $ 8.6 $ 16.5 $ 15.9 $ 16.1 $ 15.3 $ 14.5 Growth Rate -0.1% 2.7% 1.0% 2.6% 3.7% 5.0% 6.1% 8.6% TOTAL ALL LINES / ALL STATES $ 402.2 $ 421.6 $ 340.6 $ 362.2 $ 323.8 $ 370.7 $ 823.8 $ 694.5 $ 1,397.3 $ 1,383.4 $ 1,401.4 $ 1,387.9 $ 1,360.9 Growth Rate 24.2% 13.7% 18.6% -0.3% -0.3% 1.0% 2.0% 1.6% Notes: *It is Infinity's policy to close the books on the last Friday of the month, which resulted in a fourteen week quarter during the fourth quarter of 2016. These columns present the growth for the fourth quarter and full year 2016 excluding the extra week. NM = not meaningful 8

INFINITY PROPERTY & CASUALTY CORPORATION STATUTORY COMBINED RATIOS ($ in millions) THREE MONTHS ENDED YEAR TO DATE March 31, 2018 March 31, 2017 Written Earned Loss & LAE U/W Combined Written Earned Loss & LAE U/W Combined Premium Premium Ratio Ratio Ratio Premium Premium Ratio Ratio Ratio PERSONAL AUTO $ 368.1 $ 310.3 74.3% 16.2% 90.5% $ 323.4 $ 302.4 79.6% 15.6% 95.2% COMMERCIAL AUTO 46.4 39.8 81.7% 16.1% 97.8% 41.4 35.2 81.0% 16.1% 97.1% CLASSIC COLLECTOR 3.4 3.9 62.9% 35.3% 98.2% 3.4 3.8 51.0% 37.2% 88.3% GRAND TOTAL $ 417.9 $ 354.0 75.0% 16.3% 91.3% $ 368.1 $ 341.4 79.5% 15.9% 95.4% June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Written Earned Loss & LAE U/W Combined Written Earned Loss & LAE U/W Combined Written Earned Loss & LAE U/W Combined Written Earned Loss & LAE U/W Combined Premium Premium Ratio Ratio Ratio Premium Premium Ratio Ratio Ratio Premium Premium Ratio Ratio Ratio Premium Premium Ratio Ratio Ratio PERSONAL AUTO $ 348.1 $ 328.7 73.2% 15.8% 89.0% $ 275.9 $ 298.4 80.8% 17.0% 97.8% $ 716.3 $ 639.0 73.7% 16.0% 89.7% $ 599.3 $ 600.8 80.2% 16.2% 96.4% COMMERCIAL AUTO 46.3 41.7 81.1% 15.9% 97.1% 43.1 36.9 84.0% 15.0% 99.0% 92.6 81.5 81.4% 16.0% 97.4% 84.4 72.1 82.5% 15.5% 98.0% CLASSIC COLLECTOR 4.8 3.9 46.4% 35.7% 82.1% 4.8 3.8 61.1% 33.9% 95.0% 8.2 7.8 54.6% 35.6% 90.1% 8.2 7.6 56.1% 35.3% 91.4% GRAND TOTAL $ 399.2 $ 374.3 73.8% 16.0% 89.8% $ 323.8 $ 339.1 80.9% 17.0% 97.9% $ 817.1 $ 728.2 74.4% 16.2% 90.5% $ 691.9 $ 680.5 80.2% 16.4% 96.6% Sept. 30, 2018 Sept. 30, 2017 Sept. 30, 2018 Sept. 30, 2017 Written Earned Loss & LAE U/W Combined Written Earned Loss & LAE U/W Combined Written Earned Loss & LAE U/W Combined Written Earned Loss & LAE U/W Combined Premium Premium Ratio Ratio Ratio Premium Premium Ratio Ratio Ratio Premium Premium Ratio Ratio Ratio Premium Premium Ratio Ratio Ratio PERSONAL AUTO $ 317.6 $ 303.5 75.5% 16.3% 91.7% $ 916.9 $ 904.4 78.6% 16.2% 94.9% COMMERCIAL AUTO 37.3 37.6 84.0% 16.6% 100.6% 121.7 109.7 83.0% 15.9% 98.9% CLASSIC COLLECTOR 4.1 3.8 91.4% 33.0% 124.4% 12.3 11.4 67.9% 34.5% 102.4% GRAND TOTAL $ 359.0 $ 345.0 76.5% 16.6% 93.1% $ 1,050.9 $ 1,025.5 79.0% 16.5% 95.4% Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Written Earned Loss & LAE U/W Combined Written Earned Loss & LAE U/W Combined Written Earned Loss & LAE U/W Combined Written Earned Loss & LAE U/W Combined Premium Premium Ratio Ratio Ratio Premium Premium Ratio Ratio Ratio Premium Premium Ratio Ratio Ratio Premium Premium Ratio Ratio Ratio PERSONAL AUTO $ 294.1 $ 303.6 70.7% 16.7% 87.4% $ 1,211.0 $ 1,208.0 76.6% 16.3% 93.0% COMMERCIAL AUTO 38.8 38.7 79.2% 16.5% 95.6% 160.5 148.3 82.0% 16.0% 98.0% CLASSIC COLLECTOR 3.1 3.6 46.3% 39.5% 85.8% 15.3 15.1 62.7% 35.5% 98.2% GRAND TOTAL $ 335.9 $ 345.9 71.4% 16.7% 88.2% $ 1,386.9 $ 1,371.3 77.1% 16.5% 93.6% NM = Not Meaningful Notes: Statutory combined ratios exclude premium receivables charged off, include fee income. See page 6 for reconciliation to GAAP calendar year combined ratio. 9

