# EDGAR Filing Document

**Accession Number:** 0000020286
**File Stem:** 0000020286-23-000005
**Filing Date:** 2023-2
**Character Count:** 267390
**Document Hash:** f2171cbd0ddaf20b7ae2ec2416e3bc15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000020286-23-000005.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0000020286-23-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230206

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CINCINNATI FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000020286
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **IRS NUMBER:** 310746871
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-04604
- **FILM NUMBER:** 23590725

**BUSINESS ADDRESS:**
- **STREET 1:** 6200 S GILMORE RD
- **CITY:** FAIRFIELD
- **STATE:** OH
- **ZIP:** 45014
- **BUSINESS PHONE:** 5138702000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 145496
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45250

?xml version="1.0" ? cinf-20230206

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

Date of Report: February 6, 2023

(Date of earliest event reported)

**CINCINNATI FINANCIAL CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| Ohio | 0-4604 | 0-4604 | 31-0746871 |
| (State or other jurisdiction <br>of incorporation) | (Commission <br>File Number) | (Commission <br>File Number) | (I.R.S. Employer <br>Identification No.) |
| 6200 S. Gilmore Road | Fairfield, | Ohio | 45014-5141 |
| (Address of principal executive offices) | | | (Zip Code) |

---

Registrant's telephone number, including area code: (513) 870-2000

N/A

(Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> Common stock CINF Nasdaq Global Select Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§203.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company

☐&nbsp;&nbsp;&nbsp;&nbsp;If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

------

**Item 2.02 Results of Operations and Financial Condition.** 

On February 6, 2023, Cincinnati Financial Corporation issued the attached news release titled "Cincinnati Financial Reports Fourth-Quarter and Full-Year 2022 Results," furnished as Exhibit 99.1 hereto and incorporated herein by reference. On February 6, 2023, the company also distributed the attached information titled "Supplemental Financial Data," furnished as Exhibit 99.2 hereto and incorporated herein by reference. This report should not be deemed an admission as to the materiality of any information contained in the news release or supplemental financial data.

In accordance with general instruction B.2 of Form 8-K, the information furnished in this report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

------

**Item 9.01 Financial Statements and Exhibits.**

(c) &nbsp;&nbsp;&nbsp;&nbsp;Exhibits

**Exhibit 99.1** – <u>[News release dated Februar](exhibit991q422.htm)[y](exhibit991q422.htm)[6, 2023](exhibit991q422.htm)[, "Cincinnati Financial Reports Fourth-Quarter and Full-Year 202](exhibit991q422.htm)[2](exhibit991q422.htm)[Results"](exhibit991q422.htm)</u>

**Exhibit 99.2** – <u>[Supplemental Financial Data for the Period Ending December 31, 202](exhibit992q422.htm)[2](exhibit992q422.htm)[distributed February](exhibit992q422.htm)[6, 2023](exhibit992q422.htm)</u>

**Exhibit 104** – The cover page from this Current Report on Form 8-K, formatted as Inline XBRL

**Signature**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | CINCINNATI FINANCIAL CORPORATION |
| Date: February 6, 2023 | /S/Michael J. Sewell |
| | Michael J. Sewell, CPA |
| | Chief Financial Officer, Senior Vice President and Treasurer<br>(Principal Accounting Officer) |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| ![cfc3025rgb.jpg](cfc3025rgb.jpg) | The Cincinnati Insurance Company ■ The Cincinnati Indemnity Company<br>The Cincinnati Casualty Company ■ The Cincinnati Specialty Underwriters Insurance Company<br>The Cincinnati Life Insurance Company ■ CFC Investment Company ■ CSU Producer Resources Inc.<br>Cincinnati Global Underwriting Ltd. ■ Cincinnati Global Underwriting Agency Ltd. |

---

**Investor Contact:** Dennis E. McDaniel, 513-870-2768

*CINF-IR@cinfin.com*

**Media Contact**: Betsy E. Ertel, 513-603-5323

*Media_Inquiries@cinfin.com*

**Cincinnati Financial Reports Fourth-Quarter and Full-Year 2022 Results**

**Cincinnati, February 6, 2023 – Cincinnati Financial Corporation (Nasdaq: CINF)** today reported:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth-quarter 2022 net income of $1.013 billion, or $6.40 per share, compared with net income of $1.470 billion, or $9.04 per share, in the fourth quarter of 2021, after recognizing an $806 million fourth-quarter 2022 after-tax increase in the fair value of equity securities still held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full-year 2022 net loss of $486 million, or $3.06 per share, compared with net income of $2.946 billion, or $18.10 per share, in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $118 million or 37% decrease in fourth-quarter 2022 non-GAAP operating income\* to $202 million, or $1.27 per share, compared with $320 million, or $1.97 per share, in the fourth quarter of last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $370 million or 35% decrease in full-year 2022 non-GAAP operating income to $673 million, or $4.24 per share, down from $1.043 billion, or $6.41 per share, with after-tax property casualty underwriting profit down $467 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $457 million decrease in fourth-quarter 2022 net income reflected the after-tax net effect of a $339 million decrease in net investment gains and a $129 million decrease in after-tax property casualty underwriting profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $67.01 book value per share at December 31, 2022, down $14.71 or 18.0% since year-end 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negative 14.6% value creation ratio for full-year 2022, compared with positive 25.7% for 2021.

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions except per share data) | Three months ended December 31, | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
| (Dollars in millions except per share data) | **2022** | 2021 | % Change | **2022** | 2021 | % Change |
| **Revenue Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned premiums | $**1874** | $1676 | 12 | $**7219** | $6482 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income, net of expenses | **208** | 186 | 12 | **781** | 714 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **3114** | 3323 | (6) | **6557** | 9630 | (32) |
| **Income Statement Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $**1013** | $1470 | (31) | $**(486)** | $2946 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains and losses, after-tax | **811** | 1150 | (29) | **(1159)** | 1903 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating income\* | $**202** | $320 | (37) | $**673** | $1043 | (35) |
| **Per Share Data (diluted)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $**6.40** | $9.04 | (29) | $**(3.06)** | $18.10 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains and losses, after-tax | **5.13** | 7.07 | (27) | **(7.30)** | 11.69 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating income\* | $**1.27** | $1.97 | (36) | $**4.24** | $6.41 | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Book value |  |  |  | $**67.01** | $81.72 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividend declared | $**0.69** | $0.63 | 10 | $**2.76** | $2.52 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted weighted average shares outstanding | **158.2** | 162.5 | (3) | **158.8** | 162.7 | (2) |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles.

&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking statements and related assumptions are subject to the risks outlined in the company's safe harbor statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 1

------

**Insurance Operations Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 94.9% fourth-quarter 2022 property casualty combined ratio, up from 84.2% for the fourth quarter of 2021. Full-year 2022 property casualty combined ratio at 98.1%, with net written premiums up 13%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 10% growth in fourth-quarter 2022 net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $238 million fourth-quarter 2022 property casualty new business written premiums. Agencies appointed since the beginning of 2021 contributed $20 million or 8% of total fourth-quarter new business written premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $14 million of fourth-quarter 2022 life insurance subsidiary net income, up $5 million from the same period in 2021, and 2% growth in fourth-quarter 2022 term life insurance earned premiums.

**Investment and Balance Sheet Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12% or $22 million increase in fourth-quarter 2022 pretax investment income, including 7% growth for stock portfolio dividends and 11% growth for bond interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 9% full-year decrease in fair value of total investments at December 31, 2022, including a 13% decrease for the stock portfolio and a 7% decrease for the bond portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4.177 billion parent company cash and marketable securities at year-end 2022, down 17% from a year ago.

**More Than a Decade of Underwriting Profit** 

Steven J. Johnston, chairman and chief executive officer, commented: "Winter Storm Elliott impacted policyholders in 44 states and Washington, D.C. The timing of the storm was particularly influential as many businesses were closed and families were traveling for the holiday, delaying discovery and reporting of losses.

"It's rare for us to experience a catastrophe of Elliott's magnitude in the fourth quarter. Our standard property casualty and excess and surplus businesses recorded $158 million in losses from this storm, while Cincinnati Re<sup>®</sup> and Cincinnati Global Underwriting Ltd.<sup>SM</sup> recorded $3 million in total. Catastrophe losses contributed 7.8 points to the quarter, twice as high as our fourth-quarter five-year average, pushing our fourth-quarter combined ratio to 94.9%.

"On a full-year basis, our combined ratio was 98.1%, within our long-term target of 95-100%, and marking 11 years in a row of underwriting profit."

**Diversified Growth in a Challenging Market**

"For the first-time ever, new business written by our independent agents surpassed $1 billion. Strong pricing and exposure growth across our insurance business combined to support a second consecutive year of double-digit net written premium growth. While we continued to focus on pricing sophistication and segmentation to exercise underwriting discipline, full-year 2022 growth of 13% is our highest result since 2001.

"We are employing a number of strategies to maintain diversified, profitable growth, including: growing our management liability and surety book – which topped $300 million in written premiums for 2022; adding Cinergy<sup>SM</sup>, our small-business platform, to new states; writing excess and surplus lines homeowner policies in California and Florida; and participating in a firming property insurance market through Cincinnati Re and Cincinnati Global."

**Positive Momentum Heading into 2023**

"We enter 2023 from a position of strength: our personal insurance business has recorded four consecutive years of underwriting profit; our commercial insurance business has enjoyed 11 years of underwriting profit; our excess and surplus lines company has achieved a combined ratio in the low-90s or better every year since 2012; and our life insurance company contributed record-high earnings of $66 million in 2022. While our commercial umbrella business was challenged during 2022, its five-year average combined ratio through 2022 was below 85%.

"Cash flow produced by our insurance business continues to fuel investment income as we grew pretax investment income 9% to a record-high $781 million.

"The board of directors expressed their confidence in our future by declaring a dividend increase in January. Our value creation ratio captures the dividends we pay along with changes in our book value. On a five-year average basis through 2022, we've achieved an 11.2% VCR – in line with our long-term target of 10-13%."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 2

------

**Insurance Operations Highlights**

**Consolidated Property Casualty Insurance Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | Three months ended December 31, | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
|  | **2022** | 2021 | % Change | **2022** | 2021 | % Change |
| Earned premiums | $**1800** | $1599 | 13 | $**6924** | $6184 | 12 |
| Fee revenues | **2** | 2 | 0 | **10** | 10 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **1802** | 1601 | 13 | **6934** | 6194 | 12 |
| Loss and loss expenses | **1172** | 855 | 37 | **4716** | 3596 | 31 |
| Underwriting expenses | **537** | 490 | 10 | **2078** | 1867 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting profit | $**93** | $256 | (64) | $**140** | $731 | (81) |
| Ratios as a percent of earned premiums: |  |  | Pt. Change |  |  | Pt. Change |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss and loss expenses | **65.1%** | 53.5% | 11.6 | **68.1%** | 58.1% | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting expenses | **29.8** | 30.7 | (0.9) | **30.0** | 30.2 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | **94.9%** | 84.2% | 10.7 | **98.1%** | 88.3% | 9.8 |
|  |  |  | % Change |  |  | % Change |
| Agency renewal written premiums | $**1396** | $1238 | 13 | $**5665** | $5091 | 11 |
| Agency new business written premiums | **238** | 212 | 12 | **1032** | 897 | 15 |
| Other written premiums | **60** | 84 | (29) | **610** | 491 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | $**1694** | $1534 | 10 | $**7307** | $6479 | 13 |
| Ratios as a percent of earned premiums: |  |  | Pt. Change |  |  | Pt. Change |
| &nbsp;&nbsp;&nbsp;&nbsp; Current accident year before catastrophe losses | **58.0%** | 54.9% | 3.1 | **60.2%** | 56.0% | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses | **8.0** | 4.6 | 3.4 | **10.2** | 9.1 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior accident years before catastrophe losses | **(0.7)** | (5.0) | 4.3 | **(1.3)** | (5.9) | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior accident years catastrophe losses | **(0.2)** | (1.0) | 0.8 | **(1.0)** | (1.1) | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss and loss expense ratio | **65.1%** | 53.5% | 11.6 | **68.1%** | 58.1% | 10.0 |
| Current accident year combined ratio before |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;catastrophe losses | **87.8%** | 85.6% | 2.2 | **90.2%** | 86.2% | 4.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 10% and 13% growth in fourth-quarter and full-year 2022 property casualty net written premiums, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The contribution to full-year 2022 growth from Cincinnati Re and Cincinnati Global in total was 3 percentage points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12% and 15% increase in fourth-quarter and full-year 2022 new business premiums written by agencies, compared with a year ago. The full-year increase included a $45 million increase in standard market property casualty production from agencies appointed since the beginning of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 209 new agency appointments in full-year 2022, including 64 that market only our personal lines products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 90.2% full-year 2022 current accident year combined ratio before catastrophe losses was 1.7 percentage points better than accident year 2019 and 1.5 points better than the five-year average through 2019, with each accident year measured as of the respective year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 10.7 percentage-point fourth-quarter 2022 combined ratio increase, compared with 2021, reflecting elevated inflation effects, including an increase of 2.7 points from higher commercial umbrella incurred loss and loss expenses, and an increase of 4.2 points for losses from catastrophes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 9.8 percentage-point full-year 2022 combined ratio increase that reflects elevated inflation effects, including an increase of 3.3 points from higher commercial umbrella incurred loss and loss expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0.9 and 2.3 percentage-point fourth-quarter and full-year 2022 benefit from favorable prior accident year reserve development of $16 million and $159 million, compared with 6.0 points or $97 million for fourth-quarter 2021 and 7.0 points or $428 million of favorable development for full-year 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4.2 percentage-point increase, to 60.2%, for the full-year 2022 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 2.1 points in the ratio for commercial umbrella current accident year loss and loss expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0.2 percentage-point decrease in the full-year 2022 underwriting expense ratio, primarily due to lower levels of profit-sharing commissions for agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 3

------

**Commercial Lines Insurance Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | Three months ended December 31, | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
|  | **2022** | 2021 | % Change | **2022** | 2021 | % Change |
| Earned premiums | $**1040** | $947 | 10 | $**4024** | $3674 | 10 |
| Fee revenues | **1** | 1 | 0 | **4** | 4 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **1041** | 948 | 10 | **4028** | 3678 | 10 |
| Loss and loss expenses | **715** | 506 | 41 | **2761** | 1940 | 42 |
| Underwriting expenses | **313** | 301 | 4 | **1229** | 1140 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting profit | $**13** | $141 | (91) | $**38** | $598 | (94) |
| Ratios as a percent of earned premiums: |  |  | Pt. Change |  |  | Pt. Change |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss and loss expenses | **68.8%** | 53.4% | 15.4 | **68.6%** | 52.8% | 15.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting expenses | **30.1** | 31.8 | (1.7) | **30.6** | 31.0 | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | **98.9%** | 85.2% | 13.7 | **99.2%** | 83.8% | 15.4 |
|  |  |  | % Change |  |  | % Change |
| Agency renewal written premiums | $**908** | $809 | 12 | $**3672** | $3334 | 10 |
| Agency new business written premiums | **130** | 135 | (4) | **600** | 571 | 5 |
| Other written premiums | **(31)** | (24) | (29) | **(113)** | (94) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | $**1007** | $920 | 9 | $**4159** | $3811 | 9 |
| Ratios as a percent of earned premiums: |  |  | Pt. Change |  |  | Pt. Change |
| &nbsp;&nbsp;&nbsp;&nbsp; Current accident year before catastrophe losses | **61.0%** | 57.5% | 3.5 | **62.9%** | 57.8% | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses | **10.2** | 4.0 | 6.2 | **7.6** | 4.6 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior accident years before catastrophe losses | **(1.8)** | (6.8) | 5.0 | **(1.3)** | (8.4) | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior accident years catastrophe losses | **(0.6)** | (1.3) | 0.7 | **(0.6)** | (1.2) | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss and loss expense ratio | **68.8%** | 53.4% | 15.4 | **68.6%** | 52.8% | 15.8 |
| Current accident year combined ratio before |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;catastrophe losses | **91.1%** | 89.3% | 1.8 | **93.5%** | 88.8% | 4.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 9% growth in both fourth-quarter and full-year 2022 commercial lines net written premiums, reflecting price increases, growth initiatives and a higher level of insured exposures. Fourth-quarter and full-year 2022 commercial lines average renewal pricing increased in the mid-single-digit percent range, with the fourth-quarter increase higher than third-quarter 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4% or $5 million decrease in fourth-quarter 2022 new business written premiums, as we continue to carefully underwrite each policy in a highly competitive market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5% or $29 million increase in full-year 2022 new business written by agencies, including $30 million from agencies appointed since the beginning of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 13.7 percentage-point fourth-quarter 2022 combined ratio increase due to elevated inflation effects, including an increase of 4.7 points from higher commercial umbrella incurred loss and loss expenses, and an increase of 6.9 points for losses from catastrophes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15.4 percentage-point full-year 2022 combined ratio increase that reflects elevated inflation effects, including an increase of 5.8 points from higher commercial umbrella incurred loss and loss expenses, and an increase of 3.6 points for losses from catastrophes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2.4 and 1.9 percentage-point fourth-quarter and full-year 2022 benefit from favorable prior accident year reserve development of $25 million and $76 million, compared with 8.1 points or $77 million for fourth-quarter 2021 and 9.6 points or $353 million of favorable development for full-year 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5.1 percentage-point increase, to 62.9%, for the full-year 2022 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.6 points in the ratio for current accident year losses of $1 million or more per claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 4

