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

Attached files

file	filename
8-K - 8-K - CINCINNATI FINANCIAL CORP	a3q15release8-k.htm
EX-99.1 - EXHIBIT 99.1 - CINCINNATI FINANCIAL CORP	exhibit9913q15.htm

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending September 30, 2015

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com



Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	Betsy E. Ertel	Molly A. Grimm
513-870-2768	513-603-5323	513-870-2697



	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:
The Cincinnati Insurance Company	A+	A+	A1	A+
The Cincinnati Indemnity Company	A+	A+	A1	A+
The Cincinnati Casualty Company	A+	A+	A1	A+
Surplus Lines Subsidiary:
The Cincinnati Specialty Underwriters Insurance Company	A	—	—	—

The Cincinnati Life Insurance Company	A	A+	—	A+

Ratings are as of October 26, 2015, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on 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.

CINF Third-Quarter 2015 Supplemental Financial Data



	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending September 30, 2015

		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3

Consolidated
	Quick Reference	4
	CFC and Subsidiaries Consolidation – Nine Months Ended September 30, 2015	5
	CFC and Subsidiaries Consolidation – Three Months Ended September 30, 2015	6
	CFC Insurance Subsidiaries – Selected Balance Sheet Data	7


Consolidated Property Casualty Insurance Operations
	Statutory Statements of Income	8
	Consolidated Cincinnati Insurance Companies – Losses Incurred Detail	9
	Consolidated Cincinnati Insurance Companies – Loss Ratio Detail	10
	Consolidated Cincinnati Insurance Companies – Loss Claim Count Detail	11
	Direct Written Premiums by Risk State by Line of Business	12
	Quarterly Property Casualty Data – Commercial Lines	13
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	14
	Loss and Loss Expense Analysis – Nine Months Ended September 30, 2015	15
	Loss and Loss Expense Analysis – Three Months Ended September 30, 2015	16

Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	17
	Quarterly Property Casualty Data – Commercial Lines	18
	Quarterly Property Casualty Data – Personal Lines	19
	Quarterly Property Casualty Data – Excess & Surplus Lines	20

Life Insurance Operations
	Statutory Statements of Income	21

CINF Third-Quarter 2015 Supplemental Financial Data

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 Third-Quarter 2015 Supplemental Financial Data



Cincinnati Financial Corporation
Quick Reference					—	Third Quarter 2015
(all data shown is for the three months ended or as of September 30, 2015)

(Dollars in millions except per share data)	9/30/2015		Year over year change %				9/30/2015			Year over year change %
Revenues:						Benefits and expenses:

Commercial lines net written premiums	$	743	6			Commercial lines loss and loss expenses	$	398		(7	)
Personal lines net written premiums	312		6			Personal lines loss and loss expenses	198			12
Excess & surplus lines net written premiums	43		10			Excess & surplus lines loss and loss expenses	17			0
Property casualty net written premiums	1,098		6			Life and health contract holders' benefits incurred	57			(11	)
Life and accident and health net written premiums	53		4			Underwriting, acquisition and insurance expenses	348			9
Annuity net written premiums	9		5			Interest expenses	14			8
Life, annuity and accident and health net written premiums	62		4			Other operating expenses	3			0
Commercial lines net earned premiums	757		5			Total benefits & expenses	1,035			1
Personal lines net earned premiums	277		5			Income before income taxes	243			(6	)
Excess & surplus lines net earned premiums	42		0			Total income tax	69			(9	)
Property casualty net earned premiums	1,076		5
Fee revenue	4		33			Balance Sheet:
Life and accident and health net earned premiums	51		11
Investment income	143		4			Fixed maturity investments	$	9,756
Realized investment gains, net	3		(95	)		Equity securities	4,526
Other revenue	1		(67	)		Other investments	144
Total revenues	1,278		0			Total invested assets	$	14,426

						Loss and loss expense reserves	$	4,700
						Life policy and investment contract reserves	2,564
Income:						Long-term debt and capital lease obligations	826
						Shareholders' equity	6,350
Operating income	$	172	23
Realized investment gains, net	2		(95	)		Key ratios:
Net income	174		(5	)
						Commercial lines GAAP combined ratio	84.0		%
						Personal lines GAAP combined ratio	100.9
						Excess & surplus lines GAAP combined ratio	69.9
						Property casualty GAAP combined ratio	87.8
Per share (diluted):
						Commercial lines STAT combined ratio	84.6		%
Operating income	$	1.04	22			Personal lines STAT combined ratio	98.5
Realized investment gains, net	0.01		(96	)		Excess & surplus lines STAT combined ratio	71.3
Net income	1.05		(5	)		Property casualty STAT combined ratio	87.5
Book value	38.77		(1	)
Weighted average shares outstanding	165.5		0			Value creation ratio	(0.9		)%

CINF Third-Quarter 2015 Supplemental Financial Data



Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Nine Months Ended September 30, 2015

(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	3,287		$	—		$	—	$	—		$	3,287
Life	—			—			200			—		—			200
Premiums ceded	—			(111		)	(44		)	—		—			(155		)
Total earned premium	—			3,176			156			—		—			3,332
Investment income, net of expenses	37			273			112			—		—			422
Realized investment gains, net	9			96			1			—		4			110
Fee revenues	—			6			4			—		—			10
Other revenues	11			1			—			4		(11		)	5
Total revenues	$	57		$	3,552		$	273		$	4	$	(7	)	$	3,879

Benefits & expenses
Losses & contract holders' benefits	$	—		$	1,986		$	214		$	—	$	(1	)	$	2,199
Reinsurance recoveries	—			(30		)	(39		)	—		1			(68		)
Underwriting, acquisition and insurance expenses	—			983			50			—		—			1,033
Interest expense	39			—			—			1		—			40
Other operating expenses	21			—			—			1		(12		)	10
Total expenses	$	60		$	2,939		$	225		$	2	$	(12	)	$	3,214

Income before income taxes	$	(3	)	$	613		$	48		$	2	$	5		$	665

Provision (benefit) for income taxes
Current operating income	$	(9	)	$	154		$	(3	)	$	1	$	(2	)	$	141
Capital gains/losses	3			34			1			—		1			39
Deferred	(4		)	(10		)	19			—		2			7
Total provision (benefit) for income taxes	$	(10	)	$	178		$	17		$	1	$	1		$	187

Operating income	$	1		$	373		$	31		$	1	$	1		$	407

Net income - current year	$	7		$	435		$	31		$	1	$	4		$	478

Net income - prior year	$	15		$	311		$	30		$	2	$	—		$	358
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Third-Quarter 2015 Supplemental Financial Data



Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended September 30, 2015

(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,113		$	—		$	—	$	—		$	1,113
Life	—			—			67			—		—			67
Premiums ceded	—			(37		)	(16		)	—		—			(53		)
Total earned premium	—			1,076			51			—		—			1,127
Investment income, net of expenses	13			92			38			—		—			143
Realized investment gains, net	—			4			(1		)	—		—			3
Fee revenues	—			2			2			—		—			4
Other revenues	4			—			—			1		(4		)	1
Total revenues	$	17		$	1,174		$	90		$	1	$	(4	)	$	1,278

Benefits & expenses
Losses & contract holders' benefits	$	—		$	620		$	70		$	—	$	(1	)	$	689
Reinsurance recoveries	—			(7		)	(13		)	—		1			(19		)
Underwriting, acquisition and insurance expenses	—			332			16			—		—			348
Interest expense	13			—			—			1		—			14
Other operating expenses	7			—			—			—		(4		)	3
Total expenses	$	20		$	945		$	73		$	1	$	(4	)	$	1,035

Income before income taxes	$	(3	)	$	229		$	17		$	—	$	—		$	243

Provision (benefit) for income taxes
Current operating income	$	(5	)	$	69		$	—		$	—	$	(1	)	$	63
Capital gains/losses	—			1			—			—		—			1
Deferred	1			(2		)	6			—		—			5
Total provision (benefit) for income taxes	$	(4	)	$	68		$	6		$	—	$	(1	)	$	69

Operating income	$	1		$	158		$	12		$	—	$	1		$	172

Net income - current year	$	1		$	161		$	11		$	—	$	1		$	174

Net income (loss) - prior year	$	12		$	163		$	8		$	1	$	(1	)	$	183
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.

