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

|                                                               |                             |             |             |        |             |          |                           |        |             |             |        |          |             |        |  |      |             |        |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------|-----------------------------|-------------|-------------|--------|-------------|----------|---------------------------|--------|-------------|-------------|--------|----------|-------------|--------|--|------|-------------|--------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions, except per share data)                  | Three months ended June 30, |             |             |        |             |          | Six months ended June 30, |        |             |             |        |          |
|                                                               |                             | 2020        |             | 2019   |             | % Change |                           | 2020   |             | 2019        |        | % Change |
| Revenue Data                                                  |                             |             |             |        |             |          |                           |        |             |             |        |          |
|    Earned premiums                             |                        | $           | 1,482  |   |             | $        | 1,384                |   |             | 7           |        | $        | 2,938  |   |  | $    | 2,717  |   |  | 8    |
|    Investment income, net of expenses          |                             | 166    |        |        | 160    |     |                           | 4      |             | 331    |   |          | 317    |   |  | 4    |
|    Total revenues                              |                             | 2,714  |        |        | 1,913  |     |                           | 42     |             | 2,615  |   |          | 4,072  |   |  | (36) |
| Income Statement Data                                         |                             |             |             |        |             |          |                           |        |             |             |        |          |
|    Net income (loss)                           |                        | $           | 909    |   |             | $        | 428                  |   |             | 112         |        | $        | (317)       |   |  | $    | 1,123  |   |  | nm   |
|    Investment gains and losses, after-tax      |                             | 838    |        |        | 288    |     |                           | 191    |             | (525)       |   |          | 811    |   |  | nm   |
|                                                               |                             |             |             |        |             |          |                           |        |             |             |        |          |
|    Non-GAAP operating income*                  |                        | $           | 71     |   |             | $        | 140                  |   |             | (49)        |        | $        | 208    |   |  | $    | 312    |   |  | (33) |
| Per Share Data (diluted)                                      |                             |             |             |        |             |          |                           |        |             |             |        |          |
|    Net income (loss)                           |                        | $           | 5.63   |   |             | $        | 2.59                 |   |             | 117         |        | $        | (1.96)      |   |  | $    | 6.81   |   |  | nm   |
|    Investment gains and losses, after-tax      |                             | 5.19   |        |        | 1.74   |     |                           | 198    |             | (3.25)      |   |          | 4.92   |   |  | nm   |
|                                                               |                             |             |             |        |             |          |                           |        |             |             |        |          |
|    Non-GAAP operating income*                  |                        | $           | 0.44   |   |             | $        | 0.85                 |   |             | (48)        |        | $        | 1.29   |   |  | $    | 1.89   |   |  | (32) |
|                                                               |                             |             |             |        |             |          |                           |        |             |             |        |          |
|    Book value                                  |                             |             |             |        |             |          |                           | $      | 57.56  |        |        | $        | 55.92  |   |  | 3    |
|    Cash dividend declared                      |                             | $           | 0.60   |   |             | $        | 0.56                 |   |             | 7           |        | $        | 1.20   |   |  | $    | 1.12   |   |  | 7    |
|    Diluted weighted average shares outstanding |                             | 161.5  |        |        | 165.2  |     |                           | (2)    |             | 161.5  |   |          | 164.9  |   |  | (2)  |
|                                                               |                             |             |             |        |             |          |                           |        |             |             |        |          |

----

----

|                                                                                               |                             |             |             |        |             |            |                           |           |        |         |             |            |      |             |        |   |           |             |        |    |         |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------|-----------------------------|-------------|-------------|--------|-------------|------------|---------------------------|-----------|--------|---------|-------------|------------|------|-------------|--------|---|-----------|-------------|--------|----|---------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions)                                                                         | Three months ended June 30, |             |             |        |             |            | Six months ended June 30, |           |        |         |             |            |
|                                                                                               |                             | 2020        |             | 2019   |             | % Change   |                           | 2020      |        | 2019    |             | % Change   |
| Earned premiums                                                                               |                        | $           | 1,403  |   |             | $          | 1,317                |      |        | 7  |        |            | $    | 2,792  |   |   | $         | 2,584  |   |    | 8  |   |
| Fee revenues                                                                                  |                             | 2      |        |        | 2      |       |                           | 0    |   |         | 5      |       |      | 5      |   |   | 0    |        |
|    Total revenues                                                              |                             | 1,405  |        |        | 1,319  |       |                           | 7    |   |         | 2,797  |       |      | 2,589  |   |   | 8    |        |
|                                                                                               |                             |             |             |        |             |            |                           |           |        |         |             |            |
| Loss and loss expenses                                                                        |                             | 1,007  |        |        | 863    |       |                           | 17   |   |         | 1,937  |       |      | 1,653  |   |   | 17   |        |
| Underwriting expenses                                                                         |                             | 439    |        |        | 408    |       |                           | 8    |   |         | 877    |       |      | 797    |   |   | 10   |        |
|    Underwriting profit (loss)                                                  |                        | $           | (41)        |   |             | $          | 48                   |      |        | nm      |             | $          | (17) |        |        | $ | 139  |        |        | nm |
|                                                                                               |                             |             |             |        |             |            |                           |           |        |         |             |            |
| Ratios as a percent of earned premiums:                                                   |                             |             |             |        |             | Pt. Change |                           |           |        |         |             | Pt. Change |
|      Loss and loss expenses                                          |                             | 71.8   | %           |        | 65.6   | %          |                           | 6.2  |   |         | 69.4   | %          |      | 64.0   | %      |   | 5.4  |        |
|      Underwriting expenses                                           |                             | 31.3   |        |        | 30.9   |       |                           | 0.4  |   |         | 31.4   |       |      | 30.8   |   |   | 0.6  |        |
|            Combined ratio              |                             | 103.1  | %           |        | 96.5   | %          |                           | 6.6  |   |         | 100.8  | %          |      | 94.8   | %      |   | 6.0  |        |
|                                                                                               |                             |             |             |        |             |            |                           |           |        |         |             |            |
|                                                                                               |                             |             |             |        |             | % Change   |                           |           |        |         |             | % Change   |
| Agency renewal written premiums                                                               |                        | $           | 1,244  |   |             | $          | 1,186                |      |        | 5  |        |            | $    | 2,442  |   |   | $         | 2,316  |   |    | 5  |   |
| Agency new business written premiums                                                          |                             | 210    |        |        | 212    |       |                           | (1)       |   |         | 425    |       |      | 393    |   |   | 8    |        |
|                                                                                               |                             |             |             |        |             |            |                           |           |        |         |             |            |
| Other written premiums                                                                        |                             | 105    |        |        | 78     |       |                           | 35   |   |         | 210    |       |      | 148    |   |   | 42   |        |
|    Net written premiums                                                        |                        | $           | 1,559  |   |             | $          | 1,476                |      |        | 6  |        |            | $    | 3,077  |   |   | $         | 2,857  |   |    | 8  |   |
|                                                                                               |                             |             |             |        |             |            |                           |           |        |         |             |            |
| Ratios as a percent of earned premiums:                                                   |                             |             |             |        |             | Pt. Change |                           |           |        |         |             | Pt. Change |
|      Current accident year before catastrophe losses                 |                             | 58.2   | %           |        | 60.9   | %          |                           | (2.7)     |   |         | 59.0   | %          |      | 61.5   | %      |   | (2.5)     |        |
|      Current accident year catastrophe losses                        |                             | 16.9   |        |        | 11.1   |       |                           | 5.8  |   |         | 13.2   |       |      | 8.4    |   |   | 4.8  |        |
|      Prior accident years before catastrophe losses                  |                             | (2.9)       |        |        | (5.3)       |       |                           | 2.4  |   |         | (2.4)       |       |      | (5.4)       |   |   | 3.0  |        |
|      Prior accident years catastrophe losses                         |                             | (0.4)       |        |        | (1.1)       |       |                           | 0.7  |   |         | (0.4)       |       |      | (0.5)       |   |   | 0.1  |        |
|            Loss and loss expense ratio |                             | 71.8   | %           |        | 65.6   | %          |                           | 6.2  |   |         | 69.4   | %          |      | 64.0   | %      |   | 5.4  |        |
|                                                                                               |                             |             |             |        |             |            |                           |           |        |         |             |            |
| Current accident year combined ratio before   catastrophe losses                              |                             | 89.5   | %           |        | 91.8   | %          |                           | (2.3)     |   |         | 90.4   | %          |      | 92.3   | %      |   | (1.9)     |        |
|                                                                                               |                             |             |             |        |             |            |                           |           |        |         |             |            |

