|  |
|--|
|  |  |  |
|  |   | The Cincinnati Insurance Company n The Cincinnati Indemnity CompanyThe Cincinnati Casualty Company n The Cincinnati Specialty Underwriters Insurance CompanyThe Cincinnati Life Insurance Company n CFC Investment Company n CSU Producer Resources Inc.Cincinnati Global Underwriting Ltd. n Cincinnati Global Underwriting Agency Ltd. |

|         |                                                                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | First-quarter 2020 net loss of $1.226 billion, or $7.56 per share, compared with net income of $695 million, or $4.22 per share, in the first quarter of 2019, after recognizing a $1.303 billion first-quarter 2020 reduction in the fair value of equity securities still held. |
|         |                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $35 million or 20% decrease in non-GAAP operating income* to $137 million, or 84 cents per share, compared with $172 million, or $1.05 per share, in the first quarter of last year. |
|         |                                                                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $1.921 billion decrease in first-quarter 2020 net income, primarily due to the after-tax net effect of a $1.886 billion decrease in net investment gains and a $53 million decrease in after-tax property casualty underwriting income, including $41 million from weather-related catastrophe losses. |
|         |                                                                                     |
|---------|-------------------------------------------------------------------------------------|
| • | $50.02 book value per share at March 31, 2020, down $10.53 or 17.4% since year-end. |
|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | Negative 16.4% value creation ratio for the first three months of 2020, compared with positive 11.1% for the same period of 2019. |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |
| (Dollars in millions, except per share data)                  | Three months ended March 31, |
|                                                          | 2020 |   | 2019 |   | % Change |
| Revenue Data                                                  |   |   |   |   |   |   |
|    Earned premiums                             |   | $ | 1,456 |  |   | $ | 1,333 |  |   | 9 |
|    Investment income, net of expenses          |   | 165 |  |   | 157 |  |   | 5 |
|    Total revenues                              |   | (99 | ) |   | 2,159 |  |   | nm |
| Income Statement Data                                         |   |   |   |   |   |   |
|    Net income (loss)                           |   | $ | (1,226 | ) |   | $ | 695 |  |   | nm |
|    Investment gains and losses, after-tax      |   | (1,363 | ) |   | 523 |  |   | nm |
|    Non-GAAP operating income*                  |   | $ | 137 |  |   | $ | 172 |  |   | (20) |
| Per Share Data (diluted)                                      |   |   |   |   |   |   |
|    Net income (loss)                           |   | $ | (7.56 | ) |   | $ | 4.22 |  |   | nm |
|    Investment gains and losses, after-tax      |   | (8.40 | ) |   | 3.17 |  |   | nm |
|    Non-GAAP operating income*                  |   | $ | 0.84 |  |   | $ | 1.05 |  |   | (20) |
|                                                          |   |   |   |   |   |   |
|    Book value                                  |   | $ | 50.02 |  |   | $ | 52.88 |  |   | (5) |
|    Cash dividend declared                      |   | $ | 0.60 |  |   | $ | 0.56 |  |   | 7 |
|    Diluted weighted average shares outstanding |   | 162.2 |  |   | 164.6 |  |   | (1) |
|                                                          |   |   |   |   |   |   |

|   |                                                                                                                                                                                                                       |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles. |
|    |                                                                                                                                    |
|----|------------------------------------------------------------------------------------------------------------------------------------|
| ** | Forward-looking statements and related assumptions are subject to the risks outlined in the company’s safe harbor statement. |

----

|         |                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------|
| • | 98.5% first-quarter 2020 property casualty combined ratio, up from 93.0% for the first quarter of 2019. |
|         |                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------|
| • | 10% growth in first-quarter net written premiums, reflecting price increases and premium growth initiatives. |
|         |                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $215 million first-quarter 2020 property casualty new business written premiums, up 19%. Agencies appointed since the beginning of 2019 contributed $18 million or 8% of total new business written premiums. |
|         |                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $13 million first-quarter 2020 life insurance subsidiary net loss, including a $25 million net investment loss reflecting impaired securities, and 4% growth in first-quarter 2020 term life insurance earned premiums. |
|         |                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 5% or $8 million increase in first-quarter 2020 pretax investment income, including a 15% increase for stock portfolio dividends and a 1% increase for bond interest income. |
|         |                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Three-month decrease of 9% in fair value of total investments at March 31, 2020, including a 20% decrease for the stock portfolio and a 3% decrease for the bond portfolio. |
|         |                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------|
| • | $2.566 billion parent company cash and marketable securities at March 31, 2020, down 23% from year-end 2019. |