CINF Third-Quarter 2015 Supplemental Financial Data



Cincinnati Financial Corporation Insurance Subsidiaries
Selected Balance Sheet Data

(Dollars in millions)
	12/31/2015	9/30/2015		6/30/2015		3/31/2015		12/31/2014		9/30/2014		6/30/2014		3/31/2014
Cincinnati Insurance Consolidated
Fixed maturities (fair value)		$	6,472	$	6,435	$	6,325	$	6,260	$	6,344	$	6,215	$	6,111
Equities (fair value)		2,961		3,108		3,108		3,195		3,121		3,094		3,022
Fixed maturities - pretax net unrealized gain		283		280		387		366		379		414		361
Equities - pretax net unrealized gain		1,063		1,297		1,397		1,478		1,387		1,434		1,349
Loss and loss expense reserves - STAT		4,366		4,357		4,302		4,158		4,112		4,129		4,037
Equity - GAAP		5,397		5,485		5,593		5,594		5,480		5,481		5,384
Surplus - STAT		4,324		4,419		4,436		4,472		4,364		4,332		4,308

The Cincinnati Life Insurance Company
Fixed maturities (fair value)		$	3,221	$	3,176	$	3,199	$	3,126	$	3,102	$	3,091	$	2,989
Equities (fair value)		9		8		9		9		8		8		14
Fixed maturities - pretax net unrealized gain		133		151		220		197		195		225		186
Equities - pretax net unrealized gain		4		3		4		3		3		3		6
Equity - GAAP		897		896		927		904		893		901		867
Surplus - STAT		215		217		219		223		228		224		232

CINF Third-Quarter 2015 Supplemental Financial Data



Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended September 30,									For the Nine Months Ended September 30,
(Dollars in millions)	2015		2014		Change			% Change		2015		2014		Change			% Change
Underwriting income
Net premiums written	$	1,098	$	1,037	$	61		6		$	3,306	$	3,156	$	150		5
Unearned premiums increase	22		12		10			83		130		146		(16		)	(11	)
Earned premiums	$	1,076	$	1,025	$	51		5		$	3,176	$	3,010	$	166		6

Losses incurred	$	504	$	512	$	(8	)	(2	)	$	1,629	$	1,690	$	(61	)	(4	)
Allocated loss expenses incurred	53		52		1			2		152		142		10			7
Unallocated loss expenses incurred	56		58		(2		)	(3	)	175		173		2			1
Other underwriting expenses incurred	332		313		19			6		975		924		51			6
Workers compensation dividend incurred	4		4		—			—		11		12		(1		)	(8	)

Total underwriting deductions	$	949	$	939	$	10		1		$	2,942	$	2,941	$	1		—
Net underwriting profit	$	127	$	86	$	41		48		$	234	$	69	$	165		239

Investment income
Gross investment income earned	$	95	$	92	$	3		3		$	282	$	276	$	6		2
Net investment income earned	93		91		2			2		277		272		5			2
Net realized capital gains	3		30		(27		)	(90	)	63		58		5			9
Net investment gains (net of tax)	$	96	$	121	$	(25	)	(21	)	$	340	$	330	$	10		3

Other income	$	2	$	2	$	—		—		$	5	$	5	$	—		—

Net income before federal income taxes	$	225	$	209	$	16		8		$	579	$	404	$	175		43
Federal and foreign income taxes incurred	$	67	$	49	$	18		37		$	151	$	89	$	62		70
Net income (statutory)	$	158	$	160	$	(2	)	(1	)	$	428	$	315	$	113		36
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. 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 Third-Quarter 2015 Supplemental Financial Data



Consolidated Cincinnati Insurance Companies
Losses Incurred Detail
(Dollars in millions)	Three months ended																					Six months ended					Nine months ended					Twelve months ended
	12/31/15	9/30/15			6/30/15			3/31/15		12/31/14			9/30/14			6/30/14			3/31/14			6/30/15		6/30/14			9/30/15		9/30/14			12/31/15	12/31/14
Consolidated
Current accident year losses greater than $5,000,000		$	8		$	5		$	12	$	12		$	7		$	11		$	—		$	17	$	12		$	25	$	19			$	30
Current accident year losses $1,000,000-$5,000,000		43			24			37		46			51			52			23			61		74			104		125				172
Large loss prior accident year reserve development		19			(4		)	15		(14		)	(6		)	17			10			11		27			30		21				7
Total large losses incurred		$	70		$	25		$	64	$	44		$	52		$	80		$	33		$	89	$	113		$	159	$	165			$	209
Losses incurred but not reported		(31		)	38			43		112			17			(17		)	21			81		5			50		22				133
Other losses excluding catastrophe losses		441			417			418		365			432			436			427			835		863			1,276		1,295				1,660
Catastrophe losses		24			78			42		(13		)	11			112			86			120		197			144		208				197
Total losses incurred		$	504		$	558		$	567	$	508		$	512		$	611		$	567		$	1,125	$	1,178		$	1,629	$	1,690			$	2,199
Commercial Lines
Current accident year losses greater than $5,000,000		$	8		$	5		$	12	$	12		$	7		$	11		$	—		$	17	$	12		$	25	$	19			$	30
Current accident year losses $1,000,000-$5,000,000		26			14			24		39			45			47			18			38		64			64		109				149
Large loss prior accident year reserve development		17			(4		)	15		(11		)	(7		)	15			10			11		25			28		18				7
Total large losses incurred		$	51		$	15		$	51	$	40		$	45		$	73		$	28		$	66	$	101		$	117	$	146			$	186
Losses incurred but not reported		(17		)	17			31		95			8			(35		)	22			48		(12		)	31		(4		)		90
Other losses excluding catastrophe losses		277			274			272		240			282			292			282			546		574			823		856				1,096
Catastrophe losses		9			43			29		(10		)	7			59			58			72		116			81		123				114
Total losses incurred		$	320		$	349		$	383	$	365		$	342		$	389		$	390		$	732	$	779		$	1,052	$	1,121			$	1,486
Personal Lines
Current accident year losses greater than $5,000,000		$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—	$	—		$	—	$	—			$	—
Current accident year losses $1,000,000-$5,000,000		15			10			12		6			6			4			4			22		8			37		14				20
Large loss prior accident year reserve development		—			—			—		(3		)	2			2			—			—		2			—		4				1
Total large losses incurred		$	15		$	10		$	12	$	3		$	8		$	6		$	4		$	22	$	10		$	37	$	18			$	21
Losses incurred but not reported		(12		)	14			7		12			3			9			(5		)	21		4			9		7				19
Other losses excluding catastrophe losses		155			136			134		119			144			138			138			270		276			425		420				539
Catastrophe losses		15			34			13		(4		)	4			52			27			47		79			62		83				79
Total losses incurred		$	173		$	194		$	166	$	130		$	159		$	205		$	164		$	360	$	369		$	533	$	528			$	658
Excess & Surplus Lines
Current accident year losses greater than $5,000,000		$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—	$	—		$	—	$	—			$	—
Current accident year losses $1,000,000-$5,000,000		2			—			1		1			—			1			1			1		2			3		2				3
Large loss prior accident year reserve development		2			—			—		—			(1		)	—			—			—		—			2		(1		)		(1		)
Total large losses incurred		$	4		$	—		$	1	$	1		$	(1	)	$	1		$	1		$	1	$	2		$	5	$	1			$	2
Losses incurred but not reported		(2		)	7			5		5			6			9			4			12		13			10		19				24
Other losses excluding catastrophe losses		9			7			12		6			6			6			7			19		13			28		19				25
Catastrophe losses		—			1			—		1			—			1			1			1		2			1		2				4
Total losses incurred		$	11		$	15		$	18	$	13		$	11		$	17		$	13		$	33	$	30		$	44	$	41			$	55

*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.

