Exhibit



	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2017

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

Consolidated
	Quick Reference	4
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2017	5
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2017	6
	5-Year Net Income Reconciliation	7
	CFC Insurance Subsidiaries – Selected Balance Sheet Data	8

Consolidated Property Casualty Insurance Operations
	Statutory Statements of Income	9
	Consolidated Cincinnati Insurance Companies – Losses Incurred Detail	10
	Consolidated Cincinnati Insurance Companies – Loss Ratio Detail	11
	Consolidated Cincinnati Insurance Companies – Loss Claim Count Detail	12
	Direct Written Premiums by Risk State by Line of Business	13
	Quarterly Property Casualty Data – Commercial Lines	14
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	15
	Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2017	16
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2017	17

Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	18
	Quarterly Property Casualty Data – Commercial Lines	19
	Quarterly Property Casualty Data – Personal Lines	20
	Quarterly Property Casualty Data – Excess & Surplus Lines	21

Life Insurance Operations
	Statutory Statements of Income	22

Noninsurance Operations and Cincinnati Re
	Quarterly Data – Other	23



Cincinnati Financial Corporation
Quick Reference						—	Fourth Quarter 2017
(all data shown is for the three months ended or at December 31, 2017)

(Dollars in millions except per share data)	12/31/2017			Year over year change %				12/31/2017			Year over year change %
Revenues:							Benefits and expenses:

Commercial lines net written premiums	$	746		3			Commercial lines loss and loss expenses	$	487		(3	)
Personal lines net written premiums	309			9			Personal lines loss and loss expenses	212			(6	)
Excess & surplus lines net written premiums	54			20			Excess & surplus lines loss and loss expenses	28			115
Cincinnati Re net written premiums	21			40			Cincinnati Re loss and loss expenses	14			56
Property casualty net written premiums	1,130			6			Life and health contract holders' benefits incurred	68			17
Life and accident and health net written premiums	65			7			Underwriting, acquisition and insurance expenses	389			8
Annuity net written premiums	8			(20	)		Interest expenses	14			0
Life, annuity and accident and health net written premiums	73			3			Other operating expenses	2			0
Commercial lines net earned premiums	796			2			Total benefits & expenses	$	1,214		3
Personal lines net earned premiums	320			8			Income before income taxes	197			54
Excess & surplus lines net earned premiums	56			19			Total benefit for income taxes	(445		)	nm
Cincinnati Re net earned premiums	27			69
Property casualty net earned premiums	1,199			5			Balance Sheet:
Life and accident and health net earned premiums	59			11
Investment income	156			2			Fixed maturity investments	$	10,699
Realized investment gains and losses, net	(8		)	78			Equity securities	6,249
Fee revenue	4			0			Other invested assets	103
Other revenue	1			nm			Total invested assets	$	17,051
Total revenues	$	1,411		8
							Loss and loss expense reserves	$	5,273
Income:							Life policy and investment contract reserves	2,729
							Long-term debt and capital lease obligations	827
Net income	$	642		542			Shareholders' equity	8,243
Realized investment gains and losses, net	(8		)	78
Income tax on unrealized investment gains	$	2		(83	)		Key ratios:
Realized investment gains and losses, after tax	(6		)	76
Effects of U.S. tax reform legislation	495			nm			Commercial lines GAAP combined ratio	92.9		%
Non-GAAP operating income	153			22			Personal lines GAAP combined ratio	95.5
							Excess & surplus lines GAAP combined ratio	79.8
Per share (diluted):							Cincinnati Re GAAP combined ratio	87.0
							Property casualty GAAP combined ratio	92.9
Net income	$	3.88		547
Realized investment gains and losses, net	(0.05		)	78			Commercial lines STAT combined ratio	94.7		%
Income tax on unrealized investment gains	0.01			(88	)		Personal lines STAT combined ratio	96.3
Realized investment gains and losses, after tax	(0.04		)	73			Excess & surplus lines STAT combined ratio	79.9
Effects of U.S. tax reform legislation	2.99			nm			Cincinnati Re STAT combined ratio	89.1
Non-GAAP operating income	0.93			24			Property casualty STAT combined ratio	94.3
Book value	50.29			17
Weighted average shares outstanding	165.6			(1	)		Value creation ratio	11.9		%



Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2017

(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	4,884		$	—		$	—	$	—		$	4,884
Life	—			—			300			—		—			300
Premiums ceded	—			(162		)	(68		)	—		—			(230		)
Total earned premium	—			4,722			232			—		—			4,954
Investment income, net of expenses	62			392			155			—		—			609
Realized investment gains, net	28			114			6			—		—			148
Fee revenues	—			11			5			—		—			16
Other revenues	15			1			—			4		(15		)	5
Total revenues	$	105		$	5,240		$	398		$	4	$	(15	)	$	5,732

Benefits & expenses
Losses & contract holders' benefits	$	—		$	3,074		$	319		$	—	$	(1	)	$	3,392
Reinsurance recoveries	—			64			(67		)	—		1			(2		)
Underwriting, acquisition and insurance expenses	—			1,467			79			—		—			1,546
Interest expense	52			—			—			1		—			53
Other operating expenses	28			—			—			1		(16		)	13
Total expenses	$	80		$	4,605		$	331		$	2	$	(16	)	$	5,002

Income before income taxes	$	25		$	635		$	67		$	2	$	1		$	730

Provision (benefit) for income taxes
Current operating income	$	(20	)	$	98		$	(1	)	$	1	$	—		$	78
Capital gains/losses	9			40			2			—		—			51
Deferred	(150		)	(205		)	(89		)	—		—			(444		)
Total provision (benefit) for income taxes	$	(161	)	$	(67	)	$	(88	)	$	1	$	—		$	(315	)

Net income - current year	$	186		$	702		$	155		$	1	$	1		$	1,045

Net income - prior year	$	25		$	516		$	48		$	1	$	1		$	591
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.



Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended December 31, 2017

(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I			ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,238		$	—		$	—		$	—		$	1,238
Life	—			—			77			—			—			77
Premiums ceded	—			(39		)	(18		)	—			—			(57		)
Total earned premium	—			1,199			59			—			—			1,258
Investment income, net of expenses	19			99			38			—			—			156
Realized investment gains (losses), net	(23		)	14			2			—			(1		)	(8		)
Fee revenues	—			3			1			—			—			4
Other revenues	4			—			—			1			(4		)	1
Total revenues	$	—		$	1,315		$	100		$	1		$	(5	)	$	1,411

Benefits & expenses
Losses & contract holders' benefits	$	—		$	659		$	83		$	—		$	(1	)	$	741
Reinsurance recoveries	—			82			(15		)	—			1			68
Underwriting, acquisition and insurance expenses	—			373			16			—			—			389
Interest expense	13			—			—			1			—			14
Other operating expenses	7			—			—			—			(5		)	2
Total expenses	$	20		$	1,114		$	84		$	1		$	(5	)	$	1,214

Income (loss) before income taxes	$	(20	)	$	201		$	16		$	—		$	—		$	197

Provision (benefit) for income taxes
Current operating income	$	(5	)	$	41		$	(1	)	$	—		$	—		$	35
Capital gains/losses	(9		)	5			—			—			—			(4		)
Deferred	(153		)	(218		)	(105		)	—			—			(476		)
Total benefit for income taxes	$	(167	)	$	(172	)	$	(106	)	$	—		$	—		$	(445	)

Net income - current year	$	147		$	373		$	122		$	—		$	—		$	642

Net income (loss) - prior year	$	(4	)	$	89		$	16		$	(1	)	$	—		$	100
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.



Cincinnati Financial Corporation
5-Year Net Income Reconciliation
(Dollars in millions except per share data)	Years ended December 31,
	2017			2016			2015			2014			2013
Net income	$	1,045		$	591		$	634		$	525		$	517
Less:
Realized investment gains, net	148			124			70			133			83
Income tax on realized investment gains	(53		)	(44		)	(25		)	(48		)	(29		)
Realized investment gains, after-tax	95			80			45			85			54
Effects of U.S. tax reform legislation	495			—			—			—			—
Non-GAAP operating income	$	455		$	511		$	589		$	440		$	463

Diluted per share data:
Net income	$	6.29		$	3.55		$	3.83		$	3.18		$	3.12
Less:
Realized investment gains, net	0.89			0.74			0.42			0.81			0.50
Income tax on realized investment gains	(0.32		)	(0.26		)	(0.15		)	(0.29		)	(0.18		)
Realized investment gains, after-tax	0.57			0.48			0.27			0.52			0.32
Effects of U.S. tax reform legislation	2.98			—			—			—			—
Non-GAAP operating income	$	2.74		$	3.07		$	3.56		$	2.66		$	2.80

Value creation ratio
Book value per share growth	17.1		%	9.6		%	(2.3		)%	7.9		%	11.1		%
Shareholder dividend declared as a percentage of beginning book value	5.8			4.9			5.7			4.7			5.0
Value creation ratio	22.9		%	14.5		%	3.4		%	12.6		%	16.1		%

Investment income
Investment income, net of expenses	$	609		$	595		$	572		$	549		$	529
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.



