Cincinnati Financial (Nasdaq: CINF) lifts 2025 profit and book value with strong underwriting and investments

Q: What were Cincinnati Financial’s full-year 2025 earnings and non-GAAP operating results?

For full-year 2025, Cincinnati Financial reported net income of $2.393 billion , or $15.17 per diluted share , compared with $2.292 billion, or $14.53 per share, in 2024. Non-GAAP operating income increased to $1.254 billion , or $7.95 per share , reflecting higher net investment income and stable core operations.

Q: How profitable were Cincinnati Financial’s property casualty operations in 2025?

In 2025, property casualty operations produced a 94.9% combined ratio , remaining within the company’s long-term 92%–98% target range. Despite elevated catastrophe losses, this marked the 14th consecutive year of underwriting profit, indicating continued pricing and risk selection discipline across commercial, personal, and excess and surplus lines.

Q: How did Cincinnati Financial’s book value and value creation ratio change in 2025?

Book value per share increased to $102.35 at December 31, 2025 , up from $89.11 a year earlier, a 15% gain. The company’s value creation ratio , which combines book value growth and dividends, reached 18.8% for 2025, above its stated 10%–13% long-term annual target range.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Cincinnati Financial Corporation reported significantly stronger results for the fourth quarter and solid growth for full-year 2025. Fourth-quarter 2025 net income rose to $676 million, or $4.29 per diluted share, up from $405 million, or $2.56 per share, helped by a $145 million after-tax increase in the fair value of equity securities still held.

Full-year 2025 net income increased to $2.393 billion, or $15.17 per diluted share, compared with $2.292 billion, or $14.53 per share, in 2024. Non-GAAP operating income grew to $1.254 billion for the year, or $7.95 per share, driven by higher after-tax net investment income and partly offset by lower property casualty underwriting profit.

Property casualty operations delivered a 94.9% full-year combined ratio, marking a 14th consecutive year of underwriting profit despite elevated catastrophe losses, including severe wildfires. Book value per share climbed to $102.35 at December 31, 2025, up 15% year over year, supporting an 18.8% value creation ratio. Total investments and cash reached more than $33 billion, and pretax investment income increased 14% for the year as bond interest income rose.

Insights

Strong 2025 earnings, resilient underwriting, and investment-driven book value growth.

Cincinnati Financial delivered robust fourth-quarter and full-year 2025 performance. Fourth-quarter net income rose to $676 million, up 67% year over year, helped by investment gains, while non-GAAP operating income increased 7% to $531 million, indicating solid underlying profitability beyond market-driven gains.

For 2025, non-GAAP operating income grew to $1.254 billion, up 5%, as after-tax net investment income increased by $112 million and partially offset a $62 million decline in property casualty underwriting profit. The full-year property casualty combined ratio of 94.9% stayed within the company’s stated 92%–98% target range despite heavy catastrophe activity.

Book value per share advanced to $102.35 at December 31, 2025, a 15% rise from year-end 2024, supporting an 18.8% value creation ratio that exceeded the company’s 10%–13% long-term target. Investments remained a key earnings pillar, with pretax investment income up 14% to $1.165 billion and total consolidated cash and invested assets reaching $33.214 billion by year-end.

02/09/2026 - 04:10 PM

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 9, 2026

(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 9, 2026, Cincinnati Financial Corporation issued the attached news release titled “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2025 Results,” furnished as Exhibit 99.1 hereto and incorporated herein by reference. On February 9, 2026, 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 9, 2026, “Cincinnati Financial Reports Fourth-Quarter and Full-Year 2025 Results”

Exhibit 99.2 – Supplemental Financial Data for the Period Ending December 31, 2025 distributed February 9, 2026

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 9, 2026			/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 2025 Results

Cincinnati, February 9, 2026 – Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

•Fourth-quarter 2025 net income of $676 million, or $4.29 per share, compared with $405 million, or $2.56 per share, in the fourth quarter of 2024, after recognizing a $145 million fourth-quarter 2025 after-tax increase in the fair value of equity securities still held.

•Full-year 2025 net income of $2.393 billion, or $15.17 per share, compared with $2.292 billion, or $14.53 per share, in 2024.

•$34 million or 7% increase in fourth-quarter 2025 non-GAAP operating income* to $531 million, or $3.37 per share, compared with $497 million, or $3.14 per share, in the fourth quarter of last year.

•$57 million or 5% increase in full-year 2025 non-GAAP operating income to $1.254 billion, or $7.95 per share, up from $1.197 billion, or $7.58 per share, with an increase of $112 million in after-tax net investment income partially offset by a decrease of $62 million in after-tax property casualty underwriting profit.

•$271 million increase in fourth-quarter 2025 net income, compared with fourth-quarter 2024, including the effects of after-tax net increases of $237 million from net investment gains, $21 million from property casualty underwriting profit and $20 million from investment income.

•$102.35 book value per share at December 31, 2025, up $13.24 since year-end 2024.

•18.8% value creation ratio for full-year 2025, compared with 19.8% for 2024.