INFINITY PROPERTY & CASUALTY CORPORATION DEFINITIONS OF NON-GAAP FINANCIAL AND OPERATING MEASURES ($ in millions, except per share amounts) Gross written premium is the amount of premium charged for policies issued during a fiscal period (including assumed premium). Management uses gross written premium as a measure of production levels. Earned premiumGross written is the most premium comparableis the amount GAAP measure.of premium charged for policies issued during a fiscal period (including assumed premium). Management uses gross written premium as a measure of production levels. Earned premium is the most comparable GAAP measure. Net earnings excluding net realized gains (losses) Management uses net earnings excluding net realized gains (losses) on investments as a measure to evaluate the insurance business. The Company believes that net earningsOperating excluding earnings netis realized defined gains as net (losses) earnings, on invvestmentsbefore realized provides gains and investors losses aon valuable investments, measure after of tax. the performanceManagement without uses operating being obscured earnings by as the a measurenet effect to of evaluate realized thecapi insurancetal gains and business. losses, Thewhich Company can be volatile believes on athat quarterly operating basis. earnings Net earnings provides is investorsthe most comparablea valuable measure GAAP measure. of the performance without being obscured by the net effect of realized capital gains and losses, which can be volatile on a quarterly basis. Net earnings is the most comparable GAAP measure. Underwriting income measures the insurer's profit on insurance sales after all losses and expenses have been paid and is calculated by deducting losses and loss adjustment expenses and commissions and other underwritingUnderwriting expenses income frommeasures earned the premium. insurer's Management profit on insurance uses underwriting sales after allincome losses to and measure expenses the success have been of itspaid pricing and isand calculated underwriting by deducting strategies. lo sses It is usefuland loss for adjustment investors to expenses evaluate andthe componentscommissions of and our other profitability underwriting expenses from earned premium. Management uses underwriting income to measure the success of its pricing and underwriting strategies. It is useful for investors to evaluate the components of our separatelyprofitability from separately investments. from investments. Net earnings Net is the earnings most comparable is the most GAAPcomparable measure. GAAP measure. TangibleTangible capital capitalisis defined defined as as total total capital capital (face (long-term value ofdebt long-term plus total debt shareholders plus total shareholders'' equity) less intangibleequity) less assets. intangible Infinity assets. reports Infinity this nonreports-GAAP