CINCINNATI FINANCIAL CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2

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8-K - 8-K CURRENT REPORT - CINCINNATI FINANCIAL CORP	v333754_8k.htm
EX-99.3 - EXHIBIT 99.3 - CINCINNATI FINANCIAL CORP	v333754_ex99-3.htm
EX-99.1 - EXHIBIT 99.1 - CINCINNATI FINANCIAL CORP	v333754_ex99-1.htm

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending December 31, 2012

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 5, 2013, 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 2012

	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, 2012	5
CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2012	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 – Twelve Months Ended December 31, 2012	16
Loss and Loss Expense Analysis – Three Months Ended December 31, 2012	17

Reconciliation Data
5-Year Property Casualty Data – Consolidated	18
5-Year Property Casualty Data – Commercial Lines	19
5-Year Property Casualty Data – Personal Lines	20
5-Year Property Casualty Data – Excess & Surplus Lines	21
Quarterly Property Casualty Data – Consolidated	22
Quarterly Property Casualty Data – Commercial Lines	23
Quarterly Property Casualty Data – Personal Lines	24
Quarterly Property Casualty Data – Excess & Surplus Lines	25

Life Insurance Operations
Statutory Statements of Income	26

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.

	·	Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company's insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this non-GAAP measure is a useful supplement to GAAP information, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.
	·	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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

Cincinnati Financial Corporation

Quick Reference - Fourth Quarter 2012

(all data shown is for the three months ended or as of December 31, 2012)

			Year over year					Year over year
		12/31/2012	change %			12/31/2012		change %
Revenues:				Benefits and expenses:

Commercial lines net written premiums	$	588	8	Commercial lines loss and loss expenses	$	307		8
Personal lines net written premiums		222	13	Personal lines loss and loss expenses		116		(20)
Excess & surplus lines net written premiums		27	50	Excess & surplus lines loss and loss expenses		10		25
Property casualty net written premiums		837	10	Life and health contract holders' benefits incurred		49		(4)
Life and accident and health net written premiums		52	8	Underwriting, acquisition and insurance expenses		298		13
Annuity net written premiums		8	(52)	Interest expenses		13		(7)
Life, annuity and accident and health net written premiums		60	(7)	Other operating expenses		4		33
Commercial lines net earned premiums		618	9	Total benefits & expenses		797		4
Personal lines net earned premiums		226	14	Income before income taxes		273		47
Excess & surplus lines net earned premiums		25	32	Total income tax		81		56
Property casualty net earned premiums		869	11
Fee revenue		2	100	Balance Sheet:
Life and accident and health net earned premiums		48	14
Investment income		136	3	Fixed maturity investments	$	9,093
Realized gains on investments		13	nm	Equity securities		3,373
Other revenue		2	0	Other invested assets		68
Total revenues		1,070	12	Total invested assets	$	12,534

				Equity in net assets of subsidiaries	$	5,103

				Loss and loss expense reserves	$	4,230
				Life policy and investment contract reserves		2,295
Income:				Long-term debt and capital lease obligation		827
				Shareholders' equity		5,453
Operating income	$	183	32
Net realized investment gains and losses		9	nm	Key ratios:
Net income		192	43
				Commercial lines GAAP combined ratio		82.9	%
				Personal lines GAAP combined ratio		80.0
				Excess & surplus lines GAAP combined ratio		71.5
				Property casualty GAAP combined ratio		81.9
Per share (diluted):
				Commercial lines STAT combined ratio		84.1	%
Operating income	$	1.11	29	Personal lines STAT combined ratio		80.7
Net realized investment gains and losses		0.06	nm	Excess & surplus lines STAT combined ratio		70.5
Net income		1.17	41	Property casualty STAT combined ratio		82.9
Book value		33.48	2
Weighted average shares outstanding, in thousands		164,160	0	Value creation ratio		2.8	%

CINF Fourth-Quarter 2012 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries

Consolidated Statements of Income for the Twelve Months Ended December 31, 2012

(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues:
Premiums earned:
Property casualty	$	-		$	3,529		$	-		$	-	$	-		$	3,529
Life		-			-			228			-		-			228
Accident health		-			-			7			-		-			7
Premiums ceded		-			(185	)		(57	)		-		-			(242	)
Total earned premium		-			3,344			178			-		-			3,522
Investment income		42			351			138			-		-			531
Realized gain on investments		34			13			6			1		(12	)		42
Fee revenue		-			6			-			-		-			6
Other revenue		15			2			1			7		(15	)		10
Total revenues	$	91		$	3,716		$	323		$	8	$	(27	)	$	4,111

Benefits & expenses:
Losses & policy benefits	$	-		$	2,242		$	232		$	-	$	-		$	2,474
Reinsurance recoveries		-			(105	)		(47	)		-		-			(152	)
Underwriting, acquisition and insurance expenses		-			1,076			79			-		-			1,155
Other operating expenses		27			-			-			3		(16	)		14
Interest expense		53			-			-			1		-			54
Total expenses	$	80		$	3,213		$	264		$	4	$	(16	)	$	3,545

Income (loss) before income taxes	$	11		$	503		$	59		$	4	$	(11	)	$	566

Provision (benefit) for income taxes:
Current operating income	$	(34	)	$	118		$	(1	)	$	1	$	4		$	88
Capital gains/losses		12			4			2			-		(4	)		14
Deferred		19			8			20			-		(4	)		43
Total provision (benefit) for income taxes	$	(3	)	$	130		$	21		$	1	$	(4	)	$	145

Operating income (loss)	$	(8	)	$	364		$	34		$	2	$	1		$	393

Net income - current year	$	14		$	373		$	38		$	3	$	(7	)	$	421

Net income - prior year	$	-		$	141		$	20		$	1	$	2		$	164

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

CINF Fourth-Quarter 2012 Supplemental Financial Data

Cincinnati Financial Corporation and Subsidiaries

Consolidated Statements of Income for the Three Months Ended December 31, 2012

(In millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues:
Premiums earned:
Property casualty	$	-		$	917		$	-		$	-	$	1		$	918
Life		-			-			62			-		-			62
Accident health		-			-			2			-		-			2
Premiums ceded		-			(48	)		(17	)		-		-			(65	)
Total earned premium		-			869			47			-		1			917
Investment income		12			89			35			-		-			136
Realized gain on investments		17			7			1			-		(12	)		13
Fee revenue		-			2			-			-		-			2
Other revenue		4			-			-			2		(4	)		2
Total revenues	$	33		$	967		$	83		$	2	$	(15	)	$	1,070

Benefits & expenses:
Losses & policy benefits	$	-		$	493		$	60		$	-	$	-		$	553
Reinsurance recoveries		-			(60	)		(11	)		-		-			(71	)
Underwriting, acquisition and insurance expenses		-			278			20			-		-			298
Other operating expenses		7			-			-			1		(4	)		4
Interest expense		13			-			-			-		-			13
Total expenses	$	20		$	711		$	69		$	1	$	(4	)	$	797

Income before income taxes	$	13		$	256		$	14		$	1	$	(11	)	$	273

Provision (benefit) for income taxes:
Current operating income	$	(23	)	$	58		$	(1	)	$	-	$	4		$	38
Capital gains/losses		6			2			-			-		(4	)		4
Deferred		19			18			6			-		(4	)		39
Total provision for income taxes	$	2		$	78		$	5		$	-	$	(4	)	$	81

Operating income	$	-		$	173		$	8		$	1	$	1		$	183

Net income - current year	$	11		$	178		$	9		$	1	$	(7	)	$	192

Net income (loss) - prior year	$	(3	)	$	123		$	13		$	-	$	1		$	134

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

CINF Fourth-Quarter 2012 Supplemental Financial Data

Cincinnati Financial Corporation

5-Year Net Income Reconciliation

(Dollars in millions except per share data)	Years ended December 31,
	2012			2011			2010			2009			2008

Net income	$	421		$	164		$	375		$	431		$	428
Net realized investment gains and losses		28			45			103			217			85
Operating income		393			119			272			214			343
Less catastrophe losses		(217	)		(261	)		(96	)		(107	)		(132	)
Operating income before catastrophe losses	$	610		$	380		$	368		$	321		$	475

Diluted per share data
Net income	$	2.57		$	1.01		$	2.30		$	2.65		$	2.62
Net realized investment gains and losses		0.17			0.28			0.63			1.33			0.52
Operating income		2.40			0.73			1.67			1.32			2.10
Less catastrophe losses		(1.33	)		(1.60	)		(0.59	)		(0.66	)		(0.81	)
Operating income before catastrophe losses	$	3.73		$	2.33		$	2.26		$	1.98		$	2.91

Value creation ratio
Book value per share growth		7.4	%		0.8	%		5.7	%		13.6	%		(27.9	)%
Shareholder dividend declared as a percentage of beginning book value		5.2			5.2			5.4			6.1			4.4
Value creation ratio		12.6	%		6.0	%		11.1	%		19.7	%		(23.5	)%

Investment income
Investment income, net of expenses	$	531		$	525		$	518		$	501		$	537

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

CINF Fourth-Quarter 2012 Supplemental Financial Data

Cincinnati Financial Corporation Insurance Subsidiaries

Selected Balance Sheet Data

(In millions)
	12/31/12		9/30/12		6/30/12		3/31/12		12/31/11		9/30/11		6/30/11		3/31/11
Cincinnati Insurance Consolidated
Fixed maturities (fair value)		6,022	$	6,082	$	6,067	$	6,004	$	5,917	$	5,975	$	5,954	$	5,850
Equities (fair value)		2,393		2,355		2,246		2,264		2,131		1,865		2,113		2,203
Fixed maturities - pretax net unrealized gain		551		566		502		482		461		439		388		320
Equities - pretax net unrealized gain		756		769		669		731		594		361		631		670
Loss and loss expense reserves - STAT		3,815		3,938		4,006		3,938		3,906		4,013		3,971		3,853
Equity GAAP		5,056		4,965		4,794		4,864		4,740		4,507		4,686		4,706
Surplus - STAT		3,914		3,815		3,722		3,835		3,747		3,513		3,743		3,833

The Cincinnati Life Insurance Company
Fixed maturities (fair value)		2,947	$	2,911	$	2,821	$	2,736	$	2,629	$	2,652	$	2,528	$	2,449
Equities (fair value)		17		17		17		17		16		28		37		102
Fixed maturities - pretax net unrealized gain		291		289		242		223		195		197		174		149
Equities - pretax net unrealized gain		8		7		7		7		6		12		19		25
Equity - GAAP		857		850		811		792		770		766		779		752
Surplus - STAT		276		277		281		281		281		268		309		308