Cincinnati Financial Corporation Insurance Subsidiaries
Selected Balance Sheet Data

(Dollars in millions)
	12/31/2017		9/30/2017		6/30/2017		3/31/2017		12/31/2016		9/30/2016		6/30/2016		3/31/2016
Cincinnati Insurance Consolidated
Fixed maturities (fair value)	$	7,206	$	7,082	$	7,041	$	6,866	$	6,715	$	6,843	$	6,758	$	6,607
Equities (fair value)	3,942		3,792		3,658		3,592		3,474		3,474		3,443		3,222
Fixed maturities - pretax net unrealized gain	249		255		247		188		163		384		414		301
Equities - pretax net unrealized gain	2,023		1,805		1,713		1,615		1,577		1,438		1,395		1,302
Loss and loss expense reserves - STAT	5,038		5,025		4,935		4,836		4,742		4,639		4,611		4,480
Shareholders' equity - GAAP	6,489		6,041		5,979		5,870		5,746		5,926		5,848		5,655
Policyholders' Surplus - STAT	5,094		4,846		4,790		4,763		4,686		4,679		4,600		4,534

The Cincinnati Life Insurance Company
Fixed maturities (fair value)	$	3,453	$	3,413	$	3,409	$	3,381	$	3,316	$	3,354	$	3,320	$	3,215
Equities (fair value)	9		9		9		9		9		9		9		9
Fixed maturities - pretax net unrealized gain	132		148		145		127		107		196		186		124
Equities - pretax net unrealized gain	4		4		4		4		4		4		4		4
Shareholders' equity - GAAP	1,104		991		981		958		939		979		962		911
Policyholders' Surplus - STAT	195		210		202		199		200		202		205		207



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)	2017			2016			Change			% Change		2017		2016		Change			% Change
Underwriting income
Net premiums written	$	1,130		$	1,064		$	66		6		$	4,840	$	4,580	$	260		6
Unearned premium change	(69		)	(75		)	6			8		118		98		20			20
Earned premiums	$	1,199		$	1,139		$	60		5		$	4,722	$	4,482	$	240		5

Losses incurred	$	598		$	618		$	(20	)	(3	)	$	2,592	$	2,395	$	197		8
Defense and cost containment expenses incurred	72			68			4			6		270		206		64			31
Adjusting and other expenses incurred	71			65			6			9		276		260		16			6
Other underwriting expenses incurred	363			338			25			7		1,475		1,389		86			6
Workers compensation dividend incurred	4			3			1			33		14		15		(1		)	(7	)
Total underwriting deductions	$	1,108		$	1,092		$	16		1		$	4,627	$	4,265	$	362		8

Net underwriting profit	$	91		$	47		$	44		94		$	95	$	217	$	(122	)	(56	)

Investment income
Gross investment income earned	$	106		$	99		$	7		7		$	405	$	391	$	14		4
Net investment income earned	104			98			6			6		399		385		14			4
Realized capital gains and losses, net	6			(16		)	22			nm		85		65		20			31
Net investment gains (net of tax)	$	110		$	82		$	28		34		$	484	$	450	$	34		8

Other income	$	2		$	2		$	—		0		$	9	$	7	$	2		29

Net income before federal income taxes	$	203		$	131		$	72		55		$	588	$	674	$	(86	)	(13	)
Federal and foreign income taxes incurred	42			28			14			50		113		168		(55		)	(33	)
Net income (statutory)	$	161		$	103		$	58		56		$	475	$	506	$	(31	)	(6	)
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.



Consolidated Cincinnati Insurance Companies
Losses Incurred Detail
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/17			9/30/17			6/30/17			3/31/17			12/31/16			9/30/16			6/30/16			3/31/16			6/30/17			6/30/16			9/30/17			9/30/16			12/31/17			12/31/16
Consolidated
Current accident year losses greater than $5,000,000	$	11		$	6		$	—		$	28		$	(7	)	$	10		$	23		$	—		$	28		$	23		$	34		$	33		$	45		$	26
Current accident year losses $1,000,000-$5,000,000	60			75			48			29			63			46			34			42			77			76			152			122			212			185
Large loss prior accident year reserve development	9			4			21			17			(10		)	1			3			—			38			3			42			4			51			(6		)
Total large losses incurred	$	80		$	85		$	69		$	74		$	46		$	57		$	60		$	42		$	143		$	102		$	228		$	159		$	308		$	205
Losses incurred but not reported	60			(9		)	(1		)	4			64			(7		)	34			73			3			107			(6		)	100			54			164
Other losses excluding catastrophe losses	450			499			487			467			430			467			399			402			954			801			1,453			1,269			1,903			1,699
Catastrophe losses	8			104			112			103			78			53			163			33			215			196			319			249			327			327
Total losses incurred	$	598		$	679		$	667		$	648		$	618		$	570		$	656		$	550		$	1,315		$	1,206		$	1,994		$	1,777		$	2,592		$	2,395
Commercial Lines
Current accident year losses greater than $5,000,000	$	5		$	6		$	—		$	28		$	(7	)	$	10		$	23		$	—		$	28		$	23		$	34		$	33		$	39		$	26
Current accident year losses $1,000,000-$5,000,000	51			56			33			26			59			34			33			36			59			69			115			103			166			162
Large loss prior accident year reserve development	10			1			19			17			(6		)	5			4			(1		)	36			3			37			8			47			2
Total large losses incurred	$	66		$	63		$	52		$	71		$	46		$	49		$	60		$	35		$	123		$	95		$	186		$	144		$	252		$	190
Losses incurred but not reported	44			1			21			(5		)	55			4			2			64			16			66			17			70			61			125
Other losses excluding catastrophe losses	273			313			292			306			269			287			244			255			598			499			911			786			1,184			1,055
Catastrophe losses	1			27			64			58			35			28			126			25			122			151			149			179			150			214
Total losses incurred	$	384		$	404		$	429		$	430		$	405		$	368		$	432		$	379		$	859		$	811		$	1,263		$	1,179		$	1,647		$	1,584
Personal Lines
Current accident year losses greater than $5,000,000	$	6		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	6		$	—
Current accident year losses $1,000,000-$5,000,000	6			19			15			3			3			10			—			6			18			6			37			16			43			19
Large loss prior accident year reserve development	(1		)	3			1			—			(3		)	(3		)	(2		)	1			1			(1		)	4			(4		)	3			(7		)
Total large losses incurred	$	11		$	22		$	16		$	3		$	—		$	7		$	(2	)	$	7		$	19		$	5		$	41		$	12		$	52		$	12
Losses incurred but not reported	10			(17		)	(12		)	10			10			(9		)	23			11			(2		)	34			(19		)	25			(9		)	35
Other losses excluding catastrophe losses	157			164			164			144			150			168			141			133			308			274			472			442			629			592
Catastrophe losses	5			34			47			46			39			25			35			8			93			43			127			68			132			107
Total losses incurred	$	183		$	203		$	215		$	203		$	199		$	191		$	197		$	159		$	418		$	356		$	621		$	547		$	804		$	746
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Current accident year losses $1,000,000-$5,000,000	3			—			—			—			—			2			1			—			—			1			—			3			3			3
Large loss prior accident year reserve development	—			—			1			—			—			(1		)	1			—			1			1			1			—			1			—
Total large losses incurred	$	3		$	—		$	1		$	—		$	—		$	1		$	2		$	—		$	1		$	2		$	1		$	3		$	4		$	3
Losses incurred but not reported	6			7			(10		)	(1		)	—			(2		)	9			(2		)	(11		)	7			(4		)	5			2			5
Other losses excluding catastrophe losses	9			8			19			8			6			11			5			9			27			14			35			25			44			31
Catastrophe losses	—			1			1			—			1			—			2			—			1			2			2			2			2			3
Total losses incurred	$	18		$	16		$	11		$	7		$	7		$	10		$	18		$	7		$	18		$	25		$	34		$	35		$	52		$	42