----

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |  |  |  |
| (Dollars in millions)                                                                         | Three months ended March 31, |
|                                                                                          |   | 2020 |   | 2019 |   | % Change |
| Earned premiums                                                                               |   | $ | 1,389 |  |   | $ | 1,267 |  |   | 10 |  |
| Fee revenues                                                                                  |   | 3 |  |   | 3 |  |   | 0 |  |
|    Total revenues                                                              |   | 1,392 |  |   | 1,270 |  |   | 10 |  |
|                                                                                          |   |   |   |   |   |   |
| Loss and loss expenses                                                                        |   | 930 |  |   | 790 |  |   | 18 |  |
| Underwriting expenses                                                                         |   | 438 |  |   | 389 |  |   | 13 |  |
|    Underwriting profit                                                         |   | $ | 24 |  |   | $ | 91 |  |   | (74 | ) |
|                                                                                          |   |   |   |   |   |   |
| Ratios as a percent of earned premiums:                                                       |   |   |   |   |   | Pt. Change |
|      Loss and loss expenses                                          |   | 66.9 |  % |   | 62.3 |  % |   | 4.6 |  |
|      Underwriting expenses                                           |   | 31.6 |  |   | 30.7 |  |   | 0.9 |  |
|            Combined ratio              |   | 98.5 |  % |   | 93.0 |  % |   | 5.5 |  |
|                                                                                          |   |   |   |   |   |   |
|                                                                                          |   |   |   |   |   | % Change |
| Agency renewal written premiums                                                               |   | $ | 1,198 |  |   | $ | 1,130 |  |   | 6 |  |
| Agency new business written premiums                                                          |   | 215 |  |   | 181 |  |   | 19 |  |
| Other written premiums                                                                        |   | 105 |  |   | 70 |  |   | 50 |  |
|    Net written premiums                                                        |   | $ | 1,518 |  |   | $ | 1,381 |  |   | 10 |  |
|                                                                                          |   |   |   |   |   |   |
| Ratios as a percent of earned premiums:                                                       |   |   |   |   |   | Pt. Change |
|      Current accident year before catastrophe losses                 |   | 59.9 |  % |   | 62.0 |  % |   | (2.1 | ) |
|      Current accident year catastrophe losses                        |   | 9.4 |  |   | 5.6 |  |   | 3.8 |  |
|      Prior accident years before catastrophe losses                  |   | (2.1 | ) |   | (5.5 | ) |   | 3.4 |  |
|      Prior accident years catastrophe losses                         |   | (0.3 | ) |   | 0.2 |  |   | (0.5 | ) |
|            Loss and loss expense ratio |   | 66.9 |  % |   | 62.3 |  % |   | 4.6 |  |
|                                                                                          |   |   |   |   |   |   |
| Current accident year combined ratio before catastrophe losses                                |   | 91.5 |  % |   | 92.7 |  % |   | (1.2 | ) |
|                                                                                          |   |   |   |   |   |   |

|         |                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $137 million or 10% growth of first-quarter 2020 property casualty net written premiums, reflecting premium growth initiatives and price increases. Growth included a contribution of 2% from Cincinnati Re and 1% from Cincinnati Global. |
|         |                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $34 million or 19% increase in first-quarter 2020 new business premiums written by agencies. The growth included an $18 million increase in standard market property casualty production from agencies appointed since the beginning of 2019. |
|         |                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------|
| • | 50 new agency appointments in the first three months of 2020, including 11 that market only our personal lines products. |
|         |                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 5.5 percentage-point increase in the first-quarter 2020 combined ratio, including an increase of 3.3 points for losses from natural catastrophes. |
|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 2.4 percentage-point first-quarter 2020 benefit from favorable prior accident year reserve development of $33 million, compared with 5.3 points or $67 million for first-quarter 2019. |
|         |                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 2.1 percentage-point decrease, to 59.9%, for the three-month 2020 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.7 points in the ratio for current accident year losses of $1 million or more per claim. |
|         |                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 0.9 percentage-point increase in the first-quarter 2020 underwriting expense ratio, compared with the same period of 2019, largely due to higher employee-related expenses and premium taxes, plus the full effect of Cincinnati Global. |

----

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |  |  |  |
| (Dollars in millions)                                                                         | Three months ended March 31, |
|                                                                                          |   | 2020 |   | 2019 |   | % Change |
| Earned premiums                                                                               |   | $ | 863 |  |   | $ | 810 |  |   | 7 |  |
| Fee revenues                                                                                  |   | 1 |  |   | 1 |  |   | 0 |  |
|    Total revenues                                                              |   | 864 |  |   | 811 |  |   | 7 |  |
|                                                                                          |   |   |   |   |   |   |
| Loss and loss expenses                                                                        |   | 608 |  |   | 481 |  |   | 26 |  |
| Underwriting expenses                                                                         |   | 276 |  |   | 254 |  |   | 9 |  |
|    Underwriting profit (loss)                                                  |   | $ | (20 | ) |   | $ | 76 |  |   | nm |  |
|                                                                                          |   |   |   |   |   |   |
| Ratios as a percent of earned premiums:                                                       |   |   |   |   |   | Pt. Change |
|      Loss and loss expenses                                          |   | 70.5 |  % |   | 59.4 |  % |   | 11.1 |  |
|      Underwriting expenses                                           |   | 32.0 |  |   | 31.4 |  |   | 0.6 |  |
|            Combined ratio              |   | 102.5 |  % |   | 90.8 |  % |   | 11.7 |  |
|                                                                                          |   |   |   |   |   |   |
|                                                                                          |   |   |   |   |   | % Change |
| Agency renewal written premiums                                                               |   | $ | 842 |  |   | $ | 799 |  |   | 5 |  |
| Agency new business written premiums                                                          |   | 154 |  |   | 120 |  |   | 28 |  |
| Other written premiums                                                                        |   | (24 | ) |   | (23 | ) |   | (4 | ) |
|    Net written premiums                                                        |   | $ | 972 |  |   | $ | 896 |  |   | 8 |  |
|                                                                                          |   |   |   |   |   |   |
| Ratios as a percent of earned premiums:                                                       |   |   |   |   |   | Pt. Change |
|      Current accident year before catastrophe losses                 |   | 61.0 |  % |   | 63.0 |  % |   | (2.0 | ) |
|      Current accident year catastrophe losses                        |   | 10.2 |  |   | 4.1 |  |   | 6.1 |  |
|      Prior accident years before catastrophe losses                  |   | (0.3 | ) |   | (6.9 | ) |   | 6.6 |  |
|      Prior accident years catastrophe losses                         |   | (0.4 | ) |   | (0.8 | ) |   | 0.4 |  |
|            Loss and loss expense ratio |   | 70.5 |  % |   | 59.4 |  % |   | 11.1 |  |
|                                                                                          |   |   |   |   |   |   |
| Current accident year combined ratio before catastrophe losses                                |   | 93.0 |  % |   | 94.4 |  % |   | (1.4 | ) |
|                                                                                          |   |   |   |   |   |   |