Financial Highlights


(Dollars in millions except per share data)	Three months ended December 31,						Twelve months ended December 31,
		2025		2024		% Change		2025		2024		% Change
Revenue Data
Earned premiums		$	2,592	$	2,365	10		$	9,983	$	8,889	12
Investment income, net of expenses		305		280		9		1,165		1,025		14
Total revenues		3,091		2,538		22		12,631		11,337		11
Income Statement Data
Net income		$	676	$	405	67		$	2,393	$	2,292	4
Investment gains and losses, after-tax		145		(92)		nm		1,139		1,095		4

Non-GAAP operating income*		$	531	$	497	7		$	1,254	$	1,197	5
Per Share Data (diluted)
Net income		$	4.29	$	2.56	68		$	15.17	$	14.53	4
Investment gains and losses, after-tax		0.92		(0.58)		nm		7.22		6.95		4

Non-GAAP operating income*		$	3.37	$	3.14	7		$	7.95	$	7.58	5

Book value								$	102.35	$	89.11	15
Cash dividend declared		$	0.87	$	0.81	7		$	3.48	$	3.24	7
Diluted weighted average shares outstanding		157.5		158.1		0		157.7		157.8		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 4Q25 Release 1

Insurance Operations Highlights

•85.2% fourth-quarter 2025 property casualty combined ratio, up from 84.7% for the fourth quarter of 2024. Full-year 2025 property casualty combined ratio at 94.9%, with net written premiums up 9%.

•5% growth in fourth-quarter 2025 net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.

•$331 million fourth-quarter 2025 property casualty new business written premiums. Agencies appointed since the beginning of 2024 contributed $33 million or 10% of total fourth-quarter new business written premiums.

•$31 million of fourth-quarter 2025 life insurance subsidiary net income and 3% growth in fourth-quarter 2025 term life insurance earned premiums. Full-year 2025 net income rose 16%.

Investment and Balance Sheet Highlights

•9% or $25 million increase in fourth-quarter 2025 pretax investment income, including a 10% increase in bond interest income.

•12% full-year increase in fair value of total investments at December 31, 2025, including a 12% increase for the bond portfolio and a 13% increase for the stock portfolio.

•$5.568 billion parent company cash and marketable securities at year-end 2025, up 7% from a year ago.

Resiliency Led to Insurance Profitability

Stephen M. Spray, president and chief executive officer, commented: “After beginning the year with the worst catastrophe loss in our company’s history, it took persistence and focus to record a 4% increase in full-year net income of $2.393 billion and $1.254 billion in full-year 2025 non-GAAP operating income – a 5% increase compared with 2024.

“For the fourth quarter, our insurance operations produced a combined ratio of 85.2% – one of our best fourth quarters in the last decade. On a full-year basis, our combined ratio of 94.9% is comfortably within our long-term annual average goal of 92% to 98% and marks 14 consecutive years of achieving an underwriting profit.

“Importantly, we continued seeing steady progress in our current accident year combined ratio before catastrophe losses. That measure improved 0.4 percentage points to 86.1% for 2025, even with the unfavorable effects of $52 million in reinsurance reinstatement premiums related to the California wildfires.

“Our life insurance subsidiary also contributed nicely, recording a 16% increase in net income to $106 million.”

Balancing Pricing Discipline and Growth

“Total property casualty net written premiums increased 9% for the year, crossing $10 billion for the first time in our company’s 75-year history. While new business written premiums slowed in total for the fourth quarter and the full year, our commercial business recorded 4% growth in standard and 17% growth in excess and surplus lines new business over the course of 2025.

“Looking ahead, we know that it will take continued pricing discipline and product innovation – supported by the ongoing appointment of new agencies – to keep up the profitable growth of our insurance business.

“Our 189 commercial lines field marketing representatives work closely with the agencies in their territories, developing a deep understanding of the market conditions unique to that community. Leaning on their colleagues in a variety of disciplines, including excess and surplus lines, management liability, life insurance and loss control – they can craft comprehensive risk management programs enhanced by the ease of doing business through the Cincinnati family of companies.

“We believe that our hallmarks of strong agency relationships and fast, fair and empathetic claims service, will continue to encourage appointed agents to place their high-quality business with Cincinnati Insurance.”

Record Book Value

“At December 31, 2025, our book value per share climbed 15% from a year ago, to $102.35, bolstered by a 14% increase in net pretax investment income, reaching nearly $1.2 billion for the year.

“Consolidated cash and total investments reached more than $33 billion. Our ample capital allows us to execute our long-term strategies and, at the same time, continue to pay dividends to shareholders. Our value creation ratio for 2025, which considers the dividends we pay as well as the growth in book value, was 18.8%, ahead of our 10% to 13% average annual target for this measure.”