*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 Cincinnati Insurance Companies
Loss Ratio Detail
	Three months ended																Six months ended				Nine months ended				Twelve months ended
	12/31/17		9/30/17		6/30/17		3/31/17		12/31/16		9/30/16		6/30/16		3/31/16		6/30/17		6/30/16		9/30/17		9/30/16		12/31/17		12/31/16
Consolidated
Current accident year losses greater than $5,000,000	0.9	%	0.5	%	—	%	2.4	%	(0.6	)%	0.9	%	2.0	%	—	%	1.2	%	1.0	%	1.0	%	1.0	%	1.0	%	0.6	%
Current accident year losses $1,000,000-$5,000,000	5.0		6.4		4.1		2.5		5.6		4.1		3.1		3.8		3.3		3.5		4.3		3.6		4.5		4.1
Large loss prior accident year reserve development	0.7		0.3		1.8		1.5		(0.9	)	0.2		0.3		—		1.6		0.1		1.2		0.1		1.0		(0.1	)
Total large loss ratio	6.6	%	7.2	%	5.9	%	6.4	%	4.1	%	5.2	%	5.4	%	3.8	%	6.1	%	4.6	%	6.5	%	4.7	%	6.5	%	4.6	%
Losses incurred but not reported	5.0		(0.7	)	(0.1	)	0.4		5.7		(0.7	)	3.1		6.6		0.1		4.8		(0.2	)	3.0		1.1		3.7
Other losses excluding catastrophe losses	37.6		41.7		41.3		40.5		37.5		41.3		35.7		36.8		40.9		36.2		41.2		38.1		40.3		37.8
Catastrophe losses	0.7		8.8		9.4		9.0		6.9		4.7		14.6		3.0		9.3		8.9		9.1		7.4		7.0		7.3
Total loss ratio	49.9	%	57.0	%	56.5	%	56.3	%	54.2	%	50.5	%	58.8	%	50.2	%	56.4	%	54.5	%	56.6	%	53.2	%	54.9	%	53.4	%
Commercial Lines
Current accident year losses greater than $5,000,000	0.6	%	0.8	%	—	%	3.6	%	(0.9	)%	1.3	%	2.9	%	—	%	1.8	%	1.5	%	1.5	%	1.4	%	1.2	%	0.8	%
Current accident year losses $1,000,000-$5,000,000	6.4		7.2		4.2		3.3		7.7		4.4		4.2		4.8		3.7		4.5		4.8		4.4		5.3		5.3
Large loss prior accident year reserve development	1.2		0.1		2.3		2.2		(0.8	)	0.8		0.6		(0.2	)	2.3		0.2		1.6		0.4		1.5		0.1
Total large loss ratio	8.2	%	8.1	%	6.5	%	9.1	%	6.0	%	6.5	%	7.7	%	4.6	%	7.8	%	6.2	%	7.9	%	6.2	%	8.0	%	6.2	%
Losses incurred but not reported	5.5		—		2.7		(0.6	)	7.1		0.4		0.3		8.4		1.0		4.3		0.7		3.0		1.9		4.0
Other losses excluding catastrophe losses	34.4		39.6		36.5		39.2		34.4		36.7		31.6		33.6		37.9		32.6		38.4		34.1		37.4		34.2
Catastrophe losses	0.1		3.4		8.1		7.4		4.4		3.7		16.4		3.3		7.7		9.9		6.3		7.8		4.7		6.9
Total loss ratio	48.2	%	51.1	%	53.8	%	55.1	%	51.9	%	47.3	%	56.0	%	49.9	%	54.4	%	53.0	%	53.3	%	51.1	%	52.0	%	51.3	%
Personal Lines
Current accident year losses greater than $5,000,000	1.9	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	0.5	%	—	%
Current accident year losses $1,000,000-$5,000,000	1.8		6.0		4.8		1.0		1.2		3.5		—		1.9		2.9		1.0		4.0		1.8		3.4		1.7
Large loss prior accident year reserve development	(0.3	)	1.0		0.6		(0.2	)	(1.2	)	(1.1	)	(0.7	)	0.5		0.2		(0.1	)	0.4		(0.4	)	0.3		(0.6	)
Total large loss ratio	3.4	%	7.0	%	5.4	%	0.8	%	—	%	2.4	%	(0.7	)%	2.4	%	3.1	%	0.9	%	4.4	%	1.4	%	4.2	%	1.1	%
Losses incurred but not reported	3.2		(5.3	)	(4.0	)	3.3		3.5		(3.2	)	8.1		3.8		(0.4	)	6.0		(2.1	)	2.9		(0.7	)	3.0
Other losses excluding catastrophe losses	49.0		52.1		53.7		47.9		50.2		57.7		48.9		47.1		50.9		47.9		51.3		51.2		50.7		51.0
Catastrophe losses	1.6		10.8		15.2		15.5		13.3		8.2		12.2		2.9		15.3		7.6		13.8		7.8		10.6		9.2
Total loss ratio	57.2	%	64.6	%	70.3	%	67.5	%	67.0	%	65.1	%	68.5	%	56.2	%	68.9	%	62.4	%	67.4	%	63.3	%	64.8	%	64.3	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $1,000,000-$5,000,000	5.6		—		—		—		(0.1	)	4.4		2.2		—		—		1.1		—		2.3		1.5		1.7
Large loss prior accident year reserve development	(0.1	)	(0.3	)	2.3		(0.3	)	(0.1	)	(2.0	)	1.7		(0.4	)	1.1		0.7		0.6		(0.3	)	0.4		(0.3	)
Total large loss ratio	5.5	%	(0.3	)%	2.3	%	(0.3	)%	(0.2	)%	2.4	%	3.9	%	(0.4	)%	1.1	%	1.8	%	0.6	%	2.0	%	1.9	%	1.4	%
Losses incurred but not reported	9.8		13.8		(20.2	)	(1.6	)	(0.6	)	(2.9	)	20.3		(5.4	)	(11.3	)	7.8		(2.4	)	4.1		0.8		2.9
Other losses excluding catastrophe losses	17.3		15.3		37.0		17.0		12.6		21.8		12.7		20.8		27.4		16.6		23.1		18.4		21.6		16.8
Catastrophe losses	0.2		1.3		1.2		0.8		2.4		0.1		3.1		0.1		1.0		1.7		1.1		1.1		0.8		1.5
Total loss ratio	32.8	%	30.1	%	20.3	%	15.9	%	14.2	%	21.4	%	40.0	%	15.1	%	18.2	%	27.9	%	22.4	%	25.6	%	25.1	%	22.6	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.



Consolidated Cincinnati Insurance Companies
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/17	9/30/17	6/30/17	3/31/17	12/31/16	9/30/16	6/30/16	3/31/16	6/30/17	6/30/16	9/30/17	9/30/16	12/31/17	12/31/16
Consolidated
Current accident year reported losses greater than $5,000,000	2	1	—	5	—	1	3	—	5	3	6	4	8	3
Current accident year reported losses $1,000,000 - $5,000,000	32	43	31	22	38	29	15	27	55	46	100	76	134	113
Prior accident year reported losses on large losses	10	12	15	14	8	2	17	10	30	27	42	26	63	36
Non-Catastrophe reported losses on large losses total	44	56	46	41	46	32	35	37	90	76	148	106	205	152
Commercial Lines
Current accident year reported losses greater than $5,000,000	1	1	—	5	—	1	3	—	5	3	6	4	7	3
Current accident year reported losses $1,000,000 - $5,000,000	27	34	20	20	36	21	14	23	42	41	77	62	106	97
Prior accident year reported losses on large losses	10	10	12	13	8	1	15	8	26	23	35	23	56	33
Non-Catastrophe reported losses on large losses total	38	45	32	38	44	23	32	31	73	67	118	89	169	133
Personal Lines
Current accident year reported losses greater than $5,000,000	1	—	—	—	—	—	—	—	—	—	—	—	1	—
Current accident year reported losses $1,000,000 - $5,000,000	5	9	11	2	2	6	—	4	13	4	23	11	26	13
Prior accident year reported losses on large losses	—	2	2	—	—	—	1	2	2	3	5	2	5	2
Non-Catastrophe reported losses on large losses total	6	11	13	2	2	6	1	6	15	7	28	13	32	15
Excess & Surplus Lines
Current accident year reported losses greater than $5,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Current accident year reported losses $1,000,000 - $5,000,000	—	—	—	—	—	2	1	—	—	1	—	3	2	3
Prior accident year reported losses on large losses	—	—	1	1	—	1	1	—	2	1	2	1	2	1
Non-Catastrophe reported losses on large losses total	—	—	1	1	—	3	2	—	2	2	2	4	4	4
*The sum of quarterly amounts may not equal the full year as each is computed independently.



Consolidated Cincinnati Insurance Companies
Direct Written Premiums by Risk State by Line of Business for the Twelve Months Ended December 31, 2017
(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		2017		2016
Risk State	Comm Casualty		Comm Property		Comm Auto		Workers' Comp		Other Comm		Personal Auto		Home Owner		Other Personal		All Lines		Total		Total
OH	$	156.5	$	144.0	$	89.0	$	—	$	37.6	$	133.7	$	110.1	$	35.1	$	16.0	$	722.0	$	709.6	2.5		0.6		2.4		1.7
IL	69.2		58.4		34.5		50.8		13.1		29.2		29.0		7.8		15.4		307.4		308.4		(0.3	)	(4.1	)	20.0		(0.3	)
GA	45.3		47.2		33.6		14.5		13.4		53.0		48.8		11.9		15.5		283.2		259.3		7.1		10.6		21.3		9.2
IN	55.3		55.6		32.3		26.3		13.4		33.1		34.8		7.8		12.2		270.8		275.1		(1.3	)	(3.2	)	6.2		(1.5	)
NC	52.2		58.7		26.3		17.4		12.9		37.8		33.3		9.0		10.3		257.9		244.7		5.4		3.9		17.5		5.4
PA	64.4		49.0		40.5		41.4		10.9		14.6		12.0		4.5		10.9		248.2		246.0		(0.5	)	5.8		16.4		0.9
MI	46.9		42.9		25.5		16.4		11.3		56.0		34.7		6.0		7.5		247.2		248.0		(0.7	)	0.1		(0.8	)	(0.4	)
TN	41.2		45.0		23.6		10.3		11.2		20.1		24.3		6.0		6.3		188.0		180.5		4.5		2.1		15.3		4.2
KY	29.3		37.9		22.0		3.6		7.6		30.9		29.0		6.6		5.7		172.6		167.5		2.2		3.7		6.1		2.9
AL	28.1		36.7		14.8		0.8		7.8		25.7		35.8		7.3		9.1		166.1		155.9		6.5		6.1		12.7		6.7
VA	34.6		32.1		24.4		17.8		10.0		13.9		11.9		4.2		5.3		154.2		150.7		1.3		4.9		9.2		2.2
TX	52.1		29.2		33.4		1.5		5.6		1.3		1.9		0.8		19.5		145.3		139.5		(0.5	)	nm		14.4		4.1
MO	32.4		36.6		18.1		13.9		5.9		10.3		13.0		2.8		9.1		142.1		131.6		4.8		22.3		9.2		7.9
MN	27.6		24.5		11.0		8.9		5.5		20.6		21.1		5.3		7.4		131.9		132.9		(5.5	)	5.5		17.8		(0.7	)
WI	29.3		26.7		14.5		25.0		6.0		9.7		9.9		3.8		5.2		130.1		134.0		(4.8	)	1.4		18.2		(3.0	)
NY	37.4		20.3		13.4		4.0		4.4		11.9		16.6		5.8		4.8		118.6		94.2		10.8		78.9		52.1		26.0
MD	21.2		13.6		17.5		10.6		4.3		14.0		10.8		2.9		2.8		97.7		93.1		(2.1	)	25.9		6.8		4.7
FL	31.7		15.3		12.7		1.5		3.6		5.0		2.6		0.9		11.1		84.4		71.0		15.9		22.6		35.8		18.9
AR	11.9		22.5		12.0		2.5		4.0		11.4		12.0		3.0		3.5		82.8		78.4		3.6		7.7		26.3		5.7
IA	17.2		20.5		8.6		15.0		5.6		5.2		5.7		1.6		1.9		81.3		78.7		4.3		0.4		(7.7	)	3.3
AZ	20.5		12.4		15.3		6.0		3.0		7.7		6.0		2.5		3.4		76.8		68.7		9.2		23.1		9.0		11.8
SC	15.1		13.8		11.1		3.2		3.6		12.7		9.8		2.1		4.8		76.2		71.0		1.4		15.0		40.3		7.4
UT	19.7		10.2		12.9		0.9		3.1		9.1		5.2		1.3		3.9		66.3		64.6		1.2		4.1		16.3		2.7
CO	19.8		11.2		14.8		1.3		2.5		0.6		1.4		0.2		7.4		59.2		50.2		15.0		268.7		16.6		18.2
KS	11.4		15.4		7.0		5.3		3.1		4.6		6.9		1.3		2.1		57.1		55.4		3.5		(0.1	)	15.2		3.1
OR	15.8		9.3		11.4		0.1		2.1		5.8		2.6		0.8		5.4		53.3		45.6		14.9		30.0		10.2		16.7
MT	18.9		12.4		10.3		0.1		2.3		3.0		3.1		0.7		1.6		52.4		49.0		6.9		5.4		24.6		7.2
ID	13.9		9.8		8.4		0.9		2.0		3.9		2.6		0.8		2.1		44.4		42.2		5.2		4.8		11.3		5.4
NE	9.6		11.6		6.1		7.4		2.4		0.9		1.2		0.3		2.2		41.7		43.0		(4.5	)	8.9		21.2		(2.8	)
CT	5.2		4.9		2.8		2.1		0.8		9.4		8.2		2.8		1.5		37.7		26.3		7.5		99.7		12.0		43.6
WV	9.0		9.4		7.3		1.1		1.3		—		0.4		0.1		3.1		31.7		30.6		3.9		(11.6	)	2.1		3.4
VT	5.7		6.8		3.2		5.7		1.9		1.6		1.9		0.5		1.4		28.7		26.5		7.6		7.5		21.0		8.1
WA	9.6		6.0		7.2		—		1.5		0.1		0.1		—		2.2		26.7		23.6		11.6		nm		20.2		13.4
NM	9.1		5.6		7.0		0.7		1.8		—		—		—		1.7		25.9		23.2		9.2		16.4		66.0		11.7
CA	0.8		0.4		1.0		1.4		0.2		3.7		10.8		2.7		0.8		21.8		6.8		(11.6	)	624.9		327.8		217.0
ND	6.4		4.9		3.9		—		1.0		0.8		0.9		0.3		0.8		19.0		20.0		(8.1	)	3.4		90.9		(4.9	)
NH	4.4		3.8		2.2		2.3		0.9		1.8		2.0		0.5		1.0		18.9		18.2		1.8		1.7		45.8		3.4
DE	5.4		3.5		3.3		2.7		1.0		—		—		—		0.9		16.8		18.5		(10.4	)	735.2		26.3		(9.0	)
SD	3.3		3.8		2.4		2.3		1.2		—		—		—		0.7		13.7		12.9		5.6		2.6		17.2		6.1
WY	2.6		2.7		1.6		—		0.5		—		—		—		0.8		8.2		7.5		9.7		(23.0	)	1.7		8.8
NJ	0.8		0.4		0.6		1.7		0.4		0.9		1.6		0.8		0.4		7.6		4.9		9.6		218.8		67.7		56.5
All Other	3.0		2.7		3.1		2.4		2.1		0.1		0.5		0.1		2.1		16.1		13.6		13.1		405.3		23.7		17.9
Total	$	1,093.8	$	977.7	$	650.6	$	329.8	$	232.8	$	604.1	$	562.5	$	150.9	$	229.8	$	4,832.0	$	4,621.4	2.6		7.9		15.7		4.6
Other Direct	—		2.6		3.5		6.3		—		9.9		0.2		0.5		—		23.0		24.4		(9.9	)	102.9		—		(5.8	)
Total Direct	$	1,093.8	$	980.3	$	654.1	$	336.1	$	232.8	$	614.0	$	562.7	$	151.4	$	229.8	$	4,855.0	$	4,645.8	2.5		7.8		15.7		4.5
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



Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/17			9/30/17			6/30/17			3/31/17			12/31/16			9/30/16			6/30/16			3/31/16			6/30/17			6/30/16			9/30/17			9/30/16			12/31/17			12/31/16
Commercial casualty:
Written premiums	$	248		$	257		$	280		$	297		$	239		$	259		$	278		$	285		$	577		$	563		$	834		$	822		$	1,082		$	1,061
Year over year change %-written premium	4		%	(1		)%	1		%	4		%	—		%	5		%	1		%	7		%	2		%	4		%	1		%	4		%	2		%	4		%
Earned premiums	268			268			271			265			265			265			263			257			536			520			804			785			1,072			1,050
Current accident year before catastrophe losses	67.5		%	63.1		%	60.1		%	60.7		%	61.1		%	57.4		%	58.7		%	60.2		%	60.4		%	59.5		%	61.3		%	58.8		%	62.9		%	59.4		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	0.9			0.1			(2.5		)	5.6			3.7			(2.6		)	(7.5		)	(1.2		)	1.5			(4.4		)	1.0			(3.8		)	1.0			(1.9		)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	68.4		%	63.2		%	57.6		%	66.3		%	64.8		%	54.8		%	51.2		%	59.0		%	61.9		%	55.1		%	62.3		%	55.0		%	63.9		%	57.5		%
Commercial property:
Written premiums	$	217		$	230		$	233		$	239		$	208		$	224		$	223		$	225		$	472		$	448		$	702		$	672		$	919		$	880
Year over year change %-written premium	4		%	3		%	4		%	6		%	2		%	3		%	2		%	9		%	5		%	6		%	4		%	5		%	4		%	4		%
Earned premiums	229			225			226			223			221			217			215			214			449			429			674			646			903			867
Current accident year before catastrophe losses	48.2		%	48.6		%	49.7		%	50.2		%	51.3		%	47.7		%	36.3		%	51.4		%	50.0		%	43.8		%	49.4		%	45.2		%	49.1		%	46.6		%
Current accident year catastrophe losses	4.5			14.5			29.1			29.3			17.4			11.5			57.6			13.6			29.2			35.7			24.3			27.5			19.3			25.0
Prior accident years before catastrophe losses	(1.4		)	(1.1		)	(1.2		)	(0.7		)	(0.6		)	(2.7		)	(5.4		)	(1.7		)	(1.0		)	(3.6		)	(1.0		)	(3.3		)	(1.1		)	(2.6		)
Prior accident years catastrophe losses	(3.7		)	(1.9		)	(0.8		)	(3.8		)	(1.3		)	1.6			(1.0		)	(2.2		)	(2.3		)	(1.6		)	(2.1		)	(0.5		)	(2.5		)	(0.7		)
Total loss and loss expense ratio	47.6		%	60.1		%	76.8		%	75.0		%	66.8		%	58.1		%	87.5		%	61.1		%	75.9		%	74.3		%	70.6		%	68.9		%	64.8		%	68.3		%
Commercial auto:
Written premiums	$	153		$	157		$	167		$	174		$	146		$	151		$	156		$	158		$	341		$	314		$	498		$	465		$	651		$	611
Year over year change %-written premium	5		%	4		%	7		%	10		%	4		%	10		%	5		%	6		%	9		%	5		%	7		%	7		%	7		%	6		%
Earned premiums	162			159			158			155			152			151			147			144			313			291			472			442			634			594
Current accident year before catastrophe losses	74.5		%	80.2		%	76.4		%	80.7		%	76.6		%	76.9		%	76.3		%	77.5		%	78.6		%	76.9		%	79.1		%	76.9		%	78.0		%	76.8		%
Current accident year catastrophe losses	(0.1		)	0.7			1.7			1.2			—			0.8			2.2			0.6			1.4			1.4			1.2			1.2			0.9			0.9
Prior accident years before catastrophe losses	3.2			5.1			6.0			6.7			3.7			2.8			9.1			5.7			6.3			7.4			5.9			5.9			5.2			5.3
Prior accident years catastrophe losses	—			—			—			(0.2		)	—			—			—			(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	—
Total loss and loss expense ratio	77.6		%	86.0		%	84.1		%	88.4		%	80.3		%	80.5		%	87.6		%	83.7		%	86.2		%	85.6		%	86.1		%	83.9		%	84.0		%	83.0		%
Workers' compensation:
Written premiums	$	73		$	75		$	79		$	99		$	78		$	83		$	86		$	105		$	178		$	191		$	253		$	274		$	326		$	352
Year over year change %-written premium	(6		)%	(10		)%	(8		)%	(6		)%	(4		)%	—		%	(3		)%	1		%	(7		)%	(1		)%	(8		)%	(1		)%	(7		)%	(1		)%
Earned premiums	81			84			86			84			86			90			89			89			170			178			254			268			335			354
Current accident year before catastrophe losses	76.2		%	71.6		%	68.9		%	69.8		%	68.4		%	72.5		%	70.9		%	73.3		%	69.3		%	72.2		%	70.1		%	72.2		%	71.6		%	71.3		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(11.1		)	(16.6		)	(14.3		)	(21.6		)	(19.4		)	(18.1		)	(25.5		)	(14.5		)	(17.9		)	(20.1		)	(17.5		)	(19.4		)	(15.9		)	(19.4		)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	65.1		%	55.0		%	54.6		%	48.2		%	49.0		%	54.4		%	45.4		%	58.8		%	51.4		%	52.1		%	52.6		%	52.8		%	55.7		%	51.9		%
Other commercial:
Written premiums	$	55		$	59		$	54		$	56		$	50		$	60		$	54		$	54		$	110		$	108		$	169		$	168		$	224		$	218
Year over year change %-written premium	10		%	(2		)%	—		%	4		%	—		%	—		%	(2		)%	(7		)%	2		%	(4		)%	1		%	(3		)%	3		%	(2		)%
Earned premiums	56			56			55			54			55			56			57			56			109			113			165			169			221			224
Current accident year before catastrophe losses	35.2		%	35.1		%	35.3		%	40.2		%	41.8		%	41.5		%	37.8		%	46.3		%	37.7		%	42.1		%	36.9		%	41.9		%	36.4		%	41.9		%
Current accident year catastrophe losses	0.5			(0.2		)	1.8			1.9			2.1			1.6			3.8			0.6			1.8			2.2			1.2			2.0			1.0			2.0
Prior accident years before catastrophe losses	(9.9		)	(10.2		)	(20.0		)	(14.8		)	(8.6		)	(19.1		)	(28.2		)	(22.9		)	(17.4		)	(25.5		)	(15.0		)	(23.4		)	(13.7		)	(19.8		)
Prior accident years catastrophe losses	1.6			0.3			0.1			(0.5		)	—			0.2			1.3			0.2			(0.2		)	0.7			(0.1		)	0.5			0.4			0.4
Total loss and loss expense ratio	27.4		%	25.0		%	17.2		%	26.8		%	35.3		%	24.2		%	14.7		%	24.2		%	21.9		%	19.5		%	23.0		%	21.0		%	24.1		%	24.5		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/17			9/30/17			6/30/17			3/31/17			12/31/16			9/30/16			6/30/16			3/31/16			6/30/17			6/30/16			9/30/17			9/30/16			12/31/17			12/31/16
Personal auto:
Written premiums	$	141		$	165		$	165		$	132		$	132		$	154		$	154		$	123		$	297		$	277		$	462		$	431		$	603		$	563
Year over year change %-written premium	7		%	7		%	7		%	7		%	7		%	7		%	8		%	8		%	7		%	8		%	7		%	8		%	7		%	7		%
Earned premiums	149			148			144			141			140			137			135			131			285			266			433			403			582			543
Current accident year before catastrophe losses	76.2		%	79.8		%	78.1		%	82.4		%	79.0		%	79.6		%	79.5		%	79.1		%	80.2		%	79.3		%	80.1		%	79.4		%	79.1		%	79.3		%
Current accident year catastrophe losses	(0.4		)	1.6			2.4			2.4			0.1			1.1			1.9			1.0			2.4			1.4			2.1			1.3			1.5			1.0
Prior accident years before catastrophe losses	1.4			1.1			(0.3		)	(1.1		)	2.2			6.8			10.6			(6.3		)	(0.7		)	2.3			(0.1		)	3.8			0.3			3.4
Prior accident years catastrophe losses	—			(0.1		)	(0.1		)	(0.2		)	(0.1		)	(0.2		)	(0.1		)	(0.3		)	(0.1		)	(0.2		)	(0.1		)	(0.2		)	(0.1		)	(0.2		)
Total loss and loss expense ratio	77.2		%	82.4		%	80.1		%	83.5		%	81.2		%	87.3		%	91.9		%	73.5		%	81.8		%	82.8		%	82.0		%	84.3		%	80.8		%	83.5		%
Homeowner:
Written premiums	$	132		$	150		$	150		$	110		$	119		$	138		$	140		$	103		$	260		$	243		$	410		$	381		$	542		$	500
Year over year change %-written premium	11		%	9		%	7		%	7		%	6		%	5		%	6		%	5		%	7		%	6		%	8		%	5		%	8		%	5		%
Earned premiums	134			131			128			125			124			122			121			119			253			240			384			362			518			486
Current accident year before catastrophe losses	55.0		%	46.7		%	48.4		%	48.4		%	47.0		%	46.8		%	49.1		%	51.5		%	48.5		%	50.3		%	47.8		%	49.1		%	49.6		%	48.6		%
Current accident year catastrophe losses	4.8			24.5			34.1			33.1			31.7			19.5			25.4			6.4			33.6			16.0			30.5			17.1			23.9			20.9
Prior accident years before catastrophe losses	(1.4		)	(0.2		)	(1.9		)	(2.6		)	1.1			0.5			(0.8		)	(5.2		)	(2.3		)	(3.0		)	(1.5		)	(1.8		)	(1.5		)	(1.1		)
Prior accident years catastrophe losses	0.3			(1.4		)	(0.5		)	(0.5		)	(0.7		)	(0.9		)	0.8			(1.6		)	(0.5		)	(0.4		)	(0.8		)	(0.5		)	(0.5		)	(0.6		)
Total loss and loss expense ratio	58.7		%	69.6		%	80.1		%	78.4		%	79.1		%	65.9		%	74.5		%	51.1		%	79.3		%	62.9		%	76.0		%	63.9		%	71.5		%	67.8		%
Other personal:
Written premiums	$	36		$	40		$	42		$	31		$	32		$	37		$	36		$	30		$	73		$	66		$	113		$	103		$	149		$	135
Year over year change %-written premium	13		%	8		%	12		%	3		%	3		%	3		%	3		%	3		%	11		%	3		%	10		%	3		%	10		%	4		%
Earned premiums	37			35			35			34			32			34			32			33			69			65			104			99			141			132
Current accident year before catastrophe losses	54.0		%	46.7		%	68.3		%	45.6		%	48.2		%	60.2		%	42.0		%	44.2		%	57.1		%	43.1		%	53.5		%	48.9		%	53.7		%	48.7		%
Current accident year catastrophe losses	0.5			6.2			4.5			9.3			5.5			2.6			4.7			5.8			6.9			5.2			6.7			4.4			5.0			4.7
Prior accident years before catastrophe losses	(4.5		)	2.4			(0.1		)	(11.2		)	(9.4		)	(11.5		)	(13.5		)	(4.6		)	(5.6		)	(9.0		)	(2.9		)	(9.9		)	(3.3		)	(9.8		)
Prior accident years catastrophe losses	0.1			—			(0.9		)	(0.7		)	(0.4		)	(0.4		)	—			0.3			(0.8		)	0.1			(0.5		)	(0.1		)	(0.4		)	(0.2		)
Total loss and loss expense ratio	50.1		%	55.3		%	71.8		%	43.0		%	43.9		%	50.9		%	33.2		%	45.7		%	57.6		%	39.4		%	56.8		%	43.3		%	55.0		%	43.4		%