------

**Personal Lines Insurance Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | Three months ended December 31, | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
|  | **2022** | 2021 | % Change | **2022** | 2021 | % Change |
| Earned premiums | $**443** | $396 | 12 | $**1689** | $1542 | 10 |
| Fee revenues | **1** | 1 | 0 | **4** | 4 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **444** | 397 | 12 | **1693** | 1546 | 10 |
| Loss and loss expenses | **288** | 197 | 46 | **1166** | 992 | 18 |
| Underwriting expenses | **136** | 119 | 14 | **509** | 457 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting profit | $**20** | $81 | (75) | $**18** | $97 | (81) |
| Ratios as a percent of earned premiums: |  |  | Pt. Change |  |  | Pt. Change |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss and loss expenses | **65.0%** | 49.9% | 15.1 | **69.1%** | 64.3% | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting expenses | **30.7** | 30.1 | 0.6 | **30.1** | 29.7 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | **95.7%** | 80.0% | 15.7 | **99.2%** | 94.0% | 5.2 |
|  |  |  | % Change |  |  | % Change |
| Agency renewal written premiums | $**393** | $342 | 15 | $**1601** | $1434 | 12 |
| Agency new business written premiums | **75** | 50 | 50 | **296** | 202 | 47 |
| Other written premiums | **(23)** | (10) | (130) | **(66)** | (42) | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | $**445** | $382 | 16 | $**1831** | $1594 | 15 |
| Ratios as a percent of earned premiums: |  |  | Pt. Change |  |  | Pt. Change |
| &nbsp;&nbsp;&nbsp;&nbsp; Current accident year before catastrophe losses | **56.6%** | 48.4% | 8.2 | **58.7%** | 53.4% | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses | **9.4** | 5.3 | 4.1 | **14.0** | 14.2 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior accident years before catastrophe losses | **(0.3)** | (3.1) | 2.8 | **(1.0)** | (2.8) | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior accident years catastrophe losses | **(0.7)** | (0.7) | 0.0 | **(2.6)** | (0.5) | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss and loss expense ratio | **65.0%** | 49.9% | 15.1 | **69.1%** | 64.3% | 4.8 |
| Current accident year combined ratio before |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;catastrophe losses | **87.3%** | 78.5% | 8.8 | **88.8%** | 83.1% | 5.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 16% and 15% growth in fourth-quarter and full-year 2022 personal lines net written premiums, largely due to higher renewal written premiums that benefited from rate increases and a higher level of insured exposures. Full-year 2022 net written premiums from our agencies' high net worth clients grew 39%, to $919 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50% and 47% increase in fourth-quarter and full-year 2022 new business premiums written by agencies, including expanded use of enhanced pricing precision tools and increases of $2 million and $21 million, respectively, from excess and surplus lines homeowner policies. The total for high net worth increases in new business written premiums was $17 million for the fourth quarter and $77 million for full-year 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15.7 percentage-point increase in the fourth-quarter 2022 combined ratio, reflecting an inflationary environment and an increase of 4.1 points from losses from catastrophes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5.2 percentage-point full-year 2022 combined ratio increase, including an increase of 5.3 points from higher current accident year loss and loss expenses that includes estimates for rising economic inflation for our personal auto and homeowner lines of business and a decrease of 2.3 points for losses from catastrophes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1.0 and 3.6 percentage-point fourth-quarter and full-year 2022 benefit from favorable prior accident year reserve development of $5 million and $61 million, compared with 3.8 points or $15 million for fourth-quarter 2021 and 3.3 points or $50 million of favorable development for full-year 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5.3 percentage-point increase, to 58.7%, for the full-year 2022 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 2.0 points in the ratio for current accident year losses of $1 million or more per claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 5

------

**Excess and Surplus Lines Insurance Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | Three months ended December 31, | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
|  | **2022** | 2021 | % Change | **2022** | 2021 | % Change |
| Earned premiums | $**124** | $109 | 14 | $**485** | $398 | 22 |
| Fee revenues | **—** |  | 0 | **2** | 2 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **124** | 109 | 14 | **487** | 400 | 22 |
| Loss and loss expenses | **89** | 63 | 41 | **315** | 250 | 26 |
| Underwriting expenses | **31** | 27 | 15 | **124** | 106 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting profit | $**4** | $19 | (79) | $**48** | $44 | 9 |
| Ratios as a percent of earned premiums: |  |  | Pt. Change |  |  | Pt. Change |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss and loss expenses | **71.6%** | 58.1% | 13.5 | **64.8%** | 62.8% | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting expenses | **24.7** | 25.1 | (0.4) | **25.6** | 26.7 | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | **96.3%** | 83.2% | 13.1 | **90.4%** | 89.5% | 0.9 |
|  |  |  | % Change |  |  | % Change |
| Agency renewal written premiums | $**95** | $87 | 9 | $**392** | $323 | 21 |
| Agency new business written premiums | **33** | 27 | 22 | **136** | 124 | 10 |
| Other written premiums | **(6)** | (6) | 0 | **(26)** | (21) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | $**122** | $108 | 13 | $**502** | $426 | 18 |
| Ratios as a percent of earned premiums: |  |  | Pt. Change |  |  | Pt. Change |
| &nbsp;&nbsp;&nbsp;&nbsp; Current accident year before catastrophe losses | **66.4%** | 56.0% | 10.4 | **65.7%** | 60.3% | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses | **1.6** | 0.6 | 1.0 | **1.0** | 0.6 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior accident years before catastrophe losses | **3.8** | 1.2 | 2.6 | **(1.7)** | 1.9 | (3.6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior accident years catastrophe losses | **(0.2)** | 0.3 | (0.5) | **(0.2)** | 0.0 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss and loss expense ratio | **71.6%** | 58.1% | 13.5 | **64.8%** | 62.8% | 2.0 |
| Current accident year combined ratio before |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;catastrophe losses | **91.1%** | 81.1% | 10.0 | **91.3%** | 87.0% | 4.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 13% and 18% growth in fourth-quarter and full-year 2022 excess and surplus lines net written premiums, including fourth-quarter 2022 renewal price increases averaging in the high-single-digit percent range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 22% and 10% increase in fourth-quarter and full-year 2022 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 13.1 percentage-point increase in the fourth-quarter 2022 combined ratio, including increases of 10.4 points from higher current accident year loss and loss expenses before catastrophes that reflect elevated inflation effects and 0.5 points from catastrophe losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0.9 percentage-point full-year 2022 combined ratio increase, including increases of 5.4 points from higher current accident year loss and loss expenses before catastrophes that reflect elevated inflation effects and 0.2 points from catastrophe losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3.6 percentage-point fourth-quarter 2022 unfavorable prior accident year reserve development of $4 million, compared with 1.5 points or $1 million of unfavorable development for fourth-quarter 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1.9 percentage-point full-year 2022 favorable prior accident year reserve development of $9 million, compared with 1.9 points or $7 million of unfavorable development for full-year 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5.4 percentage-point increase, to 65.7%, for the full-year 2022 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.9 points in the ratio for current accident year losses of $1 million or more per claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 6

------

**Life Insurance Subsidiary Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | Three months ended December 31, | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
| (Dollars in millions) | **2022** | 2021 | % Change | **2022** | 2021 | % Change |
| Term life insurance | $**55** | $54 | 2 | $**220** | $210 | 5 |
| Whole life insurance | **12** | 11 | 9 | **46** | 46 | 0 |
| Universal life and other | **7** | 12 | (42) | **29** | 42 | (31) |
| &nbsp;&nbsp;&nbsp;Earned premiums | **74** | 77 | (4) | **295** | 298 | (1) |
| Investment income, net of expenses | **44** | 41 | 7 | **171** | 166 | 3 |
| Investment gains and losses, net | **(1)** | 3 | nm | **(2)** | 11 | nm |
| Fee revenues | **—** | 2 | (100) | **4** | 5 | (20) |
| &nbsp;&nbsp;&nbsp;Total revenues | **117** | 123 | (5) | **468** | 480 | (3) |
| Contract holders' benefits incurred | **74** | 91 | (19) | **296** | 340 | (13) |
| Underwriting expenses incurred | **21** | 21 | 0 | **84** | 84 | 0 |
| &nbsp;&nbsp;&nbsp;Total benefits and expenses | **95** | 112 | (15) | **380** | 424 | (10) |
| Net income before income tax | **22** | 11 | 100 | **88** | 56 | 57 |
| Income tax | **8** | 2 | 300 | **22** | 12 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income of the life insurance subsidiary | $**14** | $9 | 56 | $**66** | $44 | 50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3 million or 1% decrease in full-year 2022 earned premiums, including a 5% increase for term life insurance, our largest life insurance product line.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $22 million or 50% increase in full-year 2022 life insurance subsidiary net income, primarily from more favorable impacts from the unlocking of interest rate and other actuarial assumptions and more favorable mortality experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $403 million or 29% full-year 2022 decrease to $989 million in GAAP shareholders' equity for The Cincinnati Life Insurance Company, primarily from a decrease in unrealized investment gains on fixed-maturity securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 7

------

**Investment and Balance Sheet Highlights**

**Investments Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | Three months ended December 31, | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
| (Dollars in millions) | **2022** | 2021 | % Change | **2022** | 2021 | % Change |
| Investment income, net of expenses | $**208** | $186 | 12 | $**781** | $714 | 9 |
| Investment interest credited to contract holders' | **(27)** | (26) | (4) | **(109)** | (105) | (4) |
| Investment gains and losses, net | **1027** | 1455 | (29) | **(1467)** | 2409 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment profit | $**1208** | $1615 | (25) | $**(795)** | $3018 | nm |
| Investment income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $**134** | $121 | 11 | $**510** | $477 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | **72** | 67 | 7 | **275** | 246 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **5** | 1 | 400 | **11** | 5 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less investment expenses | **3** | 3 | 0 | **15** | 14 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment income, pretax | **208** | 186 | 12 | **781** | 714 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less income taxes | **33** | 29 | 14 | **123** | 111 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income, after-tax | $**175** | $157 | 11 | $**658** | $603 | 9 |
| Investment returns: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average invested assets plus cash and cash <br> equivalents | $**23843** | $24219 |  | $**24775** | $23215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average yield pretax | **3.49%** | 3.07% |  | **3.15%** | 3.08% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average yield after-tax | **2.94** | 2.59 |  | **2.66** | 2.60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective tax rate | **15.8%** | 15.5% |  | **15.8%** | 15.5% |  |
| Fixed-maturity returns: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average amortized cost | $**12896** | $12132 |  | $**12605** | $11771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average yield pretax | **4.16%** | 3.99% |  | **4.05%** | 4.05% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average yield after-tax | **3.44** | 3.32 |  | **3.35** | 3.37 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective tax rate | **17.2%** | 16.9% |  | **17.1%** | 16.8% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $22 million or 12% rise in fourth-quarter 2022 pretax investment income, including 7% growth in equity portfolio dividends and 11% growth in interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1.258 billion increase in fourth-quarter and $3.106 billion decrease in full-year 2022 pretax total investment gains, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Dollars in millions) | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
| (Dollars in millions) | **2022** | 2021 | **2022** | 2021 |
| Investment gains and losses on equity securities sold, net | $**4** | $(2) | $**16** | $4 |
| Unrealized gains and losses on equity securities still held, net | **1020** | 1409 | **(1526)** | 2278 |
| Investment gains and losses on fixed-maturity securities, net | **(6)** | 10 | **(3)** | 30 |
| Other | **9** | 38 | **46** | 97 |
| Subtotal - investment gains and losses reported in net income | **1027** | 1455 | **(1467)** | 2409 |
| Change in unrealized investment gains and losses - fixed maturities | **231** | (82) | **(1639)** | (234) |
| &nbsp;&nbsp;&nbsp;Total | $**1258** | $1373 | $**(3106)** | $2175 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 8

------

**Balance Sheet Highlights**

---

| | | |
|:---|:---|:---|
| (Dollars in millions except share data) | **At December 31,** | At December 31, |
| (Dollars in millions except share data) | **2022** | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | $**22425** | $24666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | **29736** | 31387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | **50** | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | **789** | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity | **10531** | 13105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Book value per share | **67.01** | 81.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt-to-total-capital ratio | **7.4%** | 6.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $23.689 billion in consolidated cash and invested assets at December 31, 2022, a decrease of 8% from $25.805 billion at year-end 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $12.132 billion bond portfolio at December 31, 2022, with an average rating of A2/A. Fair value increased $398 million during the fourth quarter of 2022, including $254 million in net purchases of fixed-maturity securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $9.841 billion equity portfolio was 43.9% of total investments, including $5.547 billion in appreciated value before taxes at December 31, 2022. Fair value increased $1.001 billion during the fourth quarter of 2022, including $11 million in net sales of equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $7.00 fourth-quarter 2022 increase in book value per share, including an addition of $1.28 from net income before investment gains and $6.29 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities and $0.12 for other items, partially offset by $0.69 from dividends declared to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value creation ratio of negative 14.6% for full-year 2022, including positive 5.2% from net income before investment gains, which includes underwriting and investment income, and negative 19.4% from investment portfolio net investment losses or changes in unrealized gains for fixed-maturity securities, including 9.3% from our stock portfolio and 10.1% from our bond portfolio, in addition to negative 0.4% from other items.

For additional information or to register for our conference call webcast, please visit *cinfin.com/investors*.

**About Cincinnati Financial**

Cincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit *cinfin.com*.

Mailing Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Street Address:

P.O. Box 145496&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 South Gilmore Road

Cincinnati, Ohio 45250-5496&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairfield, Ohio 45014-5141

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 9

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**Safe Harbor Statement** 

This is our "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2021 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 32.

Factors that could cause or contribute to such differences include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effects of the COVID-19 pandemic that could affect results for reasons such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ An unusually high level of insurance losses, including risk of legislation or court decisions extending business interruption insurance in commercial property coverage forms to cover claims for pure economic loss related to the COVID-19 pandemic

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Decreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Inability of our workforce, agencies or vendors to perform necessary business functions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing developments concerning business interruption insurance claims and litigation related to the COVID-19 pandemic that affect our estimates of losses and loss adjustment expenses or our ability to reasonably estimate such losses, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The continuing duration of the pandemic and governmental actions to limit the spread of the virus that may produce additional economic losses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The number of policyholders that will ultimately submit claims or file lawsuits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The lack of submitted proofs of loss for allegedly covered claims

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Judicial rulings in similar litigation involving other companies in the insurance industry

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Differences in state laws and developing case law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Litigation trends, including varying legal theories advanced by policyholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Whether and to what degree any class of policyholders may be certified

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The inherent unpredictability of litigation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns (whether as a result of global climate change or otherwise), environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance, due to inflationary trends or other causes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declines in overall stock market values negatively affecting our equity portfolio and book value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prolonged low interest rate environment or other factors that limit our ability to generate growth in investment income or interest rate fluctuations that result in declining values of fixed-maturity investments, including declines in accounts in which we hold bank-owned life insurance contract assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Domestic and global events, such as Russia's invasion of Ukraine, resulting in capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Significant or prolonged decline in the fair value of a particular security or group of securities and impairment of the asset(s)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Significant decline in investment income due to reduced or eliminated dividend payouts from a particular security or group of securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our inability to manage Cincinnati Global or other subsidiaries to produce related business opportunities and growth prospects for our ongoing operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recession, prolonged elevated inflation or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ineffective information technology systems or discontinuing to develop and implement improvements in technology may impact our success and profitability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Difficulties with technology or data security breaches, including cyberattacks, that could negatively affect our or our agents' ability to conduct business; disrupt our relationships with agents, policyholders and others; cause reputational damage, mitigation expenses and data loss and expose us to liability under federal and state laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, cyberattacks, remote working capabilities, and/or outsourcing relationships and third-party operations and data security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance products

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 10

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing methods, including telematics and other usage-based insurance methods, or technology projects and enhancements expected to increase our pricing accuracy, underwriting profit and competitiveness

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intense competition, and the impact of innovation, technological change and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our ability to maintain or increase our business volumes and profitability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changing consumer insurance-buying habits and consolidation of independent insurance agencies could alter our competitive advantages

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inability to obtain adequate ceded reinsurance on acceptable terms, amount of reinsurance coverage purchased, financial strength of reinsurers and the potential for nonpayment or delay in payment by reinsurers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that segment could not achieve sustainable profitability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inability of our subsidiaries to pay dividends consistent with current or past levels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Events or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growth, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Downgrades of our financial strength ratings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Concerns that doing business with us is too difficult

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Perceptions that our level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Inability or unwillingness to nimbly develop and introduce coverage product updates and innovations that our competitors offer and consumers expect to find in the marketplace

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules and regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Add assessments for guaranty funds, other insurance-related assessments or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increase our provision for federal income taxes due to changes in tax law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increase our other expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Limit our ability to set fair, adequate and reasonable rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Place us at a disadvantage in the marketplace

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Restrict our ability to execute our business model, including the way we compensate agents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse outcomes from litigation or administrative proceedings, including effects of social inflation on the size of litigation awards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Events or actions, including unauthorized intentional circumvention of controls, that reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unforeseen departure of certain executive officers or other key employees due to retirement, health or other causes that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our inability, or the inability of our independent agents, to attract and retain personnel in a competitive labor market, impacting the customer experience and altering our competitive advantages

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location or work effectively in a remote environment

Further, our insurance businesses are subject to the effects of changing social, global, economic and regulatory environments. Public and regulatory initiatives have included efforts to adversely influence and restrict premium rates, restrict the ability to cancel policies, impose underwriting standards and expand overall regulation. We also are subject to public and regulatory initiatives that can affect the market value for our common stock, such as measures affecting corporate financial reporting and governance. The ultimate changes and eventual effects, if any, of these initiatives are uncertain.

\* \* \*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 11

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**Cincinnati Financial Corporation** 

**Condensed Consolidated Balance Sheets (unaudited)** 

---

| | | |
|:---|:---|:---|
| (Dollars in millions except per share data) | **December 31,** | December 31, |
|  | **2022** | 2021 |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities, at fair value (amortized cost: 2022—$12,979; 2021—$12,230) | $**12132** | $13022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at fair value (cost: 2022—$4,294; 2021—$4,121) | **9841** | 11315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | **452** | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | **22425** | 24666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **1264** | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income receivable | **160** | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance receivable | **92** | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums receivable | **2322** | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverable | **640** | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid reinsurance premiums | **79** | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs | **1014** | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land, building and equipment, net, for company use (accumulated depreciation:<br>&nbsp;&nbsp;&nbsp;&nbsp; 2022—$322; 2021—$303) | **202** | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | **646** | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate accounts | **892** | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**29736** | $31387 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance reserves |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and loss expense reserves | $**8400** | $7305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life policy and investment contract reserves | **3059** | 3014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | **3689** | 3271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | **1229** | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | **1045** | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note payable | **50** | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt and lease obligations | **841** | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate accounts | **892** | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **19205** | 18282 |
| **Shareholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value—$2 per share; (authorized: 2022 and 2021—500 million shares;<br>&nbsp;&nbsp;&nbsp;&nbsp;issued: 2022 and 2021—198.3 million shares) | **397** | 397 |
| &nbsp;&nbsp;&nbsp;Paid-in capital | **1392** | 1356 |
| &nbsp;&nbsp;&nbsp;Retained earnings | **11702** | 12625 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | **(636)** | 648 |
| &nbsp;&nbsp;&nbsp;Treasury stock at cost (2022—41.2 million shares and 2021—38.0 million shares) | **(2324)** | (1921) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | $**10531** | $13105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $**29736** | $31387 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 12

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**Cincinnati Financial Corporation** 

**Condensed Consolidated Statements of Income (unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Dollars in millions except per share data) | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
|  | **2022** | 2021 | **2022** | 2021 |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned premiums | $**1874** | $1676 | $**7219** | $6482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income, net of expenses | **208** | 186 | **781** | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains and losses, net | **1027** | 1455 | **(1467)** | 2409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee revenues | **2** | 4 | **14** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues | **3** | 2 | **10** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total revenues | **3114** | 3323 | **6557** | 9630 |
| **Benefits and Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance losses and contract holders' benefits | **1246** | 946 | **5012** | 3936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting, acquisition and insurance expenses | **558** | 511 | **2162** | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **13** | 14 | **53** | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | **10** | 6 | **23** | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | **1827** | 1477 | **7250** | 5960 |
| **Income (Loss) Before Income Taxes** | **1287** | 1846 | **(693)** | 3670 |
| **Provision (Benefit) for Income Taxes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | **58** | 81 | **148** | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred | **216** | 295 | **(355)** | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total (benefit) provision for income taxes | **274** | 376 | **(207)** | 724 |
| **Net Income (Loss)** | $**1013** | $1470 | $**(486)** | $2946 |
| **Per Common Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss)—basic | $**6.44** | $9.14 | $**(3.06)** | $18.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss)—diluted | **6.40** | 9.04 | **(3.06)** | 18.10 |

---

**Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures**

(See attached tables for reconciliations; additional prior-period reconciliations available at *cinfin.com/investors*.)

Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.

Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management's control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.

• Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company's insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management's discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 13

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market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.

For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.

• &nbsp;&nbsp;&nbsp;&nbsp;Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.

• Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 14

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**Cincinnati Financial Corporation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Income Reconciliation** | **Net Income Reconciliation** | **Net Income Reconciliation** | **Net Income Reconciliation** | **Net Income Reconciliation** |
| (Dollars in millions except per share data) | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
|  | **2022** | 2021 | **2022** | 2021 |
| Net income (loss) | $**1013** | $1470 | $**(486)** | $2946 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains and losses, net | **1027** | 1455 | **(1467)** | 2409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax on investment gains and losses | **(216)** | (305) | **308** | (506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment gains and losses, after-tax | **811** | 1150 | **(1159)** | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating income | $**202** | $320 | $**673** | $1043 |
| Diluted per share data: |  |  |  |  |
| Net income (loss) | $**6.40** | $9.04 | $**(3.06)** | $18.10 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains and losses, net | **6.49** | 8.95 | **(9.24)** | 14.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax on investment gains and losses | **(1.36)** | (1.88) | **1.94** | (3.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment gains and losses, after-tax | **5.13** | 7.07 | **(7.30)** | 11.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating income | $**1.27** | $1.97 | $**4.24** | $6.41 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Life Insurance Reconciliation** | **Life Insurance Reconciliation** | **Life Insurance Reconciliation** | **Life Insurance Reconciliation** | **Life Insurance Reconciliation** |
| (Dollars in millions) | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
|  | **2022** | 2021 | **2022** | 2021 |
| &nbsp;&nbsp;&nbsp;Net income of life insurance subsidiary | $**14** | $9 | $**66** | $44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains and losses, net | **(1)** | 3 | **(2)** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax on investment gains and losses | **—** | 1 | **—** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating income | **15** | 7 | **68** | 36 |
| &nbsp;&nbsp;&nbsp;Investment income, net of expenses | **(44)** | (41) | **(171)** | (166) |
| &nbsp;&nbsp;&nbsp;Investment income credited to contract holders' | **27** | 26 | **109** | 105 |
| &nbsp;&nbsp;&nbsp;Income tax excluding tax on investment gains and losses,<br> net | **8** | 1 | **22** | 9 |
| &nbsp;&nbsp;&nbsp;Life insurance segment profit (loss) | $**6** | $(7) | $**28** | $(16) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 15

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property Casualty Insurance Reconciliation** | **Property Casualty Insurance Reconciliation** | **Property Casualty Insurance Reconciliation** | **Property Casualty Insurance Reconciliation** | **Property Casualty Insurance Reconciliation** | **Property Casualty Insurance Reconciliation** |
| (Dollars in millions) | Three months ended December 31, 2022 | Three months ended December 31, 2022 | Three months ended December 31, 2022 | Three months ended December 31, 2022 | Three months ended December 31, 2022 |
|  | Consolidated | Commercial | Personal | E&S | Other\* |
| Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written premiums | $**1694** | $**1007** | $**445** | $**122** | $**120** |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums change | **106** | **33** | **(2)** | **2** | **73** |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned premiums | $**1800** | $**1040** | $**443** | $**124** | $**193** |
| Underwriting profit | $**93** | $**13** | $**20** | $**4** | $**56** |
| (Dollars in millions) | Twelve months ended December 31, 2022 | Twelve months ended December 31, 2022 | Twelve months ended December 31, 2022 | Twelve months ended December 31, 2022 | Twelve months ended December 31, 2022 |
|  | Consolidated | Commercial | Personal | E&S | Other\* |
| Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written premiums | $**7307** | $**4159** | $**1831** | $**502** | $**815** |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums change | **(383)** | **(135)** | **(142)** | **(17)** | **(89)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned premiums | $**6924** | $**4024** | $**1689** | $**485** | $**726** |
| Underwriting profit | $**140** | $**38** | $**18** | $**48** | $**36** |
| (Dollars in millions) | Three months ended December 31, 2021 | Three months ended December 31, 2021 | Three months ended December 31, 2021 | Three months ended December 31, 2021 | Three months ended December 31, 2021 |
|  | Consolidated | Commercial | Personal | E&S | Other\* |
| Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written premiums | $1534 | $920 | $382 | $108 | $124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums change | 65 | 27 | 14 | 1 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned premiums | $1599 | $947 | $396 | $109 | $147 |
| Underwriting profit | $256 | $141 | $81 | $19 | $15 |
| (Dollars in millions) | Twelve months ended December 31, 2021 | Twelve months ended December 31, 2021 | Twelve months ended December 31, 2021 | Twelve months ended December 31, 2021 | Twelve months ended December 31, 2021 |
|  | Consolidated | Commercial | Personal | E&S | Other\* |
| Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written premiums | $6479 | $3811 | $1594 | $426 | $648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums change | (295) | (137) | (52) | (28) | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned premiums | $6184 | $3674 | $1542 | $398 | $570 |
| Underwriting profit (loss) | $731 | $598 | $97 | $44 | $(8) |
| Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. | Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. | Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. | Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. | Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. | Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. |

---

\*Included in Other are the results of Cincinnati Re and Cincinnati Global.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 16

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**Cincinnati Financial Corporation**

**Other Measures**

• Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company's insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.

• &nbsp;&nbsp;&nbsp;&nbsp;Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium.

**Value Creation Ratio Calculations**

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Dollars are per share) | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
| (Dollars are per share) | **2022** | 2021 | **2022** | 2021 |
| Value creation ratio: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period book value\* | $**67.01** | $81.72 | $**67.01** | $81.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less beginning of period book value | **60.01** | 73.49 | **81.72** | 67.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in book value | **7.00** | 8.23 | **(14.71)** | 14.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend declared to shareholders | **0.69** | 0.63 | **2.76** | 2.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total value creation | $**7.69** | $8.86 | $**(11.95)** | $17.20 |
| &nbsp;&nbsp;&nbsp;Value creation ratio from change in book value\*\* | **11.7%** | 11.2% | **(18.0)%** | 21.9% |
| &nbsp;&nbsp;&nbsp;Value creation ratio from dividends declared to<br> shareholders\*\*\* | **1.1** | 0.9 | **3.4** | 3.8 |
| &nbsp;&nbsp;&nbsp;Value creation ratio | **12.8%** | 12.1% | **(14.6)%** | 25.7% |
| \* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding | \* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding | \* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding | \* 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 | \*\* Change in book value divided by the beginning of period book value | \*\* Change in book value divided by the beginning of period book value | \*\* Change in book value divided by the beginning of period book value |  |
| \*\*\* Dividend declared to shareholders divided by beginning of period book value | \*\*\* Dividend declared to shareholders divided by beginning of period book value | \*\*\* Dividend declared to shareholders divided by beginning of period book value | \*\*\* Dividend declared to shareholders divided by beginning of period book value |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CINF 4Q22 Release 17

## Exhibit 99.2

**Cincinnati Financial Corporation**

**Supplemental Financial Data**

**for the Period Ending December 31, 2022** 

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

*cinfin.com*

---

| | | |
|:---|:---|:---|
| Investor Contact: | Media Contact: | Shareholder Contact: |
| Dennis E. McDaniel | Betsy E. Ertel | Brandon McIntosh |
| 513-870-2768 | 513-603-5323 | 513-870-2696 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **A.M. Best Company** | **Fitch Ratings** | **Moody's Investors Service** | **S&P Global Ratings** |
| **Cincinnati Financial Corporation** | | | | |
| Corporate Debt | a | A- | A3 | BBB+ |
| **The Cincinnati Insurance Companies** |  |  |  |  |
| Insurer Financial Strength |  |  |  |  |
| Property Casualty Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Market Subsidiaries: | A+ |  | A1 | A+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Cincinnati Insurance Company | A+ | A+ | A1 | A+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Cincinnati Indemnity Company | A+ | A+ | A1 | A+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Cincinnati Casualty Company | A+ | A+ | A1 | A+ |
| &nbsp;&nbsp;&nbsp;&nbsp; Surplus Lines Subsidiary: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Cincinnati Specialty Underwriters Insurance Company | A+ |  |  |  |
| The Cincinnati Life Insurance Company | A+ | A+ |  | A+ |

---

Ratings are as of February 3, 2023, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on *cinfin.com*.

The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.

CINF Fourth-Quarter 2022 Supplemental Financial Data

------

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| | |
|:---|:---|
| **Cincinnati Financial Corporation** | **Cincinnati Financial Corporation** |
| **Supplemental Financial Data** | **Supplemental Financial Data** |
| **Fourth Quarter 2022** | **Fourth Quarter 2022** |
| | **Page** |
| Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures | [3](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_7) |
| **Consolidated** |  |
| CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2022 | [4](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_13) |
| CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2022 | [5](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_16) |
| Five-Year Net Income Reconciliation and Key Metrics | [6](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_19) |
| **Consolidated Property Casualty Insurance Operations** |  |
| Losses Incurred Detail | [7](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_25) |
| Loss Ratio Detail | [8](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_28) |
| Loss Claim Count Detail | [9](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_31) |
| Direct Written Premiums by Risk State by Line of Business | [10](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_34) |
| Quarterly Property Casualty Data – Commercial Lines | [11](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_37) |
| Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines | [12](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_40) |
| Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2022 | [13](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_43) |
| Loss and Loss Expense Analysis – Three Months Ended December 31, 2022 | [14](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_46) |
| **Reconciliation Data** |  |
| Quarterly Property Casualty Data – Consolidated | [15](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_49) |
| Quarterly Property Casualty Data – Commercial Lines | [16](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_52) |
| Quarterly Property Casualty Data – Personal Lines | [17](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_55) |
| Quarterly Property Casualty Data – Excess & Surplus Lines | [18](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_58) |
| **Statutory Statements of Income** |  |
| Consolidated Cincinnati Insurance Companies Statutory Statements of Income | [19](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_61) |
| The Cincinnati Life Insurance Company Statutory Statements of Income | [20](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_64) |
| **Other** |  |
| Quarterly Data – Other | [21](#i5af308bd6b8a4f1f9f2701b1ab6ab18f_67) |

---

CINF Fourth-Quarter 2022 Supplemental Financial Data

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**Definitions of Non-GAAP Information and** 

**Reconciliation to Comparable GAAP Measures**

Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.

Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management's control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.

• Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company's insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management's discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.

For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.

• &nbsp;&nbsp;&nbsp;&nbsp;Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.

• Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.

**Other Measures**

• &nbsp;&nbsp;&nbsp;&nbsp;Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company's insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.

• &nbsp;&nbsp;&nbsp;&nbsp;Statutory accounting rules: For public reporting, insurance companies prepare financial statements in accordance with GAAP. However, insurers also must calculate certain data according to statutory accounting rules for insurance company regulation in the United States of America as defined in the NAIC's Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments and differ from GAAP. Statutory data is publicly available, and various organizations use it to calculate aggregate industry data, study industry trends and compare insurance companies.

• &nbsp;&nbsp;&nbsp;&nbsp;Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium.