CINF Fourth-Quarter 2012 Supplemental Financial Data

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)	2012			2011			Change			% Change			2012		2011			Change			% Change
Underwriting income
Net premiums written	$	837		$	760		$	77			10		$	3,482	$	3,099		$	383			12
Unearned premiums increase		(32	)		(25	)		(7	)		(28	)		138		69			69			100
Earned premiums	$	869		$	785		$	84			11		$	3,344	$	3,030		$	314			10

Losses incurred	$	353		$	346		$	7			2		$	1,799	$	1,950		$	(151	)		(8	)
Allocated loss expenses incurred		30			48			(18	)		(38	)		143		193			(50	)		(26	)
Unallocated loss expenses incurred		51			43			8			19			196		192			4			2
Other underwriting expenses incurred		271			245			26			11			1,082		971			111			11
Workers compensation dividend incurred		5			5			-			0			16		16			-			0

Total underwriting deductions	$	710		$	687		$	23			3		$	3,236	$	3,322		$	(86	)		(3	)
Net underwriting profit (loss)	$	159		$	98		$	61			62		$	108	$	(292	)	$	400			nm

Investment income
Gross investment income earned	$	93		$	90		$	3			3		$	363	$	362		$	1			0
Net investment income earned		92			90			2			2			358		357			1			0
Net realized capital gains (losses)		7			(10	)		17			nm			13		49			(36	)		(73	)
Net investment gains (excl. subs)	$	99		$	80		$	19			24		$	371	$	406		$	(35	)		(9	)
Dividend from subsidiary		-			-			-			-			-		25			(25	)		nm
Net investment gains (net of tax)	$	99		$	80		$	19			24		$	371	$	431		$	(60	)		(14	)


Other income	$	2		$	2		$	-			0		$	6	$	6		$	-			0

Net income before federal income taxes	$	260		$	180		$	80			44		$	485	$	145		$	340			234
Federal and foreign income taxes incurred	$	59		$	38		$	21			55		$	116	$	(4	)	$	120			nm
Net income (statutory)	$	201		$	142		$	59			42		$	369	$	149		$	220			148

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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies

Losses Incurred Detail

(In millions)	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/12		9/30/12		6/30/12		3/31/12		12/31/11		9/30/11		6/30/11		3/31/11		6/30/12		6/30/11		9/30/12		9/30/11		12/31/12		12/31/11
Consolidated
New losses greater than $4,000,000	$	32	$	21	$	4	$	10	$	21	$	18	$	5	$	11	$	15	$	16	$	36	$	34	$	68	$	56
New losses $1,000,000-$4,000,000		44		39		47		31		47		45		33		49		78		83		117		128		161		173
New losses $250,000-$1,000,000		53		50		58		43		53		59		52		55		102		106		152		165		205		217
Case reserve development above $250,000		68		60		55		67		68		57		51		34		122		85		182		142		250		210
Large losses subtotal	$	197	$	170	$	164	$	151	$	189	$	179	$	141	$	149	$	317	$	290	$	487	$	469	$	684	$	656
IBNR incurred		(22)		(25)		7		19		(11)		-		18		33		26		51		2		51		(20)		39
Catastrophe losses incurred		26		62		146		89		(25)		90		289		40		233		329		295		419		321		395
Remaining incurred		152		242		234		187		194		234		218		213		421		430		662		664		814		859
Total losses incurred	$	353	$	449	$	551	$	446	$	347	$	503	$	666	$	435	$	997	$	1,100	$	1,446	$	1,603	$	1,799	$	1,949
Commercial Lines
New losses greater than $4,000,000	$	32	$	21	$	4	$	10	$	21	$	18	$	6	$	11	$	15	$	16	$	36	$	34	$	68	$	56
New losses $1,000,000-$4,000,000		36		30		33		24		38		40		30		40		56		70		86		110		122		148
New losses $250,000-$1,000,000		37		33		36		31		35		45		39		37		68		77		101		122		138		156
Case reserve development above $250,000		63		56		51		64		58		52		46		31		115		77		171		129		234		187
Large losses subtotal	$	168	$	140	$	124	$	129	$	152	$	155	$	121	$	119	$	254	$	240	$	394	$	395	$	562	$	547
IBNR incurred		1		(21)		6		-		(5)		1		11		24		6		35		(14)		36		(13)		31
Catastrophe losses incurred		17		43		89		39		(18)		58		157		26		127		183		170		241		187		223
Remaining incurred		65		138		132		105		101		130		124		131		237		255		374		385		439		486
Total losses incurred	$	251	$	300	$	351	$	273	$	230	$	344	$	413	$	300	$	624	$	713	$	924	$	1,057	$	1,175	$	1,287
Personal Lines
New losses greater than $4,000,000	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
New losses $1,000,000-$4,000,000		8		9		13		5		9		4		3		9		18		13		27		17		35		25
New losses $250,000-$1,000,000		13		14		18		8		13		11		10		14		26		23		40		35		53		48
Case reserve development above $250,000		4		1		3		2		8		4		4		3		5		7		6		11		10		19
Large losses subtotal	$	25	$	24	$	34	$	15	$	30	$	19	$	17	$	26	$	49	$	43	$	73	$	63	$	98	$	92
IBNR incurred		(24)		(10)		(4)		14		(4)		(3)		4		4		11		9		-		6		(24)		1
Catastrophe losses incurred		9		18		56		49		(6)		32		131		14		105		145		123		177		132		171
Remaining incurred		87		101		100		81		90		103		91		80		181		170		283		273		370		364
Total losses incurred	$	97	$	133	$	186	$	159	$	110	$	151	$	243	$	124	$	346	$	367	$	479	$	519	$	576	$	628
Excess & Surplus Lines
New losses greater than $4,000,000	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
New losses $1,000,000-$4,000,000		-		1		1		2		-		1		-		-		3		-		4		1		4		-
New losses $250,000-$1,000,000		3		3		4		4		5		3		2		4		8		6		11		8		14		13
Case reserve development above $250,000		1		2		1		1		2		1		1		-		3		1		5		2		6		4
Large losses subtotal	$	4	$	6	$	6	$	7	$	7	$	5	$	3	$	4	$	14	$	7	$	20	$	11	$	24	$	17
IBNR incurred		1		6		5		5		(2)		2		3		5		9		7		16		9		17		7
Catastrophe losses incurred		-		-		1		1		(1)		-		1		-		2		1		2		1		2		1
Remaining incurred		-		3		2		1		3		1		2		2		3		5		5		6		5		9
Total losses incurred	$	5	$	15	$	14	$	14	$	7	$	8	$	9	$	11	$	28	$	20	$	43	$	27	$	48	$	34

*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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies

Loss Ratio Detail

	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/12		9/30/12		6/30/12		3/31/12		12/31/11		9/30/11		6/30/11		3/31/11		6/30/12		6/30/11		9/30/12		9/30/11		12/31/12		12/31/11
Consolidated
New losses greater than $4,000,000	3.7	%	2.5	%	0.5	%	1.3	%	2.8	%	2.3	%	0.8	%	1.4	%	0.9	%	1.1	%	1.4	%	1.5	%	2.0	%	1.9	%
New losses $1,000,000-$4,000,000	5.0		4.6		5.7		3.9		5.7		5.8		4.6		6.7		4.8		5.6		4.7		5.7		4.8		5.7
New losses $250,000-$1,000,000	6.1		5.9		7.1		5.5		6.6		7.7		7.0		7.3		6.2		7.2		6.2		7.4		6.1		7.2
Case reserve development above $250,000	7.8		7.0		6.7		8.3		8.7		7.5		6.9		4.6		7.5		5.8		7.4		6.3		7.5		6.9
Large losses subtotal	22.6	%	20.0	%	20.0	%	19.0	%	23.8	%	23.3	%	19.3	%	20.0	%	19.4	%	19.7	%	19.7	%	20.9	%	20.4	%	21.7	%
IBNR incurred	(2.4)		(2.9)		0.9		2.3		(1.2)		0.1		2.5		4.4		1.6		3.4		0.1		2.3		(0.6)		1.4
Total catastrophe losses incurred	2.9		7.3		17.6		11.1		(3.0)		11.7		39.6		5.5		14.5		22.3		11.9		18.7		9.6		13.1
Remaining incurred	17.5		28.4		28.2		23.5		24.5		30.3		29.8		28.5		25.9		29.2		26.7		29.6		24.4		28.2
Total loss ratio	40.6	%	52.8	%	66.7	%	55.9	%	44.1	%	65.4	%	91.2	%	58.4	%	61.4	%	74.6	%	58.4	%	71.5	%	53.8	%	64.4	%
Commercial Lines
New losses greater than $4,000,000	5.3	%	3.4	%	0.7	%	1.9	%	3.9	%	3.2	%	1.1	%	1.9	%	1.3	%	1.5	%	2.0	%	2.1	%	2.9	%	2.6	%
New losses $1,000,000-$4,000,000	5.7		4.9		5.5		4.2		6.5		7.3		5.5		7.5		4.9		6.5		4.9		6.8		5.1		6.7
New losses $250,000-$1,000,000	5.9		5.5		6.2		5.5		6.0		8.1		7.4		6.9		5.9		7.1		5.8		7.5		5.8		7.1
Case reserve development above $250,000	10.1		9.3		8.7		11.2		10.3		9.3		8.7		5.7		9.9		7.2		9.7		7.9		9.8		8.5
Large losses subtotal	27.0	%	23.1	%	21.1	%	22.8	%	26.7	%	27.9	%	22.7	%	22.0	%	22.0	%	22.3	%	22.4	%	24.3	%	23.6	%	24.9	%
IBNR incurred	0.3		(3.4)		1.1		0.0		(0.8)		0.2		2.0		4.4		0.5		3.3		(0.8)		2.2		(0.5)		1.4
Total catastrophe losses incurred	2.7		7.1		15.1		6.8		(3.2)		10.4		29.6		4.9		11.0		17.1		9.6		14.7		7.8		10.2
Remaining incurred	10.5		22.7		22.3		18.4		17.8		23.3		23.3		24.2		20.5		23.7		21.2		23.6		18.4		22.1
Total loss ratio	40.5	%	49.5	%	59.6	%	48.0	%	40.5	%	61.8	%	77.6	%	55.5	%	54.0	%	66.4	%	52.4	%	64.8	%	49.3	%	58.6	%
Personal 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	3.8		3.7		6.4		2.3		3.9		2.2		2.0		4.8		4.4		3.5		4.1		3.0		4.1		3.3
New losses $250,000-$1,000,000	5.9		6.1		8.4		4.0		6.9		6.0		5.4		7.1		6.2		6.2		6.2		6.1		6.1		6.3
Case reserve development above $250,000	2.1		0.5		1.2		0.9		4.2		1.9		2.3		1.7		1.1		2.0		0.9		2.0		1.2		2.5
Large losses subtotal	11.8	%	10.3	%	16.0	%	7.2	%	15.0	%	10.1	%	9.7	%	13.6	%	11.7	%	11.7	%	11.2	%	11.1	%	11.4	%	12.1	%
IBNR incurred	(10.8)		(4.6)		(1.6)		6.6		(1.6)		(1.5)		2.4		2.3		2.5		2.3		0.1		1.0		(2.8)		0.3
Total catastrophe losses incurred	3.5		8.8		26.2		23.3		(3.0)		16.4		73.0		7.4		24.8		39.2		19.3		31.4		15.2		22.5
Remaining incurred	38.8		46.2		46.6		39.1		44.7		53.5		50.6		41.6		42.8		46.0		44.0		48.6		42.6		47.6
Total loss ratio	43.3	%	60.7	%	87.2	%	76.2	%	55.1	%	78.5	%	135.7	%	64.9	%	81.8	%	99.2	%	74.6	%	92.1	%	66.4	%	82.5	%
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		4.3		4.4		11.1		0.0		0.0		0.0		0.0		7.7		0.0		6.5		0.0		4.7		0.0
New losses $250,000-$1,000,000	11.1		15.0		16.5		17.7		22.6		13.5		12.4		25.8		17.1		18.7		16.3		16.8		14.9		18.4
Case reserve development above $250,000	2.7		8.8		6.4		5.6		7.6		9.3		2.4		2.7		6.0		2.6		7.0		5.1		5.9		5.8
Large losses subtotal	13.8	%	28.1	%	27.3	%	34.4	%	30.2	%	22.8	%	14.8	%	28.5	%	30.8	%	21.3	%	29.8	%	21.9	%	25.5	%	24.2	%
IBNR incurred	6.0		25.9		21.0		22.2		(10.4)		12.5		17.1		26.1		21.6		21.3		23.2		18.1		18.5		10.1
Total catastrophe losses incurred	1.2		0.5		3.4		3.7		(0.4)		2.4		4.2		2.8		3.5		3.5		2.4		3.1		2.1		2.2
Remaining incurred	(1.5)		10.0		8.1		5.4		14.5		3.4		13.4		20.2		6.8		16.6		7.9		11.8		5.4		12.5
Total loss ratio	19.5	%	64.5	%	59.8	%	65.7	%	33.9	%	41.1	%	49.5	%	77.6	%	62.7	%	62.7	%	63.3	%	54.9	%	51.5	%	49.0	%