CINF Third-Quarter 2015 Supplemental Financial Data



Consolidated Cincinnati Insurance Companies
Loss Ratio Detail
	Three months ended															Six months ended				Nine months ended				Twelve months ended
	12/31/15	9/30/15		6/30/15		3/31/15		12/31/14		9/30/14		6/30/14		3/31/14		6/30/15		6/30/14		9/30/15		9/30/14		12/31/15	12/31/14
Consolidated
Current accident year losses greater than $5,000,000		0.7	%	0.5	%	1.0	%	1.0	%	0.7	%	1.1	%	—	%	0.8	%	0.6	%	0.8	%	0.6	%		0.7	%
Current accident year losses $1,000,000-$5,000,000		4.1		2.1		3.6		4.7		4.8		5.0		2.3		2.9		3.8		3.3		4.2			4.3
Large loss prior accident year reserve development		1.7		(0.3	)	1.4		(1.4	)	(0.5	)	1.7		1.1		0.5		1.4		0.9		0.7			0.2
Total large loss ratio		6.5	%	2.3	%	6.0	%	4.3	%	5.0	%	7.8	%	3.4	%	4.2	%	5.8	%	5.0	%	5.5	%		5.2	%
Losses incurred but not reported		(2.9	)	3.6		4.2		10.7		1.7		(1.6	)	2.2		3.9		0.2		1.6		0.8			3.3
Other losses excluding catastrophe losses		40.9		39.6		40.1		35.2		42.3		43.4		43.6		39.8		43.5		40.2		43.0			41.0
Catastrophe losses		2.3		7.3		4.1		(1.1	)	1.0		11.1		8.7		5.7		9.9		4.5		6.9			4.9
Total loss ratio		46.8	%	52.8	%	54.4	%	49.1	%	50.0	%	60.7	%	57.9	%	53.6	%	59.4	%	51.3	%	56.2	%		54.4	%
Commercial Lines
Current accident year losses greater than $5,000,000		1.0	%	0.7	%	1.6	%	1.5	%	1.0	%	1.6	%	—	%	1.2	%	0.8	%	1.1	%	0.9	%		1.0	%
Current accident year losses $1,000,000-$5,000,000		3.7		1.7		3.3		5.6		5.9		6.5		2.6		2.6		4.6		2.9		5.1			5.2
Large loss prior accident year reserve development		2.3		(0.5	)	2.0		(1.5	)	(0.9	)	2.1		1.4		0.7		1.8		1.3		0.9			0.3
Total large loss ratio		7.0	%	1.9	%	6.9	%	5.6	%	6.0	%	10.2	%	4.0	%	4.5	%	7.2	%	5.3	%	6.9	%		6.5	%
Losses incurred but not reported		(2.4	)	2.2		4.3		12.8		1.1		(4.8	)	3.2		3.2		(0.9	)	1.3		(0.2	)		3.1
Other losses excluding catastrophe losses		36.3		37.0		37.1		32.6		39.6		41.0		40.6		37.0		40.8		36.8		40.2			38.4
Catastrophe losses		1.3		5.8		4.0		(1.1	)	0.8		8.3		8.3		4.9		8.3		3.7		5.8			4.0
Total loss ratio		42.2	%	46.9	%	52.3	%	49.9	%	47.5	%	54.7	%	56.1	%	49.6	%	55.4	%	47.1	%	52.7	%		52.0	%
Personal Lines
Current accident year losses greater than $5,000,000		—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%		—	%
Current accident year losses $1,000,000-$5,000,000		5.2		3.5		4.5		2.2		2.5		1.7		1.4		4.1		1.5		4.5		1.8			1.9
Large loss prior accident year reserve development		(0.2	)	0.1		—		(1.1	)	0.8		0.6		0.3		—		0.5		—		0.7			0.1
Total large loss ratio		5.0	%	3.6	%	4.5	%	1.1	%	3.3	%	2.3	%	1.7	%	4.1	%	2.0	%	4.5	%	2.5	%		2.0	%
Losses incurred but not reported		(4.2	)	5.1		2.7		4.5		1.3		3.5		(2.0	)	3.9		0.8		1.1		0.9			1.8
Other losses excluding catastrophe losses		56.3		50.0		49.9		44.8		54.1		53.6		54.5		49.8		54.0		52.0		54.1			51.9
Catastrophe losses		5.4		12.5		4.9		(1.5	)	1.7		20.0		10.6		8.7		15.4		7.6		10.7			7.6
Total loss ratio		62.5	%	71.2	%	62.0	%	48.9	%	60.4	%	79.4	%	64.8	%	66.5	%	72.2	%	65.2	%	68.2	%		63.3	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000		—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%		—	%
Current accident year losses $1,000,000-$5,000,000		4.8		—		2.5		3.3		—		3.1		3.2		1.2		3.1		2.5		1.9			2.3
Large loss prior accident year reserve development		5.0		—		—		(1.8	)	(1.3	)	—		(0.3	)	—		(0.1	)	1.7		(0.5	)		(0.9	)
Total large loss ratio		9.8	%	—	%	2.5	%	1.5	%	(1.3	)%	3.1	%	2.9	%	1.2	%	3.0	%	4.2	%	1.4	%		1.4	%
Losses incurred but not reported		(4.4	)	18.3		11.8		12.4		14.6		25.7		13.1		15.1		19.6		8.4		17.7			16.4
Other losses excluding catastrophe losses		21.2		17.5		29.9		17.7		15.3		15.1		21.6		23.5		18.3		22.7		17.1			17.2
Catastrophe losses		0.3		0.4		0.8		2.9		(0.7	)	2.7		3.0		0.6		2.8		0.5		1.4			1.8
Total loss ratio		26.9	%	36.2	%	45.0	%	34.5	%	27.9	%	46.6	%	40.6	%	40.4	%	43.7	%	35.8	%	37.6	%		36.8	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

CINF Third-Quarter 2015 Supplemental Financial Data



Consolidated Cincinnati Insurance Companies
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/15	9/30/15	6/30/15	3/31/15	12/31/14	9/30/14	6/30/14	3/31/14	6/30/15	6/30/14	9/30/15	9/30/14	12/31/15	12/31/14
Consolidated
Current accident year reported losses greater than $5,000,000		1	1	2	2	1	2	—	3	2	4	3		5
Current accident year reported losses $1,000,000 - $5,000,000		28	14	27	31	31	34	15	42	52	74	83		120
Prior accident year reported losses on large losses		6	9	15	4	13	10	8	27	18	35	26		32
Non-Catastrophe reported losses on large losses total		35	24	44	37	45	46	23	72	72	113	112		157
Commercial Lines
Current accident year reported losses greater than $5,000,000		1	1	2	2	1	2	—	3	2	4	3		5
Current accident year reported losses $1,000,000 - $5,000,000		17	9	18	27	24	30	11	26	43	46	68		99
Prior accident year reported losses on large losses		5	9	14	3	11	9	7	26	17	32	23		28
Non-Catastrophe reported losses on large losses total		23	19	34	32	36	41	18	55	62	82	94		132
Personal Lines
Current accident year reported losses greater than $5,000,000		—	—	—	—	—	—	—	—	—	—	—		—
Current accident year reported losses $1,000,000 - $5,000,000		9	5	8	3	6	3	3	15	7	25	13		18
Prior accident year reported losses on large losses		—	—	1	—	2	1	1	1	1	1	3		3
Non-Catastrophe reported losses on large losses total		9	5	9	3	8	4	4	16	8	26	16		21
Excess & Surplus Lines
Current accident year reported losses greater than $5,000,000		—	—	—	—	—	—	—	—	—	—	—		—
Current accident year reported losses $1,000,000 - $5,000,000		2	—	1	1	1	1	1	1	2	3	2		3
Prior accident year reported losses on large losses		1	—	—	1	—	—	—	—	—	2	—		1
Non-Catastrophe reported losses on large losses total		3	—	1	2	1	1	1	1	2	5	2		4
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Third-Quarter 2015 Supplemental Financial Data



Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Nine Months Ended September 30, 2015
	Commercial Lines										Personal Lines						E & S		Consolidated				Comm'l Change %		Personal Change %		E & S Change %		Consol Change %
Risk State	Comm Casualty		Comm Property		Comm Auto		Workers' Comp		Other Comm		Personal Auto		Home Owner		Other Personal		All Lines		2015		2014
																			Total		Total

