|  |  |                                                                                                                                                                                                                                                                                                                                   |  |  |  |  |  |  |
|--|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
|  |  | The Cincinnati Insurance Company nThe Cincinnati Indemnity CompanyThe Cincinnati Casualty CompanynThe Cincinnati Specialty Underwriters Insurance CompanyThe Cincinnati Life Insurance CompanynCFC Investment CompanynCSU Producer Resources Inc.Cincinnati Global Underwriting Ltd. n Cincinnati Global Underwriting Agency Ltd. |

|                                                               |  |                              |  |  |  |  |      |             |             |  |             |   |             |      |  |    |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------|--|------------------------------|--|--|--|--|------|-------------|-------------|--|-------------|---|-------------|------|--|----|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions, except per share data)                  |  | Three months ended March 31, |
|                                                               |  |                              |  |  |  |  | 2022 |             | 2021        |  | % Change    |
| Revenue Data                                                  |  |                              |  |  |  |  |      |             |             |  |             |   |
|    Earned premiums                             |  |                              |  |  |  |  |      | $           | 1,690  |  |             | $ | 1,544  |      |  | 9  |
|    Investment income, net of expenses          |  |                              |  |  |  |  |      | 185    |             |  | 174    |   |             | 6    |
|    Total revenues                              |  |                              |  |  |  |  |      | 1,215  |             |  | 2,227  |   |             | (45) |
| Income Statement Data                                         |  |                              |  |  |  |  |      |             |             |  |             |   |
|    Net income (loss)                           |  |                              |  |  |  |  |      | $           | (273)       |  |             | $ | 620    |      |  | nm |
|    Investment gains and losses, after-tax      |  |                              |  |  |  |  |      | (526)       |             |  | 398    |   |             | nm   |
|                                                               |  |                              |  |  |  |  |      |             |             |  |             |   |
|    Non-GAAP operating income*                  |  |                              |  |  |  |  |      | $           | 253    |  |             | $ | 222    |      |  | 14 |
| Per Share Data (diluted)                                      |  |                              |  |  |  |  |      |             |             |  |             |   |
|    Net income (loss)                           |  |                              |  |  |  |  |      | $           | (1.70)      |  |             | $ | 3.82   |      |  | nm |
|    Investment gains and losses, after-tax      |  |                              |  |  |  |  |      | (3.28)      |             |  | 2.45   |   |             | nm   |
|                                                               |  |                              |  |  |  |  |      |             |             |  |             |   |
|    Non-GAAP operating income*                  |  |                              |  |  |  |  |      | $           | 1.58   |  |             | $ | 1.37   |      |  | 15 |
|                                                               |  |                              |  |  |  |  |      |             |             |  |             |   |
|    Book value                                  |  |                              |  |  |  |  |      | $           | 75.43  |  |             | $ | 69.16  |      |  | 9  |
|    Cash dividend declared                      |  |                              |  |  |  |  |      | $           | 0.69   |  |             | $ | 0.63   |      |  | 10 |
|    Diluted weighted average shares outstanding |  |                              |  |  |  |  |      | 160.4  |             |  | 162.5  |   |             | (1)  |
|                                                               |  |                              |  |  |  |  |      |             |             |  |             |   |