|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $76 million or 8% increase in first-quarter 2020 commercial lines net written premiums, including higher renewal and new business written premiums. |
|         |                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $43 million or 5% increase in first-quarter renewal written premiums, with commercial lines average renewal pricing increases near the high end of the low-single-digit percent range, higher than in any quarter during 2019. |
|         |                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $34 million or 28% increase in first-quarter 2020 new business written by agencies, largely reflecting more submissions from our agents to quote policies. |
|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 11.7 percentage-point increase in the first-quarter 2020 combined ratio, including an increase of 6.5 points for losses from natural catastrophes. |
|         |                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 0.7 percentage-point first-quarter 2020 benefit from favorable prior accident year reserve development of $6 million, compared with 7.7 points or $62 million for first-quarter 2019. |

----

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |  |  |  |
| (Dollars in millions)                                                                         | Three months ended March 31, |
|                                                                                          |   | 2020 |   | 2019 |   | % Change |
| Earned premiums                                                                               |   | $ | 359 |  |   | $ | 344 |  |   | 4 |  |
| Fee revenues                                                                                  |   | 1 |  |   | 1 |  |   | 0 |  |
|    Total revenues                                                              |   | 360 |  |   | 345 |  |   | 4 |  |
|                                                                                          |   |   |   |   |   |   |
| Loss and loss expenses                                                                        |   | 231 |  |   | 250 |  |   | (8 | ) |
| Underwriting expenses                                                                         |   | 108 |  |   | 99 |  |   | 9 |  |
|    Underwriting profit (loss)                                                  |   | $ | 21 |  |   | $ | (4 | ) |   | nm |  |
|                                                                                          |   |   |   |   |   |   |
| Ratios as a percent of earned premiums:                                                       |   |   |   |   |   | Pt. Change |
|      Loss and loss expenses                                          |   | 64.2 |  % |   | 72.5 |  % |   | (8.3 | ) |
|      Underwriting expenses                                           |   | 30.1 |  |   | 28.8 |  |   | 1.3 |  |
|            Combined ratio              |   | 94.3 |  % |   | 101.3 |  % |   | (7.0 | ) |
|                                                                                          |   |   |   |   |   |   |
|                                                                                          |   |   |   |   |   | % Change |
| Agency renewal written premiums                                                               |   | $ | 294 |  |   | $ | 282 |  |   | 4 |  |
| Agency new business written premiums                                                          |   | 34 |  |   | 35 |  |   | (3 | ) |
| Other written premiums                                                                        |   | (9 | ) |   | (8 | ) |   | (13 | ) |
|    Net written premiums                                                        |   | $ | 319 |  |   | $ | 309 |  |   | 3 |  |
|                                                                                          |   |   |   |   |   |   |
| Ratios as a percent of earned premiums:                                                       |   |   |   |   |   | Pt. Change |
|      Current accident year before catastrophe losses                 |   | 60.0 |  % |   | 60.6 |  % |   | (0.6 | ) |
|      Current accident year catastrophe losses                        |   | 12.0 |  |   | 10.9 |  |   | 1.1 |  |
|      Prior accident years before catastrophe losses                  |   | (6.5 | ) |   | (1.4 | ) |   | (5.1 | ) |
|      Prior accident years catastrophe losses                         |   | (1.3 | ) |   | 2.4 |  |   | (3.7 | ) |
|            Loss and loss expense ratio |   | 64.2 |  % |   | 72.5 |  % |   | (8.3 | ) |
|                                                                                          |   |   |   |   |   |   |
| Current accident year combined ratio before catastrophe losses                                |   | 90.1 |  % |   | 89.4 |  % |   | 0.7 |  |
|                                                                                          |   |   |   |   |   |   |

|         |                                                                                                                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $10 million or 3% increase in first-quarter 2020 personal lines net written premiums, driven by higher renewal written premiums that benefited from rate increases averaging in the mid-single-digit percent range. First-quarter 2020 net written premiums from our agencies’ high net worth clients grew 31%, to $101 million. |
|         |                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $1 million or 3% decrease in first-quarter 2020 new business written by agencies, reflecting underwriting and pricing discipline, particularly in select states. |
|         |                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 7.0 percentage-point improvement in the first-quarter 2020 combined ratio, including a decrease of 2.6 points for losses from natural catastrophes. |
|         |                                                                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 7.8 percentage-point first-quarter 2020 benefit from favorable prior accident year reserve development of $28 million, compared with $3 million of unfavorable development the first quarter of 2019. |

