Document


	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2025

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

Consolidated
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2025	4
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2025	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, 2025	13
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2025	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

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


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2025

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	10,147	$	—	$	—	$	—	$	10,147
Life	—		—		412		—		—		412
Premiums ceded	—		(494)		(82)		—		—		(576)
Total earned premium	—		9,653		330		—		—		9,983
Investment income, net of expenses	112		854		202		—		(3)		1,165
Investment gains and losses, net	478		970		(6)		1		(1)		1,442
Fee revenues	—		14		6		—		—		20
Other revenues	15		15		—		11		(20)		21
Total revenues	$	605	$	11,506	$	532	$	12	$	(24)	$	12,631

Benefits & expenses
Losses & contract holders' benefits	$	—	$	6,918	$	378	$	—	$	—	$	7,296
Reinsurance recoveries	—		(583)		(73)		—		—		(656)
Underwriting, acquisition and insurance expenses	—		2,831		93		—		—		2,924
Interest expense	52		—		—		4		(3)		53
Other operating expenses	44		6		—		5		(21)		34
Total expenses	$	96	$	9,172	$	398	$	9	$	(24)	$	9,651

Income before income taxes	$	509	$	2,334	$	134	$	3	$	—	$	2,980

Provision (benefit) for income taxes
Current operating income	$	(87)	$	49	$	38	$	1	$	—	$	1
Capital gains/losses	101		203		(1)		—		—		303
Deferred	89		203		(9)		—		—		283
Total provision for income taxes	$	103	$	455	$	28	$	1	$	—	$	587

Net income - current year	$	406	$	1,879	$	106	$	2	$	—	$	2,393

Net income - prior year	$	547	$	1,653	$	91	$	1	$	—	$	2,292
*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.


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2025

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	2,613	$	—	$	—	$	—	$	2,613
Life	—		—		105		—		—		105
Premiums ceded	—		(105)		(21)		—		—		(126)
Total earned premium	—		2,508		84		—		—		2,592
Investment income, net of expenses	28		227		51		—		(1)		305
Investment gains and losses, net	58		125		—		1		(1)		183
Fee revenues	—		3		2		—		—		5
Other revenues	3		5		—		3		(5)		6
Total revenues	$	89	$	2,868	$	137	$	4	$	(7)	$	3,091

Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,448	$	89	$	—	$	(1)	$	1,536
Reinsurance recoveries	—		(51)		(14)		—		1		(64)
Underwriting, acquisition and insurance expenses	—		736		23		—		—		759
Interest expense	13		—		—		1		(1)		13
Other operating expenses	11		1		—		1		(6)		7
Total expenses	$	24	$	2,134	$	98	$	2	$	(7)	$	2,251

Income before income taxes	$	65	$	734	$	39	$	2	$	—	$	840

Provision (benefit) for income taxes
Current operating income	$	(13)	$	102	$	10	$	1	$	—	$	100
Capital gains/losses	12		25		—		—		—		37
Deferred	12		17		(2)		—		—		27
Total provision for income taxes	$	11	$	144	$	8	$	1	$	—	$	164

Net income - current year	$	54	$	590	$	31	$	1	$	—	$	676

Net income - prior year	$	45	$	332	$	28	$	—	$	—	$	405
*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.


Cincinnati Financial Corporation
Five-Year Net Income Reconciliation and Key Metrics
(Dollars in millions except per share data)	Years ended December 31,
	2025			2024			2023			2022			2021
Net income (loss)	$	2,393		$	2,292		$	1,843		$	(487)		$	2,968
Less:
Investment gains and losses, net	1,442			1,391			1,127			(1,467)			2,409
Income tax on investment gains and losses	(303)			(296)			(236)			308			(506)
Investment gains and losses, after-tax	1,139			1,095			891			(1,159)			1,903

Non-GAAP operating income	$	1,254		$	1,197		$	952		$	672		$	1,065

Non-GAAP operating income: Five-year compound annual growth rate	18.7		%	11.5		%	11.6		%	8.1		%	15.8		%

Diluted per share data:
Net income (loss)	$	15.17		$	14.53		$	11.66		$	(3.06)		$	18.24
Less:
Investment gains and losses, net	9.14			8.82			7.13			(9.24)			14.80
Income tax on investment gains and losses	(1.92)			(1.87)			(1.50)			1.94			(3.11)
Investment gains and losses, after-tax	7.22			6.95			5.63			(7.30)			11.69

Non-GAAP operating income	$	7.95		$	7.58		$	6.03		$	4.24		$	6.55

Value creation ratio
Book value per share growth	14.9		%	15.6		%	15.0		%	(18)		%	21.9		%
Shareholder dividend declared as a percentage of beginning book value	3.9			4.2			4.5			3.4			3.8
Value creation ratio	18.8		%	19.8		%	19.5		%	(14.6)		%	25.7		%

Value creation ratio: Five-year average	13.8		%	13.0		%	15.2		%	11.2		%	18.7		%

Investment income, net of expenses	$	1,165		$	1,025		$	894		$	781		$	714
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.

*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.


Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/25		9/30/25		6/30/25		3/31/25		12/31/24		9/30/24		6/30/24		3/31/24		6/30/25		6/30/24		9/30/25		9/30/24		12/31/25		12/31/24
Consolidated
Current accident year losses greater than $5,000,000	$	27	$	48	$	15	$	26	$	19	$	18	$	31	$	—	$	41	$	31	$	89	$	49	$	116	$	68
Current accident year losses $2,000,000-$5,000,000	61		35		40		20		37		51		28		22		60		50		95		101		156		138
Large loss prior accident year reserve development	40		49		27		56		19		19		15		22		83		37		132		56		172		75
Total large losses incurred	$	128	$	132	$	82	$	102	$	75	$	88	$	74	$	44	$	184	$	118	$	316	$	206	$	444	$	281
Losses incurred but not reported	164		158		213		279		182		185		165		251		492		416		650		601		814		783
Other losses excluding catastrophe losses	786		831		741		688		653		711		741		677		1,429		1,418		2,260		2,129		3,046		2,782
Catastrophe losses	18		83		280		558		83		282		228		111		838		339		921		621		939		704
Total losses incurred	$	1,096	$	1,204	$	1,316	$	1,627	$	993	$	1,266	$	1,208	$	1,083	$	2,943	$	2,291	$	4,147	$	3,557	$	5,243	$	4,550
Commercial Lines
Current accident year losses greater than $5,000,000	$	11	$	48	$	5	$	7	$	9	$	11	$	31	$	—	$	12	$	31	$	60	$	42	$	71	$	51
Current accident year losses $2,000,000-$5,000,000	34		12		22		15		12		36		11		11		37		22		49		58		83		70
Large loss prior accident year reserve development	37		47		14		44		19		20		22		12		58		34		105		54		142		73
Total large losses incurred	$	82	$	107	$	41	$	66	$	40	$	67	$	64	$	23	$	107	$	87	$	214	$	154	$	296	$	194
Losses incurred but not reported	44		67		106		163		105		117		92		156		269		248		336		365		380		470
Other losses excluding catastrophe losses	408		405		383		318		328		337		384		368		701		752		1,106		1,089		1,514		1,417
Catastrophe losses	5		29		83		40		8		58		101		64		123		165		152		223		157		231
Total losses incurred	$	539	$	608	$	613	$	587	$	481	$	579	$	641	$	611	$	1,200	$	1,252	$	1,808	$	1,831	$	2,347	$	2,312
Personal Lines
Current accident year losses greater than $5,000,000	$	16	$	—	$	10	$	19	$	10	$	7	$	—	$	—	$	29	$	—	$	29	$	7	$	45	$	17
Current accident year losses $2,000,000-$5,000,000	25		23		18		5		25		13		15		11		23		26		46		39		71		64
Large loss prior accident year reserve development	3		2		13		12		—		(1)		(7)		10		25		3		27		2		30		2
Total large losses incurred	$	44	$	25	$	41	$	36	$	35	$	19	$	8	$	21	$	77	$	29	$	102	$	48	$	146	$	83
Losses incurred but not reported	39		32		37		74		22		33		31		22		111		53		143		86		182		108
Other losses excluding catastrophe losses	298		316		257		254		245		256		256		231		511		487		827		743		1,125		988
Catastrophe losses	6		54		186		405		(4)		178		129		50		591		179		645		357		651		353
Total losses incurred	$	387	$	427	$	521	$	769	$	298	$	486	$	424	$	324	$	1,290	$	748	$	1,717	$	1,234	$	2,104	$	1,532
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		—		4		2		4
Large loss prior accident year reserve development	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Total large losses incurred	$	2	$	—	$	—	$	—	$	—	$	2	$	2	$	—	$	—	$	2	$	—	$	4	$	2	$	4
Losses incurred but not reported	24		16		31		46		28		12		17		30		77		47		93		59		117		87
Other losses excluding catastrophe losses	48		59		42		24		46		55		51		37		66		88		125		143		173		189
Catastrophe losses	(1)		—		3		—		2		2		3		1		3		4		3		6		2		8
Total losses incurred	$	73	$	75	$	76	$	70	$	76	$	71	$	73	$	68	$	146	$	141	$	221	$	212	$	294	$	288

*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.


