Form 8-K - Current report

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, 2024

(Date of earliest event reported)

CINCINNATI FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)


Ohio	0-4604		31-0746871
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer 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
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:

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

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

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

☐ 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).

☐ Emerging growth company

☐ 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, 2024, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2023 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On February 6, 2024, 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.

Exhibit 99.1 – News release dated February 6, 2024, “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2023 Results”

Exhibit 99.2 – Supplemental Financial Data for the Period Ending December 31, 2023 distributed February 6, 2024

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, 2024			/S/Michael J. Sewell
			Michael J. Sewell, CPA
			Chief Financial Officer, Senior Vice President and Treasurer (Principal Accounting Officer)


						The Cincinnati Insurance Company n The Cincinnati Indemnity Company The Cincinnati Casualty Company n The Cincinnati Specialty Underwriters Insurance Company The Cincinnati Life Insurance Company n CFC Investment Company n CSU Producer Resources Inc. Cincinnati Global Underwriting Ltd. n 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 2023 Results

Cincinnati, February 6, 2024 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Fourth-quarter 2023 net income of $1.183 billion, or $7.50 per share, compared with net income of $1.013 billion, or $6.41 per share, in the fourth quarter of 2022, after recognizing an $824 million fourth-quarter 2023 after-tax increase in the fair value of equity securities still held.

•Full-year 2023 net income of $1.843 billion, or $11.66 per share, compared with a net loss of $487 million, or $3.06 per share, in 2022.

•$157 million or 78% increase in fourth-quarter 2023 non-GAAP operating income* to $359 million, or $2.28 per share, compared with $202 million, or $1.28 per share, in the fourth quarter of last year.

•$280 million or 42% increase in full-year 2023 non-GAAP operating income to $952 million, or $6.03 per share, up from $672 million, or $4.24 per share, with after-tax property casualty underwriting profit up $206 million.

•$170 million increase in fourth-quarter 2023 net income reflected the after-tax net effect of a $126 million increase in after-tax property casualty underwriting profit, a $25 million increase in net investment income and a $13 million increase in net investment gains.

•$77.06 book value per share at December 31, 2023, up $9.85 since year-end 2022.

•19.5% value creation ratio for full-year 2023, compared with negative 14.6% for 2022.

Financial Highlights


(Dollars in millions except per share data)	Three months ended December 31,						Twelve months ended December 31,
		2023		2022		% Change		2023		2022		% Change
Revenue Data
Earned premiums		$	2,064	$	1,875	10		$	7,958	$	7,225	10
Investment income, net of expenses		239		208		15		894		781		14
Total revenues		3,356		3,115		8		10,013		6,563		53
Income Statement Data
Net income (loss)		$	1,183	$	1,013	17		$	1,843	$	(487)	nm
Investment gains and losses, after-tax		824		811		2		891		(1,159)		nm

Non-GAAP operating income*		$	359	$	202	78		$	952	$	672	42
Per Share Data (diluted)
Net income (loss)		$	7.50	$	6.41	17		$	11.66	$	(3.06)	nm
Investment gains and losses, after-tax		5.22		5.13		2		5.63		(7.30)		nm

Non-GAAP operating income*		$	2.28	$	1.28	78		$	6.03	$	4.24	42

Book value								$	77.06	$	67.21	15
Cash dividend declared		$	0.75	$	0.69	9		$	3.00	$	2.76	9
Diluted weighted average shares outstanding		157.8		158.2		0		158.1		158.8		0

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

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

CINF 4Q23 Release 1

Insurance Operations Highlights

•87.5% fourth-quarter 2023 property casualty combined ratio, improved from 94.9% for the fourth quarter of 2022. Full-year 2023 property casualty combined ratio at 94.9%, with net written premiums up 10%.

•13% growth in fourth-quarter 2023 net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.

•$310 million fourth-quarter 2023 property casualty new business written premiums. Agencies appointed since the beginning of 2022 contributed $28 million or 9% of total fourth-quarter new business written premiums.

•$10 million of fourth-quarter 2023 life insurance subsidiary net income and 4% growth in fourth-quarter 2023 term life insurance earned premiums. Full-year 2023 non-GAAP operating income rose 22%.

Investment and Balance Sheet Highlights

•15% or $31 million increase in fourth-quarter 2023 pretax investment income, including a 19% increase in bond interest income and a 7% increase in stock portfolio dividends.

•13% full-year increase in fair value of total investments at December 31, 2023, including a 12% increase for the stock portfolio and a 14% increase for the bond portfolio.

•$4.858 billion parent company cash and marketable securities at year-end 2023, up 16% from a year ago.

Achieving Planned Results

Steven J. Johnston, chairman and chief executive officer, commented: “Non-GAAP operating income finished the year strong, increasing 42% to $952 million, compared with full-year 2022. Net income continued its pattern of wide swings as the effects of a robust equity market in the fourth quarter pushed it to nearly $2 billion at the end of the year, compared with a net loss in 2022.

“Turning to our insurance business, property casualty underwriting achieved excellent fourth-quarter results. Underwriting profit for the quarter increased 171%, boosting full-year underwriting gains to $401 million. Our full-year 2023 combined ratio improved 3.2 points to 94.9%, benefiting from sound underwriting judgment and lower catastrophe losses. Our 2023 core combined ratio on a current accident year before catastrophe loss basis was 1.8 points better than full-year 2022.

“While favorable reserve development for the fourth quarter was lower than usual, 2023 marks 35 consecutive years of property casualty net favorable reserve development on prior accident years.”

Focusing on Profitable Growth

“We believe our property casualty net written premium growth was healthy and it accelerated as the year progressed. Thanks to the hard work by our associates and the steady contributions of our independent agency partners, we increased net written premiums by 10% for the year to more than $8 billion. For our life insurance business, earned premiums rose 4%.

“We continue to refine pricing precision on accounts we underwrite. Our ability to price on a policy-by-policy basis will support our efforts to maintain appropriate pricing as we navigate a challenging market environment in 2024. Appropriate pricing, combined with our hallmarks of strong agency relationships and overwhelming claims service, will help our agents attract and retain high-quality business.

“Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM continue to perform as planned and were very profitable in 2023, with a 77% combined ratio in total. Their unique risk profile helps diversify earnings and both are good examples of how we take advantage of market opportunities as they arise.”

Financial Strength for the Future

“At December 31, 2023, our book value per share climbed 15% from a year ago, to $77.06, bolstered by record pretax net investment income of $894 million for the year.

“Consolidated cash and total investments reached more than $26 billion. Our ample capital allows us to execute on our long-term strategies and, at the same time continue to pay dividends to shareholders. Our value creation ratio for 2023, which considers the dividends we pay as well as growth in book value, was 19.5%, ahead of our 10% to 13% average annual target for this measure.”

CINF 4Q23 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results


(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2023			2022			% Change	2023			2022			% Change
Earned premiums		$	1,984		$	1,800		10	$	7,645		$	6,924		10
Fee revenues		3			2			50	11			10			10
Total revenues		1,987			1,802			10	7,656			6,934			10

Loss and loss expenses		1,118			1,172			(5)	4,958			4,716			5
Underwriting expenses		617			537			15	2,297			2,078			11
Underwriting profit		$	252		$	93		171	$	401		$	140		186

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		56.4		%	65.1		%	(8.7)	64.9		%	68.1		%	(3.2)
Underwriting expenses		31.1			29.8			1.3	30.0			30.0			0.0
Combined ratio		87.5		%	94.9		%	(7.4)	94.9		%	98.1		%	(3.2)

								% Change							% Change
Agency renewal written premiums		$	1,534		$	1,396		10	$	6,261		$	5,665		11
Agency new business written premiums		310			238			30	1,177			1,032			14
Other written premiums		76			60			27	608			610			0
Net written premiums		$	1,920		$	1,694		13	$	8,046		$	7,307		10

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		54.6		%	58.0		%	(3.4)	58.4		%	60.2		%	(1.8)
Current accident year catastrophe losses		1.9			8.0			(6.1)	9.3			10.2			(0.9)
Prior accident years before catastrophe losses		0.5			(0.7)			1.2	(2.2)			(1.3)			(0.9)
Prior accident years catastrophe losses		(0.6)			(0.2)			(0.4)	(0.6)			(1.0)			0.4
Loss and loss expense ratio		56.4		%	65.1		%	(8.7)	64.9		%	68.1		%	(3.2)

Current accident year combined ratio before
catastrophe losses		85.7		%	87.8		%	(2.1)	88.4		%	90.2		%	(1.8)

•13% and 10% growth in fourth-quarter and full-year 2023 property casualty net written premiums, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The contribution to growth for both 2023 periods from Cincinnati Re and Cincinnati Global in total was less than 1 percentage point.

•30% and 14% increase in fourth-quarter and full-year 2023 new business premiums written by agencies, compared with a year ago. The full-year increase included a $65 million increase in standard market property casualty production from agencies appointed since the beginning of 2022.

•300 new agency appointments in full-year 2023, including 84 that market only our personal lines products.

•7.4 percentage-point fourth-quarter 2023 combined ratio improvement, compared with 2022, including a decrease of 6.5 points for losses from catastrophes.

•3.2 percentage-point full-year 2023 combined ratio improvement, including a decrease of 0.5 points for losses from catastrophes.

•0.1 and 2.8 percentage-point fourth-quarter and full-year 2023 benefit from favorable prior accident year reserve development of $2 million and $215 million, compared with 0.9 points or $16 million for fourth-quarter 2022 and 2.3 points or $159 million of favorable development for full-year 2022.

•1.8 percentage-point improvement, to 58.4%, for the full-year 2023 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 1.9 points for the portion estimated as reserves for claims incurred but not reported (IBNR) and a decrease of 3.7 points for the case incurred portion.

•30.0 percentage-point full-year 2023 underwriting expense ratio, matching 2022.

CINF 4Q23 Release 3

Commercial Lines Insurance Results


(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2023			2022			% Change	2023			2022			% Change
Earned premiums		$	1,080		$	1,040		4	$	4,264		$	4,024		6
Fee revenues		1			1			0	4			4			0
Total revenues		1,081			1,041			4	4,268			4,028			6

Loss and loss expenses		651			715			(9)	2,787			2,761			1
Underwriting expenses		345			313			10	1,313			1,229			7
Underwriting profit		$	85		$	13		554	$	168		$	38		342

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		60.3		%	68.8		%	(8.5)	65.4		%	68.6		%	(3.2)
Underwriting expenses		31.9			30.1			1.8	30.8			30.6			0.2
Combined ratio		92.2		%	98.9		%	(6.7)	96.2		%	99.2		%	(3.0)

								% Change							% Change
Agency renewal written premiums		$	936		$	908		3	$	3,876		$	3,672		6
Agency new business written premiums		153			130			18	584			600			(3)
Other written premiums		(29)			(31)			6	(124)			(113)			(10)
Net written premiums		$	1,060		$	1,007		5	$	4,336		$	4,159		4

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		58.8		%	61.0		%	(2.2)	60.8		%	62.9		%	(2.1)
Current accident year catastrophe losses		1.3			10.2			(8.9)	7.4			7.6			(0.2)
Prior accident years before catastrophe losses		1.0			(1.8)			2.8	(2.6)			(1.3)			(1.3)
Prior accident years catastrophe losses		(0.8)			(0.6)			(0.2)	(0.2)			(0.6)			0.4
Loss and loss expense ratio		60.3		%	68.8		%	(8.5)	65.4		%	68.6		%	(3.2)

Current accident year combined ratio before
catastrophe losses		90.7		%	91.1		%	(0.4)	91.6		%	93.5		%	(1.9)

•5% and 4% growth in fourth-quarter and full-year 2023 commercial lines net written premiums, primarily due to higher agency renewal written premiums. Fourth-quarter and full-year 2023 commercial lines average renewal pricing increased near the low end of the high-single-digit percent range, with the fourth-quarter increase similar to third-quarter 2023.

•18% or $23 million increase in fourth-quarter 2023 new business written premiums, as we continue to carefully underwrite each policy in a highly competitive market.

•3% or $16 million decrease in full-year 2023 new business written by agencies, including an increase of $34 million from agencies appointed since the beginning of 2022.

•6.7 percentage-point fourth-quarter 2023 combined ratio improvement, compared with 2022, including a decrease of 9.1 points for losses from catastrophes.

•3.0 percentage-point full-year 2023 combined ratio improvement, despite an increase of 0.2 points for losses from catastrophes.

•2.8 percentage-point full-year 2023 benefit from favorable prior accident year reserve development of $123 million, compared with 1.9 points or $76 million of favorable development for full-year 2022. Full-year 2023 included $15 million of unfavorable development for our commercial casualty line of business.

•0.2 percentage-point fourth-quarter 2023 unfavorable prior accident year reserve development of $2 million, compared with 2.4 points or $25 million of favorable development for fourth-quarter 2022. Fourth-quarter 2023 included unfavorable development for commercial casualty, which had loss and loss expenses emerging at a level higher than expected for older accident years, partially offset by favorable development for our workers’ compensation, commercial property and commercial auto lines of business.

•2.1 percentage-point improvement, to 60.8%, for the full-year 2023 ratio of current accident year losses and loss expenses before catastrophes, including a decrease of 0.2 points in the ratio for current accident year losses of $2 million or more per claim.