----

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |  |  |  |
| (Dollars in millions)                                                                         | Three months ended March 31, |
|                                                                                          |   | 2020 |   | 2019 |   | % Change |
| Earned premiums                                                                               |   | $ | 78 |  |   | $ | 63 |  |   | 24 |  |
| Fee revenues                                                                                  |   | 1 |  |   | 1 |  |   | 0 |  |
|    Total revenues                                                              |   | 79 |  |   | 64 |  |   | 23 |  |
|                                                                                          |   |   |   |   |   |   |
| Loss and loss expenses                                                                        |   | 45 |  |   | 33 |  |   | 36 |  |
| Underwriting expenses                                                                         |   | 25 |  |   | 20 |  |   | 25 |  |
|    Underwriting profit                                                         |   | $ | 9 |  |   | $ | 11 |  |   | (18 | ) |
|                                                                                          |   |   |   |   |   |   |
| Ratios as a percent of earned premiums:                                                       |   |   |   |   |   | Pt. Change |
|      Loss and loss expenses                                          |   | 57.4 | % |   | 51.5 |  % |   | 5.9 |  |
|      Underwriting expenses                                           |   | 31.7 |  |   | 32.0 |  |   | (0.3 | ) |
|            Combined ratio              |   | 89.1 | % |   | 83.5 |  % |   | 5.6 |  |
|                                                                                          |   |   |   |   |   |   |
|                                                                                          |   |   |   |   |   | % Change |
| Agency renewal written premiums                                                               |   | $ | 62 |  |   | $ | 49 |  |   | 27 |  |
| Agency new business written premiums                                                          |   | 27 |  |   | 26 |  |   | 4 |  |
| Other written premiums                                                                        |   | (4 | ) |   | (4 | ) |   | 0 |  |
|    Net written premiums                                                        |   | $ | 85 |  |   | $ | 71 |  |   | 20 |  |
|                                                                                          |   |   |   |   |   |   |
| Ratios as a percent of earned premiums:                                                       |   |   |   |   |   | Pt. Change |
|      Current accident year before catastrophe losses                 |   | 55.7 | % |   | 55.5 |  % |   | 0.2 |  |
|      Current accident year catastrophe losses                        |   | 0.5 |  |   | 0.3 |  |   | 0.2 |  |
|      Prior accident years before catastrophe losses                  |   | 0.7 |  |   | (4.2 | ) |   | 4.9 |  |
|      Prior accident years catastrophe losses                         |   | 0.5 |  |   | (0.1 | ) |   | 0.6 |  |
|            Loss and loss expense ratio |   | 57.4 | % |   | 51.5 |  % |   | 5.9 |  |
|                                                                                          |   |   |   |   |   |   |
| Current accident year combined ratio before catastrophe losses                                |   | 87.4 | % |   | 87.5 |  % |   | (0.1 | ) |
|                                                                                          |   |   |   |   |   |   |

|         |                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $14 million or 20% increase in first-quarter 2020 excess and surplus lines net written premiums, including higher renewal written premiums that benefited from rate increases averaging in the mid-single-digit percent range. |
|         |                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $1 million or 4% increase in first-quarter new business written by agencies, as we continue to carefully underwrite each policy in a highly competitive market. |
|         |                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 5.6 percentage-point increase in the first-quarter 2020 combined ratio, primarily due to less favorable prior accident year reserve development. |
|         |                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $1 million of first-quarter 2020 unfavorable prior accident year reserve development, including $2 million for defense and cost containment expenses driven by more prudent levels of IBNR reserves, compared with $2 million of favorable development for first-quarter 2019. |

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |
| (Dollars in millions)                                         | Three months ended March 31, |
|                                                          | 2020 |   | 2019 |   | % Change |
| Term life insurance                                           |   | $ | 47 |  |   | $ | 45 |  |   | 4 |  |
| Universal life insurance                                      |   | 8 |  |   | 10 |  |   | (20 | ) |
| Other life insurance, annuity, and disability income products |   | 12 |  |   | 11 |  |   | 9 |  |
|     Earned premiums                       |   | 67 |  |   | 66 |  |   | 2 |  |
| Investment income, net of expenses                            |   | 39 |  |   | 38 |  |   | 3 |  |
| Investment gains and losses, net                              |   | (32 | ) |   | (1 | ) |   | nm |  |
| Fee revenues                                                  |   | — |  |   | 1 |  |   | (100 | ) |
| Total revenues                                                |   | 74 |  |   | 104 |  |   | (29 | ) |
| Contract holders’ benefits incurred                     |   | 73 |  |   | 70 |  |   | 4 |  |
| Underwriting expenses incurred                                |   | 18 |  |   | 22 |  |   | (18 | ) |
|     Total benefits and expenses           |   | 91 |  |   | 92 |  |   | (1 | ) |
| Net income (loss) before income tax                           |   | (17 | ) |   | 12 |  |   | nm |  |
| Income tax provision (benefit)                                |   | (4 | ) |   | 2 |  |   | nm |  |
| Net income (loss) of the life insurance subsidiary            |   | $ | (13 | ) |   | $ | 10 |  |   | nm |  |
|                                                          |   |   |   |   |   |   |

|         |                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $1 million or 2% increase in first-quarter 2020 earned premiums, including a 4% increase for term life insurance, our largest life insurance product line. |
|         |                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $23 million decrease in three-month 2020 life insurance subsidiary net income, primarily due to increased investment losses resulting from impairments of fixed-maturity securities. |
|         |                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $129 million or 10% three-month 2020 decrease to $1.109 billion in GAAP shareholders’ equity for the life insurance subsidiary, primarily from a decrease in unrealized investment gains. |