Consolidated Property Casualty
Loss Ratio Detail
	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/25		9/30/25		6/30/25		3/31/25		12/31/24		9/30/24		6/30/24		3/31/24		6/30/25		6/30/24		9/30/25		9/30/24		12/31/25		12/31/24
Consolidated
Current accident year losses greater than $5,000,000	1.1	%	1.9	%	0.6	%	1.2	%	0.8	%	0.9	%	1.5	%	—	%	0.9	%	0.8	%	1.3	%	0.8	%	1.2	%	0.8	%
Current accident year losses $2,000,000-$5,000,000	2.4		1.4		1.7		0.9		1.5		2.3		1.4		1.1		1.3		1.2		1.3		1.6		1.6		1.6
Large loss prior accident year reserve development	1.6		2.0		1.1		2.4		0.9		0.8		0.7		1.1		1.8		0.9		1.8		0.9		1.8		0.9
Total large loss ratio	5.1	%	5.3	%	3.4	%	4.5	%	3.2	%	4.0	%	3.6	%	2.2	%	4.0	%	2.9	%	4.4	%	3.3	%	4.6	%	3.3	%
Losses incurred but not reported	6.5		6.4		8.9		12.3		8.0		8.4		8.0		12.6		10.5		10.2		9.1		9.6		8.4		9.1
Other losses excluding catastrophe losses	31.4		33.4		30.9		30.4		28.7		32.0		35.6		34.0		30.6		34.9		31.6		33.8		31.6		32.5
Catastrophe losses	0.7		3.4		11.7		24.6		3.6		12.7		11.0		5.6		18.0		8.3		12.9		9.9		9.7		8.2
Total loss ratio	43.7	%	48.5	%	54.9	%	71.8	%	43.5	%	57.1	%	58.2	%	54.4	%	63.1	%	56.3	%	58.0	%	56.6	%	54.3	%	53.1	%
Commercial Lines
Current accident year losses greater than $5,000,000	0.9	%	3.9	%	0.5	%	0.6	%	0.8	%	1.0	%	2.8	%	—	%	0.5	%	1.4	%	1.7	%	1.3	%	1.5	%	1.1	%
Current accident year losses $2,000,000-$5,000,000	2.7		1.0		1.8		1.2		1.0		3.2		1.0		1.0		1.5		1.0		1.3		1.7		1.7		1.5
Large loss prior accident year reserve development	3.0		3.8		1.2		3.8		1.6		1.7		2.0		1.1		2.5		1.6		2.9		1.6		2.9		1.7
Total large loss ratio	6.6	%	8.7	%	3.5	%	5.6	%	3.4	%	5.9	%	5.8	%	2.1	%	4.5	%	4.0	%	5.9	%	4.6	%	6.1	%	4.3	%
Losses incurred but not reported	3.6		5.4		8.7		13.9		9.1		10.3		8.3		14.4		11.3		11.3		9.3		11.0		7.8		10.5
Other losses excluding catastrophe losses	32.8		33.0		31.6		26.8		28.2		29.7		34.6		34.0		29.3		34.3		30.5		32.8		31.2		31.5
Catastrophe losses	0.4		2.4		6.8		3.4		0.7		5.1		9.1		6.0		5.1		7.6		4.2		6.7		3.2		5.2
Total loss ratio	43.4	%	49.5	%	50.6	%	49.7	%	41.4	%	51.0	%	57.8	%	56.5	%	50.2	%	57.2	%	49.9	%	55.1	%	48.3	%	51.5	%
Personal Lines
Current accident year losses greater than $5,000,000	1.8	%	—	%	1.3	%	2.8	%	1.4	%	1.1	%	—	%	—	%	2.0	%	—	%	1.3	%	0.4	%	1.4	%	0.7	%
Current accident year losses $2,000,000-$5,000,000	2.8		2.9		2.2		0.7		3.4		2.0		2.4		1.8		1.5		2.1		2.0		2.1		2.2		2.4
Large loss prior accident year reserve development	0.4		0.2		1.5		1.8		—		(0.2)		(1.1)		1.8		1.6		0.3		1.1		0.1		0.9		0.1
Total large loss ratio	5.0	%	3.1	%	5.0	%	5.3	%	4.8	%	2.9	%	1.3	%	3.6	%	5.1	%	2.4	%	4.4	%	2.6	%	4.5	%	3.2	%
Losses incurred but not reported	4.5		3.8		4.7		10.5		3.0		5.0		4.8		3.8		7.4		4.3		6.1		4.6		5.7		4.1
Other losses excluding catastrophe losses	34.8		37.5		32.0		36.4		33.7		37.6		40.5		39.4		34.1		39.9		35.4		39.0		35.2		37.6
Catastrophe losses	0.8		6.5		23.1		57.9		(0.4)		26.2		20.5		8.4		39.3		14.7		27.5		18.8		20.4		13.5
Total loss ratio	45.1	%	50.9	%	64.8	%	110.1	%	41.1	%	71.7	%	67.1	%	55.2	%	85.9	%	61.3	%	73.4	%	65.0	%	65.8	%	58.4	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $2,000,000-$5,000,000	1.1		—		—		—		—		1.3		1.3		—		—		0.7		—		0.9		0.3		0.7
Large loss prior accident year reserve development	(0.1)		—		—		—		—		—		—		—		—		—		—		—		—		—
Total large loss ratio	1.0	%	—	%	—	%	—	%	—	%	1.3	%	1.3	%	—	%	—	%	0.7	%	—	%	0.9	%	0.3	%	0.7	%
Losses incurred but not reported	12.7		9.2		18.1		28.1		16.9		7.1		11.6		21.6		23.0		16.4		18.3		13.2		16.8		14.2
Other losses excluding catastrophe losses	26.0		33.6		24.4		14.8		27.2		35.4		33.8		26.8		19.7		30.4		24.4		32.1		24.8		30.8
Catastrophe losses	(0.6)		—		1.3		0.2		1.0		1.5		1.9		0.5		0.8		1.2		0.5		1.3		0.2		1.2
Total loss ratio	39.1	%	42.8	%	43.8	%	43.1	%	45.1	%	45.3	%	48.6	%	48.9	%	43.5	%	48.7	%	43.2	%	47.5	%	42.1	%	46.9	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
*Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.


Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/25	9/30/25	6/30/25	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24	6/30/25	6/30/24	9/30/25	9/30/24	12/31/25	12/31/24
Consolidated
Current accident year reported losses greater than $5,000,000	3	6	2	3	1	3	5	—	5	5	12	8	15	10
Current accident year reported losses $2,000,000 - $5,000,000	21	17	14	7	14	18	11	8	21	19	32	37	53	49
Prior accident year reported losses on large losses	15	11	13	15	11	6	9	7	28	16	39	22	54	33
Non-Catastrophe reported losses on large losses total	39	34	29	25	26	27	25	15	54	40	83	67	122	92
Commercial Lines
Current accident year reported losses greater than $5,000,000	2	6	1	1	—	2	5	—	2	5	9	7	10	8
Current accident year reported losses $2,000,000 - $5,000,000	11	9	7	5	7	12	4	4	12	8	16	20	28	26
Prior accident year reported losses on large losses	14	11	10	11	11	6	9	4	21	13	32	19	46	30
Non-Catastrophe reported losses on large losses total	27	26	18	17	18	20	18	8	35	26	57	46	84	64
Personal Lines
Current accident year reported losses greater than $5,000,000	1	—	1	2	1	1	—	—	3	—	3	1	5	2
Current accident year reported losses $2,000,000 - $5,000,000	9	8	7	2	7	5	6	4	9	10	16	15	24	21
Prior accident year reported losses on large losses	1	—	3	4	—	—	—	3	7	3	7	3	8	3
Non-Catastrophe reported losses on large losses total	11	8	11	8	8	6	6	7	19	13	26	19	37	26
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	—	2	1	2
Prior accident year reported losses on large losses	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Non-Catastrophe reported losses on large losses total	1	—	—	—	—	1	1	—	—	1	—	2	1	2
*The sum of quarterly amounts may not equal the full year as each is computed independently.


Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2025
(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		2025		2024
																			Total		Total
OH	$	214.0	$	262.8	$	136.7	$	0.1	$	59.0	$	181.5	$	222.3	$	50.7	$	39.8	$	1,166.6	$	1,082.4	6.8	8.7	14.1	7.8
IL	81.2		99.1		47.1		28.2		22.0		78.7		102.7		24.2		46.8		530.0		493.7		5.3	10.5	6.6	7.4
NY	104.9		65.9		26.1		10.9		18.0		49.3		147.6		33.1		63.0		518.8		466.4		9.0	13.6	10.9	11.2
NC	73.1		124.4		46.4		13.5		26.9		54.4		76.5		16.8		30.0		462.0		417.2		5.2	22.1	15.7	10.7
GA	49.3		69.4		40.0		7.0		23.1		77.6		88.8		18.8		32.7		406.7		386.2		1.0	10.7	2.7	5.3
IN	80.3		91.6		48.8		21.3		20.7		43.8		60.9		12.2		23.6		403.2		367.9		10.0	9.4	5.8	9.6
TX	57.8		27.2		38.8		3.4		16.1		53.7		115.2		23.3		56.6		392.1		348.3		(1.6)	26.8	10.9	12.6
MO	62.0		60.3		43.2		14.8		10.0		57.2		86.1		10.0		25.1		368.7		330.5		5.1	23.9	(2.3)	11.6
PA	85.3		82.9		46.8		20.2		18.5		27.0		36.1		9.5		31.1		357.4		338.6		2.9	15.9	5.4	5.5
MI	52.5		65.3		34.6		9.3		16.7		48.0		49.3		10.0		27.7		313.4		289.5		4.1	12.3	22.8	8.3
TN	54.8		72.8		39.2		6.4		18.9		29.3		53.7		11.2		23.2		309.5		287.4		4.3	12.2	20.4	7.7
VA	61.9		60.0		43.8		11.5		19.5		32.4		41.1		12.0		16.4		298.6		262.1		6.9	32.6	19.5	13.9
KY	46.8		58.1		38.0		4.4		17.1		37.3		46.8		8.6		15.2		272.4		248.7		10.3	9.2	3.0	9.5
AL	40.6		60.2		27.3		2.1		15.9		30.7		60.5		9.7		21.1		268.1		247.6		5.5	12.0	10.3	8.2
CA	1.7		2.3		2.0		4.3		0.9		30.0		191.1		29.6		1.8		263.6		258.3		20.6	0.9	174.4	2.0
WI	34.2		48.3		17.6		13.2		11.1		24.8		28.5		9.3		19.3		206.3		185.7		4.2	26.3	15.2	11.1
FL	33.3		15.7		25.3		3.3		14.6		11.8		40.7		15.0		37.9		197.8		203.8		(5.5)	(2.0)	1.8	(2.9)
WA	32.5		23.9		22.0		—		7.7		41.3		34.9		9.0		18.7		190.2		157.8		6.1	39.2	22.5	20.5
CT	16.6		14.4		7.5		4.7		2.8		45.3		60.8		16.9		6.7		175.7		144.7		6.1	28.6	17.4	21.4
AZ	29.8		24.0		20.1		3.8		6.9		28.5		34.2		10.8		17.1		175.3		147.6		7.8	32.4	26.2	18.7
MD	25.1		24.0		21.3		5.3		8.9		28.6		38.7		10.5		10.0		172.3		152.7		8.9	18.2	7.7	12.8
MN	30.4		40.3		12.6		6.2		8.8		16.6		30.0		5.8		18.5		169.1		155.6		5.5	15.5	7.9	8.7
MA	23.0		17.5		11.1		4.2		3.1		22.0		57.1		11.8		10.1		159.8		134.6		12.2	22.5	27.4	18.8
OR	42.6		26.3		27.9		0.2		7.6		12.2		11.2		2.6		20.8		151.5		138.7		4.5	23.4	18.7	9.2
KS	26.2		28.2		23.1		5.6		6.1		20.9		28.9		5.1		6.5		150.5		125.7		11.3	38.4	8.7	19.8
UT	27.4		25.1		18.5		1.9		6.9		20.6		22.0		3.4		18.5		144.3		128.0		11.0	17.5	9.2	12.8
AR	20.4		32.0		24.3		2.5		5.7		15.0		23.3		4.4		9.4		137.0		125.2		3.7	23.6	7.4	9.5
CO	25.1		16.3		16.4		1.9		4.4		8.5		27.5		3.1		25.2		128.3		113.1		7.6	26.8	10.8	13.5
SC	15.8		20.9		10.6		4.3		6.7		19.9		28.7		4.4		14.8		126.3		109.6		3.9	28.7	21.6	15.2
MT	36.6		30.6		19.3		0.6		5.1		4.8		12.7		1.5		10.4		121.5		112.2		4.8	19.5	24.6	8.3
NJ	19.9		16.4		8.6		4.0		4.3		15.5		24.3		9.2		15.5		117.6		91.4		28.1	25.6	42.0	28.7
IA	21.4		27.1		10.2		5.4		8.0		10.2		16.0		2.4		7.5		108.2		97.6		7.6	19.1	13.8	10.9
ID	21.3		18.4		13.2		0.8		4.0		4.5		6.0		1.2		6.3		75.5		73.7		(0.9)	18.5	9.2	2.5
NE	14.6		17.4		12.5		3.1		3.4		0.6		1.5		0.3		9.5		62.9		57.5		6.2	18.8	26.9	9.3
WV	12.4		16.3		9.8		1.1		2.0		0.7		1.4		0.2		7.7		51.6		48.7		4.9	42.1	3.7	6.0
VT	9.0		10.3		5.0		3.8		3.3		2.8		5.9		0.8		3.7		44.7		41.8		5.3	14.1	3.5	6.9
NH	6.9		7.3		4.5		1.5		2.0		4.2		7.7		1.9		2.7		38.6		34.3		7.2	25.4	1.1	12.6
NM	9.9		7.8		7.7		0.8		3.0		1.4		2.6		0.4		4.9		38.4		35.9		7.3	32.0	(10.4)	7.0
NV	2.3		2.4		4.3		1.2		0.6		11.2		9.0		2.7		3.7		37.3		21.7		69.9	75.2	59.2	72.0
DE	7.6		7.3		3.7		1.3		1.4		3.5		4.9		0.9		2.6		33.0		33.5		(16.9)	66.1	1.3	(1.7)
WY	7.3		6.8		5.2		—		1.7		0.4		2.2		0.3		3.8		27.8		25.8		3.4	28.3	20.4	7.7
SD	7.6		7.2		4.5		1.9		2.1		—		—		—		1.5		24.9		21.9		14.5	—	(2.6)	13.3
ME	2.2		1.8		1.2		0.2		0.6		3.7		9.5		1.3		1.4		21.8		12.4		94.8	70.0	57.7	75.3
DC	3.3		2.4		0.4		0.8		1.9		3.4		4.9		1.3		3.1		21.5		18.2		0.2	50.4	3.6	18.4
RI	2.5		1.2		1.5		0.3		0.2		1.9		8.4		1.6		1.2		18.9		15.6		72.6	18.1	(44.0)	21.1
ND	4.0		5.3		2.6		—		1.7		1.2		1.6		0.4		1.3		18.1		17.4		5.2	5.2	(10.9)	3.9
All Other States	1.7		1.2		1.6		1.6		1.5		0.4		4.8		0.1		0.4		13.4		13.9		(6.6)	1.7	(19.8)	(4.0)
Total	$	1,639.1	$	1,746.1	$	1,033.0	$	243.2	$	451.3	$	1,217.2	$	1,968.7	$	418.1	$	774.9	$	9,491.2	$	8,621.2	5.9	16.3	11.5	10.0


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.


Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Commercial casualty:
Net written premiums	$	394		$	372		$	428		$	443		$	385		$	364		$	391		$	417		$	871		$	808		$	1,244		$	1,172		$	1,638		$	1,557
Year over year change %-written premium	2		%	2		%	9		%	6		%	7		%	10		%	3		%	3		%	8		%	3		%	6		%	5		%	5		%	6		%
Earned premiums	$	409		$	403		$	402		$	387		$	390		$	381		$	372		$	365		$	789		$	737		$	1,192		$	1,118		$	1,601		$	1,508
Current accident year before catastrophe losses	86.9		%	74.8		%	72.3		%	72.8		%	72.9		%	74.1		%	69.6		%	73.6		%	72.6		%	71.6		%	73.3		%	72.5		%	76.8		%	72.6		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(0.2)			6.0			(0.4)			(0.3)			(0.3)			(0.4)			7.6			0.1			(0.4)			3.9			1.8			2.4			1.3			1.7
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	86.7		%	80.8		%	71.9		%	72.5		%	72.6		%	73.7		%	77.2		%	73.7		%	72.2		%	75.5		%	75.1		%	74.9		%	78.1		%	74.3		%
Commercial property:
Net written premiums	$	395		$	422		$	428		$	411		$	383		$	389		$	392		$	362		$	839		$	754		$	1,260		$	1,143		$	1,655		$	1,526
Year over year change %-written premium	3		%	8		%	9		%	14		%	13		%	13		%	17		%	15		%	11		%	16		%	10		%	15		%	8		%	15		%
Earned premiums	$	410		$	405		$	399		$	389		$	373		$	361		$	348		$	336		$	787		$	684		$	1,192		$	1,045		$	1,602		$	1,418
Current accident year before catastrophe losses	23.9		%	37.2		%	40.2		%	43.5		%	22.3		%	40.9		%	45.7		%	48.5		%	41.8		%	47.0		%	40.2		%	44.9		%	36.0		%	39.0		%
Current accident year catastrophe losses	1.6			8.6			21.5			13.3			7.7			16.7			28.9			21.3			17.5			25.2			14.5			22.3			11.2			18.4
Prior accident years before catastrophe losses	(3.6)			(8.2)			(9.5)			(5.3)			3.2			(7.8)			(3.9)			(4.2)			(7.4)			(4.0)			(7.7)			(5.4)			(6.7)			(3.1)
Prior accident years catastrophe losses	0.3			(1.2)			(0.6)			(3.6)			(2.6)			(1.3)			(2.1)			(2.5)			(2.1)			(2.3)			(1.8)			(1.9)			(1.2)			(2.1)
Total loss and loss expense ratio	22.2		%	36.4		%	51.6		%	47.9		%	30.6		%	48.5		%	68.6		%	63.1		%	49.8		%	65.9		%	45.2		%	59.9		%	39.3		%	52.2		%
Commercial auto:
Net written premiums	$	240		$	243		$	271		$	283		$	223		$	223		$	248		$	259		$	555		$	506		$	797		$	730		$	1,037		$	953
Year over year change %-written premium	8		%	9		%	9		%	9		%	8		%	12		%	6		%	8		%	10		%	7		%	9		%	9		%	9		%	9		%
Earned premiums	$	258		$	253		$	247		$	241		$	237		$	231		$	228		$	220		$	489		$	448		$	742		$	679		$	1,000		$	916
Current accident year before catastrophe losses	66.5		%	64.7		%	65.0		%	68.6		%	65.5		%	66.7		%	67.9		%	70.0		%	66.8		%	68.9		%	66.1		%	68.2		%	66.2		%	67.5		%
Current accident year catastrophe losses	0.1			0.8			0.8			1.8			(3.3)			2.2			4.4			1.6			1.3			3.0			1.1			2.7			0.8			1.2
Prior accident years before catastrophe losses	2.5			4.1			7.2			2.9			2.4			0.2			(3.8)			(0.8)			5.1			(2.4)			4.8			(1.5)			4.2			(0.5)
Prior accident years catastrophe losses	(0.1)			—			(0.1)			(0.1)			(0.2)			—			—			(0.1)			(0.1)			—			(0.1)			—			(0.1)			(0.1)
Total loss and loss expense ratio	69.0		%	69.6		%	72.9		%	73.2		%	64.4		%	69.1		%	68.5		%	70.7		%	73.1		%	69.5		%	71.9		%	69.4		%	71.1		%	68.1		%
Workers' compensation:
Net written premiums	$	53		$	56		$	57		$	79		$	54		$	56		$	55		$	79		$	135		$	134		$	191		$	190		$	244		$	244
Year over year change %-written premium	(2)		%	—		%	4		%	—		%	(5)		%	(2)		%	(15)		%	(4)		%	1		%	(9)		%	1		%	(6)		%	—		%	(6)		%
Earned premiums	$	61		$	61		$	60		$	61		$	60		$	61		$	59		$	61		$	121		$	120		$	181		$	182		$	242		$	242
Current accident year before catastrophe losses	96.4		%	94.6		%	97.0		%	95.5		%	87.9		%	88.2		%	86.5		%	91.5		%	96.2		%	89.0		%	95.7		%	88.8		%	95.9		%	88.5		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(32.3)			(28.3)			(27.8)			(18.6)			(44.4)			(26.7)			(46.9)			(19.3)			(23.1)			(32.9)			(24.9)			(30.8)			(26.8)			(34.2)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	64.1		%	66.3		%	69.2		%	76.9		%	43.5		%	61.5		%	39.6		%	72.2		%	73.1		%	56.1		%	70.8		%	58.0		%	69.1		%	54.3		%
Other commercial:
Net written premiums	$	103		$	105		$	106		$	109		$	98		$	106		$	100		$	106		$	215		$	207		$	321		$	312		$	424		$	410
Year over year change %-written premium	5		%	(1)		%	6		%	3		%	1		%	8		%	5		%	6		%	4		%	6		%	3		%	6		%	3		%	5		%
Earned premiums	$	105		$	107		$	104		$	101		$	100		$	103		$	100		$	100		$	205		$	200		$	313		$	302		$	418		$	402
Current accident year before catastrophe losses	53.6		%	51.1		%	50.5		%	45.8		%	47.9		%	50.5		%	40.7		%	40.5		%	48.2		%	40.6		%	49.2		%	43.9		%	50.3		%	44.9		%
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			0.1
Prior accident years before catastrophe losses	0.5			2.9			(1.5)			(2.2)			—			0.4			0.2			(2.8)			(1.8)			(1.3)			(0.2)			(0.6)			—			(0.5)
Prior accident years catastrophe losses	—			—			0.1			—			—			(0.1)			0.1			0.1			—			0.1			—			—			—			—
Total loss and loss expense ratio	54.3		%	54.0		%	49.2		%	43.7		%	48.0		%	50.9		%	41.0		%	37.9		%	46.5		%	39.5		%	49.0		%	43.4		%	50.4		%	44.5		%
*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.


Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Personal auto:
Net written premiums	$	285		$	328		$	333		$	266		$	270		$	296		$	283		$	216		$	599		$	499		$	927		$	795		$	1,212		$	1,065
Year over year change %-written premium	6		%	11		%	18		%	23		%	30		%	30		%	33		%	33		%	20		%	33		%	17		%	32		%	14		%	32		%
Earned premiums	$	300		$	295		$	285		$	271		$	258		$	242		$	224		$	208		$	556		$	432		$	851		$	674		$	1,151		$	932
Current accident year before catastrophe losses	68.3		%	67.8		%	67.8		%	71.2		%	70.0		%	68.7		%	73.3		%	73.8		%	69.5		%	73.5		%	68.9		%	71.8		%	68.8		%	71.3		%
Current accident year catastrophe losses	0.1			1.1			3.2			3.0			(3.6)			6.6			3.6			3.4			3.1			3.5			2.4			4.6			1.8			2.3
Prior accident years before catastrophe losses	1.9			1.9			—			(0.8)			4.0			1.5			5.3			(1.9)			(0.4)			1.9			0.4			1.7			0.8			2.4
Prior accident years catastrophe losses	—			—			—			(0.3)			—			—			(0.1)			(0.7)			(0.2)			(0.4)			(0.1)			(0.2)			(0.1)			(0.2)
Total loss and loss expense ratio	70.3		%	70.8		%	71.0		%	73.1		%	70.4		%	76.8		%	82.1		%	74.6		%	72.0		%	78.5		%	71.6		%	77.9		%	71.3		%	75.8		%
Homeowner:
Net written premiums	$	446		$	518		$	532		$	320		$	394		$	442		$	433		$	303		$	852		$	736		$	1,370		$	1,178		$	1,816		$	1,572
Year over year change %-written premium	13		%	17		%	23		%	6		%	32		%	30		%	31		%	36		%	16		%	33		%	16		%	32		%	16		%	32		%
Earned premiums	$	459		$	444		$	425		$	338		$	379		$	352		$	326		$	303		$	763		$	629		$	1,208		$	981		$	1,667		$	1,360
Current accident year before catastrophe losses	38.1		%	37.6		%	38.8		%	53.4		%	34.2		%	40.9		%	42.2		%	46.9		%	45.2		%	44.4		%	42.4		%	43.1		%	41.2		%	40.7		%
Current accident year catastrophe losses	1.8			12.9			44.3			122.5			2.6			47.4			38.5			21.0			79.0			30.1			54.7			36.3			40.1			26.9
Prior accident years before catastrophe losses	0.5			0.9			(3.0)			(2.0)			(1.3)			(1.4)			1.2			(2.0)			(2.6)			(0.3)			(1.3)			(0.7)			(0.8)			(0.9)
Prior accident years catastrophe losses	(0.8)			(1.6)			(3.0)			(3.5)			(3.1)			(1.7)			(1.7)			(6.3)			(3.2)			(4.0)			(2.6)			(3.1)			(2.1)			(3.1)
Total loss and loss expense ratio	39.6		%	49.8		%	77.1		%	170.4		%	32.4		%	85.2		%	80.2		%	59.6		%	118.4		%	70.2		%	93.2		%	75.6		%	78.4		%	63.6		%
Other personal:
Net written premiums	$	96		$	105		$	115		$	86		$	89		$	94		$	103		$	76		$	201		$	179		$	306		$	273		$	402		$	362
Year over year change %-written premium	8		%	12		%	12		%	13		%	20		%	18		%	18		%	21		%	12		%	19		%	12		%	18		%	11		%	19		%
Earned premiums	$	100		$	99		$	94		$	89		$	89		$	84		$	81		$	77		$	183		$	158		$	281		$	242		$	381		$	331
Current accident year before catastrophe losses	55.5		%	58.8		%	58.3		%	76.2		%	57.0		%	66.5		%	54.6		%	57.4		%	67.0		%	56.0		%	64.2		%	59.7		%	61.9		%	59.0		%
Current accident year catastrophe losses	6.3			6.9			6.8			1.1			14.0			4.1			5.3			2.3			4.0			3.8			5.0			3.9			5.3			6.6
Prior accident years before catastrophe losses	14.3			12.5			7.4			3.7			7.3			8.7			(5.8)			(2.6)			5.6			(4.3)			8.0			0.2			9.7			2.1
Prior accident years catastrophe losses	—			(0.8)			(0.1)			(0.4)			—			—			0.2			(0.3)			(0.2)			—			(0.5)			—			(0.3)			—
Total loss and loss expense ratio	76.1		%	77.4		%	72.4		%	80.6		%	78.3		%	79.3		%	54.3		%	56.8		%	76.4		%	55.5		%	76.7		%	63.8		%	76.6		%	67.7		%