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/17			9/30/17			6/30/17			3/31/17			12/31/16			9/30/16			6/30/16			3/31/16			6/30/17			6/30/16			9/30/17			9/30/16			12/31/17			12/31/16
Excess & Surplus:
Written premiums	$	54		$	51		$	61		$	53		$	45		$	48		$	51		$	45		$	114		$	96		$	165		$	144		$	219		$	189
Year over year change %-written premium	20		%	6		%	20		%	18		%	2		%	12		%	11		%	7		%	19		%	9		%	15		%	10		%	16		%	9		%
Earned premiums	56			53			52			48			47			48			45			43			100			88			153			136			209			183
Current accident year before catastrophe losses	57.6		%	49.1		%	54.2		%	55.5		%	41.4		%	57.2		%	56.7		%	63.1		%	54.8		%	59.8		%	52.8		%	58.9		%	54.0		%	54.4		%
Current accident year catastrophe losses	0.3			1.7			0.9			1.2			2.6			0.2			3.2			0.3			1.1			1.9			1.3			1.3			1.1			1.6
Prior accident years before catastrophe losses	(7.1		)	(4.7		)	(17.0		)	(27.4		)	(14.7		)	(25.5		)	(1.9		)	(31.5		)	(22.0		)	(16.4		)	(15.9		)	(19.6		)	(13.6		)	(18.3		)
Prior accident years catastrophe losses	(0.1		)	(0.3		)	0.4			(0.4		)	—			—			—			(0.2		)	—			(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)
Total loss and loss expense ratio	50.7		%	45.8		%	38.5		%	28.9		%	29.3		%	31.9		%	58.0		%	31.7		%	33.9		%	45.2		%	38.1		%	40.5		%	41.4		%	37.6		%
*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



Cincinnati Insurance Companies Consolidated
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, 2017
Commercial casualty	$	393		$	169	$	562		$	(39	)	$	58		$	14		$	33		$	354		$	58		$	183		$	595
Commercial property	556			51		607			(21		)	(10		)	7			(24		)	535			(10		)	58			583
Commercial auto	382			67		449			28			33			22			83			410			33			89			532
Workers' compensation	165			35		200			12			(20		)	—			(8		)	177			(20		)	35			192
Other commercial	54			18		72			(9		)	(5		)	(13		)	(27		)	45			(5		)	5			45
Total commercial lines	1,550			340		1,890			(29		)	56			30			57			1,521			56			370			1,947

Personal auto	377			67		444			13			11			5			29			390			11			72			473
Homeowners	354			33		387			—			(20		)	4			(16		)	354			(20		)	37			371
Other personal	65			5		70			8			(1		)	—			7			73			(1		)	5			77
Total personal lines	796			105		901			21			(10		)	9			20			817			(10		)	114			921

Excess & surplus lines	51			25		76			10			2			11			23			61			2			36			99
Cincinnati Re	20			3		23			11			72			1			84			31			72			4			107
Total property casualty	$	2,417		$	473	$	2,890		$	13		$	120		$	51		$	184		$	2,430		$	120		$	524		$	3,074

Ceded loss and loss expense incurred for the twelve months ended December 31, 2017
Commercial casualty	$	3		$	—	$	3		$	(67	)	$	—		$	(26	)	$	(93	)	$	(64	)	$	—		$	(26	)	$	(90	)
Commercial property	8			—		8			(12		)	1			—			(11		)	(4		)	1			—			(3		)
Commercial auto	1			—		1			—			—			—			—			1			—			—			1
Workers' compensation	16			1		17			(10		)	(1		)	(1		)	(12		)	6			(1		)	—			5
Other commercial	(6		)	1		(5		)	(3		)	—			—			(3		)	(9		)	—			1			(8		)
Total commercial lines	22			2		24			(92		)	—			(27		)	(119		)	(70		)	—			(25		)	(95		)

Personal auto	2			—		2			—			—			—			—			2			—			—			2
Homeowners	1			—		1			—			—			—			—			1			—			—			1
Other personal	—			—		—			—			—			—			—			—			—			—			—
Total personal lines	3			—		3			—			—			—			—			3			—			—			3

Excess & surplus lines	13			2		15			(2		)	—			—			(2		)	11			—			2			13
Cincinnati Re	4			1		5			4			6			—			10			8			6			1			15
Total property casualty	$	42		$	5	$	47		$	(90	)	$	6		$	(27	)	$	(111	)	$	(48	)	$	6		$	(22	)	$	(64	)

Net loss and loss expense incurred for the twelve months ended December 31, 2017
Commercial casualty	$	390		$	169	$	559		$	28		$	58		$	40		$	126		$	418		$	58		$	209		$	685
Commercial property	548			51		599			(9		)	(11		)	7			(13		)	539			(11		)	58			586
Commercial auto	381			67		448			28			33			22			83			409			33			89			531
Workers' compensation	149			34		183			22			(19		)	1			4			171			(19		)	35			187
Other commercial	60			17		77			(6		)	(5		)	(13		)	(24		)	54			(5		)	4			53
Total commercial lines	1,528			338		1,866			63			56			57			176			1,591			56			395			2,042

Personal auto	375			67		442			13			11			5			29			388			11			72			471
Homeowners	353			33		386			—			(20		)	4			(16		)	353			(20		)	37			370
Other personal	65			5		70			8			(1		)	—			7			73			(1		)	5			77
Total personal lines	793			105		898			21			(10		)	9			20			814			(10		)	114			918

Excess & surplus lines	38			23		61			12			2			11			25			50			2			34			86
Cincinnati Re	16			2		18			7			66			1			74			23			66			3			92
Total property casualty	$	2,375		$	468	$	2,843		$	103		$	114		$	78		$	295		$	2,478		$	114		$	546		$	3,138

*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.