this measure non-GAAP because measure it is because a measure it is often a measure used by often management, used by management, debt-holders debt-holdersand rating agencies and rating when agencies evaluating when financial evaluating leverage. financial Total leverage. capital Total is the capital most comparableis the most comparableGAAP measure. GAAP measure. Incr/Decr Three months ended YTD YTD 3 months 6 months June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec 31, June 30, June 30, June 30, June 30, 2018 2018 2017 2017 2017 2017 2017 2018 2017 2018 2018 (as adjusted) (as adjusted) The following schedule reconciles earned premium to gross written premium: Earned premium $ 374.3 $ 354.0 $ 345.9 $ 345.0 $ 339.1 $ 341.4 $ 1,371.3 $ 728.2 $ 680.5 $ 35.1 $ 47.7 Less: Change in unearned premium (25.0) (63.9) 9.9 (14.0) 15.3 (26.7) (15.5) (88.9) (11.4) (40.3) (77.5) Net written premium 399.2 417.9 335.9 359.0 323.8 368.1 1,386.9 817.1 691.9 75.4 125.2 Less: Ceded reinsurance (3.0) (3.7) (4.7) (3.2) 0.0 (2.6) (10.4) (6.7) (2.6) (3.0) (4.1) Gross written premium $ 402.2 $ 421.6 $ 340.6 $ 362.2 $ 323.8 $ 370.7 $ 1,397.3 $ 823.8 $ 694.5 $ 78.4 $ 129.3 The following schedule reconciles net earnings to operating earnings and underwriting income: Net Earnings $ 27.8 $ 20.1 $ 14.1 $ 15.0 $ 5.2 $ 10.5 $ 44.7 47.9 15.7 $ 22.6 $ 32.2 Less: Realized gains (losses) on investments (1.3) (2.8) 0.3 (0.4) 1.9 0.5 2.2 (4.2) 2.4 (3.2) (6.6) (Provision) benefit for income taxes 0.3 0.6 (0.1) 0.2 (0.7) (0.2) (0.8) 0.9 (0.8) 0.9 1.7 Adjustments, after-tax (1.1) (2.2) 0.2 (0.3) 1.2 0.3 1.4 (3.3) 1.6 (2.3) (4.9) Net Earnings excluding net realized gains (losses) on investments, after-tax $ 28.8 $ 22.3 $ 13.9 $ 15.3 $ 3.9 $ 10.2 $ 43.3 51.2 14.1 24.9 37.0 Less: Provision for income taxes (8.0) (5.4) (23.5) (6.9) (0.9) (4.2) (35.4) (13.4) (5.1) (7.0) (8.3) Pre-tax net earnings excluding net realized gains (losses) on investments 36.8 27.8 37.4 22.1 4.9 14.4 78.7 64.6 19.2 31.9 45.3 Less: Net investment income 11.8 9.8 9.8 9.8 9.0 8.7 37.3 21.6 17.7 2.8 3.9 Other income 0.5 0.4 0.4 0.4 0.4 0.3 1.4 0.9 0.7 0.1 0.3 Interest expense (3.5) (3.5) (3.5) (3.5) (3.5) (3.5) (14.0) (7.0) (7.0) 0.0 0.0 Corporate general and administrative expenses (3.7) (4.7) (2.9) (2.2) (2.4) (2.3) (9.8) (8.4) (4.7) (1.2) (3.7) Other expenses (0.9) (0.5) (0.8) (0.8) (0.5) (0.3) (2.5) (1.4) (0.8) (0.4) (0.6) Underwriting Income (Loss) $ 32.6 $ 26.3 $ 34.4 $ 18.5 $ 1.9 $ 11.5 $ 66.3 58.9 13.4 30.7 45.5 Net Earnings per Diluted Share $ 2.52 $ 1.82 $ 1.28 $ 1.35 $ 0.47 $ 0.94 $ 4.04 $ 4.34 $ 1.41 $ 2.05 $ 2.93 Less: Net realized gains (losses) on investments (0.10) (0.21) 0.01 (0.03) 0.11 0.03 0.13 (0.30) 0.14 (0.21) (0.44) Net Earnings excluding net realized gains (losses) on investments per Diluted Share $ 2.62 $ 2.03 $ 1.27 $ 1.38 $ 0.36 $ 0.91 $ 3.91 $ 4.64 $ 1.27 $ 2.26 $ 3.37 The following schedule reconciles total capital to tangible capital: Total Capital $ 1,010.8 $ 992.9 $ 990.8 $ 989.8 $ 983.3 $ 980.2 990.8 $ 1,010.8 $ 983.3 $ 27.5 $ 27.5 Less:Goodwill 75.3 75.3 75.3 75.3 75.3 75.3 75.3 75.3 75.3 - - Tangible Capital $ 935.6 $ 917.6 $ 915.5 $ 914.5 $ 908.0 $ 904.9 915.5 $ 935.6 $ 908.0 $ 27.5 $ 27.5 NM = not meaningful 10