CINCINNATI FINANCIAL CORP - FORM 8-K - EX-99.2 - July 27, 2020

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Cincinnati Financial Corporation
Supplemental Financial Data
for the period ending June 30, 2020

6200 South Gilmore Road
Fairfield, Ohio 45014-5141
cinfin.com
Investor Contact:Media Contact:Shareholder Contact:
Dennis E. McDanielBetsy E. ErtelBrandon McIntosh
513-870-2768513-603-5323513-870-2696

A.M. Best CompanyFitch RatingsMoody's Investor ServiceS&P Global Ratings
Cincinnati Financial Corporation
Corporate DebtaA-A3BBB+
The Cincinnati Insurance Companies
Insurer Financial Strength
Property Casualty Group
      Standard Market Subsidiaries:A+—A1A+
             The Cincinnati Insurance CompanyA+A+A1A+
             The Cincinnati Indemnity CompanyA+A+A1A+
             The Cincinnati Casualty CompanyA+A+A1A+
      Surplus Lines Subsidiary:
             The Cincinnati Specialty Underwriters Insurance CompanyA+———
The Cincinnati Life Insurance CompanyA+A+—A+

Ratings are as of July 24, 2020, 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 Second-Quarter 2020 Supplemental Financial Data
1

Cincinnati Financial Corporation
Supplemental Financial Data
for the period ending June 30, 2020
Page
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures3
Consolidated
CFC and Subsidiaries Consolidation – Six Months Ended June 30, 20204
CFC and Subsidiaries Consolidation – Three Months Ended June 30, 20205
Consolidated Property Casualty Insurance Operations
Losses Incurred Detail6
Loss Ratio Detail7
Loss Claim Count Detail8
Quarterly Property Casualty Data – Commercial Lines9
Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines10
Loss and Loss Expense Analysis – Six Months Ended June 30, 202011
Loss and Loss Expense Analysis – Three Months Ended June 30, 202012
Reconciliation Data
Quarterly Property Casualty Data – Consolidated13
Quarterly Property Casualty Data – Commercial Lines14
Quarterly Property Casualty Data – Personal Lines15
Quarterly Property Casualty Data – Excess & Surplus Lines16
Statutory Statements of Income
Consolidated Cincinnati Insurance Companies Statutory Statements of Income17
The Cincinnati Life Insurance Company Statutory Statements of Income18
Other
Quarterly Data – Other19

CINF Second-Quarter 2020 Supplemental Financial Data
2

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 for insurance company regulation in the United States of America 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 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 results 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; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.
•Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold 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 are recognized from certain changes in market values of securities without actual realization. Management believes that the level of 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 non-GAAP 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 non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.
• Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.
•Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.


Other Measures
• 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 measure is useful, 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 for insurance company regulation in the United States of America as defined in the NAIC’s Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments and differ from GAAP. 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 in the U.S., 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. The difference between written and earned premium is unearned premium.
CINF Second-Quarter 2020 Supplemental Financial Data
3

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Six Months Ended June 30, 2020
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$—  $2,888  $—  $—  $—  $2,888  
    Life—  —  183  —  —  183  
    Premiums ceded—  (96) (37) —  —  (133) 
      Total earned premium—  2,792  146  —  —  2,938  
  Investment income, net of expenses38  215  78  —  —  331  
  Investment gains and losses, net(147) (487) (31) —  —  (665) 
  Fee revenues—  5  1  —  —  6  
  Other revenues7  2  —  3  (7) 5  
Total revenues$(102) $2,527  $194  $3  $(7) $2,615  
Benefits & expenses
  Losses & contract holders' benefits$—  $1,955  $185  $—  $—  $2,140  
  Reinsurance recoveries—  (18) (33) —  —  (51) 
  Underwriting, acquisition and insurance expenses—  877  43  —  —  920  
  Interest expense27  —  —  —  —  27  
  Other operating expenses16  —  —  1  (7) 10  
Total expenses$43  $2,814  $195  $1  $(7) $3,046  
Income (loss) before income taxes$(145) $(287) $(1) $2  $—  $(431) 
Provision (benefit) for income taxes
  Current operating income$31  $125  $9  $—  $—  $165  
  Capital gains/losses(30) (102) (7) —  —  (139) 
  Deferred(35) (103) (2) —  —  (140) 
Total benefit for income taxes$(34) $(80) $—  $—  $—  $(114) 
Net income (loss) - current year$(111) $(207) $(1) $2  $—  $(317) 
Net income - prior year$345  $759  $18  $1  $—  $1,123  
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.
CINF Second-Quarter 2020 Supplemental Financial Data
4

Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended June 30, 2020
(Dollars in millions)CFCCONSOL P&CCLICCFC-IELIMTotal
Revenues
  Premiums earned:
    Property casualty$—  $1,451  $—  $—  $—  $1,451  
    Life—  —  98  —  —  98  
    Premiums ceded—  (48) (19) —  —  (67) 
      Total earned premium—  1,403  79  —  —  1,482  
  Investment income, net of expenses19  108  39  —  —  166  
  Investment gains and losses, net474  585  1  —  —  1,060  
  Fee revenues—  2  1  —  —  3  
  Other revenues3  1  —  2  (3) 3  
Total revenues$496  $2,099  $120  $2  $(3) $2,714  
Benefits & expenses
  Losses & contract holders' benefits$—  $1,021  $100  $—  $—  $1,121  
  Reinsurance recoveries—  (14) (21) —  —  (35) 
  Underwriting, acquisition and insurance expenses—  439  25  —  —  464  
  Interest expense14  —  —  —  —  14  
  Other operating expenses8  —  —  —  (3) 5  
Total expenses$22  $1,446  $104  $—  $(3) $1,569  
Income before income taxes$474  $653  $16  $2  $—  $1,145  
Provision for income taxes
  Current operating income (loss)$(98) $(103) $1  $—  $—  $(200) 
  Capital gains/losses100  123  —  —  —  223  
  Deferred95  115  3  —  —  213  
Total provision for income taxes$97  $135  $4  $—  $—  $236  
Net income - current year$377  $518  $12  $2  $—  $909  
Net income - prior year$134  $286  $8  $—  $—  $428  
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.
CINF Second-Quarter 2020 Supplemental Financial Data
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Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Consolidated
Current accident year losses greater than $5 million$19  $—  $14  $(1) $14  $—  $19  $14  $13  $27  
Current accident year losses $1 million - $5 million53  50  77  76  53  37  103  90  166  243  
Large loss prior accident year reserve development7  26  (4) 33  5  16  33  21  54  50  
   Total large losses incurred$79  $76  $87  $108  $72  $53  $155  $125  $233  $320  
Losses incurred but not reported134  79  41  (24) (14) 47  213  33  9  50  
Other losses excluding catastrophe losses409  496  512  566  547  493  905  1,039  1,606  2,118  
Catastrophe losses226  123  42  70  128  69  349  198  268  309  
   Total losses incurred$848  $774  $682  $720  $733  $662  $1,622  $1,395  $2,116  $2,797  
Commercial Lines
Current accident year losses greater than $5 million$19  $—  $14  $(1) $14  $—  $19  $14  $13  $27  
Current accident year losses $1 million - $5 million45  36  62  56  41  26  81  68  124  185  
Large loss prior accident year reserve development5  22  1  32  3  13  27  16  48  49  
   Total large losses incurred$69  $58  $77  $87  $58  $39  $127  $98  $185  $261  
Losses incurred but not reported72  58  12  (22) (7) 43  130  36  14  26  
Other losses excluding catastrophe losses233  298  302  314  320  286  531  605  919  1,222  
Catastrophe losses119  82  (9) 32  94  25  201  119  151  142  
   Total losses incurred$493  $496  $382  $411  $465  $393  $989  $858  $1,269  $1,651  
Personal Lines
Current accident year losses greater than $5 million$—  $—  $—  $—  $—  $—  $—  $—  $—  $—  
Current accident year losses $1 million - $5 million8  12  11  20  10  10  20  19  39  51  
Large loss prior accident year reserve development2  5  (3) (1) 1  2  7  3  2  (1) 
   Total large losses incurred$10  $17  $8  $19  $11  $12  $27  $22  $41  $50  
Losses incurred but not reported41  24  17  —  (4) 4  65  —  (1) 17  
Other losses excluding catastrophe losses105  127  160  172  167  163  232  330  504  662  
Catastrophe losses89  38  33  23  34  45  127  79  101  135  
   Total losses incurred$245  $206  $218  $214  $208  $224  $451  $431  $645  $864  
Excess & Surplus Lines
Current accident year losses greater than $5 million$—  $—  $—  $—  $—  $—  $—  $—  $—  $—  
Current accident year losses $1 million - $5 million—  2  4  —  2  1  2  3  3  7  
Large loss prior accident year reserve development—  (1) (2) 2  1  1  (1) 2  4  2  
   Total large losses incurred$—  $1  $2  $2  $3  $2  $1  $5  $7  $9  
Losses incurred but not reported21  (3) 12  (2) (3) —  18  (3) (4) 7  
Other losses excluding catastrophe losses20  29  14  25  18  19  50  36  61  76  
Catastrophe losses3  1  1  1  —  —  3  1  1  2  
   Total losses incurred$44  $28  $29  $26  $18  $21  $72  $39  $65  $94  
*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.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.
CINF Second-Quarter 2020 Supplemental Financial Data
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Consolidated Property Casualty
Loss Ratio Detail
Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Consolidated
Current accident year losses greater than $5 million1.4 %— %1.1 %(0.1)%1.1 %— %0.7 %0.5 %0.3 %0.5 %
Current accident year losses $1 million - $5 million3.7  3.6  5.6  5.5  4.0  2.9  3.7  3.5  4.2  4.6  
Large loss prior accident year reserve development0.5  1.9  (0.4) 2.4  0.4  1.2  1.2  0.8  1.4  0.9  
   Total large loss ratio5.6 %5.5 %6.3 %7.8 %5.5 %4.1 %5.6 %4.8 %5.9 %6.0 %
Losses incurred but not reported9.6  5.7  3.0  (1.8) (1.1) 3.7  7.6  1.3  0.2  0.9  
Other losses excluding catastrophe losses29.2  35.6  37.3  41.2  41.6  38.9  32.4  40.2  40.5  39.7  
Catastrophe losses16.1  8.9  3.0  5.1  9.7  5.5  12.5  7.7  6.8  5.8  
   Total loss ratio60.5 %55.7 %49.6 %52.3 %55.7 %52.2 %58.1 %54.0 %53.4 %52.4 %
Commercial Lines
Current accident year losses greater than $5 million2.2 %— %1.7 %(0.1)%1.7 %— %1.1 %0.9 %0.5 %0.8 %
Current accident year losses $1 million - $5 million5.1  4.1  7.0  6.8  5.0  3.3  4.6  4.1  5.1  5.6  
Large loss prior accident year reserve development0.6  2.6  0.2  3.8  0.4  1.6  1.6  1.0  1.9  1.5  
   Total large loss ratio7.9 %6.7 %8.9 %10.5 %7.1 %4.9 %7.3 %6.0 %7.5 %7.9 %
Losses incurred but not reported8.3  6.8  1.5  (2.6) (0.9) 5.4  7.5  2.2  0.6  0.8  
Other losses excluding catastrophe losses26.8  34.5  35.4  37.6  38.9  35.1  30.7  37.0  37.2  36.7  
Catastrophe losses13.6  9.5  (1.0) 3.8  11.4  3.1  11.6  7.3  6.1  4.3  
   Total loss ratio56.6 %57.5 %44.8 %49.3 %56.5 %48.5 %57.1 %52.5 %51.4 %49.7 %
Personal Lines
Current accident year losses greater than $5 million— %— %— %— %— %— %— %— %— %— %
Current accident year losses $1 million - $5 million2.3  3.5  3.5  5.4  2.8  2.8  2.9  2.8  3.7  3.6  
Large loss prior accident year reserve development0.5  1.3  (1.0) (0.2) 0.3  0.6  0.9  0.4  0.2  (0.1) 
   Total large loss ratio2.8 %4.8 %2.5 %5.2 %3.1 %3.4 %3.8 %3.2 %3.9 %3.5 %
Losses incurred but not reported11.3  6.6  5.1  (0.1) (1.1) 1.0  8.9  (0.1) (0.1) 1.2  
Other losses excluding catastrophe losses28.8  35.3  44.2  48.9  48.0  47.4  32.2  47.8  48.1  47.2  
Catastrophe losses24.6  10.5  9.4  6.4  9.7  13.1  17.5  11.4  9.7  9.6  
   Total loss ratio67.5 %57.2 %61.2 %60.4 %59.7 %64.9 %62.4 %62.3 %61.6 %61.5 %
Excess & Surplus Lines
Current accident year losses greater than $5 million— %— %— %— %— %— %— %— %— %— %
Current accident year losses $1 million - $5 million—  2.6  5.4  —  3.0  1.6  1.3  2.4  1.5  2.5  
Large loss prior accident year reserve development0.1  (1.5) (2.7) 2.7  1.5  1.2  (0.7) 1.3  1.8  0.6  
   Total large loss ratio0.1 %1.1 %2.7 %2.7 %4.5 %2.8 %0.6 %3.7 %3.3 %3.1 %
Losses incurred but not reported27.2  (4.4) 14.4  (2.6) (4.5) 0.8  11.3  (1.9) (2.2) 2.4  
Other losses excluding catastrophe losses25.8  37.8  20.5  34.5  26.7  29.1  31.9  27.9  30.3  27.7  
Catastrophe losses3.3  0.9  0.4  1.0  0.5  0.2  2.1  0.3  0.6  0.5  
   Total loss ratio56.4 %35.4 %38.0 %35.6 %27.2 %32.9 %45.9 %30.0 %32.0 %33.7 %
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.
CINF Second-Quarter 2020 Supplemental Financial Data
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Consolidated Property Casualty
Loss Claim Count Detail
Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Consolidated
Current accident year reported losses greater
than $5 million		2  —  2  1  2  —  2  2  2  4  
Current accident year reported losses
$1 million - $5 million		28  27  39  35  31  19  55  50  88  137  
Prior accident year reported losses on
large losses		9  20  9  18  13  10  27  24  44  55  
   Non-Catastrophe reported losses on
large losses total		39  47  50  54  46  29  84  76  134  196  
Commercial Lines
Current accident year reported losses greater
than $5 million		2  —  2  1  2  —  2  2  2  4  
Current accident year reported losses
$1 million - $5 million		24  17  27  27  23  12  41  35  64  100  
Prior accident year reported losses on
large losses		8  17  8  18  10  7  23  19  38  49  
   Non-Catastrophe reported losses on
large losses total		34  34  37  46  35  19  66  56  104  153  
Personal Lines
Current accident year reported losses greater
than $5 million		—  —  —  —  —  —  —  —  —  —  
Current accident year reported losses
$1 million - $5 million		4  8  8  8  6  6  12  12  21  30  
Prior accident year reported losses on
large losses		—  3  1  —  1  2  3  3  3  4  
   Non-Catastrophe reported losses on
large losses total		4  11  9  8  7  8  15  15  24  34  
Excess & Surplus Lines
Current accident year reported losses greater
than $5 million		—  —  —  —  —  —  —  —  —  —  
Current accident year reported losses
$1 million - $5 million		—  2  4  —  2  1  2  3  3  7  
Prior accident year reported losses on
large losses		1  —  —  —  2  1  1  2  3  2  
   Non-Catastrophe reported losses on
large losses total		1  2  4  —  4  2  3  5  6  9  
*The sum of quarterly amounts may not equal the full year as each is computed independently.
CINF Second-Quarter 2020 Supplemental Financial Data
8