CINF 4Q23 Release 4

Personal Lines Insurance Results


(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2023			2022			% Change	2023			2022			% Change
Earned premiums		$	560		$	443		26	$	2,044		$	1,689		21
Fee revenues		1			1			0	4			4			0
Total revenues		561			444			26	2,048			1,693			21

Loss and loss expenses		304			288			6	1,442			1,166			24
Underwriting expenses		169			136			24	610			509			20
Underwriting profit (loss)		$	88		$	20		340	$	(4)		$	18		nm

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		54.3		%	65.0		%	(10.7)	70.5		%	69.1		%	1.4
Underwriting expenses		30.4			30.7			(0.3)	29.9			30.1			(0.2)
Combined ratio		84.7		%	95.7		%	(11.0)	100.4		%	99.2		%	1.2

								% Change							% Change
Agency renewal written premiums		$	486		$	393		24	$	1,957		$	1,601		22
Agency new business written premiums		109			75			45	416			296			41
Other written premiums		(16)			(23)			30	(71)			(66)			(8)
Net written premiums		$	579		$	445		30	$	2,302		$	1,831		26

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		51.5		%	56.6		%	(5.1)	56.4		%	58.7		%	(2.3)
Current accident year catastrophe losses		4.6			9.4			(4.8)	17.3			14.0			3.3
Prior accident years before catastrophe losses		(1.4)			(0.3)			(1.1)	(1.0)			(1.0)			0.0
Prior accident years catastrophe losses		(0.4)			(0.7)			0.3	(2.2)			(2.6)			0.4
Loss and loss expense ratio		54.3		%	65.0		%	(10.7)	70.5		%	69.1		%	1.4

Current accident year combined ratio before
catastrophe losses		81.9		%	87.3		%	(5.4)	86.3		%	88.8		%	(2.5)

•30% and 26% growth in fourth-quarter and full-year 2023 personal lines net written premiums, including higher renewal written premiums that benefited from fourth-quarter 2023 rate increases in the high-single-digit percent range. Cincinnati Private ClientSM full-year 2023 net written premiums from our agencies’ high net worth clients grew 37%, to $1.257 billion.

•45% and 41% increase in fourth-quarter and full-year 2023 new business premiums written by agencies, including higher amounts for middle-market and private client personal lines with both benefiting from higher rates and expanded use of enhanced pricing precision tools. The total for Cincinnati Private Client increases in new business written premiums was $10 million for the fourth quarter and $42 million for full-year 2023.

•11.0 percentage-point fourth-quarter 2023 combined ratio improvement, compared with 2022, including a decrease of 4.5 points for losses from catastrophes.

•1.2 percentage-point full-year 2023 combined ratio increase, including an increase of 3.7 points for losses from catastrophes.

•1.8 and 3.2 percentage-point fourth-quarter and full-year 2023 benefit from favorable prior accident year reserve development of $10 million and $64 million, compared with 1.0 point or $5 million for fourth-quarter 2022 and 3.6 points or $61 million of favorable development for full-year 2022.

•2.3 percentage-point improvement, to 56.4%, for the full-year 2023 ratio of current accident year losses and loss expenses before catastrophes, including a decrease of 0.8 points in the ratio for current accident year losses of $2 million or more per claim.

CINF 4Q23 Release 5

Excess and Surplus Lines Insurance Results


(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2023			2022			% Change	2023			2022			% Change
Earned premiums		$	148		$	124		19	$	542		$	485		12
Fee revenues		1			—			nm	3			2			50
Total revenues		149			124			20	545			487			12

Loss and loss expenses		93			89			4	350			315			11
Underwriting expenses		40			31			29	141			124			14
Underwriting profit		$	16		$	4		300	$	54		$	48		13

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		62.6		%	71.6		%	(9.0)	64.5		%	64.8		%	(0.3)
Underwriting expenses		27.2			24.7			2.5	26.1			25.6			0.5
Combined ratio		89.8		%	96.3		%	(6.5)	90.6		%	90.4		%	0.2

								% Change							% Change
Agency renewal written premiums		$	112		$	95		18	$	428		$	392		9
Agency new business written premiums		48			33			45	177			136			30
Other written premiums		(10)			(6)			(67)	(35)			(26)			(35)
Net written premiums		$	150		$	122		23	$	570		$	502		14

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		60.5		%	66.4		%	(5.9)	65.9		%	65.7		%	0.2
Current accident year catastrophe losses		0.5			1.6			(1.1)	0.7			1.0			(0.3)
Prior accident years before catastrophe losses		1.4			3.8			(2.4)	(2.0)			(1.7)			(0.3)
Prior accident years catastrophe losses		0.2			(0.2)			0.4	(0.1)			(0.2)			0.1
Loss and loss expense ratio		62.6		%	71.6		%	(9.0)	64.5		%	64.8		%	(0.3)

Current accident year combined ratio before
catastrophe losses		87.7		%	91.1		%	(3.4)	92.0		%	91.3		%	0.7

•23% and 14% growth in fourth-quarter and full-year 2023 excess and surplus lines net written premiums, including fourth-quarter 2023 renewal price increases averaging in the high-single-digit percent range.

•45% and 30% increase in fourth-quarter and full-year 2023 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•6.5 percentage-point improvement in the fourth-quarter 2023 combined ratio, primarily due to a decrease of 5.9 points from current accident year loss and loss expenses before catastrophes.

•0.2 percentage-point full-year 2023 combined ratio increase, with improved overall loss experience offset by an increase of 0.5 points in the underwriting expense ratio.

•1.6 percentage-point fourth-quarter 2023 unfavorable prior accident year reserve development of $3 million, compared with 3.6 points or $4 million of unfavorable development for fourth-quarter 2022.

•2.1 percentage-point full-year 2023 favorable prior accident year reserve development of $11 million, compared with 1.9 points or $9 million of favorable development for full-year 2022.

•0.2 percentage-point increase, to 65.9%, for the full-year 2023 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 5.7 points for the portion estimated as reserves for claims incurred but not reported (IBNR) and a decrease of 5.5 points for the case incurred portion.

CINF 4Q23 Release 6

Life Insurance Subsidiary Results


(Dollars in millions)	Three months ended December 31,						Twelve months ended December 31,
		2023		2022		% Change	2023		2022		% Change
Term life insurance		$	57	$	55	4	$	227	$	220	3
Whole life insurance		13		12		8	50		46		9
Universal life and other		10		8		25	36		35		3
Earned premiums		80		75		7	313		301		4
Investment income, net of expenses		47		44		7	184		171		8
Investment gains and losses, net		(8)		(1)		nm	(9)		(2)		350
Fee revenues		2		—		nm	10		4		150
Total revenues		121		118		3	498		474		5
Contract holders’ benefits incurred		86		75		15	316		303		4
Underwriting expenses incurred		23		21		10	87		84		4
Total benefits and expenses		109		96		14	403		387		4
Net income before income tax		12		22		(45)	95		87		9
Income tax		2		8		(75)	20		22		(9)
Net income of the life insurance subsidiary		$	10	$	14	(29)	$	75	$	65	15

•$12 million or 4% increase in full-year 2023 earned premiums, including a 3% increase for term life insurance, our largest life insurance product line.

•$10 million or 15% increase in full-year 2023 life insurance subsidiary net income, reflecting higher investment income and other improvements in operating results.

•$104 million or 10% full-year 2023 increase to $1.124 billion in GAAP shareholders’ equity for The Cincinnati Life Insurance Company, primarily from net income and an increase in unrealized investment gains on fixed-maturity securities, partially offset by the impact of a decrease in market value discount rates on life policy and investment contract reserves.

CINF 4Q23 Release 7

Investment and Balance Sheet Highlights

Investments Results


(Dollars in millions)	Three months ended December 31,							Twelve months ended December 31,
	2023			2022			% Change	2023			2022			% Change
Investment income, net of expenses	$	239		$	208		15	$	894		$	781		14
Investment interest credited to contract holders	(30)			(27)			(11)	(121)			(109)			(11)
Investment gains and losses, net	1,043			1,027			2	1,127			(1,467)			nm
Investment profit (loss)	$	1,252		$	1,208		4	$	1,900		$	(795)		nm

Investment income:
Interest	$	159		$	134		19	$	600		$	510		18
Dividends	77			72			7	282			275			3
Other	7			5			40	25			11			127
Less investment expenses	4			3			33	13			15			(13)
Investment income, pretax	239			208			15	894			781			14
Less income taxes	39			33			18	145			123			18
Total investment income, after-tax	$	200		$	175		14	$	749		$	658		14

Investment returns:
Average invested assets plus cash and cash equivalents	$	26,174		$	23,843			$	25,685		$	24,775
Average yield pretax	3.65		%	3.49		%		3.48		%	3.15		%
Average yield after-tax	3.06			2.94				2.92			2.66
Effective tax rate	16.3		%	15.8		%		16.2		%	15.8		%
Fixed-maturity returns:
Average amortized cost	$	14,206		$	12,896			$	13,670		$	12,605
Average yield pretax	4.48		%	4.16		%		4.39		%	4.05		%
Average yield after-tax	3.68			3.44				3.62			3.35
Effective tax rate	17.7		%	17.2		%		17.5		%	17.1		%

•$31 million or 15% rise in fourth-quarter 2023 pretax investment income, including 19% growth in interest income and 7% growth in equity portfolio dividends.

•$1.680 billion fourth-quarter and $1.404 billion full-year 2023 increase in 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,				Twelve months ended December 31,
	2023		2022		2023		2022
Investment gains and losses on equity securities sold, net	$	7	$	4	$	(17)	$	16
Unrealized gains and losses on equity securities still held, net	1,043		1,020		1,168		(1,526)
Investment gains and losses on fixed-maturity securities, net	(16)		(6)		(22)		(3)
Other	9		9		(2)		46
Subtotal - investment gains and losses reported in net income	1,043		1,027		1,127		(1,467)

Change in unrealized investment gains and losses - fixed maturities	637		231		277		(1,639)
Total	$	1,680	$	1,258	$	1,404	$	(3,106)

CINF 4Q23 Release 8

Balance Sheet Highlights


(Dollars in millions except share data)	At December 31,			At December 31,
	2023			2022
Total investments	$	25,357		$	22,425
Total assets	32,769			29,732
Short-term debt	25			50
Long-term debt	790			789
Shareholders’ equity	12,098			10,562
Book value per share	77.06			67.21
Debt-to-total-capital ratio	6.3		%	7.4		%

•$26.264 billion in consolidated cash and invested assets at December 31, 2023, an increase of 11% from $23.689 billion at year-end 2022.

•$13.791 billion bond portfolio at December 31, 2023, with an average rating of A2/A. Fair value increased $948 million during the fourth quarter of 2023, including $391 million in net purchases of fixed-maturity securities.

•$10.989 billion equity portfolio was 43.3% of total investments, including $6.707 billion in appreciated value before taxes at December 31, 2023. Fair value increased $958 million during the fourth quarter of 2023, including $75 million in net sales of equity securities.

•$9.34 fourth-quarter 2023 increase in book value per share, including an addition of $2.29 from net income before investment gains and $8.41 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities, partially offset by $0.75 from dividends declared to shareholders and $0.61 for other items.

•Value creation ratio of 19.5% for full-year 2023, including 9.1% from net income before investment gains, which includes underwriting and investment income, 10.5% from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities, including 8.6% from our stock portfolio and 1.9% from our bond portfolio, in addition to negative 0.1% 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: Street Address:

P.O. Box 145496 6200 South Gilmore Road

Cincinnati, Ohio 45250-5496 Fairfield, Ohio 45014-5141

CINF 4Q23 Release 9

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 2022 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:

•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:

•The continuing duration of the pandemic and governmental actions to limit the spread of the virus that may produce additional economic losses

•The number of policyholders that will ultimately submit claims or file lawsuits

•The lack of submitted proofs of loss for allegedly covered claims

•Judicial rulings in similar litigation involving other companies in the insurance industry

•Differences in state laws and developing case law

•Litigation trends, including varying legal theories advanced by policyholders

•Whether and to what degree any class of policyholders may be certified

•The inherent unpredictability of litigation

•Effects of any future pandemic, or the resurgence of the COVID-19 pandemic, that could affect results for reasons such as:

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

•An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses

•An unusually high level of insurance losses, including risk of court decisions extending business interruption insurance in commercial property coverage forms to cover claims for pure economic loss related to such pandemic

•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

•Inability of our workforce, agencies or vendors to perform necessary business functions

•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

•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

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

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

•Interest rate fluctuations or other factors that could significantly affect:

•Our ability to generate growth in investment income

•Values of our fixed-maturity investments, including accounts in which we hold bank-owned life insurance contract assets

•Our traditional life policy reserves

•Domestic and global events, such as Russia’s invasion of Ukraine, war in the Middle East and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:

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

•Significant decline in investment income due to reduced or eliminated dividend payouts from a particular security or group of securities

•Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati Global

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

CINF 4Q23 Release 10

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

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

•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

•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

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

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

•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 business volumes and profitability

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

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

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

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

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

•Downgrades of our financial strength ratings

•Concerns that doing business with us is too difficult

•Perceptions that our level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace

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

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

•Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates

•Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules and regulations

•Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business

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

•Increase our provision for federal income taxes due to changes in tax law

•Increase our other expenses

•Limit our ability to set fair, adequate and reasonable rates

•Place us at a disadvantage in the marketplace

•Restrict our ability to execute our business model, including the way we compensate agents

•Adverse outcomes from litigation or administrative proceedings, including effects of social inflation and third-party litigation funding on the size of litigation awards

•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

CINF 4Q23 Release 11

•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

•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

•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.