----

|                                                                                               |                             |            |           |        |            |            |                           |           |        |         |             |            |   |             |        |  |           |             |        |  |         |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------|-----------------------------|------------|-----------|--------|------------|------------|---------------------------|-----------|--------|---------|-------------|------------|---|-------------|--------|--|-----------|-------------|--------|--|---------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions)                                                                         | Three months ended June 30, |            |           |        |            |            | Six months ended June 30, |           |        |         |             |            |
|                                                                                               |                             | 2020       |           | 2019   |            | % Change   |                           | 2020      |        | 2019    |             | % Change   |
| Earned premiums                                                                               |                        | $          | 870  |   |            | $          | 823                  |      |        | 6  |        |            | $ | 1,733  |   |  | $         | 1,633  |   |  | 6  |   |
| Fee revenues                                                                                  |                             | 1     |      |        | 1     |       |                           | 0    |   |         | 2      |       |   | 2      |   |  | 0    |        |
|    Total revenues                                                              |                             | 871   |      |        | 824   |       |                           | 6    |   |         | 1,735  |       |   | 1,635  |   |  | 6    |        |
|                                                                                               |                             |            |           |        |            |            |                           |           |        |         |             |            |
| Loss and loss expenses                                                                        |                             | 596   |      |        | 550   |       |                           | 8    |   |         | 1,204  |       |   | 1,031  |   |  | 17   |        |
| Underwriting expenses                                                                         |                             | 267   |      |        | 262   |       |                           | 2    |   |         | 543    |       |   | 516    |   |  | 5    |        |
|    Underwriting profit (loss)                                                  |                        | $          | 8    |   |            | $          | 12                   |      |        | (33)    |        |            | $ | (12)        |   |  | $         | 88     |   |  | nm      |
|                                                                                               |                             |            |           |        |            |            |                           |           |        |         |             |            |
| Ratios as a percent of earned premiums:                                                   |                             |            |           |        |            | Pt. Change |                           |           |        |         |             | Pt. Change |
|      Loss and loss expenses                                          |                             | 68.4  | %         |        | 66.8  | %          |                           | 1.6  |   |         | 69.5   | %          |   | 63.1   | %      |  | 6.4  |        |
|      Underwriting expenses                                           |                             | 30.7  |      |        | 31.8  |       |                           | (1.1)     |   |         | 31.3   |       |   | 31.6   |   |  | (0.3)     |        |
|            Combined ratio              |                             | 99.1  | %         |        | 98.6  | %          |                           | 0.5  |   |         | 100.8  | %          |   | 94.7   | %      |  | 6.1  |        |
|                                                                                               |                             |            |           |        |            |            |                           |           |        |         |             |            |
|                                                                                               |                             |            |           |        |            | % Change   |                           |           |        |         |             | % Change   |
| Agency renewal written premiums                                                               |                             | $          | 794  |   |            | $          | 767                  |      |        | 4  |        |            | $ | 1,636  |   |  | $         | 1,566  |   |  | 4  |   |
| Agency new business written premiums                                                          |                             | 134   |      |        | 137   |       |                           | (2)       |   |         | 288    |       |   | 257    |   |  | 12   |        |
| Other written premiums                                                                        |                             | (20)       |      |        | (25)       |       |                           | 20   |   |         | (44)        |       |   | (48)        |   |  | 8    |        |
|    Net written premiums                                                        |                             | $          | 908  |   |            | $          | 879                  |      |        | 3  |        |            | $ | 1,880  |   |  | $         | 1,775  |   |  | 6  |   |
|                                                                                               |                             |            |           |        |            |            |                           |           |        |         |             |            |
| Ratios as a percent of earned premiums:                                                   |                             |            |           |        |            | Pt. Change |                           |           |        |         |             | Pt. Change |
|      Current accident year before catastrophe losses                 |                             | 58.9  | %         |        | 61.2  | %          |                           | (2.3)     |   |         | 60.0   | %          |   | 62.1   | %      |  | (2.1)     |        |
|      Current accident year catastrophe losses                        |                             | 14.6  |      |        | 12.7  |       |                           | 1.9  |   |         | 12.4   |       |   | 8.4    |   |  | 4.0  |        |
|      Prior accident years before catastrophe losses                  |                             | (4.5)      |      |        | (6.1)      |       |                           | 1.6  |   |         | (2.4)       |       |   | (6.5)       |   |  | 4.1  |        |
|      Prior accident years catastrophe losses                         |                             | (0.6)      |      |        | (1.0)      |       |                           | 0.4  |   |         | (0.5)       |       |   | (0.9)       |   |  | 0.4  |        |
|            Loss and loss expense ratio |                             | 68.4  | %         |        | 66.8  | %          |                           | 1.6  |   |         | 69.5   | %          |   | 63.1   | %      |  | 6.4  |        |
|                                                                                               |                             |            |           |        |            |            |                           |           |        |         |             |            |
| Current accident year combined ratio before   catastrophe losses                              |                             | 89.6  | %         |        | 93.0  | %          |                           | (3.4)     |   |         | 91.3   | %          |   | 93.7   | %      |  | (2.4)     |        |
|                                                                                               |                             |            |           |        |            |            |                           |           |        |         |             |            |