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Commercial casualty:
Written premiums$308  $341  $269  $263  $296  $303  $649  $599  $862  $1,131  
Year over year change %- written premium4 %13 %7 %5 %2 %6 %8 %4 %4 %5 %
Earned premiums$289  $289  $280  $277  $277  $268  $577  $545  $822  $1,102  
Current accident year before catastrophe losses62.6 %65.8 %67.5 %66.1 %67.4 %66.7 %64.1 %67.0 %66.7 %66.9 %
Current accident year catastrophe losses—  —  —  —  —  —  —  —  —  —  
Prior accident years before catastrophe losses(7.5) (1.6) (4.8) (2.9) (9.3) (11.5) (4.5) (10.3) (7.8) (7.1) 
Prior accident years catastrophe losses—  —  —  —  —  —  —  —  —  —  
   Total loss and loss expense ratio55.1 %64.2 %62.7 %63.2 %58.1 %55.2 %59.6 %56.7 %58.9 %59.8 %
Commercial property:
Written premiums$260  $261  $246  $245  $247  $247  $521  $494  $739  $985  
Year over year change %- written premium5 %6 %10 %6 %3 %4 %5 %3 %4 %6 %
Earned premiums$254  $249  $249  $241  $234  $234  $504  $468  $709  $958  
Current accident year before catastrophe losses50.9 %47.8 %50.3 %49.4 %49.0 %51.5 %49.4 %50.3 %50.0 %50.1 %
Current accident year catastrophe losses48.5  34.2  0.2  15.0  43.5  13.8  41.4  28.6  24.0  17.8  
Prior accident years before catastrophe losses1.9  0.7  (1.3) (1.1) 0.8  1.9  1.3  1.3  0.5  0.1  
Prior accident years catastrophe losses(2.0) (1.1) (2.6) (1.9) (3.6) (2.6) (1.6) (3.0) (2.7) (2.7) 
   Total loss and loss expense ratio99.3 %81.6 %46.6 %61.4 %89.7 %64.6 %90.5 %77.2 %71.8 %65.3 %
Commercial auto:
Written premiums$205  $208  $175  $176  $196  $188  $413  $384  $560  $735  
Year over year change %- written premium5 %11 %7 %10 %8 %6 %8 %7 %8 %8 %
Earned premiums$189  $185  $183  $179  $175  $170  $374  $345  $524  $707  
Current accident year before catastrophe losses64.2 %70.9 %68.1 %67.8 %70.5 %74.5 %67.5 %72.5 %70.9 %70.2 %
Current accident year catastrophe losses2.2  1.2  (0.3) 1.5  1.4  0.3  1.7  0.9  1.1  0.7  
Prior accident years before catastrophe losses(1.1) 3.3  0.7  1.7  1.0  (6.7) 1.1  (2.9) (1.3) (0.8) 
Prior accident years catastrophe losses—  (0.2) —  (0.1) —  —  (0.1) —  (0.1) —  
   Total loss and loss expense ratio65.3 %75.2 %68.5 %70.9 %72.9 %68.1 %70.2 %70.5 %70.6 %70.1 %
Workers' compensation:
Written premiums$65  $92  $63  $62  $75  $94  $157  $169  $231  $294  
Year over year change %- written premium(13)%(2)%(6)%(6)%(10)%(1)%(7)%(5)%(5)%(5)%
Earned premiums$68  $75  $76  $73  $74  $77  $143  $151  $224  $300  
Current accident year before catastrophe losses81.8 %81.1 %85.4 %81.1 %78.0 %78.8 %81.4 %78.4 %79.3 %80.8 %
Current accident year catastrophe losses—  —  —  —  —  —  —  —  —  —  
Prior accident years before catastrophe losses(27.8) (9.8) (20.1) (27.0) (35.9) (20.1) (18.3) (27.9) (27.7) (25.7) 
Prior accident years catastrophe losses—  —  —  —  —  —  —  —  —  —  
   Total loss and loss expense ratio54.0 %71.3 %65.3 %54.1 %42.1 %58.7 %63.1 %50.5 %51.6 %55.1 %
Other commercial:
Written premiums$70  $70  $66  $70  $65  $64  $140  $129  $199  $265  
Year over year change %- written premium8 %9 %16 %8 %10 %10 %9 %10 %9 %10 %
Earned premiums$70  $65  $64  $64  $63  $61  $135  $124  $188  $252  
Current accident year before catastrophe losses35.5 %39.1 %38.2 %34.3 %33.7 %38.0 %37.3 %35.8 %35.4 %36.0 %
Current accident year catastrophe losses0.1  0.1  0.1  (0.2) 0.3  0.4  0.1  0.3  0.1  0.1  
Prior accident years before catastrophe losses(1.7) 1.7  (3.3) (2.1) (1.9) (4.1) (0.1) (3.0) (2.7) (2.8) 
Prior accident years catastrophe losses—  0.2  (0.3) 0.8  —  0.2  0.1  0.1  0.3  0.2  
   Total loss and loss expense ratio33.9 %41.1 %34.7 %32.8 %32.1 %34.5 %37.4 %33.2 %33.1 %33.5 %
*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 Second-Quarter 2020 Supplemental Financial Data
9