----

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |
| (Dollars in millions)                                                  | Three months ended March 31, |
|                                                                   | 2020 |   | 2019 |   | % Change |
| Investment income, net of expenses                                     |   | $ | 165 |  |   | $ | 157 |  |   | 5 |  |
| Investment interest credited to contract holders’                |   | (26 | ) |   | (24 | ) |   | (8 | ) |
| Investment gains and losses, net                                       |   | (1,725 | ) |   | 663 |  |   | nm |  |
|       Investments profit (loss)          |   | $ | (1,586 | ) |   | $ | 796 |  |   | nm |  |
|                                                                   |   |   |   |   |   |   |
| Investment income:                                                     |   |   |   |   |   |   |
|    Interest                                             |   | $ | 112 |  |   | $ | 111 |  |   | 1 |  |
|    Dividends                                            |   | 53 |  |   | 46 |  |   | 15 |  |
|    Other                                                |   | 3 |  |   | 3 |  |   | 0 |  |
|    Less investment expenses                             |   | 3 |  |   | 3 |  |   | 0 |  |
|       Investment income, pretax          |   | 165 |  |   | 157 |  |   | 5 |  |
|       Less income taxes                  |   | 26 |  |   | 24 |  |   | 8 |  |
|       Total investment income, after-tax |   | $ | 139 |  |   | $ | 133 |  |   | 5 |  |
|                                                                   |   |   |   |   |   |   |
| Investment returns:                                                    |   |   |   |   |   |   |
| Average invested assets plus cash and cash equivalents                 |   | $ | 19,010 |  |   | $ | 17,924 |  |   |   |
|       Average yield pretax               |   | 3.47 | % |   | 3.50 | % |   |  |  |
|       Average yield after-tax            |   | 2.92 |  |   | 2.97 |  |   |  |  |
|       Effective tax rate                 |   | 15.5 |  |   | 15.5 |  |   |   |
| Fixed-maturity returns:                                                |   |   |   |   |   |   |
| Average amortized cost                                                 |   | $ | 11,091 |  |   | $ | 10,689 |  |   |   |
| Average yield pretax                                                   |   | 4.04 | % |   | 4.15 | % |   |  |  |
| Average yield after-tax                                                |   | 3.37 |  |   | 3.46 |  |   |  |  |
| Effective tax rate                                                     |   | 16.6 |  |   | 16.7 |  |   |   |
|                                                                   |   |   |   |   |   |   |

|         |                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $8 million or 5% rise in first-quarter 2020 pretax investment income, including a 15% increase in equity portfolio dividends and a 1% increase in interest income. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $2.049 billion first-quarter 2020 decrease in pretax total investment gains, summarized on the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio. |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |
| (Dollars in millions)                                               |   | Three months ended March 31, |
|                                                                | 2020 |   | 2019 |
| Investment gains and losses on equity securities sold, net          |   | $ | (4 | ) |   | $ | 4 |  |
| Unrealized gains and losses on equity securities still held, net    |   | (1,649 | ) |   | 652 |  |
| Investment gains and losses on fixed-maturity securities, net       |   | (75 | ) |   | 2 |  |
| Other                                                               |   | 3 |  |   | 5 |  |
| Subtotal - investment gains and losses reported in net income       |   | (1,725 | ) |   | 663 |  |
| Change in unrealized investment gains and losses - fixed maturities |   | (324 | ) |   | 242 |  |
| Total                                                               |   | $ | (2,049 | ) |   | $ | 905 |  |
|                                                                |   |   |   |   |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |
| (Dollars in millions, except share data)      | At March 31, | At December 31, |
|                                          | 2020 |   | 2019 |
|    Total investments           |   | $ | 17,876 |  |   | $ | 19,746 |  |
|    Total assets                |   | 23,367 |  |   | 25,408 |  |
|    Short-term debt             |   | 114 |  |   | 39 |  |
|    Long-term debt              |   | 788 |  |   | 788 |  |
|    Shareholders’ equity  |   | 8,042 |  |   | 9,864 |  |
|    Book value per share        |   | 50.02 |  |   | 60.55 |  |
|    Debt-to-total-capital ratio |   | 10.1 | % |   | 7.7 | % |
|                                          |   |   |   |   |