----

|                                                                                               |                             |             |           |        |            |            |                           |            |        |         |             |            |      |             |        |   |           |           |        |    |         |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------|-----------------------------|-------------|-----------|--------|------------|------------|---------------------------|------------|--------|---------|-------------|------------|------|-------------|--------|---|-----------|-----------|--------|----|---------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions)                                                                         | Three months ended June 30, |             |           |        |            |            | Six months ended June 30, |            |        |         |             |            |
|                                                                                               |                             | 2020        |           | 2019   |            | % Change   |                           | 2020       |        | 2019    |             | % Change   |
| Earned premiums                                                                               |                        | $           | 364  |   |            | $          | 348                  |       |        | 5  |        |            | $    | 723    |   |   | $         | 692  |   |    | 4  |   |
| Fee revenues                                                                                  |                             | 1      |      |        | 1     |       |                           | 0     |   |         | 2      |       |      | 2      |   |   | 0    |      |
|    Total revenues                                                              |                             | 365    |      |        | 349   |       |                           | 5     |   |         | 725    |       |      | 694    |   |   | 4    |      |
|                                                                                               |                             |             |           |        |            |            |                           |            |        |         |             |            |
| Loss and loss expenses                                                                        |                             | 286    |      |        | 240   |       |                           | 19    |   |         | 517    |       |      | 490    |   |   | 6    |      |
| Underwriting expenses                                                                         |                             | 122    |      |        | 104   |       |                           | 17    |   |         | 230    |       |      | 203    |   |   | 13   |      |
|    Underwriting profit (loss)                                                  |                        | $           | (43)      |   |            | $          | 5                    |       |        | nm      |             | $          | (22) |        |        | $ | 1    |      |        | nm |
|                                                                                               |                             |             |           |        |            |            |                           |            |        |         |             |            |
| Ratios as a percent of earned premiums:                                                   |                             |             |           |        |            | Pt. Change |                           |            |        |         |             | Pt. Change |
|      Loss and loss expenses                                          |                             | 78.9   | %         |        | 68.9  | %          |                           | 10.0  |   |         | 71.6   | %          |      | 70.7   | %      |   | 0.9  |      |
|      Underwriting expenses                                           |                             | 33.4   |      |        | 30.0  |       |                           | 3.4   |   |         | 31.8   |       |      | 29.4   |   |   | 2.4  |      |
|            Combined ratio              |                             | 112.3  | %         |        | 98.9  | %          |                           | 13.4  |   |         | 103.4  | %          |      | 100.1  | %      |   | 3.3  |      |
|                                                                                               |                             |             |           |        |            |            |                           |            |        |         |             |            |
|                                                                                               |                             |             |           |        |            | % Change   |                           |            |        |         |             | % Change   |
| Agency renewal written premiums                                                               |                             | $           | 387  |   |            | $          | 365                  |       |        | 6  |        |            | $    | 681    |   |   | $         | 647  |   |    | 5  |   |
| Agency new business written premiums                                                          |                             | 44     |      |        | 47    |       |                           | (6)        |   |         | 78     |       |      | 82     |   |   | (5)       |      |
| Other written premiums                                                                        |                             | (8)         |      |        | (10)       |       |                           | 20    |   |         | (17)        |       |      | (18)        |   |   | 6    |      |
|    Net written premiums                                                        |                        | $           | 423  |   |            | $          | 402                  |       |        | 5  |        |            | $    | 742    |   |   | $         | 711  |   |    | 4  |   |
|                                                                                               |                             |             |           |        |            |            |                           |            |        |         |             |            |
| Ratios as a percent of earned premiums:                                                   |                             |             |           |        |            | Pt. Change |                           |            |        |         |             | Pt. Change |
|      Current accident year before catastrophe losses                 |                             | 53.8   | %         |        | 62.1  | %          |                           | (8.3)      |   |         | 56.9   | %          |      | 61.4   | %      |   | (4.5)     |      |
|      Current accident year catastrophe losses                        |                             | 25.3   |      |        | 11.0  |       |                           | 14.3  |   |         | 18.7   |       |      | 10.9   |   |   | 7.8  |      |
|      Prior accident years before catastrophe losses                  |                             | 0.0    |      |        | (3.2)      |       |                           | 3.2   |   |         | (3.2)       |       |      | (2.3)       |   |   | (0.9)     |      |
|      Prior accident years catastrophe losses                         |                             | (0.2)       |      |        | (1.0)      |       |                           | 0.8   |   |         | (0.8)       |       |      | 0.7    |   |   | (1.5)     |      |
|            Loss and loss expense ratio |                             | 78.9   | %         |        | 68.9  | %          |                           | 10.0  |   |         | 71.6   | %          |      | 70.7   | %      |   | 0.9  |      |
|                                                                                               |                             |             |           |        |            |            |                           |            |        |         |             |            |
| Current accident year combined ratio before   catastrophe losses                              |                             | 87.2   | %         |        | 92.1  | %          |                           | (4.9)      |   |         | 88.7   | %          |      | 90.8   | %      |   | (2.1)     |      |
|                                                                                               |                             |             |           |        |            |            |                           |            |        |         |             |            |