OH	$	116.7	$	98.5	$	59.4	$	—	$	27.4	$	100.6	$	86.3	$	27.3	$	10.6	$	526.8	$	519.6	3.2		(1.0	)	7.9		1.6
IL	50.0		42.5		22.4		39.3		11.1		24.9		23.8		6.7		9.5		230.2		231.7		(1.7	)	(0.2	)	15.3		(0.7	)
IN	43.0		40.9		24.3		23.6		10.0		26.5		28.5		6.6		8.6		212.0		206.0		3.8		(1.0	)	6.0		2.4
PA	47.7		35.2		30.1		37.0		9.4		10.3		8.3		3.1		6.1		187.2		184.4		0.4		4.8		24.0		1.5
GA	29.6		30.6		20.9		10.1		10.2		31.7		33.4		8.3		7.6		182.4		173.4		4.1		5.8		12.6		5.1
MI	35.2		28.3		18.1		15.1		8.8		35.4		25.0		4.1		5.6		175.6		164.6		0.8		17.2		15.4		6.7
NC	34.7		38.4		17.8		14.4		11.0		26.0		21.5		6.1		5.2		175.1		164.7		2.4		15.5		8.9		6.3
TN	29.2		29.7		17.3		8.6		8.7		15.1		17.4		4.5		3.5		134.0		127.1		3.9		8.9		9.5		5.4
KY	21.1		26.1		14.9		2.5		4.9		21.7		20.8		4.9		4.2		121.1		117.7		2.5		2.8		10.4		2.9
AL	20.0		24.7		9.6		0.7		7.0		16.2		26.4		5.3		5.9		115.8		114.1		(0.4	)	3.5		6.2		1.5
VA	26.1		22.7		16.2		14.0		8.4		9.2		8.1		2.6		4.0		111.3		110.7		(0.5	)	6.3		(1.8	)	0.6
MN	24.8		19.1		9.0		9.8		4.3		14.3		14.8		4.4		3.9		104.4		94.7		10.7		8.0		18.2		10.1
WI	23.7		19.6		11.3		22.6		5.5		7.0		7.3		2.9		2.4		102.3		104.0		(1.9	)	0.9		(10.4	)	(1.6	)
TX	36.5		21.7		21.9		0.9		4.0		—		—		—		13.0		98.0		93.6		3.6		228.3		12.3		4.7
MO	23.2		24.7		12.3		11.2		5.2		5.3		7.2		1.5		5.0		95.6		91.2		4.3		6.7		7.4		4.8
IA	14.2		15.3		6.2		13.4		4.9		3.9		4.4		1.3		1.9		65.5		68.2		(5.0	)	(0.5	)	8.8		(4.0	)
MD	16.2		9.6		12.3		9.8		3.2		6.1		4.8		1.4		1.8		65.2		60.9		3.1		29.8		0.8		7.2
NY	24.6		13.0		8.9		2.3		3.0		3.5		1.8		0.5		2.0		59.6		55.6		4.9		39.3		2.0		7.4
AR	8.7		15.8		5.6		1.9		4.1		7.4		8.3		1.9		2.2		55.9		52.1		5.1		14.8		(1.9	)	7.7
FL	19.6		12.7		7.1		0.9		2.4		3.3		1.0		0.5		4.9		52.4		55.2		6.0		(55.6	)	28.1		(4.6	)
SC	10.1		9.4		6.3		2.3		3.2		7.4		5.2		1.3		2.3		47.5		43.3		2.5		24.7		34.6		9.4
UT	14.9		7.5		8.9		0.4		2.8		6.4		3.4		0.8		2.3		47.4		42.9		9.2		11.6		37.9		10.9
AZ	12.8		7.6		8.9		4.3		2.3		4.4		3.1		1.2		2.2		46.8		45.0		(1.9	)	27.4		35.6		4.0
KS	8.8		11.2		4.7		5.4		2.7		3.8		5.7		1.1		1.1		44.5		43.3		3.5		(2.3	)	53.2		2.9
CO	13.2		7.6		8.8		0.6		1.7		—		0.3		—		4.8		37.0		32.8		10.4		18.4		34.6		13.1
MT	13.6		8.0		7.2		0.1		1.3		2.2		2.4		0.6		0.7		36.1		31.7		14.8		6.9		16.1		13.6
NE	8.0		8.3		4.4		8.0		1.9		0.6		0.9		0.2		1.4		33.7		30.5		13.0		0.4		(3.7	)	11.5
ID	10.5		6.6		5.8		0.2		1.6		2.6		1.8		0.5		1.2		30.8		27.9		9.8		13.9		10.8		10.5
OR	8.9		5.3		5.5		0.1		1.5		2.0		1.0		0.3		3.6		28.2		20.9		32.0		91.3		26.0		36.1
WV	8.6		7.2		5.4		1.3		1.1		—		0.4		0.1		2.4		26.5		25.5		3.8		(9.3	)	9.2		4.0
VT	3.6		3.9		2.2		4.4		1.7		1.1		1.2		0.3		0.7		19.1		19.2		(1.1	)	3.5		2.0		(0.4	)
ND	6.2		4.7		3.2		—		1.2		0.6		0.7		0.2		0.3		17.1		17.8		(4.7	)	(1.3	)	(21.2	)	(4.7	)
WA	6.0		3.5		3.9		—		1.3		—		—		—		1.4		16.1		14.6		9.1		(200.7	)	23.0		10.2
NM	6.1		3.3		3.6		0.9		1.3		—		—		—		0.7		15.9		11.9		35.2		13.3		(6.1	)	32.7
NH	3.1		2.7		1.6		2.3		0.7		1.4		1.3		0.4		0.5		14.0		13.8		2.4		(0.1	)	(0.8	)	1.7
CT	3.3		3.1		2.2		1.0		0.6		1.0		0.8		0.3		0.6		12.9		8.9		24.2		400.7		75.8		44.7
DE	4.1		2.6		2.6		2.2		0.8		—		—		—		0.4		12.7		10.4		20.9		(84.6	)	53.3		21.6
SD	2.4		2.7		1.4		2.1		0.9		—		—		—		0.5		10.0		11.1		(10.7	)	(90.2	)	(5.6	)	(10.5	)
WY	1.8		1.8		0.9		—		0.4		—		—		—		0.7		5.6		4.7		16.2		6.9		20.6		16.6
All Other	3.6		1.8		2.9		5.2		1.7		—		—		—		0.8		16.0		16.4		0.6		132.1		43.2		(3.1	)
Total	$	794.4	$	677.9	$	436.0	$	278.9	$	184.2	$	401.9	$	377.3	$	101.2	$	136.5	$	3,388.3	$	3,262.1	3.1		4.8		12.8		3.9
Other Direct	—		1.6		3.2		5.3		—		8.0		0.1		—		—		18.2		18.2		(3.2	)	6.9		nm		1.0
Total Direct	$	794.4	$	679.5	$	439.2	$	284.2	$	184.2	$	409.9	$	377.4	$	101.2	$	136.5	$	3,406.5	$	3,280.3	3.1		4.8		12.8		3.9
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. nm - Not meaningful

CINF Third-Quarter 2015 Supplemental Financial Data



Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/15	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15			9/30/14			12/31/15	12/31/14
Commercial casualty:
Written premiums		$	247		$	274		$	266		$	234		$	228		$	249		$	258		$	540		$	507		$	787		$	735			$	969
Earned premiums		257			252			244			243			237			234			224			496			458			753			695				938
Current accident year before catastrophe losses		53.6		%	59.6		%	59.2		%	59.2		%	60.2		%	61.7		%	56.3		%	59.4		%	59.1		%	57.4		%	59.4		%		59.4		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(6.2		)	(9.1		)	1.1			12.1			(3.6		)	(10.5		)	3.6			(4.1		)	(3.6		)	(4.8		)	(3.6		)		0.5
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		47.4		%	50.5		%	60.3		%	71.3		%	56.6		%	51.2		%	59.9		%	55.3		%	55.5		%	52.6		%	55.8		%		59.9		%
Commercial property:
Written premiums		$	218		$	218		$	206		$	192		$	194		$	197		$	193		$	424		$	390		$	642		$	584			$	776
Earned premiums		205			201			196			191			186			180			171			399			351			604			537				728
Current accident year before catastrophe losses		47.0		%	42.1		%	53.6		%	45.7		%	54.3		%	50.8		%	53.4		%	47.8		%	52.1		%	47.5		%	52.9		%		51.0		%
Current accident year catastrophe losses		5.2			19.6			16.7			0.5			5.2			25.8			27.7			18.2			26.7			13.8			19.3				14.3
Prior accident years before catastrophe losses		(0.2		)	(2.0		)	(1.9		)	1.8			(3.1		)	(9.8		)	(0.6		)	(2.0		)	(5.3		)	(1.4		)	(4.6		)		(2.9		)
Prior accident years catastrophe losses		0.3			0.1			(3.8		)	(2.7		)	(1.3		)	(2.3		)	(0.9		)	(1.8		)	(1.6		)	(1.1		)	(1.5		)		(1.8		)
Total loss and loss expense ratio		52.3		%	59.8		%	64.6		%	45.3		%	55.1		%	64.5		%	79.6		%	62.2		%	71.9		%	58.8		%	66.1		%		60.6		%
Commercial auto:
Written premiums		$	137		$	149		$	149		$	131		$	128		$	144		$	145		$	298		$	289		$	435		$	417			$	548
Earned premiums		141			139			136			137			133			132			126			275			258			416			391				528
Current accident year before catastrophe losses		71.4		%	75.8		%	72.3		%	65.6		%	69.1		%	72.1		%	68.0		%	74.1		%	70.0		%	73.1		%	69.8		%		68.7		%
Current accident year catastrophe losses		—			1.3			—			(0.1		)	(0.6		)	4.1			—			0.7			2.1			0.5			1.2				0.9
Prior accident years before catastrophe losses		3.2			8.3			8.6			11.2			9.3			9.0			(0.2		)	8.4			4.5			6.6			6.1				7.4
Prior accident years catastrophe losses		(0.1		)	(0.2		)	(0.1		)	—			—			—			(0.2		)	(0.2		)	(0.1		)	(0.1		)	(0.1		)		(0.1		)
Total loss and loss expense ratio		74.5		%	85.2		%	80.8		%	76.7		%	77.8		%	85.2		%	67.6		%	83.0		%	76.5		%	80.1		%	77.0		%		76.9		%
Workers' compensation:
Written premiums		$	83		$	89		$	104		$	81		$	86		$	92		$	106		$	193		$	198		$	276		$	284			$	365
Earned premiums		93			90			93			90			93			95			92			183			187			276			280				370
Current accident year before catastrophe losses		71.1		%	77.6		%	71.5		%	75.9		%	75.0		%	83.2		%	76.8		%	74.5		%	80.0		%	73.4		%	78.4		%		77.8		%
Current accident year catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Prior accident years before catastrophe losses		(26.4		)	(44.8		)	(16.1		)	(7.5		)	(16.1		)	(21.2		)	(10.3		)	(30.3		)	(15.8		)	(29.0		)	(15.9		)		(13.9		)
Prior accident years catastrophe losses		—			—			—			—			—			—			—			—			—			—			—				—
Total loss and loss expense ratio		44.7		%	32.8		%	55.4		%	68.4		%	58.9		%	62.0		%	66.5		%	44.2		%	64.2		%	44.4		%	62.5		%		63.9		%
Other commercial:
Written premiums		$	60		$	55		$	58		$	61		$	68		$	66		$	69		$	113		$	135		$	173		$	203			$	264
Earned premiums		61			61			64			69			71			73			79			125			152			186			223				292
Current accident year before catastrophe losses		45.9		%	42.7		%	54.4		%	58.5		%	50.2		%	59.6		%	46.7		%	48.6		%	52.9		%	47.7		%	52.0		%		53.4		%
Current accident year catastrophe losses		1.2			3.4			9.7			(2.7		)	2.0			17.8			17.9			6.6			17.9			4.9			12.8				9.2
Prior accident years before catastrophe losses		(9.8		)	(13.6		)	(0.2		)	(13.8		)	(5.6		)	(4.2		)	3.5			(6.7		)	(0.2		)	(7.7		)	(1.9		)		(4.8		)
Prior accident years catastrophe losses		(2.1		)	1.2			(2.6		)	(1.2		)	(0.8		)	0.8			(1.3		)	(0.7		)	(0.3		)	(1.2		)	(0.5		)		(0.7		)
Total loss and loss expense ratio		35.2		%	33.7		%	61.3		%	40.8		%	45.8		%	74.0		%	66.8		%	47.8		%	70.3		%	43.7		%	62.4		%		57.1		%
*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 Third-Quarter 2015 Supplemental Financial Data