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Personal auto:
Written premiums$169  $137  $141  $166  $173  $140  $306  $313  $479  $620  
Year over year change %- written premium(2)%(2)%— %(2)%— %— %(2)%— %— %— %
Earned premiums$154  $154  $155  $156  $155  $155  $308  $310  $466  $621  
Current accident year before catastrophe losses64.7 %69.4 %70.8 %70.2 %73.8 %76.2 %67.0 %75.0 %73.4 %72.7 %
Current accident year catastrophe losses1.5  2.1  0.4  1.2  1.8  0.5  1.8  1.1  1.1  1.0  
Prior accident years before catastrophe losses(4.2) (8.1) (1.7) (2.0) (9.4) (3.3) (6.1) (6.3) (4.9) (4.1) 
Prior accident years catastrophe losses(0.2) (0.4) —  (0.1) (0.2) —  (0.3) (0.1) (0.1) (0.1) 
   Total loss and loss expense ratio61.8 %63.0 %69.5 %69.3 %66.0 %73.4 %62.4 %69.7 %69.5 %69.5 %
Homeowner:
Written premiums$197  $140  $152  $173  $176  $130  $337  $306  $479  $631  
Year over year change %- written premium12 %8 %8 %7 %8 %7 %10 %8 %7 %7 %
Earned premiums$163  $159  $157  $154  $149  $147  $322  $296  $450  $607  
Current accident year before catastrophe losses45.0 %53.5 %55.7 %60.9 %53.1 %51.9 %49.2 %52.5 %55.3 %55.5 %
Current accident year catastrophe losses51.7  23.8  21.7  14.0  22.6  23.2  37.9  22.9  19.9  20.3  
Prior accident years before catastrophe losses4.5  (8.7) (2.2) 1.0  4.5  2.0  (2.0) 3.3  2.5  1.3  
Prior accident years catastrophe losses(0.1) (2.3) (0.5) (0.8) (2.2) 5.7  (1.2) 1.7  0.9  0.5  
   Total loss and loss expense ratio101.1 %66.3 %74.7 %75.1 %78.0 %82.8 %83.9 %80.4 %78.6 %77.6 %
Other personal:
Written premiums$57  $42  $43  $49  $53  $39  $99  $92  $141  $184  
Year over year change %- written premium8 %8 %5 %7 %15 %10 %8 %13 %11 %10 %
Earned premiums$47  $46  $46  $44  $44  $42  $93  $86  $130  $176  
Current accident year before catastrophe losses48.5 %50.5 %60.9 %51.4 %51.5 %33.6 %49.5 %42.7 %45.7 %49.6 %
Current accident year catastrophe losses11.8  4.6  2.9  4.3  4.7  5.6  8.2  5.1  4.8  4.3  
Prior accident years before catastrophe losses(1.4) 6.3  (5.9) (6.4) (7.7) (6.1) 2.4  (6.9) (6.7) (6.5) 
Prior accident years catastrophe losses(0.7) (0.6) (0.5) (0.7) 0.4  0.1  (0.6) 0.2  (0.1) (0.2) 
   Total loss and loss expense ratio58.2 %60.8 %57.4 %48.6 %48.9 %33.2 %59.5 %41.1 %43.7 %47.2 %
Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Excess & Surplus:
Written premiums$91  $85  $80  $74  $78  $71  $176  $149  $223  $303  
Year over year change %- written premium17 %20 %23 %25 %22 %16 %18 %19 %21 %22 %
Earned premiums$78  $78  $76  $72  $67  $63  $156  $130  $202  $278  
Current accident year before catastrophe losses59.0 %55.7 %54.3 %57.6 %50.8 %55.5 %57.4 %53.1 %54.7 %54.6 %
Current accident year catastrophe losses3.6  0.5  —  0.6  0.7  0.3  2.0  0.5  0.5  0.4  
Prior accident years before catastrophe losses11.2  0.7  (0.4) (6.0) (6.2) (4.2) 5.9  (5.2) (5.5) (4.1) 
Prior accident years catastrophe losses(0.2) 0.5  0.5  0.5  (0.2) (0.1) 0.2  (0.1) 0.1  0.2  
   Total loss and loss expense ratio73.6 %57.4 %54.4 %52.7 %45.1 %51.5 %65.5 %48.3 %49.8 %51.1 %
*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 Second-Quarter 2020 Supplemental Financial Data
10