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Excess & Surplus:
Net written premiums	$	184		$	175		$	202		$	168		$	171		$	157		$	180		$	146		$	370		$	326		$	545		$	483		$	729		$	654
Year over year change %-written premium	8		%	11		%	12		%	15		%	14		%	23		%	15		%	7		%	13		%	12		%	13		%	15		%	11		%	15		%
Earned premiums	$	188		$	174		$	174		$	162		$	168		$	157		$	151		$	139		$	336		$	290		$	510		$	447		$	698		$	615
Current accident year before catastrophe losses	58.4		%	64.1		%	64.9		%	65.6		%	63.1		%	64.2		%	64.0		%	65.7		%	65.2		%	64.8		%	64.8		%	64.6		%	63.1		%	64.2		%
Current accident year catastrophe losses	(0.4)			0.2			1.6			0.8			1.0			1.7			1.4			0.9			1.2			1.2			0.9			1.4			0.5			1.3
Prior accident years before catastrophe losses	(0.3)			(2.1)			(2.7)			(5.0)			2.3			2.9			1.6			(1.7)			(3.8)			—			(3.2)			1.0			(2.5)			1.4
Prior accident years catastrophe losses	(0.2)			(0.1)			(0.3)			(0.5)			0.1			(0.2)			0.5			(0.4)			(0.3)			—			(0.3)			—			(0.2)			—
Total loss and loss expense ratio	57.5		%	62.1		%	63.5		%	60.9		%	66.5		%	68.6		%	67.5		%	64.5		%	62.3		%	66.0		%	62.2		%	67.0		%	60.9		%	66.9		%
*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.


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, 2025
Commercial casualty	$	646	$	214	$	860	$	125	$	239	$	81	$	445	$	771	$	239	$	295	$	1,305
Commercial property	587		74		661		(41)		(4)		18		(27)		546		(4)		92		634
Commercial auto	474		88		562		25		100		26		151		499		100		114		713
Workers' compensation	122		30		152		(20)		30		13		23		102		30		43		175
Other commercial	100		22		122		12		29		56		97		112		29		78		219
Total commercial lines	1,929		428		2,357		101		394		194		689		2,030		394		622		3,046

Personal auto	577		110		687		54		46		35		135		631		46		145		822
Homeowners	1,389		115		1,504		86		101		41		228		1,475		101		156		1,732
Other personal	179		12		191		18		93		2		113		197		93		14		304
Total personal lines	2,145		237		2,382		158		240		78		476		2,303		240		315		2,858

Excess & surplus lines	170		73		243		13		120		58		191		183		120		131		434
Other	400		23		423		19		137		1		157		419		137		24		580
Total property casualty	$	4,644	$	761	$	5,405	$	291	$	891	$	331	$	1,513	$	4,935	$	891	$	1,092	$	6,918

Ceded loss and loss expense incurred for the twelve months ended December 31, 2025
Commercial casualty	$	23	$	—	$	23	$	23	$	12	$	(3)	$	32	$	46	$	12	$	(3)	$	55
Commercial property	8		2		10		(6)		1		—		(5)		2		1		2		5
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	8		—		8		—		(1)		—		(1)		8		(1)		—		7
Other commercial	14		—		14		(6)		1		—		(5)		8		1		—		9
Total commercial lines	53		2		55		11		13		(3)		21		64		13		(1)		76

Personal auto	2		—		2		1		(1)		—		—		3		(1)		—		2
Homeowners	310		—		310		59		57		—		116		369		57		—		426
Other personal	9		—		9		2		—		—		2		11		—		—		11
Total personal lines	321		—		321		62		56		—		118		383		56		—		439

Excess & surplus lines	7		1		8		(2)		3		—		1		5		3		1		9
Other	29		1		30		19		10		—		29		48		10		1		59
Total property casualty	$	410	$	4	$	414	$	90	$	82	$	(3)	$	169	$	500	$	82	$	1	$	583

Net loss and loss expense incurred for the twelve months ended December 31, 2025
Commercial casualty	$	623	$	214	$	837	$	102	$	227	$	84	$	413	$	725	$	227	$	298	$	1,250
Commercial property	579		72		651		(35)		(5)		18		(22)		544		(5)		90		629
Commercial auto	474		88		562		25		100		26		151		499		100		114		713
Workers' compensation	114		30		144		(20)		31		13		24		94		31		43		168
Other commercial	86		22		108		18		28		56		102		104		28		78		210
Total commercial lines	1,876		426		2,302		90		381		197		668		1,966		381		623		2,970

Personal auto	575		110		685		53		47		35		135		628		47		145		820
Homeowners	1,079		115		1,194		27		44		41		112		1,106		44		156		1,306
Other personal	170		12		182		16		93		2		111		186		93		14		293
Total personal lines	1,824		237		2,061		96		184		78		358		1,920		184		315		2,419

Excess & surplus lines	163		72		235		15		117		58		190		178		117		130		425
Other	371		22		393		—		127		1		128		371		127		23		521
Total property casualty	$	4,234	$	757	$	4,991	$	201	$	809	$	334	$	1,344	$	4,435	$	809	$	1,091	$	6,335

*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.


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, 2025
Commercial casualty	$	204	$	52	$	256	$	40	$	54	$	36	$	130	$	244	$	54	$	88	$	386
Commercial property	122		19		141		(14)		(39)		5		(48)		108		(39)		24		93
Commercial auto	121		21		142		16		14		7		37		137		14		28		179
Workers' compensation	30		8		38		(10)		16		—		6		20		16		8		44
Other commercial	23		5		28		4		2		25		31		27		2		30		59
Total commercial lines	500		105		605		36		47		73		156		536		47		178		761

Personal auto	147		26		173		31		(2)		10		39		178		(2)		36		212
Homeowners	203		29		232		(23)		(27)		13		(37)		180		(27)		42		195
Other personal	32		3		35		13		23		—		36		45		23		3		71
Total personal lines	382		58		440		21		(6)		23		38		403		(6)		81		478

Excess & surplus lines	43		19		62		7		24		16		47		50		24		35		109
Other	80		6		86		(10)		25		(1)		14		70		25		5		100
Total property casualty	$	1,005	$	188	$	1,193	$	54	$	90	$	111	$	255	$	1,059	$	90	$	299	$	1,448

Ceded loss and loss expense incurred for the three months ended December 31, 2025
Commercial casualty	$	23	$	—	$	23	$	(1)	$	14	$	(3)	$	10	$	22	$	14	$	(3)	$	33
Commercial property	(11)		1		(10)		14		(3)		—		11		3		(3)		1		1
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	4		—		4		2		(1)		—		1		6		(1)		—		5
Other commercial	3		—		3		(2)		—		—		(2)		1		—		—		1
Total commercial lines	19		1		20		13		10		(3)		20		32		10		(2)		40

Personal auto	1		—		1		—		—		—		—		1		—		—		1
Homeowners	34		—		34		(2)		(20)		—		(22)		32		(20)		—		12
Other personal	1		—		1		(2)		(2)		—		(4)		(1)		(2)		—		(3)
Total personal lines	36		—		36		(4)		(22)		—		(26)		32		(22)		—		10

Excess & surplus lines	—		—		—		(1)		2		—		1		(1)		2		—		1
Other	8		—		8		22		(30)		—		(8)		30		(30)		—		—
Total property casualty	$	63	$	1	$	64	$	30	$	(40)	$	(3)	$	(13)	$	93	$	(40)	$	(2)	$	51

Net loss and loss expense incurred for the three months ended December 31, 2025
Commercial casualty	$	181	$	52	$	233	$	41	$	40	$	39	$	120	$	222	$	40	$	91	$	353
Commercial property	133		18		151		(28)		(36)		5		(59)		105		(36)		23		92
Commercial auto	121		21		142		16		14		7		37		137		14		28		179
Workers' compensation	26		8		34		(12)		17		—		5		14		17		8		39
Other commercial	20		5		25		6		2		25		33		26		2		30		58
Total commercial lines	481		104		585		23		37		76		136		504		37		180		721

Personal auto	146		26		172		31		(2)		10		39		177		(2)		36		211
Homeowners	169		29		198		(21)		(7)		13		(15)		148		(7)		42		183
Other personal	31		3		34		15		25		—		40		46		25		3		74
Total personal lines	346		58		404		25		16		23		64		371		16		81		468

Excess & surplus lines	43		19		62		8		22		16		46		51		22		35		108
Other	72		6		78		(32)		55		(1)		22		40		55		5		100
Total property casualty	$	942	$	187	$	1,129	$	24	$	130	$	114	$	268	$	966	$	130	$	301	$	1,397

*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.



Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Premiums
Agency renewal written premiums	$	1,939		$	2,037		$	2,135		$	1,912		$	1,759		$	1,795		$	1,843		$	1,683		$	4,047		$	3,526		$	6,084		$	5,321		$	8,023		$	7,080
Agency new business written premiums	331			356			404			383			382			406			407			346			787			753			1,143			1,159			1,474			1,541

Other written premiums	91			100			194			200			102			92			209			219			394			428			494			520			585			622
Net written premiums	$	2,361		$	2,493		$	2,733		$	2,495		$	2,243		$	2,293		$	2,459		$	2,248		$	5,228		$	4,707		$	7,721		$	7,000		$	10,082		$	9,243
Unearned premium change	147			(9)			(336)			(231)			41			(76)			(384)			(256)			(567)			(640)			(576)			(716)			(429)			(675)
Earned premiums	$	2,508		$	2,484		$	2,397		$	2,264		$	2,284		$	2,217		$	2,075		$	1,992		$	4,661		$	4,067		$	7,145		$	6,284		$	9,653		$	8,568
Year over year change %
Agency renewal written premiums	10		%	13		%	16		%	14		%	15		%	16		%	12		%	10		%	15		%	11		%	14		%	13		%	13		%	13		%
Agency new business written premiums	(13)			(12)			(1)			11			23			30			34			38			5			36			(1)			34			(4)			31

Other written premiums	(11)			9			(7)			(9)			34			(3)			2			(6)			(8)			(2)			(5)			(2)			(6)			2
Net written premiums	5			9			11			11			17			17			14			11			11			13			10			14			9			15
Paid losses and loss expenses
Losses paid	$	942		$	1,039		$	1,049		$	1,203		$	978		$	946		$	893		$	861		$	2,253		$	1,755		$	3,292		$	2,701		$	4,234		$	3,680
Loss expenses paid	187			178			197			196			185			168			174			176			392			349			570			517			757			701
Loss and loss expenses paid	$	1,129		$	1,217		$	1,246		$	1,399		$	1,163		$	1,114		$	1,067		$	1,037		$	2,645		$	2,104		$	3,862		$	3,218		$	4,991		$	4,381
Incurred losses and loss expenses
Loss and loss expense incurred	$	1,397		$	1,464		$	1,587		$	1,887		$	1,255		$	1,499		$	1,412		$	1,270		$	3,474		$	2,682		$	4,938		$	4,181		$	6,335		$	5,436
Loss and loss expenses paid as a % of incurred	80.8		%	83.1		%	78.5		%	74.1		%	92.7		%	74.3		%	75.6		%	81.7		%	76.1		%	78.4		%	78.2		%	77.0		%	78.8		%	80.6		%
Statutory combined ratio
Loss ratio	43.7		%	49.5		%	55.4		%	72.4		%	43.2		%	58.3		%	59.1		%	55.2		%	63.6		%	57.2		%	58.7		%	57.6		%	54.9		%	53.8		%
Loss adjustment expense ratio	12.4			10.9			11.6			11.7			11.8			11.0			10.1			9.6			11.7			9.8			11.4			10.2			11.6			10.6
Net underwriting expense ratio	30.2			28.3			26.4			28.2			30.2			28.5			27.7			27.5			27.3			27.6			27.6			27.9			28.2			28.5
US Statutory combined ratio	86.3		%	88.7		%	93.4		%	112.3		%	85.2		%	97.8		%	96.9		%	92.3		%	102.6		%	94.6		%	97.7		%	95.7		%	94.7		%	92.9		%
Contribution from catastrophe losses	0.7			4.0			11.9			25.2			2.8			13.4			11.6			6.1			18.4			8.9			13.4			10.5			10.1			8.4
Statutory combined ratio excl. catastrophe losses	85.6		%	84.7		%	81.5		%	87.1		%	82.4		%	84.4		%	85.3		%	86.2		%	84.2		%	85.7		%	84.3		%	85.2		%	84.6		%	84.5		%
GAAP combined ratio
GAAP combined ratio	85.2		%	88.2		%	94.9		%	113.3		%	84.7		%	97.4		%	98.5		%	93.6		%	103.8		%	96.1		%	98.4		%	96.5		%	94.9		%	93.4		%
Contribution from catastrophe losses	1.0			3.7			12.2			25.0			4.0			13.0			11.2			5.9			18.4			8.6			13.3			10.1			10.1			8.5
GAAP combined ratio excl. catastrophe losses	84.2		%	84.5		%	82.7		%	88.3		%	80.7		%	84.4		%	87.3		%	87.7		%	85.4		%	87.5		%	85.1		%	86.4		%	84.8		%	84.9		%
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.



Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Premiums
Agency renewal written premiums	$	1,039		$	1,043		$	1,116		$	1,152		$	1,001		$	987		$	1,023		$	1,076		$	2,268		$	2,099		$	3,311		$	3,086		$	4,350		$	4,087
Agency new business written premiums	180			185			200			203			179			187			193			182			403			375			588			562			768			741
Other written premiums	(34)			(30)			(26)			(30)			(37)			(36)			(30)			(35)			(56)			(65)			(86)			(101)			(120)			(138)
Net written premiums	$	1,185		$	1,198		$	1,290		$	1,325		$	1,143		$	1,138		$	1,186		$	1,223		$	2,615		$	2,409		$	3,813		$	3,547		$	4,998		$	4,690
Unearned premium change	58			31			(78)			(146)			17			(1)			(79)			(141)			(224)			(220)			(193)			(221)			(135)			(204)
Earned premiums	$	1,243		$	1,229		$	1,212		$	1,179		$	1,160		$	1,137		$	1,107		$	1,082		$	2,391		$	2,189		$	3,620		$	3,326		$	4,863		$	4,486
Year over year change %
Agency renewal written premiums	4		%	6		%	9		%	7		%	7		%	8		%	4		%	3		%	8		%	4		%	7		%	5		%	6		%	5		%
Agency new business written premiums	1			(1)			4			12			17			26			30			36			7			33			5			30			4			27
Other written premiums	8			17			13			14			(28)			(9)			(7)			(3)			14			(5)			15			(6)			13			(11)
Net written premiums	4			5			9			8			8			11			7			7			9			7			7			8			7			8
Paid losses and loss expenses
Losses paid	$	481		$	497		$	493		$	403		$	481		$	500		$	460		$	479		$	897		$	941		$	1,393		$	1,440		$	1,876		$	1,922
Loss expenses paid	104			102			110			109			104			102			103			106			218			207			321			311			426			413
Loss and loss expenses paid	$	585		$	599		$	603		$	512		$	585		$	602		$	563		$	585		$	1,115		$	1,148		$	1,714		$	1,751		$	2,302		$	2,335
Incurred losses and loss expenses
Loss and loss expense incurred	$	721		$	747		$	767		$	735		$	624		$	706		$	746		$	719		$	1,502		$	1,465		$	2,249		$	2,171		$	2,970		$	2,795
Loss and loss expenses paid as a % of incurred	81.1		%	80.2		%	78.6		%	69.7		%	93.8		%	85.3		%	75.5		%	81.4		%	74.2		%	78.4		%	76.2		%	80.7		%	77.5		%	83.5		%
Statutory combined ratio
Loss ratio	43.4		%	49.5		%	50.7		%	49.7		%	41.4		%	51.0		%	57.8		%	56.5		%	50.2		%	57.2		%	50.0		%	55.1		%	48.2		%	51.5		%
Loss adjustment expense ratio	14.5			11.3			12.7			12.6			12.4			11.1			9.6			9.9			12.6			9.7			12.2			10.2			12.8			10.8
Net underwriting expense ratio	31.4			30.9			28.3			26.9			31.4			31.2			29.9			27.4			27.6			28.7			28.6			29.4			29.3			29.9
Statutory combined ratio	89.3		%	91.7		%	91.7		%	89.2		%	85.2		%	93.3		%	97.3		%	93.8		%	90.4		%	95.6		%	90.8		%	94.7		%	90.3		%	92.2		%
Contribution from catastrophe losses	0.6			2.6			7.0			3.6			0.9			5.4			9.3			6.2			5.4			7.8			4.4			6.9			3.5			5.4
Statutory combined ratio excl. catastrophe losses	88.7		%	89.1		%	84.7		%	85.6		%	84.3		%	87.9		%	88.0		%	87.6		%	85.0		%	87.8		%	86.4		%	87.8		%	86.8		%	86.8		%
GAAP combined ratio
GAAP combined ratio	88.4		%	91.1		%	92.9		%	91.9		%	84.5		%	93.0		%	99.1		%	96.5		%	92.4		%	97.9		%	92.0		%	96.2		%	91.1		%	93.2		%
Contribution from catastrophe losses	0.6			2.6			7.0			3.6			0.9			5.4			9.3			6.2			5.4			7.8			4.4			6.9			3.5			5.4
GAAP combined ratio excl. catastrophe losses	87.8		%	88.5		%	85.9		%	88.3		%	83.6		%	87.6		%	89.8		%	90.3		%	87.0		%	90.1		%	87.6		%	89.3		%	87.6		%	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.