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/15	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15			9/30/14			12/31/15	12/31/14
Personal auto:
Written premiums		$	144		$	142		$	114		$	114		$	135		$	133		$	107		$	256		$	240		$	400		$	375			$	489
Earned premiums		128			125			123			122			121			117			116			248			233			376			354				476
Current accident year before catastrophe losses		74.5		%	79.7		%	81.6		%	70.2		%	73.9		%	80.5		%	79.5		%	80.8		%	80.1		%	78.6		%	77.9		%		76.0		%
Current accident year catastrophe losses		0.6			2.3			0.2			(1.2		)	1.1			4.9			0.5			1.2			2.7			1.0			2.2				1.3
Prior accident years before catastrophe losses		1.2			5.8			3.0			2.8			2.0			(1.7		)	(3.4		)	4.4			(2.6		)	3.3			(1.0		)		—
Prior accident years catastrophe losses		(0.1		)	(0.1		)	(0.2		)	—			—			(0.2		)	(0.4		)	(0.3		)	(0.3		)	(0.2		)	(0.2		)		(0.2		)
Total loss and loss expense ratio		76.2		%	87.7		%	84.6		%	71.8		%	77.0		%	83.5		%	76.2		%	86.1		%	79.9		%	82.7		%	78.9		%		77.1		%
Homeowner:
Written premiums		$	132		$	132		$	98		$	107		$	123		$	128		$	98		$	230		$	226		$	362		$	349			$	456
Earned premiums		117			114			114			113			110			111			109			228			220			345			330				443
Current accident year before catastrophe losses		52.8		%	52.9		%	55.5		%	44.3		%	51.1		%	59.5		%	61.3		%	54.1		%	60.4		%	53.7		%	57.4		%		54.0		%
Current accident year catastrophe losses		12.6			25.6			12.3			(0.9		)	4.8			41.5			28.3			19.0			35.0			16.8			25.0				18.3
Prior accident years before catastrophe losses		(1.0		)	(2.4		)	(5.1		)	(0.2		)	(0.7		)	3.6			(6.5		)	(3.7		)	(1.4		)	(2.8		)	(1.2		)		(0.9		)
Prior accident years catastrophe losses		(0.1		)	(0.3		)	(1.2		)	(1.2		)	(1.2		)	(0.9		)	(5.4		)	(0.7		)	(3.2		)	(0.5		)	(2.6		)		(2.2		)
Total loss and loss expense ratio		64.3		%	75.8		%	61.5		%	42.0		%	54.0		%	103.7		%	77.7		%	68.7		%	90.8		%	67.2		%	78.6		%		69.2		%
Other personal:
Written premiums		$	36		$	35		$	29		$	28		$	36		$	33		$	26		$	64		$	59		$	100		$	95			$	123
Earned premiums		32			33			31			31			32			30			29			64			59			96			91				122
Current accident year before catastrophe losses		70.1		%	58.2		%	49.6		%	44.3		%	59.3		%	42.3		%	46.5		%	53.9		%	44.3		%	59.4		%	49.6		%		48.3		%
Current accident year catastrophe losses		1.2			8.4			2.8			0.5			0.4			7.9			7.8			5.6			7.8			4.1			5.2				4.0
Prior accident years before catastrophe losses		7.6			(4.9		)	1.1			(1.3		)	17.3			(5.4		)	(1.9		)	(1.9		)	(3.6		)	1.3			3.8				2.5
Prior accident years catastrophe losses		(0.1		)	0.0			(0.8		)	(0.1		)	(0.4		)	(0.5		)	0.2			(0.4		)	(0.1		)	(0.3		)	(0.2		)		(0.2		)
Total loss and loss expense ratio		78.8		%	61.7		%	52.7		%	43.4		%	76.6		%	44.3		%	52.6		%	57.2		%	48.4		%	64.5		%	58.4		%		54.6		%

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/15	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15			9/30/14			12/31/15	12/31/14
Excess & Surplus:
Written premiums		$	43		$	46		$	42		$	39		$	39		$	40		$	35		$	88		$	75		$	131		$	114			$	153
Earned premiums		42			42			40			39			42			34			33			82			67			124			109				148
Current accident year before catastrophe losses		56.9		%	69.3		%	72.1		%	62.1		%	57.8		%	75.4		%	80.6		%	70.7		%	77.9		%	65.9		%	70.2		%		68.1		%
Current accident year catastrophe losses		0.3			0.6			1.2			2.9			(0.7		)	2.3			3.0			0.9			2.6			0.7			1.4				1.8
Prior accident years before catastrophe losses		(15.4		)	(20.2		)	(13.6		)	(16.1		)	(15.4		)	(21.3		)	(27.1		)	(17.0		)	(24.1		)	(16.4		)	(20.8		)		(19.6		)
Prior accident years catastrophe losses		0.1			(0.1		)	(0.3		)	0.1			0.1			0.6			0.1			(0.2		)	0.4			(0.1		)	0.2				0.2
Total loss and loss expense ratio		41.9		%	49.6		%	59.4		%	49.0		%	41.8		%	57.0		%	56.6		%	54.4		%	56.8		%	50.1		%	51.0		%		50.5		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently

CINF Third-Quarter 2015 Supplemental Financial Data



Cincinnati Insurance Companies Consolidated
Loss and Loss Expense Analysis

(Dollars in millions)								Change in			Change in			Change in			Total									Loss
	Paid			Paid loss		Total		case			IBNR			loss expense			change in			Case			IBNR			expense		Total
	losses			expense		paid		reserves			reserves			reserves			reserves			incurred			incurred			incurred		incurred
Gross loss and loss expense incurred for the nine months ended September 30, 2015
Commercial casualty	$	182		$	103	$	285	$	82		$	16		$	13		$	111		$	264		$	16		$	116	$	396
Commercial property	317			27		344		22			2			—			24			339			2			27		368
Commercial auto	241			40		281		27			14			14			55			268			14			54		336
Workers' compensation	135			27		162		(16		)	(10		)	(3		)	(29		)	119			(10		)	24		133
Other commercial	96			16		112		(35		)	2			1			(32		)	61			2			17		80
Total commercial lines	971			213		1,184		80			24			25			129			1,051			24			238		1,313

Personal auto	238			42		280		8			20			9			37			246			20			51		317
Homeowners	204			19		223		18			(10		)	—			8			222			(10		)	19		231
Other personal	46			3		49		8			6			(1		)	13			54			6			2		62
Total personal lines	488			64		552		34			16			8			58			522			16			72		610