CINF 4Q25 Release 2

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results


(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2025			2024			% Change	2025			2024			% Change
Earned premiums		$	2,508		$	2,284		10	$	9,653		$	8,568		13
Fee revenues		3			3			0	14			12			17
Total revenues		2,511			2,287			10	9,667			8,580			13

Loss and loss expenses		1,397			1,255			11	6,335			5,436			17
Underwriting expenses		736			680			8	2,831			2,564			10
Underwriting profit		$	378		$	352		7	$	501		$	580		(14)

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		55.7		%	55.0		%	0.7	65.6		%	63.5		%	2.1
Underwriting expenses		29.5			29.7			(0.2)	29.3			29.9			(0.6)
Combined ratio		85.2		%	84.7		%	0.5	94.9		%	93.4		%	1.5

								% Change							% Change
Agency renewal written premiums		$	1,939		$	1,759		10	$	8,023		$	7,080		13
Agency new business written premiums		331			382			(13)	1,474			1,541			(4)
Other written premiums		91			102			(11)	585			622			(6)
Net written premiums		$	2,361		$	2,243		5	$	10,082		$	9,243		9

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		55.3		%	51.0		%	4.3	56.8		%	56.6		%	0.2
Current accident year catastrophe losses		1.2			5.0			(3.8)	10.8			9.6			1.2
Prior accident years before catastrophe losses		(0.6)			(0.0)			(0.6)	(1.3)			(1.6)			0.3
Prior accident years catastrophe losses		(0.2)			(1.0)			0.8	(0.7)			(1.1)			0.4
Loss and loss expense ratio		55.7		%	55.0		%	0.7	65.6		%	63.5		%	2.1


Current accident year combined ratio before catastrophe losses		84.8		%	80.7		%	4.1	86.1		%	86.5		%	(0.4)

•5% and 9% growth in fourth-quarter and full-year 2025 property casualty net written premiums, reflecting price increases, premium growth initiatives and a higher level of insured exposures. The contribution to growth from Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM in total was less than 1 percentage point for both the fourth-quarter and full-year.

•13% and 4% decrease in fourth-quarter and full-year 2025 new business premiums written by agencies, compared with a year ago. The full-year decrease included an $87 million increase in standard market property casualty production from agencies appointed since the beginning of 2024.

•420 new agency appointments in full-year 2025, including 71 that market only our personal lines products.

•0.5 percentage-point fourth-quarter 2025 combined ratio increase, compared with 2024, including a decrease of 3.0 points for losses from catastrophes.

•1.5 percentage-point full-year 2025 combined ratio increase, including an increase of 1.6 points for losses from catastrophes.

•0.4 percentage-point improvement in full-year 2025 current accident year combined ratio before catastrophe losses, including an unfavorable 0.5 points for the net effect of $52 million for reinsurance treaty reinstatement premiums related to the January 2025 wildfires in southern California.

•0.8 and 2.0 percentage-point fourth-quarter and full-year 2025 benefit from favorable prior accident year reserve development of $20 million and $196 million, compared with 1.0 points or $25 million for fourth-quarter 2024 and 2.7 points or $236 million of favorable development for full-year 2024.

•0.2 percentage-point increase, to 56.8%, for the full-year 2025 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 1.4 points for the portion estimated as reserves for claims incurred but not reported (IBNR) and a decrease of 1.2 points for the case incurred portion.

•0.6 percentage-point decrease in full-year 2025 underwriting expense ratio, compared with the same period of 2024, primarily due to growth in earned premiums outpacing growth in various expenses.

CINF 4Q25 Release 3

Commercial Lines Insurance Results


(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2025			2024			% Change	2025			2024			% Change
Earned premiums		$	1,243		$	1,160		7	$	4,863		$	4,486		8
Fee revenues		1			1			0	5			4			25
Total revenues		1,244			1,161			7	4,868			4,490			8

Loss and loss expenses		721			624			16	2,970			2,795			6
Underwriting expenses		379			356			6	1,459			1,384			5
Underwriting profit		$	144		$	181		(20)	$	439		$	311		41

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		57.9		%	53.8		%	4.1	61.1		%	62.3		%	(1.2)
Underwriting expenses		30.5			30.7			(0.2)	30.0			30.9			(0.9)
Combined ratio		88.4		%	84.5		%	3.9	91.1		%	93.2		%	(2.1)

								% Change							% Change
Agency renewal written premiums		$	1,039		$	1,001		4	$	4,350		$	4,087		6
Agency new business written premiums		180			179			1	768			741			4
Other written premiums		(34)			(37)			8	(120)			(138)			13
Net written premiums		$	1,185		$	1,143		4	$	4,998		$	4,690		7

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		59.6		%	53.8		%	5.8	59.9		%	59.3		%	0.6
Current accident year catastrophe losses		0.5			1.8			(1.3)	3.9			6.1			(2.2)
Prior accident years before catastrophe losses		(2.3)			(0.9)			(1.4)	(2.3)			(2.4)			0.1
Prior accident years catastrophe losses		0.1			(0.9)			1.0	(0.4)			(0.7)			0.3
Loss and loss expense ratio		57.9		%	53.8		%	4.1	61.1		%	62.3		%	(1.2)


Current accident year combined ratio before catastrophe losses		90.1		%	84.5		%	5.6	89.9		%	90.2		%	(0.3)

•4% and 7% growth in fourth-quarter and full-year 2025 commercial lines net written premiums, primarily due to higher agency renewal written premiums. Fourth-quarter and full-year 2025 commercial lines average renewal pricing increased in the mid-single-digit percent range.