* * *

CINF 4Q23 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets (unaudited)


(Dollars in millions except per share data)	December 31,		December 31,
	2023		2022
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2023—$14,361; 2022—$12,979)	$	13,791	$	12,132
Equity securities, at fair value (cost: 2023—$4,282; 2022—$4,294)	10,989		9,841

Other invested assets	577		452
Total investments	25,357		22,425
Cash and cash equivalents	907		1,264
Investment income receivable	192		160
Finance receivable	108		92
Premiums receivable	2,592		2,322
Reinsurance recoverable	651		665
Prepaid reinsurance premiums	55		51
Deferred policy acquisition costs	1,093		1,013
Land, building and equipment, net, for company use (accumulated depreciation: 2023—$337; 2022—$322)	208		202
Other assets	681		646
Separate accounts	925		892
Total assets	$	32,769	$	29,732
Liabilities
Insurance reserves
Loss and loss expense reserves	$	9,050	$	8,400
Life policy and investment contract reserves	3,068		3,015
Unearned premiums	4,119		3,689
Other liabilities	1,311		1,229
Deferred income tax	1,324		1,054
Note payable	25		50
Long-term debt and lease obligations	849		841
Separate accounts	925		892
Total liabilities	20,671		19,170



Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2023 and 2022—500 million shares; issued: 2023 and 2022—198.3 million shares)	397		397
Paid-in capital	1,437		1,392
Retained earnings	13,084		11,711
Accumulated other comprehensive income	(435)		(614)
Treasury stock at cost (2023—41.3 million shares and 2022—41.2 million shares)	(2,385)		(2,324)
Total shareholders' equity	$	12,098	$	10,562
Total liabilities and shareholders' equity	$	32,769	$	29,732

CINF 4Q23 Release 13

Cincinnati Financial Corporation

Condensed Consolidated Statements of Income (unaudited)



(Dollars in millions except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2023		2022		2023		2022
Revenues
Earned premiums	$	2,064	$	1,875	$	7,958	$	7,225
Investment income, net of expenses	239		208		894		781
Investment gains and losses, net	1,043		1,027		1,127		(1,467)
Fee revenues	5		2		21		14
Other revenues	5		3		13		10
Total revenues	3,356		3,115		10,013		6,563

Benefits and Expenses
Insurance losses and contract holders’ benefits	1,204		1,247		5,274		5,019
Underwriting, acquisition and insurance expenses	640		558		2,384		2,162
Interest expense	14		13		54		53
Other operating expenses	8		10		25		23
Total benefits and expenses	1,866		1,828		7,737		7,257

Income (Loss) Before Income Taxes	1,490		1,287		2,276		(694)

Provision (Benefit) for Income Taxes
Current	86		58		210		148
Deferred	221		216		223		(355)
Total (benefit) provision for income taxes	307		274		433		(207)

Net Income (Loss)	$	1,183	$	1,013	$	1,843	$	(487)

Per Common Share
Net income (loss)—basic	$	7.54	$	6.45	$	11.74	$	(3.06)
Net income (loss)—diluted	7.50		6.41		11.66		(3.06)

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

CINF 4Q23 Release 14

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

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

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

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

CINF 4Q23 Release 15

Cincinnati Financial Corporation


Net Income Reconciliation

(Dollars in millions except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2023		2022		2023		2022
Net income (loss)	$	1,183	$	1,013	$	1,843	$	(487)
Less:
Investment gains and losses, net	1,043		1,027		1,127		(1,467)
Income tax on investment gains and losses	(219)		(216)		(236)		308
Investment gains and losses, after-tax	824		811		891		(1,159)

Non-GAAP operating income	$	359	$	202	$	952	$	672

Diluted per share data:
Net income (loss)	$	7.50	$	6.41	$	11.66	$	(3.06)
Less:
Investment gains and losses, net	6.61		6.49		7.13		(9.24)
Income tax on investment gains and losses	(1.39)		(1.36)		(1.50)		1.94
Investment gains and losses, after-tax	5.22		5.13		5.63		(7.30)

Non-GAAP operating income	$	2.28	$	1.28	$	6.03	$	4.24


Life Insurance Reconciliation

(Dollars in millions)	Three months ended December 31,				Twelve months ended December 31,
	2023		2022		2023		2022
Net income of life insurance subsidiary	$	10	$	14	$	75	$	65
Investment gains and losses, net	(8)		(1)		(9)		(2)
Income tax on investment gains and losses	(2)		—		(2)		—
Non-GAAP operating income	16		15		82		67

Investment income, net of expenses	(47)		(44)		(184)		(171)
Investment income credited to contract holders	30		27		121		109
Income tax excluding tax on investment gains and losses, net	4		8		22		22
Life insurance segment profit	$	3	$	6	$	41	$	27

CINF 4Q23 Release 16


Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended December 31, 2023
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	1,920		$	1,060		$	579		$	150		$	131
Unearned premiums change		64			20			(19)			(2)			65
Earned premiums		$	1,984		$	1,080		$	560		$	148		$	196

Underwriting profit		$	252		$	85		$	88		$	16		$	63















(Dollars in millions)	Twelve months ended December 31, 2023
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	8,046		$	4,336		$	2,302		$	570		$	838
Unearned premiums change		(401)			(72)			(258)			(28)			(43)
Earned premiums		$	7,645		$	4,264		$	2,044		$	542		$	795

Underwriting profit (loss)		$	401		$	168		$	(4)		$	54		$	183









(Dollars in millions)	Three months ended December 31, 2022
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	1,694		$	1,007		$	445		$	122		$	120
Unearned premiums change		106			33			(2)			2			73
Earned premiums		$	1,800		$	1,040		$	443		$	124		$	193

Underwriting profit		$	93		$	13		$	20		$	4		$	56

(Dollars in millions)	Twelve months ended December 31, 2022
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	7,307		$	4,159		$	1,831		$	502		$	815
Unearned premiums change		(383)			(135)			(142)			(17)			(89)
Earned premiums		$	6,924		$	4,024		$	1,689		$	485		$	726

Underwriting profit		$	140		$	38		$	18		$	48		$	36






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.

CINF 4Q23 Release 17

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.

• 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,						Twelve months ended December 31,
	2023			2022			2023			2022
Book value change per share
Book value as originally reported December 31, 2022										$	67.01
Cumulative effect of change in accounting for long-duration insurance contracts, net of tax										0.20
Book value as adjusted December 31, 2022										$	67.21

Value creation ratio:
End of period book value*	$	77.06		$	67.01		$	77.06		$	67.01
Less beginning of period book value	67.72			60.01			67.01			81.72
Change in book value	9.34			7.00			10.05			(14.71)
Dividend declared to shareholders	0.75			0.69			3.00			2.76
Total value creation	$	10.09		$	7.69		$	13.05		$	(11.95)

Value creation ratio from change in book value**	13.8		%	11.7		%	15.0		%	(18.0)		%
Value creation ratio from dividends declared to shareholders***	1.1			1.1			4.5			3.4
Value creation ratio	14.9		%	12.8		%	19.5		%	(14.6)		%

* Book value per share is calculated by dividing end of period total shareholders’ equity by end of period shares outstanding
** Change in book value divided by the beginning of period book value
*** Dividend declared to shareholders divided by beginning of period book value

CINF 4Q23 Release 18

Cincinnati Financial Corporation

Supplemental Financial Data

for the Period Ending December 31, 2023

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

A.M. Best Company

Fitch Ratings

Moody's Investors Service

S&P Global Ratings

Cincinnati Financial Corporation

Corporate Debt

A-

BBB+

The Cincinnati Insurance Companies

Insurer Financial Strength

Property Casualty Group

Standard Market Subsidiaries:

A+

—

A+

The Cincinnati Insurance Company

A+

The Cincinnati Indemnity Company

A+

The Cincinnati Casualty Company

A+

Surplus Lines Subsidiary:

The Cincinnati Specialty Underwriters Insurance Company

A+

—

The Cincinnati Life Insurance Company

A+

—

A+

Ratings are as of February 5, 2024, 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 2023 Supplemental Financial Data


	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2023

		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3

Consolidated
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2023	4
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2023	5
	Five-Year Net Income Reconciliation and Key Metrics	6

Consolidated Property Casualty Insurance Operations

	Losses Incurred Detail	7
	Loss Ratio Detail	8
	Loss Claim Count Detail	9
	Direct Written Premiums by Risk State by Line of Business	10
	Quarterly Property Casualty Data – Commercial Lines	11
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	12
	Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2023	13
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2023	14

Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	15
	Quarterly Property Casualty Data – Commercial Lines	16
	Quarterly Property Casualty Data – Personal Lines	17
	Quarterly Property Casualty Data – Excess & Surplus Lines	18

Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	19
	The Cincinnati Life Insurance Company Statutory Statements of Income	20

Other
	Quarterly Data – Other	21

CINF Fourth-Quarter 2023 Supplemental Financial Data

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

Other Measures

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

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

CINF Fourth-Quarter 2023 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2023

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	7,976	$	—	$	—	$	—	$	7,976
Life	—		—		394		—		—		394
Premiums ceded	—		(331)		(81)		—		—		(412)
Total earned premium	—		7,645		313		—		—		7,958
Investment income, net of expenses	109		602		184		—		(1)		894
Investment gains and losses, net	644		492		(9)		—		—		1,127
Fee revenues	—		11		10		—		—		21
Other revenues	15		7		—		8		(17)		13
Total revenues	$	768	$	8,757	$	498	$	8	$	(18)	$	10,013

Benefits & expenses
Losses & contract holders' benefits	$	—	$	5,123	$	391	$	—	$	—	$	5,514
Reinsurance recoveries	—		(165)		(75)		—		—		(240)
Underwriting, acquisition and insurance expenses	—		2,297		87		—		—		2,384
Interest expense	52		—		—		3		(1)		54
Other operating expenses	38		1		—		3		(17)		25
Total expenses	$	90	$	7,256	$	403	$	6	$	(18)	$	7,737

Income before income taxes	$	678	$	1,501	$	95	$	2	$	—	$	2,276

Provision (benefit) for income taxes
Current operating income	$	(144)	$	88	$	30	$	—	$	—	$	(26)
Capital gains/losses	135		103		(2)		—		—		236
Deferred	143		88		(8)		—		—		223
Total provision for income taxes	$	134	$	279	$	20	$	—	$	—	$	433

Net income - current year	$	544	$	1,222	$	75	$	2	$	—	$	1,843

Net income (loss) - prior year	$	(599)	$	43	$	65	$	4	$	—	$	(487)
*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.
CLIC and Total Net income (loss) - prior year have been adjusted due to the adoption of an accounting standards update for long-duration contracts.

CINF Fourth-Quarter 2023 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2023

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	2,063	$	—	$	—	$	—	$	2,063
Life	—		—		101		—		—		101
Premiums ceded	—		(79)		(21)		—		—		(100)
Total earned premium	—		1,984		80		—		—		2,064
Investment income, net of expenses	34		159		47		—		(1)		239
Investment gains and losses, net	483		568		(8)		—		—		1,043
Fee revenues	—		3		2		—		—		5
Other revenues	4		3		—		3		(5)		5
Total revenues	$	521	$	2,717	$	121	$	3	$	(6)	$	3,356

Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,123	$	102	$	—	$	—	$	1,225
Reinsurance recoveries	—		(5)		(16)		—		—		(21)
Underwriting, acquisition and insurance expenses	—		617		23		—		—		640
Interest expense	13		—		—		2		(1)		14
Other operating expenses	13		(1)		—		1		(5)		8
Total expenses	$	26	$	1,734	$	109	$	3	$	(6)	$	1,866

Income before income taxes	$	495	$	983	$	12	$	—	$	—	$	1,490

Provision (benefit) for income taxes
Current operating income	$	(105)	$	(37)	$	10	$	—	$	—	$	(132)
Capital gains/losses	101		119		(2)		—		—		218
Deferred	106		121		(6)		—		—		221
Total provision for income taxes	$	102	$	203	$	2	$	—	$	—	$	307

Net income - current year	$	393	$	780	$	10	$	—	$	—	$	1,183

Net income - prior year	$	275	$	723	$	14	$	1	$	—	$	1,013
*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.
CLIC and Total Net income - prior year have been adjusted due to the adoption of an accounting standards update for long-duration contracts.

CINF Fourth-Quarter 2023 Supplemental Financial Data


Cincinnati Financial Corporation
Five-Year Net Income Reconciliation and Key Metrics
(Dollars in millions except per share data)	Years ended December 31,
	2023			2022			2021			2020			2019
Net income (loss)	$	1,843		$	(487)		$	2,968		$	1,216		$	1,997
Less:
Investment gains and losses, net	1,127			(1,467)			2,409			865			1,650
Income tax on investment gains and losses	(236)			308			(506)			(182)			(347)
Investment gains and losses, after-tax	891			(1,159)			1,903			683			1,303

Non-GAAP operating income	$	952		$	672		$	1,065		$	533		$	694

Non-GAAP operating income: Five-year compound annual growth rate	11.6		%	8.1		%	15.8		%	(2.0)		%	9.5		%

Diluted per share data:
Net income (loss)	$	11.66		$	(3.06)		$	18.24		$	7.49		$	12.10
Less:
Investment gains and losses, net	7.13			(9.24)			14.80			5.33			10.00
Income tax on investment gains and losses	(1.50)			1.94			(3.11)			(1.12)			(2.10)
Investment gains and losses, after-tax	5.63			(7.30)			11.69			4.21			7.90

Non-GAAP operating income	$	6.03		$	4.24		$	6.55		$	3.28		$	4.20

Value creation ratio
Book value per share growth	15.0		%	(18.0)		%	21.9		%	10.7		%	25.9		%
Shareholder dividend declared as a percentage of beginning book value	4.5			3.4			3.8			4.0			4.6
Value creation ratio	19.5		%	(14.6)		%	25.7		%	14.7		%	30.5		%

Value creation ratio: Five-year average	15.2		%	11.2		%	18.7		%	16.5		%	14.2		%

Investment income, net of expenses	$	894		$	781		$	714		$	670		$	646
*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.
*Net income (loss) and Net income (loss) per diluted share have been adjusted due to the adoption of an accounting standards update for long-duration contracts for 2022 and 2021.