Commercial casualty & property	21			12		33		12			10			6			28			33			10			18		61
Total excess & surplus lines	21			12		33		12			10			6			28			33			10			18		61
Total property casualty	$	1,480		$	289	$	1,769	$	126		$	50		$	39		$	215		$	1,606		$	50		$	328	$	1,984

Ceded loss and loss expense incurred for the nine months ended September 30, 2015
Commercial casualty	$	(1	)	$	1	$	—	$	(2	)	$	1		$	—		$	(1	)	$	(3	)	$	1		$	1	$	(1	)
Commercial property	1			—		1		14			(1		)	—			13			15			(1		)	—		14
Commercial auto	—			—		—		3			—			—			3			3			—			—		3
Workers' compensation	8			—		8		2			(1		)	—			1			10			(1		)	—		9
Other commercial	7			—		7		(8		)	—			—			(8		)	(1		)	—			—		(1		)
Total commercial lines	15			1		16		9			(1		)	—			8			24			(1		)	1		24

Personal auto	2			—		2		(1		)	4			—			3			1			4			—		5
Homeowners	2			—		2		(2		)	—			—			(2		)	—			—			—		—
Other personal	—			—		—		—			—			—			—			—			—			—		—
Total personal lines	4			—		4		(3		)	4			—			1			1			4			—		5

Commercial casualty & property	1			—		1		(1		)	(1		)	—			(2		)	—			(1		)	—		(1		)
Total excess & surplus lines	1			—		1		(1		)	(1		)	—			(2		)	—			(1		)	—		(1		)
Total property casualty	$	20		$	1	$	21	$	5		$	2		$	—		$	7		$	25		$	2		$	1	$	28

Net loss and loss expense incurred for the nine months ended September 30, 2015
Commercial casualty	$	183		$	102	$	285	$	84		$	15		$	13		$	112		$	267		$	15		$	115	$	397
Commercial property	316			27		343		8			3			—			11			324			3			27		354
Commercial auto	241			40		281		24			14			14			52			265			14			54		333
Workers' compensation	127			27		154		(18		)	(9		)	(3		)	(30		)	109			(9		)	24		124
Other commercial	89			16		105		(27		)	2			1			(24		)	62			2			17		81
Total commercial lines	956			212		1,168		71			25			25			121			1,027			25			237		1,289

Personal auto	236			42		278		9			16			9			34			245			16			51		312
Homeowners	202			19		221		20			(10		)	—			10			222			(10		)	19		231
Other personal	46			3		49		8			6			(1		)	13			54			6			2		62
Total personal lines	484			64		548		37			12			8			57			521			12			72		605

Commercial casualty & property	20			12		32		13			11			6			30			33			11			18		62
Total excess & surplus lines	20			12		32		13			11			6			30			33			11			18		62
Total property casualty	$	1,460		$	288	$	1,748	$	121		$	48		$	39		$	208		$	1,581		$	48		$	327	$	1,956

CINF Third-Quarter 2015 Supplemental Financial Data



Cincinnati Insurance Companies Consolidated
Loss and Loss Expense Analysis

(Dollars in millions)										Change in			Change in			Change in			Total									Loss
	Paid			Paid loss			Total			case			IBNR			loss expense			change 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 September 30, 2015
Commercial casualty	$	58		$	33		$	91		$	28		$	(2	)	$	4		$	30		$	86		$	(2	)	$	37		$	121
Commercial property	108			9			117			(10		)	(2		)	—			(12		)	98			(2		)	9			105
Commercial auto	87			13			100			20			(15		)	2			7			107			(15		)	15			107
Other commercial	45			8			53			(4		)	(9		)	5			(8		)	41			(9		)	13			45
Specialty packages	31			5			36			(17		)	3			(1		)	(15		)	14			3			4			21
Total commercial lines	329			68			397			17			(25		)	10			2			346			(25		)	78			399

Personal auto	83			13			96			5			(2		)	4			7			88			(2		)	17			103
Homeowners	81			6			87			(3		)	(11		)	1			(13		)	78			(11		)	7			74
Other personal	18			1			19			7			—			(1		)	6			25			—			—			25
Total personal lines	182			20			202			9			(13		)	4			—			191			(13		)	24			202

Commercial casualty & property	9			4			13			4			(2		)	2			4			13			(2		)	6			17
Total excess & surplus lines	9			4			13			4			(2		)	2			4			13			(2		)	6			17
Total property casualty	$	520		$	92		$	612		$	30		$	(40	)	$	16		$	6		$	550		$	(40	)	$	108		$	618

Ceded loss and loss expense incurred for the three months ended September 30, 2015
Commercial casualty	$	(3	)	$	(1	)	$	(4	)	$	3		$	—		$	—		$	3		$	—		$	—		$	(1	)	$	(1	)
Commercial property	1			—			1			(2		)	(1		)	—			(3		)	(1		)	(1		)	—			(2		)
Commercial auto	—			—			—			2			—			—			2			2			—			—			2
Workers' compensation	3			—			3			1			—			—			1			4			—			—			4
Other commercial	4			—			4			(4		)	—			—			(4		)	—			—			—			—
Total commercial lines	5			(1		)	4			—			(1		)	—			(1		)	5			(1		)	(1		)	3

Personal auto	1			—			1			—			4			—			4			1			4			—			5
Homeowners	1			—			1			(2		)	—			—			(2		)	(1		)	—			—			(1		)
Other personal	—			—			—			—			—			—			—			—			—			—			—
Total personal lines	2			—			2			(2		)	4			—			2			—			4			—			4

Commercial casualty & property	2			—			2			(2		)	—			—			(2		)	—			—			—			—
Total excess & surplus lines	2			—			2			(2		)	—			—			(2		)	—			—			—			—
Total property casualty	$	9		$	(1	)	$	8		$	(4	)	$	3		$	—		$	(1	)	$	5		$	3		$	(1	)	$	7

Net loss and loss expense incurred for the three months ended September 30, 2015
Commercial casualty	$	61		$	34		$	95		$	26		$	(2	)	$	4		$	28		$	87		$	(2	)	$	38		$	123
Commercial property	107			9			116			(7		)	(1		)	—			(8		)	100			(1		)	9			108
Commercial auto	87			13			100			18			(15		)	2			5			105			(15		)	15			105
Workers' compensation	42			8			50			(5		)	(9		)	5			(9		)	37			(9		)	13			41
Other commercial	27			5			32			(13		)	3			(1		)	(11		)	14			3			4			21
Total commercial lines	324			69			393			19			(24		)	10			5			343			(24		)	79			398

Personal auto	82			13			95			5			(6		)	4			3			87			(6		)	17			98
Homeowners	80			6			86			(1		)	(11		)	1			(11		)	79			(11		)	7			75
Other personal	18			1			19			7			—			(1		)	6			25			—			—			25
Total personal lines	180			20			200			11			(17		)	4			(2		)	191			(17		)	24			198

Commercial casualty & property	7			4			11			6			(2		)	2			6			13			(2		)	6			17
Total excess & surplus lines	7			4			11			6			(2		)	2			6			13			(2		)	6			17
Total property casualty	$	511		$	93		$	604		$	36		$	(43	)	$	16		$	9		$	547		$	(43	)	$	109		$	613