•1% and 4% increase in fourth-quarter and full-year 2025 new business written premiums, as we continue to carefully underwrite each policy in a highly competitive market.

•3.9 percentage-point fourth-quarter 2025 combined ratio increase, compared with 2024, including a decrease of 0.3 points for losses from catastrophes.

•2.1 percentage-point full-year 2025 combined ratio improvement, including a decrease of 1.9 points for losses from catastrophes.

•2.2 and 2.7 percentage-point fourth-quarter and full-year 2025 benefit from favorable prior accident year reserve development of $27 million and $130 million, compared with 1.8 points or $21 million for fourth-quarter 2024 and 3.1 points or $138 million of favorable development for full-year 2024.

•0.6 percentage-point increase, to 59.9%, for the full-year 2025 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.6 points in the ratio for current accident year losses of $2 million or more per claim.

CINF 4Q25 Release 4

Personal Lines Insurance Results


(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2025			2024			% Change	2025			2024			% Change
Earned premiums		$	859		$	726		18	$	3,199		$	2,623		22
Fee revenues		1			1			0	5			5			0
Total revenues		860			727			18	3,204			2,628			22

Loss and loss expenses		468			374			25	2,419			1,795			35
Underwriting expenses		231			208			11	896			762			18
Underwriting profit (loss)		$	161		$	145		11	$	(111)		$	71		nm

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		54.6		%	51.5		%	3.1	75.6		%	68.5		%	7.1
Underwriting expenses		26.9			28.7			(1.8)	28.0			29.0			(1.0)
Combined ratio		81.5		%	80.2		%	1.3	103.6		%	97.5		%	6.1

								% Change							% Change
Agency renewal written premiums		$	764		$	625		22	$	3,128		$	2,495		25
Agency new business written premiums		92			154			(40)	476			604			(21)
Other written premiums		(29)			(26)			(12)	(174)			(100)			(74)
Net written premiums		$	827		$	753		10	$	3,430		$	2,999		14

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		50.7		%	49.7		%	1.0	53.6		%	53.9		%	(0.3)
Current accident year catastrophe losses		1.7			1.8			(0.1)	22.2			15.6			6.6
Prior accident years before catastrophe losses		2.6			1.6			1.0	1.0			0.7			0.3
Prior accident years catastrophe losses		(0.4)			(1.6)			1.2	(1.2)			(1.7)			0.5
Loss and loss expense ratio		54.6		%	51.5		%	3.1	75.6		%	68.5		%	7.1


Current accident year combined ratio before catastrophe losses		77.6		%	78.4		%	(0.8)	81.6		%	82.9		%	(1.3)

•10% and 14% growth in fourth-quarter and full-year 2025 personal lines net written premiums, including higher renewal written premiums that benefited from rate increases in the high-single-digit percent range.

•40% and 21% decrease in fourth-quarter and full-year 2025 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market. The fourth quarter decrease included $8 million for California.

•1.3 percentage-point fourth-quarter 2025 combined ratio increase, compared with 2024, including an increase of 1.1 points for losses from catastrophes.

•6.1 percentage-point full-year 2025 combined ratio increase, including an increase of 7.1 points for losses from catastrophes and an increase in the underwriting expense ratio of 0.5 points for the effect of reinstatement premiums.

•$20 million of fourth-quarter 2025 unfavorable prior accident year reserve development, primarily from personal umbrella claims, compared with less than $1 million for fourth-quarter 2024.

•0.2 percentage-point full-year 2025 benefit from favorable prior accident year reserve development of $4 million, compared to 1.0 points or $26 million for full-year 2024.

•0.3 percentage-point improvement, to 53.6%, for the full-year 2025 ratio of current accident year losses and loss expenses before catastrophes, including an increase of 0.5 points in the ratio for current accident year losses of $2 million or more per claim.

CINF 4Q25 Release 5

Excess and Surplus Lines Insurance Results


(Dollars in millions)	Three months ended December 31,								Twelve months ended December 31,
		2025			2024			% Change	2025			2024			% Change
Earned premiums		$	188		$	168		12	$	698		$	615		13
Fee revenues		1			1			0	4			3			33
Total revenues		189			169			12	702			618			14

Loss and loss expenses		108			112			(4)	425			411			3
Underwriting expenses		51			45			13	192			167			15
Underwriting profit		$	30		$	12		150	$	85		$	40		113

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Loss and loss expenses		57.5		%	66.5		%	(9.0)	60.9		%	66.9		%	(6.0)
Underwriting expenses		27.2			26.6			0.6	27.5			27.1			0.4
Combined ratio		84.7		%	93.1		%	(8.4)	88.4		%	94.0		%	(5.6)

								% Change							% Change
Agency renewal written premiums		$	136		$	133		2	$	545		$	498		9
Agency new business written premiums		59			49			20	230			196			17
Other written premiums		(11)			(11)			0	(46)			(40)			(15)
Net written premiums		$	184		$	171		8	$	729		$	654		11