CINF Fourth-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/23		9/30/23		6/30/23		3/31/23		12/31/22		9/30/22		6/30/22		3/31/22		6/30/23		6/30/22		9/30/23		9/30/22		12/31/23		12/31/22
Consolidated
Current accident year losses greater than $5,000,000	$	38	$	24	$	43	$	36	$	44	$	38	$	38	$	23	$	79	$	61	$	103	$	99	$	141	$	143
Current accident year losses $2,000,000-$5,000,000	42		52		35		15		19		41		36		39		50		75		102		116		144		135
Large loss prior accident year reserve development	34		32		19		9		(17)		16		22		9		28		31		60		47		94		30
Total large losses incurred	$	114	$	108	$	97	$	60	$	46	$	95	$	96	$	71	$	157	$	167	$	265	$	262	$	379	$	308
Losses incurred but not reported	122		150		96		179		136		131		74		36		324		110		474		241		596		377
Other losses excluding catastrophe losses	665		639		675		641		681		700		705		651		1,267		1,356		1,906		2,056		2,571		2,737
Catastrophe losses	20		170		217		227		134		246		208		24		444		232		614		478		634		612
Total losses incurred	$	921	$	1,067	$	1,085	$	1,107	$	997	$	1,172	$	1,083	$	782	$	2,192	$	1,865	$	3,259	$	3,037	$	4,180	$	4,034
Commercial Lines
Current accident year losses greater than $5,000,000	$	33	$	18	$	28	$	30	$	34	$	30	$	15	$	16	$	58	$	31	$	76	$	61	$	109	$	95
Current accident year losses $2,000,000-$5,000,000	31		28		28		12		8		29		29		37		40		66		68		95		99		103
Large loss prior accident year reserve development	37		30		19		3		(17)		14		22		7		22		29		52		43		89		26
Total large losses incurred	$	101	$	76	$	75	$	45	$	25	$	73	$	66	$	60	$	120	$	126	$	196	$	199	$	297	$	224
Losses incurred but not reported	86		88		29		125		108		97		61		38		154		99		242		196		328		304
Other losses excluding catastrophe losses	338		336		384		335		386		386		401		362		719		763		1,055		1,149		1,393		1,535
Catastrophe losses	3		67		115		106		96		44		124		11		221		135		288		179		291		275
Total losses incurred	$	528	$	567	$	603	$	611	$	615	$	600	$	652	$	471	$	1,214	$	1,123	$	1,781	$	1,723	$	2,309	$	2,338
Personal Lines
Current accident year losses greater than $5,000,000	$	5	$	6	$	15	$	6	$	10	$	8	$	23	$	7	$	21	$	30	$	27	$	38	$	32	$	48
Current accident year losses $2,000,000-$5,000,000	11		24		7		3		11		12		5		2		10		7		34		19		45		30
Large loss prior accident year reserve development	(2)		2		1		6		—		2		—		2		7		2		9		4		7		4
Total large losses incurred	$	14	$	32	$	23	$	15	$	21	$	22	$	28	$	11	$	38	$	39	$	70	$	61	$	84	$	82
Losses incurred but not reported	5		7		26		27		(2)		9		12		(14)		53		(2)		60		7		65		5
Other losses excluding catastrophe losses	218		210		194		187		190		185		187		176		381		363		591		548		809		738
Catastrophe losses	21		71		93		113		36		66		78		6		206		84		277		150		298		186
Total losses incurred	$	258	$	320	$	336	$	342	$	245	$	282	$	305	$	179	$	678	$	484	$	998	$	766	$	1,256	$	1,011
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current accident year losses $2,000,000-$5,000,000	—		—		—		—		—		—		2		—		—		2		—		2		—		2
Large loss prior accident year reserve development	(1)		—		(1)		—		—		—		—		—		(1)		—		(1)		—		(2)		—
Total large losses incurred	$	(1)	$	—	$	(1)	$	—	$	—	$	—	$	2	$	—	$	(1)	$	2	$	(1)	$	2	$	(2)	$	2
Losses incurred but not reported	16		16		20		27		30		25		1		12		47		13		63		38		79		68
Other losses excluding catastrophe losses	52		45		45		28		31		40		46		36		73		82		118		122		170		153
Catastrophe losses	1		(1)		2		1		2		(1)		2		1		3		3		2		2		3		4
Total losses incurred	$	68	$	60	$	66	$	56	$	63	$	64	$	51	$	49	$	122	$	100	$	182	$	164	$	250	$	227

*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.

CINF Fourth-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty
Loss Ratio Detail
	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/23		9/30/23		6/30/23		3/31/23		12/31/22		9/30/22		6/30/22		3/31/22		6/30/23		6/30/22		9/30/23		9/30/22		12/31/23		12/31/22
Consolidated
Current accident year losses greater than $5,000,000	1.9	%	1.2	%	2.4	%	1.9	%	2.4	%	2.1	%	2.2	%	1.4	%	2.2	%	1.8	%	1.8	%	1.9	%	1.9	%	2.1	%
Current accident year losses $2,000,000-$5,000,000	2.1		2.7		1.9		0.8		1.1		2.3		2.2		2.4		1.3		2.3		1.8		2.3		1.9		2.0
Large loss prior accident year reserve development	1.7		1.6		1.0		0.5		(0.9)		0.9		1.3		0.6		0.8		0.9		1.1		0.9		1.2		0.4
Total large loss ratio	5.7	%	5.5	%	5.3	%	3.2	%	2.6	%	5.3	%	5.7	%	4.4	%	4.3	%	5.0	%	4.7	%	5.1	%	5.0	%	4.5	%
Losses incurred but not reported	6.2		7.6		5.2		9.7		7.6		7.2		4.4		2.2		8.7		3.3		8.4		4.7		7.8		5.5
Other losses excluding catastrophe losses	33.5		32.7		36.1		34.9		37.8		38.7		41.4		40.2		34.2		40.9		33.7		40.2		33.6		39.5
Catastrophe losses	1.0		8.7		11.6		12.3		7.4		13.6		12.3		1.5		12.0		7.0		10.8		9.3		8.3		8.8
Total loss ratio	46.4	%	54.5	%	58.2	%	60.1	%	55.4	%	64.8	%	63.8	%	48.3	%	59.2	%	56.2	%	57.6	%	59.3	%	54.7	%	58.3	%
Commercial Lines
Current accident year losses greater than $5,000,000	3.1	%	1.7	%	2.6	%	2.8	%	3.3	%	3.0	%	1.4	%	1.7	%	2.8	%	1.6	%	2.4	%	2.0	%	2.5	%	2.4	%
Current accident year losses $2,000,000-$5,000,000	2.8		2.6		2.7		1.1		0.7		2.8		3.0		3.8		1.9		3.3		2.1		3.3		2.3		2.6
Large loss prior accident year reserve development	3.4		2.8		1.8		0.3		(1.6)		1.3		2.2		0.7		1.0		1.5		1.6		1.4		2.1		0.6
Total large loss ratio	9.3	%	7.1	%	7.1	%	4.2	%	2.4	%	7.1	%	6.6	%	6.2	%	5.7	%	6.4	%	6.1	%	6.7	%	6.9	%	5.6	%
Losses incurred but not reported	8.0		8.3		2.7		11.8		10.4		9.4		6.1		4.0		7.2		5.1		7.6		6.6		7.7		7.6
Other losses excluding catastrophe losses	31.3		31.7		35.9		31.9		37.1		37.7		40.4		37.5		33.9		39.0		33.2		38.4		32.7		38.1
Catastrophe losses	0.3		6.3		10.8		10.0		9.3		4.2		12.5		1.2		10.4		6.9		9.0		6.0		6.8		6.8
Total loss ratio	48.9	%	53.4	%	56.5	%	57.9	%	59.2	%	58.4	%	65.6	%	48.9	%	57.2	%	57.4	%	55.9	%	57.7	%	54.1	%	58.1	%
Personal Lines
Current accident year losses greater than $5,000,000	1.0	%	1.1	%	3.0	%	1.3	%	2.1	%	1.9	%	5.7	%	1.7	%	2.2	%	3.7	%	1.8	%	3.1	%	1.6	%	2.8	%
Current accident year losses $2,000,000-$5,000,000	1.9		4.7		1.4		0.6		2.6		2.6		1.3		0.5		1.0		0.9		2.3		1.5		2.2		1.8
Large loss prior accident year reserve development	(0.4)		0.4		0.2		1.4		—		0.6		—		0.5		0.8		0.2		0.6		0.3		0.3		0.3
Total large loss ratio	2.5	%	6.2	%	4.6	%	3.3	%	4.7	%	5.1	%	7.0	%	2.7	%	4.0	%	4.8	%	4.7	%	4.9	%	4.1	%	4.9	%
Losses incurred but not reported	0.9		1.2		5.3		5.9		(0.3)		2.0		3.1		(3.6)		5.6		(0.2)		4.0		0.6		3.2		0.3
Other losses excluding catastrophe losses	38.7		39.9		39.4		40.2		42.8		43.0		44.8		44.0		39.7		44.5		39.9		44.0		39.5		43.7
Catastrophe losses	3.8		13.4		19.0		24.3		8.1		15.5		18.8		1.4		21.6		10.2		18.7		12.0		14.6		11.0
Total loss ratio	45.9	%	60.7	%	68.3	%	73.7	%	55.3	%	65.6	%	73.7	%	44.5	%	70.9	%	59.3	%	67.3	%	61.5	%	61.4	%	59.9	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $2,000,000-$5,000,000	—		—		—		—		0.1		—		1.6		—		—		0.8		—		0.6		—		0.4
Large loss prior accident year reserve development	(0.5)		—		(0.4)		(0.3)		—		—		—		—		(0.3)		—		(0.2)		—		(0.3)		—
Total large loss ratio	(0.5)	%	—	%	(0.4)	%	(0.3)	%	0.1	%	—	%	1.6	%	—	%	(0.3)	%	0.8	%	(0.2)	%	0.6	%	(0.3)	%	0.4	%
Losses incurred but not reported	10.9		11.9		15.2		21.3		24.4		20.0		0.7		10.6		18.0		5.4		15.9		10.5		14.6		14.0
Other losses excluding catastrophe losses	35.2		33.2		33.5		22.2		24.6		32.4		38.1		31.3		28.1		34.9		29.9		33.9		31.3		31.6
Catastrophe losses	0.6		(0.9)		1.3		1.1		1.3		(0.5)		1.1		1.1		1.2		1.1		0.5		0.6		0.5		0.8
Total loss ratio	46.2	%	44.2	%	49.6	%	44.3	%	50.4	%	51.9	%	41.5	%	43.0	%	47.0	%	42.2	%	46.1	%	45.6	%	46.1	%	46.8	%
*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.

CINF Fourth-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23	12/31/22	9/30/22	6/30/22	3/31/22	6/30/23	6/30/22	9/30/23	9/30/22	12/31/23	12/31/22
Consolidated
Current accident year reported losses greater than $5,000,000	5	4	6	5	7	6	6	3	11	9	15	15	22	22
Current accident year reported losses $2,000,000 - $5,000,000	17	19	11	5	13	15	15	15	16	28	35	42	49	51
Prior accident year reported losses on large losses	14	3	7	3	2	6	8	6	10	14	13	20	27	22
Non-Catastrophe reported losses on large losses total	36	26	24	13	22	27	29	24	37	51	63	77	98	95
Commercial Lines
Current accident year reported losses greater than $5,000,000	5	3	4	4	5	5	2	2	8	4	11	9	17	14
Current accident year reported losses $2,000,000 - $5,000,000	13	11	9	4	6	12	12	14	13	24	24	35	35	39
Prior accident year reported losses on large losses	14	3	7	2	2	6	8	5	9	13	12	19	26	21
Non-Catastrophe reported losses on large losses total	32	17	20	10	13	23	22	21	30	41	47	63	78	74
Personal Lines
Current accident year reported losses greater than $5,000,000	—	1	2	1	2	1	4	1	3	5	4	6	5	8
Current accident year reported losses $2,000,000 - $5,000,000	4	8	2	1	6	3	2	1	3	3	11	6	14	11
Prior accident year reported losses on large losses	—	—	—	1	—	—	—	1	1	1	1	1	1	1
Non-Catastrophe reported losses on large losses total	4	9	4	3	8	4	6	3	7	9	16	13	20	20
Excess & Surplus Lines
Current accident year reported losses greater than $5,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Current accident year reported losses $2,000,000 - $5,000,000	—	—	—	—	1	—	1	—	—	1	—	1	—	1
Prior accident year reported losses on large losses	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Non-Catastrophe reported losses on large losses total	—	—	—	—	1	—	1	—	—	1	—	1	—	1
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF Fourth-Quarter 2023 Supplemental Financial Data


Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2023
(Dollars in millions)	Commercial Lines										Personal Lines						E & S		Consolidated				Comm'l Change %	Personal Change %	E & S Change %	Consol Change %
Risk State	Comm Casualty		Comm Property		Comm Auto		Workers' Comp		Other Comm		Personal Auto		Home Owner		Other Personal		All Lines		2023		2022
																			Total		Total
OH	$	194.7	$	212.0	$	123.4	$	0.1	$	56.5	$	148.0	$	161.0	$	45.3	$	31.6	$	972.2	$	879.1	7.9	15.3	11.7	10.6
IL	74.2		77.8		38.9		31.3		21.2		56.7		65.9		17.9		37.2		421.0		371.4		1.9	38.6	19.0	13.4
NY	85.5		49.6		21.1		10.4		18.4		38.8		108.6		29.3		41.6		403.2		346.2		8.2	21.9	36.7	16.5
NC	66.6		98.9		37.4		12.4		22.5		35.3		44.9		11.7		24.6		354.3		325.1		7.7	12.4	9.3	9.0
GA	52.4		60.8		33.2		9.0		23.6		63.5		65.7		16.5		26.7		351.3		324.2		3.1	16.5	4.6	8.4
IN	65.3		67.4		38.7		20.8		19.5		33.6		44.4		9.6		19.9		319.1		295.7		4.7	18.2	2.5	7.9
PA	81.8		69.2		43.9		26.4		17.5		19.1		23.9		7.4		26.9		316.0		302.1		1.7	19.5	6.4	4.6
TX	61.8		28.7		39.5		4.1		16.5		30.6		52.1		12.9		45.0		291.2		262.5		(1.4)	44.2	3.3	10.9
MO	53.4		53.2		32.4		14.9		9.5		30.1		39.7		6.8		21.6		261.6		217.9		7.8	58.3	19.7	20.0
TN	52.8		62.9		33.3		7.4		15.8		21.7		35.8		8.5		16.3		254.6		228.4		6.0	25.1	25.0	11.5
MI	49.5		54.5		28.7		11.2		17.4		30.5		30.8		7.5		19.3		249.4		227.3		3.7	28.1	7.9	9.8
VA	52.8		47.4		33.6		13.1		17.4		18.2		21.7		6.9		12.3		223.6		206.1		5.0	19.8	18.3	8.5
AL	35.5		48.7		23.7		2.0		14.9		26.3		44.1		8.3		19.8		223.4		203.3		7.0	15.5	7.5	9.9
KY	39.0		48.5		31.6		3.9		15.1		27.6		31.8		6.8		11.3		215.5		194.9		6.8	18.9	13.2	10.6
CA	1.4		1.1		2.0		3.2		0.7		22.3		155.8		24.7		1.3		212.6		176.7		(12.1)	22.4	(10.4)	20.3
FL	43.0		15.6		31.4		3.6		13.0		11.5		36.4		16.3		39.4		210.3		195.9		(4.9)	29.7	14.8	7.4
WI	32.8		37.0		15.9		16.2		10.9		13.4		16.1		5.9		14.2		162.4		156.4		(1.7)	22.2	10.9	3.8
MN	29.0		33.5		10.4		6.6		9.0		13.1		20.2		4.8		15.8		142.5		143.4		(6.5)	10.1	12.1	(0.6)
MD	23.2		18.9		15.9		7.1		8.3		19.3		21.1		7.2		10.6		131.6		118.5		0.8	25.5	36.6	11.0
AZ	25.4		20.7		16.9		3.9		6.6		12.4		14.7		5.5		11.7		118.0		114.6		(4.9)	35.6	(11.0)	2.9
OR	37.8		19.7		23.9		0.4		6.7		6.6		5.2		1.4		13.1		114.7		104.4		5.3	39.8	19.1	9.8
WA	28.6		15.8		19.3		—		6.4		15.3		13.5		4.3		10.3		113.4		90.4		13.7	56.5	34.2	25.4
UT	23.3		18.1		15.2		1.9		6.2		12.1		11.4		2.1		16.4		106.6		97.9		0.7	33.9	12.0	8.9
CT	13.8		11.2		5.3		3.3		2.2		24.0		31.4		10.4		4.8		106.4		90.6		11.8	22.0	3.1	17.4
AR	17.7		27.3		20.2		2.3		5.2		9.0		13.2		3.3		8.0		106.3		93.5		8.9	28.3	17.3	13.6
MA	16.7		9.8		7.3		4.7		2.3		12.9		32.7		8.1		6.8		101.3		69.9		33.0	55.5	0.5	45.0
KS	21.9		22.1		14.4		4.8		5.4		8.3		13.1		2.5		5.4		98.0		84.2		7.7	48.9	24.2	16.4
MT	31.8		24.7		17.1		0.3		5.5		3.9		6.7		1.1		6.0		97.0		86.9		8.8	30.7	18.1	11.6
SC	16.6		18.1		10.4		3.5		5.4		11.8		15.4		2.8		11.0		94.9		87.5		(3.4)	30.8	25.4	8.4
CO	22.2		11.3		15.1		1.6		4.6		4.9		14.3		1.7		18.2		93.8		86.1		(1.1)	38.6	15.8	8.9
IA	19.7		23.7		8.2		6.5		7.6		5.6		8.0		1.6		5.7		86.6		84.9		(3.9)	30.5	16.3	1.9
NJ	13.2		10.3		5.0		2.7		3.8		8.8		14.5		6.9		9.2		74.3		57.0		23.8	30.3	63.9	30.4
ID	22.7		17.2		12.1		1.0		3.9		2.8		4.4		0.9		5.2		70.3		70.6		(3.0)	20.6	1.0	(0.4)
NE	13.2		15.2		9.1		4.8		3.3		0.6		1.4		0.3		6.6		54.5		50.3		5.2	10.2	35.5	8.4
WV	10.3		13.4		9.2		1.2		2.0		0.2		0.6		0.1		6.1		43.0		39.0		8.7	67.8	15.0	10.4
VT	7.8		9.1		4.0		4.0		3.0		2.2		4.0		0.7		2.5		37.4		35.8		3.2	18.8	(12.0)	4.5
NM	9.0		7.5		6.4		0.7		2.9		0.7		1.3		0.2		4.8		33.5		35.9		(12.4)	189.2	(1.4)	(6.7)
NH	6.0		6.9		3.3		2.0		1.8		2.7		4.2		1.2		2.6		30.8		25.2		18.5	27.8	32.9	22.0
DE	8.3		6.1		4.4		2.3		1.5		1.1		1.8		0.4		2.6		28.5		25.1		6.8	64.1	32.2	13.3
WY	6.2		5.5		4.3		—		1.3		0.2		1.2		0.2		2.7		21.6		17.8		14.3	89.2	51.4	21.5
SD	5.6		6.3		2.9		1.5		1.8		—		—		—		1.2		19.3		18.9		1.7	—	11.5	2.3
ND	4.2		5.2		2.5		—		2.0		1.0		1.3		0.4		1.3		17.8		18.8		(7.5)	7.2	(2.3)	(5.2)
DC	2.8		1.9		0.3		1.1		1.5		1.3		1.6		0.6		2.7		14.0		13.2		(7.2)	61.9	361.6	5.9
RI	0.3		0.5		0.4		0.5		0.1		1.2		4.4		1.5		1.6		10.6		5.9		51.3	65.5	67.6	79.6
NV	0.8		0.7		1.0		0.4		0.4		2.2		2.6		1.1		1.0		10.2		7.1		(4.0)	113.1	4.8	43.5
ME	1.1		0.7		0.3		0.7		0.3		0.6		2.4		0.4		0.7		7.3		4.0		27.8	267.5	32.2	85.4
All Other States	2.9		0.9		1.6		1.7		1.5		0.2		2.5		—		0.9		12.1		11.4		5.4	18.9	(14.4)	6.3
Total	$	1,484.7	$	1,415.7	$	875.3	$	261.4	$	422.9	$	811.9	$	1,247.8	$	314.0	$	604.4	$	7,438.0	$	6,702.0	4.3	25.2	14.4	11.2


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 *Total excludes Cincinnati Re, Cincinnati Global and other direct, such as assigned risk pools.

CINF Fourth-Quarter 2023 Supplemental Financial Data


Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23			12/31/22
Commercial casualty:
Net written premiums	$	361		$	331		$	378		$	404		$	353		$	326		$	376		$	389		$	782		$	765		$	1,114		$	1,091		$	1,475		$	1,444
Year over year change %-written premium	2		%	2		%	1		%	4		%	11		%	10		%	11		%	7		%	2		%	9		%	2		%	9		%	2		%	10		%
Earned premiums	$	366		$	365		$	373		$	377		$	370		$	360		$	350		$	336		$	750		$	686		$	1,115		$	1,046		$	1,481		$	1,416
Current accident year before catastrophe losses	69.6		%	68.3		%	70.5		%	72.6		%	72.4		%	73.7		%	75.0		%	65.6		%	71.6		%	70.4		%	70.5		%	71.6		%	70.3		%	71.8		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	14.0			—			(9.2)			(0.3)			(0.2)			6.4			(0.7)			1.4			(4.8)			0.3			(3.2)			2.4			1.0			1.7
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	83.6		%	68.3		%	61.3		%	72.3		%	72.2		%	80.1		%	74.3		%	67.0		%	66.8		%	70.7		%	67.3		%	74.0		%	71.3		%	73.5		%
Commercial property:
Net written premiums	$	338		$	344		$	335		$	316		$	297		$	309		$	308		$	297		$	650		$	606		$	994		$	915		$	1,332		$	1,212
Year over year change %-written premium	14		%	11		%	9		%	6		%	10		%	11		%	12		%	11		%	7		%	12		%	9		%	12		%	10		%	11		%
Earned premiums	$	331		$	321		$	312		$	299		$	290		$	292		$	280		$	274		$	611		$	554		$	933		$	846		$	1,264		$	1,136
Current accident year before catastrophe losses	44.4		%	45.2		%	43.4		%	49.0		%	42.5		%	47.4		%	54.5		%	52.4		%	46.1		%	53.4		%	45.8		%	51.3		%	45.5		%	49.1		%
Current accident year catastrophe losses	5.0			23.0			35.0			34.7			38.3			14.7			44.4			5.1			34.9			24.9			30.8			21.4			24.0			25.7
Prior accident years before catastrophe losses	(3.2)			(2.8)			(1.5)			(7.8)			(0.5)			(6.7)			0.6			(2.4)			(4.6)			(0.8)			(4.0)			(2.9)			(3.8)			(2.2)
Prior accident years catastrophe losses	(2.6)			(0.5)			(1.4)			2.4			(2.2)			(1.4)			(3.0)			0.5			0.5			(1.3)			0.2			(1.3)			(0.6)			(1.6)
Total loss and loss expense ratio	43.6		%	64.9		%	75.5		%	78.3		%	78.1		%	54.0		%	96.5		%	55.6		%	76.9		%	76.2		%	72.8		%	68.5		%	65.1		%	71.0		%
Commercial auto:
Net written premiums	$	207		$	199		$	233		$	239		$	201		$	194		$	226		$	237		$	472		$	463		$	671		$	657		$	878		$	858
Year over year change %-written premium	3		%	3		%	3		%	1		%	4		%	6		%	5		%	6		%	2		%	5		%	2		%	6		%	2		%	5		%
Earned premiums	$	218		$	216		$	214		$	213		$	215		$	213		$	210		$	205		$	428		$	415		$	644		$	627		$	862		$	842
Current accident year before catastrophe losses	65.0		%	70.1		%	68.3		%	73.5		%	72.6		%	78.8		%	66.5		%	67.0		%	70.9		%	66.7		%	70.6		%	70.8		%	69.2		%	71.3		%
Current accident year catastrophe losses	(1.1)			(0.8)			6.7			0.9			(2.4)			3.3			5.1			0.9			3.8			3.1			2.3			3.1			1.5			1.7
Prior accident years before catastrophe losses	(2.6)			0.7			(1.4)			2.7			3.6			7.5			2.8			(0.7)			0.7			1.1			0.6			3.3			(0.2)			3.3
Prior accident years catastrophe losses	—			—			(0.3)			(1.5)			—			—			(0.5)			(2.1)			(1.0)			(1.3)			(0.6)			(0.9)			(0.5)			(0.6)
Total loss and loss expense ratio	61.3		%	70.0		%	73.3		%	75.6		%	73.8		%	89.6		%	73.9		%	65.1		%	74.4		%	69.6		%	72.9		%	76.3		%	70.0		%	75.7		%
Workers' compensation:
Net written premiums	$	57		$	57		$	65		$	82		$	64		$	60		$	69		$	86		$	147		$	154		$	203		$	214		$	260		$	278
Year over year change %-written premium	(11)		%	(5)		%	(6)		%	(5)		%	8		%	13		%	—		%	(2)		%	(5)		%	(2)		%	(5)		%	2		%	(6)		%	3		%
Earned premiums	$	65		$	66		$	72		$	74		$	75		$	73		$	68		$	67		$	146		$	136		$	212		$	209		$	277		$	284
Current accident year before catastrophe losses	87.2		%	90.3		%	90.0		%	83.2		%	76.0		%	80.3		%	83.5		%	84.5		%	86.5		%	84.0		%	87.7		%	82.7		%	87.6		%	80.9		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(31.1)			(30.7)			(15.4)			(19.6)			(27.0)			(21.5)			(25.9)			(14.3)			(17.5)			(20.2)			(21.6)			(20.6)			(23.9)			(22.3)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	56.1		%	59.6		%	74.6		%	63.6		%	49.0		%	58.8		%	57.6		%	70.2		%	69.0		%	63.8		%	66.1		%	62.1		%	63.7		%	58.6		%
Other commercial:
Net written premiums	$	97		$	98		$	95		$	100		$	92		$	95		$	93		$	87		$	196		$	180		$	294		$	275		$	391		$	367
Year over year change %-written premium	5		%	3		%	2		%	15		%	15		%	13		%	18		%	12		%	9		%	15		%	7		%	14		%	7		%	14		%
Earned premiums	$	100		$	94		$	95		$	93		$	90		$	90		$	86		$	80		$	187		$	165		$	280		$	256		$	380		$	346
Current accident year before catastrophe losses	34.5		%	39.1		%	35.2		%	38.1		%	33.3		%	37.7		%	37.3		%	38.2		%	36.6		%	37.7		%	37.4		%	37.7		%	36.7		%	36.6		%
Current accident year catastrophe losses	—			0.2			0.1			—			—			0.1			0.1			—			0.1			0.1			0.1			0.1			0.1			0.1
Prior accident years before catastrophe losses	(4.0)			(5.8)			(0.8)			(2.5)			(4.7)			(4.3)			(7.4)			(2.9)			(1.6)			(5.3)			(3.0)			(4.9)			(3.3)			(4.9)
Prior accident years catastrophe losses	0.1			—			—			(0.1)			—			—			—			—			(0.1)			—			—			—			—			—
Total loss and loss expense ratio	30.6		%	33.5		%	34.5		%	35.5		%	28.6		%	33.5		%	30.0		%	35.3		%	35.0		%	32.5		%	34.5		%	32.9		%	33.5		%	31.8		%
*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.