----

|                                                                                               |                             |               |          |        |               |            |                           |            |        |          |            |            |         |            |        |   |            |           |        |      |          |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------|-----------------------------|---------------|----------|--------|---------------|------------|---------------------------|------------|--------|----------|------------|------------|---------|------------|--------|---|------------|-----------|--------|------|----------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions)                                                                         | Three months ended June 30, |               |          |        |               |            | Six months ended June 30, |            |        |          |            |            |
|                                                                                               |                             | 2020          |          | 2019   |               | % Change   |                           | 2020       |        | 2019     |            | % Change   |
| Earned premiums                                                                               |                             | $             | 78  |   |               | $          | 67                   |       |        | 16  |       |            | $       | 156   |   |   | $          | 130  |   |      | 20  |   |
| Fee revenues                                                                                  |                             | —  |     |        | —  |       |                           | 0     |   |          | 1     |       |         | 1     |   |   | 0     |      |
|    Total revenues                                                              |                             | 78       |     |        | 67       |       |                           | 16    |   |          | 157   |       |         | 131   |   |   | 20    |      |
|                                                                                               |                             |               |          |        |               |            |                           |            |        |          |            |            |
| Loss and loss expenses                                                                        |                             | 57       |     |        | 29       |       |                           | 97    |   |          | 102   |       |         | 62    |   |   | 65    |      |
| Underwriting expenses                                                                         |                             | 22       |     |        | 21       |       |                           | 5     |   |          | 47    |       |         | 41    |   |   | 15    |      |
|    Underwriting profit (loss)                                                  |                             | $             | (1)      |   |               | $          | 17                   |       |        | nm       |            | $          | 8  |       |        | $ | 28    |      |        | (71) |     |
|                                                                                               |                             |               |          |        |               |            |                           |            |        |          |            |            |
| Ratios as a percent of earned premiums:                                                   |                             |               |          |        |               | Pt. Change |                           |            |        |          |            | Pt. Change |
|      Loss and loss expenses                                          |                             | 73.6     | %        |        | 45.1     | %          |                           | 28.5  |   |          | 65.5  | %          |         | 48.3  | %      |   | 17.2  |      |
|      Underwriting expenses                                           |                             | 28.4     |     |        | 31.0     |       |                           | (2.6)      |   |          | 30.0  |       |         | 31.4  |   |   | (1.4)      |      |
|            Combined ratio              |                             | 102.0    | %        |        | 76.1     | %          |                           | 25.9  |   |          | 95.5  | %          |         | 79.7  | %      |   | 15.8  |      |
|                                                                                               |                             |               |          |        |               |            |                           |            |        |          |            |            |
|                                                                                               |                             |               |          |        |               | % Change   |                           |            |        |          |            | % Change   |
| Agency renewal written premiums                                                               |                        | $             | 63  |   |               | $          | 54                   |       |        | 17  |       |            | $       | 125   |   |   | $          | 103  |   |      | 21  |   |
| Agency new business written premiums                                                          |                             | 32       |     |        | 28       |       |                           | 14    |   |          | 59    |       |         | 54    |   |   | 9     |      |
| Other written premiums                                                                        |                             | (4)           |     |        | (4)           |       |                           | 0     |   |          | (8)        |       |         | (8)        |   |   | 0     |      |
|    Net written premiums                                                        |                        | $             | 91  |   |               | $          | 78                   |       |        | 17  |       |            | $       | 176   |   |   | $          | 149  |   |      | 18  |   |
|                                                                                               |                             |               |          |        |               |            |                           |            |        |          |            |            |
| Ratios as a percent of earned premiums:                                                   |                             |               |          |        |               | Pt. Change |                           |            |        |          |            | Pt. Change |
|      Current accident year before catastrophe losses                 |                             | 59.0     | %        |        | 50.8     | %          |                           | 8.2   |   |          | 57.4  | %          |         | 53.1  | %      |   | 4.3   |      |
|      Current accident year catastrophe losses                        |                             | 3.6      |     |        | 0.7      |       |                           | 2.9   |   |          | 2.0   |       |         | 0.5   |   |   | 1.5   |      |
|      Prior accident years before catastrophe losses                  |                             | 11.2     |     |        | (6.2)         |       |                           | 17.4  |   |          | 5.9   |       |         | (5.2)      |   |   | 11.1  |      |
|      Prior accident years catastrophe losses                         |                             | (0.2)         |     |        | (0.2)         |       |                           | 0.0   |   |          | 0.2   |       |         | (0.1)      |   |   | 0.3   |      |
|            Loss and loss expense ratio |                             | 73.6     | %        |        | 45.1     | %          |                           | 28.5  |   |          | 65.5  | %          |         | 48.3  | %      |   | 17.2  |      |
|                                                                                               |                             |               |          |        |               |            |                           |            |        |          |            |            |
| Current accident year combined ratio before   catastrophe losses                              |                             | 87.4     | %        |        | 81.8     | %          |                           | 5.6   |   |          | 87.4  | %          |         | 84.5  | %      |   | 2.9   |      |
|                                                                                               |                             |               |          |        |               |            |                           |            |        |          |            |            |

----

|                                                                 |                             |           |          |        |           |          |                           |           |        |          |               |          |     |           |        |    |          |          |        |  |         |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------|-----------------------------|-----------|----------|--------|-----------|----------|---------------------------|-----------|--------|----------|---------------|----------|-----|-----------|--------|----|----------|----------|--------|--|---------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions)                                           | Three months ended June 30, |           |          |        |           |          | Six months ended June 30, |           |        |          |               |          |
|                                                                 |                             | 2020      |          | 2019   |           | % Change |                           | 2020      |        | 2019     |               | % Change |
| Term life insurance                                             |                             | $         | 51  |   |           | $        | 47                   |      |        | 9   |          |          | $   | 98   |   |    | $        | 92  |   |  | 7  |   |
| Universal life insurance                                        |                             | 16   |     |        | 10   |     |                           | 60   |   |          | 24       |     |     | 20   |   |    | 20  |     |
| Other life insurance, annuity, and disability income   products |                             | 12   |     |        | 10   |     |                           | 20   |   |          | 24       |     |     | 21   |   |    | 14  |     |
|     Earned premiums                         |                             | 79   |     |        | 67   |     |                           | 18   |   |          | 146      |     |     | 133  |   |    | 10  |     |
| Investment income, net of expenses                              |                             | 39   |     |        | 38   |     |                           | 3    |   |          | 78       |     |     | 76   |   |    | 3   |     |
| Investment gains and losses, net                                |                             | 1    |     |        | (1)       |     |                           | nm        |        | (31)     |          |          | (2) |      |        | nm |
| Fee revenues                                                    |                             | 1    |     |        | 1    |     |                           | 0    |   |          | 1        |     |     | 2    |   |    | (50)     |     |
| Total revenues                                                  |                             | 120  |     |        | 105  |     |                           | 14   |   |          | 194      |     |     | 209  |   |    | (7)      |     |
| Contract holders’ benefits incurred                       |                             | 79   |     |        | 73   |     |                           | 8    |   |          | 152      |     |     | 143  |   |    | 6   |     |
| Underwriting expenses incurred                                  |                             | 25   |     |        | 22   |     |                           | 14   |   |          | 43       |     |     | 44   |   |    | (2)      |     |
|     Total benefits and expenses             |                             | 104  |     |        | 95   |     |                           | 9    |   |          | 195      |     |     | 187  |   |    | 4   |     |
| Net income (loss) before income tax                             |                             | 16   |     |        | 10   |     |                           | 60   |   |          | (1)           |     |     | 22   |   |    | nm       |
| Income tax provision                                            |                             | 4    |     |        | 2    |     |                           | 100  |   |          | —  |     |     | 4    |   |    | (100)    |     |
| Net income (loss) of the life insurance subsidiary              |                             | $         | 12  |   |           | $        | 8                    |      |        | 50  |          |          | $   | (1)       |   |    | $        | 18  |   |  | nm      |
|                                                                 |                             |           |          |        |           |          |                           |           |        |          |               |          |