CINF Fourth-Quarter 2022 Supplemental Financial Data

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cincinnati Financial Corporation and Subsidiaries** | **Cincinnati Financial Corporation and Subsidiaries** | **Cincinnati Financial Corporation and Subsidiaries** | **Cincinnati Financial Corporation and Subsidiaries** | **Cincinnati Financial Corporation and Subsidiaries** | **Cincinnati Financial Corporation and Subsidiaries** | **Cincinnati Financial Corporation and Subsidiaries** |
| **Consolidated Statements of Income for the Twelve Months Ended December 31, 2022** | **Consolidated Statements of Income for the Twelve Months Ended December 31, 2022** | **Consolidated Statements of Income for the Twelve Months Ended December 31, 2022** | **Consolidated Statements of Income for the Twelve Months Ended December 31, 2022** | **Consolidated Statements of Income for the Twelve Months Ended December 31, 2022** | **Consolidated Statements of Income for the Twelve Months Ended December 31, 2022** | **Consolidated Statements of Income for the Twelve Months Ended December 31, 2022** |
| (Dollars in millions) | **CFC** | **CONSOL P&C** | **CLIC** | **CFC-I** | **ELIM** | **Total** |
| **Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums earned: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property casualty | $— | $7238 | $— | $— | $— | $7238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life |  |  | 373 |  |  | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums ceded |  | (314) | (78) |  |  | (392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total earned premium |  | 6924 | 295 |  |  | 7219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income, net of expenses | 101 | 509 | 171 |  |  | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains and losses, net | (790) | (675) | (2) |  |  | (1467) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee revenues |  | 10 | 4 |  |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues | 15 | 4 |  | 7 | (16) | 10 |
| **Total revenues** | $**(674)** | $**6772** | $**468** | $**7** | $**(16)** | $**6557** |
| **Benefits & expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses & contract holders' benefits | $— | $4891 | $386 | $— | $— | $5277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoveries |  | (175) | (90) |  |  | (265) |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting, acquisition and insurance expenses |  | 2078 | 84 |  |  | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 53 |  |  |  |  | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 33 | 3 |  | 3 | (16) | 23 |
| **Total expenses** | $**86** | $**6797** | $**380** | $**3** | $**(16)** | $**7250** |
| **Income (loss) before income taxes** | $**(760)** | $**(25)** | $**88** | $**4** | $**—** | $**(693)** |
| **Provision (benefit) for income taxes** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current operating income | $188 | $242 | $25 | $— | $— | $455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains/losses | (166) | (141) |  |  |  | (307) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred | (183) | (169) | (3) |  |  | (355) |
| **Total provision (benefit) for income taxes** | $**(161)** | $**(68)** | $**22** | $**—** | $**—** | $**(207)** |
| **Net income (loss) - current year** | $**(599)** | $**43** | $**66** | $**4** | $**—** | $**(486)** |
| Net income - prior year | $862 | $2037 | $44 | $3 | $— | $2946 |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* |  |  |  |
| *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cincinnati Financial Corporation and Subsidiaries** | **Cincinnati Financial Corporation and Subsidiaries** | **Cincinnati Financial Corporation and Subsidiaries** | **Cincinnati Financial Corporation and Subsidiaries** | **Cincinnati Financial Corporation and Subsidiaries** | **Cincinnati Financial Corporation and Subsidiaries** | **Cincinnati Financial Corporation and Subsidiaries** |
| **Consolidated Statements of Income for the Three Months Ended December 31, 2022** | **Consolidated Statements of Income for the Three Months Ended December 31, 2022** | **Consolidated Statements of Income for the Three Months Ended December 31, 2022** | **Consolidated Statements of Income for the Three Months Ended December 31, 2022** | **Consolidated Statements of Income for the Three Months Ended December 31, 2022** | **Consolidated Statements of Income for the Three Months Ended December 31, 2022** | **Consolidated Statements of Income for the Three Months Ended December 31, 2022** |
| (Dollars in millions) | **CFC** | **CONSOL P&C** | **CLIC** | **CFC-I** | **ELIM** | **Total** |
| **Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums earned: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property casualty | $— | $1887 | $— | $— | $— | $1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life |  |  | 95 |  |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums ceded |  | (87) | (21) |  |  | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total earned premium |  | 1800 | 74 |  |  | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income, net of expenses | 29 | 135 | 44 |  |  | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains and losses, net | 342 | 686 | (1) |  |  | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee revenues |  | 2 |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues | 3 | 1 |  | 2 | (3) | 3 |
| **Total revenues** | $**374** | $**2624** | $**117** | $**2** | $**(3)** | $**3114** |
| **Benefits & expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses & contract holders' benefits | $— | $1271 | $88 | $— | $— | $1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoveries |  | (99) | (14) |  |  | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting, acquisition and insurance expenses |  | 537 | 21 |  |  | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 13 |  |  |  |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 9 | 3 |  | 1 | (3) | 10 |
| **Total expenses** | $**22** | $**1712** | $**95** | $**1** | $**(3)** | $**1827** |
| **Income before income taxes** | $**352** | $**912** | $**22** | $**1** | $**—** | $**1287** |
| **Provision (benefit) for income taxes** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current operating income | $(70) | $(96) | $8 | $— | $— | $(158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains/losses | 71 | 145 |  |  |  | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred | 76 | 140 |  |  |  | 216 |
| **Total provision for income taxes** | $**77** | $**189** | $**8** | $**—** | $**—** | $**274** |
| **Net income - current year** | $**275** | $**723** | $**14** | $**1** | $**—** | $**1013** |
| Net income - prior year | $569 | $892 | $9 | $— | $— | $1470 |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* |  |  |  |
| *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cincinnati Financial Corporation** | **Cincinnati Financial Corporation** | **Cincinnati Financial Corporation** | **Cincinnati Financial Corporation** | **Cincinnati Financial Corporation** | **Cincinnati Financial Corporation** |
| **Five-Year Net Income Reconciliation and Key Metrics** | **Five-Year Net Income Reconciliation and Key Metrics** | **Five-Year Net Income Reconciliation and Key Metrics** | **Five-Year Net Income Reconciliation and Key Metrics** | **Five-Year Net Income Reconciliation and Key Metrics** | **Five-Year Net Income Reconciliation and Key Metrics** |
| (Dollars in millions except per share data) | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | **2022** | 2021 | 2020 | 2019 | 2018 |
| Net income (loss) | $**(486)** | $2946 | $1216 | $1997 | $287 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment gains and losses, net | **(1467)** | 2409 | 865 | 1650 | (402) |
| &nbsp;&nbsp;&nbsp;Income tax on investment gains and losses | **308** | (506) | (182) | (347) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains and losses, after-tax | **(1159)** | 1903 | 683 | 1303 | (318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other non-recurring items | **—** |  |  |  | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating income | $**673** | $1043 | $533 | $694 | $549 |
| Non-GAAP operating income: Five-year compound annual growth rate | **8.1%** | 15.3% | (2.0)% | 9.5% | 3.5% |
| Diluted per share data: |  |  |  |  |  |
| Net income (loss) | $**(3.06)** | $18.10 | $7.49 | $12.10 | $1.75 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment gains and losses, net | **(9.24)** | 14.80 | 5.33 | 10.00 | (2.44) |
| &nbsp;&nbsp;&nbsp;Income tax on investment gains and losses | **1.94** | (3.11) | (1.12) | (2.10) | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains and losses, after-tax | **(7.30)** | 11.69 | 4.21 | 7.90 | (1.94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other non-recurring items | **—** |  |  |  | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating income | $**4.24** | $6.41 | $3.28 | $4.20 | $3.35 |
| Value creation ratio |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Book value per share growth | **(18.0)%** | 21.9% | 10.7% | 25.9% | (4.3)% |
| &nbsp;&nbsp;&nbsp;Shareholder dividend declared as a percentage of beginning book value | **3.4** | 3.8 | 4.0 | 4.6 | 4.2 |
| &nbsp;&nbsp;&nbsp;Value creation ratio | **(14.6)%** | 25.7% | 14.7% | 30.5% | (0.1)% |
| Value creation ratio: Five-year average | **11.2%** | 18.7% | 16.5% | 14.2% | 10.7% |
| Investment income, net of expenses | $**781** | $714 | $670 | $646 | $619 |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* |
| *\*Includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.* | *\*Includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.* | *\*Includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.* | *\*Includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.* | *\*Includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.* | *\*Includes results from our Cincinnati Re operations and Cincinnati Global, which was acquired on February 28, 2019.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** |
| **Losses Incurred Detail** | **Losses Incurred Detail** | **Losses Incurred Detail** | **Losses Incurred Detail** | **Losses Incurred Detail** | **Losses Incurred Detail** | **Losses Incurred Detail** | **Losses Incurred Detail** | **Losses Incurred Detail** | **Losses Incurred Detail** | **Losses Incurred Detail** | **Losses Incurred Detail** | **Losses Incurred Detail** | **Losses Incurred Detail** | **Losses Incurred Detail** |
| (Dollars in millions) | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Six months ended | Six months ended | Nine months ended | Nine months ended | Twelve months ended | Twelve months ended |
|  | **12/31/22** | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 6/30/22 | 6/30/21 | 9/30/22 | 9/30/21 | **12/31/22** | 12/31/21 |
| **Consolidated** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year losses greater than $5,000,000 | $**44** | $38 | $38 | $23 | $55 | $14 | $38 | $5 | $61 | $43 | $99 | $57 | $**143** | $112 |
| Current accident year losses $1,000,000-$5,000,000 | **71** | 95 | 77 | 82 | 103 | 72 | 51 | 31 | 159 | 82 | 254 | 154 | **325** | 257 |
| Large loss prior accident year reserve development | **(1)** | 13 | 38 | 25 | 28 | 30 | 13 | 24 | 63 | 37 | 76 | 67 | **75** | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total large losses incurred | $**114** | $146 | $153 | $130 | $186 | $116 | $102 | $60 | $283 | $162 | $429 | $278 | $**543** | $464 |
| Losses incurred but not reported | **136** | 131 | 74 | 36 | (71) | (13) | (37) | 102 | 110 | 65 | 241 | 52 | **377** | (19) |
| Other losses excluding catastrophe losses | **613** | 649 | 648 | 592 | 520 | 514 | 577 | 451 | 1240 | 1028 | 1889 | 1542 | **2502** | 2062 |
| Catastrophe losses | **134** | 246 | 208 | 24 | 51 | 215 | 56 | 150 | 232 | 206 | 478 | 421 | **612** | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total losses incurred | $**997** | $1172 | $1083 | $782 | $686 | $832 | $698 | $763 | $1865 | $1461 | $3037 | $2293 | $**4034** | $2979 |
| **Commercial Lines** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year losses greater than $5,000,000 | $**34** | $30 | $15 | $16 | $50 | $4 | $38 | $5 | $31 | $43 | $61 | $47 | $**95** | $97 |
| Current accident year losses $1,000,000-$5,000,000 | **45** | 72 | 53 | 67 | 70 | 60 | 29 | 26 | 120 | 55 | 192 | 115 | **237** | 185 |
| Large loss prior accident year reserve development | **(6)** | 12 | 36 | 21 | 27 | 29 | 14 | 26 | 57 | 40 | 69 | 69 | **63** | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total large losses incurred | $**73** | $114 | $104 | $104 | $147 | $93 | $81 | $57 | $208 | $138 | $322 | $231 | $**395** | $378 |
| Losses incurred but not reported | **108** | 97 | 61 | 38 | (53) | (35) | (34) | 39 | 99 | 5 | 196 | (30) | **304** | (83) |
| Other losses excluding catastrophe losses | **338** | 345 | 363 | 318 | 274 | 270 | 326 | 261 | 681 | 587 | 1026 | 857 | **1364** | 1131 |
| Catastrophe losses | **96** | 44 | 124 | 11 | 24 | 30 | 27 | 35 | 135 | 62 | 179 | 92 | **275** | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total losses incurred | $**615** | $600 | $652 | $471 | $392 | $358 | $400 | $392 | $1123 | $792 | $1723 | $1150 | $**2338** | $1542 |
| **Personal Lines** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year losses greater than $5,000,000 | $**10** | $8 | $23 | $7 | $5 | $10 | $— | $— | $30 | $— | $38 | $10 | $**48** | $15 |
| Current accident year losses $1,000,000-$5,000,000 | **21** | 17 | 15 | 11 | 25 | 12 | 15 | 4 | 26 | 19 | 43 | 31 | **64** | 56 |
| Large loss prior accident year reserve development | **4** | (1) | 1 | 4 |  | (1) | (2) | (1) | 5 | (3) | 4 | (4) | **8** | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total large losses incurred | $**35** | $24 | $39 | $22 | $30 | $21 | $13 | $3 | $61 | $16 | $85 | $37 | $**120** | $67 |
| Losses incurred but not reported | **(2)** | 9 | 12 | (14) | (26) |  | (4) | 41 | (2) | 37 | 7 | 37 | **5** | 11 |
| Other losses excluding catastrophe losses | **176** | 183 | 176 | 165 | 146 | 154 | 158 | 130 | 341 | 288 | 524 | 442 | **700** | 588 |
| Catastrophe losses | **36** | 66 | 78 | 6 | 16 | 69 | 39 | 74 | 84 | 113 | 150 | 182 | **186** | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total losses incurred | $**245** | $282 | $305 | $179 | $166 | $244 | $206 | $248 | $484 | $454 | $766 | $698 | $**1011** | $864 |
| **Excess & Surplus Lines** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year losses greater than $5,000,000 | $**—** | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $**—** | $— |
| Current accident year losses $1,000,000-$5,000,000 | **5** | 6 | 9 | 4 | 8 |  | 7 | 1 | 13 | 8 | 19 | 8 | **24** | 16 |
| Large loss prior accident year reserve development | **1** | 2 | 1 |  | 1 | 2 | 1 | (1) | 1 |  | 3 | 2 | **4** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total large losses incurred | $**6** | $8 | $10 | $4 | $9 | $2 | $8 | $— | $14 | $8 | $22 | $10 | $**28** | $19 |
| Losses incurred but not reported | **30** | 25 | 1 | 12 | 8 | 22 | 1 | 22 | 13 | 23 | 38 | 45 | **68** | 53 |
| Other losses excluding catastrophe losses | **25** | 32 | 38 | 32 | 25 | 23 | 34 | 15 | 70 | 49 | 102 | 72 | **127** | 97 |
| Catastrophe losses | **2** | (1) | 2 | 1 |  | 1 |  | 1 | 3 | 1 | 2 | 2 | **4** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total losses incurred | $**63** | $64 | $51 | $49 | $42 | $48 | $43 | $38 | $100 | $81 | $164 | $129 | $**227** | $171 |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.* |
| *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** |
| **Loss Ratio Detail** | **Loss Ratio Detail** | **Loss Ratio Detail** | **Loss Ratio Detail** | **Loss Ratio Detail** | **Loss Ratio Detail** | **Loss Ratio Detail** | **Loss Ratio Detail** | **Loss Ratio Detail** | **Loss Ratio Detail** | **Loss Ratio Detail** | **Loss Ratio Detail** | **Loss Ratio Detail** | **Loss Ratio Detail** | **Loss Ratio Detail** |
|  | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Six months ended | Six months ended | Nine months ended | Nine months ended | Twelve months ended | Twelve months ended |
|  | **12/31/22** | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 6/30/22 | 6/30/21 | 9/30/22 | 9/30/21 | **12/31/22** | 12/31/21 |
| **Consolidated** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year losses greater than $5,000,000 | **2.4%** | 2.1% | 2.2% | 1.4% | 3.4% | 0.9% | 2.5% | 0.3% | 1.8% | 1.4% | 1.9% | 1.2% | **2.1%** | 1.8% |
| Current accident year losses $1,000,000-$5,000,000 | **4.0** | 5.3 | 4.6 | 5.1 | 6.4 | 4.5 | 3.4 | 2.2 | 4.8 | 2.8 | 5.0 | 3.4 | **4.6** | 4.2 |
| Large loss prior accident year reserve development | **(0.1)** | 0.7 | 2.2 | 1.5 | 1.8 | 1.9 | 0.9 | 1.6 | 1.9 | 1.2 | 1.5 | 1.5 | **1.1** | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total large loss ratio | **6.3%** | 8.1% | 9.0% | 8.0% | 11.6% | 7.3% | 6.8% | 4.1% | 8.5% | 5.4% | 8.4% | 6.1% | **7.8%** | 7.5% |
| Losses incurred but not reported | **7.6** | 7.2 | 4.4 | 2.2 | (4.4) | (0.8) | (2.4) | 6.9 | 3.3 | 2.2 | 4.7 | 1.1 | **5.5** | (0.3) |
| Other losses excluding catastrophe losses | **34.1** | 35.9 | 38.1 | 36.6 | 32.5 | 32.2 | 38.0 | 30.5 | 37.4 | 34.4 | 36.9 | 33.6 | **36.2** | 33.4 |
| Catastrophe losses | **7.4** | 13.6 | 12.3 | 1.5 | 3.2 | 13.4 | 3.7 | 10.2 | 7.0 | 6.9 | 9.3 | 9.2 | **8.8** | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss ratio | **55.4%** | 64.8% | 63.8% | 48.3% | 42.9% | 52.1% | 46.1% | 51.7% | 56.2% | 48.9% | 59.3% | 50.0% | **58.3%** | 48.2% |
| **Commercial Lines** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year losses greater than $5,000,000 | **3.3%** | 3.0% | 1.4% | 1.7% | 5.3% | 0.5% | 4.2% | 0.6% | 1.6% | 2.4% | 2.0% | 1.7% | **2.4%** | 2.6% |
| Current accident year losses $1,000,000-$5,000,000 | **4.2** | 7.1 | 5.3 | 6.9 | 7.3 | 6.5 | 3.2 | 2.9 | 6.1 | 3.1 | 6.5 | 4.2 | **5.8** | 5.0 |
| Large loss prior accident year reserve development | **(0.5)** | 1.1 | 3.7 | 2.1 | 2.8 | 3.1 | 1.4 | 3.0 | 2.9 | 2.2 | 2.3 | 2.6 | **1.6** | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total large loss ratio | **7.0%** | 11.2% | 10.4% | 10.7% | 15.4% | 10.1% | 8.8% | 6.5% | 10.6% | 7.7% | 10.8% | 8.5% | **9.8%** | 10.3% |
| Losses incurred but not reported | **10.4** | 9.4 | 6.1 | 4.0 | (5.7) | (3.7) | (3.6) | 4.3 | 5.1 | 0.3 | 6.6 | (1.1) | **7.6** | (2.3) |
| Other losses excluding catastrophe losses | **32.5** | 33.6 | 36.6 | 33.0 | 29.1 | 29.0 | 35.7 | 29.4 | 34.8 | 32.6 | 34.3 | 31.4 | **33.9** | 30.8 |
| Catastrophe losses | **9.3** | 4.2 | 12.5 | 1.2 | 2.6 | 3.1 | 3.0 | 4.0 | 6.9 | 3.5 | 6.0 | 3.4 | **6.8** | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss ratio | **59.2%** | 58.4% | 65.6% | 48.9% | 41.4% | 38.5% | 43.9% | 44.2% | 57.4% | 44.1% | 57.7% | 42.2% | **58.1%** | 42.0% |
| **Personal Lines** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year losses greater than $5,000,000 | **2.1%** | 1.9% | 5.7% | 1.7% | 1.3% | 2.6% | —% | —% | 3.7% | —% | 3.1% | 0.9% | **2.8%** | 1.0% |