----

----

|                                                                                               |  |                              |  |  |  |  |  |            |       |       |            |            |  |           |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------|--|------------------------------|--|--|--|--|--|------------|-------|-------|------------|------------|--|-----------|--|--|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions)                                                                         |  | Three months ended March 31, |
|                                                                                               |  |                              |  |  |  |  |  | 2022       |       | 2021  |            | % Change   |
| Earned premiums                                                                               |  |                              |  |  |  |  |  | $          | 1,618 |       | $          | 1,475      |  | 10   |  |
| Fee revenues                                                                                  |  |                              |  |  |  |  |  | 3          |       | 2     |            | 50    |  |
|    Total revenues                                                              |  |                              |  |  |  |  |  | 1,621      |       | 1,477 |            | 10    |  |
|                                                                                               |  |                              |  |  |  |  |  |            |       |       |            |            |
| Loss and loss expenses                                                                        |  |                              |  |  |  |  |  | 956        |       | 923   |            | 4     |  |
| Underwriting expenses                                                                         |  |                              |  |  |  |  |  | 500        |       | 421   |            | 19    |  |
|    Underwriting profit                                                         |  |                              |  |  |  |  |  | $          | 165   |       | $          | 133        |  | 24   |  |
|                                                                                               |  |                              |  |  |  |  |  |            |       |       |            |            |
| Ratios as a percent of earned premiums:                                                   |  |                              |  |  |  |  |  |            |       |       |            | Pt. Change |
|      Loss and loss expenses                                          |  |                              |  |  |  |  |  | 59.1  | %     |       | 62.6  | %          |  | (3.5)     |  |
|      Underwriting expenses                                           |  |                              |  |  |  |  |  | 30.8  |       |       | 28.6  |            |  | 2.2  |  |
|            Combined ratio              |  |                              |  |  |  |  |  | 89.9  | %     |       | 91.2  | %          |  | (1.3)     |  |
|                                                                                               |  |                              |  |  |  |  |  |            |       |       |            |            |
|                                                                                               |  |                              |  |  |  |  |  |            |       |       |            | % Change   |
| Agency renewal written premiums                                                               |  |                              |  |  |  |  |  | $          | 1,397 |       | $          | 1,276      |  | 9    |  |
| Agency new business written premiums                                                          |  |                              |  |  |  |  |  | 244        |       | 220   |            | 11    |  |
|                                                                                               |  |                              |  |  |  |  |  |            |       |       |            |            |
| Other written premiums                                                                        |  |                              |  |  |  |  |  | 258        |       | 197   |            | 31    |  |
|    Net written premiums                                                        |  |                              |  |  |  |  |  | $          | 1,899 |       | $          | 1,693      |  | 12   |  |
|                                                                                               |  |                              |  |  |  |  |  |            |       |       |            |            |
| Ratios as a percent of earned premiums:                                                   |  |                              |  |  |  |  |  |            |       |       |            | Pt. Change |
|      Current accident year before catastrophe losses                 |  |                              |  |  |  |  |  | 58.5  | %     |       | 57.6  | %          |  | 0.9  |  |
|      Current accident year catastrophe losses                        |  |                              |  |  |  |  |  | 3.1   |       |       | 12.4  |            |  | (9.3)     |  |
|      Prior accident years before catastrophe losses                  |  |                              |  |  |  |  |  | (1.2)      |       |       | (5.4)      |            |  | 4.2  |  |
|      Prior accident years catastrophe losses                         |  |                              |  |  |  |  |  | (1.3)      |       |       | (2.0)      |            |  | 0.7  |  |
|            Loss and loss expense ratio |  |                              |  |  |  |  |  | 59.1  | %     |       | 62.6  | %          |  | (3.5)     |  |
|                                                                                               |  |                              |  |  |  |  |  |            |       |       |            |            |
| Current accident year combined ratio before catastrophe losses                                |  |                              |  |  |  |  |  | 89.3  | %     |       | 86.2  | %          |  | 3.1  |  |
|                                                                                               |  |                              |  |  |  |  |  |            |       |       |            |            |

----

|                                                                                               |  |                              |  |  |  |  |  |            |             |      |            |            |             |           |  |         |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------|--|------------------------------|--|--|--|--|--|------------|-------------|------|------------|------------|-------------|-----------|--|---------|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions)                                                                         |  | Three months ended March 31, |
|                                                                                               |  |                              |  |  |  |  |  | 2022       |             | 2021 |            | % Change   |
| Earned premiums                                                                               |  |                              |  |  |  |  |  | $          | 962    |      |            | $          | 886    |           |  | 9  |  |
| Fee revenues                                                                                  |  |                              |  |  |  |  |  | 1     |             |      | 1     |            |             | 0    |  |
|    Total revenues                                                              |  |                              |  |  |  |  |  | 963   |             |      | 887   |            |             | 9    |  |
|                                                                                               |  |                              |  |  |  |  |  |            |             |      |            |            |
| Loss and loss expenses                                                                        |  |                              |  |  |  |  |  | 586   |             |      | 503   |            |             | 17   |  |
| Underwriting expenses                                                                         |  |                              |  |  |  |  |  | 301   |             |      | 254   |            |             | 19   |  |
|    Underwriting profit                                                         |  |                              |  |  |  |  |  | $          | 76     |      |            | $          | 130    |           |  | (42)    |  |
|                                                                                               |  |                              |  |  |  |  |  |            |             |      |            |            |
| Ratios as a percent of earned premiums:                                                   |  |                              |  |  |  |  |  |            |             |      |            | Pt. Change |
|      Loss and loss expenses                                          |  |                              |  |  |  |  |  | 61.0  | %           |      | 56.7  | %          |             | 4.3  |  |
|      Underwriting expenses                                           |  |                              |  |  |  |  |  | 31.3  |             |      | 28.7  |            |             | 2.6  |  |
|            Combined ratio              |  |                              |  |  |  |  |  | 92.3  | %           |      | 85.4  | %          |             | 6.9  |  |
|                                                                                               |  |                              |  |  |  |  |  |            |             |      |            |            |
|                                                                                               |  |                              |  |  |  |  |  |            |             |      |            | % Change   |
| Agency renewal written premiums                                                               |  |                              |  |  |  |  |  | $          | 970    |      |            | $          | 898    |           |  | 8  |  |
| Agency new business written premiums                                                          |  |                              |  |  |  |  |  | 156   |             |      | 145   |            |             | 8    |  |
| Other written premiums                                                                        |  |                              |  |  |  |  |  | (30)       |             |      | (24)       |            |             | (25)      |  |
|    Net written premiums                                                        |  |                              |  |  |  |  |  | $          | 1,096  |      |            | $          | 1,019  |           |  | 8  |  |
|                                                                                               |  |                              |  |  |  |  |  |            |             |      |            |            |
| Ratios as a percent of earned premiums:                                                   |  |                              |  |  |  |  |  |            |             |      |            | Pt. Change |
|      Current accident year before catastrophe losses                 |  |                              |  |  |  |  |  | 61.2  | %           |      | 60.0  | %          |             | 1.2  |  |
|      Current accident year catastrophe losses                        |  |                              |  |  |  |  |  | 1.7   |             |      | 6.1   |            |             | (4.4)     |  |
|      Prior accident years before catastrophe losses                  |  |                              |  |  |  |  |  | (1.6)      |             |      | (7.5)      |            |             | 5.9  |  |
|      Prior accident years catastrophe losses                         |  |                              |  |  |  |  |  | (0.3)      |             |      | (1.9)      |            |             | 1.6  |  |
|            Loss and loss expense ratio |  |                              |  |  |  |  |  | 61.0  | %           |      | 56.7  | %          |             | 4.3  |  |
|                                                                                               |  |                              |  |  |  |  |  |            |             |      |            |            |
| Current accident year combined ratio before catastrophe losses                                |  |                              |  |  |  |  |  | 92.5  | %           |      | 88.7  | %          |             | 3.8  |  |
|                                                                                               |  |                              |  |  |  |  |  |            |             |      |            |            |