Ratios as a percent of earned premiums:								Pt. Change							Pt. Change
Current accident year before catastrophe losses		58.4		%	63.1		%	(4.7)	63.1		%	64.2		%	(1.1)
Current accident year catastrophe losses		(0.4)			1.0			(1.4)	0.5			1.3			(0.8)
Prior accident years before catastrophe losses		(0.3)			2.3			(2.6)	(2.5)			1.4			(3.9)
Prior accident years catastrophe losses		(0.2)			0.1			(0.3)	(0.2)			0.0			(0.2)
Loss and loss expense ratio		57.5		%	66.5		%	(9.0)	60.9		%	66.9		%	(6.0)


Current accident year combined ratio before catastrophe losses		85.6		%	89.7		%	(4.1)	90.6		%	91.3		%	(0.7)

•8% and 11% growth in fourth-quarter and full-year 2025 excess and surplus lines net written premiums, including fourth-quarter 2025 renewal price increases averaging in the mid-single-digit percent range.

•20% and 17% increase in fourth-quarter and full-year 2025 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.

•8.4 percentage-point fourth-quarter 2025 combined ratio improvement, primarily due to a decrease of 4.7 points from current accident year loss and loss expenses before catastrophes.

•5.6 percentage-point full-year 2025 combined ratio improvement, primarily due to a decrease of 3.9 points from prior accident year loss and loss expenses before catastrophes.

•0.5 percentage-point fourth-quarter 2025 favorable prior accident year reserve development of $1 million, compared with unfavorable 2.4 points or $3 million for fourth-quarter 2024.

•2.7 percentage-point full-year 2025 favorable prior accident year reserve development of $19 million, compared with unfavorable development of 1.4 points or $8 million for full-year 2024.

•1.1 percentage-point improvement, to 63.1%, for the full-year 2025 ratio of current accident year losses and loss expenses before catastrophes, including a decrease of 0.4 points in the ratio for current accident year losses of $2 million or more per claim.

CINF 4Q25 Release 6

Life Insurance Subsidiary Results


(Dollars in millions)	Three months ended December 31,						Twelve months ended December 31,
		2025		2024		% Change	2025		2024		% Change
Term life insurance		$	61	$	59	3	$	240	$	233	3
Whole life insurance		14		13		8	54		52		4
Universal life and other		9		9		0	36		36		0
Earned premiums		84		81		4	330		321		3
Investment income, net of expenses		51		48		6	202		190		6
Investment gains and losses, net		—		2		(100)	(6)		(7)		14
Fee revenues		2		1		100	6		5		20
Total revenues		137		132		4	532		509		5
Contract holders’ benefits incurred		75		75		0	305		301		1
Underwriting expenses incurred		23		23		0	93		93		0
Total benefits and expenses		98		98		0	398		394		1
Net income before income tax		39		34		15	134		115		17
Income tax		8		6		33	28		24		17
Net income of the life insurance subsidiary		$	31	$	28	11	$	106	$	91	16

•$9 million or 3% increase in full-year 2025 earned premiums, including a 3% increase for term life insurance, our largest life insurance product line.

•$15 million or 16% increase in full-year 2025 life insurance subsidiary net income, primarily due to increases in investment income and earned premiums.

•$160 million or 12% full-year 2025 increase to $1.467 billion in GAAP shareholders’ equity for The Cincinnati Life Insurance Company, primarily from net income and a decrease in unrealized investment losses on fixed-maturity securities.

CINF 4Q25 Release 7

Investment and Balance Sheet Highlights

Investments Results


(Dollars in millions)	Three months ended December 31,							Twelve months ended December 31,
	2025			2024			% Change	2025			2024			% Change
Investment income, net of expenses	$	305		$	280		9	$	1,165		$	1,025		14
Investment interest credited to contract holders	(32)			(31)			(3)	(127)			(125)			(2)
Investment gains and losses, net	183			(116)			nm	1,442			1,391			4
Investments profit	$	456		$	133		243	$	2,480		$	2,291		8

Investment income:
Interest	$	224		$	204		10	$	875		$	733		19
Dividends	74			74			0	280			283			(1)
Other	11			7			57	27			25			8
Less investment expenses	4			5			(20)	17			16			6
Investment income, pretax	305			280			9	1,165			1,025			14
Less income taxes	52			47			11	200			172			16
Total investment income, after-tax	$	253		$	233		9	$	965		$	853		13

Investment returns:
Average invested assets plus cash and cash equivalents	$	33,086		$	29,987			$	31,655		$	28,374
Average yield pretax	3.69		%	3.73		%		3.68		%	3.61		%
Average yield after-tax	3.06			3.11				3.05			3.01
Effective tax rate	17.2			17.0				17.2			16.8
Fixed-maturity returns:
Average amortized cost	$	18,224		$	16,554			$	17,743		$	15,697
Average yield pretax	4.92		%	4.93		%		4.93		%	4.67		%
Average yield after-tax	4.02			4.03				4.02			3.83
Effective tax rate	18.3			18.3				18.4			18.0

•$25 million or 9% rise in fourth-quarter 2025 pretax investment income, primarily due to a 10% increase in interest income from fixed-maturity securities.