*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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies

Loss Claim Count Detail

	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/12	9/30/12	6/30/12	3/31/12	12/31/11	9/30/11	6/30/11	3/31/11	6/30/12	6/30/11	9/30/12	9/30/11	12/31/12	12/31/11
Consolidated
New losses greater than $4,000,000	6	4	1	2	4	3	1	2	3	3	7	6	13	10
New losses $1,000,000-$4,000,000	28	27	29	19	23	25	18	30	48	48	75	73	103	96
New losses $250,000-$1,000,000	118	116	130	101	115	129	122	122	231	244	347	373	465	488
Case reserve development above $250,000	99	86	78	86	108	84	81	68	164	149	250	233	349	341
Large losses total	251	233	238	208	250	241	222	222	446	444	679	685	930	935
Commercial Lines
New losses greater than $4,000,000	6	4	1	2	4	3	1	2	3	3	7	6	13	10
New losses $1,000,000-$4,000,000	22	21	18	15	18	21	15	24	33	39	54	60	76	78
New losses $250,000-$1,000,000	82	78	77	70	76	98	97	85	147	182	225	280	307	356
Case reserve development above $250,000	86	79	64	81	90	72	70	59	145	129	224	201	310	291
Large losses total	196	182	160	168	188	194	183	170	328	353	510	547	706	735
Personal Lines
New losses greater than $4,000,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-
New losses $1,000,000-$4,000,000	6	5	10	2	5	4	3	6	12	9	17	13	23	18
New losses $250,000-$1,000,000	29	31	44	21	31	26	20	29	65	49	96	75	125	106
Case reserve development above $250,000	11	3	8	4	15	9	10	8	12	18	15	27	26	42
Large losses total	46	39	62	27	51	39	33	43	89	76	128	115	174	166
Excess & Surplus Lines
New losses greater than $4,000,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-
New losses $1,000,000-$4,000,000	-	1	1	2	-	-	-	-	3	-	4	-	4	-
New losses $250,000-$1,000,000	7	7	9	10	8	5	5	8	19	13	26	18	33	26
Case reserve development above $250,000	2	4	6	1	3	3	1	1	7	2	11	5	13	8
Large losses total	9	12	16	13	11	8	6	9	29	15	41	23	50	34

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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies

Agency Direct Written Premiums by Agency State by Line of Business
for the Twelve Months Ended December 31, 2012

(Dollars in millions)	Commercial Lines														Personal Lines						E & S		Consolidated				Comm'l			Personal			E & S			Consol
Risk State	Comm Casualty		Comm Property		Comm Auto		Workers' Comp		Spec Packages		Surety & Exec Risk		Mach. & Equipment		Personal Auto		Home Owner		Other Personal		All Lines		2012 Total		2011 Total		Change %			Change %			Change %			Change %

OH	$	141.7	$	103.3	$	66.7	$	-	$	19.4	$	23.7	$	6.1	$	126.3	$	102.6	$	35.4	$	10.7	$	635.4	$	592.5		9.0			4.8			12.1			7.3
IL		60.3		44.4		28.8		57.6		12.9		7.0		3.4		31.7		26.5		8.4		7.3		288.3		267.3		6.4			9.8			39.7			7.8
IN		47.0		40.0		24.1		29.8		8.1		7.0		2.9		33.5		34.3		8.5		9.8		245.1		223.1		9.9			8.3			23.1			9.9
PA		49.4		34.1		32.6		47.8		10.0		6.7		2.4		10.2		8.1		4.0		4.3		209.8		195.0		6.2			16.5			31.3			7.6
GA		28.1		25.4		19.8		11.8		8.6		6.2		1.4		34.9		35.2		10.1		7.6		189.2		170.5		11.7			7.7			45.9			11.0
NC		34.7		32.1		19.9		18.4		15.3		8.5		2.2		22.7		16.3		6.1		4.0		180.3		161.2		6.2			30.0			32.8			11.9
MI		36.7		25.2		16.9		19.6		10.2		6.3		2.2		25.2		21.3		4.5		5.0		173.1		147.0		11.5			32.1			48.5			17.7
KY		23.0		25.3		15.7		3.1		6.8		3.8		1.4		25.5		22.3		5.7		3.6		136.1		125.9		8.2			7.3			20.5			8.1
VA		29.4		23.9		18.8		18.7		5.2		7.1		1.5		10.6		9.2		3.4		4.2		132.1		124.8		3.8			9.2			55.1			5.8
TN		25.9		24.1		16.6		9.3		10.6		5.3		1.7		13.5		15.1		4.8		2.6		129.5		113.5		11.5			19.3			59.1			14.1
AL		19.7		22.5		9.5		1.2		9.0		3.1		1.3		18.2		29.8		6.5		4.2		125.1		112.5		14.4			7.0			20.4			11.2
WI		27.3		20.5		12.2		28.7		4.1		3.1		1.9		8.9		8.9		3.7		3.2		122.5		107.7		15.7			4.2			30.8			13.9
MO		23.4		23.1		13.4		11.8		6.9		2.7		1.8		5.4		7.7		1.7		5.8		103.6		93.3		8.8			15.7			39.5			11.1
MN		22.3		18.8		9.1		8.3		3.6		2.7		1.5		12.3		11.8		4.9		3.0		98.3		82.5		11.6			39.6			32.6			19.2
IA		18.2		14.7		8.7		20.2		3.7		3.5		1.4		4.9		5.2		1.9		1.8		84.1		81.6		1.5			9.2			32.9			3.0
TX		29.6		21.0		17.5		2.5		1.0		1.9		1.7		-		-		-		8.0		83.0		62.1		34.9			nm			23.0			33.6
FL		20.5		17.5		7.3		1.4		1.0		1.9		0.7		8.3		11.2		2.1		3.3		75.1		80.9		(9.4	)		(5.8	)		31.0			(7.2	)
NY		32.1		12.3		11.0		2.1		1.3		2.8		1.0		0.5		0.3		-		1.2		64.0		58.9		8.9			(55.4	)		24.4			8.5
MD		15.6		8.9		12.5		10.7		1.2		2.5		0.6		2.9		3.1		0.9		1.7		60.6		51.7		14.3			44.7			26.6			17.4
AR		8.9		13.6		5.9		2.5		5.8		1.5		0.9		5.3		6.0		1.7		2.1		54.2		47.7		8.0			30.8			34.3			13.6
KS		7.8		10.6		4.7		6.6		3.2		1.7		0.7		4.9		6.7		1.4		1.1		49.4		46.4		5.3			6.8			55.7			6.5
SC		11.0		9.0		7.3		3.9		2.4		1.9		0.5		3.8		2.6		0.9		1.2		44.4		39.8		6.3			43.5			38.0			11.7
AZ		12.4		7.8		10.2		2.6		0.9		1.1		0.6		3.0		2.2		0.8		1.5		43.1		35.4		18.0			51.2			18.1			21.7
UT		12.6		6.3		7.7		-		1.1		2.7		0.4		6.8		3.1		0.6		1.5		42.8		35.5		18.7			26.5			22.7			20.7
MT		12.0		7.1		6.3		0.1		1.1		0.7		0.5		2.4		2.0		0.5		0.4		33.0		29.8		9.6			18.6			(1.0	)		10.7
NE		7.1		7.4		3.8		7.4		1.6		0.9		0.6		0.7		1.0		0.3		1.3		32.1		28.0		15.1			(0.3	)		33.7			14.6
ID		9.7		6.2		5.9		0.2		0.8		1.1		0.5		2.2		1.4		0.4		0.7		29.0		24.6		16.4			24.4			37.3			17.9
WV		8.2		6.1		5.7		1.8		2.4		0.7		0.5		-		0.5		0.1		2.2		28.2		24.4		15.8			(5.9	)		21.5			15.5
VT		4.4		3.9		2.6		6.8		1.2		1.1		0.3		1.2		1.3		0.4		1.0		24.4		22.8		5.7			6.8			40.8			6.9
CO		7.6		7.1		5.3		0.4		-		1.2		0.5		-		0.3		-		1.0		23.4		17.7		31.5			9.4			62.5			32.2
ND		6.6		4.8		3.6		-		1.4		0.6		0.3		0.7		0.7		0.2		0.3		19.2		16.2		19.0			13.0			28.5			18.6
NH		2.8		2.7		1.4		2.3		0.6		0.6		0.2		1.6		1.7		0.5		0.6		15.0		13.7		(1.2	)		51.7			19.3			9.4
WA		4.5		2.5		3.5		-		-		0.7		0.2		-		-		-		1.1		12.6		10.3		23.0			nm			13.0			22.0
SD		2.8		2.5		1.5		2.9		0.7		0.9		0.2		-		-		-		0.4		11.9		9.9		20.8			nm			36.4			21.2
DE		3.4		2.5		2.0		2.7		0.4		0.5		0.3		-		-		-		0.2		11.9		10.6		10.4			nm			nm			12.0
NM		3.7		1.9		2.1		0.8		0.1		1.5		0.1		-		-		-		0.4		10.7		8.0		35.2			nm			17.9			34.3
OR		2.7		1.7		1.9		0.1		-		0.6		0.2		0.1		-		-		1.7		8.9		4.7		75.8			nm			146.0			88.5
WY		1.5		1.4		0.7		-		-		0.3		0.1		-		-		-		0.4		4.4		4.0		9.6			nm			22.7			10.6
CT		1.2		1.2		0.6		0.3		-		0.2		0.1		-		-		0.2		0.2		4.0		2.2		80.0			15.7			46.7			77.5
All Other		3.3		2.5		2.5		4.5		0.6		1.6		0.1		-		0.1		-		0.9		15.9		13.7		12.1			(18.7	)		194.3			15.9
Total	$	819.1	$	645.6	$	446.3	$	348.5	$	163.0	$	127.8	$	44.8	$	428.2	$	398.4	$	120.7	$	111.4	$	3,653.9	$	3,297.3		9.9			11.3			32.1			10.8
Other Direct		-		1.0		-		4.1		-		-		-		-		0.2		-		-		5.3		4.7		16.1			(32.6	)		nm			13.0
Total Direct	$	819.1	$	646.6	$	446.3	$	352.6	$	163.0	$	127.8	$	44.8	$	428.2	$	398.6	$	120.7	$	111.4	$	3,659.2	$	3,302.0		9.9			11.3			32.1			10.8