----

|                                                                        |  |                             |              |        |            |          |                           |           |        |            |           |          |              |             |        |   |              |             |        |  |         |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------|--|-----------------------------|--------------|--------|------------|----------|---------------------------|-----------|--------|------------|-----------|----------|--------------|-------------|--------|---|--------------|-------------|--------|--|---------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions)                                                  |  | Three months ended June 30, |              |        |            |          | Six months ended June 30, |           |        |            |           |          |
|                                                                        |  | 2020                        |              | 2019   |            | % Change |                           | 2020      |        | 2019       |           | % Change |
| Investment income, net of expenses                                     |  | $                           | 166     |   |            | $        | 160                  |      |        | 4     |      |          | $            | 331    |   |   | $            | 317    |   |  | 4  |   |
| Investment interest credited to contract holders                       |  | (25)                        |         |        | (25)       |     |                           | 0    |   |            | (51)      |     |              | (49)        |   |   | (4)          |        |
| Investment gains and losses, net                                       |  | 1,060                  |         |        | 364   |     |                           | 191  |   |            | (665)     |     |              | 1,027  |   |   | nm           |
|       Investments profit (loss)          |  | $                           | 1,201   |   |            | $        | 499                  |      |        | 141   |      |          | $            | (385)       |   |   | $            | 1,295  |   |  | nm      |
|                                                                        |  |                             |              |        |            |          |                           |           |        |            |           |          |
| Investment income:                                                 |  |                             |              |        |            |          |                           |           |        |            |           |          |
|    Interest                                             |  | $                           | 114     |   |            | $        | 111                  |      |        | 3     |      |          | $            | 226    |   |   | $            | 222    |   |  | 2  |   |
|    Dividends                                            |  | 53                     |         |        | 50    |     |                           | 6    |   |            | 106  |     |              | 96     |   |   | 10      |        |
|    Other                                                |  | 2                      |         |        | 2     |     |                           | 0    |   |            | 5    |     |              | 5      |   |   | 0       |        |
|    Less investment expenses                             |  | 3                      |         |        | 3     |     |                           | 0    |   |            | 6    |     |              | 6      |   |   | 0       |        |
|       Investment income, pretax          |  | 166                    |         |        | 160   |     |                           | 4    |   |            | 331  |     |              | 317    |   |   | 4       |        |
|       Less income taxes                  |  | 25                     |         |        | 25    |     |                           | 0    |   |            | 51   |     |              | 49     |   |   | 4       |        |
|       Total investment income, after-tax |  | $                           | 141     |   |            | $        | 135                  |      |        | 4     |      |          | $            | 280    |   |   | $            | 268    |   |  | 4  |   |
|                                                                        |  |                             |              |        |            |          |                           |           |        |            |           |          |
| Investment returns:                                                |  |                             |              |        |            |          |                           |           |        |            |           |          |
| Average invested assets plus cash and cash   equivalents               |  | $                           | 18,759  |   |            | $        | 18,648               |      |        |            |           | $        | 19,672  |        |        | $ | 18,194  |        |        |  |
|       Average yield pretax               |  | 3.54                   | %            |        | 3.43  | %        |                           |           |        | 3.37  | %         |          | 3.48    | %           |        |   |
|       Average yield after-tax            |  | 3.01                   |         |        | 2.90  |     |                           |           |        | 2.85  |      |          | 2.95    |        |        |   |
|       Effective tax rate                 |  | 15.6                   |         |        | 15.6  |     |                           |           |        | 15.5  |      |          | 15.6    |        |        |   |
| Fixed-maturity returns:                                            |  |                             |              |        |            |          |                           |           |        |            |           |          |
| Average amortized cost                                                 |  | $                           | 11,107  |   |            | $        | 10,783               |      |        |            |           | $        | 11,124  |        |        | $ | 10,738  |        |        |  |
| Average yield pretax                                                   |  | 4.11                   | %            |        | 4.12  | %        |                           |           |        | 4.06  | %         |          | 4.13    | %           |        |   |
| Average yield after-tax                                                |  | 3.42                   |         |        | 3.43  |     |                           |           |        | 3.39  |      |          | 3.45    |        |        |   |
| Effective tax rate                                                     |  | 16.7                   |         |        | 16.6  |     |                           |           |        | 16.6  |      |          | 16.6    |        |        |   |
|                                                                        |  |                             |              |        |            |          |                           |           |        |            |           |          |

|                                                                     |  |                             |             |        |           |                           |           |           |        |   |             |        |  |   |             |        |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------|--|-----------------------------|-------------|--------|-----------|---------------------------|-----------|-----------|--------|---|-------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|
| (Dollars in millions)                                               |  | Three months ended June 30, |             |        |           | Six months ended June 30, |           |           |
|                                                                     |  | 2020                        |             | 2019   |           | 2020                      |           | 2019      |
| Investment gains and losses on equity securities sold, net          |  | $                           | 24     |   |           | $                         | 11   |      |        | $ | 17     |   |  | $ | 23     |   |
| Unrealized gains and losses on equity securities still held, net    |  | 1,044                  |        |        | 355  |                      |           | (602)     |   |   | 999    |   |
| Investment gains and losses on fixed-maturity securities, net       |  | —                |        |        | (1)       |                      |           | (75)      |   |   | 1      |   |
| Other                                                               |  | (8)                         |        |        | (1)       |                      |           | (5)       |   |   | 4      |   |
| Subtotal - investment gains and losses reported in net income       |  | 1,060                  |        |        | 364  |                      |           | (665)     |   |   | 1,027  |   |
|                                                                     |  |                             |             |        |           |                           |           |           |
| Change in unrealized investment gains and losses - fixed maturities |  | 506                    |        |        | 200  |                      |           | 182  |   |   | 442    |   |
| Total                                                               |  | $                           | 1,566  |   |           | $                         | 564  |      |        | $ | (483)       |   |  | $ | 1,469  |   |
|                                                                     |  |                             |             |        |           |                           |           |           |