•$219 million in fourth-quarter and $1.814 billion in full-year 2025 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,
	2025		2024		2025		2024
Investment gains and losses on equity securities sold, net	$	(2)	$	—	$	(13)	$	181
Unrealized gains and losses on equity securities still held, net	183		(136)		1,448		1,275
Investment gains and losses on fixed-maturity securities, net	(12)		(2)		(25)		(116)
Other	14		22		32		51
Subtotal - investment gains and losses reported in net income	183		(116)		1,442		1,391

Change in unrealized investment gains and losses - fixed maturities	36		(350)		372		17
Total	$	219	$	(466)	$	1,814	$	1,408

CINF 4Q25 Release 8

Balance Sheet Highlights


(Dollars in millions except share data)	At December 31,			At December 31,
	2025			2024
Total investments	$	31,783		$	28,378
Total assets	41,002			36,501
Short-term debt	25			25
Long-term debt	790			790
Shareholders’ equity	15,911			13,935
Book value per share	102.35			89.11
Debt-to-total-capital ratio	4.9		%	5.5		%

•$33.214 billion in consolidated cash and invested assets at December 31, 2025, an increase of 13% from $29.361 billion at year-end 2024.

•$18.123 billion bond portfolio at December 31, 2025, with an average rating of A2/A. Fair value increased $493 million during the fourth quarter of 2025, including $667 million in net purchases of fixed-maturity securities.

•$12.694 billion equity portfolio was 39.9% of total investments, including $8.539 billion in appreciated value before taxes at December 31, 2025. Fair value increased $147 million during the fourth quarter of 2025, including $44 million in net sales of equity securities.

•$400 million unsecured revolving credit agreement established during fourth-quarter 2025, enhancing financial flexibility and financial strength.

•$3.59 fourth-quarter 2025 increase in book value per share, including an addition of $3.42 from net income before investment gains and $1.04 from investment portfolio net investment losses or changes in unrealized gains for fixed-maturity securities that were partially offset by $0.87 from dividends declared to shareholders.

•Value creation ratio of 18.8% for full-year 2025, including 9.1% from net income before investment gains, which includes underwriting and investment income, 10.2% from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities, including 8.2% from our stock portfolio and 2.0% from our bond portfolio, partially offset by 0.5% from other items.

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

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 4Q25 Release 9

Safe Harbor Statement

Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like “seek,” “expect,” “will,” “should,” “could,” “might,” “anticipate,” “believe,” “estimate,” “intend,” “likely,” “future,” or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:

Insurance-Related Risks

•Risks and uncertainties associated with our loss reserves or actual claim costs exceeding reserves

•Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance

•Unusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe risk

•Risks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk management

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

•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

•Mergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantages

•Our inability to manage business opportunities, growth prospects, and expenses for our ongoing operations

•Changing consumer insurance-buying habits

•The inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurers

•Domestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, 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:

◦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

◦Significant or prolonged decline in the fair value of securities and impairment of the assets

◦Significant decline in investment income due to reduced or eliminated dividend payouts from 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

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

◦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

◦The inability of our workforce, agencies, or vendors to perform necessary business functions

Financial, Economic, and Investment Risks

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

•Downgrades in our financial strength ratings

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

◦Our ability to generate growth in investment income

◦Values of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assets

◦Our traditional life policy reserves

•Economic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnerships

CINF 4Q25 Release 10

•Failure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligations

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

•The inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase shares

General Business, Technology, and Operational Risks

•Ineffective information technology systems or failing to develop and implement improvements in technology

•Difficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents’, ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liability

•Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, 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 models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitiveness

•Intense competition, and the impact of innovation, emerging technologies, artificial intelligence 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

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

•Unforeseen departure of certain executive officers or other key employees 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

•Events, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programs

Regulatory, Compliance, and Legal Risks

•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

◦Increase 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 laws, regulations, or interpretations

◦Increase other expenses

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

◦Restrict our ability to cancel policies

◦Impose new underwriting standards

◦Place us at a disadvantage in the marketplace

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

CINF 4Q25 Release 11

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

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

•Effects of changing social, global, economic, and regulatory environments

•Additional measures affecting corporate financial reporting and governance that can affect the market value of our common stock

Risks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2024 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.

* * *

CINF 4Q25 Release 12

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets (unaudited)


(Dollars in millions except per share data)	December 31,		December 31,
	2025		2024
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2025—$18,304; 2024—$16,735)	$	18,123	$	16,182
Equity securities, at fair value (cost: 2025—$4,155; 2024—$3,953)	12,694		11,185
Short-term investments, at fair value (amortized cost: 2025—$148; 2024—$298)	148		298
Other invested assets	818		713
Total investments	31,783		28,378
Cash and cash equivalents	1,431		983
Investment income receivable	235		222
Finance receivable	146		120
Premiums receivable	3,142		2,969
Reinsurance recoverable	655		523
Prepaid reinsurance premiums	71		70
Deferred policy acquisition costs	1,344		1,242
Land, building and equipment, net, for company use (accumulated depreciation: 2025—$367; 2024—$347)	219		214
Other assets	995		828
Separate accounts	981		952
Total assets	$	41,002	$	36,501
Liabilities
Insurance reserves
Loss and loss expense reserves	$	11,507	$	10,003
Life policy and investment contract reserves	2,992		2,960
Unearned premiums	5,254		4,813
Other liabilities	1,638		1,487
Deferred income tax	1,833		1,476
Note payable	25		25
Long-term debt and lease obligations	861		850
Separate accounts	981		952
Total liabilities	25,091		22,566



Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2025 and 2024—500 million shares; issued: 2025 and 2024—198.3 million shares)	397		397
Paid-in capital	1,561		1,502
Retained earnings	16,719		14,869
Accumulated other comprehensive loss	(34)		(309)
Treasury stock at cost (2025—42.9 million shares and 2024—41.9 million shares)	(2,732)		(2,524)
Total shareholders' equity	15,911		13,935
Total liabilities and shareholders' equity	$	41,002	$	36,501

CINF 4Q25 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,
	2025		2024		2025		2024
Revenues
Earned premiums	$	2,592	$	2,365	$	9,983	$	8,889
Investment income, net of expenses	305		280		1,165		1,025
Investment gains and losses, net	183		(116)		1,442		1,391
Fee revenues	5		4		20		17
Other revenues	6		5		21		15
Total revenues	3,091		2,538		12,631		11,337

Benefits and Expenses
Insurance losses and contract holders’ benefits	1,472		1,330		6,640		5,737
Underwriting, acquisition and insurance expenses	759		703		2,924		2,657
Interest expense	13		13		53		53
Other operating expenses	7		13		34		32
Total benefits and expenses	2,251		2,059		9,651		8,479

Income Before Income Taxes	840		479		2,980		2,858

Provision (Benefit) for Income Taxes
Current	137		156		304		449
Deferred	27		(82)		283		117
Total provision for income taxes	164		74		587		566

Net Income	$	676	$	405	$	2,393	$	2,292

Per Common Share
Net income—basic	$	4.34	$	2.59	$	15.32	$	14.65
Net income—diluted	4.29		2.56		15.17		14.53

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

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

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 4Q25 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 4Q25 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,
	2025		2024		2025		2024
Net income	$	676	$	405	$	2,393	$	2,292
Less:
Investment gains and losses, net	183		(116)		1,442		1,391
Income tax on investment gains and losses	(38)		24		(303)		(296)
Investment gains and losses, after-tax	145		(92)		1,139		1,095

Non-GAAP operating income	$	531	$	497	$	1,254	$	1,197

Diluted per share data:
Net income	$	4.29	$	2.56	$	15.17	$	14.53
Less:
Investment gains and losses, net	1.16		(0.73)		9.14		8.82
Income tax on investment gains and losses	(0.24)		0.15		(1.92)		(1.87)
Investment gains and losses, after-tax	0.92		(0.58)		7.22		6.95

Non-GAAP operating income	$	3.37	$	3.14	$	7.95	$	7.58


Life Insurance Reconciliation

(Dollars in millions)	Three months ended December 31,				Twelve months ended December 31,
	2025		2024		2025		2024
Net income of life insurance subsidiary	$	31	$	28	$	106	$	91
Investment gains and losses, net	—		2		(6)		(7)
Income tax on investment gains and losses	—		1		(1)		(1)
Non-GAAP operating income	31		27		111		97

Investment income, net of expenses	(51)		(48)		(202)		(190)
Investment income credited to contract holders	32		31		127		125
Income tax excluding tax on investment gains and losses, net	8		5		29		25
Life insurance segment profit	$	20	$	15	$	65	$	57

CINF 4Q25 Release 16


Property Casualty Insurance Reconciliation
(Dollars in millions)	Three months ended December 31, 2025
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	2,361		$	1,185		$	827		$	184		$	165
Unearned premiums change		147			58			32			4			53
Earned premiums		$	2,508		$	1,243		$	859		$	188		$	218

Underwriting profit		$	378		$	144		$	161		$	30		$	43















(Dollars in millions)	Twelve months ended December 31, 2025
	Consolidated			Commercial			Personal			E&S				Other*
Premiums:
Net written premiums		$	10,082		$	4,998		$	3,430		$	729		$	925
Unearned premiums change		(429)			(135)			(231)			(31)			(32)
Earned premiums		$	9,653		$	4,863		$	3,199		$	698		$	893

Underwriting profit (loss)		$	501		$	439		$	(111)		$	85		$	88









(Dollars in millions)	Three months ended December 31, 2024
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	2,243		$	1,143		$	753		$	171		$	176
Unearned premiums change		41			17			(27)			(3)			54
Earned premiums		$	2,284		$	1,160		$	726		$	168		$	230

Underwriting profit		$	352		$	181		$	145		$	12		$	14

(Dollars in millions)	Twelve months ended December 31, 2024
	Consolidated			Commercial			Personal			E&S			Other*
Premiums:
Net written premiums		$	9,243		$	4,690		$	2,999		$	654		$	900
Unearned premiums change		(675)			(204)			(376)			(39)			(56)
Earned premiums		$	8,568		$	4,486		$	2,623		$	615		$	844

Underwriting profit		$	580		$	311		$	71		$	40		$	158






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 4Q25 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,
	2025			2024			2025			2024