----

|                                                                                               |  |                              |  |  |  |  |  |            |           |      |             |            |           |           |  |          |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------|--|------------------------------|--|--|--|--|--|------------|-----------|------|-------------|------------|-----------|-----------|--|----------|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions)                                                                         |  | Three months ended March 31, |
|                                                                                               |  |                              |  |  |  |  |  | 2022       |           | 2021 |             | % Change   |
| Earned premiums                                                                               |  |                              |  |  |  |  |  | $          | 402  |      |             | $          | 376  |           |  | 7   |  |
| Fee revenues                                                                                  |  |                              |  |  |  |  |  | 1     |           |      | 1      |            |           | 0    |  |
|    Total revenues                                                              |  |                              |  |  |  |  |  | 403   |           |      | 377    |            |           | 7    |  |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |             |            |
| Loss and loss expenses                                                                        |  |                              |  |  |  |  |  | 215   |           |      | 273    |            |           | (21)      |  |
| Underwriting expenses                                                                         |  |                              |  |  |  |  |  | 123   |           |      | 107    |            |           | 15   |  |
|    Underwriting profit (loss)                                                  |  |                              |  |  |  |  |  | $          | 65   |      |             | $          | (3)       |           |  | nm       |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |             |            |
| Ratios as a percent of earned premiums:                                                   |  |                              |  |  |  |  |  |            |           |      |             | Pt. Change |
|      Loss and loss expenses                                          |  |                              |  |  |  |  |  | 53.5  | %         |      | 72.6   | %          |           | (19.1)    |  |
|      Underwriting expenses                                           |  |                              |  |  |  |  |  | 30.4  |           |      | 28.5   |            |           | 1.9  |  |
|            Combined ratio              |  |                              |  |  |  |  |  | 83.9  | %         |      | 101.1  | %          |           | (17.2)    |  |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |             |            |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |             | % Change   |
| Agency renewal written premiums                                                               |  |                              |  |  |  |  |  | $          | 333  |      |             | $          | 302  |           |  | 10  |  |
| Agency new business written premiums                                                          |  |                              |  |  |  |  |  | 52    |           |      | 46     |            |           | 13   |  |
| Other written premiums                                                                        |  |                              |  |  |  |  |  | (11)       |           |      | (10)        |            |           | (10)      |  |
|    Net written premiums                                                        |  |                              |  |  |  |  |  | $          | 374  |      |             | $          | 338  |           |  | 11  |  |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |             |            |
| Ratios as a percent of earned premiums:                                                   |  |                              |  |  |  |  |  |            |           |      |             | Pt. Change |
|      Current accident year before catastrophe losses                 |  |                              |  |  |  |  |  | 55.0  | %         |      | 57.3   | %          |           | (2.3)     |  |
|      Current accident year catastrophe losses                        |  |                              |  |  |  |  |  | 6.9   |           |      | 20.6   |            |           | (13.7)    |  |
|      Prior accident years before catastrophe losses                  |  |                              |  |  |  |  |  | (3.2)      |           |      | (4.5)       |            |           | 1.3  |  |
|      Prior accident years catastrophe losses                         |  |                              |  |  |  |  |  | (5.2)      |           |      | (0.8)       |            |           | (4.4)     |  |
|            Loss and loss expense ratio |  |                              |  |  |  |  |  | 53.5  | %         |      | 72.6   | %          |           | (19.1)    |  |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |             |            |
| Current accident year combined ratio before catastrophe losses                                |  |                              |  |  |  |  |  | 85.4  | %         |      | 85.8   | %          |           | (0.4)     |  |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |             |            |