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)Change inChange inChange inTotalLoss
PaidPaid lossTotalcaseIBNRloss expensechange inCaseIBNRexpenseTotal
lossesexpensepaidreservesreservesreservesreservesincurredincurredincurredincurred
Gross loss and loss expense incurred for the six months ended June 30, 2020
  Commercial casualty$176  $87  $263  $26  $48  $6  $80  $202  $48  $93  $343  
  Commercial property362  34  396  30  30  14  74  392  30  48  470  
  Commercial auto193  44  237  (21) 51  (5) 25  172  51  39  262  
  Workers' compensation79  17  96  (6) 10  (7) (3) 73  10  10  93  
  Other commercial37  8  45  (14) 4  17  7  23  4  25  52  
    Total commercial lines847  190  1,037  15  143  25  183  862  143  215  1,220  
  Personal auto147  41  188  (26) 40  (7) 7  121  40  34  195  
  Homeowners198  25  223  17  23  4  44  215  23  29  267  
  Other personal34  3  37  4  14  —  18  38  14  3  55  
    Total personal lines379  69  448  (5) 77  (3) 69  374  77  66  517  
  Excess & surplus lines38  19  57  19  18  13  50  57  18  32  107  
  Other89  3  92  (6) 25  —  19  83  25  3  111  
      Total property casualty$1,353  $281  $1,634  $23  $263  $35  $321  $1,376  $263  $316  $1,955  
Ceded loss and loss expense incurred for the six months ended June 30, 2020
  Commercial casualty$1  $—  $1  $(2) $—  $—  $(2) $(1) $—  $—  $(1) 
  Commercial property45  1  46  (29) (3) —  (32) 16  (3) 1  14  
  Commercial auto—  —  —  —  —  —  —  —  —  —  —  
  Workers' compensation4  —  4  (1) (2) —  (3) 3  (2) —  1  
  Other commercial2  —  2  —  —  —  —  2  —  —  2  
    Total commercial lines52  1  53  (32) (5) —  (37) 20  (5) 1  16  
  Personal auto1  —  1  1  (1) —  —  2  (1) —  1  
  Homeowners2  —  2  (2) (1) —  (3) —  (1) —  (1) 
  Other personal—  —  —  —  —  —  —  —  —  —  —  
    Total personal lines3  —  3  (1) (2) —  (3) 2  (2) —  —  
  Excess & surplus lines1  —  1  3  1  —  4  4  1  —  5  
  Other8  1  9  (6) (5) (1) (12) 2  (5) —  (3) 
      Total property casualty$64  $2  $66  $(36) $(11) $(1) $(48) $28  $(11) $1  $18  
Net loss and loss expense incurred for the six months ended June 30, 2020
  Commercial casualty$175  $87  $262  $28  $48  $6  $82  $203  $48  $93  $344  
  Commercial property317  33  350  59  33  14  106  376  33  47  456  
  Commercial auto193  44  237  (21) 51  (5) 25  172  51  39  262  
  Workers' compensation75  17  92  (5) 12  (7) —  70  12  10  92  
  Other commercial35  8  43  (14) 4  17  7  21  4  25  50  
    Total commercial lines795  189  984  47  148  25  220  842  148  214  1,204  
  Personal auto146  41  187  (27) 41  (7) 7  119  41  34  194  
  Homeowners196  25  221  19  24  4  47  215  24  29  268  
  Other personal34  3  37  4  14  —  18  38  14  3  55  
    Total personal lines376  69  445  (4) 79  (3) 72  372  79  66  517  
  Excess & surplus lines37  19  56  16  17  13  46  53  17  32  102  
  Other81  2  83  —  30  1  31  81  30  3  114  
      Total property casualty$1,289  $279  $1,568  $59  $274  $36  $369  $1,348  $274  $315  $1,937  
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.
CINF Second-Quarter 2020 Supplemental Financial Data
11

Consolidated Property Casualty Loss and Loss Expense Analysis
(Dollars in millions)Change inChange inChange inTotalLoss
PaidPaid lossTotalcaseIBNRloss expensechange inCaseIBNRexpenseTotal
lossesexpensepaidreservesreservesreservesreservesincurredincurredincurredincurred
Gross loss and loss expense incurred for the three months ended June 30, 2020
  Commercial casualty$63  $41  $104  $11  $46  $(5) $52  $74  $46  $36  $156  
  Commercial property174  16  190  66  (10) 17  73  240  (10) 33  263  
  Commercial auto84  18  102  (9) 27  3  21  75  27  21  123  
  Workers' compensation38  7  45  (3) 4  (6) (5) 35  4  1  40  
  Other commercial14  4  18  (3) 2  8  7  11  2  12  25  
    Total commercial lines373  86  459  62  69  17  148  435  69  103  607  
  Personal auto60  15  75  (19) 36  4  21  41  36  19  96  
  Homeowners126  13  139  19  (3) 7  23  145  (3) 20  162  
  Other personal18  2  20  —  7  —  7  18  7  2  27  
    Total personal lines204  30  234  —  40  11  51  204  40  41  285  
  Excess & surplus lines14  9  23  11  21  5  37  25  21  14  60  
  Other47  2  49  (1) 21  —  20  46  21  2  69  
      Total property casualty$638  $127  $765  $72  $151  $33  $256  $710  $151  $160  $1,021  
Ceded loss and loss expense incurred for the three months ended June 30, 2020
  Commercial casualty$2  $—  $2  $(4) $—  $—  $(4) $(2) $—  $—  $(2) 
  Commercial property1  —  1  12  (3) —  9  13  (3) —  10  
  Commercial auto—  —  —  —  —  —  —  —  —  —  —  
  Workers' compensation2  —  2  1  (1) —  —  3  (1) —  2  
  Other commercial1  —  1  —  —  —  —  1  —  —  1  
    Total commercial lines6  —  6  9  (4) —  5  15  (4) —  11  
  Personal auto—  —  —  —  —  —  —  —  —  —  —  
  Homeowners1  —  1  (1) (1) —  (2) —  (1) —  (1) 
  Other personal—  —  —  —  —  —  —  —  —  —  —  
    Total personal lines1  —  1  (1) (1) —  (2) —  (1) —  (1) 
  Excess & surplus lines—  —  —  2  1  —  3  2  1  —  3  
  Other7  —  7  (6) —  —  (6) 1  —  —  1  
      Total property casualty$14  $—  $14  $4  $(4) $—  $—  $18  $(4) $—  $14  
Net loss and loss expense incurred for the three months ended June 30, 2020
  Commercial casualty$61  $41  $102  $15  $46  $(5) $56  $76  $46  $36  $158  
  Commercial property173  16  189  54  (7) 17  64  227  (7) 33  253  
  Commercial auto84  18  102  (9) 27  3  21  75  27  21  123  
  Workers' compensation36  7  43  (4) 5  (6) (5) 32  5  1  38  
  Other commercial13  4  17  (3) 2  8  7  10  2  12  24  
    Total commercial lines367  86  453  53  73  17  143  420  73  103  596  
  Personal auto60  15  75  (19) 36  4  21  41  36  19  96  
  Homeowners125  13  138  20  (2) 7  25  145  (2) 20  163  
  Other personal18  2  20  —  7  —  7  18  7  2  27  
    Total personal lines203  30  233  1  41  11  53  204  41  41  286  
  Excess & surplus lines14  9  23  9  20  5  34  23  20  14  57  
  Other40  2  42  5  21  —  26  45  21  2  68  
      Total property casualty$624  $127  $751  $68  $155  $33  $256  $692  $155  $160  $1,007  
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.
CINF Second-Quarter 2020 Supplemental Financial Data
12