CINF Fourth-Quarter 2023 Supplemental Financial Data


Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23			12/31/22
Personal auto:
Net written premiums	$	207		$	227		$	212		$	163		$	158		$	179		$	177		$	140		$	374		$	316		$	602		$	496		$	809		$	654
Year over year change %-written premium	31		%	27		%	20		%	16		%	12		%	8		%	7		%	3		%	18		%	5		%	21		%	6		%	24		%	8		%
Earned premiums	$	197		$	185		$	173		$	166		$	161		$	158		$	155		$	152		$	339		$	307		$	524		$	465		$	721		$	626
Current accident year before catastrophe losses	66.7		%	73.2		%	76.6		%	78.8		%	77.4		%	74.3		%	74.5		%	69.4		%	77.7		%	72.0		%	76.0		%	72.8		%	73.6		%	74.0		%
Current accident year catastrophe losses	(1.1)			(3.4)			8.9			4.2			(4.6)			15.9			6.1			1.4			6.6			3.7			3.1			7.9			1.9			4.6
Prior accident years before catastrophe losses	(1.3)			—			(4.1)			0.3			0.7			3.4			1.4			0.9			(1.9)			1.2			(1.2)			1.9			(1.3)			1.6
Prior accident years catastrophe losses	—			(0.1)			(0.7)			(2.7)			—			(0.1)			(0.6)			(4.7)			(1.7)			(2.7)			(1.1)			(1.8)			(0.8)			(1.3)
Total loss and loss expense ratio	64.3		%	69.7		%	80.7		%	80.6		%	73.5		%	93.5		%	81.4		%	67.0		%	80.7		%	74.2		%	76.8		%	80.8		%	73.4		%	78.9		%
Homeowner:
Net written premiums	$	298		$	339		$	330		$	222		$	226		$	255		$	260		$	181		$	552		$	441		$	890		$	695		$	1,188		$	921
Year over year change %-written premium	32		%	33		%	27		%	23		%	20		%	19		%	23		%	16		%	25		%	20		%	28		%	20		%	29		%	20		%
Earned premiums	$	289		$	271		$	251		$	232		$	220		$	213		$	202		$	195		$	484		$	397		$	755		$	609		$	1,044		$	829
Current accident year before catastrophe losses	42.2		%	45.0		%	47.4		%	46.5		%	42.1		%	47.3		%	54.8		%	45.9		%	46.9		%	50.4		%	46.3		%	49.3		%	45.1		%	47.4		%
Current accident year catastrophe losses	9.2			30.2			33.5			56.1			22.4			20.9			38.6			13.0			44.4			26.1			39.3			24.3			31.0			23.8
Prior accident years before catastrophe losses	(2.5)			(1.0)			0.7			(2.6)			0.2			1.6			(2.5)			(8.7)			(0.8)			(5.5)			(0.9)			(3.0)			(1.4)			(2.2)
Prior accident years catastrophe losses	(0.8)			(2.1)			(3.9)			(9.1)			(1.5)			(3.8)			(5.2)			(7.2)			(6.4)			(6.2)			(4.9)			(5.4)			(3.7)			(4.3)
Total loss and loss expense ratio	48.1		%	72.1		%	77.7		%	90.9		%	63.2		%	66.0		%	85.7		%	43.0		%	84.1		%	64.8		%	79.8		%	65.2		%	71.0		%	64.7		%
Other personal:
Net written premiums	$	74		$	80		$	87		$	63		$	61		$	68		$	73		$	53		$	151		$	127		$	231		$	195		$	305		$	256
Year over year change %-written premium	21		%	18		%	19		%	19		%	15		%	21		%	18		%	15		%	19		%	18		%	18		%	19		%	19		%	18		%
Earned premiums	$	74		$	71		$	69		$	66		$	62		$	60		$	56		$	55		$	134		$	111		$	205		$	172		$	279		$	234
Current accident year before catastrophe losses	48.3		%	55.7		%	56.7		%	58.9		%	54.1		%	63.8		%	64.6		%	47.2		%	57.7		%	56.0		%	57.1		%	58.7		%	54.7		%	57.5		%
Current accident year catastrophe losses	1.8			5.4			11.7			3.5			(0.1)			10.8			5.2			0.9			7.7			3.1			6.9			5.8			5.6			4.2
Prior accident years before catastrophe losses	2.2			1.0			2.3			(1.2)			(4.4)			(15.7)			1.4			4.6			0.6			3.0			0.7			(3.5)			1.1			(3.8)
Prior accident years catastrophe losses	(0.1)			(0.4)			0.7			1.3			(0.1)			0.4			0.4			0.4			1.0			0.3			0.5			0.4			0.3			0.3
Total loss and loss expense ratio	52.2		%	61.7		%	71.4		%	62.5		%	49.5		%	59.3		%	71.6		%	53.1		%	67.0		%	62.4		%	65.2		%	61.4		%	61.7		%	58.2		%

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23			12/31/22
Excess & Surplus:
Net written premiums	$	150		$	128		$	156		$	136		$	122		$	121		$	135		$	124		$	292		$	259		$	420		$	380		$	570		$	502
Year over year change %-written premium	23		%	6		%	16		%	10		%	13		%	16		%	17		%	25		%	13		%	21		%	11		%	19		%	14		%	18		%
Earned premiums	$	148		$	135		$	132		$	127		$	124		$	125		$	124		$	112		$	259		$	236		$	394		$	361		$	542		$	485
Current accident year before catastrophe losses	60.5		%	64.8		%	69.7		%	69.2		%	66.4		%	74.8		%	59.5		%	61.8		%	69.5		%	60.6		%	67.9		%	65.4		%	65.9		%	65.7		%
Current accident year catastrophe losses	0.5			(0.6)			1.4			1.5			1.6			(0.4)			1.2			1.5			1.4			1.3			0.8			0.8			0.7			1.0
Prior accident years before catastrophe losses	1.4			0.9			(4.7)			(6.2)			3.8			(5.9)			(0.4)			(4.6)			(5.4)			(2.4)			(3.3)			(3.6)			(2.0)			(1.7)
Prior accident years catastrophe losses	0.2			(0.2)			—			(0.3)			(0.2)			(0.1)			(0.1)			(0.4)			(0.1)			(0.2)			(0.2)			(0.2)			(0.1)			(0.2)
Total loss and loss expense ratio	62.6		%	64.9		%	66.4		%	64.2		%	71.6		%	68.4		%	60.2		%	58.3		%	65.4		%	59.3		%	65.2		%	62.4		%	64.5		%	64.8		%
*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.

CINF Fourth-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty Loss and Loss Expense Analysis

(Dollars in millions)							Change in		Change in		Change in		Total						Loss
	Paid		Paid loss		Total		case		IBNR		loss expense		change in		Case		IBNR		expense		Total
	losses		expense		paid		reserves		reserves		reserves		reserves		incurred		incurred		incurred		incurred
Gross loss and loss expense incurred for the twelve months ended December 31, 2023
Commercial casualty	$	606	$	173	$	779	$	(51)	$	267	$	70	$	286	$	555	$	267	$	243	$	1,065
Commercial property	896		77		973		61		(140)		10		(69)		957		(140)		87		904
Commercial auto	496		83		579		(32)		45		12		25		464		45		95		604
Workers' compensation	133		31		164		(3)		20		3		20		130		20		34		184
Other commercial	112		17		129		45		10		3		58		157		10		20		187
Total commercial lines	2,243		381		2,624		20		202		98		320		2,263		202		479		2,944

Personal auto	422		86		508		—		10		9		19		422		10		95		527
Homeowners	657		73		730		27		(16)		9		20		684		(16)		82		750
Other personal	126		9		135		2		33		1		36		128		33		10		171
Total personal lines	1,205		168		1,373		29		27		19		75		1,234		27		187		1,448

Excess & surplus lines	131		59		190		58		80		41		179		189		80		100		369
Other	283		14		297		(21)		86		—		65		262		86		14		362
Total property casualty	$	3,862	$	622	$	4,484	$	86	$	395	$	158	$	639	$	3,948	$	395	$	780	$	5,123

Ceded loss and loss expense incurred for the twelve months ended December 31, 2023
Commercial casualty	$	31	$	1	$	32	$	(25)	$	1	$	—	$	(24)	$	6	$	1	$	1	$	8
Commercial property	78		1		79		35		(33)		—		2		113		(33)		1		81
Commercial auto	1		—		1		—		—		—		—		1		—		—		1
Workers' compensation	10		—		10		(4)		1		—		(3)		6		1		—		7
Other commercial	22		—		22		36		2		—		38		58		2		—		60
Total commercial lines	142		2		144		42		(29)		—		13		184		(29)		2		157

Personal auto	2		—		2		(2)		(1)		—		(3)		—		(1)		—		(1)
Homeowners	17		—		17		5		(14)		—		(9)		22		(14)		—		8
Other personal	1		—		1		—		(2)		—		(2)		1		(2)		—		(1)
Total personal lines	20		—		20		3		(17)		—		(14)		23		(17)		—		6

Excess & surplus lines	7		—		7		10		2		—		12		17		2		—		19
Other	37		—		37		(17)		(37)		—		(54)		20		(37)		—		(17)
Total property casualty	$	206	$	2	$	208	$	38	$	(81)	$	—	$	(43)	$	244	$	(81)	$	2	$	165

Net loss and loss expense incurred for the twelve months ended December 31, 2023
Commercial casualty	$	575	$	172	$	747	$	(26)	$	266	$	70	$	310	$	549	$	266	$	242	$	1,057
Commercial property	818		76		894		26		(107)		10		(71)		844		(107)		86		823
Commercial auto	495		83		578		(32)		45		12		25		463		45		95		603
Workers' compensation	123		31		154		1		19		3		23		124		19		34		177
Other commercial	90		17		107		9		8		3		20		99		8		20		127
Total commercial lines	2,101		379		2,480		(22)		231		98		307		2,079		231		477		2,787

Personal auto	420		86		506		2		11		9		22		422		11		95		528
Homeowners	640		73		713		22		(2)		9		29		662		(2)		82		742
Other personal	125		9		134		2		35		1		38		127		35		10		172
Total personal lines	1,185		168		1,353		26		44		19		89		1,211		44		187		1,442

Excess & surplus lines	124		59		183		48		78		41		167		172		78		100		350
Other	246		14		260		(4)		123		—		119		242		123		14		379
Total property casualty	$	3,656	$	620	$	4,276	$	48	$	476	$	158	$	682	$	3,704	$	476	$	778	$	4,958

*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.

CINF Fourth-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty Loss and Loss Expense Analysis

(Dollars in millions)							Change in		Change in		Change in		Total						Loss
	Paid		Paid loss		Total		case		IBNR		loss expense		change in		Case		IBNR		expense		Total
	losses		expense		paid		reserves		reserves		reserves		reserves		incurred		incurred		incurred		incurred
Gross loss and loss expense incurred for the three months ended December 31, 2023
Commercial casualty	$	183	$	43	$	226	$	(19)	$	68	$	30	$	79	$	164	$	68	$	73	$	305
Commercial property	206		18		224		(69)		(17)		2		(84)		137		(17)		20		140
Commercial auto	134		21		155		(10)		(10)		(1)		(21)		124		(10)		20		134
Workers' compensation	39		9		48		(28)		16		(1)		(13)		11		16		8		35
Other commercial	36		4		40		(12)		4		—		(8)		24		4		4		32
Total commercial lines	598		95		693		(138)		61		30		(47)		460		61		125		646

Personal auto	112		22		134		11		(19)		(1)		(9)		123		(19)		21		125
Homeowners	134		20		154		(14)		(3)		2		(15)		120		(3)		22		139
Other personal	36		3		39		(9)		8		—		(1)		27		8		3		38
Total personal lines	282		45		327		(12)		(14)		1		(25)		270		(14)		46		302

Excess & surplus lines	38		17		55		23		17		8		48		61		17		25		103
Other	76		3		79		1		(8)		—		(7)		77		(8)		3		72
Total property casualty	$	994	$	160	$	1,154	$	(126)	$	56	$	39	$	(31)	$	868	$	56	$	199	$	1,123

Ceded loss and loss expense incurred for the three months ended December 31, 2023
Commercial casualty	$	8	$	1	$	9	$	(9)	$	(1)	$	—	$	(10)	$	(1)	$	(1)	$	1	$	(1)
Commercial property	23		—		23		(28)		—		—		(28)		(5)		—		—		(5)
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	3		—		3		(5)		1		—		(4)		(2)		1		—		(1)
Other commercial	15		1		16		(13)		(1)		—		(14)		2		(1)		1		2
Total commercial lines	49		2		51		(55)		(1)		—		(56)		(6)		(1)		2		(5)

Personal auto	1		—		1		(1)		(1)		—		(2)		—		(1)		—		(1)
Homeowners	4		—		4		(3)		(1)		—		(4)		1		(1)		—		—
Other personal	—		—		—		(1)		—		—		(1)		(1)		—		—		(1)
Total personal lines	5		—		5		(5)		(2)		—		(7)		—		(2)		—		(2)

Excess & surplus lines	4		—		4		5		1		—		6		9		1		—		10
Other	3		—		3		(2)		1		—		(1)		1		1		—		2
Total property casualty	$	61	$	2	$	63	$	(57)	$	(1)	$	—	$	(58)	$	4	$	(1)	$	2	$	5

Net loss and loss expense incurred for the three months ended December 31, 2023
Commercial casualty	$	175	$	42	$	217	$	(10)	$	69	$	30	$	89	$	165	$	69	$	72	$	306
Commercial property	183		18		201		(41)		(17)		2		(56)		142		(17)		20		145
Commercial auto	134		21		155		(10)		(10)		(1)		(21)		124		(10)		20		134
Workers' compensation	36		9		45		(23)		15		(1)		(9)		13		15		8		36
Other commercial	21		3		24		1		5		—		6		22		5		3		30
Total commercial lines	549		93		642		(83)		62		30		9		466		62		123		651

Personal auto	111		22		133		12		(18)		(1)		(7)		123		(18)		21		126
Homeowners	130		20		150		(11)		(2)		2		(11)		119		(2)		22		139
Other personal	36		3		39		(8)		8		—		—		28		8		3		39
Total personal lines	277		45		322		(7)		(12)		1		(18)		270		(12)		46		304

Excess & surplus lines	34		17		51		18		16		8		42		52		16		25		93
Other	73		3		76		3		(9)		—		(6)		76		(9)		3		70
Total property casualty	$	933	$	158	$	1,091	$	(69)	$	57	$	39	$	27	$	864	$	57	$	197	$	1,118

*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.