CINF Third-Quarter 2015 Supplemental Financial Data



Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/15	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15			9/30/14			12/31/15	12/31/14
Premiums
Agency renewal written premiums		$	999		$	1,018		$	983		$	906		$	958		$	974		$	956		$	2,001		$	1,930		$	3,000		$	2,888			$	3,794
Agency new business written premiums		138			138			116			122			125			133			123			254			256			392			381				503
Other written premiums		(39		)	(14		)	(33		)	(41		)	(46		)	(25		)	(42		)	(47		)	(67		)	(86		)	(113		)		(154		)
Net written premiums – statutory*		$	1,098		$	1,142		$	1,066		$	987		$	1,037		$	1,082		$	1,037		$	2,208		$	2,119		$	3,306		$	3,156			$	4,143
Unearned premium change		(22		)	(83		)	(25		)	48			(12		)	(76		)	(58		)	(108		)	(134		)	(130		)	(146		)		(98		)
Earned premiums		$	1,076		$	1,059		$	1,041		$	1,035		$	1,025		$	1,006		$	979		$	2,100		$	1,985		$	3,176		$	3,010			$	4,045
Year over year change %
Agency renewal written premiums		4		%	5		%	3		%	6		%	5		%	11		%	13		%	4		%	12		%	4		%	9		%		9		%
Agency new business written premiums		10			4			(6		)	(5		)	(11		)	(4		)	(9		)	(1		)	(7		)	3			(8		)		(7		)
Other written premiums		15			44			21			45			(84		)	26			(320		)	30			(52		)	24			(64		)		(8		)
Net written premiums – statutory*		6			6			3			9			1			10			7			4			8			5			6				6
Paid losses and loss expenses
Losses paid		$	511		$	501		$	448		$	478		$	543		$	517		$	484		$	949		$	1,001		$	1,460		$	1,543			$	2,021
Loss expenses paid		93			97			98			98			96			98			100			195			198			288			295				392
Loss and loss expenses paid		$	604		$	598		$	546		$	576		$	639		$	615		$	584		$	1,144		$	1,199		$	1,748		$	1,838			$	2,413
Incurred losses and loss expenses
Loss and loss expense incurred		$	613		$	654		$	689		$	622		$	622		$	707		$	676		$	1,343		$	1,383		$	1,956		$	2,005			$	2,627
Loss and loss expenses paid as a % of incurred		98.5		%	91.4		%	79.2		%	92.6		%	102.7		%	87.0		%	86.4		%	85.2		%	86.7		%	89.4		%	91.7		%		91.9		%
Statutory combined ratio
Loss ratio		46.8		%	52.7		%	54.4		%	49.0		%	50.0		%	60.7		%	57.9		%	53.6		%	59.4		%	51.3		%	56.2		%		54.4		%
Loss adjustment expense ratio		10.1			9.1			11.7			11.1			10.7			9.5			11.2			10.3			10.3			10.2			10.4				10.6
Net underwriting expense ratio		30.6			28.9			30.0			31.7			30.6			29.4			29.0			29.4			29.2			29.8			29.7				30.1
Statutory combined ratio		87.5		%	90.7		%	96.1		%	91.8		%	91.3		%	99.6		%	98.1		%	93.3		%	98.9		%	91.3		%	96.3		%		95.1		%
Contribution from catastrophe losses		2.5			7.5			4.1			(0.9		)	1.2			11.4			8.9			5.8			10.2			4.7			7.1				5.1
Statutory combined ratio excl. catastrophe losses		85.0		%	83.2		%	92.0		%	92.7		%	90.1		%	88.2		%	89.2		%	87.5		%	88.7		%	86.6		%	89.2		%		90.0		%
GAAP combined ratio
GAAP combined ratio		87.8		%	92.4		%	97.5		%	90.4		%	91.0		%	100.9		%	100.3		%	94.9		%	100.6		%	92.5		%	97.3		%		95.6		%
Contribution from catastrophe losses		2.5			7.5			4.1			(0.9		)	1.2			11.4			8.9			5.8			10.2			4.7			7.1				5.1
GAAP combined ratio excl. catastrophe losses		85.3		%	84.9		%	93.4		%	91.3		%	89.8		%	89.5		%	91.4		%	89.1		%	90.4		%	87.8		%	90.2		%		90.5		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. 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 Third-Quarter 2015 Supplemental Financial Data



Cincinnati Insurance Companies
Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/15	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15			9/30/14			12/31/15	12/31/14
Premiums
Agency renewal written premiums		$	678		$	699		$	730		$	645		$	651		$	669		$	713		$	1,429		$	1,382		$	2,107		$	2,033			$	2,678
Agency new business written premiums		96			93			79			86			89			95			90			172			185			268			274				360
Other written premiums		(31		)	(5		)	(26		)	(32		)	(36		)	(16		)	(32		)	(31		)	(48		)	(62		)	(84		)		(116		)
Net written premiums – statutory*		$	743		$	787		$	783		$	699		$	704		$	748		$	771		$	1,570		$	1,519		$	2,313		$	2,223			$	2,922
Unearned premium change		14			(42		)	(50		)	31			16			(34		)	(79		)	(92		)	(113		)	(78		)	(97		)		(66		)
Earned premiums		$	757		$	745		$	733		$	730		$	720		$	714		$	692		$	1,478		$	1,406		$	2,235		$	2,126			$	2,856
Year over year change %
Agency renewal written premiums		4		%	4		%	2		%	6		%	3		%	11		%	13		%	3		%	12		%	4		%	9		%		8		%
Agency new business written premiums		8			(2		)	(12		)	(7		)	(13		)	(4		)	(7		)	(7		)	(6		)	(2		)	(8		)		(8		)
Other written premiums		14			69			19			49			(140		)	33			nm			35			(100		)	26			(115		)		(14		)
Net written premiums – statutory*		6			5			2			10			(2		)	10			6			3			8			4			5				6
Paid losses and loss expenses
Losses paid		$	324		$	329		$	303		$	325		$	368		$	347		$	327		$	632		$	674		$	956		$	1,041			$	1,366
Loss expenses paid		68			71			73			75			74			75			76			144			151			212			226				300
Loss and loss expenses paid		$	392		$	400		$	376		$	400		$	442		$	422		$	403		$	776		$	825		$	1,168		$	1,267			$	1,666
Incurred losses and loss expenses
Loss and loss expense incurred		$	398		$	417		$	474		$	454		$	428		$	461		$	469		$	891		$	930		$	1,289		$	1,358			$	1,812
Loss and loss expenses paid as a % of incurred		98.5		%	95.9		%	79.3		%	88.1		%	103.3		%	91.5		%	85.9		%	87.1		%	88.7		%	90.6		%	93.3		%		91.9		%
Statutory combined ratio
Loss ratio		42.2		%	46.9		%	52.2		%	49.9		%	47.5		%	54.7		%	56.1		%	49.6		%	55.4		%	47.1		%	52.8		%		52.0		%
Loss adjustment expense ratio		10.2			9.1			12.5			12.4			11.9			9.8			11.8			10.7			10.8			10.5			11.1				11.5
Net underwriting expense ratio		32.2			29.9			29.9			32.5			32.2			30.5			28.5			29.9			29.5			30.6			30.3				30.8
Statutory combined ratio		84.6		%	85.9		%	94.6		%	94.8		%	91.6		%	95.0		%	96.4		%	90.2		%	95.7		%	88.2		%	94.2		%		94.3		%
Contribution from catastrophe losses		1.4			5.9			4.0			(1.0		)	1.0			8.6			8.5			5.0			8.5			3.8			6.0				4.3
Statutory combined ratio excl. catastrophe losses		83.2		%	80.0		%	90.6		%	95.8		%	90.6		%	86.4		%	87.9		%	85.2		%	87.2		%	84.4		%	88.2		%		90.0		%
GAAP combined ratio
GAAP combined ratio		84.0		%	87.2		%	96.6		%	93.6		%	90.7		%	96.3		%	99.9		%	91.9		%	98.1		%	89.2		%	95.6		%		95.1		%
Contribution from catastrophe losses		1.4			5.9			4.0			(1.0		)	1.0			8.6			8.5			5.0			8.5			3.8			6.0				4.3
GAAP combined ratio excl. catastrophe losses		82.6		%	81.3		%	92.6		%	94.6		%	89.7		%	87.7		%	91.4		%	86.9		%	89.6		%	85.4		%	89.6		%		90.8		%
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 Third-Quarter 2015 Supplemental Financial Data