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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/12			9/30/12			6/30/12			3/31/12			12/31/11			9/30/11			6/30/11			3/31/11			6/30/12			6/30/11			9/30/12			9/30/11			12/31/12			12/31/11
Commercial casualty:
Written premiums	$	189		$	200		$	202		$	202		$	169		$	175		$	177		$	189		$	404		$	366		$	604		$	541		$	793		$	710
Earned premiums		198			197			191			181			179			180			180			172			372			352			569			532			767			711
Current accident year before catastrophe losses		67.5	%		52.1	%		67.2	%		70.2	%		70.4	%		64.1	%		66.0	%		78.8	%		68.7	%		72.3	%		63.0	%		69.5	%		64.1	%		69.7	%
Current accident year catastrophe losses		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Prior accident years before catastrophe losses		(24.0)			(12.9)			(29.2)			(26.7)			11.6			(26.7)			(27.2)			(32.3)			(28.0)			(29.7)			(22.8)			(28.7)			(23.1)			(18.5)
Prior accident years catastrophe losses		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Total loss and loss expense ratio		43.5	%		39.2	%		38.0	%		43.5	%		82.0	%		37.4	%		38.8	%		46.5	%		40.7	%		42.6	%		40.2	%		40.8	%		41.0	%		51.2	%
Commercial property:
Written premiums	$	136		$	150		$	146		$	141		$	125		$	132		$	123		$	132		$	287		$	255		$	437		$	387		$	573		$	512
Earned premiums		142			138			134			131			128			128			115			126			265			241			403			369			545			497
Current accident year before catastrophe losses		28.0	%		45.3	%		55.3	%		57.2	%		31.1	%		77.6	%		76.8	%		64.8	%		56.2	%		70.5	%		52.5	%		73.0	%		46.1	%		62.1	%
Current accident year catastrophe losses		10.4			29.6			56.7			31.4			(5.3)			33.8			78.8			15.2			44.3			45.6			39.2			41.5			31.7			29.4
Prior accident years before catastrophe losses		(2.3)			(2.1)			(3.4)			(4.4)			(17.5)			(4.9)			(1.7)			8.0			(4.0)			3.4			(3.3)			0.5			(3.1)			(4.1)
Prior accident years catastrophe losses		(2.1)			(0.7)			1.3			(5.8)			(5.3)			3.7			1.1			3.4			(2.2)			2.3			(1.7)			2.8			(1.8)			0.7
Total loss and loss expense ratio		34.0	%		72.1	%		109.9	%		78.4	%		3.0	%		110.2	%		155.0	%		91.4	%		94.3	%		121.8	%		86.7	%		117.8	%		72.9	%		88.1	%
Commercial auto:
Written premiums	$	106		$	109		$	115		$	114		$	100		$	96		$	102		$	107		$	229		$	209		$	338		$	305		$	444		$	405
Earned premiums		111			108			106			101			102			100			96			96			207			192			315			292			426			394
Current accident year before catastrophe losses		66.2	%		71.1	%		71.8	%		73.9	%		81.3	%		67.8	%		72.6	%		76.5	%		72.8	%		74.5	%		72.2	%		72.2	%		70.7	%		74.5	%
Current accident year catastrophe losses		(0.2)			0.8			3.2			1.4			(1.5)			2.5			6.2			0.3			2.4			3.3			1.8			3.0			1.3			1.9
Prior accident years before catastrophe losses		7.3			4.9			(1.8)			(11.9)			3.1			3.5			(11.0)			(24.2)			(6.8)			(17.6)			(2.7)			(10.3)			(0.1)			(6.9)
Prior accident years catastrophe losses		-			(0.2)			(0.3)			(0.5)			-			(0.1)			(0.1)			(0.4)			(0.4)			(0.2)			(0.3)			(0.2)			(0.2)			(0.2)
Total loss and loss expense ratio		73.3	%		76.6	%		72.9	%		62.9	%		82.9	%		73.7	%		67.7	%		52.2	%		68.0	%		60.0	%		71.0	%		64.7	%		71.7	%		69.3	%
Workers' compensation:
Written premiums	$	84		$	78		$	86		$	93		$	78		$	71		$	73		$	90		$	179		$	163		$	257		$	234		$	341		$	312
Earned premiums		89			89			85			81			83			78			81			76			166			157			255			235			344			318
Current accident year before catastrophe losses		87.6	%		80.8	%		80.8	%		82.7	%		64.5	%		119.2	%		108.5	%		95.6	%		81.7	%		102.3	%		81.5	%		107.9	%		83.0	%		96.6	%
Current accident year catastrophe losses		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Prior accident years before catastrophe losses		(26.2)			(25.7)			(14.3)			(19.0)			(58.2)			(28.4)			(28.9)			(4.1)			(16.6)			(16.9)			(19.8)			(20.7)			(21.5)			(30.5)
Prior accident years catastrophe losses		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Total loss and loss expense ratio		61.4	%		55.1	%		66.5	%		63.7	%		6.3	%		90.8	%		79.6	%		91.5	%		65.1	%		85.4	%		61.7	%		87.2	%		61.5	%		66.1	%
Specialty package:
Written premiums	$	36		$	39		$	38		$	40		$	37		$	36		$	27		$	37		$	78		$	64		$	117		$	100		$	153		$	137
Earned premiums		39			37			37			38			38			36			27			37			75			64			112			100			151			138
Current accident year before catastrophe losses		57.5	%		56.7	%		72.8	%		66.4	%		42.8	%		91.6	%		93.8	%		62.7	%		69.6	%		75.7	%		65.3	%		81.5	%		63.4	%		70.9	%
Current accident year catastrophe losses		10.1			29.3			23.9			24.8			(3.0)			25.7			223.8			9.2			24.4			99.4			26.0			72.7			22.0			51.8
Prior accident years before catastrophe losses		(8.7)			9.1			(3.0)			(14.0)			(20.6)			19.6			1.8			15.1			(8.5)			9.5			(2.7)			13.2			(4.2)			3.9
Prior accident years catastrophe losses		9.3			(14.8)			(0.2)			(12.6)			0.8			(0.9)			(0.7)			(1.5)			(6.5)			(1.1)			(9.2)			(1.1)			(4.5)			(0.6)
Total loss and loss expense ratio		68.2	%		80.3	%		93.5	%		64.6	%		20.0	%		136.0	%		318.7	%		85.5	%		79.0	%		183.5	%		79.4	%		166.3	%		76.7	%		126.0	%
Surety and executive risk:
Written premiums	$	27		$	31		$	29		$	27		$	26		$	28		$	26		$	24		$	56		$	50		$	87		$	78		$	114		$	104
Earned premiums		29			28			27			27			27			26			25			25			54			50			82			76			111			103
Current accident year before catastrophe losses		57.7	%		60.4	%		72.1	%		49.2	%		96.4	%		54.7	%		47.9	%		54.7	%		60.9	%		51.3	%		60.7	%		52.4	%		59.9	%		63.7	%
Current accident year catastrophe losses		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Prior accident years before catastrophe losses		(23.9)			(17.2)			10.3			34.8			38.8			32.5			19.4			41.4			22.3			30.2			8.9			31.0			0.4			33.0
Prior accident years catastrophe losses		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Total loss and loss expense ratio		33.8	%		43.2	%		82.4	%		84.0	%		135.2	%		87.2	%		67.3	%		96.1	%		83.2	%		81.5	%		69.6	%		83.4	%		60.3	%		96.7	%
Machinery and equipment:
Written premiums	$	10		$	12		$	10		$	9		$	11		$	9		$	9		$	9		$	19		$	18		$	31		$	27		$	41		$	38
Earned premiums		10			10			10			9			10			9			9			8			19			17			29			26			39			36
Current accident year before catastrophe losses		11.5	%		19.9	%		23.8	%		36.0	%		10.0	%		38.7	%		32.0	%		28.2	%		29.8	%		30.1	%		26.4	%		33.1	%		22.5	%		26.9	%
Current accident year catastrophe losses		-			-			-			-			(2.3)			2.4			0.2			0.2			-			0.2			-			0.9			-			0.1
Prior accident years before catastrophe losses		(4.1)			(3.9)			(2.5)			3.2			(7.8)			(1.6)			6.9			8.5			0.4			7.7			(1.1)			4.5			(1.9)			1.2
Prior accident years catastrophe losses		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Total loss and loss expense ratio		7.4	%		16.0	%		21.3	%		39.2	%		(0.1)	%		39.5	%		39.1	%		36.9	%		30.2	%		38.0	%		25.3	%		38.5	%		20.6	%		28.2	%