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Premiums
Agency renewal written premiums	$	764		$	864		$	866		$	634		$	625		$	695		$	681		$	494		$	1,500		$	1,175		$	2,364		$	1,870		$	3,128		$	2,495
Agency new business written premiums	92			116			141			127			154			165			163			122			268			285			384			450			476			604
Other written premiums	(29)			(29)			(27)			(89)			(26)			(28)			(25)			(21)			(116)			(46)			(145)			(74)			(174)			(100)
Net written premiums	$	827		$	951		$	980		$	672		$	753		$	832		$	819		$	595		$	1,652		$	1,414		$	2,603		$	2,246		$	3,430		$	2,999
Unearned premium change	32			(113)			(176)			26			(27)			(154)			(188)			(7)			(150)			(195)			(263)			(349)			(231)			(376)
Earned premiums	$	859		$	838		$	804		$	698		$	726		$	678		$	631		$	588		$	1,502		$	1,219		$	2,340		$	1,897		$	3,199		$	2,623
Year over year change %
Agency renewal written premiums	22		%	24		%	27		%	28		%	29		%	28		%	26		%	27		%	28		%	26		%	26		%	27		%	25		%	27		%
Agency new business written premiums	(40)			(30)			(13)			4			41			35			54			54			(6)			54			(15)			47			(21)			45
Other written premiums	(12)			(4)			(8)			(324)			(63)			(56)			(39)			(11)			(152)			(24)			(96)			(35)			(74)			(41)
Net written premiums	10			14			20			13			30			29			30			33			17			31			16			30			14			30
Paid losses and loss expenses
Losses paid	$	346		$	424		$	446		$	609		$	388		$	355		$	335		$	282		$	1,055		$	618		$	1,479		$	973		$	1,824		$	1,361
Loss expenses paid	58			52			63			64			56			46			51			51			127			102			179			148			237			204
Loss and loss expenses paid	$	404		$	476		$	509		$	673		$	444		$	401		$	386		$	333		$	1,182		$	720		$	1,658		$	1,121		$	2,061		$	1,565
Incurred losses and loss expenses
Loss and loss expense incurred	$	468		$	507		$	598		$	846		$	374		$	553		$	489		$	379		$	1,444		$	868		$	1,951		$	1,421		$	2,419		$	1,795
Loss and loss expenses paid as a % of incurred	86.3		%	93.9		%	85.1		%	79.6		%	118.7		%	72.5		%	78.9		%	87.9		%	81.9		%	82.9		%	85.0		%	78.9		%	85.2		%	87.2		%
Statutory combined ratio
Loss ratio	45.1		%	50.9		%	64.8		%	110.1		%	41.1		%	71.7		%	67.1		%	55.2		%	85.9		%	61.3		%	73.4		%	65.0		%	65.8		%	58.4		%
Loss adjustment expense ratio	9.5			9.5			9.6			11.0			10.4			9.8			10.5			9.3			10.3			9.9			10.0			9.9			9.9			10.0
Net underwriting expense ratio	28.2			25.9			24.7			31.2			28.5			25.8			25.2			29.6			27.3			27.1			26.8			26.6			27.1			27.1
Statutory combined ratio	82.8		%	86.3		%	99.1		%	152.3		%	80.0		%	107.3		%	102.8		%	94.1		%	123.5		%	98.3		%	110.2		%	101.5		%	102.8		%	95.5		%
Contribution from catastrophe losses	1.3			7.1			23.8			58.7			0.2			26.6			20.9			8.8			40.0			15.0			28.3			19.2			21.0			13.9
Statutory combined ratio excl. catastrophe losses	81.5		%	79.2		%	75.3		%	93.6		%	79.8		%	80.7		%	81.9		%	85.3		%	83.5		%	83.3		%	81.9		%	82.3		%	81.8		%	81.6		%
GAAP combined ratio
GAAP combined ratio	81.5		%	88.2		%	102.0		%	151.3		%	80.2		%	110.3		%	106.9		%	93.9		%	124.9		%	100.6		%	111.8		%	104.1		%	103.6		%	97.5		%
Contribution from catastrophe losses	1.3			7.1			23.8			58.7			0.2			26.6			20.9			8.8			40.0			15.0			28.3			19.2			21.0			13.9
GAAP combined ratio excl. catastrophe losses	80.2		%	81.1		%	78.2		%	92.6		%	80.0		%	83.7		%	86.0		%	85.1		%	84.9		%	85.6		%	83.5		%	84.9		%	82.6		%	83.6		%
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.



Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Premiums
Agency renewal written premiums	$	136		$	130		$	153		$	126		$	133		$	113		$	139		$	113		$	279		$	252		$	409		$	365		$	545		$	498
Agency new business written premiums	59			55			63			53			49			54			51			42			116			93			171			147			230			196
Other written premiums	(11)			(10)			(14)			(11)			(11)			(10)			(10)			(9)			(25)			(19)			(35)			(29)			(46)			(40)
Net written premiums	$	184		$	175		$	202		$	168		$	171		$	157		$	180		$	146		$	370		$	326		$	545		$	483		$	729		$	654
Unearned premium change	4			(1)			(28)			(6)			(3)			—			(29)			(7)			(34)			(36)			(35)			(36)			(31)			(39)
Earned premiums	$	188		$	174		$	174		$	162		$	168		$	157		$	151		$	139		$	336		$	290		$	510		$	447		$	698		$	615
Year over year change %
Agency renewal written premiums	2		%	15		%	10		%	12		%	19		%	22		%	19		%	7		%	11		%	13		%	12		%	16		%	9		%	16		%
Agency new business written premiums	20			2			24			26			2			26			6			11			25			8			16			14			17			11
Other written premiums	—			—			(40)			(22)			(10)			(25)			(11)			(13)			(32)			(12)			(21)			(16)			(15)			(14)
Net written premiums	8			11			12			15			14			23			15			7			13			12			13			15			11			15
Paid losses and loss expenses
Losses paid	$	43		$	42		$	38		$	40		$	39		$	34		$	41		$	46		$	78		$	86		$	121		$	121		$	163		$	160
Loss expenses paid	19			19			17			18			19			17			16			17			35			34			53			49			72			69
Loss and loss expenses paid	$	62		$	61		$	55		$	58		$	58		$	51		$	57		$	63		$	113		$	120		$	174		$	170		$	235		$	229
Incurred losses and loss expenses
Loss and loss expense incurred	$	108		$	108		$	110		$	99		$	112		$	107		$	102		$	90		$	209		$	192		$	317		$	299		$	425		$	411
Loss and loss expenses paid as a % of incurred	57.4		%	56.5		%	50.0		%	58.6		%	51.8		%	47.7		%	55.9		%	70.0		%	54.1		%	62.5		%	54.9		%	56.9		%	55.3		%	55.7		%
Statutory combined ratio
Loss ratio	39.1		%	42.8		%	43.8		%	43.1		%	45.1		%	45.2		%	48.6		%	48.9		%	43.4		%	48.7		%	43.2		%	47.5		%	42.1		%	46.8		%
Loss adjustment expense ratio	18.4			19.2			19.7			17.8			21.4			23.4			19.0			15.6			18.8			17.4			19.0			19.5			18.8			20.0
Net underwriting expense ratio	27.3			26.6			25.3			25.5			27.3			26.7			26.0			26.0			25.4			26.0			25.8			26.2			26.2			26.5
Statutory combined ratio	84.8		%	88.6		%	88.8		%	86.4		%	93.8		%	95.3		%	93.6		%	90.5		%	87.6		%	92.1		%	88.0		%	93.2		%	87.1		%	93.3		%
Contribution from catastrophe losses	(0.6)			0.1			1.3			0.3			1.1			1.5			1.9			0.5			0.9			1.2			0.6			1.4			0.3			1.3
Statutory combined ratio excl. catastrophe losses	85.4		%	88.5		%	87.5		%	86.1		%	92.7		%	93.8		%	91.7		%	90.0		%	86.7		%	90.9		%	87.4		%	91.8		%	86.8		%	92.0		%
GAAP combined ratio
GAAP combined ratio	84.7		%	89.8		%	91.1		%	88.3		%	93.1		%	95.3		%	95.4		%	91.9		%	89.8		%	93.7		%	89.8		%	94.3		%	88.4		%	94.0		%
Contribution from catastrophe losses	(0.6)			0.1			1.3			0.3			1.1			1.5			1.9			0.5			0.9			1.2			0.6			1.4			0.3			1.3
GAAP combined ratio excl. catastrophe losses	85.3		%	89.7		%	89.8		%	88.0		%	92.0		%	93.8		%	93.5		%	91.4		%	88.9		%	92.5		%	89.2		%	92.9		%	88.1		%	92.7		%
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.