|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $18.362 billion in consolidated cash and total investments at March 31, 2020, a decrease of 10% from $20.513 billion at year-end 2019. |
|         |                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $11.340 billion bond portfolio at March 31, 2020, with an average rating of A2/A. Fair value decreased $358 million during the first quarter of 2020. |
|         |                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $6.225 billion equity portfolio was 34.8% of total investments, including $2.523 billion in appreciated value before taxes at March 31, 2020. First-quarter 2020 decrease in fair value of $1.527 billion or 20%. |
|         |                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $4.740 billion of statutory surplus for the property casualty insurance group at March 31, 2020, down $880 million from $5.620 billion at year-end 2019, after declaring $125 million in dividends to the parent company. For the 12 months ended March 31, 2020, the ratio of net written premiums to surplus was 1.2-to-1, compared with 1.0-to-1 at year-end 2019. |
|         |                                                                                                                                                                                                                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $10.53 first-quarter 2020 decrease in book value per share, including an addition of $0.85 from net income before investment gains and reductions of $10.08 from investment portfolio net investment losses or changes in unrealized gains for fixed-maturity securities and $0.70 for other items, in addition to a deduction of $0.60 from dividends declared to shareholders. |
|         |                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Value creation ratio of negative 16.4% for the first three months of 2020, including positive 1.4% from net income before investment gains, which includes underwriting and investment income, negative 16.6% from investment portfolio net investment losses and changes in unrealized gains for fixed-maturity securities, in addition to negative 1.2% from other items. |

----

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | Effects of the COVID-19 pandemic that could affect results for reasons such as:  |
|         |                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ◦ | Securities market disruption or volatility and related effects such as decreased economic activity that affect the company’s investment portfolio and book value |
|         |                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------|
| ◦ | An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses |
|         |                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ◦ | An unusually high level of insurance losses, including risk of legislation or court decisions extending business interruption insurance to require coverage when there was no direct physical damage or loss to property |
|         |                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ◦ | Decreased premium revenue from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity |
|         |                                                                    |
|---------|--------------------------------------------------------------------|
| ◦ | Inability of our workforce to perform necessary business functions |
|         |                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns, environmental events, terrorism incidents or other causes |
|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| • | Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance |
|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | Inadequate estimates, assumptions or reliance on third-party data used for critical accounting estimates |
|         |                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------|
| • | Declines in overall stock market values negatively affecting the company’s equity portfolio and book value |
|         |                                                                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Prolonged low interest rate environment or other factors that limit the company’s ability to generate growth in investment income or interest rate fluctuations that result in declining values of fixed-maturity investments, including declines in accounts in which we hold bank-owned life insurance contract assets |
|         |                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Domestic and global events resulting in capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to: |
|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| ◦ | Significant or prolonged decline in the fair value of a particular security or group of securities and impairment of the asset(s) |
|         |                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|
| ◦ | Significant decline in investment income due to reduced or eliminated dividend payouts from a particular security or group of securities |
|         |                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| ◦ | Significant rise in losses from surety and director and officer policies written for financial institutions or other insured entities |
|         |                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Our inability to integrate Cincinnati Global and its subsidiaries into our on-going operations, or disruptions to our on-going operations due to such integration |
|         |                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------|
| • | Recession or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies |
|         |                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Difficulties with technology or data security breaches, including cyberattacks, that could negatively affect our ability to conduct business; disrupt our relationships with agents, policyholders and others; cause reputational damage, mitigation expenses and data loss and expose us to liability under federal and state laws |
|         |                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Disruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance products |
|         |                                                                                                                                                                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing methods, including telematics and other usage-based insurance methods, or technology projects and enhancements expected to increase our pricing accuracy, underwriting profit and competitiveness |
|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | Increased competition that could result in a significant reduction in the company’s premium volume |
|         |                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------|
| • | Changing consumer insurance-buying habits and consolidation of independent insurance agencies that could alter our competitive advantages |
|         |                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Inability to obtain adequate ceded reinsurance on acceptable terms, amount of reinsurance coverage purchased, financial strength of reinsurers and the potential for nonpayment or delay in payment by reinsurers |
|         |                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that segment could not achieve sustainable profitability |

----

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | Inability of our subsidiaries to pay dividends consistent with current or past levels |
|         |                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Events or conditions that could weaken or harm the company’s relationships with its independent agencies and hamper opportunities to add new agencies, resulting in limitations on the company’s opportunities for growth, such as: |
|         |                                                                   |
|---------|-------------------------------------------------------------------|
| ◦ | Downgrades of the company’s financial strength ratings |
|         |                                                                     |
|---------|---------------------------------------------------------------------|
| ◦ | Concerns that doing business with the company is too difficult |
|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| ◦ | Perceptions that the company’s level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace |
|         |                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ◦ | Inability or unwillingness to nimbly develop and introduce coverage product updates and innovations that our competitors offer and consumers expect to find in the marketplace |
|         |                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that: |
|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| ◦ | Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates |
|         |                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------|
| ◦ | Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules and regulations |
|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| ◦ | Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business |
|         |                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ◦ | Add assessments for guaranty funds, other insurance‐related assessments or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes |
|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| ◦ | Increase our provision for federal income taxes due to changes in tax law |
|         |                             |
|---------|-----------------------------|
| ◦ | Increase our other expenses |
|         |                                                                   |
|---------|-------------------------------------------------------------------|
| ◦ | Limit our ability to set fair, adequate and reasonable rates |
|         |                                               |
|---------|-----------------------------------------------|
| ◦ | Place us at a disadvantage in the marketplace |
|         |                                                                                            |
|---------|--------------------------------------------------------------------------------------------|
| ◦ | Restrict our ability to execute our business model, including the way we compensate agents |
|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | Adverse outcomes from litigation or administrative proceedings |
|         |                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Events or actions, including unauthorized intentional circumvention of controls, that reduce the company’s future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002 |
|         |                                                                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Unforeseen departure of certain executive officers or other key employees due to retirement, health or other causes that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others |
|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location |