| Current accident year losses $1,000,000-$5,000,000 | **5.0** | 3.7 | 3.6 | 2.7 | 6.4 | 2.9 | 4.0 | 1.2 | 3.2 | 2.5 | 3.4 | 2.7 | **3.8** | 3.6 |
| Large loss prior accident year reserve development | **0.8** |  | 0.1 | 1.1 |  | (0.2) | (0.5) | (0.3) | 0.6 | (0.3) | 0.3 | (0.4) | **0.5** | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total large loss ratio | **7.9%** | 5.6% | 9.4% | 5.5% | 7.7% | 5.3% | 3.5% | 0.9% | 7.5% | 2.2% | 6.8% | 3.2% | **7.1%** | 4.4% |
| Losses incurred but not reported | **(0.3)** | 2.0 | 3.1 | (3.6) | (6.5) | (0.1) | (1.1) | 11.0 | (0.2) | 4.9 | 0.6 | 3.2 | **0.3** | 0.7 |
| Other losses excluding catastrophe losses | **39.6** | 42.5 | 42.4 | 41.2 | 36.7 | 39.7 | 41.4 | 34.4 | 41.8 | 37.9 | 42.1 | 38.6 | **41.5** | 38.1 |
| Catastrophe losses | **8.1** | 15.5 | 18.8 | 1.4 | 4.1 | 17.7 | 10.3 | 19.6 | 10.2 | 14.9 | 12.0 | 15.9 | **11.0** | 12.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss ratio | **55.3%** | 65.6% | 73.7% | 44.5% | 42.0% | 62.6% | 54.1% | 65.9% | 59.3% | 59.9% | 61.5% | 60.9% | **59.9%** | 56.0% |
| **Excess & Surplus Lines** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year losses greater than $5,000,000 | **— %** | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | **— %** | —% |
| Current accident year losses $1,000,000-$5,000,000 | **4.4** | 4.0 | 7.8 | 3.6 | 7.5 | (0.1) | 7.5 | 1.2 | 5.8 | 4.5 | 5.2 | 2.8 | **5.0** | 4.1 |
| Large loss prior accident year reserve development | **0.6** | 2.1 | 0.4 | 0.3 | 0.8 | 1.9 | 1.3 | (1.7) | 0.3 | (0.2) | 0.9 | 0.6 | **0.8** | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total large loss ratio | **5.0%** | 6.1% | 8.2% | 3.9% | 8.3% | 1.8% | 8.8% | (0.5)% | 6.1% | 4.3% | 6.1% | 3.4% | **5.8%** | 4.7% |
| Losses incurred but not reported | **24.4** | 20.0 | 0.7 | 10.6 | 7.9 | 21.2 | 0.8 | 24.8 | 5.4 | 12.3 | 10.5 | 15.5 | **14.0** | 13.4 |
| Other losses excluding catastrophe losses | **19.7** | 26.3 | 31.5 | 27.4 | 22.3 | 21.9 | 35.0 | 17.8 | 29.6 | 26.8 | 28.4 | 25.0 | **26.2** | 24.3 |
| Catastrophe losses | **1.3** | (0.5) | 1.1 | 1.1 | 0.8 | 0.2 | 0.4 | 1.0 | 1.1 | 0.7 | 0.6 | 0.5 | **0.8** | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss ratio | **50.4%** | 51.9% | 41.5% | 43.0% | 39.3% | 45.1% | 45.0% | 43.1% | 42.2% | 44.1% | 45.6% | 44.4% | **46.8%** | 43.0% |
| *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* | *\*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.* |
| *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** | **Consolidated Property Casualty** |
| **Loss Claim Count Detail** | **Loss Claim Count Detail** | **Loss Claim Count Detail** | **Loss Claim Count Detail** | **Loss Claim Count Detail** | **Loss Claim Count Detail** | **Loss Claim Count Detail** | **Loss Claim Count Detail** | **Loss Claim Count Detail** | **Loss Claim Count Detail** | **Loss Claim Count Detail** | **Loss Claim Count Detail** | **Loss Claim Count Detail** | **Loss Claim Count Detail** | **Loss Claim Count Detail** |
|  | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Six months ended | Six months ended | Nine months ended | Nine months ended | Twelve months ended | Twelve months ended |
|  | **12/31/22** | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 6/30/22 | 6/30/21 | 9/30/22 | 9/30/21 | **12/31/22** | 12/31/21 |
| **Consolidated** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year reported losses greater <br> than $5,000,000 | **7** | 6 | 6 | 3 | 7 | 3 | 6 | 1 | 9 | 7 | 15 | 9 | **22** | 17 |
| Current accident year reported losses <br> $1,000,000 - $5,000,000 | **60** | 59 | 47 | 51 | 76 | 44 | 35 | 24 | 97 | 59 | 155 | 106 | **205** | 170 |
| Prior accident year reported losses on<br> large losses | **14** | 18 | 28 | 28 | 16 | 22 | 12 | 20 | 56 | 32 | 73 | 55 | **87** | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Catastrophe reported losses on<br>&nbsp;&nbsp;&nbsp;&nbsp; large losses total | **81** | 83 | 81 | 82 | 99 | 69 | 53 | 45 | 162 | 98 | 243 | 170 | **314** | 258 |
| **Commercial Lines** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year reported losses greater<br> than $5,000,000 | **5** | 5 | 2 | 2 | 7 | 2 | 6 | 1 | 4 | 7 | 9 | 8 | **14** | 15 |
| Current accident year reported losses<br> $1,000,000 - $5,000,000 | **38** | 48 | 31 | 39 | 50 | 37 | 19 | 20 | 69 | 39 | 116 | 78 | **151** | 120 |
| Prior accident year reported losses on<br> large losses | **10** | 15 | 25 | 24 | 14 | 19 | 8 | 18 | 49 | 26 | 64 | 46 | **74** | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Catastrophe reported losses on<br>&nbsp;&nbsp;&nbsp;&nbsp; large losses total | **53** | 68 | 58 | 65 | 71 | 58 | 33 | 39 | 122 | 72 | 189 | 132 | **239** | 195 |
| **Personal Lines** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year reported losses greater <br> than $5,000,000 | **2** | 1 | 4 | 1 |  | 1 |  |  | 5 |  | 6 | 1 | **8** | 2 |
| Current accident year reported losses <br> $1,000,000 - $5,000,000 | **16** | 6 | 9 | 8 | 17 | 6 | 11 | 3 | 17 | 14 | 23 | 20 | **37** | 34 |
| Prior accident year reported losses on<br> large losses | **2** |  | 2 | 3 | 1 | 1 | 1 | 2 | 5 | 3 | 4 | 4 | **6** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Catastrophe reported losses on<br>&nbsp;&nbsp;&nbsp;&nbsp; large losses total | **20** | 7 | 15 | 12 | 18 | 8 | 12 | 5 | 27 | 17 | 33 | 25 | **51** | 41 |
| **Excess & Surplus Lines** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year reported losses greater<br> than $5,000,000 | **—** |  |  |  |  |  |  |  |  |  |  |  | **—** |  |
| Current accident year reported losses<br> $1,000,000 - $5,000,000 | **6** | 5 | 7 | 4 | 9 | 1 | 5 | 1 | 11 | 6 | 16 | 8 | **17** | 16 |
| Prior accident year reported losses on<br> large losses | **2** | 3 | 1 | 1 | 1 | 2 | 3 |  | 2 | 3 | 5 | 5 | **7** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Catastrophe reported losses on<br>&nbsp;&nbsp;&nbsp;&nbsp; large losses total | **8** | 8 | 8 | 5 | 10 | 3 | 8 | 1 | 13 | 9 | 21 | 13 | **24** | 22 |
| *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*The sum of quarterly amounts may not equal the full year as each is computed independently.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** |
| **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** | **Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2022** |
| (Dollars in millions) | Commercial Lines | Commercial Lines | Commercial Lines | Commercial Lines | Commercial Lines | Personal Lines | Personal Lines | Personal Lines | E & S | Consolidated | Consolidated | Comm'l<br>Change% | Personal<br>Change% | E & S<br>Change% | Consol<br>Change% |
| Risk<br>State | Comm<br>Casualty | Comm<br>Property | Comm<br>Auto | Workers'<br>Comp | Other Comm | Personal<br>Auto | Home Owner | Other <br>Personal | All<br>Lines | **2022** | 2021 | Comm'l<br>Change% | Personal<br>Change% | E & S<br>Change% | Consol<br>Change% |
| Risk<br>State | Comm<br>Casualty | Comm<br>Property | Comm<br>Auto | Workers'<br>Comp | Other Comm | Personal<br>Auto | Home Owner | Other <br>Personal | All<br>Lines | **Total** | Total | Comm'l<br>Change% | Personal<br>Change% | E & S<br>Change% | Consol<br>Change% |
| OH | $187.9 | $185.0 | $117.1 | $— | $53.7 | $128.8 | $136.8 | $41.8 | $28.3 | $**879.1** | $828.2 | 6.6 | 4.9 | 11.2 | 6.1 |
| IL | 76.0 | 69.4 | 38.9 | 34.7 | 19.9 | 39.7 | 47.3 | 14.4 | 31.2 | **371.4** | 337.8 | 5.5 | 18.0 | 22.2 | 9.9 |
| NY | 80.5 | 41.1 | 22.0 | 11.8 | 15.6 | 35.0 | 84.9 | 25.0 | 30.4 | **346.2** | 287.7 | 17.7 | 24.6 | 15.8 | 20.3 |
| NC | 66.2 | 87.6 | 34.2 | 12.1 | 20.7 | 32.6 | 38.8 | 10.5 | 22.5 | **325.1** | 297.4 | 10.7 | 5.4 | 10.3 | 9.3 |
| GA | 50.9 | 57.5 | 33.4 | 9.5 | 22.4 | 52.9 | 56.8 | 15.2 | 25.5 | **324.2** | 303.9 | 8.1 | 4.3 | 8.9 | 6.7 |
| PA | 83.2 | 64.5 | 41.4 | 28.7 | 16.8 | 16.2 | 19.4 | 6.5 | 25.3 | **302.1** | 281.4 | 5.4 | 7.7 | 29.1 | 7.4 |
| IN | 64.0 | 62.4 | 37.2 | 20.4 | 18.2 | 28.1 | 37.6 | 8.4 | 19.5 | **295.7** | 273.1 | 7.7 | 6.7 | 21.8 | 8.3 |
| TX | 65.0 | 29.2 | 40.2 | 3.7 | 14.7 | 21.1 | 35.5 | 9.6 | 43.6 | **262.5** | 224.7 | 13.2 | 24.7 | 18.9 | 16.8 |
| TN | 50.5 | 56.3 | 32.3 | 7.7 | 15.8 | 17.7 | 28.0 | 7.1 | 13.0 | **228.4** | 211.6 | 7.5 | 7.7 | 15.1 | 7.9 |
| MI | 48.2 | 49.3 | 28.8 | 11.4 | 17.8 | 23.2 | 24.3 | 6.3 | 17.9 | **227.3** | 213.0 | 7.4 | (0.3) | 25.3 | 6.7 |
| MO | 48.7 | 47.4 | 30.9 | 16.0 | 8.6 | 18.2 | 25.2 | 5.1 | 18.1 | **217.9** | 189.0 | 11.6 | 27.6 | 18.4 | 15.3 |
| VA | 50.0 | 42.1 | 33.1 | 14.1 | 17.2 | 15.2 | 18.1 | 5.8 | 10.4 | **206.1** | 189.2 | 8.3 | 9.8 | 14.9 | 8.9 |
| AL | 34.8 | 43.2 | 22.4 | 2.4 | 13.8 | 23.1 | 37.6 | 7.5 | 18.4 | **203.3** | 188.5 | 6.9 | 5.5 | 25.3 | 7.9 |
| FL | 47.2 | 14.9 | 36.0 | 2.9 | 11.1 | 12.1 | 25.5 | 11.8 | 34.3 | **195.9** | 158.7 | 13.6 | 56.9 | 20.3 | 23.4 |
| KY | 37.2 | 44.7 | 29.6 | 4.2 | 13.5 | 22.9 | 26.7 | 6.1 | 9.9 | **194.9** | 180.5 | 10.8 | 3.5 | (1.6) | 8.0 |
| CA | 2.4 | 0.9 | 2.4 | 3.4 | 0.6 | 19.3 | 125.5 | 20.8 | 1.4 | **176.7** | 108.9 | 10.2 | 67.9 | (5.6) | 62.3 |
| WI | 34.7 | 34.1 | 15.5 | 20.3 | 10.1 | 10.7 | 13.1 | 5.1 | 12.8 | **156.4** | 148.3 | 6.4 | 5.9 | (3.0) | 5.5 |
| MN | 32.2 | 35.4 | 10.8 | 7.2 | 9.0 | 12.1 | 17.8 | 4.8 | 14.1 | **143.4** | 140.0 | 4.6 | (4.7) | 7.2 | 2.4 |
| MD | 22.4 | 17.7 | 16.3 | 8.1 | 8.4 | 15.6 | 16.6 | 5.7 | 7.7 | **118.5** | 111.6 | 3.4 | 8.8 | 23.4 | 6.2 |
| AZ | 27.8 | 21.0 | 17.4 | 4.8 | 6.4 | 9.0 | 10.9 | 4.1 | 13.2 | **114.6** | 104.8 | 4.8 | 18.6 | 24.1 | 9.4 |
| OR | 36.1 | 19.1 | 22.8 | 0.3 | 5.9 | 4.8 | 3.6 | 1.0 | 11.0 | **104.4** | 91.5 | 11.9 | 10.6 | 39.4 | 14.1 |
| UT | 24.3 | 17.4 | 14.6 | 1.8 | 6.1 | 9.0 | 8.3 | 1.8 | 14.7 | **97.9** | 85.0 | 15.5 | 11.5 | 18.9 | 15.2 |
| AR | 16.8 | 24.0 | 19.2 | 2.3 | 4.5 | 6.9 | 10.1 | 2.9 | 6.8 | **93.5** | 82.6 | 14.2 | 9.4 | 15.7 | 13.3 |
| CT | 12.6 | 8.8 | 4.6 | 4.1 | 1.9 | 20.2 | 25.4 | 8.3 | 4.7 | **90.6** | 81.8 | 4.2 | 15.8 | 4.1 | 10.8 |
| WA | 24.6 | 15.2 | 16.5 |  | 5.3 | 9.2 | 8.7 | 3.2 | 7.7 | **90.4** | 65.7 | 30.3 | 52.7 | 66.1 | 37.6 |
| SC | 16.3 | 19.9 | 11.0 | 3.5 | 5.1 | 9.3 | 11.4 | 2.2 | 8.8 | **87.5** | 78.4 | 14.0 | 8.4 | 5.5 | 11.6 |
| MT | 29.4 | 22.7 | 16.1 |  | 4.8 | 3.2 | 4.8 | 1.0 | 5.1 | **86.9** | 75.4 | 13.8 | 20.4 | 31.8 | 15.3 |
| CO | 22.2 | 11.2 | 15.4 | 2.2 | 4.4 | 4.0 | 9.6 | 1.4 | 15.7 | **86.1** | 73.7 | 12.0 | 36.4 | 18.6 | 16.8 |
| IA | 21.1 | 23.2 | 8.5 | 8.3 | 7.5 | 4.3 | 5.9 | 1.4 | 4.9 | **84.9** | 79.1 | 6.7 | 4.8 | 26.5 | 7.4 |
| KS | 20.0 | 19.9 | 13.8 | 5.3 | 4.8 | 5.4 | 9.1 | 1.6 | 4.4 | **84.2** | 70.0 | 18.7 | 29.8 | 10.0 | 20.2 |
| ID | 23.5 | 17.1 | 13.1 | 1.1 | 3.9 | 2.6 | 3.4 | 0.8 | 5.2 | **70.6** | 64.3 | 9.8 | 3.1 | 19.8 | 9.8 |
| MA | 13.2 | 7.0 | 5.3 | 3.3 | 1.9 | 8.5 | 20.4 | 5.6 | 4.7 | **69.9** | 45.0 | 64.9 | 47.3 | 128.7 | 55.3 |
| NJ | 11.3 | 6.9 | 3.8 | 2.6 | 3.6 | 7.0 | 10.8 | 5.4 | 5.6 | **57.0** | 45.5 | 24.9 | 28.8 | 12.8 | 25.1 |
| NE | 12.4 | 14.2 | 8.3 | 5.0 | 3.4 | 0.5 | 1.2 | 0.2 | 4.9 | **50.3** | 46.6 | 5.4 | (0.6) | 42.9 | 7.9 |
| WV | 9.5 | 12.3 | 8.4 | 1.2 | 1.8 | 0.1 | 0.4 | 0.1 | 5.3 | **39.0** | 35.6 | 7.1 | 33.2 | 24.3 | 9.5 |
| NM | 10.6 | 7.8 | 7.6 | 1.3 | 2.9 | 0.2 | 0.5 | 0.1 | 4.9 | **35.9** | 33.3 | 1.9 | nm | 33.1 | 7.6 |
| VT | 7.7 | 8.3 | 3.8 | 4.4 | 2.9 | 1.9 | 3.2 | 0.6 | 2.8 | **35.8** | 32.2 | 7.9 | 11.6 | 56.5 | 11.2 |
| NH | 5.3 | 5.0 | 2.9 | 2.0 | 1.7 | 2.3 | 3.2 | 1.0 | 1.9 | **25.2** | 23.5 | 2.7 | 16.2 | 24.3 | 7.3 |
| DE | 7.7 | 5.7 | 4.2 | 2.0 | 1.6 | 0.7 | 1.0 | 0.3 | 2.0 | **25.1** | 23.5 | 4.3 | 39.1 | 13.0 | 7.1 |
| SD | 5.1 | 7.0 | 2.5 | 1.3 | 2.0 |  |  |  | 1.1 | **18.9** | 16.2 | 19.0 | (100.0) | (9.5) | 16.9 |
| ND | 4.7 | 5.8 | 2.8 |  | 1.7 | 0.9 | 1.1 | 0.4 | 1.3 | **18.8** | 17.3 | 6.8 | 6.4 | 35.7 | 8.4 |
| WY | 5.3 | 5.3 | 3.6 |  | 1.0 | 0.1 | 0.6 | 0.1 | 1.8 | **17.8** | 14.5 | 22.3 | 93.1 | 8.3 | 22.8 |
| DC | 3.3 | 2.1 | 0.2 | 1.0 | 1.7 | 0.8 | 1.0 | 0.4 | 2.7 | **13.2** | 8.8 | 39.7 | 31.2 | 86.1 | 49.9 |
| NV | 0.9 | 0.7 | 1.0 | 0.3 | 0.5 | 0.9 | 1.3 | 0.6 | 1.0 | **7.1** | 4.6 | 29.5 | 112.6 | 38.1 | 54.7 |
| RI | 0.3 | 0.3 | 0.4 | 0.3 |  | 0.7 | 2.7 | 1.0 | 0.3 | **5.9** | 2.6 | 117.6 | 138.0 | (37.5) | 129.8 |
| OK | 0.8 | 0.3 | 0.6 | 0.8 | 0.4 |  |  |  | 0.4 | **3.3** | 3.1 | 17.2 |  | 58.0 | 6.7 |
| All Other States | 2.2 | 1.1 | 1.2 | 1.7 | 1.4 | 0.3 | 2.7 | 0.2 | 1.2 | **12.1** | 9.8 | 6.0 | 289.0 | (28.0) | 24.0 |
| Total | $1456.7 | $1291.9 | $852.2 | $279.7 | $396.6 | $657.1 | $976.8 | $263.1 | $528.2 | $**6702.0** | $5987.9 | 9.5 | 15.9 | 18.3 | 12.4 |
| *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* | *\*Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. \*nm - Not meaningful<br>\*Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** |
| (Dollars in millions) | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Six months ended | Six months ended | Nine months ended | Nine months ended | Twelve months ended | Twelve months ended |
|  | **12/31/22** | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 6/30/22 | 6/30/21 | 9/30/22 | 9/30/21 | **12/31/22** | 12/31/21 |
| **Commercial casualty:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Written premiums | $**353** | $326 | $376 | $389 | $317 | $297 | $338 | $363 | $765 | $701 | $1091 | $998 | $**1444** | $1315 |
| Year over year change %-written premium | **11%** | 10% | 11% | 7% | 10% | 10% | 10% | 6% | 9% | 8% | 9% | 9% | **10%** | 9% |
| Earned premiums | $**370** | $360 | $350 | $336 | $332 | $323 | $312 | $303 | $686 | $615 | $1046 | $938 | $**1416** | $1270 |
| Current accident year before catastrophe losses | **72.4%** | 73.7% | 75.0% | 65.6% | 63.3% | 61.9% | 61.5% | 64.5% | 70.4% | 63.0% | 71.6% | 62.6% | **71.8%** | 62.8% |
| Current accident year catastrophe losses | **—** |  |  |  |  |  |  |  |  |  |  |  | **—** |  |
| Prior accident years before catastrophe losses | **(0.2)** | 6.4 | (0.7) | 1.4 | (10.5) | (16.1) | (8.3) | (2.2) | 0.3 | (5.3) | 2.4 | (9.0) | **1.7** | (9.4) |
| Prior accident years catastrophe losses | **—** |  |  |  |  |  |  |  |  |  |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and loss expense ratio | **72.2%** | 80.1% | 74.3% | 67.0% | 52.8% | 45.8% | 53.2% | 62.3% | 70.7% | 57.7% | 74.0% | 53.6% | **73.5%** | 53.4% |
| **Commercial property:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Written premiums | $**297** | $309 | $308 | $297 | $270 | $278 | $275 | $267 | $606 | $542 | $915 | $820 | $**1212** | $1090 |
| Year over year change %-written premium | **10%** | 11% | 12% | 11% | 10% | 10% | 6% | 2% | 12% | 4% | 12% | 6% | **11%** | 7% |
| Earned premiums | $**290** | $292 | $280 | $274 | $267 | $264 | $259 | $253 | $554 | $512 | $846 | $776 | $**1136** | $1043 |
| Current accident year before catastrophe losses | **42.5%** | 47.4% | 54.5% | 52.4% | 41.8% | 41.6% | 47.3% | 53.8% | 53.4% | 50.5% | 51.3% | 47.5% | **49.1%** | 46.0% |
| Current accident year catastrophe losses | **38.3** | 14.7 | 44.4 | 5.1 | 13.9 | 12.4 | 14.0 | 20.0 | 24.9 | 16.9 | 21.4 | 15.4 | **25.7** | 15.0 |
| Prior accident years before catastrophe losses | **(0.5)** | (6.7) | 0.6 | (2.4) | (6.0) | (11.1) | (1.1) | (2.0) | (0.8) | (1.5) | (2.9) | (4.8) | **(2.2)** | (5.1) |
| Prior accident years catastrophe losses | **(2.2)** | (1.4) | (3.0) | 0.5 | (4.8) | (2.0) | (3.8) | (6.3) | (1.3) | (5.0) | (1.3) | (4.0) | **(1.6)** | (4.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and loss expense ratio | **78.1%** | 54.0% | 96.5% | 55.6% | 44.9% | 40.9% | 56.4% | 65.5% | 76.2% | 60.9% | 68.5% | 54.1% | **71.0%** | 51.7% |
| **Commercial auto:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Written premiums | $**201** | $194 | $226 | $237 | $194 | $183 | $216 | $223 | $463 | $439 | $657 | $622 | $**858** | $816 |
| Year over year change %-written premium | **4%** | 6% | 5% | 6% | 8% | 7% | 5% | 7% | 5% | 6% | 6% | 7% | **5%** | 7% |
| Earned premiums | $**215** | $213 | $210 | $205 | $203 | $200 | $198 | $193 | $415 | $391 | $627 | $591 | $**842** | $794 |
| Current accident year before catastrophe losses | **72.6%** | 78.8% | 66.5% | 67.0% | 67.5% | 63.7% | 63.0% | 63.1% | 66.7% | 63.0% | 70.8% | 63.3% | **71.3%** | 64.4% |
| Current accident year catastrophe losses | **(2.4)** | 3.3 | 5.1 | 0.9 | 0.6 | 1.8 | 1.5 | 1.6 | 3.1 | 1.6 | 3.1 | 1.7 | **1.7** | 1.4 |
| Prior accident years before catastrophe losses | **3.6** | 7.5 | 2.8 | (0.7) | 0.2 | (3.6) | (6.0) | (12.4) | 1.1 | (9.2) | 3.3 | (7.3) | **3.3** | (5.4) |
| Prior accident years catastrophe losses | **—** |  | (0.5) | (2.1) | 0.3 | (0.1) | (0.2) | (0.3) | (1.3) | (0.2) | (0.9) | (0.2) | **(0.6)** | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and loss expense ratio | **73.8%** | 89.6% | 73.9% | 65.1% | 68.6% | 61.8% | 58.3% | 52.0% | 69.6% | 55.2% | 76.3% | 57.5% | **75.7%** | 60.3% |
| **Workers' compensation:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Written premiums | $**64** | $60 | $69 | $86 | $59 | $53 | $69 | $88 | $154 | $157 | $214 | $210 | $**278** | $269 |
| Year over year change %-written premium | **8%** | 13% | —% | (2)% | 2% | 4% | 6% | (4)% | (2)% | —% | 2% | 1% | **3%** | 1% |
| Earned premiums | $**75** | $73 | $68 | $67 | $67 | $66 | $68 | $67 | $136 | $135 | $209 | $201 | $**284** | $268 |
| Current accident year before catastrophe losses | **76.0%** | 80.3% | 83.5% | 84.5% | 79.8% | 82.3% | 87.6% | 76.6% | 84.0% | 82.2% | 82.7% | 82.2% | **80.9%** | 81.6% |
| Current accident year catastrophe losses | **—** |  |  |  |  |  |  |  |  |  |  |  | **—** |  |
| Prior accident years before catastrophe losses | **(27.0)** | (21.5) | (25.9) | (14.3) | (10.5) | (10.5) | (39.2) | (37.9) | (20.2) | (38.6) | (20.6) | (29.3) | **(22.3)** | (24.7) |
| Prior accident years catastrophe losses | **—** |  |  |  |  |  |  |  |  |  |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and loss expense ratio | **49.0%** | 58.8% | 57.6% | 70.2% | 69.3% | 71.8% | 48.4% | 38.7% | 63.8% | 43.6% | 62.1% | 52.9% | **58.6%** | 56.9% |
| **Other commercial:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Written premiums | $**92** | $95 | $93 | $87 | $80 | $84 | $79 | $78 | $180 | $157 | $275 | $241 | $**367** | $321 |
| Year over year change %-written premium | **15%** | 13% | 18% | 12% | 14% | 18% | 13% | 11% | 15% | 12% | 14% | 14% | **14%** | 14% |
| Earned premiums | $**90** | $90 | $86 | $80 | $78 | $77 | $74 | $70 | $165 | $144 | $256 | $221 | $**346** | $299 |
| Current accident year before catastrophe losses | **33.3%** | 37.7% | 37.3% | 38.2% | 41.6% | 39.4% | 38.0% | 38.2% | 37.7% | 38.1% | 37.7% | 38.6% | **36.6%** | 39.4% |
| Current accident year catastrophe losses | **—** | 0.1 | 0.1 |  | (0.2) | 0.4 | 0.1 |  | 0.1 |  | 0.1 | 0.1 | **0.1** |  |
| Prior accident years before catastrophe losses | **(4.7)** | (4.3) | (7.4) | (2.9) | (8.9) | (8.4) | (11.2) | (7.7) | (5.3) | (9.5) | (4.9) | (9.1) | **(4.9)** | (9.1) |
| Prior accident years catastrophe losses | **—** |  |  |  |  |  |  |  |  |  |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and loss expense ratio | **28.6%** | 33.5% | 30.0% | 35.3% | 32.5% | 31.4% | 26.9% | 30.5% | 32.5% | 28.6% | 32.9% | 29.6% | **31.8%** | 30.3% |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data