*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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/12			9/30/12			6/30/12			3/31/12			12/31/11			9/30/11			6/30/11			3/31/11			6/30/12			6/30/11			9/30/12			9/30/11			12/31/12			12/31/11

Personal auto:
Written premiums	$	102		$	117		$	115		$	91		$	92		$	107		$	104		$	82		$	206		$	186		$	323		$	293		$	425		$	385
Earned premiums		105			101			100			98			95			94			90			89			198			179			299			273			404			368
Current accident year before catastrophe losses		71.6	%		68.2	%		78.0	%		73.5	%		103.4	%		66.6	%		67.3	%		68.2	%		75.8	%		67.7	%		73.2	%		67.4	%		72.8	%		76.7	%
Current accident year catastrophe losses		(0.3)			(3.1)			9.7			5.1			(0.9)			1.5			10.3			1.3			7.4			5.8			3.9			4.3			2.8			3.0
Prior accident years before catastrophe losses		1.4			(5.2)			(4.7)			(8.1)			4.8			1.7			(5.0)			(5.3)			(6.4)			(5.1)			(6.0)			(2.8)			(4.1)			(0.8)
Prior accident years catastrophe losses		(0.1)			(0.3)			(0.7)			(0.8)			-			(0.1)			(0.1)			(0.4)			(0.8)			(0.2)			(0.6)			(0.2)			(0.5)			(0.2)
Total loss and loss expense ratio		72.6	%		59.6	%		82.3	%		69.7	%		107.3	%		69.7	%		72.5	%		63.8	%		76.0	%		68.2	%		70.5	%		68.7	%		71.0	%		78.7	%

Homeowner:
Written premiums	$	93		$	105		$	103		$	77		$	79		$	87		$	78		$	68		$	180		$	146		$	285		$	233		$	378		$	312
Earned premiums		92			90			87			84			78			74			66			76			171			142			261			216			353			294
Current accident year before catastrophe losses		52.1	%		80.7	%		74.0	%		63.0	%		62.8	%		86.2	%		97.8	%		71.4	%		68.6	%		83.6	%		72.8	%		84.5	%		67.4	%		78.7	%
Current accident year catastrophe losses		10.4			28.1			59.2			60.4			(5.3)			40.3			175.4			22.1			59.8			92.7			48.9			74.7			38.8			53.6
Prior accident years before catastrophe losses		(17.3)			(11.9)			(6.0)			(2.9)			(13.3)			(6.1)			(0.5)			2.6			(4.5)			1.1			(7.1)			(1.4)			(9.7)			(4.5)
Prior accident years catastrophe losses		(0.4)			(4.9)			(5.7)			(9.8)			(0.2)			(1.8)			(0.1)			(5.8)			(7.7)			(3.1)			(6.8)			(2.7)			(5.1)			(2.0)
Total loss and loss expense ratio		44.8	%		92.0	%		121.5	%		110.7	%		44.0	%		118.6	%		272.6	%		90.3	%		116.2	%		174.3	%		107.8	%		155.1	%		91.4	%		125.8	%

Other personal:
Written premiums	$	27		$	31		$	32		$	25		$	25		$	28		$	28		$	23		$	57		$	51		$	88		$	79		$	115		$	104
Earned premiums		29			28			27			27			26			25			24			25			54			49			82			74			111			100
Current accident year before catastrophe losses		38.6	%		46.2	%		68.6	%		63.1	%		52.7	%		87.0	%		88.2	%		55.9	%		65.9	%		71.9	%		59.2	%		77.0	%		53.8	%		70.7	%
Current accident year catastrophe losses		4.5			18.4			6.0			11.7			(0.8)			10.4			34.5			3.8			8.8			19.0			12.1			16.1			10.1			11.7
Prior accident years before catastrophe losses		(46.1)			(30.4)			6.2			(22.1)			(18.8)			(36.4)			(18.4)			2.3			(7.8)			(7.9)			(15.5)			(17.6)			(23.5)			(17.9)
Prior accident years catastrophe losses		(0.2)			(1.2)			(1.2)			(3.1)			(0.1)			(0.6)			(0.5)			(0.8)			(2.1)			(0.6)			(1.8)			(0.6)			(1.4)			(0.5)
Total loss and loss expense ratio		(3.2)	%		33.0	%		79.6	%		49.6	%		33.0	%		60.4	%		103.8	%		61.2	%		64.8	%		82.4	%		54.0	%		74.9	%		39.0	%		64.0	%

CINF Fourth-Quarter 2012 Supplemental Financial Data

Cincinnati Insurance Companies Consolidated

Loss and Loss Expense Analysis

(In millions)													Change in			Total
			Paid				Change in			Change in			loss			change								Loss
	Paid		loss		Total		case			IBNR			expense			in			Case		IBNR			expense		Total
	losses		expense		paid		reserves			reserves			reserves			reserves			incurred		incurred			incurred		incurred
Gross loss and loss expense incurred for the twelve months ended December 31, 2012
Commercial casualty	$	302	$	136	$	438	$	(58	)	$	(16	)	$	(32	)	$	(106	)	$	244	$	(16	)	$	104	$	332
Commercial property		390		31		421		8			(13	)		1			(4	)		398		(13	)		32		417
Commercial auto		263		41		304		(8	)		5			4			1			255		5			45		305
Workers' compensation		211		46		257		(34	)		9			(11	)		(36	)		177		9			35		221
Specialty packages		123		18		141		28			(7	)		(4	)		17			151		(7	)		14		158
Surety and executive risk		59		20		79		(5	)		1			(3	)		(7	)		54		1			17		72
Machinery and equipment		8		1		9		(1	)		(1	)		1			(1	)		7		(1	)		2		8
Total commercial lines		1,356		293		1,649		(70	)		(22	)		(44	)		(136	)		1,286		(22	)		249		1,513

Personal auto		241		41		282		12			(8	)		1			5			253		(8	)		42		287
Homeowners		312		30		342		5			(18	)		-			(13	)		317		(18	)		30		329
Other personal		51		5		56		(2	)		(10	)		(1	)		(13	)		49		(10	)		4		43
Total personal lines		604		76		680		15			(36	)		-			(21	)		619		(36	)		76		659

Commercial casualty & property		17		7		24		18			17			10			45			35		17			17		69
Total excess & surplus lines		17		7		24		18			17			10			45			35		17			17		69
Total property casualty	$	1,977	$	376	$	2,353	$	(37	)	$	(41	)	$	(34	)	$	(112	)	$	1,940	$	(41	)	$	342	$	2,241

Ceded loss and loss expense incurred for the twelve months ended December 31, 2012
Commercial casualty	$	20	$	2	$	22	$	3		$	(6	)	$	(2	)	$	(5	)	$	23	$	(6	)	$	-	$	17
Commercial property		36		1		37		(16	)		(2	)		-			(18	)		20		(2	)		1		19
Commercial auto		2		-		2		(1	)		(1	)		-			(2	)		1		(1	)		-		-
Workers' compensation		10		1		11		(1	)		(1	)		-			(2	)		9		(1	)		1		9
Specialty packages		24		-		24		22			(3	)		-			19			46		(3	)		-		43
Surety and executive risk		6		1		7		(2	)		-			-			(2	)		4		-			1		5
Machinery and equipment		-		-		-		-			-			-			-			-		-			-		-
Total commercial lines		98		5		103		5			(13	)		(2	)		(10	)		103		(13	)		3		93

Personal auto		1		-		1		-			(1	)		-			(1	)		1		(1	)		-		-
Homeowners		18		-		18		(4	)		(8	)		-			(12	)		14		(8	)		-		6
Other personal		2		-		2		-			(1	)		-			(1	)		2		(1	)		-		1
Total personal lines		21		-		21		(4	)		(10	)		-			(14	)		17		(10	)		-		7

Commercial casualty & property		-		-		-		2			2			-			4			2		2			-		4
Total excess & surplus lines		-		-		-		2			2			-			4			2		2			-		4
Total property casualty	$	119	$	5	$	124	$	3		$	(21	)	$	(2	)	$	(20	)	$	122	$	(21	)	$	3	$	104

Net loss and loss expense incurred for the twelve months ended December 31, 2012
Commercial casualty	$	282	$	134	$	416	$	(61	)	$	(10	)	$	(30	)	$	(101	)	$	221	$	(10	)	$	104	$	315
Commercial property		354		30		384		24			(11	)		1			14			378		(11	)		31		398
Commercial auto		261		41		302		(7	)		6			4			3			254		6			45		305
Workers' compensation		201		45		246		(33	)		10			(11	)		(34	)		168		10			34		212
Specialty packages		99		18		117		6			(4	)		(4	)		(2	)		105		(4	)		14		115
Surety and executive risk		53		19		72		(3	)		1			(3	)		(5	)		50		1			16		67
Machinery and equipment		8		1		9		(1	)		(1	)		1			(1	)		7		(1	)		2		8
Total commercial lines		1,258		288		1,546		(75	)		(9	)		(42	)		(126	)		1,183		(9	)		246		1,420

Personal auto		240		41		281		12			(7	)		1			6			252		(7	)		42		287
Homeowners		294		30		324		9			(10	)		-			(1	)		303		(10	)		30		323
Other personal		49		5		54		(2	)		(9	)		(1	)		(12	)		47		(9	)		4		42
Total personal lines		583		76		659		19			(26	)		-			(7	)		602		(26	)		76		652

Commercial casualty & property		17		7		24		16			15			10			41			33		15			17		65
Total excess & surplus lines		17		7		24		16			15			10			41			33		15			17		65
Total property casualty	$	1,858	$	371	$	2,229	$	(40	)	$	(20	)	$	(32	)	$	(92	)	$	1,818	$	(20	)	$	339	$	2,137

CINF Fourth-Quarter 2012 Supplemental Financial Data

Cincinnati Insurance Companies Consolidated

Loss and Loss Expense Analysis

(In millions)													Change in			Total
			Paid				Change in			Change in			loss			change									Loss
	Paid		loss		Total		case			IBNR			expense			in			Case			IBNR			expense		Total
	losses		expense		paid		reserves			reserves			reserves			reserves			incurred			incurred			incurred		incurred
Gross loss and loss expense incurred for the three months ended December 31, 2012
Commercial casualty	$	83	$	35	$	118	$	(25	)	$	11		$	(11	)	$	(25	)	$	58		$	11		$	24	$	93
Commercial property		101		8		109		(36	)		(24	)		(2	)		(62	)		65			(24	)		6		47
Commercial auto		68		10		78		(4	)		4			3			3			64			4			13		81
Workers' compensation		53		12		65		(12	)		9			(5	)		(8	)		41			9			7		57
Specialty packages		41		4		45		34			(5	)		(1	)		28			75			(5	)		3		73
Surety and executive risk		19		5		24		(12	)		2			-			(10	)		7			2			5		14
Machinery and equipment		1		1		2		1			(2	)		-			(1	)		2			(2	)		1		1
Total commercial lines		366		75		441		(54	)		(5	)		(16	)		(75	)		312			(5	)		59		366