Cincinnati Insurance Companies
Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																						Six months ended						Nine months ended						Twelve months ended
	12/31/15	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15			9/30/14			12/31/15	12/31/14
Premiums
Agency renewal written premiums		$	288		$	285		$	223		$	233		$	278		$	276		$	218		$	508		$	494		$	796		$	772			$	1,005
Agency new business written premiums		30			30			24			24			23			24			21			54			45			84			68				92
Other written premiums		(6		)	(6		)	(6		)	(8		)	(7		)	(6		)	(8		)	(12		)	(14		)	(18		)	(21		)		(29		)
Net written premiums – statutory*		$	312		$	309		$	241		$	249		$	294		$	294		$	231		$	550		$	525		$	862		$	819			$	1,068
Unearned premium change		(35		)	(37		)	27			17			(31		)	(36		)	23			(10		)	(13		)	(45		)	(44		)		(27		)
Earned premiums		$	277		$	272		$	268		$	266		$	263		$	258		$	254		$	540		$	512		$	817		$	775			$	1,041
Year over year change %
Agency renewal written premiums		4		%	3		%	2		%	4		%	8		%	10		%	12		%	3		%	11		%	3		%	10		%		8		%
Agency new business written premiums		30			25			14			0			(18		)	(20		)	(25		)	20			(22		)	24			(21		)		(16		)
Other written premiums		14			—			25			11			13			25			—			14			13			14			13				12
Net written premiums – statutory*		6			5			4			4			6			8			7			5			8			5			7				6
Paid losses and loss expenses
Losses paid		$	180		$	165		$	139		$	147		$	170		$	167		$	152		$	304		$	319		$	484		$	489			$	636
Loss expenses paid		20			22			22			21			19			20			21			44			41			64			60				81
Loss and loss expenses paid		$	200		$	187		$	161		$	168		$	189		$	187		$	173		$	348		$	360		$	548		$	549			$	717
Incurred losses and loss expenses
Loss and loss expense incurred		$	198		$	216		$	191		$	148		$	177		$	227		$	188		$	407		$	415		$	605		$	592			$	740
Loss and loss expenses paid as a % of incurred		101.0		%	86.6		%	84.3		%	113.5		%	106.8		%	82.4		%	92.0		%	85.5		%	86.7		%	90.6		%	92.7		%		96.9		%
Statutory combined ratio
Loss ratio		62.5		%	71.1		%	61.9		%	48.9		%	60.5		%	79.4		%	64.8		%	66.6		%	72.2		%	65.2		%	68.2		%		63.3		%
Loss adjustment expense ratio		9.0			8.5			9.1			6.9			6.9			8.3			9.3			8.8			8.8			8.8			8.1				7.8
Net underwriting expense ratio		27.0			26.2			30.4			29.3			26.3			26.6			30.5			28.0			28.3			27.7			27.6				28.0
Statutory combined ratio		98.5		%	105.8		%	101.4		%	85.1		%	93.7		%	114.3		%	104.6		%	103.3		%	109.3		%	101.7		%	103.9		%		99.1		%
Contribution from catastrophe losses		5.6			12.6			4.9			(1.4		)	2.0			20.4			10.8			8.8			15.7			7.7			11.0				7.8
Statutory combined ratio excl. catastrophe losses		92.9		%	93.2		%	96.5		%	86.5		%	91.7		%	93.9		%	93.8		%	94.5		%	93.6		%	94.0		%	92.9		%		91.3		%
GAAP combined ratio
GAAP combined ratio		100.9		%	109.2		%	101.4		%	83.7		%	95.0		%	115.8		%	103.0		%	105.3		%	109.4		%	103.8		%	104.5		%		99.2		%
Contribution from catastrophe losses		5.6			12.6			4.9			(1.4		)	2.0			20.4			10.8			8.8			15.7			7.7			11.0				7.8
GAAP combined ratio excl. catastrophe losses		95.3		%	96.6		%	96.5		%	85.1		%	93.0		%	95.4		%	92.2		%	96.5		%	93.7		%	96.1		%	93.5		%		91.4		%
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 Third-Quarter 2015 Supplemental Financial Data



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
	12/31/15	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14			6/30/14			3/31/14			6/30/15			6/30/14			9/30/15			9/30/14			12/31/15	12/31/14
Premiums
Agency renewal written premiums		$	33		$	34		$	30		$	28		$	29		$	29		$	25		$	64		$	54		$	97		$	83			$	111
Agency new business written premiums		12			15			13			12			13			14			12			28			26			40			39				51
Other written premiums		(2		)	(3		)	(1		)	(1		)	(3		)	(3		)	(2		)	(4		)	(5		)	(6		)	(8		)		(9		)
Net written premiums – statutory*		$	43		$	46		$	42		$	39		$	39		$	40		$	35		$	88		$	75		$	131		$	114			$	153
Unearned premium change		(1		)	(4		)	(2		)	0			3			(6		)	(2		)	(6		)	(8		)	(7		)	(5		)		(5		)
Earned premiums		$	42		$	42		$	40		$	39		$	42		$	34		$	33		$	82		$	67		$	124		$	109			$	148
Year over year change %
Agency renewal written premiums		14		%	17		%	20		%	17		%	16		%	12		%	32		%	19		%	20		%	17		%	19		%		18		%
Agency new business written premiums		(8		)	7			8			0			18			56			20			8			37			3			30				21
Other written premiums		33			—			50			50			(50		)	(50		)	0			20			(25		)	25			(33		)		(13		)
Net written premiums – statutory*		10			15			20			15			15			21			30			17			25			15			21				20
Paid losses and loss expenses
Losses paid		$	8		$	8		$	5		$	6		$	5		$	3		$	5		$	13		$	8		$	21		$	13			$	19
Loss expenses paid		4			3			4			2			3			3			3			7			6			11			9				11
Loss and loss expenses paid		$	12		$	11		$	9		$	8		$	8		$	6		$	8		$	20		$	14		$	32		$	22			$	30
Incurred losses and loss expenses
Loss and loss expense incurred		$	17		$	21		$	24		$	20		$	17		$	19		$	19		$	45		$	38		$	62		$	55			$	75
Loss and loss expenses paid as a % of incurred		70.6		%	52.4		%	37.5		%	40.0		%	47.1		%	31.6		%	42.1		%	44.4		%	36.8		%	51.6		%	40.0		%		40.0		%
Statutory combined ratio
Loss ratio		26.9		%	36.1		%	44.9		%	34.4		%	27.9		%	46.6		%	40.6		%	40.4		%	43.7		%	35.8		%	37.6		%		36.8		%
Loss adjustment expense ratio		15.0			13.5			14.5			14.6			13.9			10.4			0.1			14.0			13.1			14.3			13.4				13.7
Net underwriting expense ratio		29.4			29.1			29.9			31.4			34.0			29.1			30.4			29.5			29.7			29.5			31.2				31.3
Statutory combined ratio		71.3		%	78.7		%	89.3		%	80.4		%	75.8		%	86.1		%	71.1		%	83.9		%	86.5		%	79.6		%	82.2		%		81.8		%
Contribution from catastrophe losses		0.4			0.5			0.9			3.0			(0.6		)	2.9			3.1			0.7			3.0			0.6			1.6				2.0
Statutory combined ratio excl. catastrophe losses		70.9		%	78.2		%	88.4		%	77.4		%	76.4		%	83.2		%	68.0		%	83.2		%	83.5		%	79.0		%	80.6		%		79.8		%
GAAP combined ratio
GAAP combined ratio		69.9		%	76.0		%	88.3		%	77.8		%	70.2		%	85.0		%	86.9		%	82.1		%	85.9		%	77.9		%	79.9		%		79.4		%
Contribution from catastrophe losses		0.4			0.5			0.9			3.0			(0.6		)	2.9			3.1			0.7			3.0			0.6			1.6				2.0
GAAP combined ratio excl. catastrophe losses		69.5		%	75.5		%	87.4		%	74.8		%	70.8		%	82.1		%	83.8		%	81.4		%	82.9		%	77.3		%	78.3		%		77.4		%
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 Third-Quarter 2015 Supplemental Financial Data



The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended September 30,											For the Nine Months Ended September 30,
(Dollars in millions)	2015			2014			Change			% Change		2015			2014			Change			% Change
Net premiums written	$	61		$	59		$	2		3		$	186		$	182		$	4		2
Net investment income	38			37			1			3		114			111			3			3
Amortization of interest maintenance reserve	1			1			—			—		3			3			—			—
Commissions and expense allowances on reinsurance ceded	1			1			—			—		4			4			—			—
Income from fees associated with Separate Accounts	2			2			—			—		4			4			—			—
Total revenues	$	103		$	100		$	3		3		$	311		$	304		$	7		2

Death benefits and matured endowments	$	23		$	25		$	(2	)	(8	)	$	69		$	73		$	(4	)	(5	)
Annuity benefits	14			17			(3		)	(18	)	44			47			(3		)	(6	)
Disability benefits and benefits under accident and health contracts	1			—			1			nm		2			1			1			100
Surrender benefits and group conversions	5			6			(1		)	(17	)	13			17			(4		)	(24	)
Interest and adjustments on deposit-type contract funds	2			3			(1		)	(33	)	8			8			—			—
Increase in aggregate reserves for life and accident and health contracts	40			40			—			—		124			128			(4		)	(3	)
Total benefit expenses	$	85		$	91		$	(6	)	(7	)	$	260		$	274		$	(14	)	(5	)

Commissions	$	9		$	10		$	(1	)	(10	)	$	28		$	28		$	—		—
General insurance expenses and taxes	10			10			—			—		31			30			1			3
Increase in loading on deferred and uncollected premiums	—			(1		)	1			100		(1		)	(4		)	3			75
Net transfers from Separate Accounts	—			(2		)	2			100		—			(6		)	6			100
Total underwriting expenses	$	19		$	17		$	2		12		$	58		$	48		$	10		21

Federal and foreign income tax benefit	(1		)	(3		)	2			67		(4		)	(6		)	2			33

Net loss from operations before realized capital gains	$	—		$	(5	)	$	5		100		$	(3	)	$	(12	)	$	9		75

Net realized gains net of capital gains tax	(2		)	—			(2		)	nm		(3		)	—			(3		)	nm

Net loss (statutory)	$	(2	)	$	(5	)	$	3		60		$	(6	)	$	(12	)	$	6		50
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. 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 Third-Quarter 2015 Supplemental Financial Data

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