----

|                                                                                               |  |                              |  |  |  |  |  |            |           |      |               |            |          |           |  |           |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------|--|------------------------------|--|--|--|--|--|------------|-----------|------|---------------|------------|----------|-----------|--|-----------|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions)                                                                         |  | Three months ended March 31, |
|                                                                                               |  |                              |  |  |  |  |  | 2022       |           | 2021 |               | % Change   |
| Earned premiums                                                                               |  |                              |  |  |  |  |  | $          | 112  |      |               | $          | 89  |           |  | 26   |  |
| Fee revenues                                                                                  |  |                              |  |  |  |  |  | 1     |           |      | —  |            |          | nm        |
|    Total revenues                                                              |  |                              |  |  |  |  |  | 113   |           |      | 89       |            |          | 27   |  |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |               |            |
| Loss and loss expenses                                                                        |  |                              |  |  |  |  |  | 66    |           |      | 59       |            |          | 12   |  |
| Underwriting expenses                                                                         |  |                              |  |  |  |  |  | 31    |           |      | 22       |            |          | 41   |  |
|    Underwriting profit                                                         |  |                              |  |  |  |  |  | $          | 16   |      |               | $          | 8   |           |  | 100  |  |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |               |            |
| Ratios as a percent of earned premiums:                                                   |  |                              |  |  |  |  |  |            |           |      |               | Pt. Change |
|      Loss and loss expenses                                          |  |                              |  |  |  |  |  | 58.3  | %         |      | 66.7     | %          |          | (8.4)     |  |
|      Underwriting expenses                                           |  |                              |  |  |  |  |  | 27.6  |           |      | 25.3     |            |          | 2.3  |  |
|            Combined ratio              |  |                              |  |  |  |  |  | 85.9  | %         |      | 92.0     | %          |          | (6.1)     |  |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |               |            |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |               | % Change   |
| Agency renewal written premiums                                                               |  |                              |  |  |  |  |  | $          | 94   |      |               | $          | 76  |           |  | 24   |  |
| Agency new business written premiums                                                          |  |                              |  |  |  |  |  | 36    |           |      | 29       |            |          | 24   |  |
| Other written premiums                                                                        |  |                              |  |  |  |  |  | (6)        |           |      | (6)           |            |          | 0    |  |
|    Net written premiums                                                        |  |                              |  |  |  |  |  | $          | 124  |      |               | $          | 99  |           |  | 25   |  |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |               |            |
| Ratios as a percent of earned premiums:                                                   |  |                              |  |  |  |  |  |            |           |      |               | Pt. Change |
|      Current accident year before catastrophe losses                 |  |                              |  |  |  |  |  | 61.8  | %         |      | 61.0     | %          |          | 0.8  |  |
|      Current accident year catastrophe losses                        |  |                              |  |  |  |  |  | 1.5   |           |      | 1.3      |            |          | 0.2  |  |
|      Prior accident years before catastrophe losses                  |  |                              |  |  |  |  |  | (4.6)      |           |      | 4.7      |            |          | (9.3)     |  |
|      Prior accident years catastrophe losses                         |  |                              |  |  |  |  |  | (0.4)      |           |      | (0.3)         |            |          | (0.1)     |  |
|            Loss and loss expense ratio |  |                              |  |  |  |  |  | 58.3  | %         |      | 66.7     | %          |          | (8.4)     |  |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |               |            |
| Current accident year combined ratio before catastrophe losses                                |  |                              |  |  |  |  |  | 89.4  | %         |      | 86.3     | %          |          | 3.1  |  |
|                                                                                               |  |                              |  |  |  |  |  |            |           |      |               |            |

----

|                                                     |  |  |                              |  |  |  |      |               |          |  |               |   |          |         |  |         |  |  |  |  |  |  |  |  |
|-----------------------------------------------------|--|--|------------------------------|--|--|--|------|---------------|----------|--|---------------|---|----------|---------|--|---------|--|--|--|--|--|--|--|--|
| (Dollars in millions)                               |  |  | Three months ended March 31, |
|                                                     |  |  |                              |  |  |  | 2022 |               | 2021     |  | % Change      |
| Term life insurance                                 |  |  |                              |  |  |  |      | $             | 54  |  |               | $ | 51  |         |  | 6  |  |
| Whole life insurance                                |  |  |                              |  |  |  |      | 11       |          |  | 11       |   |          | 0  |  |
| Universal life and other                            |  |  |                              |  |  |  |      | 7        |          |  | 7        |   |          | 0  |  |
|     Earned premiums             |  |  |                              |  |  |  |      | 72       |          |  | 69       |   |          | 4  |  |
| Investment income, net of expenses                  |  |  |                              |  |  |  |      | 42       |          |  | 41       |   |          | 2  |  |
| Investment gains and losses, net                    |  |  |                              |  |  |  |      | —  |          |  | —  |   |          | 0  |  |
| Fee revenues                                        |  |  |                              |  |  |  |      | 1        |          |  | 1        |   |          | 0  |  |
| Total revenues                                      |  |  |                              |  |  |  |      | 115      |          |  | 111      |   |          | 4  |  |
| Contract holders’ benefits incurred           |  |  |                              |  |  |  |      | 83       |          |  | 80       |   |          | 4  |  |
| Underwriting expenses incurred                      |  |  |                              |  |  |  |      | 19       |          |  | 18       |   |          | 6  |  |
|     Total benefits and expenses |  |  |                              |  |  |  |      | 102      |          |  | 98       |   |          | 4  |  |
| Net income before income tax                        |  |  |                              |  |  |  |      | 13       |          |  | 13       |   |          | 0  |  |
| Income tax provision                                |  |  |                              |  |  |  |      | 3        |          |  | 3        |   |          | 0  |  |
| Net income of the life insurance subsidiary         |  |  |                              |  |  |  |      | $             | 10  |  |               | $ | 10  |         |  | 0  |  |
|                                                     |  |  |                              |  |  |  |      |               |          |  |               |   |