CINF Fourth-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23			12/31/22
Premiums
Agency renewal written premiums	$	1,534		$	1,549		$	1,643		$	1,535		$	1,396		$	1,390		$	1,482		$	1,397		$	3,178		$	2,879		$	4,727		$	4,269		$	6,261		$	5,665
Agency new business written premiums	310			313			303			251			238			264			286			244			554			530			867			794			1,177			1,032

Other written premiums	76			95			204			233			60			96			196			258			437			454			532			550			608			610
Net written premiums	$	1,920		$	1,957		$	2,150		$	2,019		$	1,694		$	1,750		$	1,964		$	1,899		$	4,169		$	3,863		$	6,126		$	5,613		$	8,046		$	7,307
Unearned premium change	64			—			(287)			(178)			106			59			(267)			(281)			(465)			(548)			(465)			(489)			(401)			(383)
Earned premiums	$	1,984		$	1,957		$	1,863		$	1,841		$	1,800		$	1,809		$	1,697		$	1,618		$	3,704		$	3,315		$	5,661		$	5,124		$	7,645		$	6,924
Year over year change %
Agency renewal written premiums	10		%	11		%	11		%	10		%	13		%	12		%	11		%	9		%	10		%	10		%	11		%	11		%	11		%	11		%
Agency new business written premiums	30			19			6			3			12			15			22			11			5			16			9			16			14			15

Other written premiums	27			(1)			4			(10)			(29)			50			34			31			(4)			32			(3)			35			—			24
Net written premiums	13			12			9			6			10			14			15			12			8			13			9			14			10			13
Paid losses and loss expenses
Losses paid	$	933		$	907		$	924		$	893		$	803		$	804		$	755		$	733		$	1,816		$	1,489		$	2,723		$	2,293		$	3,656		$	3,096
Loss expenses paid	158			151			157			153			154			144			137			157			311			293			462			437			620			591
Loss and loss expenses paid	$	1,091		$	1,058		$	1,081		$	1,046		$	957		$	948		$	892		$	890		$	2,127		$	1,782		$	3,185		$	2,730		$	4,276		$	3,687
Incurred losses and loss expenses
Loss and loss expense incurred	$	1,118		$	1,261		$	1,262		$	1,317		$	1,172		$	1,348		$	1,240		$	956		$	2,579		$	2,196		$	3,840		$	3,544		$	4,958		$	4,716
Loss and loss expenses paid as a % of incurred	97.6		%	83.9		%	85.7		%	79.4		%	81.7		%	70.3		%	71.9		%	93.1		%	82.5		%	81.1		%	82.9		%	77.0		%	86.2		%	78.2		%
Statutory combined ratio
Loss ratio	47.8		%	54.9		%	58.3		%	60.5		%	56.3		%	64.1		%	64.8		%	48.4		%	59.4		%	56.7		%	57.8		%	59.3		%	55.3		%	58.5		%
Loss adjustment expense ratio	10.3			10.3			9.7			11.6			9.9			10.0			9.5			10.9			10.7			10.2			10.6			10.1			10.5			10.1
Net underwriting expense ratio	31.3			29.1			27.7			27.5			30.6			29.3			28.1			28.7			27.6			28.4			28.1			28.7			28.8			29.1
US Statutory combined ratio	89.4		%	94.3		%	95.7		%	99.6		%	96.8		%	103.4		%	102.4		%	88.0		%	97.7		%	95.3		%	96.5		%	98.1		%	94.6		%	97.7		%
Contribution from catastrophe losses	1.8			8.7			12.3			12.7			7.6			13.0			13.0			1.7			12.5			7.5			11.2			9.4			8.8			8.9
Statutory combined ratio excl. catastrophe losses	87.6		%	85.6		%	83.4		%	86.9		%	89.2		%	90.4		%	89.4		%	86.3		%	85.2		%	87.8		%	85.3		%	88.7		%	85.8		%	88.8		%
GAAP combined ratio
GAAP combined ratio	87.5		%	94.4		%	97.6		%	100.7		%	94.9		%	103.9		%	103.2		%	89.9		%	99.2		%	96.7		%	97.5		%	99.2		%	94.9		%	98.1		%
Contribution from catastrophe losses	1.3			9.1			12.0			12.8			7.8			13.9			12.4			1.8			12.4			7.2			11.3			9.5			8.7			9.2
GAAP combined ratio excl. catastrophe losses	86.2		%	85.3		%	85.6		%	87.9		%	87.1		%	90.0		%	90.8		%	88.1		%	86.8		%	89.5		%	86.2		%	89.7		%	86.2		%	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. nm - Not meaningful Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF Fourth-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23			12/31/22
Premiums
Agency renewal written premiums	$	936		$	914		$	985		$	1,041		$	908		$	860		$	934		$	970		$	2,026		$	1,904		$	2,940		$	2,764		$	3,876		$	3,672
Agency new business written premiums	153			148			149			134			130			149			165			156			283			321			431			470			584			600
Other written premiums	(29)			(33)			(28)			(34)			(31)			(25)			(27)			(30)			(62)			(57)			(95)			(82)			(124)			(113)
Net written premiums	$	1,060		$	1,029		$	1,106		$	1,141		$	1,007		$	984		$	1,072		$	1,096		$	2,247		$	2,168		$	3,276		$	3,152		$	4,336		$	4,159
Unearned premium change	20			33			(40)			(85)			33			44			(78)			(134)			(125)			(212)			(92)			(168)			(72)			(135)
Earned premiums	$	1,080		$	1,062		$	1,066		$	1,056		$	1,040		$	1,028		$	994		$	962		$	2,122		$	1,956		$	3,184		$	2,984		$	4,264		$	4,024
Year over year change %
Agency renewal written premiums	3		%	6		%	5		%	7		%	12		%	11		%	10		%	8		%	6		%	9		%	6		%	9		%	6		%	10		%
Agency new business written premiums	18			(1)			(10)			(14)			(4)			3			13			8			(12)			10			(8)			8			(3)			5
Other written premiums	6			(32)			(4)			(13)			(29)			—			(29)			(25)			(9)			(27)			(16)			(17)			(10)			(20)
Net written premiums	5			5			3			4			9			10			10			8			4			9			4			9			4			9
Paid losses and loss expenses
Losses paid	$	549		$	490		$	550		$	513		$	432		$	491		$	446		$	458		$	1,063		$	905		$	1,552		$	1,396		$	2,101		$	1,829
Loss expenses paid	93			92			96			97			97			93			91			100			193			191			285			285			379			382
Loss and loss expenses paid	$	642		$	582		$	646		$	610		$	529		$	584		$	537		$	558		$	1,256		$	1,096		$	1,837		$	1,681		$	2,480		$	2,211
Incurred losses and loss expenses
Loss and loss expense incurred	$	651		$	680		$	708		$	748		$	715		$	710		$	750		$	586		$	1,456		$	1,336		$	2,136		$	2,046		$	2,787		$	2,761
Loss and loss expenses paid as a % of incurred	98.6		%	85.6		%	91.2		%	81.6		%	74.0		%	82.3		%	71.6		%	95.2		%	86.3		%	82.0		%	86.0		%	82.2		%	89.0		%	80.1		%
Statutory combined ratio
Loss ratio	48.9		%	53.4		%	56.5		%	57.9		%	59.2		%	58.4		%	65.5		%	48.9		%	57.2		%	57.4		%	55.9		%	57.8		%	54.1		%	58.1		%
Loss adjustment expense ratio	11.4			10.6			9.9			12.9			9.6			10.7			9.9			12.0			11.4			10.9			11.2			10.8			11.2			10.5
Net underwriting expense ratio	32.6			31.8			29.4			27.7			31.3			31.2			29.1			28.3			28.5			28.7			29.5			29.5			30.3			29.9
Statutory combined ratio	92.9		%	95.8		%	95.8		%	98.5		%	100.1		%	100.3		%	104.5		%	89.2		%	97.1		%	97.0		%	96.6		%	98.1		%	95.6		%	98.5		%
Contribution from catastrophe losses	0.5			6.7			11.1			10.4			9.6			4.5			12.6			1.4			10.7			7.1			9.4			6.2			7.2			7.0
Statutory combined ratio excl. catastrophe losses	92.4		%	89.1		%	84.7		%	88.1		%	90.5		%	95.8		%	91.9		%	87.8		%	86.4		%	89.9		%	87.2		%	91.9		%	88.4		%	91.5		%
GAAP combined ratio
GAAP combined ratio	92.2		%	95.2		%	96.9		%	100.4		%	98.9		%	99.0		%	106.3		%	92.3		%	98.6		%	99.4		%	97.5		%	99.3		%	96.2		%	99.2		%
Contribution from catastrophe losses	0.5			6.7			11.1			10.4			9.6			4.5			12.6			1.4			10.7			7.1			9.4			6.2			7.2			7.0
GAAP combined ratio excl. catastrophe losses	91.7		%	88.5		%	85.8		%	90.0		%	89.3		%	94.5		%	93.7		%	90.9		%	87.9		%	92.3		%	88.1		%	93.1		%	89.0		%	92.2		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23			12/31/22
Premiums
Agency renewal written premiums	$	486		$	542		$	541		$	388		$	393		$	437		$	438		$	333		$	929		$	771		$	1,471		$	1,208		$	1,957		$	1,601
Agency new business written premiums	109			122			106			79			75			81			88			52			185			140			307			221			416			296
Other written premiums	(16)			(18)			(18)			(19)			(23)			(16)			(16)			(11)			(37)			(27)			(55)			(43)			(71)			(66)
Net written premiums	$	579		$	646		$	629		$	448		$	445		$	502		$	510		$	374		$	1,077		$	884		$	1,723		$	1,386		$	2,302		$	1,831
Unearned premium change	(19)			(119)			(136)			16			(2)			(71)			(97)			28			(120)			(69)			(239)			(140)			(258)			(142)
Earned premiums	$	560		$	527		$	493		$	464		$	443		$	431		$	413		$	402		$	957		$	815		$	1,484		$	1,246		$	2,044		$	1,689
Year over year change %
Agency renewal written premiums	24		%	24		%	24		%	17		%	15		%	11		%	10		%	10		%	20		%	10		%	22		%	11		%	22		%	12		%
Agency new business written premiums	45			51			20			52			50			53			66			13			32			41			39			45			41			47
Other written premiums	30			(13)			(13)			(73)			(130)			(45)			(45)			(10)			(37)			(29)			(28)			(34)			(8)			(57)
Net written premiums	30			29			23			20			16			15			16			11			22			14			24			14			26			15
Paid losses and loss expenses
Losses paid	$	277		$	324		$	298		$	288		$	247		$	246		$	224		$	208		$	585		$	432		$	909		$	679		$	1,185		$	926
Loss expenses paid	45			39			44			40			39			35			32			40			85			71			123			106			168			145
Loss and loss expenses paid	$	322		$	363		$	342		$	328		$	286		$	281		$	256		$	248		$	670		$	503		$	1,032		$	785		$	1,353		$	1,071
Incurred losses and loss expenses
Loss and loss expense incurred	$	304		$	368		$	384		$	386		$	288		$	324		$	339		$	215		$	770		$	554		$	1,138		$	878		$	1,442		$	1,166
Loss and loss expenses paid as a % of incurred	105.9		%	98.6		%	89.1		%	85.0		%	99.3		%	86.7		%	75.5		%	115.3		%	87.0		%	90.8		%	90.7		%	89.4		%	93.8		%	91.9		%
Statutory combined ratio
Loss ratio	45.9		%	60.7		%	68.3		%	73.6		%	55.3		%	65.6		%	73.7		%	44.5		%	70.9		%	59.3		%	67.3		%	61.5		%	61.4		%	59.9		%
Loss adjustment expense ratio	8.4			9.2			9.6			9.6			9.7			9.6			8.4			9.0			9.6			8.7			9.4			9.0			9.2			9.2
Net underwriting expense ratio	30.0			26.3			25.5			30.0			30.6			26.7			26.4			32.2			27.4			28.8			27.0			28.0			27.7			28.6
Statutory combined ratio	84.3		%	96.2		%	103.4		%	113.2		%	95.6		%	101.9		%	108.5		%	85.7		%	107.9		%	96.8		%	103.7		%	98.5		%	98.3		%	97.7		%
Contribution from catastrophe losses	4.2			13.9			19.7			24.7			8.7			15.9			19.1			1.7			22.1			10.5			19.2			12.4			15.1			11.4
Statutory combined ratio excl. catastrophe losses	80.1		%	82.3		%	83.7		%	88.5		%	86.9		%	86.0		%	89.4		%	84.0		%	85.8		%	86.3		%	84.5		%	86.1		%	83.2		%	86.3		%
GAAP combined ratio
GAAP combined ratio	84.7		%	99.9		%	107.6		%	112.5		%	95.7		%	104.5		%	112.1		%	83.9		%	110.0		%	98.2		%	106.4		%	100.4		%	100.4		%	99.2		%
Contribution from catastrophe losses	4.2			13.9			19.7			24.7			8.7			15.9			19.1			1.7			22.1			10.5			19.2			12.4			15.1			11.4
GAAP combined ratio excl. catastrophe losses	80.5		%	86.0		%	87.9		%	87.8		%	87.0		%	88.6		%	93.0		%	82.2		%	87.9		%	87.7		%	87.2		%	88.0		%	85.3		%	87.8		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory 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 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23			12/31/22
Premiums
Agency renewal written premiums	$	112		$	93		$	117		$	106		$	95		$	93		$	110		$	94		$	223		$	204		$	316		$	297		$	428		$	392
Agency new business written premiums	48			43			48			38			33			34			33			36			86			69			129			103			177			136
Other written premiums	(10)			(8)			(9)			(8)			(6)			(6)			(8)			(6)			(17)			(14)			(25)			(20)			(35)			(26)
Net written premiums	$	150		$	128		$	156		$	136		$	122		$	121		$	135		$	124		$	292		$	259		$	420		$	380		$	570		$	502
Unearned premium change	(2)			7			(24)			(9)			2			4			(11)			(12)			(33)			(23)			(26)			(19)			(28)			(17)
Earned premiums	$	148		$	135		$	132		$	127		$	124		$	125		$	124		$	112		$	259		$	236		$	394		$	361		$	542		$	485
Year over year change %
Agency renewal written premiums	18		%	—		%	6		%	13		%	9		%	22		%	31		%	24		%	9		%	28		%	6		%	26		%	9		%	21		%
Agency new business written premiums	45			26			45			6			22			6			(8)			24			25			6			25			6			30			10
Other written premiums	(67)			(33)			(13)			(33)			—			(50)			(60)			—			(21)			(27)			(25)			(33)			(35)			(24)
Net written premiums	23			6			16			10			13			16			17			25			13			21			11			19			14			18
Paid losses and loss expenses
Losses paid	$	34		$	33		$	29		$	28		$	22		$	29		$	27		$	19		$	56		$	46		$	90		$	74		$	124		$	95
Loss expenses paid	17			16			14			12			14			13			11			12			27			24			43			36			59			50
Loss and loss expenses paid	$	51		$	49		$	43		$	40		$	36		$	42		$	38		$	31		$	83		$	70		$	133		$	110		$	183		$	145
Incurred losses and loss expenses
Loss and loss expense incurred	$	93		$	87		$	89		$	81		$	89		$	86		$	74		$	66		$	170		$	140		$	257		$	226		$	350		$	315
Loss and loss expenses paid as a % of incurred	54.8		%	56.3		%	48.3		%	49.4		%	40.4		%	48.8		%	51.4		%	47.0		%	48.8		%	50.0		%	51.8		%	48.7		%	52.3		%	46.0		%
Statutory combined ratio
Loss ratio	46.2		%	44.2		%	49.6		%	44.3		%	50.5		%	51.9		%	41.5		%	43.0		%	47.0		%	42.2		%	46.1		%	45.6		%	46.1		%	46.8		%
Loss adjustment expense ratio	16.5			20.6			16.9			19.9			21.1			16.5			18.7			15.2			18.4			17.1			19.1			16.9			18.4			18.0
Net underwriting expense ratio	27.7			26.6			24.3			24.4			27.1			27.5			26.1			27.1			24.4			26.5			25.1			26.8			25.7			26.9
Statutory combined ratio	90.4		%	91.4		%	90.8		%	88.6		%	98.7		%	95.9		%	86.3		%	85.3		%	89.8		%	85.8		%	90.3		%	89.3		%	90.2		%	91.7		%
Contribution from catastrophe losses	0.7			(0.8)			1.4			1.2			1.4			(0.5)			1.1			1.1			1.3			1.1			0.6			0.6			0.6			0.8
Statutory combined ratio excl. catastrophe losses	89.7		%	92.2		%	89.4		%	87.4		%	97.3		%	96.4		%	85.2		%	84.2		%	88.5		%	84.7		%	89.7		%	88.7		%	89.6		%	90.9		%
GAAP combined ratio
GAAP combined ratio	89.8		%	90.5		%	92.2		%	89.9		%	96.3		%	93.9		%	85.1		%	85.9		%	91.1		%	85.5		%	90.9		%	88.4		%	90.6		%	90.4		%
Contribution from catastrophe losses	0.7			(0.8)			1.4			1.2			1.4			(0.5)			1.1			1.1			1.3			1.1			0.6			0.6			0.6			0.8
GAAP combined ratio excl. catastrophe losses	89.1		%	91.3		%	90.8		%	88.7		%	94.9		%	94.4		%	84.0		%	84.8		%	89.8		%	84.4		%	90.3		%	87.8		%	90.0		%	89.6		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF Fourth-Quarter 2023 Supplemental Financial Data


Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended December 31,							For the Twelve Months Ended December 31,
(Dollars in millions)	2023		2022		Change		% Change	2023		2022		Change		% Change
Underwriting income
Net premiums written	$	1,855	$	1,641	$	214	13	$	7,766	$	7,077	$	689	10
Unearned premium change	(56)		(103)		47		46	387		359		28		8
Earned premiums	$	1,911	$	1,744	$	167	10	$	7,379	$	6,718	$	661	10

Losses incurred	$	913	$	983	$	(70)	(7)	$	4,076	$	3,931	$	145	4
Defense and cost containment expenses incurred	101		78		23		29	366		303		63		21
Adjusting and other expenses incurred	95		96		(1)		(1)	409		375		34		9
Other underwriting expenses incurred	581		500		81		16	2,235		2,054		181		9
Workers compensation dividend incurred	1		1		—		—	5		6		(1)		(17)
Total underwriting deductions	$	1,691	$	1,658	$	33	2	$	7,091	$	6,669	$	422	6

Net underwriting profit	$	220	$	86	$	134	156	$	288	$	49	$	239	488

Investment income
Gross investment income earned	$	153	$	133	$	20	15	$	577	$	511	$	66	13
Net investment income earned	149		130		19		15	568		500		68		14
Realized capital gains and losses, net	9		8		1		13	(67)		49		(116)		nm
Net investment gains	$	158	$	138	$	20	14	$	501	$	549	$	(48)	(9)

Other income	$	2	$	2	$	—	—	$	6	$	7	$	(1)	(14)

Net income before federal income taxes	$	380	$	226	$	154	68	$	795	$	605	$	190	31
Federal and foreign income taxes incurred	71		38		33		87	153		59		94		159
Net income (statutory)	$	309	$	188	$	121	64	$	642	$	546	$	96	18

Policyholders' surplus - statutory**	$	7,294	$	6,512	$	782	12	$	7,294	$	6,512	$	782	12

Fixed maturities at amortized cost - statutory	$	9,922	$	8,753	$	1,169	13	$	9,922	$	8,753	$	1,169	13
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. *Current year policyholders' surplus amount subject to change.

CINF Fourth-Quarter 2023 Supplemental Financial Data


The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended December 31,							For the Twelve Months Ended December 31,
(Dollars in millions)	2023		2022		Change		% Change	2023		2022		Change		% Change
Net premiums written	$	87	$	85	$	2	2	$	360	$	335	$	25	7
Net investment income	47		44		3		7	185		174		11		6

Commissions and expense allowances on reinsurance ceded	2		2		—		—	5		5		—		—
Income from fees associated with separate accounts	3		—		3		nm	10		4		6		150
Total revenues	$	139	$	131	$	8	6	$	560	$	518	$	42	8

Death benefits and matured endowments	$	44	$	41	$	3	7	$	166	$	172	$	(6)	(3)
Annuity benefits	37		31		6		19	145		80		65		81
Disability benefits and benefits under accident and health contracts	1		1		—		—	2		2		—		—
Surrender benefits and group conversions	6		5		1		20	27		24		3		13
Interest and adjustments on deposit-type contract funds	1		1		—		—	7		6		1		17
Increase in aggregate reserves for life and accident and health contracts	(7)		7		(14)		nm	(10)		52		(62)		nm

Total benefit expenses	$	82	$	86	$	(4)	(5)	$	337	$	336	$	1	—

Commissions	$	12	$	12	$	—	—	$	49	$	50	$	(1)	(2)
General insurance expenses and taxes	16		14		2		14	57		55		2		4
Increase in loading on deferred and uncollected premiums	—		1		(1)		(100)	(1)		2		(3)		nm
Net transfers from Separate Accounts	(3)		(5)		2		40	(9)		(15)		6		40

Total underwriting expenses	$	25	$	22	$	3	14	$	96	$	92	$	4	4

Federal and foreign income tax provision	10		7		3		43	29		24		5		21

Net gain from operations before capital gains or losses	$	22	$	16	$	6	38	$	98	$	66	$	32	48

Gains and losses net of capital gains tax, net	(5)		(1)		(4)		(400)	(8)		(2)		(6)		(300)

Net income - statutory	$	17	$	15	$	2	13	$	90	$	64	$	26	41

Policyholders' surplus - statutory**	$	414	$	326	$	88	27	$	414	$	326	$	88	27

Fixed maturities at amortized cost - statutory	$	3,896	$	3,838	$	58	2	$	3,896	$	3,838	$	58	2
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. *Current year policyholders' surplus amount subject to change.

CINF Fourth-Quarter 2023 Supplemental Financial Data



Quarterly Data - Other

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23			6/30/22			9/30/23			9/30/22			12/31/23			12/31/22
Cincinnati Re:
Written premiums	$	66		$	85		$	177		$	230		$	67		$	86		$	178		$	254		$	407		$	432		$	492		$	518		$	558		$	585
Year over year change %- written premium	(1)		%	(1)		%	—		%	(9)		%	(7)		%	51		%	31		%	30		%	(6)		%	30		%	(5)		%	33		%	(5)		%	27		%
Earned premiums	$	123		$	134		$	122		$	150		$	137		$	151		$	122		$	110		$	272		$	232		$	406		$	383		$	529		$	520









Current accident year before catastrophe losses	42.6		%	51.5		%	57.8		%	45.2		%	44.4		%	45.4		%	49.6		%	50.6		%	50.9		%	50.0		%	51.1		%	48.3		%	49.1		%	47.2		%
Current accident year catastrophe losses	2.0			11.5			1.8			0.3			(5.2)			75.0			6.5			—			1.0			3.4			4.4			31.7			3.9			21.9
Prior accident years before catastrophe losses	4.6			(7.9)			(17.1)			6.0			6.9			(9.9)			(4.8)			10.9			(4.4)			2.6			(5.5)			(2.4)			(3.2)			0.1
Prior accident years catastrophe losses	1.0			2.0			1.9			1.7			0.7			(0.6)			1.1			5.2			1.8			3.1			1.9			1.6			1.7			1.4
Total loss and loss expense ratio	50.2		%	57.1		%	44.4		%	53.2		%	46.8		%	109.9		%	52.4		%	66.7		%	49.3		%	59.1		%	51.9		%	79.2		%	51.5		%	70.6		%

Cincinnati Global:
Written premiums	$	65		$	69		$	82		$	64		$	53		$	57		$	69		$	51		$	146		$	120		$	215		$	177		$	280		$	230
Year over year change %- written premium	23		%	21		%	19		%	25		%	2		%	21		%	47		%	24		%	22		%	36		%	21		%	31		%	22		%	23		%
Earned premiums	$	73		$	99		$	50		$	44		$	56		$	74		$	44		$	32		$	94		$	76		$	193		$	150		$	266		$	206
Current accident year before catastrophe losses	24.6		%	34.1		%	61.7		%	35.3		%	28.6		%	45.6		%	53.2		%	38.3		%	49.3		%	47.0		%	41.5		%	46.3		%	36.9		%	41.4		%
Current accident year catastrophe losses	(8.4)			18.2			1.1			11.1			1.4			48.6			0.1			16.3			5.8			6.9			12.1			27.6			6.5			20.5
Prior accident years before catastrophe losses	(1.0)			(3.4)			(9.7)			0.8			(13.3)			4.6			(15.4)			4.1			(4.7)			(7.2)			(4.0)			(1.4)			(3.2)			(4.6)
Prior accident years catastrophe losses	(2.7)			(0.2)			2.5			2.4			11.6			(14.5)			(9.7)			(9.0)			2.4			(9.4)			1.1			(11.9)			—			(5.5)
Total loss and loss expense ratio	12.5		%	48.7		%	55.6		%	49.6		%	28.3		%	84.3		%	28.2		%	49.7		%	52.8		%	37.3		%	50.7		%	60.6		%	40.2		%	51.8		%

Noninsurance operations:
Interest and fees on loans and leases	$	3		$	2		$	1		$	2		$	2		$	2		$	2		$	1		$	3		$	3		$	5		$	5		$	8		$	7
Other revenue	2			1			1			1			1			—			1			1			2			2			3			2			5			3
Interest expense	14			13			13			14			13			14			13			13			27			26			40			40			54			53
Operating expense	8			5			7			5			10			4			5			4			12			9			17			13			25			23
Total noninsurance operations loss	$	(17)		$	(15)		$	(18)		$	(16)		$	(20)		$	(16)		$	(15)		$	(15)		$	(34)		$	(30)		$	(49)		$	(46)		$	(66)		$	(66)







*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.

CINF Fourth-Quarter 2023 Supplemental Financial Data

Cover Page Cover Page	Feb. 06, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 06, 2024
Entity Registrant Name	CINCINNATI FINANCIAL CORP
Entity Incorporation, State or Country Code	OH
Entity File Number	0-4604
Entity Tax Identification Number	31-0746871
Entity Address, Address Line One	6200 S. Gilmore Road
Entity Address, City or Town	Fairfield,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45014‑5141
City Area Code	513
Local Phone Number	870-2000
Title of 12(b) Security	Common stock
Trading Symbol	CINF
Security Exchange Name	NASDAQ
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000020286
Amendment Flag	false

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