Quarterly Property Casualty Data - Consolidated
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Premiums
   Agency renewal written premiums$1,244  $1,198  $1,084  $1,119  $1,186  $1,130  $2,442  $2,316  $3,435  $4,519  
   Agency new business written premiums210  215  193  192  212  181  425  393  585  778  
   Other written premiums105  105  31  40  78  70  210  148  188  219  
   Net written premiums $1,559  $1,518  $1,308  $1,351  $1,476  $1,381  $3,077  $2,857  $4,208  $5,516  
   Unearned premium change(156) (129) 66  25  (159) (114) (285) (273) (248) (182) 
   Earned premiums$1,403  $1,389  $1,374  $1,376  $1,317  $1,267  $2,792  $2,584  $3,960  $5,334  
Year over year change %
   Agency renewal written premiums5 %6 %5 %3 %3 %4 %5 %4 %3 %4 %
   Agency new business written premiums(1) 19  22  25  17  14  8  16  18  19  
   Other written premiums35  50  nmnm333  338  42  335  395  nm
   Net written premiums 6  10  11  8  9  10  8  10  9  10  
Paid losses and loss expenses
   Losses paid$624  $663  $677  $703  $677  $692  $1,289  $1,369  $2,072  $2,748  
   Loss expenses paid127  154  131  127  121  132  279  253  380  512  
   Loss and loss expenses paid$751  $817  $808  $830  $798  $824  $1,568  $1,622  $2,452  $3,260  
Incurred losses and loss expenses
   Loss and loss expense incurred$1,007  $930  $835  $864  $863  $790  $1,937  $1,653  $2,517  $3,352  
   Loss and loss expenses paid as a % of incurred74.6 %87.7 %96.8 %96.1 %92.5 %104.3 %80.9 %98.1 %97.4 %97.3 %
Statutory combined ratio
   Loss ratio60.4 %56.1 %49.6 %52.1 %55.7 %52.5 %58.2 %54.1 %53.4 %52.5 %
   Loss adjustment expense ratio11.6  11.3  11.3  11.0  9.9  10.1  11.5  10.1  10.4  10.6  
   Net underwriting expense ratio28.8  29.2  32.1  31.2  29.3  28.9  29.0  29.1  29.8  30.3  
   US Statutory combined ratio100.8 %96.6 %93.0 %94.3 %94.9 %91.5 %98.7 %93.3 %93.6 %93.4 %
   Contribution from catastrophe losses16.5  9.1  3.3  5.3  10.0  5.8  12.8  7.9  7.1  6.0  
   Statutory combined ratio excl. catastrophe losses84.3 %87.5 %89.7 %89.0 %84.9 %85.7 %85.9 %85.4 %86.5 %87.4 %
GAAP combined ratio
   GAAP combined ratio103.1 %98.5 %91.6 %94.2 %96.5 %93.0 %100.8 %94.8 %94.6 %93.8 %
   Contribution from catastrophe losses16.5  9.1  3.3  5.3  10.0  5.8  12.8  7.9  7.1  6.0  
   GAAP combined ratio excl. catastrophe losses86.6 %89.4 %88.3 %88.9 %86.5 %87.2 %88.0 %86.9 %87.5 %87.8 %
*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 ratios exclude the results of Cincinnati Global, which was acquired on February 28, 2019.
Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.
CINF Second-Quarter 2020 Supplemental Financial Data
13

Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Premiums
   Agency renewal written premiums$794  $842  $719  $713  $767  $799  $1,636  $1,566  $2,279  $2,998  
   Agency new business written premiums134  154  129  124  137  120  288  257  381  510  
   Other written premiums(20) (24) (29) (21) (25) (23) (44) (48) (69) (98) 
   Net written premiums $908  $972  $819  $816  $879  $896  $1,880  $1,775  $2,591  $3,410  
   Unearned premium change(38) (109) 33  18  (56) (86) (147) (142) (124) (91) 
   Earned premiums$870  $863  $852  $834  $823  $810  $1,733  $1,633  $2,467  $3,319  
Year over year change %
   Agency renewal written premiums4 %5 %4 %2 %1 %4 %4 %2 %2 %2 %
   Agency new business written premiums(2) 28  28  32  16  15  12  16  21  22  
   Other written premiums20  (4) 15  5  (25) (10) 8  (17) (10) (1) 
   Net written premiums 3  8  8  5  3  5  6  4  4  5  
Paid losses and loss expenses
   Losses paid$367  $426  $418  $417  $394  $436  $795  $830  $1,247  $1,665  
   Loss expenses paid86  103  91  89  85  92  189  178  266  358  
   Loss and loss expenses paid$453  $529  $509  $506  $479  $528  $984  $1,008  $1,513  $2,023  
Incurred losses and loss expenses
   Loss and loss expense incurred$596  $608  $489  $510  $550  $481  $1,204  $1,031  $1,541  $2,030  
   Loss and loss expenses paid as a % of incurred76.0 %87.0 %104.1 %99.2 %87.1 %109.8 %81.7 %97.8 %98.2 %99.7 %
Statutory combined ratio
   Loss ratio56.7 %57.5 %44.8 %49.3 %56.5 %48.5 %57.0 %52.5 %51.5 %49.7 %
   Loss adjustment expense ratio11.8  12.9  12.6  11.9  10.3  10.9  12.4  10.6  11.0  11.5  
   Net underwriting expense ratio28.6  28.9  32.8  32.7  30.2  28.9  28.8  29.6  30.6  31.1  
   Statutory combined ratio97.1 %99.3 %90.2 %93.9 %97.0 %88.3 %98.2 %92.7 %93.1 %92.3 %
   Contribution from catastrophe losses14.0  9.8  (0.7) 4.1  11.7  3.3  11.9  7.5  6.4  4.5  
   Statutory combined ratio excl. catastrophe losses83.1 %89.5 %90.9 %89.8 %85.3 %85.0 %86.3 %85.2 %86.7 %87.8 %
GAAP combined ratio
   GAAP combined ratio99.1 %102.5 %88.8 %93.4 %98.6 %90.8 %100.8 %94.7 %94.3 %92.9 %
   Contribution from catastrophe losses14.0  9.8  (0.7) 4.1  11.7  3.3  11.9  7.5  6.4  4.5  
   GAAP combined ratio excl. catastrophe losses85.1 %92.7 %89.5 %89.3 %86.9 %87.5 %88.9 %87.2 %87.9 %88.4 %
*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 Second-Quarter 2020 Supplemental Financial Data
14