----

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |
| (Dollars in millions)                                              |   | March 31, |   | December 31, |
|                                                               |   | 2020 |   | 2019 |
| Assets                                                             |   |   |   |   |
|    Investments                                      |   | $ | 17,876 |  |   | $ | 19,746 |  |
|    Cash and cash equivalents                        |   | 486 |  |   | 767 |  |
|    Premiums receivable                              |   | 1,900 |  |   | 1,777 |  |
|    Reinsurance recoverable                          |   | 567 |  |   | 610 |  |
| Deferred policy acquisition costs                                  |   | 827 |  |   | 774 |  |
|    Other assets                                     |   | 1,711 |  |   | 1,734 |  |
| Total assets                                                       |   | $ | 23,367 |  |   | $ | 25,408 |  |
|                                                               |   |   |   |   |
| Liabilities                                                        |   |   |   |   |
|    Insurance reserves                               |   | $ | 9,067 |  |   | $ | 8,982 |  |
|    Unearned premiums                                |   | 2,922 |  |   | 2,788 |  |
|    Deferred income tax                              |   | 660 |  |   | 1,079 |  |
|    Long-term debt and lease obligations             |   | 846 |  |   | 846 |  |
|    Other liabilities                                |   | 1,830 |  |   | 1,849 |  |
| Total liabilities                                                  |   | 15,325 |  |   | 15,544 |  |
|                                                               |   |   |   |   |
| Shareholders’ Equity                                         |   |   |   |   |
|    Common stock and paid-in capital                 |   | 1,697 |  |   | 1,703 |  |
|    Retained earnings                                |   | 7,932 |  |   | 9,257 |  |
|    Accumulated other comprehensive income           |   | 204 |  |   | 448 |  |
|    Treasury stock                                   |   | (1,791 | ) |   | (1,544 | ) |
| Total shareholders' equity                                         |   | 8,042 |  |   | 9,864 |  |
| Total liabilities and shareholders' equity                         |   | $ | 23,367 |  |   | $ | 25,408 |  |
|                                                               |   |   |   |   |
| (Dollars in millions, except per share data)                       |   | Three months ended March 31, |
|                                                               |   | 2020 |   | 2019 |
| Revenues                                                           |   |   |   |   |
|    Earned premiums                                  |   | $ | 1,456 |  |   | $ | 1,333 |  |
|    Investment income, net of expenses               |   | 165 |  |   | 157 |  |
|    Investment gains and losses, net                 |   | (1,725 | ) |   | 663 |  |
|    Other revenues                                   |   | 5 |  |   | 6 |  |
|       Total revenues                 |   | (99 | ) |   | 2,159 |  |
|                                                               |   |   |   |   |
| Benefits and Expenses                                              |   |   |   |   |
|    Insurance losses and contract holders' benefits  |   | 1,003 |  |   | 860 |  |
|    Underwriting, acquisition and insurance expenses |   | 456 |  |   | 411 |  |
|    Interest expense                                 |   | 13 |  |   | 13 |  |
|    Other operating expenses                         |   | 5 |  |   | 8 |  |
|       Total benefits and expenses    |   | 1,477 |  |   | 1,292 |  |
|                                                               |   |   |   |   |
| Income (Loss) Before Income Taxes                                  |   | (1,576 | ) |   | 867 |  |
|                                                               |   |   |   |   |
| Provision (Benefit) for Income Taxes                               |   | (350 | ) |   | 172 |  |
|                                                               |   |   |   |   |
| Net Income (Loss)                                                  |   | $ | (1,226 | ) |   | $ | 695 |  |
|                                                               |   |   |   |   |
| Per Common Share:                                                  |   |   |   |   |
|    Net income (loss)—basic                    |   | $ | (7.56 | ) |   | $ | 4.27 |  |
|    Net income (loss)—diluted                  |   | (7.56 | ) |   | 4.22 |  |
|                                                               |   |   |   |   |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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. |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |
|  Net Income Reconciliation                             |
|                                                        |
| (Dollars in millions, except per share data)                | Three months ended March 31, |
|                                                        |   | 2020 |   | 2019 |
| Net income (loss)                                           |   | $ | (1,226 | ) |   | $ | 695 |  |
| Less:                                                       |   |   |   |   |
|    Investment gains and losses, net          |   | (1,725 | ) |   | 663 |  |
|    Income tax on investment gains and losses |   | 362 |  |   | (140 | ) |
|    Investment gains and losses, after-tax    |   | (1,363 | ) |   | 523 |  |
| Non-GAAP operating income                                   |   | $ | 137 |  |   | $ | 172 |  |
|                                                        |   |   |   |   |
| Diluted per share data:                                     |   |   |   |   |
| Net income (loss)                                           |   | $ | (7.56 | ) |   | $ | 4.22 |  |
| Less:                                                       |   |   |   |   |
|    Investment gains and losses, net          |   | (10.63 | ) |   | 4.02 |  |
|    Income tax on investment gains and losses |   | 2.23 |  |   | (0.85 | ) |
|    Investment gains and losses, after-tax    |   | (8.40 | ) |   | 3.17 |  |
|    Non-GAAP operating income                 |   | $ | 0.84 |  |   | $ | 1.05 |  |
|                                                        |   |   |   |   |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |
| Life Insurance Reconciliation                                           |
|                                                                    |
| (Dollars in millions)                                                   | Three months ended March 31, |
|                                                                    |   | 2020 |   | 2019 |
| Net income (loss) of the life insurance subsidiary                      |   | $ | (13 | ) |   | $ | 10 |  |
| Investment gains and losses, net                                        |   | (32 | ) |   | (1 | ) |
| Income tax on investment gains and losses                               |   | (7 | ) |   | — |  |
| Non-GAAP operating income                                               |   | 12 |  |   | 11 |  |
|                                                                    |   |   |   |   |
| Investment income, net of expenses                                      |   | (39 | ) |   | (38 | ) |
| Investment income credited to contract holders’                   |   | 26 |  |   | 24 |  |
| Income tax excluding tax on investment gains and  losses, net |   | 3 |  |   | 2 |  |
| Life insurance segment profit (loss)                                    |   | $ | 2 |  |   | $ | (1 | ) |
|                                                                    |   |   |   |   |