------

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** |
| (Dollars in millions) | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Six months ended | Six months ended | Nine months ended | Nine months ended | Twelve months ended | Twelve months ended |
|  | **12/31/22** | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 6/30/22 | 6/30/21 | 9/30/22 | 9/30/21 | **12/31/22** | 12/31/21 |
| **Personal auto:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Written premiums | $**158** | $179 | $177 | $140 | $141 | $165 | $166 | $136 | $316 | $302 | $496 | $467 | $**654** | $608 |
| Year over year change %-written premium | **12%** | 8% | 7% | 3% | 1% | —% | (2)% | (1)% | 5% | (1)% | 6% | (1)% | **8%** | (1)% |
| Earned premiums | $**161** | $158 | $155 | $152 | $152 | $153 | $152 | $152 | $307 | $305 | $465 | $457 | $**626** | $609 |
| Current accident year before catastrophe losses | **77.4%** | 74.3% | 74.5% | 69.4% | 62.3% | 65.8% | 64.5% | 66.1% | 72.0% | 65.3% | 72.8% | 65.5% | **74.0%** | 64.7% |
| Current accident year catastrophe losses | **(4.6)** | 15.9 | 6.1 | 1.4 | 0.2 | 5.3 | 1.7 | 2.6 | 3.7 | 2.2 | 7.9 | 3.2 | **4.6** | 2.4 |
| Prior accident years before catastrophe losses | **0.7** | 3.4 | 1.4 | 0.9 | (4.4) | (0.4) | (5.5) | (9.3) | 1.2 | (7.5) | 1.9 | (5.1) | **1.6** | (4.9) |
| Prior accident years catastrophe losses | **—** | (0.1) | (0.6) | (4.7) | 0.3 | (0.1) | (0.2) | (0.5) | (2.7) | (0.3) | (1.8) | (0.3) | **(1.3)** | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and loss expense ratio | **73.5%** | 93.5% | 81.4% | 67.0% | 58.4% | 70.6% | 60.5% | 58.9% | 74.2% | 59.7% | 80.8% | 63.3% | **78.9%** | 62.1% |
| **Homeowner:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Written premiums | $**226** | $255 | $260 | $181 | $188 | $214 | $211 | $156 | $441 | $367 | $695 | $581 | $**921** | $769 |
| Year over year change %-written premium | **20%** | 19% | 23% | 16% | 13% | 13% | 7% | 11% | 20% | 9% | 20% | 10% | **20%** | 11% |
| Earned premiums | $**220** | $213 | $202 | $195 | $190 | $184 | $178 | $174 | $397 | $352 | $609 | $536 | $**829** | $726 |
| Current accident year before catastrophe losses | **42.1%** | 47.3% | 54.8% | 45.9% | 38.0% | 42.3% | 50.2% | 51.6% | 50.4% | 50.9% | 49.3% | 47.9% | **47.4%** | 45.4% |
| Current accident year catastrophe losses | **22.4** | 20.9 | 38.6 | 13.0 | 10.9 | 36.8 | 20.7 | 41.1 | 26.1 | 30.8 | 24.3 | 32.9 | **23.8** | 27.1 |
| Prior accident years before catastrophe losses | **0.2** | 1.6 | (2.5) | (8.7) | (4.4) | (1.0) | 0.9 | (0.5) | (5.5) | 0.2 | (3.0) | (0.2) | **(2.2)** | (1.3) |
| Prior accident years catastrophe losses | **(1.5)** | (3.8) | (5.2) | (7.2) | (1.4) |  | (0.5) | (0.7) | (6.2) | (0.6) | (5.4) | (0.4) | **(4.3)** | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and loss expense ratio | **63.2%** | 66.0% | 85.7% | 43.0% | 43.1% | 78.1% | 71.3% | 91.5% | 64.8% | 81.3% | 65.2% | 80.2% | **64.7%** | 70.5% |
| **Other personal:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Written premiums | $**61** | $68 | $73 | $53 | $53 | $56 | $62 | $46 | $127 | $108 | $195 | $164 | $**256** | $217 |
| Year over year change %-written premium | **15%** | 21% | 18% | 15% | 10% | 8% | 9% | 10% | 18% | 9% | 19% | 9% | **18%** | 9% |
| Earned premiums | $**62** | $60 | $56 | $55 | $54 | $51 | $52 | $50 | $111 | $101 | $172 | $153 | $**234** | $207 |
| Current accident year before catastrophe losses | **54.1%** | 63.8% | 64.6% | 47.2% | 45.8% | 53.8% | 45.9% | 50.0% | 56.0% | 48.0% | 58.7% | 49.9% | **57.5%** | 48.9% |
| Current accident year catastrophe losses | **(0.1)** | 10.8 | 5.2 | 0.9 | 0.2 | 4.5 | 3.9 | 3.6 | 3.1 | 3.7 | 5.8 | 4.0 | **4.2** | 3.0 |
| Prior accident years before catastrophe losses | **(4.4)** | (15.7) | 1.4 | 4.6 | 5.0 | (0.9) | (8.6) | (3.8) | 3.0 | (6.2) | (3.5) | (4.4) | **(3.8)** | (1.9) |
| Prior accident years catastrophe losses | **(0.1)** | 0.4 | 0.4 | 0.4 | (1.4) | (0.4) | 0.4 | (1.5) | 0.3 | (0.6) | 0.4 | (0.5) | **0.3** | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and loss expense ratio | **49.5%** | 59.3% | 71.6% | 53.1% | 49.6% | 57.0% | 41.6% | 48.3% | 62.4% | 44.9% | 61.4% | 49.0% | **58.2%** | 49.2% |
| **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** |
| (Dollars in millions) | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Six months ended | Six months ended | Nine months ended | Nine months ended | Twelve months ended | Twelve months ended |
|  | **12/31/22** | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 6/30/22 | 6/30/21 | 9/30/22 | 9/30/21 | **12/31/22** | 12/31/21 |
| **Excess & Surplus:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Written premiums | $**122** | $121 | $135 | $124 | $108 | $104 | $115 | $99 | $259 | $214 | $380 | $318 | $**502** | $426 |
| Year over year change %-written premium | **13%** | 16% | 17% | 25% | 17% | 30% | 26% | 16% | 21% | 22% | 19% | 24% | **18%** | 22% |
| Earned premiums | $**124** | $125 | $124 | $112 | $109 | $105 | $95 | $89 | $236 | $184 | $361 | $289 | $**485** | $398 |
| Current accident year before catastrophe losses | **66.4%** | 74.8% | 59.5% | 61.8% | 56.0% | 62.6% | 62.0% | 61.0% | 60.6% | 61.5% | 65.4% | 61.9% | **65.7%** | 60.3% |
| Current accident year catastrophe losses | **1.6** | (0.4) | 1.2 | 1.5 | 0.6 | 0.4 | 0.4 | 1.3 | 1.3 | 0.8 | 0.8 | 0.7 | **1.0** | 0.6 |
| Prior accident years before catastrophe losses | **3.8** | (5.9) | (0.4) | (4.6) | 1.2 | 3.3 | (1.5) | 4.7 | (2.4) | 1.5 | (3.6) | 2.1 | **(1.7)** | 1.9 |
| Prior accident years catastrophe losses | **(0.2)** | (0.1) | (0.1) | (0.4) | 0.3 | (0.1) | 0.1 | (0.3) | (0.2) | (0.1) | (0.2) | (0.1) | **(0.2)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and loss expense ratio | **71.6%** | 68.4% | 60.2% | 58.3% | 58.1% | 66.2% | 61.0% | 66.7% | 59.3% | 63.7% | 62.4% | 64.6% | **64.8%** | 62.8% |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data

------

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** |
| (Dollars in millions) |  |  |  | Change in | Change in | Change in | **Total** |  |  | Loss |  |
| (Dollars in millions) | Paid | Paid loss | **Total** | case | IBNR | loss expense | **change in** | Case | IBNR | expense | **Total** |
| (Dollars in millions) | losses | expense | **paid** | reserves | reserves | reserves | **reserves** | incurred | incurred | incurred | **incurred** |
| **Gross loss and loss expense incurred for the twelve months ended December 31, 2022** | **Gross loss and loss expense incurred for the twelve months ended December 31, 2022** | **Gross loss and loss expense incurred for the twelve months ended December 31, 2022** | **Gross loss and loss expense incurred for the twelve months ended December 31, 2022** | **Gross loss and loss expense incurred for the twelve months ended December 31, 2022** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial casualty | $541 | $185 | $**726** | $104 | $204 | $18 | $**326** | $645 | $204 | $203 | $**1052** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial property | 636 | 65 | **701** | (56) | 174 | 8 | **126** | 580 | 174 | 73 | **827** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial auto | 479 | 85 | **564** | 30 | 39 | 6 | **75** | 509 | 39 | 91 | **639** |
| &nbsp;&nbsp;&nbsp;&nbsp;Workers' compensation | 127 | 32 | **159** | (9) | 17 | 1 | **9** | 118 | 17 | 33 | **168** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other commercial | 93 | 16 | **109** | 5 | 7 | 9 | **21** | 98 | 7 | 25 | **130** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial lines | 1876 | 383 | **2259** | 74 | 441 | 42 | **557** | 1950 | 441 | 425 | **2816** |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal auto | 384 | 83 | **467** | 12 | 10 | 4 | **26** | 396 | 10 | 87 | **493** |
| &nbsp;&nbsp;&nbsp;&nbsp;Homeowners | 431 | 55 | **486** | 20 | 37 | 6 | **63** | 451 | 37 | 61 | **549** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other personal | 117 | 7 | **124** | 15 | (1) |  | **14** | 132 | (1) | 7 | **138** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total personal lines | 932 | 145 | **1077** | 47 | 46 | 10 | **103** | 979 | 46 | 155 | **1180** |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess & surplus lines | 108 | 51 | **159** | 70 | 70 | 37 | **177** | 178 | 70 | 88 | **336** |
| &nbsp;&nbsp;&nbsp;Other | 274 | 15 | **289** | 54 | 214 | 2 | **270** | 328 | 214 | 17 | **559** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total property casualty | $3190 | $594 | $**3784** | $245 | $771 | $91 | $**1107** | $3435 | $771 | $685 | $**4891** |
| **Ceded loss and loss expense incurred for the twelve months ended December 31, 2022** | **Ceded loss and loss expense incurred for the twelve months ended December 31, 2022** | **Ceded loss and loss expense incurred for the twelve months ended December 31, 2022** | **Ceded loss and loss expense incurred for the twelve months ended December 31, 2022** | **Ceded loss and loss expense incurred for the twelve months ended December 31, 2022** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial casualty | $— | $— | $**—** | $10 | $1 | $— | $**11** | $10 | $1 | $— | $**11** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial property | 20 |  | **20** | (33) | 33 | 1 | **1** | (13) | 33 | 1 | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial auto | 1 |  | **1** |  |  |  | **—** | 1 |  |  | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Workers' compensation | 10 | 1 | **11** | (7) | (2) |  | **(9)** | 3 | (2) | 1 | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other commercial | 16 |  | **16** | 2 | 2 |  | **4** | 18 | 2 |  | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial lines | 47 | 1 | **48** | (28) | 34 | 1 | **7** | 19 | 34 | 2 | **55** |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal auto | 2 |  | **2** |  | (3) |  | **(3)** | 2 | (3) |  | **(1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Homeowners | 4 |  | **4** | (5) | 14 |  | **9** | (1) | 14 |  | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other personal |  |  | **—** |  | 2 |  | **2** |  | 2 |  | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total personal lines | 6 |  | **6** | (5) | 13 |  | **8** | 1 | 13 |  | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess & surplus lines | 13 | 1 | **14** | 6 | 1 |  | **7** | 19 | 1 | 1 | **21** |
| &nbsp;&nbsp;&nbsp;Other | 28 | 1 | **29** | 8 | 48 |  | **56** | 36 | 48 | 1 | **85** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total property casualty | $94 | $3 | $**97** | $(19) | $96 | $1 | $**78** | $75 | $96 | $4 | $**175** |
| **Net loss and loss expense incurred for the twelve months ended December 31, 2022** | **Net loss and loss expense incurred for the twelve months ended December 31, 2022** | **Net loss and loss expense incurred for the twelve months ended December 31, 2022** | **Net loss and loss expense incurred for the twelve months ended December 31, 2022** | **Net loss and loss expense incurred for the twelve months ended December 31, 2022** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial casualty | $541 | $185 | $**726** | $94 | $203 | $18 | $**315** | $635 | $203 | $203 | $**1041** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial property | 616 | 65 | **681** | (23) | 141 | 7 | **125** | 593 | 141 | 72 | **806** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial auto | 478 | 85 | **563** | 30 | 39 | 6 | **75** | 508 | 39 | 91 | **638** |
| &nbsp;&nbsp;&nbsp;&nbsp;Workers' compensation | 117 | 31 | **148** | (2) | 19 | 1 | **18** | 115 | 19 | 32 | **166** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other commercial | 77 | 16 | **93** | 3 | 5 | 9 | **17** | 80 | 5 | 25 | **110** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial lines | 1829 | 382 | **2211** | 102 | 407 | 41 | **550** | 1931 | 407 | 423 | **2761** |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal auto | 382 | 83 | **465** | 12 | 13 | 4 | **29** | 394 | 13 | 87 | **494** |
| &nbsp;&nbsp;&nbsp;&nbsp;Homeowners | 427 | 55 | **482** | 25 | 23 | 6 | **54** | 452 | 23 | 61 | **536** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other personal | 117 | 7 | **124** | 15 | (3) |  | **12** | 132 | (3) | 7 | **136** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total personal lines | 926 | 145 | **1071** | 52 | 33 | 10 | **95** | 978 | 33 | 155 | **1166** |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess & surplus lines | 95 | 50 | **145** | 64 | 69 | 37 | **170** | 159 | 69 | 87 | **315** |
| &nbsp;&nbsp;&nbsp;Other | 246 | 14 | **260** | 46 | 166 | 2 | **214** | 292 | 166 | 16 | **474** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total property casualty | $3096 | $591 | $**3687** | $264 | $675 | $90 | $**1029** | $3360 | $675 | $681 | $**4716** |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* |
| *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* |