----

|                                                                        |  |  |  |                              |  |  |      |            |              |  |            |   |              |          |  |         |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------|--|--|--|------------------------------|--|--|------|------------|--------------|--|------------|---|--------------|----------|--|---------|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions)                                                  |  |  |  | Three months ended March 31, |
|                                                                        |  |  |  |                              |  |  | 2022 |            | 2021         |  | % Change   |
| Investment income, net of expenses                                     |  |  |  |                              |  |  |      | $          | 185     |  |            | $ | 174     |          |  | 6  |  |
| Investment interest credited to contract holders                       |  |  |  |                              |  |  |      | (27)       |              |  | (26)       |   |              | (4)      |  |
| Investment gains and losses, net                                       |  |  |  |                              |  |  |      | (666)      |              |  | 504   |   |              | nm       |
|       Investments profit                 |  |  |  |                              |  |  |      | $          | (508)        |  |            | $ | 652     |          |  | nm      |
|                                                                        |  |  |  |                              |  |  |      |            |              |  |            |   |
| Investment income:                                                 |  |  |  |                              |  |  |      |            |              |  |            |   |
|    Interest                                             |  |  |  |                              |  |  |      | $          | 123     |  |            | $ | 118     |          |  | 4  |  |
|    Dividends                                            |  |  |  |                              |  |  |      | 65    |              |  | 58    |   |              | 12  |  |
|    Other                                                |  |  |  |                              |  |  |      | 1     |              |  | 2     |   |              | (50)     |  |
|    Less investment expenses                             |  |  |  |                              |  |  |      | 4     |              |  | 4     |   |              | 0   |  |
|       Investment income, pretax          |  |  |  |                              |  |  |      | 185   |              |  | 174   |   |              | 6   |  |
|       Less income taxes                  |  |  |  |                              |  |  |      | 29    |              |  | 27    |   |              | 7   |  |
|       Total investment income, after-tax |  |  |  |                              |  |  |      | $          | 156     |  |            | $ | 147     |          |  | 6  |  |
|                                                                        |  |  |  |                              |  |  |      |            |              |  |            |   |
| Investment returns:                                                |  |  |  |                              |  |  |      |            |              |  |            |   |
|  Average invested assets plus cash and cash equivalents           |  |  |  |                              |  |  |      | $          | 24,677  |  |            | $ | 21,776  |          |  |         |
|       Average yield pretax               |  |  |  |                              |  |  |      | 3.00  | %            |  | 3.20  | % |              |          |
|       Average yield after-tax            |  |  |  |                              |  |  |      | 2.53  |              |  | 2.70  |   |              |          |
|       Effective tax rate                 |  |  |  |                              |  |  |      | 15.6  |              |  | 15.5  |   |              |          |
| Fixed-maturity returns:                                            |  |  |  |                              |  |  |      |            |              |  |            |   |
| Average amortized cost                                                 |  |  |  |                              |  |  |      | $          | 12,280  |  |            | $ | 11,395  |          |  |         |
| Average yield pretax                                                   |  |  |  |                              |  |  |      | 4.01  | %            |  | 4.14  | % |              |          |
| Average yield after-tax                                                |  |  |  |                              |  |  |      | 3.33  |              |  | 3.45  |   |              |          |
| Effective tax rate                                                     |  |  |  |                              |  |  |      | 17.0  |              |  | 16.7  |   |              |          |
|                                                                        |  |  |  |                              |  |  |      |            |              |  |            |   |

|                                                                     |  |  |  |                              |      |         |         |  |           |   |           |  |  |  |  |  |  |  |
|---------------------------------------------------------------------|--|--|--|------------------------------|------|---------|---------|--|-----------|---|-----------|--|--|--|--|--|--|--|
| (Dollars in millions)                                               |  |  |  | Three months ended March 31, |
|                                                                     |  |  |  |                              | 2022 |         | 2021    |
| Investment gains and losses on equity securities sold, net          |  |  |  |                              |      | $       | 8  |  |           | $ | 4    |  |
| Unrealized gains and losses on equity securities still held, net    |  |  |  |                              |      | (683)   |         |  | 487  |   |
| Investment gains and losses on fixed-maturity securities, net       |  |  |  |                              |      | 3  |         |  | 3    |   |
| Other                                                               |  |  |  |                              |      | 6  |         |  | 10   |   |
| Subtotal - investment gains and losses reported in net income       |  |  |  |                              |      | (666)   |         |  | 504  |   |
|                                                                     |  |  |  |                              |      |         |         |  |
| Change in unrealized investment gains and losses - fixed maturities |  |  |  |                              |      | (746)   |         |  | (196)     |   |
| Total                                                               |  |  |  |                              |      | $       | (1,412) |  |           | $ | 308  |  |
|                                                                     |  |  |  |                              |      |         |         |  |