----

|                                               |             |              |                 |        |              |        |              |        |  |  |  |  |  |  |
|-----------------------------------------------|-------------|--------------|-----------------|--------|--------------|--------|--------------|--------|--|--|--|--|--|--|
| (Dollars in millions, except share data)      | At June 30, |              | At December 31, |        |
|                                               |             | 2020         |                 | 2019   |
|    Total investments           |             | $            | 19,487     |   |              | $      | 19,746  |   |
|    Total assets                |             | 25,450  |            |        | 25,408  |   |
|    Short-term debt             |             | 122     |            |        | 39      |   |
|    Long-term debt              |             | 788     |            |        | 788     |   |
|    Shareholders’ equity  |             | 9,258   |            |        | 9,864   |   |
|    Book value per share        |             | 57.56   |            |        | 60.55   |   |
|    Debt-to-total-capital ratio |             | 8.9     | %               |        | 7.7     | %      |
|                                               |             |              |                 |        |

----

----

----

|                                                                    |                             |             |        |             |                           |              |                   |              |        |              |        |  |   |             |        |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------|-----------------------------|-------------|--------|-------------|---------------------------|--------------|-------------------|--------------|--------|--------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|
| (Dollars in millions)                                              |                             |             |        |             | June 30,                  |              | December 31, |
|                                                                    |                             |             |        |             | 2020                      |              | 2019              |
| Assets                                                             |                             |             |        |             |                           |              |                   |
|    Investments                                      |                             |             |        |        | $                         | 19,487  |              |              | $      | 19,746  |   |
|    Cash and cash equivalents                        |                             |             |        |             | 706                  |         |                   | 767     |   |
|                                                                    |                             |             |        |             |                           |              |                   |
|    Premiums receivable                              |                             |             |        |             | 2,051                |         |                   | 1,777   |   |
|    Reinsurance recoverable                          |                             |             |        |             | 528                  |         |                   | 610     |   |
| Deferred policy acquisition costs                                  |                             |             |        |             | 834                  |         |                   | 774     |   |
|    Other assets                                     |                             |             |        |             | 1,844                |         |                   | 1,734   |   |
| Total assets                                                       |                             |             |        |        | $                         | 25,450  |              |              | $      | 25,408  |   |
|                                                                    |                             |             |        |             |                           |              |                   |
| Liabilities                                                        |                             |             |        |             |                           |              |                   |
|    Insurance reserves                               |                             |             |        |        | $                         | 9,344   |              |              | $      | 8,982   |   |
|    Unearned premiums                                |                             |             |        |             | 3,107                |         |                   | 2,788   |   |
|    Deferred income tax                              |                             |             |        |             | 979                  |         |                   | 1,079   |   |
|    Long-term debt and lease obligations             |                             |             |        |             | 845                  |         |                   | 846     |   |
|    Other liabilities                                |                             |             |        |             | 1,917                |         |                   | 1,849   |   |
| Total liabilities                                                  |                             |             |        |             | 16,192               |         |                   | 15,544  |   |
|                                                                    |                             |             |        |             |                           |              |                   |
| Shareholders’ Equity                                         |                             |             |        |             |                           |              |                   |
|    Common stock and paid-in capital                 |                             |             |        |             | 1,706                |         |                   | 1,703   |   |
|    Retained earnings                                |                             |             |        |             | 8,745                |         |                   | 9,257   |   |
|    Accumulated other comprehensive income           |                             |             |        |             | 597                  |         |                   | 448     |   |
|    Treasury stock                                   |                             |             |        |             | (1,790)                   |         |                   | (1,544)      |   |
| Total shareholders' equity                                         |                             |             |        |             | 9,258                |         |                   | 9,864   |   |
| Total liabilities and shareholders' equity                         |                             |             |        |        | $                         | 25,450  |              |              | $      | 25,408  |   |
|                                                                    |                             |             |        |             |                           |              |                   |
| (Dollars in millions, except per share data)                       | Three months ended June 30, |             |        |             | Six months ended June 30, |              |                   |
|                                                                    | 2020                        |             | 2019   |             | 2020                      |              | 2019              |
| Revenues                                                           |                             |             |        |             |                           |              |                   |
|    Earned premiums                                  | $                           | 1,482  |   |             | $                         | 1,384   |              |              | $      | 2,938   |   |  | $ | 2,717  |   |
|    Investment income, net of expenses               | 166                    |        |        | 160    |                      |              | 331          |         |        | 317     |   |
|    Investment gains and losses, net                 | 1,060                  |        |        | 364    |                      |              | (665)             |         |        | 1,027   |   |
|    Other revenues                                   | 6                      |        |        | 5      |                      |              | 11           |         |        | 11      |   |
|       Total revenues                 | 2,714                  |        |        | 1,913  |                      |              | 2,615        |         |        | 4,072   |   |
|                                                                    |                             |             |        |             |                           |              |                   |
| Benefits and Expenses                                              |                             |             |        |             |                           |              |                   |
|    Insurance losses and contract holders' benefits  | 1,086                  |        |        | 936    |                      |              | 2,089        |         |        | 1,796   |   |
|    Underwriting, acquisition and insurance expenses | 464                    |        |        | 430    |                      |              | 920          |         |        | 841     |   |
|    Interest expense                                 | 14                     |        |        | 13     |                      |              | 27           |         |        | 26      |   |
|    Other operating expenses                         | 5                      |        |        | 4      |                      |              | 10           |         |        | 12      |   |
|       Total benefits and expenses    | 1,569                  |        |        | 1,383  |                      |              | 3,046        |         |        | 2,675   |   |
|                                                                    |                             |             |        |             |                           |              |                   |
| Income (Loss) Before Income Taxes                                  | 1,145                  |        |        | 530    |                      |              | (431)             |         |        | 1,397   |   |
|                                                                    |                             |             |        |             |                           |              |                   |
| Provision (Benefit) for Income Taxes                               | 236                    |        |        | 102    |                      |              | (114)             |         |        | 274     |   |
|                                                                    |                             |             |        |             |                           |              |                   |
| Net Income (Loss)                                                  | $                           | 909    |   |             | $                         | 428     |              |              | $      | (317)        |   |  | $ | 1,123  |   |
|                                                                    |                             |             |        |             |                           |              |                   |
| Per Common Share:                                              |                             |             |        |             |                           |              |                   |
|    Net income (loss)—basic                    | $                           | 5.65   |   |             | $                         | 2.62    |              |              | $      | (1.96)       |   |  | $ | 6.89   |   |
|    Net income (loss)—diluted                  | 5.63                   |        |        | 2.59   |                      |              | (1.96)            |         |        | 6.81    |   |
|                                                                    |                             |             |        |             |                           |              |                   |