Personal auto		62		11		73		9			(8	)		1			2			71			(8	)		12		75
Homeowners		61		8		69		(12	)		(12	)		(3	)		(27	)		49			(12	)		5		42
Other personal		12		3		15		(3	)		(10	)		(1	)		(14	)		9			(10	)		2		1
Total personal lines		135		22		157		(6	)		(30	)		(3	)		(39	)		129			(30	)		19		118

Commercial casualty & property		5		2		7		(2	)		1			3			2			3			1			5		9
Total excess & surplus lines		5		2		7		(2	)		1			3			2			3			1			5		9
Total property casualty	$	506	$	99	$	605	$	(62	)	$	(34	)	$	(16	)	$	(112	)	$	444		$	(34	)	$	83	$	493

Ceded loss and loss expense incurred for the three months ended December 31, 2012
Commercial casualty	$	13	$	1	$	14	$	(7	)	$	(1	)	$	(1	)	$	(9	)	$	6		$	(1	)	$	-	$	5
Commercial property		13		-		13		(11	)		(2	)		-			(13	)		2			(2	)		-		-
Commercial auto		2		-		2		(2	)		-			-			(2	)		-			-			-		-
Workers' compensation		2		1		3		(1	)		-			-			(1	)		1			-			1		2
Specialty packages		11		-		11		37			(1	)		-			36			48			(1	)		-		47
Surety and executive risk		4		1		5		-			-			-			-			4			-			1		5
Machinery and equipment		-		-		-		-			-			-			-			-			-			-		-
Total commercial lines		45		3		48		16			(4	)		(1	)		11			61			(4	)		2		59

Personal auto		-		-		-		-			-			-			-			-			-			-		-
Homeowners		1		-		1		-			(1	)		-			(1	)		1			(1	)		-		-
Other personal		1		-		1		1			-			-			1			2			-			-		2
Total personal lines		2		-		2		1			(1	)		-			-			3			(1	)		-		2

Commercial casualty & property		-		-		-		(2	)		1			-			(1	)		(2	)		1			-		(1	)
Total excess & surplus lines		-		-		-		(2	)		1			-			(1	)		(2	)		1			-		(1	)
Total property casualty	$	47	$	3	$	50	$	15		$	(4	)	$	(1	)	$	10		$	62		$	(4	)	$	2	$	60

Net loss and loss expense incurred for the three months ended December 31, 2012
Commercial casualty	$	70	$	34	$	104	$	(18	)	$	12		$	(10	)	$	(16	)	$	52		$	12		$	24	$	88
Commercial property		88		8		96		(25	)		(22	)		(2	)		(49	)		63			(22	)		6		47
Commercial auto		66		10		76		(2	)		4			3			5			64			4			13		81
Workers' compensation		51		11		62		(11	)		9			(5	)		(7	)		40			9			6		55
Specialty packages		30		4		34		(3	)		(4	)		(1	)		(8	)		27			(4	)		3		26
Surety and executive risk		15		4		19		(12	)		2			-			(10	)		3			2			4		9
Machinery and equipment		1		1		2		1			(2	)		-			(1	)		2			(2	)		1		1
Total commercial lines		321		72		393		(70	)		(1	)		(15	)		(86	)		251			(1	)		57		307

Personal auto		62		11		73		9			(8	)		1			2			71			(8	)		12		75
Homeowners		60		8		68		(12	)		(11	)		(3	)		(26	)		48			(11	)		5		42
Other personal		11		3		14		(4	)		(10	)		(1	)		(15	)		7			(10	)		2		(1	)
Total personal lines		133		22		155		(7	)		(29	)		(3	)		(39	)		126			(29	)		19		116

Commercial casualty & property		5		2		7		-			-			3			3			5			-			5		10
Total excess & surplus lines		5		2		7		-			-			3			3			5			-			5		10
Total property casualty	$	459	$	96	$	555	$	(77	)	$	(30	)	$	(15	)	$	(122	)	$	382		$	(30	)	$	81	$	433

CINF Fourth-Quarter 2012 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies

5-Year Property Casualty Data - All Lines

(Dollars in millions)	Years ended December 31,
	2012			2011			2010			2009			2008
Premiums
Adjusted written premiums – statutory*	$	3,467		$	3,105		$	2,952		$	2,919		$	3,040
Written premium adjustment – statutory		15			(7	)		11			(8	)		(30	)
Reported written premiums – statutory**		3,482			3,098			2,963			2,911			3,010
Unearned premium change		(138	)		(69	)		(39	)		-			-
Earned premiums (GAAP)	$	3,344		$	3,029		$	2,924		$	2,911		$	3,010

Year-over-year growth rate:
Adjusted written premiums – statutory		12	%		5	%		1	%		(4	)%		(3	)%
Written premiums – statutory		12	%		5	%		2	%		(3	)%		(3	)%
Earned premiums		10	%		4	%		-	%		(3	)%		(4	)%

Statutory combined ratio
Reported statutory combined ratio*		95.4	%		108.9	%		101.8	%		104.4	%		100.4	%
Less catastrophe losses		10.0			13.3			5.1			5.7			6.8
Statutory combined ratio excluding catastrophe losses		85.4	%		95.6	%		96.7	%		98.7	%		93.6	%

Reported commission expense ratio*		18.9	%		18.6	%		18.7	%		19.0	%		18.4	%
Reported other expense ratio*		12.6			13.3			14.2			13.7			13.7
Reported statutory expense ratio*		31.5	%		31.9	%		32.9	%		32.7	%		32.1	%

GAAP combined ratio
GAAP combined ratio		96.1	%		109.3	%		101.8	%		104.5	%		100.5	%

Written premiums to surplus
Written premiums to statutory surplus ratio		0.890			0.826			0.784			0.798			0.896

*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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies

5-Year Property Casualty Data - Commercial Lines

(Dollars in millions)	Years ended December 31,
	2012			2011			2010			2009			2008
Premiums
Adjusted written premiums – statutory*	$	2,444		$	2,225		$	2,144		$	2,190		$	2,341
Written premium adjustment – statutory		15			(7	)		11			(9	)		(30	)
Reported written premiums – statutory	$	2,459		$	2,218		$	2,155		$	2,181		$	2,311
Unearned premium change		(76	)		(21	)		(1	)		18			5
Earned premiums (GAAP)	$	2,383		$	2,197		$	2,154		$	2,199		$	2,316

Year-over-year growth rate:
Adjusted written premiums – statutory		10	%		4	%		(2	)%		(6	)%		(4	)%
Written premiums – statutory		11	%		3	%		(1	)%		(6	)%		(4	)%
Earned premiums		8	%		2	%		(2	)%		(5	)%		(4	)%

Statutory combined ratio
Reported statutory combined ratio*		92.1	%		104.2	%		99.6	%		101.8	%		96.6	%
Less catastrophe losses		8.2			10.4			4.1			2.5			4.5
Statutory combined ratio excluding catastrophe losses (adjusted)		83.9	%		93.8	%		95.5	%		99.3	%		92.1	%

GAAP combined ratio
GAAP combined ratio		92.5	%		104.8	%		99.4	%		101.7	%		96.9	%

*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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies

5-Year Property Casualty Data - Personal Lines

(Dollars in millions)	Years ended December 31,
	2012			2011			2010			2009			2008
Premiums
Adjusted written premiums – statutory*	$	918		$	801		$	750		$	690		$	685
Written premium adjustment – statutory		-			-			-			1			-
Reported written premiums – statutory	$	918		$	801		$	750		$	691		$	685
Unearned premium change		(50	)		(39	)		(29	)		(6	)		4
Earned premiums (GAAP)	$	868		$	762		$	721		$	685		$	689

Year-over-year growth rate:
Adjusted written premiums – statutory		15	%		7	%		9	%		1	%		(3	)%
Written premiums – statutory		15	%		7	%		9	%		1	%		(3	)%
Earned premiums		14	%		6	%		5	%		(1	)%		(4	)%

Statutory combined ratio
Reported statutory combined ratio*		104.0	%		124.2	%		107.1	%		111.4	%		111.6	%
Less catastrophe losses		15.9			22.7			8.1			16.1			14.5
Statutory combined ratio excluding catastrophe losses (adjusted)		88.1	%		101.5	%		99.0	%		95.3	%		97.1	%

GAAP combined ratio
GAAP combined ratio		105.3	%		124.0	%		107.8	%		111.9	%		111.9	%

*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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies

5-Year Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Years ended December 31,
	2012			2011			2010			2009			2008
Premiums
Adjusted written premiums – statutory*	$	105		$	79		$	58		$	39		$	14
Written premium adjustment – statutory		-			-			-			-			-
Reported written premiums – statutory	$	105		$	79		$	58		$	39		$	14
Unearned premium change		(12	)		(9	)		(9	)		(12	)		(9	)
Earned premiums (GAAP)	$	93		$	70		$	49		$	27		$	5

Year-over-year growth rate:
Adjusted written premiums – statutory		33	%		36	%		49	%		179	%		na	%
Written premiums – statutory		33	%		36	%		49	%		179	%		na	%
Earned premiums		33	%		43	%		81	%		440	%		na	%

Statutory combined ratio
Reported statutory combined ratio*		100.8	%		90.8	%		118.9	%		129.1	%		190.6	%
Less catastrophe losses		2.2			2.2			1.2			0.2			0.4
Statutory combined ratio excluding catastrophe losses (adjusted)		98.6	%		88.6	%		117.7	%		128.9	%		190.2	%

GAAP combined ratio
GAAP combined ratio		101.0	%		92.2	%		117.2	%		145.5	%		nm	%

*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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