---

CINF Fourth-Quarter 2022 Supplemental Financial Data

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** | **Consolidated Property Casualty Loss and Loss Expense Analysis** |
| (Dollars in millions) |  |  |  | Change in | Change in | Change in | **Total** |  |  | Loss |  |
| (Dollars in millions) | Paid | Paid loss | **Total** | case | IBNR | loss expense | **change in** | Case | IBNR | expense | **Total** |
| (Dollars in millions) | losses | expense | **paid** | reserves | reserves | reserves | **reserves** | incurred | incurred | incurred | **incurred** |
| **Gross loss and loss expense incurred for the three months ended December 31, 2022** | **Gross loss and loss expense incurred for the three months ended December 31, 2022** | **Gross loss and loss expense incurred for the three months ended December 31, 2022** | **Gross loss and loss expense incurred for the three months ended December 31, 2022** | **Gross loss and loss expense incurred for the three months ended December 31, 2022** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial casualty | $132 | $47 | $**179** | $27 | $75 | $7 | $**109** | $159 | $75 | $54 | $**288** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial property | 137 | 16 | **153** | (25) | 139 | (8) | **106** | 112 | 139 | 8 | **259** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial auto | 120 | 21 | **141** | 17 | (3) | 4 | **18** | 137 | (3) | 25 | **159** |
| &nbsp;&nbsp;&nbsp;&nbsp;Workers' compensation | 29 | 9 | **38** | (6) |  | 3 | **(3)** | 23 |  | 12 | **35** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other commercial | 23 | 4 | **27** | 1 | 3 | (2) | **2** | 24 | 3 | 2 | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial lines | 441 | 97 | **538** | 14 | 214 | 4 | **232** | 455 | 214 | 101 | **770** |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal auto | 120 | 22 | **142** | 5 | (31) | 2 | **(24)** | 125 | (31) | 24 | **118** |
| &nbsp;&nbsp;&nbsp;&nbsp;Homeowners | 102 | 15 | **117** |  | 33 | 2 | **35** | 102 | 33 | 17 | **152** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other personal | 27 | 2 | **29** | 10 | (6) |  | **4** | 37 | (6) | 2 | **33** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total personal lines | 249 | 39 | **288** | 15 | (4) | 4 | **15** | 264 | (4) | 43 | **303** |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess & surplus lines | 24 | 14 | **38** | 6 | 32 | 13 | **51** | 30 | 32 | 27 | **89** |
| &nbsp;&nbsp;&nbsp;Other | 109 | 4 | **113** | 41 | (47) | 1 | **(5)** | 150 | (47) | 5 | **108** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total property casualty | $823 | $154 | $**977** | $76 | $195 | $22 | $**293** | $899 | $195 | $176 | $**1270** |
| **Ceded loss and loss expense incurred for the three months ended December 31, 2022** | **Ceded loss and loss expense incurred for the three months ended December 31, 2022** | **Ceded loss and loss expense incurred for the three months ended December 31, 2022** | **Ceded loss and loss expense incurred for the three months ended December 31, 2022** | **Ceded loss and loss expense incurred for the three months ended December 31, 2022** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial casualty | $(3) | $— | $**(3)** | $23 | $1 | $— | $**24** | $20 | $1 | $— | $**21** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial property | 7 |  | **7** | (11) | 36 | 1 | **26** | (4) | 36 | 1 | **33** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial auto |  |  | **—** |  |  |  | **—** |  |  |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Workers' compensation | 2 |  | **2** | (2) | (2) |  | **(4)** |  | (2) |  | **(2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other commercial | 3 |  | **3** | (1) | 1 |  | **—** | 2 | 1 |  | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial lines | 9 |  | **9** | 9 | 36 | 1 | **46** | 18 | 36 | 1 | **55** |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal auto | 1 |  | **1** |  | (2) |  | **(2)** | 1 | (2) |  | **(1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Homeowners | 1 |  | **1** | (1) | 14 |  | **13** |  | 14 |  | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other personal |  |  | **—** |  | 2 |  | **2** |  | 2 |  | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total personal lines | 2 |  | **2** | (1) | 14 |  | **13** | 1 | 14 |  | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess & surplus lines | 2 |  | **2** | (3) |  | 1 | **(2)** | (1) |  | 1 | **—** |
| &nbsp;&nbsp;&nbsp;Other | 7 |  | **7** | 3 | 19 |  | **22** | 10 | 19 |  | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total property casualty | $20 | $— | $**20** | $8 | $69 | $2 | $**79** | $28 | $69 | $2 | $**99** |
| **Net loss and loss expense incurred for the three months ended December 31, 2022** | **Net loss and loss expense incurred for the three months ended December 31, 2022** | **Net loss and loss expense incurred for the three months ended December 31, 2022** | **Net loss and loss expense incurred for the three months ended December 31, 2022** | **Net loss and loss expense incurred for the three months ended December 31, 2022** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial casualty | $135 | $47 | $**182** | $4 | $74 | $7 | $**85** | $139 | $74 | $54 | $**267** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial property | 130 | 16 | **146** | (14) | 103 | (9) | **80** | 116 | 103 | 7 | **226** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial auto | 120 | 21 | **141** | 17 | (3) | 4 | **18** | 137 | (3) | 25 | **159** |
| &nbsp;&nbsp;&nbsp;&nbsp;Workers' compensation | 27 | 9 | **36** | (4) | 2 | 3 | **1** | 23 | 2 | 12 | **37** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other commercial | 20 | 4 | **24** | 2 | 2 | (2) | **2** | 22 | 2 | 2 | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial lines | 432 | 97 | **529** | 5 | 178 | 3 | **186** | 437 | 178 | 100 | **715** |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal auto | 119 | 22 | **141** | 5 | (29) | 2 | **(22)** | 124 | (29) | 24 | **119** |
| &nbsp;&nbsp;&nbsp;&nbsp;Homeowners | 101 | 15 | **116** | 1 | 19 | 2 | **22** | 102 | 19 | 17 | **138** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other personal | 27 | 2 | **29** | 10 | (8) |  | **2** | 37 | (8) | 2 | **31** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total personal lines | 247 | 39 | **286** | 16 | (18) | 4 | **2** | 263 | (18) | 43 | **288** |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess & surplus lines | 22 | 14 | **36** | 9 | 32 | 12 | **53** | 31 | 32 | 26 | **89** |
| &nbsp;&nbsp;&nbsp;Other | 102 | 4 | **106** | 38 | (66) | 2 | **(26)** | 140 | (66) | 6 | **80** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total property casualty | $803 | $154 | $**957** | $68 | $126 | $21 | $**215** | $871 | $126 | $175 | $**1172** |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.* |
| *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* | *\*Other data includes results from our Cincinnati Re operations and Cincinnati Global.* |

---

CINF Fourth-Quarter 2022 Supplemental Financial Data

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** | **Quarterly Property Casualty Data - Consolidated** |
| (Dollars in millions) | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Six months ended | Six months ended | Nine months ended | Nine months ended | Twelve months ended | Twelve months ended |
|  | **12/31/22** | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 6/30/22 | 6/30/21 | 9/30/22 | 9/30/21 | **12/31/22** | 12/31/21 |
| **Premiums** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency renewal written premiums | $**1396** | $1390 | $1482 | $1397 | $1238 | $1244 | $1333 | $1276 | $2879 | $2609 | $4269 | $3853 | $**5665** | $5091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency new business written premiums | **238** | 264 | 286 | 244 | 212 | 230 | 235 | 220 | 530 | 455 | 794 | 685 | **1032** | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other written premiums | **60** | 96 | 196 | 258 | 84 | 64 | 146 | 197 | 454 | 343 | 550 | 407 | **610** | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | $**1694** | $1750 | $1964 | $1899 | $1534 | $1538 | $1714 | $1693 | $3863 | $3407 | $5613 | $4945 | $**7307** | $6479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premium change | **106** | 59 | (267) | (281) | 65 | 58 | (200) | (218) | (548) | (418) | (489) | (360) | **(383)** | (295) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned premiums | $**1800** | $1809 | $1697 | $1618 | $1599 | $1596 | $1514 | $1475 | $3315 | $2989 | $5124 | $4585 | $**6924** | $6184 |
| **Year over year change %** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency renewal written premiums | **13%** | 12% | 11% | 9% | 8% | 8% | 7% | 7% | 10% | 7% | 11% | 7% | **11%** | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency new business written premiums | **12** | 15 | 22 | 11 | 15 | 22 | 12 | 2 | 16 | 7 | 16 | 12 | **15** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other written premiums | **(29)** | 50 | 34 | 31 | 31 | 25 | 39 | 88 | 32 | 63 | 35 | 56 | **24** | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | **10** | 14 | 15 | 12 | 10 | 10 | 10 | 12 | 13 | 11 | 14 | 11 | **13** | 10 |
| **Paid losses and loss expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses paid | $**803** | $804 | $755 | $733 | $718 | $612 | $649 | $564 | $1489 | $1214 | $2293 | $1826 | $**3096** | $2543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss expenses paid | **154** | 144 | 137 | 157 | 139 | 153 | 118 | 141 | 293 | 258 | 437 | 411 | **591** | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and loss expenses paid | $**957** | $948 | $892 | $890 | $857 | $765 | $767 | $705 | $1782 | $1472 | $2730 | $2237 | $**3687** | $3094 |
| **Incurred losses and loss expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and loss expense incurred | $**1172** | $1348 | $1240 | $956 | $855 | $988 | $830 | $923 | $2196 | $1753 | $3544 | $2741 | $**4716** | $3596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and loss expenses paid as a % of incurred | **81.7%** | 70.3% | 71.9% | 93.1% | 100.2% | 77.4% | 92.4% | 76.4% | 81.1% | 84.0% | 77.0% | 81.6% | **78.2%** | 86.0% |
| **Statutory combined ratio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss ratio | **56.3%** | 64.1% | 64.8% | 48.4% | 42.6% | 51.3% | 47.0% | 52.0% | 56.7% | 49.4% | 59.3% | 50.1% | **58.5%** | 48.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss adjustment expense ratio | **9.9** | 10.0 | 9.5 | 10.9 | 10.9 | 10.1 | 8.9 | 11.0 | 10.2 | 10.0 | 10.1 | 10.0 | **10.1** | 10.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net underwriting expense ratio | **30.6** | 29.3 | 28.1 | 28.7 | 31.5 | 31.1 | 29.2 | 26.7 | 28.4 | 28.0 | 28.7 | 28.9 | **29.1** | 29.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Statutory combined ratio | **96.8%** | 103.4% | 102.4% | 88.0% | 85.0% | 92.5% | 85.1% | 89.7% | 95.3% | 87.4% | 98.1% | 89.0% | **97.7%** | 87.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from catastrophe losses | **7.6** | 13.0 | 13.0 | 1.7 | 2.8 | 12.9 | 4.6 | 10.1 | 7.5 | 7.3 | 9.4 | 9.2 | **8.9** | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory combined ratio excl. catastrophe losses | **89.2%** | 90.4% | 89.4% | 86.3% | 82.2% | 79.6% | 80.5% | 79.6% | 87.8% | 80.1% | 88.7% | 79.8% | **88.8%** | 80.3% |
| **GAAP combined ratio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP combined ratio | **94.9%** | 103.9% | 103.2% | 89.9% | 84.2% | 92.6% | 85.5% | 91.2% | 96.7% | 88.3% | 99.2% | 89.8% | **98.1%** | 88.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from catastrophe losses | **7.8** | 13.9 | 12.4 | 1.8 | 3.6 | 14.2 | 3.9 | 10.4 | 7.2 | 7.1 | 9.5 | 9.6 | **9.2** | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP combined ratio excl. catastrophe losses | **87.1%** | 90.0% | 90.8% | 88.1% | 80.6% | 78.4% | 81.6% | 80.8% | 89.5% | 81.2% | 89.7% | 80.2% | **88.9%** | 80.3% |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* <br>*\*nm - Not meaningful*<br>*\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global.*<br>*\*Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data

------

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** | **Quarterly Property Casualty Data - Commercial Lines** |
| (Dollars in millions) | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Six months ended | Six months ended | Nine months ended | Nine months ended | Twelve months ended | Twelve months ended |
|  | **12/31/22** | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 6/30/22 | 6/30/21 | 9/30/22 | 9/30/21 | **12/31/22** | 12/31/21 |
| **Premiums** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency renewal written premiums | $**908** | $860 | $934 | $970 | $809 | $775 | $852 | $898 | $1904 | $1750 | $2764 | $2525 | $**3672** | $3334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency new business written premiums | **130** | 149 | 165 | 156 | 135 | 145 | 146 | 145 | 321 | 291 | 470 | 436 | **600** | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other written premiums | **(31)** | (25) | (27) | (30) | (24) | (25) | (21) | (24) | (57) | (45) | (82) | (70) | **(113)** | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | $**1007** | $984 | $1072 | $1096 | $920 | $895 | $977 | $1019 | $2168 | $1996 | $3152 | $2891 | $**4159** | $3811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premium change | **33** | 44 | (78) | (134) | 27 | 35 | (66) | (133) | (212) | (199) | (168) | (164) | **(135)** | (137) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned premiums | $**1040** | $1028 | $994 | $962 | $947 | $930 | $911 | $886 | $1956 | $1797 | $2984 | $2727 | $**4024** | $3674 |
| **Year over year change %** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency renewal written premiums | **12%** | 11% | 10% | 8% | 7% | 7% | 7% | 7% | 9% | 7% | 9% | 7% | **10%** | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency new business written premiums | **(4)** | 3 | 13 | 8 | 19 | 27 | 9 | (6) | 10 | 1 | 8 | 8 | **5** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other written premiums | **(29)** |  | (29) | (25) | 25 | 7 | (5) |  | (27) | (2) | (17) | 1 | **(20)** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | **9** | 10 | 10 | 8 | 10 | 10 | 8 | 5 | 9 | 6 | 9 | 7 | **9** | 8 |
| **Paid losses and loss expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses paid | $**432** | $491 | $446 | $458 | $396 | $328 | $391 | $330 | $905 | $720 | $1396 | $1049 | $**1829** | $1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss expenses paid | **97** | 93 | 91 | 100 | 89 | 98 | 78 | 96 | 191 | 174 | 285 | 272 | **382** | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and loss expenses paid | $**529** | $584 | $537 | $558 | $485 | $426 | $469 | $426 | $1096 | $894 | $1681 | $1321 | $**2211** | $1806 |
| **Incurred losses and loss expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and loss expense incurred | $**715** | $710 | $750 | $586 | $506 | $451 | $480 | $503 | $1336 | $983 | $2046 | $1434 | $**2761** | $1940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and loss expenses paid as a % of incurred | **74.0%** | 82.3% | 71.6% | 95.2% | 95.8% | 94.5% | 97.7% | 84.7% | 82.0% | 90.9% | 82.2% | 92.1% | **80.1%** | 93.1% |
| **Statutory combined ratio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss ratio | **59.2%** | 58.4% | 65.5% | 48.9% | 41.4% | 38.5% | 43.9% | 44.3% | 57.4% | 44.1% | 57.8% | 42.2% | **58.1%** | 42.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss adjustment expense ratio | **9.6** | 10.7 | 9.9 | 12.0 | 12.0 | 10.0 | 8.8 | 12.4 | 10.9 | 10.6 | 10.8 | 10.4 | **10.5** | 10.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net underwriting expense ratio | **31.3** | 31.2 | 29.1 | 28.3 | 32.7 | 33.2 | 29.9 | 26.2 | 28.7 | 28.0 | 29.5 | 29.6 | **29.9** | 30.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory combined ratio | **100.1%** | 100.3% | 104.5% | 89.2% | 86.1% | 81.7% | 82.6% | 82.9% | 97.0% | 82.7% | 98.1% | 82.2% | **98.5%** | 83.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from catastrophe losses | **9.6** | 4.5 | 12.6 | 1.4 | 2.7 | 3.3 | 3.2 | 4.2 | 7.1 | 3.7 | 6.2 | 3.6 | **7.0** | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory combined ratio excl. catastrophe losses | **90.5%** | 95.8% | 91.9% | 87.8% | 83.4% | 78.4% | 79.4% | 78.7% | 89.9% | 79.0% | 91.9% | 78.6% | **91.5%** | 79.8% |
| **GAAP combined ratio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP combined ratio | **98.9%** | 99.0% | 106.3% | 92.3% | 85.2% | 80.6% | 84.2% | 85.4% | 99.4% | 84.8% | 99.3% | 83.4% | **99.2%** | 83.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from catastrophe losses | **9.6** | 4.5 | 12.6 | 1.4 | 2.7 | 3.3 | 3.2 | 4.2 | 7.1 | 3.7 | 6.2 | 3.6 | **7.0** | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP combined ratio excl. catastrophe losses | **89.3%** | 94.5% | 93.7% | 90.9% | 82.5% | 77.3% | 81.0% | 81.2% | 92.3% | 81.1% | 93.1% | 79.8% | **92.2%** | 80.4% |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* |

---

CINF Fourth-Quarter 2022 Supplemental Financial Data

------

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** | **Quarterly Property Casualty Data - Personal Lines** |
| (Dollars in millions) | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Six months ended | Six months ended | Nine months ended | Nine months ended | Twelve months ended | Twelve months ended |
|  | **12/31/22** | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 6/30/22 | 6/30/21 | 9/30/22 | 9/30/21 | **12/31/22** | 12/31/21 |
| **Premiums** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency renewal written premiums | $**393** | $437 | $438 | $333 | $342 | $393 | $397 | $302 | $771 | $699 | $1208 | $1092 | $**1601** | $1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency new business written premiums | **75** | 81 | 88 | 52 | 50 | 53 | 53 | 46 | 140 | 99 | 221 | 152 | **296** | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other written premiums | **(23)** | (16) | (16) | (11) | (10) | (11) | (11) | (10) | (27) | (21) | (43) | (32) | **(66)** | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | $**445** | $502 | $510 | $374 | $382 | $435 | $439 | $338 | $884 | $777 | $1386 | $1212 | $**1831** | $1594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premium change | **(2)** | (71) | (97) | 28 | 14 | (47) | (57) | 38 | (69) | (19) | (140) | (66) | **(142)** | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned premiums | $**443** | $431 | $413 | $402 | $396 | $388 | $382 | $376 | $815 | $758 | $1246 | $1146 | $**1689** | $1542 |
| **Year over year change %** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency renewal written premiums | **15%** | 11% | 10% | 10% | 8% | 7% | 3% | 3% | 10% | 3% | 11% | 4% | **12%** | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency new business written premiums | **50** | 53 | 66 | 13 | 11 | 4 | 20 | 35 | 41 | 27 | 45 | 18 | **47** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other written premiums | **(130)** | (45) | (45) | (10) | (25) | (10) | (38) | (11) | (29) | (24) | (34) | (19) | **(57)** | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | **16** | 15 | 16 | 11 | 8 | 7 | 4 | 6 | 14 | 5 | 14 | 5 | **15** | 6 |
| **Paid losses and loss expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses paid | $**247** | $246 | $224 | $208 | $212 | $208 | $198 | $162 | $432 | $360 | $679 | $568 | $**926** | $780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss expenses paid | **39** | 35 | 32 | 40 | 34 | 40 | 29 | 32 | 71 | 60 | 106 | 100 | **145** | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and loss expenses paid | $**286** | $281 | $256 | $248 | $246 | $248 | $227 | $194 | $503 | $420 | $785 | $668 | $**1071** | $914 |
| **Incurred losses and loss expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and loss expense incurred | $**288** | $324 | $339 | $215 | $197 | $281 | $241 | $273 | $554 | $514 | $878 | $795 | $**1166** | $992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and loss expenses paid as a % of incurred | **99.3%** | 86.7% | 75.5% | 115.3% | 124.9% | 88.3% | 94.2% | 71.1% | 90.8% | 81.7% | 89.4% | 84.0% | **91.9%** | 92.1% |
| **Statutory combined ratio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss ratio | **55.3%** | 65.6% | 73.7% | 44.5% | 42.0% | 62.6% | 54.1% | 65.9% | 59.3% | 60.0% | 61.5% | 60.9% | **59.9%** | 56.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss adjustment expense ratio | **9.7** | 9.6 | 8.4 | 9.0 | 7.9 | 9.7 | 8.9 | 6.7 | 8.7 | 7.8 | 9.0 | 8.5 | **9.2** | 8.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net underwriting expense ratio | **30.6** | 26.7 | 26.4 | 32.2 | 30.9 | 28.2 | 27.2 | 30.7 | 28.8 | 28.7 | 28.0 | 28.5 | **28.6** | 29.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory combined ratio | **95.6%** | 101.9% | 108.5% | 85.7% | 80.8% | 100.5% | 90.2% | 103.3% | 96.8% | 96.5% | 98.5% | 97.9% | **97.7%** | 93.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from catastrophe losses | **8.7** | 15.9 | 19.1 | 1.7 | 4.6 | 20.0 | 10.6 | 19.8 | 10.5 | 15.2 | 12.4 | 16.8 | **11.4** | 13.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory combined ratio excl. catastrophe losses | **86.9%** | 86.0% | 89.4% | 84.0% | 76.2% | 80.5% | 79.6% | 83.5% | 86.3% | 81.3% | 86.1% | 81.1% | **86.3%** | 79.8% |
| **GAAP combined ratio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP combined ratio | **95.7%** | 104.5% | 112.1% | 83.9% | 80.0% | 102.7% | 92.7% | 101.1% | 98.2% | 96.8% | 100.4% | 98.8% | **99.2%** | 94.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from catastrophe losses | **8.7** | 15.9 | 19.1 | 1.7 | 4.6 | 20.0 | 10.6 | 19.8 | 10.5 | 15.2 | 12.4 | 16.8 | **11.4** | 13.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP combined ratio excl. catastrophe losses | **87.0%** | 88.6% | 93.0% | 82.2% | 75.4% | 82.7% | 82.1% | 81.3% | 87.7% | 81.6% | 88.0% | 82.0% | **87.8%** | 80.3% |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data