----

----

|                                                             |                             |             |            |        |                           |        |            |            |        |   |             |        |  |   |             |        |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------|-----------------------------|-------------|------------|--------|---------------------------|--------|------------|------------|--------|---|-------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|
|  Net Income Reconciliation                             |                             |             |            |        |                           |        |            |            |
|                                                             |                             |             |            |        |                           |        |            |            |
| (Dollars in millions, except per share data)                | Three months ended June 30, |             |            |        | Six months ended June 30, |        |            |            |
|                                                             |                             | 2020        |            | 2019   |                           | 2020   |            | 2019       |
| Net income (loss)                                           |                             | $           | 909   |   |                           | $      | 428   |       |        | $ | (317)       |   |  | $ | 1,123  |   |
| Less:                                                   |                             |             |            |        |                           |        |            |            |
|    Investment gains and losses, net          |                             | 1,060  |       |        | 364                  |   |            | (665)      |   |   | 1,027  |   |
|    Income tax on investment gains and losses |                             | (222)       |       |        | (76)                      |   |            | 140   |   |   | (216)       |   |
|    Investment gains and losses, after-tax    |                             | 838    |       |        | 288                  |   |            | (525)      |   |   | 811    |   |
|                                                             |                             |             |            |        |                           |        |            |            |
| Non-GAAP operating income                                   |                             | $           | 71    |   |                           | $      | 140   |       |        | $ | 208    |   |  | $ | 312    |   |
|                                                             |                             |             |            |        |                           |        |            |            |
| Diluted per share data:                                 |                             |             |            |        |                           |        |            |            |
| Net income (loss)                                           |                             | $           | 5.63  |   |                           | $      | 2.59  |       |        | $ | (1.96)      |   |  | $ | 6.81   |   |
| Less:                                                   |                             |             |            |        |                           |        |            |            |
|    Investment gains and losses, net          |                             | 6.56   |       |        | 2.20                 |   |            | (4.12)     |   |   | 6.23   |   |
|    Income tax on investment gains and losses |                             | (1.37)      |       |        | (0.46)                    |   |            | 0.87  |   |   | (1.31)      |   |
|    Investment gains and losses, after-tax    |                             | 5.19   |       |        | 1.74                 |   |            | (3.25)     |   |   | 4.92   |   |
|                                                             |                             |             |            |        |                           |        |            |            |
|    Non-GAAP operating income                 |                             | $           | 0.44  |   |                           | $      | 0.85  |       |        | $ | 1.29   |   |  | $ | 1.89   |   |
|                                                             |                             |             |            |        |                           |        |            |            |

|                                                               |                             |               |          |        |                           |        |         |          |        |   |               |        |  |   |          |        |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------|-----------------------------|---------------|----------|--------|---------------------------|--------|---------|----------|--------|---|---------------|--------|--|---|----------|--------|--|--|--|--|--|--|--|--|--|--|
| Life Insurance Reconciliation                                 |                             |               |          |        |                           |        |         |          |
|                                                               |                             |               |          |        |                           |        |         |          |
| (Dollars in millions)                                         | Three months ended June 30, |               |          |        | Six months ended June 30, |        |         |          |
|                                                               |                             | 2020          |          | 2019   |                           | 2020   |         | 2019     |
| Net income (loss) of the life insurance subsidiary            |                             | $             | 12  |   |                           | $      | 8  |     |        | $ | (1)           |   |  | $ | 18  |   |
| Investment gains and losses, net                              |                             | 1        |     |        | (1)                       |   |         | (31)     |   |   | (2)           |   |
| Income tax on investment gains and losses                     |                             | —  |     |        | —              |   |         | (7)      |   |   | —  |   |
| Non-GAAP operating income                                     |                             | 11       |     |        | 9                    |   |         | 23  |   |   | 20       |   |
|                                                               |                             |               |          |        |                           |        |         |          |
| Investment income, net of expenses                            |                             | (39)          |     |        | (38)                      |   |         | (78)     |   |   | (76)          |   |
| Investment income credited to contract holders                |                             | 25       |     |        | 25                   |   |         | 51  |   |   | 49       |   |
| Income tax excluding tax on investment gains and  losses, net |                             | 4        |     |        | 2                    |   |         | 7   |   |   | 4        |   |
| Life insurance segment profit (loss)                          |                             | $             | 1   |   |                           | $      | (2)     |     |        | $ | 3        |   |  | $ | (3)      |   |
|                                                               |                             |               |          |        |                           |        |         |          |