Consolidated Cincinnati Insurance Companies

Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/12			9/30/12			6/30/12			3/31/12			12/31/11			9/30/11			6/30/11			3/31/11			6/30/12			6/30/11			9/30/12			9/30/11			12/31/12			12/31/11
Premiums
Agency renewal written premiums	$	771		$	807		$	798		$	762		$	712		$	730		$	717		$	708		$	1,560		$	1,425		$	2,367		$	2,155		$	3,138		$	2,867
Agency new business written premiums		132			130			131			108			103			115			117			102			239			219			369			334			501			437
Other written premiums		(66)			(38)			(26)			(27)			(55)			(54)			(66)			(31)			(53)			(97)			(91)			(151)			(157)			(206)
Reported written premiums – statutory*	$	837		$	899		$	903		$	843		$	760		$	791		$	768		$	779		$	1,746		$	1,547		$	2,645		$	2,338		$	3,482		$	3,098
Unearned premium change		32			(48)			(77)			(45)			25			(22)			(38)			(34)			(122)			(72)			(170)			(94)			(138)			(69)
Earned premiums	$	869		$	851		$	826		$	798		$	785		$	769		$	730		$	745		$	1,624		$	1,475		$	2,475		$	2,244		$	3,344		$	3,029
Year over year change %
Agency renewal written premiums		8	%		11	%		11	%		8	%		10	%		8	%		5	%		4	%		9	%		4	%		10	%		5	%		9	%		7	%
Agency new business written premiums		28			13			12			6			(4)			6			10			11			9			11			10			9			15			6
Other written premiums		(20)			30			61			13			(67)			(8)			(57)			(72)			45			(62)			40			(37)			24			(44)
Reported written premiums – statutory*		10			14			18			8			5			7			3			3			13			3			13			4			12			5
Paid losses and loss expenses
Losses paid	$	459		$	507		$	475		$	415		$	455		$	481		$	560		$	404		$	890		$	964		$	1,399		$	1,442		$	1,858		$	1,899
Loss expenses paid		96			88			97			90			90			85			82			85			189			166			275			251			371			342
Loss and loss expenses paid	$	555		$	595		$	572		$	505		$	545		$	566		$	642		$	489		$	1,079		$	1,130		$	1,674		$	1,693		$	2,229		$	2,241
Statutory combined ratio
Loss ratio		40.6	%		52.8	%		66.7	%		55.9	%		44.0	%		65.4	%		91.2	%		58.4	%		61.4	%		74.6	%		58.4	%		71.5	%		53.8	%		64.4	%
Allocated loss expense ratio		3.4			3.7			4.5			5.5			6.2			6.4			7.0			6.0			5.0			6.5			4.6			6.4			4.3			6.3
Unallocated loss expense ratio		5.9			5.2			6.3			6.1			5.4			7.3			5.9			6.7			6.3			6.3			5.9			6.7			5.8			6.3
Net underwriting expense ratio		33.0			31.8			30.2			31.3			32.9			31.1			31.3			32.2			30.7			31.8			31.1			31.5			31.5			31.9
Statutory combined ratio		82.9	%		93.5	%		107.7	%		98.8	%		88.5	%		110.2	%		135.4	%		103.3	%		103.4	%		119.2	%		100.0	%		116.1	%		95.4	%		108.9	%
Contribution from catastrophe losses		3.4			8.0			17.8			11.1			(2.8)			12.0			39.8			5.5			14.6			22.5			12.3			18.9			10.0			13.3
Statutory combined ratio excluding catastrophe losses		79.5	%		85.5	%		89.9	%		87.7	%		91.3	%		98.2	%		95.6	%		97.8	%		88.8	%		96.7	%		87.7	%		97.2	%		85.4	%		95.6	%
Commission expense ratio		20.4	%		18.4	%		18.1	%		18.9	%		19.5	%		18.2	%		18.2	%		18.4	%		18.5	%		18.3	%		18.5	%		18.2	%		18.9	%		18.6	%
Other expense ratio		12.6			13.4			12.1			12.4			13.4			12.9			13.1			13.8			12.2			13.5			12.6			13.3			12.6			13.3
Statutory expense ratio		33.0	%		31.8	%		30.2	%		31.3	%		32.9	%		31.1	%		31.3	%		32.2	%		30.7	%		31.8	%		31.1	%		31.5	%		31.5	%		31.9	%
GAAP combined ratio
GAAP combined ratio		81.9	%		94.8	%		109.5	%		99.1	%		87.5	%		110.6	%		136.7	%		104.1	%		104.4	%		120.2	%		101.1	%		117.0	%		96.1	%		109.3	%
Contribution from catastrophe losses		3.4			8.0			17.8			11.1			(2.8)			12.0			39.8			5.5			14.6			22.5			12.3			18.9			10.0			13.3
GAAP combined ratio excluding catastrophe losses		78.5	%		86.8	%		91.7	%		88.0	%		90.3	%		98.6	%		96.9	%		98.6	%		89.8	%		97.7	%		88.8	%		98.1	%		86.1	%		96.0	%

*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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

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
	12/31/12			9/30/12			6/30/12			3/31/12			12/31/11			9/30/11			6/30/11			3/31/11			6/30/12			6/30/11			9/30/12			9/30/11			12/31/12			12/31/11
Premiums
Agency renewal written premiums	$	549		$	557		$	552		$	571		$	514		$	507		$	500		$	542		$	1,123		$	1,042		$	1,680		$	1,549		$	2,229		$	2,063
Agency new business written premiums		96			90			91			75			74			81			81			71			166			152			256			233			352			307
Other written premiums		(57)			(28)			(17)			(20)			(42)			(41)			(44)			(25)			(37)			(69)			(65)			(110)			(122)			(152)
Reported written premiums – statutory*	$	588		$	619		$	626		$	626		$	546		$	547		$	537		$	588		$	1,252		$	1,125		$	1,871		$	1,672		$	2,459		$	2,218
Unearned premium change		30			(12)			(36)			(58)			21			10			(4)			(48)			(94)			(52)			(106)			(42)			(76)			(21)
Earned premiums	$	618		$	607		$	590		$	568		$	567		$	557		$	533		$	540		$	1,158		$	1,073		$	1,765		$	1,630		$	2,383		$	2,197
Year over year change %
Agency renewal written premiums		7	%		10	%		10	%		5	%		8	%		6	%		2	%		2	%		8	%		2	%		8	%		3	%		8	%		4	%
Agency new business written premiums		30			11			12			6			(3)			9			11			8			9			9			10			9			15			6
Other written premiums		(36)			32			61			20			(62)			2			(33)			(127)			46			(57)			41			(28)			20			(36)
Reported written premiums – statutory*		8			13			17			6			4			7			1			0			11			0			12			3			11			3
Paid losses and loss expenses
Losses paid	$	321		$	331		$	320		$	282		$	329		$	326		$	327		$	290		$	602		$	618		$	937		$	942		$	1,258		$	1,273
Loss expenses paid		72			67			74			74			75			65			63			69			149			131			216			197			288			271
Loss and loss expenses paid	$	393		$	398		$	394		$	356		$	404		$	391		$	390		$	359		$	751		$	749		$	1,153		$	1,139		$	1,546		$	1,544
Statutory combined ratio
Loss ratio		40.5	%		49.5	%		59.6	%		48.0	%		40.6	%		61.8	%		77.5	%		55.5	%		54.0	%		66.4	%		52.4	%		64.8	%		49.3	%		58.5	%
Allocated loss expense ratio		3.6			4.0			5.0			6.8			7.7			7.7			8.9			7.0			5.8			8.0			5.2			7.9			4.7			7.9
Unallocated loss expense ratio		5.6			4.5			5.5			6.3			1.8			7.3			4.4			6.7			5.9			5.5			5.4			6.1			5.5			5.0
Net underwriting expense ratio		34.4			33.1			31.7			31.3			33.6			32.6			32.2			32.9			31.5			32.6			32.0			32.6			32.6			32.8
Statutory combined ratio		84.1	%		91.1	%		101.8	%		92.4	%		83.7	%		109.4	%		123.0	%		102.1	%		97.2	%		112.5	%		95.0	%		111.4	%		92.1	%		104.2	%
Contribution from catastrophe losses		3.1			7.5			15.2			6.8			(2.9)			10.7			29.7			4.9			11.2			17.2			9.9			14.9			8.2			10.4
Statutory combined ratio excluding catastrophe losses		81.0	%		83.6	%		86.6	%		85.6	%		86.6	%		98.7	%		93.3	%		97.2	%		86.0	%		95.3	%		85.1	%		96.5	%		83.9	%		93.8	%
Commission expense ratio		20.2	%		18.3	%		17.8	%		17.9	%		18.9	%		18.1	%		17.7	%		18.5	%		17.8	%		18.1	%		18.0	%		18.1	%		18.5	%		18.3	%
Other expense ratio		14.2			14.8			13.9			13.4			14.7			14.5			14.5			14.4			13.7			14.5			14.0			14.5			14.1			14.5
Statutory expense ratio		34.4	%		33.1	%		31.7	%		31.3	%		33.6	%		32.6	%		32.2	%		32.9	%		31.5	%		32.6	%		32.0	%		32.6	%		32.6	%		32.8	%
GAAP combined ratio
GAAP combined ratio		82.9	%		90.2	%		103.5	%		94.2	%		83.9	%		108.0	%		124.2	%		104.3	%		98.9	%		114.2	%		95.9	%		112.0	%		92.5	%		104.8	%
Contribution from catastrophe losses		3.1			7.5			15.2			6.8			(2.9)			10.7			29.7			4.9			11.2			17.2			9.9			14.9			8.2			10.4
GAAP combined ratio excluding catastrophe losses		79.8	%		82.7	%		88.3	%		87.4	%		86.8	%		97.3	%		94.5	%		99.4	%		87.7	%		97.0	%		86.0	%		97.1	%		84.3	%		94.4	%

*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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