----

|                                               |              |                 |              |  |              |   |              |  |  |  |  |  |  |  |
|-----------------------------------------------|--------------|-----------------|--------------|--|--------------|---|--------------|--|--|--|--|--|--|--|
| (Dollars in millions, except share data)      | At March 31, | At December 31, |
|                                               | 2022         |                 | 2021         |
|    Total investments           |              | $               | 23,399  |  |              | $ | 24,666  |  |
|    Total assets                |              | 30,250     |              |  | 31,387  |   |
|    Short-term debt             |              | 49         |              |  | 54      |   |
|    Long-term debt              |              | 789        |              |  | 789     |   |
|    Shareholders’ equity  |              | 12,092     |              |  | 13,105  |   |
|    Book value per share        |              | 75.43      |              |  | 81.72   |   |
|    Debt-to-total-capital ratio |              | 6.5        | %            |  | 6.0     | % |
|                                               |              |                 |              |  |

----

----

----

----

|                                                                    |  |  |                              |        |              |              |                   |              |   |              |  |  |  |  |  |  |  |
|--------------------------------------------------------------------|--|--|------------------------------|--------|--------------|--------------|-------------------|--------------|---|--------------|--|--|--|--|--|--|--|
| (Dollars in millions)                                              |  |  |                              |        | March 31,    |              | December 31, |
|                                                                    |  |  |                              |        | 2022         |              | 2021              |
| Assets                                                             |  |  |                              |        |              |              |                   |
|    Investments                                      |  |  |                              |   | $            | 23,399  |                   |              | $ | 24,666  |  |
|    Cash and cash equivalents                        |  |  |                              |        | 987     |              |                   | 1,139   |   |
|                                                                    |  |  |                              |        |              |              |                   |
|    Premiums receivable                              |  |  |                              |        | 2,248   |              |                   | 2,053   |   |
|    Reinsurance recoverable                          |  |  |                              |        | 556     |              |                   | 570     |   |
| Deferred policy acquisition costs                                  |  |  |                              |        | 979     |              |                   | 905     |   |
|    Other assets                                     |  |  |                              |        | 2,081   |              |                   | 2,054   |   |
| Total assets                                                       |  |  |                              |   | $            | 30,250  |                   |              | $ | 31,387  |  |
|                                                                    |  |  |                              |        |              |              |                   |
| Liabilities                                                        |  |  |                              |        |              |              |                   |
|    Insurance reserves                               |  |  |                              |   | $            | 10,393  |                   |              | $ | 10,319  |  |
|    Unearned premiums                                |  |  |                              |        | 3,560   |              |                   | 3,271   |   |
|    Deferred income tax                              |  |  |                              |        | 1,460   |              |                   | 1,744   |   |
|    Long-term debt and lease obligations             |  |  |                              |        | 841     |              |                   | 843     |   |
|    Other liabilities                                |  |  |                              |        | 1,904   |              |                   | 2,105   |   |
| Total liabilities                                                  |  |  |                              |        | 18,158  |              |                   | 18,282  |   |
|                                                                    |  |  |                              |        |              |              |                   |
| Shareholders’ Equity                                         |  |  |                              |        |              |              |                   |
|    Common stock and paid-in capital                 |  |  |                              |        | 1,751   |              |                   | 1,753   |   |
|    Retained earnings                                |  |  |                              |        | 12,241  |              |                   | 12,625  |   |
|    Accumulated other comprehensive income           |  |  |                              |        | 59      |              |                   | 648     |   |
|    Treasury stock                                   |  |  |                              |        | (1,959)      |              |                   | (1,921)      |   |
| Total shareholders' equity                                         |  |  |                              |        | 12,092  |              |                   | 13,105  |   |
| Total liabilities and shareholders' equity                         |  |  |                              |   | $            | 30,250  |                   |              | $ | 31,387  |  |
|                                                                    |  |  |                              |        |              |              |                   |
| (Dollars in millions, except per share data)                       |  |  | Three months ended March 31, |
|                                                                    |  |  |                              |        | 2022         |              | 2021              |
| Revenues                                                           |  |  |                              |        |              |              |                   |
|    Earned premiums                                  |  |  |                              |        | $            | 1,690   |                   |              | $ | 1,544   |  |
|    Investment income, net of expenses               |  |  |                              |        | 185     |              |                   | 174     |   |
|    Investment gains and losses, net                 |  |  |                              |        | (666)        |              |                   | 504     |   |
|    Other revenues                                   |  |  |                              |        | 6       |              |                   | 5       |   |
|       Total revenues                 |  |  |                              |        | 1,215   |              |                   | 2,227   |   |
|                                                                    |  |  |                              |        |              |              |                   |
| Benefits and Expenses                                              |  |  |                              |        |              |              |                   |
|    Insurance losses and contract holders' benefits  |  |  |                              |        | 1,039   |              |                   | 1,003   |   |
|    Underwriting, acquisition and insurance expenses |  |  |                              |        | 519     |              |                   | 439     |   |
|    Interest expense                                 |  |  |                              |        | 13      |              |                   | 13      |   |
|    Other operating expenses                         |  |  |                              |        | 4       |              |                   | 4       |   |
|       Total benefits and expenses    |  |  |                              |        | 1,575   |              |                   | 1,459   |   |
|                                                                    |  |  |                              |        |              |              |                   |
| Income (Loss) Before Income Taxes                                  |  |  |                              |        | (360)        |              |                   | 768     |   |
|                                                                    |  |  |                              |        |              |              |                   |
| Provision (Benefit) for Income Taxes                               |  |  |                              |        | (87)         |              |                   | 148     |   |
|                                                                    |  |  |                              |        |              |              |                   |
| Net Income (Loss)                                                  |  |  |                              |        | $            | (273)        |                   |              | $ | 620     |  |
|                                                                    |  |  |                              |        |              |              |                   |
| Per Common Share:                                              |  |  |                              |        |              |              |                   |
|    Net income (loss)—basic                    |  |  |                              |        | $            | (1.70)       |                   |              | $ | 3.85    |  |
|    Net income (loss)—diluted                  |  |  |                              |        | (1.70)       |              |                   | 3.82    |   |
|                                                                    |  |  |                              |        |              |              |                   |