------

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** | **Quarterly Property Casualty Data - Excess & Surplus Lines** |
| (Dollars in millions) | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Six months ended | Six months ended | Nine months ended | Nine months ended | Twelve months ended | Twelve months ended |
|  | **12/31/22** | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 6/30/22 | 6/30/21 | 9/30/22 | 9/30/21 | **12/31/22** | 12/31/21 |
| **Premiums** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency renewal written premiums | $**95** | $93 | $110 | $94 | $87 | $76 | $84 | $76 | $204 | $160 | $297 | $236 | $**392** | $323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency new business written premiums | **33** | 34 | 33 | 36 | 27 | 32 | 36 | 29 | 69 | 65 | 103 | 97 | **136** | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other written premiums | **(6)** | (6) | (8) | (6) | (6) | (4) | (5) | (6) | (14) | (11) | (20) | (15) | **(26)** | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | $**122** | $121 | $135 | $124 | $108 | $104 | $115 | $99 | $259 | $214 | $380 | $318 | $**502** | $426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premium change | **2** | 4 | (11) | (12) | 1 | 1 | (20) | (10) | (23) | (30) | (19) | (29) | **(17)** | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned premiums | $**124** | $125 | $124 | $112 | $109 | $105 | $95 | $89 | $236 | $184 | $361 | $289 | $**485** | $398 |
| **Year over year change %** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency renewal written premiums | **9%** | 22% | 31% | 24% | 26% | 27% | 33% | 23% | 28% | 28% | 26% | 28% | **21%** | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency new business written premiums | **22** | 6 | (8) | 24 |  | 33 | 13 | 7 | 6 | 10 | 6 | 17 | **10** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other written premiums | **—** | (50) | (60) |  | (50) |  | (25) | (50) | (27) | (38) | (33) | (25) | **(24)** | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | **13** | 16 | 17 | 25 | 17 | 30 | 26 | 16 | 21 | 22 | 19 | 24 | **18** | 22 |
| **Paid losses and loss expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses paid | $**22** | $29 | $27 | $19 | $17 | $18 | $19 | $21 | $46 | $40 | $74 | $59 | $**95** | $75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss expenses paid | **14** | 13 | 11 | 12 | 12 | 12 | 8 | 11 | 24 | 19 | 36 | 31 | **50** | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and loss expenses paid | $**36** | $42 | $38 | $31 | $29 | $30 | $27 | $32 | $70 | $59 | $110 | $90 | $**145** | $118 |
| **Incurred losses and loss expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and loss expense incurred | $**89** | $86 | $74 | $66 | $63 | $70 | $58 | $59 | $140 | $117 | $226 | $187 | $**315** | $250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss and loss expenses paid as a % of incurred | **40.4%** | 48.8% | 51.4% | 47.0% | 46.0% | 42.9% | 46.6% | 54.2% | 50.0% | 50.4% | 48.7% | 48.1% | **46.0%** | 47.2% |
| **Statutory combined ratio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss ratio | **50.5%** | 51.9% | 41.5% | 43.0% | 39.3% | 45.1% | 45.0% | 43.1% | 42.2% | 44.1% | 45.6% | 44.5% | **46.8%** | 43.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss adjustment expense ratio | **21.1** | 16.5 | 18.7 | 15.2 | 18.8 | 21.0 | 16.0 | 23.6 | 17.1 | 19.6 | 16.9 | 20.1 | **18.0** | 19.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net underwriting expense ratio | **27.1** | 27.5 | 26.1 | 27.1 | 27.7 | 29.7 | 31.1 | 26.4 | 26.5 | 29.0 | 26.8 | 29.2 | **26.9** | 28.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory combined ratio | **98.7%** | 95.9% | 86.3% | 85.3% | 85.8% | 95.8% | 92.1% | 93.1% | 85.8% | 92.7% | 89.3% | 93.8% | **91.7%** | 91.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from catastrophe losses | **1.4** | (0.5) | 1.1 | 1.1 | 0.9 | 0.3 | 0.5 | 1.0 | 1.1 | 0.7 | 0.6 | 0.6 | **0.8** | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory combined ratio excl. catastrophe losses | **97.3%** | 96.4% | 85.2% | 84.2% | 84.9% | 95.5% | 91.6% | 92.1% | 84.7% | 92.0% | 88.7% | 93.2% | **90.9%** | 91.0% |
| **GAAP combined ratio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP combined ratio | **96.3%** | 93.9% | 85.1% | 85.9% | 83.2% | 94.1% | 89.5% | 92.0% | 85.5% | 90.7% | 88.4% | 91.9% | **90.4%** | 89.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from catastrophe losses | **1.4** | (0.5) | 1.1 | 1.1 | 0.9 | 0.3 | 0.5 | 1.0 | 1.1 | 0.7 | 0.6 | 0.6 | **0.8** | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP combined ratio excl. catastrophe losses | **94.9%** | 94.4% | 84.0% | 84.8% | 82.3% | 93.8% | 89.0% | 91.0% | 84.4% | 90.0% | 87.8% | 91.3% | **89.6%** | 88.9% |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** | **Consolidated Cincinnati Insurance Companies** |
| **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** |
| | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Twelve Months Ended December 31,** | **For the Twelve Months Ended December 31,** | **For the Twelve Months Ended December 31,** | **For the Twelve Months Ended December 31,** |
| (Dollars in millions) | **2022** | 2021 | Change | % Change | **2022** | 2021 | Change | % Change |
| **Underwriting income** |  |  |  |  |  |  |  |  |
| Net premiums written | $**1641** | $1482 | $159 | 11 | $**7077** | $6292 | $785 | 12 |
| Unearned premium change | **(103)** | (72) | (31) | 43 | **359** | 286 | 73 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Earned premiums** | $**1744** | $1554 | $190 | 12 | $**6718** | $6006 | $712 | 12 |
| Losses incurred | $**983** | $661 | $322 | 49 | $**3931** | $2891 | $1040 | 36 |
| Defense and cost containment expenses incurred | **78** | 83 | (5) | (6) | **303** | 293 | 10 | 3 |
| Adjusting and other expenses incurred | **96** | 86 | 10 | 12 | **375** | 322 | 53 | 16 |
| Other underwriting expenses incurred | **500** | 465 | 35 | 8 | **2054** | 1852 | 202 | 11 |
| Workers compensation dividend incurred | **1** | 2 | (1) | (50) | **6** | 5 | 1 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total underwriting deductions** | $**1658** | $1297 | $361 | 28 | $**6669** | $5363 | $1306 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net underwriting profit** | $**86** | $257 | $(171) | (67) | $**49** | $643 | $(594) | (92) |
| **Investment income** |  |  |  |  |  |  |  |  |
| Gross investment income earned | $**133** | $150 | $(17) | (11) | $**511** | $493 | $18 | 4 |
| **Net investment income earned** | **130** | 147 | (17) | (12) | **500** | 484 | 16 | 3 |
| Realized capital gains and losses, net | **8** | 1 | 7 | nm | **49** | 9 | 40 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment gains** | $**138** | $148 | $(10) | (7) | $**549** | $493 | $56 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other income** | $**2** | $1 | $1 | 100 | $**7** | $5 | $2 | 40 |
| Net income before federal income taxes | $**226** | $406 | $(180) | (44) | $**605** | $1141 | $(536) | (47) |
| Federal and foreign income taxes incurred | **38** | 71 | (33) | (46) | **59** | 206 | (147) | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (statutory)** | $**188** | $335 | $(147) | (44) | $**546** | $935 | $(389) | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Policyholders' surplus - statutory\*\*** | $**6509** | $7247 | $(738) | (10) | $**6509** | $7247 | $(738) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Fixed maturities at amortized cost - statutory** | $**8753** | $8204 | $549 | 7 | $**8753** | $8204 | $549 | 7 |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The Cincinnati Life Insurance Company** | **The Cincinnati Life Insurance Company** | **The Cincinnati Life Insurance Company** | **The Cincinnati Life Insurance Company** | **The Cincinnati Life Insurance Company** | **The Cincinnati Life Insurance Company** | **The Cincinnati Life Insurance Company** | **The Cincinnati Life Insurance Company** | **The Cincinnati Life Insurance Company** |
| **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** | **Statutory Statements of Income** |
| | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Twelve Months Ended December 31,** | **For the Twelve Months Ended December 31,** | **For the Twelve Months Ended December 31,** | **For the Twelve Months Ended December 31,** |
| (Dollars in millions) | **2022** | 2021 | Change | % Change | **2022** | 2021 | Change | % Change |
| Net premiums written | $**85** | $87 | $(2) | (2) | $**335** | $342 | $(7) | (2) |
| Net investment income | **44** | 46 | (2) | (4) | **174** | 181 | (7) | (4) |
| Amortization of interest maintenance reserve | **—** | 1 | (1) | (100) | **—** | 3 | (3) | (100) |
| Commissions and expense allowances on reinsurance ceded | **2** | 2 |  |  | **5** | 5 |  |  |
| Income from fees associated with separate accounts | **—** | 1 | (1) | (100) | **4** | 3 | 1 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $**131** | $137 | $(6) | (4) | $**518** | $534 | $(16) | (3) |
| Death benefits and matured endowments | $**41** | $53 | $(12) | (23) | $**172** | $182 | $(10) | (5) |
| Annuity benefits | **31** | 20 | 11 | 55 | **80** | 66 | 14 | 21 |
| Disability benefits and benefits under accident and health contracts | **1** | 1 |  |  | **2** | 2 |  |  |
| Surrender benefits and group conversions | **5** | 6 | (1) | (17) | **24** | 26 | (2) | (8) |
| Interest and adjustments on deposit-type contract funds | **1** | 1 |  |  | **6** | 6 |  |  |
| Increase in aggregate reserves for life and accident and health contracts | **7** | 17 | (10) | (59) | **52** | 93 | (41) | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total benefit expenses** | $**86** | $98 | $(12) | (12) | $**336** | $375 | $(39) | (10) |
| Commissions | $**12** | $13 | $(1) | (8) | $**50** | $50 | $— |  |
| General insurance expenses and taxes | **14** | 13 | 1 | 8 | **55** | 53 | 2 | 4 |
| Increase in loading on deferred and uncollected premiums | **1** |  | 1 | nm | **2** | 5 | (3) | (60) |
| Net transfers from Separate Accounts | **(5)** | (3) | (2) | (67) | **(15)** | (6) | (9) | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total underwriting expenses** | $**22** | $23 | $(1) | (4) | $**92** | $102 | $(10) | (10) |
| Federal and foreign income tax provision | **7** | 5 | 2 | 40 | **24** | 17 | 7 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net gain from operations before capital gains or losses** | $**16** | $11 | $5 | 45 | $**66** | $40 | $26 | 65 |
| Gains and losses net of capital gains tax, net | **(1)** |  | (1) | nm | **(2)** | 1 | (3) | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income - statutory** | $**15** | $11 | $4 | 36 | $**64** | $41 | $23 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policyholders' surplus - statutory\*\*** | $**326** | $270 | $56 | 21 | $**326** | $270 | $56 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fixed maturities at amortized cost - statutory** | $**3838** | $3733 | $105 | 3 | $**3838** | $3733 | $105 | 3 |
| *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* | *\*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. <br>\*nm - Not meaningful<br>\*Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.<br>\*\*Current year policyholders' surplus amount subject to change.* |

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*&nbsp;&nbsp;&nbsp;&nbsp;*

CINF Fourth-Quarter 2022 Supplemental Financial Data

------

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarterly Data - Other** | **Quarterly Data - Other** | **Quarterly Data - Other** | **Quarterly Data - Other** | **Quarterly Data - Other** | **Quarterly Data - Other** | **Quarterly Data - Other** | **Quarterly Data - Other** | **Quarterly Data - Other** | **Quarterly Data - Other** | **Quarterly Data - Other** | **Quarterly Data - Other** | **Quarterly Data - Other** | **Quarterly Data - Other** | **Quarterly Data - Other** |
| (Dollars in millions) | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Six months ended | Six months ended | Nine months ended | Nine months ended | Twelve months ended | Twelve months ended |
|  | **12/31/22** | 9/30/22 | 6/30/22 | 3/31/22 | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 6/30/22 | 6/30/21 | 9/30/22 | 9/30/21 | **12/31/22** | 12/31/21 |
| **Cincinnati Re:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written premiums | $**67** | $86 | $178 | $254 | $72 | $57 | $136 | $196 | $432 | $332 | $518 | $389 | $**585** | $461 |
| &nbsp;&nbsp;&nbsp;Year over year change %- written premium | **(7)%** | 51% | 31% | 30% | 22% | 6% | 62% | 87% | 30% | 76% | 33% | 61% | **27%** | 53% |
| &nbsp;&nbsp;&nbsp;Earned premiums | $**137** | $151 | $122 | $110 | $102 | $104 | $94 | $92 | $232 | $186 | $383 | $290 | $**520** | $392 |
| &nbsp;&nbsp;&nbsp;Current accident year before catastrophe losses | **44.4%** | 45.4% | 49.6% | 50.6% | 61.7% | 52.8% | 48.5% | 42.1% | 50.0% | 45.4% | 48.3% | 48.0% | **47.2%** | 51.6% |
| &nbsp;&nbsp;&nbsp;Current accident year catastrophe losses | **(5.2)** | 75.0 | 6.5 |  | (1.7) | 78.6 | (1.7) | 35.4 | 3.4 | 16.7 | 31.7 | 39.0 | **21.9** | 28.3 |
| &nbsp;&nbsp;&nbsp;Prior accident years before catastrophe losses | **6.9** | (9.9) | (4.8) | 10.9 | 2.4 | (6.8) | 6.4 | 3.0 | 2.6 | 4.7 | (2.4) | 0.6 | **0.1** | 1.1 |
| &nbsp;&nbsp;&nbsp;Prior accident years catastrophe losses | **0.7** | (0.6) | 1.1 | 5.2 | 0.3 | 6.4 | (0.1) |  | 3.1 | (0.1) | 1.6 | 2.2 | **1.4** | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and loss expense ratio | **46.8%** | 109.9% | 52.4% | 66.7% | 62.7% | 131.0% | 53.1% | 80.5% | 59.1% | 66.7% | 79.2% | 89.8% | **70.6%** | 82.7% |
| **Cincinnati Global:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written premiums | $**53** | $57 | $69 | $51 | $52 | $47 | $47 | $41 | $120 | $88 | $177 | $135 | $**230** | $187 |
| &nbsp;&nbsp;&nbsp;Year over year change %- written premium | **2%** | 21% | 47% | 24% | 6% | 24% | (11)% | 11% | 36% | (2)% | 31% | 5% | **23%** | 6% |
| &nbsp;&nbsp;&nbsp;Earned premiums | $**56** | $74 | $44 | $32 | $45 | $69 | $32 | $32 | $76 | $64 | $150 | $133 | $**206** | $178 |
| &nbsp;&nbsp;&nbsp;Current accident year before catastrophe losses | **28.6%** | 45.6% | 53.2% | 38.3% | 39.4% | 35.3% | 54.4% | 30.9% | 47.0% | 42.9% | 46.3% | 39.0% | **41.4%** | 39.1% |
| &nbsp;&nbsp;&nbsp;Current accident year catastrophe losses | **1.4** | 48.6 | 0.1 | 16.3 | 33.6 | 30.3 | 27.5 | 55.8 | 6.9 | 41.3 | 27.6 | 35.7 | **20.5** | 35.1 |
| &nbsp;&nbsp;&nbsp;Prior accident years before catastrophe losses | **(13.3)** | 4.6 | (15.4) | 4.1 | (16.9) | (4.7) | (23.4) | (12.0) | (7.2) | (17.8) | (1.4) | (11.1) | **(4.6)** | (12.5) |
| &nbsp;&nbsp;&nbsp;Prior accident years catastrophe losses | **11.6** | (14.5) | (9.7) | (9.0) | (2.0) | 12.2 | (54.0) | (31.0) | (9.4) | (42.7) | (11.9) | (14.4) | **(5.5)** | (11.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss and loss expense ratio | **28.3%** | 84.3% | 28.2% | 49.7% | 54.1% | 73.1% | 4.5% | 43.7% | 37.3% | 23.7% | 60.6% | 49.2% | **51.8%** | 50.5% |
| **Noninsurance operations:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and fees on loans and leases | $**2** | $2 | $2 | $1 | $2 | $2 | $2 | $1 | $3 | $3 | $5 | $5 | $**7** | $7 |
| &nbsp;&nbsp;&nbsp;Other revenue | **1** |  | 1 | 1 |  | 1 | 1 | 1 | 2 | 2 | 2 | 3 | **3** | 3 |
| &nbsp;&nbsp;&nbsp;Interest expense | **13** | 14 | 13 | 13 | 14 | 13 | 13 | 13 | 26 | 26 | 40 | 39 | **53** | 53 |
| &nbsp;&nbsp;&nbsp;Operating expense | **10** | 4 | 5 | 4 | 6 | 5 | 5 | 4 | 9 | 9 | 13 | 14 | **23** | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninsurance operations loss | $**(20)** | $(16) | $(15) | $(15) | $(18) | $(15) | $(15) | $(15) | $(30) | $(30) | $(46) | $(45) | $**(66)** | $(63) |
| *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* | *\*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.* |
| *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* | *\*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.* |

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CINF Fourth-Quarter 2022 Supplemental Financial Data