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)	2025		2024		Change		% Change	2025		2024		Change		% Change
Underwriting income
Net premiums written	$	2,282	$	2,166	$	116	5	$	9,748	$	8,940	$	808	9
Unearned premium change	(146)		(50)		(96)		(192)	406		643		(237)		(37)
Earned premiums	$	2,428	$	2,216	$	212	10	$	9,342	$	8,297	$	1,045	13

Losses incurred	$	1,062	$	957	$	105	11	$	5,124	$	4,460	$	664	15
Defense and cost containment expenses incurred	163		140		23		16	554		427		127		30
Adjusting and other expenses incurred	137		122		15		12	533		455		78		17
Other underwriting expenses incurred	686		653		33		5	2,746		2,539		207		8
Workers compensation dividend incurred	1		2		(1)		(50)	4		6		(2)		(33)
Total underwriting deductions	$	2,049	$	1,874	$	175	9	$	8,961	$	7,887	$	1,074	14

Net underwriting profit	$	379	$	342	$	37	11	$	381	$	410	$	(29)	(7)

Investment income
Gross investment income earned	$	221	$	195	$	26	13	$	808	$	679	$	129	19
Net investment income earned	220		191		29		15	797		669		128		19
Realized capital gains and losses, net	(3)		67		(70)		nm	23		400		(377)		(94)
Net investment gains	$	217	$	258	$	(41)	(16)	$	820	$	1,069	$	(249)	(23)

Other income	$	2	$	2	$	—	—	$	7	$	7	$	—	—

Net income before federal income taxes	$	598	$	602	$	(4)	(1)	$	1,208	$	1,486	$	(278)	(19)
Federal and foreign income taxes incurred	106		99		7		7	167		182		(15)		(8)
Net income (statutory)	$	492	$	503	$	(11)	(2)	$	1,041	$	1,304	$	(263)	(20)

Policyholders' surplus - statutory**	$	9,749	$	8,603	$	1,146	13	$	9,749	$	8,603	$	1,146	13

Fixed maturities at amortized cost - statutory	$	13,768	$	12,237	$	1,531	13	$	13,768	$	12,237	$	1,531	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.


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)	2025		2024		Change		% Change	2025		2024		Change		% Change
Net premiums written	$	94	$	91	$	3	3	$	357	$	359	$	(2)	(1)
Net investment income	54		50		4		8	204		192		12		6

Commissions and expense allowances on reinsurance ceded	1		1		—		—	4		4		—		—
Income from fees associated with separate accounts	1		1		—		—	6		5		1		20
Total revenues	$	150	$	143	$	7	5	$	571	$	560	$	11	2

Death benefits and matured endowments	$	38	$	46	$	(8)	(17)	$	170	$	172	$	(2)	(1)
Annuity benefits	27		21		6		29	92		118		(26)		(22)
Disability benefits and benefits under accident and health contracts	—		—		—		—	2		2		—		—
Surrender benefits and group conversions	11		9		2		22	39		35		4		11
Interest and adjustments on deposit-type contract funds	2		2		—		—	7		6		1		17
Increase in aggregate reserves for life and accident and health contracts	(2)		2		(4)		nm	(7)		(18)		11		61

Total benefit expenses	$	76	$	80	$	(4)	(5)	$	303	$	315	$	(12)	(4)

Commissions	$	14	$	12	$	2	17	$	51	$	49	$	2	4
General insurance expenses and taxes	15		17		(2)		(12)	60		62		(2)		(3)
Increase in loading on deferred and uncollected premiums	1		(2)		3		nm	5		—		5		nm
Net transfers from Separate Accounts	(2)		(3)		1		33	(11)		(6)		(5)		(83)

Total underwriting expenses	$	28	$	24	$	4	17	$	105	$	105	$	—	—

Federal and foreign income tax provision	10		11		(1)		(9)	38		35		3		9

Net gain from operations before capital gains or losses	$	36	$	28	$	8	29	$	125	$	105	$	20	19

Gains and losses net of capital gains tax, net	(1)		1		(2)		nm	(5)		(9)		4		44

Net income - statutory	$	35	$	29	$	6	21	$	120	$	96	$	24	25

Policyholders' surplus - statutory**	$	623	$	508	$	115	23	$	623	$	508	$	115	23

Fixed maturities at amortized cost - statutory	$	3,912	$	3,884	$	28	1	$	3,912	$	3,884	$	28	1
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.



Quarterly Data - Other

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			6/30/25			6/30/24			9/30/25			9/30/24			12/31/25			12/31/24
Cincinnati Re:
Written premiums	$	86		$	87		$	164		$	255		$	99		$	89		$	207		$	202		$	418		$	409		$	505		$	498		$	591		$	597
Year over year change %- written premium	(13)		%	(2)		%	(21)		%	26		%	50		%	5		%	17		%	(12)		%	2		%	—		%	1		%	1		%	(1)		%	7		%
Earned premiums	$	138		$	141		$	142		$	161		$	162		$	138		$	138		$	135		$	303		$	273		$	444		$	411		$	582		$	573









Current accident year before catastrophe losses	52.7		%	52.9		%	56.2		%	46.6		%	37.6		%	52.5		%	49.6		%	63.0		%	51.1		%	56.3		%	51.7		%	55.0		%	51.9		%	50.0		%
Current accident year catastrophe losses	(0.8)			3.6			(0.6)			66.3			29.1			30.2			2.4			—			34.9			1.2			25.0			11.0			18.9			16.1
Prior accident years before catastrophe losses	(5.3)			(0.9)			5.7			(4.5)			0.7			(10.1)			(0.8)			(10.4)			0.3			(5.6)			(0.1)			(7.1)			(1.3)			(4.9)
Prior accident years catastrophe losses	0.4			(2.1)			(1.2)			(2.4)			—			(2.5)			(4.7)			—			(1.8)			(2.4)			(1.9)			(2.4)			(1.4)			(1.7)
Total loss and loss expense ratio	47.0		%	53.5		%	60.1		%	106.0		%	67.4		%	70.1		%	46.5		%	52.6		%	84.5		%	49.5		%	74.7		%	56.5		%	68.1		%	59.5		%

Cincinnati Global:
Written premiums	$	79		$	82		$	97		$	75		$	77		$	77		$	67		$	82		$	173		$	149		$	255		$	226		$	334		$	303
Year over year change %- written premium	3		%	6		%	45		%	(9)		%	18		%	12		%	(18)		%	28		%	16		%	2		%	13		%	5		%	10		%	8		%
Earned premiums	$	80		$	102		$	65		$	64		$	68		$	107		$	48		$	48		$	129		$	96		$	231		$	203		$	311		$	271
Current accident year before catastrophe losses	35.6		%	35.1		%	41.8		%	39.3		%	20.6		%	31.6		%	47.9		%	48.2		%	40.6		%	48.1		%	38.2		%	39.4		%	37.5		%	34.7		%
Current accident year catastrophe losses	14.3			0.5			3.7			31.4			47.1			9.6			—			—			17.4			—			9.9			5.0			11.0			15.6
Prior accident years before catastrophe losses	(1.7)			(10.1)			(22.4)			(0.2)			(10.4)			(3.8)			(21.2)			(19.7)			(11.4)			(20.4)			(10.8)			(11.7)			(8.5)			(11.4)
Prior accident years catastrophe losses	(4.0)			(0.1)			17.3			(13.9)			(3.4)			(3.6)			(4.4)			(5.9)			1.8			(5.2)			0.9			(4.3)			(0.3)			(4.1)
Total loss and loss expense ratio	44.2		%	25.4		%	40.4		%	56.6		%	53.9		%	33.8		%	22.3		%	22.6		%	48.4		%	22.5		%	38.2		%	28.4		%	39.7		%	34.8		%

Noninsurance operations:
Interest and fees on loans and leases	$	3		$	3		$	2		$	3		$	2		$	3		$	2		$	2		$	5		$	4		$	8		$	7		$	11		$	9
Other revenue	3			3			3			1			3			—			2			1			4			3			7			3			10			6
Interest expense	13			13			14			13			13			13			14			13			27			27			40			40			53			53
Operating expense	7			6			10			11			13			6			9			4			21			13			27			19			34			32
Total noninsurance operations loss	$	(14)		$	(13)		$	(19)		$	(20)		$	(21)		$	(16)		$	(19)		$	(14)		$	(39)		$	(33)		$	(52)		$	(49)		$	(66)		$	(70)







*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.


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	A	A3	BBB+

The Cincinnati Insurance Companies
Insurer Financial Strength

Property Casualty Group
Standard Market Subsidiaries:	A+	AA-	A1	A+
The Cincinnati Insurance Company	A+	AA-	A1	A+
The Cincinnati Indemnity Company	A+	AA-	A1	A+
The Cincinnati Casualty Company	A+	AA-	A1	A+
Surplus Lines Subsidiary:
The Cincinnati Specialty Underwriters Insurance Company	A+	—	—	—

The Cincinnati Life Insurance Company	A+	AA-	—	A+