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| Property Casualty Insurance Reconciliation                                                                                                                                                                                                                                        |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |
| (Dollars in millions)                                                                                                                                                                                                                                                             | Three months ended June 30, 2020 |       |             |            |  |        |          |             |        |         |           |        |           |        |
|                                                                                                                                                                                                                                                                                   | Consolidated                     |       |             | Commercial |  |        | Personal |             |        | E&S |           |        |           | Other* |
| Premiums:                                                                                                                                                                                                                                                                     |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |
|    Written premiums                                                                                                                                                                                                                                                |                             | $     | 1,559  |       |  |   | $        | 908    |   |         |           | $      | 423  |   |        |   | $ | 91   |     |        |  | 137  |      |
|    Unearned premiums change                                                                                                                                                                                                                                        |                                  | (156) |        |            |  | (38)   |     |             |        | (59)    |      |        |           | (13)   |   |        |   | (46)      |     |
|    Earned premiums                                                                                                                                                                                                                                                 |                             | $     | 1,403  |       |  |   | $        | 870    |   |         |           | $      | 364  |   |        |   | $ | 78   |     |        |  | $         | 91   |   |
|                                                                                                                                                                                                                                                                                   |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |
| Underwriting profit (loss)                                                                                                                                                                                                                                                        |                                  | $     | (41)        |       |  |        | $        | 8      |   |         |           | $      | (43)      |   |        |        | $ | (1)       |     |        |  | $         | (5)       |   |
|                                                                                                                                                                                                                                                                                   |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |
| (Dollars in millions)                                                                                                                                                                                                                                                             | Six months ended June 30, 2020   |       |             |            |  |        |          |             |        |         |           |        |           |        |
|                                                                                                                                                                                                                                                                                   | Consolidated                     |       |             | Commercial |  |        | Personal |             |        | E&S |           |        |           | Other* |
| Premiums:                                                                                                                                                                                                                                                                     |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |
|    Written premiums                                                                                                                                                                                                                                                |                             | $     | 3,077  |       |  |        | $        | 1,880  |   |         |           | $      | 742  |   |        |        | $ | 176  |     |        |  | $         | 279  |   |
|    Unearned premiums change                                                                                                                                                                                                                                        |                                  | (285) |        |            |  | (147)  |     |             |        | (19)    |      |        |           | (20)   |   |        |   | (99)      |     |
|    Earned premiums                                                                                                                                                                                                                                                 |                             | $     | 2,792  |       |  |        | $        | 1,733  |   |         |           | $      | 723  |   |        |        | $ | 156  |     |        |  | $         | 180  |   |
|                                                                                                                                                                                                                                                                                   |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |
| Underwriting profit (loss)                                                                                                                                                                                                                                                        |                                  | $     | (17)        |       |  |        | $        | (12)        |   |         |           | $      | (22)      |   |        |        | $ | 8    |     |        |  | $         | 9    |   |
|                                                                                                                                                                                                                                                                                   |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |
| (Dollars in millions)                                                                                                                                                                                                                                                             | Three months ended June 30, 2019 |       |             |            |  |        |          |             |        |         |           |        |           |        |
|                                                                                                                                                                                                                                                                                   | Consolidated                     |       |             | Commercial |  |        | Personal |             |        | E&S |           |        | Other*    |        |
| Premiums:                                                                                                                                                                                                                                                                     |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |
|    Written premiums                                                                                                                                                                                                                                                |                                  | $     | 1,476  |       |  |        | $        | 879    |   |         |           | $      | 402  |   |        |        | $ | 78   |     |        |  | $         | 117  |   |
|    Unearned premiums change                                                                                                                                                                                                                                        |                                  | (159) |        |            |  | (56)   |     |             |        | (54)    |      |        |           | (11)   |   |        |   | (38)      |     |
|    Earned premiums                                                                                                                                                                                                                                                 |                                  | $     | 1,317  |       |  |        | 823      |             |        | $       | 348  |   |           |        | 67     |        |   | $         | 79  |   |
|                                                                                                                                                                                                                                                                                   |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |
| Underwriting profit                                                                                                                                                                                                                                                               |                                  | $     | 48     |       |  |        | $        | 12     |   |         |           | $      | 5    |   |        |        | $ | 17   |     |        |  | $         | 14   |   |
|                                                                                                                                                                                                                                                                                   |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |
| (Dollars in millions)                                                                                                                                                                                                                                                             | Six months ended June 30, 2019   |       |             |            |  |        |          |             |        |         |           |        |           |        |
|                                                                                                                                                                                                                                                                                   | Consolidated                     |       |             | Commercial |  |        | Personal |             |        | E&S |           |        | Other*    |        |
| Premiums:                                                                                                                                                                                                                                                                     |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |
|    Written premiums                                                                                                                                                                                                                                                |                                  | $     | 2,857  |       |  |        | $        | 1,775  |   |         |           | $      | 711  |   |        |        | $ | 149  |     |        |  | $         | 222  |   |
|    Unearned premiums change                                                                                                                                                                                                                                        |                                  | (273) |        |            |  | (142)  |     |             |        | (19)    |      |        |           | (19)   |   |        |   | (93)      |     |
|    Earned premiums                                                                                                                                                                                                                                                 |                                  | $     | 2,584  |       |  |        | $        | 1,633  |   |         |           | $      | 692  |   |        |        | $ | 130  |     |        |  | $         | 129  |   |
|                                                                                                                                                                                                                                                                                   |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |
| Underwriting profit                                                                                                                                                                                                                                                               |                                  | $     | 139    |       |  |        | $        | 88     |   |         |           | $      | 1    |   |        |        | $ | 28   |     |        |  | $         | 22   |   |
|                                                                                                                                                                                                                                                                                   |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |
|   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. |                                  |       |             |            |  |        |          |             |        |         |           |        |           |        |

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|-------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|-------------|-------------|--------|---------------------------|--------|-------------|-------------|--------|---|-------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|
| (Dollars are per share)                                                                                                                               | Three months ended June 30, |             |             |        | Six months ended June 30, |        |             |             |
|                                                                                                                                                       |                             | 2020        |             | 2019   |                           | 2020   |             | 2019        |
| Value creation ratio:                                                                                                                             |                             |             |             |        |                           |        |             |             |
|    End of period book value*                                                                                                           |                             | $           | 57.56  |   |                           | $      | 55.92  |        |        | $ | 57.56  |   |  | $ | 55.92  |   |
|    Less beginning of period book value                                                                                                 |                             | 50.02  |        |        | 52.88                |   |             | 60.55  |   |   | 48.10  |   |
|    Change in book value                                                                                                                |                             | 7.54   |        |        | 3.04                 |   |             | (2.99)      |   |   | 7.82   |   |
|    Dividend declared to shareholders                                                                                                   |                             | 0.60   |        |        | 0.56                 |   |             | 1.20   |   |   | 1.12   |   |
|    Total value creation                                                                                                                |                             | $           | 8.14   |   |                           | $      | 3.60   |        |        | $ | (1.79)      |   |  | $ | 8.94   |   |
|                                                                                                                                                       |                             |             |             |        |                           |        |             |             |
| Value creation ratio from change in book value**                                                                                                      |                             | 15.1   | %           |        | 5.7                  | %      |             | (5.0)       | %      |   | 16.3   | %      |
| Value creation ratio from dividends declared to   shareholders***                                                                                     |                             | 1.2    |        |        | 1.1                  |   |             | 2.0    |   |   | 2.3    |   |
| Value creation ratio                                                                                                                                  |                             | 16.3   | %           |        | 6.8                  | %      |             | (3.0)       | %      |   | 18.6   | %      |
|                                                                                                                                                       |                             |             |             |        |                           |        |             |             |
|     * 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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