Cincinnati Insurance Companies Consolidated
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, 2017
Commercial casualty	$	113		$	45	$	158		$	(67	)	$	25		$	(18	)	$	(60	)	$	46		$	25		$	27		$	98
Commercial property	123			12		135			(38		)	8			4			(26		)	85			8			16			109
Commercial auto	104			15		119			4			(3		)	5			6			108			(3		)	20			125
Workers' compensation	42			9		51			(5		)	7			—			2			37			7			9			53
Other commercial	20			4		24			(9		)	(1		)	1			(9		)	11			(1		)	5			15
Total commercial lines	402			85		487			(115		)	36			(8		)	(87		)	287			36			77			400

Personal auto	103			15		118			4			(8		)	3			(1		)	107			(8		)	18			117
Homeowners	75			8		83			(10		)	5			1			(4		)	65			5			9			79
Other personal	19			1		20			(6		)	4			—			(2		)	13			4			1			18
Total personal lines	197			24		221			(12		)	1			4			(7		)	185			1			28			214

Excess & surplus lines	15			7		22			(2		)	6			4			8			13			6			11			30
Cincinnati Re	9			1		10			3			2			—			5			12			2			1			15
Total property casualty	$	623		$	117	$	740		$	(126	)	$	45		$	—		$	(81	)	$	497		$	45		$	117		$	659

Ceded loss and loss expense incurred for the three months ended December 31, 2017
Commercial casualty	$	3		$	—	$	3		$	(63	)	$	—		$	(26	)	$	(89	)	$	(60	)	$	—		$	(26	)	$	(86	)
Commercial property	(5		)	—		(5		)	4			1			—			5			(1		)	1			—			—
Commercial auto	—			—		—			—			—			—			—			—			—			—			—
Workers' compensation	3			—		3			(4		)	—			—			(4		)	(1		)	—			—			(1		)
Other commercial	—			—		—			—			—			—			—			—			—			—			—
Total commercial lines	1			—		1			(63		)	1			(26		)	(88		)	(62		)	1			(26		)	(87		)

Personal auto	—			—		—			—			—			—			—			—			—			—			—
Homeowners	1			—		1			1			—			—			1			2			—			—			2
Other personal	—			—		—			—			—			—			—			—			—			—			—
Total personal lines	1			—		1			1			—			—			1			2			—			—			2

Excess & surplus lines	6			1		7			(5		)	—			—			(5		)	1			—			1			2
Cincinnati Re	1			—		1			1			—			(1		)	—			2			—			(1		)	1
Total property casualty	$	9		$	1	$	10		$	(66	)	$	1		$	(27	)	$	(92	)	$	(57	)	$	1		$	(26	)	$	(82	)

Net loss and loss expense incurred for the three months ended December 31, 2017
Commercial casualty	$	110		$	45	$	155		$	(4	)	$	25		$	8		$	29		$	106		$	25		$	53		$	184
Commercial property	128			12		140			(42		)	7			4			(31		)	86			7			16			109
Commercial auto	104			15		119			4			(3		)	5			6			108			(3		)	20			125
Workers' compensation	39			9		48			(1		)	7			—			6			38			7			9			54
Other commercial	20			4		24			(9		)	(1		)	1			(9		)	11			(1		)	5			15
Total commercial lines	401			85		486			(52		)	35			18			1			349			35			103			487

Personal auto	103			15		118			4			(8		)	3			(1		)	107			(8		)	18			117
Homeowners	74			8		82			(11		)	5			1			(5		)	63			5			9			77
Other personal	19			1		20			(6		)	4			—			(2		)	13			4			1			18
Total personal lines	196			24		220			(13		)	1			4			(8		)	183			1			28			212

Excess & surplus lines	9			6		15			3			6			4			13			12			6			10			28
Cincinnati Re	8			1		9			2			2			1			5			10			2			2			14
Total property casualty	$	614		$	116	$	730		$	(60	)	$	44		$	27		$	11		$	554		$	44		$	143		$	741

*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.



Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/17			9/30/17			6/30/17			3/31/17			12/31/16			9/30/16			6/30/16			3/31/16			6/30/17			6/30/16			9/30/17			9/30/16			12/31/17			12/31/16
Premiums
Agency renewal written premiums	$	987		$	1,064		$	1,090		$	1,057		$	951		$	1,036		$	1,057		$	1,028		$	2,147		$	2,085		$	3,211		$	3,121		$	4,198		$	4,072
Agency new business written premiums	151			157			165			153			134			149			143			125			318			268			475			417			626			551
Cincinnati Re net written premiums	21			24			40			40			15			21			16			19			80			35			104			56			125			71
Other written premiums	(29		)	(37		)	(24		)	(19		)	(36		)	(31		)	(22		)	(25		)	(43		)	(47		)	(80		)	(78		)	(109		)	(114		)
Net written premiums – statutory*	$	1,130		$	1,208		$	1,271		$	1,231		$	1,064		$	1,175		$	1,194		$	1,147		$	2,502		$	2,341		$	3,710		$	3,516		$	4,840		$	4,580
Unearned premium change	69			(17		)	(90		)	(80		)	75			(42		)	(80		)	(51		)	(170		)	(131		)	(187		)	(173		)	(118		)	(98		)
Earned premiums	$	1,199		$	1,191		$	1,181		$	1,151		$	1,139		$	1,133		$	1,114		$	1,096		$	2,332		$	2,210		$	3,523		$	3,343		$	4,722		$	4,482
Year over year change %
Agency renewal written premiums	4		%	3		%	3		%	3		%	3		%	4		%	4		%	5		%	3		%	4		%	3		%	4		%	3		%	4		%
Agency new business written premiums	13			5			15			22			(4		)	8			4			8			19			6			14			6			14			4
Cincinnati Re net written premiums	40			14			150			111			(55		)	nm			nm			—			129			nm			86			nm			76			115
Other written premiums	19			(19		)	(9		)	24			16			21			(57		)	24			9			—			(3		)	9			4			12
Net written premiums – statutory*	6			3			6			7			1			7			5			8			7			6			6			6			6			5
Paid losses and loss expenses
Losses paid	$	614		$	607		$	587		$	567		$	540		$	553		$	522		$	457		$	1,154		$	979		$	1,761		$	1,532		$	2,375		$	2,072
Loss expenses paid	115			118			108			127			110			109			107			105			235			212			353			321			468			431
Loss and loss expenses paid	$	729		$	725		$	695		$	694		$	650		$	662		$	629		$	562		$	1,389		$	1,191		$	2,114		$	1,853		$	2,843		$	2,503
Incurred losses and loss expenses
Loss and loss expense incurred	$	741		$	815		$	794		$	788		$	751		$	690		$	759		$	661		$	1,582		$	1,420		$	2,397		$	2,110		$	3,138		$	2,861
Loss and loss expenses paid as a % of incurred	98.4		%	89.0		%	87.5		%	88.1		%	86.6		%	95.9		%	82.9		%	85.0		%	87.8		%	83.9		%	88.2		%	87.8		%	90.6		%	87.5		%
Statutory combined ratio
Loss ratio	49.9		%	57.0		%	56.5		%	56.3		%	54.2		%	50.5		%	58.8		%	50.2		%	56.4		%	54.5		%	56.6		%	53.2		%	54.9		%	53.4		%
Loss adjustment expense ratio	11.9			11.4			10.8			12.1			11.7			10.5			9.4			10.1			11.4			9.7			11.4			9.9			11.5			10.4
Net underwriting expense ratio	32.5			30.7			29.9			30.2			32.0			30.9			29.7			29.9			30.1			29.9			30.3			30.3			30.8			30.7
Statutory combined ratio	94.3		%	99.1		%	97.2		%	98.6		%	97.9		%	91.9		%	97.9		%	90.2		%	97.9		%	94.1		%	98.3		%	93.4		%	97.2		%	94.5		%
Contribution from catastrophe losses	0.9			9.1			9.8			9.2			7.1			4.9			14.8			3.1			9.5			9.0			9.3			7.6			7.2			7.5
Statutory combined ratio excl. catastrophe losses	93.4		%	90.0		%	87.4		%	89.4		%	90.8		%	87.0		%	83.1		%	87.1		%	88.4		%	85.1		%	89.0		%	85.8		%	90.0		%	87.0		%
GAAP combined ratio
GAAP combined ratio	92.9		%	99.3		%	98.3		%	99.7		%	96.2		%	92.4		%	99.3		%	91.4		%	99.0		%	95.4		%	99.1		%	94.4		%	97.5		%	94.8		%
Contribution from catastrophe losses	0.9			9.1			9.8			9.2			7.1			4.9			14.8			3.1			9.5			9.0			9.3			7.6			7.2			7.5
GAAP combined ratio excl. catastrophe losses	92.0		%	90.2		%	88.5		%	90.5		%	89.1		%	87.5		%	84.5		%	88.3		%	89.5		%	86.4		%	89.8		%	86.8		%	90.3		%	87.3		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.



Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/17			9/30/17			6/30/17			3/31/17			12/31/16			9/30/16			6/30/16			3/31/16			6/30/17			6/30/16			9/30/17			9/30/16			12/31/17			12/31/16
Premiums
Agency renewal written premiums	$	672		$	707		$	729		$	772		$	658		$	698		$	718		$	758		$	1,501		$	1,476		$	2,208		$	2,174		$	2,880		$	2,832
Agency new business written premiums	96			99			99			103			91			101			93			87			202			180			301			281			397			372
Other written premiums	(22		)	(28		)	(15		)	(10		)	(28		)	(22		)	(14		)	(18		)	(25		)	(32		)	(53		)	(54		)	(75		)	(82		)
Net written premiums – statutory*	$	746		$	778		$	813		$	865		$	721		$	777		$	797		$	827		$	1,678		$	1,624		$	2,456		$	2,401		$	3,202		$	3,122
Unearned premium change	50			14			(17		)	(84		)	58			2			(26		)	(67		)	(101		)	(93		)	(87		)	(91		)	(37		)	(33		)
Earned premiums	$	796		$	792		$	796		$	781		$	779		$	779		$	771		$	760		$	1,577		$	1,531		$	2,369		$	2,310		$	3,165		$	3,089
Year over year change %
Agency renewal written premiums	2		%	1		%	2		%	2		%	1		%	3		%	3		%	4		%	2		%	3		%	2		%	3		%	2		%	3		%
Agency new business written premiums	5			(2		)	6			18			(6		)	5			—			10			12			5			7			5			7			2
Other written premiums	21			(27		)	(7		)	44			18			29			(180		)	31			22			(3		)	2			13			9			15
Net written premiums – statutory*	3			—			2			5			1			5			1			6			3			3			2			4			3			3
Paid losses and loss expenses
Losses paid	$	401		$	376		$	370		$	381		$	344		$	373		$	342		$	300		$	751		$	642		$	1,127		$	1,015		$	1,528		$	1,359
Loss expenses paid	84			84			79			91			81			80			78			76			170			154			254			234			338			316
Loss and loss expenses paid	$	485		$	460		$	449		$	472		$	425		$	453		$	420		$	376		$	921		$	796		$	1,381		$	1,249		$	1,866		$	1,675
Incurred losses and loss expenses
Loss and loss expense incurred	$	487		$	501		$	519		$	535		$	503		$	456		$	500		$	469		$	1,054		$	969		$	1,555		$	1,425		$	2,042		$	1,928
Loss and loss expenses paid as a % of incurred	99.6		%	91.8		%	86.5		%	88.2		%	84.5		%	99.3		%	84.0		%	80.2		%	87.4		%	82.1		%	88.8		%	87.6		%	91.4		%	86.9		%
Statutory combined ratio
Loss ratio	48.2		%	51.1		%	53.8		%	55.0		%	51.9		%	47.3		%	56.0		%	49.9		%	54.5		%	53.0		%	53.4		%	51.1		%	52.0		%	51.3		%
Loss adjustment expense ratio	12.9			12.2			11.4			13.5			12.7			11.2			8.9			11.8			12.4			10.3			12.3			10.6			12.5			11.1
Net underwriting expense ratio	33.6			32.5			31.2			29.7			33.0			32.6			30.9			29.7			30.4			30.3			31.0			31.0			31.7			31.5
Statutory combined ratio	94.7		%	95.8		%	96.4		%	98.2		%	97.6		%	91.1		%	95.8		%	91.4		%	97.3		%	93.6		%	96.7		%	92.7		%	96.2		%	93.9		%
Contribution from catastrophe losses	0.3			3.8			8.5			7.6			4.7			3.9			16.6			3.4			8.1			10.0			6.6			8.0			5.0			7.1
Statutory combined ratio excl. catastrophe losses	94.4		%	92.0		%	87.9		%	90.6		%	92.9		%	87.2		%	79.2		%	88.0		%	89.2		%	83.6		%	90.1		%	84.7		%	91.2		%	86.8		%
GAAP combined ratio
GAAP combined ratio	92.9		%	95.2		%	97.1		%	100.4		%	95.7		%	90.8		%	96.8		%	93.6		%	98.8		%	95.2		%	97.6		%	93.7		%	96.4		%	94.2		%
Contribution from catastrophe losses	0.3			3.8			8.5			7.6			4.7			3.9			16.6			3.4			8.1			10.0			6.6			8.0			5.0			7.1
GAAP combined ratio excl. catastrophe losses	92.6		%	91.4		%	88.6		%	92.8		%	91.0		%	86.9		%	80.2		%	90.2		%	90.7		%	85.2		%	91.0		%	85.7		%	91.4		%	87.1		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.



Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/17			9/30/17			6/30/17			3/31/17			12/31/16			9/30/16			6/30/16			3/31/16			6/30/17			6/30/16			9/30/17			9/30/16			12/31/17			12/31/16
Premiums
Agency renewal written premiums	$	275		$	318		$	318		$	245		$	258		$	303		$	302		$	236		$	563		$	538		$	881		$	841		$	1,156		$	1,099
Agency new business written premiums	39			43			45			34			31			32			34			25			79			59			122			91			161			122
Other written premiums	(5		)	(6		)	(6		)	(6		)	(6		)	(6		)	(6		)	(5		)	(12		)	(11		)	(18		)	(17		)	(23		)	(23		)
Net written premiums – statutory*	$	309		$	355		$	357		$	273		$	283		$	329		$	330		$	256		$	630		$	586		$	985		$	915		$	1,294		$	1,198
Unearned premium change	11			(41		)	(50		)	27			14			(36		)	(42		)	27			(23		)	(15		)	(64		)	(51		)	(53		)	(37		)
Earned premiums	$	320		$	314		$	307		$	300		$	297		$	293		$	288		$	283		$	607		$	571		$	921		$	864		$	1,241		$	1,161
Year over year change %
Agency renewal written premiums	7		%	5		%	5		%	4		%	5		%	5		%	6		%	6		%	5		%	6		%	5		%	6		%	5		%	6		%
Agency new business written premiums	26			34			32			36			15			7			13			4			34			9			34			8			32			10
Other written premiums	17			—			—			(20		)	—			—			—			17			(9		)	8			(6		)	6			—			4
Net written premiums – statutory*	9			8			8			7			6			5			7			6			8			7			8			6			8			6
Paid losses and loss expenses
Losses paid	$	197		$	218		$	205		$	174		$	186		$	173		$	168		$	151		$	379		$	319		$	597		$	492		$	794		$	678
Loss expenses paid	24			27			24			30			23			24			23			24			54			47			81			71			104			93
Loss and loss expenses paid	$	221		$	245		$	229		$	204		$	209		$	197		$	191		$	175		$	433		$	366		$	678		$	563		$	898		$	771
Incurred losses and loss expenses
Loss and loss expense incurred	$	212		$	233		$	242		$	231		$	226		$	217		$	224		$	173		$	473		$	397		$	706		$	614		$	918		$	840
Loss and loss expenses paid as a % of incurred	104.2		%	105.2		%	94.6		%	88.3		%	92.5		%	90.8		%	85.3		%	101.2		%	91.5		%	92.2		%	96.0		%	91.7		%	97.8		%	91.8		%
Statutory combined ratio
Loss ratio	57.2		%	64.5		%	70.3		%	67.5		%	67.0		%	65.1		%	68.5		%	56.2		%	68.9		%	62.4		%	67.4		%	63.3		%	64.8		%	64.3		%
Loss adjustment expense ratio	9.1			9.5			8.8			9.3			9.1			9.1			9.5			4.7			9.1			7.1			9.2			7.8			9.2			8.1
Net underwriting expense ratio	30.0			26.9			26.7			31.2			29.2			27.1			27.2			31.1			28.6			28.9			28.0			28.2			28.4			28.4
Statutory combined ratio	96.3		%	100.9		%	105.8		%	108.0		%	105.3		%	101.3		%	105.2		%	92.0		%	106.6		%	98.4		%	104.6		%	99.3		%	102.4		%	100.8		%
Contribution from catastrophe losses	1.9			11.1			15.4			15.6			13.6			8.4			12.4			3.0			15.5			7.7			14.0			8.0			10.9			9.4
Statutory combined ratio excl. catastrophe losses	94.4		%	89.8		%	90.4		%	92.4		%	91.7		%	92.9		%	92.8		%	89.0		%	91.1		%	90.7		%	90.6		%	91.3		%	91.5		%	91.4		%
GAAP combined ratio
GAAP combined ratio	95.5		%	103.1		%	108.4		%	105.5		%	104.4		%	103.4		%	107.5		%	90.1		%	107.0		%	98.9		%	105.6		%	100.4		%	103.0		%	101.4		%
Contribution from catastrophe losses	1.9			11.1			15.4			15.6			13.6			8.4			12.4			3.0			15.5			7.7			14.0			8.0			10.9			9.4
GAAP combined ratio excl. catastrophe losses	93.6		%	92.0		%	93.0		%	89.9		%	90.8		%	95.0		%	95.1		%	87.1		%	91.5		%	91.2		%	91.6		%	92.4		%	92.1		%	92.0		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.