Quarterly Property Casualty Data - Personal Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Premiums
   Agency renewal written premiums$387  $294  $309  $356  $365  $282  $681  $647  $1,003  $1,312  
   Agency new business written premiums44  34  36  40  47  35  78  82  122  158  
   Other written premiums(8) (9) (9) (8) (10) (8) (17) (18) (26) (35) 
   Net written premiums $423  $319  $336  $388  $402  $309  $742  $711  $1,099  $1,435  
   Unearned premium change(59) 40  22  (34) (54) 35  (19) (19) (53) (31) 
   Earned premiums$364  $359  $358  $354  $348  $344  $723  $692  $1,046  $1,404  
Year over year change %
   Agency renewal written premiums6 %4 %5 %4 %7 %7 %5 %7 %6 %6 %
   Agency new business written premiums(6) (3) (5) (5) 2  (10) (5) (4) (4) (4) 
   Other written premiums20  (13) (13) (14) (43) (33) 6  (38) (30) (25) 
   Net written premiums 5  3  4  3  6  4  4  5  4  4  
Paid losses and loss expenses
   Losses paid$203  $173  $205  $221  $217  $209  $376  $426  $647  $850  
   Loss expenses paid30  40  29  29  27  31  69  58  87  116  
   Loss and loss expenses paid$233  $213  $234  $250  $244  $240  $445  $484  $734  $966  
Incurred losses and loss expenses
   Loss and loss expense incurred$286  $231  $251  $244  $240  $250  $517  $490  $734  $985  
   Loss and loss expenses paid as a % of incurred81.5 %92.2 %93.2 %102.0 %101.7 %96.0 %86.1 %98.8 %100.0 %98.1 %
Statutory combined ratio
   Loss ratio67.5 %57.2 %61.2 %60.4 %59.7 %64.9 %62.4 %62.3 %61.6 %61.5 %
   Loss adjustment expense ratio11.4  6.9  9.0  8.8  9.2  7.6  9.1  8.4  8.5  8.7  
   Net underwriting expense ratio29.4  32.1  30.7  28.2  27.3  30.7  30.6  28.8  28.6  29.1  
   Statutory combined ratio108.3 %96.2 %100.9 %97.4 %96.2 %103.2 %102.1 %99.5 %98.7 %99.3 %
   Contribution from catastrophe losses25.1  10.7  9.7  6.7  10.0  13.3  17.9  11.6  10.0  9.9  
   Statutory combined ratio excl. catastrophe losses83.2 %85.5 %91.2 %90.7 %86.2 %89.9 %84.2 %87.9 %88.7 %89.4 %
GAAP combined ratio
   GAAP combined ratio112.3 %94.3 %99.3 %99.6 %98.9 %101.3 %103.4 %100.1 %99.9 %99.8 %
   Contribution from catastrophe losses25.1  10.7  9.7  6.7  10.0  13.3  17.9  11.6  10.0  9.9  
   GAAP combined ratio excl. catastrophe losses87.2 %83.6 %89.6 %92.9 %88.9 %88.0 %85.5 %88.5 %89.9 %89.9 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed
independently.
*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 Second-Quarter 2020 Supplemental Financial Data
15

Quarterly Property Casualty Data - Excess & Surplus Lines
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Premiums
   Agency renewal written premiums$63  $62  $56  $50  $54  $49  $125  $103  $153  $209  
   Agency new business written premiums32  27  28  28  28  26  59  54  82  110  
   Other written premiums(4) (4) (4) (4) (4) (4) (8) (8) (12) (16) 
   Net written premiums $91  $85  $80  $74  $78  $71  $176  $149  $223  $303  
   Unearned premium change(13) (7) (4) (2) (11) (8) (20) (19) (21) (25) 
   Earned premiums$78  $78  $76  $72  $67  $63  $156  $130  $202  $278  
Year over year change %
   Agency renewal written premiums17 %27 %12 %14 %8 %2 %21 %5 %8 %9 %
   Agency new business written premiums14  4  47  56  65  63  9  64  61  57  
   Other written premiums—  —  —  (33) (33) (33) —  (33) (33) (23) 
   Net written premiums 17  20  23  25  22  16  18  19  21  22  
Paid losses and loss expenses
   Losses paid$14  $23  $14  $16  $10  $18  $37  $28  $43  $57  
   Loss expenses paid9  9  9  8  7  8  19  15  23  33  
   Loss and loss expenses paid$23  $32  $23  $24  $17  $26  $56  $43  $66  $90  
Incurred losses and loss expenses
   Loss and loss expense incurred$57  $45  $41  $39  $29  $33  $102  $62  $101  $142  
   Loss and loss expenses paid as a % of incurred40.4 %71.1 %56.1 %63.2 %53.5 %78.8 %54.9 %68.8 %65.3 %63.4 %
Statutory combined ratio
   Loss ratio56.4 %35.4 %38.0 %35.6 %27.2 %32.9 %45.9 %30.0 %32.0 %33.7 %
   Loss adjustment expense ratio17.2  22.0  16.4  17.1  17.9  18.6  19.5  18.3  17.9  17.4  
   Net underwriting expense ratio26.6  28.8  29.1  29.6  28.5  28.5  27.7  28.4  28.8  28.9  
   Statutory combined ratio100.2 %86.2 %83.5 %82.3 %73.6 %80.0 %93.1 %76.7 %78.7 %80.0 %
   Contribution from catastrophe losses3.4  1.0  0.5  1.1  0.5  0.2  2.2  0.4  0.6  0.6  
   Statutory combined ratio excl. catastrophe losses96.8 %85.2 %83.0 %81.2 %73.1 %79.8 %90.9 %76.3 %78.1 %79.4 %
GAAP combined ratio
   GAAP combined ratio102.0 %89.1 %82.9 %83.2 %76.1 %83.5 %95.5 %79.7 %80.9 %81.5 %
   Contribution from catastrophe losses3.4  1.0  0.5  1.1  0.5  0.2  2.2  0.4  0.6  0.6  
   GAAP combined ratio excl. catastrophe losses98.6 %88.1 %82.4 %82.1 %75.6 %83.3 %93.3 %79.3 %80.3 %80.9 %
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed
independently.
*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 Second-Quarter 2020 Supplemental Financial Data
16