----

----

|                                                             |  |                              |  |  |  |            |            |      |            |   |            |  |  |  |  |  |  |  |
|-------------------------------------------------------------|--|------------------------------|--|--|--|------------|------------|------|------------|---|------------|--|--|--|--|--|--|--|
|  Net Income Reconciliation                             |
|                                                             |
| (Dollars in millions, except per share data)                |  | Three months ended March 31, |
|                                                             |  |                              |  |  |  | 2022       |            | 2021 |
| Net income (loss)                                           |  |                              |  |  |  | $          | (273)      |      |            | $ | 620   |  |
| Less:                                                   |  |                              |  |  |  |            |            |      |
|    Investment gains and losses, net          |  |                              |  |  |  | (666)      |            |      | 504   |   |
|    Income tax on investment gains and losses |  |                              |  |  |  | 140   |            |      | (106)      |   |
|    Investment gains and losses, after-tax    |  |                              |  |  |  | (526)      |            |      | 398   |   |
|                                                             |  |                              |  |  |  |            |            |      |
| Non-GAAP operating income                                   |  |                              |  |  |  | $          | 253   |      |            | $ | 222   |  |
|                                                             |  |                              |  |  |  |            |            |      |
| Diluted per share data:                                 |  |                              |  |  |  |            |            |      |
| Net income (loss)                                           |  |                              |  |  |  | $          | (1.70)     |      |            | $ | 3.82  |  |
| Less:                                                   |  |                              |  |  |  |            |            |      |
|    Investment gains and losses, net          |  |                              |  |  |  | (4.15)     |            |      | 3.10  |   |
|    Income tax on investment gains and losses |  |                              |  |  |  | 0.87  |            |      | (0.65)     |   |
|    Investment gains and losses, after-tax    |  |                              |  |  |  | (3.28)     |            |      | 2.45  |   |
|                                                             |  |                              |  |  |  |            |            |      |
|    Non-GAAP operating income                 |  |                              |  |  |  | $          | 1.58  |      |            | $ | 1.37  |  |
|                                                             |  |                              |  |  |  |            |            |      |

|                                                              |  |  |                              |  |  |               |          |      |               |   |          |  |  |  |  |  |
|--------------------------------------------------------------|--|--|------------------------------|--|--|---------------|----------|------|---------------|---|----------|--|--|--|--|--|
| Life Insurance Reconciliation                                |
|                                                              |
| (Dollars in millions)                                        |  |  | Three months ended March 31, |
|                                                              |  |  |                              |  |  | 2022          |          | 2021 |
| Net income of the life insurance subsidiary                  |  |  |                              |  |  | $             | 10  |      |               | $ | 10  |  |
| Investment gains and losses, net                             |  |  |                              |  |  | —  |          |      | —  |   |
| Income tax on investment gains and losses                    |  |  |                              |  |  | —  |          |      | —  |   |
| Non-GAAP operating income                                    |  |  |                              |  |  | 10       |          |      | 10       |   |
|                                                              |  |  |                              |  |  |               |          |      |
| Investment income, net of expenses                           |  |  |                              |  |  | (42)          |          |      | (41)          |   |
| Investment income credited to contract holders               |  |  |                              |  |  | 27       |          |      | 26       |   |
| Income tax excluding tax on investment gains and losses, net |  |  |                              |  |  | 3        |          |      | 3        |   |
| Life insurance segment loss                                  |  |  |                              |  |  | $             | (2)      |      |               | $ | (2)      |  |
|                                                              |  |  |                              |  |  |               |          |      |