Consolidated Cincinnati Insurance Companies
Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/17			9/30/17			6/30/17			3/31/17			12/31/16			9/30/16			6/30/16			3/31/16			6/30/17			6/30/16			9/30/17			9/30/16			12/31/17			12/31/16
Premiums
Agency renewal written premiums	$	40		$	39		$	43		$	40		$	35		$	35		$	37		$	34		$	83		$	71		$	122		$	106		$	162		$	141
Agency new business written premiums	16			15			21			16			12			16			16			13			37			29			52			45			68			57
Other written premiums	(2		)	(3		)	(3		)	(3		)	(2		)	(3		)	(2		)	(2		)	(6		)	(4		)	(9		)	(7		)	(11		)	(9		)
Net written premiums – statutory*	$	54		$	51		$	61		$	53		$	45		$	48		$	51		$	45		$	114		$	96		$	165		$	144		$	219		$	189
Unearned premium change	2			2			(9		)	(5		)	2			—			(6		)	(2		)	(14		)	(8		)	(12		)	(8		)	(10		)	(6		)
Earned premiums	$	56		$	53		$	52		$	48		$	47		$	48		$	45		$	43		$	100		$	88		$	153		$	136		$	209		$	183
Year over year change %
Agency renewal written premiums	14		%	11		%	16		%	18		%	13		%	6		%	9		%	13		%	17		%	11		%	15		%	9		%	15		%	10		%
Agency new business written premiums	33			(6		)	31			23			(25		)	33			7			—			28			4			16			13			19			2
Other written premiums	—			—			(50		)	(50		)	33			(50		)	33			(100		)	(50		)	0			(29		)	(17		)	(22		)	—
Net written premiums – statutory*	20			6			20			18			2			12			11			7			19			9			15			10			16			9
Paid losses and loss expenses
Losses paid	$	9		$	8		$	11		$	10		$	9		$	7		$	12		$	6		$	21		$	18		$	29		$	25		$	38		$	34
Loss expenses paid	6			6			5			6			5			6			5			5			11			10			17			16			23			21
Loss and loss expenses paid	$	15		$	14		$	16		$	16		$	14		$	13		$	17		$	11		$	32		$	28		$	46		$	41		$	61		$	55
Incurred losses and loss expenses
Loss and loss expense incurred	$	28		$	24		$	20		$	14		$	13		$	15		$	27		$	13		$	34		$	40		$	58		$	55		$	86		$	68
Loss and loss expenses paid as a % of incurred	53.6		%	58.3		%	80.0		%	114.3		%	107.7		%	86.7		%	63.0		%	84.6		%	94.1		%	70.0		%	79.3		%	74.5		%	70.9		%	80.9		%
Statutory combined ratio
Loss ratio	32.8		%	30.1		%	20.3		%	15.8		%	14.2		%	21.4		%	40.0		%	15.1		%	18.2		%	27.9		%	22.4		%	25.6		%	25.1		%	22.6		%
Loss adjustment expense ratio	17.9			15.7			18.2			13.1			15.1			10.5			18.0			16.6			15.7			17.3			15.7			14.9			16.3			15.0
Net underwriting expense ratio	29.2			31.6			28.6			32.8			30.9			30.8			29.9			30.3			30.6			30.1			30.9			30.4			30.5			30.5
Statutory combined ratio	79.9		%	77.4		%	67.1		%	61.7		%	60.2		%	62.7		%	87.9		%	62.0		%	64.5		%	75.3		%	69.0		%	70.9		%	71.9		%	68.1		%
Contribution from catastrophe losses	0.2			1.4			1.3			0.8			2.6			0.2			3.2			0.2			1.1			1.8			1.2			1.2			1.0			1.5
Statutory combined ratio excl. catastrophe losses	79.7		%	76.0		%	65.8		%	60.9		%	57.6		%	62.5		%	84.7		%	61.8		%	63.4		%	73.5		%	67.8		%	69.7		%	70.9		%	66.6		%
GAAP combined ratio
GAAP combined ratio	79.8		%	74.8		%	66.2		%	62.3		%	58.7		%	61.3		%	87.4		%	61.1		%	64.3		%	74.6		%	68.0		%	69.9		%	71.1		%	67.0		%
Contribution from catastrophe losses	0.2			1.4			1.3			0.8			2.6			0.2			3.2			0.2			1.1			1.8			1.2			1.2			1.0			1.5
GAAP combined ratio excl. catastrophe losses	79.6		%	73.4		%	64.9		%	61.5		%	56.1		%	61.1		%	84.2		%	60.9		%	63.2		%	72.8		%	66.8		%	68.7		%	70.1		%	65.5		%
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. 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.



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)	2017		2016		Change			% Change		2017			2016			Change			% Change
Net premiums written	$	72	$	70	$	2		3		$	273		$	276		$	(3	)	(1	)
Net investment income	41		40		1			3		163			159			4			3
Amortization of interest maintenance reserve	—		2		(2		)	(100	)	4			6			(2		)	(33	)
Commissions and expense allowances on reinsurance ceded	1		1		—			0		5			5			—			0
Income from fees associated with Separate Accounts	2		1		1			100		6			5			1			20
Total revenues	$	116	$	114	$	2		2		$	451		$	451		$	—		0

Death benefits and matured endowments	$	29	$	19	$	10		53		$	104		$	100		$	4		4
Annuity benefits	24		21		3			14		83			70			13			19
Disability benefits and benefits under accident and health contracts	—		—		—			nm		2			2			—			0
Surrender benefits and group conversions	5		3		2			67		20			17			3			18
Interest and adjustments on deposit-type contract funds	3		3		—			0		9			9			—			0
Increase in aggregate reserves for life and accident and health contracts	29		45		(16		)	(36	)	132			181			(49		)	(27	)
Total benefit expenses	$	90	$	91	$	(1	)	(1	)	$	350		$	379		$	(29	)	(8	)

Commissions	$	11	$	11	$	—		—		$	44		$	42		$	2		5
General insurance expenses and taxes	11		12		(1		)	(8	)	46			45			1			2
Increase in loading on deferred and uncollected premiums	1		—		1			nm		—			(4		)	4			nm
Net transfers from Separate Accounts	—		—		—			nm		(2		)	(6		)	4			67
Total underwriting expenses	$	23	$	23	$	—		0		$	88		$	77		$	11		14

Federal and foreign income tax provision (benefit)	2		—		2			nm		—			(2		)	2			nm

Net loss from operations before realized capital gains	$	1	$	—	$	1		nm		$	13		$	(3	)	$	16		nm

Realized gains and losses net of capital gains tax, net	3		—		3			nm		(1		)	5			(6		)	nm

Net income (statutory)	$	4	$	—	$	4		nm		$	12		$	2		$	10		nm
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.



Noninsurance Operations and Cincinnati Re
Quarterly Data - Other

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/17			9/30/17			6/30/17			3/31/17			12/31/16			9/30/16			6/30/16			3/31/16			6/30/17			6/30/16			9/30/17			9/30/16			12/31/17			12/31/16
Noninsurance Operations:
Interest and fees on loans and leases	$	1		$	1		$	1		$	1		$	—		$	2		$	1		$	1		$	2		$	2		$	3		$	4		$	4		$	4
Other revenue	—			1			—			—			—			—			1			—			—			1			1			1			1			1
Interest expense	14			13			13			13			14			13			13			13			26			26			39			39			53			53
Operating expense	2			3			4			4			2			3			5			2			8			7			11			10			13			12
Cincinnati Re:
Net written premiums	$	21		$	24		$	40		$	40		$	15		$	21		$	16		$	19		$	80		$	35		$	104		$	56		$	125		$	71
Earned premiums	27			32			26			22			16			13			10			10			48			20			80			33			107			49
Loss and loss expenses from:
Current accident year before catastrophe losses	12			13			13			12			5			3			8			7			25			15			38			18			50			23
Current accident year catastrophe losses	2			43			—			—			3			—			—			—			—			—			43			—			45			3
Prior accident years before catastrophe losses	—			1			—			(3		)	1			(1		)	—			(1		)	(3		)	(1		)	(2		)	(2		)	(2		)	(1		)
Prior accident years catastrophe losses	—			—			—			(1		)	—			—			—			—			(1		)	—			(1		)	—			(1		)	—
Loss and loss expenses	$	14		$	57		$	13		$	8		$	9		$	2		$	8		$	6		$	21		$	14		$	78		$	16		$	92		$	25
Underwriting expenses	10			7			9			9			5			5			3			3			18			6			25			11			35			16
Underwriting profit (loss)	$	3		$	(32	)	$	4		$	5		$	2		$	6		$	(1	)	$	1		$	9		$	—		$	(23	)	$	6		$	(20	)	$	8
Ratios as a percent of earned premiums:
Current accident year before catastrophe losses	44.5		%	41.1		%	48.8		%	54.1		%	28.9		%	22.7		%	83.5		%	70.7		%	51.2		%	77.4		%	47.3		%	55.4		%	46.5		%	46.8		%
Current accident year catastrophe losses	6.1			137.2			—			—			21.1			—			—			—			—			—			53.8			—			41.5			6.8
Prior accident years before catastrophe losses	1.4			1.6			(1.2		)	(12.4		)	1.8			(3.0		)	(2.9		)	(12.1		)	(6.2		)	(7.4		)	(3.2		)	(5.7		)	(2.0		)	(3.2		)
Prior accident years catastrophe losses	—			—			0.3			(4.5		)	—			—			—			—			(1.9		)	—			(1.2		)	—			(0.8		)	—
Loss and loss expenses	52.0		%	179.9		%	47.9		%	37.2		%	51.8		%	19.7		%	80.6		%	58.6		%	43.1		%	70.0		%	96.7		%	49.7		%	85.2		%	50.4		%
Underwriting expenses	35.0			27.5			32.0			40.8			32.9			33.6			28.4			32.4			36.0			30.3			32.7			31.7			33.3			32.1
GAAP combined ratio	87.0		%	207.4		%	79.9		%	78.0		%	84.7		%	53.3		%	109.0		%	91.0		%	79.1		%	100.3		%	129.4		%	81.4		%	118.5		%	82.5		%
Totals for other:
Total revenues	$	28		$	34		$	27		$	23		$	16		$	15		$	12		$	11		$	50		$	23		$	84		$	38		$	112		$	54
Total expenses	40			80			39			34			30			23			29			24			73			53			153			76			193			106
Other loss	$	(12	)	$	(46	)	$	(12	)	$	(11	)	$	(14	)	$	(8	)	$	(17	)	$	(13	)	$	(23	)	$	(30	)	$	(69	)	$	(38	)	$	(81	)	$	(52	)
*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.



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	Fitch	Moody's	Standard & Poor's
Cincinnati Financial Corporation
Corporate Debt	a-	A-	A3	BBB+

The Cincinnati Insurance Companies
Insurer Financial Strength

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

The Cincinnati Life Insurance Company	A	A+	—	A+