Value creation ratio:
End of period book value*	$	102.35		$	89.11		$	102.35		$	89.11
Less beginning of period book value	98.76			88.32			89.11			77.06
Change in book value	3.59			0.79			13.24			12.05
Dividend declared to shareholders	0.87			0.81			3.48			3.24
Total value creation	$	4.46		$	1.60		$	16.72		$	15.29

Value creation ratio from change in book value**	3.6		%	0.9		%	14.9		%	15.6		%
Value creation ratio from dividends declared to shareholders***	0.9			0.9			3.9			4.2
Value creation ratio	4.5		%	1.8		%	18.8		%	19.8		%

* 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 4Q25 Release 18

Cincinnati Financial Corporation

Supplemental Financial Data

for the Period Ending December 31, 2025

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

BBB+

The Cincinnati Insurance Companies

Insurer Financial Strength

Property Casualty Group

Standard Market Subsidiaries:

A+

AA-

A+

The Cincinnati Insurance Company

A+

AA-

A+

The Cincinnati Indemnity Company

A+

AA-

A+

The Cincinnati Casualty Company

A+

AA-

A+

Surplus Lines Subsidiary:

The Cincinnati Specialty Underwriters Insurance Company

A+

—

The Cincinnati Life Insurance Company

A+

AA-

—

A+

Ratings are as of February 6, 2026, 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 2025 Supplemental Financial Data


	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

CINF Fourth-Quarter 2025 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 2025 Supplemental Financial Data


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.

CINF Fourth-Quarter 2025 Supplemental Financial Data


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.

CINF Fourth-Quarter 2025 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,
	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.

CINF Fourth-Quarter 2025 Supplemental Financial Data


Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/25		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.

CINF Fourth-Quarter 2025 Supplemental Financial Data


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.

CINF Fourth-Quarter 2025 Supplemental Financial Data


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.

CINF Fourth-Quarter 2025 Supplemental Financial Data


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.

CINF Fourth-Quarter 2025 Supplemental Financial Data


Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/25			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.

CINF Fourth-Quarter 2025 Supplemental Financial Data


Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/25			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.

CINF Fourth-Quarter 2025 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, 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.

CINF Fourth-Quarter 2025 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, 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.

CINF Fourth-Quarter 2025 Supplemental Financial Data



Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/25			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.

CINF Fourth-Quarter 2025 Supplemental Financial Data



Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/25			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.

CINF Fourth-Quarter 2025 Supplemental Financial Data



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/25			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.

CINF Fourth-Quarter 2025 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
	12/31/25			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.

CINF Fourth-Quarter 2025 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)	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.

CINF Fourth-Quarter 2025 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)	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.

CINF Fourth-Quarter 2025 Supplemental Financial Data



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.

CINF Fourth-Quarter 2025 Supplemental Financial Data

Source: View Original Filing on SEC EDGAR

FAQ

How did Cincinnati Financial (CINF) perform in the fourth quarter of 2025?

Cincinnati Financial’s fourth-quarter 2025 net income rose to $676 million, or $4.29 per diluted share, up from $405 million, or $2.56 per share, a year earlier. The increase was driven largely by higher net investment gains and improved property casualty underwriting profit.

What were Cincinnati Financial’s full-year 2025 earnings and non-GAAP operating results?

For full-year 2025, Cincinnati Financial reported net income of $2.393 billion, or $15.17 per diluted share, compared with $2.292 billion, or $14.53 per share, in 2024. Non-GAAP operating income increased to $1.254 billion, or $7.95 per share, reflecting higher net investment income and stable core operations.

How profitable were Cincinnati Financial’s property casualty operations in 2025?

In 2025, property casualty operations produced a 94.9% combined ratio, remaining within the company’s long-term 92%–98% target range. Despite elevated catastrophe losses, this marked the 14th consecutive year of underwriting profit, indicating continued pricing and risk selection discipline across commercial, personal, and excess and surplus lines.

How did Cincinnati Financial’s book value and value creation ratio change in 2025?

Book value per share increased to $102.35 at December 31, 2025, up from $89.11 a year earlier, a 15% gain. The company’s value creation ratio, which combines book value growth and dividends, reached 18.8% for 2025, above its stated 10%–13% long-term annual target range.

What were the key investment results for Cincinnati Financial in 2025?

Cincinnati Financial’s 2025 pretax investment income rose to $1.165 billion, up 14% from 2024, driven by a 19% increase in interest income. Total investment gains reported in net income were $1.442 billion, and consolidated cash and invested assets reached $33.214 billion at year-end 2025.

How did catastrophe losses affect Cincinnati Financial’s 2025 results?

Catastrophe losses were significant in 2025, including the worst catastrophe loss in company history and January wildfires in southern California. Even so, the property casualty combined ratio was 94.9%, and the current accident year combined ratio before catastrophe losses improved to 86.1%, showing resilient underlying profitability.

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Cincinnati Financial (Nasdaq: CINF) lifts 2025 profit and book value with strong underwriting and investments

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Cincinnati Financial (Nasdaq: CINF) lifts 2025 profit and book value with strong underwriting and investments

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