----

|                                                                                                                                                                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Property Casualty Insurance Reconciliation                                                                                                                                                                                                                                    |
| (Dollars in millions)                                                                                                                                                                                                                                                         | Three months ended March 31, 2020 |
|                                                                                                                                                                                                                                                                          | Consolidated | Commercial | Personal | E&S |   | Other* |
| Premiums:                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Written premiums                                                                                                                                                                                                                                            |   | $ | 1,518 |  |   |   | $ | 972 |  |   |   | $ | 319 |  |   |   | $ | 85 |  |   |   | $ | 142 |  |
|    Unearned premiums change                                                                                                                                                                                                                                    |   | (129 | ) |   |   | (109 | ) |   |   | 40 |  |   |   | (7 | ) |   |   | (53 | ) |
|    Earned premiums                                                                                                                                                                                                                                             |   | $ | 1,389 |  |   |   | $ | 863 |  |   |   | $ | 359 |  |   |   | $ | 78 |  |   |   | $ | 89 |  |
|                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Underwriting profit (loss)                                                                                                                                                                                                                                                    |   | 24 |  |   |   | (20 | ) |   |   | 21 |  |   |   | 9 |  |   |   | 14 |  |
|                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Dollars in millions)                                                                                                                                                                                                                                                         | Three months ended March 31, 2019 |
|                                                                                                                                                                                                                                                                          | Consolidated | Commercial | Personal | E&S | Other* |
| Premiums:                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Written premiums                                                                                                                                                                                                                                            |   | $ | 1,381 |  |   |   | $ | 896 |  |   |   | $ | 309 |  |   |   | $ | 71 |  |   |   | $ | 105 |  |
|    Unearned premiums change                                                                                                                                                                                                                                    |   | (114 | ) |   |   | (86 | ) |   |   | 35 |  |   |   | (8 | ) |   |   | (55 | ) |
|    Earned premiums                                                                                                                                                                                                                                             |   | $ | 1,267 |  |   |   | $ | 810 |  |   |   | $ | 344 |  |   |   | $ | 63 |  |   |   | $ | 50 |  |
|                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Underwriting profit (loss)                                                                                                                                                                                                                                                    |   | $ | 91 |  |   |   | $ | 76 |  |   |   | $ | (4 | ) |   |   | $ | 11 |  |   |   | $ | 8 |  |
|                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.  Ratios are calculated based on dollar amounts in thousands. *Included in Other are the results of Cincinnati Re and Cincinnati Global, acquired on February 28, 2019. |

|        |
|--------|
|        |  |  |  |  |  |  |  |  |
|   |

|        |
|--------|
|        |  |  |  |  |  |  |  |  |
|   |   |   |   |   |   |   |   |   |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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. |
|         |                                                                                                                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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. |

|                                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                       |  |  |  |  |  |  |  |  |
| (Dollars are per share)                                                                                                                               | Three months ended March 31, |
|                                                                                                                                                  | 2020 |   | 2019 |
| Value creation ratio:                                                                                                                                 |   |   |   |   |
|    End of period book value*                                                                                                           |   | $ | 50.02 |  |   | $ | 52.88 |  |
|    Less beginning of period book value                                                                                                 |   | 60.55 |  |   | 48.10 |  |
|    Change in book value                                                                                                                |   | (10.53 | ) |   | 4.78 |  |
|    Dividend declared to shareholders                                                                                                   |   | 0.60 |  |   | 0.56 |  |
|    Total value creation                                                                                                                |   | $ | (9.93 | ) |   | $ | 5.34 |  |
|                                                                                                                                                  |   |   |   |   |
| Value creation ratio from change in book value**                                                                                                      |   | (17.4 | )% |   | 9.9 | % |
| Value creation ratio from dividends declared to shareholders***                                                                                       |   | 1.0 |  |   | 1.2 |  |
| Value creation ratio                                                                                                                                  |   | (16.4 | )% |   | 11.1 | % |
|                                                                                                                                                  |   |   |   |   |
|     * 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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