----

|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |  |  |   |           |  |  |  |   |           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|------------|-------------|---------|--------|--------|---|-------------|--|----------|--|---|-----------|------|--|--|---|-----------|--|--|--|---|-----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Property Casualty Insurance Reconciliation                                                                                                                                            |
|                                                                                                                                                                                       |                                   |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
| (Dollars in millions)                                                                                                                                                                 | Three months ended March 31, 2022 |
|                                                                                                                                                                                       | Consolidated                      | Commercial | Personal    | E&S |        | Other* |
| Premiums:                                                                                                                                                                         |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|    Written premiums                                                                                                                                                    |                              | $          | 1,899  |         |        |        | $ | 1,096  |  |          |  | $ | 374  |      |  |  | $ | 124  |  |  |  | $ | 305  |  |
|    Unearned premiums change                                                                                                                                            |                                   | (281)      |             |         |        | (134)  |   |             |  | 28  |  |   |           | (12) |  |  |   | (163)     |  |
|    Earned premiums                                                                                                                                                     |                              | $          | 1,618  |         |        |        | $ | 962    |  |          |  | $ | 402  |      |  |  | $ | 112  |  |  |  | $ | 142  |  |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
| Underwriting profit                                                                                                                                                                   |                                   | $          | 165    |         |        |        | $ | 76     |  |          |  | $ | 65   |      |  |  | $ | 16   |  |  |  | $ | 8    |  |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|                                                                                                                                                                                       |                                   |
|                                                                                                                                                                                       |                                   |            |             |         |        |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
| (Dollars in millions)                                                                                                                                                                 | Three months ended March 31, 2021 |
|                                                                                                                                                                                       | Consolidated                      | Commercial | Personal    | E&S | Other* |
| Premiums:                                                                                                                                                                         |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|    Written premiums                                                                                                                                                    |                                   | $          | 1,693  |         |        |        | $ | 1,019  |  |          |  | $ | 338  |      |  |  | $ | 99   |  |  |  | $ | 237  |  |
|    Unearned premiums change                                                                                                                                            |                                   | (218)      |             |         |        | (133)  |   |             |  | 38  |  |   |           | (10) |  |  |   | (113)     |  |
|    Earned premiums                                                                                                                                                     |                                   | $          | 1,475  |         |        |        | $ | 886    |  |          |  | $ | 376  |      |  |  | $ | 89   |  |  |  | $ | 124  |  |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
| Underwriting profit (loss)                                                                                                                                                            |                                   | $          | 133    |         |        |        | $ | 130    |  |          |  | $ | (3)       |      |  |  | $ | 8    |  |  |  | $ | (2)       |  |
|                                                                                                                                                                                       |                                   |            |             |         |        |        |   |             |  |          |  |   |           |      |
|   Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. *Included in Other are the results of Cincinnati Re and Cincinnati Global. |

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----

|                                                                                                                                                       |  |  |                              |  |           |             |             |           |             |   |             |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|------------------------------|--|-----------|-------------|-------------|-----------|-------------|---|-------------|--|--|--|--|--|
| (Dollars are per share)                                                                                                                               |  |  | Three months ended March 31, |
|                                                                                                                                                       |  |  |                              |  | 2022      |             | 2021        |
| Value creation ratio:                                                                                                                             |  |  |                              |  |           |             |             |           |
|    End of period book value*                                                                                                           |  |  |                              |  |           | $           | 75.43  |           |             | $ | 69.16  |  |
|    Less beginning of period book value                                                                                                 |  |  |                              |  |           | 81.72  |             |           | 67.04  |   |
|    Change in book value                                                                                                                |  |  |                              |  |           | (6.29)      |             |           | 2.12   |   |
|    Dividend declared to shareholders                                                                                                   |  |  |                              |  |           | 0.69   |             |           | 0.63   |   |
|    Total value creation                                                                                                                |  |  |                              |  |           | $           | (5.60)      |           |             | $ | 2.75   |  |
|                                                                                                                                                       |  |  |                              |  |           |             |             |           |
| Value creation ratio from change in book value**                                                                                                      |  |  |                              |  |           | (7.7)       | %           |           | 3.2    | % |
| Value creation ratio from dividends declared to shareholders***                                                                                       |  |  |                              |  | 0.8  |             |             | 0.9  |             |
| Value creation ratio                                                                                                                                  |  |  |                              |  |           | (6.9)       | %           |           | 4.1    | % |
|                                                                                                                                                       |  |  |                              |  |           |             |             |           |
|     * Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding |  |  |
|   ** Change in book value divided by the beginning of period book value                                                                     |  |  |
| *** Dividend declared to shareholders divided by beginning of period book value                                                                       |  |  |

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