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
	12/31/12			9/30/12			6/30/12			3/31/12			12/31/11			9/30/11			6/30/11			3/31/11			6/30/12			6/30/11			9/30/12			9/30/11			12/31/12			12/31/11
Premiums
Agency renewal written premiums	$	203		$	231		$	227		$	175		$	185		$	209		$	205		$	156		$	402		$	361		$	633		$	570		$	836		$	755
Agency new business written premiums		27			31			29			24			22			25			26			22			53			48			84			73			111			95
Other written premiums		(8)			(9)			(6)			(6)			(11)			(12)			(21)			(5)			(12)			(26)			(21)			(38)			(29)			(49)
Reported written premiums – statutory*	$	222		$	253		$	250		$	193		$	196		$	222		$	210		$	173		$	443		$	383		$	696		$	605		$	918		$	801
Unearned premium change		4			(34)			(36)			16			3			(29)			(30)			17			(20)			(13)			(54)			(42)			(50)			(39)
Earned premiums	$	226		$	219		$	214		$	209		$	199		$	193		$	180		$	190		$	423		$	370		$	642		$	563		$	868		$	762
Year over year change %
Agency renewal written premiums		10	%		11	%		11	%		12	%		11	%		11	%		10	%		9	%		11	%		9	%		11	%		10	%		11	%		10	%
Agency new business written premiums		23			24			12			9			(4)			0			8			22			10			14			15			9			17			6
Other written premiums		27			25			71			(20)			(83)			(100)			(200)			17			54			(100)			45			(100)			41			(96)
Reported written premiums – statutory*		13			14			19			12			7			7			3			12			16			7			15			7			15			7
Paid losses and loss expenses
Losses paid	$	133		$	169		$	151		$	130		$	122		$	151		$	229		$	109		$	280		$	338		$	450		$	488		$	583		$	611
Loss expenses paid		22			19			21			15			14			18			18			15			37			33			54			51			76			66
Loss and loss expenses paid	$	155		$	188		$	172		$	145		$	136		$	169		$	247		$	124		$	317		$	371		$	504		$	539		$	659		$	677
Statutory combined ratio
Loss ratio		43.3	%		60.7	%		87.2	%		76.2	%		55.1	%		78.4	%		135.7	%		64.9	%		81.8	%		99.3	%		74.6	%		92.1	%		66.4	%		82.5	%
Allocated loss expense ratio		1.7			1.9			1.9			1.8			1.8			1.9			3.0			2.3			1.8			2.6			1.8			2.4			1.8			2.2
Unallocated loss expense ratio		6.5			6.9			8.8			5.6			16.0			7.0			10.7			6.9			7.2			8.8			7.2			8.2			7.0			10.2
Net underwriting expense ratio		29.2			28.8			26.5			31.2			31.0			27.4			29.0			30.3			28.6			29.5			28.6			28.8			28.8			29.3
Statutory combined ratio		80.7	%		98.3	%		124.4	%		114.8	%		103.9	%		114.7	%		178.4	%		104.4	%		119.4	%		140.2	%		112.2	%		131.5	%		104.0	%		124.2	%
Contribution from catastrophe losses		4.4			10.2			26.6			23.5			(2.7)			16.8			73.4			7.4			25.0			39.4			19.9			31.7			15.9			22.7
Statutory combined ratio excluding catastrophe losses		76.3	%		88.1	%		97.8	%		91.3	%		106.6	%		97.9	%		105.0	%		97.0	%		94.4	%		100.8	%		92.3	%		99.8	%		88.1	%		101.5	%
Commission expense ratio		20.4	%		17.9	%		18.2	%		21.3	%		20.4	%		17.6	%		18.7	%		17.9	%		19.6	%		18.3	%		18.9	%		18.1	%		19.3	%		18.6	%
Other expense ratio		8.8			10.9			8.3			9.9			10.6			9.8			10.3			12.4			9.0			11.2			9.7			10.7			9.5			10.7
Statutory expense ratio		29.2	%		28.8	%		26.5	%		31.2	%		31.0	%		27.4	%		29.0	%		30.3	%		28.6	%		29.5	%		28.6	%		28.8	%		28.8	%		29.3	%
GAAP combined ratio
GAAP combined ratio		80.0	%		105.7	%		126.1	%		110.9	%		99.4	%		119.9	%		179.5	%		101.5	%		118.6	%		139.4	%		114.2	%		132.7	%		105.3	%		124.0	%
Contribution from catastrophe losses		4.4			10.2			26.6			23.5			(2.7)			16.8			73.4			7.4			25.0			39.4			19.9			31.7			15.9			22.7
GAAP combined ratio excluding catastrophe losses		75.6	%		95.5	%		99.5	%		87.4	%		102.1	%		103.1	%		106.1	%		94.1	%		93.6	%		100.0	%		94.3	%		101.0	%		89.4	%		101.3	%

*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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

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
	12/31/12			9/30/12			6/30/12			3/31/12			12/31/11			9/30/11			6/30/11			3/31/11			6/30/12			6/30/11			9/30/12			9/30/11			12/31/12			12/31/11
Premiums
Agency renewal written premiums	$	19		$	19		$	19		$	16		$	13		$	14		$	12		$	10		$	35		$	22		$	54		$	36		$	73		$	49
Agency new business written premiums		9			9			11			9			7			9			10			9			20			19			29			28			38			35
Other written premiums		(1)			(1)			(3)			(1)			(2)			(1)			(1)			(1)			(4)			(2)			(5)			(3)			(6)			(5)
Reported written premiums – statutory*	$	27		$	27		$	27		$	24		$	18		$	22		$	21		$	18		$	51		$	39		$	78		$	61		$	105		$	79
Unearned premium change		(2)			(2)			(5)			(3)			1			(3)			(4)			(3)			(8)			(7)			(10)			(10)			(12)			(9)
Earned premiums	$	25		$	25		$	22		$	21		$	19		$	19		$	17		$	15		$	43		$	32		$	68		$	51		$	93		$	70
Year over year change %
Agency renewal written premiums		46	%		36	%		58	%		60	%		63	%		56	%		100	%		67	%		59	%		83	%		50	%		71	%		49	%		69	%
Agency new business written premiums		29			0			10			0			(13)			(10)			11			13			5			12			4			4			9			0
Other written premiums		50			0			(200)			0			(100)			50			50			0			(100)			33			(67)			40			(20)			17
Reported written premiums – statutory*		50			23			29			33			20			29			62			38			31			50			28			42			33			36
Paid losses and loss expenses
Losses paid	$	5		$	5		$	4		$	3		$	3		$	3		$	4		$	4		$	7		$	8		$	12		$	12		$	17		$	15
Loss expenses paid		2			2			2			1			2			2			1			1			3			2			5			3			7			5
Loss and loss expenses paid	$	7		$	7		$	6		$	4		$	5		$	5		$	5		$	5		$	10		$	10		$	17		$	15		$	24		$	20
Statutory combined ratio
Loss ratio		19.5	%		64.5	%		59.8	%		65.7	%		33.9	%		41.1	%		49.6	%		77.6	%		62.7	%		62.8	%		63.3	%		54.9	%		51.5	%		48.9	%
Allocated loss expense ratio		14.0			11.9			15.1			10.6			5.6			11.2			(12.8)			19.1			12.8			2.2			12.6			5.5			13.0			5.5
Unallocated loss expense ratio		4.7			5.8			3.9			5.3			2.9			9.9			4.7			6.1			4.6			5.3			5.0			7.0			4.9			5.9
Net underwriting expense ratio		32.3			30.9			30.6			31.9			31.8			30.7			31.6			27.6			31.2			29.8			31.1			30.0			31.4			30.5
Statutory combined ratio		70.5	%		113.1	%		109.4	%		113.5	%		74.2	%		92.9	%		73.1	%		130.4	%		111.3	%		100.1	%		112.0	%		97.4	%		100.8	%		90.8	%
Contribution from catastrophe losses		1.2			0.7			3.5			3.7			(0.3)			2.5			4.4			2.8			3.5			3.6			2.5			3.2			2.2			2.2
Statutory combined ratio excluding catastrophe losses		69.3	%		112.4	%		105.9	%		109.8	%		74.5	%		90.4	%		68.7	%		127.6	%		107.8	%		96.5	%		109.5	%		94.2	%		98.6	%		88.6	%
Commission expense ratio		26.4	%		25.4	%		25.3	%		26.5	%		26.0	%		25.1	%		24.5	%		22.2	%		25.8	%		23.5	%		25.7	%		24.1	%		25.9	%		24.5	%
Other expense ratio		5.9			5.5			5.3			5.4			5.8			5.6			7.1			5.4			5.4			6.3			5.4			6.0			5.5			6.0
Statutory expense ratio		32.3	%		30.9	%		30.6	%		31.9	%		31.8	%		30.7	%		31.6	%		27.6	%		31.2	%		29.8	%		31.1	%		30.1	%		31.4	%		30.5	%
GAAP combined ratio
GAAP combined ratio		71.5	%		111.5	%		110.7	%		113.6	%		73.7	%		94.0	%		75.9	%		132.7	%		112.1	%		102.6	%		111.9	%		99.4	%		101.0	%		92.2	%
Contribution from catastrophe losses		1.2			0.7			3.5			3.7			(0.3)			2.5			4.4			2.8			3.5			3.6			2.5			3.2			2.2			2.2
GAAP combined ratio excluding catastrophe losses		70.3	%		110.8	%		107.2	%		109.9	%		74.0	%		91.5	%		71.5	%		129.9	%		108.6	%		99.0	%		109.4	%		96.2	%		98.8	%		90.0	%

*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.

CINF Fourth-Quarter 2012 Supplemental Financial Data

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)	2012			2011			Change			% Change			2012			2011			Change			% Change

Net premiums written	$	58		$	63		$	(5	)		(8	)	$	242		$	300		$	(58	)		(19	)
Net investment income		36			34			2			6			141			138			3			2
Amortization of interest maintenance reserve		1			-			1			nm			2			-			2			nm
Commissions and expense allowances on reinsurance ceded		2			2			-			0			7			7			-			0
Income from fees associated with Separate Accounts		-			-			-			nm			1			2			(1	)		(50	)
Total revenues	$	97		$	99		$	(2	)		(2	)	$	393		$	447		$	(54	)		(12	)

Death benefits and matured endowments	$	15		$	19		$	(4	)		(21	)	$	69		$	66		$	3			5
Annuity benefits		16			14			2			14			52			51			1			2
Disability benefits and benefits under accident and health contracts		1			-			1			nm			2			(1	)		3			nm
Surrender benefits and group conversions		6			6			-			0			23			25			(2	)		(8	)
Interest and adjustments on deposit-type contract funds		3			3			-			0			12			11			1			9
Increase in aggregate reserves for life and accident and health contracts		35			39			(4	)		(10	)		156			215			(59	)		(27	)
Total benefit expenses	$	76		$	81		$	(5	)		(6	)	$	314		$	367		$	(53	)		(14	)

Commissions	$	10		$	10		$	-			0		$	39		$	41		$	(2	)		(5	)
General insurance expenses and taxes		10			10			-			0			41			41			-			0
Increase in loading on deferred and uncollected premiums		2			(1	)		3			nm			(1	)		(6	)		5			83
Net transfers from Separate Accounts		-			(2	)		2			nm			-			(2	)		2			nm
Total operating expenses	$	22		$	17		$	5			29		$	79		$	74		$	5			7

Federal and foreign income tax provision (benefit)		-			(7	)		7			nm			(1	)		6			(7	)		nm

Net income (loss) from operations before realized capital gains	$	(1	)	$	8		$	(9	)		nm		$	1		$	-		$	1			nm

Net realized gains (losses) net of capital gains tax		3			5			(2	)		(40	)		4			(13	)		17			nm

Net income (loss) (statutory)	$	2		$	13		$	(11	)		(85	)	$	5		$	(13	)	$	18			nm

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

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

CINF Fourth-Quarter 2012 Supplemental Financial Data

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