Consolidated Cincinnati Insurance Companies
Statutory Statements of Income
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Dollars in millions)20202019Change% Change20202019Change% Change
Underwriting income
Net premiums written$1,506  $1,431  $75  5  $2,987  $2,792  $195  7  
Unearned premium change137  147  (10) (7) 256  251  5  2  
Earned premiums$1,369  $1,284  $85  7  $2,731  $2,541  $190  7  
Losses incurred$826  $716  $110  15  $1,590  $1,376  $214  16  
Defense and cost containment expenses incurred83  60  23  38  164  132  32  24  
Adjusting and other expenses incurred76  70  6  9  150  125  25  20  
Other underwriting expenses incurred415  416  (1) —  845  806  39  5  
Workers compensation dividend incurred2  3  (1) (33) 5  6  (1) (17) 
     Total underwriting deductions$1,402  $1,265  $137  11  $2,754  $2,445  $309  13  
Net underwriting profit (loss)$(33) $19  $(52) nm$(23) $96  $(119) nm
Investment income
Gross investment income earned$106  $102  $4  4  $211  $204  $7  3  
Net investment income earned105  101  4  4  208  201  7  3  
Net realized capital gains and losses, net8  2  6  300  (38) 5  (43) nm
     Net investment gains (net of tax)$113  $103  $10  10  $170  $206  $(36) (17) 
     Other income (loss)$(15) $2  $(17) nm$(13) $4  $(17) nm
Net income before federal income taxes$65  $124  $(59) (48) $134  $306  $(172) (56) 
Federal and foreign income taxes incurred12  24  (12) (50) 17  48  (31) (65) 
     Net income (statutory)$53  $100  $(47) (47) $117  $258  $(141) (55) 
Policyholders' surplus - statutory$5,155  $5,325  $(170) (3) $5,155  $5,325  $(170) (3) 
Fixed maturities at amortized cost - statutory$7,418  $7,291  $127  2  $7,418  $7,291  $127  2  
*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 Second-Quarter 2020 Supplemental Financial Data
17

The Cincinnati Life Insurance Company
Statutory Statements of Income
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Dollars in millions)20202019Change% Change20202019Change% Change
Net premiums written$85  $83  $2  2  $162  $155  $7  5  
Net investment income40  40  —  —  83  79  4  5  
Amortization of interest maintenance reserve—  —  —  —  —  1  (1) nm
Commissions and expense allowances on reinsurance ceded1  1  —  —  2  2  —  —  
Income from fees associated with separate accounts1  1  —  —  1  2  (1) (50) 
Total revenues$127  $125  $2  2  $248  $239  $9  4  
Death benefits and matured endowments$37  $38  $(1) (3) $68  $71  $(3) (4) 
Annuity benefits13  25  (12) (48) 35  49  (14) (29) 
Disability benefits and benefits under accident and health contracts—  —  —  —  1  1  —  —  
Surrender benefits and group conversions5  5  —  —  11  10  1  10  
Interest and adjustments on deposit-type contract funds2  2  —  —  4  4  —  —  
Increase in aggregate reserves for life and accident and health contracts37  28  9  32  58  52  6  12  
Total benefit expenses$94  $98  $(4) (4) $177  $187  $(10) (5) 
Commissions$12  $13  $(1) (8) $25  $26  $(1) (4) 
General insurance expenses and taxes12  14  (2) (14) 25  27  (2) (7) 
Increase in loading on deferred and uncollected premiums(3) (2) (1) 50  5  (2) 7  nm
Net transfers from separate accounts(4) (2) (2) 100  (4) (3) (1) 33  
Total underwriting expenses$17  $23  $(6) (26) $51  $48  $3  6  
Federal and foreign income taxes incurred5  2  3  150  6  3  3  100  
Net gain from operations before capital gains and losses$11  $2  $9  450  $14  $1  $13  nm
Gains and losses net of capital gains tax, net2  1  1  100  (31) 1  (32) nm
Net income (loss) (statutory)$13  $3  $10  333  $(17) $2  $(19) nm
Policyholders' surplus - statutory$208  $188  20  11  $208  $188  $20  11  
Fixed maturities at amortized cost - statutory$3,456  $3,351  $105  3  $3,456  $3,351  $105  3  
*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 Second-Quarter 2020 Supplemental Financial Data
18

Quarterly Data - Other
(Dollars in millions)Three months endedSix months endedNine months endedTwelve months ended
12/31/209/30/206/30/203/31/2012/31/199/30/196/30/193/31/196/30/206/30/199/30/209/30/1912/31/2012/31/19
Cincinnati Re:
Written premiums$84  $105  $36  $35  $73  $84  $189  $157  $192  $228  
   Year over year change %- written premium15 %25 %29 %(3)%52 %83 %20 %67 %48 %44 %
Earned premiums$57  $62  $50  $48  $46  $40  $119  $86  $134  $184  
Current accident year before catastrophe losses79.6 %47.6 %43.9 %55.6 %51.3 %54.3 %63.0 %52.7 %53.7 %51.1 %
Current accident year catastrophe losses—  —  20.5  17.3  —  —  —  —  6.3  10.1  
Prior accident years before catastrophe losses(0.6) 3.1  2.2  1.2  (3.7) 6.2  1.3  0.9  1.0  1.3  
Prior accident years catastrophe losses(0.1) 6.3  0.2  (7.9) 8.7  (0.3) 3.2  4.5  —  0.1  
   Total loss and loss expense ratio78.9 %57.0 %66.8 %66.2 %56.3 %60.2 %67.5 %58.1 %61.0 %62.6 %
Cincinnati Global:
Written premiums$53  $37  $37  $38  $44  $21  $90  $65  $103  $140  
   Year over year change %- written premium20 %76 %38 %
Earned premiums$34  $27  $38  $68  $33  $10  $61  $43  $111  $149  
Current accident year before catastrophe losses49.6 %63.7 %39.6 %44.6 %75.5 %103.9 %55.6 %82.6 %59.3 %54.3 %
Current accident year catastrophe losses42.4  —  4.8  19.4  9.8  —  24.1  7.3  14.7  12.2  
Prior accident years before catastrophe losses(27.9) (19.5) (0.2) (2.9) (8.5) (84.0) (24.2) (27.3) (12.3) (9.2) 
Prior accident years catastrophe losses1.0  (3.2) 9.1  (4.2) (22.5) 4.3  (0.8) (15.8) (8.7) (4.2) 
   Total loss and loss expense ratio65.1 %41.0 %53.3 %56.9 %54.3 %24.2 %54.7 %46.8 %53.0 %53.1 %
Noninsurance operations:
Interest and fees on loans and leases$2  $1  $1  $1  $1  $2  $3  $3  $4  $5  
Other revenue1  1  1  2  1  —  2  1  3  4  
Interest expense14  13  13  14  13  13  27  26  40  53  
Operating expenses5  5  6  5  4  8  10  12  17  23  
  Total noninsurance operations loss$(16) $(16) $(17) $(16) $(15) $(19) $(32) $(34) $(50) $(67) 
*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Cincinnati Global was acquired on February 28, 2019. Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.
CINF Second-Quarter 2020 Supplemental Financial Data
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